SNS Bank participates in Recovery Framework
SNS Bank NV (SNS Bank) concurs with the Uniform Recovery Framework pertaining to SME Interest Rate Derivatives (Herstelkader) as published by the Independent Committee on 5 July 2016.
Over the past few months, SNS Bank has held constructive consultations with the Committee and has indicated that it attaches great value to the realisation of the Recovery Framework.
SNS Bank will make a provision for the compensation resulting from the Recovery Framework. This provision has no substantial impact on the capital position of SNS Bank. More information will be provided in the press release on the first half 2016 financial results, to be published on 25 August 2016.
When executing the Recovery Framework, SNS Bank will first of all focus on the prescribed pilot phase, and subsequently carry out reviews and take corrective action, if required. Customers falling under the scope of the Recovery Framework will be personally informed on the review and the way in which this, and the corrective action, will take place.