Finally, stress tests simulate the impact of severe crises in selected countries and regions on the Group’s financial performance. These stress tests underline the special importance of this topic in risk management in RBI.
Country risk includes transfer and convertibility risks as well as political risk. It arises from cross-border transactions and direct investments in foreign countries. RBI is exposed to this risk due to its strong business activities in the Central and Eastern European convergence markets. In these markets political and economic risks to some extent are still seen as significant.
The regional breakdown of the maximum credit exposure reflects the broad diversification in European markets. The following table shows the regional distribution of the maximum credit exposure by the borrower’s home country. The portfolio contributed by Raiffeisen Zentralbank during the merger leads to a strong increase for Austria and Others. “Other” in this table mainly is comprised of credit exposures to customers in Western Europe like Switzerland, Netherlands, and France. And it includes Central and Eastern European countries where RBI operates local network banks (e.g. Slovenia, Belarus,…).
In 2010 doubts about the financial sustainability of government deficits resulted in the widening of spreads on government bonds of several countries of the European Monetary Union. RBI does not own any banking subsidiaries that are incorporated in the so-called European periphery countries. Nonetheless, some of the bank’s customers are domiciled in these countries, resulting from lending to international corporate customers and investment banking activities. All in all, the bank has almost no exposure to government bonds in these countries (except for the Republic of Italy).
Wholesale trade and commission trade (except car trading) 15,217,496 9.0% 5,932,211 6.7%
The default of a counterparty in a derivative, repurchase, securities or commodities lending or borrowing transaction can lead to losses from re-establishing the contract with another counterparty. In RBI this risk is measured by the mark-to-market approach where a predefined add-on is added to the current positive fair value of the contract in order to account for potential future changes. For internal management purposes potential price changes, which can affect the fair value of an instrument, are calculated specifically for different contract types based on historical market price changes. For derivative contracts the standard limit approval process applies, where the same risk classification, limitation, and monitoring process is used as for traditional lending. In doing so, the weighted nominal exposure of derivative contracts is added to the customers’ total exposure in the limit application and monitoring process as well as in the calculation and allocation of internal capital.
The total potential future credit exposure resulting from derivative transactions is included in the exposure tables for each particular asset class.
The banking book also contains risks arising from listed and unlisted equity participations. They are described separately under this risk heading. Risks stemming from subsidiaries that are strategically and operatively controlled by RBI are not considered in this risk category because these risks are precisely measured and reported under the other risk headings during consolidation. Most of the direct and indirect participations of RBI are fully consolidated in the Group’s statement of financial position (e.g. network banks, network leasing companies) and therefore subject to the ‘look through’ approach. Risks arising from such participations are managed by applying controlling-, measurement-, and monitoring-tools as described for the other risk categories.
Participation risk and counterparty credit risk have similar roots: a deteriorating financial situation on equity participations is mostly reflected in a rating downgrade (or default) of the respective entity. The methodology of RBI used for measuring value-atrisk and internal capital requirements of equity participations nonetheless is comparable to the methodology used to measure price risk arising from positions in stocks. However, in the light of the longer-term strategic nature of equity participations, annual volatilities based on observation periods of several years (instead of daily price changes) are used in the calculation.
Participations of RBI are managed by the Participations division. This division is responsible for controlling risks arising from long-term equity investments of the parent company (and for returns generated by these investments as well). New investments are made only by the Managing Board of RBI on the basis of individual due diligence. Indirect participations held by different Group units are often managed by local units themselves in coordination with RBI.
RBI defines market risk as the risk of possible losses arising from changes in market prices of trading and banking book positions. Market risk estimates are based on changes in exchange rates, interest rates, credit spreads, equity and commodity prices, and other market parameters (e.g. like implied volatilities).
The Market Risk Management department ensures that the business volume and product range comply with the defined and enacted strategy and risk appetite of the Group. It is responsible for implementing and enhancing risk management processes, manuals, measurement techniques, risk management infrastructure and systems for all market risk categories and secondary credit risks arising from market price changes in derivative transactions. Furthermore this department independently measures and reports market risks on a daily basis.
funds requirements for market risks. Value-at-risk results are not only used for limiting risk but also in the internal capital allocation.
• Sensitivities (to changes in exchange rates, interest rates, gamma, vega, equity and commodity prices)
The following table shows risk figures (VaR 99 %, 1d, in € thousand) for individual markets risk categories of the trading and banking book. RBI’s VaR mainly results from exchange rate risk out of long-termed equity positions, structural interest rate risks, and credit spread risks of bonds, which are held as liquidity buffer.
Total VaR 99 % 1d VaR as of 31/12/2010 Average VaR Minimum VaR Maximum
VaR VaR as of 31/12/2009 1 Values for year end 2009 have been adjusted according to model changes. 2 Exchange rate risk on total bank level also includes equity positions of subsidiaries denominated in foreign currency. The structural exchange rate risk resulting from equity positions is managed mostly independently from short-term trading positions (see also subsequent chapter “Exchange rate risk and capital (ratio) hedge”).
Risk measurement approaches in use are verified – besides analysing returns qualitatively – permanently through backtesting and statistical validation techniques. If model weaknesses are be identified, they are fixed accordingly. There were no backtesting violations for Raiffeisen Bank International’s trading book as shown in the following chart. This chart compares VaR for exchange and interest rate risk (as calculated for regulatory capital requirements) and theoretical profits and losses on a daily
In a narrow sense, exchange rate risk denotes the risk that one suffers losses due to open foreign exchange positions. Exchange rate fluctuations also influence current revenues and expenses. However, they also influence regulatory capital requirements of
Value-at-risk and theoretical market price changes of RBI’s trading book in € million hypothetical market price change VaR 99
Market risk in RBI depends primarily on exchange rate risk, which results from foreign-currency denominated equity investments made in non-domestic Group units and the corresponding hedging positions entered into by the Group Asset/Liability Committee. The following table shows all material open foreign exchange rate positions (larger than € 50 million) as of 31 December 2010 and the corresponding values for the previous year in € thousand. Those numbers include both trading positions as well as equity stakes in subsidiaries with foreign currency denominated statements of financial position.
assets denominated in foreign currencies, even if they are refinanced in the same currency and thus do not create an open foreign exchange position.
The following two tables show the largest present value changes for the trading book of RBI given a one-basis-point interest rate increase for the whole yield curve in € thousand for the reporting dates 31 December 2009 and 31 December 2010. Currencies where the total interest rate sensitivity exceeds € 10 thousand are shown separately. There are only minor changes in the structure of the trading book and risk factors compared to the previous year.
Different maturities and repricing schedules of assets and the corresponding liabilities (i.e. deposits and refinancing on debt and capital markets) cause interest rate risk in Raiffeisen Bank International. This risk arises in particular from different interest rate sensitivities, rate adjustments, and other optionality of expected cash flows. Interest rate risk in the banking book is material for euro and US-dollar as major currencies as well as for local currencies of Group units located in Central and Eastern Europe.
This risk is mainly hedged by a combination of on- and off-balance sheet transactions where in particular interest rate swaps and – to a smaller extend – also interest rate forwards and interest rate options are used. Balance sheet management is a core task of the central Global Treasury division and of individual network banks, which receive assistance from asset/liability management committees. They base their decisions on various interest income analyses and simulations that ensure proper interest rate sensitivity in line with expected changes in market rates and the overall risk appetite.
20y >20y 1 Previous year’s results adjusted in line with model changes and on a pro-forma basis (unaudited).
The Austrian liquidity risk management directive, which implements the principles developed by the Committee of European Banking Supervision (CEBS) in Austria, became effective on 31 December 2010. RBI had already established the now mandatory instruments for liquidity risk management (amongst others a sufficiently large liquidity buffer, stress tests based on different scenarios, and liquidity contingency plans). Additional regulatory changes in the liquidity risk area will be defined in Basel III. As far as it is possible to estimate, the new liquidity ratios based on the still preliminary rules, Raiffeisen Bank International appears to be well prepared for the new regulations.
The following table shows excess liquidity and the ratio of cash inflows plus counterbalancing capacity to cash outflows (liquidity ratio) for select maturities on a cumulative basis, taking into account balance sheet items and off-balance-sheet transactions. Based on expert opinions, statistical analyses and country specifics, this calculation also incorporates estimates on the prolongation of defined assets, the so-called sediment of customer deposits, and the liquidity counterbalancing capacity (in particular, assets that are eligible for refinancing at central banks and that can be used as collateral in repo transactions). Excess liquidity has been increased significantly as a result of the increased balance sheet due to the merger. The prudential liquidity risk profile also is reflected in the high liquidity ratio.
€000 2010 2009 Maturity 1 week 1 month 1 year 1 week 1 month 1 year
As a consequence, long term funding depends on restoring confidence in banks and the increased effort in collecting customer deposits. RBI’s banking activities are refinanced by combining wholesale funding and the retail franchise of deposit-taking network banks. RBI is the central liquidity balancing agent for the local Group units in Central and Eastern Europe.
For managing and limiting liquidity risks, the medium term targets for loan-/deposit ratios (the ratio of customer loans to customer deposits) have been revised for individual network banks taking into account expected Basel III regulations. The limits incorporate planned future business volumes as well as the feasibility for increasing customer deposit in different countries. On the one hand, this initiative reduces external funding requirements. On the other hand, it also reduces the need for internal funding operations and the risk associated with such liquidity transfers.
The following table shows a breakdown of cash flows according to the contractual maturity of financial liabilities: 31/12/2010
As with other risk types the principle of firewalling between risk management and risk controlling is also applied to operational risk in RBI. Operational risk controlling units are mainly responsible for the implementation and refinement of methods for operational risk management in different Group units (e.g. performing self assessment, defining and monitoring key risk indicators, etc.) and for reporting to the central operational risk controlling function. Business line managers are responsible for controlling and mitigating operational risks. They decide on pro-active operational risk steering actions such as buying insurance and the use of further risk mitigating instruments.
Operational risks are reported in a comprehensive manner to the Group Risk Committee on a quarterly basis. The distribution of losses in the Group by event type is shown below: Page 234 Consolidated financial statement
In order to monitor operational risks, key risk indicators (KRIs) are used as measurable indicators that allow promptly identifying and mitigating operational risks. They are specifically tailored to individual Group units as well. A common catalogue of key risk indicators, which is defined by the head office for internal benchmarking purposes, is mandatory for all Group units.
Loss data is collected in a central database called ROCO (Raiffeisen Operational Risk Controlling) in a structured manner and on a Group-wide basis according to the event type for each business line. Collecting losses stemming from operational risks is a prerequisite for implementing a statistical loss distribution model and a minimum requirement for implementing the regulatory Standardized Approach. Furthermore, loss data (and near misses) is used to create and validate operational risk scenarios and for exchange with international data pools to develop advanced operational risk management tools. In 2010 RBI became a member of the ORX consortium, a reputable international data pool.
Operational risk reduction is initiated by business managers who decide on preventive actions like risk mitigation or risk transfer. Progress and success of these actions is monitored by risk controlling. The former also define contingency plans and nominate responsible persons or departments for initiating the defined actions if these events occur. In addition, several dedicated organizational units provide support to business units for reducing operational risks. An important role, for instance, is planed by fraud management which reduces potential fraud related losses through proactive monitoring and preventive actions. RBI also executes an extensive staff training program and has different emergency plans and back-up systems in place.
Equity-/index-based options - purchased 135,052 333,586 125,799 594,437 72,764 0 Equity-/index-based options - sold 132,693 138,419 37,224 308,336 0 (148,200)
The surplus of negative market values for security-based transactions is offset by shares purchased for hedging purposes. These shares are recorded under trading assets and are not shown in the above table.
€000 Fair value Carrying amount Difference Fair value Carrying amount Difference
Loans and advances to banks 21,270,497 21,532,406 (6,890) 10,306,241 10,306,663 (422)
Intangible and tangible fixed assets 2,671,347 2,673,446 (2,100) 2,217,538 2,216,114 1,424
Financial assets at fair value through profit or loss 5,613,367 2,301,548 155,352 2,338,151 895,371 5
Negative fair values of derivatives financial instruments 1 555,680 4,761,952 48 93,969 625,565 0
Gains and losses resulting from financial instruments of the level III fair value hierarchy amounted to € 20,196 thousand (2009: € 40,954 thousand).
The following table contains revocable credit lines which are unweighted according to Basel II: Revocable credit lines 11,755,884 4,646,005
Fiduciary business not recognized in the statement of financial position was concluded with the following volumes: Loans and advances to banks 9,442 8,006
Fiduciary income and expenses break down as follows: The following table contains the funds managed by RBI: Retail investment funds 5,148,417 2,906,574
The main focus is on the core tier 1 ratio. Besides that, the risk taking capacity is calculated in the framework of regulatory limits. It is defined as the maximum loss, which the bank or the banking group may encounter during the current calendar year without exceeding the regulatory minimum capital values. Accordingly, the mixture of capital instruments (several kinds of tier-1, tier-2, tier-3 ratios) has an important role due to the complex mutual consideration limits.
RBI has no credit institution group on its own according to the Austrian Banking Act (BWG) and is thus not subject to regulatory provisions on a consolidated basis as it is part of the RZB credit institution group. The following figures are for information purposes only.
Supplementary capital according to Section 23 (1) 5 BWG 599,792 91,001
The total own funds requirement is as follows: Risk-weighted assets according to section 22 BWG 75,601,313 50,089,600 of which 8 per cent minimum own funds for the credit risk according to sections 22a to 22 h BWG 6,048,105 4,007,168
Risk-weighted assets for the credit risk according to asset classes break down as follows: Risk-weighted assets according to section 22 BWG on standardized approach 37,175,443 35,770,850
The average number of staff employed during the financial year (full-time equivalents) breaks down as follows: Full-time equivalents 2010 2009
In the event of termination of function or employment contract and retirement from the company, of the remaining members of the Managing Board – two were retired during 2010 - two members of the Managing Board are in principle entitled to severance payments according to the Salaried Employees Act (Angestelltengesetz), two members of the Managing Board according to contractual agreements and three members of the Managing Board according to the Company Retirement Plan Act (Betrieblichen Mitarbeitervorsorgegesetz). The entitlement to receive severance payments according to the Salaried Employee Act or according to contractual agreements lapses with the exemption of one member of the Managing Board in case of termination by the employee. Moreover, three members of the Managing Board are entitled by contract to receive additional severance payments at the end of their functional period or their terminable employment. In 2010, € 967 thousand were paid due to retirement of two members of the Managing Board.
Moreover, protection against the risk of occupational invalidity exists which is covered by a pension fund and/or by individual pension agreements secured through reinsurance. The contracts are concluded for the functional duration or limited to a maximum of five years.
The table contains fixed and performance-based remuneration, remunerations for membership of boards of affiliated subsidiaries, bonus paymentss, and benefits in kind. In the financial year, the share of performance-based remuneration components was 1.9 per cent (2009: 5.5 per cent).
The members of the Supervisory Board are remunerated as follows: The Annual General Meeting held on 8 July 2010 decided an annual remuneration for the members of the Supervisory Board of € 380 thousand and transferred the distribution to the Board itself. The members of the Supervisory Board settled the distribution in their meeting on 8 July 2010 as follows: Chairman € 70 thousand, Deputy Chairman € 60 thousand, members of the Supervisory Board € 50 thousand. Session fees were not paid.
In the financial year, € 380 thousand was paid to the members of the Supervisory Board. In the previous year, the members of the Supervisory Board received remunerations of € 305 thousand.
Moreover, no contracts subject to approval in the meaning of Section 95 (5) items 12 Austrian Joint Stock Company Act (AktG) were concluded with members of the Supervisory Board in the financial year 2010.
The Managing Board of Raiffeisen Bank International AG is as follows: First assignment End of period
The members of the Managing Board had mandates in the Supervisory Board or similar functions in companies at home and abroad which are not included in the consolidated group: • Herbert Stepic: OMV AG, Österreichische Kontrollbank AG • Karl Sevelda: Bene AG, Raiffeisen Factor Bank AG (until 24 December 2010) • Johann Strobl: Oesterreichische Clearingbank AG • Patrick Butler: Raiffeisen Wohnbaubank AG, Wiener Börse AG
From 1 January 2010 until the legally effective registration of the merger in the Companies Register on 10 October 2010, the Supervisory Board of Raiffeisen International Bank-Holding AG was as follows: First assignment End of period
All members of the Supervisory Board declared themselves to be independent in the meaning of the criteria of independence agreed by the Supervisory Board and in conformity with the Austrian Corporate Governance Codex. None of the members hold more than a 10 per cent share in the company.
Raiffeisen Zentralbank Österreich Aktiengesellschaft is entitled to send up to one third of the members of the Supervisory Board insofar as it has a shareholding in the company. Individuals older than 75 years of age are not eligible to be elected as a
member of the Supervisory Board and may not be appointed for another functional period. In addition, individuals having more than eight mandates in Supervisory Boards of quoted companies may not be elected. The chairmanship in the Supervisory Board of a quoted company is counted twice.
Erwin Hameseder 1st Deputy Chairman 1st Deputy Chairman 1st Deputy Chairman
Ludwig Scharinger 2nd Deputy Chairman 2nd Deputy Chairman 2nd Deputy Chairman
Markus Mair 3rd Deputy Chairman 3rd Deputy Chairman 3rd Deputy Chairman
From 1 January 2010 until the legally effective registration of the merger in the Companies Register on 10 October 2010, the committees of the Supervisory Board of Raiffeisen International Bank-Holding AG were as follows: Members of the Supervisory Board Working Committee Audit Committee Personnel Committee
Centralised Raiffeisen International Services & Payments S.R.L., Bucharest (RO) 6,800,000 RON 100.0% BR
Centrotrade Minerals & Metals Inc., Chesapeake (US) 3,002,000 USD 100.0% OT
1 Company type: BA…Bank, BR…Company rendering banking-related ancillary services, FI…Financial institution, OT…Other companies
Raiffeisen Mandatory Pension Fund Management d.d., Zagreb (HR) 110,000,000 HRK 73.6% FI
RB International Finance (Hong Kong) Ltd., Hong Kong (HK) 10,000,000 HKD 100.0% FI
Tatra Leasing spol. s r.o., Bratislava (SK) 6,638,784 EUR 70.6% FI
1 Company type: BA…Bank, BR…Company rendering banking-related ancillary services, FI…Financial institution, OT… Other companies
1 Equity participations held via companies that are not included in the consolidated financial statements 2 Company type: BA…Bank, BR…Company rendering banking-related ancillary services, FI…Financial institution, OT…Other companies, , VV… Insurance, WP … Securities firms
CREDEX FINANTARI IFN SA, Bucharest (RO) 15,112,500 RON 30.0% 0.0% FI
ELIOT, s. r. o., Bratislava (SK) 1,613,556 EUR 100.0% 99.5% BR
Interbank Crimea Currency Exchange, Simferopol (UA) 440,000 UAH 4.5% 0.0% WP
Raiffeisen Capital & Investment S.A., Bucharest (RO) 1,600,000 RON 100.0% 0.0% FI
Raiffeisen Financial Services Polska Sp. z o.o., Warsaw (PL) 3,847,500 PLN 100.0% 0.0% FI
Raiffeisen Insurance and Reinsurance Broker S.R.L, Bucharest (RO) 180,000 RON 100.0% 0.0% BR
Raiffeisen Investment Fund Management JSC, Budapest (HU) 100,000,000 HUF 100.0% 0.0% FI
Raiffeisen Non-Government Pension Fund, Moscow (RU) 313,000,000 RUB 100.0% 0.0% FI
Raiffeisen stavebni sporitelna, a.s., Prague (CZ) 650,000,000 CZK 1.0% 0.0% BA
RAIFFEISEN TRAINING CENTER LTD., Zagreb (HR) 20,000 HRK 100.0% 20.0% BR
Raiffeisen Voluntary Pension Fund Management d.o.o., Zagreb (HR) 33,445,300 HRK 100.0% 0.0% FI
We have audited the accompanying consolidated financial statements of Raiffeisen Bank International AG, Vienna, for the year from 1 January 2010 to 31 December 2010. These consolidated financial statements comprise the consolidated balance sheet as of 31 December 2010, the consolidated statement of comprehensive income, the consolidated cash flow statement and the consolidated statement of changes in equity for the year ended 31 December 2010 and a summary of significant accounting policies and other explanatory notes.
Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the consolidated financial statements comply with legal requirements and give a true and fair view of the financial position of the Group as of 31 December 2010 and of its financial performance and its cash flows for the year from 1 January to 31 December 2010 in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.
Pursuant to statutory provisions, the management report for the Group is to be audited as to whether it is consistent with the consolidated financial statements and as to whether the other disclosures are not misleading with respect to the Company’s position. The auditor’s report also has to contain a statement as to whether the management report for the Group is consistent with the consolidated financial statements and whether the disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
Statement of the Managing Board We confirm to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group as required by the applicable accounting standards and that the Group management report gives a true and fair view of the development and performance of the business and the position of the Group, together with a description of the principlal risks and uncertainties the Group faces.
Herbert Stepic Chief Executive Officer responsible for Internal Audit, Legal & Compliance, Human Resources, Management Secretariat,
Karl Sevelda Deputy to the Chief Executive Officer responsible for Corporate Customers, Group Products, Network Corporate Customers & Support and Corporate Sales Management &
Glossary Affiliated companies – Entities over which the investor has control (i.e. power to govern the financial and operating policies).
BIS – Bank for International Settlement. International organization supporting the cooperation between the monetary and financial sphere.
Cross-selling – Marketing strategy in which additional products and services are actively offered to existing customers.
dBO – Defined benefit obligation, i.e. the present value, without deducting any plan assets, of expected future payments required to settle the obligation resulting from employee service in the current and prior periods.
deferred tax assets – The amounts of income taxes recoverable in future periods in respect of deductible temporary differences and the carry forward of unused tax losses.
derivatives – Financial instruments whose value changes in response to the change in a specified interest rate, financial instrument price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index, or other variable, that requires no initial net investment or small initial net investment and that is settled at a future date.
dirty price – Price of a financial instrument including accrued interest.
EMTn (Euro Medium Term notes) Program – Framework agreement between companies and bond traders who make it possible for the companies to issue medium-term securities in the European capital market for the purpose of flexibly procuring outside capital.
Fair value – The amount for which an asset could be exchanged or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.
Fair Value level I – (quotation on an active market). If market prices are available, the fair value is reflected by the market price.
Fair Value level II – (measurement techniques based on observable parameters ). When current bid and asking prices are unavailable, the price of the most recent transaction provides evidence of the current fair value as long as there has not been a significant change in economic circumstances since the time of the transaction (in particular present value calculations and option price models).
Held-to-maturity – Securities with fixed or determinable payments and fixed maturity that an entity has the positive intention and ability to hold to maturity.
IFRIC, SIC – International Financial Reporting Interpretations Committee – committee responsible for the official interpretation of the International Financial Reporting Standards, formerly also SIC (Standing Interpretations Committee).
Interest margin – Net interest income in relation to average total assets.
IRB (Internal Ratings-Based approach) – Approach to measure the own funds requirement for credit risks in accordance with Basel II. By applying the IRB approach, the own funds requirement is determined according to internal credit ratings. In the process, features specific to the borrower and the loan are taken into account. The ratings must be made by an independent source.
liquidity risk – Risk that a bank could be unable to meet its current and future financial obligations in full or in good time. This arises from the danger that, e.g. refinancing can only be obtained at very disadvantageous terms or is entirely impossible.
loss rate – Usage of previously allocated loan loss provisions plus direct writedowns and income received on written-down claims divided by credit exposure to customers.
Market capitalization – The number of issued shares multiplied by the share price.
net provisioning ratio (average risk-weighted assets credit risk) – Risk valuation ratio. Is calculated by provisioning for impairment losses divided by average credit risk-weighted assets.
Own funds requirement according to BWG – Defined in Section 22 BWG and involves the requirement for the credit risk, for position risk in bonds, equities and commodities and for position risk in foreign currency and for the operational risk.
ROE (return on equity) – Return on the total equity including non-controlling interests, i.e. profit before tax respectively after tax in relation to weighted average equity on the statement of financial position. Average equity is calculated on month-end figures and does not include current year profit.
Scorecard – A statistical tool in risk management for estimating risk parameters, typically used to determine probability of default or the loss-given default-ratio.
Splitting – A procedure that is particularly common in US investment banking where equities that have become very highly priced are split into two or more shares or share certificates.
Stress tests – Stress tests endeavor to simulate extreme fluctuations in market parameters. They are used because such fluctuations are usually inadequately captured by VaR models (VaR forecasts maximum losses under normal market conditions).
Swap – Exchange of interest obligations (interest swap) and/or currency positions (currency swap).
Year-on-year – Compared to the point in time, or the time period, which occurs one year before the point in time, or the time period, under consideration; for example, the first half year of 2010 in comparison to the first half year of 2009, or 30 June 2010 in comparison to 30 June 2009.
Belarus Priorbank JSC 31-A, V. Khoruzhey 220002 Minsk Phone: +375-17-289 9090 Fax: +375-17-289 9191 SWIFT/BIC: PJCBBY2X www.priorbank.by
Bosnia and Herzegovina Raiffeisen BAnK d.d. Bosna i Hercegovina Zmaja od Bosne bb 71000 Sarajevo Phone: +387-33-287 101 Fax: +387-33-213 851 SWIFT/BIC: RZBABA2S www.raiffeisenbank.ba
Bulgaria Raiffeisenbank (Bulgaria) EAd 18/20 Ulica N. Gogol 1504 Sofia Phone: +359-2-9198 5101 Fax: +359-2-943 4528 SWIFT/BIC: RZBBBGSF www.rbb.bg
Hungary Raiffeisen Bank Zrt. Akadémia utca 6 1054 Budapest Phone: +36-1-484 4400 Fax: +36-1-484 4444 SWIFT/BIC: UBRTHUHB www.raiffeisen.hu
Kosovo Raiffeisen Bank Kosovo J.S.C. Rruga UÇK, No. 51 10000 Pristina Phone: +381-38-222 222 Fax: +381-38-2030 1130 SWIFT/BIC: RBKORS22 www.raiffeisen-kosovo.com
Austria Raiffeisen-leasing International GmbH Am Stadtpark 3 1030 Vienna Phone: +43-1-71707 2966 Fax: +43-1-71707 2059 www.rli.co.at
Belarus JllC Raiffeisen leasing 31-A, V. Khoruzhey 220002 Minsk Phone: +375-17-289 9394 Fax: +375-17-289 9394 www.rl.by
Bosnia and Herzegovina Raiffeisen leasing d.o.o. Sarajevo Zmaja od Bosne bb, Bulding B 71000 Sarajevo Phone: +387-33-254 340 Fax: +387-33-212 273 www.rlbh.ba
Moldova ICS Raiffeisen leasing SRl 51 Alexandru cel Bun 2012 Chisinau Phone: +373-22-2793 13 Fax: +373-22-2283 81 www.raiffeisen-leasing.md
Poland Raiffeisen-leasing Polska S.A. Ul. Prosta 51 00-838 Warsaw Phone: +48-22-3263 600 Fax: +48-22-3263 601 www.rl.com.pl
Romania Raiffeisen leasing IFn S.A. Nusco Tower Sos Pipera nr 42, Etaj 1A 020112 Sector 2, Bucharest Phone: +40-21-306 9696 Fax: +40-37-287 9988 www.raiffeisen-leasing.ro
Slovenia Raiffeisen leasing d.o.o. Tivolska 30 (Center Tivoli) 1000 Ljubljana Phone: +386-1-241 6250 Fax: +386-1-241 6268 www.rl-sl.com
Ukraine llC Raiffeisen leasing Aval Moskovskiy Prospect, 9 Corp. 5 Office 101 04073 Kiev Phone: +38-044-590 2490 www.rla.com.ua
Czech Republic Raiffeisen leasing Real Estate s.r.o. Hvezdova 1716/2b 14078 Prague 4 Phone: +420-221-5116 10 Fax: +420-221-5116 41 www.realestateleasing.cz
Italy RBI Representative Office Milan Via Andrea Costa 2 20131 Milan Phone: +39-02-2804 0646 Fax: +39-02-2804 0658
Russia RBI Representative Office Moscow 14, Pretchistensky Pereulok, Building 1 119034 Moscow Phone: +7-495-721 9905 Fax: +7-495-721 9907
Spain RBI Representative Office Madrid Príncipe de Vergara 11, 4°C 28001 Madrid Phone: +34-91-431 6536 Fax: +34-91-431 8772
Sweden RBI Representative Office nordic Countries Drottninggatan 89 P.O. Box 3294 10365 Stockholm
UK RBI london Branch 10 King William Street London EC4N 7TW Phone: +44-20-7929 2288 Fax: +44-20-7933 8099
China RBI Beijing Branch Beijing International Club 200 2nd floor Jianguomenwai Dajie 21 100020 Beijing Phone: +86-10-653 23388 Fax: +86-10-653 25926
RBI Xiamen Branch Unit 01-02, 32/F, Zhongmin Building No. 72 Hubin North Road Xiamen Fujian Province 361012 China Phone: +86-592-2623 988 Fax: +86-592-2623 998
Singapore RBI Singapore Branch One Raffles Quay #38-01 North Tower Singapore 048583 Phone: +65-6305 6000 Fax: +65-6305 6001
Vietnam RBI Representative Office Ho Chi Minh City 6 Phung Khac Khoan Street, Room G6 District 1, Ho Chi Minh City Phone: +84-8-3829 7934 Fax: +84-8-3822 1318
Group Investor Relations inquiries Phone: +43-1-71707 2089 E-mail: ir@rbinternational.com Internet: www.rbinternational.com → Investor Relations
Publication details The forecasts, plans and forward-looking statements contained in this annual report are based on the state of knowledge and assessments of Raiffeisen Bank International AG at the time of its preparation. Like all statements about the future, they are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. No guarantee can be provided for the accuracy of forecasts, plan values or forward-looking statements.
This positive mindset is part of the optimism that infuses all of our efforts. We look forward to writing a new chapter of our corporate history with dedication, energy and drive!