Clients with interest rate swaps received a letter this week concerning the review of their swaps.
Why review interest rate swaps?
ABN AMRO is committed to selling its clients interest rate swaps that are truly suited to their needs, not only if clients are first-time interest swap purchasers but also if clients have already purchased one or more interest swaps in the past. Moreover, following a promise the Dutch Minister of Finance recently made to the Lower House of Parliament, the Minister required the bank to review the interest rate derivatives of its non-professionals clients as part of a one-off in-depth review of the appropriateness of the product.
Completion in the first quarter of 2015
ABN AMRO’s portfolio of interest rate swaps for SMEs totals some 6,000 interest rate swaps. Reviewing these files is a substantial operation which has occupied a large number of our staff for several months already. They are making good progress and the entire process is expected to be completed in the first quarter of 2015.
For more information on the review, please visit www.abnamro.nl/herbeoordeling (Dutch only).
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