It's great to know that RaboDirect is backed by our very solid parent bank, Rabobank. Mr Piet Moerland, CEO of Rabobank talks about some of the key highlights of the interim results for 2010, and it's all good news.

• Robust tier 1 ratio: up to 14.9%

• Net profit up 26% to nearly EUR €1.7 billion

• Equity up to more than EUR €40 billion

• 50% reduction in bad debt costs

• Liquidity position remains strong

• Annual budget for long-term funding already realised

"With this strong performance, Rabobank Group has returned comfortably to a sustainable profitability level that will be required in the long term," said Piet Moerland. "We need a robust capital position to be able to continue to offer our retail and wholesale clients the best possible services with a view to maintaining good relations with them in the near and more distant future as well. One of our main areas of focus will remain operational efficiency, never losing sight of the interests of our clients and members. And, as a cooperative bank, we will remain committed to our innovation efforts and our role in society."

In line with its risk profile, Rabobank has only very limited exposure to European government bonds that are currently perceived by the market as less creditworthy. The stress testing exercise initiated by the Committee of European Banking Supervisors (CEBS) confirmed Rabobank's relatively low risk profile and the bank's large buffers to protect against potential losses.

The capital position was further strengthened; equity rose by 6% to over EUR 40 billion thanks, in particular, to retained earnings. The entire annual budget for long-term funding had already been realised in the first half of 2010. An amount of EUR 1.25 billion was raised via the issue of innovative Senior Contingent Notes and Rabobank Nederland issued EUR 900 million in Rabo Extra Ledenobligaties (member bonds). The liquidity position continued to be strong.

So all in all the first 6 months of 2010 have been really positive for Rabobank internationally. At RaboDirect, we're more committed than ever to the Irish market and assisting our customers with their money matters. We're here for the long haul. Given we're part of the Rabobank group, one of the World's safest banks, we still remain the only retail bank in Ireland with a Triple A credit rating. We're delighted that over 65,000 Irish customers are happy to trust us with their money. So we must be doing something right!

Read More: Interim Results 2010

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