Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
still posted relatively high growth rates.The Dutch economy
benefits from those rates because these two countries are
important export markets for the Netherlands. The prospects
for exports are, however, accompanied by a great deal of
uncertainty.The cooperation between European states is under
pressure due to the challenges the current wave of immigration
poses, and it is not inconceivable that the internal borders
of the European Union will again (temporarily) be closed.
The discussion on a possible Brexit is approaching its climax.
Furthermore, the financial markets are in turmoil.There is
a growing impression that market parties have less and less
confidence and no longer believe that the monetary authorities
will be able to keep control of the situation. The expectation is
that the financial environment will remain turbulent for the time
being. Ifthe situation results in a deterioration of confidence in
general, there are fears that the economic outlook will have to
be revised downwards.
In 2016, with the new cooperative organisation and a solid
financial foundation, Rabobank will swiftly proceed to give
shape to its strategic objectives: excellent customer service,
a flexible and stronger balance sheet and improvement in the
financial results.
Wiebe Draijer
Chairman ofthe Executive Board
5 Chairman's foreword