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THE BANK FOR CORPORATES 32 Corporates Implementation of the InvestDirektFX online foreign exchange trading system InvestDirekt, the online account service, was fully implemented In the foreign exchange field, Investkredit has been offering a new Internet service since spring 2001. InvestDirektFX (www.investdirektfx.at) is an online foreign exchange trading system which Investkredit customers may use to carry out online spot and forward exchange deals at current market rates. In autumn 2001, the electronic hedging system for foreign currency risks was upgraded to a 24-hour service which now also includes Eastern European currencies. The conclusion of online transactions is intended to complement the individual assistance offered by the bank’s treasury staff. InvestDirekt. The free online account service www.investdirekt.at enables Investkredit customers to view their security accounts and all other accounts directly via the Internet. Current market values of securities and derivatives and debit balances with interest deferrals are complemented by individual information on turnover, maturities and performance. Investkredit’s major objective is to furnish customers with high-quality information. InvestDirekt is already used by 12% of all Investkredit customers.
60% of Austrian local authorities are customers of Kommunalkredit Strong growth due to the purchase of public sector receivables Growth in Central Europe with strategic partner Dexia “It is not only for what we do that we are held responsible, but also for what we do not do.“ MOLIÈRE LOCAL GOVERNMENTS. Local governments BUSINESS APPROACH. Kommunalkredit Austria <strong>AG</strong>, Austria’s only specialist bank for the public sector, significantly enhanced its presence on the market in 2001. Today, more than 60% of Austrian local authorities are customers of Kommunalkredit. In order to promote the development of small and medium-sized local infrastructure projects, the European Investment Bank (EIB) in Luxembourg has granted a first global loan to Kommunalkredit, with an increase being promised for 2002. Kommunalkredit’s business operations are also affected by the plans of the Republic of Austria and of individual Federal Provinces to resign from their function as lenders in order to optimise their budgets and/or to reduce their Maastricht deficit and debt ratio. FINANCING. In 2001, Kommunalkredit among other things sold a number of loans of the Republic of Austria and of the Environmental and Water Management Fund as well as several housing loans in Carinthia and was able to achieve considerable premiums in these cases. The rise in domestic lendings by more than EUR 1 bn or 49% (see table “Financing in the local government segment“) mainly derives from this area. Further sales of loans were already announced for 2002. Similar developments – budget optimisation to accelerate structural reform processes – are likely to occur in the Central European candidate countries. Kommunalkredit has been able to gain a firm foothold in this market and has extended its exposure in 2001. The market is serviced jointly with its co-owner Dexia Crédit Local (via Dexia Kommunalkredit Holding) or by Kommunalkredit alone paving the way for the operations of the holding company. Kommunalkredit achieves stable earnings in Slovakia (stake in Prvá Komunalná Banka) and in the Czech Republic (office in Prague) and has been successful with several acquisitions in Poland, Hungary, Slovenia and Croatia. Hence, in 2002 Kommunalkredit will increase its presence in these countries. Switzerland became Kommunalkredit’s second “core market“ with respect to financing transactions with the public sector. Approximately 15% of all new transactions are concluded in Austria’s western neighbouring country. This trend continued at the beginning of 2002. All in all, international loans increased by EUR 300 m or 72% (see table “Financing in the local government segment“). In 2001, Kommunalkredit also succeeded in extending its range of products, focusing more strongly on structured financing transactions. A major break-through was achieved in relation to the placement of special financing models: The specialist bank was able to establish itself successfully in the US lease business, and in its function as lead manager was responsible for the structuring of the actual loan component (“B-Loan“) of the world-wide largest US lease transaction of the year. In the next few years, Kommunalkredit will strive for the market leadership in Austria. Unless there is an external rating, all Kommunalkredit customers are rated internally, with the bank’s rating scheme modelled on the one used by international rating agencies. The internal rating process and credit-risk-related data are already being adjusted to the requirements of Basel II both in conceptional and in structural terms. The banking book risks are controlled and limited in the context of the monthly meetings of the Asset Liability Committee (ALCO). The ALCO meeting constitutes the central element of the risk management process and serves as a forum for providing information about Kommunalkredit’s risk situation, for making all important risk-relevant decisions and for fixing and monitoring the risk limits. THE BANK FOR CORPORATES 33
Page 1 and 2: THE BANK FOR CORPORATES. Annual Rep
Page 3 and 4: CONTENTS. Investkredit at a glance.
Page 5 and 6: INCOME DEVELOPMENT OF THE INVESTKRE
Page 7 and 8: LETTER FROM THE BOARD OF MANAGEMENT
Page 9 and 10: Letter from the Board of Management
Page 11 and 12: Board of Management. ALFRED REITER
Page 13 and 14: INVESTKREDIT SHARES. Investkredit s
Page 15 and 16: MANAGEMENT DISCUSSION. The members
Page 17 and 18: Management style allows for quick d
Page 19 and 20: Increase in business volume and ear
Page 21 and 22: Significantly improved capital rati
Page 23 and 24: Ensuring liquidity for corporate cu
Page 25 and 26: A euro financial market is emerging
Page 27 and 28: Deal structuring in the context of
Page 29 and 30: Competent consulting on aid-related
Page 31 and 32: Assistance in the acquisition and d
Page 33: Issuing focus on strengthening equi
Page 37 and 38: Benefiting from advantages of Centr
Page 39 and 40: FINANCIAL STATEMENTS OF THE INVESTK
Page 41 and 42: STATEMENT OF CHANGES IN EQUITY. For
Page 43 and 44: Notes to the financial statements o
Page 45 and 46: (5) LOANS AND ADVANCES. Loans and a
Page 47 and 48: a fluctuation rate of 0% and assume
Page 49 and 50: (23) GENERAL ADMINISTRATIVE EXPENSE
Page 51 and 52: (32) RISK PROVISIONS. Risk provisio
Page 53 and 54: BWG- Investment Extent of investmen
Page 55 and 56: (36) PROPERTY AND EQUIPMENT. in EUR
Page 57 and 58: (42) PROVISIONS. in EUR m 31.12.200
Page 59 and 60: Expenses related to all subordinate
Page 61 and 62: Local go- Real Disclosure in EUR m
Page 63 and 64: (51) SUBORDINATED ASSETS. The asset
Page 65 and 66: (58) FAIR VALUE BALANCE SHEET. Fair
Page 67 and 68: (65) INFORMATION ON EMOLUMENTS OF A
Page 69 and 70: Equity capital. Equity held by outs
Page 71 and 72: REPORT OF THE SUPERVISORY BOARD. In
Page 73 and 74: Cost-income ratio. Index of the cos
Page 75 and 76: Own funds to be taken into account.
Page 77 and 78: INVESTOR RELATIONS. Margot Binder P

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