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Geschäftsbericht 2011 Geschäftsbericht 2011 Mitglieder des Vorstands der Deutschen Bundesbank Dr. Jens Weidmann Präsident der Deutschen Bundesbank (ab 1. Mai 2011) Prof. Dr. Axel A. Weber Präsident der Deutschen Bundesbank (bis 30. April 2011) Sabine Lautenschläger Vizepräsidentin der Deutschen Bundesbank (ab 1. Juni 2011) Prof. Dr. Franz-Christoph Zeitler Vizepräsident der Deutschen Bundesbank (bis 31. Mai 2011) Dr. h. c. Rudolf Böhmler Dr. Andreas Dombret Dr. Joachim Nagel Carl-Ludwig Thiele Wir beklagen den Verlust der Mitarbeiterinnen und Mitarbeiter Sylvia Beiersdorff 10. Januar 2011 Ernst Bollen 11. Februar 2011 Uwe Schneider 19. April 2011 Ilona Gundelwein 26. April 2011 Dr. Fred Ramb 29. April 2011 Stephan Maile 2. Mai 2011 Karl Binder 12. Mai 2011 Heinz Schmatze 31. Mai 2011 Matthias Pitzer 22. August 2011 Michael Morck 11. September 2011 Petra Tiepoldt 26. September 2011 Florian Burkhardt 7. November 2011 Petra Urlaß 28. November 2011 Wir gedenken auch der im Jahr 2011 verstorbenen ehemaligen Angehörigen der Bank. Ihnen allen ist ein ehrendes Andenken gewiss. DEUTSCHE BUNDESBANK Deutsche Bundesbank Geschäftsbericht 2011 6 Deutsche Bundesbank Wilhelm-Epstein-Straße 14 60431 Frankfurt am Main Postfach 10 06 02 60006 Frankfurt am Main Fernruf 069 9566-0 Durchwahlnummer 069 9566- . und anschließend die gewünschte Hausrufnummer wählen. Telex Inland 41 227 Telex Ausland 4 14 431 Der Geschäftsbericht erscheint im Selbstverlag Telefax 069 9566-3077 der Deutschen Bundesbank, Frankfurt am Main, und wird aufgrund von § 18 des Gesetzes über Internet http://www.bundesbank.de die Deutsche Bundesbank veröffentlicht. Er wird an Interessenten kostenlos abgegeben. Nachdruck nur mit Quellenangabe gestattet. ISSN 0070-394X (Druckversion) ISSN 1861-5686 (Internetversion) Deutsche Bundesbank Geschäftsbericht 2011 7 Inhalt Vorwort des Präsidenten der Deutschen Bundesbank .............................. 13 Geldpolitik und Wirtschaftsentwicklung ........................................................ 19 I. Internationales Umfeld .................................................................................................. 20 1. Weltwirtschaft auf steinigem Expansionspfad ................................................................. 20 2. Perspektivwechsel am Devisenmarkt ............................................................................... 26 3. Kapitalmärkte im Bann der Staatsschuldenkrise und abkühlender Weltkonjunktur ........... 29 II. Wirtschaftliche und monetäre Entwicklung im Euro-Währungsgebiet...................... 33 1. Konjunkturelle Erholung am Jahresende zum Stillstand gekommen ................................. 33 2. Geldpolitik und Geldmarktentwicklung ........................................................................... 41 3. Gespaltene monetäre Entwicklung im Jahresverlauf ........................................................ 48 III. Wirtschaftsentwicklung in Deutschland ..................................................................... 55 1. Kräftiger Konjunkturaufschwung .................................................................................... 55 2. Im Jahr 2011 deutlich niedrigeres Staatsdefizit, aber hoher Schuldenstand ...................... 62 3. Vermögensbildung und Finanzierung .............................................................................. 65 Finanz- und Währungssystem ............................................................................ 81 I. Internationales Finanz- und Währungssystem – Internationale Kooperationen ........ 82 1. Internationales Währungssystem und IWF-Fragen ........................................................... 82 2. Internationale Kooperation ............................................................................................. 85 3. Entwicklungen im institutionellen Rahmenwerk .............................................................. 86 II. Aktuelle Fragen des Finanzsystems ............................................................................. 88 1. Internationales Finanzsystem .......................................................................................... 88 2. Stabilität des deutschen Finanzsystems ........................................................................... 90 3. Ertragslage der deutschen Banken .................................................................................. 91 Bankenaufsicht ........................................................................................................ 93 I. Weiterentwicklung internationaler Aufsichtsstandards ............................................... 94 1. Basel III: Folgearbeiten und Implementierung .................................................................. 94 2. Auswirkungsstudie zu Basel II und III ............................................................................... 95 3. Handelsbuch .................................................................................................................. 95 4. Global systemrelevante Finanzunternehmen ................................................................... 96 5. Baseler Grundsätze für eine wirksame Bankenaufsicht .................................................... 96 Deutsche Bundesbank Geschäftsbericht 2011 8 II. Europäische Arbeiten zum Ausbau der Aufsichtskooperation ................................... 96 1. Die EU-Bankenaufsichtsbehörde ..................................................................................... 96 2. Stresstests und Stabilitätsuntersuchungen ....................................................................... 97 3. Colleges ......................................................................................................................... 97 III. Fortentwicklung der nationalen Aufsichtsstandards ................................................. 98 1. Umsetzung der geänderten Bankenrichtlinie und der geänderten Kapital- adäquanzrichtlinie .......................................................................................................... 98 2. Capital Requirements Directive IV ................................................................................... 98 3. Krisenmanagement ......................................................................................................... 99 4. Mindestanforderungen an das Risikomanagement .......................................................... 99 5. Rundschreiben zu Zinsänderungsrisiken im Anlagebuch .................................................. 99 6. Umsetzung der Zweiten E-Geld-Richtlinie ........................................................................ 100 IV. Laufende Überwachung .............................................................................................. 100 1. Aktuelle Entwicklungen .................................................................................................. 100 2. Prüfungswesen ............................................................................................................... 102 3. Meldewesen ................................................................................................................... 103 Bargeld ....................................................................................................................... 105 Unbarer Zahlungsverkehr und Wertpapierabwicklung ............................. 109 Statistik....................................................................................................................... 115 Bildung ....................................................................................................................... 121 Sonstige Aktivitäten .............................................................................................. 125 I. Forschungszentrum ....................................................................................................... 126 II. Dienstleistungen der Deutschen Bundesbank für die öffentliche Hand .................... 128 III. Eigenportfolio und Verwaltung der Währungsreserven ............................................ 129 IV. Management finanzieller Risiken ................................................................................ 130 Personal ...................................................................................................................... 133 I. Personal ......................................................................................................................... 134 II. Mandate der Vorstandsmitglieder der Deutschen Bundesbank................................. 135 Deutsche Bundesbank Geschäftsbericht 2011 9 Der Jahresabschluss der Deutschen Bundesbank für das Jahr 2011 .... 137 I. Bilanz der Deutschen Bundesbank zum 31. Dezember 2011 ...................................... 138 II. Gewinn- und Verlustrechnung der Deutschen Bundesbank für das Jahr 2011 ......... 140 III. Bestätigungsvermerk des Abschlussprüfers ............................................................... 141 IV. Allgemeine Angaben zum Jahresabschluss ................................................................ 144 V. Erläuterungen zu den einzelnen Bilanzpositionen ...................................................... 146 1. Aktiva ............................................................................................................................. 146 2. Passiva ............................................................................................................................ 151 VI. Erläuterungen zur Gewinn- und Verlustrechnung ....................................................
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