33 Other non-controlling interests - Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Capital securities issued by Rabobank which were redeemed during the year Issue of USD 2,000 million The distribution is 8.375% per year and is made payable every six months in arrears as of the issue date (26 January 2011), for the first time on 26 July 2011As of 26 July 2016, and subject to Capital Securities not being redeemed early, the distribution is set for a further five-year period, but without a step-up, based on the USTreasury Benchmark Rate plus a 6.425% mark-up.The coupon is payable at the issuer's discretion. In case Rabobank does not use its discretionary power to not pay distributions on the Rabobank Certificates, payment on this instrument will also apply.This issue was redeemed on the earliest redemption date of 26 July 2016. The level of profit made by Rabobank may influence the distribution on the Capital Securities. Should Rabobank become insolvent, the Capital Securities are subordinate to the rights of all other (current and future) creditors of Rabobank, unless the rights of those other creditors are substantively determined otherwise. Capital securities issued by subsidiaries Issue ofNZD 280 million Rabo Capital Securities Limited has issued capital securities, the coupon of which equals the five-year swap interest rate plus an annual 3.75% mark-up and was set at 8.7864% per annum on 25 May 2009. As of the issue date (27 May 2009), the coupon is made payable every quarter in arrears, for the first time on 18 June 2009 (short first interest period). As of 18 June 2014, the coupon will be made payable every quarter based on the five-year swap interest plus an annual 3.75% mark-up. As of 18 June 2019, the coupon will be made payable every quarter based on the 90-day bank bill swap interest rate plus an annual 3.75% mark-up. The coupon is payable at the issuer's discretion. In case Rabobank does not use its discretionary power to not pay distributions on the Rabobank Certificates, payment on this instrument will also apply. Trust Preferred Securities III to IV In 2004, the following tranches of non-cumulativeTrust Preferred Securities were issued. Rabobank Capital Funding Trust III, Delaware, a group company of Rabobank, issued 1.5 million non-cumulative Trust Preferred Securities. The coupon is 5.254% up to and including 21 October 2016. Forthe period 21 October 2016 to 31 December 2016 inclusive, the coupon is equal to the interpolated USD Libor rate for the period, plus 1.5900%. The coupon is payable at the issuer's discretion.Thereafter, the distribution is equal to the three-month USD Libor rate plus 1.5900%.The total proceeds from this issue amounted Consolidated Financial Statements Company Financial Statements Pillar 3 to USD 1,500 million. This issue was redeemed on the earliest redemption date of 21 October 2016. Rabobank Capital Funding Trust IV, Delaware, a group company of Rabobank, issued 350,000 non-cumulative Trust Preferred Securities. The coupon is 5.556% up to and including 31 December 2019.Thereafter, the coupon is equal to the six-month GBP Libor rate plus 1.4600%.The coupon is payable at the issuer's discretion. The total proceeds from this issue amounted to GBP 350 million. As of 31 December 2019, theseTrust Preferred Securities can be repurchased on each distribution date (which is once every half-year). Trust Preferred Securities in millions of euros 2016 2015 Changes during the year: Opening balance 1,131 1,043 Redemption (716) Exchange rate differences and other (6) 88 Closing balance 409 1,131 This item relates to shares held by non-controlling interests in Rabobank subsidiaries. In millions of euros 2016 2015 Opening balance 492 473 Net profit 64 75 Exchange rate differences 20 (10) Entities included in consolidation/ deconsolidated (1) 8 Dividends (50) (61) Other 7 Closing balance 525 492 The Rabobank subsidiaries with the largest non-controlling interests are De Lage Landen Participacoes Limitada and AGCO Finance SNC. Both entities are accounted for in the segment Leasing. De Lage Landen Participacoes Limitada is based in Porto Alegre, Brazil, and Rabobank has a capital and voting right interest of 72.88%. The non-controlling interests with regard to this entity amount to 79 (2015: 65).The following financial data apply: 234 Rabobank Jaarverslag 2016

Rabobank Bronnenarchief

Jaarverslagen Rabobank | 2016 | | pagina 235