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: settlement reached on Euribor mortgage

On 13 February, ABN AMRO came to an agreement with Stichting Euribar regarding a settlement for customers with a home mortgage with the Euribor interest rate. If you are eligible for compensation, you will receive a personal offer during the period from June to December 2020, based on your situation. You will have 3 months to accept our personal offer. After that period, you will no longer be able to do so.

Roughly what will be offered to you in compensation for the past

  • 62.5% of the Euribor surcharges in 2009 and 2012, calculated up to a cut-off date of 1 April 2019.
  • Statutory interest on the compensation.
Peace of mind about the future
  • To 1 January 2025: Euribor surcharge fixed at 1% This is the same as the level in 2012. You therefore know where you stand in the coming years. 
  • From 1 January 2025: Euribor surcharge increases to a maximum of 1.2%
    This increase will only be applied if there is a reason for doing so. You will always receive personal notification if this happens.

In summary: the surcharge will lie between 1% and 1.2% up to the end of the mortgage term.

In addition, as a customer of the bank, you can convert your Euribor interest free of charge at any time or make extra mortgage repayments without incurring a fine.

Customers who will receive a personal offer

Customers who are eligible for a personal offer received a letter from us in mid-March, even those who are not donors of Stichting Euribar and/or Stichting Stop de Banken. We are also approaching customers who had a mortgage with the Euribor interest rate with us in the past, and customers who previously lost a court case against us on this issue. 

Consequences of accepting the offer 
If you accept the personal offer, we will refund the proposed amount to you. In addition, you know what Euribor surcharge will be applied. However, you waive your right to litigate against the bank regarding surcharge changes.

Possible Euribor replacement
In the future, it may be the case that we are no longer allowed 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. To be clear: any replacement of the 1-month Euribor is not part of the personal offer.

Frequently Asked Questions about the settlement

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

We are making every effort to send most customers a personal offer before 1 July. However, it could take longer in some cases, if you have got divorced or moved house in the meantime, for instance. In any case, you will receive the offer before 1 December 2020.
In what cases will I not receive compensation for the entire period?

You will not receive compensation for the entire period if you:

• accepted a new offer after 1 July 2012;
• converted the Euribor interest rate to a different type of interest during the period from when the increased Euribor surcharge took effect in 2009 to 1 April 2019; 
• made an additional repayment on your Euribor mortgage (or part of your Euribor mortgage) or repaid it in full during the period from when the increased Euribor surcharge took effect.  
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, your Euribor surcharge specified in the offer is fixed for the time being and can only change after 1 January 2025. 
Can I also return the signed offer by email?

No, unfortunately this is not possible.

Frequently Asked Questions about the settlement

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

We are making every effort to send most customers a personal offer before 1 July. However, it could take longer in some cases, if you have got divorced or moved house in the meantime, for instance. In any case, you will receive the offer before 1 December 2020.

In what cases will I not receive compensation for the entire period?

You will not receive compensation for the entire period if you:

• accepted a new offer after 1 July 2012;
• converted the Euribor interest rate to a different type of interest during the period from when the increased Euribor surcharge took effect in 2009 to 1 April 2019; 
• made an additional repayment on your Euribor mortgage (or part of your Euribor mortgage) or repaid it in full during the period from when the increased Euribor surcharge took effect.  

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, your Euribor surcharge specified in the offer is fixed for the time being and can only change after 1 January 2025. 

Can I also return the signed offer by email?

No, unfortunately this is not possible.

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.