Friday, February 01, 2013 6:13 pm
News Summary: Netherlands nationalizes SNS Reaal
By The Associated Press
DEFICIT EFFECT: The cost means Netherlands' budget deficit in 2013 will be higher than the 3 percent allowed under European Union rules unless the Cabinet comes up with more unpopular austerity measures.
THE BANK: SNS has insurance and banking operations, including about 10 percent of Dutch retail deposits. Its decline occurred over several years as sliding property values eroded its real estate loans portfolio.