ING Securities last week refuted the long running rumor that its Asian securitization operation had effectively shut down following the heavy losses taken by the bank on the National Century Financial Enterprises scandal in late 2002.

ING, along with Credit Suisse First Boston and monoline insurer Ambac, was one of the worst entities affected by the fallout of the U.S. healthcare finance provider. Its asset-backed commercial paper conduit was forced to write off around $500 million when it was discovered that the outstanding NCFE deals significantly distressed if that's the right word and were backed ineligible and/or nonexistent receivables, it has been alleged.

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