Dresdner Bank - Commerzbank International SA

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Dresdner Bank Luxembourg S.A. Annual Report 2008 8 Report of the Supervisory Board to the general shareholders’ meeting on 11 March 2009 on the financial year 2008 Financial markets: Global collapse of the financial system impacts world's economy Recession, real estate crisis, financial crisis, banking crisis – catchwords that characterise the stock markets in 2008 Although financial experts were still predicting very positive growth at the beginning of 2008, by late summer growth expectations were overshadowed by a massive downward correction. This was ultimately reflected in one of the worst years for the stock exchanges since the end of World War II. Starting in mid-September, growing scepticism about the economy led to lower oil and commodities prices and consequently, declining inflation rates presaged the disastrous global economic trend. The bankruptcy of Lehman Brothers and the appeal for help from the insurance giant American International Group (AIG) which was, however, rescued by a loan from the U.S. Federal Reserve amounting to USD 85 billion, brought the economic downturn to its peak not only in the U.S.; international markets collapsed as well. The initiatives of the central banks (reducing key interest rates starting in October 2008) were accompanied by government interventions. Immense rescue packages and stimulus programmes are at times aimed at counteracting the economic decline on the international level. Despite these negative headlines, it is estimated that global economic growth will be sustained at 3.8 % in 2008, although it will reach only 0.7 % in the eurozone. The financial centre of Luxembourg: Still one of the top 10 Albeit the deep recession, the financial centre of Luxembourg maintained its position as the leading international private banking / wealth management centre in the eurozone and, furthermore, also sustained its position as one of the top 10 leading financial centres worldwide. At the beginning of 2008, the labour market in the financial sector benefited from the positive expectations of financial experts. In December 2008, the employment rate in the sector was up by about 4.05% compared to the previous year. At year end, 27,200 employees worked in 152 banks.
With more than 32,933 bonds listed, the Luxembourg Stock Exchange once again demonstrated its exemplary reputation as one of the best in the world for listing securities. The accumulated total assets of the Luxembourg-based financial institutions in December 2008 amounted to € 930.89 billion; compared to December 2007 a plus of approximately 1.67 %. The determination of national political decision makers contributed to the emphasis on safeguarding the continuity and stability of the financial centre, especially in turbulent phases of the business cycle. Due to this, in 2008 the government decided to increase the deposit protection fund for Luxembourg banks from € 20,000 to € 100,000 – a decision, brought about by awareness of the crisis, in order to reduce risks in the future. Overview of banks by geographical origin Total: 152 Source: CSSF Commission for the Supervision of the Financial Sector, December 31, 2008 � 2008 � 2007 � 2006 Report of the Supervisory Board 43 Germany 43 Germany 45 Germany 21 Luxemburg/Belgium 21 Luxemburg/Belgium 17 Luxemburg/Belgium 14 France 15 France 15 France 11 Italy 13 Italy 15 Italy 12 Switzerland 13 Switzerland 13 Switzerland 7 Scandinavia 8 Scandinavia 8 Scandinavia 6 United Kingdom 6 United Kingdom 7 United Kingdom 5 USA 5 USA 5 USA 5 Japan 5 Japan 5 Japan 4 Netherlands 4 Netherlands 4 Netherlands 24 Others 23 Others 22 Others 9 Report of the Supervisory Board
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