Why did ING Groep decide to take part in the Dutch government’s program to make capital available to Dutch financial businesses?
ING Groep (the parent company for ING Life Insurance and Annuity Company, which services the Plan) is located in the Netherlands. In October, ING Groep chose to strengthen its “buffer” against unexpected economic events in the future by accepting a capital infusion from the Dutch government. In response to the current market turmoil, the Dutch government offered to make additional capital available to Dutch financial enterprises that are fundamentally sound and viable in order to boost confidence and stability in the Dutch financial system. Even though ING Groep already had enough assets to meet existing regulatory requirements, the increased capital provides a larger “cushion,” which will help to protect the interests of ING ’s customers.
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