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ING to launch rights issue to repay half of State capital
injection
On 26 October 2009, ING announced that it had
reached an agreement with the Dutch State to alter the repayment
terms of the Core Tier 1 securities issued in November 2008, in
order to facilitate early repayment. This early repayment option is
valid until the end of January 2010. ING intends to use this window
of opportunity to repurchase EUR 5 billion of the core Tier 1
securities in December 2009.
Update on strategy: Taking ING back to basics
On 9 April 2009, ING announced an update on its
strategy. “Taking ING back to basics” is an update on the measures
to reduce costs, risk and leverage and on the change programme as
outlined earlier in the year.
“We are taking ING back to basics on all levels,” CEO-designate
Jan Hommen said. “The crisis has reinforced the need for us to be
even more in touch with our customers. We need to put our customers
first in everything we do and we will make the relationship with
our customers our most important objective. We will be focusing on
fewer but more transparent products. We will streamline processes
to make them more efficient and steer towards operational and
commercial excellence. Our governance model will be adapted to our
strategy, with rigorous business performance reviews and reinforced
accountability. This will result in a company that is easier for
customers, motivational for employees and more predictable for
shareholders”.
ING responds to bonus concerns
New policy for 2009
ING has announced today further changes to its
variable cash compensation practices in order to further bring them
in line with profitability and evolving international
standards.
“In this environment, we must show how seriously we take this
matter,” said Jan Hommen, ING CEO designate. “As a result, the
board and I have decided that there will be no variable cash
compensation for calendar year 2009 until the Executive Board has
adopted a new compensation policy for all ING employees.”
ING clarifies coupon payment on hybrid capital
On Monday, February 23, 2009, ING Group
confirmed that the coupons on the 7.05%, the 7.20%, the 6.375% and
the 8.50% USD perpetual debt securities will be paid on 15 March
2009 as the ultimatum for giving notice on the optional deferral
ended 20 February 2009.
In connection with the provision of Tier-1 core capital by the
Dutch State on 28 October 2008, ING Groep N.V. declares the
following:
ING Groep N.V. wishes to prevent that the
provision of Tier-1 core capital by the Dutch State to ING Groep
N.V. causes imbalances in the level playing field or appears to
cause these imbalances.
To prevent unfair competition or the appearance thereof, ING Groep
N.V. declares that it will not derive inappropriate advantage from
the provision of Tier-1 core capital by the Dutch State.
In order to achieve this, the following principles have been
formulated for the banking, insurance, pension and investment
activities that ING Groep N.V. and its subsidiaries are engaged
in:
.
Transactions with Dutch State
ING Group has reached two transactions with the
Dutch State in recent months. In October 2008, ING issued EUR 10
billion of core tier-1 securities to the Dutch State to strengthen
its capital position, thereby creating a strong buffer to navigate
the market and economic environment. In January 2009, ING
negotiated an illiquid assets back-up facility with the Dutch
State.
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