ING nationalisation not an issue

A nationalisation of financial services group ING is not on the cards at the moment, the head of the company’s Dutch arm said on tv on Tuesday evening.

Nationalisation ‘is not an issue and would not solve anything,’ Dutch unit CEO Nick Jue said. ‘We are a healthy company in heavy weather.’
Nor was a new capital injection from the government on the cards, Reuters reported Jue as saying. The state has already injected €10bn into the company and agreed to guarantee €22bn worth of risky US mortgages.
ING’s shares fell by as much as 22% after rating agency Standard & Poor’s said it may change the ratings for some European insurers. But the share later recovered to close up 2.4% at €3.66.

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