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ING gets more time to repay state aid

By Ian Wishart  -  19.11.2012 / 15:57 CET
European Commission agrees to restructured repayment plan, recognising “current difficult market situation”.
The European Commission has given Dutch bank ING more time to repay state loans and sell off assets that were part of the conditions imposed when it received a €10 billion bail-out in 2009.  

The bank now has until 2015 to repay the remaining €3bn of its aid and until 2018 to sell off its insurance and investment management businesses. The original deadline had been 2013.  

In a statement, Joaquín Almunia, the European commissioner for competition, said that the agreement, made in conjunction with authorities in the Netherlands, “preserves the balance of the original plan”.  

He added: “The issues created by all the state aid received by ING are adequately addressed by the amended plan.  

“In the next three years, ING will repay to the Dutch state all the state support it received, including a premium.  

“Incentives have also been put in place to ensure ING succeeds in creating a new competitive force, NN Bank, in the Dutch retail market.”
© 2014 European Voice. All rights reserved.
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