Piet Moerland, Chairman of the
Executive Board of Rabobank Nederland.
in economic growth can still be seen. Resolving economic imbalances is
in fact something that every country needs to take responsibility for.
What this essentially means is that countries that have a savings deficit
need to take steps to reduce it, while countries with a savings surplus
should consume and invest more. Simply hoping that we will return to
the old, familiar growth paths is not realistic. Within the context of these
expectations, the banking industry as a sector needs to resume a more
serving role towards its clients and the economy, and it needs to do everything in its power to
improve bonds of trust with clients.
The economic recovery is expected to level off during 2011, making it another challenging
year for Rabobank. Government cutbacks and uncertainty regarding house prices and
pensions, as well as employment and purchasing power to a lesser extent, will affect
consumer and producer confidence. Moreover, solvency and liquidity requirements will
become tighter under the new Basel regulations.
Despite these challenges, Rabobank Group has started the new year full of confidence.
Rabobank has a very strong image, and 2011 will present the bank with opportunities to
continue to set itself apart from the competition in a positive way. Owing to the limited
economic recovery, lending is expected to show moderate growth. We want our liquidity
position to remain resolutely robust, and for this reason the emphasis will be on attracting
savings deposits both in the Netherlands and in other countries. We will continue to serve
clients by providing the right products and services, which requires our group entities to work
together effectively. By serving clients well, continuing to focus on achieving healthy margins
and being responsible when it comes to costs, Rabobank Group's profitability, and therefore
our capital position, is expected to remain at an appropriate level, ensuring that we can
continue to serve our clients going forward.
Piet Moerland, Chairman of the Executive Board of Rabobank Nederland