ING Direct 2008 Annual Report Download - page 123

EQUITY
12 SHAREHOLDERS’ EQUITY (PARENT) / NON-VOTING EQUITY SECURITIES
Shareholders’ equity (parent)
2008 2007 2006
Share capital 495 534 530
Share premium 9,182 8,739 8,348
Revaluation reserve –8,502 4,937 9,453
Currency translation reserve –1,918 –1,354 –473
Other reserves 18,077 24,352 20,408
Shareholders’ equity (parent) 17,334 37,20 8 38,266
The Revaluation reserve, Share of associates reserve (included in Other reserves) and Currency translation reserve cannot be freely distributed.
As at 31 December 2008, Other reserves included an amount of EUR 566 million (2007: EUR 566 million; 2006: EUR 566 million) related
to Regio Bank N.V. (formerly Stichting Regio Bank) that cannot be freely distributed.
Share capital
Ordinary shares (par value EUR 0.24)
Number x1,000 Amount
2008 2007 2006 2008 2007 2006
Authorised share capital 4,500,000 3,000,000 3,000,000 1,080 720 720
Unissued share capital 2,436,852 773,555 794,907 585 186 190
Issued share capital 2,063,148 2,226,445 2,205,093 495 534 530
Changes in issued share capital
Ordinary shares (par value EUR 0.24)
Number x1,000 Amount
Issued share capital as at 1 January 2006 2,204,934 530
Issue of shares 96
Exercise of B warrants and options 63
Issued share capital as at 31 December 2006 2,205,093 530
Issue of shares 5,569 1
Exercise of B warrants 15,783 3
Issued share capital as at 31 December 2007 2,226,445 534
Issue of shares 1,848
Buy-back of shares –183,158 –44
Exercise of B warrants 18,013 5
Issued share capital as at 31 December 2008 2,063,148 495
In May 2007, ING announced a plan to adopt a buy-back programme under which it plans to purchase (depositary receipts for) ordinary
shares with a total value of EUR 5 billion over a period of 12 months, beginning in June 2007. On 23 May 2008 this programme was
terminated as ING had almost reached the legal limit then in force for the acquisition of its own shares (10% of the issued share capital).
In total, 183.2 million (depositary receipts for) ordinary shares were repurchased under this programme at an average price of EUR 26.77
and a total consideration of EUR 4.9 billion (98% of the total amount of the share buy back programme as announced). Repurchased
ordinary shares and depositary receipts are included in the table ‘Changes in treasury shares’.
These ordinary shares repurchased, were cancelled in two blocks, effective on 25 June 2008 and 7 October 2008 respectively. These now
form part of the unissued share capital.
Ordinary shares
All ordinary shares are in registered form. No share certificates have been issued. Ordinary shares may be transferred by means of a
deed of transfer. A transfer of ordinary shares requires written acknowledgement by ING Groep N.V. The par value of ordinary shares
is EUR 0.24. The authorised ordinary share capital of ING Group increased in 2008 from 3,000 million shares to 4,500 million shares as
a result from an amendment made to the Articles of Association on 8 October 2008. As at 31 December 2008, 2,063 million of ordinary
shares were issued and fully paid.
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ING Group Annual Report 2008