Continuance of the Value Orientated Run Down Strategy in Public Finance

In 2008, the bank already fundamentally revised the business model of the Public Finance division. Public Finance is since then following a prudent run down of the business activities and a reduction of its portfolio volume. Since 2010, the risk-oriented, passive run down of the public finance portfolio is central for the division. We optimize this downsizing by actively seeking opportunities to sell assets. There will be no new public finance lending, unless it is essential for the management of our cover pool.