20 Oct 2008

Cash injection by Netherlands govt for ING

7:49 am on 20 October 2008

Dutch banking and insurance company ING is to receive a 10 billion euro ($US13.4 billion) cash injection from the Netherlands government.

The deal was agreed between ING, the finance ministry and the central bank.

It followed a weekend of meetings with Dutch finance officials, after ING revealed it expects to make a third quarter loss of 500 million euro ($US670 million).

The government is to make 20 billion euros available to protect the financial sector from the credit crisis.

Reuters saysING is one of the world's largest banks, with more than 75 million customers worldwide and some 338 million euros in deposits.