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). Contractual credit enhancement provides a substantial buffer over the credit enhancement level commensurate with the 'AAA' rating. Cover pool credit quality has remained stable over time. 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 Van Lanschot becomes insolvent. This transaction update follows our periodic review of Van Lanschot N.V.'s (Van Lanschot) conditional pass-through covered bond program. Our covered bond ratings process follows the methodology and assumptions outlined in our "Covered Bonds Criteria," published
