ING Direct 2015 Annual Report Download - page 73

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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
18 Financial liabilities at fair value through profit and loss
2015
2014
Trading liabilities
88,807
97,091
Non-trading derivatives
4,364
6,357
Designated as at fair value through profit and loss
12,616
13,551
105,787
116,999
Trading liabilities
2015
2014
Equity securities
3,773
4,658
Debt securities
5,342
6,661
Funds on deposit
38,789
37,753
Derivatives
40,903
48,019
88,807
97,091
The decrease in the trading derivatives is mainly due to expiring contracts and changes in fair value resulting from market interest
rates and exchange rates. The decrease is substantially mitigated by a similar decrease in Trading derivative assets. Reference is made
to Note 4 ‘Financial assets at fair value through profit and loss’ for information on trading assets.
Reference is made to Note 41 ‘Transfer of financial assets’ for information on securities lending as well as sale and repurchase
transactions.
Non-trading derivatives
2015
2014
Derivatives used in:
– fair value hedges
2,411
3,210
– cash flow hedges
1,167
1,663
– hedges of net investments in foreign operations
52
100
Other non-trading derivatives
734
1,384
4,364
6,357
Other non-trading derivatives mainly includes interest rate swaps for which no hedge accounting is applied.
Designated as at fair value through profit and loss
2015
2014
Debt securities
11,623
12,417
Funds entrusted
407
409
Subordinated liabilities
586
725
12,616
13,551
In 2015, the change in the fair value of financial liabilities designated as at fair value through profit and loss attributable to changes in
credit risk is EUR 163 million (2014: EUR –98 million) and EUR –119 million (2014: EUR –282 million) on a cumulative basis. This change
has been determined as the amount of change in fair value of the financial liability that is not attributable to changes in market
conditions that gave rise to market risk (i.e. mainly interest rate risk based on yield curves).
Financial liabilities at fair value through profit and loss
Trading liabilities by type
Non-trading derivatives by type
Designated as at fair value through profit and loss by type
ING Bank Annual Report 2015 71