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ING pays EUR 3 billion to Dutch State for second tranche of core Tier 1 securities, including a 50% premium

Autor: Bancherul.ro
2011-05-13 11:31

ING announced today that it has paid EUR 3 billion to the Dutch State, completing its planned repurchase of EUR 2 billion of the Core Tier 1 securities issued in November 2008 at a 50% premium. ING has funded this transaction from retained earnings.

"Today we have completed another important step towards full repayment of the support ING received from the Dutch State" said Jan Hommen, CEO of ING Group. "Repaying this second tranche from retained earnings, while maintaining a strong capital position sets us on the right track towards full repayment, which we aim to realize by May 2012."

The strong capital generation of ING Bank in 2010 continued this year, resulting in a core Tier 1 ratio of 10.0% at the end of the first quarter of 2011. Today's payment to the State reduces this ratio by approximately 95 basis points, resulting in a core Tier 1 ratio of 9.1% on a pro-forma basis.

In November of 2008 ING received EUR 10 billion from the Dutch State by issuing 1 billion core Tier 1 securities. In December 2009 ING repurchased EUR 5 billion of the core Tier 1 securities. Together with today's payment, ING has repaid EUR 7 billion in principal plus interest totalling EUR 684 million and premiums totalling EUR 1,347 million, resulting in a total amount of EUR 9,031 million.

Provided that the strong capital generation continues, ultimately by May 2012 ING intends to repurchase the remaining EUR 3 billion core Tier 1 securities from retained earnings, on terms that are acceptable to all stakeholders. This will be conditional upon there having been no material changes regarding ING's capital requirements and/or ING's outlook on external market circumstances.

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