A4 für Copyshop GB.indd - Bayerische Landesbank

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52 BayernLB – our company } BayernLB helps savings banks to control credit risks with “S-Bayern-Basket-I” transaction } Cooperation in Sparkassen-Finanzgruppe intensified In 2004, BayernLB positioned itself as risk clearing house for the Bavarian savings banks for the first time. Thus, in the context of a transaction called “S-Bayern-Basket I”, the individual credit risks of the Bavarian savings banks involved were transferred to a Special Purpose Vehicle by means of a credit default swap (CDS). There, they were pooled and then sold back to these savings banks via the issue of a credit linked note (CLN). BayernLB acted as arranger and administrator for this deal. An “S-Basket” transaction to be carried out at national level is currently in the pipeline. Savings banks can use products of this kind to control risks and discharge economic capital, in the context of sound portfolio management. This creates enhanced opportunities for SME financing that is not suitable for trading on the capital markets. The withdrawal of the state guarantees in July 2005 will increase the price of uncov- ered funding for public-sector credit institutions. For this reason, BayernLB, in collaboration with the Association of Bavarian Savings Banks and the Bavarian savings banks themselves, is currently developing models dedicated to new issue business. These models involve using covering assets from the balance sheets of the savings banks in order to exploit favourable funding options. This is expected to generate considerable value added for the Sparkassen-Finanzgruppe Bayern. Some of these models envisage the transfer of covering assets from Bavarian savings banks to BayernLB’s registers of cover. BayernLB then issues covered bonds (pfandbriefe) based on this cover, and can thus transfer the liquidity generated to the Bavarian savings banks as required. Business development Performance in 2004 was characterised by even closer cooperation within the Spar- kassen-Finanzgruppe Bayern. Bavarian savings banks and their customers take advan- tage of virtually all of BayernLB’s broad range of products and services. A pleasing increase in cooperation is evident in all of the Bank’s core businesses. Portfolios in the savings banks’ proprietary securities trading were up slightly, despite an unfavourable investment environment. Significant portfolio increases were achieved in structured products and equity investments, thanks to the exploitation of diversifica- tion opportunities and alternative investments. In securities business with customers of the Bavarian savings banks, BayernLB’s private asset management activities developed particularly well. Furthermore, in collaboration with the centre of competence for asset management, two new price information sys- tems were selected to bolster Sales Support, while increased usage of a portfolio management system was promoted. In corporate customer and real estate business, a strategy coordinated with the Bavar- ian savings banks helped to increase transparency and successfully implement cooperative market development. In the corporate customer segment, demand from the Bavarian savings banks for BayernLB’s services as a syndicating partner picked up significantly from mid-2004. This segment was marked by both the general cyclical trend and the individual risk profiles of the Bank’s SME corporate customers. Requests for syndicated loan business from the Real Estate Business Area once again increased
significantly. This meant that interesting transactions could be concluded in residential real estate development and commercial property financing. The product range offered to Bavarian SME customers in the corporate finance segment was further expanded. Innovative financing solutions and advisory services were designed to suit the needs of the Bank’s SME customers, and offered as product pack- ages matching the life cycle of the particular company, for example combined with traditional financial products. The range of existing equity and quasi-equity products was enhanced by the addition of the “Bayern Fonds Mezzaninekapital”, a fund placed by the Sparkassen-Finanzgruppe Bayern with a total volume of EUR 100 million. As anchor investor, BayernLB holds 40 percent of the fund. This represents a further financing alternative for Bavarian SMEs in particular. In state-subsidised business, BayernLB acts as an advisor and transmits loans to Bavarian savings banks. The Sparkassen-Finanzgruppe Bayern has the biggest share of the market for programmes set up by LfA Förderbank Bayern, the Bavarian Development Insti- tute. Alongside traditional programme loans, BayernLB has offered the Bavarian savings banks global loans from the LfA Förderbank Bayern since 2004. In this way, funding advantages gleaned are passed on to SME customers. With a view to enhancing the market position of the Sparkassen-Finanzgruppe Bayern in the growth market of international business, the Sparkassen-Finanzgruppe has developed a strategy for international business with corporate customers. SME customers can thus choose from a comprehensive range of products in international business. Bavarian local governments are supported with innovative, individually tailored financing alternatives. The Sparkassen-Finanzgruppe Bayern’s share of the market for municipal lendings could be further expanded, also taking the company Bayerngrund Grund- stücksbeschaffungs- und -erschließungs-GmbH into consideration. A municipal real estate benchmarking project for the Sparkassen-Finanzgruppe Bayern was carried out successfully in collaboration with the Bank’s subsidiary Real I.S. AG in 2004. Coopera- tion with Real I.S. AG also provides an opportunity to offer customised models for municipal building construction in the context of Public Private Partnerships. Outlook The first experiences and results of the centres of competence, as well as the cooperative market development carried out in 2004, form an excellent starting point for further enhancement of cooperation within the Sparkassen-Finanzgruppe Bayern. The way is thus paved for even more successful outcomes for all those involved. Based on the measures taken in connection with cooperative market development, the business volume will develop positively in our joint activities with the savings banks. BayernLB – our company 53 } Bavarian local governments offered individual support with innovative products
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Annual Report and Accounts 2004
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LBS Bayern Corporates Business Area
Page 5 and 6: Clear figures. Clear objectives. Th
Page 7: Foreword by the Board of Management
Page 11 and 12: 1 Board of Management and executive
Page 13 and 14: Dr. Rudolf Hanisch born in 1946, De
Page 15 and 16: In transforming its business model,
Page 17 and 18: Sparkassen-Finanzgruppe Bayern Baye
Page 19 and 20: Financial Statements Audit Committe
Page 21 and 22: Norbert Kastner Lord Mayor of the C
Page 25 and 26: 2 Economic situation
Page 27 and 28: (Hartz IV) contributed to an overal
Page 30: An open mind. Clarity. Inspiration.
Page 34 and 35: 30 BayernLB - our company } BayernL
Page 36 and 37: 32 BayernLB - our company } Restruc
Page 38 and 39: 34 BayernLB - our company } Cross-b
Page 40 and 41: 36 BayernLB - our company } Lead ar
Page 42 and 43: 38 BayernLB - our company } Coopera
Page 44 and 45: 40 BayernLB - our company Real Esta
Page 46 and 47: 42 BayernLB - our company Activitie
Page 48 and 49: 44 BayernLB - our company } BayernL
Page 50 and 51: 46 BayernLB - our company New issue
Page 52 and 53: 48 BayernLB - our company and the U
Page 54 and 55: 50 BayernLB - our company Savings B
Page 58 and 59: 54 BayernLB - our company } LBS Bay
Page 60 and 61: 56 BayernLB - our company } Moderni
Page 62 and 63: 58 BayernLB - our company Group ret
Page 64 and 65: 60 BayernLB - our company In 2004,
Page 66 and 67: 62 BayernLB - our company Support o
Page 68 and 69: 64 BayernLB - our company Landesban
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Page 72 and 73: 68 BayernLB - our company Banque LB
Page 74 and 75: 70 BayernLB - our company LB(Swiss)
Page 76 and 77: 72 BayernLB - our company Corporate
Page 78 and 79: 74 BayernLB - our company } Shared
Page 80 and 81: 76 BayernLB - our company } Target
Page 82 and 83: 78 BayernLB - our company Our staff
Page 84 and 85: 80 BayernLB - our company Fostering
Page 86 and 87: 82 BayernLB - our company Public se
Page 88 and 89: 84 BayernLB - our company DKB and S
Page 90 and 91: A product is only as good as the to
Page 93 and 94: 4 Report on the Bank and the Group
Page 95 and 96: position and serves as a bridgehead
Page 97 and 98: Management report Assets, liabiliti
Page 99 and 100: Funding EUR billion Due to banks -
Page 101 and 102: EUR million 1.1. - 31.12.2004 Bayer
Page 103 and 104: Group operating expenses were down
Page 105 and 106: In the 2004 financial year, the ope
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Outlook The forecasts relating to t
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Strategy / rating Upon withdrawal o
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BayernLB’s subsidiaries (Hungaria
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Gross exposure by Group entity [%]
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Investment risk Similarly to counte
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Net exposure of the Group by countr
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Market price risk Market risk compr
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Operational risk BayernLB defines o
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5 Report by the Board of Administra
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Report by the Board of Administrati
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Liabilities 1. Due to banks a) Paya
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Liabilities Report by the Board of
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Liabilities 1. Due to banks a) Paya
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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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