RTTNews | Oct 20, 2021 02:51AM EDT

02:51 Wednesday, October 20, 2021 (RTTNews.com) - ING said Wednesday that it will offer a compensation to its Dutch retail customers with certain revolving consumer loans where the variable interest rate did not sufficiently follow market rates.

ING, which reacts to a number of rulings by the Dutch Institute for Financial Disputes regarding similar products at other banks, said it has investigated the relevance of the rulings for floating-rate credit products in the Netherlands. It is expected to concern about 10% of the contracts for the products.

The Dutch Consumers' Association has reacted positively on ING's intention and is prepared to further discuss the execution and details of the scheme, which is expected to be completed before the end of 2022.

ING noted that it will book a provision of 180 million euros in its third quarter 2021 results for the compensation and costs of executing scheme.

Read the original article on RTTNews ( https://www.rttnews.com/3233839/ing-to-offer-compensation-to-dutch-retail-customers-on-consumer-credit-products.aspx)

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