Dutch banking group ING has reached an agreement with the European Commission (EC) over a timetable to pay back the three billion euros that it still owes the Dutch government.
ING, which was rescued by Holland in 2008, said that it would return the debt along with a 50% fine to be payed in four installments, Associated Press reports.
‘We are pleased that the agreement announced today gives us more time and flexibility to complete the required restructuring while leaving our strategic objectives unchanged,’ said Chief Executive Jan Hommen in a statement.
ING also negotiated a deal with the EC that gives it more time to sell its insurance businesses. Contrary to its prior 2013 plan, ING will sell the business segment in several stages. It plans to sell 50% of the US business by the end of 2014 and 50% of its European affiliate in 2015.
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