ING pays EUR 1.125 billion to Dutch State

ING pays EUR 1.125 billion to Dutch State

ING announced today that it has paid EUR 1.125 billion to the Dutch State, including a EUR 750 million repayment of core Tier 1 securities and EUR 375 million in premiums and interest. This payment was approved by the Dutch Central Bank (DNB). Today’s transaction brings the total paid to the Dutch State to EUR 10.2 billion including EUR 7.8 billion in principal and EUR 2.4 billion in interest and premiums.

The payment of EUR 1.125 billion has been funded by a dividend from ING Bank to ING Group. In addition, ING Bank has paid a dividend of EUR 1 billion to ING Group to reduce double leverage at Group level. The total dividend upstream will lead to a reduction of the Bank’s core Tier 1 ratio of approximately 75 basis points. The capital ratios of ING bank remain strong with a core Tier 1 ratio of 11.8% on a pro-forma basis under Basel II, including the sale of ING Direct Canada. On a fully-loaded Basel III basis the pro-forma core Tier 1 ratio would be 10.2%.

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