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ING hit with compensation bill for variable loan overcharge
Photo: Ceescamel

October’s largest operational risk loss was a €180 million ($206 million) provision made by ING towards compensation for retail customers who did not receive the best interest rates on variable loans. The affected customers paid rates that were not in line with the variable market interest rate. The compensation applies to around 10% of the contracts for these products.

ING will make the provision in the third quarter of its 2021 compensation scheme and expects to close the matter before the

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