Fortis rescue operation

Fortis, the Belgian-Dutch bancassurance group with branches also in Germany – in Belgium, Fortis was the country’s largest private employer in the fall of 2008; one in two private households had an account there – ran into a liquidity shortage in early October 2008 in the wake of the subprime crisis, which was spreading into a global financial crisis. There were fears of a run. The governments of Belgium, the Netherlands – where Fortis was the second-largest bank in the country at the time – and Luxembourg then agreed on a rescue plan that initially provided for only partial nationalization. Subsequently, the Belgian state took over Fortis Bank Belgium in its entirety with the intention of selling on 75 percent of Fortis Bank Belgium to the major French bank BNP Paribas in due course. At the time, Parisbas had one of the largest international banking networks, with a presence in more than 85 countries and nearly 170,000 employees worldwide. – See bail-out, banking crisis, banking collapse, Bradford nationalization, crash, deposit insurance, moneylender of last resort, Hypo Real Estate bailout, IndyMac bankruptcy, lending rule of thumb, air securities, market discipline, ninja loans, moral hazard, mortgage equity withdrawal, blowback effect, run, shock recovery, soul massage, trust.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
E-mail address: info@ekrah.com
https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk
https://www.jung-stilling-gesellschaft.de/merk/
https://www.gerhardmerk.de/