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<TITLE>FORM S-8</TITLE>
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<P align="center" style="font-size: 10pt">As filed with the Securities and Exchange Commission on May&nbsp;19, 2005.



<DIV align="right" style="font-size: 10pt">Registration No.&nbsp;333-</DIV>



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000"></DIV>


<DIV align="center" style="font-size: 18pt"><B>FORM S-8</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>REGISTRATION STATEMENT</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>UNDER</B></DIV>


<DIV align="center" style="font-size: 10pt"><B>THE SECURITIES ACT OF 1933</B></DIV>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000"></DIV>


<P align="center" style="font-size: 24pt"><B>ING GROEP N.V.</B>


<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>


<DIV align="center" style="font-size: 24pt"><B>ING GROUP
N.V.</B></DIV>


<DIV align="center" style="font-size: 10pt">(translation of Registrant&#146;s Name into English)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
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    <TD align="center" valign="top">The Netherlands
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Applicable</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1-14642
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File No.)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification Number)</TD>
</TR>
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</TABLE>
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<P align="center" style="font-size: 10pt">Amstelveenseweg 500,<BR>
1081 KL Amsterdam,<BR>
P.O. Box 810,<BR>
1000 AV Amsterdam,<BR>
The Netherlands<BR>
(Address of Principal Executive Offices)


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000"></DIV>


<DIV align="center" style="font-size: 10pt"><B>ING Group Long Term Equity Ownership Plan</B></DIV>


<DIV align="center" style="font-size: 10pt">(Full Title of Plan)</DIV>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="26%" align="center" color="#000000"></DIV>



<P align="center" style="font-size: 10pt">B. Scott Burton<BR>
Senior Vice-President<BR>
ING North America Insurance Corporation<BR>
5780 Powers Ferry Road, NW<BR>
Atlanta, Georgia 30237-4390<BR>
(770)&nbsp;980-5662<BR>
(Name, address and telephone number,<BR>
including area code, of agent for service)



<P align="center" style="font-size: 10pt">CALCULATION OF REGISTRATION FEE


<DIV align="center">
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    <TD width="1%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering Price Per</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to be Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registered (2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Share</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Options and Rights to
Purchase American
Depositary Shares (1)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">30,000,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">N/A</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">N/A</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">N/A</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Ordinary Shares with a
nominal value of 0.24
euros (EUR 0.24) each of
ING Groep N.V.&nbsp;(1)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">30,000,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$27.54(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$826,200,000(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">$97,243.74</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Bearer Depositary Receipts</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">(4)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">(4)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">(4)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">(4)</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

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<TR valign="top">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">A separate registration statement on Form F-6 (Registration No.&nbsp;333-113697) has been filed
with respect to the American Depositary Shares (&#147;ADSs&#148;) evidenced by American Depositary
Receipts. Each ADS represents one Bearer Depositary Receipt issued by Stichting ING Aandelen
with respect to Ordinary Shares with a nominal value of 0.24 euros (EUR 0.24) each of ING
Groep N.V.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Pursuant to Rule&nbsp;416 under the Securities Act of 1933, this Registration Statement also
covers additional shares that may be necessary to adjust the number of shares reserved for
issuance pursuant to the ING Group Long Term Equity Ownership Plan for any future stock split,
stock dividend or similar adjustment of the outstanding Ordinary Shares and Bearer Depositary
Receipts of the Registrant.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Estimated solely for calculating the amount of the registration fee, pursuant to paragraphs
(c)&nbsp;and (h)&nbsp;of Rule&nbsp;457 under the Securities Act of 1933, as amended, on the basis of the
average of the high and low sales prices of Bearer Depositary Receipts on the Euronext
Amsterdam Stock Market on May&nbsp;13, 2005, within five business days prior to filing, which was
21.78 euros (EUR 21.78). Such euro price was converted to U.S. dollars at U.S.$1.2645 = EUR
1.00, the approximate exchange rate prevailing on May&nbsp;13, 2005.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left">(4)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Includes a like amount of Bearer Depositary Receipts. Pursuant to Rule&nbsp;457(i), no additional
fee is required in connection with the Bearer Depositary Receipts.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">ITEM 4. DESCRIPTION OF SECURITIES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">ITEM 8. EXHIBITS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">ITEM 9. UNDERTAKINGS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y09310exv4w3.htm">EX-4.3: LONG TERM EQUITY OWNERSHIP PLAN</A></TD></TR>
<TR><TD colspan="9"><A HREF="y09310exv23w1.htm">EX-23.1: CONSENT OF ERNST & YOUNG ACCOUNTANTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="y09310exv23w2.htm">EX-23.2: CONSENT OF KPMG ACCOUNTANTS N.V.</A></TD></TR>
<TR><TD colspan="9"><A HREF="y09310exv23w3.htm">EX-23.3: CONSENT OF ERNST & YOUNG</A></TD></TR>
</TABLE>
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<P align="left" style="font-size: 10pt"><B>PART I</B>


<P align="left" style="font-size: 10pt">INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All information required by Part&nbsp;I to be contained in the prospectus is omitted from this
Registration Statement in accordance with the explanatory note to Part&nbsp;I of Form S-8 and Rule&nbsp;428
under the Securities Act of 1933, as amended. This Registration Statement on Form S-8 is filed by
ING Groep, N.V. (the &#147;Company&#148; or &#147;Registrant&#148;) regarding the ING Group Long Term Equity Ownership
Plan (the &#147;Plan&#148;). Documents containing the information required by Part&nbsp;I of the Registration
Statement will be sent or given to Plan Participants as specified by Rule&nbsp;428(b)(1) of the
Securities Act of 1933.


<P align="center" style="font-size: 10pt">-1-
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<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt">PART II



<P align="center" style="font-size: 10pt">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT


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<P align="left" style="font-size: 10pt">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rules of the Securities and Exchange Commission (the &#147;Commission&#148;) allow the Registrant to
&#147;incorporate by reference&#148; information into this Registration Statement. This means that the
Registrant can disclose important information to you by referring you to another document.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant incorporates herein by reference the following documents which have been filed
by the Registrant with the Commission:



<P align="left" style="margin-left:2%; font-size: 10pt">1. The description of the Company&#146;s Ordinary Shares contained in the Registration Statement
on Form 8-A of the Registrant filed on May&nbsp;20, 1997 (File No.&nbsp;1-14642) and reports filed for
purposes of updating that description; and



<P align="left" style="margin-left:2%; font-size: 10pt">2. The
Registrant&#146;s Annual Report on Form 20-F for the fiscal year ended December&nbsp;31, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent designated therein, certain Reports on Form 6-K and all documents subsequently
filed by the Registrant or by the Plan pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), prior to the filing of a
post-effective amendment which indicates that all the securities offered have been sold, or that
deregisters all the securities then remaining unsold, shall be deemed to be incorporated by
reference into, and to be a part of, this Registration Statement from the date of filing of those
documents. The information contained in any such document will automatically update and supersede
any information previously incorporated by reference into this Registration Statement.

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<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 4. DESCRIPTION OF SECURITIES



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Ordinary Shares are registered under Section 12(b) of the Exchange Act.

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<P align="left" style="font-size: 10pt">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of the Registrant and its subsidiaries as of December
31, 2004 and 2003 and for each of the years in the three-year period ended December&nbsp;31, 2004 which
are incorporated by reference from the Registrant&#146;s Annual Report on Form 20-F have been audited by
Ernst &#038; Young Accountants, independent auditors, as set forth in their report therein and
incorporated herein by reference. Their report is based in part on the report of KPMG Accountants
N.V., independent auditors, that is incorporated by reference herein, which, as to the years 2004,
2003 and 2002, is based upon the report of other auditors including the report of Ernst &#038; Young
Reviseurs d&#146;Enterprises S.C.C., independent auditors, that is incorporated by reference herein.
Such consolidated financial statements are incorporated herein by reference in reliance upon such
report given upon the authority of such firm as experts in accounting and auditing.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement relates only to previously issued Ordinary Shares. As a result,
no opinion with respect to the validity of the Ordinary Shares registered hereunder is required.

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<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Articles of Association of the Registrant contain no provisions under which any member of
the Supervisory Board or the Executive Board or officers are indemnified in any manner against any
liability which he may incur in his capacity as such. However, Article&nbsp;35 of the Articles of
Association of the Registrant provides that after the annual accounts are adopted by the General
Meeting of Shareholders, a resolution shall be brought before


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<P align="left" style="font-size: 10pt">the General Meeting of Shareholders to ratify the actions of the members of the Executive Board in
respect of their management and the Supervisory Board in respect of their supervision of the
management in the financial year, to the extent that this is reflected in the financial statements
or has been reported at the General Meeting of Shareholders. Such ratification shall serve to
discharge the members of the Executive Board from liability for their management and to discharge
the supervisory directors from liability for their supervision in the previous financial year,
without prejudice to the provisions of Articles 138 and 149 of Book 2 of the &#147;Civil Code.&#148; Under
Netherlands law, this discharge is not absolute and would not be effective as to any matters not
disclosed to the holders of the Registrant&#146;s Ordinary Shares, Bearer Receipts or American
Depositary Shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain officers and members of the Supervisory Board and the Executive Board of the
Registrant are, to a limited extent, insured under an insurance policy against damages resulting
from their conduct when acting in their capacities as such.

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<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 8. EXHIBITS


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Association of ING Groep N.V. (incorporated by
reference from the Registrant&#146;s Form&nbsp;20-F for the year ended
December&nbsp;31, 2004, filed by the Registrant on April&nbsp;18, 2005).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Amended and Restated Trust Agreement of Stichting ING Aandelen
(incorporated by reference from the Registrant&#146;s Form&nbsp;20-F for the
year ended December&nbsp;31, 2003, filed by the Registrant on March&nbsp;30,
2004).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Group Long Term Equity Ownership Plan</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement among the ING Groep N.V., Stichting ING
Aandelen, as trustee, JPMorgan Chase Bank, as depositary, and the
holders from time to time of American Depositary Receipts issued
thereunder, including the form of American Depositary Receipt
(incorporated by reference from the Registrant&#146;s Registration
Statement on Form&nbsp;F-6 (File No.&nbsp;333-113697), filed by the
Registrant on March&nbsp;17, 2004).</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young Accountants</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG Accountants N.V.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young Reviseurs d&#146;Entreprises S.C.C.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included in signature page)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "ITEM 9. UNDERTAKINGS" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="left" style="font-size: 10pt">ITEM 9. UNDERTAKINGS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:



<P align="left" style="margin-left:2%; font-size: 10pt">(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:



<P align="left" style="margin-left:5%; font-size: 10pt">(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933;



<P align="left" style="margin-left:5%; font-size: 10pt">(ii)&nbsp;To reflect in the prospectus any facts or events arising after the effective
date of this Registration Statement (or the most recent post-effective amendment
thereof) which, individually


<P align="center" style="font-size: 10pt">-3-
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:5%; font-size: 10pt">or in the aggregate, represent a fundamental change in the information set forth in
this Registration Statement;



<P align="left" style="margin-left:5%; font-size: 10pt">(iii)&nbsp;To include any material information with respect to the plan of distribution
not previously disclosed in the Registration Statement or any material change to
such information in this Registration Statement;

<P align="left" style="font-size: 10pt">provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d)
of the Exchange Act that are incorporated by reference in this Registration Statement.




<P align="left" style="margin-left:2%; font-size: 10pt">(2)&nbsp;That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.



<P align="left" style="margin-left:2%; font-size: 10pt">(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant to Section
13(a) or Section 15(d) of the Exchange Act and each filing of an employee benefit plan&#146;s annual
report pursuant to Section 15(d) of the Exchange Act that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act of 1933
and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted against the Registrant by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act of 1933 and will be governed by the final adjudication of such issue.


<P align="center" style="font-size: 10pt">-4-
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt">SIGNATURES



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The Registrant</I>. Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Amsterdam, the Netherlands, on this 18th
day of May, 2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ING GROEP N.V.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
C.&nbsp;Maas
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">C. Maas&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice Chairman of the Executive Board and<br>Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENT, that each person whose signature appears below constitutes
and appoints Cees Maas, Cornelis Blokbergen or Willem Anne Brouwer his or her true and lawful
attorney-in-fact with full power of substitution and resubstitution to sign in his or her name,
place and stead, in any and all capacities, to do any and all things and execute any and all
instruments that such attorney may deem necessary or advisable under the Securities Act of 1933,
and any rules, regulations and requirements of the Commission, including specifically, but without
limiting the generality of the foregoing, the power and authority to sign his or her name in his or
her respective capacity as a member of the Executive Board or officer of the Registrant, this
Registration Statement, any and all amendments (including post-effective amendments) to this
Registration Statement and any other documents filed with the Commission, as fully for all intents
and purposes as he or she might or could do in person, and hereby ratifies and confirms all that
said attorney-in-fact and agent, and his or her substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Chairman of Executive Board<br>
and Chief Executive Officer<br>
(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Michel J. Tilmant
<HR size="1" noshade color="#000000">
Michel J. Tilmant
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Vice Chairman of Executive Board<br>
and Chief Financial Officer<br>
(Principal Financial Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Cees Maas
<HR size="1" noshade color="#000000">
Cees Maas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Member of Executive Board</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Eric F. Boyer de la Giroday
<HR size="1" noshade color="#000000">
Eric F. Boyer de la Giroday
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Member of Executive Board</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Fred S. Hubbell
<HR size="1" noshade color="#000000">
Fred S. Hubbell
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">-5-
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Member of Executive Board</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Eli P. Leenaars
<HR size="1" noshade color="#000000">
Eli P. Leenaars
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Member of Executive Board</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Alexander H.G. Rinnooy Kan
<HR size="1" noshade color="#000000">
Alexander H.G. Rinnooy Kan
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Member of Executive Board</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ Hans K. Verkoren
<HR size="1" noshade color="#000000">
Hans K. Verkoren
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2005</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">Principal Accounting Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
/s/ H. van Barneveld
<HR size="1" noshade color="#000000">
H. van Barneveld
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">May 18, 2005</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Authorized Representative has
duly caused this Registration Statement to be signed on its behalf by the undersigned, solely in
its capacity as the duly authorized representative of ING Groep N.V. in the United States, in The
City of Atlanta, State of Georgia, on May&nbsp;18, 2005.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ING NORTH AMERICA INSURANCE CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Scott Burton
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Scott Burton&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Association of ING Groep N.V. (incorporated by
reference from the Registrant&#146;s Form&nbsp;20-F for the year ended
December&nbsp;31, 2004, filed by the Registrant on April&nbsp;18, 2005).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Amended and Restated Trust Agreement of Stichting ING Aandelen
(incorporated by reference from the Registrant&#146;s Form&nbsp;20-F for the
year ended December&nbsp;31, 2003, filed by the Registrant on March&nbsp;30,
2004).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ING Group Long Term Equity Ownership Plan</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement among ING Groep N.V., Stichting ING
Aandelen, as trustee, JPMorgan Chase Bank, as depositary, and the
holders from time to time of American Depositary Receipts issued
thereunder, including the form of American Depositary Receipt
(incorporated by reference from the Registrant&#146;s Registration
Statement on Form&nbsp;F-6 (File No.&nbsp;333-113697), filed by the
Registrant on March&nbsp;17, 2004).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young Accountants</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG Accountants N.V.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young Reviseurs d&#146;Entreprises S.C.C.</TD>
</TR>
<TR valign="bottom">
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    <TD align="left" valign="top">Power of Attorney (included in signature page)</TD>
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[{"type": "S-8", "sequence": "1", "filename": "y09310sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 47408}]
{"company-data": {"conformed-name": "ING GROEP NV", "cik": "0001039765", "assigned-sic": "6311", "irs-number": "000000000", "state-of-incorporation": "P7", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-125075", "film-number": "05845611"}, "business-address": {"street1": "AMSTELVEENSEWEG 500, 1081 KL AMSTERDAM", "street2": "PO BOX 810, 1000 AV", "city": "AMSTERDAM", "state": "P7", "zip": "0000", "phone": "01131205418534"}, "mail-address": {"street1": "AMSTELVEENSEWEG 500, 1081 KL AMSTERDAM", "street2": "PO BOX 810, 1000 AV", "city": "AMSTERDAM", "state": "P7", "zip": "0000"}}
FORM S-8
Table of Contents
As filed with the Securities and Exchange Commission on May 19, 2005.
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ING GROEP N.V.
(Exact Name of Registrant as Specified in Its Charter)
ING GROUP
N.V.
(translation of Registrant's Name into English)
The Netherlands
Not Applicable
(State or Other Jurisdiction of
1-14642
(IRS Employer
Incorporation or Organization)
(Commission File No.)
Identification Number)
Amstelveenseweg 500,
1081 KL Amsterdam,
P.O. Box 810,
1000 AV Amsterdam,
The Netherlands
(Address of Principal Executive Offices)
ING Group Long Term Equity Ownership Plan
(Full Title of Plan)
B. Scott Burton
Senior Vice-President
ING North America Insurance Corporation
5780 Powers Ferry Road, NW
Atlanta, Georgia 30237-4390
(770) 980-5662
(Name, address and telephone number,
including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Amount
Proposed Maximum
Proposed Maximum
Amount of
Title of Securities
to be
Offering Price Per
Aggregate
Registration
to be Registered
Registered (2)
Share
Offering Price
Fee
Options and Rights to
Purchase American
Depositary Shares (1)
30,000,000
N/A
N/A
N/A
Ordinary Shares with a
nominal value of 0.24
euros (EUR 0.24) each of
ING Groep N.V. (1)
30,000,000
$27.54(3)
$826,200,000(3)
$97,243.74
Bearer Depositary Receipts
(4)
(4)
(4)
(4)
(1)
A separate registration statement on Form F-6 (Registration No. 333-113697) has been filed
with respect to the American Depositary Shares ("ADSs") evidenced by American Depositary
Receipts. Each ADS represents one Bearer Depositary Receipt issued by Stichting ING Aandelen
with respect to Ordinary Shares with a nominal value of 0.24 euros (EUR 0.24) each of ING
Groep N.V.
(2)
Pursuant to Rule 416 under the Securities Act of 1933, this Registration Statement also
covers additional shares that may be necessary to adjust the number of shares reserved for
issuance pursuant to the ING Group Long Term Equity Ownership Plan for any future stock split,
stock dividend or similar adjustment of the outstanding Ordinary Shares and Bearer Depositary
Receipts of the Registrant.
(3)
Estimated solely for calculating the amount of the registration fee, pursuant to paragraphs
(c) and (h) of Rule 457 under the Securities Act of 1933, as amended, on the basis of the
average of the high and low sales prices of Bearer Depositary Receipts on the Euronext
Amsterdam Stock Market on May 13, 2005, within five business days prior to filing, which was
21.78 euros (EUR 21.78). Such euro price was converted to U.S. dollars at U.S.$1.2645 = EUR
1.00, the approximate exchange rate prevailing on May 13, 2005.
(4)
Includes a like amount of Bearer Depositary Receipts. Pursuant to Rule 457(i), no additional
fee is required in connection with the Bearer Depositary Receipts.
TABLE OF CONTENTS
PART I
PART II
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
ITEM 4. DESCRIPTION OF SECURITIES
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
ITEM 8. EXHIBITS
ITEM 9. UNDERTAKINGS
SIGNATURES
EXHIBIT INDEX
EX-4.3: LONG TERM EQUITY OWNERSHIP PLAN
EX-23.1: CONSENT OF ERNST & YOUNG ACCOUNTANTS
EX-23.2: CONSENT OF KPMG ACCOUNTANTS N.V.
EX-23.3: CONSENT OF ERNST & YOUNG
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
All information required by Part I to be contained in the prospectus is omitted from this
Registration Statement in accordance with the explanatory note to Part I of Form S-8 and Rule 428
under the Securities Act of 1933, as amended. This Registration Statement on Form S-8 is filed by
ING Groep, N.V. (the "Company" or "Registrant") regarding the ING Group Long Term Equity Ownership
Plan (the "Plan"). Documents containing the information required by Part I of the Registration
Statement will be sent or given to Plan Participants as specified by Rule 428(b)(1) of the
Securities Act of 1933.
-1-
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
The rules of the Securities and Exchange Commission (the "Commission") allow the Registrant to
"incorporate by reference" information into this Registration Statement. This means that the
Registrant can disclose important information to you by referring you to another document.
The Registrant incorporates herein by reference the following documents which have been filed
by the Registrant with the Commission:
1. The description of the Company's Ordinary Shares contained in the Registration Statement
on Form 8-A of the Registrant filed on May 20, 1997 (File No. 1-14642) and reports filed for
purposes of updating that description; and
2. The
Registrant's Annual Report on Form 20-F for the fiscal year ended December 31, 2004.
To the extent designated therein, certain Reports on Form 6-K and all documents subsequently
filed by the Registrant or by the Plan pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing of a
post-effective amendment which indicates that all the securities offered have been sold, or that
deregisters all the securities then remaining unsold, shall be deemed to be incorporated by
reference into, and to be a part of, this Registration Statement from the date of filing of those
documents. The information contained in any such document will automatically update and supersede
any information previously incorporated by reference into this Registration Statement.
ITEM 4. DESCRIPTION OF SECURITIES
The Ordinary Shares are registered under Section 12(b) of the Exchange Act.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
The consolidated financial statements of the Registrant and its subsidiaries as of December
31, 2004 and 2003 and for each of the years in the three-year period ended December 31, 2004 which
are incorporated by reference from the Registrant's Annual Report on Form 20-F have been audited by
Ernst & Young Accountants, independent auditors, as set forth in their report therein and
incorporated herein by reference. Their report is based in part on the report of KPMG Accountants
N.V., independent auditors, that is incorporated by reference herein, which, as to the years 2004,
2003 and 2002, is based upon the report of other auditors including the report of Ernst & Young
Reviseurs d'Enterprises S.C.C., independent auditors, that is incorporated by reference herein.
Such consolidated financial statements are incorporated herein by reference in reliance upon such
report given upon the authority of such firm as experts in accounting and auditing.
This Registration Statement relates only to previously issued Ordinary Shares. As a result,
no opinion with respect to the validity of the Ordinary Shares registered hereunder is required.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
The Articles of Association of the Registrant contain no provisions under which any member of
the Supervisory Board or the Executive Board or officers are indemnified in any manner against any
liability which he may incur in his capacity as such. However, Article 35 of the Articles of
Association of the Registrant provides that after the annual accounts are adopted by the General
Meeting of Shareholders, a resolution shall be brought before
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Table of Contents
the General Meeting of Shareholders to ratify the actions of the members of the Executive Board in
respect of their management and the Supervisory Board in respect of their supervision of the
management in the financial year, to the extent that this is reflected in the financial statements
or has been reported at the General Meeting of Shareholders. Such ratification shall serve to
discharge the members of the Executive Board from liability for their management and to discharge
the supervisory directors from liability for their supervision in the previous financial year,
without prejudice to the provisions of Articles 138 and 149 of Book 2 of the "Civil Code." Under
Netherlands law, this discharge is not absolute and would not be effective as to any matters not
disclosed to the holders of the Registrant's Ordinary Shares, Bearer Receipts or American
Depositary Shares.
Certain officers and members of the Supervisory Board and the Executive Board of the
Registrant are, to a limited extent, insured under an insurance policy against damages resulting
from their conduct when acting in their capacities as such.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
ITEM 8. EXHIBITS
Exhibit
Number
4.1
Articles of Association of ING Groep N.V. (incorporated by
reference from the Registrant's Form 20-F for the year ended
December 31, 2004, filed by the Registrant on April 18, 2005).
4.2
The Amended and Restated Trust Agreement of Stichting ING Aandelen
(incorporated by reference from the Registrant's Form 20-F for the
year ended December 31, 2003, filed by the Registrant on March 30,
2004).
4.3
ING Group Long Term Equity Ownership Plan
4.4
Form of Deposit Agreement among the ING Groep N.V., Stichting ING
Aandelen, as trustee, JPMorgan Chase Bank, as depositary, and the
holders from time to time of American Depositary Receipts issued
thereunder, including the form of American Depositary Receipt
(incorporated by reference from the Registrant's Registration
Statement on Form F-6 (File No. 333-113697), filed by the
Registrant on March 17, 2004).
23.1
Consent of Ernst & Young Accountants
23.2
Consent of KPMG Accountants N.V.
23.3
Consent of Ernst & Young Reviseurs d'Entreprises S.C.C.
24.1
Power of Attorney (included in signature page)
ITEM 9. UNDERTAKINGS
The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of
1933;
(ii) To reflect in the prospectus any facts or events arising after the effective
date of this Registration Statement (or the most recent post-effective amendment
thereof) which, individually
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Table of Contents
or in the aggregate, represent a fundamental change in the information set forth in
this Registration Statement;
(iii) To include any material information with respect to the plan of distribution
not previously disclosed in the Registration Statement or any material change to
such information in this Registration Statement;
provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d)
of the Exchange Act that are incorporated by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section
13(a) or Section 15(d) of the Exchange Act and each filing of an employee benefit plan's annual
report pursuant to Section 15(d) of the Exchange Act that is incorporated by reference in this
Registration Statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Securities Act of 1933
and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted against the Registrant by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
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Table of Contents
SIGNATURES
The Registrant
. Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Amsterdam, the Netherlands, on this 18th
day of May, 2005.
ING GROEP N.V.
By:
/s/
C. Maas
Name:
C. Maas
Title:
Vice Chairman of the Executive Board and
Chief Financial Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENT, that each person whose signature appears below constitutes
and appoints Cees Maas, Cornelis Blokbergen or Willem Anne Brouwer his or her true and lawful
attorney-in-fact with full power of substitution and resubstitution to sign in his or her name,
place and stead, in any and all capacities, to do any and all things and execute any and all
instruments that such attorney may deem necessary or advisable under the Securities Act of 1933,
and any rules, regulations and requirements of the Commission, including specifically, but without
limiting the generality of the foregoing, the power and authority to sign his or her name in his or
her respective capacity as a member of the Executive Board or officer of the Registrant, this
Registration Statement, any and all amendments (including post-effective amendments) to this
Registration Statement and any other documents filed with the Commission, as fully for all intents
and purposes as he or she might or could do in person, and hereby ratifies and confirms all that
said attorney-in-fact and agent, and his or her substitute or substitutes, may lawfully do or cause
to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities indicated:
Title
Signature
Date
Chairman of Executive Board
and Chief Executive Officer
(Principal Executive Officer)
/s/ Michel J. Tilmant
Michel J. Tilmant
May 18, 2005
Vice Chairman of Executive Board
and Chief Financial Officer
(Principal Financial Officer)
/s/ Cees Maas
Cees Maas
May 18, 2005
Member of Executive Board
/s/ Eric F. Boyer de la Giroday
Eric F. Boyer de la Giroday
May 18, 2005
Member of Executive Board
/s/ Fred S. Hubbell
Fred S. Hubbell
May 18, 2005
-5-
Table of Contents
Title
Signature
Date
Member of Executive Board
/s/ Eli P. Leenaars
Eli P. Leenaars
May 18, 2005
Member of Executive Board
/s/ Alexander H.G. Rinnooy Kan
Alexander H.G. Rinnooy Kan
May 18, 2005
Member of Executive Board
/s/ Hans K. Verkoren
Hans K. Verkoren
May 18, 2005
Principal Accounting Officer
/s/ H. van Barneveld
H. van Barneveld
May 18, 2005
Table of Contents
Pursuant to the requirements of the Securities Act of 1933, the Authorized Representative has
duly caused this Registration Statement to be signed on its behalf by the undersigned, solely in
its capacity as the duly authorized representative of ING Groep N.V. in the United States, in The
City of Atlanta, State of Georgia, on May 18, 2005.
ING NORTH AMERICA INSURANCE CORPORATION
By:
/s/ Scott Burton
Name:
Scott Burton
Title:
Authorized Signatory
Table of Contents
EXHIBIT INDEX
Exhibit
Number
4.1
Articles of Association of ING Groep N.V. (incorporated by
reference from the Registrant's Form 20-F for the year ended
December 31, 2004, filed by the Registrant on April 18, 2005).
4.2
The Amended and Restated Trust Agreement of Stichting ING Aandelen
(incorporated by reference from the Registrant's Form 20-F for the
year ended December 31, 2003, filed by the Registrant on March 30,
2004).
4.3
ING Group Long Term Equity Ownership Plan
4.4
Form of Deposit Agreement among ING Groep N.V., Stichting ING
Aandelen, as trustee, JPMorgan Chase Bank, as depositary, and the
holders from time to time of American Depositary Receipts issued
thereunder, including the form of American Depositary Receipt
(incorporated by reference from the Registrant's Registration
Statement on Form F-6 (File No. 333-113697), filed by the
Registrant on March 17, 2004).
23.1
Consent of Ernst & Young Accountants
23.2
Consent of KPMG Accountants N.V.
23.3
Consent of Ernst & Young Reviseurs d'Entreprises S.C.C.
24.1
Power of Attorney (included in signature page)