20/10/2008
NEWS STORY
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Following warnings that it is facing a 500m euro loss in the third quarter - its first ever - a move which sent its shares crashing by 27 per cent, banking giant ING is to receive help from the Dutch government.
The move comes just over a week after Williams sponsor Royal Bank of Scotland (RBS) was effectively nationalised by the British government amidst the global banking crisis that is yet to fully hit Formula One.
ING, which in addition to its sponsorship of the Renault team, is title sponsor of the Grands Prix of Australia, Britain and Hungary, will benefit from the 20bn euros that the Dutch government has made available to financial firms since October 10. It is the first bank to do so.
As taxpayers are forced to bail out more and more banks as the financial crisis worsens, it remains to be seen how they will react to their money being used for such things as sports sponsorship.