Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 89

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 89
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CRD IV), Regulation (EU) No 575/2013 (CRR — including articles 72b(2)(j), 77 and 78a thereof), Commission Delegated Regulation (EU) No 241/2014, the BRRD and the SRM Regulation, as may be amended or replaced from time to time, and any delegated or implementing acts, laws, regulations, regulatory technical standards, rules or guidelines as then in effect). Any redemption, substitution, variation or purchase of the Securities is subject to the additional conditions as set out below, in each case if and to the extent required under the Capital Regulations:

| (a) | the Issuer has obtained the prior written permission of the Competent Authority; |

| (b) | either (i) on or before such redemption or purchase of the Securities, the Issuer has replaced the                                                                                                                                                        
 Securities with own funds instruments of equal or higher quality on terms that are sustainable for the Issuer’s income capacity or (ii) the Issuer has demonstrated to the satisfaction of the Competent Authority that the own funds and                 
 eligible liabilities of the Issuer would, following such redemption or purchase, exceed its minimum capital and MREL requirements (including any buffer requirements) by a margin (calculated in accordance with the prevailing Capital Regulations) that 
 the Competent Authority considers necessary at such time;                                                                                                                                                                                                 |

| (c) | in respect of a redemption prior to the fifth anniversary of the Issue Date (i) in the case of redemption                                                                                                                                               
 due to the occurrence of a Tax Event, the Issuer has demonstrated to the satisfaction of the Competent Authority that the change in the applicable tax treatment of the Securities is material and was not reasonably foreseeable as at the Issue Date; 
 or (ii) in the case of redemption upon the occurrence of a Regulatory Event, the Issuer has demonstrated to the satisfaction of the Competent Authority that the change in the regulatory classification of the Securities was not reasonably           
 foreseeable as at the Issue Date; or (iii) on or before such redemption or purchase of the Securities, the Issuer replaces the Securities with own funds instruments of equal or higher quality at terms that are sustainable for the Issuer’s          
 income capacity and the Competent Authority has permitted that action on the basis of the determination that it would be beneficial from a prudential point of view and justified by exceptional circumstances; or (iv) the Securities are purchased    
 for market making purposes; and                                                                                                                                                                                                                         |

| (d) | if