ING's share price plummeted

19th October 2008, Comments 0 comments

Dutch banking and insurance concern, ING, has announced a 500 million euro net loss in the third quarter.

19 October 2008

Dutch banking and insurance concern, ING, has announced a 500 million euro net loss in the third quarter in the face of financial market upheaval and asset depreciation. On Friday, the bank's share price dropped sharply by 27 percent at the stock exchange.

In response to the heavy losses at the market, ING's chief risk officer Koos Timmermans has said that he intends to acquire a buffer reserve to stabilise the situation.

It's possible that ING may turn to the Dutch state for help. Last week, the government announced a 200 billion euro rescue package for ailing banking institutions.

Radio Netherlands/ Expatica

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