ING DIRECT Prices A$900m In Mortgage Backed Securities ING Bank (Australia) Limited (“ING Direct”) today announced that it has priced its inaugural public residential mortgage backed securitisation issue, IDOL Trust Series 2010-1. Initially launched at A$500 million in si... October 14, 2010 ING Bank (Australia) Limited (“ING Direct”) today announced that it has priced its inaugural public residential mortgage backed securitisation issue, IDOL Trust Series 2010-1. Initially launched at A$500 million in size, the transaction was upsized to A$900 million due to strong investor demand. The issue securitises a portfolio of residential home loans originated and serviced by ING Direct. Macquarie Bank Limited acted as Arranger for the transaction. Macquarie and Westpac Banking Corporation acted as Joint Lead Managers. The IDOL Trust Series 2010-1 issue comprises the following securities: Class Expected S&P/Moody's Rating Size Expected Weighted Average Life (yrs) Issue Margin over BBSW A1 AAA(sf)/Aaa(sf) A$587.0m 1.89 1.05% A2 AAA(sf)/Aaa(sf) A$250.0m 7.51 1.10% AB AAA(sf)/NR A$31.5m 6.19 Not disclosed B AA-(sf)/NR A$31.5m 6.19 Not disclosed Total   A$900.0m     The issue was oversubscribed and bought by 13 investors including the Australian Office of Financial Management, which purchased the entire Class A2 tranche. The other investors comprised a combination of domestic fund managers and bank balance sheets. ING DIRECT Chief Financial Officer Mark Mullington said the securitisation deal was part of an ongoing strategy to diversify the bank's funding base. “ING DIRECT is committed to growing its mortgage portfolio in coming years and a diversified funding base is a key to that strategy,” Mr Mullington said. “ING DIRECT is also committed providing Australians with an alternative to the big 4 in the mortgage market.” The issue is due to settle on 20 October 2010. Media contact: David Breen Ph: 02 90284347 M: 0412 933 060 david.breen@ingdirect.com.au About ING DIRECT ING DIRECT began operating in Australia in 1999. By doing business online, over the phone and through intermediaries, ING DIRECT keeps it overheads low and passes the savings onto customers in the form of competitive rates. Today, ING DIRECT has grown to become Australia's fifth largest retail bank, with around $22 billion in deposits, more than $37 billion in mortgages and more than 1.4 million customers. Please note ING DIRECT is never abbreviated to ING