Debt securities
Subordinated debt
Equity
75 Rabobank Group Annual Report 2005
Notes to the balance sheet
At the end of 2005, a total amount of EUR 135.3 (109.5) billion in debt
instruments was on the balance sheet, almost half of which was classed
as short-term debt paper. In the year under review, more than EUR 20
billion in long-term debt securities was issued to finance the growth in
lending.
At the end of 2005, the total amount of subordinated debt outstanding
was EUR 2.6 (2.1) billion. To strengthen Tier II capital, a EUR 1 billion sub
ordinated loan was placed on a private basis with institutional investors
in 2005. Also, Trust Preferred Securities I to an amount of EUR 650 million
were redeemed. The Trust Preferred Securities II, which do not qualify as
equity, are reported as subordinated debt on the balance sheet.
The equity at year-end 2005 were EUR 26.3 (23.0) billion. Equity com
prise equity of Rabobank Nederland and local Rabobanks, Member
Certificates, Trust Preferred Securities III-VI and minority interests.
In 2005, EUR 2.0 billion in new Member Certificates was placed with
members. As on earlier occasions, there was great interest in the new
capital and the issue was oversubscribed. At the end of 2005, 59% of
equity consisted of equity of Rabobank Nederland and local Rabobanks
(mainly retained earnings), 22% of Member Certificates, 8% of Trust
Preferred Securities and 11% of minority interests.
Equity at year-end 2005
Equity of Rabobank Nederland
and local Rabobanks
Member Certificates
Minority interests
Trust Preferred Securities III-VI
