Dresdner Bank - Commerzbank International SA

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Dresdner Bank Luxembourg S.A. Annual Report 2008 10 Luxembourg as a fund centre: negative trend in the markets is not without consequences The volume managed by Luxembourg funds declined with losses of approximately € 400 billion or 22.3%. The corresponding deposits accordingly came to approximately € 1,604 billion in November 2008 – this regressive trend reflects investors’ dwindling confidence due to the disastrous recession starting in late summer 2008. Equity funds in particular were the losers in the past financial year. In contrast, the number of funds licensed in Luxembourg rose year-on-year by 496 to 3,364 (November 2008). With only one exception in 2003, the number of licensed funds in Luxembourg has grown continuously since 1990 (1990: 805; 2000: 1,785; 2006: 2,238). This pleasant development confirms once more Luxembourg’s outstanding role as a fund centre, not only on the European level: After the U.S., Luxembourg is still the second biggest fund centre in the world. Although the repercussions of the financial crisis inevitably led to declining growth and fund volume respectively, the continuing excellent positioning on a global comparison is testimony of Luxembourg’s successful efforts to expand cross-border fund distribution beyond the EU borders through innovative product architecture. Luxembourg as an economic centre: GDP contracts by 3.2 percentage points to 2% Driven by its extraordinary global market position, initial estimates point to 2% growth for Luxembourg as an economic centre for the financial year 2008. This does reflect a 3.2 % decline in GDP compared to the previous year; however, it is above the average for the rest of the eurozone. After a feeble start for the year with a growth rate of only 1.2 %, a 2.7 % gain was recorded in the second quarter which, however, had to be adjusted downwards as the year progressed. The rise in prices for food, fuel, electricity, etc. was reflected in an inflation rate of approximately 2 % (November 2008 calculation) (previous year: 3.2 %). The situation in the Luxembourg labour market developed along the lines of the situation in the financial sector at the beginning of the past financial year. Compared to the previous year, the number of employed persons rose by 4.5% (15,681 persons) to 361,089 (November 2008); the number of resident job seekers rose by 9.6 % to 10,801 persons. The unemployment rate was unchanged from year-end 2007 at 4.7 % (November 2008). The national labour market grew by 2.9 %; the number of frontier commuters rose by about 7.1% to 140,609 persons (131,244 in November 2007).
Activities of the Supervisory Board: proper fulfilment of responsibilities – supervision and consultation guaranteed In the 2008 financial year, the Supervisory Board was extensively involved with the economic and financial development and planning, the risk, liquidity and capital management as well as the internal supervision of the bank and fulfilled the responsibilities incumbent upon it according to the law and its statutes. It regularly supervised the bank's Management Board, gave advice on corporate management and was consistently involved in decision making processes of fundamental importance. The bank's Management Board was responsible for providing timely and detailed information about the business policy, the economic situation and development of Dresdner Bank Luxembourg S.A. and of its affiliated subsidiaries and branches. The strategy and implementation of the measures of the management agenda were together discussed in detail. Meetings of the Supervisory Board were held in February, September and December of 2008. Between these regular conferences there was also a continuous exchange of information concerning significant transactions, the risk situation and strategic issues. If it was necessary to take decisions between the meetings, they were brought about on an unscheduled basis or by circulation. Events of special significance: takeover of Dresdner Bank AG by Commerzbank On 31 August 2008, Allianz and Commerzbank came to an agreement to take over Dresdner Bank. 12 January 2009 was stipulated as record date; the legal merger will take place in early April. The merger of these two big banks enables due to the bundling of the proven expertise the creation of a strong and competitive financial institution on a European scale. The use of federal funds and the associated strengthening of the capital base will smooth the way for the merger. However, merging the two companies is a staged process that in Germany is expected to last until the end of 2010 when the new bank will operate under the unified Commerzbank brand. However, Allianz SE will continue to hold a minority interest. A specific schedule for the integration of the foreign subsidiaries, including Dresdner Bank Luxembourg S.A., is in development. Report of the Supervisory Board 11 Report of the Supervisory Board
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