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ING to repay further 1.2 bln euros of state rescue package
March 25, 2014 / 8:02 AM / 3 years ago

ING to repay further 1.2 bln euros of state rescue package

AMSTERDAM, March 25 (Reuters) - Dutch bank ING said on Tuesday it will pay the Dutch State 1.225 billion euros on March 31, 100 million more than originally scheduled, as part of its repayment of the 10 billion euro support it received during the financial crisis.

The payment brings the total paid to the state to 12.5 billion euros, including 9.3 billion in principal and 3.2 billion in interest and premiums, ING said in a statement.

A final payment of 1.025 billion euros will be made in May 2015, which will bring the total amount of repayments to 13.5 billion euros.

ABN Amro and ING, once the pride of Amsterdam’s international financial hub, are emerging from state bailouts with a scaled back and more locally oriented business model.

Together, they cost their country nearly 32 billion euros to prevent a collapse during the financial crisis. Both are close to repaying their debts and standing alone again but struggle with a weak local economy and tough regulation. (Reporting by Geert De Clercq, editing by William Hardy)

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