ABN AMRO compensates consumers who paid too much interest on revolving consumer credits with floating rates
06 Septembre 2021 - 8:00AM
ABN AMRO compensates consumers who paid too much interest on
revolving consumer credits with floating rates
ABN AMRO compensates consumers who paid too much
interest on revolving consumer credits with floating
rates
ABN AMRO and the Dutch Consumers’ Association have reached
agreement on a compensation scheme for consumers who paid too much
interest on their revolving consumer credits. This scheme offers a
solution for all clients involved. The first clients will be
compensated before the end of this year. Certain details of the
compensation scheme will be worked out in the near future.
Rectification for clientsDavid Minderhoud,
responsible for consumer credit at ABN AMRO: “At certain times,
clients should have been able to expect the floating interest rate
on their revolving consumer credit to move in line with the market
rate. Where this did not happen sufficiently, we will rectify the
situation. The compensation scheme covers the period as from 1
January 2008 and applies to various revolving consumer credit
facilities offered by ABN AMRO, ALFAM and ICS. Under the scheme,
which we developed together with the Dutch Consumers’ Association,
we will recalculate the interest due and compensate clients. We’re
starting this week and expect to compensate the first clients
before the end of this year.”
Sandra Molenaar, Director of the Dutch Consumers’ Association:
“We’ve had some constructive discussions with each other. The talks
were tough at times, but the result is a good arrangement. ABN AMRO
is taking responsibility for its actions, and we’re pleased about
that – and in particular that the bank will reach out to the
affected clients.
ProvisionABN AMRO has provided around EUR 250
million(1) for the interest to be compensated and the costs
incurred in carrying out the scheme. The ABN AMRO website presents
a full list of the credit facilities that are covered by the
scheme. Approximately 15% of all clients with a revolving credit
facility in scope are eligible for compensation. ABN AMRO expects
to compensate every client concerned by the end of 2022. The vast
majority of the clients will receive compensation of between EUR 50
and EUR 1,750.
Kifid rulingThe Dutch financial services
complaints authority Kifid previously ruled that a number of banks,
including ABN AMRO, did not follow market rates sufficiently when
calculating the interest rates. In the past few months, ABN AMRO
has investigated which clients were affected. David Minderhoud:
“Together with the Dutch Consumers’ Association, we have explored
how we can resolve this matter in the best way possible for all
clients involved.” The Kifid Appeals Board ruling is the basis for
the compensation scheme.
More informationABN AMRO will contact all
clients who currently have this facility and are eligible for
compensation; these clients need not take any action. Clients who
in the past had a revolving credit facility that is covered by the
scheme can notify the bank on the ABN AMRO website
www.abnamo.nl/compensatie. More information on the scheme is also
available on the website.
(1) Of this EUR 250 million, EUR 30 million has already been
provided for. The additional provision for the third quarter
amounts to approximately EUR 220 million.
More informationABN AMRO Press OfficeAriën
BikkerTel + 31 (0)20 6288900Email
pressrelations@nl.abnamro.com
ABN AMRO Investor RelationsFerdinand VaandragerTel +31 (0)20
6282282Email investorrelations@nl.abnamro.com
This press release is published by ABN AMRO Bank N.V. and
contains inside information within the meaning of article 7 (1) to
(4) of Regulation (EU) No 596/2014 (Market Abuse Regulation)
ABN AMRO Bank N.V (EU:ABN)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
ABN AMRO Bank N.V (EU:ABN)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024