Geschäftsbericht 2008 - NordFinanz Bank AG

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NordFinanz Bank Aktiengesellschaft, Bremen
Group Management Report for the 2008 Fiscal Year
Shareholder Structure
As of December 31, 2008, the following shareholders
held stakes in the parent company’s capital stock
amounting to €17,425,000.00:
E-Clear (UK) PLC, London 96.97 %
Hans-Jörg Kern, Munich 3.03 %
In the year under review, the shares of Derek Tullett,
who had held an interest of 48.07 % until the end of
the previous year, were acquired by E-Clear (UK) PLC
as agreed. In addition, two capital increases of K€
3,075 in total were implemented.
As of October 15, 2008, Bremen Local Court appoin-
ted a trustee to exercise the voting rights of EClear
(UK) PLC, London, at the request of the German
Federal Financial Supervisory Authority (BaFin) as
part of the owner control proceedings under Section
2c of the German Banking Act.
Equity capital
Following the approval of the 2008 annual financial
statements, the Group’s liable equity capital will
amount to K€ 18,676 (previous year: K€ 15,569).
Equity capital consists of capital stock in the amount
of K€ 17,420, reserves in the amount of K€ 134, and
allowable subordinated liabilities in the amount of
K€ 5,113. Intangible assets in the amount of K€ 178
and an accumulated net loss of K€ 3,818 remaining
from previous years must be subtracted from this.
In May 2009, BaFin stipulated an adjustment item of
K€ 4,894 in the amount of the unsettled shareholder
receivables. This will be formally cancelled when
the annual financial statements for 2008 have been
approved; however, a new amount is expected to
be stipulated in the sum of the remaining amounts
outstanding.
In addition, in July 2009 BaFin stipulated a further
adjustment item of K€ 1,307 on the basis of the
losses incurred in 2009.
RISK REPORT
Risk Management Organization
The Group Management Board, which is the Manage-
ment Board of the parent company NF Bank AG, is
responsible for risk management and risk control. In
this context, the Group Management Board is also in
charge of defining a business strategy and a consistent
risk strategy.
The risk strategies for credit, market price, and
liquidity risk as well as operational risk have been
documented in a risk manual.
Additional responsibilities for risk monitoring and
risk management have been assigned in accordance
with the requirements of MaRisk (Minimum Requirements
for Risk Management) that were implemented
in 2008 taking advantage of transition regulations.
Nonetheless, organizational processes, especially
active risk management processes, are continuously
being enhanced.
For all risks, the organizational manual documents
the organizational structure and processes including
the respective competencies.
As an independent staff department, the Controlling
department reports directly to the Group Management
Board at regular intervals. Here, the Controlling