某上市银行评级报告2-22页.docVIP

Germany Credit Analysis Ratings Bankgesellschaft Berlin Foreign Currency Long-term ▼A Short-term F1 Individual D/E Support 2 Sovereign Risk Foreign Long-term AAA Financial Data Bankgesellschaft Berlin 30 Sept 02 31 Dec 01 Total Assets [USDm] 168,081.2 165,226.9 Total Assets [EURm] 170,468.0 187,483.0 Equity [EURm] 3,952.0 4,453.6 Op. Profit [EURm] -447.0 -675.7 Net Income [EURm] -569.0 -111.9 Op. Profit/Assets [%] -0.33 -0.35 Andrea Schulz, Frankfurt +49 69 7680 7618 andrea.schulz@ Bridget Gandy, London +44 20 7417 4346 bridget.gandy@ Bankgesellschaft Berlin Rating Rationale Assessment ? The Individual rating of Bankgesellschaft Berlin (BGB) reflects the severe financial crisis it ran into in 2001, requiring it to be supported by its owners. Given the uncertainty over the banks future profile and ownership its Long- term rating is on Rating Watch Negative pending the upcoming decision on the banks privatisation. This is not the case with the Short-term rating as Fitch considers the privatisation not to be legally effective before 2004. ? BGBs financial crisis was caused by poor loan quality in all its major banks relating to large-scale real estate/corporate and fund management risks. In addition to providing EUR1.75billion of BGB’s EUR2bn capital increase in 2001, in April 2002 the Land Berlin gave further substantial support by guaranteeing potential risks from real estate fund business until 2031. ? Since its inception BGB has suffered severe asset quality problems due to its concentration in and around the economically weak region of Berlin and its bias towards property-related lending hit by a sharp decline in the regional property market. Problems were aggravated by weak management and a degree of political influence. The group is only now implementing uniform risk management among group entities and more efficient control systems. ? Adjusting costs in line with reduced revenue stemming from cutbacks a