Reassessment of interest rate derivatives: end-of-October status update

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In recent months, more than 2,900 clients have been sent offers for compensation in connection with their interest rate derivatives. Added to the 600 clients who had already been made offers in late June, this brings the number of clients who had received compensation offers at 29 October to 3,576. The acceptance rate is 98%.

Full status at the end of October

We have analysed the files of 4,000 clients, and 3,576 of them have been sent compensation offers. Only 400 files have not yet been processed, and they will be added during the weeks ahead. In total, over 7,000 files will be reassessed. 

If we can maintain the present pace, all clients will have received their compensation letters by the first quarter of 2019. We are making every effort to complete as much of the work as possible this year.

Advances

ABN AMRO’s clients who have accepted the offer have also been paid an advance on their projected compensation. Vulnerable clients have been paid 100% of the total projected compensation. Other clients have been paid 100% of the projected ex gratia compensation.

Quality first

The most important consideration in this work is to maintain quality. This is a key requirement for both the bank and the AFM. That was true when the project started, and it remains true as we approach the final phase.

Reassessment of interest rate derivatives

Banks are currently carrying out reassessments for businesses that took out interest rate derivatives in the past. This follows from an agreement the banks have made with the AFM and the political authorities that these clients will receive compensation based on a uniform recovery framework.

Monthly status updates are published on our website (abnamro.nl/herbeoordeling). Further information about the current status across the sector is provided in the progress report on the AFM website.

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