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Geschäftsbericht 2014, englisch - Management Report 2014

management report 2014 12 Economic development 12 Financial markets 14 Property and property financing markets 12 Overall economic conditions 22 New mortgage business 23 capital market business 23 Refinancing 22 Business Development 24 Balance sheet structure 26 Development of earnings 27 Proposed allocation of distributable income 24 Earnings, Financial and asset situation 27 Rating 28 Sustainability 29 Regulatory Conditions 27 Rating, Sustainability and Regulatory Conditions 31 Report on events after the balance sheet date 30 Bodies and Personnel 30 Bodies 30 Employees Economic Report 8

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