The decision by KBC, the Belgian bank, to turn to the state for a €3.5bn ($4.4bn) capital injection leaves very few leading financial institutions in the Low Countries that have not sought government money.

Some analysts expressed surprise that Aegon, the Dutch insurer, had not spent the weekend cloistered with finance ministry officials to hatch a similar deal. The group said this month that it wanted to bolster its capital base and has since maintained that it is weighing up whether to apply for government funds.