ING Direct 2004 Annual Report Download - page 94

92 ING Group Annual Report 2004
OTHER LIABILITIES BY REMAINING TERM
Up to 1 to 5 Over Up to 1 to 5 Over
1 year years 5 years 1 year years 5 years
2004 2003
Subordinated loans of group companies 843 2,854 11,978 673 4,217 9,621
Debenture loans 2,604 5,011 1,866 765 6,148 3,048
Loans contracted 3,499 879 162 4,403 794 303
Loans from credit institutions 3,077 343 18 3,029 624 19
Deposits from reinsurers 397 99 53 73 109 57
Income tax 827 238 7 1,121 147 28
Other taxation and social security contributions 423 12 2 520 16 4
Trading portfolio 14,822 12,258 14 44
Payable to credit institutions 2,060 1,598
Other deposits 1,128 171 390 1,316 186 389
Other 8,232 163 15 9,559 34 6
37,912 9,770 14,491 35,315 12,289 13,519
OTHER LIABILITIES BY ACTIVITY
2004 2003
Liabilities relating to direct insurance 1,532 1,983
Liabilities relating to reinsurance 173 298
Non-subordinated debenture loans, loans contracted and deposits of the banking operations are included in Funds entrusted
to and debt securities of the banking operations and in Banks.
Subordinated loans of group companies relates to capital debentures and private loans, which are subordinated to all current
and future liabilities of ING Bank N.V. or Postbank N.V. The average interest rate on the subordinated loans is 5.6%
(2003: 6.1%).
Debenture loans have been issued with an average interest rate of 5.5% (2003: 5.7%) and are repayable in the years 2005 to
2036. The loans are denominated in various currencies. Some of the loans have been converted into U.S. dollars by means of
currency swaps. Others have been converted into loans with a variable-interest rate by means of interest-rate swaps. As at
31 December 2004, loans amounting to EUR 8,540 million (2003: EUR 8,810 million) bore an average fixed-interest rate of
5.6% (2003: 5.9%). The remaining EUR 941 million (2003: EUR 1,151 million) bore an average variable-interest rate of 4.1%
(2003: 4.0%).
The average interest rate of Loans contracted with fixed-interest rates, with a remaining principal amount of EUR 1,045 million
(2003: EUR 1,087 million), was 6.6% (2003: 6.5%). The remaining EUR 3,495 million (2003: EUR 4,413 million) bore an average
variable-interest rate of 1.7% (2003: 1.1%). These loans are repayable in the years 2005 to 2021.
The average interest rate of Loans from credit institutions with fixed-interest rates, with a remaining principal amount of
EUR 2,695 million (2003: EUR 2,556 million), was 2.8% (2003: 2.7%). The remaining EUR 743 million (2003: EUR 1,116 million)
bore an average variable-interest rate of 2.1% (2003: 1.2%). As at 31 December 2004, loans totalling EUR 4 million
(2003: EUR 5 million) were secured by mortgages.
NOTES TO THE CONSOLIDATED BALANCE SHEET
OF ING GROUP (continued)
2.1
ANNUAL ACCOUNTS