The repayment of €5bn in Dutch state support is not a priority for the ING financial services group until its legal dispute with the EU is solved, CEO Jan Hommen said on Monday.

‘We will not pay back until there is clarity,’ Hommen said during an investors day in London. He expects it will be 2011 before the court reaches its decision.
ING has appealed against a European Commission decision to describe the reduced repayment penalty for paying back the first €5bn quickly as state support.
ING says it should not be punished for trying to repay the Dutch government as quickly as possible.
If ING wins the appeal, the amount of state aid it effectively received will be reduced, which may result in it being able to keep some of the assets earmarked for sale.
During the meeting, Hommen said that all options are still open for the hiving off of the insurance arm – part of the Commission-ordered sell-off. The basic scenario is still a stock exchanging listing for one or two new insurance companies, the Financieele Dagblad quoted him as saying.
For the ING investors’ day press release, click here