The Madoff-related loss by the nationalized Dutch arm of Fortis could be €850m-€1n, Fortis Bank Nederland said yesterday. FT Alphaville reports that Fortis Bank had been lending to funds which invested with Madoff.
The possible loss to Dutch taxpayers works out to €51-€60 (US$70-US$80) for every man, woman and child in the country, according to FT Alphaville.