annual report - Hypo Real Estate Holding AG
annual report - Hypo Real Estate Holding AG
annual report - Hypo Real Estate Holding AG
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Public Sector and Infrastructure Finance Regional Commentary<br />
Regional Trends: Europe<br />
Benelux countries<br />
In both Belgium and the Netherlands DEPFA provides<br />
long-term lending and interest rate hedging products<br />
to the public sector. The Bank is also a well recognised<br />
market player in infrastructure finance and is supporting<br />
various consortia bidding for the larger con -<br />
cession projects currently being tendered. Both<br />
markets continue to be very competitive.<br />
Croatia<br />
DEPFA has pursued a policy of increasing its activities<br />
in the Balkans and former Yugoslavian countries, and<br />
particularly in Croatia in view of the advanced stage of<br />
its EU accession negotiations. The Bank has established<br />
close contact with key public sector enterprises<br />
involved in various activities linked to the socio-economic<br />
development of the country and has become an<br />
important partner bank assisting in the financing of development<br />
programmes. Even though DEPFA does<br />
not have a physical presence in the country, it has<br />
steadily established a good reputation as a professional<br />
and competitive bank in the public sector.<br />
32<br />
France<br />
The French public finance market remains highly<br />
competitive with many banks competing for a share<br />
of public sector business. Although the market is<br />
relatively expensive compared to other European markets,<br />
it is very sophisticated and offers cross selling<br />
opportunities. In this environment, DEPFA has been<br />
able to increase business origination volumes, both<br />
with existing and new clients. The Bank has achieved<br />
a leading position in the PPP area, both as a lead arranger<br />
of senior debt financing and as a financial advisor<br />
both to public and private sector entities. Key<br />
achievements in this area include among others the<br />
refinancing of the Millau Viaduct, the tallest vehicular<br />
bridge in the world, and the completion of several<br />
smaller PPPs, together with Challenger Investissement<br />
and the Bouygues Group for which DEPFA acted<br />
as lead arranger and financial advisor.<br />
Germany and Austria<br />
Despite a lowering of state funding requirements on<br />
account of higher than expected tax revenues, DEPFA
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