Dividend Policy & Payments
ING’s policy is to pay dividends in relation to the long-term underlying development of cash earnings. Dividends will only be paid when the Executive Board considers such a dividend appropriate. Given the uncertain financial environment, increasing regulatory requirements and ING’s priority to repay the remaining outstanding core Tier 1 securities, ING did not pay a dividend over 2013. ING intends to resume dividend payments on common shares when all remaining core Tier 1 securities have been repaid to the Dutch State and regulatory capital requirements have been met.
In accordance with this policy, after we have repaid the Dutch State in full, ultimately by May 2015, we intend to resume dividend payments over the financial year 2015, growing into a pay-out ratio of at least 40%.