1078 RV AMSTERDAM
This nationalisation is unique because it is the first to take place under the Intervention Act (Interventiewet). With this, the private sector (shareholders and subordinated bondholders) share part of the financial burden associated with the nationalisation. The entire operation will cost the Dutch State €3.7 billion, according to a press release.
Thanks to this intervention the savings deposits of clients are secure and the service provisions of SNS Reaal have been safeguarded. “I scrutinised all alternative solutions involving market parties. But yesterday I found myself compelled to conclude that no acceptable total solution was offered,” admitted Minister of Finance Jeroen Dijsselbloem. “I therefore had to use the instrument of last resort, which is nationalisation. Nationalisation would safeguard financial stability and prevent serious damage to the economy. I can well understand the aversion many people will feel, because once again, a large sum of taxpayers' money is required. This is why I want the private sector to contribute as much as possible towards the rescue of SNS Reaal.”