ING Direct 2008 Annual Report Download - page 118

2.1 Consolidated annual accounts
8 PROPERTY AND EQUIPMENT
Property and equipment by type
2008 2007
Property in own use 1,841 2,069
Equipment 1,407 1,270
Assets under operating leases 3,148 2,898
6,396 6,237
Property in own use by insurance and banking operations
2008 2007
Insurance operations 394 599
Banking operations 1,447 1,470
1,841 2,069
Changes in property in own use
2008 2007
Opening balance 2,069 2,034
Additions 85 85
Changes in the composition of the group –150 29
Transfers to and from Real estate investments 38 60
Transfers to and from Other assets 559
Depreciation –39 –39
Revaluations –5 –60
Impairments –1
Reversal of impairments 14
Disposals –114 –84
Exchange rate differences –47 –29
Closing balance 1,841 2,069
Gross carrying amount as at 31 December 2,701 2,943
Accumulated depreciation as at 31 December –755 –708
Accumulated impairments as at 31 December –105 –166
Net book value 1,841 2,069
Revaluation surplus
Opening balance 633 693
Revaluation in year –48 19
Released in year 30 –79
Closing balance 615 633
The cost or the purchase price amounted to EUR 2,087 million (2007: EUR 2,310 million). Cost less accumulated depreciation and
impairments would have been EUR 1,226 million (2007: EUR 1,436 million).
Property in own use by year of most recent appraisal by independently qualified valuers (in percentages)
2008
Most recent appraisal in 2008 59
Most recent appraisal in 2007 18
Most recent appraisal in 2006 8
Most recent appraisal in 2005 8
Most recent appraisal in 2004 7
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Notes to the consolidated balance sheet of ING Group (continued)
ING Group Annual Report 2008
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