Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 29

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 29
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 the Issuer’s
Distributable Items in the future. For example, the ability of the Group’s subsidiaries to pay dividends and the Issuer’s ability to receive distributions and other payments from its investments in other entities is subject to applicable
local laws and other restrictions, including their respective regulatory, capital, loss absorbing capacity and leverage requirements, statutory reserves, financial and operating performance, accounting regulations and applicable tax laws. These
laws, regulations and restrictions could limit the payment of dividends, distributions and other payments to the Issuer by its subsidiaries, which could in time restrict the Issuer’s ability to fund other operations or to maintain or increase
its Distributable Items.

Further, the Issuer’s Distributable Items, and therefore its ability to make interest payments on the
Securities, may also be adversely affected by the performance of the Group’s business in general, factors affecting the level of the Issuer’s or the Group’s earnings, the mix of businesses, the ability to manage effectively the
risk-weighted assets in both the ongoing businesses and those the Issuer or the Group may seek to exit, changes in the Issuer’s or the Group’s structure or organization, the Issuer’s financial position (including capital and
leverage), the economic environment in which the Group operates and other factors outside of the Issuer’s control. In addition, adjustments to earnings, as determined by the Issuer, may fluctuate significantly and may materially adversely
affect Distributable Items. The Issuer shall not make an interest payment on the Securities on any Interest Payment Date or redemption date (and such interest payment shall therefore be deemed to have been cancelled and thus shall not be due and
payable) if the level of Distributable Items is insufficient to fund that payment.

S-30

CRD IV includes capital requirements that are in addition to the minimum capital ratio of CET1 to risk-adjusted assets and other minimum capital ratios. These additional capital requirements will restrict the Issuer’s ability to make discretionary distributions in certain circumstances, in which case it may reduce or cancel interest payments on the Securities. The Bank Recovery and Resolution Directive (the “BRRD”) also contains requirements which restrict payments of interest by banks. The introduction of additional capital requirements in the future may further impact the Issuer’s ability to make interest payments on the Securities.

The capital and regulatory framework to
which the Group is subject imposes certain requirements for the Group with respect to leverage, with respect to sufficient levels of capital, including CET1 capital, and with respect