Mar 21, 2017 - Bank in Netherlands Sells Stake in Dakota Access Pipeline
3/20/17 – the Netherlands-based financial institution, ING, has announced that it has sold off its share of loan debt to the Dakota Access pipeline. In selling off its $120 million of DAPL debt, ING, one of 17 syndicate banks financing DAPL, becomes the first bank to cut ties with the project.
According to ING, the decision came after a meeting with representatives from the Standing Rock Sioux Tribe.
“In our meeting with the Standing Rock Sioux Tribe on 10 February, we discussed the Tribe’s concern regarding the pipeline’s proposed routing. The Tribe made its belief clear that its interests and position as a sovereign nation weren’t properly recognised in the process by the government. Both ING and the Tribe acknowledged the general importance of respectful dialogue with groups potentially affected by large infrastructure projects.
In the meeting, we also shared with the Tribe our willingness to either continue trying to positively influence the course of the project, or to distance ourselves by selling our stake in the loan.
In response, the Standing Rock Sioux Tribe indicated it would appreciate ING selling its loan in the project, considering that there is less room for lenders to positively influence the project now that construction has resumed, and because it would be a valuable message supporting its call for respectful dialogue.
Today, ING has signed an agreement to sell the loan. Under the terms of the agreement with the buyer ING retains a potential risk in case of non-payment under the loan. The buyer of the loan supports the importance of a respectful dialogue with the Tribe and other affected groups. ING is grateful to the buyer for playing an important role in enabling a solution that allows ING to not to breach its contractual obligations under the loan while at the same time delivering a valuable message in support of the Tribe. The sale is expected to close in the coming days.”
The remaining syndicate banks include; Citibank, Wells Fargo, Bank of Tokyo-Mitsubishi UFJ, Bayern, BBVA, BNP Paribas, Credit Agricole, ICBC, Intesa Sanpaolo, Mizuho Bank, Natixis, Societe Generale, SMBC, DNB, SunTrust Bank and TD Securities.
by Wakíƞyaƞ Waánataƞ (Matt Remle- Lakota)