ING Direct 2011 Annual Report Download - page 120

As at 31 December 2011, Trading assets included receivables of EUR 40,904 million (2010: EUR 47,894 million) with regard to reverse
repurchase transactions.
Investments for risk of policyholders by type
2011 2010
Equity securities 105,580 109,191
Debt securities 9,612 8,944
Loans and receivables 1,246 2,346
116,438 120,481
The cost of investments for risk of policyholders as at 31 December 2011 was EUR 113,267 million (2010: EUR 113,879 million).
Investments in investment funds (with underlying investments in debt, equity securities, real estate and derivatives) are included under
equity securities.
Non-trading derivatives by type
2011 2010
Derivatives used in
– fair value hedges 3,192 4,127
– cash flow hedges 6,641 4,440
– hedges of net investments in foreign operations 141 81
Other non-trading derivatives 7,185 3,074
17,159 11,722
Other non-trading derivatives mainly include interest rate swaps for which no hedge accounting is applied.
Designated as at fair value through profit and loss by type
2011 2010
Equity securities 45 392
Debt securities 2,967 3,672
Loans and receivables 1,000 570
Other 1,425 1,382
5,437 6,016
Included in the Financial assets designated as at fair value through profit and loss is a portfolio of loans and receivables which is economically
hedged by credit derivatives. The hedges do not meet the criteria for hedge accounting and the loans are recorded at fair value to avoid an
accounting mismatch. The maximum credit exposure of the loans and receivables included in Financial assets designated as at fair value
through profit and loss approximates its carrying value. The cumulative change in fair value of the loans attributable to changes in credit risk
is not significant.
The notional value of the related credit derivatives is EUR 64 million (2010: EUR 205 million). The change in fair value of the credit derivatives
attributable to changes in credit risk since the loans were first designated amounts was EUR –1 million (2010: nil) and the change for the
current year was nil (2010: nil).
The changes in fair value of the (designated) loans attributable to changes in credit risk have been calculated by determining the changes
incredit spread implicit in the fair value of bonds issued by entities with similar credit characteristics.
Other includes investments in private equity funds, hedge funds, other non-traditional investment vehicles and limited partnerships.
Notes to the consolidated annual accounts of ING Group continued
118 ING Group Annual Report 2011