ING Direct 2013 Annual Report Download - page 149

ING Groep N.V. was repaid. In addition, ING Groep N.V. issued one new senior bond with a nominal value of EUR 0.7 billion and ING Bank
issued two new senior bonds with a nominal value of GBP 0.4 billion and EUR 0.4 billion respectively. The overall transaction resulted in a
total gain of EUR 955 million (EUR 716 million after tax), including related hedge results and transaction costs. This gain was recognised in
Other income in 2011. From this amount, EUR 767 million (EUR 574 million after tax) related to ING Groep N.V., EUR 93 million (EUR 71
million after tax) to ING Bank and EUR 95 million (EUR 71 million after tax) to NN Group. This affects the subordinated securities as
disclosed in this note and in Note 17 ‘Other borrowed funds’.
Subordinated loans provided by ING Groep N.V. to ING Bank N.V. and
NN Group N.V.
2013 2012
ING Bank N.V. 4,744 6,352
NN Group N.V. 2,401 2,424
7,145 8,776
16 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
2013 2012
Fixed rate debt securities
Within 1 year 37,248 40,485
More than 1 year but less than 2 years 10,327 10,682
More than 2 years but less than 3 years 9,475 11,194
More than 3 years but less than 4 years 7,317 8,955
More than 4 years but less than 5 years 7,836 7,189
More than 5 years 23,899 29,191
Total fixed rate debt securities 96,102 107,696
Floating rate debt securities
Within 1 year 12,642 19,954
More than 1 year but less than 2 years 5,037 5,766
More than 2 years but less than 3 years 2,866 1,845
More than 3 years but less than 4 years 1,591 1,374
More than 4 years but less than 5 years 338 1,548
More than 5 years 9,151 5,253
Total floating rate debt securities 31,625 35,740
Total debt securities 127,727 143,436
The change in Debt securities in issue includes EUR –2,600 million as a result of the classification of ING U.S. as held for sale. Reference is
made to Note 59 ‘Other events’.
In 2013, the Debt securities in issue also decreased due to the repurchases of certain government guaranteed debt.
As at 31 December 2013, ING Group has unused lines of credit available including the payment of commercial paper borrowings relating
to debt securities in issue of EUR 8,081 million (2012: EUR 13,129 million).
Dutch government guaranteed notes
The following bonds are all issued under the Credit Guarantee Scheme of the State of the Netherlands. 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 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. After the repurchase in 2013 (see below) there is a remaining amount of
approximately EUR 2.7 billion outstanding on these bonds;
• ING Bank issued a 5 year USD 2.25 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. After the repurchase in 2013 (see below) there is a remaining
amount of approximately USD 1.3 billion outstanding on these bonds; and
• ING Bank issued a 5 year USD 0.4 billion privately placed government guarantee senior unsecured bond in March 2009 with a floating
rate of 3 months USD LIBOR + 145 basis points. This issue has a due date on 27 March 2014.
Notes to the consolidated annual accounts of ING Group continued
147ING Group Annual Report 2013
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