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What does ING’s agreement with the Dutch government entail?

April 26, 2017Agreement Dutch government ing

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What does ING’s agreement with the Dutch government entail?

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In ING’s press release of 19 October ING to strengthen core capital by EUR 10 billion the company announced: ING to issue EUR 10 billion of core Tier-1 securities to Dutch State Transaction boosts Bank core Tier-1 ratio to 8%, strengthens Insurance balance sheet and reduces Group Debt/Equity ratio to 10% Core capital issue is non-dilutive to outstanding share capital ING to pass over final dividend for 2008 ING reached an agreement with the Dutch government to strengthen its capital position, creating a strong buffer to navigate the current market and economic environment. ING will issue non-voting core Tier-1 securities for a total consideration of EUR 10 billion to the Dutch State. The transaction will bring ING Bank’s core Tier-1 ratio to around 8%, will strengthen the insurance balance sheet and will reduce ING Group’s Debt/Equity ratio to around 10%. The capital strengthening transaction is expected to be settled by 12 November 2008.