Competition Commissioner Neelie Kroes said: " I am satisfied that the Dutch authorities have adapted the terms of the illiquid asset back-up facility via an additional agreement to bring them into line with EU state aid rules. The restructuring plan is adequate to restore ING's viability, ING is financing a significant share of the restructuring costs and distortions of competition caused by the aid measures are sufficiently addressed." ... The Commission's doubts as regards the illiquid asset back-up facility have been allayed by a series of commitments made by the Dutch authorities to bring the conditions of the measure in line with the Commission guidelines (see IP/09/322 ). In particular, The Netherlands made the commitment to increase the remuneration in relation to the transaction to be paid by ING by €1.3 billion via an additional payment. ... The non-confidential version of the decision will be made available under the case number in the State Aid Register on the DG Competition website . New publications of state aid decisions on the internet and in the Official Journal are listed in the State Aid Weekly e-News . See also MEMO/09/507 .
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The Commission's doubts as regards the illiquid asset back-up facility have been allayed by a series of commitments made by the Dutch authorities to bring the conditions of the measure in line with the Commission guidelines (see IP/09/322 ). In particular, The Netherlands made the commitment to increase the remuneration in relation to the transaction to be paid by ING by €1.3 billion via an additional payment.
The non-confidential version of the decision will be made available under the case number in the State Aid Register on the DG Competition website . New publications of state aid decisions on the internet and in the Official Journal are listed in the State Aid Weekly e-News .
See also MEMO/09/507 .
