AFM progress report

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On 8 December, the Dutch Authority for the Financial Markets (AFM) released its progress report on the reassessment of interest rate derivatives for SME clients of banks in the Netherlands. The update reports on the status at the end of October.

Our reassessment website (Dutch only) has the specific details for ABN AMRO: we have now sent letters on proposed advance payments to over 5,000 clients. The past few months have seen us send out the first compensation letters, with a small number of clients having received offers. Regrettably, it is taking longer to calculate compensation payments than initially thought. This is due to the sheer amount of information required, and not just what is on our files – other sources also need consulting. In addition, any lessons learned from individual cases as well as answers provided by the committee of experts must be incorporated in the reassessment process and applied to all cases.

As the process is taking longer than expected, we are offering our clients an advance this year. If all advances are accepted, ABN AMRO will be paying out an amount of EUR 250 million in 2017, about half of the total compensation provided for. Clients are free to spend the advance as they see fit. Should a client decide at a later date not to agree to the compensation proposal, or if the advance turns out to exceed the amount to which the client is entitled, ABN AMRO and the client will resolve the matter in consultation with each other.

More information on the reassessment process is available at our reassessment website (Dutch only) and the websites of the AFM (Dutch only) and NVB (Dutch only).

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