ING Direct 2008 Annual Report Download - page 114

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2.1 Consolidated annual accounts
Loans and advances to customers and Amounts due from banks include finance lease receivables, are detailed as follows:
Finance lease receivables
2008 2007
Maturities of gross investment in finance lease
receivables
– within 1 year 6,363 6,473
– more than 1 year but less than 5 years 9,766 8,448
– more than 5 years 4,836 3,753
20,965 18,674
Unearned future finance income on finance leases –3,614 –3,109
Net investment in finance leases 17,351 15,565
Maturities of net investment in finance lease receivables
– within 1 year 5,157 5,337
– more than 1 year but less than 5 years 7,955 7,0 60
– more than 5 years 4,239 3,168
17, 351 15,565
Included in Amounts due from banks 100 232
Included in Loans and advances to customers 17,251 15,333
17, 351 15,565
The allowance for uncollectible finance lease receivables included in the loan loss provisions amounted to EUR 88 million as at
31 December 2008 (2007: EUR 33 million).
No individual finance lease receivable has terms and conditions that materially affect the amount, timing or certainty of the consolidated
cash flows of the Group.
Loan loss provisions analysed by type – banking operations
2008
Netherlands
2007 2008
International
2007 2008
Total
2007
Loans secured by public authorities 2 121
Loans secured by mortgages 167 96 425 203 592 299
Loans guaranteed by credit institutions 11 85 385 14
Other personal lending 120 181 533 374 653 555
Other corporate loans 474 377 805 755 1,279 1,132
761 665 1,850 1,336 2,611 2,001
The closing balance is included in
– Amounts due from banks 11 85 285 13
– Loans and advances to customers 761 654 1,765 1,334 2,526 1,988
761 665 1,850 1,336 2,611 2,001
Changes in loan loss provisions
Insurance operations Banking operations Total
2008 2007 2008 2007 2008 2007
Opening balance 30 37 2,001 2,642 2,031 2,679
Changes in the composition of the group –4 –3 298 –2 95
Write-offs –6 –11 –728 –952 –734 –963
Recoveries 2191 59 93 60
Increase in loan loss provisions 38 81,280 125 1,318 133
Exchange rate differences –1 –1 –50 –19 –51 –20
Other changes –1 15 48 15 47
Closing balance 59 30 2,611 2,001 2,670 2,031
Changes in loan loss provisions relating to insurance operations are presented under Investment income. Changes in the loan loss
provisions relating to banking operations are presented on the face of the profit and loss account.
Notes to the consolidated balance sheet of ING Group (continued)
ING Group Annual Report 2008
112