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    Implementation of bail-in rules from the Bank Recovery and Resolution Directive in the Netherlands
    2015-12-01

    As of 1 January 2015 the harmonized financial institution resolution rules from the Bank Recovery and Resolution Directive will be implemented in national Dutch legislation. Among other things these rules confer upon the Dutch Central Bank the so-called "bail-in power". Pursuant to the bail-in instrument, the Dutch Central Bank will have the power to cancel and/or reduce the unsecured liabilities of a financial institution under resolution or convert such liabilities into equity.

    Filed under:
    European Union, Netherlands, Banking, Capital Markets, Insolvency & Restructuring, Stibbe, Bailout, De Nederlandsche Bank
    Authors:
    Robert Steeg
    Location:
    European Union, Netherlands
    Firm:
    Stibbe
    Dutch Intervention Act in force
    2012-06-14
    1. Introduction

    On 13 June 2012 legislation allowing the Dutch Central Bank or the Dutch Minister of Finance to intervene in respect of failing banks and insurance companies with seat in the Netherlands ("Intervention Act") came into force with retroactive effect from 20 January 2012.

    Filed under:
    Netherlands, Banking, Insolvency & Restructuring, Insurance, De Brauw Blackstone Westbroek, De Nederlandsche Bank
    Location:
    Netherlands
    Firm:
    De Brauw Blackstone Westbroek
    Landsbanki (Icesave): dismissal of request to extend emergency regulations
    2010-12-10

    On March 8 2010 the Amsterdam District Court dismissed an application by the administrators of the Dutch branch of Landsbanki hf to extend the term of the emergency regulations that had been declared applicable to the Dutch branch by the court on October 13 2008.(1) As a result, the regulations ceased to apply on March 13 2010.

    Facts

    Filed under:
    Netherlands, Banking, Insolvency & Restructuring, Litigation, NautaDutilh, Legal personality, Credit (finance), Market liquidity, State of emergency, Substantive due process, European Commission, European Economic Area, De Nederlandsche Bank
    Authors:
    René van de Klift
    Location:
    Netherlands
    Firm:
    NautaDutilh
    Intervention Act
    2011-04-15

    This newsletter discusses the draft legislative proposal for a Financial Institutions (Special Measures) Act (Wet bijzondere maatregelen financiële ondernemingen; "Intervention Act") that was recently published for consultation along with a draft explanatory memorandum and a document containing specific questions. The draft proposal would broaden the powers of the Dutch Central Bank (De Nederlandsche Bank; "DNB") and the Minister of Finance to intervene at financial institutions that are experiencing "serious problems".

    Filed under:
    Netherlands, Banking, Insolvency & Restructuring, NautaDutilh, Bankruptcy, European Commission, De Nederlandsche Bank, Banking Act 2009 (UK)
    Authors:
    Pim Rank , Geert Raaijmakers
    Location:
    Netherlands
    Firm:
    NautaDutilh
    Consultation on intervention in financial undertakings
    2011-06-01

    A bill introducing special measures with regard to financial undertakings (Intervention Bill) has been published for consultation. The bill would extend government powers to intervene in financial undertakings which are in serious difficulties. Under the bill the Dutch Central Bank (DNB) could draw up a plan for the transfer of financial undertakings which are experiencing irreversible financial problems. DNB could submit the transfer plan to the courts and request an order to implement the transfer scheme.

    Filed under:
    Netherlands, Banking, Capital Markets, Insolvency & Restructuring, De Brauw Blackstone Westbroek, Public consultations, Governance, De Nederlandsche Bank
    Authors:
    Harm-Jan de Kluiver
    Location:
    Netherlands
    Firm:
    De Brauw Blackstone Westbroek
    Landsbanki: emergency regulations and effects of deposit guarantee scheme
    2009-05-15

    On October 13 2008 the Amsterdam District Court declared the emergency regulations underthe Financial Supervision Act applicable to the Dutch branch of Landsbanki (Icesave).(1) This update looks at:

    Filed under:
    Netherlands, Banking, Insolvency & Restructuring, Litigation, NautaDutilh, Bankruptcy, Legal personality, Credit (finance), Debtor, Liquidation, State of emergency, European Commission, European Economic Area, De Nederlandsche Bank
    Authors:
    Robert van Galen
    Location:
    Netherlands
    Firm:
    NautaDutilh
    Dutch Central Bank seizes DSB Bank
    2009-10-13

    De Nederlandsche Bank (DNB) began the process of appointing receivers Monday for DSB Bank NA (DSB) after DSB experienced a “run” when rumors of its insolvency spread via Twitter and other outlets.

    Filed under:
    Netherlands, Banking, Insolvency & Restructuring, Alston & Bird LLP, Mortgage loan, Consortium, Twitter, Federal Deposit Insurance Corporation (USA), ING Group, De Nederlandsche Bank
    Authors:
    Christy Prendergast
    Location:
    Netherlands
    Firm:
    Alston & Bird LLP
    DSB Bank N.V. declared bankrupt and ordered to liquidate
    2009-10-19

    Earlier today, DSB Bank N.V. (DSB) was declared bankrupt and ordered to liquidate, ending hopes the regional lender, which last week suffered a run on deposits and was subsequently put into receivership, might be sold or bailed out.

    Filed under:
    Netherlands, Banking, Insolvency & Restructuring, Alston & Bird LLP, Bankruptcy, Liquidation, De Nederlandsche Bank
    Authors:
    Darren Cooper
    Location:
    Netherlands
    Firm:
    Alston & Bird LLP
    Amendment to Financial Markets Supervision Act (FMSA) and Bankruptcy Act
    2009-04-23

    The Act amending the Financial Markets Supervision Act and the Bankruptcy Act (Wet tot wijziging van de Wet op het financieel toezicht en de Faillissementswet) in connection with consolidation of claims on the estate in the event of emergency regulations, moratorium on payments and bankruptcy, and requests for compensation on the grounds of the Safety Net Scheme entered into force on 16 March 20091.

    Filed under:
    Netherlands, Banking, Insolvency & Restructuring, De Brauw Blackstone Westbroek, Bankruptcy, Moratorium, Liquidator (law), State of emergency, De Nederlandsche Bank, Constitutional amendment
    Authors:
    Francine Schlingmann , Joost Schutte , Marnix Somsen
    Location:
    Netherlands
    Firm:
    De Brauw Blackstone Westbroek
    Dutch Central Bank seizes DSB Bank
    2009-10-13

    De Nederlandsche Bank (DNB) began the process of appointing receivers Monday for DSB Bank NA (DSB) after DSB experienced a “run” when rumors of its insolvency spread via Twitter and other outlets.

    Filed under:
    Netherlands, Banking, Insolvency & Restructuring, Alston & Bird LLP, Mortgage loan, Consortium, Twitter, Federal Deposit Insurance Corporation (USA), ING Group, De Nederlandsche Bank
    Authors:
    Christy Prendergast
    Location:
    Netherlands
    Firm:
    Alston & Bird LLP
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