11th of February decision in SNS Bank/ Reaal / De Volksbank
Whilst the decision appears positive, Southey Capital is still interested in purchasing the expropriated bonds of SNS Bank / De VolksBank. Please contact us if you wish to discuss a sale.
Despite the recent court decision on the 11th of February 2021, holders of the bonds still face several challenges and it may make sense to consider selling the claims. Most notably, the parties are able to go to the Supreme Court and ask for one or a number of facts in Law to be reconsidered. For example if The Government sets the compensation level in law, does any court in the country have the right to take away from the the government its executive powers. The operations of the Supreme Court are briefly discussed in the following paper from the European Journal of Current Legal Issues The Netherlands Supreme Court
The bonds we are interested in are the Subordinated bonds of VolksBank, SNS REAAL NV and SNS Bank NV
SNS REAAL N.V.
Stichting Afwikkeling Onderhandse XS0310904155 and PDF
Stichting Afwikkeling Onderhandse XS0382843802 and PDF
De VolksBank
Stichting Afwikkeling Onderhandse XS0468954523 / XS0899977986 and PDF
Stichting Afwikkeling Onderhandse XS0552743048 and PDF
SNS Bank NV
Stichting Afwikkeling Onderhandse XS0172565482 and PDF
Stichting Afwikkeling Onderhandse XS0363514893 and PDF
Announcement of Expropriation
http://www.clearstream.com/SNS-Exporpriation
http://www.clearstream.com/Ministery of finance decree
