Management Report - Münchener Hypothekenbank eG
Management Report - Münchener Hypothekenbank eG
Management Report - Münchener Hypothekenbank eG
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Notes >> 38<br />
In doing so the cash flows are discounted using market interest rates appropriate for the related risks and remaining terms to maturity.<br />
The value of options is calculated using option pricing models using generally accepted basic assumptions. In general, the price of<br />
the underlying value, its volatility, the agreed strike price, a risk-free interest rate and the remaining term to the expiration date are<br />
used to calculate the particular value of an option.<br />
Analysis of cover for Pfandbriefe<br />
A. MORTGAGE PFANDBRIEFE<br />
31 Dec. 2005 T€<br />
Ordinary cover 9,961,428<br />
1. Claims on banks (mortgage loans) 232,354<br />
2. Claims on customers (mortgage loans) 9,672,861<br />
3. Tangible assets (charges on land owned by the Bank) 56,213<br />
Substitute cover 626,658<br />
Other claims on banks 626,658<br />
Total cover 10,588,086<br />
Total mortgage Pfandbriefe requiring cover 10,213,871<br />
Surplus cover 374,215<br />
B. PUBLIC-SECTOR PFANDBRIEFE<br />
31 Dec. 2005 T€<br />
Ordinary cover 17,486,157<br />
1. Claims on banks (public-sector loans) 4,043,780<br />
2. Claims on customers (public-sector loans) 7,353,272<br />
3. Bonds and other fixed-income securities 6,089,004<br />
4. Other assets (offsetting currency derivatives) 101<br />
Substitute cover 376,500<br />
Other claims on banks 376,500<br />
Total cover 17,862,657<br />
Total public-sector Pfandbriefe requiring cover 16,422,260<br />
Surplus cover 1,440,397
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