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ING ends funding to a retirement fund in Holland

In effervescence are lately banks and insurers in Europe under the stricter prudential requirements, Basel III and Solvency II. The big problems and almost intractable since the beginning of the crisis, while every indication divestments of subsidiaries has not realized its full economic indicators. Ex financial groups experienced a serious problem that ING, which received bailout 10 billion euros during the crisis today decides to “close the tap” on future financial obligations with regard to a retirement fund in the Netherlands, which guarantees payments to participating in it.

The ING Retirement Fund manages 19 billion euros of assets 70,000 current and former employees of ING Bank and ING Insurance. The move will add to the largest Dutch financial group ING Groep NV staggering financial obligations amounting to 1.2 billion euros.

ING

ING

However, from the perspective of financial analysts and the public ABN Amro, it is a correct decision, relieving them of their obligations and consequently fail to significantly reduce the volatility. According to the announcement of the company’s first 400 million will be paid in the first 3 months the fund while the remaining 800 million euros related to the movement of the fund’s assets in the balance sheet of ING.

According to ING traffic evacuation company from the pension fund will reduce changes in equity while the agreement is a milestone for separating the bank from the insurance, as ING has begun preparations for the sale of shares in a public offering insurance within the year.

By Nicole P.

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