ING Direct 2013 Annual Report Download - page 353

Positive components of the Share of associates reserve and Currency translation reserve cannot be freely distributed. The reserve for cash
flow hedges is included in the Share of associates reserve on a net basis. Retained earnings can be freely distributed, except for an amount
equal to the negative balance in each of the components of the Currency translation reserve and Share of associates reserve. Unrealised
gains and losses on derivatives, other than those used in cash flow hedges, are presented in the profit and loss account and are therefore
part of Retained earnings and are not included in Share of associates reserve.
The total amount of Equity in the parent company annual accounts equals Shareholders’ equity (parent) in the consolidated annual
accounts. Certain components within equity are different, as a result of the following presentation differences between the parent
company accounts and consolidated accounts:
• Unrealised revaluations within consolidated group companies, presented in the Revaluation reserve in the consolidated accounts, are
presented in the Share of associates reserve in the parent company accounts;
• Foreign currency translation on consolidated group companies, presented in the Currency translation reserve in the consolidated
accounts, is presented in the Share of associates reserve in the parent company accounts;
• Revaluations on investment property and certain participations recognised in income and consequently presented in Retained earnings
in the consolidated accounts, is presented in the Share of associates reserve in the parent company accounts.
The total amount of non-distributable reserves is EUR 8,091 million (2012: EUR 13,340 million).
See Note 14 ‘Equity’ in the consolidated annual accounts for additional information, including restrictions with respect to dividend and
repayment of capital.
Change in treasury shares
Amount Number
2013 2012 2013 2012
Opening balance 410 665 30,112,671 49,305,917
Purchased/sold 14 –86 976,907 –14,554,460
Share-based payments –100 –67 –6,698,947 –4,638,786
Other –292 –102 –20,396,576
Closing balance 32 410 3,994,055 3 0,112,671
4 SUBORDINATED LOANS
Subordinated loans
Interest rate Year of issue Due date
Notional amount in
original currency
Balance sheet value
2013 2012
9.000% 2008 Perpetual EUR 10 10 10
8.500% 2008 Perpetual USD 2,000 1,508
8.000% 2008 Perpetual EUR 1,500 1,501 1,502
7.375% 2007 Perpetual USD 1,500 1,025 1,137
6.375% 2007 Perpetual USD 1,045 759 792
5.140% 2006 Perpetual GBP 66 79 81
5.775% 2005 Perpetual USD 364 272 288
6.125% 2005 Perpetual USD 700 486 529
4.176% 2005 Perpetual EUR 169 168 168
Variable 2004 Perpetual EUR 555 566 558
6.200% 2003 Perpetual USD 500 353 369
Variable 2003 Perpetual EUR 430 433 427
7.200% 2002 Perpetual USD 1,10 0 715 820
7.050% 2002 Perpetual USD 800 522 597
Variable 2000 31 December 2030 USD 1,500 1,088 1,137
7,977 9,923
The Subordinated loans rank subordinated to the Other liabilities in a winding-up of ING Group.
Notes to the parent company annual accounts of ING Groep N.V. continued
351ING Group Annual Report 2013
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information