Buyers of the SNS subordinated bonds that the government seized are now the owners of a security identification number that gives them the right to compensation. Dijsselbloem said March 4 they won’t get anything back because a liquidation of the bank wouldn’t have generated enough to pay senior debt investors, let alone junior note holders.
Bondholders who suffered losses can submit their objections to the Enterprise Chamber of the Amsterdam Court of Appeal, which will rule on Dijsselbloem’s decision to set compensation at zero.