Banking with a Human Touch’ Potential Consequences If They Make Their Payment Into Actual Practice
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De Volksbank N.V. Annual Report 2020
2020 Annual Report REPORT OF THE BOARD GOVERNANCE RISK FINANCIAL STATEMENTS OTHER INFORMATION ADDITIONAL 2 de Volksbank N.V. Annual Report 2020 BETTER FOR EACH OTHER 4 OTHER INFORMATION 192 Key figures 6 Provisions regarding profit or loss appropriation 192 Foreword of the CEO 8 Independent auditor's report 194 1 STRATEGY AND PROGRESS 10 ADDITIONAL INFORMATION 204 1.1 Economic developments 11 Definitions and abbreviations 204 1.2 Our Strategy 13 Disclaimer 210 1.3 Developments in our shared value ambition 15 1.4 Options for the future 18 1.5 Commercial developments 19 1.6 Financial results 20 1.7 Compliance and de Volksbank 24 1.8 Responsible tax policy 26 2 GOVERNANCE 28 2.1 Supervisory Board and Board of Directors 29 2.2 Report of the Supervisory Board 33 2.3 Banking Code 37 2.4 Dutch Corporate Governance Code 37 2.5 Legal structure of de Volksbank 38 2.6 Remuneration Report 38 3 RISK MANAGEMENT 44 3.1 Risk management structure 45 3.2 Strategic risks 52 3.3 Credit risk 54 3.4 Market risk 86 3.5 Non-financial risks 90 3.6 Liquidity management and funding strategy 94 3.7 Credit ratings 103 3.8 Capital management 104 3.9 Sustainability risk 115 3.10 Management statement 123 FINANCIAL STATEMENTS 126 Consolidated financial statements 128 Notes to the consolidated financial statements 132 Company financial statements 178 Notes to the company financial statements 181 REPORT OF THE BOARD GOVERNANCE RISK FINANCIAL STATEMENTS OTHER INFORMATION ADDITIONAL de Volksbank N.V. Annual Report 2020 3 Presentation of information This 2020 Annual Report consists of: • The Report of the Board of Directors, comprising: This is our 2020 Annual Report. -
Framework February 2021 Table of Contents
Green Bond Framework February 2021 Table of contents 1. Introduction ������������������������������������������������������������������������������������ 3 1.1 Sustainable Milestones ASN Bank & de Volksbank ���������������������������� 5 2. A future based on sustainability ������������������������������������ 6 2.1 Climate �������������������������������������������������������������������������������������������������� 7 2.2 Human Rights ������������������������������������������������������������������������������������� 12 2.3 Biodiversity ������������������������������������������������������������������������������������������ 13 2.4 Alignment with United Nations’ Sustainable Development Goals (UN SDGs) and the EU Environmental Objectives ������������������������ 15 3. Green Bond Framework ���������������������������������������������������� 17 3.1 de Volksbank Green Bond Framework ��������������������������������������������� 18 3.2 Use of Proceeds ��������������������������������������������������������������������������������� 18 3.3 Process for Project Evaluation and Selection ����������������������������������� 19 3.4 Management of Proceeds ������������������������������������������������������������������ 21 3.5 Reporting �������������������������������������������������������������������������������������������� 21 3.6 External review ����������������������������������������������������������������������������������� 22 Green Bond Framework 2 Focus on Dutch retail customers 3 core services: Mortgages Four distinctive Profile -
Does Ownership Have an Effect on Accounting Quality?
Master Degree Project in Accounting Does Ownership have an Effect on Accounting Quality? Andreas Danielsson and Jochem Groenenboom Supervisor: Jan Marton Master Degree Project No. 2013:14 Graduate School Abstract Research on accounting quality in banks has evolved around the manipulation of the Loan Loss Provision and has been discussed in terms of earnings management and income smoothing. Key variables used to explain the manipulation of Loan Loss Provisions have been investor protection, legal enforcement, financial structure and regulations. This study will extend previous research by investigating the effect of state, private, savings and cooperative ownership on accounting quality. In this study data from more than 600 major banks were collected in the European Economic Area, covering annual reports between 2005 and 2011. Similar to prevalent research, the Loan Loss Provision is used as a central indicator of accounting quality. In contrast to existent literature, accounting quality is not explained by the manipulation of the Loan Loss Provision in terms of income smoothing or earnings management. Instead, accounting quality is addressed in terms of validity and argued to be an outcome of the predictive power of the Loan Loss Provision in forecasting the actual outcome of credit losses. The findings of this study confirm that ownership has an effect on accounting quality. All but one form of ownership investigated showed significant differences. State ownership was found to have a positive effect on accounting quality, both in comparison to private banks and all other banks. On the other hand, savings ownership was shown to have a negative impact on accounting quality compared to private and other banks. -
Climate Statement Banks Update 2017
Climate Statement Banks Update 2017 Before the Climate Summit in Paris in 2015, the Climate Statement Banks was signed on 5 November 2015 by the Dutch Banking Association and various banks. Dutch banks take climate change seriously and are taking further steps together. The climate issue demands an effort from everyone. Therefore, the banks call on the Dutch government and other stakeholders to continue to work on solutions together. This document contains an update of the latest initiatives of the banks in 2017. We, the banks in the Netherlands, united in the Dutch Banking Association (NVB): 1 are transparent ABN AMRO opened its circular pavilion Circl on the Zuidas business regarding the climate district in Amsterdam in 2017 and will bring all its own and leased offices impact of our business to energy label A in 2023. operations and we are ING, de Volksbank, Rabobank, Van Lanschot, Triodos Bank and NIBC are working on constantly climate neutral in their business operations. improving energy efficiency 2 weigh sustainability, ABN AMRO has tightened its policy for the financing of electricity climate impact and companies, whereby the bank intends to phase out coal from its lending environmental damage portfolio according to the '450 scenario’ of the International Energy in our financing and Agency (IEA). investment decisions and Rabobank participates in the TCFD pilot project and TCFD Working Group we are working towards (Task Force on Climate-related Financial Disclosures). transparency about the ING reported the amount of coal in its portfolio for the first time in its (positive and negative) annual report 2016. -
Philanthropy Services by Dutch Banks: Creating Impact for Colleagues, Clients and Charities
Philanthropy services by Dutch banks: Creating impact for colleagues, clients and charities Philanthropy services by Dutch banks: Creating Impact for Colleagues, Clients and Charities Jacqueline Detiger (www.betergeven.nl) Joining forces for more impact In October 2015 four Dutch Charity Desks at banks offering philanthropy services to wealthy clients set up the FAFI network (the name derives from Philanthropy Advice by Financial Institutions). The aim of this cooperation is to meet regularly to share best practices, new perspectives and research results so as to improve knowledge and insights in philanthropy and to be able to expand the number of clients making use of philanthropy advice. Jacqueline Detiger ecent research in the Netherlands shows Banks provide this service because customers that wealthy individuals are looking for show a keen interest in it and it is part of these ways to give more strategically. Charity banks’ DNA. Guus Loomans of Rabobank states: desks of banks provide this service. In the “We have a long tradition of giving through our Rend, it is all about helping clients with their giving foundation and through our employee giving plan and to increase the number of clients investing in fund. Giving is in the DNA of our Cooperative charities: making the pie bigger for everyone! Bank. To be able to support our clients with philanthropy we started our Charity Management We even have a verb for joining forces so as to get Services eight years ago.” Andrew Mackay of positive results that are beneficial for everybody. Van Lanschot Charity Service remarks: “The client is asking us about giving and social investing. -
Triodos Bank Produces a Printed Version of the Annual Report
T¬B Annual Report 2016 Triodos Bank produces a printed version of the Annual Report. We do this because some of our stakeholders want to read the report in this format and because we are legally required to provide the Annual Report as a discrete, single document. However, we have chosen to put more energy into producing the Annual Report online. The online Annual Report includes content that is not in this document; from films highlighting the extraordinary work of the sustainable enterprises we finance and an interview with our CEO, to an extended chapter about Triodos Bank’s impact. We believe the online Annual Report provides a more complete picture of our performance and our aspirations for the future, and many more people choose to view it than read the report in print. It has also allowed us to reduce the number of printed copies of the report we produce each year. However you choose to read or view the Annual Report, we hope it provides you with a rich picture of Triodos Bank’s values-based mission, strategy and impact in the wider world. We appreciate your feedback, so please contact us via the ‘tell us what you think’ button on the homepage of the website. www.annual-report-triodos.com T¬B Triodos Bank is a co-founder of the Global Alliance for Banking on Values, a network of leading sustainable banks – visit www.gabv.org Important data for Triodos Bank’s shareholders and depository receipt holders. Annual general meeting 19 May 2017 Ex-dividend date 23 May 2017 Dividend payment date 26 May 2017 Annual Report 2016 Triodos Bank -
Economic Expertise Regarding the Proposed Settlement Between Claimants’ Organizations and Ageas Sa/Nv
Confidential ECONOMIC EXPERTISE REGARDING THE PROPOSED SETTLEMENT BETWEEN CLAIMANTS’ ORGANIZATIONS AND AGEAS SA/NV By ANALYSIS GROUP, INC. Marc Van Audenrode, Ph.D. Managing Principal 20 May 2016 Confidential TABLE OF CONTENTS I. INTRODUCTION ........................................................................................................................... - 2 - A. Analysis Group ............................................................................................................................ - 2 - B. Mandate ........................................................................................................................................ - 3 - C. Materials Considered ................................................................................................................... - 3 - D. Disclaimer .................................................................................................................................... - 3 - E. Structure of the Report ................................................................................................................. - 4 - II. SUMMARY OF CONCLUSIONS .................................................................................................. - 4 - III. BACKGROUND ON THE PROPOSED SETTLEMENT AGREEMENT .................................... - 7 - IV. ANALYTICAL FRAMEWORK FOR ESTIMATING ECONOMIC LOSSES ........................... - 12 - A. Estimation of Potential Price Inflation ...................................................................................... -
Press Release the Netherlands, Utrecht, 11 March 2021
Press release The Netherlands, Utrecht, 11 March 2021 Jan van Rutte steps down early as Chairman of the Supervisory Board of de Volksbank De Volksbank announces that Jan van Rutte has decided to step down early as Chairman of the Supervisory Board of de Volksbank. He will stay on until a successor has been appointed. The Supervisory Board has started the search for a successor. Jan van Rutte has been a member of the Supervisory Board of SNS REAAL N.V. and SNS Bank N.V. (predecessor in title of de Volksbank) since 1 November 2013. On 1 October 2015, he was appointed Chairman of the Supervisory Board of de Volksbank and in April 2018, he was reappointed for a period of four years. Jan van Rutte: “De Volksbank is entering a new phase in its development. The solid financial position and strong social mission are a sound basis for the recently formulated strategy for the period 2021-2025, which is fully supported by the Supervisory Board. The proposals for a new senior management structure also came about in close consultation with the Supervisory Board. The bank went through a difficult period. The recently disclosed findings of the survey of the functioning of the Board of Directors and the interaction between the (members of) Board of Directors and the Supervisory Board confirm the unrest in the senior management of the bank over the past year. The researchers’ findings are critical and clear. I hold the Supervisory Board and myself as Chairman of the Supervisory Board accountable for this too. Measures have since been taken to help restore healthy board dynamics. -
A Nnual R Epo Rt 2 0 0 9 Fortis Bank Sa/Nv
Fortis Bank sa/nv - Annual Report 2009 Fortis Bank sa/nv Annual Report 2010 Introduction The 2010 Annual Report of Fortis Bank contains both the Consolidated and the Non-consolidated Financial Statements, preceded by the Report of the Board of directors, the Statement of the Board of directors and a section on Corporate Governance including the composition of the Board of directors. The audited Fortis Bank Consolidated Financial Statements 2010, with comparative figures for 2009, prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, are followed by the audited Non-consolidated Financial Statements 2010 of Fortis Bank SA/NV, prepared based on the rules laid down in the (Belgian) Royal Decree of 23 September 1992 on the annual accounts of credit institutions. All amounts in the tables of these Financial Statements are denominated in millions of euros, unless stated otherwise. Because figures have been rounded off, small differences with previously reported figures may occur. Certain reclassifications have been made with regard to the prior year’s Financial Statements in order to make them comparable to the presentation for the year under review. We refer to the note 8.k. “Comments on change of presentation” for more information on the representation of the Balance sheet as at 31 December 2009 and the Profit or loss account of the year 2009. Fortis Bank SA/NV is the legal name of the company and the commercial activities in Belgium are performed under the brand name BNP Paribas Fortis. Fortis Bank refers in the Consolidated Financial Statements to Fortis Bank SA/NV consolidated situation except if stated otherwise. -
Annual Report 2014 BNP Paribas Fortis SA/NV 23/02/15 11:50
BNP Paribas Fortis SA/NV Annual Report 2014 | Annual Report 2014 Report | Annual BNP Paribas Fortis SA/NV Fortis Paribas BNP AR 2014 Cover.indd 6 23/02/15 11:50 Introduction The BNP Paribas Fortis Annual Report 2014 contains both the audited Consolidated and Non-consolidated Financial Statements, preceded by the Report of the Board of Directors, the Statement of the Board of Directors and a section on Corporate Governance including the composition of the Board of Directors. The audited BNP Paribas Fortis Consolidated Financial Statements 2014, with comparative figures for 2013, prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, are followed by the audited Non-consolidated Financial Statements 2014 of BNP Paribas Fortis SA/NV, prepared on the basis of the rules laid down in the Belgian Royal Decree of 23 September 1992 on the annual accounts of credit institutions. All amounts in the tables of the Consolidated Financial All information contained in the BNP Paribas Fortis Annual Statements are denominated in millions of euros, unless Report 2014 relates to the BNP Paribas Fortis statutory stated otherwise. All amounts in the tables of the Non- Consolidated and Non-consolidated Financial Statements consolidated Financial Statements are denominated in and does not cover the contribution of BNP Paribas thousands of euros, unless stated otherwise. Because figures Fortis to the BNP Paribas Group consolidated results, have been rounded off, small discrepancies with previously which can be found on the BNP Paribas website: reported figures may appear. Certain reclassifications www.bnpparibas.com. have been made with regard to the prior year’s Financial Statements in order to make them comparable for the year The BNP Paribas Fortis Annual Report 2014 under review. -
Manual Ideal Professional
Manual iDEAL Professional Version August 2018 Rabobank Nederland Manual iDEAL Professional August 2018 | Version 1.1 1 Table of Contents Table of Contents ............................................................... 2 Introduction ........................................................................... 4 Module 1. Description of Rabobank iDEAL Professional 5 What is Rabobank iDEAL Professional? ................................................................................................................................... 5 How to create a link to Rabobank iDEAL? ............................................................................................................................. 5 Rabobank iDEAL Professional .................................................................................................................................................. 5 Other integration methods ....................................................................................................................................................... 6 Application process .............................................................................................................................................................................. 6 Activation ..................................................................................................................................................................................................... 6 Rabobank iDEAL Dashboard ......................................................................................................................................................... -
Notification by De Nederlandsche Bank (Netherlands) on Five Other Systemically Important Institutions (O-Siis)
Notification template for Article 131 CRD – Other Systemically Important Institutions (O-SII) Please send this template to • [email protected] when notifying the ESRB; • [email protected] when notifying the ECB; • [email protected] when notifying the EBA. Emailing this template to the above-mentioned addresses constitutes an official notification, no further official letter is required. In order to facilitate the work of the notified authorities, please send the notification template in a format that allows electronically copying the information. 1. Notifying national authority 1.1 Name of the De Nederlandsche Bank N.V. notifying authority 2. Description of the measure ING Bank N.V. (“ING”) (LEI: 3TK20IVIUJ8J3ZU0QE75); Coöperatieve Rabobank U.A. (“RABO”) (LEI: DG3RU1DBUFHT4ZF9WN62).; ABN AMRO Bank N.V. (“ABN”) (LEI: BFXS5XCH7N0Y05NIXW11); BNG Bank N.V. (“BNG”) (LEI: 529900GGYMNGRQTDOO93); De Volksbank N.V. (Volksbank) 2.1 Concerned (LEI: 724500A1FNICHSDF2I11) institution or group of The buffer requirements are imposed on the aforementioned institutions on the basis of the highest institutions level of consolidation. In the case of ING, the entity referred to above differs from the entity referred to in section 2.3 The reason is that the relevant provisions in Dutch law transposing Article 131 CRD (i.e. Article 3:62a of the Financial Supervision Act and Articles 105c and 105d of the Decree on Prudential Rules) prescribe that –in case of an ultimate EU parent that is not an institution but a (mixed) financial holding company– the buffer requirement applies to the institution (i.e. supervised credit institution and holder of the banking license) that is the subsidiary of the EU (mixed) financial holding company, on the basis of the consolidated financial position of that holding company.