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Rabobank has pledged assets to fulfil mandatory minimum reserve requirements.These pledged assets cannot be freely withdrawn and are therefore considered encumbered.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

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Jaarverslagen Rabobank | 2016 | | pagina 365