September 24, 2012 / 6:33 AM / 6 years ago

EU demands repayment schedule from ING: report

AMSTERDAM (Reuters) - The European Commission wants Dutch bank and insurance group ING ING.AS to commit to a schedule for repaying 3 billion euros ($4 billion) of Dutch state aid, newspaper Het Financieele Dagblad said on Monday.

ING got 10 billion euros in state aid in 2008 at the height of the credit crisis, and still needs to pay back 3 billion euros.

It also faces certain restrictions that prevent it from offering the most competitive savings and mortgage products and ING and the Dutch state are in talks with the European Commission, an ING spokesman said.

“ING remains committed to repaying the Dutch State as soon as possible, including another tranche this year, while maintaining strong capital ratios given the uncertain economic outlook,” he said.

The Dutch central bank is not in favor of a repayment schedule for ING due to the uncertain economic environment, the paper said.

ING, which is splitting its banking and insurance operations as one of the conditions set by the European Commission for approving the state aid, wants more time to sell the insurance businesses, the paper said.

ING was hopeful it could come to an agreement with the European Commission by the end of the year, the paper said.

($1=0.7699 euros)

Reporting by Gilbert Kreijger; Editing by Greg Mahlich

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