Bond ING Groep 7.2% ( US4568373017 ) in USD

Issuer ING Groep
Market price 100 %  ⇌ 
Country  Netherlands
ISIN code  US4568373017 ( in USD )
Interest rate 7.2% per year ( payment 2 times a year)
Maturity 15/03/2017 - Bond has expired



Prospectus brochure of the bond ING Bank US4568373017 in USD 7.2%, expired


Minimal amount /
Total amount /
Detailed description ING Bank is a multinational banking and financial services corporation headquartered in Amsterdam, offering a wide range of banking products and services to individuals and businesses globally.

The Bond issued by ING Groep ( Netherlands ) , in USD, with the ISIN code US4568373017, pays a coupon of 7.2% per year.
The coupons are paid 2 times per year and the Bond maturity is 15/03/2017







PROSPECTUS SUPPLEMENT
(To prospectus dated July 1, 2002)
$1,000,000,000
ING Groep N.V.
7.20% ING Perpetual Debt Securities
We are issuing $1,000,000,000 aggregate principal amount of 7.20% ING Perpetual Debt Securities, which will be
issued pursuant to a subordinated indenture between us and The Bank of New York, as trustee.
The ING Perpetual Debt Securities will bear interest at a rate of 7.20% per annum on their outstanding principal
amount, payable in U.S. dollars quarterly in arrears on March 15, June 15, September 15 and December 15, commencing
on March 15, 2003. We refer to these dates as interest payment dates. You will receive interest payments on your ING
Perpetual Debt Securities only in cash. As more fully described in this prospectus supplement, except in limited
circumstances, we may defer interest payments for any period of time; provided, however, that such deferred payments will
become immediately due and payable if we make any payment on, or repurchase or redeem, our Junior Securities or Parity
Securities (each as deرned herein). Although you will always receive cash in satisfaction of any payments, we may, in
certain circumstances, elect and, in the case of deferred payments, be required to satisfy our obligation to make such
payments in cash by issuing our Ordinary Shares, which, when sold, will provide a suاcient amount of cash necessary to
make all such payments. We refer to this as the Alternative Interest Satisfaction Mechanism. When we refer to Ordinary
Shares, we mean our ordinary shares, or bearer receipts in respect thereof.
ING Perpetual Debt Securities are perpetual securities that have no رxed maturity or redemption date. However, at
our option, we may redeem the ING Perpetual Debt Securities in whole (but not in part) at their aggregate principal
amount of $1,000,000,000, together with any Outstanding Payments (as deرned herein), on December 15, 2007 or any
interest payment date thereafter, and upon the occurrence of certain tax and regulatory events described in this prospectus
supplement under ""Description of the ING Perpetual Debt Securities.''
We have applied to list the ING Perpetual Debt Securities on the New York Stock Exchange under the symbol
""INZ.'' Trading of the ING Perpetual Debt Securities is expected to begin within 30 days after the initial delivery of the
ING Perpetual Debt Securities.
For a discussion of the risks that you should consider before purchasing the ING Perpetual Debt Securities, see
""Risk Factors'' beginning on page S-8 of this prospectus supplement and on page 3 of the accompanying prospectus.
Price to
Underwriting
Proceeds to ING
Public(1)
Discount(2)
Groep N.V.(3)
Per ING Perpetual Debt Security ددددددددددددددددددددددددددددددددد
100%
3.15%
96.85%
Total ددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
$1,000,000,000
$31,500,000
$968,500,000
(1) Plus accrued interest, if any.
(2) In the event that the Underwriters make sales of $250,000 or more aggregate principal amount of ING Perpetual Debt
Securities to a single purchaser, we will pay Underwriters compensation of 2.00% per ING Perpetual Debt Security for
such sales. In such case, the proceeds to ING Groep N.V. will be higher than those stated in the table above.
(3) Before deducting expenses.
To the extent that the Underwriters sell more than $1,000,000,000 in principal amount of the ING Perpetual Debt
Securities, the Underwriters will have the option to purchase up to an additional $150,000,000 in principal amount of the
ING Perpetual Debt Securities from us at the oإering price less the underwriting discount.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of
these securities or determined that this prospectus supplement and the accompanying prospectus are truthful or complete.
Any representation to the contrary is a criminal oإense.
The Underwriters will deliver the ING Perpetual Debt Securities in book-entry form only through the facilities of The
Depository Trust Company on or about December 12, 2002. Beneرcial interests in the ING Perpetual Debt Securities will
be shown on, and transfers thereof will be eإected only through, records maintained by The Depository Trust Company and
its participants, including Clearstream Banking, societe anonyme, Luxembourg and Euroclear Bank S.A./N.V.
ING Financial Markets
Merrill Lynch & Co.
Morgan Stanley
Prudential Securities
Salomon Smith Barney
UBS Warburg
Wachovia Securities
BNP Paribas
JPMorgan
The date of this prospectus supplement is December 6, 2002.





TABLE OF CONTENTS
Prospectus Supplement
Page
Summary of the Oإering ددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
S-1
Ratio of Earnings to Fixed Chargesددددددددددددددددددددددددددددددددددددددددددددددددددددددد
S-7
Risk Factors دددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
S-8
Selected Financial Informationددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
S-10
Where You Can Find More Information دددددددددددددددددددددددددددددددددددددددددددددددددد
S-14
Incorporation of Information We File with the SECددددددددددددددددددددددددددددددددددددددددد
S-15
Capitalization and Indebtedness دددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
S-17
Use of Proceeds ددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
S-17
ING Groep N.V. ددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
S-18
Description of the ING Perpetual Debt Securities دددددددددددددددددددددددددددددددددددددددددد
S-23
United States Taxation ددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
S-39
The Netherlands Taxation دددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
S-43
Underwritingدددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
S-45
Validity of the Securitiesدددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
S-48
Prospectus
Prospectus Summary ددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
1
Ratio of Earnings to Fixed Charges ددددددددددددددددددددددددددددددددددددددددددددددددددددددد
2
Risk Factors ددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
3
Where You Can Find More Information ددددددددددددددددددددددددددددددددددددددددددددددددددد
5
Forward-Looking Statements ددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
7
About This Prospectus دددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
7
ING Groep N.V. دددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
8
Capitalization and Indebtedness دددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
10
Use of Proceedsدددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
10
Description of Debt Securities We May Oإer دددددددددددددددددددددددددددددددددددددددددددددد
11
Description of Ordinary Shares ددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
36
Description of the Stichting Trust and the Bearer Receipts ددددددددددددددددددددددددددددددددددد
39
Description of American Depositary Shares We May Oإer ددددددددددددددددددددددددددددددددددد
41
Legal Ownership and Book-Entry Issuance ددددددددددددددددددددددددددددددددددددددددددددددددد
47
Taxation دددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
54
ERISA Considerations دددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
75
Plan of Distributionددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
76
Validity of the Securities دددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
77
Experts ددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
78
Expensesدددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
78
Notices ددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددددد
78
You should rely only on the information contained or incorporated by reference in this prospectus
supplement and the accompanying prospectus. We have not, and the underwriters have not, authorized
any other person to provide you with diإerent information. If anyone provides you with diإerent or
inconsistent information, you should not rely on it. We are not, and the underwriters are not, making an
oإer to sell these securities in any jurisdiction where the oإer or sale is not permitted. You should
assume that the information appearing in this prospectus supplement and the accompanying prospectus,
as well as information we previously رled with the Securities and Exchange Commission, which we
sometimes refer to as the SEC, and incorporated by reference, is accurate as of the date on the front
cover of this prospectus supplement only. Our business, رnancial condition, results of operations and
prospects may have changed since that date.
i


""We'' and ""us'' refer to ING Groep N.V., the term ""Group'' or ""ING'' means ING Groep N.V. and
its consolidated subsidiaries.
IN CONNECTION WITH THE ISSUANCE OF THE ING PERPETUAL DEBT SECURITIES,
THE UNDERWRITERS MAY ENGAGE IN TRANSACTIONS WHICH STABILIZE, MAINTAIN
OR OTHERWISE AFFECT THE MARKET PRICE OF THE ING PERPETUAL DEBT SECURI-
TIES. SPECIFICALLY, THE UNDERWRITERS MAY OVERALLOT THE OFFERING, CREATING
A SYNDICATE SHORT POSITION. IN ADDITION, THE UNDERWRITERS MAY BID FOR AND
PURCHASE ING PERPETUAL DEBT SECURITIES, IN THE OPEN MARKET, TO COVER
SYNDICATE SHORTS OR TO STABILIZE THE PRICE OF THE ING PERPETUAL DEBT
SECURITIES ABOVE INDEPENDENT MARKET LEVELS. THE UNDERWRITERS ARE NOT
REQUIRED TO ENGAGE IN THESE ACTIVITIES AND MAY END ANY OF THESE ACTIVI-
TIES AT ANY TIME.
This prospectus supplement does not constitute an oإer to sell, or a solicitation of an oإer to buy, any
of the securities oإered hereby by any person in any jurisdiction in which it is unlawful for such person to
make such an oإering or solicitation. The oإer or sale of the ING Perpetual Debt Securities may be
restricted by law in certain jurisdictions, and you should inform yourself about, and observe, any such
restrictions.
ii


SUMMARY OF THE OFFERING
The following summary highlights information contained elsewhere in this prospectus supplement and
the accompanying prospectus. This summary is not complete and does not contain all the information that
may be important to you. You should read the entire accompanying prospectus and prospectus supplement,
including the رnancial statements and related notes incorporated by reference herein, before making an
investment decision. Terms which are deرned in ""Description of the ING Perpetual Debt Securities'' or in
the accompanying prospectus have the same meaning when used herein.
Issuer دددددددددددددددددددددددددددد
ING Groep N.V., Amstelveenseweg 500, 1081 KL Amsterdam,
P.O. Box 810, 1000 AV Amsterdam, The Netherlands,
telephone: 011-31-20-541-54-11.
Trustee ددددددددددددددددددددددددددد
The Bank of New York, 101 Barclay Street, New York, New
York 10286.
Calculation Agent دددددددددددددددددد
ING Financial Markets LLC.
Securities Oإered دددددددددددددددددد
7.20% ING Perpetual Debt Securities, in an aggregate principal
amount of $1,000,000,000.
The ING Perpetual Debt Securities will be issued under our
subordinated indenture, as supplemented by a second supplemen-
tal indenture, between us and The Bank of New York, as
trustee, and will constitute a series of our subordinated debt
securities as described in this prospectus supplement and the
accompanying prospectus.
Interestددددددددددددددددددددددددددد
The ING Perpetual Debt Securities will bear interest at a rate of
7.20% per annum, payable quarterly in arrears in equal payments
for any full Interest Period.
Interest Payment Dates ددددددددددددد
Subject as described below, interest payments on the ING
Perpetual Debt Securities will be payable quarterly on March 15,
June 15, September 15 and December 15 of each year,
commencing on March 15, 2003. We refer to these dates as
interest payment dates.
Regular Record Dates دددددددددددددد
The regular record dates for each interest payment date will be
March 1, June 1, September 1 and December 1, respectively.
Redemption ددددددددددددددددددددددد
The ING Perpetual Debt Securities are perpetual securities and
have no رxed maturity date or redemption date. The ING
Perpetual Debt Securities are redeemable at our option, in
whole, but not in part, at their aggregate principal amount,
together with any outstanding payments, on December 15, 2007,
which we refer to as the First Call Date, or any interest payment
date thereafter. The ING Perpetual Debt Securities are also
subject to redemption upon the occurrence of a Tax Event or a
Regulatory Event, each as described in this prospectus supple-
ment under ""Description of the ING Perpetual Debt Securi-
ties ج Optional Redemption and Redemption upon Certain
Events.''
Subordination ددددددددددددددددددددد
The ING Perpetual Debt Securities are our direct, unsecured
and subordinated securities. The rights and claims of the holders
of the ING Perpetual Debt Securities are subordinated to the
claims of holders of our Senior Debt. Our Senior Debt means:
, all claims of our unsubordinated creditors;
S-1


, all claims of creditors whose claims are, or are expressed to
be, subordinated only to the claims of our unsubordinated
creditors (whether only in the event of our bankruptcy or
otherwise); and
, all claims of all of our other creditors, except those whose
claims are, or are expressed to rank, pari passu with, or junior
to, the claims of holders of the ING Perpetual Debt
Securities.
Upon our liquidation (upon dissolution or otherwise), you will be
treated eإectively from a رnancial point of view as if you were a
holder of our most senior class or classes of preference shares.
As a result, your claims would eإectively from a رnancial point
of view rank pari passu with such preference shares and any
other Parity Securities or Parity Guarantees, and junior to our
Senior Debt. When we refer to Parity Securities, we mean our
most senior class of preference shares or any of our other
securities which eإectively from a رnancial point of view
, are similar to the most senior class of our preference shares:
, with respect to distributions on a return of assets upon our
liquidation; or
, with respect to dividends or distribution of payments or
other amounts thereunder; and
, rank pari passu with the ING Perpetual Debt Securities with
respect to such distributions or payments.
When we refer to Parity Guarantees, we mean any guarantees,
indemnities or other contractual support arrangements we enter
into with respect to securities issued by any of our subsidiaries or
Undertakings which eإectively from a رnancial point of view
, are similar to the most senior class of our preference shares:
, with respect to distributions on a return of assets upon our
liquidation; or
, with respect to dividends or distribution of payments or
other amounts thereunder; and
, rank pari passu with the ING Perpetual Debt Securities with
respect to such distributions or payments.
Optional Deferral of Payments ددددددد
Subject to the payment restriction described below, we may elect
to defer any payment (other than principal) on the ING
Perpetual Debt Securities for any period of time. However, if we
make this election, the deferred payment will bear interest at a
rate of 7.20%.
Required Deferral of Payments ددددددد
We will not make interest payments on the ING Perpetual Debt
Securities if, following payment of the interest, we would not be
solvent. Payments that are not made will be treated as deferred
interest. Interest will not accrue on interest payments we are
required to defer.
Dividend Stopper دددددددددددددددددد
As long as there is deferred interest outstanding and any
payment is so deferred, we may not recommend to our
shareholders and, to the fullest extent permitted by law, we will
S-2


otherwise act to prevent, any action that would constitute a
Mandatory Payment Event or Mandatory Partial Payment Event,
each as described in this prospectus supplement under ""Descrip-
tion of the ING Perpetual Debt Securities ج Dividend Stopper;
Mandatory Interest Payment.''
Mandatory Payment Events;
Mandatory Partial Payment
Events ددددددددددددددددددددددددد
Notwithstanding the payment restrictions described above, if a
Mandatory Payment Event or a Mandatory Partial Payment
Event occurs, interest and deferred interest will be mandatorily
due and payable, including any additional amounts due, as
described herein under the heading ""Description of the ING
Perpetual Debt Securities ج Dividend Stopper; Mandatory
Interest Payment.'' We refer to these payments as Mandatory
Interest Payments.
A Mandatory Payment Event occurs if:
, we declare, pay or distribute a dividend or make a payment
(other than a dividend in the form of Ordinary Shares) on any
of our Junior Securities or make a payment on a Junior
Guarantee;
, any of our subsidiaries or any entity in which we have a direct
or indirect رnancial, commercial or contractual majority
interest, which we refer to as an Undertaking, declares, pays or
distributes a dividend on any security issued by it beneرtting
from a Junior Guarantee or makes a payment (other than a
dividend in the form of Ordinary Shares) on any security
issued by it beneرtting from a Junior Guarantee;
, we or any of our subsidiaries or Undertakings redeems,
purchases or otherwise acquires for any consideration any of
our Junior Securities, any Parity Securities or any securities
issued by any of our subsidiaries or Undertakings beneرtting
from a Junior Guarantee or Parity Guarantee, other than:
, by conversion into or in exchange for our Ordinary Shares;
, in connection with transactions eإected by or for the
account of our customers or customers of any of our
subsidiaries or in connection with distribution, trading or
market-making activities in respect of those securities;
, in connection with our satisfaction of our, or the satisfaction
by any of our subsidiaries of its, obligations under any
employee beneرt plans or similar arrangements with or for
the beneرt of employees, oاcers, directors or consultants;
, as a result of a reclassification of us or any of our subsidiaries
or the exchange or conversion of one class or series of capital
stock for another class or series of capital stock; or
, the purchase of the fractional interests in shares of our
capital stock or the capital stock of any of our subsidiaries
pursuant to the conversion or exchange provisions of that
capital stock (or the security being converted or
exchanged); or
S-3


, any moneys are paid to or made available for a sinking fund or
for redemption of any Junior Securities, Parity Securities or
any securities issued by any of our subsidiaries or Undertak-
ings beneرtting from a Junior Guarantee or Parity Guarantee.
A Mandatory Partial Payment Event occurs if:
, we declare, pay or distribute a dividend or make a payment on
any of our Parity Securities or make any payment on any of
our Parity Guarantees; or
, any of our subsidiaries or Undertakings declares, pays or
distributes a dividend on any security issued by it beneرtting
from a Parity Guarantee or makes a payment on any security
issued by it beneرtting from a Parity Guarantee.
Alternative Interest Satisfaction
Mechanism ددددددددددددددددددددد
If we have deferred an interest payment, we must, or if we so
elect at any time we may, satisfy our obligation to make any
payment to you on the ING Perpetual Debt Securities by issuing
Ordinary Shares in such amount that, when the Ordinary Shares
are sold, will provide enough cash for us to make full payments
to you on the ING Perpetual Debt Securities in respect of the
relevant payment. The Calculation Agent will calculate in
advance the number of our Ordinary Shares that we must issue
to raise the full amount of money due to you on the relevant
payment date. You will receive payments on the ING Perpetual
Debt Securities only in cash, never in Ordinary Shares.
Suاciency and Availability of
Ordinary Shares ددددددددددددددددد
We are required to keep available for issue enough Ordinary
Shares as we reasonably consider would be required for issuance
in order to satisfy the next four interest payments using the
Alternative Interest Satisfaction Mechanism.
Market Disruption Event دددددددددددد
If, in our opinion, a Market Disruption Event exists on or after
the 15th business day preceding any date upon which we are due
to satisfy a payment using the Alternative Interest Satisfaction
Mechanism, we may delay making payment to you until the
Market Disruption Event no longer exists. Any such deferred
payment shall bear interest at the Interest Rate if the Market
Disruption Event continues for 14 days or more beyond the
interest payment date.
Market Disruption Event means:
, the occurrence or existence of any suspension of, or limitation
imposed on, trading by reason of movements in price
exceeding limits permitted by Euronext Amsterdam N.V. or
on settlement procedures for transactions in the Ordinary
Shares on Euronext Amsterdam N.V. if, in any such case, that
suspension or limitation is, in the determination of the
Calculation Agent, material in the context of the sale of the
Ordinary Shares;
, in our opinion, there has been a substantial deterioration in the
price and/or value of the Ordinary Shares, or circumstances
S-4


are such as to prevent or, to a material extent, restrict the
issue or delivery of the Ordinary Shares; or
, where, pursuant to the terms of the Indenture, moneys are
required to be converted from one currency into another
currency in respect of any payment, the occurrence of any
event that makes it impracticable to eإect such conversion.
Additional Amounts دددددددددددددددد
We will pay additional amounts to you to gross up interest
payments upon the imposition of Dutch withholding tax, subject
to customary exceptions.
Early Redemption for Tax Event ددددد
Upon the occurrence of certain changes in the treatment of the
ING Perpetual Debt Securities for taxation purposes (e.g., loss
of deductibility to us or payments becoming subject to withhold-
ing tax), we may redeem the ING Perpetual Debt Securities in
whole, but not in part, on the next interest payment date,
including before or after the First Call Date, at their aggregate
principal amount, together with any Outstanding Payments.
Early Redemption for Regulatory
Event دددددددددددددددددددددددددد
If we become subject to capital adequacy regulations and if the
relevant regulator has determined that securities of the nature of
the ING Perpetual Debt Securities can no longer qualify as
Tier 1 Capital (or instruments of a similar nature which qualify
as core capital) for the purposes of such capital adequacy
regulations, then we may redeem the ING Perpetual Debt
Securities at any time, including prior to the First Call Date, in
whole, but not in part, at their aggregate principal amount
together with any Outstanding Payments.
Book-entry System; Delivery
and Form ددددددددددددددددددددددد
We will issue the ING Perpetual Debt Securities only in fully
registered form, without coupons, in the form of beneرcial
interests in one or more global securities. The ING Perpetual
Debt Securities will be issued only in denominations of US$25,
and integral multiples thereof. We will issue the ING Perpetual
Debt Securities as global securities registered in the name of
Cede & Co., as nominee for The Depository Trust Company,
which we refer to as DTC.
The ING Perpetual Debt Securities will be accepted for clearance
by DTC, Euroclear, and Clearstream, Luxembourg. The initial
distribution of the ING Perpetual Debt Securities will be cleared
through DTC only. Beneficial interests in the global ING
Perpetual Debt Securities will be shown on, and transfers thereof
will be effected only through, the book-entry records maintained
by DTC and its direct and indirect participants, including
Euroclear and Clearstream. Owners of beneficial interests in the
ING Perpetual Debt Securities will receive all payments relating
to their ING Perpetual Debt Securities in U.S. dollars.
The ING Perpetual Debt Securities will not be issued in
deرnitive form, except under certain limited circumstances
described herein. See ""Description of the ING Perpetual Debt
Securities ج Book-entry System; Delivery and Form.''
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Remedy for Non-payment ددددددددددد
If any Payment Default occurs and continues regarding the ING
Perpetual Debt Securities, the trustee may pursue all legal
remedies available to it, including commencing a judicial
proceeding for the collection of the sums due and unpaid or a
bankruptcy proceeding in The Netherlands (but not elsewhere),
but the trustee may not declare the principal amount of any
outstanding ING Perpetual Debt Security to be due and payable.
If we fail to make payment and the solvency conditions are not
satisرed at the end of the 14-day period described under
""Description of the ING Perpetual Debt Securities ج Defaults;
Limitation of Remedies ج Payment Defaults,'' such failure does
not constitute a Payment Default, but instead constitutes a
Payment Event. Upon a Payment Event, the trustee may
institute bankruptcy proceedings exclusively in The Netherlands,
but may not pursue any other legal remedy, including a judicial
proceeding for the collection of the sums due and unpaid.
Notwithstanding the foregoing, as a holder of the ING Perpetual
Debt Securities, you have the absolute and unconditional right to
institute suit for the enforcement of any payment when due and
such right may not be impaired without your consent.
It is a payment default with respect to the ING Perpetual Debt
Securities if we fail to pay or set aside for payment the amount
due to satisfy any payment on the ING Perpetual Debt
Securities when due, and such failure continues for 14 days;
provided, however, if we fail to make any Mandatory Interest
Payment as a result of:
, failure to satisfy the solvency conditions; or
, a deferral of an interest payment as permitted under the terms
of the Indenture;
that payment will constitute an Outstanding Payment and will
accumulate with any other Outstanding Payments until paid, but
will not be a Payment Default.
Listing; Tradingدددددددددددددددددددد
The ING Perpetual Debt Securities constitute a series of our
debt securities. We have applied to list the ING Perpetual Debt
Securities on the New York Stock Exchange under the symbol
""INZ.'' Trading of the ING Perpetual Debt Securities is
expected to begin within 30 days after the initial delivery of the
ING Perpetual Debt Securities.
Once listed, each ING Perpetual Debt Security will trade as an
individual unit at a trading price that will take into account the
value, if any, of accrued but unpaid interest.
Governing Law دددددددددددددددددددد
The ING Perpetual Debt Securities and the related Indenture
will be governed by, and construed in accordance with, the laws
of the State of New York, except that the subordination
provisions will be governed by and construed in accordance with
the laws of The Netherlands.
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Document Outline