Dutch SNS Bank Fails On Real Estate Losses: First “Too Big To Fail” Nationalization In Five Years

“The move, aimed ‘at stabilizing the SNS Reaal group,’ will cost taxpayers 3.7 billion euros ($5 billion), the Dutch Finance Ministry said in a statement today. SNS’s property- finance unit will be separated from the company.  ‘I scrutinized all alternative solutions involving market parties,’ Finance Minister Jeroen Dijsselbloem said. ‘Yesterday night I found myself compelled to conclude no acceptable total solution was offered. I therefore had to use the instrument of last resort, which is nationalization.  Nationalization would safeguard financial stability and prevent serious damage to the economy.  I want the private sector to contribute as much as possible.”

http://www.zerohedge.com/news/2013-02-01/dutch-sns-bank-fails-real-estate-losses-first-too-big-fail-nationalization-five-year

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