Contents Foreword Management report Corporate governance
Consolidated Financial Statements
Company Financial Statements
Pillar 3
Customer feedback
In 2016 Rabobank started conducting regular surveys
with Special Asset Management customers. Customers are
asked about their experiences with receiving advice from
a bank employee. Additionally, we register complaints more
thoroughly so we have a better overview of the sorts and
volumes of complaints. This helps us provide better service to
our customers.
Because of the economic recovery, at present we are serving
fewer Special Asset Management customers than we
traditionally have. We still continue to help our Special Asset
Management customers. To provide even better customer
service, Rabobank is currently revising its way of working and
will implement changes to this effect in 2017.
Derivatives
In March 2016, Dutch Minister of Finance Dijsselbloem
appointed a committee of independent experts to write
a recovery framework defining new rules for the way banks
should conduct the reassessment of interest rate derivatives
files for SME clients. Independent external evaluators will ensure
the proper application of the recovery framework. Rabobank
supports the Minister's actions. It is important to us to be a part
of the solution that contributes to restoring confidence in the
financial sector.
Our wish to take responsibility and participate in finding
an accurate solution to the derivatives recovery led us to join
the Dutch Derivatives Committee recovery framework on
7 July 2016.
As a major lender to SME companies, Rabobank has had
intensive consultations with a range of stakeholders since
signing on to the framework (originally published on 5 July
2016). The decision to join the framework, which enjoys broad
public support, was taken in the interest of SME customers
of Rabobank with an interest rate derivatives contract.
The approach required by the framework gives them the clarity
they need. Being a cooperative bank, Rabobank has sought and
obtained internal support for the decision from local Rabobanks
and the highest representative body of Rabobank members.
By joining the recovery framework, Rabobank demonstrates its
commitment to work towards a solid and accurate solution for
its customers. Our participation in the framework also brings
us closure on what has been a long-running issue in the SME
sector. The reassessment process of interest rate derivative
contracts is geared towards delivering what people expect of
a customer-focused cooperative that takes its role in society
seriously.
Rabobank has mapped to some 11,000 commercial customers,
with in total around 16,000 derivatives contracts, representing
just over 1% of Rabobank's total of 800,000 commercial
customers. The recovery framework applies to those of the
11,000 SME clients which meet the criteria of the recovery
framework. The reassessment of these contracts has been
subject to considerable delay. Implementation of the new
recovery framework is expected to last until 2018.
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Our output and impact: restoring trust
