Fri 15 Feb 2013

Council of State holds hearing about SNS Reaal

  • By Anne Cukier
  • Last Update: 4 years ago
  • The Hague, South Holland, Netherlands

The Dutch Council of State holds a hearing about the nationalised bank and insurer SNS Reaal after some investors and other parties objected the nationalization.

The Council will handle the appeals of a great number of organizations and private persons from the Netherlands and abroad. Among them are the Vereniging van Effectenbezitters and labor union FNV.

The highest Dutch administrative court sent about 700 invitations for the hearing to stakeholders who registered within the given time period.

The Dutch government nationalized SNS Reaal on February 1, because the bank was in great distress due to problems with real estate properties.

According to the Minister of Finance, Jeroen Dijsselbloem, nationalization of the bank was required as a bankruptcy would endanger the financial system of the Netherlands.

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