In early 2009, the Dutch Finance Ministry drafted a bill under "the strictest secrecy” which, had it been introduced, would have nationalised banking and insurance giant ING overnight.

Former senior finance ministry official Ronald Gerritse told a parliamentary inquiry on Tuesday:
“It was ready to be signed into law by the Queen whenever it might become necessary.”

Taking over ING would have entailed a huge risk for the Dutch state. ING’s financial obligations amounted to between 1,300 and 1,400 billion euros, two-and-a-half times the size of the Dutch economy.

(gsh/imm)

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