ING Direct 2009 Annual Report Download - page 9

constitutes a significant extension of measures beyond the
restructuring we initiated under the Back to Basics umbrella.
We accepted these far-reaching terms on the assumption that the
EC would treat all state-supported financial institutions equally and
safeguard the level playing field in the EU internal market. However,
following the announcements of restructuring agreements the EC
has entered into with other state-supported financial institutions,
we have strong concerns that the level playing field in the EU
internal market is at risk. Hence, we are appealing the propor-
tionality of the decision, including restrictions on price leadership
imposed in certain markets, in addition to contesting the way the
Commission has calculated the amount of State aid ING received.
We believe it is in the interest of all our stakeholders to use the
opportunities provided by law to let the General Court assess
these elements of the European Commission’s decision.
Looking ahead, we see a promising future for all of our businesses.
We believe that the underlying fundamentals of the bank, the
insurer and the investment management companies are solid.
The bank has strong positions in retail and commercial banking
in Western Europe, is the leading online bank worldwide and has
growing market opportunities in Central and Eastern Europe and
a number of Asian markets. The Insurance business has one of
the largest footprints worldwide, is specialised in life and pension
management services in the mature US and Netherlands markets,
combined with strong positions in the emerging markets of Central
and Eastern Europe, Asia and Latin America.
In 2010 we will work to further improve our operational and
commercial performance, disentangle the banking and insurance
operations, and decide on the best divestment route for our
insurance and investment management businesses. We will
approach this process with the utmost care and diligence
to ensure an orderly and equitable separation taking into
consideration the interests of all stakeholders.
Back to Basics has brought the traditional role of financial institutions,
namely to collect deposits and then channel them back in to the
economy through investment in loans to consumers and business,
to the forefront of day-to-day business at ING. Consumers need
simpler products and this requires greater transparency in the
operations of banks and insurance companies, particularly in
respect of risk diversification and product definition.
Financial institutions have a responsibility for financial education,
informing clients about the characteristics of their product selection
and empowering clients to make informed decisions about their
financial future. Helping consumers understand finance forms a
central part of our Business Principles and many of the initiatives
taken are featured in this Annual Report. We want to be a
company that takes its responsibilities towards society seriously,
is easier to deal with for customers, motivational for employees
and predictable for shareholders.
Tineke Bahlmann, Jeroen van der Veer and Lodewijk de Waal
joined the Supervisory Board in 2009. Following my own
appointment as a member of the Executive Board by the
shareholders in April 2009, Peter Elverding has taken on the role
of chairman of the Supervisory Board. In 2010, Karel Vuursteen,
Piet Hoogendoorn and Harish Manwani will leave the Supervisory
Board. On behalf of my colleagues in the Executive Board and
Supervisory Board, I express our gratitude and appreciation for
the contribution they have made to ING.
Patrick Flynn joined ING in the position of CFO in April 2009. Dick
Harryvan and Jacques de Vaucleroy have decided to leave ING.
I want to thank Dick for three decades of very dedicated service
to ING, and Jacques for his important contribution to ING over
the past 23 years.
2008 and 2009 were difficult for us and hurt our pride. ING
employees deserve a great compliment for the way they have
responded to the changes that were necessary. Their commitment
and dedication will propel us forward again in 2010. On behalf
of the Executive and Management Boards, I want to thank them
deeply for their support, commitment and dedication.
ING Group has returned to profit on an underlying basis. We have
made structural improvements in our operating performance,
while reducing risks and leverage on our balance sheet. Our
businesses are adjusting to the new economic reality and even
in this challenging environment we have made great strides to
improve our commercial results.
Moving forward, our attention will be focused on creating strong
and independent banking and insurance companies. 2010 will be
a year of transition as we work towards the operational separation
of these individual businesses, and prepare them for forging their
own futures.
Jan Hommen
chairman of the Executive Board
ING Group Annual Report 2009 7