european central bank : press conference - introductory statement introductory statement by mr jean - claude trichet, president of the european central bank and mr lucas papademos, vice - president of the european central bank, frankfurt am main, 3 february 2005. * * * ladies and gentlemen, it is our pleasure to welcome you to this press conference. the vice - president and i will now report on the outcome of today ’ s meeting of the governing council of the ecb. all in all, the information which has become available since the last meeting of the governing council means that our assessment of price stability over the medium term is unchanged. while short - term hicp inflation rates remain subject to certain volatilities, particularly in relation to oil prices, there is no significant evidence of underlying domestic inflationary pressures building up in the euro area. accordingly, we have left the key ecb interest rates unchanged at their historically low levels. however, upside risks to price stability over the medium term remain. continued vigilance is therefore of the essence with regard to those risks. i shall now explain our assessment in more detail. turning first to the economic analysis, recent data on economic activity, as well as survey information, suggest ongoing moderate growth in the fourth quarter of 2004 and a broadly unchanged situation around the new year. looking ahead, the conditions remain in place for economic growth to pick up and become more self - sustained in the course of the year. global growth remains solid, providing a favourable environment for euro area exports. on the domestic side, investment is expected to continue to benefit from very favourable financing conditions, improved earnings and greater business efficiency. moreover, consumption growth should develop in line with real disposable income growth. high and volatile oil prices and persistent global imbalances pose downside risks to growth. on the domestic side, reducing uncertainties associated with the extent and pace of fiscal and structural reforms would support consumption, as such uncertainties seem to be limiting private sector expectations of future real disposable income growth. as regards exchange rates, we confirm our position, expressed when the euro rose sharply, that such moves are unwelcome and undesirable for economic growth. turning to consumer prices, annual hicp inflation stood at 2. 4 % in december, up from 2. 2 % in november. data for january are not yet available, but there are indications of a decline from december ’ s inflation rate. over the coming months, volatility in

andreas dombret : an overview of the cre ( commercial real estate ) market contribution by dr andreas dombret, member of the executive board of the deutsche bundesbank, as lead discussant at the fsb ( financial stability board ) workshop on commercial real estate underwriting, frankfurt am main, 8 may 2013. * * * ladies and gentlemen i am delighted to welcome you to the fsb workshop on commercial real estate underwriting practices on behalf of the deutsche bundesbank. we are very happy to host this important fsb event here in frankfurt. i am very pleased that so many dedicated real estate experts from a variety of fsb member countries and institutions, from standard setting bodies and from the private sector participate today. i am sure that the gathered expertise will lead to fruitful discussions and provide for interesting insights. let me now start this session by sharing my views on global commercial real estate financing. i will touch on two issues in the following minutes : first its relevance for banks and other participants in the financial markets and second its implications for financial stability. one of the reasons for the financial crisis was the us sub - prime crisis caused by lax lending practices and overheating residential real estate markets. the fsb has completed considerable work in this area, which mounted in fsb principles on sound residential mortgage underwriting practices. the question about the other and perhaps even more important part of the real estate lending business will be dealt with in this workshop : could excessive risks from commercial real estate financing negatively affect financial stability? ( slide ) the global stock of commercial real estate is estimated at 31. 2 trillion u. s. dollars as of 2011. about two thirds of global total stock is considered to be investable. the majority of investable stock is already invested and accounts for more than 12 trillion u. s. dollars. this part is in the primary focus of this workshop. taking into account the market share of commercial banks it is not surprising that for example european banks have an estimated total cre lending exposure of 2. 4 trillion euros. but let me stick to the cre markets for a few more moments before i will turn to the lenders and banks. ( slide ) since 2007 we have seen a divergent development of cre prices among the g20 countries. south africa, canada and korea are the only countries that show an increase of cre prices since 2007. contrary to them most other countries suffer from a more or less strong deterioration of cre prices.