Basic HTML-Version
Foreword by the Board of Managing Directors |
05
|
|
04
| Foreword by the Board of Managing Directors
Dear Ladies and Gentlemen,
As early as the start of 2009 it became clear that, in parallel to the financial crisis trig-
gered by the insolvency of the US investment bank Lehman Brothers, there would also
be a critical phase in the real economy. Many experts even forecast a global depression.
This was nevertheless cushioned by enormous efforts on the part of governments, with
numerous bank rescue plans and economic stimulus packages as well as an expansive
monetary policy by central banks. Even though the situation had calmed down some-
what by mid-year as a result of these interventions, 2009 will go down in history as one of
the worst years for business since the end of the Second World War.
Raiffeisen-Landesbank Tirol AG can also look back on an extraordinary year 2009. The
economic crisis, which was very apparent in Austria with a GDP decline of
3.6 per cent, resulted in considerable additional expense for credit risk management.
Despite the difficult economic climate, a substantial improvement was made to our
earnings from ordinary business activities and, in a comparison with our competitors in
the sector, we were able to generate a very good net result. This is primarily due to our
business model with its consistent focus on the customers in our region. Our committed
and capable employees are also a crucial competitive advantage. We owe our special
thanks to them.
We are very pleased that we have again in 2009 succeeded in extending our leading
market position in Tyrol, together with the 81 Tyrol Raiffeisen banks. As an alliance we
are by far the largest and most powerful banking group in the federal state. Backed up
by more than 262 bank branches throughout the region, we provide the local population
and business with high-quality financial services. The Raiffeisen Banking Group Tyrol
also provides more than 2,700 jobs, making it one of the largest and most attractive
employers.
We thank our customers, partners, owners and employees for the trust placed in us and
we look forward to successful cooperation in 2010.
Dr Hannes Schmid
Chairman of the Board
Reinhard Mayr
Member of the Board
Gobert Sternbach
Member of the Board
Dr Hans Unterdorfer
Member of the Board
Foreword by the Board of Managing Directors
Dr Hannes Schmid
Chairman of the Board
Reinhard Mayr
Member of the Board
Gobert Sternbach
Member of the Board
Dr Hans Unterdorfer
Member of the Board