ING: towards compensation of Dutch customers
(CercleFinance.com) - ING announced on Monday that it will compensate Dutch individual customers who were offered loans with variable rates that did not sufficiently follow market rates.
With this decision, the group says it wants to comply with recommendations sent by Kifid, the Dutch institute for complaints about financial services, to competing institutions.
ING, which says the compensation covers some 10% of variable-rate loans granted in the Netherlands, says it plans to book a provision of 180 million euros in its Q3 accounts to cover this compensation program.
Its repayments should be completed by the end of FY 2022.
This news has had little impact - either positive or negative, however - the share is pretty flat in Amsterdam.
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