29. Subordinated Liabilities
About this
Report
Chairman's
Foreword
Management Report Appendices
Corporate
Governance
Consolidated Financial
Statements
Company Financial
Statements
Discount rate
Salary increases
Price inflation
2018 2017
2.0% 1.7%
1.6% 1.8%
1.6% 1.8%
sensitivity analysis of these most significant assumptions has
been determined based on changes of the assumptions
occurring at the end of the reporting period that are deemed
reasonably possible.
Sensitivity Analysis
Rabobank is exposed to risks regarding their defined benefit plans
related to the assumptions disclosed in the table below. The
Amounts in millions of euros
Discount rate
Salary increases
Price inflation
Mortality
Change in
assumption
0.25%
0.25%
0.25%
1 year
Effect on defined benefit
obligation of increase
2018 2017
(12) (25)
6 17
7
12 21
Effect on defined benefit
obligation of decrease
2018 2017
13 26
(6) (17)
(7)
(12) (21)
Estimated Contribution
The estimated contributions to pension plans for 2019 are
approximately EUR 5 million (2018: EUR 2 million).
Subordinated Liabilities
Notional
(Amounts
Year of
Average Duration
in millions)
Currency
Coupon
issuance
Year of maturity
The average duration of the defined benefit plan of Friesland Bank
500
USD
4.00%
2017
2029, early repayment
possible 2024
is 17 years (2017:17 years)
1,500
USD
3.75%
2016
2026
2025, early repayment
28.2 Other Employee Benefits
225
AUD
5.00%
2015
possible 2020
Other employee benefits mainly comprise liabilities for future
475
AUD
Variable
2015
2025, early repayment
possible 2020
long-service awards for an amount of EUR 37 million (2017:
1,500
USD
4.375%
2015
2025
EUR 35 million).
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 2021
50,800
JPY
1.429%
2014
2024
Amounts in millions of euros 2018 2017
1,000
EUR
3.875%
2013
2023
Issued by Rabobank 16,485 16,137
1,750
USD
4.625%
2013
2023
Other 13 33
1,250
USD
5.75%
2013
2043
Total subordinated liabilities 16,498 16,170
1,000
EUR
4.125%
2012
2022
500
GBP
5.25%
2012
2027
1,500
USD
3.95%
2012
2022
In the following table details of the issues of subordinated
1,000
EUR
3.75%
2010
2020
liabilities are shown:
1,000
EUR
5.875%
2009
2019
10
EUR
4.21%
2005
2025
10
EUR
5.32%
2004
2024
Annual Report 2018 - Consolidated Financial Statements
197
