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Operating expenses. Total operating expenses increased by 12 per cent. in 2007 to € 7,709 million comparedto € 6,887 million in 2006. Staff costs accounted for 58 per cent. of total expenses.Staff costs. The higher staffing level caused staff costs to go up by 8 per cent. to € 4,445 million compared to€ 4,117 million in 2006. In 2007, several acquisitions resulted in an increase in staff numbers byapproximately 2,800 full-time employees. Rabobank Group’s total number of employees grew by 8 per cent.in 2007 to 54,737 (2006: 50,573) full-time employees.Other administrative expenses. The growth in activities, both organic and due to acquisitions, caused a 17 percent. increase to € 2,846 million in other administrative expenses compared to € 2,429 million in 2006.Depreciation. Depreciation charges were 23 per cent. higher, at € 418 million compared to € 341 million in2006, mainly because of higher depreciation on buildings and proprietary software.Value adjustments. Value adjustments, which comprise bad debt costs and losses incurred on financial assets,increased by 65 per cent. in 2007 to € 742 million compared to € 450 million in 2006. The increase is due tohigher-value adjustments on the item available-for-sale financial assets. This corresponds to 22 basis points ofaverage lending (2006: 15), which is in line with the five-year average (based on the period 2002 to 2006) of23 basis points.Taxation. Taxation recognised in 2007 amounted to € 386 million compared to € 367 million in 2006. This isequivalent to an effective tax rate of 12.7 per cent. (2006: 13.5 per cent.). One of the contributors to the lowereffective tax rate was the reduction in the Dutch corporate tax rate. In addition, profits from participations andassociations, which are exempt from taxation, contributed to the lower effective tax rate.Net profit. Rabobank Group’s net profit grew by 14 per cent. in 2007 to € 2,662 million compared to € 2,345million in 2006. After deduction of the portion attributable to minority interests and payments on RabobankMember Certificates, Capital Securities and Trust Preferred Securities III to VI, the sum remaining was€ 1,937 million compared to € 1,757 million in 2006.Segment discussion*Domestic retail bankingThe following table sets forth certain summarised financial information for Rabobank Group’s domestic retailbanking business for the years indicated:Year ended 31 December20082007(restated) 2007 2006(in millions of euro)Interest ............................................. 5,005 4,504 4,391 4,226Fees and commission....................... 1,354 1,379 1,379 1,259Other income ................................... 42 25 25 66Total income ................................... 6,401 5,908 5,795 5,551Staff costs ........................................ 2,264 2,072 2,072 2,118Other administrative expenses......... 1,639 1,618 1,618 1,607Depreciation .................................... 141 145 145 152258