ING Direct 2011 Annual Report Download - page 174

Notes to the consolidated annual accounts of ING Group continued
32 JOINT VENTURES
Joint ventures are included proportionally in the consolidated financial statements as follows:
Most significant joint ventures
2011 Interest held (%) Assets Liabilities Income Expenses
Postkantoren B.V. 50 57 69 16 21
KB Life Insurance Company Ltd (1) 49 1,524 1,390 449 434
ING-BOB Life Insurance Company Ltd 50 433 379 97 101
ING Vysya Life Insurance Company Ltd (1) 26 430 411 117 121
Total 2,444 2,249 679 677
(1) Accounted for as joint venture because of joint control.
Most significant joint ventures
2010 Interest held (%) Assets Liabilities Income Expenses
Postkantoren B.V. 50 91 100 30 28
KB Life Insurance Company Ltd (1) 49 1,236 1,118 436 425
ING-BOB Life Insurance Company Ltd 50 333 289 87 85
ING Vysya Life Insurance Company Ltd (1) 26 495 466 127 136
Total 2,155 1,973 680 674
(1) Accounted for as joint venture because of joint control.
33 RELATED PARTIES
In the normal course of business, ING Group enters into various transactions with related parties. Parties are considered to be related if one
party has the ability to control or exercise significant influence over the other party in making financial or operating decisions. Transactions
have taken place on an arm’s length basis and include rendering or receiving of services, leases, transfers under finance arrangements and
provisions of guarantees or collateral.
Transactions with joint ventures and associates
Joint ventures Associates
2011 2010 2011 2010
Receivables 122 114 1,203 1,283
Liabilities 541 12 38
Income received 66144 127
Expenses paid 20 11
Transactions with ING Bank N.V. and ING Verzekeringen N.V.
ING Bank N.V. ING Verzekeringen N.V.
2011 2010 2011 2010
Receivables 7,515 9, 411 2,617 2,095
Liabilities 2,869 736
Income received 868 825 60 184
Expenses paid 306 194
Receivables on ING Bank N.V. and ING Verzekeringen N.V. mainly include long-term funding. Liabilities to ING Bank N.V. mainly include
short-term deposits.
As part of the exchange offers disclosed in Note 14 ‘Subordinated loans’ EUR 0.9 billion intercompany debt from ING Bank N.V.
toINGGroep N.V. was repaid.
Transactions with key management personnel (Executive Board, Management Boards and Supervisory Board) and post-employment
benefit plans are transactions with related parties. These transactions are disclosed in more detail as required by Part 9 Book 2 of the
Dutch Civil Code in the remuneration report in the annual report. The relevant sections of the remuneration report therefore are part
ofthe annual accounts. For the post-employment benefit plans see Note 21 ‘Other liabilities’.
In 2011 ING made a number of changes in the structure and composition of the Management Boards for Insurance and Banking. As of
November 2011 the members of the Management Board Insurance Eurasia and the Management Board Americas Insurance Holdings are
considered to be key management personnel and their compensation is therefore included, from that date, in the tables below. Before
November 2011 the members of the Management Board Insurance Eurasia were members of the Management Board Insurance.
172 ING Group Annual Report 2011