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Wholesale Banking

Notice on IBOR transition

Dear Client!


As we have already informed you earlier Interbank Offered Rates (IBORs) will be ceased and replaced by risk free rates (Risk Free Rates).


As a result of the cessation of the IBORs, the reference rate in those bank accounts kept in USD that use a London Interbank Offered Rate (LIBOR) as reference rate, shall be replaced by Risk Free Rates from the calendar day following the discontinuation of the reference rate in line with regulatory requirements.


Based on the above we hereby inform you that from 1 July 2023 all references in our List of Terms and Conditions and in our bank account agreements to O/N (overnight) LIBOR applicable to balances on bank accounts denominated in USD currency will be replaced by references to the overnight SOFR, as Risk Free Rates.


This amendment does not affect the applicable margin which remains unchanged for all bank accounts concerned. We further inform you that in case the Risk Free Rate selected by the Bank in line with the recommendation of the regulator and applied as a replacement of the reference rate is not acceptable to you for any reason, you are entitled to terminate the bank account agreement with a 30 days prior written notice, sent to the Bank within 15 days from the receipt of this notice.


We are at your disposal for any questions regarding the above.


Yours faithfully,

ING Bank N.V. Hungary Branch