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Contents Management report Corporate governance
Table 57: Funding mix (in billion)
Access to funding
31-12-2015 31-12-2014
Funds entrusted 337.6 326.3
Domestic retail 212.4 208.9
- Private individuals savings 117.1 119.9
- Private individuals others 13.3 13.0
- Businesses 82.1 76.0
Domestic non-retail1 51.2 45.7
- Private individuals savings 0.0 0.0
- Private individuals others 0.0 0.3
- Businesses 51.2 45.5
International2 74.0 71.6
- Private individuals savings 23.5 22.7
- Private individuals others 8.0 7.9
- Businesses 42.5 41.0
Wholesale funding 203.1 216.5
Short-term wholesale funding 53.1 56.2
- CD/CP 48.0 51.6
- ABCP 5.1 4.6
Long-term wholesale funding 150.0 160.3
- Of which Medium Term Notes 119.4 131.7
- Of which RMBS 14.4 16.6
- Of which subordinated 15.5 11.9
- Of which Asset Backed Securities 0.7 0.2
1 Amounts to 10 million both in 2014 and 2015.
2 Of the total international funds entrusted, 30 (30) billion is
attributable to International Direct Retail Banking activities.
Consolidated financial statements Financial statements
In 2015, Rabobank issued 19 billion of senior unsecured long-
term bonds in 22 different currencies. By operating on a global
scale, the bank aims to avoid becoming too reliant on a single
source of funding.The average maturity of the newly issued
unsecured long-term bonds is approximately 5 years (2014: 4
years). Of the total wholesale funding, excluding commercial
paper and certificates of deposit, more than 51 billion matures
after five years or more as of year-end 2015. Rabobank is
a frequent and flexible issuer of short-term debt securities and
has seen a solid inflow of funds in the past years, reflecting its
good creditworthiness. The maturity of the short-term debt has
decreased in the past twelve months. During 2015, the average
maturity of short-term funding decreased with one day to
90 (2014: 91) days.
Additional contractual obligations in case of
a rating downgrade
In the event of a downgrade to Rabobank's credit rating,
the bank could be required to provide additional collateral.
Table 58 shows the potential maximum outflow of liquidity
in the worst-case scenario in the event of a one, two or three
notch downgrade.
Figure 8: Unsecured long-term bonds
by currency
Figure 9: Maturity date calendar
Unsecured long-term bonds
by currency, at year-end 2015
Maturity date calendar,
short-term wholesale funding
at year-end 2015, in billions of euros
1 week
Euro
55%
1 week -1 month
US dollar
15%
2-3 months
I Japanese yen
7%
4-6 months
Australian dollar
7%
7-12 months
I Pound sterling
6%
12 months
I Other
10%
Maturity date calendar,
long-term wholesale funding
at year-end 2015, in billions of euros
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365 10. Liquidity risk
