Rabo news https://www.rabobank.com/DotCom/Corporate/en/investors/irnews_research/rss.html Rabobank News https://www.rabobank.com/DotCom/Corporate/en/investors/irnews_research/rss.html https://www.rabobank.com/DotCom/Corporate/en/investors/irnews_research/rss.html Rabobank News en <![CDATA[California-based Rabobank National Association takes Q4 provision ]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2018/20180102-california-based-rna-takes-q4-provision%20%20.html Rabobank, National Association (“RNA”), a California-based subsidiary of Coöperatieve Rabobank, U.A. (“Rabobank”), has taken a Q4 2017 provision of approximately EUR 310 million in anticipation of a settlement connected to previously disclosed investigations.

RNA has been under investigation since 2013 by the U.S. Department of Justice and other U.S. authorities for possible violations of the U.S. Bank Secrecy Act and other regulations and statutes in relation to its historical AML compliance program, and the Office of the Comptroller of the Currency’s (“OCC”) examination of that program in the past.  RNA is cooperating with the investigations, and more recently has been engaged in discussions to settle these matters. As a result, RNA has taken a provision in its Q4 2017 financial results for a potential settlement, which will likely include a guilty plea by RNA to a single offense related to former employees’ withholding of information from RNA’s prudential regulator, the OCC, nearly five years ago. Rabobank believes that these investigations will come to a final conclusion in Q1 2018, and will not comment further on the matter at this time given that discussions are on-going.
 
Elements of this press release are considered by Rabobank as inside information relating directly or indirectly to Rabobank within the meaning of article 7 of the Market Abuse Regulation (EU Regulation 596/2014) that is made public in accordance with article 17 Market Abuse Regulation.
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Investor News Tue, 02 Jan 2018 15:00:36 GMT
<![CDATA[Rabobank confirms ECB capital requirements 2018]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/20171215-rabobank-confirms-ecb-capital-requirements-2018.html Rabobank has received notification of the ECB’s final decision concerning the own funds requirements that it has to meet as of 1 January 2018, following the results of the 2017 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 phasing in combined buffer requirements consisting of a Capital Conservation Buffer (1.875%) and a Systemic Risk Buffer imposed by the Dutch Central Bank (“DNB”) of 2.25% in 2018. This translates into an aggregate 10.375% CET1 requirement for 2018.
 
In 2019 the CET1 requirement will increase, as both the Capital Conservation Buffer and the Systemic Risk Buffer requirements will become fully phased-in (2.50% and 3.00% respectively). This will result in an expected aggregate CET1 requirement of 11.75% in 2019.  Rabobank has a CET1 ratio target of at least 14%. 
 
Since 2017 the Pillar 2 surcharge has been split by the ECB into the aforementioned Pillar 2 requirement and a Pillar 2 guidance. The 10.375% CET1 requirement does not include the Pillar 2 guidance, which is not disclosed. The Pillar 2 guidance is not relevant for the Maximum Distributable Amount (“MDA”).  
 
With a fully loaded CET1 ratio of 14.7% on 30 June 2017, Rabobank already complies with the requirements for 2018. With a Tier 1 ratio of 18.1% and a Total Capital Ratio of 25.5% on 30 June 2017 Rabobank also comfortably meets its total SREP capital requirements.
 
Requirement on an unconsolidated basis
 
The decision also requires that Rabobank maintains a CET1 ratio of 8.125% on an unconsolidated basis. This 8.125% capital requirement includes the minimum Pillar 1 requirement (4.5%), the Pillar 2 requirement (1.75%) and the Capital Conservation Buffer (1.875%).  The unconsolidated CET1 ratio of Rabobank was 15.6% on 30 June 2017.
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Investor News Fri, 15 Dec 2017 15:00:00 GMT
<![CDATA[Rabobank sells its Roparco mortgage loan activities to RNHB]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/20171215-rabobank-sells-its-roparco-mortgage-loan-activities-to-rnhb.html Rabobank has sold its Roparco mortgage loan business (‘Roparco Hypotheken’) to RNHB. The business includes the underlying mortgage loan portfolio as well as its personnel. RNHB is a former label of Rabobank subsidiary FGH Bank. From December 2016 on RNHB independently continued its business as provider of mortgage credits on the Dutch market.

Entire Roparco mortgage loan business sold
The transaction relates to the sale of the entire Roparco mortgage loan business unit which comprises around 4,900 loans with a total outstanding amount of approximately 500 million euro. The Roparco mortgage activities, which were positioned as a standalone mortgage business within Rabobank, found their origin at Robeco and were transferred to Rabobank in 2013. The transaction to RNHB is in line with Rabobank’s ongoing strategy to further optimize its balance sheet and focus more on its core activities.
 
RNHB welcomes Roparco portfolio and team
RNHB is an established and licensed mortgage provider in the Netherlands committed to grow its mortgage business in the Netherlands through organic origination and selective portfolio acquisitions. RNHB welcomes the Roparco portfolio as a solid addition to its current portfolio. The existing Roparco team will also transition to RNHB, thereby safeguarding that borrowers will continue to interact with both the Roparco team and Stater as mortgage service provider.
 
Roparco customers notified in writing
The Roparco customers will receive a letter informing them about the transaction shortly.
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Investor News Fri, 15 Dec 2017 15:00:00 GMT
<![CDATA[Moody’s publishes its semi-annual update on Rabobank]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/20171129-press-release-moodys.html

On 29 November 2017 Moody’s published an updated credit opinion on Rabobank, elaborating on their analysis of Rabobank’s creditworthiness.

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Investor News Wed, 29 Nov 2017 16:36:28 GMT
<![CDATA[Fitch affirms Rabobank at ‘AA-‘; Outlook Stable]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/20171124-press-release-fitch.html On 24 November 2017 Fitch Ratings announced that it has affirmed Rabobank Long-Term Issuer Default Rating (IDR) at 'AA-' with a Stable Outlook, the Viability Rating (VR) at 'a+' and the Short-Term IDR at 'F1+'.

Rabobank's Long-Term IDR and senior debt ratings are one notch above the bank's Viability Rating which, according to Fitch, reflects the bank’s significant qualifying junior debt buffer. 

Fitch is of the opinion that ‘the VR is underpinned by a modest risk appetite, which Fitch believes will remain central to the bank's strategy. The rating is also supported by the bank's leading market position in Dutch retail banking, complemented by a solid franchise in the global food and agriculture sectors. The rating factors in the expectation that Rabobank's capital ratios will remain sound while the amount of unreserved non-performing loans (NPLs) will decrease, and that the bank will maintain prudent liquidity and diversified funding.’

The rating agency expects Rabobank ‘to maintain a prudent approach to risk, reflected in low-risk underwriting standards, particularly in mortgage lending, and conservative approach to capital and liquidity management.’ Fitch also expects ‘the bank to focus on core markets and business segments.’

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Investor News Fri, 24 Nov 2017 17:34:16 GMT
<![CDATA[Rabobank data in EBA publication]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/20171124-final-data-eba-eu-wide-transparency-exercise.html Coöperatieve Rabobank U.A. notes the announcements made today by the European Banking Authority and European Central Bank regarding the information of the 2017 EU-wide Transparency Exercise and fulfilment of the EBA Board of Supervisors’ decision.

Background 2017 EU-wide Transparency Exercise

At its meeting in May 2017, the EBA Board of Supervisors approved the package for the 2017 EU-wide Transparency Exercise, which since 2016 is performed on an annual basis and published along with the Risk Assessment Report (RAR). The annual transparency exercise will be based solely on COREP/FINREP data on the form and scope to assure a sufficient and appropriate level of information to market participants.

The templates were centrally filled in by the EBA and sent afterwards for verification by banks and supervisors. Banks had the chance to correct any errors detected and to resubmit correct data through the regular supervisory reporting channels.

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Investor News Fri, 24 Nov 2017 10:59:32 GMT
<![CDATA[Rabobank: Affordability gap continues to widen between owner-occupied sector and private rental sector]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/20171115-affordability-gap-continues-to-widen.html On the Dutch housing market the affordability between owner-occupied homes and homes in the private rental sector continues to grow further apart. This is affecting renters in the private segment twice over. Not only are they paying high rents and therefore have little to save, but because they cannot save much they find it increasingly difficult to get on the property ladder as house prices keep rising. The result is that they are more likely to keep living in a house that is no longer suited to their situation. And it would appear that the new government's housing market policy will bring about little change here. These are the views of economists at Rabobank in their Dutch Housing Market Quarterly which is published today.

The third quarter of this year saw yet another record broken on the Dutch housing market. Rabobank economist Christian Lennartz explains: 'It was rather a crazy quarter. Never have so many houses been sold as in the three summer months; well over 61,000. But we are seeing a divergence between the Randstad and the rest of the country; in Zuid-Holland the number of sales flatlined, while in the provinces of Utrecht and Noord-Holland transactions even fell quite significantly. This trend may be signalling a turnaround.'
 
The Rabobank economists expect that around 240,000 houses will be sold this year and that this number will fall next year to around 225,000 transactions. Lennartz: 'During the last quarter not only the share, but also the actual number of young home buyers fell, while the number of investors buying a second or third house, or even more, is rising. Unlike first-time buyers, they have more financial elbow room and so hold the best cards when making an offer on a house.'
 
House prices to rise by 7% in 2018
Since demand for owner-occupied homes is not falling appreciably, prices will continue to rise strongly in the coming year. Lennartz expects a price rise of 7% in 2018. 'As already said, there is a wide gulf between the affordability of owner-occupied homes and rented homes, especially those in the private rental sector. Housing costs in the owner-occupied housing sector make up on average 30% of disposable household income, whereas in the private rental sector this is more than 40%. Confidence is also strong in the owner-occupied housing market and interest rates will stay low for the time being. This is keeping demand for owner-occupied homes high as long as not enough (rental) homes are being built.”
 
The situation on the Dutch housing market will not change significantly in the short-term, the Rabobank economist believes. 'We don't expect the new government's proposed housing policy to have a major impact on the price of owner-occupied homes. The widening gulf in affordability between homes to buy and homes to rent in the private sector will therefore not be reversed soon. This means that, despite the restrictions on mortgage interest relief, market conditions will continue to favour those owning their own home.'
 
The Dutch Housing Market Quarterly can be found at: www.rabobank.com/economics 
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Investor News Wed, 15 Nov 2017 11:17:30 GMT
<![CDATA[Call Notice: Robeco Multi Market Bonds XS0701182544]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/20171110-notice-to-noteholders-robeco-multi-market-bonds.html To the holders of the Robeco Multi Market Bonds DEC 11/21 (EUR) (ISIN: XS0701182544) issued by Robeco Direct N.V. (“the Notes”) – the obligations of Robeco Direct N.V. under the Notes have been assumed by Coöperatieve Rabobank U.A.

Notice is hereby given that, a Hedge Disruption Event has occurred. Reference is made to the notice given by the Issuer to the Noteholders dated 7 November 2017 (“the Notice”), following which the Issuer has determined that a Hedge Disruption Event has occurred. Therefore, the Issuer has decided to redeem all the Notes outstanding and that the Notes will be redeemed early on 14 November 2017 at the Early Redemption Amount. After payment in full of the Final Redemption Amount the Issuer shall be released of all obligations hereunder.

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Investor News Fri, 10 Nov 2017 11:17:30 GMT
<![CDATA[DBRS confirms rating Rabobank at AA, Stable Trend]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/20171108-dbrs-confirms-rating-rabobank.html On 8 November 2017 DBRS Ratings announced that they have confirmed the ratings on Coöperatieve Rabobank U.A. (Rabobank), including the Long-Term Issuer Rating of AA, and the Short-Term Issuer rating of R-1 (high). The trend on all the ratings remains Stable.

According to DBRS the confirmation of the ratings and the Stable trend take into consideration “Rabobank’s leading franchise in the Dutch retail & SME market as well as its strong global presence in food and agriculture financing. The ratings incorporate the Group’s strengthened capital position, sound asset quality, and improving profitability. Conversely, the ratings also reflect the Group’s modest, albeit improving, efficiency levels and still high reliance on wholesale funding.”

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Investor News Wed, 08 Nov 2017 07:00:00 GMT
<![CDATA[Rabobank transfers risk on part of its commercial credit portfolio]]> https://www.rabobank.com/en/investors/irnews_research/investor_news/2017/rabobank-transfers-risk-on-part-of-its-commercial-credit-portfolio.html Rabobank has transferred part of the risk on its commercial credit portfolio involving loans to business customers in Europe and North America amounting to EUR 3 billion. Rabobank’s total private credit portfolio amounts to EUR 418 billion (at 30 June 2017).

Bas Brouwers, Rabobank CFO: ‘This transaction is part of Rabobank’s strategy of further optimising its balance sheet. It means that Rabobank’s risk-weighted assets are reduced by EUR 1 billion. We will use the capital released by this transaction to grant new loans to customers. The transaction with Pensioenfonds Zorg en Welzijn (PFZW) shows that there are increasing opportunities for Dutch pension funds to participate in the funding of business.’ Rabobank and PFZW closed this transaction in the 3rd quarter of this year and closed a similar transaction in January 2014 which involved a portfolio of EUR 3.2 billion.]]>
Investor News Tue, 07 Nov 2017 15:01:49 GMT