ING Groep NV to Pay EUR 1.125 Billion to Dutch State on November 6, 2013


Wednesday, 30 Oct 2013 03:38am EDT 

ING Groep NV announced that it has notified the Dutch State of its intention to pay EUR 1.125 billion on November 6, 2013. This payment includes a EUR 750 million repayment of core Tier 1 securities and EUR 375 million in premiums and interest and is part of the repayment schedule as agreed with the European Commission (EC) and the Dutch State. The payment will bring the total amount paid to the Dutch State to EUR 11.3 billion, including EUR 8.5 billion in principal and EUR 2.8 billion in interest and premiums. The payment is a step towards full repayment of the EUR 10 billion support the Company received from the Dutch State during the financial crisis. The payment of EUR 1.125 billion is the second tranche of a series of 4 tranches that are part of the amended EC Restructuring Plan which was announced on November 19, 2012. The third tranche is scheduled to be paid in March 2014 and the final tranche will be paid ultimately in May 2015. The payment of EUR 1.125 billion, which has been approved by the Dutch Central Bank, will be funded by a dividend to be upstreamed from ING Bank to ING Groep NV.