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22 münchener Hypothekenbank eg | annual report 2014management report Business Development New Mortgage Business The 2014 business year was very successful. Strong demand for property financing gave an added lift to our new business, es- pecially in Germany. The volume of loan commitments made (excluding prolongations) rose by 23 percent to € 4.4 billion. This enabled us to expand our new business to a greater extent than we had anticipated in the last Annual Report. Private residential property financing accounted for three-quar- ters of our new business. The total volume of loans made in this area of business amounted to € 3.4 billion, or 28 percent more compared to the previous year’s figure. The cooperative banks were once again our most important sales partner as we again notably expanded and intensified – as planned – our collabora- tion with them. “We increased our new business results by 23 percent, which meant that we grew faster than anticipated.” The numerous combinations offered by our range of products providing long-term interest rate security and greater flexibility strengthened our partner banks’ position in the market. Demand was particularly strong for unscheduled repayments, options to alter the rate of repayments, as well as the possibility to lock-in interest rates for follow-up financing even 60 months prior to the maturity of the existing loan and its interest rate. In addition, we once again successfully conducted two nation-wide sales actions with our cooperative partner banks. In comparison to the previous year, stronger demand was noted for owner-occupant property and financing for new buildings. Demand for forward loans was subdued due to expectations that the low level of interest rates would remain unchanged. Our con- servative risk policy was retained. The average loan-to-value ra- tios noted in our intermediary business with cooperative banks remained almost unchanged at about 60 percent. Sales of residential property financing generated by independent providers of financial services rose by 10 percent over the previ- ous year’s figure to € 584 million, thereby improving within the framework of our objectives. Our collaboration with the Swiss PostFinance developed very favourably. New business brokered via our Swiss partner expanded notably. Despite greater competitive pressures among providers of fi- nance, we performed quite well in the commercial property finance sector, especially in Germany. We expanded our domes- tic new business by just under one-third thereby offsetting declining development noted in the foreign business sector. The volume of new lending commitments made to finance com- Residential housing Housing Companies Commercial property MünchenerHyp New mortgage business 2010 – 2014 Commitments in € million 2010 2011 2012 2013 2014 1000 500 0 1500 2000 2500 3000 3500 4000 4500 2894 345 314 583 216 2592 662 209 2750 2618 261 739 3357 321 758 20102011201220132014 27502618