Amsterdam, 16 September 2008
ING announced today that, in light of the exceptional turbulence in global
financial markets, it wants to inform its stakeholders that the total direct
impact of Lehman Brothers’ Chapter 11 filing on ING’s profit and loss
account is estimated to be around EUR 100 million on a pre-tax basis:
- The gross lending and bond exposure is approximately
EUR 200 million. Taking into account hedges and collateral, the expected
impact of these positions on the pre-tax P&L is around EUR 40 million.
- ING is currently executing an orderly settlement of
transactions and is in the process of replacing derivative positions. ING
estimates the impact of these actions at around EUR 60 million on the
pre-tax P&L, based on current market prices.
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