OVERVIEW We have assigned 'AAA' ratings to the conditional pass-through covered bond program and the first series issued under it by the Netherlands-based F. van Lanschot Bankiers. The covered bond program features a conditional pass-through payment obligation structure, which mitigates asset and liability mismatch risk. The covered bond, which is privately placed, has a limited outstanding principal of only €1 million and is backed by a €77 million portfolio of Dutch mortgages. MADRID (Standard&Poor's) March 3, 2015--Standard&Poor's Ratings Services today assigned its 'AAA' credit ratings to the conditional pass-through covered bond program and the first series issued under it by the Netherlands-based F. van Lanschot Bankiers N.V. Asset-liability mismatch risk in this program is structurally mitigated
