It would be a little more than that. If you need the hole close to the bolt size I would drill a 9/16 hole. Not knowing what you are doing I would be more inclined to drill a 5/8 hole.
 
By the looks of it if you want ti to work like a stud then the 35/64ths. If you want it to work like a cap screw with a nut then the 9/16ths. OR just use a half inch bolt and be done with it.
 
If you want to drill and tap 14mm threads, the drill size depends on the thread pitch. There are good tap drill charts available to look at, just google it.
 
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