ING Direct 2008 Annual Report Download - page 134

ING Group Annual Report 2008
132
2.1 Consolidated annual accounts
Notes to the consolidated balance sheet of ING Group (continued)
Non-trading derivatives by type
2008 2007
Derivatives used in:
– fair value hedges 8,912 958
– cash flow hedges 6,089 3,188
– hedges of net investments in foreign operations 370 352
Other non-trading derivatives 6,402 2,453
21,773 6,951
Designated as at fair value through profit and loss by type
2008 2007
Debt securities 9,963 10,902
Funds entrusted 1,972 756
Subordinated liabilities 1,733 1,876
Other 341 348
14,009 13,882
The change in the fair value of financial liabilities designated as at fair value through profit and loss attributable to changes in the credit
risk of that liability during 2008 was EUR 230 million (2007: EUR 20 million). This change has been determined as the amount of change
in fair value of the financial liability that is not attributable to changes in market conditions that gave rise to market risk (i.e. mainly
interest rate risk based on yield curves).
The amount that ING Group is contractually required to pay at maturity to the holders of financial liabilities designated as at fair value
through profit and loss is EUR 14,336 million (2007: EUR 13,845 million).
21 OTHER LIABILITIES
Other liabilities by type
2008 2007
Deferred tax liabilities 3,602 3,432
Income tax payable 940 877
Pension benefits 609 425
Post-employment benefits 219 232
Other staff-related liabilities 342 355
Other taxation and social security contributions 1,104 1,123
Deposits from reinsurers 909 427
Accrued interest 17,552 13,606
Costs payable 3,764 2,744
Amounts payable to brokers 89 114
Amounts payable to policyholders 2,231 2,283
Reorganisation provision 583 619
Other provisions 969 781
Share-based payment plan liabilities 11 14
Property under development for third parties 175 284
Amounts to be settled 3,753 4,156
Dividend payable 425
Taiwan – liabilities held for sale 15,020
Other 8,235 12,387
60,532 43,859
Other staff-related liabilities include vacation leave provisions, jubilee provisions and disability/illness provisions.
Other mainly relates to year-end accruals in the normal course of business, none of which are individually material.
Deferred taxes are calculated on all temporary differences under the liability method using tax rates applicable to the jurisdictions
in which the Group is liable to taxation.