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Derivatives and hedge accounting (Tables) | 12 Months Ended
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Dec. 31, 2023
Disclosure of risk management strategy related to hedge accounting [abstract] |
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
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows | The following table shows the net notional amount of derivatives designated in fair value hedging, split into the maturity of the instruments. The net notional amounts presented in the table are a combination of payer (-) and receiver (+) swaps.
Maturity derivatives designated in fair value hedging
in EUR million |  |  |  |  |  |  |  |  |
As at 31 December 2023 | Less than 1 month | 1 to 3 months | 3 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | >5 years | Total
Hedging instrument on interest rate risk |  |  |  |  |  |  |  |  |
– Interest rate swaps | -670 | 623 | 4,648 | 9,482 | 13,201 | 7,224 | 10,164 | 1,798 | 46,471
– Other interest derivatives |  | -42 | -183 | -361 | -263 | -230 | -277 | -442 | -1,797
As at 31 December 2022 |  |  |  |  |  |  |  |  |
Hedging instrument on interest rate risk |  |  |  |  |  |  |  |  |
- Interest rate swaps | -15 | 1,295 | 5,744 | 5,727 | 9,526 | 9,153 | 6,638 | 16,454 | 54,523
– Other interest derivatives | -10 | -55 | -190 | -260 | -415 | -216 | -228 | -296 | -1,669
Maturity derivatives designated in cash flow hedging
in EUR million |  |  |  |  |  |  |  |  |
As at 31 December 2023 | Less than 1 month | 1 to 3 months | 3 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | >5 years | Total
Hedging instrument on interest rate risk |  |  |  |  |  |  |  |  |
– Interest rate swaps | -214 | 184 | -8,557 | -18,551 | -6,636 | -7,246 | -4,896 | -3,384 | -49,300
Hedging instrument on FX rate risk |  |  |  |  |  |  |  |  |
– Cross currency swaps |  | 249 | 1,029 | -932 | 503 | -683 | 167 | -693 | -362
Hedging instrument on combined interest and FX rate risk |  |  |  |  |  |  |  |  |
– Cross currency interest rate swaps |  |  |  | -24 | -1,232 | -1,479 |  |  | -2,736
As at 31 December 2022 |  |  |  |  |  |  |  |  |
Hedging instrument on interest rate risk |  |  |  |  |  |  |  |  |
– Interest rate swaps | -562 | -935 | -6,730 | -12,464 | -8,926 | -8,115 | -3,620 | -8,947 | -50,300
Hedging instrument on combined interest and FX rate risk |  |  |  |  |  |  |  |  |
– Cross currency interest rate swaps |  | -834 | -1,535 | -721 | -2,140 | -52 | 7 | -48 | -5,323
Maturity derivatives designated in net investment hedging
in EUR million |  |  |  |  |  |  |  |  |
As at 31 December 2023 | Less than 1 month | 1 to 3 months | 3 to 12 months | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | >5 years | Total
– FX forwards and cross currency swaps | -6,009 | -4,576 | -87 |  |  |  |  |  | -10,672
As at 31 December 2022 |  |  |  |  |  |  |  |  |
– FX forwards and Cross currency swaps | -6,164 | -2,638 | -97 |  |  |  |  |  | -8,899
Disclosure of movement in cash flow hedge reserve |
Changes in issued share capital
| Ordinary shares (par value EUR 0.01)
| Number x 1,000 | In EUR million
Issued share capital as at 31 December 2020 | 3,900,669 | 39
Issue of shares | 3,397 |
Issued share capital as at 31 December 2021 | 3,904,065 | 39
Issue of shares | 2,935 |
Cancellation of shares | -180,461 | -2
Issued share capital as at 31 December 2022 | 3,726,539 | 37
Issue of shares | 5 | 0
Cancellation of shares | -228,350 | -2
Issued share capital as at 31 December 2023 | 3,498,194 | 35
Share premium
In EUR million | 2023 | 2022 | 2021
Opening balance | 17,116 | 17,105 | 17,089
Issue of shares | 0 | 12 | 16
Closing balance | 17,116 | 17,116 | 17,105
Changes in revaluation reserve: Equity securities and Debt instruments at FVOCI
| Equity securities at FVOCI | Debt instruments at FVOCI
In EUR million | 2023 | 2022 | 2021 | 2023 | 2022 | 2021
Opening balance | 1,187 | 1,282 | 1,181 | -341 | 96 | 309
Unrealised revaluations | -35 | -118 | 94 | 53 | -412 | -173
Realised gains/losses transferred to the statement of profit or loss |  |  |  | 9 | -25 | -40
Realised revaluations transferred to retained earnings | 1 | 23 | 6 |  |  |
Closing balance | 1,152 | 1,187 | 1,282 | -280 | -341 | 96
Changes in cash flow hedge and credit liability reserve
| Cash flow hedge | Credit liability
In EUR million | 2023 | 2022 | 2021 | 2023 | 2022 | 2021
Opening balance | -3,055 | -153 | 1,450 | 70 | -80 | -117
Changes in credit liability reserve |  |  |  | -39 | 165 | 37
Unrealised revaluations | 997 | -2,901 | -1,603 |  |  |
Realised revaluations transferred to retained earnings |  |  |  |  | -15 |
Closing balance | -2,058 | -3,055 | -153 | 31 | 70 | -80
Changes in Property in own use reserve |  |
In EUR million | 2023 | 2022 | 2021
Opening balance | 176 | 208 | 221
Impact IAS 29 on opening balance 1 |  | -20 |
Unrealised revaluations | 10 | 15 | -2
Realised revaluations transferred to retained earnings | -8 | -26 | -11
Closing balance | 178 | 176 | 208
1 Impact of application of hyperinflation accounting under IAS 29.
Changes in currency translation reserve
In EUR million | 2023 | 2022 | 2021
Opening balance | -2,395 | -3,483 | -3,636
Impact IAS 29 on opening balance 1 |  | 647 |
Unrealised revaluations | 183 | -7 | -61
Realised gains/losses transferred to the statement of profit or loss |  | 4 |
Exchange rate differences | -316 | 444 | 214
Closing balance | -2,527 | -2,395 | -3,483
1 Impact of application of hyperinflation accounting under IAS 29.
Changes in share of associates, joint ventures and other reserves
In EUR million | 2023 | 2022 | 2021
Opening balance | 3,603 | 3,416 | 3,246
Result for the year | 336 | 161 | 191
Transfer to/from retained earnings | -892 | 26 | -21
Closing balance | 3,047 | 3,603 | 3,416
Changes in treasury shares
| In EUR million | Number x 1,000
| 2023 | 2022 | 2021 | 2023 | 2022 | 2021
Opening balance | -1,205 | -1,612 | -4 | 107,395 | 128,301 | 572
Purchased/sold for trading purposes | -7 | 4 | -4 | 464 | -312 | 102
Purchased under staff share plans | -42 |  |  | 3,156 |  |
Distributed under staff share plans | 41 |  |  | -3,106 |  |
Purchased Share buyback programme | -3,482 | -1,721 | -1,604 | 275,013 | 159,866 | 127,628
Cancelled Share buyback programme | 2,701 | 2,124 |  | -228,350 | -180,461 |
Closing balance | -1,994 | -1,205 | -1,612 | 154,571 | 107,395 | 128,301
Changes in retained earnings
In EUR million | 2023 | 2022 | 2021
Opening balance | 41,538 | 35,462 | 32,149
Impact on opening balance 1 | -45 | -563 |
Transfer to/from other reserves | 899 | -8 | 26
Result for the year | 3,804 | 11,965 | 5,760
Dividend and other distributions | -2,668 | -3,349 | -2,342
Employee share plans | -7 | 15 | 12
Changes in composition of the group and other changes | -3,222 | -1,984 | -143
Closing balance | 40,299 | 41,538 | 35,462
1 In 2023, changes in policy following the adoption of IFRS 17 and change in policy for non-financial guarantees. 2022: impact of application of hyperinflation accounting under IAS 29.
Non-distributable reserves
In EUR million | 2023 | 2022 | 2021
ING Bank | 6,727 | 8,408 | 8,205
Other | 0 | 0 | 0
Non-distributable reserves | 6,727 | 8,408 | 8,205
The following table shows the movement of the cash flow hedge reserve:
Movement cash flow hedge reserve
in EUR million | 2023 | 2022
Opening balance | -3,055 | -153
Value changes recognised in OCI | 1,922 | -3,982
Amounts recycled to profit or loss | -325 | -313
Income tax | -381 | 1,123
Exchange rate and other changes | -103 | 20
Adjustment for non controlling interest | -116 | 251
Movement for the year | 997 | -2,901
Ending balance | -2,058 | -3,055
Disclosure of detailed information about hedged items |
Hedged items included in a fair value hedging relationship
| Carrying amount of the hedged items | Accumulated amount of fair value hedge adjustment on the hedged item included in the carrying amount of the hedged item | Change in fair value of the hedged item for measuring ineffectiveness for the period | Change in fair value hedging instruments for the period | Hedge ineffectiveness recognised in the statement of profit or loss gain (+) / loss (-)
in EUR million | Assets | Liabilities | Assets | Liabilities |  |  |
As at 31 December 2023 |  |  |  |  |  |  |
Interest rate risk |  |  |  |  |  |  |
– Amounts due from banks |  |  |  |  |  |  |
– Debt securities at fair value through other comprehensive income | 31,224 |  | n/a |  | 1,224 |  |
– Loans at FVOCI |  |  | n/a |  |  |  |
– Loans and advances to customers | 898 |  |  |  | 15 |  |
– Debt instruments at amortised cost | 8,272 |  | -205 |  | 234 |  |
– Debt securities in issue |  | 70,280 |  | -3,383 | -2,680 |  |
– Subordinated loans |  | 14,643 |  | -834 | -473 |  |
– Amounts due to banks |  |  |  |  |  |  |
– Customer deposits and other funds on deposit |  | 44 |  | -1 |  |  |
– Discontinued hedges |  |  | 91 | -4 |  |  |
Total | 40,394 | 84,967 | -113 | -4,221 | -1,679 | 1,606 | -73
As at 31 December 2022 |  |  |  |  |  |  |
Interest rate risk |  |  |  |  |  |  |
– Amounts due from banks |  |  |  |  |  |  |
– Debt securities at fair value through other comprehensive income | 19,816 |  | n/a |  | -2,798 |  |
– Loans at FVOCI |  |  | n/a |  |  |  |
– Loans and advances to customers | 879 |  | -20 |  | -90 |  |
– Debt instruments at amortised cost | 4,098 |  | -448 |  | -678 |  |
– Debt securities in issue |  | 61,449 |  | -6,122 | 7,658 |  |
– Subordinated loans |  | 14,750 |  | -1,344 | 1,470 |  |
– Amounts due to banks |  |  |  |  |  |  |
– Customer deposits and other funds on deposit |  |  |  |  | 2 |  |
– Discontinued hedges |  |  | 261 | -2 |  |  |
Total | 24,794 | 76,199 | -208 | -7,468 | 5,563 | -5,928 | -365
Gross carrying value of derivatives used for net investment hedging
| Assets | Liabilities | Assets | Liabilities
in EUR million | 2023 | 2023 | 2022 | 2022
As at 31 December |  |  |  |
– FX forwards and Cross currency swaps | 100 | 92 | 119 | 83
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting | The following table shows the cash flow hedge accounting impact on profit or loss and comprehensive income:
Cash flow hedging – impact of hedging instruments on the statement of profit or loss and other comprehensive income
in EUR million | Change in value of hedged item used for calculating hedge ineffectiveness for the period | Carrying amount cash flow hedge reserve at the end of the reporting period 1 | Amount reclassified from CFH reserve to profit or loss 2 | Cash flow is no longer expected to occur | Change in value of hedging instrument recognised in OCI for the period | Hedge ineffectiveness recognised in the statement of profit or loss, gain (+) / loss (-)
As at 31 December 2023 |  |  |  |  |  |
Interest rate risk on: |  |  |  |  |  |
– Floating rate lending | -2,694 | -3,545 | 590 |  |  |
– Floating rate borrowing | 933 | 151 | -497 |  |  |
– Other |  |  |  |  |  |
– Discontinued hedges |  | 194 | -150 |  |  |
Total interest rate risk | -1,760 | -3,200 | -57 |  | 1,654 | 58
FX rate risk on: |  |  |  |  |  |
– Floating rate lending | 27 | -42 | -185 |  |  |
– Floating rate borrowing | -25 | 1 | -33 |  |  |
– Other |  |  |  |  |  |
– Discontinued hedges |  | 7 | -5 |  |  |
Total FX risk | 2 | -35 | -223 |  | 200 | -12
Combined interest and FX rate risk on: |  |  |  |  |  |
– Floating rate lending | -20 | 78 | -46 |  |  |
– Floating rate borrowing |  |  | 1 |  |  |
– Other |  |  |  |  |  |
– Discontinued hedges |  |  | -1 |  |  |
Total combined interest and FX risk | -20 | 78 | -46 |  | 68 | 2
Total cash flow hedge | -1,778 | -3,157 | -325 |  | 1,922 | 48
As at 31 December 2022 |  |  |  |  |  |
Interest rate risk on: |  |  |  |  |  |
– Floating rate lending | 4,817 | -5,460 | 395 |  |  |
– Floating rate borrowing | -775 | 923 | -181 |  |  |
– Other | -5 | -2 |  |  |  |
– Discontinued hedges |  | 330 | -263 |  |  |
Total interest rate risk | 4,037 | -4,210 | -50 |  | -4,279 | 21
Combined interest and FX rate risk on: |  |  |  |  |  |
– Floating rate lending | -47 | -16 | -269 |  |  |
– Floating rate borrowing | -7 | -4 | 14 |  |  |
– Other | 4 | -2 | -3 |  |  |
– Discontinued hedges |  | 4 | -5 |  |  |
Total combined interest and FX risk | -51 | -18 | -263 |  | 296 | -1
Total cash flow hedge | 3,986 | -4,227 | -313 |  | -3,982 | 20
1 The carrying amount is the gross amount, excluding tax adjustments. 2 The amounts are reclassified to Net interest income - interest income and/or expense on non-trading derivatives (hedge accounting).
Net investment hedge accounting – Impact on statement of profit or loss and other comprehensive income
in EUR million |  |  |  |  |
As at 31 December 2023 | Change in value of hedged item used for calculating hedge ineffectiveness for the period | Carrying amount net investment hedge reserve at the end of the reporting period 1 | Hedged item affected statement of profit or loss | Change in value of hedging instrument recognised in OCI | Hedge ineffectiveness recognised in the statement of profit or loss, gain(+) / Loss(-)
Investment in foreign operations | -183 | 123 |  | 183 |
Discontinued hedges |  | 263 |  |  |
As at 31 December 2022 |  |  |  |  |
Investment in foreign operations |  | -33 |  |  |
Discontinued hedges |  | 304 | -1 |  |
1 The carrying amount is the gross amount, excluding tax adjustments.

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