DOCSLIB.ORG

Annual Report 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

2019 ANNUAL REPORT Annual report 2019 2 Management report 62 Consolidated financial statements 162 Annual financial statements 189 Additional information 4 Message from the Chairmen 6 Group profile 9 Highlights 13 Financial results 17 Risk management 28 Information on capital and liquidity 33 Non-financial declaration - Corporate social responsibility 41 Governance Management report Message from the chairmen 2019 will have been another year of strong macroeconomic uncertainty: the Sino-Ame- rican trade war, the Brexit issue, and the slowdown in world growth induced in par- ticular by China's slowdown, will all have been factors of fragility, despite the sup- port provided to the economic situation by persistently negative interest rates and the Management report good health of the equity market. Throughout the past year, we continued to roll out our strategic roadmap and took fur- ther steps towards the Group's resolution by accelerating our efforts to reduce our port- folios, in particular through the implementation of two ambitious asset disposal programmes. We reduced our balance sheet total by 24% to EUR 120 billion and saw our asset portfolios fall below EUR 50 billion. Thus, in a favourable market dynamic and in order to reduce the operational risk linked to the transfer of Consolidated the Group's US assets to the Dexia Crédit Local head office, the Group sold its entire student loan ABS financial statements portfolio and assets related to the US public sector. The portfolio is now equally composed of loans and bonds and is mainly focused on Italian sovereign and European public sector (Italy, France, Spain, Portugal), with a residual concentration of Japanese and British assets. Our efforts also focused on reducing our geographic footprint: we finalised the sale of our German subsi- diary Dexia Kommunalbank Deutschland to Helaba, closed our Madrid branch and began the transforma- tion of our New York branch. Other highlights of the past year included the Belgian and French States reaffirming their support for the Group by finalising the steps with a view to the prolongation of the funding guarantee beyond 31 December 2021 and, in September, the European Commission confirmed its agreement to the extension Annual financial statements of this guarantee. In addition, the Dexia share was delisted from Euronext Brussels on 2 December 2019, enabling the Group to continue its administrative simplification. Additional information 4 Dexia Annual report 2019 The first months of this year were in line with 2019. We continued the transformation of our New York branch into a representative office, which should be concluded in the course of the year, and began a reflection on the evolution of Dexia Crediop within the context of the Group's resolution. At the time of closing this annual report, it is too early precisely to assess the long-term economic effects and draw up a definitive health assessment of the Covid-19 pandemic which is raging throughout the world, even if the consequences of the epidemic are already being painfully felt in many countries. Our first objective, in this unprecedented situation, was to protect the health of our staff members and Management report ensure the operational continuity of the Group. Dexia staff members mobilised in the face of adversity. Their sustained commitment and their reactivity enabled the Group, in the space of only a few days, to move to a level of 100% teleworking, demonstrating once again the resilience of our teams. It is natural to wonder about the impact of this major crisis on the Dexia Group. Our liquidity situation is entirely satisfactory, with a liquidity buffer close to EUR 20 billion as at 31 December 2019 and a continued active presence on various markets. It is too early to assess the full impact of the crisis for Dexia, but the strength of the Group's capital base and the intrinsic quality of its asset portfolio, 90% of which is rated Consolidated investment grade, make us confident in its ability to continue its orderly resolution. financial statements We are well aware that the implementation of this complex resolution in a situation of great economic uncertainty is only made possible, day after day, year after year, thanks to the unfailing commitment and responsiveness of the Group's staff members. We cannot thank them enough for their contribution. Bart Bronselaer Gilles Denoyel Chief Executive Officer ad interim Chairman of the Board of Directors Annual financial statements Additional information Annual report 2019 Dexia 5 Group profile by the States of Belgium, France and Luxembourg, to allow A Group in orderly resolution for the execution of the orderly resolution plan. Dexia Crédit Local holds a banking licence and has an international pres- Dexia(1) is a European banking group managed under an ence through its Italian subsidiary, Dexia Crediop, which orderly resolution plan since the end of 2011. The Belgian also holds a banking licence, and branches in Ireland and Management report and French States own 99.6% of the Group(2). the United States. The Group has 606 staff members as at Dexia’s orderly resolution plan, which was approved by the 31 December 2019. European Commission in December 2012, aims to avoid the Dexia no longer has any commercial activities and is now Group’s bankruptcy and liquidation which, given the Group’s solely focused on managing its assets in run-off, mainly pub- residual size, could have been destabilising to the entire Euro- lic sector and sovereign assets, while protecting the interests pean banking sector. of the Group’s State shareholders and guarantors. To meet (3) As a significant bank , Dexia has been under the direct pru- this objective, the Group has established three strategic dential supervision of the European Central Bank within the goals: framework of the Single Supervisory Mechanism (SSM) since • Maintain the ability to refinance its balance sheet through- 4 November 2014. out its resolution plan; Dexia, the Group’s parent company, is a public limited com- • Preserve its capital base in order to comply with regulatory pany (société anonyme) and financial company governed by ratios; Consolidated Belgian law. Dexia Crédit Local, the Group’s main operating • Ensure operational continuity by retaining the necessary financial statements entity, is based in France and benefits from a funding guar- expertise and resources and developing appropriate informa- antee, up to a maximum amount of EUR 85 billion, provided tion systems. (1) Throughout this annual report, Dexia refers to Dexia SA/NV and Dexia Crédit Local refers to Dexia Crédit Local S.A. (2) In 2012 the Belgian and French States increased Dexia’s capital with EUR 5.5 billion. (3) Regulation (EU) No. 468/2014 of the European Central Bank of 16 April 2014. Annual financial statements Additional information 6 Dexia Annual report 2018 Group profile Simplified Group structure Belgian Federal State through French State Institutional, individual and the Federal Holding and employee shareholders Investment Company 46.81% Management report 52.78% 0.41% Dexia Dexia Crédit Local Dexia Nederland 100% 100% Including branches Consolidated in the United States and Ireland financial statements Dexia Crediop 99.57% Annual financial statements Management Board CEO ad interim Bart Bronselaer Assets Finance & Risk Funding Operations Communication & Markets & IT Additional information Guy Cools Véronique Hugues Giovanni Albanese Benoît Debroise Patrick Renouvin Annual report 2019 Dexia 7 Group profile Key figures MEMBERS OF STAFF AS AT 31 DECEMBER 2019 Ireland 5 19 Other United 42 countries States 77 Italy Total 606 407 56 Belgium France Management report RESULTS 2018 2019 (in EUR million) Net banking income (232) (746) Costs (386) (379) Gross operating income (618) (1,125) Cost of risk 128 265 Result from discontinued operations, net of tax 23 (111) Consolidated Net income Group share (473) (898) financial statements SOLVENCY 31/12/2018 31/12/2019 (in EUR million) Common Equity Tier 1 8,119 7,308 Total Capital 8,278 7,404 Risk-weighted assets 30,365 27,263 Common Equity Tier 1 ratio 26.7% 26.8% Total Capital ratio 27.3% 27.2% RATINGS AS AT 31 DECEMBER 2019 Long term Outlook Short term Dexia Crédit Local Fitch BBB+ Stable F1 Annual financial statements Moody’s Baa3 Stable P-3 Moody's - Counterparty Risk (CR) Assessment Baa3(cr) P-3(cr) Standard & Poor’s BBB Stable A-2 Dexia Crédit Local (guaranteed debt) Fitch AA- - F1+ Moody’s Aa3 Stable P-1 Standard & Poor’s AA - A-1+ Additional information 8 Dexia Annual report 2019 Highlights Since its entry into orderly resolution, Dexia has been imple- on 1 July 2019 for the asset portfolio recorded in DCL New menting a proactive strategy of reducing business and the York's balance sheet and on 1 January 2020 for the second Group's balance sheet through the sale of its commercial portfolio. franchises and asset portfolios. The year 2019 represents an During the year, in view of favourable market dynamics, Dexia important stage in this dynamic, in particular because of the sold EUR 7.7 billion of US assets. Assets sold include the conclusion of the sale of Dexia Kommunalbank Deutschland remaining portfolio of ABS on student loans (EUR 1.1 billion) Management report (DKD), Dexia's subsidiary in Germany, the closure of DCL as well as public sector assets (EUR 5.1 billion). The entirety of Madrid and the launch of the project to transform the US the Group's exposure to the Chicago Board of Education was branch of Dexia Crédit Local (DCL New York) into a repre- thus bought back or sold. sentative office. In addition, in May and July, the Group took The Group also sold Japanese assets (EUR 1.4 billion), loans structuring decisions on two new asset disposal programmes to French local authorities (EUR 0.6 billion) and loans to UK which contributed to a sharp reduction of the bank's bal- social housing (EUR 0.6 billion).
Recommended publications
  • Barclays PLC Rights Issue Prospectus and Timetable and Trading Update

    Barclays PLC Rights Issue Prospectus and Timetable and Trading Update

    NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE PEOPLE'S REPUBLIC OF CHINA, HONG KONG, JAPAN, THE REPUBLIC OF SOUTH AFRICA AND ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT. INVESTORS SHOULD NOT ACQUIRE ANY SECURITIES REFERRED TO IN THIS ANNOUNCEMENT EXCEPT ON THE BASIS OF INFORMATION CONTAINED IN THE PROSPECTUS. 16 September 2013 Rights Issue Prospectus and Timetable and Trading Update On 30 July 2013, Barclays announced an underwritten rights issue to raise approximately £5.8 billion (net of expenses) (the "Rights Issue"). Under the terms of the Rights Issue, Barclays is offering 3,219,067,868 New Ordinary Shares by way of rights to Qualifying Shareholders at 185 pence per New Ordinary Share. The Rights Issue is being made on the basis of one New Ordinary Share for every four Existing Ordinary Shares held by Shareholders at close of business on 13 September 2013, the Record Date. 1. Publication of the Prospectus Barclays is pleased to announce that it has today published the Prospectus for the Rights Issue in accordance with the Prospectus Rules of the UK Listing Authority. The Prospectus will shortly be available on the Company's website Barclays.com/rightsissue. In addition, the Prospectus will be submitted to the National Storage Mechanism, where it will shortly be available for inspection at www.morningstar.co.uk/uk/NSM. In the United States and Canada, the Rights Issue will be made pursuant to the US Prospectus and the Canadian Offering Memorandum respectively.
  • Dexia Group Consolidated Results 20201

    Dexia Group Consolidated Results 20201

    Regulated information – Brussels, Paris, 4 March 2021 – 07.30 Dexia Group Consolidated Results 20201 Operational continuity fully assured and resilience of funding against the background of the crisis linked to the Covid-19 pandemic Priority given to the protection of teams Rapid deployment of an operational crisis unit and the exceptional commitment of staff members Resilience of funding assured without recourse to central bank facilities Reaffirmation of the going concern principle Continuing reduction and proactive management of the balance sheet Balance sheet total of EUR 114.4 billion as at 31 December 2020, down 5% over the year Implementation of the asset disposal programme under volatile market conditions: 70% of the target set for the end of 2022 already reached by the end of 2020 Advances in the simplification of the Dexia network in the United States and in Italy Net income of EUR -618 million as at 31 December 2020 against EUR -898 million as at 31 December 2019 Recurring income (EUR -475 million) integrating a contained impact of the cost of risk (EUR -169 million): good intrinsic quality of the credit portfolio less exposed to sectors sensitive to the crisis Accounting volatility items (EUR -31 million): impact of the crisis on the financial markets at the end of March attenuated in the second half of the year Non-recurring elements (EUR -112 million) principally associated with the balance sheet reduction and the Group’s transformation Robust Total Capital Ratio at 28.5% as at 31 December 2020 Pierre Crevits, CEO of Dexia, stated, “2020 has been marked by a health crisis with unprecedented social and economic repercussions.
  • DNB Occasional Studies Vol.11/No.3 (2013)

    DNB Occasional Studies Vol.11/No.3 (2013)

    DNB Occasional Studies Vol.11/No.3 (2013) A descriptive analysis of the balance sheet and monetary policy of De Nederlandsche Bank: 1900-1998 and beyond DNB Occasional Studies Christiaan Pattipeilohy Central bank and prudential supervisor of financial institutions ©2013 De Nederlandsche Bank NV Authors Christiaan Pattipeilohy The aim of the Occasional Studies is to disseminate thinking on policy and analytical issues in areas relevant to the Bank. Views expressed are those of the individual authors and do not necessarily reflect official positions of De Nederlandsche Bank. Editorial Committee Jakob de Haan (chairman), Lieneke Jansen (secretary), Hans Brits, Pim Claassen, Maria Demertzis, Peter van Els, Jan Willem van den End, Maarten Gelderman and Bram Scholten. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form by any means, electronic, mechanical, photocopy, recording or otherwise, without the prior written permission of the Nederlandsche Bank. Subscription orders for DNB Occasional Studies and requests for specimen copies should be sent to: De Nederlandsche Bank NV Communications P.O. Box 98 1000 AB Amsterdam The Netherlands Internet: www.dnb.nl Occasional Studies Vol.11/No.3 (2013) Christiaan Pattipeilohy A descriptive analysis of the balance sheet and monetary policy of De Nederlandsche Bank: 1900-1998 and beyond 1 1 Comments by Peter van Els, Jurriaan Eggelte, Gabriele Galati, Martin Fase and an anonymous referee are gratefully acknowledged. The author remains
  • Fitch Places 31 EMEA Bank ST Issuer Ratings Under Criteria Observation

    Fitch Places 31 EMEA Bank ST Issuer Ratings Under Criteria Observation

    5/7/2019 [ Press Release ] Fitch Places 31 EMEA Bank ST Issuer Ratings Under Criteria Observation Fitch Places 31 EMEA Bank ST Issuer Ratings Under Criteria Observation Fitch Ratings-London-07 May 2019: Fitch Ratings has placed 31 Short-Term (ST) Issuer Default Ratings (IDR) and related ST debt level ratings of EMEA-based banks Under Criteria Observation (UCO) following the publication of its cross-sector criteria for Short-Term Ratings on 2 May 2019. A full list of rating actions is below. Fitch intends to conclude full implementation of the criteria, and resolution of all UCO designations within six months of the designation. KEY RATING DRIVERS The ST ratings of the affected banks are determined primarily by correspondence tables linking short-term to long-term ratings. The new ST rating criteria introduced changes to our correspondence table between long-term and ST ratings. Two new cusp points at 'A' and 'BBB+' have been added to the existing three cusp points ('A+', 'A-' and 'BBB'), where baseline or higher ST ratings can be assigned. For banks with Long-Term IDRs driven by their standalone profile, as reflected by their Viability Ratings (VR), Fitch uses the funding and liquidity factor score as the principal determinant of whether the 'baseline' or 'higher' ST IDR is assigned at each cusp point. The ST IDRs and, where relevant, associated ST debt/deposit ratings of the following issuers have been placed UCO because the ratings could be upgraded by one notch under the new criteria. This is because the latest funding and liquidity scores that feed into their VRs are at least in line with the minimum levels required for a higher ST rating under the new criteria: - Banco Cooperativo Espanol, S.A.
  • First FSF Regional Meeting with Central and Eastern European Authorities

    First FSF Regional Meeting with Central and Eastern European Authorities

    FINANCIAL STABILITY FORUM For immediate release Press release Press enquiries: Basel +(41 61) 280 8188 Ref no: 08/2002E 11 April 2002 First FSF regional meeting with central and eastern European authorities The Financial Stability Forum (FSF) today held its first regional meeting with central and eastern European countries at the European Bank for Reconstruction and Development (EBRD) in London. Senior representatives from finance ministries, central banks, and supervisory and regulatory authorities from 13 FSF member and regional countries attended the meeting. A list of participating institutions is attached. The meeting exchanged views on potential vulnerabilities in financial systems in the current economic situation and noted that financial systems had well withstood recent shocks. They also agreed that the improved outlook for growth is creating a more benign financial stability environment in the period ahead. They noted that appreciating exchange rates in EU accession countries heighten the importance of adequate safeguards in the banking system. Participants also discussed issues raised by recent large corporate failures, and noted that many bear relevance for regional transition economies. They underscored the importance of reinforcing market foundations through sound practices in corporate governance, improved audit quality, and strengthened independence of oversight and enforcement institutions. The meeting also reviewed the focus of ongoing work to strengthen financial systems. These efforts centre on EU accession requirements
  • Group Project & Mtp 2022

    Group Project & Mtp 2022

    GROUP PROJECT & MTP 2022 Working every day in the interest of our customers and society INVESTOR DAY – 6 JUNE 2019 Disclaimer This presentation may include forward-looking information and prospective statements on Crédit Agricole Group, supplied as information on trends. These statements and information include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. These statements and information do not represent forecasts within the meaning of European Regulation 809/2004 of 29 April 2004 (chapter 1, article 2, § 10). These statement and information were developed from scenarios based on a number of economic assumptions for a given competitive and regulatory environment. These assumptions are by nature subject to random factors and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and prospective statements. Other than as required by applicable laws and regulations, neither Crédit Agricole S.A. nor any other entities of Crédit Agricole Group undertake any obligation to update or revised any forward-looking information and prospective statements in light of any new information and/or event. Likewise, the financial statements are based on estimates, particularly in calculating market value and asset impairment. Readers must take all these risk factors and uncertainties into consideration before making their own judgement. The figures presented are not audited. The figures presented for the twelve-month period ending 31 December 2018, approved by Crédit Agricole S.A.’s Board of Directors on 13 February 2019, have been prepared in accordance with IFRS as adopted in the European Union and applicable at end-2018, and with prudential regulations currently in force.
  • Dexia Credit Local LEHMAN BROTHERS

    Dexia Credit Local LEHMAN BROTHERS

    OFFICIAL STATEMENT DATED MAY 31, 2006 NEW ISSUE RATINGS: FITCH: AAA/F1+ MOODY’S: Aaa/VMIG1 S&P: AAA/A-1+ BOOK-ENTRY ONLY In the opinion of Bond Counsel, assuming continuous compliance with certain covenants described herein, and subject to the conditions stated herein under “Tax Exemptions,” under existing law, (a) the interest on the Notes is excludable from gross income for Federal income tax purposes, and (b) the interest on the Notes is not an enumerated preference or adjustment for purposes of the Federal alternative minimum tax imposed on individuals and corporations; however, such interest will be taken into account in determining adjusted current earnings for the purpose of computing the alternative minimum tax imposed on corporations, and may be subject to the branch profits tax imposed on foreign corporations engaged in a trade or business in the United States. As described herein under “Tax Exemptions,” other Federal income tax consequences may arise from ownership of the Notes. It is also the opinion of Bond Counsel that, under existing law of the State of Maryland, the interest on the Notes and profit realized from the sale or exchange of the Notes is exempt from income taxation by the State of Maryland or by any of its political subdivisions; however, the law of the State of Maryland does not expressly refer to, and no opinion is expressed concerning, estate or inheritance taxes or any other taxes not levied directly on the Notes or the interest thereon. $50,000,000 MONTGOMERY COUNTY, MARYLAND CONSOLIDATED PUBLIC IMPROVEMENT BOND ANTICIPATION NOTES, 2006 SERIES A Dated: Date of Issuance Due: June 1, 2026 Price: 100% CUSIP No.
  • 0710 Dexia Offshore Wind

    0710 Dexia Offshore Wind

    Offshore wind Options for non-recourse financing All photos from Gunnar Britse – windpowerphotos.com Offshore wind Options for non-recourse financing 1. Some Info on Dexia 2. Offshore wind: prospects and risks 3. Finding solutions: the Q7 and C-Power deals 4. Notable structural features of Q7 and C-Power Offshore wind Options for non-recourse financing 1. Some Info on Dexia 2. Offshore wind: prospects and risks 3. Finding solutions: the Q7 and C-Power deals 4. Notable structural features of Q7 and C-Power Offshore wind Dexia Group Options for non-recourse financing A top credit standing in the banking sector Ratings: Dexia Group AA / Aa2 • Dexia is in the top third of the Euronext 100 index and Dexia Municipal Agency AAA / Aaa / AAA is listed on three European F.S.A. AAA / Aaa / AAA stock exchanges (Paris, Balance Sheet Dexia Group EUR 567 billion Brussels, Luxembourg). F.S.A. Insured Portfolio USD 365 billion Net Income EUR 2.75 billion • Dexia is the world leader Tier 1 Ratio 9.8% in Public Finance with a R.O.E. 23.1% total market share of 17% in Europe and of 25% in the Stock market capitalization EUR 24.8 billion United States. (all as of 31 December 2006) 4 Offshore wind Dexia – Renewable Energy Options for non-recourse financing Recent References EDF EN Portugal Noble BBWP C-Power La Madagascona Wind farm portfolio NY wind portfolio Wind farm portfolio Offshore wind farm PV solar Portugal USA Worldwide Belgium Spain EUR 257 M USD 266 M EUR 1,031 M EUR 106 M EUR 183 M Mandated Mandated Mandated Mandated Mandated Lead Arranger Lead
  • Overview of Financial Stability

    Overview of Financial Stability

    Spring 2015 Overview of Financial Stability Overview of Financial Stability De Nederlandsche Bank Overview of Financial Stability Spring 2015 © 2015 De Nederlandsche Bank n.v. Edition: 750 This document uses information available up to 27 march 2015, unless stated otherwise. Country abbreviations according to ISO norm. Publication and multiplication for educational and non-commercial purposes is allowed, with acknowledgements. Westeinde 1, 1017 ZN Amsterdam – PO Box 98, 1000 AB Amsterdam, the Netherlands Telephone +31 20 524 91 11 – Telefax +31 20 524 25 00 Website: www.dnb nl Overview of Financial Stability Contents Introduction 5 1. Overview of Financial Stability 6 2. Low interest environment 16 3. Ending too-big-to-fail? 23 4. Incentive effects: the role of governance and variable remuneration 30 Annex 1: Macroprudential indicators 38 Annex 2: Review of DNB actions based on the OFS 40 Overview of Financial Stability Introduction DNB monitors financial stability in the Netherlands, paying explicit attention to the interaction 5 between financial institutions and their environment: other institutions, financial markets and the financial infrastructure. As part of this task, DNB publishes the Overview of Financial Stability (OFS) twice a year. The OFS outlines risks that affect groups of institutions or entire sectors within the Dutch financial system, and that could eventually disrupt the economy. DNB prepares the OFS to raise awareness among stakeholders — financial institutions, policymakers and the general public. The first chapter summarises the principal risks to financial stability in the Netherlands. The following three thematic chapters analyse relevant topics in more detail. The OFS does not provide forecasts, but instead analyses scenarios.
  • Ostrum Euro Bonds Opportunities 12 Months

    Ostrum Euro Bonds Opportunities 12 Months

    Ostrum Euro Bonds Opportunities 12 Months Quarterly portfolio commentary 31-Mar-2021 Strategy performance Over the first quarter the Euro Bond Opportunities 12 Months strategy outperformed capitalized Eonia by +6bps, a return of - 0.06% (net of fees, I/C shareclass), versus -0.12% for capitalized Eonia. Over the period, interest rate spreads on Italian, Portuguese and Spanish debts widened. The 2-year Spread Italy went from a level of 27 to 30. Spanish and Portuguese spread levels moved from 6 to 19 bps and from -4 to 12 bps in the quarter. Only the spread of the Greece 2023 tighten by 3 bps.In the euro zone, German rates rose sharply upwards in a context of reflation and resumption of economic growth. The German 10-year rate retreated 50% from its level to end the quarter at -0.28%. The steepening of the German 2-10 curve is steepened from 11bps to 40 bps, partly driven by the steepening in the US.We reduced our exposure in the quarter by short near 90 cts of duration on futures (bobl, bund and buxl).We also slightly increased our position in Italians debt on maturity 2022 and 2023 in january and Spanish debts 2022 in march.We are maintaining our positioning on breakeven inflation rates. Although new health restriction measures have been taken, expectations of economic recovery and the theme of reflation will continue to push this widening upwards. Market environment The recovery of the world economy continued in the first quarter and was accompanied by an accelerated acceleration of international trade, driven mainly by Asia and China.
  • Press Release

    Press Release

    Press release Milan October 30th, 2014 Deutsche Bank SpA and Hines Italia SGR agree to set up a real estate fund reserved for institutional investors that will be granted 90 of the Bank's Italian branches. Deutsche Bank capitalises upon its real estate assets and confirms its commitment towards Italy, the Group's largest European market after Germany. Today, Deutsche Bank SpA and Hines Italia SGR announced an agreement to transfer a portfolio of 90 Italian branches of the Bank to a newly established real estate fund reserved for institutional investors. The 90 branches, worth 134 million euros, will be transferred to a fund named “Italian Banking Fund” (IBF) as a contribution in kind. Deutsche Bank will also enter into lease agreements for said branches for a term of at least 12 years. The branches concerned represented the only ones still owned by Deutsche Bank out of the 358 the lender operates in Italy. The IBF fund, set up and managed by Hines Italia SGR, is reserved for institutional investors. Qatar Investment Authority had entered into an agreement with the asset management firm to become the largest unitholder in the new fund, expanding the relationship started with the investment in the Porta Nuova funds and consolidated more recently with the acquisition of Credit Suisse's Milan office. “The placement of IBF, the twelfth real estate fund managed by Hines Italia SGR, marks the consolidation of our leadership in the Italian market for real estate funds reserved for institutional investors”, said Manfredi Catella, CEO of Hines Italia SGR. “This is a confirmation of the business strategy we launched some years ago and which led us to invest over one billion euros in Italy over the last 12 months, especially in the retail, logistics and service industries.
  • Housing Bubbles, the Leverage Cycle and the Role of Central Banking

    Housing Bubbles, the Leverage Cycle and the Role of Central Banking

    DNB Occasional Studies Vol.9/No.5 (2011) Housing bubbles, the leverage cycle and the role of central banking DNB Occasional Studies Jeroen Hessel and Jolanda Peeters Central bank and prudential supervisor of financial institutions ©2011 De Nederlandsche Bank NV Authors: Jeroen Hessel and Jolanda Peeters Aim of the Occasional Studies is to disseminate thinking on policy and analytical issues in areas relevant to the Bank. Views expressed are those of the individual authors and do not necessarily refl ect offi cial positions of De Nederlandsche Bank. Editorial Committee Jakob de Haan (chairman), Eelco van den Berg (secretary), Hans Brits, Pim Claassen, Maria Demertzis, Peter van Els, Jan Willem van den End, Maarten Gelderman and Bram Scholten. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form by any means, electronic, mechanical, photocopy, recording or otherwise, without the prior written permission of the Nederlandsche Bank. Subscription orders for DNB Occasional Studies and requests for specimen copies should be sent to: De Nederlandsche Bank NV Communications P.O. Box 98 1000 AB Amsterdam The Netherlands Internet: www.dnb.nl Occasional Studies Vol.9/No.5 (2011) Jeroen Hessel and Jolanda Peeters1 Housing bubbles, the leverage cycle and the role of central banking 1 Economics and Research Division, De Nederlandsche Bank. E-mail: [email protected] and [email protected]. Helpful comments from Peter van Els, Gabriele Galati (De Nederlandsche Bank), Ettore Dorrucci, Roland Straub (European Central Bank) and the participants of a high-level conference at DNB on an earlier version of this paper are gratefully acknowledged.