Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3 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. 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. in millions of euros 2016 2015 Movements were as follows: Balance on 1 January 8,002 6,530 Issuance of Capital Securities 1,250 1,500 Costs of issuance of Capital Securities (9) (12) Redemption of Capital Securities (1,437) Other 15 (16) Balance on 31 December 7,821 8,002 Revaluation reserves in millions of euros 2016 2015 The revaluation reserves and translation differences can be specified as follows: Cash flow hedges (70) (39) Interest-bearing securities 316 214 Equity investments - 2 Shares and non-interest-bearing securities 185 615 Total revaluation reserves 431 792 Movements were as follows: Balance on 1 January 792 964 Exchange rate differences (6) (1) Revaluations (291) 607 Other (77) (1) Transferred to profit or loss 13 (777) Balance on 31 December 431 792 Rabobank's cash flow hedges consist mainly of cross-currency interest rate swaps which serve to protect against a potential change in cash flows from financial assets in foreign currencies with floating interest rates. Rabobank tests the hedge effectiveness on the basis of statistical regression analysis models, both prospectively and retrospectively. At year-end 2016 and 2015, the hedge relations were highly effective within the range set by IAS 39. On 31 December 2016, the net fair value of the cross- currency interest rate swaps, classified as cash flow hedges was -594 (2015:-707). In 2016, Rabobank accounted for an amount of-87 (2015: 659) after taxation in other comprehensive income as effective changes in the fair value of derivatives in cash flow hedges. In 2016, an amount of 56 (2015: -709) after taxation of cash flow hedge reserves was reclassified to the income statement. On 31 December 2016, the cash flow hedge reserves as part of equity totalled -70 (2015: -39) after taxation. This amount fluctuates along with the fair value of the derivatives in the cash flow hedges and is accounted for in profit over the term of the hedged positions as trading income. The cash flow hedge reserve relates to a large number of derivatives and hedged positions with different terms.The maximum term is 25 years, with the largest concentrations exceeding five years.The IFRS ineffectiveness for the year ended 31 December 2016 was 148 (2015: 181). Legal reserves This concerns the reserve for retained earnings of associates, software developed in-house and translation differences. in millions of euros 2016 2015 The legal reserves can be specified as follows: Retained profits of associates 166 344 Software developed in-house 383 373 Translation differences 203 (76) Total legal reserves 752 641 287 Notes to the statement of financial position

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Jaarverslagen Rabobank | 2016 | | pagina 288