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Van Lanschot Kempen N.V.

Van Lanschot Kempen N.V.

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Publicatie datum 05 jul 2016 - 08:26
Statutaire naam Van Lanschot Kempen N.V.
Titel Van Lanschot agrees to interest rate derivatives recovery framework
Bericht 's-Hertogenbosch, the Netherlands, 5 July 2016 Van Lanschot has agreed to abide by the Netherlands' general recovery framework for interest rate derivatives clients, implying that it will offer courtesy payments. To pay for this, it expects to make additional provisions of €7 million to €9 million in the second quarter, which combined with previous provisions are expected to make up a total amount of approximately €11 million. Up until 2013, Van Lanschot sold interest rate derivatives to its commercial clients as an alternative to fixed-rate loans, as part of its corporate lending. Both in terms of clients and interest rate swaps, the numbers were relatively small; and arrangements were typically customised, with only 'plain vanilla' interest rate swaps and interest rate caps sold to fit in with the loans supplied. Van Lanschot has agreed to the recovery framework to promote efficient handling of the derivatives issue for SME clients in the Netherlands.