EU to probe ING aid package again

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The European Commission is launching a fresh inquiry into the restructuring plans of Dutch banking, insurance and financial services company ING, which included the forced sale of WestlandUtrecht Bank, the EU announced on Friday.

The plans remain compatible with the EU’s internal market and will therefore be approved once more, the Commission emphasised.

In October 2008, ING received 10 billion euros in emergency aid from the Dutch state under strict EU conditions. These included separating ING’s banking and insurance activities, the immediate sale of its ING Direct internet savings bank in the United States and the sale of WestlandUtrecht Bank.

After 2009, however, the Dutch state and ING announced changes to the plan, which the European Commission is now going to investigate in a far-reaching probe. The inquiry will also appeal against a ruling by the Court of Justice of the European Union, which in March quashed the Commission’s verdict on the aid measures it agreed with ING.

(cl/imm)

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