ING Direct 2011 Annual Report Download - page 125

Changes in available-for-sale and held-to-maturity investments
Available-for-sale
equity securities
Available-for-sale
debt securities Held-to-maturity Total
2011 2010 2011 2010 2011 2010 2011 2010
Opening balance 9,754 8,853 212,793 188,850 11,693 14,409 234,240 212,112
Additions 1,525 2,381 222,020 160,658 141 223,545 163,180
Amortisation –226 –103 –14 –13 –240 –116
Transfers and reclassifications 1,288 12 282 –282 1,288 12
Changes in the composition
of the group and other changes –188 –5 –23,232 –23 –444 –23,864 –28
Changes in unrealised revaluations –845 642 5,645 5,000 4,800 5,642
Impairments –253 –75 –1,485 –735 –1,738 –810
Reversals of impairments 79 11 79 11
Disposals and redemptions –2,023 –2,228 –219,023 –150,569 –2,370 –2,620 –223,416 –155,417
Exchange rate differences 47 174 2,663 9,422 358 2,713 9,654
Closing balance 9,305 9,754 199,234 212,793 8,868 11,693 217,407 234,240
In 2011, Changes in the composition of the group and other changes relates mainly to the classification of ING Direct USA as a disposal
group held for sale. Reference is made to Note 11 ‘Assets and liabilities held for sale’.
Reference is made to Note 37 ‘Investment income’ for details on Impairments.
Transfers and reclassifications of available-for-sale and held-to-maturity investments
Available-for-sale
equity securities
Available-for-sale
debt securities Held-to-maturity Total
2011 2010 2011 2010 2011 2010 2011 2010
To/from held-to-maturity 282 282
To/from available-for-sale –282 –282
To/from investment in associates 1,288 12 1,288 12
1,288 12 282 –282 1,288 12
In 2011, To/from investment in associates in relation to available-for-sale equity securities relates mainly to the real estate funds for which
significant influence ceased to exist due to the sale of ING Real Estate Investment Management.
Held-to-maturity debt securities – sale and reclassification to available-for-sale investments (2010)
In the second quarter of 2010 EUR 51 million of Greek government bonds that were classified as held-to-maturity investments were sold.
Furthermore, EUR 282 million of Greek government bonds were reclassified from held-to-maturity to available-for-sale investments. As the
decisions to sell and reclassify were based on the significant deterioration in the issuer’s creditworthiness compared to the credit rating at
initial recognition, this sale and reclassification does not impact the intent for the remainder of the held-to-maturity investment portfolio.
Reclassifications to Loans and advances to customers and Amounts due from banks (2009 and 2008)
Reclassifications out of available-for-sale investments to loans and receivables are allowed under IFRS-EU as of the third quarter of 2008. In the
second and first quarter of 2009 and in the fourth quarter of 2008 ING Group reclassified certain financial assets from Investments available-for-
sale to Loans and advances to customers and Amounts due from banks. The Group identified assets, eligible for reclassification, for which at the
reclassification date it had the intention to hold for the foreseeable future. The table below provides information on the three reclassifications
made in the fourth quarter of 2008 and the first and second quarter of 2009. Information is provided for each of the three reclassifications (see
columns) as at the date of reclassification and as at the end of the subsequent reporting periods (see rows). This information is disclosed under
IFRS-EU as long as the reclassified assets continue to be recognised in the balance sheet.
Notes to the consolidated annual accounts of ING Group continued
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information
123ING Group Annual Report 2011