ING is third big bank to compensate customers over interest rates
ING has become the third of the big Dutch banks to say it will compensate customers who paid too high interest rates on some variable loans.
The Dutch financial services complaints authority Kifid ruled earlier this year that a number of banks, including ING, did not follow market rates sufficiently when calculating interest rates on variable consumer loans.
ING said it expected the compensation would apply to 10% of contracts for floating-rate credit and that it had taken a €180m provision in the third quarter to pay for it.
ABN Amro said in September it would pay out some €250m in compensation. Rabobank made a similar move in August, saying some 150,000 customers would get between €100 and €200.
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