The market value of FGH BANK’S real estate port folio as at December 31, 1990 was NLG 151 mil lion. The disappointing growth in the number of tourists visiting Spanish coastal resorts has affected the pro spects for the Marina Benalmadena project near Malaga, in which the FGH BANK has a minority interest. In spite of this, the sale of apartments exceeded projected levels, although the take-up of commercial space was less encouraging. It has therefore been decided to proceed with the next phase of the project, which will consist solely of apartments, in 1991, especially as there are now indications that the tourism market in Spain is recovering. In total, some NLG 617 million of funding was arranged for new loans and refinancing purposes. Most of the funding came from private loans secured for periods of at least a year. Part of the finance was arranged via the AEGON parent company and part directly by FGH BANK. Where possible, the phasing of the new loans was brought into fine with the bank’s existing commitments so as to limit exposure to interest rate fluctuations. The reorganization of FGH BANK into a specialist realty bank was successfully completed in 1990. In the new corporate structure, greater emphasis is placed on customer service. Personal bankers serve as a direct contact between individual clients and the bank. By shortening the fines of communication, the speed and efficiency of operations have been greatly improved. During 1990, part of the Keizersveer organization was integrated into that of FGH BANK, which reinforced the role of the Management Services Department. As a result of this move, the quality of risk management at the bank has been enhanced, which should provide more effective long-term guarantees. I Further efforts were made in the course of the reporting period to improve the levels of staff training and to continue to recruit well-qualified employees. Regular staff appraisals and group mee tings form an essential part of FGH BANK’S per sonnel policy. A weekly company magazine is published to keep employees informed of FGH BANK’S progress. A notable highlight in the course of 1990 was the commissioning of a new computerized loans administration system designed by the computer department. This system, which is to be used both by the marketing department and general manage ment, should guarantee greater efficiency in dealing with individual clients and is intended to form the basis of future computerized information systems at the bank. I In the course of 1990, the number of staff employed by FGH BANK and its subsidiary companies fell from 298 to 269. The introduction of a new organizational structure coupled with new work practices has placed special demands on the flexibility, creativity and dedication of the bank’s employees. The Executive Board of FGH BANK values the degree of professionalism shown by the bank’s staff in adapting to the new organization and recognizes the contribution made by the Staff Council in this respect. I It was with deep regret that the resignation of Mr F.A.A. Stapels, Chairman of the Board of Directors, was accepted at the FGH BANK’S annual general meeting on May 29, 1990. Mr Stapels had served as a member of the Board of Directors for some five years and had been its Chairman since 1987. Many tributes were paid to Mr Stapels on his retirement, with particular reference being made to his ability to champion the bank’s cause. Mr Stapels 13 REPORT OF THE EXECUTIVE BOARD I REAL ESTATE PORTFOLIO I FUNDING i ORGANIZATION AND PERSONNEL

Rabobank Bronnenarchief

Annual Reports FGH Bank | 1990 | | pagina 15