Commission approved Dutch emergency recapitalisation of ING

13 November 2008

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

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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