'RABOBANK POSTS STRONG 2008 RESULTS, DESPITE TOUGH CONDITIONS' Q&A Europe with Marcel Gerritsen Head of Project Finance Europe QWho are the clients of the REIF department and what do you offer them? QWhat are the current opportunities within the sector A "Firstly, the expected shortage offossil Q What's the main goal for Rl and renewable energy over the coming 5years? In March, Rabobank announced its full-year results for 2008. In a year marked by uncertainty and scarred by the financial crisis, Rabobank Group produced a remarkable set of results, with net profit growing 2 percent year-on-year to EUR 2,754 million, while remaining the only major Dutch bank not to seek-out government support. Rabobank International, meanwhile, reported relatively positive developments across most business lines, although the financial crisis drove Rl to a net loss of EUR 245 million. A number of positive one offis, including the Rabobank's Renewable Energy and Infrastructure Finance department provides project financing for a variety of customer groups. Marcel Gerritsen talks about the department. A "We have a variety of customer groups who need help financing their renewable energy projects. We distinguish between renewable energy project developers, investors, and renewable energy branches of Utilities and F&A customers. For example, we might fund a farmer who wants to erect a wind park or solar plant on his own land or grain producers that want to diversify into bioethanol." fuels in the long run, which will make traditional electricity production more expensive over time, has put more focus on renewable energy sources. Secondly, I think renewable energy as an item has caught the attention of society over the past few years, as countries strive to reduce their energy dependence from oil producing countries. And thirdly, the climate change debate is sharpening minds and ideas." A "In 2008 we received our mandate from the board to grow within Europe. In 2009 we are expanding our geographic coverage to the Americas and India. The ambition is to become a well-regarded player in the market for renewable energy financing worldwide, being recognised for our sector knowledge both by our clients as well as by other banks." economy. Australia and New Zealand reported good financial results, with a 30 percent rise in the net result versus 2007 and Asia performed above budget. Results in corporate banking were confronted by impairments, while Asia's TCF and GFM operations performed well. In the Netherlands, Wholesale Netherlands realised competitive opportunities among the challenges of a recessionary economy, with the region sur- passing its budget by nearly 11 percent. revaluation of participations and a reclassifi- cation of GFM assets, were offset by the impact of mark-to-market losses and impairments on debt trading and investments books. Regionally, in the Americas the gross result of corporate banking was nearly doublé the 2008 budget, while Europe faced a difficult year with mixed results in the retail business. Although Bank BGZ in Poland performed relatively well, ACC Bank in Ireland faced stiff headwinds due to the near implosion of the Irish issue 19 apri THE WORD 5

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blad 'RI The Word / The Word' (EN) | 2009 | | pagina 5