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Extracts from the press briefing by Jonathan Todd, spokesperson of Neelie Kroes, on Dutch emergency recapitalisation of ING

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Jonathan Todd, Spokesperson of Neelie Kroes, Member of the EC in charge of Competition, gave a press conference to announce that the EC approved, under EC Treaty state aid rules, an emergency intervention in the form of recapitalisation, that the Dutch authorities had intended to grant to ING Groep N.V. The EC found the measure to be in line with its Guidance Communication on state aid to overcome the current financial crisis. The measure constitutes an adequate means to remedy a serious disturbance in the Dutch economy while avoiding undue distortions of competition and is therefore compatible with Article 87.3.b. of the EC Treaty. In particular, the measure is limited in time and scope, requires an adequate remuneration and provides safeguards to minimise distortions of competition.
SHOTLIST INFO PRESS

Type: EbS   Reference: 60255   Date: 13/11/2008   Duration: 00:01:48
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