By Jaime Llinares Taboada

 

ING Groep NV said Wednesday that it will compensate Dutch customers with consumer loans where the variable interest rate didn't sufficiently follow market rates.

The company will book a 180 million euro ($209.4 million) provision in its third quarter results for the compensation and associated costs.

The lender said this is expected to concern around 10% of the contract for its floating-rate credit products in the Netherlands.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

October 20, 2021 02:36 ET (06:36 GMT)

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