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ING to pay EUR 1.125 billion to Dutch State on 6 November 2013

ING announced today that it has notified the Dutch State of its intention to pay EUR 1.125 billion on 6 November 2013.

This payment includes a EUR 750 million repayment of core Tier 1 securities and EUR 375 million in premiums and interest and is part of the repayment schedule as agreed with the European Commission (EC) and the Dutch State. The payment will bring the total amount paid to the Dutch State to EUR 11.3 billion, including EUR 8.5 billion in principal and EUR 2.8 billion in interest and premiums.

"Next week’s payment of EUR 1.125 billion to the Dutch State is yet another important step towards full repayment of the EUR 10 billion support ING received from the Dutch State during the financial crisis" said Ralph Hamers, CEO of ING Group. "With this payment we will have paid the Dutch State over EUR 11 billion in principal, interest and premiums and we intend to make our final payments within the next 18 months, resulting in a total annualised overall return for the Dutch state of 12.5%".

The payment of EUR 1.125 billion is the second tranche of a series of 4 tranches that are part of the amended EC Restructuring Plan which was announced on 19 November 2012. The third tranche is scheduled to be paid in March 2014 and the final tranche will be paid ultimately in May 2015.

The payment of EUR 1.125 billion, which has been approved by the Dutch Central Bank, will be funded by a dividend to be upstreamed from ING Bank to ING Group. The capital ratios of ING Bank remain strong. The dividend will lead to a reduction of the Bank’s core Tier 1 ratio of approximately 40 basis points.

Next Finance , October 2013

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