OP CNBC EUROPE WORD GEZEGD AANBOD DEXIA AAN LEASELEED LEDEN
Geplaatst: 11 apr 2005 08:24
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willy
11 Apr 2005 06:23 GMT Dexia's Dutch Unit Offers Settlement To Leaseleed Members
Edited Press Release
BRUSSELS -(Dow Jones)- Dexia Bank Nederland N.V. (DEXB.BT) Monday said 9t has offered a settlement to around 450 customers who opted for a combination of products including a securities leasing agreement and a securities deposit account, and who joined the Leaseleed Foundation.
The costs of the solution offered have already been included in the provisions of the bank's 2004 accounts.
Following constructive negotiations with the foundation and its lawyers, a settlement was worked out which the Foundation has submitted to its members for approval.
Customers have ten days to accept or reject the proposal. Using a method agreed upon between Dexia and the Foundation, the amount of the indemnification which they may receive is calculated for each customer individually.
Under this type of product scheme, customers deposit money which is invested in a fund used to make periodic payments under the share leasing contract. This combination is particularly sensitive to falling stock prices.
The Autoriteit Financiële Markten (Dutch Financial Authority) found serious shortcomings in the way these combinations were sold. This is one reason why Dexia Bank Nederland has decided to seek a separate solution for this particular category of customers.
The AFM has been informed on the proposed solutions. The solution for this particular group of customers has been worked out apart from Mr Duisenberg's mediation as discussions nearly reached a conclusion before Mr Duisenberg began his mediation.
Company website: http://www.dexia.com
(END) Dow Jones Newswires
