Potential mismatches between the assets and liabilities are structurally mitigated, allowing us to delink the covered bond ratings from the long-term issuer credit rating (ICR). The contractual credit enhancement exceeds the credit enhancement required at a 'AAA' rating level. The asset cover test (ACT) mitigates risks such as set-off risk or deteriorating pool performance. The structure does not benefit from an interest rate swap. Cash belonging to the special-purpose entity (SPE) is mixed with cash belonging to the issuer and could be lost if F. van Lanschot becomes insolvent. Mortgage loan book performance is weaker than the average performance of other mortgage covered bond programs that we rate. Standard&Poor's Ratings Services has assigned 'AAA' credit ratings to the
