Support banks peppered Treasury – Telegraaf.nl

Support banks peppered Treasury – Telegraaf.nl

The rescue and support of the Dutch financial sector, the Treasury yielded a hefty profit. That according to the latest calculations by the Court sent to the House

.

The State has made on various measures profits. The most important is the so-called capital injection facility that was established in October 2010 and which was necessary because the institutions otherwise no longer could comply with the requirements of the DNB.

Three financial institutions, namely ING, Aegon and SNS Reaal have made use under conditions of this faculty. In total they have borrowed € 13.75 billion in capital from the State. On the loan amount they pay interest and redemption payments, known as premium.

On November 7, 2014 is the last part of the loan amount to the State reimbursed by ING. Gross profit for the State on the total capital injection facility can now be determined; this amounts to € 4.6 billion.

There are of € 1.1 billion in interest expense for the State versus (excluding interest on 2014 appropriated yet). It must be deducted from the gross profit still € 565 million. A claim by the State on SNS REAAL at the height of this amount, namely lapsed after the nationalization of SNS REAAL by February 1, 2013.

In addition, the State makes a profit at the end of the guarantee facility. This scheme was set up in October 2008 to provide interbank lending after the market between banks was completely come to a standstill guarantees.

ING, ABN Amro, SNS Reaal, Achmea, LeasePlan Bank NIBC decided to make use of this facility to ensure their credit. The State has issued to these

institutions for a total of € 52.3 billion in guarantees. Meanwhile, all guaranteed loans are repaid, the last on December 2, 2014.

The financial institutions have used no guarantees issued by the State. To guarantee the State to 2013 receive a fee of € 1.3 billion. The final payment for the State will be even higher, because the fee about 2014 is not yet final.

Also part of the rescue of ABN Amro has already yielded considerable money. This involves a so-called counter-guarantee (counter-indemnity “) of € 950 million to ABN Amro to cover an obligation of the bank against Deutsche Bank. Counter Indemnity had a term until April 2015. As of September 27, 2014, the requirement that ABN Amro had lapsed, so that the counter-indemnity for the bank could be terminated. About 4.5 years over which the counter-guarantee is issued deStaat received a total remuneration of € 115 million from ABN Amro.

At the next update by the Court of the proceeds of the rescue operations by the State of the financial sector in June this year, might be the last major interventions on the orders. The Court examines the ongoing process of selling Vivat (formerly insurer Real) and possible sale by the State in 2008 nationalized ABN Amro.

Minister Dijsselbloem (Finance) announced that it assesses early 2015 how ABN Amro is ready for sale. For the acquisition of Fortis / ABN Amro (including insurer ASR) has invested the State € 31.7 billion. The nationalization of SNS REAAL in 2013 has cost the State € 3.8 billion

.

class=”clear”