Obligation ING Group 0.06% ( NL0000116127 ) en EUR

ING Group

100 % ⇌

Pays-bas

NL0000116127 ( en EUR )

0.06% par an ( paiement trimestriel )

Perpétuelle

Prospectus brochure de l'obligation ING Groep NL0000116127 en EUR 0.06%, échéance Perpétuelle

100 EUR

1 000 000 000 EUR

30/06/2025 ( Dans 54 jours )

ING Groep est une institution financière mondiale offrant une large gamme de services bancaires aux particuliers, entreprises et institutions, notamment des services de banque de détail, de gestion de patrimoine, d'investissement et de banque d'entreprise.

L'Obligation émise par ING Group ( Pays-bas ) , en EUR, avec le code ISIN NL0000116127, paye un coupon de 0.06% par an.
Le paiement des coupons est trimestriel et la maturité de l'Obligation est le Perpétuelle

OFFERING CIRCULAR
ING Groep N.V.
(incorporated in the Netherlands with its statutory seat in Amsterdam)
Euro 1,000,000,000 ING Perpetual Securities III
Issue price: 100 per cent.
Unless expressly indicated otherwise, the terms and expressions used herein have the same meaning
as given to them in the Terms and Conditions.
The ING Perpetual Securities III (the `Securities') are perpetual securities and have no fixed
redemption date. However, the Securities may be redeemed in whole but not in part at the option of the
Issuer, at their liquidation preference of 3 100 per Security together with any Outstanding Payments on the
Coupon Payment Date falling on 30 June 2014 or any Coupon Payment Date thereafter. Prior redemption
in case of tax events may apply, subject to Condition 8.
The Securities will bear a variable rate of interest on their outstanding principal amount from (and
including) the Issue Date and will be payable quarterly in arrear on 31 March, 30 June, 30 September and
31 December of each year, subject to Condition 4 and 5. Payments (such term does not include principal)
may be deferred, as more fully described in Condition 4, but any Deferred Coupon Payment will
immediately become due if the Issuer makes payments on or purchases or redeems its Junior Securities or
Parity Securities. Investors will always receive cash but the moneys to satisfy such Deferred Coupon
Payments may only be raised by the issue of its Ordinary Shares, which, when sold, will provide the cash
amount due in respect of Deferred Coupon Payments. Upon the occurrence of a Regulatory Event, the
Securities will be converted into Capital Securities of the Issuer, as described in Condition 7.
The Securities constitute direct, unsecured and subordinated securities of the Issuer as described in
Condition 2.
This Offering Circular constitutes a prospectus for the purpose of the listing and issuing rules of
Euronext Amsterdam N.V. and Euronext Brussels S.A./N.V.Application has been made for the listing of the
Securities on the Official Segment of the Stock Market of Euronext Amsterdam N.V. and Euronext
Brussels S.A./N.V. It is anticipated that the Securities will be quoted as a percentage of its principal amount
of 3 100.
The Securities are expected to be assigned, on issue, a rating of `A-' by Standard & Poor's Rating
Services, a division of the McGraw-Hill Companies, Inc., and a rating of `A2' by Moody's Investors Service,
Inc. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision,
suspension or withdrawal at any time by the relevant rating organisation.
The Securities shall have denominations of 3 100 each.The Securities will be represented by a global
security (the `Global Security') in bearer form without interest coupons, in the principal amount of
3 1,000,000,000. The Global Security will be deposited with Euroclear Netherlands and purchase
transactions will be cleared through Euroclear Netherlands participants including Euroclear and
Clearstream.The Global Security will not be exchangeable for definitive Securities in bearer form.
Lead Manager
ING Financial Markets
Co-lead Managers
BNP PARIBAS
Citigroup
Goldman Sachs International
Rabobank International
The date of this Offering Circular is 14 June 2004

TABLE OF CONTENTS
Page
IMPORTANT INFORMATION...................................................................................................................
3
INVESTMENT CONSIDERATIONS.........................................................................................................
5
SUMMARY .....................................................................................................................................................
9
TERMS AND CONDITIONS OF THE SECURITIES .............................................................................
17
DESCRIPTION OF THE CAPITAL SECURITIES .................................................................................
36
ING GROEP N.V. ............................................................................................................................................
37
NETHERLANDS TAXATION ....................................................................................................................
47
SPECIFIC INFORMATION FOR THE BELGIAN MARKET ..............................................................
52
BELGIAN TAXATION .................................................................................................................................
53
SUBSCRIPTION AND SALE ......................................................................................................................
56
GENERAL INFORMATION.......................................................................................................................
58
2

IMPORTANT INFORMATION
Responsibility
The Issuer accepts responsibility for the information contained in this Offering Circular. To the best
of the knowledge and belief of the Issuer (having taken all reasonable care to ensure that such is the case)
the information contained in this Offering Circular is in accordance with the facts and does not omit
anything likely to affect the import of such information.
No person has been authorised to give any information or to make any representation other than
those contained in this document in connection with the offering of the Securities and, if given or made, such
information or representations must not be relied upon as having been authorised by the Issuer, the Trustee
or the Managers (as defined under `Subscription and Sale' below). Neither the delivery of this document nor
any sale made hereunder shall, under any circumstances, constitute a representation or create any
implication that there has been no change in the affairs of the Issuer or the Issuer and its subsidiaries
(together `the Group') since the date hereof. This document does not constitute an offer of, or an invitation
by, or on behalf of, the Issuer, the Trustee or the Managers to subscribe for, or purchase, any of the Securities.
This document does not constitute an offer, and may not be used for the purpose of an offer to, or a
solicitation by, anyone in any jurisdiction or in any circumstances in which such an offer or solicitation is not
authorised or is unlawful.
Neither the Managers nor the Trustee have separately verified the information contained herein.
Accordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility
or liability is accepted by the Managers, the Trustee or any of them as to the accuracy or completeness of the
information contained in this Offering Circular or any other information provided by the Issuer in
connection with the Securities or their distribution.
Incorporation by Reference
The following documents shall be deemed to be incorporated in, and to form part of, this Prospectus:
(a) the annual reports and the annual accounts of the Issuer in respect of the financial year ended
31st December, 2002 and 31st December, 2003; and
(b) the Articles of Association (statuten) of the Issuer.
Offering and Selling Restrictions
This Offering Circular is not intended to provide the basis of any credit or other evaluation and
should not be considered as a recommendation by the Issuer or the Managers that any recipient of this
Offering Circular should purchase any of the Securities. Each investor contemplating purchasing Securities
should make its own independent investigation of the financial condition and affairs, and its own appraisal
of the creditworthiness, of the Issuer.
The Securities have not been and will not be registered under the United States Securities Act of
1933, as amended, (the `Securities Act') and are subject to U.S. tax law requirements. Subject to certain
exceptions, the Securities may not be offered, sold or delivered within the United States or to U.S. persons.
For a further description of certain restrictions on the offering and sale of the Securities and on distribution
of this document, see `Subscription and Sale' below.
STABILISATION
IN CONNECTION WITH THE ISSUE OF THE SECURITIES, ING BANK N.V. MAY
OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILISE OR MAINTAIN THE MARKET
PRICE OF THE ING PERPETUAL SECURITIES III AT A LEVEL WHICH MIGHT NOT
OTHERWISE PREVAIL. SUCH STABILISING, IF COMMENCED, MAY BE DISCONTINUED AT
ANY TIME (BUT WILL IN ANY EVENT BE DISCONTINUED 30 DAYS AFTER THE ISSUE DATE
OF THE SECURITIES).
3

Miscellaneous
All references in this document to `euro', `euros' and `T' refer to the currency introduced at the start
of the third stage of European economic and monetary union pursuant to the Treaty establishing the
European Community (signed in Rome on 25th March, 1957) as amended by the Treaty on European Union
(signed in Maastricht on 7th February, 1992).Words denoting the singular will also imply the plural and vice
versa.
4

INVESTMENT CONSIDERATIONS
The following is a summary of certain aspects of the Securities of which prospective investors should be aware.
This summary is not intended to be exhaustive and prospective investors should carefully consider this
summary in conjunction with the other information contained in this document.
Deferral
The Issuer may elect to defer any Payment (such term does not include principal) on the Securities for
any period of time subject to suspension of payment on Junior Securities and Parity Securities, as more
particularly described in `Terms and Conditions of the Securities 4. Deferrals'. Unless deferral is required
as described under `Terms and Conditions of the Securities 4. Deferrals (a) Required Deferral of
Payments', any deferred payment will bear interest at the Applicable Coupon Rate.
Perpetual securities
The Issuer is under no obligation to redeem the Securities at any time and the Holders have no right
to call for their redemption.
Redemption risk
Upon the occurrence of certain specified tax or regulatory events, or the Coupon Payment Date
falling on 30 June 2014 or any Coupon Payment Date thereafter, the Securities may be redeemed at their
principal amount together with any Outstanding Payments (as defined in `Terms and Conditions of the
Securities 21. Definitions'), subject as provided in `Terms and Conditions of the Securities 8. Redemption
and Purchases'.
Conversion into Capital Securities
Upon the occurrence of a Regulatory Event, the Securities will be converted into Capital Securities
of the Issuer. See `Terms and Conditions of the Securities 7 Conversion of Securities into Capital
Securities'.
If the Securities are so converted, the Capital Securities that a Holder will then hold may have
different rights than those applicable to the Securities and such rights may be less favourable to Holders
than those that apply to the Securities, provided that in a winding-up of the Issuer the Capital Securities will
in any case, likewise the Securities, rank pari passu with the most senior preference shares of the Issuer.
No limitation on issuing debt
Save as provided in `Terms and Conditions of the Securities 2. Status (b)(iii) Senior Instruments',
there is no restriction on the amount of debt which the Issuer may issue which ranks senior to the Securities
or on the amount of securities which the Issuer may issue which ranks pari passu with the Securities. The
issue of any such debt or securities may reduce the amount recoverable by Holders on a winding-up of the
Issuer or may increase the likelihood of a deferral of Payments under the Securities.
Availability of shares
If the Issuer is to make a payment using the Alternative Coupon Satisfaction Mechanism and has an
insufficient number of Ordinary Shares available for issue, then the Issuer's payment obligation shall be
suspended to the extent of such insufficiency until such time as sufficient shares are available to satisfy all or
part of the suspended payment obligation, as more particularly described in `Terms and Conditions of the
Securities 6.Alternative Coupon Satisfaction Mechanism (d) Insufficiency'.
Market Disruption Event
If, following a decision by the Issuer to satisfy a payment using the Alternative Coupon Satisfaction
Mechanism, in the opinion of the Issuer a Market Disruption Event in respect of its Ordinary Shares exists,
the payment to Holders may be deferred until the cessation of such market disruption, as more particularly
described in `Terms and Conditions of the Securities 6. Alternative Coupon Satisfaction Mechanism (e)
Market Disruption'. Any such deferred payments shall bear interest at the Applicable Coupon Rate if the
Market Disruption Event continues for 14 days or more.
5

Restricted remedy for non-payment
The sole remedy against the Issuer available to the Trustee or any Holder for recovery of amounts
owing in respect of any Payment or principal in respect of the Securities will be the institution of proceedings
for the winding-up of the Issuer and/or proving in such winding-up.
Set-off
Subject to applicable law, no Holder may exercise or claim any right of set-off in respect of any
amount owed to it by the Issuer arising under or in connection with the Securities and each Holder shall, by
virtue of being the bearer of any Security, be deemed to have waived all such rights of set-off.
Absence of prior public markets
The Securities constitute an issue of new securities by the Issuer. Prior to this issue, there will have
been no public market for the Securities.Although application has been made for the Securities to be listed
on the Official Segment of the Stock Market of Euronext Amsterdam N.V. and Euronext Brussels S.A./N.V.,
there can be no assurance that an active public market for the Securities will develop and, if such a market
were to develop, the Managers are under no obligation to maintain such a market. The liquidity and the
market prices for the Securities can be expected to vary with changes in market and economic conditions,
the financial condition and prospects of the Issuer and other factors that generally influence the market
prices of securities.
6

Het hier onderstaande is een Nederlandse vertaling van de originele Engelse tekst in de Offering Circular
van de `Investment Considerations'. De Engelse versie is de enige bindende versie en de Engelse versie zal
prevaleren in het geval van een inconsistentie tussen de Engelse en de Nederlandse versie. De Nederlandse
versie is uitsluitend bedoeld voor het gemak.
BELEGGINGSOVERWEGINGEN
Hieronder wordt een samenvatting gegeven van bepaalde aspecten van de Effecten waarvan potentiële
beleggers zich rekenschap dienen te geven. Deze samenvatting is niet volledig en potentiële beleggers dienen
deze samenvatting derhalve zorgvuldig te overwegen in samenhang met de overige informatie in dit document.
Uitstel
De Emittent kan ervoor kiezen elke Betaling (welke term niet verwijst naar de hoofdsom) op de
Effecten gedurende onbepaalde tijd uit te stellen behoudens opschorting van betaling op Junior Securities
en Parity Securities, zoals nader aangegeven in Voorwaarden van de Effecten 4. Uitstel. Tenzij uitstel
verplicht is, als uiteengezet onder Voorwaarden van de Effecten 4. Uitstel (a) Verplicht Uitstel van
Betalingen, is elk uitstel van betaling rentedragend tegen de Toepasselijke Couponrente.
Eeuwigdurende Effecten
De Emittent is niet verplicht de Effecten op enig moment af te lossen en de Houders zijn niet
gerechtigd aflossing daarvan te verlangen.
Aflossingsrisico
Wanneer zich bepaalde omschreven gebeurtenissen voordoen met betrekking tot belastingen of op
regulatoir terrein, of op de Rentebetaaldag vallend op 30 juni 2014 of op elke Rentebetaaldag daarna,
kunnen de Effecten geheel worden afgelost tezamen met Uitstaande Betalingen (zoals gedefinieerd in
'Voorwaarden van de Effecten 20. Definities'), behoudens het bepaalde in 'Voorwaarden van de Effecten
8.Aflossing en Inkoop'.
Omwisseling naar Capital Securities
Indien zich een Regulatory Event voordoet zullen de Effecten worden omgewisseld naar door de
Emittent uit te geven preferente aandelen of andere instrumenten, zulks naar inzicht van de Emittent (de
`Capital Securities'). Zie 'Voorwaarden van de Effecten 7. Omwisseling naar Capital Securities'.
Aan de Capital Securities kunnen andere rechten zijn verbonden dan die welke gelden voor de
Effecten en welke minder gunstig kunnen zijn voor de Houders dan de rechten verbonden aan de Effecten,
met dien verstande dat bij een uitwinningsprocedure ten gevolge van het faillissement van de Emittent, de
Capital Securities in rang pari passu zullen zijn met de in rang eerstkomende preferente aandelen van de
Emittent.
Geen beperking op uitgifte schuldpapier
Behoudens het bepaalde in 'Voorwaarden van de Effecten 2. Status (b) (iii) Senior Instruments'
zijn er geen beperkingen op het bedrag aan schuldpapier dat de Emittent kan uitgeven en een hogere rang
heeft dan de Effecten, of op het bedrag aan effecten dat de Emittent kan uitgeven en in rang pari passu staat
met de Effecten. De uitgifte van dergelijk schuldpapier of dergelijke effecten kan het bedrag dat door
Houders kan worden verhaald bij een uitwinningsprocedure ten gevolge van het faillissement van de
Emittent verminderen, of de kans doen toenemen dat Betalingen op de Effecten worden uitgesteld.
Beschikbaarheid van aandelen
Indien de Emittent een betaling dient te doen via het Alternative Coupon Satisfaction Mechanism en
een ontoereikend aantal Gewone Aandelen ter beschikking heeft voor uitgifte, dan wordt de
betalingsverplichting van de Emittent opgeschort voor het bedrag van die ontoereikendheid tot het
moment waarop alsnog voldoende aandelen beschikbaar zijn om de opgeschorte betalingsverplichting
geheel of gedeeltelijk te voldoen, zoals nader uiteengezet in 'Voorwaarden van de Effecten 6.Alternative
Coupon Satisfaction Mechanism (d) Ontoereikendheid'.
7

Marktverstoring
Indien na een besluit van de Emittent tot voldoening van betaling via het Alternative Coupon
Satisfaction Mechanism naar de mening van de Emittent zich een geval van Marktverstoring voordoet met
betrekking tot zijn Gewone Aandelen, kan de betaling aan Houders worden uitgesteld totdat die
marktverstoring is beëindigd, zoals nader uiteengezet in `Voorwaarden van de Effecten 6. Alternative
Coupon Satisfaction Mechanism (e) Marktverstoring'. Dergelijke uitgestelde betalingen zijn
rentedragend tegen de Toepasselijke Couponrente indien de Marktverstoring 14 dagen of langer
voortduurt.
Beperkt middel bij niet-betaling
Het enige middel dat jegens de Emittent aan de Trustee of Houders openstaat voor verhaal van
bedragen die verschuldigd zijn met betrekking tot een Betaling of hoofdsom met betrekking tot de Effecten
is het instellen van een procedure tot faillietverklaring van de Emittent en/of verificatie van schulden bij een
uitwinningsprocedure .
Verrekening
Behoudens het toepasselijk recht kunnen Houders geen aanspraak maken op recht tot verrekening
of zulks uitoefenen terzake van aan hen door de Emittent verschuldigde bedragen welke voortvloeien uit of
verband houden met de Effecten en worden Houders, enkel door het houden van Effecten, geacht afstand
te hebben gedaan van al dergelijke rechten tot verrekening.
Geen eerdere openbare markten
De Effecten vormen een uitgifte van nieuwe effecten door de Emittent. Voorafgaand aan deze
uitgifte is er geen openbare markt voor de Effecten geweest. Hoewel een notering is aangevraagd voor de
Effecten aan Euronext Amsterdam N.V. en Euronext Brussels S.A./N./V., kan niet worden gegarandeerd
dat een actieve openbare markt voor de Effecten zal ontstaan en, indien dat wel gebeurt, zijn de Managers
op generlei wijze verplicht een dergelijke markt te onderhouden. Het is te verwachten dat de liquiditeit en
de beurskoersen van de Effecten zullen variëren onder invloed van marktomstandigheden en economische
ontwikkelingen, de financiële toestand en vooruitzichten van de Emittent en andere factoren die in het
algemeen van invloed zijn op de beurskoersen van effecten.
8

SUMMARY
The following summary refers to certain provisions of the Terms and Conditions of the Securities and the Trust
Deed and insofar as it refers to the Terms and Conditions of the Securities is qualified by the more detailed
information contained elsewhere in this document. Defined terms used herein have the meaning given to them
in `Terms and Conditions of the Securities'.
Issuer
ING Groep N.V.
Trustee
Amsterdamsch Trustee's Kantoor B.V.
Issue Size
3 1,000,000,000
Issue Price
100 per cent.
Redemption
The Securities are perpetual securities and have no maturity date. The
Securities may be redeemed in whole but not in part at the option of the
Issuer, at their liquidation preference of 3 100 per Security together with any
Outstanding Payments on the Coupon Payment Date falling on 30 June
2014 or any Coupon Payment Date thereafter.
Interest
The Securities will bear a variable rate of interest from (and including) the
Issue Date which will be payable on each Coupon Payment Date (the
`Coupon Rate'). The Coupon Rate payable from time to time in respect of
the Securities will be determined on each Interest Determination Date for
the next succeeding Coupon Period and shall be the linear interpolated
effective yield on the relevant Interest determination Date for two Dutch
state loans with remaining terms most closely corresponding to 10 years
(as from such Interest Determination Date) (the `Reference Loans')
recalculated to a quarterly based rate, plus 0.10%. The first Interest
Determination Date is two days before closing of the subscription period
and the first Coupon Period runs from and including the Issue Date to but
excluding 30 September 2004.
If on any Interest Determination Date no Reference Loans are available,
the Coupon Rate payable on the Securities will be calculated on the basis of
the interpolated effective yield on the relevant Interest Determination Date
of two such other European government bonds as the Calculation Agent
may, with the advice of three brokers of and/or market makers, in European
government bonds selected by the Calculation Agent, determined to be
appropriate for purposes of determining such Coupon Rate (the `Substitute
Reference Loans').
If on any Interest Determination Date neither Reference Loans nor
Substitute Reference Loans are available, the Coupon Rate payable on the
Securities will be calculated on the basis of the interpolated effective yield
on the relevant Interest Determination Date for two loans which are as
much as possible identical in terms of yield, nature, remaining term and
creditworthiness of the borrowers thereunder to the Reference Loans (the
`Comparable Bonds').
If the Coupon Rate in respect of any Coupon Period determined in
accordance with the above provisions is greater than 9%, the Coupon Rate
for such Coupon Period shall be 9%.
9

Coupon Payment Dates
Subject as described below, Coupon Payments will be payable quarterly in
arrear on 31 March, 30 June, 30 September and 31 December of each year
(each `Coupon Payment Date' from (and including) 30 September 2004.
Subordination
The Securities constitute direct, unsecured and subordinated securities of the
Issuer. The rights and claims of the Holders under the Securities are
subordinated to the claims of Senior Creditors. No payment in respect of the
Securities shall be due and payable except to the extent that the Issuer is solvent
and could make such payment and still be solvent immediately thereafter.
Winding-up Claims
In the event of the winding-up of the Issuer, the Holders will be treated as if
they were the Holders of the most senior class of preference shares
outstanding from time to time with a liquidation preference of 3 100 plus
Outstanding Payments and otherwise having an equal right to a return of the
assets of the Issuer in the winding-up to the holders of the Securities. Such
class would rank junior to the claims of Senior Creditors and pari passu with
Parity Securities.
Required Deferral of
If the Issuer determines, on the 20th Business Day prior to the date on which
Payments
any Payment (such term does not include principal) would, in the absence of
deferral in accordance with Condition 4 of the Terms and Conditions of the
Securities, be due and payable, that payment of the relevant Payment will
result in the Issuer being insolvent, the Issuer must defer such Payment.
Required Deferral of Payments as aforementioned will only take place so long
as the Issuer has not become subject to capital adequacy regulations as applied
and enforced by the Dutch Central Bank or any appropriate regulator.
Such required deferred payment may be satisfied at any time by the
Issuer giving not less than 16 Business Days notice of such satisfaction.
Unless the Issuer elects to defer such Payment pursuant to its general right
to defer referred to below, such required deferred payment must be satisfied
on the Coupon Payment Date next following the 19th Business Day after
the Issuer determines that it will meet the solvency test referred to in
`Terms and Conditions of the Securities 2. Status (b)(i) Condition of
Payment by the Issuer'. No interest will accrue on required Deferred
Coupon Payments.
Optional Deferral of
The Issuer may elect to defer any Payment (such term does not include
Payments
principal) on the Securities for any period of time. However if the Issuer
makes this election, the deferred payment will bear interest at the
Applicable Coupon Rate for the full period of deferral.
Deferred and Future
Any Payment which has been deferred will become immediately due and
Interest Payments
payable if the Issuer makes payments on or purchases or redeems any Junior
Securities or Parity Securities. Furthermore any payment on Ordinary
Shares or any other Junior Securities will result in full mandatory payments
for the next four coupon periods assuming such payment to be for a full year.
Any payment on any Parity Securities will result in a proportional
mandatory payment for the relevant number of consecutive coupon periods
following the payment on such Parity Securities.
Alternative Coupon
Any Deferred Coupon Payment (with any interest accrued on such
Satisfaction Mechanism
Deferred Coupon Payment, as applicable) will be satisfied using the
Alternative Coupon Satisfaction Mechanism. Investors will always receive
payments made in respect of Securities in cash. However, the Issuer may
elect at any time to satisfy its obligation to make any Payment (other than a
10