HomeMy WebLinkAboutRes 2011-28 and 584 Invest Surplus Monies in a Rabobank Money Market AccountCITY OF PALM DESERT
OFFICE OF THE CITY TREASURER
STAFF REPORT
REQUEST: RESOLUTION 2011-28_, A RESOLUTION OF THE CITY COUNCIL OF
THE CITY OF PALM DESERT, CALIFORNIA AUTHORIZING THE
INVESTMENT OF SURPLUS MONIES IN A RABOBANK MONEY
MARKET ACCOUNT (JOINT CONSIDERATION WITH THE PALM
DESERT CITY COUNCIL AND REDEVELOPMENT AGENCY).
SUBMITTED BY: Paul S. Gibson, C.C.M.T., City Treasurer
DATE: April 14, 2011
CONTENTS: 1) Rabobank Solicitation Letter
2) Rabobank Information Brochure
3) Global Finance, "The World's Safest Banks 2010"
4) Feb 2011 Union Bank Listing of Rabobank Collateral Pool
5) Resolution No. 2011 - 28 and Resolution No. 584
Recommendation
Waive further reading, and adopt Resolution No. 2011— 28 . and Resolution No. 584.
Committee Recommendation
At its March 22, 2011 meeting, the Audit, Finance, and Investment Committee voted
unanimously to recommend that the City Council adopt the above resolution.
Background
The Rabobank Group ("Rabobank") is a "AAA" -rated Dutch bank that offers global financial
services. Founded by Dutch farmers as a banking cooperative in 1900, Rabobank is rated by
Global Finance as the sixth safest bank in the world. Rabobank has six branch offices in the
Coachella Valley, one of which is in the city of Palm Desert. The Palm Desert branch also
serves as an agribusiness center.
For the past two years, Rabobank has offered a money market account that is specifically
designed for California local agencies. This money market account offers a monthly yield based
on the Local Agency Investment Fund ("LAIF") monthly yield plus 15 basis points. The money
market account yield is reset on the 15`h of each month. Rabobank pays interest on a monthly
basis (In comparison, LAIF pays interest on a quarterly basis). Deposits are limited to a
maximum of $50 million per legal entity. Local agencies are limited to six withdrawals per
month by check, wire, or Automated Clearing House. Local agencies may make additional
withdrawals, however, by going to a Rabobank branch office, and requesting the money.
Staff Report
Rabobank Money Market Account
April 14, 2011
Page 2of2
Pursuant to California law, the Rabobank money market account is collateralized at 110 percent
since it is a depository account for public agencies. Union Bank holds the collateral as a third -
party custodian. According to Union Bank, as of February 1, 2011, the total collateral pool was
approximately $1.1 billion. The breakdown of that pool, by issuer, was as follows:
U.S. Treasury Bonds
U.S. Government Agency Bonds
Municipal Bonds
Small Business Administration Bond
$ 834,898,000 74%
$ 252,922,000 23%
$ 38,236,000 3%
$ 59,000 Negligible
Rabobank is reportedly increasing its holdings of U.S. Treasuries, and decreasing its holdings of
U.S. Government Agencies which are considered a less reliable investment since the U.S.
Government does not explicitly guarantee them.
Currently, the counties of Imperial, Kern, San Luis Obispo, Kings, Tulare, Fresno Madera,
Merced, and San Joaquin, as well as the cities of Bakersfield, Visalia, Fresno, and Merced,
have Rabobank money market accounts. The amount invested by these agencies ranges from
$30 million to $100 million. The preponderance of Central Valley counties and cities reflects a
strong Rabobank agribusiness presence in that area. City of Palm Desert Treasury staff
interviewed each of these agencies over the telephone, and all of them provided positive
references about Rabobank and its money market account.
Fiscal Analysis
The opening of Rabobank money market accounts by the City of Palm Desert ("City") and by
the Palm Desert Redevelopment Agency ("RDA") would promote portfolio diversification, and
would enhance profitability since Rabobank will consistently outperform LAW by 15 basis points.
In February 2010, for instance, the respective monthly yields of each entity were 0.66%
(Rabobank) and 0.51% (LAIF). Staff recommends that the entire balance of the City LAW
Account ($50 Million) and the RDA LAW Account ($50 Million) be transferred into two Rabobank
money market accounts. LAW accounts do not require a balance in order to remain open.
CITY couNaLAC,'TiON
Submitted B APPROVED ✓✓ DENIED
y R CEIVEE
Q
MEETI DA
i'1�1 1
Paul S. Gibson, C.C.M.T., City Treasurer AYES: NOES:
ABSENT:
ABSTAIN:
A roval: VERIFIED BY:
j _ Original on File with Ci ' erk's Office
hn M. Wohlmuth, City Manager
BY RDA
--tJ
ON
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Odgilnall on file with City t lorrT',� ' 4f ae
G:\Finance\Niamh Ortega\Staff Reports\Rabobank Investment of Surplus Monies 041411.docx
The premier bank to the global food and agriculture industry, the Rabobank Group is a global financial
services leader providing institutional and retail banking and agricultural finance solutions in key
markets around the world. From its century -old roots in the Netherlands, Rabobank has grown into one
of the world's largest banks and is ranked among the world's safest banks by Global Finance magazine.
Our Mission
Rabobank's central mission is to create value for our
customers, employees and the communities in which
we do business.
Our Heritage
Rabobank was founded as a banking cooperative more
than 110 years ago. Dutch farmers pooled their
savings together to provide loans at reasonable
interest rates to their neighbors and community.
Our Name
Rabobank's name is derived from two cooperative
banking groups that operated in the Netherlands
during the past century: the Cooperative Central
Raiffeisen Bank and the Cooperative Central Farmers'
Land Bank, or Boerenleenbank ("Boer' means farmer in
Dutch). In 1972, these banks merged and formed one
central cooperative bank - the Cooperatieve Centrale
Raiffeisen-Boerenleenbank, or Rabobank.
Our Logo
The Rabobank logo depicts a human figure crossing a
sundial, a symbol of our long-term commitment to our
customers, our employees and our communities - we
stand with our customers over time.
Rabobank Group at a Glance
• One of the 25 largest banks in the
world
• More than $800 billion in assets
• 9.5 million customers
• Operations in 48 countries
• Providing financial services in the
United States since 1981
• Parent of California community
bank Rabobank, N.A.
Triple A Rating
Rabobank is the only private bank in the world
with a triple A credit rating from both Stan-
dard & Poor's (AAA) and Moody's Investors
Service (Aaa), the world's premier rating
services. Rabobank has held these top credit
ratings continuously for more than 25 years.
These ratings are a sign of our tremendous
financial strength and security and translate
into competitive pricing and a broad array of
financial products for our customers.
Rabobank, N.A. • Member FDIC • wwwaabobankamerica.com • MKT-343 (09/10)
The World's Safest Banks 2010
Gloibal Fl►rranae selects the world's safest banks, the 50 Institutions with the highest ratings from the
leading international credit ratings agencies.
t is a measure of how much stability has returned to the *0101 A4r
from Moody's. Norway's DnB NOR
global banking industry that this year's list of the world's JA
dropped off the list completely —a
50 safest banks is remarkably similar to last year's. Bar e
fate shared by Portugal's Caixa Geral
a bit of jockeying for position, the safest 20 banks remain
de Dep6sitos, its abrupt departure
practically the same as a year ago. Within the top 20 there
from the safest banks list reflecting
has been some shuffling ---for example, a pair of down-
that country's financial woes.
grades served to knock BNP Paribas out of the top 10 and
With Western European banks tight -
down to 18th place.
ening their stranglehold over the global
Rentenbank, a perennial feature at the top of the saf-
safest banks list this year we have, for the
est banks list, attributes its longstanding trio of triple-A ratings to its government
first time, listed safest banks by region.
backing- characteristic shared by several of the world's safest banks. "The back-
The regional breakdowns reveal some
ing by the Federal Republic of Germany as one of the strongest sovereigns in the
clear trends, with Singapore's banks
world is an extremely valuable asset in times of uncertainty. It underpins the safety
clearly outstripping Japan's as the saf-
and great relative value we offer our investors, says Horst Reinhardt, a member of
est in Asia, and Chile's banks dominat-
Rentenbank's board of managing directors.
ing the Latin America safest list. Perhaps
Topping the table for the second year running is Germany's KfW, which also has
not surprisingly, Canada's hold sway in
an explicit government guarantee. CEO Ulrich Schroder says, "KfW has a strong
North America, while Saudi Arabia's
liquidity position and capital base. As one of the leading and most experienced pro--
banks have eked out a similar numerical
motional banks in the world, KfW benefits from a direct and explicit guarantee from
advantage in the Middle East, although
the Federal Repubhc.We use our knowledge and our strength to improve economic,
Kuwait and the UAE boast the only
social and ecological living conditions."
two banks from the region to make it
Rabobank's CFO Bert Bruggink says the bank's clients believe the award vali-
onto the global top 50.
dates the trust they place in the bank, adding, "The award is a confirmation of
As always, we have constructed our
Rabobank's strong capital position, robust balance sheet and continuous strong
rankings based on size and credit qual-
results during the recent years."
ity. We began with a pool of 500 of
While the standings of the banks in the top 10 have barely changed in the past year,
the world's largest banks by asset size
further down the list there have been more changes, particularly as banks have built
to which we applied the most recent
credibility —and their credit ratings —in the wake of the credit crunch. Upgrades
available ratings from Fitch Ratings,
from S&P and Moody's sent Switzerland's Credit Suisse soaring from 43rd place
Moody's Investors Service and Stan -
last year to 26th this year, but a double downgrade from Moody's pushed Deutsche
dard & Poor's, with appropriate weight -
Bank down 11 places to 39th.
ings. Where different banks were rated
Nordic banks have suffered across the board with Sweden's Nordea and
equally by all three ratings agencies, the
Svenska Handelsbanken each tumbling by six places to the upper 20s from
largest of the banks was awarded the
the lower 20s and Finland's Pohjola Bank slipping six places on a downgrade
highest ranking.
The In I beaks chart compares the ratlrrge for the woeld's 50 safest t>w*s, based on imp-
arm foreign arrrancy ra*W from Filch PAMga and Standard & Pdors and the long -lean bank
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repoduosd w(Ah perm"m from Ore throe rs*W agencies, with all rights reserved. A raft Is AA -
not a reccrrsrrendedw b pumhase, ad or hold a serxrrkl, and R does riot comment on market A+ Al
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RESOLUTION NO. 2011 - 28
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT,
CALIFORNIA, AUTHORIZING THE INVESTMENT OF MONIES IN A
RABOBANK MONEY MARKET ACCOUNT
WHEREAS, pursuant to California Government Code Sections 53631 and 53637, the
City of Palm Desert Treasurer is authorized to open depository accounts at financial institutions
with the objective of realizing a maximum return, consistent with prudent financial management;
WHEREAS, investment yields are depressed at historic lows;
WHEREAS, Rabobank, a "AAA" -rated global bank with a branch office in the City of
Palm Desert, offers a money market account with a yield that is guaranteed to exceed that of
the State of California Local Agency Investment Fund (LAIF) by 15 basis points;
NOW THEREFORE, BE IT RESOLVED, that the City Council does hereby authorize the
following City officers or their successors in office to open a Rabobank money market
account, and to order the deposit and withdrawal of surplus monies thereto:
Paul S. Gibson Jose Luis Espinoza Thomas W. Jeffrey
City Treasurer Assistant Finance Director Deputy City Treasurer
PASSED, APPROVED, AND ADOPTED, by the City Council of the City of Palm Desert,
Riverside County, California, at its regular meeting held on this 14th day of April, 2011, by the
following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
JEAN M. BENSON, MAYOR
ATTEST:
RACHELLE D. KLASSEN, CITY CLERK
CITY OF PALM DESERT, CALIFORNIA
G:Tinance\Niamh Ortega\Resolutions\RES - RABOBANK Investment of Surplus Monies 041411.docx
RESOLUTION NO. 584
A RESOLUTION OF THE AGENCY BOARD OF THE PALM DESERT
REDEVELOPMENT AGENCY, PALM DESERT, CALIFORNIA, AUTHORIZING
THE INVESTMENT OF MONIES IN A RABOBANK MONEY MARKET
ACCOUNT
WHEREAS, pursuant to California Government Code Sections 53631 and 53637, the
Palm Desert Redevelopment Agency Treasurer is authorized to open depository accounts at
financial institutions with the objective of realizing a maximum return, consistent with prudent
financial management;
WHEREAS, investment yields are depressed at historic lows;
WHEREAS, Rabobank, a "AAA" -rated global bank with a branch office in the city of
Palm Desert, offers a money market account with a yield that is guaranteed to exceed that of
the State of California Local Agency Investment Fund (LAIF) by 15 basis points;
NOW THEREFORE, BE IT RESOLVED, that the Agency Board does hereby authorize
the following officers or their successors in office to open a Rabobank money market
account, and to order the deposit and withdrawal of surplus monies thereto:
Paul S. Gibson Jose Luis Espinoza Thomas W. Jeffrey
City/RDA Treasurer Assistant Finance Director Deputy City Treasurer
PASSED, APPROVED, AND ADOPTED, by the Agency Board of the Palm Desert
Redevelopment Agency, Riverside County, California, at its regular meeting held on this 14th
day of April, 2011, by the following vote, to wit:
AYES:
NOES:
ABSENT:
ABSTAIN:
JEAN M. BENSON, CHAIRMAN
ATTEST:
RACHELLE D. KLASSEN, SECRETARY
PALM DESERT REDEVELOPMENT AGENCY