ASN Bank acknowledges the observations and views set out in the progress report. These provide a clear picture of our progress and of the challenges and objectives for the coming period. In terms of implementing the transformation, the formal launch of ASN Bank and the new organisation on 1 July 2025 was a significant milestone, followed by the presentation of the new ‘Simplify and Grow’ strategy in November . 

This also marked the start of the next phase of the transformation, which is taking place mainly ‘under the hood’ primarily in the areas of IT organisation and data management. At the same time, ASN Bank is still working hard to remedy the identified shortcomings in anti-money laundering and risk management. 

Our focus remains on the rapid implementation of the transformation and the priorities of AFC remediation and risk management, with the most significant steps to be taken by the end of 2026. 

Finally, NLFI notes that ASN Bank is not yet ready for a decision on privatisation. ‘Although ASN Bank has made progress over the past year, NLFI does not expect to reach a different conclusion in 2026,’ the shareholder concludes in its report. 

ASN Bank is keen to continue the dialogue with NLFI regarding its future. This will ensure that, as a systematically important bank that is socially engaged, we can continue to contribute to the diversity of the Dutch banking landscape in the future. 

On 7 August, when we present our interim results for 2026, we will provide an update on our financial progress and the achievement of our strategic objectives. 

Both the letter from the Minister of Finance and the NLFI report can be found on the Government of the Netherlands' website. 

The reports are available on the corporate website of ASN Bank.

Our focus is on actively implementing the transformation and priorities of the AFC and risk management remediation programme. Against this backdrop, we are also working on our strategy for the period after 2025, which is also described in the NLFI progress report. We will gladly continue our dialogue with NLFI on our future so that we may continue to contribute to the diversity of the Dutch banking landscape as a systemic bank with a social profile.

On 8 August, when we present our interim financial results for 2025, we will report on the financial progress and the achievement of our strategic objectives.

Both the letter from the outgoing Minister of Finance and the NLFI report can be found on the website of the House of Representatives (available in Dutch only).

Retail savings account

Business savings account

* The interest rates are floating rates, on an annual basis and per account.
 

The interest rates for all savings products are available on the websites of our brands.

As CSMO, Angela will be responsible for further strengthening ASN Bank’s distinctive position in the market. In this respect, she will focus on the organisation’s commercial development in terms of advisory and customer service orientation, in the context of a bank for the future that builds on the broad social foundations successfully laid by our current four retail brands. A modern and enterprising bank that contributes to solutions to challenges facing Dutch society such as sustainability, financial well-being and accessible housing.

Angela Eijlander: “The new ASN Bank allows us to continue building on the social engagement that characterises Volksbank brands such as ASN Bank, SNS and Regiobank. The online services of ASN Bank that are so highly valued by customers will be combined with the power of human contact through our franchise model. This means we can offer a nationwide network of local branches in addition to online solutions for everyday convenience. The branches will be headed up by franchisees with the focus on a sustainable revenue model for both franchisee and franchisor. In addition to our franchise model, the intermediary arm remains crucial for the distribution of mortgages. For the time being this arm will continue to operate under the current brand name of BLG Wonen, but this will in the long term also be changed to ASN Bank. We are working on a bank for everyone who cares about the future, and I am delighted to contribute to this in my new role.”

Angela Eijlander has served as managing director of SNS since 1 January 2022. Her previous roles include positions at Avéro Achmea and Centraal Beheer.

In addition, we also provide the Pillar 3 Report 2024, containing the mandatory reporting on capital requirements and risk management ensuing from the European Capital Requirements Regulation (CRR).

The reports are available here. 

We continue to focus on further strengthening the operational and financial robustness of the bank we keep our focus on the rapid implementation of the strategy and priorities. Against this background, we are also working on the elaboration of our strategy for the post-2025 period. We will gladly continue our dialogue with NLFI on our future, so that we may continue to contribute to the diversity of the Dutch banking landscape as a systemic bank with a social profile.

On 9 August, when we present our interim financial results for 2024, we will report on the financial progress and on the achievement of our strategic objectives.

Both the Minister of Finance’s letter and NLFI’s report can be found on the website of the Dutch House of Representatives (available in Dutch only).

At de Volksbank, we ​​particularly appreciate that we were given the opportunity to share our views with NLFI. De Volksbank concurs with the analysis drawn up by NLFI and the resulting advice as a basis for further political decision-making. In general terms, NLFI assesses two future options as realistic: a private sale or an initial public offering (IPO). This is in line with our own analysis and conclusion, although on closer inspection there are also differences, such as securing our social profile in the governance in advance and the vision of a possible sale in parts, noting that NLFI qualifies the latter option by pointing out that it does not necessarily recommend this, but does not want to rule it out in advance either.

In our response to NLFI, we have drawn attention to the social profile of de Volksbank and, therefore, our distinctive character in the financial sector. We see our views and arguments reflected in NLFI’s advice. The analysis thus mirrors the dialogue with our shareholder NLFI about our future. As far as de Volksbank is concerned, we ​​look forward to continuing this constructive dialogue. At the same time, our focus is on the rapid implementation of the strategy and priorities and the continued strengthening of the bank’s operational and financial robustness, so that we can continue to contribute to the diversity of the Dutch banking landscape as a systemic bank with a social character.

Both the letters to the House of Representatives of June 2024 and October 2023 and the Ministry of Finance’s exploration of the future options, can be found on the website of the Dutch House of Representatives (available in Dutch only).

Retail savings accounts

Business savings accounts

* The interest rates are floating rates, on an annual basis and per account.

For savings products intended for our younger customers under the age of 18, and a number of other savings products with floating rates, de Volksbank will raise the interest rate by 0.10%. For the savings products in question, please refer to our brands’ websites.

The interest rates for all savings products are available on the websites of our brands:

• ASN Bank
• RegioBank
• SNS

Martijn Gribnau, Chief Executive Officer of de Volksbank: “On behalf of the Executive Committee, I wish to extend a warm welcome to Saskia Hoskens. Her personal vision on banking fits seamlessly with ‘banking with the human touch’ that de Volksbank stands for. With her background, positive energy and connective leadership style, we expect her to make a significant contribution to achieving our strategic priorities and the future of de Volksbank.” 

Gerard van Olphen, Chair of the Supervisory Board of de Volksbank: “The Supervisory Board is pleased with the appointment of Saskia Hoskens as CRO and member of the Executive Committee of de Volksbank. With her extensive experience in the banking sector, she has successfully completed large change management processes. With her decisive leadership, Saskia has what it takes to make a valuable contribution to further improving de Volksbank’s financial and operational robustness.” 

Saskia Hoskens: “I am looking forward to begin my new job at de Volksbank and to contribute to further strengthening the bank’s position in the Dutch market. This requires excellent customer service that is integrated seamlessly with effective risk management. Stakeholders expect a bank to be operationally strong, to comply with laws and regulations, to be mindful of social interests and to take good care of its customers. I am happy to commit to that." 

Composition of the Executive Committee 
De Volksbank is making good progress on the recruitment and selection process for the CEO and CFCO positions. The bank expects to be able to announce the appointment of a new CEO after the General Meeting of Shareholders, to be held in the second half of May 2024. 

As from 10 April 2024, the Executive Committee consists of seven members. Martijn Gribnau (CEO), André Haag (CFO), Saskia Hoskens (CRO) and Marinka van der Meer (CCO) are the statutory members. In addition, three non-statutory members serve on the Executive Committee: Jacqueline Touw-Conradi (CPOO), Michel Ruijterman (CIO) and a CFCO (yet to be filled).

In addition, we also provide the Pillar 3 Report 2023, containing the mandatory reporting on capital requirements and risk management ensuing from the European Capital Requirements Regulation (CRR).

The reports are available here. 

Retail savings accounts

Business savings accounts

* The interest rates are floating rates, on an annual basis and per account.

The interest rates for all savings products are available on the websites of our brands:

• ASN Bank
• RegioBank
• SNS

These past years were eventful and intense. Working long hours was gratifying, but at the same time has taken a toll on my private life. We have set a lot in motion in recent years and as a change manager, I am proud of the innovations we have realised and on which the bank can build. A logical moment for me to pass the baton shortly.”

Gerard van Olphen, Chair of the Supervisory Board of de Volksbank: “The Supervisory Board regrets that Martijn has decided not to seek a second term, but respects his decision. Early 2021, a tightened strategy was presented under his leadership, which is now paying off. The changes Martijn, with his characteristic energy, passion and commitment, initiated, contribute to the strong distinctive position of de Volksbank in the Dutch banking landscape. For this, I would like to sincerely thank him on behalf of the Supervisory Board and all our colleagues.”

Jeroen Dijst: “It is with pride and satisfaction that I had the opportunity to be part of de Volksbank and its brands for eight years. It was an exciting journey in which I wholeheartedly enjoyed banking for customers, employees, society and the shareholder on the basis our shared value ambition in order to work on the bank with the strongest customer relationships and the greatest proven social impact. From my responsibility as CRO, together with my teams and all our colleagues, I was able to make great strides in the areas of risk, compliance, financial care as well as in the interaction with supervisory authorities. After two terms in office, I am happy to make room for a new face."

Gerard van Olphen: “On behalf of the Supervisory Board I thank Jeroen for his contributions to our bank’s risk management and sustainability policy. Not least thanks to his dedication over the past eight years, we not only have a resilient bank that stood up well to the turbulent period with the COVID-19 pandemic, Ukraine war and rapid interest rate swing, we also have a social bank that adds value for customers, society, employees and the shareholder based on its mission of ‘Banking with a human touch’. We are grateful to Jeroen for this."

As a consequence of this change in the Executive Committee, the position of Chief Transformation Officer (CTO) will cease to exist. CTO Marjolein de Jongh is responsible for the transformation of de Volksbank into an agile bank and also has KYC in her portfolio. By mutual agreement, she will resign from her duties as from 1 November 2023. She will remain attached to de Volksbank as an adviser to the CEO and Chair of the Supervisory Board until 1 May 2024. The Executive Committee of de Volksbank thanks Marjolein for her contribution to de Volksbank and wishes her well for the future.

Composition of the Executive Committee
As from 1 November 2023, the Executive Committee will consist of seven members. Martijn Gribnau (CEO), André Haag (CFO), Jeroen Dijst (CRO) and Marinka van der Meer (CCO) are the statutory members. In addition three non-statutory members serve on the Executive Committee, namely Jacqueline Touw-Conradi (CPOO), Michel Ruijterman (CIO) and a vacancy for the CFECO. The foregoing is subject to the advice of the Works Council.

Retail savings accounts

Business savings accounts

* The interest rates are floating rates, on an annual basis and per account.

For savings products intended for our younger customers under the age of 18, and a number of other savings products with floating rates, de Volksbank will raise the interest rate by 0.25%. For the savings products in question, please refer to our brands’ websites.

The interest rates for all savings products are available on the websites of our brands:

• ASN Bank
• RegioBank
• SNS

Retail savings  accounts

Business savings accounts

* The interest rates are floating rates, on an annual basis and per account.

For savings products intended for our younger customers under the age of 18, and a number of other savings products with floating rates, de Volksbank will raise the interest rate by 0.25%. For the savings products in question, please refer to our brands’ websites.

The interest rates for all savings products are available on the websites of our brands:

• ASN Bank
• RegioBank
• SNS

The adverse stress test scenario was carried out applying a static balance sheet assumption as at December 2022, and therefore does not take into account a bank’s future growth or management actions. In addition, the bank’s net interest income was capped at the 2022 level.

The adverse scenario assumes a worsening of geopolitical tensions leading to a severe decline in GDP with persistent inflation and high interest rates. This scenario is designed to ensure a significant severity of various macroeconomic and financial shocks across all EU countries. For example, the assumption with respect to Dutch house prices was a cumulative 32% decrease up to 2025.

The starting point of the stress test for de Volksbank, was a year-end 2022 CET1 capital ratio of 20.26%. Under the baseline scenario and EBA’s methodological instructions, de Volksbank would have a CET1 capital ratio of 18.91% in 2025. Under the adverse scenario, our CET1 capital ratio would stand at 10.01% in 2025. Our current overall CET1 capital requirement stands at 10.69%, implying partial use of the capital buffers. These buffers aim to enable banks to absorb losses while maintaining the provision of key services to the real economy.

Detailed results of the EBA EU-wide stress test are available on the website of the EBA.

Retail savings accounts

Business savings accounts

* The interest rates are floating rates, on an annual basis and per account.

For savings products intended for our younger customers under the age of 18, and a number of other savings products with floating rates, de Volksbank will raise the interest rate by 0.25%. For the savings products in question, please refer to our brands’ websites.

The interest rates for all savings products are available on the websites of our brands:

• ASN Bank
• RegioBank
• SNS

Retail savings account

Business savings account

* The interest rates are floating rates, on an annual basis and per account.

For savings products intended for our younger customers under the age of 18, and a number of other savings products with floating rates, de Volksbank will raise the interest rate by 0.25%. For the savings products in question, please refer to our brands’ websites.

The interest rates for all savings products are available on the websites of our brands:

• ASN Bank
• RegioBank
• SNS

Holders of an expropriated loan or a series 3 SNS Participation Certificate who are entitled to compensation will be contacted by the Ministry of Finance.

More information is available on the website www.vergoedingsns.nl. Alternatively, you can call the Help Desk of the Ministry of Finance at +31 88 7925000, on weekdays from 09.00 – 17.00 hours.

The Customer Service Desk of de Volksbank’s SNS brand cannot provide any information on this matter.

In addition, we publish our Integrated Annual Report 2022, providing details on our financial statements, our risk management, ‘environmental, social and governance (ESG)’ aspects and the principles and standards to which we are committed. Our Pillar 3 Report 2022 contains the mandatory reporting on capital requirements and risk management ensuing from the European Capital Requirements Regulation (CRR).

The reports are available here. 

Halfway through the implementation of our strategic plan, and with the Executive Committee and Supervisory Board at full strength, this is a natural moment for the next phase in which we further explore, work out and share the privatisation options with our shareholder NLFI. We greatly appreciate being able to actively think along with NLFI about our own future.

For us, this means that in parallel to exploring the options, we press ahead with achieving our strategy entitled ‘better for each other – from promise to impact’. Together with all our colleagues we remain fully committed to strengthening the customer relationship and increasing our social impact.

* The interest rates are floating rates, on an annual basis and per account.

For savings products intended for our younger customers under the age of 18, and a number of other savings products with floating rates, de Volksbank will raise the interest rate by 0.25%. For the savings products in question, please refer to our brands’ websites.

The interest rates for all savings products are available on the websites of our brands:

ASN Bank
RegioBank
SNS

• Further reduce greenhouse gas emissions from the residential mortgage portfolio;
• Reduce greenhouse gas emissions from the SME portfolio;
• Continue to finance renewable energy projects;
• Finance projects that remove CO₂ from the atmosphere by, for instance, forests and regenerative agriculture; 
• Continue to draw attention to the climate crisis and (inter)national partnerships inside and outside the financial sector towards solutions.

These activities will be elaborated in 2023. In addition to our existing, ongoing efforts on sustainability and the climate transition, de Volksbank will start implementing the CAP’s actions as soon as possible, but no later than 2024.

Download de Volksbank’s complete CAP as a PDF below.**

*) Net zero means cutting greenhouse gas emissions as close to zero as possible and re-absorbing the remaining emissions from the atmosphere, for instance by forests, regenerative agriculture or oceans. 

**)Figure 11 in the de Volksbank Climate Action Plan “From climate neutral by 2030 towards net zero by 2050” in the is solely meant as an illustrative example of how avoided emissions, emissions and negative emissions could theoretically develop.

*Interest rates are variable, on an annual basis and per account.
 Currently, retail customers receive 0.01% on their balance up to and including €25,000.
 For business customers, the interest rate is currently 0.00%

For savings products intended for our younger customers under the age of 18 and some other savings products with variable savings rates, de Volksbank will increase the interest rate by 0.25%. For the savings products in question, please refer to our brands’ websites.

The interest rates for all savings products are available on the websites of our brands:
·       ASN Bank
·       RegioBank
·       SNS

For the expansion of the compensation scheme, de Volksbank will make an additional provision of € 4 million charged to the result for the second half of 2022, on top of the provision of € 15 million made in 2021.

Customers, and former customers, can find more information on the websites of SNS and RegioBank.

* Interest rates are floating rates and on an annual basis.

Gerard van Olphen, Chairman of the Supervisory Board of de Volksbank: “The Supervisory Board is pleased with the appointment of Jacqueline Touw as CPOO to the Executive Committee of de Volksbank. I am confident that with her expertise in the field of business and cultural transformations, she will make a valuable contribution to the successful realisation of the strategy."

Martijn Gribnau, Chairman of the Executive Committee of de Volksbank: “I look forward to Jacqueline Touw's arrival and working with her. With her appointment, the Executive Committee is now at full strength. I am sure that her experience and vision on HR will allow her to play a crucial role in the change process we are currently in to make our organisation more effective, with a key role for the teams and our employees.”

Composition of the Executive Committee

The Executive Committee, which has been operational since 16 May 2022, consists of seven members: Martijn Gribnau (CEO), Marinka van der Meer (CCO), Jeroen Dijst (CRO), Marjolein de Jongh (CTO), Michel Ruijterman (CIO), André Haag (CFO) and Jacqueline Touw (CPOO) as from
1 August 2022 and 1 October 2022 respectively.

Gerard van Olphen, Chairman of the Supervisory Board of de Volksbank: "The Supervisory Board is pleased with the appointment of André Haag as CFO and member of the Executive Committee of the bank. As an experienced CFO, including at a bank with a sustainable and social profile, André Haag pre-eminently has the right background and qualities to contribute to the successful realisation of de Volksbank’s strategy.”

Martijn Gribnau, Chairman of the Executive Committee of de Volksbank: “I am pleased André Haag is joining de Volksbank. His vision and experience are a valuable addition to the Executive Committee and I look forward to working together on the further implementation of our strategy.”

The notes were issued under de Volksbank’s Green Bond Framework 2021, which is aligned with the EU Taxonomy. For more information on our Green Bond Framework, please refer to our website.

The green AT1 notes will be listed on the Luxembourg Stock Exchange.

Facts of the issue:

If the overall balance totals more than € 100,000, we will charge 0.5% interest on the portion that exceeds this amount; this is a floating interest rate on an annual basis. The overall balance applies separately per brand for both our retail and business customers.

Money invested and money in term deposits is excluded from the calculation of the overall balances, as are balances on accounts specifically intended for children, youngsters and students.

On balances up to € 25,000 per savings account, retail customers receive a floating interest rate of 0.01% on an annual basis. For more information on interest rates and interest rate changes, please refer to the websites of our brands.

The dividend payment fits in with the positive impact de Volksbank aims to realise with its strategy ‘better for each other – from promise to impact” for customers, society, employees and its shareholder alike. With the shared value approach the aim is to continuously maintain a balance between these stakeholders.

Petra van Hoeken has extensive managerial and banking experience with Dutch and international banks. As Chief Risk Officer, Petra was a member of the Managing Board at various banks including Rabobank and NIBC. Petra holds supervisory functions in the financial sector and in this context she is a supervisory board member of Nordea and the Nederlandse Waterschapsbank.

Changes in committee chairmanships

Petra van Hoeken will be the Chair of the Risk & Compliance Committee (R&CC) and join the Audit Committee (AC) as a member. She takes over the chair from Jos van Lange who has been appointed Chairman of the AC with effect from 20 September 2021 and will remain on the R&CC as a member. Jeanine Helthuis will chair the People and Organisation Committee and join the R&CC as a member.

Gerard van Olphen, Chairman of the Supervisory Board of de Volksbank: “I am happy to welcome our new Supervisory Board members Jeanine Helthuis and Petra van Hoeken, and I am glad that Jos is taking the reins as Chairman of the Audit Committee. With the appointment of Jeanine and Petra, the Supervisory Board is strengthened with experienced supervisory board members, ensuring a balanced and complementary composition. As a complete team, we can now contribute to de Volksbank’s transition to realise the strategy ‘better for each other – from promise to impact."

The Supervisory Board is now at full strength, and presently consists of Gerard van Olphen (Chairman), Jeanine Helthuis, Petra van Hoeken, Aloys Kregting and Jos van Lange.

De Volksbank mortgage advisers indicate that customers have a strong preference for being able to complete the entire mortgage application process with the same adviser as much as possible (one-stop shopping). The acquisition makes it possible for, inter alia, SNS to expand its leading role in the loan application process. To ensure independence, a clear distinction is maintained between the role of mortgage provider and the role of customer service manager. At present, customers often have to arrange the property valuation as part of the mortgage application themselves. Fitrex takes care of this process: from valuation request to submission of the valuation report to the adviser. This makes the mortgage process easier and faster for customers, and allows for a fixed and competitive valuation rate.

By making Fitrex’s services an integral part of the mortgage advice process, the acquisition offers benefits to customers and advisers alike. It also provides opportunities for new additional services, such as 'desktop valuations' (an online estimate of a home’s value), which meet the conditions of the applicable regulations (EBA guidelines). Expansion to include valuations for commercial mortgages is another possibility.

The acquisition of Fitrex does not require approval by the supervisory authorities and has no material impact on de Volksbank’s financial position and earnings. The acquisition price will not be disclosed.

• Customers: customer-weighted Net Promoter Score higher at +6 (year-end 2020: +2); increase in the number of active multi-customers to 978,000 (year-end 2020: 949,000)
   
• Society: climate-neutral balance sheet lower at 57%, due to a decrease of 9 percentage points following the first-time implementation of the PCAF methodology; excluding this impact climate neutrality improved to 66%
   
• Employees: Genuine attention KPI score at 7.8 (year-end 2020: 7.9)
   
• Shareholder: Return on Equity of 5.5% (2020: 5.1%)

Growth in current account customers, mortgages, SME loans, retail savings and assets under management

• Net growth in the number of current account customers by 61,000 to 1.72 million
   
• Residential mortgage portfolio, excluding IFRS value adjustments, slightly up to € 46.3 billion (yearend 2020: € 46.2 billion). Increase in new mortgage production to € 3.3 billion (first half of 2020: € 3.0 billion); market share of new mortgage loans lower at 4.9% (2020: 5.0%)
   
• SME loans up by € 44 million to € 768 million
   
• Retail savings up by € 2.6 billion to € 44.7 billion; market share higher at 11.0% (2020: 10.8%)
   
• Assets under management € 0.3 billion higher at € 4.2 billion

Net profit drops to € 94 million, driven by continued pressure on net interest income and higher operating expenses, partly offset by a reversal of impairment charges

• Net profit of € 94 million, 11% lower compared with the first half of 2020 (€ 106 million)
   
• Total income lower at € 417 million (first half of 2020: € 480 million), mainly driven by pressure on the net interest income
   
• Increase in operating expenses to € 322 million (first half of 2020: € 292 million); approximately half of the increase was due to higher staff costs related to the implementation of the new strategy and the other half to higher regulatory levies
   
• Reversal of impairment charges of financial assets of € 31 million (first half of 2020: a charge of € 45 million) as a result of a more positive macroeconomic outlook and higher house prices, despite a higher expert overlay

Strong capital position

• Common Equity Tier 1 capital ratio of 28.3% (year-end 2020: 31.2%); leverage ratio of 5.1% (year-end 2020: 5.2%)
   
• Intention to pay out remaining 2019 dividend and 2020 dividend for a total amount of € 249 million in October 2021; this will not impact our capital position

Read more at Results & presentations

Watch the Analyst presentation webcast

Gerard van Olphen succeeds Jan van Rutte who, on 11 March of this year, announced to step down early as Chairman of the Supervisory Board as soon as a successor had been appointed.

Jan van Rutte, outgoing Chairman of the Supervisory Board of de Volksbank: “I am pleased that Gerard van Olphen is succeeding me as Chairman of the Supervisory Board. He brings with him extensive executive experience and in-depth knowledge of the financial sector. I can now confidently pass the baton to him. On behalf of the Supervisory Board, I wish Gerard every success”.

Martijn Gribnau, Chairman of the Board of Directors of de Volksbank: “I am happy Gerard van Olphen is joining us and am looking forward to working together. Through his role of Chairman of the Supervisory Board he will, in a unifying way, contribute to the successful realisation of our strategy and to the impact de Volksbank can make. I would also like to thank Jan van Rutte. His longstanding commitment and role in the implementation of the new strategy have been of great value to our bank. I wish him the best of luck in the future.”

Gerard van Olphen, Chairman of the Supervisory Board: “I am proud to have the opportunity to fulfil the role of Chairman of the Supervisory Board of de Volksbank. The ambitions of de Volksbank are in line with my personal vision on making a positive impact on customers, society, employees and the shareholder. From a Supervisory Board perspective, I look forward in this new phase to giving concrete shape to the inspiring growth strategy in cooperation with the Board of Directors, thus contributing to de Volksbank’s future.”

The Supervisory Board presently consists of Gerard van Olphen (Chairman), Aloys Kregting and Jos van Lange. There are currently two more vacancies on the Supervisory Board for which the processes are ongoing.

Applying the assumptions and methodological restrictions of the stress test’s adverse scenario, de Volksbank’s Common Equity Tier 1 (CET1) capital ratio at year-end 2023 would end up in the highest range of ≥ 14%, as used by the ECB, and would remain amply above our SREP CET1 capital ratio requirement of 9.41%. At 31 December 2020, our CET1 capital ratio stood at 31.2%.

More information on the outcome of the 2021 SSM stress test is provided by the ECB at bankingsupervision.europa.eu.

The second issuance of € 500 million of SNP notes is in line with de Volksbank’s capital planning, which starts from the assumption that the minimum non risk-weighted MREL requirement of 8% must be fully composed of CET1 capital and subordinated liabilities (Tier 1 capital, Tier 2 capital and SNP notes) as from 1 January 2024. Based on its capital position as at year-end 2020, de Volksbank indicated to expect to issue SNP notes totalling € 2.0 to € 2.5 billion up to 2024.

The green SNP notes will be listed on the Luxembourg Stock Exchange.

NLFI also agreed to a payment on 22 April 2021 of a partial amount of € 20 million of the € 165 million dividend distribution for the 2019 financial year as declared at the GMS in 2020. The balance of € 145 million will not be paid out before 1 October 2021.

Furthermore, the terms of office of Monika Milz and Sonja Barendregt-Roojers as members of the Supervisory Board expired today in conformity with the rotation schedule. Both supervisory board members have indicated not to be available for reappointment.

Monika Milz joined the Supervisory Board of SNS REAAL N.V. on 1 November 2013, was then appointed supervisory board member of de Volksbank on 30 September 2015, and reappointed on 20 April 2017. Monika thus served two terms in office as supervisory board member of de Volksbank. The Corporate Governance Code used by de Volksbank starts from two terms of appointment. Sonja Barendregt-Roojers was a supervisory board member of de Volksbank since 20 April 2017, thus serving one term in office.

The procedure for filling the vacant positions on the Supervisory Board, including the position of Chairman, is ongoing. De Volksbank will make more announcements on this subject at a later date.

As from today, the Supervisory Board of de Volksbank is composed of Jan van Rutte (Chairman), Aloys Kregting and Jos van Lange.

Despite a historically low interest rate, customers continue to save. We see an increase in savings during the COVID-19 pandemic. De Volksbank and its bank brands SNS, ASN Bank and RegioBank value the fact that customers can continue to save to maintain buffers for unforeseen expenses.

Up to a balance of € 25,000 retail customers will receive a variable interest rate of 0.01%. More information on interest rates and interest rate changes can be found on the websites of our brands.

John Reichardt has extensive experience in the banking industry. John recently stepped down as a member of the Executive Board of BNG Bank, a role he held for twelve years, most recently as Chief Risk Officer.

With effect from 15 April 2021, the Board of Directors of de Volksbank consists of: Martijn Gribnau (CEO), Jeroen Dijst (CRO), Marinka van der Meer (CCO) and John Reichardt (interim CFO).

You will find all 2020 core & more reports on this page.

Taking everything into consideration, NLFI subsequently decided to dismiss the CFO.

• Customers: customer-weighted Net Promoter Score to record high at +5 (year-end 2019: 0)
• Society: 48% climate-neutral balance sheet (year-end 2019: 44%); Financial Confidence Barometer slightly higher at 51% (year-end 2019: 48%)
• Employees: ‘Genuine attention’ KPI of 7.9 (year-end 2019: 7.7)
• Shareholder: return on equity of 6.2% (2019: 7.7%), on the basis of a strong capital position

Growth in current account customers, mortgage portfolio and savings deposits

• Net growth in the number of current account customers by 38,000 to 1.6 million; market share of new current accounts of approximately 20%
• Increase in new mortgage production to € 3.0 billion (first half of 2019: € 2.8 billion); market share of new mortgage loans lower at 5.6% (2019: 6.1%)
• Increase in retail savings by € 2.1 billion to € 40.5 billion; market share retail savings stable at 10.4%

Drop in net profit to € 106 million, driven by higher impairment charges related to the Covid-19 crisis

• Net profit of € 106 million, 31% lower compared with the first half of 2019 (€ 154 million)
• Slight increase in total income to € 480 million (first half of 2019: € 471 million), due to higher commissions and treasury results; decline in interest margin to 1.35% (first half of 2019: 1.40%)
• Increase in operating expenses excluding regulatory levies to € 268 million (first half of 2019: € 255 million), attributable to higher consultancy costs and a € 7 million positive revaluation in the first half of 2019
• Impairment charges of financial assets of € 45 million (first half of 2019: a reversal of € 13 million), as a result of more pessimistic economic scenarios for the future due to the Covid-19 crisis

Capital position as strong as ever

• Common Equity Tier 1 capital ratio up to 33.8% (year-end 2019: 32.6%; leverage ratio of 5.0% (year-end 2019: 5.1%)
• Successful issuance of € 500 million in green Tier 2 bonds on 15 July 2020

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De Volksbank believes there is no room for racism and discrimination in our society. Signing the Standards of Conduct fits in well with this. The initiator of signing the standards was ASN Bank, which together with bank brands SNS, BLG Wonen and RegioBank, is part of de Volksbank. In this way, de Volksbank brands are working together on their joint promise ‘better for each other’.

Irina van der Sluijs, Senior Human Rights Adviser at ASN Bank: "According to the UNHRC, the Dutch seem to accept LHBTI people provided they do not deviate too much from the ‘normal’ male and female. Being visibly yourself, therefore, has its risks. By signing the Standards of Conduct, we want to send out a clear signal that everyone who works]at de Volksbank can feel at home there."

De Volksbank wants to make a relevant and positive contribution to society, with a focus on sustainability and financial resilience. By issuing subordinated Tier 2 green bonds, de Volksbank is adding a new element to its value chain. An amount equal to the net proceeds of the green bonds will be allocated to an Eligible Green Loan Portfolio of new and existing loans that contribute to our climate neutral balance sheet through reduced or avoided emissions. This is consistent with our aim for a 45% climate-neutral balance sheet by 2020, rising to 100% by 2030.

Green Bond Framework

The subordinated Tier 2 green bonds were issued under de Volksbank's Green Bond Framework. This framework has been drawn up in accordance with the ICMA Green Bond Principles and has been assessed on quality, sustainability and transparency by ISS-oekom, one of the world’s leading rating firms in the area of sustainable investment.

The subordinated Tier 2 green bonds will be listed on the Luxembourg Stock Exchange.

Facts of the issue

The Supervisory Board is very grateful to Maurice for his contribution to the practical implementation of de Volksbank’s social role. “Since his appointment as Chairman of the Board in 2015, Maurice has steered the bank into calmer waters and has led de Volksbank with great commitment and enthusiasm. Maurice has also made a great contribution to de Volksbank’s distinctive position in the Dutch banking landscape. These achievements and his constructive guidance in this respect have been highly appreciated both inside and outside the company”, says Jan van Rutte.

The Works Council of de Volksbank has given a positive advice. The appointment of Martijn Gribnau has been approved by the supervisory authorities. Martijn’s term of appointment will expire at the time of the closure of the General Meeting of Shareholders in 2024.

After the departure of Maurice Oostendorp, the Board of Directors of de Volksbank will be composed of: Martijn Gribnau (CEO), Jeroen Dijst (CRO), Marinka van der Meer (CCO), Mirjam Verhoeven (COO) and Pieter Veuger (CFO).