ING Direct 2008 Annual Report Download - page 236

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2.1 Consolidated annual accounts
Capital management (continued)
Capital adequacy and ratios
Quantitative disclosures on capital measures and ratios
Group Insurance Bank
2008 2007 2008 2007 2008 2007
Capital
Available Financial Resources (AFR) 42,135 49,715 14,456 22,710 34,849 31,733
Required Economic Capital (EC) 30,675 36,000 13,681 23,199 22,407 17,927
Ratio EC vs AFR 137% 138% 106% 98% 156% 177%
Target Ratio EC vs AFR 120% 120% 100% 100% 100% 100%
Basel II Tier-1 ratio (Bank)
Year-end actual Tier-1 ratio 9.32% 7.39%
Regulatory minimum Tier-1 ratio 4.00% 4.00%
Target Tier-1 ratio 7.20% 7.20%
Basel II BIS ratio (Bank)
Year-end actual BIS ratio 12.78% 10.32%
Regulatory minimum BIS ratio 8.00% 8.00%
Target BIS ratio 10.80% 10.80%
EU Solvency ratio (Insurance)
Year-end actual EU Solvency ratio 256% 244%
Regulatory minimum EU Solvency ratio 100% 100%
Target EU Solvency ratio 150% 150%
Debt/Equity ratio
Debt/Equity ratio 13.55% 9.53% 8.78% 13.63%
Target Debt/Equity ratio 15.00% 10.00% 15.00% 15.00%
Main credit ratings of ING at 31/12/2008 (1)
Standard & Poor’s Moody’s Fitch
ING Group AA– Aa3 AA–
ING Insurance
– short term A-1+ P-1
– long term AA– A1 AA–
ING Bank
– short term A-1+ P-1 F1+
– long term AA Aa2 AA
– financial strength B
(1) The Standard & Poor’s and Fitch ratings have a negative outlook and the Moody’s ratings have a stable outlook.
ING Group Annual Report 2008
234