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Minister of Finance if securities and loans SNS expropriate, but not future claims
Monday, February 25, 2013
The Finance Minister was on February 1, 2013 the securities, including equity, subordinated bonds and participation certificates and subordinated loan notes of SNS Bank and SNS REAAL expropriate. This does not apply to future claims. This appears from a statement by the Division of the State Council today (February 25, 2013). A large number of organizations and individuals from home and abroad was at the Council of State appealed against the expropriation decision. Among them are the Association of Stockholders, bondholders SNS Foundation, the FNV and many individuals. The judgment is no appeal.
Financial system stability
The Council of State is of the opinion that the Minister was authorized to expropriate the securities and the subordinated loan notes of SNS Bank and SNS REAAL. In addition, the Council of State in importance to the fact that SNS Bank does not own its capital shortfall could solve that particular by losses on the portfolio of SNS Bank was created. Furthermore, De Nederlandsche Bank claimed that on January 31 a structural solution to the capital shortfall would be achieved. On this date was an acceptable solution is not available. Without intervention of the Minister SNS would very likely have gone bankrupt, which is also the bankruptcy of ASN Bank and Regions Bank would have meant. Furthermore, a failure by the DGS major impact on the Dutch banks and the State. Given these facts and circumstances, the Minister expressed the view that the stability of the financial system in serious and immediate danger, according to the Supreme Administrative Court.
Many objections were directed against the fact that the Minister relied on the report by Cushman & Wakefield on the valuation of the property portfolio. The minister was, however, in the opinion of the State Council this report to explain its decision is based.
Future claims
The Council of State has the expropriation decision annulled insofar as the minister has expropriated all claims that former shareholders and bondholders in the future might bring. The expropriation of these claims, which are unsecured claims, is not in accordance with his own choice to those claims just outside the expropriation account. Moreover tolerate expropriation of these future claims sits uneasily with the system of compensation as laid down in the Act on Financial Supervision, said the Supreme Administrative Court.
Expropriation
On Friday, February 1 this year, the Dutch State SNS REAAL and SNS Bank expropriation (nationalization). The expropriation decision is based on the Act on Financial Supervision which since 2012 intervention options are included for the Minister of Finance.
Print this page Email this page
Minister of Finance if securities and loans SNS expropriate, but not future claims
Monday, February 25, 2013
The Finance Minister was on February 1, 2013 the securities, including equity, subordinated bonds and participation certificates and subordinated loan notes of SNS Bank and SNS REAAL expropriate. This does not apply to future claims. This appears from a statement by the Division of the State Council today (February 25, 2013). A large number of organizations and individuals from home and abroad was at the Council of State appealed against the expropriation decision. Among them are the Association of Stockholders, bondholders SNS Foundation, the FNV and many individuals. The judgment is no appeal.
Financial system stability
The Council of State is of the opinion that the Minister was authorized to expropriate the securities and the subordinated loan notes of SNS Bank and SNS REAAL. In addition, the Council of State in importance to the fact that SNS Bank does not own its capital shortfall could solve that particular by losses on the portfolio of SNS Bank was created. Furthermore, De Nederlandsche Bank claimed that on January 31 a structural solution to the capital shortfall would be achieved. On this date was an acceptable solution is not available. Without intervention of the Minister SNS would very likely have gone bankrupt, which is also the bankruptcy of ASN Bank and Regions Bank would have meant. Furthermore, a failure by the DGS major impact on the Dutch banks and the State. Given these facts and circumstances, the Minister expressed the view that the stability of the financial system in serious and immediate danger, according to the Supreme Administrative Court.
Many objections were directed against the fact that the Minister relied on the report by Cushman & Wakefield on the valuation of the property portfolio. The minister was, however, in the opinion of the State Council this report to explain its decision is based.
Future claims
The Council of State has the expropriation decision annulled insofar as the minister has expropriated all claims that former shareholders and bondholders in the future might bring. The expropriation of these claims, which are unsecured claims, is not in accordance with his own choice to those claims just outside the expropriation account. Moreover tolerate expropriation of these future claims sits uneasily with the system of compensation as laid down in the Act on Financial Supervision, said the Supreme Administrative Court.
Expropriation
On Friday, February 1 this year, the Dutch State SNS REAAL and SNS Bank expropriation (nationalization). The expropriation decision is based on the Act on Financial Supervision which since 2012 intervention options are included for the Minister of Finance.
