22 Financial liabilities held for trading
23 Financial liabilities designated at
fair value
24 Other liabilities
25 Provisions
Inhoudsopgave Voorwoord Bestuursverslag Corporate governance
Consolidated Financial Statements Company Financial Statements Pillar 3
Financial liabilities held for trading are mainly negative fair
values of derivatives and delivery obligations that arise on the
short selling of securities. Securities are sold short to realise
gains from short-term price fluctuations.The securities needed
to settle short sales are acquired through securities lending
and repurchasing agreements. The fair value of the shares and
bonds sold short are amount to 739 (2015: 573).
in millions of euros
2016
2015
Structured notes
12,608
13,057
Other debt securities
38
353
Deposits
3,874
3,581
Total financial liabilities designated at fair value
16,520
16,991
The cumulative change in fair value of the financial liabilities
designated at fair value through profit or loss attributable to
changes in the own credit risk of Rabobank amounts to 405
before taxes (2015: -83). Alignment ofthe calculation of OCA
with IFRS 9 definitions has led to another disclosed cumulative
change for 2015 which was previously reported at 1,041
The main difference is caused by the previous inclusion of first
day profits. In 2016 an amount of 0 has been reclassified from
OCI to retained earnings as a result of derecognition of financial
liabilities designated at fair value through profit or loss.
The carrying value ofthe structured notes is 6,236 (2015: 5,104)
lower than the amount Rabobank is contractually obliged to
repay to the holders ofthe structured notes.
The change in fair value that is attributable to changes in own
credit risk is calculated by deducting on a note by note basis
the current fair value ofthe structured notes portfolio at the
reporting date from the fair value recalculated based on the
prevailing credit curve at the time of origination, with all other
pricing components unchanged. This calculation reflects the
amount that can be attributed to the change in the own credit
risk of Rabobank since the origination of these structured notes.
in millions of euros Note 2016 2015
Payables 5,582 6,232
Accrued interest 2,541 2,543
Employee benefits 27 315 356
Other (6) (811)
Provision for day 1 gains - 3
Total other liabilities 8,432 8,323
in millions of euros 2016 2015
Restructuring provision 461 354
Provision for legal issues 770 347
Provision for tax issues 36 65
Other provisions 279 227
Total provisions 1,546 993
In the additions ofthe restructuring provision, an amount of
403 (2015:183) is included for the reorganisation programme
ofthe local Rabobanks.This reorganisation provision consists
of future payments relating to redundancy pay and other
costs directly attributable to the reorganisation programme.
Restructuring Provision for Provision for Other
in millions of euros provision legal issues tax issues provisions Total
Opening balance on 1 January 2016 354 347 65 227 993
Additions 594 583 1 126 1,304
Withdrawals (408) (44) - (50) (502)
Releases (79) (116) (30) (24) (249)
Closing balanceon31 December2016 461 770 36 279 1,546
Opening balanceon 1 January2015 315 211 56 212 794
Additions 285 218 13 102 618
Withdrawals (207) (80) - (56) (343)
Releases (39) (2) (4) (31) (76)
Closing balance on 31 December 2015 354 347 65 227 993
227 Notes to the consolidated financial statements
