Christian Voss
Portfolio Management & Structured Credit

Phone: +49 (0)40/33 34-36 67
E-Mail: christian.voss(at)dghyp.de



Illustration of PROVIDE-transaction structures



Further information on our securitised transactions can be found here:




Notice of the Replacement of the Transaction Account Bank
In the first Quarter 2010, following the downgrade below the required rating, the Bank of Ireland acting as Transaction Account Bank was replaced by DZ BANK AG, Deutsche Zentral-Genossenschaftsbank. 


Our "PROVIDE-VR 2002-1" transaction is an RBMS multi-seller-transaction that was launched in 2002 together with five cooperative banks, the KfW and DZ BANK.

We packaged the cooperative banks' portfolio risks within the scope of this transaction and added own exposures to the portfolio. The overall portfolio risk (EUR 623 million) was placed on the capital market by DG HYP through KfW. The risk was transferred by means of a guarantee extended by KfW in the form of a credit default swap (CDS). The issue was placed on the capital market partially through a super senior swap and partially through an SPV and the issue of credit linked notes (CLN).

PROVIDE-VR 2002-1 EUR mn % number of loans
Total 623,27 100,00 20.876
DG HYP 593,39 95,21 20.534
Raiffeisenbank Oldenburg eG 9,33 1,50 122
Volksbank Lingen eG 6,74 1,08 120
Volksbank Mittelhessen eG 5,74 0,92 57
Raiffeisenbank Oberschleißheim eG 4,01 0,64 25
Vereinigte Volksbank Griesheim-
Weiterstadt eG
4,06 0,65 18