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.”
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Go to the Content Sunday, 19 May 2013
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