The Dutch Banking Association (NVB) is grateful to the three independent experts for developing the Uniform Recovery Framework for non-professional SMEs regarding interest rate derivatives services. "The framework enables banks to execute it carefully and effectively, in the best interest of the involved customers," said NVB Chairman Chris Buijink.

Thoroughness and proper execution with the built-in controls in the process are of utmost importance. Independent reviewers appointed by the banks have been involved throughout the entire process. The AFM (Authority for the Financial Markets) oversees the implementation phase of the framework. Banks aim to present a proposal to the affected customers based on the recovery framework in the course of next year.

The framework regulates how participating banks should conduct assessments and which potential remedial actions should be taken to compensate SMEs who have entered into interest rate derivatives contracts. The involved banks (ABN AMRO, Deutsche Bank, ING, Rabobank, SNS, and Van Lanschot) have committed to the uniform recovery framework in July.

The committee was established by Minister Dijsselbloem in March this year and consists of three independent experts: R.J. Schimmelpenninck, B.F.M. Knüppe, and T. Kocken. The committee's mandate was to develop a uniform recovery framework. Banks have consistently expressed their willingness to find an appropriate solution.

Van Lanschot has diligently offered interest rate derivatives to its business customers until 2013 as part of its business lending, as an alternative to fixed-rate loans. The number of customers and the number of sold interest rate derivatives was relatively limited. Van Lanschot applied tailored solutions: only plain vanilla interest rate swaps and interest rate caps were offered that aligned with customer lending. Van Lanschot agrees to the recovery framework to facilitate an efficient resolution of the derivatives files of its SME customers.

Van Lanschot has not offered any new interest rate derivatives since 2014.