24. Financial Liabilities Designated
at Fair Value
25. Other Liabilities
About this
Report
Chairman's
Foreword
Corporate
Management Report Appendices Governance
Consolidated Financial Company Financial
Statements Statements
Amounts in millions of euros 2018 2017
Debt securities issued 5,906 9,803
Deposits 708 3,989
Total financial liabilities designated at fair value 6,614 13,792
The decrease in the carrying amount of the financial liabilities
designated at fair value is caused by the reclassification of the
callable notes to amortized cost under IFRS 9 where they were
measured at fair value under IAS 39. The reclassification
encompasses the callable notes only and not for other structured
notes included in the structured funding portfolio.
The cumulative change in fair value of the financial liabilities
designated at fair value attributable to changes in the own credit
risk of Rabobank amounts to EUR 41 million before taxes (2017:
EUR 833 million).
The change in fair value that is attributable to changes in own
credit risk is calculated by deducting on a note by note basis the
current fair value of the structured notes portfolio at the reporting
date from the fair value recalculated based on the prevailing
credit curve atthe time of origination, with all other pricing
components unchanged. This calculation reflects the amount
that can be attributed to the change in the own credit risk of
Rabobank since the origination of these structured notes.
Transfers of the cumulative gains or losses within equity during
the period and the amounts presented in other comprehensive
income that are realized at derecognition are disclosed in the
Section 31 in the movement schedule of the "Revaluation Reserve
- Fair Value Changes Due to Own Ccredit Risk on Financial
Liabilities Designated at Fair Value'.
The carrying value of the issued structured notes designated at
fair value is EUR 318 million (2017: EUR 5,223 million) lowerthan
the amount Rabobank is contractually obliged to repay to the
holders of the structured notes. The decrease is caused by the
reclassification of the callable notes to amortized cost under IFRS
9 when measured at fair value under IAS 39.
Amounts in millions of euros Note 2018 2017
Payables 4,241 5,843
Accrued interest 1,894 2,117
Employee benefits 28 254 292
Other (47) 19
Total other liabilities 6,342 8,271
Annual Report 2018 - Consolidated Financial Statements
193
