Dialogue with governments
2013 was a year full of new legislative initiatives for banks, especially from Europe. This part of
the annual report states the most important issues for Rabobank that were considered in 2013,
the institutions they were discussed with and the positions Rabobank adopted.
Stakeholders in politics in The Hague and Brussels
Given their impact on its clients and operations, Rabobank closely follows political developments
in The blague and Brussels. Rabobank seeks to contribute to good legislation and policies that
are effective and sufficiently supported, and to be a partner in dialogue on a range of social
issues. Representatives of Rabobank discuss financial sector reforms primarily with the Ministry
of Finance, the Dutch Central Bank, the Netherlands Authority for the Financial Markets,
the Standing Committee on Finance of the Fower House of Parliament, the Confederation
of Netherlands Industry and Employers (known as VNO-NCW), the European Commission,
the European Parliament and the European Central Bank. Sometimes they do so directly and
sometimes via the Dutch Banking Association (NVB), the European Association of Cooperative
Banks (EACB) or the European Banking Federation (EBF). Rabobank also sets store by good
contacts with other Ministries, such as Economic Affairs; Foreign Affairs; and Health, Welfare and
Sport. A representative has been appointed for contacts with EU institutions.
Rabobank seeks to maintain regular contact with all relevant policymakers. Thus Rabobank
participated in the Round Table on the future of banks in the Lower House in 2013. The Chairman
of the Executive Board also held a keynote speech at the Sustainable Finance Lab on the future
of the banking sector. In addition, Rabobank organised working visits for various political parties
and civil servants from several ministries in 2013. The topics that were discussed on those
occasions included the Banking Union, the structure of the banking sector, the housing market
and lending. Position papers on these topics are available on Rabobank.com.
European regulations largely determine agenda for reforms
Numerous legislative initiatives are being launched in Brussels. Only a few can be discussed here.
The most notable in 2013 were the European directive and regulation for higher capital buffers
(CRD IV and CRR) and preparations for the European Banking Union, which will exercise direct
supervision over the category of around 130 largest banks in Europe, including Rabobank.
The decisions on the creation of resolution funds, a European directive for recovery and resolution
and bail-in are closely related to those initiatives.These reforms are intended to make the
banking sector more stable. A strengthened European basis will moreover create a more level
playing field.These topics were discussed repeatedly with European and Dutch policymakers.
Through the special interest associations Rabobank put forward suggestions for directives
being drafted for that purpose in Brussels, and for the Dutch input at meetings of the European
policymaking bodies. Rabobank supports the general direction of the reforms, while proposing
the inclusion of certain conditions. For instance, Rabobank supports the Single Supervisory
Mechanism if solid, watertight agreements are in place between the ECB and the Dutch Central
Bank DNB, if there is no confusion about the respective decision-making powers of the Dutch
Central Bank and the ECB nor about the legal certainty of decisions of the ECB. In the event of
disputes about decisions, it must be possible to contest them at a European level, for instance at
a special section of the European Court of Justice. Rabobank will only consider a joint European
resolution fund to be acceptable if adequate, suitably regulated European supervision is in
place, as well as an effective entry screening for banks participating in the fund.
Sustainability