Following the state recapitalization of the Irish bank Permanent TSB in April, without interfering in shares and subordinated bonds of the existing holders, and the state recapitalization of the Italian Bank BRC, whereby the subordinated bondholders were officially expropriated and entirely paid off on the same day in June, and following the invalidation of the cancellation of the subordinated bonds of the Austrian bank Hypo at the Constitutional Court of Austria in July, in October, we also witnessed the first measures of the fourth restructuring of Greek banks in the past six years, which clearly indicate that not even in Greece where the four state-owned banks have received as many as EUR 45 billion of the state aid which will increase by another EUR 10 billion at least, there will be no cancellation - neither of shares nor bonds!

'Here we could arrive at a simple conclusion that the Slovenian authorities allocated EUR 264 million of the 30-year loan and additional EUR 1.6 billion of guarantees to pay off investors in shares and bonds of Greek banks, whereby they at the same time extremely arrogantly and perniciously for the Slovenian people and the economy - which they have been trying absolutely moronically defend even today -  executed the entire and uncompromising expropriation of investors in shares and bonds of Slovenian banks, which again proves a sad rarity in the EU, with which our authorities willfully and actively cast us in the role of third-class citizens of Europe,' was a sharp criticism by the VZMD President, Mr. Kristjan Verbič in the revealing article 'Total rip-off of bondholders only in Slovenia' in yesterday's Delo newspaper, in light of the Government Report on Guarantees of the Republic Slovenia and the financial aid granted. Among other things, the article in the Delo newspaper also reveals that out of four Greek banks which will be subject to the state recapitalization, two will present the subordinated bondholders with the choice between early discounted redemption and conversion into ownership shares, whereas the other two only with the conversion into ownership shares, both offers being voluntary, whereby the existing shareholders will not lose their shares, but those who acquire new shares through payment or conversion from bonds, will simply join them in the ownership structure.

The article also quotes the new outrageous statement by the representatives of the Bank of Slovenia, something along the lines that is not problematic as out of all EU Member States and their banks (recipients of the state aid) the cancellation was necessary only in Slovenia and even in all six banks, which have had subordinated bonds. As regards the protection of the shocking unique cancellations, the fact that the Bank of Slovenia does not refrain from even the most absurd actions is indicated in their another quotation saying that discounted redemption of subordinated bonds – therefore, precisely the measure taken by the banks in Greece – was forbidden for the banks in Slovenia as »the redemption would supposedly reduce the protection of the bank creditors«!!! In construing that subordinated bonds are debt instruments and that for this reason also their canceled holders are bank creditors, Slovenian banking regulatory authority has faked ignorance or may just have thought that their cancellation without any compensation did not imply reduction of their protection?!

VZMD is again calling upon the Government of the Republic of Slovenia, Ministry of Finance and the Bank of Slovenia to finally concede that the decisions on the cancellations and expropriations which were taken at the end of 2013 have inflicted far-reaching damage and represent a terrible mistake. Hence after two years of pretended ignorance, misleading statements, denials and delays - which have, in addition to the economic damage, even caused numerous human tragedies - they should finally get down on finding ways how to rectify the mistakes in a constructive manner after all.


Other Related International Activities:

EU COURT in Luxembourg should hold oral proceedings in the process of preparing responses for the Constitutional Court of the Republic of Slovenia - the motion of expropriated holders of subordinated bonds and shares of Slovenian Banks represented by VZMD put forward

BRUSSELS – European Federation of Investors (BETTER FINANCE) presented the only(!) objective Report on the real return of pension savings funds – the PanSlovenian Investors' & Shareholders' Association (VZMD) also actively espousing reforms of the pension savings and funds systems in the EU

EUROPEAN COMMISSION officially bolstered the position of VZMD stating that its »Banking Communication« is not a legally binding act - the Bank of Slovenia and Slovenian financial authorities insist on the exact opposite and in fighting against their own citizens they disgrace themselves by trying to apologize for scandalous measures and fallacies

THE NATIONAL ASSEMBLY unanimously responded to the VZMD's rationale and appeal - significant cost reduction for all minority shareholders and investors (approximately 400,000 citizens) with the new amendment to the amending act of the Book Entry Securities Act

THE COALITION'S AMENDMENT to a large extent follows the VZMD proposals to alleviate the catastrophic impact of the amending act of ZNVP-1, however yesterday VZMD sent a constructive opinion and another appeal to the National Assembly to make slight additional efforts in reaching an optimal solution

ANOTHER 260,000 EXPROPRIATED – VZMD has attempted to alleviate the abolishment of registry accounts by amending the Book Entry Securities Act through the COMPROMISE AMENDMENT AND APPEAL to the National Assembly of the Republic of Slovenia

The District Court and the Higher Court officially acknowledge VZMD arguments concerning the unconstitutionality of expropriations, however the proceedings have been suspended until the final decision has been reached by the Constitutional Court of the Republic of Slovenia, which contacted the EU Court in Luxembourg - VZMD has provided written standpoints thereto after a world-class EU law expert joined the team

ATTENTION - unveiling evidence against the unlawfulness of Slovenian banks valuations and the overblown "bank gap" as a foundation for billion euro damage to the state and its citizens, based on unlawful actions by Bank of Slovenia and its Emergency measures decisions

Is the European Commission attempting to obstruct the investigation and protect the responsible persons?! The unprecedented provocation opens plethora of grave issues about processes, structure and perspectives of the EU -

»PLUNDER OF THE CENTURY« - VIDEO CONFRONTATION & disclosure of misleading statements of the Bank of Slovenia, the previous Slovenian government and other protagonists of the highly questionable 2013 bank restructuring, involving mass expropriation of citizens

EU PARLIAMENT & COUNCIL – VZMD contended with the progress & results of harmonization of the Proposed directive for encouraging long-term shareholder engagement, but warns of completely different practices as well as catastrophic repercussions of the Slovenian proposed amendment to the Book Entries Securities Act which is linked to the same Directive

CONSTITUTIONAL COURT - VZMD also lodged a proposal for the temporary decree for PROHIBITING THE SALE OF Nova KBM bank - to prevent direct damage to the Republic of Slovenia and its citizens

 

BANK OF SLOVENIA – »a year later« with a new secret resolution continues the destructive policy, on the basis of an already stipulated »calculation« of negative capital - the deletion of all subordinated bonds and stocks, also in Slovenia's sixth bank

STRESS TESTS – new and obvious proof of the extremely unequal adjudication of Slovenian banks – are they guilty in Brussels or Ljubljana, and what are their motives? The PanSlovenian Shareholders' Association (VZMD) has called on the Bank of Slovenia (BA) and the European Central Bank (ECB) to explain, why only in Slovenia are we left to use »static« and extremely pessimistic assumptions, while in other countries and banks of the EU fresh data and »dynamic« valuations are used and even allow for

WARSAW - the evening award ceremony, the second day of the »Warsaw Capital Market Summit 2014« international conference and beginning of the conference organized by International Monetary Fund and National Bank of Poland with active participation of VZMD through investo.si and invest-to.net programs (Warsaw, October 2014)

BANK OF SLOVENIA / NLB - unprecedented deceit of renowned international financial companies and investors - VZMD informed them of concealed facts, in its endeavor of protecting investors, and called for inacting supervision, proper sanctions of those responsible, alleviation of consequences, and thus preservation of the remaining reputation of the Republic of Slovenia (Ljubljana, September 2014)

NEW YORK – VZMD President invited to be a guest-speaker at the Annual Conference of the International Financial Litigation Network (IFLN) yesterday – shortly after a successful business delegation in Iran, he also participated in a discussion in the world's financial centre with some distinguished international lawyers and representatives from key law offices regarding the scandalous expropriation of the owners of shares and bonds at Slovenian banks - an alarming case indicating problems in the (New York, May 2014)

EUROPEAN COMMISSION – a reminder to the EU Commission President J.M. Barroso about the unequal treatment of Slovenia, and about the endangered financial, economic and social stability accompanying scandalous expropriation of share and bond owners at Slovenian Banks – a letter of the Civil Society Initiative and NKBM Section at VZMD to the EU Commission President is soon to be presented in the European Parliament as well (Brussels, March 2014)

        

EXPROPRIATION – VZMD has filed three more lawsuits, this time against the banks, because the entry of subordinated bonds and shares termination in the register has been established as null – further use of all legal remedies to protect the expropriated owners, the signatories to the VZMD Agreement, and granting authority to the law office (Ljubljana, February 2013)

Slovenian Constitutional Court acknowledges the legal interest of 293 initiators united by VZMD who demanded a constitutional review of the Banking Act (Ljubljana, January 2013)

CONSTITUTIONAL COURT acknowledged the legal interest of 290 initiators, united by VZMD who demanded constitutional review of the Banking Act; the Court has given priority to the two VZMD initiatives but suspension of the Act was rejected, due to misleading statements by the Government and the Bank of Slovenia - shares and subordinated bonds of 100.000 owners had been erased in the three biggest Slovenian banks! (Ljubljana, December 2013)

EXCLUSIVE VIDEO REPORT about the week of the MOSCOW-VIENNA-CAPETOWN conferences involving the following: active participation of the international business-investment VZMD programmes, signing a memorandum with the Russian Federation of Investors, and protection of rights of the Slovene and European shareholders at the Viennese conference »The Financial Repression of Savers and Investors« (Moscow, Vienna, Cape Town, October 2013)

 

NKBM = BANKIA – mass protests take place in front of The Central Bank of Spain (CBS) because of national fraud against 350,000 shareholders who are represented by the law firm that is attending, along with VZMD (Pan−Slovenian Shareholders’ Association), the international initiative at CBS. (Madrid, September 2013)

WORLD BANK – President of VZMD and EuroFinUse Board Member speaker of the first panel at the international conference about audit reform and the importance of audit committees (Bucharest, June 2013)

 

VIDEO REPORT – exclusively from the European Parliament: the EuroFinUse international conference and the Election Assembly, the announcement of the new President and Board of directors of this influential European association, into which a representative of Slovenia is also re-elected (Brussels, March 2013)

BRUSSELS – Slovenia with VZMD once more elected to the top of the European Federation of Financial Services Users – intensive international activities today continue with a conference in the European Parliament (Brussels, March 2013)

TOKYO – conclusion of the visit of Slovene economic and political delegation with Slovenian-Japanese Business & Investment Forum and the reception at Japanese investors’ association – the active role of VZMD with its international investors’ programs investo.si and invest-to.net(Tokyo, March 2013)

INDIA – visit of Slovenian government and business delegation – on the basis of Memorandum between ICPE and VZMD international investors' programs investo.si and invest-to.net also present (New Delhi, February 2013)

Memorandum of cooperation signed between the International Center for Promotion of Enterprises (ICPE) and VZMD, with additional expansion of activities within the framework of international investment programs investo.si and invest-to.net (Ljubljana, January, 2013)

EXCLUSIVE VIDEO REPORT of “International Conference on Benefits and Challenges of Public Private Partnerships for improving Energy Efficiency” – key statements of prominent participants (Ljubljana, October, 2012)

 

EXCLUSIVE VIDEO REPORT from EuropeanIssuers International Conference on »The future of European Equity Markets« at the Milan Stock Exchange – programs investo.si in invest-to.net also at the upcoming International Investors´ Conference in Wiesbaden (Milano, November 2012)

VIDEO REPORT - International Conference at the Brussels Stock Exchange Stimulated Investors' Representatives and Institutions to Participate at the Investors' Week 2012 in September in Slovenia(Brussels, March 2012)

 


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