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Corporate governance
Jaarrekening Rabobank Groep
Jaarrekening Rabobank
Table 57: Funding mix (in billion)
Access to funding
31-12-2015
31-12-2014
Funds entrusted
337.6
326.3
Domestic retail
212.4
208.9
- Private individuals savings
117.1
119.9
- Private individuals others
13.3
13.0
- Businesses
82.1
76.0
Domestic non-retail1
51.2
45.7
- Private individuals savings
0.0
0.0
- Private individuals others
0.0
0.3
- Businesses
51.2
45.5
International2
74.0
71.6
- Private individuals savings
23.5
22.7
- Private individuals others
8.0
7.9
- Businesses
42.5
41.0
Wholesale funding
203.1
216.5
Short-term wholesale funding
53.1
56.2
- CD/CP
48.0
51.6
- ABCP
5.1
4.6
Long-term wholesale funding
150.0
160.3
- Of which Medium Term Notes
119.4
131.7
- Of which RMBS
14.4
16.6
- Of which subordinated
15.5
11.9
- Of which Asset Backed Securities
0.7
0.2
In 2015, Rabobank issued 19 billion of senior unsecured long-
term bonds in 22 different currencies. By operating on a global
scale, the bank aims to avoid becoming too reliant on a single
source of funding. The average maturity of the newly issued
unsecured long-term bonds is approximately 5 years (2014: 4
years). Of the total wholesale funding, excluding commercial
paper and certificates of deposit, more than 51 billion matures
after five years or more as of year-end 2015. Rabobank is
a frequent and flexible issuer of short-term debt securities and
has seen a solid inflow of funds in the past years, reflecting its
good creditworthiness. The maturity of the short-term debt has
decreased in the past twelve months. During 2015, the average
maturity of short-term funding decreased with one day to
90 (2014: 91) days.
Additional contractual obligations in case of
a rating downgrade
In the event of a downgrade to Rabobank's credit rating,
the bank could be required to provide additional collateral.
Table 58 shows the potential maximum outflow of liquidity
in the worst-case scenario in the event of a one, two or three
notch downgrade.
1 Amounts to 10 million both in 2014 and 2015.
2 Of the total international funds entrusted, 30 (30) billion is
attributable to International Direct Retail Banking activities.
Figure 8: Unsecured long-term bonds
by currency
Figure 9: Maturity date calendar
Unsecured long-term bonds
by currency, at year-end 2015
Maturity date calendar,
short-term wholesale funding
at year-end 2015, in billions of euros
1 week
Euro
55%
1 week -1 month
US dollar
15%
2-3 months
I Japanese yen
7%
4-6 months
Australian dollar
7%
7-12 months
I Pound sterling
6%
12 months
Other
10%
Maturity date calendar,
long-term wholesale funding
at year-end 2015, in billions of euros
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375 10. Liquidity risk
