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Operating expenses. In 2008, total operating expenses were virtually unchanged from 2007, at € 1,708 millioncompared to € 1,715 million in 2007.Staff costs. Almost all of the growth in staff numbers is due to the consolidation of Bank BGZ. The number ofstaff rose by 53 per cent. to 15,223 (2007: 9,957) full-time employees. Partly as a result of a reduction of thebonuses however, staff costs increased by only 2 per cent., to € 909 million compared to € 890 million in2007.Other administrative expenses. Other administrative expenses decreased by 7 per cent. to € 715 millioncompared to € 772 million in 2007 mainly due to the decrease in non-banking charges as a result of the sale ofa few equity investments.Depreciation. Depreciation and amortisation charges were 58 per cent. higher, at € 84 million compared to€ 53 million in 2007, partly because of higher depreciations of proprietary software and increased amortisationof intangible assets.Value adjustments. Although Rabobank International was not directly affected by the failure of certain UnitedStates banks in 2008, these events do reflect the current unfavourable macroeconomic conditions. The Irishreal estate sector was particularly affected in 2008. The financing provided by Rabobank International to thissector had a major impact on bad debt costs. The item “value adjustments” rose by € 770 million to € 786million compared to € 16 million in 2007. This corresponds to 93 (2007: 2) basis points of average lending,which is higher than the 10-year average of 47 basis points.Taxation. Taxation decreased by € 448 million to negative € 524 million compared to negative € 76 million in2007. The loss at Global Financial Markets and the higher income from Participations, the latter being largelytax-exempt because of participation exemption, contributed to the decline in taxation.Net profit. Net profit decreased by € 307 million to € 27 million compared to € 334 million in 2007.Year ended 31 December 2007 compared to year ended 31 December 2006Total income. Total income declined by 3 per cent. in 2007 to € 2,546 million compared to € 2,622 million in2006. Although some units within Global Financial Markets benefited from the turbulence in the financialmarkets, income at Global Financial Markets fell by € 497 million to € 268 million. At the same time,Participations had a strong year. Income at Global Financial Markets is largely recognised in other income. Asa result, other income was 47 per cent. lower, at € 320 million (2006: € 601 million). Like many others,Leveraged Finance and Structured Finance were hindered by the subprime crisis in the American mortgagesmarket. Income from Leveraged Finance was 7 per cent. lower and income from Structured Finance was 5 percent. lower.Income from Corporate Banking activities was 11 per cent. higher. Of total income, 24 per cent. (2006: 19 percent.) was from the international retail banking business. Income from retail banking activities was 23 percent. higher, at € 624 million (2006: € 506 million). ACCBank’s income showed a marginal increase, whichwas in line with the slight growth in lending. Income from the retail banks in other regions rose as a result ofboth organic growth and acquisitions.Interest. Interest increased by 11 per cent. to € 1,832 million compared to € 1,649 million in 2006, mainly dueto the growth in lending in the international retail banking business and Corporate Banking activities.Fees and commission. Fees and commission income increased by 6 per cent. to € 394 million compared to€ 372 million in 2006 due to higher commission with respect to lending and securities transactions.262