New faces J 2 short news WHAT's Nf.wS Issue 10 November 1997 In brief KNOWLEDGE SHARING TEAMDAYS F&A research is growing so fast that colleagues around the network hardly get a chance to meet. Putting names to faces, F&A research last month held the first of what will now be an annual event - the F&A research teamdays. Bringing together new candidates from all over the network, the team discussed future directions. Taking a break from tbeir team building activities. Standing from left to right: Frans van Bijsterveld, Mare TimmermansLiesbeth de Schutter, Paul Hofman (Utrecht), Sylvia Verheijden (Sao Paulo), Joyce Cacho (New York), Heieen Glaudemans, Eric Baas, Willemijn Rijnsburger, Martha van den Berg, Manon Irion, Ahrend Heijbroek, Anne van Dijk (Utrecht), Anning Wei (Hong Kong), Rafi Wazir, Peter Spitters, Anjo van Potten (Utrecht). Sitting from left to right: Lee Chin Tuck (Singapore), Henk Rijkse (Utrecht), Alejandro Reca (Buenos Aires), Adrie Zwanenberg and Danny van Doesburg (Utrecht), Michael O'Keeffe (Sydney), Tiemen Leijh (Utrecht), Charlie Taylor (Sydney). people Brazil Rute Nakatsukasa started as distribution and syndication officer. France New deputy general manager is Frans Cuppen. Frans comes from corporate banking in Utrecht. Germany Peter Geis head of financial markets left the bank as well as André de Sike former head of M&A. Horig Kong Dennis Ziengs has been appointed general manager 'Greater China', also responsible for our current activities in Korea and Japan. Dennis comes from New York and replaces Roelf Hagoort. India Hans Hannaart has been appointed managing director of our Indian joint venture to be founded in Bombay. Luxembourg Hein Buschmann and Arne van der Ent joined the advisory team as officers. Cees van de Giessen will be the Well, to Chicago's F&A team, leader Elizabeth Flund is not exactly new - but to San Francisco she soon will be. Lizz is due to leave her Chicago post to become San Francisco's new manager. Following more than 18 years in banking and almost two years with Rabobank, Lizz is no stranger to the food and agribusiness industry. The position is a challenge, not only in the transition to a new market, but also in going from a team of six to working together with a staff of nearly 20.'Through the move, her dedication to Rabobank also stays intact, 'the American market offers a huge opportunity for us. No new senior advisory officer. Cees comes from Guernsey. Jan Vandervelde and Luc Vrouwenraets are appointed relationship managers. The Netherlands at Rabo Securities Dominique Bech has been appointed managing director. Andries Mak van Waay has been promoted to general manager. Russia Kiev's new general manager is Herbert Marx and Ferdinand Tuinstra will be responsible for risk control. In Moscow Maarten Pronk has been appointed general manager. Singapore New general manager is Roelf Hagoort. Roelf comes from Hong Kong and replaces Hans Hannaart. Leo Boon Yong has been appointed senior manager financialengineering in the treasury department. UK New to corporate finance is Elizabeth Hund other bank in the States can offer 100 years worth of commitment and a triple-A rating to their clients. Rabobank's long-term F&A and healthcare focus is a valuable and unique asset. It makes doing business - be it in the mid-west or the west - a joy.' Marjan van der Weijden as executive securitization own assets and Christine Schouten as deputy manager clients' assets securitization. Frederico Verdolin has been appointed associate director financial institutions within the investment banking group. Chris Curtis is the new senior manager market risk control and the Edinburgh office has a new colleague in Ed Smith as senior manager of the relationship management group. USA Reinier Mesritz becomes general manager USA. He replaces Dennis Ziengs. Correction: in the last issue we announced the transfer of Mario Lotufo please note he is not the manager of the FX and MM desks, instead he has joined both teams to promote FX and MM products to Latin America. Sorry for any inconveniences this may have caused. Cwhat's in a word) As we move doser to the value added style of banking, ie.acting as intermediary ratherthan 'merely' making loans, let's look at some of the various forms money can take. call money London money market loans repayable at very short notice. A highly liquid asset, only practical if you have lots to lend. cheap money originally this meant maintaining low interest rates in times of recession to stimulate investment; now cheap money means throwing loans at starvation margins at customers who can piek and choose. dear money high interest rates which make lending expensive and even prohibitive - this meaning has never changed. füght from money this is the tendency to abandon the use of money when inflation is very high.Goods.such as cigarettes, are then used to barter,or people use foreign currencies.The collapse of the Soviet Union is a good example. Almost overnight, Russians stopped using roubles and US dollars and/or DM marks 3 became the preferred currencies. high-powered money types onmoniesthatqualifyas commercial bank reserve assets. inside money this is funds which are an asset to the person/body holding it, but a liability for someone else. A good example is bank balances.These are dearly inside money.ln contrast, outside money is an asset which is not balanced bya liability. Gold coinage is an example here. interest-elasticity of demand for money do you really want to know? Masthead Editorial Staff Editor in Chief.NoorTania-Stein (Marketing Rl) Managing Editor: Anne Lavelle (Write Company) Editors: David Brown, Samantha Dobson Production: Len Fraser (RN Editorship) Editorial Address Rabobank Nederland, EO 516 P.O. Box 2215600 MA EINDHOVEN Telephone: +31 (0) 40 217 50 09 Telefax:+31 (0)40 217 71 36 Rabomail: Rabo Magazine@ico_ef@comm Internet: Rabomagazine@rn.rabobank.nl Design and printing by Hoonte Holland bv, Utrecht Please send address changes to the editorial address.

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