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News | April 21, 2023 | 10:57
The Ministry of Finance will pay compensation to SNS bond, participation certificate and loan holders. The Ministry of Finance is now prepared to proceed with the compensation payment following the Supreme Court’s ruling on April 21, 2023 upholding the previous decision of the Corporate Division of the Amsterdam Court of Appeal on the amount of compensation.
Shareholders are not eligible
The compensation will be paid to holders of subordinated bonds, certain participation certificates and subordinated loans that were seized as a result of the nationalization of SNS REAAL and SNS Bank on February 1, 2013. According to the ruling, holders of seized SNS Bank and SNS REAAL shares are not eligible for compensation. The compensation payment procedure will begin on May 15, within the statutory period of four weeks following the Supreme Court’s ruling.
Statutory rights to compensation
On February 1, 2013, SNS REAAL and SNS Bank were nationalized, resulting in a devaluation of securities and assets. In this context, the Financial Supervision Act (Financial Supervision Act) requires compensation to holders of expropriated securities and assets. In its judgment of 21 April 2023, the Supreme Court upheld a previous ruling by the Corporate Department of the Amsterdam Court of Appeal that holders of subordinated bonds, certain participation certificates and loans were entitled to compensation of approximately €805 million, plus statutory interest. The Department will now proceed with the payment of this compensation.
Calling on the powerful to step forward
The compensation procedure will begin within four weeks from the date of the Supreme Court’s decision. The ministry calls on parties eligible for compensation to apply for compensation via the website www.compensationsns.nl. Applications can be submitted from May 15, 2023.
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