Rabobank follows the advice of the European Central Bank (ECB) to be reluctant to pay dividends and talks with the central bank about exactly what that means. This could lead to the bank’s certificate holders receiving a lower payment than Rabobank intended in its remuneration policy. However, Rabobank emphasises that the bank has a solid capital position and a healthy CET1 ratio. The bank says to keep a close eye on further ECB announcements and recommendations. The current advice to exercise restraint in making distributions to shareholders is valid until the end of september next year.