EU Clears ING Restructuring


The European Commission on Wednesday approved a restructuring plan and a state-guaranteed illiquid asset back-up facility provided by the Dutch government to ING banking and financial services group, Reuters reported. The Commission, competition watchdog of the 27-nation European Union, said in a statement it had approved the plan following an additional agreement between ING and the Dutch government. "ING will pay a significant proportion of the restructuring costs, ING's long term commercial viability will be restored, and the aid will not lead to undue distortions of competition," the EU's executive arm said. The restructuring plan will see ING reduce its risk profile and the complexity of its operations. It will also sell its insurance activities and its Westland Utrecht Hypotheekbank business unit, the Commission said.Read more.