ADORISIO AND OTHERS v. THE NETHERLANDS

THIRD SECTION

DECISION

Application no. 47315/13
Stefania ADORISIO and others against the Netherlands
and 3 other applications
(see list appended)

The European Court of Human Rights (Third Section), sitting on 14 January 2014 as a Chamber composed of:

Josep Casadevall, President,
Alvina Gyulumyan,
Ján Šikuta,
Luis López Guerra,
Kristina Pardalos,
Johannes Silvis,
Valeriu Griţco, judges,
and Marialena Tsirli, Deputy Section Registrar,

Having regard to the above applications lodged on 10 July 2013, 26 July 2013, 26 July 2013 and 24 July 2013 respectively,

Having deliberated, decides as follows:

THE FACTS

1. A list of the applicants is set out in the appendix.

A. Introduction

2. The facts of the case, as submitted by the applicants, may be summarised as follows.

3. Before the events complained of, the applicants variously held shares or subordinated bonds (the latter under diverse designations) issued by SNS Reaal N.V., a public limited company (naamloze vennootschap, “N.V.”) incorporated under Netherlands law, or one or more of its subsidiaries.

4. SNS Bank N.V. was, and is, a high-street retail bank. It was a subsidiary of the holding company SNS Reaal N.V. Another subsidiary of that holding company was Reaal N.V., an insurance company. SNS Bank N.V.’s own subsidiaries included ASN Bank N.V., RegioBank N.V. and SNS Property Finance B.V., a private limited company (besloten vennootschap, “B.V.”).

5. From 2008 onwards the financial position of certain companies within the SNS Reaal group deteriorated. By 2012 the Netherlands central bank (De Nederlandsche Bank N.V., “DNB”) was concerned about the conglomerate’s financial health to the point that it decided to seize the Minister of Finance (Minister van Financiën) of the situation.

6. Reports relevant to the case were presented on 31 October 2012 by Ernst & Young, a firm of accountants, and on 14 December 2012 by Cushfield & Wakeman, a real estate services firm (a supplement to the latter was presented on 20 December 2013). Copies of these reports submitted by the applicants have parts blacked out. It would appear that these documents were not released to the applicants complete at any relevant time.

B. The expropriation proceedings

1. DNB’s letter to the Minister of Finance

7. On 24 January 2013 DNB wrote to the Minister of Finance in the following terms (footnotes omitted):

“1. Introduction

On 18 January 2013 DNB sent the outcome of the Supervisory Review and Evaluation Process (SREP) to SNS Bank N.V. (SNS Bank) in the form of an intended SREP-decision. In this intended decision ... DNB notes a capital shortage of at least 1,9 billion euros (EUR) and states its intent to impose on SNS Bank the measure of having to supplement its core capital by at least EUR 1.9 million no later than 31 January 2013 at 6 p.m., or at least to present, no later than 31 January 2013 at 6 p.m., a final solution which, in the considered view of DNB, has sufficient prospects of success and which will, in the short term, lead to the actual supplementing of the said capital shortage. If SNS Bank should prove unable sufficiently to strengthen its capital position in time, DNB, according to its statement of intent, will consider it irresponsible for SNS to continue banking and DNB will make use of its powers under the Financial Supervision Act (Wet op het financiëel toezicht). SNS Bank has until noon on 24 January 2013 to state its views; DNB will come to a final decision as soon as possible thereafter, taking these views into account. If these views should provide any new insight, then DNB will inform your ministry accordingly as soon as possible.

In the event that DNB in its final SREP decision imposes on SNS Bank the measure referred to in its intended decision and SNS Bank does not comply with the measure thus imposed within the time-limit set, DNB considers it irresponsible for SNS Bank to continue banking. In addition, in the absence of a convincing and final solution it would appear impossible to publish by 14 February 2013 provisional annual accounts drawn up on the basis of continuity. In view of the expectations raised as regards an overall solution, postponing the publication of annual accounts without announcing an overall solution for SNS Reaal will mean further undermining confidence in SNS Reaal. DNB considers this irresponsible from the point of view of financial stability, also in the light of the increasing flow of publications in the media on the vulnerable position of SNS Reaal and the resulting outflow of funds.

Since SNS Bank is a system-relevant institution (systeemrelevante instelling), the threat of insolvency of SNS Bank (and therefore that of the entire concern) will mean that the stability of the financial system is in serious and immediate danger. DNB therefore advises you to make preparations to enable the use of your powers under part 6 of the Financial Supervision Act immediately after the lapse of the time-limit in a final SREP-decision if and in so far as one is taken, or even sooner if the situation should so require.

In view of the seriousness of the situation and the speed of the developments, DNB considers it important to send you this informative letter – based on section 6:5 of the Financial Supervision Act – already now. Paragraph 2 of this letter provides background information relating to the situation of the institution and the supervisory approach adopted by DNB. Paragraph 3 explores financial stability as the guiding point of departure in seeking a solution. Paragraph 4 provides an overview of the solutions examined and the reasons why, as it appears at present, these are not achievable. Paragraph 5 makes a few closing remarks.

2. Background

...

After a broad survey of possible avenues for a solution by a joint working group, there have been intensive discussions with the Ministry of Finance and market parties about a plurality of (variants of) solutions. In its role as supervisor and co-responsible party for the stability of the financial system, DNB has played an initiating and active role in this process of negotiation. With the help of external advisors, a solution has been sought which comes as close as possible to meeting the following basic criteria:SNS Bank’s system relevance means that guaranteeing the stability of the financial system comes first;The private sector should be involved as much as possible to limit the financial consequences for the State as much as possible;Wherever possible, losses should be borne by SNS Reaal’s current risk-bearing financiers (burden sharing). This point of departure not merely limits the financial consequences for the State, but also serves the stability of the financial system in the long term;The intention to forestall an emergency situation;It is self-evident that any solution – involving State support – should in addition be assured of the approval of the European Commission (EC), be structural in character, and be proportionate.

3. Financial stability

In DNB’s considered view it is not only SNS Bank’s continuity which is of importance for the financial system, but also that of the holding SNS Reaal.

SNS Bank’s insolvency will have serious consequences for the stability of the financial system because of (i) the costs involved in the implementation of the deposit guarantee scheme, (ii) loss of confidence in other Netherlands financial institutions and (iii) the consequences for account holders and the attending unrest. DNB has described these factors in its letter of 2 October 2012, in which it is explained that DNB considers the estimated eventual cost flowing from the implementation of the deposit guarantee scheme irresponsibly high, seen also in the light of the general scarcity of capital and the desire of the markets for the anticipated application of Basle III [a voluntary regulatory standard on bank capital requirements, now due to enter into force in 2018] (argument i). In order to supplement these arguments, communicated to your Ministry earlier, DNB points to the following factors:The uncertainty as to the possibility for banks to recover against the estate of SBS bank if the deposit guarantee system is implemented. Since EUR 35 billion of the deposits guaranteed by that scheme are held by SNS Bank, claims would be in the order of greatness of EUR 10 billion per major Netherlands bank. A situation in which other Netherlands banks have major claims against the estate of SNS Bank and in which it is uncertain to what extent these will be met in itself undermines the health of, and therefore confidence in, these banks.Further splitting up SNS Bank into separate parts is not a realistic option. This is caused, in particular, by the interrelation of subsidiaries RegioBank and ASN Bank with their parent SNS Bank as regards operations and IT; these subsidiaries use the same infrastructure with their own labels. There is also considerable financial interrelation between ASN Bank and SNS Bank: savings from ASN Bank are used to finance credit (mortgages) provided by SNS Bank. Because of these interrelations any insolvency of the parent bank will in practice include that of the subsidiaries and vice versa. Any insolvency of SNS Bank will in addition probably lead to loss of confidence in its subsidiaries as well.SNS Bank, ASN Bank and RegioBank hold approximately one million current accounts and one and a half million savings accounts, with a total credit balance of approximately EUR 36.4 billion. At least EUR 500 per month is paid into approximately two thirds of the current accounts, which is an indication that these accounts play an important role in the financial transactions of individuals. Consequently all sorts of practical problems [sic] resulting from any insolvency of SNS Bank, such as cashpoints breaking down or standing orders being stopped, will have enormous social effects [sic].

...

5. Conclusion

... [It would appear], at this moment, that nationalisation of the conglomerate as a whole is the only remaining solution for SNS Reaal. For a decision to expropriate to be taken, there has to be a situation of ‘serious and immediate danger to the stability of the financial system’. As has been observed in the introduction to this letter, DNB considers it irresponsible for SNS Bank to continue banking in the event that DNB in its final SREP-decision imposes on SNS Bank the measure referred to in its intended decision and SNS Bank does not comply with the measure thus imposed within the time-limit set. In the considered view of DNB the above-mentioned legal criterion for nationalisation will then have been met. Should you decide not to proceed with nationalisation, DNB, as the responsible supervisor, would be compelled to seek an emergency arrangement, which would mean implementing the deposit guarantee system.

An emergency situation is therefore imminent. In the introduction to this letter attention has been drawn to the danger of loss of confidence as a result of any postponement of publication of the annual accounts without announcing an overall solution for SNS Reaal. There is already a loss of confidence, which has manifested itself in an outflow of funds in an amount of approximately EUR 1.4 million since the reports of 16 January 2013 about the position taken by the EC in this case; actually, if it had not been for public confidence in the safety net provided by the State the outflow would probably have been considerably greater.

In addition to publication of the annual accounts without announcing an overall solution DNB notes other events that could be the beginning of an emergency situation. In the first place, DNB cannot allow Reaal and/or SNS Bank to increase lending to the holding SNS Reaal with which to repay external financing that will end in March. Absent any other funding possibilities this is expected to cause the holding to be unable to make further payments. In addition, if no solution is found, then SNS Bank, owing to its very weak capitalisation and the negative developments in this respect, would run the risk of no longer having access to the European Central Bank’s facilities. This, combined with the outflow of funds that has already occurred, could cause SNS immediate liquidity problems.

On the above grounds, DNB advises you to make preparations to enable the use of your powers under part 6 of the Financial Supervision Act immediately after the expiry of the time-limit in a final SREP-decision if and in so far as one is taken, or even sooner if the situation should so require.”

8. This letter was at the time classified confidential. It has since been made available to the public.

2. The SREP Decision

9. On 27 January 2013 DNB, after SNS Bank had stated its views, gave a decision (the “SREP decision”) which, as relevant to the case before the Court, was in the following terms:

“6. Decision

SNS Bank shall supplement its core capital by no less than EUR 1.84 billion no later than 31 January 2013 at 6 p.m., or in any case SNS Bank shall, no later than 31 January 2013 at 6 p.m., present a final solution which, in the considered view of DNB, offers sufficient prospects of success, it being required, at least, that all the parties involved shall demonstrably have committed themselves to the solution presented, and which solution shall lead to the actual supplementing of the said capital shortage in short order.

7. Final remarks

Only if the decision set out in paragraph 6 has been fulfilled will it be possible for DNB to conclude that SNS Bank’s established capital (toetsingsvermogen) guarantees controlled and durable cover of its risks. If SNS Bank should prove unable to strengthen its capital position sufficiently and in time, DNB considers that it is irresponsible for SNS Bank to continue banking and DNB will make use of its powers under the Financial Supervision Act. ...”

3. The expropriation decree

10. On 1 February 2013 the Minister of Finance issued the following decree (Official Gazette (Staatscourant) 1 February 2013, no. 3018, translation published by the Government):

“The Minister of Finance, acting in agreement with the Prime Minister, Minister of General Affairs;

Having regard to Sections 6:1(1), 6:2(1), (4) and (5), and 6:4(1) and (2) of the Financial Supervision Act;

Having consulted [DNB];

DECREES as follows:

Article 1

1. The following securities, issued by or with the cooperation of the public limited company (naamloze vennootschap) SNS REAAL N.V. or, respectively, the public limited company SNS Bank N.V., both having registered offices at Utrecht, shall be expropriated for the benefit of the State of the Netherlands:

a. all two hundred and eighty-seven million six hundred and nineteen thousand eight hundred and sixty-seven (287,619,867) issued shares of the class Ordinary shares in the share capital of SNS REAAL N.V., ISIN code NL0000390706;

b. all six (6) issued shares of the class Shares B in the share capital of SNS REAAL N.V.;

c. all other issued shares in the share capital of SNS REAAL N.V.;

d. all issued shares in the share capital of SNS Bank N.V. held by others than SNS REAAL N.V. or its group companies;

e. all four million three hundred and fifty thousand (4,350,000) Stichting Beheer SNS REAAL Core Tier 1 capital securities issued by SNS REAAL N.V.;

f. all subordinated bonds issued by SNS REAAL N.V. that belong to the following series:

1o. EUR 350 million 6.258% Fixed/Floating Rate Hybrid Capital Securities issued under SNS REAAL N.V.’s EUR 2,000,000,000 Debt Issuance Programme of 13 July 2007, ISIN code XS0310904155;

2o. EUR 100 million 8.45% Fixed/Floating Rate Hybrid Capital Securities issued under SNS REAAL N.V.’s EUR 2,000,000,000 Debt Issuance Programme of 18 August 2008, ISIN code XS0382843802;

g. all subordinated bonds issued by SNS Bank N.V. that belong to the following series:

1o. EUR 320 million 11.25% Resettable Tier 1 Notes issued on 27 November 2009 under the Debt Issuance Programme of SNS Bank N.V. / SNS REAAL N.V., ISIN code XS0468954523;

2o. EUR 200 million 5.75% Subordinated Fixed changing to Floating Rate Notes issued on 22 July 2003 under the EUR 20,000,000,000 Debt Issuance Programme, ISIN code XS0172565482;

3o. EUR 500 million 6.25% Subordinated Notes issued on 26 October 2010 under the Debt Issuance Programme of SNS Bank N.V. and SNS REAAL N.V., ISIN code XS0552743048;

4o. EUR 200 million 6.625% Subordinated Fixed Rate Notes due 14 May 2018, issued on 14 May 2008 under SNS Bank N.V.’s EUR 25,000,000,000 Debt Issuance Programme, ISIN code XS0363514893;

h. all non-listed subordinated bonds issued by SNS Bank N.V. under the name of ‘SNS Participatie Certificaten 3’ with a nominal value of EUR 100 each, at an interest rate of (currently) 5.16%, issued for an indefinite period and described in the prospectus of 1 May 2003;

i. all debt instruments, issued by or with the cooperation of SNS REAAL N.V. or SNS Bank N.V., which include subordination clauses that are similar to the subordination clauses included in the aforementioned series of bonds, or that otherwise prevent the claims of holders of such instruments from being met until after senior creditors of the issuer have been satisfied.

2. The following capital components of SNS REAAL N.V. and SNS Bank N.V., respectively, shall be expropriated for the benefit of Stichting Afwikkeling Onderhandse Schulden SNS REAAL [“Foundation for settling the private debts of SNS REAAL”], with registered office at Utrecht:

a. the payment obligations of SNS REAAL N.V. and SNS Bank N.V. under the following loans:

1o. the EUR 20 million, 7.13% loan of SNS REAAL N.V. dated 9 October 2000 maturing on 23 June 2020 extended by Van Doorn Securities B.V.;

2o. the EUR 10 million, 7.10% loan of SNS REAAL N.V. dated 9 October 2000 maturing on 23 June 2020 extended by Van Doorn Securities B.V.;

3o. the NLG 400 million loan of SNS REAAL N.V. dated 20 May 1997 and maturing on 24 February 2014 extended by Stichting tot beheer van FNV aandelen Reaal Groep N.V.;

4o. the NLG 1 million loan of SNS Bank N.V. received on 23 February 1999 and maturing on 23 February 2019, extended by Stichting Pensioenfonds Poseidon;

5o. the NLG 25 million loan of SNS Bank N.V. received on 27 December 1999 and maturing on 27 December 2024, extended by Stichting Bewaarder OHRA Obligatie Fonds;

b. all obligations and liabilities of SNS REAAL N.V. or SNS Bank N.V. to parties expropriated under the first subsection or to former holders of securities expropriated under that subsection, to the extent that those obligations or liabilities relate to the (former) holdership of the said securities;

such that all rights and obligations arising from those capital components with respect to SNS REAAL N.V. or SNS Bank N.V. shall transfer to Stichting Afwikkeling Onderhandse Schulden SNS REAAL effective as of the time of expropriation.

3. Any party that loses the right to claim against SNS REAAL N.V. or SNS Bank N.V. as a result of the expropriation of the capital components referred to in subsection (2) shall be deemed to be ‘titleholders’ within the meaning of Section 6:8(1) of the Financial Supervision Act (...), for the purposes of Chapter 6.3 of that Act.

Article 2

The public limited company SNS REAAL N.V. shall be appointed as director of Stichting Afwikkeling Onderhandse Schulden SNS REAAL.

Article 3

1. Notwithstanding any provision in Part 6 of Volume 2 of the Dutch Civil Code or the relevant provisions in the Articles of Association:

a. the members of the Board of Management (raad van bestuur) of SNS REAAL N.V., as well as the chairman and vice-chairman of that Board, shall be appointed, suspended and dismissed by the general meeting of shareholders, without any recommendation.

b. the members of the Supervisory Board (raad van commissarissen) of SNS REAAL N.V., as well as the chairman and any vice-chairman of that Board, shall be appointed, suspended and dismissed by the general meeting of shareholders, without any recommendation.

2. The provisions set out in subsection (1) shall be in effect for a period of six months starting on the date this Decree takes effect.

Article 4

This Decree shall take effect on February 1, 2013 at 08:30 hours.

This Decree shall be published by means of a press release in combination with the publication of the complete text of this Decree on the website of the Ministry of Finance. A copy of the Decree shall be sent to SNS REAAL N.V., SNS Bank N.V. and Stichting Afwikkeling Onderhandse Schulden SNS REAAL.

This Decree shall also be announced in the Government Gazette [i.e. the Official Gazette] (Staatscourant).”

11. A press release was issued, in Dutch and in English. It read as follows (English-language version published by the Government):

“PUBLICATION CONCERNING THE EXPROPRIATION OF SNS REAAL AND SNS BANK

News item | 01-02-2013

The Minister of Finance, having consulted [DNB] and having reached agreement with the Prime Minister, has decreed, pursuant to Sections 6:2 and 6:4 of the Financial Supervision Act (...), the expropriation of:

all issued shares in the capital of SNS REAAL NV;

all Stichting Beheer SNS REAAL Core Tier 1 capital securities issued by SNS REAAL NV;

all issued shares in the capital of SNS Bank NV held by others than SNS REAAL NV or its group companies;

all subordinated bonds of SNS REAAL NV and SNS Bank NV;

all subordinated private liabilities of SNS REAAL NV and SNS Bank NV.

All shares, Stichting Beheer SNS REAAL Core Tier 1 capital securities, and subordinated bonds are expropriated for the benefit of the State of the Netherlands. The expropriation of the subordinated private liabilities is effected by the expropriation of the corresponding liabilities of SNS REAAL and SNS Bank for the benefit of Stichting Afwikkeling Onderhandse Schulden SNS REAAL, established at Utrecht.

The expropriation decree shall take effect today, February 1, 2013 at 08:30 hours. At that moment, title to the expropriated securities and liabilities will by operation of law transfer to the State of the Netherlands and the Stichting Afwikkeling Onderhandse Schulden SNS REAAL, respectively. As from such time, the original entitled parties will no longer be able to dispose of the expropriated securities or liabilities.

The expropriation was made necessary by the extreme situation SNS Bank and SNS REAAL found themselves in and the serious and immediate threat posed by that situation to the stability of the financial system.

For the full text (in Dutch) of the expropriation decree, which describes the expropriated securities and liabilities in greater detail, please refer to the website of the Ministry of Finance, where the expropriation decree is set out in full.

The expropriation decree also informs interested parties as to how they may file objections against the decree.

For information purposes an English translation of the relevant parts of the expropriation decree (including a more detailed description of the expropriated securities and liabilities) is available.”

12. A news item was issued in Dutch and in English. It read as follows (English-language version published by the Government):

“State of the Netherlands nationalises SNS REAAL

News item | 01-02-2013

The Minister of Finance, in close consultation with [DNB], has nationalised SNS REAAL. Savings deposits of clients are secure and the service provision of SNS REAAL has been safeguarded. The intervention has averted grave threats to financial stability and the economy.

Financial stability safeguarded, private sector to contribute

Nationalisation under the Invervention Act (Interventiewet) has become necessary because SNS REAAL finds itself in acute distress on account of its real estate problems. DNB had asked the institution to produce a solution before the firm deadline of 31 January 2013, 18:00 hours. The absence of such a solution, would mean bankruptcy for SNS Bank and put the Dutch financial system in serious and immediate danger. After DNB concluded once the deadline had passed that no solution was found, nationalisation was the only remaining option to safeguard financial stability in the Netherlands. ‘I scrutinized all alternative solutions involving market parties. But yesterday night I found myself compelled to conclude that no acceptable total solution was offered. I therefore had to use the instrument of last resort, which is nationalisation. Nationalisation would safeguard financial stability and prevent serious damage to the economy. I can well understand the aversion many people will feel because once again, a large sum of taxpayers’ money is required. This is why I want the private sector to contribute as much as possible towards the rescue of SNS Reaal,’ Minister of Finance Jeroen Dijsselbloem said.

The private sector will have to share in the cost to the maximum extent that DNB regards as justifiable. This means that shareholders and subordinated creditors will be expropriated, saving the State €1 billion in expenses. Added to this, a special, one-off resolution levy of another €1 billion is to be imposed on the banks in 2014.

The intervention and the budgetary consequences

DNB has found that supplementary financial measures will be required to stabilise SNS REAAL. SNS REAAL’s problematic real estate arm is to be isolated. The entire operation will cost the State €3.7 billion. This amount breaks down into €2.2 billion in new capital injections, €0.8 billion to be written off from the earlier aid package, and €0.7 billion to put the real estate portfolio at arm’s length.

Furthermore, the State will extend €1.1 billion in loans plus guarantees worth €5 billion. As a result, the EMU balance 2013 of the Netherlands will deteriorate by 0.6% while EMU debt will increase by 1.6%.

Savings are safe

Savers and other clients of SNS REAAL will notice no other changes. The client services of SNS REAAL with 1,6 million saving accounts and [one] million checking accounts will continue as usual and their savings are secure.

...

The future of SNS REAAL

The new management has received instructions to ensure that once SNS REAAL has been stabilised and market conditions allow it, business units are returned into private hands.

Avoiding government intervention

This fresh intervention marks a setback in the effort to restore the Dutch financial sector to robust health. The Minister intends to avoid such costly government measures in the future. Minister Dijsselbloem: ‘In the future, banks must be far easier to separate. This will mean that instead of an entire institution, only the parts of public relevance will have to be rescued. Legislation at the European level will have to ensure that in the future to the extent possible, the bill will be paid by private stakeholders.’

Technical aspects

The expropriation decision and its press release may be read on the website.

In 2014, a one-off levy of €1 billion will be imposed on the banks, to be paid into the treasury. This levy will not qualify for deduction from corporate tax. The contribution of each bank will be proportionate to its share in the total amount of deposits guaranteed under the Deposit Guarantee Scheme as at 1 February 2013.”

13. On the same day, the Minister of Finance in person made a statement enlarging on the above at a press conference devoted to the nationalisation of SNS Bank.

14. Also on the same day, the Minister of Finance wrote in the following terms to the Lower House of Parliament (Tweede Kamer der Staten-Generaal, via its Chairman) (translation published by the Government):

“I am writing to inform you of the nationalisation of SNS REAAL, which I enforced today under the Intervention Act (Interventiewet). The decision to do so was taken in agreement with the Prime Minister and in close consultation with [DNB].

In arriving at this decision, I closely examined all private and public-private options to solve the problems of SNS Bank’s real estate arm. In the summer of 2012, a possible solution involving the large banks emerged. Subsequently, in October 2012, a private equity fund announced its willingness to negotiate. Both my predecessor and I, mindful of the recommendations by the Financial Crisis Inquiry Commission, had several confidential meetings with the Parliamentary Finance spokesmen to talk and inform them about the situation at SNS REAAL. The Cabinet was also updated several times during the process.

The continuing problems at SNS Property Finance forced DNB to conclude that SNS Bank required twice as much core capital as was available, the capital deficit. DNB had imposed a deadline of 31 January, 18:00 hrs, on SNS Bank to come up with a solution to remedy the funding deficit. Yesterday evening, DNB informed me that this deadline had passed without a solution having been found and that further measures would, in fact imply a bankruptcy. I subsequently had to conclude to my regret that the available alternatives were unacceptable; each of these alternatives laid the largest risks at the doorstep of the State, while conferring few powers. Therefore, in order to safeguard financial stability, I had no option but to nationalise, because SNS Bank would otherwise have gone bankrupt. The activation of the deposit guarantee scheme would have meant an enormous cost burden for the other banks.

By nationalising the bank, I have safeguarded the money in 1.6 million savings accounts and one million current accounts. In addition, customers of SNS REAAL can continue to use the bank’s services without interruption.

Following the nationalisation, direct support is needed to bail out SNS REAAL. In doing so, I wish to tackle the root of the problems. The institution will be recapitalised and the source of the problems, the real estate branch, will be isolated financially and operationally from the institution.

In contrast to earlier support given in 2008, I will see that private parties that have knowingly chosen to finance SNS REAAL and SNS Bank will contribute to the maximum extent that DNB considers safe with a view to financial stability. I have expropriated not only the shareholders but also subordinated creditors. They will thus contribute €1 billion to the recapitalisation.

...

Consequences for those expropriated and for compensation

Parties suffering expropriation are entitled to compensation under part 6:3 of the [Financial Supervision Act]. The principle applying in this respect is that losses suffered must be a direct and necessary consequence of the expropriation and that the actual value of the expropriated shares and assets is compensated. The calculation of the fair value of the expropriated securities and assets is based on what the outlook for SNS REAAL would have been if the expropriation had not taken place. Account is taken of the price that would have applied, at the time of the expropriation and given the said prospects, in a free market transaction between the expropriated party as a reasonable seller and the expropriating party as a reasonable buyer. Account also has to be taken of State support previously provided and not yet repaid.

In my opinion, SNS REAAL would have become insolvent if the Dutch State had not intervened. Based on my advisers’ analysis and given expected losses and state support still to be repaid, I believe that the value of the expropriated securities and assets of SNS REAAL and SNS Bank would be negative in the event of bankruptcy. In view of the above, and given that SNS REAAL requires a significant injection of capital by the State, I believe that the compensation should amount to €0 per expropriated share and €0 per expropriated loan.

I will make an official offer of compensation to the expropriated parties as soon as possible. I will then instruct the Enterprise Division of the Amsterdam Court of Appeal to set the compensation in accordance with this offer. Expropriated parties who object to the offer of compensation may seek recourse to the Enterprise Division of the Court of Appeal.

...”

3. Proceedings before the Administrative Jurisdiction Division of the Council of State

15. The applicants and other affected parties lodged appeals with the Administrative jurisdiction Division of the Council of State (Afdeling bestuursrechtspraak van de Raad van State, “the Administrative Jurisdiction Division” or “the Division”).

16. The Minister of Justice submitted the documents underlying the expropriation order but, with reference to section 8:29(1) of the General Administrative Law Act (Algemene wet bestuursrecht), sought a direction that access to certain parts of the reports by Ernst & Young and Cushman & Wakeman should be restricted to the Administrative Jurisdiction Division only. On 12 February 2013 the Administrative Jurisdiction Division held that the request for limitation of access to the documents was partially justified.

17. It is apparent that the applicants were given access to a copy of the Minister’s written defence statement, which comprised 105 pages, no earlier than 14 February 2013 at approximately 5 p.m.

18. A hearing took place on 15 February 2013, starting at 9.30 a.m.

19. The Administrative Jurisdiction Division gave judgment on 25 February 2013. As relevant to the case now before the Court, it held as follows (translation published by the Council of State):

“Right to a fair hearing and procedural aspects

7. Some appellants argue that the provisions of the Financial Supervision Act and the manner in which the Division has dealt with this case violate their right to a fair hearing as safeguarded by article 6 of the Convention for the Protection of Human Rights and Fundamental Freedoms (ECHR) [i.e. the Convention]. They refer in this connection to the brevity of the period for lodging an appeal, to the brevity of the period between the lodging of the appeal and the appeal hearing held by the Division and to the fact that in some cases they only had a few days before the hearing in which to acquaint themselves with the documents relating to the case. These appellants argue that as a result of this limited time for preparation they have been unable to defend their interests properly. More particularly, a few of these appellants argue that the Division should have held the hearing not on Friday 15 February 2013 but on Monday 18 February 2013 and that they had no opportunity to inspect the minister’s 105-page statement of defence until after 5 pm on the day before the hearing.

7.1. It is apparent from the case law of the European Court of Human Rights (ECtHR) [i.e. the Court] (e.g. the case of Ashingdane v. the United Kingdom [Ashingdane v. the United Kingdom, 28 May 1985, Series A no. 93]) that article 6 ECHR does not confer an absolute right of access to the courts. The Contracting States enjoy a margin of appreciation in laying down regulations that entail certain limitations, provided that the very essence of the right of access to the courts is not impaired and the limitations serve a legitimate aim and are proportionate.

7.2. Pursuant to section 6:6, subsection 1 of the Financial Supervision Act an appeal against an expropriation order must be lodged within ten days, and pursuant to section 6:7, subsection 3 the Division must give judgment no later than on the fourteenth day after receipt of the last notice of appeal to be lodged. The Division acknowledges that these periods are much shorter than is customary in administrative law proceedings. However, the right of access to the courts is not in essence impaired by these limitations. Moreover, the prescribed periods serve a legitimate aim. The Division takes into account in this connection that there is an exceptionally great public interest in obtaining judgment without delay in this case. The expropriation order is intended to avert a serious and immediate threat to the stability of the Dutch financial system. As long as it is uncertain whether this order will be upheld, this aim is not fully achieved. In view of this weighty public interest the periods contained in the Financial Supervision Act do not violate article 6 ECHR and the Division has organised the proceedings in such a way as is necessary to give judgment within the statutory period. It is important to note here that the appellants had the opportunity to put their case both in writing and orally and that many of them actually made use of this opportunity. Nor, in view of the exceptional nature of this case, is this altered by the fact that an unusual degree of effort was needed on the part of the appellants too.

In so far as a few appellants complain that they did not receive an invitation to the hearing or did not receive it in time and were accordingly unable to represent their interests in person at the hearing, the Division finds that since the great majority of the appellants were able to put their case both in writing and orally and, in the opinion of the Division, all possible relevant aspects of the case were raised, it is unlikely that the interests of the appellants concerned were disproportionately impaired.

In so far as a few appellants have invoked article 6 (3) ECHR [i.e. Article 6 § 3], this argument is untenable for the simple reason that there is no basis for the view that the expropriation order constitutes a criminal charge within the meaning of that provision in relation to the holders of the expropriated securities and assets.

8. The wording of article 47 of the Charter of Fundamental Rights of the European Union (‘EU Charter’) is similar to that of article 6 ECHR. Quite apart from whether this action concerns the implementation of Union law within the meaning of article 51 (1) EU Charter, it is apparent that since the application of the relevant provisions of the Financial Supervision Act does not violate article 6 ECHR it also does not conflict with article 47 EU Charter (see the Division’s judgment of 21 November 2012 in case no. 201110693/1/A2; ).

The submission on this point by a number of appellants is therefore untenable. Accordingly, the Division sees no reason to refer this matter to the Court of Justice of the European Union (‘Court of Justice’) for a preliminary ruling on the applicability of the EU Charter, as requested by these appellants.

9. The appellants numbered 318 in the annexe have submitted that the expropriation order is based to such an extent on the DNB decision of 27 January 2013, under which SNS Bank was ordered to supplement its core capital, that the Division cannot assess the expropriation order as long as the legality of DNB’s decision has not been established. These appellants argue that the Division should therefore stay its judgment until a decision has been taken on the legality of DNB’s decision.

9.1. This submission is untenable. [Section] 6:2, subsection 1 of the Financial Supervision Act does not make the power of expropriation dependent on the existence or otherwise of any decision of DNB. The legality or illegality of DNB’s decision is therefore not decisive in answering the question before the Division in these proceedings, namely whether the expropriation order was made in accordance with the law.

10. Various appellants have submitted that under section 4:8, subsection 1 of the General Administrative Law Act (...) the minister should have given the holders of securities and assets expropriated under the expropriation order the opportunity to express their views on the order before it was made.

10.1. This submission is untenable. Under section 4:11, subsection 1, opening words and (a) and (c) of the General Administrative Law Act, an administrative authority may decide not to apply section 4:8 where speed is of the essence or the intended purpose of the order can be achieved only if the interested party is not informed of it in advance. In view of the nature and purpose of the expropriation order, the minister was entitled not to apply section 4:8, subsection 1 of the General Administrative Law Act since if news of a possible expropriation had become known early this could have increased the risks to the stability of the financial system.

...”

Addressing complaints under Article 1 of Protocol No. 1, the Administrative Jurisdiction Division held that the appeals were well-founded in so far as they concerned the expropriation of the assets referred to in article 1, paragraph 2 (b) of the expropriation order – these being unsecured loans and therefore not considered amenable to expropriation – but dismissed them for the remainder.

20. Appended to the Administrative Jurisdiction Division’s decision was a list of 713 appellants comprising natural and legal persons both domestic and foreign.

C. The compensation proceedings

1. The compensation offer

21. On 4 March 2013 the Minister of Finance wrote to the expropriated parties informing them of his intention to base compensation for the shares and bonds expropriated on “the actual value of the expropriated securities and capital components ..., taking into account the future prospect of SNS Bank and SNS REAAL if expropriation had not taken place”. Since in his view “without the expropriation SNS REAAL and SNS Bank would have gone bankrupt or have gone into liquidation”, the actual offer was in the following terms (translation published by the Government):

“€0,- for every share issued by SNS REAAL and for every share issued by SNS Bank that is held by others than SNS REAAL or its group companies (article 1, paragraph 1, sub a to and including d, of the decree);

€0,- for every Stichting Beheer SNS REAAL Core Tier 1 capital security (article 1, paragraph 1, sub e, of the decree);

€0,- for every subordinated bond issued by SNS REAAL or SNS Bank (article 1, paragraph 1, sub f to an including i, of the decree);

€0,- for every loan contracted by SNS REAAL or SNS Bank that as a result of the expropriation has been transferred to Stichting Afwikkeling Onderhandse Schulden SNS REAAL (article 1, paragraph 2, header, sub a and conclusion, of the decree).”

2. Proceedings before the Enterprise Division of the Court of Appeal of Amsterdam

22. On 4 March 2013 the Minister of Finance lodged a request with the Enterprise Division (Ondernemingskamer) of the Court of Appeal (gerechtshof) of Amsterdam (hereafter “the Enterprise Division”) asking for the compensation to be paid out to the former holders of the expropriated shares and bonds to be set at zero.

23. The Enterprise Division gave an interlocutory decision on 11 July 2013. Considering it likely that the offer made by the Minister of Finance was inadequate, it ordered an expert report to be drawn up.

3. Proceedings before the Supreme Court

24. It was announced on 5 August 2013 that the Netherlands State had lodged an appeal on points of law (cassatie) against the decision of the Enterprise Division. Proceedings are currently pending before the Supreme Court (Hoge Raad).

D. Relevant domestic law

1. Statutory provisions governing special measures regarding the stability of the financial system

25. Provisions relevant to the case were inserted into the Financial Supervision Act by the Act of 24 May 2012, Staatsblad (Official Bulletin) 2012, no. 241 (often referred to as the “Intervention Act”) under the heading “Special measures regarding the stability of the financial system”.

26. As relevant to the case now before the Court, the Government’s powers to act are defined as follows (translation published by the Government):

“CHAPTER 6.1. GENERAL

Section 6:1

1. If he holds that the stability of the financial system is gravely and immediately endangered by the situation in which a financial corporation having its registered office in the Netherlands finds itself, Our Minister [i.e. the Minister of Finance] has power, with a view to the stability of that system, to take immediate measures in respect of the corporation concerned, where necessary in departure from statutory stipulations or provisions under articles of association except for the rules set in or under this Part.

2. Our Minister shall consult [DNB] before taking a measure as referred to in subsection (1). The decision shall be taken in agreement with Our Prime Minister, ...

3. Where necessary, Our Minister shall provide for the consequences of the measures taken by him and shall determine the period of validity of such measures. Our Minister has power to extend this period of validity by means of a separate decision.

4. Without prejudice to the provisions of section 6:6, a measure taken in pursuance of subsection (1) cannot be undone by the corporation concerned or by any third party. Any decision to that end shall be null and void.

Section 6:2

1. If he holds that the stability of the financial system is gravely and immediately endangered by the situation in which a financial corporation having its registered office in the Netherlands finds itself, Our Minister has power, with a view to the stability of that system, to decide to expropriate assets of the corporation concerned or to expropriate securities issued by or with the cooperation of that corporation, where necessary in departure from statutory stipulations or provisions under articles of association except for the rules set in or under this Part.

2. Our Minister shall consult [DNB] before taking a decision to expropriate. The decision shall be taken in agreement with Our Prime Minister, ...

3. A decision to expropriate shall state the time when it enters into force. Ownership of the assets or securities to be expropriated passes at the time of entry into force of the decision. Without prejudice to the provisions of section 3:41 of the General Administrative Law Act, the decision shall be announced in the Staatscourant (Government Gazette).

4. The decision to expropriate may provide that the assets or securities to be expropriated shall be expropriated in the name of a legal entity under private law with full legal capacity designated in that decision.

5. Our Minister shall provide for the consequences of the expropriation.

6. An asset or security expropriated pursuant to subsection (1) shall pass unencumbered to the State of the Netherlands or the legal entity designated pursuant to subsection (4). Expropriation pursuant to subsection (1) of securities issued by or with the cooperation of the corporation concerned renders any and all entitlements to new securities of that class null and void.

7. The Expropriation Act (Onteigeningswet) shall not apply to expropriations pursuant to subsection (1).

Section 6:4

1. An immediate measure taken in pursuance of section 6:1 may also target the parent company having its registered office in the Netherlands of the financial corporation concerned.

2. A decision taken in pursuance of section 6:2 may, if the financial corporation concerned has a parent company having its registered office in the Netherlands, also provide for expropriation of assets of the parent company or expropriation of securities issued by or with the cooperation of that parent company.”

27. As relevant to the case now before the Court, the relevant procedure is set out as follows (translation published by the Government):

“CHAPTER 6.2. LEGAL PROTECTION

Section 6:6

1. ... [A]n interested party may appeal from a decision taken in pursuance of section 6:1 or 6:2 to the Administrative Law Division (Afdeling bestuursrechtspraak) of the Council of State (Raad van State).

...

Section 6:7

1. Notwithstanding the provisions of section 6:7 of the General Administrative Law Act (...), the period for lodging an appeal shall be ten days. Section 7:1 of that Act shall not apply.

2. Notwithstanding the provisions of section 8:41(2)[1] of the General Administrative Law Act (...), the period within which the court registry fee due must be transferred or deposited shall be two weeks. The Chairperson of the Division has power to set a shorter period.

3. Division shall hear the case subject to the provisions of Part 8.2.3 of the General Administrative Law Act (...). Part 8.2.4 of that Act shall not apply.

4. A copy of the notice of appeal shall be sent to Our Minister forthwith. Section 8:58 of the General Administrative Law Act (...) shall apply mutatis mutandis, with the proviso that further documents may be submitted until one day before the hearing.

5. The Division shall pronounce its ruling no later than fourteen days of the date of receipt of the notice of appeal. If, subject to the provisions of section 8:14(1) of the General Administrative Law Act (...), two or more cases are consolidated, the Division shall pronounce its ruling no later than on the fourteenth day after the date of receipt of the notice of appeal received last.

6. The Chairperson of the Division shall notify the parties of the ruling forthwith.”

2. The General Administrative Law Act

28. Provisions of the General Administrative Law Act relevant to the case are the following:

a. Applicable provisions

Section 8:29

“1. Parties who are obliged to give information or submit documents can, if there are weighty reasons (gewichtige redenen) to do so, refuse to give information or submit documents or inform the administrative tribunal that it alone shall be allowed to inspect the information or the documents as the case may be.

2. For an administrative body, there shall in any case be no weighty reasons in so far as there would be an obligation pursuant to the Government Information (Public Access) Act (Wet Openbaarheid van Bestuur) to accede to a request for information contained in the documents to be submitted.

3. The administrative tribunal shall decide whether the refusal or restriction on inspection referred to in the first paragraph is justified.

4. If the administrative tribunal has decided that the refusal is justified, the obligation shall no longer exist.

5. If the administrative tribunal has decided that the restriction on inspection is justified, it can only give judgment based also on that information or those documents with the permission of the other parties. If such permission is refused, the case shall be remitted to a different chamber.”

and

Part 8.2.3

Accelerated treatment

Section 8:52

“1. The administrative tribunal can, if the case is urgent, determine that it shall be given accelerated treatment.

2. In that case, the administrative tribunal can:

a. shorten the time-limit referred to in section 8:41(5) [for payment of the court registration fee];

b. shorten the time-limit referred to in section 8:42(1) [for the administrative body to submit a written statement of defence];

...

f. shorten the time-limit referred to in section 8:58(1) [for parties to submit further documents before the hearing]

2. If the administrative tribunal decides that the case shall be given accelerated treatment, it shall also set the case down for hearing as soon as possible and inform the parties accordingly without delay. Section 8:56 shall not apply.”

b. Provisions derogated from by, or pursuant to, section 6:7 of the Financial Supervision Act

i. Provisions derogated from by section 6:7 of the Intervention Act itself

29. Section 6:7 of the General Administrative Law Act provides that the time-limit for lodging an appeal shall be six weeks. Section 7:1 provides, inter alia, that an objection (bezwaar) must have been lodged before an appeal is brought.

30. Part 8.2.4 of the Administrative Law Act, entitled “Simplified treatment”, makes provision for the early termination of proceedings if continued examination of the case is unnecessary. The reason can be that the administrative tribunal manifestly lacks jurisdiction, or that the appeal is manifestly inadmissible, manifestly ill-founded or manifestly well-founded.

ii. Provisions derogated from by Part 8.2.3 of the General Administrative Law Act pursuant to section 6:7 of the Financial Supervision Act

31. The court registry fee is normally due within four weeks after the Registrar of the administrative tribunal concerned has informed the appellant of the correct amount (section 8:41(5)).

32. The time-limit for the administrative body concerned to lodge a written statement of defence is normally four weeks (section 8:4(1)).

33. The time-limit for parties to submit further documents is normally ten days before the hearing (section 8:58(1)).

34. Parties are normally given three weeks’ advance notice of hearings (section 8:56).

COMPLAINTS

A. Complaints under Article 6 § 1 of the Convention

35. All applicants except EBL Holding A/S (application no. 49000/13) complain under Article 6 of the Convention about the proceedings before the Administrative Jurisdiction Division of the Council of State. Their complaints may be summarised as follows:

a) No notification of the expropriation was given to shareholders and bondholders individually, it being left to them to learn about it via the news media (Adorisio and Others, Brigade Distressed Value Master Fund Ltd. and Others);

b) The time-limit for lodging an appeal, only ten days, was far too short, especially for applicants resident abroad (Adorisio and Others, Brigade Distressed Value Master Fund Ltd. and Others, Intégrale Gemeenschappelijke Verzekeringskas);

c) The Minister of Finance’s statement of defence was lodged late in the afternoon on the day before the hearing, and an adjournment of the hearing was refused (Adorisio and Others, Brigade Distressed Value Master Fund Ltd. and Others, Intégrale Gemeenschappelijke Verzekeringskas);

d) Time allowed for the delivery of the Administrative Jurisdiction Division’s judgment was too short, which meant rushing the hearing (Adorisio and Others);

e) Access to the reports by Ernst & Young and Cushman & Wakefield had been restricted for the applicants, but not for the Minister of Finance (Adorisio and Others, Brigade Distressed Value Master Fund Ltd. and Others, Intégrale Gemeenschappelijke Verzekeringskas);

f) Proceedings for compensation were separated from the proceedings for testing the lawfulness of the expropriation itself (Brigade Distressed Value Master Fund Ltd. and Others, Intégrale Gemeenschappelijke Verzekeringskas);

g) Administrative proceedings which had been brought against DNB’s SREP decision had become devoid of purpose as a result of the expropriation decision (Intégrale Gemeenschappelijke Verzekeringskas).

B. Complaints under Article 1 of Protocol No. 1

36. All applicants complain under Article 1 of Protocol No. 1 to the Convention. Their complaints may be summarised as follows:

a) The interference with their property rights had not met the applicable standards of lawfulness, for the following reasons:

i) Domestic law did not prescribe with sufficient precision when the Minister of Finance would act as he had done in the instant case (Adorisio and Others);

ii) The Minister’s discretion to remove ownership from shareholders and subordinated bondholders was not sufficiently defined (Adorisio and Others, Intégrale Gemeenschappelijke Verzekeringskas);

iii) Procedural guarantees were insufficient, as was borne out by the violations of Article 6 § 1 alleged (Adorisio and Others, Brigade Distressed Value Master Fund Ltd. and Others)

iv) General principles of international law were not complied with in that compensation was not “prompt, adequate and effective”, as international law required at least in relation to the applicants who were foreign nationals (Brigade Distressed Value Master Fund Ltd. and Others).

b) The expropriation did not serve a genuine “public interest”:

i) It could not be established that SNS Reaal was doing as badly as the Government alleged (Adorisio and Others, Brigade Distressed Value Master Fund Ltd. and Others);

ii) The purpose of the expropriation was to spare the other Netherlands banks the expense of meeting the cost of the Deposit Guarantee Scheme and the resulting downgrading and loss of confidence, and in addition to spare the Government loss of confidence (Adorisio and Others);

iii) It was not established that no alternative avenues were open to the Government (Adorisio and Others, Brigade Distressed Value Master Fund Ltd. and Others);

c) Compensation offered was grossly insufficient and therefore disproportionate (all applicants).

C. Complaint under Article 13 of the Convention

37. Brigade Distressed Value Master Fund Ltd. and Others complain under Article 13, without naming any connected Article, that the Administrative Jurisdiction Division failed to set aside the expropriation decree.

D. Complaint under Article 14 of the Convention taken together with Article 1 of Protocol No. 1

38. EBL Holding A/S complained under Article 14 of the Convention taken together with Article 1 of Protocol No. 1 that the expropriation of subordinated bonds affected only non-Netherlands nationals like itself.

THE LAW

A. Joinder of the applications

39. The Court considers that the applications should be joined (Rule 42 § 1 of the Rules of Court), with the exception of application no. 49000/13, EBL Holding A/S v. the Netherlands. The latter application is inadmissible in its entirety as will appear below.

B. Complaints under Article 6 § 1 of the Convention

1. Complaints to be communicated

40. All applicants except EBL Holding A/S complain under Article 6 § 1 of the Convention, which, in its relevant part, provides as follows:

“In the determination of his civil rights and obligations ... everyone is entitled to a fair ... hearing ... by [a] ... tribunal ...”

41. These applicants complain, essentially, that the proceedings before the Administrative Jurisdiction Division were conducted with excessive haste, which prevented them from defending their interests properly. In particular, the time-limit for lodging an appeal with the Administrative Jurisdiction Division, only ten days, impeded access to a court especially for applicants resident abroad. The applicants Adorisio and Others complain in addition that the transmission of the Minister’s statement of defence, which ran to 105 pages, late in the afternoon before the hearing, coupled with the Administrative Jurisdiction Division’s refusal to adjourn its hearing even for the week-end, made adequate preparation for the hearing impossible.

42. All these applicants also complain that the reports by Ernst & Young and Cushman & Wakefield were not released to them complete, the Administrative Jurisdiction Division having allowed parts of them to be withheld.

43. The Court considers that it cannot, on the basis of the case file, determine the admissibility of these complaints and that it is therefore necessary, in accordance with Rule 54 § 2 (b) of the Rules of Court, to give notice of this part of the application to the respondent Government.

2. Remaining complaints under Article 6 § 1 of the Convention

44. The applicants complain variously that the shareholders and bondholders affected by the expropriation were not given prior individual notification; that an administrative objection brought against the DNB’s SREP decision was not pursued to a conclusion; that the proceedings to determine compensation were separated from those concerning the lawfulness of the expropriation; that the time allowed each of them at the Administrative Jurisdiction Division’s hearing was too limited; and that the length of the compensation proceedings was likely to be excessive.

45. However, in the light of all the material in its possession, and in so far as the matters complained of are within its competence, the Court finds that they do not disclose any appearance of a violation of the rights and freedoms set out in the Convention or its Protocols.

It follows that these complaints are manifestly ill-founded and must be rejected in accordance with Article 35 §§ 3 (a) and 4 of the Convention.

C. Complaints under Article 1 of Protocol No. 1

46. All applicants complain that they have been deprived of their possessions in violation of Article 1 of Protocol No. 1, which provides as follows:

“Every natural or legal person is entitled to the peaceful enjoyment of his possessions. No one shall be deprived of his possessions except in the public interest and subject to the conditions provided for by law and by the general principles of international law.

The preceding provisions shall not, however, in any way impair the right of a State to enforce such laws as it deems necessary to control the use of property in accordance with the general interest or to secure the payment of taxes or other contributions or penalties.”

47. The Court notes at the outset that proceedings relating to compensation are currently pending before the Supreme Court. Several applicants point out, however, that the decision to nationalise has become final and binding, having been approved by the decision of the Administrative Jurisdiction Division of 25 February 2013. They argue on that ground that domestic remedies have been exhausted as regards the lawfulness of the expropriation per se, even though the proceedings regarding compensation remain pending.

48. In assessing compliance with Article 1 of Protocol No. 1, the Court must make an overall examination of the various interests in issue, bearing in mind that the Convention is intended to safeguard rights that are “practical and effective”. It must look behind appearances and investigate the realities of the situation complained of. That assessment may involve not only the relevant compensation terms – if the situation involves, or is akin to, the taking of property – but also the conduct of the parties, including the means employed by the State and their implementation (see Broniowski v. Poland (dec.) [GC], no. 31443/96, § 151, ECHR 2002‑X; see also, inter alia and mutatis mutandis, Former King of Greece and Others v. Greece [GC], no. 25701/94, § 89, ECHR 2000‑XII; and Jahn and Others v. Germany [GC], nos. 46720/99, 72203/01 and 72552/01, § 94, ECHR 2005‑VI). As in the case of Lithgow and Others, the Court considers that it would be artificial in the present case to divorce the decision as to the compensation terms from the actual decision to expropriate, since the factors influencing the latter will of necessity also influence the former (see Lithgow and Others v. the United Kingdom, 8 July 1986, § 122, Series A no. 102).

49. It follows that the applicants’ complaints under this head are premature and must be rejected under Article 35 §§ 1 and 4 of the Convention for non-exhaustion of domestic remedies.

D. Complaints under Article 14 of the Convention taken together with Article 1 of Protocol No. 1

50. Under Article 14 taken together with Article 1 of Protocol No. 1 the applicant EBL Holding A/S complains that the expropriation of bonds affected only foreign nationals, not Netherlands nationals. Article 14 of the Convention provides as follows:

“The enjoyment of the rights and freedoms set forth in [the] Convention shall be secured without discrimination on any ground such as sex, race, colour, language, religion, political or other opinion, national or social origin, association with a national minority, property, birth or other status.”

51. The Court cannot find it established that this applicant’s assertion is accurate. It appears that a proportion of bondholders whose bonds were expropriated as set out above were in fact Netherlands nationals (see paragraph 20 above).

52. It follows that this complaint is manifestly ill-founded and must be rejected in accordance with Article 35 §§ 3 (a) and 4 of the Convention.

E. Complaint under Article 13 of the Convention

53. Brigade Distressed Value Master Fund Ltd. and Others complain under Article 13, without naming any connected Article, that the Administrative Jurisdiction Division failed to set aside the expropriation decree. Article 13 of the Convention provides as follows:

“Everyone whose rights and freedoms as set forth in [the] Convention are violated shall have an effective remedy before a national authority notwithstanding that the violation has been committed by persons acting in an official capacity.”

54. Although the claim of the applicants was rejected, this fact alone cannot establish that the remedy was ineffective (see, among many other authorities, Swedish Engine Drivers’ Union v. Sweden, 6 February 1976, § 50, Series A no. 20; Pine Valley Developments Ltd and Others v. Ireland, 29 November 1991, § 66, Series A no. 222; and De Souza Ribeiro v. France [GC], no. 22689/07, § 79, ECHR 2012). It follows that this complaint is manifestly ill-founded and must be rejected in accordance with Article 35 §§ 3 (a) and 4 of the Convention.

For these reasons, the Court unanimously

Declares inadmissible application no. 49000/13, EBL Holding A/S v. the Netherlands;

Decides to join the remaining applications;

Decides to adjourn the examination of the remaining applicants’ complaints under Article 6 § 1 of the Convention that the ten-day time-limit for appealing to the Administrative Jurisdiction Division was too short; that there was insufficient time to study the Minister of Finance’s statement of defence; and that the applicants were given access to incomplete versions of the reports by Ernst & Young and Cushman & Wakefield;

Declares the remainder of the applications inadmissible.

Marialena TsirliJosep Casadevall
Deputy RegistrarPresident

Appendix

Application no. 47315/13

No.

Firstname LASTNAME

Birth date

Birth year

Nationality

Place of residence

Representative 

Attilio MALATESTA

01/01/1957

1957

Italian

Squinzano

F. SCIAUDONE 

Stefania ADORISIO

26/12/1958

1958

Italian

Roma

F. SCIAUDONE 

Enrico BENCINI

04/03/1957

1957

Italian

Roma

F. SCIAUDONE 

Giuseppina CIULLI

09/01/1942

1942

Italian

Roma

F. SCIAUDONE 

Enrica CORINI

16/01/1937

1937

Italian

Roma

F. SCIAUDONE 

Piero RICCA

06/07/1948

1948

Italian

Roma

F. SCIAUDONE 

Alessandro ALMANZA

25/06/1971

1971

Italian

Roma

F. SCIAUDONE 

Alberto ALPI

21/03/1958

1958

Italian

Borgo Tossignano

F. SCIAUDONE 

Alessandro ANTEI

19/08/1952

1952

Italian

Roma

F. SCIAUDONE 

Daniela GIUSTI

15/01/1956

1956

Italian

Roma

F. SCIAUDONE 

Marco ANZANI

15/06/1963

1963

Italian

Chiuro

F. SCIAUDONE 

Giorgio ARIA

26/06/1957

1957

Italian

Torino

F. SCIAUDONE 

Claudia MATTIOTTO

11/07/1965

1965

Italian

Druento

F. SCIAUDONE 

Franscesco ARMANO

10/10/1960

1960

Italian

San Salvatore Monferrato

F. SCIAUDONE 

Mauro ARNOLDI

18/03/1982

1982

Italian

Mozzo

F. SCIAUDONE 

Alberto AZZONI

06/06/1965

1965

Italian

Lecco

F. SCIAUDONE 

Sergio BALDI

07/07/1940

1940

Italian

Prato

F. SCIAUDONE 

Vincenzo BARBA

21/06/1956

1956

Italian

Roma

F. SCIAUDONE 

Tiziana BARCELLA

28/06/1957

1957

Italian

Orio Al Serio

F. SCIAUDONE 

Piero BASSO

21/04/1956

1956

Italian

Borgio Verezzi

F. SCIAUDONE 

Fabio BATTINI

19/05/1979

1979

Italian

Carpi

F. SCIAUDONE 

Francesco BAZZANI

05/01/1940

1940

Italian

Sanguinetto

F. SCIAUDONE 

Giovanni BAZZANI

22/02/1964

1964

Italian

Gazzo Veronese

F. SCIAUDONE 

Natalina DE FANTI EDA

22/12/1938

1938

Italian

Sanguinetto

F. SCIAUDONE 

Marco BERNARDESCHI

15/10/1974

1974

Italian

Firenze

F. SCIAUDONE 

Anna Maria BESTETTI

27/02/1953

1953

Italian

Buccinasco

F. SCIAUDONE 

Serafino GIBERTINI

22/12/1951

1951

Italian

Buccinasco

F. SCIAUDONE 

Mirella BOCCHI

21/07/1946

1946

Italian

Cremona

F. SCIAUDONE 

Alessandro NOLLI

18/08/1946

1946

Italian

Cremona

F. SCIAUDONE 

Tullo BENAGLIA

16/06/1951

1951

Italian

Calestano

F. SCIAUDONE 

Francesco BERTINATO

21/09/1977

1977

Italian

Bologna

F. SCIAUDONE 

Federico Giulio Angelo BERTOLINI

20/11/1963

1963

Italian

Milano

F. SCIAUDONE 

Olga Enrica BIANCHI

16/07/1936

1936

Italian

Milano

F. SCIAUDONE 

Antonio Edoardo BERTOLINI

28/08/1932

1932

Italian

Milano

F. SCIAUDONE 

Raffaella BIANCANIELLO

24/04/1956

1956

Italian

Seregno

F. SCIAUDONE 

Anthony Gad BIGIO

04/06/1951

1951

American

Bethesda

F. SCIAUDONE 

Tommaso BISSOLI

05/12/1958

1958

Italian

Verona

F. SCIAUDONE 

Ciro BORRELLI

17/02/1938

1938

Italian

Napoli

F. SCIAUDONE 

Maria Rosaria PEZZANO

15/10/1939

1939

Italian

Napoli

F. SCIAUDONE 

Marzia BRAMBILLA

17/02/1969

1969

Italian

Agrate Brianza

F. SCIAUDONE 

Fausta BRIGHENTI

05/10/1956

1956

Italian

Modena

F. SCIAUDONE 

Cristian Ion BORCEA

08/07/1947

1947

Romanian

Cattolica

F. SCIAUDONE 

Claudio BORGHI

06/06/1970

1970

Italian

Milano

F. SCIAUDONE 

Sandro BOSCOLO BRAGADIN

07/03/1963

1963

Italian

Chioggia

F. SCIAUDONE 

Piermauro BROLETTI

23/11/1941

1941

Italian

Bergamo

F. SCIAUDONE 

Roberto BRUNELLO

19/08/1944

1944

Italian

Piverone

F. SCIAUDONE 

Boicio Lavor BOICEFF

21/02/1974

1974

Italian

Terni

F. SCIAUDONE 

Mario BOSIO

14/07/1955

1955

Italian

Leffe

F. SCIAUDONE 

Fernando CALFA

17/09/1968

1968

Italian

Torino

F. SCIAUDONE 

Vittorio CALFA

21/08/1935

1935

Italian

Torino

F. SCIAUDONE 

Maria Grazia ROCCHI

21/09/1934

1934

Italian

Torino

F. SCIAUDONE 

Flavio Angelo CANTÙ

17/08/1957

1957

Italian

Milano

F. SCIAUDONE 

Alessandro RIGGI

21/07/1998

1998

Italian

Roma

F. SCIAUDONE 

Fabio ROSSI

18/05/1943

1943

Italian

Borgo Carso

F. SCIAUDONE 

Alessandra CARCHELLA

28/07/1958

1958

Italian

Grottaferrata

F. SCIAUDONE 

Alfonso CARPI

21/08/1943

1943

Italian

Roma

F. SCIAUDONE 

Luciana CARRARA

27/06/1948

1948

Italian

Bergamo

F. SCIAUDONE 

Silvia CATTANEO

25/08/1948

1948

Italian

Mozzo

F. SCIAUDONE 

Stefano CATTANI

29/10/1959

1959

Italian

Parma

F. SCIAUDONE 

Sabrina FERRARI

06/11/1969

1969

Italian

Parma

F. SCIAUDONE 

Dario CAPILLUPO

01/03/1958

1958

Italian

Pedrengo

F. SCIAUDONE 

Davide CELLI

12/11/1966

1966

Italian

Rimini

F. SCIAUDONE 

Luisa GAVIRAGHI

27/05/1962

1962

Italian

Agrate Brianza

F. SCIAUDONE 

Paolo CERUTI

06/04/1961

1961

Italian

Agrate Brianza

F. SCIAUDONE 

Edoardo Mario CIOTTI

27/07/1968

1968

Italian

Bologna

F. SCIAUDONE 

Elena CIOTTI

13/02/1972

1972

Italian

Torino

F. SCIAUDONE 

Agnese Silvia CATTORI

15/04/1941

1941

Swiss

Torino

F. SCIAUDONE 

Antonio VEDOVATO

24/02/1947

1947

Italian

Bergamo

F. SCIAUDONE 

Carlo CHIAPPONI

13/09/1977

1977

Italian

Borgonovo Val Tidone

F. SCIAUDONE 

Remo MARIANI

05/09/1959

1959

Italian

Granarolo dell’Emilia

F. SCIAUDONE 

Alberto COGNIGNI

06/10/1949

1949

Italian

Porto S. Elpidio

F. SCIAUDONE 

Silvano Paolo CABIATI

06/09/1947

1947

Italian

Biassono

F. SCIAUDONE 

Luciana COLOMBO

04/03/1948

1948

Italian

Biassono

F. SCIAUDONE 

Andrea CONZ

15/08/1964

1964

Italian

Castelfranco Veneto

F. SCIAUDONE 

Donata TONETTO

24/11/1957

1957

Italian

Moriago della Battaglia

F. SCIAUDONE 

Silvano CORAZZIN

06/11/1953

1953

Italian

Moriago della Battaglia

F. SCIAUDONE 

Gerardo CORNETTA

10/02/1937

1937

Italian

Salerno

F. SCIAUDONE 

Gerarda VEGLIANTE

16/08/1946

1946

Italian

Salerno

F. SCIAUDONE 

Davide DALL’AGATA

23/03/1973

1973

Italian

Forlì

F. SCIAUDONE 

Maria Serena D’ANGELO

26/11/1944

1944

Italian

Roma

F. SCIAUDONE 

Carlo CROCELLA

13/05/1942

1942

Italian

Roma

F. SCIAUDONE 

Enrico DETOMA

21/03/1975

1975

Italian

Biella

F. SCIAUDONE 

Luca DEZZANI

09/05/1973

1973

Italian

Milano

F. SCIAUDONE 

Silvia MEDICI

22/03/1968

1968

Italian

Milano

F. SCIAUDONE 

Piero DI MARCO

23/08/1960

1960

Italian

Pennapiedemonte

F. SCIAUDONE 

Cristina MOZZAMBANI

03/05/1966

1966

Italian

Buttapietra

F. SCIAUDONE 

Barbara MOZZAMBANI

05/02/1965

1965

Italian

San Martino Buon Albergo

F. SCIAUDONE 

Raffaele DUINO

24/11/1965

1965

Italian

San Martino Buon Albergo

F. SCIAUDONE 

Alessio D’URZO

05/02/1975

1975

Italian

Napoli

F. SCIAUDONE 

Anna IANNIELLO

20/10/1936

1936

Italian

Afragola

F. SCIAUDONE 

Giuseppe ESPERO

02/01/1937

1937

Italian

Afragola

F. SCIAUDONE 

Vincenzo FABBIO

12/08/1964

1964

Italian

Napoli

F. SCIAUDONE 

Enrico FABBRO

01/11/1951

1951

Italian

Buia

F. SCIAUDONE 

Marco FALCONI

25/07/1975

1975

Italian

Acqualagna

F. SCIAUDONE 

Mirella FASSI

06/01/1944

1944

Italian

Albino

F. SCIAUDONE 

Francesco VILLARI

12/04/1939

1939

Italian

Albino

F. SCIAUDONE 

Dario FARINA

26/05/1962

1962

Italian

Bologna

F. SCIAUDONE 

Iana Orsini STAGIONI

17/10/1959

1959

Italian

Bologna

F. SCIAUDONE 

Luigi FELICI

09/07/1936

1936

Italian

Roma

F. SCIAUDONE 

Petro FELICIOTTI

15/06/1982

1982

Italian

Porto Recanati

F. SCIAUDONE 

Giampiero FERRELI

30/11/1944

1944

Italian

Cagliari

F. SCIAUDONE 

Giuliana VERROCCHIO

27/03/1948

1948

Italian

Cagliari

F. SCIAUDONE 

Daniela GAZZANIGA

26/08/1970

1970

Italian

Roma

F. SCIAUDONE 

Ortensia FLORIO

03/07/1941

1941

Italian

Roma

F. SCIAUDONE 

Daniela FONTANA

29/02/1948

1948

Italian

Milano

F. SCIAUDONE 

Francesco ROSSI

15/01/1947

1947

Italian

Milano

F. SCIAUDONE 

Bartolomeo FORZANO

14/06/1955

1955

Italian

Mondovì

F. SCIAUDONE 

Patrizia CERRI

05/03/1958

1958

Italian

Mondovì

F. SCIAUDONE 

Mario FUCCI

07/05/1932

1932

Italian

Sulmona

F. SCIAUDONE 

Stefano GALASSI

09/01/1951

1951

Italian

Roma

F. SCIAUDONE 

Giuliana MARTARELLO

04/06/1954

1954

Italian

Roma

F. SCIAUDONE 

Gianfranco GAMBA

26/12/1948

1948

Italian

Gazzaniga

F. SCIAUDONE 

Maria PEZZOLI

28/08/1949

1949

Italian

Gazzaniga

F. SCIAUDONE 

Giada GASPERINI

29/06/1983

1983

Italian

Roma

F. SCIAUDONE 

Maria Grazia GASPERINI

17/11/1957

1957

Italian

Roma

F. SCIAUDONE 

Giovanni CANFORA

06/03/1950

1950

Italian

Roma

F. SCIAUDONE 

Maria CANFORA

25/02/1953

1953

Italian

Civita Castellana

F. SCIAUDONE 

Felicita CECCONI

11/04/1943

1943

Italian

Roma

F. SCIAUDONE 

Maurizio CASTAGNA

02/04/1942

1942

Italian

Roma

F. SCIAUDONE 

Luigi GATTI

05/05/1957

1957

Italian

Seregno

F. SCIAUDONE 

Pierluigi GENTILIN

21/03/1964

1964

Italian

Biella

F. SCIAUDONE 

Paolo GENTILIN

06/02/1967

1967

Italian

Sandigliano

F. SCIAUDONE 

Artemio GENTILIN

19/04/1930

1930

Italian

Sandigliano

F. SCIAUDONE 

Stefano GENTILINI

22/11/1969

1969

Italian

Castel Bolognese

F. SCIAUDONE 

Silvia GIGLI

29/10/1928

1928

Italian

Ancona

F. SCIAUDONE 

Fausto GIORGETTI

26/11/1954

1954

Italian

Montepulo

F. SCIAUDONE 

Mila MANNELLI

05/12/1957

1957

Italian

Montepulo

F. SCIAUDONE 

Marco GIUNTA

25/06/1960

1960

Italian

Bassano del Grappa

F. SCIAUDONE 

Diana GIULIANI

15/05/1967

1967

Italian

Roma

F. SCIAUDONE 

Pietro Lelio GIULIANI

25/10/1931

1931

Italian

Civita Castellana

F. SCIAUDONE 

Iracema COSTANTINI

15/05/1936

1936

Brazilian

Civita Castellana

F. SCIAUDONE 

Paola GIULIANI

06/07/1959

1959

Italian

Roma

F. SCIAUDONE 

Giovanni GUERZONI

12/11/1958

1958

Italian

Roma

F. SCIAUDONE 

Gianluigi GELMI

31/01/1968

1968

Italian

Cazzano Sant’Andrea

F. SCIAUDONE 

Ornella GELMI

08/06/1964

1964

Italian

Gandino

F. SCIAUDONE 

Gian Marco GHIBAUDO

19/10/1968

1968

Italian

Borgo San Dalmazzo

F. SCIAUDONE 

Caterina RABBIA

19/04/1939

1939

Italian

Borgo San Dalmazzo

F. SCIAUDONE 

Sergio GOLLINI

19/10/1969

1969

Italian

Casalecchio di Reno

F. SCIAUDONE 

Marco GOTTIFREDI

11/10/1977

1977

Italian

Dervio

F. SCIAUDONE 

Daniela GIUFFREDI

08/02/1955

1955

Italian

Parma

F. SCIAUDONE 

Gianna GUIDOBONI

09/07/1938

1938

Italian

Bergamo

F. SCIAUDONE 

Fernando MORELLI

21/11/1936

1936

Italian

Bergamo

F. SCIAUDONE 

Luisella CARRARA

29/03/1950

1950

Italian

Lovere

F. SCIAUDONE 

Roberto CARRARA

06/02/1948

1948

Italian

Bergamo

F. SCIAUDONE 

Maria GUARNIERI

03/10/1935

1935

Italian

Roma

F. SCIAUDONE 

Silvana BOSIO

30/05/1947

1947

Italian

Gazzaniga

F. SCIAUDONE 

Luigi MENI

26/05/1944

1944

Italian

Gazzaniga

F. SCIAUDONE 

Clemente CIACERI

07/12/1967

1967

Italian

Scansano

F. SCIAUDONE 

Fabrizio ROCCHI

06/07/1953

1953

Italian

Zanica

F. SCIAUDONE 

Ugo FRANZONI

17/10/1964

1964

Italian

Palosco

F. SCIAUDONE 

Gianluca GUISO

16/09/1987

1987

Italian

Oliena

F. SCIAUDONE 

Fabrizio Marco KOFLER

02/03/1964

1964

Italian

Milano

F. SCIAUDONE 

Eliana IODICE

12/05/1945

1945

Italian

Palermo

F. SCIAUDONE 

Antonino BERTOLINO

14/04/1945

1945

Italian

Palermo

F. SCIAUDONE 

Angelo LAUDIERO

07/09/1954

1954

Italian

Afragola

F. SCIAUDONE 

Marco LEONE

31/10/1961

1961

Italian

Roma

F. SCIAUDONE 

Antonella SALVATORI

16/02/1969

1969

Italian

Roma

F. SCIAUDONE 

Samantha LOSCO

25/03/1975

1975

Italian

Avellino

F. SCIAUDONE 

Gianluca MARANGONI

02/07/1976

1976

Italian

Verona

F. SCIAUDONE 

Aldo MAGGI

14/07/1955

1955

Italian

Albino

F. SCIAUDONE 

Carmelina Maria MANDUCA

11/05/1949

1949

Italian

Guidonia

F. SCIAUDONE 

Paolo MANGILI

04/03/1965

1965

Italian

Nembro

F. SCIAUDONE 

Dalila SUARDI

30/09/1968

1968

Italian

Nembro

F. SCIAUDONE 

Eliseo MACCONI

03/10/1951

1951

Italian

Bergamo

F. SCIAUDONE 

Enzo Lazzaro MAPELLI

12/12/1957

1957

Italian

Brembate

F. SCIAUDONE 

Franco MAPELLI

11/12/1945

1945

Italian

Grezzago

F. SCIAUDONE 

Adriana MAPELLI

26/02/1944

1944

Italian

Grezzago

F. SCIAUDONE 

Giuseppe MARCHETTI

19/03/1971

1971

Italian

Roma

F. SCIAUDONE 

Remo MARIANI

05/09/1959

1959

Italian

Granarolo dell’Emilia

F. SCIAUDONE 

Ermelinda FRAMBATI

12/06/1963

1963

Italian

Granarolo dell’Emilia

F. SCIAUDONE 

Maria Assunta MARZOTTI

17/08/1964

1964

Italian

Roma

F. SCIAUDONE 

Angelo MARTINELLI

17/08/1954

1954

Italian

Modena

F. SCIAUDONE 

Paolo Umberto MARTINELLI

18/09/1988

1988

Italian

Modena

F. SCIAUDONE 

Claudio Giovanni MARTINELLI

27/11/1990

1990

Italian

Modena

F. SCIAUDONE 

Stefano MASSAI

23/10/1982

1982

Italian

Campi Bisenzio

F. SCIAUDONE 

Simonetta MAZZONI

20/05/1959

1959

Italian

Casalecchio di Reno

F. SCIAUDONE 

Oscar MAZZOLENI FERRACINI

30/03/1951

1951

Italian

Bergamo

F. SCIAUDONE 

Alessandro MEDOLAGO

04/07/1929

1929

Italian

Bergamo

F. SCIAUDONE 

Matteo MIARI

22/10/1981

1981

Italian

Sassuolo

F. SCIAUDONE 

Danilo MOLDUCCI

01/06/1953

1953

Italian

Campiano

F. SCIAUDONE 

Stefano MOLDUCCI

25/09/1982

1982

Italian

Castrocaro Terme e Terra del Sole

F. SCIAUDONE 

Giovanni MOLINO

21/07/1952

1952

Italian

Mareno di Piave

F. SCIAUDONE 

Alberto MONDINI

18/04/1966

1966

Italian

Costermano

F. SCIAUDONE 

Daniele MONTELEONE

13/02/1931

1931

Italian

Palermo

F. SCIAUDONE 

Ornella MONTI

26/02/1945

1945

Italian

Seregno

F. SCIAUDONE 

Daria MOSCARDI

30/08/1936

1936

Italian

Roma

F. SCIAUDONE 

Anna Lucia MUSCARIDOLA

12/06/1956

1956

Italian

Matera

F. SCIAUDONE 

Raffaele NAPPO

13/03/1949

1949

Italian

Castellammare di Stabia

F. SCIAUDONE 

Marco Ambrogio Antonio NAVA

10/12/1957

1957

Italian

Milano

F. SCIAUDONE 

Giuliano NAZZARRO

14/07/1977

1977

Italian

Roma

F. SCIAUDONE 

Andrea NERI

06/02/1974

1974

Italian

Montevarchi

F. SCIAUDONE 

Massimo NERI

12/03/1955

1955

Italian

Firenze

F. SCIAUDONE 

Carla NODARI

11/04/1956

1956

Italian

Leffe

F. SCIAUDONE 

Germano PASSERINI

15/07/1966

1966

Italian

Sassoferrato

F. SCIAUDONE 

Marco PECETTO

13/04/1962

1962

Italian

Torino

F. SCIAUDONE 

Emanuela SUSA

18/01/1962

1962

Italian

Torino

F. SCIAUDONE 

Manuele PIANCA

22/10/1970

1970

Italian

Alassio

F. SCIAUDONE 

Gianmarco PIAZZA

17/07/1971

1971

Italian

Faenza

F. SCIAUDONE 

Francesca NASALVI

05/03/1971

1971

Italian

Faenza

F. SCIAUDONE 

Antonio PORFIRIO

03/09/1967

1967

Italian

Roma

F. SCIAUDONE 

Giuliana MACCALI

22/03/1954

1954

Italian

Monza

F. SCIAUDONE 

Bruno POZZI

11/04/1954

1954

Italian

Monza

F. SCIAUDONE 

Giuseppe QUERCI

21/09/1939

1939

Italian

Campi Bisenzio

F. SCIAUDONE 

Onelia PECCHIOLI

18/12/1940

1940

Italian

Campi Bisenzio

F. SCIAUDONE 

Luca RADICCHI

19/11/1971

1971

Italian

Gubbio

F. SCIAUDONE 

Maria Pia RAFFAELLI

25/05/1953

1953

Italian

Bergamo

F. SCIAUDONE 

Patrizia RAPANÀ

18/06/1962

1962

Italian

Roma

F. SCIAUDONE 

Antonella RASO

19/12/1958

1958

Italian

Fondi

F. SCIAUDONE 

Bruno RENZI

14/10/1949

1949

Italian

Roma

F. SCIAUDONE 

Maria Luisa DECISI

01/12/1959

1959

Egyptian

Roma

F. SCIAUDONE 

Luisa Giuseppina CHALLIER

14/12/1940

1940

Italian

Segrate

F. SCIAUDONE 

Bruno Battista REVELLI

26/07/1941

1941

Italian

Segrate

F. SCIAUDONE 

Alessandro ROCA

13/03/1971

1971

Italian

Torino

F. SCIAUDONE 

Franscesco ROCCO

01/01/1951

1951

Italian

Afragola

F. SCIAUDONE 

Luca RIMOLDI

04/06/1974

1974

Italian

Busto Arsizio

F. SCIAUDONE 

Luigi ROMENTI

05/06/1960

1960

Italian

San Nicolò a Trebbia

F. SCIAUDONE 

Marina MEREGALLI

19/05/1964

1964

Italian

Usmate Velate

F. SCIAUDONE 

Carmelo ROSSI

11/01/1963

1963

Italian

Usmate Velate

F. SCIAUDONE 

Armanda RUGGERI

11/06/1937

1937

Italian

Bergamo

F. SCIAUDONE 

Fabio SACCOMANDI

14/03/1963

1963

Italian

Torino

F. SCIAUDONE 

Zaccaria SALA

02/12/1985

1985

Italian

Nembro

F. SCIAUDONE 

Mario SALA

22/06/1947

1947

Italian

Nembro

F. SCIAUDONE 

Laura Mazzoleni FERRACINI

02/08/1955

1955

Italian

Nembro

F. SCIAUDONE 

Nicola SALA

16/01/1980

1980

Italian

Nembro

F. SCIAUDONE 

Vito SALVATORE

28/07/1969

1969

Italian

Vitulazio

F. SCIAUDONE 

Rosaria ANDALORO

11/06/1955

1955

Italian

Milazzo

F. SCIAUDONE 

Antonio SCHIAVONE

22/05/1945

1945

Italian

Cazzano Sant’Andrea

F. SCIAUDONE 

Colomba ROTTIGNI

10/10/1943

1943

Italian

Cazzano Sant’Andrea

F. SCIAUDONE 

Ezio SCHIAVONE

26/10/1977

1977

Italian

Cazzano Sant’Andrea

F. SCIAUDONE 

Claudia BARDI

28/05/1964

1964

Italian

Siena

F. SCIAUDONE 

Franco STANGHELLINI

27/09/1955

1955

Italian

Siena

F. SCIAUDONE 

Antonino SEGRETO

01/01/1946

1946

Italian

Palermo

F. SCIAUDONE 

Angela PIRRERA

01/01/1948

1948

Italian

Palermo

F. SCIAUDONE 

Marco SEREGNI

14/01/1955

1955

Italian

Milano

F. SCIAUDONE 

Adriana STEFANONI

27/12/1943

1943

Italian

Villa d’Alme’

F. SCIAUDONE 

Alberto KLUZER

26/02/1943

1943

Italian

Villa d’Alme’

F. SCIAUDONE 

Tiziana STOPPANI

04/10/1961

1961

Italian

Como

F. SCIAUDONE 

Vincenzo TALLARICO

21/03/1975

1975

Italian

Roma

F. SCIAUDONE 

Alberto TARANTINI

05/04/1966

1966

Italian

Roma

F. SCIAUDONE 

Fabio TAVAZZI

15/12/1984

1984

Italian

Padova

F. SCIAUDONE 

Fernando TAVAZZI

17/08/1950

1950

Italian

Padova

F. SCIAUDONE 

Paola POLETTO

11/11/1954

1954

Italian

Padova

F. SCIAUDONE 

Alberto TERRANEO

12/12/1969

1969

Italian

Carate Brianza

F. SCIAUDONE 

Paolo TERENZIANI

30/06/1958

1958

Italian

Parma

F. SCIAUDONE 

Ada ZANICHELLI

31/10/1930

1930

Italian

Sorbolo (PR)

F. SCIAUDONE 

Camillo TERRUZZI

28/09/1949

1949

Italian

Briosco

F. SCIAUDONE 

Nadir Gualberto TERRUZZI

30/08/1977

1977

Italian

Briosco

F. SCIAUDONE 

Karen TERRUZZI

20/08/1982

1982

Italian

Briosco

F. SCIAUDONE 

Valentina TERRUZZI

31/05/1993

1993

Italian

Verano Brianza

F. SCIAUDONE 

Michele TOSI

30/06/1968

1968

Italian

Ferrara

F. SCIAUDONE 

Federica TRENTINI

18/09/1966

1966

Italian

Modena

F. SCIAUDONE 

Mauro F. ALLIEVI

12/10/1965

1965

Italian

Modena

F. SCIAUDONE 

Mario TREDICI

07/08/1966

1966

Italian

Roma

F. SCIAUDONE 

Aldo TREDICI

12/12/1924

1924

Italian

Fara in Sabina

F. SCIAUDONE 

Anna LUPI

27/07/1959

1959

Italian

Fara in Sabina

F. SCIAUDONE 

Adriana TREDICI

03/11/1919

1919

Italian

Fara in Sabina

F. SCIAUDONE 

Carla TREDICI

05/10/1956

1956

Italian

Roma

F. SCIAUDONE 

Roberta SORACE

04/07/1973

1973

Italian

Roma

F. SCIAUDONE 

Franca LONGHI

14/04/1946

1946

Italian

Roma

F. SCIAUDONE 

Mario TROISE

07/11/1968

1968

Italian

Nepi

F. SCIAUDONE 

Mario ARGENTIERI

08/04/1957

1957

Italian

Roma

F. SCIAUDONE 

Andrea TURCI

17/06/1967

1967

Italian

Arona

F. SCIAUDONE 

Riccardo UBICINI

06/10/1967

1967

Italian

Faggeto Lario

F. SCIAUDONE 

Dario VALENTE

09/07/1976

1976

Italian

Bacoli

F. SCIAUDONE 

Franscesca Romana VALLE

27/07/1986

1986

Italian

Roma

F. SCIAUDONE 

Andrea VALLONE

11/06/1988

1988

Italian

Nettuno

F. SCIAUDONE 

Umberto VALSECCHI

14/12/1976

1976

Italian

Olginate

F. SCIAUDONE 

Donato Leonardo VENTIMIGLIA

03/04/1948

1948

Italian

Napoli

F. SCIAUDONE 

Mimma CARUSO

02/03/1956

1956

Italian

Napoli

F. SCIAUDONE 

Gianluca VIGOLO

05/11/1973

1973

Italian

Rubano

F. SCIAUDONE 

Elena VILLARI

17/07/1970

1970

Italian

Albino

F. SCIAUDONE 

Antonio VILLARI

14/02/1977

1977

Italian

Albino

F. SCIAUDONE 

Luigi VISINONI

18/08/1956

1956

Italian

Orio Al Serio

F. SCIAUDONE 

Andrea VOCELLA

20/08/1968

1968

Italian

Portogruaro

F. SCIAUDONE 

Silvio VONA

03/03/1947

1947

Italian

Salerno

F. SCIAUDONE 

Franca Romana ZAPPIERI

09/07/1955

1955

Italian

Milano

F. SCIAUDONE 

Jacopo ZODO

03/04/1975

1975

Italian

Treviso

F. SCIAUDONE 

Maria Giovanna MALVESTIO

12/07/1947

1947

Italian

Treviso

F. SCIAUDONE 

Valerio ZOJA

28/07/1947

1947

Italian

Milano

F. SCIAUDONE 

Francesco TERENZIANI

13/04/1947

1947

Italian

Parma

F. SCIAUDONE 

Edda MAGNANI

07/05/1951

1951

Italian

Parma

F. SCIAUDONE 

Tiziana MARCELLI

20/10/1966

1966

Italian

Roma

F. SCIAUDONE 

Francesca AMICUZI

17/10/1929

1929

Italian

Roma

F. SCIAUDONE 

Mario MARCELLI

10/10/1962

1962

Italian

Roma

F. SCIAUDONE 

Maurizio AROSIO

23/11/1960

1960

Italian

Desio

F. SCIAUDONE 

Fabio Edoardo BALDUZZI

24/04/1970

1970

Italian

Torino

F. SCIAUDONE 

Giorgio BARBIERI

27/10/1951

1951

Italian

Modena

F. SCIAUDONE 

Giuseppe BERNAGOZZI

05/03/1962

1962

Italian

Cento

F. SCIAUDONE 

Riccardo BORIOLI

16/10/1950

1950

Italian

Milano

F. SCIAUDONE 

Carla BRAGANTI

16/11/1961

1961

Italian

San Giustino

F. SCIAUDONE 

Agostino CALIFANO

17/09/1969

1969

Italian

Roccapiemonte

F. SCIAUDONE 

Carmela CALIFANO

31/03/1927

1927

Italian

Roccapiemonte

F. SCIAUDONE 

Luca CAPPELLETTI

28/04/1970

1970

Italian

Forlì

F. SCIAUDONE 

Giuseppe CATALDO

01/10/1939

1939

Italian

Roma

F. SCIAUDONE 

Stefano CRISPO

26/12/1982

1982

Italian

Varese

F. SCIAUDONE 

Stefano D’ANDREA

03/11/1973

1973

Italian

Ancona

F. SCIAUDONE 

Paolo Vincenzo DELL’ORTO

24/05/1969

1969

Italian

Vimercate

F. SCIAUDONE 

Michela SIMONINI

10/07/1972

1972

Italian

Vimercate

F. SCIAUDONE 

Bruno DOMINICI

04/02/1966

1966

Italian

Spoleto

F. SCIAUDONE 

Francesco DONEDDU

04/12/1955

1955

Italian

Sassari

F. SCIAUDONE 

Luca FRANCESCHELLI

25/12/1972

1972

Italian

Imola

F. SCIAUDONE 

Carlo FILOMENA

27/04/1964

1964

Italian

Martina Franca

F. SCIAUDONE 

Davide FONTANA

29/06/1957

1957

Italian

Bologna

F. SCIAUDONE 

Michele GALLAZZI

14/10/1983

1983

Italian

Olgiate Olona

F. SCIAUDONE 

Davide GALLI

11/09/1969

1969

Italian

Agrate Brianza

F. SCIAUDONE 

Alberto GELATI

13/10/1961

1961

Italian

La Spezia

F. SCIAUDONE 

Loris GHELLER

01/08/1954

1954

Italian

Bolzano Vicentino

F. SCIAUDONE 

Alessandro GERMINI

30/05/1965

1965

Italian

Roma

F. SCIAUDONE 

Roberto GONZAGA

30/08/1967

1967

Italian

Milano

F. SCIAUDONE 

Antonio Bambino GUADALUPI

01/04/1963

1963

Italian

Giugliano in Campania

F. SCIAUDONE 

Karel ROSA

18/03/1971

1971

Italian

Biella

F. SCIAUDONE 

Gustavo Otto Alfredo KLAEBISCH

10/03/1967

1967

Venezuelan

Pescara

F. SCIAUDONE 

Joan DUMITRU

17/08/1965

1965

Romanian

Vaprio D’adda

F. SCIAUDONE 

Sergio LEONI

17/08/1951

1951

Italian

Bernareggio

F. SCIAUDONE 

Amerigo LORI

11/01/1948

1948

Italian

Poggibonsi

F. SCIAUDONE 

Renato MAINI

30/09/1967

1967

Italian

Viserbella

F. SCIAUDONE 

Fedelina MORDINI

19/08/1932

1932

Italian

Modena

F. SCIAUDONE 

Anna RENI

20/10/1969

1969

Italian

Viserbella

F. SCIAUDONE 

Mariarosa BARUZZI

24/10/1939

1939

Italian

Biella

F. SCIAUDONE 

Claudio MANFRIN

18/02/1975

1975

Italian

Santhià

F. SCIAUDONE 

Vittorio MANFRIN

21/02/1937

1937

Italian

Biella

F. SCIAUDONE 

Maurizio MAMBRETTI

07/05/1973

1973

Italian

Valbrona

F. SCIAUDONE 

Roberta MAZZONI

12/11/1962

1962

Italian

Bologna

F. SCIAUDONE 

Giorgio MELE

19/11/1945

1945

Italian

Caserta

F. SCIAUDONE 

Francesco MELI

25/11/1966

1966

Italian

Monasterolo del Castello

F. SCIAUDONE 

Marcello RUSSO

27/07/1979

1979

Italian

Roma

F. SCIAUDONE 

Maria Teresa MESSINA

24/09/1950

1950

Italian

Roma

F. SCIAUDONE 

Pietro MINNI

24/12/1960

1960

Italian

Roma

F. SCIAUDONE 

Fabrizio SARTORI

11/01/1951

1951

Italian

Roma

F. SCIAUDONE 

Lorena SARTORI

15/10/1976

1976

Italian

Roma

F. SCIAUDONE 

Franscesco PACIUCCI

14/02/1944

1944

Italian

Roma

F. SCIAUDONE 

Wilhelmina Christina BLOKKER

26/11/1943

1943

Dutch

Roma

F. SCIAUDONE 

Dino PANGRAZZI

01/02/1948

1948

Italian

Trento

F. SCIAUDONE 

Massimiliano PARINI

13/01/1971

1971

Italian

Corbetta

F. SCIAUDONE 

Paula VILLALBA FABIANO

28/09/1969

1969

Italian

Latina

F. SCIAUDONE 

Patrizio PASSALACQUA

08/05/1972

1972

Italian

Lugo

F. SCIAUDONE 

Renato CASAROTTO

13/01/1953

1953

Italian

Padova

F. SCIAUDONE 

Massimiliano PECAR

19/01/1968

1968

Italian

Trieste

F. SCIAUDONE 

Giuseppe PETRINA

15/02/1948

1948

Italian

Firenze

F. SCIAUDONE 

Susanna PICINALI

29/05/1975

1975

Italian

Albino

F. SCIAUDONE 

Stefano VILLA

13/02/1970

1970

Italian

Albino

F. SCIAUDONE 

Enrico Roberto POLESE

30/11/1964

1964

Italian

Torino

F. SCIAUDONE 

Maria BORGOGNO

29/12/1964

1964

Italian

Torino

F. SCIAUDONE 

Alessandro CATALDO

06/05/1964

1964

Italian

Roma

F. SCIAUDONE 

Patrizia POPOLATO

02/01/1949

1949

Italian

Roma

F. SCIAUDONE 

Aldina RIZZARDI

31/05/1946

1946

Italian

Seregno

F. SCIAUDONE 

Rosa RICCIOLI

20/12/1940

1940

Italian

Milano

F. SCIAUDONE 

Sergio ROSSI

05/12/1953

1953

Italian

Fabrica di Roma

F. SCIAUDONE 

Antonio SCALZULLO

07/01/1962

1962

Italian

Avellino

F. SCIAUDONE 

Alberto SEGRE

05/06/1973

1973

Italian

Biella

F. SCIAUDONE 

Paola SEGRE

09/06/1969

1969

Italian

Biella

F. SCIAUDONE 

Gianfranco SEGRE

25/01/1942

1942

Italian

Biella

F. SCIAUDONE 

Stefano SONCINI

25/09/1968

1968

Italian

Roma

F. SCIAUDONE 

Gian Paolo TALPONE

28/05/1959

1959

Italian

Zoagli

F. SCIAUDONE 

Maria PEPICE

15/01/1955

1955

Italian

Sirtori

F. SCIAUDONE 

Maristella BRODESCO

20/12/1960

1960

Italian

Quinto Vicentino

F. SCIAUDONE 

Nicola TODESCATO

14/11/1965

1965

Italian

Quinto Vicentino

F. SCIAUDONE 

Fabio TORRI

19/05/1966

1966

Italian

Formigine

F. SCIAUDONE 

Roberto TOSCHI CORNELIANI

03/10/1973

1973

Italian

Agrate Brianza

F. SCIAUDONE 

Emilio VERGNANI

15/09/1938

1938

Italian

Bagnolo in Piano

F. SCIAUDONE 

Daniela PRANDO

14/07/1954

1954

Italian

Padova

F. SCIAUDONE 

Carmela DELL’ACQUA

23/08/1920

1920

Italian

Firenze

F. SCIAUDONE 

Francesco MALANDRINO

20/01/1985

1985

Italian

Torino

F. SCIAUDONE 

Aileen TORRE

28/09/1959

1959

Philippines

Campione d’Italia

F. SCIAUDONE 

Ennio LOGLIO

13/01/1944

1944

Italian

Bergamo

F. SCIAUDONE 

Giuseppina BONOMO

03/02/1944

1944

Tunisian

Latina

F. SCIAUDONE 

Gabriele ZOJA

01/01/1976

1976

Italian

Milano

F. SCIAUDONE 

Francesco SABATO

13/11/1979

1979

Italian

Barcelona

F. SCIAUDONE 

Fransceso SPADARO

05/07/1952

1952

Italian

Messina

F. SCIAUDONE 

Giuseppe RICCIARELLI

12/09/1956

1956

Italian

San Giustino

F. SCIAUDONE 

Antonio CANESTRO

29/12/1929

1929

Italian

PULLY

F. SCIAUDONE 

Jacopo VILLATICO CAMPBELL

07/01/1978

1978

Italian

Panama City

F. SCIAUDONE 

BANCA DI SAN MARINO SPA

Company

Company

Italian

Repubblica di San Marino

F. SCIAUDONE 

FINAROCHE SCA

Company

Company

Italian

Saint-Gilles

F. SCIAUDONE 

FINMODA SRL

Company

Company

Italian

Torino

F. SCIAUDONE 

ALPHA VALUE MANAGEMENT ITALY LTD

Company

Company

Italian

Noventa Padovana

F. SCIAUDONE 

BANCA SAMMARINESE DI INVESTIMENTO SPA

Company

Company

Italian

Repubblica di San Marino

F. SCIAUDONE 

GENERALI PAN EUROPE LTD

Company

Company

Italian

Dublin

F. SCIAUDONE 

FE.DE IMMOBILSERVICES SRL

Company

Company

Italian

Roma

F. SCIAUDONE 

ZAROCAT S.P.A.

Company

Company

Italian

Arcugnano

F. SCIAUDONE 

Franscesco POZZESSERE

11/06/1978

1978

Italian

Panama City

F. SCIAUDONE

Application no. 48490/13

No.

Firstname LASTNAME

Place of residence

Representative                

BRIGADE DISTRESSED VALUE MASTER FUND LTD

Grand Cayman

Cayman Islands

Stephen Pearson – JONES DAY                

BRIGADE LEVERAGED CAPITAL STRUCTURES FUND LTD

Grand Cayman

Cayman Islands

Stephen Pearson – JONES DAY                

BRIGADE CREDIT FUND I LTD

Grand Cayman

Cayman Islands

Stephen Pearson – JONES DAY                

BURLINGTON LOAN MANAGEMENT LTD

Dublin

Ireland

Stephen Pearson – JONES DAY

Application no. 49000/13

No.

Firstname LASTNAME

Birth date

Birth year

Nationality

Place of residence

Representative

1.

‘ EBL HOLDING A/S

Company

Company

Danish

Vejle

SHEFET

Application no. 49016/13

No.

Firstname LASTNAME

Birth date

Birth year

Nationality

Place of residence

Representative

1.

‘ INTEGRALE GEMEENSCHAPPELIJKE VERZEKERINGSKAS

Company

Company

Belgian

Luik

J.A.M.A. SLUYSMANS

[1] This should presumably read: section 8:41(5).

Full & Egal Universal Law Academy