Company: INGVF
Filing Date: 2025-09-04
Form Type: 424B5
Source: 0001193125-25-196042
Chunk: 209

Company: ING GROEP NV
Filing Date: 2025-09-04
Form: 424B5
Chunk 209
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Subordination                                                                                                                   
 Provisions,” would prevent us from making payments of principal, premium or interest on those subordinated debt securities on the date of the deposit referred to above or during the 90 days after that date; and |

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| • |     | We must deliver to the trustee an opinion of counsel to the effect that (a) the trust funds will not be                                                                                                                                             
 subject to any rights of holders of senior indebtedness; and (b) after the 90-day period referred to above, the trust funds will not be subject to any applicable bankruptcy, insolvency, reorganization or                                         
 similar laws affecting creditors’ rights generally, except that if a court were to rule under any of those laws in any case or proceeding that the trust funds remained our property, then the relevant trustee and the holders of the subordinated 
 debt securities would be entitled to some enumerated rights as secured creditors in the trust funds.                                                                                                                                                |

If we ever fully defease your debt security, you will have to rely solely on the trust deposit for payments on your debt security. You will not be able to look to us for payment in the event of any shortfall. Covenant Defeasance. Under current U.S. federal tax law, we can make the same type of deposit described above and be released from any restrictive covenants relating to your debt security that may be described in your prospectus supplement. This is called covenant defeasance. In that event, you would lose the protection of those restrictive covenants. In order to achieve covenant defeasance, we must do both of the following:

| • |     | we must deposit in trust for the benefit of the holders of those debt securities a combination of money and U.S.                                                                        
 government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and other payments on your debt security on their various due dates; and |

| • |     | we must deliver to the trustee a legal opinion of our counsel confirming that under then-current U.S. federal                                                                                       
 income tax law we may make the above deposit without causing you to be taxed on your debt security any differently than if we did not make the deposit and just repaid the debt security ourselves. |

In addition, in order to achieve covenant defeasance for any subordinated debt securities that have the benefit of any restrictive covenants, the conditions described in the last two bullet points under “—Full Defeasance” above must be satisfied. Subordinated debt