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11 December 2008

Commission approves Dutch recapitalisation of SNS REAAL


The Commission approved the emergency recapitalisation worth €750 million the Dutch authorities intend to grant to SNS REAAL.

The Commission approved the emergency recapitalisation worth €750 million the Dutch authorities intend to grant to SNS REAAL. Furthermore SNS will receive €500 million through the issuance of core capital instruments to the private independent foundation Stichting Beheer SNS REAAL.

 

The securities to be issued would qualify as core tier 1 capital and produce an annual coupon equal to the higher of:

Ø       € 0.45 per security, non cumulative, payable annually in arrears

Ø       110% of the dividend paid on the ordinary shares in 2009

Ø       120% of the dividend paid on the ordinary shares in 2010

Ø       125% of the dividend paid on the ordinary shares from 2011 onwards

 

Press release

 



© European Commission


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