ING Direct 2004 Annual Report Download - page 83
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ING Group Annual Report 2004 81
4 LENDING
Lending is subject to credit risk, which means the risk of suffering losses following default by a debtor or counterparty.
Concentrations of credit risk exist when changes in economic, industry or geographical factors similarly affect groups of
counterparties whose aggregate exposure is material in relation to ING Group’s total exposure. Although ING Group’s portfolio
of financial instruments is broadly diversified along industry and product lines, material transactions are completed with other
financial institutions. Additionally, mortgages and loans in the Netherlands represent areas of significant credit exposure.
LENDING ANALYSED BY SECURITY
Nether- Inter- Nether- Inter-
lands national Total lands national Total
2004 2003
Loans to or guaranteed by public authorities 7,295 17,119 24,414 6,473 16,603 23,076
Loans secured by mortgages 103,595 53,156 156,751 94,125 39,604 133,729
Loans guaranteed by credit institutions 414 702 1,116 701 1,289 1,990
Other private lending 6,420 8,473 14,893 7,009 7,813 14,822
Other corporate loans 35,897 88,639 124,536 36,861 86,722 123,583
153,621 168,089 321,710 145,169 152,031 297,200
Provision for loan losses -1,072 -3,172 -4,244 -1,150 -3,494 -4,644
152,549 164,917 317,466 144,019 148,537 292,556
LENDING ANALYSED BY NON-SUBORDINATED AND SUBORDINATED RECEIVABLES
2004 2003
Non-subordinated 317,085 292,016
Subordinated 381 540
317,466 292,556
LENDING ANALYSED BY INDUSTRY
2004 2003
Private sector:
– agriculture, horticulture, forestry and fisheries 2,094 1,797
– manufacturing 27,112 30,503
– service industry 55,746 57,012
– financial institutions 68,897 60,841
– personal 144,083 121,598
– other 6,600 5,881
304,532 277,632
Public authorities 12,934 14,924
317,466 292,556
As at 31 December 2004, assets held under finance lease contracts amounted to EUR 11,506 million (2003: EUR 8,310 million)
and assets held under operating lease contracts amounted to EUR 2,150 million (2003: EUR 3,215 million).
As at 31 December 2004, the balance sheet value of receivables included in Lending, of which interest income was not
recognised in the profit and loss account because realisation of the interest income is almost certainly not to be expected,
amounted to EUR 3,427 million (2003: EUR 3,564 million).
As at 31 December 2004, Lending included receivables with regard to securities which have been acquired in reverse
repurchase transactions related to the banking operations amounting to EUR 44,279 million (2003: EUR 35,703 million).