Dutch Government Will Bring Solution For SNS Reaal Soon - Report
January 23 2013 - 2:30AM
Dow Jones News
The Dutch government is working on a solution for troubled Dutch
financial SNS Reaal NV (SR.AE) and considers nationalizing the bank
as an option, Dutch daily De Telegraaf reports on Wednesday.
A solution for SNS Reaal is expected in the coming days,
political sources tell the paper. Saving the bank could cost
billions of euros, the sources say.
SNS Reaal is the fourth biggest Dutch financial, after Rabobank
(RBK.YY), ING (INGA.AE) and ABN Amro (ABN.YY). It is considered as
a system bank, which means the government will step in to save it
if necessary. SNS Reaal got into trouble because of its EUR 8
billion property financing portfolio on which it has written down
more than EUR2 billion since acquiring it in 2006.
Write to Robert van den Oever at
robert.vandenoever@dowjones.com
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