The ratings on Coöperative Centrale Raiffeisen-Boerenleenbank B.A., commonly known as Rabobank Nederland, reflect its sound financial position, controlled risk profile, stable strategy, and strong franchise in The Netherlands. In our view, Rabobank Nederland demonstrated relative resilience during the global economic downturn and market volatility. It incurred elevated loan impairment charges, particularly in Ireland, as well as losses on structured credit and monoline exposures, but its relatively stable domestic businesses ensured a robust level of profitability. Reported net earnings improved by 26% to €2.8 billion in 2010, primarily due to a fall in the impairment charge to 29 basis points (bps) of customer loans from 48bps in 2009. Impairments remained relatively high in Ireland at €375 million in 2010, but they
