The Pfandbrief 2011 | 2012

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Preface Dear Reader, 4 For over a year now, the eurozone debt crisis has dominated the sentiment on the global capital market. The Pfandbrief has held up well in this difficult environment, just as it had previously done during the bank crisis. Its importance as a safe haven for investment capital remains undisputed. Investors appreciate the safety of the Pfandbrief, its liquidity and transparency – especially in difficult times. Policymakers and regulators, too, are aware of the stabilizing effect of the Pfandbrief on the financial system as a whole, and take this into account in the forthcoming regulatory environment. The number of issuers is rising, and the concept of high-quality covered bank bonds continues to spread both in the eurozone and further afield. Relevant parliamentary bills in the USA, Canada, Australia and New Zealand are evidence that banks are increasingly resorting to secured refinancing. All things considered, therefore, the Pfandbrief showed itself in a very positive light as at mid-2011. Yet there is no reason for complacency: the challenges which the banking industry will have to overcome in the years ahead are too demanding and multifaceted for that. Refinancing in particular is becoming the central strategic challenge facing the banking sector given the proposals for new capital rules for banks and insurers, known as Basel III and Solvency II. This is true primarily of unsecured funding. For example, under the Basel III liquidity rules, senior unsecured debt issued by banks is to be treated less favorable than corporate bonds. Nor will the Pfandbrief remain unaffected. Although the regulatory initiatives recognize the high quality of the Pfandbrief in principle, the proposed new capital rules for banks fail to give appropriate consideration to low-risk cover pool eligible lending activities. One thing is certain: Basel III and Solvency II will change the German banking landscape. It remains to be seen whether the changes that are initiated will move in the direction policymakers and regulators would like to see. One reason for this is, without doubt, that the analysis of the cumulative effect of all the planned regulatory initiatives has so far been wholly insufficient. An efficient regulation which seeks to enhance the stability of the financial system should not be allowed to put products such as Pfandbriefe, which can contribute towards such stabilization, at a disadvantage. Instead, it should offer incentives to use them. Pfandbrief Banks ought to be able to continue to rely on their highly efficient and especially favorable refinancing instrument. It is therefore crucial that regulators and policymakers make the necessary adjustments when shaping the European supervisory
Jan Bettink | president framework in future, to ensure that the Pfandbrief and Pfandbrief-based business are regulated with sound judgment and for the good of financial market stability. In light of the ongoing discussions, regulatory aspects are one of the main focuses of this issue of the Pfandbrief Fact Book, featuring in no less than three articles. Following a detailed analysis of the implications of Basel III for Pfandbrief-based business, an article on Solvency II examines – with regard to the Pfandbrief – the specific impact of the new capital regime on insurers. A further article looks at rating agencies and how they are regulated. From the viewpoint of Pfandbrief issuers, the transparency and communication of the agencies are in particular need of improvement – an issue which should be addressed in an amendment of the relevant EU directive. The representation of Pfandbriefe in securities indices is the subject of another article in this publication. After taking an in-depth look at individual indices, the authors conclude with thoughts on exchange traded funds (ETFs) of Pfandbriefe. The issuers’ round-table presents a format not seen in previous editions of the Fact Book, giving experts from several Pfandbrief Banks an opportunity to state their views on a wide range of questions which their banks currently face. Accounting for a share of just under 80%, German real estate assets constitute the greater part of Pfandbrief Banks’ cover pools for Mortgage Pfandbriefe – reason enough for us to dedicate one article to recent developments in, and the prospects for, individual segments of Germany’s real estate market. The special importance of the mortgage lending value to the stability of the real estate market in Germany is also highlighted. Dear reader, we hope that the topics we have chosen meet with your interest and make for stimulating reading. My thanks go to all the authors for the work and the time they have put towards this, the 16th edition of the Pfandbrief Fact Book. 5 Jan Bettink President of the Association of German Pfandbrief Banks
Page 1 and 2: The Pfandbrief 2011 | 2012 Facts an
Page 3 and 4: The Association of German Pfandbrie
Page 5: Member Institutions of vdp 84 Aarea
Page 9 and 10: Pfandbriefe are covered interest-be
Page 11 and 12: the special supervision of Pfandbri
Page 13 and 14: Claims against Public-Sector Entiti
Page 15 and 16: are not eligible as cover. These re
Page 17 and 18: and to meet liquidity management co
Page 19 and 20: Ring-Fencing of the Cover Pools The
Page 21 and 22: all. Instead, they are part of the
Page 23 and 24: In changeable times, investors look
Page 25 and 26: Monthly sales of new issues in 2010
Page 27 and 28: Pfandbrief-Bund-Spreads in % 200 18
Page 29 and 30: vdp Initiative for the Improvement
Page 31 and 32: As a reaction to the problems and r
Page 33 and 34: The The significance of common equi
Page 35 and 36: waiving exemption from retroactive
Page 37 and 38: For banks specialising in public se
Page 39 and 40: Solvency II is intended to reform t
Page 41 and 42: Spread and counterparty risk The eq
Page 43 and 44: Counterparty default risk Mortgage
Page 45 and 46: liabilities and which plan to optim
Page 47 and 48: “Benchmarks” are reference or c
Page 49 and 50: account of its macro strategy, has
Page 51 and 52: iBoxx COVERED BOND INDICES (JUNE 20
Page 53 and 54: EuroMTS Index The EuroMTS Covered B
Page 55 and 56: eb.rexx INDEX FAMILY eb.rexx Overal
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The question of the ETF’s replica
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Cover Ausgehend assets von from ein
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Michael Schulz, NordLB; Bodo Winkle
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BW: The German mortgage lending val
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What, in your opinion, will investo
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The fallout of the financial and ec
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cue fund, first and second economic
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Latest Developments on the Rental M
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Driven by such healthy fundamentals
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Residential Properties The German r
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It is time for new priorities in th
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explain the new assumptions and the
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tion in the industry outlook in one
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Reduce the Significance of External
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84 Aareal Bank | Wiesbaden 86 Bayer
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Aareal Bank AG Paulinenstrasse 15 6
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BayernLB Brienner Strasse 18 80333
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Berlin-Hannoversche Hypothekenbank
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Bremer Landesbank Kreditanstalt Old
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COREALCREDIT BANK AG Corealcredit H
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DekaBank Deutsche Girozentrale Main
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Deutsche Apotheker- und Ärztebank
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Deutsche Genossenschafts-Hypotheken
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Deutsche Hypothekenbank (Actien-Ges
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Deutsche Kreditbank AG Taubenstrass
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Deutsche Pfandbriefbank AG Freising
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Deutsche Postbank AG Friedrich-Eber
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Deutsche Schiffsbank AG Domshof 17,
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Dexia Kommunalbank Deutschland AG C
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Düsseldorfer Hypothekenbank AG Ber
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DVB Bank SE Platz der Republik 6 60
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Eurohypo Aktiengesellschaft Helfman
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Hamburger Sparkasse AG Adolphsplatz
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HSH Nordbank AG Gerhart-Hauptmann-P
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ING-DiBa AG Theodor-Heuss-Allee 106
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Kreissparkasse Köln Neumarkt 18 -
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Landesbank Baden-Württemberg Am Ha
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Landesbank Berlin AG Alexanderplatz
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Landesbank Hessen-Thüringen (Helab
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M.M.Warburg & CO Hypothekenbank AG
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Münchener Hypothekenbank eG Karl-S
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Nord/LB Norddeutsche Landesbank Gir
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SaarLB Landesbank Saar Ursulinenstr
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SEB AG Ulmenstrasse 30 60325 Frankf
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Sparkasse KölnBonn Hahnenstrasse 5
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UniCredit Bank AG (former Bayerisch
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VALOVIS BANK AG Theodor-Althoff-Str
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Westdeutsche ImmobilienBank AG Gros
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WestLB AG Herzogstrasse15 40217 Dü
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WL BANK AG Westfälische Landschaft
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Wüstenrot Bank AG Pfandbriefbank H
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IKB Deutsche Industriebank AG Wilhe
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Other Pfandbrief Issuers 2010 As at
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Moody’s rating for a covered bond
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Topics covered in 1996 - 2010 1996
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2006 — The Pfandbrief Market 2005
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167
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Head Office Brussels Office Liaison
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