( Financial TImes ) -- The Netherlands has nationalised SNS Reaal , the fourth-largest systemically important bank in the Netherlands , at a cost to Dutch taxpayers of €3.7bn . The bank had spent the past several weeks in a desperate search for private capital to compensate for heavy losses in its real estate holdings , particularly in Spanish assets . Jeroen Dijsselbloem , the Netherlands ' finance minister , said in a statement he had `` looked at every alternative involving private parties '' , but found none that could guarantee the stability of the Dutch banking system . With ABN Amro still in government hands after it was nationalised in 2009 , the nationalisation of SNS Reaal means two of the Netherlands ' four systemically important banks are state-owned . The nationalisation , carried out under the Netherlands ' 2012 law on bank intervention , will mean shareholders of the bank and subordinated debt holders will see their stakes wiped out . The state will inject €2.2bn in new capital , while forgiving €800m the bank still owed from its earlier bailout during the financial crisis . It will also write off €700m in the value of the bank 's real estate assets . `` I can sympathise easily with the resistance many will feel because we again will need to use a large amount of public money , '' Mr Dijsselbloem said . `` This is why I want the private sector to pay as large a share as possible of the rescue of SNS Reaal . '' In addition , the government will levy a one-time tariff of €1bn on Dutch banks in 2014 as a contribution to restoring the health of the financial sector . `` Politically speaking , that 's very important , '' said Harald Benink , a professor of finance at Tilburg University . Ronald Latenstein , SNS Reaal 's chief executive , as well as the bank 's chief financial officer and chairman of the board of directors , tendered their resignations . SNS Reaal announced they `` could not take responsibility for the nationalisation scenario '' . The finance ministry said the bank 's management would receive no bonuses , and that salary cuts were to be expected . The nationalisation comes after the European Commission blocked an earlier plan that would have seen the country 's other large banks , Rabobank , ING and ABN Amro , contribute capital to a so-called `` bad bank '' to house SNS Reaal 's distressed property assets . In a blogpost on FT.com on Thursday , economist Heleen Mees noted that rating agency Fitch has warned it may downgrade the debt of other Dutch and European banks if a government rescue of SNS Reaal wipes out ordinary bondholders .
Dutch Finance Minister Herman Klein said he had ` ` looked at every detail . The state will inject € 2.2bn , while forgiving € ##100 m the bank still owed from its earlier bailout . The finance ministry said the bank 's management will receive no bonuses .