The following article from The Netherlands brought by Dutchnews.nl link to original article , is being an example for the way how again the people and taxpayers will be getting the stick for ING not paying back for several years their loan (bailout) when the banking crisis hit. Also when the EU saw the bailout as an unlawful state support by EU law the problem got bigger. But what the heck, it is just those so controlled and sleeping people who again are mislead and robbed of their money. Instead of now really letting the bank go bankrupt and take all its assets to get the 4,5 billion as first in line creditor.
The state just gave the bank another 5 years as an extended bailout to pay their loan back. But first they have to pay back 1 billion and then 3,5 over the rest of the years. Also the EU got into the quarrel in being lenient about the state loan. The demanded restructure of ING has been given more time to get finished by the EU. In light of the austerity budget cuts being made by the government for 2013 and probably new budget cuts coming up due to not having loans paid back by the Greeks is now making that it even harder to understand why this course is followed. The Icelandic style of getting things re-organized is not followed as ECB/Euro zone and IMF and FED and all are just the ones who think of profit by pushing debt responsibility on to others. We the people did not create one penny debt, still you think to be obligated to pay the bill . When do you wake up.
Dutchnews.nl : Crisis leads Brussels to give ING more time to break itself up
Monday 19 November 2012
The European Commission has given ING more time to divest its insurance and other activities and pay back state support, the Dutch financial services group said on Monday.
ING now has until December 2018 to split off its insurance arm, while the forced sale of mortgage bank WestlandUtrecht will be replaced by a merger with the banking operations of Nationale Nederlanden. WestlandUtrecht has proved impossible to sell as a stand-alone entity.
The remaining state support of €3bn plus a €1.5bn fine will be spread over the next three years as four payments.
ING has been in talks with the commission on amending Brussels’ demands for several months. News of the deal drove up ING shares in Amsterdam 1.7% in early trading.
‘We are pleased the agreement announced today gives us more time and flexibility to complete the required restructuring while leaving our strategic objectives unchanged,’ chief executive Jan Hommen said in a statement.
Other restrictions on ING’s activities which were put in place by the restructuring agreement will remain until 2015. These include restrictions on acquisitions and pricing in southern European markets.
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