Obligation ING Groep 7.07% ( XS0344070023 ) en UAH

Société émettrice ING Groep
Prix sur le marché 100 %  ▲ 
Pays  Pays-Bas
Code ISIN  XS0344070023 ( en UAH )
Coupon 7.07% par an ( paiement annuel )
Echéance 17/12/2008 - Obligation échue



Prospectus brochure de l'obligation ING Bank XS0344070023 en UAH 7.07%, échue


Montant Minimal 500 000 UAH
Montant de l'émission 250 000 000 UAH
Description détaillée ING est une banque internationale offrant une large gamme de services financiers, notamment des services de banque de détail, de banque privée et de gestion d'actifs, opérant dans plusieurs pays à travers le monde.

L'Obligation émise par ING Groep ( Pays-Bas ) , en UAH, avec le code ISIN XS0344070023, paye un coupon de 7.07% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 17/12/2008









ING Bank N.V.
(Incorporated in The Netherlands with its statutory seat in Amsterdam)
Postbank Groen N.V.
(Incorporated in The Netherlands with its statutory seat in Amsterdam)
ING Bank (Australia) Limited
(Incorporated in Australia under the Corporations Act 2001 of Australia)
ING Bank of Canada
(A Schedule II bank incorporated under the Bank Act (Canada))
ING (US) Issuance LLC
(Organised under the laws of the State of Delaware)
ING Americas Issuance B.V.
(Incorporated in The Netherlands with its statutory seat in Amsterdam)
80,000,000,000
Global Issuance Programme
Under this Global Issuance Programme (the "Programme"), (i) ING Bank N.V. (the "Global Issuer", which expression shall include any Substituted Debtor (as defined in
Condition 16 of the Terms and Conditions of the Medium Term Notes to be issued by ING Bank N.V. in Chapter 2, Part 1 or, as the case may be, Condition 12 the Terms
and Conditions of the German Market Notes to be issued by ING Bank N.V. in Chapter 11, Part 1), "ING Bank" or the "Bank") may from time to time issue notes
(including covered bonds guaranteed by the CBC (as defined below)) (the "Notes" as more fully defined below) and warrants (the "Warrants") and may enter into loans,
deposit arrangements or other obligations (such loans, deposit arrangements and other obligations together, the "Obligations"), (ii) Postbank Groen N.V. ("Postbank
Groen", which expression shall include any Substituted Debtor (as defined in Condition 15 of the Terms and Conditions of the Medium Term Notes to be issued by
Postbank Groen N.V. in Chapter 10, Part 1)) may from time to time issue Notes which will have the benefit of a 403 declaration from ING Bank N.V. (see "Additional
Information on Issues by Postbank Groen"), (iii) ING Bank (Australia) Limited (Australian Business Number 24 000 893 292) (the "Australian Issuer") may from time to
time issue Notes and transferable deposits guaranteed by ING Bank N.V., (iv) ING Bank of Canada (the "Canadian Issuer") may from time to time issue Notes guaranteed
by ING Bank N.V., (v) ING (US) Issuance LLC (the "U.S. Issuer", which expression shall include any Substituted Debtor (as defined in Condition 15 of the Terms and
Conditions of the Guaranteed U.S. Notes to be issued by ING (US) Issuance LLC in Chapter 16, Part 1)) may from time to time issue Notes guaranteed by ING Bank N.V.
and (vi) ING Americas Issuance B.V. (the "Americas Issuer", which expression shall include any Substituted Debtor (as defined in Condition 15 of the Terms and
Conditions of the Medium Term Notes to be issued by ING Americas Issuance B.V. in Chapter 17, Part 1)) may from time to time issue Notes guaranteed by ING Bank
N.V. (ING Bank N.V. in its capacity as guarantor under the Notes issued by the Australian Issuer, the Canadian Issuer, the U.S. Issuer and the Americas Issuer, the
"Guarantor").
The Global Issuer will only offer Notes in the form of Covered Bonds (as defined below) with a denomination of at least 50,000 (or its equivalent in any other currency at
the date of issue of the Notes). The Canadian Issuer will not offer Notes to the public within a member state of the European Economic Area ("EEA") or seek their
admission to trading on a regulated market situated or operating within such a member state, in each case in circumstances which would require the approval of a
prospectus under the Prospectus Directive (as defined below). The Australian Issuer will not offer transferable deposits to the public within a member state of the EEA or
seek their admission to trading on a regulated market situated or operating within such a member state, in each case in circumstances which would require the approval of
a prospectus under the Prospectus Directive. Terms used in the previous two sentences are as defined in the Prospectus Directive. The Americas Issuer will only offer
Notes with a denomination of at least 50,000 (or its equivalent in any other currency at the date of issue of the Notes). The Notes and Warrants have not been, and will
not be, qualified for sale under the securities laws and regulations of any province or territory of Canada.
Prospective investors should have regard to the factors described under the section headed "Risk Factors" in Chapter 1 of this Base Prospectus.
Programme Arranger
ING WHOLESALE BANKING
Covered Bond Arranger
Covered Bond Co-Arranger
BARCLAYS CAPITAL
ING WHOLESALE BANKING
BASE PROSPECTUS
Dated 28 September 2007




This Base Prospectus (the "Base Prospectus") replaces the base prospectus relating to the Programme dated
16 May 2007.
The Notes other than in the form of Covered Bonds issued under the Programme by the Global Issuer shall
include (i) medium term Notes ("Medium Term Notes", which may be senior or subordinated), (ii) Notes
whose return is linked to shares ("Share Linked Notes"), indices ("Index Linked Notes"), funds ("Fund
Linked Notes") or a managed portfolio of assets ("Dynamic and Static Portfolio Notes"), (iii) credit linked
Notes ("Credit Linked Notes"), (iv) inflation linked Notes ("Inflation Linked Notes"), (v) Notes which are
exchangeable for shares of third parties ("Exchangeable Notes"), (vi) Commodity Linked Notes
("Commodity Linked Notes") and (vii) Medium Term Notes, Share Linked Notes and Index Linked Notes
issued under consolidated terms and conditions intended specifically for the German retail market ("German
Market Notes"). Such Notes may also constitute, among others, fixed rate notes ("Fixed Rate Notes"),
floating rate notes ("Floating Rate Notes"), dual currency notes ("Dual Currency Notes") and zero coupon
notes ("Zero Coupon Notes").
The Notes in the form of Covered Bonds issued under the Programme by the Global Issuer shall include (i)
fixed rate Covered Bonds ("Fixed Rate Covered Bonds"), (ii) floating rate Covered Bonds ("Floating Rate
Covered Bonds"), (iii) index linked Covered Bonds ("Index Linked Covered Bonds"), (iv) dual currency
Covered Bonds ("Dual Currency Covered Bonds"), (v) share linked Covered Bonds ("Share Linked Covered
Bonds") and (vi) zero coupon Covered Bonds ("Zero Coupon Covered Bonds"). The CBC (as defined below)
will as an independent obligation irrevocably undertake to pay interest and principal payable under the
Covered Bonds to the Covered Bondholders (as defined below) pursuant to the CB Guarantee (as defined
below) issued under the CB Trust Deed (as defined below) and will pledge to the CB Trustee (as defined
below) the Transferred Assets (as defined below) and certain other assets as security therefor. Recourse
against the CBC under the CB Guarantee will be limited to the Transferred Assets and such other assets.
The Warrants issued by the Global Issuer may be of any kind, including (but not limited to) Warrants relating
to indices, shares, debt instruments, currencies or commodities. Any Obligations of the Global Issuer will be
entered into pursuant to separate documentation relating thereto.
The Notes issued under the Programme by Postbank Groen shall include senior Medium Term Notes.
The Notes issued under the Programme by the Australian Issuer shall include guaranteed Medium Term Notes
(which, if targeted at the Australian domestic market, are referred to as "Guaranteed Australian Domestic
Notes") and guaranteed Australian transferable deposits ("Guaranteed Australian Domestic Transferable
Deposits", which will only be targeted at the Australian domestic market). Guaranteed Australian Domestic
Notes and Guaranteed Australian Domestic Transferable Deposits are together referred to as "Guaranteed
Australian Domestic Instruments". For the avoidance of doubt, Covered Bonds will not be issued by the
Australian Issuer. All of the Notes (including the Guaranteed Australian Domestic Transferable Deposits)
which the Australian Issuer may issue under the Programme are together referred to as "Guaranteed
Australian Notes".
The Notes issued under the Programme by the Canadian Issuer shall include guaranteed Medium Term Notes
("Guaranteed Canadian Notes", which may be senior (in which case they are referred to as "Guaranteed
Canadian Deposit Notes") or subordinated (in which case they are referred to as "Guaranteed Canadian
Subordinated Notes")).
The Notes issued under the Programme by the U.S. Issuer shall include guaranteed Medium Term Notes
("Guaranteed U.S. Notes").
The Notes issued under the Programme by the Americas Issuer shall include (i) guaranteed Medium Term
Notes, (ii) guaranteed Share Linked Notes, (iii) guaranteed Index Linked Notes, (iv) guaranteed Credit Linked
Notes, and (v) guaranteed Inflation Linked Notes (together, "Guaranteed Americas Notes").

2



Notes may be denominated in any currency determined by the relevant Issuer and the relevant Dealer (if any,
and as defined below). References herein to an "Issuer" are to the Global Issuer, Postbank Groen, the
Australian Issuer, the Canadian Issuer, the U.S. Issuer or the Americas Issuer, as the case may be, and
references herein to the "Issuers" are to the Global Issuer, Postbank Groen, the Australian Issuer, the Canadian
Issuer, the U.S. Issuer and the Americas Issuer together. References herein to "Notes" are to the notes
(including, unless indicated otherwise, Covered Bonds) which may be issued by the Global Issuer, Postbank
Groen, the Australian Issuer, the Canadian Issuer, the U.S. Issuer and the Americas Issuer (including the
Guaranteed Australian Domestic Transferable Deposits which may be issued by the Australian Issuer) under
the Programme. References herein to "Covered Bonds" are to Notes in the form of covered bonds guaranteed
as to payment of interest and principal by ING Covered Bond Company B.V. (the "CBC") which may be
issued by the Global Issuer under the Programme. References herein to "Noteholders" are to holders of Notes
(including, unless indicated otherwise, Covered Bondholders (as defined in the Terms and Conditions of the
Covered Bonds to be issued by ING Bank N.V. in Chapter 22, Part I)).
Subject as set out herein, the Notes will be subject to such minimum or maximum maturity as may be allowed
or required from time to time by the relevant central bank (or regulatory authority) or any laws or regulations
applicable to the relevant Issuer or the relevant Specified Currency (as defined herein), provided that the
maximum maturity for any Tranche of Covered Bonds will be 30 years. The maximum aggregate nominal
amount of all Notes and Obligations from time to time outstanding will not exceed 80,000,000,000 (or its
equivalent in other currencies calculated as described herein). There is no limit on the number of Warrants
which may be issued under the Programme.
Neither the Notes nor the guarantees of the Guarantor in respect of the Guaranteed Australian Notes, the
Guaranteed Canadian Notes, the Guaranteed U.S. Notes and the Guaranteed Americas Notes or the 403
declaration by ING Bank N.V. as it relates to issues of Notes by Postbank Groen or the CB Guarantee of the
CBC as it relates to issues of Covered Bonds by the Global Issuer will contain any provision that would
oblige the Issuers, the Guarantor, the CBC or ING Bank N.V. (as provider of the 403 declaration) to gross-up
any amounts payable thereunder in the event of any withholding or deduction for or on account of taxes
levied in any jurisdiction.
The Notes will be issued on a continuing basis by the relevant Issuer to purchasers thereof, which may
include any Dealers appointed under the Programme from time to time, which appointment may be for a
specific issue or on an ongoing basis (each a "Dealer" and together the "Dealers"). All Covered Bonds will be
issued by the Global Issuer to one or more Dealers. The Dealer or Dealers with whom the relevant Issuer
agrees or proposes to agree on the issue of any Notes is or are referred to as the "relevant Dealer" in respect of
those Notes.
This Base Prospectus was approved by the Netherlands Authority for the Financial Markets (the "AFM") for
the purposes of the Prospectus Directive (Directive 2003/71/EC) (the "Prospectus Directive") on 28
September 2007. The AFM has provided the competent authorities in each of Austria, Belgium, Denmark,
Finland, France, Germany, Greece, Italy, Luxembourg, Norway, Portugal, Spain and Sweden with a certificate
of approval attesting that this Base Prospectus has been drawn up in accordance with the Prospectus
Directive. Approval of this Base Prospectus by the AFM does not extend to the issue of Guaranteed Canadian
Notes by the Canadian Issuer.
Application has been made for the Notes and Warrants to be issued by the Global Issuer, for the Notes to be
issued by Postbank Groen, for the Notes (other than Guaranteed Australian Domestic Instruments) to be
issued by the Australian Issuer, for the Notes to be issued by the U.S. Issuer and for the Notes to be issued by
the Americas Issuer under the Programme during the period of 12 months from the date of this Base
Prospectus (i) to be listed on Eurolist by Euronext Amsterdam N.V. ("Euronext Amsterdam") and (with
respect to the Global Issuer (other than in respect of Covered Bonds), the Australian Issuer, the U.S. Issuer
and the Americas Issuer only) on the market of the Luxembourg Stock Exchange appearing on the list of
regulated markets issued by the European Commission and (ii) (with respect to the Global Issuer and the

3



Australian Issuer) to be offered to the public in Austria, Belgium, Denmark, Finland, France, Germany,
Greece, Italy, Luxembourg, The Netherlands, Norway, Portugal, Spain and Sweden and (iii) (with respect to
Postbank Groen) to be offered to the public in The Netherlands. Notes and Warrants issued by the Global
Issuer and Notes issued by the Australian Issuer may be offered to the public in Switzerland. Notes and
Warrants issued by the Global Issuer and Notes issued by Postbank Groen, the Australian Issuer, the U.S.
Issuer and the Americas Issuer may be listed on such other or further stock exchange or stock exchanges as
may be determined by the Global Issuer (and with respect to the issue of Covered Bonds the CBC, the CB
Trustee and the relevant Dealer), Postbank Groen, the Australian Issuer, the U.S. Issuer or the Americas Issuer
(as the case may be), and may be offered to the public in other jurisdictions also. The Global Issuer, Postbank
Groen, the Australian Issuer, the U.S. Issuer or the Americas Issuer may also issue unlisted and/or privately
placed Notes and Warrants. The Global Issuer will only offer Notes in the form of Covered Bonds with a
denomination of at least 50,000 (or its equivalent in any other currency at the date of issue of the Notes) and
the Americas Issuer will only offer Notes with a denomination of at least 50,000 (or its equivalent in any
other currency at the date of issue of the Notes). References in this Programme to Notes or Warrants being
"listed" (and all related references) shall mean that such Notes or Warrants have been admitted to trading and
have been listed on Euronext Amsterdam and/or the market of the Luxembourg Stock Exchange and/or such
other or future stock exchange(s) which may be agreed and which are appearing on the list of regulated
markets issued by the European Commission (as the case may be).
The Global Issuer and the Australian Issuer each have a senior debt rating from Standard & Poor's Rating
Services, a division of The McGraw-Hill Companies, Inc. ("Standard & Poor's"), of AA. The Global Issuer
has a senior debt rating from Moody's Investors Service Limited ("Moody's") of Aa1 and a senior debt rating
from Fitch Ratings Ltd. ("Fitch") of AA.
The Covered Bonds are expected on issue to be assigned a rating from Fitch of AAA, a rating from Standard
& Poor's of AAA and a rating from Moody's of Aaa, respectively, to the extent each such agency is a Rating
Agency (as defined below) at the time of the issue of the Covered Bonds. Other Tranches of Notes issued
under the Programme may be rated or unrated. Where a Tranche of Notes is rated, such rating will not
necessarily be the same as the ratings assigned to the Programme. A security rating is not a recommendation
to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the
assigning rating agency.
The Issuers (and with respect to issues of Covered Bonds the CBC, the CB Trustee and the relevant Dealer)
may decide to issue Notes or Warrants in a form not contemplated by the various terms and conditions of the
Notes or Warrants, as the case may be, herein. In any such case a supplement to this Base Prospectus, if
appropriate, will be made available which will describe the form of such Notes or Warrants.
Switzerland: The Notes issued by the Global Issuer and the Australian Issuer as well as the Warrants
issued by the Global Issuer being offered pursuant to this Base Prospectus do not represent units in
collective investment schemes. Accordingly, they have not been registered with the Swiss Federal
Banking Commission (the "FBC") as foreign investment funds, and are not subject to the supervision
of the FBC. Investors cannot invoke the protection conferred under the Swiss legislation applicable to
investment funds.
Chapter 1 of this Base Prospectus contains general information relating to the various types of Notes
(including Covered Bonds) and Warrants that may be offered under the Programme. Such information
should always be read in conjunction with the relevant product Chapter(s) set out in Chapters 2 through
22. In addition, with respect to issues of Covered Bonds, such information should always be read in
conjunction with "Chapter 1A ­ Additional Covered Bond Information" and "Chapter 22 ­ Covered Bonds
Issued by ING Bank N.V.".


4



Table of Contents
CHAPTER 1..........................................................................................................................................................9
SUMMARY
OF
THE PROGRAMME ......................................................................................................9
RISK
FACTORS......................................................................................................................................28
OVERVIEW.............................................................................................................................................78
DOCUMENTS
INCORPORATED BY REFERENCE .........................................................................104
NOMINAL
AMOUNT
OF
THE
PROGRAMME .................................................................................104
FORM
OF
THE
NOTES........................................................................................................................106

DTC INFORMATION ­ REGISTERED NOTES ISSUED BY THE GLOBAL ISSUER, THE U.S.
ISSUER AND THE AMERICAS ISSUER .......................................................................................................116
USE
OF
PROCEEDS.............................................................................................................................118
ING
BANK
N.V. ....................................................................................................................................119

POSTBANK GROEN N.V.....................................................................................................................134

ING BANK (AUSTRALIA) LIMITED.................................................................................................137

ING BANK OF CANADA ....................................................................................................................140

ING (US) ISSUANCE LLC...................................................................................................................141
ING
AMERICAS
ISSUANCE
B.V........................................................................................................143

TAXATION ­ THE GLOBAL ISSUER, THE AUSTRALIAN ISSUER, THE U.S. ISSUER AND THE
AMERICAS ISSUER .......................................................................................................................................144

TAXATION ­ POSTBANK GROEN ....................................................................................................216
SUBSCRIPTION AND SALE...............................................................................................................222

ADDITIONAL INFORMATION ON ISSUES BY POSTBANK GROEN...........................................254
ADDITIONAL
AUSTRALIAN
INFORMATION ................................................................................256

ADDITIONAL CANADIAN INFORMATION ....................................................................................257
GENERAL
INFORMATION.................................................................................................................264
CHAPTER 1A: ADDITIONAL COVERED BOND INFORMATION ............................................................273
CHAPTER 2: MEDIUM TERM NOTES ISSUED BY ING BANK N.V.........................................................396

PART 1: TERMS AND CONDITIONS OF THE MEDIUM TERM NOTES .......................................396

PART 2: FORM OF FINAL TERMS FOR MEDIUM TERM NOTES.................................................435
CHAPTER 3: SHARE LINKED NOTES ISSUED BY ING BANK N.V. .......................................................454

PART 1(A): TERMS AND CONDITIONS OF NOTES LINKED TO A SINGLE SHARE .................454

PART 1(B): TERMS AND CONDITIONS OF NOTES LINKED TO A BASKET OF SHARES ........466

5




PART 2: FORM OF FINAL TERMS FOR SHARE LINKED NOTES.................................................478
CHAPTER 4: INDEX LINKED NOTES ISSUED BY ING BANK N.V. ........................................................500

PART 1(A): TERMS AND CONDITIONS OF NOTES LINKED TO A SINGLE INDEX ..................500

PART 1(B): TERMS AND CONDITIONS OF NOTES LINKED TO A BASKET OF INDICES........507

PART 2: FORM OF FINAL TERMS FOR INDEX LINKED NOTES .................................................514
CHAPTER 5: CREDIT LINKED NOTES ISSUED BY ING BANK N.V. ......................................................535

PART 1: TERMS AND CONDITIONS OF CREDIT LINKED NOTES ..............................................535

PART 2: FORM OF FINAL TERMS FOR CREDIT LINKED NOTES ...............................................568
CHAPTER 6: FUND LINKED NOTES ISSUED BY ING BANK N.V. .........................................................592

PART 1: TERMS AND CONDITIONS OF FUND LINKED NOTES..................................................592

PART 2: FORM OF FINAL TERMS FOR FUND LINKED NOTES...................................................607
CHAPTER 7: DYNAMIC AND STATIC PORTFOLIO NOTES ISSUED BY ING BANK N.V. ...................628

PART 1: TERMS AND CONDITIONS OF DYNAMIC AND STATIC PORTFOLIO NOTES ...........628

PART 2: FORM OF FINAL TERMS FOR DYNAMIC AND STATIC PORTFOLIO NOTES ............636
CHAPTER 8: INFLATION LINKED NOTES ISSUED BY ING BANK N.V.................................................657

PART 1: TERMS AND CONDITIONS OF INFLATION LINKED NOTES........................................657

PART 2: FORM OF FINAL TERMS FOR INFLATION LINKED NOTES.........................................667
CHAPTER 9: EXCHANGEABLE NOTES ISSUED BY ING BANK N.V.....................................................687

PART 1: TERMS AND CONDITIONS OF EXCHANGEABLE NOTES ............................................687

PART 2: FORM OF FINAL TERMS FOR EXCHANGEABLE NOTES .............................................700
CHAPTER 10: COMMODITY LINKED NOTES ISSUED BY ING BANK N.V...........................................719

PART 1(A): TERMS AND CONDITIONS OF NOTES LINKED TO A SINGLE COMMODITY OR
COMMODITY FUTURE .................................................................................................................................719

PART 1(B): TERMS AND CONDITIONS OF NOTES LINKED TO A BASKET COMMODITIES
OR COMMODITIES FUTURES......................................................................................................................730

PART 2: FORM OF FINAL TERMS FOR COMMODITY LINKED NOTES.....................................741
CHAPTER 11:GERMAN MARKET NOTES ISSUED BY ING BANK N.V. ................................................764

PART 1: TERMS AND CONDITIONS OF GERMAN MARKET NOTES .........................................764

PART 2: FORM OF FINAL TERMS FOR GERMAN MARKET NOTES...........................................944
CHAPTER 12: WARRANTS ISSUED BY ING BANK N.V. ........................................................................1015

PART 1: TERMS AND CONDITIONS OF THE WARRANTS..........................................................1015

PART 2: FORM OF FINAL TERMS FOR WARRANTS ...................................................................1049
CHAPTER 13: MEDIUM TERM NOTES ISSUED BY POSTBANK GROEN N.V. ...................................1061

6




PART 1: TERMS AND CONDITIONS OF THE MEDIUM TERM NOTES .....................................1061

PART 2: FORM OF FINAL TERMS FOR MEDIUM TERM NOTES...............................................1092
CHAPTER 14: GUARANTEED AUSTRALIAN NOTES ISSUED BY ING BANK (AUSTRALIA)
LIMITED ........................................................................................................................................................1109

PART 1: TERMS AND CONDITIONS OF THE GUARANTEED AUSTRALIAN NOTES ............1109

PART 2: FORM OF FINAL TERMS FOR THE GUARANTEED AUSTRALIAN NOTES..............1148
CHAPTER 15: GUARANTEED CANADIAN NOTES ISSUED BY ING BANK OF CANADA ...............1167

PART 1: TERMS AND CONDITIONS OF THE GUARANTEED CANADIAN NOTES ................1167

PART 2: FORM OF FINAL TERMS FOR THE GUARANTEED CANADIAN NOTES .................1195
CHAPTER 16: GUARANTEED U.S. NOTES ISSUED BY ING (US) ISSUANCE LLC...........................1206

PART 1: TERMS AND CONDITIONS OF THE GUARANTEED U.S. NOTES .............................1206

PART 2: FORM OF FINAL TERMS FOR THE GUARANTEED U.S. NOTES................................1241
CHAPTER 17: MEDIUM TERM NOTES ISSUED BY ING AMERICAS ISSUANCE B.V. ......................1259

PART 1: TERMS AND CONDITIONS OF THE MEDIUM TERM NOTES .....................................1259

PART 2: FORM OF FINAL TERMS FOR THE MEDIUM TERM NOTES ISSUED BY ING
AMERICAS ISSUANCE B.V.........................................................................................................................1294
CHAPTER 18: SHARE LINKED NOTES ISSUED BY ING AMERICAS ISSUANCE B.V. ......................1312

PART 1 (A): TERMS AND CONDITIONS OF NOTES LINKED TO A SINGLE SHARE ..............1312

PART 1(B): TERMS AND CONDITIONS OF NOTES LINKED TO A BASKET OF SHARES ......1324

PART 2: FORM OF FINAL TERMS FOR SHARE LINKED NOTES ISSUED BY ING AMERICAS
ISSUANCE B.V. .............................................................................................................................................1336
CHAPTER 19: INDEX LINKED NOTES ISSUED BY ING AMERICAS ISSUANCE B.V........................1357

PART 1 (A): TERMS AND CONDITIONS OF NOTES LINKED TO A SINGLE INDEX ...............1357

PART 1(B): TERMS AND CONDITIONS OF NOTES LINKED TO A BASKET OF INDICES......1364

PART 2: FORM OF FINAL TERMS FOR INDEX LINKED NOTES ISSUED BY ING AMERICAS
ISSUANCE B.V...................................................................................................................................1371
CHAPTER 20: CREDIT LINKED NOTES ISSUED BY ING AMERICAS ISSUANCE B.V......................1392

PART 1: TERMS AND CONDITIONS OF CREDIT LINKED NOTES ............................................1392

PART 2: FORM OF FINAL TERMS FOR CREDIT LINKED NOTES ISSUED BY ING AMERICAS
ISSUANCE B.V...................................................................................................................................1425
CHAPTER 21: INFLATION LINKED NOTES ISSUED BY ING AMERICAS ISSUANCE B.V. ..............1449

PART 1: TERMS AND CONDITIONS OF INFLATION LINKED NOTES......................................1449

PART 2: FORM OF FINAL TERMS FOR INFLATION LINKED NOTES ISSUED BY ING
AMERICAS ISSUANCE B.V. ............................................................................................................1460

7



CHAPTER 22: COVERED BONDS ISSUED BY ING BANK N.V..............................................................1479

PART 1: TERMS AND CONDITIONS OF THE COVERED BONDS ..............................................1479

PART 2: FORM OF FINAL TERMS FOR COVERED BONDS ........................................................1515



8


CHAPTER 1
CHAPTER 1
SUMMARY OF THE PROGRAMME
This summary must be read as an introduction to this Base Prospectus and any decision to invest in the Notes
or Warrants should be based on a consideration of this Base Prospectus as a whole, including the documents
incorporated by reference. Civil liability in respect of this summary, including any translation thereof, will
attach to the Global Issuer, Postbank Groen, the Australian Issuer, the U.S. Issuer and the Americas Issuer in
any Member State of the EEA in which the relevant provisions of the Prospective Directive have been
implemented, but only if this summary is misleading, inaccurate or inconsistent when read together with the
other parts of this Base Prospectus. Where a claim relating to the information contained in this Base
Prospectus is brought before a court in such a Member State, the plaintiff investor may, under the national
legislation of that Member State, have to bear the costs of translating the Base Prospectus before the legal
proceedings are initiated.
Issuers
ING Bank N.V., Postbank Groen N.V., ING Bank (Australia)
Limited, ING Bank of Canada, ING (US) Issuance LLC and
ING Americas Issuance B.V.
ING Bank of Canada will not offer Notes to the public within a
member state of the EEA or seek their admission to trading on a
regulated market situated or operating within such a member
state, in each case in circumstances which would require the
approval of a prospectus under the Prospectus Directive. The
Australian Issuer will not offer Guaranteed Australian Domestic
Instruments to the public within a member state of the EEA or
seek their admission to trading on a regulated market situated
or operating within such a member state, in each case in
circumstances which would require the approval of a
prospectus under the Prospectus Directive. Terms used in the
previous two sentences are as defined in the Prospectus
Directive. ING Bank of Canada will only offer Notes on a
private placement basis so as to be exempt from any
requirement to file a prospectus with any regulatory authority in
Canada or elsewhere. The Global Issuer will only offer Notes in
the form of Covered Bonds with a denomination of at least
50,000 (or its equivalent in any other currency at the date of
issue of the Notes). The Americas Issuer will only offer Notes
with a denomination of at least 50,000 (or its equivalent in any
other currency at the date of issue of the Notes).
ING Bank N.V.
ING Bank N.V. is part of ING Groep N.V. ING Groep N.V. is
the holding company of a broad spectrum of companies
(together called "ING"). ING provides a broad range of
insurance, banking and asset management services and is a top-
5 global financial institution (based on market capitalisation).
ING serves more than 60 million customers in Europe, the
United States, Canada, Latin America, Asia and Australia. ING
9


CHAPTER 1
Bank N.V. is a wholly-owned, non-listed subsidiary of ING
Groep N.V.
Postbank Groen N.V.
Postbank Groen N.V., a wholly-owned subsidiary of the Global
Issuer, was established in order to benefit from the
opportunities provided in The Netherlands by the Regeling
Groenprojecten
and Fiscale Groenregeling (the
"Groenregeling"), which provide for the offering of low-
interest loans for new investments which are important for the
protection of the environment ("Groenleningen"). Private
individuals are encouraged to participate in such investments
through the offering of certain tax advantages.
ING Bank (Australia) Limited
ING Bank (Australia) Limited is a company incorporated under
the Corporations Act 2001 of Australia (the "Australian
Corporations Act"). ING Bank (Australia) Limited's ultimate
parent entity is ING Groep N.V. ING Bank (Australia) Limited
has three operating divisions: Direct Sales and Operations,
Retail Mortgage Group and Commercial Property Finance. The
principal activity of ING Bank (Australia) Limited is the
provision of banking and related services.
ING Bank of Canada
ING Bank of Canada is a Schedule II Canadian bank operating
under the trade name ING DIRECT. ING Bank of Canada's
ultimate parent entity is ING Groep N.V. ING Bank of Canada
was the first ING DIRECT business in the world, having
opened in April 1997. ING Bank of Canada now has over 1.4
million clients, employs over 900 people and has over C$22
billion in assets.
ING (US) Issuance LLC
ING (US) Issuance LLC is a limited liability company
organised under the laws of the State of Delaware on 15
September 2006, and governed by a limited liability company
agreement dated as of 25 September 2006. ING (US) Issuance
LLC's ultimate parent entity is ING Groep N.V. ING (US)
Issuance LLC was formed solely to issue Guaranteed U.S.
Notes from time to time and to enter into and perform
agreements relating to the issuance of Guaranteed U.S. Notes.
ING Americas Issuance B.V.
ING Americas Issuance B.V. is a limited liability company
organised under the laws of The Netherlands on 16 May 2007.
ING Americas Issuance B.V.'s ultimate parent entity is ING
Groep N.V. ING Americas Issuance B.V. was formed solely to
issue Guaranteed Americas Notes from time to time and to
enter into and perform agreements relating to the issuance of
Guaranteed Americas Notes.

Further information in relation to the Issuers is set out in
"Chapter 1 -- ING Bank N.V.", "Chapter 1 -- Postbank
Groen N.V.", "Chapter 1 -- ING Bank (Australia) Limited",
"Chapter 1 -- ING Bank of Canada", "Chapter 1 -- ING
(US) Issuance LLC" and "Chapter 1 -- ING Americas

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