ING to adopt framework for compensation of Dutch SME clients with interest rate derivatives
(Thomson Reuters ONE) -
ING announced today that it will adopt the framework for compensation of Dutch
SME clients with interest rate derivatives, as presented by the committee of
independent experts. As a consequence, ING expects to increase its provision for
this issue by around EUR 150 million, to be booked in the second quarter of
2016.
As described in ING's 2015 Annual Report, ING and other banks have been
reviewing derivative contracts which were sold in previous years to Dutch SME
clients. In March 2016 the Minister of Finance appointed a committee of three
independent experts to determine a uniform framework to assess the derivative
contracts in scope in order to compensate clients where appropriate.
Note for editors
ING will inform customers in scope on the framework, process and timelines.
Further information can be found on the website of ING's Dutch retail bank
www.ing.nl.
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
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Press enquiries Investor enquiries
Raymond Vermeulen ING Group Investor Relations
+31 20 576 6369 +31 20 576 6396
Raymond.Vermeulen(at)ing.com Investor.Relations(at)ing.com
ING Profile
ING is a global financial institution with a strong European base, offering
banking services through its operating company ING Bank. The purpose of ING Bank
is empowering people to stay a step ahead in life and in business. ING Bank's
more than 52,000 employees offer retail and wholesale 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 among the leaders
in the Banks industry group.
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) 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, (5) changes
affecting interest rate levels, (6) changes affecting currency exchange rates,
(7) changes in investor and customer behaviour, (8) changes in general
competitive factors, (9) changes in laws and regulations, (10) changes in the
policies of governments and/or regulatory authorities, (11) conclusions with
regard to purchase accounting assumptions and methodologies, (12) changes in
ownership that could affect the future availability to us of net operating
loss, net capital and built-in loss carry forwards, (13) changes in credit
ratings, (14) ING's ability to achieve projected operational synergies and
(15) the other risks and uncertainties detailed in the most recent annual
report of ING Groep N.V. (including the Risk Factors contained therein) and
ING's more recent disclosures, including press releases, which are available
on www.ING.com. 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 purchase, any securities in the United States or any other
jurisdiction.
PDF version of press release:
http://hugin.info/130668/R/2025397/752728.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#2025397]
Unternehmensinformation / Kurzprofil:
Datum: 05.07.2016 - 08:17 Uhr
Sprache: Deutsch
News-ID 481475
Anzahl Zeichen: 5909
contact information:
Town:
Amsterdam
Kategorie:
Business News
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