The Dutch State to Sell ING Illiquid Assets Back-up Facility Assets Business Wire THE HAGUE, Netherlands -- December 4, 2013 Today, the Dutch State announces its intention to start a competitive auction process to sell the non-agency residential mortgage backed securities (RMBS) underlying the ING Illiquid Assets Back-up Facility. The Dutch State Treasury Agency (DSTA) will be responsible for the sale on behalf of the Dutch State. In January 2009, the Dutch State and ING agreed on the creation of an Illiquid Assets Back-up Facility (IABF). The IABF is one of the measures taken by the Dutch State to preserve financial stability in the banking sector. The transaction resulted in a transfer of the risk on 80% of ING’s portfolio of US non-agency residential mortgage backed securities (RMBS) to the Dutch State. On November 1, 2013, the Dutch State announced it had reached an agreement with ING to unwind the IABF. The decision of the Dutch State to begin with the sale of the portfolio is based on the continued improvement in the US housing market and a high level of interest by investors for non-agency RMBS securities. While the DSTA expects that it will be able to divest the assets within a period of 12 months, there will be no fixed deadline for completion of the sale of the portfolio. The DSTA reserves the right to postpone the sale, should market circumstances change. BlackRock Solutions will be responsible for the execution of the sale of the securities on behalf of the DSTA. The sale will take place via a competitive auction process through a number of selected broker-dealers. Reverse inquiries of at least US$ 5 billion notional are accepted. If the notional outstanding balance of the portfolio is smaller than US$ 5 billion, only indicative bids for the entire portfolio will be accepted. A short-list of broker-dealers will be selected for an auction based on the competitiveness of their respective reverse inquiry bids. All reverse inquiries should be sent to: IABFinquiries@blackrock.com. Please visit the DSTAwebsite foradditional information: http://www.dsta.nl/english/Subjects/IABF. In the interest of supporting a transparent and competitive auction process, the DSTA will periodically release public announcements pertaining to developments regarding the wind down of the IABF on its website. Contact: Dutch State Treasury Agency Steef Akerboom +31 70 342 4099
The Dutch State to Sell ING Illiquid Assets Back-up Facility Assets
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