The Managing Director of BETTER FINANCE presented the case of the bail-in of the six top Slovenian banks to the Banking Stakeholder Group of the European Banking Authority (EBA) at a meeting in London on 8 December 2016.
The actual implementation of bail-in rules in the case of the Slovenian banks is hitting non-insider retail investors really hard, and does not give them a fair shot at recovering their damages three years after their savings in those banks' subordinated bonds were completely wiped out.
The case of NLB, the biggest Slovenian bank, is astonishing and has gone largely uncovered by European media. In November 2013, the bank’s published financial statements disclosed positive net equity of + € 835 million but soon after, in December 2013, the “asset quality review” (AQR) requested by the European Central Bank evaluated net equity at minus € 318 million. Too bad for retail bank investors who trusted the bank’s financial statements…
Read the full press release here.