Court says Dutch state owes ex-SNS Reaal creditors €800M – Financieele Dagblad

The Amsterdam Court of Appeal ruled on Feb. 11 that the Dutch state owes former bondholders of SNS Reaal some €800 million in damages for debt expropriated during the financial group's nationalization in 2013, Het Financieele Dagblad has reported.

The decision is a win for the creditors who will get almost all of their money back and a blow to the state, which has insisted for years it should not pay for damages. Only towards the end of the lengthy eight-year court battle did the state concede the bondholders were entitled to compensation, initially proposing to pay them back some €10 million and later no more than €300 million, Het Financieele Dagblad said.

The SNS Reaal group and its unit SNS Reaal Bank were nationalized in 2013 and in 2017 SNS Reaal Bank was rebranded into Volksbank NV.