ING Bank meets EBA capital exercise
(Thomson Reuters ONE) -
* ING Bank meets the EBA capital exercise with a core Tier I ratio of 9.2%
after taking into account the forthcoming CRD3 RWA's for market risk as well
as sovereign debt at market prices based on September 2011 figures
* Two divestments have not been taken into account in the EBA capital
exercise. The closing of the sale of ING Real Estate Investment Management
in October 2011 and the announced sale of ING Direct USA will further
improve the core Tier I ratio by 100 basis points. Taking these divestments
into consideration, the pro forma core Tier I in this capital exercise is
10.2%.
ING Bank notes the announcements made today by the European Banking
Authority (EBA) and De Nederlandsche Bank (DNB) regarding the capital
exercise, which demonstrate the following result for ING Bank.
The capital exercise proposed by the EBA and agreed by the Council on 26
October 2011 requires banks to strengthen their capital positions by
building up a temporary capital buffer against sovereign debt exposures to
reflect current market prices. In addition, it requires them to establish a
buffer such that the Core Tier 1 capital ratio reaches a level of 9% by the
end of June 2012.
71 banks across Europe, including ING Bank, were subject to the capital
exercise whose objective is to create an exceptional and temporary capital
buffer to address current market concerns over sovereign risk and other
residual credit risk related to the current difficult market environment.
This buffer would explicitly not be designed to cover losses in sovereigns
but to provide a reassurance to markets about banks' ability to withstand a
range of shocks and still maintain adequate capital.
Following completion of the capital exercise conducted by the EBA, in close
cooperation with DNB, the exercise has determined that:
ING Bank meets the 9% Core Tier 1 ratio after the removal of the prudential
filters on sovereign assets in the Available-for-Sale portfolio and prudent
valuation of sovereign debt in the Held-to-Maturity and Loans and
receivables portfolios, reflecting current market prices.
The methodology underlying the capital exercise was outlined by the EBA
prior to its announcement to ensure consistency across all banks in the EU
banking system involved in the exercise.
Press enquiries Investor enquiries
Ingeborg Klunder Alexander Mollerus
+31 20 541 6526 +31 20 541 5460
ingeborg.klunder(at)ing.com alexander.mollerus(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) 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. This document, and any other document or
presentation to which it refers, do not constitute an offer to sell, or a
solicitation of an offer to buy, any securities.
PFD version of the press release including appendix:
http://hugin.info/130668/R/1570134/488182.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters 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 Thomson Reuters ONE
[HUG#1570134]
Unternehmensinformation / Kurzprofil:
Datum: 08.12.2011 - 18:00 Uhr
Sprache: Deutsch
News-ID 95306
Anzahl Zeichen: 6389
contact information:
Town:
Amsterdam
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 151 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ING Bank meets EBA capital exercise"
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).
