ING Direct 2008 Annual Report Download - page 162

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2.1 Consolidated annual accounts
Additional information to the consolidated balance sheet of ING Group (continued)
The fair values of the financial instruments carried at fair value were determined as follows:
Methods applied in determining fair values of financial assets and liabilities
2008
Reference to
published
price
quotations in
active markets
Valuation
technique
supported by
market inputs
Valuation
technique not
supported by
market inputs Total
Assets
Trading assets 97,946 61,220 1,212 160,378
Investments for risk of policyholders 94,170 893 303 95,366
Non-trading derivatives 15,478 1,003 316,484
Financial assets designated at fair value
through profit and loss 3,658 2,746 1,873 8,277
Available-for-sale investments 150,496 67,740 24,616 242,852
361,748 133,602 28,007 523,357
Liabilities
Trading liabilities 91,308 60,951 357 152,616
Non-trading derivatives 19,845 1,903 25 21,773
Financial liabilities designated at fair value
through profit and loss 5,591 8,354 64 14,009
Investment contracts (for contracts carried at fair value) 11,182 99 11,281
127,926 71,208 545 199,679
Methods applied in determining fair values of financial assets and liabilities
2007
Reference to
published price
quotations in
active markets
Valuation
technique
supported by
market inputs
Valuation
technique not
supported by
market inputs Total
Assets
Trading assets 122,448 70,279 486 193,213
Investments for risk of policyholders 111,723 2,976 128 114 ,827
Non-trading derivatives 6,928 693 16 7,637
Financial assets designated at fair value
through profit and loss 5,012 4,608 1,833 11,453
Available-for-sale investments 204,838 69,306 1,753 275,897
450,949 147, 862 4,216 603,027
Liabilities
Trading liabilities 75,131 73,841 16 148,988
Non-trading derivatives 6,234 620 97 6,951
Financial liabilities designated at fair value
through profit and loss 7,723 6,159 13,882
Investment contracts (for contracts carried at fair value) 12,074 2,058 14,132
101,162 82,678 113 183,953
Reference to published price quotations in active markets
This category includes financial instruments whose fair value is determined directly by reference to published quotes in an active market.
A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange,
dealer, broker, industry group, pricing service or regulatory agency, and those prices represent actual and regularly occurring market
transactions on an arm’s length basis.
This category includes financial instruments for which it is market convention to price these based on a single published reference rate
(e.g. a published yield curve in the case of plain vanilla interest rate swaps). The total amount of these types of financial instruments is
EUR 4,786 million in assets and EUR 4,996 million in liabilities. Certain reverse repos with a very short tenor (i.e. a matter of days) for
which the valuation is based on the actual prices on issuance and maturity, are included in this category on the basis that their valuation
is highly objective and based on a third-party source.
ING Group Annual Report 2008
160