In 2011, Rabobank Group managed to maintain its leading positions in
most of its key markets in the Netherlands. Our efforts to become the
leading wholesale bank in the Netherlands payoff again in the year under
review, in the form of an improved market position. Outside the
Netherlands, Rabobank International continued to expand its retail branch
network, while the share of food and agri in its portfolio grew further.
As usual, we retained a large portion of our earnings, as a result of which
the stability of the bank and the continuity of our services continue to be
guaranteed. We performed impressively in the stress test and capital test
conducted by the European Banking Authority in 2011Despite difficult
market conditions, we had relatively few problems in meeting our funding
requirements at acceptable costs during the year under review.
p»et Moerland.Chaumanofthe Notwithstanding a high level of solvency and liquidity, we were forced to say goodbye to an
Executive Board of Rabobank important symbol. Our Triple A rating, of which we were very proud, was adjusted by Standard
Nedaiand. Poor's owing to the application of a new method of calculation. However, what really matters
is our creditworthiness, and this remains high. We are still the same stable, safe bank and the
best-rated privately owned bank in the world according to all rating agencies.
We had to say goodbye to Bert Heemskerk in 2011His passing meant that Rabobank lost a
highly valued former Chairman of the Executive Board, but more than that we lost a prominent
banker. Bert Heemskerk symbolised our bank, and he was our outstanding standard bearer for
almost seven years, from 2002 until 2009.
The establishment of the European emergency fund and the compulsory recapitalisation of
banks should help to tackle the crisis. In 2011, the ECBcut its most important interest rate and
introduced a new lending facility, reducing tension on the markets that banks rely on for their
funding. While Europe's political and monetary authorities are finally taking measures to bring
back stability, it will still take some time before all countries of Europe have their public
finances back in good order and confidence has been restored on the financial markets.
The economic outlook is not the only challenge that Rabobank will face in 2012. Just as other
banks, Rabobank is also confronted with an increase in rules and regulations, such as the
Basel III capital requirements and, most likely, bank tax.These will generally lead to growth in
lending coming under pressure in 2012. Our employees will, of course, continue to put all their
energy into working for our customer sand providing the level of service that they expect
from Rabobank.
Piet Moerland, Chairman of the Executive Board of Rabobank Nederland
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