Fortis’s woes lie with ABN Amro deal

A deal to partially nationalise European banking and insurance giant Fortis was agreed 29 September 2008. The move comes after talks between the European Central Bank and the Netherlands, Belgium and Luxembourg.

The troubles of the Belgian bank Fortis raised broader questions about the effectiveness of banking regulation in Europe, and about the ability of national governments to support troubled financial institutions that have outgrown their home nations. At the end of 2007, Fortis had assets of €871bn, several times larger than Belgium's GDP.

Deutsche Welle, 30.9.08: Europe Props Up Crumbling Banks as US Rejects Bailout http://www.dw-world.de/dw/article/0,2144,3679419,00.html

Deutsche Welle, 30.9.08: EU Castigates US Congress Over Bailout Failure http://www.dw-world.de/dw/article/0,2144,3681229,00.html

ECB: Speech, 30.9.08: Some lessons from the financial market correction http://www.ecb.int/press/key/date/2008/html/sp080930_1.en.html

BBC News, 29.9.08: Deal agreed for Euro bank Fortis http://news.bbc.co.uk/1/hi/business/7641132.stm

BBC News, 28.9.08: Spanish bank giant to acquire B&B http://news.bbc.co.uk/1/hi/business/7641055.stm

France24, 29.9.08: Santander to take over Bradford & Bingley's branches http://www.france24.com/en/20080929-santander-take-over-bradford-bingley-branches-savings-financial-crisis&navi=MONDE

Deutsche Welle, 29.9.08: European banks drawn into downwards spiral http://www.dw-world.de/dw/function/0,2145,12215_cid_3677854,00.html

NRC Handelsblad, 29.9.08: Three governments nationalise Fortis Bank http://www.nrc.nl/international/article2001888.ece/Three_governments_nationalise_Fortis_bank

Radio Netherlands Worldwide, 3.10.08: Dutch government nationalises Fortis http://www.rnw.nl/english

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