2012-10-03 18:11:59 -
* ING Bank meets the capital requirements of the European Banking Authority
capital exercise with a core Tier 1 ratio of 11.1% per 30 June 2012.
ING Bank notes the announcements made today by the European Banking Authority
(EBA) and De Nederlandsche Bank (DNB) regarding the final assessment of the
capital exercise and fulfilment of the EBA December Recommendation, which
demonstrate the following result for ING Bank.
ING Bank meets the 9% Core Tier 1 ratio including the sovereign buffer as stated
in the EBA December 2011 recommendation.
Background on the EBA capital exercise
The EBA Recommendation on the creation of temporary capital buffers to restore
market confidence was adopted by the Board of Supervisors on 8 December 2011 to
address the difficult situation in the EU banking system, especially with regard
to the sovereign exposures, by restoring stability and confidence in the
markets. The Recommendation was part of a suite of measures agreed at EU level.
The Recommendation called on National Authorities to require banks included in
the sample to strengthen their capital positions by building up an exceptional
and temporary buffer such that their Core Tier 1 capital ratio reaches a level
of 9% by the end of June 2012. In addition, banks were required to an
exceptional and temporary capital buffer against sovereign debt exposures to
reflect market prices as at the end of September 2011. The amount of the
sovereign capital buffer has not been revised.
The initial sample of the Capital Exercise included 71 banks. However, the 6
Greek banks were treated separately as the country is currently under an EU/IMF
assistance programme. Moreover, four banks from the original sample have been
identified as undergoing a significant restructuring process, and are being
monitored separately. Therefore, the final assessment published today refers to
61 banks.
Further details related to the outcome of the exercise can be found in the
annexes, which can be viewed/downloaded via ING's corporate website.
Press enquiries Investor enquiries
Frans Middendorff ING Group Investor Relations
+31 20 576 6385 +31 20 576 6396
Frans.Middendorff@ing.com Investor.Relations@ing.com
About ING
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 in this document 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
investor, 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, (17) changes in credit-ratings,
(18) ING's ability to achieve projected operational synergies and (19) the other
risks and uncertainties detailed in the risk factors section contained in the
most recent annual report of ING Groep N.V.
Any forward-looking statements made by or on behalf of ING speak only as of the
date they are made, and, 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.
PDF version of press release:
hugin.info/130668/R/1646258/530497.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via Thomson Reuters ONE
[HUG#1646258]
