ING to pay EUR 1.125 billion to Dutch State on 6 November 2013
(Thomson Reuters ONE) -
ING announced today that it has notified the Dutch State of its intention to pay
EUR 1.125 billion on 6 November 2013. This payment includes a EUR 750 million
repayment of core Tier 1 securities and EUR 375 million in premiums and interest
and is part of the repayment schedule as agreed with the European Commission
(EC) and the Dutch State. The payment will bring the total amount paid to the
Dutch State to EUR 11.3 billion, including EUR 8.5 billion in principal and EUR
2.8 billion in interest and premiums.
"Next week's payment of EUR 1.125 billion to the Dutch State is yet another
important step towards full repayment of the EUR 10 billion support ING received
from the Dutch State during the financial crisis" said Ralph Hamers, CEO of ING
Group. "With this payment we will have paid the Dutch State over EUR 11 billion
in principal, interest and premiums and we intend to make our final payments
within the next 18 months, resulting in a total annualised overall return for
the Dutch state of 12.5%".
The payment of EUR 1.125 billion is the second tranche of a series of 4
tranches that are part of the amended EC Restructuring Plan which was announced
on 19 November 2012. The third tranche is scheduled to be paid in March 2014 and
the final tranche will be paid ultimately in May 2015.
The payment of EUR 1.125 billion, which has been approved by the Dutch Central
Bank, will be funded by a dividend to be upstreamed from ING Bank to ING Group.
The capital ratios of ING Bank remain strong. The dividend will lead to a
reduction of the Bank's core Tier 1 ratio of approximately 40 basis points.
Press enquiries Investor enquiries
Frans Middendorff ING Group Investor Relations
+31 20 576 6385 +31 20 576 6396
frans.middendorff(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 in this document 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
investor, 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, (17) changes in credit-ratings,
(18) ING's ability to achieve projected operational synergies and (19) the other
risks and uncertainties detailed in the risk factors section contained in the
most recent annual report of ING Groep N.V.
Any forward-looking statements made by or on behalf of ING speak only as of the
date they are made, and, 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/1738969/583613.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#1738969]
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Datum: 30.10.2013 - 08:38 Uhr
Sprache: Deutsch
News-ID 310702
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Kategorie:
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