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Accounting policies
General
Van Lanschot Kempen NV (\"Van\u00a0Lanschot Kempen\") is an
independent specialist wealth manager. Our purpose is to
preserve and create wealth for our clients and for society in
a sustainable way. Van Lanschot Kempen has its registered
office at Hooge Steenweg 29, 5211 JN \u00b4s\u00a0Hertogenbosch,
the Netherlands. Van Lanschot Kempen is a public limited
company incorporated under Dutch law and registered
under number 16038212 at the Chamber of Commerce.
Depositary receipts for Class A ordinary shares are publicly
traded on the Euronext markets.
The consolidated financial statements of Van Lanschot
Kempen at 31 December 2024 were prepared by the
Management Board and approved by the Supervisory Board
on 26\u00a0February 2025, and will be submitted to the annual
general meeting of shareholders (AGM) for adoption on
22\u00a0May\u00a02025.
Basis of preparation
The consolidated financial statements of Van Lanschot
Kempen and its subsidiaries have been prepared in
accordance with IFRS Accounting Standards as adopted by
the EU, and with Part 9, Book 2 of the Dutch Civil Code.
Unless stated otherwise, assets and liabilities are measured
at historical cost.
Continuity
The Management Board has assessed the ability of
Van\u00a0Lanschot Kempen to continue its operations and
concluded that Van Lanschot Kempen is able to do so for the
foreseeable future. Moreover, the Management Board is not
aware of any material uncertainties that cast significant
doubt on our \u2013 i.e. Van\u00a0Lanschot Kempen's \u2013 ability to
continue as a going concern. The consolidated financial
statements have been prepared on this basis.
Economic context
After a slight decline in 2023, the Dutch economy saw
growth resume in the second and third quarters of 2024.
Inflation, while down from its peak in 2022, remained more
persistent in 2024 than anticipated, with the Dutch
consumer price index (CPI) nearing 4%. This trend contrasts
with the broader European trend of consistently falling
inflation, allowing the European Central Bank (ECB) to cut
interest rates.
In the Netherlands, relatively high inflation was offset for
many citizens by substantial pay rises in collective labour
agreements (CLAs) in 2024. Current economic
circumstances have had a limited impact on Van Lanschot
Kempen. The growing economy has generated stable profits
across most businesses, and most of our clients have either
been compensated for the higher cost of living or have
adequate buffers to absorb these costs. Consequently, our
loan portfolio saw a minor fall in the loss allowance for
expected credit losses (ECL) in 2024 compared with 2023.
Additionally, economic conditions have enabled us to release
our management overlay, which was no longer deemed
necessary. For more information, see \"Risk management\",
under 3.8, Loss allowance for expected credit losses.
Finally, strong US economic growth and a stable European
economy, combined with somewhat lower interest rates, led
to a surge in US stock markets and a moderate increase in
their European counterparts, which significantly boosted
our commission income.
Overall, Van Lanschot Kempen's capital and liquidity
positions remain robust, with a net result of \u20ac141.9 million in
2024 (2023: \u20ac125.2 million).
Functional and reporting currency
The consolidated financial statements are denominated in
euros, Van Lanschot Kempen's functional and reporting
currency. Unless stated otherwise, all amounts are
presented in thousands of euros. The totals may not always
match the sum of the individual values due to rounding.
Presentation of off-balance commitments
To improve transparency, reduce duplication and present
related information in one place, all off-balance sheet items
are included in the \"Commitments and contingent liabilities\"
section of the Notes to the consolidated financial statements
and the \"Commitments not recognised in the statement of
financial position\" section of the Notes to the company
financial statements. As a result, the contingent liabilities
and irrevocable commitments are no longer presented on
the face of the statement of financial position.
Changes in accounting policies
The accounting policies adopted in the preparation of our
consolidated financial statements for the year ended
31\u00a0December 2024 remain unchanged from the prior year,
except for the adoption of new standards and
interpretations effective from 1 January 2024 and the early
adoption of the Annual Improvements to IFRS Accounting
Standards \u2013 Volume 11.
Changes in published IFRS Accounting Standards and
interpretations
The IFRS Accounting Standards listed below became
effective from 1\u00a0January 2024 and have been applied to our
financial statements for 2024. The application of these
standards had no material impact on Van Lanschot Kempen\u2019s
equity or result. Application of the amended standards
generally entails amendment or expansion of notes.
Lease Liability in a Sale and Leaseback \u2013 Amendments to
IFRS 16
The amendments specify the requirements that a seller-
lessee uses in measuring the lease liability arising in a sale-
and-leaseback transaction, to ensure the seller-lessee does
not recognise any amount of the gain or loss that relates to
the right of use it retains.
Classification of Liabilities as Current or Non-current and
Non-current Liabilities with Covenants \u2013 Amendments to
IAS 1
The amendments clarify the requirements for classifying
liabilities as current or non-current. Entities need to
consider whether some of the amendments may impact their
current practice and covenant testing.
We currently apply the exception provided by IAS1.60 and
no distinction is made between current and non-current
liabilities in the financial statements.
Published IFRS Accounting Standards and interpretations
not yet effective
In addition to the IFRS Accounting Standards and
interpretations referred to above, a number of IFRS
Accounting Standards and interpretations are new or have
been amended, and apply to financial statements for periods
beginning on or after 1\u00a0January 2025 . We have not applied
the standards outlined below in the 2024 financial
statements. Unless stated otherwise, standards will be
applied as soon as they become effective and have been
endorsed by the EU.
Lack of exchangeability \u2013 Amendments to IAS 21
The amendments specify how an entity should assess
whether a currency is exchangeable and how it should
determine a spot exchange rate when exchangeability is
lacking. Based on our analysis, the amendment is not
expected to have a material impact on the results or equity
of the company.
Classification and Measurement of Financial Instruments \u2013
Amendments to IFRS 9 and IFRS 7
The amendments clarify the requirements for derecognition
of a financial liability on the settlement date using an
electronic payment system. They clarify how to assess
contractual cash flow characteristics of financial assets,
including those with ESG-linked features and other similar
contingent features. Additional disclosures are required for
financial assets and liabilities with contractual terms that
reference a contingent event (including those that are ESG-
linked), and equity instruments designated at fair value
through other comprehensive income. Finally, the
amendments clarify the treatment of non-recourse assets
and contractually linked instruments. The amendments are
effective for annual periods beginning on or after
1\u00a0January\u00a02026. Entities can early adopt the amendments
that relate to the classification of financial assets plus the
related disclosures and apply the other amendments later.
The amendments are not expected to have a material impact
on the results or equity of the company.
Presentation and Disclosure in Financial Statements \u2013
IFRS\u00a018
IFRS 18 replaces IAS 1 and responds to investor demand for
better information about an entity\u2019s financial performance.
The standard sets out the general and specific requirements
for the presentation of financial statements and for
disclosures in the notes. This includes the requirement to
classify all income and expenses in the statement of profit or
loss into one of five categories (three being new) and to
present three mandatory subtotals (two being new). The
standard requires disclosure on management-defined
performance measures in one single note to the primary
financial statements. Enhanced guidance is provided on the
aggregation and disaggregation of information across the
financial statements. IFRS 18 results in amendments to
other standards, among others IAS 7, Statement of Cash
Flows. The amendments are effective for annual periods
beginning on or after 1 January 2027. Earlier application is
permitted. The amendments are expected to impact
presentation and disclosure requirements for the financial
statements, including the statement of income, but will not
materially impact our results.
Annual improvements to IFRS Accounting Standards \u2013
Volume 11
The amendments described below are part of the Annual
improvements to IFRS Accounting Standards \u2013 Volume 11
and are effective for annual periods beginning on or after
1\u00a0January 2026. We decided to early adopt these
amendments. Based on our analysis, the application of these
standards had no material impact on Van Lanschot Kempen\u2019s
equity or result.
Gain or Loss on Derecognition \u2013 Amendments to IFRS 7
The amendments update the language on unobservable
inputs in paragraph B38 of IFRS 7 and include a cross
reference to paragraphs 72 and 73 of IFRS 13 Fair Value
Measurement.
Introduction \u2013 Amendments to Guidance on implementing
IFRS 7
The amendments to paragraph IG1 clarify that the guidance
does not necessarily illustrate all the requirements in the
referenced paragraphs of IFRS 7, nor does it create
additional requirements.
Disclosure of Deferred Difference between Fair Value and
Transaction Price \u2013 Amendments to Guidance on
implementing IFRS 7
Paragraph IG14 has been amended mainly to make the
wording consistent with the requirements in paragraph 28
of IFRS 7 and with the concepts and terminology used in
IFRS 9 and IFRS 13.
Credit Risk Disclosures \u2013 Amendments to Guidance on
implementing IFRS 7
Paragraph IG20B has been amended to simplify the
explanation of which aspects of the IFRS requirements are
not illustrated in the example.
Lessee Derecognition of Lease Liabilities \u2013 Amendments to
IFRS 9
Paragraph 2.1 has been amended to clarify that, when a
lessee has determined that a lease liability has been
terminated in accordance with IFRS 9, the lessee is required
to apply paragraph 3.3.3 and recognise any resulting gain or
loss in profit or loss.
Transaction Price \u2013 Amendments to IFRS 9
Paragraph 5.1.3 has been amended to replace the reference
to \"transaction price as defined by IFRS 15 Revenue from
Contracts with Customers\" with \"the amount determined by
applying IFRS 15\". The term has also been deleted from
Appendix A of IFRS 9 to address potential confusion.
Determination of a \"De Facto Agent\" \u2013 Amendments to
IFRS 10 Consolidated Financial Statements
Paragraph B74 has been amended to clarify that the
relationship described in paragraph B74 is just one example
of various relationships that might exist between the
investor and other parties acting as de facto agents for the
investor.
Cost method \u2013 Amendments to IAS 7 Statement of Cash
Flows
Paragraph 37 has been amended to replace the term \"cost
method\" with \"at cost\", following the prior deletion of the
definition of \"cost method\".
Significant accounting judgements and
estimates
We have identified those accounting policies which involve
the most complex or subjective decisions or assessments. In
the process of applying these accounting policies, we use
estimates, assumptions and judgements which can have a
significant impact on the amounts recognised in the financial
statements. These estimates and assumptions are based on
the most recent information available and include the impact
of the uncertain economic circumstances caused by global
unrest among other factors. Actual amounts may differ in
the future. Where applicable, the impact of the uncertain
economic circumstances on our assumptions are explained
further in the consolidated financial statements. The most
significant estimates and assumptions relate to the
determination of significant influence, fair value of financial
instruments, acquisitions, impairments of financial assets,
and impairments of goodwill and other intangible assets.
Determination of significant influence
We have applied critical judgement to determine significant
influence in companies in which we hold minority interests
smaller than 20%. Our influence on the financial and
operating policy decisions at some minority interests is more
in line with that in an associate, e.g. veto rights in decisions
on the issuance of new shares and decisions on amendments
to the Articles of Association. For that reason, we classify
these as associates and apply equity accounting instead of
IFRS 9 fair value accounting. For further information, see the
disclosure on Investments in associates using the equity
method.
Determination of fair value
The fair value of financial instruments not traded in an active
market is determined on the basis of cash flow, option and
other valuation models. These models are based on the
market circumstances prevailing at the reporting date.
Estimates mainly relate to future cash flows and discount
rates. For the fair value level classification and more details,
see \u201cRisk management\u201d, under 15. Fair value.
Acquisitions
In the case of acquisitions, it is necessary to determine the
fair value of the acquired assets (including any intangible
assets and goodwill acquired), as well as of liabilities and
obligations not recognised in the statement of financial
position. Estimates are used for this, particularly for those
items not traded on an active market. Management
consideration is also needed to determine the moment
control changes and thus the moment of consolidation of an
acquired entity.
Impairments of financial assets
We recognise a loss allowance for ECL on financial assets
measured at amortised cost or fair value through other
comprehensive income (OCI), as well as for financial
guarantees and loan commitments. When there has been no
significant deterioration in credit risk since initial
recognition, ECL is recognised based on a 12-month
expected credit loss (Stage 1). When a significant increase in
credit risk has occurred, ECL is recognised based on a
lifetime expected credit loss (Stage 2). For impaired loans
(Stage 3), a lifetime ECL is recognised. The impairments of
financial assets are determined as a critical estimate. For
more information on deterioration in credit risk, see \u201cRisk
management\u201d, under 3.8, Loss allowance for expected credit
losses.
Impairments of goodwill and other intangible assets
We calculate the recoverable amount for each cash-
generating unit (CGU) or group of CGUs as the higher of the
fair value of the asset less costs of disposal and its value in
use. If either of these amounts exceeds the carrying amount,
an impairment is not necessary and the other value does not
have to be calculated. The value-in-use calculation reflects
an estimate of future cash flows, baseline scenario analysis
and discount rates. The fair value less costs of disposal
calculation uses price-earnings multiples of our peer group
and future cash flows. Future cash flow estimates are based
on our strategic plans and different types of investigation
into possible trends. Events and factors that could have a
significant impact on these estimates include market
expectations, effects of mergers and acquisitions,
competitive conditions, client behaviour and changes in
client relationships, cost structure, trends in interest rates
and risks, and other circumstances specific to the industry
and sector. We carried out an annual impairment test on
goodwill arising from acquisitions in prior years. For more
information on the assumptions used, see Note\u00a010, Goodwill
and other intangible assets. In addition, an annual test is
carried out for indications of impairment of other intangible
assets with a finite useful life.
Other accounting estimates
Impairments of non-financial assets
The recoverable amount of a non-financial asset is the higher
of the fair value of the asset less costs of disposal and its
value in use. This fair value less costs to sell is the price that
would be received on the sale of an asset or paid on the
transfer of a liability in an orderly transaction between
market participants at the valuation date. To determine
whether assets are impaired, the individual assets are
allocated to the lowest level at which cash flows can be
identified (CGUs). Non-financial assets that have been
subject to impairment, other than goodwill paid, are
reviewed annually to determine whether the impairment can
be reversed. Non-financial assets, other than goodwill paid,
are tested for impairment annually by assessing whether
there are any indications that these assets are impaired.
Deferred tax assets
Deferred tax assets are recognised only if it is probable that
taxable profits will be realised in the near future against
which these temporary differences can be offset. Estimates
are used when determining future taxable profits, since
these are inherently subject to uncertainty.
Actuarial assumptions for provisions
Pension liabilities are determined using actuarial
calculations. These calculations use assumptions regarding
elements such as the discount rate, future trends in salaries
and returns on investments. These assumptions are subject
to estimation uncertainty. See Note 17, Provisions.
Other provisions
Other provisions are determined on the basis of the most
recent estimates of the expected costs. The timing of the
cash outflow related to these provisions is by nature
uncertain, given the unpredictability of the outcome and
time required to conclude these claims and obligations. In
determining these provisions, where applicable, we take into
consideration the opinion of legal experts.
Summary of material accounting policies
Basis of consolidation
Subsidiaries
Our consolidated financial statements comprise the financial
statements of Van Lanschot Kempen and its subsidiaries.
These have been prepared at 31 December 2024 using
accounting policies consistent with those used in the
previous year, and their financial year is concurrent with the
calendar year.
Subsidiaries (including the consolidated structured entities)
are associates in which we exercise decisive control.
Van\u00a0Lanschot Kempen has decisive control over an entity
when it has power over that entity and is exposed to or has
rights to variable income from its involvement in the entity,
and is able to use its power over the entity to influence the
entity\u2019s income. The assessment of control is based on the
actual relationship between Van\u00a0Lanschot Kempen and the
entity. Factors taken into account include existing and
potential voting rights. A right is a material right if its holder
is able to exercise that right in practice.
We have power over an entity if its existing and potential
voting rights amount to more than 50%. If these rights
amount to less than 50%, we determine whether we have
power over the entity pursuant to contractual agreements.
In making this assessment, a distinction is drawn between
substantive and protective rights. Substantive rights are
rights which enable the decision-making power of an
enterprise to be influenced directly and which give us
decisive control over an entity. Examples include the right to
appoint and dismiss members of the Management Board,
and to set the level of their remuneration. Protective rights
are rights which protect the interests of an entity in another
entity, but which do not directly confer decision-making
powers. Protective rights do not give us decisive control
over an entity. When acquiring non-controlling interests, we
in principle include only protective rights in the contractual
agreement. These are rights of approval which enable us to
protect our minority position without acquiring decision-
making power. Examples of protective rights are rights of
approval in respect of the issue of shares and effecting
significant acquisitions.
Intra-group transactions are eliminated in the consolidation
process. Subsidiaries are consolidated from the date of
incorporation or acquisition, being the date on which
Van\u00a0Lanschot Kempen acquires control, and are
consolidated until the date that such control ceases.
We consolidate interests in investment funds if we have
power over the investment fund and are exposed to or have
rights to variable income stemming from our involvement
and are able to use our power over the investment fund to
influence the variable income. The assessment of control is
based on the actual relationship between Van Lanschot
Kempen and the investment fund. We take into account our
interest for our own account and our own role, or that of one
of our group companies, as fund manager.
In the case of subsidiaries not fully controlled by
Van\u00a0Lanschot Kempen, the non-controlling interest in equity
is presented separately in the consolidated statement of
financial position as a component of total equity. The profit
or loss for the reporting period that can be attributed to the
non-controlling interest is disclosed separately.
Acquisitions
Acquisitions are recognised using the acquisition method.
Accordingly, the cost of an acquisition is allocated to the fair
value of the acquired assets (inclusive of any intangible
assets not previously recognised in the statement of
financial position), liabilities and obligations not recognised
in the statement of financial position.
Goodwill, being the difference between the cost of the
acquisition (including assumed debts) and our interest in the
fair value of acquired assets, liabilities and obligations not
recognised in the statement of financial position at the
acquisition date, is capitalised as an intangible asset. If this
difference is negative (negative goodwill), it is taken directly
to the statement of income. Goodwill is not amortised. For
more information on its valuation, see Note 10, Goodwill and
other intangible assets.
A non-controlling interest in the company acquired is
recognised at the fair value prevailing on the acquisition date
or at the proportionate share in the identifiable assets and
liabilities of the company acquired. Results of companies
acquired are disclosed in the statement of income from the
date at which control is obtained.
Adjustments to the fair value of acquired assets and
liabilities at the acquisition date which are identified within
12 months of the acquisition may lead to adjustment of
goodwill. Adjustments identified after expiry of one year are
disclosed in the statement of income.
On disposal of group companies, the difference between the
sale proceeds and the acquisition cost (including goodwill) is
included in the statement of income together with any
unrealised gain or loss.
Foreign currencies
Functional currency
Items in the statement of financial position pertaining to
each group company are stated in the currency of the
economic environment in which the entity operates (i.e. the
functional currency).
Group companies
The assets, liabilities, income and expenses of group
companies that use a functional currency other than the
reporting currency are translated as follows:
\u2013 Assets and liabilities are translated using the closing
exchange rate at the reporting date;
\u2013 Income and expenses are translated using the rate
prevailing on the transaction date;
\u2013 Remaining exchange-related gains or losses are
recognised as a separate component of equity.
Upon consolidation, exchange-related gains or losses arising
from monetary items forming part of a net investment in
foreign subsidiaries are recognised in equity. Exchange-
related gains or losses on borrowings and other items
designated as hedging instruments for such investments are
also recognised in equity.
Transactions and line items
On initial recognition, transactions in foreign currencies are
translated into the functional currency at the exchange rates
prevailing on the transaction date. Translation differences
arising on the settlement of such transactions or on the
translation of monetary assets and liabilities denominated in
foreign currencies are recognised in the statement of
income, except where they are recognised in equity as
qualifying cash flow hedges or qualifying net investment
hedges in foreign subsidiaries.
In general, translation differences in the statement of
income are included in the result on financial transactions.
Translation differences on non-monetary items measured at
fair value through profit or loss are reported as part of the
fair value gain or loss. Non-monetary items are translated
into the reporting currency at the same time as the
determination of their fair value. By translation on the
reporting date, currency translation differences on non-
monetary items measured at fair value through other
comprehensive income are included in the revaluation
reserve in equity.
Non-monetary items not measured at fair value are
translated at the exchange rate prevailing on the original
transaction date.
Recognition of financial assets in the statement of financial
position
The following financial assets are recognised on the
transaction date, i.e the date on which we undertake to
purchase or sell the asset concerned, and are settled
according to standard market conventions:
\u2013 Purchases of financial assets designated at fair value
through profit or loss whose value is subject to change;
\u2013 Financial assets at fair value through other
comprehensive income;
\u2013 Other financial assets at amortised cost.
Loans and advances are recognised on the settlement date,
i.e. the date on which we receive the asset.
Derecognition of financial assets and liabilities in the
statement of financial position
Financial assets are derecognised when:
\u2013 Our rights to the cash flows from the asset expire;
\u2013 We have retained the right to receive the cash flows
from an asset, but have an obligation to pay these in full
to a third party under a special agreement;
\u2013 We have transferred our rights to the cash flows from
the asset and have transferred substantially all the risks
and rewards;
\u2013 We have not transferred substantially all the risks and
rewards but have transferred control over the asset.
If we have transferred our rights to the cash flows from an
asset, but have not transferred substantially all the risks and
rewards of the asset and have not transferred control, the
asset is recognised as long as we have continued
involvement in the asset.
A financial liability is derecognised as soon as the obligation
under the liability is discharged, cancelled or expired.
Special purpose entities
We have placed parts of our loan portfolio in special purpose
entities (SPEs), which comprise only covered bond
companies. If we have effective control over an SPE, it is
consolidated. We have control over an entity when we have
power over that entity and are exposed to or have rights to
variable income from our involvement in the entity and are
able to use our power over the entity to influence the
entity\u2019s income.
The accounting principles followed by Van Lanschot Kempen
are applied when consolidating SPEs.
Transfers of financial assets
All or a part of a financial asset is transferred if:
\u2013 The contractual rights to receive the cash flows from
that financial asset are transferred; or
\u2013 The contractual rights to receive the cash flows from
that financial asset are retained, but a contractual
obligation is assumed to pay the cash flows to one or
more recipients under an arrangement.
Derivatives
A derivative is initially recognised at fair value on the
effective date of the contract. After initial recognition, the
derivative is subsequently remeasured at fair value and
changes in value are taken to the statement of income under
Result on financial transactions. Fair values are based on
stock exchange prices, cash flow models, or option and other
valuation models.
Hedge accounting
We use derivatives, such as interest rate swaps, to hedge our
exposure to interest rate risks. The carrying amount of
assets and liabilities which are hedged through fair value
hedging and which would otherwise be recognised at cost is
adjusted for changes in the fair value that can be attributed
to the hedged risks. Any gains or losses arising from changes
in the fair value of derivatives not relating to the hedged
risks are taken directly to the statement of income.
At the inception of a hedge transaction, we formally
designate and document the hedge relationship and the
financial risk management objective when entering into the
hedge transaction.
The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the
risk being hedged and how we will assess the hedging
instrument\u2019s effectiveness in offsetting the exposure to
risks.
Hedges that qualify for hedge accounting are recognised as
follows:
Fair value hedges
Fair value hedges are hedges of the exposure to changes in
the fair value of an asset or liability arising as a result of
interest rate changes. Changes in the value of the hedging
instrument are taken to the statement of income.
Any change in the fair value of the hedged item is also
recognised in the statement of income, in so far as the
hedging instrument has been effective in the preceding
period.
A hedge relationship ends if the hedging instrument is sold,
expires or is exercised, or if the hedging transaction no
longer meets the criteria for hedge accounting, with the
remaining value adjustment of the hedged item amortised
through profit or loss until the end of its term.
We apply micro fair value hedge accounting and macro fair
value hedge accounting.
Micro fair value hedges
We apply hedge accounting for micro fair value hedges
based on IFRS 9. A fair value hedge is classified as a micro
fair value hedge when the hedged item (or group of items) is
a distinctively identifiable asset or liability hedged by one or
a few hedging instruments. Debt securities at fair value
through other comprehensive income and issued debt
securities are hedged for interest rate risk in a micro fair
value hedge. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. If necessary, adjustments are made to
the hedge relationship.
Macro fair value hedges
We apply macro fair value hedges for fixed rate mortgages.
A portfolio of mortgages is identified, comprising
homogeneous loans based on their contractual interest
rates, maturity and other risk characteristics. Mortgages
within the identified portfolio are allocated into repricing
term buckets based on expected repricing dates rather than
contractual repricing dates. The hedging instruments are
designated appropriately to those repricing term buckets.
Such hedges are considered to be effective if we may expect,
both upon inception and during the term of the hedge, that
changes in the fair value or cash flows of the hedged item will
be almost fully offset by changes in the fair value or cash
flows of the hedging instrument, in so far as they relate to
the hedged risk, and the actual outcome is within a range of
80-125%. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. We apply the EU carve-out on
portfolio fair value hedges.
Cash flow hedges
Cash flow hedges are hedges of the exposure to fluctuations
in the cash flow of an asset, liability or future transaction
arising as a result of interest rate changes and/or inflation.
The portion of the gain or loss on the hedging instrument
that has been determined to be an effective hedge is
recognised directly in equity until the hedged item affects
the statement of income, while the ineffective portion is
recognised in the statement of income.
If the hedging instrument expires or is sold, or if it can no
longer be designated as a hedge, accumulated gains and
losses remain in equity until the expected future transaction
is taken to the statement of income. If the expected future
transaction is no longer likely to take place, the accumulated
result is transferred directly from equity to the statement of
income.
Embedded derivatives
Financial assets with embedded derivatives are considered
in their entirety when determining whether their cash flows
are solely payment of principal and interest.
If the hybrid contract contains a host that is not an asset, the
embedded derivatives are separated from the host contract
and treated as separate derivatives when:
\u2013 The economic characteristics are not closely related to
those of the host contract;
\u2013 A separate instrument with the same terms would meet
the definition of a derivative;
\u2013 The hybrid contract is not measured at fair value through
profit or loss.
Day 1 profit
Discrepancies between the transaction price and the fair
value may arise if valuation techniques are applied at the
time of the transaction. Such a discrepancy is referred to as a
Day 1 profit. Any resulting profit or loss is recognised
directly in the statement of income if the valuation method is
based on observable inputs in an active market. In the event
of unobservable inputs, the gain or loss is amortised over the
term of the transaction.
Netting of financial assets and liabilities
Financial assets and liabilities are netted and presented in
the consolidated financial statements at the net amount
when we have a legally enforceable right to offset the
recognised amounts and there is an intention to settle on a
net basis, or to realise the asset and settle the liability
simultaneously. See 3.7, Risk management.
Statement of financial position
Cash and cash equivalents and balances at central banks
Cash and cash equivalents and balances at central banks
comprise, at nominal value, cash in hand and deposits with a
term of less than three months, investments readily
convertible into a known amount of cash with an
insignificant risk of value changes, balances at central banks
and balances withdrawable on demand at other banks in
respect of which the risk of value changes is insignificant.
The minimum reserve requirement amount is included in this
item, along with the cash collateral for irrevocable payment
commitments to the SRF.
Due from banks
Amounts due from banks are initially recognised at fair value
and subsequently at amortised cost using the effective
interest method.
Derivatives
Derivatives are carried at fair value. The positive and
negative values of derivatives are shown separately on the
face of the statement of financial position on the assets side
and the liabilities side, respectively. The values of derivatives
with a positive and negative value, concluded with the same
counterparty, are only netted if the cash flows are settled on
a net basis and this is permitted under law. Changes in the
value of derivatives are taken directly to the line item Result
on financial transactions. If the hedge is completely effective,
the net impact on the statement of income is nil. The
difference, in so far as this remains within the ranges set,
reflects ineffectiveness and is taken to the statement of
income.
Derivatives include:
\u2013 The fair value of derivatives held for trading
Derivatives held for trading include transactions for own
account whereby the aim is to actively sell them in the
short term. Client option positions whereby offsetting
market transactions are conducted for all option
positions held by our clients on a one-on-one basis are
also included in this item;
\u2013 Economic hedges
Economic hedges are derivatives used to manage risks
without applying hedge accounting;
\u2013 Structured product derivatives
Structured product derivatives are instruments to hedge
structured products sold to clients, without application
of hedge accounting;
\u2013 Derivatives with application of hedge accounting
These are derivatives used as hedging instruments in the
application of hedge accounting.
Financial assets at fair value through profit or loss
Assets that do not meet the criteria for amortised cost or fair
value through other comprehensive income (FVOCI) are
measured at fair value through profit or loss (FVPL).
Additionally, any instrument for which the contractual cash
flow characteristics are not solely payments of principal and
interest (SPPI) are measured at FVPL. No restrictions are set
for sales within the fair value through profit or loss portfolio.
Interest earned on these assets is recognised as interest
income under Other interest income. All other realised and
unrealised gains and losses on remeasuring debt instruments
at fair value are recognised under Result on financial
transactions. All realised and unrealised gains and losses on
remeasuring equity instruments at fair value are recognised
under Income from securities and associates.
Financial assets at fair value through profit or loss include
financial assets from trading activities. These are
transactions for our own account whereby the aim is to
actively sell these instruments in the short term. Financial
assets from trading activities consist of the trading portfolio
of both equity instruments and debt instruments. The
financial assets from trading activities are recognised at fair
value with effect from the trade date and value adjustments
are taken to the statement of income under Result on
financial transactions.
Financial assets at fair value through other comprehensive
income
A debt instrument that is held within the hold to collect and
sell business model and meets the SPPI test is measured at
fair value, with fair value adjustments recognised in Other
comprehensive income unless the asset is designated at fair
value through profit or loss. Sales as a result of managing
everyday liquidity needs, maintaining a particular interest
yield profile on the secondary market, or to match the
duration and sales required by regulators, are consistent
with the objective of the hold to collect and sell portfolio.
Under FVOCI, a financial asset is measured at its fair value
and changes in the carrying amount are taken through OCI,
except for the recognition of impairment gains or losses,
interest revenue and currency gains and losses on the
instrument\u2019s amortised cost, which are recognised in the
statement of income. When the financial asset is
derecognised, the cumulative gain or loss previously
recognised in OCI is reclassified from equity to the
statement of income and recognised in Result on financial
transactions. Interest income from these financial assets is
included in Interest income using the effective interest
method.
Loans and advances to the public and private sectors
Loans and advances to the public and private sectors are
initially recognised at fair value plus transaction costs
directly attributable to the acquisition of the financial asset,
and are subsequently amortised using the effective interest
rate method less any allowance for impairment. The loss
allowance for expected credit losses is recognised in the
statement of income.
Other financial assets at amortised cost
A debt instrument that is held within the hold to collect
business model and meets the SPPI test is measured at
amortised cost unless the asset is designated at fair value
through profit or loss. Under this measurement category, the
financial asset is initially recognised at fair value plus
transaction costs that are directly attributable to the
acquisition of the financial asset, and subsequently at
amortised cost less the principal repayments, plus or minus
the cumulative amortisation using the effective interest
method of any difference between that initial amount and
the maturity amount and adjusted for any impairment
allowance. The impairment is recognised in the statement of
income. Interest income from these financial assets is
included in Interest income using the effective interest rate
method.
Investments in associates using the equity method
These investments have been designated by management as
transactions held indefinitely, and as a result of the acquired
control can be classified as investments in associates using
the equity method. These are investments in entities where
we have significant influence but not control. If there is a
change in the equity of the associate, we recognise our share
in this change and include it in Other comprehensive income.
This also applies to results of associates recognised in our
statement of income.
In the first year of investment, investments classified as
investments in associates using the equity method are
recognised at cost, and where applicable are adjusted for any
changes in the value of the associate\u2019s individual receivables
and payables occurring after the acquisition, measured using
the policies applied by Van Lanschot Kempen.
The recoverable amount of the investments in associates
using the equity method is determined each quarter. The
valuation methods applied to assess the carrying value are
the capitalisation method (peer group analysis), the
discounted cash flow method and the disclosed net asset
value method. An impairment is recognised if the
recoverable amount is lower than the carrying amount.
The capitalisation method determines the value of a
business by multiplying the operating profit (EBIT) and the
operating profit before depreciation and amortisation
(EBITDA) by a multiplier factor derived from similar listed
companies (the peer group), if applicable also taking account
of a discount for poor liquidity and minority shareholdings.
EBIT and EBITDA are adjusted for one-off items where
applicable.
The discounted cash flow method calculates the enterprise
value by discounting the forecast operational cash flows at a
discount rate for the planning period and a final value based
on the extrapolation of the operating profit.
The discount rate is determined on the basis of the discount
rate of listed companies with a high degree of similarity and
on the specific characteristics of the company. If applicable,
the discounted cash flow method takes account of a discount
for poor liquidity and minority shareholdings.
The company\u2019s net debt is then deducted from the value
resulting from the capitalisation method and/or discounted
cash flow method and multiplied by the share in the capital
structure to derive the shareholder value from the
enterprise value.
The disclosed net asset value method determines the value
of a company based on the statement of financial position.
If our share in the associate\u2019s losses is equal to or exceeds
our interest in the associate, no further losses are recognised
unless we have assumed obligations or made payments for
these associates.
Property and equipment
Property and equipment comprise buildings in own use,
right-of-use assets, operation system software and IT,
communication and safety equipment, renovation &
refurbishment, and furniture & fixtures. Property and
equipment are initially carried at cost and subsequently
measured at historical cost less accumulated depreciation
and accumulated impairments. The carrying value includes
the costs for replacement of part of the existing property as
soon as these costs are incurred, but excludes day-to-day
servicing costs. Depreciation is calculated on a straight-line
basis over the useful life of the asset.
Lease contracts which we entered into as a lessee are
classified as right-of-use assets. Right-of-use assets are
presented as part of Property and equipment in the
statement of financial position and are measured at cost,
comprising the following:
\u2013 The amount of the initial measurement of the lease
liability;
\u2013 Any lease payments made at or before the
commencement date less any lease incentives received;
\u2013 Any initial direct costs;
\u2013 Restoration costs.
Depreciation is applied using the same method as for wholly
owned tangible assets.
The recoverable amount of individual property items within
the different CGUs or group of CGUs is determined every
year, irrespective of whether there is any indication of
impairment, and more often if market conditions so dictate.
The recoverable amount is the higher of the fair value less
costs to sell or the value in use. The value-in-use method is
used to determine the recoverable amount of the CGU to
which the asset belongs, unless the asset no longer
generates any cash flows at all. In that case, the fair value
less costs to sell is determined by an independent surveyor.
If the recoverable amount is below the carrying amount, an
impairment is recognised for the difference between the
carrying amount and the higher of the fair value less costs to
sell and the value in use.
Estimated useful life of property and equipment (years)
Buildings
25-40
Right-of-use assets
1-10
Operating system software and IT
3-5
Communication equipment
5
Safety equipment
15
Renovation & refurbishment
10-15
Furniture & fixtures
5-10
Operating system software expenses are capitalised if they
are identifiable, if there is a likelihood that future economic
benefits will flow to Van Lanschot Kempen and if costs can
be measured reliably.
Goodwill and other intangible assets
Goodwill represents the difference between the fair value of
the acquired assets (including intangible assets) and
liabilities, and the purchase price paid (excluding acquisition
costs). Goodwill paid is included in the financial statements
at cost less any accumulated impairment losses. Goodwill
paid is tested for impairment annually or whenever events or
changes in circumstances indicate that the carrying value
may be impaired. An impairment is calculated based on the
difference between the carrying value and the recoverable
amount of the CGU to which the goodwill relates. A CGU\u2019s
recoverable amount is the higher of its fair value less costs of
disposal and its value in use. If either of these amounts
exceeds the carrying amount, an impairment is not
necessary.
The fair value less costs of disposal uses price-earnings
multiples for our peer group and estimated future cash
flows. The value in use is determined by discounting the
future equity cash flows generated by each CGU or group of
CGUs to their net present value using a cost of equity for
each CGU or group of CGUs. If the recoverable amount of a
CGU is lower than its carrying amount, goodwill is impaired.
The impairment is first applied in full to the goodwill and
then pro rata to the individual assets.
Other intangible assets with a finite useful life, such as client
relationships, brand names and application software, are
capitalised at cost and amortised on a straight-line basis over
their respective useful lives. For acquired intangible assets,
an annual useful life test is conducted to assess indications of
impairment. For client relationships, volume changes in
assets under management (AuM) are assessed.
For acquired brand names and application software, the
future continuation of these intangible assets is evaluated.
Estimated useful life of intangible assets (years)
Client relationships
5-20
Brand names
5-20
Application software
3-5
Tax assets and liabilities
Tax assets and liabilities are stated at face value. Current
and deferred tax assets and liabilities are offset if they relate
to the same tax authority, concern the same type of tax, if it
is permitted under law to offset these tax positions and if the
tax positions are expected to be settled simultaneously.
Deferred taxes are recognised on the face of the statement
of financial position if the valuation of an asset or liability
temporarily differs from the valuation for tax purposes.
Deferred taxes are calculated using the tax rates prevailing
on the reporting date. Deferred tax assets are recognised
only if it is probable that taxable profits will be realised in the
near future against which these temporary differences can
be offset.
Deferred tax assets and liabilities are assessed at every
reporting date and derecognised to the extent necessary.
This derecognition will be reversed if it is probable that
sufficient taxable profits will be available.
Changes in the value of investments at fair value through
other comprehensive income and movements in the value of
derivatives forming part of a cash flow hedge are recognised
in equity net of deferred tax. Deferred tax assets and
liabilities cease to be recognised when these movements in
value are realised. Current tax is taken to the statement of
income on realisation of the change in value.
Other assets
Other assets comprise interest receivables, commission
receivables and other receivables, and are carried at the
lower of cost or the recoverable amount. This recoverable
amount is the estimated selling or settlement price in the
ordinary course of business less the relevant variable costs
to sell. The recoverable amount less the relevant variable
costs to sell is based on the appraisal value as determined by
an independent surveyor if applicable. Other assets are
initially recognised at fair value excluding transaction costs.
After initial recognition, they are recognised at amortised
cost using the effective interest method.
Due to banks
Amounts due to banks are initially recognised at fair value
excluding transaction costs. After their initial recognition,
they are recognised at amortised cost using the effective
interest method.
Public and private sector liabilities
Public and private sector liabilities are initially recognised at
fair value excluding transaction costs. After their initial
recognition, they are recognised at amortised cost using the
effective interest method.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
comprise financial instruments which management believes
should be recognised at fair value through profit or loss
based on one of the following reasons:
\u2013 Designation eliminates or significantly reduces
inconsistencies in measurement and recognition which
would otherwise arise as a result of liabilities being
valued or income and expenses being recognised under
different accounting policies; or
\u2013 The contract in which the financial instrument is included
contains one or more embedded derivatives and the
entire contract is recognised at fair value through profit
or loss. This is only permitted if the embedded derivative
has significant influence on the contractually agreed cash
flows.
The valuation takes account of our own credit risk. Own
credit risk is recognised in equity under the line item Other
reserves. See also Note 21, Total equity. The remaining
amount of change in the fair value of the financial liabilities
at fair value is recognised in Result on financial transactions
and Net interest income for the interest charges on medium-
term notes.
Financial liabilities at fair value through profit or loss include
financial liabilities from trading activities. These are
transactions for own account whereby the aim is to
repurchase these instruments in the short term. These
instruments are stated at fair value, with movements in
value recognised in the statement of income under Result on
financial transactions. This line item comprises short
positions on the trading portfolio in both equity instruments
and debt instruments. Recognition is from the date on which
the contract is concluded.
Issued debt securities
Issued debt securities are initially recognised at fair value
excluding transaction costs. After initial recognition, issued
debt securities are carried at amortised cost using the
effective interest method. Repurchase of our own debt
securities is offset in the consolidated financial statements
against the liability; the difference between the cost and the
carrying amount based on the remaining term is taken to the
statement of income.
Provisions
A provision is a liability of uncertain timing and/or amount. A
provision is included in the statement of financial position if
we have an obligation as a result of a past event, it is
probable that an outflow of resources will be required to
settle the obligation, and a reliable estimate can be made.
Provisions are discounted if the time value of money for the
liability has a material effect. The most material types of
provisions are the provision for pensions, provisions for
long-service benefits and restructuring provisions.
Provision for pensions
We operate defined benefit plans and defined contribution
plans. Under defined contribution plans, contributions to
pension providers are taken to the statement of income as
staff costs. We have no further payment obligations with
respect to defined contribution plans once the contributions
have been paid.
A defined benefit plan is a pension plan which defines the
amount of pension benefit that an employee will receive on
retirement. Factors such as age, years of service and salary
are taken into account when determining the amounts to be
paid. The provision for defined benefit plans is the present
value of the defined benefit obligation at the reporting date
less the fair value of plan assets.
Differences between the expected and actual return on plan
assets, actuarial gains and losses and changes in the effect of
the asset ceiling are recognised directly in equity; net
interest is recognised under Other interest expense in the
statement of income.
Provisions for long-service benefits
Employees receive a bonus to mark a long-service
anniversary of 25 and 40 years. The obligation is calculated
on an actuarial basis.
Restructuring provision
A provision for restructuring is recognised only if the
recognition criteria are met. We have a constructive
obligation if we have a detailed formal restructuring plan
identifying at least the business or part of the business
concerned, the principal locations affected, the number of
employees affected, a detailed estimate of the expenditure
to be undertaken and a suitable timeframe. Employees are
also notified of the main features of the plan.
Other liabilities
Other liabilities are initially recognised at fair value
excluding transaction costs. After their initial recognition,
they are recognised at amortised cost using the effective
interest method.
Lease liabilities are presented in the statement of financial
position as part of Other liabilities. Interest payments and
amortisation in the year are charged to the statement of
income on a straight-line basis over the term of the lease.
Lease liabilities consist of interest and amortisation
payments and are initially measured at the present value of
the remaining lease payments, discounted using the lessee\u2019s
incremental borrowing rate.
Subordinated loans
Subordinated loans are initially recognised at fair value
excluding transaction costs. After initial recognition, they
are carried at amortised cost. Purchases of our own
subordinated loans are offset against the liability in the
consolidated financial statements. The difference between
cost and the carrying amount based on the remaining term is
taken to the statement of income.
Equity
Direct costs of new share issues are deducted from equity,
taking account of taxes.
If we purchase treasury shares, the purchase price, including
direct transaction costs after tax, is deducted from equity.
Treasury shares that we purchase do not qualify for profit or
dividend and are not included in the calculation of earnings
per share.
Statement of income
General
Revenue is recognised when it is likely that the economic
benefits will flow to Van Lanschot Kempen and the revenue
can be measured reliably. Costs are allocated as far as
possible to the period in which the services were rendered
or to the relevant proceeds.
Net interest income
This item consists of income earned on lending and costs of
borrowing, derivatives, related commission, and other
income/expense similar to interest. The amortisation of
remaining value adjustments on mortgage portfolios of fair
value hedges which expired in the past is presented under
Interest income.
Interest income and interest expense are recognised in the
statement of income on an accrual basis, using the effective
interest method. The effective interest rate is the rate that
exactly discounts estimated cash flows over the life of the
financial instrument, or a shorter period when appropriate,
to the net carrying amount of the financial asset or liability.
When calculating the effective interest rate, we take into
account all contractual terms of the financial instrument (for
example early repayment) but not future losses due to
uncollectible amounts.
Income from securities and associates
All dividends received from investments in equity
instruments are recognised directly in the statement of
income under Other income from securities and associates
when they are made payable. Our share in the results of
equity-valued associates is recognised under Income from
securities and associates using the equity method. Dividends
received are deducted from the carrying amount of the
equity-valued associate. Due to the fact that these
investments in associates using the equity method are part
of our investment strategy, we present income from these as
part of our operating activities. This line item also includes
results realised on the sale of associates using the equity
method, which are recognised upon closing of the
transaction.
Net commission income
This item comprises the income, other than income similar to
interest, earned on wealth management services provided to
third parties. It also includes fees charged to managed
investment funds. Commission paid to third parties is
accounted for as commission expense. We receive
commission for the wide range of services we provide to
clients. This can be divided into commission on a transaction
basis and periodic commission charged to the client during
the year.
Commission on a transaction basis
Commission income on a transaction basis is recognised in
the periods in which we provide the services. Transaction
commission for which we only provide a service on the
transaction date (e.g. commission on buying and selling
shares) is taken directly to the statement of income.
Transaction commission for which we have to provide a
service in the future (e.g. commission on structured
products) forms part of the amortised cost and is recognised
in the statement of income over the expected term of the
instrument.
Periodic commission
Periodic commission (e.g. management fees) is recognised in
the statement of income in the period in which the services
are provided.
Result on financial transactions
Result on securities trading includes realised and unrealised
value differences on gains and losses on financial
instruments relating to the securities trading portfolio.
Exchange and price gains and losses on trading in other
financial instruments are recognised under Result on foreign
currency trading. Gains and losses due to ineffectiveness in
hedge accounting are recognised under Unrealised gains/
losses on derivatives under hedge accounting. When
financial assets at fair value through OCI are derecognised,
the cumulative gain or loss is reclassified to Realised gains or
losses on financial assets at fair value through other
comprehensive income. Result on economic hedges includes
realised and unrealised gains and losses on derivatives that
are not included in a hedge accounting model. Result on
financial instruments at fair value through profit or loss
comprises unrealised value differences and interest
expenses on financial liabilities at fair value through profit or
loss with the exception of the interest charges on medium-
term notes, which are recognised under Net interest income.
Other income
Other income comprises income from categories not listed
above, for example income resulting from the consolidation
of non-banking subsidiaries.
Staff costs
Staff costs comprise wages and salaries, pension and early
retirement costs, other social security costs and other staff
costs such as remuneration in the form of share-based
employee benefits.
Share-based payments
Employees may be eligible to receive remuneration in the
form of share-based payments. The cost of equity-settled
transactions with employees is measured by reference to the
fair value at the date on which the equity instruments are
granted. The fair value is determined based on the share
price on the grant date, taking into account the discounted
value of expected dividends over the vesting period. The
cost of equity-settled transactions is recognised, together
with a corresponding increase in equity, in the period in
which the employee\u2019s performance criteria are fulfilled,
ending on the date on which the employee becomes fully
entitled to the award (the vesting date).
Partnership plan and partnership investment incentive
The partnership plan is a participation plan that allows key
senior staff to contribute to and participate in the success of
Van Lanschot Kempen. Its purpose is to anchor leadership
more broadly in our organisation, to further encourage
ownership and entrepreneurial spirit, and to create more
long-term alignment with our shareholders and clients.
Partners' contributions remain in the partnership during
their full tenure as a partner. Partners receive a discount of
18.5% as their interest is subject to a lock-up period of five
years. This discount is accounted for as an equity-settled
share-based payment, and it is recognised immediately as an
expense, with a corresponding increase in equity.
The purpose of the partnership investment incentive is to
enhance return perspectives. If awarded, a partnership
investment incentive will apply with respect to the
contributions made in the relevant contribution round for
five financial years and will be calculated at the end of each
of those years in accordance with the partnership
investment incentive formula.
Since the entitlement to the partnership investment
incentive for a financial year is subject to continued service
until the end of the financial year and the actual
performance achieved, the estimated cost is recognised over
the relevant vesting period.
The partnership investment incentive will be paid to
partners in two components: 70% in Van Lanschot Kempen
shares and 30% in cash. The portion settled in shares is
accounted for as an equity-settled share-based payment and
the portion settled in cash is accounted for as a long-term
employee benefit.
Other administrative expenses
Other administrative expenses are allocated to the period in
which the products and services are delivered.
Depreciation and amortisation
Depreciation and amortisation costs are determined on the
basis of estimated useful life and charged to the statement of
income.
Impairments
This item comprises the balance of the required impairments
and reversals of such impairments, including those on
financial instruments, on investments in associates using the
equity method, on property and equipment, and on goodwill
and other intangible assets.
Income tax
Tax on operating profit is recognised in the statement of
income in accordance with applicable tax law in the
jurisdictions in which we operate. Tax effects of any losses
incurred in certain jurisdictions are recognised as assets
when it is probable that sufficient future profits will be
available in the relevant jurisdiction against which these
losses can be offset.
Earnings per ordinary share
Earnings per ordinary share are calculated by dividing the
profit for the year available to ordinary shareholders by the
weighted average number of ordinary shares outstanding
during the period (ignoring treasury shares). Diluted
earnings per ordinary share are calculated by dividing the
profit available to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the
period, adjusted for possible dilution as a result of, for
example, outstanding option rights.
Statement of cash flows
The statement of cash flows is prepared using the indirect
method. It distinguishes between cash flows from operating,
investing and financing activities. Cash flows from operating
activities include net changes in loans and advances,
deposits from/with banks, public and private sector
liabilities, and dividends received from investments in equity
instruments. Investing activities include acquisition,
redemption and sales of debt instruments, equity
investments, associates using the equity method, property
and equipment, goodwill and other intangible assets, and
dividend received from investments in associates using the
equity method. Financing activities include issues and
repayments of share plans, debt instruments and issued debt
securities, and dividends and capital returns paid to
shareholders. Cash and cash equivalents comprise, at face
value, all cash in hand, balances at central banks and
balances withdrawable on demand at other banks. Investing
and financing transactions that do not require the use of
cash or cash equivalents are excluded from the statement of
cash flows.
Commitments not recognised in the
statement of financial position
This includes contingent liabilities that are carried at the
contract value and relate in particular to guarantees and
irrevocable letters of credit. This item consists of unused
overdraft facilities, sale and repurchase commitments,
irrevocable payment commitments for leases not yet
commenced, irrevocable commitments for SRF\u00a0and all other
obligations resulting from irrevocable commitments that
could give rise to loans or other assets.
Other commitments represent a potential credit risk, but of
a type for which it is either not probable that this will lead to
an outflow of resources or for which no reliable estimate can
be made. For the commitments not recognised in the
statement of financial position, see \u201cCommitments and
contingent liabilities\u201d in the supplementary notes.
Segment information
The different operating segments form the basis for our
primary segmentation. An operating segment is a business
unit that can earn revenues and incur expenses and whose
operating results are regularly reviewed by management or
the chief operating decision-maker and for which discrete
financial information is available. Additional information is
reported geographically based on where the business
activities are located. Intra-segment transactions are
conducted on commercial terms and market conditions (at
arm\u2019s length).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-553": { "value": "
General
Van Lanschot Kempen NV (\"Van\u00a0Lanschot Kempen\") is an
independent specialist wealth manager. Our purpose is to
preserve and create wealth for our clients and for society in
a sustainable way. Van Lanschot Kempen has its registered
office at Hooge Steenweg 29, 5211 JN \u00b4s\u00a0Hertogenbosch,
the Netherlands. Van Lanschot Kempen is a public limited
company incorporated under Dutch law and registered
under number 16038212 at the Chamber of Commerce.
Depositary receipts for Class A ordinary shares are publicly
traded on the Euronext markets.
The consolidated financial statements of Van Lanschot
Kempen at 31 December 2024 were prepared by the
Management Board and approved by the Supervisory Board
on 26\u00a0February 2025, and will be submitted to the annual
general meeting of shareholders (AGM) for adoption on
22\u00a0May\u00a02025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-554": { "value": "Van Lanschot Kempen NV (\"Van\u00a0Lanschot Kempen\") is an independent specialist wealth manager. Our purpose is to preserve and create wealth for our clients and for society in a sustainable way.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-555": { "value": "Van Lanschot Kempen NV (\"Van\u00a0Lanschot Kempen\")", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-556": { "value": "Hooge Steenweg 29, 5211 JN \u00b4s\u00a0Hertogenbosch, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-557": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-558": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-559": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-560": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-561": { "value": "
The consolidated financial statements of Van Lanschot
Kempen at 31 December 2024 were prepared by the
Management Board and approved by the Supervisory Board
on 26\u00a0February 2025, and will be submitted to the annual
general meeting of shareholders (AGM) for adoption on
22\u00a0May\u00a02025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-562": { "value": "
Basis of preparation
The consolidated financial statements of Van Lanschot
Kempen and its subsidiaries have been prepared in
accordance with IFRS Accounting Standards as adopted by
the EU, and with Part 9, Book 2 of the Dutch Civil Code.
Unless stated otherwise, assets and liabilities are measured
at historical cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-563": { "value": "
The consolidated financial statements of Van Lanschot
Kempen and its subsidiaries have been prepared in
accordance with IFRS Accounting Standards as adopted by
the EU, and with Part 9, Book 2 of the Dutch Civil Code.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-564": { "value": "
Continuity
The Management Board has assessed the ability of
Van\u00a0Lanschot Kempen to continue its operations and
concluded that Van Lanschot Kempen is able to do so for the
foreseeable future. Moreover, the Management Board is not
aware of any material uncertainties that cast significant
doubt on our \u2013 i.e. Van\u00a0Lanschot Kempen's \u2013 ability to
continue as a going concern. The consolidated financial
statements have been prepared on this basis.
Economic context
After a slight decline in 2023, the Dutch economy saw
growth resume in the second and third quarters of 2024.
Inflation, while down from its peak in 2022, remained more
persistent in 2024 than anticipated, with the Dutch
consumer price index (CPI) nearing 4%. This trend contrasts
with the broader European trend of consistently falling
inflation, allowing the European Central Bank (ECB) to cut
interest rates.
In the Netherlands, relatively high inflation was offset for
many citizens by substantial pay rises in collective labour
agreements (CLAs) in 2024. Current economic
circumstances have had a limited impact on Van Lanschot
Kempen. The growing economy has generated stable profits
across most businesses, and most of our clients have either
been compensated for the higher cost of living or have
adequate buffers to absorb these costs. Consequently, our
loan portfolio saw a minor fall in the loss allowance for
expected credit losses (ECL) in 2024 compared with 2023.
Additionally, economic conditions have enabled us to release
our management overlay, which was no longer deemed
necessary. For more information, see \"Risk management\",
under 3.8, Loss allowance for expected credit losses.
Finally, strong US economic growth and a stable European
economy, combined with somewhat lower interest rates, led
to a surge in US stock markets and a moderate increase in
their European counterparts, which significantly boosted
our commission income.
Overall, Van Lanschot Kempen's capital and liquidity
positions remain robust, with a net result of \u20ac141.9 million in
2024 (2023: \u20ac125.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-565": { "value": "
Functional and reporting currency
The consolidated financial statements are denominated in
euros, Van Lanschot Kempen's functional and reporting
currency. Unless stated otherwise, all amounts are
presented in thousands of euros. The totals may not always
match the sum of the individual values due to rounding.
Functional currency
Items in the statement of financial position pertaining to
each group company are stated in the currency of the
economic environment in which the entity operates (i.e. the
functional currency).
Group companies
The assets, liabilities, income and expenses of group
companies that use a functional currency other than the
reporting currency are translated as follows:
\u2013 Assets and liabilities are translated using the closing
exchange rate at the reporting date;
\u2013 Income and expenses are translated using the rate
prevailing on the transaction date;
\u2013 Remaining exchange-related gains or losses are
recognised as a separate component of equity.
Upon consolidation, exchange-related gains or losses arising
from monetary items forming part of a net investment in
foreign subsidiaries are recognised in equity. Exchange-
related gains or losses on borrowings and other items
designated as hedging instruments for such investments are
also recognised in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-566": { "value": "
Changes in accounting policies
The accounting policies adopted in the preparation of our
consolidated financial statements for the year ended
31\u00a0December 2024 remain unchanged from the prior year,
except for the adoption of new standards and
interpretations effective from 1 January 2024 and the early
adoption of the Annual Improvements to IFRS Accounting
Standards \u2013 Volume 11.
Changes in published IFRS Accounting Standards and
interpretations
The IFRS Accounting Standards listed below became
effective from 1\u00a0January 2024 and have been applied to our
financial statements for 2024. The application of these
standards had no material impact on Van Lanschot Kempen\u2019s
equity or result. Application of the amended standards
generally entails amendment or expansion of notes.
Lease Liability in a Sale and Leaseback \u2013 Amendments to
IFRS 16
The amendments specify the requirements that a seller-
lessee uses in measuring the lease liability arising in a sale-
and-leaseback transaction, to ensure the seller-lessee does
not recognise any amount of the gain or loss that relates to
the right of use it retains.
Classification of Liabilities as Current or Non-current and
Non-current Liabilities with Covenants \u2013 Amendments to
IAS 1
The amendments clarify the requirements for classifying
liabilities as current or non-current. Entities need to
consider whether some of the amendments may impact their
current practice and covenant testing.
We currently apply the exception provided by IAS1.60 and
no distinction is made between current and non-current
liabilities in the financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-567": { "value": "
Published IFRS Accounting Standards and interpretations
not yet effective
In addition to the IFRS Accounting Standards and
interpretations referred to above, a number of IFRS
Accounting Standards and interpretations are new or have
been amended, and apply to financial statements for periods
beginning on or after 1\u00a0January 2025 . We have not applied
the standards outlined below in the 2024 financial
statements. Unless stated otherwise, standards will be
applied as soon as they become effective and have been
endorsed by the EU.
Lack of exchangeability \u2013 Amendments to IAS 21
The amendments specify how an entity should assess
whether a currency is exchangeable and how it should
determine a spot exchange rate when exchangeability is
lacking. Based on our analysis, the amendment is not
expected to have a material impact on the results or equity
of the company.
Classification and Measurement of Financial Instruments \u2013
Amendments to IFRS 9 and IFRS 7
The amendments clarify the requirements for derecognition
of a financial liability on the settlement date using an
electronic payment system. They clarify how to assess
contractual cash flow characteristics of financial assets,
including those with ESG-linked features and other similar
contingent features. Additional disclosures are required for
financial assets and liabilities with contractual terms that
reference a contingent event (including those that are ESG-
linked), and equity instruments designated at fair value
through other comprehensive income. Finally, the
amendments clarify the treatment of non-recourse assets
and contractually linked instruments. The amendments are
effective for annual periods beginning on or after
1\u00a0January\u00a02026. Entities can early adopt the amendments
that relate to the classification of financial assets plus the
related disclosures and apply the other amendments later.
The amendments are not expected to have a material impact
on the results or equity of the company.
Presentation and Disclosure in Financial Statements \u2013
IFRS\u00a018
IFRS 18 replaces IAS 1 and responds to investor demand for
better information about an entity\u2019s financial performance.
The standard sets out the general and specific requirements
for the presentation of financial statements and for
disclosures in the notes. This includes the requirement to
classify all income and expenses in the statement of profit or
loss into one of five categories (three being new) and to
present three mandatory subtotals (two being new). The
standard requires disclosure on management-defined
performance measures in one single note to the primary
financial statements. Enhanced guidance is provided on the
aggregation and disaggregation of information across the
financial statements. IFRS 18 results in amendments to
other standards, among others IAS 7, Statement of Cash
Flows. The amendments are effective for annual periods
beginning on or after 1 January 2027. Earlier application is
permitted. The amendments are expected to impact
presentation and disclosure requirements for the financial
statements, including the statement of income, but will not
materially impact our results.
Annual improvements to IFRS Accounting Standards \u2013
Volume 11
The amendments described below are part of the Annual
improvements to IFRS Accounting Standards \u2013 Volume 11
and are effective for annual periods beginning on or after
1\u00a0January 2026. We decided to early adopt these
amendments. Based on our analysis, the application of these
standards had no material impact on Van Lanschot Kempen\u2019s
equity or result.
Gain or Loss on Derecognition \u2013 Amendments to IFRS 7
The amendments update the language on unobservable
inputs in paragraph B38 of IFRS 7 and include a cross
reference to paragraphs 72 and 73 of IFRS 13 Fair Value
Measurement.
Introduction \u2013 Amendments to Guidance on implementing
IFRS 7
The amendments to paragraph IG1 clarify that the guidance
does not necessarily illustrate all the requirements in the
referenced paragraphs of IFRS 7, nor does it create
additional requirements.
Disclosure of Deferred Difference between Fair Value and
Transaction Price \u2013 Amendments to Guidance on
implementing IFRS 7
Paragraph IG14 has been amended mainly to make the
wording consistent with the requirements in paragraph 28
of IFRS 7 and with the concepts and terminology used in
IFRS 9 and IFRS 13.
Credit Risk Disclosures \u2013 Amendments to Guidance on
implementing IFRS 7
Paragraph IG20B has been amended to simplify the
explanation of which aspects of the IFRS requirements are
not illustrated in the example.
Lessee Derecognition of Lease Liabilities \u2013 Amendments to
IFRS 9
Paragraph 2.1 has been amended to clarify that, when a
lessee has determined that a lease liability has been
terminated in accordance with IFRS 9, the lessee is required
to apply paragraph 3.3.3 and recognise any resulting gain or
loss in profit or loss.
Transaction Price \u2013 Amendments to IFRS 9
Paragraph 5.1.3 has been amended to replace the reference
to \"transaction price as defined by IFRS 15 Revenue from
Contracts with Customers\" with \"the amount determined by
applying IFRS 15\". The term has also been deleted from
Appendix A of IFRS 9 to address potential confusion.
Determination of a \"De Facto Agent\" \u2013 Amendments to
IFRS 10 Consolidated Financial Statements
Paragraph B74 has been amended to clarify that the
relationship described in paragraph B74 is just one example
of various relationships that might exist between the
investor and other parties acting as de facto agents for the
investor.
Cost method \u2013 Amendments to IAS 7 Statement of Cash
Flows
Paragraph 37 has been amended to replace the term \"cost
method\" with \"at cost\", following the prior deletion of the
definition of \"cost method\".
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-568": { "value": "
Significant accounting judgements and
estimates
We have identified those accounting policies which involve
the most complex or subjective decisions or assessments. In
the process of applying these accounting policies, we use
estimates, assumptions and judgements which can have a
significant impact on the amounts recognised in the financial
statements. These estimates and assumptions are based on
the most recent information available and include the impact
of the uncertain economic circumstances caused by global
unrest among other factors. Actual amounts may differ in
the future. Where applicable, the impact of the uncertain
economic circumstances on our assumptions are explained
further in the consolidated financial statements. The most
significant estimates and assumptions relate to the
determination of significant influence, fair value of financial
instruments, acquisitions, impairments of financial assets,
and impairments of goodwill and other intangible assets.
Determination of significant influence
We have applied critical judgement to determine significant
influence in companies in which we hold minority interests
smaller than 20%. Our influence on the financial and
operating policy decisions at some minority interests is more
in line with that in an associate, e.g. veto rights in decisions
on the issuance of new shares and decisions on amendments
to the Articles of Association. For that reason, we classify
these as associates and apply equity accounting instead of
IFRS 9 fair value accounting. For further information, see the
disclosure on Investments in associates using the equity
method.
Determination of fair value
The fair value of financial instruments not traded in an active
market is determined on the basis of cash flow, option and
other valuation models. These models are based on the
market circumstances prevailing at the reporting date.
Estimates mainly relate to future cash flows and discount
rates. For the fair value level classification and more details,
see \u201cRisk management\u201d, under 15. Fair value.
Acquisitions
In the case of acquisitions, it is necessary to determine the
fair value of the acquired assets (including any intangible
assets and goodwill acquired), as well as of liabilities and
obligations not recognised in the statement of financial
position. Estimates are used for this, particularly for those
items not traded on an active market. Management
consideration is also needed to determine the moment
control changes and thus the moment of consolidation of an
acquired entity.
Impairments of financial assets
We recognise a loss allowance for ECL on financial assets
measured at amortised cost or fair value through other
comprehensive income (OCI), as well as for financial
guarantees and loan commitments. When there has been no
significant deterioration in credit risk since initial
recognition, ECL is recognised based on a 12-month
expected credit loss (Stage 1). When a significant increase in
credit risk has occurred, ECL is recognised based on a
lifetime expected credit loss (Stage 2). For impaired loans
(Stage 3), a lifetime ECL is recognised. The impairments of
financial assets are determined as a critical estimate. For
more information on deterioration in credit risk, see \u201cRisk
management\u201d, under 3.8, Loss allowance for expected credit
losses.
Impairments of goodwill and other intangible assets
We calculate the recoverable amount for each cash-
generating unit (CGU) or group of CGUs as the higher of the
fair value of the asset less costs of disposal and its value in
use. If either of these amounts exceeds the carrying amount,
an impairment is not necessary and the other value does not
have to be calculated. The value-in-use calculation reflects
an estimate of future cash flows, baseline scenario analysis
and discount rates. The fair value less costs of disposal
calculation uses price-earnings multiples of our peer group
and future cash flows. Future cash flow estimates are based
on our strategic plans and different types of investigation
into possible trends. Events and factors that could have a
significant impact on these estimates include market
expectations, effects of mergers and acquisitions,
competitive conditions, client behaviour and changes in
client relationships, cost structure, trends in interest rates
and risks, and other circumstances specific to the industry
and sector. We carried out an annual impairment test on
goodwill arising from acquisitions in prior years. For more
information on the assumptions used, see Note\u00a010, Goodwill
and other intangible assets. In addition, an annual test is
carried out for indications of impairment of other intangible
assets with a finite useful life.
Other accounting estimates
Impairments of non-financial assets
The recoverable amount of a non-financial asset is the higher
of the fair value of the asset less costs of disposal and its
value in use. This fair value less costs to sell is the price that
would be received on the sale of an asset or paid on the
transfer of a liability in an orderly transaction between
market participants at the valuation date. To determine
whether assets are impaired, the individual assets are
allocated to the lowest level at which cash flows can be
identified (CGUs). Non-financial assets that have been
subject to impairment, other than goodwill paid, are
reviewed annually to determine whether the impairment can
be reversed. Non-financial assets, other than goodwill paid,
are tested for impairment annually by assessing whether
there are any indications that these assets are impaired.
Deferred tax assets
Deferred tax assets are recognised only if it is probable that
taxable profits will be realised in the near future against
which these temporary differences can be offset. Estimates
are used when determining future taxable profits, since
these are inherently subject to uncertainty.
Actuarial assumptions for provisions
Pension liabilities are determined using actuarial
calculations. These calculations use assumptions regarding
elements such as the discount rate, future trends in salaries
and returns on investments. These assumptions are subject
to estimation uncertainty. See Note 17, Provisions.
Other provisions
Other provisions are determined on the basis of the most
recent estimates of the expected costs. The timing of the
cash outflow related to these provisions is by nature
uncertain, given the unpredictability of the outcome and
time required to conclude these claims and obligations. In
determining these provisions, where applicable, we take into
consideration the opinion of legal experts", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-569": { "value": "
Determination of fair value
The fair value of financial instruments not traded in an active
market is determined on the basis of cash flow, option and
other valuation models. These models are based on the
market circumstances prevailing at the reporting date.
Estimates mainly relate to future cash flows and discount
rates. For the fair value level classification and more details,
see \u201cRisk management\u201d, under 15. Fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-570": { "value": "
Impairments of financial assets
We recognise a loss allowance for ECL on financial assets
measured at amortised cost or fair value through other
comprehensive income (OCI), as well as for financial
guarantees and loan commitments. When there has been no
significant deterioration in credit risk since initial
recognition, ECL is recognised based on a 12-month
expected credit loss (Stage 1). When a significant increase in
credit risk has occurred, ECL is recognised based on a
lifetime expected credit loss (Stage 2). For impaired loans
(Stage 3), a lifetime ECL is recognised. The impairments of
financial assets are determined as a critical estimate. For
more information on deterioration in credit risk, see \u201cRisk
management\u201d, under 3.8, Loss allowance for expected credit
losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-571": { "value": "
Impairments of non-financial assets
The recoverable amount of a non-financial asset is the higher
of the fair value of the asset less costs of disposal and its
value in use. This fair value less costs to sell is the price that
would be received on the sale of an asset or paid on the
transfer of a liability in an orderly transaction between
market participants at the valuation date. To determine
whether assets are impaired, the individual assets are
allocated to the lowest level at which cash flows can be
identified (CGUs). Non-financial assets that have been
subject to impairment, other than goodwill paid, are
reviewed annually to determine whether the impairment can
be reversed. Non-financial assets, other than goodwill paid,
are tested for impairment annually by assessing whether
there are any indications that these assets are impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-572": { "value": "
Basis of consolidation
Subsidiaries
Our consolidated financial statements comprise the financial
statements of Van Lanschot Kempen and its subsidiaries.
These have been prepared at 31 December 2024 using
accounting policies consistent with those used in the
previous year, and their financial year is concurrent with the
calendar year.
Subsidiaries (including the consolidated structured entities)
are associates in which we exercise decisive control.
Van\u00a0Lanschot Kempen has decisive control over an entity
when it has power over that entity and is exposed to or has
rights to variable income from its involvement in the entity,
and is able to use its power over the entity to influence the
entity\u2019s income. The assessment of control is based on the
actual relationship between Van\u00a0Lanschot Kempen and the
entity. Factors taken into account include existing and
potential voting rights. A right is a material right if its holder
is able to exercise that right in practice.
We have power over an entity if its existing and potential
voting rights amount to more than 50%. If these rights
amount to less than 50%, we determine whether we have
power over the entity pursuant to contractual agreements.
In making this assessment, a distinction is drawn between
substantive and protective rights. Substantive rights are
rights which enable the decision-making power of an
enterprise to be influenced directly and which give us
decisive control over an entity. Examples include the right to
appoint and dismiss members of the Management Board,
and to set the level of their remuneration. Protective rights
are rights which protect the interests of an entity in another
entity, but which do not directly confer decision-making
powers. Protective rights do not give us decisive control
over an entity. When acquiring non-controlling interests, we
in principle include only protective rights in the contractual
agreement. These are rights of approval which enable us to
protect our minority position without acquiring decision-
making power. Examples of protective rights are rights of
approval in respect of the issue of shares and effecting
significant acquisitions.
Intra-group transactions are eliminated in the consolidation
process. Subsidiaries are consolidated from the date of
incorporation or acquisition, being the date on which
Van\u00a0Lanschot Kempen acquires control, and are
consolidated until the date that such control ceases.
We consolidate interests in investment funds if we have
power over the investment fund and are exposed to or have
rights to variable income stemming from our involvement
and are able to use our power over the investment fund to
influence the variable income. The assessment of control is
based on the actual relationship between Van Lanschot
Kempen and the investment fund. We take into account our
interest for our own account and our own role, or that of one
of our group companies, as fund manager.
In the case of subsidiaries not fully controlled by
Van\u00a0Lanschot Kempen, the non-controlling interest in equity
is presented separately in the consolidated statement of
financial position as a component of total equity. The profit
or loss for the reporting period that can be attributed to the
non-controlling interest is disclosed separately.
Acquisitions
Acquisitions are recognised using the acquisition method.
Accordingly, the cost of an acquisition is allocated to the fair
value of the acquired assets (inclusive of any intangible
assets not previously recognised in the statement of
financial position), liabilities and obligations not recognised
in the statement of financial position.
Goodwill, being the difference between the cost of the
acquisition (including assumed debts) and our interest in the
fair value of acquired assets, liabilities and obligations not
recognised in the statement of financial position at the
acquisition date, is capitalised as an intangible asset. If this
difference is negative (negative goodwill), it is taken directly
to the statement of income. Goodwill is not amortised. For
more information on its valuation, see Note 10, Goodwill and
other intangible assets.
A non-controlling interest in the company acquired is
recognised at the fair value prevailing on the acquisition date
or at the proportionate share in the identifiable assets and
liabilities of the company acquired. Results of companies
acquired are disclosed in the statement of income from the
date at which control is obtained.
Adjustments to the fair value of acquired assets and
liabilities at the acquisition date which are identified within
12 months of the acquisition may lead to adjustment of
goodwill. Adjustments identified after expiry of one year are
disclosed in the statement of income.
On disposal of group companies, the difference between the
sale proceeds and the acquisition cost (including goodwill) is
included in the statement of income together with any
unrealised gain or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-573": { "value": "
Subsidiaries
Our consolidated financial statements comprise the financial
statements of Van Lanschot Kempen and its subsidiaries.
These have been prepared at 31 December 2024 using
accounting policies consistent with those used in the
previous year, and their financial year is concurrent with the
calendar year.
Subsidiaries (including the consolidated structured entities)
are associates in which we exercise decisive control.
Van\u00a0Lanschot Kempen has decisive control over an entity
when it has power over that entity and is exposed to or has
rights to variable income from its involvement in the entity,
and is able to use its power over the entity to influence the
entity\u2019s income. The assessment of control is based on the
actual relationship between Van\u00a0Lanschot Kempen and the
entity. Factors taken into account include existing and
potential voting rights. A right is a material right if its holder
is able to exercise that right in practice.
We have power over an entity if its existing and potential
voting rights amount to more than 50%. If these rights
amount to less than 50%, we determine whether we have
power over the entity pursuant to contractual agreements.
In making this assessment, a distinction is drawn between
substantive and protective rights. Substantive rights are
rights which enable the decision-making power of an
enterprise to be influenced directly and which give us
decisive control over an entity. Examples include the right to
appoint and dismiss members of the Management Board,
and to set the level of their remuneration. Protective rights
are rights which protect the interests of an entity in another
entity, but which do not directly confer decision-making
powers. Protective rights do not give us decisive control
over an entity. When acquiring non-controlling interests, we
in principle include only protective rights in the contractual
agreement. These are rights of approval which enable us to
protect our minority position without acquiring decision-
making power. Examples of protective rights are rights of
approval in respect of the issue of shares and effecting
significant acquisitions.
Intra-group transactions are eliminated in the consolidation
process. Subsidiaries are consolidated from the date of
incorporation or acquisition, being the date on which
Van\u00a0Lanschot Kempen acquires control, and are
consolidated until the date that such control ceases.
We consolidate interests in investment funds if we have
power over the investment fund and are exposed to or have
rights to variable income stemming from our involvement
and are able to use our power over the investment fund to
influence the variable income. The assessment of control is
based on the actual relationship between Van Lanschot
Kempen and the investment fund. We take into account our
interest for our own account and our own role, or that of one
of our group companies, as fund manager.
In the case of subsidiaries not fully controlled by
Van\u00a0Lanschot Kempen, the non-controlling interest in equity
is presented separately in the consolidated statement of
financial position as a component of total equity. The profit
or loss for the reporting period that can be attributed to the
non-controlling interest is disclosed separately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-575": { "value": "
Acquisitions
Acquisitions are recognised using the acquisition method.
Accordingly, the cost of an acquisition is allocated to the fair
value of the acquired assets (inclusive of any intangible
assets not previously recognised in the statement of
financial position), liabilities and obligations not recognised
in the statement of financial position.
Goodwill, being the difference between the cost of the
acquisition (including assumed debts) and our interest in the
fair value of acquired assets, liabilities and obligations not
recognised in the statement of financial position at the
acquisition date, is capitalised as an intangible asset. If this
difference is negative (negative goodwill), it is taken directly
to the statement of income. Goodwill is not amortised. For
more information on its valuation, see Note 10, Goodwill and
other intangible assets.
A non-controlling interest in the company acquired is
recognised at the fair value prevailing on the acquisition date
or at the proportionate share in the identifiable assets and
liabilities of the company acquired. Results of companies
acquired are disclosed in the statement of income from the
date at which control is obtained.
Adjustments to the fair value of acquired assets and
liabilities at the acquisition date which are identified within
12 months of the acquisition may lead to adjustment of
goodwill. Adjustments identified after expiry of one year are
disclosed in the statement of income.
On disposal of group companies, the difference between the
sale proceeds and the acquisition cost (including goodwill) is
included in the statement of income together with any
unrealised gain or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-574": { "value": "
Acquisitions
Acquisitions are recognised using the acquisition method.
Accordingly, the cost of an acquisition is allocated to the fair
value of the acquired assets (inclusive of any intangible
assets not previously recognised in the statement of
financial position), liabilities and obligations not recognised
in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-576": { "value": "
On disposal of group companies, the difference between the
sale proceeds and the acquisition cost (including goodwill) is
included in the statement of income together with any
unrealised gain or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-577": { "value": "
Transactions and line items
On initial recognition, transactions in foreign currencies are
translated into the functional currency at the exchange rates
prevailing on the transaction date. Translation differences
arising on the settlement of such transactions or on the
translation of monetary assets and liabilities denominated in
foreign currencies are recognised in the statement of
income, except where they are recognised in equity as
qualifying cash flow hedges or qualifying net investment
hedges in foreign subsidiaries.
In general, translation differences in the statement of
income are included in the result on financial transactions.
Translation differences on non-monetary items measured at
fair value through profit or loss are reported as part of the
fair value gain or loss. Non-monetary items are translated
into the reporting currency at the same time as the
determination of their fair value. By translation on the
reporting date, currency translation differences on non-
monetary items measured at fair value through other
comprehensive income are included in the revaluation
reserve in equity.
Non-monetary items not measured at fair value are
translated at the exchange rate prevailing on the original
transaction date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-579": { "value": "
Derecognition of financial assets and liabilities in the
statement of financial position
Financial assets are derecognised when:
\u2013 Our rights to the cash flows from the asset expire;
\u2013 We have retained the right to receive the cash flows
from an asset, but have an obligation to pay these in full
to a third party under a special agreement;
\u2013 We have transferred our rights to the cash flows from
the asset and have transferred substantially all the risks
and rewards;
\u2013 We have not transferred substantially all the risks and
rewards but have transferred control over the asset.
If we have transferred our rights to the cash flows from an
asset, but have not transferred substantially all the risks and
rewards of the asset and have not transferred control, the
asset is recognised as long as we have continued
involvement in the asset.
A financial liability is derecognised as soon as the obligation
under the liability is discharged, cancelled or expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-578": { "value": "
Derecognition of financial assets and liabilities in the
statement of financial position
Financial assets are derecognised when:
\u2013 Our rights to the cash flows from the asset expire;
\u2013 We have retained the right to receive the cash flows
from an asset, but have an obligation to pay these in full
to a third party under a special agreement;
\u2013 We have transferred our rights to the cash flows from
the asset and have transferred substantially all the risks
and rewards;
\u2013 We have not transferred substantially all the risks and
rewards but have transferred control over the asset.
If we have transferred our rights to the cash flows from an
asset, but have not transferred substantially all the risks and
rewards of the asset and have not transferred control, the
asset is recognised as long as we have continued
involvement in the asset.
Financial assets at fair value through profit or loss
Assets that do not meet the criteria for amortised cost or fair
value through other comprehensive income (FVOCI) are
measured at fair value through profit or loss (FVPL).
Additionally, any instrument for which the contractual cash
flow characteristics are not solely payments of principal and
interest (SPPI) are measured at FVPL. No restrictions are set
for sales within the fair value through profit or loss portfolio.
Interest earned on these assets is recognised as interest
income under Other interest income. All other realised and
unrealised gains and losses on remeasuring debt instruments
at fair value are recognised under Result on financial
transactions. All realised and unrealised gains and losses on
remeasuring equity instruments at fair value are recognised
under Income from securities and associates.
Financial assets at fair value through profit or loss include
financial assets from trading activities. These are
transactions for our own account whereby the aim is to
actively sell these instruments in the short term. Financial
assets from trading activities consist of the trading portfolio
of both equity instruments and debt instruments. The
financial assets from trading activities are recognised at fair
value with effect from the trade date and value adjustments
are taken to the statement of income under Result on
financial transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-580": { "value": "
A financial liability is derecognised as soon as the obligation
under the liability is discharged, cancelled or expired
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
comprise financial instruments which management believes
should be recognised at fair value through profit or loss
based on one of the following reasons:
\u2013 Designation eliminates or significantly reduces
inconsistencies in measurement and recognition which
would otherwise arise as a result of liabilities being
valued or income and expenses being recognised under
different accounting policies; or
\u2013 The contract in which the financial instrument is included
contains one or more embedded derivatives and the
entire contract is recognised at fair value through profit
or loss. This is only permitted if the embedded derivative
has significant influence on the contractually agreed cash
flows.
The valuation takes account of our own credit risk. Own
credit risk is recognised in equity under the line item Other
reserves. See also Note 21, Total equity. The remaining
amount of change in the fair value of the financial liabilities
at fair value is recognised in Result on financial transactions
and Net interest income for the interest charges on medium-
term notes.
Financial liabilities at fair value through profit or loss include
financial liabilities from trading activities. These are
transactions for own account whereby the aim is to
repurchase these instruments in the short term. These
instruments are stated at fair value, with movements in
value recognised in the statement of income under Result on
financial transactions. This line item comprises short
positions on the trading portfolio in both equity instruments
and debt instruments. Recognition is from the date on which
the contract is concluded.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-582": { "value": "
Derivatives
A derivative is initially recognised at fair value on the
effective date of the contract. After initial recognition, the
derivative is subsequently remeasured at fair value and
changes in value are taken to the statement of income under
Result on financial transactions. Fair values are based on
stock exchange prices, cash flow models, or option and other
valuation models.
Hedge accounting
We use derivatives, such as interest rate swaps, to hedge our
exposure to interest rate risks. The carrying amount of
assets and liabilities which are hedged through fair value
hedging and which would otherwise be recognised at cost is
adjusted for changes in the fair value that can be attributed
to the hedged risks. Any gains or losses arising from changes
in the fair value of derivatives not relating to the hedged
risks are taken directly to the statement of income.
At the inception of a hedge transaction, we formally
designate and document the hedge relationship and the
financial risk management objective when entering into the
hedge transaction.
The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the
risk being hedged and how we will assess the hedging
instrument\u2019s effectiveness in offsetting the exposure to
risks.
Hedges that qualify for hedge accounting are recognised as
follows:
Fair value hedges
Fair value hedges are hedges of the exposure to changes in
the fair value of an asset or liability arising as a result of
interest rate changes. Changes in the value of the hedging
instrument are taken to the statement of income.
Any change in the fair value of the hedged item is also
recognised in the statement of income, in so far as the
hedging instrument has been effective in the preceding
period.
A hedge relationship ends if the hedging instrument is sold,
expires or is exercised, or if the hedging transaction no
longer meets the criteria for hedge accounting, with the
remaining value adjustment of the hedged item amortised
through profit or loss until the end of its term.
We apply micro fair value hedge accounting and macro fair
value hedge accounting.
Micro fair value hedges
We apply hedge accounting for micro fair value hedges
based on IFRS 9. A fair value hedge is classified as a micro
fair value hedge when the hedged item (or group of items) is
a distinctively identifiable asset or liability hedged by one or
a few hedging instruments. Debt securities at fair value
through other comprehensive income and issued debt
securities are hedged for interest rate risk in a micro fair
value hedge. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. If necessary, adjustments are made to
the hedge relationship.
Macro fair value hedges
We apply macro fair value hedges for fixed rate mortgages.
A portfolio of mortgages is identified, comprising
homogeneous loans based on their contractual interest
rates, maturity and other risk characteristics. Mortgages
within the identified portfolio are allocated into repricing
term buckets based on expected repricing dates rather than
contractual repricing dates. The hedging instruments are
designated appropriately to those repricing term buckets.
Such hedges are considered to be effective if we may expect,
both upon inception and during the term of the hedge, that
changes in the fair value or cash flows of the hedged item will
be almost fully offset by changes in the fair value or cash
flows of the hedging instrument, in so far as they relate to
the hedged risk, and the actual outcome is within a range of
80-125%. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. We apply the EU carve-out on
portfolio fair value hedges.
Cash flow hedges
Cash flow hedges are hedges of the exposure to fluctuations
in the cash flow of an asset, liability or future transaction
arising as a result of interest rate changes and/or inflation.
The portion of the gain or loss on the hedging instrument
that has been determined to be an effective hedge is
recognised directly in equity until the hedged item affects
the statement of income, while the ineffective portion is
recognised in the statement of income.
If the hedging instrument expires or is sold, or if it can no
longer be designated as a hedge, accumulated gains and
losses remain in equity until the expected future transaction
is taken to the statement of income. If the expected future
transaction is no longer likely to take place, the accumulated
result is transferred directly from equity to the statement of
income.
Embedded derivatives
Financial assets with embedded derivatives are considered
in their entirety when determining whether their cash flows
are solely payment of principal and interest.
If the hybrid contract contains a host that is not an asset, the
embedded derivatives are separated from the host contract
and treated as separate derivatives when:
\u2013 The economic characteristics are not closely related to
those of the host contract;
\u2013 A separate instrument with the same terms would meet
the definition of a derivative;
\u2013 The hybrid contract is not measured at fair value through
profit or loss.
Day 1 profit
Discrepancies between the transaction price and the fair
value may arise if valuation techniques are applied at the
time of the transaction. Such a discrepancy is referred to as a
Day 1 profit. Any resulting profit or loss is recognised
directly in the statement of income if the valuation method is
based on observable inputs in an active market. In the event
of unobservable inputs, the gain or loss is amortised over the
term of the transaction.
Derivatives
Derivatives are carried at fair value. The positive and
negative values of derivatives are shown separately on the
face of the statement of financial position on the assets side
and the liabilities side, respectively. The values of derivatives
with a positive and negative value, concluded with the same
counterparty, are only netted if the cash flows are settled on
a net basis and this is permitted under law. Changes in the
value of derivatives are taken directly to the line item Result
on financial transactions. If the hedge is completely effective,
the net impact on the statement of income is nil. The
difference, in so far as this remains within the ranges set,
reflects ineffectiveness and is taken to the statement of
income.
Derivatives include:
\u2013 The fair value of derivatives held for trading
Derivatives held for trading include transactions for own
account whereby the aim is to actively sell them in the
short term. Client option positions whereby offsetting
market transactions are conducted for all option
positions held by our clients on a one-on-one basis are
also included in this item;
\u2013 Economic hedges
Economic hedges are derivatives used to manage risks
without applying hedge accounting;
\u2013 Structured product derivatives
Structured product derivatives are instruments to hedge
structured products sold to clients, without application
of hedge accounting;
\u2013 Derivatives with application of hedge accounting
These are derivatives used as hedging instruments in the
application of hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-581": { "value": "
Derivatives
A derivative is initially recognised at fair value on the
effective date of the contract. After initial recognition, the
derivative is subsequently remeasured at fair value and
changes in value are taken to the statement of income under
Result on financial transactions. Fair values are based on
stock exchange prices, cash flow models, or option and other
valuation models.
Hedge accounting
We use derivatives, such as interest rate swaps, to hedge our
exposure to interest rate risks. The carrying amount of
assets and liabilities which are hedged through fair value
hedging and which would otherwise be recognised at cost is
adjusted for changes in the fair value that can be attributed
to the hedged risks. Any gains or losses arising from changes
in the fair value of derivatives not relating to the hedged
risks are taken directly to the statement of income.
At the inception of a hedge transaction, we formally
designate and document the hedge relationship and the
financial risk management objective when entering into the
hedge transaction.
The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the
risk being hedged and how we will assess the hedging
instrument\u2019s effectiveness in offsetting the exposure to
risks.
Hedges that qualify for hedge accounting are recognised as
follows:
Fair value hedges
Fair value hedges are hedges of the exposure to changes in
the fair value of an asset or liability arising as a result of
interest rate changes. Changes in the value of the hedging
instrument are taken to the statement of income.
Any change in the fair value of the hedged item is also
recognised in the statement of income, in so far as the
hedging instrument has been effective in the preceding
period.
A hedge relationship ends if the hedging instrument is sold,
expires or is exercised, or if the hedging transaction no
longer meets the criteria for hedge accounting, with the
remaining value adjustment of the hedged item amortised
through profit or loss until the end of its term.
We apply micro fair value hedge accounting and macro fair
value hedge accounting.
Micro fair value hedges
We apply hedge accounting for micro fair value hedges
based on IFRS 9. A fair value hedge is classified as a micro
fair value hedge when the hedged item (or group of items) is
a distinctively identifiable asset or liability hedged by one or
a few hedging instruments. Debt securities at fair value
through other comprehensive income and issued debt
securities are hedged for interest rate risk in a micro fair
value hedge. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. If necessary, adjustments are made to
the hedge relationship.
Macro fair value hedges
We apply macro fair value hedges for fixed rate mortgages.
A portfolio of mortgages is identified, comprising
homogeneous loans based on their contractual interest
rates, maturity and other risk characteristics. Mortgages
within the identified portfolio are allocated into repricing
term buckets based on expected repricing dates rather than
contractual repricing dates. The hedging instruments are
designated appropriately to those repricing term buckets.
Such hedges are considered to be effective if we may expect,
both upon inception and during the term of the hedge, that
changes in the fair value or cash flows of the hedged item will
be almost fully offset by changes in the fair value or cash
flows of the hedging instrument, in so far as they relate to
the hedged risk, and the actual outcome is within a range of
80-125%. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. We apply the EU carve-out on
portfolio fair value hedges.
Cash flow hedges
Cash flow hedges are hedges of the exposure to fluctuations
in the cash flow of an asset, liability or future transaction
arising as a result of interest rate changes and/or inflation.
The portion of the gain or loss on the hedging instrument
that has been determined to be an effective hedge is
recognised directly in equity until the hedged item affects
the statement of income, while the ineffective portion is
recognised in the statement of income.
If the hedging instrument expires or is sold, or if it can no
longer be designated as a hedge, accumulated gains and
losses remain in equity until the expected future transaction
is taken to the statement of income. If the expected future
transaction is no longer likely to take place, the accumulated
result is transferred directly from equity to the statement of
income.
Embedded derivatives
Financial assets with embedded derivatives are considered
in their entirety when determining whether their cash flows
are solely payment of principal and interest.
If the hybrid contract contains a host that is not an asset, the
embedded derivatives are separated from the host contract
and treated as separate derivatives when:
\u2013 The economic characteristics are not closely related to
those of the host contract;
\u2013 A separate instrument with the same terms would meet
the definition of a derivative;
\u2013 The hybrid contract is not measured at fair value through
profit or loss.
Day 1 profit
Discrepancies between the transaction price and the fair
value may arise if valuation techniques are applied at the
time of the transaction. Such a discrepancy is referred to as a
Day 1 profit. Any resulting profit or loss is recognised
directly in the statement of income if the valuation method is
based on observable inputs in an active market. In the event
of unobservable inputs, the gain or loss is amortised over the
term of the transaction.
Derivatives
Derivatives are carried at fair value. The positive and
negative values of derivatives are shown separately on the
face of the statement of financial position on the assets side
and the liabilities side, respectively. The values of derivatives
with a positive and negative value, concluded with the same
counterparty, are only netted if the cash flows are settled on
a net basis and this is permitted under law. Changes in the
value of derivatives are taken directly to the line item Result
on financial transactions. If the hedge is completely effective,
the net impact on the statement of income is nil. The
difference, in so far as this remains within the ranges set,
reflects ineffectiveness and is taken to the statement of
income.
Derivatives include:
\u2013 The fair value of derivatives held for trading
Derivatives held for trading include transactions for own
account whereby the aim is to actively sell them in the
short term. Client option positions whereby offsetting
market transactions are conducted for all option
positions held by our clients on a one-on-one basis are
also included in this item;
\u2013 Economic hedges
Economic hedges are derivatives used to manage risks
without applying hedge accounting;
\u2013 Structured product derivatives
Structured product derivatives are instruments to hedge
structured products sold to clients, without application
of hedge accounting;
\u2013 Derivatives with application of hedge accounting
These are derivatives used as hedging instruments in the
application of hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-583": { "value": "
Hedge accounting
We use derivatives, such as interest rate swaps, to hedge our
exposure to interest rate risks. The carrying amount of
assets and liabilities which are hedged through fair value
hedging and which would otherwise be recognised at cost is
adjusted for changes in the fair value that can be attributed
to the hedged risks. Any gains or losses arising from changes
in the fair value of derivatives not relating to the hedged
risks are taken directly to the statement of income.
At the inception of a hedge transaction, we formally
designate and document the hedge relationship and the
financial risk management objective when entering into the
hedge transaction.
The documentation includes identification of the hedging
instrument, the hedged item or transaction, the nature of the
risk being hedged and how we will assess the hedging
instrument\u2019s effectiveness in offsetting the exposure to
risks.
Hedges that qualify for hedge accounting are recognised as
follows:
Fair value hedges
Fair value hedges are hedges of the exposure to changes in
the fair value of an asset or liability arising as a result of
interest rate changes. Changes in the value of the hedging
instrument are taken to the statement of income.
Any change in the fair value of the hedged item is also
recognised in the statement of income, in so far as the
hedging instrument has been effective in the preceding
period.
A hedge relationship ends if the hedging instrument is sold,
expires or is exercised, or if the hedging transaction no
longer meets the criteria for hedge accounting, with the
remaining value adjustment of the hedged item amortised
through profit or loss until the end of its term.
We apply micro fair value hedge accounting and macro fair
value hedge accounting.
Micro fair value hedges
We apply hedge accounting for micro fair value hedges
based on IFRS 9. A fair value hedge is classified as a micro
fair value hedge when the hedged item (or group of items) is
a distinctively identifiable asset or liability hedged by one or
a few hedging instruments. Debt securities at fair value
through other comprehensive income and issued debt
securities are hedged for interest rate risk in a micro fair
value hedge. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. If necessary, adjustments are made to
the hedge relationship.
Macro fair value hedges
We apply macro fair value hedges for fixed rate mortgages.
A portfolio of mortgages is identified, comprising
homogeneous loans based on their contractual interest
rates, maturity and other risk characteristics. Mortgages
within the identified portfolio are allocated into repricing
term buckets based on expected repricing dates rather than
contractual repricing dates. The hedging instruments are
designated appropriately to those repricing term buckets.
Such hedges are considered to be effective if we may expect,
both upon inception and during the term of the hedge, that
changes in the fair value or cash flows of the hedged item will
be almost fully offset by changes in the fair value or cash
flows of the hedging instrument, in so far as they relate to
the hedged risk, and the actual outcome is within a range of
80-125%. Effectiveness is assessed and documented on a
monthly basis to determine that the hedge has been highly
effective throughout the financial reporting periods for
which it was intended. We apply the EU carve-out on
portfolio fair value hedges.
Cash flow hedges
Cash flow hedges are hedges of the exposure to fluctuations
in the cash flow of an asset, liability or future transaction
arising as a result of interest rate changes and/or inflation.
The portion of the gain or loss on the hedging instrument
that has been determined to be an effective hedge is
recognised directly in equity until the hedged item affects
the statement of income, while the ineffective portion is
recognised in the statement of income.
If the hedging instrument expires or is sold, or if it can no
longer be designated as a hedge, accumulated gains and
losses remain in equity until the expected future transaction
is taken to the statement of income. If the expected future
transaction is no longer likely to take place, the accumulated
result is transferred directly from equity to the statement of
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-584": { "value": "
Day 1 profit
Discrepancies between the transaction price and the fair
value may arise if valuation techniques are applied at the
time of the transaction. Such a discrepancy is referred to as a
Day 1 profit. Any resulting profit or loss is recognised
directly in the statement of income if the valuation method is
based on observable inputs in an active market. In the event
of unobservable inputs, the gain or loss is amortised over the
term of the transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-585": { "value": "
Netting of financial assets and liabilities
Financial assets and liabilities are netted and presented in
the consolidated financial statements at the net amount
when we have a legally enforceable right to offset the
recognised amounts and there is an intention to settle on a
net basis, or to realise the asset and settle the liability
simultaneously. See 3.7, Risk management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-586": { "value": "
Cash and cash equivalents and balances at central banks
Cash and cash equivalents and balances at central banks
comprise, at nominal value, cash in hand and deposits with a
term of less than three months, investments readily
convertible into a known amount of cash with an
insignificant risk of value changes, balances at central banks
and balances withdrawable on demand at other banks in
respect of which the risk of value changes is insignificant.
The minimum reserve requirement amount is included in this
item, along with the cash collateral for irrevocable payment
commitments to the SRF.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-587": { "value": "
Financial assets at fair value through profit or loss
Assets that do not meet the criteria for amortised cost or fair
value through other comprehensive income (FVOCI) are
measured at fair value through profit or loss (FVPL).
Additionally, any instrument for which the contractual cash
flow characteristics are not solely payments of principal and
interest (SPPI) are measured at FVPL. No restrictions are set
for sales within the fair value through profit or loss portfolio.
Interest earned on these assets is recognised as interest
income under Other interest income. All other realised and
unrealised gains and losses on remeasuring debt instruments
at fair value are recognised under Result on financial
transactions. All realised and unrealised gains and losses on
remeasuring equity instruments at fair value are recognised
under Income from securities and associates.
Financial assets at fair value through profit or loss include
financial assets from trading activities. These are
transactions for our own account whereby the aim is to
actively sell these instruments in the short term. Financial
assets from trading activities consist of the trading portfolio
of both equity instruments and debt instruments. The
financial assets from trading activities are recognised at fair
value with effect from the trade date and value adjustments
are taken to the statement of income under Result on
financial transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-588": { "value": "
Loans and advances to the public and private sectors
Loans and advances to the public and private sectors are
initially recognised at fair value plus transaction costs
directly attributable to the acquisition of the financial asset,
and are subsequently amortised using the effective interest
rate method less any allowance for impairment. The loss
allowance for expected credit losses is recognised in the
statement of income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-589": { "value": "
Investments in associates using the equity method
These investments have been designated by management as
transactions held indefinitely, and as a result of the acquired
control can be classified as investments in associates using
the equity method. These are investments in entities where
we have significant influence but not control. If there is a
change in the equity of the associate, we recognise our share
in this change and include it in Other comprehensive income.
This also applies to results of associates recognised in our
statement of income.
In the first year of investment, investments classified as
investments in associates using the equity method are
recognised at cost, and where applicable are adjusted for any
changes in the value of the associate\u2019s individual receivables
and payables occurring after the acquisition, measured using
the policies applied by Van Lanschot Kempen.
The recoverable amount of the investments in associates
using the equity method is determined each quarter. The
valuation methods applied to assess the carrying value are
the capitalisation method (peer group analysis), the
discounted cash flow method and the disclosed net asset
value method. An impairment is recognised if the
recoverable amount is lower than the carrying amount.
The capitalisation method determines the value of a
business by multiplying the operating profit (EBIT) and the
operating profit before depreciation and amortisation
(EBITDA) by a multiplier factor derived from similar listed
companies (the peer group), if applicable also taking account
of a discount for poor liquidity and minority shareholdings.
EBIT and EBITDA are adjusted for one-off items where
applicable.
The discounted cash flow method calculates the enterprise
value by discounting the forecast operational cash flows at a
discount rate for the planning period and a final value based
on the extrapolation of the operating profit.
The discount rate is determined on the basis of the discount
rate of listed companies with a high degree of similarity and
on the specific characteristics of the company. If applicable,
the discounted cash flow method takes account of a discount
for poor liquidity and minority shareholdings.
The company\u2019s net debt is then deducted from the value
resulting from the capitalisation method and/or discounted
cash flow method and multiplied by the share in the capital
structure to derive the shareholder value from the
enterprise value.
The disclosed net asset value method determines the value
of a company based on the statement of financial position.
If our share in the associate\u2019s losses is equal to or exceeds
our interest in the associate, no further losses are recognised
unless we have assumed obligations or made payments for
these associates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-590": { "value": "
Property and equipment
Property and equipment comprise buildings in own use,
right-of-use assets, operation system software and IT,
communication and safety equipment, renovation &
refurbishment, and furniture & fixtures. Property and
equipment are initially carried at cost and subsequently
measured at historical cost less accumulated depreciation
and accumulated impairments. The carrying value includes
the costs for replacement of part of the existing property as
soon as these costs are incurred, but excludes day-to-day
servicing costs. Depreciation is calculated on a straight-line
basis over the useful life of the asset.
Lease contracts which we entered into as a lessee are
classified as right-of-use assets. Right-of-use assets are
presented as part of Property and equipment in the
statement of financial position and are measured at cost,
comprising the following:
\u2013 The amount of the initial measurement of the lease
liability;
\u2013 Any lease payments made at or before the
commencement date less any lease incentives received;
\u2013 Any initial direct costs;
\u2013 Restoration costs.
Depreciation is applied using the same method as for wholly
owned tangible assets.
The recoverable amount of individual property items within
the different CGUs or group of CGUs is determined every
year, irrespective of whether there is any indication of
impairment, and more often if market conditions so dictate.
The recoverable amount is the higher of the fair value less
costs to sell or the value in use. The value-in-use method is
used to determine the recoverable amount of the CGU to
which the asset belongs, unless the asset no longer
generates any cash flows at all. In that case, the fair value
less costs to sell is determined by an independent surveyor.
If the recoverable amount is below the carrying amount, an
impairment is recognised for the difference between the
carrying amount and the higher of the fair value less costs to
sell and the value in use.
Estimated useful life of property and equipment (years)
Buildings
25-40
Right-of-use assets
1-10
Operating system software and IT
3-5
Communication equipment
5
Safety equipment
15
Renovation & refurbishment
10-15
Furniture & fixtures
5-10
Operating system software expenses are capitalised if they
are identifiable, if there is a likelihood that future economic
benefits will flow to Van Lanschot Kempen and if costs can
be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-592": { "value": "
Goodwill and other intangible assets
Goodwill represents the difference between the fair value of
the acquired assets (including intangible assets) and
liabilities, and the purchase price paid (excluding acquisition
costs). Goodwill paid is included in the financial statements
at cost less any accumulated impairment losses. Goodwill
paid is tested for impairment annually or whenever events or
changes in circumstances indicate that the carrying value
may be impaired. An impairment is calculated based on the
difference between the carrying value and the recoverable
amount of the CGU to which the goodwill relates. A CGU\u2019s
recoverable amount is the higher of its fair value less costs of
disposal and its value in use. If either of these amounts
exceeds the carrying amount, an impairment is not
necessary.
The fair value less costs of disposal uses price-earnings
multiples for our peer group and estimated future cash
flows. The value in use is determined by discounting the
future equity cash flows generated by each CGU or group of
CGUs to their net present value using a cost of equity for
each CGU or group of CGUs. If the recoverable amount of a
CGU is lower than its carrying amount, goodwill is impaired.
The impairment is first applied in full to the goodwill and
then pro rata to the individual assets.
Other intangible assets with a finite useful life, such as client
relationships, brand names and application software, are
capitalised at cost and amortised on a straight-line basis over
their respective useful lives. For acquired intangible assets,
an annual useful life test is conducted to assess indications of
impairment. For client relationships, volume changes in
assets under management (AuM) are assessed.
For acquired brand names and application software, the
future continuation of these intangible assets is evaluated.
Estimated useful life of intangible assets (years)
Client relationships
5-20
Brand names
5-20
Application software
3-5
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-591": { "value": "
Goodwill and other intangible assets
Goodwill represents the difference between the fair value of
the acquired assets (including intangible assets) and
liabilities, and the purchase price paid (excluding acquisition
costs). Goodwill paid is included in the financial statements
at cost less any accumulated impairment losses. Goodwill
paid is tested for impairment annually or whenever events or
changes in circumstances indicate that the carrying value
may be impaired. An impairment is calculated based on the
difference between the carrying value and the recoverable
amount of the CGU to which the goodwill relates. A CGU\u2019s
recoverable amount is the higher of its fair value less costs of
disposal and its value in use. If either of these amounts
exceeds the carrying amount, an impairment is not
necessary.
The fair value less costs of disposal uses price-earnings
multiples for our peer group and estimated future cash
flows. The value in use is determined by discounting the
future equity cash flows generated by each CGU or group of
CGUs to their net present value using a cost of equity for
each CGU or group of CGUs. If the recoverable amount of a
CGU is lower than its carrying amount, goodwill is impaired.
The impairment is first applied in full to the goodwill and
then pro rata to the individual assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-593": { "value": "
Other intangible assets with a finite useful life, such as client
relationships, brand names and application software, are
capitalised at cost and amortised on a straight-line basis over
their respective useful lives. For acquired intangible assets,
an annual useful life test is conducted to assess indications of
impairment. For client relationships, volume changes in
assets under management (AuM) are assessed.
For acquired brand names and application software, the
future continuation of these intangible assets is evaluated.
Estimated useful life of intangible assets (years)
Client relationships
5-20
Brand names
5-20
Application software
3-5
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-594": { "value": "
Tax assets and liabilities
Tax assets and liabilities are stated at face value. Current
and deferred tax assets and liabilities are offset if they relate
to the same tax authority, concern the same type of tax, if it
is permitted under law to offset these tax positions and if the
tax positions are expected to be settled simultaneously.
Deferred taxes are recognised on the face of the statement
of financial position if the valuation of an asset or liability
temporarily differs from the valuation for tax purposes.
Deferred taxes are calculated using the tax rates prevailing
on the reporting date. Deferred tax assets are recognised
only if it is probable that taxable profits will be realised in the
near future against which these temporary differences can
be offset.
Deferred tax assets and liabilities are assessed at every
reporting date and derecognised to the extent necessary.
This derecognition will be reversed if it is probable that
sufficient taxable profits will be available.
Changes in the value of investments at fair value through
other comprehensive income and movements in the value of
derivatives forming part of a cash flow hedge are recognised
in equity net of deferred tax. Deferred tax assets and
liabilities cease to be recognised when these movements in
value are realised. Current tax is taken to the statement of
income on realisation of the change in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-595": { "value": "
Other assets
Other assets comprise interest receivables, commission
receivables and other receivables, and are carried at the
lower of cost or the recoverable amount. This recoverable
amount is the estimated selling or settlement price in the
ordinary course of business less the relevant variable costs
to sell. The recoverable amount less the relevant variable
costs to sell is based on the appraisal value as determined by
an independent surveyor if applicable. Other assets are
initially recognised at fair value excluding transaction costs.
After initial recognition, they are recognised at amortised
cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-596": { "value": "
Due to banks
Amounts due to banks are initially recognised at fair value
excluding transaction costs. After their initial recognition,
they are recognised at amortised cost using the effective
interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-597": { "value": "
Provisions
A provision is a liability of uncertain timing and/or amount. A
provision is included in the statement of financial position if
we have an obligation as a result of a past event, it is
probable that an outflow of resources will be required to
settle the obligation, and a reliable estimate can be made.
Provisions are discounted if the time value of money for the
liability has a material effect. The most material types of
provisions are the provision for pensions, provisions for
long-service benefits and restructuring provisions.
Provision for pensions
We operate defined benefit plans and defined contribution
plans. Under defined contribution plans, contributions to
pension providers are taken to the statement of income as
staff costs. We have no further payment obligations with
respect to defined contribution plans once the contributions
have been paid.
A defined benefit plan is a pension plan which defines the
amount of pension benefit that an employee will receive on
retirement. Factors such as age, years of service and salary
are taken into account when determining the amounts to be
paid. The provision for defined benefit plans is the present
value of the defined benefit obligation at the reporting date
less the fair value of plan assets.
Differences between the expected and actual return on plan
assets, actuarial gains and losses and changes in the effect of
the asset ceiling are recognised directly in equity; net
interest is recognised under Other interest expense in the
statement of income.
Provisions for long-service benefits
Employees receive a bonus to mark a long-service
anniversary of 25 and 40 years. The obligation is calculated
on an actuarial basis.
Restructuring provision
A provision for restructuring is recognised only if the
recognition criteria are met. We have a constructive
obligation if we have a detailed formal restructuring plan
identifying at least the business or part of the business
concerned, the principal locations affected, the number of
employees affected, a detailed estimate of the expenditure
to be undertaken and a suitable timeframe. Employees are
also notified of the main features of the plan.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-598": { "value": "
Other liabilities
Other liabilities are initially recognised at fair value
excluding transaction costs. After their initial recognition,
they are recognised at amortised cost using the effective
interest method.
Lease liabilities are presented in the statement of financial
position as part of Other liabilities. Interest payments and
amortisation in the year are charged to the statement of
income on a straight-line basis over the term of the lease.
Lease liabilities consist of interest and amortisation
payments and are initially measured at the present value of
the remaining lease payments, discounted using the lessee\u2019s
incremental borrowing rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-599": { "value": "
Lease liabilities are presented in the statement of financial
position as part of Other liabilities. Interest payments and
amortisation in the year are charged to the statement of
income on a straight-line basis over the term of the lease.
Lease liabilities consist of interest and amortisation
payments and are initially measured at the present value of
the remaining lease payments, discounted using the lessee\u2019s
incremental borrowing rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-600": { "value": "
Equity
Direct costs of new share issues are deducted from equity,
taking account of taxes.
If we purchase treasury shares, the purchase price, including
direct transaction costs after tax, is deducted from equity.
Treasury shares that we purchase do not qualify for profit or
dividend and are not included in the calculation of earnings
per share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-601": { "value": "
If we purchase treasury shares, the purchase price, including
direct transaction costs after tax, is deducted from equity.
Treasury shares that we purchase do not qualify for profit or
dividend and are not included in the calculation of earnings
per share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-602": { "value": "
General
Revenue is recognised when it is likely that the economic
benefits will flow to Van Lanschot Kempen and the revenue
can be measured reliably. Costs are allocated as far as
possible to the period in which the services were rendered
or to the relevant proceeds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-603": { "value": "
Net interest income
This item consists of income earned on lending and costs of
borrowing, derivatives, related commission, and other
income/expense similar to interest. The amortisation of
remaining value adjustments on mortgage portfolios of fair
value hedges which expired in the past is presented under
Interest income.
Interest income and interest expense are recognised in the
statement of income on an accrual basis, using the effective
interest method. The effective interest rate is the rate that
exactly discounts estimated cash flows over the life of the
financial instrument, or a shorter period when appropriate,
to the net carrying amount of the financial asset or liability.
When calculating the effective interest rate, we take into
account all contractual terms of the financial instrument (for
example early repayment) but not future losses due to
uncollectible amounts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-604": { "value": "
Net commission income
This item comprises the income, other than income similar to
interest, earned on wealth management services provided to
third parties. It also includes fees charged to managed
investment funds. Commission paid to third parties is
accounted for as commission expense. We receive
commission for the wide range of services we provide to
clients. This can be divided into commission on a transaction
basis and periodic commission charged to the client during
the year.
Commission on a transaction basis
Commission income on a transaction basis is recognised in
the periods in which we provide the services. Transaction
commission for which we only provide a service on the
transaction date (e.g. commission on buying and selling
shares) is taken directly to the statement of income.
Transaction commission for which we have to provide a
service in the future (e.g. commission on structured
products) forms part of the amortised cost and is recognised
in the statement of income over the expected term of the
instrument.
Periodic commission
Periodic commission (e.g. management fees) is recognised in
the statement of income in the period in which the services
are provided.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-605": { "value": "
Result on financial transactions
Result on securities trading includes realised and unrealised
value differences on gains and losses on financial
instruments relating to the securities trading portfolio.
Exchange and price gains and losses on trading in other
financial instruments are recognised under Result on foreign
currency trading. Gains and losses due to ineffectiveness in
hedge accounting are recognised under Unrealised gains/
losses on derivatives under hedge accounting. When
financial assets at fair value through OCI are derecognised,
the cumulative gain or loss is reclassified to Realised gains or
losses on financial assets at fair value through other
comprehensive income. Result on economic hedges includes
realised and unrealised gains and losses on derivatives that
are not included in a hedge accounting model. Result on
financial instruments at fair value through profit or loss
comprises unrealised value differences and interest
expenses on financial liabilities at fair value through profit or
loss with the exception of the interest charges on medium-
term notes, which are recognised under Net interest income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-606": { "value": "
Staff costs
Staff costs comprise wages and salaries, pension and early
retirement costs, other social security costs and other staff
costs such as remuneration in the form of share-based
employee benefits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-607": { "value": "
Share-based payments
Employees may be eligible to receive remuneration in the
form of share-based payments. The cost of equity-settled
transactions with employees is measured by reference to the
fair value at the date on which the equity instruments are
granted. The fair value is determined based on the share
price on the grant date, taking into account the discounted
value of expected dividends over the vesting period. The
cost of equity-settled transactions is recognised, together
with a corresponding increase in equity, in the period in
which the employee\u2019s performance criteria are fulfilled,
ending on the date on which the employee becomes fully
entitled to the award (the vesting date).
Partnership plan and partnership investment incentive
The partnership plan is a participation plan that allows key
senior staff to contribute to and participate in the success of
Van Lanschot Kempen. Its purpose is to anchor leadership
more broadly in our organisation, to further encourage
ownership and entrepreneurial spirit, and to create more
long-term alignment with our shareholders and clients.
Partners' contributions remain in the partnership during
their full tenure as a partner. Partners receive a discount of
18.5% as their interest is subject to a lock-up period of five
years. This discount is accounted for as an equity-settled
share-based payment, and it is recognised immediately as an
expense, with a corresponding increase in equity.
The purpose of the partnership investment incentive is to
enhance return perspectives. If awarded, a partnership
investment incentive will apply with respect to the
contributions made in the relevant contribution round for
five financial years and will be calculated at the end of each
of those years in accordance with the partnership
investment incentive formula.
Since the entitlement to the partnership investment
incentive for a financial year is subject to continued service
until the end of the financial year and the actual
performance achieved, the estimated cost is recognised over
the relevant vesting period.
The partnership investment incentive will be paid to
partners in two components: 70% in Van Lanschot Kempen
shares and 30% in cash. The portion settled in shares is
accounted for as an equity-settled share-based payment and
the portion settled in cash is accounted for as a long-term
employee benefit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-608": { "value": "
Depreciation and amortisation
Depreciation and amortisation costs are determined on the
basis of estimated useful life and charged to the statement of
income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-609": { "value": "
Impairments
This item comprises the balance of the required impairments
and reversals of such impairments, including those on
financial instruments, on investments in associates using the
equity method, on property and equipment, and on goodwill
and other intangible assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-610": { "value": "
Income tax
Tax on operating profit is recognised in the statement of
income in accordance with applicable tax law in the
jurisdictions in which we operate. Tax effects of any losses
incurred in certain jurisdictions are recognised as assets
when it is probable that sufficient future profits will be
available in the relevant jurisdiction against which these
losses can be offset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-611": { "value": "
Earnings per ordinary share
Earnings per ordinary share are calculated by dividing the
profit for the year available to ordinary shareholders by the
weighted average number of ordinary shares outstanding
during the period (ignoring treasury shares). Diluted
earnings per ordinary share are calculated by dividing the
profit available to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the
period, adjusted for possible dilution as a result of, for
example, outstanding option rights.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-612": { "value": "
Statement of cash flows
The statement of cash flows is prepared using the indirect
method. It distinguishes between cash flows from operating,
investing and financing activities. Cash flows from operating
activities include net changes in loans and advances,
deposits from/with banks, public and private sector
liabilities, and dividends received from investments in equity
instruments. Investing activities include acquisition,
redemption and sales of debt instruments, equity
investments, associates using the equity method, property
and equipment, goodwill and other intangible assets, and
dividend received from investments in associates using the
equity method. Financing activities include issues and
repayments of share plans, debt instruments and issued debt
securities, and dividends and capital returns paid to
shareholders. Cash and cash equivalents comprise, at face
value, all cash in hand, balances at central banks and
balances withdrawable on demand at other banks. Investing
and financing transactions that do not require the use of
cash or cash equivalents are excluded from the statement of
cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-614": { "value": "
Commitments not recognised in the
statement of financial position
This includes contingent liabilities that are carried at the
contract value and relate in particular to guarantees and
irrevocable letters of credit. This item consists of unused
overdraft facilities, sale and repurchase commitments,
irrevocable payment commitments for leases not yet
commenced, irrevocable commitments for SRF\u00a0and all other
obligations resulting from irrevocable commitments that
could give rise to loans or other assets.
Other commitments represent a potential credit risk, but of
a type for which it is either not probable that this will lead to
an outflow of resources or for which no reliable estimate can
be made. For the commitments not recognised in the
statement of financial position, see \u201cCommitments and
contingent liabilities\u201d in the supplementary notes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-613": { "value": "
Commitments not recognised in the
statement of financial position
This includes contingent liabilities that are carried at the
contract value and relate in particular to guarantees and
irrevocable letters of credit. This item consists of unused
overdraft facilities, sale and repurchase commitments,
irrevocable payment commitments for leases not yet
commenced, irrevocable commitments for SRF\u00a0and all other
obligations resulting from irrevocable commitments that
could give rise to loans or other assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-615": { "value": "
Segment information
The different operating segments form the basis for our
primary segmentation. An operating segment is a business
unit that can earn revenues and incur expenses and whose
operating results are regularly reviewed by management or
the chief operating decision-maker and for which discrete
financial information is available. Additional information is
reported geographically based on where the business
activities are located. Intra-segment transactions are
conducted on commercial terms and market conditions (at
arm\u2019s length).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-617": { "value": "
Risk management
1. Risk, capital management and compliance
Our front-office functions are essential in delivering services
and products to our clients. The risk management function \u2013
which comprises Compliance, Financial Risk Management
and Non-Financial Risk Management \u2013 supports the front
office, clients and other stakeholders in ensuring that the
risks taken by Van Lanschot Kempen are controlled, and
comply with our risk appetite and legal requirements. This
section describes our risk appetite, the organisational and
governance arrangements that are in place regarding risk
management, and the three lines of defence principle. After
describing these general arrangements, the section continues
with credit risk, market risk, model risk, settlement risk,
credit valuation adjustment (CVA) risk, strategic risk, interest
rate risk, liquidity risk, securitisation risk, sustainability risk,
operational risk, compliance risk, financial reporting risk and
financial instruments at fair value.
1.1 Risk appetite
Solid capital and liquidity ratios are essential prerequisites for
a successful proposition to our clients and the financial
stability of Van Lanschot Kempen in general. This is reflected
in our risk appetite statement. We aim to have a simple and
transparent balance sheet.
We have a robust risk appetite framework in place covering
all significant risks of our company. Every year, the
Management Board assesses and updates the risk appetite
statement, which translates our risk appetite into strategic
limits. The risk appetite statement is then submitted to the
Supervisory Board for review and approval. Quarterly risk
appetite reports serve as important monitoring instruments
for the continuous review of our risk profile.
1.2 Organisation of risk, capital management and
compliance
The purpose of our risk management framework is to identify
and analyse risks at an early stage, as well as to mitigate and
monitor those risks. Adequate internal control procedures
and reporting systems, including the application of standards
and limits, are key elements of our risk management
framework.
The organisation of our risk management framework is based
on the three lines of defence principle. Day-to-day
responsibility for risk management and control lies with the
front office and/or operational departments (the first line of
defence), including Internal Control and Finance, Reporting &
Control.
Compliance, Financial Risk Management and Non-Financial
Risk Management form the second line of defence for
financial and non-financial risks. These departments are
responsible for initiating risk policies and the supervision of
risks and controls within Van Lanschot Kempen.
Internal Audit forms the third line of defence and is
responsible for performing independent audits on activities
of the first and second lines. The department reports to the
Chair of the Management Board and to the Chair of the Audit
Committee. The three lines of defence set-up creates a clear,
balanced and appropriate division of tasks, powers and
responsibilities, and ensures independent and effective
operation of the risk management function.
Financial Risk Management and Asset & Liability
Management stand at the core of capital and liquidity
management. We actively manage our capital base to cover
risks inherent to our business and meet the capital adequacy
requirements of De Nederlandsche Bank (DNB). The
adequacy of our capital is monitored by using the rules and
ratios established by the Basel Committee on Banking
Supervision as transposed into EU law through the Capital
Requirements Regulation (CRR). This legal framework also
forms the basis for supervision by DNB through the Capital
Requirements Directive (CRD) and the Financial Supervision
Act (Wft). Over the reporting period, we fully complied with
all capital and liquidity requirements. Both external and
internal capital and liquidity adequacy targets are taken into
account, and the central focus is on safeguarding our financial
solidity and stability. A capital and funding plan is prepared
annually for capital and liquidity management purposes.
Table 1.2 Risk, capital management and compliance framework
Supervision
1.2.1
Supervisory Board
\u2013 Risk and Compliance Committee
\u2013 Audit Committee
Risk, capital management and compliance
1.2.2
Management Board
\u2013 Group Risk Committee
\u2013 Credit Risk Committee
\u2013 Market Risk Committee
\u2013 Asset & Liability Committee
\u2013 Sustainability Board
\u2013 Compliance & Operational Risk Committee
Implementation and review
1.2.3
Asset & Liability
Management
Finance,
Reporting &
Control
Financial and
Non-Financial
Risk
Management and
Compliance
Internal Audit
Execution
1.2.4
Private Clients
Netherlands and
Belgium, Investment
Management Clients
and Investment
Banking Clients
Treasury
Credit Approval
and Financial
Restructuring &
Recovery
1.2.1 Supervision
The Supervisory Board oversees the risks and capital
requirements in relation to the group\u2019s operations and
balance sheet composition.
The Risk and Compliance Committee focuses on all identified
risks in the group\u2019s business activities, as well as the risk
management framework. Compliance risks and other matters
including duty of care are discussed in this committee, which
prepares decision-making by the Supervisory Board on risk
matters.
The Audit Committee is tasked with advising the Supervisory
Board on financial and non-financial reporting, internal and
external audits.
1.2.2 Risk, capital management and compliance
The Management Board is responsible for developing and
executing Van Lanschot Kempen's strategy. This includes our
capital and funding plan, internal capital adequacy
assessment process (ICAAP) and internal liquidity adequacy
assessment process (ILAAP), based on extensive analyses of
all risks run by Van Lanschot Kempen.
The primary objective of our capital management is to ensure
that we comply with external and internal capital
requirements to support our businesses and to create value
for our stakeholders. We manage our capital structure by
taking into account changes in economic conditions and the
risk characteristics of our activities. To maintain and/or
manage our capital structure, we may adjust the amount of
profit we distribute to shareholders in dividend payments,
return capital to shareholders, or issue capital securities.
These adjustments are under constant review by the
Management Board. Lastly, requests or demands by our
supervisors DNB and/or the European Central Bank (ECB)
and new regulation can also influence capital management.
The Management Board also bears responsibility for ensuring
the proper operation of the processes that safeguard the
group\u2019s liquidity position. In addition, it is required to provide
information to the Supervisory Board, which in turn assesses
the risk appetite of the group. To ensure the various risk
types are managed properly, the Management Board has set
up the following risk and compliance committees:
Group Risk Committee
The Group Risk Committee discusses group-wide risk
management themes. The committee brings together,
discusses and monitors the various risk types on an
integrated level. The committee sets the annual risk appetite
statement and discusses the risk appetite report and
emerging trends in the risk profile. Other areas covered
include recovery and resolution planning.
The committee includes all members of the Management
Board and is chaired by the CRO. Other members represent
Financial Risk Management, Non-Financial Risk Management
and Compliance.
Credit Risk Committee
The Credit Risk Committee sets and adjusts the group\u2019s
overall credit risk policy and translates this into acceptance
and portfolio management policies. In executing its tasks, the
committee bears in mind our strategic objectives and the
guiding principles informing the risk appetite statement. The
committee is also responsible for all IFRS and internal ratings-
based (IRB) models.
This committee includes the CRO and the Management
Board member whose responsibilities include Private Clients
Netherlands. The CRO chairs this committee; other members
represent Financial Risk Management, Private Clients and
Credit Approval and Financial Restructuring & Recovery.
Market Risk Committee
The Market Risk Committee focuses on all market risks
within Van\u00a0Lanschot Kempen. Market risk is the risk of loss as
a result of changes in market variables, including interest
rates (excluding interest rate risk in the banking book),
exchange rates and equity prices. It also considers variables
not directly observable in the market, such as volatility and
correlations, which also influence the value of certain
financial instruments. Market risks at Investment Banking
Clients arise from securities trading to facilitate our clients
(mainly equities and equity derivatives). Van Lanschot
Kempen is exposed to a certain amount of market risk
through the Treasury department. Risks are limited as
transactions are offset in the market within very tight limits.
Van Lanschot Kempen is also exposed to market risk as a
result of management book investments.
This committee includes the CRO and the CFO. The CRO
chairs the committee; other members represent Financial
Risk Management, Investment Banking, Trading & Sales and
Treasury.
Asset & Liability Committee
The Asset & Liability Committee is responsible for managing
risks that result from mismatches between assets and
liabilities (interest rate and liquidity risks), as well as our
capital position. The committee\u2019s main task is to oversee the
asset and liability management process. The committee sets
policies on interest rate risk in the banking book1, liquidity
and funding risk, funds transfer pricing and capitalisation, and
it monitors the development of the balance sheet and
balance-sheet projections.
This committee includes the Chair of the Management Board,
the CRO, the CFO and the Management Board member
responsible for Private Clients Netherlands and Investment
Banking Clients. The CFO chairs the committee, with other
members representing Asset & Liability Management,
Treasury, Financial Risk Management and Finance Reporting
& Control.
Compliance & Operational Risk Committee
The Compliance & Operational Risk Committee is responsible
for the implementation and execution of our compliance and
operational risk management policies. The committee
assesses compliance and operational risks, and ensures
remedial actions are taken where required. Among other
matters, the root causes of major operational risk incidents
are discussed in this committee.
1 The banking book comprises all assets not held for trading under the regulatory definition.
This committee includes the Chair of the Management Board,
the CRO, the Management Board member responsible for
Private Clients Netherlands and Investment Banking Clients,
the Board member responsible for Investment Management
Clients, and the General Counsel/Company Secretary. The
CRO chairs this committee, with other members representing
Non-Financial Risk Management, Compliance and Financial
Risk Management.
Sustainability Board
The Sustainability Board is responsible for driving and
implementing Van Lanschot Kempen's sustainability strategy
and is responsible for embedding sustainability-related goals
in our own organisation, our balance sheet and our
investments. In addition, the Sustainability Board is the risk
owner for all sustainability-related risks within Van\u00a0Lanschot
Kempen and responsible for all sustainability-related policies,
setting of key performance indicators (KPIs), risk appetite
setting and sustainability monitoring.
This committee includes the Chair of the Management Board
and the Management Board member responsible for
Investment Management Clients. The Chair of the
Management Board chairs this committee with other
members representing Private Clients, Financial Risk
Management, Compliance, Strategy, Sustainability &
Corporate Development, IT and Procurement & Facility
Management.
The Head of Internal Audit has a standing invitation to attend
all committee meetings. Second-line departments take the
lead in preparing the meetings of the committees described
above, with the exception of the Asset & Liability Committee,
where Asset & Liability Management is in charge, and the
Sustainability Board, where the Corporate Sustainability team
is in charge. We also have a number of committees that form
part of the first line of defence and that cover specific risk-
related topics, such as the Credit Committee and the Product
Approval & Review Committees.
1.2.3 Implementation and review of risk, capital management
and compliance policies
Implementation and monitoring of our risk and capital policies
is carried out by Financial Risk Management, Non- Financial
Risk Management, Asset & Liability Management, and Finance,
Reporting & Control. In addition, Compliance oversees the
implementation and carries out the monitoring and/or review
of compliance policies.
Financial Risk Management is responsible for:
\u2013 Second-line monitoring and management of all risks
relating to the statement of financial position at group
level, including modelling, measuring, managing and
reporting on our credit, market, interest rate, liquidity and
strategic risks;
\u2013 The risk appetite process;
\u2013 Preparing, developing and maintaining policy documents;
\u2013 Issuing daily market risk reports;
\u2013 Proactively and reactively providing advice on managing
risks;
\u2013 Raising risk awareness among staff to improve their ability
to strike a sound balance between risk and return.
Non-Financial Risk Management is responsible for:
\u2013 Business continuity management;
\u2013 Information security (second-line monitoring);
\u2013 Preparing, developing and maintaining policy documents;
\u2013 Proactively and reactively providing advice on managing
risks;
\u2013 Raising risk awareness among staff to improve their ability
to strike a sound balance between risk and return.
Financial Risk Management and Asset & Liability Management
are responsible for:
\u2013 Preparing ICAAP and ILAAP documentation as well as the
recovery plan.
Finance, Reporting & Control is responsible for the financial
accounting and business control function. Through its various
reports, Finance, Reporting & Control fulfils an important role
in challenging the businesses. These reports include monthly
management reports and cost control reports, and are used to
monitor the progress of business plans.
Compliance has both an advisory and a monitoring role with
respect to compliance with applicable laws, regulations,
internal policies and industry standards relevant for
Van\u00a0Lanschot Kempen. It is also responsible for preparing,
developing and maintaining internal policies. As compliance
risks are part of Van\u00a0Lanschot Kempen's overall risk
governance, Compliance as an independent function is
involved in and supports the management of compliance risks
by identifying, assessing, monitoring and reporting on such
risks. Compliance risks include risks such as data privacy,
financial crime, business conduct and client protection risks.
Internal Audit periodically reviews parts of the design and
effectiveness of the risk organisation and the execution of our
risk, capital management and compliance policies in
accordance with their annual audit plan. The applicable
policies form the starting point for the independent review by
Internal Audit. Processes, infrastructure, organisation and
systems are audited based on these policies to determine
whether the organisation adequately executes its risk, capital
management and compliance policies.
1.2.4 Execution of risk, capital management and compliance
policies
Private Clients Netherlands and Private Clients Belgium,
Investment Management Clients and Investment Banking
Clients prepare their own business plans. On the basis of these
plans, current and future risks are assessed, including
expected capital and liquidity requirements. These
assessments serve as input for the various risk committees.
1.3 Capital requirements
The standards set by the Basel Committee on Banking
Supervision, translated into law and regulations (CRR, CRD
and Wft), apply to all Dutch banks, including Van Lanschot
Kempen. The Basel framework consists of three pillars:
\u2013 Pillar 1 stipulates capital requirements for credit, market
and operational risk.
\u2013 Pillar 2 requires banks to have internal processes for risk
management and to calculate the capital requirements
needed to address all risks that are not included in Pillar 1.
The Supervisory Review and Evaluation Process (SREP) is
also part of Pillar 2.
\u2013 Pillar 3 sets out requirements for disclosure of information
about the institution\u2019s risk profile to external stakeholders.
For Pillar 3 disclosures (unaudited), including a detailed
breakdown of our portfolio of loans to companies and
institutions, see vanlanschotkempen.com/en-nl/about-us/
investor-relations/annual-reports. Meanwhile, our
remuneration policy is explained on page 145 of this annual
report.
1.4 Individual risks
The following sections detail the individual risk types to
which we are exposed. They therefore cover a combination of
Pillar 1 and Pillar 2 capital requirements. The risk types
covered are:
\u2013 Strategic risk (Section 2);
\u2013 Credit risk (Section 3);
\u2013 Market risk (Section 4);
\u2013 Model risk (Section 5);
\u2013 Settlement risk (Section 6);
\u2013 CVA risk (Section 7);
\u2013 Interest rate risk (Section 8);
\u2013 Liquidity risk (Section 9);
\u2013 Securitisation risk (Section 10);
\u2013 Sustainability risks (Section 11);
\u2013 Operational risk (Section 12);
\u2013 Compliance risk (Section 13);
\u2013 Financial reporting risk (Section 14).
2. Strategic risk
Strategic risk can be defined as the threat to our results or
our equity arising from a failure to (adequately) respond to
changes in external factors or from incorrect strategic
decisions. External factors include the actions of competitors,
clients, potential market entrants, and public authorities.
Strategic risk is not inherently undesirable, since there can
also be an upside to taking these risks. We take a forward-
looking approach to strategic risk, keep a close eye on
external developments and set our strategic priorities
accordingly. Our strategy puts a strong focus on organic and
inorganic growth to profit from economies of scale. Existing
risk management practices and measures are assessed
regularly to ensure that possible new risks that may arise
from changes in strategic direction or in the business
environment are addressed adequately.
3. Credit risk
Credit risk is defined as the risk that a counterparty or client
is no longer able to fulfil its obligations. Our credit risk
policies focus on the counterparty risks associated with
lending to private banking clients and SMEs. Strict selection
criteria for new clients and active credit management for
existing clients are applied to safeguard the quality of the
loan portfolio. Our lending activities are required to be in line
with stated objectives, and individual assessments are used to
ascertain this.
Apart from lending activities, credit risk also arises from:
\u2013 Investment activities;
\u2013 International payment transactions and cash
management;
\u2013 Currency and hedging activities;
\u2013 Settlement risk.
Our investment activities relate to the management of our
liquidity buffer and equity investments. For the liquidity
buffer, a limit framework is in place to manage and monitor
associated credit risks.
Counterparty credit risk with respect to financial institutions
arises from international payment transactions, cash
management, currency and hedging activities. Some of these
activities also involve settlement risk. For derivatives
transactions, counterparty credit risk is mitigated by daily
margining.
We apply a strict policy when determining and monitoring
country and counterparty (financial institutions) limits. The
country limits serve as a cross limit for financial institutions,
meaning that the counterparty risks in respect of financial
institutions in one country are limited by the relevant country
limit, as the country limit is usually lower than the aggregate
of the individual counterparty limits.
Limits on financial institutions and countries are determined
using a number of hard criteria such as external ratings, Bank
for International Settlements (BIS) ratios, capital ratios,
country of origin and GDP (for countries). Limits can also be
adjusted and withdrawn on a daily basis.
3.1 Loans and advances
3.1.1 Credit acceptance
Our loan approval policy focuses on maintaining a high-
quality loan portfolio. The credit risk concentration mainly
lies within our private banking activities in the Netherlands.
Loan reviews and the authority to approve loans are
delegated to a limited number of teams, mainly our Credit
Approval team.
The authority to approve large loans rests with the Credit
Committee, which comprises representatives of the relevant
departments as well as members of the Management Board.
The mid- and back-office for nearly all residential mortgage
loans is run by a third party. A service level agreement (SLA) is
in place to ensure adequate control of the operational risks,
including the outsourcing risk.
The acceptance process is not outsourced, with the exception
of our white label loans \u2013 residential mortgages offered by a
third party. The acceptance and management of credit risks
has been outsourced to this third party, within our strict
guidelines and in accordance with prevailing legal
requirements.
New loan requests are assessed to determine if they are in
line with our strategy and policies, and we adopt a
conservative approach to granting them.
3.1.2 Credit management \u2013 policy and processes
To achieve a high-quality loan portfolio, strict credit
management is required. Credit management is carried out at
both individual loan and portfolio level. At the individual loan
level, explicit attention is devoted to the management of
unauthorised overdrafts and accounts past due. Loans with
an elevated risk profile are subjected to a risk check. In
addition, a proportion of the portfolio is regularly reviewed
and the credit risk of individual clients is scrutinised as part of
this review. The frequency of reviews varies according to the
individual borrower\u2019s risk profile and are carried out at least
annually for the main exposures. In addition to financial
analyses, reviews take account of future developments in a
client\u2019s situation (partly in the light of relevant
macroeconomic trends).
A deterioration in a client\u2019s risk profile may lead to closer
supervision, an adjusted rating, corrective measures (such as
requiring additional collateral or increasing the frequency of
financial reporting), involvement of Credit Approval and
Financial Restructuring & Recovery or a combination of these
measures. It may also lead to a stage transfer under IFRS 9 \u2013
see Section 3.8.
At portfolio level, credit risks are monitored on a monthly
basis. In addition, several early warning indicators are used to
draw up a watch list, which is discussed bi-monthly. A detailed
credit risk report and any relevant developments or expected
developments are discussed in the Credit Risk Committee on
a quarterly basis. Any negative trend identified in the risk
profile of a particular client segment, sector or loan type can
lead to the adjustment of the relevant lending policy. Trends
in sectors where there is a concentration risk are monitored\u00a0
closely.
If the review, risk check, payment arrears or external signals
point to an increased risk of discontinuity, the Financial
Restructuring & Recovery team is involved in the credit
management process. An estimate is made of the probability
of discontinuity. Depending on the seriousness and
magnitude of the problem, either monitoring or intensive
supervision is applied. If there are objective indicators of
impairment, the Financial Restructuring & Recovery team
draws up an impairment proposal. The Impairment
Committee determines the impairment for the whole credit
portfolio on a quarterly basis.
Active management of past due loans enables potential
problem loans to be identified at an early stage. If an
individual assessment identifies an increased risk, the
Financial Restructuring & Recovery team will supervise the
client. Increased credit risk occurs in situations including the
following:
\u2013 If clients fail to meet their payment obligations;
\u2013 If clients report difficulties in meeting future payments,
e.g. because of a divorce, unemployment;
\u2013 In the event of a default (see Section 3.1.3);
\u2013 For business clients, in the event of e.g. a significant
decrease in turnover, breach of one or more covenants, a
debt service coverage ratio below 1.
The primary goal of the Financial Restructuring & Recovery
team is to migrate clients back to accounts with regular status
(i.e. not under the supervision of Financial Restructuring &
Recovery) by reducing their credit risk. The aim is to do this in
accordance with the loan agreements made with these
clients, but forbearance measures are applied if necessary.
For more information on forborne exposures, see Section 3.2.
3.1.3 Credit risk measurement
We have developed internal models for measuring and
monitoring credit risk for the majority of the loan portfolio.
Some of these internal models are also used to determine the
required capital that has to be set aside for absorbing
unexpected credit losses. For this reason, the models, the use
of these models and the model governance have to adhere to
strict requirements set out in the CRR.
The CRR distinguishes three approaches for determining the
required capital for credit risk: the standardised approach
(SA), the foundation internal ratings-based (F-IRB) approach,
and the advanced internal ratings-based (A-IRB) approach.
We use SA and A-IRB for our loan portfolios.
The SA prescribes a set of rules for determining the required
capital based on various characteristics such as client type,
loan type, collateral type, and external rating. Meanwhile, the
A-IRB approach allows banks to use own estimates for
probability of default (PD), exposure at default (EAD) and loss
given default (LGD). PD is defined as the likelihood that a
client will default within one year, the EAD is defined as our
expected exposure at the time a client defaults, and the LGD
is the expected loss percentage in the event that a client
defaults. As a result, A-IRB is more risk-sensitive than SA.
We have approval from DNB to determine and report the
required regulatory capital for our residential mortgage
exposures portfolio using the A-IRB approach. Our models
are captured by our model governance framework.
As part of this, the performance of our A-IRB models is
periodically monitored, and these models are also periodically
validated against independent models.
The PD model is mostly based on behavioural aspects of the
client and the LGD models on the underlying collateral. For
the capital calculations a so-called downturn LGD is applied,
i.e. the expected loss at default during an economic downturn.
Estimation of the EAD is based on the limit and credit
utilisation.
The SA method has been used for capital calculations in all
our other retail and non-retail loan portfolios.
IRB equity portfolio
The IRB equity portfolio includes our positions in equities in
the investment portfolio, subordinated receivables, non-
controlling interests and shareholdings which appear on
Van\u00a0Lanschot Kempen's company statement of financial
position. We use the simple risk-weighted method to
calculate the risk-weighted assets for positions in shares.
In this method, a specific risk weighting (190%, 290% or
370%) is assigned to each position, based on a number of
characteristics. A risk weighting of 250% is applied for
significant investments in financial institutions that are not
deducted from equity because they fall below the regulatory
threshold. Positions taken in shares and subordinated loans
of wholly owned subsidiaries are excluded from IRB. These
are reported using the SA method.
Other loans and advances
The risk-weighted assets of other portfolios, such as the debt
securities in our investment portfolio managed by Treasury
(i.e. excluding retail, non-retail and equity), are calculated on
the basis of the SA method.
Definition of default and credit-impaired assets
Our definition of default is informed by European Banking
Authority guidelines. Most notably, the materiality threshold
complies with the uniform EU standard. A financial asset is
credit-impaired when one or more events have occurred that
have a detrimental impact on the estimated future cash flows:
\u2013 A breach of contract such as a more than 90 days past due
event with a materiality of more than \u20ac100 and more than
1% of total credit obligation for retail exposures or more
than \u20ac500 and more than 1% of total credit obligation for
non-retail exposures;
\u2013 Significant financial difficulty of the issuer or the
borrower and an inability to meet future payments;
\u2013 Concession(s) granted to the borrower that the lender
would not otherwise consider, relating to the borrower\u2019s
financial difficulties (forbearance);
\u2013 A growing likelihood that the borrower will enter
bankruptcy or other financial restructuring;
\u2013 The disappearance of an active market for the financial
asset because of financial market difficulties;
\u2013 The purchase or origination of a financial asset at a deep
discount that reflects the incurred credit loss.
It may not always be possible to identify a single discrete
event; instead the combined effect of several events may
have caused financial assets to become impaired. All impaired
assets are also classified as defaulted by Van\u00a0Lanschot
Kempen under CRR rules. Van Lanschot Kempen has
implemented one definition that serves for all its different
purposes.
3.2 Forborne exposures
A loan is considered forborne if the borrower is structurally
unable to meet their contractual obligations towards us and
we decide to make a concession to the client by modifying the
terms and conditions of the loan agreement. The objective of
this modification is to enable the borrower to meet the
renewed obligations, and it would not have been offered if
those circumstances had not arisen. Forbearance actions may
include one or more of the following measures:
\u2013 Amendment of the original terms and conditions of the
loan agreement that the client cannot meet due to
financial difficulties, with a view to restoring the client\u2019s
payment capacity;
\u2013 Full or partial refinancing of a forborne exposure.
The purpose of the measures taken in forbearance situations
is to maximise the chance of restoring the borrower\u2019s
payment capacity and to minimise the risk of losses due to
having to write off all or part of the loan. Measures must offer
the client an appropriate and sustainable solution, enabling
them to comply with the original obligations arising from the
credit agreement in due course.
Applying forbearance measures is exclusively reserved for
the Financial Restructuring & Recovery team, which pursues
a policy based on general principles and translates this to the
specific situation of the individual client. Given the nature of
these loans, the Financial Restructuring & Recovery team
carries out intensive credit management. Before any new
arrangements are agreed, a detailed analysis is made of the
client, their financial situation and the likelihood of income
recovery. The outcome of this analysis may have
consequences for the client\u2019s review frequency and the size
of any loan loss provision. If the client qualifies for
appropriate forbearance measures, a proposal will be drawn
up and submitted to the competent assessor(s) for approval.
If a forbearance measure is granted, the exposure is classified
as non-performing.
In practice, forbearance measures do not always have the
desired effect \u2013 i.e. the recovery of the client\u2019s payment
capacity or an end to the process of declining payment
capacity. This may, for example, be the result of a further
deterioration in the client\u2019s financial circumstances or the
failure of those circumstances to improve as expected. Such
cases are reanalysed and a new repayment strategy is agreed.
However, the principle is explicitly maintained that the
forbearance measure must be appropriate, enduring and
effective. Any new arrangements agreed with the borrower
must also meet these strict criteria.
A forbearance situation ends when the non-performing
status has no longer been applied to the loan for a probation
period of two years. The non-performing status must last a
minimum of one year starting from the last forbearance
measure. Moreover, the client must have made significant
and regular payments of interest and/or principal during at
least half of the probation period. During the two-year
probation period, no payments by the borrower may be in
arrears for more than 30 days. If this condition is not met, the
probation period will start again from the date the client is no
longer in arrears for more than 30 days.
The recording and monitoring of loans which are subject to
forbearance is carried out by the Financial Restructuring &
Recovery team. Each quarter, and where appropriate more
frequently for specific loans, an individual assessment is
carried out of forborne exposures which are in default, in
relation to any provision made. In addition to this quarterly
assessment (as part of the provisioning process), these loans
are subject to extensive credit risk management, the intensity
and frequency of which will as far as possible match the
specific circumstances of the loan.
Tables 3.2.A through 3.2.C show the total volume of forborne
exposures. We apply several types of forbearance measures
(see Table 3.2.A).
Following the decision to apply such a measure, a loan
remains under the supervision of the Financial
Restructuring\u00a0&\u00a0Recovery team until the forbearance
situation has ended.
Table 3.2.A Types of forborne exposure
31/12/2024
31/12/2023
Total
17,211
26,210
Refinancing or new loans
3,116
1,881
Reduction of repayments
1,661
7,619
Deferred payment of financing costs
1,282
741
Extension of loan term
2,641
2,548
Reduction in interest rate
508
3,747
Sale by agreement/assisted sale
437
1,041
Rescheduled payments
9
\u2014
Other alteration of contract conditions/covenants
7,521
8,364
Partial or total debt forgiveness
37
268
Tables 3.2.B and 3.2.C provide an insight into the underlying
collateral of forborne loans. This breakdown is based on the
collateral used under Basel regulations, with the exception of
commercial real estate, for which collateral is based on
market values. The value in the Total primary collateral
column is the lower of the subscription value or the value of
the collateral.
Table 3.2.B Forborne exposures by collateral at 31 December 2024
Balance
outstanding
Mortgage
collateral
Commercial real
estate
Financial
collateral
Total primary
collateral
Secondary
collateral and
unsecured loans
Total
17,181
2,499
9,343
1,634
13,476
3,705
Mortgage loans
2,499
2,499
\u2014
\u2014
2,499
\u2014
Current accounts
4,991
\u2014
\u2014
1,634
1,634
3,357
Loans
9,691
\u2014
9,343
\u2014
9,343
348
Table 3.2.C Forborne exposures by collateral at 31 December 2023
Balance
outstanding
Mortgage
collateral
Commercial real
estate
Financial
collateral
Total primary
collateral
Secondary
collateral and
unsecured loans
Total
26,210
2,368
16,596
2,044
21,008
5,202
Mortgage loans
2,368
2,368
\u2014
\u2014
2,368
\u2014
Current accounts
5,550
\u2014
\u2014
2,044
2,044
3,505
Loans
18,293
\u2014
16,596
\u2014
16,596
1,697
Write-off policy
We write off loans as soon as there is sufficient certainty
about the loss after the sale of collateral and after exploring
other redress opportunities.
3.3 Breakdown of the loan portfolio
We adopt a cautious approach to granting unsecured loans.
Our loan book mainly consists of loans to private banking
clients such as loans secured by residential real estate, a
number of commercial real estate loans and Lombard loans.
The remainder of the loan portfolio comprises consumer
loans and customised financing for private banking clients.
Mortgage loans also include ground leases (erfpacht), made by
Kempen Dutch Inflation Fund.
Table 3.3 Breakdown of loan portfolio by
entity excluding impairments
31/12/2024
31/12/2023
Limit
Utilisation
Limit
Utilisation
Total
9,730,708
9,366,177
9,672,400
9,199,580
Van Lanschot Kempen
9,199,624
8,954,847
9,136,786
8,810,598
Kempen Dutch Inflation Fund
127,289
127,289
132,786
132,786
Other
403,795
284,041
402,828
256,196
3.4 Collateral
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral.
Tables 3.4.A and 3.4.B provide insight into the underlying
collateral of the loan portfolio.
Table 3.4.A Loans and advances to the public and private sectors by collateral at 31 December 2024
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,450,267
7,058,144
491,103
867,780
248,874
8,665,901
784,366
Mortgage loans
6,841,316
6,724,729
46,478
3,402
1,562
6,776,171
65,146
Loans
1,911,899
237,402
417,973
481,092
246,161
1,382,628
529,271
Current accounts
402,491
61,279
26,653
218,719
1,151
307,802
94,689
Securities-backed loans and settlement
receivables
291,082
34,734
\u2014
164,567
\u2014
199,300
91,782
Subordinated loans
3,479
\u2014
\u2014
\u2014
\u2014
\u2014
3,479
Table 3.4.B Loans and advances to the public and private sectors by collateral at 31 December 2023
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,303,365
7,401,403
109,032
631,503
273,668
8,415,607
887,758
Mortgage loans
6,851,876
6,760,199
7,310
842
1,929
6,770,280
81,596
Loans
1,790,128
537,152
95,411
361,308
268,136
1,262,007
528,121
Current accounts
409,293
67,725
6,311
134,203
3,604
211,843
197,450
Securities-backed loans and settlement
receivables
248,976
36,327
\u2014
135,150
\u2014
171,477
77,499
Subordinated loans
3,092
\u2014
\u2014
\u2014
\u2014
\u2014
3,092
Tables 3.4.A and 3.4.B have been drawn up on the basis of the
definitions contained in the Basel regulations. Additional data
fields unlocked in 2024 for Basel IV purposes have resulted in
some movements, mainly from Mortgage collateral to
Commercial real estate. The balance outstanding is the
carrying amount excluding value adjustments for fair value
hedge accounting. The collateral value is the lower of the
balance outstanding of the related loan or the value of the
collateral itself.
The category Other mainly comprises loans for which
collateral has been pledged in the form of operating assets,
inventories and receivables, as well as collateral which for
technical reasons is not directly linked to a specific loan. The
total amount of unsecured loans is small.
The loan-to-value (LTV) of our mortgage loans is based on
indexed foreclosure values, in line with generally accepted
standards for LTV determination. The weighted average LTV
at year-end 2024 was 60% (2023: 64%).
3.5 Concentration within the loan portfolio
The vast majority of our loan portfolio consists of loans to our
private banking clients. For the credit risk in this portfolio, see
Section\u00a03.8, Loss allowance for expected credit losses. We
aim for a diversified loan portfolio, reflecting our risk
appetite. We have set limits for concentrations in individual
sectors.
3.5.1 Individual loan concentrations
The ten largest loans to individual clients other than financial
institutions totalled \u20ac176 million at year-end 2024, compared
with a total loan portfolio of \u20ac7.8 billion (2023: \u20ac179 million;
total loan portfolio \u20ac7.8 billion). In this calculation, Lombard
loans secured by non-single stock are excluded.
3.5.2 Geographical concentrations
The bulk of our lending takes place in the Netherlands. The
geographical breakdown reflects client locations.
Table 3.5.2 Loans and advances to the public and private sectors by geographical area
31/12/2024
31/12/2023
Total
9,331,093
9,161,433
Netherlands
8,547,476
8,486,270
Belgium
558,597
464,301
Other
225,019
210,862
3.6 Encumbered and unencumbered assets
Certain items in the statement of financial position are
classified as encumbered. Tables 3.6.A and 3.6.B provide
insight into the financial assets treated as encumbered. These
tables have been drawn up on the basis of carrying value.
Encumbered assets
Pledged as collateral:
\u2013 Cash pledged to a counterparty bank or central clearing
party as security for obligations stemming from
derivatives (CSA contracts);
\u2013 Investments in debt instruments pledged to DNB or
counterparty banks in the context of payments, repo
transactions or securities and derivatives clearing
purposes;
\u2013 Mortgage loans and receivables that act as a guarantee
for debt instruments which have been placed with
institutional investors in the form of covered bonds or
have been pledged as collateral to DNB, e.g. for
transaction settlements.
Other:
\u2013 Statutory reserve deposits with central banks;
\u2013 Reserve accounts of the covered bond entities to which
we have no access.
Unencumbered assets
Eligible as collateral:
\u2013 Investments in debt instruments which appear on the
ECB eligible list of marketable assets but are not classified
as encumbered at the reporting date;
\u2013 Mortgage loans and advances on underlying debt
instruments which are held by us and which appear on the
ECB eligible list of marketable assets but are not classified
as encumbered at the reporting date.
Table 3.6.A Encumbered and unencumbered
assets
Encumbered assets
Unencumbered assets
31/12/2024
Pledged as
collateral
Other
Eligible as
collateral
Not eligible as
collateral
Total
Total
2,138,444
134,287
4,414,692
9,257,888
15,945,312
Cash and cash equivalents and balances at central
banks
\u2014
129,665
\u2014
1,935,153
2,064,818
Due from banks
63,323
4,622
\u2014
16,280
84,225
Financial assets at fair value through profit or loss
\u2014
\u2014
180,734
91,760
272,494
Financial assets at fair value through other
comprehensive income
30,006
\u2014
2,788,606
172,528
2,991,140
Loans and advances to the public and private
sectors
1,830,000
\u2014
525,000
6,976,093
9,331,093
Other financial assets at amortised cost
215,115
\u2014
920,352
66,074
1,201,542
Table 3.6.B Encumbered and unencumbered
assets
Encumbered assets
Unencumbered assets
31/12/2023
Pledged as
collateral
Other
Eligible as
collateral
Not eligible as
collateral
Total
Total
2,081,098
129,779
3,237,799
10,359,817
15,808,493
Cash and cash equivalents and balances at central
banks
\u2014
123,637
\u2014
2,801,681
2,925,318
Due from banks
41,948
6,142
\u2014
29,411
77,501
Financial assets at fair value through profit or loss
\u2014
\u2014
130,245
104,348
234,593
Financial assets at fair value through other
comprehensive income
20,428
\u2014
1,785,096
402,990
2,208,514
Loans and advances to the public and private
sectors
1,830,000
\u2014
525,000
6,806,433
9,161,433
Other financial assets at amortised cost
188,722
\u2014
797,458
214,954
1,201,134
3.7 Netting of financial assets and liabilities
Tables 3.7.A and 3.7.B show the netting of financial assets and
liabilities. The right to net derivatives is laid down in a master
netting agreement per counterparty. For information about
the netting criteria, see \u201cSummary of material accounting
policies\u201d.
Table 3.7.A Netting of financial assets and liabilities 31/12/2024
Gross
Gross in the
statement of
financial position
Net in the
statement of
financial position
Related amounts
not netted in the
statement of
financial position
Net
Derivatives (assets)
915,087
597,189
317,897
157,037
160,860
Derivatives (liabilities)
851,755
597,189
254,566
157,037
97,529
Table 3.7.B Netting of financial assets and liabilities 31/12/2023
Gross
Gross in the
statement of
financial position
Net in the
statement of
financial position
Related amounts
not netted in the
statement of
financial position
Net
Derivatives (assets)
882,882
540,356
342,526
126,341
216,185
Derivatives (liabilities)
785,934
540,356
245,578
126,341
119,237
3.8 Loss allowance for expected credit losses
Under the IFRS 9 Accounting Standard, we recognise a loss
allowance for ECL on financial assets measured at amortised
cost or fair value through other comprehensive income, as
well as for financial guarantees and loan commitments. When
there is no significant deterioration in credit risk since initial
recognition, ECL is recognised based on a 12-month expected
credit losses (Stage 1).
When a significant increase in credit risk has occurred, ECL is
recognised based on a lifetime ECL (Stage 2). Likewise, for
impaired loans (Stage 3) a lifetime ECL is recognised.
3.8.1 Expected loss measurement
We measure ECL by using a sophisticated approach and an
alternative approach. For the sophisticated approach we use
models to calculate the ECL, governed by a model governance
framework. Under this framework, the performance of the
models is periodically monitored, and these models are also
periodically validated. Every quarter, the models are subject
to performance monitoring. If models are consistently
performing outside the agreed threshold, recalibration or
ultimately redevelopment will follow.
In both approaches, ECL reflects an unbiased probability-
weighted amount that is determined by evaluating a range of
possible outcomes, the time value of money, and reasonable
and verifiable information that is available without undue
cost or effort at the reporting date about past events, current
conditions and forecasts of future economic conditions. Both
approaches calculate a 12-month and a lifetime ECL for the
exposures of all three stages.
After the risk stage determination in the stage calculation,
the relevant ECL is assigned:
\u2013 12-month ECL for Stage 1;
\u2013 Lifetime ECL for Stage 2 and Stage 3.
The key elements of the ECL calculation are the probability of
default (PD), exposure at default (EAD), cure rate (CR), and
loss given default (LGD). An important part of the LGD is the
loss given non-cure (LGN). LGN is an estimate of the loss
arising in the event of a default without cure occurring at a
given time. It is based on the difference between the
contractual cash flows due and those that the lender would
expect to receive, including from the realisation of any
collateral.
In addition to these four key elements, we incorporate
forward-looking information for the sophisticated approach.
We identify macroeconomic variables and consider three
macroeconomic scenarios in calculating ECL:
\u2013 A baseline scenario;
\u2013 An upside scenario;
\u2013 A downside scenario.
These scenarios are associated with different PDs, EADs and
LGNs. In the process of building the PD, cure rate and LGN
models for IFRS Accounting Standards, we included several
macroeconomic risk drivers in the long list of risk drivers.
Those determined as best-performing during modelling were
selected to be part of the model. The macroeconomic
scenarios are generated based on inputs from CPB
Netherlands Bureau for Economic Policy Analysis, DNB, ECB
and our in-house economic experts. The reported ECL (12-
month or lifetime, depending on the stage) is a weighted ECL
average per macroeconomic scenario. The table below shows
the macroeconomic variables used for the sophisticated
approach.
Model
Macroeconomic variables
PD calibration
\u2013 GDP
\u2013 Volume of exports
Cure rate
\u2013 Residential real estate price
\u2013 Volume of exports
LGN
\u2013 GDP
\u2013 Residential real estate price
\u2013 Unemployment
EAD
n/a
3.8.2 Significant deterioration in credit risk
To determine the deterioration in credit risk of a financial
instrument since initial recognition, we compare the risk of
default at the reporting date with the risk of default on initial
recognition.
To calculate the lifetime probability of default (LPD) at
origination and the LPD at reporting date, we use four PD
models: private individuals, SMEs, corporates, and
commercial real estate. If the increase in LPD exceeds the
designated threshold, the exposure is transferred to Stage 2
and the lifetime ECL is calculated.
A backstop is applied and financial instruments that are
materially overdrawn and more than 30 days past due are
transferred from Stage 1 to Stage 2. If the financial
instrument is credit-impaired, it is transferred to Stage 3.
3.8.3 Financial instruments following the sophisticated
approach
For the majority of financial instruments included in the line
item Loans and advances to the public and private sectors,
including mortgage loans, loans, current accounts,
subordinated loans and financial guarantees and loan
commitments, we apply a sophisticated approach to calculate
expected credit losses. This approach uses an umbrella model
that combines the following sub-models:
\u2013 Various models that provide the expected flow of
exposures to the default state;
\u2013 A PD calibration model giving the flow from performing to
default;
\u2013 A full prepayment model and amortisation model giving
the outflow from the portfolio of an entire exposure due
to prepayment or contract expiration;
\u2013 A migration model providing flows from performing rating
classes to other performing rating classes;
\u2013 A cure rate model giving the flow from default to
performing classes and the non-cure state;
\u2013 Various product-level models that give the expected
exposure at the moment a client goes into default;
\u2013 An amortisation model showing the contractual payments
during the lifetime of a product and the part of the
exposure flowing out of the portfolio due to partial
prepayments;
\u2013 An EAD model giving the exposure as a function of the
limit or outstanding amount just before default;
\u2013 A product-level model evaluating the part of EAD that
may be lost \u2013 the loss given loss (LGL) model;
\u2013 A discount factor to discount the loss from the moment of
default to the moment of reporting.
3.8.4 Financial instruments following the alternative
approach
We apply an alternative approach for cash and cash
equivalents, due from banks, debt instruments at amortised
cost, debt instruments at fair value through other
comprehensive income, and loans and securities-backed
loans issued by Mercier Van Lanschot and Van Lanschot
Kempen Switzerland. The alternative approach comprises an
investments model and a foreign loan model.
3.8.5 Investments model
The investments model is applied to calculate the ECL for
cash and cash equivalents, due from banks, debt instruments
at amortised cost, and debt instruments at fair value through
other comprehensive income. These financial instruments all
have a low risk profile. All such exposures are assigned to
Stage 1 as long as their external rating is investment-grade.
We use a simplified model to calculate 12-month ECL, using
publicly available data for PD and LGD based on external
ratings. If financial assets are downgraded below investment
grade, these assets will be sold.
3.8.6 Foreign loans model
For the loans and securities-backed loans issued by Mercier
Van Lanschot and Van Lanschot Kempen Switzerland, we
have developed a foreign loans model. The foreign loans
model calculates ECL as the sum of future exposure
discounted at the effective interest rate at recognition for
non-revolving products and the current effective interest
rate for revolving products.
3.8.7 Model changes
As of 2020, a management overlay was applied to the ECL to
incorporate risks generated by the pandemic and later the
rise in geopolitical tensions, which were not captured by the
models used earlier. After several years, the only significant
effect within the credit risk domain is a change in customer
prepayment behaviour due to higher interest rates
introduced in response to increased inflation. In general,
repayments have fallen, thus increasing the probability of
loss, as exposures remain within the portfolio for a longer
time period. To incorporate this change in behaviour in our
models, our prepayment and maturity models have been
recalibrated, increasing the ECL by \u20ac1.3\u00a0million.
Several years have passed since the onset of the pandemic
and the rise in geopolitical tensions, giving any unforeseen
risks and consequences time to materialise. Given that the
observable gap in the models due to the pandemic and the
heightened geopolitical tensions has now been incorporated,
maintaining a management overlay is no longer defensible.
Future economic developments are expected to be captured
by our macroeconomic variables and scenarios. For these
reasons, the overlay is no longer applied, leading to an ECL
decline of \u20ac3.4 million in 2024.
3.8.8 Loss allowances
The table below shows the ECL loss allowances and the
corresponding book values (including revocable and
irrevocable commitments), categorised by balance sheet line
item and ECL by stage.
Table 3.8.A Loss allowance for expected credit losses
31/12/2024
31/12/2023
Carrying value
(excluding
impairments)
Expected credit
losses
Carrying value
(excluding
impairments)
Expected credit
losses
Total
16,867,053
38,146
16,766,183
40,767
Cash and cash equivalents and balances at central banks
2,064,818
0
2,925,318
0
Due from banks
84,225
\u2014
77,501
\u2014
Financial assets at fair value through other comprehensive
income
2,991,140
762
2,208,514
280
Loans and advances to the public and private sectors
9,610,954
35,084
9,525,767
38,146
Other financial assets at amortised cost
1,201,838
296
1,201,267
133
Financial guarantees and loan commitments
914,078
2,004
827,816
2,207
The table below shows total loss allowances recognised by
IFRS 9 stage. The total change in Stage 3 amounted to an
increase of \u20ac0.4 million (2023: increase of \u20ac0.8 million); of
this amount, \u20ac2.1 million (2023: \u20ac5.6 million) is related to
write-offs and \u20ac2.5 million (2023: releases of \u20ac6.4 million)
to\u00a0additions of loss allowances at Stage 3.
Table 3.8.B Loss allowance recognised by IFRS 9 stage
31/12/2024
31/12/2023
Write-offs
Change in
provision
Total change
Stage 1
4,385
5,701
\u2014
-1,316
-1,316
Stage 2
5,662
7,338
\u2014
-1,676
-1,676
Stage 3
28,099
27,729
-2,100
2,470
370
Total
38,146
40,767
-2,100
-521
-2,621
The table below shows the IFRS 9 stage and coverage ratios
for loss allowances recognised in the loan portfolio,
categorised by ECL stage.
Table 3.8.C IFRS 9 stage and
coverage ratio by ECL stage
(\u20ac million)
31/12/2024
31/12/2023
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Stage 1
8,221
2.7
0.0%
87.8%
7,760
4.3
0.1%
84.4%
Stage 2
1,018
4.3
0.4%
10.9%
1,314
6.1
0.5%
14.3%
Stage 3
127
28.1
22.1%
1.4%
126
27.7
22.0%
1.4%
Total
9,366
35.1
0.4%
9,200
38.1
0.4%
Stage 1
Model-based Stage 1 provisions on loans decreased by
\u20ac1.6\u00a0million to \u20ac2.7 million, with the Stage 1 exposure adding
\u20ac461 million. The main driver was the release of the
management overlay (\u20ac1.1 million). The coverage ratio was
down slightly from 2023.
Stage 2
Stage 2 provisions on loans went down from \u20ac6.1 million to
\u20ac4.3\u00a0million in 2024. The fall in provisions in Stage 2 was
mainly caused by the release of the management overlay
(\u20ac2.3 million) and improved economic conditions. The
recalibration of the IFRS 9 models resulted in a higher
provision. The coverage ratio narrowed slightly compared
with 2023.
Stage 3
The baseline for Stage 3 provisions is determined by the
Financial Restructuring & Recovery team, with limited IFRS 9
model adjustments. In 2024, Stage 3 provisions rose slightly
to \u20ac28.1 million. This was due to a release of provisions on the
resolution of some specific impaired exposures and write-
offs, offset by increased provisioning on existing impaired
loans and new defaults. The total impaired exposure
remained virtually stable at \u20ac127\u00a0million, while the coverage
ratio rose slightly compared with 2023.
Loss allowances for ECL change over time for several
reasons: the credit risk of financial instruments may
significantly increase or decrease, financial instruments may
become credit-impaired, or new financial assets may be
purchased. The following tables explain the changes in the
loss allowances during the year and the loss allowance
recognised in the statement of income.
Table 3.8.D Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
280
\u2014
\u2014
280
Additions or releases without transfer
270
\u2014
\u2014
270
Financial assets originated or purchased
212
\u2014
\u2014
212
Total balance excluding write-offs
762
\u2014
\u2014
762
At 31 December 2024
762
\u2014
\u2014
762
Table 3.8.E Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
49
\u2014
\u2014
49
Additions or releases without transfer
-13
\u2014
\u2014
-13
Financial assets originated or purchased
245
\u2014
\u2014
245
Total balance excluding write-offs
280
\u2014
\u2014
280
At 31 December 2023
280
\u2014
\u2014
280
Table 3.8.F Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
4,346
6,107
27,694
38,146
Additions or releases without transfer
-2,231
-1,749
1,245
-2,735
Transfer to Stage 1
247
-4,515
\u2014
-4,268
Transfer to Stage 2
-491
4,827
-635
3,701
Transfer to Stage 3
-89
-332
1,851
1,429
Financial assets originated or purchased
911
\u2014
\u2014
911
Total balance excluding write-offs
2,693
4,337
30,155
37,185
Amounts written off
\u2014
\u2014
-2,100
-2,100
At 31 December 2024
2,693
4,337
28,055
35,084
Table 3.8.G Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
6,098
6,974
26,927
39,998
Additions or releases without transfer
-2,608
-2,305
-1,517
-6,430
Transfer to Stage 1
260
-4,166
-1,843
-5,749
Transfer to Stage 2
-485
5,870
\u2014
5,385
Transfer to Stage 3
-24
-266
9,745
9,455
Financial assets originated or purchased
1,105
\u2014
\u2014
1,105
Total balance excluding write-offs
4,346
6,107
33,312
43,765
Amounts written off
\u2014
\u2014
-5,618
-5,618
At 31 December 2023
4,346
6,107
27,694
38,146
Table 3.8.H Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
133
\u2014
\u2014
133
Additions or releases without transfer
163
\u2014
\u2014
163
Financial assets originated or purchased
\u2014
\u2014
\u2014
\u2014
Total balance excluding write-offs
296
\u2014
\u2014
296
At 31 December 2024
296
\u2014
\u2014
296
Table 3.8.I Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
49
\u2014
\u2014
49
Additions or releases without transfer
67
\u2014
\u2014
67
Financial assets originated or purchased
17
\u2014
\u2014
17
Total balance excluding write-offs
133
\u2014
\u2014
133
At 31 December 2023
133
\u2014
\u2014
133
Table 3.8.J Changes in impairments of Financial guarantees and
loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
942
1,230
35
2,207
Additions or releases without transfer
-324
-100
15
-408
Transfer to Stage 1
7
-43
\u2014
-37
Transfer to Stage 2
-13
239
-25
202
Transfer to Stage 3
\u2014
-2
18
16
Financial assets originated or purchased
23
\u2014
\u2014
23
Total balance excluding write-offs
636
1,325
44
2,004
At 31 December 2024
636
1,325
44
2,004
Table 3.8.K Changes in impairments of Financial guarantees
and loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
664
1,761
10
2,435
Additions or releases without transfer
268
-530
10
-253
Transfer to Stage 1
5
-84
\u2014
-78
Transfer to Stage 2
-8
85
\u2014
76
Transfer to Stage 3
\u2014
-1
15
14
Financial assets originated or purchased
13
\u2014
\u2014
13
Total balance excluding write-offs
942
1,230
35
2,207
At 31 December 2023
942
1,230
35
2,207
All financial instruments included in the line items Cash and
cash equivalents, Due from banks, and Debt instruments at
amortised cost are classified in Stage 1, and no transfers have
taken place.
3.8.9 Credit quality
Van Lanschot Kempen allocates each exposure to a credit risk
grade based on a variety of data that are determined to be
predictive of the risk of default. Credit risk grades are defined
using qualitative (applying experienced credit judgement) and
quantitative factors that are indicative of risk of default.
These factors vary depending on the nature of the exposure
and the type of borrower.
We use internally developed rating pools for the line items
Loans and advances to the public and private sectors and
Financial guarantees and loan commitments.
Credit grade
Description
Investment grade
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pool 1
Standard monitoring
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pools 2 to 4
Special monitoring
Non-credit-impaired financial assets that are placed under the supervision of the Financial Restructuring &
Recovery team
Default
Credit-impaired financial assets
All financial instruments under the line items Cash and cash
equivalents, Due from banks, Debt instruments at amortised
cost and Debt instruments at fair value through other
comprehensive income are investment grade, which means
their external rating is at least BBB-. We use external ratings
for these line items.
The credit quality of the line items Loans and advances to the
public and private sectors and Financial guarantees and loan
commitments is shown in the tables below. Assessment of
credit quality is based on our internal credit rating system
and year-end stage classification. The amounts presented are
gross of impairment allowances.
Table 3.8.L Credit quality of Loans and advances to the public
and private sectors at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
6,735,392
\u2014
\u2014
6,735,392
Standard monitoring (BB+ to B-)
1,805,831
1,005,730
\u2014
2,811,560
Special monitoring (CCC to C)
1,863
74,533
-423
75,973
Default (DDD to D)
\u2014
\u2014
107,203
107,203
Gross carrying amount
8,543,086
1,080,262
106,780
9,730,128
Loss allowance
2,691
4,338
28,055
35,084
Carrying amount
8,540,395
1,075,925
78,725
9,695,044
Table 3.8.M Credit quality of Loans and advances to the public
and private sectors at 31 December 2023
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
6,337,169
\u2014
\u2014
6,337,169
Standard monitoring (BB+ to B-)
1,634,816
1,478,121
\u2014
3,112,937
Special monitoring (CCC to C)
\u2014
90,814
20,312
111,126
Default (DDD to D)
\u2014
\u2014
106,468
106,468
Gross carrying amount
7,971,984
1,568,935
126,779
9,667,699
Loss allowance
4,345
6,108
27,694
38,146
Carrying amount
7,967,640
1,562,828
99,085
9,629,553
Table 3.8.N Credit quality of Financial guarantees and loan
commitments at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
124,964
\u2014
\u2014
124,964
Standard monitoring (BB+ to B-)
20,922
89,630
\u2014
110,552
Special monitoring (CCC to C)
\u2014
89
30
119
Default (DDD to D)
\u2014
\u2014
3,301
3,301
Gross carrying amount
145,887
89,719
3,331
238,937
Loss allowance
636
1,325
44
2,004
Carrying amount
145,251
88,394
3,288
236,933
Table 3.8.O Credit quality of Financial guarantees and loan
commitments at 31 December 2023
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
663,322
\u2014
\u2014
663,322
Standard monitoring (BB+ to B-)
27,897
133,083
\u2014
160,980
Special monitoring (CCC to C)
\u2014
79
153
232
Default (DDD to D)
\u2014
\u2014
3,282
3,282
Gross carrying amount
691,219
133,163
3,435
827,816
Loss allowance
942
1,230
35
2,207
Carrying amount
690,277
131,932
3,400
825,609
3.8.10 Macroeconomic variables
We incorporate forward-looking information for the
sophisticated approach. We use macroeconomic variables
and consider three macroeconomic scenarios in calculating
ECL: a baseline scenario, an upside scenario, and a downside
scenario.
Our weightings were 70% for the baseline scenario, 10% for
the upside scenario and 20% for the downside scenario.
The table below shows the macroeconomic variables used for
the sophisticated approach.
Table 3.8.P Macroeconomic variables
31/12/2024
31/12/2023
2024
2025
2026
2023
2024
2025
Gross domestic product
Baseline scenario
0.86%
1.46%
1.46%
0.13%
0.33%
1.03%
Upside scenario
3.80%
4.40%
4.40%
2.98%
3.18%
3.88%
Downside scenario
-1.91%
-1.31%
-1.31%
-2.83%
-2.63%
-1.93%
Volume of exports
Baseline scenario
0.32%
2.12%
2.02%
-0.85%
0.05%
2.35%
Upside scenario
5.53%
7.33%
7.23%
4.35%
5.25%
7.55%
Downside scenario
-4.59%
-2.78%
-2.88%
-6.25%
-5.35%
-3.05%
Total investments
Baseline scenario
-3.31%
3.79%
3.79%
2.67%
0.17%
0.17%
Upside scenario
4.00%
11.10%
11.10%
9.63%
7.13%
7.13%
Downside scenario
-10.19%
-3.09%
-3.09%
-4.57%
-7.07%
-7.07%
Private consumption
Baseline scenario
0.75%
2.05%
1.75%
0.23%
0.43%
0.93%
Upside scenario
4.18%
5.48%
5.18%
3.68%
3.88%
4.38%
Downside scenario
-2.48%
-1.18%
-1.48%
-3.35%
-3.15%
-2.65%
Residential real estate price
Baseline scenario
8.84%
7.44%
4.04%
-3.26%
0.44%
2.04%
Upside scenario
13.10%
11.70%
8.30%
0.87%
4.57%
6.17%
Downside scenario
4.82%
2.43%
0.02%
-7.55%
-3.85%
-2.25%
Government consumption
Baseline scenario
2.49%
1.69%
2.79%
2.51%
3.11%
2.41%
Upside scenario
2.84%
2.04%
3.14%
3.03%
3.63%
2.93%
Downside scenario
2.17%
1.37%
2.47%
1.96%
2.56%
1.86%
For the portfolios that fall under the scope of IFRS 9, we
perform a scenario analysis to calculate the sensitivity of the
ECL to macroeconomic variables. The multiple
macroeconomic variables as presented above are used to
calculate various outcomes for the ECL models.
The final ECL figure is the weighted average of the outcomes
under the various scenarios. The table below shows ECL per
stage and per scenario.
Table 3.8.Q Sensitivity analysis at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Change
Probability-weighted
4,385
5,662
28,099
38,146
Baseline scenario
4,204
5,549
28,060
37,813
-334
Upside scenario
2,823
4,679
27,559
35,062
-3,084
Downside scenario
5,800
6,549
28,505
40,855
2,709
3.9 Collateral credit-impaired financial instruments
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral. The majority of collateral is not directly linked to a
specific financing arrangement.
For credit-impaired financial instruments, the Financial
Restructuring & Recovery team determines the liquidation or
recovery value of the available collateral, based on the most
recent valuation reports and applying the applicable haircuts.
The table below shows the collateral for financial instruments
considered credit-impaired.
Table 3.9 Collateral for credit-impaired instruments at 31
December 2024
Gross exposure
Impairment
Carrying amount
Value of collateral
Loans and advances to public and private sectors
127,883
28,056
99,828
159,290
Financial guarantees and loan commitments
3,301
44
3,258
4,919
No impairment is recognised for credit-impaired financial
instruments if the collateral is sufficient to cover the
outstanding obligation. The total carrying amount of credit-
impaired financial instruments for which there is no
impairment recognised is \u20ac42.0 million (2023: \u20ac31.7 million).
4. Market risk
Market risk is the risk of loss as a result of changes in market
variables, including interest rates (except exposure in the
banking book), exchange rates and share prices. Other
variables not directly observable in the market, such as
volatility, (long-term) dividend expectations and correlations,
can also influence the value of financial instruments. The
market risk to which we are exposed can be divided into three
components. Firstly, the market risk to which Treasury is
exposed in respect of its structured products activities (part
of the Other activities operating segment) and services to
clients. Secondly, market risk stemming from trading
activities in institutional securities, which is concentrated in
Investment Banking Clients. Lastly, exposure to market risks
is also generated by investments in our management book of
\u20ac56.1 million (2023: \u20ac79.1 million). These investments
provide seed capital for newly launched Van Lanschot
Kempen funds and allow us to co-invest with our clients.
4.1 Trading activities in securities
Our trading activities in securities mainly comprise equities,
equity derivatives and interest rate derivatives. Equities are
concentrated in Investment Banking Clients (equity
brokerage) while equity derivatives and interest rate
derivatives are concentrated in Treasury (structured
products activities). As interest rates fell in 2024, we
observed a shift among our clients from simple to more
complex structured products as the latter yield a more
attractive (expected) return.
A governance structure has been created to facilitate
effective risk management. This is based on the three lines of
defence model, where the first line has direct insights into the
live risk exposures and is responsible for staying within the
set limits, the second line monitors daily to ensure that limits
are respected, and Internal Audit performs periodic audits on
the policies and procedures set by Risk Management and
evaluates effectiveness and completeness. The risks are
managed using value at risk (VaR) limits as well as gross and
net limits. Daily stress tests provide information about
changes in portfolio values in extreme market conditions and
complement the VaR calculation.
The VaR for the trading portfolios is computed daily, based on
a one-day time horizon with a 97.5% confidence level on one
year of historical data.
Other risks relating to derivatives, such as stock market
changes and volatility, and interest rate changes (delta, vega
and rho respectively) are embedded in our structured notes.
These risks are separately monitored on a daily basis or more
frequently if necessary.
Separate limits are in place for all risk drivers. VaR and other
relevant risk parameters are reported to senior management
(including two Management Board members) on a daily basis.
The embedded derivatives sold to our clients are hedged. The
majority of the complex market risks (exotic risks) are hedged
on a back-to-back basis. The non-exotic risks and limited
exotic risks due to secondary market trading are hedged via
the macro-hedging strategy. This means that the complex
derivatives sold to clients are broken down into individual
risk drivers (i.e. delta exposure on the S&P 500 or
Euro\u00a0Stoxx\u00a050). The total macro exposure per risk driver is
calculated and this is hedged by using relatively simple
(mostly listed) options. All risk drivers have limits both on an
individual as well as on an aggregate level, and we monitor
them at least daily. This highly granular view of limits results
in limited basis risks.
Table 4.1 Trading activities VaR
2024
2023
Derivatives-related
Share-related
Derivatives-related
Share-related
At 31 December
25
137
32
70
Highest VaR
136
369
275
288
Lowest VaR
7
81
9
39
Average VaR
41
186
114
157
4.2 Market risk due to foreign exchange positions
To a limited degree, treasury activities (mainly foreign
exchange exposure, comprising client transactions and own
positions) result in positions exposed to market risks. The
Treasury department is part of the Other activities operating
segment. The majority of transactions and positions in the
statement of financial position are denominated in euros.
Exchange rate risk is managed within the required limits and
an authorisation structure applies.
Foreign exchange positions are shown in Table 4.2.B and
include all cash, forward and option positions of the entities in
scope of consolidation.
Table 4.2.A Exchange rate risk of treasury trading activities (total gross nominal foreign exchange
position translated to euros)
2024
2023
At 31 December
244
245
Highest position
4,916
780
Lowest position
-900
-4,646
Average position
55
-126
Table 4.2.B Foreign exchange positions
31/12/2024
31/12/2023
Total
1,905
592
US dollar
987
216
Swiss franc
290
8
Netherlands Antillean guilder
244
-10
Danish krone
235
103
Swedish krona
89
-55
Hong Kong dollar
67
36
Singapore dollar
55
101
Czech koruna
33
29
Norwegian krone
-86
-8
Other
-10
174
The capital requirement for exchange rate risk was
\u20ac0.2\u00a0million at year-end 2024 (2023: \u20ac0.1 million). This
amounts to 7% of the net open positions in each currency
(2023: 7%). Under the Fundamental Review of the Trading
Book regulation, which will take effect as of 2026, our capital
requirements for exchange rate risk amounted to \u20ac0.5\u00a0million
at year-end 2024 (2023: \u20ac0.3\u00a0million).
Credit spread risk in the banking book (CSRBB) is the risk of
volatility in earnings and/or equity, caused by spread changes
in the yield on banking book instruments that are classified at
fair value, versus the swap curve.
For\u00a0Van\u00a0Lanschot Kempen, CSRBB is mainly concentrated in
the investment and liquidity portfolios. CSRBB limits have
been imposed on these portfolios, which are monitored by
the Asset & Liability Committee on a monthly basis.
4.3 Market risk capitalisation
We use the maturity method to calculate the capital
adequacy requirement in respect of the general risk on debt
instruments in the trading portfolio. Share-related
instruments are share instruments included under Financial
assets from trading activities (see Table 4.3).
Table 4.3 Market risk
31/12/2024
31/12/2023
Risk weighting
Capital adequacy
requirement
Risk weighting
Capital adequacy
requirement
Total
155,664
12,453
170,930
13,674
Interest-related instruments
110,530
8,842
120,287
9,623
Share-related instruments
43,045
3,444
49,943
3,995
Currency-related instruments
2,089
167
700
56
Weighting and requirements
We use the standardised approach for all types of market
risk. The market risk of interest rate derivatives is included
under Interest-related instruments; the market risk of share-
related derivatives is included under Share-related
instruments; and the market risk of currency derivatives is
included under Currency-related instruments.
5. Model risk
The use of models exposes Van Lanschot Kempen to model
risk. Model-related risks can materialise in different ways.
Examples include using inappropriate models, implementing
models incorrectly, calibrating models on data with
insufficient quality or using model output for an
inappropriate purpose.
Model risk is mitigated by applying the three lines of defence
model. The first line of defence is formed by the model
owners, whose primary role is to identify, assess and manage
the risks associated with models throughout their lifecycle.
The second line of defence is model risk management, carried
out by the Model Validation team, which is responsible for
performing independent validations and maintaining the
model risk management framework and related policies in
line with regulatory requirements.
The Internal Audit department acts as the third line of
defence, providing an independent evaluation of the
adequacy of the model risk management process.
We apply a risk-based approach to managing model risk,
which means that those models containing the most model
risk are validated more frequently and in more depth.
Furthermore, Van\u00a0Lanschot Kempen keeps a registry of all
models in use. Lastly, model-related risk is quantified and
capital is held under Pillar 2.
6. Settlement risk
We are required to hold capital for financial transactions that
are not settled within five days of the agreed deadline, if the
difference between the agreed settlement price and the price
at the reporting date could lead to a loss. Settlement risk is
monitored and managed on a daily basis.
At year-end 2024, financial transactions totalling
\u20ac19.2\u00a0million (2023: \u20ac9.1 million) had to be reported in the
context of settlement risk.
7. CVA risk
CVA is the price impact on a derivatives transaction (bilateral
or centrally cleared) when the creditworthiness of the
counterparty deteriorates. We are required to hold capital
under the CRR to account for CVA risk. This CVA capital
adequacy requirement is additional to requirements applying
to the risk-weighted assets in relation to the \u201cregular\u201d default
risk of a counterparty. We use the standardised method to
calculate the capital requirement for CVA.
8. Interest rate risk
Interest rate risk in the banking book (IRRBB) is the exposure
to adverse market interest rate movements, arising from
banking book activities. Adverse interest rate movements
may impact a bank\u2019s current and/or future earnings, capital
and market value. Responsibility for IRRBB management has
been delegated by the Management Board to the Asset &
Liability Committee.
Interest rate risks in non-banking book items are managed as
part of market risk.
Our main source of interest rate risk is the maturity mismatch
between assets and liabilities. In general, assets have longer
interest rate maturities than liabilities, contractually as well
as behaviourally. We model client behaviour with respect to
the prepayment patterns of mortgages and loans and the
interest rate risk profiles of non-maturing deposits such as
savings and current accounts. When modelling client
behaviour, a risk remains that actually observed client
behaviour deviates from the model outcomes. Differences
between modelled and observed client behaviour could have
a material adverse impact on future results.
We manage interest rate risk from both a long- and a short-
term perspective. The short-term interest rate risk is
addressed mainly from a net interest income perspective.
This involves an analysis of the change in interest income
under a number of market interest rate scenarios, relative to
the baseline scenario in which interest rates are expected to
develop based on constant rates (delta net interest income, or
\u0394NII).
By year-end 2024, the most adverse scenario was a scenario
in which short-term interest rates reduce sharply. The \u0394NII
for this scenario was -9.2% at the end of 2024 (end of 2023:
-6.6%, in a scenario in which interest rates would flatten). The
table below shows the interest rate risk metrics.
Table 8 Interest rate risk metrics
31/12/2024
31/12/2023
Delta net interest income (\u0394NII)
-9.2%
-6.6%
Delta economic value of equity (\u0394EVE)
-7.1%
-5.3%
We address long-term interest rate risk by means of the
economic value approach, which looks at how changes in
interest rates impact the value of our assets and liabilities.
The rule-of-thumb metric for economic value analysis is
duration of equity, which indicates the net impact of parallel
interest rate changes on economic value, assuming a linear
relationship between these parameters.
Although we use duration of equity as a rule of thumb for
economic value sensitivity, we also calculate economic value
changes under various scenarios. In doing so, all interest rate
cash flows are replotted and revalued at shocked interest
rate curves and we use coupon rates that are stripped of
margins. By year-end 2024, the most adverse scenario was an
instant upwards shock of 200 bps. The \u0394EVE for this scenario
was -7.1% at the end of 2024 (end of 2023: -5.3%).
We aim to neutralise the impact of differences in accounting
classifications on interest rate steering. Hence, we mostly
hedge the interest rate risk in fair value through profit or loss
items in the banking book on a back-to-back basis, by means
of interest rate swaps. By doing so, we make sure that Result
on financial transactions \u2013 to the extent that it arises from
banking book items \u2013 is only impacted by market changes in
credit spreads over the swap curve and that there is no net
impact from changes in the swap curve itself. For this reason,
the \u0394NII scenarios we use to assess our interest rate risk
profile do not affect the Result on financial transactions.
We use hedge accounting to offset changes in the market
value of derivatives that are used for hedging portfolios
classified at amortised cost or at fair value through other
comprehensive income.
9. Liquidity risk
The main objective of our liquidity risk management is to
ensure that we are able to maintain or generate sufficient
cash resources to meet our payment obligations in full as they
come due, on acceptable terms. One of the key elements of
our approach towards liquidity risk management is to
maintain stakeholder confidence in Van Lanschot Kempen's
solidity at all times.
The main source of liquidity risk that we are exposed to
relates to the share of client deposits in our funding base.
Although client deposits have proven to be relatively price-
inelastic and sticky over time, the withdrawable nature of
such deposits poses potential outflow risks, especially for
those deposits not covered by the deposit guarantee scheme
(DGS).
The roll-over risk with respect to maturing capital market
funding is less substantial for us, since our client deposit base
comfortably funds our entire loan book. To still obtain a
certain degree of diversification in our funding mix, we have
covered bond programmes in place.
To manage liquidity risk, we use a forward-looking liquidity
risk management framework that enables the comprehensive
measurement, evaluation and calibration of indicators related
to liquidity risk. The framework consists of the risk appetite
statement, the liquidity buffer, monitoring and reporting,
forecasting, funding planning and contingency planning.
Limits for liquidity risk are revised on an annual basis as part
of the risk appetite limit structure. Limits set include, but are
not limited to, levels of the liquidity coverage ratio, the net
stable funding ratio and stress test survival periods, which are
reported to the Asset & Liability Committee on a monthly
basis. In addition to the regular monthly liquidity reporting,
the liquidity buffer and client deposit flows are monitored in
the weekly liquidity report. This report includes metrics that
have been identified as early warning indicators for possible
liquidity stress. The liquidity buffer is the main defensive
element against liquidity risk, and the quality and size of the
buffer are monitored frequently, along with inflows and
outflows in the client deposit base.
Every year, we outline our capital and funding planning for a
three-year horizon, both under regular circumstances in the
capital and funding plan, and under potential future stress or
emergency situations in the liquidity contingency plan,
complemented by the recovery plan.
Part of our liquidity and funding planning is scenario analysis,
of which stress testing is a key element. By means of stress
testing, we assess our resilience to a variety of adverse
liquidity events \u2013 Van Lanschot Kempen-specific events,
system-wide events, and a combination of these two.
9.1 Contractual maturity
Tables 9.1.A and 9.1.B show the assets and liabilities based on
their remaining contractual terms to maturity at the
reporting date, without taking behavioural aspects into
account. These amounts correspond with the amounts
included in the consolidated statement of financial position.
Items with no maturity, such as equity instruments, assets
and liabilities classified as held for sale, and provisions are
presented separately.
Derivative liabilities are included on a net basis if cash flows
are settled net. For other derivative liabilities the contractual
gross cash flow payable is included.
As savings and current accounts do not have fixed terms, the
balances of non-maturing instruments are presented within
the withdrawable on demand category.
Due from banks and amounts due to banks include collateral
delivered and received related to derivatives transactions.
Allocation of this collateral over the maturity buckets is
conducted in accordance with the maturity classification of
the derivative contracts.
Table 9.1.A Contractual maturity of assets and liabilities at 31 December 2024
Withdraw-
able on
demand
< 3 months
3 to 12
months
1 to 5 years
More than 5
years
Subtotal
Maturity
not
applicable
Total
Assets
Cash and cash equivalents and
balances at central banks
2,064,818
\u2014
\u2014
\u2014
\u2014
2,064,818
\u2014
2,064,818
Due from banks
16,280
\u2014
1,258
66,687
\u2014
84,225
\u2014
84,225
Derivatives
\u2014
39,755
13,999
87,489
176,654
317,897
\u2014
317,897
Financial assets at fair value
through profit or loss
59,358
\u2014
\u2014
196,243
\u2014
255,601
16,893
272,494
Financial assets at fair value
through other comprehensive
income
\u2014
48,794
87,943
1,553,125
1,301,278
2,991,140
\u2014
2,991,140
Loans and advances to the public
and private sectors
664,592
69,619
114,086
716,154
7,766,642
9,331,093
\u2014
9,331,093
Other financial assets at
amortised cost
\u2014
28,952
108,095
1,027,141
37,353
1,201,542
\u2014
1,201,542
Investments in associates using
the equity method
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
117,556
117,556
Other assets1
\u2014
173,257
31,617
49,129
10,516
264,520
338,046
602,566
Total assets
2,805,048
360,377
356,998
3,695,968
9,292,444
16,510,836
472,496
16,983,332
Total assets excluding
derivatives
2,805,048
320,622
342,999
3,608,479
9,115,790
16,192,939
472,496
16,665,434
Equity and liabilities
Due to banks
42,491
2,397
850
107,647
11,420
164,804
\u2014
164,804
Public and private sector
liabilities
9,463,537
2,579,929
429,148
186,520
107,787
12,766,921
\u2014
12,766,921
Derivatives
\u2014
24,695
12,897
119,003
97,970
254,566
\u2014
254,566
Financial liabilities at fair value
through profit or loss
\u2014
32,270
80,831
308,474
43,316
464,891
\u2014
464,891
Issued debt securities
\u2014
\u2014
\u2014
1,491,254
\u2014
1,491,254
\u2014
1,491,254
Lease liabilities
\u2014
33
744
32,819
11,561
45,157
\u2014
45,157
Other liabilities2
\u2014
107,158
127,936
\u2014
\u2014
235,095
29,515
264,610
Subordinated loans
\u2014
\u2014
\u2014
25,000
128,825
153,825
\u2014
153,825
Equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,377,304
1,377,304
Total equity and liabilities
9,506,027
2,746,482
652,407
2,270,717
400,879
15,576,512
1,406,819
16,983,332
Total equity and liabilities
excluding derivatives
9,506,027
2,721,787
639,510
2,151,714
302,909
15,321,946
1,406,819
16,728,766
On-balance gap
-6,700,979
-2,386,105
-295,409
1,425,251
8,891,565
934,324
-934,324
\u2014
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 Includes Property and equipment, Goodwill and other intangible assets, Current tax assets, Deferred tax assets and Other assets as presented in the consolidated
\u00a0 statement of financial position.
2 Includes Provision, Current tax liabilities, Deferred tax liabilities and Other liabilities as presented in the consolidated statement of financial position.
Table 9.1.B Contractual maturity of assets and liabilities at 31 December 2023
Withdraw-
able on
demand
< 3 months
3 to 12
months
1 to 5 years
More than 5
years
Subtotal
Maturity
not
applicable
Total
Assets
Cash and cash equivalents and
balances at central banks
2,925,317
\u2014
\u2014
\u2014
\u2014
2,925,317
\u2014
2,925,317
Due from banks
23,348
3,849
1,240
43,022
6,043
77,501
\u2014
77,501
Derivatives
\u2014
12,213
35,092
77,910
217,311
342,526
\u2014
342,526
Financial assets at fair value
through profit or loss
77,167
\u2014
\u2014
132,374
\u2014
209,541
25,052
234,593
Financial assets at fair value
through other comprehensive
income
\u2014
95,179
111,667
1,201,120
800,548
2,208,514
\u2014
2,208,514
Loans and advances to the public
and private sectors
632,067
61,524
84,642
637,404
7,745,796
9,161,433
\u2014
9,161,433
Other financial assets at
amortised cost
\u2014
\u2014
56,451
1,000,493
144,190
1,201,134
\u2014
1,201,134
Investments in associates using
the equity method
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
110,889
110,889
Other assets1
\u2014
125,436
59,718
41,718
5,002
231,874
342,103
573,977
Total assets
3,657,899
298,202
348,810
3,134,041
8,918,889
16,357,840
478,044
16,835,885
Total assets excluding
derivatives
3,657,899
285,988
313,718
3,056,131
8,701,578
16,015,315
478,044
16,493,359
Equity and liabilities
Due to banks
29,388
\u2014
102,230
118,046
840
250,504
\u2014
250,504
Public and private sector
liabilities
9,136,974
2,447,651
699,545
160,950
128,694
12,573,814
\u2014
12,573,814
Derivatives
\u2014
14,860
26,178
144,017
60,522
245,578
\u2014
245,578
Financial liabilities at fair value
through profit or loss
\u2014
22,414
88,208
331,811
24,239
466,672
\u2014
466,672
Issued debt securities
\u2014
\u2014
\u2014
1,473,639
\u2014
1,473,639
\u2014
1,473,639
Lease liabilities
\u2014
24
732
32,558
5,292
38,606
\u2014
38,606
Other liabilities2
\u2014
108,076
127,332
\u2014
\u2014
235,408
32,650
268,058
Subordinated loans
\u2014
16,034
\u2014
\u2014
154,205
170,238
\u2014
170,238
Equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,348,777
1,348,777
Total equity and liabilities
9,166,362
2,609,059
1,044,225
2,261,020
373,791
15,454,457
1,381,428
16,835,885
Total equity and liabilities
excluding derivatives
9,166,362
2,594,199
1,018,046
2,117,003
313,269
15,208,880
1,381,428
16,590,307
On-balance gap
-5,508,463
-2,310,858
-695,415
873,021
8,545,098
903,383
-903,383
\u2014
The assets comprise many long-term mortgage loans while
the liabilities are made up of many short-term deposits. The
latter are predominantly current and savings accounts. This
results in a gap between the Withdrawable on demand and
More than five years columns. Potential liquidity risks are
addressed by means of monthly stress tests \u2013 discussed
monthly in the Asset & Liability Committee \u2013 that test our
resilience to a variety of adverse liquidity events and take
behavioural aspects into account.
For each transaction we have guaranteed, the maximum
guaranteed amount is included in the appropriate term
bucket, allowing for our termination options. The same
applies to irrevocable commitments.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 Includes Property and equipment, Goodwill and other intangible assets, Current tax assets, Deferred tax assets and Other assets as presented in the consolidated
\u00a0 statement of financial position.
2 Includes Provision, Current tax liabilities, Deferred tax liabilities and Other liabilities as presented in the consolidated statement of financial position.
9.2 Contractual maturities of undiscounted cash flow of
financial liabilities
Tables 9.2.A and 9.2.B show liabilities by maturity based on
contractual, undiscounted cash flows and including related
future cash flows, such as interest payments.
Repayments which are subject to notice are treated as if
notice were to be given immediately. However, we expect
that many clients will not request repayment at the earliest
possible date, and the tables below do not reflect the
expected cash flows as indicated by our deposit retention
history.
Table 9.2.A Contractual maturities of undiscounted cash flow of liabilities at 31 December 2024
Withdrawable
on demand
< 3 months
3 to 12
months
1 to 5 years
More than 5
years
Total
Due to banks
16,587
28,301
850
107,647
11,420
164,804
Public and private sector liabilities
9,319,801
2,573,513
447,315
202,335
541,008
13,083,973
Derivatives
88,345
13,593
30,737
94,592
27,300
254,566
Financial liabilities at fair value through profit or
loss
\u2014
41,379
88,583
351,712
44,911
526,584
Issued debt securities
\u2014
16,875
17,500
1,563,750
\u2014
1,598,125
Subordinated loans
\u2014
1,000
7,789
106,193
117,680
232,662
Total undiscounted liabilities
9,424,732
2,674,661
592,773
2,426,229
742,320
15,860,715
Table 9.2.B Contractual maturities of undiscounted cash flow of liabilities at 31 December 2023
Withdrawable
on demand
< 3 months
3 to 12
months
1 to 5 years
More than 5
years
Total
Due to banks
23,269
6,120
106,680
118,046
840
254,954
Public and private sector liabilities
9,153,065
2,442,877
730,461
200,111
143,603
12,670,118
Derivatives
65,705
16,119
37,476
106,247
20,030
245,578
Financial liabilities at fair value through profit or
loss
\u2014
32,694
98,630
381,615
25,716
538,655
Issued debt securities
\u2014
16,875
17,500
1,598,125
\u2014
1,632,500
Subordinated loans
\u2014
17,235
6,410
103,641
114,888
242,174
Total undiscounted liabilities
9,242,039
2,531,919
997,158
2,507,784
305,079
15,583,979
10. Securitisation risk
We treat securitisation as an asset class in our investment
portfolio. We are not party to any synthetic securitisations
and have no trading position in securitisation transactions.
Funding
We do not structure securitisations for other entities and
have no outstanding securitisation transactions in which we
act as a sponsor, seller and/or servicer.
Investments
Part of our liquidity investment portfolio is invested in
residential mortgage-backed securities (RMBS). We invest
only in the most senior and AAA-rated RMBS tranches. If they
comply with the simple, transparent and standardised
requirements, these securitisations qualify as high-quality
liquid assets. All our RMBS investments are ECB eligible,
meaning that they have at least two ratings from an external
credit assessment institution.
As the investments are part of the liquidity buffer, they can be
used as collateral, in repo transactions, or sold if necessary.
The holdings in RMBS represent a minor share of the total
investment portfolio.
Risk exposures within the investment portfolio
The credit risks of the investments are not hedged. Our
investment portfolio as a whole is monitored by the Treasury
department and the Credit Approval team on a daily basis.
The portfolio is monitored on nominal limits as well as on
credit risk limits.
Management
Interest rate risk is limited, as RMBS are typically floating-
rate notes. Interest rate risk is monitored at balance sheet
level and includes the investment portfolio.
11. Sustainability risks
Sustainability risks relate to ESG themes. As these are
relatively new types of risk, we are still developing policies
and frameworks, and are collecting data to manage them.
Currently, the most measurable sustainability risks are
climate and environmental risks, and these are discussed in
more detail in this section. Climate and environmental risk
reflects the physical and/or transitional impacts of a change
in the climate or environment on our financial position and/or
reputation. Based on the factors as discussed below, we
conclude that no impairments as a result of sustainability
risks are necessary. However, sustainability risks could very
well lead to a combination of financial, reputational and legal
problems in the long term if not addressed proactively.
Our approach to managing sustainability risks includes
aligning our organisation with the ECB's expectations as set
out in its guidance on climate-related and environmental
risks. The risk to our activities posed by climate change and
environmental degradation is periodically assessed.
Sustainability risks are addressed and managed via our
sustainability risk policy. This policy assures that risks are
assessed from an integrated/holistic perspective, taking all
risk drivers and activities into account. In 2024, we made
improvements to our sustainability risk assessment,
particularly in the area of environmental risk (e.g. biodiversity
risk). This has resulted in increased granularity of our risk
analyses that provide further insight into our risk profile.
Sustainability risks could have an effect on our on- and off-
balance sheet activities.
Table 11 Balance sheet based on sustainability criteria (\u20ac million)
31/12/2024
31/12/2023
1.
Cash at central banks
1,991
2,820
2.
Sovereign, supranational and agency bonds
2,442
1,584
3.
Covered bonds and RMBS
1,941
1,941
4.
Corporate bonds
\u2014
\u2014
5.
Residential mortgage exposure
7,019
7,018
6.
Family business & entrepreneurs
588
594
7.
Lombard loans
869
724
8.
Real estate loans
378
325
9.
Other loans
478
500
10.
Management book
56
79
11.
Equity trading activities
9
13
12.
Structured product activities
38
37
13.
Other items
1,176
1,200
Total assets
16,983
16,836
On-balance sheet activities
1. We believe that the sustainability risks of our central bank
exposures are limited. Our main exposure is via DNB. DNB
has exposure to national commercial banks via their
investments in relatively safe assets and is backed by a
sovereign entity. The risks run by DNB and the Eurosystem at
large are mitigated by the fact that the Eurosystem can
correct unacceptable risks by changing supervisory rules.
Moreover, DNB, as a monetary authority, is able to accept
temporarily negative equity positions, so even large losses
arising from a sustainability risk event can be absorbed.
2. Our sovereign, supranational and agency bonds are mainly
from EU issuers. Their debt has a minimum credit rating of
AA-, making these issuers capable of withstanding major
costs as a result of physical or transitional risks. Also, by
signing the Paris Agreement, these issuers' countries have
committed to build resilience against the consequences of
climate change \u2013 e.g. rising sea levels \u2013 thereby reducing local
physical climate risks.
3. Our covered bonds and RMBS holdings are almost
exclusively AAA-rated (99.5%). The majority of the financial
assets backed by mortgages are located in the Netherlands
and France. Currently, no loan level data is available to
calculate the specific ESG risks on these positions. For our
RMBS instruments \u2013 where we have direct exposure to the
underlying pool of mortgages \u2013 some general analytics are
available. The geographical distribution of the mortgage
pools does not materially differ from the total issuers
mortgage pool, thereby reducing the physical risks.
Moreover, there is a substantial credit enhancement present
in the RMBS transactions, which ranges from 3.2% to 65.0%,
and the average LTV range from 28.5% to 76.1%. The RMBS
instruments in the lower range of the credit enhancement are
also in the lower range of LTV. Covered bonds give additional
protection through dual recourse, as the underlying mortgage
pool will only be resorted to if the issuing bank defaults.
What's more, the mortgage pool is continuously monitored
and, if needed, adapted to meet the criteria of the asset cover
test. Physical concentration is also taken into account. In our
opinion, the mortgage-backed financial assets we have
invested in are capable of withstanding costs arising from
physical and transitional risks.
4. Corporate bonds are potentially significantly prone to
climate risks if the issuing corporation is heavily impacted by
changes in climate and policies (for example fossil fuel
companies). Currently, we do not hold any corporate bonds.
5. Residential mortgage exposure represents our most
concentrated position in terms of (potential) sustainability
risks. Given the geographical characteristics of the
Netherlands, we are mainly exposed to physical risks related
to riverine and sea flooding and the effect of drought on the
stability of building foundations (pole rot and changes in
surface levels). Regarding riverine and sea flooding, we
combine highly detailed data on flood risk in the Netherlands
(probability of a flood and, if a flood event takes place, the
distribution of potential water levels) and specific
characteristics of the collateral (house/apartment) to
quantify the potential impact on collateral valuations. Using
internally defined flood scenarios, we determine our
exposure to flood risk.
The limited average LTV increase as a result of flood damage,
given the low probability of such an event, implies that actual
projected losses are expected to be manageable. At the same
time, given our solid capital position, a temporary increase in
regulatory capital (as a result of lower collateral valuations
after a flood, which directly impact capital under IRB) is also
manageable. We have also carried out a similar analysis on
the effect of drought on the stability of building foundations,
again using highly detailed data on the risk of pole rot and
changes in building surfaces to calculate potential economic
risk as well as the effect on our capital. Given the limited
number of houses on timber supports and the limited impact
in terms of changes in foundation stability, these factors are
seen as manageable.
Our residential mortgage portfolio is also prone to
transitional risks which could impact the value of the
collateral in the future due to rising energy prices and/or
renovation costs to meet future legislation on energy
efficiency. Using the characteristics of the collateral (building
year, size, current energy label, etc.), we determined the
renovation costs needed to improve the energy efficiency of
the collateral. We then deducted these renovation costs from
the current market value of the collateral to derive a stressed
market value as a result of transition risk (we assume non-
renovated collateral will be worth less in the future). Given
the limited renovation costs, our low average LTV and the on
average significant assets of our clients, the transition risks
are immaterial. In addition, the provision for defaulted
mortgages is determined per individual credit file by the
Financial Restructuring & Recovery team. If there are
significant climate risks relating to defaulted loans, those
risks are taken into consideration when the provision is
determined.
6. Family business & entrepreneurial loans mostly comprise
niche lending to healthcare specialists and to business
professionals such as partners at major audit or law firms.
These business professionals have limited direct exposure to
climate and environmental risks. The same holds for
healthcare specialists, such a pharmacists, general
practitioners and veterinarians. Based on the limited
exposures and non-impacted sectors, the sustainability risks
are immaterial. If loans are in default, the provision is
determined per individual credit file by the Financial
Restructuring & Recovery team. If there are significant
climate risks relating to our Stage 3 loans, those risks are
taken into consideration when the provision is determined.
7. For our Lombard loans, there are several general risk
protection features in place to limit credit losses. We only
allow loans up to a maximum of 80% of the pledged
investment portfolio and apply a client-specific threshold
based on their portfolio composition. When the applicable
threshold is reached, securities will be automatically sold to
lower the loan amount and thereby the risk level. In addition,
the underlying investment portfolio must be well diversified
to limit downside risk. The probability that a climate-related
event will have such a severe impact on a well-diversified
client portfolio that the LTV increases above 100% is deemed
very limited.
8. Our real estate loans comprise both residential and
commercial properties and are moderate in size, at
\u20ac378\u00a0million. Van Lanschot Kempen's exposure to
commercial mortgages is limited, due to the run-off of our
corporate banking activities. Lending policies regarding office
buildings and rental properties have been updated to reflect
more stringent rules on the energy efficiency of the collateral.
For office buildings, a minimum energy label C is required
from 2023 onwards and for residential rental properties, a
minimum label of D is required for new loans. Given our
moderate exposure and acceptance criteria, we conclude that
there is no material climate risk to our real estate loan
portfolio.
9. Other loans mostly comprise current account assets and
the remainder of the corporate banking loans. Given the
generally short-term nature of the current account assets and
limited size and nature of our corporate banking loans, the
climate risk is deemed immaterial.
10. Our management book includes co-investments in our
own investment funds, totalling \u20ac56.1\u00a0million. We invest in
accordance with our sustainable investment policies and
assess sustainability risks via three defined stress scenarios.
Losses resulting from this stress test are immaterial and well
within our current trading limits.
11. Equity brokerage is aimed at agency trading with the
purpose of client facilitation. In the process of facilitating
trades for clients, residual equity positions can be
(temporarily) held on our own accounts. If these positions
become too large, they will be hedged with financial
instruments such as derivatives. Given the nature of the
trading book (short holding positions, daily position
management), we have limited exposure to sustainability
risks. For the equity positions in our trading book, we assess
sustainability risks via three defined stress scenarios. Losses
resulting from this stress test are limited and well within our
current trading limits. We thus deem these risks to be
immaterial.
12. The structured products activities revolve around issuing
medium-term notes (mostly Van Lanschot Kempen notes)
combined with a derivative. In most cases, this derivative is
associated with a well-diversified equity index (for example
the Euro Stoxx 50 or the S&P 500 index), and this generally
results in less exposure to sustainability risk than more
concentrated equity positions in specific single stocks.
Additionally, nearly all market risk present at the Structured
Products desk is hedged (largely back-to-back), resulting in
very limited exposures to sustainability risks that could
materialise through financial market movements. We
conclude that these risks are immaterial.
13. Other items comprise various relatively small items, with
no large concentrations, and hence an immaterial risk.
Off-balance sheet activities
In our investment management process, the physical and
transitional impacts of climate change and environmental
degradation are taken into account when investments are
made or external asset managers are selected. On both a
quantitative and qualitative basis, Risk Management
measures and analyses the sustainability risks related to our
investment management activities. All sustainability-related
policies for our assets under management (AuM) are defined
by the Sustainability Investment Council and approved by the
Sustainability Board.
Compliance, legal and operational risks associated with
climate change and sustainability risks
For our own organisation, physical climate risks are defined
as the risk of flooding, drought and other natural hazards that
could put the regular execution of our operations at risk. This
type of risk is included in our business continuity stress-
testing methodology among several scenarios that could lead
to a prolonged disruption of facility usage. From a transition
climate risk perspective, the most prominent risk for our
organisation is the risk of non-compliance with regulatory
requirements, which could result in regulatory fines or
lawsuits due to sustainability misrepresentation
(\"greenwashing\"). The risk is mitigated through the three
lines of defence model.
12. Operational risk
Operational risks are potential losses that result from
inadequate or failed internal processes, systems, inadequate
or incorrect human actions or from external events.
Operational risk also includes cybercrime and information
security risk, which is defined as the risk that the
confidentiality, integrity and/or availability of Van Lanschot
Kempen's information assets is compromised by internal
failure of IT equipment, resulting in financial or reputational
damage, and/or regulatory sanctions. Within Van Lanschot
Kempen, operational losses are classified using operational
loss event types as set out in the Basel framework.
We have created a range of instruments for identifying,
assessing, treating, monitoring and reporting operational
risks to support Van Lanschot Kempen's management in their
roles as risk owners.
\u2013 Operational risk appetite: This appetite defines the level
of \u2013 quantitative and qualitative \u2013 operational risk we are
willing to accept. Exceeding this appetite requires the
attention of the Management Board and will lead to
additional mitigation measures as and when necessary.
\u2013 Risk identification and assessment via risk and control
self-assessments and scenario analyses:
\u2013 Risk and control self-assessment is a tool that allows
line managers to systematically identify and assess
risks so that steps can be taken to manage any risks
that are assessed as being outside of the risk appetite.
Risk and control self-assessments are carried out, at
tactical (department) level, on the most important
value chains of the organisation and on our most
important programmes and projects. These
assessments are re-performed periodically to reassess
and update the existing operational risk level.
\u2013 Scenario analyses are used to assess low frequency
but high-impact risks. The results of these analyses
are used, among other things, to provide insight into
the adequacy of the Pillar 1 operational risk capital
requirement vis-\u00e0-vis our operational risk profile.
\u2013 Risk response: Management is responsible for deciding
how to manage risks. A \"4T approach\" applies: treat,
transfer, tolerate or terminate.
\u2013 Treat: To ensure that the most important risks (key
risks) are mitigated sufficiently, key controls have
been defined; these are tested for effectiveness on a
regular basis. In addition, the second line of defence
risk and compliance functions monitor such tests.
Action tracking is used to track progress made in the
delivery of actions to mitigate risks identified as a
result of risk and control self-assessments, failing
controls, analysis of incidents or complaints, findings
by Internal Audit, external auditors and regulators,
and other relevant events.
\u2013 Transfer: To protect the organisation against major
operational risk-related losses, we have taken out
insurance policies that cover claims and losses
resulting from the services offered. Broadly speaking,
these policies are a combination of fraud and
professional liability insurance, directors\u2019 liability
insurance and various other liability and accident
insurance policies.
\u2013 Tolerate: If a risk is assessed to be outside of our risk
appetite and it is not possible or economically viable
to lower it, the risk can be accepted at Management
Board level. Such acceptance is always temporary, as
new technological developments may offer new
possibilities to reduce our risk profile.
\u2013 Terminate: If a risk is assessed to be outside our risk
appetite, we end the product, process or relationship.
\u2013 Risk monitoring:
\u2013 Incident management: Van Lanschot Kempen defines
an incident as an (undesirable) event that directly or
indirectly harms its services or causes other damage.
This includes incidents that qualify as a near miss or
have no financial impact. Incidents are registered in
our incidents database via the incident management
process. For severe incidents, root cause analyses are
carried out and reported to the Compliance &
Operational Risk Committee. The incidents database
allows the systematic recording and analysis of losses
resulting from operational risks. It contains
information about losses incurred as a result of
operational risks in prior years and the current year
and forms the foundation of Van\u00a0Lanschot Kempen's
operational risk management measurement system. A
total of 83 incidents (2023: 97 incidents) entailing a
loss of more than \u20ac1,000 were logged in the database
in 2024, resulting in a total loss of \u20ac0.6 million (2023:
\u20ac0.8 million).
\u2013 Risk measurement: This is based on key risk
indicators (early warnings), which highlight trends
and/or provide prospective information about
operational risks. Key risk indicators are aligned with
the Van Lanschot Kempen Risk Appetite Statement.
\u2013 Risk meetings: Periodic meetings with risk owners are
held to monitor the development of the risk profile in
relation to the risk appetite.
Information security risk
Information security risk relates to the protection of client
and corporate information. Both automated and manual
information processing are carried out. Taking the right
measures on the basis of targeted risk analyses of business
and IT processes ensures that both our client data and our
corporate data are adequately protected and access to this
data is ensured.
Third-party risk
In line with our strategy, we outsource certain processes to
carefully selected third parties. From an operational risk
perspective, this means replacing processing and transaction
risks with third-party risk, which is defined as follows: the risk
of failing to manage third-party relationships and risk
appropriately. A comprehensive risk control framework is in
place to handle third-party risk. Contracts containing access
and audit rights as well as independent assurance on third-
party performance are included in this framework.
Fraud risk
The main mitigants for fraud risk are strong processes with
checks and balances (i.e. the four-eyes principle) and access
controls. Internal fraud risk is defined as the risk of
unexpected financial, material or reputational loss as the
result of the fraudulent actions of people internal to the
organisation. Incidents such as internal fraud cases are dealt
with in accordance with the incident management procedure,
which requires a root cause analysis to be conducted, and
adequate follow-up to prevent reoccurrence. In 2024, no
internal fraud event was identified nor any attempt to
commit internal fraud. No investigation of any person
regarding internal fraud therefore needed to be conducted.
External fraud risk is defined as fraud attempted or
perpetrated against the organisation by an external party (i.e.
a party without a direct relationship to Van Lanschot
Kempen) without the involvement of an employee or affiliate
of the organisation. We recognise that there is an increasing
trend of external fraud risk in terms of both attempts and
total impact, and we are continuously improving our
capabilities for detecting, stopping or recovering external
fraud attempts.
Business continuity management
Our business continuity management (BCM) framework is
carefully designed to ensure the resilience and continuity of
our critical operations, in alignment with the Digital
Operational Resilience Act (DORA) and other relevant
regulations. Our BCM activities begin with comprehensive
business impact analyses to identify critical business
processes, applications, and required resources. These
insights inform the development of robust business
continuity plans and detailed IT response and recovery plans,
outlining strategies to maintain operations and swiftly
restore services in the event of disruptions.
Central to our framework is a structured crisis management
organisation, comprising dedicated crisis management and
support teams trained in crisis management skills. These
teams are adept at implementing plans for restoring business
operations and ensuring a coordinated and efficient response
to various crises and disruptions. Crisis communication
protocols are also in place to ensure quick and accurate
internal communication, and to maintain transparency and
manage stakeholder expectations during incidents.
Our framework emphasises regular testing and exercises to
validate the effectiveness of our plans, procedures and
business continuity arrangement, such as alternative IT
infrastructure. We conduct annual tests of the different plans
in place and various IT tests, including an annual failover from
primary to redundant IT infrastructure. Crisis management
exercises are performed annually to ensure our teams are
prepared for real-world scenarios.
By continuously refining our BCM processes, Van Lanschot
Kempen is committed to safeguarding operations, minimising
negative impact, and maintaining the trust of our clients.
13. Compliance risk
When operating in financial markets, it is important that we
conduct our business activities in accordance with the
expectations of our clients, employees, shareholders and
supervisory authorities. We follow high ethical standards, in
alignment with our values, code of conduct and risk appetite.
Van Lanschot Kempen has established a compliance
framework to effectively manage compliance risks across the
organisation, to safeguard that business operations adhere to
applicable laws, regulations, internal policies, and industry
standards, and that we act in the best interests of our clients.
Compliance risk can be described as the threat posed to our
organisation\u2019s financial, organisational or reputational
standing resulting from violations of regulatory
requirements, industry standards or internal policies and
procedures. Non-compliance with these requirements could
potentially result in reputational damage, claims from clients
or other stakeholders, enforcement actions by legal and
supervisory authorities, fines and other liabilities, even the
potential loss of our licence to operate, which could
negatively impact our business, results and profitability, and
the financial sector as a whole.
In addition, the regulatory landscape governing the financial
sector is dynamic and complex. Being compliant with
applicable laws and regulations and continuing to stay
abreast of new emerging trends is resources-intensive.
Financial crime risks
As a gatekeeper of the financial system, we face the potential
risk of unintentional involvement in activities related to
money laundering, terrorism financing, sanctions, client tax
integrity, and bribery and corruption. This could result in
reputational damage, fines, or other sanctions from
regulators, which could significantly impact our organisation.
Financial crime risks are managed by implementing proper
policies and processes, by offering anti-financial crime
training to all employees, and providing specialised training to
employees who interact with clients or are involved in
detecting financial crime.
Client protection risks
Client protection risks involve the potential for unfair
treatment of clients, and offering products that do not align
with their needs, objectives, sustainability preferences or risk
appetite. Our organisation is mainly exposed to the risk of
claims from clients who might feel treated unfairly because of
information or advice received or because products and/or
services have not met their expectations. To make sure that
we act in the best interest of our clients, a thorough product
governance process is in place when offering, developing, or
distributing (new) financial products and services. This also
relates to marketing and communication materials.
Business conduct risks
It is crucial that we maintain and safeguard the integrity of
the financial system and conduct our business in line with
applicable laws and regulations. Business conduct risks refer
to the potential of our organisation\u2019s actions to negatively
impact the financial markets, clients, or other stakeholders,
including society as a whole. Adverse effects on market
stability, market abuse or misconduct by employees could
negatively impact our organisation and result in reputational
damage, fines or enforcement actions by legal and
supervisory authorities. Business conduct risks are managed
by having proper policies and processes in place, as well as
promoting ethical behaviour and responsible business
conduct among employees.
Data privacy risks
Data privacy risks relate to processing personal data, data
retention and adherence to the General Data Protection
Regulation (GDPR) and the AI Act. We operate a data privacy
programme to protect the data of clients and employees, to
support the organisation in its obligations, advise on data
privacy matters and monitor compliance.
14. Financial reporting risk
The Management Board is responsible for designing and
implementing an adequate system of internal control for our
financial reporting. The system is designed to provide
reasonable assurance as to the reliability of financial
reporting. The financial statements are prepared in
accordance with generally accepted accounting principles
and comply with applicable legislation and regulations.
We have the following processes and tools in place to manage
financial reporting risks:
\u2013 Our accounting manual, which sets out the principles
regarding financial accounting;
\u2013 A risk and control framework describing processes and
procedures, and setting out primary controls such as
authorisations and segregation of duties;
\u2013 Periodic management reports and KPI dashboards,
accompanied by analyses of financial and non-financial
figures and trends;
\u2013 Evaluation of the functioning of the internal risk
management and control system by Internal Audit. The
main findings are discussed with the Management Board,
the Audit Committee and the Supervisory Board;
\u2013 Assessment and approval of the annual report by the
Management Board and discussion of the annual report
by the Audit Committee and by the Supervisory Board.
The management teams of the relevant departments provide
the Management Board with in-control statements. These are
based on the risks reported on a quarterly basis, the results of
testing procedures for the risk and control framework, the
follow-up of the reported risks and the test results, and, the
incidents reported. The risk functions evaluate these
statements.
15. Fair value
15.1 Financial instruments at fair value through profit or
loss
Some financial instruments in the statement of financial
position are measured at fair value. Tables 15.1.A and 15.1.B
provide a breakdown of these instruments into three levels.
The fair value is based either on quoted prices in active
markets, inputs other than quoted prices that are observable
in the market, or inputs based on data not observable in the
market.
We have developed a policy on the criteria for allocating
financial instruments recognised in the statement of financial
position at fair value to each of the three levels.
A review is carried out at the end of each reporting period to
determine whether any changes have taken place in the
hierarchy between the levels.
Level 1: Quoted prices in active markets
The fair value of financial instruments traded in an active
market is based on the price at the reporting date (market
price). The bid price is applied for financial assets and the
offer price for financial liabilities. Since these instruments are
traded in an active market, their prices adequately reflect
current and frequent market transactions between unrelated
parties.
Level 2: Inputs observable in the markets
The fair value of financial instruments not traded in an active
market (e.g. over-the-counter (OTC) financial derivatives) is
established using cash flow and option valuation models.
Using estimates, we make assumptions based on the market
conditions (observable data) at the reporting date.
The estimated present value of future cash flows is used to
determine the fair value of the other financial instruments.
The fair value of interest rate swaps is calculated as the
present value of estimated future cash flows. The discount
rate is the same as the market interest rate at the reporting
date for a similar instrument subject to the same conditions,
taking into account collateral furnished under credit support
annexes (CSAs).
The fair value of forward currency contracts is calculated by
reference to forward exchange rates at the reporting date.
This is subsequently discounted to determine the present
value.
Estimates and judgements made are based on past
experience as well as other factors, including expectations
with respect to future events that could reasonably occur
given current circumstances. Estimates and judgements are
assessed on an ongoing basis.
Level 3: Significance of unobservable market data
The financial instruments in this category are assessed on an
individual basis. Their valuation is based on the best estimate
of management by reference to the most recent prices, prices
of similar instruments and, to a not insignificant extent,
information not observable in the market. Unobservable
inputs may include volatility, correlation, seasonality and
credit spreads.
A valuation technique is used in which at least one input that
has a significant effect on the instrument\u2019s valuation is not
based on observable market data. Valuation techniques used
include:
\u2013 The net asset value method;
\u2013 Discounted cash flow projections based on reliable
estimates of future cash flows;
\u2013 The option model.
A significant effect on the instrument\u2019s valuation is
considered to be present when the unobservable input
accounts for at least 10% of the total instrument\u2019s fair value
and exceeds a threshold of \u20ac50,000. The effect of fair value
adjustments on the instrument\u2019s valuation is included in the
assessment.
Table 15.1.A Financial instruments at fair value at 31 December 2024
Level 1
Level 2
Level 3
Total
Assets
Derivatives
53,502
255,900
8,495
317,897
Financial assets at fair value through profit or loss
236,566
27,821
8,108
272,494
Financial assets at fair value through other comprehensive income
2,991,140
\u2014
\u2014
2,991,140
Total assets
3,281,208
283,721
16,603
3,581,531
Liabilities
Derivatives
53,501
192,507
8,557
254,566
Financial liabilities at fair value through profit or loss
116
462,553
2,223
464,891
Total liabilities
53,617
655,060
10,780
719,457
Table 15.1.B Financial instruments at fair value at 31 December 2023
Level 1
Level 2
Level 3
Total
Assets
Derivatives
36,829
303,097
2,600
342,526
Financial assets at fair value through profit or loss
198,435
28,197
7,960
234,593
Financial assets at fair value through other comprehensive income
2,208,514
\u2014
\u2014
2,208,514
Total assets
2,443,778
331,294
10,561
2,785,633
Liabilities
Derivatives
36,764
206,013
2,800
245,578
Financial liabilities at fair value through profit or loss
455
466,217
\u2014
466,672
Total liabilities
37,219
672,230
2,800
712,249
Transfers of financial assets or liabilities between levels
We have developed a policy document for the fair value
hierarchy. This divides the variables used into observable and
unobservable market inputs. If the unobservable input
variables are significant, the instrument is classified as
Level\u00a03. An unobservable input variable is significant if the
change in the fair value due to the application of the variable
is greater than the threshold values. Our policy is to recognise
transfers into and out of fair value hierarchy levels at the end
of the reporting period.
In 2024, our valuation technique remained unchanged, with
non-observable input variables being assessed on
significance. As a result of this assessment, some financial
instruments included in Derivatives (both assets and
liabilities) and in Financial liabilities at fair value through
profit or loss have been transferred from Level 2 to Level 3
and vice versa.
As a result of the input variables\u2019 correlation and seasonality,
some derivatives and financial liabilities at fair value through
profit or loss were transferred to Level 2. The shorter
remaining term to maturity of these financial instruments
meant that these input variables qualified as non-significant,
justifying a transfer to Level 2. In the case of Derivatives
(assets), this entailed a transfer of \u20ac10.1 million from Level 3
to Level 2. For financial assets and liabilities at fair value
through profit or loss, there were no transfers from Level 2 to
Level 3 and vice versa. The transfer of Derivatives (liabilities)
includes a \u20ac10.1 million shift from Level 3 to Level 2.
Breakdown of movements in financial assets and liabilities
classified under Level 3
Tables 15.1.C and 15.1.D provide a breakdown of the
movements in all financial assets and liabilities classified as
Level 3 items and recognised at fair value in the statement of
financial position.
Table 15.1.C Breakdown of changes in financial assets less liabilities classified as Level 3 in 2024
At 1 January
To
statement
of income
Issues
Settlements
Transfers
At 31
December
Assets
Derivatives
2,600
\u2014
8,495
-2,600
\u2014
8,495
Financial assets at fair value through profit or loss
7,960
109
42
-17
14
8,108
Total assets
10,561
109
8,537
-2,618
14
16,603
Liabilities
Derivatives
2,800
\u2014
8,557
-2,800
\u2014
8,557
Financial liabilities at fair value through profit or loss
\u2014
\u2014
2,223
\u2014
\u2014
2,223
Total liabilities
2,800
\u2014
10,780
-2,800
\u2014
10,780
Total assets less liabilities
7,761
109
-2,243
182
14
5,823
Table 15.1.D Breakdown of changes in financial assets less liabilities classified as Level 3 in 2023
At 1 January
To
statement
of income
Issues
Settlements
Transfers
At 31
December
Assets
Derivatives
408
\u2014
2,600
-395
-13
2,600
Financial assets at fair value through profit or loss
8,579
26
230
-799
-76
7,960
Total assets
8,987
26
2,830
-1,194
-89
10,561
Liabilities
Derivatives
8,241
-1,883
2,541
-2,327
-3,772
2,800
Financial liabilities at fair value through profit or loss
52,559
2,027
\u2014
-11,578
-43,008
\u2014
Total liabilities
60,801
144
2,541
-13,905
-46,780
2,800
Total assets less liabilities
-51,813
-117
289
12,711
46,691
7,761
Table 15.1.E Fair value changes recognised in profit
or loss of financial instruments classified as Level 3
2024
2023
Realised
Unrealised
Total
Realised
Unrealised
Total
Income from securities and associates
-3
-1
-4
-2
-92
-94
Result on financial transactions
\u2014
113
113
\u2014
-23
-23
Total
-3
112
109
-2
-115
-117
Table 15.1.F Notes on valuation inputs and relationships to fair value using unobservable market inputs (Level 3)
Fair value
Significant
unobservable inputs
Range of inputs (probability-
weighted average)3
Relationships of
unobservable inputs
to fair value4
31/12/2024
31/12/2023
31/12/2024
31/12/2023
Assets
Derivatives
Structured product derivatives
\u2013 Equity swaps
8,495
2,600
Volatility
13.2% - 21.4%
(15.8%)
15.5% - 21.9%
(17.7%)
Changed volatility (8.2
percentage points)
would decrease fair
value by \u20ac1.9m
Correlation
-15.6% - 21.2%
(1.8%)
-14.4% - 19.4%
(1.0%)
Changed correlation
(36.8 percentage
points) would decrease
fair value by \u20ac0.0m
Dividend
0.5% - 6.2%
(3.1%)
1.1% - 3.4%
(2.3%)
Changed dividend (5.6
percentage points)
would decrease fair
value by \u20ac0.4m
Financial assets at fair value
through profit or loss
Debt instruments: company
cumprefs (shareholdings) (FVPL
mandatory)
1,238
1,124
Interest rates
10%
6% - 10% (8%)
Changed interest rate
(1.0 percentage points)
would decrease the
fair value by \u20ac0.0m
Discount rates
10%
6% - 10% (8%)
Changed discount rate
(1.0 percentage points)
would decrease the
fair value by \u20ac0.0m
Shares, unlisted
6,870
6,836
Most recent published
net asset values of the
underlying assets
n/a
n/a
n/a
Cost or lower market
value
n/a
n/a
n/a
Multiple analyses of
comparable companies
less a discount for
illiquidity and company
size based on EVCA
guidelines
n/a
n/a
n/a
Most recently known
share price
n/a
n/a
n/a
EBITA
n/a
n/a
n/a
Issue or transfer price
n/a
n/a
n/a
Market price on final
trading day
n/a
n/a
n/a
Face value less
provisions
n/a
n/a
n/a
Total assets
16,603
10,561
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3 When no range of the significant unobservable input used in the valuation of the asset/liability applies, this is indicated by \"n/a\".
4 When there is no relationship of the unobservable inputs with the fair value of the asset/liability, this is indicated by \"n/a\".
Table 15.1.F Notes on valuation inputs and relationships to fair value using unobservable market inputs (Level 3) (continued)
Fair value
Significant
unobservable inputs
Range of inputs (probability-
weighted average) 5
Relationships of
unobservable inputs
to fair value6
31/12/2024
31/12/2023
31/12/2024
31/12/2023
Liabilities
Derivatives
Structured product derivatives
\u2013 Equity swaps
8,557
2,800
Volatility
13.2% - 16.2%
(15.2%)
13.8% - 19.6%
(17.3%)
Changed volatility (3.0
percentage points)
would increase fair
value by \u20ac2.0m
Correlation
-10.2% - 9.4%
(-0.4%)
-20.1% - 25.8%
(1.9%)
Changed correlation
(19.7 percentage
points) would increase
fair value by \u20ac0.0m
Dividend
2.9% - 6.2%
(3.7%)
2.9% - 6.1%
(3.5%)
Changed dividend (3.3
percentage points)
would increase fair
value by \u20ac0.5m
Financial liabilities at fair value
through profit or loss
Other financial liabilities at fair
value through profit or loss
2,223
\u2014
Volatility
n/a
n/a
n/a
Correlation
n/a
n/a
n/a
Total liabilities
10,780
2,800
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
5 When no range of the significant unobservable input used in the valuation of the asset/liability applies, this is indicated by \"n/a\".
6 When there is no relationship of the unobservable input with the fair value of the asset/liability, this is indicated by \"n/a\".
15.2 Financial instruments at amortised cost
Table 15.2 shows the carrying amount and fair value of
financial instruments at amortised cost, with the exception of
line items Cash and cash equivalents and balances at central
banks, Other assets and Other liabilities. For these financial
instruments the carrying amount is a reasonable
approximation of the fair value.
The value of financial instruments at amortised cost is taken
as the amount for which the instrument could be exchanged
in a commercial transaction between willing parties, other
than in a forced or liquidation sale. If there is an active
market, we use the market value to determine the fair value.
For financial instruments for which no market prices are
available, the fair values shown in Table 15.2 are estimated on
the basis of the present value or using other estimation or
valuation methods.
Table 15.2 Financial instruments at amortised cost
31/12/2024
31/12/2023
Fair value
Carrying
amount
Fair value
Carrying
amount\u00a0
Level
Valuation method
Significant observable
and unobservable
market inputs
Assets
Due from banks
84,035
84,225
77,296
77,501
2
Discounted cash flows using
applicable money market
rates
Interest rate and
discount rate
Loans and advances to the
public and private sectors
8,999,733
9,331,093
8,602,008
9,161,433
3
Discounted cash flows using
current market fees for
comparable loans and taking
into account the
creditworthiness of the
counterparty
Interest rate, discount
rate and counterparty
credit risk
Other financial assets at
amortised cost
1,205,522
1,201,542
1,198,442
1,201,134
1
Quoted prices in active
markets
-
Total assets
10,289,290
10,616,859
9,877,746
10,440,068
Liabilities
Due to banks
164,692
164,804
252,367
250,504
2
Discounted cash flows using
applicable money market
rates for liabilities
Interest rate and
discount rate
Public and private sector
liabilities
12,709,033
12,766,921
12,401,813
12,573,814
3
Discounted cash flows using
applicable money market
rates for liabilities with a
comparable term to
maturity7
Interest rate, discount
rate and own credit risk
Issued debt securities
1,487,180
1,491,254
1,472,220
1,473,639
1
Quoted prices in active
markets
Interest rate and
discount rate
Subordinated loans
163,936
153,825
181,194
170,238
3
Discounted cash flows using
applicable money market
rates for debt instruments
with a comparable term to
maturity, taking account of
own credit risk
Interest rate, discount
rate and own credit risk
Total liabilities
14,524,842
14,576,804
14,307,595
14,468,194
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
7 The fair values of client deposits without contractual maturities (non-maturing deposits or NMDs) are approximated by the \"economic values\" that we calculate for\u00a0
\u00a0 these products as part of our interest rate risk management. We gauge their interest rate sensitivity (duration) by means of replicating portfolios, in which NMDs are
\u00a0 \"invested\" in fixed income instruments (swaps) with various interest rate maturities. To arrive at economic values, we discount these replicating portfolio investments\u2019
\u00a0 cash flows at current market interest rates (swap rates).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-616": { "value": "
Risk management
1. Risk, capital management and compliance
Our front-office functions are essential in delivering services
and products to our clients. The risk management function \u2013
which comprises Compliance, Financial Risk Management
and Non-Financial Risk Management \u2013 supports the front
office, clients and other stakeholders in ensuring that the
risks taken by Van Lanschot Kempen are controlled, and
comply with our risk appetite and legal requirements. This
section describes our risk appetite, the organisational and
governance arrangements that are in place regarding risk
management, and the three lines of defence principle. After
describing these general arrangements, the section continues
with credit risk, market risk, model risk, settlement risk,
credit valuation adjustment (CVA) risk, strategic risk, interest
rate risk, liquidity risk, securitisation risk, sustainability risk,
operational risk, compliance risk, financial reporting risk and
financial instruments at fair value.
1.1 Risk appetite
Solid capital and liquidity ratios are essential prerequisites for
a successful proposition to our clients and the financial
stability of Van Lanschot Kempen in general. This is reflected
in our risk appetite statement. We aim to have a simple and
transparent balance sheet.
We have a robust risk appetite framework in place covering
all significant risks of our company. Every year, the
Management Board assesses and updates the risk appetite
statement, which translates our risk appetite into strategic
limits. The risk appetite statement is then submitted to the
Supervisory Board for review and approval. Quarterly risk
appetite reports serve as important monitoring instruments
for the continuous review of our risk profile.
1.2 Organisation of risk, capital management and
compliance
The purpose of our risk management framework is to identify
and analyse risks at an early stage, as well as to mitigate and
monitor those risks. Adequate internal control procedures
and reporting systems, including the application of standards
and limits, are key elements of our risk management
framework.
The organisation of our risk management framework is based
on the three lines of defence principle. Day-to-day
responsibility for risk management and control lies with the
front office and/or operational departments (the first line of
defence), including Internal Control and Finance, Reporting &
Control.
Compliance, Financial Risk Management and Non-Financial
Risk Management form the second line of defence for
financial and non-financial risks. These departments are
responsible for initiating risk policies and the supervision of
risks and controls within Van Lanschot Kempen.
Internal Audit forms the third line of defence and is
responsible for performing independent audits on activities
of the first and second lines. The department reports to the
Chair of the Management Board and to the Chair of the Audit
Committee. The three lines of defence set-up creates a clear,
balanced and appropriate division of tasks, powers and
responsibilities, and ensures independent and effective
operation of the risk management function.
Financial Risk Management and Asset & Liability
Management stand at the core of capital and liquidity
management. We actively manage our capital base to cover
risks inherent to our business and meet the capital adequacy
requirements of De Nederlandsche Bank (DNB). The
adequacy of our capital is monitored by using the rules and
ratios established by the Basel Committee on Banking
Supervision as transposed into EU law through the Capital
Requirements Regulation (CRR). This legal framework also
forms the basis for supervision by DNB through the Capital
Requirements Directive (CRD) and the Financial Supervision
Act (Wft). Over the reporting period, we fully complied with
all capital and liquidity requirements. Both external and
internal capital and liquidity adequacy targets are taken into
account, and the central focus is on safeguarding our financial
solidity and stability. A capital and funding plan is prepared
annually for capital and liquidity management purposes.
Table 1.2 Risk, capital management and compliance framework
Supervision
1.2.1
Supervisory Board
\u2013 Risk and Compliance Committee
\u2013 Audit Committee
Risk, capital management and compliance
1.2.2
Management Board
\u2013 Group Risk Committee
\u2013 Credit Risk Committee
\u2013 Market Risk Committee
\u2013 Asset & Liability Committee
\u2013 Sustainability Board
\u2013 Compliance & Operational Risk Committee
Implementation and review
1.2.3
Asset & Liability
Management
Finance,
Reporting &
Control
Financial and
Non-Financial
Risk
Management and
Compliance
Internal Audit
Execution
1.2.4
Private Clients
Netherlands and
Belgium, Investment
Management Clients
and Investment
Banking Clients
Treasury
Credit Approval
and Financial
Restructuring &
Recovery
1.2.1 Supervision
The Supervisory Board oversees the risks and capital
requirements in relation to the group\u2019s operations and
balance sheet composition.
The Risk and Compliance Committee focuses on all identified
risks in the group\u2019s business activities, as well as the risk
management framework. Compliance risks and other matters
including duty of care are discussed in this committee, which
prepares decision-making by the Supervisory Board on risk
matters.
The Audit Committee is tasked with advising the Supervisory
Board on financial and non-financial reporting, internal and
external audits.
1.2.2 Risk, capital management and compliance
The Management Board is responsible for developing and
executing Van Lanschot Kempen's strategy. This includes our
capital and funding plan, internal capital adequacy
assessment process (ICAAP) and internal liquidity adequacy
assessment process (ILAAP), based on extensive analyses of
all risks run by Van Lanschot Kempen.
The primary objective of our capital management is to ensure
that we comply with external and internal capital
requirements to support our businesses and to create value
for our stakeholders. We manage our capital structure by
taking into account changes in economic conditions and the
risk characteristics of our activities. To maintain and/or
manage our capital structure, we may adjust the amount of
profit we distribute to shareholders in dividend payments,
return capital to shareholders, or issue capital securities.
These adjustments are under constant review by the
Management Board. Lastly, requests or demands by our
supervisors DNB and/or the European Central Bank (ECB)
and new regulation can also influence capital management.
The Management Board also bears responsibility for ensuring
the proper operation of the processes that safeguard the
group\u2019s liquidity position. In addition, it is required to provide
information to the Supervisory Board, which in turn assesses
the risk appetite of the group. To ensure the various risk
types are managed properly, the Management Board has set
up the following risk and compliance committees:
Group Risk Committee
The Group Risk Committee discusses group-wide risk
management themes. The committee brings together,
discusses and monitors the various risk types on an
integrated level. The committee sets the annual risk appetite
statement and discusses the risk appetite report and
emerging trends in the risk profile. Other areas covered
include recovery and resolution planning.
The committee includes all members of the Management
Board and is chaired by the CRO. Other members represent
Financial Risk Management, Non-Financial Risk Management
and Compliance.
Credit Risk Committee
The Credit Risk Committee sets and adjusts the group\u2019s
overall credit risk policy and translates this into acceptance
and portfolio management policies. In executing its tasks, the
committee bears in mind our strategic objectives and the
guiding principles informing the risk appetite statement. The
committee is also responsible for all IFRS and internal ratings-
based (IRB) models.
This committee includes the CRO and the Management
Board member whose responsibilities include Private Clients
Netherlands. The CRO chairs this committee; other members
represent Financial Risk Management, Private Clients and
Credit Approval and Financial Restructuring & Recovery.
Market Risk Committee
The Market Risk Committee focuses on all market risks
within Van\u00a0Lanschot Kempen. Market risk is the risk of loss as
a result of changes in market variables, including interest
rates (excluding interest rate risk in the banking book),
exchange rates and equity prices. It also considers variables
not directly observable in the market, such as volatility and
correlations, which also influence the value of certain
financial instruments. Market risks at Investment Banking
Clients arise from securities trading to facilitate our clients
(mainly equities and equity derivatives). Van Lanschot
Kempen is exposed to a certain amount of market risk
through the Treasury department. Risks are limited as
transactions are offset in the market within very tight limits.
Van Lanschot Kempen is also exposed to market risk as a
result of management book investments.
This committee includes the CRO and the CFO. The CRO
chairs the committee; other members represent Financial
Risk Management, Investment Banking, Trading & Sales and
Treasury.
Asset & Liability Committee
The Asset & Liability Committee is responsible for managing
risks that result from mismatches between assets and
liabilities (interest rate and liquidity risks), as well as our
capital position. The committee\u2019s main task is to oversee the
asset and liability management process. The committee sets
policies on interest rate risk in the banking book1, liquidity
and funding risk, funds transfer pricing and capitalisation, and
it monitors the development of the balance sheet and
balance-sheet projections.
This committee includes the Chair of the Management Board,
the CRO, the CFO and the Management Board member
responsible for Private Clients Netherlands and Investment
Banking Clients. The CFO chairs the committee, with other
members representing Asset & Liability Management,
Treasury, Financial Risk Management and Finance Reporting
& Control.
Compliance & Operational Risk Committee
The Compliance & Operational Risk Committee is responsible
for the implementation and execution of our compliance and
operational risk management policies. The committee
assesses compliance and operational risks, and ensures
remedial actions are taken where required. Among other
matters, the root causes of major operational risk incidents
are discussed in this committee.
1 The banking book comprises all assets not held for trading under the regulatory definition.
This committee includes the Chair of the Management Board,
the CRO, the Management Board member responsible for
Private Clients Netherlands and Investment Banking Clients,
the Board member responsible for Investment Management
Clients, and the General Counsel/Company Secretary. The
CRO chairs this committee, with other members representing
Non-Financial Risk Management, Compliance and Financial
Risk Management.
Sustainability Board
The Sustainability Board is responsible for driving and
implementing Van Lanschot Kempen's sustainability strategy
and is responsible for embedding sustainability-related goals
in our own organisation, our balance sheet and our
investments. In addition, the Sustainability Board is the risk
owner for all sustainability-related risks within Van\u00a0Lanschot
Kempen and responsible for all sustainability-related policies,
setting of key performance indicators (KPIs), risk appetite
setting and sustainability monitoring.
This committee includes the Chair of the Management Board
and the Management Board member responsible for
Investment Management Clients. The Chair of the
Management Board chairs this committee with other
members representing Private Clients, Financial Risk
Management, Compliance, Strategy, Sustainability &
Corporate Development, IT and Procurement & Facility
Management.
The Head of Internal Audit has a standing invitation to attend
all committee meetings. Second-line departments take the
lead in preparing the meetings of the committees described
above, with the exception of the Asset & Liability Committee,
where Asset & Liability Management is in charge, and the
Sustainability Board, where the Corporate Sustainability team
is in charge. We also have a number of committees that form
part of the first line of defence and that cover specific risk-
related topics, such as the Credit Committee and the Product
Approval & Review Committees.
1.2.3 Implementation and review of risk, capital management
and compliance policies
Implementation and monitoring of our risk and capital policies
is carried out by Financial Risk Management, Non- Financial
Risk Management, Asset & Liability Management, and Finance,
Reporting & Control. In addition, Compliance oversees the
implementation and carries out the monitoring and/or review
of compliance policies.
Financial Risk Management is responsible for:
\u2013 Second-line monitoring and management of all risks
relating to the statement of financial position at group
level, including modelling, measuring, managing and
reporting on our credit, market, interest rate, liquidity and
strategic risks;
\u2013 The risk appetite process;
\u2013 Preparing, developing and maintaining policy documents;
\u2013 Issuing daily market risk reports;
\u2013 Proactively and reactively providing advice on managing
risks;
\u2013 Raising risk awareness among staff to improve their ability
to strike a sound balance between risk and return.
Non-Financial Risk Management is responsible for:
\u2013 Business continuity management;
\u2013 Information security (second-line monitoring);
\u2013 Preparing, developing and maintaining policy documents;
\u2013 Proactively and reactively providing advice on managing
risks;
\u2013 Raising risk awareness among staff to improve their ability
to strike a sound balance between risk and return.
Financial Risk Management and Asset & Liability Management
are responsible for:
\u2013 Preparing ICAAP and ILAAP documentation as well as the
recovery plan.
Finance, Reporting & Control is responsible for the financial
accounting and business control function. Through its various
reports, Finance, Reporting & Control fulfils an important role
in challenging the businesses. These reports include monthly
management reports and cost control reports, and are used to
monitor the progress of business plans.
Compliance has both an advisory and a monitoring role with
respect to compliance with applicable laws, regulations,
internal policies and industry standards relevant for
Van\u00a0Lanschot Kempen. It is also responsible for preparing,
developing and maintaining internal policies. As compliance
risks are part of Van\u00a0Lanschot Kempen's overall risk
governance, Compliance as an independent function is
involved in and supports the management of compliance risks
by identifying, assessing, monitoring and reporting on such
risks. Compliance risks include risks such as data privacy,
financial crime, business conduct and client protection risks.
Internal Audit periodically reviews parts of the design and
effectiveness of the risk organisation and the execution of our
risk, capital management and compliance policies in
accordance with their annual audit plan. The applicable
policies form the starting point for the independent review by
Internal Audit. Processes, infrastructure, organisation and
systems are audited based on these policies to determine
whether the organisation adequately executes its risk, capital
management and compliance policies.
1.2.4 Execution of risk, capital management and compliance
policies
Private Clients Netherlands and Private Clients Belgium,
Investment Management Clients and Investment Banking
Clients prepare their own business plans. On the basis of these
plans, current and future risks are assessed, including
expected capital and liquidity requirements. These
assessments serve as input for the various risk committees.
1.3 Capital requirements
The standards set by the Basel Committee on Banking
Supervision, translated into law and regulations (CRR, CRD
and Wft), apply to all Dutch banks, including Van Lanschot
Kempen. The Basel framework consists of three pillars:
\u2013 Pillar 1 stipulates capital requirements for credit, market
and operational risk.
\u2013 Pillar 2 requires banks to have internal processes for risk
management and to calculate the capital requirements
needed to address all risks that are not included in Pillar 1.
The Supervisory Review and Evaluation Process (SREP) is
also part of Pillar 2.
\u2013 Pillar 3 sets out requirements for disclosure of information
about the institution\u2019s risk profile to external stakeholders.
For Pillar 3 disclosures (unaudited), including a detailed
breakdown of our portfolio of loans to companies and
institutions, see vanlanschotkempen.com/en-nl/about-us/
investor-relations/annual-reports. Meanwhile, our
remuneration policy is explained on page 145 of this annual
report.
1.4 Individual risks
The following sections detail the individual risk types to
which we are exposed. They therefore cover a combination of
Pillar 1 and Pillar 2 capital requirements. The risk types
covered are:
\u2013 Strategic risk (Section 2);
\u2013 Credit risk (Section 3);
\u2013 Market risk (Section 4);
\u2013 Model risk (Section 5);
\u2013 Settlement risk (Section 6);
\u2013 CVA risk (Section 7);
\u2013 Interest rate risk (Section 8);
\u2013 Liquidity risk (Section 9);
\u2013 Securitisation risk (Section 10);
\u2013 Sustainability risks (Section 11);
\u2013 Operational risk (Section 12);
\u2013 Compliance risk (Section 13);
\u2013 Financial reporting risk (Section 14).
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3. Credit risk
Credit risk is defined as the risk that a counterparty or client
is no longer able to fulfil its obligations. Our credit risk
policies focus on the counterparty risks associated with
lending to private banking clients and SMEs. Strict selection
criteria for new clients and active credit management for
existing clients are applied to safeguard the quality of the
loan portfolio. Our lending activities are required to be in line
with stated objectives, and individual assessments are used to
ascertain this.
Apart from lending activities, credit risk also arises from:
\u2013 Investment activities;
\u2013 International payment transactions and cash
management;
\u2013 Currency and hedging activities;
\u2013 Settlement risk.
Our investment activities relate to the management of our
liquidity buffer and equity investments. For the liquidity
buffer, a limit framework is in place to manage and monitor
associated credit risks.
Counterparty credit risk with respect to financial institutions
arises from international payment transactions, cash
management, currency and hedging activities. Some of these
activities also involve settlement risk. For derivatives
transactions, counterparty credit risk is mitigated by daily
margining.
We apply a strict policy when determining and monitoring
country and counterparty (financial institutions) limits. The
country limits serve as a cross limit for financial institutions,
meaning that the counterparty risks in respect of financial
institutions in one country are limited by the relevant country
limit, as the country limit is usually lower than the aggregate
of the individual counterparty limits.
Limits on financial institutions and countries are determined
using a number of hard criteria such as external ratings, Bank
for International Settlements (BIS) ratios, capital ratios,
country of origin and GDP (for countries). Limits can also be
adjusted and withdrawn on a daily basis.
3.1 Loans and advances
3.1.1 Credit acceptance
Our loan approval policy focuses on maintaining a high-
quality loan portfolio. The credit risk concentration mainly
lies within our private banking activities in the Netherlands.
Loan reviews and the authority to approve loans are
delegated to a limited number of teams, mainly our Credit
Approval team.
The authority to approve large loans rests with the Credit
Committee, which comprises representatives of the relevant
departments as well as members of the Management Board.
The mid- and back-office for nearly all residential mortgage
loans is run by a third party. A service level agreement (SLA) is
in place to ensure adequate control of the operational risks,
including the outsourcing risk.
The acceptance process is not outsourced, with the exception
of our white label loans \u2013 residential mortgages offered by a
third party. The acceptance and management of credit risks
has been outsourced to this third party, within our strict
guidelines and in accordance with prevailing legal
requirements.
New loan requests are assessed to determine if they are in
line with our strategy and policies, and we adopt a
conservative approach to granting them.
3.1.2 Credit management \u2013 policy and processes
To achieve a high-quality loan portfolio, strict credit
management is required. Credit management is carried out at
both individual loan and portfolio level. At the individual loan
level, explicit attention is devoted to the management of
unauthorised overdrafts and accounts past due. Loans with
an elevated risk profile are subjected to a risk check. In
addition, a proportion of the portfolio is regularly reviewed
and the credit risk of individual clients is scrutinised as part of
this review. The frequency of reviews varies according to the
individual borrower\u2019s risk profile and are carried out at least
annually for the main exposures. In addition to financial
analyses, reviews take account of future developments in a
client\u2019s situation (partly in the light of relevant
macroeconomic trends).
A deterioration in a client\u2019s risk profile may lead to closer
supervision, an adjusted rating, corrective measures (such as
requiring additional collateral or increasing the frequency of
financial reporting), involvement of Credit Approval and
Financial Restructuring & Recovery or a combination of these
measures. It may also lead to a stage transfer under IFRS 9 \u2013
see Section 3.8.
At portfolio level, credit risks are monitored on a monthly
basis. In addition, several early warning indicators are used to
draw up a watch list, which is discussed bi-monthly. A detailed
credit risk report and any relevant developments or expected
developments are discussed in the Credit Risk Committee on
a quarterly basis. Any negative trend identified in the risk
profile of a particular client segment, sector or loan type can
lead to the adjustment of the relevant lending policy. Trends
in sectors where there is a concentration risk are monitored\u00a0
closely.
If the review, risk check, payment arrears or external signals
point to an increased risk of discontinuity, the Financial
Restructuring & Recovery team is involved in the credit
management process. An estimate is made of the probability
of discontinuity. Depending on the seriousness and
magnitude of the problem, either monitoring or intensive
supervision is applied. If there are objective indicators of
impairment, the Financial Restructuring & Recovery team
draws up an impairment proposal. The Impairment
Committee determines the impairment for the whole credit
portfolio on a quarterly basis.
Active management of past due loans enables potential
problem loans to be identified at an early stage. If an
individual assessment identifies an increased risk, the
Financial Restructuring & Recovery team will supervise the
client. Increased credit risk occurs in situations including the
following:
\u2013 If clients fail to meet their payment obligations;
\u2013 If clients report difficulties in meeting future payments,
e.g. because of a divorce, unemployment;
\u2013 In the event of a default (see Section 3.1.3);
\u2013 For business clients, in the event of e.g. a significant
decrease in turnover, breach of one or more covenants, a
debt service coverage ratio below 1.
The primary goal of the Financial Restructuring & Recovery
team is to migrate clients back to accounts with regular status
(i.e. not under the supervision of Financial Restructuring &
Recovery) by reducing their credit risk. The aim is to do this in
accordance with the loan agreements made with these
clients, but forbearance measures are applied if necessary.
For more information on forborne exposures, see Section 3.2.
3.1.3 Credit risk measurement
We have developed internal models for measuring and
monitoring credit risk for the majority of the loan portfolio.
Some of these internal models are also used to determine the
required capital that has to be set aside for absorbing
unexpected credit losses. For this reason, the models, the use
of these models and the model governance have to adhere to
strict requirements set out in the CRR.
The CRR distinguishes three approaches for determining the
required capital for credit risk: the standardised approach
(SA), the foundation internal ratings-based (F-IRB) approach,
and the advanced internal ratings-based (A-IRB) approach.
We use SA and A-IRB for our loan portfolios.
The SA prescribes a set of rules for determining the required
capital based on various characteristics such as client type,
loan type, collateral type, and external rating. Meanwhile, the
A-IRB approach allows banks to use own estimates for
probability of default (PD), exposure at default (EAD) and loss
given default (LGD). PD is defined as the likelihood that a
client will default within one year, the EAD is defined as our
expected exposure at the time a client defaults, and the LGD
is the expected loss percentage in the event that a client
defaults. As a result, A-IRB is more risk-sensitive than SA.
We have approval from DNB to determine and report the
required regulatory capital for our residential mortgage
exposures portfolio using the A-IRB approach. Our models
are captured by our model governance framework.
As part of this, the performance of our A-IRB models is
periodically monitored, and these models are also periodically
validated against independent models.
The PD model is mostly based on behavioural aspects of the
client and the LGD models on the underlying collateral. For
the capital calculations a so-called downturn LGD is applied,
i.e. the expected loss at default during an economic downturn.
Estimation of the EAD is based on the limit and credit
utilisation.
The SA method has been used for capital calculations in all
our other retail and non-retail loan portfolios.
IRB equity portfolio
The IRB equity portfolio includes our positions in equities in
the investment portfolio, subordinated receivables, non-
controlling interests and shareholdings which appear on
Van\u00a0Lanschot Kempen's company statement of financial
position. We use the simple risk-weighted method to
calculate the risk-weighted assets for positions in shares.
In this method, a specific risk weighting (190%, 290% or
370%) is assigned to each position, based on a number of
characteristics. A risk weighting of 250% is applied for
significant investments in financial institutions that are not
deducted from equity because they fall below the regulatory
threshold. Positions taken in shares and subordinated loans
of wholly owned subsidiaries are excluded from IRB. These
are reported using the SA method.
Other loans and advances
The risk-weighted assets of other portfolios, such as the debt
securities in our investment portfolio managed by Treasury
(i.e. excluding retail, non-retail and equity), are calculated on
the basis of the SA method.
Definition of default and credit-impaired assets
Our definition of default is informed by European Banking
Authority guidelines. Most notably, the materiality threshold
complies with the uniform EU standard. A financial asset is
credit-impaired when one or more events have occurred that
have a detrimental impact on the estimated future cash flows:
\u2013 A breach of contract such as a more than 90 days past due
event with a materiality of more than \u20ac100 and more than
1% of total credit obligation for retail exposures or more
than \u20ac500 and more than 1% of total credit obligation for
non-retail exposures;
\u2013 Significant financial difficulty of the issuer or the
borrower and an inability to meet future payments;
\u2013 Concession(s) granted to the borrower that the lender
would not otherwise consider, relating to the borrower\u2019s
financial difficulties (forbearance);
\u2013 A growing likelihood that the borrower will enter
bankruptcy or other financial restructuring;
\u2013 The disappearance of an active market for the financial
asset because of financial market difficulties;
\u2013 The purchase or origination of a financial asset at a deep
discount that reflects the incurred credit loss.
It may not always be possible to identify a single discrete
event; instead the combined effect of several events may
have caused financial assets to become impaired. All impaired
assets are also classified as defaulted by Van\u00a0Lanschot
Kempen under CRR rules. Van Lanschot Kempen has
implemented one definition that serves for all its different
purposes.
3.2 Forborne exposures
A loan is considered forborne if the borrower is structurally
unable to meet their contractual obligations towards us and
we decide to make a concession to the client by modifying the
terms and conditions of the loan agreement. The objective of
this modification is to enable the borrower to meet the
renewed obligations, and it would not have been offered if
those circumstances had not arisen. Forbearance actions may
include one or more of the following measures:
\u2013 Amendment of the original terms and conditions of the
loan agreement that the client cannot meet due to
financial difficulties, with a view to restoring the client\u2019s
payment capacity;
\u2013 Full or partial refinancing of a forborne exposure.
The purpose of the measures taken in forbearance situations
is to maximise the chance of restoring the borrower\u2019s
payment capacity and to minimise the risk of losses due to
having to write off all or part of the loan. Measures must offer
the client an appropriate and sustainable solution, enabling
them to comply with the original obligations arising from the
credit agreement in due course.
Applying forbearance measures is exclusively reserved for
the Financial Restructuring & Recovery team, which pursues
a policy based on general principles and translates this to the
specific situation of the individual client. Given the nature of
these loans, the Financial Restructuring & Recovery team
carries out intensive credit management. Before any new
arrangements are agreed, a detailed analysis is made of the
client, their financial situation and the likelihood of income
recovery. The outcome of this analysis may have
consequences for the client\u2019s review frequency and the size
of any loan loss provision. If the client qualifies for
appropriate forbearance measures, a proposal will be drawn
up and submitted to the competent assessor(s) for approval.
If a forbearance measure is granted, the exposure is classified
as non-performing.
In practice, forbearance measures do not always have the
desired effect \u2013 i.e. the recovery of the client\u2019s payment
capacity or an end to the process of declining payment
capacity. This may, for example, be the result of a further
deterioration in the client\u2019s financial circumstances or the
failure of those circumstances to improve as expected. Such
cases are reanalysed and a new repayment strategy is agreed.
However, the principle is explicitly maintained that the
forbearance measure must be appropriate, enduring and
effective. Any new arrangements agreed with the borrower
must also meet these strict criteria.
A forbearance situation ends when the non-performing
status has no longer been applied to the loan for a probation
period of two years. The non-performing status must last a
minimum of one year starting from the last forbearance
measure. Moreover, the client must have made significant
and regular payments of interest and/or principal during at
least half of the probation period. During the two-year
probation period, no payments by the borrower may be in
arrears for more than 30 days. If this condition is not met, the
probation period will start again from the date the client is no
longer in arrears for more than 30 days.
The recording and monitoring of loans which are subject to
forbearance is carried out by the Financial Restructuring &
Recovery team. Each quarter, and where appropriate more
frequently for specific loans, an individual assessment is
carried out of forborne exposures which are in default, in
relation to any provision made. In addition to this quarterly
assessment (as part of the provisioning process), these loans
are subject to extensive credit risk management, the intensity
and frequency of which will as far as possible match the
specific circumstances of the loan.
Tables 3.2.A through 3.2.C show the total volume of forborne
exposures. We apply several types of forbearance measures
(see Table 3.2.A).
Following the decision to apply such a measure, a loan
remains under the supervision of the Financial
Restructuring\u00a0&\u00a0Recovery team until the forbearance
situation has ended.
Table 3.2.A Types of forborne exposure
31/12/2024
31/12/2023
Total
17,211
26,210
Refinancing or new loans
3,116
1,881
Reduction of repayments
1,661
7,619
Deferred payment of financing costs
1,282
741
Extension of loan term
2,641
2,548
Reduction in interest rate
508
3,747
Sale by agreement/assisted sale
437
1,041
Rescheduled payments
9
\u2014
Other alteration of contract conditions/covenants
7,521
8,364
Partial or total debt forgiveness
37
268
Tables 3.2.B and 3.2.C provide an insight into the underlying
collateral of forborne loans. This breakdown is based on the
collateral used under Basel regulations, with the exception of
commercial real estate, for which collateral is based on
market values. The value in the Total primary collateral
column is the lower of the subscription value or the value of
the collateral.
Table 3.2.B Forborne exposures by collateral at 31 December 2024
Balance
outstanding
Mortgage
collateral
Commercial real
estate
Financial
collateral
Total primary
collateral
Secondary
collateral and
unsecured loans
Total
17,181
2,499
9,343
1,634
13,476
3,705
Mortgage loans
2,499
2,499
\u2014
\u2014
2,499
\u2014
Current accounts
4,991
\u2014
\u2014
1,634
1,634
3,357
Loans
9,691
\u2014
9,343
\u2014
9,343
348
Table 3.2.C Forborne exposures by collateral at 31 December 2023
Balance
outstanding
Mortgage
collateral
Commercial real
estate
Financial
collateral
Total primary
collateral
Secondary
collateral and
unsecured loans
Total
26,210
2,368
16,596
2,044
21,008
5,202
Mortgage loans
2,368
2,368
\u2014
\u2014
2,368
\u2014
Current accounts
5,550
\u2014
\u2014
2,044
2,044
3,505
Loans
18,293
\u2014
16,596
\u2014
16,596
1,697
Write-off policy
We write off loans as soon as there is sufficient certainty
about the loss after the sale of collateral and after exploring
other redress opportunities.
3.3 Breakdown of the loan portfolio
We adopt a cautious approach to granting unsecured loans.
Our loan book mainly consists of loans to private banking
clients such as loans secured by residential real estate, a
number of commercial real estate loans and Lombard loans.
The remainder of the loan portfolio comprises consumer
loans and customised financing for private banking clients.
Mortgage loans also include ground leases (erfpacht), made by
Kempen Dutch Inflation Fund.
Table 3.3 Breakdown of loan portfolio by
entity excluding impairments
31/12/2024
31/12/2023
Limit
Utilisation
Limit
Utilisation
Total
9,730,708
9,366,177
9,672,400
9,199,580
Van Lanschot Kempen
9,199,624
8,954,847
9,136,786
8,810,598
Kempen Dutch Inflation Fund
127,289
127,289
132,786
132,786
Other
403,795
284,041
402,828
256,196
3.4 Collateral
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral.
Tables 3.4.A and 3.4.B provide insight into the underlying
collateral of the loan portfolio.
Table 3.4.A Loans and advances to the public and private sectors by collateral at 31 December 2024
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,450,267
7,058,144
491,103
867,780
248,874
8,665,901
784,366
Mortgage loans
6,841,316
6,724,729
46,478
3,402
1,562
6,776,171
65,146
Loans
1,911,899
237,402
417,973
481,092
246,161
1,382,628
529,271
Current accounts
402,491
61,279
26,653
218,719
1,151
307,802
94,689
Securities-backed loans and settlement
receivables
291,082
34,734
\u2014
164,567
\u2014
199,300
91,782
Subordinated loans
3,479
\u2014
\u2014
\u2014
\u2014
\u2014
3,479
Table 3.4.B Loans and advances to the public and private sectors by collateral at 31 December 2023
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,303,365
7,401,403
109,032
631,503
273,668
8,415,607
887,758
Mortgage loans
6,851,876
6,760,199
7,310
842
1,929
6,770,280
81,596
Loans
1,790,128
537,152
95,411
361,308
268,136
1,262,007
528,121
Current accounts
409,293
67,725
6,311
134,203
3,604
211,843
197,450
Securities-backed loans and settlement
receivables
248,976
36,327
\u2014
135,150
\u2014
171,477
77,499
Subordinated loans
3,092
\u2014
\u2014
\u2014
\u2014
\u2014
3,092
Tables 3.4.A and 3.4.B have been drawn up on the basis of the
definitions contained in the Basel regulations. Additional data
fields unlocked in 2024 for Basel IV purposes have resulted in
some movements, mainly from Mortgage collateral to
Commercial real estate. The balance outstanding is the
carrying amount excluding value adjustments for fair value
hedge accounting. The collateral value is the lower of the
balance outstanding of the related loan or the value of the
collateral itself.
The category Other mainly comprises loans for which
collateral has been pledged in the form of operating assets,
inventories and receivables, as well as collateral which for
technical reasons is not directly linked to a specific loan. The
total amount of unsecured loans is small.
The loan-to-value (LTV) of our mortgage loans is based on
indexed foreclosure values, in line with generally accepted
standards for LTV determination. The weighted average LTV
at year-end 2024 was 60% (2023: 64%).
3.5 Concentration within the loan portfolio
The vast majority of our loan portfolio consists of loans to our
private banking clients. For the credit risk in this portfolio, see
Section\u00a03.8, Loss allowance for expected credit losses. We
aim for a diversified loan portfolio, reflecting our risk
appetite. We have set limits for concentrations in individual
sectors.
3.5.1 Individual loan concentrations
The ten largest loans to individual clients other than financial
institutions totalled \u20ac176 million at year-end 2024, compared
with a total loan portfolio of \u20ac7.8 billion (2023: \u20ac179 million;
total loan portfolio \u20ac7.8 billion). In this calculation, Lombard
loans secured by non-single stock are excluded.
3.5.2 Geographical concentrations
The bulk of our lending takes place in the Netherlands. The
geographical breakdown reflects client locations.
Table 3.5.2 Loans and advances to the public and private sectors by geographical area
31/12/2024
31/12/2023
Total
9,331,093
9,161,433
Netherlands
8,547,476
8,486,270
Belgium
558,597
464,301
Other
225,019
210,862
3.6 Encumbered and unencumbered assets
Certain items in the statement of financial position are
classified as encumbered. Tables 3.6.A and 3.6.B provide
insight into the financial assets treated as encumbered. These
tables have been drawn up on the basis of carrying value.
Encumbered assets
Pledged as collateral:
\u2013 Cash pledged to a counterparty bank or central clearing
party as security for obligations stemming from
derivatives (CSA contracts);
\u2013 Investments in debt instruments pledged to DNB or
counterparty banks in the context of payments, repo
transactions or securities and derivatives clearing
purposes;
\u2013 Mortgage loans and receivables that act as a guarantee
for debt instruments which have been placed with
institutional investors in the form of covered bonds or
have been pledged as collateral to DNB, e.g. for
transaction settlements.
Other:
\u2013 Statutory reserve deposits with central banks;
\u2013 Reserve accounts of the covered bond entities to which
we have no access.
Unencumbered assets
Eligible as collateral:
\u2013 Investments in debt instruments which appear on the
ECB eligible list of marketable assets but are not classified
as encumbered at the reporting date;
\u2013 Mortgage loans and advances on underlying debt
instruments which are held by us and which appear on the
ECB eligible list of marketable assets but are not classified
as encumbered at the reporting date.
Table 3.6.A Encumbered and unencumbered
assets
Encumbered assets
Unencumbered assets
31/12/2024
Pledged as
collateral
Other
Eligible as
collateral
Not eligible as
collateral
Total
Total
2,138,444
134,287
4,414,692
9,257,888
15,945,312
Cash and cash equivalents and balances at central
banks
\u2014
129,665
\u2014
1,935,153
2,064,818
Due from banks
63,323
4,622
\u2014
16,280
84,225
Financial assets at fair value through profit or loss
\u2014
\u2014
180,734
91,760
272,494
Financial assets at fair value through other
comprehensive income
30,006
\u2014
2,788,606
172,528
2,991,140
Loans and advances to the public and private
sectors
1,830,000
\u2014
525,000
6,976,093
9,331,093
Other financial assets at amortised cost
215,115
\u2014
920,352
66,074
1,201,542
Table 3.6.B Encumbered and unencumbered
assets
Encumbered assets
Unencumbered assets
31/12/2023
Pledged as
collateral
Other
Eligible as
collateral
Not eligible as
collateral
Total
Total
2,081,098
129,779
3,237,799
10,359,817
15,808,493
Cash and cash equivalents and balances at central
banks
\u2014
123,637
\u2014
2,801,681
2,925,318
Due from banks
41,948
6,142
\u2014
29,411
77,501
Financial assets at fair value through profit or loss
\u2014
\u2014
130,245
104,348
234,593
Financial assets at fair value through other
comprehensive income
20,428
\u2014
1,785,096
402,990
2,208,514
Loans and advances to the public and private
sectors
1,830,000
\u2014
525,000
6,806,433
9,161,433
Other financial assets at amortised cost
188,722
\u2014
797,458
214,954
1,201,134
3.7 Netting of financial assets and liabilities
Tables 3.7.A and 3.7.B show the netting of financial assets and
liabilities. The right to net derivatives is laid down in a master
netting agreement per counterparty. For information about
the netting criteria, see \u201cSummary of material accounting
policies\u201d.
Table 3.7.A Netting of financial assets and liabilities 31/12/2024
Gross
Gross in the
statement of
financial position
Net in the
statement of
financial position
Related amounts
not netted in the
statement of
financial position
Net
Derivatives (assets)
915,087
597,189
317,897
157,037
160,860
Derivatives (liabilities)
851,755
597,189
254,566
157,037
97,529
Table 3.7.B Netting of financial assets and liabilities 31/12/2023
Gross
Gross in the
statement of
financial position
Net in the
statement of
financial position
Related amounts
not netted in the
statement of
financial position
Net
Derivatives (assets)
882,882
540,356
342,526
126,341
216,185
Derivatives (liabilities)
785,934
540,356
245,578
126,341
119,237
3.8 Loss allowance for expected credit losses
Under the IFRS 9 Accounting Standard, we recognise a loss
allowance for ECL on financial assets measured at amortised
cost or fair value through other comprehensive income, as
well as for financial guarantees and loan commitments. When
there is no significant deterioration in credit risk since initial
recognition, ECL is recognised based on a 12-month expected
credit losses (Stage 1).
When a significant increase in credit risk has occurred, ECL is
recognised based on a lifetime ECL (Stage 2). Likewise, for
impaired loans (Stage 3) a lifetime ECL is recognised.
3.8.1 Expected loss measurement
We measure ECL by using a sophisticated approach and an
alternative approach. For the sophisticated approach we use
models to calculate the ECL, governed by a model governance
framework. Under this framework, the performance of the
models is periodically monitored, and these models are also
periodically validated. Every quarter, the models are subject
to performance monitoring. If models are consistently
performing outside the agreed threshold, recalibration or
ultimately redevelopment will follow.
In both approaches, ECL reflects an unbiased probability-
weighted amount that is determined by evaluating a range of
possible outcomes, the time value of money, and reasonable
and verifiable information that is available without undue
cost or effort at the reporting date about past events, current
conditions and forecasts of future economic conditions. Both
approaches calculate a 12-month and a lifetime ECL for the
exposures of all three stages.
After the risk stage determination in the stage calculation,
the relevant ECL is assigned:
\u2013 12-month ECL for Stage 1;
\u2013 Lifetime ECL for Stage 2 and Stage 3.
The key elements of the ECL calculation are the probability of
default (PD), exposure at default (EAD), cure rate (CR), and
loss given default (LGD). An important part of the LGD is the
loss given non-cure (LGN). LGN is an estimate of the loss
arising in the event of a default without cure occurring at a
given time. It is based on the difference between the
contractual cash flows due and those that the lender would
expect to receive, including from the realisation of any
collateral.
In addition to these four key elements, we incorporate
forward-looking information for the sophisticated approach.
We identify macroeconomic variables and consider three
macroeconomic scenarios in calculating ECL:
\u2013 A baseline scenario;
\u2013 An upside scenario;
\u2013 A downside scenario.
These scenarios are associated with different PDs, EADs and
LGNs. In the process of building the PD, cure rate and LGN
models for IFRS Accounting Standards, we included several
macroeconomic risk drivers in the long list of risk drivers.
Those determined as best-performing during modelling were
selected to be part of the model. The macroeconomic
scenarios are generated based on inputs from CPB
Netherlands Bureau for Economic Policy Analysis, DNB, ECB
and our in-house economic experts. The reported ECL (12-
month or lifetime, depending on the stage) is a weighted ECL
average per macroeconomic scenario. The table below shows
the macroeconomic variables used for the sophisticated
approach.
Model
Macroeconomic variables
PD calibration
\u2013 GDP
\u2013 Volume of exports
Cure rate
\u2013 Residential real estate price
\u2013 Volume of exports
LGN
\u2013 GDP
\u2013 Residential real estate price
\u2013 Unemployment
EAD
n/a
3.8.2 Significant deterioration in credit risk
To determine the deterioration in credit risk of a financial
instrument since initial recognition, we compare the risk of
default at the reporting date with the risk of default on initial
recognition.
To calculate the lifetime probability of default (LPD) at
origination and the LPD at reporting date, we use four PD
models: private individuals, SMEs, corporates, and
commercial real estate. If the increase in LPD exceeds the
designated threshold, the exposure is transferred to Stage 2
and the lifetime ECL is calculated.
A backstop is applied and financial instruments that are
materially overdrawn and more than 30 days past due are
transferred from Stage 1 to Stage 2. If the financial
instrument is credit-impaired, it is transferred to Stage 3.
3.8.3 Financial instruments following the sophisticated
approach
For the majority of financial instruments included in the line
item Loans and advances to the public and private sectors,
including mortgage loans, loans, current accounts,
subordinated loans and financial guarantees and loan
commitments, we apply a sophisticated approach to calculate
expected credit losses. This approach uses an umbrella model
that combines the following sub-models:
\u2013 Various models that provide the expected flow of
exposures to the default state;
\u2013 A PD calibration model giving the flow from performing to
default;
\u2013 A full prepayment model and amortisation model giving
the outflow from the portfolio of an entire exposure due
to prepayment or contract expiration;
\u2013 A migration model providing flows from performing rating
classes to other performing rating classes;
\u2013 A cure rate model giving the flow from default to
performing classes and the non-cure state;
\u2013 Various product-level models that give the expected
exposure at the moment a client goes into default;
\u2013 An amortisation model showing the contractual payments
during the lifetime of a product and the part of the
exposure flowing out of the portfolio due to partial
prepayments;
\u2013 An EAD model giving the exposure as a function of the
limit or outstanding amount just before default;
\u2013 A product-level model evaluating the part of EAD that
may be lost \u2013 the loss given loss (LGL) model;
\u2013 A discount factor to discount the loss from the moment of
default to the moment of reporting.
3.8.4 Financial instruments following the alternative
approach
We apply an alternative approach for cash and cash
equivalents, due from banks, debt instruments at amortised
cost, debt instruments at fair value through other
comprehensive income, and loans and securities-backed
loans issued by Mercier Van Lanschot and Van Lanschot
Kempen Switzerland. The alternative approach comprises an
investments model and a foreign loan model.
3.8.5 Investments model
The investments model is applied to calculate the ECL for
cash and cash equivalents, due from banks, debt instruments
at amortised cost, and debt instruments at fair value through
other comprehensive income. These financial instruments all
have a low risk profile. All such exposures are assigned to
Stage 1 as long as their external rating is investment-grade.
We use a simplified model to calculate 12-month ECL, using
publicly available data for PD and LGD based on external
ratings. If financial assets are downgraded below investment
grade, these assets will be sold.
3.8.6 Foreign loans model
For the loans and securities-backed loans issued by Mercier
Van Lanschot and Van Lanschot Kempen Switzerland, we
have developed a foreign loans model. The foreign loans
model calculates ECL as the sum of future exposure
discounted at the effective interest rate at recognition for
non-revolving products and the current effective interest
rate for revolving products.
3.8.7 Model changes
As of 2020, a management overlay was applied to the ECL to
incorporate risks generated by the pandemic and later the
rise in geopolitical tensions, which were not captured by the
models used earlier. After several years, the only significant
effect within the credit risk domain is a change in customer
prepayment behaviour due to higher interest rates
introduced in response to increased inflation. In general,
repayments have fallen, thus increasing the probability of
loss, as exposures remain within the portfolio for a longer
time period. To incorporate this change in behaviour in our
models, our prepayment and maturity models have been
recalibrated, increasing the ECL by \u20ac1.3\u00a0million.
Several years have passed since the onset of the pandemic
and the rise in geopolitical tensions, giving any unforeseen
risks and consequences time to materialise. Given that the
observable gap in the models due to the pandemic and the
heightened geopolitical tensions has now been incorporated,
maintaining a management overlay is no longer defensible.
Future economic developments are expected to be captured
by our macroeconomic variables and scenarios. For these
reasons, the overlay is no longer applied, leading to an ECL
decline of \u20ac3.4 million in 2024.
3.8.8 Loss allowances
The table below shows the ECL loss allowances and the
corresponding book values (including revocable and
irrevocable commitments), categorised by balance sheet line
item and ECL by stage.
Table 3.8.A Loss allowance for expected credit losses
31/12/2024
31/12/2023
Carrying value
(excluding
impairments)
Expected credit
losses
Carrying value
(excluding
impairments)
Expected credit
losses
Total
16,867,053
38,146
16,766,183
40,767
Cash and cash equivalents and balances at central banks
2,064,818
0
2,925,318
0
Due from banks
84,225
\u2014
77,501
\u2014
Financial assets at fair value through other comprehensive
income
2,991,140
762
2,208,514
280
Loans and advances to the public and private sectors
9,610,954
35,084
9,525,767
38,146
Other financial assets at amortised cost
1,201,838
296
1,201,267
133
Financial guarantees and loan commitments
914,078
2,004
827,816
2,207
The table below shows total loss allowances recognised by
IFRS 9 stage. The total change in Stage 3 amounted to an
increase of \u20ac0.4 million (2023: increase of \u20ac0.8 million); of
this amount, \u20ac2.1 million (2023: \u20ac5.6 million) is related to
write-offs and \u20ac2.5 million (2023: releases of \u20ac6.4 million)
to\u00a0additions of loss allowances at Stage 3.
Table 3.8.B Loss allowance recognised by IFRS 9 stage
31/12/2024
31/12/2023
Write-offs
Change in
provision
Total change
Stage 1
4,385
5,701
\u2014
-1,316
-1,316
Stage 2
5,662
7,338
\u2014
-1,676
-1,676
Stage 3
28,099
27,729
-2,100
2,470
370
Total
38,146
40,767
-2,100
-521
-2,621
The table below shows the IFRS 9 stage and coverage ratios
for loss allowances recognised in the loan portfolio,
categorised by ECL stage.
Table 3.8.C IFRS 9 stage and
coverage ratio by ECL stage
(\u20ac million)
31/12/2024
31/12/2023
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Stage 1
8,221
2.7
0.0%
87.8%
7,760
4.3
0.1%
84.4%
Stage 2
1,018
4.3
0.4%
10.9%
1,314
6.1
0.5%
14.3%
Stage 3
127
28.1
22.1%
1.4%
126
27.7
22.0%
1.4%
Total
9,366
35.1
0.4%
9,200
38.1
0.4%
Stage 1
Model-based Stage 1 provisions on loans decreased by
\u20ac1.6\u00a0million to \u20ac2.7 million, with the Stage 1 exposure adding
\u20ac461 million. The main driver was the release of the
management overlay (\u20ac1.1 million). The coverage ratio was
down slightly from 2023.
Stage 2
Stage 2 provisions on loans went down from \u20ac6.1 million to
\u20ac4.3\u00a0million in 2024. The fall in provisions in Stage 2 was
mainly caused by the release of the management overlay
(\u20ac2.3 million) and improved economic conditions. The
recalibration of the IFRS 9 models resulted in a higher
provision. The coverage ratio narrowed slightly compared
with 2023.
Stage 3
The baseline for Stage 3 provisions is determined by the
Financial Restructuring & Recovery team, with limited IFRS 9
model adjustments. In 2024, Stage 3 provisions rose slightly
to \u20ac28.1 million. This was due to a release of provisions on the
resolution of some specific impaired exposures and write-
offs, offset by increased provisioning on existing impaired
loans and new defaults. The total impaired exposure
remained virtually stable at \u20ac127\u00a0million, while the coverage
ratio rose slightly compared with 2023.
Loss allowances for ECL change over time for several
reasons: the credit risk of financial instruments may
significantly increase or decrease, financial instruments may
become credit-impaired, or new financial assets may be
purchased. The following tables explain the changes in the
loss allowances during the year and the loss allowance
recognised in the statement of income.
Table 3.8.D Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
280
\u2014
\u2014
280
Additions or releases without transfer
270
\u2014
\u2014
270
Financial assets originated or purchased
212
\u2014
\u2014
212
Total balance excluding write-offs
762
\u2014
\u2014
762
At 31 December 2024
762
\u2014
\u2014
762
Table 3.8.E Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
49
\u2014
\u2014
49
Additions or releases without transfer
-13
\u2014
\u2014
-13
Financial assets originated or purchased
245
\u2014
\u2014
245
Total balance excluding write-offs
280
\u2014
\u2014
280
At 31 December 2023
280
\u2014
\u2014
280
Table 3.8.F Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
4,346
6,107
27,694
38,146
Additions or releases without transfer
-2,231
-1,749
1,245
-2,735
Transfer to Stage 1
247
-4,515
\u2014
-4,268
Transfer to Stage 2
-491
4,827
-635
3,701
Transfer to Stage 3
-89
-332
1,851
1,429
Financial assets originated or purchased
911
\u2014
\u2014
911
Total balance excluding write-offs
2,693
4,337
30,155
37,185
Amounts written off
\u2014
\u2014
-2,100
-2,100
At 31 December 2024
2,693
4,337
28,055
35,084
Table 3.8.G Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
6,098
6,974
26,927
39,998
Additions or releases without transfer
-2,608
-2,305
-1,517
-6,430
Transfer to Stage 1
260
-4,166
-1,843
-5,749
Transfer to Stage 2
-485
5,870
\u2014
5,385
Transfer to Stage 3
-24
-266
9,745
9,455
Financial assets originated or purchased
1,105
\u2014
\u2014
1,105
Total balance excluding write-offs
4,346
6,107
33,312
43,765
Amounts written off
\u2014
\u2014
-5,618
-5,618
At 31 December 2023
4,346
6,107
27,694
38,146
Table 3.8.H Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
133
\u2014
\u2014
133
Additions or releases without transfer
163
\u2014
\u2014
163
Financial assets originated or purchased
\u2014
\u2014
\u2014
\u2014
Total balance excluding write-offs
296
\u2014
\u2014
296
At 31 December 2024
296
\u2014
\u2014
296
Table 3.8.I Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
49
\u2014
\u2014
49
Additions or releases without transfer
67
\u2014
\u2014
67
Financial assets originated or purchased
17
\u2014
\u2014
17
Total balance excluding write-offs
133
\u2014
\u2014
133
At 31 December 2023
133
\u2014
\u2014
133
Table 3.8.J Changes in impairments of Financial guarantees and
loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
942
1,230
35
2,207
Additions or releases without transfer
-324
-100
15
-408
Transfer to Stage 1
7
-43
\u2014
-37
Transfer to Stage 2
-13
239
-25
202
Transfer to Stage 3
\u2014
-2
18
16
Financial assets originated or purchased
23
\u2014
\u2014
23
Total balance excluding write-offs
636
1,325
44
2,004
At 31 December 2024
636
1,325
44
2,004
Table 3.8.K Changes in impairments of Financial guarantees
and loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
664
1,761
10
2,435
Additions or releases without transfer
268
-530
10
-253
Transfer to Stage 1
5
-84
\u2014
-78
Transfer to Stage 2
-8
85
\u2014
76
Transfer to Stage 3
\u2014
-1
15
14
Financial assets originated or purchased
13
\u2014
\u2014
13
Total balance excluding write-offs
942
1,230
35
2,207
At 31 December 2023
942
1,230
35
2,207
All financial instruments included in the line items Cash and
cash equivalents, Due from banks, and Debt instruments at
amortised cost are classified in Stage 1, and no transfers have
taken place.
3.8.9 Credit quality
Van Lanschot Kempen allocates each exposure to a credit risk
grade based on a variety of data that are determined to be
predictive of the risk of default. Credit risk grades are defined
using qualitative (applying experienced credit judgement) and
quantitative factors that are indicative of risk of default.
These factors vary depending on the nature of the exposure
and the type of borrower.
We use internally developed rating pools for the line items
Loans and advances to the public and private sectors and
Financial guarantees and loan commitments.
Credit grade
Description
Investment grade
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pool 1
Standard monitoring
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pools 2 to 4
Special monitoring
Non-credit-impaired financial assets that are placed under the supervision of the Financial Restructuring &
Recovery team
Default
Credit-impaired financial assets
All financial instruments under the line items Cash and cash
equivalents, Due from banks, Debt instruments at amortised
cost and Debt instruments at fair value through other
comprehensive income are investment grade, which means
their external rating is at least BBB-. We use external ratings
for these line items.
The credit quality of the line items Loans and advances to the
public and private sectors and Financial guarantees and loan
commitments is shown in the tables below. Assessment of
credit quality is based on our internal credit rating system
and year-end stage classification. The amounts presented are
gross of impairment allowances.
Table 3.8.L Credit quality of Loans and advances to the public
and private sectors at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
6,735,392
\u2014
\u2014
6,735,392
Standard monitoring (BB+ to B-)
1,805,831
1,005,730
\u2014
2,811,560
Special monitoring (CCC to C)
1,863
74,533
-423
75,973
Default (DDD to D)
\u2014
\u2014
107,203
107,203
Gross carrying amount
8,543,086
1,080,262
106,780
9,730,128
Loss allowance
2,691
4,338
28,055
35,084
Carrying amount
8,540,395
1,075,925
78,725
9,695,044
Table 3.8.M Credit quality of Loans and advances to the public
and private sectors at 31 December 2023
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
6,337,169
\u2014
\u2014
6,337,169
Standard monitoring (BB+ to B-)
1,634,816
1,478,121
\u2014
3,112,937
Special monitoring (CCC to C)
\u2014
90,814
20,312
111,126
Default (DDD to D)
\u2014
\u2014
106,468
106,468
Gross carrying amount
7,971,984
1,568,935
126,779
9,667,699
Loss allowance
4,345
6,108
27,694
38,146
Carrying amount
7,967,640
1,562,828
99,085
9,629,553
Table 3.8.N Credit quality of Financial guarantees and loan
commitments at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
124,964
\u2014
\u2014
124,964
Standard monitoring (BB+ to B-)
20,922
89,630
\u2014
110,552
Special monitoring (CCC to C)
\u2014
89
30
119
Default (DDD to D)
\u2014
\u2014
3,301
3,301
Gross carrying amount
145,887
89,719
3,331
238,937
Loss allowance
636
1,325
44
2,004
Carrying amount
145,251
88,394
3,288
236,933
Table 3.8.O Credit quality of Financial guarantees and loan
commitments at 31 December 2023
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
663,322
\u2014
\u2014
663,322
Standard monitoring (BB+ to B-)
27,897
133,083
\u2014
160,980
Special monitoring (CCC to C)
\u2014
79
153
232
Default (DDD to D)
\u2014
\u2014
3,282
3,282
Gross carrying amount
691,219
133,163
3,435
827,816
Loss allowance
942
1,230
35
2,207
Carrying amount
690,277
131,932
3,400
825,609
3.8.10 Macroeconomic variables
We incorporate forward-looking information for the
sophisticated approach. We use macroeconomic variables
and consider three macroeconomic scenarios in calculating
ECL: a baseline scenario, an upside scenario, and a downside
scenario.
Our weightings were 70% for the baseline scenario, 10% for
the upside scenario and 20% for the downside scenario.
The table below shows the macroeconomic variables used for
the sophisticated approach.
Table 3.8.P Macroeconomic variables
31/12/2024
31/12/2023
2024
2025
2026
2023
2024
2025
Gross domestic product
Baseline scenario
0.86%
1.46%
1.46%
0.13%
0.33%
1.03%
Upside scenario
3.80%
4.40%
4.40%
2.98%
3.18%
3.88%
Downside scenario
-1.91%
-1.31%
-1.31%
-2.83%
-2.63%
-1.93%
Volume of exports
Baseline scenario
0.32%
2.12%
2.02%
-0.85%
0.05%
2.35%
Upside scenario
5.53%
7.33%
7.23%
4.35%
5.25%
7.55%
Downside scenario
-4.59%
-2.78%
-2.88%
-6.25%
-5.35%
-3.05%
Total investments
Baseline scenario
-3.31%
3.79%
3.79%
2.67%
0.17%
0.17%
Upside scenario
4.00%
11.10%
11.10%
9.63%
7.13%
7.13%
Downside scenario
-10.19%
-3.09%
-3.09%
-4.57%
-7.07%
-7.07%
Private consumption
Baseline scenario
0.75%
2.05%
1.75%
0.23%
0.43%
0.93%
Upside scenario
4.18%
5.48%
5.18%
3.68%
3.88%
4.38%
Downside scenario
-2.48%
-1.18%
-1.48%
-3.35%
-3.15%
-2.65%
Residential real estate price
Baseline scenario
8.84%
7.44%
4.04%
-3.26%
0.44%
2.04%
Upside scenario
13.10%
11.70%
8.30%
0.87%
4.57%
6.17%
Downside scenario
4.82%
2.43%
0.02%
-7.55%
-3.85%
-2.25%
Government consumption
Baseline scenario
2.49%
1.69%
2.79%
2.51%
3.11%
2.41%
Upside scenario
2.84%
2.04%
3.14%
3.03%
3.63%
2.93%
Downside scenario
2.17%
1.37%
2.47%
1.96%
2.56%
1.86%
For the portfolios that fall under the scope of IFRS 9, we
perform a scenario analysis to calculate the sensitivity of the
ECL to macroeconomic variables. The multiple
macroeconomic variables as presented above are used to
calculate various outcomes for the ECL models.
The final ECL figure is the weighted average of the outcomes
under the various scenarios. The table below shows ECL per
stage and per scenario.
Table 3.8.Q Sensitivity analysis at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Change
Probability-weighted
4,385
5,662
28,099
38,146
Baseline scenario
4,204
5,549
28,060
37,813
-334
Upside scenario
2,823
4,679
27,559
35,062
-3,084
Downside scenario
5,800
6,549
28,505
40,855
2,709
3.9 Collateral credit-impaired financial instruments
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral. The majority of collateral is not directly linked to a
specific financing arrangement.
For credit-impaired financial instruments, the Financial
Restructuring & Recovery team determines the liquidation or
recovery value of the available collateral, based on the most
recent valuation reports and applying the applicable haircuts.
The table below shows the collateral for financial instruments
considered credit-impaired.
Table 3.9 Collateral for credit-impaired instruments at 31
December 2024
Gross exposure
Impairment
Carrying amount
Value of collateral
Loans and advances to public and private sectors
127,883
28,056
99,828
159,290
Financial guarantees and loan commitments
3,301
44
3,258
4,919
No impairment is recognised for credit-impaired financial
instruments if the collateral is sufficient to cover the
outstanding obligation. The total carrying amount of credit-
impaired financial instruments for which there is no
impairment recognised is \u20ac42.0 million (2023: \u20ac31.7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-619": { "value": "
3.4 Collateral
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral.
Tables 3.4.A and 3.4.B provide insight into the underlying
collateral of the loan portfolio.
Table 3.4.A Loans and advances to the public and private sectors by collateral at 31 December 2024
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,450,267
7,058,144
491,103
867,780
248,874
8,665,901
784,366
Mortgage loans
6,841,316
6,724,729
46,478
3,402
1,562
6,776,171
65,146
Loans
1,911,899
237,402
417,973
481,092
246,161
1,382,628
529,271
Current accounts
402,491
61,279
26,653
218,719
1,151
307,802
94,689
Securities-backed loans and settlement
receivables
291,082
34,734
\u2014
164,567
\u2014
199,300
91,782
Subordinated loans
3,479
\u2014
\u2014
\u2014
\u2014
\u2014
3,479
Table 3.4.B Loans and advances to the public and private sectors by collateral at 31 December 2023
Balance
outstanding
Mortgage
collateral
Commercial
real estate
Financial
collateral
Other
Total
collateralised
loans
Unsecured
loans
Total
9,303,365
7,401,403
109,032
631,503
273,668
8,415,607
887,758
Mortgage loans
6,851,876
6,760,199
7,310
842
1,929
6,770,280
81,596
Loans
1,790,128
537,152
95,411
361,308
268,136
1,262,007
528,121
Current accounts
409,293
67,725
6,311
134,203
3,604
211,843
197,450
Securities-backed loans and settlement
receivables
248,976
36,327
\u2014
135,150
\u2014
171,477
77,499
Subordinated loans
3,092
\u2014
\u2014
\u2014
\u2014
\u2014
3,092
Tables 3.4.A and 3.4.B have been drawn up on the basis of the
definitions contained in the Basel regulations. Additional data
fields unlocked in 2024 for Basel IV purposes have resulted in
some movements, mainly from Mortgage collateral to
Commercial real estate. The balance outstanding is the
carrying amount excluding value adjustments for fair value
hedge accounting. The collateral value is the lower of the
balance outstanding of the related loan or the value of the
collateral itself.
The category Other mainly comprises loans for which
collateral has been pledged in the form of operating assets,
inventories and receivables, as well as collateral which for
technical reasons is not directly linked to a specific loan. The
total amount of unsecured loans is small.
The loan-to-value (LTV) of our mortgage loans is based on
indexed foreclosure values, in line with generally accepted
standards for LTV determination. The weighted average LTV
at year-end 2024 was 60% (2023: 64%).", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-620": { "value": "
3.8 Loss allowance for expected credit losses
Under the IFRS 9 Accounting Standard, we recognise a loss
allowance for ECL on financial assets measured at amortised
cost or fair value through other comprehensive income, as
well as for financial guarantees and loan commitments. When
there is no significant deterioration in credit risk since initial
recognition, ECL is recognised based on a 12-month expected
credit losses (Stage 1).
When a significant increase in credit risk has occurred, ECL is
recognised based on a lifetime ECL (Stage 2). Likewise, for
impaired loans (Stage 3) a lifetime ECL is recognised.
3.8.1 Expected loss measurement
We measure ECL by using a sophisticated approach and an
alternative approach. For the sophisticated approach we use
models to calculate the ECL, governed by a model governance
framework. Under this framework, the performance of the
models is periodically monitored, and these models are also
periodically validated. Every quarter, the models are subject
to performance monitoring. If models are consistently
performing outside the agreed threshold, recalibration or
ultimately redevelopment will follow.
In both approaches, ECL reflects an unbiased probability-
weighted amount that is determined by evaluating a range of
possible outcomes, the time value of money, and reasonable
and verifiable information that is available without undue
cost or effort at the reporting date about past events, current
conditions and forecasts of future economic conditions. Both
approaches calculate a 12-month and a lifetime ECL for the
exposures of all three stages.
After the risk stage determination in the stage calculation,
the relevant ECL is assigned:
\u2013 12-month ECL for Stage 1;
\u2013 Lifetime ECL for Stage 2 and Stage 3.
The key elements of the ECL calculation are the probability of
default (PD), exposure at default (EAD), cure rate (CR), and
loss given default (LGD). An important part of the LGD is the
loss given non-cure (LGN). LGN is an estimate of the loss
arising in the event of a default without cure occurring at a
given time. It is based on the difference between the
contractual cash flows due and those that the lender would
expect to receive, including from the realisation of any
collateral.
In addition to these four key elements, we incorporate
forward-looking information for the sophisticated approach.
We identify macroeconomic variables and consider three
macroeconomic scenarios in calculating ECL:
\u2013 A baseline scenario;
\u2013 An upside scenario;
\u2013 A downside scenario.
These scenarios are associated with different PDs, EADs and
LGNs. In the process of building the PD, cure rate and LGN
models for IFRS Accounting Standards, we included several
macroeconomic risk drivers in the long list of risk drivers.
Those determined as best-performing during modelling were
selected to be part of the model. The macroeconomic
scenarios are generated based on inputs from CPB
Netherlands Bureau for Economic Policy Analysis, DNB, ECB
and our in-house economic experts. The reported ECL (12-
month or lifetime, depending on the stage) is a weighted ECL
average per macroeconomic scenario. The table below shows
the macroeconomic variables used for the sophisticated
approach.
Model
Macroeconomic variables
PD calibration
\u2013 GDP
\u2013 Volume of exports
Cure rate
\u2013 Residential real estate price
\u2013 Volume of exports
LGN
\u2013 GDP
\u2013 Residential real estate price
\u2013 Unemployment
EAD
n/a
3.8.2 Significant deterioration in credit risk
To determine the deterioration in credit risk of a financial
instrument since initial recognition, we compare the risk of
default at the reporting date with the risk of default on initial
recognition.
To calculate the lifetime probability of default (LPD) at
origination and the LPD at reporting date, we use four PD
models: private individuals, SMEs, corporates, and
commercial real estate. If the increase in LPD exceeds the
designated threshold, the exposure is transferred to Stage 2
and the lifetime ECL is calculated.
A backstop is applied and financial instruments that are
materially overdrawn and more than 30 days past due are
transferred from Stage 1 to Stage 2. If the financial
instrument is credit-impaired, it is transferred to Stage 3.
3.8.3 Financial instruments following the sophisticated
approach
For the majority of financial instruments included in the line
item Loans and advances to the public and private sectors,
including mortgage loans, loans, current accounts,
subordinated loans and financial guarantees and loan
commitments, we apply a sophisticated approach to calculate
expected credit losses. This approach uses an umbrella model
that combines the following sub-models:
\u2013 Various models that provide the expected flow of
exposures to the default state;
\u2013 A PD calibration model giving the flow from performing to
default;
\u2013 A full prepayment model and amortisation model giving
the outflow from the portfolio of an entire exposure due
to prepayment or contract expiration;
\u2013 A migration model providing flows from performing rating
classes to other performing rating classes;
\u2013 A cure rate model giving the flow from default to
performing classes and the non-cure state;
\u2013 Various product-level models that give the expected
exposure at the moment a client goes into default;
\u2013 An amortisation model showing the contractual payments
during the lifetime of a product and the part of the
exposure flowing out of the portfolio due to partial
prepayments;
\u2013 An EAD model giving the exposure as a function of the
limit or outstanding amount just before default;
\u2013 A product-level model evaluating the part of EAD that
may be lost \u2013 the loss given loss (LGL) model;
\u2013 A discount factor to discount the loss from the moment of
default to the moment of reporting.
3.8.4 Financial instruments following the alternative
approach
We apply an alternative approach for cash and cash
equivalents, due from banks, debt instruments at amortised
cost, debt instruments at fair value through other
comprehensive income, and loans and securities-backed
loans issued by Mercier Van Lanschot and Van Lanschot
Kempen Switzerland. The alternative approach comprises an
investments model and a foreign loan model.
3.8.5 Investments model
The investments model is applied to calculate the ECL for
cash and cash equivalents, due from banks, debt instruments
at amortised cost, and debt instruments at fair value through
other comprehensive income. These financial instruments all
have a low risk profile. All such exposures are assigned to
Stage 1 as long as their external rating is investment-grade.
We use a simplified model to calculate 12-month ECL, using
publicly available data for PD and LGD based on external
ratings. If financial assets are downgraded below investment
grade, these assets will be sold.
3.8.6 Foreign loans model
For the loans and securities-backed loans issued by Mercier
Van Lanschot and Van Lanschot Kempen Switzerland, we
have developed a foreign loans model. The foreign loans
model calculates ECL as the sum of future exposure
discounted at the effective interest rate at recognition for
non-revolving products and the current effective interest
rate for revolving products.
3.8.7 Model changes
As of 2020, a management overlay was applied to the ECL to
incorporate risks generated by the pandemic and later the
rise in geopolitical tensions, which were not captured by the
models used earlier. After several years, the only significant
effect within the credit risk domain is a change in customer
prepayment behaviour due to higher interest rates
introduced in response to increased inflation. In general,
repayments have fallen, thus increasing the probability of
loss, as exposures remain within the portfolio for a longer
time period. To incorporate this change in behaviour in our
models, our prepayment and maturity models have been
recalibrated, increasing the ECL by \u20ac1.3\u00a0million.
Several years have passed since the onset of the pandemic
and the rise in geopolitical tensions, giving any unforeseen
risks and consequences time to materialise. Given that the
observable gap in the models due to the pandemic and the
heightened geopolitical tensions has now been incorporated,
maintaining a management overlay is no longer defensible.
Future economic developments are expected to be captured
by our macroeconomic variables and scenarios. For these
reasons, the overlay is no longer applied, leading to an ECL
decline of \u20ac3.4 million in 2024.
3.8.8 Loss allowances
The table below shows the ECL loss allowances and the
corresponding book values (including revocable and
irrevocable commitments), categorised by balance sheet line
item and ECL by stage.
Table 3.8.A Loss allowance for expected credit losses
31/12/2024
31/12/2023
Carrying value
(excluding
impairments)
Expected credit
losses
Carrying value
(excluding
impairments)
Expected credit
losses
Total
16,867,053
38,146
16,766,183
40,767
Cash and cash equivalents and balances at central banks
2,064,818
0
2,925,318
0
Due from banks
84,225
\u2014
77,501
\u2014
Financial assets at fair value through other comprehensive
income
2,991,140
762
2,208,514
280
Loans and advances to the public and private sectors
9,610,954
35,084
9,525,767
38,146
Other financial assets at amortised cost
1,201,838
296
1,201,267
133
Financial guarantees and loan commitments
914,078
2,004
827,816
2,207
The table below shows total loss allowances recognised by
IFRS 9 stage. The total change in Stage 3 amounted to an
increase of \u20ac0.4 million (2023: increase of \u20ac0.8 million); of
this amount, \u20ac2.1 million (2023: \u20ac5.6 million) is related to
write-offs and \u20ac2.5 million (2023: releases of \u20ac6.4 million)
to\u00a0additions of loss allowances at Stage 3.
Table 3.8.B Loss allowance recognised by IFRS 9 stage
31/12/2024
31/12/2023
Write-offs
Change in
provision
Total change
Stage 1
4,385
5,701
\u2014
-1,316
-1,316
Stage 2
5,662
7,338
\u2014
-1,676
-1,676
Stage 3
28,099
27,729
-2,100
2,470
370
Total
38,146
40,767
-2,100
-521
-2,621
The table below shows the IFRS 9 stage and coverage ratios
for loss allowances recognised in the loan portfolio,
categorised by ECL stage.
Table 3.8.C IFRS 9 stage and
coverage ratio by ECL stage
(\u20ac million)
31/12/2024
31/12/2023
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Loan
portfolio
Provision
Coverage
ratio
Stage ratio
Stage 1
8,221
2.7
0.0%
87.8%
7,760
4.3
0.1%
84.4%
Stage 2
1,018
4.3
0.4%
10.9%
1,314
6.1
0.5%
14.3%
Stage 3
127
28.1
22.1%
1.4%
126
27.7
22.0%
1.4%
Total
9,366
35.1
0.4%
9,200
38.1
0.4%
Stage 1
Model-based Stage 1 provisions on loans decreased by
\u20ac1.6\u00a0million to \u20ac2.7 million, with the Stage 1 exposure adding
\u20ac461 million. The main driver was the release of the
management overlay (\u20ac1.1 million). The coverage ratio was
down slightly from 2023.
Stage 2
Stage 2 provisions on loans went down from \u20ac6.1 million to
\u20ac4.3\u00a0million in 2024. The fall in provisions in Stage 2 was
mainly caused by the release of the management overlay
(\u20ac2.3 million) and improved economic conditions. The
recalibration of the IFRS 9 models resulted in a higher
provision. The coverage ratio narrowed slightly compared
with 2023.
Stage 3
The baseline for Stage 3 provisions is determined by the
Financial Restructuring & Recovery team, with limited IFRS 9
model adjustments. In 2024, Stage 3 provisions rose slightly
to \u20ac28.1 million. This was due to a release of provisions on the
resolution of some specific impaired exposures and write-
offs, offset by increased provisioning on existing impaired
loans and new defaults. The total impaired exposure
remained virtually stable at \u20ac127\u00a0million, while the coverage
ratio rose slightly compared with 2023.
Loss allowances for ECL change over time for several
reasons: the credit risk of financial instruments may
significantly increase or decrease, financial instruments may
become credit-impaired, or new financial assets may be
purchased. The following tables explain the changes in the
loss allowances during the year and the loss allowance
recognised in the statement of income.
Table 3.8.D Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
280
\u2014
\u2014
280
Additions or releases without transfer
270
\u2014
\u2014
270
Financial assets originated or purchased
212
\u2014
\u2014
212
Total balance excluding write-offs
762
\u2014
\u2014
762
At 31 December 2024
762
\u2014
\u2014
762
Table 3.8.E Changes in loss allowance for Financial assets at
fair value through other comprehensive income
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
49
\u2014
\u2014
49
Additions or releases without transfer
-13
\u2014
\u2014
-13
Financial assets originated or purchased
245
\u2014
\u2014
245
Total balance excluding write-offs
280
\u2014
\u2014
280
At 31 December 2023
280
\u2014
\u2014
280
Table 3.8.F Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
4,346
6,107
27,694
38,146
Additions or releases without transfer
-2,231
-1,749
1,245
-2,735
Transfer to Stage 1
247
-4,515
\u2014
-4,268
Transfer to Stage 2
-491
4,827
-635
3,701
Transfer to Stage 3
-89
-332
1,851
1,429
Financial assets originated or purchased
911
\u2014
\u2014
911
Total balance excluding write-offs
2,693
4,337
30,155
37,185
Amounts written off
\u2014
\u2014
-2,100
-2,100
At 31 December 2024
2,693
4,337
28,055
35,084
Table 3.8.G Changes in loss allowance for expected credit
losses of Loans and advances to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
6,098
6,974
26,927
39,998
Additions or releases without transfer
-2,608
-2,305
-1,517
-6,430
Transfer to Stage 1
260
-4,166
-1,843
-5,749
Transfer to Stage 2
-485
5,870
\u2014
5,385
Transfer to Stage 3
-24
-266
9,745
9,455
Financial assets originated or purchased
1,105
\u2014
\u2014
1,105
Total balance excluding write-offs
4,346
6,107
33,312
43,765
Amounts written off
\u2014
\u2014
-5,618
-5,618
At 31 December 2023
4,346
6,107
27,694
38,146
Table 3.8.H Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
133
\u2014
\u2014
133
Additions or releases without transfer
163
\u2014
\u2014
163
Financial assets originated or purchased
\u2014
\u2014
\u2014
\u2014
Total balance excluding write-offs
296
\u2014
\u2014
296
At 31 December 2024
296
\u2014
\u2014
296
Table 3.8.I Changes in impairments of Other financial assets at
amortised cost
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
49
\u2014
\u2014
49
Additions or releases without transfer
67
\u2014
\u2014
67
Financial assets originated or purchased
17
\u2014
\u2014
17
Total balance excluding write-offs
133
\u2014
\u2014
133
At 31 December 2023
133
\u2014
\u2014
133
Table 3.8.J Changes in impairments of Financial guarantees and
loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
942
1,230
35
2,207
Additions or releases without transfer
-324
-100
15
-408
Transfer to Stage 1
7
-43
\u2014
-37
Transfer to Stage 2
-13
239
-25
202
Transfer to Stage 3
\u2014
-2
18
16
Financial assets originated or purchased
23
\u2014
\u2014
23
Total balance excluding write-offs
636
1,325
44
2,004
At 31 December 2024
636
1,325
44
2,004
Table 3.8.K Changes in impairments of Financial guarantees
and loan commitments
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
664
1,761
10
2,435
Additions or releases without transfer
268
-530
10
-253
Transfer to Stage 1
5
-84
\u2014
-78
Transfer to Stage 2
-8
85
\u2014
76
Transfer to Stage 3
\u2014
-1
15
14
Financial assets originated or purchased
13
\u2014
\u2014
13
Total balance excluding write-offs
942
1,230
35
2,207
At 31 December 2023
942
1,230
35
2,207
All financial instruments included in the line items Cash and
cash equivalents, Due from banks, and Debt instruments at
amortised cost are classified in Stage 1, and no transfers have
taken place.
3.8.9 Credit quality
Van Lanschot Kempen allocates each exposure to a credit risk
grade based on a variety of data that are determined to be
predictive of the risk of default. Credit risk grades are defined
using qualitative (applying experienced credit judgement) and
quantitative factors that are indicative of risk of default.
These factors vary depending on the nature of the exposure
and the type of borrower.
We use internally developed rating pools for the line items
Loans and advances to the public and private sectors and
Financial guarantees and loan commitments.
Credit grade
Description
Investment grade
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pool 1
Standard monitoring
Non-credit-impaired financial assets that are not placed under the supervision of the Financial Restructuring &
Recovery team, internal rating pools 2 to 4
Special monitoring
Non-credit-impaired financial assets that are placed under the supervision of the Financial Restructuring &
Recovery team
Default
Credit-impaired financial assets
All financial instruments under the line items Cash and cash
equivalents, Due from banks, Debt instruments at amortised
cost and Debt instruments at fair value through other
comprehensive income are investment grade, which means
their external rating is at least BBB-. We use external ratings
for these line items.
The credit quality of the line items Loans and advances to the
public and private sectors and Financial guarantees and loan
commitments is shown in the tables below. Assessment of
credit quality is based on our internal credit rating system
and year-end stage classification. The amounts presented are
gross of impairment allowances.
Table 3.8.L Credit quality of Loans and advances to the public
and private sectors at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
6,735,392
\u2014
\u2014
6,735,392
Standard monitoring (BB+ to B-)
1,805,831
1,005,730
\u2014
2,811,560
Special monitoring (CCC to C)
1,863
74,533
-423
75,973
Default (DDD to D)
\u2014
\u2014
107,203
107,203
Gross carrying amount
8,543,086
1,080,262
106,780
9,730,128
Loss allowance
2,691
4,338
28,055
35,084
Carrying amount
8,540,395
1,075,925
78,725
9,695,044
Table 3.8.M Credit quality of Loans and advances to the public
and private sectors at 31 December 2023
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
6,337,169
\u2014
\u2014
6,337,169
Standard monitoring (BB+ to B-)
1,634,816
1,478,121
\u2014
3,112,937
Special monitoring (CCC to C)
\u2014
90,814
20,312
111,126
Default (DDD to D)
\u2014
\u2014
106,468
106,468
Gross carrying amount
7,971,984
1,568,935
126,779
9,667,699
Loss allowance
4,345
6,108
27,694
38,146
Carrying amount
7,967,640
1,562,828
99,085
9,629,553
Table 3.8.N Credit quality of Financial guarantees and loan
commitments at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
124,964
\u2014
\u2014
124,964
Standard monitoring (BB+ to B-)
20,922
89,630
\u2014
110,552
Special monitoring (CCC to C)
\u2014
89
30
119
Default (DDD to D)
\u2014
\u2014
3,301
3,301
Gross carrying amount
145,887
89,719
3,331
238,937
Loss allowance
636
1,325
44
2,004
Carrying amount
145,251
88,394
3,288
236,933
Table 3.8.O Credit quality of Financial guarantees and loan
commitments at 31 December 2023
Stage 1
Stage 2
Stage 3
Total
Credit grade
Investment grade (AAA to BBB-)
663,322
\u2014
\u2014
663,322
Standard monitoring (BB+ to B-)
27,897
133,083
\u2014
160,980
Special monitoring (CCC to C)
\u2014
79
153
232
Default (DDD to D)
\u2014
\u2014
3,282
3,282
Gross carrying amount
691,219
133,163
3,435
827,816
Loss allowance
942
1,230
35
2,207
Carrying amount
690,277
131,932
3,400
825,609
3.8.10 Macroeconomic variables
We incorporate forward-looking information for the
sophisticated approach. We use macroeconomic variables
and consider three macroeconomic scenarios in calculating
ECL: a baseline scenario, an upside scenario, and a downside
scenario.
Our weightings were 70% for the baseline scenario, 10% for
the upside scenario and 20% for the downside scenario.
The table below shows the macroeconomic variables used for
the sophisticated approach.
Table 3.8.P Macroeconomic variables
31/12/2024
31/12/2023
2024
2025
2026
2023
2024
2025
Gross domestic product
Baseline scenario
0.86%
1.46%
1.46%
0.13%
0.33%
1.03%
Upside scenario
3.80%
4.40%
4.40%
2.98%
3.18%
3.88%
Downside scenario
-1.91%
-1.31%
-1.31%
-2.83%
-2.63%
-1.93%
Volume of exports
Baseline scenario
0.32%
2.12%
2.02%
-0.85%
0.05%
2.35%
Upside scenario
5.53%
7.33%
7.23%
4.35%
5.25%
7.55%
Downside scenario
-4.59%
-2.78%
-2.88%
-6.25%
-5.35%
-3.05%
Total investments
Baseline scenario
-3.31%
3.79%
3.79%
2.67%
0.17%
0.17%
Upside scenario
4.00%
11.10%
11.10%
9.63%
7.13%
7.13%
Downside scenario
-10.19%
-3.09%
-3.09%
-4.57%
-7.07%
-7.07%
Private consumption
Baseline scenario
0.75%
2.05%
1.75%
0.23%
0.43%
0.93%
Upside scenario
4.18%
5.48%
5.18%
3.68%
3.88%
4.38%
Downside scenario
-2.48%
-1.18%
-1.48%
-3.35%
-3.15%
-2.65%
Residential real estate price
Baseline scenario
8.84%
7.44%
4.04%
-3.26%
0.44%
2.04%
Upside scenario
13.10%
11.70%
8.30%
0.87%
4.57%
6.17%
Downside scenario
4.82%
2.43%
0.02%
-7.55%
-3.85%
-2.25%
Government consumption
Baseline scenario
2.49%
1.69%
2.79%
2.51%
3.11%
2.41%
Upside scenario
2.84%
2.04%
3.14%
3.03%
3.63%
2.93%
Downside scenario
2.17%
1.37%
2.47%
1.96%
2.56%
1.86%
For the portfolios that fall under the scope of IFRS 9, we
perform a scenario analysis to calculate the sensitivity of the
ECL to macroeconomic variables. The multiple
macroeconomic variables as presented above are used to
calculate various outcomes for the ECL models.
The final ECL figure is the weighted average of the outcomes
under the various scenarios. The table below shows ECL per
stage and per scenario.
Table 3.8.Q Sensitivity analysis at 31 December 2024
Stage 1
Stage 2
Stage 3
Total
Change
Probability-weighted
4,385
5,662
28,099
38,146
Baseline scenario
4,204
5,549
28,060
37,813
-334
Upside scenario
2,823
4,679
27,559
35,062
-3,084
Downside scenario
5,800
6,549
28,505
40,855
2,709
3.9 Collateral credit-impaired financial instruments
In general, collateral can be used for all current and future
amounts owed by a debtor. In addition to residential
mortgage collateral and guarantees provided by governments
and credit institutions, commercial real estate, financial
collateral, receivables, stocks and inventories may serve as
collateral. The majority of collateral is not directly linked to a
specific financing arrangement.
For credit-impaired financial instruments, the Financial
Restructuring & Recovery team determines the liquidation or
recovery value of the available collateral, based on the most
recent valuation reports and applying the applicable haircuts.
The table below shows the collateral for financial instruments
considered credit-impaired.
Table 3.9 Collateral for credit-impaired instruments at 31
December 2024
Gross exposure
Impairment
Carrying amount
Value of collateral
Loans and advances to public and private sectors
127,883
28,056
99,828
159,290
Financial guarantees and loan commitments
3,301
44
3,258
4,919
No impairment is recognised for credit-impaired financial
instruments if the collateral is sufficient to cover the
outstanding obligation. The total carrying amount of credit-
impaired financial instruments for which there is no
impairment recognised is \u20ac42.0 million (2023: \u20ac31.7 million).
Loss allowance for expected credit losses
2024
2023
Total
-35,084
-38,146
Mortgage loans
-3,516
-6,017
Current accounts
-17,171
-15,317
Other loans and advances
-14,397
-16,812
For more information, see \"Risk management\", under 3.8,
Loss allowance for expected credit losses.
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4. Market risk
Market risk is the risk of loss as a result of changes in market
variables, including interest rates (except exposure in the
banking book), exchange rates and share prices. Other
variables not directly observable in the market, such as
volatility, (long-term) dividend expectations and correlations,
can also influence the value of financial instruments. The
market risk to which we are exposed can be divided into three
components. Firstly, the market risk to which Treasury is
exposed in respect of its structured products activities (part
of the Other activities operating segment) and services to
clients. Secondly, market risk stemming from trading
activities in institutional securities, which is concentrated in
Investment Banking Clients. Lastly, exposure to market risks
is also generated by investments in our management book of
\u20ac56.1 million (2023: \u20ac79.1 million). These investments
provide seed capital for newly launched Van Lanschot
Kempen funds and allow us to co-invest with our clients.
4.1 Trading activities in securities
Our trading activities in securities mainly comprise equities,
equity derivatives and interest rate derivatives. Equities are
concentrated in Investment Banking Clients (equity
brokerage) while equity derivatives and interest rate
derivatives are concentrated in Treasury (structured
products activities). As interest rates fell in 2024, we
observed a shift among our clients from simple to more
complex structured products as the latter yield a more
attractive (expected) return.
A governance structure has been created to facilitate
effective risk management. This is based on the three lines of
defence model, where the first line has direct insights into the
live risk exposures and is responsible for staying within the
set limits, the second line monitors daily to ensure that limits
are respected, and Internal Audit performs periodic audits on
the policies and procedures set by Risk Management and
evaluates effectiveness and completeness. The risks are
managed using value at risk (VaR) limits as well as gross and
net limits. Daily stress tests provide information about
changes in portfolio values in extreme market conditions and
complement the VaR calculation.
The VaR for the trading portfolios is computed daily, based on
a one-day time horizon with a 97.5% confidence level on one
year of historical data.
Other risks relating to derivatives, such as stock market
changes and volatility, and interest rate changes (delta, vega
and rho respectively) are embedded in our structured notes.
These risks are separately monitored on a daily basis or more
frequently if necessary.
Separate limits are in place for all risk drivers. VaR and other
relevant risk parameters are reported to senior management
(including two Management Board members) on a daily basis.
The embedded derivatives sold to our clients are hedged. The
majority of the complex market risks (exotic risks) are hedged
on a back-to-back basis. The non-exotic risks and limited
exotic risks due to secondary market trading are hedged via
the macro-hedging strategy. This means that the complex
derivatives sold to clients are broken down into individual
risk drivers (i.e. delta exposure on the S&P 500 or
Euro\u00a0Stoxx\u00a050). The total macro exposure per risk driver is
calculated and this is hedged by using relatively simple
(mostly listed) options. All risk drivers have limits both on an
individual as well as on an aggregate level, and we monitor
them at least daily. This highly granular view of limits results
in limited basis risks.
Table 4.1 Trading activities VaR
2024
2023
Derivatives-related
Share-related
Derivatives-related
Share-related
At 31 December
25
137
32
70
Highest VaR
136
369
275
288
Lowest VaR
7
81
9
39
Average VaR
41
186
114
157
4.2 Market risk due to foreign exchange positions
To a limited degree, treasury activities (mainly foreign
exchange exposure, comprising client transactions and own
positions) result in positions exposed to market risks. The
Treasury department is part of the Other activities operating
segment. The majority of transactions and positions in the
statement of financial position are denominated in euros.
Exchange rate risk is managed within the required limits and
an authorisation structure applies.
Foreign exchange positions are shown in Table 4.2.B and
include all cash, forward and option positions of the entities in
scope of consolidation.
Table 4.2.A Exchange rate risk of treasury trading activities (total gross nominal foreign exchange
position translated to euros)
2024
2023
At 31 December
244
245
Highest position
4,916
780
Lowest position
-900
-4,646
Average position
55
-126
Table 4.2.B Foreign exchange positions
31/12/2024
31/12/2023
Total
1,905
592
US dollar
987
216
Swiss franc
290
8
Netherlands Antillean guilder
244
-10
Danish krone
235
103
Swedish krona
89
-55
Hong Kong dollar
67
36
Singapore dollar
55
101
Czech koruna
33
29
Norwegian krone
-86
-8
Other
-10
174
The capital requirement for exchange rate risk was
\u20ac0.2\u00a0million at year-end 2024 (2023: \u20ac0.1 million). This
amounts to 7% of the net open positions in each currency
(2023: 7%). Under the Fundamental Review of the Trading
Book regulation, which will take effect as of 2026, our capital
requirements for exchange rate risk amounted to \u20ac0.5\u00a0million
at year-end 2024 (2023: \u20ac0.3\u00a0million).
Credit spread risk in the banking book (CSRBB) is the risk of
volatility in earnings and/or equity, caused by spread changes
in the yield on banking book instruments that are classified at
fair value, versus the swap curve.
For\u00a0Van\u00a0Lanschot Kempen, CSRBB is mainly concentrated in
the investment and liquidity portfolios. CSRBB limits have
been imposed on these portfolios, which are monitored by
the Asset & Liability Committee on a monthly basis.
4.3 Market risk capitalisation
We use the maturity method to calculate the capital
adequacy requirement in respect of the general risk on debt
instruments in the trading portfolio. Share-related
instruments are share instruments included under Financial
assets from trading activities (see Table 4.3).
Table 4.3 Market risk
31/12/2024
31/12/2023
Risk weighting
Capital adequacy
requirement
Risk weighting
Capital adequacy
requirement
Total
155,664
12,453
170,930
13,674
Interest-related instruments
110,530
8,842
120,287
9,623
Share-related instruments
43,045
3,444
49,943
3,995
Currency-related instruments
2,089
167
700
56
Weighting and requirements
We use the standardised approach for all types of market
risk. The market risk of interest rate derivatives is included
under Interest-related instruments; the market risk of share-
related derivatives is included under Share-related
instruments; and the market risk of currency derivatives is
included under Currency-related instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-622": { "value": "
4.2 Market risk due to foreign exchange positions
To a limited degree, treasury activities (mainly foreign
exchange exposure, comprising client transactions and own
positions) result in positions exposed to market risks. The
Treasury department is part of the Other activities operating
segment. The majority of transactions and positions in the
statement of financial position are denominated in euros.
Exchange rate risk is managed within the required limits and
an authorisation structure applies.
Foreign exchange positions are shown in Table 4.2.B and
include all cash, forward and option positions of the entities in
scope of consolidation.
Table 4.2.A Exchange rate risk of treasury trading activities (total gross nominal foreign exchange
position translated to euros)
2024
2023
At 31 December
244
245
Highest position
4,916
780
Lowest position
-900
-4,646
Average position
55
-126
Table 4.2.B Foreign exchange positions
31/12/2024
31/12/2023
Total
1,905
592
US dollar
987
216
Swiss franc
290
8
Netherlands Antillean guilder
244
-10
Danish krone
235
103
Swedish krona
89
-55
Hong Kong dollar
67
36
Singapore dollar
55
101
Czech koruna
33
29
Norwegian krone
-86
-8
Other
-10
174
The capital requirement for exchange rate risk was
\u20ac0.2\u00a0million at year-end 2024 (2023: \u20ac0.1 million). This
amounts to 7% of the net open positions in each currency
(2023: 7%). Under the Fundamental Review of the Trading
Book regulation, which will take effect as of 2026, our capital
requirements for exchange rate risk amounted to \u20ac0.5\u00a0million
at year-end 2024 (2023: \u20ac0.3\u00a0million).
Credit spread risk in the banking book (CSRBB) is the risk of
volatility in earnings and/or equity, caused by spread changes
in the yield on banking book instruments that are classified at
fair value, versus the swap curve.
For\u00a0Van\u00a0Lanschot Kempen, CSRBB is mainly concentrated in
the investment and liquidity portfolios. CSRBB limits have
been imposed on these portfolios, which are monitored by
the Asset & Liability Committee on a monthly basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-623": { "value": "
9. Liquidity risk
The main objective of our liquidity risk management is to
ensure that we are able to maintain or generate sufficient
cash resources to meet our payment obligations in full as they
come due, on acceptable terms. One of the key elements of
our approach towards liquidity risk management is to
maintain stakeholder confidence in Van Lanschot Kempen's
solidity at all times.
The main source of liquidity risk that we are exposed to
relates to the share of client deposits in our funding base.
Although client deposits have proven to be relatively price-
inelastic and sticky over time, the withdrawable nature of
such deposits poses potential outflow risks, especially for
those deposits not covered by the deposit guarantee scheme
(DGS).
The roll-over risk with respect to maturing capital market
funding is less substantial for us, since our client deposit base
comfortably funds our entire loan book. To still obtain a
certain degree of diversification in our funding mix, we have
covered bond programmes in place.
To manage liquidity risk, we use a forward-looking liquidity
risk management framework that enables the comprehensive
measurement, evaluation and calibration of indicators related
to liquidity risk. The framework consists of the risk appetite
statement, the liquidity buffer, monitoring and reporting,
forecasting, funding planning and contingency planning.
Limits for liquidity risk are revised on an annual basis as part
of the risk appetite limit structure. Limits set include, but are
not limited to, levels of the liquidity coverage ratio, the net
stable funding ratio and stress test survival periods, which are
reported to the Asset & Liability Committee on a monthly
basis. In addition to the regular monthly liquidity reporting,
the liquidity buffer and client deposit flows are monitored in
the weekly liquidity report. This report includes metrics that
have been identified as early warning indicators for possible
liquidity stress. The liquidity buffer is the main defensive
element against liquidity risk, and the quality and size of the
buffer are monitored frequently, along with inflows and
outflows in the client deposit base.
Every year, we outline our capital and funding planning for a
three-year horizon, both under regular circumstances in the
capital and funding plan, and under potential future stress or
emergency situations in the liquidity contingency plan,
complemented by the recovery plan.
Part of our liquidity and funding planning is scenario analysis,
of which stress testing is a key element. By means of stress
testing, we assess our resilience to a variety of adverse
liquidity events \u2013 Van Lanschot Kempen-specific events,
system-wide events, and a combination of these two.
9.1 Contractual maturity
Tables 9.1.A and 9.1.B show the assets and liabilities based on
their remaining contractual terms to maturity at the
reporting date, without taking behavioural aspects into
account. These amounts correspond with the amounts
included in the consolidated statement of financial position.
Items with no maturity, such as equity instruments, assets
and liabilities classified as held for sale, and provisions are
presented separately.
Derivative liabilities are included on a net basis if cash flows
are settled net. For other derivative liabilities the contractual
gross cash flow payable is included.
As savings and current accounts do not have fixed terms, the
balances of non-maturing instruments are presented within
the withdrawable on demand category.
Due from banks and amounts due to banks include collateral
delivered and received related to derivatives transactions.
Allocation of this collateral over the maturity buckets is
conducted in accordance with the maturity classification of
the derivative contracts.
Table 9.1.A Contractual maturity of assets and liabilities at 31 December 2024
Withdraw-
able on
demand
< 3 months
3 to 12
months
1 to 5 years
More than 5
years
Subtotal
Maturity
not
applicable
Total
Assets
Cash and cash equivalents and
balances at central banks
2,064,818
\u2014
\u2014
\u2014
\u2014
2,064,818
\u2014
2,064,818
Due from banks
16,280
\u2014
1,258
66,687
\u2014
84,225
\u2014
84,225
Derivatives
\u2014
39,755
13,999
87,489
176,654
317,897
\u2014
317,897
Financial assets at fair value
through profit or loss
59,358
\u2014
\u2014
196,243
\u2014
255,601
16,893
272,494
Financial assets at fair value
through other comprehensive
income
\u2014
48,794
87,943
1,553,125
1,301,278
2,991,140
\u2014
2,991,140
Loans and advances to the public
and private sectors
664,592
69,619
114,086
716,154
7,766,642
9,331,093
\u2014
9,331,093
Other financial assets at
amortised cost
\u2014
28,952
108,095
1,027,141
37,353
1,201,542
\u2014
1,201,542
Investments in associates using
the equity method
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
117,556
117,556
Other assets1
\u2014
173,257
31,617
49,129
10,516
264,520
338,046
602,566
Total assets
2,805,048
360,377
356,998
3,695,968
9,292,444
16,510,836
472,496
16,983,332
Total assets excluding
derivatives
2,805,048
320,622
342,999
3,608,479
9,115,790
16,192,939
472,496
16,665,434
Equity and liabilities
Due to banks
42,491
2,397
850
107,647
11,420
164,804
\u2014
164,804
Public and private sector
liabilities
9,463,537
2,579,929
429,148
186,520
107,787
12,766,921
\u2014
12,766,921
Derivatives
\u2014
24,695
12,897
119,003
97,970
254,566
\u2014
254,566
Financial liabilities at fair value
through profit or loss
\u2014
32,270
80,831
308,474
43,316
464,891
\u2014
464,891
Issued debt securities
\u2014
\u2014
\u2014
1,491,254
\u2014
1,491,254
\u2014
1,491,254
Lease liabilities
\u2014
33
744
32,819
11,561
45,157
\u2014
45,157
Other liabilities2
\u2014
107,158
127,936
\u2014
\u2014
235,095
29,515
264,610
Subordinated loans
\u2014
\u2014
\u2014
25,000
128,825
153,825
\u2014
153,825
Equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,377,304
1,377,304
Total equity and liabilities
9,506,027
2,746,482
652,407
2,270,717
400,879
15,576,512
1,406,819
16,983,332
Total equity and liabilities
excluding derivatives
9,506,027
2,721,787
639,510
2,151,714
302,909
15,321,946
1,406,819
16,728,766
On-balance gap
-6,700,979
-2,386,105
-295,409
1,425,251
8,891,565
934,324
-934,324
\u2014
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 Includes Property and equipment, Goodwill and other intangible assets, Current tax assets, Deferred tax assets and Other assets as presented in the consolidated
\u00a0 statement of financial position.
2 Includes Provision, Current tax liabilities, Deferred tax liabilities and Other liabilities as presented in the consolidated statement of financial position.
Table 9.1.B Contractual maturity of assets and liabilities at 31 December 2023
Withdraw-
able on
demand
< 3 months
3 to 12
months
1 to 5 years
More than 5
years
Subtotal
Maturity
not
applicable
Total
Assets
Cash and cash equivalents and
balances at central banks
2,925,317
\u2014
\u2014
\u2014
\u2014
2,925,317
\u2014
2,925,317
Due from banks
23,348
3,849
1,240
43,022
6,043
77,501
\u2014
77,501
Derivatives
\u2014
12,213
35,092
77,910
217,311
342,526
\u2014
342,526
Financial assets at fair value
through profit or loss
77,167
\u2014
\u2014
132,374
\u2014
209,541
25,052
234,593
Financial assets at fair value
through other comprehensive
income
\u2014
95,179
111,667
1,201,120
800,548
2,208,514
\u2014
2,208,514
Loans and advances to the public
and private sectors
632,067
61,524
84,642
637,404
7,745,796
9,161,433
\u2014
9,161,433
Other financial assets at
amortised cost
\u2014
\u2014
56,451
1,000,493
144,190
1,201,134
\u2014
1,201,134
Investments in associates using
the equity method
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
110,889
110,889
Other assets1
\u2014
125,436
59,718
41,718
5,002
231,874
342,103
573,977
Total assets
3,657,899
298,202
348,810
3,134,041
8,918,889
16,357,840
478,044
16,835,885
Total assets excluding
derivatives
3,657,899
285,988
313,718
3,056,131
8,701,578
16,015,315
478,044
16,493,359
Equity and liabilities
Due to banks
29,388
\u2014
102,230
118,046
840
250,504
\u2014
250,504
Public and private sector
liabilities
9,136,974
2,447,651
699,545
160,950
128,694
12,573,814
\u2014
12,573,814
Derivatives
\u2014
14,860
26,178
144,017
60,522
245,578
\u2014
245,578
Financial liabilities at fair value
through profit or loss
\u2014
22,414
88,208
331,811
24,239
466,672
\u2014
466,672
Issued debt securities
\u2014
\u2014
\u2014
1,473,639
\u2014
1,473,639
\u2014
1,473,639
Lease liabilities
\u2014
24
732
32,558
5,292
38,606
\u2014
38,606
Other liabilities2
\u2014
108,076
127,332
\u2014
\u2014
235,408
32,650
268,058
Subordinated loans
\u2014
16,034
\u2014
\u2014
154,205
170,238
\u2014
170,238
Equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1,348,777
1,348,777
Total equity and liabilities
9,166,362
2,609,059
1,044,225
2,261,020
373,791
15,454,457
1,381,428
16,835,885
Total equity and liabilities
excluding derivatives
9,166,362
2,594,199
1,018,046
2,117,003
313,269
15,208,880
1,381,428
16,590,307
On-balance gap
-5,508,463
-2,310,858
-695,415
873,021
8,545,098
903,383
-903,383
\u2014
The assets comprise many long-term mortgage loans while
the liabilities are made up of many short-term deposits. The
latter are predominantly current and savings accounts. This
results in a gap between the Withdrawable on demand and
More than five years columns. Potential liquidity risks are
addressed by means of monthly stress tests \u2013 discussed
monthly in the Asset & Liability Committee \u2013 that test our
resilience to a variety of adverse liquidity events and take
behavioural aspects into account.
For each transaction we have guaranteed, the maximum
guaranteed amount is included in the appropriate term
bucket, allowing for our termination options. The same
applies to irrevocable commitments.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 Includes Property and equipment, Goodwill and other intangible assets, Current tax assets, Deferred tax assets and Other assets as presented in the consolidated
\u00a0 statement of financial position.
2 Includes Provision, Current tax liabilities, Deferred tax liabilities and Other liabilities as presented in the consolidated statement of financial position.
9.2 Contractual maturities of undiscounted cash flow of
financial liabilities
Tables 9.2.A and 9.2.B show liabilities by maturity based on
contractual, undiscounted cash flows and including related
future cash flows, such as interest payments.
Repayments which are subject to notice are treated as if
notice were to be given immediately. However, we expect
that many clients will not request repayment at the earliest
possible date, and the tables below do not reflect the
expected cash flows as indicated by our deposit retention
history.
Table 9.2.A Contractual maturities of undiscounted cash flow of liabilities at 31 December 2024
Withdrawable
on demand
< 3 months
3 to 12
months
1 to 5 years
More than 5
years
Total
Due to banks
16,587
28,301
850
107,647
11,420
164,804
Public and private sector liabilities
9,319,801
2,573,513
447,315
202,335
541,008
13,083,973
Derivatives
88,345
13,593
30,737
94,592
27,300
254,566
Financial liabilities at fair value through profit or
loss
\u2014
41,379
88,583
351,712
44,911
526,584
Issued debt securities
\u2014
16,875
17,500
1,563,750
\u2014
1,598,125
Subordinated loans
\u2014
1,000
7,789
106,193
117,680
232,662
Total undiscounted liabilities
9,424,732
2,674,661
592,773
2,426,229
742,320
15,860,715
Table 9.2.B Contractual maturities of undiscounted cash flow of liabilities at 31 December 2023
Withdrawable
on demand
< 3 months
3 to 12
months
1 to 5 years
More than 5
years
Total
Due to banks
23,269
6,120
106,680
118,046
840
254,954
Public and private sector liabilities
9,153,065
2,442,877
730,461
200,111
143,603
12,670,118
Derivatives
65,705
16,119
37,476
106,247
20,030
245,578
Financial liabilities at fair value through profit or
loss
\u2014
32,694
98,630
381,615
25,716
538,655
Issued debt securities
\u2014
16,875
17,500
1,598,125
\u2014
1,632,500
Subordinated loans
\u2014
17,235
6,410
103,641
114,888
242,174
Total undiscounted liabilities
9,242,039
2,531,919
997,158
2,507,784
305,079
15,583,979
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-624": { "value": "
15. Fair value
15.1 Financial instruments at fair value through profit or
loss
Some financial instruments in the statement of financial
position are measured at fair value. Tables 15.1.A and 15.1.B
provide a breakdown of these instruments into three levels.
The fair value is based either on quoted prices in active
markets, inputs other than quoted prices that are observable
in the market, or inputs based on data not observable in the
market.
We have developed a policy on the criteria for allocating
financial instruments recognised in the statement of financial
position at fair value to each of the three levels.
A review is carried out at the end of each reporting period to
determine whether any changes have taken place in the
hierarchy between the levels.
Level 1: Quoted prices in active markets
The fair value of financial instruments traded in an active
market is based on the price at the reporting date (market
price). The bid price is applied for financial assets and the
offer price for financial liabilities. Since these instruments are
traded in an active market, their prices adequately reflect
current and frequent market transactions between unrelated
parties.
Level 2: Inputs observable in the markets
The fair value of financial instruments not traded in an active
market (e.g. over-the-counter (OTC) financial derivatives) is
established using cash flow and option valuation models.
Using estimates, we make assumptions based on the market
conditions (observable data) at the reporting date.
The estimated present value of future cash flows is used to
determine the fair value of the other financial instruments.
The fair value of interest rate swaps is calculated as the
present value of estimated future cash flows. The discount
rate is the same as the market interest rate at the reporting
date for a similar instrument subject to the same conditions,
taking into account collateral furnished under credit support
annexes (CSAs).
The fair value of forward currency contracts is calculated by
reference to forward exchange rates at the reporting date.
This is subsequently discounted to determine the present
value.
Estimates and judgements made are based on past
experience as well as other factors, including expectations
with respect to future events that could reasonably occur
given current circumstances. Estimates and judgements are
assessed on an ongoing basis.
Level 3: Significance of unobservable market data
The financial instruments in this category are assessed on an
individual basis. Their valuation is based on the best estimate
of management by reference to the most recent prices, prices
of similar instruments and, to a not insignificant extent,
information not observable in the market. Unobservable
inputs may include volatility, correlation, seasonality and
credit spreads.
A valuation technique is used in which at least one input that
has a significant effect on the instrument\u2019s valuation is not
based on observable market data. Valuation techniques used
include:
\u2013 The net asset value method;
\u2013 Discounted cash flow projections based on reliable
estimates of future cash flows;
\u2013 The option model.
A significant effect on the instrument\u2019s valuation is
considered to be present when the unobservable input
accounts for at least 10% of the total instrument\u2019s fair value
and exceeds a threshold of \u20ac50,000. The effect of fair value
adjustments on the instrument\u2019s valuation is included in the
assessment.
Table 15.1.A Financial instruments at fair value at 31 December 2024
Level 1
Level 2
Level 3
Total
Assets
Derivatives
53,502
255,900
8,495
317,897
Financial assets at fair value through profit or loss
236,566
27,821
8,108
272,494
Financial assets at fair value through other comprehensive income
2,991,140
\u2014
\u2014
2,991,140
Total assets
3,281,208
283,721
16,603
3,581,531
Liabilities
Derivatives
53,501
192,507
8,557
254,566
Financial liabilities at fair value through profit or loss
116
462,553
2,223
464,891
Total liabilities
53,617
655,060
10,780
719,457
Table 15.1.B Financial instruments at fair value at 31 December 2023
Level 1
Level 2
Level 3
Total
Assets
Derivatives
36,829
303,097
2,600
342,526
Financial assets at fair value through profit or loss
198,435
28,197
7,960
234,593
Financial assets at fair value through other comprehensive income
2,208,514
\u2014
\u2014
2,208,514
Total assets
2,443,778
331,294
10,561
2,785,633
Liabilities
Derivatives
36,764
206,013
2,800
245,578
Financial liabilities at fair value through profit or loss
455
466,217
\u2014
466,672
Total liabilities
37,219
672,230
2,800
712,249
Transfers of financial assets or liabilities between levels
We have developed a policy document for the fair value
hierarchy. This divides the variables used into observable and
unobservable market inputs. If the unobservable input
variables are significant, the instrument is classified as
Level\u00a03. An unobservable input variable is significant if the
change in the fair value due to the application of the variable
is greater than the threshold values. Our policy is to recognise
transfers into and out of fair value hierarchy levels at the end
of the reporting period.
In 2024, our valuation technique remained unchanged, with
non-observable input variables being assessed on
significance. As a result of this assessment, some financial
instruments included in Derivatives (both assets and
liabilities) and in Financial liabilities at fair value through
profit or loss have been transferred from Level 2 to Level 3
and vice versa.
As a result of the input variables\u2019 correlation and seasonality,
some derivatives and financial liabilities at fair value through
profit or loss were transferred to Level 2. The shorter
remaining term to maturity of these financial instruments
meant that these input variables qualified as non-significant,
justifying a transfer to Level 2. In the case of Derivatives
(assets), this entailed a transfer of \u20ac10.1 million from Level 3
to Level 2. For financial assets and liabilities at fair value
through profit or loss, there were no transfers from Level 2 to
Level 3 and vice versa. The transfer of Derivatives (liabilities)
includes a \u20ac10.1 million shift from Level 3 to Level 2.
Breakdown of movements in financial assets and liabilities
classified under Level 3
Tables 15.1.C and 15.1.D provide a breakdown of the
movements in all financial assets and liabilities classified as
Level 3 items and recognised at fair value in the statement of
financial position.
Table 15.1.C Breakdown of changes in financial assets less liabilities classified as Level 3 in 2024
At 1 January
To
statement
of income
Issues
Settlements
Transfers
At 31
December
Assets
Derivatives
2,600
\u2014
8,495
-2,600
\u2014
8,495
Financial assets at fair value through profit or loss
7,960
109
42
-17
14
8,108
Total assets
10,561
109
8,537
-2,618
14
16,603
Liabilities
Derivatives
2,800
\u2014
8,557
-2,800
\u2014
8,557
Financial liabilities at fair value through profit or loss
\u2014
\u2014
2,223
\u2014
\u2014
2,223
Total liabilities
2,800
\u2014
10,780
-2,800
\u2014
10,780
Total assets less liabilities
7,761
109
-2,243
182
14
5,823
Table 15.1.D Breakdown of changes in financial assets less liabilities classified as Level 3 in 2023
At 1 January
To
statement
of income
Issues
Settlements
Transfers
At 31
December
Assets
Derivatives
408
\u2014
2,600
-395
-13
2,600
Financial assets at fair value through profit or loss
8,579
26
230
-799
-76
7,960
Total assets
8,987
26
2,830
-1,194
-89
10,561
Liabilities
Derivatives
8,241
-1,883
2,541
-2,327
-3,772
2,800
Financial liabilities at fair value through profit or loss
52,559
2,027
\u2014
-11,578
-43,008
\u2014
Total liabilities
60,801
144
2,541
-13,905
-46,780
2,800
Total assets less liabilities
-51,813
-117
289
12,711
46,691
7,761
Table 15.1.E Fair value changes recognised in profit
or loss of financial instruments classified as Level 3
2024
2023
Realised
Unrealised
Total
Realised
Unrealised
Total
Income from securities and associates
-3
-1
-4
-2
-92
-94
Result on financial transactions
\u2014
113
113
\u2014
-23
-23
Total
-3
112
109
-2
-115
-117
Table 15.1.F Notes on valuation inputs and relationships to fair value using unobservable market inputs (Level 3)
Fair value
Significant
unobservable inputs
Range of inputs (probability-
weighted average)3
Relationships of
unobservable inputs
to fair value4
31/12/2024
31/12/2023
31/12/2024
31/12/2023
Assets
Derivatives
Structured product derivatives
\u2013 Equity swaps
8,495
2,600
Volatility
13.2% - 21.4%
(15.8%)
15.5% - 21.9%
(17.7%)
Changed volatility (8.2
percentage points)
would decrease fair
value by \u20ac1.9m
Correlation
-15.6% - 21.2%
(1.8%)
-14.4% - 19.4%
(1.0%)
Changed correlation
(36.8 percentage
points) would decrease
fair value by \u20ac0.0m
Dividend
0.5% - 6.2%
(3.1%)
1.1% - 3.4%
(2.3%)
Changed dividend (5.6
percentage points)
would decrease fair
value by \u20ac0.4m
Financial assets at fair value
through profit or loss
Debt instruments: company
cumprefs (shareholdings) (FVPL
mandatory)
1,238
1,124
Interest rates
10%
6% - 10% (8%)
Changed interest rate
(1.0 percentage points)
would decrease the
fair value by \u20ac0.0m
Discount rates
10%
6% - 10% (8%)
Changed discount rate
(1.0 percentage points)
would decrease the
fair value by \u20ac0.0m
Shares, unlisted
6,870
6,836
Most recent published
net asset values of the
underlying assets
n/a
n/a
n/a
Cost or lower market
value
n/a
n/a
n/a
Multiple analyses of
comparable companies
less a discount for
illiquidity and company
size based on EVCA
guidelines
n/a
n/a
n/a
Most recently known
share price
n/a
n/a
n/a
EBITA
n/a
n/a
n/a
Issue or transfer price
n/a
n/a
n/a
Market price on final
trading day
n/a
n/a
n/a
Face value less
provisions
n/a
n/a
n/a
Total assets
16,603
10,561
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3 When no range of the significant unobservable input used in the valuation of the asset/liability applies, this is indicated by \"n/a\".
4 When there is no relationship of the unobservable inputs with the fair value of the asset/liability, this is indicated by \"n/a\".
Table 15.1.F Notes on valuation inputs and relationships to fair value using unobservable market inputs (Level 3) (continued)
Fair value
Significant
unobservable inputs
Range of inputs (probability-
weighted average) 5
Relationships of
unobservable inputs
to fair value6
31/12/2024
31/12/2023
31/12/2024
31/12/2023
Liabilities
Derivatives
Structured product derivatives
\u2013 Equity swaps
8,557
2,800
Volatility
13.2% - 16.2%
(15.2%)
13.8% - 19.6%
(17.3%)
Changed volatility (3.0
percentage points)
would increase fair
value by \u20ac2.0m
Correlation
-10.2% - 9.4%
(-0.4%)
-20.1% - 25.8%
(1.9%)
Changed correlation
(19.7 percentage
points) would increase
fair value by \u20ac0.0m
Dividend
2.9% - 6.2%
(3.7%)
2.9% - 6.1%
(3.5%)
Changed dividend (3.3
percentage points)
would increase fair
value by \u20ac0.5m
Financial liabilities at fair value
through profit or loss
Other financial liabilities at fair
value through profit or loss
2,223
\u2014
Volatility
n/a
n/a
n/a
Correlation
n/a
n/a
n/a
Total liabilities
10,780
2,800
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
5 When no range of the significant unobservable input used in the valuation of the asset/liability applies, this is indicated by \"n/a\".
6 When there is no relationship of the unobservable input with the fair value of the asset/liability, this is indicated by \"n/a\".
15.2 Financial instruments at amortised cost
Table 15.2 shows the carrying amount and fair value of
financial instruments at amortised cost, with the exception of
line items Cash and cash equivalents and balances at central
banks, Other assets and Other liabilities. For these financial
instruments the carrying amount is a reasonable
approximation of the fair value.
The value of financial instruments at amortised cost is taken
as the amount for which the instrument could be exchanged
in a commercial transaction between willing parties, other
than in a forced or liquidation sale. If there is an active
market, we use the market value to determine the fair value.
For financial instruments for which no market prices are
available, the fair values shown in Table 15.2 are estimated on
the basis of the present value or using other estimation or
valuation methods.
Table 15.2 Financial instruments at amortised cost
31/12/2024
31/12/2023
Fair value
Carrying
amount
Fair value
Carrying
amount\u00a0
Level
Valuation method
Significant observable
and unobservable
market inputs
Assets
Due from banks
84,035
84,225
77,296
77,501
2
Discounted cash flows using
applicable money market
rates
Interest rate and
discount rate
Loans and advances to the
public and private sectors
8,999,733
9,331,093
8,602,008
9,161,433
3
Discounted cash flows using
current market fees for
comparable loans and taking
into account the
creditworthiness of the
counterparty
Interest rate, discount
rate and counterparty
credit risk
Other financial assets at
amortised cost
1,205,522
1,201,542
1,198,442
1,201,134
1
Quoted prices in active
markets
-
Total assets
10,289,290
10,616,859
9,877,746
10,440,068
Liabilities
Due to banks
164,692
164,804
252,367
250,504
2
Discounted cash flows using
applicable money market
rates for liabilities
Interest rate and
discount rate
Public and private sector
liabilities
12,709,033
12,766,921
12,401,813
12,573,814
3
Discounted cash flows using
applicable money market
rates for liabilities with a
comparable term to
maturity7
Interest rate, discount
rate and own credit risk
Issued debt securities
1,487,180
1,491,254
1,472,220
1,473,639
1
Quoted prices in active
markets
Interest rate and
discount rate
Subordinated loans
163,936
153,825
181,194
170,238
3
Discounted cash flows using
applicable money market
rates for debt instruments
with a comparable term to
maturity, taking account of
own credit risk
Interest rate, discount
rate and own credit risk
Total liabilities
14,524,842
14,576,804
14,307,595
14,468,194
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
7 The fair values of client deposits without contractual maturities (non-maturing deposits or NMDs) are approximated by the \"economic values\" that we calculate for\u00a0
\u00a0 these products as part of our interest rate risk management. We gauge their interest rate sensitivity (duration) by means of replicating portfolios, in which NMDs are
\u00a0 \"invested\" in fixed income instruments (swaps) with various interest rate maturities. To arrive at economic values, we discount these replicating portfolio investments\u2019
\u00a0 cash flows at current market interest rates (swap rates).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-625": { "value": "
Transfers of financial assets or liabilities between levels
We have developed a policy document for the fair value
hierarchy. This divides the variables used into observable and
unobservable market inputs. If the unobservable input
variables are significant, the instrument is classified as
Level\u00a03. An unobservable input variable is significant if the
change in the fair value due to the application of the variable
is greater than the threshold values. Our policy is to recognise
transfers into and out of fair value hierarchy levels at the end
of the reporting period.
In 2024, our valuation technique remained unchanged, with
non-observable input variables being assessed on
significance. As a result of this assessment, some financial
instruments included in Derivatives (both assets and
liabilities) and in Financial liabilities at fair value through
profit or loss have been transferred from Level 2 to Level 3
and vice versa.
As a result of the input variables\u2019 correlation and seasonality,
some derivatives and financial liabilities at fair value through
profit or loss were transferred to Level 2. The shorter
remaining term to maturity of these financial instruments
meant that these input variables qualified as non-significant,
justifying a transfer to Level 2. In the case of Derivatives
(assets), this entailed a transfer of \u20ac10.1 million from Level 3
to Level 2. For financial assets and liabilities at fair value
through profit or loss, there were no transfers from Level 2 to
Level 3 and vice versa. The transfer of Derivatives (liabilities)
includes a \u20ac10.1 million shift from Level 3 to Level 2.
Breakdown of movements in financial assets and liabilities
classified under Level 3
Tables 15.1.C and 15.1.D provide a breakdown of the
movements in all financial assets and liabilities classified as
Level 3 items and recognised at fair value in the statement of
financial position.
Table 15.1.C Breakdown of changes in financial assets less liabilities classified as Level 3 in 2024
At 1 January
To
statement
of income
Issues
Settlements
Transfers
At 31
December
Assets
Derivatives
2,600
\u2014
8,495
-2,600
\u2014
8,495
Financial assets at fair value through profit or loss
7,960
109
42
-17
14
8,108
Total assets
10,561
109
8,537
-2,618
14
16,603
Liabilities
Derivatives
2,800
\u2014
8,557
-2,800
\u2014
8,557
Financial liabilities at fair value through profit or loss
\u2014
\u2014
2,223
\u2014
\u2014
2,223
Total liabilities
2,800
\u2014
10,780
-2,800
\u2014
10,780
Total assets less liabilities
7,761
109
-2,243
182
14
5,823
Table 15.1.D Breakdown of changes in financial assets less liabilities classified as Level 3 in 2023
At 1 January
To
statement
of income
Issues
Settlements
Transfers
At 31
December
Assets
Derivatives
408
\u2014
2,600
-395
-13
2,600
Financial assets at fair value through profit or loss
8,579
26
230
-799
-76
7,960
Total assets
8,987
26
2,830
-1,194
-89
10,561
Liabilities
Derivatives
8,241
-1,883
2,541
-2,327
-3,772
2,800
Financial liabilities at fair value through profit or loss
52,559
2,027
\u2014
-11,578
-43,008
\u2014
Total liabilities
60,801
144
2,541
-13,905
-46,780
2,800
Total assets less liabilities
-51,813
-117
289
12,711
46,691
7,761
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-627": { "value": "
1. Cash and cash equivalents and balances at
central banks
Cash and cash equivalents and balances at central banks
2024
2023
Total
2,064,818
2,925,317
Cash
28
29
Balances at central banks
1,861,171
2,696,603
Statutory reserve deposits at central banks
129,665
123,637
Amounts due from banks
73,954
105,050
Impairments
0
0
Statutory reserve deposits comprise balances at central
banks within the scope of the minimum reserves
requirement. The balances at central banks also include
irrevocable payment commitments (IPC) cash collateral
regarding the SRF. The IPC cash collateral amounted to
\u20ac7.1\u00a0million at year-end 2024 (2023: \u20ac7.1\u00a0million). The
amount of IPC made in the reporting year was nil (2023:
\u20ac1.7\u00a0million). We cannot use these balances in our day-to-
day operations. See \u201cSummary of material accounting
policies\u201d for our other accounting policies on cash and cash
equivalents and balances at central banks.
Reconciliation with consolidated statement of cash flows
2024
2023
Changes
Cash and cash equivalents
2,064,818
2,925,317
-860,499
Due from banks, available on demand
16,280
23,348
-7,068
Due to banks, available on demand
-42,491
-29,388
-13,103
Due from/to banks, available on demand, net
-26,211
-6,041
-20,170
Total
2,038,607
2,919,277
-880,670
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-626": { "value": "
1. Cash and cash equivalents and balances at
central banks
Cash and cash equivalents and balances at central banks
2024
2023
Total
2,064,818
2,925,317
Cash
28
29
Balances at central banks
1,861,171
2,696,603
Statutory reserve deposits at central banks
129,665
123,637
Amounts due from banks
73,954
105,050
Impairments
0
0
Statutory reserve deposits comprise balances at central
banks within the scope of the minimum reserves
requirement. The balances at central banks also include
irrevocable payment commitments (IPC) cash collateral
regarding the SRF. The IPC cash collateral amounted to
\u20ac7.1\u00a0million at year-end 2024 (2023: \u20ac7.1\u00a0million). The
amount of IPC made in the reporting year was nil (2023:
\u20ac1.7\u00a0million). We cannot use these balances in our day-to-
day operations. See \u201cSummary of material accounting
policies\u201d for our other accounting policies on cash and cash
equivalents and balances at central banks.
Reconciliation with consolidated statement of cash flows
2024
2023
Changes
Cash and cash equivalents
2,064,818
2,925,317
-860,499
Due from banks, available on demand
16,280
23,348
-7,068
Due to banks, available on demand
-42,491
-29,388
-13,103
Due from/to banks, available on demand, net
-26,211
-6,041
-20,170
Total
2,038,607
2,919,277
-880,670
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-628": { "value": "
Statutory reserve deposits comprise balances at central
banks within the scope of the minimum reserves
requirement. The balances at central banks also include
irrevocable payment commitments (IPC) cash collateral
regarding the SRF. The IPC cash collateral amounted to
\u20ac7.1\u00a0million at year-end 2024 (2023: \u20ac7.1\u00a0million). The
amount of IPC made in the reporting year was nil (2023:
\u20ac1.7\u00a0million). We cannot use these balances in our day-to-
day operations. See \u201cSummary of material accounting
policies\u201d for our other accounting policies on cash and cash
equivalents and balances at central banks.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-629": { "value": "
2. Due from banks
Due from banks
2024
2023
Total
84,225
77,501
Deposits
67,945
48,111
Receivables arising from unsettled securities transactions
16,280
23,348
Loans and advances
\u2014
6,043
Deposits include a total of \u20ac63.3 million
(2023:\u00a0\u20ac41.9\u00a0million), serving as collateral for liabilities
arising from derivatives transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-632": { "value": "
3. Derivatives
Derivatives at 31 December 2024
Asset
Liability
Contract amount
Total
317,897
254,566
9,591,436
Derivatives used for trading purposes
Currency derivatives
141
141
13,303
Client option positions
53,361
53,361
592,998
Total derivatives used for trading purposes
53,502
53,501
606,300
Derivatives used for hedge accounting purposes
Derivatives: fair value hedge accounting
63,236
116,386
4,209,535
Derivatives: portfolio fair value hedge accounting
155,998
42,320
3,264,750
Total derivatives used for hedge accounting purposes
219,234
158,706
7,474,285
Other derivatives
Economic hedges
7,477
7,891
194,500
Structured product derivatives
37,685
34,467
1,316,350
Total other derivatives
45,162
42,358
1,510,850
Derivatives at 31 December 2023
Asset
Liability
Contract amount
Total
342,526
245,578
7,732,684
Derivatives used for trading purposes
Currency derivatives
77
71
8,156
Equity derivatives
37
\u2014
3,611
Client option positions
36,751
36,692
493,559
Total derivatives used for trading purposes
36,866
36,764
505,325
Derivatives used for hedge accounting purposes
Derivatives: fair value hedge accounting
77,752
90,534
3,323,035
Derivatives: portfolio fair value hedge accounting
189,487
72,718
2,819,250
Total derivatives used for hedge accounting purposes
267,239
163,252
6,142,285
Other derivatives
Economic hedges
3,864
9,120
50,000
Structured product derivatives
34,557
36,441
1,035,074
Total other derivatives
38,421
45,561
1,085,074
We use derivatives for both trading and hedging purposes.
Note 3, Derivatives, shows both the positive and negative
market values of the derivatives, as well as their notional
values.
The following types of interest rate derivatives are used:
\u2013 Interest rate swaps;
\u2013 Interest rate options.
The following types of currency derivatives are used:
\u2013 Currency options;
\u2013 Currency forwards.
The following types of equity derivatives are used:
\u2013 Equity forwards;
\u2013 Futures;
\u2013 Long and short structured product options;
\u2013 Equity swaps.
We use interest rate swaps as hedging instruments in our
hedge accounting.
Ineffectiveness of derivatives for hedge accounting purposes
2024
2023
Fair value
Ineffective
Fair value
Ineffective
Total
60,527
1,121
103,987
-1,834
Fair value hedge accounting model
-53,150
470
-12,782
-1,333
Portfolio fair value hedge accounting model
113,677
651
116,769
-501
The total ineffectiveness of fair value hedges at year-end
2024 was \u20ac1.1 million (2023: -\u20ac 1.8 million), comprising
\u20ac58.2 million in negative value changes in hedging
instruments (2023: \u20ac160.5 million negative) and positive
changes in the value of the hedged items of \u20ac59.3\u00a0million
(2023: \u20ac158.6\u00a0million positive).
4. Financial assets at fair value through
profit or loss
Financial assets at fair value through profit or loss
2024
2023
Total
272,494
234,593
Debt instruments
Financial assets from trading activities (FVPL)
Structured debt instruments
\u2014
2,129
Financial assets at fair value through profit or loss
Government and government-guaranteed bonds
45,621
20,542
Sovereign, supranationals and agencies (SSA) bonds
80,686
39,671
Covered bonds
69,936
70,032
Puttable investment funds
59,358
77,167
Company cumprefs (shareholdings) (FVPL mandatory)
1,238
1,124
Total debt instruments
256,838
210,665
Equity instruments
Financial assets from trading activities (FVPL)
Shares, listed
8,787
12,769
Shares, unlisted
10
13
Financial assets at fair value through profit or loss
Shares, unlisted (FVPL mandatory)
6,859
11,146
Total equity instruments
15,656
23,928
With the exception of company cumulative preference
shares (shareholdings) and equity instruments, all financial
assets at fair value through profit or loss are designated at
fair value through profit or loss, as this significantly reduces
inconsistency in measurement or recognition. Company
cumprefs (shareholdings) and equity instruments are
mandatorily measured at fair value because they do not
meet the SPPI test. The maximum credit risk to which we
were exposed in the reporting period is equal to the carrying
amount. Our investments in covered bonds are
collateralised by mortgages.
Changes in financial assets at fair value through profit or loss1
2024
2023
At 1 January
219,681
360,452
Purchases
71,048
188,643
Sales
-32,434
-51,531
Redemptions
\u2014
-285,141
Value changes
4,847
7,023
Amortisation
554
235
At 31 December
263,696
219,681
5. Financial assets at fair value through
other comprehensive income
Financial assets at fair value through other comprehensive income
2024
2023
Fair value
Face value
Fair value
Face value
Total
2,991,140
3,047,101
2,208,514
2,260,442
Debt instruments
Government and government-guaranteed bonds
746,789
768,800
397,979
406,400
Sovereign, supranationals and agencies (SSA) bonds
1,115,129
1,146,523
726,492
754,723
Banks and financial institutions, listed
\u2014
\u2014
8,678
9,500
Covered bonds
890,680
893,585
802,136
817,755
Residential mortgage-backed securities
238,543
238,193
273,229
272,064
Total debt instruments
2,991,140
3,047,101
2,208,514
2,260,442
Changes in face value of Financial assets at fair value through other comprehensive income
2024
2023
At 1 January
2,260,442
1,817,086
Additions or releases without transfer
-426,941
-791,975
Financial assets originated or purchased
1,213,600
1,235,332
At 31 December
3,047,101
2,260,442
Changes in Financial assets at fair value through other comprehensive income
2024
2023
At 1 January
2,208,514
1,704,938
Purchases
1,174,019
1,183,449
Sales
-211,304
-597,510
Redemptions
-216,941
-205,098
Value changes
28,300
119,117
Amortisation
8,552
3,619
At 31 December
2,991,140
2,208,514
The change in loss allowance for financial assets at fair value
through other comprehensive income is recognised in Other
comprehensive income and does not reduce the carrying
amount of the financial asset.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 This table excludes the changes in Financial assets from trading activities (FVPL).
6. Loans and advances to the public and
private sectors
Loans and advances to the public and private sectors
2024
2023
Total
9,331,093
9,161,433
Mortgage loans
6,844,833
6,857,894
Loans
1,926,295
1,806,940
Current accounts
419,662
424,604
Securities-backed loans and settlement claims
291,082
248,981
Subordinated loans
3,479
3,092
Value adjustments fair value hedge accounting
-119,174
-141,932
Loss allowance for expected credit losses
-35,084
-38,146
Part of our mortgage portfolio and fund of loans managed by
AEGON Asset Management, serves as a hedged item for our
macro fair value hedging model. Due to falling interest rates,
the value adjustments of this portfolio have picked up
compared with the previous year. The value adjustments are
offset by the decreased value of interest rate swaps.
The loans managed by AEGON Asset Management are part
of a fund that was set up to facilitate unitholders to hold the
investment to the end of the term of the underlying
mortgages and provide them with the cash flows (solely
contractual repayment of principal amount and interest cash
flows) resulting from the underlying investments.
Loss allowance for expected credit losses
2024
2023
Total
-35,084
-38,146
Mortgage loans
-3,516
-6,017
Current accounts
-17,171
-15,317
Other loans and advances
-14,397
-16,812
For more information, see \"Risk management\", under 3.8,
Loss allowance for expected credit losses.
Changes in gross carrying amount of Loans and advances
to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
7,971,984
1,568,936
126,779
9,667,699
Additions or releases without transfer
-2,530,827
828,163
-47,638
-1,750,302
Transfer to Stage 1
4,169,441
-4,182,728
-7,387
-20,673
Transfer to Stage 2
-2,917,432
2,888,423
-4,617
-33,625
Transfer to Stage 3
-19,276
-22,532
41,742
-65
Financial assets originated or purchased
1,869,195
\u2014
\u2014
1,869,195
Amounts written off
\u2014
\u2014
-2,100
-2,100
At 31 December 2024
8,543,086
1,080,263
106,780
9,730,128
Changes in gross carrying amount of Loans and advances
to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
8,179,087
1,403,325
109,221
9,691,633
Additions or releases without transfer
-1,989,748
240,480
-8,680
-1,757,949
Transfer to Stage 1
2,240,625
-2,247,179
-7,030
-13,584
Transfer to Stage 2
-2,192,283
2,193,077
-5,741
-4,947
Transfer to Stage 3
-23,857
-20,767
44,629
4
Financial assets originated or purchased
1,758,160
\u2014
\u2014
1,758,160
Amounts written off
\u2014
\u2014
-5,618
-5,618
At 31 December 2023
7,971,984
1,568,936
126,779
9,667,699
See \u201cRisk management\u201d, under 3, Credit risk, for more
information about Loans and advances to the public and
private sectors.
7. Other financial assets at amortised cost
Other financial assets at amortised cost
2024
2023
Carrying amount
Face value
Carrying amount
Face value
Total
1,201,542
1,211,331
1,201,134
1,217,831
Debt instruments
Government and government-guaranteed bonds
91,748
93,268
91,102
93,268
Sovereign, supranationals and agencies (SSA) bonds
362,013
365,663
308,385
315,663
Banks and financial institutions, listed
5,994
6,000
5,988
6,000
Covered bonds
725,583
729,900
779,291
786,400
Residential mortgage-backed securities
16,500
16,500
16,500
16,500
Impairments
-296
\u2014
-133
\u2014
Changes in face value of Other financial assets at amortised cost
2024
2023
At 1 January
1,217,831
1,110,081
Additions or releases without transfer
-56,500
-100,000
Financial assets originated or purchased
50,000
207,750
At 31 December
1,211,331
1,217,831
Changes in Other financial assets at amortised cost
2024
2023
At 1 January
1,201,134
1,088,358
Purchases
51,685
207,031
Redemptions
-56,500
-100,000
Impairments
-163
-133
Amortisation
5,386
5,878
At 31 December
1,201,542
1,201,134
13. Due to banks
Due to banks
2024
2023
Total
164,804
250,504
Deposits
122,314
221,116
Payables arising from unsettled securities transactions
25,904
6,120
Loans and advances drawn
16,587
23,269
Deposits mainly refer to cash collateral related to derivatives
transactions.
14. Public and private sector liabilities
Public and private sector liabilities
2024
2023
Total
12,766,921
12,573,814
Savings
5,846,985
5,056,634
Deposits
3,071,220
3,196,201
Current accounts
3,525,079
3,977,921
Other client assets
324,995
344,334
Value adjustments fair value hedge accounting
-1,359
-1,277
15. Financial liabilities at fair value through
profit or loss
Financial liabilities at fair value through profit or loss
2024
2023
Total
464,891
466,672
Debt instruments
Financial liabilities at fair value through profit or loss
Unstructured debt instruments
\u2014
27,911
Structured debt instruments
462,553
438,306
Other financial liabilities at fair value through profit or loss
2,223
\u2014
Total debt instruments
464,776
466,217
Equity instruments
Financial liabilities from trading activities
Shares, listed
116
455
Total equity instruments
116
455
All financial liabilities at fair value through profit or loss,
except for Other financial liabilities at fair value through
profit or loss, are designated at fair value through profit or
loss on initial recognition because this significantly reduces
inconsistency in measurement or recognition. Other
financial liabilities at fair value through profit or loss of
\u20ac2.2\u00a0million comprise the contingent cash consideration
regarding the Accuro acquisition; see \"Business combination
in 2024\".
We have issued debt instruments which are managed on the
basis of fair value. Management believes that valuation at
fair value through profit or loss applies, as this largely
eliminates or reduces inconsistencies in valuation and
disclosure, and performance is assessed on the basis of fair
value.
The cumulative change in the fair value of Financial liabilities
at fair value through profit or loss can be attributed to
several factors, including changes in the entity's own credit
risk, the maturity of all unstructured debt instruments, and
the issuance of new structured debt instruments.
The change in own credit risk amounted to a total of
negative \u20ac2.6 million (2023: negative \u20ac2.7 million) and is
mainly caused by a decline in the credit spread across the
entire curve compared with 2023.
16. Issued debt securities
Issued debt securities
2024
2023
Total
1,491,254
1,473,639
Covered bonds
1,496,977
1,495,525
Value adjustments fair value hedge accounting
-5,724
-21,887
Issued debt securities comprise debt instruments with
interest rates that are either fixed or variable, in so far as not
subordinated. Of these debt securities no instruments
became payable on demand in 2024 (2023: \u20ac299.8 million).
Face value versus carrying amount
The value adjustment of debt securities as a result of hedge
accounting is recognised under the line item Issued debt
securities.
Face value versus carrying amount of issued
debt securities at 31 December 2024
Face value
Value adjustments
fair value hedge
accounting
Premium/discount
Carrying amount
Total
1,500,000
-5,724
-3,023
1,491,254
Covered bond
1,500,000
-5,724
-3,023
1,491,254
Face value versus carrying amount of issued
debt securities at 31 December 2023
Face value
Value adjustments
fair value hedge
accounting
Premium/discount
Carrying amount
Total
1,500,000
-21,887
-4,475
1,473,639
Covered bond
1,500,000
-21,887
-4,475
1,473,639
20. Subordinated loans
Subordinated loans
2024
2023
Total
153,825
170,238
Certificates of indebtedness
153,825
154,205
Other subordinated loans
\u2014
15,996
Value adjustments fair value hedge accounting
\u2014
38
Amortised cost versus carrying amount
The value adjustment of subordinated loans used as hedged
items is recognised under Subordinated loans.
Amortised cost versus carrying amount subordinated loans at
31 December 2024
Amortised cost
Value
adjustments
fair value hedge
accounting
Premium/
discount
Carrying
amount
Total
150,000
\u2014
3,825
153,825
Inflation-linked subordinated bond 08/33
25,000
\u2014
457
25,457
Inflation-linked subordinated bond 08/38
25,000
\u2014
924
25,924
Inflation-linked subordinated bond 08/43
50,000
\u2014
2,525
52,525
2.000% subordinated bond 03/32
50,000
\u2014
-81
49,919
Amortised cost versus carrying amount subordinated loans at
31 December 2023
Amortised cost
Value
adjustments
fair value hedge
accounting
Premium/
discount
Carrying
amount
Total
165,996
38
4,205
170,238
Inflation-linked subordinated bond 08/33
25,000
\u2014
582
25,582
Inflation-linked subordinated bond 08/38
25,000
\u2014
1,030
26,030
Inflation-linked subordinated bond 08/43
50,000
\u2014
2,710
52,710
2.000% subordinated bond 03/32
50,000
\u2014
-117
49,883
Other subordinated loans
15,996
38
\u2014
16,034
All subordinated loans reported as Other subordinated loans
expired in 2024. The average coupon on the other
subordinated loans in 2023 was 6.03%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-631": { "value": "
3. Derivatives
Derivatives at 31 December 2024
Asset
Liability
Contract amount
Total
317,897
254,566
9,591,436
Derivatives used for trading purposes
Currency derivatives
141
141
13,303
Client option positions
53,361
53,361
592,998
Total derivatives used for trading purposes
53,502
53,501
606,300
Derivatives used for hedge accounting purposes
Derivatives: fair value hedge accounting
63,236
116,386
4,209,535
Derivatives: portfolio fair value hedge accounting
155,998
42,320
3,264,750
Total derivatives used for hedge accounting purposes
219,234
158,706
7,474,285
Other derivatives
Economic hedges
7,477
7,891
194,500
Structured product derivatives
37,685
34,467
1,316,350
Total other derivatives
45,162
42,358
1,510,850
Derivatives at 31 December 2023
Asset
Liability
Contract amount
Total
342,526
245,578
7,732,684
Derivatives used for trading purposes
Currency derivatives
77
71
8,156
Equity derivatives
37
\u2014
3,611
Client option positions
36,751
36,692
493,559
Total derivatives used for trading purposes
36,866
36,764
505,325
Derivatives used for hedge accounting purposes
Derivatives: fair value hedge accounting
77,752
90,534
3,323,035
Derivatives: portfolio fair value hedge accounting
189,487
72,718
2,819,250
Total derivatives used for hedge accounting purposes
267,239
163,252
6,142,285
Other derivatives
Economic hedges
3,864
9,120
50,000
Structured product derivatives
34,557
36,441
1,035,074
Total other derivatives
38,421
45,561
1,085,074
We use derivatives for both trading and hedging purposes.
Note 3, Derivatives, shows both the positive and negative
market values of the derivatives, as well as their notional
values.
The following types of interest rate derivatives are used:
\u2013 Interest rate swaps;
\u2013 Interest rate options.
The following types of currency derivatives are used:
\u2013 Currency options;
\u2013 Currency forwards.
The following types of equity derivatives are used:
\u2013 Equity forwards;
\u2013 Futures;
\u2013 Long and short structured product options;
\u2013 Equity swaps.
We use interest rate swaps as hedging instruments in our
hedge accounting.
Ineffectiveness of derivatives for hedge accounting purposes
2024
2023
Fair value
Ineffective
Fair value
Ineffective
Total
60,527
1,121
103,987
-1,834
Fair value hedge accounting model
-53,150
470
-12,782
-1,333
Portfolio fair value hedge accounting model
113,677
651
116,769
-501
The total ineffectiveness of fair value hedges at year-end
2024 was \u20ac1.1 million (2023: -\u20ac 1.8 million), comprising
\u20ac58.2 million in negative value changes in hedging
instruments (2023: \u20ac160.5 million negative) and positive
changes in the value of the hedged items of \u20ac59.3\u00a0million
(2023: \u20ac158.6\u00a0million positive).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-630": { "value": "
3. Derivatives
Derivatives at 31 December 2024
Asset
Liability
Contract amount
Total
317,897
254,566
9,591,436
Derivatives used for trading purposes
Currency derivatives
141
141
13,303
Client option positions
53,361
53,361
592,998
Total derivatives used for trading purposes
53,502
53,501
606,300
Derivatives used for hedge accounting purposes
Derivatives: fair value hedge accounting
63,236
116,386
4,209,535
Derivatives: portfolio fair value hedge accounting
155,998
42,320
3,264,750
Total derivatives used for hedge accounting purposes
219,234
158,706
7,474,285
Other derivatives
Economic hedges
7,477
7,891
194,500
Structured product derivatives
37,685
34,467
1,316,350
Total other derivatives
45,162
42,358
1,510,850
Derivatives at 31 December 2023
Asset
Liability
Contract amount
Total
342,526
245,578
7,732,684
Derivatives used for trading purposes
Currency derivatives
77
71
8,156
Equity derivatives
37
\u2014
3,611
Client option positions
36,751
36,692
493,559
Total derivatives used for trading purposes
36,866
36,764
505,325
Derivatives used for hedge accounting purposes
Derivatives: fair value hedge accounting
77,752
90,534
3,323,035
Derivatives: portfolio fair value hedge accounting
189,487
72,718
2,819,250
Total derivatives used for hedge accounting purposes
267,239
163,252
6,142,285
Other derivatives
Economic hedges
3,864
9,120
50,000
Structured product derivatives
34,557
36,441
1,035,074
Total other derivatives
38,421
45,561
1,085,074
We use derivatives for both trading and hedging purposes.
Note 3, Derivatives, shows both the positive and negative
market values of the derivatives, as well as their notional
values.
The following types of interest rate derivatives are used:
\u2013 Interest rate swaps;
\u2013 Interest rate options.
The following types of currency derivatives are used:
\u2013 Currency options;
\u2013 Currency forwards.
The following types of equity derivatives are used:
\u2013 Equity forwards;
\u2013 Futures;
\u2013 Long and short structured product options;
\u2013 Equity swaps.
We use interest rate swaps as hedging instruments in our
hedge accounting.
Ineffectiveness of derivatives for hedge accounting purposes
2024
2023
Fair value
Ineffective
Fair value
Ineffective
Total
60,527
1,121
103,987
-1,834
Fair value hedge accounting model
-53,150
470
-12,782
-1,333
Portfolio fair value hedge accounting model
113,677
651
116,769
-501
The total ineffectiveness of fair value hedges at year-end
2024 was \u20ac1.1 million (2023: -\u20ac 1.8 million), comprising
\u20ac58.2 million in negative value changes in hedging
instruments (2023: \u20ac160.5 million negative) and positive
changes in the value of the hedged items of \u20ac59.3\u00a0million
(2023: \u20ac158.6\u00a0million positive).
4. Financial assets at fair value through
profit or loss
Financial assets at fair value through profit or loss
2024
2023
Total
272,494
234,593
Debt instruments
Financial assets from trading activities (FVPL)
Structured debt instruments
\u2014
2,129
Financial assets at fair value through profit or loss
Government and government-guaranteed bonds
45,621
20,542
Sovereign, supranationals and agencies (SSA) bonds
80,686
39,671
Covered bonds
69,936
70,032
Puttable investment funds
59,358
77,167
Company cumprefs (shareholdings) (FVPL mandatory)
1,238
1,124
Total debt instruments
256,838
210,665
Equity instruments
Financial assets from trading activities (FVPL)
Shares, listed
8,787
12,769
Shares, unlisted
10
13
Financial assets at fair value through profit or loss
Shares, unlisted (FVPL mandatory)
6,859
11,146
Total equity instruments
15,656
23,928
With the exception of company cumulative preference
shares (shareholdings) and equity instruments, all financial
assets at fair value through profit or loss are designated at
fair value through profit or loss, as this significantly reduces
inconsistency in measurement or recognition. Company
cumprefs (shareholdings) and equity instruments are
mandatorily measured at fair value because they do not
meet the SPPI test. The maximum credit risk to which we
were exposed in the reporting period is equal to the carrying
amount. Our investments in covered bonds are
collateralised by mortgages.
Changes in financial assets at fair value through profit or loss1
2024
2023
At 1 January
219,681
360,452
Purchases
71,048
188,643
Sales
-32,434
-51,531
Redemptions
\u2014
-285,141
Value changes
4,847
7,023
Amortisation
554
235
At 31 December
263,696
219,681
5. Financial assets at fair value through
other comprehensive income
Financial assets at fair value through other comprehensive income
2024
2023
Fair value
Face value
Fair value
Face value
Total
2,991,140
3,047,101
2,208,514
2,260,442
Debt instruments
Government and government-guaranteed bonds
746,789
768,800
397,979
406,400
Sovereign, supranationals and agencies (SSA) bonds
1,115,129
1,146,523
726,492
754,723
Banks and financial institutions, listed
\u2014
\u2014
8,678
9,500
Covered bonds
890,680
893,585
802,136
817,755
Residential mortgage-backed securities
238,543
238,193
273,229
272,064
Total debt instruments
2,991,140
3,047,101
2,208,514
2,260,442
Changes in face value of Financial assets at fair value through other comprehensive income
2024
2023
At 1 January
2,260,442
1,817,086
Additions or releases without transfer
-426,941
-791,975
Financial assets originated or purchased
1,213,600
1,235,332
At 31 December
3,047,101
2,260,442
Changes in Financial assets at fair value through other comprehensive income
2024
2023
At 1 January
2,208,514
1,704,938
Purchases
1,174,019
1,183,449
Sales
-211,304
-597,510
Redemptions
-216,941
-205,098
Value changes
28,300
119,117
Amortisation
8,552
3,619
At 31 December
2,991,140
2,208,514
The change in loss allowance for financial assets at fair value
through other comprehensive income is recognised in Other
comprehensive income and does not reduce the carrying
amount of the financial asset.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 This table excludes the changes in Financial assets from trading activities (FVPL).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-633": { "value": "
We use derivatives for both trading and hedging purposes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-634": { "value": "
4. Financial assets at fair value through
profit or loss
Financial assets at fair value through profit or loss
2024
2023
Total
272,494
234,593
Debt instruments
Financial assets from trading activities (FVPL)
Structured debt instruments
\u2014
2,129
Financial assets at fair value through profit or loss
Government and government-guaranteed bonds
45,621
20,542
Sovereign, supranationals and agencies (SSA) bonds
80,686
39,671
Covered bonds
69,936
70,032
Puttable investment funds
59,358
77,167
Company cumprefs (shareholdings) (FVPL mandatory)
1,238
1,124
Total debt instruments
256,838
210,665
Equity instruments
Financial assets from trading activities (FVPL)
Shares, listed
8,787
12,769
Shares, unlisted
10
13
Financial assets at fair value through profit or loss
Shares, unlisted (FVPL mandatory)
6,859
11,146
Total equity instruments
15,656
23,928
With the exception of company cumulative preference
shares (shareholdings) and equity instruments, all financial
assets at fair value through profit or loss are designated at
fair value through profit or loss, as this significantly reduces
inconsistency in measurement or recognition. Company
cumprefs (shareholdings) and equity instruments are
mandatorily measured at fair value because they do not
meet the SPPI test. The maximum credit risk to which we
were exposed in the reporting period is equal to the carrying
amount. Our investments in covered bonds are
collateralised by mortgages.
Changes in financial assets at fair value through profit or loss1
2024
2023
At 1 January
219,681
360,452
Purchases
71,048
188,643
Sales
-32,434
-51,531
Redemptions
\u2014
-285,141
Value changes
4,847
7,023
Amortisation
554
235
At 31 December
263,696
219,681
15. Financial liabilities at fair value through
profit or loss
Financial liabilities at fair value through profit or loss
2024
2023
Total
464,891
466,672
Debt instruments
Financial liabilities at fair value through profit or loss
Unstructured debt instruments
\u2014
27,911
Structured debt instruments
462,553
438,306
Other financial liabilities at fair value through profit or loss
2,223
\u2014
Total debt instruments
464,776
466,217
Equity instruments
Financial liabilities from trading activities
Shares, listed
116
455
Total equity instruments
116
455
All financial liabilities at fair value through profit or loss,
except for Other financial liabilities at fair value through
profit or loss, are designated at fair value through profit or
loss on initial recognition because this significantly reduces
inconsistency in measurement or recognition. Other
financial liabilities at fair value through profit or loss of
\u20ac2.2\u00a0million comprise the contingent cash consideration
regarding the Accuro acquisition; see \"Business combination
in 2024\".
We have issued debt instruments which are managed on the
basis of fair value. Management believes that valuation at
fair value through profit or loss applies, as this largely
eliminates or reduces inconsistencies in valuation and
disclosure, and performance is assessed on the basis of fair
value.
The cumulative change in the fair value of Financial liabilities
at fair value through profit or loss can be attributed to
several factors, including changes in the entity's own credit
risk, the maturity of all unstructured debt instruments, and
the issuance of new structured debt instruments.
The change in own credit risk amounted to a total of
negative \u20ac2.6 million (2023: negative \u20ac2.7 million) and is
mainly caused by a decline in the credit spread across the
entire curve compared with 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-635": { "value": "
6. Loans and advances to the public and
private sectors
Loans and advances to the public and private sectors
2024
2023
Total
9,331,093
9,161,433
Mortgage loans
6,844,833
6,857,894
Loans
1,926,295
1,806,940
Current accounts
419,662
424,604
Securities-backed loans and settlement claims
291,082
248,981
Subordinated loans
3,479
3,092
Value adjustments fair value hedge accounting
-119,174
-141,932
Loss allowance for expected credit losses
-35,084
-38,146
Part of our mortgage portfolio and fund of loans managed by
AEGON Asset Management, serves as a hedged item for our
macro fair value hedging model. Due to falling interest rates,
the value adjustments of this portfolio have picked up
compared with the previous year. The value adjustments are
offset by the decreased value of interest rate swaps.
The loans managed by AEGON Asset Management are part
of a fund that was set up to facilitate unitholders to hold the
investment to the end of the term of the underlying
mortgages and provide them with the cash flows (solely
contractual repayment of principal amount and interest cash
flows) resulting from the underlying investments.
Loss allowance for expected credit losses
2024
2023
Total
-35,084
-38,146
Mortgage loans
-3,516
-6,017
Current accounts
-17,171
-15,317
Other loans and advances
-14,397
-16,812
For more information, see \"Risk management\", under 3.8,
Loss allowance for expected credit losses.
Changes in gross carrying amount of Loans and advances
to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2024
7,971,984
1,568,936
126,779
9,667,699
Additions or releases without transfer
-2,530,827
828,163
-47,638
-1,750,302
Transfer to Stage 1
4,169,441
-4,182,728
-7,387
-20,673
Transfer to Stage 2
-2,917,432
2,888,423
-4,617
-33,625
Transfer to Stage 3
-19,276
-22,532
41,742
-65
Financial assets originated or purchased
1,869,195
\u2014
\u2014
1,869,195
Amounts written off
\u2014
\u2014
-2,100
-2,100
At 31 December 2024
8,543,086
1,080,263
106,780
9,730,128
Changes in gross carrying amount of Loans and advances
to the public and private sectors
Stage 1
Stage 2
Stage 3
Total
At 1 January 2023
8,179,087
1,403,325
109,221
9,691,633
Additions or releases without transfer
-1,989,748
240,480
-8,680
-1,757,949
Transfer to Stage 1
2,240,625
-2,247,179
-7,030
-13,584
Transfer to Stage 2
-2,192,283
2,193,077
-5,741
-4,947
Transfer to Stage 3
-23,857
-20,767
44,629
4
Financial assets originated or purchased
1,758,160
\u2014
\u2014
1,758,160
Amounts written off
\u2014
\u2014
-5,618
-5,618
At 31 December 2023
7,971,984
1,568,936
126,779
9,667,699
See \u201cRisk management\u201d, under 3, Credit risk, for more
information about Loans and advances to the public and
private sectors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-637": { "value": "
8. Investments in associates using the equity
method
Changes in associates using the equity method
2024
2023
At 1 January
110,890
103,265
Acquisitions and contributions
5,060
16,110
Sales and repayments
-3,076
-36,153
Income from associates
6,334
32,214
Dividend received
-1,393
-4,469
Other changes
-258
-78
At 31 December
117,557
110,890
All associates valued using the equity method are unlisted
investments. See also Note 23, Income from securities and
associates.
23. Income from securities and associates
Income from securities and associates
2024
2023
Total
18,352
38,113
Income from associates using the equity method
6,334
9,089
Realised result of associates using the equity method
79
23,149
Realised and unrealised gains/losses on investments at fair value through profit or loss
6,208
5,375
Other gains/losses on sales
5,731
500
Income from securities and associates decreased by
\u20ac19.8\u00a0million, mainly due to the sale of our 33.3% interest
in\u00a0Movares Group BV in November 2023 with a gain of
\u20ac23.1\u00a0million.
The other gains relate to realisation and revaluation of earn-
outs from the sale of former subsidiaries.
Associates
Investments in associates using the equity method
As part of our investment policy, we invest in medium-sized
companies in the Netherlands, only holding minority
interests. These investments are classified as investments in
associates using the equity method.
The table below shows the largest investments in associates
based on the carrying amount.
In 2024, no investments were sold. In 2023, we sold our
interest in Movares Group BV (33.3%); see Note 23, Income
from securities and associates.
Name
Activities
Head office
Interest
Bolster Investments
Co\u00f6peratief UA
Bolster Investments Co\u00f6peratief UA is an investment fund managed
by Bolster Investment Partners BV. A flexible, long-term investor,
Bolster Investment Partners specialises in partnerships with
entrepreneur-led and family-owned businesses through minority and
majority interests.
Amsterdam
29.75%
Bolster Investments II
Co\u00f6peratief UA
Bolster Investments II Co\u00f6peratief UA is an investment fund,
managed by Bolster Investment Partners BV. A flexible, long-term
investor, Bolster Investment Partners specialises in partnerships with
entrepreneur-led and family-owned businesses through minority and
majority interests.
Amsterdam
22.00%
Langosta BV
Langosta participates in financing companies.
Amsterdam
47.74%
OGD Holding BV
OGD provides IT services to medium-sized and large companies,
public and semi-public and non-profit organisations. Its services
include service management, outsourcing, software development and
ICT training.
Delft
31.30%
Ploeger Oxbo Holding BV
Ploeger Oxbo develops, manufactures and sells a wide range of
specialist harvesting equipment to customers across the world.
Roosendaal
11.83%
Tecnotion Investment BV
Tecnotion designs, produces and sells linear motors across the world,
to the semiconductor, electronics, LCD, automotive and robotics
industries among other sectors.
Almelo
38.00%
Aggregated financial information of associates for
which Van Lanschot Kempen applies the equity
method (\u20ac1,000)
2024
2023
Associates,
equity method
Attributable to
Van Lanschot
Kempen
Associates,
equity method
Attributable to
Van Lanschot
Kempen
Total
367,205
110,892
350,759
103,987
Current assets
261,316
40,444
250,307
40,274
Non-current assets
530,779
102,946
498,891
96,628
Current liabilities
-101,551
-18,156
-103,565
-18,540
Non-current liabilities
-323,339
-43,559
-294,874
-40,252
Goodwill
17,541
18,221
Impairments
\u2014
\u2014
Other
11,676
7,656
Other financial information
Dividend received
1,393
4,469
Income from operational activities
6,638
13,020
Share of net income
6,334
32,214
Unrecognised share of losses
117
117
Comprehensive income
\u2014
\u2014
The table below shows the income and expenses that we
report for associates using the equity method in the
statement of income and the positions included in the
statement of financial position, as well as commitments
given at year-end in respect of these entities.
Transactions with Investments in associates using the equity method (\u20ac1,000)
2024
2023
Income
\u2014
\u2014
Amount payable
1,361
4,003
Commitments
20,595
25,655
Loans granted to entities in which we exercise significant
influence but do not have decisive control are granted on
market terms and secured on collateral provided. No
impairments were applied to the receivables in either 2024
or 2023.
Van Lanschot Kempen Participaties
Investments using the equity method held by Van\u00a0Lanschot
Kempen Participaties are managed by Bolster Investment
Partners. Van\u00a0Lanschot Kempen Participaties invests in a
portfolio of equity funds. In addition, one of the portfolio
companies issued cumulative preference shares. Moreover,
a subordinated loan has been issued to one of the portfolio
companies.
The table below shows Van Lanschot Kempen Participaties\u2019
financial impact on the consolidated statement of financial
position and statement of income. The table does not include
information about controlling interests.
Van Lanschot Kempen Participaties at 31 December 2024 (\u20ac1,000)
Investment activity
Item
Carrying
value
Interest
Income from
securities
and associates
Impairments
Total
Direct investment
Investment in associates
using the equity method
34,394
\u2014
1,445
\u2014
1,445
Shareholdings
Financial assets at fair
value through profit or loss
1,238
113
\u2014
\u2014
113
Subordinated loans
Loans and advances to the
public and private sectors
3,479
\u2014
\u2014
\u2014
\u2014
Fund investment
Financial assets at fair
value through profit or loss
540
\u2014
91
\u2014
91
Total
39,651
113
1,536
\u2014
1,649
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-636": { "value": "
8. Investments in associates using the equity
method
Changes in associates using the equity method
2024
2023
At 1 January
110,890
103,265
Acquisitions and contributions
5,060
16,110
Sales and repayments
-3,076
-36,153
Income from associates
6,334
32,214
Dividend received
-1,393
-4,469
Other changes
-258
-78
At 31 December
117,557
110,890
All associates valued using the equity method are unlisted
investments. See also Note 23, Income from securities and
associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-638": { "value": "
9. Property and equipment
Property and equipment
2024
2023
Total
71,462
65,159
Buildings
19,707
19,326
Right-of-use \u2013 buildings
29,413
30,139
Right-of-use \u2013 transport equipment
12,883
5,966
IT, operating system software and communications equipment
3,747
4,573
Other assets
4,104
4,117
Work in progress
1,607
1,038
Lease liabilities amounted to \u20ac45.2 million at year-end 2024
(2023: \u20ac38.6\u00a0million) and are included in Other liabilities.
Van Lanschot Kempen Investment Management (UK) Ltd
entered into a long-term lease agreement on 25 September
2023, which runs until 31\u00a0October 2031. Van Lanschot
Kempen co-signed the lease agreement, guaranteeing the
obligations arising from it. The total obligation until the end of
the contract amounts to \u20ac3.1 million (2023: \u20ac3.5\u00a0million).
Changes in property and equipment in
2024
Buildings
Right-of-use
\u2013 buildings
Right-of-use
\u2013 transport
equipment
IT, operating
system
software and
communica-
tions
equipment
Other assets
Work in
progress
Total
At 1 January
19,326
30,139
5,966
4,573
4,117
1,038
65,159
Additions
3,482
8,526
11,140
1,349
1,697
569
26,762
Disposals
-1,325
\u2014
\u2014
\u2014
-1,213
\u2014
-2,538
Capitalisation of investments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Depreciation
-1,776
-9,252
-4,223
-2,175
-497
\u2014
-17,922
At 31 December
19,707
29,413
12,883
3,747
4,104
1,607
71,462
Historical cost
38,469
41,579
17,105
14,810
8,063
1,607
121,634
Accumulated depreciation and
impairments
-18,762
-12,165
-4,223
-11,063
-3,959
\u2014
-50,172
Net carrying amount at 31 December
19,707
29,413
12,883
3,747
4,104
1,607
71,462
Changes in property and equipment in
2023
Buildings
Right-of-use
\u2013 buildings
Right-of-use
\u2013 transport
equipment
IT, operating
system
software and
communica-
tions
equipment
Other assets
Work in
progress
Total
At 1 January
22,499
29,405
7,097
4,758
4,037
1,551
69,347
Additions
2,726
9,835
2,668
2,025
626
\u2014
17,879
Disposals
-3,935
\u2014
-464
\u2014
\u2014
\u2014
-4,400
Capitalisation of investments
\u2014
\u2014
\u2014
\u2014
\u2014
-513
-513
Depreciation
-1,963
-9,101
-3,334
-2,209
-546
\u2014
-17,154
At 31 December
19,326
30,139
5,966
4,573
4,117
1,038
65,159
Historical cost
36,485
41,820
9,300
17,918
9,014
1,038
115,574
Accumulated depreciation and
impairments
-17,159
-11,680
-3,334
-13,344
-4,897
\u2014
-50,415
Net carrying amount at 31 December
19,326
30,139
5,966
4,573
4,117
1,038
65,159
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-639": { "value": "
Property and equipment
2024
2023
Total
71,462
65,159
Buildings
19,707
19,326
Right-of-use \u2013 buildings
29,413
30,139
Right-of-use \u2013 transport equipment
12,883
5,966
IT, operating system software and communications equipment
3,747
4,573
Other assets
4,104
4,117
Work in progress
1,607
1,038
Lease liabilities amounted to \u20ac45.2 million at year-end 2024
(2023: \u20ac38.6\u00a0million) and are included in Other liabilities.
Van Lanschot Kempen Investment Management (UK) Ltd
entered into a long-term lease agreement on 25 September
2023, which runs until 31\u00a0October 2031. Van Lanschot
Kempen co-signed the lease agreement, guaranteeing the
obligations arising from it. The total obligation until the end of
the contract amounts to \u20ac3.1 million (2023: \u20ac3.5\u00a0million).
Changes in property and equipment in
2024
Buildings
Right-of-use
\u2013 buildings
Right-of-use
\u2013 transport
equipment
IT, operating
system
software and
communica-
tions
equipment
Other assets
Work in
progress
Total
At 1 January
19,326
30,139
5,966
4,573
4,117
1,038
65,159
Additions
3,482
8,526
11,140
1,349
1,697
569
26,762
Disposals
-1,325
\u2014
\u2014
\u2014
-1,213
\u2014
-2,538
Capitalisation of investments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Depreciation
-1,776
-9,252
-4,223
-2,175
-497
\u2014
-17,922
At 31 December
19,707
29,413
12,883
3,747
4,104
1,607
71,462
Historical cost
38,469
41,579
17,105
14,810
8,063
1,607
121,634
Accumulated depreciation and
impairments
-18,762
-12,165
-4,223
-11,063
-3,959
\u2014
-50,172
Net carrying amount at 31 December
19,707
29,413
12,883
3,747
4,104
1,607
71,462
Changes in property and equipment in
2023
Buildings
Right-of-use
\u2013 buildings
Right-of-use
\u2013 transport
equipment
IT, operating
system
software and
communica-
tions
equipment
Other assets
Work in
progress
Total
At 1 January
22,499
29,405
7,097
4,758
4,037
1,551
69,347
Additions
2,726
9,835
2,668
2,025
626
\u2014
17,879
Disposals
-3,935
\u2014
-464
\u2014
\u2014
\u2014
-4,400
Capitalisation of investments
\u2014
\u2014
\u2014
\u2014
\u2014
-513
-513
Depreciation
-1,963
-9,101
-3,334
-2,209
-546
\u2014
-17,154
At 31 December
19,326
30,139
5,966
4,573
4,117
1,038
65,159
Historical cost
36,485
41,820
9,300
17,918
9,014
1,038
115,574
Accumulated depreciation and
impairments
-17,159
-11,680
-3,334
-13,344
-4,897
\u2014
-50,415
Net carrying amount at 31 December
19,326
30,139
5,966
4,573
4,117
1,038
65,159
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-642": { "value": "
10. Goodwill and other intangible assets
Goodwill and other intangible assets
2024
2023
Total
308,880
313,049
Goodwill
184,070
179,363
Other intangible assets
124,810
133,685
The carrying amounts of goodwill arising from
acquisitions\u00a0and other intangible assets are presented in
the\u00a0table above.
Changes in goodwill and other intangible assets in 2024
Goodwill
Client
relationships
Brand
names
Carbon
credits
Application
software
Total
At 1 January
179,363
121,134
6,054
1,557
4,941
313,049
Additions acquired through business combinations
4,707
7,479
\u2014
\u2014
\u2014
12,186
Amortisation
\u2014
-13,154
-2,007
-80
-1,114
-16,355
At 31 December
184,070
115,459
4,046
1,477
3,827
308,880
Historical cost
184,070
181,664
21,897
1,597
9,584
398,812
Accumulated amortisation and impairments
\u2014
-66,205
-17,850
-120
-5,757
-89,932
Net carrying amount at 31 December
184,070
115,459
4,046
1,477
3,827
308,880
The additions to goodwill and client relationships are due
to\u00a0the acquisition of Accuro in the first half of 2024; see
\u201cBusiness combination in 2024\u201d.
Changes in goodwill and other intangible assets in 2023
Goodwill
Client
relationships
Brand
names
Carbon
credits
Application
software
Total
At 1 January
176,761
122,957
6,901
\u2014
134
306,753
Additions acquired through business combinations
2,603
10,846
1,087
\u2014
5,465
20,000
Additions acquired separately
\u2014
\u2014
\u2014
1,597
\u2014
1,597
Amortisation
\u2014
-12,669
-1,935
-40
-658
-15,302
At 31 December
179,363
121,134
6,054
1,557
4,941
313,049
Historical cost
179,363
174,185
21,897
1,597
9,584
386,626
Accumulated amortisation and impairments
\u2014
-53,051
-15,843
-40
-4,643
-73,577
Net carrying amount at 31 December
179,363
121,134
6,054
1,557
4,941
313,049
As of 1 January 2024, we changed our organisational
structure with the goal to optimally equip it to respond
decisively to commercial developments and regulatory
requirements: as close to the client as possible, with
effective support and with clear responsibilities and roles.
The cash-generating unit (CGU) level at which the goodwill
is\u00a0monitored for internal management purposes has changed
accordingly, and the goodwill has been reallocated to the
newly determined CGU levels: Private Clients Netherlands,
Private Clients Belgium, Investment Management Clients
and Investment Banking Clients, based on a relative value
approach. Goodwill at former CGU Wholesale &
Institutional Clients has been fully reallocated to the new
CGU Investment Management Clients. Goodwill arisen from
the acquisition of Mercier Vanderlinden has been fully
allocated from CGU Private Clients to CGU Private Clients
Belgium. Based on the relative value approach, the goodwill
related to Kempen & Co at former CGU Private Clients
(\u20ac33.3 million) has been split into \u20ac28.4 million for Private
Clients Netherlands and \u20ac4.9 million for Investment
Management Clients.
The remainder of the goodwill at Private Clients has been
transferred to CGU Private Clients Netherlands.
Our CGUs correspond to our operating segments (see
section on segment information) except for Other, which is
split between the CGUs Other and Non-strategic
investments.
Private Clients Netherlands and Private Clients Belgium
performed strongly in 2024, mainly due to increased net
commission income. Investment Management Clients
recorded solid results in 2024, driven by net AuM inflows
and positive market performance. Results at Investment
Banking Clients picked up compared with 2023. The
performances of our segments do not indicate any triggers
for impairment.
Allocation of goodwill to CGUs (based on segments)
2024
2023
Total
184,070
179,363
Private Clients Netherlands
40,499
n/a
Private Clients Belgium
81,391
n/a
Investment Management Clients
20,888
n/a
Private Clients (until 1 January 2024)
n/a
122,040
Wholesale & Institutional Clients (until 1 January 2024)
n/a
16,031
Investment Banking Clients
41,293
41,293
Methodology
We carried out our annual impairment test on goodwill. To
determine whether an impairment is necessary, the
recoverable amount of each CGU or group of CGUs is
compared with its carrying amount. In line with IFRS
Accounting Standards, the recoverable amount is
determined as the higher of the fair value less costs of
disposal (FVLCOD) and value in use (ViU). If either of these
amounts exceeds the carrying amount, an impairment is not
necessary and the other value does not have to be
calculated.\u00a0
Value in use
The ViU calculation uses equity cash flow projections for
each CGU or group of CGUs for a five-year period. These
projections are based on 2024 and on the financial estimates
for the years 2025 until 2028 used by management in its
strategic forecast at the end of 2024. For the period after
the explicit projections per CGU, the growth rate is set at the
long-term market growth rate of 2.0%. This growth rate
applies to all CGUs, as in the long term all CGUs will be
impacted by the same economic market developments. The
rate is based on our own projections and on wealth
management market projections by market experts. The
discounted cash flow model uses one base-case scenario.
Management has compared the main assumptions with
market forecasts and expectations. Cash flow estimates are
based on our strategic plans and on potential future trends.
Events and factors that could have a significant impact on
estimates include stock and bond market developments,
effects of mergers and acquisitions, competitive conditions,
client behaviour and changes in client relationships, cost
structure, trends in inflation, interest rates and risks, and
other circumstances specific to the industry and sector.
Equity cash flows are discounted using a cost of equity for
each CGU that reflects the risk-free interest rate,
supplemented with a surcharge for the market risk exposure
of the CGU or group of CGUs, and a small-firm premium.
Fair value less costs of disposal
The FVLCOD method uses the market price at valuation
date of our peer group within the segment and their average
earnings for a five-year reference period are used to
calculate the price-earnings (PE) multiple. The recoverable
amount is calculated using the median price-earnings ratio
and the average earnings of the CGU over a five-year period,
including projections based on management\u2019s strategic
forecast.
CGU
Method used for
recoverable amount
Discount rate after tax %
PE multiple
2024
2023
2024
2023
2024
2023
Private Clients Netherlands
ViU
ViU
10.7
n/a
n/a
n/a
Private Clients Belgium
ViU
ViU
10.7
n/a
n/a
n/a
Investment Management Clients
ViU
ViU
12.2
n/a
n/a
n/a
Private Clients (until 1 January 2024)
ViU
ViU
n/a
11.1
n/a
n/a
Wholesale & Institutional Clients (until 1 January 2024)
ViU
ViU
n/a
13.2
n/a
n/a
Investment Banking Clients
ViU
FVLCOD
11.2
n/a
n/a
14.9
The impairment test performed in 2024 did not result in
goodwill impairments. Based on the ViU calculation and the
headroom for all CGUs with allocated goodwill, we did not
see reason to use the FVLCOD calculation for 2024. The
sensitivity analysis in the table below supports this
conclusion. For the CGUs with allocated goodwill, a
sensitivity analysis was carried out on the baseline scenario
with particular attention to changes in long-term growth, the
discount rate and the long-term EBIT margin.
In addition, an annual test is carried out for indications of
impairment of other intangible assets with a finite useful life.
The acquired brand names are still active and no objective
indication for impairment was apparent at year-end 2024
and year-end 2023. For the line item Client relationships,
changes in the AuM volume are assessed. The useful life
tests carried out in 2024 and 2023 provided no indication of
a need for further examination. Consequently, no
impairment is recognised for other intangible assets.
Sensitivity analysis value in use method
Change required in each key assumption for headroom to
equal zero, in percentage points
Headroom with
terminal growth rate
at 0%
Headroom
Net profit margin
Cost of equity
Private Clients Netherlands
536,185
-18.6%
7.2%
437,356
Private Clients Belgium
416,753
-40.1%
17.1%
348,493
Investment Management Clients
279,122
-30.0%
30.6%
239,174
Investment Banking Clients
46,682
-11.5%
6.3%
38,389
Expected amortisation of intangible assets
2025
2026
2027
2028
2029
2030\u201343
Total
14,211
14,209
13,443
12,348
11,253
61,580
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-641": { "value": "
10. Goodwill and other intangible assets
Goodwill and other intangible assets
2024
2023
Total
308,880
313,049
Goodwill
184,070
179,363
Other intangible assets
124,810
133,685
The carrying amounts of goodwill arising from
acquisitions\u00a0and other intangible assets are presented in
the\u00a0table above.
Changes in goodwill and other intangible assets in 2024
Goodwill
Client
relationships
Brand
names
Carbon
credits
Application
software
Total
At 1 January
179,363
121,134
6,054
1,557
4,941
313,049
Additions acquired through business combinations
4,707
7,479
\u2014
\u2014
\u2014
12,186
Amortisation
\u2014
-13,154
-2,007
-80
-1,114
-16,355
At 31 December
184,070
115,459
4,046
1,477
3,827
308,880
Historical cost
184,070
181,664
21,897
1,597
9,584
398,812
Accumulated amortisation and impairments
\u2014
-66,205
-17,850
-120
-5,757
-89,932
Net carrying amount at 31 December
184,070
115,459
4,046
1,477
3,827
308,880
The additions to goodwill and client relationships are due
to\u00a0the acquisition of Accuro in the first half of 2024; see
\u201cBusiness combination in 2024\u201d.
Changes in goodwill and other intangible assets in 2023
Goodwill
Client
relationships
Brand
names
Carbon
credits
Application
software
Total
At 1 January
176,761
122,957
6,901
\u2014
134
306,753
Additions acquired through business combinations
2,603
10,846
1,087
\u2014
5,465
20,000
Additions acquired separately
\u2014
\u2014
\u2014
1,597
\u2014
1,597
Amortisation
\u2014
-12,669
-1,935
-40
-658
-15,302
At 31 December
179,363
121,134
6,054
1,557
4,941
313,049
Historical cost
179,363
174,185
21,897
1,597
9,584
386,626
Accumulated amortisation and impairments
\u2014
-53,051
-15,843
-40
-4,643
-73,577
Net carrying amount at 31 December
179,363
121,134
6,054
1,557
4,941
313,049
As of 1 January 2024, we changed our organisational
structure with the goal to optimally equip it to respond
decisively to commercial developments and regulatory
requirements: as close to the client as possible, with
effective support and with clear responsibilities and roles.
The cash-generating unit (CGU) level at which the goodwill
is\u00a0monitored for internal management purposes has changed
accordingly, and the goodwill has been reallocated to the
newly determined CGU levels: Private Clients Netherlands,
Private Clients Belgium, Investment Management Clients
and Investment Banking Clients, based on a relative value
approach. Goodwill at former CGU Wholesale &
Institutional Clients has been fully reallocated to the new
CGU Investment Management Clients. Goodwill arisen from
the acquisition of Mercier Vanderlinden has been fully
allocated from CGU Private Clients to CGU Private Clients
Belgium. Based on the relative value approach, the goodwill
related to Kempen & Co at former CGU Private Clients
(\u20ac33.3 million) has been split into \u20ac28.4 million for Private
Clients Netherlands and \u20ac4.9 million for Investment
Management Clients.
The remainder of the goodwill at Private Clients has been
transferred to CGU Private Clients Netherlands.
Our CGUs correspond to our operating segments (see
section on segment information) except for Other, which is
split between the CGUs Other and Non-strategic
investments.
Private Clients Netherlands and Private Clients Belgium
performed strongly in 2024, mainly due to increased net
commission income. Investment Management Clients
recorded solid results in 2024, driven by net AuM inflows
and positive market performance. Results at Investment
Banking Clients picked up compared with 2023. The
performances of our segments do not indicate any triggers
for impairment.
Allocation of goodwill to CGUs (based on segments)
2024
2023
Total
184,070
179,363
Private Clients Netherlands
40,499
n/a
Private Clients Belgium
81,391
n/a
Investment Management Clients
20,888
n/a
Private Clients (until 1 January 2024)
n/a
122,040
Wholesale & Institutional Clients (until 1 January 2024)
n/a
16,031
Investment Banking Clients
41,293
41,293
Methodology
We carried out our annual impairment test on goodwill. To
determine whether an impairment is necessary, the
recoverable amount of each CGU or group of CGUs is
compared with its carrying amount. In line with IFRS
Accounting Standards, the recoverable amount is
determined as the higher of the fair value less costs of
disposal (FVLCOD) and value in use (ViU). If either of these
amounts exceeds the carrying amount, an impairment is not
necessary and the other value does not have to be
calculated.\u00a0
Value in use
The ViU calculation uses equity cash flow projections for
each CGU or group of CGUs for a five-year period. These
projections are based on 2024 and on the financial estimates
for the years 2025 until 2028 used by management in its
strategic forecast at the end of 2024. For the period after
the explicit projections per CGU, the growth rate is set at the
long-term market growth rate of 2.0%. This growth rate
applies to all CGUs, as in the long term all CGUs will be
impacted by the same economic market developments. The
rate is based on our own projections and on wealth
management market projections by market experts. The
discounted cash flow model uses one base-case scenario.
Management has compared the main assumptions with
market forecasts and expectations. Cash flow estimates are
based on our strategic plans and on potential future trends.
Events and factors that could have a significant impact on
estimates include stock and bond market developments,
effects of mergers and acquisitions, competitive conditions,
client behaviour and changes in client relationships, cost
structure, trends in inflation, interest rates and risks, and
other circumstances specific to the industry and sector.
Equity cash flows are discounted using a cost of equity for
each CGU that reflects the risk-free interest rate,
supplemented with a surcharge for the market risk exposure
of the CGU or group of CGUs, and a small-firm premium.
Fair value less costs of disposal
The FVLCOD method uses the market price at valuation
date of our peer group within the segment and their average
earnings for a five-year reference period are used to
calculate the price-earnings (PE) multiple. The recoverable
amount is calculated using the median price-earnings ratio
and the average earnings of the CGU over a five-year period,
including projections based on management\u2019s strategic
forecast.
CGU
Method used for
recoverable amount
Discount rate after tax %
PE multiple
2024
2023
2024
2023
2024
2023
Private Clients Netherlands
ViU
ViU
10.7
n/a
n/a
n/a
Private Clients Belgium
ViU
ViU
10.7
n/a
n/a
n/a
Investment Management Clients
ViU
ViU
12.2
n/a
n/a
n/a
Private Clients (until 1 January 2024)
ViU
ViU
n/a
11.1
n/a
n/a
Wholesale & Institutional Clients (until 1 January 2024)
ViU
ViU
n/a
13.2
n/a
n/a
Investment Banking Clients
ViU
FVLCOD
11.2
n/a
n/a
14.9
The impairment test performed in 2024 did not result in
goodwill impairments. Based on the ViU calculation and the
headroom for all CGUs with allocated goodwill, we did not
see reason to use the FVLCOD calculation for 2024. The
sensitivity analysis in the table below supports this
conclusion. For the CGUs with allocated goodwill, a
sensitivity analysis was carried out on the baseline scenario
with particular attention to changes in long-term growth, the
discount rate and the long-term EBIT margin.
In addition, an annual test is carried out for indications of
impairment of other intangible assets with a finite useful life.
The acquired brand names are still active and no objective
indication for impairment was apparent at year-end 2024
and year-end 2023. For the line item Client relationships,
changes in the AuM volume are assessed. The useful life
tests carried out in 2024 and 2023 provided no indication of
a need for further examination. Consequently, no
impairment is recognised for other intangible assets.
Sensitivity analysis value in use method
Change required in each key assumption for headroom to
equal zero, in percentage points
Headroom with
terminal growth rate
at 0%
Headroom
Net profit margin
Cost of equity
Private Clients Netherlands
536,185
-18.6%
7.2%
437,356
Private Clients Belgium
416,753
-40.1%
17.1%
348,493
Investment Management Clients
279,122
-30.0%
30.6%
239,174
Investment Banking Clients
46,682
-11.5%
6.3%
38,389
Expected amortisation of intangible assets
2025
2026
2027
2028
2029
2030\u201343
Total
14,211
14,209
13,443
12,348
11,253
61,580
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-640": { "value": "
10. Goodwill and other intangible assets
Goodwill and other intangible assets
2024
2023
Total
308,880
313,049
Goodwill
184,070
179,363
Other intangible assets
124,810
133,685
The carrying amounts of goodwill arising from
acquisitions\u00a0and other intangible assets are presented in
the\u00a0table above.
Changes in goodwill and other intangible assets in 2024
Goodwill
Client
relationships
Brand
names
Carbon
credits
Application
software
Total
At 1 January
179,363
121,134
6,054
1,557
4,941
313,049
Additions acquired through business combinations
4,707
7,479
\u2014
\u2014
\u2014
12,186
Amortisation
\u2014
-13,154
-2,007
-80
-1,114
-16,355
At 31 December
184,070
115,459
4,046
1,477
3,827
308,880
Historical cost
184,070
181,664
21,897
1,597
9,584
398,812
Accumulated amortisation and impairments
\u2014
-66,205
-17,850
-120
-5,757
-89,932
Net carrying amount at 31 December
184,070
115,459
4,046
1,477
3,827
308,880
The additions to goodwill and client relationships are due
to\u00a0the acquisition of Accuro in the first half of 2024; see
\u201cBusiness combination in 2024\u201d.
Changes in goodwill and other intangible assets in 2023
Goodwill
Client
relationships
Brand
names
Carbon
credits
Application
software
Total
At 1 January
176,761
122,957
6,901
\u2014
134
306,753
Additions acquired through business combinations
2,603
10,846
1,087
\u2014
5,465
20,000
Additions acquired separately
\u2014
\u2014
\u2014
1,597
\u2014
1,597
Amortisation
\u2014
-12,669
-1,935
-40
-658
-15,302
At 31 December
179,363
121,134
6,054
1,557
4,941
313,049
Historical cost
179,363
174,185
21,897
1,597
9,584
386,626
Accumulated amortisation and impairments
\u2014
-53,051
-15,843
-40
-4,643
-73,577
Net carrying amount at 31 December
179,363
121,134
6,054
1,557
4,941
313,049
As of 1 January 2024, we changed our organisational
structure with the goal to optimally equip it to respond
decisively to commercial developments and regulatory
requirements: as close to the client as possible, with
effective support and with clear responsibilities and roles.
The cash-generating unit (CGU) level at which the goodwill
is\u00a0monitored for internal management purposes has changed
accordingly, and the goodwill has been reallocated to the
newly determined CGU levels: Private Clients Netherlands,
Private Clients Belgium, Investment Management Clients
and Investment Banking Clients, based on a relative value
approach. Goodwill at former CGU Wholesale &
Institutional Clients has been fully reallocated to the new
CGU Investment Management Clients. Goodwill arisen from
the acquisition of Mercier Vanderlinden has been fully
allocated from CGU Private Clients to CGU Private Clients
Belgium. Based on the relative value approach, the goodwill
related to Kempen & Co at former CGU Private Clients
(\u20ac33.3 million) has been split into \u20ac28.4 million for Private
Clients Netherlands and \u20ac4.9 million for Investment
Management Clients.
The remainder of the goodwill at Private Clients has been
transferred to CGU Private Clients Netherlands.
Our CGUs correspond to our operating segments (see
section on segment information) except for Other, which is
split between the CGUs Other and Non-strategic
investments.
Private Clients Netherlands and Private Clients Belgium
performed strongly in 2024, mainly due to increased net
commission income. Investment Management Clients
recorded solid results in 2024, driven by net AuM inflows
and positive market performance. Results at Investment
Banking Clients picked up compared with 2023. The
performances of our segments do not indicate any triggers
for impairment.
Allocation of goodwill to CGUs (based on segments)
2024
2023
Total
184,070
179,363
Private Clients Netherlands
40,499
n/a
Private Clients Belgium
81,391
n/a
Investment Management Clients
20,888
n/a
Private Clients (until 1 January 2024)
n/a
122,040
Wholesale & Institutional Clients (until 1 January 2024)
n/a
16,031
Investment Banking Clients
41,293
41,293
Methodology
We carried out our annual impairment test on goodwill. To
determine whether an impairment is necessary, the
recoverable amount of each CGU or group of CGUs is
compared with its carrying amount. In line with IFRS
Accounting Standards, the recoverable amount is
determined as the higher of the fair value less costs of
disposal (FVLCOD) and value in use (ViU). If either of these
amounts exceeds the carrying amount, an impairment is not
necessary and the other value does not have to be
calculated.\u00a0
Value in use
The ViU calculation uses equity cash flow projections for
each CGU or group of CGUs for a five-year period. These
projections are based on 2024 and on the financial estimates
for the years 2025 until 2028 used by management in its
strategic forecast at the end of 2024. For the period after
the explicit projections per CGU, the growth rate is set at the
long-term market growth rate of 2.0%. This growth rate
applies to all CGUs, as in the long term all CGUs will be
impacted by the same economic market developments. The
rate is based on our own projections and on wealth
management market projections by market experts. The
discounted cash flow model uses one base-case scenario.
Management has compared the main assumptions with
market forecasts and expectations. Cash flow estimates are
based on our strategic plans and on potential future trends.
Events and factors that could have a significant impact on
estimates include stock and bond market developments,
effects of mergers and acquisitions, competitive conditions,
client behaviour and changes in client relationships, cost
structure, trends in inflation, interest rates and risks, and
other circumstances specific to the industry and sector.
Equity cash flows are discounted using a cost of equity for
each CGU that reflects the risk-free interest rate,
supplemented with a surcharge for the market risk exposure
of the CGU or group of CGUs, and a small-firm premium.
Fair value less costs of disposal
The FVLCOD method uses the market price at valuation
date of our peer group within the segment and their average
earnings for a five-year reference period are used to
calculate the price-earnings (PE) multiple. The recoverable
amount is calculated using the median price-earnings ratio
and the average earnings of the CGU over a five-year period,
including projections based on management\u2019s strategic
forecast.
CGU
Method used for
recoverable amount
Discount rate after tax %
PE multiple
2024
2023
2024
2023
2024
2023
Private Clients Netherlands
ViU
ViU
10.7
n/a
n/a
n/a
Private Clients Belgium
ViU
ViU
10.7
n/a
n/a
n/a
Investment Management Clients
ViU
ViU
12.2
n/a
n/a
n/a
Private Clients (until 1 January 2024)
ViU
ViU
n/a
11.1
n/a
n/a
Wholesale & Institutional Clients (until 1 January 2024)
ViU
ViU
n/a
13.2
n/a
n/a
Investment Banking Clients
ViU
FVLCOD
11.2
n/a
n/a
14.9
The impairment test performed in 2024 did not result in
goodwill impairments. Based on the ViU calculation and the
headroom for all CGUs with allocated goodwill, we did not
see reason to use the FVLCOD calculation for 2024. The
sensitivity analysis in the table below supports this
conclusion. For the CGUs with allocated goodwill, a
sensitivity analysis was carried out on the baseline scenario
with particular attention to changes in long-term growth, the
discount rate and the long-term EBIT margin.
In addition, an annual test is carried out for indications of
impairment of other intangible assets with a finite useful life.
The acquired brand names are still active and no objective
indication for impairment was apparent at year-end 2024
and year-end 2023. For the line item Client relationships,
changes in the AuM volume are assessed. The useful life
tests carried out in 2024 and 2023 provided no indication of
a need for further examination. Consequently, no
impairment is recognised for other intangible assets.
Sensitivity analysis value in use method
Change required in each key assumption for headroom to
equal zero, in percentage points
Headroom with
terminal growth rate
at 0%
Headroom
Net profit margin
Cost of equity
Private Clients Netherlands
536,185
-18.6%
7.2%
437,356
Private Clients Belgium
416,753
-40.1%
17.1%
348,493
Investment Management Clients
279,122
-30.0%
30.6%
239,174
Investment Banking Clients
46,682
-11.5%
6.3%
38,389
Expected amortisation of intangible assets
2025
2026
2027
2028
2029
2030\u201343
Total
14,211
14,209
13,443
12,348
11,253
61,580
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-644": { "value": "
11. Tax assets
Tax assets
2024
2023
Total
18,092
11,342
Current tax assets
1,329
634
Deferred tax assets
16,763
10,708
Changes in deferred taxes in 2024
At 1 January
Through
statement
of income
To equity
At 31 December
Deferred tax assets
Employee benefits
5,553
253
-64
5,742
Property and equipment
2,531
486
\u2014
3,017
Lease liabilities
9,304
1,595
\u2014
10,900
Derivatives
2,439
\u2014
-227
2,213
Loss available for set-off
134
1
\u2014
135
Commission
26
4
\u2014
30
Investment portfolio
3,506
\u2014
3,589
7,095
Other
-576
-201
1,375
598
Total deferred tax assets before offsetting
22,917
2,138
4,674
29,730
Offsetting deferred tax assets
-12,968
Total deferred tax assets after offsetting
16,763
Deferred tax liabilities
Right-of-use assets \u2013 buildings
6,661
-349
\u2014
6,313
Right-of-use assets \u2013 transport equipment
1,530
1,733
\u2014
3,264
Intangible assets
25,291
-784
\u2014
24,507
Other
163
\u2014
9
172
Total deferred tax liabilities before offsetting
33,646
601
9
34,257
Offsetting deferred tax liabilities
-12,968
Total deferred tax liabilities after offsetting
21,288
The non-current portion of deferred tax assets that is
expected to be recovered or settled after more than
12\u00a0months amounted to \u20ac29.7 million (2023: \u20ac22.9 million).
See Note 31, Income tax, for more information.
Changes in deferred taxes in 2023
At 1 January
Through
statement
of income
To equity
At 31 December
Deferred tax assets
Employee benefits
5,453
1,002
-902
5,553
Property and equipment
2,512
19
\u2014
2,531
Lease liabilities
9,889
-584
\u2014
9,304
Derivatives
2,666
\u2014
-227
2,439
Loss available for set-off
1,140
-1,006
\u2014
134
Commission
68
-43
\u2014
26
Investment portfolio
6,785
\u2014
-3,279
3,506
Other
-2,225
-424
2,073
-576
Total deferred tax assets before offsetting
26,288
-1,037
-2,334
22,917
Offsetting deferred tax assets
-12,211
Total deferred tax assets after offsetting
10,708
Deferred tax liabilities
Right-of-use assets \u2013 buildings
6,964
-303
\u2014
6,661
Right-of-use assets \u2013 transport equipment
1,705
-175
\u2014
1,530
Intangible assets
27,862
-2,570
\u2014
25,291
Other
163
\u2014
\u2014
163
Total deferred tax liabilities before offsetting
36,695
-3,048
\u2014
33,646
Offsetting deferred tax liabilities
-12,211
Total deferred tax liabilities after offsetting
21,435
Unrecognised losses
2024
2023
Total unrecognised losses
21,374
17,942
Unrecognised losses are losses for which it is not probable
that future taxable profit will be available against which the
unused tax losses can be offset.
Unrecognised losses relate to carry-forward losses of
Van\u00a0Lanschot Kempen Investment Management (UK) Ltd,
amounting to \u20ac16 million (2023: \u20ac13 million), and to our
non-strategic subsidiary Allshare BV, amounting to
\u20ac5\u00a0million (2023: \u20ac5 million). As neither the UK nor the
Netherlands observe any time limit for offsetting losses,
these tax losses can be carried forward indefinitely.
18. Tax liabilities
Tax liabilities
2024
2023
Total
32,655
23,681
Current tax liabilities
11,367
2,246
Deferred tax liabilities
21,288
21,435
For changes in deferred tax liabilities, see Note 11, Tax
assets. See Note 31, Income tax, for more information
31. Income tax
Income tax
2024
2023
Operating profit before tax
193,512
164,173
Total gross result
193,512
164,173
Prevailing tax rate in the Netherlands (in %)
25.8
25.8
Tax
51,572
39,017
Total tax
51,572
39,017
Expected tax on the basis of the prevailing tax rate in the Netherlands
49,926
42,357
Increase/decrease in tax payable due to:
Non-deductible interest
3,273
2,110
Tax-free income from securities and associates
-1,711
-8,399
Non-deductible costs
3,243
2,412
Non-deductible losses
141
1,167
Adjustments to taxes for prior financial years
179
-481
Impact of foreign tax rate differences
-422
-521
Addition/(release) deferred tax assets
-1
6
Other changes
-3,056
366
Total increase/decrease
1,646
-3,340
Total tax
51,572
39,017
This tax amount consists of the tax expense for the financial
year on the operating result as disclosed in the statement of
income, also allowing for any tax relief facilities. Changes in
the effective tax rate were mainly due to non-deductible
expenses and higher interest expenses, only partially offset
by the deductibility of coupon payments on our AT1 capital
securities, which is included in Other changes.
In December 2022, EU member states adopted the
EU\u00a0Directive on minimum taxation (Pillar 2). Under this
directive, multinational companies are subject to a minimum
effective tax rate of 15% in every jurisdiction where they
have an entity. If the effective tax rate is lower than 15%, a
top-up tax is applied to reach a 15% effective tax burden.
Companies with a global turnover exceeding \u20ac750 million in
at least two of the four reporting years immediately
preceding the reporting year fall within the scope of Pillar 2.
As of 2024, the Minimum Tax Act, in which Pillar 2 is
formalised, has been effective in the Netherlands. Our
consolidated revenues in the 2020\u201322 period were below
\u20ac750 million; in 2023 and 2024 they ended up above that
figure. Note that Van Lanschot Kempen will fall within the
scope of the Pillar 2 rules from the 2025 financial year if the
2025 consolidated revenues exceed \u20ac750 million. However,
neither the mandatory recognition and disclosure exception
in IAS 12.4A nor the disclosure requirements in IAS
12.88A-88D applied to us in 2024.
Key income tax components
2024
2023
Total
51,572
39,016
Income tax
48,590
42,099
Income/expense from foreign tax rate differences
422
521
Income/expense from changes in deferred tax assets
2,138
-1,037
Income/expense from changes in deferred tax liabilities
601
-3,048
Income/expense from prior-year adjustments
-179
481
The breakdown of deferred tax assets and liabilities through
the statement of income is as follows:
Deferred tax assets
2024
2023
Total
2,138
-1,037
Employee benefits
253
1,002
Commissions
4
-43
Property and equipment
486
19
Lease liabilities
1,595
-584
Tax-loss carry-forwards
1
-1,006
Other
-201
-424
Deferred tax liabilities
2024
2023
Total
601
-3,048
Property and equipment
1,385
-477
Intangible assets
-784
-2,570
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-643": { "value": "
11. Tax assets
Tax assets
2024
2023
Total
18,092
11,342
Current tax assets
1,329
634
Deferred tax assets
16,763
10,708
18. Tax liabilities
Tax liabilities
2024
2023
Total
32,655
23,681
Current tax liabilities
11,367
2,246
Deferred tax liabilities
21,288
21,435
For changes in deferred tax liabilities, see Note 11, Tax
assets. See Note 31, Income tax, for more information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-645": { "value": "
12. Other assets
Other assets
2024
2023
Total
204,132
184,427
Interest receivable
50,621
36,153
Commission receivable
88,397
74,640
Transitory items
34,208
14,619
Other
30,907
59,015
The line item Other comprises amounts receivable such as
debtors, short-term receivables related to solicitor escrow
accounts and to the investment in the fund managed by
AEGON Asset Management, and suspense accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-647": { "value": "
13. Due to banks
Due to banks
2024
2023
Total
164,804
250,504
Deposits
122,314
221,116
Payables arising from unsettled securities transactions
25,904
6,120
Loans and advances drawn
16,587
23,269
Deposits mainly refer to cash collateral related to derivatives
transactions.
20. Subordinated loans
Subordinated loans
2024
2023
Total
153,825
170,238
Certificates of indebtedness
153,825
154,205
Other subordinated loans
\u2014
15,996
Value adjustments fair value hedge accounting
\u2014
38
Amortised cost versus carrying amount
The value adjustment of subordinated loans used as hedged
items is recognised under Subordinated loans.
Amortised cost versus carrying amount subordinated loans at
31 December 2024
Amortised cost
Value
adjustments
fair value hedge
accounting
Premium/
discount
Carrying
amount
Total
150,000
\u2014
3,825
153,825
Inflation-linked subordinated bond 08/33
25,000
\u2014
457
25,457
Inflation-linked subordinated bond 08/38
25,000
\u2014
924
25,924
Inflation-linked subordinated bond 08/43
50,000
\u2014
2,525
52,525
2.000% subordinated bond 03/32
50,000
\u2014
-81
49,919
Amortised cost versus carrying amount subordinated loans at
31 December 2023
Amortised cost
Value
adjustments
fair value hedge
accounting
Premium/
discount
Carrying
amount
Total
165,996
38
4,205
170,238
Inflation-linked subordinated bond 08/33
25,000
\u2014
582
25,582
Inflation-linked subordinated bond 08/38
25,000
\u2014
1,030
26,030
Inflation-linked subordinated bond 08/43
50,000
\u2014
2,710
52,710
2.000% subordinated bond 03/32
50,000
\u2014
-117
49,883
Other subordinated loans
15,996
38
\u2014
16,034
All subordinated loans reported as Other subordinated loans
expired in 2024. The average coupon on the other
subordinated loans in 2023 was 6.03%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-646": { "value": "
13. Due to banks
Due to banks
2024
2023
Total
164,804
250,504
Deposits
122,314
221,116
Payables arising from unsettled securities transactions
25,904
6,120
Loans and advances drawn
16,587
23,269
Deposits mainly refer to cash collateral related to derivatives
transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-648": { "value": "
14. Public and private sector liabilities
Public and private sector liabilities
2024
2023
Total
12,766,921
12,573,814
Savings
5,846,985
5,056,634
Deposits
3,071,220
3,196,201
Current accounts
3,525,079
3,977,921
Other client assets
324,995
344,334
Value adjustments fair value hedge accounting
-1,359
-1,277
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-649": { "value": "
16. Issued debt securities
Issued debt securities
2024
2023
Total
1,491,254
1,473,639
Covered bonds
1,496,977
1,495,525
Value adjustments fair value hedge accounting
-5,724
-21,887
Issued debt securities comprise debt instruments with
interest rates that are either fixed or variable, in so far as not
subordinated. Of these debt securities no instruments
became payable on demand in 2024 (2023: \u20ac299.8 million).
Face value versus carrying amount
The value adjustment of debt securities as a result of hedge
accounting is recognised under the line item Issued debt
securities.
Face value versus carrying amount of issued
debt securities at 31 December 2024
Face value
Value adjustments
fair value hedge
accounting
Premium/discount
Carrying amount
Total
1,500,000
-5,724
-3,023
1,491,254
Covered bond
1,500,000
-5,724
-3,023
1,491,254
Face value versus carrying amount of issued
debt securities at 31 December 2023
Face value
Value adjustments
fair value hedge
accounting
Premium/discount
Carrying amount
Total
1,500,000
-21,887
-4,475
1,473,639
Covered bond
1,500,000
-21,887
-4,475
1,473,639
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-650": { "value": "
17. Provisions
Provisions
2024
2023
Total
29,515
32,650
Provision for pensions
23,023
23,051
Provision for long-service benefits
3,034
3,007
Provision for restructuring
\u2014
2,156
Provision for financial guarantees and loan commitments
2,004
2,207
Other provisions
1,454
2,229
We operate a number of employee schemes under which
participants receive payments or benefits after they retire.
Specifically, there is a pension scheme and a discount
scheme for mortgage interest rates, as well as a long-service
benefits scheme.
The following defined benefit schemes were valued for the
purpose of the 2024 financial statements:
\u2013 The long-service benefits depend on the number of years
of service.
\u2013 Both a defined contribution scheme and a defined
benefit scheme are in place for employees working at
Mercier Van Lanschot. The defined benefit scheme
applies only for pension accrued up to and including
2024. The pensionable salary for the defined benefit
scheme is taken as the average basic salary over the last
five years of service. The pension capital is insured with
UKZT (Uitgesteld Kapitaal Zonder Tegenverzekering). The
accompanying term life assurance is funded from risk
premiums. The defined contribution pension plans have
been set up according to the Belgian approach of defined
contributions but do not fulfil all the criteria of a defined
contribution pension plan according to IAS 19.
\u2013 For this reason, the defined contribution pension plans
are treated as a defined benefit plan in the consolidated
financial statements.
\u2013 Until year-end 2019, former Kempen operated an
average salary scheme under which 1.875% of the
pensionable salary \u2013 salary less state pension offset, with
an annual ceiling of \u20ac41,232 \u2013 was accrued for each year
of service and which was based on a retirement age of
68. The surviving dependants\u2019 pension was insured on a
risk basis.
\u2013 The pension plan of Van Lanschot Kempen Switzerland
has been set up according to the Swiss approach of
defined contributions but does not fulfil all the criteria of
a defined contribution pension plan according to IAS 19.
For this reason, the Swiss pension plan is treated as
defined benefit plan in the consolidated financial
statements.
Only within our Kempen pension scheme, plan assets fund
the obligations (i.e. the scheme is funded). The other
schemes are unfunded; payments in any year are made
directly by Van Lanschot Kempen.
The pension schemes have been placed with insurers and a
pension institution, which are responsible for the pension
administration, risk insurance and communication of legal
documents to employees who are scheme members.
Decisions on and changes to pension scheme content are
taken by an internal pensions committee.
Where applicable, in the Netherlands the Works Council is
consulted for its advice and/or approval.
Our current Van Lanschot Kempen scheme is an individual
defined contribution scheme. The former Van Lanschot
scheme is classified as a collective defined contribution
scheme, and the change of scheme has no impact from an
accounting perspective. The former Kempen scheme still has
an obligation to pay guarantee costs and to provide
indexation on the accrued pension benefits, the remainder of
the provision (\u20ac17.0\u00a0million) stays on the balance sheet. As it
has no legally enforceable right to use the surplus in plan
assets for settling the obligations for indexation and
guarantee costs, Van Lanschot Kempen applies an asset
ceiling to the relevant assets in the pension scheme.
Defined benefit obligations are calculated using the
projected unit credit method.
Obligations/assets included in the statement of financial position by scheme
at 31 December 2024
Pensions
Employee
discounts
Long-service
benefits
Defined benefit obligations
183,854
\u2014
3,034
Fair value of plan assets
160,831
\u2014
\u2014
Surplus/deficit
-23,023
\u2014
-3,034
Obligation at year-end
-23,023
\u2014
-3,034
Obligations/assets included in the statement of financial position by scheme
at 31 December 2023
Pensions
Employee
discounts
Long-service
benefits
Defined benefit obligations1
168,056
53
3,007
Fair value of plan assets
145,005
\u2014
\u2014
Surplus/deficit
-23,051
-53
-3,007
Obligation at year-end
-23,051
-53
-3,007
Changes in defined benefit obligations for pension scheme
2024
2023
Defined benefit obligations at 1 January
168,056
162,144
Current service costs
2,462
2,893
Interest costs
5,645
5,869
Members' contributions
495
413
Gross benefits
-2,362
-4,672
Transfers
-488
-564
Remeasurements arising from changes in financial assumptions
6,631
2,312
Remeasurements arising from changes in demographic assumptions
-237
-501
Experience adjustments
3,755
-435
Effect of foreign exchange rates
-103
597
Defined benefit obligations at 31 December
183,854
168,056
At 31 December 2024, the weighted average duration of the
defined benefit obligation was 18 years (2023: 18\u00a0years).
Changes in defined benefit obligations for long-service benefits scheme
2024
2023
Defined benefit obligations at 1 January
3,007
2,617
Current service costs
195
158
Interest costs
92
94
Financial assumptions
-53
147
Gross benefits
-273
-281
Experience adjustments
66
272
Defined benefit obligations at 31 December
3,034
3,007
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 Because of a data inaccuracy in 2023 there is an estimated misstatement at 31 December 2023 of the DBO of c. \u20ac3.8 million and a misstatement of the
\u00a0 fair value plan of assets of c. \u20ac3.5 million. As a result, the net liability was understated by \u20ac0.3 million. This was adjusted in the experience adjustments in
\u00a0 2024.
Changes in fair value of pension plan assets
2024
2023
Fair value at 1 January
145,005
139,039
Expected return on plan assets
4,906
5,076
Financial assumptions
10,120
1,125
Employer's contribution
3,533
4,170
Gross benefits
-2,150
-4,389
Transfers
-488
-564
Effect of foreign exchange rates
-95
548
Fair value at 31 December
160,831
145,005
Actual return on plan assets
15,026
6,201
Current service costs of pension scheme included in statement of income
2024
2023
Current service costs
2,462
2,893
Net interest income
5,645
5,869
Expected return on plan assets
-4,906
-5,076
Net costs
3,201
3,686
Current service costs of long-service benefits scheme included in statement of income
2024
2023
Current service costs
195
158
Net interest income
92
94
Financial assumptions
-53
147
Net costs
234
399
The assets in Van Lanschot Kempen's pension plan are
funded through contracts with insurance companies.
Consequently, the asset value in the measurement of the
pension liability is based on these insurance contracts.
At each reporting date, an asset/liability matching study is
carried out by the pension fund\u2019s asset manager, in which the
consequences of the strategic investment policies are
analysed. The strategic investment policies pursued by the
pension fund are bound by the maximum investment risk.
The maximum investment risk is linked to a strategic asset
mix comprising 73% in fixed income and 27% in equity
income investments, with a duration match of 75%.
A\u00a0bandwidth of 5% is in place. The other investment
category consists of funds managed by an external pension
fund manager. Because of our well-diversified strategic asset
mix, concentration risk and entity-specific or plan-specific
risks are limited. The most significant actuarial assumptions
made at the reporting date are as follows:
Assumptions
2024
2023
Actuarial interest rate pension
0.90% - 3.50%
1.70% - 3.60%
Actuarial interest rate employee discounts
0.0%
0.0%
Actuarial interest rate long-service benefits
3.20%
3.00%
Expected return on investments
1.20% - 3.50%
1.70% - 3.60%
Price inflation
2.25% - 2.00%
2.25% - 2.10%
General salary increase
1.00% - 2.10%
1.00% - 2.10%
Retirement age
65-68 years
65-68 years
The mortality rate is based on publicly available mortality
tables for the relevant countries. For the calculations at
31\u00a0December 2024, the following mortality tables were
used:
\u2013 Kempen's former pension plans: the mortality tables as
published by the Dutch Association of Actuaries
(Prognosetafel AG2024);
\u2013 Mercier Van Lanschot: the mortality table as published
by the Institute of Actuaries in Belgium (MR/FR) with an
age correction of -3 years;
\u2013 Van Lanschot Kempen Switzerland: the mortality table
as published by BVG (BVG 2020 GT).
For Kempen's former pension plans, a rise of ten bps in the
actuarial interest rate will lead to a decrease of 1.8% in the
pension obligations and will have no effect on the current
service costs in the statement of income, as no future
contributions will be made due to the change in pension
scheme.
For Mercier Van Lanschot, a reduction of 25 bps in the
actuarial interest rate will lead to an increase of 1.5% in the
pension obligations and a rise of 25 bps in the actuarial
interest rate will lead to a decrease of 1.5% in the pension
obligations.
For Van Lanschot Kempen Switzerland, a reduction of
50\u00a0bps in the actuarial interest rate will lead to an increase of
8.2% in the pension obligations and a rise of 50\u00a0bps in the
actuarial interest rate will lead to a decrease of 7.2% in the
pension obligations.
History of changes in pension scheme
gains and losses
2024
2023
2022
2021
2020
Defined benefit obligations
183,854
168,056
162,144
248,435
300,791
Fair value of plan assets
160,831
145,005
139,039
209,841
251,792
Surplus/deficit
-23,023
-23,051
-23,105
-38,594
-48,999
Actuarial gains/losses on obligations
10,149
1,376
-88,829
-50,011
33,456
Actuarial gains/losses on investments
10,120
1,125
-73,578
-40,351
21,894
Expected contributions for 2025
Pension
obligations
Employee
discounts
Long-service
benefits scheme
Total
3,784
\u2014
197
Expected employer's contributions
3,251
\u2014
197
Expected employees' contributions
533
\u2014
\u2014
Provision for restructuring
2024
2023
At 1 January
2,156
390
Withdrawals
-2,156
-1,802
Additions
\u2014
3,568
At 31 December
\u2014
2,156
Provision for financial guarantees and loan commitments
2024
2023
At 1 January
2,207
2,435
Withdrawals
-203
-228
Additions
\u2014
\u2014
At 31 December
2,004
2,207
Other provisions
2024
2023
At 1 January
2,229
3,746
Withdrawals
-750
-1,280
Release
-261
-463
Additions
235
226
Other changes
2
\u2014
At 31 December
1,454
2,229
Other provisions include provisions made for various legal
claims and defined benefit obligations for employee discount
schemes.
Other provisions include an amount of \u20ac1.1 million (2023:
\u20ac0.4 million) with an expected maturity of one year or
longer. All provisions for financial guarantees and loan
commitments are short-term. The amount and timing of the
outflow of economic benefits regarding provisions are
uncertain.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-653": { "value": "
19. Other liabilities
Other liabilities
2024
2023
Total
247,596
250,333
Interest payable
75,398
73,526
Other accruals and deferred income
49,263
43,529
Lease liabilities
45,157
38,606
Other
77,779
94,672
Other liabilities comprise lease liabilities, income received to
be credited to future periods and amounts payable such as
accrued interest, payables, suspense accounts and unsettled
items.
Payments not included in lease liability measurement
2024
2023
Total
1,346
1,214
Leases of low-value assets
299
123
Variable lease payments
1,047
1,091
Interest expense on leases amounted to \u20ac1.3 million in 2024
(2023: \u20ac0.8 million) and is recognised in the statement of
income under line item Other interest expense in Note 22,
Net interest income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-652": { "value": "
19. Other liabilities
Other liabilities
2024
2023
Total
247,596
250,333
Interest payable
75,398
73,526
Other accruals and deferred income
49,263
43,529
Lease liabilities
45,157
38,606
Other
77,779
94,672
Other liabilities comprise lease liabilities, income received to
be credited to future periods and amounts payable such as
accrued interest, payables, suspense accounts and unsettled
items.
Payments not included in lease liability measurement
2024
2023
Total
1,346
1,214
Leases of low-value assets
299
123
Variable lease payments
1,047
1,091
Interest expense on leases amounted to \u20ac1.3 million in 2024
(2023: \u20ac0.8 million) and is recognised in the statement of
income under line item Other interest expense in Note 22,
Net interest income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-651": { "value": "
19. Other liabilities
Other liabilities
2024
2023
Total
247,596
250,333
Interest payable
75,398
73,526
Other accruals and deferred income
49,263
43,529
Lease liabilities
45,157
38,606
Other
77,779
94,672
Other liabilities comprise lease liabilities, income received to
be credited to future periods and amounts payable such as
accrued interest, payables, suspense accounts and unsettled
items.
Payments not included in lease liability measurement
2024
2023
Total
1,346
1,214
Leases of low-value assets
299
123
Variable lease payments
1,047
1,091
Interest expense on leases amounted to \u20ac1.3 million in 2024
(2023: \u20ac0.8 million) and is recognised in the statement of
income under line item Other interest expense in Note 22,
Net interest income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-654": { "value": "
20. Subordinated loans
Subordinated loans
2024
2023
Total
153,825
170,238
Certificates of indebtedness
153,825
154,205
Other subordinated loans
\u2014
15,996
Value adjustments fair value hedge accounting
\u2014
38
Amortised cost versus carrying amount
The value adjustment of subordinated loans used as hedged
items is recognised under Subordinated loans.
Amortised cost versus carrying amount subordinated loans at
31 December 2024
Amortised cost
Value
adjustments
fair value hedge
accounting
Premium/
discount
Carrying
amount
Total
150,000
\u2014
3,825
153,825
Inflation-linked subordinated bond 08/33
25,000
\u2014
457
25,457
Inflation-linked subordinated bond 08/38
25,000
\u2014
924
25,924
Inflation-linked subordinated bond 08/43
50,000
\u2014
2,525
52,525
2.000% subordinated bond 03/32
50,000
\u2014
-81
49,919
Amortised cost versus carrying amount subordinated loans at
31 December 2023
Amortised cost
Value
adjustments
fair value hedge
accounting
Premium/
discount
Carrying
amount
Total
165,996
38
4,205
170,238
Inflation-linked subordinated bond 08/33
25,000
\u2014
582
25,582
Inflation-linked subordinated bond 08/38
25,000
\u2014
1,030
26,030
Inflation-linked subordinated bond 08/43
50,000
\u2014
2,710
52,710
2.000% subordinated bond 03/32
50,000
\u2014
-117
49,883
Other subordinated loans
15,996
38
\u2014
16,034
All subordinated loans reported as Other subordinated loans
expired in 2024. The average coupon on the other
subordinated loans in 2023 was 6.03%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-656": { "value": "
21. Total equity
Total equity
31/12/2024
31/12/2023
Total
1,377,304
1,348,777
Equity attributable to shareholders
Issued share capital
43,040
43,040
Treasury shares
-19,928
-14,243
Share premium reserve
211,725
211,725
Revaluation reserve
-20,405
-10,083
Actuarial results on defined benefit schemes
-26,584
-26,759
Currency translation reserve
768
1,026
Cash flow hedge reserve
-6,363
-7,015
Own credit risk reserve
-1,966
1,989
Retained earnings
962,866
928,870
Other reserves
908,316
888,029
Undistributed profit (attributable to shareholders)
131,855
118,446
Total equity attributable to shareholders
1,275,008
1,246,996
Equity attributable to AT1 capital securities
AT1 capital securities
100,000
100,000
Undistributed profit attributable to AT1 capital securities
2,242
1,688
Total equity attributable to AT1 capital securities
102,242
101,688
Equity attributable to other non-controlling interests
Other non-controlling interests
-135
134
Undistributed profit attributable to other non-controlling interests
189
-40
Total equity attributable to other non-controlling interests
54
93
Share capital
31/12/2024
31/12/2023
Number
Nominal value
Number
Nominal value
Class A ordinary shares
43,039,938
43,040
43,039,938
43,040
Unissued shares
106,960,062
106,960
106,960,062
106,960
Authorised capital
150,000,000
150,000
150,000,000
150,000
Changes in share capital
2024
2023
Number
Nominal value
Number
Nominal value
At 1 January
43,039,938
43,040
41,361,668
41,362
Shares issued
\u2014
\u2014
1,678,270
1,678
At 31 December
43,039,938
\u2014
43,039,938
43,040
In 2023, 1,678,270 new shares were issued to the
amount of \u20ac35.7 million, related to the acquisition of the
remaining 30% stake in Mercier Vanderlinden by
Van Lanschot Kempen.
All shares were paid up in cash. During the 2024 financial
year, we conditionally granted 27,479 depositary receipts
for Class A ordinary shares (2023: 27,191).
Van\u00a0Lanschot Kempen holds 662,748 depositary receipts for
Class A ordinary shares to meet open positions
(2023:\u00a0562,852). For more information on share-based
payments, see Note 27, Staff costs.
Awards of unconditional shares and depositary receipts to
staff are linked to performance and employment contracts.
For more information about share schemes for staff and the
Management Board, see page 143.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-655": { "value": "
21. Total equity
Total equity
31/12/2024
31/12/2023
Total
1,377,304
1,348,777
Equity attributable to shareholders
Issued share capital
43,040
43,040
Treasury shares
-19,928
-14,243
Share premium reserve
211,725
211,725
Revaluation reserve
-20,405
-10,083
Actuarial results on defined benefit schemes
-26,584
-26,759
Currency translation reserve
768
1,026
Cash flow hedge reserve
-6,363
-7,015
Own credit risk reserve
-1,966
1,989
Retained earnings
962,866
928,870
Other reserves
908,316
888,029
Undistributed profit (attributable to shareholders)
131,855
118,446
Total equity attributable to shareholders
1,275,008
1,246,996
Equity attributable to AT1 capital securities
AT1 capital securities
100,000
100,000
Undistributed profit attributable to AT1 capital securities
2,242
1,688
Total equity attributable to AT1 capital securities
102,242
101,688
Equity attributable to other non-controlling interests
Other non-controlling interests
-135
134
Undistributed profit attributable to other non-controlling interests
189
-40
Total equity attributable to other non-controlling interests
54
93
Share capital
31/12/2024
31/12/2023
Number
Nominal value
Number
Nominal value
Class A ordinary shares
43,039,938
43,040
43,039,938
43,040
Unissued shares
106,960,062
106,960
106,960,062
106,960
Authorised capital
150,000,000
150,000
150,000,000
150,000
Changes in share capital
2024
2023
Number
Nominal value
Number
Nominal value
At 1 January
43,039,938
43,040
41,361,668
41,362
Shares issued
\u2014
\u2014
1,678,270
1,678
At 31 December
43,039,938
\u2014
43,039,938
43,040
In 2023, 1,678,270 new shares were issued to the
amount of \u20ac35.7 million, related to the acquisition of the
remaining 30% stake in Mercier Vanderlinden by
Van Lanschot Kempen.
All shares were paid up in cash. During the 2024 financial
year, we conditionally granted 27,479 depositary receipts
for Class A ordinary shares (2023: 27,191).
Van\u00a0Lanschot Kempen holds 662,748 depositary receipts for
Class A ordinary shares to meet open positions
(2023:\u00a0562,852). For more information on share-based
payments, see Note 27, Staff costs.
Awards of unconditional shares and depositary receipts to
staff are linked to performance and employment contracts.
For more information about share schemes for staff and the
Management Board, see page 143.
Changes in reserves in 2024
Revaluation
reserve
financial
assets at
fair value
through
other
comprehensive
income
Actuarial
results on
defined
benefit
schemes
Currency
translation
reserve
Cash flow
hedge
reserve
Own credit
risk reserve
Retained
earnings
Total
At 1 January
-10,083
-26,759
1,026
-7,015
1,989
928,871
888,029
Net changes in fair value
-10,322
\u2014
\u2014
651
\u2014
\u2014
-9,670
Value change own credit risk
\u2014
\u2014
\u2014
\u2014
-3,956
\u2014
-3,956
Profit appropriation
\u2014
\u2014
\u2014
\u2014
\u2014
118,446
118,446
Dividends
\u2014
\u2014
\u2014
\u2014
\u2014
-84,731
-84,731
Share plans
\u2014
\u2014
\u2014
\u2014
\u2014
1,140
1,140
Actuarial results
\u2014
175
\u2014
\u2014
\u2014
\u2014
175
Other changes
\u2014
\u2014
-258
\u2014
\u2014
-860
-1,119
At 31 December
-20,405
-26,584
768
-6,363
-1,966
962,866
908,316
Tax effects
3,589
-73
\u2014
-227
1,375
\u2014
4,665
Changes in reserves in 2023
Revaluation
reserve
financial
assets at
fair value
through
other
comprehensive
income
Actuarial
results on
defined
benefit
schemes
Currency
translation
reserve
Cash flow
hedge
reserve
Own credit
risk reserve
Retained
earnings
Total
At 1 January
-19,513
-29,523
987
-7,666
7,952
961,987
914,223
Net changes in fair value
9,430
\u2014
\u2014
651
\u2014
\u2014
10,082
Value change own credit risk
\u2014
\u2014
\u2014
\u2014
-5,963
\u2014
-5,963
Profit appropriation
\u2014
\u2014
\u2014
\u2014
\u2014
77,405
77,405
Dividend
\u2014
\u2014
\u2014
\u2014
\u2014
-74,324
-74,324
Share plans
\u2014
\u2014
\u2014
\u2014
\u2014
902
902
Actuarial results
\u2014
2,764
\u2014
\u2014
\u2014
\u2014
2,764
Other changes
\u2014
\u2014
39
\u2014
\u2014
-37,100
-37,061
At 31 December
-10,083
-26,759
1,026
-7,015
1,989
928,871
888,029
Tax effects
-3,279
-902
\u2014
-227
2,073
\u2014
-2,334
The proposed dividend for 2024 has been set at \u20ac2.75 per
ordinary share (2023: \u20ac2.00 per ordinary share). At the AGM
to be held on 22\u00a0May\u00a02025, shareholders will be invited to
approve the distribution of the dividend.
Nature and purpose of other reserves
Treasury shares: This includes the cost price of treasury
shares kept by Van Lanschot Kempen for shares awarded to
staff under current remuneration and equity schemes.
Share premium reserve: This includes amounts paid to
Van\u00a0Lanschot Kempen by shareholders above the nominal
value of purchased shares.
Revaluation reserve: This includes changes in the fair value of
FVOCI investments.
Actuarial results on defined benefit schemes: This includes
actuarial gains and losses on revaluation of investments and
defined benefit obligations. The actuarial gains and losses
related to a shortfall in minimum performance on defined
contribution plan assets, required under Belgian and Swiss
law, are also included.
Currency translation reserve: This reserve (which is not
available for free distribution) includes currency exchange
differences resulting from the valuation of investments in
group companies at the prevailing exchange rate in so far as
the currency rate risk is not hedged.
Cash flow hedge reserve: This includes the share in the gain or
loss on hedging instruments in cash flow hedges that have
been designated as an effective hedge.
Own credit risk reserve: This includes the changes in
Van\u00a0Lanschot Kempen\u2019s own credit risk of financial liabilities
at fair value through profit or loss.
Retained earnings: This includes past profits added to equity
and changes in connection with the share scheme, as well as
the settlement of shares related to the Mercier
Vanderlinden transaction in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-657": { "value": "
Changes in reserves in 2024
Revaluation
reserve
financial
assets at
fair value
through
other
comprehensive
income
Actuarial
results on
defined
benefit
schemes
Currency
translation
reserve
Cash flow
hedge
reserve
Own credit
risk reserve
Retained
earnings
Total
At 1 January
-10,083
-26,759
1,026
-7,015
1,989
928,871
888,029
Net changes in fair value
-10,322
\u2014
\u2014
651
\u2014
\u2014
-9,670
Value change own credit risk
\u2014
\u2014
\u2014
\u2014
-3,956
\u2014
-3,956
Profit appropriation
\u2014
\u2014
\u2014
\u2014
\u2014
118,446
118,446
Dividends
\u2014
\u2014
\u2014
\u2014
\u2014
-84,731
-84,731
Share plans
\u2014
\u2014
\u2014
\u2014
\u2014
1,140
1,140
Actuarial results
\u2014
175
\u2014
\u2014
\u2014
\u2014
175
Other changes
\u2014
\u2014
-258
\u2014
\u2014
-860
-1,119
At 31 December
-20,405
-26,584
768
-6,363
-1,966
962,866
908,316
Tax effects
3,589
-73
\u2014
-227
1,375
\u2014
4,665
Changes in reserves in 2023
Revaluation
reserve
financial
assets at
fair value
through
other
comprehensive
income
Actuarial
results on
defined
benefit
schemes
Currency
translation
reserve
Cash flow
hedge
reserve
Own credit
risk reserve
Retained
earnings
Total
At 1 January
-19,513
-29,523
987
-7,666
7,952
961,987
914,223
Net changes in fair value
9,430
\u2014
\u2014
651
\u2014
\u2014
10,082
Value change own credit risk
\u2014
\u2014
\u2014
\u2014
-5,963
\u2014
-5,963
Profit appropriation
\u2014
\u2014
\u2014
\u2014
\u2014
77,405
77,405
Dividend
\u2014
\u2014
\u2014
\u2014
\u2014
-74,324
-74,324
Share plans
\u2014
\u2014
\u2014
\u2014
\u2014
902
902
Actuarial results
\u2014
2,764
\u2014
\u2014
\u2014
\u2014
2,764
Other changes
\u2014
\u2014
39
\u2014
\u2014
-37,100
-37,061
At 31 December
-10,083
-26,759
1,026
-7,015
1,989
928,871
888,029
Tax effects
-3,279
-902
\u2014
-227
2,073
\u2014
-2,334
The proposed dividend for 2024 has been set at \u20ac2.75 per
ordinary share (2023: \u20ac2.00 per ordinary share). At the AGM
to be held on 22\u00a0May\u00a02025, shareholders will be invited to
approve the distribution of the dividend.
Nature and purpose of other reserves
Treasury shares: This includes the cost price of treasury
shares kept by Van Lanschot Kempen for shares awarded to
staff under current remuneration and equity schemes.
Share premium reserve: This includes amounts paid to
Van\u00a0Lanschot Kempen by shareholders above the nominal
value of purchased shares.
Revaluation reserve: This includes changes in the fair value of
FVOCI investments.
Actuarial results on defined benefit schemes: This includes
actuarial gains and losses on revaluation of investments and
defined benefit obligations. The actuarial gains and losses
related to a shortfall in minimum performance on defined
contribution plan assets, required under Belgian and Swiss
law, are also included.
Currency translation reserve: This reserve (which is not
available for free distribution) includes currency exchange
differences resulting from the valuation of investments in
group companies at the prevailing exchange rate in so far as
the currency rate risk is not hedged.
Cash flow hedge reserve: This includes the share in the gain or
loss on hedging instruments in cash flow hedges that have
been designated as an effective hedge.
Own credit risk reserve: This includes the changes in
Van\u00a0Lanschot Kempen\u2019s own credit risk of financial liabilities
at fair value through profit or loss.
Retained earnings: This includes past profits added to equity
and changes in connection with the share scheme, as well as
the settlement of shares related to the Mercier
Vanderlinden transaction in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-658": { "value": "2.75", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-659": { "value": "2.0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsPaidOrdinarySharesPerShare", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-660": { "value": "
Treasury shares: This includes the cost price of treasury
shares kept by Van Lanschot Kempen for shares awarded to
staff under current remuneration and equity schemes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-661": { "value": "
22. Net interest income
Net interest income
2024
2023
Total interest income
666,523
526,651
Interest income on cash equivalents
79
2,403
Interest income on balances at central banks
64,317
62,836
Interest income on banks, and public and private sectors
234,482
225,488
Interest income on financial assets at fair value through other comprehensive income
68,491
21,617
Interest income on other financial assets at amortised cost
38,163
34,892
Interest income calculated using the effective interest method
405,532
347,237
Interest income on financial assets at fair value through profit or loss
6,138
3,233
Interest income on derivatives
246,353
162,714
Other interest income
8,499
13,468
Other interest income
260,990
179,415
Total interest expense
491,063
329,847
Interest expense on banks, and public and private sectors
227,226
141,909
Interest expense on issued debt securities
40,302
31,191
Interest expense on subordinated loans
9,261
10,631
Interest expense calculated using the effective interest method
276,789
183,730
Interest expense on derivatives
189,433
119,435
Other interest expense
24,841
26,682
Other interest expense
214,274
146,117
Net interest income
175,460
196,805
In 2024, net intere st income was \u20ac21.3 million lower than in
2023. This was mainly driven by two factors. First, the
margin between interest rates on client savings accounts
and market rates decreased. Second, we saw a further
conversion of current accounts into savings. The interest
income on balances at central banks consists of the interest
received on overnight deposits at DNB.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-662": { "value": "
23. Income from securities and associates
Income from securities and associates
2024
2023
Total
18,352
38,113
Income from associates using the equity method
6,334
9,089
Realised result of associates using the equity method
79
23,149
Realised and unrealised gains/losses on investments at fair value through profit or loss
6,208
5,375
Other gains/losses on sales
5,731
500
Income from securities and associates decreased by
\u20ac19.8\u00a0million, mainly due to the sale of our 33.3% interest
in\u00a0Movares Group BV in November 2023 with a gain of
\u20ac23.1\u00a0million.
The other gains relate to realisation and revaluation of earn-
outs from the sale of former subsidiaries.
Disclosure of interests in other entities
Key judgements and assumptions
We rely on key judgements and assumptions when
determining control and significant influence. We have
included these under the headings \u201cBasis of consolidation\u201d
and \u201cSummary of material accounting policies\u201d.
Interests in subsidiaries
The consolidated statement of financial position and
statement of income comprise subsidiaries and entities in
which Van Lanschot Kempen has control, but exclude the
names of relatively minor subsidiaries and entities.
Subsidiaries (%)
2024
2023
Van Lanschot Kempen (Schweiz) AG
100
100
Kempen Dutch Inflation Fund I NV
100
100
Van Lanschot Kempen Investment Management NV
100
100
Van Lanschot Kempen Bewaarder NV
100
100
Van Lanschot Kempen AM NL BV
100
100
Van Lanschot Kempen (USA) Inc.
100
100
Van Lanschot Kempen Participaties BV
100
100
Beheermaatschappij \"Orthenstraat\" BV
100
100
Sapphire Investments BV
100
100
Quion 17 BV
100
100
Efima Hypotheken BV
100
100
LansOG Beheer BV
100
100
Hof Hoorneman NV
100
100
St. Custodian Van Lanschot Kempen Partnership1
\u2014
\u2014
Mercier Vanderlinden Asset Management NV2
\u2014
100
Accuro NV
100
n/a
Consolidated structured entities controlled
by Van Lanschot Kempen
In the consolidated statement of financial position, we
consolidate structured entities. These are designed in such a
way that the voting rights are not the dominant factor in
deciding who controls the entity, and the relevant activities
are governed by contractual arrangements. Van Lanschot
Kempen is exposed to substantially all of the risk of the
structured entity and thereby controls it. Therefore, these
structured entities do not qualify as a transfer of financial
assets and are not derecognised from our statement of
financial position.
We consolidate the following structured entities:
\u2013 Van Lanschot Conditional Pass-Through Covered Bond
Company 2 BV;
\u2013 Van Lanschot Kempen SB Covered Bond Company BV.
Retained Conditional Pass-Through (CPT) Covered Bond
programme
We established a retained CPT programme in July 2019. In
September 2019, the first bond of \u20ac300 million was issued.
This bond was increased by \u20ac200 million to \u20ac500 million in
June 2023. All bonds were retained. In 2024, we
restructured the outstanding instrument, extended the
maturity date to September 2028, and reset the coupon at
1.3%.
Public Soft Bullet Covered Bond (SBCB) programme
We established a soft bullet covered bond programme in
March 2022. In June 2022, we launched the first bond of
\u20ac500 million (maturity of five and a half years, coupon of
2.5%). A second \u20ac500 million bond was issued in May 2023
(maturity of three years, coupon of 3.5%). Finally, in October
2023 a bond was transferred from the discontinued CPT
programme. All bonds were placed with institutional
investors.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 Van Lanschot Kempen can exercise indirect control via its partners participating in the partnership plan.
2 On 1 January 2024, the legal merger between Mercier Vanderlinden Asset Management and Van Lanschot Kempen (the acquiring entity) became effective. As a result
\u00a0 of this merger, Mercier Vanderlinden Asset Management ceased to exist as a legal entity and continued, after integration with the Van Lanschot Belgium branch, as
\u00a0 Mercier Van Lanschot.
The table below shows the total amounts of the mortgage
loans involved in each covered bond programme.
Structured entities (\u20ac1,000)
31/12/2024
31/12/2023
Fair value
Carrying amount
Fair value
Carrying amount
Total
2,408,048
2,553,285
2,471,899
2,700,817
Retained Conditional Pass-Through Covered Bond
programme
563,299
603,577
546,070
604,964
Public Soft Bullet Covered Bond programme
1,844,749
1,949,707
1,925,829
2,095,853
Van Lanschot Kempen provides no financial or other support
to the covered bond entities, and has no intention of
providing such support.
Non-consolidated structured entities
Residential mortgage-backed securities are classified as
financial assets at fair value through other comprehensive
income or other financial assets at amortised cost . These
investments are structured entities. We do not consolidate
these because Van Lanschot Kempen is not substantially
exposed to all of the risk of the structured entity. The table
below shows Van Lanschot Kempen\u2019s investments in non-
consolidated structured entities and the total income from
these investments. The Investments column shows the
carrying value as recognised in the consolidated statement
of financial position.
Van Lanschot Kempen has no other interests in non-
consolidated structured entities such as commitments,
guarantees, provisions, derivatives or other obligations. The
maximum exposure to non-consolidated structured entities
is equal to the acquisition cost and amounted to
\u20ac240.6\u00a0million at 31\u00a0December 2024 (2023: \u20ac276.3\u00a0million).
Van Lanschot Kempen is not required to provide financial or
other support to non-consolidated structured entities, and
has no intention of providing such support.
Non-consolidated structured entities 2024 (\u20ac1,000)
Interest income
Impairment
Comprehensive
income
Total income
Investments
Total
7,827
-11
939
8,756
255,043
Residential mortgage-backed securities
7,827
-11
939
8,756
255,043
Non-consolidated structured entities 2023 (\u20ac1,000)
Interest income
Impairment
Comprehensive
income
Total income
Investments
Total
2,473
-17
1,982
4,438
289,729
Residential mortgage-backed securities
2,473
-17
1,982
4,438
289,729
Non-controlling interests
The consolidated statement of financial position and
statement of income include a number of non-controlling
interests; a list of non-controlling interests in Van Lanschot
Kempen subsidiaries is provided below.
Non-controlling interests (\u20ac1,000)
31/12/2024
31/12/2023
Total
54
93
Consolidated investment funds
54
93
Van Lanschot Kempen\u2019s minority interests are recognised
under non-controlling interests as part of equity.
Changes in non-controlling
interests (\u20ac1,000)
2024
2023
Non-controlling
interests
Undistributed
profit attributable
to non-controlling
interests
Total
Non-controlling
interests
Undistributed
profit attributable
to non-controlling
interests
Total
At 1 January
134
-40
93
\u2014
146
146
Profit appropriation
-40
40
\u2014
146
-146
\u2014
Dividend
-228
\u2014
-228
\u2014
\u2014
\u2014
Result for the reporting
period
\u2014
189
189
\u2014
-40
-40
Other changes
\u2014
\u2014
\u2014
-12
\u2014
-12
At 31 December
-134
189
55
134
-40
93
Consolidated investments
The table below provides aggregated information
on\u00a0consolidated investments.
Financial information consolidated investments (\u20ac1,000)
2024
2023
Total assets
116
151
Total liabilities
48
33
Equity attributable to shareholders
14
25
Equity attributable to non-controlling interests
54
93
Total income from operating activities
285
-43
Total expenses
49
8
Taxes
\u2014
\u2014
Net income
236
-50
Of which attributable to shareholders
47
-10
Of which attributable to non-controlling interests
189
-40
Associates
Investments in associates using the equity method
As part of our investment policy, we invest in medium-sized
companies in the Netherlands, only holding minority
interests. These investments are classified as investments in
associates using the equity method.
The table below shows the largest investments in associates
based on the carrying amount.
In 2024, no investments were sold. In 2023, we sold our
interest in Movares Group BV (33.3%); see Note 23, Income
from securities and associates.
Name
Activities
Head office
Interest
Bolster Investments
Co\u00f6peratief UA
Bolster Investments Co\u00f6peratief UA is an investment fund managed
by Bolster Investment Partners BV. A flexible, long-term investor,
Bolster Investment Partners specialises in partnerships with
entrepreneur-led and family-owned businesses through minority and
majority interests.
Amsterdam
29.75%
Bolster Investments II
Co\u00f6peratief UA
Bolster Investments II Co\u00f6peratief UA is an investment fund,
managed by Bolster Investment Partners BV. A flexible, long-term
investor, Bolster Investment Partners specialises in partnerships with
entrepreneur-led and family-owned businesses through minority and
majority interests.
Amsterdam
22.00%
Langosta BV
Langosta participates in financing companies.
Amsterdam
47.74%
OGD Holding BV
OGD provides IT services to medium-sized and large companies,
public and semi-public and non-profit organisations. Its services
include service management, outsourcing, software development and
ICT training.
Delft
31.30%
Ploeger Oxbo Holding BV
Ploeger Oxbo develops, manufactures and sells a wide range of
specialist harvesting equipment to customers across the world.
Roosendaal
11.83%
Tecnotion Investment BV
Tecnotion designs, produces and sells linear motors across the world,
to the semiconductor, electronics, LCD, automotive and robotics
industries among other sectors.
Almelo
38.00%
Aggregated financial information of associates for
which Van Lanschot Kempen applies the equity
method (\u20ac1,000)
2024
2023
Associates,
equity method
Attributable to
Van Lanschot
Kempen
Associates,
equity method
Attributable to
Van Lanschot
Kempen
Total
367,205
110,892
350,759
103,987
Current assets
261,316
40,444
250,307
40,274
Non-current assets
530,779
102,946
498,891
96,628
Current liabilities
-101,551
-18,156
-103,565
-18,540
Non-current liabilities
-323,339
-43,559
-294,874
-40,252
Goodwill
17,541
18,221
Impairments
\u2014
\u2014
Other
11,676
7,656
Other financial information
Dividend received
1,393
4,469
Income from operational activities
6,638
13,020
Share of net income
6,334
32,214
Unrecognised share of losses
117
117
Comprehensive income
\u2014
\u2014
The table below shows the income and expenses that we
report for associates using the equity method in the
statement of income and the positions included in the
statement of financial position, as well as commitments
given at year-end in respect of these entities.
Transactions with Investments in associates using the equity method (\u20ac1,000)
2024
2023
Income
\u2014
\u2014
Amount payable
1,361
4,003
Commitments
20,595
25,655
Loans granted to entities in which we exercise significant
influence but do not have decisive control are granted on
market terms and secured on collateral provided. No
impairments were applied to the receivables in either 2024
or 2023.
Van Lanschot Kempen Participaties
Investments using the equity method held by Van\u00a0Lanschot
Kempen Participaties are managed by Bolster Investment
Partners. Van\u00a0Lanschot Kempen Participaties invests in a
portfolio of equity funds. In addition, one of the portfolio
companies issued cumulative preference shares. Moreover,
a subordinated loan has been issued to one of the portfolio
companies.
The table below shows Van Lanschot Kempen Participaties\u2019
financial impact on the consolidated statement of financial
position and statement of income. The table does not include
information about controlling interests.
Van Lanschot Kempen Participaties at 31 December 2024 (\u20ac1,000)
Investment activity
Item
Carrying
value
Interest
Income from
securities
and associates
Impairments
Total
Direct investment
Investment in associates
using the equity method
34,394
\u2014
1,445
\u2014
1,445
Shareholdings
Financial assets at fair
value through profit or loss
1,238
113
\u2014
\u2014
113
Subordinated loans
Loans and advances to the
public and private sectors
3,479
\u2014
\u2014
\u2014
\u2014
Fund investment
Financial assets at fair
value through profit or loss
540
\u2014
91
\u2014
91
Total
39,651
113
1,536
\u2014
1,649
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-663": { "value": "
24. Net commission income
Net commission income
2024
2023
Total
511,089
427,313
Securities commissions
31,532
28,445
Management commissions
437,491
361,256
Cash transactions and funds transfer commissions
6,407
5,929
Corporate Finance and Equity Capital Markets commissions
29,700
25,853
Other commissions
5,960
5,830
Securities and management commissions were up by
\u20ac79.3\u00a0million compared with 2023, mainly due to strong
AuM growth on the back of inflows and market
performance.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-664": { "value": "
25. Result on financial transactions
Result on financial transactions
2024
2023
Total
13,383
1,040
Gains/losses on securities trading
2,347
1,657
Gains/losses on currency trading
10,994
7,600
Gains/losses on derivatives under hedge accounting
1,121
-1,834
Realised gains/losses on financial assets at fair value through other comprehensive income
-820
-1,629
Gains/losses on economic hedges/hedge accounting not applied
30,975
31,165
Gains/losses on financial assets and liabilities at fair value through profit or loss
-31,234
-35,919
Gains/losses on financial assets and liabilities mandatory at
fair value through profit or loss worked out at -\u20ac0.5 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-666": { "value": "
26. Other income
Other income
2024
2023
Total
6,321
6,101
Net sales
9,058
8,475
Cost of sales
-2,736
-2,374
Other income comprises net sales and cost of sales from
non-strategic investments arising from debt conversion. In
certain cases, where a company has not been able to repay a
corporate loan granted by Van Lanschot Kempen, the loan
has been converted into a shareholding, thus giving the
company time to recover.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-665": { "value": "
26. Other income
Other income
2024
2023
Total
6,321
6,101
Net sales
9,058
8,475
Cost of sales
-2,736
-2,374
Other income comprises net sales and cost of sales from
non-strategic investments arising from debt conversion. In
certain cases, where a company has not been able to repay a
corporate loan granted by Van Lanschot Kempen, the loan
has been converted into a shareholding, thus giving the
company time to recover.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-668": { "value": "
27. Staff costs
Staff costs
2024
2023
Total
345,591
328,073
Salaries and wages
250,024
242,402
Pension costs for defined contribution schemes
31,940
30,031
Pension costs for defined benefit schemes
2,936
2,582
Other social security costs
30,218
26,905
Share-based payments for variable remuneration
7,467
6,660
Other staff costs
23,005
19,493
In 2024, share-based payments added \u20ac4.4 million to equity
(2023: \u20ac4.0 million). Of the total expenses arising from
share-based payments, \u20ac2.8 million is included in Salaries
and wages (2023: \u20ac2.7 million). Share-based payment
expenses totalled \u20ac9.0 million at year-end 2024 (2023:
\u20ac8.6\u00a0million). Pension costs for defined contribution
schemes include \u20ac1.8 million for Management Board
members (2023: \u20ac1.7 million).
The number of staff at year-end 2024 was 2,229
(2023:\u00a02,112). The average number of staff in FTEs was
1,990 (2023: 1,901), as shown below:
Average number of staff (FTEs) during the year
2024
2023
Total
1,990
1,901
Netherlands
1,736
1,653
Belgium
175
172
Other
78
75
Conditional depositary receipts for shares are granted to
staff both under the variable remuneration policy for
identified staff and the long-term share plan (LTP).
Conditional depositary receipts for shares granted to staff (excluding Management Board)
2024
2023
At 1 January
88,133
98,040
Granted
27,479
27,191
Vested
-26,301
-34,509
Forfeited rights
-4,856
-2,589
At 31 December
84,455
88,133
The fair value is determined based on the volume-weighted
day price for depositary receipts for Class A ordinary shares
on the second trading day after release of Van Lanschot
Kempen\u2019s annual figures. The fair value is equal to the share
price less the discounted value of expected dividends during
the vesting period. Depositary receipts granted in 2024 had
a weighted average fair value of \u20ac20.51 (2023: \u20ac18.97).
In 2024, 4 ,221 conditional depositary receipts for shares
were granted under the LTP to a number of senior managers
other than members of the Management Board
(2023:\u00a010,472).
The part of the variable remuneration that is deferred and
conditional is spread evenly over the vesting period of four
years, and a one-year retention period applies to the
deferred and conditional share certificates after they have
become unconditional.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-667": { "value": "
27. Staff costs
Staff costs
2024
2023
Total
345,591
328,073
Salaries and wages
250,024
242,402
Pension costs for defined contribution schemes
31,940
30,031
Pension costs for defined benefit schemes
2,936
2,582
Other social security costs
30,218
26,905
Share-based payments for variable remuneration
7,467
6,660
Other staff costs
23,005
19,493
In 2024, share-based payments added \u20ac4.4 million to equity
(2023: \u20ac4.0 million). Of the total expenses arising from
share-based payments, \u20ac2.8 million is included in Salaries
and wages (2023: \u20ac2.7 million). Share-based payment
expenses totalled \u20ac9.0 million at year-end 2024 (2023:
\u20ac8.6\u00a0million). Pension costs for defined contribution
schemes include \u20ac1.8 million for Management Board
members (2023: \u20ac1.7 million).
The number of staff at year-end 2024 was 2,229
(2023:\u00a02,112). The average number of staff in FTEs was
1,990 (2023: 1,901), as shown below:
Average number of staff (FTEs) during the year
2024
2023
Total
1,990
1,901
Netherlands
1,736
1,653
Belgium
175
172
Other
78
75
Conditional depositary receipts for shares are granted to
staff both under the variable remuneration policy for
identified staff and the long-term share plan (LTP).
Conditional depositary receipts for shares granted to staff (excluding Management Board)
2024
2023
At 1 January
88,133
98,040
Granted
27,479
27,191
Vested
-26,301
-34,509
Forfeited rights
-4,856
-2,589
At 31 December
84,455
88,133
The fair value is determined based on the volume-weighted
day price for depositary receipts for Class A ordinary shares
on the second trading day after release of Van Lanschot
Kempen\u2019s annual figures. The fair value is equal to the share
price less the discounted value of expected dividends during
the vesting period. Depositary receipts granted in 2024 had
a weighted average fair value of \u20ac20.51 (2023: \u20ac18.97).
In 2024, 4 ,221 conditional depositary receipts for shares
were granted under the LTP to a number of senior managers
other than members of the Management Board
(2023:\u00a010,472).
The part of the variable remuneration that is deferred and
conditional is spread evenly over the vesting period of four
years, and a one-year retention period applies to the
deferred and conditional share certificates after they have
become unconditional.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-669": { "value": "
The number of staff at year-end 2024 was 2,229
(2023:\u00a02,112). The average number of staff in FTEs was
1,990 (2023: 1,901), as shown below:
Average number of staff (FTEs) during the year
2024
2023
Total
1,990
1,901
Netherlands
1,736
1,653
Belgium
175
172
Other
78
75
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-670": { "value": "
28. Other administrative expenses
Other administrative expenses
2024
2023
Total
152,669
142,112
Accommodation expenses
11,030
12,230
Marketing and communication
13,914
12,200
Office expenses
3,824
3,844
IT expenses
53,120
43,062
External independent auditors' fees
5,583
4,749
Consultancy fees
16,091
18,344
Travel and hotel fees
4,348
4,008
Information providers' fees
17,724
17,869
External service provider charges
10,984
11,106
Other
16,052
14,701
Consultancy fees relate to advisory services (business
consultancy, tax) and the implementation and maintenance
of software and hardware.
Fees charged by our external independent auditors and their
network of offices are presented including VAT and can be
broken down as follows:
Fees charged by external independent auditors in 2024
PwC Accountants
NV
Other PwC
network firms
Total
Total
4,441
995
5,436
Audit of the financial statements
2,931
995
3,926
Other audit services
278
\u2014
278
Limited assurance procedures regarding CSRD
635
\u2014
635
Tax services
\u2014
\u2014
\u2014
Other non-audit services
597
\u2014
597
Fees charged by external independent auditors in 2023
PwC Accountants
NV
Other PwC
network firms
Total
Total
3,586
1,024
4,610
Audit of the financial statements
2,741
1,024
3,765
Other audit services
299
\u2014
299
Tax services
\u2014
\u2014
\u2014
Other non-audit services
546
\u2014
546
This is a summary of the services rendered by our external
independent auditor PricewaterhouseCoopers Accountants
NV and its network:
\u2013 Financial statements audit;
\u2013 Financial statements audit for funds managed by
Van\u00a0Lanschot Kempen Investment Management NV;
\u2013 Statutory audit of controlled and related entities;
\u2013 Audit of the regulatory returns to be submitted to
De\u00a0Nederlandsche Bank;
\u2013 ISAE 3402 type II engagement in respect of institutional
and semi-institutional clients administering asset
management services of Van Lanschot Kempen NV and
Van Lanschot Kempen Investment Management NV;
\u2013 Non-audit assurance engagements on safeguarding
client assets;
\u2013 Review procedures on the condensed consolidated
report in the context of Article 26.2 of Capital
Requirements Regulation No. 575/2013 as of
31\u00a0December 2024;
\u2013 Comfort and consent letters issued as part of funding
transactions and based on Dutch Accounting Standard
3850N;
\u2013 DGS ISAE 3402 Type II;
\u2013 Limited assurance on CSRD.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-671": { "value": "
Fees charged by our external independent auditors and their
network of offices are presented including VAT and can be
broken down as follows:
Fees charged by external independent auditors in 2024
PwC Accountants
NV
Other PwC
network firms
Total
Total
4,441
995
5,436
Audit of the financial statements
2,931
995
3,926
Other audit services
278
\u2014
278
Limited assurance procedures regarding CSRD
635
\u2014
635
Tax services
\u2014
\u2014
\u2014
Other non-audit services
597
\u2014
597
Fees charged by external independent auditors in 2023
PwC Accountants
NV
Other PwC
network firms
Total
Total
3,586
1,024
4,610
Audit of the financial statements
2,741
1,024
3,765
Other audit services
299
\u2014
299
Tax services
\u2014
\u2014
\u2014
Other non-audit services
546
\u2014
546
This is a summary of the services rendered by our external
independent auditor PricewaterhouseCoopers Accountants
NV and its network:
\u2013 Financial statements audit;
\u2013 Financial statements audit for funds managed by
Van\u00a0Lanschot Kempen Investment Management NV;
\u2013 Statutory audit of controlled and related entities;
\u2013 Audit of the regulatory returns to be submitted to
De\u00a0Nederlandsche Bank;
\u2013 ISAE 3402 type II engagement in respect of institutional
and semi-institutional clients administering asset
management services of Van Lanschot Kempen NV and
Van Lanschot Kempen Investment Management NV;
\u2013 Non-audit assurance engagements on safeguarding
client assets;
\u2013 Review procedures on the condensed consolidated
report in the context of Article 26.2 of Capital
Requirements Regulation No. 575/2013 as of
31\u00a0December 2024;
\u2013 Comfort and consent letters issued as part of funding
transactions and based on Dutch Accounting Standard
3850N;
\u2013 DGS ISAE 3402 Type II;
\u2013 Limited assurance on CSRD.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-672": { "value": "
29. Depreciation and amortisation
Depreciation and amortisation
2024
2023
Total
34,273
32,987
Buildings
1,776
1,963
Right-of-use assets \u2013 buildings
9,252
9,101
Right-of-use assets \u2013 transport equipment
4,223
3,334
IT, operating system software and communications equipment
2,175
2,209
Application software
1,114
658
Intangible assets arising from acquisitions
15,162
14,604
Other depreciation and amortisation
572
1,117
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-673": { "value": "
30. Impairments
Impairments
2024
2023
Total
-1,439
2,027
Cash and cash equivalents and balances at central banks
0
0
Due from banks
\u2014
-1
Financial assets at fair value through other comprehensive income
481
232
Loans and advances to the public and private sectors
-2,079
1,756
Other financial assets at amortised cost
163
84
Financial guarantees and loan commitments
-5
-44
Impairments of financial instruments
-1,439
2,027
The impairment charges relating to the financial instruments
were down on 2023, mainly due to a reduced need for
provisioning for new impaired loans and the release of the
management overlay. For more information on impairments
related to financial instruments, see \"Risk management\",
under 3.8, Loss allowance for expected credit losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-674": { "value": "
31. Income tax
Income tax
2024
2023
Operating profit before tax
193,512
164,173
Total gross result
193,512
164,173
Prevailing tax rate in the Netherlands (in %)
25.8
25.8
Tax
51,572
39,017
Total tax
51,572
39,017
Expected tax on the basis of the prevailing tax rate in the Netherlands
49,926
42,357
Increase/decrease in tax payable due to:
Non-deductible interest
3,273
2,110
Tax-free income from securities and associates
-1,711
-8,399
Non-deductible costs
3,243
2,412
Non-deductible losses
141
1,167
Adjustments to taxes for prior financial years
179
-481
Impact of foreign tax rate differences
-422
-521
Addition/(release) deferred tax assets
-1
6
Other changes
-3,056
366
Total increase/decrease
1,646
-3,340
Total tax
51,572
39,017
This tax amount consists of the tax expense for the financial
year on the operating result as disclosed in the statement of
income, also allowing for any tax relief facilities. Changes in
the effective tax rate were mainly due to non-deductible
expenses and higher interest expenses, only partially offset
by the deductibility of coupon payments on our AT1 capital
securities, which is included in Other changes.
In December 2022, EU member states adopted the
EU\u00a0Directive on minimum taxation (Pillar 2). Under this
directive, multinational companies are subject to a minimum
effective tax rate of 15% in every jurisdiction where they
have an entity. If the effective tax rate is lower than 15%, a
top-up tax is applied to reach a 15% effective tax burden.
Companies with a global turnover exceeding \u20ac750 million in
at least two of the four reporting years immediately
preceding the reporting year fall within the scope of Pillar 2.
As of 2024, the Minimum Tax Act, in which Pillar 2 is
formalised, has been effective in the Netherlands. Our
consolidated revenues in the 2020\u201322 period were below
\u20ac750 million; in 2023 and 2024 they ended up above that
figure. Note that Van Lanschot Kempen will fall within the
scope of the Pillar 2 rules from the 2025 financial year if the
2025 consolidated revenues exceed \u20ac750 million. However,
neither the mandatory recognition and disclosure exception
in IAS 12.4A nor the disclosure requirements in IAS
12.88A-88D applied to us in 2024.
Key income tax components
2024
2023
Total
51,572
39,016
Income tax
48,590
42,099
Income/expense from foreign tax rate differences
422
521
Income/expense from changes in deferred tax assets
2,138
-1,037
Income/expense from changes in deferred tax liabilities
601
-3,048
Income/expense from prior-year adjustments
-179
481
The breakdown of deferred tax assets and liabilities through
the statement of income is as follows:
Deferred tax assets
2024
2023
Total
2,138
-1,037
Employee benefits
253
1,002
Commissions
4
-43
Property and equipment
486
19
Lease liabilities
1,595
-584
Tax-loss carry-forwards
1
-1,006
Other
-201
-424
Deferred tax liabilities
2024
2023
Total
601
-3,048
Property and equipment
1,385
-477
Intangible assets
-784
-2,570
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-675": { "value": "
32. Earnings per ordinary share
Earnings per ordinary share
2024
2023
Net result
141,940
125,156
Share of AT1 capital securities
-9,896
-6,750
Share of other non-controlling interests
-189
40
Net result for calculation of earnings per share
131,855
118,446
Weighted average number of ordinary shares in issue
42,385,602
41,969,250
Earnings per ordinary share (\u20ac)
3.11
2.82
Proposed dividend per ordinary share (\u20ac)
2.75
2.00
To calculate earnings per ordinary share, the number of
ordinary shares consists solely of the weighted average
number of shares in issue, ignoring any treasury shares held
by the company.
33. Diluted earnings per ordinary share
Diluted earnings per ordinary share
2024
2023
Net result for calculation of diluted earnings per share
131,855
118,446
Weighted average number of ordinary shares in issue
42,385,602
41,969,250
Potential shares1
165,192
590,989
Weighted average number of ordinary shares in issue, fully diluted
42,550,794
42,560,239
Diluted earnings per ordinary share (\u20ac)
3.10
2.78
Diluted earnings per ordinary share are calculated the same
way as earnings per share, but taking into account the
number of shares that could potentially cause dilution.
Diluted earnings per ordinary share reflect the weighted
average number of ordinary shares that would be in issue
upon conversion into ordinary shares of all potential shares.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 Potential shares include shares issued in the year in which these are entitled to full dividend", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-676": { "value": "
Business combination in 2024
On 21 December 2023, we announced the acquisition of the
Belgian investment adviser Accuro NV (\"Accuro\"). This
acquisition was in line with our strategy, enabling us to
expand our wealth management activities in Belgium. The
assets acquired included Accuro's client relationships, which
have been joined with Mercier Van Lanschot. On 29 April
2024, Van Lanschot Kempen announced the completion of
this transaction. We consolidated Accuro in our financial
statements as of 29 April 2024, as part of our Private Clients
Belgium segment.
Accuro's operating result before tax since the acquisition
date of 29 April 2024 has been included in our consolidated
statement of income. For 2024, this amounted to a result of
\u20ac0.8 million, consisting of total income of \u20ac2.1 million and
total expenses of \u20ac1.3 million.
The table below sets out the allocation of the acquisition
price to the fair value of the acquired assets (including any
identifiable intangible assets) and liabilities at the acquisition
date. The identifiable intangible assets reflect the acquired
client relationships. The goodwill is attributable to the future
profitability of the acquired business in anticipation of
synergies achieved from the business combination.
The total purchase consideration is composed of a cash and
shares component. It includes a contingent amount of
\u20ac2.6\u00a0million related to the earn-out agreement and was
initially recognised under Note 15, Financial liabilities at fair
value through profit or loss. The deferred contingent liability
will be remeasured on reporting dates, based on Accuro's
current and projected financial performance.
The shares component of the total price consideration is
considered to be management compensation and expensed
through profit or loss over the period until 1 January 2030.
As a consequence, an amount of \u20ac4.2 million was recognised
under Staff costs in 2024.
Accuro (\u20ac million)
Fair value of
acquisition
Carrying amount of
acquisition
Cash and cash equivalents
0.7
0.7
Property and equipment
0.5
0.3
Intangible assets
7.5
\u2014
Financial assets at fair value through profit or loss
1.4
1.4
Other assets
1.2
1.2
Total identifiable assets
11.2
3.6
Other liabilities
0.6
0.6
Deferred tax liabilities
1.9
\u2014
Total identifiable liabilities
2.5
0.6
Total net assets
8.7
3.0
Goodwill
4.7
Cash consideration
13.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-677": { "value": "
Related parties
(\u20ac1,000)
In the normal course of business, we enter into various
related party transactions. Parties are considered related if
one party exercises control or has significant influence over
the other party regarding financial or operating decisions.
Parties related to us include our key management staff,
Supervisory Board members, our subsidiaries, affiliates and
parties with significant influence in Van Lanschot Kempen.
These transactions are conducted at arm's length.
The Management Board comprises our key management
staff and is responsible for implementing our strategy and
managing our activities (see \"Management Board
members\").
Management and Supervisory Board remuneration
2024
2023
Fixed salary, amount in cash
3,589
3,396
Fixed salary, amount in shares
2,032
1,947
Extraordinary items
\u2014
34
Fixed payment for pension and disability insurance costs
1,835
1,747
Supervisory Board fee in cash
630
567
Total remuneration
8,086
7,691
Share-based payment expenses
261
253
Total staff cost
8,347
7,944
For transactions with key management staff, see
\u201cRemuneration of the Management and Supervisory
Boards\u201d.
Affiliates
2024
2023
Income
Expenses
Income
Expenses
Stichting Pensioenfonds F. van Lanschot
968
\u2014
968
\u2014
Parties with significant influence in Van Lanschot Kempen
On the basis of regulatory guidelines, entities with a
shareholding of at least 5% in Van Lanschot Kempen are
parties with significant influence in Van Lanschot Kempen.
The table below shows the year-end income and expenses
relating to these parties in the statement of income and the
statement of financial position.
Parties with significant influence in Van Lanschot Kempen in 2024
Income
Expenses
Amount receivable
Amount payable
Stichting Administratiekantoor van gewone aandelen A
Van\u00a0Lanschot Kempen
\u2014
\u2014
\u2014
67
Romij BV
\u2014
\u2014
\u2014
\u2014
LDDM Holding BV
5
8
\u2014
1,720
Janus Henderson Group plc
\u2014
\u2014
\u2014
\u2014
Van Lanschot Kempen did not grant any loans or guarantees
to parties with significant influence in Van Lanschot Kempen
in either 2024 or 2023.
Parties with significant influence in Van Lanschot Kempen in 2023
Income
Expenses
Amount receivable
Amount payable
Stichting Administratiekantoor van gewone aandelen A
Van\u00a0Lanschot Kempen
\u2014
\u2014
\u2014
61
Romij BV
\u2014
\u2014
\u2014
\u2014
LDDM Holding BV
3
2
\u2014
1,917
Janus Henderson Group plc
\u2014
\u2014
\u2014
\u2014
List of shareholders
Based on the requirements of Section 5.3 of the Financial
Supervision Act, the following notifications have been
recorded in the major interests register held by the Dutch
Authority for the Financial Markets (AFM). The percentages
reflect the number of shares on the register on the dates
listed. This list includes the notifications until 31\u00a0December
2024.
Shareholder
Notification date
Interest
Stichting Administratiekantoor van gewone aandelen A Van Lanschot Kempen
24 May 2013
97.30%
Depositary receipt holders
Notification date
Interest
Romij BV
11 June 2024
16.87%
LDDM Holding BV
3 June 2014
9.76%
Janus Henderson Group plc
17 October 2016
5.60%
FMR LCC
7 July 2016
4.99%
MVDP NV
5 April 2023
3.90%
Disclosure is required once a shareholder\u2019s interest reaches
or exceeds certain threshold values, and it should be noted
that current stakes of listed shareholders and/or depositary
receipt holders may have changed since notification date.
Stichting Administratiekantoor van gewone aandelen A
Van\u00a0Lanschot Kempen currently holds more than 99.99% of
the Class A ordinary shares.
For transactions in associates, see \u201cDisclosures of interest in
other entities\u201d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-678": { "value": "
Disclosure of interests in other entities
Key judgements and assumptions
We rely on key judgements and assumptions when
determining control and significant influence. We have
included these under the headings \u201cBasis of consolidation\u201d
and \u201cSummary of material accounting policies\u201d.
Interests in subsidiaries
The consolidated statement of financial position and
statement of income comprise subsidiaries and entities in
which Van Lanschot Kempen has control, but exclude the
names of relatively minor subsidiaries and entities.
Subsidiaries (%)
2024
2023
Van Lanschot Kempen (Schweiz) AG
100
100
Kempen Dutch Inflation Fund I NV
100
100
Van Lanschot Kempen Investment Management NV
100
100
Van Lanschot Kempen Bewaarder NV
100
100
Van Lanschot Kempen AM NL BV
100
100
Van Lanschot Kempen (USA) Inc.
100
100
Van Lanschot Kempen Participaties BV
100
100
Beheermaatschappij \"Orthenstraat\" BV
100
100
Sapphire Investments BV
100
100
Quion 17 BV
100
100
Efima Hypotheken BV
100
100
LansOG Beheer BV
100
100
Hof Hoorneman NV
100
100
St. Custodian Van Lanschot Kempen Partnership1
\u2014
\u2014
Mercier Vanderlinden Asset Management NV2
\u2014
100
Accuro NV
100
n/a
Consolidated structured entities controlled
by Van Lanschot Kempen
In the consolidated statement of financial position, we
consolidate structured entities. These are designed in such a
way that the voting rights are not the dominant factor in
deciding who controls the entity, and the relevant activities
are governed by contractual arrangements. Van Lanschot
Kempen is exposed to substantially all of the risk of the
structured entity and thereby controls it. Therefore, these
structured entities do not qualify as a transfer of financial
assets and are not derecognised from our statement of
financial position.
We consolidate the following structured entities:
\u2013 Van Lanschot Conditional Pass-Through Covered Bond
Company 2 BV;
\u2013 Van Lanschot Kempen SB Covered Bond Company BV.
Retained Conditional Pass-Through (CPT) Covered Bond
programme
We established a retained CPT programme in July 2019. In
September 2019, the first bond of \u20ac300 million was issued.
This bond was increased by \u20ac200 million to \u20ac500 million in
June 2023. All bonds were retained. In 2024, we
restructured the outstanding instrument, extended the
maturity date to September 2028, and reset the coupon at
1.3%.
Public Soft Bullet Covered Bond (SBCB) programme
We established a soft bullet covered bond programme in
March 2022. In June 2022, we launched the first bond of
\u20ac500 million (maturity of five and a half years, coupon of
2.5%). A second \u20ac500 million bond was issued in May 2023
(maturity of three years, coupon of 3.5%). Finally, in October
2023 a bond was transferred from the discontinued CPT
programme. All bonds were placed with institutional
investors.
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 Van Lanschot Kempen can exercise indirect control via its partners participating in the partnership plan.
2 On 1 January 2024, the legal merger between Mercier Vanderlinden Asset Management and Van Lanschot Kempen (the acquiring entity) became effective. As a result
\u00a0 of this merger, Mercier Vanderlinden Asset Management ceased to exist as a legal entity and continued, after integration with the Van Lanschot Belgium branch, as
\u00a0 Mercier Van Lanschot.
The table below shows the total amounts of the mortgage
loans involved in each covered bond programme.
Structured entities (\u20ac1,000)
31/12/2024
31/12/2023
Fair value
Carrying amount
Fair value
Carrying amount
Total
2,408,048
2,553,285
2,471,899
2,700,817
Retained Conditional Pass-Through Covered Bond
programme
563,299
603,577
546,070
604,964
Public Soft Bullet Covered Bond programme
1,844,749
1,949,707
1,925,829
2,095,853
Van Lanschot Kempen provides no financial or other support
to the covered bond entities, and has no intention of
providing such support.
Non-consolidated structured entities
Residential mortgage-backed securities are classified as
financial assets at fair value through other comprehensive
income or other financial assets at amortised cost . These
investments are structured entities. We do not consolidate
these because Van Lanschot Kempen is not substantially
exposed to all of the risk of the structured entity. The table
below shows Van Lanschot Kempen\u2019s investments in non-
consolidated structured entities and the total income from
these investments. The Investments column shows the
carrying value as recognised in the consolidated statement
of financial position.
Van Lanschot Kempen has no other interests in non-
consolidated structured entities such as commitments,
guarantees, provisions, derivatives or other obligations. The
maximum exposure to non-consolidated structured entities
is equal to the acquisition cost and amounted to
\u20ac240.6\u00a0million at 31\u00a0December 2024 (2023: \u20ac276.3\u00a0million).
Van Lanschot Kempen is not required to provide financial or
other support to non-consolidated structured entities, and
has no intention of providing such support.
Non-consolidated structured entities 2024 (\u20ac1,000)
Interest income
Impairment
Comprehensive
income
Total income
Investments
Total
7,827
-11
939
8,756
255,043
Residential mortgage-backed securities
7,827
-11
939
8,756
255,043
Non-consolidated structured entities 2023 (\u20ac1,000)
Interest income
Impairment
Comprehensive
income
Total income
Investments
Total
2,473
-17
1,982
4,438
289,729
Residential mortgage-backed securities
2,473
-17
1,982
4,438
289,729
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-679": { "value": "
Non-controlling interests
The consolidated statement of financial position and
statement of income include a number of non-controlling
interests; a list of non-controlling interests in Van Lanschot
Kempen subsidiaries is provided below.
Non-controlling interests (\u20ac1,000)
31/12/2024
31/12/2023
Total
54
93
Consolidated investment funds
54
93
Van Lanschot Kempen\u2019s minority interests are recognised
under non-controlling interests as part of equity.
Changes in non-controlling
interests (\u20ac1,000)
2024
2023
Non-controlling
interests
Undistributed
profit attributable
to non-controlling
interests
Total
Non-controlling
interests
Undistributed
profit attributable
to non-controlling
interests
Total
At 1 January
134
-40
93
\u2014
146
146
Profit appropriation
-40
40
\u2014
146
-146
\u2014
Dividend
-228
\u2014
-228
\u2014
\u2014
\u2014
Result for the reporting
period
\u2014
189
189
\u2014
-40
-40
Other changes
\u2014
\u2014
\u2014
-12
\u2014
-12
At 31 December
-134
189
55
134
-40
93
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-681": { "value": "
Commitments and contingent liabilities
(\u20ac1,000)
Contingent liabilities and irrevocable commitments
2024
2023
Total
219,624
214,510
Guarantees, etc.
52,588
66,036
Irrevocable unused credit facilities
130,745
113,284
Irrevocable lease commitments
58,326
\u2014
Other irrevocable commitments
36,291
35,190
This item does not include unconditionally revocable unused
credit facilities, which amounted to \u20ac1,001 million in 2024
(2023: \u20ac1,086 million). In the 2023 financial statements the
split between irrevocable and revocable facilities was not
made.
For several group companies, guarantees totalling
\u20ac237.3\u00a0million (2023: \u20ac254.1 million) have been issued. It is
uncertain whether, when and how much of these contingent
liabilities will be claimed.
The following tables show the contingent items (contingent
liabilities and irrevocable commitments) based on their
remaining contractual terms to maturity at the reporting
date.
For each transaction that we have guaranteed, the maximum
guaranteed amount is included in the relevant term bucket.
Irrevocable lease commitments consist of a long-term lease
contract signed before year-end 2024. This contract had not
yet commenced at year-end 2024. It relates to the relocation
to a new office in Amsterdam from 2027.
For each obligation arising from an irrevocable commitment,
the committed amount is classified in the relevant term
bucket. Comparative figures for the Guarantees, etc. and
Irrevocable unused credit facilities have been restated for an
amount of \u20ac23 million and \u20ac916 million respectively. This
amount has been reclassified as revocable facilities as these
may be revoked on demand.
Contractual maturity of contingent items at 31 December 2024
Withdrawable
on demand
< 3 months
3 to 12
months
1 to 5 years
More than
5 years
Total
Total
33,333
76,201
11,086
49,836
107,493
277,950
Guarantees
2,483
4,237
8,862
13,887
23,119
52,588
Irrevocable unused credit facilities
30,850
71,965
2,224
21,284
4,423
130,745
Irrevocable lease commitments
\u2014
\u2014
\u2014
13,366
44,960
58,326
Other irrevocable commitments
\u2014
\u2014
\u2014
1,300
34,991
36,291
Contractual maturity of contingent items at 31 December 2023
Withdrawable
on demand
< 3 months
3 to 12
months
1 to 5 years
More than
5 years
Total
Total
74,169
37,336
21,642
9,454
71,908
214,510
Guarantees
2,807
1,691
20,481
6,239
34,818
66,036
Irrevocable unused credit facilities
71,362
35,645
1,161
1,915
3,200
113,284
Irrevocable lease commitments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other irrevocable commitments
\u2014
\u2014
\u2014
1,300
33,890
35,190
Other commitments
We have entered into several IT contracts, e.g. for hiring
services and capacity, and for licensing and maintenance of
our systems. Our future contractual payment commitments
for IT contracts amount to \u20ac56.8\u00a0million (2023:
\u20ac46.3\u00a0million) and solely consist of intangible asset expenses.
Early termination of these contracts could result in
additional costs. Potential exit fees are linked to the
remaining term of the contracts.
Future payments for IT and other contracts (\u20ac1,000)
2024
2023
Total
150,695
128,150
Within 1 year
54,445
48,187
1 to 5 years
88,191
69,783
More than 5 years
8,059
10,180
The increase in Future payments for IT and other contracts
was due to higher costs of IT and other contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-680": { "value": "
Commitments and contingent liabilities
(\u20ac1,000)
Contingent liabilities and irrevocable commitments
2024
2023
Total
219,624
214,510
Guarantees, etc.
52,588
66,036
Irrevocable unused credit facilities
130,745
113,284
Irrevocable lease commitments
58,326
\u2014
Other irrevocable commitments
36,291
35,190
This item does not include unconditionally revocable unused
credit facilities, which amounted to \u20ac1,001 million in 2024
(2023: \u20ac1,086 million). In the 2023 financial statements the
split between irrevocable and revocable facilities was not
made.
For several group companies, guarantees totalling
\u20ac237.3\u00a0million (2023: \u20ac254.1 million) have been issued. It is
uncertain whether, when and how much of these contingent
liabilities will be claimed.
The following tables show the contingent items (contingent
liabilities and irrevocable commitments) based on their
remaining contractual terms to maturity at the reporting
date.
For each transaction that we have guaranteed, the maximum
guaranteed amount is included in the relevant term bucket.
Irrevocable lease commitments consist of a long-term lease
contract signed before year-end 2024. This contract had not
yet commenced at year-end 2024. It relates to the relocation
to a new office in Amsterdam from 2027.
For each obligation arising from an irrevocable commitment,
the committed amount is classified in the relevant term
bucket. Comparative figures for the Guarantees, etc. and
Irrevocable unused credit facilities have been restated for an
amount of \u20ac23 million and \u20ac916 million respectively. This
amount has been reclassified as revocable facilities as these
may be revoked on demand.
Contractual maturity of contingent items at 31 December 2024
Withdrawable
on demand
< 3 months
3 to 12
months
1 to 5 years
More than
5 years
Total
Total
33,333
76,201
11,086
49,836
107,493
277,950
Guarantees
2,483
4,237
8,862
13,887
23,119
52,588
Irrevocable unused credit facilities
30,850
71,965
2,224
21,284
4,423
130,745
Irrevocable lease commitments
\u2014
\u2014
\u2014
13,366
44,960
58,326
Other irrevocable commitments
\u2014
\u2014
\u2014
1,300
34,991
36,291
Contractual maturity of contingent items at 31 December 2023
Withdrawable
on demand
< 3 months
3 to 12
months
1 to 5 years
More than
5 years
Total
Total
74,169
37,336
21,642
9,454
71,908
214,510
Guarantees
2,807
1,691
20,481
6,239
34,818
66,036
Irrevocable unused credit facilities
71,362
35,645
1,161
1,915
3,200
113,284
Irrevocable lease commitments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other irrevocable commitments
\u2014
\u2014
\u2014
1,300
33,890
35,190
Other commitments
We have entered into several IT contracts, e.g. for hiring
services and capacity, and for licensing and maintenance of
our systems. Our future contractual payment commitments
for IT contracts amount to \u20ac56.8\u00a0million (2023:
\u20ac46.3\u00a0million) and solely consist of intangible asset expenses.
Early termination of these contracts could result in
additional costs. Potential exit fees are linked to the
remaining term of the contracts.
Future payments for IT and other contracts (\u20ac1,000)
2024
2023
Total
150,695
128,150
Within 1 year
54,445
48,187
1 to 5 years
88,191
69,783
More than 5 years
8,059
10,180
The increase in Future payments for IT and other contracts
was due to higher costs of IT and other contracts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-682": { "value": "
Contingent liabilities and irrevocable commitments
2024
2023
Total
219,624
214,510
Guarantees, etc.
52,588
66,036
Irrevocable unused credit facilities
130,745
113,284
Irrevocable lease commitments
58,326
\u2014
Other irrevocable commitments
36,291
35,190
This item does not include unconditionally revocable unused
credit facilities, which amounted to \u20ac1,001 million in 2024
(2023: \u20ac1,086 million). In the 2023 financial statements the
split between irrevocable and revocable facilities was not
made.
For several group companies, guarantees totalling
\u20ac237.3\u00a0million (2023: \u20ac254.1 million) have been issued. It is
uncertain whether, when and how much of these contingent
liabilities will be claimed.
The following tables show the contingent items (contingent
liabilities and irrevocable commitments) based on their
remaining contractual terms to maturity at the reporting
date.
For each transaction that we have guaranteed, the maximum
guaranteed amount is included in the relevant term bucket.
Irrevocable lease commitments consist of a long-term lease
contract signed before year-end 2024. This contract had not
yet commenced at year-end 2024. It relates to the relocation
to a new office in Amsterdam from 2027.
For each obligation arising from an irrevocable commitment,
the committed amount is classified in the relevant term
bucket. Comparative figures for the Guarantees, etc. and
Irrevocable unused credit facilities have been restated for an
amount of \u20ac23 million and \u20ac916 million respectively. This
amount has been reclassified as revocable facilities as these
may be revoked on demand.
Contractual maturity of contingent items at 31 December 2024
Withdrawable
on demand
< 3 months
3 to 12
months
1 to 5 years
More than
5 years
Total
Total
33,333
76,201
11,086
49,836
107,493
277,950
Guarantees
2,483
4,237
8,862
13,887
23,119
52,588
Irrevocable unused credit facilities
30,850
71,965
2,224
21,284
4,423
130,745
Irrevocable lease commitments
\u2014
\u2014
\u2014
13,366
44,960
58,326
Other irrevocable commitments
\u2014
\u2014
\u2014
1,300
34,991
36,291
Contractual maturity of contingent items at 31 December 2023
Withdrawable
on demand
< 3 months
3 to 12
months
1 to 5 years
More than
5 years
Total
Total
74,169
37,336
21,642
9,454
71,908
214,510
Guarantees
2,807
1,691
20,481
6,239
34,818
66,036
Irrevocable unused credit facilities
71,362
35,645
1,161
1,915
3,200
113,284
Irrevocable lease commitments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other irrevocable commitments
\u2014
\u2014
\u2014
1,300
33,890
35,190
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-683": { "value": "Comparative figures for the Guarantees, etc. and
Irrevocable unused credit facilities have been restated for an
amount of \u20ac23 million and \u20ac916 million respectively. This
amount has been reclassified as revocable facilities as these
may be revoked on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-684": { "value": "
Segment information
As a specialist wealth manager, we serve the entire spectrum
of client groups, ranging from private banking clients to
institutional investors and corporates. Key to our strategy is
the ability to adapt quickly to changing client needs and
market circumstances. At the beginning of 2024, we changed
our organisational structure.
This new organisational structure means that our segment
reporting has also changed to client groups from 2024
onwards, i.e. Private Clients Netherlands, Private Clients
Belgium, Investment Management Clients, Investment
Banking Clients, and Other activities. Comparative figures
for 2023 have been adjusted in a compressed manner
due to the change in operating segments.
Private Clients Netherlands
Private Clients Netherlands offers private banking clients
and entrepreneurs a range of wealth management services
and products in the private banking market in the
Netherlands and Switzerland, while also focusing on
business professionals and executives, healthcare
professionals, family businesses, foundations and
associations. The activities of Evi, Van Lanschot Kempen\u2019s
online investment platform, are integrated in this segment
and specifically target affluent individuals.
Private Clients Belgium
Private Clients Belgium offers private banking clients wealth
planning, discretionary solutions, and investment advice
complemented by specific banking services under the new
brand name Mercier Van Lanschot. The focus is on excellent
client service and understanding of client needs.
Investment Management Clients
This client segment includes Van Lanschot Kempen\u2019s
investment management activities in the Netherlands and
the UK. Investment Management Clients is an active
management boutique with expertise in small caps, credits
and private equity. It serves Dutch and international clients
with focused strategies and fiduciary management services.
Investment Banking Clients
Investment Banking Clients is a specialist investment bank
with an international sector-focused approach in European
real estate, life sciences & healthcare, tech & fintech and
infrastructure. Investment Banking Clients offers specialist
services including equities research and trading, M&A,
equity capital market transactions and debt advisory
services to corporate and institutional investors.
Other
The Other segment comprises activities in the fields of
interest rate, management book, market and liquidity risk
management, structured products activities, and staff
departments, as well as the activities of Van Lanschot
Kempen Participaties, our investment in the Bolster funds,
and consolidated investments.
Operating segments in 2024\u00a0 \u00a0 \u00a0
(\u20ac million)
Private Clients
Netherlands
Private Clients
Belgium
Investment
Management
Clients
Investment
Banking Clients
Other
Total
Statement of income
Net interest income
156.9
9.3
0.9
-0.4
8.7
175.5
Income from securities and
associates
\u2014
\u2014
0.2
3.7
14.5
18.4
Net commission income
234.2
105.5
127.2
40.4
3.8
511.1
Result on financial transactions
1.3
0.0
-0.1
2.2
10.0
13.4
Other income
\u2014
\u2014
\u2014
\u2014
6.3
6.3
Total income from operating
activities
392.4
114.9
128.2
45.8
43.4
724.6
Staff costs
92.3
40.4
62.6
22.8
127.6
345.6
Other administrative expenses
68.2
18.2
40.5
8.9
16.9
152.7
Allocated expenses
92.4
7.9
-0.7
10.1
-109.7
\u2014
Depreciation and amortisation
7.0
10.4
0.9
0.2
15.8
34.3
Impairments
-2.4
0.1
\u2014
\u2014
0.9
-1.4
Total expenses
257.4
77.0
103.3
41.9
51.4
531.1
Operating result before tax
134.9
37.8
24.9
3.9
-8.1
193.5
Operating segments in 2023\u00a0 \u00a0 \u00a0
(\u20ac million)
Private Clients
Netherlands
Private Clients
Belgium
Investment
Management
Clients
Investment
Banking Clients
Other
Total
Statement of income
Net interest income
172.4
12.6
0.4
-0.3
11.7
196.8
Net commission income
193.8
80.0
111.8
36.7
5.0
427.3
Other income1
0.9
0.5
0.1
2.1
41.7
45.3
Total income from operating
activities
367.1
93.1
112.3
38.6
58.4
669.4
Total expenses
239.7
67.1
102.1
42.9
51.3
503.2
Operating result before tax
123.9
27.8
10.1
-4.4
6.7
164.2
The tables below give additional information on the
geographical spread of income from operations.
Geographical segments in 2024 (\u20ac million)
Netherlands
Belgium
Other
Total
Statement of income
Total income from operating activities
580.1
113.6
30.9
724.6
Of which income from other segments
-26.0
32.0
-5.9
\u2014
Statement of financial position
Due from banks
66.7
\u2014
\u2014
66.7
Investments in associates using the equity method
117.6
\u2014
\u2014
117.6
Other non-current assets\u00b2
270.5
106.0
3.1
379.6
Total non-current assets3
454.7
106.0
3.1
563.8
Geographical segments in 2023 (\u20ac million)
Netherlands
Belgium
Other
Total
Statement of income
Total income from operating activities
548.5
92.5
28.4
669.4
Of which income from other segments
-20.5
23.0
-2.6
\u2014
Statement of financial position
Due from banks
49.1
\u2014
\u2014
49.1
Investments in associates using the equity method
110.9
\u2014
\u2014
110.9
Other non-current assets2
276.2
98.2
3.0
377.5
Total non-current assets3
436.1
98.2
3.0
537.4
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 Includes Income from securities and associates, Result on financial transactions and Other income as presented in the consolidated statement of income.
2 Includes Property and equipment, Goodwill and other intangible assets and Other assets as presented in the consolidated statement of financial position.
3 Other than financial instruments, deferred tax assets and post-employment assets.
Country-by-country reporting 2024
Country
Name of
subsidiary
Nature of
activities
Average
number of
staff (FTEs)
Total income
from
operating
activities
(\u20ac million)
Operating
result before
tax
(\u20ac million)
Income tax
(\u20ac million)
Government
subsidies
(\u20ac million)
Total
1,990
724.6
193.5
-51.6
\u2014
Netherlands
Van Lanschot Kempen
NV
Wealth
management
1,736
580.1
150.1
-39.1
\u2014
Belgium
Van Lanschot Kempen
NV branch Mercier Van
Lanschot4
Accuro NV
Wealth
management
175
113.6
43.5
-12.0
\u2014
Switzerland
Van Lanschot Kempen
(Schweiz) AG
Wealth
management
39
19.2
1.5
-0.2
\u2014
United Kingdom
Van Lanschot Kempen
Investment
Management (UK) Ltd
Asset
management
33
7.3
-2.4
\u2014
\u2014
United States
Van Lanschot Kempen
(USA) Inc.
Securities
broker-dealer
5
3.7
0.7
-0.2
\u2014
France
Van Lanschot Kempen
Investment
Management NV
branch
Asset
management
2
0.7
0.2
-0.1
\u2014
Sweden
Van Lanschot Kempen
NV cross-border
activity
Investment
banking
0
0.0
0.0
0.0
\u2014
Country-by-country reporting 2023
Country
Name of
subsidiary
Nature of
activities
Average
number of
staff (FTEs)
Total income
from
operating
activities
(\u20ac million)
Operating
result before
tax
(\u20ac million)
Income tax
(\u20ac million)
Government
subsidies
(\u20ac million)
Total
1,901
669.4
164.2
-39.0
\u2014
Netherlands
Van Lanschot
Kempen NV
Wealth
management
1,653
548.5
134.2
-28.3
\u2014
Belgium
Van Lanschot
Kempen NV branch
Mercier
Vanderlinden Asset
Management NV
Wealth
management
172
92.5
29.0
-8.3
\u2014
Switzerland
Van Lanschot
Kempen (Schweiz)
AG
Wealth
management
36
17.9
4.8
-1.0
\u2014
United Kingdom
Van Lanschot
Kempen Investment
Management (UK)
Ltd
Asset
management
33
5.8
-4.7
-1.1
\u2014
United States
Van Lanschot
Kempen (USA) Inc.
Securities
broker-dealer
4
3.5
0.7
-0.2
\u2014
France
Van Lanschot
Kempen Investment
Management NV
branch
Asset
management
2
0.7
0.0
0.0
\u2014
Sweden
Van Lanschot
Kempen NV cross-
border activity
Investment
banking
1
0.5
0.0
0.0
\u2014
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
4 On 1 January 2024, the legal merger between Mercier Vanderlinden Asset Management and Van Lanschot Kempen (the acquiring entity) became effective. As a result
\u00a0 of this merger, Mercier Vanderlinden Asset Management ceased to exist as a legal entity and continued, after integration with the Van Lanschot Belgium branch, as
\u00a0 Mercier Van Lanschot.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-685": { "value": "
This new organisational structure means that our segment
reporting has also changed to client groups from 2024
onwards, i.e. Private Clients Netherlands, Private Clients
Belgium, Investment Management Clients, Investment
Banking Clients, and Other activities. Comparative figures
for 2023 have been adjusted in a compressed manner
due to the change in operating segments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-686": { "value": "
Profit appropriation
If the annual general meeting of shareholders approves the
dividend proposal as included in these financial statements
(see Note 32, Earnings per ordinary share), the appropriation
of net result will be as follows:
Profit appropriation (\u20ac1,000)
2024
2023
Total
131,855
118,446
Addition to reserves
15,318
33,492
Dividend on Class A ordinary shares
116,537
84,954
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-687": { "value": "
Remuneration of the Management and Supervisory Boards
For further details of remuneration received in 2024,
see\u00a0\u201cRemuneration report\u201d on page 143.
Total remuneration of the individual members of the Management Board (\u20ac1,000)1
Management Board member
Year
Fixed
salary
amount
in cash
Fixed
salary
amount
in
shares2
Total
fixed
salaries
Extra-
ordinary
items
Pension
and
disability
insurance
Total
remuneration
Share-based
payment
expenses3
Total
staff cost
Maarten Edixhoven4
2024
891
388
1,279
\u2014
417
1,696
78
1,774
2023
875
388
1,263
34
412
1,709
78
1,787
Jeroen Kroes
2024
514
313
827
\u2014
270
1,097
35
1,132
2023
504
312
816
\u2014
267
1,083
35
1,118
Damla Hendriks5
2024
300
183
483
\u2014
158
641
20
661
2023
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Arjan Huisman
2024
514
313
827
\u2014
270
1,097
35
1,132
2023
504
312
816
\u2014
267
1,083
35
1,118
Wendy Winkelhuijzen
2024
514
313
827
\u2014
270
1,097
35
1,132
2023
504
312
816
\u2014
267
1,083
35
1,118
Erik van Houwelingen
2024
514
313
827
\u2014
270
1,097
35
1,132
2023
504
312
816
\u2014
267
1,083
35
1,118
Richard Bruens6
2024
342
209
551
\u2014
180
731
46
777
2023
504
312
816
\u2014
267
1,083
35
1,118
Total 2024
2024
7,456
284
7,740
Total 2023
2023
7,124
253
7,377
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 To be able to make a comparison between 2024 and 2023, the same definition of total remuneration has been used (total fixed salary plus pension and disability
\u00a0 \u00a0 insurance). Business expenses have not been included.
2\u00a0 A proportion of fixed salary is paid in the form of Van Lanschot Kempen shares. Maarten Edixhoven received 13,788 shares (2023: 17,206 shares), Damla Hendriks
\u00a0 received 6,481 shares, Richard Bruens received 7,407 shares (2023: 13,865 shares), while the other members of the Management Board each received 11,110 shares
\u00a0 (2023: 13,865 shares). The number of shares granted is based on the average share price for the first four trading days in January. For 2024 the average share price
\u00a0 amounted\u00a0 to \u20ac28.10 in January (2023: \u20ac22.52); in June for Damla Hendriks \u20ac37.29. IFRS Accounting Standards take the share price at grant date as the basis for
\u00a0 recognition. This price also amounted to \u20ac28.10 in 2024 (2023: \u20ac22.54).
3 Share-based payments have a lock-up period of five years, allowing Van Lanschot Kempen to provide a discount of 18.5% on the shares.
4 The extraordinary item of \u20ac34,000 in 2023 relates to deferred compensation for lapsed rights to variable remuneration at Maarten Edixhoven's previous employer.
5 Damla Hendriks was appointed as a member of the Management Board on 1 June 2024.
6 Richard Bruens stepped down as a member of the Management Board on 1 June 2024.
Number of depositary receipts for shares held by Management Board members in 2024
At 1 January
Bought/awarded
Sold/post-
employment
At 31 December
Maarten Edixhoven
44,669
17,327
\u2014
61,996
Jeroen Kroes
27,616
6,884
\u2014
34,500
Damla Hendriks (as of 1 June 2024)
\u2014
3,026
\u2014
3,026
Arjan Huisman
80,617
6,884
\u2014
87,501
Wendy Winkelhuijzen
19,333
6,884
\u2014
26,217
Erik van Houwelingen
45,118
6,884
\u2014
52,002
Richard Bruens (until 1 June 2024)
96,966
8,586
\u2014
n/a
Total
314,319
56,475
\u2014
265,242
Loans to Management Board members 2024 (\u20ac1,000)
At 31 December
Repaid in the year
Interest range
Type
Maarten Edixhoven
\u2014
\u2014
\u2014
Jeroen Kroes
320
12
1.35%
Mortgage
Damla Hendriks
\u2014
\u2014
\u2014
\u2014
Arjan Huisman
\u2014
\u2014
\u2014
\u2014
Wendy Winkelhuijzen
1,052
409
1.65 - 4.31%
Mortgage
\u2014
680
5.60%
Bridge loan
Erik van Houwelingen
2,151
24
1.25 - 4.91%
Mortgage
Total
3,523
1,125
Loans to Management Board members 2023 (\u20ac1,000)
At 31 December
Repaid in the year
Interest range
Type
Maarten Edixhoven
\u2014
\u2014
\u2014
\u2014
Jeroen Kroes
332
12
1.35%
Mortgage
Wendy Winkelhuijzen
1,461
15
1.85 - 4.61%
Mortgage
680
\u2014
5.60%
Bridge loan
Arjan Huisman
\u2014
\u2014
\u2014
\u2014
Richard Bruens
2,296
37
1.10 - 1.56%
Mortgage
Erik van Houwelingen
2,175
20
1.35 - 5.21%
Mortgage
Total
6,944
84
No advances or guarantees have been granted to members
of the Management Board. No impairments or write-offs
have occurred on loans granted to Management Board
members.
Remuneration of the Supervisory Board (\u20ac1,000)
2024
2023
Frans Blom
130
117
Manfred Schepers
104
95
Karin Bergstein
104
92
Brigitte Boone
87
76
Else Bos (from 21 October 2024)
11
\u2014
Maarten Muller
100
82
Elizabeth Nolan (from 25 May 2023)
94
44
Bernadette Langius (until 25 May 2023)
\u2014
33
Lex van Overmeire (deceased 4 April 2023)
\u2014
28
Total
630
567
No loans or advances had been granted to members of the
Supervisory Board at 31\u00a0December 2024 and 31\u00a0December
2023.
The company and its subsidiaries only grant personal loans,
guarantees etc. to Supervisory Board members as part of
normal operations and in keeping with conditions laid down
in financial services regulations. Any such loans or
guarantees are subject to the approval of the Supervisory
Board. Loans are not forgiven.
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Events after the reporting period
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500D8WOYCL1BUCB80", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }