Sales of ABN Amro shares bring in over a billion euros for the Dutch State

The Cabinet has completed another round of sales of ABN Amro shares, which means the state's shares have dropped to 40.5 percent. The so-called sales program was announced last year. The selling of the shares has earned the state 1.17 billion euros, Finance Minister Eelco Heinen reported.

The proceeds are not far off the expectations before the sales. The money will be used to pay off some of the state's debt.

Over the last few months, the state has been selling increasingly small parts of shares using a so-called dribble-out method. The shares had to be worth more than the agreed minimum. The state sold 78 million shares in this round.

The Cabinet will be advised on how to reduce its stake in ABN Amro further. To recoup what the state has spent on the bank, the shares it still owns would have to be worth more than twice their current market value.

"It is not realistic that such a course will be achieved in the short term," Heinen said in his letter. "The state is not an investor and, therefore, will not make any risky investments if it does not benefit the public. I therefore consider it undesirable to wait for a higher price."

The bank was rescued years ago to "ensure the stability of the financial system" during the financial crisis, not to profit from the shares.