One rule for us

6 Jun 2013 By George Hay Follow @gfhay

The Dutch bank has at last released its 2012 results, months after it was nationalised. Had SNS been headquarted in Cyprus, its hideous property losses might have warranted a depositor haircut. Bail-in’s champion, Jeroen Dijsselbloem, was much less gung-ho in his own back yard.

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SNS Reaal made a 972 million euro loss in 2012, and a 1.6 billion euro loss in the first quarter of 2013, according to the Dutch bank’s annual and first-quarter results, which were published on June 6 following several delays.
The lender’s pro forma core Tier 1 ratio rose from 6.1 percent at the end of 2012 to 14.9 percent following a 2.2 billion euro state injection of capital in February, along with a 1.1 billion euro bail-in of subordinated creditors.
Non-performing loans on SNS’s property finance portfolio rose from 18.5 percent at the end of 2011 to 33.8 percent a year later.

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