Fortis denied early call option by EC state aid rules

21 May 2010

The European Commission has prevented Fortis Bank Nederland from calling a lower tier two transaction, the bank said last Friday. Fortis said that the EC has stopped the Dutch bank from calling its Eu500m lower tier two that was due to be called on June 22.

"Fortis Bank Nederland is a bank subject to state aid investigation and is therefore required — similar to other financial institutions involved in state aid proceedings — to consult the EC in order to redeem capital instruments early prior to legal maturity," the bank said. "The EC has ...

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