COMMERZBANK AKTIENGESELLSCHAFT

Group Management Report
204
148 Commerzbank Annual Report 2011
Clearly defined processes should ensure that under this concept, funding activities are
regularly adjusted to reflect changed circumstances. Liquidity management also analyses the
structure of the various sources of funding in order to actively manage the funding profile.
The aim is to finance the Bank’s illiquid assets and core business as far as possible with
long-term liabilities. This process proved successful in the past financial year, which was
dominated by a heightening of the European sovereign debt crisis.
Nevertheless, Commerzbank is working on how to constantly improve its processes, particularly
taking account of the new supervisory and regulatory requirements. The strength of
the Commerzbank Group’s funding structure relies on broad diversification across investor
groups, regions, products and currencies.
Long-term funding is mainly assured by means of secured and unsecured capital market
products, along with customer deposits that can be regarded as stable and available to the
Bank over the long term. The Commerzbank Group’s funding needs of around €10 to12bn for
the full year 2011 were more than met through the exploitation of existing market opportunities.
In view of the funding requirements for 2012, we already placed two issues at the beginning
of the current year: one involved lower tier bonds with a volume of €400m, which we
issued via Private Customer business; the other was an unsecured bond, which we issued at
the beginning of February. Thanks to the substantial market demand, we were able to raise
around €1bn. With the implementation of the measures announced in respect of the EBA requirements,
we assume from today’s perspective that we will not need to raise any more finance
on the capital markets in 2012. Nevertheless, we also want to issue more unsecured
loans this year to increase our flexibility for diversifying our finance base and to cover our
branches’ product needs. We also anticipate a lower funding requirement for 2013. The Bank
has established a US dollar issuing programme to further diversify an already balanced funding
mix on the capital market.
Group maturity profile as of December 31, 2011
in €m
40
30
20
10
0
Figure 3
2012 2013 2014 2015
Unsecured issues
Secured issues
2016 2017 2018 2019 2020 2021 >2021