Our ambition to be market leader requires broad access to diversified funding sources. In 2002, Rabobank Group raised a total of EUR 40 billion in additional liquid funds and growth capital from private investors and professional parties in the market.The Group's funding was reinforced by means of new instruments and a varied distribution of bonds. Happy with Membership Certificates 40 Rabobank Group Annual Report 2002 Funding and investor relations The Rabobank Group's funding policy is to meet the funding re quirements of the Group entities at an acceptable cost.The policy is characterised by a diversification of funding sources, flexibility of funding instruments and active investor relations. Rabobank Membership Certificates The successful issue of Membership Certificates provides access to a very broad and potentially promising market of private investors. The unique combination of membership and longer-term returns on the certificates forms the basis of a durable relationship with both clients and employees. In 2002, EUR 1.75 billion worth of Membership Certificates were sold, which is significantly more than the estimated EUR 1 billion.The total number of Certificates issued in the past three years now represents a value of EUR 4.3 billion. High solvency Total assets grew by 3% in 2002, to EUR 375 (364) billion. In a period of increasing risks in investment values, its high solvency (BIS ratio 10.5) gives Rabobank Group a strong position for raising liquid funds. 'Last year was a difficult year for investors and investment advisors alike. From the end of2001, analysts had been promising a rally but in the end it never materialised in 2002. In times like these, discussions with clients take a completely different turn. It was always profits or more profits, whereas in 2002, we had to advise clients to take their losses in order to avoid even worse. It is important to keep in touch. Although there is not much you can do in the area of transactions, you can achieve things in the area of relationships.As advisors we were very happy with the Membership Certificates II.A beautiful product and a fine alternative for bonds and savings accounts. It was great to be able to add the membership story. Then you're proud to "sell"your own bank.' Marlyn Neeleman-Malawau, senior investment advisor, Rabobank Ouderkerk-Krimpen

Annual Reports Rabobank | 2002 | | pagina 42