Group Treasury
Gilde Investment Management
Wholesale banking 31
In 2001, Group Treasury benefited from the strong decline in interest
rates but in the year under review, market conditions were consid
erably less favourable. Nevertheless, Group Treasury performed well
in 2002, given the low risk profile. Mainly as a result of the decreased
trade volume, however, gross profit was lower than in the record
year 2001. In 2002, Group Treasury again took several initiatives to
improve the Rabobank Group's balance sheet and liquidity position.
For example, new capital was raised in the form of Rabobank
Membership Certificates. Also, measures were taken to obtain addi
tional liquidity through central banks in extreme market situations.
Further segmentation of clients and regions has made Group
Treasury better able to raise short and long term funding. Finally, a
system was introduced that enables better control of the counter
party risks in derivatives and currency transactions.
Total income 1,815 1,868 -3%
Total operating expenses 915 983 -7%
Gross profit 900 885 2%
Lending 47.8 45.1 6%
Total weighted items 35.9 34.9 3%
Gilde Investment Management provides enterprises with
venture capital, which is invested by specialised investment
funds (including Gilde IT, Gilde Buy Out and Gilde
Participations) in which third parties also participate. Gilde
Investment Management manages these funds.The shares
of these enterprises are sold in due course and the invest
ments are turned into cash. At year-end 2002, investments
outstanding totalled EUR 650 million. Due to the bad market
conditions, the sale of the enterprises has virtually stagnated
and write-downs were made on several IT participations.
More about wholesale banking? Go to:
www.rabobank.com,www.gilde.nl and
www.rabosecurities.com
FTEs*
Including acquisitions
4,729
3,643
30%
Key figures - wholesale banking business
Results (in EUR millions) 2002 2001 change
Balance sheet data (in EUR billions)
Total assets 244.5 239.1 2%
