Privatised financial services group Fortis Bank Nederland booked a loss of €18.5bn last year, due to a one-off book loss of €17.7bn on its stake in RFS Holdings and a €900m loss on its exposure to the Madoff fraud.

At an operational level, Fortis booked profit of just over €600m. All units contributed to operating profit, the bank said in a statement.
The company’s board has agreed not to accept any extra bonuses over last year.
Fortis Nederland and ABN Amro, both of which were privatised last year, are currently being integrated into a single financial services group.