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25management report the mortgage loan portfolio remained at the previous year’s level with a volume of € 5.0 billion (previous year € 5.0 billion) and represented 22 percent of the total mortgage loan portfolio (pre- vious year 23 percent). Of this amount, residential property loans accounted for € 3.4 billion (previous year € 3.2 billion) while com- mercial property loans amounted to € 1.6 billion (previous year € 1.8 billion). Residential property loans in Switzerland accounted for 66 percent of foreign mortgage loans, while commercial prop- erty loans in the USA represented 10 percent and European Un- ion countries held a 24 percent share of total foreign mortgage loans. In accordance with our business and risk strategy, our portfolio of loans and securities arising from our business with the public- sector and banks contracted further from € 10.3 billion to € 9.4 billion. At the end of 2014 the net sum of unrealised losses and unreal- ised gains in our securities portfolio amounted to plus € 43 mil- lion (previous year minus € 46 million). These include unrealised losses of € 16 million (previous year € 81 million) stemming from securities issued by countries located on the periphery of the eurozone and banks domiciled in these countries. The total vol- ume of these securities amounted to € 0.9 billion (previous year € 1.1 billion). “We were able to improve our common equity Tier 1 capital ratio to 12.5 percent, which was significantly higher than the minimum ratio required by the ECB.” Following a detailed examination of all securities we came to the conclusion that permanent reductions in value were required for two securities in the portfolio. Due to changes in the indicated creditworthiness of these securities we wrote them down to their market value. Above all, this affects a bond issued by HETA Asset Resolution AG with a nominal value of € 50 million. We wrote down the value of this bond by € 22.4 million. No further write- downs were necessary for the remaining securities which we in- tend to hold until they mature. The portfolio of long-term refinancing funds increased by € 0.1 billion to € 30.8 billion. Total refinancing funds – including money market funds – rose from € 32.7 billion in the previous year to € 33.8 billion on December 31, 2014, of which € 17.6 billion con- sisted of Mortgage Pfandbriefe, € 5.6 billion of Public Pfandbriefe and € 7.6 billion of uncovered bonds. Paid-up capital increased by € 417.7 million to € 667.3 million due to the very successful efforts we took in the first half of 2014 to attract additional capital. This became necessary after the ECB announced that the MünchenerHyp was one of 120 Eu- ropean banks that would be placed under its direct supervision. This change also placed higher requirements on our common equity Tier 1 capital. The Bank had an extremely limited period of time to achieve the new capital ratio. In addition to attract- ing new paid-up capital, we also converted silent participations Residential housing Germany Residential housing Switzerland Commercial property Germany/other property finance loans Commercial property abroad/other property finance loans Portfolio development MünchenerHyp 2010 – 2014 in € million 2010 2011 2012 2013 2014 22000 24000 20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0 18,458 19,409 20,986 21,522 23,556 20102011201220132014