ING Direct 2015 Annual Report Download - page 74

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
The amount that ING Bank is contractually required to pay at maturity to the holders of financial liabilities designated as at fair value
through profit and loss is EUR 12,220 million (2014: EUR 12,568 million).
19 Other liabilities
2015
2014
Deferred tax liabilities
645
872
Income tax payable
590
442
Net defined benefit liability
498
607
Other post-employment benefits
98
101
Other staff-related liabilities
349
408
Other taxation and social security contributions
565
584
Accrued interest
5,090
5,652
Costs payable
1,874
1,713
Reorganisation provisions
670
728
Other provisions
294
289
Amounts to be settled
2,390
2,475
Other
2,159
2,204
15,222
16,075
Disclosures in respect of deferred tax liabilities are provided in Note 35 ‘Taxation’ and Net defined benefit liabilities are provided in Note
34 ‘Pension and other post-employment benefits’.
Other staff-related liabilities includes vacation leave provisions, variable compensation provisions, jubilee provisions and
disability/illness provisions.
Reorganisation provisions
2015
2014
Opening balance
728
420
Additions
180
487
Releases
–15
–18
Utilised
–226
–161
Exchange rate differences
5
5
Changes in the composition of the group and other changes
–2
–5
Closing balance
670
728
In 2015, Additions to reorganisation provisions is mainly attributable to existing reorganisation initiatives in Retail Netherlands and
Belgium.
In 2014, the increase in Reorganisation provisions mainly included a reorganisation provision of EUR 349 million which was recognised
in the segment Retail Netherlands related to an expected reduction of the workforce of around 1,700 FTE’s over a three year period. In
addition, ING will reduce the number of positions employed by external suppliers by 1,075.
These initiatives are implemented over a period of several years and the estimate of the reorganisation provisions is inherently
uncertain. The provision at balance sheet date represents the best estimate of the expected redundancy costs and are expected to be
sufficient to cover these costs.
Other liabilities by type
Changes in reorganisation provisions
ING Bank Annual Report 2015 72