Geschäftsbericht 2015, englisch - Management report 2015

8 Economic development Financial markets Property and property financing markets 12 12 14 Overall economic conditions 12 New mortgage business capital markets business Refinancing 22 23 24 Business Development 22 Balance sheet structure Development of earnings Proposed allocation of distributable income 25 26 27 ASSET, Financial and EARNINGS situation 25 28 28 29 Rating Sustainability Regulatory Conditions Rating, Sustainability and Regulatory Conditions 28 Report on events after the balance sheet date 31 Bodies, committees and personnel 31 Bodies and committees Employees 31 31 Economic Report management report 2015

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