ING has made paying back the remaining €3bn it owes the state a priority and this will happen by the end of 2013, the banking and insurance group said on Friday.

‘However given the ongoing crisis in the eurozone and increasing regulatory capital requirements, we need to take a cautious approach and pay special attention to liquidity, funding and capital,’ CEO Jan Hommen said in a statement to update investors and analysts on the bank’s strategy.
Last year, ING said it planned to repay the remaining money in aid it received from the government by May 2012. But in November Hommen hinted the final settlement could be postponed because of market uncertainty and new capital requirements
In addition, no dividends will be paid until the state has been paid off, ING said.
The bank also said it had reduced its exposure to southern European debt to around €2bn, bringing the total reduction in 2011 to around €4bn.