ING repays more state support, cuts debt to €2.25bn plus interest
Monday 26 November 2012
Financial services group ING has repaid a further €750m of the €10bn in state support it received during the 2008 crisis year.
Including fines and interest, the bank paid €1.125bn to the treasury and still owes €2.25bn.
A week ago, the European Commission said it had given ING more time to divest its insurance and other activities and pay back state support.
ING now has until December 2018 to split off its insurance arm, while the forced sale of mortgage bank WestlandUtrecht will be replaced by a merger with the banking operations of Nationale Nederlanden. WestlandUtrecht has proved impossible to sell as a stand-alone entity.
The remaining state support and fine is to be paid back over the next three years as four payments.
Finance minister Jeroen Dijsselbloem welcomed Monday's repayment. ‘In 2008, the Dutch government intervened in order to guarantee the stability of the financial sector,’ he said in a statement. ‘The taxpayer is now being rewarded for that support.’