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Inhoudsopgave Voorwoord Bestuursverslag Corporate governance
Consolidated Financial Statements Company Financial Statements Pillar 3
The management monitors the market value of collateral
obtained and requires additional collateral where necessary.
Rabobank also uses credit derivatives to manage credit risks
and it further mitigates its exposure to credit risk by entering
into master netting arrangements with counterparties for
a significant volume of transactions. In general, master
netting arrangements do not lead to the offsetting of assets
and liabilities included in the statement of financial position
because transactions are usually settled gross.The credit risk is
limited by master netting arrangements, but only to the extent
that if an event or cancellation occurs, all amounts involving
the counterparty are frozen and settled net. The total credit risk
exposure from derivatives to which offsetting arrangements
apply is highly sensitive to the closure of new transactions,
the expiry of existing transactions and fluctuations in market
interest and exchange rates.
The table below shows offsets which have been applied in
the consolidated balance sheet (IAS 32 Offsetting) and offsets
which have not been applied in the consolidated balance
sheet (Other offsetting). The other offsets consist of securities
Rabobank has received from reverse repurchase transactions
and securities Rabobank has provided in relation to loans for
repurchase transactions.
The table on the next page sets out the maximum credit risk to
which Rabobank is exposed on the reporting date in respect
of the various categories of risk, without taking into account
any collateral or other measures for restricting credit risk. It also
shows the financial effect of any collateral provided or other
types of credit risk reduction. In some cases the amounts stated
deviate from the carrying amounts because the outstanding
equity instruments are not included in the maximum credit risk.
Offsetting of financial instruments
in millions of euros
Gross
carrying
amount
IAS 32
Offsetting
Net carrying
amount
included in
balance sheet
Master
netting
agreements
Other
offsetting
Net value
after other
offsetting
On 31 December 2016
Loans and advances to banks
26,129
(685)
25,444
(13,817)
11,627
Derivatives
115,541
(73,169)
42,372
(29,950)
12,422
Loans and advances to customers
466,990
(14,183)
452,807
(16,114)
436,693
Other assets
8,253
(375)
7,878
7,878
Total
616,913
(88,412)
528,501
(29,950)
(29,931)
468,620
Deposits from banks
24,541
(2,535)
22,006
(401)
21,605
Deposits from customers
356,847
(9,135)
347,712
(215)
347,497
Derivatives and financial liabilities held for trading
124,391
(76,367)
48,024
(29,950)
18,074
Other liabilities
8,807
(375)
8,432
8,432
Total
514,586
(88,412)
426,174
(29,950)
(616)
395,608
On 31 December 2015
Loans and advances to banks
33,107
(673)
32,434
(18,888)
13,546
Derivatives
108,741
(60,628)
48,113
(36,047)
12,066
Loans and advances to customers
476,981
(10,988)
465,993
(18,965)
447,028
Other assets
8,234
(380)
7,854
7,854
Total
627,063
(72,669)
554,394
(36,047)
(37,853)
480,494
Deposits from banks
21,336
(2,298)
19,038
(589)
18,449
Deposits from customers
350,314
(4,430)
345,884
(486)
345,398
Derivatives
120,117
(65,561)
54,556
(36,047)
18,509
Other liabilities
8,703
(380)
8,323
8,323
Total
500,470
(72,669)
427,801
(36,047)
(1/075)
390,679
195
Notes to the consolidated financial statements