First bank claims Dutch state aid

29th November 2008, Comments 0 comments

The merchant bank NIBC has applied for state guarantees - the first Dutch bank to do so.

29 November 2008

THE NETHERLANDS – The government has created an emergency fund of up to 200 billion euros to encourage the resumption of interbank loans. 

NIBC, which was the first Dutch bank to be hit by the credit crunch, plans to issue bonds worth one billion euros with a three-year term.

Earlier three other Dutch financial institutions, including the ING bank, took advantage of a 20 billion euro government fund and received cash injections in return for partial state control.

[Radio Netherlands / Expatica]

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