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Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
Issue ofCHF350 million
The distribution is 5.50% per year and is made payable annually
in arrears as of the issue date (27 June 2008), for the first time on
27 June 2009. As of 27 June 2018, the distribution will be made
payable every six months on 27 June and 27 December based
on the six-month CHF Libor plus an annual 2.80% mark-up.
Issue oflLS 323 million
The distribution is 4.15% per year and is made payable annually
in arrears as of the issue date (14 July 2008), for the first time on
14 July 2009. As of 14 July 2018, the distribution will be made
payable annually based on an index related to the interest rate
paid on Israeli government bonds with terms between 4.5 and
5.5 years plus an annual 2.0% mark-up.
Issue of USD 225 million
The distribution is 7.375% per year and is made payable every
six months in arrears from the issue date (24 September 2008),
for the first time on 24 March 2009. The issue was redeemed on
the earliest redemption date of 24 March 2014.
Issue ofNZD 900 million
The distribution on the NZD Capital Securities equals the
one-year swap interest rate plus an annual 0.76% mark-up and
is made payable annually on 8 October, until 8 October 2017.
As of 8 October 2017, the distribution will be made payable
every quarter based on the 90-day bank bill swap interest rate
plus an equivalent mark-up.
Issue ofNZD 280 million
Rabobank Capital Securities Limited has issued capital
securities, the distribution of which equals the five-year swap
interest rate plus an annual 3.75% mark-up and was set at
8.7864% per annum on 25 May 2009. As of the issue date
(27 May 2009), the distribution is made payable every quarter
in arrears, for the first time on 18 June 2009 (short first interest
period). As of 18 June 2014, the distribution will be made
payable every quarter based on the five-year swap interest plus
an annual 3.75% mark-up. As of 18 June 2019, the distribution
will be made payable every quarter based on the 90-day bank
bill swap interest rate plus an annual 3.75% mark-up.
The level of profit made by Rabobank may influence the
distribution on the Capital Securities. Should Rabobank become
insolvent, the Capital Securities are subordinate to the rights of all
other (current and future) creditors of Rabobank, unless the rights
of those other creditors are substantively determined otherwise.
2015
2014
Movements were as follows:
Balance on 1 January
6,530
7,204
Early repayment of Capital Securities
(648)
Issuance of Capital Securities
1,500
Costs of issuance of Capital Securities
(12)
Other
(16)
(26)
Balance on 31 December
8,002
6,530
Revaluation reserves
This item represents the differences between the cost and
carrying amount of revalued assets, net of the related provision
for deferred tax liabilities.
2015
2014
The revaluation reserves and translation differences can be specified as follows:
Cash flow hedges
(39)
11
Interest-bearing securities
214
262
Equity investments
2
2
Shares and non-interest-bearing securities
615
689
Total revaluation reserves
792
964
Movements were as follows:
Balance on 1 January
964
708
Exchange rate differences
(1)
(5)
Revaluations
607
1,143
Other
(1)
(58)
Transferred to profit or loss
(777)
(824)
Balance on 31 December
792
964
Rabobank's cash flow hedges consist mainly of cross-currency
interest rate swaps which serve to protect against a potential
change in cash flows from financial assets in foreign currencies
with floating interest rates.
Rabobank tests the hedge effectiveness on the basis of
statistical regressive analysis models, both prospectively and
retrospectively. At year-end 2015, the hedge relations were
very effective within the range set by IAS 39. On 31 December
2015, the net fair value of the cross-currency interest rate swaps,
classified as cash flow hedges was -707 (2014: -2,660).
In 2015, Rabobank accounted for an amount of 659 (2014: 548)
after taxation in equity as effective changes in the fair value
of derivatives in cash flow hedges. In 2015, an amount of
-709 (2014: -586) after taxation of cash flow hedge reserves was
reclassified to the profit and loss account. On 31 December
2015, the cash flow hedge reserves as part of equity totalled
-39 (2014:11) after taxation. This amount fluctuates along
with the fair value of the derivatives in the cash flow hedges
and is accounted for in profit over the term of the hedged
positions as trading profit. The cash flow hedge reserve relates
to a large number of derivatives and hedged positions with
different terms.The maximum term is 26 years, with the largest
concentrations exceeding five years.The IFRS ineffectiveness for
theyearended 31 December2015 was 181 (2014:185).
285 Notes to the statement of financial position of Rabobank
