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State of affaires concerning your legal protection as a customer

Is my money safe at ING ?

As a major market operator, ING continues to manage its business with the strictest discipline. This is in the interests of customers, staff and shareholders alike. Thanks to this policy, your money is safe with ING;

  • ING believes it would be useful to provide a summary of the current situation as regards legal protection for various banking products.
1. The current deposit guarantee situation and to what extent are my savings protected? 1. The current deposit guarantee situation and to what extent are my savings protected?

The guarantee for savings deposits and financial instruments is in total EUR 100,000.


2. Who is protected? 2. Who is protected?

All private individuals and smaller companies that may issue a condensed balance sheet and hold assets or financial instruments with the bank are entitled to protection.

Small companies under Belgian law are those which for the last and one but last financial year do not exceed one of the following criteria:

  • annual workforce average: 50;
  • annual turnover, exclusive of added value tax: EUR 7,300,000;
  • balance sheet total: EUR 3,650,000;
    • unless the annual workforce average is more than 100.

The protection applies for each customer, regardless of their nationality or where they reside or have their registered office.


3. Which savings and investment products qualify for protection? 3. Which savings and investment products qualify for protection?

The legal protection through the Protection Fund for Deposits and Financial Instruments and the Special Protection Fund for Deposits and Life Insurance take effect if a credit institution is no longer able to honour its obligations to its customers, referred to as "default".

3.1. Deposits of cash and financial instruments issued by the bank

  • All types of deposits in current accounts, savings accounts or time deposits (e.g. Green Savings Account, ING Lion Deposit, Fidelity Account and Long Term Account). This covers deposits denominated in EUR, the currency of a European Union Member State that has not adopted the euro, Norwegian krone or Icelandic krona. As an exceptional measure, deposits denominated in the currency of another State are also protected, provided that the deposits concerned are intended for the purchase of financial instruments or for repayment thereof.
  • All financial instruments issued by the bank, including bank savings certificates, bonds and other debt instruments in euro, the currency of a European Union Member State that has not adopted the euro, Norwegian krone or Icelandic krona, provided that these are held in custody with the bank. Bank savings certificates in paper form - which the customer may, for instance, hold in a safe deposit box - are not covered.

The compensations are subject to the deduction of the customer's debts to the bank, unless the Protection Funds consider that adequate security has been issued for the debts, apart from the assets in the accounts.

3.2. Financial instruments not issued by the bank, deposited in a custody account, and for which the bank is custodian

  • All types of securities, including shares, bonds, units in mutual investment funds, Sicav units, etc., lodged with a financial institution and booked to a custody account.

These financial instruments are returned to customers direct, so are not included in the assets available for distribution if the bank goes bankrupt or is wound up. If there are insufficient quantities of certain securities to ensure redemption, securities of the same type owned by the bank are used to settle with customers. This rule applies to all natural persons and companies.

These financial instruments are covered regardless of the currency in which they are denominated.

In the unlikely event that this is not adequate, the Protection Fund for Deposits and Financial Instruments will pay compensation.

The compensation is subject to the deduction of the customer's debts to the bank, unless the Protection Fund for Deposits and Financial Instruments considers that adequate security has been issued for the debts, apart from the assets in the accounts.

When calculating the loss incurred, the financial instruments are taken into consideration at the market value on the day preceding that on which the institution is ascertained to be in default. Any loss on the value of a financial instrument as compared to the purchase price is therefore not covered.


4. Which savings and investment products are NOT protected? 4. Which savings and investment products are NOT protected?
  • Subordinated certificates, subordinated debentures and other subordinated bank debt instruments issued by the bank.
  • Deposits on which the bank offers abnormally high interest rates or special terms. All commitments made by the bank with regard to commercial paper, such as its own acceptances and promissory notes.

5. How the compensation is organised? 5. How the compensation is organised?

The Protection Fund for Deposits and Financial Instruments and the Special Protection Fund for Deposits and Life Insurance offer together a compensation of a maximum of EUR 100,000.

Further details on the Protection Fund for Deposits and Financial Instruments are available on www.protectionfund.be.

Further details on the Special Protection Fund for Deposits and Life Insurance are available on the site of the Federal Public Service of Justice: www.just.fgov.be.


6. To what extent are insurance products, in particular life insurance products (branche/tak 21 and branche/tak 23), protected? 6. To what extent are insurance products, in particular life insurance products (branche/tak 21 and branche/tak 23), protected?

As a Belgian insurance company, ING Life Belgium SA/NV is required to abide by the Belgian Insurance Supervision Act. This Act lays down strict rules regarding solvency and reserves.

The reserves set aside by the insurance company must always be covered by assets that are wholly owned by the company, and are at all times reserved preferentially to honour commitments towards the policyholders, insured parties and beneficiaries. This constitutes a guarantee of the insurance company's commitments towards the policyholders, insured parties and beneficiaries.

However, if an insurance company does end up in difficulties, the Act states that bankruptcy per se can never result in the termination of current contracts. These current contracts have to be honoured and the beneficiaries of these contracts are general privileged creditors of the company. This is a maximum safeguard for the rights of policyholders, insured parties and beneficiaries.

6.1. Branche 21/Tak 21 products

In addition to the existing protection schemes, ING Life Belgium SA/NV is participating to the Special Protection Fund for Deposits and Life Insurance.

This fund protects the policyholder of a branche 21/tak 21 life insurance of a participating insurance company up to EUR 100,000 for all Branche 21/Tak 21 contracts entered into.

The compensation is based on the surrender value of the contract, reduced with the taxes, calculated the day before the day the conclusion is made the insurance company is no longer able to honour its obligations to its customers.

All group policies and supplementary pension policies are excluded from the guarantee.

6.2. Branche 23/Tak 23 products

The deposit guarantee system does not cover branche 23/tak 23 life insurance policies.