Inhoudsopgave Voorwoord Bestuursverslag Corporate governance
Consolidated Financial Statements Company Financial Statements Pillar 3
Next to that, Rabobank has pledged assets to fulfil mandatory
minimum reserve requirements.These pledged assets cannot
be freely withdrawn and are therefore considered encumbered.
Furthermore, assets are encumbered for repurchase agreements
and collateral swaps. These transactions are generally
conducted using securities received in reverse repo
transactions. As a result, the associated encumbrance generally
relates to re-used collateral. Rabobank has participated in
TLTRO, for which assets are pledged as collateral. Finally, a large
portion of Rabobank's encumbrance results from collateral
posted to secure derivatives transactions, which contain Credit
Support Annexes (CSA) or initial margin requirements.
Rabobank has a low level of asset encumbrance, which results
from prudential balance sheet management.The evolution
in the level of asset encumbrance over time is limited and is
mainly driven by variation in assets pledged due to market
value variations of derivatives. The assets reported under'Other
assets'in Table 55 mainly relate to derivatives, real estate,
property and deferred tax. The majority of this positon is not
available for encumbrance. Rabobank has debt securities
encumbered between branches resulting from intercompany
repo transactions. Given that these branches are consolidated
within the same legal entity, the intragroup asset encumbrance
is considered to be negligible.
For the future, the asset encumbrance level may slightly
increase, because Rabobank has started the process to register
its inaugural Covered Bond Programme. Rabobank will however
continue to target a low asset encumbrance.
364 Rabobank Jaarverslag 2016