Dutch government earns €1.4bn from sale of ING’s US mortgages

The Dutch state realised €1.4bn from the sale of ING’s high-risk American mortgage portfolio – €600m more than originally estimated last autumn, Nos television says on Thursday.

In 2009, the government gave ING a €10bn capital guarantee for the mortgage portfolio. Although other state support has to be repaid by 2015, no deadline was set for the mortgage guarantee.

However, last November, finance minister Jeroen Dijsselbloem agreed the situation in the US had improved to a level where in theory the Dutch state can cancel its guarantee and ING could sell the portfolio.

The money will be used to reduce the state debt.

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