Remediation of Vestia completed, government loan converted into gift

Remediation of Vestia completed, government loan converted into gift

Photo: ANP

The restructuring of the Vestia housing corporation has been completed by converting a government loan of millions into a gift. The still ailing Vestia was unable to repay the loan of 694 million euros and still does not meet the conditions and obligations from the 2012 restructuring decision.

Vestia ran into financial difficulties in 2011 because the corporation’s cash manager, together with a financial intermediary, had concluded hundreds of derivative contracts worth billions of euros for years. It concerned complex financial products that should offer protection against interest rate rises. When interest rates started to fall, derivatives caused major financial problems.

To deal with the immediate problems, Vestia received an interest-free loan from the Central Housing Fund (CFV). In the years that followed, Vestia took many measures to recover, but the unfavorable economic climate hindered this. Vestia raised money through lawsuits against banks that had provided the derivatives.

The cash manager also paid back millions. A settlement was reached with former CEO Erik Staal and the supervisory directors. They stated that they had no knowledge of the abuses, but were responsible as board members and supervisors. However, all that together was not enough to solve the more than 2.5 billion euros in debt.

The CFV no longer exists and the Waarborgfonds Sociale Woningbouw is the party that decides on the loan. On behalf of the Ministry of the Interior, that organization agreed to convert the loan into the gift.

The division of Vestia will take effect on 1 January 2023. Then Vestia’s activities in Rotterdam, The Hague and Delft-Zoetermeer will all continue independently. In addition, the other corporations are helping to ease the burden by exchanging cheap loans with relatively expensive ones from Vestia.

Remediation of Vestia completed, government loan converted into gift
Source link Remediation of Vestia completed, government loan converted into gift

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