Brussels, 13/11/2008 (Agence Europe) - On Thursday 13 November, the European Commission authorised an emergency intervention in the form of recapitalisation by Dutch authorities to the ING Groep N.V. amounting to €10 billion as core tier 1 capital. The Commission finds the measure to be in line with its guidance communication on state aid to overcome the current financial crisis (EUROPE 9760). The measure in question mainly meets the four following criteria: 1) necessity: ING has a pivotal function within the Dutch financial sector - a loss of confidence in such a core institution would have led to a further disturbance of the current situation and harmful spillover effects to the economy as a whole, the Commission states; 2) limited timeframe: the Dutch authorities have committed to submitting a restructuring plan after six months; 3) appropriate own contribution: the Commission has verified that, even with the uncertainty inherent in such core tier 1 securities, ING would, taking into account the annual coupon and the repurchase premium, pay an adequate remuneration to the state, with an expected return in excess of 10%. Adequate safeguards are in place so that the Commission is informed if there are any deviations and, if necessary, can impose additional behavioural constraints; 4) avoidance of undue distortions of competition: the package foresees sufficient behavioural rules to prevent an abuse of the state support, in particular balance sheet growth constraints and the maintenance of a certain solvency ratio. (O.L./transl.jl)