Konsolide Finansal Tablolar 2016 - db-X markets

Transkript

Deutsche Bank
31 Mart 2016
Tarihi Mbariyle Hazirlanan
Ko.nsoli.de Finansal Tablolar
ONEiVSLS NOT
Deutsche Bank AG’nin ara donem i.neeIerne raporurtun ekie yer alan TQrk$e tercumess sadece
bilgilendirme amaciyla hazirlanmi§tir. Soz konusu tercume, Deutsche Bank AG'nin denetgiieri veya
yoneticiferi tarafmdan incelenmi§ ve onaylanmi§ bir tercurrie niteliginde olmayip tamamiyia yatirimci
adaylarmin www.db.com adresinden ula§abiiecekleri ara donem inceleme raporunun ingilizce
versiyonundan alinmi§tir ve Ingilizce versiyon ile birlikte gegerlidir. Ingilizce ve Turkge versiyonlar
arasmda <?eli§ki buiunmasi halinde ingilizce versiyon esas almmalidir.
m
i§bu beige ingilizce fotokopisinden T iirl^ e’ye
•arafimdan kisrni olarak tercum e edilmi§tir.
F X D a fA S B N S Y A
SEMi DiL'HiZMETLERl
T e l / ' 0212 325 9S 98
W Jks 0233" 181 42 59
E-m ail sem i@ atlas.net.tr
t
2 - T e y itle r
D eutsche Bank
3 ! M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u
Inceleme Raporu
Deutsche Bank Aktiengesellschaft, Frankfurt am Main
D eutsche B an k A k tien g esellsch aft, F ran k fu rt am M a in ’in,W pH G (A lm an M en k u l K iy m e tler T iearet
K an u n u ) M a d d e 3 7 w u y a n n c a U9 ay lik finansal donem kism m i o lusturan 1 O cak - 31 M a rt 2016
arasm d ak i hesap d o n em in e ait k o n so lid e g elir tablosu, konsolide k apsam li g elir tab lo su , konsolide
bilan?o, k o n so lid e o zk ay n ak degt§im tab lo su , konsolide n a k it akim ta b lo su ve sefilm i? a 9iklayici
no tlard an o lu?an ara d onem d zet konsolide finansal ta b lo la n ile birlikte, D eutsche B ank
A k tie n g e se llsc h a ft’m ara donern k o n so lid e finansal tab lo larin i incelem i§ bulu n u y o ru z. D eutsche Bank
A k tien g esellsch aft y o n etim i, 5 zet ara donem konsolide finansal tab lo larm , U lu slararasi M uhasebe
S tand artlari K u ru lu (IA S B ) ta ra fm d a n yay im lan an ve A v ru p a B irligi (A B ) ta rafm d an benim senen
U lu slararasi M u h aseb e Standards U M S 3 4 ’e “A ra D onem F inansal R ap o rlam a” uygun olarak
h azirlan m asin d an ve ara d o n em g rup yo n etim rap orunun, ara donem grup y o netim raporlari ifin
geêrli o lan W p H G z o ru n lu lu k la n n a uygun je k ild e h azirlan m asin d an sorum ludur. Bizirn
so ru m lu lu g u m u z, o z e t a ra d o n em k o n so lid e finansal tab lo larm ve a ra d onem grup y o netim raporun
in celen m esin e ili§ldn ula?ilan so nucun afiklanm asidir.
O zet ara donem k o n so lid e finan sal ta b lo la r ve ara donem grup yo n etim rap o ru uzerin d ek i incelem em iz
In stitu t d er W irtsch aftsp riifer [A lm anya D en et?iler B irligi] (ID W ) ta rafm d an yayim lanrm ? ve
A lm a n y a ’d a gene! k ab u l gorm u§ olan fin ansal tab lo denetim stan d a rtla rm a uygun oiarak
gerêklegtirilm i^tir. Bu stan d artlar, incelernenin, ele§tirel d eg erlen d irm e y o luyla, o zet ara donem
k o n so lid e fin an sal tab lo larm , o n em li ta ra fla n y la , U luslararasi M u h aseb e S tandartlari K u ru lu (IA SB )
ta rafm d an y ay im lan an ve A v ru p a B irligi (A B ) ta rafm d an ben im sen en U lu slararasi M uhasebe
Standard! U M S 3 4 ’e “A ra D dnem F in an sal R ap o rlam a” uygun o larak hazirlanm am i§ o lm asm m , ve ara
donem grup y o n etim ra p o ru n u n , o n em li ta ra fla n y la , ara donem grup y o n e tim rap o rlari i$in g eferli
olan W pH G g erek lerin e uyg u n o larak hazirlanm am i§ o lm asm m , belli b ir seviyede gtivence ile online
g e 9e b ileceg im iz je k ild e p lan lam am izi ve g e r^ e k lejtirm e m izi g erek tirm ek ted ir. B ir incelem e tem elde
§irket 9ali§anlarm a g oru§m eler y ap ilm asi ve an alitik d eg e rle n d irm eler ile sim rlidir, dolayisiyla, tam
k ap sam h d en etim e k iy a sla d a h a az gtivence saglar. T am kap sam li bir den etim 9ah§m asi
yiiriitU lm em esi n ed en iy le b ir denetirn gorii§u b ild irilm em ektedir.
In celem em iz so n u cu n d a, o zet a ra d onem k o n so lid e finansal tab lo larm , onem li ta ra fla n y la , U luslararasi
M u h aseb e S tan d artlari K u ru lu (IA S B ) tarafm d an y ay im lan an ve A v ru p a B irligi (A B ) tarafm dan
b en im sen en U lu slararasi M u h aseb e S tandardi U M S 3 4 ’e “A ra D onem F in ansal R ap o rlam a” uygun
o larak hazirlanm am i§ o ld u g u n a, v ey a ara donem grup y o netim rap o ru n u n , onem li tara fla n y la, ara
donem g rup y o n etim rap o rlari i 9in g e 9erli olan W pH G gerek lerin e uygun o larak hazirlanm aim §
o ld u g u n a ili§kin hi^:bir h u su sa rastlanm am i§tir.
F ran k fu rt am M ain (A lm an y a), 2.7 N isan 2016
K P M G A G W irtsch aftsp riifu n g sg esellsch aft
P u k ro p sk i
W ir ts c h a f ts p r iif e r
i§bu beige ingilizce fotokop^sinden Tjjrkê’ye
tarafim dan kisma olarak terciim e edilmi^tir.
£ L D A P A SEN SY A
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31 M a r t 2 0 1 6 itib a riy ia A r a D o n e m R a p o r u
3 - K o n s o i i d e F in a n s a l T a b lola r
K o n so lid e G e lir T a b lo s u (d e n e tle n m e m i? )
G e lir T a b lo su
m €
F aiz ve b en zeri g elirier
F aiz g iderleri
N et fa iz j»eliri
K redi d eg er du§u.§ti k ar§ ih k lan
K re d i d e g e r dii$ci$ii k a r s ii i k l a n so rtra si n e t fa iz g eliri
K om isy o n ve ilcret gelirleri
G ergege u y gun d eg er farki k a r veya zarara yan sttilan finansal
v arh k lard an /y u k u m liilu k lerd en n et kazan g lar (zararlar)
S atilm aya h a z tr finansa! v arh k lard a n n e t kazan g lar (zarad ar)
O zk ay n ak y ontem i ile m uh aseb ele?tirilen y atirim iard an elde edilen n e t k azan ? la r
(zararlar)
V adeye k a d a r elde tutulan y atirim iard an elde edilen n e t kazan g iar (zararlar)
D iger g elirler
T o p la m faiz di?i g e lir le r
Ucret, ve so syal hakiar
Gene! ve y o netim giderleri
Polige h am illerin in m en faat ve h a k taiepleri
Pe§tem aiiye ve d ig er m addi olm ayar. v arh k la rin deger dusukliigii
Y en id en y ap iian d irm a faaliyetleri
T o p fa m fa iz diî jjid e rle r
G e lir v e rg isi o n cesi k a r ( z a r a r )
G elir vergisi gideri (kar)
N et k a r ( z a r a r )
K ontrol gticii oim ayan p a y iara atfed ileb ilir n e t kar (zarar)
D eutsche B a n k h isse d a rla n n a ve ek o zk ay n ak b irim lerin e atfed iieb ilir n et kar
S e n a e r e n u? a y lik d o n em
31 M a r t 2016
31 M a r t 2015
6,032
6,457
2,108
2,247
3,924
4,210
304
218
3,620
3,992
2.877
1,297
3,263
2,146
121
106
185
201
0
(257)
4,144
3,194
3,736
44
0
211
7,184
579
343
0
370
6,166
3,433
5,069
153
0
23
8,678
1,479
920
236
559
23
16
544
214
H isse S e n e d i B a^m a K a z a n ?
S o n a e r e n ii? a v lik d o n em
31 M a r t 2016
31 M a r t 2015
H isse se n ed i barjina k a z a n e :
Adi
S ey reltilm ij
H isse a d e d i (rnityon):
D ola$im daki a g irh k h -o rta ia m a hisse ba§m a tem ei kazancm paydass
H isse b a jin a seyreltilm i§ k azan c in pay d asi - d o n iiju m sonrasi diizeitilrni? agirlikh
ortalam a h isse adedi
€ 0 .1 5
€ 0 .1 5
€ 0 .3 9
€ 0 .3 8
1,386.5
1,384.7
1,404.2
1,417.4
Ijbu beige ingilizce fqtokopisinden Tiirk9e ’ye
tarafim dan lasm i claral: tercum e edilm ijtir.
-ELD A PA SEN SY A
S E M l D1L H iZ M E T L E R i
Tel. 0 2 1 2 ' 325 98 98
Faks 02-12 i% 1 42 59
1
D eutsche Bank
3 - K o n s o l i d e F in a n s a l T a b i o l a r
31 M a r t 2 0 1 6 itibarsyta A r a D o n e m R a p o r u
Konsolide Kapsam fi Gefir Tablosu (denetknmemis)
S o n a e r e n ug a y lik d o n em
m €
G e iir ta b lo s u n a k a v d e d ile n n e t k a r ( z a r a r )
D iger kan sam li gelir
K a r veya z a r a r a y e n id e n s im f la tid in im a y a c a k k a le m te r
T anim ianm ig fay d a p lanlari ile ilgili aktileryal k azangiar (zararlar), vergi oncesi
K a r / zarara y en id en sim flan d in lam ay an k alem lere ili§kin to p lam gelir vergisi
31 M a r t 2016
236
31 M a r t 2035
559
(177)
121
(118)
229
385
703
(123)
(177)
34
(4)
4
5
0
0
0
0
(1,137)
3,642
3
0
13
4
K a r / z a r a r a v ertid en s m if la n d in la b ile c e k k a lc m le r
S atilm aya h a z ir finansal v arlik iar
DOnern iginde o rtay a gikan, gergekle§m em i§ net k azangiar (zararlar), vergi oncesi
D tinem iginde o rtay a gikan, gergekle?m i§ net (kazangiar) zararlar (k ar v eya zarara
y en id en sim flan d irilm is), vergi oncesi
Nakit. akim lariR in degi^keniigi risk in d en k o ru m a saglayan tu rev ler
D o n em iginde ortaya gikan gergekle$m em i§ n e t kazan g iar (zararlar), vergi oncesi
D o n em iginde ortaya gikan, gergekle?m i§ net k arlar zararlar (k ar v eya zarara yeniden
sim flan d irilm is), v ergi oncesi
S atd m ay a h a z ir v arlik iar
D o n em iginde ortaya gikan g6rgekle$m em i§ n e t kazan g iar (zararlar), vergi oncesi
D onem iginde ortaya gikan, gergekle§m i§ net (kazangiar) zararlar (k ar v eya zarara
y en id en sin ifia n d in im is), vergi oncesi
Y ab an ci p ara gevrim farklari
D onem iginde o rtay a gikan gergekle$m em i§ net kazan g iar (zararlar), vergi Oncesi
D 6nem iginde ortaya gikan, gergeklesmi:? net (kazangiar) zararlar (kar v eya zarara
y eniden sim flan d m lm i?), vergi 6ncesi
O zk ay n ak yontem i ile m uh aseb elejtiriler. y atirim lar
D onem iginde o rtay a gikan n et kazan g iar (zararlar)
K a r / zarara y en id en sim flan d irilan v e y a sm iflan d in lab ilecek k alem lerle ilgili gelir
vergisi toplam i
D ig e r k a p s a m li g e lir ( z a r a r ) , v e rg i s o n ra s i
T o p la m k a p s a m li g e lir ( z a r a r ) , v e rg i so n ra s i
§ u n lara atfediiebilir:
K ontrol giicii o lm ay an p ay lar
D eu tsch e B ank h issed arian ve e k o zk ay n ak birim leri
(113)
(79)
(989)
4,335
(752)
4,695
12
44
(764)
4,651
I§bu beige ingilizce fptokopisinden T i 'u ^ e ’ye
tarafnndan kism i olarak tercum e edilmi§tir.
ELD A PA SEN SY A
S E M I D lL H lZ M E T L E R i
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Faks 0212 281 42 59
2
D eutsche Bank
3 - K o n s o l i d e F in a n s a l T a b i o l a r
31 M a r t 2 0 1 6 i tib a riy la A r a DQnern R a p o r u
K o n so lid e B ilan ^ o (d e n e tie n n ie rn i? )
V arlik iar
31 M a r t 2016
113,040
31 A r a !ik 2 0 1 5
96,940
10,083
12,842
inenkui kiy m etler
22,987
22,456
Odiiri 9 ah n an m enkul k iy m etler
39,369
33,557
m €
N ak it ve m erkez b an k asi bakiyeleri
B an k alar arasi b ak iy eler (m erkez b a n k a la n harig)
Y en id en satim so z lefm eleri u y arm ca satilan m erk ez bankasi fo n la n ve ah n an
G erfe g e u y g u n d eg er farki k a r v ey a zarara yan sitilan finansal v arlik iar
A h m -satim v a rh k la n
174,947
196,035
T iirev finansal araijiardan p o z itif p iy asa degerleri
581,291
515,594
Gerijege u y gun d eg er farki k a r v ey a zarara yan sitilan finansal varlikiar
107,100
109,253
G erijege u y g u n deger farki k a r v eya za ra ra yansitilan toplam finansal varlikiar
863,338
70,890
820.883
73,583
S atilm aya h azir finansal v arlik iar
O zk ay n ak y ontem i y a tin m la n
K rediier
1,015
1,013
424,060
427,749
V adeye k a d a r elde tu tu lan m enkul kiym etler
3,233
0
M addi duran varlikiar
2,798
2,846
§ erefiy e ve diger m addi o lm ay an d u ran varlikiar
D iger v arlik iar
9,906
10,078
171,029
118,137
C ari vergi alacaklari
1,284
1,285
E rtelenm i? vergi alacaklari
7,538
7,762
1,740,569
1,629,130
31 M a r t 2016
559,140
31 A r a lik 2015
566,974
T o p la m v a r lik ia r
Y ttfciim liiliik ler ve O z k a y n a k la r
m€
M ev d u atlar
G eri ah ra so z lejm e lsri u y a n n c a ah n an m e rk e z b an k asi fon'iari ve sati'ian
rnenkui kiy m etler
O diin? v erilen rnenkui kiym etler
15,115
9,803
2,207
3,270
G e rje g e u y g u n d eg er farki k ar v ey a zara ra yan sitilan finansal yiikum lulukler
A h m -satim atriafh yiikum lulukler
T tirev finansal a ra fla rd a n n e g a tif p iy asa degerleri
G er?ege u y g un d e g e r farki k a r v eya zarara y an sitilan finansal yiikum lulukler
Y a tin m sozle§m esi yukttm lulttkleri
G er 9 ege u y gun d eg er farki k a r v ey a zara ra yan sitilan finansal yiikS m liilukler toplam i
D iger kisa vadeli borylanrnalar
63,810
52,304
561,532
494,076
52,729
44,852
7,917
8,522
685,988
599,754
28,477
28,010
213,682
175,005
K ar$ihklar
9,627
9,207
C ari vergi yiikum liilukleri
1,503
1,699
D ig er yilk iim laltikler
E rtelenm i? vergi yukiim ltilU kleri
U zu n vadeli b o rfla r
T ru st im tiyazli m enkul kiym etler
H isse senetierir.i alm a yiikum liilugU
T o p la m y iik iim liiiU k ler
H isse sen etieri, itibari degeri olm ayan, 2,56 € nom inal degerde
811
746
151,361
160,016
6,112
7,020
0
0
1,674,023
1,561,506
3,531
3,531
Ilave 6denm i§ serm aye
33.451
33,572
D agitilm am i? karlar
21,340
21,182
(210)
(10)
H azin e hisseleri, m aliyetten
H isse senetierir.i satm alm a yiikum liiliigu olarak sim flandirilan ozkay n ak lar
B irikm i? d ig er kapsam li gelirSer (zararlar), vergi so n ra si1
T o p la m h is s e d a r iiz k a y n a k la n
ilav e o zk ay n ak bile§enleri2
K ontro! gucii o lm ayan p ay lar
T o p la m o z k a y n a k la r
T o p la m y iik u m liiliik le r ve o z k a y n a k la r
0
0
3,482
4,404
61,592
62,678
4,675
4,675
279
270
66,546
67,624
1,740,569
1,629,130
'T am m lan m i? fayda planlari ile ilgili yeniden olsiim eikileri (vergi sonrasi) harig.
2 U F R S ’n a u y gun o la ra k o zk ay n ak lard a sim flandirilan D eutsche B a n k tem in atsiz ve serm aye b en zeri tah v illeri olu^turan ilave T ier
I T ah v illeri ife rm e k te d ir
t$bu beige ingilizce fotokopisinden Turkê’ye
tarafim dan kism i olarak tercttrae ed:lmi§tir.
E L D A ’PASENSYA
S E M I D IL H JZ M E T L E R i
Tel. 021 > ^ 2 5 98 98
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3-K o rtso lid e F in a n s a l T a b io la r
D eutsche Bank
31 M a r t 2 0 1 6 i tib a riy la A r a D o n e m R a p o r u
K o n so lid e O z k a y n a k D eg isim T a b lo s u (d e n e tle n m e m i? )
H isse
S e n e tle ri
( itib a r i
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31 A r a lik 2 0 1 4 iti b a n v l s b ak iv e
T o p lam k apsam li g elir (zarar), v ergi so n rasi2
C ikarilrm ? hisse senetleri
O denen n ak it tem ettiiler
ilav e o zk ay n ak bile§enlerinden k u p o n lar, vergi
sonrasi
T am m lan m ij fayda planlari ile ilgili yeniden
dlQum k azanglari (zarariar). vergi sonrasi
R a p o rlam a d6nem ir.de hisse odiillerindeki net
degisim
H isse b azli u cret p lan lari cjer9 evesinde
d ag itilan b an k a hisseleri
H isse b azli Ucret p lan lari ile ilgili vergi
indirim leri
H isse sen etlerini satin alm a yukiirnliilugii
o larak sim flan d irilan O zkaynaklara ilaveler
H isse senetlerini satin alm a yukiim liilugii
o larak sim flan d irilan O zkaynaklardan
indirim ler
O p siy o n p rim leri v e h isse senetleri iizerir.deki
o p siy o n larin d ig er etkileri
B a n k a ’n m kendi h isselerin in ahm lari
B a n k a ’m n kendi h isselerin in sati§ian
B a n k a ’nm satilan kendi h isselerin d en net
k azan g iar (zararlar)
D iger
31 M a r t 2 0 15 itib a riy la b a k iy e
H ave
O d e n m i?
se rm a y e
H isse
s e n e tle rin i
sa tin alm a
yukiim liifiig ii
o la r a k
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o z k a y n a k la r
D ag itilm am n s
k a rla r
H a z itie
hisse
se n e tle ri,
m a liy e tte n
29,279
(8)
0
0
0
0
0
0
0
3,531
0
0
33,626
0
0
0
0
544
0
0
0
0
0
0
0
0
0
41
0
0
0
(36)
0
0
0
0
0
0
234
0
0
22
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(34)
0
0
0
0
0
0
(2,641)
2,403
0
0
0
0
0
0
29,863
0
(12)
0
0
0
(10)
0
0
0
0
0
0
0
0
1
0
3,531
28
33,607
3,531
0
33,572
0
0
0
0
0
21,182
214
0
0
0
0
0
0
0
0
0
(56)
0
0
0
(78)
0
0
0
0
0
0
80
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(129)
0
0
0
0
0
0
(2,047)
1,768
0
0
0
0
0
24
0
0
62
0
0
0
0
33,451
21,340
31 M a r t 2036 itib a riy la b ak iy e
3,531
1 O zk ay n ak y o n tem iy ie d eg erlen en y atirim iard an gerfekle^m em i? n et k azangiar (zararlar) h a rif.
2 T am m lanm i? fayda p lan lari ile ilgili y en id en O îim kazarujlan (zarariar) (vergi sonrasi) hari?.
(210)
0
31 A r a h k 2 0 1 5 itib a riy la b ak iy e
T oplam kapsam li g elir (zarar), vergi so n rasi2
C ikarilm i§ h isse senetleri
O den en n a k it tem ettiiler
Ilave o zk ay n ak bile§enlerinden k u p o n lar, vergi
so n rasi2
T am m lanm i§ fayda p lanlari ile ilgili y eniden
81<;um kazan?lari (zararlar), vergi sonrasi
R aporlam a donem inde h isse O diillerindeki net
degi§im
H isse bazli ucret planlari gergevesinde
d ag itilan b an k a hisseleri
H isse bazli u cret p lan lari ile ilgili vergi
indirim leri
H isse sen etlerini satin alm a yiikum lulugii
o larak sim flandirilan d zk ay n ak lara ilaveler
H isse sen etlerini sa tin alm a yukiim liilugii
o larak sim flan d irilan O zkaynaklardan
indirim ler
O psiy o n prim leri ve hisse senetleri uzerindeki
o p siy o n larin d ig er etkileri
B a n k a’m n kendi h isselerinin ahm lari
B a n k a ’m n kendi h isselerin in sati?lari
B a n k a ’m n satilan kendi hisselerin d en net
k azangiar (zararlar)
D iger
i§bu beige ingilizce. folokopisinden T urk?e’ye
tarafim dan kismi olarak tercum e edilm ijtir.
E L D A PA SEN SY A
SE M I D iL H IZ M E T L E R i
Tel. 0212 355 98 98
Faks 0212 281 42 59
3 - K o n s o l i d e F in a n s a l T a b io la r
D eutsche Bank
31 M a r t 2 0 1 6 itib ariyla A r a D o n e m R a p o r u
Sati§ amaciyia
elde tutulan
olarak
sim flandirilan
variiklardan
gerêklefm em if
net kazangiar
(zararlar), vergi
sonrasi1
Yabarna
para
$evrim
farklari,
vergi
sonrasi1
Ozkaynak
yontem iyle
muhasebele§tirilen
yatirim iardan
gerêkle§memi§
net kazangiar
(zararlar)
Birikmif
diger
kapsam li
gelirler
(giderler),
vergi
sonrasi2
Hissedarlara
ait toplam
ozkaynaklar
ilave
O zkaynak
8ile§enleris
Toplam
ozkaynak
lar
Kontrol
giicii
olmayan
paylar
Satilmava
hazir finansal
varlikiar dan
ger$ekle§me
mi§ net
kazangiar
(zararlar).
uygulanabile
n vergi ler ve
digerlerinden
sonra net1
1,675
412
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,086
Nakit akim
degi§kenligi iiirev
riskien koranm a
i§lem lerinden
ger£ekle§memi§
net kazangiar
(zararlar), vergi
sonrasi1
79
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
79
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
151
3,650
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,802
18
4
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22
1,923
4,066
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5,989
68,351
4,610
0
0
0
41
(36)
234
22
0
0
(34)
(2,641)
2,403
1
28
72,979
4,619
0
0
0
0
0
0
0
0
0
0
0
0
0
0
46*
4,665
253
44
0
0
0
0
0
0
0
0
0
0
0
0
0
(9)
288
73,223
4,654
0
0
0
41
(36)
234
22
0
0
(34)
(2,641)
2,403
1
65
77,932
1,384
165
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,549
97
25
0
0
0
0
0
0
0
0
0
0
0
0
0
0
122
662
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
662
2,196
(1,126)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,069
66
13
0
0
0
0
0
0
0
0
0
0
0
0
0
0
79
4,404
(922)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,482
62,678
(708)
0
0
0
(56)
(78)
80
0
0
0
(129)
(2,047)
1,768
24
62
61,592
4,675
0
0
0
0
0
0
0
0
0
0
0
0
0
0
O4
4,675
270
12
0
0
0
0
0
0
0
0
0
0
0
0
0
(4)
279
67,624
(696)
0
0
0
(M,i
(78)
80
0
0
0
(129)
(2,047)
1,768
24
58
66,546
3 UFRS’n a uygun olarak Ozkaynaklarda sim flandirilan Deutsche Bank iem inatstz serm aye ve benzeri tahvilleri olujturan ilave Tier 1 Tahvilleri iserm ektedir
4 ilave ozkaynak bilesenlerinin alim ve satim m dan net m eblag dahil.
i§bu beige ingilizce fotokopisinden T iirk fe’ye
tarafim dan kism i olarak terciime edilmi§tir.
ELD A PASEN SY A
S E M I D JL H iZ M E T L E R l
Tel. 0212 329^8 98
Faks 0212 281 ^2 59
E-maii [email protected]
5
D eutsche Bank
3 - K o r iso lid e F in a n s a l T a b io la r
Konsolide Nakit Akim Tablosu (denetlenmemi?)
S o n s eren ii? aylik dOnetn
31 M a rt 2016
m€
31 M a rt 2015
236
559
Kredi deger d0§0§tl karjihklart
304
218
Yeniden yapiianm a faaliyetleri
211
23
(127)
(209)
Ertelenmi? gelir vergileri, net
116
506
Deger du$Uklugu, am ortism an ve diger tiikenme paylan, ve deger arti§i
509
124
N et k a r ( z a r a r )
Operasyonel faaiiyetlerden nakit aktmlari:
Net karla operasyonel faaiiyetlerden saglanan (kuliamlan) net nakdin mutabakati i9 in yapiian
duzeltmeler:
Satiim aya hazir finansal varhklarm , Ozkaynak yOntemiyle muhasebele?tiriien yatirim larm ve
digerlerinm sati§indan elde edilen kar
O zkaynak yOntemiyle m uhasebelejtirilen yatirim iardan net kartn (zararm) payt
G ay rin ak d i Ucret, k red i ve d ig er kalem lere g8re diizeltilm i$ k a r
(106)
(199)
1,143
1,022
247
7,234
(6,584)
(12,369)
1,363
(4,673)
Operasyonel varhklardaki ve yUkUmlOlUklerdeki net degijim in dtizeitmesi:
M erkez bankalari veya merkezleri olm ayan bankalar nezdindeki faiz getirici vadeli m evduatlar1
Satilan m erkez bankast foniari, yeniden sat!? sozle§meleri uyarinca ahnan menkul kiymetler,
Odiin? ahnan m enkul kiym etler
Gerijege uygun deger farki kar / zarara yansitilan finansal varlikiar
Krediler
Diger varlikiar
M evduatlar
3,136
(16,155)
(52,790)
(45,208)
(6,983)
33,399
7,789
4,085
G erfege uygun deger farki kar / zarara yansitilan finansal yiikum lulukler ve yatirim
sOzIejmesinden dogan s0zle§me yUkUmlUlUkleri2
Satm ahnan m erkez bankasi foniari, yeniden satim sOzle$meleri uyarm ca satilan menkul
kiym etler ve OdUn? verilen m enkul kiym etler
4,333
5,891
493
(4,649)
Diger yUkumlUlUkler
41,283
48,515
Oncelikli uzun vadeli bor?3
(8,502)
11,657
degerleri, net
34,077
(1,563)
Diger, net
(2,502)
(8,169)
16,503
39,017
Satiim aya hazir finansal varhklarm satiji
5,254
3,280
Vadesi gelen satiim aya hazir finansal varhklarm sati§i
1,561
1,643
0
0
Diger kisa vadeli borglanm alar
A hm -satim amapli varlikiar yukUmiUlukleri ve tUrev finansal ara<;lardan pozitif ve negatif piyasa
O perasy o n el faaliy etierin d en sa g lan an (kuliam lan) net n ak it
Yatirim faaiiyetlerinder. nakit akim lan:
N akit giri§i:
Vadeye kadar elde tutulan m enkul kiym etlerin vadesi gelenler
Ozkaynak yOntemiyle muhasebele$tirilen yatirim larm sati§i
18
6
Maddi duran varhklarm satiji
11
2
(7,991)
(9,! 00)
Alimlar:
Satiim aya hazir finansal varlikiar
Vadeye kadar elde tutulan menkul kiym etler
Ozkaynak yOntemiyle m uhasebele?tirilen yatm m lar
M addi duran varlikiar
i§bu beige ingilizce fotokopisinden T urkê’ye
tarafimdan kismi oiarak tercume edilmijiir.
EL B A PA SEN §Y A
S E M I D fL H iZ M E T L E R I
Tel. 0212 325 98 98
Faks 0212 2£1 '42 59
0
0
(12)
(45)
(110)
(97)
D eutsche Ban k
3 - K o n s o i i d e F in a n s a l T a b i o l a r
31 M a r t 2 0 1 6 i t ib a r iy la A r a D o n e m R a p o r u
§irket bir!e?meleri / elden fskanlan yatirirnlar ifin ahnan (Odenen) net nakit
Diger, net
Y atinrri faaliyetlerindera sa g lan an (k u ilam lan ) net nakit
79
0
(299)
(277)
(1,489)
(4,588)
3
1,460
(170)
(855)
Finansmari faaliyetlerinden r.akit akim lan:
Sermaye benzeri uzun vadeli borflanm a senedi ihraci
Sermaye benzeri uzun vadeli geri Odemeleri ve itfaiart
TrOst imtiyazli m enkui kiym et ihraci
TrOst imtiyazli m enkul kiym et geri Odemeleri ve itfaiart
6
393
(705)
(4,040)
0
0
B anka’nm kendi hisselerinin ahm lari
(2,047)
(2,641)
Banka’nm kendi hisselerinin sati§lari
1,784
2,405
0
0
ilave Ozkaynak Bile§enleri (A T I) ahm lari
(82)
(239)
ilave Ozkaynak Bile§enleri (A T I) sati§lari
81
276
tlave Ozkaynak Bile§enlerinin kuponlari, vergi oncesi
0
0
Kontrol gtlcti olm ayan paylara Odenen tem ettiiler
0
0
(4)
(9)
0
0
(1,134)
(3,250)
(307)
2,561
thra? edilen hisseier
ijikartlan Ilave O zkaynak Bile§enleri (A T I)
Kontrol giicii olm ayan paylardaki net degi$im
O denen nakit temettiiler
F in an sm an faaliy etierin d en saglanan (k u ilam lan ) net n ak it
Doviz k u r la n n d a k i degi?im in n a k it ve n akde e^dcger v a rlik ia r iizerindeki net etkisi
Nakit ve nakde e?deger varhklardaki net arti? (azah?)
13,573
13,740
DOnem ba$indaki nakit. ve nakde e?deger varlikiar
105,478
51,960
DOr.em sonundaki nakit ve nakde e$deger varlikiar
119,049
65,699
42.2
222
Odenen faiz
2,206
2,457
A hnan faiz ve temettiiler
6,075
6,406
111,607
59,60!
O p erasyonel faaiiy etlerd en sa g lan an (k u ilam lan ) net n ak it § u n la n ife rir
Odenen gelir vergileri, net
N ak it ve nak d e e$deger v a rlik ia r ju n la rd a ii o lu ju r
N akit ve m erkez bankasm dan alacaklar (merkez bankalari nezdindeki faiz getirici vadesiz
m evduatlar dahil degildir)1
B ankalar arasi bakiyeler (m erkez bankalari hari?) (31 M art 2016 itibariyla 4,074m. Euro, 3 i
Mart 2015 itibariyla 26,605 m. Euro tutanndaki vadeli m evduatlar dahil degildir)1
T oplam
7,442
6,098
119,049
65,700
1 2 0 1 5 ’te kar§iia§tirmali ra k am lar yeniden ifade edilrni§tir. D etayli bilgi i?in 2015 Faaliyet R aporurnuzun konsolide finansal tablolarinda N o t 1 “O nem li M uhasebe Politikalari ve Kritik
M uhasebe T ah m in leri- T ahm inierdeki O nernli B egi$iklikler ve S unum daki D egi§iklikler” kism ina bakiniz.
2 31 M art 2016 ve 31 M art 2 0 1 5 ’e kad a r sirasiy la 1,970 m ilyon E uro ve 8,181 m ilyon E u ro tutarinda oncelikli uzu n vadeli tahvil ihraci v e 2,071 m ilyon E u ro v e 7,847 m ilyon E u ro tu tan n d a
geri odem e v e itfa dahildir.
3 31 M art 2016 ve 31 M art 2 0 1 5 ’e k adar sirasiyla 11,328 m ilyon E u ro v e 50,696 m ilyon E u ro tutarinda ihra?, ve 18,928 m ilyon E u ro v e 4 0,067 m ilyon E u ro tu tan n d a geri odem e ve itfa
dahildir.
I§bu beige ingilizce fotokopisinden T u rk se’ye
tarafim dan kjsms olarak tercum e edilmi§tir.
ELDA PASENSYA
S E M I D I L H iZ M E T L E R i
Tel. 0 2 f T 325 98 98
Fa'xs 0212 281 42 59
E-mail semicSjatl3s.net.tr
7
D eutsche Bank
4 - K o n s o l i d e F in a n s a l T a b l o l a r a IIi§kin D ip o tla r
31 M a r t 2 0 1 6 itib a riy la A r a D o n e m R a p o r u
Sunuma llifkin Esaslar (denetlenmemi§)
D eutsche B ank A G ve bagli ortakliklarirn (to p lu ca "G rup") k apsayan ili§ikteki o zet kon so lid e ara
donem finan sal tab io lar, G ru p ’un sunum p ara birim i o lan E uro cin sin d en ifade edilm i^tir. U M S 34
"A ra D onem F inan sal R ap o rlam a" zo ru n lu iu k larin a uygun o lara k sunulm u§ olup, U luslararasi
M u h aseb e S tan d artlari K urulu ("IA S B ") tarafm d an yay im lan an ve A v ru p a B irligi (“A B ”) tarafm dan
o n ay lan an U luslararasi F in an sal R ap o rlam a S tan d artlarm a ("U F R S ") u y gun o larak hazirlanm istir.
G ru p ’un U F R S ’m u y g u lam asi, IA SB tarafm d an yayim lanm i$ olan U F R S ile A B tarafm dan
onaylanm i§ olan U FR S ara sm d a h erh an gi bir fark y aratm am aktadir.
Y o n etim R a p o ru n a dahil ed ilen bazi U FR S aîklam alari, ko n so lid e ara donem fin an sal tablolarm
ay rilm az b ir p ar?asid ir. B u n lar, Y o n etim R ap o ru n u n O perasy o n el v e F in an sal in celem e: Faaliyet
B olum ii b a z m d a S o n u 9lar k ism in d a a 9ikianan F aaliyet B olum ii B ilg ileri n o tu n u n F aaliy et B olum ti
b azm d a F aaliy et S o n u ? la n d ir. Bu b ilg ilerin gosterim i U M S 34 ve U FR S 8 "F aa liy et B oliim leri" ile
uyum ludur.
D eu tsch e B a n k ’m o zet k o n so lid e ara donem fin an sal ta b lo la n den etlen m em i§ tir ve faaliy et boliim leri
h a k k m d a bilg ileri iêrm ek te olup, D eutsche B a n k ’m yen i yapssim ve ticari faaliyetlerini yansitm ak
uzere 2 0 1 6 ’nm birin ci ^ e y reg in d e y e n id e n ifade ediim istir. O zet k o n so lid e ara donem finansal tabiolar
ay rica g e lir tab lo su , b iian co ve d ig e r finansal bilgi hakkm daki ek a 9ik lam alari iêrm ektedir. B unlar,
“M u h aseb e ilk elerin d ek i D eg i§ ik lik lerin E tk isi” boliim iinde b e lirtild ig i u zere yeni benim senen
m u h aseb e d u y u ru lari hari? o lm ak u zere, D eutsche B a n k ’m 2015 y ih n a ait ve aym m uhasebe
ilk elerin in ve kritik m u h a se b e tah rn in leri uygulanm i? old u g u denet!enm i§ k o n so lid e finansal tablolari
ile birlikte o k u n m ah d ir.
F in an sal ta b lo la rm U F R S k a p sa m m d a h azirlanm asi, y o n etim in belli v a rh k ve yiikum Juliik kategorileri
i?in tah m in ve v a rsa y im la rd a b u lu n m asin i gerektirm ektedir.
Bu tah m in ve varsay irn lar, v a rh k la rm ve yiikiim liiluklerin raporlanan tu tarlarim , §arta bagli v arh k ve
yukilm iiiliiklerin bilan ô tarih in d ek i a 9iklam asini, ve rap o rlam a donem i i?indeki g elir ve giderlerin
rap o rlan an tu tarlarim etk ilein ek ted ir. F iili sonu 9lar yonetim in tahrriinlerinden fa rk h h k g o stereb ilir ve
rap o rlan an so n u 9lar, biitun y il i?in b ek len eb ilecek sonuglarm gosterg esi o larak g o ru lm em elid ir.
I§bu beige ingilizce fotokopisinden T u r l^ e ’ye
tarafim dan kism i olarak iercum s edilmi§tir.
ELBA PA SEN SY V
S E M I D iL H iZ M E T L E R l
Tel. 0212 325 98 98
Faks 0212 281 42 59
D eutsche Bank
4 - K o n s o l i d e F in a n s a l T a b l o l a r a i!i$kin D ip o tla r
Muhasebe Ilkelerindeki Degipklilderiii Etkisi (denetienmemi$)
Yakut Zamarada Benimsenen Muhasebe D uy uru lan
A §agidaki m u h aseb e d u y u ru la n G rup i$in g e?erlid ir ve bu ara donem o zet kon so lid e finansal
tab lo larm h az irla n m a sm d a uygulanm i§tir.
UMS 1
1 O cak 2 0 1 6 ’da G rup, fin an sal rap o rlarm sunum v e a$ ik lam aian m iyile§tirm e inisiyatifm in b ir parâsi
olarak, U M S 1 “F in an sal T ab lo larm S unum u” guncellem elerin i benim sem i§tir. Bu giincellem eler,
finansal tab lo larm btitiinu i?in o n em lilik ilkesinin u y g ulanacagi, a fik ia m a la rm b elirlenm esinde
p ro fesy o n el m u h ak em en in k u llam lm asi gerektigi ve onem siz verilerin dahil edilm esin in aîklam alarm
etkinligini d iifiireb ileceg i h u su su n a a 9ik h k g etirm ektedir. G uricellem elerin, G ru p ’un konsolide
finansal ta b lo la n n d a o n em li b ir etkisi olm am i§tir.
U F R S 2 0 1 2 -2 0 1 4 D o n g iis iin d e iy i!e § tirm e ie r
lA S B 'n m 2 0 1 2 -2 0 1 4 d o n g u sii i9in y ilh k iyile§tirm e p rojeleri so n u cu n d ak i, 90k sayida U FR S
stan d ard m d a y ap ilan g iin cellem eler 1 O cak 2 0 1 6 ’d a G rup tarafm d an benim senm i§tir. B unlar, sunum ,
m u hasebele§tirm e v ey a o lfiim b ak im m d an m u h aseb e degi§iklik!erine yol a?an giincellem elerden ve de
f.e§itli m iinferit U F R S stan d artlari ile ilgili term in o lo jik v ey a ed ito ry al g iin cellem elerd en olu§m aktadir.
G U ncellem elerin G ru p 'u n k o n so lid e fin ansal ta b lo la n iizerinde onem li bir etkisi olm am i§tir.
Muhasebe Duyurulan
A §agidaki m u h a se b e te b lig le ri 31 M art 2016 itib ariy la yiirurlukte d eg ild ir, d o lay isiy la bu konsolide
ara donem fin an sal tab lo larm h a z irlan m asm d a uygulanm am i§tir.
U F R S 9 F in a n s a l A r a ^ la r
T em m u z 2 0 1 4 ’te IA S B , U M S 39 “ F inansal A rabian T am rna ve 0 1 ?u m ” iin yerini alan U FR S 9
“ F inansal A ra fla r” 1 yayim lam i§tir. U F R S 9, bir k u ru lu ju n fin ansal v arlik larin i nasil sm iflandirm asi ve
o lfm e si g erek tig in e d air y en i zo ru n iu lu k lar g etirm ekte, ihra? edilen b o rfla n m a sen etlerin e ili§kin
o larak ‘kendi k re d im iz in ’ d eg i§ ik lik ler iên n ek te, finansal v a rh k larm d e g er du§iiklugim e dair m evcut
k u rallarm y erin i alm a k ta ve risk ten k o ru n m a m u h aseb esi zo ru n lu lu k larm i g u n cellem ek ted ir. U FRS 9,
1 O cak 2018 v ey a so n ra sin d a ba$layan y illik d o n em ler ifin geyerlidir. G rup, U FR S 9 ’un etkisini halen
d eg erlen d irm ek ted ir. S tan d art h eniiz A B tarafm d an onaylanm am i§tir.
G rup, m erkezi o larak y o n etilen , G ru p ’un finans m udurii ta rafm d an destek len en ve m etodoloji, veri
tem in i ve m o d ellem e, IT ijle m e ve raporlam a k o n u la n n m u zm a n larm in y er aldigi bir U FR S 9
p ro g ram in i uygulam i§. G en el yoneti$im , F inans ve R iskin m ii§tereken tem sil edildigi U FRS 9
Y iirutrne K om itesi u zerin d en sag lan m aktadir. 1 O cak 2 0 1 8 ’den itibaren U F R S 9 ’un G rup i?in
g eêrlilik k a z a n m a sm a h a z irla n m a k u zere G ru p ’u n i? k o n tro l sistem inin b ir paryasi o larak birim lerde
v e §irketlerde U F R S 9 k o n u su n d a reh b erlik ve egitim v erilm ek ted ir.
F in a n s a l v a r h k i a n n v e y u k tim lu iiik le rin S in jfla n d s rin a ve
U F R S 9 ’a g o re b ir kuruiu§un i§ rnodelinin ve b ir finansal a ra cm akdi nak it akim lari, finansal
tab lo lard ak i sin iflan d irm asin i ve d o la y isiy la olîim iinti belirler. D eg erien d irm e so nucu her finansal
v a rh k y a g e rfe g e u y g u n d e g e r fark i k ar v ey a z arara yan sitilan ( ‘F V T P L ’) olarak, y a tiikenm eye tabi
tu tu lan m a liy etten , y a d a D ig er K apsam li G elirler y o lu y la ger 9ege uygun d eg erd en ( ‘F V O C I’)
sm iflan d irih r. Bu z o ru n iu lu k lar, m ev cu t IA S 39 k u ra lla n 9e r 9ev esin d ek i d eg erlendirrneierden farkh
o ld u g u n d an , IA S 39 k u ra lla ri 9e r 9ev esinde finansal v a rh k la rm sim fla n d irm a ve o ^ iim iin d e bazi
fa rk h h k la r o lm asi b ek len m ek ted ir.
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tarafim dan kism i oiarak terciim e edilmi§tir.
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D eutsche Ban k
Fim ansal v a r h k la r m ve y u M m liiliik le rin S m ifla o d irm a ve 6 l? iim it (d evam i)
Finansal yiikum luluklerin sm iflandirm a ve ol?um u, UFRS 9 ?er?evesinde, m evcut zorunluiukiara gore
biiyiik ciicude degism eden kalm aktadir. Ancak, ihraij edilen bor<?lanma senetleri gerfege uygun degerden
tayin edildiginde, bir kurulu§un kendi kredi riskine atfedilebilen gergege uygun deger hareketleri, Gelir
T ablosu yerine D iger K apsam li G elirler arasinda muhasebele§tirilir. Standart ayrica, UFRS 9 ’un tam olarak
benim senm esinden once, bir k urulujun geryege uygun deger hareketlerini D iger Kapsam li G elirler arasm da
kredi riskinde gosterilm esini uygulam ayi se 9mesine de izin verm ektedir. UFRS 9 AB tarafm dan heniiz
oriaylanm adigm dan, G rup standardm bu zorunluluklanm erkenden benim sem em i§tir.
F in a n sa l v a r h k la r m d e g e r dii§iikltigii
UFRS 9 genyevesinde deger diljuklugu kurallari, tukenm eye tabi tutulan m aliyetten 6l?ulen finansal
varlikiar veya FV O CI ve kredi verm e taahhutleri ve finansal garantiler gibi bilanô di§i olgtilen borglanm a
senetleri i?in uygulanacaktir D eger dii$ukliigu Z aralannm ve kar$ilikiann tespiti, kredi deger du§ii§lerinin
IAS 39 5er?evesinde ‘tetikleyici’ bir olay ger?ekle§tiginde (veya G rubun kredi verm e taahhutleri ve
finansal garantilere ta ra f oldugu tarih) m uhasebele§tirildigi, m azur kalinan kredi deger du§u§ii modelinden,
bekienen kredi deger diijukliigti m odeline ge?ecek olup, buna gore karjihklar, finansal varhgin ilk
m uhasebelejtirilm esinde o zam anki potansiyel kredi deger dii§il§u beklentilerine dayali olarak
ayrilm aktadir.
UFRS 9 bekienen kredi deger dusii§u yaklajim i kapsam inda Grup, hem hom ojen hem de hom ojen-olm ayan
sorunsuz kredi havuzlanndan, ilerideki 12 ayda m uhtem el olan tem erriit olaylarm dan dogm asi bekienen
kredi deger dujukliiklerini kaydedecektir (1. ajam a). UFRS 9 ayrica, ibra? veya alim dan sonra kredi
kalitesi onem li olgiide bozulm u§ fakat heniiz tem erriide dii§memi§ ( 2 . a§ama) ve kredi deger du§ukliigiine
ugrami§ (3. a§ama) varhklarm omril boyunca bekienen kredi deger dii§ii§unun ( ‘omtir boyu bekienen
zararlar”) de kaydedilm esini gerektirm ektedir. UFRS 9 kapsam inda bekienen kredi deger du§ilklukleri,
m akro-ekonom ik faktorleri de iferen ileriye-donuk bilgileri hesaba katarak ol?ulm ektedir.
D eger diijuklugu k u rallan n d a yapilan degijiklikler sonucu, kar§ihklar, gelecekteki ekonom ik durum lann
olasihk agirhklarim belirleyecek olan (finansal varhgin omrii boyunca siirekli izlenecek ve dahil edilecek)
ileriye donuk m akul ve desteklenebilir bilgilere dayandm lacagi igin, U FRS 9 subjektivitenin artm asm a yol
agacaktir. Bu, IAS 39 c;en,:evesinde ger$ekle§mi§ olan kredi olaylarina dayali deger diijukliigu kaydina
tezattir. K redi riski ilk m uhasebele§tirm eden sonra onemli Qlfude artmami§ ara?lardan 12-ayhk bekienen
kredi deger dii§u§iine denk bir tu tan kaydetm e zorunlulugu nedeniyle, ve om iir boyu bekienen zararlarin
ge?erli oldugu finansal varhklarm populasyonunun IAS 39 genjevesinde kredi olaylarm in zaten
gergekle$mi§ oldugu finansal varlikiar popiilasyonuna kiyasla m uhtem elen daha fazla olacagi igin UFRS
9 ’un, deger du§uklugii kar§iliklarim n genel seviyesinde bir arti§a yol a?m asi beklenm ektedir.
R isk ten k o ru n m a m u h aseb esi
UFRS 9 ayrica, riskten korunm a m uhasebesini risk yonetim i uygulam alariyla uyum landirm ayi amaciayan
yeni riskten korunm a m uhasebesi kurallari da iferrnektedir. Genel olarak, m evcut kurallar gerfevesindeki
bazi kisitlam alar kaldinlm i? ve riskten korunm a m uhasebesi i$in daha fazla £e§itlilikte riskten korunm a
ara^lari ve riskten korunan unsurlar m tisait hale gelm ijtir.
U F R S 15 M ii jte r il e r He S o z le $ m e Ie rd e n G e lir le r
M ayis 2 0 1 4 ’te IA SB, gelirin ne zam an ve nasil m uhasebelejtirildigini belirleyen am a U M S 39 / UFRS 9
kapsam inda finansal araclar ile ilgili gelirlerin m uhasebele§tirilm esini etkilem eyen UFRS 15 “Mii§teriler ile
Sozlegm elerden
G elirleri”
yayim lam ijtir.
U FRS
15
halen
U FRS
kapsam inda
gelirlerin
m uhasebele§tirilm esinin tabi oldugu 90k sayida diger UFRS standardinm ve yorum unun yerini alm akta ve
mii§terilerle yapilan butiin sozlejm eiere uygulanacak prensip bazli be§ adim li tek bir m odel sunmaktadir.
Standart ayrica, kurulujun, finansal tablolarm kullam cilarina daha bilgilendirici ve gecerli a$iklamalar
saglam asini zorunlu hale getirm ektedir. UFRS 15, 1 O cak 2018’de veya sonrasinda ba§layan yillik
donem ler i9in g eferli olup, daha erkenden uygulanm asina izin verilm ektedir. Grup, UFRS 15’in etkisini
halen degerlendirm ektedir. Standart heniiz AB tarafm dan onaylanrnairnstir.
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E L D A PA SEN SY A
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D eutsche Bank
4 - K o n s o l i d e F in a n s a l T a b i o i a r a iii$k in D ip o tla r
U F R S 16 K ir a la m a la r
O cak 2 0 1 6 ’d a IA S B , te k b ir k iralay an m uh aseb e m odeli getiren, ve dayanak. v a rh k dii§uk degerde
o!m adik$a k iraiay an in 12 ay d an d ah a uzun siireli biitiin k iralam alar igin v a rlik la n ve yiikiim liiiiikleri
m u h aseb ele§ tirm esin i g e rek tiren U F R S 16 “ K irala m alari” yayim lam i§tir. B ir kiralay an , kiralanan
d ay an ak v arlig i k u lla n m a h a k k in i tem sil eden kullan m a-h ak k i v a rh g i, ve k ira od em eleri yapm a
v ecib esin t tem sil eden b ir k ira yuk u m lulilgu kay d etm ek zorundadir. K iraya v ere n ler igin m evcut
m u h aseb ed e sadece u fak degi§iklik!er olacaktir. S tan d art ayrica, kuruiu?larin, fm ansal tablo
k u llam cilarin a d ah a b ilg ilen d irici ve k o n u y la alakali agiklam alar v erm esin i de g erektirm ektedir. U FRS
16, 1 O cak 2 0 1 9 ’da v ey a so n ra sin d a ba§layan y ilh k d o n em ler i?in gegerlidir. G rup, U FR S 16’m n
etk isin i halen d eg erlen d irm ek ted ir. S tan dart heniiz A B tarafm d an onaylanm am i§tir.
Faaliyet Boliimleri ile ilgili Bilgiler (denetlenmemi^)
F aaliyet boliim leri ile ilgili a?agidaki bilgiler, faaliyet boliirnlerine kay n ak tah sis etm ek ve
p erfo rm an sin i d e g e rle n d irm ek igin faaliy et boliim lerinin, k u ru lu § lan n diizerili o larak list yonetim yani
D eutsche B ank Y o n etim K u ru lu ta rafm d an gozden gegirilen ig y o netim ra p o rla rm a dayali sunum unu
g erek tiren "yo n etim yakla§im m a" g o re hazirlanm i$tir.
Faaliyet Boliimleri
G ru p ’u n faaliy et bolilm ii rap o rlam asi, bolurnlerin fm ansal p erform ans degerlendim m esinin ve
b oliim lere k ay n ak ta h sisin in esasirn olu§turan dahili y o netim
ra p o rlam a sistem lerindeki
o rg an izasy o n el y ap iy i izler. G en ellik le, organ izasy o n el yap id ak i kiiguk gap h degi§iklikler nedeniyle
o n cek i d o n em in kar$ila§tirm ah su n u m u n d a bazi rakam lar, G ru p ’un y o n etim ra p o rlam a sistem lerinde
d ik k ate alm m asi h alin d e y en id en ifade ediim i§tir. 2016 y ih n d a n itibaren, 2020 S tratejim ize uygun
o larak ticari faaiiy etlerirn iz asag id ak i faaliy et boliim leri ile yeni bir yapi altm d a y en id en organize
edilm i§tir:
-
G lobal P iy asalar (“ G P ”),
K uru m sal & Y atirim B a n k a c ih g i (“ K Y B ” ),
O zel, S erv et ve T icari M ii§teriier (“ O S & T M ”),
D eu tsch e V a rh k Y o n etim i (“D eu tsch e A M ”),
P o stb an k (“ P B ”) ve
T em el F a a iiy e tle r di§i O p e ra sy o n la r Birirni (“N C O U ” )
Eski 2015 faaliy et boliim ii y a p im iz d a onceden rap orlanan faaliyet boliim u bilg ilerin e gore tem el
d eg ifik lik le r a$agida belirtilm i$tir.
G lo b al P iy a sa la r (“ G P ”) - Y en i faaliy et boliim um iiz G P , eski K u ru m sal B an k a cih k & M enkul
k iy m etler (“K B & M K ” ) fa a liy e t boliim iim iizun sati§ ve ah m -satim faaliy etlerin i kapsam aktadir.
O n ced en K B & M K ’d aki “K re d i U riin lerine” dahil olan belli fin an sm an faaliy e tle riy le alakali gelirler
artik “ Sati$ & A lim -satim - tah v il ve d ig er iiriinler” igerisinde y er alm ak tad ir. O nced en “ S atif & A lim satim ” g elirleri ara sm d a ra p o rla n m a k ta olan R W A K redi D egerlem esi D iizeltm esi (C V A ) R W A ,
F o n lam a D eg erlem esi D iizeltm esi (F V A ) ve belli C V A hesap lam a m eto d o lo jisi a y a rla m a la n ile ilgili
m a rk -to -m ark et k azan g iar /z a ra rlar, artik “D ig er” a rasm d a y e r alm ak tad ir. B or? D egerlem esi
D iizeltm esi (D V A ), “ D ig er” igerisinde rap o rlan m ay a devam etm ek ted ir. Bu kategori ayrica, m iijteri
uriinleri ve iiriin dagitim i so n u c u n d a yeni faaliy et boliim iim uz K u ru m sal & Y atirim B an k acih g m a
(“K Y B ”) ve o rad an y ap ilan tran sferleri de igerm ektedir.
K urum sal & Y atirim B an k acih g i (“K Y B ”) - Y eni faaliyet boliim iim uz K Y B , eski K urum sal
B an k acih k ve M en k u l k iy m e tle r (“ K B & M K ” ) ve G lobal i§lem B a n k a c ih g i (“ G IB ”) birim lerim izin
K urum sal F in an sm an i§Ierini b irle$tirm ektedir. M u§teri uriinleri ve iiriin dagitim i sonucunda, yeni
faaliy et boliim iim uz G lo b al P iy asalara ve burad an y ap ilan tran sferler, “ K redi U riinleri & D iger”
arasm d a y er alm ak tad ir.
I§bu beige Ingilizce fotokopisinden Tiirk9e ’ye
tarafim dan kism i olarak tercum e edilmi§tir.
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S E M I D IL K iZ M E T L E R i
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ll
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4 - K o n s o l i d e F in a n s a l T a b l o l a r a tli$kin D ip o tla r
6 ze!, Servet ve Ticari M ii§teriler (“O S& T M ”) - Yeni faaliyet boium iim uz O S& TM igerisinde, onceden
Ozel & tjletm e M u§terileri (“O iM ”) faaliyet bolum une dahil olan A lm an ve U luslararasi Ozel ve Ticari
M usteriler (“O T M ”) i§imiz, onceden D eutsche V arhk & Servet yonetim i (“D eA W M ”) igerisinde yer a!an
Servet Y onetim i (“ SY ”) faaliyetleriyle biriejtirilm i^tir. H ua X ia B ank’tan eide edilen gelirler, 2020
Stratejim izin bir pargasi olarak bu yatirim m elden gikarilm asm in beklenm esi nedeniyle O S& TM igerisinde
a y n ca gosterilrnijtir.
F aaliyet Boliim ieri (devam i)
D eutsche V arhk Y onetim i (“D eutsche A M ”) - Deutsche AM faaliyet boium iim uz, eski DeA WM faaliyet
bolum iim iizde yer aian V arh k Y onetim i faaliyetlerini igerm ektedir, ve bireysel m u§terilere hizm et veren
kurum lara ve arac? kuru lu jlara yatirim gozumleri sunm aya odaklanm aktadir.
Postbank (“PB ”) - 2020 Stratejim izde formiile edildigi iizere konsolidasyon d ijin a gikanlm asi planlanan
PB artik ayri bir faaliyet bolum ii olarak sunulm aktadir, ve Postbank’in tem el faaliyetierle ilgili olan ve
olm ayan (onceden N C O U faaliyet bolum um iizde kaydedilen) bilejenlerini bir araya getirmektedir.
K onsolidasyon etkilerinin ve ahm fiyati tahsis unsurlannm etkisi nedeniyle, Postbank faaliyet boliimiinde
raporlanan rakam lar, Postbank'm solo raporlam asm dan farkhlik gosterecektir.
Tem el Faaliyetler di?i O perasyonlar Birim i (“N C O U ”) - N C O U faaliyet boliim iim uzun eski yapism a gore
onemli bir degi§ikiik olara, Postbank ile alakah tem el faaliyetierle ilgili-olm ayan bile§enler artik bu faaliyet
bolum ii igerisinde yer alm am aktadir.
2015 faaliyet sonuglanm izda K B & M K ve O iM ile alakali §erefiye deger dujukliigu zararlart, 2015
3.C eyrek deger dii§iikliigu oncesi bu i§ birim leriyle ilgili jerefiye balciyelerine dayali olarak, sirasiyla yeni
faaliyet bolum lerim iz G lobal Piyasalar/K urum sal & Yatirim B ankacihgi ve O S& TM /Postbank’a
dagitilmi§tir.
O nceden ticari faaliyet bolurnlerim iz arasm da yer alan belli Likidite Y onetim i faaliyetleri artik Hazine
tarafm dan m erkezi olarak yonetilm ekte olup, dolayisiyla “K onsolidasyon ve D iizeltm elere” aktarilm ijtir ve
ticari faaliyet boliim lerim izde dagitilmi§ esasa gore yansitilm aktadir.
T ek K arar Fonu (SRF) igin bankacihk vergisi, G rup igin ilk geyrekte tam y ilh k tu tan ile kaydedilm elidir.
2015’in birinci geyreginden farkli olarak SRF gideri bu geyrekte dogrudan ticari faaliyet boliim lerinde tam
yilh k tu tan ile kaydediIrni§tir. D olayisiyla yil iginde ticari faaliyet boliim lerinde tahakkuk ve
K onsolidasyon & D iizeltrnelerde zam anlam a etkisi oim ayacaktir, Bu zam anlam a degi?ikligini yansitm ak
uzere faaliyet boliim lerinde onceki donem ler yeniden ifade edilmi§tir.
2016’mn birinci geyreginde, Y atirim Y apilan V arlikiar igin daha siki bir tam m lam a yururliige girmi§ olup,
ek bir olgiit olarak M iijteri V arhklari getirilmi§tir. Dolayisiyla, Y atirim Y apilan V arlikiar, yatirim am aciyla
m iijteriler adm a tutulan varhklari ve/ve ya DB tarafm dan ihtiyari veya dam §m anhk esasm a gore yonetilen
m ujteri varhklarim ve/ve ya D B ’ye y atm lan varhklari da igermektedir. M ujteri V arhklari, Yatirim Y apilan
V arlikiar arti, D B 'n in saklam a, risk yonetim i, idare ve raporlam a (sadece i§lem gergeklejtirm e aracihgi
dahil) gibi yatinm--di§? hizm etler sagladigi diger varhklari igermektedir.
S erm ay e H a r c a m a la n ve E id en C ik a r m a ia r
2016’in birinci geyreginde G rup, a§agidaki serm aye harcam alanni yapmi§ veya yatinm larm i elden
gikarm ijtir:
V isa Inc. Kasim 2 0 1 5 ’te V isa Europe L td.’i satm alrnak igin kesin anla§ma yaptigim duyurmu§tur. Bu satin
alm am n bir pargasi olarak V isa Europe Ltd., gok sayida D eutsche Bank Grup kurulujlarim n da aralarinda
bulundugu biitiin hissedarlanndan, hisselerini bedel karjihgm da iade etm elerini talep etmi§tir. Deutsche
Bank, V isa Europe L td.’deki hisselerini O cak 2016’da iade etmi? olup, bedeli ijlem in kapam jinda tahsil
edilecektir.
A gustos 2015’te D eutsche B ank G rup, H indistan’daki varhk yonetim i i§ini Pram erica A sset M anagers Pvt.
L td.’e satm ak uzere bir anla§m aya girdigini duyurm ujtur. M art 2016’da biitiin idari onaylar ahnrni? olup,
sati§ tam am lanrm jtir.
I$bu beige Ingilizce fotokopisinden T firkfe’ye
tarafim dan kism i olarak tercum e edi!mi§tir.
E LD A PA SEN SY A
SEME D iL H iZ M E T L E M
Tel. 0 2 3 2 5 98 98
Faks 0212 2 8 j M 59
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4 - K o n s o l i d e F in a n s a l T a b l o i a r a ili$kin D ip o tla r
Ortalama Ozkaynak Tahsisi
T ahsis ed ilen o rta la m a o zk ay n ak larm to p lam tu ta n , G ru p ’un genel ek o n o m ik risk p o zisy o n u ile, idari
serm aye g erek sin im in in , y iik sek o ian m a gore b elirlenm ektedir. 2016 y ilm d a n baîayarak G rup,
serm aye ta h sisin d e ince ay arlam a yapm i§ ve faaliyet b o lum lerine ortalam a a k tif ozkaynak yerine,
ortalam a h issed ar o z k a y n a k la n rn tah sis etrneye ba§lam i§tir. Y eni y o n tem k ap sam in d a, §erefiye ve
d ig e r m ad d i-o lm ay an v a rlik ia r igin tu tu lan serm aye artik d ah a kapsam li o larak d ag itilm akta, bildirilen
k a rh lik h ed efin i y a n sitm a k igin tah sis edilen m addi h issed ar o zk ay n ak larm m tespitine im kan
sag lan m ak tad ir. G ru p ’un g en el ek o n o m ik risk d u ra m u g erek sin im i, D B G ru p ’unun risk i§tahi
gergevesinde tam m lan an “n o rm a!” durum u igin igsel serm aye y e terlilik e§iklerim ize gore
b elirlen m ek ted ir. Id ari serm ay e g erek sin im i, harici olarak b ild irilen h e d e f o ranlara, yani G rup
sev iy esin d e % 1 2 .5 ’lik S erm ay e T ie r 1 h e d e f rasy o su n a (2015 yili b a jla rin d a % 10 ve H aziran
2 0 1 5 ’ten itibaren % 3 1 ) ve % 4 .5 ’Iik kaidirag h e d e f rasy o su n a (2015 yili ba§larm da % 3.5 ve H aziran
2 0 1 5 ’ten itibaren % 5 ) ve C R R /C R D 4 k urallarm m tam uyg u lan d ig i v a rsa y m u n a d ay an dinlm i§tir. E ger
G rup, S erm aye T ie r 1 h e d e f ra sy o su n u ve K aidirag h e d e f ra sy o su n u a§arsa, artan ortalam a ozkaynak,
K & D ’e atan m ak tad ir. O rtalam a o z k ay n ak larm ticari faaliy et b o lu m lerin e tah sisi, y u k a n d a belirtilen iki
hedefe de katkiyi yarisitm aktadir.
Faaliyet Boliimleri Bazmda Faaliyet Sonuflari
F aaliy et b o liim lerin in so n u g lan igin, U FR S kap sam in d a kon so lid e faaliy et sonuglarm in m utabakati da
d ah il o lm ak u zere. liitfen b u A ra D o n em R ap o ru n u n “Y o n etim R aporu: O p erasy o n el ve F inansal
incelem e: F aaliy et S o n u g lan : F aaliy et B oliim lerinin F aaliyet S onuglari” k ism m a bakim z.
Ubu beige ingilizce fotokopisinden T iirk fe’ye
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E tO A PA SEN SY A
S E M I D IL H iZ M E T L E R I
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Deutsche Bank
4 - K o n s o l i d e F in a n s a l T a b l o i a r a i i i s k i n D ip o tla r
31 M a r t 2.016 i tib a riy la A r a D o n e m R a p o r u
Konsolide Gelir Tablosu Hakkinda Bilgiler (denetlenmemi$)
Net Faiz Geliri ve Gerêge Uygun Deger Farki Kar/Zarara Yansitilan Finansal
VarhkSardan/YOkOmiuliikierden Net Kazan <?lar(Zararkr)
S o n a e r e n ii? a y iik d o n e m
m€
31 M a r t 2 0 1 6
31 M a r t 2 0 1 5
3 ,9 2 4
4 ,2 1 0
A h m - s a tim k a r i1'2
421
1 ,989
G e rp e g e u y g u n d e g e r fa rk i k a r / z a r a r a y a n s itila n fin a n sa l
v a r h k la rd a n /y tik u m lu lu k le rd e n n e t kazan<;iar ( z a ra rla r)3
876
157
3,297
2 ,1 4 6
5 ,2 2 1
6 ,3 5 6
N e t f a iz g eliri
G e rg e g e u y g u n d e g e r fa rk i k a r / z a r a r a y a n s itila n fin a n sa l
v a r h id a rd a n /y u k u m lu lu k le rd e n n e t k a z a n g ia r (z a ra rla r) to p la m i
N e t f a iz g e lir i v e ger?ej£e u y g u n d e g e r f a r k i k a r / z a r a r a y a n s itila n f m a n s a l
v a r h k l a r d a n / y u k i i i n l i i l i i k le r d e n n e t k a z a n g i a r ( z a r a r l a r ) to p la m i
S a tis & A h m - s a tim (h isse se n e d i)
S ati§ & A h m - s a tim (ta h v il v e d ig e r iiru n le r)
T o p la m S a tis & A h m - s a tim
483
8 42
3 ,5 5 6
2 ,8 6 5
3 ,7 0 7
4 ,0 3 9
K a la n iiru n le r4
G lo b a l P iy a sa la r
88
(2 4 5 )
2 ,4 7 8
3,461
K u ru m sal & Y a tirim B a n k a c i h g i 5
O z e l, S e rv e t & T ic a ri M usjteriler
513
5 32
1.408
997
67
353
D e u ts c h e V a r h k Y o n e tim i
P o stb a n k
F a a liy e t D i§i O p e ra s y o n la r B irim i
K o n s o lid a s y o n & D iiz e ltm e ie r
N e t f a iz g e l i r ie r i v e g e r e e g e u y g u n d e g e r f a r k i k a r / z a r a r a y a n s i ti la n f in a n s a l
v a r l i k la r d a n / y i ik i in th iH i k l e r d e n n e t k a z a n ? ! a r ( z a r a r i a r ) t o p la m i
583
6 04
(1 2 8 )
301
(1 5 2 )
561
5 ,221
6 ,3 5 6
! Alim -satim kari, ahm -satim amaph elde tutulan tOrevierden ve riskten korunrna m uhasebesi niteiikleri ta$imayan tiirevlerden kazanplari ve
zararlari igermektedir.
2 Onceki dOnem kar$ila§tirmah rakam lari yeniden ifade edilmi§tir. 349 milyon Euro, Ger?ege uygun deger farki kar/zarara yansitilan fmansal
varhklardan net kazangiar (zararlar) kalem inden, Korr.isyon ve Ocret gelirlerine yeniden simflandirilmi§tir.
3 SekUritizasyon yapilarm dan 31 M art 2016 ve 31 M art 2015’de sona eren tiper aylik donem ler i?in sirasiyla 2 milyon Euro ve 5 milyon Euro
kazanci igermektedir. ilgili ara?lann gerpege uygun deger hareketleri olan, 31 M art 2016 ve 31 M art 2015’de sona eren tiyer aylik dOnemier
ipin sirasiyla 2 m ilycn Euro ve (1) milyon Euro, ahm -satim kari i?inde rapor!anmi§tir. Her ikisi ce Sati? & A hm -satim (tahvil ve diger
iirunler) altm da raporlanmi$tir. Bu kazar.Qlann ve zararlarin toplam i, bu konsolide sektlritizasyon yapilarm m zararlarmdar. G rup’un payim
temsil etmektedir.
3 Kredilerden net faiz spreadini ve kredi tem errtlt swaplarmin ve gerpege uygun deger farki kar /zarara yansitilan kredilerin gerijege uygun
degerindeki degijim i igermektedir
4 N et faiz geiirlerini ve gerpege uygun deger farki kar / zarara yansitilan finansal varhklardan/yUkumltllUklerden, ihrap, dam§manhk ve diger
ilrtlnlerden net kazamplari (zararlari) igermektedir.
K o m is y o n v e U c r e t G e l i r i e r i
S o n a e r e n lie a y li k d o n e m
m €
31 M a r t 2 0 1 6
P o rtto y y o n e tim fa a liy e tie rin d e n k o m is y o n la r v e iic re tle r
M e n k u l k iy m e t y u k le n im v e d ig e r m e n k u l k iy m e t fa a liy e tie rin d e n k o m isy o n la r,
a ra c ih k iic re tle ri. k ar m a rjla ri
D ig e r m ii$teri h iz m e tle rin d e n iic re tle r
T o p la m k o m is y o n v e u c r e t g e l ir ie r i
31 M a r t 20 1 5
1,027
1,059
881
970
1 ,0 8 3 '
1,122
2 ,8 7 7
3 ,2 6 3
1 Onceki donem kar§ila§tirmah rakamiari yeniden ifade edilm ijtir. 349 milyon Euro, Gerpege uygun deger farks kar/zarara yansitilan finansal
varhklardan net kazanplar (zararlar) kalem inden, Komisyon ve Ucret gelirlerine yeniden siniflandirilmi§tir.
i§bu beige ingilizce fotokopisinden Turk9e ’ye
tarafim dan kism i oiarak tercUme edilmi$tir.
E L B A PASEN SY A
S E M I D iL H IZ M E T L E R i
Tel. 02J-2 325 98 98
Faks 0 2 !2 281 42 59
14
D eutsche Bank
4 -K o rtso lide F in a n s a l T a b l o l a r a lli^kin D ip o tla r
Emeklilik ve Diger Istihdam-Sonrasi Sosyal Haklar
S o n a e r e n ii< a y lik d o n e m
m €
H iz m e t m a liy e ti
N e t faiz rn aliy eti (g e iiri)
31 M a r t 2 0 1 6
78
31 M a r t 2 0 1 5
83
(3)
”5
(1)
82
T a n im li k a t k i p l a n l a r i n m t o p la m g id e r le r i
130
314
I s t i h d a t n s o n r a s i s o s y a l h a k g i d e r l e r i to p la m i
20S
196
64
61
T a m m li f a y d a p l a n l a r i m n t o p l a m g i d e r le r i
Z o rts n lu A lm a n s o s y a ! g iiv e n lik e r a e k li s a n d ig m a i$ v e re n k a tk is i
G rup 2 0 1 6 ’d a em e k lilik sosyal h a k p la n la n n a yakla§ik 325 m ily o n E u ro k atk id a buiunm ayi
b ek lem ek ted ir. 31 A ra h k 2 0 1 6 ’d a sona eren yil i?inde G ru p ’a herh an g i b ir p lan v arh g m m geri
don m esi b ek len m em ek ted ir.
T a n im li f a y d a y u k iim liH u g u n ii b e lir le m e d e k u ila m la n is k o n to o r a tit
%
31 M a r t 2 0 1 6
31 M a r t 201S
A lm a n y a
1.8
2 .4
In g ilte re
3.5
3.8
4.2
A .B .D .
3 .9
Genel Yonetim Giderleri
S o n a e r e n tie a y is k d o n e m
31 M a rt 2016
31 M a r t 201S
m €
B T rnaliyetSeri
936
865
I§ g aliy e, d 5 $ em e v e e k ip m a n g id e rie ri
P ro fe s y o n e l h iz m e t u c re tle ri
454
4 63
520
Ileti$ im v e v eri h iz m e tle ri
193
S e y a h a t v e te m sil g id e r le r i1
B a n k a v e i§lem m a sra fla ri
105
203
104
154
135
5 56
P a z a rla m a g id e r le r i1
56
64
K o n s o lid e e d ile n y a tirim la r
D ig e r g id e rle r2
85
105
1,196
2 ,6 1 0
T o p la m g e n e l y o n e tim g id e r le r i
3 ,7 3 6
5 ,0 6 9
1 G rup’un m aliyei raporlam asm daki degijiklikleri yansitrr.ak Uzere, Onceki dOnemin kar§ilas;irmali rakam lari yeniden ifade edilmi^tir.
2 31 M art 2016 ve 31 M art 2015’de sona eren ilper aylik donemler itibariyla sirasiyla 187 milyon Euro ve 1,544 milyon Euro tutannda
hukuki ihtilafiarla ilgili giderler, 31 M art 2016 ve 31 M art 2015’de sona eren U9 er aylik donem ler itibariyla 538 milyon Euro ve 561 milyon
Euro tutarinda bankacihk vergisi bulunmaktadir.
Yeniden Yapilanma
Y en id en y ap ilan m a, G ru p ’un 2015 y ih n d a duyurulan 2020 Stratejisi p ro g ram m in b ir par$asim
o lugturm aktadir. S trateji 2 0 2 0 , 2018 y ilin a k ad a r n e t 1 ila 1.5 m ily ar E uro ta s a rru f sag lam a am aciyla,
Y atirim B an k acilig in i y e n id e n k o n u m lan d irm a, p erak en d e ijin i y en id en §ekillendirm e, cografi ayak
izini rasy o nelle^tirm e ve fa a liy e t m odelini donu§turm e inisiyatifleri igerm ektedir.
Y en id en y a p ila n m a g id erleri, i§ten 9ik arm a tazm in atlarm d an , istih d am m so n a erm esi ned en iy le heniiz
a m o rtism an a tabi tu tu lm ay an ertelen m i? iicret o d u llerin in hizlan d irilm asim k ap sayan ek g id erlerd en ve
g ay rim en k u iierle ilgili sozle§m e fesih m aliy etlerin d en olu§m aktadir.
i§bu beige ingilizce fotokopisinden TiirkQe’ye
tarafim dan kismi olarak tercum e edilmi§tir.
EL D A PA SEN SY A
S E M I D IL H IZ M E T L E R E
Tel.
f a t e 325 98 98
Faks 0212 281 42 59
15
D eutsche Bank
4 -K o riso !ide F in a n s a l T a b l o l a r a S i s k i n D i p o tl a r
Boliim bazmda net yeniden yapilanma gideri
rrt €
G lo b al P iy a s a la r
K u ru m sa l & Y a tirim B a n k a c ih g i
O z e l, S e rv e t & T ic a ri M u § te rile r
D e u ts c h e V a r h k Y o n e tim i
P o s tb a n k
T e m e l F a a liy e t di$i O p e ra s y o n la r B irim i
T o p la m N e t Y e n id e n y a p i la n m a G i d e r le r i
S o n a e r e n «i? a y h k d o n e m
31 M a r t 2 0 1 6
31 M a r t 2 0 1 5
(7 0 )
(2 0 )
(7 3 )
(2 )
(5 6 )
(7)
(1 )
0
0
0
(5)
(0 )
(2 1 1 )
(2 3 )
T i i r bazjrad a wet y e n id e n y a p ila n m a g id e ri
S o n a e re n 0? a y h k do n em
m €
Y e n id e n y a p ila n m a - P e rs o n e lle ilg ili
b u n la n n ic in d e n :
I§ten p ik a rm a tazm inatS ari
B u n y e d e tu trn a o d e m e le rin in h iz la n d in lm a s i
S o sy al g iiv e n lik
Y e n id e n y a p ila n m a - P e rs o n e lle ilg ili o lm a y a n 1
T o p la m N e t Y e n id e n Y a p i la n m a G id e r l e r i
31 M a r t 2 0 1 6
(2 1 1 )
33 M a r t 2 0 1 5
(2 3 )
(1 9 6 )
(1 8 )
(1 3 )
(5 )
(2)
(1 )
0
0
(2 1 3 ) _
................ (2 3 )
1 Esasen gayrim enkul ve teknoloji ile ilgili kontrat maiiyetleri.
Y en id e n y a p ilan m a k a rjih k la n , 31 M art 2036 ve 31 A ralik 2015 itibariyla, sirasiy la 826 m ilyon E uro
ve 65 i m ily o n E uro olrnu§tur. M e v c u t y en id en yap ilan m a k a rjih k la n n fo g u n lu g u n u n , oniim uzdeki iki
y il iginde k u ilam lm asi b ek len m ek ted ir.
31 M art 2 0 1 6 ’d a so n a eren 0? ay lik donem de y en id en y ap ilan m a y o lu y la 160 tam za m an h dengi
personel azaltilrm §tir.
A zaltilan bu p erso n elin b 5 liim ler b azm d a dagilim i $6y!edir:
m €
S o n a e r e n iic a y lik
donem
31 M a r t 201 6
G lo b a l P iy a sa la r
39
K u ru m sa l & Y a tirim B a n k a c ih g i
58
A lty a p i/ B o lg e s e l Y 5 n e tim
61
D ig e r
2
T o p la m ta m z a m a n h d e n g i p e rso n e l
360
Etkin Vergi Oram
2 0 1 6 - 2 0 1 5 U ? A y lik K ar§ila§tirm a
G elir v erg isi g id eri 343 m ily o n E u ro (2 0 1 5 ’in ilk 9eyreginde: 920 m ilyon E u ro ) o!m u§tur. E tkin vergi
o ram n m % 59 (2 0 1 5 ’in ilk g eyreginde: % 62) olm asi biiyiik olgiide h isse bazli od em elerle ve H ua X ia
B ank Co. L td .’d ek i y a tin m im iz la ilgili vergise! etkilerden kaynaklanm i§tir.
ijb u beige Ingilizce fotokopisinden Tilrkê’ye
tarafim dan kism i olarak tercanie edilini§tir.
E LD A PA SEN SY A
SE M I O IL H K M E T L E R i
Tel. 0 2 1 ^ 325 9 8 9 8
Faks 0212 281 42 59
E-m ail semi(«3atlas.net.tr
16
D eutsche B an k
4 - K o n s o l i d e F in a n s a l T a b l o i a r a t{i§kin D ip o tla r
Konsolide Bilanô Hakkmda Bilgiler (denetlenmemi$)
Gercege Uygun Degeri Kar/Zarara Yansitilan Finansal Varliklar/Yiikiimliiliikier
m €
31 M a r t 2 0 1 6
31 A r a ls k .2015
15 9 ,6 0 9
1 7 9 ,2 5 6
A h m -s a tim a m a g h e id e tu tu la n S im fla n d irila n fin a n sa l v a rlik ia r:
A lim -s a tiin a k o n u v a rh k la r:
A h m -s a tim a m a c li m e n k u l k iy m e tle r
D ig e r a h m - s a tim v a r h k la r i1
15,338
16,779
T o p la m a h m - s a t i m v a r h k l a r i
1 7 4 ,9 4 7
1 96 ,0 3 5
T iir e v f in a n s a l a ra < ;!a rd a n p o z i t i f p iy a s a d e g e r le r i
5 8 1 ,2 9 1
5 1 5 ,5 9 4
7 5 6 ,2 3 8
7 1 1 ,6 3 0
A h m - s a tim a m a f h e ld e t u t u l a n s im fla n d irila n f in a n s a l v a r h k l a r to p la m i
G e rceg e
uygun
deger
fa rk i
kar
/
zara ra
y a n s itil a n
sim fla n d irila n
fin a n s a l
v a rh k la r:
G eri s a tim a n la § m a la ri p e rije v e sin d e s a tin a h n a n m e n k u l k iy m e tle r
5 2 ,8 5 5
51 .0 7 3
O d tin ? a h n a n rn e n k u i k iy m e tle r
19,443
2 1 ,4 8 9
K re d ile r
10,719
2 4 ,0 8 2
12,451
2 4 ,2 4 0
G e rc e g e u y g u n d e g e r fa rk i k a r / z a r a r a y a n s itila n d ig e r fin a n sa l v a r h k la r
G e r c e g e u y g u n d e g e r f a r k i k a r / z a r a r a y a n s itil a n f m a n s a l v a r h k l a r to p la m i
1 0 7 ,1 0 0
1 09 ,2 5 3
G e r c e g e u y g u n d e g e r f a r k i k a r / z a r a r a y a n s i ti la n to p la m f in a n s a l v a r h k l a r
8 6 3 ,3 3 8
8 2 0 ,8 8 3
1 31 M a rt 2 0 1 6 v e 31 A r a lik 2 0 1 5 itib a riy la s ira s iy la 13.7 rn ily a r E u ro v e 35.5 m ily a r E u ro tu ta rin d a , a lim -s a tim a k o n u
k re d ile r d a h ild ir.
m €
31 M a r t 2 0 1 6
31 A r a li k 2 0 1 5
6 2 ,9 2 2
5 1 ,3 2 7
A h m - s a tim am aijSi t u t u l a n s im fla n d irila n f in a n s a l y i ik u m lu lu k l e r :
A h m - s a tim y u k u m i ii li ik le r i :
A h m - s a tim am a p li m e n k u l k iy m e tle r
D ig e r a h m - s a tim y iik iirn lu lu k le ri
T o p la m a h m - s a t i m y u k u m ii ilii k l e r i
T iir e v f i n a n s a l a r a ^ la r d a r t n e g a t i f p iy a s a d e g e r l e r i
A h m - s a tim a m a c li t u t u l a n s im fla n d irila n f in a n s a l y iik U m liiliik le r t o p la m i
88 7
977
6 3 ,8 1 0
5 2 ,3 0 4
5 6 1 ,5 3 2
4 9 4 ,0 7 6
6 2 5 ,3 4 2
5 4 6 ,3 8 1
4 0 ,2 3 4
3 1 .6 3 7
68
8 .0 6 4
4 ,3 6 3
79
8 ,7 1 0
4 ,4 2 5
5 2 ,7 2 9
44 ,8 5 2
7 ,9 1 7
8 ,5 2 2
6 8 5 ,9 8 8
5 9 9 ,7 5 4
G e r c e g e u y g u n d e g e r f a r k i k a r / z a r a r a y a n s itila n f in a n s a l y iik iim liiliik le r :
R e p o s o z ie jm e le ri ? e r ? e v e s in d e sa tila n m e n k u l k iy m e tle r
K re d i ta a h h u tle ri
U z u n v a d e li b o rijlar
G erijeg e u y g u n d e g e r fa rk i k a r /z a r a ra y a n s itila n d ig e r fin a n s a l y iik u m lu lu k le r
G e rceg e u y g u n
to p la m i
d eg er fa rk i
k a r /' z a r a r a
y a n s i ti la n
f in a n s a l y iik iim liiliik le r
Y a tirim so z le§ m esi y iik u m lO lu k le ri1
G e rceg e
to p la m i
uygun
deger
fa rk i
k ar / zara ra
y a n s itil a n
f in a n s a l y i ik iim liiliik le r
1 Bunlar, p o life hakom ve ko?ullannm , itfa degerinin gcrfege uygun degerine ejitlenm esine yol a^tigi yatirim sOzlejmeleridir
Satiimaya Hazir Finansal varhklar
m €
B o rg la n m a se n e tle ri
H iss e se n e tle ri
D ig e r o z k a y n a k p a y la ri
K re d ile r
S a tiim a y a h a z i r f i n a n s a l v a r h k l a r to p la m i
31 M a r t 2 0 1 6
6 5 ,5 6 2
1,144
31 A r a l i k 2 0 1 5
6 8 ,2 6 6
1,241
90 2
3 ,2 8 2
974
3 ,1 0 2
7 0 ,8 9 0
7 3 ,5 8 3
4 O cak 2 0 1 6 ’d an g e?erli o lm ak Uzere G rup, 3.2 m ilyar E uro tu ta rin d a satiim ay a h azir bonpianm a
senedin, vad ey e k a d a r eld e tu tu la c a k yatirirnlar kateg o risin e y en id en sm ifla n d irm ijtir. D aha fazla
ayrm ti i9in liitfen b u A ra D o n em R ap o runun N o t “V adeye K ad a r E lde T u tu laca k Y a tm m la r” kism m a
bakim z.
i§bu beige ingilizce fotokopisinden T iirk?e’ye
ELDAPASENSYA
S E M I D i L H iZ M E T L E R !
Tel. 0 2 4 2 J 2 5 98 98
Faks 0212 281 42 59
E-mail s e m i^ a tla s .n e t.tr
17
D eutsche Bank
4-K onsolide F m ansal T ablolara
D ip o tla r
UMS 39 ve UFRS 7 "Finansal Varhklarm Yeniden Smiflandirmasi',iida Deglîklikler
E k ira 20Q8’de y ay im lan m i? olan U M S 39 ve U F R S 7 degigiklikleri gergevesinde, belli fm ansal
v a rh k la r 2,008’in ikinci y a rism d a ve 2 0 0 9 ’un ilk ceyreginde gercege uygun d eg e r farki kar/ zarara
y an sitilan ve satiim ay a h azir finan sal v arh k la rd a n , k red iler sin ifm a yeniden sim flandinlm i^tir.
2 0 0 9 ’un ilk fe y re g in d e n bu y a n a h erh angi bir y en id en sm iflan d irm a yapdm am i§tir.
G rup, bu d eg iîk lik ler 9e r 9ev e sin d e uyg un olan, ve y en iden sm iflan d irm a tarih in d e, k isa vadede 9ikm a
v ey a a h p -sa tm a y erin e ongoriilebi 1ir bir sure i?in elde tu tm a niyet ve im k an m d a net bir degi$iklik olan
v a rh k la r b elirle m ijtir. Y en id e n sm iflan dirm alar, v a rh k la rm y en id en sin ifla n d ira ia tarih in d ek i gergege
uy g u n d eg erin d en yapilm i§tir.
Y e n id e n s i m f l a n d i r i l a n f in a n s a l v a r h k l a r
( a k s i b e lir tilm e d ik ^ e )
K r e d ile r e
y e n id e n
K re d ile re
y e n id e n
m lr €
sin if ia m d in la i!
s i n i f la n d i n l a n
a h m - s a ti m
a m a ^ h f in a n s a l
s a tiim a y a h a z i r
fin a n s a l
v a rh k la r
v a rlik ia r
Y e n id e n s m i f l a n d i r m a t a r i h i n d e k i d e f te r d e g e r i
B ir ik m i? d i g e r k a p s a m li g e li r le r d e g e r ? e k le ? m e m i? g e r c e g e u y g u n d e g e r
z a ra rla ri
Y e n id e n s m if l a n d ir m a t a r i h in d e k i e tk in f a iz o r a n l a r i :
a ra h g in list u c u
a ra h g in a lt u c u
Y e n id e n s m if l a n d ir m a t a r i h i n d e b e k ie n e n g e r i k a z a r u ia b ii ir n a k i t a k im l a r i
26 ,6
0 .0
(1 .1 )
% 13.1
% 9 .9
% 2 .8
% 3 .9
3 9 .6
17.6
11.4
2008 v e 2 0 0 9 ’d a y e n id e n s m if la n d m la n v a r h k la r m d e f te r d e g e r le ri v e g e rc e g e u y g u n d e g e rle ri
31 M a r t 2 0 1 6
m €
D e f te r
d eg eri
31 A r a h k 2 0 1 5
G e rceg e u y g u n
d e g e ri
D e f te r
d eg eri
G e rc e g e u y g u n
d eg eri
K r e d i l e r e y e n id e n s m i f l a n d t n l a n a h m - s a ti m
a in a ? ! i f m a n s a l v a r l i k i a r :
M enkul kiym etle§tirilm i§ v arhklar
Bori;lanm a senetleri
K rediler
K r e d i l e r e y e n id e n s i m f l a n d i r i l a n a h m - s a t im
am a< ;h f in a n s a l v a r h k l a r to p ia m i
1,147
1,039
1,382
1,346
255
264
39 6
405
81 4
784
916
857
2 ,2 1 6
2 ,0 8 7
2 ,6 9 5
2 ,6 0 8
1,262
0
1,176
0
1,540
1,470
168
179
1,262
1 ,176
1,708
1,648
3 ,4 7 8 '
3 ,2 6 3
4 ,4 0 3 1
4 ,2 5 6
K r e d i l e r e y e n id e n s i m f l a n d i r i l a n s a tiim a y a h a z ir
f in a n s a l v a r h k l a r :
M enkul kiym etlestirilm is varh k lar
B orglanm a senetleri
K r e d i l e r e y e n id e n s m i f l a n d i n l a n s a t ii m a y a h a z ir
f in a n s a l v a r h k l a r t o p l a m i
K r e d i l e r e y e n id e n s i m f l a n d i r il a n f in a n s a l
v a r h k l a r t o p la m i
1 Yukaridaki tabloda gosterilen yeniden sim flandirilan varhklarm defter degeri Uzerinde, faiz orani riski i§in etkin gercege uygun deger
riskten korunm a muhasebesinden ili§kiii defter degeri etkisi de vardir. Bu etki, defter degerini 31 M art 2016 itibariyla 4 milyon Euro
artirmakta, ve 31 M art 2016 31 Aralik 2015 itibariyla ise 3 milyon Euro aza'tmaktadir.
Y en id en sim flan d irilan biitiin v a rh k la r A na F aaliy et D is■ O p erasy o n lar B irim i (N C O U ) tarafm dan
y o n e tilm e k te d ir ve bu p o rtfo y ile ilgili elden 91 karm a k ararlari, risk a z altm a kararlarm i alm a
g o rev lerin e uygun o larak N C O U ta rafm d an ah n m ak tad ir. 31 M art 2 0 1 6 ’de so n a eren U9 ay h k
d o n em d e G rup, 0.6 m ily ar E u ro d efter degerine sahip y en id en sm iflandirilm i§ v arh k la rm i satmi§,
bun u n so n u cu n d a 0.02 m ily a r E u ro n e t k az an 9 elde etm i§tir.
Sati§lara ek olarak, oriceden sati§a hazir am agh o larak sim flan d irilrn ak ta olan ve yeniden
sim flan d irilan v a rh k la rm d e fte r d eg erin deki dii§u§, 0.1 m ily ar E uro tu ta rin d a itfa ve vade d o lu m la n m
igerm ektedir. G en el d efter d eg erleri, do nem igindeki kur etkileri ile d ah a d a du§mii§tiir.
i§bu beige ingilizce fotokopisinden T u rk fe ’ye
tarafim dan kism i olarak tercum e edilmi$tir.
E LD A PA SEN SY A
S E M ID IL H tZ M E T L E R i
Tel. 0212 325 98 98
Faks 0212 281 42 59
E-m ail sem iteatlas.net.tr
D e u t s c h e B atik
4 - K o n s o l i d e F in a n s a l T a b l o l a r a Iii?kin D i p o tl a r
31 M a r t 2 0 1 6 itib ariyla A r a D 8 n e m R a p o r u
Y e n id e n s in if la n d ir m a la r y ap iS m am i^ o lsa k a r / z a r a r d a im ih a s e b e le § tirile e e k o la n
g en fe k te $ m e m i? g e rc e g e u y g u n d e g e r k a z a n ^ la n ( z a r a r l a r i ) ve d ig e r k a p s a m li g e lid e r d e
( z a r a r la r d a ) m u h a s e b e !e § tirile c e k oSaa n e t k a z a n ? la r ( z a r a r la r )
S o n a e r e n ii? a y h k d o n e m
m €
31 M a r t 2 0 1 6
Y e n id e n s im fla n d irila n a h m - s a tim v a r h k la n n d a n g e r 9 ek le§ m em i§ g e rc e g e u ygur.
d e g e r k a z a n g la n (z a ra rla ri), k re d i d e g e r du?u§ti k a r^ th k la ri o n c e s i b ru t
31 M a r t 2 0 1 5
(4 0 )
49
v a rh k la rm d e g e r d u § u k lu g ii (z a ra rla ri)
(4 2 )
0
Y e n id e n s im fla n d irila n v e d e g e r d tt§ u k lu g u n e u g ra m a m i? s a tiim a y a h a z ir fm a n sa l
v a rh k la rd a n ila v e g e r? e k le § m e m i§ g e rc e g e u y g u n d e g e r k a z a n f la r i (z a ra rla ri) te m sil
e d e n , d ig e r k a s s a in ii g e lir le rd e ( z a ra rla rd a ) g O stsrile n n e t k a z a n p la r (z a ra rla r)
(2 7 )
11
Y e n id e n sim fla n d irila n v e d e g e r dQ §uklugune u g ram i§ sa tiim a y a h a z ir fin a n sa l
Y e n id e n s im f la n d ir ila n b iitiin v a r h k l a r m , g e lir ta b lo s u n a v e rg i-o n c e si k a tk is i
S o n a e r e n iif a y lik d o n e m
m €
31 M a r t 2 0 1 6
F a iz g e lirie ri
10
K red i d e g e r du?iiû k ar§ ilik iari
D ig e r g e lir le r 1
Y e n id e n s i m f l a n d i r i l a n a tim - s a tim v a r h k l a n n d a n g e iir v e r g is i o n c e s i k a r ( z a r a r )
F a iz g e lirie ri
K red i d e g e r du§ii§u k a r jih k la r i
D ig e r g e lir le r 1
Y e n id e n s t m f l a n d i n i a n s a tiim a y a h a z ir f in a n s a l v a r h k l a r d a n g e lir v e r g is i o n c e s i
k a r (z a ra r)
31 M a r t 2 0 1 5
43
(7 2 )
20
(2 )
24
(4 1 )
65
4
3
21
(1)
24
6
46
0
1 Y e n id e n sim fla n d irila n v a rh k la rm sa ti§ m d a n k a z a n g ia r v e z a ra rla r ile ilg ilid ir.
Y e n id e n s im f la n d ir ila n F in a n s a l V a r h k la r : V a r lik sin ifi b a z m d a d e f te r d e g e rle ri v e g e rce g e
u y g n n d e g e r le r i
2 0 1 2 ’n in dordisncii (geyreginde N C O U ’n u n olu§turu!m asi iizerine, butiin U M S 39 yeniden
sm ifian d iriian v a rh k la r bu yeni boiiim e ak tan lm i§ tir. N C O U ’ya, to p lam serm ay e taleb in i ve U FRS
v a rh k la ri azaltm ak u zere risk azaitm ayi hizlan d irm a gorevi verilm i§tir. V arlik larin satilip
satilm ay acag m a ve satilacak sa ne zam an satilacag in a k a ra r v erilirken, g e lir tablosu, idari serm aye ve
k ald ira? etkileri de d ah il o im ak Uzere b ir dizi fak to r dikkate alm rn ijtir. D e fte r deg erin d ek i ve g erfeg e
uygun d eg erd ek i h are k e tle r a$agidaki tab lo d a gosterilm ijtir:
I§bu beige ingilizce fotokopisinden Tiirk9e ’ye
tarafim dan kism i olarak terctim e edilmi^tir.
ELDA PASENSYA
SEMi D1L HIZMETLERi
Tel. 0? U ^ 3 2 5 98 98
Faks 0212 281 42 59
19
Deutsche B a n k
4 - K o n s o l i d e F in a n s a l T a b l o l a r a ili$kin D ip o tla r
31 M a r t 2 0 1 6 itib ariyla A r a Dorsem R a p o r u
2008 ve 2009’daki varhk smifi yeniden smiflandinnasi bazmda defter degerleri ve gercege uygun
degerleri
m €
31 M a rt 2 0 1 6
31 A ra lik 2015
D e fte r
G e r? e g e
G e rg e k le s-
d e g e ri
(C V )
uygun
D eg eri
(F V )
rr.em i?
k a z a n ? ia r
/(z a ra rla r)
Y e n id e n sim fla n d iriia n rn en k u i
k iy m etle§ tirilm i§ v a r h k la r v e b o r?lan rria
se n e tle ri:
A B D b e le d iy e ta h v ille ri
D e fte r
d e g e r(C V )
G e rp e g e
uygun
d e g e r(F V )
G e rfe k le § m em i$
k a z a n g ia r
/(z a ra rla r)
126
132
6
405
423
19
1,143
1,096
(4 7 )
1,456
1,478
22
C D O /C L O
487
445
(4 3 )
534
498
(3 6 )
Ip o te k li ta h v ille r
298
230
(6 9 )
23 4
82
85
3
298
175
(6 4 )
1
O g re n c i k re d ile rin e d a y a li V D M K
T ic a ri ip o te g e d a y a li m e n k u l k iy m e tle r
K o n u t ip o te g in e d a y a li V D M K
D ig e r 1
Y e n id e n s i m f l a n d i n l a n m e n k u l
k iy m e tle § tirH m i? v a r l i k i a r v e b o r< f!an m a
s e n e tle r i t o p la m i
Y e n id e n sim fla n d irila n k re d ile r:
T ic a ri ip o te k
K o n u t ip o teg i
D ig er
Y e n id e n s i m f l a n d ir i la n k r e d i l e r to p l a m i
K r e d i l e r e y e n id e n s i m f l a n d i r i l a n f in a n s a l
v a r h k l a r t o p la m i
176
87
91
4
92
93
1
440
401
(3 9 )
529
498
(3 1 )
2 ,6 6 3
2 ,4 7 9
(1 8 4 )
3 ,4 8 7
3 ,4 0 0
188)
(1 )
(5 7 )
46
46
0
56
54
722
(3 1 )
0
810
753
46
691
46
50
49
814
784
(3 1 )
916
857
(1 )
(5 9 )
3 ,4 7 8
3 ,2 6 3
(2 1 5 )
4 ,4 0 3
4 ,2 5 6
(1 4 7 )
1 H a v a c ih k se k to rii ile ilg ili v a r h g a d a y a h m e n k u l k iy ra e tle ri, v e d ig e r m e n k u l k iy m e tle § tirm e v a r h k la rin m v e b o r fla n m a
se n e tle rin iri b ir k a ri§ im in i i£errR ektedir.
Vadeye K ad ar Elde T ut siIan Menkul kiymetler
2 0 1 6 ’nm birinci g ey reg in d e G rup, firm am n b a n k a cih k d efterindeki g elir ve serm aye volatilitesin i daha
u yg u n §ekilde su n m ak igin V a d e y e K a d a r E id e T u tu lan kateg o risi k u llan m a y a ba§lam i§tir. F irm am n
m ev cu t b a n k a c ih k d efterin in faiz o ra n ia n n a m aruz durum unu yo n etm ey e iiaveten, yeni m uhasebe
sim flandirrnasi, G ru p ’un belli a k tif/p a sif yonetim h ed eflerini, or. vade tran sfo rm asy o n u n u da
destekleyecektir.
G ru p 3.2 m ily ar E u ro tu ta rin d a S atilm ak uzere elde tutu lan M enkul k iy m e tle ri 4 O cak 2 0 1 6 ’dan
gegerli o lm ak u zere V ad ey e K a d a r E ld e T utulan o larak y en id en sim flandirm i§tir. Y eniden
sim flan d irilan biitiin v a rh k la r y u k sek k alitede D evlet, u iu slar iistii ve d e v let kurum u tah v ille rid ir ve
G ru p ’u n S tratejik L ik id ite R ezerv in in bir pargasi olarak G rup H azine tarafm d an y o n etilm ektedir.
S a tilm a k U z e re E ld e T u tu la u ik e n V a d e y e K a d a r E ld e T u tu la n o la r a k y e n id e n sism flandiriian
fin a n s a l v a r h k l a r m d e f te r d e g e r le r i v e g e r 9ege u y g u n d e g e rle ri
4 O cak 2016
m €
D e fte r d e g e ri
(C V )
31 M a rt 2 0 1 6
D e f te r d e g e ri
(C V )
G erg e g e u y g u n
d e g e ri (F V )
Y e n id e n s im fla n d irila n b o rg la n m a se n e tle ri:
G 7 D e v le t tahvilSeri
D ig e r D e v le t, u iu s la r iistii v e d e v le t k u ru m u ta h v ille ri
432
431
448
2 ,8 0 9
2 ,8 0 2
2,871
3,241
3 ,233
3 ,3 1 9
V a d e y e K a d a r E ld e T u tu la n o la r a k y e n id e n sim fla n d irila n fin a n sa l
v a rlik ia r to p la m i
i§bu beige Ingilizce fotokopisinden T u rk fe ’ye
tarafim dan kism i olarak tercum e ediimi§tir.
E LD A PA SENSYA
S E M I D iL H iZ M E T L E R J
Tel. 0 2 f2 -3 2 5 98 98
Faks 0212 281 42-59
E-m ail semi@ atlasj.net.tr
20
4 - K o n s o l i d e F in a n s a l T a b l o l a r a IHskin D ip o tla r
Deutsche Bank
Gercege Uygun D egerden T a jin a n Finansal A ra?lar
Gercege Uygun Deger H iyerar$isi
Ger?ege uygun degerden ta§man fmansal ara^lar, UFRS gercege uygun deger hiyerarjisinin u? seviyesinde
a§agidaki gibi kategorize edilmijtir:
Seviye 1 - A ktif piyasalard ak i kote fiy atlar kullam larak degerienen ara^far: Bunlar, ger?ege uygun degerin
dogrudan aktif ve likit piyasalarda kote edilen fiyatlardan tespit edilebildigi ve piyasada oîilen aracm, Grup’un
stokunda fiyallanmakta olam temsil ettigi arajlardir.
Bu ara?lar arasmda: devlet tahvilleri, ve aktif likit borsalarda alimp satilan turevler ve hisse senetleri
bulunmaktadir.
Seviye 2 - O i?ulebilir piyasa verileri kullam larak degeriem e teknikleriyle degerienen a ra^lar: Bunlar,
ger?ege uygun degeri aktif piyasalarda alimp satilan benzer ara.9Ia.ra bakilarak belirlenebilen, veya degerlemeyi
yapmak igin bir teknigin kullanildigi ama o teknigin biitiin girdilerinin olgtllebilir oldugu araglardir.
Bu araglar arasmda: pek 90k OTC (tezgah iistii) tiirev; pek 90k yatirim yapilabilir nota sahip borsaya kote kredi
tahvilleri; bazi CDSler (kredi temerriit swaplari); pek 90k CDO (tem inatlandm lm ij borg yukiimltilukleri); ve pek
90k daha az likit hisse senedi bulunmaktadir.
Seviye 3 - D ogrudan olfiU ebilir olm ayan piyasa verileri kullan ilarak degeriem e teknikleriyle degerienen
a ra 9lar: Bunlar, gergege uygun degeri dogrudan piyasada olgiilebilir bilgiiere bakilarak belirlenemeyen ve bajka
bir tiir fiyatlama tekniginin kullanilmasi gereken araglardir. Bu kategoride simflandirilan araglarm, gergege
uygun deger tizerinde onemli bir etkisi olan ve olgulebilir olan bir unsuru vardir.
Bu araclar arasmda: daha karm ajik OTC tiirevleri; iflas etrnek uzere olan firmalarin tahvilleri; fazlacayapilandirilmi? tahviller; likit olmayan varhga dayali menkul kiymetler (VDMK); likit olmayan CD O’lar (nakit
ve sentetik); monoline pozisyonlar; ozel sermaye plasmanlan; pek 90k ticari gayrimenkul (CRE) kredisi; likit
olmayan krediler; ve bazi belediye tahvilleri bulunmaktadir.
G ercege uygun degerden taxm an fm ansal a r a 9la n n defter d e g e rle ri1
31 M a r t 2016
m €
G erceg e uygun d e g e rd e n elde tu tu la n finansa!
v a rh k la r;
A hm -satim varhklari
A hm -satim a konu m enkul kiym etler
D iger ahm -satim a konu varlikiar
Tiirev finansal ara?lardan p o zitif piyasa degerleri
Geripege uygun deger farki k ar / zarara yansitilan
finansal varlikiar
Satiim aya hazir finansal varhklar
Gercege uygun degerden diger finansal varhklar
G erceg e uygun d eg e rd e n elde tu tu la n fin a n sa l
v a r h k la r to p lam i
G er?eg e uygun d eg e rd e n ta x m an fin a n sa l
y u k iim iu liik ler:
A hm -satim a konu yiikum lulukler
A lim -satim a konu m enkul kiym etler
Diger alim -satnna konu yiikum lulukler
Tiirev finansal ara^lardan n eg atif piyasa degerleri
G ercege uygun deger farki kar / zarara yansitilan
fm ansal yukiim iuliikler
Y atirim sozle§mesi yiikum luliikleri3
G er9ege uygun degerden diger finansal
yiikum lulukler
03 ?u lem ez
p a ra m e tre ii
d eg eriem e
tek n ig i
(Seviye 3)
A k tif
p iy asad a
kote
fiy a tla r
(Seviye 1)
31 A ra lik 2015
O i?uEebiIir
p a ra m e tre ii
d eg eriem e
tek n ig i
(Seviye 2)
O lîalemez
p ara m e tre ii
d eg eriem e
tek n ig i
(Seviye 3)
A k tif
piy asad a
k o te fiy a tla r
(Seviye 1)
0 1 ?iilebslir
p a ra m e tre ii
deg eriem e
te k n ig i (Seviye 2)
76,958
76,452
506
5,386
85,275
76,636
8,639
566,306
12,714
6,521
6,193
9,599
90,031
89,718
313
5,629
93,253
82,869
10,384
500,520
12,751
6,669
6,082
9,445
18,852
40,198
30
84,500
25,815
3,6342
3,748
4,877
28
18,024
43,260
0
86,751
25,449
3,1362
4,478
4,874
0
141,424
765,530
30,966
156,943
709,109
31,549
49,342
49,305
37
5,931
14,441
13,592
850
548,235
26
26
0
7,366
40,185
40,154
30
5,528
12,10 2
11,155
947
480,668
18
18
0
7,879
2
0
49,689
7,917
3,038
0
2
0
41,797
8,522
3,053
0
0
48372
(8 9 8 )4
0
6,4922
(1,1 4 6 )4
G ercege uygun d egerden ta$inan fmansaE
625,120
9,531
45,715
549,581
9,805
yuktim ltilu kfer toplam i
55,275
' Bu tablodaki tutarlar genel olarak, G rup’un fmar.sa! araflarm m ahsubuna dair (2015 Faaliyet Raporunun “Not 1 “Onemli M uhasebe
Politikalari ve K ritik M uhasebe Tahm inleri ” kism inda afiklanan) muhasebe politikasina paralel §ekilde brilt bazda gOsterilmijtir.
2 Agirhkli olarak, riskten korunm a m uhasebesi niteliklerine sahip tarevierle ilgilidir.
3 Bunlar, poliye hilktim ve kojuKarmm, itfa degerini ger 9 ege uygun degerine e§itledigi yatirim sOzle$meleridir. Bu sOz!.e$meler hakkm da
daha fazla bilgi ifin 2015 Faaliyet Raporunun Not 41 “Sigorta ve Yatirim SOzlejmeleri” kism m a bakiniz.
4 B anndiran sdzle§melerin am ortism ana tabi tutulmu? m aliyetten elde tutuldugu am a gOmiilO tiirevin ayn oldugu, s5zle§melere gOmiilil
turevlerle ilgilidir. Ayrilan gCmulii tiirevlerin gergege uygun deger pozilif veya negatif olabilir am a bu tabloda, barindiran sOzle§melerin
sm iflandirm asm a uygun olarak olm ak Uzere gOsterilmijtir. A ynlan gomillu turevler tekrarlayan esasa gtSre gergege uygun degerden elde
tutulm aktadir ve gersege uygun deger hiyerar?i sim flandirm aian arasm da bOlunnitljtUr.
i§bu beige Ingilizce fotokopisinden TiArkê’ye
tarafim dan kism i oiarak terciim e edilmi§tir.
E LD A PA SENSYA
S E M I D fL H S Z M E T L E R i
Tel. 0212 /325 98 98
Faks 0212 281 42 59
E-mail sem i@ atlas.net.tr
21
D eutsche B a n k
4 - K o n s o l i d e F in a n s a l T a b l o l a r a Iii?kin D ip o tla r
D egeriem e T e k n ik le ri
G ru p ’un alim -satim im yaptigi finansal araglanri farkli tiirlerinin gergege uygun degerini tespit etm ede
kuilam lan degeriem e teknikleri a§agida agiklanmi§tir.
D evlet, Y a n D evlet ve K u ru m s a l T a h v il ve H isse S enetleri: Y akin zam anda yapilm is bir i?iem yoksa,
gergege uygun deger, son piyasa fiyatim , o tarihten bu yana risklerdeki biitiin degi§ikliklere gore
diizeitm eye tabi tatarak belirlenir. A k tif bir piyasada kote olan yakm bir emsal ara? varsa, gergege uygun
deger, emsal degeri, araglann risk profilindeki farkiara gore diizeitmeye tabi tutarak belirlenir. Y akin emsal
yoksa, gercege uygun deger, daha karma§ik m odellem e teknikleri kullam larak tahm in edilir. Bu teknikler
arasm da, kredi, faiz, likidite ve diger riskier igin cari piyasa oranlari kullanan indirgenmi? nakit akimi
modeller! bulunm aktadir. H isse senedi m odellem e teknikleri arasm da, kazang garpanlarina dayali olanlar da
bulunabilm ektedir.
Ip o teg e ve D ig e r V a r h k la r a D a y a h M e n k u l K iy m e tle r (M B S/A B S - V D M K ) konut ve ticari ipotege ve
diger v arhklara dayah m enkul kiym etler ve C D O ’lar bulunm aktadir. V D M K ’m n dayanak varhklari farkli
oldugundan ve ihraggi kurulujiarim n farkli yapilan oldugundan, bunlann spesifik ozellikleri vardir. CDO
araglarim n gogunda oldugu gibi dayanak varhklarm kendisinin de V D M K oldugu durum larda karma§iklik
daha da artar.
G uvenilir bir di§ fiyatiam a m evcut olm adigm da VDM K, uygun durum larda, ya piyasada gozlem lenebilir
benzer ijlem lere dayali olarak yapilan goreli deger anaiizi ile, ya da m iisait olan gozlem lenebilir girdileri
igeren sektor standardi degeriem e m odelled kullam larak degerlenir. Sektor standardi di§ modeller,
bagirnsiz oiarak fiyat testi yapilabilecek varsayim lara dayali belli bir ijlem igin anapara ve faiz odem elerini
hesaplam aktadir. G irdiier arasm da on odem e hizlari, zarar varsayim lari (zam anlam a ve jiddet) ve bir
iskonto oram (spread, getiri veya iskonto m arji) bulunm aktadir. B u girdiler/varsayim lar yerine gore fiili
i§lemlerden, di§ piyasa ara§tirm alanndan ve piyasa endekslerindert elde edilir.
K re d ile r: Belli krediler igin gergege uygun deger, yakm zam anda gergekle§mi§ bir i§lemin piyasa fiyatim,
o ijlern tarihinden bu yana risklerde ve bilgilerde m eydana gelen biitiin degi§ikliklere gore diizeitmeye tabi
Uitularak belirlenir. Y akm zam anda piyasa gergek.le§mi$ i§!em yoksa, gergege uygun degeri belirlem ek igin
broker kotasyonlari, uzlajm a fiyatlam asi, emsal araglar veya indirgenm i? nakit akim i m odelleri kullamlir.
indirgenm if nakit akim i m odelleri, yerine gore kredi riski, faiz oram riski, doviz kuru riski, temerriit
halinde zarar gibi param etre girdilerini igerir. Kredi riski, tem erriit halinde zarar ve tem erriit halinde
kullandirim pararnetreleri, m iisait ve uygun oldugu durum larda, kredi veya CDS piyasalarindan ahnan
bilgiler kullam larak belirlenir.
Kaldiragh kredilerin ijlem e ozel nitelikleri bulunabilm ekte, bu da piyasada gozlem lenen ijlem lerin
gegerliligini sm irlayabilm ektedir. G ozlem lenebilir kotasyonlarm di§ fiyatiam a servislerinden alinabildigi
benzer ijlem ier bulundugunda, bu bilgiler, ijlem ler arasm daki farklan yansitm ak iizere uygun
diizeltm elerle kullam lir. B enzer ijlem buiunm adigm da, indirgenmi§ nakit akim i degeriem e teknigi
kullam lir ve kredi spread’leri uygun kaldiragh kredi endeksinden elde edilir ve sektor sim flandirm asi,
kredinin oncelik derecesini, kredi ve krediriin kar§i tarafi hakkindaki gegerli diger bilgileri igerir.
T ezgah iis tii T iire v F in a n sa l A ra g la r: Likit ahm -satim pazarlanndaki piyasa standardi iflem ler, om egin
G7 para birim lerindeki faiz oram sw apiari, vadeli doviz ve opsiyon sozlejm eleri, ve borsaya kote menkul
kiym etler veya endeksler uzerine hisse senedi sw ap ve opsiyon sozle§meleri, piyasa standardi m odeller ve
kote edilen param etre girdileri kullam larak degerlenir. Param etre girdileri miimkiin olan durum larda
fiyatiam a servislerinden, uzla§ma fiyatlam asi servislerinden ve a k tif piyasalarda yakm zam anda
gergekle§en i§iem!erden aiinir.
Daha karma§ik araglar, o araca ozel daha sofistike m odellem e teknikleri kullam larak m odellenir ve miisait
olan piyasa fiyatlarina gore ayarlam aya tabi tutulur. M odel gikti degeri, ilgili bir piyasa referansina
ayarlanam azsa, v arsa farkhliklara gore ayarlam a yapm ak igin m odel gikti degerinde degeriem e
diizeitmeleri yapilir. D aha az a k tif piyasalarda, veriler daha az sikhktaki piyasa ijiem lerinden, broker
koiasyonlarindan aiinir veya ekstrapolasyon ve interpolasyon teknikleri yoluyia elde edilir. G ozlem lenebilir
fiyat veya girdi yoksa tarihsel veriler, ijlem in ekonom isinin temel anaiizi ve benzeri ijlem lerden emsal
bilgiler gibi, diger gegerli bilgi kaynaklanrn degeriendirerek. gergege uygun degeri tespit etm ek igin
yonetim kanaati gerekir.
i§bu beige ingilizce fotokopisinden T u rk fe ’ye
tarafim dan kism i olarak tercum e edilm ijtir.
EL D A P A SEN SY A
S E M i D iL H iZ M E T U E R l
Tel. 0212 325 98 98
Faks 0212 281 42 59
F.-mail
riftt tr
j
I
I
j
i
22
D eutsche Bank
4 - K o n s o l i d e F in a n s a l T a b l o l a r a tli^kin D i p o tl a r
G erceg e U y gun D eg er O p siy o m i Cêrgevesmde G erceg e U ygun D eg er F a rk i K a r /Z a r a ra Y an sitilan
F in a n s a l Y iik iim liiliik ler: G ergege uygun deger opsiyonu gergevesinde gergege uygun deger farki
kar/zarara yansitilan finansal yiikum ltiliikierin gergege uygun degeri, G rup’un o fm ansal yiikum liiluk igin
gegerli olan kredi riskinin bir olgiisu de dahil olm ak uzere biitiin piyasa riski faktorlerini kapsar, Finansal
yiikum lulukler arasm da, yapilandirilm i§ tahvil ihraglari, yapilandirilm i? m evduatlar ve konsolide edilen
araglann ihrag ettigi diger yapilandirilm i§ m enkul kiym etler bulunm aktadir, ki bunlar a k tif bir piyasada
kote edi'rnem is olabilir. Bu fm ansal yukum liiluklerin gergege uygun degeri, ilgili krediye gore duzeltilmi?
getiri egrisi kullam larak akdi nakit akim lanm indirgem ek suretiyle belirlenir. Piyasa riski param etreleri,
varhklar olarak elde tutulan benzeri aragiarla tutarli §ekilde degerlenir, om egin, yapilandm lm i? tahviller
igerisine gomiilii turevler, y u k an d a "Tezgah OstU Tiirev Finansal Araglar" boliimiinde bahsedilenle aym
yoritem kullam larak degerlenir.
Gergege uygun deger opsiyonu gergevesin.de gergege uygun deger farki kar/zarara yansitilan fmansal
yukiim iuliikler tem in atlan d in lm ij oidugunda, om egin, odiing verilen m enkul kiym etler veya repo
anlajm aiari gergevesinde satilan m enkul kiym etler igin, kredi iyile§tirm eleri yilkum liiliigun gergege uygun
degerlem esine bir faktor olarak katihr.
Y a tirim Sozle^m esi Y tik iim liilu k leri: Grup, yatirim sozlejm esi yukilm liiluklerine endeksli olan varhklara
da sahiptir. Y atirim sozle*?mesi, G ru p ’u bu yiikumliililkleri odem ek igin bu varhklari kullanm ak zorunda
tutm aktadir. D olayisiyla, yatirim sozlejm esi yukum lultlklerinin gergege uygun degeri, dayanak varhklarm
gergege uygun degeri (yani poligelerin teslim inde odenecek tutar) ile tespit ediiir.
G ergege U y g u n D eg eri O n em li O lgiilem eyen P a r a m e tre le r igeren D eg eriem e T e k n ild e rin d e n elde
edilen F m a n sa l A ra g la n n (Seviye 3) A naiizi
Gergege uygun deger hiyerarjisinin 3. seviyesindeki araglann bazilarm m , olgiilebilir girdiye kar§i aym
veya benzer dengeleyici pozisyonlan bulunm aktadir. A ncak, U FR S’n a gore bunlarm yukandaki tabloda
briit varhklar ve yiikum lulukler olarak gosterilm esi gerekm ektedir.
A h m -sa tim a K o n u M e n k u l K iy m etler: Likit olm ayan belli g elijen piyasa §irket tahvilleri ve likit
olm ayan fazlaca yapilan d in lm if §irket tahvilleri, hiyerar§inin bu seviyesine dahil edilm ijtir. E k olarak,
m enkul kiyrnetlejtirm e k u ru lu jla n tarafm dan ihrag edilen tahvillerden, ticari ve konut iD M K ,
tem inatlandirilm ij borg yiikum luliigu senetleri ve diger V D M K ’lar burada raporlanm aktadir. D onem deki
dil§ii§ esasen sati§lar ile, odem elerin bir biie§im inden kaynaklanm akta olup, gogunlukla seviye 2 ile 3
arasindaki transferlerle ve A lim larla dengelenmi§tir.
T iire v F in a n s a l A ra g la rd a n P o z itif ve N e g a tif P iyasa D egerleri: Gergege uygun deger hiyerarjisinin bu
seviyesinde kategorize edilen turevler, bir veya daha fazla onemli olgiilemez param etreye dayah olarak
degerlenir. Olgiilem ez param etreler arasm da, belli korelasyonlar, belli uzun vade volatiliteleri, belli on
odem e oranlan, kredi spread’leri ve diger ijlem e-ozgu param etre bulunabilir.
Seviye 3 turevler arasm da, dayanak referans kurum sal varhklar havuzunun duzenli olarak piyasada alimp
satilan endekslerle yakm dan k a rjilajtirilab ilir olm adigi 6zelle§tirilmi$ C D O tiirevleri; belli tran§li endeks
kredi tiirevleri; volatilitenin olgiilem ez oldugu belli opsiyonlar; referans dayanak varhklar arasindaki
korelasyonlarm olgiilem ez oldugu belli sepet opsiyonlar; daha uzun vadeli faiz oram opsiyon tiirevleri;
goklu para birim i doviz tiirevleri; ve kredi spreadinin olgiilebilir olm adigi belli kredi tem erriit sw aplan
bulunm aktadir. D onem deki h a fif arti? kazanglarla ilgili olup, odem elerle kism en dengelenmi§tir.
A h m -sa tim a K o n u D ig er A ra g la r: G ergege uygun deger hiyerarjisinin 3. seviyesinde sim flandirilan diger
ahm -satim a konu araglar tem elde ahm -satim a konu olan ve bir veya daha fazla onem li olgiilemez
param etreye dayah degeriem e m odelleri kullam larak degerienen kredilerdir. Seviye 3 krediler, likit
olm ayan kaldiragh kredilerden ve likit olm ayan konut ve ticari ipotek kredilerinden olu§maktadir.
D onem deki h afif arti? esasen ahm lardan ve seviye 2 ile 3 arasindaki transferlerden kaynaklanm i? olup,
sati§lar ve odem eler ile dengelenm i§tir.
i§bu beige ingilizce fotokopisinden T urk 9e ’ye
tarafim dan kism i oiarak tercum e edilmi§tir.
EL D A PA SEN SY A
S E M I D fL H tZ M E T L E R !
Tel. 0212 325 98 98
Faks 0212 2 8 ) 42 59
23
D eutsche Bank
4 - K o n s o l i d e F i n a n s a l T a b l o l a r a fli?kin D i p o tl a r
G ercege Uygun Deger F a rk i K a r veya Z a ra ra Y ansitilan F inansal V arlikiar/Y iikiim luIiikSer: Gergege
uygun deger opsiyonu gergevesinde gergege uygun deger farki kar veya zarara yansitilan belli kurumsal krediler
ve yapilandirilmi? ytikUmlilliikler, gergege uygun deger hiyerar§isinin bu seviyesinde kategorize edilmi§tir.
Kurumsal krediler, olgiilebilir kredi spread’lerini, geri kazanma oranlarim ve olgiilemez kullandirim
parametrelerini igeren degerieme teknikleri kullamlarak degerlenmektedir. Rotatif krediler, hiyerar§inin iigiincii
seviyesinde raporlanir, gunkii temerriit halinde kullandirim parametresi onemlidir ve olgulemezdir. Ek olarak,
gergege uygun deger farki kar veya zarara yansitilan ve gomiilii turevler igeren belli melez tahvil ihraglari,
onemli olgiilemez parametrelere dayali olarak degerlenir. Bu olgiilemez parametreler arasmda, tek hisse voiatilite
korelasyonlari bulunmaktadir. Donem iginde varliklardaki azahs esasen odemelerden ve seviye 2 ile 3 arasindaki
transferlerden kaynaklanm ijtir, ihraglar, seviye 2 ile 3 arasindaki transferor ile dengelenmesi nedeniyle
yukiimiuliikler stabildir.
Satiim aya H azir F inansal V a rlik ia r arasmda, ahm-satim niyetinin bulunmadigi donuk kredilerden olu§an
portfoyler, ve borsada i§lem gormeyen, yakm bir emsali olmayan ve piyasa likiditesi gok diijuk olan hisse
senetleri bulunmaktadir. Satijlar ve odemeler, alimlar ile dengelendiginden, varhklar stabildir.
Seviye 3 ’te sim flandirilan finansal a ra c la n n m utabakati
31 M art 2016
m€
Donem
ba§i
bakiye
Konsolide
edilen
?irketler
G ru p ’undaki
degi$iklikEer
Toplam
kazancEar
/'kayiplar1
A lim lar
Sati?lar
ih ra clar2
O deroeier3
3. seviyeye
a k ta n m la r4
3. seviyenin
di$ma
a k ta n m la r4
Yil
sonu
bakiyess
G ercege uygun degerden
ta§inan fmansaE
varhklar:
Ahm-satima konu menkul
kiymetler
6,669
0
(189)
441
(583)
0
(341)
935
(412)
6,521
Tiirev finansal ara9lardan
pozitif piyasa degerleri
9,445
0
475
0
0
0
(409)
748
(659)
9,599
Diger ahm-satima konu
varhklar
6,082
0
____( 122)
1,132
(946)
13
(562)
1,053
(458)
6,193
Gercege uygun deger farki
kar veya zarara yansitilan
finansal varhklar
4,478
0
(78)
0
(50)
39
(478)
42
(204)
3,748
Satiimaya hazir finansal
varhklar
4,874
0
(52)5
485
(249)
0
(270)
127
(38)
4,877
Gercege uygun degerden
ta§inan diger finansal
varhklar
0
0
0
0
0
0
0
28
0
28
taxman toplam fmansaE
varh k lar
31,549
0
336,7
2,058
(1,828)
52
(2,060)
2,933
(1,771)
30,966
ta$inan fmansaE
yiikumluSiikler:
kiymetler
18
0
0
0
0
0
7
0
0
26
Tiirev finansal araclardan
negatif piyasa degerleri
7,879
0
(291)
0
0
0
(591)
954
(585)
7,366
Diger ahm-satim
yukiimluliikleri
0
0
0
0
0
0
0
0
0
0
fmansal yiikumlulukler
3,053
0
(199)
0
0
567
(194)
79
(269)
3,038
ia§inan diger finansal
yukiimiuliikler
(1,146)
0
55
0
0
0
1
198
(898)
(7)
taxman toplam fmansaE
yiikumlulukler
9V805
0
(434) 6,7
0
0
567
(776)
1,026
(656)
9,531
1 Toplam kazangiar ve zararlar agirlikli olarak, konsolide gelir tablosunda raporlanan, gercege uygun deger farki kar veya zarara yansitilan finansal
varliklardan/yukum luliikierden net kazangiar (zararlar) ile ilgilidir. Bakiyeye, konsolide gelir tablosunda raporlanan satiim aya hazir finansal varlikiardan net
kazangiar (zararlar) da dahildir ve satiim aya hazir fm ansal varhklardan ger9ekie§memi§ net kazangiar (zararlar) ve diger kapsam li geiirlerde raporlanan, vergi
sonrasi net doviz kuru degi§iklikleri de dahildir. A yrica, belli ara9larm riskinden, seviye 1 veya seviye 2 ’deki ara9larla korum a saglanm aktadir am a bu riskten
korunm a ara9lanndan karlar ve zararlar yukandaki tabloya daliil degildir. Ek olarak, ger9ege uygun deger hiyerar§isinin 3. seviyesinde sim flandirilan biitiin
ara9larin ger9ege uygun degerini belirlem ek i9in hem ol9ulebilir hem de {j'ciilemez param etreler kullam labilm ektedir, y u k an d a gosterilen kazan9 ve zararlar,
hem ol9iilebilir hem de o ^ u le m e z param etrelerdeki hareketlere atfedilebilir.
2 Ihra9lar bir yukum lulugtin ihracm da tahsil edilen nakit tutar ve bir kredinin birincil diizenlem esinde odenen nakit tutar ile ilgilidir.
3 O dem eler varhgi veya yiiktimliiliigii odem ek i9in olan nakit akim lanni tem sil eder. B or9 ve kredi ara 9lan i9in bu, vadede anaparayi, anapara tiikenm e paylanni
ve anapara geri odem elerini igerir. T urevler i9in biitiin nakit akim lan odem elerde gosterilmi§tir.
4 Seviye 3 ’e ve yapilan seviye 3 ’ten yapilan aktarim lar, girdi param etrelerin olûlebilirligindeki degi§iklikler ile ilgilidir. D onem i9inde bunlar yilm ba§indaki
ger9ege uygun degerinden kaydedilm i§tir. Seviye 3 ’e aktarilan ara9-ar iîn tablo, bunlardan kazan9lari ve zararlari ve nakit ak im lan n i, b u ara9lar yilm ba§inda
aktarilmi§ gibi gosterm ektedir. B enzer §ekilde, seviye 3 ’ten aktarilan ara9lar i9in de tablo, bu ara9lar yilm ba§inda aktanlm i§ gibi, bunlardan kazanclari ve
zararlari ve nakit akim lanni gosterm em ektedir.
5 Satiim aya hazir varhklardan toplam kazan9lara ve zararlara, diger kapsam li geiirlerde kaydedilen, vergi sonrasi 15 m ilyon Euro zarar, ve gelir tablosunda
satiim aya hazir fm ansal varlikiardan net kazan 9lar (zararlar) arasm da gosterilen 2 m ilyon Euro kazan9 dahildir.
6 3 u tutar, doviz kuru degi§ikliklerinin eikisini i9erm ektedir. G ercege uygun degerden ta§inan toplam fm ansal varh k lar i9in bu etki 196 milyon Euro zarar,
ger9ege uygun degerden ta§inan toplam finansal yiikum lulukler i9inse 103 m ilyon Euro kazan9tir. D oviz kuru degi§ikliklerinin etkisi diger kapsam li geiirlerde
vergi sonrasi olarak gosterilmi§tir.
7 V arhklar i9in p o zitif bakiyeler kazan9lan, n eg atif bakiyeier zararlari temsil etm ektedir. Y ukiim iuliikler i?in p o zitif bakiyeler zararlari, n eg atif bakiyelerse
kazan9lan tem sil etm ektedir.
!§bu beige ingilizce fotokopisinden Tiirk9e ’ye
ELDA PASENSYA
S E M I D IL H IZ M E T L E R i
Tel. 0212 325 98 98
Faks 0212 281 42 59
Deutsche Bank
4 - K o n s o l i d e F in a n s a l T a b l o l a r a tli^kin D i p o tl a r
31 M art 2015
m€
ta§man fsnansaE
varhklar:
kiymetler
Tiirev finansal ara?lardan
pozitif p»yasa degerleri
Diger ahm-satima konu
varhklar
finansal varhklar
Satiimaya hazir finansal
varhklar
varhklar
ta§inan toplam fsnansaE
varhklar
ta§inan finansaE
yukiim iuliikler:
kiymetler
Tiirev finansal ara9lardan
negatif piyasa degerleri
Diger ahm-satim
yukiimluliikleri
GerQege uygun deger farki
finansal yukiimiuliikier
Ger9ege uygun degerden
yukiimiuliikler
ta§inan toplam fmansaE
yukiimiuliikler
Donem
ba$i
bakiye
Konsolide
edilen
§irketler
G ru p ’ondaki
degi§iklikler
8,957
0
9,559
Toplam
kazangiar
Alim lar
Sati§lar
ih ra ?lar2
O dem eler3
3. seviyeye
a k ta n m la r4
3. seviyenin
di§ma
a k ta n m la r4
Yil
sonu
bakiyesi
773
468
(717)
0
(195)
916
(1,123)
9,078
0
!,645
0
0
0
(293)
1,652s
(738)
11,825
4,198
0
398
344
(351)
94
(132)
213
(296)
4,470
4,152
0
496
195
0
820
(392)
58
(33)
5,297
4,427
0
2896
174
( 100)
0
(214)
58
(18)
4,616
0
0
0
0
0
0
0
0
0
0
31,294
0
3,6017*
1,181
(1,168)
915
(1,225)
2,896
(2,208)
35,286
43
0
7
0
0
0
32
42
(6)
117
6,553
0
981
0
0
0
(113)
1,377s
(981)
7,818
0
0
0
0
0
0
0
0
0
0
2,366
0
208
0
0
157
(67)
112
(22)
2,755
(552)
0
(55)
0
0
0
64
31
14
(498)
8,410
0
0
0
157
1,562
(996)
10,192
/kayaptar1
1,142 ’■*
............m
1 Toplam k az ar.âr ve zararlar agirlikh olarak, konsolide gelir tablosunda raporlanan, gercege uygun deger farki kar veya zarara yansitilan finansal
varliklardan/yiikum luliiklerden net kazangiar (zararlar) ile ilgilidir. Bakiyeye, konsolide gelir tablosunda raporlanan satiim aya hazir finansal varhklardan net
kazangiar (zararlar) da dahildir ve satiim aya hazir finansal varhklardan ger9ekle§memi§ net kazan9lar (zararlar) ve diger kapsam li geiirlerde raporlanan, vergi
sonrasi net doviz kuru degi§iklikieri de dahildir. A yrica, belli ara9larin riskinden, seviye 1 veya seviye 2 ’deki ara9larla korum a saglanm aktadir am a bu riskten
korunm a ara9larindan karlar ve zararlar yukandaki tabloya dahil degildir. E k olarak, ger9ege uygun deger hiyerar§isiriin 3. seviyesinde sim flandirilan biitiin
ara9larin ger9ege uygun degerini belirlem ek i9in hem ol9iilebilir hern de oV ulem ez param etreler kullanilabilm ektedir, yukarida gosterilen kazan9 ve zararlar,
hem 6l9iilebilir hem de o îile m ez param etrelerdeki hareketlere atfedilebilir.
2 Ihra9lar bir yiikiimluSiigun ihracm da talisil edilen nakit tutar ve bir kredinin birincil diizenlem esinde odenen nakit tutar ile ilgilidir.
3 O dem eler varhgi veya yukumliiliigu odem ek i9in olan nakit akim lanni tem sil eder. B or9 ve kredi ara9lari i9in bu, vadede anaparayi, anapara tiikenme paylarmi
ve anapara geri odem elerini i9erir. Turevler i9in biitiin nakit aknnlari odem elerde g6sterilmi§tir.
4 Seviye 3 ’e ve yapilan seviye 3 ’ten yapilan aktanm lar, girdi param etrelerin ol9iilebilirligindeki degi§iklikler ile ilgilidir. D onem i9inde bunlar yilm ba§mdaki
ger9ege uygun degerinden kaydedilm i§tir. Seviye 3’e aktarilan ara9lar i9in tablo, bunlardan kazan9lan ve zararlari ve nakit akim lanni, bu ara9iar yilm ba§inda
aktanlm i§ gibi gosterm ektedir. B enzer §ekilde, seviye 3 ’ten aktarilan ara9lar i9in de tablo, bu ara9lar yilm ba§inda aktanlm i§ gibi, bunlardan kazan9lan ve
zararlari ve nakit akim lanni gosterm em ektedir.
5 Tutarlar, ‘Turev fmansal ara9lardan p o zitif piyasa degerlerm de’ 670 milyon Euro ve ‘Tiirev fm ansal ara9lardan neg a tif piyasa degerlerinde’ 708 milyon Euro
kadar yeniden ifade edilmi§tir.
6 Satiim aya hazir varhklardan toplam kazan9lara ve zararlara, diger kapsam li geiirlerde kaydedilen, vergi sonrasi 47 m ilyon Euro kazan9, ve gelir tablosunda
satiim aya hazir fmansal varhklardan net kazan9lar (zararlar) arasm da gosterilen 10 m ilyon Euro kazan9 dahildir.
7 Bu tutar, doviz kuru degi§ikliklerinin etkisini i9erm ektedir. G er9ege uygun degerden ta§inan toplam finansal varhklar i9in bu etki 716 m ilyon Euro kazan9,
ger9ege uygun degerden ta§inan toplam finansal yukiim iuliikler i9inse 208 milyon Euro kazan9tir. D oviz kuru degi§ikliklerinin etkisi diger kapsam li geiirlerde
vergi sonrasi olarak toplu halde gosterilmi§tir.
8 V arhklar i9in pozitif bakiyeler kazan9lan n eg atif bakiyeler zararlari temsil etm ektedir. Y iikum lulukler i9in p o z itif bakiyeler zararlari, negatif bakiyelerse
kazan9lan tem sil etmektedir.
O l^ iile m e y e n
P a ra m e tre le rin
D u y a rh h k
A n a iiz i
F inansal arag lan n d egeri, olgiilem ez param etre g irdilerine b ag im h old ug un d a, bu p aram etreler igin
bilango tarihindeki k esin seviye, m antiken olasi altem a tifle r araligind an belirlenebilir. Finansal
tablolarm h azirlanm asm d a, bu olgiilem ez girdi param etreleri igin, p iy a sa d a gegerli olan kam tlarla
tu tarli ve G ru p ’un yu k arid a d e ta y la n d in la n degeriem e kontroliine y ak la§im m a paralel olaeak sekilde
uygun sev iy eler segilm i§tir. G rup soz konusu fm ansal aragiari m antiken olasi altem a tifle r araligm m ug
noktalarind an segilm i? param etre degerleri kullanarak saptam i§ olsa idi, 31 M a rt 2016 itibariyla
gergege uygun degeri 1.7 m ily ar E uro k ad ar artabilir veya gergege u ygun degeri 1.5 m ily ar E uro kadar
dii§ebilirdi. 31 A ralik 2015 itib ariy la ise gergege uygun degeri 2.1 m ily ar E u ro k ad ar artab ilir veya
gergege uygun degeri 1.5 m ily ar E uro kadar dii§ebilirdi.
I§bu beige ingilizce fotokopisinden Turkge’ye
tarafim dan kism i oiarak tercum e edilmi§tir.
EL-DA PA SEN SY A
S E M I O IL H iZ M E T L E R i
Tel. 0 i« -.3 2 5 < 9 8 98
Faks 02 i 2 281 42 59
E-mail sem i@ at!as.net.tr
25
D eutsche Bank
4 - K o n s o l i d e F i n a n s a l T a b l o l a r a i l i j k i n D i p o tl a r
B u agik lam an m am aci, d eg e rle m e n in olgiilem ez girdi p aram e trele rin e b a g im h oldugu finansal araglar
igin, g oreli b elirsizlig in g ercege u y gun d eg er iizerindeki p o tan siy el etk isin i g o sterm ek tir. A ncak, biitiin
olgiilem ez p aram etrelerin aym a n d a m an tiken olasi a lte m a tifle r a ra h k la rin in en ug n o k ta larm d a olm asi
p ratik te olasi deg ild ir. Y ani, y u k a rid a agiklanan tah m in lerin , bilango ta rih in d e gercege uygun degerin
gergek b elirsizlig in d en fa z la o lm asi m uhtem eldir. A yrica, agiklam a, gergege uygun degerin
g elecek tek i h a re k e tle rin in g o sterg esi d eg ild ir ve b u n la n ongorem ez.
B u ra d a d ik k ate a h n an fin an sal a ra g la n n p ek gogu, ozellikle de tu re v le r igin., olgiilem ez girdi
p aram etreleri, fin an sal araci fiy atlam ak i 9in g ereken p aram e trelerin sadece b ir a lt kiim esini tem sil
etm ek ted ir, geri k alan iari 6 l 9iilebiiirdir. Y ani bu ara 9 lar i 9in 6 l9iilem ez girdi param etrelerin i kendi
olasi a ra h k la rin in 119 n o k ta la rm a tastrnam n toplam etkisi, fin ansal arac m to p lam gergege uygun
d eg erin e k iy asla g o rece ktiglik olab ilir. D ig er araglar igin, gergege u y g u n deger, aracm tam am inm
fiy atm a d a y ah olarak, o m eg in , m ak u l bir em sal aracm gergege uygun d eg erin i diizeitm eye tabi tutarak
b elirlen ir. E k olarak, biitiin fm an sal araglar zateri gergege uygun d eg erd en ta§m m akta ve araci
kap atm am n m aliy eti igin d eg eriem e d iizeltm elerini igerm ektedir, yani p iy asa fiyatlam asirida kendisini
g o steren belirsizlig i fa k to r o larak dahil etm ektedir. Bu agiklam a igerisinde h esap lan an belirsizliklerin
olasi n e g a tif etkisi, fin an sal ta b lo la rd a zaten y e r alan gergege u y gun d eg erin igerisindekinden fazla ve
b u n d an ote olacak tir.
Duyarhhk aealizmiii arag bazmda dagilimi1
31 M a r t 2 0 1 6
M a k u l o la s i
a lte m a tifle r
g e rg e g e u y g u n
d e g e r h a re k e ti
M a k u l o la s i
a lte m a tif le r
k u lla m la ra k
n e g a ti f
k u lla m la ra k
p o z itif
31 A r a h k 2 0 1 5
M a k u l o la s i
M a k u l o lasi
a lte m a tif le r
a lte m a tif le r
k u lla m la ra k
k u lla m la ra k
p o z itif
n e g a tif
g erg eg e u y g u n
M e n k u l k iy m e tle r ;
B o rg la n m a se n e tle ri
174
132
21 2
158
T ic a ri ip o te g e d a y a h m e n k u l k iy m e tle r
14
S3
12
11
Ip o te g e v e d ig e r v a rh k ia ra d a y a h m e n k u l
k iy m e tle r
44
42
38
31
116
76
161
116
120
83
179
105
K u ru m sa l, d e v le t v e d ig e r b o rg y u k iim lu lu k le ri
H iss e se n e tle ri
T iir e v le r :
K red i
22 6
537
489
627
H iss e se n ed i
215
187
183
131
F a iz le ilg ili
297
157
364
147
D o v iz
16
12
17
13
D ig e r
177
102
161
100
471
271
539
261
0
0
0
0
0
0
0
1 ,696
1,481
0
2 ,1 4 4
K re d ile r:
K re d ile r
K re d i ta a h h u tle ri
D ig e r
T o p la m
1,542
1 O lg iile m e z b ir p a ra m e tre y e m a r u z p o z is y o n u n fa rk li a ra g la rd a d e n g e le n m e s i h a lin d e , ta b lo d a y a ln iz c a n e t e tk i a<jiklanm i§tir.
i§bu beige Ingilizce fotokopisinden Tiirktê’ye
tarafim dan losm i olarak tercum e edilmi§tir.
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S E M ! D5L H iZ M E T L E R I
Tel. 0214 -3 2 5 98 5^8
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26
D e u t s c h e B a tik
4 - K o n s o l i d e F in a n s a l T a b l o l a r a ili§k ln D ip o tla r
31 M a r t 2 0 1 6 it ib a riy la A r a D o n e m R a p o r u
Olîllemeyen Onemli Parametrelerin Duyarhhk Anaiizi ile Ilgili Rakamsal Bilgiler
O lgiiiem ez p a ram etrelerin S eviye 3 g erceg e uygun d e g er oigiim iindeki davrarnsi pek bag im siz degild ir
ve sik lik la hem d ig e r 6 l 9iilem ez p a ra m etreler hem de o l 9iilebilir p a ram e treler a rasm d a dinam ik
ili§kiler m ev cu ttu r. B u iligkiler, belli b ir aracm g e rfe g e uygun d egeri ifin onem li oldugunda,
k o relasy o n p aram etreleri a ra c ih g iy la aîkca dahil ed ilm ekte, v ey a fiy atia m a m o d elleri v ey a degeriem e
tek n ik leri ara c ih g iy la ba§ka b ir su rette k ontrol edilm ektedir. S ik h k la, b ir d egeriem e teknigi birden
fazla g irdi k u llan d ig in d a, belli b ir gird in in se fiim e si, d ig e r gird ilerin olasi d e g erler arah g im sinirlar.
E k olarak, d ah a geni? p iy a sa fak td rleri (faiz o ra n la n , hisse senedi, k red i v ey a em tia endeksleri veya
doviz k u rla n v b ) da etki yap ab ilir.
A §agida g o sterilen d e g e rle r araligi, Seviye 3 ’tek i onem li p o z isy o n la n deg erlem ed e ku ilam lan en
y u k sek ve en dli§ilk g ird ileri te m sil etm ektedir. A ftk la m a y i olu§turan a r a f la n n 9e§itliligi onem iidir,
d o lay isiy la belli p a ra m e trele rin a ra h k la n biiytik olabilir, O m eg in , ipotege d ay ah m enkul kiym etlerde
kredi s p r e a d ie r i a ralig i, k red i sp re a d ’leri daha yuksek o lacak olan sorunlu ve d ah a az likit
p o zisy o n lara gore, d ah a dii§uk sp e ra d ’i o lan ve daha likit ve so ru n su z p o z isy o n la n tem sil etm ektedir.
Seviye 3 d a h a az likit g e r 9ege u y g u n d eg er ara^lari i9erdiginden, ve ilgili p iy asa d inam ikierini dahil
etm ek i 9in h er p o zisy o n tiirtinde y u k sek d ereced e fiyatiam a fa rk h h g i o ld u g u n d an , param etrelerin geni§
aralik ta g o ru lm esi b e k len m ek ted ir. D ev am m da, p ren sip param etre ttirlerin in h er b irin in kisa bir
a 9ik lam asi ve b u n la r arasin d ak i o n em li k ar§ihkh ili?kiler h ak k m d a y o ru m la r y e r alm aktadir.
K redi P aram etreleri, tem erriit o la sih g m in ve tem errudiin so n ucundaki zararlarm tem sil edilrnesine
im kan v e re re k b ir p o zisy o n u n k red i d eg erliligini degerlen d irm ed e kuliam lm ak tad ir. K redi sp re ad ’i
k redi d eg erlilig in in tem el y a n sim a sid ir ve bir tahvil h am ilin in b ir kurulu§ ile b ir gosterge referans
(d eg erlen d irilm ek te o lan v a rh g a b agli olarak, no rm ald e L IB O R , v ey a ilgili H azine A ra 9lari)
arasin d ak i kred i k a lite si fark im k ab u l etm ek i 9in talep edecegi, g o sterge referan s aracm ustiindeki
p rim i v ey a g etiriy i te m sil etm ek ted ir. D ah a yu k sek kredi sp re a d ’leri d ah a du§uk k red i k alitesine i§aret
eder, ve belli b ir tah v ilin v ey a b o ^ la n a m n B ankaya geri odeyecegi ba§ka b ir kredi v a rh g in m degerinin
d ah a du?uk o lm asin a y o l a 9ar. Istird at O ranlari, kredinin tem erriidu h alin d e b o r 9 v eren in tahsil edecegi
tu ta n n v ey a b ir ta h v ilin tem erriidu h alin d e tahvil ham ilin in tah sil edecegi tu ta rm tah m in in i tem sil eder.
D iger p a ra m e trele r sab itk en d a h a y u k sek geri alim o ra n la n , belli b ir tahvil p o zisy o n u i 9in daha yuksek
b ir d eg erlem ey e yol a 9ar. Sab it T em erriit O ram (C o n stan t D efau lt R ate - C D R ) ve S ab it G eri O dem e
O rarn (C o n stan t P re p a y m e n t R ate - C P R ) d ah a karmaîk. k redi ve b o r 9 v a rh k la n m n d egerlenm esine
im kan saglar, zira b u p ara m e trele r p la n h geri odem elerd en ve k u p o n lard an dogan siirekli tem erriitieri,
vey a b o r 9lanam n ilave geri o d em eler (g enellikle gOniillu olarak) y ap ip y ap m ay acag in i tahm in
etm ek ted ir. B u p aram etreler, ipotek v ey a d ig e r tiir k red i kullandirim lari i 9in gergege uygun deger
goriisii o lu stu ru rk en , g eri o d e m e le r b o r 9lanan tarafm d an zam an i 9inde teslim ed ild ig in d e veya
b o r 9lananm k red iy i erk en geri o d ed ig i d u ru m lard a (o m eg in bazi k o n u t ip o tek lerin d e goriilm ektedir)
o zellik le g e 9erlid ir. D ah a y u k sek C D R , b o r 9 v eren nihai o larak d ah a az n ak it tah sil ed eceginden, belli
b ir kredi v ey a ip o tek i9in d ah a dii$iik d eg erlem eye yol a 9ar.
F aiz o ra n la n , k red i sp re a d ’leri, e n flasy o n o ra n lan , doviz k u rla n ve h isse senedi fiyatlari, tiirevin
ham ilin in tah sil ed eceg i m eb lag , zam an i 9inde bu dayanak re fe ra n sla n n d a v ra m jm a bagli olarak bazi
o p siy o n a ra 9larm da, v e y a d ig er karm a§ik tiirevlerde referan s o larak alm m ak tad ir. V olatilite
p aram etreleri, d eg erlen ecek d ay an ak aracm g etirilerinin degi§kenligine im kan v ere rek opsiyon
d avrani§inm o n em li o zellik lerin i a 9iklam aktadir. Bu v o latilite bir o la sih k o ^ ils u d iir, ve d ah a yuksek
v o la tilite le r belli b ir so n u cu n g e r e k le r in e o lasih g im n d ah a y u k sek o ld u g u n a ija re t eder. D ayanak
re fe ra n slan n (faiz o ra n la n , kred i sp re a d ’leri vb.), opsiy o n larin d eg erlem esi iizerinde etkisi vardir,
o p siy o n d an b e k le n e b ile ce k g e tirin in buyiiklugiinii a 9iklar, D o lay isiy la, b elli b ir o p siyonun degeri,
day an ak aracm d eg erin e ve aracm (g etirin in b o y u tu n u a 9iklayan) v o latilitesin e v e o getirinin
g er 9ekle§rnesi o la sih g m a b a g h d ir. V o latiliteler yiiksek o ld ugunda, p o z itif getiri o lasih g i d ah a yuksek
o ld u g u n d an , o p siy o n ham ili d ah a y u k sek b ir o p siyon degeri g orecektir. O p siy o n u n ifade ettigi getiri
onem li o ld u g u n d a d a d a h a y u k se k b ir o p siyon degeri ger 9ekle§ecektir.
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S E M i D lL H iZ M E T L E R I
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27
D eutsche Bank
4 - K o n s o l i d e F i n a n s a l T a b l o l a r a Iii$kin D i p o tl a r
31 M a r t 2.016 i t ib a r iy la A r a D o n e m R a p o r u
Bir tiirev veya ba§ka aracm birden fazla dayanak referansi oldugunda, dayanak referanslar arasindaki etkili
ili§kileri agiklamak igin korelasyonlar kullanilmaktadir. Bu ili§kilerin bazilarinm, omegin emtia korelasyonu ve
faiz orani-doviz kuru korelasyonlarmm ardmda normalde, emtia gruplarma global talebin etkisi, veya faiz
oranlarmm doviz kurlan uzerindeki fiyatiama paritesi etkisi gibi, makro ekonomik faktorler bulunur. Kredi
tiirevleri ve hisse senedi sepeti tiirevleri igin, kredi referanslari veya hisse senetleri arasmda daha ozeilikli
ili§kiler bulunabilir, omegin bir dizi kredi kullanictsimn kredi performansi arasindaki ilijkiyi tahmin etmek igin
Kredi korelasyonlan kullarulmakta ve bir dizi hisse senedinin getirileri arasindaki ili§kiyi tahmin etmek igin
hisse senedi korelasyonlan kullanilmaktadir, Korelasyon riski olan bir tiirev ya uzun ya da kisa korelasyon olur.
Yuksek bir korelasyon, dayanak referanslar arasmda giiglii bir ilijkinin bulunduguna i§aret eder, ve bu bir uzun
korelasyonlu tiirevin degerinde artija yol agar. N egatif korelasyonlar, dayanak referanslar arasindaki ili$kinin
ters oldugu, yani bir dayanak referansm fiyatmda arti§m digerinin fiyatmda du$ii§e yol agacagi anlamma gelir.
Daha az likit menkul kiymetlerin degerlemesinde bir VAFOK (vergi, amortisman, faiz oncesi kar) garpam
yaklajimi kullamlabilir. Bu yakla§imda bir kurulujun ijletme degeri (ID), olgiilebilir ve kar§ila§tirilabilir bir
kurulujun iD/VAFOK garpanmi belirleyerek, ve bu garpam, degerlemesi tahmin edilmekte olan kuruluûn
VAFOK’une uygulayarak tahmin edilebilir. Bu yakla§imda, genel olarak borsada ijlem goren kar§ila§tirilabilir
omek ile, degerlemesi yapilan §irketiri likiditesi arasmdaki fark nedeniyle sikhkla bir likidite diizeltmesi
uygulanir. Daha yuksek bir iD/VAFOK garpam, daha yuksek bir gergege uygun degere yol agar.
Seviye 3 ’te sim flandirilan finansal a ra g la r ve Olgiilemez p ara m e treler h a k k m d a ra k am sa l bilgiler
31 M a rt 2016
(aksi belirtilm edikfe)
m. €
G erceg e uygun d e g e rd e n ta § m an fin an sal
a ra g la r - ah m satim a m a fh tu tu la n ,
g erceg e uygun d e g e r iizerin d en
belirEenen ve s atm ay a h a z ir
Ipotege ve diger varhga dayah m enkul
kiym etler
Ticari ipotege dayah m enkul kiym etler
ipotege ve diger varhga dayah m enkul
kiym etler
T o p lam ipotege ve d ig e r v a rh g a d a y a h
m en k u l k iy m etler
B orflanm a senetleri ve diger bor?
yukum luiukleri
A hm -satim am a?h tutulan
K urum sal, devlet ve diger
bor9lanm a senedi yukumiiiliikleri
Satiim aya hazir
G erpege uygun degerden tayin edilen
G erceg e uygun d eg er
V a rh k la r
356
l
Y iikiim lutukEer
0
1,734
0
2,090
0
4,473
4.086
1,387
26
D egeriem e
T e k n ik le ri1
O n em li oJfiilem ez g ird ile r
(Seviye 3)
Fiyat
Kredi spreadi (baz puan)
%0
319
% 10 2
1,573
Fiyat
K redi spreadi (baz puan)
Istirdat oram
Sabit tem erriit oram
Sabit geri odem e oram
%0
54
%0
%0
%0
%177
1,556
% 10 0
%18
%66
Fiyat
%0
%235
2
% 70
1,237
% 10 0
1
18
%8
%22
%0
% 160
4,612
Fiyata dayah
lndirgenm i§ nakit
akimi
Fiyata dayali
indirgenm i§ nakit
akimi
4.086
215
172
1,361
F iyata dayah
indirgenm i§ nakit
akimi
O zkaynak m enkul kiym etleri
A hm -satim am afli tutulan
G er9ege uygun degerden tayin edilen
Satiimaya hazir
1,061
344
20
697
0
0
Piyasa yakla§imi
Indirgenmi§ nakit
akimi
K rediler
A hm -satim am agli tutulan
G er9ege uygun degerden tayin edilen
Satiim aya hazir
12,079
6,188
2,934
2,957
Fiyat / net ak tif degeri
I§letme degeri / VAFO K
(«?arpan)
A g irh k h ortalam a serm aye
m aliyeti
Fiyat
K redi taahhutleri
Diger finansal ara?lar
T o p lam gercege u y g u n d eg e rd e n ta$inan
fm a n sa l a r a c la r f Y<:,ii
0
0
Fiyata dayah
indirgenm i§ nakit
akimi
71
Indirgenmi§ nakit
akimi
Kredi fiyatiam a
modeli
1,6642
1,607s
!ndirgenmi§ nakit
akimi
21,368
3,064
0
A ralik
Istirdat oram
118
%0
%25
6
%24
%82
1,103
istirdat oram
%20
%75
K ullandirim
%0
% 10 0
i? V erim Oram
R epo oram (baz puan)
%0
85
%23
201
1 D e g e rie m e te k n ik (le r)i v e so n ra s in d a o n e m li g o z le m le n e m e z g ird i(ler), o to p la m p o z isy o n la ilg ilid ir.
1 D ig e r fm a n sa l v arh k la ra , 5 m ily o n E u ro tu ta rin d a d ig e r a h m -sa tim v a rh k la ri, 6 2 2 m ily o n E u ro tu ta rin d a g e rs e g e u y g u n d e g e rd e n ta y in ed ilen d ig e r
fm a n sa l v a rh k la r v e 1.0 m ily a r E u ro tu ta rin d a s a tiim a y a h a z ir d ig e r fin a n sa l v a rh k la r d ah ild ir.
3 D ig e r fm a n sa l y tikiim lU luklere 1.5 m ily a r E u ro tu ta rin d a , g e rc e g e u y g u n d eg e rd e n ta y in ed ilen v e g eri a h m sO zle§m eleri k a p s a m in d a satilan m en k u l
k iy m e tle r v e 85 m ily o n E u ro tu ta n n d a , g e rfe g e u y g u n d eg e rd e n ta y in ed ilen d ig e r fin an sal y U k u m lu lu k ler d ah ild ir.
tarafim dan kssm i clarak tercum e edilmi§tir.
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Tel.
Faks 0212 281 42 59
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4 - K o n s o l i d e F in a n s a l T a b l o l a r a ili^kin D i p o tl a r
31 A ra h k 2015
(aksi belirtilm edikge)
m. €
G erceg e uygun d eg e rd e n tax m an fm a n sa l
a ra g la r - alim satjm am ag h tu tu la n ,
gercege uygun d e g e r u z e rm d e n belirSenen
ve s atm ay a haznr
Ipotege ve diger varliga dayali m enkul
kiym etler
Ticari ipotege dayali menkul kiym etler
ipotege ve diger varhga dayali m enkul
kiym etler
T o p lam ipotege ve d ig e r v a rh g a d ay a li
menkuH k iy m etler
Borglanm a senetleri ve diger borg
yiikumluliikleri
A hm -satim arnagli tutulan
Kurum sal, devlet ve diger borglanm a senedi
yukiimluliikleri
Satiim aya hazir
Gercege uygun degerden tayin edilen
Ozkaynak m enkul kiym etieri
A hm -satim amagli tutulan
Gercege uygun degerden tayin edilen
Satiim aya hazir
G ergege uygun d eg er
V a rlik ia r
224
i
Yukiim iuEukSer
0
1,891
0
2,115
0
1,654
18
4,721
4.229
4.229
D egeriem e
T e k n ik ie ri1
Fiyata dayali
indirgenrni§ nakit
akimi
Fiyata dayali
Indirgenmi§ nakit
akimi
330
163
1,636
Fiyata dayali
Indirgenmi§ nakit
akimi
1,248
325
21
901
0
0
Piyasa yakla§imi
Indirgenmi§ nakit
akimi
O n em li olgiilem ez g ird ile r
(Seviye 3)
Fiyat
%0
370
%105
1,500
Fiyat
K redi spreadi (baz puan)
Istirdat oram
Sabit geri odem e oram
%0
32
%0
%0
%0
% 1 11
2,000
% 10 0
%24
%51
Fiyat
%0
%230
9
%70
984
% 10 0
1
18
%8
% 12
%0
%146
2,787
Kredi soreadi (baz puan)
Fiyat / net ak tif degeri
i§letme degeri / VAFO K
(garpan)
A girlikh ortalam a serm aye
m aliyeti
Fiyat
Kredi taahhutleri
D iger fm ansal araglar
T o p lam gergege uygun d e g e rd e n taxm an
fm a n sa l aragE ar
12,626
6,076
3,672
2,879
o o
K rediler
A hm -satim am a9li tutulan
Gergege uygun degerden tayin edilen
Satiimaya hazir
Fiyata dayali
Indirgenmi§ nakit
aKimi
84
indirgenm i§ nakit
akimi
Kredi fiyatiam a
models
1,3942
1,3335
lndirgenmi§ nakit
akimi
22,104
3,071
0
A ralik
Istirdat oram
103
%0
% 10
5
%24
%82
1,257
istirdat oram
%20
%75
K ullandirim
%0
% 10 0
ig V erim Oram
%4
%24
R epo oram (baz puan)
125
277
1 D eg erie m e te k n ik (le r)i v e so n ra s in d a o n e m li gO zlem lenem ez g ird i(ler), o to p lam p o z isy o n la ilg ilid ir.
2 D ig e r fin a n sa l v a rh k la ra , 6 m ily o n E u ro tutarinda. d ig e r alim -satim v a rh k la ri, 6 2 3 m ily o n E u ro tu ta rin d a g e rc e g e u y g u n d eg e rd e n ta y in ed ilen d ig e r
fin a n sa l v a rh k la r ve 765 m ily o n E u ro tu ta rin d a sa tiim a y a h a z ir d ig e r fin a n sa l v a rh k la r dah ild ir.
1 D ig e r fin an sal y iik u m lu lu k le re 1.2 m ily a r E u ro tu ta rin d a , g e rc e g e u y g u n d eg e rd e n ta y in e d ile n v e g eri a h m sO zle§m eleri k a p s a m in d a satilan m e n k u l
k iy m e tle r v e 84 m ily o n E u ro tu ta rin d a , g e rc e g e u y g u n d e g e rd e n ta y in ed ilen d ig e r f in a n s a l y u k iim iu liik le r d a h ild ir .
i§bu beige ingilizce fotokopisinden Tiirkge’ye
tarafimdan kism i oiarak tercume edilmi§tir.
E L D A P A SEN SY A
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4 - K o n s o l i d e F in a n s a l T a b l o l a r a ilijk iti D i p o tl a r
31 M a rt 2016
G erceg e uygun d eg e r
(aksi belirtilmedikge)
m. €
G e rfe g e uygun d eg e rd e n tax m an fin a n sa l
V a rh k la r
Yukumliiliikler
1
D egeriem e
T e k n ik le ri
O n em ii olgiilem ez
g ird ile r
(Seviye 3)
Aralnk
a ra g la r
Tiirev finansal ara?lardan piyasa
degerleri:
indirgenm i? nakit
akimi
3,711
2,467
Opsiyon
fiyatiama modeli
Faiz oram tiirevleri
Kredi tiirevleri
Hisse Senedi tiirevleri
DOviz tiirevleri
Diger turevler
T iirev finansal s r s c fa r d a n toplam
piyasa degerleri
2,834
631
1,779
1,194
1,504
1,293
920
(266)'
9,599
6,468
Indirgenrm j nakit
akimi
Korelasyon
fiyatiam a modeli
Opsiyon
fiyatiam a modeli
Opsiyon
fiyatiam a modeli
Indirgenmi? nakit
akimi
Opsiyon
fiyatiam a modeli
Swap oram (baz puan)
Enflasyon swap oran;
Sabit geri Odeme oram
Enfiasyon volatilitesi
Faiz oram volatilitesi
0
%0
%0
%2
%0
%1
715
%7
%7
%12
%8
% 163
% (25)
% (85)
%85
%99
1
7,504
%0
%100
Kredi korelasyonu
Hisse volatilitesi
Endeks volatilitesi
Endeks - endeks
korelasyonu
Hisse - hisse
korelasyonu
%13
%8
%14
%87
%90
%59
%46
%92
%5
%89
V olatilite
Kredi spreadi (baz
puan)
Endeks volatilitesi
E m tia korelasyonu
%3
%32
%7
% (21)
%50
%86
IR - IR korelasyonu
M eiez korelasyon
Kredi
spreadi
(baz
puan)
Istirdat oram
1 B anndiran sOzlesmenin am ortism ana tabi tutulmu? maliyetten elde tutuldugu am a gOmillii tUrevin aynldigi, s5zle§melere gomiilii tiirevleri
iperir.
I§bu beige ingilizce fotokopisinden Tiirkge’ye
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SEMI DiL HIZMETLERi
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4 - K o n s o l i d e F in a n s a ! T a b l o l a r a iii$kir» D i p o t l a r
31 M a r t 2 0 1 6 i t i b a n y i a A r a D o n e m R a p o r u
31 AraEik 2015
(aksi belirtiimedik9e)
m. €
G erceg e uygu n d eg e r
V a rlik ia r
Y iikiimEiiliikJer
Degerieme
T e k n ik le ri
O n em li olciilem ez
g ird ile r
(Seviye 3)
1
Aralik
G erceg e uygun d eg e rd e n ta x m an finansaS
a ra g la r
Turev finansal ara?lardan piyasa
degerleri:
Faiz oram tiirevleri
3,775
2,337
Indirgenmi? nakit
akimi
Opsiyon
fiyatiam a modeli
Kredi tiirevleri
Hisse Senedi tiirevleri
DOviz tiirevleri
Diger turevler
T u re v fm ansal araciard ais toplam
piyasa deg erleri
2,626
695
1,771
1,402
1,613
1,604
736
(3 80)'
9,445
indirgenmi§ nakit
akims
Korelasyon
fiyatiam a modeli
Opsiyon
fiyatiam a modeli
Opsiyon
fiyatiam a modeli
Indirgenm ij nakit
akirm
Opsiyon
fiyatiam a modeli
Swap oram (baz puan)
Enfiasyon swap oram
Sabit geri Odeme oram
Enfiasyon volatilitesi
Faiz oram volatilitesi
IR - IR korelasyonu
M eiez korelasyon
(20)
%0
%0
%2
%0
%9
% (25)
% (70)
915
%8
%6
%19
%8
% 176
% 100
%99
3
8,526
%0
%100
Kredi korelasyonu
Hisse volatilitesi
Endeks volatilitesi
Endeks - endeks
korelasyonu
Hisse - hisse
korelasyonu
Volatilite
%13
%9
%12
%45
%89
%89
%85
%93
%5
%93
%2
%24
Kredi spreadi (baz
puan)
Endeks volatilitesi
E m tia korelasyonu
-
-
%7
% (21)
%36
%90
Kredi
spreadi
puan)
Istirdat oram
(baz
6,733
1 Barmdiran sOzlesmenin am ortism ana tabi tutulmu? raaliyetten elde tutuldugu am a gomiilii tiirevin aynldigi, sOzle§melere gOmtilis ttlrevleri
igerir.
Isbu beige Ingilizce fotokopisinden T iirkê’ye
tarafim dan kssm i olarak tercum e ediimi§tir.
E L B A PA SEN SY A
S E M I D IL H iZ M E T L E R I
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4 - K o n s o l i d e F i n a n s a l T a b l o l a r a Iii?kin D i p o tl a r
Raporlama Tarihinde Elde Tutulan veya Dola§imda Oku. Seviye 3 AracSardao
Ger(ekle§memi$ Kazangiar veya Zararlar
Seviye 3 arag lard an gergekle§m em i§ kazan clarin veya zararlarm nedeni sadece olgiilem ez p aram etreler
degildir. H iy e ra rjin in bu sev iy esin d ek i a rag lan n degerlem esin d ek i p aram etre g ird ilerin in pek gogu
o lgiileb ilird ir ve kazang v ey a za ra r k ism en bu olgiilebilir p aram etrelerd e do n em b o y u n ca ger?ekle§en
h are k e tle r n ed en iy led ir. H iy e ra rjin in bu seviyesindeki po zisy o n larm p ek gogu igin, gergege uygun
d eg er h iy erarsisin in d ig e r se v iy elerin d e k ategorize edilen araglaria ek o n o m ik o larak riskten korunm a
sag lan m ak tad ir. Biitiin bu risk ten k o ru n m a i§lem lerinde kaydedilm i§ olan den g eley ici kazangiar ve
z ararlar, sadece ra p o rla m a ta rih in d e elde tu tu lan ve U F R S 13’e uygun o la ra k seviye 3 ’te sim fla n d m lan
araglar ile ilgili kazang v e zararlari g o steren asagidaki tab lo y a dahil edilm em i§tir. 3. seviye araglardan
gergekle§m em i§ kazang ve zararlar, k o n so lid e gelir tab lo su n d a hem n e t faiz gelirin e hem de gergege
uy gun d eg er farki k a r/z a rara y an sitilan finansal varliklardan/yiikiim liiliiklerden net kazan ca dahil
edilm i§tir.
S o n a ere n ug a y h k d o n e m
m €
G e r c e g e u y g u n d e g e r d e n ta $ m a n f in a n s a l v a r h k l a r
A h m - s a tim a k o n u m e n k u l k iy m e tle r
T iire v fin a n sa l y u k u m lu liik le rd e n p o z itif p iy a s a d e g e rle ri
D ig e r a h m - s a tim a k o n u v a r h k la r
G e rc e g e u y g u n d e g e r fa rk i k a r / z a r a r a y a n s itila n fin a n sa l v a r h k la r
S a tiim a y a h a z ir fin a n sa l v a r h k la r
G erg e g e u y g u n d e g e r y a n s itiia n d ig e r fin a n sa l v a rlik ia r
T o p la m g e r ? e g e u y g u n d e g e r d e n ta $ in a n f in a n s a l v a r l i k ia r
31 M a rt 2 0 1 6
31 M a rt 2015
(1 4 9 )
655
628
1,604
(2 8 )
264
(1 9 )
33
201
342
0
0
465
3 ,0 6 7
G e r c e g e u y g u n d e g e r d e n ta ? m a n f in a n s a l y u k iim iu liik le r
A h m - s a tim a k o n u m e n k u l k iy m e tle r
1
2
T iirev fin a n sa l y u k iim lu liik le rd e n n e g a tif p iy a s a d e g e rle ri
27 4
(9 7 5 )
0
(1)
(9 4 )
D ig e r a h m - s a tim y u k u m iiiliik le ri
G e rg e g e u y g u n d e g e r fa rk i k a r / z a r a r a y a n s itila n fin a n sa l y u k iim liilu k le r
G e rg e g e u y g u n d e g e r y a n s itila n d ig e r fin a n sa l y iik u m lu lu k le r
T o p la m g e r c e g e u y g u n d e g e r d e n t a s in a n f in a n s a l y u k ii m iu li ik l e r
T o p la m
139
(6 1 )
60
353
(1 ,0 0 7 )
819
2 ,0 6 0
islem Tarihi Karmin Kaydi
E g er b ir d eg eriem e te k n ig in d e k u ilam lan onem li olgiilem ez g ird ile r varsa, fm ansal arag i§lem
fiy atm d an k a y d e d ilir ve v a rsa i§lem tarihi kari ertelenir. A §agidaki tab lo , gergege uygun deger farki
k ar v ey a z a ra ra y an sitilan o larak sim flan d irilan finansal araglar igin, onem li olgiilem ez p aram etreler
n ed en iy le e rtelen en i§!em tarih i k arlarin m yilbas-ndan b u gune harek etin i g o sterm ektedir. B akiye
a g irh k h o larak tiirev arag laria ilgilidir.
m €
D o n e m ba$ i i t i b a r iy l a b a k iy e
D o n e m ig in d e k i y en i a h m - s a tim la r
31 M a rt 2 0 1 6
31 M a rt 2015
95 5
97 3
58
157
(1 1 3 )
(9 0 )
V a d e s i g elrn is ijle m le r
(3 0 )
(5 5 )
S o n ra d a n O lg tileb ilirlig e ta § in a n la r
(6 5 )
(1 4 )
D o v iz k u ru d e g i? ik lik le ri
(4)
802
991
A m o rtis m a n
D o n e m s o n u i t i b a r i y l a b a k iy e
!§bu beige ingilizce fotokopisinden Tiirkpe’ye
tarafim dan kism i olara! tercum e edilm istir.
E L D A PA SEN SY A
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4 - K o n s o i i d e F in a n s a ! T a b l o l a r a lli^kin D ip o tla r
31 M a rt 2016 itib a n y ia A ra D o n e m R ap oru
Gercege Uygun Degerden Tapnmayaia Finansal Araglann Gercege Uygun Degeri
B u kisim , G ru p ’un 2015 F a a liy e t R ap o ru n u n N o t 15 "G ergege U ygun D eg erd en T a jm m a y a n F inansal
A rag lan n G ergege U ygun D eg eri" boium ii ile b iriik te okunm alidir.
G ru p ’un b ilan g o d a gergege uygun d eg erd en ta§inm ayan fm ansal ara g la n m n gergege uygun degerini
b elirlem ek igin k u ilam lan d eg eriem e tek n ikleri, G ru p ’un 2015 F aaliy et R ap o ru n d a N o t 14 "G ergege
U y g u n D eg erd en T a§m an F inansal A rag lar” k ism m d a ag iklananlara u ygundur. "U M S 39 ve U FR S 7
‘F in an sal V a rh k la rm Y en id en S m ifla n d irm a si’nda D e g ijik lik le r” k ism m d a agiklandigi uzere G rup,
belli uygun v a rh k la ri ah m -sa tim ve satiim aya h azir sim flan d irm alarm d an k red ilere yeniden
sim flandirm i§tir. G ru p ’u n 2015 F aaliy et R aporunda N o t 14 "G ergege U y g u n D egerden ta§m an
F inansa! A raglar" k ism m d a b e lirtile n degeriem e tek n ik leri, G rup ta ra fm d an y en id en sim flandirilan
v a rh k la ra u y g u lan m ay a d ev am etm ek ted ir.
G ergege u y gun d e g e rd e n ta jm m a y a n d ig e r fm ansal araglar, o m eg in , p erak en d e k re d iler ve m evduatlar
ve k u ru m sal m iisten lere agilan k red iler, gergege uygun d eg er esasm a gore y o n etilm em ek ted ir. B u
araglar igin gergege u y g u n d e g e rle r y aln izca agiklam a agism dan h esap la n m ak ta ve bilangoyu veya
g elir ta b lo su n u etk ilem em ek ted ir. E k olarak, bu araglar g enellikie aim ip satilm ad ig in d an , bu gergege
u y gun d eg erleri sap tam ak igin o n em li y o n etim kanaati gereklidir.
B ila n g o d a g e rg e g e u y g u n d e g e r d e n ta $ m m a y a n fin a n s a l a r a g la n m n ta h m in e d ile n g erg eg e u y g u n
d e g e r i5
m €
F in a n sa l v a r h k la r:
N akit ve m erkez bankasi bakiyeleri
B ankalar arasi bakiyeler (m erkez bankalari harig)
G eri satim sozle§m eleri gergevesinde satilan m erkez bankasi
foniari ve alm an m enkul kiym etler
Odiing alm an m enkul kiym etler
K rediler
V adeye kadar elde tutulan m enkul kiym etler
D iger finansal varlikiar
F in a n sa l y iik u m liiliik le r:
M evduat
G eri ahm sozle§m eleri gergevesinde alm an m erkez bankasi
foniari ve satilan m enkul kiym etler
Odiing verilen m enkul kiym etler
D iger kisa vadeli borglanm alar
D iger fm ansal yukum liiliikler
U zun vadeli borg
T rost im tiyazli m enkul kiym etler
31 M a r t 2016
G erg eg e
D efter
uygun
D eg eri
d eg e ri
31 A ra lik 2015
G ergege
D efter
uygun
D eg eri
d eg eri
113,040
113,040
96,940
96,940
10,083
10,083
12,842
12,842
22,987
39,369
424,060
3,233
154,515
22,979
39,369
422,804
3,319
154,485
22.456
33,557
427,749
0
101,901
22,456
33,557
426,365
0
101,868
559,140
558,799
566,974
566,652
15,115
2,207
28,477
190,050
151,361
6,112
15,116
2,207
28,473
190,050
149,235
6,176
9,803
3,270
28,010
149,994
160,016
7,020
9,803
3,270
28,003
149,994
160,065
7,516
1 G rup’un 2015 Faaliyet Raporunda Not 01 "Onemsi M uhasebe ilkeleri ve Kritik M uhasebe Tahm inleri "nde a<?ikiar,di£u Uzere, fmansal
varhklarm m ahsubuna dair m uhasebe politikasm a paralel olarak, tutarlar genelce brut bazda gasterilm ijtir.
Finansal Varhklarm ve Fmansal Yiikumluliiklerin Mahsubu
G rup, belli fin an sal v a rh k la ri ve finan sal yukum iiiliikleri, G ru p ’un 2015 F aaliy et R ap o ru n d a N o t 1
"O nem li M u h aseb e ilk eleri v e K ritik M u h aseb e T ahm inleri : F inansal A ra g la n n M ah su b u " kism m da
agiklanan k riterlere gore b ilan g o d a n et o larak g osterebilm ektedir.
A §agidaki tab io lar, m ah su b u n k o n so lid e bilango iizerindeki etkisi, ve u y g u lan a b ilir bir ana netle§m e
an la?m asm a v e y a b en zeri b ir anla§m aya tab i arag lan n netle§tirilm esinin finansal etkisi ve v arsa nakit
y a da fm an sal arag §ekiindeki te m in a tla r h ak k in d a biigi verm ek ted ir.
i?bu beige ingilizce fotokopisinden T iirk fe’ye
tarafim dan kisrrii olarak tercum e edilmistir.
E L ltA P A S E N S Y A
Tel. <Rt2 325 9* 98
Faks 0 212' ^81.42 59
33
D eutsche Bank
4 - K o n s o l i d e F in a n s a l T a b l o l a r a ili^kin D ip o tla r
V a rh k la r
m. €
Y eniden satirn sozle§m eleri uyarm ca satilan m erkez
bankasi foniari ve ahnan m enkul kiym etler (icra
edilebilir)
Yeniden satim sozle§meleri uyarm ca satilan m erkez
bankasi foniari ve alm an m enkul kiym etler (icra
edilem ez)
OdiinQ ahnan m enkul kiym etler (icra edilebilir)
Odun<? ahnan m enkul kiym etler (icra ediiem ez)
Ger9ege uygun deger farki k ar / zarara yansitilan
fm ansal varlikiar
A hm -satim a konu varhklar
Turev finansal ara?lardan p o zitif piyasa degerleri
(icra edilebilir)
Tiirev fm ansal ara9lardan p o zitif piyasa degerleri
(icra edilem ez)
G erfege uygun deger farki k ar / zarara yansitilan
finansal varhklar (icra edilebilir)
Gercege uygun deger farxi k ar / zarara yansitilan
finansal varlikiar (icra edilem ez)
Toplam ger9ege uygun deger farki k ar / zarara
yansitilan fm ansal varhklar
K rediler
D iger varhklar
bunlarin i9inden : Riskinden korum a m uhasebesir.e
uygun tiirevlerden p o zitif piyasa degerleri (icra
edilebilir)
Net!e$meye tabi olm ayan geri kalan varhklar
T o p iam v a r h k la r
31 M a r t 201.6
B ilangoda m a h su b u y ap ilm a y an
tu t a r la r
A na
N ak it
Fin an sa!
N etle$m e te m in a t
a r a ? cinsi
A n ia jm a ia rm m
te m in a t1
E tk isi
F inan sal
v arh k la riri
b riit
tu ta r ia ri
B ilaa?o d a
m a h su p
edilen
b ru t
tu t a r la r
F inansa!
v a r h k ia n n
b iiaiK oda
g o sterilen
n et
tu ta r ia ri
18,961
(1,490)
17,471
0
0
(17,368)
103
5,516
22,136
17,233
0
0
0
5,516
22,136
17,233
0
0
0
0
0
0
(5,085)
(21,527)
(17,015)
431
609
218
175,417
(470)
174,947
0
(12)
(386)
174,549
714,469
(153,435)
561,034
(464,993)
(53,608)
(14,086)
28,347
20,257
0
20,257
0
0
0
20,257
98,293
(42,046)
56,247
(2,293)
(1,041)
(46,686)
6,227
50,853
0
50,853
0
0
(25,953)
24,900
(54,660)
(14,594)
(87,110)
(50,267)
“ " 7 :5 —
0
254,280
359,199
108,089
1,059,289
424,078
198,400
(195,951)
(18)
(27,371)
863,338
424,060
171,029
(467,286)
9,893
219,787
1,965,399
(6,165)
3,727
219,787
1,740,569
(2,820)
0
(224,830)
0
(62,788)
0
(530,074)
0
0
(487)
(69,894)
(696)
(199,069)
N et
tu ta r
907
218,604
941,532
1 Gayrimenkul ve diger finansal olm ayan ara 9 tem inatlari hariijtir.
Y ukiim Siiiukier
m. €
M evduatlar
Y eniden ahm sozle§m eleri uyarm ca alman
m erkez bankasi foniari ve satilan m enkul
kiym etler (icra edilebilir)
Y eniden ahm sozle§meleri uyarm ca ahnan
m erkez bankasi foniari ve satilan menkul
kiym etler (icra edilem ez)
O dtin9 verilen m enkul kiym etler (icra edilebilir)
Odiin9 verilen m enkul kiym etler (icra edilem ez)
G er9ege uygun deger farki k ar / zarara yansitilan
finansal yiikum lulukler
A hm -satim a konu finansal yukiim iuliikler
Tiirev fm ansal ara9lardan negatif piyasa
degerleri (icra edilebilir)
Tiirev fm ansal ara9lardan negatif piyasa
degerleri (icra edilem ez)
G er9ege uygun deger farki k ar / zarara
yansitilan finansal yiikum lulukler (icra
edilebilir)
G er9ege uygun deger farki k ar / zarara
yansitilan finansal yukiim iuliikler (icra
edilem ez)
yansitilan finansal yukiim iuliikler
D iger yiikum lulukler
bunlarin i9inden: Riskinden korum a
m uhasebesine uygun tiirevlerden negatif
piyasa degerleri (icra edilebilir)
Neile§meye tabi olm ayan geri kalan
yukiim iuliikler
T o p lam y u k iim iu liik ler
31 M a r t 2016
B ilan g o d a m a h su b u y ap ilm a y a n
t u t a r la r
Finansal
A na
N ak it
F in an sal
Netlesmf*
y iik iim iu iu k te m in a t
a ra ?
lerin A n la§ m alarm sn
C insi
E tk isi
b ilan g o d a
te m in a t
g o sterilen n et
tu ta r ia r i
559,140
0
0
0
FinansaB
y u k u m lu liik ie rin b riit
tu ta rS a n
B ilan co d a
m a h su p
ediien b r iit
tu t a r la r
559,158
U S;
6,600
(2,367)
4,233
0
0
(4,233)
10,882
1,962
245
0
0
0
10,882
1,962
245
0
0
0
0
0
0
(6,450)
(1,962)
(128)
4,432
N et
tu ta r
559,140
0
0
117
64,709
(899)
63,810
0
0
0
63,810
693,405
(153,905)
539,459
(463,026)
(54,283)
(22,190)
0
22,033
0
22,033
0
0
(5,685)
16,348
59,450
(40,269)
19,180
(2,282)
0
(16,898)
0
41,466
0
41,466
0
(5,636)
(22,735)
13,094
881,061
241,053
(195,074)
(27,371)
685,988
213,682
(465,308)
(63,183)
(59,920)
(67,508)
0
0
93,252
150,499
10,953
(6,165)
4,787
(4,787)
0
0
197,891
1,898,853
0
(224,830)
197,891
1,674,023
0)
(528,491)
0
(59,920)
0
(80,281)
0
197,891
1,005,331
i§bu beige ingilizce fotokopisinden Tiirk9e ’ye
tarafim dan kasms olarak tercum e edilmi§tir.
EL D A PA SEN SY A
S E M I D JL H IZ M E T L E R I
Tel. 0242 3 ^ 98 98
Faks 02 1 Z 2 8 ^ 4 2 59
E-mai! sem i@ atlas.net.tr
34
D e u t s c h e B a tik
4 - K o n s o l i d e F in a n s a l T a b l o l a r a lli§kin D i p o tl a r
V a rh k la r
m. €
Y eniden satim sozle§meleri u y an n ca satilan m erkez
bankasi foniari ve ahnan m enkul kiym etler (icra
edilebilir)
Y eniden satim sozle§meleri uyarm ca satilan m erkez
bankasi foniari ve alman m enkul kiym etler (icra
edilem ez)
Odiin? ahnan m enkul kiym etler (icra edilebilir)
Odiin<? ahnan m enkul kiym etler (icra edilem ez)
Gercege uygun deger farki k ar / zarara yansitilan
fm ansal varhklar
A hm -satim a konu varlikiar
Turev fm ansal ara^lardan p o zitif piyasa degerleri
(icra edilebilir)
Tiirev finansal araijlardan p o zitif piyasa degerleri
(icra edilem ez)
fm ansal varhklar (icra edilebilir)
finansa! varhklar (icra edilem ez)
Toplam ger9ege uygun deger farki kar / zarara
yansitilan fm ansal varlikiar
K rediler
D iger varhklar
Riskinden korum a m uhasebesine uygun tiirevlerden
pozitif piyasa degerleri (icra edilebilir)
Netle§meye tabi olm ayan geri kalan varhklar
T oplam v a rlik ia r
31 A ra lik 2015
B ilan g o d a m a h su b u y ap ilm a y an
tu ta r la r
F in an sal
A na
N ak it
F in an sal
v a rh k la rm
N etle?m e te m in a t
a ra ? cinsi
bilan g o d a
A nla$m aB arm m
te m in a t1
gosterilen
E tkisi
n et
tu ta r ia r i
F m an sal
v a rh k la rm
b riit
tu ta r ia ri
B ilangoda
m a h su p
edilen
b ru t
tu t a r la r
21,309
(5,174)
16,135
0
0
(16,127)
8
6,321
13,956
19,601
0
0
0
6,321
13,956
19,601
0
0
0
0
0
0
(5,910)
(13,448)
(18,583)
411
508
1,018
196,478
(442)
196,035
0
(12 )
(592)
195,431
612,412
(113,977)
498,435
(407,177)
(55,896)
(13,218)
22,150
17,159
0
17,159
0
0
0
17,159
86,596
(30,801)
55,796
(2,146)
(1,167)
(44,437)
8,045
53,457
0
53,457
0
0
(28,793)
24,664
966,102
427,768
134,742
(145,219)
(19)
(16,605)
820,883
427,749
118,137
(409,317)
0
(58,478)
(57,075)
(14,296)
(7)
(87,041)
(49,117)
0
267,449
364,335
59,652
8,272
206,348
1,796,146
(5,137)
0
(167,016)
3,136
206,348
1,629,130
(2,461)
0
(467,795)
0
(555)
(71,933)
0
(549)
(190,775)
674
205,245
898,627
N et
tu ta r
1 Gayrimenkul ve diger fm ansal olm ayan ara? teminatlari hariptir.
Y itk iim liilu k ler
m. €
M evduatlar
Yeniden ahm sozle§meleri uyarm ca alman
m erkez bankasi foniari ve satiian m enkul
kiym etler (icra edilebilir)
Y eniden ahm sdzle§m eleri uyarm ca alm an
m erkez bankasi foniari ve satilan m enkul
kiym etler (icra edilem ez)
Odiin9 verilen m enkul kiym etler (icra edilebilir)
O dun9 verilen m enkul kiym etler (icra edilem ez)
G er9ege uygun deger farki k ar / zarara yansitilan
fm ansal yiikum lulukler
A lim -satim a konu finansal yiikum lulukler
Turev fm ansal ara9lardan negatif piyasa
degerleri (icra edilebilir)
Turev finansal ara9lardan n eg atif piyasa
degerleri (icra edilem ez)
G er9ege uygun deger farki kar / zarara
yansitilan fm ansal yiikum lulukler (icra
edilebilir)
G er9ege uygun deger farki kar / zarara
yansitilan finansal yiikum lulukler (icra
edilem ez)
yansitilan fm ansal yiikiimliiliikler
Diger yiikiimliiliikler
bunlarin i9inden: Riskinden korum a
m uhasebesine uygun tiirevlerden negatif
piyasa degerleri (icra edilebilir)
Neile§meye tabi olm ayan geri kalan
yiikum lulukler
T o p lam y iik u m lu lu k le r
31 A ra lik 2015
F in an sal
yiikiimBiiBiikle rin b riit
tu ta r ia ri
B ilangoda
m a h su p
edilen b r u t
tu t a r la r
566,993
(19)
9,089
(5,135)
5,849
1,795
1,475
F in an sa
yukum luEukSerin
bilangoda
g o sterilen net
tu ta r ia r i
566,974
B ilanijoda m a h su b u y ap ilm a y an
tu t a r la r
A na
N ak it
F in an sal
N etle§m t
te m in a t
a ra ?
A n la^m aS an m n
C insi
Etkss
te m in a t1
N et
tu ta r
0
0
0
566,974
3,954
0
0
(3,954)
0
0
0
0
5,849
1,795
1,475
0
0
0
0
0
0
(5,130)
(1,795)
(951)
719
0
524
53,215
-........... C '1 0 '.
52,304
0
0
0
52,304
588,281
(117,306)
470,975
(403,267)
(53,149)
(14,559)
0
23,101
0
23,101
0
0
(2,867)
20,234
50,690
(29,929)
20,761
(2,105)
0
(18,657)
0
32,612
0
32,612
0
0
(11,077)
21,535
747,899
188,723
(148,145)
(13,718)
599,754
175,005
(405,372)
(68,626)
(53,149)
0
(47,160)
0
94,073
106,379
8,615
(2,250)
6,365
(6,365)
0
0
0
206,699
1,728,522
0
(167,016)
206,699
1,561,506
0
(473,998)
0
(53,149)
0
(58,990)
206,699
975,368
i§bu beige ingilizce fotokopisinden T i u ^ e ’ye
tarafim dan kisms olarak tercum e edilmi§tir.
FI.-DA P A S E N S Y A
S E M I D iL H S Z M E T L E R i
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4 - K o n s o l i d e F in a n s a l T a b l o l a r a t l ij k i n D ip o tla r
D e u ts c h e B a tik
K o n s o lid e F i n a n s a l T a b i o la r
M u n ferit siitu n lard a su n u ian lara d air d etay h bilgiler, G ru p ’un 2015 F aaliy et R aporunun N o t 18
“ F inan sal V a rh k la rm ve F in an sal Y uk iim liiluklerm M ah su b u ” k ism m d a a 9iklanm i§tir.
Kredi Deger Du§u§u Karfiliklari
.3! M a r t 2 0 1 6 'd a s o n a e r e n iic a y lik d o n e m
K r e d i D e g e r D S jiijii K a r ? i h k k n
(aksi b eiirtilm ed ik ije)
m €
M a n f e r id e n
D e g e rle n d iriie n
B a k iy e , d o n e m ba?!
2 ,2 S2
185
K red i d e g e r d iisu su kar$iliklari
B u n u n ipinden: D e g e r
du'vlikingi':ne u g ra m i; k re d ile rin
eid en (jik an lm asm d an (k aza n g iar
/ z a ra rla r
N e t za ra r y a z ila n la r
Z a ra r y az ilan lar
A ra
T o p S am
M a n f e r id e n
T o p lu
B e g e r le n d ir ile n d e g e r le n d ir ile n
144
168
2,7 7 6
5,Q2S
107
292
18
(5 )
A ra
T o p la m
T o p la m
3 12
13
5,3 4 0
304
(4)
(1 5 8 )
(2 0 )
(2 4 )
0
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(4 5 2 )
(6 1 0 )
0
0
0
0
(6 1 0 )
(1 6 6 )
(4 9 8 )
(6 6 5 )
0
0
0
(6 6 5 )
8
46
55
0
0
0
55
43
(1 0 9 )
( 66)
2,322
4 ,6 6 4
(5 )
158
(6 )
319
(7 1 )
2 ,322
(0)
161
(7 )
(3 1 1 )
5
86
73
40
Istird a t
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ie g e r le n d ir ile n
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(2 4 )
4 ,9 6 3
O n c e k i Y illa K a r s s l a ^ tir m a l i D e g iijik iik le r
K red i d e g e r diisu§Q k a r§ ih k la n
m. €
%
N e t z a ra r y a z ila n la r
m. €
%
93
( 12)
81
13
10 2
( 10 )
39
248
(5 6 )
(3 5 2 )
(4 0 8 )
0
0
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(4 0 8 )
54
3 54
202
0
0
0
20 2
K r e d i D e g e r D iiijiijii K a r j i l i k l a r i
(a k si b e lirtilm e d ik fe )
m €
M iin f e r id e n
D e g e r le n d irile ri
B a k iy e , d o n e m b a? i
Z a ra r y a z ila n la r
Istird a t
M iin fe rid e m
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D e g e r le n d ir ile n d e g e rie m d irile n
85
141
2 ,8 4 9
5,2 1 2
92
119
211
5
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( 10 0 )
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( 120 )
21
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0
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70
24
31
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2,423
2,8 9 2
5 ,3 1 5
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2 ,3 6 4
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e ld en fik a rilm a s in d a n (k a z a n fla r
/ za ra rlar
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ie g e r le n d ir ile n
31 M a r t 2 0 1 5 'te so ria e r e n iic a y iik d S n e m
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0
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226
5 ,439
7
2 18
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3
15
18
112
93
156
249
5 ,5 6 4
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31
O n c e k i Y illa K a r ? il a $ ti r m a l i D e g i^ ik lik le r
K red i d e g e r du$ti§u k arsilik la ri
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(5 )
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(3 0 )
0
2
2
(2 8 )
%
(5 )
(1 7 )
(1 3 )
(8 )
(5 ,4 6 5 )
35
(12)
m. €
418
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(1 7 )
20
40 i
(6 7 )
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%
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!§bu beige ingilizce fotokopisinden T u rl^ e ’ye
ES*DA PA SEN SY A
S E M f D IL H iZ M E T L E R I
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31 M a r t 2 0 1 6 i tib a riy la A r a D o n e m R a p o r u
e
êrefiyedeks Degifiklikler
31 M art 2 0 3 6 ’d a so n a eren d o n em d e je re fiy e defter deg erin d ek i d eg ijik lik le r, ve §erefiyenin briit
tutariari ve birikm i§ d eg er du§iiklugii zararlari, a§agida nakit y aratan birim (“N Y B ”) bazm da
gosterilm i§tir. 1 O cak 2016 itib a n y ia , ticari operasy o n larm yeni b ir faaliy et bolum ii yapisi altinda
y en id en y ap ilan m asi sonucu tem el N Y B ’lerin yapisi d eg ijm i§tir. F aaliy et boliim ii aciklam alarm m
sun u m u n d ak i degi§iklikler!e ilgili bilgi i?in liitfen ko n so lid e finansal ta b lo la rm “F aa liy e t B oliim leri
h a k k m d a B ilg ile r” k ism in a b akm iz.
N a k it y a r a ta n b irim le re ta h sis edilen je re fiy e
m. €
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bakiye
Yil icinde edinilen
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tutulan” kategorisine /
buradan yeniden
sm iflandirm alar
“ Satilm ak iizere elde
tutulan” olarak
sim flandinlm aksizm
elden 9ikanlan
varliklaria ilgili §erefiye
D eger dii§ukliigu
zararlari2
Kur degi§iklikleri/diger
31 M art 2016 itibariyla
bakiye
Briit §erefiye tutari
Birikmi§ deger
dii§uklugu zararlari
P o stb a n k
Tem el
F aaliy et Di§i
O p e ra s y o n la r
B irim i1
D ig erleri
T o p lam
G lo b al
P iy a s a la r
K u ru m s a l
& Y a tirim
B ankacshgs
0
519
0
621
3,749
0
0
1
4,890
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(19)
0
0
0
(20)
0
(119)
0
0
0
0
0
0
0
(158)
0
2,477
500
1,454
0
999
601
601
3,630
3,630
0
1,763
0
662
1
580
4,732
12,166
(2,477))
(954)
(999)
0
0
(1,763)
(662)
(579)
(7,434)
O ie ! &
T icari
M ii$teriler
Servefi
Y B netim i
D eutsche
V a rh k
Y onetim i
1 NCOU Toptan V arhklar ve NCO U Operasyonel Varlikiar temei N Y B ’lerini igermektedir.
2 §erefiye deger dii§uklagu zararlari gelir tablosunda §erefiye ve diger maddi olmayan varhklarm deger dujiiklugu olarak kaydedilm ijtir.
T em el N Y B Mere ek olarak, G P v e N C O U faaliy et boliim lerinde, en teg re ed ilm eyen y atirim larm
iktisap edilm esinderi d o g an ve ilgili faaliy et boliim lerinin tem el N Y B ’lerine tah sis edilm eyen §erefiye
b u lu n m ak tad ir. Bu $erefiye, y u k a rid a k i ta b lo d a “ D igerleri” o larak o z e tle n m ijtir. N C O U ’daki entegre
ed ilm ey en y atirim M a h e r T erm in als L L C ’den m iite§ekkildir.
§ereflve Deger dufiikliigii Testi
D eg er dii§iiklugu testi b ak im m d an , b ir §irket birle§m esinde edinilen §erefiye y u k a rid a b elirtild ig i gibi
N Y B ’lere tah sis ed ilm ek ted ir. B ir §erefiye d e g er du§iiklugii testin d e, §erefiye ta§iyan N Y B ’lerin geri
k azan ilab ilir tu tariari, ilgili d e fte r d eg erleriy le kar§ila§tirilm aktadir, G eri k az am la b ilir tu tar, N Y B ’nin
gergege uygun d e g e r eksi eld en fik a rm a m aliy etleri ile ku llam m d ak i d eg e rin in d ah a yiiksek olanidir.
B irin ci geyrekte G ru p ’un 2 0 2 0 S tratejisinin uygulanrnasi, N Y B ’ier arasm d a je re fiy e n in yeniden
dagilim i so n u cu n u d o g u rd u g u n d an , 1 O cak 2016 itib ariy la b ir d eg er dii§uklugu testi yapilm i§tir. B u
te st so n u cu n d a §ere fly e d e g e r dii§uklugii o rtay a 9ikm am i§tir. 31 M a rt 2016 itib ariy la testin onem li
p ara m e trele r in celen m esiy le, tem el N Y B ’lerdeki geri kalan §erefiyenin d e g e r du§iikliigiine u g radigm a
dair bir ernare o lm ad ig i te y it edilm i?tir.
i§bii beige Ingilizce fotokopisinden T u rk te 'y e
S E M I D IL H iZ M E T L E R l
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4 - K o n s o l i d e F i n a n s a l T a b i o i a r a Ili?kin D i p o tl a r
Defter Degeri
B ir tem el N Y B ’n in d e fte r degeri, serm aye tah sisi m odeli k u llam larak b elirlen ir. T ahsis, G ru p ’un
d eg eriem e tarih in d ek i to p lam o zk ay n ak larm ! (D eu tsch e B a n k ’m te m in a tsiz ve serm aye benzeri
tah v illerin i te§kii ed en ve U F R S ’n a uygun o larak E k o zk aynak bile§enleri olarak sim flan d irilan Ek
T ier 1 T ah v ilier (“A T I T a h v ille r” ) d ahil) k u llanm aktadir. T o p lam o zk ay n ak lar, d eg er dii§iiklugii testi
ay rica yap ilan e n teg re-ed ilm ey en y a tin m la rla ilgili spesifik etk ilere gore diizeitm eye, ve azinlik
p ay larm a a tfe d ile b ilir $erefiyeye d air ilave diizeitm eye tabi tu tu lm ak tad ir.
D e fte r degeri (A T I T a h v ille r harig), tem el N Y B ’lere, geri k az am la b ilir tu tarm tesp itiy le uyum lu iki
a d im h b ir siiregte tah sis ed ilm ek ted ir. Iki adim li y a k la jim §u §ekilde i§lem ektedir: O ncelikle, % 12.5
CET1 o ran in a (tam k ap sam li e sa sa gdre hesap lan an CR.R/CRD 4) ulagilana kadar, odem e giiciine
d ay ali b ir k rite r k u llan arak o zk ay n ak tah sisi, so nra sozkonusu ise k aidirag oram zorunluluklarim
d ik k ate alarak a rtirim h serm ay e tah sisi. O dem e giiciine dayali tahsis, §erefiyenin (arti, az m h k paylari
i?in ilave diizeltm e) tay in in i ve d ig er m addi olm ayan v arh k la rm am o rtism an m in geri alm m asm i
igerm ektedir. A y rica, N Y B ’n in risk -a g irh k h v arliklardaki goreli paym a, serm aye kesintisi kalem lerine
ve idari m u ta b a k a t k alem lerin e d ayali o zk ay n ak tah sisin d en o lu sm ak tad ir. ik in ci adim sozkonusu
o lursa, N Y B ’ler G ru p ’a k iy a sla o ransal kaidirag o ran in a rnaruz o lm a olgiitlerine d ay ah ozkaynak
tah sisi alm ak tad ir. Ek o iarak , ilgili tem el N Y B ’lerin defter degerlerin d e azinlik pay lari d a dikkate
alm m ak tad ir. A T I T ah v iller, tem el N Y B ’lere, spesifik kaidirag oram n o k sa n h k la rm a orantili olarak
tah sis ed ilm ek te olup; k aidirag oram n o k sanligi, G ru p ’un h e d e f kaidirag oranm m , N Y B ’nin kaidirag
o ran in a m aruz o lm a Qlgiitiinun ve ta h sis edilen CET1 serm ayenirt bir fo n k siyonudur.
E ntegre ed ilm ey en y a tirim la rm d e fte r degeri, o n larin o zk a y n a k larin a dayali o larak b elirienm ektedir.
Geri Kazamlabilir Tutar
1 O cak 2016 itib a n y ia G rup, tem el N Y B ’lerinin geri kazam lab ilir tu tarlarim , ku llam m d ak i degere
d a y ah o larak b elirlem i§ ve b a n k a c ih k islain ve idari o rtam im n o ze llik le rin i y an sita n bir indirgenrnis
n a k it akirm (iN A ) m o d eli k u lla n m ijtir. M odel, ilgili idari serm aye g erek sin im lerin i yerin e getirdikten
so n ra h isse d a rla ra d ag itilab ileceg i tahm in edilen gelecek tek i k azan g larm bugunkii degerini
h esap lam ak tad ir. G eri k a z a m la b ilir tu tarlar ayrica A T I T ah v illerin d egerini de igerm ekte olup, defter
d eg erin d ek i m u am eleleriy le tu tarli o larak tem el N Y B ’lere tahsis ed ilm ek ted ir.
IN A m o d eli, y o n e tim ta rafm d an kabul edilen b e§ -yilhk fin an sal p lan la ra dayali kazang
p ro jek siy o n larim ve ilgili a k tifle jtirm e v a rsa y im la n m (O zk ay n ak T ie r 1 serm aye oram % 12.5 ve tam
k apsam li C R R /C R D 4 ta m m la n k a p sam in d a kaidirag oram % 5 .0 ’e y iikselerek) k u llanm akta, ve bunlar
bugiinkii d eg erin e in d irg en m ek ted ir. G elecekteki kazanglari ve serm aye g e rek sin im lerin i tahm in
etm ek, m u h ak em ey e b a§ v u ru lm asm i ve g ec m ijte k i ve bugunkii p erfo rm a n sm ve ilgili piyasalarda
bekien en g eli?m elerin, v e gen el m ak ro ek o nornik ve idari o rta m la n n d ik k ate alm m asm i igerm ektedir.
ilk be§ -y ilh k d o n em in o tesin d ek i kazang p ro jek siy o n lan , surdiiriilebilir b ir diizeye ula§abilm ek igin
y erin e g o re d u zeltm ey e tab i tu tu lm ak tad ir. Siireklilik arz eden i§letm elerde, Q zkaynaklara nakit
ak im m m , % 3 .2 ’ye k a d a r sab it b ir u zun vad eli biiyiim e oram k a d ar arttigi v e y a b u n a yaklaftig i
v arsay ilm ak tad ir. B u, N Y B ’lerin g e lir tahm ini p ro jek siy o n larin a ve g ayri safi y u rt igi hasila ve
en fiasy o n b e k len tilerin in geli§im ine d a y a n d in h r, ve nihai degere dahil edilir.
B ir N Y B ’nin IN A d eg eri, n a k it akim i p ro jek siy o n larin a, u y g u lan an isk o n to o ra n in a (ozkaynak
m aliy eti) ve u zun v ad eli biiyiim e o ran m a duyarlidir. U y g u lan an isk o n to o ra n la n , serm aye varh g i
fiy atlan d irm a m odeli (C A P M ) d ay ah o larak belirlenm i$tir, ve risk siz faiz o ram ndan, piyasa riski
prim in d en ve sistem atik p iy a sa risk in i k ap sayan bir fak torden (b eta faktorii) oIu§m aktadir. R isksiz faiz
oram , p iy asa riski p rim i ve b e ta faktorleri degerleri, h arici b ilg i k a y n a k la n kullam larak
b elirien m ek ted ir. N Y B ’ye ozgii b eta faktorleri, em sal jirk e tle rd en o lusan b ir gru b a gore
b elirien m ek ted ir. Biitiin b u b ile§enlerdeki d e g ijim le r, iskonto o ra n la n n m h esap lam asim etkileyebilir.
ijb u beige Jngiiizce fotokopisinden T iirkce’ye
tarafim dan kism i olarak tercum e edilmi$tir.
E L D A 'PA S E N SY A
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4 - K o ti s o ii d e F in a n s a l T a b l o l a r a ili$k in D ip o tla r
Geri Kazamlabilir Tutar (devami)
K u llam m d ak i d eg erin m u k a v e m e tin i test etm ek i?in, IN A m o d elin d e k u ilam lan tem el varsay im lar
(ornegin, isk o n to oram ve k a z a n 9 p ro je k siy o n la n ) hassasla$tirilm aktadir. Y Snetim , tem el
v arsay im lard ak i olasi m ak u l d e g ijik lik le rin bir deger duguklugii k ay b m a yol acab ileceg i, jerefiy esib ulunan y eg an e N Y B ’n in S erv et Y o n etim i o ld u g u n a in an m ak tad ir, ve b u n u n ku llam m d ak i degeri,
d efter d eg erin d en y a k la jik % 6 v ey a 0.2 m ilyar E uro d ah a fazladir. (V ergi sonrasi) iskonto oram nm
yakla§ik 20 b a z p u a n artm asi, g elecek h er donem deki kazan? p ro je k siy o n u n u n yakla§ik %3 dii§mesi,
v ey a uzun v ad eli biiyiim e o ra m n m % 2 .2 ’ye dii§m esi, S Y ’nin ku llam m d ak i degerinin, defter degerine
es-t seviy ey e d iijm e sin e y o l a 9ar, § erefiy esi-b u lu n an biitiin geri kalan tem el N Y B ’lerin geri
k azam lab ilir tu tariari, d efter d eg erlerin d en onem li ol 9iide fazladir.
A ncak, G ru p ’un stratejisin in d ah a da degi§m esi v ey a b an k a c ih k sektoriine y o n elik belli p o litik veya
global risk ier, h alih a z ird a b e n im se n e n diizenlem enin uyg u lan m asm a d air b elirsizlik ler ve halen
m iizakere halinde o lan m e v z u a tm yiiriirliige k o nulm asi, ve G S M H b u y iim esin in yava?lam asi, G ru p ’un
belli N Y B ’lerin in p erfo rm an s tah m in lerin i olu m su z etk iley eb ilir ve g elecek te §erefiye deger
d u jiik liig u n e yol aâbilir.
Diger Varhklar ve Diger Y iikum liilikler
D ig e r V a r h k l a r
m €
31 M a r t 2 0 1 6
31 A r a h k 2 0 1 5
N a k it/te m in a t a la c a k la ri
6 3 ,7 3 2
60,42 1
P rim e b ro k irlik ala c a k la ri
15,223
10,575
B ro k irlik v e m e n k u l k iy m e tle rle ilg ili a la c a k la r
O d e m e ta rih i gegm i§, h e k le y e n m e n k u l k iy m e t i§ lem leri
K a p a ti;m a m i§ n o rm a l a lim -s a t:m i§ le m le rin d e n a la c a k la r
T o p la m b r o k irh k v e m er.ku! k iy m e tle rle ilg ili a la c a k la r
5 ,6 2 2
4,221
57,461
19,722
1 4 2 ,0 3 7
9 4 ,9 3 9
T a h a k k u k etm i§ fa iz a la c a g i
2 ,5 9 4
2 ,6 4 9
S a tilm a k iizere e ld e tu tu la n v a r h k la r
2 ,9 7 6
3,491
2 3 ,4 2 2
17,058
1 7 1 ,0 2 9
15.8,137
31 M a r t 2 0 1 6
31 A r a l ik 2 0 1 5
D ig e r
T o p la m d i g e r v a r l i k i a r
D ig e r Y tik iim iu liik le r
m €
B ro k irh lc v e m e n k u l k iy m e tle rle ilg ili bon,;lar
N a k it/te m in a t b o r ? la n
75,4 6 3
71,161
P rim e b r o k irh k b o r j la n
4 1 ,4 7 5
4 0 ,8 5 4
O d e m e ta rih i ge$m i$, b e k le y e n m e n k u l k iy m e t i§iem !eri
K a p a tilm a m i? n o rm a l a h m - s a tim i$ le m le rin d e n b o r^ la r
T o p la m b ro k irh k v e m e n k u l k iy m e tle rle ilg ili b o r f la r
T a h a k k u k etrn i? fa iz b o rcu
S a tilm a k iizere e ld e tu tu la n y iik u m lu lu k le r
D ig e r
T o p la m d i g e r y iik iim liiliik le r
4 ,701
3 ,8 4 7
5 3 ,7 7 3
1 75,412
18,776
1 3 4,63 7
2 ,511
2 ,6 0 7
39
37
3 5 ,7 2 0
3 7 ,7 2 5
2 1 3 ,6 8 2
1 7 5 ,0 0 5
31 M a r t 2 0 1 6
31 A r a li k 2 0 1 5
1 8 5 ,6 5 2
1 92,01 0
M evduatlar
m €
F a iz i§ lem ey en v a d e s iz m e v d u a t
F a iz i§ ley en m e v d u a t
V a d e s iz m e v d u a t
1 5 9 ,3 2 2
153,55 9
V a d e li m e v d u a t
119,341
1 24,19 6
T a s a r r u f m e v d u a ti
9 4 ,8 2 5
9 7 ,2 1 0
T o p la m fa iz i§ ley en m e v d u a t
3 7 3 ,4 8 8
3 7 4 ,9 6 4
T o p la m m e v d u a t
5 5 9 ,1 4 0
5 6 6 ,9 7 4
I§bu beige ingilizce fotokopisinden T urk9e ’ye
S E M I D iL H IZ M E T L E R I
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4 - K o n s o l i d e F i n a n s a l T a b l o l a r a lii^kin D i p o tl a r
K arsiiikfjtrm S im flarin a gSre h a rek efler
m€
1 O c a k 2 0 1 6 itib a riy la b a k iy e
K onut
ta s a rru f
i$i
O p e ra s yonef
ris k
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d a v a la r
id a ri
ic ra
Y e n id en
y a p ila n m a
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g e ri a h m
ta le p le ri
1.132
315
1,418
4 ,0 4 8
656
409
D ig e r1
92 2
T o p la m
8 ,9 0 0
K o n s o lid e e d ile n § irk etle r
g ru b u n d a k i d e g i? ik lik le r
0
0
0
0
0
0
(3)
(3)
Y e n i k a r$ ilik la r
38
23
271
35
200
0
514
1,081
K u ila m la n tu ta rla r
58
4
46
1
26
0
136
271
K u lla n ilm a y ip te rs k a y it
y a p ila n tu ta rla r
3
14
108
10
4
0
2.2
161
D o v iz k u ru d a lg a la n m a la rin m
/ isk o n to n u n ip ta lin ia etk ile ri
0
(7)
(2 4 )
(1 8 0 )
0
(1 8 )
(8)
(2 3 7 )
T ra n s fe ro r
0
0
54
(5 5 )
(0 )
0
D ig e r
0
0
0
0
0
0
(0 )
0
(1 )
0
1,109
313
1,565
3 ,8 3 7
82 6
390
1,268
9 ,3 0 8
31
M a rt
b a k iy e
2016
itib a riy la
1 Konsolide bilangoda agiklanan kar$iliklann geri kalan kismi igin, kredi ile ilgili bilango-di?i pozisyonlara dair karjiliklarin agiklandigi Not
“Kredi Deger Du$u§u Kar§iliklan” kisrmna bakimz.
K a r f ih k la n n S m ifla n
K o n u t T a s a r r u f kar§iliklari, D eutsche Postbank G rup’unun ve D eutsche B ank BausparA ktiengesellschaflt’m konut tasarrufu ijinden kaynaklanm aktadir, K onut tasarrafunda, bir m iljteri injaat
kredisi sozlejm esine girerek, kredi verecek bankaya hedeflenen tutarda bir parayi m iijteri yatirdiktan sonra
m ujteri in jaat kredisi borglanm a hakki kazanm aktadir. In§aat kredisi sozlejm esi ile baglantih olarak,
diizenlem e ucretleri alm m akta ve yatirilan paraya, norm alde diger banka m evduatlanna odenenden daha
dii$iik bir faiz odenm ektedir. M ujterin in borglanmayi yapm am aya karar verm esi halinde, m iifteri geriye
doniik olarak faiz bonusu (dujiik sozle§me tasarruf faiz oram ile sabit faiz oram arasindaki farki yansitir,
halen piyasa oranlarm m onem li 0 l9u.de ustundedir) alm aya hak kazam r. K onut tasarrufu karfiligi,
potansiyel faiz bonusu ve diizenlem e ucreti feri odem e yukiimliilugii ile ilgilidir. Potansiyel faiz
yukumlulUgiinun hesaplam a m odeli, etkilenen m iijteri tabam nm yuzdesi, uygulanacak bonus oram , mu§teri
durum u ve odem enin zarnanlam asi param etrelerini igerir. Kar§ihgi etkileyen diger faktorler, milfteri
d avranijm a ve i§i gelecelcte etkilem esi m uhtem el genel ortam a dair elde m evcut istatistiki verilerdir.
O p e ra sy o n e l k arjih k iar, operasyonel riskten kaynaklanm aktadir ve ayri bir k a rjih k sinifi olarak sunulan
hukuki dava ve idari icra kar§iliklarm i kapsam am aktadir. O perasyonel risk, yetersiz veya bajarisiz igsel
siireglerden, insaniardan ve sistem lerden, veya di§ olayiardan dogan zarar riskidir. Operasyonel
karjiliklarm belirlenm esi igin kuilam lan tam m , hukuki dava veya idari icra konularindan dogan zarar
riskini kapsam ayan risk yonetim i tam m m dan farkhlik gosterm ektedir. R isk yonetim i agisindan operasyonel
risk, (hukuk dava veya idari icra m eselelerinde mti§terilere, kar§i taraflara ve idari organlara odemeler)
operasyonel noksanhklardan dolayi zarar olaylarm i te§kil ettiginden hukuki riski kapsam akta, fakat if ve
itibar riskini kapsam am aktadir.
H u k u k i d a v a karjih k lari, akdi veya diger hukuk veya idari sorum luluklara uym am a iddiasiyla hukuki
davalarda mu§terilerin, kar§i taraflan n veya diger taraflarin m evcut veya potansiyel hak taleplerinden veya
takibatlardan kaynaklanm aktadir.
I d a r i Ic ra kar§iliklari, devletin dtizenleyici kurum larm m , ozerk diizenleyici kururnlann veya diger yurutm e
m akam larim n ceza veya. para cezasi tahakkuk ettirm esine yol agan veya agabilecek §ekilde, hukuk veya
idari sorum luluklara uyulm adigi iddiasiyla yapilan m evcut veya potansiyel hak taleplerinden veya
takibatlardan kaynaklanm aktadir.
Y en id en y a p ila n m a kar§ihklan, yeniden yapilandirm a faaliyetierinden kaynaklanm aktadir. Grup
oniimiizdeki yillarda m aliyetlerde bilyiik du§u?ler, tekrarlarin ve karm a§ikhgm azaltilm asi suretiyle uzun
vadeli rekabetgiiigini artirm ayi am aglam aktadir. D etaylar igin b a k m iz N o t 10 "Y eniden Yapilanm a".
I?bu beige Ingilizce fotokopisinden T itrk te ’ye
tarafim dan kssrai olarak tercum e edilmi§tir.
E L B A P A SEN SY A
S E M I D IL H IZ M E T L E R I
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4 - K o n s o l i d e F in a n s a ! T a b l o l a r a ili?k in D i p o tl a r
K a r § ih k la r m S m if la n (d e v a m i)
I p o te k G e ri A h m T a le p ie r i k a rjih k la ri, D eu tsch e B ank'm A .B .D . k o n u t ipotekli kredi ijin d en
k ay n ak lan m ak tad ir. 2 0 0 5 ’te n 2 0 0 8 ’e kad ar, D eutsche B an k ’m A .B .D . k o n u t ipotekli kredi isinin bir
p argasi olarak, D eu tsch e B an k to p ta n k red i satisi y o lu y la yakla§ik 84 m ily a r A .B .D , D olari tu ta n n d a
ozel m ark ali m en k u l k iy m etler ve 71 m ily ar A .B .D . D olari tu ta n n d a kredi satm i§tir. D eutsche
B a n k ’tan, bey an v e g aran tilerin esasli ihlali ned en iy le d o gdugu ileri siiriiien z ararlara ili§kin olarak
a lic ila n , y a tirim c ila r v ey a fm an sal sig o rta c ila n tazm in etm esi y a d a k red ile ri geri alm asi talebinde
buiunulm u§tur, D eu tsch e B a n k ’m gen el u y g u lam asi, akdi h a k lara u y gun o larak su n u lan gegerli geri
a h m talep lerin i i§lem e koy m ak tir.
31 M art 2016 itib ariy la, D eu tsch e B a n k ’m yak.la§ik 2.4 m ily ar A .B .D . D o la n tu ta n n d a kapanm am i?
d u ru m d a o lan ve iptal a n la jrn a sm a tab i olm ayan ip otek geri a h m tale b i b u lu n m ak ta d ir (kredilerin
orijinal an ap ara b ak iy elerin e d ay ali olarak). B u ta le p le r esasen, m iitev elliler veya o n larin hizm et
sa g la y ic ila n ta rafm d an ozel m ark ali m enkul kiym etle§tirm elere dair talep lerd en olu§m aktadir. Bu
talep lere kar§i D eu tsch e B ank, 31 M art 2016 itibariyla 445 m ily o n A .B .D . D o la n (3 9 0 m ilyon E uro)
tu ta n n d a kar§ihk ayirm i§tir. D eu tsch e B ank, bu talep lere tab i olan ipotekli k red ilerin belli bazilarm m
ihraggilarm dan v e y a saticilarm d an ta z m in a t sozle§m elerinin lehtari o lu p , b u n lara ili§kin olarak
D eutsche B an k 31 M a rt 2 0 1 6 itib ariy la 109 m ily o n A .B .D . D o la n (96 m ilyon E uro) alacak
kay d etm iftir. S ozk o n u su a la c a k lar dii§iildiikten sonra bu ta lep ler igin ayrilan net kar§ihklar, 31 M art
20 1 6 itib a n y ia 336 m ily o n A .B .D . D o la n d ir (295 m ily o n E uro).
31 M a rt 2016 itibariyla, D eu tsch e B ank, orijinal a n ap ara bakiyesi yakias-k 7.3 m ilyar A .B .D . D olari
tu ta rin d a olan k red ilerin geri alim m i tam am lam i§, iptali igin anla§m a saglam i§, uzla§m aya gitrnis veya
z a m a n a jm u n ed en iy le reddetm i§tir. B u g eri ahm , an lamina ve u z la jm a la ra uyg u n o larak, D eutsche
B ank y u k arid a b e liitild ig i §ekiide D eu tsch e B ank tarafm d an satilm i§ kred ilerd en yakla§ik 93.1 m ilyar
A .B .D . D o la n tu ta rin d a p o tan siy el ta z m in a t talebi igin ibranam e alm i§tir.
D eu tsch e B ank, D eu tsch e B an k aley h in d e ipotekli kredi geri alim taleplerir.de b u lu n m a tehdidinde
bulunm u§ b elli k u rulu§larla, z am an asn m n i gegirm e k o n u su n d a anla§m alara girm i§tir. B u potansiyel
talep lerin D eu tsch e B an k iizerinde o n em li etki yap m asi m uhtem eldir.
D eu tsch e B ank, satm i? oldugu ipo tek li kredilere i3iskin o larak ilave ip otek geri ah m talepleri
yap ilab ileceg i b ek len tisi igerisindedir, an cak bunlarin zam an lam asm i v ey a tu ta rm i giivenilir §ekilde
tah m in ed em em ek ted ir. 11 H aziran 2 0 1 5 ’te N ew Y ork T em y iz M ah k em esi, D eutsche B ank tarafm dan
ihrag edilm i? k o n u t-ip o teg in e d ay ali m enkul kiym etlerle ilgili b ir d avadaki ipotek geri ahm
talep ierin in , d a v a n m z a m a n m d a agilm adigi gerekgesiyle reddini on ay an b ir em ir yaym iam i§tir. Bu
karar, g elecek te D eu tsch e B a n k ’a n e d erecede geri a h m tale b in d e b u lu n u lacag m i ve bu taleplerin
ba§ari o la sih g in i etk iley eb ilir. D e u tsc h e B ank, tigiincu $ahislara biitiin k re d ile r o larak satilan krediler
(2 0 0 5 ’ten 2.008’e k a d a r satilan biitiin A .B .D . k o n u t ip otekli k red ilerin n ered ey se y a n sim
olu§tu rm ak tadir) igin h izm et sag lay ici o larak h arek e t etm em i§, ve satiid ik tan sonra, D eutsche B a n k ’m
bu n larin p erfo rm an si h ak k m d ak i b ilg ilere eri§im i so n a e n n istir. D eu tsch e B a n k ’m m enkul
k sy m etlejtird ig i ip o tek k red ileri h a k k m d a kredi p erfo rm an si k a m u y a agik o lm ak la birlikte, bunlarin
p erfo rm an si ile alm an geri a h m ta le p le ri arasm d a dog ru d an b ir k o re lasy o n gozlem lenm em i§tir.
T em erriide dii§mu§ k red ilerin y am sira, cari olan krediler, h atta tam am i geri o d enm is k red ile r igin de
ta le p le r a h n m ijtir.
D ig e r k ar§ ih k lar arasm d a, kred i islcrn iicretlerinin geri odenm esi, ert.elenmi§ sati§ k o m isy o n la n , banka
v erg ileri kar§ihgi v e D eu tsch e B a n k ’m ve H u a X ia B ank Co. L td .’in k red i karti i§indeki i§birligi
gergevesinde ay rilan kar§ ih k gibi ge§itli ve farkli duru m lard an k ay n ak lan an gok sayida sp esifik kalem
b u lu n m ak tad ir.
Ijb u beige ingilizce fotokopisinden T iirk fe’ye
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D e u tsc h e B a n k
4 -K o rtso lid e F in a n s a l T a b lo la r a t iijk in D ip o tla r
31 M a r t 2 0 1 6 it ib a n y ia A r a D 8 n e m R a p o r u
Kar§iliklar ve §arta Bagli Yiikiiiiiliiliilder
G rup, y a lm z c a gegmi§ b ir o lay d an d o g an ve giivenilir §ekilde tah m in ed ileb iien ek o n o m ik b ir deger
giki§m a yol acm asi m u h tem el o lan m ev cu t b ir vecibe bu lu n d u g u zam an p o tan siy el zarar igin kar? 111k
aysrm aktadir. B o y le b ir y u k u m lu liik igin giivenilir b ir tah m in y ap ilam ad ig i d u ru m lard a kar§ihk
ay rilm am ak ta ve y u k u m liilu k , §arta b agli b ir yiikum luliik o larak ad d ed ilm ek ted ir. Sarta bagli
yiik u m lu lu k ler, g elecek te bir e k o n o m ik k ay n ak giki§i ih tim alinin uzak ihtim alden y u ksek fazla fakat
m u h tem eld en dii§iik o ld u g u p o tan siy el y u kiim liilukleri de igerm ektedir. B elli bir tazm in a t talebi igin
b ir k a rjilik ay riid ig in d a, §arta b agli y u kum luliik k ay d ed ilm em ek ted ir; an cak birden fazla tazm inat
ta ieb in d en ol usari m e se le le r v e y a m esele dizileri igin, bazi taz m in at talep leri igin kar§ihkiar
k ay d ed ileb ilirk en dig erleri igin §arta bagli yukiirnluliik (veya ne kar§ilik ne de §arta bagli yukum luliik)
kay d ed ileb ilir.
G rup, k en d isin i onem li h u k u k i ih tila f risklerine rnaruz birak an bir yasal ve idari o rtam da faaliyet
g o sterm ek ted ir. S onug olarak, G ru p , A lm a n y a ’d a ve A lm an y a di$m daki birkag m em lek ette (A m erika
B irle§ik D ev letleri d ah il) o rta y a gikan davalara, tahkim ve idari tak ib a tlara ta ra f olm aktadir.
G egtigim iz y illard a, b ir dizi a la n d a diizenlem e ve d e n etle m eler artm i§, ve d iizenleyici k u ram lar, devlet
o rg a n la n ve ba§ka k u ra m la r, fin an sal h izm et saglayicilarm i artan denetim ve incelem eye tab i tutm aya
gah§m i§, b u da ek idari so ru § tu rm alara ve icra d a v a la n n a yol agmi§, ve b u n larin ak ab in d e gogunlukla
h u k u k d av alari agilrm §tir. B u tre n d o zellik le global finansal k riz ve A v ru p a k a m u b o rcu krizi ile ivm e
kazanm i§tir.
M eselelerin h an g ileri icin zarar o la sih g in in m uhtem el, veya m u h tem eld en dii§iik fakat uzak ihtim alden
y u k sek o ld u g u n u n b elirlen m esin d e, ve bu k o n u la r igin olasi z a ra n n tah m in in d e, G rup, h er bir dava
igin, id d ian m n itelig i v e d ay an d ig i gergekler, usul o larak duru§ v e hu k u k i ih tila f gegm i§i, benzer
dav alard a G r a p ’u n d en ey im i ve (G ru p ’un bildigi k a d a n y la) ba§ k alan n m d en ey im leri, onceki uzla§rna
gorii?m eieri, ben zeri d a v a la rd a (G ru p ’un bildigi k ad an y la) ba§kalarm in sulh ifiem leri, bilinebilen
ta z m in a tla r ve h u k u k m ii$avirinin ve d ig er u z m a n la n n gorii§ ve fikirleri dahil an cak bu n larla sinirls
o lm ak sizin b ir dizi fak to rii d ik k ate alm ak tadir.
H u k u k d av alari ve idari icra m e se le le ri igin G ru p ’un 31 M art 2016 itib a riy la ayirrni? old u g u k arsih k iar
y u k a n d a k i ta b lo d a belirtilm istir. G ru p ’un b ir para gikisinm m u h tem el o ld u g u n a inandigi bazi
m e seleler igin, G ru p p o tan siy el p a ra g ik ifin m tu ta n m giivenilir §ekilde tah m in ed em ed ig in d en dolayi
kar§ilik ay rilm am istir.
G iivenilir tah m in y a p ila b ile n k o n u la r igin, G rup halen, 31 M art 2016 itib an y ia, o lasih g i uzak
ihtim ald en y uksek olan g elecek tek i to p lam z a ra rlan n , yakla§ik 1.1 m ily ar E u ro (31 A ralik 2015: 1.4
m ily ar E u ro ) ve idari icra m ese le le ri igin 1,0 m ily ar E u ro (31 A ra lik 2015: 1.0 m ily a r E u ro ) oldugunu
tah m in etm ek ted ir. B u rakam , G ru p ’un m uhtem el yukiim liiliigim un m u§terek ve m titeselsil oldugu ve
G ru p ’un bu yuk u m lu liig iin b ir iigiincii sahis ta rafm d an o d en m esin i b ek led ig i k o n u la n d a igerm ektedir.
D ig er onem li h u k u k d av alari v e idari icra m eseleleri igin, G ru p b ir p a ra giki§i o lasih g in in uzak
ihtim ald en y u k sek fak at m u h te m e ld e n dti§tik old u g u n a inanm akta, fak at tu ta r g iiv en ilir §ekilde tahm in
e d ilem em ek ted ir, d o la y isiy la b u m e se le le r sarta bagli yiikum liiliik ta h m in le rin e dahil edilm erniftir.
Y in e baska 5nem li h u k u k d av alari ve idari icra m eseleleri igin, G rup b ir p a ra giki§im n uzak ihtim al
o ld u g u n a in an m ak tad ir ve d o la y isiy la b u n lar igin kar§ilik ay irm ad ig i gibi, §arta bagli yukumluliik.
tah m in lerin e de dahil etm em i§tir.
tarafim dan ktsm i olarak terctim e edilmi§tir.
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4 -K o n s o lid e F in a n sa ! T a b lo la r a Iii$kin D ip o tla r
31 M a r t 2 0 1 6 it ib a n y ia A r a D o n e m R a p o r u
Karfiiiklar ve §arta Bagfo Yiikumlulukler (devami)
B u tah m in ed ilen o lasi zarar, ve v a rsa b u n lar i$in a y n lm if kar§ihklar, h alen m iisait olan bilgilere
d a y an m ak tad ir ve o n em li 0 I9u.de m u h ak em eye ve 9e$itli v arsay im lara, degi§kenlere ve bilinen ve
bilin m ey en b e lirsiz lik le re tab id ir. B u b elirsizlik ler arasm da, ozellik le so ru n la n n on a§am alarm da,
G ru p ’un h ab e rd a r oldugu b ilg ilerin yanls? v ey a ek sik olm asi, ve G ru p ’un g elecekteki m ahkem e veya
d ig er hakem h e y e tle rin in k a ra rla rm a v ey a idari m erc ilerin y a d a h asim larm alm asi m uhtem el
p o zisy o n larm a v e y a d a v a la n n a d air v arsay im larm m h atah o ld u g u n u n o rtay a 9ikm asi bulunabilir.
D ahasi, bu k o n u lar i?in olasi z a ra r tah m inleri, ta k d ir ve ta h m in lerd e b u lu n u rk en sik h k la kuilam lan
istatistiki v ey a d ig e r n icel a n aiitik g ere 9lerin k u llam m m a sik h k la u y m am ak tad ir, ve G ru p ’un
m u h ak em ed e bulurim ak v e y a ta h m in y ap m ak z o m n d a oldugu d ig er pek 90k alandan daha fazla
b elirsizlig e tab id ir. T ah m in i o lasi zarar, ve varsa ayrilan kar§iliklar, du zen ley ici k u ru m larca veya kar§it
ta ra fla rca ba?ta ta le p ed ilen m ik tard an , v ey a m eselelerin G rup aley h in d e n ih ai k arara baglanm asi
h alin d e m aru z k alm a b ile c e k m ak sim u m p o tan siy el zarard an on em li 6 l 9ude d ah a dti§lik o lab ilir ve
g en ellik le o lm ak tad ir. A y rica, G ru p ’un faaliy et gosterdigi pek 90k b o lg ed e, kar$i ta r a f 90gunlukla
talep ettigi m eblagi b elirtm ek z o ru n d a o lm am aktadir, ve o ld u g u n d a m ik ta n , h u su sa d air iddialar veya.
y asal ta z m in a t ta le b in d e b u lu n u ld u g u n d a genel o larak ge 9erfi o lan la rla aym zo ru n lu lu k lara tabi
o lab ilm ek ted ir.
G ru p ’un g elecek tek i z a ra r o lasih g in in u zak ih tim alden y u k sek o ld u g u n a k a ra r v erd ig i k o n u lar zam an
zam an degi§ecegi gibi, g iiv en ilir tah m in yap ilab ilen k o n u la r ve bu k o n u la r i9in tah m in edilen olasi
z a ra rlar d a degi§ebilecek.tir. F iili so n u 9lar, boyle b ir ta h m in yapilm i? olan kon u lard ak i olasi zarar
tah m in in d en onem li d ereced e d ah a y u k sek veya dii§iik olabilir. Ek o larak, G ru p ’un zarar olasihginin
uzak o ld u g u n a inanm i? o ld u g u k o n u la ra ili§kin o larak d a z ararlar d o g ab ilir, O zellik le, tah m in edilen
to p lam o lasi zarar, G ru p ’u n 0 k o n u la r 19m m aru z oldugu po tan siy el m ak sim u m zarari tem sil
etm em ek ted ir.
G rup hukuki ih tila fla rd a v e y a idari ta k ib a t v ey a so ru stu rm a la rd a nih ai hiikiirn v erilm ed en veya
y iikum luliik te sp it ed ilm ed en o n ce u z la jm a y a g id ebilm ektedir. Bu, G ru p ’un yiikiim luliige kar§i m e§ru
m lid afaalari o ld u g u n a in an d ig i zam a n la rd a bile, yiikiim liiliige itiraza devam etm en in m aiiyet, yonetim
g ay reti v ey a n e g a tif i§, idari v e y a itib ar b akim m dan so n u 9la n m en g ellem ek i 9in y ap iiabilir. H atta,
h a k h b u lu n m am an m p o ta n siy e l so n u 9larinm , uzla§m anm m aliy etlerin e gore o ran tisiz olacagi
d u ru m lard a bile, bu y ap ilab ilm ek ted ir. A y rica G rup, b en ze r ned en lerle, k an u n en y ap m ak zorunda
o ld u g u n a in anm ad ig i d u ru m la rd a d ahi kar§i ta ra fla n n zararlarm i tazm in ed eb ilm ek ted ir.
M e v c u t M is n fe rit D a v a la r
G ru p ’un o n em li k ar§ ih k lar ay ird ig i, v eya uzak ih tim alden yiiksek onem li m ik tard a sarta bagli
y iik u m lu lu k ler b u lu n an , v ey a o n em li i§ v ey a itibar riski ihtim ali b u lu n an h u k u k d a v a la n n m ve idari
icra m eseielerin in v e y a m esele g ru p larm m a.9iklam alari a§agida yapilm i§tir; b e n ze r m ese leler birlikte
g ruplanm i§ o lu p , bazi m e se le le r b ir dizi. ta k ib at v ey a id d iad an o lu sm ak tad ir. A 9ik.lanan k o n ular
arasm d a, zarar o la sih g in in u zak ih tim ald en yiiksek old u g u fak at G ru p ’un olasi z ara ri giivenilir §ekilde
tah m in ed em ed ig i m e se le le r de b u lu n m ak tadir.
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I§bu beige ingilizce fotokopisinden Tiirk9e ’ye
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4 -K o n s o lid e F in a n s a l T a b lo la r a iii^ k in D ip o tla r
E s c h F o n ia r i D a v a si. Sal. O p p en h eim jr. & Cie. A G & Co. K G aA (“ Sal. O p p en h eim ”) D eutsche
B ank ta rafm d an 2010 y ih n d a satm alm m adan once k ap ah u?lu g ay rim en k u l fon larm a katilim
p a y larm m p azarlam a ve fin an sm an i ijin d e y er alm aktaydi. B u fo n lar A lm an k a n u n la n fe rfe v e sin d e
M ed en i H ukuk O rta k h k la ri o larak y ap ilandirilm i? idi. N o rm ald e, J o s e f E sch F o n d s-P rojekt G m bH
plan lam a ve p ro je geli§tirm eyi g e ry e k le jtirm iftir. Sal. O p p e n h e im ’m b ir o rtak giri§im vasitasiy la bu
§irkette d o la y h b ir p ayi b u lu n m ak ta idi, B u i§le ilgili o larak Sal, O p p en h eim aley h in d e b ir dizi hukuk
d avasi a 9ilmi$ idi. E<u ta le p le rin tam am i degil fakat bazilari Sal. O p p e n h e im ’m eski genel m iidurlerine
ve d ig e r b irey lere de yoneltilm i§ tir. Sal. O ppenheim aley h in d e y ap ila n taz m in at talep leri, aslen
y a k la jik 1.1 m ily a r E uro tu tarin d ak i y atirim larla ilgilidir. B elli id d ialar y a m ahkem ede reddedildikteri
v e y a ba§ka b ir d av a acilm ay acak je k iid e uzla^m aya v a rild ik ta n sonra, ba§langi?ta yakla§ik 500 m ilyon
E uro tu tarin d ak i y a tirim la rla ilgili id d ialar halen derdesttir. H alen, d e rd e st ta k ib atta talep edilen toplam
tu ta r yakia§ik 6 40 m ily o n E u ro ’du r. Y atirim ciiar fo n a istiraklerini so n la n d irm a k ve y a tin m la ilgili
p o tan siy el z a ra riara ve b o r? la ra kar§i tazm iri ed ilm ek istem ek ted ir. id d ia la r k ism en, Sal. O p p en h eim ’m
y a tin m c ila rm k arari i?in onem li o lan risk ier ve d ig e r onem li k o n u la r h ak k in d a yeterli bilgi verm edigi
iddiasin a d ay an m ak tad ir. M iin ferit d av alardaki gerêklere istinaden, bazi m a h k em e ler Sal. O ppenheim
lehinde bazilari ise aley h in d e k a ra r verm i? b ulunm aktadir. T em y iz b a§ v u ru lan derdesttir. G rup bu
d av alara ili§kin o iarak k ar§ ih k ve sarta bagli yiik u m lu lu k ler kaydetm i§tir, fak at bu n larin tutarlarim ,
aîk lan m asim n so n u c u n a ciddi §ekilde halel g etirm esinin bek len eb ileceg i k an aatin d e oldugu i?in
a îk lam am iftir.
D o v iz S o r u § t u r m a l a n v e D a v a la r i. D eutsche Bank, d o v iz p iy asasm d a y ap ilan a lim -sa tim lan ve
9e§itli ba§ka k o n u la n glo b al o larak so ru jtu ra n belli idari o to ritelerd en ve y a sa u y g u lay ici kurum lardan
bilgi talep leri alm i?tir. D eu tsch e B ank bu soru§turm alarda i§birligi y ap m ak tad ir. B u n u n la ilgili olarak,
D eutsche B ank d o v iz ah m -sa tirm y la ile d oviz ah m -satim i§inin d ig e r y o n leriy le ilgili olarak kendi i?
glo b al incelem esin i y iiriitm ektedir.
D eutsche B ank ay ric a d o v iz k u rlarm in m anipiile edildigi iddiasiyla ilgili o larak antitro st ve A .B .D .
E m tia B orsasi K anunu id d ialarm d an dolayi A .B .D . N ew Y o rk G u n ey B o lgesi B olge M ahkem esinde
a 9ilan 90k. sa y id a to p lu d a v a d a d a d av ali k o n u m undadir. T oplu d av alard ak i §ikayetlerde, talep edilen
tazm in at b e iirtilm em ek ted ir, 28 O cak 2 0 1 5 ’te toplu dav alara bak an federal m ahkem e, A B D ’li
o lm ayan d a v a c ila n n dahil o ld u g u iki d avayi esastan reddetm i§, A B D ’li d av acilarm dahil oldugu ve o
zam an d e rd e st o lan d av am n red d ed ilm esi d ile k 9esini ise kabul etm em i§tir M ah k em en in 28 O cak 2015
tarihli em rin d en so n ra b a jk a d a v a la r d a a 9iim istir. H alen U9 dava d erd esttir. B irle?tirilen derdest dava,
B irleîk D ev letler v ey a m e m le k e tle rin d e m ukim v ey a i§lem y ap an tezg ah iistii i§lem ciler ve m erkezib o rsa i§lem cileri ad in a agilm i^tir, ve hem gosterge k u rlar hem d e sp o t k u rlar k o n u su n d a rekabeti
sm iriam ak ve b u n la n ve o zellik le sp o t k u rlardan te k lif edilen spreadleri m anipiile etm ek iizere yasa
di§i a n la jm a la r y ap ild ig i ileri siiriilm ektedir; $ikayette ayrica, id d ia ed ilen bu k o m p lo larm , m erkezi
b o rsalard a d o v iz fu tu re ve o p siy o n ia rm d a y a p ay fiy atlar oiuslurdugu d a id d ia ed ilm ektedir. Ikinci bir
davad a, h irle^tirilen d av ad ak i id d ialar takip ed ilm ekte ve ileri siiriilen bu eylem in, A .B .D . 1974
Istih d am E m e k lilik G eliri G iiv en cesi K an unu (E R IS A ) k a p sam in d a d a v a h la n n rniitevelli gorevlerinin
ihlaline seb eb iy et v erd ig i v e y a b u n a yol a 9tigi da ileri siiriilm ektedir.
C ouncil to p lu dava, aym m ah k em ed e 21 A ralik 2 0 1 5 ’te, A x io m In v e stm en t A d v iso rs L L C tarafm dan,
D eu tsch e B a n k ’m , e lek tro n ik ah m -sa tim p la tfo rm la n n d a “L a st L o o k ” o larak an ilan b ir fonksiyonun
u y g u lan m asi y o lu y la v erilen d o v iz alim -satim em irlerin i red dettigini ve bu e m irlerin sonradan,
d av acilar icin d a h a az lehte o lan fiy atlard an gercekle$tirildigini id d ia ed erek a 9ikm §tir. D avaci
sozle^m e ih lalin d en d olayi tazm in at, y ari akdi tazm in at, ve N e w Y o rk k a n u n la n k ap sam in d a tazm inat
taleb in d e b u iu n m astu r. D eu tsch e B an k , birle§tirilm i$ d avam n ve L ast L o o k d av asm m reddi i 9in
d ilek 9e verm i§ olu p , E R IS A d av asm m da biituniiyle re d d i i9in dilek 9e v erm e niy etin d ed ir. E R ISA
d av asin d ak i ret di.lek.9esi 19 M ay is 2 0 3 6 ’da verilecektir. U 9 d av ad a d a k e§ if ba§lam i§tir,
D eu tsch e Bank ayrsca K a n a d a ’n m O n tario ve Q uebec ey aletlerin d e a 9ilan iki to plu d av ad a davalt
k o n u m u n d ad ir. 10 E yliil 2 0 1 5 ’te a 9ilan bu to p lu davalarda, B irieîk D e v le tle r’de biriestirilen
dav ad ak in e b e n z e r id d ialar ileri siiriilm ekte ve K an a d a R ek a b et K an u n u ve d ig e r dava sebepleri
u y a rm c a ta z m in a t ta le p ed ilm ek ted ir.
ijb u beige ingilizce fotokopisinden T u rk fe ’ye
tarafim dan iusirr! olarak terciim e eciiimistir
E L D A PA SEN SY A
Tel. 0212 325 98 98
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4 -K o n s o lid e F in a n s a ! T a b lo la r a Ilifk in D ip o tla r
Grup bu meselelere ili§kin olarak kar§ilik veya jarta bagli yukumluliik tesis edip etmedigini aîklamamijtir, zira
bunlarin aîklanmasmin, bu davalarin sonu?larma ciddi §ekilde halel getirebilecegi kanaatine varrmjtir.
Y uksek Siklikta A iim -Satim / “ D a rk Pool” A hm -Satim lari..D eutsche Bank, belli diizenleyici kurumiardan,
yuksek siklikta yapilan ahm -satim ijlem leri ve Deutsche Bank'in altem atif ahm-satim sistemi SuperX’in ("ATS"
veya "Dark Pool") i§leyi§i ile ilgili bilgi talepleri almijtir. Banka, bu taleplerde ijbirligi yapmaktadir. Grup bu
konuya ilijkin olarak kar§ilik ayirmijtir. Grup bu karjiligm tutarini a?iklamami§tir, zira boyle bir aîklamanm,
bu meselenin sonucuna ciddi jekilde halel getinnesinin beklenebilecegi kanaatine varna stir.
Deutsche Bank basta ABD menkul kiymetler kanunlarimn yuksek siklikta alim-satimla ilgili olarak ihlal edildigi
iddiasina dair toplu dava jikayetnamelerinde davah olarak gSsterilmij, ancak 2 Eyltil 2014’te sunduklan
birlejtirilm ij ve tadii edilm ij §ikayetnamelerinde davacilar, Deutsche Bank’i davah olarak dahil etmemijtir.
B an k alar A rasi T eklif Edilen Faiz O ra n la n Meselesi. idari Icra Meseleleri. Deutsche Bank, Londra Bankalar
Arasi Teklif Edilen Faiz Oram (LIBOR), Euro Bankalar Arasi Teklif Edilen Faiz Oram (EURIBOR), Tokyo
Bankalar Arasi Teklif Edilen Faiz Oram (TIBOR) ve diger bankalar arasi teklif edilen faiz oranlarmm
belirlenmesi ile ilgili olarak Avrupa, Kuzey Amerika ve Asya/ Pasifikteki fejitli diizenleyici kurumiardan ve
A.B.D. eyalet savcihklarinm da aralannda bulundugu ?e§itli devlet dairelerinden bilgi talebi ve ceipnameler
almijtir. Deutsche Bank bu soru§turmalarda ijbirligi yapmaktadir.
Onceden raporlandigi gibi, 4 Aralik 2013’te Deutsche Bank, Euro faiz oram tiirevleri ve Yen faiz oram tiirevleri
ahm-satimi ile ilgili rekabete aykiri eylemlerle ilgili olarak Avrupa Komisyonunun sorujturmalarmi ?ozmek
iizere bir toplu uzlajm anm bir par?asi olarak Avrupa Komisyonu ile uzlajm aya vardigim duyurmu?tur. Uzlajma
aniajmasinm ko$ullan gergevesinde Deutsche Bank toplam 725 milyon Euro odemeyi kabul etmijtir. Bu para
cezasmin tamami 6denmi§tir ve Banka’nm kar§ihklari arasmda yer almamaktadir.
Ayrica onceden belirtildigi iizere, 23 Nisan 2015’te Deutsche Bank, LIBOR, EURIBOR, ve TIBOR’un
belirlenmesine dair usulsuzliiklerle ilgili soru$turma!ann halli i?in A.B.D. Adalet Bakanhgi (DOJ), A.B.D.
Commodity Futures Trading Commission (CFTC), Birlejik Kralhk Financial Conduct Authority (FCA), ve New
York Eyaleti Finansal Hizmetler Departmam (NYSDFS) ile ayri ayri uzla§rnalara girmijtir. Bu sozlesnielerin
ko§ullari kapsaminda Deutsche Bank, DOJ, CFTC ve NYSDFS’e 2.175 milyar A.B.D. Dolan, ve FCA’ya ise
226.8 milyon GBP ceza odemeyi kabul etmi§tir, A§agida afiklandigi Iizere DB Group Services (UK) Ltd’in
cezalandirilmasmdan sonra DO J’a odenecek olan 150 milyon A.B.D. Dolari haricinde, bu para cezalarmm
tamami odenmi§tir ve Banka’nm karjihklarm in bir paâsini olu§turmamaktadir. S6zle§meler ayrica Deutsche
Bank’in geleeekte iletecegi gosterge kur tekliflerine dair 9e§itli taahhutleri zorunlu tutan hukiimler, ve bagimsiz
bir kurumsal izleme gorevlisinin atanmasim zorunlu tutan hukiimler de igermektedir. Deutsche Bank’in ayrica
sozlejm eler yapildigi sirada B anka’da yahfiyor olan belli ?ali$anlara kar§i ilave disiplin i§lemleri yapmasi
zorunlu tutulmu§tur.
DOJ ile varilan fozOniiin bir par£asi olarak, Deutsche Bank tl? yilhk bir Ertelenmi§ Kovu§turma S6zle§mesine
girmeyi kabul etmi§ olup, bunun uyarmca Deutsche Bank (diger hususlann yam sira), bankalar arasi para
transferlerinde hile ve digeri Sherman Kanununa aykiri olarak fiyat sabitleme olmak uzere iki konuda A.B.D.
Connecticut Bolgesi Bolge Mahkemesine suf duyurusunda bulunulmasini kabul etmi§tir. Sozlejmeniri bir
parfasi olarak, DB Group Services (UK) Ltd. (Deutsche Bank’in dolayli olarak tamamma sahip oldugu bir bagli
kurulu§u), DOJ ile bir itiraf Pazarhgm a girm ij olup, bunun uyarmca jirket, aym mahkemeye sunulan ve jirketi
bankalar arasi para transferlerinde hile yapmakla suflayan sue duyurusuna dair su 5lulugunu kabul etmi§tir.
Deutsche Bank 150 milyon A.B.D. Dolari tutarinda para cezasi iijin karjihk ayirmi§ olup, (mahkeme onayma
tabi olarak) DB Group Services (UK) Ltd’in cezalandirilmasmdan itibaren on ij giinii i9inde, itiraf Pazarligi
uyarmca Deutsche Bank tarafmdan odenmesi beklenmektedir. (150 milyon A.B.D. D olan tutarindaki para
cezasi, bir onceki paragrafta belirtilen toplam 2.175 milyar A.B.D. D olan tutarindaki cezalara dahildir.) DB
Group Services (UK) Ltd’in cezalandinlm a tarihi 7 Ekim 2016’dir.
Yukarida belirtildigi gibi Deutsche Bank, LIBOR, EURIBOR ve TIBOR’un belirlenmesi ile ilgili olarak A.B.D.
eyalet savciiarinin bir fali§ma grubunun yiiriitttigii bir tahkikata konudur. Banka A.B.D. eyalet savcilarinm
tahkikatmda ijbirligi yapmaya devam etmektedir.
t§bu beige ingilizce fotokopisinden Tiirkije’ye
tarafim dan kism i oiarak tercum e edilm ijtir.
S E M i D lL H IZ M E T L E R i
Tel. < m l 325 98 98
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4 -K o n s o lid e F in a n s a l T a b lo la r a I!i$kin D ip o tla r
Bankalar Arasi Teklif Edilen Faiz Oraalan Meselesi (devami)
B an k alar arasi te k lif ed ilen ?e§itli faiz oran larm m belirlen m esin e ilijk in o larak D eutsche B ank
hak k in d ak i d ig e r idari soru § tu rm alar d ev am etm ek ted ir, ve D eutsche B an k ba§ka idari i§lem lere de
m aru z o lm ay a d ev am etm ek ted ir. G rup, idari soru^turm alarm belli b a zila rm a ili§kin o larak kar§iiiklar
ayirm i§tir. G rup bu kar§iliklarm tu tarin i a fik la rn a m ijtir, zira boyle bir aciklam anin, bu idari
sori!§turm alarin so n u c u n a cid d i §ekilde halel getirm esin in bek len eb ileceg i kan aatin e varrm §tir,
Hukuk davalar m a genel baki§. D eu tsch e B ank, 9e§itli B an k alar A rasi T e k lif E dilen F aiz O ranlarm m
b elirlen m esi ile ilgili m an ip iilasy o n id diasi konusunda, a ja g id a k i p ara g rafiard a a?ik lan an 46 hukuk
d av a sin a ta ra fh r. D eu tsch e B an k ve 90k sayida d iger d a v a h y a kar§i h u k u k d a v a la n n m 9ogu (toplu
d av alar d ah il) A .B .D . N e w Y o rk G iiney B o lgesi B olge M ah k em esin d e (S D N Y ) derdesttir. Sivil
d a v a la n n m be?i di§inda tam am i, A .B .D . D olari L IB O R oram nm b elirlen m esi ile ilgili m anipiilasyon
so n u cu zarar ettig in i ileri su re n ta ra fla r ad m a a film ijtir. D eu tsch e B ank aley h in d e derd est olan ve
A .B .D . D olari L IB O R o ram ile ilgili o lm ayan be§ h u kuk davasi d a SD 'N Y ’de d erd est olup, Y en
LIBOP^ ve E u ro y en T IB O R o ram ile ilgili iki dava, E U R IB O R ile ilgili bir dava, in g iliz S terlini (G B P)
L IB O R oram ile ilgili birle$tirilm i§ b ir dava, ve Isv i 9re F rangi (C H F ) L IB O R o ram ile ilgili iki dava
b u n la r arasm dadir.
B ir istisn a ile, A .B .D . D o lari L IB O R oram ile ilgili o larak S D N Y ’de d e rd e st biitiin huk u k davalari,
90k bolgeli b ir h u k u k d av asm m (“A .B .D . D o la n L IB O R M D L ”) b ir par 9asi olarak koordine
edilm ek ted ir. A .B .D . D o la n L IB O R o ran in a dair M D L -di§i bir adet to p lu d av a b u lu n m ak ta olup
reddedilm i? olu p , tem y izi A .B .D . T em y iz M ah k em esi D ok u zu n cu D airesin d e derdesttir.
B ah sed ilen 46 h u k u k d av asm m tam am in d a tazm in at talepleri, A .B .D . E m tia B o rsasi K anunu (C E A ),
federal ve e y alet a n titro st k a n u n la n n m , A .B .D . R ac k ete er N iifuz ve Y o lsu z lu k O rgiitleri K anunu
(R IC O ), ve d ig e r fed eral ve e y alet k a n u n la n n m ihlalleri gibi, £e§itli h u k u k teo rileri kap sam in d a ileri
suriilm u§tiir. Be§ d av a h a ri 9 tam am in d a, tazm in a t taleb i tu ta n , d av aci ta rafm d an resm en
belirtilm ernisjtir. S p esifik b ir ta z m in a t taleb in d e bulu n u lan be? dava, A .B .D . D o la n L IB O R M D L ’de
birle§tirilm i§ b ireysel d a v a la rd ir ve D eu tsch e B ank dahil o lm ak iizere biitiin d av alilard an toplam da
m inim um 1.25 m ily ar A .B .D . D o larm d an fa zla taz m in at talep ed ilm ek ted ir. G rup, a fik la m a yapm anm
bu n larin so n u 9larm i cid d i §ekilde etk ilem esin in bek len eb ileceg i k an aatin d e o ld u g u n d an , bu m eselelere
d air kar§ilik v ey a §arta b ag li yiik u m lu liik k ay d ed ip k ay d etm ed ig in i aciklarnarni:j!ir,
A.B.D. Dolari LIBOR. A .B .D . D o lari L IB O R M D L d av asin d a M a rt 2013 ile K asim 2015 arasindaki
b ir dizi k ararm d a m ah k em e, ilk y ap ilan 9e§itli to plu dava g ru p larm a ve d o g ru d an d av a la ra yonelik ret
talep lerin i k ism en k ab u l, k ism en de re d d etm ijtir, G enel o larak m ah k em e belli C E A iddialarim n ve
ey alet k a n u n u n a kar§i h ile, k o n trat ve h ak siz z e n g in lejm e ve d ig e r h ak siz fiil id dialarim n devam
etm esin e izin v erirk en , b elli C E A id d ia la n m z a m a n a jim m a ug rad ig i gerek 9esiy le reddetm i§, ve
d a v a c ila n n federal ve e y a le t k an u n u k ap sam m d ak i biitiin a n titro st id d ia la n m , m enkul k iym etler
id d ia la n m ve R IC O k ap sam in d a ileri siirulen iddialari reddetm i§tir.
M ah k em e ay rica b elli d a v a c ila n n id d ia la n m ki§isel y etk isizlik ve z a m a n a jim i gerek 9eleriy le reddeden
k a ra rla r verm i§tir. M D L ’nin k a rm a p k h g i n ed en iy le m ahkem e, m ah k em en in A g u sto s ve K asim 2015
goru§lerinde b elirtilen genel ilkelere uygun je k ild e tam o larak hangi idd ialarm red d ed ild ig in in
b elirlen m esin d e m ah k em ey e y ard im ci olm alari iîn 9e§itli ek b elg eier tale p e tm ij ve tara flar b u n lan
tem in etm istir. D ig er k a ra rla r derdesttir.
A n titro st iddialari red d ed ilm is (v ey a an titro st id dialarim n red d in e d air k ism en nihai kararlar verilm i§)
olan belli d av acilar, m ah k em en in a n titro st k ararlarm i A .B .D . T em y iz M ah k em esi fkinci D airesinde
tem y ize g 6tiirm ii§ttir. Bu tem y izd e sav u n m alar yapilm i§ v e ta m am e n g 6riilmii§ olup, ve k arar
derd esttir. A .B .D . D o lari L IB O R M D L kap sam m d ak i belli davalar, tem y izin so n u cu n a kadar
b e k lem ek ted ir (ve d ig e r d a v a la r d a ay rica beklernektedir). E k olarak, m ah k em en in A g ustos 2015
gorii§u u y a rm c a tam am en red d ed ilen bir direkt davadaki dav acilar, ik in ci D aireye tem yiz
b a§ vurusunda bulunm u§tur.
i§bu beige ingilizce fotokopisinden T iirl^ e ’ye
E L 1M PA SEN SY A
S E M I D IL H IZ M E T L E R I
Tel. 0 g p y 325 98 93
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4 -K o n s o lid e F in a n s a l T a b lo la r a ili^ k in D ip o tla r
B an k alar A rasi T eklif Edilen Faiz O ra n ia ri Meselesi (devarm)
A.B.D. Dolan LIBOR M D L’ye ili§kin olarak (1) borsada i?!em goren EuroDolar futures ve opsiyonlarda i§lem
yaptigmi, (2) A.B.D. D olan LIBOR’u-referans alan finansal araglarda tezgah iistii ijlem yaptigmi, ve (3) A.B.D.
Doiari LIBOR’a endeksli faiz oranlanyla kredi agtigmi veya aldigim iddia eden davacilar tarafmdan agilan tig
toplu davada k e jif halen devam etmektedir. (iigiincii davadaki davacilar halen Deutsche Bank aleyhindeki
iddialarimn, mahkemenin onceki kararlari kapsaminda reddedilmi§ olup olmadigma itiraz etmektedir.) Bu
davalarda toplu dava dilekgelerinin sunulmasi igin bir program belirlenmi? olup, sunumlarm Agustos 201'7’de
tamamlanmasi planlanmijtir.
A.B.D. Dolan LIBOR MDL di?inda SDNY’de bagimsiz $ekilde derdest olan, A.B.D. Dolan LIBOR oram ile
ilgili ba§ka bir davada mahkeme, davahlarm ret taleplerini kabul etmi§tir. Davaci §ikayetini giincellemek igin
dilekge sunmu§ olup, derdesttir.
Deutsche Bank ayrica A.B.D. D olan LIBOR oram ile ilgili olarak California Merkez Bolgesi Bolge
Mahkemesinde bir hukuk davasinda da davah konumundadir. Mahkeme Deutsche Bank ret dilekgesini kabul
etmistir. Davaci A.B.D. Temyiz Mahkemesi Dokuzuncu Dairesi nezdinde temyize ba§vurmu§tur
Yen LIBOR ve Euroyen TIBOR. Yen LIBOR ve Euroyen TIBOR oranlarmm manipiile edildigi iddiasma ili§kin
olarak SDNY’de iki ayn dava derdesttir. ilkinde (Laydon) mahkeme 31 Mart 2015’te davacimn §ikayetini
giincelleme taiebini kismen ret, kismen kabul etmi§tir. Mahkeme davacimn Deutsche Bank aleyhinde RICO
iddialari one siirme ve iki yeni davaci ekleme taleplerini reddetmi§tir. 29 §ubat 2016’da davaci, ek fiili iddialar
igeren ve iddia edilen toplu dava siiresini geni?leten tadil edilmi? bir iigiincii §ikayetname sunmujtur. K ejif
devam etmektedir. Ikinci toplu dava (Sonterra) SDNY’de 24 Temmuz 2015’te agilmi? olup, ve Deutsche Bank
ve DB Group Services (UK) Ltd., diger bankalarla ve inter-dealer brokirlarla birlikte davali konumundadir. 18
Aralik 2015’te davacilar tadil edilmi? bir §ikayetname sunmu§tur. Davahlar ret dilekgesi vermi? olup, derdesttir.
EURIBOR. Deutsche Bank ve DB Group Services (UK) Ltd. ayrica EURIBOR oramnm manipiile edildigi
iddiasiyla, SDNY’de derdest bir toplu davada da davah konumundadir. Davacilann giincellenmij jikayetinin
reddi igin verilen dilekge halen derdesttir.
ingiliz Sterlini (GBP) LIBOR. Deutsche Bank, ingiliz Sterlini (GBP) LIBOR oramnm manipiile edildigi
iddiasiyla derdest iki ayn davada da davah olarak gdsterilmijtir. 11 §ubat 2016’da mahkeme bu iki davayi tek
bir davada birlejtirmi?, ve davacilar tarafmdan 24 §ubat 2016’da tadil edilerek birle§tirilmi§ bir jikayetname
surmlmu§itur. Tadil edilerek birle§tirilmi§ jikayetnamenin reddi igin dilekge verilm ij olup, sunum surecindedir.
isvigre Frangi (CHF) LIBOR. 19 Haziran 2015’te Deutsche Bank ve DB Group Services (UK) Ltd., isvigre
Frangi (CHF) LIBOR oramnm manipiile edildigi iddiasiyla SDNY nezdindeki bir toplu davada davali olarak
gosterilmi§tir. Ret dilekgeleri verilmi? olup, halen derdesttir.
K aupthing C LN id d ia la ri. Haziran 2012’de, bir izlanda sermaye §irketi olan Kaupthing h f if;as masasi, izlanda
kanunlan gergevesinde Deutsche Bank aleyhinde hem Izianda’da hem de ingiltere’de yaklajik 509 milyon Euro
(arti, maliyetler ve tazminat faizi oram esasma gore ve gecikme faizi oram esasma gore hesaplanan faiz) meblagi
geri alma talebinde bulunmu?tur. iddialar, 2008’de ingiliz Virjin Adalannda kurulu iki dzel amagli kurulu§a
(“SPV’ler”) Deutsche Bank tarafindan ihrag edilen, ve Kaupthing’i referans alan kaldiragh krediye endeksli
tahviller (“CLN ’ler”) ile ilgilidir. SPV’lerin nihai sahipleri yuksek net servete sahip bireylerdir.
Kaupthing, SPV’leri fonlami? oldugunu one siirmekte ve Deutsche B ank’m, K aupthing’in kendisinin i§lemlere
ekonomik olarak maruz oldugunun farkmda oldugunu veya olmu? olmasi gerektigini iddia etmektedir.
Kaupthing, i§3emlerin iddia edilen amaglarmdan birisinin, Kaupthing’in kendi CDSTerinin (kredi temerriit
swapi) ve dolayisiyla kendisinin borsada ijlem goren tahvillerinin spreadleri konusunda piyasayi etkilemesine
imkan saglamak olmasi nedeniyle ijlemlerin usulsiiz oldugu gerekgesi de dahil olmak iizere bir dizi altematif
gerekge ile ijlemlerin Kaupthing tarafmdan iptal edilebilir oldugunu ileri siirmektedir. Ek olarak, Kasim 2012’de
Deutsche Bank aleyhinde Londra’da Kaupthing tarafindan ingiliz hukuku kapsaminda bir dava (izlanda
kanunlan kapsaminda belirtilenlere benzer iddialarla) agslmi§tir. Deutsche Bank tzlanda’daki takibatta 2013 yili
§ubat ayi sonlannda savunma sunm ujtur, ve savlarim mudafaa etmeye devam etmektedir. §ubat 2014’te,
ingiltere’deki takibat, Izlanda’daki takibatm nihai tespitine kadar bekietilmijtir. Ek olarak, Aralik 2014’te
SPV’ler ve m tijterek tasfiye memurlari, Deutsche Bank ve diger davahlar aleyhinde CLN ijlemlerinden dolayi
i§bu beige ingilizce fotokopisinden T urk?e’ye
tarafim dan kismi olarak tercum e edilmi§tir.
ELDA PASENSYA
SEMI BiL HIZMETLERi
Tel. 0212 325 98 98
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4 -K o n s o lid e F in a n s a l T a b lo la r a tli§ k in D ip o tla r
Kaupthing CLN iddialari (devami)
Ingiltere’de hem en hem en aym iddialari D eutsche B ank’a teblig etrnijiir. S P V ’ler ayrica yakla$ik 509
milyon Euro (arti m aliyetler ve faiz) talep etm ekte olup, bu faiz talebinin tutari izlanda’dakinden diijiiktiir.
D eutsche Bank b u takibatta bir dizi savunm ada bulunm u§tur ve savunm aya devam etm ektedir. SPV ’lerin
iddialarim n, D eutsche B an k ’m C L N ijlem lerine dair genel potansiyel yukumliiliigimii, halihazirda
K aupthing tarafindan iddia edilenin Qtesinde artirm asi beklenm em ektedir. G rup bu m eselelere ilifkin olarak
k a rjih k veya ja rta bagli yiikum luliik tesis edip etm edigini agiklam am istir, zira boyie bir agiklamanm,
bunlarin sonuglarina ciddi §ekilde halel getirm esinin beklenebilecegi kanaatine varm ijtir.
K irc h . M iinih Savcihgi (Staatsanw altschaft MOnchen I), K irch davasi ile baglantih olarak eski Yonetim
Kurulu iiyeieri ve m evcut Y onetim K urulu iiyesi Jiirgen Fitschen aleyhinde halen cezai sorujturm alar
yuriitm ektedir. K irch davasinda D eutsche B ank A G ile Dr. Leo K irch ve de kendisinin kontrolii altindaki
m edya §irketleri arasm da 90k sayida hukuk davasi sozkonusu oim ujtur. A na m esele D eutsche Bank'in 0
zam anki Y onetim K urulu Sozciisii Dr. R o lf B reuer’in 2.002 yilinda B loom berg televizyonuna verdigi bir
roportajda Dr. K irch'in (ve jirketlerinin) finansm an bulam ayiji yoniindeki Dr. B reuer’in yorum unun, Kirch
jirketlerinin iflasm a yol agip agm adigi idi. §ubat 2014’te D eutsche Bank ve Kirch varisleri, aralarm daki
biitiin hukuki ihtilaflari sonlandiran kapsam li bir uzla§maya varm ijtir.
Eski Y onetim Kurul uyem iz Dr. Stephan Leithner ile ilgili olarak, C um huriyet savcism m iddiasi, Sn.
Fitschen ve Sn. L eithner’in, M iinih Bolge Y uksek M ahkem esi ve Federal M ahkem e nezdinde Kirch ile
D eutsche B ank A G arasindaki hukuk davalarm dan birinde D eutsche B ank’in hukuk m iijaviri tarafm dan
yapilan fiili beyanlari, sozkonusu beyanlann dogru olm adigim (iddia edildigine gore) ogrenm elerinden
sonra zam anm da diizeltm edigi yoniindedir.
Sn. Fitschen ve eski dort yonetim kurulu tiyesinin dahil oldugu ana sorujturm a tam am lanm i§ ve 6 A gustos
2 0 1 4 ’te biitiin zanhlar aleyhinde iddianam e verilmi§tir. M ahkem e D eutsche B ank A G ’nin ikincil olarak
miidahil olm asini em retm is olup, bu durum B anka’ya para cezasi verilm esiyle sonuglanabilir idi. 25 N isan
2016’da M iinih B olge M ahkem esi Sn. Fitschen ve eski dort yonetim kurulu iiyesini beraat
ettirm ijtir.A y n ca m ahkem e Barika’yi da beraat ettirm ijtir. C um huriyet savcisi 2 M ayis 2016’ya kadar
tem yize ba§vurabilecektir. Tem yiz, esastan ziyade hukuki h atalann incelenm esi ile sim rh olacaktir.
Eski yonetim kurul iiyesi Dr. Stephan L eithner aleyhindeki sorujturm a devam etm ektedir. D eutsche Bank,
M iinih C um huriyet Savcihgi ile tam i^birligi yapm aktadir,
G rup bu takibatlarin kendisi igin onem li ekonom ik sonuglan olm asm i beklem em ektedir ve bunlar igin
k a rjih k veya §arta bagli yiikum luliik kaydetm emi§tir.
K O S P I E n d e k sin in G evêm esi K o n u la n . Kore Hisse Senetleri B ilejik Fiyat Endeksi 20 0 ’iin (“KOSPI
2,00”) 11 K asim 2 0 1 0 ’de kapam§ seansinda yaklajik % 2.7 dii§mesinden sonra Kore Finansal Denetim
K urum u (“FSS”) soru§turm a ba$latmi§, ve KOSPI 20 0 ’iin dii§ii§unun, D eutsche Bank tarafindan, KOSPI
200 iizerindeki bir endeks arbitraj pozisyonunun bir pargasi olarak elde tutulm akta olan yaklajik 1.6 milyar
Euro degerindeki b ir hisse senedi sepetini satisindan kaynakladigina dair endijelerini ifade etmi§tir.
F S S ’in gah§m alanni denetleyen K ore Finansal H izm etler K om isyonu, 23 §ubat 2011 ’de F S S ’in bulgulanm
ve onerilerini incelemi? ve: (i) piyasa m anipulasyonu iddiasiyla D eutsche B ank G rup’unun be§ galijam ve
D eutsche B an k ’in bagli kurulu§u D eutsche Securities K orea Co. (DSK) aleyhine kurum sal sugtan vekaleten
sorum luluk gerekgesiyle Kore C um huriyet Savciligina sug duyurusunda bulunulm asina; ve (ii) D SK ’mn
nakit hisse senedi ve borsada ijlem goren tiirevlerin ahm satim i ve DM A (dogrudan piyasa erijim i) nakit
hisse senedi ahm satirm faaliyetlerinin 1 N isan 2011’den 30 Eyliil 201 l ’e kadar alti aylik siire boyunca
durdurulm asina, ve D S K ’run adi belirtilen bir gah§anmm istihdam im alti ay siireyle durdurm asm in zorunlu
tutulm asina karar verm istir. Faaliyet durdurm anm bir istisnasm a gore, m evcut tiireviere endeksli menkul
kiym etler igin likidite saglayicihgi yapm aya devam etrnesine izin verilmi? idi. 19 A gustos 2011’de Kore
C um huriyet Savcihgi, D SK ve D eutsche B ank G rup’unun dort gahjam m spot/vadeli piyasayi manipiile
etrne suglarnasiyla dava agm a kararim duyurmu§tur. C eza duru§masi O cak 2 0 1 2 ’de ba§lami§tir. 25 O cak
2016’da Seul M erkez Bolge M ahkem esi bir D SK ijlem cisini suglu bulan bir karar ve D S K ’yi suglu bulan
bir karar verm ijtir.
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KOSPI Eiideksinm Gevêmesi Konulan (devamu)
D S K ’y a 3.5 rn iiy ar K R W (K o re W o n u ) (2.0 m ilyon E u ro ’dan az) p a ra cezasi uygulanrni§fir. M ahkem e
ay rica 3119a yo! a 9an a lim -sa tim faaliy etin d en elde edilen k a rla n n iade e d ilm e sin e hiikm etm i§tir. G rup
o ah m -satim faa liy e tin d e n eld e ed ilen k a rla n 2.011 y ilm d a iade etm istir. C eza davasi karari hem savci
h em de d a v a h la r ta ra fin d a n tem y ize g5tiirulm ii§tur.
A y rica, K O S P I 2 0 0 ’tin 11 K asim 2 0 1 0 ’da du§m esi so nucu zarara m aru z k ald ik la rm i iddia eden belli
ta ra fla rca K o re m a h k e m e le rin d e D eu tsch e B an k ve D S K a ley h in d e b ir dizi huk u k davasi a 9ilmi§tir.
2 0 1 5 ’in dordiineii 9ey reg in d en baslayarak bu d av a la n n b azilarm d a B a n k a ve D S K aleyhinde asliye
m ah k em esi k ararlari v e rilm istir. B ilin en m ev cu t ta zm in a t taSeplerinin tu tari 80 m ily o n E u ro ’dan
(m ev cu t d o v iz k u rla rm d a n ) azdir. G ru p b u hukuk d av ala rin a ili§kin o larak kar§ihk ayirm i§tir. G rup,
a 9ik lan m asm m bu k o n u larm so n u cu n a ciddi §ekilde halel getirm esin in bek len eb ileceg i kanaatine
v ard ig in d an , G ru p bu kar§ihklarm tu tarim a 9iklam arm $tir.
Ipotege ve Varhga Dayali Menkul K iy m e tle r Meseleleri ve Soru$turmasi. Diizenleyici Kurumlar
ve Devletler He Meseleler. D eu tsch e B ank, belli i§tirakleri ile birlikte (bu p arag raflard a topluca
“ D eu tsch e B an k ” o larak am lacak tir) ipotekli krediler, ko n u t ip otegine d ay ah m enkul kiym etler
(K iD M K ), terninatlan d irilm i§ b o r 9 y u k iim luliikleri, d ig er v a rh k la ra d ay ah m en k u l k iy m etler ve kredi
tiirevleri ihraci, satin a im m asi, m en k u l k iym etle?tirilm esi, sa ti 51 ve a lim -satim in a d air faaliyetleri ile
ilgili olarak, A .B .D . M ali D o la n d iric ih k la M iicadele K o o rdinasyon B irim in in , K o n u t Ip o teg in e D ayah
M en k u l K iy m etler C ah ^m a G ru b u u y eleri de dahil o lm ak tizere belli d iizen ley ici kuru m iard an ve
d ev let k u ru m larin d an c e lp n a m e ler ve bilgi talepleri alrni? bulu n m ak tad ir. D eutsche B ank sozkonusu
celp n am elere v e b ilg i ta le p le rin e y a m t v erirk en tam i§birligi yap m ak tad ir. G rup, idari soru§turrn alarm
b azilari i 9in kar§ ih k ayirm i§, b azilari i9inse ayirm am i§tir. G rup, a 9ik lan m asm m bu idari
so ru stu rm a la n n so n u c u n a cid d i sekilde halel getirm esin in b ek len eb ileceg i k an aatin e vardigindan,
G ru p bu k ar§ ih k larm tu tarim a 9iklam am i§tir.
Ihraggi ve Yuklenici Hukuk Davasi. D eutsche B an k K ID M K ve d ig er v a rh g a d ay ah m enkul
k iy m etlerin arzlarin d a ih ra 99i v ey a y u k len ici sifatiyla iistlendigi 9e§itli ro llerle ilgili 9e?itli hukuk
d a v a ia n n d a o zel sah islarca d a v a h o larak gosterilm i§tir. A sagsda a 9ik lan an bu d av alar arasm d a to plu
d avalar, m enkul k iy m etlerin b irey sel alicilarin m davalari, ve K ID M K tro stle ri ad m a m litevellilerin
a^tigi d a v a la r b u lu n m ak tad ir. id d ia la r d avadan d avaya degi$m ekle b irlik te, bu d av alard a genellikle,
ipotek k red ilerin e d a y a h o larak ih ra 9 ed ilenlerin yiiklenim stan d artla rin a ilijk in o lan la r da dahil
K iD M K arz d o k u m a n la rin m o n em li yani 15 b e y an la r ve ih m aller i9erdigi iddia edilm ekte veya
k red ilere d air 9e§itii beyan v e y a g aran tilerin ihra 9 sirasm d a ihial ed ildigi ileri siiriilm ektedir. G rup bu
h u k u k d a v a la n n m p e k g o guna ilifk in o larak kar§ilik a y irm ijtir, fak at a 9ik ian m asm m bu konularm
so n u cu n a ciddi §ekilde halel g etirm esin in bek len eb ileceg i k an aatin e v ard ig in d an , G rup bu kar§ihkiarm
tu ta rim aciklam am i§fir.
D eu tsch e B ank, ba§ka fm an sal kurulu§larla birlikte, N o v a star M o rtg ag e C o rp o ra tio n tarafin d an ihra?
edilm i§ K ID M K ’lerin yiiklenicisi roliine d air bir toplu d avada davali ko n u m u n d ad ir. §ik ay ette spesifik
b ir ta z m in a t ta le b in d e bulun u lm am i§ tir.5 S ubat 2 0 1 5 ’te m ahkem e, R M B S ’n in d a v ad a ileri stirdugii alti
on erm ed en b e jin i red d ettig i o n cek i k ararm i iptal eden bir k arar yayim lam istir. M ahkem e, d a v acila n n
§ ik ayetnam elerini o n ced en red d e d ile n o n erm elerini de i 9erecek §ekilde tadil etm elerini em retm i§tir.
M ah k em en in 5 § u b a t 2015 em ri u y a rm c a ba§ davaci 9 M art 2 0 1 5 ’te iiîincu tad il ediirnis §ikayetini
sunm u§tur. D av ad a k e $ if a§am asi d ev am etm ektedir.
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ipotege ve Varhga Dayali Menkul Kiymetler Meseleleri ve Sorii§turmasi(devaim)
D eutsche Bank, K iD M K ’in ahcilari olduklanm iddia edenler (1) A ozora Bank, Ltd. (D eutsche B ank’a
atfedilebilir 61 m ilyon A .B D . D olari tazm inat talebiyle), (2) the Federal D eposit Insurance Corporation
(FD IC) (a) C olonial Bank (iki a y n davadan birisinde biitiin davalilardan toplam da en az 189 m ilyon A.B.D.
D olari tazm inat talebiyle), (b) Franklin B ank S.S.B., (c) G uaranty B ank (biitiin davalilardan toplam da en az
901 m ilyon A .B D . D o lan tazm inat talebiyle), ve (d) Citizens N ational B ank ve Strategic Capital B ank’m
(iki ay n davadan birisinde biitiin davalilardan toplam da en az 66 m ilyon A .B D , D olari tazm inat talebiyle)
kayyum u sifatiyla), (3) the Federal H om e Loan Bank o f San Francisco, (4) P hoenix Light SF Lim ited (eski
W estLB A G tarafindan o lu jturulan ve/veya yonetilen ozel am agh araglann talep haklarinm tem lik alani
oldugu iddiasiyla), ve (5) R oyal Park Investm ents (Fortis B ank’m belli varhklarm i iktisap etm ek iizere
olufturulan ozel amagli aracm talep haklarinm tem lik alam oldugu iddiasiyla) dahil olm ak uzere, bunlarla
ilgili i§lemlerde yer alan kar$i taraflar ve bunlarin ijtirakleri tarafm dan agilmi§ ge§itli toplu-olm ayan
davalarda davah konum undadir. A ksi belirtilm edikge, bu davalardaki §ikayetlerde talep edilen tazm inat
m eblagi belirtilm em ijtir.
14 O cak 2 0 1 5 ’te, Blue Edge A B S CD O Ltd. adina kayitli bir te m in atlan d m k n ij tahvil yliklimliiliigu ile
ilgili olarak A ozora B ank Ltd tarafm dan agilm ij olan davam n reddedilm esi igin D eutsche B ank’m
onergesini m ahkem e kabul eirnijtir. 30 M art 2016’da Tem yiz D airesi, alt m ahkem enin davayi ret kararim
onam ijtir. A ozora B ank, tarafm dan agilan ba§ka bir davada da D eutsche Bank, UBS AG ve i^tirakleri ile
birlikte davah konum undadir. D avahlar m ahkem enin em rini tem yize gotiirmug ve tem yize kadar davanrn
bekletilm esi iifin dilekge verm ijtir.
2012 yilm da, C olonial Bank, Franklin B ank S.S.B., G uaranty Bank, C itizens N ational B ank ve Strategic
C apital B ank adina kayyim sifatiyla FDIC, 1933 M enkul K iym etler K anunu M adde 11 ve 12(a)(2), ve
Texas M enkul K iym etler K anunu M adde 581-33 kapsam inda iddialarla, D eutsche B ank’m da aralarm da
bulundugu gok sayida yuklenici aleyhinde farkli federal m ahkem elerde davalar agmi§tir. Bu davatarin her
biri zam anajim m a ugradigm dan dii§mti§tiir. FDIC bu kararlari Tem yiz M ahkem esi tkinci, Be§inci ve
D okuzuncu D aireleri nezdinde tem yize goturm ujtiir. Tem yiz M ahkem esi tkinci ve D okuzuncu D airelerdeki
tem yizler derdesttir, 10 A gustos 2 0 1 5 ’te Tem yiz M ahkem esi Bejirici D airesi, bolge m ahkem esinin FD IC ’in
iddialarim n zam anagim m a ugradigi gerekgesiyle ret kararim bozm ujtur. 24 A gustos 2015’te Deutsche
B ank ve diger davahlar bu dava igin tam toplanti halinde bir du ru jm a yapilm asi igin dilekge vermi§tir. 11
Eyliil 2 0 1 5 ’te T em yiz M ahkem esi Be§inci Dairesi bu dilekgeyi reddetm ijtir. 10 A ralik 2015’te Deutsche
Bank ve diger davahlar, Tem yiz M ahkem esi B ehind D airenin, bolge m ahkem esi tarafm dan davam n ret
kararim bozm asm a itiraz ederek B irlejik D evletler Y uksek M ahkem esine tem yiz b ajv u ru m iizekkeresi igin
ba§vurmu§tur. 28 M art 2016’da Birlejik. D evletler Y uksek M ahkem esi dilekgeyi reddetm ijtir. Ke§if devam
etmektedir.
D eutsche B ank ile yapilan gizli bir sulh anla§masi uyarm ca 22 O cak 2015’te the Federal H om e Loan Bank
o f San Francisco, yedi K ID M K arzina ili§kin olarak D eutsche B ank aleyhine agm if oldugu davalardan
gekilm ijtir. 26 O cak 2 0 1 5 ’te, the Federal H om e Loan B ank o f San Francisco ve Countryw ide arasindaki
gizli bir sozle§me uyarm ca the Federal Hom e Loan B ank o f San Francisco, Countryw ide i§tiraki olan
kurulu$3ar tarafm dan ihrag edilmi§ 15 arza ilijkin olarak the Federal Horne Loan B ank o f San Francisco
tarafm dan D eutsche B ank aleyhinde agilrm§ olan davalardan gekilmeye karar verm ijtir. D eutsche Bank, bu
15 arza dair davadan gekilm enin, D eutsche B ank’m tarafi olm adigi gizli bir sulh anlajm asi gergevesinde
oldugu diijiincesindedir. D eutsche B ank, bir K IDM K arzina ve K ID M K senedi niteliginde yeniden menkul
kiym etlejtirm e olarak ta rif edilen iki arza ilifkin bir davada davah olm aya devam etm ektedir. §ikayette
belirli bir tazm inat talep edilm em iftir. D ava bilirkiji k ejfi a§amasindadir. D eutsche B ank’m durujm asi igin
tarih 6 A ralik 2016 olarak belirlenm i§tir.
R esidential Funding C om pany, R esidential Funding C om pany'ye satilan kredilere ili^kiri olarak yapilan
beyanlarm ve verilen garantilerin ihlali nedeniyle, ve K iD M K ile ilgili iddialar ve R esidential Funding
C om pany aleyhinde agilan davalar sonucu m aruz kalinan zararlann tazm ini igin, D eutsche Bank aleyhinde
bir geri ahm davasi agm ijtir. §ikayette talep edilen tazm inat tutan belirtilmemi§t.ir. 8 Haziran 2015’de
m ahkem e, belli iddialarm reddi igin D eutsche B ank’m yaptigi ba§vuruyu reddetmi§tir. A yrica 8 Haziran
2 015 ’te D eutsche Bank, diger iddialann da reddi igin dilekge verm ijtir,
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31 M a r t 2 0 1 6 itib a r iy la A r a D o n e m R a p o r u
ipotege ve Varhga Dayah Menkul Kiymetler Meseleleri ve Soru§turmasi(devami)
29 Eyliil 2 0 1 5 ’te m ahkem e D eutsche B ank’m ikinci ret bajvurusunu da reddetmi§tir. K e§if devam
etmektedir.
M art 2 0 1 2 ’de, R M BS Recovery H oldings 4, LLC ve VP Structured Products LLC, D eutsche Bank
tarafindan yapilan A C E Securities Corp. 2006-SL2 K IDM K arzsridaki m ortgage kredilerine iliskin olarak
beyanlarm ve gararitilerin ihlali iddialariyla D eutsche B ank aleyhinde N ew Y ork eyalet m ahkem esinde
dava agmi§tir. §ikayette talep edilen tazm inat tu ta n belirtilm em ijtir. 13 M ayis 2013 ’te m ahkem e, D eutsche
B an k ’m davam n zam an ajim m a ugradigi gerekgesiyle reddedilm esi talebini reddetm ijtir. 19 A ralik 2013’te
tem yiz m ahkem esi alt m ahkem enin kararim bozmu§ ve davayi reddetm ijtir. 11 H aziran 2015’te N ew York
Y uksek M ahkem esi, tem yiz m ahkem esinin davayi ret karanrn onam iftir. M ahkem e, davacim n dava
sebebinin, davam n agilm asindan alti yildan daha once tahakkuk etmi§ oldugunu ve dolayisiyla
zam ana§im m a ugradigim tespit etm ijtir. 29 M art 2016’da m ahkem e, m litevelli sifatiyla H SBC tarafindan
agilan, hem en hem en benzer bir davayi reddetm i? olup, tem yiz yolu agiktir.
D eutsche Bank, C ountryw ide tarafm dan ihrag edilmi? tek bir K iD M K senedinin alim m m iptal edilmesi
talebiyle the C harles Schw ab C orporation tarafm dan agiimig bir hukuk davasm da davali olarak
gosteriim ijtir. 2 0 1 5 ’in dordiincii geyreginde, davada Deutsche B ank’i tazm in etmi§ olan Bank o f America,
sozkonusu tek senede iii§kin davada D eutsche B ank adm a sulh olm ak igin anlajm aya varm ijtir. 25 Ocak
2016’da the C harles Schw ab C orporation davam n D eutsche B ank Securities Inc’a ilijkin oiarak esastan
reddi igin ba§vurmu§tur. 16 M art 2 0 1 6 ’da m ahkem e, D eutsche B ank Securities Inc.’m davali sifatiyla azlini
kesinle§tirmi§tir.
D eutsche B ank, yiiklenim i D eutsche B ank tarafm dan yapilm i? alti adet iigiincu-jahis arzi ile ilgili olarak
hile, ihmal, eyalet rnenkui kiym etler kanununun ihlali, ve sektor kurallarm m ve team ullerinin ihlali
iddiasiyla K nights o f C olum bus (“K nights”) tarafm dan FINRA tahkim inde davah olarak gosterilm ijtir, 22
§ubat 2 0 1 6 ’da D eutsche Bank ve K nights m eselenin halli igin sozlejm e imzalami§ ve 26 M art 2016’da
tahkim esastan reddedilm i$tir. U zlajm anm fm ansal ko§ullart D eutsche B ank igin onem sizdir.
D eutsche Bank ve A m herst A dvisory & M anagem ent LLC (A m herst), be? K iD M K trostii ile ilgili
sozlejm e ihlali dav alan n m halli igin H SBC B ank USA N ational A ssociation’a (H SB C ) sulh anlajm alari
onerm ek iizere 12 §ubat 2016’da anlajm aya varmi§tir. Arnherst ile yapilan so zlejm eler uyarm ca 17 §ubat
2016’da A m herst, trostlerin her birinin senet ham illerinin, onerilen uzlajm alara onay veya reddine ilijkin
olarak H S B C ’nin oylam a yapm asim talep etm ijtir. 22 §ubat 2016 haftasm da H SB C , sulh anlajm asm i
aldigm i, senet ham illerine duyurmu§ ve uzia§mamn son tarihinin 12 M ayis 2016 oldugunu senet
ham illerine bildirmi§tir, ancak bu son tarih uzatiiabilir. Be§ trostten birisine ilijkin olarak (onerilen
uzla§manm o trestle ilgili olarak ikmal edilm esi halinde) D eutsche B ank tarafm dan odenecek uzlajm a
tu tarlannm onem li bir kism i, o davam n tarafi olm ayan bir tarafga geri odenecektir. Uzla§malarm net
ekonom ik etkisi, onceki dc5nemlerde zaten yansitilrm jtir
3 §ubat 2 0 1 6 ’da Lehm an Brothers H olding Inc., M ortgagelT Inc. (M IT )’nin L ehm an’a satrni§ oldugu,
L ehm an’m da the Federal N ational M ortgage A ssociation (Fannie M ae) ve the Federal H om e Loan
M ortgage C orporation’a (Freddie M ac) sattigi 63 m ortgage kredisine ili§kin olarak 2003 ve 2004 tarihli
belli kredi ahm sozle§m elerinde yer alan beyanlarm ve garantilerin ihlal edildigi iddiasiyla ba§kalarinm
yam sira M IT ve M IT ’nin halefi oldugu iddiasiyla D eutsche B ank A G aleyhinde B irlejik D evletler New
Y ork Guney Bolgesi iflas M ahkem esinde iki tarafli takip ijlem i ba§>latmi§tir. §ikayette, Lehm an iflas
i|lem lerinin bir pargasi olarak o kredilere dair iddialann halli igin Fannie M ae ve Freddie M ac ile girilmi?
sulh anla§m alan ile ilgili olarak L ehm an’m katlandigi zararlann tazm ini talep edilm ektedir. §ikayette belli
bir tazm inat tutari belirtilm em ijtir. §ikayete yanit verm e siiresi heniiz dolmami§tir.
Sadece diger ihraggilarm K ID M K arzlanm n yiiklenicisi sifatiyla D eutsche B ank aleyhindeki davalarda,
D eutsche B ank akdi olarak ihraggilarca tazm in edilm e hakkina sahiptir, fakat ihraggilarm §u anda, veya
gelecekte m iiflis olm asi veya ba§ka bir surette m unfesih olmasi halinde o tazm inat haklan fiiliyatta
tam am en veya kism en uygulanam az kalabilir.
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3 1 M a r t 2 0 1 6 itib a r iy la A r a D o n e m R a p o r u
ipotege ve Varhga Dayah Menkul Kiymetler Meseleleri ve Sorufturmasi(devami)
D eu tsch e B ank, geîtli K ID M K ve ilgili d ig e r iiriinlerin arzlarm d a D eu tsch e B an k aley h in d e iddialar
ileri siirrnu§ o la n belli k urulu§lar ile, zam ana§im im gegirm ek iizere anla§m alara girm i§tir, Bu
p o tan siy el id d ia la n n D eu tsch e B an k iizerinde onem li etki y ap m asi m um kundiir. Ayrica, D eutsche
B an k b u kurulu§iarin b a z ila n y la sulh aniasjm alarina girm i§ olup, o an la§ m alan n fin ansal ko§ullari
D eu tsch e B an k igin on em sizd ir.
Miitevelli Hukuk Davasi. D eu tsch e B an k N atio n al T ru st C o m p an y (“D B N T C ”) ve D eutsche B ank
T ru st C o m p an y A m ericas (“ D B T C A ” ), belli K iD M K tro stlerin in m iitevellisi g o rev lerin e ili§kin
oiarak, y a tin m c ila r ta rafin d an d av a edilm i§tir.
18 H aziran 2 0 1 4 ’te, B lack R o ck A d v iso rs, L L C , P IM C O -A d v iso rs, L .P. ve dig erleri tarafm dan
y o n etilen fo n la rin da a ra la rin d a b u lu n d u g u b ir grup y atin m c i, 544 ozel m ark ali K ID M K trostii nam ve
h esa b m a h arek et ettigi saviyla, D B N T C ve D B T C A ’m n tro stlerin m iitevellisi sifatiy la gorevlerini
yerin e g etirem ed ig i id d iasm a istin ad en , 1939 T ro st S 6zle§m esi K an u n u n u n (U .S . T ru st In denture A ct ■■
T IA ) ihlal ed ild ig i, k o n trat ihlali, m iitevelli gorevin ihlali ve ihm al id d ia la n y la D B N T C ve D B T C A
aley h in d e N e w Y o rk E yaleti Y u k sek M ah k em esin d e h u kuk dav asi agm i§tir. D av acilar sonradan eyalet
m a h k em esin d ek i §ikayetlerini geri gekmi§, ve ey alet m ah k em esin d ek i dav ad ak i tro stle r ile hem en
hem en aym olan 564 o zel m ark ali K ID M K trostii nam ve hesab in a, A m erik a B irle§ik D evletleri N ew
Y o rk G iiney B o lg esi B o lg e M a h k em esin e tiirevsel b ir to p lu d av a agm i$tir. §ik ay ette, sozkonusu
tro stlerin to p lam 89.4 m ily a r A .B .D . D o la n tu tarin d a gergekle§m i§ tem in a t z a ra n n a m aruz kaldigi
iddia ed ilm ek ted ir, fak at §ikayet b elli b ir m eb lag d a p arasal taz m in at taleb i igerm em ektedir. D B N T C
ve D B T C A d av am n reddi igin dilekge verm i§tir, ve 19 O cak 2 0 1 6 ’da m ah k em e dilekgeyi, usul
g erekgesiyle k ism en k ab u l etm i§tir: H av u z ve Servis Sozle§m elerine tabi olan 500 tro ste ilijk in olarak
m ah k em e y etki k u ila n m a y i reddetm i§tir. M ah k em e ret dilekgesinde y ap ilan m iidafaa k o n u sunda karar
bildirm em i§tir. 22 M art 2 0 1 6 ’da d av acilar federal m ahkem eye ta d il edilm i§ §ikayetnam e sunm u§tur.
T adil edilm i§ jik a y e tn a m e d e d av acilar, Resin i S ozle§m elere tabi 62 tro st ile ilgili iddialarda
b u lu n m ak tad ir. T ad il edilm i? §ikayetnam ede, sozkonusu tro stlerin gergekle§m i§ toplam 9.8 m ilyar
A .B .D . D olari te m in a t z a ra n n a m aru z kaldigi ileri siiriilm ekte, fak at §ikayetnam ede belli bir m eblagda
p arasal tazm in at taleb i y e r a lm am ak tad ir, D B N T C ve D B T C A tad il edilm i? §ikayetnam eye kar§ilik
yeni sav u n m alar sunm a firsa tm a sahip o lacaktir. K e§if devam etm ektedir.
25 M art 2 0 1 6 ’da B lack R o ck d a v a c iia n , C alifornia, O range Ilgesi Y u k sek M ah k em esin d e, H avuz ve
Servis S o z le jm e le rin e tab i 513 tro stii igeren, ve tig dava sebebi one siiren ey alet m ahkem esi davasi
agm i§tir: k o n trat ihlali; m iitevelli g o rev in ihlali; ve gikar gati§rnalanm onlem e gorevinin ihlali.
D av acilar, k en d ileri ve 513 trostiin sen etlerinin biitiin d ig er m ev cu t sah ip leri ad m a davayi agtiklanni
id d ia etm ek ted ir. 513 tro stiin 5 1 2 ’sinin m iitevellisi D B N T C o lm asin a ragm en, fik ay etn am ed e halen
d avali olarak sad ece D B T C A b elirtilm ektedir. §ik ay etn am ed e, so zk o n u su tro stlerin toplam 85.1,
m ily ar A .B .D . D o lari tu ta n n d a gergekle§m i§ tem in at za rarm a m aru z kald ig i id d ia edilm ekte, fakat
sik ay etn am ed e b elli b ir m eb la g d a p arasal tazm in at taleb i yer alm am ak tad ir. § ik ay etn am e heniiz
D B T C A ’y a te b lig ed ilm em i§tir. K e$ if heniiz ba§lam am i§tir.
18 H aziran 2 0 1 4 ’te R o y al P a rk In v estm ents SA /N V , D B N T C ’nin trostlerin m iitevellisi sifatiyla
g o rev lerin i y erin e g etirem ed ig i id d iasm a istinaden, T IA ihlali, k o n trat ihlali v e itim adm ihlali
id d ia la n y la D B N T C a ley h in d e A m e rik a B irle§ik D evletleri N ew Y o rk G iiney B olgesi B 5lge
M ah k em esin d e on K ID M K trostiiniin y atirim cilari ad m a to p lu ve tiirev sel dava agrm§tir. R oyal
P a rk ’m §ikayetinde, tro stle rd e to p la m 3.1 m ily ar A .B .D . D o larm d an fazla tu ta rd a gergekie§m i§ zarar
o ld u g u n iddia, ed ilm ek te, fak at b elli b ir m eb lag d a ta zm in a t talebi ileri siiriilm em ektedir. 3 §ubat
2 0 3 6 ’da m ah k em e d a v a c ila n n id d ia la n m kism en ret, kism en kabul etm i§tir: m ah k em e dav acim n TIA
id d iasim ve tiirev te o risin i reddetm i§, k o n trat ihlali ve itibarin ihlali id d ialarim n reddi igin D B N T C ’nin
verdigi dilekgeyi ise red detrnistir. K esrf devam etm ektedir.
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31 M a r t 2 0 1 6 itib a r iy la A r a D o n e m R a p o r u
ip o te g e v e V a r h g a D a y a h M e n k u l K iy m e tle r M e se le le ri v e S o r u f tu r a ia s i( d e v a m i)
7 K asim 2 0 1 4 ’te, 121 K ID M K trostiiniin y a tm m c isi o larak U lusal K red i B irligi id a re K urulu
(N C U A ), D B N T C ’nin belli (so zd e) y a sa l ve akdi gorev lerin i y erin e g etirm ed ig i gerekgesiyle ve TIA
ve N e w Y o rk S treit K an u n u n u n ihlal edildigi iddiasiyla, o tro stlerin m iitevellisi sifatiy la D B N TC
aley h in d e A m e rik a B irleîk D ev letleri N ew Y ork G iiney B olgesi B olge M ah k em esin d e §ikayette
b u lu n m u jtu r. 5 M art 2 0 1 5 ’te N C U A , ilk §ikayetinin konusu olan 121 K iD M K trostiiniin 9 7 ’sinin
y atirim cisi sifatiy la id d ialard a b u lu n m ak iizere $ikayetini guncellem i§tir. G iincellenm i? §ikayette, TIA
ve S treit K an u n u n u n ih laileri, ve k o n tra t ihlal, m iitevelli go rev in in ihlali, ihm al, ag ir ku su r, ihm alen
yanh§ beyan, ve iyi n iy et taahhiidiinii ihlal iddialari y e r alm aktadir. N C U A ’n m $ikayetinde, sozkonusu
tro stlerin to p lam 17.2 m ily a r A .B .D . D o la n tu ta rin d a gergekle§m i§ te m in a t zara rm a m aruz kaldigi
id d ia edilm ek te, fak at 51'k a y e tte belli b ir m eb lag d a parasal taz m in at taleb i y e r alm am ak tad ir. D B N T C
re t dilekgesi verm i§ olup, gdriilm u§ fak at heniiz k arara baglanm am i§tir. K e ? if a§am asi askiya
alm m i§tir.
23 A ralik 2 0 1 4 ’te, 21 K iD M K . trostii ta rafm d an ihrag edilm i§ K ID M K senetlerini elinde bulunduran
belli C D O ’lar, tro stle rin m iitev ellisi sifatiy la D B N T C aleyhinde, D B N T C ’nin tro stlerin m iitevellisi
sifatiy la g o rev lerin i y erin e g etirm ed ig i id d iasm a istinaden, T IA v e S treit K an u n u n u n ihlal edildigi,
k o n trat ihlali, m iitevelli g o rev in in ihlali, ihm al, agir kusur, ve ihm alen yanli§ beyan id d iasiy la A m erika
B irle§ik D ev letleri N e w Y o rk G iin ey B o lg esi B olge M ah k em esin e §ikayetnam e verrnistir. 10 N isan
2 0 1 5 ’te C D O ’lar ilave 34 tro st (to p lam 55 tro st) igin guncellenm i§ §ikayet sunm u?, ve ikinci kez 15
T em m u z 2 0 1 5 ’te ek iddialari ek lem ek Iizere §ikayet!erini giincellem i§lerdir. C D O ’lar D B N T C ’nin 527
m ily o n A .B .D . D o larm d an fa z la tazm in attan sorurnlu old u g u n u one siirm ektedir. K e§ if askiya
alm m i$tir. 2 § u b a t 2 0 1 6 ’d a m ah k em e, 55 tro stten dordii ile ilgili id dialarm esastan reddi igin taraflarca
im zalanm i§ b ir b a^vuruyu k ab u l etm i§tir. D B N T C ret dilekgesi verm i§tir. 29 M art 2 0 1 6 ’da m ahkem e,
D B N T C ’nin ret d ilekgesini k ism en kabul kism en ret etm i§tir. M ah k em e, d a v a c ila n n k o n trat ihlali
idd ialarim n g o g u n lu g u n u n d ev am etm esin e izin venni§tir. M ahkem e, m iitevelli gorevinin ihlali
id d ialarim n reddi igin D B N T C ’nin v erd ig i dilekgeyi reddetm i§tir. M ah k em e, ihlal iddialarim n, kontrat
ihlali idd ialarim n tek rari o ld u g u k a d a n y la ret dilekgesini kabul etm i§, fak at D B N T C ’nin sozle§m e di§i
g o rev lerin i ihlal ettigi y o n iin d e d a v a c ila n n iddialari b ak im in d an re t dilekgesini k ab u l e tm e m i|tir.
M ahkem e ay rica, iyi n iy ete ve ad il i§lem e d air zim ni taahhiidiin ihlali id d ia la n m d a reddetm i^tir.
M ahkem e, T IA M a d d e 3 1 5 (b ) ve 3 1 5 (c )’nin ihlal edildigi iddialarim n red d i igin verilen dilekgeyi de
kabul etm em is, fak at M ad d e 3 1 6 (b ) k apsam m daki iddialari reddetm i§tir. Son olarak m ahkem e,
d a v a c ila n n S treit Y asasi id d iasim reddetm i§tir. T adil edilm i§ §ikayetnam eye D B N T C ’nin yaniti igin
13 M ayis 2 0 1 6 giinii belirlenm i§tir. K e s if devam etm ektedir.
24 M art 2 0 1 5 ’te W estern an d S outhern L ife In su ran ce C o m p an y v e be§ ili§kili kurulu§u (topluca
“ W estern & S o u th ern ” ), y a tin m c ila r 18 K ID M K trostleri, H am ilton C o unty, O hio M edeni H ukuk
M ah k em esi n ezd in d e, 0 tro stlerin 12’sinin m iitevellisi sifatiy la D B N T C aley h in d e, D B N T C ’nin
tro stlerin m iitev ellisi sifatiy la g o rev lerin i y erine g etirm ed ig i idd iasm a istinaden T IA ve Streit K anunu
ihlaileri, k o n trat ihlali, m iitev elli g o rev i ihlali, ihm al, ag ir kusur, ihm alen yanli§ b eyan, ve iyi n iy et ve
adil islem taah hiidiiniin ihlali id d ia la n y la dava a g m ijtir. W estern & S o u thern 220 m ily o n A .B .D .
D olarm d an fa z la itibari d eg erd e tro st senetleri almi§ oldugunu ve sozk o n u su tro stlerin to p lam 1 m ilyar
A .B .D . D o larm d an fazla gergekie§m i§ tem in at z a ra rlan n a m aruz kald ig m i ileri siirm ektedir, fakat
§ikayette belli b ir m e b la g d a p arasal tazm in at talebi y er alm am ak tad ir. D B N T C y etk isizlik ve uygun
o lm ay an yarg i y eri g erek g esiy le d av am n red d i igin dilekge; D B N T C aley h in d e N e w Y o rk ’tak i benzer
d a v a la n n so n u g lan m asm a k a d a r d av am n d u rdurulm asi igin dilekge; ve D B N T C aley h in d ek i iddialarm ,
e§-davahsi aley h in d ek ilerd en a y n lm a si igin dilekge verrnistir. 5 K asim 2 0 1 5 ’te M ahkem e D B N T C ’nin
ret dilekgesini ve d av am n d u rd u ru lm asi dilekgesini reddetm i§, fak at D B N T C ’n in ay irm a dilekgesini
kabul etmi§t.ir. D B N T C ’nin ilk ret talebi karara b ag lan d ik tan sonra, D B N T C bu k ez iddia
b e lirtilm em esi n e d e n iy le ret igin ba§ka b ir dilekge verrnistir. B u ret d ilek g esin in sunum u tam am lanm i?
fak at h eniiz k a ra ra baglan m am i§ tir. K eg if devam etm ektedir.
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23 Aralik 2015’te 50 KiDM K trOstUniin yatinm cisi sifatiyla Commerzbank AG (“Commerzbank”), trostlerin
miitevellisi sifatiyla DBNTC aleyhinde, DBNTC’nin trostlerin miitevellisi olarak g 8revlerini yerine getirmedigi
iddiaJarma istinaden TIA ’nm ve New York Streit Kanununun ihlaileri, kontrat ihlali, miitevelli gorevinin ihlali,
ihmal, ve iyi niyet taahhtldtlntin ihlali iddialanyla A.B.D. New York Giiney Bolgesi B 6lge Mahkemesinde dava
agmi§tir. Commerzbank, D BN TC’nin kendisinin “yiiz milyonlarca Dolar zarara” maruz kalmasma sebep
oldugunu ileri siirmekte, fakat §ikayette belli bir meblagda parasal tazminat talebi yer almamaktadir. Bu dava ve
Phoenix Light davasi aym yargica atanmijtir. Yargi bu davayi, Phoenix Light davasmm reddi igin DBNTC’nin
dilekgesine karar vermesine kadar askiya almi§ olup, o esnada Commerzbank’a §ikayetini guncelleme imkam
verilecektir. 29 M art 2016’da hakim, DBNTC’nin Phoenix Light davasmdaki ret dilekgesi hakkmda kararim
yayimlami§, fakat hakim Commerzbank davasmda durdurmayi kaldirmami§tir. Ke§if a§amasi heniiz
bajlam am ijtir.
30 Aralik 2015’te Tasfiye Halinde IKB International, S.A. ve IKB Deutsche Industriebank A.G. (topluca
“J.KB”), 37 KIDM K trostiiniin yatinm cisi sifatiyla, New York Eyaleti, New York ili Yuksek Mahkemesi
nezdinde, trostlerin miiteveilileri sifatiyla DBNTC ve DBTCA aleyhinde celpname sunmu§tur. IK B’nin, TIA’nm
ihlali, New Y ork’un Streit Kanununun ihlali, kontrat ihlali, hile, hileli ve ihmalkar yanh§ beyan, miitevelli
gorevinin ihlali, ihmal, ve haksiz zenginle§me iddialari ileri siirebilecegi gorttlmektedir. IKB, DBNTC’nin ve
DBTCA’nm 274 milyon A.B.D. Dolarmdan fazla tazminat odemekle yukumiti oldugunu ileri siirecek gibi
gfiriinmektedir. DBNTC ve DBTCA’ya celpname heniiz teblig edilmemijtir. Ke§if hentlz ba§lamami§tir.
Grup, bu sekiz dava igin §arta bagli yiikiimliiluk buiunduguna inanmaktadir, fakat halihazirda bagli
yliktimliiliigun tutari giivenilir jekilde tahmin edilememektedir.
Degerli M etailer S o ru § tu rm a la n ve D avalari. Deutsche Bank, belli diizenleyici kurumiardan ve kanun
uygulayici kurumlarmdan, degerli metal ahm-satimlarina ve ilgili eylemlere dair soru§turmalar konusunda bilgi
ve beige talepleri de dahil olmak uzere talepler almijtir. Deutsche Bank bu sorujturm alarda ijbirligi yapmakta ve
yerine gore ilgili otoritelerle birlikte gah§maktadir. Bununla ilgili olarak Deutsche Bank, Deutsche Bank’m
degerli metal gOstergelerine katilimi ve degerli metailer alim-satimmin ve degerli metailer ijinin diger y5nleri
konulannda kendi ig incelemesini yiirutmektedir.
Deutsche Bank ayrica, A.B.D. New York Giiney Bolgesi BQlge Mahkemesinde derdest iki davada birle§tirilmi§
olan gok sayida toplu davada da davali konumundadir. A.B.D. davalarmda, Altin ve Giimii? Sabitlemelerine
katilim yoluyla altin ve giimii§ fiyatlarmin manipiile edildigi iddiasindan kaynakli olarak A.B.D. antitrSst
kanununun, A.B.D. Emtia Borsasi Kanununun ve ilgili eyalet kanunlannm ihlal edildigi ileri siirulmekte, fakat
talep edilen tazminat tutari belirtilmemektedir. A.B.D.’deki jikayctlerin reddi igin verilen dilekgeler tizerinde
sozlii savunmalar, giimii§ davasmda 18 Nisan 2016’da, altin davasmda ise 20 Nisan 2016’de alinmijtir. Deutsche
Bank iki davada da sulh olmak igin prensipte anlajmaya varmi§ olup, bunlarm finansal kojullan Deutsche Bank
igin onemsizdir. Anla§malarin k.o?ullan gizlidir, ve anla§malar hala mahkemenin onayma tabidir.
Deutsche Bank ayrica altm ile ilgili olarak Kanada’da Ontario Yuksek Adalet Mahkemesindeki bir toplu davada
davah konumundadir. Ontario’da iddianame 15 Ocak 2036’da sunulmuj olup, davacilar Kanada Rekabet
Kanununun ihlal edildigi iddiasmin yam sira diger dava sebeplerine istinaden tazminat talep etmektedir.
Deutsche Bank ayrica Ontario ve Quebec vilayetlerinde giimiije ilijkin olarak agilan Kanada toplu davalarmda
davah konumundadir. Ontario ve Quebec giimii§ takibatlarmm her ikisinde de, Kanada Rekabet Kanununun ihlal
edildigi iddialanyla ve diger dava sebepleriyle tazminat talep edilmektedir.
Grup, Deutsche Bank’m A .B .D .’deki toplu davalarm ikisinde de sulh yoiuna gitmek igin prensip anla§masi
kapsammdaki yiikumliiluklerini yerine getirmeye yetecek karjihklar da dahil olmak uzere bu konularm belli
bazilari igin karjiiik ayirm ijtir. Grup, agiklamanm bunlarm sonucuna ciddi halel getirmesinin beklenebilecegi
kanaatinde oldugundan dolayi bu karjihklarm tutarim agiklamamij, ve yukarida bahsedilen bu mevzularm
digerleri igin kar$ilik tesis edip etmedigini veya bu konularm herhangi birisine dair §arta bagli yiikiimliiluk
kaydedip kaydetmedigini de agiklamami§tir.
R eferansli I§e Alm a S o ru jtu rm a la n . Belli diizenleyici kurumlar, diger hususlarm yam sira, Deutsche Bank’in
Asya/Pasifik bolgesinde mu§terilerin, muhtemel miijterilerin ve devlet yetkililerinin referansiyla ba§vuran
adaylarla ilgili oiarak Banka’nm i§e alma uygulamalarmda, ve damjmanlarim tutmasmda A.B.D. Yurtdiji
Yolsuzluklar Kanununa ve diger kanunlara uyumunu soru§turmaktadir. Deutsche Bank bu sorujturmalara yamt
vermeye ve i§birligi yapmaya devam etmektedir. Grup bu idari soru§turmalann belli bazilari igin karjilik
ayirmijtir. Grup, agikiamanm bu idari sorujturmalarm sonucuna ciddi halel getirmesinin beklenebilecegi
kanaatinde oldugundan dolayi bu karjihklarm tutarim agiklamamijtir.
tarafim dan kism i oiarak tercum e edilm ijtir.
ELD A P A S E N S Y A —
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4 -K o n s o lid e F in a n s a l T a b lo la r a iii$ k in D ip o tla r
R u sy a/B irle?ik K r a lh k H isse S en ed i A h m -satim S o ru $ tu rm asi. D eutsche Bank, M oskova ve Londra’da
D eutsche B ank ile belli m iijterilerin girdigi (ve birisi digerini kar§ilayan) hisse senedi ahm -satim lari
konusundaki durum lari soru§turm aktadir. Incelem e altm daki i§lemlerin toplam hacm i onem lidir. D eutsche
Bank'in potansiyel kanun, yonetm elik ve politika ihlallerine ve ilgili ig Kontrol ortam m a dair ig
soru§turmas! devam etm ektedir; bugflne kadar D eutsche B ank’m politikalannin belli ihlaileri ve D eutsche
B ank'in kontrol ortam inda noksanliklar tespit edilm ijtir. D eutsche B ank gok sayida m em leketteki
(A lm anya, Rusya, B irlejik K ralhk ve A m erika B irlejik D evletleri dahil) diizenleyici kurum lara ve kanun
uygulayici kurum lara bu soru?turm a hakkm da bilgi verm istir. D eutsche B ank bu konuya dahil olan belli
ki§ilere kar§i disipliri tedbirleri alm i§tir ve gerektiginde digerleri igin de bu tedbirleri alm aya devam
edecektir. G rup bu konu igin kargihk ayirm ijtir. Grup, agiklam am n bunlarm sonucuna ciddi halel
getirm esinin beklenebilecegi kanaatinde oldugundan dolayi bu kar§ihklarin tutarim agiklam am ijtir.
D evlet, U iu sla r iistii ve D evlet K u ru m u T a h v ille ri (SSA ) S o ru ftu rm a s i. D eutsche Bank, belli
diizenleyici kurum iardan ve em niyet m akam larindan, SSA tahvili alim -satim i ile ilgili bilgi ve beige
talepleri de dahil olm ak uzere tahkikat talepleri alm ijtir. D eutsche B ank bu sorufturm alarda ijbiriigi
yapm aktadir. G rup, agiklanm asi bu m eselelerin sonucuna ciddi derecede halel getirm esi
beklenebileceginden dolayi, bu m eselelere ilijkin olarak k a rjih k veya §arta bagli yiikiimliiluk ayinp
ayirm adigm i agiklam am isnr.
ABD A m b a r g o la n ile Ilgili K o n u la r. Diizenleyici kuram lar ve yasa uygulayici kuram lar, A B D am bargo
kanunlarina tabi iilkelerden olan taraflar adm a A B D ’li finansal kuruluglar tizerinden A B D Dolari
odem elerinin g egm ijte i§lenmi§ olm asi ile ilgili olarak ve bu i§lemlerin A B D ve eyalet kanunlarm a uyup
uym adigi konusu ile ilgili olarak D eutsche B ank’tan bilgi taleplerinde bulunm ujtur. Bu kuram lar, bu
ijlem lerin A .B .D . federal ve eyalet kanunlarm a uyup uym adigim sorujturm aktadir. 2006 yilinda Deutsche
Bank, Iran, Sudan, K uzey Kore ve K iiba’yla ve belli Suriye bankalariyla yeni A .B.D . Dolari ijine
girm em eye, ve bu karji taraflarla m evcut olan A.B.D. i§lerinden, kanunen m um kiin oldugu kadanyla
gikmaya, goniillii olarak karar verm istir. 2007 yilinda D eutsche Bank, Iran, Suriye, Sudan ve Kuzey
K ore’yle higbir para birim inden yeni i§lere girm em eye, ve bu kar§i taraflarla her turlii para birim inden
m evcut olan ijlerinden, kanunen m iim kiin oldugu kadanyla gikmaya, goniillu olarak karar verm ij; aynca
K uba’daki kar§i taraflarla A .B .D . D olari dijm daki ijlerini de sim rlandinnaya karar vermi§tir. 3 Kasim
2 0 1 5 ’te D eutsche B ank, N ew Y ork Eyaleti Finansal H izm etler D airesi ve Federal Reserve Bank o f N ew
Y ork ile, D eutsche B ank hakkm daki sorujturm alarm m halli igin s 6z!e§melere girmi§tir. D eutsche Bank iki
kurum a sirasiyla 200 m ilyon A .B .D . D olan ve 58 m ilyon A.B.D. D olari oderni§tir, ve belli gal isari Ian i§ten
gikarm ayi, belli eski g a h ja n la n tekrar i§e almamayi ve bir yil boyunca bagim siz bir izlem e ortam i kurm ayi
kabul etm ijtir. A yrica Federal Reserve B ank o f N ew York, spesifik olarak etkin bir O FAC uyum programi
saglam a zorunlulugu ve Federal R eserve Bank o f N ew Y ork bunun etkinligine ikna oluncaya kadar
program in bagim siz bir tarafga y ilh k incelem eye tabi tutulm asi zorunlulugu olm ak iizere telafi edici belli
tedbirler alm m asm i em retm ijtir. A .B .D . hukuk uygulayici kurum larim n sora$turm alari devam etmektedir.
G rup, agiklam am n bunlarm sonucuna ciddi halel getirm esinin beklenebilecegi kanaatinde oldugundan
dolayi kar§ihk veya ja rta bagli yiikiimliiliik kaydedip kaydetm edigini agiklam am ijtir.
A .B.D , H a z in e M e n k u l K iy m e tle ri S o ru stu rm a la n . ve H u k u k i ih tiia fla n . D eutsche B ank belli
diizenleyici kurum iardan ve hukuk uygulayici kurum iardan, A .B.D . H azinesi ihalelerine, ahm -satim , ve
ilgili piyasa faaliyetlerine dair bilgi ve beige talepleri de dahil olm ak uzere talepler alm ijtir. D eutsche Bank
bu sorujturm alarda i§birligi yapm aktadir.
D eutsche B ank Securities Inc., A .B.D . H azine m enkul kiym etleri pazarm m m anipiile edildigi iddiasiyla
ilgili olarak A .B .D . antitrost kanununun, A.B.D. Em tia B orsasi K anununun ve team iil hukukunun ihlal
edildigi iddiasm a istinaden A .B.D . N ew Y ork Giiney Bolgesi, Illinois K uzey Bolgesi, A labam a Giiney
Bolgesi, ve V irgin A dalari B olgesi Bolge M ahkem elerinde agilmi? pek gok toplu davada davali
konum undadir. B u davalar erken a§am alardadir. £ o k lu Bolge Davasi Adli H eyeti bu davalari N ew Y ork
Giiney B olgesinde birle§tirmi§tir.
G rup, agiklam am n bunlarm sonucuna ciddi halel getirm esinin beklenebilecegi kanaatinde oldugundan
dolayi k arjilik veya ?arta bagli yiikum luliik kaydedip kaydetm edigini agiklamami§tir.
i§bu beige Ingilizce fotokopisinden Xurk9e ’ye
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4 -K o n so H d e F in a n s a l T a b lo la r a ili$ k in D ip o tla r
Uzun Vadeli Bor^lar
m €
31 M a r t 2 0 1 6
31 A r a l i k 201 S
O n c e lik ii b o r c la r
T a h v ille r v e se n e tle r:
S a b it faizli
8 1 ,6 2 0
86,25 5
D eg i§ k en faizii
3 4 ,8 2 5
38 ,9 6 3
S a b it faizli
4 ,5 5 8
4 ,6 0 2
D e g i^ k e n faizli
1,926
1,811
2 8 ,4 3 1
2 8 ,3 8 5
1 5 1 ,3 6 1
1 6 0 ,0 1 6
S erm ay e b en zeri b o re
T a h v ille r v e se n e tle r:
D ig e r
T o p la m u z u n v a d e li b o r ?
ve Tedaviilde Bulunan Hisseier
M ily o n a d e t
C ik a n lm i^ H iss e ie r
31 M a r t 2 0 1 6
31 A r a h k 2 0 1 5
1,379.3
1,379.3
B a n k a n tn e lin d e tu ttu g u k e n d i h isse le ri
12..3
0.4
- b u n la rm i? in d e n , g e ri a lm a n la r
12.1
0.3
- d ig e r
T e d a v u ld e k i h iss e ie r
0.2
0.1
1 ,3 6 7 .0
1,378.9
I$bu beige Ingilizce fotokopisinden Tiirk9e ’ye
tarafim dan kismi olarak terciim e edilmi$tir.
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SEMI DIL HiZMETLERi
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4 -K o n s o !id e F m a n s a l T a b lo la r a l!i§ k in D ip o tla r
31 M a r t 2016 itib a n y ia A ra D o n em R a p o ru
Diger Finansal Bilgiler (denetlenmemi^)
Kredi ile Ilgili Taahlmfler ve §arta Bagli Yiikiimliiliikler
Cayilamaz kredi verme taahhutleri ve kredi verme ile ilgili ?arta foagii yiikumlulukler
iglerin no rm al sey rin d e G ru p , c a y ilam az kredi verm e taah h iitlerin e ve rn u ste n le r ad m a finansal
g aran tilerd en , k esin te m in a t m e k tu p lan n d an , stan d b y kredi m e k tu p larin d an ve tazm in at
so zle§m elerinden olu§an, k re d i v erm e ile ilgili saria b a g h yukiim iuliikler altin a diizenli olarak
girm ek ted ir. Bu sozle§m eler gergevesinde, iigiincii b ir §ahsm y u kiim liiluklerini y erine getirm em esine
d ay ali olarak G ru p , leh tara o d em e y ap m ak v ey a b ir yiikum luliik sozle§m esi gergevesinde ifada
h u lu n m ak zo ru n d a k alm ak tad ir. Bu araglar igin, tazm in at taleb i olup olm ay acag i, o lu rsa ne zam an ve
ne olgiide olacag i, G ru p ta ra fin d a n d e ta y h o larak bilin m em ek ted ir. G ru p ’un v erdigi taahhiitlerine
ili$kin o larak n a k it o d em ek z o ru n d a k alm asi halinde, G rup sen d ik asy o n u n d ig er borg v erenlerinden
derh al geri o d em e ta le p ed ecek tir. G rup bu araglari kredi risk in i izlerken d ikkate alm aktadir ve
b u n larm igerdigi k red i risk in i azaltm ak igin tem in at k o n u su n d a ania$rna yap ab ilir. E g er kredi riski
izlem esi, b ek ien en b ir ta z m in a t ta le b in d e n zarar igin yeterli kanit saglarsa, k a rjih k tesis edilm ekte ve
bilan g o d a k ay d ed ilm ek ted ir.
A §agidaki tab lo , G ru p ’u n k red i verm e ile ilgili cay ilam az taah h iitlerin in ve §arta bagli
y iik iim liiluklerinin akdi tu ta rla rim , te m in at v ey a k ar§ ihklar d ikkate ah n m a k siz m ozetlem ek ted ir. Bu,
biitiin bu y u k iim ltilu k lerin y e rin e g etirilm ek zoru n d a olm asi halinde G rup iizerindeki m aksim um
po tan siy el e t k i y i g 5 sterm ek ted ir. B u y iikiim liiluklerin pek gogundan gekili? o lm ak sizin siireleri
d o lacag i, d o g an ta z m in a t ta le p le ri m ii§teriler ta rafin d an kar§ilanacagi y a d a bu tazm in a t talepleri
ahnm i§ o lan te m in a tta n k ar§ilanabilecegi igin, asagidaki ta b lo bu yiikum liiliiklerden gelecekte
bek ien en n ak it giki§larim g o sterm em ek ted ir.
31 M a r t 2 0 1 6
31 A r a l ik 2 0 1 5
§ a rta b a g h y u k u m lu liik le r
163,501
5 3 ,2 4 7
1 7 4 ,5 4 9
57 ,3 2 5
T o p la m
2 1 6 ,7 4 8
2 3 1 ,8 7 4
m €
C a y ila m a z k re d i v e rm e ta a h h u tle ri
Vergilere dair cayilamaz odeme taahhutleri
B an k a K u rtarm a ve Q oziim D irek tifm e (B R R D ) gore b a n k a v ergisi ile ilgili cay ilam az odem e
taah h u tleri M art 2016 v e A ra lik 2015 itib ariyla 155.5 m ilyon E u ro olm u$tur.
T a ra f Iflemleri
E ger bir ta ra f d ig e r tarafi d o g ru d an v ey a d o la y h olarak kontrol etm e im k am n a sah ip se veya fm ansal
v ey a o p erasy o n el k ararlarm v erilm esiride d iger ta ra f iizerinde onem li etki uyg u lu y o rsa, taraflar ili§kili
addedilrn ek ted ir. G ru p ’un ili§kili ta ra fla n :
iist diizey y o n e tic i p erso n el, list diizey yo n etici p erso n elin y ak m aile b irey leri, iist diizey yonetici
p erso n el y a d a y ak m aile b ire y le ri f kontrol edilen, onlarrn on em li k o n tro l sahibi oldugu, veya
o n em li o y h a k la n n a sah ip o ld u g u kurulu§lar,
-- b ag h kurulu§lar, o rtak g iri§im ler v e ili§kili kurulu$lar ve onlarm bagli kurulu§lar, ve
D eu tsch e B an k g a h ja n la r leh in e istihdarn-sonrasi fa y d a p lan larm i kap sam ak tad ir.
•§bu beige ingilizce fotokopisinden Tiirkê’ye
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SEMI DiL HiZMETLERi
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4 -K o riso iid e F in a n s a l T a b io ia r a ili§ k in D ip o tla r
Cist Diizey Yonetici Personelle t^lem ler
Ust diizey yonetici personel, Deutsche Bank Grup’unun faaliyetlerini dogrudan veya dolayh olarak planlama,
yonetme ve kontrol etme yetki ve sorumluluguna sahip kijiierdir. Grup, halen gorevde olan Yonetim Kurulunun
ve ana jirketin Denetim Kurulunun iiyelerinin UMS 24 agisindan iist diizey yonetici personeli te§kil ettigini
addetmektedir. G rup’un iist diizey yonetici personelle ijlemleri arasmda 31 Mart 2016 itibariyla, 11 milyon Euro
tutarinda kredi ve taahhiitler ve 8 milyon Euro mevduat bulunmaktadir. 31 Aralik 2015 itibariyla Grup’un iist
diizey yonetici personelle ijlem leri arasmda, 11 milyon Euro tutarinda kredi ve taahhutler ve 8 milyon Euro
mevduat mevcut idi. Buna ek oiarak Grup, bu iist diizey yonetici personele ve yakm aile bireylerine, odeme ve
hesap hizmetleri, yatirim dam jm anligi gibi bankacihk hizmetleri sunrnaktadir.
Bagh O rta k lik la r, O rta k G iriîm ler ve iU$kili K urulu$lar ile ijlem le r
Deutsche Bank AG ile bagli kurulujlari arasindaki i§lem!er, iligkili taraf ijlem leri tammma uymaktadir. Eger bu
i§lemler konsolidasyonda elimine edilmisse, ilijkili taraf i§lemleri olarak agiklanmamaktadir. Grup ile ili§kili
kurulujlari ve ortak girijim leri ile bunlarin bagh kurulujlari arasindaki ijlem ler de ilijkili taraf ijlemleri
niteligir.dedir.
Agilan K rediler ve V erilen G a ra n tile r
m€
Agilmi*; krediler, donem ba$!
Donem iginde agilan krediler
Donem igindeki kredi geri odemesi
Konsolide jirketler grubundaki degi§iklikler
Doviz kuru degirjimleri /diger
Agilmi? krediler, donem so n u 1
K redi riski ile ilgili diger i^lemler:
Kredi deger du$u§u indirimi
Kredi deger du$il$U kar§iligi
Garantiler ve taahhiitler
Ili§kili jirk e tie r ve diger ili§kili
ta ra fla r
31 M a rt 2016
31 A rahk 2015
396
321
92
464
64
376
0
(31)
0
18
425
396
1
0
1
0
263
263
1 Vadesi gesm ij krediler 3! M art 2016 itibariyla 8 milyon Euro ve 31 Aralik 2015 itibariyla 4 milyon E uro’dur. Yukandaki krediier i?in
Grup, 31 M art 2016 itibariyla 78 milyon Euro ve 31 Aralik 2015 itibanyia 69 milyon Euro tem inati elinde bulundurmaktadir.
Toplanan Mevduatlar
m€
M ev d u atlar, donem ba$i
Donem iginde toplanan mevduatlar
Donem iginde geri odenen mevduatlar
Konsolide jirketler grubundaki degijiklikler
Doviz kuru degi?imleri /diger
M evduatlar, donem sonu
ilifkill firk e ile r ve diger ili^kiii
ta ra fla r
31 M a rt 2016
31 A rahk 2015
162
128
75
326
119
295
0
( 0)
2
( 1)
115
162
Diger ijlemEer
ili§kili jirketlerle ahm -satima konu varhklarm ve tiirev finansal ijlemlerden pozitif piyasa degerlerinin tutan 31
Mart .2016 itibariyla 39 milyon Euro ve 31 Aralik 2015 itibariyla 32 milyon Euro’dur. llijkili §irketlerle yapilan
ahm-satimla ilgili yukiimliiluklerin ve turev finansal ijlemlerden negatif piyasa degerlerinin tutari 31 Mart 2016
itibariyla 0 Euro ve 31 Aralik 2015 itibariyla 0 Euro dur.
Em eklilik P lan lari ile i§lem !er
Grup, emeklilik planlari ile i§ ili§kileri iginde olup, bunlar uyarmca bu planlara, yatirim yonetim hizmetleri dahil,
finansal hizmetler vermektedir. G rup’un emeklilik foniari, Deutsche Bank AG hisselerini veya menkul
kiymetlerini ellerinde tutabilir ya da alip satabilir. 31 Mart 2016 itibariyla, bu planlarla yapilan ijlemler Grup
agismdan onemsizdir.
j
!
I§bu beige ingilizce fotokopisinden T i u ^ e ’ye
tarafim dan kismi olarak tercum e edilm istir.
EL D A PA SEN SY A
S E M I D ll H IZ M E T L E R I
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4 -K o n s o lid e F in a n s a l T a b lo la r a tii^kfn D ip o tla r
Satilmak IJzere Elde Tutulan Duran. V arhklar ve Satsllaeak G ru p lar
B ilan g o d a satilm ak u zere eld e tu tu la n u zun vadeli varlik iar ve satilacak g ru p lar, D ig er v a rh k la rd a ve
D ig er ytikiim liiliiklerde rap orlanm i§tir. B u notta, satilm ak iizere elde tu tu lan uzu n vad eli v arh k la rm ve
satilacak g ru p larm n itelig i ve 31 M a rt 2016 itibariyla fin an sal etkisi ay rin tili o larak agiklanm aktadir.
Raporlama Tarihinde Satilmak Uzere Elde Tutulan Duran Varlikiar ve Satilacak
Gruplar
31 M art 2016 itib ariy la satilm ak iizere elde tutu lan toplam v a rh k la r 3.0 m ily ar E uro (31 A rah k 2015:
3.5 m ily ar E u ro ) v e satilacak g ru p la r 39 m ilyon E uro tu ta n n d a yiikiim liiluk ig erm ektedir (31 A rah k
2015: 37 m ily o n E uro). B ank a 'ru n stratejik n iy etin e paralei o larak v e 2020 Stratejisinin
u y g u la n m a sm d a sag lan an ilerlem e ile, D eutsche B ank, H ua X ia B an k C o m p an y L im ite d ’deki (“H ua
X ia ”) % 19.99 h issesin in tam am m i PIC C P roperty and C asu alty C o m p an y L im ite d ’e satm ak uzere
anla§maya. varm i§tir. D o la y isiy la D eu tsch e B ank, O S & T M k u rum sal boliim tinde bu lu n an 3.3 m ilyar
E uro tu tarin d ak i o zk ay n ak y o n te m iy le d eg erlen d irilen y atirim im 2.015 yil sonu itibariyla, satilm ak
iizere elde tu tu la n k a te g o risin e y en id en sim fla n d irm ijtir. S atilm ak iizere elde tu tu la n y a tin m in m
2 0 1 6 ’m n b irin ci g ey reg in d e y en id en d eg erlen m esi ned en iy le G rup, duran v a rh k la rm d a 518 m ilyon
E uro tu ta n n d a d eg er dii§iiklugii z a ra n kaydetm i§, v e 31 M art 2016 itib a n y ia degerini 2.8 m ilyar
E u ro ’y a du§iirm ii§tiir. D ig e r g e lirle r a rasm d a kay d ed ilen d eg er dii§iiklugii zarari, biiyiik olgiide H ua
X ia ’nm h isse fiy atin d ak i du§ii§iin ve d o v iz kurlarm d ak i olu m su z geli§m enin sonucudur. H u a X ia igin
b ek ien en bedel n ed en iy le, i§lem le ilgili d iger etkiler, hisse fiy atin d ak i dii§li§u k ism en telafi etm ekte
olup, 2 0 1 6 ’m n b irin ci g ey reg in d e gen el n et zarar 124 m ilyon E u ro ’dur. S atilm ak u z ere elde tutulan
o larak sm iflarid irm asiy la b irlik te, y a tin m la ilgili 662 m ilyon E uro tu ta rin d a birikm i§ d ig er kapsam li
gelirler, o z k a y n a k la r arasin d an , satilm ak u zere elde tu tu lan v a rh k la rd a n gergekle§m em i§ net
k azan g lara (zararlara) y e n id e n sm iflan d in lm i§ tir. Islern. Qin B a n k a c ih k D iizenlem e K o m isyonunun
o n a y la n d a dahil olmak. iizere m u tat idari on ay lara ve kapam § k o su lia n n a tab i olup, 2.016 yili
o rtaiarm d a ta m am lan m asi b ek len m ek ted ir.
31 M art 2016 ve 31 A ra h k 2015 itibariyla, birikm i? d ig e r k apsam li g e lirle r (z ararlar) arasm da, duran
v a rh k la rla satilm ak iizere eld e tu tu la n g ru p lara d air 662 m ilyon E u ro tu ta n n d a gergekle§m em i§ net
kazang m ev cu ttu r.
Raporlama Tarihinden Sonraki Olaylar
15 N isa n 2 0 1 6 ’d a G rup, P o rt E lizab eth , N e w Je rse y ’deki gok k u lla m c ih b ir k o n tey m r term in ali olan
M a h e r T e rm in a ls U S A , L L C ’yi satm ak iizere, M acq u arie Infrastru ctu re ve R eal A ssets tarafm dan
y o n etilen b ir fon olan M a cq u arie In frastructure P artners III (“ M IP III” ) ile anla§m aya vardigim
d u y u rm u jtu r. I?lem k a p sa m in d a M IP III, M a h er T erm in als U S A , L L C ’n in % 1 0 0 ’iinii satm alm ayi
k ab u l etm i§tir. B u, L im an O to ritesin in o n ay m a ve d ig er idari o n a y lara tab id ir. islem in D eutsch e
B a n k ’in fin a n sa lla n iizerinde onem li b ir e tk i yapm asi bekien m em ek ted ir.
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y ilm d an bu y an a e k o n o m ik b ir payi bulu n m akta olup, elindeki h isselerin b ir kism im satm ak suretiyle
ilk h alk a a rzd a y e r alacak tir. D eu tsch e B ank iflem in lid er y iik len icilerin d en b irisid ir. Islem in, ikinci
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ELDA PASENSYA
S E M I D IL H E Z M E T L E R I
Tel. (&12 325 98 98
Faks 0212 281 42 59
59
D e utsch e B ank
2 - Confirmations
Interim Report as of March 31, 2.018
Review Report
To Deutsche Bank Aktiengesellschaft, Frankfurt am Main
We have reviewed the condensed interim consolidated financial statements of Deutsche Bank Aktiengesellschaft.
Frankfurt am Main - comprising the consolidated statement of income, consolidated statement of comprehensive in
come, consolidated balance sheet, consolidated statement of changes in equity, consolidated statement of cash flows
and selected explanatory notes - together with the interim group management report of Deutsche Bank
Aktiengesellschaft, Frankfurt am Main, for the period from January 1 to March 31, 2016 that are part of the quarterly
financial report according to § 37w WpHG ["Wertpapierhandelsgesetz": German Securities Trading Act], The prepara
tion of the condensed interim consolidated financial statements in accordance with International Accounting Standard
IAS 34 "Interim Financial Reporting" as adopted by the EU and as issued by the International Accounting Standards
Board (IASB), and of the interim group management report in accordance with the requirements of the WpHG applica
ble to interim group management reports, is the responsibility of Deutsche Bank Aktiengesellschaft’s management. Our
responsibility is to issue a report on the condensed interim consolidated financial statements and on the interim group
management report based on our review.
We performed our review of the condensed interim consolidated financial statements and the interim group manage
ment report in accordance with the German generally accepted standards for the review of financial statements prom
ulgated by the Institut der Wirtschaftsprufer (IDW). Those standards require that we plan and perform the review so
that we can preclude through critical evaluation, with a certain level of assurance, that the condensed interim consoli
dated financial statements have not been prepared, in material respects, in accordance with IAS 34, "Interim Financial
Reporting" as adopted by the EU and as issued by the IASB, and that the interim group management report has not
been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim group
management reports, A review is limited primarily to inquiries of company employees and analytical assessments and
therefore does not provide the assurance attainable in a financial statement audit. Since, in accordance with our en
gagement, we have not performed a financial statement audit, we cannot issue an auditor’s report.
Based on our review, no matters have come to our attention that cause us to presume that the condensed interim
consolidated financial statements have not been prepared, in material respects, in accordance with IAS 34, "Interim
Financial Reporting" as adopted by the EU and as issued by the IASB, or that the interim group management report
has not been prepared, in material respects, in accordance with the requirements of the WpHG applicable to interim
group management reports.
Frankfurt am Main (Germany), April 27, 2016
KPMG AG
Wirtschaftsprufungsgesellschaft
Pukropski
Wirtschaftsprufer
Beier
Wirtschaftsprufer
D e utsch e B ank
Consolidated Statement of Income - 59
Consolidated Statement
interim Report as of March 31, 2018
of Comprehensive Income - 60
Consolidated Balance Sheet - 61
of Changes in Equity - 62
Consolidated Statement of Cash Flows - 64
Consolidated Statement of Income (unaudited)
Income Statement
I N 'ee months ended
in € m.
In te re s t a n d s im ila r in c o m e
In te re s t e x p e n s e
Net interest income
P ro v is io n fo r c re d it lo s s e s
Mar 31, 2016
6,032
2,108
Mar 31. 2015
3,924
4,210
6,4 5 7
2.2 4 7
304
218
Net interest income after provision for credit losses
3,620
3,992
C o m m is s io n s and fe e in c o m e
3 .263
O th e r in co m e
2.877
1,297
121
106
0
(257)
Total noninterest income
4,144
6,166
C o m p e n s a tio n and be n e fits
3,194
3,736
44
0
211
N e t gam s (lo s s e s ) o n fin a n c ia l a s s e ts /lia b ilitie s a t fair va lu e th ro u g h p ro fit or loss
N et g a in s (lo s s e s ) o n fin a n c ia l a s s e ts a v a ila b le fo r sale
N e t in c o m e (loss) fro m e q u ity m e th o d in v e s tm e n ts
Net in c o m e (lo s s ) fro m s e c u ritie s held to m a tu rity
G e n e ra l and a d m in is tra tiv e e x p e n s e s
P o lic y h o ld e r b e n e fits and cla im s
Im p a irm e n t o f g o o d w .ll a n d o th e r in ta n g ib le assess
R e s tru c tu rin g a c tiv itie s
Total noninterest ex p en se s
Income (loss) before income taxes
2 .146
185
201
0
370
5.069
153
0
23
7,184
8,678
579
1,479
In c o m e ta x e x p e n s e (benefit)
343
920
Net income (loss)
236
559
N e t in c o m e (lo s s ) a ttrib u ta b le to n o n c o n tro llin g Interests
23
214
544
N e t in c o m e (lo s s ) a ttrib u ta b le to D e u ts c h e B a n k sh a re h o ld e rs and a d d itio n a l e q u ity c o m p o n e n ts
16
Earnings per Common Share
Three months ended
Mar 31, 2016
Mar 31, 2015
€ 0.15
€ 0 .1 5
€ 0.39
1,386.5
1.384.7
1,404.2
1,417.4
Earnings per common share:
Ba sic
D ilute d
€ 0 .3 8
Number of sh a re s in million:
D e n o m in a to r fo r b a s ic e a rn in g s p e r s h a re - w e ig h te d -a v e ra g e sh a re s o u ts ta n d in g
D e n o m in a to r fo r d ilu te d e a rn in g s p e r s h a re - a d ju s te d w e ig h te d -a v e ra g e s h a re s a fte r a s s u m e d
c o n v e rs io n s
D e utsch e B ank
3 - Consolidated Financial Statements
Interim Report as of March 31, 2018
Consolidated Statement of Comprehensive
Income (unaudited)
Three months ended
in € m.
Net income (loss) recognized in the income statem ent
Other com prehensive income
Items that will not be reclassified to profit or loss
R e m e a su re m e n t g a in s (losses) re la te d to d e fin e d b e n e fit plan s, b e fo re tax
Total o f in co m e tax re la te d to ite m s th a t w ill n o t b e re c la s s ifie d to p ro fit o r loss
Mar 31, 2016
236
(177)
121
Mar 31. 2015
559
(188)
2 29
Items that are or may be reclassified to profit or loss
Fina ncial asse ts a v a ila b le fo r s a le
U n re a lize d net g a in s (lo s s e s ) a ris in g d u rin g th e period, b e fo re ta x
R e alized n e t (gains) lo s s e s a ris in g d u rin g th e perio d (re c la s s ifie d to p ro fit o r loss), b e fo re tax
385
(123)
703
(177)
D e riva tive s h ed ging v a ria b ility o f c a s h flo w s
U n re a lize d n e t gain s (lo s s e s ) a ris in g d u rin g th e period, b e fo re tax
R e alized net (gains) lo s s e s a ris in g d u rin g th e perio d (re c la s s ifie d to p ro fit o r loss), b e fo re ta x
34
4
(4)
5
A s s e ts cla ssifie d a s h e ld fo r s ale
U n rea lized net g a in s (lo s s e s ) a ris in g d u rin g th e period, b e fo re tax
0
0
R e alized n e t (gains) lo s s e s a ris in g d u rin g th e perio d (re c la s s ifie d to p ro fit o r loss)., b e fo re tax
0
0
F oreign c u rre n c y tra n s la tio n
U n re a lize d net gain s (lo s s e s ) a ris in g d u rin g th e period, b e fo re tax
R e alized n e t (gains) lo s s e s a ris in g d u rin g th e perio d (re c la s s ifie d to p ro fit o r loss), b e fo re tax
(1,137)
3
3 .642
0
E q uity M e th o d In ve s tm e n ts
N e t g a in s (lo sse s) a ris in g d u rin g th e perio d
Total o f in co m e ta x re la te d to ite m s th a t a re o r m a y be re c la s s ifie d to pro fit o r loss
Other com prehensive income (loss), net of tax
Total com prehensive income (loss), net of tax
13
(113)
(989)
4
(79)
(752)
4,135
4,695
12
(764)
4,651
A ttrib u ta b le to:
N o n co n tro llin g interests
D e u tsch e B a nk s h a re h o ld e rs a n d a d d itio n a l e q u ity c o m p o n e n ts
44
D e u ts c h e B ank
Interim R e p o rt a s o f M arch 31, 2 0 1 6
Consolidated Statement o f Cash Flows - 84
Consolidated Balance Sheet (unaudited)
Assets
in € m.
C a s h a n d c e n tra l b a n k b a la n c e s
In te rb a n k b a la n c e s (w /o c e n tra l b a n ks)
C e n tra l b a n k fu n d s s old a n d s e c u ritie s p u rc h a s e d u n d e r re s a le a g re e m e n ts
S e c u ritie s b o rro w e d
Mar 31, 2016
113,040
10,083
22,987
39,369
Dec 31, 2015
96,940
12.842
2 2 ,4 5 6
33.557
Fin a n c ia l a s s e ts a t fa ir v a lu e th ro u g h p ro fit o r loss
T ra d in g a s s e ts
P o s itiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l in s tru m e n ts
F in a n c ia l a s s e ts d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit or loss
Total fin a n c ia l a s s e ts a t fa ir va lu e th ro u g h pro fit o r loss
F in a n c ia l a s s e ts a v a ila b le fo r s ale
E q uity m e th o d in v e s tm e n ts
L oa ns
S e c u ritie s held to m a tu rity
P ro p e rty a n d e q u ip m e n t
G o o d w ill a n d o th e r in ta n g ib le a s s e ts
O th e r ass e ts
A s s e ts fo r c u rre n t ta x
D e fe rre d ta x a s s e ts
Total a s s e ts
174,947
581,291
107,100
863,338
70,890
1,015
424,060
3,233
2,798
9,906
171,029
1,284
7,538
42 7 .7 4 9
1 , 740,569
1,629,130
Mar 31, 2016
559,140
15,115
2,207
Dec 31. 2015
1 96 ,035
5 1 5;594
1 09 ,253
82 0 .8 8 3
7 3 ,5 8 3
1,013
0
2,8 4 6
1 0.078
118.137
1,285
7 ,762
Liabilities a n d E q u ity
in € m.
D e p o s its
C e n tra l b a n k fu n d s p u rc h a s e d a n d s e c u ritie s s old u n d e r re p u rc h a s e a g re e m e n ts
S e c u ritie s loan ed
5 6 6 ,9 7 4
9.803
3.270
F in a n c ia l lia b ilitie s a t fa ir v a lu e th ro u g h pro fit o r loss
T ra d in g lia b ilitie s
N e g a tiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l in s tru m e n ts
Fin a n c ia l lia b ilitie s d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit o r loss
In v e s tm e n t c o n tra c t lia b ilitie s
Total fin a n c ia l lia b ilitie s a t fa ir va lu e th ro u g h profit o r loss
O th e r s h o rt-te rm b o rro w in g s
O th e r lia b ilitie s
P ro v is io n s
Lia b ilitie s fo r c u rre n t ta x
D e fe rre d ta x liab ilitie s
L o n g -te rm d e b t
T ru s t p re fe rre d s e c u ritie s
O b lig a tio n to p u rc h a s e c o m m o n sh a re s
Total liabilities
63,810
561,532
52,729
7,917
685,988
28,477
213.682
9,627
1,503
811
151,361
6,112
0
1 , 674,023
52.304
4 9 4 ,0 7 6
4 4 ,8 5 2
8 ,522
59 9 .7 5 4
2 8 ,0 1 0
175 .005
9.2 0 7
1,699
746
160 ,016
7,0 2 0
0
1,561,506
A c c u m u la te d o th e r c o m p re h e n s iv e in c o m e (loss), ne t o f ta x '
3,531
33,451
21,340
(210)
0
3,482
Total shareholders’ equity
61,592
62,678
4,675
279
4 .6 7 5
66,546
67,624
1 , 740,569
1,629,130
C o m m o n s h a re s , no p a r v a lu e , n o m in a l va lu e o f € 2.5 6
A d d itio n a l paid -in c apital
R e ta in e d e a rn in g s
C o m m o n sh a re s in trea sury, a t c o s t
E q u ity c la s s ifie d as o b lig a tio n to p u rc h a s e c o m m o n sh a re s
A d d itio n a l e q u ity c o m p o n e n ts 2
N o n c o n tro llin g in te re s ts
Total equity
Total liabilities and equity
3,531
33 572
2 1.182
(10 )
0
4 .404
270
I Excluding remeasurement effects related to defined benefit plans, net of tax.
" Includes Additional Tier 1 Notes, which constitute unsecured and subordinated notes of Deutsche Bank and are classified as equity in accordance with IFRS.
D e utsch e B ank
Interim Report as o f March 31 „ 2016
Consolidated Statement of Changes in Equity
(unaudited)
in € it ?.
Common
shares
(no par value)
Additional
paid-in capital
Retained
earnings
Common
shares
in treasury,
at cost
Equity
classified as
obligation to
purchase
common
shares
Unrealized net
gains (losses)
on financial
assets
available
for sale, net of
applicable tax
and other1
3,531
33,626
29,279
(8)
0
1,675
Total co m p re h e n s iv e in c o m e (loss), ne t o f tax"
0
0
544
0
0
412
C o m m o n sh a re s issued
0
0
0
0
0
0
C a sh d ivid e n d s paid
0
0
0
0
0
0
C o u p o n on a d d itio n a l e q u ity c o m p o n e n ts , n e t o f ta x
0
0
0
0
0
0
0
41
0
0
0
0
0
0
0
Balance a s of D ecem ber 31, 2014
R e m e a su re m e n t g a in s (lo s s e s ) re la te d to d e fin e d
b e n e fit plans, n e t o f tax
0
N et ch a n g e in s h a re a w a rd s in th e re p o rtin g period
0
(36)
Tre a su ry sh a re s d istrib u te d u n d e r s h a re -b a s e d
c o m p e n s a tio n plans
0
0
0
234
0
0
0
22
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Tax benefits related to s h a re -b a s e d c o m p e n s a tio n
plans
A d d itio n s to Equity c la s s ifie d a s o b lig a tio n to
p u rc h a s e co m m o n shares
D e d u ctio n s from E q u ity c la s s ifie d a s o b lig a tio n to
p u rch a se co m m o n sh a re s
O p tio n p re m iu m s and o th e r e ffe c ts fro m o p tio n s on
(34)
co m m o n shares
0
0
0
P u rch a se s o f tre a su ry shares
0
0
0
(2.641)
0
0
S a le o f trea sury shares
0
0
0
2 .4 0 3
0
0
N e t gam s (losses) on tre a s u ry sh a re s sold
0
1
0
0
0
0
0
0
0
28
0
0
0
Balance a s of March 31, 2015
3,531
33,607
29,863
(12)
0
2,086
Balance a s of D ecem ber 31, 2015
(10)
O th e r
3,531
33,572
21,182
0
1,384
Total c o m p re h e n s iv e in c o m e (ioss), ne t o f tax'"
0
0
214
0
0
165
C o m m o n sh a re s issued
0
0
0
0
0
0
C a sh divid e n d s paid
0
0
0
0
0
0
C o u p o n on a d d itio n a l e q u ity c o m p o n e n ts , n e t o f tax
0
0
0
0
0
0
R e m e a s u re m e n t g a in s (lo s s e s ) re la te d to d e fin e d
b e n e fit plans, ne t o f tax
0
N et ch a n g e in s h a re a w a rd s in th e re p o rtin g pe rio d
0
0
(78)
(56)
0
0
0
0
0
0
0
T re a su ry s h a re s d istrib u te d u n d e r s h a re -b a s e d
c o m p e n sa tio n plans
0
0
0
80
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Tax be n e fits related to s h a re -b a s e d c o m p e n s a tio n
plan s
A d d itio n s to E q uity c la s s ifie d as o b lig a tio n to
p u rch a se co m m o n sh a re s
D e d u ctio n s fro m E q uity c la s s ifie d a s o b lig a tio n to
p u rc h a s e co m m o n sh a re s
O p tio n p re m iu m s and o th e r e ffe c ts fro m o p tio n s on
(129)
co m m o n shares
0
0
0
P u rch a se s o f tre a su ry sha re s
0
0
(2,0 47)
0
0
S a le o f tre a s u ry sh a re s
0
0
1 .768
0
0
N e t g a in s (losses) on tre a s u ry sh a re s sold
0
24
0
0
0
O th e r
0
62
0
0
0
0
3,531
33,451
21,340
0
1,549
1 Excluding unrealized net gains (losses) from equity method investments.
2 Exdudlncwsemeasuremerit gains (losses) related to defined benefit plans,
net of tax.
0
(210)
of Comprehensive income - 60
Consolidated Balance S h e e t- 6 1
Unrealized net
gains (losses) Unrealized net
on derivatives gains (losses)
hedging
variability
classified as
of cash flows,
held for sale, _
net of tax 1
net of tax 1
79
0
151
Unrealized net
gains (losses)
frorn equity
method
investments
18
0
0
3 ,650
0
0
0
Foreign
currency
translation,
net of tax 1
Accumulated
other
comprehensive
income (loss),
net of tax 5
Total
shareholders’
equity
Additional
equity,
components 4
Noncontrolling
Interests
Total equity
1 ,923
68,351
4 ,6 1 9
253
73,223
4
4 ,0 6 6
4 ,6 1 0
0
44
4 .6 5 4
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
41
0
0
41
0
0
0
0
0
(36)
0
0
(36)
0
0
0
0
0
234
0
0
234
0
0
0
0
0
22
0
0
22
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(34)
0
0
(34)
0
0
0
0
0
(2,6 41)
0
0
(2,641)
0
0
0
0
0
2 ,4 0 3
0
0
2.403
0
0
0
0
0
1
0
0
0
0
0
0
0
28
46“
(9)
79
0
3,802
22
5,9 8 9
72,979
4 ,6 6 5
288
7 7 ,9 3 2
97
662
2 ,1 9 6
66
4,4 0 4
62,678
4 ,6 7 5
270
0
........... 0 .1 2 6 )
6 7 ,6 2 4
25
13
0
12
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(56)
0
0
(56)
0
0
0
0
(78)
0
0
(78)
0
0
0
0
0
80
0
0
80
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(129)
0
0
(129)
0
0
0
0
0
(2,0 47)
0
0
(2,0 47)
0
0
0
0
0
1,768
0
0
1.768
0
0
0
0
24
0
0
24
0
0
0
0
0
0
62
0*
122
662
1,069
79
3,4 8 2
61,592
(922)
(708)
4 ,6 7 5
1
65
(696)
58
(4)
279
6 6 ,5 4 6
3 Includes Additional Tier 1 Notes, which constitute unsecured and subordinated notes of Deutsche Bank and are classified as equity in accordance with IFRS.
4 includes net proceeds from purchase and sale of additional equity components.
D e utsch e B ank
64
Interim Report as o f March 31, 2018
Consolidated Statement of Cash Flows
(unaudited)
in € m.
N et inco m e (loss)
Three months ended
Mar 31, 2015
Mar 31, 2016
236
559
C a s h flow s fro m o p e ra tin g activ itie s :
A d ju s tm e n ts to re co n cile n e t in c o m e to ne t c a s h p ro v id e d by (u s e d in) o p e ra tin g activities:
P rovisio n fo r c re d it losses
R e stru ctu rin g activitie s
G ain on saie o f fin a n cia l a s s e ts a v a ila b le fo r sale, e q u ity m e th o d inv e s tm e n ts , a n d o th e r
D e fe rre d in co m e taxes, n e t
Im pa irm ent, d e p re cia tio n a n d o th e r a m o rtiz a tio n , a n d a c c re tio n
S h a re o f ne t inco m e (loss) fro m e q u ity m e th o d in v e s tm e n ts
In co m e (loss) a d ju ste d fo r n o n c a s h ch a rg e s , c re d its a n d o th e r item s
304
211
(127)
116
509
(106)
1,143
2 18
23
(209)
506
124
(199)
1,022
A d ju s tm e n ts fo r ne t ch a n g e in o p e ra tin g a s s e ts a n d liab ilitie s:
In te re st-e a rn in g tim e d e p o s its w ith c e n tra l b a n k s a n d w ith b a n k s w /o c e n tra ! b a n k s 1
C e n tra l b a n k fu n d s sold, s e c u ritie s p u rc h a s e d u n d e r re s a le a g re e m e n ts , s e c u ritie s b o rro w e d
F in a n cia l a sse ts d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit o r loss
L oa ns
O th e r assets
D e posits
F in a n cia l iiab iiitie s d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit o r loss and in v e s tm e n t c o n tra c t lia b ilitie s
C e n tra l b an k fu n d s p u rc h a s e d , s e c u ritie s s o ld u n d e r re p u rc h a s e a g re e m e n ts a n d s e c u ritie s loan ed
O th e r sh o rt-te rm b o rro w in g s
O th e r iia b iiitie s
S e n io r lo n g -te rm d e b t 3
T rading a sse ts a n d iiab iiitie s, pos itiv e a n d n e g a tiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l ins tru m e n ts ,
net
O ther, net
N et ca sh pro vid e d by (used in) o p e ra tin g a c tiv itie s
247
(6,584)
1,363
3,136
(52,790)
(6,983)
7,789
4,333
493
41,283
(8,502)
7 ,2 3 4
(1 2 ,3 6 9 )
(4,6 73)
(16,155)
(45,208)
3 3 ,3 9 9
4 ,0 8 5
5.891
(4.649)
4 8 ,5 1 5
11,657
34,077
(1,5 63)
(2,502)
16,503
19,017
(8,1 69)
C a sh flow s fro m inve stin g activ itie s :
P rocee ds from :
S a ie o f financial a sse ts a v a ila b le fo r s a le
M a tu ritie s o f fin a n c ia l a s s e ts a v a ila b le fo r s ale
M a tu ritie s o f s e cu ritie s h e ld to m a tu rity
S a le o f eq u ity m eth o d in v e s tm e n ts
S a ie o f p ro p e rty a n d e q u ip m e n t
5,254
1,561
0
18
11
3 ,280
(7,991)
0
(12)
(110)
79
(299)
(1,489)
(9,1 00)
1,643
0
6
2
P u rch a se of:
F in a n cia l a sse ts a v a ila b le fo r s ale
S e cu ritie s held to m a tu rity
E q u ity m e th o d in ve stm e n ts
P ro p e rty a n d e q u ip m e n t
N et c a sh re ceived in (paid fo r) b u s in e s s c o m b in a tio n s /d iv e s titu re s
O ther, net
N e t c a sh provided by (used in) in ve stin g a c tiv itie s
0
(45)
(97)
0
(277)
(4,588)
interim Report as of March. 31, 2016
of Changes in Equity - 6 2
in € m.
Mar 31, 2016
Three months ended
Mar 31, 2015
3
1,460
C a s h flo w s fro m fin a n c in g activities:
is s u a n c e s o f s u b o rd in a te d lo n g -te rm deb t
R e p a y m e n ts a n d e x tin g u is h m e n ts o f s u b o rd in a te d lo n g -te rm d e b t
Is s u a n c e s o f tru s t p re fe rre d s e c u ritie s
R e p a y m e n ts a n d e x tin g u is h m e n ts o f tru s t p re fe rre d s e c u ritie s
C o m m o n s h a re s iss u e d
P u rc h a s e s o f tre a s u ry s h a re s
S a le o f tre a s u ry s h a re s
A d d itio n a l E q uity C o m p o n e n ts ( A T I) issued
P u rc h a s e s o f A d d itio n a l E q u ity C o m p o n e n ts (AT1)
S a le o f A d d itio n a l E q u ity C o m p o n e n ts (AT1)
C o u p o n o n a d d itio n a l e q u ity c o m p o n e n ts , p re tax
D iv id e n d s paid to n o n c o n tro llin g in te re sts
N e t c h a n g e in n o n c o n tro llin g in te re s ts
C a s h d iv id e n d s paid
N e t c a s h p ro v id e d by (u se d in) fin a n c in g a c tiv itie s
N e t e ffe c t o f e x c h a n g e rate c h a n g e s on c a s h and c a s h e q u iv a le n ts
N e t in c re a s e (d e c re a s e ) in c a s h and c a s h e q u iv a le n ts
C a s h a n d c a s h e q u iv a le n ts a t b e g in n in g o f period
C a s h a n d cash e q u iv a le n ts a t end o f period
(170)
6
(705)
0
(2,047)
1,784
0
(82)
81
0
0
(4)
0
(1,134)
(307)
13,573
105,478
119,049
(855)
393
(4,0 40)
0
(2,6 41)
2.405
0
(239)
276
0
0
(9)
0
(3,250)
2,561
13.740
5 1 .960
6 5 ,6 3 9
N e t c a s h p ro v id e d by (u s e d in) o p e ra tin g a c tiv itie s inclu ding
In c o m e ta x e s paid, n e t
In te re s t paid
In te re s t a n d d iv id e n d s re ceived
422
2,206
6,075
2,4 5 7
111,607
59.601
7,442
119,049
65,700
222
6,4 0 6
C a sh and c a s h e q u iv a le n ts c o m p ris e
C a s h a n d c e n tra l b a n k b a la n c e s (n o t in c lu d e d In te re s t-e a rn in g tim e d e p o s its w ith c e n tra l b a n k s 1
In te rb a n k b a la n c e s (vv/o c e n tra l b a n k s ) (not inclu ded: tim e d e p o s its o f € 4 ,0 7 4 m illion a s o f M a rc h 31,
2 01 6, and € 2 6 ,6 0 5 m illio n a s o f M a rc h 31, 20 1 5 ) !
Total
6 .098
1 In 2015, comparatives have been restated. See Note 1 'Significant Accounting Policies and Critical Accounting Estimates - Significant Changes In Estimates and
Changes In Presentation" of the consolidated financial statements in our Annual Report 2015 for detailed information.
2 Included are senior long-term debt issuances of € 1.970 million and € 8,181 million and repayments and extinguishments of € 2,071 million and € 7,847 million
through March 31. 2016 and March 31, 2015, respectively.
3 Included are issuances of € 11,328 million and € 50,696 million and repayments and extinguishments of € 18,928 million and € 40.067 million through
March 31, 2016 and March 31. 2015, respectively.
D e utsch e B ank
4 - Notes to the Consolidated Financial Statements
Basis of Preparation (unaudited)
The accompanying condensed consolidated interim financial statements, which include Deutsche Bank AG and its
subsidiaries (collectively the "Group”), are stated in euros, the presentation currency of the Group. They are presented
in accordance with the requirements of IAS 34. “Interim Financial Reporting”, and have been prepared in accordance
with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards
Board (“IASB”) and endorsed by the European Union (“EU”). The Group's application of IFRS results in no differences
between IFRS as issued by the IASB and IFRS as endorsed by the EU.
Some IFRS disclosures incorporated in the Management Report are an integral part of the consolidated interim finan
cial statements. These include the Segmental Results of Operations of the Segmental Information note which is pre
sented in the Operating and Financial Review: Segmental Results of the Management Report. The presentation of this
information is in compliance with IAS 34 and IFRS 8, "Operating Segments”.
Deutsche Bank's condensed consolidated interim financial statements are unaudited and include supplementary dis
closures on segment information, which was restated in the first quarter 2016 to reflect Deutsche Bank's new structure
and business operations. The condensed consolidated interim financial statements also include supplementary disclo
sures on the income statement, balance sheet and other financial information. They should be read in conjunction with
the audited consolidated financial statements of Deutsche Bank for 2015, for which the same accounting policies and
critical accounting estimates have been applied with the exception of the newly adopted accounting pronouncements
outlined in section “Impact of Changes in Accounting Principles”.
The preparation of financial statements under IFRS requires management to make estimates and assumptions for
certain categories of assets and liabilities.
These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the balance sheet date, and the reported amounts of revenue and expenses during the report
ing period. Actual results could differ from management's estimates and the results reported should not be regarded as
necessarily indicative of results that may be expected for the entire year.
Basis of Preparation - 66
Impact of Changes in
Accountion Principles - 67
Segment Information - 70
Information on the
Consolidated Income Statement - '
Information on the
O ther Financial Information - 116
Impact of Changes in Accounting Principles
(unaudited)
Recently Adopted Accounting Pronouncements
The following are those accounting pronouncements which are relevant to the Group and which have been applied in
the preparation of these condensed consolidated interim financial statements.
IAS 1
On January 1, 2016, the Group adopted the amendments to IAS 1 “Presentation of Financial Statements’, which re
sulted as part of an initiative to improve presentation and disclosure in financial reports. These amendments clarify that
the principle of materiality is applicable to the whole of the financial statements, professional judgment should be ap
plied in determining disclosures and that inclusion of immaterial data can reduce the effectiveness of disclosures. The
amendments did not have a material impact on the Group's consolidated financial statements.
Improvements to IFRS 2012-2014 Cycle
On January 1. 2016, the Group adopted amendments to multiple IFRS standards, which resulted from the lASB's
annual improvement projects for the 2012-2014 cycle. They comprise amendments that result in accounting changes
for presentation, recognition or measurement purposes as well as terminology or editorial amendments related to a
variety of individual IFRS standards. The amendments did not have a material impact on the Group's consolidated
financial statements.
New Accounting Pronouncements
The following accounting pronouncements were not effective as of March 31, 2016 and therefore have not been ap
plied in preparing these condensed consolidated interim financial statements.
IFRS 9 Financial Instruments
In July 2014, the IASB issued IFRS 9 “Financial Instruments”, which replaces IAS 39, “Financial Instruments: Recogni
tion and Measurement". IFRS 9 introduces new requirements for how an entity should classify and measure financial
assets, requires changes to the reporting of ‘own credit’ with respect to issued debt liabilities that are designated at fair
value, replaces the current rules for impairment of financial assets and amends the requirements for hedge accounting.
IFRS 9 is effective for annual periods beginning on or after January 1. 2018. The Group is currently assessing the
impact of IFRS 9. The standard has yet to be endorsed by the EU.
The Group has implemented a centrally managed IFRS 9 program sponsored by the Group’s chief financial officer and
includes subject matter experts on methodology, data sourcing and modeling, IT processing and reporting. Overall
governance is through the IFRS 9 Steering Committee which includes joint representation from Finance and Risk.
Guidance and training on IFRS 9 is delivered across businesses and functions as part of the Group's internal control
system in preparation for IFRS 9 becoming effective for the Group from January 1, 2018.
D e utsch e B ank
Classification and Measurement of financial assets and liabilities
IFRS 9 requires that an entity's business model and a financial instrument’s contractual cash flows will determine its
classification and measurement in the financial statements. Upon initial recognition each financial asset will be classi
fied as either fair value through profit or loss (‘FVTPL’), amortized cost, or fair value through Other Comprehensive
Income ('FVOCI'). As these requirements are different than the assessments under the existing IAS 39 rules, some
differences to the classification and measurement of financial assets under IAS 39 are expected.
The classification and measurement of financial liabilities remain largely unchanged under IFRS 9 from current re
quirements. However, where issued debt liabilities are designated at fair value, the fair value movements attributable to
an entity’s own credit risk will be recognized in Other Comprehensive Income rather than in the Statement of Income.
The standard also allows the election to apply the presentation of fair value movements of an entity’s credit risk in
Other Comprehensive Income prior to adopting IFRS 9 in full. The Group has not early adopted these requirements of
the standard as IFRS 9 has not been endorsed by the EU yet.
Impairment of financial assets
The impairment rules under IFRS 9 will apply to financial assets that are measured at amortized cost or FVOCI. and off
balance sheet lending commitments such as loan commitments and financial guarantees. The determination of im
pairment losses and allowances will move from an incurred credit loss model whereby credit losses are recognized
when a ‘trigger’ event occurs under IAS 39 to an expected credit loss model, where provisions are taken upon initial
recognition of the financial asset (or the date that the Group becomes a party to the loan commitment or financial guar
antee) based on expectations of potential credit losses at that time.
Under the IFRS 9 expected credit loss approach, the Group will recognize expected credit losses resulting from default
events that are possible within the next 12 months for both the homogeneous and non-homogeneous performing loan
pools (stage 1). IFRS 9 also requires the recognition of credit losses expected over the remaining life of the assets
(lifetime expected losses') which have significantly deteriorated in credit quality since origination or purchase but have
yet to default (stage 2) and for assets that are credit impaired (stage 3). Under IFRS 9 expected credit losses are
measured by taking into account forward-looking information, including macro-economic factors.
As a result of the changes to the impairment rules, IFRS 9 will result in an increase in subjectivity as allowances will be
based on reasonable and supportable forward-looking information which probability weights future economic situations
that are continuously monitored and updated over the life of the financial asset. This is in contrast to impairment recog
nition under IAS 39 which requires the occurrence of one or more loss events before an allowance is recorded. IFRS 9
is expected to result in an increase in the overall level of impairment allowances, due to the requirement to record an
allowance equal to 12 month expected credit losses on those instruments whose credit risk has not significantly in
creased since initial recognition and the likelihood that there will be a larger population of financial assets to which
lifetime expected losses apply as compared to the population of financial assets for which loss events have already
occurred under IAS 39,
Hedge accounting
IFRS 9 also incorporates new hedge accounting rules that intend to align hedge accounting with risk management
practices. Generally, some restrictions under current rules have been removed and a greater variety of hedging instru
ments and hedged items become available for hedge accounting.
D e utsch e Bank
information on the
Consolidated Income Statement - 73
Information on the
IFRS 15 Revenue from Contracts with Customers
In May 2014, the IASB issued IFRS 15, “Revenue from Contracts with Customers”, which specifies how and when
revenue is recognized, but does not impact income recognition related to financial instruments in scope of IAS 39/
IFRS 9. IFRS 15 replaces several other IFRS standards and interpretations that currently govern revenue recognition
under IFRS and provides a single, principles-based five-step model to be applied to all contracts with customers. The
standard also requires entities to provide users of financial statements with more informative and relevant disclosures.
IFRS 15 is effective for annual periods beginning on or after January 1, 2018. The Group is currently assessing the
impact of IFRS 15. The standard has yet to be endorsed by the EU.
IFRS 16 Leases
In January 2016. the IASB issued IFRS 16, “Leases”, which introduces a single lessee accounting model and requires
a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying
asset is of low value. A lessee is required to recognize a right-of-use asset representing its right to use the underlying
leased asset and a lease liability representing its obligation to make lease payments. There will be only minor changes
to the current accounting for lessors. The standard also requires entities to provide users of financial statements with
more informative and relevant disclosures. IFRS 16 is effective for annual periods beginning on or after January 1,
2019. The Group is currently assessing the impact of IFRS 16. The standard has yet to be endorsed by the EU.
D e utsch e B a nk
interim Report as of March 31. 2016
Segment Information (unaudited)
The following segment information has been prepared in accordance with the “management approach”, which requires
presentation of the segments on the basis of the internal management reports of the entity which are regularly re
viewed by the chief operating decision maker, which is the Deutsche Bank Management Board, in order to allocate
resources to a segment arid to assess its financial performance.
Business Segments
The Group’s segment reporting follows the organizational structure as reflected in its internal management reporting
systems, which are the basis for assessing the financial performance of the business segments and for allocating
resources to the business segments. Generally, restatements due to changes in the organizational structure were
implemented in the presentation of prior period comparables if they were considered in the Group’s management re
porting systems.
From 2016 onwards and in accordance with our Strategy 2020 our business operations have been organized under a
new structure with the following segments:
-
Global Markets (“GM"),
Corporate & Investment Banking (“CIB”),
Private, Wealth and Commercial Clients (“PW&CC”),
Deutsche Asset Management (“Deutsche AM”),
Postbank (“PB") and
Non-core Operations Unit (“NCOU”)
The key changes compared to our previously reported segmental information in our former 2015 segment structure are
outlined below.
Global Markets (“GM”) - Our new segment GM includes the sales and trading related activities of our former Corporate
Banking & Securities (“CB&S") segment. Revenues related to certain financing activities previously included within
“Loan Products” in CB&S are now included within “Sales &Trading - debt and other products". Mark-to-market
gains/losses relating to RWA mitigation on Credit Valuation Adjustment (CVA) RWA, Funding Valuation Adjustment
(FVA) and certain CVA calculation methodology refinements previously reported under “Sales STrading" revenues are
now included in “Other". Debt Valuation Adjustment (DVA) continues to be reported within “Other”. This category also
includes transfers from and to our new segment Corporate & Investment Banking (“CIB”) resulting from client coverage
and product distribution.
Corporate & Investment Banking (“CIB’’) - Our new segment CIB combines the Corporate Finance business compo
nents of our former Corporate Banking and Securities (“CB&S") and Global Transaction Banking (“GTB") businesses.
Transfers from and to our new segment Global Markets related to client coverage and product distribution are included
in “Loan Products & Other".
Private, Wealth and Commercial Clients (“PW&CC") - Within the new segment PW&CC, we have combined our Ger
man and International Private and Commercial Clients (“PCC”) businesses formerly included in the Private & Business
Clients (“PBC”) segment with the Wealth Management (“W M”) activities formerly included in Deutsche Asset & Wealth
management (“DeAWM”). Revenues from Hua Xia Bank are presented separately within PW&CC to reflect the ex
pected disposal of this investment as part of our Strategy 2020.
70
information on the
Consolidated income Statement - 73
Information on the
Other Financial Information - 116
Deutsche Asset Management (“Deutsche AM") - Our segment Deutsche AM contains the Asset Management activities
included in our former DeAWM segment and focuses on providing investment solutions to institutions and intermediar
ies that serve individual clients.
Postbank (“PB") - To reflect the planned deconsolidation as formulated in our Strategy 2020 PB is now presented as a
separate segment, which combines both core and non-core components of Postbank previously recorded in our NCOU
segment. The reported numbers in the Postbank segment will deviate from Postbank's stand-alone reporting as a
consequence of consolidation effects and the impact of purchase price allocation items.
Non-core Operations Unit (“NCOU”) - As a key change compared to our former structure our NCOU segment no long
er contains the aforementioned non-core components related to Postbank.
The goodwill impairment losses in our 2015 results related to CB&S and PBC were allocated to the new segments
Global Markets/Corporate & Investment Banking and PW&CC/Postbank respectively based on the goodwill balances
related to these business units prior to the 3Q2015 impairment.
Certain Liquidity Management activities previously included within our business segments are now being centrally
managed by Treasury and therefore have been transferred to “Consolidation and Adjustments” and are reflected in our
business segments on an allocated basis.
The bank levy for the Single Resolution Fund (SRF) has to be recognized for the Group with its full annual amount in
the first quarter. Different to the first quarter 2015, the SRF charge had been recognized with its full annual amount
directly in the business segments in this quarter. Consequently, there will be no accrual over the year in the business
segments and no recognition of a timing effect in Consolidation & Adjustments. We have restated the prior period to
reflect this changed timing in the segments.
In the first quarter 2016, a stricter definition for Invested Assets became effective and Client Assets were introduced as
additional metric. Accordingly, Invested Assets include assets held on behalf of customers for investment purposes
and/or client assets that are managed by DB on a discretionary or advisory basis and/or assets that are deposited with
DB; Client Assets include Invested Assets plus other assets over which DB provides non investment services such as
custody, risk management, administration and reporting (including execution only brokerage).
Capital Expenditures and Divestitures
During the first quarter 2016. the Group has made the following capital expenditures or divestitures:
In November 2015, Visa Inc. announced a definitive agreement to acquire Visa Europe Ltd. As part of this acquisition
Visa Europe Ltd. has requested all its shareholders, inter alia several Deutsche Bank Group entities, to return their
shares against consideration. Deutsche Bank has returned its shares in Visa Europe Ltd. in January 2016 with the
consideration still to be received at closing of the transaction.
In August 2015, Deutsche Bank Group announced that it has entered into an agreement to sell its Indian asset man
agement business to Pramerica Asset Managers Pvt, Ltd. In March 2016 all regulatory approvals have been obtained
and the sale was completed.
D e utsch e B a nk
Interim R e port a s o f M arch 31, 201 6
Allocation of Average Shareholders’ Equity
The total amount of average shareholders’ equity allocated is determined based on the higher of the Group’s overall
economic risk exposure and the regulatory capital demand. Starting 2016, the Group refined its capital allocation and
moved to allocating average shareholders’ equity instead of average active equity to the business segments. Under the
new methodology, capital held against goodwill and other intangibles is now more comprehensively allocated, allowing
the determination of allocated tangible shareholders’ equity to reflect the communicated profitability target. The Group's
overall economic risk exposure requirement is driven by our internal capital adequacy thresholds for status “normal” as
defined in DB Group's risk appetite framework. The regulatory capital demand is based on our externally communicat
ed target ratios, i.e. a Common Equity Tier 1 target ratio of 12.5 % (10 % in early 2015 and 11 % from June 2015 on
wards) and on a Leverage target ratio of 4.5 % (3.5 % in early 2015 and 5 % from June 2015 onwards) both at a Group
level and assuming full implementation of CRR/CRD 4 rules. If the Group exceeds the Common Equity Tier 1 target
ratio and the Leverage target ratio, excess average shareholders’ equity is assigned to C&A. The allocation of average
shareholders’ equity to business segments reflects the contribution to both aforementioned targets.
Segmental Results of Operations
For the results of the business segments, including the reconciliation to the consolidated results of operations under
IFRS, please see “Management Report: Operating and Financial Review: Results of Operations: Segment Results of
Operations” of this Interim Report.
D eutsche Bank
in te rim R e p o rt a s o f M a rc h 31, 2 0 1 6
Accountion Principles ~ 87
Segment information - 70
Information on the
Information on the
Other Financial information - 116
Information on the Consolidated Income
Statement (unaudited)
Net Interest Income and Net Gains (Losses) on Financial
Assets/Liabilities at Fair Value through Profit or Loss
Three months ended
in C m.
N e t in te re s t in co m e
T ra d in g in c o m e /
N e t g a m s (lo s s e s ) on fin a n c ia l a s s e ts /lia b ilitie s d e s ig n a te d a t fa ir v alue th ro u g h p ro fit o r lo s s 1
Total ne t g a m s (lo s s e s ) o n fin a n c ia l a s s e ts /lia b ilitie s a t fair va lu e th ro u g h profit o r loss
Mar 31, 2016
3,924
421
876
1,297
Mar 31
4 ,210
1.989
157
2,146
Total n e t in te re s t in c o m e and ne t g a in s (lo s s e s ) on fin a n c ia l a s s e ts /lia b ilitie s a t fa ir va lu e th ro u g h
p ro fit o r loss
S a le s & T ra d in g (equity)
S a le s & T rading (d e b t a n d o th e r products)
Total S a le s & T rading
R e m a in in g p ro d u c ts 4
G lo b a l M a rke ts
C o rp o ra te & In v e s tm e n t B anking'"
P rivate, W e a lth & C o m m e rc ia l C lie n ts
D e u ts c h e A s s e t M a n a g e m e n t
P o s tb a n k
N o n -C o re O p e ra tio n s U n it
C o n s o lid a tio n & A d ju s tm e n ts
5,221
483
3,556
4,039
88
2,478
513
1,408
67
583
(128)
301
6,356
5,221
6,356
842
2,865
3,707
(245)
3,461
532
997
353
604
(152)
561
Total ne t in te re s t in c o m e a n d n e t g a in s (losses) on fin a n c ia l a s s e ts /lia b ilitie s a t fa ir va lu e th ro u g h
p ro fit o r loss
1 Trading income includes gains and losses from derivatives not qualifying for hedge accounting.
2 Prior period comparatives has been restated. € 349 million were reclassified from net gains (losses) on financial assets/liabilities at fair value through profit or loss
to commissions and fee income.
3 Includes gains of € 2 million and of € 5 million from securitization structures for the three months ended March 31, 2016 and March 31. 2015 respectively. Fair
value movements on related instruments of € 2 million and of € (1) million for the three months ended March 31, 2016 arid March 31,. 2015, respectively, are
reported within trading Income. Both are reported under Sales & Trading (debt and other products). The total of these gains and losses represents the Group's
share of the losses in these consolidated securitization structures.
J Includes the net interest spread on loans as well as the fair value changes of credit default swaps and loans designated at fair value through profit or loss.
i; Includes net interest Income and net gains (losses) on financial assets/liabilities at fair value through profit or loss on origination, advisory and other products.
Commissions and Fee Income
Three months ended
in € m.
C o m m is s io n s a n d fe e s fro m fid u c ia ry a c tiv itie s
C o m m is s io n s , b ro k e rs ' fees, m a rk -u p s on s e c u ritie s u n d e rw ritin g and o th e r s e c u ritie s a c tiv itie s
Fee s fo r o th e r c u s to m e r s e rv ic e s
Total c o m m is s io n s and fe e in c o m e
Mar 31,2016
1,027
881
970
2,877
Mar 31.2015
1.059
1 .0 8 3 1
1 .1 2 2
3,263
1 Pnor period comparatives has been restated € 349 miliion were reclassified from net gains (losses) on financial assets/liabilities at fair value through profit or loss
to commissions and fee Income.
D e utsch e B ank
Interim Report as o f March 31, 2016
Pensions and Other Post-Employment Benefits
Three months ended
in € m.
S e rv ic e co s t
N e t in te re st co s t (incom e)
Total e x p en ses defined benefit plans
Total e x p en ses for defined contribution plans
Total e x p en ses for post-em ploym ent benefits
Employer contributions to m andatory G erm an social security pension plan
Mar 31, 2016
78
Mar 3 ' 2 0 ' 5
83
(D
(3)
75
130
205
82
114
196
64
61
The Group expects to pay approximately € 325 million in regular contributions to its retirement benefit plans in 2016. It
is not expected that any plan assets will be returned to the Group during the year ending December 31, 2016.
D is c o u n t ra te to d e te rm in e d e fin e d b e n e fit o b lig a tio n
G e rm a n y
UK
U.S.
Mar 31, 2016
1.8
3.5
3.8
Dec 31, 2015
2.4
3.9
4.2
General and Administrative Expenses
Three months ended
in € m.
IT co sts
O ccupancy, fu rn itu re and e q u ip m e n t e x p e n s e s
P ro fe ssio n a l se rvice fees
C o m m u n ica tio n and da ta s e rv ic e s
Travel a n d re p re se n ta tio n e x p e n s e s
B a n kin g and tra n s a c tio n c h a rg e s
M a rke tin g e x p e n s e s '
C o n so lid a te d inve stm e n ts
O th e r expe nses^
Total general and administrative ex p en se s
Mar 31, 2016
936
454
556
193
105
154
56
85
1,196
Mar 31, 2015
3,736
5,069
865
46 3
520
203
104
135
64
105
2 ,6 1 0
1 Prior period comparatives have been restated in order to reflect changes in the Group's cost reporting.
Includes litigation-related expenses of € 187 million and € 1.544 million for the three months ended March 31 , 2016 and March 31, 2015 as weII as bank levy of
€ 538 million and € 561 million for the three months end*2d March 31. 2016 and March 31. 2015.
Restructuring
Restructuring forms part of the Group’s Strategy 2020 program announced in 2015. It contains initiatives to reposition
Investment Banking, reshape the retail business, rationalize the geographic footprint and transform the operating model
-w ith the aim to achieve net savings of € 1 to 1.5 billion by 2018.
Restructuring expense is comprised of termination benefits, additional expenses covering the acceleration of deferred
compensation awards not yet amortized due to the discontinuation of employment and contract termination costs relat
ed to real estate.
A c c o u n tin ' Principles ~ 67
Information on the
Information on the
O ther Financial information - 116
Net restructuring expense by division
Three months ended
in € m.______
G lo b a l M a rk e ts
___
________________
_
__
Mar 31.2016
_______
C o rp o ra te & In v e s tm e n t B a n k in g
P rivate. W e a lth & C o m m e rc ia l C lie n ts
D e u ts c h e A s s e t M a n a g e m e n t
P o s tb a n k
N o n -C o re O p e ra tio n s U n it
Total Net Restructuring C harges
Mar 31.2015
(70)
(20)
(73)
(56)
(7)
0
(5)
(211)
(2)
(1)
0
0
(0 )
(23)
N et re s tru c tu rin g e x p e n s e by ty p e
Three months ended
in € m.
R e s tru c tu rin g - S ta ff related
Mar 31, 2016
(211)
(23)
th e re o f:
T erm ination P a y m e n ts
R e te n tio n A c c e le ra tio n
S o c ia l S e c u rity
R e s tru c tu rin g - N o n S ta ff r e la te d :
Total net restructuring C harges
(196)
(13)
(2)
0
(211)
(18)
(5)
(1 )
0
(23)
! Contract costs, mainly related to real estate and technology.
Provisions for restructuring amounted to € 826 million and € 651 million as of March 31, 2016 and December 31, 2015,
respectively. The majority of the current provisions for restructuring should be utilized in the next two years.
During the three months ended March 31, 2016, 160 full-time equivalent staff were reduced through restructuring.
These reductions were identified within:
Three months ended
Mar 31, 2016
G lo b a l M a rke ts
39
C o rp o ra te & In v e s tm e n t B a n k in g
58
In fra s tru c tu re /R e g io n a l M a n a g e m e n t
61
O th e r
Total full-time equivalent staff
2
160
Effective Tax Rate
2016 to 2015 Three Months Comparison
Income tax expense was € 343 million (1Q2015: € 920 million). The effective tax rate of 59 % (1Q2015: 62 %) was
largely attributable to tax effects related to share-based payments and our investment in Hua Xia Bank Co. Ltd.
D e utsch e B a nk
76
Information on the Consolidated Balance Sheet
(unaudited)
Financial Assets/Liabilities at Fair Value through
Profit or Loss
in € m.
Mar 31, 2016
Dec 31. 2015
159,609
15,338
174,947
581,291
756,238
179 .256
Financial a s s e ts classified a s held for trading:
Trading a ssets:
T radina securities
O th e r tra d in g a s s e ts :
Total trading a ss e ts
Positive market values from derivative financial instrum ents
Total financial a ss e ts classified a s held for trading
Financial a s s e ts designated at fair value through profit or loss:
S e cu ritie s p u rch a se d u n d e r re s a le a g re e m e n ts
S e cu ritie s b orrow ed
L oa ns
O th e r fin a n cia l asse ts d e s ig n a te d at fa ir va lu e th ro u g h p ro fit o r loss
Total financial a ss e ts designated a t fair value through profit or loss
Total financial a s s e ts at fair value through profit or loss
1 6,779
196,035
515,594
711,630
52,855
19,443
10,719
24,082
107,100
863,338
109,253
820,883
Mar 31, 2016
Dec 31, 2015
62,922
887
63,810
561,532
625,342
5 1.327
5 1,073
2 1 .4 8 9
12,451
2 4 .2 4 0
1 Includes traded loans of € 13.7 billion and € 15.5 billion at March 31, 2016 and December 31, 2015, respectively.
in € m.
Financial liabilities classified a s held for trading:
Trading liabilities:
T rading se cu ritie s
O th e r tra d in g lia b ilitie s
Total trading liabilities
Negative market values from derivative financial instrum ents
Total financial liabilities classified a s held for trading
Financial liabilities designated a t fair value through profit or loss:
S e cu ritie s sold un d e r re p u rc h a s e a g re e m e n ts
Loan c o m m itm e n ts
L o n g -te rm deb t
O ther financial lia b ilitie s d e s ig n a te d a t fa ir v a lu e th ro u g h p ro fit o r loss
Total financial liabilities designated a t fair value through profit or loss
In v e stm e n t c o n tra c t lia b ilitie s 1
Total financial liabilities at fair value through profit or loss
977
52,304
494,076
546,381
40,234
68
8,064
4,363
52,729
7,917
3 1 .6 3 7
685,988
599,754
Mar 31, 2016
65,562
1,144
902
3,282
70,890
Dec 31. 2015
79
8,7 1 0
4 ,4 2 5
44,852
8.5 2 2
1 These are investment contracts where the policy terms and conditions result In their redemption values equaling fair values.
Financial Assets Available for Sale
in € m.
D e b t securities
E q u ity securities
O th e r e q u ity interests
Loans
Total financial a ss e ts available for sale
6 8 ,2 6 6
1.241
974
3 ,102
73,583
Effective January 4, 2016, the Group has reclassified debt securities available for saie of € 3.2 billion to the held-tomaturity investments category. For further details, please refer to Note “Held-to-Maturity investments” of this Interim
D e utsch e Bank
Information on the
Information on the
Amendments to IAS 39 and IFRS 7, “Reclassification of
Financial A ssets”
Under the amendments to IAS 39 and IFRS 7, issued in October 2008, certain financial assets were reclassified in
the second half of 2008 and the first quarter of 2009 from the financial assets at fair value through profit or loss and
the available for sale classifications into the loans classification. No reclassifications have been made since the first
quarter 2009.
The Group identified assets, eligible under the amendments, for which at the reclassification date it had a clear change
of intent and ability to hold for the foreseeable future, rather than to exit or trade in the short term. The reclassifications
were made at the fair value of the assets at the reclassification date.
Reclassified Financial Assets
in € bn.
(unless stated otherwise)
Carrying value at reclassification date
Unrealized fair value lo sse s in accum ulated other com prehensive income
Effective interest rates a t reclassification date:
Trading assets
reclassified to
loans
26.6
0.0
Financial assets
available for sale
reclassified to
loans
11.4
(1.1)
U p p e r ra n g e
13.1 %
9 .9 %
L o w e r ra n a e
2 .8 %
3 .9 %
39.6
17.6
Expected recoverable c ash flows a t reclassification date
C a rry in g v a lu e s a n d fair v a lu e s by a s s e t ty p e of a s s e t s re c la s s ifie d in 2008 a n d 2009
Mar 31, 2016
in € m.
Carrying value
Fair value
Trading a s s e ts reclassified to loans:
S e c u ritiz a tio n a s s e ts
1,039
1,147
D e b t s e c u ritie s
264
255
L oa ns
784
814
Total trading a s s e ts reclassified to loans
2,087
2,216
Financial a s s e ts available for sale reclassified to loans:
S e c u ritiz a tio n a s s e ts
1,176
1,262
D e b t s e c u ritie s
0
0
Total financial a s s e ts available for sale reclassified to loans
1,262
1,176
Total financial a s s e ts reclassified to loans
3,4781
3,263
Dec 31,2015
Carrying value
Fair value
1 .382
1.346
396
405
916
S57
2,695
2,608
1.540
1.470
168
1,708
4,403'
179
1,648
4,256
There is an associated effect on the carrying value from effective fair value hedge accounting for interest rate risk to the carrying value of the reclassified assets
shown in the table above. This effect increases carrying value by € 4 million and decreases by € 3 million as at March 3 1 2 0 1 6 and December 31, 2015,
respectively.
Al! reclassified assets are managed by NCOU and disposal decisions across this portfolio are made by NCOU in ac
cordance with their remit to take de-risking decisions. For the three months ending March 31, 2016, the Group sold
reclassified assets with a carrying value o f f 0.6 billion, resulting in a net gain o f f 0.02 billion.
In addition to sales, the carrying value of assets previously classified as available for sale includes redemptions of
€ 0.1 billion. The overall carrying value was further reduced by foreign exchange impacts in the period.
Deutsche Bank
Interim Report as of March 31. 2 0 16
Unrealized fair value gains (losses) that would have been recognized in profit or loss and net gains (losses) that would
have been recognized in other comprehensive income if the reclassifications had not been made
Three months ended
Mar 31, 2016
Mar 31, 2015
losses
(40)
49
Im p a irm e n t (losses) on th e re c la s s ifie d fin a n c ia l a s s e ts a v a ila b le fo r s ale w h ic h w e re im p a ire d
(42)
0
(27)
11
in € m.
U n re a lize d fair value gain s (lo s s e s ) on th e re c la s s ifie d tra d in g a s s e ts , gro s s o f p ro v is io n s fo r cre d it
N e t g a in s (losses) re co g n iz e d in o th e r c o m p re h e n s iv e in c o m e re p re s e n tin g a d d itio n a l u n re a liz e d fair
va lu e gain s (losses) on th e re c la s s ifie d fin a n c ia l a s s e ts a v a ila b le fo r s ale w h ic h w e re no t im p a ire d
Pre-tax contribution of all reclassified assets to the income statement
Three months ended
in € m.
Mar 31, 2016
Mar 31. 2015
10
43
In te re s t incom e
P ro visio n fo r cre d it losses
(72)
O th e r in c o m e '
In co m e (loss) b efore in co m e ta x e s on re c la s s ifie d tra d in g a s s e ts
24
(41)
65
In te re st incom e
4
P ro visio n fo r cre d it losses
3
O th e r in c o m e '
(2 )
20
21
0
(1 )
24
6
46
In co m e (loss) b efore in co m e ta x e s o n re c la s s ifie d fin a n c ia l a s s e ts
a va ila b le for sale
5 Relates to gains and losses from the saie of reclassified assets.
Reclassified Financial Assets: Carrying values and fair values
by asset class
All !AS 39 reclassified assets were transferred into NCOU upon creation of the new division in the fourth quarter
of 2012. NCOU has been tasked to accelerate de-risking to reduce total capital demand and IFRS assets. A number of
factors are considered in determining whether and when to sell assets including the income statement, regulatory
capital and leverage impacts. The movements in carrying value and fair value are illustrated in the following table:
Carrying values and fair values by asset class reclassification in 2008 and 2009
in € m.
Carrying
value (CV)
Fair
value (FV)
Mar 31, 2016
Unrealized
gains/(losses)
Dec 31. 2015
Carrying
value (CV)
Fair
value (FV)
Unrealized
gains/flosses)
S e cu ritiza tio n a sse ts a n d d e b t s e c u ritie s
reclassified:
U S m u n icip a l b on ds
126
132
405
423
19
1,143
1,096
(47)
1.456
1,478
22
C D O /C L O
48 7
44 5
(43)
534
4S8
(36)
C o ve re d bond
298
230
(69)
298
234
(64)
C o m m e rcia l m o rtg a g e s s e c u ritie s
82
85
3
175
176
R e sidential m o rtg a g e s A B S
87
91
4
92
93
440
401
(39)
529
498
(31)
2,663
2,479
(184)
3,487
3 ,4 0 0
(8 8 )
56
54
810
753
(1)
(57)
S tu d e n t loan s A B S
O th e r 5
6
1
1
Total secu ritiza tio n a s s e ts and d e b t s e c u ri
tie s
re cla ssifie d
L o a n s reclassified:
C o m m e rcia l m ortg a g e s
R e sidential m ortg a g e s
O th e r
Total loan s reclassified
Total fin a n cia l a sse ts re c la s s ifie d to loan s
46
46
722
691
0
(31)
46
46
50
49
(1)
814
784
(31)
916
857
(59)
3,478
3,263
(215)
4 ,4 0 3
4 ,2 5 6
(147)
0
1 includes asset backed securities related to the aviation industry and a mixture of other securitization assets and debt securities.
interim Report as of March 31,2016
Information on the
Information on the
O ther Financial Information - 1 1 6
Securities Held-to-Maturity
In the first quarter 2016, the Group has begun to use the Held-to-Maturity category to more appropriately present in
come and capital volatility in the firm’s banking book. In addition to managing the firm's existing banking book exposure
to interest rates, the new accounting classification will support certain of the Group’s asset liability management objec
tives, e.g. maturity transformation.
The Group reclassified € 3.2 billion of securities held Available for Sale to Held-to-Maturity investments effective Janu
ary 4, 2016. All reclassified assets are high quality Government, supranational and agency bonds and are managed by
Group Treasury as part of the Group's Strategic Liquidity Reserve.
Carrying values and fair values of financial assets reclassified from Available for Sale to Held-to-Maturity
in € m.______________________________
____________
_ ____ ______
_______ ____
__
__ JanM._2016.... ................................... Mar 31. 2016
Carrying
Carrying
Fair
value (CV)
value (CV)
___ Value (FV)
D e b t s e c u ritie s rec la s s ifie d :
G 7 G o v e rn m e n t b on ds
O th e r G o v e rn m e n t, s u p ra n a tio n a l a n d a g e n c y b on ds
Total financial a s s e ts reclassified to Held-to-Maturity
2 ,8 0 9
431
2,802
448
2,871
3,241
3,233
3,319
432
D e utsch e B a nk
Financial Instruments carried at Fair Value
Fair Value Hierarchy
The financial instruments carried at fair value have been categorized under the three levels of the IFRS fair value hier
archy as follows:
Level 1 - Instruments valued using quoted prices in active markets are instruments where the fair value can be
determined directly from prices which are quoted in active, liquid markets and where the instrument observed in the
market is representative of that being priced in the Group's inventory.
These include: government bonds, exchange-traded derivatives and equity securities traded on active, liquid exchanges.
Level 2 - Instruments valued with valuation techniques using observable market data are instruments where the
fair value can be determined by reference to similar instruments trading in active markets, or where a technique is used
to derive the valuation but where all inputs to that technique are observable.
These include: many OTC derivatives: many investment-grade listed credit bonds; some CDS; many collateralized
debt obligations (CDO); and many less-liquid equities.
Level 3 - Instruments valued using valuation techniques using market data which is not directly observable are
instruments where the fair value cannot be determined directly by reference to market-observable information, and
some other pricing technique must be employed. Instruments classified in this category have an element which is
unobservable and which has a significant impact on the fair value.
These include: more-complex OTC derivatives; distressed debt; highly-structured bonds; illiquid asset-backed securi
ties (ABS); illiquid CDO's (cash and synthetic); monoline exposures; some private equity placements: many commer
cial real estate (CRE) loans; illiquid loans; and some municipal bonds.
D e u ts c h e Bank
information on the
Information on the
Carrying value of the financial instruments held at fair value1
Mar 31, 2016
iri € m.
Dec 31. 2015
Quoted
prices in
active
market
(Level 1)
Valuation
technique
observable
parameters
(Level 2)
Valuation
technique
unobservable
parameters
(Level 3)
Quoted
prices in
active
market
(Level 1)
Valuation
technique
observable
parameters
(Level 2}
Valuation
technique
unobservable
parameters
(Level 3)
76,958
76,452
506
85,275
76,636
8.639
12,714
6,521
6,193
90.031
9 3,253
12,751
8 9 .7 1 8
82.869
6 ,6 6 9
313
10,384
6.0 8 2
5,386
566,306
9,599
5 .629
5 0 0 ,5 2 0
9,445
18,852
40,198
30
141,424
84.500
25,815
3,634*
765,530
3,748
4,877
28
30,966
1 8 ,024
86,751
4.4 7 8
4 3 ,2 6 0
2 5 ,4 4 9
4 .8 7 4
49,342
49,305
37
14,441
13,592
850
5,931
Financial a s s e ts held at fair value:
T ra d in g ass e ts
T ra d in g s e c u ritie s
O th e r tra d in g a s s e ts
P o s itiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l
in s tru m e n ts
F in a n c ia l a s s e ts d e s ig n a te d a t fa ir v alue
th ro u g h pro fit o r lo s s
F in a n c ia l a s s e ts a v a ila b le fo r sale
O th e r fin a n c ia l a s s e ts a t fa ir v alue
Total financial a s s e ts held at fair value
0
3 ,1 3 6 2
0
156,943
709,109
31,549
26
26
0
4 0 ,1 8 5
1 2,102
18
4 0 .1 5 4
11.155
18
30
947
0
548,235
7,366
5,528
4 8 0 ,6 6 8
7 .8 7 9
49,689
7,917
4,8372
625,120
3,038
0
(898)4
9,531
2
4 1,797
3 .053
0
8,5 2 2
0
6 ,4 9 2 “
Financial liabilities held a t fair value:
O th e r tra d in g lia b ilitie s
N e g a tiv e m a rk e t v a lu e s fro m d e riv a tiv e fin a n c ia l
in s tru m e n ts
F in a n c ia l lia b ilitie s d e s ig n a te d a t fa ir v alue
th ro u g h pro fit o r loss
In v e s tm e n t c o n tra c t lia b ilitie s "
O th e r fin a n c ia l lia b ilitie s a t fa ir v alue
Total financial liabilities held at fair value
2
0
0
55,275
45,715
549,581
0
(1 ,1 4 6 )'
9,805
1 Amounts in this table are generally presented on a gross basis, in line with the Group's accounting policy regarding offsetting of financial instruments, as described
in Note 1 “Significant Accounting Policies and Critical Accounting Estimates'' of the Annual Report 2015.
2 Predominantly relates to derivatives qualifying for hedge accounting.
;i These are investment contracts where the policy terms and conditions result In their redemption value equaling fair value. See Note 41 "Insurance and investment
Contracts'' of the Annual Report 2015 for more detail on these contracts.
4 Relates to derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated. The
separated embedded derivatives may have a positive or a negative fair value but have been presented in this table to be consistent with the classification of the
host contract. The separated embedded derivatives are held at fair value on a recurring basis and have been split between the fair value hierarchy classifications.
Valuation Techniques
The following is an explanation of the valuation techniques used in establishing the fair value of the different types of
financial instruments that the Group trades.
Sovereign, Quasi-sovereign and Corporate Debt and Equity Securities - Where there are no recent transactions
then fair value may be determined from the last market price adjusted for all changes in risks and information since that
date. Where a close proxy instrument is quoted in an active market then fair value is determined by adjusting the proxy
value for differences in the risk profile of the instruments. Where close proxies are not available then fair value is esti
mated using more complex modeling techniques. These techniques include discounted cash flow models using current
market rates for credit, interest, liquidity and other risks. For equity securities modeling techniques may also include
those based on earnings multiples.
Mortgage- and O ther Asset-Backed Securities (MBS/ABS) include residential and commercial MBS and other ABS
including CDOs. ABS have specific characteristics as they have different underlying assets and the issuing entities
have different capital structures. The complexity increases further where the underlying assets are themselves ABS, as
is the case with many of the CDO instruments.
Where no reliable external pricing is available, ABS are valued, where applicable, using either relative value analysis
which is performed based on similar transactions observable in the market, or industry standard valuation models
incorporating available obseivable inputs. The industry standard external models calculate principal and interest pay
ments for a given deal based on assumptions that can be independently price tested. The inputs include prepayment
D e utsch e Bank
Interim R e p o rt a s o f M a rch 31. 2016
speeds, loss assumptions (timing and severity) and a discount rate (spread, yield or discount margin). These in
puts/assumptions are derived from actual transactions, external market research and market indices where appropriate.
Loans - For certain loans fair value may be determined from the market price on a recently occurring transaction ad
justed for all changes in risks and information since that transaction date. Where there are no recent market transac
tions then broker quotes, consensus pricing, proxy instruments or discounted cash flow models are used to determine
fair value. Discounted cash flow models incorporate parameter inputs for credit risk, interest rate risk, foreign exchange
risk, loss given default estimates and amounts utilized given default, as appropriate. Credit risk, loss given default and
utilization given default parameters are determined using information from the loan or CDS markets, where available
and appropriate.
Leveraged loans can have transaction-specific characteristics which can limit the relevance of market-observed trans
actions. Where similar transactions exist for which observable quotes are available from external pricing services then
this information is used with appropriate adjustments to reflect the transaction differences. When no similar transac
tions exist, a discounted cash flow valuation technique is used with credit spreads derived from the appropriate lever
aged loan index, incorporating the industry classification, subordination of the loan, and any other relevant information
on the loan and loan counterparty.
Over-The-Counter Derivative Financial Instruments - Market standard transactions in liquid trading markets, such as
interest rate swaps, foreign exchange forward and option contracts in G7 currencies, and equity swap and option con
tracts on listed securities or indices are valued using market standard models and quoted parameter inputs. Parameter
inputs are obtained from pricing services, consensus pricing services and recently occurring transactions in active
markets wherever possible.
More complex instruments are modeled using more sophisticated modeling techniques specific for the instrument and
are calibrated to available market prices. Where the model output value does not calibrate to a relevant market refer
ence then valuation adjustments are made to the model output value to adjust for any difference. In less active markets,
data is obtained from less frequent market transactions, broker quotes and through extrapolation and interpolation
techniques. Where observable prices or inputs are not available, management judgment is required to determine fair
values by assessing other relevant sources of information such as historical data, fundamental analysis of the econom
ics of the transaction and proxy information from similar transactions.
Financial Liabilities Designated at Fair Value through Profit or Loss under the Fair Value Option - The fair value of
financial liabilities designated at fair value through profit or loss under the fair value option incorporates all market risk
factors including a measure of the Group’s credit risk relevant for that financial liability. The financial liabilities include
structured note issuances, structured deposits, and other structured securities issued by consolidated vehicles, which
may not be quoted in an active market. The fair value of these financial liabilities is determined by discounting the
contractual cash flows using the relevant credit-adjusted yield curve. The market risk parameters are valued consistent
ly to similar instruments held as assets, for example, any derivatives embedded within the structured notes are valued
using the same methodology discussed in the “Over-The-Counter Derivative Financial Instruments” section above.
Where the financial liabilities designated at fair value through profit or loss under the fair value option are collateralized,
such as securities loaned and securities sold under repurchase agreements, the credit enhancement is factored into
the fair valuation of the liability.
Investment Contract Liabilities - Assets which are linked to the investment contract liabilities are owned by the Group.
The investment contract obliges the Group to use these assets to settle these liabilities. Therefore, the fair value of
investment contract liabilities is determined by the fair value of the underlying assets (i.e., amount payable on surrender
of the policies).
■J
Information on the
Consolidated income Statement
7
Information on the
Analysis of Financial Instruments with Fair Value Derived from Valuation
Techniques Containing Significant Unobservable Parameters (Level 3)
Some of the instruments in level 3 of the fair value hierarchy have identical or similar offsetting exposures to the unob
servable input. However, according to IFRS they are required to be presented as gross assets and liabilities.
Trading Securities - Certain illiquid emerging market corporate bonds and illiquid highly structured corporate bonds
are included in this level of the hierarchy. In addition, some of the holdings of notes issued by securitization entities,
commercial and residential MBS, collateralized debt obligation securities and other ABS are reported here. The de
crease in the period was mainly due to a combination of sales and settlements mostly offset by transfers between
levels 2 and 3 and Purchases,
Positive and Negative Market Values from Derivative Instruments categorized in this level of the fair value hierarchy
are valued based on one or more significant unobservable parameters. The unobservable parameters may include
certain correlations, certain longer-term volatilities, certain prepayment rates, credit spreads and other transactionspecific parameters.
Level 3 derivatives include customized CDO derivatives in which the underlying reference pool of corporate assets is
not closely comparable to regularly market-traded indices; certain tranched index credit derivatives; certain options
where the volatility is unobservable: certain basket options in which the correlations between the referenced underlying
assets are unobservable; longer-term interest rate option derivatives; multi-currency foreign exchange derivatives: and
certain credit default swaps for which the credit spread is not observable. The marginal increase in the period refers to
gains offset by settlements.
Other Trading Instruments classified in level 3 of the fair value hierarchy mainly consist of traded loans valued using
valuation models based on one or more significant unobservable parameters. Level 3 loans comprise illiquid leveraged
loans and illiquid residential and commercial mortgage loans. The marginal increase in the period refers to purchases
and transfers between levels 2 and 3, offset by sales and settlements.
Financial Assets/Liabilities designated at Fair Value through Profit or Loss - Certain corporate loans and structured
liabilities which were designated at fair value through profit or loss under the fair value option are categorized in this
level of the fair value hierarchy. The corporate loans are valued using valuation techniques which incorporate observa
ble credit spreads, recovery rates and unobservable utilization parameters. Revolving loan facilities are reported in the
third level of the hierarchy because the utilization in the event of the default parameter is significant and unobservable.
In addition, certain hybrid debt issuances designated at fair value through profit or loss containing embedded deriva
tives are valued based on significant unobservable parameters. These unobservable parameters include single stock
volatility correlations. The decrease in assets during the period is primarily due to settlements and transfers between
levels 2 and 3. Liabilities are stable due to Issuances offset by settlements and transfers between level 2 and 3.
Financial Assets Available for Sale include non-performing loan portfolios where there is no trading intent and unlist
ed equity instruments where there is no close proxy and the market is very illiquid. Assets are stable due to sales and
settlements offsetting purchases.
D e utsch e B ank
Reconciliation of financial instruments classified in Level 3
Mar 31 2016
in € rn,
Balance,
beginning
of year
Changes in
the group
of consoli
dated com
panies
Total
gains/
losses1
Issuances
Purchases
Sales
Settle
ments3
Transfers
into
Level 3‘!
Transfers
out of
Level 3^
Balance,
end of
period
F in a n cia l asse ts
h eld a t fa ir value:
T rading securities
6 669
0
(189)
441
9 ,445
0
475
6 ,0 8 2
0
(122)
1 ,132
4 .4 7 8
0
(78)
4 ,8 7 4
0
(5 2 )s
0
0
0
3 1 ,5 4 9
0
18
0
7 ,879
0
0
0
3 .0 5 3
0
(1 ,1 4 6 )
0
9 ,8 0 5
0
(583)
0
(341)
935
(412)
6.521
0
(409)
748
(659)
9 .599
(946)
13
(562)
1,053
(458)
6 .1 9 3
0
(50)
39
(478)
42
(204)
3 .748
485
(249)
0
(270)
127
(38)
4 .8 7 7
P o sitive m arke t
v a lu e s fro m
d e riv a tiv e fin a n
cial in stru m e n ts
0
0
O th e r trad ing
asse ts
F in a n cia l asse ts
d e s ig n a te d a t fa ir
va lu e th ro u g h
p ro fit o r loss
F ina ncial asse ts
a va ila b le fo r sale
O th e r financial
a sse ts a t fa ir
value
0
0
0
0
28
0
28
Total fin a n cia l
a sse ts held a t fair
v alue
3 3 6,7
2 ,058
(1,8 28)
52
(2,0 60)
2 ,9 3 3
(1 ,7 7 1 )
3 0 ,9 6 6
F in a n cia l liabilities
held a t fa ir value:
T rading securities
0
0
0
0
7
0
0
0
0
0
0
0
0
567
(194)
55
0
0
0
1
(4 3 4 )67
0
0
567
(776)
0
0
26
N e g a tive m arke t
v alue s fro m
d e riva tive fin a n
cial in stru m e n ts
(291)
(591)
954
(585)
7 .3 6 6
O th e r trad ing
liab ilitie s
0
0
0
0
0
F in a n cia l liab ilitie s
d e sig n a te d a t fa ir
v a lu e th ro u g h
pro fit o r loss
(199)
79
(269)
3 ,038
O th e r financial
lia b ilitie s at fair
v a lu e
(?)
198
(898)
Total financial
lia b ilitie s held a t fair
value
1,026
(656)
9,531
1 Total gains and losses predominantly relate to net gains (losses) on financial assets/liabilities at fair value through profit or loss reported in the consolidated
statement of income. The balance also Includes net gains (losses* on financial assets available for saie reported in the consolidated statement of income and
unrealized net gains (losses) on financial assets available for sale and exchange rate changes reported in other comprehensive income, net of tax. Further, certain
instruments are hedged with instruments in level 1 or level 2 but the table above does not include the gains and losses on these hedging instruments. Additionally,
both observable and unobservable parameters may be used to determine the fair value of an instrument classified within level 3 of the fair value hierarchy; the
gains and losses presented below are attributable to movements in both the observable and unobservable parameters.
•? Issuances relate to the cash amount received on the issuance of a liability and the cash amount paid on the primary issuance of a loan to a borrower.
3 Settlements represent cash flows to settle the asset or liability. For debt and loan instruments this includes principal on maturity, principal amortizations and
principal repayments. For derivatives all cash flows are presented In settlements.
15 Transfers in and transfers out of level 3 are related to changes in observability of input parameters. During the period they are recorded at their fair value at the
beginning of year. For instruments transferred into level 3 the table shows the gains and losses and cash flows on the instruments as if they had been transferred
at the beginning of the year. Similarly for instruments transferred out of level 3 the table does not show any gains or losses or cash flows on the instruments during
the period since the table is presented as if they have been transferred out at the beginning of the year.
5 Total gains and losses on financial assets available for sale include a loss of € 15 million recognized in other comprehensive income, net of tax. and a gain of
€ 2 million recognized in the income statement presented in net gains (losses) on financial assets available for sale.
* This amount includes the effect of exchange rate changes. For total financial assets held at fair value this effect is a loss of € 186 million and for total financial
? liabilities held at fair value this is a gain of € 103 million. The effect of exchange rate changes Is reported in accumulated other comprehensive income, net of tax.
* For assets, positive balances represent gains, negative balances represent losses. For liabilities, positive balances represent losses, negative balances represent
gains.
D e utsch e Bank
Information on the
Consolidated Income Statement - •
Information on the
Mar 31. 2015
in € m.
Balance,
beginning
of year
Changes in
the group
of consoli
dated com
panies
Total
gains/
losses!
Issuances
Purchases
Sales
Settle
ments'
Transfers
into
Level 34
Transfers
out of
Level 3*
Balance,
end of
period
(1,123)
9 ,0 7 8
Financial a s s e ts
held at fair value:
8 ,957
0
7 73
468
9..559
0
1.645
0
4 ,1 9 8
0
398
344
4 .1 5 2
0
496
195
4 ,4 2 7
0
289s
174
0
0
31,294
0
43
0
7
0
0
0
32
6 .5 5 3
0
981
0
0
0
(113)
0
0
0
0
0
0
2 .3 6 6
0
2 08
0
0
157
(717)
0
(195)
916
0
(293)
1 .6 5 2 5
(738)
11,825
94
(132)
213
(296)
4.4 7 0
820
(392)
58
(33)
5.297
(18)
4 .616
P o s itiv e m a rk e t
v a lu e s fro m
c ia l in s tru m e n ts
0
O th e r tra d in g
ass e ts
(351)
F in a n c ia l a s s e ts
p ro fit o r loss
0
F in a n c ia l a s s e ts
a v a ila b le fo r s aie
(100)
0
(2 1 4 )
58
0
0
0
O th e r fin a n c ia l
a s s e ts a t fa ir
v a lu e
Total financial
a s s e ts held a t fair
value
Financial liabilities
held at fair value:
0
3,60178
0
1,181
0
(1,168)
915
(1,225)
0
0
2,896
(2,208)
35,286
42
(6)
117
(981)
7,8 1 8
N e g a tiv e m a rk e t
v a lu e s fro m
c ia l in s tru m e n ts
1 .3 7 7 5
O th e r tra d in g
lia b ilitie s
0
0
0
0
F in a n c ia l lia b ilitie s
p ro fit o r loss
(67)
112
(22)
64
31
14
2.7 5 5
O th e r fin a n c ia l
lia b ilitie s a t fa ir
v a lu e
Total financial
liabilities held a t fair
value
(552)
8,410
0
(55)
0
0
0
0
1,1427 8
0
0
157
(84)
1,562
(996)
(498)
10,192
Total gains and losses predominantly relate to net gains (losses) c-n financial assets/liabilities at fair value through profit or loss reported in the consolidated
statement of income. The balance also Includes net gains (losses) on financial assets available for sale reported in the consolidated statement of income and
unrealized net gains (losses) on financial assets available for sale and exchange rate changes reported in other comprehensive income, net of tax. Further, certain
Instruments are hedged with instruments in level 1 or level 2 but the table above does not include trie gains and losses on these hedging instruments. Additionally,
both observable and unobservable parameters may be used to determine the fair value of an instrument classified within level 3 of the fair value hierarchy; the
gains and losses presented below are attributable to movements in both the observable and unobservable parameters.
' Issuances relate to the cash amount received on the issuance of a liability and the cash amount paid on the primary issuance of a loan to a borrower.
' Settlements represent cash flows to settle the asset or liability. For debt and loan instruments this includes principal on maturity, principal amortizations and
principal repayments.
For derivatives all cash flows are presented in settlements.
* Transfers in and transfers out of level 3 are related to changes in Observability o f input parameters. During the period they are recorded at their fair value at the
beginning of year. For instruments transferred into level 3 the table shows the gains and losses and cash flows on the instruments as if they had been transferred
at the beginning of the year. Similarly for instruments transferred out of level 3 the table does not show any gains or losses or cash flows on the Instruments during
the period since the table is presented as if they have been transferred out at the beginning of the year.
b Amounts have been restated by € 670 million in 'Positive market values from derivative financial instruments1and € 708 million in Negative market values from
derivative financial instruments.
6 Total gains and losses on financial assets available for sale include a gain of € 47 million recognized in other comprehensive Income, net of tax; and a gain of
_€ 10 million recognized in the income statement presented in net gains (losses) on financial assets available for sale.
1 This amount includes the effect of exchange rate changes. For total financial assets held at fair value this effect is a gain of € 716 million and for total financial
„ liabilities held at fair value this is a gain of € 208 million, The effect of exchange rate changes is reported in accumulated other comprehensive income, net of tax.
' For assets, positive balances represent gains, negative balances represent losses. For liabilities, positive balances represent losses, negative balances represent
gains.
D e utsch e B a nk
86
interim Report as o f March 31, 2016
Sensitivity Analysis of Unobservable Parameters
Where the value of financial instruments is dependent on unobservable parameter inputs, the precise level for these
parameters at the balance sheet date might be drawn from a range of reasonably possible alternatives. In preparing
the financial statements, appropriate levels for these unobservable input parameters are chosen so that they are con
sistent with prevailing market evidence and in line with the Group's approach to valuation control detailed above. Were
the Group to have marked the financial instruments concerned using parameter values drawn from the extremes of the
ranges of reasonably possible alternatives then as of March 31, 2016 it could have increased fair value by as much as
€ 1.7 billion or decreased fair value by as much as € 1.5 billion. As of December 31, 2015 it could have increased fair
value by as much as € 2.1 billion or decreased fair value by as much as € 1.5 billion.
This disclosure is intended to illustrate the potential impact of the relative uncertainty in the fair value of financial in
struments for which valuation is dependent on unobservable input parameters. However, it is unlikely in practice that all
unobservable parameters would be simultaneously at the extremes of their ranges of reasonably possible alternatives.
Hence, the estimates disclosed above are likely to be greater than the true uncertainty in fair value at the balance sheet
date. Furthermore, the disclosure is neither predictive nor indicative of future movements in fair value.
For many of the financial instruments considered here, in particular derivatives, unobservable input parameters repre
sent only a subset of the parameters required to price the financial instrument, the remainder being observable. Hence
for these instruments the overall impact of moving the unobservable input parameters to the extremes of their ranges
might be relatively small compared with the total fair value of the financial instrument. For other instruments, fair value
is determined based on the price of the entire instrument, for example, by adjusting the fair value of a reasonable proxy
instrument. In addition, all financial instruments are already carried at fair values which are inclusive of valuation ad
justments for the cost to close out that instrument and hence already factor in uncertainty as it reflects itself in market
pricing. Any negative impact of uncertainty calculated within this disclosure, then, will be over and above that already
included in the fair value contained in the financial statements.
B re a k d o w n o f th e s e n sitiv ity a n a ly s is by ty p e o f in s tru m e n t1
Mar 31, 2016
in € nn.
Positive fair value
movement from using
reasonable possible
alternatives
Negative fair value
movement from using
reasonable possible
alternatives
Dec 31. 2015
Positive fair value
movement from using
reasonable possible
alternatives
Negative fair value
movement from using
reasonable possible
alternatives
Securities:
D e b t securities
C o m m e rcia l m o rtg a g e -b a c k e d s e c u ritie s
M o rtg a g e a n d o th e r a s s e t-b a c k e d s e c u ritie s
C o rp o ra te , so ve re ig n a n d o th e r d e b t s e c u ritie s
E q uity se cu ritie s
174
14
44
116
120
132
13
42
76
83
212
226
215
297
16
177
158
12
11
38
31
161
116
179
105
537
187
157
12
102
489
627
183
131
364
147
471
0
0
1,696
Derivatives:
C redit
Equity
in te re s t related
F oreign e xch a n g e
O th e r
17
13
161
100
271
0
0
539
261
0
0
0
0
1,481
2,144
1,542
Loans:
Loa ns
Other
Total
‘ Where the exposure to an unobservable parameter is offset across different instruments then only the net impact is disclosed in the table.
Interim Report as of March 31; 2018
Basis of Preparation ~ 66
Accountion Principles — 67
information on the
Consolidated Income Statement ~ 73
Information on the
Quantitative Information about the Sensitivity of
Significant Unobservable Inputs
The behavior of the unobservable parameters on Level 3 fair value measurement is not necessarily independent, and
dynamic relationships often exist between the other unobservable parameters and the observable parameters. Such
relationships, where material to the fair value of a given instrument, are explicitly captured via correlation parameters,
or are otherwise controlled via pricing models or valuation techniques. Frequently, where a valuation technique utilizes
more than one input, the choice of a certain input will bound the range of possible values for other inputs. In addition,
broader market factors (such as interest rates, equity, credit or commodity indices or foreign exchange rates) can also
have effects.
The range of values shown below represents the highest and lowest inputs used to value the significant exposures
within Level 3. The diversity of financial instruments that make up the disclosure is significant and therefore the ranges
of certain parameters can be large. For example, the range of credit spreads on mortgage backed securities represents
performing, more liquid positions with lower spreads then the less liquid, non-performing positions which will have
higher credit spreads. As Level 3 contains the less liquid fair value instruments, the wide ranges of parameters seen is
to be expected, as there is a high degree of pricing differentiation within each exposure type to capture the relevant
market dynamics. There follows a brief description of each of the principle parameter types, along with a commentary
on significant interrelationships between them.
Credit Parameters are used to assess the creditworthiness of an exposure, by enabling the probability of default and
resulting losses of a default to be represented. The credit spread is the primary reflection of creditworthiness, and
represents the premium or yield return above the benchmark reference instrument (typically LIBOR, or relevant Treas
ury Instrument, depending upon the asset being assessed), that a bond holder would require to allow for the credit
quality difference between that entity and the reference benchmark. Higher credit spreads will indicate lower credit
quality, and lead to a lower value for a given bond, or other loan-asset that is to be repaid to the Bank by the borrower.
Recovery Rates represent an estimate of the amount a lender would receive in the case of a default of a loan, or a
bond holder would receive in the case of default of the bond. Higher recovery rates will give a higher valuation for a
given bond position, if other parameters are held constant. Constant Default Rate (CDR) and Constant Prepayment
Rate (CPR) allow more complex loan and debt assets to be assessed, as these parameters estimate the ongoing
defaults arising on scheduled repayments and coupons, or whether the borrower is making additional (usually volun
tary) prepayments. These parameters are particularly relevant when forming a fair value opinion for mortgage or other
types of lending, where repayments are delivered by the borrower through time, or where the borrower may pre-pay
the loan (seen for example in some residential mortgages). Higher CDR will lead to lower valuation of a given loan or
mortgage as the lender will ultimately receive less cash.
Interest rates, credit spreads, inflation rates, foreign exchange rates and equity prices are referenced in some option
instruments, or other complex derivatives, where the payoff a holder of the derivative will receive is dependent upon the
behavior of these underlying references through time. Volatility parameters describe key attributes of option behavior
by enabling the variability of returns of the underlying instrument to be assessed. This volatility is a measure of proba
bility, with higher volatilities denoting higher probabilities of a particular outcome occurring. The underlying references
(interest rates, credit spreads etc.) have an effect on the valuation of options, by describing the size of the return that
can be expected from the option. Therefore the value of a given option is dependent upon the value of the underlying
instrument, and the volatility of that instrument, representing the size of the payoff, and the probability of that payoff
occurring. Where volatilities are high, the option holder will see a higher option value as there is greater probability of
positive returns. A higher option value will also occur where the payoff described by the option is significant.
Correlations are used to describe influential relationships between underlying references where a derivative or other
instrument has more than one underlying reference. Behind some of these relationships, for example commodity corre
lation and interest rate-foreign exchange correlations, typically lie macroeconomic factors such as the impact of global
demand on groups of commodities, or the pricing parity effect of interest rates on foreign exchange rates. More specific
relationships can exist between credit references or equity stocks in the case of credit derivatives and equity basket
derivatives, for example. Credit correlations are used to estimate the relationship between the credit performance of a
D e utsch e Bank
interim Report as of March 31.. 2016
range of credit names, and stock correlations are used to estimate the relationship between the returns of a range of
equities. A derivative with a correlation exposure will be either long- or short-correlation. A high correlation suggests a
strong relationship between the underlying references is in force, and this will lead to an increase in value of a iongcorrelation derivative. Negative correlations suggest that the relationship between underlying references is opposing,
i.e., an increase in price of one underlying reference will lead to a reduction in the price of the other.
An EBITDA {‘earnings before interest, tax, depreciation and amortization’) multiple approach can be used in the valua
tion of less liquid securities. Under this approach the enterprise value fE V ) of an entity can be estimated via identifying
the ratio of the EV to EBITDA of a comparable observable entity and applying this ratio to the EBITDA of the entity for
which a valuation is being estimated. Under this approach a liquidity adjustment is often applied due to the difference in
liquidity between the generally listed comparable used and the company under valuation. A higher EV/EBITDA multiple
will result in a higher fair value.
Financial instruments classified in Level 3 and quantitative information about unobservable inputs
Mar 31, 2016
Fair value
Significant unobservable
in € m.
Assets
Liabilities
356
0
Valuation technique(s)1
Range
input(s) (Level 3}
Financial instruments held at fair value held for trading, designated at fair value
and available-for-sale:
M o rtg a g e - and o th e r a s s e t-b a c k e d
se cu ritie s
C o m m e rcia l m o rtg a g e -b a c k e d
se cu ritie s
P ric e based
P rice
0 %
102%
D is c o u n te d c a s h flo w
C re d it s p re a d (bps)
319
1,573
P ric e based
P rice
0 %
177%
se cu ritie s
Total mortgage- and other asset-b ack ed
securities
1 .734
0
2 ,0 9 0
0
4 ,4 7 3
1,387
4 .0 8 8
26
54
1,556
R e c o v e ry ra te
0 %
100 %
C o n s ta n t d e fa u lt rate
0 %
18%
C o n s ta n t p re p a y m e n t rate
0 %
66 %
P rice b ase d
P rice
0 %
235 %
2
1,237
M a rk e t a p p ro a c h
P ric e p e r ne t a s s e t v alue
70 %
100%
■|
18
D e b t se cu ritie s a n d o th e r d e b t o b lig a
tio n s
H eid fo r trad ing
C o rp o ra te , so ve re ig n a n d o th e r d e b t
se cu ritie s o b lig a tio n s
A va ila b le -fo r-sa le
D e sig n a te d a t fa ir value
E q uity se cu ritie s
Held fo r trad ing
D e sig n a te d a t fa ir va lu e
4 ,0 8 6
2 15
172
1,361
1.061
0
E n te rp ris e v a lu e /E B IT D A
344
(m ultiple )
0
20
D is c o u n te d c a s h flow
W e ig h te d a v e ra g e c o s t c a p ita l
8 %
2 2 %
1 2 ,0 7 9
0
P rice b ase d
P rice
0 %
160 %
H eld fo r trading
6 .1 8 8
0
118
4 ,6 1 2
D e signated a t fair va lu e
2 ,9 3 4
0 %
24%
A va ila b ie -fo r-sa ie
2 .9 5 7
R e c o v e ry rate
A v a ila b le -fo r-s a le
L oa ns
Loa n c o m m itm e n ts
697
0
71
O th e r fin a n cia l in stru m e n ts
1,664'"
1 .6 0 7 3 D is c o u n te d c a s h fio w
W
2 1 ,3 6 8
1,103
2 0 %
75%
0 %
100 %
IRR
0 %
23%
85
201
R e po rate (bps.)
Total financial instruments held at fair
value
82 %
6
U tilization
R e c o v e ry rate
Loa n pric in g m odel
25%
3,0 6 4
* Valuation technique(s) and subsequently the significant unobservable input(s) relate to the respective total position.
•' Other financial assets include € 5 million of other trading assets. € 822 million of other financial assets designated at fair value and € 1 0 billion other financial
assets available tor sale.
3 Other fm/noial liabilities include € 1.5 billion of securities sold under repurchase agreements designated at fair value and € 35 million of other financial iiabiiities
designapdsat fair value.
Information on the
D e utsch e Bank
Information on the
Dec 31, 2015
Fair value
in € m,
Assets
Liabilities
Valuation techniques)'
input(s) (Level 3)
Range
Financial instrum ents held at fair value held for trading, designated at fair value
and available-for-sale:
se c u ritie s
C o m m e rc ia l m o rtg a g e -b a c k e d
s e c u ritie s
224
0
P rice based
P rice
0 %
105%
370
1,500
P ric e b ase d
P rice
0 %
111 %
s e c u ritie s
Total m ortgage- and other asset-b ack ed
securities
1,891
0
2,115
0
4,721
1,654
4 ,2 2 9
18
32
2 .0 0 0
0 %
100%
C o n s ta n t d e fa u lt ra te
0 %
24 %
C o n s ta n t p re p a y m e n t ra te
0 %
51 %
0 %
230 %
9
984
70 %
100%
1
18
D e bt s e c u ritie s a n d o th e r d e b t o b lig a
tio n s
H eld fo r tra d in g
P rice b ase d
P rice
M a rk e t a p p ro a c h
P ric e p e r n e t a s s e t v a lu e
C o rp o ra te , s o v e re ig n a n d o th e r d e b t
s e c u ritie s o b lig a tio n s
D e s ig n a te d a t fa ir v alue
E q u ity s e c u ritie s
D e s ig n a te d a t fair va lu e
4 .2 2 9
330
163
1.636
1,248
0
E n te rp ris e v a lu e /E B IT D A
325
(m u ltip le )
0
21
W e ig h te d a v e ra g e c o s t c apital
8 %
1 2 %
12.626
0
P rice b ase d
P rice
0 %
146 %
6 .076
0
103
2 ,787
D e s ig n a te d a t fair v a lu e
3 ,672
0 %
24 %
2 ,879
0
L oa ns
901
84
R e c o v e ry rate
Loa n p ric in g m odel
O th e r fin a n c ia l in s tru m e n ts
Total financial instrum ents held at fair
value
1,394*
2 2 ,104
1 ,3 3 3 s
10 %
82 %
5
1,257
2 0 %
75%
U tiliz a tio n
0 %
100 %
IRR
4%
24 %
R e p o ra te (bps.)
125
277
3,071
1 Valuation technique(s) and subsequently the significant unobservable input(s) relate to the respective total position.
2 Other financial assets include € 6 million of other trading assets, € 523 million of other financial assets designated at fair value and € 765 million other financial
assets available for saie.
3 Other financial liabilities include € 12 billion of securities sold under repurchase agreements designated at fair value and € 84 million of other financial liabilities
designated at fair value.
D e utsch e B ank
90
__________________________________________________ ___________________________________ Mar 31, 2016
Fair value
in € m.
Significant unobsen/abie
Assets
Liabilities
3.711
2 ,467
Valuation technique(s)
input(s) (Level 3) __
D isco u n te d c a sh flow
S w a p ra te (bps)
Range
Financial instruments held at fair value:
M a rk e t valu e s fro m d e riv a tiv e financial
instru m en ts:
In te re st ra te deriva tive s
O p tio n p ricin g m odel
C re d it deriva tive s
2 ,834
1 .7 7 9
D is c o u n te d ca sh flo w
0
715
Infla tion sw a p rate
0 %
7 %
0 %
7 %
2 %
1 2 %
In fla tio n v o la tility
0 %
8 %
In te re s t ra te vola tility
1 %
163 %
IR - IR co rre la tio n
(25) %
85%
H yb rid co rre la tio n
(85) %
99%
R e co ve ry rate
1
7 ,5 0 4
0 %
100 %
C o rre la tio n pricing
E q u ity deriva tive s
FX deriva tive s
O th e r deriva tive s
631
1.504
920
1194
1,293
(2 6 6 )1
m odel
C re d it co rre la tio n
O p tio n pricing m odel
S tock vo la tility
87 %
8 %
90 %
In d e x vola tility
14%
59 %
Index - in d e x c o rre la tio n
46%
92 %
S tock - sto c k c o rre la tio n
5 %
89%
O p tio n p ricin g m odel
V o latility
3%
32%
D isco u n te d ca sh flo w
In d e x v o la tility
C o m m o d ity c o rre la tio n
Total market values from derivative
financial instruments______________________ 9,599
13 %
-
-
7%
50%
(2 1 ) %
8 6 %
6,468
! Includes derivatives which are embedded in contracts where the host contract is held as amortized cost bur for which the embedded derivative is separated.
Dec 31, 2015
Fair value
in € m.
Assets
Liabilities
3 ,7 7 5
2 ,3 3 7
Valuation technique(s)
input(s) (Level 3)
S w a p ra te (bps)
Range
Financial instruments held at fair value
M a rk e t value s fro m d e riv a tiv e fin a n c ia l
instru m en ts:
In te re st rate d e riva tive s
In fla tio n s w a p ra te
O p tio n p ric in g m odel
C re d it deriva tive s
2 ,6 2 6
1,771
915
(2 0 )
8 %
0 %
0 %
6 %
2 %
19%
In fla tio n vola tility
0 %
8 %
In te re s t ra te vola tility
9%
176 %
IR - IR c o rre la tio n
(25) %
100%
H yb rid c o rre la tio n
(70) %
99%
3
8 ,5 2 6
0 %
100 %
R e c o v e ry rate
C o rre la tio n pricing
E q uity d e riva tive s
FX deriva tive s
O th e r deriva tive s
695
1 ,613
736
1,402
1 ,604
m odel
C re d it c o rre la tio n
13%
89%
S tock vo la tility
9 %
89 %
Index vola tility
1 2 %
85 %
In d e x - in d e x c o rre la tio n
45 %
93 %
S to c k - s to c k c o rre la tio n
5%
93 %
V o latility
2 %
24 %
(3 8 0 )1 D is c o u n te d c a s h flo w
O p tio n p ric in g m odel
In d e x v o la tility
C o m m o d ity c o rre la tio n
Total market values from derivative
financial instruments
9,445
-
-
7%
36 %
(2 1 ) %
6 ,7 3 3
1 Includes derivatives which are embedded in contracts where the host contract is held at amortized cost but for which the embedded derivative is separated.
90%
91
Information on the
Consolidated Income Statement ~ '
Information on the
Unrealized Gains or Losses on Level 3 Instruments held or in Issue at the
Reporting Date
The unrealized gains or losses on Level 3 Instruments are not due solely to unobservable parameters. Many of the
parameter inputs to the valuation of instruments in this level of the hierarchy are observable and the gain or loss is
partly due to movements in these observable parameters over the period. Many of the positions in this level of the
hierarchy are economically hedged by instruments which are categorized in other levels of the fair value hierarchy. The
offsetting gains and losses that have been recorded on all such hedges are not included in the table below, which only
shows the gains and losses related to the level 3 classified instruments themselves held at the reporting date in ac
cordance with IFRS 13. The unrealized gains and losses on level 3 instruments are included in both net interest in
come and net gains on financial assets/liabilities at fair value through profit or loss in the consolidated income
statement.
in € m.
Financial a s s e ts held a t fair value:
Trading securities
Positive m arket values from derivative financial instruments
O ther tradina a s s e ts
Financial a s s e ts designated at fair value through profit or loss
Financial a s s e ts available for sale
O ther financial a s s e ts a t fair value
Total financial a s s e ts held at fair value
Financial liabilities held a t fair value:
Trading securities
Negative m arket values from derivative financial instruments
O ther trading liabilities
Financial liabilities designated at fair value through profit or loss
O ther financial liabilities a t fair value
Total financial liabilities held at fair value
Total
Three months ended
Mar 31, 2016
Mar 31. 2015
(149)
628
(28)
(19)
33
0
465
655
1.604
264
342
201
0
3,067
1
274
0
139
(61)
353
(1,007)
819
2,060
2
(375)
(1)
(94)
60
Recognition of Trade Date Profit
If there are significant unobservable inputs used in a valuation technique, the financial instrument is recognized at the
transaction price and any trade date profit is deferred. The table below presents the year-to-year movement of the
trade date profits deferred due to significant unobservable parameters for financial instruments classified at fair value
through profit or loss. The balance is predominantly related to derivative instruments.
in € m.
Balance, beginning of year
New trad es during th e period
Amortization
Matured trades
S u b se q u en t m ove to observability
Exchange rate ch an g es
Balance, end of period
Mar 31, 2016
955
58
(113)
(30)
(65)
(4)
802
Mar 31.2015
973
157
(90)
(55)
(14)
19
991
D e utsch e Bank
Fair Value of Financial Instruments not carried at Fair Value
This section should be read in conjunction with Note 15 “Fair Value of Financial Instruments not carried at Fair Value”
of the Group’s Annual Report 2015.
The valuation techniques used to establish fair value for the Group’s financial instruments which are not carried at fair
value in the balance sheet are consistent with those outlined in Note 14 “Financial Instruments carried at Fair Value" of
the Group's Annual Report 2015. As described in section "Amendments to IAS 39 and IFRS 7, Reclassification of
Financial Assets"’, the Group reclassified certain eligible assets from the trading and available for sale classifications to
loans. The Group continues to apply the relevant valuation techniques set out in Note 14 “Financial Instruments carried
at Fair Value’’ of the Group’s Annual Report 2015 to the reclassified assets.
Other financial instruments not carried at fair value are not managed on a fair value basis, for example, retail loans and
deposits and credit facilities extended to corporate clients. For these instruments fair values are calculated for disclo
sure purposes only and do not impact the balance sheet or income statement. Additionally, since the instruments gen
erally do not trade there is significant management judgment required to determine these fair values.
Estimated fair value of financial instruments not carried at fair value on the balance sheet1
___________________Mar 31, 2016
________ Fair value
in € m._______________________________________________________________ Carrying value
_
______ Dec 31. 2015
Carrying vaiue
Fair value
Financial assets:
C a sh and ce n tra l b an k b a la n c e s
In te rb a n k d e p o sits (w/'o c e n tra l b an ks)
113,040
10,083
113,040
10,083
9 6 ,9 4 0
9 6 ,9 4 0
1 2 .842
12,842
22,987
39.369
424,060
3,233
154.515
22,979
39,369
422,804
3,319
154,485
2 2 .4 5 6
2 2 ,4 5 6
3 3 ,5 5 7
3 3 ,5 5 7
4 2 7 ,7 4 9
4 2 6 ,3 6 5
0
0
101..901
1 0 1 ,8 6 8
559,140
558,799
5 6 6 .9 7 4
5 6 6 ,6 5 2
15,115
2,207
28,477
190.050
151,361
6,112
15,116
2,207
28,473
190,050
149,235
6,176
9 .8 0 3
9 ,803
C e n tra l b an k fu n d s sold a n d s e c u ritie s p u rc h a s e d u n d e r
resale a g re e m e n ts
S e cu ritie s borrow ed
Loa ns
S e c u ritie s heid to m atu rity
O th e r fin a n cia l asse ts
Financial liabilities:
D e posits
C e n tra l b an k fu n d s p u rc h a s e d a n d s e c u ritie s s o ld u n d e r
re p u rch a se a g re e m e n ts
S e cu ritie s loan ed
O th e r sh o rt-te rm b o rro w in g s
O th e r fin a n cia l liabilities
L o n g -te rm deb t
T ru st preferred secu ritie s
3 ,2 7 0
3,270
2 8 .0 1 0
2 8 ,0 0 3
1 49 ,994
1 49 ,994
1 6 0 ,0 1 6
1 60 ,065
7 .0 2 0
7 ,5 1 6
1 Amounts generally presented on a gross basis, in line with the Group's accounting policy regarding offsetting of financial instruments as described in Note 1
’’Significant Accounting Policies and Critical Accounting Estimates'’ of the Group's Annual Report 2015.
D e utsch e B ank
Information on the
Information on the
Offsetting Financial Assets and Financial Liabilities
The Group is eligible to present certain financial assets and financial liabilities on a net basis on the balance sheet
pursuant to criteria described in Note 1 “Significant Accounting Policies and Critical Accounting Estimates: Offsetting
Financial Instruments” of the Group's Annual Report 2015.
The following tables provide information on the impact of offsetting on the consolidated balance sheet, as well as the
financial impact of netting for instruments subject to an enforceable master netting arrangement or similar agreement
as well as available cash and financial instrument collateral.
Assets
Mar 31. 2016
Amounts not set off on the balance sheet
Gross
amounts
of financial
assets
Gross
amounts
set off on
the balance
sheet
18,961
(1.490)
Net amounts
of financial
assets pre
sented on
the balance
sheet
Impact of
Master
Netting
Agreements
Cash
collateral
Financial
instrument
collateral1
Net amount
C e n tra l b a n k fu n d s s old a n d s e c u ritie s
p u rc h a s e d u n d e r re s a le a g re e m e n ts
(e n fo rc e a b le )
17,471
(17,368)
103
C e n tra l b a n k fu n d s s o ld a n d s e c u ritie s
(n o n -e n fo rc e a b le )
5.516
5,516
2 2,136
22* 136
(5.085)
(21,527)
431
S e c u ritie s b o rro w e d (e n fo rc e a b le )
S e c u ritie s b o rro w e d (n o n -e n fo rc e a b le )
17,233
17.233
(17,015)
218
( 12)
(386)
1 74 ,549
(53,608)
(1 4 ,0 8 6 )
2 8 ,3 4 7
609
Fin a n c ia l a s s e ts a t fa ir v a lu e th ro u g h
p ro fit o r loss
1 75 ,417
(470)
1 7 4 ,9 4 7
7 1 4 ,4 6 9
(1 5 3 ,4 3 5 )
561034
0
P o s itiv e m a rk e t v a lu e s fro m d e riv a tiv e
fin a n c ia l in s tru m e n ts (e n fo rc e a b le )
(4 6 4 ,9 9 3 )
fin a n c ia l in s tru m e n ts (n o n -e n fo rc e a b le )
2 0 ,257
0
2 0 ,2 5 7
0
0
0
2 0 ,2 5 7
F in a n c ia l a s s e ts d e s ig n a te d at
fa ir v a lu e th ro u g h p ro fit o r loss
9 8 ,293
(42.046)
5 6 ;247
(2,2 93)
(1 ,0 4 1 )
(46,686)
6,2 2 7
(25.953)
2 4 ,900
F in a n c ia l a s s e ts d e s ig n a te d at
5 0,853
5 0.853
Total fin a n c ia l a s s e ts a t fa ir va lu e th ro u g h
p ro fit o r lo ss____________________
,059,289
L oa ns
4 2 4 ,0 7 8
O th e r a s s e ts
198,466
(1 9 5 ,9 5 1 )
.(18)..
(2 7 .3 7 1 )
8 6 3 ,3 3 8
(4 6 7 ,2 8 6 )
4 2 4 ,0 6 0
1 71 .029
(6 2 .7 8 8 )
(6 .J 6 5 )
3,727
(2,.82.0)
0
2 1 9 ,7 8 7
(54,660)
(87,110)
2 5 4 ,2 8 0
(14,594)
(50,267)
359,199
(153)
0
108.089
(696)
2 18 ,604
(1 9 9 ,0 6 9 )
9 41 ,532
T h e re o f: P o s itiv e m a rk e t v a lu e s fro m
d e riv a tiv e s q u a lify in g fo r hed ge
a c c o u n ting (e n fo rce a b le )
R e m a in in g a s s e ts n o t s u b je c t to nettlnc
Total a s s e ts
9,893
2 1 9 ,7 8 7
1 ,9 6 5 ,3 9 9
Excludes seal estate and other non-financial instrument collateral.
"
...............
(2 2 4 ,8 3 0 )
1 ,7 4 0 ,5 6 9
_ 0_
1487) ~
(53 0 ,0 7 4 )
(6 9 ,8 9 4 )
907
D e utsch e Bank
interim Report as o f March 31, 2018
Liabilities
Mar 31. 2016
in € m.
D e p o sit
Gross
amounts
of financial
liabilities
Gross
amounts
set off on the
balance
sheet
5 5 9 158
(18)
6 ,6 0 0
(2,367)
Net amounts
of financial
liabilities pre
sented on the
balance
sheet
impact of
Master
Netting
Agreements
Cash
collateral
Financial
instrument
collateral
Net amount
5 59 .140
0
0
0
5 5 9 .1 4 0
4.2 3 3
0
0
(4,2 33)
0
4 ,4 3 2
C e n tra i b an k fu n d s p u rch a s e d and
se cu ritie s sold und er re p u rc h a s e
a g re e m e n ts (e n fo rce a b le )
C e ntra! b an k fu n d s p u rch a s e d and
se cu ritie s sold u n d e r re p u rc h a s e
ag re e m e n ts (n o n -e n fo rce a b le )
S e cu ritie s loan ed (enfo rce a b le )
S e cu ritie s loan ed (n o n -e n fo rc e a b le )
1 0 .8 8 2
0
10.882
0
0
(6,4 50)
1 ,9 6 2
0
1,962
0
0
(1.9 62)
0
245
0
245
0
0
(128)
117
0
0
F in a n cia l liab ilitie s a t fa ir v a lu e th ro u g h
pro fit o r loss
T ra d in g liab ilitie s
6 4 ,7 0 9
(899)
6 3 ,8 1 0
6 9 3 ,4 0 5
(1 5 3 ,9 0 5 )
5 3 9 ,4 9 9
0
6 3 ,8 1 0
N e g a tive m a rke t value s fro m d e riv a tiv e
fin a n cia l in stru m e n ts (e n fo rc e a b le )
(46 3 ,0 2 6 )
(54,283)
(22,190)
0
0
(5,6 85)
16,348
0
(1 6 ,8 9 8 )
0
(5 ,6 3 6 )
(2 2 ,7 3 5 )
1 3,094
(5 9 ,9 2 0 )
(6 7 ,5 0 8 )
N e g a tive m a rk e t v a lu e s fro m d e riv a tiv e
fin a n cia l in stru m e n ts (n o n -e n fo rc e a b ie )
2 2 ,0 3 3
0
2 2,033
0
F ina ncial liab ilitie s d e s ig n a te d at
fa ir value th ro u g h pro fit o r loss
(e n fo rce a b le )
5 9 ,4 5 0
(40,269)
19,180
(2,282)
F ina ncial iiab iiitie s d e s ig n a te d a t
fa ir value th ro u g h profit o r loss
(n o n -e n fo rce a b le )
4 1 ,4 6 6
0
4 1 ,4 6 6
0
Total fin a n cia l liab ilitie s a t fa ir v a lu e
9 3 ,2 5 2
th ro u g h pro fit o r loss
881 ,061
(19 5 ,0 7 4 )
6 8 5 ,9 8 8
(4 6 5 ,3 0 8 )
2 4 1 ,0 5 3
(27,371)
2 1 3 ,6 8 2
(6 3 .1 8 3 )
0
0
1 50 ,499
1 0 ,9 5 3
(6,1 65)
4,7 8 7
(4,787)
0
0
0
T he reo f: N e g a tive m a rke t v a lu e s from
d e riv a tiv e s q u a lifyin g fo r h e d g e
a c co u n tin g (enfo rce a b le )
R e m a in in g lia b ilitie s no t s u b je c t
to netting
Total lia b ilitie s
197.891
1 ,8 9 8 ,8 5 3
0
(2 2 4 ,8 3 0 )
197,891
1,674,023
0
(528,491)
0
(59,920)
0
(8 0 ,2 8 1 )
197,891
1,005,331
D e u ts c h e Bank
information on the
Consolidated Income Statement - "
Information on the
Impact of Changes iri
Assets
Dec 31, 2015
in € m.
Gross
amounts
of financial
assets
Gross
amounts
set off on the
balance
sheet
2 1 ,3 0 9
(5 ,1 7 4 )
Net amounts
of financial
assets pre
sented on the
balance
sheet
Impact of
Master
Netting
Agreements
Cash
collateral
16,135
0
0
Financial
instrument
collateral1
Met amount
(16,127)
8
6.321
0
6,321
0
0
(5,910)
411
S e c u ritie s b o rro w e d (e n fo rc e a b le )
13,956
0
13,956
0
0
(13,448)
508
S e c u ritie s b o rro w e d (n o n -e n fo rc e a b le )
19.601
0
19,601
0
0
(18,583)
1,018
0
(12 )
(592)
195,431
(55,896)
(13,218)
2 2,150
F in a n c ia l a s s e ts a t fa ir v a lu e th ro u g h
p ro fit o r lo s s
1 96 ,478
(442)
1 96 ,035
6 1 2 ,4 1 2
(113.977)
4 9 8 ,4 3 5
fin a n c ia l in s tru m e n ts (e n fo rc e a b le )
(4 0 7 ,1 7 1 )
fin a n c ia l in s tru m e n ts (n o n -e n fo rc e a b le )
17.159
0
17,159
0
0
0
17,159
F in a n c ia l a s s e ts d e s ig n a te d a t
8 6 ,596
(3 0 ,8 0 1 )
5 5 ,7 9 6
(2 ,1 4 6 )
(1,1 67)
(44,437)
8,0 4 5
(28,793)
24 .664
F in a n c ia l a s s e ts d e s ig n a te d a t
5 3 .4 5 7
0
5 3 ,4 5 7
0
0
Total fin a n c ia l a s s e ts at fa ir v a lu e th ro u g h
(4 0 9 ,3 1 7 )
p ro fit o r loss
96 6 ,1 0 2
(1 4 5 ,2 1 9 )
8 2 0 ,8 8 3
Loa ns
42 7 .7 6 8
(19)
4 2 7 .7 4 9
O th e r ass e ts
13 4 ,7 4 2
(1 6 .6 0 5 )
118,137
(5 8 ,4 7 8 )
8 ,272
(5,1 37)
3 .1 3 6
(2,4 61)
0
(57.075)
(87,041)
2 6 7 ,4 4 9
(1 4 ,2 9 6 )
(49,117)
3 6 4 ,3 3 5
(7)
0
5 9,652
T h e re o f: P o s itiv e m a rk e t v a lu e s fro m
d e riv a tiv e s q u a lify in g fo r he d g e
a c c o u n tin g (e n fo rc e a b le )
R e m a in in g a s s e ts n o t s u b je c t to nettin g
Total a s s e ts
20 6 .3 4 8
1,7 96,146
Excludes real estate and other non-financial instrument collateral.
0
(1 6 7 ,0 1 6 )
2 0 6 ,3 4 8
1 ,629,130
0
(46 7 ,7 9 5 )
0
0
674
(555)
(549)
205,2.45
(71,933)
(190,775)
89 8 ,6 2 7
D e utsch e Bank
Interim Report as of March 31. 2016
Liabilities
Dec 31, 2015
in € m.
D e p o sit
Gross
amounts
of financial
iiabiiities
Gross
amounts
set off on the
balance
sheet
5 6 6 ,9 9 3
(19)
9 ,0 8 9
(5.135)
Net amounts
of financial
Iiabiiities pre
sented on the
balance
sheet
Impact of
Master
Netting
Agreements
Cash
collateral
Financial
instrument
collateral
Net amount
5 66 .974
0
0
0
56 6 ,9 7 4
3 ,954
0
0
C e n tra l b an k fu n d s p u rch a s e d and
secu ritie s sold un d e r re p u rc h a s e
ag re e m e n ts (e n fo rce a b le )
(3.9 54)
0
719
C e n tra l b a n k fu n d s p u rch a s e d and
s e cu ritie s so ld un d e r re p u rc h a s e
a g re e m e n ts (n o n -e n fo rce a b le )
5.8 4 9
0
5,849
0
0
(5 ; 130)
S e cu ritie s loa n e d (enfo rce a b le )
1,7 9 5
0
1.795
0
0
(1,7 95)
0
S e cu ritie s loa n e d (n o n -e n fo rc e a b le )
1.4 7 5
0
1.475
0
0
(951)
524
0
0
Fin a n cia l lia b ilitie s a t fair va lu e th ro u g h
pro fit o r loss
5 3 ,2 1 5
(910)
5 2,304
588.281
(117.306)
4 7 0 ,9 7 5
0
5 2 ,3 0 4
N e g a tive m a rke t v a lu e s fro m d e riv a tiv e
fin a n cia l in stru m e n ts (e n fo rc e a b le )
(40 3 .2 6 7 )
(5 3 .1 4 9 )
(1 4 ,5 5 9 )
0
0
(2,8 67)
2 0 ,2 3 4
0
(18,657)
0
0
(11,077)
2 1 ,5 3 5
N e g a tive m a rk e t v a lu e s fro m d e riv a tiv e
fin a n cia l in s tru m e n ts (n o n -e n fo rc e a b le )
23,101
0
23,101
0
Fina ncial liab ilitie s d e s ig n a te d a t
fa ir value th ro u g h pro fit o r loss
(enfo rce a b le )
5 0 .6 9 0
(2 9 ,9 2 9 )
20,761
(2.1 05)
F ina ncial liab ilitie s d e s ig n a te d at
fa ir va lu e th ro u g h pro fit o r loss
(n o n -e n fo rce a b le )
3 2 ,6 1 2
0
3 2 ,6 1 2
0
Total fin a n c ia l lia b ilitie s a t fa ir v a lu e
th ro u g h profit o r loss
7 4 7 ,8 9 9
(14 8 ,1 4 5 )
5 9 9 ,7 5 4
(405,372)
1 88 ,723
(13,718)
1 75 .005
(68.626)
0
0
1 06 .379
8 ,615
(2,2 50)
6 ,3 6 5
(6,3 65)
0
0
0
0
2 0 6 ,6 9 9
(5 3 ,1 4 9 )
(4 7 ,1 6 0 )
9 4 ,0 7 3
T he reo f: N e g a tive m a rk e t v a lu e s fro m
d e riv a tiv e s q u a lifyin g fo r h e d g e
a cco u n tin g (enforce able)
R e m a in in g liab ilitie s n o t su b je c t
to netting
Total lia b ilitie s
2 0 6 ,6 9 9
1 ,7 2 8 ,5 2 2
0
(16 7 ,0 1 6 )
2 0 6 ,6 9 9
1,561,506
0
(473,998)
0
(53,149)
(58,990)
9 7 5 ,3 6 8
Detailed information of what is presented in the individual columns are described in Note 18 “Offsetting Financial As
sets and Financial Liabilities” of the Group’s Annual Report 2015.
Information on the
Information on the
Accountlon Principies - 67
interim Report as of March H , 2 0 1 6
Allowance for Credit Losses
Three months ended Mar 31, 2016
Allowance for Loan Losses
in € m.
Allowance for Off-Balance Sheet Positions
individually
assessed
Coliectively
assessed
Subtotal
individually
assessed
Collectively
assessed
Subtotal
Total
2,252
2,776
5,028
144
168
312
5,340
185
107
292
18
13
304
Balance, beginning of y ear
(5)
T h e re o f: (G a in s )/L o s s e s fro m
(4)
(20)
(24)
0
0
0
(24)
N e t c h a rg e -o ffs :
(158)
(452)
(610)
0
0
0
(610)
C h a rg e -o ffs
(166)
(498)
(665)
(665)
d is p o s a l o f im p a ire d loan s
R e c o v e rie s
O th e r c h a n g e s
8
43
2,322
0
0
0
46
55
0
0
0
55
(109)
(66)
(0)
(5)
(6)
(71)
2,322
4,644
161
158
319
4,963
C h an g es com pared to prior year
P ro v is io n fo r c re d it losses
In € m.
In %
93
(12)
81
13
(7)
5
86
102
(10)
39
248
(311)
73
40
(56)
(352)
(408)
0
0
0
(408)
54
354
202
0
0
0
202
N e t c h a rg e -o ffs
In € m.
In %
Three months ended Mar 31, 2016
Allowance for Loan Losses
in € m.
Allowance for Off-Balance Sheet Positions
individually
assessed
Collectively
assessed
Subtotal
individually
assessed
Collectively
assessed
Subtotal
Total
2,364
2,849
5,212
85
141
226
5,439
92
119
211
5
2
7
218
(7)
(103)
0
0
(1 0 0 )
(7)
(2 0 2 )
0
N et ch a rg e -o ffs :
0
(2)
(2)
(7)
(204)
C h a rg e -o ffs
(113)
(1 2 0 )
(233)
0
(236)
Balance, beginning of year
T h e re o f: (G ain s)Z L osses fro m
d is p o s a l o f im p a ire d lo a n s
0
10
21
31
0
(2)
0
(2)
R e c o v e rie s
0
31
O th e r c h a n g e s
70
24
94
3
15
18
112
2,423
2,892
5,315
93
156
249
5,564
C h an g es com pared to prior year
In € m.
(5)
(25)
(30)
0
In %
(5)
(17)
(13)
(8)
2
(5,4 65)
2
(28)
35
(12)
N e t c h a rg e -o ffs
In € m.
In %
418
(80)
(17)
20
401
(67)
0
0
0
0
0
0
401
(67)
Goodwill
Changes in Goodwill
The changes in the carrying amount of goodwill, as well as gross amounts and accumulated impairment losses of
goodwill for the period ended March 31, 2016 are shown below by cash-generating units (“CGU”). As of January 1,
2016, the structure of the primary CGUs has been changed, following the reorganization of business operations under
a new segment structure. Please refer to the “Segment Information” note to the consolidated financial statements for
information regarding changes in the presentation of the segment disclosure.
D e utsch e B a nk
G oodw ill allocated to cash -gen era tin g units
in € m .
Global
Markets
B alance a s of
January 1, 2016
Corporate &
investment
Banking
Private &
Commercial
Clients
Wealth
Manage
ment
Deutsche
Asset
Manage
ment.
Postbank
Non-Core
Operations
Unit1
Others
Total
0
519
0
621
3,749
0
0
1
4,890
0
0
0
0
0
0
0
0
0
G o o d w ill acq u ire d
d u rin g th e year
P u rch a se acco u n tin g
a d ju stm e n ts
0
0
0
0
0
0
0
0
T ra n sfe rs
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
“ held fo r sale"
0
0
0
0
0
0
0
0
Im p a irm e n t losses^
0
0
0
0
0
0
0
0
0
0
0
0
0
R e cla ssifica tio n fro m (to)
“ held fo r sale"
G oo d w ill related to
d isp o sitio n s w ith o u t
b ein g cla ssifie d as
E xch a n g e rate
Balance a s of
March 31, 2016
G ross amount
of goodwill
Accumulated
impairment losses
(158)
0
(1 9 )
0
(2 0 )
0
500
0
601
3,630
0
0
1
4,732
2,477
1,454
999
601
3,630
1,763
662
580
12,166
0
0
(1,763)
(662)
(579)
(7,434)
c h a n g e s /o th e r
(2,477)
(954)
(999)
(119)
1 Includes primary CGUs NCOU Wholesale Assets and NCOU Operating Assets.
- Impairment losses of goodwill are recorded as impairment of goodwill and other intangible assets in the income statement.
In addition to the primary CGUs, the segments GM and NCOU carry goodwill resulting from the acquisition of nonin
tegrated investments which are not allocated to the respective segments’ primary CGUs, Such goodwill is summarized
as “Others" in the table above. The nonintegrated investment in the NCOU consists of Maher Terminals LLC,
Goodwill Impairment Test
For the purposes of impairment testing, goodwill acquired in a business combination is allocated to the CGUs as out
lined above. In a goodwill impairment test, the recoverable amounts of the goodwill-carrying CGUs are compared with
the respective carrying amounts. The recoverable amount is the higher of a CGU's fair value less costs of disposal and
its value in use.
As the implementation of the Group's Strategy 2020 in the first quarter resulted in a reallocation of goodwill between
CGUs, an impairment test was performed as of January 1, 2016. This test did not result in a goodwill impairment.
A review of the significant parameters of that test as of March 31, 2016 confirmed there was no indication that the
remaining goodwill in the primary CGUs was impaired.
Carrying Amount
The carrying amount of a primary CGU is derived using a capital allocation model. The allocation uses the Group’s total
equity at the date of valuation, including Additional Tier 1 Notes (“AT1 Notes”), which constitute unsecured and subor
dinated notes of Deutsche Bank and which are classified as Additional equity components in accordance with IFRS.
Total equity is adjusted for specific effects related to nonintegrated investments, which are tested separately for im
pairment, and for an add-on adjustment for goodwill attributable to noncontrolling interests.
The carrying amount (excluding the AT1 Notes) is allocated to the primary CGUs in a two-step process, which is
aliased with the determination of the recoverable amount. The two-step approach works as follows: Allocation of
gfiareholders’ equity using a solvency-based key first, until the current target of 12.5 % CET1 ratio (CRR/CRD 4 calcu-
Information on the
Consolidated Income Statement
Information on the
lated on a fully loaded basis) is met, and then, if applicable, incremental capital allocation to consider the leverage ratio
requirements. The solvency-based allocation contains the assignment of goodwill (plus the add-on adjustment for
noncontrolling interests) and unamorttzing other intangible assets. Further, it comprises equity allocations based on the
CGU’s relative share of risk-weighted assets, on capital deduction items as well as on regulatory reconciliation items. In
the second step, if applicable, the CGUs receive equity allocations based on their pro-rata leverage ratio exposure
measure relative to the Group. Additionally, noncontrolling interests are considered in the carrying amounts of the
respective primary CGUs.The AT 1 Notes are allocated to the primary CGUs in proportion to their specific leverage ratio
shortfall, with leverage ratio shortfall being a function of the Group's target leverage ratio, the CGU's leverage ratio
exposure measure and the allocated CET1 capital.
The carrying amount for nonintegrated investments is determined on the basis of their respective equity.
Recoverable Am ount
As of January 1, 2016, the Group determined the recoverable amounts of its primary CGUs on the basis of value in use
and employed a discounted cash flow (DCF) model, which reflects the specifics of the banking business and its regula
tory environment. The model calculates the present value of the estimated future earnings that are distributable to
shareholders after fulfilling the respective regulatory capital requirements. The recoverable amounts also include the
value of the AT 1 Notes, allocated to the primary CGUs consistent to their treatment in the carrying amount.
The DCF model uses earnings projections and respective capitalization assumptions (with a Common Equity Tier 1
capital ratio of 12.5 % and a leverage ratio increasing to 5.0 % under CRR/CRD 4 fully loaded definitions) based on
five-year financial plans agreed by management, which are discounted to their present value. Estimating future earn
ings and capital requirements involves judgment and the consideration of past and current performances as well as
expected developments in the respective markets, and in the overall macroeconomic and regulatory environments.
Earnings projections beyond the initial five-year period are, where applicable, adjusted to derive a sustainable level. In
case of a going concern, the cash flow to equity is assumed to increase by or converge towards a constant long-term
growth rate of up to 3.2 %. This is based on projected revenue forecasts of the CGUs as well as expectations for the
development of gross domestic product and inflation, and is captured in the terminal value.
The DCF value of a CGU is sensitive to the cash flow projections, to the discount rate (cost of equity) applied and to
the long-term growth rate. The discount rates applied have been determined based on the capita! asset pricing model
and comprise a risk-free interest rate, a market risk premium and a factor covering the systematic market risk (beta
factor). The values for the risk-free interest rate, the market risk premium and the beta factors are determined using
external sources of information. CGU-specific beta factors are determined based on a respective group of peer com
panies. Variations in all of these components might impact the calculation of the discount rates.
In order to test the resilience of the value in use, key assumptions used in the DCF model (for example, the discount
rate and the earnings projections) are sensitized. Management believes that the only goodwill-carrying CGU, where
reasonable possible changes in key assumptions could cause an impairment loss, is Wealth Management, for which
the value in use exceeded the carrying amount by approximately 6 % or € 0.2 billion. An increase in the (post-tax)
discount rate by approximately 20 basis points, reduced projected future earnings in each period by approximately 3 %,
or a decreased long term growth rate of 2.2 % would cause the value in use of WM to equal its carrying amount. The
recoverable amounts of all remaining, goodwill-carrying primary CGUs were substantially in excess of their respective
carrying amounts.
However, further changes of the Group’s strategy or certain political or global risks for the banking industry, uncertain
ties regarding the implementation of already adopted regulation and the introduction of legislation that is already under
discussion as well as a slowdown of GDP growth may negatively impact the performance forecasts of certain of the
Group's CGUs and, thus, could result in an impairment of goodwill in the future.
D e utsch e B a nk
100
Other Assets and Other Liabilities
Other Assets
in € m.
Mar 31, 2016
Dec 31. 2015
63,732
15,223
5,622
57,461
142,037
2,594
2,976
23,422
171,029
60,421
118,137
Mar31, 2016
Dec 31, 2015
75,463
41,475
4,701
53,773
175,412
2,511
39
35,720
213,682
71.161
B ro ke ra g e and se cu ritie s re la te d re c e iv a b le s
C a sh /m a rg in re ce iva b le s
R e ce iva b le s fro m prim e b ro k e ra g e
P e nding se cu ritie s tra n s a c tio n s p a s t s e ttle m e n t da te
R e ce iva b le s fro m u n se ttle d re g u la r w a y tra d e s
Total b ro ke ra g e and se cu ritie s re la te d re c e iv a b le s
A c c ru e d in te re st receivable
A s s e ts held fo r sale
O th e r
Total other a sse ts
1 0.575
4,221
19,722
9 4 ,9 3 9
2 ,649
3.491
17,058
O th e r Liabilities
in € rn.
B ro ke ra g e and se cu ritie s re la te d p a y a b le s
C a sh /m a rg in p aya bles
P a yables fro m prim e b ro k e ra g e
P e nding secu ritie s tra n s a c tio n s p a s t s e ttle m e n t d ate
P a ya b le s fro m unse ttled re g u la r w a y tra d e s
Total b ro k e ra g e and se cu ritie s re la te d p a y a b le s
A c c ru e d in te re st paya ble
Liab ilities held fo r sale
O ther
Total other liabilities
4 0 ,854
3,8 4 7
18.776
134 .637
2 ,6 0 7
37
3 7.725
175,005
Deposits
in € m.
N o n in te re st-b e a rin g d e m a n d d e p o s its
Mar 31, 2016
Dec 31, 2015
1 8 5 ,6 5 2
192 ,010
In te re st-b e a rin g dep o sits
D e m a n d d ep osits
159 ,322
153 ,559
T im e dep o sits
119,341
1 24 ,196
9 4 ,8 2 5
9 7 ,2 1 0
Total in te re st-b e a rin g d e p o s its
3 7 3 ,4 8 8
3 7 4 .9 6 4
Total deposits
559,140
566,974
S a vin g s de p o sits
D eutsche Bank
in te rim R e port a s o f M a rc h 3 1 2 0 1 6
Information on the
Consolidated income Statement ~ '
Information on the
Provisions
Movements by Class of Provisions
in € m.
Balance a s of January 1, 2016
Home
Savings
Business
Operational
Risk
Civil
Litigations
1,132
315
1,418
0
38
58
3
0
23
4
14
0
271
46
108
Re
structuring
Mortgage
Repurchase
Demands
4,048
656
409
0
35
1
10
0
200
26
4
0
0
0
0
Regulatory
Enforcement
Other1
922
Total
8,900
C h a n g e s in th e g ro u p o f
co n s o lid a te d c o m p a n ie s
N e w p ro v is io n s
A m o u n ts used
U n u se d a m o u n ts re ve rse d
(3)
5 14
136
22
(3)
1,081
271
161
E ffe c ts fro m e x c h a n g e rate
fiu c tu a tio n s /U n w in d o f dis
co u n t
T ra n s fe rs
O th e r
0
0
0
1,109
(7)
0
0
313
(24)
54
0
1,565
(180)
(55)
0
3,837
0
(0)
0
826
(18)
(8)
(237)
0
0
390
(0 )
(1)
0
9,308
0
1,268
1 For the remaining portion of provisions as disclosed on the consolidated balance sheet, please see Note ‘ Allowance for Credit Losses ', in which allowances for
credit related off-balance sheet positions are disclosed.
Classes of Provisions
Home Savings provisions arise out of the home savings business of Deutsche Postbank Group and Deutsche Bank
Bauspar-Aktiengesellschaft. !n home savings, a customer enters into a building loan agreement, whereby the customer
becomes entitled to borrow on a building loan once the customer has on deposit with the lending bank a targeted
amount of money. In connection with the building loan agreement, arrangement fees are charged and interest is paid
on deposited amounts at a rate that is typically lower than that paid on other bank deposits. In the event the customer
determines not to make the borrowing, the customer becomes entitled to a retroactive interest bonus, reflecting the
difference between the low contract savings interest rate and a fixed interest rate, currently substantially above market
rate. The home savings provision relates to the potential interest bonus and arrangement fee reimbursement liability.
The model for the calculation of the potential interest bonus liability includes parameters for the percentage of customer
base impacted, applicable bonus rate, customer status and timing of payment. Other factors impacting the provision
are available statistical data relating to customer behavior and the general environment likely to affect the business in
the future.
Operational provisions arise out of operational risk and exclude civil litigation and regulatory enforcement provisions,
which are presented as separate classes of provisions. Operational risk is the risk of loss resulting from inadequate or
failed internal processes, people and systems, or from external events. The definition used for the purposes of deter
mining operational provisions differs from the risk management definition, as it excludes risk of loss resulting from civil
litigations or regulatory enforcement matters. For risk management purposes, operational risk includes legal risk, as
payments to customers, counterparties and regulatory bodies in civil litigations or regulatory enforcement matters con
stitute loss events for operational shortcomings, but excludes business and reputational risk.
Civil Litigation provisions arise out of current or potential claims or proceedings alleging non-compliance with contrac
tual or other legal or regulatory responsibilities, which have resulted or may result in demands from customers, coun
terparties or other parties in civil litigations.
Regulatory Enforcement provisions arise out of current or potential claims or proceedings alleging non-compliance
with legal or regulatory responsibilities, which have resulted or may result in an assessment of fines or penalties by
governmental regulatory agencies, self regulatory organizations or other enforcement authorities.
Restructuring provisions arise out of restructuring activities. The Group aims to enhance its long-term competitiveness
through major reductions in costs, duplication and complexity in the years ahead. For details see Note 10 ‘'Restructuring”.
D e utsch e B ank
Mortgage Repurchase Demands provisions arise out of Deutsche Bank's U.S. residential mortgage loan business.
From 2005 through 2008, as part of Deutsche Bank's U.S. residential mortgage loan business, Deutsche Bank sold
approximately U.S.$ 84 billion of private label securities and U.S.$71 billion of loans through whole loan sales.
Deutsche Bank has been presented with demands to repurchase loans from or to indemnify purchasers, investors or
financial insurers with respect to losses allegedly caused by material breaches of representations and warranties.
Deutsche Bank's general practice is to process valid repurchase demands that are presented in compliance with con
tractual rights.
As of March 31, 2016, Deutsche Bank has approximately U.S.$ 2.4 billion of mortgage repurchase demands outstand
ing and not subject to agreements to rescind (based on original principal balance of the loans). These demands consist
primarily of demands made in respect of private label securitizations by the trustees or servicers thereof. Against these
outstanding demands, Deutsche Bank recorded provisions of U.S.$ 445 million (€ 390 million) as of March 31, 2016.
Deutsche Bank is the beneficiary of indemnity agreements from the originators or sellers of certain of the mortgage
loans subject to these demands, with respect to which Deutsche Bank has recognized receivables of U.S.$ 109 million
(€ 96 million) as of March 31, 2016. The net provisions against these demands following deduction of such receivables
were U.S.$ 336 million (€ 295 million) as of March 31, 2016.
As of March 31, 2016, Deutsche Bank has completed repurchases, obtained agreements to rescind, settled or rejected
as untimely claims on loans with an original principal balance of approximately U.S.$ 7.3 billion. In connection with
those repurchases, agreements and settlements, Deutsche Bank has obtained releases for potential claims on approx
imately U.S.$ 93.1 billion of loans sold by Deutsche Bank as described above.
Deutsche Bank has entered into agreements with certain entities that have threatened to assert mortgage loan repur
chase demands against Deutsche Bank to toll the relevant statutes of limitations. It is possible that these potential
demands may have a material impact on Deutsche Bank.
Deutsche Bank anticipates that additional mortgage repurchase demands may be made in respect of mortgage loans
that it has sold, but cannot reliably estimate their timing or amount. On June 11, 2015, the New York Court of Appeals
issued a ruling affirming dismissal of mortgage repurchase claims asserted in litigation relating to a residential mort
gage-backed security issued by Deutsche Bank on the grounds that the action was not timely commenced. This deci
sion could impact the extent to which future repurchase demands are made to Deutsche Bank and the likelihood of
success of any such claims. Deutsche Bank did not act as servicer for the loans sold to third parties as whole loans
(which constitute almost half of all U.S. residential mortgage loans sold from 2005 through 2008) and, once sold,
Deutsche Bank ceased to have access to information about their performance. While loan performance is publicly
available on the mortgage loans that Deutsche Bank securitized, no direct correlation has been observed between their
performance and repurchase demands received. Demands have been received on loans that have defaulted, as well
as loans that are current and loans that have been repaid in full.
Other provisions include several specific items arising from a variety of different circumstances, including the provision
for the reimbursement of loan processing fees, deferred sales commissions, provisions for bank levies and a provision
under the credit card business cooperation of Deutsche Bank and Hua Xia Bank Co. Ltd.
Provisions and Contingent Liabilities
The Group recognizes a provision for potential loss only when there is a present obligation arising from a past event
that is probable to result in an economic outflow that can be reliably estimated. Where a reliable estimate cannot be
made for such an obligation, no provision is recognized and the obligation is deemed a contingent liability. Contingent
liabilities also include possible obligations for which the possibility of future economic outflow is more than remote but
less than probable. Where a provision has been taken for a particular claim, no contingent liability is recorded; for
matters or sets of matters consisting of more than one claim, however, provisions may be recorded for some claims,
and contingent liabilities (or neither a provision nor a contingent liability) may be recorded for others.
D e utsch e Bank
Information on the
Information on the
The Group operates in a legal and regulatory environment that exposes it to significant litigation risks. As a result, the
Group is involved in litigation, arbitration and regulatory proceedings and investigations in Germany and in a number of
jurisdictions outside Germany, including the United States, In recent years, regulation and supervision in a number of
areas have increased, and regulators, governmental bodies and others have sought to subject financial services pro
viders to increasing oversight and scrutiny, which in turn has led to additional regulatory investigations and enforce
ment actions which are often followed by civil litigation. This trend has accelerated markedly as a result of the global
financial crisis and the European sovereign debt crisis.
In determining for which of the claims the possibility of a loss is probable, or less than probable but more than remote,
and then estimating the possible loss for those claims, the Group takes into consideration a number of factors, includ
ing but not limited to the nature of the claim and its underlying facts, the procedural posture and litigation history of
each case, rulings by the courts or tribunals, the Group’s experience and the experience of others in similar cases (to
the extent this is known to the Group), prior settlement discussions, settlements by others in similar cases (to the extent
this is known to the Group), available indemnities and the opinions and views of legal counsel and other experts.
The provisions the Group has recognized for civil litigation and regulatory enforcement matters as of March 31, 2016 is
set forth in the table above. For some matters for which the Group believes an outflow of funds is probable, no provi
sions were recognized as the Group could not reliably estimate the amount of the potential outflow.
For the matters for which a reliable estimate can be made, the Group currently estimates that, as of March 31, 2016,
the aggregate future loss of which the possibility is more than remote but less than probable is approximately
€ 1.1 billion for civil litigation matters (December 31, 2015: € 1.4 billion) and € 1.0 billion for regulatory enforcement
matters (December 31, 2015: € 1.0 billion). These figures include matters where the Group's potential liability is joint
and several and where the Group expects any such liability to be paid by a third party. For other significant civil litiga
tion and regulatory enforcement matters, the Group believes the possibility of an outflow of funds is more than remote
but less than probable but the amount is not reliably estimable, and accordingly such matters are not included in the
contingent liability estimates. For still other significant civil litigation and regulatory enforcement matters, the Group
believes the possibility of an outflow of funds is remote and therefore has neither recognized a provision nor included
them in the contingent liability estimates.
This estimated possible loss, as well as any provisions taken, is based upon currently available information and is
subject to significant judgment and a variety of assumptions, variables and known and unknown uncertainties. These
uncertainties may include inaccuracies in or incompleteness of the information available to the Group, particularly at
the preliminary stages of matters, and assumptions by the Group as to future rulings of courts or other tribunals or the
likely actions or positions taken by regulators or adversaries may prove incorrect. Moreover, estimates of possible loss
for these matters are often not amenable to the use of statistical or other quantitative analytical tools frequently used in
making judgments and estimates, and are subject to even greater degrees of uncertainty than in many other areas
where the Group must exercise judgment and make estimates. The estimated possible loss, as well as any provisions
taken, can be and often are substantially less than the amount initially requested by regulators or adversaries or the
maximum potential loss that could be incurred were the matters to result in a final adjudication adverse to the Group.
Moreover, in several regions in which the Group operates, an adversary often is not required to set forth the amount it
is seeking, and where it is, the amount may not be subject to the same requirements that generally apply to pleading
factual allegations or legal claims.
The matters for which the Group determines that the possibility of a future loss is more than remote will change from
time to time, as will the matters as to which a reliable estimate can be made and the estimated possible loss for such
matters. Actual results may prove to be significantly higher or lower than the estimate of possible loss in those matters
where such an estimate was made. In addition, loss may be incurred in matters with respect to which the Group be
lieved the likelihood of loss was remote. In particular, the estimated aggregate possible loss does not represent the
Group’s potential maximum loss exposure for those matters.
The Group may settle litigation or regulatory proceedings or investigations prior to a final judgment or determination of
liability. It may do so to avoid the cost, management efforts or negative business, regulatory or reputational conse
quences of continuing to contest liability, even when the Group believes it has valid defenses to liability. It may also do
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so when the potential consequences of failing to prevail would be disproportionate to the costs of settlement. Further
more, the Group may, for similar reasons, reimburse counterparties for their losses even in situations where it does not
believe that it is legally compelled to do so.
Current Individual Proceedings
Set forth below are descriptions of civil litigation and regulatory enforcement matters or groups of matters for which the
Group has taken material provisions, or for which there are material contingent liabilities that are more than remote, or
for which there is the possibility of material business or reputational risk; similar matters are grouped together and
some matters consist of a number of proceedings or claims. The disclosed matters include matters for which the possi
bility of a loss is more than remote but for which the Group cannot reliably estimate the possible loss.
Esch Funds Litigation. Sal, Oppenheim jr. & Cie, AG & Co. KGaA (“Sal, Oppenheim") was prior to its acquisition by
Deutsche Bank in 2010 involved in the marketing and financing of participations in dosed end real estate funds. These
funds were structured as Civil Law Partnerships under German law. Usually, Josef Esch Fonds-Projekt GmbH per
formed the planning and project development. Sal. Oppenheim held an indirect interest in this company via a jointventure. In relation to this business a number of civil claims have been filed against Sal. Oppenheim. Some but not all
of these claims are also directed against former managing partners of Sal. Oppenheim and other individuals. The
claims brought against Sal. Oppenheim relate to investments of originally approximately € 1.1 billion. After certain
claims have either been dismissed in court or were settled to the effect that no further action will be taken, claims relat
ing to investments of originally approximately € 500 million are still pending. Currently, the aggregate amounts claimed
in the pending proceedings are approximately € 640 million. The investors are seeking to unwind their fund participa
tion and to be indemnified against potential losses and debt related to the investment. The claims are based in part on
an alleged failure of Sal, Oppenheim to provide adequate information on related risks and other material aspects im
portant for the investors' decision. Based on the facts of the individual cases, some courts have decided in favor and
some against Sal. Oppenheim. Appeals are pending. The Group has recorded provisions and contingent liabilities with
respect to these cases but has not disclosed the amounts thereof because it has concluded that such disclosure can
be expected to prejudice seriously their outcome.
FX Investigations and Litigations. Deutsche Bank has received requests for information from certain regulatory and
law enforcement agencies globally who are investigating trading in, and various other aspects of, the foreign exchange
market, Deutsche Bank is cooperating with these investigations. Belatedly, Deutsche Bank is conducting its own inter
nal global review of foreign exchange trading and other aspects of its foreign exchange business.
Deutsche Bank also has been named as a defendant in multiple putative class actions brought in the U.S. District
Court for the Southern District of New York alleging antitrust and U.S. Commodity Exchange Act claims relating to the
alleged manipulation of foreign exchange rates. The complaints in the class actions do not specify the damages sought.
On January 28, 2015, the federal court overseeing the class actions granted the motion to dismiss with prejudice in two
actions involving non-U.S. plaintiffs while denying the motion to dismiss in one action involving U.S. plaintiffs then
pending. Additional actions have been filed since the court's January 28, 2015 order. There are now three actions
pending. The pending consolidated action is brought on behalf of a putative class of over-the-counter traders and a
putative class of central-exchange traders, who are domiciled in or traded in the United States or its territories, and
alleges illegal agreements to restrain competition with respect to and to manipulate both benchmark rates and spot
rates, particularly the spreads quoted on those spot rates; the complaint further alleges that those supposed conspira
cies, in turn, resulted in artificial prices on centralized exchanges for foreign exchange futures and options. A second
action tracks the allegations in the consolidated action and asserts that such purported conduct gave rise to, and re
sulted in a breach of, defendants’ fiduciary duties under the U.S. Employment Retirement Income Security Act of 1974
(ERISA). The third putative class action was filed in the same court on December 21, 2015, by Axiom Investment Advi
sors, LLC alleging that Deutsche Bank rejected FX orders placed over electronic trading platforms through the applica
tion of a' function referred to as “Last Look” and that these orders were later filled at prices less favorable to putative
class tpembers. Plaintiff has asserted claims for breach of contract, quasi-contractual claims, and claims under New
tory law. Deutsche Bank has moved to dismiss the consolidated and Last Look actions and intends to move
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to dismiss the ERISA action in its entirety. The motion to dismiss in the ERISA action is due May 19, 2016. Discovery
has commenced in all three actions.
Deutsche Bank also has been named as a defendant in two Canadian class proceedings brought in the provinces of
Ontario and Quebec. Filed on September 10, 2015, these class actions assert factual allegations similar to those made
in the consolidated action in the United States and seek damages pursuant to the Canadian Competition Act as well as
other causes of action.
The Group has not disclosed whether it has established a provision or contingent liability with respect to these matters
because it has concluded that such disclosure can be expected to prejudice seriously their outcome.
High Frequency Trading/Dark Pool Trading. Deutsche Bank has received requests for information from certain regu
latory authorities related to high frequency trading and the operation of Deutsche Bank's alternative trading system
('ATS” or “Dark Pool”), SuperX. The Bank is cooperating with these requests. The Group has recorded a provision with
respect to this matter. The Group has not disclosed the amount of this provision because it has concluded that such
disclosure can be expected to prejudice seriously the outcome of this matter.
Deutsche Bank was initially named as a defendant in putative class action complaints alleging violations of U.S. securi
ties laws related to high frequency trading, but in their consolidated amended complaint filed September 2, 2014, the
plaintiffs did not include Deutsche Bank as a defendant.
Regulatory Enforcement Matters
Interbank Offered Rates Matters.
. Deutsche Bank has received subpoenas and
requests for information from various regulatory and law enforcement agencies in Europe, North America and
Asia/Pacific, including various U.S. state attorneys general, in connection with industry-wide investigations concerning
the setting of the London Interbank Offered Rate (LIBOR), Euro Interbank Offered Rate (EURIBOR), Tokyo Interbank
Offered Rate (TIBOR) and other interbank offered rates. Deutsche Bank is cooperating with these investigations.
As previously reported, Deutsche Bank reached a settlement with the European Commission on December 4, 2013 as
part of a collective settlement to resolve the European Commission's investigations in relation to anticompetitive con
duct in the trading of Euro interest rate derivatives and Yen interest rate derivatives. Under the terms of the settlement
agreement, Deutsche Bank agreed to pay € 725 million in total. This fine has been paid in full and does not form part of
the Bank’s provisions.
Also as previously reported, on April 23, 2015, Deutsche Bank entered into separate settlements with the U.S. Depart
ment of Justice (DOJ), the U.S. Commodity Futures Trading Commission (CFTC), the U.K. Financial Conduct Authority
(FCA). and the New York State Department of Financial Services (NYSDFS) to resolve investigations into misconduct
concerning the setting of LIBOR, EURIBOR, and TIBOR. Under the terms of these agreements, Deutsche Bank
agreed to pay penalties of U.S.$ 2.175 billion to the DOJ, CFTC and NYSDFS and GBP 226.8 million to the FCA.
These fines have been paid in full and do not form part of the Bank’s provisions, save for U.S. $150 million that is pay
able to the DOJ following the sentencing of DB Group Services (UK) Ltd. as described below. The agreements also
contained provisions requiring various undertakings with respect to Deutsche Bank's benchmark rate submissions in
the future, as well as provisions requiring the appointment of independent corporate monitors. Deutsche Bank was also
required to take further disciplinary action against certain employees who were working at the Bank at the time of the
agreements.
As part of the resolution with the DOJ, Deutsche Bank entered into a Deferred Prosecution Agreement with a threeyear term pursuant to which it agreed (among other things) to the filing of a two-count criminal Information in the U.S.
District Court for the District of Connecticut charging Deutsche Bank with one count of wire fraud and one count of
price-fixing, in violation of the Sherman Act. As part of the agreement, DB Group Services (UK) Ltd. (an indirectly held,
wholly-owned subsidiary of Deutsche Bank) entered into a Plea Agreement with the DOJ. pursuant to which the com
pany pled guilty to a one-count criminal Information filed in the same court and charging the company with wire fraud.
Deutsche Bank has made provision for a U.S.$ 150 million fine, which (subject to court approval) is expected to be paid
by Deutsche Bank pursuant to the Plea Agreement within ten business days of when DB Group Services (UK) Ltd. is
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sentenced. (The U.S.$ 150 million fine is included in the U.S.$ 2.175 billion in total penalties referenced in the immedi
ately preceding paragraph.) DB Group Services (UK) Ltd. currently has a sentencing date of October 7, 2016.
As reported above, Deutsche Bank is subject to an inquiry by a working group of U.S. state attorneys general in rela
tion to the setting of LIBOR, EURIBOR, and TIBOR. The Bank continues to cooperate with the U.S. state attorneys
generals’ inquiry.
Other regulatory investigations of Deutsche Bank concerning the setting of various interbank offered rates remain
ongoing, and Deutsche Bank remains exposed to further regulatory action. The Group has recorded provisions with
respect to certain of the regulatory investigations. The Group has not disclosed the amount of such provisions because
it has concluded that such disclosure can be expected to prejudice seriously the outcome of these regulatory investiga
tions.
Overview of Civil Litigations.
Deutsche Bank is party to 46 civil actions concerning alleged manipulation relating to the
setting of various Interbank Offered Rates which are described in the following paragraphs. Most of the civil actions,
including putative class actions, are pending in the U.S. District Court for the Southern District of New York (SDNY),
against Deutsche Bank and numerous other defendants. All but five of the civil actions were filed on behalf of parties
who allege losses as a result of manipulation relating to the setting of U.S. dollar LIBOR. The five civil actions pending
against Deutsche Bank that do not relate to U.S. dollar LIBOR are also pending in the SDNY, and include two actions
concerning Yen LIBOR and Euroyen TIBOR, one action concerning EURIBOR, one consolidated action concerning
Pound Sterling (GBP) LIBOR and one action concerning Swiss franc (CHF) LIBOR.
With one exception, all of the civil actions pending in the SDNY concerning U.S. dollar LIBOR are being coordinated as
part of a multidistrict litigation (the “U.S. dollar LIBOR MDL"). There is one non-MDL class action concerning U.S. dollar
LIBOR that was dismissed and for which an appeal is pending in the U.S. Court of Appeals for the Ninth Circuit.
Claims for damages for all 46 of the civil actions discussed have been asserted under various legal theories, including
violations of the U.S. Commodity Exchange Act (CEA), federal and state antitrust laws, the U.S. Racketeer Influenced
and Corrupt Organizations Act (RICO), and other federal and state laws. In all but five cases, the amount of damages
has not been formally articulated by the plaintiffs. The five cases that allege a specific amount of damages are individ
ual actions consolidated in the U.S. dollar LIBOR MDL and seek a minimum of more than U.S.$ 1.25 billion in damages
in the aggregate from all defendants including Deutsche Bank. The Group has not disclosed whether it has established
a provision or contingent liability with respect to these matters because it has concluded that such disclosure can be
expected to prejudice seriously their outcome.
U.S. dollar LIBOR.
In a series of decisions between March 2013 and November 2015, the court in the U.S. dollar LI
BOR MDL granted in part and denied in part motions to dismiss addressed to various groups of putative class actions
and direct actions. Generally, the court has permitted certain CEA claims and state law fraud, contract, unjust enrich
ment, and other tort claims to proceed, while dismissing certain CEA claims as time-barred and dismissing all of plain
tiffs’ federal and state law antitrust claims, securities claims, and claims asserted under RICO. The court also has
issued decisions dismissing certain plaintiffs’ claims for lack of personal jurisdiction and on statute of limitations
grounds. Owing to the complexity of the MDL, the court has requested, and the parties have provided, various addi
tional submissions to assist the court in determining precisely which claims have been dismissed in accordance with
the general principles articulated in the court’s August and November 2015 opinions. A further decision is pending.
Certain plaintiffs whose antitrust claims have been dismissed (or who were granted partial final judgment dismissing
their antitrust claims) have pursued an appeal of the court’s antitrust rulings to the U.S. Court of Appeals for the Second
Circuit. That appeal is fully briefed and argued, and a decision is pending. Certain actions in the U.S. dollar LIBOR
MDL have been stayed pending the outcome of the appeal (and other actions have separately been stayed as well). In
addition, plaintiffs in a direct action entirely dismissed pursuant to the court's August 2015 opinion have filed a notice of
Second Circuit.
currently proceeding with respect to three putative class actions in the U.S. dollar LIBOR MDL. brought
by plaintiffs who allegedly (1) transacted in exchange-traded Eurodollar futures and options, (2) traded
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over-the-counter U.S. dollar LIBOR-referencing financial instruments, and (3) originated or purchased loans with inter
est rates tied to U.S. dollar LIBOR. (The plaintiffs in the third action are currently disputing whether their claims against
Deutsche Bank have been dismissed under the court's prior rulings.) A schedule for briefing motions for class certifica
tion in these actions has been set, with briefing presently scheduled to conclude in August 2017.
The court in an additional action concerning U.S. dollar LIBOR that was independently pending in the SDNY, outside of
the U.S. dollar LIBOR MDL, has granted defendants' motions to dismiss. The plaintiff has filed a motion to amend its
complaint, which is pending.
Deutsche Bank also was named as a defendant in a civil action in the Central District of California concerning U.S.
dollar LIBOR. The court granted Deutsche Bank’s motion to dismiss. The plaintiff is currently pursuing an appeal to the
U.S. Court of Appeals for the Ninth Circuit.
Yen LIBOR and Euroyen TIBOR.
There are two separate actions pending in the SDNY concerning the alleged manipu
lation of Yen LIBOR and Euroyen TIBOR. In the first
the court denied in part and granted in part a motion by
the plaintiff to amend his complaint on March 31, 2015. The court denied plaintiffs requests to assert RICO claims
against Deutsche Bank and to add two new named plaintiffs. On February 29, 2016. plaintiff filed a third amended
complaint, including additional factual allegations and expanding the alleged class period. Discovery is ongoing. The
second putative class action (
) was filed in the SDNY on July 24, 2015, and names Deutsche Bank and DB
Group Services (UK) Ltd. as defendants, along with other banks and interdealer brokers. On December 18, 2015,
plaintiffs sewed an amended complaint. Defendants filed a motion to dismiss, which is pending,
(Laydon),
Sonterra
EURIBOR.
Deutsche Bank and DB Group Services (UK) Ltd. are also named as defendants in a putative class action
concerning the alleged manipulation of EURIBOR, pending in the SDNY. A motion to dismiss plaintiffs’ further amend
ed complaint is pending.
Pound Sterling (GBP) LIBOR.
Deutsche Bank was named as a defendant in two separate class actions concerning
alleged manipulation of Pound Sterling (GBP) LIBOR. On February 11, 2016, the court consolidated these two actions
into a single action, and an amended consolidated complaint was filed by plaintiffs on February 24, 2016. Motions to
dismiss the amended consolidated complaint were filed and are in the process of being briefed.
Swiss Franc (CHF) LIBOR.
On June 19, 2015. Deutsche Bank and DB Group Services (UK) Ltd. were named as de
fendants in a putative class action in the SDNY concerning the alleged manipulation of Swiss Franc (CHF) LIBOR.
Motions to dismiss were filed and are pending.
Kaupthing CLN Claims. In June 2012, Kaupthing hf. an Icelandic stock corporation, acting through its winding-up
committee, issued Icelandic law clawback claims for approximately € 509 million (plus costs, as well as interest calcu
lated on a damages rate basis and a late payment rate basis) against Deutsche Bank in both Iceland and England. The
claims relate to leveraged credit linked notes fC L N s ”), referencing Kaupthing, issued by Deutsche Bank to two British
Virgin Island special purpose vehicles (“SPVs”) in 2008. The SPVs were ultimately owned by high net worth individuals.
Kaupthing claims to have funded the SPVs and alleges that Deutsche Bank was or should have been aware that
Kaupthing itself was economically exposed in the transactions. Kaupthing claims that the transactions are voidable by
Kaupthing on a number of alternative grounds, including the ground that the transactions were improper because one
of the alleged purposes of the transactions was to allow Kaupthing to influence the market in its own CDS (credit de
fault swap) spreads and thereby its listed bonds. Additionally, in November 2012, an English law daim (with allegations
similar to those featured in the Icelandic law claims) was commenced by Kaupthing against Deutsche Bank in London.
Deutsche Bank filed a defense in the Icelandic proceedings in late February 2013 and continues to defend the claims.
In February 2014, proceedings in England were stayed pending final determination of the Icelandic proceedings. Addi
tionally, in December 2014, the SPVs and their joint liquidators served Deutsche Bank with substantively similar claims
arising out of the CLN transactions against Deutsche Bank and other defendants in England. The SPVs are also claim
ing approximately € 509 million (plus costs, as well as interest), although the amount of that interest claim is less than
in Iceland. Deutsche Bank has filed a defense in these proceedings and continues to defend them. The SPVs' claims
are not expected to increase Deutsche Bank's overall potential liability in respect of the CLN transactions beyond the
amount already claimed by Kaupthing. The Group has not disclosed whether it has established a provision or contin
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gent liability with respect to these matters because it has concluded that such disclosure can be expected to prejudice
seriously their outcome.
Kirch. The public prosecutors office in Munich (Staatsanwaltschaft Munchen I) has conducted and is currently con
ducting criminal Investigations in connection with the Kirch case with regard to former Management Board members as
well as the current Management Board member Jurgen Fitschen. The Kirch case involved several civil proceedings
between Deutsche Bank AG and Dr. Leo Kirch as well as media companies controlled by him. The key issue was
whether an interview given by Dr. Rolf Breuer, then Spokesman of Deutsche Bank’s Management Board, in 2002 with
Bloomberg television, during which Dr. Breuer commented on Dr. Kirch’s (and his companies') inability to obtain financ
ing, caused the insolvency of the Kirch companies. In February 2014, Deutsche Bank and the Kirch heirs reached a
comprehensive settlement, which has ended all legal disputes between them.
As far as Mr. Fitschen and former Management Board member Dr. Stephan Leithner are concerned, the allegations of
the public prosecutor are that Mr. Fitschen and Mr, Leithner failed to correct in a timely manner factual statements
made by Deutsche Bank's litigation counsel in submissions filed in one of the civil cases between Kirch and Deutsche
Bank AG before the Munich Higher Regional Court and the Federal Court of Justice, after allegedly having become
aware that such statements were not correct.
The main investigation involving Mr. Fitschen and four former Management Board members has been concluded and
an indictment against all accused was filed on August 6, 2014. The court ordered the secondary participation of
Deutsche Bank AG, which could have resulted in the imposition of a monetary fine on the Bank. On April 25, 2016 the
Munich District Court acquitted Mr. Fitschen and the four former Management Board members. Further, the court
acquitted the Bank. The public prosecutor may file an appeal until May 2, 2016. An appeal would be limited to a review
of legal errors rather than facts.
The investigation involving former Management Board member Dr. Stephan Leithner is ongoing. Deutsche Bank is fully
cooperating with the Munich public prosecutor’s office.
The Group does not expect these proceedings to have significant economic consequences for it and has not recorded
a provision or contingent liability with respect thereto.
KOSPI Index Unwind Matters. Following the decline of the Korea Composite Stock Price Index 200 (the “KOSPI 200")
in the closing auction on November 11, 2010 by approximately 2,7 %, the Korean Financial Supervisory Service (“FSS”)
commenced an investigation and expressed concerns that the fall in the KOSPI 200 was attributable to a sale by
Deutsche Bank of a basket of stocks, worth approximately € 1,6 billion, that was held as part of an index arbitrage
position on the KOSPI 200. On February 23, 2011. the Korean Financial Services Commission, which oversees the
work of the FSS, reviewed the FSS' findings and recommendations and resolved to take the following actions: (i) to file
a criminal complaint to the Korean Prosecutor’s Office for alleged market manipulation against five employees of the
Deutsche Bank group and Deutsche Bank's subsidiary Deutsche Securities Korea Co. (DSK) for vicarious corporate
criminal liability; and (ii) to impose a suspension of six months, commencing April 1,2011 and ending Septem
ber 30, 2011, of DSK’s business for proprietary trading of cash equities and listed derivatives and DMA (direct market
access) cash equities trading, and the requirement that DSK suspend the employment of one named employee for six
months. There was an exemption to the business suspension which permitted DSK to continue acting as liquidity pro
vider for existing derivatives linked securities. On August 19, 2011, the Korean Prosecutor’s Office announced its deci
sion to indict DSK and four employees of the Deutsche Bank group on charges of spot/futures linked market
manipulation. The criminal trial commenced in January 2012. On January 25, 2016, the Seoul Centra! District Court
rendered a guilty verdict against a DSK trader and a guilty verdict against DSK. A criminal fine of KRW 1.5 billion (less
than € 2.0 million) was imposed on DSK. The Court also ordered forfeiture of the profits generated on the underlying
trading activity. The Group disgorged the profits on the underlying trading activity in 2011. The criminal trial verdict has
been appealed by both the prosecutor and the defendants.
/
In addition, a number of civil actions have been filed in Korean courts against Deutsche Bank and DSK by certain
j)^'rties who allege they incurred losses as a consequence of the fall in the KOSPI 200 on November 11, 2010. First
rt decisions were rendered against the Bank and DSK in some of these cases starting in the fourth quarter
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of 2015. The outstanding known claims have an aggregate claim amount of less than € 80 million (at present exchange
rates). The Group has recorded a provision with respect to these outstanding civil matters. The Group has not dis
closed the amount of this provision because it has concluded that such disclosure can be expected to prejudice seri
ously the outcome of these matters.
Regulatory and Governmental Matters.
Mortgage-Related and Asset-Backed Securities Matters and Investigation.
Deutsche Bank, along with certain affiliates (collectively referred in these paragraphs to as "Deutsche Bank”), have
received subpoenas and requests for information from certain regulators and government entities, including members
of the Residential Mortgage-Backed Securities Working Group of the U.S. Financial Fraud Enforcement Task Force,
concerning its activities regarding the origination, purchase, securitization, sale and/or trading of mortgage loans, resi
dential mortgage-backed securities (RMBS), commercial mortgage-backed securities (CMBS), collateralized debt
obligations, other asset-backed securities and credit derivatives. Deutsche Bank is cooperating fully in response to
those subpoenas and requests for information. The Group has recorded provisions with respect to some of the regula
tory investigations but not others. The Group has not disclosed the amount of these provisions because it has conclud
ed that such disclosure can be expected to prejudice seriously the outcome of these regulatory investigations.
Issuer and Underwriter Civil Litigation.
Deutsche Bank has been named as defendant in numerous civil litigations
brought by private parties in connection with its various roles, including issuer or underwriter, in offerings of RMBS and
other asset-backed securities. These cases, described below, include putative class action suits, actions by individual
purchasers of securities and actions by trustees on behalf of RMBS trusts. Although the allegations vary by lawsuit,
these cases generally allege that the RMBS offering documents contained material misrepresentations and omissions,
including with regard to the underwriting standards pursuant to which the underlying mortgage loans were issued, or
assert that various representations or warranties relating to the loans were breached at the time of origination. The
Group has recorded provisions with respect to several of these civil cases, but has not recorded provisions with respect
to all of these matters. The Group has not disclosed the amount of these provisions because it has concluded that such
disclosure can be expected to prejudice seriously the outcome of these matters.
Deutsche Bank is a defendant in a putative class action relating to its role, along with other financial institutions, as
underwriter of RMBS issued by Novastar Mortgage Corporation. No specific damages are alleged in the complaint. On
February 5, 2015, the court issued an order vacating its prior decision that had dismissed five of six RMBS offerings
from the case. The court ordered the plaintiffs to amend the operative complaint to include the previously dismissed
offerings. On March 9, 2015, the lead plaintiff filed its third amended complaint pursuant to the court’s February 5, 2015
order. Discovery in the action is ongoing.
Deutsche Bank currently is a defendant in various non-class action lawsuits by alleged purchasers of, and counterpar
ties involved in transactions relating to, RMBS, and their affiliates, including: (1)Aozora Bank, Ltd. (alleging
U.S.$ 61 million in damages attributable to Deutsche Bank): (2) the Federal Deposit Insurance Corporation (FDIC) as
receiver for: (a) Colonial Bank (in one of two separate actions, alleging no less than U.S.$ 189 million in damages in
the aggregate against all defendants), (b) Franklin Bank S.S.B., (c) Guaranty Bank (alleging no less than
U.S.$901 million in damages in the aggregate against all defendants), and (d) Citizens National Bank and Strategic
Capital Bank (in one of two separate actions, alleging no less than U.S.$ 66 million in damages in the aggregate
against all defendants); (3) the Federal Home Loan Bank of San Francisco; (4) Phoenix Light SF Limited (as purported
assignee of claims of special purpose vehicles created and/or managed by former WestLB AG); and (5) Royal Park
Investments (as purported assignee of claims of a special-purpose vehicle created to acquire certain assets of Fortis
Bank). Unless otherwise indicated, the complaints in these matters did not specify the damages sought.
On January 14, 2015, the court granted Deutsche Bank's motion to dismiss the action brought against it by Aozora
Bank, Ltd., relating to a collateralized debt obligation identified as Blue Edge ABS CDO, Ltd. On March 30. 2016, the
Appellate Division affirmed the lower court's dismissal. Deutsche Bank also is a defendant, along with UBS AG and
affiliates, in an action brought by Aozora Bank, Ltd. Defendants have appealed the court's order and have moved to
stay the action pending the appeal.
In 2012, the FDIC, as receiver for Colonial Bank, Franklin Bank S.S.B., Guaranty Bank, Citizens National Bank and
Strategic Capital Bank, commenced several actions in different federal courts asserting claims under Sections 11 and
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12(a)(2) of the Securities Act of 1933, as well as Article 581-33 of the Texas Securities Act, against several underwrit
ers, including Deutsche Bank, Each of these actions has been dismissed as time-barred. The FDIC has appealed
these rulings to the Second, Fifth and Ninth Circuits Courts of Appeal. The appeals in the Second and Ninth Circuits
Courts of Appeal are pending. On August 10, 2015, the Court of Appeals for the Fifth Circuit reversed the district
court’s dismissal of the FDIC’s claims as time-barred. On August 24, 2015, Deutsche Bank and the other defendants
filed a petition for rehearing en banc in that action. On September 11, 2015, the Court of Appeals for the Fifth Circuit
denied that petition. On December 10, 2015, Deutsche Bank and other defendants filed a petition for a writ of
to the United States Supreme Court challenging the Court of Appeals for the Fifth Circuit's reversal of the district court's
dismissal of the case. On March 28, 2016, the United States Supreme Court denied the petition. Discovery is ongoing.
certiorari
On January 22, 2015, pursuant to a confidential settlement agreement with Deutsche Bank, the Federal Home Loan
Bank of San Francisco dismissed with prejudice claims that it had filed against Deutsche Bank relating to seven RMBS
offerings. On January 26, 2015, pursuant to a confidential agreement between the Federal Home Loan Bank of San
Francisco and Countrywide, the Federal Home Loan Bank of San Francisco entered an order dismissing with prejudice
claims brought against Deutsche Bank by the Federal Home Loan Bank of San Francisco relating to 15 offerings is
sued by entities affiliated with Countrywide. Deutsche Bank’s understanding is that the dismissal with respect to these
15 offerings was pursuant to a confidential settlement agreement to which Deutsche Bank was not a party. Deutsche
Bank remains a defendant in the case with respect to one RMBS offering and two offerings described as
resecuritizations of RMBS certificates. No specific damages are alleged in the complaint. The case is in expert discov
ery. Deutsche Bank's trial is scheduled for December 6, 2016.
Residential Funding Company has brought a repurchase action against Deutsche Bank for breaches of representa
tions and warranties on loans sold to Residential Funding Company and for indemnification for losses incurred as a
result of RMBS-related claims and actions asserted against Residential Funding Company. The complaint did not
specify the amount of damages sought. On June 8, 2015, the court denied Deutsche Bank's motion to dismiss certain
of the claims. Also on June 8, 2015, Deutsche Bank moved to dismiss other claims. On September 29, 2015, the court
denied Deutsche Bank’s second motion to dismiss. Discovery is ongoing.
In March 2012, RMBS Recovery Holdings 4, LLC and VP Structured Products. LLC brought an action in New York
state court against Deutsche Bank alleging breaches of representations and warranties made by Deutsche Bank con
cerning the mortgage loans in the ACE Securities Corp. 2006-SL2 RMBS offering. The complaint did not specify the
amount of damages sought. On May 13, 2013, the court denied Deutsche Bank’s motion to dismiss the action as timebarred. On December 19, 2013, the appellate court reversed the lower court's decision and dismissed the case. On
June 11, 2015, the New York Court of Appeals affirmed the appellate court’s dismissal of the case. The court found
that plaintiff’s cause of action accrued more than six years before the filing of the complaint and was therefore barred
by the statute of limitations. On March 29, 2016, the court dismissed a substantially similar action commenced by
HSBC as trustee, which may be appealed.
Deutsche Bank was named as a defendant in a civil action brought by the Charles Schwab Corporation seeking rescis
sion of its purchase of a single Countrywide-issued RMBS certificate. In the fourth quarter of 2015, Bank of America,
which indemnified Deutsche Bank in the case, reached an agreement to settle the action with respect to the single
certificate at issue for Deutsche Bank. On January 25, 2016, the Charles Schwab Corporation filed a request for dis
missal with prejudice as to Deutsche Bank Securities Inc. On March 16, 2016, the court finalized the dismissal of
Deutsche Bank Securities Inc. as a defendant.
Deutsche Bank was named as a defendant in a FINRA arbitration brought by the Knights of Columbus ("Knights")
alleging fraud, negligence, violation of state securities law, and violations of industry rules and practice in connection
with six third-party offerings underwritten by Deutsche Bank. On February 22, 2016, Deutsche Bank and Knights exe
cuted an agreement to settle the matter, and on March 26, 2016. the arbitration was dismissed with prejudice. The
financial therms of the settlement are not material to Deutsche Bank.
DeutOTieiSank and Amherst Advisory & Management LLC (Amherst) reached an agreement on February 12, 2016 to
-propose settlement agreements to HSBC Bank USA, National Association (HSBC) to resolve breach of contract ac
tions relating to five RMBS trusts. Pursuant to the agreements with Amherst, on February 17, 2016 Amherst requested
/
V
D e utsch e Bank
Information on the
Consolidated Income Statement ~ '
Information on the
Consolidated Balance S h eet- 7 6
that HSBC conduct a vote of certificate holders for each of the trusts concerning the approval or rejection of the pro
posed settlements. On February 18. 2012, Deutsche Bank and Amherst executed a settlement agreement. During the
week of February 22, 2016, HSBC published a notice to certificate holders of its receipt of the settlement agreement
and advised the certificate holders that the settlement expires on May 12, 2016, however this deadline may be extend
ed. A substantial portion of the settlement funds that would be paid by Deutsche Bank with respect to one of the five
trusts, if the proposed settlement is consummated as to that trust, would be reimbursed by a non-party to that litigation.
The net economic impact of the settlements was already reflected in prior periods.
On February 3, 2016, Lehman Brothers Holding, Inc. instituted an adversary proceeding in United States Bankruptcy
Court for the Southern District of New York against, among others, MortgagelT, Inc. (MIT) and Deutsche Bank AG, as
alleged successor to MIT, asserting breaches of representations and warranties set forth in certain 2003 and 2004 loan
purchase agreements concerning 63 mortgage loans that MIT sold to Lehman, which Lehman in turn sold to the Fed
eral National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
The complaint seeks indemnification for losses incurred by Lehman in connection with settlements entered into with
Fannie Mae and Freddie Mac as part of the Lehman bankruptcy proceedings to resolve claims concerning those loans.
No specific damages are alleged in the complaint The time to respond to the complaint has not yet expired.
In the actions against Deutsche Bank solely as an underwriter of other issuers' RMBS offerings, Deutsche Bank has
contractual rights to indemnification from the issuers, but those indemnity rights may in whole or in part prove effective
ly unenforceable where the issuers are now or may in the future be in bankruptcy or otherwise defunct.
Deutsche Bank has entered into agreements with certain entities that have threatened to assert claims against
Deutsche Bank in connection with various RMBS offerings and other related products to toll the relevant statutes of
limitations. It is possible that these potential claims may have a material impact on Deutsche Bank. In addition,
Deutsche Bank has entered into settlement agreements with some of these entities, the financial terms of which are
not material to Deutsche Bank.
Trustee Civil Litigation.
Deutsche Bank National Trust Company (“DBNTC”) and Deutsche Bank Trust Company Amer
icas (“DBTCA") have been sued by investors in civil litigation concerning their rote as trustees of certain RMBS trusts.
On June 18, 2014, a group of investors, including funds managed by BiackRock Advisors, LLC, PIMCO-Advisors, L.P.,
and others, filed a derivative action against DBNTC and DBTCA in New York State Supreme Court purportedly on
behalf of and for the benefit of 544 private-label RMBS trusts asserting claims for alleged violations of the U.S. Trust
Indenture Act of 1939 (TIA), breach of contract, breach of fiduciary duty and negligence based on DBNTC and
DBTCA’s alleged failure to perform their duties as trustees for the trusts. Plaintiffs subsequently dismissed their state
court complaint and filed a derivative and class action complaint in the U.S. District Court for the Southern District of
New York on behalf of and for the benefit of 564 private-label RMBS trusts, which substantially overlapped with the
trusts at issue in the state court action. The complaint alleges that the trusts at issue have suffered total realized collat
eral losses of U.S.$ 89.4 billion, but the complaint does not include a demand for money damages in a sum certain.
DBNTC and DBTCA filed a motion to dismiss, and on January 19, 2016, the court partially granted the motion on pro
cedural grounds: as to the 500 trusts that are governed by Pooling and Servicing Agreements, the court declined to
exercise jurisdiction. The court did not rule on substantive defenses asserted in the motion to dismiss. On March 22,
2016, plaintiffs filed an amended complaint in federal court. In the amended complaint, plaintiffs assert claims in con
nection with 62 trusts governed by Indenture Agreements. The amended complaint alleges that the trusts at issue have
suffered total realized collateral losses of U.S. $9.8 billion, but the complaint does not include a demand for money
damages in a sum certain. DBNTC and DBTCA will have an opportunity to file new defensive motions with respect to
the amended complaint. Discovery is ongoing.
On March 25, 2016, the BiackRock plaintiffs filed a state court action in the Superior Court of California, Orange County
that involves 513 trusts governed by Pooling and Servicing Agreements, alleging three causes of action: breach of
contract; breach of fiduciary duty; and breach of the duty to avoid conflicts of interest. Plaintiffs purport to bring the
action on behalf of themselves and all other current owners of certificates in the 513 trusts. The complaint currently
names only DBTCA as a defendant, even though DBNTC is the trustee for 512 of the 513 trusts. The complaint alleges
that the trusts at issue have suffered total realized collateral losses of U.S,$ 85.1 billion, but the complaint does not
D e utsch e B a nk
include a demand for money damages in a sum certain. DBTCA has not yet been served with the complaint. Discovery
has not yet commenced.
On June 18. 2014, Royal Park Investments SA/NV filed a class and derivative action complaint on behalf of investors in
ten RMBS trusts against DBNTC in the U.S. District Court for the Southern District of New York asserting claims for
alleged violations of the TIA, breach of contract and breach of trust based on DBNTC's alleged failure to perform its
duties as trustee for the trusts. Royal Park’s complaint alleges that the total realized losses of the ten trusts amount to
over U.S.$3.1 billion, but does not allege damages in a sum certain. On February 3, 2016, the court granted in part
and dismissed in part plaintiffs’ claims: the court dismissed plaintiffs TIA claim and its derivative theory and denied
DBNTC's motion to dismiss the breach of contract and breach of trust claims. Discovery is ongoing.
On November 7, 2014, the National Credit Union Administration Board (“NCUA''), as an investor in 121 RMBS trusts,
filed a complaint in the U.S. District Court for the Southern District of New York against DBNTC as trustee of those
trusts, alleging violations of the TIA and the New York Streit Act for DBNTC's alleged failure to perform certain purport
ed statutory and contractual duties. On March 5, 2015, NCUA amended its complaint to assert claims as an investor in
97 of the 121 RMBS trusts that were the subject of its first complaint. The amended complaint alleges violations of the
TIA and Streit Act, as well as breach of contract, breach of fiduciary duty, negligence, gross negligence, negligent
misrepresentation, and breach of the covenant of good faith. NCUA’s complaint alleges that the trusts at issue have
suffered total realized collateral losses of U.S.$ 17.2 billion, but the complaint does not include a demand for money
damages in a sum certain. DBNTC filed a motion to dismiss that is fully briefed but not yet decided. Discovery is stayed.
On December 23, 2014, certain CDOs (collectively, "Phoenix Light SF Limited”) that hold RMBS certificates issued by
21 RMBS trusts filed a complaint in the U.S. District Court for the Southern District of New York against DBNTC as
trustee of the trusts, asserting claims for violation of the TIA and the Streit Act, breach of contract, breach of fiduciary
duty, negligence, gross negligence, and negligent misrepresentation, based on DBNTC's alleged failure to perform its
duties as trustee for the trusts. On April 10, 2015, the CDOs filed an amended complaint relating to an additional
34 trusts (for a total of 55 trusts), and they amended their complaint for a second time on July 15, 2015 to include addi
tional allegations. The CDOs allege that DBNTC is liable for over U.S. $ 527 million of damages. Discovery is stayed.
On February 2, 2016, the court entered a stipulation signed by the parties to dismiss with prejudice claims relating to
four of the 55 trusts. DBNTC filed a motion to dismiss. On March 29, 2016, the court granted in part and denied in part
DBNTC’s motion to dismiss. The court allowed the majority of plaintiffs’ breach of contract claims to proceed. The court
denied DBNTC’s motion to dismiss breach of fiduciary duty claims. The court granted the motion to dismiss to the
extent that negligence claims were duplicative of breach of contract claims but denied the motion to dismiss to the
extent plaintiffs alleged DBNTC violated extra-contractual duties. In addition, the court dismissed breach of the implied
covenant of good faith and fair dealing claims. The court also denied the motion to dismiss claims for alleged violations
of Sections 315(b) and 315(c) of the TIA, but dismissed claims under Section 316(b). Finally, the court dismissed the
plaintiffs’ Streit Act claim. DBNTC's answer to the amended complaint is currently due on May 13, 2016. Discovery is
ongoing.
On March 24. 2015, the Western and Southern Life Insurance Company and five related entities (collectively “West
ern & Southern’’), as investors in 18 RMBS trusts, filed a complaint in the Court of Common Pleas, Hamilton County,
Ohio, against DBNTC as trustee for 12 of those trusts, asserting claims for violation of the TIA and the Streit Act,
breach of contract, breach of fiduciary duty, negligence, gross negligence, negligent misrepresentation, and breach of
the covenant of good faith and fair dealing, based on DBNTC’s alleged failure to perform its duties as trustee for the
trusts. Western & Southern alleges that it purchased certificates of the trusts with a face value of more than
U.S.$ 220 million and that the trusts at issue have suffered total realized collateral losses of U.S.$ 1 billion, but the
complaint does not include a demand for money damages in a sum certain. DBNTC filed a motion to dismiss based
upon lack of personal jurisdiction and forum non conveniens; a motion to stay the case pending the resolution of similar
actions in New York against DBNTC: and a motion to sever the claims against DBNTC from those against its co
defendant. On November 5, 2015, the court denied DBNTC’s motion to dismiss and motion to stay the case but grant
ed DBNTC's motion to sever. After DBNTC's first motion to dismiss was decided, DBNTC filed another motion to dis
miss, thfe ,time for failure to state a claim. That motion to dismiss is fully briefed but not yet decided. Discovery is
Information on the
Consolidated income Statement - 7 3
Information on the
On December 23. 2015, Commerzbank AG (“Commerzbank"), as an investor in 50 RMBS trusts, filed a complaint in
the U.S. District Court for the Southern District of New York against DBNTC as trustee of the trusts, asserting claims for
violations of the TIA and New York’s Streit Act, breach of contract, breach of fiduciary duty, negligence, and breach of
the covenant of good faith, based on DBNTC’s alleged failure to perform its duties as trustee for the
trusts. Commerzbank alleges that DBNTC caused it to suffer "hundreds o f millions of dollars in losses,” but the com
plaint does not include a demand for money damages in a sum certain. This case and the Phoenix Light case were
assigned to the same judge. The judge stayed this case until after he adjudicates DBNTC's motion to dismiss in the
Phoenix Light action, at which time Commerzbank will be given an opportunity to amend its complaint. On March 29,
2016, the judge issued a decision on DBNTC's motion to dismiss in the Phoenix Light action, but the judge has not
lifted the stay in the Commerzbank case. Discovery has not yet commenced.
On December 30, 2015, IKB International, S.A. in Liquidation and IKB Deutsche Industriebank A.G, (collectively, “IKB”),
as an investor in 37 RMBS trusts, filed a summons with notice in the Supreme Court of the State of New York, New
York County, against DBNTC and DBTCA as trustees of the trusts. It appears that IKB may assert claims for violation
of the TIA, violation of New York’s Streit Act, breach of contract, fraud, fraudulent and negligent misrepresentation,
breach of fiduciary duty, negligence, and unjust enrichment. IKB appears to allege that DBNTC and DBTCA are liable
for over U.S.$ 274 million of damages. DBNTC and DBTCA have not yet been served with the summons with notice.
Discovery has not yet commenced.
The Group believes a contingent liability exists with respect to these eight cases, but at present the amount of the
contingent liability is not reliably estimable.
Precious Metals Investigations and Litigations. Deutsche Bank has received inquiries from certain regulatory and law
enforcement authorities, including requests for information and documents, pertaining to investigations of precious
metals trading and related conduct. Deutsche Bank is cooperating with these investigations, and engaging with rele
vant authorities, as appropriate. Relatedly, Deutsche Bank has been conducting its own internal review of Deutsche
Bank's historic participation in the precious metals benchmarks and other aspects of its precious metals trading and
precious metals business.
Deutsche Bank is also named as a defendant in several putative class action complaints, which have been consolidat
ed in two lawsuits pending in the U.S. District Court for the Southern District of New York. The U.S. suits allege viola
tions of U.S. antitrust law, the U.S. Commodity Exchange Act, and related state law arising out of the alleged
manipulation of gold and silver prices through participation in the Gold and Silver Fixes, but do not specify the damages
sought. Oral arguments on motions to dismiss the U.S. complaints were heard on April 18, 2016 in the silver case, and
April 20, 2016 in the gold case. Deutsche Bank has reached agreements in principle to settle both actions, the financial
terms of which are not material to Deutsche Bank. The terms of the agreements are confidential, and the agreements
remain subject to court approval.
In addition, Deutsche Bank has been named as a defendant in a Canadian class action proceeding in the Ontario
Superior Court of Justice concerning gold. The Ontario statement of claim was issued on January 15, 2016, and plain
tiffs seek damages for alleged violations of the Canadian Competition Act as well as other causes of action. Deutsche
Bank has also been named as a defendant in Canadian class action proceedings commenced in the provinces of
Ontario and Quebec concerning silver. Each of the Ontario and Quebec silver proceedings seeks damages for alleged
violations of the Canadian Competition Act and other causes of action.
The Group has recorded provisions with respect to certain of these matters, including provisions sufficient to satisfy
Deutsche Bank's obligations under the agreements in principle to settle both of the U.S. class actions. The Group has
not disclosed the amount of these provisions, nor has it disclosed whether it has established provisions with respect to
other matters referred above or any contingent liability with respect to any of those matters, because it has concluded
that such disclosure can be expected to prejudice seriously their outcome.
Referral Hiring Practices Investigations. Certain regulators are investigating, among other things, Deutsche Bank's
compliance with the U.S. Foreign Corrupt Practices Act and other laws with respect to the Bank’s hiring practices relat
ed to candidates referred by clients, potential clients and government officials, and its engagement of consultants in the
D e utsch e B ank
Asia/Pacific region. Deutsche Bank is responding to and continuing to cooperate with these investigations. The Group
has recorded a provision with respect to certain of these regulatory investigations. The Group has not disclosed the
amount of this provision because it has concluded that such disclosure can be expected to prejudice seriously the
outcome of these regulatory investigations.
Russia/UK Equities Trading Investigation. Deutsche Bank is investigating the circumstances around equity trades
entered into by certain clients with Deutsche Bank in Moscow and London that offset one another. The total volume of
the transactions under review is significant. Deutsche Bank's internal investigation of potential violations of law, regula
tion and policy and into the related internal control environment remains ongoing; to date it has identified certain viola
tions of Deutsche Bank’s policies and deficiencies in Deutsche Bank's control environment. Deutsche Bank has
advised regulators and law enforcement authorities in several jurisdictions (including Germany, Russia, the U.K. and
U.S.) of this investigation. Deutsche Bank has taken disciplinary measures with regards to certain individuals in this
matter and will continue to do so with respect to others as warranted. The Group has recorded a provision with respect
to this matter. The Group has not disclosed the amount of this provision because it has concluded that such disclosure
can be expected to prejudice seriously the outcome of this matter.
Sovereign, Supranational and Agency Bonds (SSA) Investigation. Deutsche Bank has received inquiries from cer
tain regulatory and law enforcement authorities, including requests for information and documents, pertaining to SSA
bond trading. Deutsche Bank is cooperating with these investigations. The Group has not disclosed whether it has
established a provision or contingent liability with respect to these matters because it has concluded that such disclo
sure can be expected to prejudice seriously their outcome.
U.S. Embargoes-Related Matters. Deutsche Bank has received requests for information from certain U.S. regulatory
and law enforcement agencies concerning its historical processing of U.S. dollar payment orders through U.S. financial
institutions for parties from countries subject to U.S. embargo laws. These agencies are investigating whether such
processing complied with U.S. federal and state laws. In 2006, Deutsche Bank voluntarily decided that it would not
engage in new U.S. dollar business with counterparties in Iran, Sudan, North Korea and Cuba and with certain Syrian
banks, and to exit existing U.S. dollar business with such counterparties to the extent legally possible. In 2007,
Deutsche Bank decided that it would not engage in any new business, in any currency, with counterparties in Iran,
Syria, Sudan and North Korea and to exit existing business, in any currency, with such counterparties to the extent
legally possible; it also decided to limit its non-U.S. dollar business with counterparties in Cuba. On November 3, 2015,
Deutsche Bank entered into agreements with the New York State Department of Financial Services and the Federal
Reserve Bank of New York to resolve their investigations of Deutsche Bank. Deutsche Bank paid the two agencies
U.S.$ 200 million and U.S.$ 58 million, respectively, and agreed to terminate certain employees, not rehire certain
former employees and install an independent monitor for one year. In addition, the Federal Reserve Bank of New York
ordered certain remedial measures, specifically, the requirement to ensure an effective OFAC compliance program and
an annual review of such program by an independent party until the Federal Reserve Bank of New York is satisfied as
to its effectiveness. The investigations of the U.S. law enforcement agencies remain ongoing.
The Group has not disclosed whether it has established a provision or contingent liability with respect to this matter
because it has concluded that such disclosure can be expected to prejudice seriously its outcome.
U.S. Treasury Securities Investigations and Litigations. Deutsche Bank has received inquiries from certain regulato
ry and law enforcement authorities, including requests for information and documents, pertaining to U.S. Treasuries
auctions, trading, and related market activity. Deutsche Bank is cooperating with these investigations.
114
115
D e utsch e Bank
Information on the
Consolidated income Statement ~ 73
Information on the
Deutsche Bank Securities Inc. has been named as a defendant in several putative class action complaints filed in the
U.S. District Courts for the Southern District of New York, the Northern District of Illinois, the Southern District of
Alabama, and the District of the Virgin Islands alleging violations of U.S. antitrust law, the U.S. Commodity Exchange
Act and common law related to the alleged manipulation of the U.S. Treasury securities market. These cases are in
their early stages. The Judicial Panel on Multidistrict Litigation has centralized these cases in the Southern District of
New York.
The Group has not disclosed whether it has established a provision or contingent liability with respect to these matters
because it has concluded that such disclosure can be expected to prejudice seriously their outcome.
Long-Term Debt
in £ m.
__________
____
Mar 31,2016
Dec 31.2015
81,620
34,825
8 6 ,2 5 5
4,558
1,926
28,431
151,361
4 .6 0 2
Senior debt:
B o n d s a n d notes
Fixed ra te
F lo a tin g rate
3 8 .9 6 3
Subordinated debt:
B o n d s a n d notes
F ix e d ra te
F lo a tin g rate
Other
Total long-term debt
1.811
28,385
160,016
Shares Issued and Outstanding
in_miHion ^
S h a re s issued
S h a re s in tre a s u ry
Mar 31.2016
1,379.3
12.3
Dec 3 1 2015
12.1
0.2
1,367.0
0.3
1.379.3
0.4
Th e re o f:
B uyback
O th e r
S h a re s outstanding
0.1
1,378.9
D e utsch e B ank
116
Other Financial Information (unaudited)
Credit related Commitments and Contingent Liabilities
Irrevocable lending com mitments and lending related contingent liabilities
In the normal course of business the Group regularly enters into irrevocable lending commitments, including fronting
commitments as well as contingent liabilities consisting of financial and performance guarantees, standby letters of
credit and indemnity agreements on behalf of its customers. Under these contracts the Group is required to perform
under an obligation agreement or to make payments to the beneficiary based on third party's failure to meet its obliga
tions. For these instruments it is not known to the Group in detail if. when and to what extent claims will be made. In the
event that the Group has to pay out cash in respect of its fronting commitments, the Group would immediately seek
reimbursement from the other syndicate lenders. The Group considers all the above instruments in monitoring the
credit exposure and may require collateral to mitigate inherent credit risk. If the credit risk monitoring provides sufficient
perception about a loss from an expected claim, a provision is established and recorded on the balance sheet.
The following table shows the Group's irrevocable lending commitments and lending related contingent liabilities with
out considering collateral or provisions. It shows the maximum potential utilization of the Group in case all these liabili
ties entered into must be fulfilled. The table therefore does not show the expected future cash flows from these
liabilities as many of them will expire without being drawn and arising claims will be honored by the customers or can
be recovered from proceeds of arranged collateral.
in € m.
Irre vo ca b le lend ing co m m itm e n ts
C o n tin g e n t liab ilitie s
Total
Mar 31, 2016
Dec 31, 2015
163,501
1 74 ,549
53 ,247
5 7,325
216,748
231,874
Irrevocable payment commitments with regard to levies
Irrevocable payment commitments related to bank levy according to Bank Recovery and Resolution Directive (BRRD)
amounted to € 155.5 million as of March 2016 and as of December 2015.
Related Party Transactions
Parties are considered to be related if one party has the ability to directly or indirectly control the other party or exercise
significant influence over the other party in making financial or operational decisions. The Group's related parties
include:
-
-
key management personnel, close family members of key management personnel and entities which are controlled,
significantly influenced by, or for which significant voting power is held by key management personnel or their close
family members,
subsidiaries, joint ventures and associates and their respective subsidiaries, and
post-employment benefit plans for the benefit of Deutsche Bank employees.
117
Information on the
Information on the
Transactions with Key Management Personnel
Key management personnel are those persons having authority and responsibility for planning, directing and control
ling the activities of Deutsche Bank Group, directly or indirectly. The Group considers the members of the Management
Board as currently mandated and the Supervisory Board of the parent company to constitute key management per
sonnel for purposes of IAS 24. Among the Group’s transactions with key management personnel as of March 31, 2016,
were loans and commitments of € 11 million and deposits of € 8 million. As of December 31, 2015, there were loans
and commitments of € 11 million and deposits of € 8 million among the Group's transactions with key management
personnel. In addition, the Group provides banking sen/ices, such as payment and account services as well as invest
ment advice, to key management personnel and their close family members.
Transactions with Subsidiaries, Associates and Joint Ventures
Transactions between Deutsche Bank AG and its subsidiaries meet the definition of related party transactions. If these
transactions are eliminated on consolidation, they are not disclosed as related party transactions. Transactions be
tween the Group and its associated companies and joint ventures and their respective subsidiaries also qualify as
related party transactions.
Loans issued and guarantees granted
Associated companies and
other related parties
in £ m.
Mar 31,2016
Loans outstanding, beginning of period
L o a n s iss u e d d u rin g th e pe rio d
Loa n re p a y m e n ts d u rin g th e perio d
C h a n g e s in th e g ro u p o f co n s o lid a te d c o m p a n ie s
E x c h a n g e ra te c h a n g e s /o th e r
Loans outstanding, end of period1
396
92
64
0
0
Dec 31. 2015
321
464
376
(31)
ia
425
396
1
1
0
263
O ther credit risk related transactions:
A llo w a n c e fo r lo a n lo s s e s
P ro v is io n fo r loan lo s s e s
G u a ra n te e s
arid c o m m itm e n ts
0
263
1 Loans past due were € 8 million as of March 31. 2016 and€ 4 million as of December 31. 2015. For the above loans, the Group held collateral of € 78 million and
fe" 69 million as of March 31, 2016 and Decem&er31, 2015, respectively.
D e p o s its re c e iv e d
Associated companies and
other related parties
in € m.
Mar 31, 2016
Dec 31. 2015
Deposits, beginning of period
162
128
D e p o s its re c e iv e d d u rin g th e perio d
75
119
326
295
D e p o s its re p a id d u rin g th e period
C h a n g e s in th e g ro u p o f c o n s o lid a te d c o m p a n ie s
E x c h a n g e ra te c h a n g e s /o th e r
Deposits, end of period
0
(1)
115
(0)
2
162
Other Transactions
Trading assets and positive market values from derivative financial transactions with associated companies amounted
to € 39 million as of March 31, 2016, and € 32 million as of December 31, 2015, Trading iiabiiities and negative market
values from derivative financial transactions with associated companies were € 0 million as of March 31,2016, and
€ 0 million as of December 31, 2015.
tv
-
'
D e utsch e B a nk
Transactions with Pension Plans
The Group has business relationships with a number of its pension plans pursuant to which it provides financial ser
vices to these plans, including investment management. Pension funds may hold or trade Deutsche Bank AG shares
or securities. As of March 31, 2016, transactions with these plans were not material for the Group.
Non-Current Assets and Disposal Groups Held for Sale
Within the balance sheet, non-current assets and disposal groups held for sale are reported in Other assets and Other
liabilities. This note provides further explanation on the nature and the financial impact of the non-current assets and
disposal groups held for sale as of March 31, 2016,
Non-Current Assets and Disposal Groups Held for Sale at the Reporting
Date
Total assets held for sale amounted to € 3.0 billion as of March 31, 2016 (December 31, 2015: € 3,5 billion) and the
disposal groups included liabilities of € 39 million as of March 31, 2016 (December 31, 2015: € 37 million).
In line with the Bank’s strategic intent and by further progressing on the execution of Strategy 2020, Deutsche Bank
has agreed to sell its entire 19.99 % stake in Hua Xia Bank Company Limited (“Hua Xia") to PICC Property and Casu
alty Company Limited. Accordingly, Deutsche Bank had reclassified its equity method investment of € 3.3 billion held in
the PW&CC corporate division to the held-for-sale category as of year-end 2015. Due to the revaluation of the held-forsale investment in the first quarter 2016, the Group recorded an impairment loss of € 5 1 8 million on the nori-current
asset, marking it down to € 2.8 billion as of March 31, 2016. The impairment loss recorded in other income is largely a
result of the decline in the share price of Hua Xia and an adverse exchange rate development. Due to the expected
consideration for Hua Xia, other transaction-related effects partly compensate the decline in the share price and thus
the overall net loss in the first quarter 2016 amounts to € 124 million. Along with the held-for-sale classification, accu
mulated other comprehensive income of € 662 million related to the investment had been reclassified within equity to
unrealized net gains (losses) on assets classified as held for sale. The completion of the transaction, which is anticipat
ed in the mid-year 2016, is subject to customary closing conditions and regulatory approvals, including that of the Chi
na Banking Regulatory Commission.
As of March 31, 2016 and December 31, 2015, there were unrealized net gains of € 662 million relating to non-current
assets and disposal groups classified as held for sale recognized directly in accumulated other comprehensive
income (loss).
Events after the Reporting Period
On April 15, 2016 the Group announced an agreement reached with Macquarie Infrastructure Partners 111 (“MIP 111"),
a fund managed by Macquarie Infrastructure and Real Assets, to sell Maher Terminals USA, LLC, a multi-user con
tainer terminal in Port Elizabeth, New Jersey. Under the transaction, MIP III has agreed to acquire 100 % of Maher
Terminals USA, LLC. This is subject to Port Authority and other regulatory approvals. The transaction is not expected
to have a material impact on Deutsche Bank’s financials.
On April 26, 2016 Red Rock Resorts Inc. announced the pricing of its initial public offering that is expected to close on
May 2, 2016. Red Rock Resorts is a Las Vegas-based gaming, development and management company which after
the consummation of the initial public offering will include the operations of Station Casinos LLC, The Group has had
an economic interest in Red Rock/Station Casinos since 2011 and will participate in the initial public offering by selling
a ppffiory’of its holdings. Deutsche Bank is acting as one of the lead underwriters for the transaction. The transaction is
e>
'
ve a positive effect on second quarter results.
118

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