Geschäftsbericht 2008 - NordFinanz Bank AG

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38 | 39 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
department’s responsibilities include identifying, managing, and monitoring counterparty, interest rate, liquidity, and operational risk. Risks are communicated through a monthly risk report. In compliance with the requirements of MaRisk, quarterly overall risk reports are also sent to the members of the Supervisory Board. Overall bank management is supported by the “VR Control 5.0” module. Internal reporting that includes variance analysis and periodic income calculations optimizes overall bank management to safeguard earnings. NF Bank AG is a trading book institution. Trading activities are currently limited to money trading (overnight money and fixed-term deposits). The Bank exclusively uses primary financial instruments customary in banking (receivables, invest- ments, securities, liabilities) as financial instruments. These instruments are monitored as part of the implemented risk management. Credit Risk The Group has implemented a procedure for early identification of potential risks as well as for managing and monitoring risks in the lending business. Credit risks are analyzed using the VR Control and RAN Kredit standard solutions of the Genossenschaftlicher Verband Nord (GVN). The RAN Kredit module has significantly improved delimitation of the loans in the current portfolio, loans requiring intensive attention, and non-performing loans. The insights obtained through this module contribute significantly to improved portfolio management and earlier risk identification. The Group uses the rating method developed by BVR – Bundesverband der Deutschen Volksbanken und Raiffeisenbanken, Berlin/Bonn, to aid selection in the lending business. This facilitates a broader diversification of credit risk. Continuous checks and regular evaluation of all loans granted is a vital part of credit risk management. This requires continual analysis of the factors affecting the Bank’s risk situation and active implementation of any insights gained. The results of the analyses are incorporated into the Group’s overall risk report. In addition, credit risk management includes up- dating and documenting all loan approval powers, monitoring compliance with the policies and organizational instructions limiting credit risk, as well as identifying and fighting fraud in the lending business. In addition to RAN Kredit analysis and other loan risk management activities, the Bank calculates a credit VaR as part of MaRisk by assigning default probabilities at a system level to the loan commitments rated according to BVR I or II and calculating a credit VaR based on this information. The Group has not invested in any structured pro- ducts (credit default swaps, asset-backed securities, etc.). NF-Bank
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Seite 4 und 5: 02 | 03 Organe Aufsichtsrat Dr. Ebe
Seite 6 und 7: 04 | 05 WAHRE GRÖSSE TRUE SIZE Kü
Seite 8 und 9: 06 | 07 NordFinanz Bank Aktiengesel
Seite 16 und 17: 14 | 15 SCHWARZ AUF WEISS BLACK ON
Seite 18 und 19: AKTIVA NordFinanz Bank Aktiengesell
Seite 20 und 21: AUFWENDUNGEN NordFinanz Bank Aktien
Seite 24 und 25: Bilanzposten Schuldverschreibungen
Seite 28 und 29: 26 | 27 Bestätigungsvermerk des Ab
Seite 30 und 31: 28 | 29 Bericht des Aufsichtsrates
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Seite 34 und 35: 32 | 33 Supervisory Board and Manag
Seite 36 und 37: 34 | 35 SINN MACHEN MAKING SENCE We
Seite 46 und 47: ASSETS NordFinanz Bank Aktiengesell
Seite 48 und 49: NordFinanz Bank Aktiengesellschaft,
Seite 52 und 53: Balance Sheet Item Bonds and other
Seite 56 und 57: 54 | 55 Qualified Auditors’ Opini
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