Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 26

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 26
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 as amended or replaced from time to time (or any provision of applicable law, including the Dutch Financial Supervision Act, as amended, supplemented or replaced, and as in force and applicable in The Netherlands from time to time) or, as
applicable, any analogous restrictions arising from the requirement to meet capital buffers under the Capital Regulations, if any, would cause the Maximum Distributable Amount (if any) then applicable to the Issuer to be exceeded. The “other
distributions” referred to above include, without limitation, distributions in connection with CET1 capital, payments on other Additional Tier 1 Capital instruments (including interest amounts on the Securities) and discretionary staff
remuneration.

S-28

Article 104 of the CRD IV Directive

Further, the Competent Authority has wide-ranging powers given to it pursuant to Article 104 of the CRD IV Directive for the purpose of the
supervisory review and evaluation process under that directive. These powers include, inter alia, a general power to restrict or prohibit interest payments to holders of Additional Tier 1 Securities, such as the Securities. There are no ex-ante limitations on the Competent Authority’s discretion to exercise this power. If the Competent Authority exercises this power, the Issuer will exercise its discretion to cancel (in whole or in part, as
required by the Competent Authority) interest payments in respect of the Securities.

The capacity of the Issuer to make interest payments
may also be affected by its compliance with all capital requirements applicable from time to time. Pursuant to Article 104 of the CRD IV Directive the Competent Authority also has the power to require institutions to hold own funds in excess of the
general requirements under the CRD IV Directive and the CRR, which may affect the level at which the restrictions set out under “Maximum Distributable Amount” above apply. There can be no assurance that additional new and more onerous
requirements will not apply in the future and such requirements may also affect the Issuer’s capacity to make payments of interest. Further, even if the Issuer and the Group were to meet any such enhanced capital requirements, the Competent
Authority may exercise its powers pursuant to Article 104 of the CRD IV Directive to restrict or prohibit interest payments to holders of the Securities.

Payment of interest may also be affected by any application of the legislation in The Netherlands implementing the BRRD.

Consequences of cancellation

Any interest payment (or part thereof) not paid on any relevant Interest Payment