29. Main Group Companies
30. Remuneration of the Supervisory
Board and the Managing Board
Management Report Appendices Governance
Consolidated Financial Company Financial
rate of 4.625%. The contingent liability related to this matter
amounts to EUR 140 million (2017: EUR 96 million).
Pursuant to Section 403 of Book 2 of the Dutch Civil Code,
Rabobank has assumed liability for the debts arising from the
legal transactions of the following Group companies:
De Lage Landen America Holdings B.V.
De Lage Landen Corporate Finance B.V.
De Lage Landen Facilities B.V.
De Lage Landen International B.V.
De Lage Landen Vendorlease B.V.
FGH Bank N.V.
Rabo Direct Financiering B.V.
Rabo Factoring B.V.
Rabo Financial Solutions Holding B.V.
Rabo Groen Bank B.V.
Rabo Lease B.V.
Rabo Merchant Bank N.V.
Rabo Mobiel B.V.
Rabobank International Holding B.V.
A liquidity guarantee was issued by Rabobank for Rabo Groen
In the past, Rabobank has guaranteed the liabilities of a number
of group companies. Even though these guarantees have come
to an end, Rabobank remains liable for the fulfillment of
obligations entered into by the group companies during the term
of the guarantees.
In connection with the Trust Preferred Securities, Rabobank
guarantees the Trust concerned, on a subordinated basis, that the
payments from the LLC to the Trust will be made and - in the
event that the LLC goes into liquidation - that the LLC Class B
Preferred Securities will be repaid and the associated payments
on the Trust Preferred Securities will be made (the 'Guarantees').
Under the so-called Contingent Guarantee, Rabobank guarantees
the LLC that it will pay the amounts owed under the Guarantees,
if these amounts have been due and unpaid for more than 180
following approval by the Dutch Central Bank, the cross-
guarantee system (a remnant of the previous cooperative
structure of Rabobank Group) was terminated on December 11,
2018. There are no outstanding, residual and/or contingent
Up until the system's termination on December 11, 2018, the
remaining participants were:
Coöperatieve Rabobank U.A
De Lage Landen International B.V.
Rabo factoring B.V. (previously named De Lage Landen Trade
Rabo Lease B.V. (previously named De Lage Landen financial
Rabo Direct financiering B.V (previously named De Lage Landen
Fiscal Unit for Corporate Tax Purposes
Lor corporate tax purposes Rabobank forms a fiscal unit with a
number of domestic subsidiaries. Under the fiscal unit, each
participating legal entity is jointly and severally liable for the fiscal
unit's corporate tax liabilities.
In 2018, none of the group companies experienced any
significant restrictions in the payment of dividends or the
redemption of loans and repayment of advances. The option of
group companies to pay dividend to Rabobank depends on
various factors, including local regulatory requirements, statutory
reserves and financial performance. Rabohypotheekbank N.V.
merged with Coöperatieve Raboban k U.A. as of 1 December 2018.
On 31 December 2018
Share Voting rights
Main group companies
DLL International B.V.
BPD Europe B.V.
Utrecht America Holdings Inc.
Australia and New Zealand
Rabobank Australia Limited
Rabobank New Zealand Limited
The members of the Supervisory Board and the Managing Board
are listed in Section 33 of these financial statements. Rabobank
regards the members of the Managing Board and the Supervisory
Board as key management personnel. In 2018, the remuneration
of members ofthe Managing Board amounted to EUR 10.2 million
(2017 Executive Board: EUR 8.6 million).
Annual Report 2018 - Company financial Statements