Offer Subject to compensation in connection with expropriation effects and
assets of SNS REAAL and SNS Bank
Directorate for Financial Markets
Short Voorhout 7
2511 CW The Hague
PO Box 20201
2500 EE The Hague
Our reference
FM/2013/460 M
Your letter (reference)
Attachments
1
Dear Sir / Madam,
Unfortunately I 1 February, been compelled, in the interest of stability
of the financial system to decide to expropriation of certain securities and
assets of SNS REAAL and SNS bank.1 On 25 February 2013,
the Administrative Jurisdiction Division of the Council of State ruled on the
appeals were lodged against this decision. The Department has judged that I
me have considered that the stability of the financial system
serious and immediate danger, and that's why I was competent in the
decision mentioned securities and assets of SNS Bank and SNS
REAAL to expropriate, except for all obligations and liabilities
SNS REAAL and SNS Bank as stated in Article 1, second paragraph, under b,
of the decision. By the decision of the Department, the expropriation irrevocably
become.
Under Articles 6:8, first paragraph, and 6:10, second subsection, of the Act on
financial supervision has expropriated rights to compensation and I
held an offer of compensation to do. When the compensation
, the actual value of the expropriated assets and securities
compensated, assuming the perspective of
SNS Bank and SNS REAAL if not expropriation would have passed. The offer
I present to compensation announced by publication of an
this letter and press release on the website of the Ministry of Finance. This
letter was also sent a copy to me known (representatives of)
persons who have been expropriated.
The main problem with the SNS REAAL Group is heavily loss-making
estate portfolio of Property Finance. Due to the large financial and operational
interdependencies within the group, such as the financing of Property Finance by
SNS Bank and SNS REAAL guarantee for the debts of SNS Bank,
would lose the real estate portfolio of Property Finance to
bankruptcy or liquidation of SNS REAAL and SNS Bank have led. Given
include the fact that SNS Bank on February 1, 2013 did not have
an acceptable solution to the Nederlandsche Bank (DNB) identified
capital shortage and the consequences that DNB had announced it to
will connect, and given the fact that there were no alternatives, I
considers that no expropriation SNS REAAL and SNS Bank bankrupt or in liquidation
would have gone.
To the actual damages for the expropriated parties, it must be
assesses the benefits, in such bankruptcy or liquidation scenario
would have received. In this scenario, the so-called "bankruptcy ladder"
may be used. This bankruptcy ladder determines the order in which creditors
story to a bankruptcy estate. In a bankruptcy scenario would
the liquidation balance are insufficient to meet all unsecured creditors,
and there would be nothing left for the subordinated creditors, let alone the
shareholders.
Given the above is my offer of compensation in
the decision mentioned securities and assets:
• C 0, - per share posted by SNS REAAL and SNS Bank placed
share that is held by someone other than SNS REAAL or her
group companies (Article 1, first paragraph, under a to d, the
decision);
• C 0, - per Stichting Beheer SNS REAAL Core Tier 1 capita] security (Article
1, first paragraph, under e, of the Decision);
• C 0, - per SNS REAAL and SNS Bank issued subordinated bonds
(Article 1, paragraph f to i, of the Decision);
• C 0, - per SNS REAAL and SNS Bank loan payable as a result
of expropriation has passed to the Private Foundation Settlement
Debts SNS REAAL (Article 1, second paragraph, introductory wording, point a and finally, of
the decision).
I will as soon as possible, the Enterprise Chamber of the Court of Appeal
Amsterdam requests compensation under my offer fixed
draw. A copy of the petition to this effect will be on the website
of the Ministry of Finance placed. Beneficiaries who do not
in the offer of compensation can find here may, with the
Enterprise Chamber defense.