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Dutch state nationalises troubled bank SNS Reaal: minister

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(Globalpost/GlobalPost)

The Dutch state on Friday nationalised troubled banking and insurance group SNS Reaal, at a cost of 3.7 billion euros, Finance Minister Jeroen Dijsselbloem said.

"Today, SNS Reaal has been fully taken over by the Dutch state. I have nationalised SNS Reaal," Dijsselbloem told a press conference, after a deadline expired to find a solution for the bank.

"With the Dutch Central Bank's deadline passing last night and without finding a solution there was an immediate and dangerous situation for financial stability," Dijsselbloem said.

"I had to conclude that nationalisation was inevitable."

Savings at the Netherlands fourth largest bank by capital are safe, the finance ministry said in a statement.

The bank "came into acute need because of problems with its property portfolio," it said.

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http://www.globalpost.com/dispatch/news/afp/130201/dutch-state-nationalises-troubled-bank-sns-reaal-minister