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Investment in associates and joint ventures | 12 Months Ended
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Dec. 31, 2023
Investments in associates and joint ventures [Abstract] |
Investments in associates and joint ventures | 8 Investment in associates and joint ventures
Investments in associates and joint ventures
in EUR million 2023 | Interest held (%) | Fair value of listed invest- ments | Balance sheet value | Total assets | Total liabilities | Total income | Total expenses
TMBThanachart Bank Public Company Limited | 23% | 976 | 1,128 | 46,666 | 40,776 | 1,386 | 943
Other investments in associates and joint ventures |  |  | 381 |  |  |  |
|  |  | 1,509 |  |  |  |
Investments in associates and joint ventures
in EUR million 2022 | Interest held (%) | Fair value of listed invest- ments | Balance sheet value | Total assets | Total liabilities | Total income | Total expenses
TMBThanachart Bank Public Company Limited | 23% | 849 | 1,109 | 49,506 | 43,677 | 1,303 | 957
Other investments in associates and joint ventures |  |  | 391 |  |  |  |
|  |  | 1,500 |  |  |  |
TMBThanachart Bank Public Company Limited ING Group has a 23% investment in TMBThanachart Bank Public Company Limited (hereafter: TTB), a bank listed on the Stock Exchange of Thailand. TTB is providing products and services to Wholesale, Small and Medium Enterprise (SME), and Retail customers. TTB is accounted for as an investment in associate based on the size of ING shareholding and representation on the Board. TTB is part of the Corporate Line segment. Other investments in associates and joint ventures Included in Other investments in associates and joint ventures are mainly financial services and (non) financial technology funds or vehicles operating predominantly in Europe, and represents a number of associates and joint ventures that are individually not significant to ING Group. Significant influence for associates in which the interest held is below 20%, is based on the combination of ING Group’s financial interest and other arrangements, such as participation in the Board of Directors. The associates and joint ventures of ING are subject to legal and regulatory restrictions regarding the amount of dividends they can pay to ING. These restrictions are for example dependent on the laws in the country of incorporation for declaring dividends or as a result of minimum capital requirements that are imposed by industry regulators in the countries in which the associates and joint ventures operate. In addition, the associates and joint ventures also consider other factors in determining the appropriate levels of equity needed. These factors and limitations include, but are not limited to, rating agency and regulatory views, which can change over time.
Changes in Investments in associates and joint ventures
in EUR million | 2023 | 2022
Opening balance as at 1 January | 1,500 | 1,587
Additions | 55 | 48
Revaluations | 4 | -8
Share of results | 149 | 92
Dividends received | -74 | -48
Disposals | -89 | -10
Impairments | -5 | -192
Exchange rate differences | -32 | 27
Other |  | 4
Closing balance | 1,509 | 1,500
Share of results from associates and joint ventures of EUR 149 million (2022: EUR 92 million) as included in the table above is mainly attributable to results of TTB of EUR 107 million (2022: EUR 81 million). Impairments and reversal thereof Out of EUR 192 million total impairment losses in 2022, EUR 165 million related to TTB. As per 31 December 2023 there were no triggers for additional impairment of TTB. Equally, indicators that would support a potential reversal of previous impairment losses on TTB were not yet consistently observed during 2023. Accumulated impairments of EUR 395 million (2022: EUR 395 million) have been recognised.

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- Definition The disclosure of investments accounted for using the equity method. [Refer: Investments accounted for using equity method] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
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