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 under our covered bonds criteria at a 'AAA' rating level. The foundation account structure effectively mitigates commingling risk. The structure does not benefit from an interest rate swap. S&P Global Ratings is publishing this transaction update as part of its annual review of NIBC Bank N.V. Covered Bond Programme's pass-through mortgage covered bond program. Our covered bond ratings process follows the methodology and assumptions outlined in our "Covered Bonds Criteria," published on Dec. 9, 2014, and "Covered Bond Ratings Framework: Methodology And Assumptions," published on June
