NautaDutilh has advised Dutch banking giant ING on a Dutch State illiquid assets back-up facility that closed on 31 March 2009. This transaction distinguishes itself from other recent government rescue operations because of its innovative structure. The plan allows ING to take a large portion of its 'bad' assets off its balance sheet, as a result of which no further impairment needs to be taken for further changes in the market value of these assets. On the other hand the Dutch State's acquisition of an 80%interest in ING's Alt-A bond portfolio does not increase the Dutch State national debt.