7 9 Subordinated liabilities
20 Equity
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Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
Other provisions
Other provisions concern a restructuring provision, a provision
for credit guarantees related to loans, provisions for other risks
and guarantees and a provision for ongoing legal claims.
2015 2014
Changes in other provisions
Balance on 1 January 305 528
Additions charged to profit 131 65
Withdrawals and releases (160) (260)
Other changes - (28)
Balance on 31 December 276 305
This represents the loans relating to the issue ofTrust Preferred
Securities and subordinated loans.
2015 2014
Loans related to the issue ofTrust
Preferred Securities III, IV, V and VI 1,853 1,684
Subordinated loans 15,479 11,902
Balance on 31 December 17,332 13,586
In 2015, Rabobank issued four subordinated bonds in AUD and
USD.The AUD 225 million bond matures in July 2025 and has
a coupon rate of 5.00%The AUD 475 million bond matures in
July 2025 and has a variable coupon rate. Rabobank is entitled,
but not obliged, to early repayment of these AUD bond loans
on 2 July 2020.The USD 1,500 million bond matures in August
2025 and has a coupon rate of 4.375%.The USD 1,250 million
bond matures in August 2045 and has a coupon rate of 5.25%.
In 2014, Rabobank issued three subordinated bonds in GBP,
Euros and JPY. The EUR 2 billion bond matures in May 2026
and has a coupon rate of 2.50%. Rabobank is entitled, but not
obliged, to early repayment of this bond loan in 2019. The GBP
1 billion bond matures in May 2029 and has a coupon rate of
4.625%. The JPY 50.8 billion bond matures in December 2024
and has a coupon rate of 1.429%.
Rabobank issued three subordinated loans in 2013:
a EUR 1,000 million loan with a fixed interest rate of 3.875%
and a maturity date in 2023; a USD 1,750 million loan with
a fixed interest rate of 4.625% and a maturity date in 2023;
and a USD 1,250 million loan with a fixed interest rate of 5.75%
and a maturity date in 2043.
In 2012, Rabobank issued three subordinated loans:
a EUR 1,000 million loan with a fixed interest rate of 4.125%
and a maturity date in 2022; a GBP 500 million loan with
a fixed interest rate of 5.25% and a maturity date in 2027;
and a USD 1,500 million loan with a fixed interest rate of
3.95% and a maturity date in 2022. In 2010, Rabobank issued
a EUR 1,000 million loan with a fixed interest rate of 3.75%
and a maturity date in 2020. In 2009, Rabobank issued
a EUR 1,000 million loan with a fixed interest rate of 5.875%
and a maturity date in 2019.
2015 2014
This item can be broken down as follows:
Capital 600 600
Premium 5,402 5,402
Rabobank Certificates 5,949 5,931
Capital Securities 8,002 6,530
Revaluation reserves 792 964
Statutory reserve 641 463
Other reserves (3,479) (3,235)
Results for previous financial year 908 1,352
Total equity 18,815 18,007
Capital
This section includes the fully issued and paid-up share capital.
All shares have been issued to local Rabobanks. As of 1 January
2016, as a consequence of the legal merger between Rabobank
and the local Rabobanks, the shares became void - see 'Events
after the reporting period'.
Rabobank Certificates
In the period 2000-2005, Rabobank issued member certificates
as part of its member loyalty programme. There were four
issues (in 2000, 2001, 2002 and 2005) under which member
certificates were only made available to members of local
Rabobanks and were traded once a month on an internal
market. On 14 January 2014, the certificate holder meeting
approved the proposed change in order to facilitate a Euronext
Amsterdam listing. The Rabobank Certificates have been listed
Capital
in millions of euros
2015
2014
Changes during the year:
Opening balance
600
6,002
From Capital to Premium
(5,402)
Closing balance
600
600
Premium
Premium
in millions of euros
2015
2014
Changes during the year:
Opening balance
5,402
From Capital to Premium
5,402
Closing balance
5,402
5,402
283 Notes to the statement of financial position of Rabobank
