Greek debt results in Q3 loss for Dutch bank
Dutch nationalised bank ABN Amro has booked a net third-quarter loss of 54 million euros. The disappointing figures were published on Friday morning.
In a statement, the bank said the uncertainty due to the debt crisis led to a 500-million-euro write-off of Greek corporate loans and bonds. The Greek state acts as a guarantor for the loans, but the financial crisis in the country has intensified to such an extent that the bank no longer felt certain the money would be collectable. The bank stressed that all obligations have been met to date.
Last year, ABN Amro booked a 341-million-euro profit in the same period. The bank, which was bailed out and nationalised by the Dutch government in 2008, does not hold Greek government debt.
ABN Amro said it also reduced its exposure to Italian and Belgian government bonds in the third quarter to avoid further losses.
Despite the downturn in profit in its third quarter, the bank has booked an overall profit of 810 million euros for the first nine months of 2011.
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