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Deutsche Post World Net Annual Report 2007
Postbank’s risk control system complies with the bank-speci c requirements of
the Basel Committee on Banking Supervision (Basel II in line with EU directives)
and the Minimum Requirements for Risk Management (MaRisk, laid down by BaFin,
Germany’s federal nancial supervisory authority). Postbank is also integrated into
the Group’s opportunity and risk control process.
We consider the risks set out in the following to be the signi cant negative factors
currently a ecting our net assets, nancial position and results of operations. How-
ever, these are not necessarily the only risks to which the Group is exposed. Risks of
which we are currently unaware or which we do not yet consider to be material could
also have an adverse e ect on our business activities.
Risk categories and individual risks
General business environment and industry-specifi c risks
Our business success substantially depends on the nancial health of our customers.
Despite turbulence in the nancial markets, the world’s countries are expected on
average to sustain their GDP growth, with particularly strong growth rates in emerg-
ing and developing economies. A sustained upturn is also accelerating the process of
globalisation, leading to growth in demand for storage and transport. is can boost
demand for the services of high-performance logistics providers but may also stoke
regional and global competition with established and new market players. A cyclical
slowdown could reduce customer demand to such an extent as to pose risks for our
business activities. However, we do not currently perceive any far-reaching general
economic risks facing the Group.
Risks associated with the general business environment primarily arise from the fact
that both the Group and its subsidiaries provide some of their services in a regulated
market. Our statutory exclusive licence was abolished in Germany on 1 January 2008.
However, the Postgesetz (German postal act) has allowed exceptions enabling com-
petitors to operate within the weight and price ceilings laid down in our exclusive
licence from January 1998 onwards. As a result, around 55% of the revenue generated
by competitors in 2007 was within the weight ceilings stipulated by the exclusive
licence. By the end of the year, the regulatory authority (Bundesnetzagentur – Federal
Network Agency) had issued licences to around 2,370 competitors.
On 7 November 2007, the regulatory authority announced its benchmark decision
specifying the conditions which will apply from 2008 until the end of 2011 to regula-
Note 48.1