ING CEO: May Seek Better Terms Later On EUR10 Billion State Aid
August 12 2009 - 6:21AM
Dow Jones News
Financial services giant ING Groep NV (ING) isn't in active
talks with the Dutch government on improving the terms of the EUR10
billion aid it received last year to strengthen its core capital,
but may seek better terms in the future, Chief Executive Jan Hommen
said Wednesday.
Hommen said banks elsewhere have received better terms on their
government bailout packages, without providing details.
He added that he hopes for more clarity by year-end from the
European Commission on its regulatory review of government aid to
ING.
Hommen reiterated that discussions with the commission on the
restructuring plan required by ING to gain European Union approval
of the aid package will begin in the coming weeks, and as of yet
the outcome of the discussions is uncertain.
He told a press conference the company may have to adapt its
restructuring plans to meet whatever edict is laid down by the
commission.
Earlier Wednesday, Hommen said the E.U.'s decision could prompt
ING to make significant changes, but didn't elaborate.
Company Web site: www.ing.com
-By A.H. Mooradian, Robin van Daalen and Bart Koster, Dow Jones
Newswires; +3120 571-5200; art.mooradian@dowjones.com