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Financial assets at fair value through other comprehensive income | 12 Months Ended
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Dec. 31, 2023
Financial assets at fair value through other comprehensive income [Abstract] |
Financial assets at fair value through other comprehensive income | 5 Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income by type
in EUR million | 2023 | 2022
Equity securities | 1,885 | 1,887
Debt securities 1 | 38,281 | 29,095
Loans and advances 1 | 951 | 643
| 41,116 | 31,625
1 Debt securities include an amount of EUR -13 million (2022: EUR -21 million) and the Loans and advances includes EUR -8 million (2022: EUR -1 million) of Loan loss provisions. Exposure to equity securities
Equity securities designated as at fair value through other comprehensive income |
| Carrying value | Carrying value | Dividend income | Dividend income
in EUR million | 2023 | 2022 | 2023 | 2022
Investment in Bank of Beijing | 1,590 | 1,614 | 98 | 111
Other Investments | 295 | 273 | 7 | 38
| 1,885 | 1,887 | 105 | 149
As at 31 December 2023 ING holds approximately 13% (2022: 13%) of the shares of Bank of Beijing, a bank listed on the stock exchange of Shanghai. Bank of Beijing stake is part of the Corporate Line segment. As per regulatory requirements set by China Banking and Insurance Regulatory Commission, ING, as a shareholder holding more than 5% or more of the shares, is required to supply additional capital when necessary. No request for additional capital was received in 2023 (2022: nil). Changes in fair value through other comprehensive income The following table presents changes in financial assets at fair value through other comprehensive income.
Changes in fair value through other comprehensive income financial assets
| FVOCI equity securities | FVOCI debt instruments 1 | Total
in EUR million | 2023 | 2022 | 2023 | 2022 | 2023 | 2022
Opening balance as at 1 January | 1,887 | 2,457 | 29,739 | 28,178 | 31,625 | 30,635
Additions | 28 | 17 | 19,967 | 18,789 | 19,995 | 18,806
Amortisation |  |  | 31 | -18 | 31 | -18
Transfers and reclassifications | 5 | 10 |  |  | 5 | 10
Changes in unrealised revaluations 2 | 68 | -65 | 657 | -3,230 | 725 | -3,295
Impairments |  |  | -1 |  | -1 |
Reversals of impairments |  |  | 6 | 3 | 6 | 3
Disposals and redemptions | -2 | -492 | -11,912 | -14,034 | -11,913 | -14,526
Exchange rate differences | -100 | -39 | 751 | 49 | 651 | 10
Changes in the composition of the group and other changes |  |  | -6 | 1 | -6 | 1
Closing balance | 1,885 | 1,887 | 39,231 | 29,739 | 41,116 | 31,625
1 Fair value through other comprehensive income debt instruments includes both debt securities and loans and advances. 2 Changes in unrealised revaluations of FVOCI debt instruments include changes on hedged items which are recognized in the statement of profit or loss. Reference is made to Note 19 'Equity' for details on the changes in revaluation reserve. FVOCI equity securities Exchange rate differences of EUR -100 million (31 December 2022: EUR -39 million) are mainly related to the stake in Bank of Beijing following the depreciation of CNY versus EUR. Furthermore in 2023, changes in unrealised revaluations of equity securities are mainly related to the revaluation of the stake in Bank of Beijing of EUR 77 million following changes in share price (31 December 2022: EUR -49 million). In 2022, disposals of EUR 492 million mainly relate to the sale in the second quarter of HQLA eligible equity instruments triggered by the changing interest rate environment and deteriorating market sentiment. This portfolio was built up in early 2021 (additions in 2021: EUR 499 million) and was a relatively small part of the HQLA portfolio. This was a diversified buy-and-hold portfolio aimed at generating stable dividend income stream. FVOCI debt instruments In 2022, interest rates in both short and longer tenors increased significantly which resulted in changes in unrealised revaluations of debt securities of EUR -3,230 million. During 2023 interest rates decreased resulting in unrealised revaluations of EUR 657 million. Reference is made to Note 6 'Debt securities' for details on ING Group’s total exposure to debt securities.

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