3.4 Joint and several liability (cross- guarantee system) 3.5 Basis of consolidation Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3 Possibly the most pressing issue facing society is that of climate change (SDG 13 Climate Action). We see our contribution to solving this issue as a top priority. Our market share puts us in a position to make a real contribution. First of all by encouraging our customers in the Netherlands to achieve energy savings. And at the global level we contribute through funding and by making clear choices. Finally, a traditional proverb is of particular relevance to us as a cooperative bank: 'If you want to go fast, go alone. If you want to go far, go together' (SDG 17 Partnerships for the Goals). Which is why we always look for partners to achieve maximum impact. Under the Dutch Financial Supervision Act (Wet op het financieel toezicht), various legal entities owned by Rabobank are jointly and severally liable under an Internal intra-group mutual keep well arrangement that requires the participating entities to provide the funds necessary should any participant not have sufficient funds to settle its debts. As at 31 December 2016, the participants are: Coöperatieve Rabobank U.A., Amsterdam Rabohypotheekbank N.V., Amsterdam Raiffeisenhypotheekbank N.V., Amsterdam De Lage Landen International B.V., Eindhoven De Lage Landen Financiering B.V., Eindhoven De Lage Landen Trade Finance B.V., Eindhoven De Lage Landen Financial Services B.V., Eindhoven On 1 January 2016, the local Rabobanks and Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. entered into a legal merger and the name of Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. was changed to Coöperatieve Rabobank U.A. The IFRS consolidation scope of Rabobank is determined in accordance with IFRS 10'Consolidated Financial Statements', IAS 28 'Investments in Associates'and IFRS 11 Joint Arrangements'. Rabobank controls an entity if Rabobank has power over the investee, exposure or rights to variable returns from its involvement with the investee and has the ability to use its power to affect the amount of the investor's returns. All entities that are controlled by Rabobank are fully consolidated. Subsidiaries are consolidated from the date on which effective control is transferred to Rabobank and are no longer consolidated from the date that control ceases. In 2016, none of the subsidiaries experienced any significant restrictions in the payment of dividends and own funds or the repayment of loans. The option of subsidiaries to pay dividend to Rabobank depends on various factors, including local regulatory requirements, statutory reserves and financial performance. Investments in associates (investments in which Rabobank has a significant influence, but which it does not control, generally holding between 20% and 50% of the voting rights) and joint ventures are accounted for using the equity method under IFRS. Regulatory reporting scope The consolidation scope forthe purpose of calculating Regulatory Capital is generally the same as the consolidation scope under IFRS.The entities in the regulatory reporting scope that are consolidated are listed in appendix 14.6 'Entities in the scope of CRR (CRD IV)'.The aggregate amount by which the actual own funds are less than the required minimum in subsidiaries not included in the consolidation scope is nil. Direct and indirect holdings of the capital of financial sector entities that are deducted or risk-weighted Rabobank risk weights the following entities for a total amount of 2,084. As per 31 december 2016, no financial sector entities have been deducted from capital. Achmea B.V. (29.21%) Arise B.V. (25%) Banco Terra (45.24%) Banco Cooperativo Sicredi (23.98%) Banque Populaire du Rwanda (14.6%) Development Finance Company of Uganda Bank (27.54%) Grupo Finterra (14.78%) Komatsu Financial France S.A.S. (95%) Komatsu Financial Germany GmbFI (95%) Komatsu Financial Italy S.p.A. (97.22%) LSVP VI Cayman Trust (12.02%) National Microfmance BankTanzania (34.9%) Paraguay Banco Regional (38.74%) Zambia National Commercial Bank (45.59%) 311 3. About Rabobank

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Jaarverslagen Rabobank | 2016 | | pagina 312