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Fair value of assets and liabilities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Fair value of assets and liabilities [abstract] |
Deferred day one profit or loss reserve |
Deferred day one profit or loss reserve
in EUR million | 2024 | 2023
Opening balance at 1 January | -90 |  | -108 |
DOP deferred on new transactions during the period | -62 |  | -83 |
DOP recognised in the statement of profit or loss during the period |  |
–of which release | 27 |  | 85 |
–of which amortisation and exchange differences | 32 |  | 15 |
Closing balance at 31 December | -94 |  | -90 |
Summary of valuation adjustment | The following table presents the model reserves for financial assets and liabilities.
Valuation adjustment reserves on financial assets and liabilities
in EUR million | 2024 | 2023
Deferred Day One Profit or Loss | -94 |  | -90 |
Own credit adjustments | -17 |  | 34 |
Bid/Offer | -130 |  | -154 |
Model Risk | -33 |  | -26 |
CVA | -123 |  | -131 |
DVA | 50 |  | 55 |
CollVA | -3 |  | -4 |
FVA | -64 |  | -68 |
Other valuation adjustments | 2 |  | 0 |
Total Valuation Adjustments | -412 |  | -385 |
Methods applied in determining fair values of financial assets and liabilities | Financial instruments at fair value The fair values of the financial instruments were determined as follows:
Methods applied in determining fair values of financial assets and liabilities (carried at fair value)
| Level 1 | Level 2 | Level 3 | Total
in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
Financial Assets |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  |  |  |  |  |  |
- Equity securities | 20,789 |  | 15,438 |  | 15 |  | 3 |  | 141 |  | 150 |  | 20,945 |  | 15,590 |
- Debt securities | 7,485 |  | 4,825 |  | 4,596 |  | 4,081 |  | 3,505 |  | 3,364 |  | 15,586 |  | 12,270 |
- Derivatives | 1 |  | 39 |  | 31,792 |  | 27,134 |  | 475 |  | 535 |  | 32,268 |  | 27,708 |
- Loans and receivables | 0 |  | 0 |  | 62,168 |  | 63,316 |  | 6,614 |  | 4,131 |  | 68,782 |  | 67,446 |
| 28,275 |  | 20,302 |  | 98,571 |  | 94,533 |  | 10,734 |  | 8,179 |  | 137,580 |  | 123,015 |
Financial assets at fair value through other comprehensive income |  |  |  |  |  |  |  |
- Equity securities | 2,292 |  | 1,622 |  | 0 |  | 0 |  | 270 |  | 263 |  | 2,562 |  | 1,885 |
- Debt securities | 39,859 |  | 35,848 |  | 2,360 |  | 2,433 |  | 0 |  | 0 |  | 42,219 |  | 38,281 |
- Loans and receivables | 0 |  | 0 |  | 1,608 |  | 275 |  | 0 |  | 676 |  | 1,608 |  | 951 |
| 42,151 |  | 37,470 |  | 3,967 |  | 2,707 |  | 270 |  | 938 |  | 46,389 |  | 41,116 |
Financial liabilities |  |  |  |  |  |  |  |
Financial liabilities at fair value through profit or loss |  |  |  |  |  |  |  |
– Debt securities | 1,455 |  | 1,088 |  | 8,445 |  | 7,635 |  | 67 |  | 47 |  | 9,966 |  | 8,770 |
– Deposits | 0 |  | 0 |  | 45,014 |  | 57,063 |  | 0 |  | 13 |  | 45,014 |  | 57,076 |
– Trading securities | 3,631 |  | 3,604 |  | 12 |  | 41 |  | 10 |  | 0 |  | 3,653 |  | 3,645 |
– Derivatives | 45 |  | 41 |  | 27,528 |  | 24,437 |  | 694 |  | 670 |  | 28,267 |  | 25,148 |
| 5,131 |  | 4,733 |  | 80,998 |  | 89,175 |  | 770 |  | 729 |  | 86,900 |  | 94,638 |
Valuation techniques and range of unobservable inputs |
Valuation techniques and range of unobservable inputs (Level 3)
| Assets | Liabilities | Valuation techniques | Significant unobservable inputs | Lower range | Upper range
In EUR million | 2024 | 2023 | 2024 | 2023 |  |  | 2024 | 2023 | 2024 | 2023
At fair value through profit or loss |  |  |  |  |  |  |  |  |  |
Debt securities | 3,504 |  | 3,364 |  | 10 |  | 0 |  | Price based | Price (%) | 0 | % | 0 | % | 120 | % | 122 | %
|  |  |  |  |  | Price (price per share) | 327 | 97 | 520 | 236
|  |  |  |  | Present value techniques | Credit spread (bps) | n.a. | 94 | n.a. | 94
|  |  |  |  |  | Price (%) | 95.85 | % | n.a. | 100 | % | n.a.
Equity securities | 141 |  | 150 |  |  |  | Price based | Price (price per share) | 0 | 0 | 5,475 | 5,457
Loans and advances | 1,565 |  | 2,298 |  | 0 |  | 13 |  | Price based | Price (%) | 0 | % | 0 | % | 107 | % | 117 | %
|  |  |  |  | Present value techniques | Credit spread (bps) | 576 | 1 | 629 | 12
|  |  |  |  |  | Prepayment rate (%) | 2 | % | n.a. | 100 | % | n.a.
(Reverse) repos | 5,050 |  | 1,832 |  |  |  | Present value techniques | Interest rate (%) | 2 | % | n.a. | 2 | % | n.a.
Structured notes |  |  | 67 |  | 47 |  | Price based | Price (%) | 93 | % | 88 | % | 104 | % | 96 | %
|  |  |  |  | Option pricing model | Equity volatility (%) | n.a. | 9 | % | n.a. | 23 | %
|  |  |  |  |  | Equity/Equity correlation | 0.7 | 0.8 | 0.7 | 0.9
|  |  |  |  |  | Equity/FX correlation | n.a. | -0.2 | n.a. | 0.6
|  |  |  |  |  | Dividend yield (%) | n.a. | 0 | % | n.a. | 4 | %
|  |  |  |  | Present value techniques | Credit spreads (bps) | n.a. | 100 | n.a. | 101
|  |  |  |  |  | Prepayment rate (%) | 99.59 | % | n.a. | 100.09 | % | n.a.
Derivatives |  |  |  |  |  |  |  |  |  |
– Rates | 413 |  | 283 |  | 389 |  | 301 |  | Option pricing model | Interest rate volatility (bps) | n.a. | 1 | n.a. | 3
|  |  |  |  | Present value techniques | Reset spread (%) | 2 | % | n.a. | 2 | % | n.a.
|  |  |  |  |  | Prepayment rate (%) | n.a. | 0 | % | n.a. | 0 | %
– FX | 6 |  | 2 |  | 8 |  | 3 |  | Option pricing model | Implied volatility (%) | 2 | % | 3 | % | 15 | % | 18 | %
– Credit | 39 |  | 216 |  | 241 |  | 343 |  | Present value techniques | Credit spread (bps) | 0 | 3 | 91 | 149
|  |  |  |  | Price based | Price (%) | 0 | % | 0 | % | 100 | % | 100 | %
– Equity | 10 |  | 20 |  | 47 |  | 17 |  | Option pricing model | Equity volatility (%) | 7 | % | 12 | % | 81 | % | 75 | %
|  |  |  |  |  | Equity/Equity correlation | 0.0 | 0.2 | 1.0 | 1.0
|  |  |  |  |  | Equity/FX correlation | -0.6 | -0.5 | 0.6 | 1.0
|  |  |  |  |  | Dividend yield (%) | 0 | % | 0 | % | 33 | % | 14 | %
|  |  |  |  | Price based | Price (%) | n.a. | 0 | % | n.a. | 21 | %
– Other | 6 |  | 14 |  | 9 |  | 7 |  | Option pricing model | Commodity volatility (%) | 13.1 | % | 11 | % | 61 | % | 94 | %
|  |  |  |  |  | Com/FX correlation | -0.40 | n.a. | -0.25 | n.a.
|  |  |  |  | Price based | Price (commodity) | 68 | n.a. | 68 | n.a.
At fair value through other comprehensive income |  |  |  |  |  |  |  |  |  |
– Loans and advances |  | 676 |  |  |  | Price based | Price (%) | n.a. | 85 | % | n.a. | 96 | %
– Equity | 270 |  | 263 |  |  |  | Present value techniques | Credit spread (bps) | 5.67 | 5.2 | 5.76 | 5.2
|  |  |  |  |  | Interest rate (%) | 1.5 | % | 4 | % | 3.5 | % | 4 | %
|  |  |  |  |  | Payout ratio (%) | 70 | % | n.a. | 90 | % | n.a.
|  |  |  |  | Price based | Price (%) | 122 | % | 122 | % | 122 | % | 122 | %
Total | 11,005 |  | 9,118 |  | 770 |  | 729 |  |  |  |  |  |  |
1 The abbreviation n.a. stands for not applicable or not available.
Changes in level 3 financial assets |
Changes in Level 3 Financial assets
| Trading assets | Non-trading derivatives | Financial assets mandatorily at FVPL | Financial assets designated at FVPL | Financial assets at FVOCI | Total
In EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
Opening balance as at 1 January | 848 |  | 873 |  | 286 |  | 421 |  | 3,499 |  | 1,849 |  | 3,547 |  | 3,492 |  | 938 |  | 891 |  | 9,118 |  | 7,526 |
Realised gain/loss recognised in the statement of profit or loss during the period 1 | -175 |  | 235 |  | -38 |  | -142 |  | 294 |  | -33 |  | -54 |  | -383 |  |  | 0 | 28 |  | -322 |
Revaluation recognised in other comprehensive income during the period 2 |  |  |  |  |  |  |  |  | -3 |  | -6 |  | -3 |  | -6 |
Purchase of assets | 486 |  | 1,246 |  | 198 |  | 76 |  | 4,424 |  | 2,208 |  | 1,600 |  | 873 |  | 154 |  | 331 |  | 6,862 |  | 4,735 |
Sale of assets | -111 |  | -889 |  | -257 |  | -55 |  | -1,605 |  | -1,109 |  | -10 |  | -138 |  | -418 |  | -243 |  | -2,402 |  | -2,433 |
Maturity/settlement | -140 |  | -1,005 |  | -7 |  | -15 |  | -294 |  | -576 |  | -988 |  | -292 |  | -20 |  | -22 |  | -1,449 |  | -1,910 |
Reclassifications | 0 | 0 | 0 | 0 | 0 | 723 | 0 | 0 | 0 | 5 |  | 0 | 728 |
Transfers into Level 3 | 370 |  | 879 |  | 0 | 0 | 615 |  | 981 |  | 30 |  | 1 |  | 0 | 0 | 1,014 |  | 1,860 |
Transfers out of Level 3 | -454 |  | -459 |  | -114 |  | 0 | -1,214 |  | -534 |  | -3 |  | 0 | -384 |  | 0 | -2,169 |  | -994 |
Exchange rate differences | 0 | -31 |  | 0 | 0 | 5 |  | -9 |  | -2 |  | -9 |  | 9 |  | -10 |  | 12 |  | -59 |
Changes in the composition of the group and other changes | 0 | 0 | 0 | 0 | -1 |  | 0 | 0 | 2 |  | -5 |  | -8 |  | -6 |  | -6 |
Closing balance | 824 |  | 848 |  | 68 |  | 286 |  | 5,721 |  | 3,499 |  | 4,121 |  | 3,547 |  | 270 |  | 938 |  | 11,005 |  | 9,118 |
1 Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement of profit or loss. The total amounts includes EUR -41 million (2023: EUR 316 million) of unrealised gains and losses recognised in the statement of profit or loss. 2 Revaluation recognised in other comprehensive income is included on the line ‘Net change in fair value of debt instruments at fair value through other comprehen sive income’.
Changes in level 3 financial liabilities |
Changes in Level 3 Financial liabilities
| Trading liabilities | Non-trading derivatives | Financial liabilities designated as at fair value through profit or loss | Total
in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
Opening balance as at 1 January | 382 |  | 229 |  | 301 |  | 449 |  | 47 |  | 54 |  | 729 |  | 732 |
Realised gain/loss recognised in the statement of profit or loss during the period 1 | -104 |  | 224 |  | -98 |  | -151 |  | -5 |  | -2 |  | -206 |  | 72 |
Additions | 55 |  | 53 |  | 190 |  | 72 |  | 29 |  | 18 |  | 274 |  | 142 |
Redemptions | -12 |  | -102 |  | -209 |  | -53 |  | 0 |  | -2 |  | -222 |  | -156 |
Maturity/settlement | -15 |  | -13 |  | -7 |  | -16 |  | -4 |  | -1 |  | -26 |  | -30 |
Transfers into Level 3 | 364 |  | 40 |  | 0 |  | 0 |  | 34 |  | 32 |  | 399 |  | 72 |
Transfers out of Level 3 | -33 |  | -49 |  | -111 |  | 0 |  | -34 |  | -54 |  | -179 |  | -102 |
Exchange rate differences | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
Closing balance | 637 |  | 382 |  | 67 |  | 301 |  | 67 |  | 47 |  | 770 |  | 729 |
1 Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement of profit or loss. The total amount include s EUR -206 million (2023: EUR 72 million) of unrealised gains and losses recognised in the statement of profit or loss.
Sensitivity analysis of level 3 instruments | The valuation uncertainty in the table below is broken down by related risk class rather than by product. The possible impact of a change of unobservable inputs in the fair value of financial instruments where unobservable inputs are significant to the valuation is as follows:
Sensitivity analysis of Level 3 instruments
| Positive fair value movements from using reasonable possible alternatives | Negative fair value movements from using reasonable possible alternatives
in EUR million | 2024 | 2023 | 2024 | 2023
Equity (equity derivatives, structured notes) | 21 |  | 18 |  | -20 |  | -9 |
Interest rates (Rates derivatives, FX derivatives) | 5 |  | 3 |  | 0 |  | 0 |
Credit (Debt securities, Loans, structured notes, credit derivatives) | 2 |  | 45 |  | -27 |  | -54 |
Loans and advances | 0 |  | 3 |  | 0 |  | -17 |
| 28 |  | 69 |  | -47 |  | -80 |
Fair value of assets and liabilities at amortised cost | i) Financial instruments not measured at fair value The following table presents the estimated fair values of the financial instruments not measured at fair value in the statement of financial position.
Methods applied in determining fair values of financial assets and liabilities (carried at amortised cost)
| Carrying Amount | Carrying amount presented as fair value 1 | Level 1 | Level 2 | Level 3 | Total fair value
in EUR million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |
Loans and advances to banks | 21,770 |  | 16,709 |  | 3,195 |  | 2,722 |  |  |  | 15,614 |  | 11,430 |  | 2,957 |  | 2,511 |  | 21,766 |  | 16,662 |
Loans and advances to customers | 683,611 |  | 647,313 |  | 18,291 |  | 15,681 |  |  |  | 18,626 |  | 14,602 |  | 630,493 |  | 593,098 |  | 667,410 |  | 623,381 |
Securities at amortised cost | 50,273 |  | 48,313 |  |  |  | 42,871 |  | 40,041 |  | 2,908 |  | 4,277 |  | 2,523 |  | 1,693 |  | 48,303 |  | 46,010 |
| 755,655 |  | 712,335 |  | 21,486 |  | 18,403 |  | 42,871 |  | 40,041 |  | 37,149 |  | 30,308 |  | 635,973 |  | 597,302 |  | 737,479 |  | 686,053 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deposits from banks | 16,723 |  | 23,257 |  | 4,348 |  | 3,764 |  |  |  | 8,208 |  | 15,066 |  | 3,943 |  | 3,968 |  | 16,499 |  | 22,799 |
Customer deposits | 691,661 |  | 650,276 |  | 582,387 |  | 556,060 |  |  |  | 61,916 |  | 52,486 |  | 46,984 |  | 41,063 |  | 691,287 |  | 649,609 |
Debt securities in issue 2 | 142,367 |  | 124,670 |  |  |  | 79,254 |  | 62,197 |  | 61,651 |  | 42,606 |  | 2,000 |  | 20,450 |  | 142,905 |  | 125,253 |
Subordinated loans | 17,878 |  | 15,401 |  |  |  | 17,968 |  | 15,050 |  | 389 |  | 311 |  |  |  | 18,357 |  | 15,361 |
| 868,630 |  | 813,603 |  | 586,735 |  | 559,824 |  | 97,221 |  | 77,248 |  | 132,164 |  | 110,469 |  | 52,927 |  | 65,482 |  | 869,048 |  | 813,022 |
1 In accordance with IFRS and for the purpose of this disclosure, the carrying amount of financial instruments with an immediate on demand feature is presented as fair value. 2 In 2023, debt securities included a commercial paper issued classified as Level 3. Following a change in valuation technique in 2024, it transferred to Level 2.

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