ING to receive £7.75bn in aid

THE Dutch government will invest 10 billion (£7.75 billion) in banking and insurance company ING, it was announced last night.

By The Newsroom

Published 19th Oct 2008, 01:00 BST

Dutch finance minister Wouter Bos said the move was necessary even though the bank was "healthy". He said the state will take a stake of about 8.5% in the company, but the investment was temporary.

The state will name two members of ING's supervisory board. ING said it will cancel dividends for the year and the company was reviewing executive pay.