Dutch minister of Finance makes offer for compensation due to the nationalisation of SNS REAAL

The Dutch minister of Finance makes an offer for compensation due to the expropriation of shares and subordinated debt of SNS REAAL and SNS Bank. The offer amounts to €0,- for both the expropriated shares as well as the subordinated debt.

The Dutch minister of Finance was forced to nationalise SNS REAAL on 1st February 2013. On 25th February the Council of State confirmed the nationalisation for the most part. The Council of State decided that the Dutch minister of Finance was entitled to expropriate the shares and subordinated debt of SNS REAAL and SNS Bank, but not the future claims.

Pursuant to the Dutch Act on Financial Supervision expropriated persons have a right to compensation. With respect to the compensation the rule applies that the actual value of the expropriated shares and subordinated debt must be compensated. The actual value is determined on the basis of the future prospects of SNS REAAL and SNS Bank in the event expropriation had not taken place. Without expropriation, SNS REAAL and SNS Bank would have gone bankrupt. In such a scenario nothing would remain for the subordinated creditors and the shareholders. Therefore, through attached letter (including an unofficial English translation), the Dutch minister of Finance makes an offer for compensation of €0,- for every expropriated share and €0,- for the expropriated subordinated debt.

Today the Dutch minister of Finance will request the Enterprise Chamber of the Court of Amsterdam to set the compensation in accordance with his offer. In due course the petition will be published on this website. Lawful claimants can forward their defence against the offer to the Enterprise Chamber.