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16 | ifr special report | December 2008 PFANDBRIEFE ROUNDTABLE


commitment. On the other hand, at BayernLB we have for several years had a commitment on a private basis, which was made publicly available, for liquidity reserves around the 180 days. It is not just that we like it but it makes life easier for the agencies. It makes it easier to get a Triple A rating without long discussions when you have liquidity reserves for 180 days, especially on the mortgage side. I am absolutely in favour of all the measures to be taken. Maybe if we can beef them up even more it would be quite nice. We have discovered recently that a lot of investors pay for the security of knowing there's someone behind the scenes watching what the issuers do, who will help if there is a crisis. That goes for both BaFin and the Bundesbank. We've seen competitor covered bond schemes with so many details outlining what is going to happen if a range of different situations, but in the end it looks like the German product has a strong law without too many details.


It's partly due to the fact that our law works a bit differently to the case law in


ifre.com


Fritz Engelhard, Barclays Capital


the English market. It looks like investors trust this concept: strong law, conservative mechanisms and someone to watch and help out if


something goes wrong, as was the case with Hypo Real Estate. That's more important than having detailed solutions for everything.


Your team at BayernLB


Horst Bertram Head of Investor Relations Phone +49 89 2171-23440 Mobile +49 151 12000460 mailto: horst.bertram@bayernlb.de


Ernst-Albrecht Brockhaus Head of Group Treasury Phone +49 89 2171-20500 mailto: ernst-albrecht.brockhaus@bayernlb.de


Marita Schädlich First Vice President, Investor Relations Phone +49 89 2171-23441 Mobile +49 170 7997947 mailto: marita.schaedlich@bayernlb.de


Dr. Jörg Senger


Head of DCM Funding & Origination Phone +49 89 2171-26524 mailto: joerg.senger@bayernlb.de


Bayerische Landesbank, Brienner Strasse 18, 80333 Munich, Germany www.bayernlb.com/investorrelations


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