ING Direct 2004 Annual Report Download - page 88
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86 ING Group Annual Report 2004
11 SUBORDINATED LOANS
Subordinated loans consists of perpetual subordinated bonds issued by ING Groep N.V. These bonds have been issued to raise
hybrid capital for ING Verzekeringen N.V. and Tier-1 capital for ING Bank N.V.
SUBORDINATED LOANS
Balance
National amount Interest rate Year of issue First call date sheet value
2004 2003
EUR 1,000 Variable 2004 30 June 2014 1,000
USD 500 6.2 2003 15 January 2009 366 396
EUR 750 Variable 2003 30 June 2013 750 750
USD 1,100 7.2 2002 15 December 2007 807 872
USD 800 7.05 2002 15 September 2007 586 634
EUR 600 6.5 2001 28 September 2006 600 600
4,109 3,252
EUR 3,743 million (2003: EUR 2,256 million) of these loans has been subsequently provided as subordinated loans by
ING Groep N.V. to ING Bank N.V. under the same conditions as the original bonds.
EUR 366 million (2003: EUR 396 million) has been subsequently provided as subordinated loan by ING Groep N.V. to
ING Verzekeringen N.V. under the same conditions as the original bonds.
12 GENERAL PROVISIONS
GENERAL PROVISONS
2004 2003
Deferred tax liabilities 2,138 1,900
Reorganisations and relocations 253 236
Other 611 604
3,002 2,740
As at 31 December 2004, an amount of EUR 2,457 million (2003: EUR 2,271 million) was expected to be settled after more than
one year from balance sheet date.
MOVEMENTS IN GENERAL PROVISIONS
Deferred tax Reorganisations
liabilities and relocations Other
2004 2003 2004 2003 2004 2003
Opening balance 1,900 2,439 236 255 604 795
Changes in the composition of the group 151 -29 -10 35 -60 74
Additions 772 569 152 62 262 46
Releases -379 -194 -5 -20 -32
Charges -284 -794 -118 -108 -162 -219
Exchange differences -22 -91 -2 -8 -13 -60
Closing balance 2,138 1,900 253 236 611 604
NOTES TO THE CONSOLIDATED BALANCE SHEET
OF ING GROUP (continued)
2.1
ANNUAL ACCOUNTS