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At 31 December 2008(in millions of euro) On balance Off balance TotalUtilities ........................................................................ 1,261 200 1,461Construction ................................................................ 9,231 1,612 10,843Manufacturing: textile, apparel and leather................. 325 9 334Manufacturing: wood products and furniture.............. 602 8 610Manufacturing: paper and printing activities............... 1,319 79 1,399Manufacturing: chemical products .............................. 1,734 108 1,841Manufacturing: metal and machinery.......................... 3,608 141 3,749Manufacturing: miscellaneous..................................... 2,824 329 3,153Wholesale .................................................................... 14,595 978 15,573Retail (except food and beverage stores)..................... 5,150 126 5,276Transportation and warehousing.................................. 8,459 552 9,010Information and communication ................................. 3,768 241 4,009Finance and insurance ................................................. 27,857 2,688 30,545Real estate, rental and leasing ..................................... 29,725 399 30,125Professional, scientific and technical services............. 4,072 310 4,382Healthcare and social assistance.................................. 4,979 66 5,045Arts, entertainment and recreation............................... 1,585 67 1,653Other services (except public administration) ............. 25,243 1,111 26,354Total trade, manufacturing and services ................. 146,336 9,026 155,362Private individuals....................................................... 193,958 428 194,386Total ............................................................................ 408,620 11,035 419,656In addition to advances to other banks (€ 34 billion at 31 December 2008, which is 6 per cent. of total assets),Rabobank Group’s portfolio contains a concentration of loans to private individuals. The total on-balanceoutstandings to private individuals is 47 per cent. of the total of on-balance private sector loans. Loans inRabobank Group’s portfolio are diversified across numerous sub-industry sectors. None of these is larger than10 per cent. of total private sector loans. Furthermore, Rabobank’s portfolio is spread across industries inmany different countries and is therefore well diversified.Impaired loansA loan is impaired if it is probable that payments of principal and interest will not be made in time and inaccordance with the original contractual terms of the loan. There is also a matter of impairment if the obligoris past due more than 90 days or if the obligor has filed for bankruptcy or similar protection from creditors.Once a loan is identified as impaired, the impairment amount is measured as the difference between thecarrying amount and the recoverable amount of the loan. The recoverable amount equals the present value ofexpected future cash flows discounted at the loan’s effective rate.280