Amsterdam - Fortis Bank Netherlands has repaid 34 billion euros (47.93 billion dollars) of debt to the Dutch state, the bank and the Dutch finance ministry confirmed Thursday in separate statements. That figure represents all the short-term government loans received last October when Fortis Netherlands - a division of the former Belgian-Dutch bank and the insurance giant Fortis NV - was nationalized.
October's 66.8 billion euro government support comprised share value (16.8 billion euros), 16 billion in long-term loans and 34- billion in short term loans.
In its statement, the bank said increased share value (up 6.5 billion euros), reduced long-term loans (down 6.5 billion euros) and the release of government-backed bonds enabled Fortis Netherlands to repay the short-term loan before its due date at the end of this year.
"This is great news," Finance Minister Wouter Bos said, adding that the quick repayments indicate the bank wants to regain its independence as soon as possible.
The current repayments have reduced Fortis' debt to the Dutch state by more than 50 per cent and it now stands at 32.8 billion euros.
