Country Lawyer: no alternative SNS
The government could only intervene at SNS. That is the core of the defense that the State Attorney today keeps track of the Council of State. The Board deals with appeals against the nationalization of SNS are presented.
About seven hundred parties have objected. They lost all their money lost, because their investment after the nationalization nothing worth. Besides the Association of Stockholders that instance the FNV and many smaller parties, including the College of church stewards of the Reformed Churches in Kampen and Eefde.
No appeal
Interestingly, the biggest victim, the Stichting Beheer SNS, not to appeal against the decision of the Minister. The Foundation was the largest shareholder and lost about 1.1 billion euros.
The core of all the objections that Dijsselbloem Minister acted hastily. He has not been sufficiently investigated alternatives to nationalization. And because he forced the bank to a sharp depreciation of the real estate he made a private solution impossible. The bank had more time should be given to alternatives.
"Immediate danger '
In an extensive defense of more than a hundred pages explains country lawyer Eric Daalder these objections aside. According to Daalder, there was a "serious and immediate danger". The bank was on the verge of collapse and that would lead to turmoil in the financial sector lead.
The bank was long the "infusion of the European Central Bank", other banks wanted SNS not borrow more money and privately took his money away. Rapidly, because it was within two weeks already 2.5 billion recorded and if so would the bank would continue on 18 February 2013 by all her money went.
"There was all this talk of clear signs of an impending bank run, if not the beginning of a bank run," Daalder said in his defense.
Role Almunia
According to Minister Dijsselbloem there was no alternative to nationalization. The defense of the State Advocate shows that European Commissioner Almunia himself objected to the creation of a "bad bank" in which the three largest Dutch banks would participate. "The decision has not been taken at official level, but after consultation with Commissioner Almunia."
Many parties believe that the Minister Dijsselbloem the bank should have given more time to search for an alternative. The investment by CVC suggested alternative would not be investigated. The valuation of the real estate owned by the bank would be far too low and therefore the loss of the real estate branch exaggerated.
Not interested
But according to Daalder, there was no alternative. Because there was State aid according to the valuation Brussels rules should be implemented and delivered this low valuation. That was the proposal of the consortium of CVC no serious alternative. And there was also no other party interested in the salvation of SNS.
The Board of SNS gets in the defense even harsh criticism. SNS was not able to maintain a controlled and responsible business, "SNS has not succeeded and by the serious financial problems that are the result thereof, the stability of the financial system in serious and imminent danger."
Landsadvocaat: geen alternatief SNS - NOS Nieuws