Nationalised SNS Reaal to contribute to €1bn state levy

SNS Reaal, the Dutch banking group that was nationalised last Friday, was dealt another blow on Monday when it was revealed that it would have to contribute to a €1bn levy to be imposed on the major Dutch banks in 2014. But senior bondholders were relieved to hear that their holdings would remain in SNS Bank rather than being transferred to a new bad bank that is expected to take on the group’s loss-making Property Finance assets.