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Geschäftsbericht 2014, englisch

30 münchener Hypothekenbank eg | annual report 2014management report Following its Asset Quality Review (AQR) of MünchenerHyp, the ECB stated that the Bank’s processes and valuation approaches did not require any corrections. Our provisions for risk was view­- ed so favourably that MünchenerHyp was one of the few banks in Europe that did not have its common equity Tier 1 capital re- duced following the results of the AQR. “We clearly fulfilled all of the ECB’s equity capital requirements by increasing our common equity Tier 1 capital prior to the ECB assuming direct supervision of our Bank.” Following a substantial increase in MünchenerHyp’s common eq- uity Tier 1 capital, the Bank passed the stress test that took place after the AQR. In a nationwide effort to increase our equity capi- tal we attracted € 415 million in new paid-up capital from with- in the Cooperative Financial Network and from private members. Thanks to this additional equity capital our common equity Tier 1 capital ratio improved to 12.4 percent as of September 30, 2014 thereby exceeding the ECB’s requirement minimum ratio of 8 percent by a very notable margin. We had not yet achieved this minimum ratio by the date of reference of the stress test on December 31, 2013, which meant that in formal terms we had not fulfilled the ECB requirements. We had, however, commu- nicated this openly and clearly prior to the publication of the stress­test results. However, by increasing our equity capital prior to the ECB assuming direct supervision of the Bank we did meet all of the equity capital requirements within the time limit. This meant that we do not need to take any further action stemming from the results of the Comprehensive Assessment. Minimum Requirements for Risk Management (MaRisk) No changes have been made to the MaRisk since December 15, 2012. As a result, no changes had to be made to the Bank’s proven processes. Bodies The 2014 Delegates Meeting elected Dr. Peter Ramsauer, the former Federal Minister of Transport, Building and Urban Affairs, as a new member of MünchenerHyp’s Supervisory Board. Michael Glos, the former Federal Minister for Economics and Technology, stepped down as a member of MünchenerHyp’s Supervisory Board at the conclusion of the Delegates Meeting due to age reasons. Mr. Glos had been a member of the Bank’s Supervisory Board for a total of 17 years, including numerous years as Deputy Chairman. Konrad Irtel, the Chairman of the Supervisory Board, thanked Michael Glos his dedicated service and the many years of trusted cooperation. The members of the Supervisory Board elected one of their col­ leagues, HSH Albrecht Prince of Oettingen-Spielberg, as the new Deputy Chairman of the Supervisory Board. Employees Our personnel strategy continued to be focused on efficiently coping with the additional personnel requirements arising from the Bank’s growth strategy, as well as the growing number of regulatory requirements. Sixty new colleagues were selected from almost 1,200 job appli- cations received by the Bank. This increased the total number of new hires made over the last four years to about 200. The main emphasis of the Bank’s current personnel efforts is to integrate the newly hired employees and quickly familiarise them with their quite specific work assignments. Bodies and personnel

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