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THE DECLINE OF ING

<strong>08 October 08<br /></strong>ING Direct, the online banking arm of ING Group, said it was to acquire more than &euro;3bn (&pound;2.7bn) of British deposits from Icelandic online savings providers Icesave and Kaupthing Edge.<br /><br /><strong>19 October 08<br /></strong>The Dutch government announces it is preparing to inject &euro;10bn into the group.<br /><br /><strong>20 October 08<br /></strong>The group says it will sell its Taiwan life insurance unit to Fubon Financial for $600m.<br /><br /><strong>12 November 08<br /></strong>Posted its first ever quarterly loss as impairments on stocks and bonds, counterparty losses and property writedowns eroded its income. The group&rsquo;s net loss for the third quarter was &euro;478m, after writedowns totalling &euro;1.5bn.<br /><br /><strong>14 January 09<br /></strong>Says it will cut 750 jobs, 7 per cent of its US workforce, as the company looks to cut costs.<br /><br /><strong>26 January 09<br /></strong>ING says it will suffer a loss for 2008 of &euro;1bn, take advantage of &euro;22bn in Dutch state loan guarantees on its troublesome loan portfolio and slash 7,000 jobs. The poor performance also costs chief executive Michael Tilmant his job, replaced by Jan Hommen.<br /><br /><strong>18 February 09<br /></strong>The group posts a fourth-quarter loss of &euro;3.7bn due to mounting writedowns and says it will shrink its focus to core operations and markets.<br /><br /><strong>26 March 09<br /></strong>Ditches plans to apply for a Chinese banking licence and exits one of its joint ventures there.<br /><br /><strong>9 April 09<br /></strong>Plans emerge for the group to make asset disposals worth up to &euro;8bn and limit its focus to Europe.<br /><br /><strong>13 May 09<br /></strong>The bank posts a first-quarter net loss of &euro;793m and reiterates plans to sell of assets.