The bank, which is majority owned by the German states of Hamburg and Schleswig-Holstein, said in mid-December that it had set aside 127 million euros ($172.6 million) to cover possible tax liabilities in connection with share transactions in its own-account trading operations between 2008 and 2011.
Beyond that, the bank has set aside additional provisions for last year, because both independent and the bank`s own forecasts regarding the shipping market have worsened. A quick recovery of freight and charter rates isn`t in prospect, Mr. von Oesterreicher says.
As regards the European Central Bank`s planned stress test, Mr. von Oesterreich is optimistic, saying "we are well prepared."