ING’s aid package on the ropes — bad news for bondholders
The European Commission is expected to announce later on Tuesday that it has yet to approve the Eu10bn Dutch state aid package given to ING for which it was granted temporary access to in April this year.
Instead, the EC will say that it is extending the temporary approval it has given to the Illiquid Assets Back-up Facility that is part of the state aid package, citing the complexity of the portfolio of assets it has to consider.
When the EC gave its temporary approval,
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