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ING's capital position in line with targets despite market turmoil in third quarter

Autor: Bancherul.ro
2008-10-17 18:57

Based on preliminary third-quarter figures:
Tier-1 ratio of ING Bank above target at 8.5% and core tier-1 of 6.5% at 30 September
Debt/equity ratio ING Group at 15%, in line with internal limits
AFR/EC ING Group at 113% despite decline at Insurance due to widening credit spreads
3Q results impacted by market turmoil, with impairments and negative fair-value changes leading to a net loss of approximately EUR 500 million in the quarter

ING confirmed today that its capital position is in line with targets despite the turmoil in financial markets, which accelerated substantially in the third quarter. The tier-1 ratio of ING's banking operations is above target at 8.5% as of 30 September 2008, with a core tier-1 of 6.5%. The debt/equity ratio of ING Group is in line with internal limits at 15%. The ratio of available financial resources over economic capital for ING Group declined to 113% from 128%, but is above the 100% level which is calibrated to a AA rating.

The operational performance of the business was solid given the challenging market environment, supported by the strength of ING's franchise. Turmoil in financial markets and declining asset prices inevitably impacted ING's results in the third quarter, with impairments on equity and bond investments, pressurised asset classes, losses attributable to financial counterparties and fair value changes on real estate totalling approximately EUR 1.6 billion before tax. Loan loss provisioning at the bank also increased to approximately EUR 400 million. That is expected to result in a net loss of approximately EUR 500 million in the third quarter, based on preliminary numbers.

Negative revaluations on ING's Alt-A, subprime and CDO investments of approximately EUR 1.5 billion after tax were reflected in shareholders' equity in the third quarter, bringing total shareholders' equity to EUR 23.9 billion at the end of September.

"Current developments in financial markets are unprecedented," said Michel Tilmant, CEO of ING. "ING's business model is sound and our commercial performance is solid, however that does not mean that we are immune to the external environment. The crisis is far-reaching, and even the healthiest companies are feeling the negative effects. We continue to serve the interest of our customers by being a trusted partner in these turbulent times. Our long-term focus, disciplined business approach and prudent management of risk and capital will guide us going forward."

As announced last week, ING has welcomed the steps taken by the Dutch government to restore confidence and stability to the Dutch financial system. ING will continue to take a prudent and disciplined approach in the interests of its shareholders. The merits of the government programme will be considered once the details are available.

All information is preliminary and final third-quarter results will be released on 12 November.

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