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Derivatives and hedge accounting (Tables)
 12 Months Ended
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 balance1
-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 balance1
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 balance1
-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 period1
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
1The carrying amount is the gross amount, excluding tax adjustments.
2The 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
period1
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
1The carrying amount is the gross amount, excluding tax adjustments.