The Malta Financial Services Authority has issued guidance on the application procedure which investors are to follow to claim compensation from the Dutch Government for bonds held with SNS Bank and SNS REAAL.
In 2013, the Dutch bank SNS Bank and the insurance company SNS REAAL were nationalised by the Dutch government to ensure the stability of the Dutch financial system. Due to the expropriation of certain securities and capital components of the abovementioned companies, the Dutch government is providing compensation for the losses incurred by persons who invested in such bonds and loans.
Given that that these holdings could be held under a nominee basis with an investment services licence-holder, investors are advised to seek guidance from their investment services provider for assistance on the compensation procedure.
Investors can also verify their eligibility for compensation by referring to the FAQs published by the Dutch Ministry of Finance online. The level of compensation depends on the nominal value of the expropriated securities and capital components. SNS REAAL shareholders are not entitled for compensation by the Dutch government.
As from 15 May 2023 requests for compensation can be submitted in English by completing the application form on https://www.compensationsns.nl/. The Dutch Ministry of Finance will then proceed with issuing any compensation due within four weeks following the processing of the application.
Further information on the application procedure for the compensation for expropriation of SNS REAAL and SNS Bank can be obtained through the mentioned FAQs or by contacting the Dutch Ministry of Finance’s help desk directly through the online contact form. They can also be reached via telephone on +31(0)887925000 from 09:00H to 17:00H (CET) on working days.
The MFSA will continue to monitor developments concerning the compensation for the expropriation of SNS REAAL and SNS Bank’s securities and capital components and will issue further updates as necessary.