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October 20, 2008

ING receives 10bn Euro bail-out for government stake

By Spear's

Dutch banking and insurance group ING is to receive a government bail-out worth EUR 10 billion, which will result in the state taking an 8.5 percent stake.

Dutch banking and insurance group ING is to receive a government bail-out worth EUR 10 billion, which will result in the state taking an 8.5 percent stake.

After the markets closed on Friday, taking ING shares down 27 percent, the bank said it would be posting a third quarter loss of EUR 500 million, after write-downs, investment losses and bad loans. The government deal was secured on Sunday.

Dutch Finance Minister Wouter Bos said the arrangements was structured to ensure the state withdraws its involvement “as soon as this financial hurricane recedes.” He said the bank was a “healthy company,” but that the injection would give it “extra buffers.”

For further details visit thewealthnet

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