8 ■Hi
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Ethical business practices
Rabo Real Estate Group introduced the new harmonised code of conduct in the Netherlands
in 2009, publishing a brochure and newsletters, and organising workshops on how to deal
with dilemmas. The international divisions are set to follow suit in 2010. Furthermore, the new,
harmonised customer due diligence policy was implemented throughout the organisation.
Reporting dubious property transactions
For the second time, Rabo Real Estate Group reported potentially criminal acts committed
by delegated property developers, several ex-employees of the former Bouwfonds and a
number of associated persons and legal entities, as part of the Klim-Op investigation conducted
by FIOD-ECD, the Dutch national fiscal and economic investigation service. The internal
investigation into the Klim-Op case was conducted by forensic investigators. More than
EUR 20 million has been invested since 2007. The first hearings to be held as part of criminal
proceedings started in November 2009, and the court convicted two individuals in December.
Rabo Real Estate Group is taking steps in order to have recourse against the offenders. On
several occasions, the court has ruled in Rabo Real Estate Group's favour in cases concerning
the attachment of property held by a number of suspects. These civil proceedings will conti
nue to demand the attention of Rabo Real Estate Group.
Rabo Real Estate Group: committed to the community
Stimuleringsfonds Volkshuisvesting Nederlandse gemeenten (SVn) developed sustainability
loans, enabling municipalities to encourage energy savings in existing residential properties by
providing owner-occupiers with low-interest loans under attractive conditions through them.
In 2009, Rabo Real Estate Group was once again the main sponsor of Open Monumenten
dag (Heritage Day), one of the largest cultural events in the Netherlands. Between 850,000
and 900,000 people visited historical buildings and sites that were open to the public.
Fondsenbeheer Nederland established a fifth fund by the name of Boerderij en Landschap
(farm and landscape), which focuses on preserving and developing agricultural heritage.
This fund acquired three farms in 2009.
Number of homes sold
in 2009
by country
The Netherlands
France
Germany
Other
Fewer homes sold in the Netherlands
Bouwfonds Property Development sold fewer homes in the
Netherlands in 2009, although the number of sales went up in
France. A total of 7,341 (8,746) homes were sold, 56% of which
were located in the Netherlands. The transactions in the Dutch
housing market in 2009 were in the more affordable segment.
In France, the housing market bottomed out following tax
incentives introduced by the government. At Bouwfonds Property
Development, the number of unsold properties (under construction
or completed) was down sharply compared with the end of 2008.
Activity was also down in the commercial real estate market compared with 2008. At MAB
Development, there was a fall in production in the area of commercial real estate from
EUR 393 million to EUR 254 million, and construction started on fewer properties owing to the
unfavourable market conditions. At the end of 2009, 560,667m2 (827,707m2) of commercial
real estate was under construction at Rabo Real Estate Group.
Loan portfolio
in billions of euros
20
o 111mm
2005 2006 2007 2008 2009
the major financing transactions in
the basis of a careful consideration
New business amounted to EUR 2.i
Moderate growth in lending at FGH Bank
During 2009, the loan portfolio of FGH Bank showed
moderate growth. This was due to the relatively low
volume of transactions in the current market, a decrease
in available liquidity, and a reduction in willingness to
arrange finance. The number of new loans granted was
low. Thanks to the reputation it has built up in the real
estate market, FGH Bank received requests for almost all
the Netherlands in 2009. These requests were assessed on
of risks and returns. Margins on new contracts improved,
i billion, and as the repayment volume was limited, at
44
Report 2009 Rabobank Group
