SME clients with interest rate derivatives falling within the Uniform Recovery Framework will soon be receiving a letter from ABN AMRO setting out information on the execution phase.

The letter will also specify which interest rate derivatives are in scope and whom SME clients will be able to contact for further details. The bank aims to provide all clients concerned with a proposal in 2017, and will follow the sequence laid down in the Uniform Recovery Framework.

The bank's letter constitutes the first step ABN AMRO is taking in the execution of the Uniform Recovery Framework and is in line with the action plan ABN AMRO submitted to the Netherlands Authority for the Financial Markets (AFM). During the execution phase, a team of some 250 internal and external professionals will be working full time on the Recovery Framework. The results will be monitored by an external file reviewer - in ABN AMRO's case, audit firm PwC. Costs involved in the execution of the Uniform Recovery Framework in 2017 will total some EUR 55 million. ABN AMRO expects to be able to provide the first group of clients with a proposal by the end of the first quarter of this year.

On 5 July 2016, ABN AMRO agreed to commit to the Uniform Recovery Framework published by the Independent Derivatives Committee after the reassessment that had previously been performed by banks was found by the AFM to be insufficient. For more information, see news item 5 July 2016

ABN Amro Holding NV published this content on 23 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 January 2017 07:35:16 UTC.

Original documenthttps://www.abnamro.com/en/newsroom/newsarticles/2017/client-communications-on-uniform-recovery-framework-for-interest-rate-derivatives-set-to-start.html

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