ING to adopt framework for compensation of Dutch SME clients with interest rate derivatives
July 05 2016 - 02:21AM
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.
For further information on ING, please visit www.ing.com.
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Press enquiries |
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Investor enquiries |
Raymond Vermeulen |
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ING Group Investor Relations |
+31 20 576 6369 |
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+31 20 576 6396 |
Raymond.Vermeulen@ing.com |
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Investor.Relations@ing.com |
ING Profile
ING is a global financial institution with a strong European
base, offering banking services through its operating company ING
Bank. The purpose of ING Bank is empowering people to stay a step
ahead in life and in business. ING Bank's more than 52,000
employees offer retail and wholesale banking services to
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industry group.
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) consequences of a potential
(partial) break-up of the euro, (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) changes affecting interest rate levels, (6) changes affecting
currency exchange rates, (7) changes in investor and customer
behaviour, (8) changes in general competitive factors, (9) changes
in laws and regulations, (10) changes in the policies of
governments and/or regulatory authorities, (11) conclusions with
regard to purchase accounting assumptions and methodologies, (12)
changes in ownership that could affect the future availability to
us of net operating loss, net capital and built-in loss carry
forwards, (13) changes in credit ratings, (14) ING's ability to
achieve projected operational synergies and (15) the other risks
and uncertainties detailed in the most recent annual report of ING
Groep N.V. (including the Risk Factors contained therein) and ING's
more recent disclosures, including press releases, which are
available on www.ING.com. Any forward-looking statements made by or
on behalf of ING speak only as of the date they are made, and, 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 does not constitute an offer to sell, or a
solicitation of an offer to purchase, any securities in the United
States or any other jurisdiction.
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http://hugin.info/130668/R/2025397/752728.pdf
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