ING Bank meets EBA capital requirements

ING Bank notes the announcements made today by the European Banking Authority (EBA) and De Nederlandsche Bank (DNB) regarding the final assessment of the capital exercise and fulfilment of the EBA December Recommendation, which demonstrate the following result for ING Bank, said the bank in a statement.rnrnING Bank meets the 9% Core Tier 1 ratio including the sovereign buffer as stated in the EBA December 2011 recommendation.rnrnBackground on the EBA capital exercisernrnThe EBA Recommendation on the creation of temporary capital buffers to restore market confidence was adopted by the Board of Supervisors on 8 December 2011 to address the difficult situation in the EU banking system, especially with regard to the sovereign exposures, by restoring stability and confidence in the markets. The Recommendation was part of a suite of measures agreed at EU level.rnrnThe Recommendation called on National Authorities to require banks included in the sample to strengthen their capital positions by building up an exceptional and temporary buffer such that their Core Tier 1 capital ratio reaches a level of 9% by the end of June 2012. In addition, banks were required to an exceptional and temporary capital buffer against sovereign debt exposures to reflect market prices as at the end of September 2011. The amount of the sovereign capital buffer has not been revised. rnrnThe initial sample of the Capital Exercise included 71 banks. However, the 6 Greek banks were treated separately as the country is currently under an EU/IMF assistance programme. Moreover, four banks from the original sample have been identified as undergoing a significant restructuring process, and are being monitored separately. Therefore, the final assessment published today refers to 61 banks. rnrnFurther details related to the outcome of the exercise can be found in the annexes, which can be viewed/downloaded via ING’s corporate website.