Investors take on Dutch central bank over SNS

Four investors in nationalised financial services group SNS Reaal are taking legal action against the Dutch central bank, saying it is mainly responsible for the expropriation of their shares.

The bank was nationalised at the beginning of this month and finance minister Jeroen Dijsselbloem is refusing to compensate shareholders.

The four say the central bank’s January 27 decision to call on SNS Bank to try to raise €1.8bn in new capital within four days was an ‘impossible’ task and the primary reason for the nationalisation.

Leaks

Leaked documents also show the central bank was moving towards nationalisation long before this, the investors claim.

The investors are looking at joining forces with other interested groups for a joint claim.

On Monday the Council of State ruled Dijsselbloem was within his powers to nationalise the bank.


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