COMMERZBANK AKTIENGESELLSCHAFT

58
Commerzbank AG
Loan to value – UK 1
stratified representation
> 100% 100%
80% – 100%
60% – 80% 80%
40% – 60% 60%
20% – – 40% 40%
< 20%
Loan to value – USA 1
stratified representation
> 100%
80% – 100%
60% – 80% 80%
40% – 60% 60%
20% – 40% 40%
< 20%
2% (3%)
3% (4%)
10% (10%)
2% (3%)
4% (7%)
13% (17%)
22% (23%)
31% (29%)
32% (31%)
24% (24%)
28% (25%)
29% (24%)
EaD UK total €6bn
EaD USA total €3bn
Loan to value – Spain 1
stratified representation
> 100%
80% – 100%
60% – 80%
40% – 60%
20% – 40%
< 20%
1% (1%)
1% (4%)
Loan to value – CRE total 1
stratified representation
>100%
80 % – 100 %
60 % – 80 80 % %
40 % – 60 60 % %
20 % – 40 40 % %
< 20 %
14% (14%)
24% (24%)
29% (28%)
31% (29%)
2% (2%)
3% (3%)
13% (13%)
24% (24%)
28% (28%)
30% (30%)
1 Loan to value ratios based on market values; exclusive margin lines and corporate loans; additional collateral not taken into account.
All figures relate to business secured by mortgages.
Values in parentheses: December 2010
EaD Spain total €4bn
EaD CRE total €57bn
Eurohypo Retail Eurohypo AG is now only responsible for the existing loan book (legacy
portfolio). There are no strategic plans for new business activity in this area. We continue to
focus directly on portfolio reduction while minimising the impact on earnings. Exposure was
again cut by just under €3bn in 2011 and amounted to €14bn as at December 31, 2011; the
bulk of this related to owner-occupied houses (€8bn) and apartments (€3bn). Given the
lower loan to value ratios due to the residual terms of maturity, we continue to view the risk
in this portfolio as relatively low.
Ship Finance The exposure of Ship Finance (including Deutsche Schiffsbank), which is
largely denominated in US dollars, decreased from €21bn on December 31, 2010 to €18bn.
Deutsche Schiffsbank has been a 100 percent subsidiary of Commerzbank since November
2011, and will be merged into Commerzbank AG in 2012.
The exposure is divided into three standard types of ship, whose shares are largely
unchanged, i.e. containers (€6bn), tankers (€4bn) and bulkers (€4bn). The remaining portfolio
consists of various special tonnages which are well diversified across the various ship
segments.
The sovereign debt crisis, the uncertain economic situation in the USA and in various
European countries, as well as efforts to prevent inflation in China, had a negative impact on
shipping markets in 2011.
The strategy of systematic risk reduction in existing portfolios resulted in a greater degree
of stabilisation during the period under review, particularly by restructurings executed in
agreement with our clients.