tailieunhanh - Finanzgruppe Deutscher Sparkassen- und Giroverband: Financial Report 2010

This paper borrows from the empirical literature on non-financial firms to explain the capital structure of large, publicly traded banks. It uncovers empirical regularities that are inconsistent with a first order effect of capital regulation on banks’ capital structure. Instead, the paper suggests that there are considerable similarities between banks’ and non-financial firms’ capital structures. Subsequent to the departures from Modigliani and Miller (1958)’s irrelevance proposition, there is a long tradition in corporate finance to investigate the capital structure decisions of non-financial firms. But what determines banks’ capital structures? . | S Finanzgruppe Deutscher Sparkassen- und Giroverband Financial Report 2010 KEY FINANCIALS of the Savings Banks Finance Group Selected balance sheet items As of 31 Dec. 2010 in EUR billion As of 31 Dec. 2009 in EUR billion Change in EUR billion Change in Loans to banks MFIs 1 Loans to non-banks non-MFIs 1 1 1 Liabilities to banks MFIs 1 Liabilities to non-banks non-MFIs 1 1 1 Balance sheet total 2 2 2 for information total assets excluding trading derivatives 2 2 Selected income statement items 2010 3 in EUR billion 2009 in EUR billion Change in EUR billion Change in Net interest income Net commission income Net earnings from financial transactions Administrative expenses Earnings before valuation Valuation result excluding equity interests _ 5 - Earnings after valuation Balance of other and extraordinary income expenses 4 Net income loss for the year before taxes _ 5 Taxes on income Net income loss for the year after taxes _ 5 of which net income of Savings Banks after taxes of which net income loss of Landesbanken after taxes _ 5 of which net income of Landesbausparkassen after taxes 1 Monetary financial institutions. 2 Total assets as at the end of December 2010 included derivative financial instruments held in the trading portfolio trading derivatives due to the first-time application of the German Accounting Modernisation Act BilMoG . Trading derivatives of EUR billion were carried by Landesbanken and reported under Other liabilities . 3 Provisional data from partly non-audited annual financial statements .

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