Movements in reserves
-
-
-
-
Annual figures 65
(in EUR millions)
2002
2001
Reserves can be broken down as follows:
Revaluation reserves
246
417
Other reserves
10,164
9,687
Rabobank Membership Certificates
3,851
2,276
Trust Preferred Securities
650
650
14,911
13,030
Movements in reserves:
Revaluation reserves
Balance at 1 January
417
407
Movement as a result of changes in accounting policies
354
Revaluation
(152)
(117)
Transferred to other reserves
(13)
(10)
Released to profit and loss account
(6)
(217)
Balance at 31 December 246 417
This item includes the revaluation reserves for immovable property, shares and participating interests.
Other reserves
Balance at 1 January
9,687
11,159
Movement as a result of changes in accounting policies
(306)
Transferred from revaluation reserves
13
10
Goodwill
(635)
(526)
Other movements
55
65
Profit appropriation
1,044
1,169
Balance at 31 December
10,164
11,571
Change in accounting policy for pensions
(1,799)
Net effect of change in accounting policy for pensions
(85)
Balance at 31 December after changes in accounting policies 10,164 9,687
Owing to the change in accounting policy, at 1 January 2002 EUR 1,884 million was charged to other reserves of
Rabobank Nederland and simultaneously a provision for pensions of EUR 2,894 million was formed and a deferred
tax asset of EUR 1,010 million was recognised.
Significant equity interests acquired in 2002:
- Bank Sarasin Cie, Switzerland
- Boston Partners Asset Managers, United States
- ACC Bank, Republic of Ireland
- Valley Independent Bank, United States
- Transtrend,the Netherlands
- Sage Capital Management, United States
The goodwill paid amounted to EUR 635 million.