The counterparty credit ratings on Germany-based DekaBank Deutsche Girozentrale (DekaBank) continue to be based on the expectation of ongoing implicit support from its owners, savings banks and Landesbanks, as Standard&Poor's Rating Services regards DekaBank as an integral part of the German savings banks sector due to its role as their central mutual-fund asset manager. DekaBank has a strong, albeit weakened, market position--with €141 billion in assets under management (AuM) at Dec. 31, 2005, it remains the second-largest provider of investment funds in Germany. It continues to generate a stable flow of commission income, relatively independent from the performance of capital markets and new business. Asset quality in its wholesale banking activities, which mainly focuses on lower risk lending,
