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Subordinated loans | 12 Months Ended
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Dec. 31, 2023
Subordinated liabilities [abstract] |
Subordinated loans | 18 Subordinated loans
Subordinated loans
In EUR million | 2023 | 2022
Subordinated loans | 15,401 | 15,786
Subordinated loans are bonds issued by ING Groep N.V. and ING Bank N.V. to raise Tier 1 and Tier 2 (CRD IV eligible) capital. Under IFRS these bonds are classified as liabilities and for regulatory purposes, they are considered capital. In 2023 ING Groep N.V. issued in February EUR 500 million 5.00% Fixed Rate Subordinated Tier 2 Notes, GBP 750 million 6.25% Fixed Rate Subordinated Tier 2 Notes and USD 1 billion 7.50% Perpetual AT1 Contingent Convertible Capital Securities. In 2023 ING Groep N.V. redeemed in March USD 1,250 million 4.70% Fixed Subordinated Tier 2 notes, in April EUR 1 billion 3.00% Fixed Subordinated Tier 2 notes on the first call dates. In 2023 ING Bank N.V. redeemed in September USD 810 million 5.80% Fixed Rate Subordinated Tier 2 notes. Reference is made to Note 32 'Changes in liabilities arising from financing activities' for further information on issuances and redemptions. The average interest rate on subordinated loans is 4.44% (2022: 4.01%). The interest expense during the year 2023 was EUR 708 million (2022: EUR 648 million).

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