entire - Deutsche Bank Annual Report 2012

Deutsche Bank 01 – Management Report 107
Financial Report 2010 Risk Report
In 2010 we continued to focus on increasing our stable core funding components, while maintaining access to
short-term wholesale funding markets, albeit on a relatively low level. The volume of discretionary wholesale
funding is well diversified across products (e.g. CD, CP as well as term, call and overnight deposits) and tenors.
The acquisition of Postbank significantly increased the volume of our most stable funding sources. Postbank’s
status as a regulated bank and publicly traded company, however, may limit our access to its liquidity.
The overall volume of discretionary wholesale funding and secured funding fluctuated between reporting dates
based on our underlying business activities. Higher volumes, primarily in secured funding transactions, are
largely driven by increased client related securities financing activities as well as intra quarter growth in liquid
trading inventories. The growth in discretionary wholesale funding during the year 2010 is mainly a reflection of
the growth in cash and liquid trading assets within our Corporate Banking & Securities Corporate Division.
To avoid any unwanted reliance on these short-term funding sources, and to ensure a sound funding profile at
the short end, which complies with the defined risk tolerance, we have implemented limit structures (across tenor)
to these funding sources, which are derived from our stress testing analysis.