ING welcomes judgment of EU General Court
(Thomson Reuters ONE) -
The General Court of the European Union has today announced its judgment
concerning ING's appeal against the European Commission's 2009 decision
regarding ING's restructuring plan.
ING welcomes the judgment to partially annul the EC decision. ING will carefully
assess the full judgment and its consequences. Announcements on any potential
further actions will only be made if and when appropriate.
In the context of the financial crisis, ING received support from the Dutch
State in 2008 and 2009 in the form of a capital injection and an Illiquid Assets
Back-up facility. In order to get approval from the European Commission for the
support measures, ING had to file a restructuring plan with the European
Commission, which was approved in November 2009. In January 2010 ING announced
that it would appeal specific elements of the European Commission's approval
decision. Specifically, ING appealed the way the EC calculated the amount of
State aid received, the disproportionality of the price leadership restrictions
ING was subjected to and the overall disproportionality of the restructuring
requirements. The Dutch State also filed an appeal on the first ground mentioned
above.
.
Press enquiries Investor enquiries
Carolien van der Giessen ING Group Investor relations
+31 20 576 6386 +31 20 576 6396
Carolien.van.der.Giessen(at)ing.com Investor.relations(at)ing.com
ING PROFILE
ING is a global financial institution of Dutch origin, offering banking,
investments, life insurance and retirement services to meet the needs of a broad
customer base. Going forward, we will concentrate on our position as an
international retail, direct and commercial bank, while creating an optimal base
for an independent future for our insurance and investment management operations
IMPORTANT LEGAL INFORMATION
Certain of the statements contained herein are not historical facts, including,
without limitation, certain statements made of future expectations and other
forward-looking statements that are based on management's current views and
assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in such statements. Actual results, performance or events
may differ materially from those in such statements due to, without limitation:
(1) changes in general economic conditions, in particular economic conditions in
ING's core markets, (2) changes in performance of financial markets, including
developing markets, (3) consequences of a potential (partial) break-up of the
euro, (4) the implementation of ING's restructuring plan to separate banking and
insurance operations, (5) changes in the availability of, and costs associated
with, sources of liquidity such as interbank funding, as well as conditions in
the credit markets generally, including changes in borrower and counterparty
creditworthiness, (6) the frequency and severity of insured loss events, (7)
changes affecting mortality and morbidity levels and trends, (8) changes
affecting persistency levels, (9) changes affecting interest rate levels, (10)
changes affecting currency exchange rates, (11) changes in customer and
policyholder behaviour, (12) changes in general competitive factors, (13)
changes in laws and regulations, (14) changes in the policies of governments
and/or regulatory authorities, (15) conclusions with regard to purchase
accounting assumptions and methodologies, (16) changes in ownership that could
affect the future availability to us of net operating loss, net capital and
built-in loss carry forwards, and (17) ING's ability to achieve projected
operational synergies. ING assumes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information or for
any other reason. This document does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities.
pdf version of press release:
http://hugin.info/130668/R/1590848/499856.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via Thomson Reuters ONE
[HUG#1590848]
Unternehmensinformation / Kurzprofil:
Datum: 02.03.2012 - 10:01 Uhr
Sprache: Deutsch
News-ID 121004
Anzahl Zeichen: 5116
contact information:
Town:
Amsterdam
Kategorie:
Business News
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"ING welcomes judgment of EU General Court"
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