Contents Introduction Management report Appendices Corporate governance
Consolidated Financial Statements
Company Financial Statements
organisation to create economies of scale. Other administrative
expenses decreased to EUR 2,783 (2016: 3,165) million, mainly
because they were inflated in 2016 by the provision for
adopting the SME interest rate derivatives recovery framework
which was significantly higher than the addition to this
provision in 2017 of EUR 51 million. Lower restructuring costs
also contributed to a decrease in other administrative expenses.
Due to lower occupancy rates, the negative revaluation of
property for own use was somewhat lower than in 2016 and
amounted to EUR 49 (2016:112) million. As a result of the
closing down of offices following our restructuring activities,
depreciation decreased to EUR 98 (2016:117) million.
Loan impairment historically low
The limited number of newly defaulted loans and high releases
on the loan impairment allowances are mainly the result of the
favourable conditions of the Dutch economy. Loan impairment
charges decreased to minus EUR 259 (2016: 32) million during
2017. This translates to minus 9 (2016:1) basis points of the
average loan portfolio - far below the long-term average of
23 basis points. Releases are mainly in the sectors that have
previously experienced a downturn, like transport (sea and coastal
shipping), glass horticulture and commercial real estate.The loan
impairment charges on mortgages amounted to EUR 0 million.
Rabobank Annual Report 2017 - Appendices
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