ING Direct 2015 Annual Report Download - page 136

Contents
Who we are
Report of the
Management
Board
Corporate
Governance
Consolidated
annual accounts
Parent company
annual accounts
Other
information
Additional
information
Notes to the Consolidated annual accounts of ING Bank - continued
WestlandUtrecht Bank
The partial transfer of WestlandUtrecht Bank’s assets and liabilities, in which the commercial operations of WestlandUtrecht Bank will
be combined with the retail banking activities of Nationale-Nederlanden, was announced in November 2012. On 1 July 2013 EUR 3.8
billion of WestlandUtrecht Bank’s Dutch mortgage portfolio, EUR 0.1 billion of consumer lending and EUR 3.7 billion of Dutch savings
portfolio were transferred to Nationale-Nederlanden Bank. To service existing WestlandUtrecht Bank labelled mortgages, insurance
policies and real estate finance agreements, part of WestlandUtrecht Bank became a separate entity within ING Retail Banking
Netherlands. In addition approximately 400 of WestlandUtrecht Bank’s employees were transferred to Nationale-Nederlanden Bank.
All assets and liabilities were transferred at the existing carrying value as included in ING Bank’s balance sheet. This transaction was
completed on 1 July 2013.
In addition, during the second half of 2013 a further amount of EUR 4.2 billion of Dutch mortgages were transferred from
WestlandUtrecht Bank to NN Group. The transfers were made at an arm’s length pricing.
ING Direct
UK Total
Sales proceeds
Cash proceeds1
–7,186
–7,186
Sales proceeds
–7,186
–7,186
Assets
Cash and cash equivalents1
290
290
Loand and advances to customers
6,437
6,437
Miscellaneous other assets
24
24
Liabilities
Customer deposits and other funds on deposits
13,701
13,701
Miscellaneos other liabilities
32
32
Net assets
–6,982
–6,982
% disposed
100
Net assets disposed
–6,982
–6,982
Gain/loss on disposal2
–250
–250
1 Cash outflow / inflow on group companies in the cash flow statement includes in addition to the cash amounts in this table, also cash outflows / inflows on
individually insignificant disposals.
2 The gain/loss on disposal comprises the sales proceeds, the net assets disposed, the expenses directly related to the disposal and the realisation of unrealised
reserves.
46 Principal subsidiaries
For the majority of ING Bank’s principal subsidiaries, ING Bank N.V. has control because it either directly or indirectly owns more than
half of the voting power. For subsidiaries in which the interest held is below 50%, control exists based on the combination of ING Bank’s
financial interest and its rights from other contractual arrangements which result in control over the operating and financial policies of
the entity.
For each of the subsidiaries listed, the voting rights held equal the proportion of ownership interest and consolidation by ING Bank is
based on the majority of ownership.
Most significant companies divested in 2013
ING Bank Annual Report 2015 134