ABN, ING increase provisions for derivatives sold without proper cautions

July 5, 2016 6:41 AM

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AMSTERDAM, July 5 Dutch banks ABN Amro and ING said on Tuesday they would increase provisions they have taken to settle complaints from small and medium customers who purchased interest rate hedges between 2011 and 2014.

Regulators have found customers were insufficiently warned of the chance the products would be loss-making when interest rates fell dramatically, and in December said banks' own compensation policies had so far been inadequate.

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