Cees Maas, the group Chief Financial Officer, confirmed on Friday that more provisions in respect of the company's exposure to Argentina could not be ruled out.
Maas described the situation as 'extremely uncertain'. Although ING's exposure is believed to be to Argentina's top rated banks and blue chip corporates, Maas told Reuters that 'even healthy companies can get into problems.' And he should know.
Bad Debts May Increase At ING
Despite declaring that bad debt provisions for 2001 would come in at E750m, ING, the financial services group, has warned that there may be more to come.
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