ING Direct 2009 Annual Report Download - page 119

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Derecognition of Available-for-sale debt securities – Transaction with the Dutch State
ING Group and the Dutch government (‘State’) reached an agreement on an Illiquid Assets Back-Up Facility (‘IABF’) on 26 January 2009;
the transaction closed on 31 March 2009. Under the Facility, ING has transferred 80% of the economic ownership of its Alt-A portfolio
to the Dutch State. This portfolio was included in Available-for-sale debt securities. Reference is made to Note 33 ‘Related parties’ for
more details.
Available-for-sale equity securities by banking and insurance operations
Listed Unlisted Total
2009 2008 2009 2008 2009 2008
Banking operations 3,209 1,418 473 445 3,682 1,863
Insurance operations 3,257 5,083 1,914 1,876 5,171 6,959
6,466 6,501 2,387 2,321 8,853 8,822
Debt securities by banking and insurance operations
Available-for-sale Held-to-maturity Total
2009 2008 2009 2008 2009 2008
Banking operations 88,500 131,502 14,409 15,440 102,909 146,942
Insurance operations 100,350 102,528 100,350 102,528
188,850 234,030 14,409 15,440 203,259 249,470
As at 31 December 2009, the balance sheet value included equity securities which were lent or sold in repurchase transactions amounting
to nil (2008: EUR 182 million) and nil (2008: nil), respectively, and debt securities which were lent or sold in repurchase transactions
amounting to EUR 6,853 million (2008: EUR 9,822 million) and EUR 20,900 million (2008: EUR 35,795 million), respectively.
Borrowed equity securities and convertible bonds are not recognised in the balance sheet and amounted to nil as at 31 December 2009
(2008: nil).
Borrowed debt securities are not recognised in the balance sheet and amounted to EUR 1,842 million as at 31 December 2009
(2008: EUR 166 million).
Investments in connection with the insurance operations with a combined carrying value of EUR 26 million (2008: EUR 47 million) were
non-income-producing for the year ended 31 December 2009.
2.1 Consolidated annual accounts
ING Group Annual Report 2009 117
Notes to the consolidated balance sheet of ING Group (continued)