Dutch banking giant ING today reported the first loss since it was formed in 1991, in what was another dismal day for continental financial services firms.

ING, which got a ¤10 billion (£8.15 billion) lifeline from Dutch taxpayers last night, is one of the bigger savings banks in the UK, especially after taking customers from the collapsed Kaupthing and Landsbanki banks last month.

But having taken a ¤1.51 billion writedown on the value of toxic debts and shares, it lost ¤478 million in the third quarter. It made its announcement as troubled German lender Hypo Real Estate posted a ¤3.1 billion loss for the quarter, UniCredit of Italy a 54% profits slump and insurer Swiss Life issued a big profit warning after seeing premium income fall.

Hypo wrote off more than ¤3 billion, including a ¤600 million wipeout on businesses dealing with Lehman Brothers, Iceland and Babcock & Brown engineering.

Hypo was bailed out with a ¤50 billion rescue package from the German government last month. Today it said it was in talks for further extensive support from Berlin's ¤500 billion rescue fund for banks. Commerzbank drew on it last week. More are set to follow.

UniCredit said net third-quarter profit was ¤551 million, from ¤1.2 billion a year ago.

Chief executive Alessandro Profumo, citing "dramatic conditions" in banking, plans a ¤6.6 billion capital increase. That will boost its core tier 1 ratio (the key measure of financial strength) to 6.7% from 5.7%.