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

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Annual Reports Rabobank | 2013 | | pagina 34