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Risk management (Tables) | 12 Months Ended
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Dec. 31, 2023
Risk management [abstract] |
Outstandings per line of business |
Outstandings per line of business (*)1, 2, 3
in € million | Wholesale Banking | Retail Benelux | Retail Challengers & Growth Markets | Corporate Line | Total
Rating class | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022
Investment grade | 1 (AAA) | 52,665 | 89,686 | 310 | 324 | 34,373 | 32,492 | 2,284 | 2,529 | 89,631 | 125,032
2-4 (AA) | 67,034 | 49,320 | 7,089 | 7,871 | 52,566 | 40,498 | 6 | 12 | 126,694 | 97,701
5-7 (A) | 95,320 | 79,292 | 44,026 | 45,471 | 88,051 | 61,422 | 147 | 320 | 227,543 | 186,504
8-10 (BBB) | 123,081 | 129,709 | 118,340 | 117,172 | 27,955 | 56,046 | 2,357 | 2,833 | 271,733 | 305,760
Non-Investment grade | 11-13 (BB) | 57,348 | 56,409 | 57,652 | 55,945 | 36,756 | 46,657 |  | 4 | 151,756 | 159,016
14-16 (B) | 12,234 | 13,693 | 16,872 | 14,224 | 12,459 | 11,662 |  |  | 41,565 | 39,579
17 (CCC) | 1,122 | 1,858 | 2,129 | 2,021 | 985 | 1,014 | 392 | 299 | 4,628 | 5,192
Performing Restructuring loans | 18 (CC) | 2,523 | 3,564 | 1,363 | 1,304 | 594 | 519 |  |  | 4,481 | 5,386
19 (C) | 535 | 731 | 876 | 962 | 437 | 490 |  |  | 1,848 | 2,183
Non-performing loans | 20-22 (D) | 4,051 | 4,354 | 4,586 | 4,762 | 3,036 | 2,592 |  |  | 11,673 | 11,708
Total | 415,914 | 428,616 | 253,241 | 250,056 | 257,211 | 253,391 | 5,186 | 5,997 | 931,552 | 938,061
Industry |  |  |  |  |  |  |  |  |  |  |
Private Individuals |  | 2,330 | 32 | 165,447 | 163,243 | 193,610 | 191,556 |  |  | 361,387 | 354,831
Central Banks |  | 70,139 | 80,006 |  |  | 21,740 | 23,541 | 2,269 | 1,495 | 94,147 | 105,043
Natural Resources |  | 40,511 | 44,695 | 1,259 | 1,160 | 624 | 694 |  |  | 42,394 | 46,549
Real Estate |  | 24,904 | 26,426 | 23,675 | 22,648 | 2,936 | 3,439 |  |  | 51,515 | 52,513
Commercial Banks |  | 37,342 | 42,036 | 177 | 194 | 6,006 | 5,721 | 2,515 | 2,911 | 46,040 | 50,862
Non-Bank Financial Institutions |  | 55,313 | 54,274 | 1,400 | 1,379 | 890 | 504 | 286 | 438 | 57,889 | 56,594
Central Governments |  | 45,316 | 41,622 | 2,124 | 2,880 | 5,180 | 3,838 | 1 | 1,016 | 52,621 | 49,356
Transportation & Logistics |  | 27,106 | 25,474 | 4,105 | 4,038 | 1,679 | 1,471 |  |  | 32,890 | 30,982
Utilities |  | 23,324 | 22,683 | 2,024 | 1,865 | 160 | 150 |  |  | 25,509 | 24,698
Food, Beverages & Personal Care |  | 13,503 | 13,681 | 7,307 | 7,356 | 2,576 | 2,585 |  |  | 23,386 | 23,623
Services |  | 9,128 | 9,926 | 11,596 | 11,606 | 1,276 | 981 | 24 | 33 | 22,023 | 22,546
General Industries |  | 12,039 | 11,731 | 5,680 | 5,753 | 3,406 | 3,381 |  |  | 21,126 | 20,865
Lower Public Administration |  | 6,211 | 6,020 | 6,885 | 5,921 | 10,608 | 9,725 |  |  | 23,704 | 21,666
Other | 48,748 | 50,009 | 21,563 | 22,014 | 6,519 | 5,805 | 92 | 104 | 76,922 | 77,932
Total | 415,914 | 428,616 | 253,241 | 250,056 | 257,211 | 253,391 | 5,186 | 5,997 | 931,552 | 938,061
Outstandings per line of business (*) - continued 1, 2, 3
in € million | Wholesale Banking | Retail Benelux | Retail Challengers & Growth Markets | Corporate Line | Total
Region | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022
Europe | Netherlands | 54,938 | 61,143 | 155,792 | 154,253 | 390 | 254 | 2,366 | 2,898 | 213,486 | 218,548
Belgium | 24,171 | 27,144 | 90,450 | 88,767 | 1,294 | 669 | 7 |  | 115,921 | 116,580
Germany | 26,152 | 24,441 | 478 | 463 | 128,407 | 127,764 | 31 | 63 | 155,067 | 152,730
Poland | 20,346 | 16,350 | 9 | 49 | 28,962 | 26,831 |  |  | 49,317 | 43,229
Spain | 11,047 | 10,491 | 109 | 71 | 27,049 | 25,649 | 35 | 25 | 38,240 | 36,237
United Kingdom | 28,587 | 27,735 | 150 | 152 | 125 | 185 | 112 | 107 | 28,974 | 28,179
Luxembourg | 23,805 | 26,113 | 4,880 | 4,953 | 677 | 639 |  | 15 | 29,363 | 31,720
France | 21,528 | 18,484 | 698 | 643 | 2,410 | 4,448 | 14 | 1 | 24,650 | 23,576
Rest of Europe | 65,157 | 77,814 | 367 | 400 | 20,001 | 18,750 | 32 | 24 | 85,558 | 96,989
America | 78,851 | 80,444 | 201 | 190 | 1,841 | 1,795 | 222 | 358 | 81,114 | 82,786
Asia | 49,851 | 46,291 | 69 | 73 | 90 | 121 | 2,365 | 2,504 | 52,374 | 48,989
Australia | 9,409 | 9,817 | 14 | 16 | 45,963 | 46,281 | 2 | 2 | 55,389 | 56,116
Africa | 2,071 | 2,348 | 24 | 28 | 2 | 5 |  |  | 2,098 | 2,381
Total | 415,914 | 428,616 | 253,241 | 250,056 | 257,211 | 253,391 | 5,186 | 5,997 | 931,552 | 938,061
1 Based on credit risk measurement contained in lending, pre-settlement, money market and investment activities.
2 Based on the total amount of credit risk in the respective column using ING’s internal credit risk measurement methodologies. Economic sectors (industry) below 2% are not shown separately but grouped in Other.
3 Geographical areas are based on country of residence, except for private individuals for which the geographical areas are based on the primary country of risk.
Outstandings by economic sectors and geographical area |
Outstandings by economic sectors and geographical area (*) 1
in € million | Region |  |  |  |  |  |  |  |  |  |  |  |  | Total
Industry | Netherlands | Belgium | Germany | Poland | Spain | United Kingdom | Luxembourg | France | Rest of Europe | America | Asia | Australia | Africa | 2023
Private Individuals | 116,530 | 44,637 | 103,151 | 14,860 | 25,452 | 128 | 3,347 | 2,472 | 14,179 | 149 | 121 | 36,340 | 20 | 361,387
Central Banks | 31,017 | 9,756 | 18,945 | 2,530 | 489 | 4,335 | 4,853 |  | 6,166 |  | 13,668 | 2,379 | 9 | 94,147
Natural Resources | 2,623 | 1,346 | 1,017 | 685 | 129 | 3,789 | 2,511 | 429 | 10,608 | 8,237 | 9,785 | 941 | 295 | 42,394
Real Estate | 16,907 | 10,986 | 1,111 | 2,184 | 1,551 | 420 | 3,563 | 2,901 | 3,492 | 3,323 | 1,367 | 3,709 |  | 51,515
Commercial Banks | 1,217 | 404 | 4,050 | 601 | 353 | 4,488 | 5,070 | 4,155 | 6,757 | 9,833 | 8,182 | 719 | 210 | 46,040
Non-Bank Financial Institutions | 2,573 | 1,457 | 5,710 | 2,532 | 652 | 6,837 | 4,631 | 4,274 | 4,269 | 20,118 | 3,884 | 950 |  | 57,889
Central Governments | 1,620 | 9,046 | 699 | 8,614 | 5,491 | 41 | 79 | 2,255 | 9,384 | 13,752 | 520 | 526 | 593 | 52,621
Transportation & Logistics | 3,860 | 2,198 | 1,277 | 1,598 | 658 | 2,113 | 596 | 784 | 8,177 | 3,511 | 7,044 | 456 | 618 | 32,890
Utilities | 2,419 | 1,634 | 3,516 | 792 | 912 | 2,723 | 480 | 619 | 4,469 | 4,424 | 1,306 | 2,041 | 173 | 25,509
Food, Beverages & Personal Care | 7,138 | 3,127 | 550 | 2,242 | 490 | 540 | 1,505 | 1,250 | 2,455 | 2,652 | 1,140 | 281 | 18 | 23,386
Services | 5,073 | 8,463 | 1,725 | 1,325 | 71 | 745 | 502 | 380 | 1,052 | 1,576 | 469 | 642 |  | 22,023
General Industries | 5,746 | 2,604 | 1,193 | 2,827 | 333 | 199 | 649 | 287 | 3,661 | 2,848 | 761 | 18 |  | 21,126
Lower Public Administration | 253 | 6,607 | 5,349 | 669 | 350 |  | 249 | 3,488 | 356 | 1,550 | 7 | 4,826 |  | 23,704
Other | 16,510 | 13,657 | 6,774 | 7,858 | 1,309 | 2,615 | 1,326 | 1,356 | 10,532 | 9,141 | 4,120 | 1,562 | 163 | 76,922
Total | 213,486 | 115,921 | 155,067 | 49,317 | 38,240 | 28,974 | 29,363 | 24,650 | 85,558 | 81,114 | 52,374 | 55,389 | 2,098 | 931,552
Rating class |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade | 170,067 | 71,730 | 136,675 | 31,772 | 29,583 | 24,299 | 24,083 | 18,692 | 56,404 | 63,652 | 44,481 | 44,139 | 24 | 715,602
Non-Investment grade | 40,399 | 40,236 | 16,929 | 15,785 | 8,134 | 4,508 | 5,013 | 5,713 | 25,967 | 16,003 | 6,770 | 10,715 | 1,776 | 197,949
Performing restructuring | 1,433 | 799 | 349 | 830 | 230 | 2 | 105 | 122 | 1,983 | 245 | 72 | 132 | 26 | 6,327
NPL grade | 1,587 | 3,156 | 1,114 | 929 | 293 | 165 | 162 | 124 | 1,205 | 1,213 | 1,051 | 403 | 272 | 11,673
Total | 213,486 | 115,921 | 155,067 | 49,317 | 38,240 | 28,974 | 29,363 | 24,650 | 85,558 | 81,114 | 52,374 | 55,389 | 2,098 | 931,552
1 Geographical areas are based on country of residence, except for private individuals for which the geographical areas are based on the primary country of risk.
Outstandings by economic sectors and geographical area (*) 1
in € million | Region |  |  |  |  |  |  |  |  |  |  |  |  | Total
Industry | Netherlands | Belgium | Germany | Poland | Spain | United Kingdom | Luxembourg | France | Rest of Europe | America | Asia | Australia | Africa | 2022
Private Individuals | 114,625 | 44,193 | 101,529 | 13,767 | 24,865 | 138 | 3,486 | 2,731 | 13,654 | 161 | 131 | 35,528 | 24 | 354,831
Central Banks | 35,202 | 14,338 | 21,041 | 1,060 | 347 | 427 | 6,820 | 35 | 18,092 |  | 4,962 | 2,695 | 24 | 105,043
Natural Resources | 3,084 | 1,356 | 809 | 746 | 169 | 4,442 | 2,764 | 470 | 12,154 | 8,771 | 10,398 | 1,028 | 361 | 46,549
Real Estate | 17,586 | 10,112 | 1,388 | 2,374 | 1,391 | 413 | 3,797 | 3,155 | 3,378 | 3,474 | 1,180 | 4,263 | 2 | 52,513
Commercial Banks | 1,358 | 265 | 3,974 | 551 | 402 | 4,933 | 4,480 | 4,371 | 6,368 | 9,945 | 12,041 | 1,765 | 409 | 50,862
Non-Bank Financial Institutions | 2,710 | 1,041 | 5,054 | 2,299 | 99 | 8,229 | 4,489 | 3,220 | 4,495 | 19,971 | 4,091 | 896 |  | 56,594
Central Governments | 3,342 | 7,716 | 1,179 | 6,578 | 4,578 | 46 | 175 | 1,797 | 8,444 | 13,979 | 333 | 636 | 551 | 49,356
Transportation & Logistics | 3,967 | 2,183 | 608 | 1,300 | 690 | 1,787 | 583 | 733 | 7,808 | 3,378 | 6,806 | 531 | 608 | 30,982
Utilities | 1,551 | 1,630 | 2,814 | 679 | 1,227 | 2,953 | 572 | 980 | 4,302 | 4,347 | 1,545 | 1,897 | 200 | 24,698
Food, Beverages & Personal Care | 7,249 | 3,002 | 573 | 2,334 | 475 | 739 | 1,667 | 469 | 2,668 | 3,245 | 942 | 248 | 13 | 23,623
Services | 4,819 | 8,816 | 1,254 | 1,101 | 67 | 685 | 808 | 1,066 | 1,120 | 1,821 | 357 | 632 |  | 22,546
General Industries | 5,430 | 2,689 | 1,007 | 2,849 | 311 | 330 | 604 | 245 | 3,152 | 2,926 | 1,311 | 9 |  | 20,865
Lower Public Administration | 272 | 5,638 | 5,197 | 644 | 200 |  | 313 | 3,126 | 402 | 1,310 |  | 4,564 |  | 21,666
Other | 17,353 | 13,602 | 6,302 | 6,946 | 1,416 | 3,058 | 1,164 | 1,179 | 10,952 | 9,457 | 4,891 | 1,424 | 188 | 77,932
Total | 218,548 | 116,580 | 152,730 | 43,229 | 36,237 | 28,179 | 31,720 | 23,576 | 96,989 | 82,786 | 48,989 | 56,116 | 2,381 | 938,061
Rating class |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade | 174,971 | 76,244 | 130,285 | 27,501 | 28,556 | 23,160 | 26,053 | 17,545 | 64,884 | 64,206 | 39,903 | 41,476 | 213 | 714,997
Non-Investment grade | 40,325 | 36,036 | 20,967 | 14,596 | 7,330 | 4,634 | 5,442 | 5,814 | 27,617 | 17,615 | 7,638 | 13,914 | 1,858 | 203,786
Performing restructuring | 1,508 | 984 | 579 | 422 | 105 | 41 | 80 | 16 | 2,903 | 311 | 124 | 257 | 239 | 7,569
Non-performing loans | 1,743 | 3,316 | 899 | 710 | 246 | 344 | 145 | 201 | 1,584 | 654 | 1,325 | 470 | 72 | 11,708
Total | 218,548 | 116,580 | 152,730 | 43,229 | 36,237 | 28,179 | 31,720 | 23,576 | 96,989 | 82,786 | 48,989 | 56,116 | 2,381 | 938,061
1 Geographical areas are based on country of residence, except for private individuals for which the geographical areas are based on the primary country of risk.
Cover values including guarantees received |
Cover values including guarantees received (*)
in € million |  | Cover type and value | Collateralisation
2023 | Outstandings | Mortgages | Financial Collateral | Guarantees | Other covers | No Cover | Partially covered | Fully covered
Consumer lending | 360,124 | 804,994 | 22,401 | 25,269 | 29,070 | 6.2% | 2.0% | 91.8%
Business lending | 363,826 | 162,491 | 26,333 | 115,944 | 428,531 | 35.2% | 22.5% | 42.3%
Investment and money market | 158,506 |  |  | 1,040 | 549 | 99.0% | 0.6% | 0.4%
Total lending, investment and money market | 882,455 | 967,485 | 48,735 | 142,252 | 458,149 | 34.8% | 10.2% | 55.0%
of which NPL | 11,653 | 8,880 | 1,609 | 3,204 | 9,241 | 25.7% | 26.9% | 47.4%
Pre-settlement | 49,096 |  |  |  |  |  |  |
Total Group | 931,552 |  |  |  |  |  |  |
Cover values including guarantees received (*)
in € million |  | Cover type and value | Collateralisation
2022 | Outstandings | Mortgages | Financial Collateral | Guarantees | Other covers | No Cover | Partially covered | Fully covered
Consumer lending | 353,323 | 700,961 | 5,626 | 24,231 | 42,817 | 6.2% | 7.6% | 86.2%
Business lending | 379,405 | 167,122 | 29,501 | 118,294 | 438,864 | 37.5% | 22.3% | 40.2%
Investment and money market | 141,432 |  | 5 | 1,213 | 2 | 99.1% | 0.6% | 0.3%
Total lending, investment and money market | 874,160 | 868,083 | 35,132 | 143,738 | 481,683 | 34.8% | 12.9% | 52.3%
of which NPL | 11,637 | 7,738 | 1,007 | 3,648 | 3,045 | 25.2% | 25.7% | 49.2%
Pre-settlement | 63,901 |  |  |  |  |  |  |
Total | 938,061 |  |  |  |  |  |  |
Information about credit quality of financial assets |
Credit quality outstandings (*)
in € million | 2023 | 2022
Performing not past due | 795,942 | 799,990
Business lending performing past due | 8,825 | 7,659
Consumer lending performing past due | 846 | 780
Non-performing | 11,653 | 11,691
Total lending and investment | 817,266 | 820,120
Money market | 65,189 | 54,039
Pre-settlement | 49,096 | 63,901
Total | 931,552 | 938,061
Aging analysis (past due but performing) |
Ageing analysis (past due but performing): Consumer lending portfolio by geographic area, outstandings (*)
in € million | 2023 | 2022
Region | Past due for 1–30 days | Past due for 31–60 days | Past due for 61–90 days | Total | Past due for 1–30 days | Past due for 31–60 days | Past due for 61–90 days | Total
Europe | Belgium | 223 | 43 | 29 | 295 | 294 | 27 | 18 | 339
Germany | 89 | 40 | 18 | 147 | 68 | 34 | 13 | 116
Poland | 76 | 8 | 5 | 89 | 59 | 8 | 4 | 71
Netherlands | 67 | 24 | 6 | 97 | 36 | 10 | 5 | 51
Luxembourg | 21 | 2 | 2 | 25 | 43 | 4 | 2 | 48
Spain | 19 | 13 | 6 | 38 | 13 | 9 | 5 | 27
Rest of Europe | 64 | 19 | 12 | 94 | 62 | 16 | 8 | 86
America | 1 |  |  | 1 | 1 |  |  | 1
Asia |  |  |  | 1 |  |  |  |
Australia | 43 | 15 | 1 | 59 | 29 | 11 | 2 | 42
Total | 602 | 164 | 79 | 846 | 604 | 119 | 57 | 780
Ageing analysis (past due but performing): Business lending portfolio by geographic area, outstandings (*)
in € million | 2023 | 2022
Region | Past due for 1–30 days | Past due for 31–60 days | Past due for 61–90 days | Total | Past due for 1–30 days | Past due for 31–60 days | Past due for 61–90 days | Past due for >90 days | Total
Europe | Belgium | 929 | 98 | 11 | 1,037 | 579 | 49 | 10 |  | 639
United Kingdom | 623 | 659 | 128 | 1,410 | 1,147 | 77 | 512 |  | 1,736
Luxembourg | 577 | 8 | 11 | 596 | 302 | 1 |  |  | 303
Netherlands | 509 | 10 | 12 | 531 | 730 | 30 | 15 |  | 775
Poland | 346 | 26 | 10 | 383 | 279 | 35 | 14 |  | 329
France | 58 | 132 |  | 190 | 83 | 6 |  |  | 90
Germany | 131 | 110 | 1 | 242 | 44 | 16 |  |  | 60
Rest of Europe | 972 | 2 | 2 | 977 | 474 | 239 | 1 | 1 | 715
America | 2,508 | 101 | 41 | 2,650 | 1,901 | 67 | 19 |  | 1,986
Asia | 284 |  | 22 | 306 | 553 | 48 |  |  | 601
Australia | 501 | 1 |  | 502 | 359 | 61 | 4 | 2 | 426
Total | 7,437 | 1,148 | 240 | 8,825 | 6,452 | 629 | 575 | 4 | 7,659
Summary forborne portfolio |
Summary Forborne portfolio (*)
in € million | 2023 | 2022
Business line | Outstandin gs | Of which: performi ng | Of which: non- performing | % of total portfolio | Outstandin gs | Of which: performi ng | Of which: non- performing | % of total portfolio
Wholesale Banking | 6,063 | 3,919 | 2,144 | 1.8% | 8,359 | 5,880 | 2,478 | 2.7%
Retail Banking | 7,026 | 4,128 | 2,898 | 1.4% | 8,080 | 4,973 | 3,107 | 1.6%
Total | 13,089 | 8,047 | 5,042 | 1.5% | 16,438 | 10,853 | 5,585 | 2.0%
Summary Forborne portfolio by forbearance type (*)
in € million | 2023 | 2022
Forbearance type | Outstandin gs | Of which: performi ng | Of which: non- performing | % of total portfolio | Outstandin gs | Of which: performi ng | Of which: non- performing | % of total portfolio
Loan modification | 11,881 | 7,550 | 4,331 | 1.4% | 15,317 | 10,428 | 4,889 | 1.9%
Refinancing | 1,208 | 497 | 711 | 0.1% | 1,121 | 426 | 695 | 0.1%
Total | 13,089 | 8,047 | 5,042 | 1.5% | 16,438 | 10,853 | 5,585 | 2.0%
Wholesale Banking: Forborne portfolio by geographical area (*)
in € million | 2023 | 2022
Region | Outstandings | Of which: performing | Of which: non- | Outstandings | Of which: performing | Of which: non-
performing | performing
Europe | Netherlands | 361 | 301 | 60 | 720 | 630 | 90
Belgium | 454 | 446 | 8 | 659 | 651 | 8
Germany | 288 | 148 | 139 | 580 | 466 | 115
United Kingdom | 583 | 425 | 158 | 1,044 | 721 | 323
Italy | 54 | 19 | 34 | 205 | 157 | 48
Norway | 6 | 0 | 6 | 33 | 0 | 33
Poland | 520 | 519 | 0 | 203 | 189 | 14
Rest of Europe | 1,421 | 1,142 | 279 | 2,176 | 1,749 | 427
America | 1,025 | 532 | 493 | 1,353 | 1,032 | 321
Asia | 1,198 | 277 | 921 | 1,107 | 143 | 964
Australia | 87 | 87 | 0 | 217 | 132 | 85
Africa | 68 | 23 | 45 | 61 | 10 | 51
Total | 6,063 | 3,919 | 2,144 | 8,359 | 5,880 | 2,478
Wholesale Banking: Forborne portfolio by economic sector (*)
in € million | 2023 | 2022
Industry | Outstandings | Of which: performing | Of which: non- performing | Outstandings | Of which: performing | Of which: non- performing
Natural Resources | 788 | 321 | 467 | 1,239 | 603 | 636
Real Estate | 1,320 | 1,254 | 66 | 2,000 | 1,917 | 84
Transportation & Logistics | 315 | 175 | 139 | 1,073 | 868 | 205
Food, Beverages & Personal Care | 866 | 465 | 401 | 1,082 | 543 | 539
Services | 284 | 254 | 30 | 697 | 665 | 32
Automotive | 138 | 98 | 40 | 172 | 125 | 46
Utilities | 510 | 255 | 255 | 469 | 255 | 214
General Industries | 145 | 74 | 71 | 255 | 176 | 80
Retail | 282 | 104 | 178 | 302 | 227 | 76
Chemicals, Health & Pharmaceuticals | 571 | 559 | 11 | 191 | 168 | 23
Builders & Contractors | 133 | 72 | 61 | 168 | 94 | 74
Other | 712 | 287 | 425 | 710 | 240 | 469
Total | 6,063 | 3,919 | 2,144 | 8,359 | 5,880 | 2,478
Retail Banking: Forborne portfolio by geographical area (*)
in € million | 2023 | 2022
Region | Outstandings | Of which: performing | Of which: non- | Outstandings | Of which: performing | Of which: non-
performing | performing
Europe | Netherlands | 1,483 | 981 | 502 | 2,832 | 2,043 | 789
Belgium | 2,153 | 838 | 1,315 | 2,644 | 1,331 | 1,314
Germany | 1,309 | 1,064 | 246 | 804 | 610 | 194
Poland | 852 | 522 | 330 | 588 | 309 | 279
Türkiye | 25 | 15 | 10 | 64 | 31 | 32
Italy | 123 | 51 | 71 | 131 | 52 | 79
Romania | 135 | 49 | 86 | 124 | 53 | 71
Spain | 138 | 118 | 21 | 35 | 15 | 20
Rest of Europe | 88 | 58 | 30 | 73 | 48 | 25
America | 21 | 20 |  | 13 | 12 |
Asia | 2 | 1 | 1 | 3 | 1 | 1
Australia | 697 | 411 | 286 | 768 | 467 | 302
Africa |  |  |  | 1 |  |
Total | 7,026 | 4,128 | 2,898 | 8,080 | 4,973 | 3,107
Non-performing loans: outstandings |
Non-performing Loans: outstandings by economic sector and business lines (*)1
in € million | Wholesale Banking | Retail Benelux | Retail Challengers & Growth Markets | Total
Industry | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022
Private Individuals | 4 |  | 2,210 | 2,174 | 2,206 | 1,954 | 4,419 | 4,129
Natural Resources | 669 | 1,369 | 60 | 34 | 25 | 17 | 754 | 1,421
Food, Beverages & Personal Care | 565 | 672 | 363 | 438 | 157 | 122 | 1,085 | 1,233
Transportation & Logistics | 437 | 367 | 69 | 165 | 65 | 51 | 572 | 583
Services | 101 | 119 | 415 | 448 | 66 | 61 | 582 | 628
Real Estate | 592 | 172 | 398 | 486 | 64 | 54 | 1,053 | 712
General Industries | 111 | 114 | 270 | 268 | 115 | 100 | 497 | 482
Builders & Contractors | 124 | 139 | 291 | 244 | 162 | 110 | 577 | 493
Retail | 207 | 98 | 121 | 107 | 67 | 39 | 395 | 244
Utilities | 331 | 387 | 12 | 7 | 6 | 7 | 348 | 401
Chemicals, Health & Pharmaceuticals | 101 | 175 | 97 | 115 | 35 | 20 | 233 | 310
Telecom | 378 | 288 | 9 | 12 | 3 | 3 | 390 | 303
Other | 412 | 440 | 270 | 260 | 66 | 52 | 748 | 753
Total | 4,034 | 4,340 | 4,583 | 4,759 | 3,036 | 2,592 | 11,653 | 11,691
1 Based on lending and investment outstandings.
Non-performing Loans: outstandings by economic sectors and geographical area (*)
in € million | Region |  |  |  |  |  |  |  |  |  |  |  |  | Total
Industry | Netherlands | Belgium | Germany | Poland | Spain | United Kingdom | France | Luxembourg | Rest of Europe | America | Asia | Australia | Africa | 2023
Private Individuals | 609 | 1,535 | 885 | 225 | 235 | 3 | 8 | 45 | 489 | 2 | 2 | 380 | 1 | 4,419
Natural Resources | 30 | 60 | 1 | 23 |  |  |  | 55 | 164 | 31 | 369 |  | 20 | 754
Food, Beverages & Personal Care | 281 | 157 | 1 | 131 |  | 139 | 7 |  | 158 | 82 | 128 |  |  | 1,085
Transportation & Logistics | 110 | 50 | 2 | 51 | 47 | 20 |  | 1 | 168 | 49 | 1 | 2 | 72 | 572
Services | 121 | 342 | 2 | 55 | 2 |  | 3 | 8 | 13 | 37 |  |  |  | 582
Real Estate | 40 | 297 | 53 | 55 | 9 |  | 36 | 16 | 7 | 519 |  | 21 |  | 1,053
General Industries | 145 | 127 | 49 | 99 |  |  | 2 | 7 | 24 | 42 |  |  |  | 497
Builders & Contractors | 113 | 181 | 2 | 135 |  |  |  | 22 | 91 | 32 |  |  |  | 577
Retail | 51 | 82 | 36 | 52 |  |  | 2 |  | 14 | 149 | 7 |  |  | 395
Utilities | 14 | 5 |  | 21 |  |  |  |  | 18 | 153 | 138 |  |  | 348
Chemicals, Health & Pharmaceuticals | 31 | 77 | 13 | 25 |  |  | 64 |  | 11 | 12 |  |  |  | 233
Telecom | 12 | 1 | 28 | 3 |  |  |  |  | 13 | 56 | 277 |  |  | 390
Other | 28 | 239 | 42 | 55 |  | 2 | 1 | 6 | 23 | 46 | 128 |  | 179 | 748
Total | 1,586 | 3,153 | 1,114 | 929 | 293 | 165 | 124 | 162 | 1,193 | 1,210 | 1,050 | 403 | 272 | 11,653
Non-performing Loans: outstandings by economic sectors and geographical area (*)
in € million | Region |  |  |  |  |  |  |  |  |  |  |  |  | Total
Industry | Netherlands | Belgium | Germany | Poland | Spain | United Kingdom | France | Luxembourg | Rest of Europe | America | Asia | Australia | Africa | 2022
Private Individuals | 574 | 1,538 | 739 | 185 | 194 | 4 | 11 | 36 | 470 | 3 | 4 | 370 | 1 | 4,129
Natural Resources | 57 | 33 |  | 14 |  |  |  | 53 | 432 | 77 | 649 | 85 | 21 | 1,421
Food, Beverages & Personal Care | 310 | 179 | 24 | 109 |  | 173 | 7 |  | 228 | 77 | 126 |  |  | 1,233
Transportation & Logistics | 232 | 58 | 1 | 36 | 47 | 20 |  | 2 | 154 | 24 | 7 | 1 |  | 583
Services | 136 | 375 | 2 | 43 | 5 |  | 3 | 2 | 21 | 40 |  |  |  | 628
Real Estate | 89 | 376 |  | 54 |  | 84 | 25 | 19 | 7 | 47 |  | 11 |  | 712
General Industries | 127 | 142 | 17 | 78 |  |  | 31 | 2 | 26 | 58 |  |  |  | 482
Builders & Contractors | 65 | 187 | 2 | 86 |  |  |  | 20 | 101 | 32 |  |  |  | 493
Retail | 31 | 85 | 38 | 26 |  |  | 18 | 1 | 13 | 22 | 7 | 2 |  | 244
Utilities | 6 | 6 | 26 | 23 |  |  |  |  | 17 | 194 | 129 |  |  | 401
Chemicals, Health & Pharmaceuticals | 51 | 100 | 2 | 15 |  | 14 | 100 |  | 28 |  |  |  |  | 310
Telecom | 24 | 1 |  | 3 |  |  |  |  |  | 5 | 270 |  |  | 303
Other | 40 | 232 | 48 | 38 |  | 50 |  | 10 | 79 | 75 | 130 |  | 51 | 753
Total | 1,742 | 3,312 | 899 | 710 | 246 | 344 | 196 | 145 | 1,578 | 654 | 1,324 | 470 | 72 | 11,691
Gross carrying amount per IFRS 9 stage and rating class |
Gross carrying amount per IFRS 9 stage and rating class (*)1,2,3
in € million | 12-month ECL (Stage 1) | Lifetime ECL not credit impaired (Stage 2) | Lifetime ECL credit impaired (Stage 3) | Total
2023
Rating class | Gross Carrying Amount | Provisions | Gross Carrying Amount | Provisions | Gross Carrying Amount | Provisions | Gross Carrying Amount | Provisions
Investment grade | 1 (AAA) | 87,071 | 1 | 439 |  |  |  | 87,510 | 1
2-4 (AA) | 132,159 | 8 | 2,553 | 2 |  |  | 134,711 | 9
5-7 (A) | 231,018 | 24 | 6,188 | 6 |  |  | 237,206 | 30
8-10 (BBB) | 302,967 | 85 | 17,004 | 24 |  |  | 319,971 | 108
Non-Investment grade | 11-13 (BB) | 157,387 | 226 | 19,273 | 93 |  |  | 176,661 | 319
14-16 (B) | 26,414 | 164 | 19,336 | 455 |  |  | 45,750 | 618
17 (CCC) | 617 | 10 | 4,125 | 233 |  |  | 4,742 | 242
Performing Restructuring | 18 (CC) |  |  | 4,617 | 402 |  |  | 4,617 | 402
19 (C) |  |  | 1,919 | 221 |  |  | 1,919 | 221
Non-performing loans | 20-22 (D) |  |  |  |  | 11,956 | 3,887 | 11,956 | 3,887
Total | 937,633 | 517 | 75,454 | 1,435 | 11,956 | 3,887 | 1,025,043 | 5,839
1 Compared to the credit risk portfolio, the differences are mainly undrawn committed amounts (€151 billion) and other positions (€9 billion) not included in credit outstandings and non-IFRS 9 eligible assets (€67 billion, mainly pre-settlement exposures) included in credit outstandings but not in the gross carrying amounts. 2 Includes impact from change in accounting policy as disclosed in table Changes in gross carrying amounts and loan loss provisions. 3 Stage 3 lifetime credit impaired provision includes €11 million on purchased or originated credit impaired.
Gross carrying amount per IFRS 9 stage and rating class (*)1,2
in € million | 12-month ECL (Stage 1) | Lifetime ECL not credit impaired (Stage 2) | Lifetime ECL credit impaired (Stage 3) | Total
2022
Rating class | Gross Carrying Amount | Provisions | Gross Carrying Amount | Provisions | Gross Carrying Amount | Provisions | Gross Carrying Amount | Provisions
Investment grade | 1 (AAA) | 100,885 | 2 | 284 |  |  |  | 101,169 | 2
2-4 (AA) | 98,181 | 5 | 2,493 | 1 |  |  | 100,675 | 6
5-7 (A) | 177,617 | 23 | 4,596 | 4 |  |  | 182,214 | 27
8-10 (BBB) | 321,308 | 98 | 14,714 | 29 |  |  | 336,023 | 127
Non-Investment grade | 11-13 (BB) | 155,910 | 277 | 17,365 | 91 |  |  | 173,275 | 368
14-16 (B) | 23,649 | 168 | 19,386 | 471 |  |  | 43,035 | 639
17 (CCC) | 7,671 | 8 | 4,572 | 194 |  |  | 12,244 | 202
Performing Restructuring | 18 (CC) |  |  | 5,198 | 595 |  |  | 5,198 | 595
19 (C) |  |  | 2,116 | 293 |  |  | 2,116 | 293
Non-performing loans | 20-22 (D) |  |  |  |  | 11,708 | 3,841 | 11,708 | 3,841
Total | 885,222 | 581 | 70,725 | 1,679 | 11,708 | 3,841 | 967,655 | 6,101
1 Compared to the credit risk portfolio, the differences are mainly undrawn committed amounts (€150.1 billion) and other positions (€4.4 billion) not included in credit outstandings and non-IFRS 9 eligible assets (€116.1 billion, mainly guarantees, letters of credit and pre- settlement exposures) included in credit outstandings but not in the gross carrying amounts. 2 IAS 37 provisions are established for non-credit replacement guarantees not in the scope of IFRS 9. Total IAS 37 provisions (€109 million) are excluded.
Changes in loan loss provisions and gross carrying amounts |
Changes in gross carrying amounts and loan loss provisions (*)1, 2
in € million | 12-month ECL (Stage 1) | Lifetime ECL not credit impaired (Stage 2) | Lifetime ECL credit impaired (Stage 3) | Total
2023 | Gross carrying amount | Provisions | Gross carrying amount | Provisions | Gross carrying amount | Provisions | Gross carrying amount | Provisions
Opening balance | 885,222 | 581 | 70,725 | 1,679 | 11,708 | 3,841 | 967,655 | 6,101
Impact of changes in accounting policies | 37,078 | 9 | 4,704 | 13 | 158 | 73 | 41,939 | 95
Adjusted Opening balance | 922,300 | 590 | 75,429 | 1,692 | 11,866 | 3,914 | 1,009,595 | 6,196
Transfer into 12-month ECL (Stage 1) | 11,832 | 28 | -11,583 | -239 | -249 | -36 |  | -247
Transfer into lifetime ECL not credit impaired (Stage 2) | -29,470 | -67 | 30,185 | 449 | -716 | -105 |  | 277
Transfer into lifetime ECL credit impaired (Stage 3) | -2,053 | -10 | -1,775 | -115 | 3,828 | 978 |  | 853
Net remeasurement of loan loss provisions |  | -149 |  | -94 |  | 59 |  | -184
New financial assets originated or purchased | 195,775 | 204 |  |  |  |  | 195,775 | 204
Financial assets that have been derecognised | -121,991 | -72 | -14,239 | -215 | -1,475 | -266 | -137,705 | -553
Net drawdowns and repayments | -38,758 |  | -2,525 |  | -229 |  | -41,511 |
Changes in models/risk parameters |  | 8 |  | 10 |  | 84 |  | 102
Increase in loan loss provisions |  | -58 |  | -204 |  | 714 |  | 452
Write-offs | -3 | -3 | -38 | -38 | -1,070 | -1,070 | -1,111 | -1,111
Recoveries of amounts previously written off |  |  |  |  |  | 71 |  | 71
Foreign exchange and other movements |  | -12 |  | -15 |  | 258 |  | 231
Closing balance | 937,633 | 517 | 75,454 | 1,435 | 11,956 | 3,887 | 1,025,043 | 5,839
1 Stage 3 lifetime credit impaired provision includes €11 million on purchased or originated credit impaired. 2 The addition to the loan provision (in the consolidated statement of profit or loss) amounts to €520 million of which €483 million related to IFRS 9 eligible financial assets, -€31 million related to non-credit replacement guarantees and €68 million to modification gains and losses on restructured financial assets.
Changes in gross carrying amounts and loan loss provisions (*)1, 2
in € million | 12-month ECL (Stage 1) | Lifetime ECL not credit impaired (Stage 2) | Lifetime ECL credit impaired (Stage 3)1 | Total
2022 | Gross carrying amount | Provisions | Gross carrying amount | Provisions | Gross carrying amount | Provisions | Gross carrying amount | Provisions
Opening balance | 890,386 | 501 | 49,476 | 1,016 | 12,072 | 3,851 | 951,934 | 5,368
Transfer into 12-month ECL (Stage 1) | 8,513 | 21 | -8,105 | -142 | -408 | -47 |  | -168
Transfer into lifetime ECL not credit impaired (Stage 2) | -42,439 | -76 | 43,222 | 730 | -784 | -90 |  | 564
Transfer into lifetime ECL credit impaired (Stage 3) | -3,524 | -8 | -1,216 | -82 | 4,740 | 1,234 |  | 1,144
Net remeasurement of loan loss provisions |  | 8 |  | 223 |  | 199 |  | 430
New financial assets originated or purchased | 248,443 | 228 |  |  |  |  | 248,443 | 228
Financial assets that have been derecognised | -138,250 | -70 | -11,312 | -94 | -2,805 | -215 | -152,366 | -379
Net drawdowns and repayments | -77,907 |  | -1,340 |  | 21 |  | -79,226 |
Changes in models/risk parameters |  | -8 |  | 13 |  | 25 |  | 30
Increase in loan loss provisions |  | 95 |  | 648 |  | 1,106 |  | 1,849
Write-offs |  |  |  | -1 | -1,129 | -1,129 | -1,129 | -1,130
Recoveries of amounts previously written off |  |  |  |  |  | 71 |  | 71
Foreign exchange and other movements |  | -15 |  | 16 |  | -58 |  | -57
Closing balance | 885,222 | 581 | 70,725 | 1,679 | 11,708 | 3,841 | 967,655 | 6,101
1 Stage 3 Lifetime credit impaired provision includes €7 million on purchased or originated credit impaired.
2 The addition to the loan provision (in the consolidated statement of profit or loss) amounts to €1,861 million of which €1,850 million related to IFRS 9 eligible financial assets, -€3 million related to non-credit replacement guarantees and €14 million to modification gains and losses on restructured financial assets.
Financial assets modified |
Financial assets modified (*)
in € million | 2023 | 2022
Financial assets modified during the period |  |
Amortised cost before modification | 1,565 | 1,304
Net modification results | -75 | -124
Financial assets modified since initial recognition |  |
Gross carrying amount at 31 December of financial assets for which loss allowance has changed to 12-month measurement during the period | 2,599 | 2,382
Management Adjustments |
Management adjustments to ECL models (*)
in € million | 2023 | 2022
Economic sector based adjustments | 36 | 71
Inflation and interest rate increases / second-order impact adjustments | 351 | 334
Mortgage portfolio adjustments | 126 | 105
Other post model adjustments | 64 | -57
Total management adjustments | 577 | 453
Sensitivity analysis for credit risk |
Sensitivity analysis as at December 2023 (*)
|  | 2024 | 2025 | 2026 | Un-weighted ECL (€ mln) | Probability -weighting | Reportable ECL (€ mln)1
Netherlands Upside scenario | Real GDP | 1.3 | 3.3 | 2.8 | 214 | 20% | 310
Unemployment | 3.7 | 3.3 | 3.3
HPI | 10.4 | 11.2 | 4.0
Baseline Scenario | Real GDP | 0.8 | 1.6 | 1.5 | 282 | 60%
Unemployment | 4.1 | 4.3 | 4.5
HPI | 0.9 | 3.0 | 3.9
Downside scenario | Real GDP | -1.7 | -1.2 | 0.1 | 487 | 20%
Unemployment | 5.9 | 7.2 | 8.1
HPI | -10.9 | -7.4 | 3.7
Germany Upside scenario | Real GDP | 1.4 | 3.1 | 1.6 | 472 | 20% | 525
Unemployment | 2.6 | 2.0 | 1.7
HPI | 0.9 | 6.6 | 8.0
Baseline Scenario | Real GDP | 0.5 | 1.3 | 1.2 | 513 | 60%
Unemployment | 3.0 | 3.0 | 3.0
HPI | -1.4 | 3.4 | 4.5
Downside scenario | Real GDP | -2.4 | -1.4 | 0.3 | 615 | 20%
Unemployment | 4.5 | 5.2 | 5.5
HPI | -6.0 | -0.8 | 0.4
Belgium Upside scenario | Real GDP | 1.5 | 2.7 | 2.3 | 568 | 20% | 619
Unemployment | 5.3 | 5.0 | 4.9
HPI | 1.3 | 5.6 | 4.5
Baseline Scenario | Real GDP | 0.9 | 1.5 | 1.8 | 604 | 60%
Unemployment | 5.6 | 5.5 | 5.4
HPI | 0.4 | 5.2 | 3.9
Downside scenario | Real GDP | -1.3 | -0.2 | 1.2 | 713 | 20%
Unemployment | 7.3 | 8.0 | 7.9
HPI | -2.2 | 3.9 | 2.6
United States Upside scenario | Real GDP | 1.8 | 3.2 | 3.4 | 102 | 20% | 165
Unemployment | 4.1 | 3.3 | 3.1
HPI | 0.6 | 8.7 | 8.7
Baseline Scenario | Real GDP | 0.9 | 1.9 | 2.1 | 144 | 60%
Unemployment | 4.5 | 4.5 | 4.4
HPI | -0.7 | 3.5 | 3.3
Downside scenario | Real GDP | -1.3 | -1.4 | -0.1 | 292 | 20%
Unemployment | 6.6 | 8.2 | 8.8
HPI | -4.2 | -2.7 | -3.0
1 Excluding management adjustments.
Sensitivity analysis as at December 2022 (*)
|  | 2023 | 2024 | 2025 | Un-weighted ECL (€ mln) | Probability -weighting | Reportable ECL (€ mln)1
Netherlands Upside scenario | Real GDP | 2.2 | 2.3 | 2.9 | 274 | 20% | 381
Unemployment | 4.0 | 3.9 | 3.8
HPI | 13.0 | 11.8 | 2.5
Baseline Scenario | Real GDP | 0.2 | 1.4 | 1.8 | 349 | 60%
Unemployment | 4.5 | 4.8 | 4.9
HPI | 3.7 | 3.7 | 2.4
Downside scenario | Real GDP | -4.2 | 0.7 | 0.9 | 583 | 20%
Unemployment | 6.4 | 7.8 | 8.7
HPI | -8.0 | -6.5 | 2.2
Germany Upside scenario | Real GDP | 1.7 | 2.3 | 1.8 | 606 | 20% | 745
Unemployment | 2.6 | 2.2 | 1.8
HPI | 0.6 | 3.9 | 6.2
Baseline Scenario | Real GDP | -0.7 | 1.4 | 1.5 | 726 | 60%
Unemployment | 3.2 | 3.1 | 3.1
HPI | -1.8 | 0.9 | 2.7
Downside scenario | Real GDP | -4.8 | 0.1 | 1.0 | 942 | 20%
Unemployment | 4.8 | 5.3 | 5.6
HPI | -6.2 | -3.3 | -1.4
Belgium Upside scenario | Real GDP | 1.7 | 2.1 | 2.1 | 535 | 20% | 596
Unemployment | 5.5 | 5.5 | 5.3
HPI | 2.3 | 2.6 | 3.1
Baseline Scenario | Real GDP | — | 1.6 | 1.8 | 584 | 60%
Unemployment | 6.1 | 6.3 | 6.1
HPI | 1.4 | 2.2 | 2.5
Downside scenario | Real GDP | -3.2 | 1.0 | 1.5 | 692 | 20%
Unemployment | 7.5 | 8.5 | 8.4
HPI | -1.2 | 0.9 | 1.2
United States Upside scenario | Real GDP | 3.0 | 1.5 | 3.4 | 100 | 20% | 221
Unemployment | 3.4 | 2.8 | 2.5
HPI | 3.7 | 7.4 | 8.1
Baseline Scenario | Real GDP | 0.2 | 1.1 | 2.3 | 188 | 60%
Unemployment | 4.3 | 4.4 | 3.9
HPI | 2.5 | 2.2 | 2.8
Downside scenario | Real GDP | -4.1 | 0.2 | 0.6 | 442 | 20%
Unemployment | 6.4 | 7.7 | 8.2
HPI | -1.2 | -3.8 | -3.5
1 Excluding management adjustments.
Reconciliation of model ECL to total ECL | . This reconciles as follows to the reported ECLs:
Reconciliation of model (reportable) ECL to total ECL (*)
in € million | 2023 | 2022
Total reportable collective provisions | 2,856 | 3,209
ECL from individually assessed impairments | 2,406 | 2,439
ECL from management adjustments | 577 | 453
Total ECL | 5,839 | 6,101
Asset class category average threshold investment grade |
Quantitative SICR thresholds (*)
| 2023 | 2022
Average threshold ratio | Investment grade (rating grade 1-10) | Non-investment grade (rating grade 11-17) | Investment grade (rating grade 1-10) | Non-investment grade (rating grade 11-17)
Asset class category |  |  |  |
Mortgages | 2.5 | 2.3 | 2.7 | 2.3
Consumer Lending | 2.9 | 2.1 | 2.8 | 1.8
Business Lending | 2.7 | 2.1 | 2.8 | 2.1
Governments and Financial Institutions | 3.0 | 1.9 | 3.0 | 1.9
Other Wholesale Banking | 2.8 | 1.8 | 2.8 | 1.9
Net interest income (NII) at risk | The NII-at-Risk is primarily driven by the difference in sensitivity of client liabilities, mainly savings, versus the sensitivity of client assets and investments to rate changes. The investment of own funds only impacts the earnings sensitivity marginally, as only a relatively small part has to be (re)invested within the one-year horizon.
NII-at-Risk banking book per currency - year one (*)
in € million | 2023 | 2022
| Ramped, unfloored | Ramped, unfloored
parallel ▼ | parallel ▲ | parallel ▼ | parallel ▲
By currency |  |  |  |
Euro | -165 | 155 | -119 | 114
US dollar | -12 | 12 | -1 | 2
Other | -62 | 69 | -23 | 27
Total | -239 | 236 | -142 | 142
EUR ramped (unfloored) is at +/- 110bps in 1 year (2022: +/-100bps) |  |  |  |
USD ramped (unfloored) is at +/- 110bps in 1 year (2022: +/-120bps) |  |  |  |
Net present value (NPV) at risk |
NPV-at-Risk banking books per currency (*)
in € million | 2023 | 2022
| unfloored | unfloored
parallel ▼ | parallel ▲ | parallel ▼ | parallel ▲
By currency |  |  |  |
Euro | -291 | -645 | 392 | -926
US dollar | 186 | -178 | 137 | -147
Other | 131 | -146 | 66 | -79
Total | 27 | -969 | 594 | -1,153
EUR ramped (unfloored) is at +/- 110bps (2022: +/-100bps) |  |  |  |
USD ramped (unfloored) is at +/- 110bps (2022: +/-120bps) |  |  |  |
Non-derivative financial instruments to transition to alternative benchmarks |
Non derivative Financial instruments to transition to alternative benchmarks (*)
in € million at 31 December 2023 | Financial Assets non- derivative | Financial Liabilities non-derivative | Off balance sheet commitments
| Carrying value | Carrying value | Nominal value
By benchmark rate |  |  |
USD LIBOR | 915 | 16 | 9
WIBOR | 18,064 |  | 1,021
Total | 18,979 | 16 | 1,030
Non derivative Financial instruments to transition to alternative benchmarks (*)
in € million at 31 December 2022 | Financial Assets non- derivative | Financial Liabilities non-derivative | Off balance sheet commitments
| Carrying value | Carrying value | Nominal value
By benchmark rate |  |  |
USD LIBOR | 30,040 | 1,637 | 7,644
WIBOR | 22,154 |  | 1,411
Total | 52,194 | 1,637 | 9,055
Derivative financial instruments to transition to alternative benchmarks |
Derivative Financial instruments to transition to alternative benchmarks (*)
| 31 December 2023 | 31 December 2022
in € million | Nominal value | Nominal value
By benchmark rate 1 |  |
USD LIBOR | 151 | 495,318
WIBOR | 77,238 | 136,318
Total | 77,388 | 631,636
1 For cross-currency swaps all legs of the swap are included that are linked to a main IBOR that is significant to ING.
Disclosure of detailed information about hedging instruments |
Notional amounts of Hedging instruments (*)
| 31 December 2023 | 31 December 2022
in € million | Nominal value | Nominal value
By benchmark rate |  |
USD LIBOR |  | 28,316
WIBOR | 89,338 | 57,774
ING uses the following derivative financial instruments in a fair value hedge accounting relationship:
Gross carrying value of derivatives designated under fair value hedge accounting
in EUR million | Assets 2023 | Liabilities 2023 | Assets 2022 | Liabilities 2022
As at 31 December |  |  |  |
Hedging instrument on interest rate risk |  |  |  |
– Interest rate swaps | 3,011 | 6,410 | 2,750 | 8,047
– Other interest derivatives | 284 | 34 | 395 | 39
Gross carrying value of derivatives used for cash flow hedge accounting
| Assets | Liabilities | Assets | Liabilities
in EUR million | 2023 | 2023 | 2022 | 2022
As at 31 December |  |  |  |
Hedging instrument on interest rate risk |  |  |  |
– Interest rate swaps | 11,839 | 14,051 | 10,038 | 14,836
Hedging instrument on FX rate risk |  |  |  |
– Cross currency swaps | 324 | 39 |  |
Hedging instrument on combined interest and FX rate risk |  |  |  |
– Cross currency interest rate swaps | 57 | 0 | 428 | 168
Net banking currency exposures banking books |
Foreign currency exposures banking books (*)
in € million | Foreign Investments | Hedges | Net exposures
| 2023 | 2022 | 2023 | 2022 | 2023 | 2022
US Dollar | 10,337 | 10,470 | -3,416 | -2,376 | 6,921 | 8,093
Pound Sterling | 1,659 | 1,364 | -156 | -58 | 1,503 | 1,306
Polish Zloty | 3,976 | 2,714 | -1,254 | -321 | 2,722 | 2,393
Australian Dollar | 3,620 | 3,781 | -2,273 | -2,673 | 1,346 | 1,108
Turkish Lira | 517 | 750 | 0 | 0 | 517 | 750
Chinese Yuan | 1,815 | 1,871 | -348 | 0 | 1,466 | 1,871
Russian Rouble | 375 | 391 | 0 | 0 | 375 | 392
Romanian Leu | 895 | 860 | -134 | -154 | 761 | 706
Thai Baht | 1,128 | 1,109 | -697 | -699 | 431 | 410
Other currency | 3,704 | 3,771 | -2,897 | -2,908 | 806 | 863
Total | 28,024 | 27,081 | -11,175 | -9,189 | 16,849 | 17,892
*The FX sensitivity is expressed as the FX spot equivalent position.
Revaluation reserve equity securities at fair value through other comprehensive income |
Revaluation reserve equity securities at fair value through other comprehensive income (*)
in € million | 2023 | 2022
Positive re-measurement | 1,158 | 1,190
Negative re-measurement | -6 | -4
Total | 1,152 | 1,187
Most important foreign exchange year-end trading positions |
Most important foreign exchange year-end trading positions (*)
in € million | 2023 |  | 2022
Foreign exchange |  | Foreign exchange |
Japanese Yen | 61 | US Dollar | -187
Taiwan Dollar | -58 | Romanian Leu | 88
Romanian Leu | 58 | Japanese Yen | 86
Chinese Yuan | 49 | Chinese Yuan | 32
Hong Kong Dollar | -38 | South Korean Won | 28
Most important interest rate and credit spread sensitivities explanatory |
Most important interest rate and credit spread sensitivities at year-end (*)
in € thousand | 2023 |  | 2022
Interest Rate (BPV) 1 |  | Interest Rate (BPV) 1 |
Euro | -309 | Euro | -334
Czech koruna | 71 | British Pound | -95
Korean Won | -41 | US Dollar | -79
US Dollar | -40 | Taiwan Dollar | 67
British Pound | -35 | Japanese Yen | 63
Credit Spread (CSO1) 2 |  | Credit Spread (CSO1) 2 |
Germany | 405 | Netherlands | 162
Netherlands | 120 | United States | 151
Korea | -111 | Japan | 102
Japan | 106 | France | 88
United Kingdom | 101 | Germany | 87
1 Basis point value (BPV) measures the impact on value of a one basis point increase in interest rates. 2 Credit Spread Sensitivity (CS01) measures the impact on value of a one basis point increase in credit spreads. Exposures to supranational institutions are not assigned to a specific country.
Credit spread sensitivities per risk class and sector explanatory |
Credit spread sensitivities per risk class and sector at year-end (*)
| 2023 | 2022
in € thousand | Corporate | Financial Institutions | Corporate | Financial Institutions
Credit Spread (CSO1) 1 |  |  |  |
Risk classes |  |  |  |
1 (AAA) | 0 | 0 | 2 | -1
2–4 (AA) | 12 | 50 | -1 | -7
5–7 (A) | 57 | 50 | 154 | -13
8–10 (BBB) | 106 | 13 | 249 | -11
11–13 (BB) | 25 | -25 | 7 | 7
14–16 (B) | 17 | -4 | 23 | -4
17–22 (CCC and NPL) | -8 | -20 | 3 | -7
Not rated | 0 | 0 | 0 | 0
Total | 208 | 65 | 437 | -36
1 Credit Spread Sensitivity (CS01) measures the impact on value of a 1 basis point increase in credit spreads.

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