(PRESS RELEASE) AMSTERDAM, 20-Oct-2021 — /EuropaWire/ — ING (AMS: INGA), a global financial institution of Dutch origin, has announced it will offer compensation to its Dutch retail customers with certain revolving consumer loans where the variable interest rate did not sufficiently follow market rates. The ING compensation announcement follows a number of rulings by the Dutch Institute for Financial Disputes (Kifid) regarding similar products at other banks.
We have investigated the relevance of these rulings for our floating-rate credit products in the Netherlands. This is expected to concern approximately 10% of the contracts for these products. The Dutch Consumers’ Association (Consumentenbond) has reacted positively on ING’s intention and is prepared to further discuss the execution and details of the scheme, which is expected to be completed before the end of 2022.
ING will book a provision of €180 million in its third quarter 2021 results for the compensation and costs of executing the scheme. More details on the compensation for our customers can be found on ING’s Dutch website www.ing.nl.
Note for editors
ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 57,000 employees offer retail and wholesale banking services to customers in over 40 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING’s strategy, evidenced by ING’s leading position in sector benchmarks by Sustainalytics and MSCI and our ‘A-list’ rating by CDP. ING Group shares are included in major sustainability and Environmental, Social and Governance (ESG) index products of leading providers STOXX, Morningstar and FTSE Russell. In January 2021, ING received an ESG evaluation score of 83 (‘strong’) from S&P Global Ratings.
Head of Media Relations, Retail Banking Benelux, Corporate governance
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