Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/87498 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
Tinbergen Institute Discussion Paper No. 11-146/2/DSF26
Verlag: 
Tinbergen Institute, Amsterdam and Rotterdam
Zusammenfassung: 
The ING Illiquid Assets Back-up Facility announced January 2009 was a SWAP-based insurance to reduce ING’s exposure to Alt-A related risk. Did the deal involve state aid? Usingmarketprices to evaluate the SWAP directly is impossible because markets for Alt-A based CDOs had collapsed. We therefore assess the deal’s impact on the market’s valuation of ING to answer the question. We need to correct for two concurrent events: the announcement of the fourth quarter results and the CEO. We find state aid to be between 1.1 and 2.2 b€. Thus the European Commission's estimate that the IABF entails b€ 5 state aid is at variance with the assessment derived from market based valuations. Moreover, the intervention only had asignificant impact on equity values and apparently not on debt values, indicating that ING was sufficiently capitalized.
Schlagwörter: 
bank intervention
asset swap
guarantees
JEL: 
G21
G18
Dokumentart: 
Working Paper
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