ING Welcomes SNS Reaal Nationalization Despite Costs
02/01/2013| 04:59am US/Eastern
By Maarten van Tartwijk
AMSTERDAM--Dutch bank ING Groep NV (>> ING Groep N.V.) said Friday that the nationalization of local rival SNS Reaal NV (>> SNS REAAL) will safeguard the stability of the Dutch financial sector, even though it will have to contribute hundreds of millions of euros as part of the bailout.
The Dutch state Friday nationalized SNS Reaal following unsuccessful talks with private investors about a capital boost. To limit the costs for taxpayers, Dutch banks have been ordered to pay a one-off levy of 1 billion euros ($1.36 billion) in 2014.
ING, the Netherlands' biggest bank by assets, said it expects to foot a significant part of the bill, with the levy likely to cost it between EUR300 million and EUR350 million, lowering its core tier-1 ratio by around 12 basispoints.
ING, which in November reported a core tier-1 ratio of 11.8%, said its capital position remains strong.
gli sta bene si a ING startri infami....