Eurohypo Management Board member, Henning Rasche is the new President of the "Verband deutscher Pfandbriefbanken" or Association of German Pfandbrief Banks (vdp). He was elected by a majority vote at the general meeting of the vdp held in Berlin. He took over the position from Jürgen Grieger on 14 December 2005.
As a Pfandbrief specialist, Henning Rasche's appointment has placed him at the top of the Association, which this year changed from the Association of German Mortgage Banks to the Association of German Pfandbrief Banks, now representing the interests of just one product. The 52 year-old banker from Hanover/Germany has spent most of his career specialising in Pfandbriefe.
Positions he has held include Head of Bond Trading at Deutsche Bank, Hanover, Divisional Manager of Deposit Operations at Deutsche Hypothekenbank Frankfurt and Frankfurter Hypothekenbank Centralboden, and a member of the Management Board at Deutsche Hyp Deutsche Hypothekenbank Frankfurt-Hamburg and finally Eurohypo AG, Eschborn. At Europe's biggest specialist bank for real estate and public finance, Rasche is responsible for the business divisions Public Finance and Global Markets.
Above all, he has become known as the "inventor of the Jumbo Pfandbrief". Previously responsible for New Issues and Trading at Frankfurter Hypothekenbank Centralboden one of Eurohypo's predecessor institutes he played a significant role in the issue of the first Jumbo Pfandbrief in 1995. The issue was followed by the unprecedented success story of the Jumbo Pfandbrief. With its high volume and highly liquidity, the Jumbo Pfandbrief suited the exact requirements of the capital market. Almost every major European country adopted the German Pfandbrief system or developed a similar system.
Collateral and liquidity are the fundamental strengths of the Pfandbrief, which secures a stable and attractive market for issuers and investors. "I am very optimistic about the future of the covered bond market and especially the German Pfandbrief," said Rasche. "With the provisions of the new Pfandbrief Act, Germany's Jumbo Pfandbrief has excellent chances of continuing as the benchmark for Europe." Rasche will devote all his efforts to achieving this aim in his new leading position at the vdp.