ABN AMRO will appeal the Amsterdam court’s ruling of 11 November 2015 on raising the mark-up for mortgages of a number of our clients with the Euribor interest rate.
In 2009 and 2012, in response to market conditions, ABN AMRO raised the mark-up for mortgages with the Euribor interest rate. A number of our clients did not agree with this change. These clients jointly requested the court to issue a ruling on this matter, which the court did on 11 November 2015.
The ruling states that the provisions on which ABN AMRO based its decision to raise the mark-up are not valid. The bank believes the court decision was based on an inaccurate interpretation of European rules and that these rules were insufficiently examined during the case.
The bank also believes that it has complied with Dutch law, which states that any increase in the mark-up may not be unreasonable. In ABN AMRO’s view, it raised the mark-up in response to market conditions. This is why the bank has decided to appeal the Amsterdam court’s ruling.
ABN AMRO regrets that it is engaged in legal proceedings with a number of its clients. This announcement will change nothing for clients at this time. ABN AMRO will continue to keep its clients informed of new developments as they unfold and will contact them should a ruling affect their situation. Clients do not need to take action themselves.