EU Commission Opens In-Depth Probe Into ING Restructuring Plan Changes

Date : 05/11/2012 @ 6:10PM
Source : Dow Jones News
Stock : Ing Grp., N.V. (ING)
Quote : 17.08  0.07 (0.41%) @ 4:03PM

EU Commission Opens In-Depth Probe Into ING Restructuring Plan Changes

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The European Commission has approved Dutch bank ING Groep NV's (ING) restructuring aid as submitted in 2009, but opened a new investigation into later changes to the plan, it said late Friday.

"Both decisions provide a framework for taking forward the outstanding issues in this case with a view to adopting a final decision on the restructuring of ING," the EU's antitrust watchdog said.

In parallel, the Commission has appealed the General Court's judgment on the ING case before the Court of Justice of the European Union. The EU's highest court in March ruled that the commission, the EU's executive arm, exaggerated the amount of aid ING received from the Dutch government in 2008.

The Dutch bank, like other bailed-out EU financial institutions, has had to submit details of the assistance it received to the commission.

-By Frances Robinson, Dow Jones Newswires; frances.robinson@dowjones.com

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