Companies since 2005 unsuitable interest rate derivatives purchased by the banks come up with the new appointments easier eligible for compensation.
Because of the compensation scheme does not have a case to determine whether there was insufficient information provided by the bank. Banks do it that way contribute to the recovery framework that an independent commission has drawn in recent months. Rabobank and Deutsche Bank reflect more on their position.
The committee was appointed by Minister Jeroen Dijsselbloem (Finance) after it emerged late last year that banks misled customers, despite repeated urging by the regulator, the AFM could not compensate.
the new system does the Minister of the interests of entrepreneurs and ” good and efficient feasible ”. He calls Rabobank and Deutsche Bank to work with yet. The Financial Markets Authority (AFM) agrees with this.
protracted
With the new claims can end in often long-standing problems in derivatives small to medium businesses. ” They can work with their bank finally draw a line under this sordid case, ” he said.
Interest rate derivatives are investment that businesses were able to hedge against a possible rise in interest rates on their loans. The provision was often overlooked that entrepreneurs were correct risk if interest rates fall. Some companies therefore financial difficulties.
cameIn all, the banks have to some 16,000 small and medium business provides about 20,000 of these types of complex investment products.
The inquiry found that victims are entitled to compensation of about 20 per cent of the paid and still pay interest on the products. That fee can be up to a maximum of 100,000 euros per customer.
That ceiling was fixed because of large companies, which have loans and derivatives of several millions, it may be assumed that they have let educate properly.
disappointed
The interest group of SME entrepreneurs Participants claim was’ ‘very disappointed’. This organization believes that entrepreneurs get paid only a small fraction of the actual damage.
The foundation Interest rate compensation claim is satisfied. “It is the first time in history that banks in the Netherlands will pay billions in damages,” said Pieter Lijesen of the foundation.
The foundation represents the interests of SMEs with an interest rate swap contract. “90 percent of the members of the foundation victims is very well compensated.”
That Rabobank still refuses stems from the fact that they can not afford the scheme, says the foundation. “They sold more swaps than they have given. SMEs should there now for bleeding.”
Rabobank accounts for the bulk of the interest rate derivatives sold to entrepreneurs. A spokesman for the bank stressed that entrepreneurs who have suffered damage to be compensated by an interest rate derivative.
In the current proposal, however, have also entrepreneurs who have worked entitled to compensation derivatives that goes Rabobank too far .
Damage Post
Some banks have to put aside a lot of extra money through the new scheme to compensate entrepreneurs. ABN Amro has had to increase its supply of 360 million euros, above the 121 million euros that had already put aside.
ING expects a shortfall of 150 million euros. Van Lanschot expects between seven and nine million more put aside and SNS Bank also announced a provision.
If all banks participate in the forthcoming collective compensation, costs them jointly ” more than 1 billion euro ”.
This estimate gave the committee of experts has devised the scheme. The exact amount of the fees, according to the committee not to give. Doing so may vary somewhat duped SME entrepreneur.
“” This offers a solution to a large portion of the SMEs ”, stresses committee Ben Knüppe. ” It’s practically written down, so pretty easy to use. “
It’s up to the banks themselves to the small and medium business who are entitled to access to compensation. But the commission still keeps a finger on the pulse and is also empowered to give binding advice in individual cases
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