14 Subordinated loans
Subordinated loans
| Balance sheet value | ||||||
|---|---|---|---|---|---|---|
| Interest rate | Year of issue | Due date | National amount in original currency | 2007 | 2006 | |
| 7.375% | 2007 | Perpetual | USD | 1,500 | 988 | |
| 6.375% | 2007 | Perpetual | USD | 1,045 | 690 | |
| 5.140% | 2006 | Perpetual | GBP | 600 | 810 | 885 |
| 5.775% | 2005 | Perpetual | USD | 1,000 | 674 | 752 |
| 6.125% | 2005 | Perpetual | USD | 700 | 462 | 515 |
| 4.176% | 2005 | Perpetual | EUR | 500 | 497 | 497 |
| Variable | 2004 | Perpetual | EUR | 1,000 | 937 | 926 |
| 6.200% | 2003 | Perpetual | USD | 500 | 330 | 368 |
| Variable | 2003 | Perpetual | EUR | 750 | 682 | 669 |
| 7.200% | 2002 | Perpetual | USD | 1,100 | 726 | 811 |
| 7.050% | 2002 | Perpetual | USD | 800 | 529 | 591 |
| 7,325 | 6,014 | |||||
Subordinated loans consist of perpetual subordinated bonds issued by ING Groep N.V. These bonds have been issued to raise hybrid capital for ING Verzekeringen N.V. and Tier-1 capital for ING Bank N.V. Under IFRS-EU these bonds are classified as liabilities. They are considered capital for regulatory purposes.
These loans have been subsequently provided as subordinated loans by ING Groep N.V. to ING Verzekeringen N.V. and ING Bank N.V. under the same conditions as the original bonds.
The number of debentures held by group companies as at 31 December 2007 was 3,504 with a balance sheet value of nil (2006: nil with a balance sheet value of nil).