There it goes…! Final repayment made with the press of the button

The transaction was performed by ING Bank Treasury’s head of Cash Management, Michel Bax in front of ING’s CEO, Ralph Hamers, and members of the Dutch press.

As soon as the F5 button on his keyboard was pressed, Michel Bax quietly and almost nonchalantly exclaimed: “There it goes”.

For ING, it was a special, perhaps historic moment, paying the Dutch Government back six months earlier than expected.

Clients keep coming to us. We keep on growing, within the Netherlands and outside. We’ve regained the confidence of customers, and we will do everything to keep it.

Grateful to the Dutch State…. and to the Dutch taxpayers

For Ralph Hamers, who spoke to Dutch television and newspaper reporters after the event, it is a special transaction because of all the emotions involved.

“It feels good after years of working so hard. It feels good to give this money back to the tax payer. We’re grateful to the Dutch State and the taxpayer who were there for us when we needed them, and to our customers, of course, who continued to stand by us during the last couple of years. We wanted to pay back as soon as possible and that’s what we have done.”

“We can look forward now”

Ralph Hamers said ING had always looked at possibilities to repay sooner. “After the AQR Review – the outcome of which was published by the ECB on 29 October – and EBA’s stress test we knew we could do this. We can look forward now. We are in a strong position, we’re healthy, with positions in many countries. We can assist clients in many parts of the world – and that’s what matters most.“

“Clients keep coming to us. We keep on growing, within the Netherlands and outside. We’ve regained the confidence of customers, and we will do everything to keep it.” said Ralph Hamers.