ING Direct 2015 Annual Report Download - page 233

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 parent company annual accounts of ING Bank N.V. - continued
2014
Share of
associates
and joint
ventures
reserve
Currency
translation
reserve
Statutory
reserves
Capitalised
software
Total
Opening balance
–1,558
–845
987
253
–1,163
Result for the year
83
83
Unrealised revaluations property in own use
–28
–28
Unrealised revaluations available-for-sale investments and other
640
640
Realised gains/losses transferred to profit and loss account
–85
–85
Changes in cash flow hedge reserve
396
396
Changes in net defined benefit asset/liability remeasurement reserve
–301
–301
Exchange rate differences and other
157
253
410
Changes in composition of the group and other changes
2,400
–9
2,391
Closing balance
1,621
–592
1,070
244
2,343
The Share of associates and joint ventures reserve includes the following components: Reserve for non-distributable retained earnings
of associates of EUR 351 million (2014: EUR 363 million), Revaluation reserve of associates and joint ventures of EUR 1,523 million
(2014: EUR 1,736 million), Currency translation reserve of EUR –24 million (2014: EUR –17 million) and Net defined benefit asset/liability
remeasurement reserve of EUR –400 million (2014: EUR –461 million).
The Statutory reserves relate to non-distributable reserves of EUR 1,201 million (2014: EUR 1,070 million) related to the former
Stichting Regio Bank and the former Stichting Vakbondspaarbank SPN that cannot be freely distributed in accordance with the article
23.1 of the articles of association.
Changes in the value of hedging instruments that are designated as net investment hedges, are included in the line Exchange rate
differences and other.
2015
Retained
earnings
Total
Opening balance
12,849
12,849
Transfer from unappropriated result
2,661
2,661
Employee stock options and share plans
70
70
Dividends
–2,200
–2,200
Changes in the composition of the group and other
90
90
Closing balance
13,470
13,470
2014
Retained
earnings
Total
Opening balance
14,878
14,878
Transfer from unappropriated result
1,532
1,532
Employee stock options and share plans
55
55
Dividends
–1,225
–1,225
Changes in the composition of the group and other
–2,391
–2,391
Closing balance
12,849
12,849
The reserve for cash flow hedges is included in the Share of associates and joint ventures reserve on a net basis. The Revaluation
reserve , Share of associates and joint ventures reserve and Currency translation reserve cannot be freely distributed. Retained
earnings can be freely distributed, except for an amount equal to the negative balance in each of the components of the Revaluation
reserve , Share of associates and joint ventures reserve and the Currency translation 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 and joint ventures reserve.
Changes in legal and statutory reserves
Changes in other reserves
Changes in other reserves
ING Bank Annual Report 2015 231