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December 17, 2013
05:36 EDTINGING, Dutch State complete agreement for unwinding of IABF
ING announced that it has completed the agreement with the Dutch State on the unwinding of the Illiquid Assets Back-up Facility, or IABF, as announced on November 1. The IABF in its original form is now terminated and all regular guarantee fee payments have been settled. The Dutch State has started the process to divest the securities in the IABF- portfolio. Proceeds will be used to pay off the remaining loan from ING and are, as announced on November 1, expected to leave a direct cash profit for the State. Announcements on the auction process or actual transactions will be made by the Dutch State Treasury Agency. The agreement has been approved by the European Commission. The unwinding of the IABF has no material impact on ING's results but is expected to have a positive impact of approximately 10 basis points on ING Bank's core Tier 1 ratio on a pro forma basis. As a result of the unwinding, the restrictions as part of the IABF agreement will no longer be applicable, including the right of the Dutch State to nominate two members for appointment to the Supervisory Board. The current State nominated member of the Supervisory Board will no longer have special approval rights regarding certain decisions and will, going forward, have a position equal to the other members of the Supervisory Board.
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