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"This is a unique situation and we have prevented worse outcomes with this solution, but it is nothing to be satisfied about," Sijbrand said. SNS had warned with increasing frequency that its troubles would require some kind of restructuring since July, and was in talks with private parties about a takeover up until Thursday afternoon. The three biggest Dutch banks, ING Groep NV, ABN Amro, and cooperative bank Rabobank NV had reportedly considered buying parts of SNS. But European regulators blocked ING and ABN for the reason that they were themselves bailed-out and nationalized, respectively. The three big banks will be asked to contribute a combined euro 1 billion to the rescue under the Dutch system, under which retail banks act as insurers for each others' retail deposits on a proportional basis. ING said in a reaction it expected its share to be no more than euro 350 million, and that wouldn't affect its own solvency ratios significantly. ING shares were up 0.4 percent at euro 7.481 in early Amsterdam trading, while trading in SNS shares was halted.
[Associated
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