ING Direct 2009 Annual Report Download - page 117

4 INVESTMENTS
Investments by type
2009 2008
Available-for-sale
– equity securities 8,853 8,822
– debt securities 188,850 234,030
197,703 242,852
Held-to-maturity
– debt securities 14,409 15,440
14,409 15,440
212,112 258,292
The fair value of the securities classified as held to maturity amounts to EUR 14,809 million as at 31 December 2009
(2008: EUR 15,566 million).
Changes in investments – available-for-sale and held-to-maturity
Available-for-sale equity securities Available-for-sale debt securities Held-to-maturity Total
2009 2008 2009 2008 2009 2008 2009 2008
Opening balance 8,822 19,947 234,030 255,950 15,440 16,753 258,292 292,650
Additions 1,590 4,503 161,312 225,703 315 162,902 230,521
Amortisation 84 –48 –30 –33 54 –81
Transfers and
reclassifications 19 154 –29,651 –1,594 689 –28,943 –1,440
Changes in the
composition of the
group and other –1,354 –748 –4,223 –11,6 70 –5,577 –12,418
Changes in unrealised
revaluations 3,151 –4,621 14,994 –14,877 18,145 –19,498
Impairments and reversals –409 –1,916 –2,075 –2,904 –2,484 –4,820
Disposals and
redemptions –3,052 –8,320 –186,968 –217,239 –1,675 –1,640 –191,695 –227,19 9
Exchange rate differences 86 –177 1,347 709 –15 45 1,418 577
Closing balance 8,853 8,822 188,850 234,030 14,409 15,440 212,112 258,292
Included in transfers and reclassifications of available-for-sale and held-to-maturity investments
Available-for-sale equity securities Available-for-sale debt securities Held-to-maturity Total
2009 2008 2009 2008 2009 2008 2009 2008
To/from held-to-
maturity –689 –689
To/from available-for-
sale 689 689
To/from loans and
advances to customers/
amounts due from
banks 10 –28,962 –1,594 –28,952 –1,594
To/from Investment in
associates 9154 9154
19 154 –29,651 –1,594 689 –28,943 –1,440
Reclassifications to investments held to maturity
In 2009 ING Group reclassified EUR 0.7 billion of available-for-sale investments to held-to-maturity. The reclassification resulted from
reduction in market liquidity for these assets; ING Group has the intent and ability to hold these assets until maturity.
Reclassifications to Loans and advances to customers and Amounts due from banks
Reclassifications out of available-for-sale investments to loans and receivables are allowed under IFRS as of the third quarter of 2008. At
the beginning of the first and second quarter of 2009 and in the fourth quarter of 2008 ING Group reclassified certain financial assets
from Investments available-for-sale to Loans and advances to customers and Amounts due from banks. In 2009 EUR 23,355 million
(2008: EUR 1,594 million) was reclassified to Loans and advances to customers and EUR 5,608 million was reclassified to Amounts due
from banks. The Group identified assets, eligible for reclassification, for which at the reclassification date it had an intent to hold for the
foreseeable future.
2.1 Consolidated annual accounts
ING Group Annual Report 2009 115
Notes to the consolidated balance sheet of ING Group (continued)