ING Direct 2015 Annual Report Download - page 63

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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
8 Real estate investments
2015
2014
Opening balance
80
55
Transfers to and from Property in own use
–1
26
Transfers to and from Other assets
–4
Fair value gains/(losses)
3
Disposals
–2
Closing balance
77
80
The total amount of rental income recognised in the profit and loss account for the year ended 31 December 2015 is EUR 6 million
(2014: EUR 9 million). The total amount of contingent rent recognised in the profit and loss account for the year ended 31 December
2015 is nil (2014: nil).
The total amount of direct operating expenses (including repairs and maintenance) in relation to Real estate investments that
generated rental income for the year ended 31 December 2015 is EUR 1 million (2014: EUR 4 million). The total amount of direct
operating expenses (including repairs and maintenance) incurred on Real estate investments that did not generate rental income for
the year ended 31 December 2015 is nil (2014: nil).
in percentages
2015
2014
Most recent appraisal in the current year
79
84
Most recent appraisal one year ago
5
16
Most recent appraisal two years ago
16
100
100
ING Bank’s exposure to real estate is included in the following balance sheet lines:
2015
2014
Real estate investments
77
80
Investments in associates and joint ventures
105
177
Other assets – property development and obtained from foreclosures
212
405
Property and equipment – property in own use
982
1,020
Investments – available-for-sale
51
99
1,427
1,781
1 Excludes exposure to real estate classified as held for sale.
Furthermore, the exposure is impacted by third party interests, leverage in funds and off-balance sheet commitments, resulting in an
overall exposure of EUR 1.3 billion (2014: EUR 1.7 billion). Reference is made to the section ‘Risk management – Market risk’.
9 Property and equipment
2015
2014
Property in own use
982
1,020
Equipment
971
998
Assets under operating leases
74
82
2,027
2,100
Changes in real estate investments
Real estate investments by year of most recent appraisal by independent qualified valuers
Real estate exposure1
Property and equipment by type
ING Bank Annual Report 2015 61