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{"sheet":"Report","index":0,"n_rows":105,"n_cols":7,"rows_kept":105,"merged":[[4,0,4,7],[5,0,5,1],[5,3,5,4],[5,5,5,7],[6,0,6,1],[6,3,8,4],[6,5,6,7],[7,0,7,1],[7,5,7,7],[8,0,8,1],[8,5,8,7],[9,0,9,1],[9,3,11,4],[9,5,9,7],[10,0,10,1],[10,5,10,7],[11,0,11,1],[11,5,11,7],[12,0,12,1],[13,0,13,7],[14,0,14,2],[14,3,14,7],[15,0,15,1],[15,3,15,4],[15,5,15,7],[16,0,16,1],[16,3,16,4],[16,5,16,7],[17,0,17,1],[17,3,17,4],[17,5,17,7],[18,0,18,1],[18,3,18,4],[18,5,18,7],[19,0,19,1],[19,3,19,4],[19,5,19,7],[20,0,20,1],[20,3,20,7],[21,0,21,1],[21,3,21,4],[21,5,21,7],[22,0,22,1],[22,3,22,4],[22,5,22,7],[23,0,23,1],[23,3,23,4],[23,5,23,7],[25,0,25,7],[26,0,26,2],[26,3,26,7],[27,0,27,1],[27,3,27,4],[27,5,27,7],[28,0,28,1],[28,3,28,4],[28,5,28,7],[29,0,29,1],[29,3,29,4],[29,5,29,7],[30,0,30,2],[30,3,30,7],[31,0,31,1],[31,3,31,4],[31,5,31,7],[32,0,32,1],[32,3,32,4],[32,5,32,7],[33,0,33,1],[33,3,33,4],[33,5,33,7],[34,0,34,1],[34,3,34,4],[34,5,34,7],[35,0,35,1],[35,3,35,4],[35,5,35,7],[37,0,37,2],[37,3,37,7],[50,0,50,2],[50,3,50,7],[66,0,66,2],[66,3,66,7],[67,4,67,5],[67,6,67,7],[68,4,68,5],[68,6,68,7],[69,4,69,5],[69,6,69,7],[70,4,70,5],[70,6,70,7],[71,4,71,5],[71,6,71,7],[72,4,72,5],[72,6,72,7],[73,4,73,5],[73,6,73,7],[74,4,74,5],[74,6,74,7],[75,4,75,5],[75,6,75,7],[77,0,77,2],[77,3,77,7],[78,4,78,5],[78,6,78,7],[79,4,79,5],[79,6,79,7],[80,4,80,5],[80,6,80,7],[81,4,81,5],[81,6,81,7],[82,4,82,5],[82,6,82,7],[83,4,83,5],[83,6,83,7],[84,4,84,5],[84,6,84,7],[85,4,85,5],[85,6,85,7],[86,4,86,5],[86,6,86,7],[87,4,87,5],[87,6,87,7],[88,4,88,5],[88,6,88,7],[89,4,89,5],[89,6,89,7],[90,4,90,5],[90,6,90,7],[97,0,97,2],[102,0,102,2],[103,0,103,1],[104,0,104,1]],"headers":{"footer":["© Creditreform Rating AG"]}}
["Creditreform Covered Bond Rating"]
["ING Bank N.V."]
["Mortgage Covered Bond Program"]
[]
["Rating Object"]
["Country Issuer",null,"The Netherlands","Repayment method",null,"Soft Bullet"]
["Cover pool asset class",null,"Mortgage","Overcollateralization ",null,{"v":0.05,"d":" Min (5.00%)"}]
["Legal framework",null,"Dutch Covered Bond Legislation",null,null,{"v":0.22352653789473687,"d":"Current (22.35%)"}]
["Nominal value   ",null,{"v":9500,"d":"EUR 9,500.00 m."},null,null,{"v":0.0439,"d":"Committed (4.39% )"}]
["Cover pool value",null,{"v":11623.502110000001,"d":"EUR 11,623.50 m."},"Covered bonds coupon type",null,{"v":0.4131578947368421,"d":"Fix (41.32%)"}]
["WAL maturity covered bonds",null,{"v":7,"d":"7.00 (Years)"},null,null,{"v":0.5868421052631579,"d":"Floating (58.68%)"}]
["WAL maturity cover pool",null,{"v":16.91441558,"d":"16.91 (Years)"},null,null,{"v":0,"d":"Other (0.00%)"}]
["Cut-off date Covered Pool Information:",null,"30.09.2019"]
["Rating Overview"]
["Rating Summary",null,null,"Credit Risk Metrics"]
["Issuer",null,"ING Bank N.V.","Metrics date",null,"2019-02-20"]
["LT Issuer Rating",null,"A","Rating Case Default Rate",null,{"v":0.0896,"d":"8.96%"}]
["ST Issuer Rating",null,"L2","Rating Case Recovery Rate",null,{"v":0.7606,"d":"76.06%"}]
["+Legal and regulatory framework analysis",null,{"v":4,"d":"+4 Notches"},"Expected Loss",null,{"v":0.021450239999999995,"d":"2.15%"}]
["+Liquidity and refinancing risk",null,{"v":1,"d":"+1 Notch"},"Rating Case Breakeven OC",null,{"v":0.2445,"d":"24.45%"}]
["= Rating after 1st uplift",null,"AAA","Program Key Counterparties"]
["Cover Pool & cash flow analysis",null,"BB+","Servicer",null,"ING Bank N.V."]
["+ 2nd rating uplift ",null,"+/-0","Account Bank",null,"ING Bank N.V."]
["Rating covered bond program / Outlook",null,"AAA / Stable","Sponsor",null,"NA"]
[]
["Cover Assets Composition"]
["General Information",null,null,"Property Type"]
["Cover Pool Balance",null,{"v":11623.502110000001,"d":"EUR 11,623.50 m."},"Residential",null,{"v":11623.50211057,"d":"EUR 11,623.50 m."}]
[" Average Seasoning",null,{"v":114.84,"d":"114.84 Months"},"Commercial",null,{"v":0,"d":"EUR 0.00 m."}]
["Total number of exposures",null,{"v":62646,"d":"62,646"},"Other",null,{"v":0,"d":"EUR 0.00 m."}]
["Distribution by type of asset",null,null,"Distribution by Loan size"]
["Mortgages",null,{"v":11623.502110000001,"d":"EUR 11,623.50 m."},"Number of Commercial Loans",null,"NA"]
["Public Sector ",null,{"v":0,"d":"EUR 0.00 m."},"Number of Residential Loans",null,{"v":62646,"d":"62,646"}]
["Shipping",null,{"v":0,"d":"EUR 0.00 m."},"Average Size Commercial Loans (000s)",null,"NA"]
["Substitute Assets",null,{"v":0,"d":"EUR 0.00 m."},"Average Size Residential Loans (000s)",null,{"v":95.65093902707373,"d":"96"}]
["Other",null,{"v":0,"d":"EUR 0.00 m."}]
[]
["Asset-liability Profile",null,null,"Interest Rate "]
{"$rows_empty":12}
["Arrears Distribution",null,null,"Seasoning Distribution"]
{"$rows_empty":11}
["Creditreform Covered Bond Rating"]
["ING Bank N.V."]
["Mortgage Covered Bond Program"]
[]
["LTV Distribution Commercial Loans",null,null,"LTV Distribution Residential Loans"]
["LTV","Nominal","% Loans","LTV","Nominal",null,"% Loans"]
[">0 - <=40 %","NA","NA",">0 - <=40 %",{"v":1255.62718123,"d":"1,255.63"},null,{"v":0.10802485940000624,"d":"10.80%"}]
[">40 - <=50 %","NA","NA",">40 - <=50 %",{"v":962.6917828,"d":"962.69"},null,{"v":0.08282286815473301,"d":"8.28%"}]
[">50 - <=60 %","NA","NA",">50 - <=60 %",{"v":1507.3322476,"d":"1,507.33"},null,{"v":0.12967969836124396,"d":"12.97%"}]
[">60 - <=70 %","NA","NA",">60 - <=70 %",{"v":2198.61415647,"d":"2,198.61"},null,{"v":0.18915247191039425,"d":"18.92%"}]
[">70 - <=80 %","NA","NA",">70 - <=80 %",{"v":2651.05952116,"d":"2,651.06"},null,{"v":0.22807751880125873,"d":"22.81%"}]
[">80 - <=90 %","NA","NA",">80 - <=90 %",{"v":1967.92453253,"d":"1,967.92"},null,{"v":0.16930564590687686,"d":"16.93%"}]
[">90 - <=100 %","NA","NA",">90 - <=100 %",{"v":854.09158,"d":"854.09"},null,{"v":0.07347971135337253,"d":"7.35%"}]
[">100%","NA","NA",">100%",{"v":226.16110878,"d":"226.16"},null,{"v":0.019457226112114447,"d":"1.95%"}]
[]
["Currency Distribution ",null,null,"Loan Distribution by Regions (as % of total Mortgages)"]
["Currency","Covered Bonds","Cover Assets","Region","% Residential Loans",null,"% Commercial Loans"]
["EUR",{"v":9500,"d":"9,500.00 m."},{"v":11623.5021,"d":"11,623.50 m."},"Groningen",{"v":0.02243035,"d":"2.24%"},null,"NA"]
["AUD",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."},"Friesland",{"v":0.02779047,"d":"2.78%"},null,"NA"]
["BRL",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."},"Drenthe",{"v":0.0241194,"d":"2.41%"},null,"NA"]
["CAD",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."},"Overijssel",{"v":0.05471509,"d":"5.47%"},null,"NA"]
["CHF",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."},"Gelderland",{"v":0.10936073,"d":"10.94%"},null,"NA"]
["CZK",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."},"Noord-Holland",{"v":0.22940209,"d":"22.94%"},null,"NA"]
["DKK",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."},"Zuid-Holland",{"v":0.23606869,"d":"23.61%"},null,"NA"]
["GBP",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."},"Zeeland",{"v":0.01361542,"d":"1.36%"},null,"NA"]
["HKD",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."},"Brabant",{"v":0.12132647,"d":"12.13%"},null,"NA"]
["JPY",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."},"Utrecht",{"v":0.09253428,"d":"9.25%"},null,"NA"]
["KRW",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."},"Limburg",{"v":0.02963135,"d":"2.96%"},null,"NA"]
["NOK",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."},"Flevoland",{"v":0.03900567,"d":"3.90%"},null,"NA"]
["PLN",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."}]
["SEK",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."}]
["SGD",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."}]
["USD",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."}]
["Other",{"v":0,"d":"0.00 m."},{"v":0,"d":"0.00 m."}]
[]
["Swap Counterparties"]
["Name","Type of arrangement","LEI"]
["ING Bank N.V.","IRS","3TK20IVIUJ8J3ZU0QE75"]
["ING Bank N.V.","TRS","3TK20IVIUJ8J3ZU0QE75"]
[]
["Swap Agreements"]
["Interest Rate Swap ",null,"Intra-group"]
["Currency Swap ",null,"NA"]

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["Creditreform Covered Bond Rating"]
["ING Bank N.V."]
["Mortgage Covered Bond Program"]
[]
["ISIN Lists"]
["Issuer","ISIN","Coupon Type","Coupon Rate (%)","Issue date","Maturity date"]
["ING Bank N.V.","XS1220086141","Fix",{"v":0.418,"d":"0.42"},"2015-04-16","2025-04-16"]
["ING Bank N.V.","XS1373212460","Floating","EIEUR6M + 0.4","2016-02-29","2023-02-28"]
["ING Bank N.V.","XS1433124457","Floating","EIEUR6M + 0.4","2016-06-15","2024-09-16"]
["ING Bank N.V.","XS1565338743","Fix",{"v":0.8,"d":"0.80"},"2017-02-14","2027-02-12"]
["ING Bank N.V.","XS1264161214","Floating","EIEUR6M + 0.48","2015-07-22","2026-01-22"]
["ING Bank N.V.","XS1333774336","Floating","EIEUR6M + 0.4","2015-12-15","2023-12-15"]
["ING Bank N.V.","XS1373214243","Fix",{"v":0.329,"d":"0.33"},"2016-02-29","2023-02-28"]
["ING Bank N.V.","XS1433124705","Floating","EIEUR6M + 0.4","2016-06-16","2026-09-16"]

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["Creditreform Covered Bond Rating"]
["ING Bank N.V."]
["Mortgage Covered Bond Program"]
[]
["Data Definitions"]
[]
["Field Name","Source","Definition"]
["Cover pool asset class","Issuer","The asset type in the cover pool (public sector assets or mortgage assets)"]
["Legal framework","CRA","The set of legislative and regulatory rules of the respective jurisdiction that regulates the covered bonds (CB) program"]
["Nominal value   ","Issuer","The total amount of outstanding covered bonds as of cut-off date expressed in millions"]
["Cover pool value","Issuer","Aggregate value of all assets in the cover pool as of cut-off date expressed in millions  "]
["WAL maturity covered bonds","Issuer","The weighted average remaining maturity of all outstading covered bonds in years"]
["WAL maturity cover pool","Issuer","The weighted average remaining maturity of all outstading covered assets in years"]
["Repayment method","Issuer","Hard Bullet: Covered bonds are repaid on the maturiry date which cannot be extended\nSoft Bullet: The maturity date of the covered bonds can be extended by a fixed period\nConditional pass-through (CPT): Covered bonds with a scheduled maturity date, and an extension mechanism defined by certain conditions"]
["Overcollateralization ","Issuer","Current OC: The proportion of covel assets that exceeds the proportion of currrently outstanding covered bonds, calculated as ([Cover pool value]/[outstanding covered bonds]-1)*100 \nMin OC: The OC level that the issuer must maintain according to the respective CB legislation\nCommitted OC: The minimum OC level that the issuer has committed to maintain  "]
["Covered bonds coupon type","Issuer","Type of interest rate paid on covered bonds, expressed as a percentage of bond's face value"]
["LT Issuer Rating","CRA","Long-term ratings assess the default risks for each category of a bank’s financial instruments \nwith a residual term-to-maturity of more than one year"]
["ST Issuer Rating","CRA","Short-term ratings assess the default risks for each category of a bank’s financial instruments \nwith a residual term-to-maturity of less than one year"]
["Legal and regulatory framework analysis","CRA","A qualitative assessement of legislative and regulatory rules of the covered bonds program"]
["Liquidity and refinancing risk","CRA","A qualitative assessement of regulatory requirements for liquidity and refinancing risk of the covered bonds program"]
["First rating uplift","CRA","The rating after adding up the notches from Legal and regulatory framework analysis and  Liquidity and refinancing risk with LT Issuer rating"]
["Cover pool and cash flow analysis","CRA","The quantitative assessment of the cover assets and covered bonds at different rating-level stressed scenarios"]
["Second rating upflift","CRA","The rating after adding up the notches from cash-flow analysis with 1st rating uplift (only effective if the rating from cash-flow analysis is higher than the 1st rating uplift)"]
["Metrics date","CRA","The date on which CRA assigned the initial / follow-up rating of the covered bond program "]
["Rating Case Default Rate (RDR)","CRA","Stressed default rate of the cover assets represented by the base case stressed scenario"]
["Rating Case Recovery Rate (RRR)","CRA","Stressed recovery rate of the defaulted assets represented by the base case stressed scenario"]
["Expected Loss","CRA","Stressed loss rate of the cover assets represented by the base case stressed scenario. The expected loss rate has been calculated as [RDR*(1-RRR)] [%]"]
["Rating Case Breakeven OC","CRA","The required stressed OC level compatible with the base case rating"]
["Average Seasoning","Issuer","Average length of the loans from the origination date to the cut-off date in months"]
["Loan Size","Issuer","Average size of the loans (i.e. Total value of cover assets / Number of loans)"]
["LTV","Issuer","The loan-to-value (LTV) is the ratio of a loan to the value of the property securing the loan"]
["LEI","CRA","Legal Entity Identifier (LEI) enables unique identification of legal entities in financial transactions"]
["Arrears Distribution","Issuer","The distrbution of arrears of the cover assets with respect to each asset class"]
["Seasoning Distribution","Issuer","The distrbution of seasoning of the cover assets with respect to each asset class"]
["Asset liability Profile","CRA","The maturity structure of the cover assets and liabilities "]
["% Residential Loans","Issuer","Outstanding value of loans that are secured by the residential property expressed as % of total outstadning loans in the cover pool"]
["% Commercial Loans","Issuer","Outstanding value of loans that are secured by the commercial property expressed as % of total outstadning loans in the cover pool"]
["Fixed Coupon","Issuer","All assets and liabilities in the covered bond program that yield a fixed interest rate"]
["Floating Coupon","Issuer","All assets and liabilities in the covered bond program that have variable interest rates"]
["EIEURxM","Reuters","Euro x Month EURIBOR"]
["EURSWExY","Reuters","Euro x Year Interest Rate Swap Fixing"]

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["Creditreform Covered Bond Rating"]
["ING Bank N.V."]
["Mortgage Covered Bond Program"]
[]
["Disclaimer"]