Memo: Mergers: Commission closely monitoring Dutch State plans as regards Fortis Bank Nederland and ABN AMRO Bank Nederland

In the context of the October 2007 merger clearance, Fortis committed to the European Commission not to merge the Dutch activities of ABN Amro and Fortis without prior divestments. This commitment has not lost its importance or legal validity. It has been taken over by the Dutch State when it acquired control of both banks and took over Fortis' position in the Consortium Agreement. The Commission will thus closely monitor the plans of the Dutch State as regards Fortis Bank Nederland and ABN AMRO Bank Nederland.

In general, the Commission is not opposed to emergency measures that are necessary to ensure the stability of financial institutions in the current systemic crisis, but it is determined to ensure, in cooperation with the Member States, that such emergency measures do not jeopardise the longer term interest of consumers and businesses in having a well functioning, competitive, banking sector. Access to banking services at competitive conditions will help businesses, in particular SMEs, in The Netherlands maintaining their competitiveness at times where the real economy is affected by the current crisis.

As Dutch Minister of Finance Wouter Bos announced today there have been contacts between the Dutch Government and the European Commission to see how the commitment can be implemented in the current circumstances. Pending an agreement on this issue no integration of the two banks can take place.