Amsterdam - The Dutch division of Fortis Bank NV has suffered a net loss of 18.5 billion euros (24.96 billion dollars) in 2008, according to the bank's annual report released on Thursday.
Fortis said 17.7 billion euros of the loss results from one-time write-offs on its share in RFS Holdings.
RFS is the holding that took over ABN Amro. Fortis Bank Netherlands had an 33.8 per cent ownership in RFS.
Some 922 million euros of the loss were caused by exposure to the Madoff fraud affair.