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ING Groep Plans To Buyback EUR 2 Bln Core Tier 1 Securities From Dutch State

NL sidebarING Groep NV (ING) Monday said that intends to exercise its option for early repurchase of EUR 2 billion of the core Tier 1 securities at the next coupon reset date on 13 May 2011. The company also informed the Dutch State of its intention.

The repurchase of 200,000,000 core Tier 1 securities, for which the Dutch Central Bank has given its approval, has a nominal value of EUR 2 billion. The total payment will amount to EUR 3 billion and includes a 50% repurchase premium. ING noted that it will fund this repurchase from retained earnings.

Amsterdam-based ING was one of Europe's biggest casualties in the financial crisis and received a €10 billion rescue package from the Dutch government, of which half was repaid late 2009 from the proceeds of a rights issue. It still owes €5 billion, plus a €2.5 billion penalty that it has to pay in return for receiving government support.

ING flagged at the presentation of its full-year results last month that it planned to repay a "significant amount" of state aid this year. Chief Executive Jan Hommen said that the strong recovery of ING's banking business enabled it to speed up repayment plans.

Commerzbank Sells Shares, Plans Debt Buyback to Prepare for Basel III

Commerzbank AG, Germany’s second- biggest lender, plans to boost capital by buying back debt as it prepares for new banking regulation. The lender raised 626 million euros ($833 million) by selling 118 million new shares at 5.30 euros apiece to fund the debt purchase, it said in a statement. Commerzbank will buy back hybrid equity instruments at prices below par in a tender offer managed by Credit Suisse Group AG, the company said.

EU, Internal Markets commissioner Michel Barnier, plan gives regulators more power to avert collapse of ailing banks

The European Commission wants to give regulators the power to convert debt issued by ailing banks into equity as they try to avert the collapse of failing institutions without leaning on taxpayers. In the latest in a long line of far-reaching reform proposals from internal markets commissioner Michel Barnier, the EU executive also wants to give regulators the power to depose the management of vulnerable institutions, suspend dividend payments, force asset sales and compel an institution to implement a recovery programme.

Mr Barnier’s plan, which also foresees powers to install a special management team in distressed banks, is designed to prevent a repeat of costly episodes such as the Irish banking crisis by introducing new resolution procedures to facilitate an “orderly” wind-down of institutions that have no prospect of survival. In anticipation of legislative proposals next year, he set out his thinking yesterday in a communiqué on “crisis management” in the financial sector. While some of the measures he proposes have already been deployed by EU governments on an ad hoc basis – Ireland among them – the commissioner wants to have common rules throughout Europe for phased resolution procedures.

Dissecting Irish Zombie Banks

RGE Strategy View by Jennifer Kapila: The final quarter of 2010 looks quiet for most Irish banks, with the exception of Anglo Irish, which faces maturities totaling €1.6 billion. The balance sheets of the major banks have been sliced and diced to reflect transfers to NAMA, disposal groups and the longer-term continuing business. Market risk remains high, and near-term volatility will have a severe adverse effect on Irish names. Liquidity may be plentiful but margins are thin, interest-generating assets are shrinking and regulatory solvency is increasingly meaningless amid regulatory forbearance and regulatory change.

Banks set to demand fresh bail-out in 2011, warns think-tank

Where did our money go?


Banks borrowing requirement set to double next year to £25 billion a month to plug funding gap. Despite at least £1.2 trillion of taxpayers’ money being put at risk to bail out the banking system, many of the major high street banks may well be asking for another hand-out from the public purse in 2011, according to new research from independent think-tank nef (the new economics foundation).

These figures raise the question of whether the Government is aware of the problem, and if so, whether the scale of planned cuts to public services is being influenced by the likelihood of another bail-out.

Soffin - Hypo Real Estate gets 40 bln in extra guarantees

Bailed-out German bank Hypo Real Estate (HRE) will temporarily receive an additional 40 billion euros ($51 billion) in guarantees to set up a bad bank, the national bailout fund Soffin said on Friday. The total volume in guarantees will increase to 142 billion euros to avoid liquidity shortages at HRE, Soffin said.


Ireland's Burial Plan for Anglo Irish Keeps Cost Question Alive

Irish Finance Minister Brian Lenihan’s plan for “finality” on the cost of bailing out Anglo Irish Bank Corp. has left one question alive: The cost. Lenihan said yesterday that Dublin-based Anglo Irish will be split into a so-called good bank, which will retain the lender’s deposits, and an asset-recovery bank, which will run down its loans over time. The central bank will determine by October how much new capital will be needed.

EU/ECOFIN COUNCIL: Member states stand ready to recapitalise banks further to stress tests

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EU economy and finance ministers found common ground in Brussels on Tuesday 13 July concerning the arrangements for the publication, on 23 July, of stress tests currently conducted on 91 main European banks. The exercise is to show the resistance of banking establishments under extreme conditions, such as the depreciation of debt securities held by them. Also, all countries are ready to take the measures needed to consolidate the situation of a financial institution in need. The Economic and Financial Committee (EFC) of the EU was entrusted with the task of follow-up after publication of the results of stress tests.

ING Goes to the European Court over the price of Impaired Assets

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State aid: Commission approves restructuring plan of Lloyds Banking Group

The European Commission on Wednesday cleared Lloyds Banking Group's restructuring plan, which it said will leave behind a much more streamlined bank.

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