314Secondly, as regards the grant of fair compensation to the applicants and assuming that the first series of harmful measures can be considered to deprive the applicants of the right to property, it must be noted that, without payment of an amount reasonably related to the value of the assets at issue, a deprivation of property normally constitutes a disproportionate interference with the right to property (see, to that effect, ECtHR, 21 February 1986, James and Others v. United Kingdom, EC:ECHR:1986:0221JUD000879379, paragraph 54). As regards securities, the amount of the compensation payable is calculated in relation to the true market value of those securities at the time of the adoption of the contested regulation, and not in relation to its nominal value or the amount the owner thereof hoped to receive at the time of its acquisition (see, to that effect, ECtHR, 21 July 2016, Mamatas and Others v. Greece, EC:ECHR:2016:0721JUD006306614, paragraph 112). In the present case, it is not for the Court to assess in an abstract way the amount of hypothetical compensation which the applicants should have received in the circumstances at issue. It is necessary, however, to note that, in the absence of being recapitalised, the banks concerned risked having to cease their activities and would have been threatened with a disorderly default (see paragraph 294 above). The applicants failed to establish that, in those circumstances, the true market value of their assets was such that it was necessary to pay them compensation.
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