Cooperative Banking Sector Germany

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1 Primary Credit Analyst: Salla von Steinaecker, Frankfurt ; Secondary Contact: Harm Semder, Frankfurt (49) ; Table Of Contents Major Rating Factors Outlook Rationale Related Criteria And Research NOVEMBER 28,

2 SACP aa- + Support 0 + Additional Factors 0 Anchor a- Business Position Capital and Earnings Strong +1 Strong +1 Risk Position Adequate 0 GRE Support 0 Group Support 0 Issuer Credit Rating AA-/Stable/A-1+ Funding Liquidity Above Average Strong +1 Sovereign Support 0 Major Rating Factors Strengths: Group credit profile based on solidarity support and a comprehensive protection scheme. No. 2 market position in German retail banking. Stable deposits and sizable surplus liquidity from local cooperative banks. Strong capitalization from high earnings retention. Weaknesses: High cost base of German cooperative banks. Margin pressure in traditional core products. Limited strategic leadership and execution. NOVEMBER 28,

3 Outlook: Stable Standard & Poor's Ratings Services' outlook on core group members of Germany's cooperative banking sector ("genossenschaftliche FinanzGruppe"), including its main central bank DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK), is stable. This reflects that the ratings on the sector are unlikely to change over the next one to two years and our opinion that the solidarity support within the sector will also remain unchanged. Although we currently anticipate a weakening of economic and financial market conditions globally, we believe that the sector's key credit metrics should stay more resilient than, and superior to, the average for the German banking industry. We consider positive or negative rating actions unlikely at present because they would require more fundamental changes to the sector's strengths or weaknesses or to economic and industry risk in Germany. A heightening of economic risk in Germany, gradual erosion of the sector's market position, a deterioration of the sector's aggregate risk-adjusted capital (RAC) ratio to lower than 10%, or a strategic shift of the sector into higher-risk areas could have negative rating implications. Conversely, the successful execution of a holistic strategy to address the sector's traditional weaknesses, such as cost efficiency and a below-average market position in corporate and private banking, could have positive rating implications. Rationale The starting point for our ratings on core group members of Germany's cooperative banking sector is the 'a-' anchor, which is based on our view of the banking system in Germany. We believe Germany's cooperative banking sector has a "strong" business position, as defined in our criteria, reflecting the sector's leading retail position in German markets. We assess the sector's aggregate capital and earnings as "strong" because we anticipate that good earnings will continue to improve the sector's RAC ratio to higher than 12% by The sector's aggregate risk position is a neutral factor for the ratings because the sector's high-quality, granular loan portfolios in German markets balance the higher risk of managing larger members' exposures. The cooperative banking sector's "above-average" funding position and "strong" liquidity stem from the sizable surplus liquidity and strong retail deposit franchise of the majority of German cooperative banks. We assess the group credit profile (GCP) at 'aa-' because we regard the sector as a cohesive economic group and expect to see solidarity support among member banks in a crisis. We do not factor in additional uplift for potential extraordinary government support. This reflects our view that, in practice, group members would initially offer maximum support to each other if needed. Anchor: 'a-' reflecting Germany's diverse and resilient economy Under our bank criteria, we use our Banking Industry Country Risk Assessment's economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating. Our anchor for a commercial bank operating only in Germany is 'a-', based on an economic risk score of '1' and an industry risk score of '3'. Our economic risk assessment reflects Germany's highly diversified and competitive economy and lack of major NOVEMBER 28,

4 economic imbalances. An export-led nation, Germany remains vulnerable to swings in global economies, trade flows, and capital market trends, however. Industry risk benefits from Germany's extensive funding market and banks' domestic funding surpluses from low domestic credit growth and high savings rates. However, the banking sector's competitive dynamics result in relatively low profitability, which is fueled by significant disparities in banks' commercial targets and the business and risk profiles of market players. To assess the economic risk for Germany's cooperative banking sector, we use member banks' consolidated weighted-average lending to private-sector nonbanks in each country in which they operate. Germany's cooperative banking sector conducts about 90% of its business in Germany. Consequently, the weighted economic risk score is the same as that for German lending institutions. Table 1 Cooperative Banking Sector Germany Key Figures --Year-ended Dec (Mil. ) Adjusted assets 1,012,285 1,025,767 1,001, , ,575 Customer loans (gross) 648, , , , ,433 Adjusted common equity 77,436 68,866 62,820 59,592 54,254 Operating revenues 27,751 27,690 23,337 25,594 24,849 Noninterest expenses 17,437 17,344 16,911 16,602 16,024 Core earnings 6,862 6,872 4,462 6,089 4,638 Business position: Leading retail position in German markets We expect the sector to maintain its "strong" business position as the second largest financial services group in Germany. This is because we view the sector as somewhat less vulnerable than the average industry risk score of '3' for Germany indicates. The sector comprises about 1,100 local cooperative banks that service more than 30 million domestic customers, and had total assets of more than 1 trillion as of midyear Its business is predominantly focused on the domestic market, with select niche activities abroad through its central banks and specialized product providers. Germany's cooperative banks have impressive market shares in traditional retail banking, which provide, in our view, superior business stability. They are legally independent and cater to retail and small and midsize enterprises (SMEs) in their restricted regions and business areas. Their combined market shares in traditional banking products are generally 10%-30%. Higher-margin services, however, suffer from generally below-average market penetration for larger, affluent SME customers and individuals in bigger cities. The cooperative banks also have strong market positions in nonbank financial services through specialized sector entities. DZ BANK, the sector's main central bank, consolidates the specialized product providers, allowing the sector to offer a complete range of financial services, such as insurance, building-savings contracts, commercial real estate finance, private banking, mutual funds, and leasing. However, in our view, due to its decentralized structure, the cooperative banking sector's strategic leadership and execution is more difficult than that of some mutual banking NOVEMBER 28,

5 groups. We believe this delays or constrains the sector's financial performance and its ability to respond to challenges (such as intense margin pressure and banks' high cost bases) or to strengthen its position in domestic corporate banking. Nevertheless, domestic corporate banking remains a key priority for the sector, in particular for DZ BANK as the sector's central bank, and it represents a relatively lucrative segment. Table 2 Cooperative Banking Sector Germany Business Position --Year-ended Dec (%) Total revenues from business line (mil. ) 27, , ,337.0 N/A N/A Commercial banking/total revenues from business line N.M. N.M. Retail banking/total revenues from business line N.M. N.M. Commercial & retail banking/total revenues from business line N.M. N.M. Insurance activities/total revenues from business line N.M. N.M. Other revenues/total revenues from business line N.M. N.M. NOVEMBER 28,

6 Table 2 Cooperative Banking Sector Germany Business Position (cont.) Return on equity N/A--Not applicable. N.M.--Not meaningful. Capital and earnings: Good earnings to further increase strong capitalization We assess the sector's capital and earnings as "strong," reflecting our expectation that the aggregate RAC ratio (before diversification adjustments) will continue to improve and exceed 12.0% by 2015 after 11.6% at year-end We base this on the cooperative banks' good-quality earnings, moderate growth potential, and ownership structures that support high earnings retention into capital. We also consider the sector's beneficial capital position vis-à-vis the banks' diverse domestic retail business risk profiles. The quality of capital remains strong, in our view. The cooperative banks hold only a marginal amount of hybrid capital instruments. Distributing capital resources across the sector to support growth remains a challenge. For example, although the cooperative banks enjoy particularly strong capitalization, the RAC ratio for DZ BANK following the 1,477 million rights issue it completed in July 2014 is in the range of 7%-8%, which we consider indicates an adequate capital position. Table 3 Cooperative Banking Sector Germany Capital And Earnings --Year-ended Dec (%) Tier 1 capital ratio S&P RAC ratio before diversification N.M. S&P RAC ratio after diversification N.M. Adjusted common equity/total adjusted capital Net interest income/operating revenues Fee income/operating revenues Market-sensitive income/operating revenues (11.1) (0.7) 6.2 Noninterest expenses/operating revenues Preprovision operating income/average assets Core earnings/average managed assets N.M.--Not meaningful. Table 4 Cooperative Banking Sector Germany RACF [Risk-Adjusted Capital Framework] Data (Mil. ) Exposure* Basel II RWA Average Basel II RW (%) Standard & Poor's RWA Average Standard & Poor's RW (%) Credit risk Government and central banks 130,407 3, ,760 7 Institutions 138,001 26, , Corporate 219, , , Retail 434, , , NOVEMBER 28,

7 Table 4 Cooperative Banking Sector Germany RACF [Risk-Adjusted Capital Framework] Data (cont.) Of which mortgage 216,443 65, , Securitization 9,837 7, , Other assets 28,177 24, , Total credit risk 959, , , Market risk Equity in the banking book 51,721 29, , Trading book market risk -- 12, , Total market risk -- 42, , Insurance risk Total insurance risk , Operational risk Total operational risk -- 47, , (Mil. ) Basel II RWA Standard & Poor's RWA % of Standard & Poor's RWA Diversification adjustments RWA before diversification 520, , Total Diversification/Concentration Adjustments -- (113,383) (17) RWA after diversification 520, , (Mil. ) Tier 1 capital Tier 1 ratio (%) Total adjusted capital Standard & Poor's RAC ratio (%) Capital ratio Capital ratio before adjustments 59, , Capital ratio after adjustments 59, , *Exposure at default. Securitisation Exposure includes the securitisation tranches deducted from capital in the regulatory framework. Exposure and Standard & Poor's risk-weighted assets for equity in the banking book include minority equity holdings in financial institutions. Adjustments to Tier 1 ratio are additional regulatory requirements (e.g. transitional floor or Pillar 2 add-ons). RWA--Risk-weighted assets. RW--Risk weight. RAC--Risk-adjusted capital. Sources: Company data as of Dec. 31, 2013, Standard & Poor's. Risk position: Dominance in granular loan portfolios in German markets backed by a robust economy Overall, we consider the sector's risk position to be "adequate." In our opinion, German cooperative banks will continue to benefit from their highly granular portfolios of retail and SME clients, moderate growth potential, and a favorable economic environment. Moreover, the cooperative banks' high proportion of granular, collateralized domestic residential-mortgage loans, and the absence of house-price inflation in Germany have reduced potential credit losses after the harsh 2009 recession. Furthermore, we currently don't foresee overheating in the German housing market over the next two years. We therefore expect the banks' future credit losses to remain measured. The German housing market is still undervalued by about 18%, based on housing affordability, as measured by the price-to-income ratio. German cooperative banks operate only in their own regions and are constrained by individual regulatory limits on single loans. Consequently, the nationwide single-name concentration risk for the sector as a whole is negligible. Nevertheless, the banks' decentralization, in our view, means that the group lacks a harmonized risk management NOVEMBER 28,

8 system and also increases the complexity of managing larger members' exposures. On the positive side, we see that DZ BANK has made substantial progress in reducing risk from its international operations and former structured credit investments, and that it has demonstrated prudent underwriting over the past years. We believe DZ BANK's portfolio will continue to reflect larger, less-diverse exposures than Germany's mainstream cooperative banks, owing to the wholesale nature of DZ BANK's corporate banking activities. Moreover, we believe the sector has made structural improvements in risk management and risk monitoring over the past few years, following a peak in loan loss provisions in 2002 and Table 5 Cooperative Banking Sector Germany Risk Position --Year-ended Dec (%) Growth in customer loans Total diversification adjustment / S&P RWA before diversification (16.7) (17.0) (17.4) (14.2) N.M. Total managed assets/adjusted common equity (x) New loan loss provisions/average customer loans Net charge-offs/average customer loans N.M.--Not meaningful. Funding and liquidity: Sizable surplus liquidity, benefitting from dominance in retail business We expect the cooperative banking sector to maintain its "above-average" funding position and "strong" liquidity. We base this assessment on the sizable surplus liquidity of the majority of local cooperative banks. These banks' funding stems chiefly from retail deposits, and they typically display loan-to-deposit ratios of about 70%. The sector's strong franchise and broad branch network support its stability in customer deposits, enabling it to increase aggregate customer deposits to almost 700 billion as of year-end 2013, despite fierce competition. The cooperative banks channel excess funding mainly to the sector's two central clearing institutions, DZ BANK and WGZ BANK AG Westdeutsche Genossenschafts-Zentralbank, thereby increasing the clearing banks' liquidity. Roughly 80% on average of the cooperative banks' interbank deposits are held at these two central institutions. DZ BANK and WGZ BANK reinvest the funds in higher-margin businesses. The cooperative banking sector's aggregate loan-to-deposit ratio fluctuates around 92%, reflecting in particular the size of the central institutions' wholesale operations. Still, the sector's wholesale funding represented only 22% of total funding at year-end 2013, down from 29% in The sector's aggregate stable funding ratio of about 115% rests on the cooperative banks' dominance in retail business. These ratios somewhat understate the sector's strength, in our view. In addition, the sector benefits from DZ BANK's diverse funding sources, due to its strong ability to access wholesale funding, in particular, through issuing covered bonds (called DZ Briefe). DZ BANK even maintained a high level of covered bond (Pfandbrief) issuance and good access to refinancing in Germany's Pfandbrief market during market turbulence in recent years. This is also because DZ BANK is entitled to include claims against the sector's members in its cover pool for these bonds. NOVEMBER 28,

9 Within the DZ BANK group, funding sources are also well diversified, although these entities are more reliant on wholesale funding than the cooperative banks. The sector's three real estate banks are also permitted to issue Pfandbriefe. So far, the cooperative banks have made limited use of their large pools of residential loans as collateral for funding, but we believe they will increasingly do so in the future. We continue to view as positive the prudent liquidity management within the sector. The cooperative banks' aggregate ratio of broad liquid assets to short-term wholesale funding is a high 3.5x as of year-end We believe the sector has additional strong flexibility from holding large portfolios of unencumbered high-quality securities eligible for refinancing by the European Central Bank. Table 6 Cooperative Banking Sector Germany Funding And Liquidity --Year-ended Dec (%) Core deposits/funding base Customer loans (net)/customer deposits Long term funding ratio Stable funding ratio N/A Short-term wholesale funding/funding base Broad liquid assets/short-term wholesale funding (x) N/A Net broad liquid assets/short-term customer deposits N/A Short-term wholesale funding/total wholesale funding Narrow liquid assets/3-month wholesale funding (x) N/A N/A N/A N/A--Not applicable. External support: No uplift to the 'aa-' group credit profile Our long-term rating on Germany's cooperative banking sector is equal to our assessment of the GCP. This reflects our view of the sector's aggregate creditworthiness and expected solidarity support in an emerging stress scenario. We view the sector as a cohesive economic group of legally independent institutions. This view is based on the sector's integration and system of solidarity, including its protection scheme, which is underpinned by an exceptionally strong track record of more than 75 years of support for member banks. The protection scheme is administered by the National Association of German Cooperative Banks (Bundesverband der Deutschen Volksbanken und Raiffeisenbanken e.v.; BVR). Legally, however, the scheme does not give creditors or the cooperative banks a claim against the BVR, and only covers customer deposits and bonds issued by cooperative banks and held by customers. Nonetheless, we believe that a bank in trouble would be rescued by other members, even if the funds in the scheme were insufficient. We do not add any uplift to the GCP for potential extraordinary government support because we consider the individual cooperative banks to have "low" systemic importance in Germany's banking industry. In addition, unlike some mutual banking groups, the German cooperative banking sector does not need to comply with all regulatory requirements on a consolidated basis, which hampers transparency on supervision and the fungibility of capital and liquidity within the group. NOVEMBER 28,

10 Positively, however, the cooperative banking sector voluntarily publishes consolidated accounts based on International Financial Reporting Standards. Our criteria state that subsidiaries or member banks that we consider to have "moderate" or "high" systemic importance--like DZ BANK--would receive the higher rating resulting from either our assessment of group support or our assessment of government support. Additional rating factors: None No additional factors affect the ratings. Related Criteria And Research Related Criteria Group Rating Methodology, Nov. 19, 2013 Banks: Rating Methodology And Assumptions, Nov. 9, 2011 Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011 Bank Capital Methodology And Assumptions, Dec. 6, 2010 Related Research Ratings Affirmed On All Members Of The Germany Cooperative Banking Sector; Outlook Stable, Oct. 20, 2014 Banking Industry Country Risk Assessment: Germany, July 29, 2014 Cooperative Banking Sector Germany Core group members (rated AA-/Stable/A-1+) Aachener Bank eg Abtsgmuender Bank -Raiffeisen- eg AKTIVBANK AG Allgaeuer Volksbank eg Kempten-Sonthofen Augusta-Bank eg Raiffeisen-Volksbank BAG Bankaktiengesellschaft Bank 1 Saar eg Bank fuer Kirche und Caritas eg Bank fuer Kirche und Diakonie eg - KD-Bank Bank fuer Sozialwirtschaft AG BANK IM BISTUM ESSEN eg Bankverein Bebra eg Bausparkasse Schwaebisch Hall AG Bayerische BodenseeBank -Raiffeisen- eg BBBank eg Bensberger Bank eg Berkheimer Bank eg Berliner Volksbank eg Bernhauser Bank eg Bopfinger Bank Sechta-Ries eg Brandenburger Bank Volksbank-Raiffeisenbank eg Bremische Volksbank eg NOVEMBER 28,

11 Bruehler Bank eg Budenheimer Volksbank eg CB Bank GmbH Credit- und Volksbank eg Darmsheimer Bank eg Dettinger Bank eg Deutsche Apotheker- und Aerztebank eg Deutsche WertpapierService Bank AG Dithmarscher Volks- und Raiffeisenbank eg DKM Darlehnskasse Muenster eg Dortmunder Volksbank eingetragene Genossenschaft Dresdner Volksbank Raiffeisenbank eg DZ BANK AG Deutsche Zentral-Genossenschaftsbank DZ Bank Ireland PLC DZ PRIVATBANK S.A. DZB Bank GmbH Echterdinger Bank eg Eckernfoerder Bank eg Volksbank - Raiffeisenbank EDEKABANK AG Ehinger Volksbank eg Ehninger Bank eg Emslaendische Volksbank eg Erfurter Bank eg Evangelische Darlehnsgenossenschaft eg Evangelische Kreditgenossenschaft eg Evenord-Bank eg-kg Federseebank eg Fellbacher Bank eg Foehr-Amrumer Bank eg Frankenberger Bank, Raiffeisenbank eg Frankfurter Volksbank eg Freisinger Bank eg Volksbank-Raiffeisenbank GENO BANK ESSEN eg GenoBank DonauWald eg Genobank Mainz eg Genobank Rhoen-Grabfeld eg Genossenschaftsbank eg Muenchen Genossenschaftsbank Meckenbeuren eg Genossenschaftsbank Unterallgaeu eg Genossenschaftsbank Weil im Schoenbuch eg Genossenschaftsbank Wolfschlugen eg Geraer Bank eg NOVEMBER 28,

12 Gladbacher Bank AG von 1922 GLS Gemeinschaftsbank eg Grafschafter Volksbank eg Hagnauer Volksbank eg Hallertauer Volksbank eg Hamburger Volksbank eg Hannoversche Volksbank eg HAUSBANK MUENCHEN eg Bank fuer Haus- und Grundbesitz Heidelberger Volksbank eg Heidenheimer Volksbank eg Heinsberger Volksbank AG Huemmlinger Volksbank eg Huettenberger Bank eg Husumer Volksbank eg Kaltenkirchener Bank eg Kasseler Bank eg Volksbank Raiffeisenbank Kerner Volksbank eg Kieler Volksbank eg Koelner Bank eg Korber Bank eg Kulmbacher Bank eg Raiffeisen-Volksbank Kurhessische Landbank eg Landbank Horlofftal eg Leipziger Volksbank eg Leutkircher Bank - Raiffeisen - und Volkesbank eg levobank eg LIGA Bank eg Loechgauer Bank eg Maerkische Bank eg Mainzer Volksbank eg Mendener Bank eg Muenchner Bank eg Norderstedter Bank eg Nordthueringer Volksbank eg Nufringer Bank -Raiffeisen- eg Onstmettinger Bank eg Ostfriesische Volksbank eg Ostharzer Volksbank eg Pax-Bank eg Pommersche Volksbank eg PSD Bank Berlin-Brandenburg eg PSD Bank Braunschweig eg NOVEMBER 28,

13 PSD Bank Hannover eg PSD Bank Hessen-Thueringen eg PSD Bank Karlsruhe Neustadt eg PSD Bank Kiel eg PSD Bank Koblenz eg PSD Bank Koeln eg PSD Bank Muenchen eg PSD Bank Niederbayern-Oberpfalz eg PSD Bank Nord eg PSD Bank Nuernberg eg PSD Bank RheinNeckarSaar eg PSD Bank Rhein-Ruhr eg PSD Bank Westfalen-Lippe eg Quoniam Asset Management GmbH Raiffeisen Privatbank eg Raiffeisen Spar + Kreditbank eg Raiffeisen- und Volksbank Dahn eg Raiffeisenbank - Volksbank Hermsdorfer Kreuz eg Raiffeisenbank "Nahe" eg Raiffeisenbank Adelzhausen-Sielenbach eg Raiffeisenbank Aichhalden-Hardt-Sulgen eg Raiffeisenbank Aidlingen eg Raiffeisenbank Aiglsbach eg Raiffeisenbank Aindling eg Raiffeisenbank Aitrang-Ruderatshofen eg Raiffeisenbank Altdorf-Ergolding eg Raiffeisenbank Altdorf-Feucht eg Raiffeisenbank Alteglofsheim-Hagelstadt eg Raiffeisenbank Altertheim eg Raiffeisenbank Altschweier eg Raiffeisenbank Alxing-Bruck eg Raiffeisenbank Alzey-Land eg Raiffeisenbank am Dreisessel eg Raiffeisenbank Am Goldenen Steig eg Raiffeisenbank am Kulm eg Raiffeisenbank am Rothsee eg Raiffeisenbank Anger eg Raiffeisenbank Aresing-Gerolsbach eg Raiffeisenbank Arnstorf eg Raiffeisenbank Aschaffenburg eg Raiffeisenbank Aschau-Samerberg eg Raiffeisenbank Aschberg eg NOVEMBER 28,

14 Raiffeisenbank Auerbach-Freihung eg Raiffeisenbank Augsburger Land West eg Raiffeisenbank Aulendorf eg Raiffeisenbank Bad Abbach-Saal eg Raiffeisenbank Bad Goegging eg Raiffeisenbank Bad Koetzting eg Raiffeisenbank Bad Saulgau eg Raiffeisenbank Bad Schussenried eg Raiffeisenbank Bad Windsheim eg Raiffeisenbank Baisweil-Eggenthal-Friesenried eg Raiffeisenbank Bauschlott eg Raiffeisenbank Bechhofen eg Raiffeisenbank Beilngries eg Raiffeisenbank Berching-Freystadt-Muehlhausen eg Raiffeisenbank Berg-Bad Steben eg Raiffeisenbank Berghuelen eg Raiffeisenbank Beuerberg-Eurasburg eg Raiffeisenbank Bibertal-Koetz eg Raiffeisenbank Bidingen eg Raiffeisenbank Biebergrund-Petersberg eg Raiffeisenbank Bissingen eg Raiffeisenbank Bobingen eg Raiffeisenbank Boellingertal eg Raiffeisenbank Bretzfeld-Neuenstein eg Raiffeisenbank Bruck eg Raiffeisenbank Buch-Eching eg Raiffeisenbank Buetthard-Gaukoenigshofen eg Raiffeisenbank Bühlertal eg Raiffeisenbank Burgebrach-Stegaurach eg Raiffeisenbank Burghaun eg Raiffeisenbank Butjadingen-Abbehausen eg Raiffeisenbank Cham-Roding-Furth im Wald eg Raiffeisenbank Chiemgau - Nord - Obing eg Raiffeisenbank Deggendorf-Plattling eg Raiffeisenbank Dellmensingen eg Raiffeisenbank Denzlingen-Sexau eg Raiffeisenbank Dietenhofen eg Raiffeisenbank Dietersheim und Umgebung eg Raiffeisenbank Donau-Heuberg eg Raiffeisenbank Donau-Iller eg Raiffeisenbank Donaumooser Land eg Raiffeisenbank Eberhardzell-Ummendorf eg NOVEMBER 28,

15 Raiffeisenbank Ebrachgrund eg Raiffeisenbank eg Aldenhoven Raiffeisenbank eg Asbach-Sorga Raiffeisenbank eg Borken Raiffeisenbank eg Heide Raiffeisenbank eg Offenbach/M.- Bieber Raiffeisenbank eg Scharrel Raiffeisenbank eg Unterwesterwald Raiffeisenbank eg, Bad Bramstedt Raiffeisenbank eg, Bargteheide Raiffeisenbank eg, Baunatal Raiffeisenbank eg, Calden Raiffeisenbank eg, Ebsdorfergrund Raiffeisenbank eg, Flieden Raiffeisenbank eg, Grossenlueder Raiffeisenbank eg, Gundelfingen Raiffeisenbank eg, Hagenow Raiffeisenbank eg, Handewitt Raiffeisenbank eg, Heinsberg Raiffeisenbank eg, Herxheim Raiffeisenbank eg, Lauenburg Raiffeisenbank eg, Leezen Raiffeisenbank eg, Moormerland Raiffeisenbank eg, Niederwallmenach Raiffeisenbank eg, Owschlag Raiffeisenbank eg, Ratzeburg Raiffeisenbank eg, Rodenbach Raiffeisenbank eg, Seestermuehe Raiffeisenbank eg, Simmerath Raiffeisenbank eg, Struvenhuetten Raiffeisenbank eg, Teterow Raiffeisenbank eg, Todenbuettel Raiffeisenbank eg, Wolfhagen Raiffeisenbank Ehekirchen-Oberhausen eg Raiffeisenbank Ehingen-Hochstraess eg Raiffeisenbank Eichenbuehl und Umgebung eg Raiffeisenbank Elbmarsch eg Raiffeisenbank Elsavatal eg Raiffeisenbank Elztal eg Raiffeisenbank Emsland-Mitte eg Raiffeisenbank Emtmannsberg eg Raiffeisenbank Erding eg NOVEMBER 28,

16 Raiffeisenbank Erkelenz eg Raiffeisenbank Erlenbach eg Raiffeisenbank Erlenmoos eg Raiffeisenbank Ersingen eg Raiffeisenbank Eschlkam-Lam-Lohberg-Neukirchen b. Hl. Blut eg Raiffeisenbank Eschweiler eg Raiffeisenbank Essenbach eg Raiffeisenbank Estenfeld-Bergtheim eg Raiffeisenbank Falkenstein-Woerth eg Raiffeisenbank Fischenich-Kendenich eg Raiffeisenbank Flachsmeer eg Raiffeisenbank Floss eg Raiffeisenbank Fraenkisches Weinland eg Escherndorf-Sommerach-Nordheim Raiffeisenbank Frankenhardt-Stimpfach eg Raiffeisenbank Frankenwinheim und Umgebung eg Raiffeisenbank Frechen-Huerth eg Raiffeisenbank Freinsheim eg Raiffeisenbank Fuchstal-Denklingen eg Raiffeisenbank Gaimersheim-Buxheim eg Raiffeisenbank Gammesfeld eg Raiffeisenbank Garrel eg Raiffeisenbank Gefrees eg Raiffeisenbank Geiselhoering-Pfaffenberg eg Raiffeisenbank Geisenhausen eg Raiffeisenbank Geislingen-Rosenfeld eg Raiffeisenbank Gilching eg Raiffeisenbank Gmund am Tegernsee eg Raiffeisenbank Gotha eg Raiffeisenbank Graevenwiesbach eg Raiffeisenbank Grafenwoehr-Kirchenthumbach eg Raiffeisenbank Grafschaft-Wachtberg eg Raiffeisenbank Grainet eg Raiffeisenbank Greding-Thalmaessing eg Raiffeisenbank Grevenbroich eg Raiffeisenbank Griesstaett-Halfing eg Raiffeisenbank Grimma eg Raiffeisenbank Grosshabersdorf-Rosstal eg Raiffeisenbank Grossostheim-Obernburg eg Raiffeisenbank Gruibingen eg Raiffeisenbank Gymnich eg Raiffeisenbank Haag-Gars-Maitenbeth eg Raiffeisenbank Haldenwang eg NOVEMBER 28,

17 Raiffeisenbank Hallbergmoos-Neufahrn eg Raiffeisenbank Hallertau eg Raiffeisenbank Hammelburg eg Raiffeisenbank Hardt-Bruhrain eg Raiffeisenbank Haunetal eg Raiffeisenbank Heidenheimer Alb eg Raiffeisenbank Heiligenstadt i. OFr. eg Raiffeisenbank Heilsbronn-Windsbach eg Raiffeisenbank Hemau-Kallmuenz eg Raiffeisenbank Hengersberg-Schoellnach eg Raiffeisenbank Heroldsbach eg Raiffeisenbank Hersbruck eg Raiffeisenbank Hiltenfingen eg Raiffeisenbank Hirschau eg Raiffeisenbank Hochfranken West eg Raiffeisenbank Hoechberg eg Raiffeisenbank Hoehenkirchen und Umgebung eg Raiffeisenbank Hofkirchen-Bayerbach eg Raiffeisenbank Hohenau-Mauth eg Raiffeisenbank Hollfeld-Waischenfeld-Aufsess eg Raiffeisenbank Holzheim eg Raiffeisenbank Holzkirchen-Otterfing eg Raiffeisenbank Horb eg Raiffeisenbank i. Suedl. Bayerischen Wald eg Raiffeisenbank Ichenhausen eg Raiffeisenbank Iller-Roth-Guenz eg Raiffeisenbank im Allgaeuer Land eg Raiffeisenbank im Kreis Calw eg Raiffeisenbank im Landkreis Passau-Nord eg Raiffeisenbank im Naabtal eg Raiffeisenbank im Oberland eg Raiffeisenbank im Stiftland eg Raiffeisenbank Ingersheim eg Raiffeisenbank Ingoldingen eg Raiffeisenbank Irrel eg Raiffeisenbank Isar-Loisachtal eg Raiffeisenbank Jettingen-Scheppach eg Raiffeisenbank Junkersdorf eg Raiffeisenbank Kaarst eg Raiffeisenbank Kaisersesch-Kaifenheim eg Raiffeisenbank Kaiserstuhl eg Raiffeisenbank Kalbe-Bismark eg NOVEMBER 28,

18 Raiffeisenbank Kastellaun eg Raiffeisenbank Kehrig eg Raiffeisenbank Kemnather Land - Steinwald eg Raiffeisenbank Kempten-Oberallgaeu eg Raiffeisenbank Kieselbronn eg Raiffeisenbank Kirchheim-Walheim eg Raiffeisenbank Kirchweihtal eg Raiffeisenbank Kirtorf eg Raiffeisenbank Kissing-Mering eg Raiffeisenbank Kitzinger Land eg Raiffeisenbank Knoblauchsland eg Raiffeisenbank Kocher-Jagst eg Raiffeisenbank Kraichgau eg Raiffeisenbank Krumbach/Schwaben eg Raiffeisenbank Kueps-Mitwitz-Stockheim eg Raiffeisenbank Kuerten-Odenthal eg Raiffeisenbank Langenschwarz eg Raiffeisenbank Lech-Ammersee eg Raiffeisenbank Lorup eg Raiffeisenbank Lutzerather Hoehe eg Raiffeisenbank Main-Spessart eg Raiffeisenbank Maitis eg Raiffeisenbank Massbach eg Raiffeisenbank Mecklenburger Seenplatte eg Raiffeisenbank Mehring-Leiwen eg Raiffeisenbank Mehrstetten eg Raiffeisenbank Mengkofen-Loiching eg Raiffeisenbank Mittelrhein eg Raiffeisenbank Mittenwald eg Raiffeisenbank Moetzingen eg Raiffeisenbank Moselkrampen eg Raiffeisenbank Much-Ruppichteroth eg Raiffeisenbank Muenchen-Nord eg Raiffeisenbank Muenchen-Sued eg Raiffeisenbank Mutlangen eg Raiffeisenbank Neudenau-Stein-Herbolzheim eg Raiffeisenbank Neumarkt i.d.opf. eg Raiffeisenbank Neumarkt-St. Veit-Reischach eg Raiffeisenbank Neunkirchen am Brand eg Raiffeisenbank Neustadt eg Raiffeisenbank Neustadt-Vohenstrauss eg Raiffeisenbank Niedere Alb eg NOVEMBER 28,

19 Raiffeisenbank Noerdliche Bergstrasse eg Raiffeisenbank Nordkreis Landsberg eg Raiffeisenbank Nuedlingen eg Raiffeisenbank Oberaudorf eg Raiffeisenbank Oberer Wald eg Raiffeisenbank Oberes Gaeu eg Raiffeisenbank Oberessendorf eg Raiffeisenbank Oberessfeld-Roemhild eg Raiffeisenbank Oberferrieden-Burgthann eg Raiffeisenbank Oberland eg Raiffeisenbank Obermain Nord eg Raiffeisenbank Oberpfalz Sued eg Raiffeisenbank Oberstenfeld eg Raiffeisenbank Oberteuringen eg Raiffeisenbank Oberursel eg Raiffeisenbank Offingen eg Raiffeisenbank Oldenburg eg Raiffeisenbank Ortenburg-Kirchberg v.w. eg Raiffeisenbank Ostprignitz-Ruppin eg Raiffeisenbank Ottenbach eg Raiffeisenbank Parkstetten eg Raiffeisenbank Parsberg-Velburg eg Raiffeisenbank Pfaffenhausen eg Raiffeisenbank Pfaffenhofen a.d. Glonn eg Raiffeisenbank Pfaffenwinkel eg Raiffeisenbank Pfeffenhausen-Rottenburg eg Raiffeisenbank Plankstetten AG Raiffeisenbank Rain am Lech eg Raiffeisenbank Raisting eg Raiffeisenbank Rastede eg Raiffeisenbank Rattiszell-Konzell eg Raiffeisenbank Ravensburg eg Raiffeisenbank Regensburg-Wenzenbach eg Raiffeisenbank Regenstauf eg Raiffeisenbank Rehling eg Raiffeisenbank Reute-Gaisbeuren eg Raiffeisenbank Rheinbach Voreifel eg Raiffeisenbank Rhein-Berg eg Raiffeisenbank Ried eg Raiffeisenbank Riedenburg-Lobsing eg Raiffeisenbank Risstal eg Raiffeisenbank Roggenburg-Breitenthal eg NOVEMBER 28,

20 Raiffeisenbank Ronshausen-Marksuhl eg Raiffeisenbank Rosenstein eg Raiffeisenbank Roth-Schwabach eg Raiffeisenbank Rottumtal eg Raiffeisenbank RSA eg Raiffeisenbank Rupertiwinkel eg Raiffeisenbank Salzweg-Thyrnau eg Raiffeisenbank Sankt Augustin eg Raiffeisenbank Schaafheim eg Raiffeisenbank Schleusingen eg Raiffeisenbank Schrobenhausener Land eg Raiffeisenbank Schrozberg-Rot am See eg Raiffeisenbank Schwabmuenchen eg Raiffeisenbank Schwandorf-Nittenau eg Raiffeisenbank Seebachgrund eg Raiffeisenbank Singoldtal eg Raiffeisenbank Sinzing eg Raiffeisenbank Sondelfingen eg Raiffeisenbank Sonnenwald eg Raiffeisenbank St. Wolfgang-Schwindkirchen eg Raiffeisenbank Stauden eg Raiffeisenbank Steingaden eg Raiffeisenbank Steinheim eg Raiffeisenbank Straubing eg Raiffeisenbank Struecklingen-Idafehn eg Raiffeisenbank Suedhardt eg Raiffeisenbank Suedliches Ostallgaeu eg Raiffeisenbank suedoestl. Starnberger See eg Raiffeisenbank Suedstormarn Moelln eg Raiffeisenbank Sulzbach-Rosenberg eg Raiffeisenbank Tattenhausen-Grosskarolinenfeld eg Raiffeisenbank Taufkirchen-Oberneukirchen eg Raiffeisenbank Thannhausen eg Raiffeisenbank Thuengersheim eg Raiffeisenbank Thurnauer Land eg Raiffeisenbank Toelzer Land eg Raiffeisenbank Torgau eg Raiffeisenbank Trendelburg eg Raiffeisenbank Trostberg-Traunreut eg Raiffeisenbank Tuengental eg Raiffeisenbank Tuerkheim eg Raiffeisenbank Uehlfeld-Dachsbach eg NOVEMBER 28,