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ING Bank: Collective Labor Agreement

Collective Labor Agreement ING BANK 2020

ING Bank's current two-year collective labor agreement expires on December 31, 2020. This newsletter focuses on the negotiations on a new collective labor agreement for ING Bank as of January 1, 2021.

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Working from home and commuting

On Tuesday, November 24, 2020, we discussed commuting, working from home, the reimbursement thereof and the tax consequences as of 1 January 2021. Matters that employees would like clarity about. The parties to the collective labor agreement, in consultation with the Central Works Council, have decided to keep this outside the collective labor agreement and to arrange it quickly. One concern that can in any case be allayed is that ING employees with an NS Business Card would receive a tax addition from 1 January 2021. This is not the case. ING intends to provide employees with more information next week about how things will continue.

How is ING doing financially?

In the previous round of negotiations, Ivo van den Boom has the 3e quarterly figures explained with the aid of the ING Group analyst presentation. ING sees interest income on the savings side falling further due to the low capital market interest rate. This quarter could not be offset by interest income on loans, as credit volumes were under pressure due to the corona crisis. Commission income is also rising only slowly. All in all, lower revenues, while operating costs also increased without incidental items. Finally, although risk costs were lower than in the second quarter, they are now again considerable, as a result of which the profit from ordinary activities was significantly lower than a year ago. The cost / income ratio is therefore moving in the wrong direction (above 60% with a maintained ambition of 50% -52%). The Return-on-Equity at 6% is also significantly lower than the target 10% -12%. The shareholders did not receive a final dividend for 2019 or an interim dividend. All this means that, according to the bank, it is commercially necessary to steer firmly on operational costs.

We have the 24e our view on the figures of ING Group and ING NL. We were able to nuance a number of ING's points with the help of statements by Steven van Rijswijk during the analyst presentation. On the basis of the same figures, we conclude that ING Netherlands has a stable income flow and a decrease in operational and risk costs. While Group RoE (on a comparable basis) stands at 7,6%, ING NL is doing well with 18,8% in Q3. We also note that although ING has not paid a final dividend, it has set aside € 1,8 billion for this and wants to pay it out as soon as possible. In addition, a new dividend policy has been announced and ING is considering paying out excess capital in order to significantly reduce the capital ratio. Our position is that ING and ING NL in particular are in an excellent position and that a three-year baseline based on the figures alone cannot be properly substantiated. For example, it seems as if ING chooses to realize its financial ambitions (for the shareholders) at the expense of the interests of the employees. De Unie is certainly not against shareholders' interests, but advocates that the interests of employees are given equal value (ring).

Follow-up interviews

Tuesday afternoon 1 and Wednesday afternoon 2 December we have negotiating rounds 5 and 6. Wellbeing, Craftsmanship, Work Code and Remuneration & Valuation are on the agenda. For an in-depth look at the Time theme, we invite a number of managers from production environments and staff departments at Retail and Wholesale Banking. We will discuss with them the time and space to use collective labor agreement facilities and what the available control room is. Those conversations will probably follow on December 17 and / or 18. Follow-up talks between CLA parties are also planned in the first quarter of 2021. As long as there is no new CLA, the current CLA will remain practically applicable.


Would you like to respond to this newsletter or do you have any questions? Please contact me, advocate Emanuel Geurts, at or call me on 06-5252 2074.