ING Direct 2011 Annual Report Download - page 145

15 DEBT SECURITIES IN ISSUE
Debt securities in issue relate to debentures and other issued debt securities with either fixed interest rates or interest rates based on
floating interest rate levels, such as certificates of deposit and accepted bills issued by ING Group, except for subordinated items. Debt
securities in issue do not include debt securities presented as Financial liabilities at fair value through profit and loss. ING Group does not
have debt securities that are issued on terms other than those available in the normal course of business. The maturities of the debt
securities are as follows:
Debt securities in issue – maturities
2011 2010
Fixed rate debt securities
Within 1 year 52,308 63,518
More than 1 year but less than 2 years 6,914 7,518
More than 2 years but less than 3 years 10,347 6,925
More than 3 years but less than 4 years 5,943 9,580
More than 4 years but less than 5 years 7,541 5,648
More than 5 years 20,655 10,987
Total fixed rate debt securities 103,708 10 4,176
Floating rate debt securities
Within 1 year 15,871 14,007
More than 1 year but less than 2 years 8,590 4,321
More than 2 years but less than 3 years 3,569 4,552
More than 3 years but less than 4 years 1,207 2,113
More than 4 years but less than 5 years 162 864
More than 5 years 6,754 5,571
Total floating rate debt securities 36,153 31,428
Total debt securities 139,861 135,604
As of 31 December 2011, ING Group had unused lines of credit available including the payment of commercial paper borrowings relating
to debt securities in issue of EUR 8,178 million (2010: EUR 6,518 million).
The following bonds were all issued under the Credit Guarantee Scheme of the State of the Netherlands and are part of ING Group’s
regular medium-term funding operations. ING Group pays a fee of 84 basis points over the issued bonds to the Dutch State to participate
in the Credit Guarantee Scheme:
• ING Bank issued 3 year government guaranteed senior unsecured bonds amounting to USD 6 billion in January 2009. USD 5 billion
ofthe issue was priced at a fixed rate of 80 basis points over mid-swaps. USD 1 billion was priced at a variable rate of 80 basis points
over 3 month LIBOR;
• ING Bank issued a 5 year EUR 4 billion fixed rate government guaranteed senior unsecured bond in February 2009. The issue was priced
at a fixed rate of 3.375%, 75 basis points over mid-swaps; and
• ING Bank issued a 5 year USD 2 billion fixed rate government guaranteed senior unsecured bond in March 2009. The issue was priced
at a fixed coupon of 3.90%, 145 basis points over USD mid-swaps.
Notes to the consolidated annual accounts of ING Group continued
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information
143ING Group Annual Report 2011