Capital Management


The 2009 Annual General Meeting granted our management the authority to buy back up to 62.1 million shares before the end of October 2010. During the first half 2010, 11 million shares (or 2 % of shares issued) were purchased, which were used for equity compensation purposes. The purchases were executed in January and February 2010. The 2010 Annual General Meeting granted our management the authority to buy back up to 62.1 million shares before the end of November 2014. During the period from the 2010 Annual General Meeting until June 30, 2010, no shares were purchased.

Total outstanding hybrid Tier 1 capital (all noncumulative trust preferred securities) as of June 30, 2010, amounted to € 11.6 billion compared to € 10.6 billion as of December 31, 2009. This increase was mainly due to foreign exchange effects of the significantly strengthened U.S. dollar to our U.S. dollar denominated hybrid Tier 1 capital. We raised € 0.1 billion hybrid Tier 1 capital during the first half of 2010 by increasing an outstanding issue.

In June 2010 we issued € 1.0 billion of lower Tier 2 capital. Qualified subordinated liabilities as of June 30, 2010, amounted to € 8.5 billion compared to € 7.1 billion as of December 31, 2009.

Service Functions

Download PDF (Management Report , 303 kB) add this file to your file library

Download pdf

Download xls

Add file

Print

e-mail