ING announced today that it will file an appeal with the General Court of the European Union against specific elements of the European Commission’s decision regarding ING’s restructuring plan. ING stands firmly behind its strategic decision to separate Banking and Insurance operations and divest the latter. These processes are on track and will continue as planned.
In its appeal, ING will contest the way the Commission has calculated the amount of State aid ING received. ING and the State agreed upon a reduction of the repayment premium for the first EUR 5 billion tranche of Core Tier 1 securities which provided the Dutch State with an early repayment and at an attractive return. The Commission views this reduction as additional State aid of approximately EUR 2 billion.
Both ING and the Dutch State contest this point as it could hamper discussions between ING and the State on repayment terms of the remaining Core Tier 1 securities. The repayment of the first tranche of the Core Tier 1 securities was executed in December 2009 and the terms of this transaction will remain unaltered.
In light of the need to maintain a level playing field in the European financial sector, ING is also appealing against the disproportionality of the price leadership restrictions. ING believes it is in the interest of all its stakeholders to use the opportunities provided by law to let the General Court assess elements of the European Commission’s decision.
During the course of the appeal before the General Court, ING is committed to executing its restructuring plan as announced on 26 October 2009. As the matter is now subject to legal proceedings, ING is not in a position to comment any further on the appeal.
