A4 für Copyshop GB.indd - Bayerische Landesbank

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104 Report on the Bank and the Group } Access to adequate liquidity secured at all times } Owners firmly behind BayernLB Liquidity The liquidity of both BayernLB and the Group were secured in 2004 at all times. During the period under review, a new IT system was introduced to manage liquidity in BayernLB. A follow-up project was rolled out with the objective of achieving more timely liquidity management, as well as refining methods to this end. In order to guard against future liquidity risks and increased funding costs after the withdrawal of Gewährträgerhaftung (guarantee obligation) and Anstaltslast (mainte- nance obligation), a portfolio strategy was implemented for long-term funding. Reali- sation of this strategy will continue in 2005. In this way, BayernLB is ensuring that once the guarantee mechanisms no longer apply from July 2005, it will still have access to sufficient liquidity for planned business activi- ties at all times. Planned capital increase Further reinforcement of the capital base represents one of BayernLB’s key objectives. The Free State of Bavaria and the Association of Bavarian Savings Banks will make a 50 percent contribution each to a cash capital increase carried out through BayernLB Holding AG. The transaction, totalling EUR 640 million, will be completed in two tranches (2005 and 2006). This move will not affect BayernLB’s ownership structure. The planned capital increase is a clear demonstration of the owners’ loyalty to BayernLB. This, together with the planned conversion of the dated silent capital con- tributions into undated ones, is another major factor in ensuring BayernLB’s long-term earnings after the abolition of the guarantee mechanisms in July 2005. Regional guarantee fund In addition to the cross-guarantee system of the Sparkassen-Finanzgruppe, which spans the whole of Germany, a regional guarantee fund is to be created in order to further underpin the cooperation of the Sparkassen-Finanzgruppe within Bavaria. The Bavarian guarantee fund, with a total volume of EUR 1 billion, will be endowed by the Bavarian savings banks and BayernLB, according to a ratio based on the respective risk- weighted assets.
Strategy / rating Upon withdrawal of the state guarantee instruments for new liabilities on 18 July 2005, BayernLB will receive valuations from the rating agencies for unguaranteed and uncovered liabilities for the first time. Both the results of the 2004 financial year and assess- ment of BayernLB’s business outlook are crucial to the rating agencies’ valuation. Various indications of the future unguaranteed ratings were published in 2004 by agencies such as Fitch Ratings (A +), Moody’s (A1 floor rating of the German Savings Bank Organisation) and Standard & Poor’s (A –). In view of these indications, BayernLB is confident that it can achieve its target rating of at least A flat or A + from all major rating agencies, all the more so given its performance in 2004. As part of the new business model, the consistent implementation of measures aimed at enhancing sustainable earnings, while taking into account the Bank’s risk and par- ticipations strategy, remains the single most important element of BayernLB’s target framework. These measures include: • targeted exploitation of market opportunities, particularly those aimed at generat- ing higher commission income, by strengthening customer relationships while con- tinually adapting the product range • expansion of retail capability, together with the Bavarian savings banks and through the Group’s subsidiaries at home and abroad • stepping up collaboration with the savings banks based on the cooperation agree- ments signed with the latter; intensifying cooperative market development in the core market of Bavaria is a key priority here • enhancing global support for the savings banks in serving and assisting their customers in the Eastern European and Asian markets, particularly through the German Centre in Shanghai • seizing the opportunities offered by EU enlargement in CEE • targeted exploitation of market opportunities in selected economic locations around the world, while taking into account risk, return and costs In addition, BayernLB will step up core internal projects aimed at optimising management and timely implementation of the Basel II and IAS / IFRS requirements. The progress BayernLB has made in its strategic reorientation is flanked by its new marketing image, through which the Bank informs both customers and the general public about its competencies and range of services. BayernLB anticipates a stabilisation of the operating result in 2005. Factors contribut- ing to this will include an expected significant improvement of the revaluation result, as well as normalised risk costs in the Bank’s credit business. Extraordinary charges such as those experienced in the 2004 financial year are not anticipated, leading BayernLB to expect a stabilisation of the overall performance. Report on the Bank and the Group 105 } BayernLB well prepared for rating agencies’ valuations of unguaranteed and uncovered liabilities } BayernLB’s reorientation visually reflected in new marketing image } Stabilisation of operating result expected
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Annual Report and Accounts 2004
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LBS Bayern Corporates Business Area
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Clear figures. Clear objectives. Th
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Foreword by the Board of Management
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1 Board of Management and executive
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Dr. Rudolf Hanisch born in 1946, De
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In transforming its business model,
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Sparkassen-Finanzgruppe Bayern Baye
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Financial Statements Audit Committe
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Norbert Kastner Lord Mayor of the C
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2 Economic situation
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(Hartz IV) contributed to an overal
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An open mind. Clarity. Inspiration.
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30 BayernLB - our company } BayernL
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32 BayernLB - our company } Restruc
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34 BayernLB - our company } Cross-b
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36 BayernLB - our company } Lead ar
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38 BayernLB - our company } Coopera
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40 BayernLB - our company Real Esta
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42 BayernLB - our company Activitie
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46 BayernLB - our company New issue
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48 BayernLB - our company and the U
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50 BayernLB - our company Savings B
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Complex enterprises demand reliabil
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184 Advisory Boards and addresses T
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186 Advisory Boards and addresses D
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188 Advisory Boards and addresses B
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190 Advisory Boards and addresses S
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Bayerische Landesbank Brienner Stra
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