ING announced today that, together with the Dutch State, it has completed the
unwinding of the Illiquid Assets Back-Up Facility (IABF). The IABF was
established in 2009, at the depth of the financial crisis, in order to reduce
the risk and uncertainty for ING from a portfolio of US Alt-A mortgage
securities. In November 2013 ING and the Dutch State reached an agreement on the
unwinding of the facility.
The Dutch State has sold the remaining USD 11.5 billion of securities in the
portfolio through three auctions for an average price of 77.3%. The proceeds
were used to pay off the remaining loans from ING. Together with the settlement
of fees, the unwinding resulted in a cash profit for the Dutch State of EUR 1.4
billion.
"It is good that we can announce another major step in concluding the government
support for ING," said Ralph Hamers, CEO of ING Group. "I want to thank everyone
involved for ensuring this arrangement served its purpose, while giving the
State an ample return. We will continue to make ING stronger and simpler and
further focus our company on serving our customers."
Press enquiries  Investor enquiries
Raymond Vermeulen  ING Group Investor Relations
+31 20 576 6369 Â +31 20 57 66396
Raymond.Vermeulen@ing.com  Investor.Relations@ing.com
ING PROFILE
ING is a global financial institution of Dutch origin, offering banking,
investments, life insurance and retirement services to meet the needs of a
broad customer base. Going forward, we will concentrate on our position as an
international retail, direct and commercial bank, while creating an optimal
base for an independent future for our insurance and investment management
operations
IMPORTANT LEGAL INFORMATION
Certain of the statements contained herein are not historical facts,
including, without limitation, certain statements made of future expectations
and other forward-looking statements that are based on management's current
views and assumptions and involve known and unknown risks and uncertainties
that could cause actual results, performance or events to differ materially
from those expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such statements due
to, without limitation: (1) changes in general economic conditions, in
particular economic conditions in ING's core markets, (2) changes in
performance of financial markets, including developing markets, (3)
consequences of a potential (partial) break-up of the euro, (4) the
implementation of ING's restructuring plan to separate banking and insurance
operations, (5) changes in the availability of, and costs associated with,
sources of liquidity such as interbank funding, as well as conditions in the
credit markets generally, including changes in borrower and counterparty
creditworthiness, (6) the frequency and severity of insured loss events, (7)
changes affecting mortality and morbidity levels and trends, (8) changes
affecting persistency levels, (9) changes affecting interest rate levels, (10)
changes affecting currency exchange rates, (11) changes in investor, customer
and policyholder behaviour, (12) changes in general competitive factors, (13)
changes in laws and regulations, (14) changes in the policies of governments
and/or regulatory authorities, (15) conclusions with regard to purchase
accounting assumptions and methodologies, (16) changes in ownership that could
affect the future availability to us of net operating loss, net capital and
built-in loss carry forwards, (17) changes in credit-ratings, (18) ING's
ability to achieve projected operational synergies and (19) the other risks
and uncertainties detailed in the Risk Factors section contained in the most
recent annual report of ING Groep N.V. Any forward-looking statements made by
or on behalf of ING speak only as of the date they are made, and, ING assumes
no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information or for any other reason. This document
does not constitute an offer to sell, or a solicitation of an offer to buy,
any securities.
PDF version of press release:
http://hugin.info/130668/R/1759596/595218.pdf
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(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via GlobeNewswire
[HUG#1759596]
