50 Main subsidiaries
5 1 Transfer of financial assets and
financial assets provided as collateral
Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
Certificates of member of the Number of Remarks
Supervisory Board Rabobank Certificates
On 31 December 2017
Irene Asscher-Vonk 6,894
LeoDegle 4,836 in pension B.V.
LeoGraafsma 4,050 in pension B.V.
Number of Remarks
Rabobank Certificates
On 31 December 2017
Kirsten Konst 800
Mariëlle Lichtenberg 1,770
At the year-end 2017, Rabobank Group is comprised of
Coöperatieve Rabobank U.A. and its consolidated subsidiaries
in the Netherlands and abroad.
On 31 December 2017
Share Vo ting righ ts
Main subsidiaries
The Netherlands
DLL International B.V.
100% 100%
BPD Europe B.V.
100% 100%
Obvion N.V.
100% 100%
Rabohypotheekbank N.V.
100% 100%
North America
Rabobank Capital Funding LCC III
100% 100%
Rabobank Capital Funding Trust IV
100% 100%
Utrecht America Holdings Inc.
100% 100%
Australia and New Zealand
Rabobank Australia Limited
100% 100%
Rabobank New Zealand Limited
100% 100%
All subsidiaries listed in the table are consolidated. In 2017,
none of the subsidiaries experienced any significant restrictions
in the payment of dividends or the redemption of loans and
repayment of advances. The option of subsidiaries to pay
dividend to Rabobank depends on various factors, including
local regulatory requirements, statutory reserves and financial
performance.
Rabobank will not consolidate several structured entities in the
'Wholesale banking and international retail banking business',
even if it does retain more than half of the voting rights.These
structured entities are not consolidated because the relevant
activities are determined by a third party to the contract which
also determines the variable returns.
Rabobank does have control over several entities in the
segment'Leasing'as part of its vendor leasing operations, even
though it retains less than half of the voting rights because
control is not determined based on such rights, but rather on
management participation.
51.1 Reverse repurchase transactions and securities
borrowing agreements
Reverse repurchase transactions and securities borrowing
agreements concluded by Rabobank are included under'Loans
and advances to banks'or'Loans and advances to customers'
and as per 31 December amount to:
in millions of euros
2017
2016
Loans and advances to banks
17,286
13,398
Loans and advances to customers
12,847
16,068
Total reverse repurchase transactions and
securities borrowing agreements
30,133
29,466
Under the terms of the reverse repurchase transactions
and securities borrowing agreements, Rabobank receives
collateral under conditions that enable it to re-pledge or
resell the collateral to third parties. On 31 December 2017,
the total fair value of the securities received under the terms
of the agreements was 30,398 (2016: 29,931). In accordance
with the agreement terms, a portion of the securities was
re-pledged or sold as collateral.These transactions were
effected subject to the normal conditions for standard reverse
repurchase transactions and securities borrowing agreements.
The securities are not recognised in the statement of financial
position because almost all the associated risks and benefits
accrue to the counterparty. A receivable is recognised at a value
equivalent to the amount paid as collateral.
51.2 Repurchase transactions and securities lending
agreements
Repurchase transactions and securities lending agreements
concluded by Rabobank are included under'Deposits from
banks'and 'Deposits from customers'as of 31 December
totalled:
in millions of euros 2017 2016
Deposits from banks 396 418
Deposits from customers 108 212
Total repurchase and securities lending 504 630
On 31 December 2017, interest-bearing securities with a
carrying amount (equal to fair value) of 458 (2016: 616)
were provided as collateral for repurchase agreements.
The counterparty retains the right to sell or re-pledge the
securities. These transactions were performed subject to the
normal conditions for standard repurchase transactions and
securities lending agreements.The bank may provide or receive
securities or cash as collateral if the value of the securities
Rabobank Annual Report 2017 - Consolidated financial statements
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