- Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Impact of the legal merger Amounts in millions of euros 1 January 2016 31 December 2015 Assets Cash and balances at central banks 64,001 63,403 Short-term government papers 860 860 Loans and advances to banks 75,759 108,437 Loans and advances to customers 392,853 143,475 Interest-bearing securities 86,476 86,476 Shares 780 778 Interests in group companies 16,984 18,589 Other equity investments 2,688 2,672 Goodwill and other intangible assets 470 469 Tangible fixed assets 1,978 935 Other assets 4,383 4,721 Derivatives 57,580 57,239 Prepayments and accrued income 1,290 1,381 Total assets 706,102 489,435 Liabilities Due to banks 25,930 41,342 Due to customers 331,538 121,363 Debt securities in issue 166,501 166,501 Other liabilities 58,410 57,920 Derivatives 63,424 63,424 Accruals and deferred income 2,397 2,239 Provisions 996 499 Subordinated liabilities 17,332 17,332 666,528 470,620 Equity 39,574 18,815 Total equity and liabilities 706,102 489,435 New and amended standards issued by the International Accounting Standards Board (IASB) and adopted by the European Union, that are applicable to the current financial year Early adoption of a specific part oflFRS 9 on fair value of financial liabilities designated at fair value through profit or loss According to paragraph 7.1.2 of IFRS 9 ('Financial Instruments'), an entity may early adopt the requirement to present changes in the fair value of financial liabilities designated at fair value through profit or loss that are attributable to changes in credit risk in other comprehensive income ('OCI'). Rabobank has elected to early adopt this requirement in IFRS 9 for the own credit adjustment included in the valuation of financial liabilities designated at fair value through profit or loss, which mainly consists of the structured notes portfolio. Excluding fair value changes resulting from changes in own credit risk from the statement of income means that Rabobank will no longer report profits or losses when the creditworthiness of Rabobank changes. As a result of early adopting this requirement in IFRS 9, the fair value changes resulting from own credit risk are accounted for in OCI in equity (net of tax) as opposed to the statement of income. When financial liabilities designated at Consolidated Financial Statements Company Financial Statements Pillar 3 fair value through profit or loss are derecognised (for instance due to buy-backs) the cumulative own credit risk adjustment remains in equity and is reclassified from OCI to retained earnings at the end of each reporting period, without being recycled to the statement of income. The early adoption to report own credit adjustment on financial liabilities designated at fair value through profit or loss in OCI has been applied by Rabobank as from 1 January 2016. Comparative figures have not been restated. Differences have been recorded in the opening balance sheet as at 1 January 2016 as follows: Impact of early adoption of IFRS 9 at 1 January 2016 Amounts in millions of euros Revaluation reserve - Fair value changes due to own credit risk on financial liabilities designated at fair value Closing balance as at 31 December 2015 Reclassification from retained earnings 62 Opening balance as at 1 January 2016 62 Retained earnings Closing balance as at 31 December 2015 (3,304) Reclassification of own credit adjustment on financial liabilities designated at fair value (62) Opening balance as at 1 January 2016 (3,366) In 2016 Rabobank recognised a loss of 365 (net of tax) in OCI relating to fair value changes in financial liabilities designated at fair value through profit or loss resulting from changes in own credit risk. As a result net profit in 2016 would have decreased by 365 if Rabobank would not have elected to early adopt this element of IFRS 9. In 2016 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. There were no other changes to the classification and measurement of financial liabilities designated at fair value. Improvements to International Financial Reporting Standards cycle 2012-2014 On 25 September 2014, the International Accounting Standards Board (IASB), in the context of its periodic improvement process, which is intended to streamline and clarify standards, proceeded to publish the Annual improvements in International Financial Reporting Standards cycle 2012-2014 ('the annual improvements'). The objective of the improvements is to address non-urgent, but necessary issues, discussed by the IASB during the project cycle, on areas of inconsistencies in International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) or ambiguous wording.These improvements became effective on 1 January 2016 and have no impact on profit or equity. 259 Notes to the company financial statements

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Jaarverslagen Rabobank | 2016 | | pagina 260