• $100 mill loan equals around 15 cpu
• Two to six years to wind up DYF and RIF
• Fund values highly uncertain
• ING "strongly refutes" funds mis-sold

The company hastily organised a conference call with advisers yesterday to outline the bones of a plan for its Diversified Yield Fund (DYF) and Regular Income Fund (RIF), and to announce two other funds, Credit Opportunities and Enhanced Yield, were being wound up. ING’s new chief executive Helen Troup told Good Returns that she “apologises” for the company’s poor communication over what was happening with DYF and RIF since it suspended redemptions in March.

She acknowledged criticism the company had taken from advisers and investors over the lack of information around the funds was warranted.

Troup announced plans, but also acknowledged that there was still a lot of detail to be confirmed yet. Also she talked to advisers in a conference call, but didn’t take questions.