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deutsche Search, page 103

Provision for credit losses remained stable at 15 basis points of loans in Fourth-quarter noninterest expenses were 2.

Adjusted costs excluding transformation charges were 1. Full-year noninterest expenses were 8. Profit before tax: the Private Bank reported a loss of million euros in the fourth quarter.

Adjusted for transformation charges, restructuring and severance and specific revenue items, profit before tax in the fourth quarter was 45 million euros.

In the full year, the business reported a loss before tax of million euros. Adjusted for aforementioned items and goodwill impairments, full-year profit before tax was million euros.

Management fees were slightly higher in the quarter and essentially flat for the full year, as four consecutive quarters of net asset inflows helped offset the impact of margin compression.

Full-year costs were essentially flat as higher compensation expenses were offset by savings in professional service fees and marketing expenses.

Profit before tax was million euros in the fourth quarter and tripled year-on-year. Adjusted for transformation charges as well as restructuring and severance expenses, profit before tax in the fourth quarter was million euros.

Fourth-quarter net inflows were 12 billion euros, the fourth consecutive quarter of net inflows. For the year , net inflows were 25 billion euros, compared to net outflows of 23 billion euros in , with positive flows across the key product areas of Multi-Asset, Alternatives and Passive.

Flagship products delivered substantial outperformance, while the number of 4- and 5-star Morningstar rated funds increased further in A higher positive contribution from valuation and timing differences offset higher litigation expenses.

The reduction in full-year loss before tax was mainly driven by higher income from valuation and timing differences, partly offset by higher litigation expense and higher funding and liquidity charges.

Leverage exposure was billion euros at quarter-end, 13 billion euros ahead of the target, primarily due to reductions across Equities portfolios. Net revenues were negative million euros in the fourth quarter, broadly in line with expectations, driven by negative mark-to-market impacts, hedging and de-risking costs.

Full-year noninterest expenses were 3. Loss before income taxes was million euros in the quarter, and 3. Both fourth-quarter and full-year results were ahead of management expectations.

The figures in this release are preliminary and unaudited. The Annual Report and Form F are scheduled to be published on March 20th, The so-called Automatische Fahr- und Bremssteuerung AFB automatic speed and brake control automatically kept the train's speed constant at any chosen speed.

Therefore, Class in the first years did not reach its top speed in regular service. An accident furthermore delayed the introduction of regular top speed services, as on 21 July the AFB on was suspected to be responsible for accelerating the train out of control, resulting in a derailment with 23 dead and injured near Rheinweiler.

In , when second class was introduced in addition to the formerly exclusively first class InterCity system, this resulted in a sharp rise in popularity and demand, making the IC system the backbone for long distance rail travel in West Germany.

However, after having only been scheduled for pulling trains with a few first-class carriages or the odd D -train, the major challenge for Class now was to pull heavy tonnes long tons; short tons two-class InterCity trains on the long north-south stretches through West Germany.

By the early s, the intensive utilisation however, had resulted in an increasing number of defects. This tendency was intensified by the fact that DB, striving to be privatized, had significantly cut back on maintenance.

Furthermore, with the first InterCityExpress entering regular service in , Class had been deprived of its role as DB flagship.

Considering wear and tear, DB decided to replace these locomotives with the new Class , which entered service in In the following years, Class was relegated to lesser duties, but the locomotive had not been designed for frequent stops, so wear increased at an even quicker pace.

After a brief comeback in , when all InterCityExpress units were temporarily taken out of service after the Eschede train disaster , the remaining Class units were retired from regular service by However, on 19 March , these preserved Class locomotives returned to daily services from Munich, wearing their original Inter City livery.

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Editor Friedrich Otto Leinert Bärenreiter , Plate 19 Sechs deutsche Lieder für eine Singstimme, Klarinette und Klavier.

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Deutsche Search, page 103
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