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
