Update on ABN AMRO compensation scheme for revolving consumer credit

Press release
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  • Products and services

On 6 September, ABN AMRO announced a compensation scheme for clients who in the past had paid too much interest on their revolving consumer credits. The scheme was agreed with the Dutch Consumers’ Association. Under the scheme, which includes a fall-back provision, the bank would be able to compensate a large group of clients proactively and digitally for the period from 2008 onwards in a relatively short period of time.

When the details of the scheme were being worked out, ABN AMRO decided that if the information is available, the bank will proactively offer clients compensation for the period from 2001 onwards. If the bank no longer has the information, clients can provide the bank with their own information dated prior to 2008. This approach is in line with the aim of making the process as client-friendly as possible and is a further elaboration of the scheme that has been agreed upon with the Dutch Consumers’ Association.

As a result of the adjustment, ABN AMRO is increasing the related provision by around EUR 90 million, to EUR 340 million. The additional provision will be charged to the 2021 fourth-quarter result.

We will be informing clients about the implications of the adjustments in the first quarter.

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