We have statutes that stipulate confidentiality as the basis of our cooperation, which is why we do not talk about volumes. The decisive factor in connection with the aforementioned reorganisation cases is whether our protection scheme is able to cover such cases financially: Can our protection scheme cope financially with such cases? The answer is yes, and without any problems. Incidentally, this would also apply to much larger institutions than the ones you mentioned. The second important aspect is that we have exceptionally few restructuring cases in historical comparison. Twenty years ago, we had a mid-double-digit figure. By 2014, the number of restructurings had fallen to a low double-digit figure. And in the past five years, we have only had a handful of cases per year – just like in 2024. Last but not least, as an association, we are interested in the overall business development. As the BVR, we will present the balance sheet figures for all 672 local cooperative banks for 2024 at the beginning of March. These figures will once again be very good. The overwhelming majority of our members generate sustainable profits year after year. Conversely, this means that many members of the Board of Management and Supervisory Board are doing a pretty good job.

The causes of the three restructuring cases are very different, and have a history over several years. In some cases, those responsible took excessive risks, in others control systems were not applied sufficiently, or prescribed standards were not adhered to. Our stance is very clear: the management boards are responsible for managing their banks. But neither mismanagement, overconfidence nor a lack of control are acceptable in our Group. We analyse exactly what the underlying causes of such imbalances are, and then decide what we need to improve. Our protection scheme is financed by the work of thousands of outstanding board members and their hundreds of thousands of employees in our Volksbanken and Raiffeisenbanken. It is a strong, stable solidarity system, but not a licence for high-risk transactions or negligent actions. So we take such cases all the more seriously.

As the BVR, we have various hedging instruments, such as guarantees. If losses are incurred in the course of a reorganisation, the funds must be repaid after a successful restructuring. Usually, a bank is in a position to do this. In addition, we always examine recourse claims against those responsible.

As in all other companies, the supervisory board of a cooperative bank is obliged to examine relevant claims against former board members. It has a legal and, incidentally, moral responsibility to prevent damage to the cooperative and its members.

You speak of an accumulation of cases in the past year, but as I have already said: That is not the case. Quite the opposite. Nevertheless, we are aware that the three cases have made the headlines for a reason. The Schmalkalden case certainly stands out in particular. However, it hasn't just been on our minds for a few months, but for years. This is one of the reasons why we tightened up our statutes at the beginning of 2024. This includes, among other things, allowing us as an association to intervene much earlier in the event of obvious undesirable developments. We have also significantly increased the contributions to the protection scheme in the event of breaches of due diligence obligations. Nevertheless, in light of the current cases, we are currently re-examining whether and how we need to further expand intervention and control mechanisms throughout the sector's entire governance chain. People must be able to rely on the local cooperative banks being managed and supervised responsibly and safely.

We are currently working on proposals to further improve governance and control throughout the sector. The aim is to raise transparency standards and tighten intervention rights where necessary. We are subjecting all of our instruments to intensive scrutiny. We have set up a process for this, which we will now discuss internally with the committees and members.

We will first discuss this internally within our organisation. In the coming weeks, we will be holding several dialogue events on the BVR protection scheme in various regions. These have been planned for some time with a view to implementing European regulatory requirements. We will now use them intensively to discuss the necessary further development. Of course, we as the BVR and our experts have a certain view of governance and control mechanisms. But what is particularly important to me is the assessment and opinion of our board members in our cooperative banks. I am therefore looking forward to these dialogue events. Over the course of the year, we will then discuss our proposals confidentially in the committees. As soon as we have decided on concrete measures, we will inform the public.

I have a timetable in mind, but the first step will be to discuss it internally with our committees. The media always expect very quick results in such processes. I can understand that from your perspective. However, we will take as much time as necessary for the process – incidentally also in close dialogue with the supervisory body. My responsibility as President is to ensure that the process is well thought out, sustainable in the long term and legally sound; that is exactly what I will do.

Such a view does not correspond to my world view. The quality of a Management Board or Supervisory Board does not depend on gender or age. I still think diversity is important, but primarily in terms of different educational backgrounds, experience and skills. If you adopt this perspective, you will automatically ensure that both women and men are represented on committees and at management levels. It is crucial that we encourage both women and men to take on responsibility in our banks and promote them accordingly.

The proportion of women in management positions has already increased significantly in our financial group. I am convinced that the programmes we have initiated, for example to reconcile work and family life, will ensure that we have significantly more female board members in the coming years. At the end of 2024, we also launched the cooperative „High Potential Circle“ through our Personnel Council in order to promote and network the talents of the future in our cooperative financial group even better. The application phase for the one-year programme is currently underway and we are looking for a diverse, balanced group of participants.

The responsibility for this lies with the responsible management and supervisory boards. As the BVR, we are monitoring developments at banks undergoing restructuring very closely, and with the necessary critical distance within the framework of our statutes. However, we do not comment publicly on the future of individual institutions. Our statutes oblige us not to do so.