Other notes to the financial statements 27 Professional securities transactions and assets not freely available 28 Con tin gen t liabilities Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3 Professional securities transactions in which Rabobank lent securities. In millions of euros 2016 2015 Securities lent for use: Loans and advances to banks 12,596 17,944 Loans and advances to customers 16,536 19,783 Total 29,132 37,727 Liabilities relating to operating leases Rabobank has concluded various operating lease contracts as lessee, mainly with respect to properties, information systems and cars. The future net minimum lease payments under non- cancellable operating leases can be broken down as follows: in millions of euros 2016 2015 Not later than 1 year 124 22 Later than 1 year but not later than 5 years 279 74 Later than 5 years 346 84 Total liabilities relating to operating leases 749 180 Professional securities transactions in which Rabobank lent securities. In millions of euros 2016 2015 Securities lent: Due to banks 418 81 Due to customers 209 486 Total 627 567 The assets referred to in the table below (with exception to professional securities transactions) were provided to counterparties as security for (contingent) liabilities. If Rabobank remains in default the counterparties may use the security to settle the debt. The gross minimum lease payments The expected future minimum lease payments receivable from sub-leases are nil (2015: nil).The operating lease expenses are 52 (2015: 24). These are included in 'Other administrative expenses' in the statement of income. Contingent liabilities related to income tax The European Commission has addressed questions to the Dutch government about article 29a of the Dutch Corporate Income Tax Code. If the European Commission would decide to start a formal investigation and ultimately would conclude that this is a case of state aid, Rabobank may have to repay tax benefits it enjoyed from 2015 onwards. Article 29a of the Dutch Corporate Income Tax Code was included in the Dutch Corporate Income Tax Code so that capital instruments issued by credit institutions and which are covered by EU regulation 575/2013 would be considered tax deductible. In this context, Rabobank issued Capital Securities in January 2015 and in April 2016, amounting respectively to EUR 1.5 billion at a fixed interest rate of 5.5%, and EUR 1.25 billion at a fixed interest rate of 6.625%.The contingent liability related to this matter amounts to 54. In millions of euros 2016 2015 Assets not freely available: Related to type of liabilities: Loans and advances to banks Derivatives 4,702 5,178 Loans and advances to customers Due to customers 5,978 6,758 Interest-bearing securities Due to customers 6,276 450 Total 16,956 12,386 This item relates to transactions in which Rabobank stands surety for obligations of third parties. In millions of euros 2016 2015 Contingent liabilities consist of: Guarantees 19,415 14,126 Letters of credit 6,196 4,744 Other 747 100 Total contingent liabilities 26,358 18,970 Of which: Contingent liabilities of group companies 8,194 6,710 Liability undertakings Pursuant to Section 403 of Book 2 of the Dutch Civil Code, Rabobank has assumed liability for the debts arising from the legal transactions of the following Group companies: Bodemgoed B.V. De Lage Landen America Holdings B.V. De Lage Landen Corporate Finance B.V. De Lage Landen Facilities B.V. 291 Other notes to the financial statements

Rabobank Bronnenarchief

Jaarverslagen Rabobank | 2016 | | pagina 292