Rather than engaging in complicated, time-consuming, costly and ultimately futile court proceedings in order to satisfy its claims [.], ETVA enforced the pledge on the unpaid shares and recovered its claim from the proceeds of the sale of the shares belonging to the employees, in that the said proceeds covered the debt in question’ (98), In other words, Greece claims that, since in the framework of HSY’s privatisation in 2001–2002 ETVA received from HDW/Ferrostaal 100 % of the sale price — instead of only 51 % — ‘it may be seen that the price was received.

credit agreements upon the conclusion of which the consumer is requested to deposit an item as security in the creditor's safe-keeping and where the liability of the consumer is strictly limited to that pledged item;

Indeed, were VAOP to have gone bankrupt, they could have expected to recover only a very limited part of their claims, as BNG had rights (“pandrecht”) to nearly all of VOAP’s assets to cover the company’s debts towards BNG.

(61) The Spanish authorities emphasised that the "release" of debts relates to tax assessments not covered by priority claims or prior distraint and those which, like business tax (impuesto sobre actividades economicos - IAE), could and should have been annulled since they are based on a complete year's activity (circumstances which do not apply in the case of 1995 and 1996 when the company was closed down for many months):

The debts relating to this first loan (senior debts) are doubly 'privileged` in that the loan is secured on the assets acquired by Andes Holding BV and its repayment takes priority over that of the second loan (junior debts).

Whereas the European Central Bank and national central banks may not, as public authorities, take measures establishing privileged access; whereas the rules on mobilization or pledging of debt instruments enacted by the European Central Bank or by national central banks must not be used as a means of circumventing the prohibition of privileged access;