|
|
The Commission approved the emergency recapitalisation worth €750 million the Dutch authorities intend to grant to SNS REAAL. Furthermore SNS will receive €500 million through the issuance of core capital instruments to the private independent foundation Stichting Beheer SNS REAAL.
The securities to be issued would qualify as core tier 1 capital and produce an annual coupon equal to the higher of:
Ø € 0.45 per security, non cumulative, payable annually in arrears
Ø 110% of the dividend paid on the ordinary shares in 2009
Ø 120% of the dividend paid on the ordinary shares in 2010
Ø 125% of the dividend paid on the ordinary shares from 2011 onwards