News item | 21-04-2023 | 10:34
The Ministry of Finance will pay compensation to expropriated bond holders and SNS loan holders. Now that the Supreme Court has confirmed the earlier decision of the Enterprise Chamber on the amount of the compensation in its ruling of 21 April 2023, the Ministry will proceed to pay out.
Shareholders are not eligible
The compensation applies to holders of subordinated bonds, certain Participation Certificates and subordinated loans that have been expropriated as a result of the nationalization of SNS REAAL and SNS Bank on 1 February 2013. According to the ruling, expropriated shareholders of SNS Bank and SNS REAAL are not eligible for compensation. The compensation payment process will start on May 15, 2023, within the statutory period of four weeks after the Supreme Court ruling.
Legal right to compensation
Due to the nationalization of SNS REAAL and SNS Bank on 1 February 2013, the securities and assets lost their value. The Financial Supervision Act (Wft) prescribes that holders of these expropriated securities and assets must be compensated in such a situation. With its ruling of 21 April 2023, the Supreme Court has confirmed an earlier ruling by the Enterprise Chamber that holders of subordinated bonds, certain Participation Certificates and loans are entitled to compensation and that the amount of the compensation is set at approximately €805 million, increased by legal interest. The ministry is now proceeding with payment.
Call to rights holders to register
This payout process starts within four weeks of the ruling. The ministry calls on rightful claimants who are eligible for this compensation to register via the website www.toeslagsns.nl. They can submit an application there from 15 May 2023.