ING Direct 2015 Annual Report Download - page 140

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
On 20 December 2012, NN Group entered into a Financial Collateral Pledge Agreement with ING Bank (all obligations expired on 20
March 2014), by which a right of pledge was created in favour of NN Group on certain securities of ING Bank. The pledge served as
security for the duly repayment of the cash deposits that NN Group placed with ING Bank.
Nationale-Nederlanden Bank entered into a service agreement with WestlandUtrecht Bank and RVS Hypotheekbank N.V. on 1 July
2013, for providing certain management services in relation to a housing mortgage loan portfolio of WestlandUtrecht Bank.
Associates and joint ventures
Associates
Joint ventures
2015
2014
2015
2014
Assets
1,803
2
5
0
Liabilities
616
38
4
Off-balance sheet commitments
66
Income received
–213
Expenses paid
Assets, liabilities, commitments and income related to Associates and joint Ventures result from transactions which are executed as
part of the normal Banking business except for the following transactions.
In April 2015, the merger between ING Vysya and Kotak was completed and the legal entity ING Vysya Bank ceased to exist. As a
result of this transaction, ING now holds a stake of 6.5% in the combined company, which operates under the Kotak brand. ING Vysya
is no longer a related party of ING Group. Reference is made Note 5 ‘Investments’ Note 7 ‘Investments in associates and joint
ventures’, Note 11 Assets held for sale’ and Note 50 ‘Other events’.
Key management personnel compensation
Transactions with key management personnel (Executive Board, Management Board and Supervisory Board) and post-employment
benefit plans are transactions with related parties. For post-employment benefit plans, reference is made to Note 34 ‘Pension and
other post-employment benefits’.
In 2015 and 2014, three members of the Management Board of ING Bank were also members of the Executive Board of ING Groep N.V.
The total remuneration of the Executive Board of ING Groep N.V. and the Supervisory Board is borne by ING Groep N.V. The
remuneration of the members and former members of the Executive Board and Supervisory Board are charged in full by ING Group to
its subsidiaries, on the basis of a general allocation formula.
Transactions with ING Bank’s main associates and joint ventures
ING Bank Annual Report 2015 138