ING Direct 2008 Annual Report Download - page 111

4 INVESTMENTS
Investments by type
2008 2007
Available-for-sale
– equity securities 8,822 19,947
– debt securities 234,030 255,950
242,852 275,897
Held-to-maturity
– debt securities 15,440 16,753
15,440 16,753
258,292 292,650
The fair value of the securities classified as held to maturity amounts to EUR 15,566 million as at 31 December 2008
(2007: EUR 16,354 million).
Changes in investments – available-for-sale and held-to-maturity
Available-for-sale equity securities Available-for-sale debt securities Held-to-maturity Total
2008 2007 2008 2007 2008 2007 2008 2007
Opening balance 19,947 18,225 255,950 275,696 16,753 17, 660 292,650 311,581
Additions 4,503 7,78 8 225,703 275,497 315 230,521 283,285
Amortisation –48 –181 –33 –59 –81 –240
Transfers and
reclassifications 154 512 –1,594 –1,417 –1,440 –905
Changes in the
composition of
the group and other –748 –536 –11,670 –2,903 –12,418 –3,439
Changes in unrealised
revaluations –4,621 3,379 –14,877 –6,284 –19,498 –2,905
Impairments and
reversals –1,916 –53 –2,904 –133 –4,820 –186
Disposals and
redemptions –8,320 –9,093 –217, 239 –272,106 –1,640 –822 –227,199 –282,021
Exchange rate
differences –177 –275 709 –12,219 45 –26 577 –12,520
Closing balance 8,822 19,947 234,030 255,950 15,440 16,753 258,292 292,650
Included in transfers and reclassifications of available-for-sale and held-to-maturity investments
Available-for-sale equity securities Available-for-sale debt securities Total
2008 2007 2008 2007 2008 2007
To/from available-
for-sale 21 –21
To/from loans and
advances –1 –1,594 –6 –1,594 –7
To/from fair value
through profit
and loss 52 –1,386 –1,334
To/from Investment
in associates 154 438 154 438
To/from Other assets/
Other liabilities 2–4 –2
154 512 –1,594 –1,417 –1,440 –905
Following the amendments to IAS 39 and IFRS 7, ‘Reclassification of Financial Assets’ ING Group reclassified certain financial assets
from Available-for-sale investments to Loans and advances. During the fourth quarter of 2008 ING Group identified assets, eligible under
the amendments, for which, it now has an intent to hold for the foreseeable future. At the reclassifications dates the fair value of the
reclassified assets amounted to EUR 1,594 million. As a result of the reclassification, the presentation is better aligned with the nature
of the portfolios.
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ING Group Annual Report 2008