Exhibit 5.1
LinklatersLLP WorldTradeCentreAmsterdam Zuidplein180 1077XVAmsterdam Telephone(3120)7996200 Facsimile(3120)7996300 |
To:
INGGroepN.V.
Bijlmerplein888
1102MGAmsterdam
TheNetherlands
10 September 2019
DearSirs
ING Groep N.V. (the “Company”) – SEC Registration of U.S.$1,500,000,000 5.750% Perpetual Additional Tier 1 Contingent Convertible Capital Securities (the “Securities”)
1 | WehaveactedasDutchlegaladviserstotheCompanyinconnectionwiththeregistration(the“Registration”) bytheCompanyundertheUnitedStatesSecuritiesActof1933(asamended)(the “Securities Act”) oftheSecurities,whichareconvertibleintoordinarysharesinthecapitalofthe Company (“Ordinary Shares”)and the OrdinarySharestobeissuedonconversionoftheSecurities,the “Conversion Shares”). WehavetakeninstructionssolelyfromtheCompany. |
2 | ThisopinionislimitedtoDutchlawasappliedbytheDutchcourtsandpublishedinprintandineffectonthedateofthisopinion,excludingtaxlaw,thelawsoftheEuropeanUnion(insofarasnotimplementedorincorporatedinDutchlaw),marketabuseandcompetition(includingstateaid)andprocurementlaws.ThisopinionisgivenonthebasisthatweundertakenoresponsibilitytonotifyanyaddresseeofthisopinionofanychangeinDutchlawafterthedateofthisopinion.ItisgiveninaccordancewithcustomaryDutchlegalpracticeandonthebasisthatitandallmattersrelatingtoitwillbegovernedbyandconstruedinaccordancewithDutchlaw.Inthisopinion,DutchlegalconceptsareexpressedinEnglishtermsandnotintheiroriginalDutchterms.TheDutchconceptsconcernedmaynotbeidenticaltotheconceptsdescribedbytheEnglishtermsastheymayexistorbeinterpretedunderthelawsofjurisdictionsotherthantheNetherlands. |
3 | Forthepurposeofthisopinionwehaveexaminedthedocumentslistedand,whereappropriate,defined(togetherwithcertainothertermsusedherein)intheScheduletothisletter.Ourexaminationhasbeenlimitedtothetextofthedocuments.Inadditionwehaveobtainedthefollowingconfirmationsgivenbytelephoneorotherwiseonthedateofthisopinion: |
3.1 | ConfirmationfromtheChamberofCommercethattheTradeRegisterExtractisuptodateinallrespectsmaterialforthisopinion. |
3.2 | Confirmationfromtheinsolvencyoffice(afdelinginsolventie)ofthecompetentcourtinAmsterdamandthecentralinsolvencyregister(centraalinsolventieregister)thattheCompanyis notregisteredashavingbeendeclaredbankrupt(faillietverklaard)orgrantedsuspensionofpayments(surseanceverleend). |
This communication is confidential and may be privileged or otherwise protected by work product immunity.
Linklaters LLP is a limited liability partnership registered in England and Wales with registered number OC326345. It is a law firm authorised and regulated by the Solicitors Regulation Authority. The term partner in relation to Linklaters LLP is used to refer to a member of Linklaters LLP or an employee or consultant of Linklaters LLP or any of its affiliated firms or entities with equivalent standing and qualifications. A list of the names of the members of Linklaters LLP together with a list of thosenon-members who are designated as partners and their professional qualifications is open to inspection at its registered office, One Silk Street, London EC2Y 8HQ, England or on www.linklaters.com and such persons are either solicitors, registered foreign lawyers or European lawyers. Linklaters LLP is also registered with the Dutch Trade Register of the Chamber of Commerce under number 34367130.
Please refer to www.linklaters.com/regulation for important information on our regulatory position.
4 | Wehaveassumedthefollowing: |
4.1 | Allcopydocumentsconformtotheoriginalsandalloriginalsaregenuineandcomplete. |
4.2 | Eachsignatureisthegenuinesignatureoftheindividualconcerned. |
4.3 | Alldocumentswereattheirdate,andhavethroughthedatehereofremained,accurate,completeandinfullforceandeffectwithoutmodification,andhavebeenorwillhavebeenexecutedinthesameformasexaminedbyusforthepurposesofthisopinionand,inthecaseoftheSecurities,authenticated,effectuated(whererequired),issued,acceptedandpaidforincompliancewiththeIndenture.Allconfirmationsreferredtoinparagraph3aretrue. |
4.4 | The Company has not (i) had its assets placed under administration (onder bewind gesteld), (ii) been dissolved (ontbonden), merged (gefuseerd) or split up (gesplitst), or (iii) been subjected to any prevention, intervention and resolution measure or any recovery or resolution tool, power, action or other measure or proceeding however described under Directive 2014/59/EU of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions or Regulation (EU) No. 806/2014 (the Single Resolution Mechanism Regulation) or been the subject of any event (gebeurtenis) (including preparation of a transfer plan), in each case under the Financial Supervision Act (Wet op het financieel toezicht) or applicable European regulation (collectively, “Measures”) or any of the reorganisation measures orwinding-up proceedings meant in Directive 2001/24/EC of 4 April 2001 on the Reorganisation and Winding Up of Credit Institutions or to any one of the insolvency andwinding-up proceedings listed in Annex A to Regulation (EU) 2015/848 on insolvency proceedings (recast) (“Insolvency Proceedings”, including,inter alia, bankruptcy (faillissement)). |
4.5 | TheentryintoandperformanceoftheIndenture andthetransactionscontemplatedthereby,includingtheissueof theSecurities,areconducivetothecorporateobjectsandintheinterestoftheCompany. |
4.6 | The Minutes or extracts therefrom referred to in the Schedule are a true record of proceedings in duly convened, constituted and quorate meetings described therein and the resolutions set out therein or in the approval and notification papers referred to in the Schedule have been validly passed, all resolutions comply with the requirements of reasonableness and fairness (redelijkheid en billijkheid) under Dutch law, and any conditions and limitations contained therein have been or will have been complied with. |
4.7 | NoadviceisrequiredfromanyworkscouncilundertheWorksCouncilsAct(Wetopdeondernemingsraden)inconnectionwiththeCompany’sentryintoandperformanceoftheIndentureandissueandperformanceoftheSecurities. |
4.8 | TheIndenturehasbeen,andanypowersofattorneyandtheSecurities(andwhererequiredtheConversionSharesoranydocumentsignedbytheCompanyevidencingtheissueoftheConversionShares)havebeenorwillhavebeen,signedonbehalfoftheCompanybysuchnumberofmembersofitsmanagementboardasrequiredunderitsarticlesofassociationinofficeatthetimeofsigningor,inthecaseoftheIndenture,byapersonorpersonsdulyauthorisedtodosounderavalidpowerofattorney,ifinfacsimilewiththeapprovalofthesignatory. |
4.9 | NomemberoftheCompany’smanagementboardorsupervisoryboardhasaconflictofinterest(tegenstrijdigbelang)withrespecttotheIndenture(orthetransactionscontemplatedthereby)ortheissueoftheSecurities. |
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4.10 | All documents and their entry into and performance are within the capacity and powers (corporate and otherwise) of, and have been or will have been validly authorised, entered into and duly performed by, each party thereto other than the Company. |
4.11 | All documents (including the Securities), including any governing law and submission to jurisdiction provisions contained therein, are valid, binding and enforceable on each party (including the Company) under the law to which they are expressed to be subject where that is not Dutch law, and under any applicable law other than Dutch law. Words and phrases used in those documents have the same meaning and effect as they would if those documents were governed by Dutch law. |
4.12 | InsofarasanyobligationoftheCompanyundertheIndenture, the Securities or the ConversionSharesfallstobeperformedin,orisotherwiseaffectedbythelawsof,anyjurisdictionotherthantheNetherlands,itsperformancewouldnotbeillegalorineffectiveunderthelawsofthatjurisdiction. |
4.13 | Therearenoprovisionsofanylaw,otherthanDutchlaw,whichmayapplytotheSecurities, the ConversionSharesortheIndenture(orthetransactionscontemplatedthereby)ortoanypowerofattorneyissuedbytheCompany,whichwouldaffectthisopinion. |
4.14 | The Company does not and will not come to qualify as a bank within the meaning of the Financial Supervision Act or credit institution as defined in Council Regulation (EU) No 575/2013 (the Capital Requirements Regulation or “CRR”). |
5 | Inouropinion: |
5.1 | TheCompanyhasbeenincorporatedandisexistingasalimitedliabilitycompany(naamlozevennootschap)underDutchlaw. |
5.2 | TheCompanyhasthecorporatepowertoissueandperformtheSecurities. |
5.3 | TheCompanyhastakenallnecessarycorporateactiontoauthorisetheissueoftheSecurities. |
5.4 | UnderDutchlawandinaccordancewithandsubjecttoRegulation(EC)No593/2008onthelawapplicabletocontractualobligations(the“Rome I Regulation”),thechoiceofNewYorklawasthegoverninglawoftheIndentureandtheSecurities(withtheexceptionofArticleVIIoftheSupplementalIndenture,the “Dutch Law Provision”)isrecognisedasavalidchoiceoflaw,andaccordinglyNewYorklawgovernsthevalidity,bindingeffectandenforceabilityoftheIndentureandtheSecurities(withtheexceptionoftheDutchLawProvision)againsttheCompany. |
5.5 | UnderDutchlawandinaccordancewithandsubjecttotheRomeIRegulation,thechoiceofDutchlawasthegoverninglawoftheDutchLawProvisionisrecognisedasavalidchoiceoflaw,andunderDutchlawtheDutchLawProvisionisvalid,bindingandenforceable. |
6 | Thisopinionissubjecttoanymattersnotdisclosedtousandtothefollowingqualifications: |
6.1 | Theterm“enforceable”asusedabove,oranyotherreferencebywhatevertermtoenforcement,meansthattheobligationsassumedbytherelevantpartyundertherelevantdocumentareofatypewhichtheDutchcourtsenforce.Itdoesnotmeanthatthoseobligationswillnecessarilybeenforcedinallcircumstancesinaccordancewiththeirterms.Wedonotexpressanyopinionastowhetherspecificperformanceorinjunctivereliefwouldbeavailable. |
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6.2 | Thisopinionislimitedby,andthereforewedonotexpressanyopinionorstatementastotheconsequencesof,anyInsolvencyProceeding,Measure,insolvency,liquidation(ontbindingenvereffening),reorganisation,fraudulentconveyance(ActioPauliana)andotherlawsrelatingtooraffectingtherightsofcreditors (including statutory preferences),andanysanctionsandmeasuresimplementedoreffectiveintheNetherlandsundertheSanctionsAct1977(Sanctiewet1977)orEuropeanUnionregulationsorotherwisebyinternationalsanctions. |
6.3 | UnderDutchlaw,apowerofattorneydoesnotprecludetheprincipalfromperformingthelegalactscoveredbythepowerofattorneyandcanbemadeirrevocableonlyinsofarasitisgrantedforthepurposeofperformingalegalactintheinterestoftheattorneyorathirdpartyandsubjecttoanyamendmentsmadeorlimitationsimposedbythecourtonseriousgrounds(gewichtigeredenen).Eachpowerofattorney(volmacht)ormandate(lastgeving),whetherornotirrevocable,grantedbyacompany,willterminatebyforceoflawandwithoutnotice,uponbankruptcyofthecompanyorthedeathoforterminationbytheattorneyortheattorneybeingplacedunderguardianship,andwillceasetohaveeffectuponthecompanyhavingbeengrantedasuspensionofpaymentsorsubjectedtoMeasures.Thisqualificationwouldalsoapplytotheextentthattheappointmentofaprocessagentorotheragentweretobedeemedtoconstituteapowerofattorneyoramandate. |
6.4 | UnderDutchlaw,whenapplyingDutchlawasthelawgoverningtheDutchLawProvision,effectmaybegiventotheoverridingmandatoryprovisionsofthelawofthecountrywheretheobligationsarisingoutoftheDutchLawProvisionhavetobeorhavebeenperformed,insofarasthoseprovisionsrendertheperformanceoftheDutchLawProvisionunlawful,andregardshallbehadtothelawofthecountryinwhichperformancetakesplaceinrelationtothemannerofperformanceandthestepstobetakenintheeventofdefectiveperformance. |
6.5 | Aprovisionofanagreementwhichstipulatesthatcertaindocumentsordeterminationsareconclusive,finalorbindingmaynotbeenforceableinallcircumstances. |
6.6 | Aprovisioninanagreementrequiring,forbiddingorrestrictingacompanytotakeanyactionthatfallswithinthepowersofitsgeneralmeeting,orsimilarcorporatebody,maynotbeenforceable. |
6.7 | Wedonotexpressanyopinionastoany “deemed”actionorabsencethereof. |
6.8 | TherightsandobligationsofpartiesundertheDutchLawProvisionmaybeaffectedbygeneralrulesofDutchlawsuchas(i) theprinciplesofreasonablenessandfairness(redelijkheidenbillijkheid)andmodificationongroundsofunforeseencircumstances(onvoorzieneomstandigheden),(ii)avoidanceongroundsofintimidation(bedreiging),deceit(bedrog)orabuseofcircumstances(misbruikvanomstandigheden)and(iii) forcemajeure(niet-toerekenbaretekortkomingofovermacht),therighttosuspendperformance(opschortingsrecht)ordissolve(ontbinding)acontractiftheotherpartyisindefaultinrespectofitsobligations,therighttosetoff(verrekening)andtherighttoavoidacontractongroundsofmistake(dwaling). |
6.9 | TotheextentDutchlawapplies,anindemnitywillnotbeenforceableifthedamage,loss,cost,liabilityorexpenseagainstwhichapersonorlegalentityisindemnifiedisaresultofwilfulmisconductorgrossnegligenceofsuchpersonorentityorifsuchpersonorentitydidnotactingoodfaith. |
6.10 | UnderDutchlawanytermofanagreementmaybeamendedorallyorbyconductbythepartiesdespiteanyprovisionintheagreementtothecontrary. |
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6.11 | UnderDutchlawanyprovisionofanagreementonpartialnullitymaynotbeeffectiveiftheremainingprovisionsoftheagreement,havingregardtothecontentsandintentoftheagreement,areindissolublyconnectedtothepartthatisorhasbecomenullandvoid. |
6.12 | Dutchlawdoesnotknowtheconceptoftrustasthisisknownundercommonlaw,northeconceptofsuspenseaccount,andwedonotexpressanyopinioninrespectthereof.Anyprovisionpursuanttowhichmoneysorgoodsaretobeheldintrustbyonepartyforanotherpartyoraretobesegregatedfromtheotherassetsofthepartyconcerned(orprovisionshavingasimilarintendedeffect)maynotbeenforceableintheNetherlands. |
6.13 | TotheextentDutchlawapplies,anyprovisiontotheeffectthatnoholderofaSecurityshallhaveanyrighttoinstituteanyactionorproceeding,judicialorotherwise,withrespecttotheSecuritiesortheIndenture,orfortheappointmentofareceiverortrustee,orforanyremedythereunder,maynotbeenforceableinallcircumstances. |
6.14 | TotheextentDutchlawapplies,anyprovisiontotheeffectthatinanyproceedingsinitiatedbytheTrustee,theTrusteeshallbeheldtorepresentallholdersoftheSecuritiestowhichsuchproceedingsrelate,andthatitshallnotbenecessarytomakeanyholdersofSecuritiespartytosuchproceedings,maynotbeenforceableinallcircumstances. |
6.15 | TheenforcementintheNetherlandsoftheIndenture,theSecuritiesandforeignjudgmentswillbesubjecttoDutchrulesofcivilprocedure.ADutchcourtmaymitigateamountsdueinrespectoflitigationandcollectioncosts. |
6.16 | ADutchcourtmaydeclinejurisdictionifconcurrentproceedingsarebeingbroughtelsewhere.Weexpressnoopiniononcompetingjudgmentsresultingfromanyconcurrentproceedings. |
6.17 | Claimsmaybecomebarredbylimitationperiodsormaybeorbecomesubjecttoset-offorcounterclaim. |
6.18 | Theadmissibilityofachoiceofjurisdiction(suchasforcourtsintheUnitedStates)andtheproceduralconsequencesofsuchchoicearedeterminedbythelawsofthechosenjurisdiction. |
6.19 | InproceedingsbeforeacourtoftheNetherlandstheserviceofprocessagainsttheCompanyotherthanbypersonaldeliverybyabailiffofthecourtsoftheNetherlands(gerechtsdeurwaarder)andinaccordancewiththeapplicabletreatieswillnotbeconsideredbythecourttoconstitutevalidserviceofprocess,notwithstandinganyprovisiontothecontraryintheIndenture.ItisfurthernotedthatthereisnoDutchauthoritativecaselawonrecognitionofaforeigndecisionintheNetherlands(eitherwithinoroutsideRegulation(EU)No. 1215/2012of the European Parliament and of the Council of12December2012onJurisdictionandtheRecognitionandEnforcementofJudgmentsinCivilandCommercialMatters)inthecasethatserviceofprocesshasonlybeenperformedatthedomicileofaprocessagentandnotatthedomicileofthedefendant.InsuchcasethereisariskthattheDutchcourt,ifthedefendantfailedtoappearintheforeigncourt,willdecidethatnoproperserviceofprocesshastakenplace,anddenyrecognitionoftheforeigndecisionintheNetherlands. |
6.20 | TotheextentthatDutchlawappliestothetransferoftitletoaSecurity(oranyConversionShare),thisrequiresdelivery(levering)pursuanttoavalidagreement(geldigetitel)byatransferorwhohaspowertopassontitletothatSecurity(orConversionShare)(beschikkingsbevoegdheid). |
6.21 | TotheextentthatDutchlawisapplicabletotheSecuritiesoranytransferthereof,anyprovisiontotheeffectthattheholderofaSecuritymaybetreatedastheabsoluteownerthereoforsolelyentitledtheretomaynotbeenforceableinallcircumstances. |
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6.22 | Wedonotexpressanyopinionastoanyco-ownershipinterestin,ortransferof,anySecurity(oranyConversionShare). |
6.23 | TotheextentthattheprovisionsoftheIndentureortheSecuritiesaregeneralconditions(algemenevoorwaarden)withinthemeaningofSection 6:231oftheDutchCivilCode,aholder of a Securitymaynullify(vernietigen)aprovisionthereinif(i) theCompanyhasnotofferedtheholderoftheSecurityareasonableopportunitytoexaminethesameor(ii) theprovision,havingregardtoallrelevantcircumstances,isunreasonablyonerous(onredelijkbezwarend)totheholderoftheSecurity. |
6.24 | Wedonotexpressanyopinionastothecapitaladequacyorotherregulatory treatment or resolutiontreatmentoftheSecurities.ItisfurthernotedthatifconversionoftheSecuritieswouldresultinaholderthereofcomingtoholdaqualifyingholding(gekwalificeerdedeelneming)inINGBankN.V.suchholdermayneedapprovalfromthecompetentauthorities.AnyconversionoftheSecuritiesintoConversionShareswillbealsogovernedbyDutchcorporatelaw. |
6.25 | ItshouldbeunderstoodthatwehavenotbeenresponsibleforinvestigatingorverifyingtheaccuracyofthefactsorthereasonablenessofanystatementsofbelieforopinioncontainedintheProspectusortheProspectusSupplement,orthatnomaterialfactshavebeenomittedfromit. |
6.26 | TheTradeRegisterExtractandtheconfirmationsreferredtoinparagraph3donotprovideconclusiveevidencethattheinformationsetoutintheTradeRegisterExtractiscorrectorthattheCompanyhasnotbecomethesubjectofanInsolvencyProceeding or Measure. |
6.27 | Wedonotexpressanyopinionastofacts. |
7 | ThisopinionisaddressedtoyousolelyforyourbenefitinconnectionwiththeRegistration.Itisnottobetransmittedtoanyoneelseorforanyotherpurposeorquotedorreferredtoinanypublicdocumentorfiledwithanyonewithoutourpriorwrittenconsent.WeherebyconsenttothefilingofthisopinionasanexhibittotheProspectusSupplementandtothereferencetousmadeundertheheading “Validityofthesecurities”intheProspectusSupplement.IngivingthisconsentwedonotadmitthatwearewithinthecategoryofpersonswhoseconsentisrequiredwithinSection 7oftheSecuritiesActortherulesandregulationsoftheUnitedStatesSecuritiesandExchangeCommissionthereunder. |
Yoursfaithfully
/s/ LinklatersLLP
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Schedule
1 | Anelectroniccertifiedcopyofanextractfromthetraderegisterobtainedfromthechamberofcommerce(the “Chamber ofCommerce”) regardingtheCompanydated9 September 2019(the “Trade Register Extract”). |
2 | AfaxedcopyofanotarialcopyoftheCompany’sdeedofincorporationdated 21 January 1991 andofitsarticlesofassociationasmostrecentlyamendedon26 July 2016,bothasobtainedfromandaccordingtotheChamberofCommerce. |
3 | Aprint-outofanelectroniccopyofanextractfromtheminutesofageneralmeetingoftheCompanyheldon23 April 2018(the “Minutes”)referringtoresolutionsadoptedbytheCompany’sgeneralmeetinginsuchmeeting,includingaresolutiontodesignatetheCompany’smanagementboardasthecorporatebodyauthorisedtoresolve,subjecttotheapprovaloftheCompany’ssupervisoryboard,toissueandgrantrightstosubscribeforOrdinarySharesandtoexcludeallpre-emptiverights(voorkeursrechten)inrespectthereof. |
4 | Aprint-out of an electronic copy of the approvals and notifications paper submitted to the management board of the Company for its meeting held on 28 January 2019 including resolutions to be adopted by the Company’s management board in such meeting (including, inter alia, the issue of ordinary shares upon conversion of the Securities in accordance with their terms upon the occurrence of a trigger event and the exclusion ofpre-emptive rights relating thereto), of the approvals and notifications paper submitted to the supervisory board of the Company for its meeting held on 5 February 2019 requesting the approval of the aforementioned resolutions adopted by the Company’s management board and of ane-mail sent by the Corporate Secretary to the Company’s supervisory board confirming such approval by the Company’s supervisory board. |
5 | Aprint-out of email correspondence with thein-house legal department of the Company referring to a draft extract from the minutes of the meeting of the Company’s management board held on 28 January 2019, and containing a confirmation (the “Confirmation”) of the resolutions set out therein (including, inter alia, a resolution to issue the Securities) having been approved by the Company’s management board and by the Company’s supervisory board. |
6 | Aprint-outofanelectroniccopyoftheregistrationstatementonFormF-3oftheCompanydated18 September 2018,asfiledwiththeUnitedStatesSecuritiesandExchangeCommission(the “SEC”), inrelationto,interalia,capitalsecuritiesandtheOrdinaryShares,includingaprospectus(the “Prospectus”),butexcludinganydocumentsincorporatedbyreferenceinitandanyexhibitstoit. |
7 | Aprint-outofanelectroniccopyoftheprospectussupplementdated3 September 2019 oftheCompanyinrelationtotheSecurities(the “Prospectus Supplement”). |
8 | Aprint-out of an electronic copy of an executed capital securities indenture dated as of 16 April 2015 (the “Original Indenture”) between the Company as issuer and The Bank of New York Mellon London Branch as trustee (the “Trustee”), as supplemented by a third supplemental indenture between the same parties dated 10 September 2019 (the “Supplemental Indenture” and together with the Original Indenture, the “Indenture”) relating to the Securities, including the terms and conditions of the Securities. |
Referencesto “documents” aretoanyandalldocumentsmentionedinthisScheduleincludingtheSecurities,unlessthecontextrequiresotherwise.
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