Netherlands will allocate 10 billion euro for ING rescue
21 October 2008The government of the Netherlands will allocate 10 billion euro to support banking-insurance group ING.
Allocation of 10 billion euro, approved by the Ministry of Finance of the Netherlands and the central bank of the country, becomes a part of the plan of the government on support of financial sector.
In the context of anti-recessionary measures it is supposed to allocate nearby 20 billion euro to financial establishments.
This week ING managers have confirmed, that in connection with world financial crisis in the third quarter 2008 losses of group have made 500 million euro.
Minister of Finance of Netherlands has declared that ING requires help because of global economic problems.
However, as minister has emphasized, the bank group is not in state, close to accident.
ING Group - is the seventh on size in the Europe and the largest in the Netherlands financial organization. It serves 60 million clients in 50 countries of the world.
- ING expects the loss on results of 2008
- Fortis will not face block Netherlands’ actives
- Insurance company Aegon (Netherlands) has completed M&A on mergence of Merrill Lynch insurance divisions
- Dutch ING has declared about losses
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