Frequently asked questions

On this page you will find a selection of frequently asked questions and other relevant topics for investors and analysts.

Please note that the majority of these (and other relevant) topics, are also addressed in other documents which are made available on this website such as:

Do not hesitate to contact the Investor Relations department with any further questions you might have.

Contact details

How do I contact Rabobank Investor Relations?
Analysts and (institutional) investors can contact Rabobank Investor Relations with questions related to Rabobank’s creditworthiness, performance and business environment.

For general enquiries and the contact details of other departments please visit the contact page of our website.

Financial results

When will Rabobank publish its upcoming financial results?
Rabobank has published its 2018 annual results on February 14, 2019. The integrated annual report is expected to be available on March 14, 2019.
Rabobank reports full-year and half-year results and does not publish quarterly results.

The interim results 2019 will be published on August 15, 2019.

As sustainability is incorporated in Rabobank’s DNA the financial reports are only available online and in pdf.

Is Rabobank listed?

Is Rabobank quoted on the stock exchange and what is the exchange code?
Rabobank is a cooperative bank and does not have shareholders. Several securities of Rabobank are listed. For example the Rabobank Certificates, which are quoted on the NYSE Euronext Amsterdam (RABO). The Rabobank Certificates are the most deeply subordinated capital issued by Rabobank.
More information on our funding programmes and instruments is available on the Funding and Capital pages of our website (see link below).

Credit ratings

What are Rabobank’s current credit ratings?

During 2018, Rabobank’s credit ratings with S&P ("A+"), Fitch ("AA-"), and DBRS ("AA") remained unchanged; we also maintained our Outlook with these rating agencies: "Stable" with both Fitch and DBRS, and "Positive" with S&P. Moody's revised our credit rating to Aa3 from Aa2 in March 2018. Simultaneously, they changed our Outlook from "Negative" to "Stable". Late 2018 both S&P, Fitch and DBRS have affirmed the credit ratings and Outlook of Rabobank. 

All the rating agencies view Rabobank’s leading position in the Dutch banking sector and the international Food & Agri sector as important ratings drivers. Our large buffer of equity and subordinated debt, which offers protection to non-subordinated bondholders, also plays an important role in our ratings.

Rabobank remains one of the highest rated commercial banks worldwide.

An overview of the current credit ratings and (latest) rating reports is available via the link below.

Capital and leverage ratios

What are Rabobank’s current capital and leverage ratios?
The fully loaded common equity tier 1 ratio reached 15.8% on 31 December 2018, an increase of 50 basis points compared to 31 December 2017. The total capital ratio amounted to 26.6% (26.2%). With an MREL buffer of 28.25%, the additional MREL issuance is very manageable. Rabobank intends to meet its MREL requirement with a combination of Own Funds and NPS only. 

At 31 December 2018, the fully loaded leverage ratio stood at 5.9% (5.4%). The transitional leverage ratio at 31 December 2018 stood at 6.4% (6.0%). The actual leverage ratio is well above the minimum leverage ratio of 3% according to the Basel III guidelines. 

SREP capital requirements 2018

What is the level of Rabobank's SREP capital requirement for 2019?

Rabobank has received notification of the ECB's final decision concerning the own funds requirements that it has to meet as of 1 March2018, following the results of the 2018 Supervisory Review and Evaluation Process (SREP). 

The decision requires that Coöperatieve Rabobank U.A. (“Rabobank”) maintains a total SREP capital requirement of 9.75% on a consolidated and unconsolidated basis. The requirement consists of a 8% minimum own funds requirement and a 1.75% Pillar 2 requirement.

The total CET1 minimum requirement is 6.25% consisting of the minimum Pillar 1 requirement (4.5%) and the Pillar 2 requirement (1.75%). In addition, Rabobank should comply with the combined buffer requirements consisting of a Capital Conservation Buffer (2.5%) and a Systemic Risk Buffer imposed by the Dutch Central Bank (“DNB”) of 3% in 2018. This translates into an aggregate 11.75% CET1 requirement.

Strategic Framework 2016-2020

Can you please provide more background on Rabobank’s Strategic Framework 2016-2020?
Our Strategic Framework 2016-2020 was launched in December 2015 to strengthen our cooperative mission. Our mission stems from our cooperative heritage and agricultural roots and is twofold. Firstly, we want to make a substantial contribution to welfare and prosperity in the Netherlands as a leading, cooperative and customer oriented bank. Secondly, we want to contribute to feeding the world sustainably as an international leader in Food & Agri.
With our knowledge, networks and finance, we strive to enable customers to make autonomous decisions and to act with flexibility and independence. Our strategy is founded on four cornerstones: Excellent Customer Focus, Meaningful Cooperative, Rock-Solid Bank, and Empowered Employees. 
We aim to be a leading bank in which being client-driven is deeply embedded. Current and future client requirements can be best satisfied through good advice, transparent products and digital, convenient and innovative services. We translate social developments into specific contributions for the long term. We feel a responsibility to make a meaningful contribution to achieving the 17 UN Sustainable Development Goals. Our employees are proud and driven, manifesting craftmanship, vitality and adaptability. Rabobank remains a model of stability, reliability and solidity. We work hard at delivering our services at competitive cost levels and we are continuing to optimize the balance sheet. 

Further information on the Strategic Framework 2016-2020 and the progress made in realising our ambitions is available in the latest Investor Presentation Investor Presentation (a.o. slides 3-9).

Funding plan

What is Rabobank’s funding target?

Rabobank's funding target for 2019 has been set at € 10-12bn for 2019 including € 3-5bn NPS, subject to balance sheet developments. Rabobank remains commitment towards a strategic and liquid benchmark curve. In line with Rabobank’s reduced wholesale funding requirement, it is likely that Rabobank remains a net negative issuer (also including NPS).

Within the Strategic Framework Rabobank targets a minimum CET1 ratio of 14%. With an MREL buffer of 28.25%, the additional MREL issuance is very manageable. Rabobank intends to meet its MREL requirement with a combination of Own Funds and NPS only.

Brexit

What is the expected impact of a “no-deal” Brexit on Rabobank?

We believe that business as usual will be the order of the day for Rabobank on the basis of having planned extensively for various contingencies, including a “no deal” Brexit. In such event, we estimate that only a small number of Rabobank front office staff currently based in London will be affected. These comprise employees who face EU- based clients and whose roles can be relocated to the Netherlands, where the additional headcount can easily be accommodated.

Rabobank aims to keep a UK presence by obtaining the regulatory permissions necessary to maintain its UK establishment and access to the UK’s capital markets and liquidity. Accordingly, the vast majority of its clients will continue to be serviced from the UK and any who may be affected (i.e. its EU- based clients) will be looked after from within Europe.

A ‘”no-deal” Brexit will have an indirect impact on the Dutch economy, because the UK is an important trade partner of the Netherlands. However, whilst this could affect domestic businesses, we do not anticipate a significant adverse impact on the quality of our loan portfolio. Rabobank is hardly exposed to industries with a large share of their exports going to the UK, such as pharmaceuticals and air transport. Given Rabobank has a large market share of the Dutch F&A sector which is not heavily dependent on exports to the UK (< 10%), we see no reason to be concerned. Moreover, the UK is not self-sufficient with regard to food. The country’s domestic agricultural sector supplies ~60% of the total UK food demand. We do not see this changing significantly after a “no-deal” Brexit; the UK will remain dependent on the European mainland for fresh produce, in particular. Further, it will be in the UK’s best interest to implement efficient, low cost, import arrangements in order to avoid its supermarkets running out of supplies and increasing prices. As a consequence, and since the lion’s share of Dutch food exports relate to perishable goods, we do not expect there to be a major detrimental impact on Dutch exporters.

To help our clients to prepare for Brexit, we have produced a planning tool which may be found here. The main objective is to create awareness.

Furthermore, please find here a link to Rabobank's Brexit monitor, unfortunately this is only supported in Dutch, since the main target group are Dutch Rabobank SME clients.
This is a constantly updated website, where all latest development and research documents and studies are published for our clients. All research studies are available in English.
  

Overall, in stark contrast to what is going on at a political level, we believe Rabobank is in control and that the impact of a “no-deal” Brexit will be manageable for Rabobank; it will be business as usual. We will closely monitor developments and take all necessary actions arising.  

Contact

Investor Relations

Telephone +31 (0)30 712 2401