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:, and 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%

Rabobank Bronnenarchief

Annual Reports Rabobank | 2002 | | pagina 33