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Shizuka Minamoto
Scioccato, allibito cosi dice il presidente della VEB, Associazione degli Investitori
Secondo me e' facile che qualcuno fara' causa allo Stato Olandese..
SNS Nationalized in Netherlands After Real Estate Losses
By Maud van Gaal & Martijn van der Starre - Feb 1, 2013 1:23 PM GMT
The Netherlands moved to take control of SNS Reaal NV (SR) after real estate losses brought the fourth- largest Dutch lender to the brink of collapse, the country’s second banking nationalization since 2008.
The move, aimed “at stabilizing the SNS Reaal group,” will cost taxpayers 3.7 billion euros ($5 billion), the Dutch Finance Ministry said in a statement today. SNS’s property- finance unit will be separated from the company.
“I scrutinized all alternative solutions involving market parties,” Finance Minister Jeroen Dijsselbloem said. “Last night I found myself compelled to conclude no acceptable total solution was offered. I therefore had to use the instrument of last resort, which is nationalization.”
The lender, which acquired ABN Amro Holding NV’s property- finance unit in 2006, has been hurt by losses on real estate loans that have left it struggling to repay a government bailout before next year’s deadline and bolster capital buffers. The nationalization includes issued shares, core Tier 1 capital securities and subordinated bonds, the ministry said.
‘Burden Sharing’
“Shocked, stunned, those are a few words that come to mind,” said Jan Maarten Slagter, chairman of Dutch investor group VEB in an interview in The Hague. “We support the principle of burden sharing, that comes with taking investment risks as a shareholder or subordinated bond holder. This however is a state intervention that interferes with that idea.” It should face an independent legal test, he said.
SNS shares were suspended in Amsterdam. They last traded yesterday at 84 cents, valuing the company at 242 million euros, and have declined 57 percent in the past year. The shares were sold for 17 euros in SNS Reaal’s 2006 initial public offering.
Prices of junior bonds of SNS Reaal plunged. SNS’s 250 million euros of 6.258 percent Tier 1 perpetual notes were quoted 25 euro cents, or 61 percent, lower at 15.5 cents as of 11:10 a.m. in London, according to Bloomberg prices.
Dijsselbloem said that while the government will “expropriate” SNS equity and subordinated debt, senior bondholders won’t be affected. Senior bonds were quoted higher.
Trading in all securities is suspended on regulated markets, said Martijn Pols, a spokesman for Dutch financial markets regulator AFM in Amsterdam. It’s possible that over-the- counter transactions are still taking place, he said. Trading in securities that weren’t expropriated will resume at a later time, he said.
Fortis, ABN
The nationalization comes less than five years after the Netherlands bought Fortis’s Dutch banking and insurance units and its stake in ABN Amro Holding NV for 16.8 billion euros when the company ran out of short-term funding, customers withdrew deposits and investors lost confidence. The government also provided aid to ING Groep NV (INGA), the biggest Dutch financial- services company, and Aegon NV (AGN) at the time.
“It is concerning that about half of the Dutch insurance and banking industry is now state-owned,” said Benoit Petrarque, an Amsterdam-based analyst at Kepler Capital Markets. “That could be a reason for the Netherlands to accelerate some exits.”
The state will inject 2.2 billion euros of capital into SNS Reaal, write down 800 million euros on its earlier aid package and use 700 million euros to put the real estate portfolio at arm’s length.
‘Serious Damage’
“Nationalization would safeguard financial stability and prevent serious damage to the economy,” Dijsselbloem said. “I want the private sector to contribute as much as possible.”
SNS Reaal is the smallest of four Dutch banks designated as “systemically important,” or too big to fail, by the Dutch central bank. It had 32.5 billion euros in savings at the end of the third quarter, according to a Nov. 15 presentation. ING, Rabobank Groep and ABN Amro are its three largest competitors.
Following the financial crisis that led the government to nationalize the Dutch parts of Fortis and ABN Amro and the bankruptcy of DSB Bank NV, the Netherlands adopted legislation allowing it to transfer banks’ assets, liabilities or stock.
The Netherlands will impose a 1 billion-euro one-time levy on Dutch banks in 2014 to share the costs of nationalization. Each lender’s contribution will be proportionate to its share of deposits guaranteed under a plan as of Feb. 1.
ING said it expects a charge of 300 million euros to 350 million euros as a result. Rabobank also said it expects to pay about a third of the 1 billion euros, while ABN Amro sees an impact of 200 million euros to 250 million euros, according to statements today.
Share Losses
Dijsselbloem, appointed chairman of euro-finance meetings last month, advocates introducing European Union-wide rules allowing all bond holders to share in losses when a bank fails. Senior bondholders in SNS were safeguarded from expropriation.
“So far, nowhere in the euro area have unsecured creditors of systemically important banks been forced to contribute to a lender’s rescue,” Dijsselbloem said in a letter to Parliament. “If the Netherlands had made an exception to this nationally, financing costs for other banks could have risen significantly according to the central bank.”
Almost half of Dutch lenders’ market funding, or more than 400 billion euros, consists of senior unsecured debt, Dijsselbloem said.
‘Negative Effect’
The move will temporarily have a “negative effect on funding costs for Dutch banks,” Albert Ploegh, an Amsterdam- based analyst at ING, said in a note to investors. Ploegh has a sell recommendation on SNS.
SNS Chief Executive Officer Ronald Latenstein, Chief Financial Officer Ference Lamp and supervisory board Chairman Rob Zwartendijk stepped down, Utrecht, Netherlands-based SNS said in a separate statement today. The “reason for this decision is that they don’t want to and can’t take responsibility for the nationalization scenario,” SNS said.
Achmea BV CFO Gerard van Olphen will succeed Latenstein today, the Dutch insurer said.
SNS’s core Tier 1 capital ratio, a measure of financial strength, fell to 7.67 percent at the end of the year, below the European Banking Authority’s 9 percent minimum, as risk-weighted assets and loan losses in the property-finance unit increased.
“The state will not be amused realizing that even now that they have intervention laws the taxpayer still has to put money on top,” Kepler’s Petrarque said.
To contact the reporters on this story: Maud van Gaal in Amsterdam at [email protected]; Martijn van der Starre in Amsterdam at [email protected]
To contact the editors responsible for this story: Frank Connelly at [email protected]; Mariajose Vera at [email protected]
Secondo me e' facile che qualcuno fara' causa allo Stato Olandese..
SNS Nationalized in Netherlands After Real Estate Losses
By Maud van Gaal & Martijn van der Starre - Feb 1, 2013 1:23 PM GMT
The Netherlands moved to take control of SNS Reaal NV (SR) after real estate losses brought the fourth- largest Dutch lender to the brink of collapse, the country’s second banking nationalization since 2008.
The move, aimed “at stabilizing the SNS Reaal group,” will cost taxpayers 3.7 billion euros ($5 billion), the Dutch Finance Ministry said in a statement today. SNS’s property- finance unit will be separated from the company.
“I scrutinized all alternative solutions involving market parties,” Finance Minister Jeroen Dijsselbloem said. “Last night I found myself compelled to conclude no acceptable total solution was offered. I therefore had to use the instrument of last resort, which is nationalization.”
The lender, which acquired ABN Amro Holding NV’s property- finance unit in 2006, has been hurt by losses on real estate loans that have left it struggling to repay a government bailout before next year’s deadline and bolster capital buffers. The nationalization includes issued shares, core Tier 1 capital securities and subordinated bonds, the ministry said.
‘Burden Sharing’
“Shocked, stunned, those are a few words that come to mind,” said Jan Maarten Slagter, chairman of Dutch investor group VEB in an interview in The Hague. “We support the principle of burden sharing, that comes with taking investment risks as a shareholder or subordinated bond holder. This however is a state intervention that interferes with that idea.” It should face an independent legal test, he said.
SNS shares were suspended in Amsterdam. They last traded yesterday at 84 cents, valuing the company at 242 million euros, and have declined 57 percent in the past year. The shares were sold for 17 euros in SNS Reaal’s 2006 initial public offering.
Prices of junior bonds of SNS Reaal plunged. SNS’s 250 million euros of 6.258 percent Tier 1 perpetual notes were quoted 25 euro cents, or 61 percent, lower at 15.5 cents as of 11:10 a.m. in London, according to Bloomberg prices.
Dijsselbloem said that while the government will “expropriate” SNS equity and subordinated debt, senior bondholders won’t be affected. Senior bonds were quoted higher.
Trading in all securities is suspended on regulated markets, said Martijn Pols, a spokesman for Dutch financial markets regulator AFM in Amsterdam. It’s possible that over-the- counter transactions are still taking place, he said. Trading in securities that weren’t expropriated will resume at a later time, he said.
Fortis, ABN
The nationalization comes less than five years after the Netherlands bought Fortis’s Dutch banking and insurance units and its stake in ABN Amro Holding NV for 16.8 billion euros when the company ran out of short-term funding, customers withdrew deposits and investors lost confidence. The government also provided aid to ING Groep NV (INGA), the biggest Dutch financial- services company, and Aegon NV (AGN) at the time.
“It is concerning that about half of the Dutch insurance and banking industry is now state-owned,” said Benoit Petrarque, an Amsterdam-based analyst at Kepler Capital Markets. “That could be a reason for the Netherlands to accelerate some exits.”
The state will inject 2.2 billion euros of capital into SNS Reaal, write down 800 million euros on its earlier aid package and use 700 million euros to put the real estate portfolio at arm’s length.
‘Serious Damage’
“Nationalization would safeguard financial stability and prevent serious damage to the economy,” Dijsselbloem said. “I want the private sector to contribute as much as possible.”
SNS Reaal is the smallest of four Dutch banks designated as “systemically important,” or too big to fail, by the Dutch central bank. It had 32.5 billion euros in savings at the end of the third quarter, according to a Nov. 15 presentation. ING, Rabobank Groep and ABN Amro are its three largest competitors.
Following the financial crisis that led the government to nationalize the Dutch parts of Fortis and ABN Amro and the bankruptcy of DSB Bank NV, the Netherlands adopted legislation allowing it to transfer banks’ assets, liabilities or stock.
The Netherlands will impose a 1 billion-euro one-time levy on Dutch banks in 2014 to share the costs of nationalization. Each lender’s contribution will be proportionate to its share of deposits guaranteed under a plan as of Feb. 1.
ING said it expects a charge of 300 million euros to 350 million euros as a result. Rabobank also said it expects to pay about a third of the 1 billion euros, while ABN Amro sees an impact of 200 million euros to 250 million euros, according to statements today.
Share Losses
Dijsselbloem, appointed chairman of euro-finance meetings last month, advocates introducing European Union-wide rules allowing all bond holders to share in losses when a bank fails. Senior bondholders in SNS were safeguarded from expropriation.
“So far, nowhere in the euro area have unsecured creditors of systemically important banks been forced to contribute to a lender’s rescue,” Dijsselbloem said in a letter to Parliament. “If the Netherlands had made an exception to this nationally, financing costs for other banks could have risen significantly according to the central bank.”
Almost half of Dutch lenders’ market funding, or more than 400 billion euros, consists of senior unsecured debt, Dijsselbloem said.
‘Negative Effect’
The move will temporarily have a “negative effect on funding costs for Dutch banks,” Albert Ploegh, an Amsterdam- based analyst at ING, said in a note to investors. Ploegh has a sell recommendation on SNS.
SNS Chief Executive Officer Ronald Latenstein, Chief Financial Officer Ference Lamp and supervisory board Chairman Rob Zwartendijk stepped down, Utrecht, Netherlands-based SNS said in a separate statement today. The “reason for this decision is that they don’t want to and can’t take responsibility for the nationalization scenario,” SNS said.
Achmea BV CFO Gerard van Olphen will succeed Latenstein today, the Dutch insurer said.
SNS’s core Tier 1 capital ratio, a measure of financial strength, fell to 7.67 percent at the end of the year, below the European Banking Authority’s 9 percent minimum, as risk-weighted assets and loan losses in the property-finance unit increased.
“The state will not be amused realizing that even now that they have intervention laws the taxpayer still has to put money on top,” Kepler’s Petrarque said.
To contact the reporters on this story: Maud van Gaal in Amsterdam at [email protected]; Martijn van der Starre in Amsterdam at [email protected]
To contact the editors responsible for this story: Frank Connelly at [email protected]; Mariajose Vera at [email protected]
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