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Foreword by the Board of Managing Directors |
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| Foreword by the Board of Managing Directors
Dear Ladies and Gentlemen,
The global economy continued its upturn in 2010, to the benefit of international financial
markets. Although this trend was overshadowed in Europe by the Greece and Ireland
crisis for a short period, a further negative impact on the Euro was prevented through the
decisive action of all the European countries. The EU bailout facility of EUR 750 billion
and stringent conditions in relation to budget consolidation in the affected countries
made it clear that every means would be used to strengthen the Euro. Due to this coop-
eration the Euro has passed its toughest test to date. In 2010 the economy posted posi-
tive performance in Austria, too, driven primarily by the enormous economic upswing in
Germany, with Tyrol also doing well.
Raiffeisen-Landesbank Tirol AG can look back on a very good year in 2010. Despite
strong competition and a continuing low level of interest rates, we succeeded in increas-
ing our earnings from ordinary business activities to a peak result, at EUR 17.63 m. This
demonstrates the depth of customers' trust in Raiffeisen-Landesbank Tirol AG and con-
sequently in the work of our employees, endorsing our strategy of consistent customer
orientation. Stabilisation of operating expenses and of the need to make provisions for
loans is yet another sign that we have done our homework professionally in the crisis
years and have positioned the company very well for the future and for the challenges
ahead.
We are very pleased that we have again succeeded in extending our leading market po-
sition 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 in Tyrol.
We thank our customers, partners, owners and employees for the trust placed in us and
we look forward to successful cooperation in 2011.
Dr Hannes Schmid
Chairman of the Board
of Managing Directors
Reinhard Mayr
Director
Gobert Sternbach
Director
Foreword by the Board
of Managing Directors
Dr Hannes Schmid
Chairman of the Board
of Managing Directors
Reinhard Mayr
Director
Gobert Sternbach
Director