CDO Settlement: ANZ and ING's statement

ANZ National Bank Limited and ING (NZ) today announced that they had reached a settlement with the New Zealand Commerce Commission and the New Zealand Securities Commission in relation to the marketing and promotion of the ING Diversified Yield Fund and ING Regular Income Fund. 

As part of the settlement an additional NZ$45 million will be paid to eligible investors in the two funds. This is in addition to more than NZ$500 million that has already been made available to investors by ANZ National Bank Limited and ING (NZ). 

The Commerce Commission has raised a number of issues about the funds but acknowledges that ANZ National Bank Limited and ING (NZ) have not had the opportunity to test, or defend, these from a legal perspective.

ANZ National Bank Limited Acting Chief Executive, Steven Fyfe said: "While we do not agree with all of the Commission's views we do agree that it is in the best interests of investors to avoid a lengthy court process.