Letter to the EC and Government of Slovenia regarding the bail-in of subordinated bondholders

In December 2013 the subordinated bondholders in five Slovenian banks (NLB, NKBM, Abanka, Probanka and Factor Banka) were bailed-in to refinance these struggling institutions. Subordinated bonds in a sixth bank (Banka Celje) were wiped out in December 2014. In each case the bail-in consisted of a complete wipe-out of all subordinated bonds, including those sold to retail investors at the counters of said banks. Individual investors received no compensation and had no legal means to challenge the bail-in decisions.

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