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Things used to be much easier for Rabobank. The Dutch mutual group has always been under much less pressure to boost return on equity than listed banks. During the crisis, it was the only big Benelux bank not to need an injection of state capital. Subsequently, it managed to avoid the kind of all-out restructuring its main rivals had to undergo. After 2008, Rabobank’s cost-of-funding advantages only widened, as it maintained its triple-A status. Even after this year’s sell-off, yields on its additional tier-1 instruments were exceptionally low compared with peers, according to CreditSights, although the eurozone crisis brought its ratings down a notch.
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