ING pays EUR 3 billion to Dutch State for second tranche of core Tier 1 securities, including a 50% premium
(Thomson Reuters ONE) -
ING announced today that it has paid EUR 3 billion to the Dutch State,
completing its planned repurchase of EUR 2 billion of the Core Tier 1 securities
issued in November 2008 at a 50% premium. ING has funded this transaction from
retained earnings.
"Today we have completed another important step towards full repayment of the
support ING received from the Dutch State" said Jan Hommen, CEO of ING Group.
"Repaying this second tranche from retained earnings, while maintaining a strong
capital position sets us on the right track towards full repayment, which we aim
to realize by May 2012."
The strong capital generation of ING Bank in 2010 continued this year, resulting
in a core Tier 1 ratio of 10.0% at the end of the first quarter of 2011. Today's
payment to the State reduces this ratio by approximately 95 basis points,
resulting in a core Tier 1 ratio of 9.1% on a pro-forma basis.
In November of 2008 ING received EUR 10 billion from the Dutch State by issuing
1 billion core Tier 1 securities. In December 2009 ING repurchased EUR 5 billion
of the core Tier 1 securities. Together with today's payment, ING has repaid EUR
7 billion in principal plus interest totalling EUR 684 million and premiums
totalling EUR 1,347 million, resulting in a total amount of EUR 9,031 million.
Provided that the strong capital generation continues, ultimately by May 2012
ING intends to repurchase the remaining EUR 3 billion core Tier 1 securities
from retained earnings, on terms that are acceptable to all stakeholders. This
will be conditional upon there having been no material changes regarding ING's
capital requirements and/or ING's outlook on external market circumstances.
Press enquiries Investor enquiries
Frans Middendorff ING Group Investor Relations
+31 20 541 6516 +31 20 541 5460
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. As of 31 March 2011, ING
served more than 85 million private, corporate and institutional clients in more
than 40 countries. With a diverse workforce of about 105,000 people, ING is
dedicated to setting the standard in helping our clients manage their financial
future.
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) the implementation of ING's restructuring plan to
separate banking and insurance operations, (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) the frequency and severity of
insured loss events, (6) changes affecting mortality and morbidity levels and
trends, (7) changes affecting persistency levels, (8) changes affecting interest
rate levels, (9) changes affecting currency exchange rates, (10) changes in
general competitive factors, (11) changes in laws and regulations, (12) changes
in the policies of governments and/or regulatory authorities, (13) conclusions
with regard to purchase accounting assumptions and methodologies, (14) changes
in ownership that could affect the future availability to us of net operating
loss, net capital and built-in loss carry forwards, and (15) 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.
PDF version of press release:
http://hugin.info/130668/R/1515678/451967.pdf
This announcement is distributed by Thomson Reuters on behalf of
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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#1515678]
Unternehmensinformation / Kurzprofil:
Datum: 13.05.2011 - 09:55 Uhr
Sprache: Deutsch
News-ID 54648
Anzahl Zeichen: 5403
contact information:
Town:
Amsterdam
Kategorie:
Business News
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