ING welcomes judgment of EU General Court
ING welcomes judgment of EU General Court
ING welcomes judgment of EU General Court
Amsterdam, 2 March 2012
The General Court of the European Union has today announced its judgment concerning ING's appeal against the European Commission's 2009 decision regarding ING's restructuring plan.
ING welcomes the judgment to partially annul the EC decision. ING will carefully assess the full judgment and its consequences. Announcements on any potential further actions will only be made if and when appropriate.
In the context of the financial crisis, ING received support from the Dutch State in 2008 and 2009 in the form of a capital injection and an Illiquid Assets Back-up facility. In order to get approval from the European Commission for the support measures, ING had to file a restructuring plan with the European Commission, which was approved in November 2009. In January 2010 ING announced that it would appeal specific elements of the European Commission's approval decision. Specifically, ING appealed the way the EC calculated the amount of State aid received, the disproportionality of the price leadership restrictions ING was subjected to and the overall disproportionality of the restructuring requirements. The Dutch State also filed an appeal on the first ground mentioned above.
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ING PROFILE
ING is a global financial institution of Dutch origin, offering banking, investments, life insurance and retirement services to meet the needs of a broad customer base. Going forward, we will concentrate on our position as an international retail, direct and commercial bank, while creating an optimal base for an independent future for our insurance and investment management operations
IMPORTANT LEGAL INFORMATION
Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation: (1) changes in general economic conditions, in particular economic conditions in ING's core markets, (2) changes in performance of financial markets, including developing markets, (3) consequences of a potential (partial) break-up of the euro, (4) the implementation of ING's restructuring plan to separate banking and insurance operations, (5) changes in the availability of, and costs associated with, sources of liquidity such as interbank funding, as well as conditions in the credit markets generally, including changes in borrower and counterparty creditworthiness, (6) the frequency and severity of insured loss events, (7) changes affecting mortality and morbidity levels and trends, (8) changes affecting persistency levels, (9) changes affecting interest rate levels, (10) changes affecting currency exchange rates, (11) changes in customer and policyholder behaviour, (12) changes in general competitive factors, (13) changes in laws and regulations, (14) changes in the policies of governments and/or regulatory authorities, (15) conclusions with regard to purchase accounting assumptions and methodologies, (16) changes in ownership that could affect the future availability to us of net operating loss, net capital and built-in loss carry forwards, and (17) ING's ability to achieve projected operational synergies. ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.