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Slovenia Weekly

Crossroads

22.07.2016

Photo: Mostphotos
The Court of Justice of the European Union issued a long-awaited judgement on the restructuring of the Slovenian banking system, in which the holders of shares and subordinated bonds were expropriated. Both sides said they were satisfied with the Court's decision. The Bank of Slovenia has interpreted it as a confirmation that the bank restructuring procedures in 2013 were carried out in accordance with the European Union law. The judgement was also supported by the Ministry of Finance and the then Prime Minister as well as the representatives of small shareholders. The latter emphasised that the European Commission’s communication on state aid provided to the banking sector did not have a binding effect on the state, which means that the then Government and the Bank of Slovenia could have proposed different solutions.

However, the Constitutional Court of the Republic of Slovenia will have to make the final decision on the measures taken during the banking crisis. It is expected that the Constitutional Court will decide on the proportionality of the adopted measures and the possible violation of shareholders’ rights in autumn 2016. The judgement will also have far-reaching consequences because it might affect bank bailouts in other European states.


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