ING comfortably passes AQR and stress test
(Thomson Reuters ONE) -
ING Bank has comfortably passed the Asset Quality Review (AQR) and stress test
which were part of the Comprehensive Assessment as conducted by the European
Central Bank (ECB) and the European Banking Authority (EBA). The outcome
reflects ING's strong capital position and resilient balance sheet.
In the AQR exercise, the ECB - based on its own non-IFRS methodology- concluded
that ING Bank does not have a capital deficit, with its adjusted CET1 ratio
being revised down by 29 basis points to 10.1% as of 31 December 2013. This is
well above the threshold CET1 ratio of 8%. ING Bank's starting CET1 ratio for
this exercise of 10.4% is lower than its 31 December 2013 reported CT1 ratio of
11.7%, principally because of the impact of the previously announced pension
transaction in the Netherlands which was included in the first quarter results
of 2014, as well as previously disclosed Basel III impacts.
In the stress test that followed the AQR exercise, participating banks were
tested against a baseline and an adverse scenario based on the EBA common
methodology and assumptions. Using the starting point of the AQR adjusted CET1
ratio of 10.1%, ING Bank's CET1 ratio would increase to 10.4% in the baseline
scenario and decrease to 8.7% in the adverse scenario. Both are comfortably
above the threshold CET1 ratios of 8% and 5.5% respectively for the scenarios in
this exercise.
Ralph Hamers, CEO of ING said: "The clear results of the AQR and stress test
represent a confirmation of ING's prudent management approach. We are confident
the Comprehensive Assessment, which is unprecedented in both scope and scale,
will increase transparency, will enhance trust in the European banking system
and will set the ECB off to a good start directly supervising Europe's largest
banks."
After passing the AQR and stress test, ING has started the process for the
repayment of the final tranche of core Tier 1 securities to the Dutch State. ING
aims to finalize this repayment in 2014, subject to regulatory approval.
NOTE FOR EDITORS
Detailed information on the outcome of both the AQR and the stress test is
provided by the ECB and EBA through disclosure templates available at their
respective websites ecb.europa.eu and eba.europa.eu.
For further information on ING, please visit www.ing.com. Frequent news updates
can be found in the Newsroom or via the (at)ING_news twitter feed. Photos of ING
operations, buildings and its executives are available for download at Flickr.
Footage (B-roll) of ING is available via videobankonline.com, or can be
requested by emailing info(at)videobankonline.com. ING presentations are available
at SlideShare.
Press enquiries
Frans Middendorff
+31 20 576 6396
Frans.Middendorff(at)ing.com
Investor enquiries
ING Group Investor Relations
+31 20 576 6385
Investor.Relations(at)ing.com
ING PROFILE
ING is a global financial institution of Dutch origin offering banking services
through its operating company ING Bank and holding significant stakes in the
listed insurers NN Group NV and Voya Financial, Inc. The purpose of ING Bank is
empowering people to stay a step ahead in life and in business. ING Bank's
53,000 employees offer retail and commercial banking services to customers in
over 40 countries.
ING Group shares are listed (in the form of depositary receipts) on the
exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the New York Stock
Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING's corporate strategy, which is
evidenced by ING Group shares being included in the FTSE4Good index and in the
Dow Jones Sustainability Index (Europe and World) where ING is the industry
leader in the diversified financials group.
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/1865843/655291.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(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 GlobeNewswire
[HUG#1865843]
Unternehmensinformation / Kurzprofil:
Datum: 26.10.2014 - 12:03 Uhr
Sprache: Deutsch
News-ID 346935
Anzahl Zeichen: 7475
contact information:
Town:
Amsterdam
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 233 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ING comfortably passes AQR and stress test"
steht unter der journalistisch-redaktionellen Verantwortung von
ING Group (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
