Netherlands to Sell $8.7 Billion ING U.S. Mortgage Bonds
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The Dutch government will sell 6.4 billion euros ($8.7 billion) of U.S. mortgage bonds that it acquired during a 2009 bailout of ING Groep NV, the country’s biggest financial-services company.
ING will pay about 400 million euros to the Netherlands from a provision it took in 2009 to unwind the transaction, the Amsterdam-based company said in an e-mailed statement today. The government may make a gain of almost 800 million euros, though there will be a one-time impact on this year’s budget deficit of 223 million euros, Finance Minister Jeroen Dijsselbloem said.