Financial Crisis: Fortis' Dutch assets are nationalised
The Dutch operations of Fortis, Europe's largest victim of the credit
crisis, have been nationalised in a €16.8bn (£13bn) deal aimed to calm
investors in the troubled banking and insurance group. 
 
By Yvette Essen, Insurance Correspondent 
Last Updated: 10:18PM BST 03 Oct 2008

 Fortis is Europe's largest victim of the credit crisis Photo: AFP The
Netherlands government stepped in to take over the assets, including buying
Fortis' interest in ABN Amro – the Dutch investment bank it jointly acquired
last year in a consortium with Royal Bank of Scotland and Banco Santander.
Shares in Fortis have tumbled almost 70pc this year as fears mounted that it
had overstretched itself through its €24bn participation in the ABN Amro
transaction.

Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
Dutch and Luxembourg governments to rescue Fortis by pumping €11.2bn into
the Belgian-Dutch bank. Under that deal, they would have taken a 49pc stake
in the bank's operations within each of their borders. 

This new transaction, which has been approved by the Dutch Central Bank, was
announced after the Euronext market closed. Fortis' shares had earlier
closed down 0.79pc to €5.42.

Belgian Prime Minister Yves Leterme said the decision was "aimed at
maintaining the durable solvency" of the banking and insurance group, which
has become the first major banking casualty in the Euro zone of the global
credit crunch.

Dutch finance Minister Wouter Bos added that the move to fully nationalise
the bank's Dutch operations was needed to prevent "the danger of infection"
as investors still lacked confidence in Fortis, despite the bailout package
announced earlier this week. 

"We have today ensured that savers and clients know their money is in safe
hands in our banks," he said, explaining that savers had been withdrawing
their money from Fortis and that other lenders were refusing to lend to the
ailing bank. 

The nationalistion package comes just days after Fortis warned that the
€2.15bn sale of its asset management arm to China's Ping An Insurance was
likely to collapse due to "severe market disruption and the ongoing
uncertainty in the global capital markets". It had also said the Dutch
Central Bank had not approved its sale of several ABN Amro assets to
Deutsche Bank for €709m. 

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html

European housing market is gone too.

http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html

Funny thing that.

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
> Financial Crisis: Fortis' Dutch assets are nationalised
> The Dutch operations of Fortis, Europe's largest victim of the credit
> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
> investors in the troubled banking and insurance group.
>
> By Yvette Essen, Insurance Correspondent
> Last Updated: 10:18PM BST 03 Oct 2008
>
> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
> Netherlands government stepped in to take over the assets, including 
> buying
> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
> acquired
> last year in a consortium with Royal Bank of Scotland and Banco Santander.
> Shares in Fortis have tumbled almost 70pc this year as fears mounted that 
> it
> had overstretched itself through its ?24bn participation in the ABN Amro
> transaction.
>
> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn into
> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
> stake
> in the bank's operations within each of their borders.
>
> This new transaction, which has been approved by the Dutch Central Bank, 
> was
> announced after the Euronext market closed. Fortis' shares had earlier
> closed down 0.79pc to ?5.42.
>
> Belgian Prime Minister Yves Leterme said the decision was "aimed at
> maintaining the durable solvency" of the banking and insurance group, 
> which
> has become the first major banking casualty in the Euro zone of the global
> credit crunch.
>
> Dutch finance Minister Wouter Bos added that the move to fully nationalise
> the bank's Dutch operations was needed to prevent "the danger of 
> infection"
> as investors still lacked confidence in Fortis, despite the bailout 
> package
> announced earlier this week.
>
> "We have today ensured that savers and clients know their money is in safe
> hands in our banks," he said, explaining that savers had been withdrawing
> their money from Fortis and that other lenders were refusing to lend to 
> the
> ailing bank.
>
> The nationalistion package comes just days after Fortis warned that the
> ?2.15bn sale of its asset management arm to China's Ping An Insurance was
> likely to collapse due to "severe market disruption and the ongoing
> uncertainty in the global capital markets". It had also said the Dutch
> Central Bank had not approved its sale of several ABN Amro assets to
> Deutsche Bank for ?709m.
>
> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>
> European housing market is gone too.
>
> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>
> Funny thing that.
>
>

"www.freedomtofascism.com"  wrote in message 
news:48e86bbd$2$8469$7836cce5@newsrazor.net...
>
> "www.freedomtofascism.com"  wrote in message 
> news:48e86ad0$0$8480$7836cce5@newsrazor.net...
>>
>> "www.freedomtofascism.com"  wrote in message 
>> news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
>>> Financial Crisis: Fortis' Dutch assets are nationalised
>>> The Dutch operations of Fortis, Europe's largest victim of the credit
>>> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
>>> investors in the troubled banking and insurance group.
>>>
>>> By Yvette Essen, Insurance Correspondent
>>> Last Updated: 10:18PM BST 03 Oct 2008
>>>
>>> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
>>> Netherlands government stepped in to take over the assets, including 
>>> buying
>>> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
>>> acquired
>>> last year in a consortium with Royal Bank of Scotland and Banco 
>>> Santander.
>>> Shares in Fortis have tumbled almost 70pc this year as fears mounted 
>>> that it
>>> had overstretched itself through its ?24bn participation in the ABN Amro
>>> transaction.
>>>
>>> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
>>> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn 
>>> into
>>> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
>>> stake
>>> in the bank's operations within each of their borders.
>>>
>>> This new transaction, which has been approved by the Dutch Central Bank, 
>>> was
>>> announced after the Euronext market closed. Fortis' shares had earlier
>>> closed down 0.79pc to ?5.42.
>>>
>>> Belgian Prime Minister Yves Leterme said the decision was "aimed at
>>> maintaining the durable solvency" of the banking and insurance group, 
>>> which
>>> has become the first major banking casualty in the Euro zone of the 
>>> global
>>> credit crunch.
>>>
>>> Dutch finance Minister Wouter Bos added that the move to fully 
>>> nationalise
>>> the bank's Dutch operations was needed to prevent "the danger of 
>>> infection"
>>> as investors still lacked confidence in Fortis, despite the bailout 
>>> package
>>> announced earlier this week.
>>>
>>> "We have today ensured that savers and clients know their money is in 
>>> safe
>>> hands in our banks," he said, explaining that savers had been 
>>> withdrawing
>>> their money from Fortis and that other lenders were refusing to lend to 
>>> the
>>> ailing bank.
>>>
>>> The nationalistion package comes just days after Fortis warned that the
>>> ?2.15bn sale of its asset management arm to China's Ping An Insurance 
>>> was
>>> likely to collapse due to "severe market disruption and the ongoing
>>> uncertainty in the global capital markets". It had also said the Dutch
>>> Central Bank had not approved its sale of several ABN Amro assets to
>>> Deutsche Bank for ?709m.
>>>
>>> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>>>
>>> European housing market is gone too.
>>>
>>> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>>>
>>> Funny thing that.
>>>
>>>
>>
>>
>
>

"www.freedomtofascism.com"  wrote in message 
news:48e86bbd$2$8469$7836cce5@newsrazor.net...
>
> "www.freedomtofascism.com"  wrote in message 
> news:48e86ad0$0$8480$7836cce5@newsrazor.net...
>>
>> "www.freedomtofascism.com"  wrote in message 
>> news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
>>> Financial Crisis: Fortis' Dutch assets are nationalised
>>> The Dutch operations of Fortis, Europe's largest victim of the credit
>>> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
>>> investors in the troubled banking and insurance group.
>>>
>>> By Yvette Essen, Insurance Correspondent
>>> Last Updated: 10:18PM BST 03 Oct 2008
>>>
>>> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
>>> Netherlands government stepped in to take over the assets, including 
>>> buying
>>> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
>>> acquired
>>> last year in a consortium with Royal Bank of Scotland and Banco 
>>> Santander.
>>> Shares in Fortis have tumbled almost 70pc this year as fears mounted 
>>> that it
>>> had overstretched itself through its ?24bn participation in the ABN Amro
>>> transaction.
>>>
>>> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
>>> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn 
>>> into
>>> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
>>> stake
>>> in the bank's operations within each of their borders.
>>>
>>> This new transaction, which has been approved by the Dutch Central Bank, 
>>> was
>>> announced after the Euronext market closed. Fortis' shares had earlier
>>> closed down 0.79pc to ?5.42.
>>>
>>> Belgian Prime Minister Yves Leterme said the decision was "aimed at
>>> maintaining the durable solvency" of the banking and insurance group, 
>>> which
>>> has become the first major banking casualty in the Euro zone of the 
>>> global
>>> credit crunch.
>>>
>>> Dutch finance Minister Wouter Bos added that the move to fully 
>>> nationalise
>>> the bank's Dutch operations was needed to prevent "the danger of 
>>> infection"
>>> as investors still lacked confidence in Fortis, despite the bailout 
>>> package
>>> announced earlier this week.
>>>
>>> "We have today ensured that savers and clients know their money is in 
>>> safe
>>> hands in our banks," he said, explaining that savers had been 
>>> withdrawing
>>> their money from Fortis and that other lenders were refusing to lend to 
>>> the
>>> ailing bank.
>>>
>>> The nationalistion package comes just days after Fortis warned that the
>>> ?2.15bn sale of its asset management arm to China's Ping An Insurance 
>>> was
>>> likely to collapse due to "severe market disruption and the ongoing
>>> uncertainty in the global capital markets". It had also said the Dutch
>>> Central Bank had not approved its sale of several ABN Amro assets to
>>> Deutsche Bank for ?709m.
>>>
>>> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>>>
>>> European housing market is gone too.
>>>
>>> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>>>
>>> Funny thing that.
>>>
>>>
>>
>>
>
>

"www.freedomtofascism.com"  wrote in message 
news:48e86bbd$2$8469$7836cce5@newsrazor.net...
>
> "www.freedomtofascism.com"  wrote in message 
> news:48e86ad0$0$8480$7836cce5@newsrazor.net...
>>
>> "www.freedomtofascism.com"  wrote in message 
>> news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
>>> Financial Crisis: Fortis' Dutch assets are nationalised
>>> The Dutch operations of Fortis, Europe's largest victim of the credit
>>> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
>>> investors in the troubled banking and insurance group.
>>>
>>> By Yvette Essen, Insurance Correspondent
>>> Last Updated: 10:18PM BST 03 Oct 2008
>>>
>>> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
>>> Netherlands government stepped in to take over the assets, including 
>>> buying
>>> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
>>> acquired
>>> last year in a consortium with Royal Bank of Scotland and Banco 
>>> Santander.
>>> Shares in Fortis have tumbled almost 70pc this year as fears mounted 
>>> that it
>>> had overstretched itself through its ?24bn participation in the ABN Amro
>>> transaction.
>>>
>>> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
>>> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn 
>>> into
>>> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
>>> stake
>>> in the bank's operations within each of their borders.
>>>
>>> This new transaction, which has been approved by the Dutch Central Bank, 
>>> was
>>> announced after the Euronext market closed. Fortis' shares had earlier
>>> closed down 0.79pc to ?5.42.
>>>
>>> Belgian Prime Minister Yves Leterme said the decision was "aimed at
>>> maintaining the durable solvency" of the banking and insurance group, 
>>> which
>>> has become the first major banking casualty in the Euro zone of the 
>>> global
>>> credit crunch.
>>>
>>> Dutch finance Minister Wouter Bos added that the move to fully 
>>> nationalise
>>> the bank's Dutch operations was needed to prevent "the danger of 
>>> infection"
>>> as investors still lacked confidence in Fortis, despite the bailout 
>>> package
>>> announced earlier this week.
>>>
>>> "We have today ensured that savers and clients know their money is in 
>>> safe
>>> hands in our banks," he said, explaining that savers had been 
>>> withdrawing
>>> their money from Fortis and that other lenders were refusing to lend to 
>>> the
>>> ailing bank.
>>>
>>> The nationalistion package comes just days after Fortis warned that the
>>> ?2.15bn sale of its asset management arm to China's Ping An Insurance 
>>> was
>>> likely to collapse due to "severe market disruption and the ongoing
>>> uncertainty in the global capital markets". It had also said the Dutch
>>> Central Bank had not approved its sale of several ABN Amro assets to
>>> Deutsche Bank for ?709m.
>>>
>>> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>>>
>>> European housing market is gone too.
>>>
>>> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>>>
>>> Funny thing that.
>>>
>>>
>>
>>
>
>

"www.freedomtofascism.com"  wrote in message 
news:48e86bbd$2$8469$7836cce5@newsrazor.net...
>
> "www.freedomtofascism.com"  wrote in message 
> news:48e86ad0$0$8480$7836cce5@newsrazor.net...
>>
>> "www.freedomtofascism.com"  wrote in message 
>> news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
>>> Financial Crisis: Fortis' Dutch assets are nationalised
>>> The Dutch operations of Fortis, Europe's largest victim of the credit
>>> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
>>> investors in the troubled banking and insurance group.
>>>
>>> By Yvette Essen, Insurance Correspondent
>>> Last Updated: 10:18PM BST 03 Oct 2008
>>>
>>> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
>>> Netherlands government stepped in to take over the assets, including 
>>> buying
>>> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
>>> acquired
>>> last year in a consortium with Royal Bank of Scotland and Banco 
>>> Santander.
>>> Shares in Fortis have tumbled almost 70pc this year as fears mounted 
>>> that it
>>> had overstretched itself through its ?24bn participation in the ABN Amro
>>> transaction.
>>>
>>> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
>>> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn 
>>> into
>>> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
>>> stake
>>> in the bank's operations within each of their borders.
>>>
>>> This new transaction, which has been approved by the Dutch Central Bank, 
>>> was
>>> announced after the Euronext market closed. Fortis' shares had earlier
>>> closed down 0.79pc to ?5.42.
>>>
>>> Belgian Prime Minister Yves Leterme said the decision was "aimed at
>>> maintaining the durable solvency" of the banking and insurance group, 
>>> which
>>> has become the first major banking casualty in the Euro zone of the 
>>> global
>>> credit crunch.
>>>
>>> Dutch finance Minister Wouter Bos added that the move to fully 
>>> nationalise
>>> the bank's Dutch operations was needed to prevent "the danger of 
>>> infection"
>>> as investors still lacked confidence in Fortis, despite the bailout 
>>> package
>>> announced earlier this week.
>>>
>>> "We have today ensured that savers and clients know their money is in 
>>> safe
>>> hands in our banks," he said, explaining that savers had been 
>>> withdrawing
>>> their money from Fortis and that other lenders were refusing to lend to 
>>> the
>>> ailing bank.
>>>
>>> The nationalistion package comes just days after Fortis warned that the
>>> ?2.15bn sale of its asset management arm to China's Ping An Insurance 
>>> was
>>> likely to collapse due to "severe market disruption and the ongoing
>>> uncertainty in the global capital markets". It had also said the Dutch
>>> Central Bank had not approved its sale of several ABN Amro assets to
>>> Deutsche Bank for ?709m.
>>>
>>> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>>>
>>> European housing market is gone too.
>>>
>>> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>>>
>>> Funny thing that.
>>>
>>>
>>
>>
>
>

"www.freedomtofascism.com"  wrote in message 
news:48e86bbd$2$8469$7836cce5@newsrazor.net...
>
> "www.freedomtofascism.com"  wrote in message 
> news:48e86ad0$0$8480$7836cce5@newsrazor.net...
>>
>> "www.freedomtofascism.com"  wrote in message 
>> news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
>>> Financial Crisis: Fortis' Dutch assets are nationalised
>>> The Dutch operations of Fortis, Europe's largest victim of the credit
>>> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
>>> investors in the troubled banking and insurance group.
>>>
>>> By Yvette Essen, Insurance Correspondent
>>> Last Updated: 10:18PM BST 03 Oct 2008
>>>
>>> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
>>> Netherlands government stepped in to take over the assets, including 
>>> buying
>>> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
>>> acquired
>>> last year in a consortium with Royal Bank of Scotland and Banco 
>>> Santander.
>>> Shares in Fortis have tumbled almost 70pc this year as fears mounted 
>>> that it
>>> had overstretched itself through its ?24bn participation in the ABN Amro
>>> transaction.
>>>
>>> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
>>> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn 
>>> into
>>> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
>>> stake
>>> in the bank's operations within each of their borders.
>>>
>>> This new transaction, which has been approved by the Dutch Central Bank, 
>>> was
>>> announced after the Euronext market closed. Fortis' shares had earlier
>>> closed down 0.79pc to ?5.42.
>>>
>>> Belgian Prime Minister Yves Leterme said the decision was "aimed at
>>> maintaining the durable solvency" of the banking and insurance group, 
>>> which
>>> has become the first major banking casualty in the Euro zone of the 
>>> global
>>> credit crunch.
>>>
>>> Dutch finance Minister Wouter Bos added that the move to fully 
>>> nationalise
>>> the bank's Dutch operations was needed to prevent "the danger of 
>>> infection"
>>> as investors still lacked confidence in Fortis, despite the bailout 
>>> package
>>> announced earlier this week.
>>>
>>> "We have today ensured that savers and clients know their money is in 
>>> safe
>>> hands in our banks," he said, explaining that savers had been 
>>> withdrawing
>>> their money from Fortis and that other lenders were refusing to lend to 
>>> the
>>> ailing bank.
>>>
>>> The nationalistion package comes just days after Fortis warned that the
>>> ?2.15bn sale of its asset management arm to China's Ping An Insurance 
>>> was
>>> likely to collapse due to "severe market disruption and the ongoing
>>> uncertainty in the global capital markets". It had also said the Dutch
>>> Central Bank had not approved its sale of several ABN Amro assets to
>>> Deutsche Bank for ?709m.
>>>
>>> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>>>
>>> European housing market is gone too.
>>>
>>> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>>>
>>> Funny thing that.
>>>
>>>
>>
>>
>
>

"www.freedomtofascism.com"  wrote in message 
news:48e86bbd$2$8469$7836cce5@newsrazor.net...
>
> "www.freedomtofascism.com"  wrote in message 
> news:48e86ad0$0$8480$7836cce5@newsrazor.net...
>>
>> "www.freedomtofascism.com"  wrote in message 
>> news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
>>> Financial Crisis: Fortis' Dutch assets are nationalised
>>> The Dutch operations of Fortis, Europe's largest victim of the credit
>>> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
>>> investors in the troubled banking and insurance group.
>>>
>>> By Yvette Essen, Insurance Correspondent
>>> Last Updated: 10:18PM BST 03 Oct 2008
>>>
>>> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
>>> Netherlands government stepped in to take over the assets, including 
>>> buying
>>> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
>>> acquired
>>> last year in a consortium with Royal Bank of Scotland and Banco 
>>> Santander.
>>> Shares in Fortis have tumbled almost 70pc this year as fears mounted 
>>> that it
>>> had overstretched itself through its ?24bn participation in the ABN Amro
>>> transaction.
>>>
>>> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
>>> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn 
>>> into
>>> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
>>> stake
>>> in the bank's operations within each of their borders.
>>>
>>> This new transaction, which has been approved by the Dutch Central Bank, 
>>> was
>>> announced after the Euronext market closed. Fortis' shares had earlier
>>> closed down 0.79pc to ?5.42.
>>>
>>> Belgian Prime Minister Yves Leterme said the decision was "aimed at
>>> maintaining the durable solvency" of the banking and insurance group, 
>>> which
>>> has become the first major banking casualty in the Euro zone of the 
>>> global
>>> credit crunch.
>>>
>>> Dutch finance Minister Wouter Bos added that the move to fully 
>>> nationalise
>>> the bank's Dutch operations was needed to prevent "the danger of 
>>> infection"
>>> as investors still lacked confidence in Fortis, despite the bailout 
>>> package
>>> announced earlier this week.
>>>
>>> "We have today ensured that savers and clients know their money is in 
>>> safe
>>> hands in our banks," he said, explaining that savers had been 
>>> withdrawing
>>> their money from Fortis and that other lenders were refusing to lend to 
>>> the
>>> ailing bank.
>>>
>>> The nationalistion package comes just days after Fortis warned that the
>>> ?2.15bn sale of its asset management arm to China's Ping An Insurance 
>>> was
>>> likely to collapse due to "severe market disruption and the ongoing
>>> uncertainty in the global capital markets". It had also said the Dutch
>>> Central Bank had not approved its sale of several ABN Amro assets to
>>> Deutsche Bank for ?709m.
>>>
>>> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>>>
>>> European housing market is gone too.
>>>
>>> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>>>
>>> Funny thing that.
>>>
>>>
>>
>>
>
>

"www.freedomtofascism.com"  wrote in message 
news:48e86bbd$2$8469$7836cce5@newsrazor.net...
>
> "www.freedomtofascism.com"  wrote in message 
> news:48e86ad0$0$8480$7836cce5@newsrazor.net...
>>
>> "www.freedomtofascism.com"  wrote in message 
>> news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
>>> Financial Crisis: Fortis' Dutch assets are nationalised
>>> The Dutch operations of Fortis, Europe's largest victim of the credit
>>> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
>>> investors in the troubled banking and insurance group.
>>>
>>> By Yvette Essen, Insurance Correspondent
>>> Last Updated: 10:18PM BST 03 Oct 2008
>>>
>>> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
>>> Netherlands government stepped in to take over the assets, including 
>>> buying
>>> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
>>> acquired
>>> last year in a consortium with Royal Bank of Scotland and Banco 
>>> Santander.
>>> Shares in Fortis have tumbled almost 70pc this year as fears mounted 
>>> that it
>>> had overstretched itself through its ?24bn participation in the ABN Amro
>>> transaction.
>>>
>>> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
>>> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn 
>>> into
>>> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
>>> stake
>>> in the bank's operations within each of their borders.
>>>
>>> This new transaction, which has been approved by the Dutch Central Bank, 
>>> was
>>> announced after the Euronext market closed. Fortis' shares had earlier
>>> closed down 0.79pc to ?5.42.
>>>
>>> Belgian Prime Minister Yves Leterme said the decision was "aimed at
>>> maintaining the durable solvency" of the banking and insurance group, 
>>> which
>>> has become the first major banking casualty in the Euro zone of the 
>>> global
>>> credit crunch.
>>>
>>> Dutch finance Minister Wouter Bos added that the move to fully 
>>> nationalise
>>> the bank's Dutch operations was needed to prevent "the danger of 
>>> infection"
>>> as investors still lacked confidence in Fortis, despite the bailout 
>>> package
>>> announced earlier this week.
>>>
>>> "We have today ensured that savers and clients know their money is in 
>>> safe
>>> hands in our banks," he said, explaining that savers had been 
>>> withdrawing
>>> their money from Fortis and that other lenders were refusing to lend to 
>>> the
>>> ailing bank.
>>>
>>> The nationalistion package comes just days after Fortis warned that the
>>> ?2.15bn sale of its asset management arm to China's Ping An Insurance 
>>> was
>>> likely to collapse due to "severe market disruption and the ongoing
>>> uncertainty in the global capital markets". It had also said the Dutch
>>> Central Bank had not approved its sale of several ABN Amro assets to
>>> Deutsche Bank for ?709m.
>>>
>>> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>>>
>>> European housing market is gone too.
>>>
>>> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>>>
>>> Funny thing that.
>>>
>>>
>>
>>
>
>

"www.freedomtofascism.com"  wrote in message 
news:48e86bbd$2$8469$7836cce5@newsrazor.net...
>
> "www.freedomtofascism.com"  wrote in message 
> news:48e86ad0$0$8480$7836cce5@newsrazor.net...
>>
>> "www.freedomtofascism.com"  wrote in message 
>> news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
>>> Financial Crisis: Fortis' Dutch assets are nationalised
>>> The Dutch operations of Fortis, Europe's largest victim of the credit
>>> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
>>> investors in the troubled banking and insurance group.
>>>
>>> By Yvette Essen, Insurance Correspondent
>>> Last Updated: 10:18PM BST 03 Oct 2008
>>>
>>> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
>>> Netherlands government stepped in to take over the assets, including 
>>> buying
>>> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
>>> acquired
>>> last year in a consortium with Royal Bank of Scotland and Banco 
>>> Santander.
>>> Shares in Fortis have tumbled almost 70pc this year as fears mounted 
>>> that it
>>> had overstretched itself through its ?24bn participation in the ABN Amro
>>> transaction.
>>>
>>> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
>>> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn 
>>> into
>>> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
>>> stake
>>> in the bank's operations within each of their borders.
>>>
>>> This new transaction, which has been approved by the Dutch Central Bank, 
>>> was
>>> announced after the Euronext market closed. Fortis' shares had earlier
>>> closed down 0.79pc to ?5.42.
>>>
>>> Belgian Prime Minister Yves Leterme said the decision was "aimed at
>>> maintaining the durable solvency" of the banking and insurance group, 
>>> which
>>> has become the first major banking casualty in the Euro zone of the 
>>> global
>>> credit crunch.
>>>
>>> Dutch finance Minister Wouter Bos added that the move to fully 
>>> nationalise
>>> the bank's Dutch operations was needed to prevent "the danger of 
>>> infection"
>>> as investors still lacked confidence in Fortis, despite the bailout 
>>> package
>>> announced earlier this week.
>>>
>>> "We have today ensured that savers and clients know their money is in 
>>> safe
>>> hands in our banks," he said, explaining that savers had been 
>>> withdrawing
>>> their money from Fortis and that other lenders were refusing to lend to 
>>> the
>>> ailing bank.
>>>
>>> The nationalistion package comes just days after Fortis warned that the
>>> ?2.15bn sale of its asset management arm to China's Ping An Insurance 
>>> was
>>> likely to collapse due to "severe market disruption and the ongoing
>>> uncertainty in the global capital markets". It had also said the Dutch
>>> Central Bank had not approved its sale of several ABN Amro assets to
>>> Deutsche Bank for ?709m.
>>>
>>> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>>>
>>> European housing market is gone too.
>>>
>>> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>>>
>>> Funny thing that.
>>>
>>>
>>
>>
>
>

"www.freedomtofascism.com"  wrote in message 
news:48e86bbd$2$8469$7836cce5@newsrazor.net...
>
> "www.freedomtofascism.com"  wrote in message 
> news:48e86ad0$0$8480$7836cce5@newsrazor.net...
>>
>> "www.freedomtofascism.com"  wrote in message 
>> news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
>>> Financial Crisis: Fortis' Dutch assets are nationalised
>>> The Dutch operations of Fortis, Europe's largest victim of the credit
>>> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
>>> investors in the troubled banking and insurance group.
>>>
>>> By Yvette Essen, Insurance Correspondent
>>> Last Updated: 10:18PM BST 03 Oct 2008
>>>
>>> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
>>> Netherlands government stepped in to take over the assets, including 
>>> buying
>>> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
>>> acquired
>>> last year in a consortium with Royal Bank of Scotland and Banco 
>>> Santander.
>>> Shares in Fortis have tumbled almost 70pc this year as fears mounted 
>>> that it
>>> had overstretched itself through its ?24bn participation in the ABN Amro
>>> transaction.
>>>
>>> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
>>> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn 
>>> into
>>> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
>>> stake
>>> in the bank's operations within each of their borders.
>>>
>>> This new transaction, which has been approved by the Dutch Central Bank, 
>>> was
>>> announced after the Euronext market closed. Fortis' shares had earlier
>>> closed down 0.79pc to ?5.42.
>>>
>>> Belgian Prime Minister Yves Leterme said the decision was "aimed at
>>> maintaining the durable solvency" of the banking and insurance group, 
>>> which
>>> has become the first major banking casualty in the Euro zone of the 
>>> global
>>> credit crunch.
>>>
>>> Dutch finance Minister Wouter Bos added that the move to fully 
>>> nationalise
>>> the bank's Dutch operations was needed to prevent "the danger of 
>>> infection"
>>> as investors still lacked confidence in Fortis, despite the bailout 
>>> package
>>> announced earlier this week.
>>>
>>> "We have today ensured that savers and clients know their money is in 
>>> safe
>>> hands in our banks," he said, explaining that savers had been 
>>> withdrawing
>>> their money from Fortis and that other lenders were refusing to lend to 
>>> the
>>> ailing bank.
>>>
>>> The nationalistion package comes just days after Fortis warned that the
>>> ?2.15bn sale of its asset management arm to China's Ping An Insurance 
>>> was
>>> likely to collapse due to "severe market disruption and the ongoing
>>> uncertainty in the global capital markets". It had also said the Dutch
>>> Central Bank had not approved its sale of several ABN Amro assets to
>>> Deutsche Bank for ?709m.
>>>
>>> http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3131247/Financial-Crisis-Fortis-Dutch-assets-are-nationalised.html
>>>
>>> European housing market is gone too.
>>>
>>> http://www.telegraph.co.uk/finance/economics/houseprices/3120824/UK-house-prices-fall-most-on-record.html
>>>
>>> Funny thing that.
>>>
>>>
>>
>>
>
>

"www.freedomtofascism.com"  wrote in message 
news:48e86bbd$2$8469$7836cce5@newsrazor.net...
>
> "www.freedomtofascism.com"  wrote in message 
> news:48e86ad0$0$8480$7836cce5@newsrazor.net...
>>
>> "www.freedomtofascism.com"  wrote in message 
>> news:k8nee4t39ipd26g0v0j35c31njrd2kth07@4ax.com...
>>> Financial Crisis: Fortis' Dutch assets are nationalised
>>> The Dutch operations of Fortis, Europe's largest victim of the credit
>>> crisis, have been nationalised in a ?16.8bn (£13bn) deal aimed to calm
>>> investors in the troubled banking and insurance group.
>>>
>>> By Yvette Essen, Insurance Correspondent
>>> Last Updated: 10:18PM BST 03 Oct 2008
>>>
>>> Fortis is Europe's largest victim of the credit crisis Photo: AFP The
>>> Netherlands government stepped in to take over the assets, including 
>>> buying
>>> Fortis' interest in ABN Amro - the Dutch investment bank it jointly 
>>> acquired
>>> last year in a consortium with Royal Bank of Scotland and Banco 
>>> Santander.
>>> Shares in Fortis have tumbled almost 70pc this year as fears mounted 
>>> that it
>>> had overstretched itself through its ?24bn participation in the ABN Amro
>>> transaction.
>>>
>>> Yesterday's deal replaces an agreement struck on Sunday by the Belgium,
>>> Dutch and Luxembourg governments to rescue Fortis by pumping ?11.2bn 
>>> into
>>> the Belgian-Dutch bank. Under that deal, they would have taken a 49pc 
>>> stake
>>> in the bank's operations within each of their borders.
>>>
>>> This new transaction, which has been approved by the Dutch Central Bank, 
>>> was
>>> announced after the Euronext market closed. Fortis' shares had earlier
>>> closed down 0.79pc to ?5.42.
>>>
>>> Belgian Prime Minister Yves Leterme said the decision was "aimed at
>>> maintaining the durable solvency" of the banking and insurance group, 
>>> which
>>> has become the first major banking casualty in the Euro zone of the 
>>> global
>>> credit crunch.
>>>
>>> Dutch finance Minister Wouter Bos added that the move to fully 
>>> nationalise
>>> the bank's Dutch operations was needed t