Dutch government pumps 10 billion euros in ING Groep NV as part of the bailout plan

ING Groep NV, Holland’s biggest financial group, active in Romania in insurance, pension funds and banking fields, will receive 10 billion euros (13.4 billion US dollars) after the company announced it would post historic losses.

The financial group will sell to the government giving the government an 8.5 percent stake in the bank, according to Dutch minister of finances, Wouter Boss’ announcement made at the yesterday’s media briefing, together with Michel Tilmant, ING’s CEO, and president of Holland’s central bank, Nout Wellink (photo).

Yesterday, Sunday Times announced that ING financial group was in talks with the Dutch government on a 9 billion euros bailout plan.

Dutch public television NOS informed that ING is working on strengthening capital or on a new project that will be soon disclosed.

ING Groep NV is active in Romanian insurance, pension fund and banking segments.
ING Bank Romania, tenth biggest bank in the system, works as a branch of ING Group, being directly supervised by central bank of Holland.

Financial crisis has forced many governments in Europe to provide financial aid in order to rescue large banks, such as UK’s Royal Bank of Scotland and Switzerland’s UBS.

ING representatives refused to give any comments to the Sunday’s news, and a spokesman of the financial group said on Saturday that ING is taking various sources into consideration to raise capital.

ING announced in Friday it might register nearly 500 million euros net losses in third quarter, from similar period of last year.

The amounts covered by deposit insurance at ING Bank Romania rose from 38,000 euros to 100,000 euros, in terms with the recent decision made by central bank of Holland.

"ING Bank Romania, that works as a branch of ING Group is directly supervised by Holland's central bank and submits to its regulations. Therefore, a new level of guarantees will be enforced for all deposits at ING, including the amounts in the current account enclosed to ING Card Cont'Rol," the bank announced.

The actual context may bring forth acquisition opportunities of certain banks in the Romanian landscape, and ING Bank is considering a possible takeover, said ING Bank Romania's managing director, Misu Negritoiu.

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