Surcharge on Euribor interest rate

Latest developments in the legal proceedings

In 2009 and 2012, we increased the variable surcharge for Euribor mortgages. A number of customers did not agree with this increase. They have asked the courts for a ruling, either personally or through class action foundations.
This page tells you the latest developments and the background to the legal proceedings.

 

Latest update

News: date of court hearing in The Hague announced

On 22 November 2019, the Supreme Court issued a judgment in the Euribor case, sending the case back to The Hague Court of Appeal. The Court of Appeal is reconsidering the case and the date of the hearing has now been announced: 9 November 2021. Following the hearing, the court will consider the case and issue a judgment. This judgment will affect you if you have not accepted the personal settlement offer. If this applies to you, we will inform you when there is news.

Stichting Euribar settlement

In anticipation of the further progress of the case, ABN AMRO reached an agreement with Stichting Euribar on 13 February 2020 regarding a settlement for customers with a mortgage with the Euribor interest rate. In this settlement, it was agreed that customers would be made an offer. This is the offer that has been made to eligible customers: 
  • 62.5% of the Euribor surcharge increases paid in 2009 and/or 2012, calculated up to a cut-off date of 1 April 2019, plus the applicable statutory interest.
  • Certainty about the future Euribor surcharge: the Euribor surcharge will lie between 1% and 1.2% up to the end of the mortgage term. In addition to the Euribor surcharge, you also pay an individual risk surcharge (with the exception of mortgages with NHG terms and conditions and former Fortis mortgages). However, the offer of certainty about the future surcharge only applies to the Euribor surcharge. You can still convert your Euribor interest rate free of charge at any time or make extra mortgage repayments without incurring a penalty.
All eligible customers have received an offer. 80% of the customers who have received a personal offer have now accepted this offer.

Possible Euribor replacement

In the future, it may be the case that we are no longer permitted to use the 1-month Euribor, for instance due to changes in legislation and/or regulations. Euribor currently satisfies the regulations, which is why we are still using it. If this changes, we will contact you.

Frequently Asked Questions about the settlement

I haven’t heard anything yet. When will I receive an offer?

We have contacted all customers who are eligible for an offer. If you believe you are eligible but have not yet heard from us, please call us on +31 (0)20 - 517 63 34. Lines are open Monday to Friday from 8 a.m. to 9 p.m. and on Saturdays from 9 a.m. to 5.30 p.m.
Can I change my decision once I have signed the offer?

No. By signing the offer, you accept that you cannot rescind your acceptance of the offer.

Who is ineligible for the settlement?

  • An arrangement has already been made with you in relation to court cases and/or you have been compensated for surcharge increases.
  • You have a fixed Euribor surcharge in the offer.
  • You have a Maatwerkhypotheek or Buitenlandhypotheek mortgage with a Euribor interest rate. The ruling in the Euribor case does not apply to you, because other terms and conditions apply to these mortgages.
If I accept the offer, can my interest rate still change?

Yes, the interest rate is subject to change every month. The Euribor interest rate you pay depends on the 1-month Euribor trend, as well as on the surcharge, so it can go up or down. This was always the case; nothing has changed. As agreed, the Euribor surcharge specified in the offer is fixed for the time being and can only change after 1 January 2025.
If ABN AMRO loses the case, is it possible that I could be repaid more than is currently being offered?

If ABN AMRO loses the case, it may be that you receive more than if you accept the offer. However, if ABN AMRO wins the case, you will receive nothing.

Frequently Asked Questions about the settlement

I haven’t heard anything yet. When will I receive an offer?

We have contacted all customers who are eligible for an offer. If you believe you are eligible but have not yet heard from us, please call us on +31 (0)20 - 517 63 34. Lines are open Monday to Friday from 8 a.m. to 9 p.m. and on Saturdays from 9 a.m. to 5.30 p.m.

Can I change my decision once I have signed the offer?

No. By signing the offer, you accept that you cannot rescind your acceptance of the offer.

Who is ineligible for the settlement?

  • An arrangement has already been made with you in relation to court cases and/or you have been compensated for surcharge increases.
  • You have a fixed Euribor surcharge in the offer.
  • You have a Maatwerkhypotheek or Buitenlandhypotheek mortgage with a Euribor interest rate. The ruling in the Euribor case does not apply to you, because other terms and conditions apply to these mortgages.

If I accept the offer, can my interest rate still change?

Yes, the interest rate is subject to change every month. The Euribor interest rate you pay depends on the 1-month Euribor trend, as well as on the surcharge, so it can go up or down. This was always the case; nothing has changed. As agreed, the Euribor surcharge specified in the offer is fixed for the time being and can only change after 1 January 2025.

If ABN AMRO loses the case, is it possible that I could be repaid more than is currently being offered?

If ABN AMRO loses the case, it may be that you receive more than if you accept the offer. However, if ABN AMRO wins the case, you will receive nothing.

Why have lawsuits been filed against the Euribor interest rate surcharge?

In response to market conditions, we increased the surcharge for mortgages with the Euribor interest rate by 0.5% and 1% in 2009 and 2012 respectively. Some customers disagreed with this at the time. The Court of Amsterdam gave its judgment for these customers on 11 November 2015. ABN AMRO appealed against this judgment. The Amsterdam Court of Appeal then gave its judgment on the appeal on 19 December 2017. We submitted an appeal against that judgment in February 2018. The Supreme Court overturned the judgment of the Amsterdam Court of Appeal on 22 November 2019 and referred the case back to another Court of Appeal.