SNS Bank uses state loan guarantee

SNS Bank, part of the SNS Reaal financial services group, is to issue a €2bn three-year bond backed by a government guarantee.

The move follows talks between the financial sector and government officials on Friday about making better use of the credit guarantee scheme, SNS Bank said in a statement.
The government set aside €200bn to guarantee inter-bank lending last year in the hope of stimulating movement in the financial sector. At the talks on Friday, it was agreed that all banks would become involved in the scheme, either as borrowers or lenders.
Until now only merchant bank NIBC and car lease firm Leaseplan, which has a banking licence, had made use of the fund.

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