19 Subordinated liabilities
20 Equity
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Contents Foreword Management report Corporate governance
Consolidated Financial Statements
Company Financial Statements
Pillar 3
Other provisions
in millions of euros
Restructuring
provision
Provision for
tax and legal
issues
Other
Total
Opening balance on
1 January 2016
44
159
73
276
Changes due to legal merger
284
198
11
493
Additions
554
557
124
1,235
Withdrawals
(386)
(36)
(32)
(454)
Releases
(78)
(131)
(14)
(223)
Closing balance on
31 December 2016
418
747
162
1,327
Opening balance on
1 January 2015
38
183
83
304
Additions
63
26
42
131
Withdrawals
(52)
(49)
(6)
(107)
Releases
(5)
(1)
(46)
(52)
Closing balance on
31 December 2015
44
159
73
276
This represents the loans relating to the issue of Trust Preferred
Securities and subordinated loans.
In millions of euros
2016
2015
Loans related to the issue of Trust Preferred
Securities III, VI
409
1,853
Subordinated loans
16,847
15,479
Balance on 31 December
17,256
17,332
In the following table details of the issues of subordinated
liabilities are shown:
Subordinated liabilities
Notional
(in millions)
Currency
Coupon
Year of
issuance
Year of maturity
1,500
USD
3.75%
2016
2026
225
AUD
5.00%
2015
2025, early
repayment 2020
475
AUD
Variable
2015
2025, early
repayment
possible 2020
1,500
USD
4.375%
2015
2025
1,250
USD
5.25%
2015
2045
1,000
GBP
4.625%
2014
2029
2,000
EUR
2.50%
2014
2026, early
repayment
possible in 2019
50,800
JPY
1.429%
2014
2024
1,000
EUR
3.875%
2013
2023
1,750
USD
4.625%
2013
2023
1,250
USD
5.75%
2013
2043
1,000
EUR
4.125%
2012
2022
500
GBP
5.25%
2012
2027
1,500
USD
3.95%
2012
2022
1,000
EUR
3.75%
2010
2020
1,000
EUR
5.875%
2009
2019
In millions of euros
2016
2015
This item can be broken down as follows:
Capital
600
Premium
5,402
Rabobank Certificates
5,948
5,949
Capital Securities
7,821
8,002
Revaluation reserves
431
792
Statutory reserve
752
641
Other reserves
22,678
(3,479)
Profit for the year
1,960
908
Total equity
39,590
18,815
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.
Capital
in millions of euros
2016
2015
Changes during the year:
Opening balance
600
600
Changes due to legal merger
(600)
Closing balance
600
Premium
Premium
in millions of euros
2016
2015
Changes during the year:
Opening balance
5,402
5,402
Changes due to legal merger
(5,402)
Closing balance
5,402
Rabobank Certificates
Rabobank Certificates represent participation rights issued by
Rabobank via the foundation Stichting Administratie Kantoor
Rabobank Certificaten and belong to the Common Equity Tier 1
capital of Rabobank. The Rabobank Certificates have been listed
on Euronext Amsterdam since 27 January 2014.
The initial opening price on 27 January 2014 amounted to
105.00% (EUR 26.25). On 31 December 2016, the trading price
amounted to 114.18% (EUR 28.55). At year-end 2016, the total
number of certificates was 237,961,365 with a nominal value of
EUR 25 each.
The distribution paid per certificate in 2016 was EUR 1,625
(2015: EUR 1,625). The Executive Board is entitled not to pay the
distribution. Unpaid distributions will not be paid at a later date.
The amounts listed in the table below are based on the nominal
value of EUR 25 per Rabobank Certificate.
281 Notes to the statement of financial position