DZ BANK AG Deutsche Zentral-Genossenschaftsbank Oct 09

Published: October 2009
Standard & Poors

FEATURED COMPANIES

DVB Bank SE
DZ Bank Ireland PLC
DZ PRIVATBANK S.A.
R+V Versicherung AG
VR Leasing AG
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Abstract
Central role in the German cooperative banking sector. Specialized subsidiaries provide stability and diversification of revenues. Sound liquidity position. Modest capitalization even after recent capital measures. Modest profitability of corporate-banking activities and rising pressure from risk costs. Sensitivity of performance to credit spread changes. Outsized exposure to asset-backed securities. The ratings on DZ BANK AG Deutsche Zentral-Genossenschaftsbank (DZ BANK) are based on the bank's central role in the German cooperative banking sector and its membership of the sector's protection scheme. Standard & Poor's Ratings Services considers DZ BANK to be "highly systemically" important for the German economy, but does not include any uplift to the ratings. However, Standard & Poor's expects DZ BANK to be able to draw on the...

Companies mentioned in this report are:
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
- R+V Versicherung AG
- DZ Bank Ireland PLC
- DZ PRIVATBANK S.A.
- Deutsche Genossenschafts-Hypothekenbank AG
- DVB Bank SE
- VR Leasing AG
- Bausparkasse Schwaebisch Hall AG

Action: Review

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- DZ BANK AG Deutsche Zentral-Genossenschaftsbank
- R+V Versicherung AG
- DZ Bank Ireland PLC
- DZ PRIVATBANK S.A.
- Deutsche Genossenschafts-Hypothekenbank AG
- DVB Bank SE
- VR Leasing AG
- Bausparkasse Schwaebisch Hall AG