ING Groep NV says capital buffers sufficient for ECB testing

By Marc Castro

Nov 06, 2013 10:39 AM EST

The Netherlands largest financial services company, the ING Groep NV, said the buffers set up to absorb the losses on real estate financial loans are sufficient to comply with the regulatory standards from both the Dutch and European authorities.

According to ING Groep NV Chief Risk Officer Wilfred Nagel, during a call with reporters today, said "Our capital and the provisions we hold against our credit portfolion are more than adequate. There is no reason in particular at this point to take drastic steps in any direction."

Currently, the Dutch central bank is conducting an asset quality review of the biggest financial institutions in the country, focused on their commercial real estate assets. This comes before the European Central Bank takes over regulatory supervision over European banks such as ING, Rabobank Groep and ABN Amro Group IV in 2014. The ECB would be conducting a review of loans made to small and medium sized firms as well as shipping loans and commercial real estate loans. 

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