{
  "url": "https://openlegislation.uk/eu-decision-2013-719/annex-I/division-h",
  "json_url": "https://openlegislation.uk/eu-decision-2013-719/annex-I/division-h.json",
  "legislation": "eudn/2013/719",
  "legislation_title": "Commission Decision of 16 November 2012 State aid SA.33305 (2012/C) and SA.29832 (2012/C) implemented by Netherlands for ING (notified under document C(2012) 8238) (Only the English text is authentic) (Text with EEA relevance) (2013/719/EU)",
  "legislation_url": "https://openlegislation.uk/eu-decision-2013-719",
  "path": "annex/I/division/h",
  "kind": "division",
  "number": "h)",
  "heading": null,
  "text": "Regarding the deferral of coupons and calling of Tier 1 and Tier 2 securities the Netherlandscommits that ING will adhere to the following:\nING will not be obliged to defer coupon payments on hybrids.\nThe Dutch authorities understand that the Commission is against State aid recipients remunerating own funds (equity and subordinated debt) when their activities do not generate sufficient profits and that the Commission is in that context in principle against the calling of Tier 2 capital and Tier 1 hybrids. The calling or buy-back of Tier 2 capital and Tier 1 hybrids will in the future be proposed case by case to the Commission for authorisation until the earlier date of 18 November 2014 or the date on which ING has fully repaid the Core Tier 1 Securities to the Netherlands (including the relevant accrued interest on Core Tier 1 coupons and exit premium fees).\nNotwithstanding the above-mentioned restriction, ING will be allowed to call the EUR 1,25 billion ING Verzekeringen NV hybrid (ISIN XS0130855108) that has a Change of Control trigger, upon which ING Verzekeringen NV would be in default. The calling of that instrument is a pre-requisite for the required restructuring to allow for a standalone insurance business. The Change of Control clause will be triggered upon the divestment of Insurance Asia.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "See point 26 of the Commission Communication on the return to viability and the assessment of restructuring measures in the financial sector in the current crisis under State aid rules (Restructuring Communication)."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/eudn/2013/719/annex/I/division/h",
    "retrieved_at": "2026-11-01T15:14:56.932456+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}