7 9 Subordinated liabilities
20 Equity
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Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3
Other provisions
Provision for
Restructuring tax and legal
in millions of euros provision issues Other Total
Opening balance on
1 January 2016 44 159 73 276
Changes due to legal merger 284 198 11 493
Additions 554 557 124 1,235
Withdrawals (386) (36) (32) (454)
Releases (78) (131) (14) (223)
Closing balance on
31 December 2016 418 747 162 1,327
Opening balance on
1 January 2015 38 183 83 304
Additions 63 26 42 131
Withdrawals (52) (49) (6) (107)
Releases (5) (1) (46) (52)
Closing balance on
31 December 2015 44 159 73 276
This represents the loans relating to the issue ofTrust Preferred
Securities and subordinated loans.
In millions of euros 2016 2015
Loans related to the issue ofTrust Preferred
Securities III, VI 409 1,853
Subordinated loans 16,847 15,479
Balance on 31 December 17,256 17,332
In millions of euros
2016
2015
This item can be broken down as follows:
Capital
600
Premium
5,402
Rabobank Certificates
5,948
5,949
Capital Securities
7,821
8,002
Revaluation reserves
431
792
Statutory reserve
752
641
Other reserves
22,678
(3,479)
Profit for the year
1,960
908
Total equity
39,590
18,815
Capital
This section includes the fully issued and paid-up share capital.
All shares have been issued to local Rabobanks. As of 1 January
2016, as a consequence of the legal merger between Rabobank
and the local Rabobanks, the shares became void.
Capital
in millions of euros
2016
2015
Changes during the year:
Opening balance
600
600
Changes due to legal merger
(600)
Closing balance
600
Premium
In the following table details of the issues of subordinated
liabilities are shown:
Subordinated liabilities
Notional Year of
(in millions) Currency Coupon issuance Year of maturity
1,500 USD 3.75% 2016 2026
2025, early
225 AUD 5.00% 2015 repayment 2020
2025, early
repayment
475 AUD Variable 2015 possible 2020
1,500 USD 4.375% 2015 2025
1,250 USD 5.25% 2015 2045
1,000 GBP 4.625% 2014 2029
2026, early
repayment
2,000 EUR 2.50% 2014 possible in 2019
50,800 JPY 1.429% 2014 2024
1,000 EUR 3.875% 2013 2023
1,750 USD 4.625% 2013 2023
1,250 USD 5.75% 2013 2043
1,000 EUR 4.125% 2012 2022
500 GBP 5.25% 2012 2027
1,500 USD 3.95% 2012 2022
1,000 EUR 3.75% 2010 2020
1,000 EUR 5.875% 2009 2019
Premium
in millions of euros
2016
2015
Changes during the year:
Opening balance
5,402
5,402
Changes due to legal merger
(5,402)
Closing balance
5,402
Rabobank Certificates
Rabobank Certificates represent participation rights issued by
Rabobank via the foundation Stichting Administratie Kantoor
Rabobank Certificaten and belong to the Common Equity Tier 1
capital of Rabobank.The Rabobank Certificates have been listed
on Euronext Amsterdam since 27 January 2014.
The initial opening price on 27 January 2014 amounted to
105.00% (EUR 26.25). On 31 December 2016, the trading price
amounted to 114.18% (EUR 28.55). At year-end 2016, the total
number of certificates was 237,961,365 with a nominal value of
EUR 25 each.
The distribution paid per certificate in 2016 was EUR 1,625
(2015: EUR 1,625). The Executive Board is entitled not to pay the
distribution. Unpaid distributions will not be paid at a later date.
The amounts listed in the table below are based on the nominal
value of EUR 25 per Rabobank Certificate.
285 Notes to the statement of financial position