Brussels, 19/11/2012 (Agence Europe) - Further to an in-depth investigation and an agreement reached with the Dutch State and ING bank, the European Commission approved, on 19 November, changes to the restructuring plan of the Dutch bank which, in the years 2008 and 2009, received consistent State aid (recapitalisation to the tune of 10 billion euros, rescue of depreciated assets worth five billion euros, reorganisation of the repayment timetable, under favourable conditions - see also EUROPE 10614 and 10022). In the new plan, the bank undertakes to pay back the public capital still owed to the Dutch State by 2015. The Commission also agreed to extend the deadline for the sale of ING's "insurance" activities in Europe, and changes to the terms and conditions of the sale of ING Insurance US. To compensate for these changes to the 2009 plan, the ban on ING carrying out any acquisitions or exercising a decisive influence on prices as regards ING Direct Europe will be extended. Additionally, in order to reinforce competition on the Dutch retail banking market, the plan provides for the creation of a new entity - NN Bank - as a result of the sale, by 2015, of ING's mortgage arm, WUB, with its Dutch "insurance" activity. Due to its problems selling WUB in line with the timetable laid down in the 2009 plan, ING has also undertaken to respect a series of behavioural restraints aiming to guarantee the commercial success of NN Bank. (FG/transl.fl)