DZ BANK AG Deutsche Zentral-Genossenschaftsbank

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1 DZ BANK AG Deutsche Zentral-Genossenschaftsbank Primary Credit Analyst: Harm Semder, Frankfurt (49) ; Secondary Contact: Markus W Schmaus, Frankfurt (49) ; markus_schmaus@standardandpoors.com Table Of Contents Major Rating Factors Outlook Rationale Related Criteria And Research NOVEMBER 14,

2 DZ BANK AG Deutsche Zentral-Genossenschaftsbank 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 the local cooperative banks. Continued margin pressure in traditional core products. Limited strategic leadership and execution. NOVEMBER 14,

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, reflecting our expectation that the ratings on Germany's cooperative banking sector are unlikely to change over the next one to two years. It also reflects our opinion that the solidarity support within the sector will 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 remain more resilient than and superior to the average for the German banking industry. We consider positive or negative rating actions unlikely at present, as these would require more fundamental changes to the sector's strengths or weaknesses or to the economic and industry risk in Germany. A heightening of economic risk in Germany, gradual erosion of the sector's market position, a deterioration of its risk-adjusted capital (RAC) ratio to less than 10%, or strategic shifts 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 its 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 its 'a-' anchor, which is based on our view of the banking system in Germany. We believe Germany's cooperative banking sector, on aggregate, has a "strong" business position, as our criteria define this term, 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 improve the sector's RAC ratio to mildly above 11.0% by The sector's aggregate risk position is "adequate", in our view, balancing its granular loan portfolios in German markets against a higher risk of managing larger members' exposures. The cooperative banking sector's "above-average" funding position and "strong" liquidity are based on the sizable surplus liquidity of the majority of local 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. Anchor: Reflects Germany's diverse and resilient economy Under our bank criteria, we use our Banking Industry Country Risk Assessment economic risk and industry risk scores to determine a bank's anchor, the starting point in assigning an issuer credit rating (ICR). 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 diverse and competitive economy and a lack of major economic imbalances. An export-led economy, Germany remains vulnerable to swings in global economies, trade flows, and capital market trends, however. NOVEMBER 14,

4 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 sector's competitive dynamics result in relatively low profitability, which is fueled by significant disparities in the commercial targets and business and risk profiles of market players. Table 1 Cooperative Banking Sector Germany--Key Figures --Fiscal year ended Dec (Mil. ) Adjusted assets 1,001, , , , ,516 Customer loans (gross) 606, , , , ,985 Adjusted common equity 62,820 59,592 54,254 49,347 38,648 Operating revenues 23,337 25,594 24,849 17,184 25,361 Noninterest expenses 16,911 16,602 16,024 15,518 18,447 Core earnings 4,462 6,089 4, ,400 Business position: "Strong," due to a 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 industry risk score of '3' indicates. The sector comprises more than 1,100 local cooperative banks that service more than 30 million domestic customers, and reported total assets of more than 1 trillion as of year-end Its business is predominantly focused on the domestic market, with select niche activities abroad through its central banks and specialized product providers. The local mutual 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 and affluent SME customers and individuals in bigger cities. The 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, mutual funds, and leasing. However, in our view, limited strategic leadership and execution is a relative weakness for the sector with regard to some mutual banking groups. We believe this weakens 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 below-average position in domestic corporate banking. Table 2 Cooperative Banking Sector Germany--Business Position --Fiscal year ended Dec (Mil. ) Total revenues from business line (currency in millions) 23,337 N/A N/A N/A N/A Commercial banking/total revenues from business line 8.63 N.M. N.M. N.M. N.M. NOVEMBER 14,

5 Table 2 Cooperative Banking Sector Germany--Business Position (cont.) Retail banking/total revenues from business line N.M. N.M. N.M. N.M. Insurance activities/total revenues from business line 1.31 N.M. N.M. N.M. N.M. Other revenues/total revenues from business line 1.93 N.M. N.M. N.M. N.M. Return on equity N/A--Not applicable. N.M.--Not meaningful. Capital and earnings: "Strong", on good earnings to further increase high RAC ratios Our assessment of the sector's capital and earnings as "strong" reflects our expectation that the aggregate RAC ratio (before diversification adjustments) will continue to improve. We anticipate that the aggregate RAC ratio could increase to mildly above 11.0% by 2013 from about 10.1% 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 its capital position vis-à-vis its diverse domestic retail business risk profile. The quality of capital is strong, in our view. The local 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 will likely remain moderate at less than 6%. Table 3 Cooperative Banking Sector Germany--Capital And Earnings --Fiscal year ended Dec (%) Tier 1 capital ratio S&P RAC ratio before diversification N.M. N.M. N.M. S&P RAC ratio after diversification N.M. N.M. N.M. Adjusted common equity/total adjusted capital Net interest income/operating revenues Fee income/operating revenues Market-sensitive income/operating revenues (11.11) (0.70) 6.19 (30.07) (1.63) Noninterest expenses/operating revenues Preprovision operating income/average assets Core earnings/average managed assets N.M.--Not meaningful. NOVEMBER 14,

6 Table 4 Cooperative Banking Sector Germany Risk-Adjusted Capital Framework Data ( 000s) Exposure* Basel II RWA Average Basel II RW (%) Standard & Poor's RWA Average Standard & Poor's RW (%) Credit risk Government and central banks 135,590,353 3,762, ,711,245 6 Institutions 128,152,121 31,059, ,907, Corporate 202,665, ,411, ,803, Retail 408,038, ,842, ,451, Of which mortgage 200,430,706 61,252, ,769, Securitization 18,698,511 15,799, ,209, Other assets 26,540,521 23,984, ,262, Total credit risk 919,685, ,859, ,346, Market risk Equity in the banking book 41,792,241 23,025, ,243, Trading book market risk -- 14,375, ,562, Total market risk -- 37,400, ,806, Insurance risk Total insurance risk ,200, Operational risk Total operational risk -- 43,702, ,988, ( 000s) Basel II RWA Standard & Poor's RWA % of Standard & Poor's RWA Diversification adjustments RWA before diversification 496,962, ,341, Total adjustments to RWA -- (111,145,236) (17) RWA after diversification 496,962, ,195, ( 000s) Tier 1 capital Tier 1 ratio (%) Total adjusted capital Standard & Poor's RAC ratio (%) Capital ratio Capital ratio before adjustments Capital ratio after adjustments N/A N/A 64,297, ,132, ,297, *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, 2011, Standard & Poor's. N/A--Not applicable. Risk position: "Adequate", due to dominance in granular loan portfolios in German markets Our overall risk position assessment for the sector is "adequate". In our opinion, German cooperative banks benefit from a favorable economic environment, their highly granular portfolios of retail and SME clients, and moderate growth potential. Moreover, the cooperative banks' high proportion of collateralized domestic residential mortgage NOVEMBER 14,

7 loans, their high granularity, and the absence of housing price inflation in Germany reduced potential credit losses after the harsh 2009 recession. Because local banks only operate in their own regions and are constrained by individual regulatory limits on single loans, the single-name concentration risk for the sector as a whole is negligible. German cooperative banks' decentralization, in our view, means that the group lacks a harmonized risk management system and increases the complexity of managing larger members' exposures. Nevertheless, on the positive side, we see that DZ BANK is making progress in reducing risk from its international operations and oversized structured credit investments, and has demonstrated more prudent underwriting over the past few years. Compared with that of local banks, we believe DZ BANK's portfolio will continue to reflect larger, less-diverse exposures, owing to the wholesale nature of DZ BANK's corporate banking activities. Moreover, we believe the German cooperative 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 --Fiscal year ended Dec (%) Growth in customer loans Total diversification adjustment / S&P RWA before diversification (17.41) (14.70) N.M. N.M. N.M. Total managed assets/adjusted common equity (x) New loan loss provisions/average customer loans N.M. Net charge-offs/average customer loans N.M. Gross nonperforming assets/customer loans + other real estate owned N/A Loan loss reserves/gross nonperforming assets N/A N/A N/A--Not applicable. N.M.--Not meaningful. Funding and liquidity: Strongly benefits from sizable surplus liquidity of the majority of local cooperative banks In our view, the cooperative banking sector will likely 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. The local cooperatives banks' excess funding is mainly channeled to the sector's two central clearing institutions, DZ BANK and WGZ BANK AG Westdeutsche Genossenschafts-Zentralbank, increasing the clearing banks' liquidity. Roughly 80% on average of the local banks' interbank deposits are held with the sector's two central institutions. DZ BANK and WGZ BANK reinvest the funds in other businesses. The sector also benefits from DZ BANK's ability to access wholesale funding, in particular, through a high level of covered bonds (DZ Briefe). This is because DZ BANK is entitled to include claims against local banks in its cover pool for these bonds. Within the DZ BANK group, funding sources are also well diversified, although more reliant on NOVEMBER 14,

8 wholesale funding than the local cooperative banks. The sector's three real estate banks are also entitled to issue covered bonds (Pfandbriefe). Table 6 Cooperative Banking Sector Germany--Funding And Liquidity --Fiscal year ended Dec (%) Core deposits/funding base Customer loans (net)/customer deposits Long term funding ratio Broad liquid assets/short-term wholesale funding (x) Net broad liquid assets/short-term customer deposits (14.15) (17.03) (18.27) (15.05) (21.38) Net short-term interbank funding/total wholesale funding Short-term wholesale funding/total wholesale funding External support: No additional support to the 'aa-' group credit profile Our ICR on the 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 Germany's cooperative banking sector as a cohesive economic group of legally independent institutions. This view is based on the sector's solid level of mutual integration and its system of solidarity, including the sector's protection scheme, which is underpinned by an exceptionally strong track record of more than 75 years of supporting measures for its 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 protection system does not give creditors or the banks a claim against the BVR and only covers customer deposits and own bonds held by customers. Nonetheless, we believe that member banks would be rescued 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 local 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 regulatory requirements on a consolidated basis, which hampers supervision and the fungibility of capital and liquidity within the group. Positively, however, the cooperative banking sector voluntarily publishes consolidated accounts based on International Financial Reporting Standards (IFRS). 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 indicative ICR, resulting from either our assessment of group support or from our assessment of government support. Additional rating factors: None No additional factors affect this rating. Senior subordinated debt and hybrid capital ratings: Based on the ICR of the German cooperative banking sector Our 'A+' issue ratings on DZ BANK's nondeferrable senior subordinated debt reflect our view of sector support to maintain payments on these instruments. Nevertheless, we believe that Germany's legal and regulatory framework NOVEMBER 14,

9 allows the authorities to instigate restructuring of a failing bank to the detriment of nondeferrable subordinated debtholders. Our 'A' issue ratings (two notches below the ICR) on several hybrid capital instruments issued by DZ BANK Capital Funding Trust I (nominal 300 million) and DZ BANK Perpetual Funding Private Issuer (Jersey) Ltd. (two issues: nominal 290 million and nominal 210 million), reflect our view that the instruments absorb losses only after a broad earnings test (including management's discretion to reverse capital reserves), measured on unconsolidated balance-sheet profits according to German generally accepted accounting principles. Our 'A-' issue ratings (three notches below the ICR) on DZ BANK's other outstanding hybrid capital instruments reflect our view that the instruments absorb losses only after a narrow earnings test (excluding management's discretion to reverse capital reserves), measured on the consolidated net loss or gain before minority interest according to IFRS. Related Criteria And Research All articles listed below are available on RatingsDirect on the Global Credit Portal, unless otherwise stated. Banking Industry Country Risk Assessment: Germany, June 26, 2012 Full analysis on DZ BANK AG Deutsche Zentral-Genossenschaftsbank, March 8, 2012 Full analysis on Cooperative Banking Sector Germany, March 8, 2012 Banks: Rating Methodology And Assumptions, Nov. 9, 2011 Banking Industry Country Risk Assessment Methodology And Assumptions, Nov. 9, 2011 Group Rating Methodology And Assumptions, Nov. 9, 2011 Bank Hybrid Capital Methodology And Assumptions, Nov. 1, 2011 Bank Capital Methodology And Assumptions, Dec. 6, 2010 Germany's Cooperative Banking Sector "Core" group members of the Cooperative Banking Sector Germany (The following institutions have counterparty credit ratings of AA-/Stable/A-1+ and certificate of deposit ratings of AA-/A-1+) Aachener Bank eg Abtsgmuender Bank-Raiffeisen-eG AKTIVBANK AG Allgaeuer Volksbank eg Kempten-Sonthofen Augusta-Bank eg Raiffeisen-Volksbank Bad Waldseer Bank eg 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 NOVEMBER 14,

10 Bayerische BodenseeBank-Raiffeisen-eG BBBank eg Bensberger Bank eg Berkheimer Bank eg Berliner Volksbank eg Bernhauser Bank eg Bielefelder Volksbank eg Birsteiner Volksbank eg Bopfinger Bank Sechta-Ries eg Brandenburger Bank Volksbank-Raiffeisenbank eg Bremische Volksbank eg 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 eg 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 Enztalbank 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 NOVEMBER 14,

11 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 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 KRAVAG-LOGISTIC Versicherungs AG Kulmbacher Bank eg Raiffeisen-Volksbank Kurhessische Landbank eg Landbank Horlofftal eg Leutkircher Bank - Raiffeisen - und Volkesbank eg levobank eg LIGA Bank eg Loechgauer Bank eg Maerkische Bank eg Mainzer Volksbank eg NOVEMBER 14,

12 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 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 R+V Allgemeine Versicherung AG R+V Versicherung AG Raiffeisen Privatbank eg Raiffeisen Spar + Kreditbank eg Raiffeisen- und Volksbank Dahn 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 Alsheim-Gimbsheim eg Raiffeisenbank Altdorf-Ergolding eg Raiffeisenbank Altdorf-Feucht eg Raiffeisenbank Alteglofsheim-Hagelstadt eg NOVEMBER 14,

13 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 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 Burgau eg NOVEMBER 14,

14 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 Raiffeisenbank Ebrachgrund eg Raiffeisenbank eg Aldenhoven Raiffeisenbank eg Asbach-Sorga Raiffeisenbank eg Bad Doberan 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 NOVEMBER 14,

15 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 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 Friedelsheim-Roedersheim eg Raiffeisenbank Fuchstal-Denklingen eg Raiffeisenbank Fuessen-Pfronten-Nesselwang 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 NOVEMBER 14,

16 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 Haibach-Obernau eg Raiffeisenbank Haldenwang eg 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 NOVEMBER 14,