Despite the increased turbulence in the financial markets, many stock exchanges succeeded in ending the year in black figures. On 31 December 2007, the AEX index was 4% higher than at the beginning of the year. In Europe, the German DAX 30 index closed 22% higher than in 2006 and in the UK, the FTSE 100 index was 4% higher than a year ago. The S&P 500 index likewise was 4% higher, although in euros it was lower due to the 11% devaluation of the US dollar. In Japan, the NIKKEI 225 index fell by 11%. Since returns on a large number of equity investments were moderately positive, Rabobank Group saw a rise in its assets managed and held in custody for clients.
The increased uncertainty in the stock exchanges caused private clients to seek greater security from other products. Helped by the rising short-term interest rate, the interest paid on time deposits was higher as well. As a result, many clients decided to exchange traditional equity funds and bond funds for deposits. This outflow of assets caused a slowdown in the growth of Rabobank Group's total cash flow.