On 13 November 2009, the Commission approved a restructuring plan for ING Groep NV under the EC State aid rules. ING is a Dutch financial institution, offering its services in over 40 countries. In October 2008, the Commission approved the liquidity guarantees of €12 billion offered by the Dutch government to support ING during the economic crisis.
As part of the newly approved restructuring plan, the Commission endorsed a €10 billion recapitalisation of ING under its “Recapitalisation Communication”. In addition, it has now given its final approval to the back-up facility granted by the Dutch authorities for illiquid assets. This comes about after the Netherlands has undertaken to fulfil the requirements of the Impaired Assets Communication by carving out Westland Utrecht Hypotheekbank (WUH) under a timetable supervised by a trustee; reducing the risk profile of ING as well as the complexity of its operations; banning ING from acquiring other firms and from exercising price leadership on a temporary basis; and imposing a need for formal approval of the Commission in relation to ING’s repayment of hybrid and subordinated debt capital instruments. IP/09/1729 – 18 November 2009