24 Irrevocable facilities
25 Employees
Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
Rabo Merchant Bank N.V.
Rabo Mobiel B.V.
Rabobank International Holding B.V.
Rabobank Nederland Participatie Maatschappij B.V.
Rabohypotheekbank N.V.
Rl Acquisition Finance Grootbedrijf B.V.
Rl Corporate Finance B.V.
Schretlen Co. N.V.
At the request of the regulator, Rabobank has guaranteed the
obligations of Rabobank Curagao N.V. Liquidity guarantees were
issued by Rabobank for Rabo Green Bank B.V. and Rabobank
Ireland pic.
In the past, Rabobank has guaranteed the liabilities of a number
of group companies. Even though these guarantees have
come to an end, Rabobank remains liable for the fulfilment of
obligations entered into by the group companies during the
term of the guarantees.
In connection with theTrust Preferred Securities, Rabobank
guarantees each of theTrusts concerned, on a subordinated
basis, that the payments from the LLC to theTrusts will be made
and - in the event that the LLC goes into liquidation - that the
LLC Class B Preferred Securities will be repaid and the associated
payments on theTrust Preferred Securities will be made (the
'Guarantees'). Under the so-called Contingent Guarantee,
Rabobank guarantees the LLC that it will pay the amounts owed
under the Guarantees, if these amounts have been due and
unpaid for more than 180 days.
Internal liability (cross-guarantee system)
In accordance with the Dutch Financial Supervision Act (Wet
op het financieel toezicht), various legal entities belonging
to Rabobank Group are internally liable under an intra-
group mutual keep well system. Under this system the
participating entities are bound, in the event of a lack of funds
of a participating entity to satisfy its creditors, to provide the
funds necessary to allow the deficient participant to satisfy
its creditors.
As on 31 December 2015, the participants are:
The local Rabobanks, members of Coöperatieve Centrale
Raiffeisen-Boerenleenbank B.A.
Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A.,
Amsterdam
Rabohypotheekbank N.V., Amsterdam
Raiffeisenhypotheekbank N.V., Amsterdam
Schretlen Co N.V., Amsterdam
De Lage Landen International B.V., Eindhoven
De Lage Landen Financiering B.V., Eindhoven
De Lage Landen Trade Finance B.V., Eindhoven
De Lage Landen Financial Services B.V., Eindhoven
On 1 January 2016, the local Rabobanks and the Coöperatieve
Centrale Raiffeisen-Boerenleenbank B.A. entered into
a legal merger. Furthermore, on 1 January 2016, the name
of the Coöperatieve Centrale Raiffeisen-Boerenleenbank
B.A. was changed into Coöperatieve Rabobank U.A.
More information on this matter is included in the Section
'Events after the reporting period'.
Fiscal unit for corporate tax purposes
For corporate tax purposes Rabobank forms a fiscal unit
with a number of domestic subsidiaries and member banks.
Underthe fiscal unit, each participating legal entity is jointly
and severally liable for the fiscal unit's corporate tax liabilities.
This item relates to all irrevocable facilities that could lead
to lending.
2015 2014
Unused credit facilities 42,701 31,114
Other 2,748 3,041
Total irrevocable commitments 45,449 34,155
Of which group companies 12,853 9,384
The average number of internal and external employees was
15,758 (2014:15,559), of which 3,155 outside the Netherlands
(2014: 3,068). Expressed in FTEs, the average number of internal
and external employees was 15,224 (2014:15,207).
2015 2014
Wages and salaries 1,131 1,136
Social security 99 99
288 Rabobank Annual Report 2015
