ING to pay off remaining government loan
Thursday 14 June 2012
The ING bank is planning to pay off its outstanding government loan by the end of 2012, website nu.nl says on Thursday.
The bank received a capital injection of €10bn from the Dutch government in 2008 during the previous financial crisis. It still has €3bn in loans and a 50% fine outstanding; a total of €4.5bn.
ING says the repayment will be financed by the sale of its internet bank ING Direct in the US. The sale to Capital One Financial for €9bn finally went through in February 2012.
According to nu.nl, the bank wants to repay the rest of its debt 'as quickly as possible, as long as the conditions are acceptable to all parties and it does not affect the bank's capital position'.