Press Release: State aid: Commission temporarily authorises illiquid asset facility for ING

The European Commission has granted temporary clearance to the illiquid asset back-up facility provided by the Dutch State to the financial group ING, with final approval dependent on the result of an in-depth investigation. The Commission found that the measure in favour of ING constitutes state aid. Some of its provisions can be considered in line with the Commission's guidance on the treatment of asset relief measures, and so the measure has been given temporary clearance for six months. Other provisions (including such complex issues such as valuation of the portfolio) require a further in-depth analysis before approval can be given.