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ING Says Exposure To Spain Is Large But Well Protected

AMSTERDAM -(Dow Jones)- Dutch financial services company ING Groep NV (INGA.AE) Wednesday said that its large exposure to Spain is no source of concern despite the country's economic woes. ING's exposure to Spain is among the largest of its European peers at over EUR40 billion. It has come into focus as the debt crisis in the euro zone is heating up again with attention shifting to Spain, which is struggling with a deep housing market slump and soaring unemployment rates. In a report published last week, analysts at Rabobank said the worries have pressured ING's share price and pushed insurance costs for ING Bank's debt higher. But in a conference call with journalists, Chief Executive Jan Hommen said that ING's exposure is significant, but well-protected. "There are some serious issues in Spain, but we have done pretty well," he said. And Chief Risk Officer Wilfred Nagel said there is no reason at this stage to take additional measures, even though real-estate prices in Spain are under pressure. ING, the Netherlands' biggest bank, holds around EUR1.3 billion in Spanish government debt. Through its online banking franchise in Spain, ING Direct, the Dutch group has built up a substantial exposure to the Spanish mortgage market. It includes EUR16.84 billion in covered bonds that are backed by mortgages, EUR4.13 billion worth of mortgage-backed securities, and EUR632 million in real estate-loans. ING has also originated EUR9.18 billion in mortgages and has EUR2.04 billion outstanding loans to Spanish financial institutions. -By Maarten van Tartwijk; Dow Jones Newswires; +31 20 571 5201;

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