Obligation ING Groep 4.3% ( XS1908244038 ) en USD

ING Groep

100 % ⇌

Pays-Bas

XS1908244038 ( en USD )

4.3% par an ( paiement semestriel )

13/11/2028 - Obligation échue

Prospectus brochure de l'obligation ING Bank XS1908244038 en USD 4.3%, échue

1 000 000 USD

10 000 000 USD

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 USD, avec le code ISIN XS1908244038, paye un coupon de 4.3% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 13/11/2028

ING Bank N.V.
(Incorporated in The Netherlands with its statutory seat in Amsterdam)
ING Bank N.V., Sydney Branch
(Australian Business Number 32 080 178 196)
(Incorporated in The Netherlands with its statutory seat in Amsterdam)
40,000,000,000
Global Issuance Programme
Base Prospectus for the issuance of Medium Term Notes and Inflation Linked Notes
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 17 of the Terms and Conditions of the Notes), "ING Bank" or the "Bank") may from time to time issue notes (the "Notes", as more
fully defined herein) and (ii) ING Bank N.V., Sydney Branch (the "Australian Issuer" and, together with the Global Issuer, each an "Issuer" and collectively, the
"Issuers") may from time to time issue Notes and transferable deposits.
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), as amended, to the extent that such amendments have been implemented in the relevant Member State of the European Economic Area (the
"Prospectus Directive"), on 22 June 2018 in respect of the issue by the Issuers of PD Notes (as defined below). The AFM has provided the competent authorities in
each of Belgium, France, Luxembourg and Poland with a certificate of approval attesting that this Base Prospectus has been drawn up in accordance with the
Prospectus Directive.
Notes to be issued under the Programme during the period of twelve months from the date of this Base Prospectus, which are:
(a) offered to the public in the European Economic Area in circumstances which require the publication of a prospectus under the Prospectus Directive,
whether or not such Notes are listed and admitted to trading on any market; or
(b) (i) admitted to trading on Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V. ("Euronext Amsterdam"); (ii) admitted to the
official list of the Luxembourg Stock Exchange (the "Official List"); (iii) admitted to trading on the regulated market of the Luxembourg Stock Exchange (the
"Luxembourg Stock Exchange"); (iv) (with respect to the Global Issuer only) admitted to trading on the parallel market of the Warsaw Stock Exchange (Gielda
Papierów Wartociowych w Warszawie S.A.) ("Warsaw Stock Exchange"); (v) (with respect to the Global Issuer only) admitted to trading on the regulated market
of Euronext Paris S.A. ("Euronext Paris"); (vi) (with respect to the Global Issuer only) admitted to trading on a regulated market of Borsa Italiana S.p.A. (the
"Italian Stock Exchange"); (vii) admitted to trading on another regulated market within the European Economic Area or (viii) admitted to trading on an
unregulated market as defined under Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments, as amended from
time to time ("MiFID II"),
are hereinafter referred to as "PD Notes". PD Notes may be issued in any denomination as agreed between the relevant Issuer and the relevant Dealer(s) (as defined
herein), and any PD Notes which have a denomination of less than 100,000 (or its equivalent in any other currency) are referred to hereinafter as "Non-Exempt PD
Notes" and any PD Notes which have a denomination of at least 100,000 (or its equivalent in any other currency at the date of issue of the Notes) are referred to
hereinafter as "Exempt PD Notes".
The Issuers may also issue unlisted Notes and/or Notes not admitted to trading on any regulated market within the European Economic Area and, where
such Notes are, in addition, issued with a minimum denomination of at least 100,000 (or its equivalent in any other currency at the date of issue of the Notes) or
otherwise fall within an exemption from the requirement to publish a prospectus under the Prospectus Directive, such Notes are hereinafter referred to as "Exempt
Notes".
The Issuers may from time to time issue PD Notes (which may be Non-Exempt PD Notes or Exempt PD Notes) and Exempt Notes.
The AFM has neither approved nor reviewed information contained in this Base Prospectus in connection with the issue of any Exempt Notes.
Prospective investors should have regard to the factors described under the section headed "Risk Factors" of this Base Prospectus.
This Base Prospectus should be read and construed in conjunction with the relevant Registration Document (as defined herein).
Arranger
ING
BASE PROSPECTUS (LEVEL 1)
Dated 22 June 2018

TABLE OF CONTENTS
Page
SUMMARY RELATING TO NON-EXEMPT PD NOTES ............................................................................... 2
RISK FACTORS............................................................................................................................................... 63
DOCUMENTS INCORPORATED BY REFERENCE .................................................................................... 92
OVERVIEW OF THE PROGRAMME ............................................................................................................ 94
DESCRIPTION OF THE NOTES, KEY FEATURES OF THE NOTES AND AN EXPLANATION OF
HOW THE VALUE OF THE NOTES IS AFFECTED BY THE VALUE OF THE REFERENCE
ITEM(S). ................................................................................................................................................ 107
CONSENT TO USE OF THIS BASE PROSPECTUS................................................................................... 138
NOMINAL AMOUNT OF THE PROGRAMME .......................................................................................... 144
FORM OF THE NOTES................................................................................................................................. 145
DTC INFORMATION REGISTERED NOTES ISSUED BY THE GLOBAL ISSUER............................. 153
GENERAL TERMS AND CONDITIONS OF THE NOTES......................................................................... 155
TERMS AND CONDITIONS OF INFLATION LINKED NOTES ............................................................... 235
FORM OF FINAL TERMS OF THE NOTES................................................................................................ 253
USE OF PROCEEDS...................................................................................................................................... 333
TAXATION..................................................................................................................................................... 334
ERISA AND CERTAIN OTHER U.S. CONSIDERATIONS......................................................................... 371
SUBSCRIPTION AND SALE........................................................................................................................ 373
GENERAL INFORMATION.......................................................................................................................... 396
1

SUMMARY RELATING TO NON-EXEMPT PD NOTES
This summary applies only to Non-Exempt PD Notes issued by ING Bank N.V. (the "Global Issuer")
and ING Bank N.V., Sydney Branch (the "Australian Issuer").
Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered
in Sections A to E (A.1 to E.7). This summary contains all the Elements required to be included in a summary for
the Notes and the Issuers. Because some Elements are not required to be addressed, there may be gaps in the
numbering sequence of the Elements. Even though an Element may be required to be inserted in a summary
because of the nature of the Notes and the Issuers, it is possible that no relevant information can be given regarding
the Element. In this case, a short description of the Element should be included in the summary with the mention of
"Not Applicable".
Section A Introduction and warnings
Element
A.1
Warning and
This summary must be read as an introduction to the Base Prospectus. Any
introduction
decision to invest in the Notes should be based on a consideration of the Base
Prospectus as a whole, including any documents incorporated by reference.
Where a claim relating to the information contained in the Base Prospectus is
brought before a court, the plaintiff may, under the national legislation of
Member States of the European Economic Area where the claim is brought, be
required to bear the costs of translating the Base Prospectus before the legal
proceedings are initiated. Civil liability attaches only to those persons who have
tabled the summary, including any translation thereof, but only if the summary is
misleading, inaccurate or inconsistent when read together with the other parts of
the Base Prospectus or it does not provide, when read together with the other
parts of the Base Prospectus, key information in order to aid investors when
considering whether to invest in the Notes.
A.2
Consent by the
Programme summary
Issuer to the use
The relevant Issuer may provide its consent to the use of the Base Prospectus
of the Base
and the applicable Final Terms for subsequent resale or final placement of Notes
Prospectus for
by financial intermediaries to whom the Issuer has given its consent to use the
subsequent resale
Base Prospectus (an "Authorised Offeror"), provided that the subsequent resale
or final placement or final placement of Notes by such financial intermediaries is made during the
by financial
Offer Period specified in the applicable Final Terms. Such consent may be
intermediaries
subject to conditions which are relevant for the use of the Base Prospectus.
during the offer
In the context of any Public Offer of Notes, the relevant Issuer accepts
period indicated,
responsibility, in each of the Public Offer Jurisdictions, for the content of the
and the
Base Prospectus in relation to any person (an "Investor") who purchases any
conditions
Notes in a Public Offer made by a Dealer or an Authorised Offeror, where that
attached to such
offer is made during the Offer Period (as specified in the applicable Final
consent
Terms).
Consent
The relevant Issuer consents and (in connection with paragraph (D) below)
offers to grant its consent to the use of the Base Prospectus (as supplemented at
the relevant time, if applicable) in connection with any Public Offer of a Tranche
2

Element
of Notes in the Public Offer Jurisdictions specified in the applicable Final Terms
during the Offer Period specified in the applicable Final Terms by:
Specific consent
(A)
the Dealer or Managers specified in the applicable Final Terms;
(B)
any financial intermediaries specified in the applicable Final Terms; and
(C)
any other financial intermediary appointed after the date of the
applicable Final Terms and whose name is published on the relevant
Issuer's website (https://www.ingmarkets.com/en-nl/ing-markets/) and
identified as an Authorised Offeror in respect of the relevant Public
Offer; and
General consent
(D)
if General Consent is specified in the applicable Final Terms as
applicable, any other financial intermediary which (a) is authorised to
make such offers under MiFID II; and (b) accepts such offer by
publishing on its website a statement that it agrees to use the Base
Prospectus in accordance with the Authorised Offeror Terms and subject
to the conditions to such consent.
Common conditions to consent
The conditions to the relevant Issuer's consent are (in addition to the conditions
described in paragraph (D) above if Part B of the Final Terms specifies "General
Consent" as "Applicable") that such consent:
(a) is only valid in respect of the relevant Tranche of Non-Exempt PD Notes;
(b) is only valid during the Offer Period specified in the applicable Final
Terms; and
(c) only extends to the use of the Base Prospectus to make Public Offers of the
relevant Tranche of Non-Exempt PD Notes in one or more of the Public
Offer Jurisdictions, as specified in the applicable Final Terms.
Issue specific summary
[Consent: Subject to the conditions set out below, the Issuer consents to the use
of the Base Prospectus in connection with a Public Offer (as defined below) of
Notes by the [Dealer][Manager][s][Issuer], [], [and] [each financial
intermediary whose name is published on the Issuer's website
(https://www.ingmarkets.com/en-nl/ing-markets/)
and
identified
as
an
Authorised Offeror in respect of the relevant Public Offer] [and any financial
intermediary which is authorised to make such offers under the applicable
legislation implementing Directive 2014/65/EU ("MiFID II") and publishes on
its website the following statement (with the information in square brackets
duly completed with the relevant information):
"We, [specify legal name of financial intermediary], refer to the offer of
[specify title of relevant Notes] (the "Notes") described in the Final Terms
dated [specify date] (the "Final Terms") published by [ING Bank N.V.]/[ING
Bank N.V., Sydney Branch] (the "Issuer"). In consideration of the Issuer
3

Element
offering to grant its consent to our use of the Base Prospectus (as defined in the
Final Terms) in connection with the offer of the Notes in [Belgium, France,
Luxembourg, Poland and The Netherlands] during the Offer Period in
accordance with the Authorised Offeror Terms (as specified in the Base
Prospectus), we accept the offer by the Issuer. We confirm that we are
authorised under MiFID II to make, and are using the Base Prospectus in
connection with, the Public Offer accordingly. Terms used herein and otherwise
not defined shall have the same meaning as given to such terms in the Base
Prospectus."
A "Public Offer" of Notes is an offer of Notes (other than pursuant to Article
3(2) of the Prospectus Directive) in [Belgium, France, Luxembourg, Poland
and The Netherlands] during the Offer Period specified below. Those persons
to whom the Issuer gives its consent in accordance with the foregoing
provisions are the "Authorised Offerors" for such Public Offer.
Offer Period: The Issuer's consent referred to above is given for Public Offers
of Notes during the period from [] to [] (the "Offer Period").
Conditions to consent: The conditions to the Issuer's consents [(in addition to
the conditions referred to above)] are such that consent: (a) is only valid in
respect of the relevant Tranche of Notes; (b) is only valid during the Offer
Period; [and] (c) only extends to the use of the Base Prospectus to make Public
Offers of the relevant Tranche of Notes in [Belgium, France, Luxembourg,
Poland and The Netherlands,] [; and (d) []].
An investor intending to acquire or acquiring Notes in a Public Offer from an
Authorised Offeror other than the Issuer will do so, and offers and sales of such
Notes to an investor by such Authorised Offeror will be made, in accordance
with any terms and other arrangements in place between such Authorised
Offeror and such investor, including as to price, allocations, expenses and
settlement arrangements.
Each investor must look to the relevant Authorised Offeror at the time of
any such Public Offer for the provision of information regarding the terms
and conditions of the Public Offer and the Authorised Offeror will be solely
responsible for such information.]
Section B Issuer
Element
Title
B.1
Legal
and (Complete for Notes issued by the Global Issuer)
commercial
name of the [ING Bank N.V. (the "Global Issuer" or the "Issuer")]
Issuer
(Complete for Notes issued by the Australian Issuer)
[ING Bank N.V., Sydney Branch (the "Australian Issuer" or the "Issuer")]
4

Element
Title
B.2
The
domicile (Complete for Notes issued by the Australian Issuer)
and legal form
of the Issuer, [ING Bank N.V., Sydney Branch is the Sydney, Australia branch of ING Bank
the legislation N.V. and is not a standalone or separately incorporated legal entity and does not
under which the have any share capital.]
Issuer operates ING Bank N.V. is a public limited company (naamloze vennootschap)
and its country incorporated under the laws of The Netherlands on 12 November 1927, with its
of incorporation corporate seat (statutaire zetel) in Amsterdam, The Netherlands.
B.4b
A description of The results of operations of ING Bank N.V. (including ING Bank N.V., Sydney
any
known Branch) are affected by demographics and by a variety of market conditions,
trends affecting
the Issuer and including economic cycles, banking industry cycles and fluctuations in stock
the industries in markets, interest and foreign exchange rates, political developments and client
which
it behaviour changes.
operates
Financial environment
The following highlights several trends in the regulatory landscape and
continuing uncertainty that have a major impact on ING Bank N.V.'s (including
ING Bank N.V., Sydney Branch's) own operating environment, as well as on
that of its competitors. This includes the economy and current low interest-rate
environment; increasing regulatory scrutiny and costs; digitalisation and
changing customer behaviour; and what ING Bank N.V.'s (including ING Bank
N.V., Sydney Branch's) stakeholders expect of it.
Increased global economic momentum
Economic momentum picked up further in 2017, outpacing the global economic
growth seen in 2016. In the United States, growth has remained strong. This is
now the second-longest economic expansion since the end of World War II. At
the same time inflation has stayed low, allowing the Federal Reserve to follow a
very gradual path of interest rate increases.
In the euro area, all member states' economies are growing. The eurozone's
economic performance was particularly positive, as the area recorded its lowest
unemployment rate in nine years and economic confidence reached pre-crisis
levels.
In the United Kingdom, economic growth has slowed, against a background of
continued uncertainty about the future relationship with the European Union.
The economy in Asia remained strong with growth rates of the advanced
economies in that region generally accelerating. Growth in major emerging-
market economies has improved overall, helped by a rebound in some
commodity producers that experienced recessions in 201516.
Rates increase, but remain low
Longer-term government bond yields firmed somewhat compared to their 2016
lows on the back of a strengthening global economy, the Federal Reserve's U.S.
rate increases and the anticipated end to exceptionally easy monetary policy
elsewhere.
However, with inflation in most developed economies staying low, longer-term
yields remained modest while equity markets in advanced economies performed
well and corporate credit spreads were at, or close to, their tightest levels since
5

Element
Title
the beginning of 2008. Volatility was subdued despite increased geopolitical
tensions around North Korea.
Euro on the rise
The euro rose against the U.S. dollar in 2017, propelled by the strengthening
economic outlook in the euro area, diminishing political uncertainty and
expectations about the tapering of quantitative easing in the euro area.
Regulatory landscape and continuing uncertainty
Continued delays around the Basel `IV' discussions (i.e. the revisions to Basel
III) addressing the variability of banks' internal models, which were not
finalised until December 2017, led to ongoing international uncertainty. This
had an impact on strategic planning and business decisions for many banks. At a
European level, the Single Supervisory Mechanism continued to strengthen its
supervisory role through the European Central Bank ("ECB"). This was
reflected in the priorities it set for 2017: business models and profitability
drivers; credit risk, with a focus on non-performing loans and risk
concentrations; and risk management.
The Single Resolution Board adopted its first resolution decisions for banks
from Italy and Spain. Meanwhile the resolvability of banks has been further
improved by building up loss-absorption buffers. European global systemically
important banks are advancing their bail-in issuances and will likely meet the
internationally agreed total loss-absorbing capacity ("TLAC") standards per
2022. Resolution authorities have provided European banks with initial targets
for minimum requirement for own funds and eligible liabilities ("MREL").
These targets will be reviewed once the ongoing discussions on the bank
recovery and resolution directive ("BRRD") and the review of capital
requirements regulations ("CRR") have been finalised.
The Single Resolution Fund is also showing a steady increase. The size of the
fund is now almost EUR 18 billion, aiming to meet the target requirement of
EUR 55 billion in 2023. Despite the fact that the discussion on the European
Deposit Insurance Scheme ("EDIS") didn't show much progress throughout
2017, the completion of the Banking Union gained political momentum. In the
course of 2018, further steps are expected to ensure its completion by 2019.
ING Bank N.V. (including ING Bank N.V., Sydney Branch) would also
welcome a deepening of the Economic and Monetary Union, which would help
to enhance economic and financial stability in the eurozone.
The range and complexity of non-prudential regulation (regarding other things
than financial strength) continues to increase. Regulation is becoming more
stringent in areas like customer due diligence, and transaction monitoring to
detect and report money laundering ("AML"), terrorist financing and fraud.
Individual country laws and specific regulations often prevent cross-border
information sharing, between public and private authorities and between private
parties. This restricts the effectiveness of bank systems and is most evident
when large financial institutions operate a global compliance model.
ING Bank N.V. (including ING Bank N.V., Sydney Branch) will participate in a
public/private sector partnership initiated by Europol and the Institute of
6

Element
Title
International Finance. This high-level forum aims to find better ways to share
information within existing laws.
In general, ING Bank N.V. (including ING Bank N.V., Sydney Branch)
continues to favour a more harmonised European approach to regulations. This
would help to align the customer experience across borders and could accelerate
the digitalisation of ING Bank N.V.'s (including ING Bank N.V., Sydney
Branch's) banking services.
ING Bank N.V.'s (including ING Bank N.V., Sydney Branch's) regulatory costs
increased to EUR 901 million from the already elevated level of EUR 845
million in 2016. This was due to ING Bank N.V.'s (including ING Bank N.V.,
Sydney Branch's) contribution to local deposit guarantee schemes, the European
resolution fund and bank taxes.
2017 marked the kick-off of Brexit negotiations. ING Bank N.V. (including ING
Bank N.V., Sydney Branch) is monitoring these closely to make Britain's exit
from the EU as smooth as possible for its business and customers.
Competitive landscape
Technology is removing a number of the barriers to entry that once insulated
ING Bank N.V.'s (including ING Bank N.V., Sydney Branch's) business. ING
Bank N.V. (including ING Bank N.V., Sydney Branch) faces competition from
many different directions, with relatively new players providing more
segmented offers to its customers. Technology giants, payment specialists,
retailers, telecommunication companies, crowd-funding initiatives and
aggregators are all entering the market for traditional banking services. ING
Bank N.V.'s (including ING Bank N.V., Sydney Branch's) customers, in turn,
are more willing to consider these offers.
Safe banking requires specific knowledge of financial services, in-depth
knowledge of customers, and rigorous risk-management systems. As
competition from outside the banking sector continues to increase, ING Bank
N.V. (including ING Bank N.V., Sydney Branch) has to become faster, more
agile and more innovative.
With its long track record and strong brand, ING Bank N.V. (including ING
Bank N.V., Sydney Branch) believes it is well placed to seize these
opportunities and become a better company for all of its stakeholders. ING
Bank N.V. (including ING Bank N.V., Sydney Branch) is a leader in digital
banking, and it has scale combined with local market expertise. It is investing in
building profitable, mutually beneficial relationships with its customers based
on the quality of its service and the differentiating experience ING Bank N.V.
(including ING Bank N.V., Sydney Branch) offers them. ING Bank N.V.
(including ING Bank N.V., Sydney Branch) continues to work hard to win their
hearts and minds, demonstrating its concern for them and all its stakeholders.
ING Bank N.V. (including ING Bank N.V., Sydney Branch) aims to be even
clearer about the strategic choices it makes.
Societal challenges
In ING Bank N.V.'s (including ING Bank N.V., Sydney Branch's) view, both
climate change and the so-called fourth industrial revolution can lead to societal
7

Element
Title
changes.
The effects of climate change, including the growing scarcity of water, food,
energy and other material resources, pose daunting social and environmental
challenges. The causes and the solutions to these challenges are complex, but
ING Bank N.V. (including ING Bank N.V., Sydney Branch) already knows that
they will change traditional business models.
Business models, but more importantly people's lives, will also be influenced
by the so-called fourth industrial revolution fast-changing technology such as
artificial intelligence that will cause many jobs to change, be relocated or
eliminated altogether.
ING Bank N.V. (including ING Bank N.V., Sydney Branch) believes in taking
the long view and in going beyond just mitigating the harm related to these
challenges it wants to drive sustainable progress. Banks can bring about
change through their financing choices. ING Bank N.V. (including ING Bank
N.V., Sydney Branch) aims to use its position to help lead the global transition
to a low-carbon and self-reliant society, tackling climate change and the fourth
industrial revolution.
B.5
A description of ING Bank N.V. (including ING Bank N.V., Sydney Branch) is part of ING
the
Issuer's Groep N.V. ("ING Group"). ING Group is the holding company of a broad
group and the
Issuer's
spectrum of companies (together called "ING") offering banking services to
position within meet the needs of a broad customer base. ING Bank N.V. (including ING Bank
the group
N.V., Sydney Branch) is a wholly-owned, non-listed subsidiary of ING Group
and currently offers retail banking services to individuals, small and medium-
sized enterprises and mid-corporates in Europe, Asia and Australia and
wholesale banking services to customers around the world, including
multinational corporations, governments, financial institutions and supranational
organisations.
(Complete for Notes issued by the Australian Issuer)
[ING Bank N.V., Sydney Branch is the Sydney, Australia branch of ING Bank
N.V. and is the holder of an Australian Financial Services Licence.]
B.9
Profit forecast Not Applicable. ING Bank N.V. (including ING Bank N.V., Sydney Branch) has
or estimate
not made any public profit forecasts or profit estimates.
B.10
Qualifications
Not Applicable. The audit reports on the audited financial statements of ING
in the Auditors' Bank N.V. (including ING Bank N.V., Sydney Branch) for the years ended 31
report
December 2016 and 31 December 2017 are unqualified.
B.12
Selected
Key Consolidated Figures ING Bank N.V.(1)
historical key
financial
(EUR millions)
2017
2016
information
/ Balance sheet(2)
Significant or
material
Total assets
846,318
843,919
adverse change
Total equity
44,377
44,146
Deposits and funds borrowed(3)
679,743
664,365
8

Element
Title
Loans and advances
574,899
562,873
Results(4)
Total income
17,876
17,514
Operating expenses
9,795
10,603
Additions to loan loss provisions
676
974
Result before tax
7,404
5,937
Taxation
2,303
1,635
Net result (before non-controlling
5,101
4,302
interests)
Attributable to Shareholders of the
5,019
4,227
parent
Ratios (in per cent.)
BIS ratio(5)
18.19
17.42
Tier-1 ratio(6)
14.62
14.41
Notes:
(1) These figures have been derived from the 2017 audited consolidated
financial statements of ING Bank N.V. in respect of the financial
years ended 31 December 2016 and 2017 respectively.
(2) At 31 December.
(3) Figures including Banks and Debt securities.
(4) For the year ended 31 December.
(5) BIS ratio = BIS capital as a percentage of Risk Weighted Assets
(based on Basel III phased-in). The year 2017 includes the
interpretation of the EBA Q&A published on 3 November 2017.
(6) Tier-1 ratio = Available Tier-1 capital as a percentage of Risk
Weighted Assets (based on Basel III phased-in).
Significant or Material Adverse Change
At the date hereof, there has been no significant change in the financial position
of ING Bank N.V. (including ING Bank N.V., Sydney Branch) and its
consolidated subsidiaries since 31 December 2017.
At the date hereof, there has been no material adverse change in the prospects of
ING Bank N.V. (including ING Bank N.V., Sydney Branch) since 31 December
2017.
B.13
Recent material Not Applicable. There are no recent events particular to ING Bank N.V.
events
(including ING Bank N.V., Sydney Branch) which are to a material extent
particular to the
Issuer's
relevant to the evaluation of the solvency of ING Bank N.V. (including ING
Bank N.V., Sydney Branch).
9