The Banking Code was adopted in September 2009 by the Executive Board of the Netherlands Bankers’ Association in response to the report entitled ‘Restoring Trust’ (‘Naar herstel van vertrouwen’) drafted by the Advisory Committee on the Future of Banks (the Maas Committee).
Banking Code and Rabo Real Estate Group
At Rabo Real Estate Group, the Banking Code officially only applies to FGH Bank, which is an institution with a banking licence under the Dutch Financial Supervision Act. Given the importance of these best practices, Rabo Real Estate Group opted to apply the Banking Code to all its majority shareholdings, obviously with due observance of the specific characteristics of a real estate company.
Inventory
Rabo Real Estate Group took inventory of the extent of compliance with the Banking Code. The results indicate that Rabo Real Estate Group basically already complies with the Banking Code. Measures are being taken where necessary in order to tighten processes and procedures.
Compliance
Rabo Real Estate Group will comply with the Banking Code, in which only a small number of deviations are expected that will be explained on the basis of the principle of comply or explain. The relevant explanations will be provided within the context of the 2010 Annual Report.