26 Deferred taxes - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3 These expenses are included when a redundancy scheme is drawn up and communicated to stakeholders.The expected outflow of funds will occur in 2017 and 2018. An addition of 514 in the provision for legal issues was made in 2016 after Rabobank adopted the SME interest rate derivatives recovery framework. For additional information, please refer to Paragraph 4.10, 'Legal and arbitration proceedings'. The provision for tax and legal issues is based on the best possible estimates available at year-end, taking into account legal and tax advice. The timing of the cash outflow relating to these provisions is uncertain because the outcome of the disputes and the time involved are unpredictable. The item 'Other' includes provisions for onerous contracts and credit guarantees. Deferred tax assets and liabilities are measured for all temporary differences using the 'liability' method. The effective tax rate in the Netherlands for measuring deferred tax is 25% (2015: 25%) There were no changes in deferred tax assets and liabilities resulting from changes in the effective tax rate in the Netherlands. No deferred tax asset has been recognised for unused tax losses totalling 1,628 (2015:1,648).These carry forward losses relate to various tax authorities and their term to maturity is largely unlimited. Deferred tax assets recognised in respect of carry forward losses can only be utilised if taxable profits are realised in the future. On 31 December 2016, Rabobank expects that sufficient taxable profits would be generated within the applicable periods. Maturities of Rabobank Group (excluding provisions for employee benefits and loan impairment allowances) in millions of euros Up to one year 7-5 years Longer than 5 years Total On 31 December 2016 1,371 175 1,546 On 31 December 2015 861 131 1 993 Deferred tax assets Deferred tax liabilities Deferred tax charges Tax on other comprehensive income in millions of euros For the year ended 31 December 2016 Pensions and other post-employment benefits 53 (2) (2) 2 Loan impairment allowance 403 (15) (147) Financial liabilities designated at fair value (229) Provisions 39 (10) (3) Hedging of interest rate risk (14) 114 Carry forward losses 1,104 (21) 499 Goodwill and other intangible assets 19 2 (5) Revaluation reserves for available-for-sale financial assets (129) 1 (20) Revaluation reserves - Cash flow hedges 20 10 Revaluation reserve - Fair value changes due to own credit risk on financial liabilities designated at fair value 101 122 Property and equipment, including leases 100 617 (98) Other temporary differences 664 46 45 Total 2,360 618 174 114 Deferred tax assets Deferred tax liabilities Deferred tax charges Tax on other comprehensive income in millions of euros For the year ended 31 December 2015 Pensions and other post-employment benefits 55 7 9 Loan impairment allowance 255 (17) 122 Financial liabilities designated at fair value (250) 42 Provisions 41 (1) (10) Hedging of interest rate risk 100 83 Carry forward losses 1,559 (76) (52) Goodwill and other intangible assets 14 (13) Revaluation reserves for available-for-sale financial assets (107) 2 2 Revaluation reserves - Cash flow hedges 10 16 Property and equipment, including leases 77 706 64 Other temporary differences 636 (39) (122) Total 2,390 575 121 27 228 Rabobank Jaarverslag 2016

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Jaarverslagen Rabobank | 2016 | | pagina 229