13 November 2008

Commission approved Dutch emergency recapitalisation of ING

The Commission approved the emergency intervention Dutch authorities intend to grant to ING Group.

Dutch authorities recapitalised ING Group with €10 billion via a special type of securities issued on 12 November 2008.

The securities to be issued would qualify as core tier 1 capital and produce an annual coupon equal to the higher of:

• € 0.85 per security, non cumulative, payable annually in arrears
• 110% of the dividend paid on the ordinary shares in 2009
• 120% of the dividend paid on the ordinary shares in 2010
• 125% of the dividend paid on the ordinary shares from 2011 onwards

Press release

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