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October 2, 2008

ING stays the course in tough environment

«back to press roomCommitment to the basics keeps ING strong in turbulent times

Michel Tilmant, ING chairman and CEO, communicated the strong footing of ING Groep N.V. in a statement issued October 1, 2008.

As industry turmoil has increased over the past week, consumers are watching the situation more closely than ever and may wonder what this means to them.

"ING is in a strong position, and we shouldn't hesitate to explain why if we get questions," said Michel Tilmant, ING chairman and CEO.

ING continues to benefit from its long-term focus, prudent approach to investing and managing capital wisely, he said. These are the basics that have guided ING over the years, and these are the things that are keeping ING strong now.

"We have always managed our business in a conservative, disciplined way - some have said a bit too conservatively at times," Tilmant said. "But this is a serious business that we're in. We are the third-largest savings bank and we have 85 million customers who are counting on us to help them save and invest their money. They deserve to know that they can trust us and that we'll look after their best interests. That is our fundamental mission."

While ING is well positioned, it does not mean that we are immune. The crisis is far-reaching, and even the healthiest companies may feel some negative effects, he added. But ING's commitment to the basics is keeping it strong in turbulent times.

Dutch Minister of Finance says ING is "extraordinarily healthy"

Following the recent intervention by the Belgian, Dutch and Luxemburg governments to assist Fortis, one of Europe's top 20 banks, the Benelux financial services sector as a whole is being closely monitored for signs of instability.

The authorities have been clear that they are not concerned about ING's current position. On September 30, in his weekly interview with Dutch business broadcaster RTL Z, Dutch Minister of Finance Wouter Bos described ING as an "extraordinarily healthy institution."