ING to adopt framework for compensation of Dutch SME clients with interest rate derivatives
July 05 2016 - 2:16AM
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.
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ING Group Investor
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+31 20 576 6369 |
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Raymond.Vermeulen@ing.com |
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ING is a global financial institution with a
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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
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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,
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and uncertainties detailed in the most recent annual report of ING
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Source: ING Group via Globenewswire
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