ING Direct 2011 Annual Report Download - page 133

8 PROPERTY AND EQUIPMENT
Property and equipment by type
2011 2010
Property in own use 1,535 1,642
Equipment 1,345 1,435
Assets under operating leases 63,055
2,886 6,132
Property in own use by banking and insurance operations
2011 2010
Banking operations 1,244 1,329
Insurance operations 291 313
1,535 1,642
Changes in property in own use
2011 2010
Opening balance 1,642 1,686
Additions 41 51
Changes in the composition of the group –28
Transfers to and from Real estate investments 31
Transfers to and from Other assets –31 –4
Depreciation –28 –31
Revaluations –21 –20
Impairments –29 –27
Reversal of impairments 11 5
Disposals –27 –43
Exchange rate differences –26 25
Closing balance 1,535 1,642
Gross carrying amount as at 31 December 2,366 2,487
Accumulated depreciation as at 31 December –674 –700
Accumulated impairments as at 31 December –157 –145
Net carrying value as at 31 December 1,535 1,642
Revaluation surplus
Opening balance 528 531
Revaluation in year –28 –3
Released in year –2
Closing balance 498 528
The cost or the purchase price amounted to EUR 1,868 million (2010: EUR 1,959 million). Cost or the purchase price less accumulated
depreciation and impairments would have been EUR 1,036 million (2010: EUR 1,114 million) had property in own use been valued at cost
instead of at fair value.
Property in own use by year of most recent appraisal
by independent qualified valuers
in percentages 2011
Most recent appraisal in 2011 54
Most recent appraisal in 2010 13
Most recent appraisal in 2009 10
Most recent appraisal in 2008 15
Most recent appraisal in 2007 8
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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
131ING Group Annual Report 2011