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ING pays back $1.46 billion in bailout money

Associated Press

AMSTERDAM -- ING Groep NV says it has repaid the Dutch state (EURO)1.125 billion ($1.46 billion) arising from its 2008 bailout.

The payment was (EURO)750 million in principle and (EURO)375 million in interest. ING still owes a final (EURO)1.2 billion _ plus interest _ from its (EURO)10 billion bailout.

Earlier this month the company said it had struck a new deal with European regulators to compensate for having needed state aid, including a new repayment schedule and more time to dispose of its European and U.S. insurance operations.

ING said its core Tier 1 ratio _ an important measure of solvency for banks _ has fallen by about 0.75 percent to 11.8 percent as a result of the repayment.

Copyright:(c) 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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