ING - chart, page-4

ING has been a steady performer – in spite of some industry headwinds and a change in CEO, the company has done well. I've been particularly impressed by (i) the emphasis on controlling expenses during a time when input costs have been rising and (ii) cash flow/management of working capital. The latter really is the key to the company's ability to pay good dividends and to return 33 cps in capital to us shareholders with a potential share buy-back to come.

After the recent price rise, I have downgraded my sentiment from "buy" to "hold' pending the release of the next set of results – I want to see the cash flow being maintained + debt levels being well controlled before considering adding to my holding.