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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
20-F
(Mark One)
REGISTRATION
 
STATEMENT
 
PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES
EXCHANGE ACT OF 1934
OR
ANNUAL REPORT PURSUANT TO
 
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the fiscal year ended
31 December 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
OR
SHELL COMPANY REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number:
001-14642
ING GROEP NV
(Exact name of Registrant as specified in its charter)
ING GROUP
(Translation of Registrant’s
 
name into English)
The
Netherlands
(Jurisdiction of incorporation or organization)
ING Groep N.V.
Bijlmerdreef 106
1102 CT
Amsterdam
P.O. Box 1800
,
1000 BV
Amsterdam
The
Netherlands
(Address of principal executive offices)
 
Erwin Olijslager
 
Telephone:
 
+
31
20
564 7705
E-mail:
Erwin.Olijslager@ing.com
Bijlmerdreef 106
1102 CT
Amsterdam
The
Netherlands
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
 
Securities registered or to
 
be registered pursuant
 
to Section 12(b) of the Act.
 
Title of each class
Trading symbols
Name of each exchange on which
registered
American Depositary Shares
ING
New York Stock Exchange
Ordinary shares
New York Stock Exchange
(i)
3.150% Fixed Rate Senior Notes due 2022
ING22
New York Stock Exchange
3.950% Fixed Rate Senior Notes due 2027
ING27
New York Stock Exchange
Floating Rate Senior Notes due 2022
ING22A
New York Stock Exchange
Floating Rate Senior Notes due 2023
ING23A
New York Stock Exchange
4.100% Fixed Rate Senior Notes due 2023
ING23
New York Stock Exchange
4.550% Fixed Rate Senior Notes due 2028
ING28
New York Stock Exchange
3.550% Fixed Rate Senior Notes due 2024
ING24
New York Stock Exchange
4.050% Fixed Rate Senior Notes due 2029
ING29
New York Stock Exchange
1.726% Callable Fixed-to-Floating Rate Senior
Notes due 2027
ING27A
New York Stock Exchange
2.727% Callable Fixed-to-Floating Rate Senior
Notes due 2032
ING32
New York Stock Exchange
Callable Floating Rate Senior Notes due 2027
I
NG27B
New York Stock Exchange
(i)
 
Not for trading, but only in connection with the registration
 
of American Depositary Shares representing
 
such
ordinary shares, pursuant to
 
the requirements of the Securities and Exchange
 
Commission.
Securities registered or to be registered pursuant to Section 12(g) of the Act.
 
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
 
None
 
Indicate the number of outstanding shares of each of the issuer’s classes of
 
capital or common stock as of the
close of the period covered by the annual report.
 
Ordinary Shares, nominal value EUR 0.01 per Ordinary Share
 
3,904,065,304
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.
 
 
Yes
 
No
If this report is an annual or transition report, indicate by check mark if the
 
registrant is not required to file
reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 193
 
 
Yes
 
No
 
Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934 from their obligations under
 
those Sections
.
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section
 
13 or 15(d)
of the Securities Exchange Act of 1934 during the preceding
 
12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days.
 
 
 
Yes
 
No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to
be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
 
12 months
(or for such shorter period that the registrant was required to submit and post such files).
 
 
 
Yes
 
No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
 
a non-accelerated
filer, or an emerging growth company.
 
See definition of “large accelerated filer,”
 
accelerated filer,”
 
and
“emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
Emerging growth company
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.
 
The term “new or revised financial accounting standard” refers to any update issued by the Financial
Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s
assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the
Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit
report.
 
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements
included in this filing:
 
U.S. GAAP
 
International Financial Reporting Standards
 
as issued
by the International Accounting Standards Board
 
Other
 
If “Other” has been checked in response to the previous
 
question, indicate by check mark which financial
statement item the registrant has elected to follow.
 
 
Item 17
 
Item 18
 
If this is an annual report, indicate by check mark whether
 
the registrant is a shell company (as defined in Rule
12b-2 of the Exchange Act).
 
 
Yes
 
No
 
ing20f2021p3i0.gif ing20f2021p3i2.gif ing20f2021p3i4.gif
ING GROUP
Annual Report 2021
 
on Form 20-F
 
 
ING Group Annual Report 2021 on Form 20-F
5
PRESENTATION
 
OF INFORMATION
In this Annual Report, and unless otherwise stated or the context otherwise dictates, references to "ING Groep
N.V.",
 
"ING Groep" and "ING Group" refer to ING Groep N.V.
 
and references to "ING", the "Company", the
"Group", "we" and "us" refer to ING Groep N.V.
 
and its consolidated subsidiaries. ING Groep N.V.'s primary
 
banking subsidiary is ING Bank N.V. (together with its consolidated subsidiaries, "ING Bank"). References to
"Executive Board"
 
and "Supervisory Board" refer to the Executive Board or Supervisory Board of ING
 
Groep N.V.,
respectively.
ING presents its consolidated financial statements in euros, the currency of the European Economic and
Monetary Union. Unless otherwise specified or
 
the context otherwise requires, references to “$”,
 
“US$” and
“Dollars” are to the United States dollars and references to “EUR” are to euros.
 
ING prepares financial information in accordance with International Financial Reporting Standards as issued
 
by
the International Accounting Standards Board (“IFRS-IASB”) for purposes of reporting with the U.S. Securities and
Exchange Commission (“SEC”), including financial
 
information contained in this Annual Report on Form 20-F. ING
Group’s accounting policies and its use of various options under IFRS-IASB are described under ‘Principles
 
of
valuation and determination of results’ in the consolidated financial statements. In this document the term “IFRS-
IASB” is used to refer to IFRS-IASB as applied by ING Group.
 
The published 2021 Annual Accounts of ING Group, however, are prepared in accordance with IFRS-EU. IFRS-EU
refers to International Financial Reporting Standards (“IFRS”) as adopted by the European Union (“EU”), including
the decisions ING Group made with regard to the options available under IFRS as adopted by the EU (IFRS-EU).
IFRS-EU differs from IFRS-IASB, in respect of certain paragraphs in IAS 39 ‘Financial Instruments: Recognition and
Measurement’ regarding hedge accounting for portfolio hedges of interest rate risk. Under IFRS-EU, ING Group
applies fair value hedge accounting for portfolio hedges of interest rate risk (fair value macro hedges) in
accordance with the EU “carve-out” version of IAS 39. Under the EU “IAS
 
39 carve-out”, hedge accounting may be
applied, in respect of fair value macro hedges, to core deposits and hedge ineffectiveness is only recognised
when the revised estimate of the amount of cash flows in scheduled time
 
buckets falls below the original
designated amount of that bucket, and is not recognised when the revised amount of cash
 
flows in scheduled
time buckets is more than the original designated amount. Under IFRS-IASB, hedge accounting for fair value
macro hedges cannot be applied to core deposits and hedge ineffectiveness arises whenever the revised
estimate of the amount of cash flows in scheduled time buckets is either more or less than
 
the original
designated amount of that bucket. IFRS-IASB financial information is prepared by reversing the hedge accounting
impacts that are applied under the EU “carve-out”’ version of IAS 39. Financial
 
information under IFRS-IASB
accordingly does not take account of the possibility that, had ING Group applied IFRS-IASB as its primary
accounting framework, it might have applied alternative hedge strategies where those alternative hedge
strategies could have qualified for IFRS-IASB compliant hedge accounting. These decisions could have resulted in
different shareholders’ equity and net result amounts compared to those indicated in this Annual Report on
Form 20-
F.
Other than for the purpose of SEC reporting, ING Group intends to continue to prepare its Annual
 
Accounts
under IFRS-EU. A reconciliation between IFRS-EU and IFRS-IASB for shareholders’ equity and net result is included
in Note 1 ‘Basis of preparation and significant accounting policies''’
 
to the consolidated financial statements.
Certain amounts set forth herein, such as percentages, may not sum due to rounding.
This Annual Report on Form 20-F contains inactive textual addresses to Internet websites operated by us and
third parties. Reference to such websites is made for information purposes only, and information found at such
websites is not incorporated by reference into this Annual Report on Form 20-
F.
 
ING Group Annual Report 2021 on Form
 
20-F
6
CAUTIONARY STATEMENT
 
WITH RESPECT
TO FORWARD
 
-LOOKING STATEMENTS
Certain of the statements contained herein are not historical facts, including, without limitation, certain
statements made of future expectations and other forward-looking statements that are based on management’s
current views and assumptions and involve known and unknown risks and uncertainties that could cause actual
results, performance or events to differ materially from those expressed or implied in such statements. Actual
results, performance or events may differ materially from those in such statements due to a number of factors,
including, without limitation,
 
changes in general economic conditions and customer behaviour, in particular economic conditions in
ING’s core markets, including changes affecting currency exchange rates
 
and the regional and global
economic impact of the invasion of Russia into Ukraine and related international response measures
 
effects of the Covid-19 pandemic and related response measures, including lockdowns and travel
restrictions, on economic conditions in countries in which ING operates, on ING’s business and
operations and on ING’s employees, customers and counterparties
 
changes affecting interest rate levels
 
 
any default of a major market participant and related market disruption
 
 
changes in performance of financial markets, including in Europe and developing markets
 
 
fiscal uncertainty in Europe and the United States
 
 
discontinuation of or changes in ‘benchmark’ indices
 
 
inflation and deflation in our principal markets
 
 
changes in conditions in the credit and capital markets generally, including changes in borrower and
counterparty creditworthiness
 
 
failures of banks falling under the scope of state compensation schemes
 
 
non-compliance with or changes in laws and regulations, including
 
those concerning financial services,
financial economic crimes and tax laws, and the interpretation and application thereof
 
 
geopolitical risks, political instabilities and policies and actions of governmental and
 
regulatory
authorities
,
 
including in connection with the invasion of Russia
 
into Ukraine and related international
response measures
 
 
legal and regulatory risks in certain countries with less developed legal and regulatory frameworks
 
 
prudential supervision and regulations, including in relation
 
to stress tests and regulatory restrictions on
dividends and distributions, (also among members of
 
the group)
 
 
regulatory consequences of the United Kingdom’s withdrawal from the European Union, including
authorizations and equivalence decisions
 
 
ING’s ability to meet minimum capital and other prudential regulatory requirements
 
changes in regulation of US commodities and derivatives businesses of ING and
 
its customers
 
 
application of bank recovery and resolution regimes, including write-down and conversion powers in
relation to our securities
 
 
outcome of current and future litigation, enforcement proceedings, investigations or other regulatory
actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other
conduct issues
 
 
changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax
laws, including FATCA
 
 
operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks,
human error, changes in operational practices or inadequate controls including in respect of third parties
with which we do business
 
 
risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation
and regulation related to cybersecurity and data privacy
 
 
changes in general competitive factors, including ability to increase or maintain market share
 
 
inability to protect our intellectual property and infringement claims by third parties
 
inability of counterparties to meet financial obligations or ability to enforce rights against such
counterparties
 
 
changes in credit ratings
 
 
business, operational, regulatory, reputation, transition and other risks and challenges in connection
with climate change and ESG-related matters
 
inability to attract and retain key personnel
 
 
ING Group Annual Report 2021 on Form 20-F
7
 
future liabilities under defined benefit retirement plans
 
 
failure to manage business risks, including in connection with use of models,
 
use of derivatives, or
maintaining appropriate policies and guidelines
 
 
changes in capital and credit markets, including interbank funding, as well as customer deposits,
 
which
provide the liquidity and capital required to fund our operations, and
 
the other risks and uncertainties detailed in the most recent annual report of ING
 
Groep N.V.
 
(including
the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which
are available on www.ing.com.
This annual report contains inactive textual addresses to internet websites operated by us and third parties.
Reference to such websites is made for information purposes only, and information found at such websites is not
incorporated by reference into this annual report. ING does not make any representation or warranty with
respect to the accuracy or completeness of, or take any responsibility for,
 
any information found at any websites
operated by third parties. ING specifically disclaims any liability with respect to any information found at
websites operated by third parties. ING cannot guarantee that websites operated by third parties remain
available following the filing of this annual report or that any information found at such websites will not change
following the filing of this annual report. Many of those factors are beyond ING’s control.
 
Any forward looking statements made by or on behalf of ING speak only as of the date they are made,
 
and ING
assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new
information or for any other reason.
 
This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the
United States or any other jurisdiction.
 
ING Group Annual Report 2021 on Form 20-F
8
PART
 
I
 
Item 1.
 
Identity of Directors,
 
Senior
Management And Advisors
Not Applicable.
Item 2.
 
Offer Statistics
 
and Expected
Timetable
Not Applicable.
Item 3.
 
Key Information
A.
 
Selected financial data
Not applicable.
B.
 
Capitalization and indebtedness
 
This item does not apply to annual reports on Form 20-F.
C.
 
Reasons for the offer and use of proceeds
 
This item does not apply to annual reports on Form 20-F.
D.
 
Risk Factors
Summary of Risk factors
The following is a summary of the principal risk factors that could have a material adverse effect on the business
activities, financial condition, results and prospects of ING.
 
Please carefully consider all of the information
discussed in this Item 3.D “Risk Factors” for a detailed description of these risks.
Risks related to financial conditions, market environment
 
and general economic trends
Our revenues and earnings are affected by the volatility and strength of the economic, business,
liquidity, funding and capital markets environments of the various geographic regions in which we
conduct business, including Russia and Ukraine, as well as
 
by changes in customer behaviour in these
regions, and an adverse change in any one region could have an impact on our business,
 
results and
financial condition.
ING’s business, results and financial condition have been, and likely will continue to be, adversely
affected by the Covid-19 pandemic.
Interest rate volatility and other interest rate changes may adversely affect
 
our business, results and
financial condition.
The default of a major market participant could disrupt the markets and may have an adverse effect on
our business, results and financial condition.
Continued risk of political instability and fiscal uncertainty in Europe and the
 
United States, as well as
ongoing volatility in the financial markets and the economy generally have adversely affected, and may
continue to adversely affect, our business, results and financial condition.
Discontinuation of USD LIBOR may negatively affect our business, results and financial condition.
Inflation and deflation may negatively affect our business, results and financial condition.
Market conditions, including those observed over the past few years, and the application of IFRS 9 may
increase the risk of loans being impaired and have a negative effect on our results and financial
condition.
We may incur losses due to failures of banks falling under the scope of state compensation schemes.
 
ING Group Annual Report 2021 on Form 20-F
9
Risks related to the regulation and supervision of the Group
Non-compliance with laws and/or regulations concerning financial services
 
or financial institutions,
including with respect to financial economic crimes, could
 
result in fines and other liabilities, penalties or
consequences for us, which could materially affect our business and reduce our profitability.
Changes in laws and/or regulations governing financial services or financial
 
institutions or the application
of such laws and/or regulations may increase our operating costs and limit our activities.
We are subject to additional legal and regulatory risk in certain countries where we operate with less
developed or predictable legal and regulatory frameworks.
We are subject to the regulatory supervision of the ECB and other regulators with extensive supervisory
and investigatory powers.
The regulatory consequences of the United Kingdom’s withdrawal from the European Union may have
adverse effects on our business, results and financial condition.
 
Failure to meet minimum capital and other prudential regulatory requirements as applicable to us from
time to time may have a material adverse effect on our business, results and financial condition and on
our ability to make payments on certain of our securities.
Our US commodities and derivatives business is subject to CFTC and SEC regulation under
 
the Dodd-
Frank Act.
We are subject to several other bank recovery and resolution regimes that include statutory write down
and conversion as well as other powers, which remains subject to significant uncertainties as to scope
and impact on us.
Risks related to litigation, enforcement
 
proceedings and investigations and to changes in tax
laws
We may be subject to litigation, enforcement proceedings, investigations or other regulatory actions,
and adverse publicity.
We are subject to different tax regulations in each of the jurisdictions where we conduct business, and
are exposed to changes in tax laws, and risks of non-compliance with or proceedings or investigations
with respect to, tax laws.
We may be subject to withholding tax if we fail to comply with the Foreign Account Tax Compliance Act
(“FATCA”)
 
and other US withholding tax regulations
ING is exposed to the risk of claims from customers who feel misled or treated unfairly because of advice
or information received.
Risks related to the Group’s
 
business and operations
ING may be unable to meet internal or external aims or expectations with respect to ESG-related
matters.
ING may be unable to adapt its products and services to meet changing
 
customer behaviour and
demand, including as a result of ESG-related matters.
ING’s business and operations are exposed to physical risks, including as a direct result of climate
change.
ING’s business and operations are exposed to transition risks related to climate change.
Operational and IT risks, such as systems disruptions or failures, breaches of security, cyber attacks,
human error, changes in operational practices, inadequate controls including in respect of third parties
with which we do business or outbreaks of communicable diseases
 
may adversely impact our reputation,
business and results.
We are subject to increasing risks related to cybercrime and compliance with
 
cybersecurity regulation.
Because we operate in highly competitive markets, including our home market, we may not be able to
increase or maintain our market share, which may have an adverse effect on our results.
We may not always be able to protect our intellectual property developed in our products and services
and may be subject to infringement claims, which could adversely impact our
 
core business, inhibit
efforts to monetize our internal innovations and restrict our ability to capitalize on future opportunities.
The inability of counterparties, including those located in Russia
 
or the Ukraine, to meet their financial
obligations or our inability to fully enforce our rights against counterparties could have a material
adverse effect on our results.
Ratings are important to our business for a number of reasons, and a downgrade or a
 
potential
downgrade in our credit ratings could have an adverse impact on our results and net results.
An inability to retain or attract key personnel may affect our business and results.
We may incur further liabilities in respect of our defined benefit retirement plans if the value of plan
assets is not sufficient to cover potential obligations, including as a result of differences between actual
results and underlying actuarial assumptions and models.
Risks related to the Group’s
 
risk management practices
Risks relating to our use of quantitative models or assumptions to model client behaviour for the
purposes of our market calculations may adversely impact our reputation or results.
We may be unable to manage our risks successfully through derivatives.
 
ING Group Annual Report 2021 on Form 20-F
10
Risks related to the Group’s
 
liquidity and financing activities
We depend on the capital and credit markets, as well as customer deposits, to provide the liquidity and
capital required to fund our operations, and adverse conditions in the capital and credit markets, or
significant withdrawals of customer deposits, may impact our liquidity, borrowing and capital positions,
as well as the cost of liquidity, borrowings and capital.
As a holding company, ING Groep N.V.
 
is dependent for liquidity on payments from its subsidiaries, many
of which are subject to regulatory and other restrictions on their ability
 
to transact with affiliates.
Additional risks relating to ownership of ING shares
Holders of ING shares may experience dilution of their holdings and
 
may be impacted by any share
buyback programme.
Because we are incorporated under the laws of the Netherlands and many of the members of our
Supervisory and Executive Board and our officers reside outside of the United States, it may be difficult
to enforce judgments against ING or the members of our Supervisory and Executive Boards or our
officers.
Risk factors
Any of the risks described below could have a material adverse effect on the business activities, financial
condition, results and prospects of ING. ING may face a number of the
 
risks described below simultaneously and
some risks described below may be interdependent. While the risk factors below have been divided into
categories, some risk factors could belong in more than one category and investors should carefully consider all
of the risk factors set out in this section. Additional risks of which
 
the Company is not presently aware, or that are
currently viewed as immaterial, could also affect the business operations of ING and have a material adverse
effect on ING’s business activities, financial condition, results and prospects. The market price of ING shares or
other securities could decline due to any of those risks including
 
the risks described below, and investors could
lose all or part of their investments.
Although the most material risk factors have been presented first within each category, the order in which the
remaining risk factors are presented is not necessarily an indication of the likelihood of the risks actually
materialising, of the potential significance of the risks or of the scope
 
of any potential negative impact to our
business, results, financial condition and prospects.
Risks related to financial conditions, market environment
 
and general economic trends
Our revenues and earnings are affected by the volatility and strength
 
of the economic, business,
liquidity, funding and capital markets
 
environments of the various geographic regions in which
we conduct business, as well as by changes in customer behaviour in these regions, and an
adverse change in any one region could have an impact on our business, results and financial
condition.
Because ING is a multinational banking and financial services
 
corporation, with a global presence and serving
around 38 million customers, corporate clients and financial institutions in over 40 countries, ING’s business,
results and financial condition may be significantly impacted by turmoil and
 
volatility in the worldwide financial
markets or in the particular geographic areas in which we operate. In Retail Banking, our products include
savings, payments, investments, loans and mortgages in most of our Retail Banking markets. In Wholesale
Banking, we provide specialised lending,
 
tailored corporate finance, debt and equity market solutions, payments
& cash management, trade and treasury services. As a result, negative developments in
 
financial markets and/or
countries or regions in which we operate, have in the past had and may in the future have a material adverse
impact on our business, results and financial condition,
 
including as a result of the potential consequences listed
below.
Factors such as interest rates, securities prices, credit spreads, liquidity spreads, exchange rates, consumer
spending, changes in customer behaviour, climate change,
 
business investment, real estate values and private
equity valuations, government spending, inflation or deflation, the volatility and
 
strength of the capital markets,
political events and trends, supply chain disruptions, shortages, terrorism, pandemics
 
and epidemics (such as
Covid-19, as described in greater detail below under the heading
 
“– ING’s business, results and financial
condition have been, and likely will continue to be adversely affected by the Covid-19 pandemic”) or other
widespread health emergencies all impact the business
 
and economic environment and, ultimately, our solvency,
liquidity and the amount and profitability of business we conduct
 
in a specific geographic region. Certain of these
risks are often experienced globally as well as in specific geographic regions and are
 
described in greater detail
below under the headings “–Interest rate volatility and other interest rate changes may adversely affect our
business, results and financial condition”, “–Inflation and deflation may negatively affect our business, results
and financial condition”, “–Market conditions, including those observed over the past few years and the
application of IFRS 9 may increase the risk of loans being impaired and have a negative effect on our results and
 
ING Group Annual Report 2021 on Form 20-F
11
financial condition” and “–Continued risk of political instability and
 
fiscal uncertainty in Europe and the United
States, as well as ongoing volatility in the financial markets and the economy generally have adversely affected,
and may continue to adversely affect, our business, results and financial condition”. All of these are factors in
local and regional economies as well as in the global economy, and we may be affected by changes in any one of
these factors in any one country or region, and more if more of these factors occur simultaneously and/or in
multiple countries or regions or on a global scale.
In case one or more of the factors mentioned above adversely affects the profitability of our business, this might
also result, among other things, in the following:
inadequate reserves or provisions, in relation to which losses could ultimately be realised through profit
and loss and shareholders’ equity;
the write-down of tax assets impacting net results and/or equity;
impairment expenses related to goodwill and other intangible assets, impacting our
 
net result and
equity; and/or
movements in risk weighted assets for the determination of required capital.
In particular, we are exposed to financial, economic, market and political conditions in the Benelux countries and
Germany, from which we derive a significant portion of our revenues in both Retail Banking and Wholesale
Banking, and which could present risks of economic downturn. Though
 
less material, we also derive substantial
revenues in the following geographic regions: Turkey,
 
Eastern Europe (primarily Poland among others), Southern
Europe (primarily Spain among others), East Asia (primarily Singapore among others) and Australia.
 
In an
economic downturn affecting some or all of these jurisdictions, we expect that higher
 
unemployment, lower
family income, lower corporate earnings, higher corporate and private debt defaults, lower business investments
and lower consumer spending would adversely affect the demand for banking products, and that ING may need
to increase its reserves and provisions, each of which may result in overall lower earnings. The impact
 
of the
Covid-19 pandemic, as an example of an economic downturn, as well as the
 
substantial monetary and
government measures, are still materialising and expected to continue to affect our business. For more
information, refer to the risk factor described under heading “–ING’s business, results and financial condition
have been, and likely will continue to be adversely affected by the Covid-19 pandemic”. We
 
also have wholesale
banking activities in both Russia and Ukraine, as well
 
as investments in Russia, some of which are denominated in
local currency. The impact on our business in Russia and Ukraine, as well as the potential regional and
 
global
economic impact of the invasion of Ukraine and related international response measures, including sanctions,
capital controls, restrictions on SWIFT access and restrictions on central bank activity, on our broader business,
including spill-over risk to the entire wholesale banking portfolio (e.g. commodities
 
financing, energy and utilities
and energy-consuming clients), remain uncertain. Securities prices, real estate values and private equity
valuations may also be adversely impacted, and any such losses would be realised through profit and loss and
shareholders’ equity. We also offer a number of financial products that expose us to risks associated with
fluctuations in interest rates, securities prices, corporate and private default rates, the value of real estate assets,
exchange rates and credit spreads.
For further information on ING’s exposure to particular geographic areas, see Note 36 ‘Information on
geographic areas’ to the consolidated financial statements.
ING’s business, results and financial condition have been, and likely
 
will continue to be,
adversely affected by the Covid-19 pandemic.
The Covid-19 pandemic and the related response measures introduced by various national
 
and local
governmental authorities aimed at preventing the further spread of the disease (such
 
as bans on public events
with over a certain number of attendees, closures of places where larger groups of people gather such as schools,
sports facilities, bars and restaurants, lockdowns, border controls and travel and other restrictions) have
disrupted the normal flow of business operations in those countries and
 
regions where we and our customers
and counterparties operate (such as, among others, Benelux, Germany, France, Italy, Spain, the U.K. and the
U.S.). This disruption has adversely affected, and will likely continue to adversely affect, global economic growth,
supply chains, manufacturing, tourism, consumer spending,
 
asset prices and unemployment levels, and has
resulted in volatility and uncertainty across the global economy and financial markets. Please also refer to the
interdependent risk factor ‘–ING’s revenues and earnings are affected by the volatility and strength of the
economic, business, liquidity, funding and capital markets environments of the various geographic regions in
which it conducts business, and an adverse change in any one region could have an impact
 
on its business, results
and financial condition’ for a further description of how ING’s business, results and financial
 
condition may be
materially adversely impacted by developments in regional or global economic conditions.
 
In addition to the measures aimed at preventing the further spread of Covid-19, governments and
 
central banks
around the world have also introduced measures aimed at mitigating the economic consequences of the
pandemic and related response measures, such as guarantee schemes, compensation schemes
 
and cutting
interest rates. For example, the Dutch government has implemented economic measures aimed at protecting
jobs, households’ wages and companies, e.g., by way of tax payment holidays, guarantee schemes and a
 
ING Group Annual Report 2021 on Form 20-F
12
compensation scheme for heavily affected sectors in the economy. These announced measures and any
additional measures, including any payment holidays with respect to mortgages or other loans, have had and
may continue to have a significant impact on our customers and other counterparties.
Governments, regulators and central banks (including the ECB), have also announced that they are taking or
considering measures seeking to safeguard the stability of the financial sector, to prevent lending to the business
sector from being jeopardised and to ensure the payment system continues to function properly. The ECB allows
banks to operate below the level of capital required by the Pillar 2 Guidance, capital conservation buffer and the
liquidity coverage ratio. The ECB has communicated its commitment to extend this permission until at least the
end of 2022. In March 2020, several countries also released or reduced countercyclical buffers (CCyB), with some
of these countries subsequently announcing increases in CCyB in
 
the second half of 2022. The ECB’s
recommendation to the banks that it supervises to limit shareholder remuneration through dividends
 
or share
buy-backs expired on 30 September 2021. However, it is not certain whether these or future Covid-19 relief
measures will be extended or maintained for a sufficient period of time, or whether such
 
measures will be
successful in mitigating the economic consequences of the pandemic
 
and related response measures. If the
pandemic is prolonged or the actions are unsuccessful, additional
 
actions by governments and central banks may
follow and the adverse impact on the global economy will deepen, and our business,
 
results and financial
condition may be materially adversely affected.
 
In 2020, the Covid-19 pandemic affected all of our businesses,
 
including lower or negative interest rates, lower oil
prices and credit deterioration of loans to ING’s customers. These effects have also resulted in an increase in the
allowance for credit losses and impairments on non-financial assets, and
 
reduced net interest income due to
lower interest rates. While these effects were partly offset by resilient fee and commission income in 2020, this
level of activity may not persist in future periods.
 
While vaccination rates continued to increase and Covid-19 related restrictions were lifted in some jurisdictions
in the third quarter of 2021, the end of the 2021 was again marked
 
by an increasing number of Covid-19
infections. This may result in changes in government responses and further downside risk
 
towards macro-
economic developments, with possibly a deeper risk aversion and a delayed recovery. These developments may
result in further negative impact on our business, results and financial
 
condition.
 
In 2021, ING also took certain measures to support customers impacted by the Covid-19
 
pandemic, including
payment holidays, offering credit facilities to business clients under government guarantee schemes and
providing liquidity under credit facilities to large corporate clients. As of 31 December 2021, in line
 
with the
European Banking Association (EBA) moratoria guidelines, approximately 137,000 customers had been granted
payment holidays (down from 148,000 as of 30 September 2021 due to reimbursements and prepayments). The
total exposure of loans for these customers for which a payment holiday has been granted amounts to €15.3
billion, of which 57% were for customers located in the Netherlands and Belgium. As of 31 December
 
2021, the
outstanding amount of granted payment holidays not expired was €38 million. ING recorded a net addition of
€346 million to loan loss provisions in the fourth quarter of 2021, mainly
 
as a result of adjustments to existing
Stage 3 files reflecting uncertainty in recovery scenarios and valuations in certain asset classes and
 
also reflecting
a potential impact of higher inflation and interest rates on customers’ ability to pay and the potential impact of
market uncertainty on the recovery value of certain asset classes. In 2021, ING recorded €516 million of net
additions to loan loss provisions, compared to €2,675 million in 2020.
 
At the end of the fourth quarter of 2021,
increasing numbers of Covid-19 infections were observed and uncertainty concerning the ongoing
 
pandemic
remained. Should these global economic conditions be
 
prolonged or worsen, or should the pandemic lead to
additional market disruptions, we may experience more client defaults and further additions to loan loss
provisions. In these circumstances, we may also experience reduced client activity and demand for its products
and services, increased utilization of lending commitments and higher
 
credit and valuation adjustments on
financial assets. In addition, persistently low interest rates for a longer period, as well as a potential further
decline in interest rates might result in further decreases in net interest income. These factors and other
consequences of the Covid-19 pandemic may materially adversely affect our business, results and financial
condition.
Our capital and liquidity position may also be adversely impacted by the Covid-19
 
pandemic and related response
measures, including as a result of changes in future levels of savings and deposits
 
from customers, changes in
asset quality, and the effects of government or regulatory responses to the pandemic, and may require changes
to our funding structure, impact our ability to comply with regulatory capital requirements and adversely affect
our cost of capital and credit rating. Any of the foregoing developments may have a material adverse impact on
our business, results and financial condition.
As of December 31, 2021, most of our staff continue to work from home, with employees in
 
certain jurisdictions
beginning to return to ING’s offices in a controlled manner, taking into account local circumstances and any
applicable government measures (including with respect to social distancing where applicable). Due
 
to the
uncertainties relating to the future development of the Covid-19 pandemic, it is not
 
certain when our employees
may be generally expected or permitted to return or to remain at ING’s offices. If due to illness, technical
 
ING Group Annual Report 2021 on Form 20-F
13
limitations or other restrictions in connection with the pandemic,
 
employees are unable to work or are not able
to operate as effectively and efficiently as they did in the office, this may adversely affect our business, results
and financial condition.
 
In addition, a situation in which most or some of our
 
employees continue working from home may raise
operational risks, including with respect to information security, data protection, availability of key systems and
infrastructure integrity. There is also a risk that we will not be effective in implementing regulatory or strategic
change programs in the current environment. The Covid-19 pandemic has led to new banking behaviour
 
from
customers. There has been an increase in the digital behaviour of our customers leading to reduced traffic in
branches. Over 95% of our customers now interact with us via digital channels only. Criminals are also taking
advantage of the Covid-19 pandemic to carry out financial fraud and exploitation scams, with examples including
advertising and trafficking in counterfeit medicines, offering fraudulent investment opportunities, fundraising for
fake charities and engaging in phishing schemes that prey on virus-related fears. National authorities and
international bodies (including the Financial Action Task Force) warn citizens and businesses against impostor,
investment and product scams. Although we have organized a Covid-19 taskforce to identify and analyse new
behavioural patterns, leading to new cases of unusual transactions being reported to the relevant authorities,
new banking behaviours may result in additional Know Your Customer (KYC) risks. If any of these risks were to
materialize that may adversely affect our business, results and financial condition.
The duration of the pandemic and the impact of measures
 
taken in response by governmental authorities,
central banks and other third parties, whether direct or indirect, such as by increasing
 
sovereign debt of certain
countries which may result in increased volatility and widening credit spreads, remain uncertain. Therefore, it is
difficult to predict the extent to which our business, results and financial condition, as
 
well as our ability to access
capital and liquidity on financial terms acceptable for us, may be materially adversely affected.
Interest rate
 
volatility and other interest rate
 
changes may adversely affect our business, results
and financial condition.
Changes in prevailing interest rates may negatively affect our business, including the level of net interest revenue
we earn, and the levels of deposits and the demand
 
for loans. A sustained increase in the inflation rate in our
principal markets may also negatively affect our business, results and financial condition. For example, a
sustained increase in the inflation rate may result in an increase in nominal market interest rates. A failure to
accurately anticipate higher inflation and factor it into our product pricing assumptions may result in mispricing
of our products, which could materially and adversely impact our results. On
 
the other hand, negative interest
rates may negatively impact our net interest income, which may have an adverse impact on our profitability.
A prolonged period of low interest rates, and in some situations negative interest rates, has resulted in, and may
continue to result in:
lower earnings over time on investments, as reinvestments will earn lower rates;
increased prepayment or redemption of mortgages and fixed maturity securities in our investment
portfolios, as well as increased prepayments of corporate loans. This as borrowers seek to borrow at
lower interest rates potentially combined with lower credit spreads. Consequently, we may be required
to reinvest the proceeds into assets at lower interest rates;
lower profitability as the result of a decrease in the spread between client rates earned on assets and
client rates paid on savings, current account and other liabilities;
higher costs for certain derivative instruments that may be used to hedge certain of our product risks;
lower profitability since we may not be able to fully track the decline in interest rates in our savings
rates;
lower profitability since we may not always be entitled to impose surcharges to customers to
compensate for the decline in interest rates;
lower profitability since we may have to pay a higher premium for the defined contribution scheme in
the Netherlands for which the premium paid is dependent on interest rate developments and the Dutch
Central Bank’s (“DNB’s”)
 
methodology for determining the ultimate forward rate;
lower interest rates may cause asset margins to decrease thereby lowering our results. This may for
example be the consequence of increased competition for investments as result of the low rates,
thereby driving margins down; and/or
 
(depending on the position) a significant collateral posting requirement associated with our interest rate
hedge programs, which could materially and adversely affect liquidity and our profitability.
 
ING Group Annual Report 2021 on Form 20-F
14
The foregoing impacts have been and may be further amplified in a negative interest rate environment, since we
may not be able to earn interest on our assets (including reserves). In addition, we have, and may continue to,
earn negative interest on certain of our assets (including cash balances, loans and bonds),
 
while still paying
positive interest or no interest to others to hold our liabilities, resulting in an adverse impact on our credit spread
and lowering of our net interest income. Furthermore, in the event that a negative interest rate environment
results in ING’s depositors being forced to pay interest to ING to hold cash deposits, some depositors may choose
to withdraw their deposits rather than pay interest to ING, which would have an adverse effect on our
reputation, business, results and financial condition. For example, in March 2020, the U.S. Federal Reserve has
cut the benchmark U.S. interest rate in response to the Covid-19 pandemic and related impacts on the economy
and financial markets. On 1 July 2021, ING announced in
 
the Netherlands that it will charge negative interest to
customers on current and deposit accounts exceeding €100,000 (such negative interest rate will only apply to the
amount by which the current or deposit account exceeds €100,000 ). Such declines
 
in interest rates in the United
States or other markets in which ING and its customers and counterparties operate may have a significant
adverse effect on our business and operations.
Alternatively, any period of rapidly increasing interest rates
 
may result in:
a decrease in the demand for loans;
higher interest rates to be paid on customer deposits and on debt securities that we have issued or may
issue on the financial markets from time to time to finance our operations, which would
 
increase our
interest expenses and reduce our results;
higher interest rates which can lead to lower investments prices and reduce the revaluation reserves,
thereby lowering IFRS equity and the capital ratios. Also the lower securities value leads
 
to a loss of
liquidity generating capacity which needs to be compensated by attracting new liquidity generating
capacity which reduces our results;
prepayment losses if prepayment rates are lower than expected or if interest rates increase too rapidly
to adjust the accompanying hedges; and/or
(depending on the position) a significant collateral posting requirement associated with our interest rate
hedge program.
The foregoing impacts grow in relevance following the U.S. Federal Reserve’s plan to wind down its bond-
purchase stimulus program and to set the stage for a series of interest rate increases beginning in spring of 2022.
The default of a major market participant could disrupt the markets
 
and may have an adverse
effect on our business, results and financial condition.
Within the financial services industry, the severe distress or default of any one institution (including sovereigns
and central counterparties (CCPs)) could lead to defaults by, or the severe distress of,
 
other market participants.
While prudential regulation may reduce the probability of a default by a major financial institution,
 
the actual
occurrence of such a default could have a material adverse impact on ING. Such distress of, or default by, a major
financial institution could disrupt markets or clearance and settlement systems and lead to a chain of defaults by
other financial institutions, since the commercial and financial
 
soundness of many financial institutions may be
closely related as a result of credit, trading, clearing or other relationships. Also the perceived
 
lack of
creditworthiness of a sovereign or a major financial institution (or a default by any such
 
entity) may lead to
market-wide liquidity problems and losses or defaults by us or by other institutions.
 
This risk is sometimes
referred to as ‘systemic risk’ and may adversely affect
 
financial intermediaries, such as clearing agencies,
 
clearing
houses, banks, securities firms and exchanges with whom we interact on a daily basis
 
and financial instruments
of sovereigns in which we invest. Systemic risk could impact ING directly, by exposing it to material credit losses
on transactions with defaulting counterparties or indirectly by significantly reducing the available market liquidity
on which ING and its lending customers depend to fund their operations and/or leading
 
to a write down of loans
or securities held by ING. In addition, ING may also be
 
faced with additional open market risk for which hedging
or mitigation strategies may not be available or effective (either by hedges eliminated by defaulting
counterparties, or reduce market liquidity). Systemic risk could have a material adverse effect on our ability to
raise new funding and on our business, results and financial
 
condition. In addition, such distress or failure could
impact future product sales as a potential result of reduced confidence in the financial
 
services industry.
Continued risk of political instability and fiscal uncertainty in Europe and the United States,
 
as
well as ongoing volatility in the financial markets and the economy generally
 
have adversely
affected, and may continue to adversely affect,
 
our business, results and financial condition.
 
Our global business and results are materially affected by conditions in the global capital markets and the
economy generally. In Europe, there are continuing concerns over weaker economic conditions, levels of
unemployment in certain countries, the availability and cost of credit, as well as credit spreads. In addition,
geopolitical issues, including trade tensions between the US and China, increasing
 
protectionism between key
 
ING Group Annual Report 2021 on Form 20-F
15
countries, and issues with respect to the Middle East and North Korea may all contribute to adverse
developments in the global capital markets and the economy generally. In addition, Russia’s recent invasion of
Ukraine and related international response measures may have a negative impact on regional and global
economic conditions, including as a result of disruptions in
 
foreign currency markets and increased energy and
commodity prices. This could in turn have a spill-over effect on our entire wholesale banking portfolio, in areas
such as commodities financing, energy and utilities
 
and energy-consuming clients.
Moreover, there
 
is a risk that an adverse credit event at one or more European sovereign debtors (including a
credit rating downgrade or a default) could trigger a broader economic downturn in Europe and elsewhere. In
addition, the confluence of these and other factors has resulted in volatile foreign exchange markets.
International equity markets have also continued to experience heightened volatility and turmoil, with issuers,
including ourselves, that have exposure to the real estate, mortgage, private equity and credit markets
particularly affected. These events, market upheavals and continuing risks, including high levels of volatility, have
had and may continue to have an adverse effect on our results, in part because we have a large investment
portfolio.
There is also continued uncertainty over the long-term outlook for the tax, spending and
 
borrowing policies of
the US, the future economic performance of the US within the global
 
economy and any potential future
budgetary restrictions in the US, with a potential impact on a future sovereign credit ratings downgrade of the
 
US
government, including the rating of US Treasury securities. A downgrade of US Treasury securities could also
impact the ratings and perceived creditworthiness of instruments issued, insured or guaranteed by institutions,
agencies or instrumentalities directly linked to the US government. US Treasury securities and other US
government-linked securities are key assets on the balance sheets of many financial institutions and are widely
used as collateral by financial institutions to meet their day-to-day cash flows in the short-term debt market. The
impact of any further downgrades to the sovereign credit rating of the US government or a default by the US
government on its debt obligations would create broader financial turmoil and uncertainty, which would weigh
heavily on the global financial system and could consequently result in a significant adverse impact to the
Group’s business and operations.
In many cases, the markets for investments and instruments have been and remain illiquid, and issues relating to
counterparty credit ratings and other factors have exacerbated pricing and valuation uncertainties. Valuation of
such investments and instruments is a complex process involving the consideration of market transactions,
pricing models, management judgment and other factors, and is also impacted
 
by external factors, such as
underlying mortgage default rates, interest rates, rating agency actions and property valuations. Historically
these factors have resulted in, among other things, valuation and impairment issues in connection with
 
our
exposures to European sovereign debt and other investments.
Any of these general developments in global financial and political conditions could
 
negatively impact to our
business, results and financial condition in future periods.
Discontinuation of USD LIBOR may negatively affect our business, results and financial
 
condition.
Changes to major interest rates benchmarks may negatively affect our business, including the level of net interest
revenue. Financial markets have historically relied on Interbank Offered Rates (‘IBORs’) benchmarks, such as the
London Interbank Offered Rate (‘LIBOR’), the Euro Over Night Index Average (‘EONIA’) and the Euro Interbank
Offered Rate (‘EURIBOR’). While some interest benchmarks have been reformed and will continue to exist, such
as EURIBOR, others such as EONIA and LIBOR have been or will be
 
replaced by alternative rates. EONIA ceased to
be published on 3 January 2022, and is succeeded
 
by €STR. All GBP, JPY,
 
CHF and EUR LIBOR settings ceased on
31 December 2021. ING has substantially completed the transition of contracts referencing these benchmark
rates and now offers the recommended alternative benchmark rates.
The most commonly used USD LIBOR tenors will continue to be published
 
until 30 June 2023 to support existing
contracts. However,
 
the use of USD LIBOR for new contracts is no longer allowed from January 2022,
 
with only
limited exceptions.
Public authorities have recognised that many contracts do not contain reference to alternative rates, or
reference inappropriate alternatives, or cannot be renegotiated or amended prior to the cessation of the
relevant benchmark. In response, the European Commission has implemented legislation
 
that gives the
Commission the power to replace critical benchmarks if their termination would significantly
 
disrupt or otherwise
affect the functioning of the financial markets in the EU. The EU has used these powers to put in place statutory
replacement rates for EONIA and CHF LIBOR. The UK government has also granted additional powers to the
Financial Conduct Authority (FCA) to enable the
 
temporary publication of a ‘synthetic‘ LIBOR using a different
methodology and inputs.
 
The FCA has used these powers to ensure the most commonly used
 
GBP and JPY
LIBOR settings continue to be available using a “synthetic” methodology for a limited time. The FCA has not yet
decided whether it will require the LIBOR benchmark administrator to publish synthetic USD
 
LIBOR after June
2023. On 6 April 2021, the State of New York passed legislation on benchmark replacement addressing
 
certain
 
ING Group Annual Report 2021 on Form 20-F
16
contracts, securities and instruments governed by New York which involve interest rates or dividend rates
determined by the use of USD LIBOR without “fallback” rate provisions or with inadequate “fallback”
 
rate
provisions. A U.S. federal version of such legislation (passed by the U.S. House of Representatives on 8 December
2021) remains under consideration in the U.S. Senate.
 
The discontinuation of USD LIBOR and related interest rate benchmarks could result in a number of risks for the
Group, its customers, and the financial services industry more widely. These risks include legal risks and costs in
relation to changes required to documentation for existing transactions. In addition to the heightened conduct
and operational risks, the process of adopting new reference rates may expose the Group to an increased level of
financial risk, such as potential earnings volatility resulting from contract modifications and changes
 
in hedge
accounting relationships.
 
It is not possible to determine the full impact of the
 
USD LIBOR transition on the Group. However, the experience
gained and solutions put in place for the other LIBOR rates, together with our investment in and ability
 
to offer a
wide range of products using alternative rates, should help to limit any material adverse effect on our business,
results and financial condition.
Inflation and deflation may negatively affect
 
our business, results and financial condition.
A sustained increase in the inflation rate in our principal markets could have multiple impacts on us and may
negatively affect our business, results and financial condition. For example, a sustained increase in the inflation
rate may result in an increase in market interest rates, which may:
decrease the estimated fair value of certain fixed income securities that we hold in our investment
portfolios, resulting in:
reduced levels of unrealised capital gains available to us, which could negatively impact our
solvency position and net income, and/or
a decrease in collateral values,
result in increased withdrawal of certain savings products, particularly those with fixed rates below
market rates,
require us, as an issuer of securities, to pay higher interest rates on debt securities that we issue in the
financial markets from time to time to finance our operations, which would increase our interest
expenses and reduce our results,
result in further customer defaults as interest rate rises flow through into payment stress for lower
credit quality customers.
A significant and sustained increase in inflation has historically also been associated with decreased
 
prices for
equity securities and sluggish performance of
 
equity markets generally. A sustained decline in equity markets
may:
result in impairment charges to equity securities that we hold in our investment portfolios and reduced
levels of unrealised capital gains available to us which would reduce our net income, and
lower the value of our equity investments impacting our capital position.
In addition, a failure to accurately anticipate higher inflation and factor it into our product pricing may result in a
systemic mispricing of our products, which would negatively impact our results.
On the other hand, deflation could be experienced in our
 
principal markets adversely affecting our financial
performance. Deflation may erode collateral values and diminish the quality of loans and cause a decrease in
borrowing levels, which would negatively affect our business and results.
Market conditions, including those observed over the past few years,
 
and the application of IFRS
9 may increase the risk of loans being impaired and have a negative effect
 
on our results and
financial condition.
We are exposed to the risk that our borrowers (including sovereigns) may not repay their loans according to their
contractual terms and that the collateral securing the payment of these loans may be insufficient. We may see
adverse changes in the credit quality of our borrowers and counterparties, for example, as a result of their
inability to refinance their indebtedness, with increasing delinquencies,
 
defaults and insolvencies across a range
of sectors. This may lead to impairment charges on loans and other assets, higher
 
costs and additions to loan loss
provisions. A significant increase in the size of our provision for loan losses could have a material adverse effect
on our business, results and financial condition. Also
 
see above under the heading “–ING’s business, results and
financial condition have been, and likely will continue to be adversely affected by the Covid-19 pandemic”. As set
out there, we expect to be affected by the Covid-19 pandemic through its impact on, among
 
others, the financial
condition of our customers or other counterparties.
 
ING Group Annual Report 2021 on Form 20-F
17
We may incur losses due to failures of banks falling
 
under the scope of state compensation
schemes.
While prudential regulation is intended to minimize the risk of bank failures, in the event such a failure occurs,
given our size, we may incur significant compensation payments to be made under the Dutch Deposit
 
Guarantee
Scheme (DGS), which we may be unable to recover from the bankrupt estate, and therefore the consequences of
any future failure of such a bank could be significant to ING. Such costs and the associated costs to be borne by
us may have a material adverse effect on our results and financial condition.
 
On the basis of the EU Directive on
deposit guarantee schemes, ING pays quarterly risk-weighted contributions into a DGS-fund.
 
The DGS-fund is to
grow to a target size of 0.8% of all deposits guaranteed under the DGS, which is expected to be reached in July
2024. In case of failure of a Dutch bank, depositor compensation is paid from the
 
DGS-fund. If the available
financial means of the fund are insufficient, Dutch banks, including
 
ING, may be required pay to extraordinary ex-
post contributions not exceeding 0.5% of their covered deposits per calendar year.
 
In exceptional circumstances
and with the consent of the competent authority, higher contributions may be required. However, extraordinary
ex-post contributions may be temporarily deferred if, and for so long as, they would jeopardise the solvency or
liquidity of a bank. Depending on the size of the failed bank,
 
the available financial means in the fund, and the
required additional financial means, the impact of the extraordinary ex-post contributions
 
on ING may be
material.
Since 2015, the EU has been discussing
 
the introduction of a pan-European deposit guarantee scheme (‘EDIS’),
(partly) replacing or complementing national compensation schemes
 
in two or three phases. Proposals contain
elements of (re)insurance, mutual lending and mutualisation of funds.
 
The new model is intended to be ‘overall
cost-neutral’.
 
Discussions have continued in 2020, but it remains uncertain when EDIS
 
will be introduced and, if
introduced, what impact EDIS would have on ING’s business and operations.
In February 2021, the European Commission issued a public
 
consultation on the review of the bank crisis
management and deposit insurance (CMDI) framework, with a focus on three EU legislative texts: the Bank
Recovery and Resolution Directive (BRRD), the Single Resolution Mechanism Regulation (SRMR), and
 
the Deposit
Guarantee Schemes Directive (DGSD). The anticipated revision of the CMDI framework is part of the debate on
the completion of the Banking Union and in particular
 
its third and missing pillar EDIS. The consultation period
ran until May 2021. It is uncertain when the next steps towards revision of the CMDI framework, including EDIS,
can be expected.
Risks related to the regulation and supervision of the Group
Non-compliance with laws and/or regulations concerning financial services or financial
institutions,
 
including with respect to financial economic crimes, could result in fines and other
liabilities, penalties or consequences for us, which could materially affect our business and
reduce our profitability.
ING has faced, and in the future may continue to face, the risk of consequences in connection
 
with non-
compliance with applicable laws and regulations. For additional information on legal proceedings, see
 
Note 46
‘Legal proceedings’ to the consolidated financial statements. There are a number of risks in areas where
applicable regulations may be unclear, subject to multiple interpretations or under development, or where
regulations may conflict with one another, or where regulators revise their previous guidance or courts overturn
previous rulings, which could result in our failure to meet applicable standards. Regulators and other authorities
have the power to bring administrative or judicial proceedings against us, which could result, among other things,
in suspension or revocation of our licenses, cease and desist orders, fines, civil penalties,
 
criminal penalties or
other disciplinary action, which could materially harm our
 
results and financial condition. If we fail to address, or
appear to fail to address, any of these matters appropriately,
 
our reputation could be harmed and we could be
subject to additional legal risk, which could, in turn, increase the size and number
 
of claims and damages brought
against us or subject us to enforcement actions, fines and penalties.
Furthermore, as a financial institution, we are exposed to the risk of unintentional involvement in criminal
activity in connection with the commission of financial
 
economic crimes, including with respect to money
laundering and the funding of terrorist and other criminal
 
activities. The failure or perceived failure by us to
comply with legal and regulatory requirements with respect to financial economic crimes may result in adverse
publicity, claims and allegations, litigation and regulatory investigations and sanctions, which may have a material
adverse effect on our business, results, financial condition and/or prospects in any given period. For further
discussion of the impact of litigation, enforcement proceedings, investigations or other regulatory actions with
respect to financial economic crimes, see “– We may be subject to litigation, enforcement proceedings,
investigations or other regulatory actions, and adverse publicity” below.
 
ING Group Annual Report 2021 on Form 20-F
18
Changes in laws and/or regulations governing
 
financial services or financial institutions or the
application of such laws and/or regulations may increase
 
our operating costs and limit our
activities.
We are subject to detailed banking laws and financial regulation in the jurisdictions in which
 
we conduct
business. Regulation of the industries in which we operate is becoming increasingly more extensive and complex,
while also attracting supervisory scrutiny. Compliance with applicable and new laws and regulations is resources-
intensive, and may materially increase our operating costs. Moreover, these regulations intended to protect our
customers, markets and society as a whole and can limit our activities, among others, through stricter net capital,
 
market conduct and transparency requirements and restrictions on the businesses in which we can operate or
invest.
Our revenues and profitability and those of our industry have been and will continue to be impacted
 
by
requirements relating to capital, additional loss-absorbing capacity, leverage, minimum liquidity and long-term
funding levels, requirements related to resolution and recovery planning, derivatives clearing and margin rules
and levels of regulatory oversight, as well as limitations on which and, if permitted, how certain business
activities may be carried out by financial institutions.
We are subject to additional legal and regulatory risk in certain
 
countries where we operate with
less developed or predictable legal and regulatory frameworks.
In certain countries in which we operate, judiciary and dispute resolution systems may be less effective. As a
result, in case of a breach of contract, we may have difficulties in making and enforcing claims against contractual
counterparties and, if claims are made against us, we might encounter difficulties in mounting a defence against
such allegations. If we become party to legal proceedings in a market with an insufficiently developed judicial
system, it could have an adverse effect on our operations and net results.
In addition, as a result of our operations in certain countries, we are subject
 
to risks of possible nationalisation,
expropriation, price controls, exchange controls and other restrictive government actions, as well as the outbreak
of hostilities and or war, in these markets. In particular,
 
we have wholesale banking activities in both Russia and
Ukraine, as well as investments in Russia, some of which are denominated in local currency, and other
counterparties located in Russia. Furthermore, the current economic environment in certain countries in which
we operate may increase the likelihood for regulatory initiatives to enhance consumer protection or to protect
homeowners from foreclosures. Any such regulatory initiative could have an adverse impact on our ability to
protect our economic interest, for instance in the event of defaults on residential mortgages.
We are subject to the regulatory supervision of the ECB and other regulators
 
with extensive
supervisory and investigatory powers.
In its capacity as principal prudential supervisor
 
in the EU, the ECB has extensive supervisory and investigatory
powers, including the ability to issue requests for information, to conduct regulatory investigations and on-site
inspections, and to impose monetary and other sanctions.
 
For example, under the Single Supervisory Mechanism
(SSM), the regulators with jurisdiction over the Group, including the ECB, may conduct stress tests and have
discretion to impose capital surcharges on financial institutions for risks that are not otherwise recognised in risk-
weighted assets or other surcharges depending on the individual situation of
 
the bank and take or require other
measures, such as restrictions on or changes to the Group’s business. Competent authorities may also, if the
Group fails to comply with regulatory requirements, in particular with supervisory actions,
 
minimum capital
requirements (including buffer requirements) or with liquidity requirements, or if there are shortcomings in its
governance and risk management processes, prohibit the Group from making dividend
 
payments to shareholders
or distributions to holders of its regulatory capital instruments. Generally, a failure to comply with prudential or
conduct regulations could have a material adverse effect on the Group’s business, results and financial condition.
The regulatory consequences of the United Kingdom’s
 
withdrawal from the European Union may
have adverse effects on our business, results and financial condition.
On 24 December 2020, the United Kingdom and
 
the EU agreed to the EU-UK Trade and Cooperation Agreement
(the “TCA”) in connection with the departure of the UK from the
 
EU (commonly referred to as ‘Brexit’). However,
the financial services provisions of the TCA are very limited and ,
 
as a result, UK-based financial services providers
lost EU passporting rights as of 1 January 2021 and
 
EU-UK financial services are now subject
 
to unilateral
equivalence decisions. EU and UK regulators have, however, taken
 
certain measures to address overall financial
stability risks, such as the temporary extension by the EU of equivalence recognition to UK-based central
counterparties (UK CCPs) through to 30 June 2022. In November 2021 the European Commissioner
 
for financial
services announced that the 30 June 2022
 
extension date will be further extended in early 2022, although the
duration of the extension has not yet been specified. There is, however, no guarantee that such equivalence
decisions will be issued by the EU or the
 
UK in the future, or that any further extensions or renewals of
 
ING Group Annual Report 2021 on Form 20-F
19
temporary equivalence decisions or similar transitional arrangements will be made by
 
the EU or the UK in the
future. The absence of such equivalence decisions for financial
 
services could have a negative impact on ING’s
activities, with
 
the absence of future UK CCPs recognition expected to increase costs for both ING and its
financial markets customers. In addition, Brexit has required and will require other changes to ING’s business and
operations, including requiring ING to obtain a third country branch banking license in
 
the UK, which was granted
in November 2021. ING is also progressing the move of certain financial markets activities
 
from London to
Amsterdam in light of the ECB’s supervisory expectations on booking models as a result of Brexit. The regulatory
impact of Brexit continues to present material risks and uncertainties, particularly as to how regulations may
diverge between the EU and the UK, which could materially increase ING’s compliance costs and have a material
adverse effect on ING’s business, results and financial condition.
Failure to meet minimum capital and other prudential regulatory requirements
 
as applicable to
us from time to time may have a material adverse effect
 
on our business, results and financial
condition and on our ability to make payments on certain of our securities.
ING is subject to a variety of regulations that require us to comply with minimum
 
requirements for capital (own
funds) and additional loss absorbing capacity, as well as for liquidity, and to comply with leverage restrictions. In
addition, such capital, liquidity and leverage requirements and their application and interpretation may change.
Any changes may require us to maintain more capital or to raise a different type of capital by disqualifying
existing capital instruments from continued inclusion in regulatory capital, requiring replacement with new
capital instruments that meet the new criteria. Sometimes changes are introduced subject to a transitional
period during which the new requirements are being phased in,
 
gradually progressing to a fully phased-in, or
fully-loaded, application of the requirements.
 
Any failure to comply with these requirements, or to adapt to changes in such requirements, may have a material
adverse effect on our business, results and financial condition, and may require us to seek additional capital.
Failures to meet minimum capital or other prudential requirements may also result in ING being prohibited from
making payments on certain of our securities. Because implementation phases
 
and transposition into EU or
national regulation where required may often involve a lengthy period, the impact of changes in capital, liquidity
and leverage regulations on our business, results and financial condition, and on our
 
ability to make payments on
certain of our securities, is often unclear.
For further discussion of the impact of minimum
 
capital and other prudential regulatory requirements on ING,
see “Item 4. Information on the Company—Regulation and Supervision—Regulatory Developments—Basel
 
III and
European Union Standards as currently applied by ING Group.”
Our US commodities and derivatives business is subject to CFTC and SEC regulation under the
Dodd-Frank Act.
Our affiliate ING Capital Markets LLC is registered with the Commodity Futures Trading Commission (“CFTC”) as a
swap dealer and is subject to CFTC regulation of the off-exchange derivatives market pursuant to Title VII of the
U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act
 
(“Dodd-Frank”).
 
Operating as a swap dealer
requires compliance with CFTC regulatory requirements, which may be burdensome, impose additional
compliance costs and could adversely affect the profitability of this business, as well as exposing ING to the risk
of non-compliance with these regulations.
ING Capital Markets LLC is also registered with the SEC as a security-based swap dealer pursuant to Dodd-Frank
and SEC regulations enacted thereunder effective 1 November 2021. While ING Capital Markets LLC, as a
security-based swap dealer, is required to comply with SEC rules with respect to most of these requirements, SEC
rules have permitted an “Alternative Compliance Mechanism” that allows for compliance, subject to eligibility
requirements, with CFTC capital and margin rules applying to swap dealers in lieu of SEC capital and margin rules
applying to security-based swap dealers. ING Capital Markets LLC has elected to use the Alternative Compliance
Mechanism. However, should ING Capital Markets LLC in the future be ineligible for the “Alternative Compliance
Mechanism” it would be subject to SEC capital and margin security-based
 
swap dealer rules instead of the CFTC
capital and margin security-based swap dealer rules. SEC registration may increase ING Capital Markets LLC’s
operational costs as a result of compliance, margin, capital and other requirements, and result in a substantial
portion or all of ING’s security-based swap activities with U.S. persons being conducted through ING Capital
Markets LLC. These registration and related requirements may also reduce trading activity, reduce market
liquidity and increase volatility in the relevant markets.
In addition, new position limits under Dodd-Frank applicable
 
to the derivatives market generally for futures
contracts based on any of twenty-five commodity futures contracts on physical commodities, which to all market
participants, could limit ING’s position sizes in these futures contracts and similarly limit the ability of
counterparties to utilize certain of our products to the extent hedging exemptions from the position limits are
unavailable. In addition, position limits on swaps on the same physical commodities
 
will become effective in
 
ING Group Annual Report 2021 on Form 20-F
20
January 2023, which could further limit the ability
 
of ING and its counterparties to enter into such swaps. Such
regulation of the derivative markets and market participants will likely result in increased cost of hedging and
other trading activities, both for ING and its customers, which could expose our business
 
to greater risk and could
reduce the size and profitability of our customer business. The imposition of
 
these regulatory restrictions and
requirements, could also result in reduced market liquidity, which could in turn increase market volatility and the
risks and costs of hedging and other trading activities.
 
Any of the foregoing factors, and any further regulatory developments with respect to commodities and
derivatives, could have a material impact on our business, results and financial condition.
For further discussion of the impact of regulation of commodities
 
and derivatives on ING, see “Item 4.
Information on the Company—Regulation and Supervision—Regulatory Developments—Dodd-Frank Act and
other US Regulations.”
We are subject to several other bank recovery
 
and resolution regimes that include statutory
write down and conversion as well as other powers, which remains subject to significant
uncertainties as to scope and impact on us.
We are subject to several recovery and resolution regimes, including the Single Resolution Mechanism (‘SRM’),
the ‘Bank Recovery and Resolution Directive’ (‘BRRD’) as implemented in national legislation,
 
and the Dutch
‘Intervention Act’ (Wet bijzondere maatregelen financiële ondernemingen, as implemented in the Dutch
Financial Supervision Act). The SRM applies
 
to banks that are supervised by the ECB under the SSM, with
 
the aim
of ensuring an orderly resolution of failing banks at minimum costs for taxpayers and the real economy. The
BRRD establishes a common framework for the recovery and resolution for banks within the European Union,
with the aim of providing supervisory authorities
 
and resolution authorities with common tools and
 
powers to
address banking crises pre-emptively in order to safeguard financial stability and minimise taxpayers’ exposure to
losses. In addition, the Intervention Act confers wide-ranging powers to the Dutch Minister of Finance, including,
among other things, in relation to shares and other securities
 
issued by us or with our cooperation or other
claims on us (including, without limitation, expropriation thereof)
 
if there is a serious and immediate threat to
the stability of the financial system. Any application of statutory write-down and conversion or other powers
would not be expected to constitute an event of default under our securities entitling holders to seek repayment.
If any of these powers were to be exercised in respect of ING, there could be a material adverse effect on both
ING and on holders of ING securities, including through a
 
material adverse effect on credit ratings and/or the
price of our securities. Investors in our securities may lose their investment if resolution measures are taken
under current or future regimes.
For further discussion of the impact of bank recovery and resolution
 
regimes on ING, see “Item 4. Information on
the Company—Regulation and Supervision—Regulatory Developments—Bank Recovery and Resolution
Directive.”
Risks related to litigation, enforcement
 
proceedings and investigations and to changes in tax
laws
We may be subject to litigation, enforcement
 
proceedings, investigations or other regulatory
actions, and adverse publicity.
We are involved in governmental, regulatory,
 
arbitration and legal proceedings and investigations involving
claims by and against us which arise in the ordinary course of our businesses,
 
including in connection with our
activities as financial services provider, employer,
 
investor and taxpayer.
 
As a financial institution, we are subject
to specific laws and regulations governing financial services or financial
 
institutions. See “Risks related to the
regulation and supervision of the Group–
 
Changes in laws and/or regulations governing financial services or
financial institutions or the application of such laws and/or regulations may increase our
 
operating costs and limit
our activities” above. Financial reporting irregularities involving other large and
 
well-known companies, possible
findings of government authorities in various jurisdictions
 
which are investigating several rate-setting processes,
notifications made by whistleblowers, increasing regulatory and law enforcement scrutiny of ‘know your
customer’ anti-money laundering,
 
tax evasion, prohibited transactions with countries or persons subject to
sanctions, and bribery or other anti-corruption measures
 
and anti-terrorist-financing procedures and their
effectiveness, regulatory investigations of the banking industry, and litigation that arises from the failure or
perceived failure by us to comply with legal, regulatory, tax and compliance requirements could result in adverse
publicity and reputational harm, lead to increased regulatory supervision,
 
affect our ability to attract and retain
customers and maintain access to the capital markets, result in cease and desist orders, claims, enforcement
actions, fines and civil and criminal penalties,
 
other disciplinary action or have other material adverse effects on
us in ways that are not predictable. With respect to sanctions, beginning in February 2022,
 
the EU, UK and the
US, in a coordinated effort joined by several other countries, imposed a variety of new sanctions with respect to
Russia and various Russia-related parties. Despite significant similarities between
 
these Russia-related sanctions
programmes, there are notable differences between the EU, UK and US sanctions programmes, which may
 
ING Group Annual Report 2021 on Form 20-F
21
continue to evolve and are expected to require ING to implement new control measures with related costs and
risks of non-compliance. While various sanctions include
 
grace periods before full compliance is required, there is
no guarantee that ING will be able to implement all required procedures within the applicable grace periods.
 
In
addition, some claims and allegations may be brought by or on behalf of a
 
class and claimants may seek large or
indeterminate amounts of damages, including compensatory, liquidated, treble and punitive damages. Our
reserves for litigation liabilities may prove to be inadequate. Claims and allegations, should they become public,
need not be well founded, true or successful to have a negative impact on our reputation. In addition, press
reports and other public statements that assert some form of wrongdoing could result in inquiries or
investigations by regulators, legislators and law enforcement officials, and responding to these inquiries and
investigations, regardless of their ultimate outcome, is time consuming and expensive. Adverse publicity, claims
and allegations, litigation and regulatory investigations and sanctions may have a material adverse effect on our
business, results, financial condition and/or prospects in any given period.
We are subject to different
 
tax regulations in each of the jurisdictions where we conduct
business, and are exposed to changes in tax laws, and risks of non-compliance with or
proceedings or investigations with respect to,
 
tax laws.
Changes in tax laws (including case law) and tax treaties (including the termination thereof) could increase
 
our
taxes and our effective tax rates
 
and could materially impact our tax receivables and liabilities as well as deferred
tax assets and deferred tax liabilities, which could have a material adverse effect on our business, results and
financial condition. Changes in tax laws could also make certain ING products less attractive, which could have
adverse consequences for our businesses and results. On 7 June 2021,
 
the Dutch government received a formal
notice of denunciation of the Dutch-Russian tax treaty from Russia, and as a
 
result, the tax treaty was terminated
as of 1 January 2022. The termination of the Dutch-Russian
 
tax treaty or any other similar developments may
have adverse effects on ING and ING’s customers.
 
Because of the geographic spread of its business, ING may be subject
 
to tax audits, investigations and procedures
in numerous jurisdictions at any point in time. Although we believe that we have adequately provided for all our
tax positions, the ultimate resolution of these audits, investigations and procedures may result in liabilities which
are different from the amounts recognized. In addition, increased bank taxes in countries where the Group is
active result in increased taxes on ING’s banking operations, which could negatively impact our operations,
financial condition and liquidity.
We may be subject to withholding tax if we fail
 
to comply with the Foreign Account Tax
Compliance Act (“FATCA”)
 
and other US withholding tax regulations
Due to the nature of its business, ING is subject to various
 
provisions of US tax law. These include FATCA,
 
which
requires ING to provide certain information for the US Internal Revenue Service (“IRS”), and the Qualified
Intermediary (“QI”) requirements, which require withholding tax on certain US-source payments. Failure to
comply with FATCA
 
and/or QI requirements and regulations could harm our reputation and could subject the
Group to enforcement actions, fines and penalties, which could have a material adverse effect on our business,
reputation, revenues, results, financial condition and prospects. For further discussion
 
of FATCA
 
and QI
requirements with respect to ING, see “Item 4. Information on the Company—Regulation and Supervision—KYC
Requirements.”
ING is exposed to the risk of claims from customers or stakeholders
 
who feel misled or treated
unfairly because of advice or information received.
Our products and services, including banking
 
products and advice services for third-party products are exposed
to claims from customers who might allege that they have received insufficient advice or misleading information
from advisers (both internal and external) as to which products were most appropriate for them, or that the
terms and conditions of the products, the nature of the products or the circumstances under
 
which the products
were sold, were misrepresented to them. When new financial products are brought to the market, ING engages
in a multidisciplinary product approval process in connection with the development and
 
distribution of such
products, including production of appropriate marketing and communication materials. Notwithstanding these
processes, customers may make claims against ING if the products do not meet their expectations , either at the
purchase/execution of the product and/or through the life of the product. Customer protection regulations, as
well as changes in interpretation and perception by both the public at large and governmental authorities of
acceptable market practices, influence customer expectations.
Products distributed through person-to-person sales forces have a higher exposure to such claims as the sales
forces may provide face-to-face financial planning and advisory services. Complaints may also arise if customers
feel that they have not been treated reasonably or fairly, or that the duty of care has not been complied with.
While a considerable amount of time and resources have been invested in reviewing and assessing historical
sales practices and products that were sold in the past, and in the maintenance of
 
risk management, legal and
compliance procedures to monitor current sales practices, there can be no assurance that all of the issues
 
ING Group Annual Report 2021 on Form 20-F
22
associated with current and historical sales practices have been or will be identified, nor that any issues already
identified will not be more widespread than presently estimated.
The negative publicity associated with any sales practices, any compensation payable in respect of any such
issues and regulatory changes resulting from such issues, has had
 
and could have a material adverse effect on our
reputation, business, results, financial condition and prospects. For additional information regarding legal
proceedings or claims, see Note 46 ‘Legal proceedings’ to the consolidated financial
 
statements.
 
Risks related to the Group’s
 
business and operations
ING may be unable to meet internal or external aims or expectations with respect
 
to ESG-related
matters.
Environmental, Social and Governance (ESG) is an area of significant and increased focus for governments and
regulators, investors, ING’s
 
customers and employees, and other stakeholders or third parties (e.g., non-
governmental organizations or NGOs). As a result, an increasing number of laws, regulations and legislative
actions have been introduced to address climate change, sustainability and other ESG-related matters, including
in relation to the financial sector’s operations and strategy. Such recent regulations include the EU Sustainable
Finance Disclosure Regulation (SFDR), EU Taxonomy Regulation and EU Green Bond Standards, which broadly
focus on disclosure obligations, standardized definitions and classification frameworks for environmentally
sustainable activities. These laws, regulations and legislative frameworks may directly and indirectly impact the
business environment in which ING operates and may expose ING to significant risks.
National or international regulatory actions or developments may also result in financial institutions
 
coming
under increased pressure from internal and external stakeholders regarding the management and disclosure of
their ESG risks and related lending and investment activities. ING may from time to time disclose ESG-related
initiatives or aims in connection with the conduct of its
 
business and operations. However, there is no guarantee
that ING will be able to implement such initiatives or meet such aims
 
within anticipated timeframes, or at all. ING
may fail to fulfil internal or external ESG-related initiatives, aims or expectations, or may be perceived to fail to
do so, or may fail to adequately or accurately report performance or developments with respect to such
initiatives, aims or expectations. ING could therefore be criticized or held responsible for the scope of its
initiatives or goals regarding such matters. In addition, ING might face requests for specific strategies, plans or
commitments to address ESG-related matters, which may or may not be viewed as satisfactory to the relevant
internal and external stakeholders (including NGOs). Any of these factors may have an adverse impact on ING’s
reputation and brand value, or on ING’s business, financial condition and operating results.
 
ING may be unable to adapt its products and services to meet changing customer behaviour and
demand, including as a result of ESG-related matters.
Customers or other counterparties may increasingly assess sustainability or other ESG-related matters in their
economic decisions. For instance, customers may choose investment products or services based on sustainability
or other ESG criteria, or may look at a financial institution’s ESG-related lending strategy when choosing to make
deposits. To remain competitive and to safeguard its reputation, ING is required to continuously adapt its
business strategy, products and services to respond to emerging, increasing or changing sustainability and other
ESG-related demands from customers, investors and other stakeholders. However,
 
there is no guarantee that
ING’s current or future products or services will meet applicable ESG-related regulatory requirements, customer
preferences or investor
 
expectations.
 
For further information regarding the alignment of ING’s lending portfolio with its climate-related goals, see
“Item 4. – Information on the Company – Business Overview – Responsible
 
finance” below.
ING’s business and operations
 
are exposed to physical risks, including as a direct result of climate
change.
ING’s business and operations may be exposed to the impacts of physical risks arising from climate and weather-
related events, including heatwaves, droughts, flooding, storms, rising sea levels, other extreme weather events
or natural disasters,
 
and to the impacts of physical risks arising from the environmental degradation, including
loss of biodiversity, water or resources scarcity,
 
pollution or waste management. Such physical risks could disrupt
ING’s business continuity and operations or impact ING’s premises or property portfolio, as well as its customers’
property, business or other financial interests. These risks could potentially result in impairing asset values,
financial losses, declining creditworthiness of customers and increased defaults, delinquencies,
 
write-offs and
impairment charges in ING’s portfolio, etc. In particular,
 
changing climate patterns resulting in more frequent and
extreme weather events, such as the severe flooding that occurred in Western Europe in July 2021 or the long-
lasting bushfires in Australia in February 2021, could lead to unexpected business interruptions or losses
 
for ING
or its customers.
 
 
ING Group Annual Report 2021 on Form 20-F
23
For a description of physical risks to our operations and business other than resulting
 
from natural disasters as a
result of climate change, see “–Operational and IT risks, such as systems disruptions or failures, breaches of
security, cyber attacks, human error,
 
changes in operational practices, inadequate controls including in respect of
third parties with which we do business or outbreaks of communicable
 
diseases may adversely impact our
reputation, business and results” above.
ING’s business and operations
 
are exposed to transition risks related to climat
 
e
 
change.
The transition to a low carbon or net zero economy may give rise to risks and uncertainties associated with
climate change-related laws, regulations and oversight, changing or new technologies, and shifting customer
sentiment. For instance, ING may be required to change its lending portfolio to comply with new climate change-
related regulations. As a result, it might be unable to lend to certain prospective customers, or might even lead to
the termination of certain existing relationships with certain customers. This could result in claims or legal
challenges from such customers against ING. This transition may also adversely impact the business and
operations of ING’s customers and other counterparties. If ING fails to adequately factor in such risks in its
lending or other business decisions, ING could be
 
exposed to losses.
The low carbon or net zero transition may also require ING to modify or implement new compliance
 
systems,
internal controls and procedures or governance frameworks. The integration and automation of internal
governance, compliance, and disclosure and reporting frameworks across ING could lead to increased
operational costs for ING and other execution and operational risks. The implementation cost of these systems
may especially be higher in the near term as ING seeks to adapt its
 
business, or address overlapping, duplicative
or conflicting regulatory or other requirements in this fast-developing area. Furthermore, ING’s ongoing
implementation of appropriate systems, controls and frameworks increasingly requires ING to develop adequate
climate change-related risk assessment and modelling capabilities (as there is currently no standard approach or
methodology available), and to collect customer, third party or other data. There are significant risks and
uncertainties inherent in the development of new risk modelling methodologies
 
and the collection of data,
potentially resulting in systems or frameworks that could be inadequate, inaccurate or susceptible to incorrect
customer, third
 
party or other data.
 
Any delay or failure in developing, implementing or meeting ING’s climate change-related commitments and
regulatory requirements may have a material adverse impact on our business, financial condition, operating
results and reputation, and lead to climate change or ESG-related investigations, enforcement proceedings or
litigation.
Operational and IT risks, such as systems disruptions or failures,
 
breaches of security, cyber
attacks, human error,
 
changes in operational practices, inadequate controls
 
including in respect
of third parties with which we do business or outbreaks of communicable diseases may
adversely impact our reputation, business and results.
We face the risk that the design and operating effectiveness of our controls and procedures may prove to be
inadequate. Operational and IT risks are inherent to our business. Our businesses depend
 
on the ability to
process and report a large number of transactions efficiently and accurately. In addition, we routinely transmit,
receive and store personal, confidential and proprietary information by email and other electronic means.
Although we endeavour to safeguard our systems and processes, losses can result from inadequately trained or
skilled personnel, IT failures (including due to a computer virus or a failure to anticipate or prevent cyber attacks
or other attempts to gain unauthorised access to digital systems for purposes of misappropriating assets or
sensitive information, corrupting data, or impairing operational performance, or security breaches by third
parties), inadequate or failed internal control processes and systems, regulatory breaches, human errors,
employee misconduct, including fraud, or from natural disasters or other external events that interrupt normal
business operations. Such losses may adversely affect our reputation, business and results. We depend on the
secure processing, storage and transmission of confidential and other information in our computer systems and
networks. The equipment and software used in our computer systems and networks may not always be capable
of processing, storing or transmitting information as expected. Despite our business continuity plans and
procedures, certain of our computer systems and networks may have insufficient recovery capabilities in the
event of a malfunction or loss of data. We are consistently managing and monitoring our IT risk profile globally.
ING is subject to increasing regulatory requirements including EU General Data Protection Regulation (‘GDPR’)
and EU Payment Services Directive (‘PSD2’). Failure to appropriately manage and monitor our IT risk profile could
affect our ability to comply with these regulatory requirements, to securely and efficiently serve our clients or to
timely, completely or accurately process, store and transmit information, and may adversely impact our
reputation, business and results. For further description of the particular
 
risks associated with cybercrime, which
is a specific risk to ING as a result of its strategic focus on technology and innovation, see “–We are subject to
increasing risks related to cybercrime and compliance with cybersecurity regulation” below.
 
ING Group Annual Report 2021 on Form 20-F
24
Widespread outbreaks of communicable diseases may impact the health
 
of our employees, increasing
absenteeism, or may cause a significant increase in the utilisation of health benefits
 
offered to our employees,
either or both of which could adversely impact our business.
 
Also see above under the heading “–ING’s business,
results and financial condition have been, and likely will continue to be adversely affected by the Covid-19
pandemic”. As set out there, we expect to be affected by the Covid-19 pandemic through its impact on, among
others, our employees. In addition, other events including unforeseeable and/or catastrophic events can lead to
an abrupt interruption of activities, and our operations may be subject to losses
 
resulting from such disruptions.
Losses can result from destruction or impairment of property, financial assets, trading positions, and the loss of
key personnel. If our business continuity plans are not able to be implemented, are not effective or do not
sufficiently take such events into account, losses may increase further.
We are subject to increasing risks related
 
to cybercrime and compliance with cybersecurity
regulation.
Like other financial institutions and global companies, we are regularly the target of cyber attacks, which is a
specific risk to ING as a result of its strategic focus on technology and innovation. In particular, threats from
Distributed Denial of Service (‘DDoS’), targeted attacks (also called Advanced Persistent Threats) and
Ransomware intensify worldwide, and attempts to gain unauthorised access and the techniques used for such
attacks are increasingly sophisticated. We have faced, and expect to continue to face, an increasing number of
cyber attacks (both successful and unsuccessful) as we have further digitalized. This includes the continuing
expansion of our mobile-
 
and other internet-based products and services, as well as our usage and
 
reliance on
cloud technology.
Cybersecurity, customer data and data privacy have become the subject of increasing legislative and regulatory
focus. The EU’s second Payment Services Directive (‘PSD2’) and GDPR are examples of such regulations. In certain
locations where ING is active, there are additional local regulatory requirements and legislation on top of EU
regulations that must be followed for business conducted in that jurisdiction. Some of these legislations
 
and
regulations may be conflicting due to local regulatory interpretations. We may become subject to new EU and
local legislation or regulation concerning cybersecurity, security of customer data in general or the privacy of
information we may store or maintain. Compliance with such new legislation or regulation could increase the
Group’s compliance cost. Failure to comply with new and existing legislation or regulation could harm our
reputation and could subject the Group to enforcement actions, fines and penalties.
ING may be exposed to the risks of misappropriation, unauthorised access,
 
computer viruses or other malicious
code, cyber attacks and other external attacks or internal breaches that could have a security impact. These
events could also jeopardise our confidential information or that of our clients or our counterparties and
 
this
could be exacerbated by the increase in data protection requirements as a result of GDPR. These events can
potentially result in financial loss and harm to our reputation, hinder our operational effectiveness, result in
regulatory censure, compensation costs or fines resulting from regulatory investigations and could have a
material adverse effect on our business, reputation, revenues, results, financial condition and prospects. Even
when we are successful in defending against cyber attacks, such defence may consume significant resources or
impose significant additional costs on ING.
Because we operate in highly competitive markets,
 
including our home market, we may not be
able to increase or maintain our market share, which may
 
have an adverse effect on our results.
There is substantial competition in the Netherlands and the other countries in which
 
we do business for the types
of wholesale banking, retail banking, investment banking and
 
other products and services we provide. Customer
loyalty and retention can be influenced by a number of factors, including brand recognition, reputation, relative
service levels, the prices and attributes of products and services,
 
scope of distribution, credit ratings and actions
taken by existing or new competitors (including non-bank or financial technology competitors). A decline in our
competitive position as to one or more of these factors could adversely impact our ability to maintain or further
increase our market share, which would adversely affect our results. Such competition is most pronounced in our
more mature markets of the Netherlands, Belgium, the rest of Western Europe and Australia. In recent years,
however,
 
competition in emerging markets, such as Asia and Central and Eastern Europe, has also increased as
large financial services companies from more developed countries have sought to establish themselves in
markets which are perceived to offer higher growth potential, and as local institutions have become more
sophisticated and competitive and proceeded to form alliances, mergers or strategic relationships with our
competitors. The Netherlands is our largest market. Our main competitors in the banking sector in the
Netherlands are ABN AMRO Bank and Rabobank.
Competition could also increase due to new entrants (including non-bank and
 
financial technology competitors)
in the markets that may have new operating models that are not burdened by potentially costly legacy
operations and that are subject to reduced regulation. New entrants may rely on new technologies, advanced
data and analytic tools, lower cost to serve, reduced regulatory burden and/or faster processes in order to
challenge traditional banks. Developments in technology has also accelerated the use of
 
new business models,
 
ING Group Annual Report 2021 on Form 20-F
25
and ING may not be successful in adapting to this pace of
 
change or may incur significant costs in adapting its
business and operations to meet such changes. For example, new business models have been observed in
 
retail
payments, consumer and commercial lending (such as peer-to-peer lending), foreign exchange and low-cost
investment advisory services. In particular, the emergence of disintermediation in the financial sector resulting
from new banking, lending and payment solutions offered by rapidly evolving incumbents, challengers and new
entrants, in particular with respect to payment services and products, and the introduction of disruptive
technology may impede our ability to grow or retain our market share and impact our revenues and profitability.
Increasing competition in the markets in which we operate (including from non-banks and financial
 
technology
competitors) may significantly impact our results if we are unable to match the products and services
 
offered by
our competitors. Future economic turmoil may accelerate additional consolidation activity. Over time, certain
sectors of the financial services industry have become more concentrated, as institutions involved in a broad
range of financial services have been acquired by or merged into other firms or have declared bankruptcy. These
developments could result in our competitors gaining greater access to capital and liquidity, expanding their
ranges of products and services, or gaining geographic diversity. We may experience pricing pressures as a result
of these factors in the event that some of our competitors seek to increase market share by reducing prices,
which may have a material adverse impact on our business, results and financial condition.
We may not always be able to
 
protect our intellectual property developed in our products and
services and may be subject to infringement claims, which could adversely impact our core
business, inhibit efforts to monetize our internal innovations
 
and restrict our ability to capitalize
on future opportunities.
In the conduct of our business, we rely on a combination of
 
contractual rights with third parties and copyright,
trademark, trade name, patent and trade secret laws to establish and protect our intellectual property, which we
develop in connection with our products and services.
 
Third parties may infringe or misappropriate our
intellectual property. We may have to
 
litigate to enforce and protect our copyrights, trademarks, trade names,
patents, trade secrets and know-how or to determine their scope, validity or enforceability. In that event, we
may be required to incur significant costs, and our efforts may not prove successful. The inability to secure or
protect our intellectual property assets could have an adverse effect on our core business and our ability to
compete, including through the monetization of our internal innovations.
We may also be subject to claims made by third parties for (1) patent, trademark or copyright infringement, (2)
breach of copyright, trademark or licence usage rights, or (3) misappropriation of
 
trade secrets. Any such claims
and any resulting litigation could result in significant expense and liability for damages. If we were found to have
infringed or misappropriated a third-party patent or other intellectual property right, we could in some
circumstances be enjoined from providing certain products or services to our customers or from utilizing and
benefiting from certain methods, processes, copyrights, trademarks, trade secrets or licences. Alternatively, we
could be required to enter into costly licensing arrangements with third parties or to implement a costly
workaround. Any of these scenarios could have a material adverse effect on our business and results and could
restrict our ability to pursue future business opportunities.
The inability of counterparties to meet their financial obligations or our inability to fully enforce
our rights against counterparties could have
 
a material adverse effect on our results.
Third parties that have an payment obligations to ING, or obligations to return money, securities or other assets,
may not pay or perform under their obligations. These parties include the issuers and
 
guarantors (including
sovereigns) of securities we hold, borrowers under loans originated, reinsurers, customers, trading
counterparties, securities lending and repurchase counterparties, counterparties under swaps, credit default and
other derivative contracts, clearing agents, exchanges, clearing houses and other financial intermediaries.
Defaults by one or more of these parties on their obligations to us due
 
to bankruptcy, lack of liquidity,
 
downturns
in the economy or real estate values, continuing low oil or other commodity prices, operational failure or other
factors, or even rumours about potential defaults by one or more of these parties or regarding a severe distress
of the financial services industry generally, could have a material adverse effect on our results, financial condition
and liquidity. Given the high level of interdependence between financial institutions, we are and will continue to
be subject to the risk of deterioration of the commercial and financial soundness,
 
or perceived soundness, of
sovereigns and other financial services institutions. This
 
is particularly relevant to our franchise as an important
and large counterparty in equity, fixed income and foreign exchange markets,
 
including related derivatives.
We routinely execute a high volume of transactions, such as unsecured debt instruments, derivative transactions
and equity investments with counterparties and customers in the financial services industry, including brokers
and dealers, commercial and investment banks, mutual and hedge funds, insurance companies, institutional
clients, futures clearing merchants, swap dealers, and other institutions, resulting in large periodic
 
settlement
amounts, which may result in us having significant credit exposure to one or more of such counterparties or
customers. As a result, we could face concentration risk with respect to liabilities or amounts we expect to collect
 
ING Group Annual Report 2021 on Form 20-F
26
from specific counterparties and customers. We are exposed to increased counterparty risk as a result of recent
financial institution failures and weakness and will continue to be exposed to the risk of loss
 
if counterparty
financial institutions fail or are otherwise unable to meet their obligations. As a
 
result of the Russian invasion of
Ukraine and related international response measures, including sanctions and capital controls, we may be
exposed to increased risk of default of counterparties located in Russia and Ukraine, counterparties of which the
ultimate parent is located in Russia or may be considered effectively controlled or influenced through Russian
involvement, and other counterparties in sectors affected by the response measures. Also liquidity or currency
controls enforced by the Russian Central Bank may impact Russian companies ability to pay. In addition, we have
counterparty exposure to Russian entities in connection with foreign exchange derivatives for future receipt of
foreign currencies against RUB. Of our total EUR 600 billion loan book, the total Russia exposure is around EUR
6.7 billion on 28 February 2022 and EUR 500 million
 
with clients in Ukraine. A default by, or even concerns about
the creditworthiness of, one or more of these counterparties or customers or other financial services institutions
could therefore have an adverse effect on our results or liquidity.
With respect to secured transactions, our credit risk may be exacerbated when the collateral held by us cannot
be or is liquidated at prices not sufficient to recover the full amount of the loan or derivative exposure due to us.
We also have exposure to a number of financial institutions in the form of unsecured debt instruments,
derivative transactions and equity investments. For example, we hold certain hybrid regulatory capital
instruments issued by financial institutions which permit the issuer
 
to cancel coupon payments on the
occurrence of certain events or at their option. The EC has indicated that, in certain circumstances, it may require
these financial institutions to cancel payment. If this were to happen, we expect that such instruments
 
may
experience ratings downgrades and/or a drop in value and we may have to treat them as impaired, which could
result in significant losses. There is no assurance that losses on, or impairments
 
to the carrying value of, these
assets would not materially and adversely affect our business, results or financial
 
condition.
In addition, we are subject to the risk that our rights against third parties may not be enforceable in all
circumstances. The deterioration or perceived deterioration in the credit quality of third parties whose securities
or obligations we hold could result in losses and/ or adversely affect our ability to rehypothecate or otherwise
use those securities or obligations for liquidity purposes. A significant downgrade
 
in the credit ratings of our
counterparties could also have a negative impact on our income and risk weighting, leading
 
to increased capital
requirements. While in many cases we are permitted to require additional collateral from counterparties that
experience financial difficulty, disputes may arise as to the amount of collateral we are entitled to receive and
the value of pledged assets. Also in this case, our credit risk
 
may also be exacerbated when the collateral we hold
cannot be liquidated at prices sufficient to recover the full amount of the loan or derivative exposure due to us,
which is most likely to occur during periods of illiquidity and
 
depressed asset valuations, such as those
experienced during the financial crisis of 2008.
 
The termination of contracts and the foreclosure on collateral
may subject us to claims. Bankruptcies, downgrades and disputes with counterparties
 
as to the valuation of
collateral tend to increase in times of market stress and illiquidity. Any of these developments or losses could
materially and adversely affect our business, results, financial condition, and/or prospects.
Ratings are important to our business for a number of reasons, and a downgrade or a potential
downgrade in our credit ratings could have an adverse
 
impact on our results and net results.
Credit ratings represent the opinions of rating agencies regarding an entity’s ability to repay its indebtedness.
Our credit ratings are important to our ability to raise capital and funding through the issuance of debt and
 
to the
cost of such financing. In the event of a downgrade, the cost of issuing debt will increase,
 
having an adverse
effect on our net results. Certain institutional investors may also be obliged to withdraw their deposits from ING
following a downgrade, which could have an adverse effect on our liquidity. They can also have lower risk
appetite for our debt notes, leading to lower purchases of (newly issued) debt notes.
 
We have credit ratings from
S&P,
 
Moody’s Investor Service and Fitch Ratings. Each of the rating agencies reviews its ratings and rating
methodologies on a recurring basis and may decide on a downgrade at any time.
As rating agencies continue to evaluate the financial services industry, it is possible that rating agencies will
heighten the level of scrutiny that they apply to financial institutions, increase the
 
frequency and scope of their
credit reviews, request additional information from the companies that they rate and potentially adjust upward
the capital and other requirements employed in the rating agency models for maintenance of certain ratings
levels. It is possible that the outcome of any such review of us would have additional adverse ratings
consequences, which could have a material adverse effect on our results and financial condition. We may need to
take actions in response to changing standards or capital requirements set by any of the rating agencies, which
could cause our business and operations to suffer. We
 
cannot predict what additional actions rating agencies
may take, or what actions we may take in response to the actions of rating agencies.
Furthermore, ING Bank’s assets are risk-weighted. Downgrades of these assets could result in a higher risk-
weighting, which may result in higher capital requirements. This may impact net earnings and the
 
return on
capital, and may have an adverse impact on our competitive position.
 
ING Group Annual Report 2021 on Form 20-F
27
An inability to retain or attract key
 
personnel may affect our business and results.
ING Group relies to a considerable extent on the quality of its senior management, such
 
as members of the
executive committee, and management in the jurisdictions which are material to ING’s business and operations.
The success of ING Group’s operations is dependent, among other things, on its ability to attract and retain highly
qualified personnel. Competition for key personnel in most countries in which ING Group operates, and globally
for senior management, is intense. ING Group’s ability to attract and retain key personnel, in senior management
and in particular areas such as technology and operational management, client
 
relationship management,
finance, risk and product development, is dependent on a number
 
of factors, including prevailing market
conditions and compensation packages offered by companies competing for the same talent.
The (increasing) restrictions on remuneration, plus the public and political scrutiny especially
 
in the Netherlands,
will continue to have an impact on existing ING Group remuneration policies and individual remuneration
packages for personnel. For example, under the EU’s amended Shareholder Rights Directive, known as ‘SRD II’,
which came into effect on June 10, 2019, ING is required to hold a shareholder (binding) vote on ING’s Executive
Board remuneration policy and Supervisory Board remuneration policy at least every four years. Furthermore the
shareholders have an advisory vote on ING’s remuneration report annually. This may restrict our ability to offer
competitive compensation compared with companies (financial and/or non-financial)
 
that are not subject to such
restrictions and it could adversely affect ING Group’s ability to retain or attract key
 
personnel, which, in turn, may
affect our business and results.
We may incur further liabilities in respect of our defined benefit retirement
 
plans if the value of
plan assets is not sufficient to cover potential obligations, including as a result of differences
between actual results and underlying actuarial assumptions and models.
ING Group companies operate various defined benefit retirement plans covering the post-employment benefits
of a number of our employees. The liability recognised in our
 
consolidated balance sheet in respect of our
defined benefit plans is the present value of the defined benefit obligations at the balance
 
sheet date, less the
fair value of each plan’s assets, together with adjustments for unrecognised actuarial gains and losses and
unrecognised past service costs. We determine our defined benefit plan obligations based on internal and
external actuarial models and calculations using the projected unit credit method.
 
Inherent in these actuarial
models are assumptions, including discount rates, rates of increase in future salary and benefit levels, mortality
rates and consumer price index. These assumptions are based on available market data and are updated
annually. Nevertheless, the actuarial assumptions may differ significantly from actual results due to changes in
market conditions, economic and mortality trends and other assumptions. Any changes
 
in these assumptions
could have a significant impact on our present and future liabilities and costs associated with
 
our defined benefit
plans.
Risks related to the Group’s
 
risk management practices
Risks relating to our use of quantitative models or assumptions to model client behaviour for
 
the
purposes of our market calculations may adversely impact our reputation
 
or results.
We use quantitative methods, systems or approaches that apply statistical, economic financial, or mathematical
theories, techniques and assumptions to process input data into quantitative estimates. Errors in the
development, implementation, use or interpretation of such models, or from incomplete or incorrect data, can
lead to inaccurate, noncompliant or misinterpreted model outputs, which may adversely impact our reputation
and results. In addition, we use assumptions in order to model client
 
behaviour for the risk calculations in our
banking books. Assumptions are used to determine the interest rate risk profile of savings and current accounts
and to estimate the embedded option risk in the mortgage and investment portfolios. Assumptions based on
past client behaviour may not always be a reliable indicator of future behaviour. The realisation or use of
different assumptions to determine client behaviour could have a material adverse effect on the calculated risk
figures and, ultimately, our future results or reputation. Furthermore, we may be subject to risks related to
changes in the laws and regulations governing the risk management practices of financial
 
institutions. For further
information, see “Risks related to the regulation and supervision of the Group – Changes in laws and/or
regulations governing financial services or financial institutions
 
or the application of such laws and/or regulations
may increase our operating costs and limit our activities” above. As noted there, regulation of the industries
 
in
which we operates is becoming increasingly more extensive and complex, while also attracting supervisory
scrutiny. Compliance failures may lead to changes in the laws and regulations governing the risk management
practices and materially increase our operating costs.
We may be unable to manage our risks successfully through derivatives.
We employ various economic hedging strategies with the objective of mitigating the market risks that are
inherent in our business and operations. These risks include currency fluctuations,
 
changes in the fair value of our
 
ING Group Annual Report 2021 on Form 20-F
28
investments, the impact of interest rates, equity markets and credit spread changes, the occurrence of credit
defaults and changes in client behaviour. We
 
seek to control these risks by, among other things, entering into a
number of derivative instruments, such as swaps, options, futures and forward contracts, including, from time to
time, macro hedges for parts of our business, either directly as a counterparty or
 
as a credit support provider to
affiliate counterparties. Developing an effective strategy for dealing with these risks is complex, and no strategy
can completely insulate us from risks associated with those fluctuations. Our hedging strategies also rely on
assumptions and projections regarding our assets, liabilities, general market factors and the creditworthiness of
our counterparties that may prove to be incorrect or prove to be inadequate. Accordingly, our hedging activities
may not have the desired beneficial impact on our results or financial condition.
 
Poorly designed strategies or
improperly executed transactions could actually increase our risks and losses. Hedging strategies involve
transaction costs and other costs, and if we terminate a hedging arrangement, we may also be required to pay
additional costs, such as transaction fees or breakage costs. There have been periods in the past, and it is likely
that there will be periods in the future, during which we have incurred or may incur losses
 
on transactions,
possibly significant, after taking into account our hedging strategies. Further, the nature and timing of our
hedging transactions could actually increase our risk and losses.
 
Hedging instruments we use to manage product
and other risks might not perform as intended or expected, which could result in higher
 
(un)realised losses, such
as credit value adjustment risks or unexpected P&L effects, and unanticipated cash needs to collateralise or settle
such transactions. Adverse market conditions can limit the availability and increase the costs of hedging
instruments, and such costs may not be recovered in the pricing of the underlying products being
 
hedged. In
addition, hedging counterparties may fail to perform their obligations, resulting in unhedged exposures and
losses on positions that are not collateralised. As such, our hedging strategies and the derivatives that we use or
may use may not adequately mitigate or offset the risks they intend to cover, and our hedging transactions may
result in losses.
Our hedging strategy additionally relies on the assumption that hedging counterparties
 
remain able and willing to
provide the hedges required by our strategy. Increased regulation, market shocks, worsening market conditions
(whether due to the ongoing euro crisis or otherwise),
 
and/or other factors that affect or are perceived to affect
the financial condition, liquidity and creditworthiness of
 
ING may reduce the ability and/or willingness of such
counterparties to engage in hedging contracts with us and/or other parties, affecting our overall ability to hedge
our risks and adversely affecting our business, results and financial condition.
Risks related to the Group’s
 
liquidity and financing activities
We depend on the capital and credit markets,
 
as well as customer deposits, to provide the
liquidity and capital required to fund our operations,
 
and adverse conditions in the capital and
credit markets, or significant withdrawals
 
of customer deposits, may impact our liquidity,
borrowing and capital positions, as well as the cost of liquidity,
 
borrowings and capital.
Adverse capital market conditions have in the past affected, and may in the future affect, our cost of borrowed
funds and our ability to borrow on a secured and unsecured basis,
 
thereby impacting our ability to support
and/or grow our businesses. Furthermore, although interest rates are at or near historically low levels, since the
recent financial crisis, we have experienced increased funding costs due in part to the withdrawal of perceived
government support of such institutions in the event of future financial crises.
 
In addition, liquidity in the
financial markets has also been negatively impacted as market participants and market practices and structures
adjust to new regulations.
We need liquidity to fund new and recurring business, to pay our operating expenses, interest on our debt and
dividends on our capital stock, maintain our securities lending activities
 
and replace certain maturing liabilities.
Without sufficient liquidity, we will be forced to curtail our operations and our business will suffer. The principal
sources of our funding include a variety of short-and long-term
 
instruments, including deposit fund, repurchase
agreements, commercial paper, medium-
 
and long-term debt, subordinated debt securities, capital securities and
shareholders’ equity.
In addition, because we rely on customer deposits to fund our business
 
and operations, the confidence of
customers in financial institutions may be tested in a manner that may adversely impact our liquidity and capital
position. Consumer confidence in financial institutions
 
may, for
 
example, decrease due to our or our competitors’
failure to communicate to customers the terms of, and the benefits to customers of,
 
complex or high-fee
financial products. Reduced confidence could have an adverse effect on our liquidity and capital position through
withdrawal of deposits, in addition to our revenues and results. Because a significant percentage of our customer
deposit base is originated via Internet banking, a loss of
 
customer confidence may result in a rapid withdrawal of
deposits over the Internet.
 
ING Group Annual Report 2021 on Form 20-F
29
In the event that our current resources do not satisfy our needs, we may need to seek additional financing.
 
The
availability of additional financing will depend on a variety of factors, such as market conditions, the general
availability of credit, the volume of trading activities, the overall availability of credit to the financial services
industry, our credit ratings and credit capacity,
 
as well as the possibility that customers or lenders could develop
a negative perception of our long-
 
or short-term financial prospects. Also see under the
 
heading “Ratings are
important to our business for a number of reasons, and a downgrade or a potential downgrade in
 
our credit
ratings could have an adverse impact on our results and net results”. Similarly,
 
our access to funds may be limited
if regulatory authorities or rating agencies take negative actions against us. If our internal sources of liquidity
prove to be insufficient, there is a risk that we may not be able to successfully obtain additional financing
 
on
favourable terms, or at all. Any actions we might take to access financing may, in turn, cause rating agencies to
re-evaluate our ratings.
Disruptions, uncertainty or volatility in the capital and credit markets may also limit our access
 
to capital. Such
market conditions may in the future limit our ability to raise additional capital to support business
 
growth, or to
counterbalance the consequences of losses or increased regulatory capital and rating agency capital
requirements. This could force us to (i) delay raising capital, (ii) reduce, cancel or postpone payment of dividends
on our shares, (iii) reduce, cancel or postpone interest payments on our other securities, (iv) issue
 
capital of
different types or under different terms than we would otherwise, or (v) incur a higher cost of capital than in a
more stable market environment. This would have the potential to decrease both our profitability and our
financial flexibility. Our results, financial condition, cash flows, regulatory capital and rating agency capital
position could be materially adversely affected by disruptions in the financial markets.
Furthermore, regulatory liquidity requirements in certain jurisdictions in which we operate are remain stringent,
undermining our efforts to maintain centralised management of our liquidity. These developments may cause
trapped pools of liquidity and capital, resulting in inefficiencies in the cost of managing
 
our liquidity and solvency,
and hinder our efforts to integrate our balance sheet. An example of such trapped liquidity includes our
operations in Germany where German regulations impose separate liquidity requirements that restrict ING’s
ability to move a liquidity surplus out of the German subsidiary.
As a holding company, ING Groep
 
N.V.
 
is dependent for liquidity on payments from its
subsidiaries, many of which are subject to regulatory and other restrictions on their ability to
transact with affiliates.
ING Groep N.V.
 
is a holding company and, therefore, depends on dividends, distributions and
 
other payments
from its subsidiaries to fund dividend payments to its shareholders and to fund all payments on its obligations,
including debt service obligations.
 
ING Groep N.V.’s
 
ability to obtain funds to meet its obligations depends on legal and regulatory restrictions
applicable to ING Groep N.V.’s
 
subsidiaries. Many of ING Groep N.V.’s
 
direct and indirect subsidiaries, including
certain subsidiaries of ING Bank N.V.,
 
may be subject to laws that restrict dividend payments, as well as
requirements with respect to capital and liquidity levels. For example, certain local governments and regulators
have taken steps and may take further steps to “ring fence” or impose minimum internal total loss-absorbing
capacity on the local affiliates of a foreign financial institution in order to protect clients and creditors of such
affiliates in the event of financial difficulties involving such affiliates or the broader banking group. Increased
local regulation and supervision have therefore limited and may in the future further limit the ability
 
to move
capital and liquidity among affiliated entities and between ING Groep N.V.
 
and its direct and indirect subsidiaries,
limit the flexibility to structure intercompany and external activities of ING as otherwise deemed most
operationally efficient, and increase in the overall level of capital and liquidity required by ING on a consolidated
basis.
Lower earnings of a local entity may also reduce the ability of such
 
local entity to make dividends and
distributions to ING Groep N.V.
 
Other restrictions, such as restrictions on payments from subsidiaries or
limitations on the use of funds in client accounts, may also apply to distributions
 
to ING Groep N.V.
 
from its
subsidiaries.
 
ING Groep N.V.
 
has also in the past guaranteed and may in the future continue to guarantee the payment
obligations of some of its subsidiaries, including ING
 
Bank N.V.
 
Any such guarantees may require ING Groep N.V.
to provide substantial funds or assets to its subsidiaries or the creditors or counterparties of these subsidiaries
 
at
a time when the guaranteed subsidiary is in need of liquidity
 
to fund its own obligations.
Finally, ING Groep N.V.,
 
as the resolution entity of ING, has an obligation to remove impediments to resolution
and to improve resolvability. Regulatory authorities have required and may continue to require ING to increase
 
ING Group Annual Report 2021 on Form 20-F
30
capital or liquidity levels at the level of the resolution entity or at particular subsidiaries.
 
This may result in,
among other things, the issuance of additional
 
long-term debt issuance at the level of ING Groep N.V.
 
or
particular subsidiaries.
Additional risks relating to ownership of ING shares
Holders of ING shares may experience dilution of their holdings and may be impacted by any
share buyback programme.
ING’s AT1
 
Securities may, under certain circumstances, convert into equity securities. Such conversion would
dilute the ownership interests of existing holders of ING shares and such dilution could be substantial.
Additionally, any conversion, or the anticipation of the possibility of a conversion, could depress the market price
of ING shares. Furthermore, we may undertake future equity offerings with or without subscription rights. In case
of equity offerings without subscription rights, holders of ING shares may suffer dilutions. In case of equity
offerings with subscription rights, holders of ING shares in certain jurisdictions, however, may not be entitled to
exercise such rights unless the rights and the related shares are registered or qualified for sale under the relevant
legislation or regulatory framework. Holders of ING shares in these jurisdictions may suffer dilution of their
shareholding should they not be permitted to, or otherwise chose not
 
to, participate in future equity offerings
with subscription rights.
Any share repurchases could affect the price of our ordinary shares, ADSs or other securities and
 
increase trading
price volatility. The existence of a share buyback programme could also cause the price of our ordinary shares,
ADSs or other securities to be higher than it would be
 
in the absence of such a share buyback programme, and
could potentially reduce the market liquidity of our ordinary shares, ADSs or other securities.
 
There can be no
assurance that any share buybacks will enhance shareholder value because the market price of our ordinary
shares or ADSs may decline below the levels at which we repurchase any ordinary shares or ADSs.
In addition, ING cannot guarantee that any future share buyback programme will be fully consummated. The
timing and amount of share repurchases pursuant to a share buyback programme will depend upon a
 
number of
factors, including market, business conditions, and the trading price of the our ordinary shares or
 
ADSs. A share
buyback programme may also be suspended or terminated at any time,
 
and any such suspension or termination
could negatively affect the trading price of, increase trading price volatility of or reduce the market liquidity of
our ordinary shares, ADSs or other securities. Additionally, a share buyback programme could diminish our cash
reserves, which may impact our ability to finance future growth and to pursue possible
 
future strategic
opportunities.
Because we are incorporated under the laws of the Netherlands and many of the members
 
of
our Supervisory and Executive Board and our officers reside outside of the United States, it may
be difficult to enforce judgments against ING or the members of our Supervisory and Executive
Boards or our officers.
Most of our Supervisory Board members, our Executive Board members and some of
 
the experts named in this
Annual Report, as well as many of our officers are persons who are not residents of the United States, and most
of our and their assets are located outside the United States. As a result, investors may not be able to serve
process on those persons within the United States or to enforce in the United States judgments obtained in US
courts against us or those persons based on the civil liability provisions of
 
the US securities
 
laws.
Investors also may not be able to enforce judgments of US courts under the US federal securities laws in courts
outside the United States, including the Netherlands. The United States and the Netherlands
 
do not currently
have a treaty providing for the reciprocal recognition and enforcement of judgments (other than arbitration
awards) in civil and commercial matters. Therefore, a final judgment for the payment of money rendered by any
federal or state court in the United States based on civil liability, whether or not predicated solely upon the U.S.
federal securities laws, would not be enforceable in the Netherlands unless the underlying
 
claim is re-litigated
before a Dutch court. However,
 
under current practice, the courts of the Netherlands may be expected to render
a judgment in accordance with the judgment of the relevant U.S. court, provided that such judgment (i) is a final
judgment and has been rendered by a court which has established its jurisdiction
 
on the basis of internationally
accepted grounds of jurisdictions, (ii) has not been rendered in violation
 
of elementary principles of fair trial, (iii)
is not contrary to the public policy of the Netherlands, and (iv) is
 
not incompatible with (a) a prior judgment of a
Netherlands court rendered in a dispute between the same parties,
 
or (b) a prior judgment of a foreign court
rendered in a dispute between the same parties, concerning the same
 
subject matter and based on the same
cause of action, provided that such prior judgment is not capable of being
 
recognized in the Netherlands. It is
uncertain whether this practice extends to default judgments as well.
Based on the foregoing, there can be no assurance that U.S. investors will be able to enforce against us or
members of our board of directors, officers or certain experts named herein who are
 
residents of the
 
ING Group Annual Report 2021 on Form 20-F
31
Netherlands or countries other than the United States any judgments obtained in U.S. courts in civil
 
and
commercial matters, including judgments under the U.S. federal securities laws.
In addition, there is doubt as to whether a Dutch court would impose
 
civil liability on us, the members of our
board of directors, our officers or certain experts named herein in an original action predicated solely upon the
U.S. federal securities laws brought in a court of competent jurisdiction in the Netherlands against us or such
members, officers or experts, respectively.
 
 
ING Group Annual Report 2021 on Form 20-F
32
Item 4.
 
Information on the Company
A.
 
History and development of the company
General
 
ING Groep N.V.
 
was established as a Naamloze Vennootschap (a Dutch public limited liability company) on March
4, 1991. ING Groep N.V.
 
is incorporated under the laws of the Netherlands.
 
The corporate site of ING, www.ing.com, provides news, investor relations and general information about the
company.
ING is required to file certain documents and information with the United States Securities and Exchange
Commission (SEC). These filings relate primarily to periodic reporting
 
requirements applicable to issuers of
securities, as well as to beneficial ownership reporting requirements as a holder
 
of securities. The most common
filings we submit to the SEC are Forms 6-K and 20-F (periodic reporting requirements).
 
The SEC maintains an
internet site that contains reports, proxy and information statements, and other information regarding issuers
that file electronically with the SEC at http://www.sec.gov. ING’s
 
electronic filings are available on the SEC’s
internet site under CIK ID 0001039765 (ING Groep N.V.).
The official address of ING Group is:
ING Groep N.V.
 
Bijlmerdreef 106
 
1102 CT
 
Amsterdam
 
P.O.
 
Box 1800,
 
1000 BV Amsterdam
 
The Netherlands
Telephone +31 20 563 9111
The name and address of ING Group’s agent for service of process in the United States in connection with ING’s
registration statement on Form F-3 is:
ING Financial Holdings Corporation
 
1133 Avenue of the Americas
 
New York, NY 10036
United States of America
Telephone +1 646 424 6000
Changes in the composition of the Group
For information on changes in the composition of the Group, reference is made to Note 47 ‘Consolidated
companies and businesses acquired and divested’.
 
ing20f2021p33i0.gif
ING Group Annual Report 2021 on Form 20-F
33
ING at a glance
 
ING Group Annual Report 2021 on Form 20-F
34
Our strategy
Delivering on our strategy
 
is about creating a differentiating
 
customer
experience that is personal, easy
 
and smart. It’s also about focusing on the
things that matter: being a bank that
 
is safe, secure and compliant;
 
maintaining
a healthy business; data-driven digitalisation
 
to better meet our customers’
evolving needs; and jointly building a sustainable future
 
for all.
ING has a clear purpose: empowering people to stay a step ahead in life and in business.
 
This is reflected by our
‘do your thing’ tagline, which encapsulates our brand and our promise to make banking frictionless so
 
people and
businesses can do more of the things that move them. Our purpose
 
guides us in everything we do and is founded
on our belief that it’s our role to support and promote social and environmental progress and at the same time
generate healthy returns for shareholders.
 
We have a strong – and growing – primary customer base. We have a digital, mobile-first mindset and we’ve put
in place the building blocks for becoming a data-driven digital bank. We continuously strive to improve the
customer experience, working in an agile way and guided by our Orange Code, which describes
 
the values and
behaviours that define ING.
 
Even in a digital world, our business
 
is founded on relationships
 
and our people are among our greatest assets.
We therefore work to provide a differentiating employee experience that keeps our people motivated and
engaged. This includes supporting their wellbeing, providing
 
a safe and healthy workplace and opportunities to
develop themselves to their full potential, as well as promoting a diverse and inclusive work environment where
they feel free to be themselves. For most of the year, the majority of our employees continued to work from
home due to ongoing measures to stop the spread of Covid-19. As restrictions were lifted in various countries,
we moved towards a hybrid mode,
 
giving employees the flexibility to combine working from home with working
from the office. However, new outbreaks meant they had to remain ready to adapt to a constantly changing
situation.
 
The trends that have shaped our direction so far – digitalisation, continuing low and negative interest rates, new
competitors, changing customer behaviours and expectations, increasing regulation and the growing urgency for
action on climate change and to address social imbalances – continue
 
to influence our business and were
amplified by the Covid-19 pandemic.
 
We’ve also learnt some important lessons over the past years: some of our projects became too complex, went
on for too long or resulted in us sometimes losing sight of customers and competition.
 
We’re guided by our
purpose and our strategy in how we respond to these and other challenges and opportunities.
 
As we look to the future, we are now focusing on delivering with impact so
 
we can truly differentiate ourselves
from the competition and emerge from the pandemic in a position of strength for our customers, our investors,
our employees and society in general. In the near-to-mid-term, this means focusing
 
on:
 
being a safe, secure and compliant bank
being a healthy business making healthy returns
 
data-driven digitalisation
sustainability.
 
Safe, secure and compliant bank
Keeping our bank safe, secure and compliant remains a top priority for ING. This means fighting financial
economic crime as a gatekeeper to the financial system, protecting our bank and our customers against
cybercrime and fraud, as well as from conduct that will jeopardise people’s trust in us, and the safe and ethical
use of data and data-driven models. This year too, the growing importance of climate risk was emphasised
 
in
ING’s first integrated
 
climate report.
Protecting our bank and our customers also means continuously improving our risk culture and
 
behaviours.
Everyone at ING has a responsibility to understand, discuss and act on the many non-financial risks that banks are
confronted with every day. To
 
this end, we introduced a risk culture programme in 2021 that aims to ensure our
risk culture reflects the dynamic business and regulatory environment we operate in. By acting with the right
mindset and living up to our Orange Code and Global Code of Conduct,
 
we all play a part in safeguarding ING and
our customers.
 
Knowing our customers (KYC) and ensuring we only do business with people and
 
companies that meet regulatory
requirements and are within our risk appetite, are essential for preventing financial economic crime. Monitoring
 
ING Group Annual Report 2021 on Form 20-F
35
transactions for unusual activities and carrying out customer due-diligence checks
 
at regular intervals are an
important part of KYC. We also assess the environmental and social impact of companies and projects we
finance.
 
Since 2017, we’ve introduced a number of structural improvements to enhance our KYC organisation and
activities, including standardised policies and digital tooling, and
 
further increasing knowledge and awareness
across the bank. This includes mandatory e-learnings
 
for all staff and the KYC and Risk Academies for more
specialist training. We are building on this with our financial economic crime controls maturity programme,
which consolidates all our activities to fight financial economic
 
crime (policies, systems and processes) in one
holistic approach.
With the growing number of digital transactions and employees working from home
 
it’s of the utmost
importance to safeguard ING and our customers against cybercrimes such as digital fraud, phishing scams and
malicious software. ING has preventative measures in place to test our resilience against cyberattacks and
attempts to gain unauthorised access to our systems. We also focus strongly on managing our exposure to
operational risks with respect to the availability of our networks and infrastructure to ensure we’re always
accessible to our customers and our employees.
 
Closely related to cybersecurity resilience is protecting customers’ data and their privacy. To
 
this end, ING follows
European data protection regulation (GDPR) and local laws applicable in our countries. We consider people’s
expectations about how their data is used and respect their privacy when processing
 
it. Local and global data
ethics councils help ensure we use data responsibly.
 
Healthy business
 
While the economy picked up in many of our markets in 2021, to remain a financially healthy business it’s
imperative that we diversify our income, optimise capital allocation and scrutinise costs. Our 2021 figures show
we’re on the right track,
 
with fee income up 17% compared to a year earlier and contributing 19% to our
 
full-year
income, which is a crucial component of our strategy to diversify our revenue sources in the negative interest
environment. This strong fee income growth combined with higher lending volumes contributed to a 4.8%
increase in total income compared to 2020, while net customer deposits grew with €10.3 billion.
 
We earned higher fees from daily banking activities in 2021, spurred by economic recovery, and benefitted from
continued demand for digital investment products in our Retail business.
 
Our results were also supported by low
risk costs. We were able to release some of the Covid-19-related provisions we took earlier and are confident
about the quality of our loan book. However, we remain cautious about the impact of supply chain disruptions,
rising energy prices and increasing inflation on companies and consumers.
 
We therefore remain ready to support
our clients when they need it.
 
Ensuring ING remains
 
a financially healthy company means there are also times we have to make difficult
decisions about where and how we allocate our capital, so that we put it to work in the
 
places that provide the
best growth opportunities and viable returns. Unfortunately,
 
this can affect our customers and colleagues. In the
current environment, with varying local and regulatory environments, we believe that we require sufficient local
scale in the Retail markets in which we operate to maintain a reasonable franchise. It’s in these markets that we
want to invest our people, capital and costs. This led to our decision to exit selected Retail markets in 2021.
Separately, we decided to wind down our payment services provider Payvision,
 
which we believe was not
evolving rapidly enough to keep pace with the competitive payments market,
 
and to stop certain partnerships.
These include discontinuing the consumer-facing smart money app
 
Yolt to focus instead on growing its business-
to-business open banking platform Yolt Technology Services.
 
We also sold our stake in Dutch property platform
Makelaarsland as the partnership did not bring what we had expected from it.
 
We had expenses under control in 2021, with room for us as a digital-first bank to improve our cost-to-serve,
supported by investments
 
in further (end-to-end) digitalisation. This brings benefits to the experience of
customers and colleagues and improves our operational quality and processing speed. It also
 
helps us better
absorb the eroding effects of negative interest rates on our net interest income.
 
In October 2021, we launched a €1,744 million share buyback
 
programme related to the amount reserved over
2019. The distribution is in line with our aim
 
to provide an attractive return to shareholders and follows the
expiration of the European Central Bank’s (ECB) recommendation not to pay dividends during the pandemic in
2020. The buyback was possible due to ING’s strong capital position.
 
At year-end 2021, approximately 92% of the
maximum total value of the programme had been completed. On 28 February 2022, we announced
 
the
programme was fully complete, having repurchased 139,711,040 ordinary shares for a total consideration of
€1,741,696,166.19.
Data-driven digitalisation
 
Delivering on our customer promise is all about creating a customer experience that’s personal, easy and smart.
And a key driver for this is digitalisation – a trend that was accelerated by the Covid-19 pandemic and the
 
ING Group Annual Report 2021 on Form 20-F
36
demand it unleashed for mobile and contactless banking – and
 
data, which is the fuel powering end-to-end
digitalisation.
 
Reflecting the growing importance of technology and digitalisation in fulfilling our purpose
 
and strategy, in 2021,
ING appointed a chief technology officer to its Management Board Banking for the first time, having split the
 
role
of the chief operations officer. Digitalisation has benefits for our customers, our employees and our business.
Automating tasks frees up time for more rewarding activities. It improves efficiency and effectiveness, and helps
to make our bank safer and compliant-by-design. However,
 
we also have to be cognisant of those customers who
are not (yet) fully digital and ensure our products and services remain accessible
 
to them.
In 2021, mobile interactions grew to 6.2 billion from 5.3 billion in 2020, accounting for 91%
 
of total interactions
with ING. The number of mobile payment transactions also grew each quarter, with 267 million made in 4Q 2021,
compared to 154 million transactions in 1Q 2020.
 
This digital connectivity in turn yields data and insights that contribute to a more personalised and
 
empowering
experience, giving customers even more reason to interact with us. This is how we believe we can become an
essential part of people’s digital lives.
Mastering data is essential for this. Data, used responsibly, helps us understand our customers better and
personalise our interactions. It is the main ingredient for the models that inform our business decisions,
 
manage
risks and keep our capital in control. We use transaction data to detect money laundering and fight financial
crime. And it powers technologies like artificial intelligence, robotics and blockchain that digitalise processes and
improve the customer experience. Examples include using machine learning to understand why customers
contact us and proactively come up with solutions that will reduce the number of calls
 
in future; virtual assistants
to help customers 24/7; and instant loans,
 
personalised insurance and easy-to-use investment products. And
there are innovative solutions for ING and for our customers,
 
such as Komgo, which digitalises trade finance;
supply chain management tool Stemly; and Flowcast to reduce risk and unlock credit for businesses.
 
To make
 
raw data meaningful it needs to be sorted, harmonised and put into context. That’s why it’s essential to
have one common language for defining our data. We call this ING Esperanto. In addition, we’re standardising
data models (Esperanto Warehouse Model) through which we can store and use our data. This approach
contributes to the availability, quality,
 
integrity, usability,
 
control and governance of our data. We also have a
uniform global customer data management approach that facilitates customer self-service and enables new ways
of doing banking by making it easier to retrieve information that can be used to propose new types of billable
ING services or new product bundles. Global and
 
local data ethics councils guide our decisions around the use
 
of
data based on ING’s Orange Code values.
 
Our customers’
 
appreciation of ING’s smart and personal experience is reflected in above-average NPS scores in a
number of our Retail and Wholesale Banking markets. Over the past year we gained 481,000 primary
 
customers,
bringing the total to 14.3 million, 3.5% higher than at end-2020.
 
ING is not the only bank with digital ambitions.
 
Society’s growing reliance on the internet has fundamentally
changed the way people shop – and pay. These changing behaviours,
 
along with the second European Payments
Services Directive (PSD2), are reshaping the role of banks in the payments industry, opening it up to new (non-
traditional) payments providers. To
 
stay a step ahead in this competitive digital environment, there’s a growing
urgency to speed up end-to-end digitalisation and the associated requirement for operational excellence.
 
Given the increasing commoditisation of payments and the need for scale and efficiency to remain competitive in
this fast-growing area, we’re looking to create a dedicated payments and settlement utility within the chief
technology office domain in 2022 that will deliver all payments, settlement and liquidity
 
services across ING,
subject to Works Council approval. Until now this has been done within the business lines,
 
notably Wholesale
Banking, also for Retail payments. The aim is to build on our existing payments capabilities and further
 
mature,
scale and evolve the way these services are delivered, allowing the business lines
 
to focus on meeting the needs
of our customers.
 
Digitalisation is also empowering customers to have agency over their finances with innovative tools such as
personal budget planners, expense trackers and smart saver tools. Given the costs and complexities of cross-
border integration, we’re using our scalable technology to implement products locally that meet the needs of our
customers, particularly in areas such as retail investments, consumer finance and insurance.
Since 2016, we’ve worked on putting in place a technology and operations foundation on which to build a
mobile-first digital experience for all our 38 million customers. This foundation includes IT infrastructure, uniform
processes, data management and way of working, and bundling expertise in shared service
 
centres that support
our businesses globally. Underlying all of this are technology platforms such as Touchpoint and OnePipeline.
Designed to create speed, scale, security and cost efficiency, this foundation allows us to bring new products and
 
ING Group Annual Report 2021 on Form 20-F
37
services to our customers faster and in multiple markets using next-generation technologies and re-useable
modular components.
 
It has also enabled our employees to continue working from home during
 
the ongoing lockdowns and supports
their return to the office in a hybrid mode when that’s possible.
Sustainability
Sustainability in all its forms is one of the biggest challenges facing society. Climate change is threatening our
planet and its people, many of whom also struggle with inequality, poor financial health
 
and even a lack of basic
human rights. It’s clear the world is changing and banking
 
needs to change with it. We have a responsibility to
society to define new ways of doing business that align economic growth with positive
 
environmental and social
impact.
 
On the environmental side, we believe we can do this by aligning our lending portfolio
 
with global climate goals,
supporting the transition to a net-zero economy in our own operations and by actively engaging with companies
to finance the investments needed, and addressing related challenges like biodiversity;
 
on the people side, by
steering customers and local communities towards improved financial health.
 
To tackle climate change even faster,
 
we joined the Net-Zero Banking Alliance in 2021 and increased
 
the
ambition of our Terra approach.
 
We’re now aiming to steer our lending portfolio towards net-zero greenhouse
gas emissions by 2050 or sooner. In our integrated climate report on ing.com we report on our progress until
end-2020 in the nine most carbon-intensive sectors, which are our main focus for steering. We’re working on
pathways for those sectors to align our targets for them with our own net-zero ambitions.
 
In addition to financing sustainable projects, we believe we can influence positive change
 
by advising clients on
their own transition to sustainable and circular business models, as well as through innovative products such
 
as
sustainability-linked financing,
 
gaining access to a new range of opportunities. To protect the integrity of this
fast-growing market, we believe these targets should be ambitious, recognised industry-wide and verified by a
reputable, independent party, thereby ensuring companies tackle the most difficult and urgent climate issues
first.
It’s also about what we don’t finance: we say no to certain
 
companies and sectors;
 
for example, new clients
active in palm oil plantations and new coal-fired power plants. However, much of the ‘real’ economy still runs on
fossil fuels, and some sectors are further along on their journey than
 
others. So rather than withdrawing
completely from a particular sector (such as oil and gas) – with the associated impact
 
in terms of jobs and
economic fall-out – we believe we can be more effective by actively engaging with that sector to speed up its
transition. For example, we’re leading the climate-aligned finance working group for the Net-Zero Steel Initiative
to support the sector’s decarbonisation and have signed up to the Global Maritime
 
Forum’s call to action to
decarbonise the shipping industry.
 
Climate change also brings risks for ING and the companies we finance.
 
These range from physical risks such as
floods and wildfires to social risks related to displacement, discrimination and human
 
rights violations,
 
as well as
transition risks that could lead to stranded assets when policies, regulations or consumer preferences shift
towards a lower-carbon economy.
 
We’re working to embed the management of climate risk into our overall risk
management approach and our business practices. We also evaluate clients and transactions against our
environmental and social risk framework to limit the negative impact of our financing decisions on
 
the
environment and communities.
 
Climate action requires a concerted collaborative effort across all sections of society. There’s
 
a growing sense of
urgency for governments and businesses to step in and help. While banks can finance the
 
transition, it’s
companies that need to make it happen in their own businesses
 
and supply chains. Governments can, and
should, direct and guide this change. We believe the European Union’s Green Deal is a step in the right direction.
Recognising the importance of environmental, social and corporate governance (ESG), we have a number of
initiatives running in the bank covering our governance structure, developing a diverse and engaged workforce
and being a trusted counterparty for our customers and clients.
 
When it comes to financial health, we’re embedding our activities directly into our core business
 
where we can
make a more tangible impact on our customers.
 
We’re currently defining actions we can take in our Retail
markets to help customers who are financially vulnerable; for example, to get out of problematic debt, or to save
more. We’re also bringing our community support closer to home through our new community investment
programme,
 
which targets
 
a broader range of local initiatives that contribute to an inclusive economy and
support vulnerable groups in the communities we serve.
 
 
ING Group Annual Report 2021 on Form 20-F
38
B.
 
Business Overview
 
A sharper focus on digital investment
 
products, daily banking and on providing
a smart, easy and personal customer
 
experience,
 
boosted growth in 2021, with
more people than ever doing their banking on a mobile device. Companies also
increasingly chose to link their financing to their efforts
 
to protect our planet
and its people.
Diversifying our income is a crucial component of our strategy in a negative interest environment, and in 2021,
our fee income grew by 17% year-on-year.
 
Much of this growth came from an increase in daily banking
 
activities
on the back of economic recovery, coupled with good investment product revenues from the growing number of
new investment accounts opened and customers making a higher average number of trades.
 
We saw continued lending growth in mortgages and in the last quarter of the year lending volumes increased,
 
a
sign that confidence in the economy
 
is picking up. Still, economic recovery remains fragile. Covid-19 continues to
be a factor in many markets with new waves of infections, geopolitical tensions and supply chain disruptions,
rising energy prices and increasing inflation impacting companies
 
and consumers alike. We therefore continue to
be cautious and remain ready to support our clients when they need
 
it.
 
A differentiating customer experience
Delivering a differentiating customer experience is what sets ING apart and ensures customers choose us rather
than another provider. We
 
can measure how successful we are by looking at our Net Promoter Scores, which are
an indicator of customer satisfaction. To provide a differentiating
 
customer experience, we have to keep making
banking as frictionless as possible, providing smarter, easier and more personal experiences, and continuously
work to keep getting better at it.
Every interaction with our customers – whether it’s a call to a contact centre, a click on a web page, a
conversation or a survey – is an opportunity to understand their thinking and how we can improve their
experience. Sometimes it’s small changes that can make a big impact. This is the idea
 
behind our global CX Day
where colleagues from across the organisation work on ways to improve the customer experience. In 2021,
teams from 27 countries and 15 Wholesale Banking business
 
units worked on around 300 improvements on the
day, of which 21 were aimed at corporate clients.
 
By enabling ING designers and customer journey experts to work together, we connect the dots between insights
and delivering real value for our customers. This is the case for example in Germany where our designers joined a
cross-industry effort to make digital experiences more accessible to all.
 
Customer testimonials underscore that
good design is good business.
 
As we’ve digitalised more of our processes, we’ve empowered customers to take more of their money matters
into their own hands. For example, in Germany, Spain, Poland, Italy and Turkey
 
pre-approved consumer loans are
available for existing customers via our digital channels, providing them with instant access to financing when
and where they need it. Users of our OneApp in the Netherlands,
 
Belgium and Germany can update their contact
details, block a stolen bank card, open a new account and send payment requests without needing
 
to visit a
branch. Financial advice is also increasingly given online.
 
In 2021, digital interactions with customers rose to 6.9 billion (up from 5.3 billion in 2020). In Wholesale
 
Banking,
the number of digital interactions increased to 11.8 million, of which 49%
 
were via or in combination with the
mobile app introduced five years ago.
 
This digital connectivity yields data and insights that contribute to a more personalised and empowering
experience, giving customers more reasons to interact with ING. Getting the most out of our data will unlock
even more potential to create a differentiating experience for our customers. But there’s
 
still work to be done to
gain the most value from our data, both by moving data into our data lakes and by using analytics. Closely linked
to this is the trust our customers and employees have that we will protect their data and ensure it’s not used for
purposes they have not agreed to.
 
Retail Banking
For consumers using our Retail Banking services our focus is on providing a fully digital, mobile-first experience
that’s smart, personal and easy, empowering, and seamlessly connects with the apps and platforms they’re on.
 
We want to engage with these customers on mobile at every stage of the customer journey. This means as far as
possible each step of our processes has to be fully digitalised, from onboarding and
 
customer due diligence
checks to daily banking and contact centres.
 
 
ING Group Annual Report 2021 on Form 20-F
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Over the past years we’ve been working to harmonise the customer experience in our different markets and
created one brand identity. Now we’re
 
increasingly focused on end-to-end digitalisation of our customer
journeys to make our products and services even easier, smarter and more personal.
 
In 2021, we migrated the last of our Belgian Retail customers to ING’s OneApp for mobile banking, which is now
available to 17.4 million customers in the Netherlands, Belgium and Germany,
 
of which 9.8 million are actively
using mobile channels. OneApp offers a single unified banking proposition
 
that is continuously being extended
with new functionalities (e.g. Apple Pay).
 
In addition, all 9.8 million active Retail customers in Belgium and the
Netherlands have the same OneWeb online banking environment. This is an outcome of the unite be+nl
transformation programme, which ended in the first half of 2021.
A positive impact of the pandemic was the acceleration of mobile
 
banking, with high adoption by customers in
Turkey (88%), Romania (72%) and Spain (59%).
 
More than half of active ING customers – 51% –
 
were mobile-
only at end-2021, up from 40% in 2020.
In addition, mobile and card payment volumes more than doubled compared
 
to 2020,
 
reflecting the increasing
use of contactless payments via third-party services like Apple Pay and our own Android solution in the banking
app. In Poland customers can also use their mobile phone to make contactless ATM transactions and here the
ING app has more functionality than our website (unique
 
in the market). Over two-thirds (68%) of active
customers in Poland use mobile banking.
 
Another fast-growing digital market is Romania where mobile sales have tripled since 2019. Customers here can
access a complete offering of digital products from loans and insurance to investments, shopping programmes
and virtual cards.
 
Remote advice
 
This digital shift also means more customers are now using remote video advice and
 
digital self-service channels.
We can connect with customers across multiple channels through ING’s cloud-based customer interaction
platform for phone, chat and video contacts. The customer interaction platform is used in nine countries to
harmonise the experience and ensure customers receive the same services
 
everywhere.
 
In the Netherlands, we saw a year-on-year increase of video contacts through ING Beeldgesprek, which enables
customers to speak to an advisor about a new mortgage or investment product from the comfort of their own
home. On average, it is used for around 7,500 customer conversations per month in the Netherlands and is now
also available in Belgium, Spain, Italy and Germany. A similar remote advice service was launched in Turkey in
March 2021 via the ING app. ING is the first bank to offer this service in Turkey.
In addition, more customers are using the chat function on our website and mobile
 
app to reach out to us. On
average, we handle around 22,500 chat interactions per month in each of the six countries where the service is
offered.
Given the rise in digital interactions, we announced the closure of a number of bank
 
branches. In March 2021, we
announced the closure of 69 branches in the Netherlands
 
by July 2022, and over the course of 2021 we closed 59
statutory branches in Belgium. Our business is built on both digital and
 
real-life connections and there are still
customers who prefer to visit us in person. To
 
make sure these customers can still get in-person assistance, in the
Netherlands, for example, we are expanding the number of ING service points (shops
 
inside other shops)
 
to 321.
In some countries, like the Philippines, our Retail offering is entirely digital.
All but a limited number of branches remained open throughout the Covid-19
 
lockdowns, working by
appointment only in most countries. In all our branches we took precautions to ensure the health and
 
safety of
our customers and employees, such as limiting the number of visitors, installing plexiglass
 
screens and making
hand sanitisers available.
 
Financing for consumers
Point-of-sale (POS) lending, where online merchants offer shoppers the option to ‘buy now, pay later’, is a new
area offering opportunities for ING.
 
In June, ING Ventures invested in POS platform Divido, which allows its
partners to ‘white-label’ its technology. Merchants, banks and payment companies can brand the Divido platform
as their own to give their customers the option of paying for their purchases in instalments when they check out
online, or in-store. Based on this, ING launched its first European POS lending
 
initiative in Spain, where pre-
approved ING customers can pay in instalments for online purchase from enrolled merchants.
 
In addition to a physical POS offering in Turkey,
 
we launched ING Shopper, a new digital sales channel
 
that
enables shoppers (including non-ING customers) to apply for an online loan at checkout (thanks to digital
customer onboarding) or pay for their purchases in instalments. It also allows e-commerce merchants to grow
their customer base by offering easy payment alternatives. For ING Orange Extra programme members there’s
an additional incentive to repay their loans interest-free.
 
ING Group Annual Report 2021 on Form 20-F
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In Romania, we’re encouraging consumers to become more environmentally friendly by offering green loans with
favourable rates for electric and hybrid cars. A pilot programme involving 1,000 loans was launched in the
summer of 2021 as a limited offer. Around 180 loans were distributed by year-end and ING’s share of the market
for new electric and plug-in hybrid vehicle sales reached 11%. Building
 
on this, in 2022 we intend to add eligible
new green and sustainability products to increase our social responsibility impact.
 
In our mortgages business in the Netherlands, where around 60% of
 
mortgages are sold through intermediaries,
we have been making strides to improve our services, including faster processing times for their applications and
fewer documents needing to be provided. In December 2021, intermediaries named
 
ING as the best money
provider in a survey by the national mortgage association (Nationale Hypotheekbond).
 
In addition, we developed
new mortgage propositions for customers nearing retirement age, and for international home buyers, and made
it possible for customers to see their mortgages in the ING app and use it to make repayments.
 
At Interhyp in Germany,
 
the HOME platform digitalises the mortgage process for home buyers, advisors, brokers
and bank partners. Almost 500,000 Interhyp customers can connect directly to real-estate portals, create
financing scenarios and upload documents from their smartphones,
 
speeding up the mortgage decision process.
Machine learning personalises the experience by matching (potential) buyers to advisors and mortgages for their
needs, and providing property valuations. Mortgage advisors and brokers use HOME for processing mortgages
and consultations with buyers via phone, video and chat messaging. To complete the end-to-end digitalisation of
the mortgage process we’re now focusing on integrating scoring mechanisms and digital signatures for instant
approvals in just a few clicks. In 2021, Interhyp’s market share rose to
 
11.6% in Germany (10% in 2020).
Business Banking
Our Business Banking segment is part of Retail Banking and serves
 
around 1.7 million clients in seven markets
(Belgium, Luxembourg, the Netherlands, Poland,
 
Romania, Germany and Turkey). These range from self-
employed and micro businesses to small and medium-sized enterprises (SMEs) and mid-corporate companies.
We’re using Touchpoint
 
(ING’s open banking technology platform) to digitalise and standardise our offering for
business clients on ING’s OneApp and OneWeb in Belgium, the Netherlands and Germany, with Luxembourg
currently being migrated. This is helping to drive efficiency by avoiding duplication of services and unlocking
synergies between the countries. In Belgium, all business clients now use OneApp
 
and over 90% use OneWeb,
providing a consistent experience for both their personal and professional financial needs. Further roll-outs are
planned for Poland and Romania.
Our ambition to serve over 80% of SMEs digitally is in direct response
 
to the increasing customer demand for
digital solutions and self-servicing capabilities. To ensure the continuity of the quality customer relationships we
have, we are focusing our efforts on the most important interactions with our customers, namely: KYC outreach
for customer due diligence, onboarding, account opening, and loan
 
or card requests. Each interaction is built in a
modular way to ensure reusability across the global network, while leveraging and scaling local best practices.
Invariably, automation underpins any improvement and supplies the speed needed to improve the customer
experience.
 
 
Digital transformation of loan requests is end-to-end and focused on improving cycle times for the application
process (‘time to apply’), underwriting
 
process (‘time to yes’) and fulfilment (‘time to cash’). For example, Poland
offers instant and fully automated lending journeys for disbursement of small tickets in less than two hours,
whereas in Germany, semi-automated (fast-track) journeys for bigger tickets are
 
possible within 48 hours.
We can add value for these clients through digital services that go beyond banking, such as factoring, liquidity
management, tax accounting and by using APIs (application programming interfaces) that connect to third-party
providers.
Wholesale Banking
In Wholesale Banking we believe our differentiators are our sector expertise, our network and our people. We
continued in 2021 to focus on deepening client relationships and growing our franchise by unleashing
 
our sector
potential and delivering more of our network to our core clients in EMEA (Europe, the Middle East and Africa),
Asia and the US. By this we mean partnering global
 
product and sector specialists with local expert teams across
our network to meet the increasingly sophisticated and complex cross-border needs of the companies
 
we serve.
 
This is reflected in deals such as with Korea Ocean Business Corporation, a government agency
 
that supports
South Korea’s maritime industry with ships and liquidity. The successful distribution of a $108.3 million out of the
total $171.5 million loan to Korean investors – the third such transaction for KOBC in three years – relied on close
cooperation between ING teams in Seoul and Singapore combined with our sector and
 
product knowledge and
distribution networks.
 
Our client segmentation model aligns our strengths with our clients’ needs and is
 
an important element for
deepening relationships. ING’s way of working allows us to respond rapidly to our clients’ changing needs and to
close the gap between local and global specialists, making an impact
 
in our markets. During the year we
 
ING Group Annual Report 2021 on Form 20-F
41
continued to pair our sector knowledge and financial expertise to support
 
companies with tailored advisory and
daily banking, in line with the client segmentation model.
 
We aim to provide relevant advice, data-driven insights
and customised, integrated solutions that make our clients
 
day-to-day banking more efficient and support their
business ambitions.
 
Corporate clients also benefit from gains in speed, transparency, security and efficiency created by technologies
such as blockchain and artificial intelligence. In 2021, Global Finance
 
magazine named ING as the best bank for
Commodity Finance in recognition of our efforts to modernise the market with digital trade finance initiatives
such as Komgo, MineHub, Vakt, Marco Polo and Contour.
 
Read more below in ‘Innovating to stay a step ahead’.
Sustainability is another area where we can make a real difference for clients. We work closely with companies to
help them transition towards net-zero emissions by providing advice, insights and financing, including for green
projects and new technology like battery storage. Recognising the challenges many companies face in their
transition journey, Wholesale Banking’s 2021 global brand campaign is built around ‘sustainable finance for the
real world’,
 
which features actual clients who are working to change their sectors or industries from the inside. In
2021, we also supported 147 sustainability-linked loans (SLLs), where rates are linked to a client’s sustainability
performance. These included several firsts in their sector or industry, cementing our position as a sustainability-
linked pioneer.
Supporting customers in crisis
The last thing customers want to worry about in the midst of a crisis is their daily
 
banking. We aim to ensure
uninterrupted access to our call centres, online banking and ATMs, and to make it easy for our customers to
make contactless payments and arrange their finances from home. But for some customers, a bigger concern
may be their ability to pay back a mortgage, loan or credit card debt.
At the start of the pandemic, ING introduced a raft of measures worldwide to alleviate these concerns. These
differed from country to country and included payment deferrals on mortgages, personal loans, credit cards and
business loans to small and medium-sized companies, as well as
 
financing solutions to help companies bridge
their short-term liquidity needs. In harder hit sectors we proactively reached out to business
 
clients with tailored
solutions for their specific circumstances.
 
A 2021 Coalition Greenwich survey recognised ING as one of eight ‘standout’
 
banks for its support of corporate
clients during the Covid-19 pandemic. This included
 
maintaining a strong, coordinated and continuous flow of
information between clients and internal departments to address their clients’ evolving needs at the right time,
accommodate their liquidity needs and allow more operational flexibility while managing
 
the potential
associated risks.
Loan demand in 2021 continued to be influenced by the
 
economic effects of the Covid-19 pandemic. To support
the provision of credit to companies and consumers, the European Central Bank modified
 
the terms and
conditions of its third targeted longer-term refinancing operations (TLTRO III) programme. Under these
conditions (which ING has met), banks can borrow from the ECB at attractive conditions up to -100 basis
 
points.
The programme aims to stimulate the real economy by providing funding to banks at favourable interest rates
that they can pass on to their customers and business clients.
 
At the same time, signs of economic recovery during the year were tempered by other issues like supply chain
disruptions, rising energy prices and rising inflation. We continue to support our customers and business
 
clients
wherever we can.
Financial health
According to the financial health working group convened by the United Nations Secretary-General’s Special
Advocate for Inclusive Finance for Development, having financial health as a core business purpose contributes
to happier, more engaged and more profitable customers (larger
 
deposit balances, lower delinquency and loan
loss), leading to greater financial resilience and enhanced brand and reputation. ING is part
 
of this working group
and our approach to financial health has been showcased as
 
a best practice.
In 2021, we renewed our financial health approach to integrate it more closely into our core business in order to
increase the impact on our customers and target our support to the local communities
 
where we operate.
This includes embedding into our business some of
 
the activities related to the Think Forward Initiative (TFI),
which was discontinued in December 2021. ING and its
 
TFI partners believe the initiative has achieved key
milestones in fulfilling its purpose to empower people financially
 
through its research and insights. Since it was
started in 2016, TFI has supported almost 60 research projects, 19 start-ups and reached more than 100 million
people in 18 countries with insights aimed at improving their financial
 
health. We will continue to use our insights
into money management and people’s financial behaviour to empower our customers and communities to make
better financial decisions.
 
ING Group Annual Report 2021 on Form 20-F
42
In late 2021, we started defining new ambitions for our financial health approach. We’ll determine the specific
financial health challenges in our local markets and actions
 
we can take in each country to support financially
vulnerable customers, for example with programmes to save structurally for the future or overcome problematic
debt. This reflects our belief that financial health contributes to a healthy economy and helps drive social
progress. We are committed to reporting on our financial health activities and progress systematically and
regularly, as we do for climate action.
 
Our efforts are aligned with the Principles for Responsible Banking and
we’re working with the United Nations Environment Programme Finance Initiative (UNEP FI) to contribute to
setting a standard for financial health impact for our industry.
We think our biggest impact on improving financial health can be made
 
through our products and services by
equipping our customers with actionable insights, innovative tools and real-time information to make better,
smarter financial choices now and in the future.
Financial health is also about financial inclusion.
 
By this we mean creating equal opportunities and making
 
sure
our products, services and facilities are accessible to everyone in a way that best suits people’s needs and
abilities. Examples of this include talking ATMs in Poland, the Netherlands and Turkey,
 
and an accessible bank
card in the Netherlands and Belgium; the card has a notch in it so customers with a
 
visual impairment can insert
it correctly when it’s used. It’s also designed to support customers with limited hand functionality. In Australia we
provide phone banking for customers with speech or hearing impairments via
 
the national relay service, and sign
language services are available in some bank branches in Poland. When it comes
 
to accessible content on our
websites we’re working towards the web content accessibility guidelines standard (WCAG 2.1).
 
By using our knowledge of digitalisation and insights about money we’ve created innovative tools that help our
customers manage their finances and improve their financial health. Among
 
these are a personal budget planner
and categorisation tool that helps customers in Germany to plan and control their expenses better and discover
potential savings and a ‘Smart Saver’ tool that helps customers in Poland build their savings
 
with automated
transfers to a special account.
 
Customers in Romania, and, since early 2021, in Germany and Belgium, can use their
 
banking app to access
Dealwise, ING’s smart shopping platform. Dealwise promotes healthier financial behaviour and encourages users
to save on their daily spending by gathering the best shopping deals and giving
 
them cash back on purchases.
More than 1.1 million users have generated €30 million in transactions so far, which in turn has helped
customers save almost €1.72 million in cashbacks. Merchants too can benefit from the insights they gain into
customer behaviour on the platform. Over 1,100 brands offering fashion, accessories, electronics and even travel
deals have partnered with Dealwise.
 
In the Netherlands, ING has a similar programme where customers can earn points from their daily
 
banking
activities, which they can use in ING’s online shop to buy a wide range of fashion, beauty, household and other
products at discount prices. Initiated in 2006, ING Points was added to the OneApp in 2021,
 
delivering a turnover
of €75 million on 2.4 million products sold to 812,000
 
customers.
 
As a result of our financial health activities, 72.2%
 
of our customer base felt financially empowered by ING in
2021 (71% in 2020). In absolute numbers this is 27.5 million
 
people, compared to 27.8 million people in 2020,
due to the discontinuation of our Retail activities in Austria and the Czech Republic in
 
2021. More details on the
scope and reporting methodology can be found on ing.com.
Achieving our business goals
Achieving our business goals is about growing our primary
 
relationships by providing a differentiating experience
that’s safe and secure while driving capital and cost efficiency. We achieve this by deploying our resources
effectively on activities that deliver sustainable returns, diversifying our income,
 
driving an engaging and
personalised experience through end-to-end digitalisation and data analytics,
 
and developing new propositions
that meet our customers’ needs in areas such as insurance, investments and consumer lending.
To really stand
 
out, we need to focus on our strengths.
 
We have strong brand recognition. A higher-than-average
Net Promoter Score (NPS) in many of our markets is indicative of customer satisfaction. We’ve built a solid Tech
foundation for digitalising and innovating to improve the customer experience, make processes more efficient
and effective, and bring new solutions to our markets faster.
 
And not forgetting our people – even in a digital
world ours is a relationship business – our people are crucial to our success.
 
Healthy business
To remain a financially healthy company,
 
we have to put our people, capital and investments to work in markets
and activities that provide the best growth opportunities and sustainable returns. Retail markets where ING has
mostly savings and current accounts put pressure on our business model, especially
 
in the negative interest rate
environment. Rather than remain in markets where we do not see growth opportunities, we prefer to reallocate
our resources to markets where we are growing. This led to our decision in 2021 to discontinue our Retail
 
ING Group Annual Report 2021 on Form 20-F
43
Banking businesses in several countries that we believe have insufficient scale to maintain a reasonable
franchise.
 
In Austria, we transferred our Retail operations to bank99, the digital banking arm of the Austrian postal service,
and in the Czech Republic around half of ING’s Retail customers and 60% of client balances were transferred to
Raiffeisenbank. In December,
 
following a strategic review of our activities, we announced we would also exit the
French Retail Banking market where ING has been active as an online bank since 2000.
 
In all these markets our
Wholesale Banking activities will continue.
 
Diversifying our income: investment products
With customers looking for alternatives to savings accounts in the negative interest market, we’re empowering
them with smart digital investment tools like My Money Coach in Italy, Naranja+ in Spain and Easy Invest in the
Netherlands. At the same time, growing our fee and commission income, and increasing
 
its share in our overall
income mix, remain very important as our net income is impacted by the negative or low interest rate
environment. In 2021, fee income rose 17% in 2021, contributing 19% to our full-year income.
In 2021, we introduced Komfort-Anlage (Comfort Investing) in Germany, a low-threshold entry point for new
investors. From as little as one euro, customers can invest in one of seven ING World funds according to their risk
appetite. Komfort-Anlage is based on ING Spain’s Naranja+ product and owes its scalability to reusable
Touchpoint components that enable it to be rolled out in other countries. Since its introduction in June 2021, it
has attracted 10,000 investors and €120 million in assets under management. Of these customers, 85% have a
recurrent investment plan.
 
Also in Germany we offer securities savings plans that allow customers to invest small amounts in over 1,800
securities (shares, exchange-traded funds or mutual plans). More than half a million
 
savings plans were activated
in 2021, growing this service from 0.6 million savings plans
 
at end-2020 to 1.3 million at end-2021. For more
experienced investors, we have self-directed accounts as well as robo-advice from our fintech partner Scalable
Capital, which has attracted more than €1.6 billion in assets under management.
 
This demand for digital investment products helped to boost our fee income to record levels in 2021, attracting
€79 billion in assets under management (AuM) in
 
Germany at year-end (39% higher than end-2020) and close to
€15 billion in Spain (€12.3 billion in 2020). In
 
Belgium and the Netherlands, investment product balances
increased respectively to €42.6 billion (from €36.8 billion in 2020) and
 
€40.1 billion (from €32.2 billion in 2020).
Insurance
In various Retail markets ING has teamed up with insurance partners to offer our customers insurance products
via the ING app or website, based on the local needs within
 
those markets. With insurer NN we’re offering
insurance linked to loans in Belgium, Poland, Romania, Turkey and Spain, as well as a range of standalone non-life
insurance policies in Belgium, the Netherlands and
 
Poland. In some countries we also team up with other
insurers for additional protection needs. For example, in 2021 we introduced a new health insurance product in
Romania and device protection in Turkey,
 
as well as distributing pensions and offering insurance-based
investment products in several countries.
Through our bancassurance offering in partnership with insurer AXA we’ve launched 20 products in five countries
to date. Given the reduced number of markets now covered by the partnership (following ING’s exit from the
Retail Banking markets in the Czech Republic and Austria), which decreases the level of scalability, we announced
our intention in November 2021 to refocus the scope of the partnership from a central platform approach to the
local delivery of existing insurance propositions.
Daily banking and savings
Everyday Roundup (ERU) is a digital product that aims to make saving simpler at a time when customers may be
financially vulnerable (due to the economic disruption caused
 
by Covid-19). Used by more than 1 million
customers in five countries (Poland, Australia, Germany, Romania and Turkey),
 
it works by rounding up every
transaction on a customer’s current account and automatically transferring the difference to their savings
account. ING in Australia also has a roundup option for mortgages while in Germany customers can use the
service to make donations to support the UN’s sustainable development goals. The next step will be investments.
 
Increased emphasis on fighting financial economic crime
 
has necessitated investments in areas like know your
customer and data protection over the past years with the aim of ensuring our relationships with our clients
meet the highest due-diligence standards. In light of this, ING introduced a banking
 
service fee for Wholesale
Banking clients in 2021. It includes access to our CoorpID
 
digital vault where they can store, manage and share
their know your customer documentation, to make this often time-consuming process easier. Although there
was some resistance to the fee, many clients see the benefits of making banking safer and more secure.
 
Similarly, banking fees for Retail customers in the Netherlands and Belgium were increased in 2021 in the context
of higher regulatory costs combined with increasing investments in digitalisation, with a further
 
rise announced
 
ING Group Annual Report 2021 on Form 20-F
44
for Dutch customers from January 2022.
 
In Germany, where we introduced a monthly fee for current accounts
linked to non-primary customers, we will also now charge a €0.99 fee a month for the girocard debit card from
March 2022, reflecting a trend towards payment cards that are more suited to e-commerce and contactless
payments. The fee will apply to all new customers. Existing customers will be approached for consent.
 
The negative interest rate environment is disadvantageous for savers
 
and for banks. Some banks, including ING,
are already charging a negative interest rate fee for savings above a certain threshold. At ING, this threshold is
currently set at different levels across our euro markets, depending on local market dynamics and regulatory
frameworks.
 
In October 2021, we reached an agreement with the Dutch consumer association
 
to compensate certain Dutch
Retail customers for past interest charges on revolving consumer loans that allegedly did not sufficiently follow
market rates. We expect any such compensation to be paid before the end of 2022. Read more in the
 
paragraph of the additional notes to the consolidated financial statements.
Digitalisation
We aim to digitalise our processes in order to increase productivity and decrease the time customers have to
spend on banking. The Covid-19 pandemic accelerated the shift to mobile
 
and online banking, with customers
increasingly using their phones to connect to apps for shopping,
 
making contactless payments, opening a bank
account and getting instant financing.
 
Although ING has been a frontrunner in online banking
 
(we were one of the first direct banks in Europe), we’re
no longer the only bank with digital ambitions. As we saw
 
during the many Covid lockdowns, the demand for
digital and contactless banking has grown exponentially, making digital delivery an essential requirement for all
banks. Here, operational excellence matters.
Operational excellence leads to a better customer experience. It ensures effective and efficient processes that
improve productivity and enable us to deliver high-quality services more
 
easily. Operations management is
therefore one of the Big 6 capabilities ING has identified for success, along with related capabilities such
 
as
customer experience, non-financial risk management and data fluency. Looking back at past years, we’ve learnt
that by sharing our expertise and strengths across our countries we can be more effective in reducing duplication
of business services and processes,developing
 
new solutions and achieving end-to-end digitalisation.
 
ING Business Shared Services BV (IBSS) is a fully owned
 
service company employing around 13% of ING’s global
workforce. Its shared service centres in Bratislava, Manila, Poland (Katowice and Warsaw) and Bucharest
contribute to ING’s digital transformation and cross-border scalability by providing shared operational and
technology services in areas such as business operations, tech development, non-financial
 
risk and compliance,
KYC, data analytics and modelling.
 
Scalable technology
 
Given the costs and complexities of cross-border integration, we stopped the Maggie transformation programme
(that aimed to standardise our Retail offering in four countries) in late 2020. Instead we’re focusing on using our
scalable technology – shared data lakes, infrastructure and reusable app components–
 
to implement global
products locally. In this way we can build on what we already have and scale it to our markets, adapting it to local
needs as necessary.
To enable us to build and share standardised IT components and reusable services we developed Touchpoint, our
open banking technology platform. It provides access to 31.8 million customers (over 80% of our
 
customer base)
using common architecture and shared application programming interfaces (APIs).
 
Related to Touchpoint,
 
ING has built a private cloud (IPC) where we store and manage applications and data such
as channel applications, core bank systems and other banking applications. Given its flexibility and
 
scalability,
cloud computing is an important component for scaling our digital capabilities. To keep up with global usage,
scalability, availability and delivery speed, ING uses public cloud computing in addition to the IPC.
 
By end-2021,
34.2% of our global infrastructure was running on IPC (up from 25% in 2020)
 
following the migration to IPC of ING
in the Netherlands, Belgium and Spain. One of
 
the many advantages of a cloud-based infrastructure is that
security-patching of databases can be done globally, with near-to-zero downtime. This new feature was added to
IPC in 4Q 2021 and in the future will allow for the rapid global roll-out of
 
other new cloud-based improvements.
As an early adopter of cloud technology, ING joined forces with other banks in 2021 to establish the European
Cloud User Coalition (ECUC). It aims to develop common
 
security standards and best practices to mitigate
security risks and address regulatory requirements around data privacy and sovereignty.
To consistently
 
manage and protect data across ING we have built a set of data repositories: the data lake. By
using a universal data language called ING Esperanto we make it easier to share and use data across the
company.
 
 
ING Group Annual Report 2021 on Form 20-F
45
OnePipeline is the third element of our scalable technology, providing engineers with a consistent and secure
capability to develop, test and deploy fully automated software across ING. Around 74% of our engineers were
using OnePipeline at the end of 2021.
Scalable technology allows us to create global and local propositions that can be shared across our business
quickly and easily. We are focusing on products in three areas: investment products, consumer finance and
insurance.
Open banking
In an age of disruption and changing customer expectations, banks have to keep adapting their services
 
to
become safer,
 
more personalised, easier and more accessible for customers. Moreover, the introduction of the
second European Payment Service Directive (PSD2) in 2019 changed the competitive landscape of banks
dramatically, opening it up to non-traditional payments providers. This has created an uneven playing field
disadvantaging more heavily regulated traditional banks. At the same time, it’s the catalyst for banks to rethink
traditional products and services and create new customer experiences using application programming interfaces
(APIs).
 
More than compliance or regulated access via PSD2, open banking is
 
about connecting with customers directly or
through a third party (API banking) and adding value with new banking
 
and ‘beyond banking’ propositions
(embedded finance). Additionally, there are opportunities for Banking-as-a-Service (BaaS), which
 
enables
businesses to integrate banking processes into their own non-bank products through a secure and regulated
infrastructure.
Open banking offers opportunities for us to meet the needs of our customers by connecting to the apps where
they’re shopping and socialising. This is supported by our
 
open banking platform, which provides the capabilities
we need to establish secure, scalable, compliant and uniform connectivity with external parties using
 
APIs. These
API-based propositions can often be used in multiple
 
ways in new and traditional channels, apps, and platforms.
 
At the same time, there are inherent risks to sharing sensitive data and it’s critical to protect the privacy and
security of our customers’ data. Each participant in the open banking ecosystem has a duty to treat data with the
utmost care and to educate users on data permissions and privacy. Under European data privacy laws explicit
consent is required from the account holder before sharing their data. For consumers, where their data is stored
could also be a concern.
 
API-enabled services such as Minna (subscription
 
management via OneApp) and small and medium-sized
enterprise (SME)
 
loans via Amazon’s sellers platform showcase how open banking is digitalising our customer and
partner relationships. The pandemic accelerated the need for end-to-end digitalisation and we’ve found that
these ambitions go hand-in-hand with realising
 
our open banking objectives. By breaking down our back office
into modular, reusable, real-time services we can ultimately offer them externally to our customers and partners.
Internal applications using API services to exchange data are built with this external reuse in mind. The
 
recent go-
live of our transaction screening API shows how we’re putting this vision into practice. Now, payment service
providers can integrate ING’s
 
capabilities for screening transactions into their systems of choice or customer
journeys. We believe open banking and APIs are a great way to foster innovation, accelerate digitalisation and
integrate and co-create with others, and are pursuing this across the bank and with our partners.
Given the rising demand for open banking services, we decided
 
in 2021 to discontinue smart money app Yolt and
focus our attention on growing its business-to-business open banking platform Yolt Technology Services. It
provides businesses across Europe with the APIs they need to connect to users’ bank
 
accounts and initiate
payments. In this way we are helping to speed up the adoption of open banking and
 
empowering businesses to
grow. Yolt
 
Technology Services offers businesses API coverage to over 95% of bank accounts in the Netherlands,
France and the UK, and its API infrastructure can connect to 80% of bank accounts in Belgium,
 
Italy and Spain. By
end-2021, it had made over two billion API calls – single
 
uses of its API.
 
Payments
Open banking has changed the way people pay, giving consumers more options and opening up this service
 
to
non-traditional providers. This has accelerated the trend for instant payments executed in real time 24/7, 365
days a year.
 
ING makes it possible for customers to make instant payments from the Netherlands, Belgium and
Spain to the rest of Europe and is expanding this capability to other countries. Customers can instantly request
and receive money from friends and family via mobile phone apps. We’re now working with major Dutch
retailers to extend peer-to-peer payments (apps enabling users to request and receive payments instantly) so
merchants can send their customers a mobile payment request on delivery of goods.
 
To speed up international money transfers,
 
ING uses SWIFT gpi (global payments innovation) in 11 countries.
SWIFT – the Society for Worldwide Interbank Financial Telecommunication – facilitates payments between
financial institutions. Around 80% of SWIFT gpi transfers are completed on the same day, as compared with three
to five days previously. Our ‘proof of payment’ module on InsideBusiness now includes gpi information that
allows corporate clients to track and trace their international transfers, including fees and FX conversions made
 
ING Group Annual Report 2021 on Form 20-F
46
during processing through our network of correspondent banks. For our Business Banking
 
customers, we provide
a bulk payment functionality API that makes it possible to pay up to 5,000 recipients simultaneously
 
and which
supports multiple strong customer authentication for all types of payments requiring two or more authorisations.
We announced in October 2021 that we are phasing out the services of our
 
Payvision subsidiary by the second
quarter of 2022. Acquired by ING in 2018 to grow our share in the e-commerce/online merchant payments
market, Payvision offers business clients an omni-channel payments platform. However,
 
this market has evolved
faster than we anticipated, and is increasingly competitive and capital intensive. After thoroughly evaluating all
options we concluded it’s not feasible for ING to achieve its ambitions with Payvision. Until it’s wound down,
Payvision will continue to fulfil its contractual obligations and assist clients in the move to a new service provider.
ING will continue to serve business clients in the offline point-of-sale market and in e-commerce payments, for
example through providers such as iDeal in the Netherlands. Given iDeal’s dominance in the local payments
market, ING and other Dutch banks decided to discontinue the Payconiq payments app in the Netherlands from
January 2022. Conceived by ING in 2014 and a
 
stand-alone company since 2018, Payconiq remains active in other
markets such as Belgium (via ING’s OneApp)
 
and Luxembourg.
 
Earning the primary relationship
Earning the primary relationship is an important driver for profitable growth. It leads to deeper relationships,
greater customer satisfaction and ultimately customers choosing us for more of their banking needs. We want
our customers to do more than just some of their banking with us; we
 
want to be their first partner, where they
deposit their salary, handle their payments, manage their assets, take out loans and do most of their other
banking business.
 
In Retail Banking, primary customers have at least two active ING products. One of these should be
 
a current
account into which they deposit regular income. In Wholesale Banking,
 
these are clients with lending and daily
banking products and at least one other product generating recurring revenues.
ING grew the number of primary customers by 481,000 to 14.3 million in
 
2021, 3.5% higher than at end-2020.
 
Measuring customer satisfaction
One of the ways we measure our progress is through the Net Promoter Score (NPS), which indicates customer
satisfaction and loyalty (whether they would recommend ING to others) compared to selected peers in each
market.
 
The score is calculated as the difference between the percentage of promoters (who rate ING as 9 or 10
out of 10) and detractors (those scoring ING below 6). Our aim is to achieve a number
 
one NPS ranking in all our
Retail markets, with a 10-point lead over our main competitors.
 
Retail Banking
 
Based on a rolling average of our NPS scores in 2021, ING ranked number one at year-end in five of our 11 Retail
markets (six out 14 markets in 2020, which then had included Austria, the Czech Republic and France). In four of
these we are more than 10 points ahead of our nearest competitor. In Australia, Spain and Germany we widened
the gap on the number two player and maintained our number one position
 
in Poland and Romania. In the
Netherlands, where we rank second, our NPS score improved to close the gap on the top scorer, while in Italy we
moved up two positions in the ranking.
Business Banking
In this segment, serving self-employed and micro businesses, small and
 
medium-sized enterprises and mid-
corporate companies, we measure NPS in four markets (on a scale of -100 to +100):
Netherlands
: NPS for mid-corporate clients improved to +30.5 (from +18.4 in 4Q 2020), well above our
competitors (-19.2), based on feedback from clients who do business with multiple
 
banks. In particular
clients appreciate ING’s sector knowledge combined with regional presence, with satisfaction highest in
the services, industry and transport and logistics sectors. For Real Estate Finance clients there is a
relational and transactional survey in place with a healthy +39 outcome in 2021.
 
However, there is room
to improve the digital customer experience for small and medium-sized businesses and for self-
employed clients where NPS respectively declined to -39 (from -26 in 4Q 2020) and
 
-23 (from -18).
Poland
: combined NPS for SME and mid-corporate clients improved to +47 (from +43 in 4Q 2020) and
the relationship NPS for the self-employed and micro segment the NPS was +49.1.
Romania
: NPS for mid-corporates rose to +64 (from +54 in 2020) and for micro clients and SMEs it
increased to +51 (from +43 in 2020), putting ING in joint first place in both categories.
Belgium
: NPS for mid-corporate and institutional clients (MCIs) improved to -33 in December 2021 (from
-40 in January 2021), with an average score of -31 over the year. The NPS for self-employed and micro
clients (SEMs) decreased to -55 from -32 at the start of 2021, scoring an average of -47 over the year.
 
ING Group Annual Report 2021 on Form 20-F
47
This can be attributed to several factors including a new loans policy, branch closures, proximity to
clients and ease of contact.
 
 
Wholesale Banking
In Wholesale Banking we measure both relational and transactional NPS. The
 
relational NPS programme runs in
32 Wholesale Banking markets and is a qualitative measure of client satisfaction and how likely they are to
recommend ING.
 
The transactional NPS programme measures satisfaction with regards to specific transactions
and services and the ease of doing
 
business with ING. This is run in 23 countries.
 
In 2021, ING’s relationship NPS score rose to +59.2 (on a scale of -100 to +100), from +56.3 in 2020, and
 
26%
ahead of the industry average of +46.9 (+49 in 2020). The response rate increased to 62% from 60.4% and is
based on clients representing more than 55% of Wholesale Banking
 
revenue. In three of our four client segments
(Platinum, Gold and Silver) NPS was higher; among Sapphire clients it
 
retracted by 5% to 64.7. Six out of seven
sectors registered stronger NPS, with Financial Institutions joining for the first time in a pilot programme. The
higher scores suggest that clients appreciate our approach and that Wholesale Banking
 
is succeeding in its
strategy to focus on core clients, with as a result more resources allocated to a smaller group of clients and
higher client satisfaction.
 
On the transactional side, the number of invites increased by ~68%
 
compared to 2020, with an overall response
rate of ~45%. A Client Services survey in June 2021 included
 
a Transaction Services-related question. Here the
response rate was ~48% and client services/transaction services scored above target with an overall satisfaction
of 8.6 and a customer efforts score (measuring ease of doing business
 
with ING)
 
of 8.5. Also in June 2021, a Trade
Financial Services survey was carried out in EMEA and
 
APAC, with these clients rating ING above target with
overall satisfaction of 8.8 and customer efforts score of 8.6.
 
External recognition
ING’s digital leadership, customer experience and innovative products were recognised with several ‘best bank’
awards in 2021:
Best bank in Spain at the 2021 HelpMyCash awards. ING was rated 4.4 out of 5 by customers. The sector
average was 3.6.
 
Euromoney named ING best bank in Poland and best bank for SMEs in Central and Eastern Europe, based
on digital leadership, client-centricity and support for businesses during the pandemic.
First in the Polish Banking Stars 2021 ranking by financial newspaper Dziennik Gazeta Prawna and PwC
for the sixth consecutive year.
 
ING in the Philippines named best digital bank for customer experience (Digital Banker magazine), and
best savings bank, fastest-growing retail bank and most innovative mobile savings app (Global Banking &
Finance Review).
Recognised as most supportive bank through the Covid-19 crisis by trade commodity
 
finance media
outlet TXF.
 
Innovating to stay a step ahead
Innovation is a prerequisite for remaining relevant to our customers and living up to our purpose in a fast-
changing world. It’s how we can create new and differentiating experiences that deepen our engagement with
customers and improve our own operational excellence. Ever since the introduction of direct banking in 1997,
ING has been finding ways to make banking easier, smarter and more personal for our customers. Many of these
advances stem from twinning the latest technologies with data insights. Growing demand for digital solutions is
also spurring new ideas.
 
To increase the speed and impact of our innovation, at the start of 2021 we merged all of our innovation
activities into one business area called ING Neo, which reports directly to the chief executive officer. This includes
our beyond banking and platform activities in Retail Banking, Wholesale
 
Banking innovation, the chief innovation
office, ING Labs and our investment vehicle ING Ventures.
 
We’re concentrating our innovation efforts on five value spaces chosen for their relative market size, potential to
disrupt, and ING’s right to play in those markets:
 
housing, trade, disrupt lending, financial
 
health, and safe and
compliant. Closely related to our core business, these value spaces address trends that we believe will impact our
customers and our business in areas such as customer convenience and access, sustainability, automation and
digitalisation.
 
We’ve learnt that it takes time for an innovation to be widely adopted and reach the scale it needs to have an
impact. This requires longer horizons and different ways of measuring success while still within a reasonable time
frame for ING. New, non-traditional products and services also require a different approach to evaluating risk.
ING Neo therefore has its own second line of defence (which reports into the group line), ensuring compliance
 
by
design and the right risk and control frameworks for our innovation activities.
 
 
ING Group Annual Report 2021 on Form 20-F
48
How we innovate
 
Innovative ideas come from inside and outside ING. We encourage our employees to think creatively and turn
their ideas into opportunities through hackathons and initiatives like CX Day (to improve customer experience).
In addition, ING’s Innovation Summit aims to raise awareness among all employees of innovation trends and
activities, and innovation ambassadors link our activities more closely
 
to our business goals. In November, ING’s
second virtual Innovation Summit was streamed to 26 countries and reached more than 2,000 users.
 
ING also has its own customised innovation methodology called
 
PACE, which emphasises customers validation to
ensure we’re only developing what they really want. So far over 12,500 employees have been trained in PACE. In
2021, we set up a digital PACE Academy to move the training from the classroom to online and reach more
colleagues. The PACE programme was recognised at the 2021 Stevie Awards for Great Employers in the
categories Skills Training and Problem-solving Training.
Partner, invest and build
No-one knows what the future may hold, nor what technologies may emerge and we recognise we don’t always
have all the knowledge and skills in-house. That’s why we partner with academic institutions like the Dutch
Technical University of Delft on technologies like artificial intelligence, with consortiums like R3 on blockchain
initiatives that are modernising commodity and trade finance, and with
 
fintechs and others who look at banking
from a different perspective.
 
ING Labs is our incubator for potential scale-ups where we work with various partners to validate and build new
businesses for ING and our customers, such as Stemly, an AI-driven forecasting tool for supply chain managers,
and Cobase, a cloud-based multi-bank platform for corporate clients. One of the first initiatives to be incubated
in our Singapore Labs in 2018, Stemly was spun out as an independent
 
venture in 2021, while Cobase,
 
which was
spun out earlier, became a minority shareholding in 2020. We believe combining corporate innovation with
entrepreneurial experience contributes to a higher success and greater impact than either partner
 
could achieve
alone. In our four
 
ING labs in Amsterdam, London, Singapore and Brussels we currently have 18 initiatives in the
innovation funnel in our five value spaces. Global Finance magazine named
 
ING as one of the best bank-
sponsored innovation labs in its 2021 Innovators awards.
 
 
Through ING Ventures, our corporate venture capital fund, we make minority investments in early-stage
companies with a strategic relevance for ING. These are mainly fintechs developing disruptive technologies that
will ensure our customers get access to best-in-class services. In 2021, the size of the fund was €350 million.
 
In total, ING had 114 active fintech partnerships at end-2021, of which 17 are among
 
34 ING Ventures
investments. These include eXate (data privacy and security fintech); Divido (buy-now-pay-later platform);
Flowcast (AI-powered credit decisions); PRODA (commercial real estate automation); and Stemly (AI forecasting
tool for supply chain managers).
In the housing value space, ING partnered with property valuation firm Sprengnetter on Scoperty, a digital
marketplace that aims to make Germany’s real-estate
 
market more transparent. With valuation estimates for
more than 35 million residential properties, it creates a ‘pre-market’ where buyers can make a bid directly to the
seller before the property is officially listed.
 
Scoperty also provides related services such as sales support and
mortgage qualification, which is aligned with ING’s independent mortgage brokerage platform Interhyp, offering
access to 400 lenders.
 
In the safe and compliant value space, Blacksmith KYC and CoorpID are two initiatives being implemented
globally for KYC processes. Blacksmith’s digital policy management is designed to help banks digitalise and
accelerate know your customer workflows, provide insight into industry practices and better monitor financial
economic crime risk exposure, while CoorpID gives corporate clients a platform to easily store, manage and
synchronise KYC documents.
 
For our Business Banking clients, various fintech partnerships are opening up new sources of
 
financing to help
companies find the right loans for their businesses. Countingup is
 
a mobile banking app for self-employed
entrepreneurs and freelancers that combines accounting and banking features into one seamless solution to
reduce operating complexity and cost.
Not all our collaborations lead to new products or services.
 
We’ve stopped over 90 partnerships so far,
 
mostly
after unsuccessful or unsatisfactory proofs of concept.
 
 
ING Group Annual Report 2021 on Form 20-F
49
Distributed ledger technology and blockchain
When it comes to distributed ledger technology (DLT) and blockchain, ING was an early adopter of the
technology and is considered an industry leader,
 
consistently ranked among Forbes magazine’s top-50 companies
active in this area (for the third consecutive year in 2021).
 
Komgo – previously called Easy Trading Connect – is a former ING Innovation Bootcamp winner and one of the
first to use DLT to digitalise commodities trade financing in 2017. In May 2021, ING-backed Komgo raised CHF26
million (€24.9 million)
 
in its third funding round from a consortium of investors including ING Ventures. Spurred
by demand for digital services during the pandemic, Komgo saw a 50%
 
increase in trade finance transactions on
its platform and a 65% increase in clients in the past year. Other DLT solutions include Contour,
 
enabling letters
of credit to be processed in under 24 hours (from 10 days); and HQLAx, facilitating trades in high-quality liquid
assets, which was commercially launched in December 2020.
 
We amplify our DLT impact by addressing how our solutions can solve key problems in the finance industry and
work with others to produce open-source assets that can serve and influence the
 
wider community. Among
others, ING contributed to the development of open-source blockchain platform Corda (with R3) and Ethereum,
as well as zero-knowledge proof solutions to improve privacy and security of DLT-based transactions.
 
We continue to support the adoption of the technology in different areas of the bank and to explore additional
opportunities as client demand, regulation and the technology
 
evolve.
Data, AI and advanced analytics
In our competitive industry, data analytics stands to give us an edge. It goes hand-in-hand with digitalisation and
we can use analytics to create actionable insights about customers and improve our daily decision-making.
Advanced analytics techniques (machine learning and
 
big data) can be applied to automate processes, making
them faster and better; create better products and services; and fight financial crime. In 2021, we initiated a
programme to further develop and strengthen our global analytics strategy and align it with our business goals,
moving analytics closer to customer experience-related activities and creating a global
 
community of data and
analytics experts.
 
ING Analytics delivers solutions in areas such as customer interaction, smart pricing
 
strategies and risk
management, innovation, anti-money laundering, people analytics,
 
automation and for Wholesale Banking. In
2021, we further invested in an analytics platform to service the analytics
 
needs of ING. It has over 2,000 users
working on more than 300 unique projects across the bank.
 
One of the ways we use AI to improve the customer experience is with chatbots, which are available 24/7 to
answer questions and interact with customers. In Germany, our virtual assistant pING was able to answer 7.6
million customer queries in 2021; the recogniton rate for current account questions, for example, improved to
95.7% from 94.2% the previous year. INGo in Turkey
 
has a 92% accuracy score on customer queries and can also
assist with money transfers, loan applications, changing passwords and locating the nearest ATM. Since its
introduction in 2018, it has been further improved and ‘humanised’
 
to make small talk and jokes with customers
and proactively reach out on birthdays and other special occasions.
 
In 2021, INGo had around 900,000 users in
5.1 million chat sessions and approved 476 million lira worth of loans.
Some of our fintech partnerships enhance our data capabilities, such as London-based
 
data security company
Exate, which makes it possible to securely share data with greater speed and efficiency. This will allow ING to test
new software on real data to ensure effectiveness in production and enable closer collaboration with external
partners across borders.
 
Other solutions delivered by ING Analytics in
 
2021 were Nadia, a robot that automates
repetitive tasks in our non-financial risk database in seven ING countries and SAIO, which automates financial
 
and
other administrative processes for business customers in Poland.
 
 
Sustainable business
Being sustainable is not just about reducing our own environmental footprint. We see it as an opportunity to use
our experience and knowledge to support our clients on
 
their own sustainability journeys. Our biggest impact is
through our financing, via the loans we provide. That’s why in 2018 we committed to steering our lending
portfolio towards meeting the well-below two-degree goal of the Paris Agreement – an ambition we sharpened
in 2021 when we joined the Net-Zero Banking Alliance. We use our Terra approach to align our portfolio with our
ambitions, as well as to measure and report on our progress.
 
Recognising the merit of disclosing absolute greenhouse gas emissions
 
we started doing so in our integrated
climate report published in September 2021 (available on ing.com). This report also gives
 
a broader overview of
all the elements of our climate action approach, including
 
how we assess climate risks and take action to mitigate
them.
 
 
ING Group Annual Report 2021 on Form 20-F
50
Terra approach
Terra
 
helps us to steer our portfolio away from high-carbon technology towards the new low-carbon technology
needed to reach these net-zero goals in the nine sectors most responsible for climate change. These are power
generation, fossil fuels, automotive, shipping, aviation, steel, cement, residential mortgages and commercial real
estate. To
 
measure our progress, Terra uses the most appropriate methodology available per sector,
 
given that
each has its own transition pathway, and that some sectors are further along on their journeys.
 
One of the methodologies is PACTA for Banks, which ING co-created with 2DII (the 2° Investing Initiative). It looks
at the technology shift that’s needed across certain sectors to slow global warming and then measures
 
this
against the actual technology clients are using or plan to use in the future. For example, in the automotive
 
sector
we measure the number of internal combustion engines our clients are making
 
compared to electric vehicles and
based on science-based transition pathways,
 
we can then see what needs to shift, by how much and when.
 
This
is where financing comes in, and where ING can have an impact in the
 
real economy.
Reporting process
The process for reporting on Terra consists of a number of steps, most of them carried out by ING’s Global
Sustainability department in conjunction with colleagues
 
in the front office. Required internal data relating to our
portfolio composition is made available soon after ING’s year-end close in February. External data relating to
climate performances is collected around April. The external data is checked for consistency and matched with
our internal data. A year-on-year portfolio comparison is made to analyse fluctuations at company or asset level
for each sector.
 
This helps us understand the drivers behind any changes, which are usually attributable to the
climate performance of our clients, the composition of our sector portfolios
 
or data improvements. When
necessary, scenarios and targets are updated in conjunction with external parties.
Once the data is validated we draft our progress report, which since 2021 has been incorporated into the
integrated climate report. The report is approved at board level and published in September of the reporting
year.
 
As such, all progress reported in 2021 relates to 2020. Reporting on progress in the shipping sector is linked
to and aligned with the Poseidon Principles
 
timelines. The report on 2020 year-end data was published in
December 2021.
Targets
 
and progress
We are currently working on incorporating our updated ambition into our Terra approach and aim to have the
steps and intermediate targets needed for a net-zero pathway
 
for all nine sectors by end-2022.
As a first step, we’ve updated our target for upstream oil and gas in line with the International Energy Agency’s
net-zero scenario. Our aim is to reduce financing to upstream oil and gas by 12% by 2025 (from the around €4
billion we loaned the industry in 2019) by decreasing our
 
exposure in the sector and engaging with clients to help
them shift to low-carbon technology. This new target reflects the accelerated pace that’s needed to bring about
change. Previously we had aimed to reduce financing in this sector by 19% by
 
2040.
 
To measure our progress we use the 2DII PACTA
 
‘economic activities’ methodology, which has two metrics to
identify the carbon intensity of the Energy sector. For ‘power generation’ the alignment metric we use is
emissions intensity. For ’fossil fuels’ (coal, oil & gas) we use the ‘portfolio financing trend’, which requires an
absolute reduction in the financing of primary energy production
 
by reducing the size of our upstream oil & gas
and thermal coal mining portfolios. Both metrics use the
 
assumptions of International Energy Agency’s net-zero
scenario pathway to reduce the carbon intensity of global power generation.
Financing and advising our clients
As a financial institution we see it as our role to support the transition
 
to net zero through our financing and by
using our knowledge and insights to support our clients in
 
their own transitions towards a greener future. We
believe we can have more impact with what we do finance than what we don’t finance.
 
So while we say ‘no’ to
financing certain businesses and sectors, in others we say ‘yes but’, outlining sustainability changes clients have
to make to reach net zero.
 
Our integrated climate strategy helps us decide what activities we’ll support and those we’ll no longer finance.
Our approach is closely aligned with the climate goals of
 
the Paris Agreement, as well as the objectives of the
European Commission’s (EC’s) Green Deal, which provides a framework for Europe’s journey to achieve net-zero
greenhouse gas emissions by 2050. It also aims to decouple economic growth
 
from resource use and ensure
economic inclusivity so no person or place is left behind.
 
 
ING Group Annual Report 2021 on Form 20-F
51
European Taxonomy
 
regulation,
 
Article 8 Delegated Act
Throughout 2021, the EC published a set of policies and
 
regulations aimed at channelling money towards
sustainable activities and creating a level playing field for both companies and investors. This included defining
which activities are considered to be environmentally sustainable and creating a common classification system
for these activities: the European Taxonomy (EUT).
The EUT regulation aims to redirect capital flows to support the transition, help generate sustainable and
inclusive growth and prevent greenwashing. Moreover, the EC has started translating its six environmental goals
into technical screening criteria. These six goals are: climate mitigation, climate adaption, the sustainable use and
protection of water and marine resources, transition to a circular economy, pollution prevention and control, and
protection and restoration of biodiversity and ecosystems. Both financial services companies and non-financial
companies are called upon to scrutinise their balance sheets
 
with regards to climate change mitigation and
adaptation in line with these criteria under the Climate Delegated Act (DA).
 
The EU’s pathway to 2050 is laid out in a phased approach, with the first phase described in the DA Article 8 of
the EUT regulation published in June 2021. Within
 
the scope of Article 8 DA,
 
all non-financial companies in the EU
required to disclose ESG information under the non-financial reporting directive (NFRD companies) will
 
have to
determine the parts of their turnover, capital and operating expenditures that are eligible for inclusion in the EUT
framework. Financial companies, including ING, will reuse the disclosed
 
information from NFRD companies to
determine their eligibility ratio. The eligible assets in scope can eventually be aligned
 
with one or more of the six
environmental goals, while doing no significant harm to any of the other goals and ensuring
 
minimum
safeguards.
 
ING sees the EUT as an opportunity to re-evaluate our assets and sustainable products, to be
 
transparent about
our efforts to our stakeholders, and ultimately to reach net zero. The EUT is still
 
evolving and so are our sustainability efforts. It’s essential to distinguish between our own efforts (through our
Terra
 
approach and sustainable finance products and services)
 
and the incorporation of EUT requirements to
reassess our assets for eligibility under the EC’s scope.
When it comes to sustainable finance we categorise our lending activities to corporate clients as climate finance
(funding to advance the transition) or social impact finance
 
(driving social progress). Before providing financing
we assess whether clients meet our environmental and social risk criteria, which are
 
defined by our own risk
appetite statement. Among the products we offer are green and social loans and bonds, sustainability-linked
loans and bonds, and structured finance products.
 
We’re continuously exploring new ways to support our clients in a sustainable way and aligned with the
principles of the Loan Market Association, the International Capital Markets Association for green, social and
sustainability-liked financial products and the EUT. We
 
also proactively inform our clients about aligning their
business activities with the EUT and have started incorporating published technical screening criteria
 
into our
loan assessment processes.
 
Energy policy in practice
 
Reducing society’s reliance on fossil fuels is a vital contributor to the energy transmission and for reducing the
emission of greenhouse gases. As part of our integrated sustainability strategy, we’re working to align our energy
portfolio (and other major CO2-emitting sectors) with net zero by 2050 targets through our Terra approach.
However, transitioning from fossil-based fuels to low-carbon and renewable power sources requires massive
investment in cleaner technologies and infrastructure to meet the growing demand for energy. This is a complex
process that will not happen overnight and in the meantime the real economy still relies on
 
fossil fuels. The least
environmentally damaging of these is natural gas.
 
We believe that simply reallocating capital from
 
high-carbon clients and assets to low-carbon ones does not
support the transition we want to see in the real economy because it does not reduce the actual
 
global CO2
emissions as the same assets can be financed
 
through other means.
 
Rather, we believe in working with our
clients to support them in the transition towards reaching climate goals together. In the Terra
 
approach, we’ve
developed a distinct method for steering our portfolio by identifying carbon intensity metrics that reflect the shift
that needs to happen in each specific sector to achieve climate goals.
 
Financing the transition
Since ING introduced the first sustainability-linked loan (SLL) for Philips in 2017, where rates are linked to the
client’s sustainability performance, the popularity of these products has increased as more and more companies
push sustainability to the top of their strategic agendas. ING closed 147 sustainability-linked transactions in 2021.
These included the world’s biggest-yet SLL and the first in its sector for brewer AB InBev ($10.1 billion revolving
credit facility linked to water-efficiency improvements, PET packaging recycling, renewable energy use and
reduced emissions targets).
 
 
ING Group Annual Report 2021 on Form 20-F
52
In addition, ING received four consecutive sustainability-related mandates from US data centre provider Aligned,
acting as sole sustainability coordinator and sole green structuring advisor on the first SLL and first green
securitisation in the data centre space.
Pioneering for the future
We also invest in the technology needed to reach a net-zero world, things like battery storage and solar power.
 
In
2021, ING’s innovative financing method to make inland shipping in the Netherlands more sustainable with a
pay-per-use structure for renewable batteries, Zero Emissions Services (ZES), was recognised by the International
Association of Ports and Harbours (IAPH) with a sustainability award in the climate and energy category. ING
founded ZES along with consortium partners the Port of Rotterdam, energy company ENGIE, Finnish maritime
technology company Wärtsilä and its first customer, Dutch brewer
 
Heineken. The first vessel started sailing in
September 2021.
ZES is also an example of how ING is exploring circular business models
 
with various partners. The circular
economy is a way for companies to reduce waste and emissions by rethinking their use of raw materials and
resources from a ‘take, make and waste’ approach to ‘reduce, reuse and recycle’.
 
Companies like ZES stimulate
other use models for depleted battery packs, giving them a second or even a third life after they are exchanged.
 
Another ING investment in green transport, electric bus company Ebusco made its debut on
 
the Amsterdam
stock exchange in October 2021. The initial public offering raised €300 million to fund Ebusco’s international
expansion and growth strategy and valued the company at around €1.3 billion.
 
ING Corporate Investments
continues to hold a 21% stake in Ebusco (initially acquired in 2016).
 
Accelerating the green economy
To accelerate
 
a green and sustainable economy we provide financing for projects such as wind or solar energy
and sustainability-linked financing that supports companies on their own sustainability journeys. In
 
2021, we
closed 317 sustainable finance transactions (139 in 2020).
 
These include 45 green and social loans, 147
sustainability-linked loans and 95 green, social, sustainability(-linked) and transition bonds. The remaining 30
transactions were spread among green and sustainability-linked schuldscheins (an investment form
predominantly used in Germany), other sustainable investments, sustainable structured finance transactions and
ESG advisory and green guarantees.
 
Sustainable bonds are an integral part of our sustainable finance offering and are supported by ING’s Green Bond
Framework, which is in line with the Green Bond Principles
 
of the International Capital Market Association.
Among these are a euro-denominated green bond (two-part €1.1 billion)
 
for US IT and data centre provider
Equinix, which builds on the green finance framework ING created for them in 2020; and a $3.2
 
billion equivalent
dual-currency bond offering for FedEx, part of which was a sustainability bond offering. ING was sole structuring
advisor on the sustainability financing framework.
Through our social impact finance portfolio we lend to projects that lead to, for example, basic infrastructure
improvements, community development or essential services. In December
 
2021, ING acted as joint coordinator
of a social loan for the Ghanaian Ministry of Finance
 
to set up national vocational training institutes across
Ghana. The export credit facility is aligned with the standards of the Social Loan
 
Principles. We also aim to make a
positive contribution to human rights as financier, employer,
 
taxpayer and as a driver of progress and prosperity.
This is in line with the United Nations’ Principles for Responsible
 
Banking, of which ING was a founding signatory
in 2019.
 
Who we finance is as important as what we finance. In 2021, lending
 
to industry ESG leaders (based on the scores
of independent ESG ratings provider Sustainalytics) grew to €37.8 billion from €28.5 billion in 2020.
 
(This amount
may overlap with the amounts reported under climate and social impact finance.)
In the Bloomberg league tables, ING ranked second for green, social and sustainability euro bond issues with
more than €7.5 billion in bonds issued in 2021
 
(fourth with €3.8 billion in 2020), and fifth for green and
sustainability-linked loans valued at €5.4 billion (fifth with €3.3 billion in 2020).
Greener homes
A significant part of our loan book – 42% – consists of residential
 
mortgages, accounting for 68% of our Retail
Banking loans. Houses generally account for about 22% of direct and indirect CO2 emissions
 
in the EU. Our long-
term vision is to empower our mortgage customers to reach net-zero emissions in their homes and to achieve
the same for our mortgage portfolio by 2050. We’re therefore working with our customers to improve the
energy consumption of the houses we finance as a way of achieving our
 
net-zero goals. However,
 
there’s a long
way to go to help all our clients improve the energy efficiency of their homes.
Not knowing what renovations are most effective or what financing or subsidies are available to do so is one of
the factors we’ve seen that is stopping people from taking action. Here banks can play a role. In addition, the
 
ING Group Annual Report 2021 on Form 20-F
53
energy mix varies from country to country and the energy intensity of homes is quite broad. To be able to
understand how energy efficient homes are and make comparisons across markets a robust and standardised
approach to data is necessary at country and European level and ambitious regulation
 
will be critical to
encourage a faster transition.
Our current carbon intensity measurement covers our Dutch, German, Belgian and Polish mortgage portfolios,
with a combined outstanding lending amount of roughly €232 billion (78%
 
of total mortgage outstandings) and
more than 1.5 million financed homes. More countries will
 
be added as the data becomes available. See our
integrated climate report on ing.com for information on the underlying measurement, which, like the rest of
Terra
 
reporting, relates to 2020 data.
 
Across our mortgage markets we provide a range of products, services and advice to help homeowners make
their houses more sustainable. These include eco loans to finance renovations to improve energy efficiency such
as insulation, solar panels and double glazing.
 
In Belgium,
 
we offer interest-free eco renovation mortgages in
collaboration with the Flemish government.
 
We also provide access to subsidies in countries where these are
available. In Germany, we work with development bank KfW to integrate subsidy programmes into our mortgage
offering for energy-efficient new-builds and for modernising existing homes, for example with energy-efficient
heating systems.
 
In the Netherlands, ING became a co-financier of the Dutch government’s ‘Warmtefonds’ (Heat fund) in May,
contributing €50 million in financing. The fund provides loans
 
on favourable terms to make homes more
sustainable. Since 2014, it has provided around €600 million in financing
 
for this purpose. In November, a local
hub of the European Energy Efficient Mortgages (EEM) initiative was set up in the Netherlands, with ING as
 
a
founding member, to support and promote the acceleration of energy-
efficient housing by developing a framework for green mortgages.
 
To engage
 
customers on their sustainability journeys our Dutch and German websites provide
 
information and advice about energy-efficient living and financing available.
 
In the Netherlands, customers can
also check the energy profile of their homes as well as
 
the options to improve in this area. To help them take the
first step, we provided a free energy rating for homeowners wanting to invest in upgrading their energy label.
Around 60% of our Dutch portfolio currently has an ‘A’,
 
‘B’ or ‘C’ energy label, with more homes
 
moving into the
most energy-efficient ‘A’
 
band (17.4% compared to 15% the previous year) and fewer homes in the ‘C’
 
band
(27.2% v 28.3%).
 
In addition, the CO2 intensity of this portfolio reduced from 35kg CO2/m2 to 31.3kg at end-
2020, helped by the Netherlands’ growing use of renewable energy sources in its
 
electricity network.
 
Managing climate and environmental risks
Our integrated climate approach considers both how ING can impact climate change through our financing as
well as how climate change can impact our business. We’re working to be more resilient to climate risks, both
physical risks, such as the risk of flooding on our mortgage portfolio, and transition risks, such as stranded assets,
for example when carmakers don’t make electric vehicles. These risks and their financial implications can
potentially also impact our clients and ultimately our balance sheet.
 
A critical process is therefore required to
identify and understand these risks and integrate them into our risk management framework, including credit,
market, liquidity and operational risks. Read more in ‘Risk management’.
A climate risk assessment of around 65% of our mortgage portfolio identified flooding
 
as the biggest physical risk
where the impact would vary extensively. We have decided to develop this pilot further and increase the
geographical scope and data granularity to grow our understanding of the financial impact of climate hazards for
our portfolio management. We expect to report more on this in 2022. As part of this initiative we’re collecting
location data for the Belgian mortgage book to identify physical climate risk to our collateral. An initial
assessment of the impact on Business Banking clients
 
on a sector level will be used as input for ING’s global
heatmap. In line with its local regulatory requirements, ING in Belgium will also
 
collect the energy efficiency
levels of immovable property collaterals, both residential and commercial.
We apply strict social, ethical and environmental criteria in our financing and investment policies and practices to
ensure they’re in line with our sustainability goals. Every client and transaction is assessed,
 
monitored and
evaluated against the requirements of our environmental and social risk (ESR) framework to ensure compliance
and limit negative impact on the environment and communities. That way, climate and environmental impact are
taken into account every time we make financing or investment decisions.
 
Sustainable investment services
 
ING offers sustainable investment (SI) services to its Retail Banking customers in the Netherlands, Belgium,
Luxembourg and Germany. These include brokerage, advisory and discretionary management. We provide
dedicated portfolios, structured products and investment funds and cover all asset classes. In 2021, ING’s Retail
 
ING Group Annual Report 2021 on Form 20-F
54
investment division recorded €19.2 billion in sustainability assets (from €13.2 billion in 2020). This
 
also underlines
our clients’ appetite for products and services that integrate sustainability criteria.
 
To provide these clients with a portfolio that’s in line with their values and interests we use a diverse set of
environmental, social and governance criteria to assess all investments. Both companies and investment funds
are screened against these criteria. For companies we take a two-step approach. First, we look at their policies
and achievements on sustainability and score relative to their peers, choosing to invest in those companies with
the best ESG profile per sector. Second, we exclude companies whose products or services have negative impacts
or which are engaged in undesirable corporate conduct, for example conduct that infringes human rights. In
selecting investment funds, we carry out quantitative and qualitative screening to understand the ESG profile of
the asset and the asset manager. This includes interviewing fund managers and ensuring the underlying holdings
also meet our sustainability criteria. For more information on the selection process please
 
refer to ing.com.
ING is a signatory to the UN-backed Principles for Responsible Investment as a service provider and we’ve
committed to incorporating ESG into our investment decisions, policies and processes underpinning our
investment services.
For a description of the principal and geographic markets ING operates in and related revenue categories, see
Item 5 of this Form 20-F.
Competition
ING is a global financial institution with a strong European base, offering Retail and Wholesale Banking
 
services to
38 million customers in over 40 countries. ING’s purpose is to empower people to stay a step ahead in life and in
business.
ING’s Retail business includes the Business Banking segment and serves customers ranging from individuals to
small and medium-sized businesses and mid-corporate clients. ING offers these customers a full range of banking
products and services, covering payments, savings, mortgages, insurance, investments and secured and
unsecured lending. The Wholesale Banking business
 
provides corporate clients (large companies and
multinationals) and financial institutions with advisory
 
value propositions such as specialised lending, tailored
corporate finance, sustainable and sustainability-linked financing and debt and equity-market solutions. It also
offers daily banking services such as payments and cash management and trade and treasury services.
There is substantial competition in the countries in which we do business for the types of
 
wholesale banking,
retail banking, investment banking and other products and services we provide. This
 
competition is most
pronounced in more mature markets such as the Netherlands, Belgium and Germany, the rest of Western Europe
and Australia. Our largest market is the Netherlands, where our main competitors are ABN AMRO and Rabobank.
In recent years, competition has increased in emerging markets such as Asia and Central and Eastern Europe.
Financial services companies from more developed countries see these
 
markets as offering higher growth
potential, while local institutions have become more sophisticated and competitive and have proceeded to form
alliances, mergers or strategic relationships with our competitors.
Our competitive landscape is transforming as society becomes increasingly digitalised and ever more reliant on
technology and the online economy – a trend amplified by the Covid-19
 
pandemic, which accelerated the shift to
mobile banking and contactless payments. Our main competitors are no longer just other banks.
The opening up of the European payments market under the PSD2 directive is a significant competitive
development. It is creating a more crowded, uneven playing field as third-party payment providers and fintechs
enter this lucrative area once dominated by banks. These new entrant have operating models that are not
burdened with potentially costly legacy operations. They are less regulated than banks and use technology and
advanced data and analytic tools to lower cost to serve and speed up processes.
 
Advances in technology are accelerating the use of new business models,
 
for example in retail payments, peer-
to-peer lending, foreign exchange and low-cost investment advisory services. New solutions offered by rapidly
evolving incumbents, challengers and new entrants, especially with respect to payment services and products,
are disrupting the financial services sector and leading
 
to the emergence of disintermediation.
In this competitive landscape, where banking products and services
 
have mostly become commodified, the key
differentiator is customer experience. For consumers, this means a seamless, mobile-first digital experience
that’s safe, easy,
 
smart and personal. Businesses too want to benefit from gains in speed, transparency, security
and efficiency created by technologies such as blockchain and artificial intelligence. Winners will be
 
those with a
strong trusted brand and a superior digital experience, taking the effort out of managing finances and offering
personalised, real-time advice, products and services for all financial
 
needs.
Statements regarding ING’s competitive position reflect the assessment of ING’s management about the general
competitive landscape in which ING operates.
 
ING Group Annual Report 2021 on Form 20-F
55
Regulation and Supervision
 
The banking and broker-dealer businesses of ING are subject to detailed and comprehensive supervision
 
in all of
the jurisdictions in which ING conducts business.
 
Regulatory agencies and supervisors have broad administrative power and enforcement capabilities over many
aspects of our business, which may include liquidity, capital adequacy, permitted investments, ethical issues,
money laundering, anti-terrorism measures, privacy, recordkeeping, product and sale suitability, marketing and
sales practices, remuneration policies, personal conduct and our own internal governance practices. Also,
regulators and other supervisory authorities in the EU, the
 
US and elsewhere continue to scrutinise payment
processing and other transactions and activities of the financial
 
services industry through laws and regulations
governing such matters as money laundering, anti-terrorism financing, tax evasion, prohibited transactions with
countries or persons subject to sanctions, and bribery or
 
other anti-corruption measures.
 
As discussed under “Item 3. Key Information — Risk Factors”, as a large multinational financial institution we are
subject to reputational and other risks in connection with regulatory and compliance
 
matters involving these
countries.
European Regulatory framework
The Single Supervisory Mechanism
 
(“SSM”) is the first pillar of the Banking Union and has
 
been operational since
4 November 2014. The SSM is composed of the European Central Bank (“ECB”) and
 
the national competent
authorities of the participating EU member states. The main
 
aims of European banking supervision are to ensure
the safety and soundness of the European banking system, increase financial integration and stability and ensure
consistent supervision. Under the SSM, the ECB is ING Group’s and ING Bank’s principal prudential supervisor.
The ECB is amongst others responsible for tasks such as market access, compliance with capital and liquidity
requirements and governance arrangements. National competent authorities, including the Dutch Central Bank
(De Nederlandsche Bank or “DNB”) for ING Group and ING
 
Bank, remain responsible for supervision of tasks that
have not been transferred to the ECB such as financial crime and payment supervision.
 
The SSM is complemented by the second pillar of the Banking
 
Union, the Single Resolution Mechanism (“SRM”),
which comprises the Single Resolution Board (“SRB”) and
 
the national resolution authorities. The SRM is fully
responsible for the resolution of banks within the Eurozone since 1 January 2016. ING
 
has been engaging already
with the Dutch national resolution authorities and the SRB
 
for a few years with the aim to support in the draw up
of a resolution plan for ING and will continue to collaborate with the resolution authorities. The
 
rules
underpinning the SRM could have a significant impact on business
 
models and capital structure of financial
groups in order to become resolvable.
As a third pillar to the Banking Union, the EU aims at further
 
harmonizing regulations for Deposit Guarantee
Schemes (DGS).
 
Main elements are the creation of ex-ante funded DGS funds, financed by risk-weighted
contributions from banks. As a next step, the EU is discussing a pan-European (or pan-banking
 
union) DGS (the
European Deposit Insurance Scheme (EDIS)), (partly) replacing
 
or complementing national compensation
schemes. The EDIS proposal as well as certain accompanying risk reduction measures
 
are still being discussed in
the European Parliament and in the Council. In February 2021,
 
the European Commission issued a public
consultation on the review of the bank crisis management and deposit insurance
 
(CMDI) framework, with a focus
on three EU legislative texts: the Bank Recovery and Resolution Directive (BRRD), the Single Resolution
Mechanism Regulation (SRMR), and the Deposit Guarantee Schemes Directive (DGSD).
 
The anticipated revision of
the CMDI framework is part of the debate on the completion of the Banking
 
Union and in particular its third and
missing pillar EDIS. The consultation period ran until May 2021. It is uncertain when
 
the next steps towards
revision of the CMDI framework, including EDIS, can be expected.
 
ING Group Annual Report 2021 on Form 20-F
56
Dutch Regulatory Framework
The Dutch regulatory system for financial supervision consists of prudential supervision – monitoring
 
the
soundness of financial institutions and the financial
 
sector, and conduct-of-business supervision – regulating
institutions’ conduct in the financial markets. As far as prudential supervision
 
has not been transferred to the
ECB, it is exercised by the Dutch Central Bank (De Nederlandsche Bank or “DNB”), while conduct-of-business
supervision is performed by the Dutch Authority for the Financial
 
Markets (Autoriteit Financiële Markten or
“AFM”). DNB is in the lead with regard to macroprudential supervision.
 
Global Regulatory Environment
There is a variety of proposals for laws and regulations that could impact ING globally, in particular those made
by the Financial Stability Board and the Basel Committee on Banking
 
Supervision at the transnational level and an
expanding series of supranational directives and national legislation in the European
 
Union (see “Item 3. Key
Information — Risk Factors — We operate in highly regulated industries. Changes in laws and/or regulations
governing financial services or financial institutions or
 
the application of such laws and/or regulations governing
our business may reduce our profitability). The aggregated impact and possible interaction of all of
 
these
proposals are hard to determine, and it may be difficult to reconcile them where they are not aligned. The
financial industry has also taken initiatives by means of guidelines and self-regulatory
 
initiatives.
 
Dodd-Frank Act and other US Regulations
ING Bank has a limited direct presence in the United States through the ING Bank
 
Representative Offices in New
York,
 
Dallas (Texas)
 
and Houston (Texas). Although the offices’ activities are strictly limited to essentially that of a
marketing agent of bank products and services and a facilitator (i.e. the offices may not take deposits or execute
any transactions), the offices are subject to the regulation of the State of New York Department of Financial
Services and the State of Texas Department of Banking, as well as the Federal Reserve. ING Bank also has a
subsidiary in the United States, ING Financial Holdings Corporation, which
 
through several operating subsidiaries
(one of which is registered with the CFTC as a swap dealer and the SEC as a security-based
 
swap dealer and
another of which is registered with the SEC as a securities broker-dealer) offers various financial products,
including lending, and financial markets products. These entities do not
 
accept deposits in the United States on
their own behalf or on behalf of ING Bank
 
N.V.
 
The ING subsidiary, ING Capital Markets LLC, is registered as a swap dealer and subject to a statutory regulatory
regime and CFTC rules and oversight..
 
As a registered entity, it is subject to,
 
among others, business conduct,
record-keeping and reporting requirements, as well as margin requirements and capital requirements. In
addition to the obligations imposed on registrants (such as swap dealers), other requirements relating to
reporting, clearing, and on-facility trading have been imposed for much of
 
the off-exchange derivatives market. It
is possible that some of these compliance requirements,
 
especially the newly-implemented capital requirements
and an increased scope of applicability for initial margin requirements, will increase the costs of and
 
restrict
participation in the derivative markets. This could have the effect of restricting trading activity, reducing trading
opportunities and market liquidity, potentially increasing the cost of hedging transactions and the volatility of the
relevant markets. This could adversely affect the business of ING in these markets.
The Dodd-Frank Act and SEC regulations enacted thereunder, effective 1 November 2021, resulted in ING Capital
Markets LLC registering as a security-based swap dealer with the SEC. The SEC has adopted regulations, among
others, establishing registration, reporting, risk management, business conduct, and margin and capital
requirements for security-based swaps. While ING Capital Markets LLC, as a security-based swap dealer, is
required to comply with SEC rules with respect to most of these requirements, SEC rules have permitted an
“Alternative Compliance Mechanism” that allows for compliance subject to eligibility requirements , with CFTC
capital and margin rules applying to swap dealers in lieu of SEC capital and margin rules applying
 
to security-
based swap dealers. ING Capital Markets LLC has elected to use the Alternative Compliance Mechanism.
However,
 
should ING Capital Markets LLC in the future be ineligible for the “Alternative Compliance Mechanism”
it would be subject to SEC capital and margin security-based swap dealer
 
rules instead of the CFTC capital and
margin security-based swap dealer rules.
ING Capital Markets LLC’s recent registration with the SEC as a security-based swap dealer along with the impact
of these regulations to the industry may increase operational costs, reduce trading activity and market liquidity,
and increase volatility of the relevant markets. It will also result in a substantial portion or all of ING’s security-
based swap activities with U.S. persons being conducted through ING Capital Markets LLC.
 
In addition, new position limits requirements for uncleared swaps referencing any of twenty-five commodity
futures contracts for market participants could limit ING’s position sizes in these swaps referencing specified
physical commodities and similarly limit the ability of counterparties to utilize certain of our products
 
to the
extent hedging exemptions from the position limits are unavailable.
 
 
ING Group Annual Report 2021 on Form 20-F
57
The Dodd-Frank Act also created a new agency, the Financial Stability Oversight Council (“FSOC”), an inter-agency
body that is responsible for monitoring the activities of the U.S. financial system, designating systemically
significant financial services firms and recommending a
 
framework for substantially increased regulation of such
firms, including systemically important non-bank financial companies that could consist of securities
 
firms,
insurance companies and other providers of financial services, including
 
non-U.S. companies. ING has not been
designated a systemically significant non-bank financial company by FSOC and such a designation currently is
unlikely.
 
Dodd-Frank continues to impose significant requirements on us, some of which may have a material impact on
our operations and results, as discussed further under “Item 3. Key Information — Risk
 
Factors—We operate
 
in
highly regulated industries. Changes in laws and/or regulations governing financial services
 
or financial
institutions or the application of such laws and/or regulations governing our business
 
may reduce our
profitability”.
Basel III and European Union Standards as currently applied by ING Bank
DNB, our principal home country supervisor until the
 
ECB took over that position in November 2014, has given
ING permission to use the most sophisticated approaches for solvency reporting under the Financial
 
Supervision
Act, the Dutch legislation reflecting the Basel II and Basel III
 
Frameworks. DNB has shared information with host
regulators of relevant jurisdictions to come to a joint decision. In all jurisdictions where the bank operates
through a separate legal entity that is a credit institution, ING must meet the local implementation of Basel
requirements as well. ING uses the Advanced IRB Approach for credit risk, the Internal Model Approach for its
trading book exposures and the Advanced Measurement Approach for operational risk. A small number of
portfolios including certain sovereign exposures are reported under the Standardized Approach
In December 2010, the Basel Committee on Banking
 
Supervision announced higher global
 
minimum capital
standards for banks, and has introduced a new global liquidity standard and a new leverage ratio. The Basel
Committee's package of reforms, collectively referred to as the “Basel III” rules, has, among other requirements,
increased the amount of common equity required to be held by subject banking
 
institutions, has prescribed
 
the
amount of liquid assets and the long term funding
 
a subject banking institution must hold at any given moment,
and has limited leverage. Banks are required to hold a “capital conservation buffer” to withstand future periods
of stress. Basel III has also introduced a “countercyclical buffer” as an extension of the capital conservation
buffer,
 
which permits national regulators to require banks to hold more capital during periods of high credit
growth (to strengthen capital reserves and moderate the debt markets). Further, Basel III has strengthened the
definition of capital that has the effect of gradually disqualifying many hybrid securities during the
 
years 2013-
2022, including the hybrids that were issued by the Group, from inclusion in regulatory capital, as
 
well as the
higher capital requirements associated with certain business conditions (for example, for credit value
adjustments (“CVAs”) and illiquid collateral) as part of a number of reforms to the Basel II framework. In addition,
the Basel Committee and Financial Stability Board (“FSB”) published measures
 
that have had the effect of
requiring higher loss absorbency capacity, liquidity surcharges, exposure limits and special resolution regimes for,
and instituting more intensive and effective supervision of, “systemically important financial institutions”
(“SIFIs”), in addition to the Basel III requirements otherwise
 
applicable to most financial institutions. One such
measure, published by the FSB in November 2015, is the Final
 
Total
 
-Loss Absorbing Capacity (‘TLAC’)
 
standard for
G-SIFIs, which aims for G-SIFIs to have sufficient loss-absorbing and recapitalisation capacity available in
resolution. ING Bank has been designated by the Basel Committee and FSB as a
 
so-called “Global Systemically
Important Bank” (“G-SIB”), since 2011, and by DNB and the Dutch
 
Ministry of Finance as a “other SII” (“O-SII”)
since 2011. DNB requires ING Group to hold a 2.5% O-SII Buffer in addition to the capital conservation
 
buffer and
the countercyclical buffer described above.
 
CRR /CRD IV
For European banks the Basel III requirements have been implemented through the Capital Requirement
Regulation (CRR) and the Capital Requirement Directive (“CRD IV”). The CRD
 
IV regime entered into effect in
August 2014 in the Netherlands, but not all requirements were implemented all at once.
 
Having started in 2014,
the requirements have been gradually tightened, mostly before 2019, until the Basel III migration process was
completed.
 
CRD IV has not only resulted in new quantitative requirements but has also led to the setting of
 
new standards
and evolving regulatory and supervisory expectations in the area of governance, including
 
with regard to topics
like conduct and culture, strategy and business models, outsourcing and reporting accuracy.
 
 
ING Group Annual Report 2021 on Form 20-F
58
CRRII / CRD V and BRRDII
 
On 27 June 2019, a series of measures referred to as the Banking Reform Package (including certain amendments
to CRR and CRDIV commonly referred to as ‘CRR II’ and CRD V’) came into force, subject to various transitional
and staged timetables. The adoption of the Banking Reform Package concluded a process that began in
November 2016 and marks an important step toward the completion of the European post-crisis regulatory
reforms, drawing on a number of international standards agreed by the Basel Committee, the Financial Stability
Board and the G20. CRDV was implemented in Dutch law in 2020. The Banking
 
Reform Package updates the
framework of harmonized rules established following the financial crisis of 2008 and
 
introduces changes to the
CRR, CRDIV, the Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism Regulation
(SRMR). The Banking Reform Package covers multiple areas, including the Pillar 2 framework, the introduction of
a leverage ratio requirement of 3% and a leverage ratio buffer requirement of 50% of the G-SIB buffer
requirement (applicable per 1 January 2023), a binding Net Stable
 
Funding (NSFR) ratio based on the Basel NSFR
standard but including adjustments with regard to e.g. pass-through models and covered bonds issuance,
mandatory restrictions on distributions, permission for reducing own funds and eligible
 
liabilities,
macroprudential tools, a new category of ‘non-preferred’ senior debt, the minimum requirement for own funds
and eligible liabilities (MREL) and the integration of the TLAC standard into EU legislation. Further, the EBA
obtained a mandate to investigate how to incorporate environmental, social, and governance (ESG) risks into the
supervisory process and what the prudential treatment of assets associated with
 
environmental or social
objectives should look like.
Whilst the Banking Reform Package was being developed, the ECB introduced the Targeted Review of Internal
Models (TRIM) in June 2017 to assess reliability and comparability
 
between banks’ models for calculating each
bank’s risk-weighted assets (‘RWA’)
 
used for determining certain of such bank’s capital requirements. In July
2019, the ECB published the final chapters of the guide to internal models, covering
 
credit risk, market risk and
counterparty credit risk. These risk type-specific chapters are intended to ensure a common and consistent
approach to the most relevant aspects of the regulations on internal models for banks directly supervised
 
by the
ECB. Additionally, they provide transparency on how the ECB understands the regulations on the use of internal
models to calculate own funds requirements for the three risk types. Impact on ING is through more stringent
regulation on the end-to-end process and governance around internal models as well as an increase of
 
risk
weighted assets (RWA).
In 2020, the last TRIM ECB inspection ended. The ECB has
 
sent final TRIM decision letters, which include certain
obligations. Also certain limitations have been put in place until these obligations are fully addressed. ING
 
is
working on closing the respective obligations.
 
Final Basel III reforms
In December 2017 the Basel Committee finalised its Basel
 
III post-crisis reforms with the publication of the
revisions to the prudential standards for credit, operational and credit valuation adjustment (CVA) risk as well as
the introduction of an output floor. This package of reforms aims to increase consistency in risk-weighted asset
calculations and improve the comparability of banks’ capital ratios. The use of internal models will be reduced
and the standardised approaches will be made more risk-sensitive and granular.
 
Following a one-year deferral due to COVID-19, these reforms will take effect from 1 January 2023 and will be
phased in over five years. The implementation of the EU/Basel III reforms will have impact on ING’s risk-weighted
assets and capital ratios, but it is expected that other new banking regulations and model
 
reviews bring forward a
significant part of this impact before the EU implementation date.
CRR “quick fix” in response to the Covid‐19 pandemic
On 26 June 2020 Regulation (EU) 2020/873 of the European
 
Parliament and of the Council of 24 June 2020
amending Regulations CRR as regards certain adjustments in response to the COVID-19 pandemic (commonly
referred to as CRR ”quick fix”) was published.
The CRR ”quick fix” is part of a series of measures taken by European institutions to mitigate the impact of the
COVID-19 pandemic on institutions across EU Member States. In addition to the flexibility
 
already provided in the
existing rules, the CRR ‘quick fix’ introduces certain adjustments to the CRR, including temporary measures and
measures that early adopt changes in the regulations that were intended to become effective at a future date.
This notably included reduced capital requirement for certain exposures to small-
 
and medium sized enterprises
(SMEs), a more favourable prudential treatment for certain software assets, one year delay in the application of
the leverage ratio buffer requirement of 50% of the G-SIB buffer (to 1 January 2023). Also the following
adjustments were introduced and have an impact on disclosures:
 
frontloading from CRR2 the possibility of temporarily excluding certain exposures to central banks from
the calculation of an institution’s total exposure measure (Article 500b of CRR);
 
extending by 2 years transitional arrangements for mitigating the impact on own funds of the
introduction of IFRS 9 (Article 473a (8) of CRR).
 
 
ING Group Annual Report 2021 on Form 20-F
59
CRRIII / CRD VI
 
On 27 October 2021, the European Commission published
 
a legislative proposal to review the EU’s CRD/CRR
framework.
 
The review consists of the following legislative elements: a proposal to amend CRD V, a proposal to
amend CRR II, and a separate, targeted proposal to amend CRR II in the area of resolution (the so-called ‘daisy
chain’-proposal). The package is now being negotiated by the Council of the
 
EU and the European Parliament.
 
This proposed legislative review’s key aim is to implement the final Basel III framework – agreed at the end of
2017 - in the EU. It is meant to ensure banks remain resilient and capable of withstanding future crises The
proposed revisions mainly relate to the prudential standards for credit, market, operational and credit valuation
adjustment (CVA) risk as well as the introduction of an output floor. Key changes comprise the reduced use of
internal models and more risk-sensitive and granular standardised approaches. It aims to increase consistency in
risk-weighted asset calculations and improve comparability of bank capital ratios. The Commission’s proposal
remains close to the 2017 Basel agreement, but in some
 
areas (temporarily) includes targeted measures to
account for specificities of the EU banking sector. These measures relate to topics such as the calculation of the
output floor, lending to unrated corporates,
 
specialized lending, property lending and counterparty credit
 
risk.
The European Commission expects that overall risk-weighted assets will not increase significantly, on average,
less than 10% for EU banks at the end of the transition period.
The proposed implementation date by the European Commission is set at 1 January
 
2025 for most provisions
under review, with a phase-in period for the output floor of five years. This is two years later than the BCBS’s
deadline. The European Commission also proposes
 
a number of other targeted transitional requirements,
phasing out by 2032 at the latest.
 
It should be noted that final substance and timing of this review are still uncertain as
 
the European Parliament
and Council of the EU have just started their negotiations where they can amend the European Commission
proposal before it becomes law.
Capital requirements applicable to ING Group at a consolidated
 
level
In accordance with the CRR the minimum Pillar I capital requirements applicable
 
to ING Group are: a Common
Equity Tier 1 (CET1) ratio of 4.5%, a Tier 1 ratio of 6% and a Total capital ratio of 8% of risk-weighted assets.
 
In 2020, as a reaction to the COVID-19 pandemic, relevant regulators introduced a number of changes to the
Pillar II capital requirements and the capital buffer requirements applicable to ING, including structural
reductions. The structural reductions of these capital requirements reflect the application of Art.104a in CRD
 
V,
which allowed ING to replace CET1 capital with additional Tier 1
 
/ Tier 2 securities to meet Pillar II requirement,
and a reduction in the overall systemic buffer (i.e. the Systemic Risk Buffer plus the highest of the O-SII and G-SII
buffer) by the Dutch National Bank from 3% to 2.5%. Similarly, various competent authorities changed or
removed their Countercyclical Buffer (CCyB) requirements. The CCyB for ING was 3 basis points at the end of
2021 (2 basis points at the end of 2020). In December
 
2021, the De Nederlandsche Bank (DNB)
 
started
consultation on the revised countercyclical capital buffer framework with the intention to apply a 2% CCyB in a
standard risk environment.
As a consequence, the CET1 requirement, including buffers, for ING Group at a consolidated level was 10.51% in
2021. This requirement is the sum of a 4.5% Pillar I requirement, a 0.98%
 
Pillar II requirement (2020: 0.98%), a
2.5% Capital Conservation Buffer (CCB), a 0.03% Countercyclical Buffer (CCyB) (based on December 2021
positions) and a 2.5% O-SII buffer that is set separately for Dutch systemic banks by the Dutch Central Bank (De
Nederlandsche Bank). This requirement excludes the Pillar II guidance, which
 
is not disclosed.
 
The Maximum Distributable Amount (MDA) trigger level stood at 10.51% in 2021
 
for CET1, 12.33% for Tier 1
Capital and 14.77% for Total Capital (after the application of Art.104a of CRDV), based on stable Pillar II capital
requirements. In the event that ING Group breaches the MDA level, ING will face restrictions on dividend
payments, AT1 instruments coupons and payment of variable remuneration.
Covid-19 pandemic
Various countries and local governmental authorities across the world have introduced measures aimed at
preventing the further spread of Covid-19.
 
In addition, governments in various countries have introduced measures aimed at mitigating the economic
consequences of the outbreak. For example, the Dutch government has announced economic
 
measures aimed at
protecting jobs, households’ wages and companies, e.g., by way of tax payment holidays, guarantee schemes and
a compensation scheme for heavily affected sectors in the economy. These announced measures and any
additional measures, including any payment holidays with respect to mortgages or other loans, have had and
may continue to have a significant impact on ING’s customers and other counterparties.
 
ING Group Annual Report 2021 on Form 20-F
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The various measures by governments and ING to alleviate the impact of Covid-19 also
 
impact the loan
classification in terms of forbearance and consequently IFRS 9 staging. In light of this, the EBA has provided
guidelines that expired on 30 September 2020, which defined eligibility
 
criteria for a payment holiday
arrangement offered to a large group of customers to be classified as a “general payment moratorium”.
 
Based on
these guidelines, customers that were granted the payment holidays did not lead to a forbearance classification.
Therefore it did not automatically trigger recognition of lifetime Expected Credit Loss (ECL) either. ING followed
the EBA guidelines and when a payment holiday was provided to a customer as part of a “general payment
moratorium”,
 
ING did not consider this measure to classify as forbearance. EBA further
 
extended these
guidelines in the first week of December 2020, valid until 31 March 2021, with
 
certain extra conditions.
Regarding these extensions, ING
 
has taken a prudent decision to treat all payment holiday requests under new
or extended schemes (after September 2020) as stage 2 or stage 3 exposures.
Bank recovery and resolution directive
Since its adoption by the European Parliament in 2014, the Bank
 
recovery and resolution directive (BRRD) has
become effective in all EU countries after transposition into national law, including in the Netherlands. The BRRD
aims to safeguard financial stability and minimise the use of public funds
 
in case banks face financial distress or
fail to comply with the BRRD. Banks across the EU need to have recovery plans in place and need to cooperate
with resolution authorities to determine, and make feasible, the preferred resolution strategy. The banking
reform which came into force on 27 June 2019 includes changes to the minimum requirement for own funds and
eligible liabilities (MREL) to ensure an effective bail in process. It also includes new competences
 
for resolution
authorities and requires G-SIBs and other banks to build up loss-absorbing
 
and recapitalization capacity.
 
ING has had a recovery plan in place since 2012. The plan
 
includes information on crisis governance, recovery
indicators, recovery options, and operational stability and communication measures. The plan enhances the
bank’s readiness and decisiveness in case of a financial crisis. The plan is updated annually
 
to make sure it stays
fit for purpose. The completeness, quality and credibility of the updated plan
 
is assessed each year by ING’s
regulators.
The Single Resolution Board (SRB) confirmed to ING in 2017 that a single-point-of-entry
 
(SPE) strategy is ING’s
preferred resolution strategy,
 
with ING Groep N.V.
 
as the resolution entity.
In 2021, ING Group received an updated formal notification from De Nederlandsche Bank (DNB) of
 
its MREL
requirements. The MREL requirement has been established to ensure that banks in the European Union have
sufficient own funds and eligible liabilities to absorb losses
 
and to recapitalize bank in the case of a resolution.
The MREL requirement is set for ING Group at a consolidated level, as determined each year by the Single
Resolution Board (SRB). The following requirements replaced previously communicated total liabilities and own
funds (TLOF) requirement for ING Group as from 1-1-2022: 27.32% of RWA (M-MDA trigger) and 5.97% of LR
exposure.
Above M-MDA trigger assumes a combined buffer requirement (CBR) of 5.03% (as of 31 December
 
2021). In the
event that ING Group breaches the M-MDA trigger, ING may face restrictions on dividend payments, AT1
instruments coupons and payment of variable remuneration. Apart from the requirements for the Group on a
consolidated level, the internal MREL requirements are also set for individual ING subsidiaries in EU.
ING has been replacing, and will continue to replace, maturing ING
 
Bank N.V.
 
debt with ING Groep N.V.
instruments. In order to build up our MREL capacity, ING Groep N.V.
 
issued multiple transactions. These
transactions will not only allow us to support business
 
growth, but will also help to meet future MREL and TLAC
requirements with ING Groep N.V.
 
instruments only.
CRR II implements the Financial Stability Board’s total loss absorbing (TLAC) requirement for Global Systemically
Important Institutions (G-SII), which is the EU equivalent of a G-SIB. The
 
transitional requirement—the higher of
16% (M-MDA-trigger of 21.03% with CBR) of the resolution
 
group’s RWA
 
or 6% of the leverage ratio exposure
measure—applies immediately. The higher requirement—18% (M-MDA trigger of 23.03% with CBR) and 6.75%,
respectively—comes into effect as of 1 January, 2022. As a G-SII ING is expected to meet the TLAC requirement
alongside the other minimum regulatory requirements set out in EU regulation.
Stress testing
Stress testing is an integral component of our risk and capital management framework. It allows us to (i) assess
potential vulnerabilities in our businesses, business model, and/or portfolios;
 
(ii) understand the sensitivities of
the core assumptions in our strategic and capital plans; and (iii) prepare and assess management actions
 
that can
reduce or mitigate the impact of adverse scenarios.
 
ING Group Annual Report 2021 on Form 20-F
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In addition to running internal stress test scenarios to reflect the outcomes of the annual risk
 
assessment, ING
also participates in regulatory stress test exercises. ING participated in the 2021 EU-wide stress test conducted by
the EBA in cooperation with the European Central Bank (ECB) and the European Systemic Risk Board (ESRB). The
baseline scenario was developed by the ECB and the adverse stress test scenario by the ESRB, both
 
cover a three-
year time horizon (2021-2023).
 
The 2021 EU-wide stress test exercise was carried out applying a static balance sheet assumption as of December
2020, and therefore does not take into account current or future business strategies and management actions.
The results of the EBA stress test reaffirmed the resilience of our business model and the strength of ING’s capital
base. Our commitment to maintain a robust, fully-loaded Group common equity Tier 1 (CET1)
 
ratio in excess of
prevailing requirements remains. Under the hypothetical baseline scenario and EBA’s methodological
instructions, ING Group would have a fully loaded common equity Tier
 
1 capital ratio (CET1) of 16.06% in 2023.
Under the hypothetical adverse scenario and EBA’s methodological instructions, ING Group would have a fully
loaded CET1 ratio of 10.99% in 2023. ING Group published an
 
actual CET1 ratio of 15.45% per 31 December 2020.
The next EBA EU-wide stress test will be held in 2023.
An emerging topic in the area of stress testing are climate risk analyses. ING started with climate risk stress
testing in 2019 to assess the effect of transition risk and physical risk on the financial position of ING
 
Group. In
the second half of 2021, ING started preparing for the regulatory climate risks stress test scenario, which will be
assessed in 2022 as part of the bi-annual
 
ECB Single Supervisory Mechanism (SSM) stress test. This regulatory
stress test, combined with internal analyses done on climate risk, will be used to enhance ING’s internal climate
risk stress testing.
Deposit Schemes
In the Netherlands and other jurisdictions,
 
deposit guarantee schemes and similar funds (‘Compensation
Schemes’) have been implemented from which compensation may become payable to customers of financial
services firms in the event the financial service
 
firm is unable to pay, or unlikely to pay,
 
claims against it. In many
jurisdictions in which we operate, these Compensation Schemes are funded,
 
directly or indirectly, by financial
services firms which operate and/or are licensed in the relevant jurisdiction. ING Bank is
 
a participant in the
Dutch Deposit Guarantee Scheme (‘DGS’), which guarantees an amount of EUR 100,000 per person
 
per bank
(regardless of the number of accounts held). On the basis of the EU Directive on deposit
 
guarantee schemes, ING
pays quarterly risk-weighted contributions into a DGS-fund.
 
The DGS-fund is to grow to a target size of 0.8% of
all deposits guaranteed under the DGS, which is expected to be reached in July 2024.
 
In case of failure of a Dutch
bank, depositor compensation is paid from the DGS-fund. If the available financial
 
means of the fund are
insufficient, Dutch banks, including ING, may be required to pay extraordinary ex-post contributions not
exceeding 0.5% of their covered deposits per calendar year.
 
In exceptional circumstances and with the consent
of the competent authority, higher contributions may be required. However, extraordinary
 
ex-post contributions
may be temporarily deferred if, and for so long as, they would jeopardise the solvency or liquidity of a bank.
 
Since 2015, the EU has been discussing
 
the introduction of a pan-European deposit guarantee scheme (‘EDIS’),
(partly) replacing or complementing national compensation schemes
 
in two or three phases. Proposals contain
elements of (re)insurance, mutual lending and mutualisation of funds.
 
The new model is intended to be ‘overall
cost-neutral’.
 
In February 2021, the European Commission issued
 
a public consultation on the review of the bank
crisis management and deposit insurance (CMDI) framework, with a focus on three
 
EU legislative texts: the Bank
Recovery and Resolution Directive (BRRD), the Single Resolution Mechanism Regulation (SRMR), and
 
the Deposit
Guarantee Schemes Directive (DGSD). The anticipated revision of the CMDI framework is part of the debate on
the completion of the Banking Union and in particular
 
its third and missing pillar EDIS. The consultation period
ran until May 2021. It is uncertain when the next steps towards revision of the CMDI framework, including EDIS,
can be expected.
 
ING Group Annual Report 2021 on Form 20-F
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Payment Services Directive 2 (PSD2)
PSD2 entered into force in January 2018 and responds to technical change and a variety of developments in the
payments domain. It fosters innovation and competition by promoting non-discriminatory access to payment
systems and accounts, including the newly introduced account information services and payment initiation
services. Customers benefit from greater transparency of costs and charges, PSD2's extended geographical reach
and being applicable to transactions in any currency, a reduction of the maximum liability for unauthorized
transactions and a backstop date for complaint resolution. Finally, to combat cybercrime and online fraud, PSD2
continues the trend towards enhancing the security around the making of payments, e.g.
 
by the introduction of
strong customer authentication. It consists of two factor authentication, to be performed every time a payer
accesses its payment account online or initiates electronic remote payment transactions. The Regulatory
Technical Standards for
 
strong customer authentication and common and secure communication provide further
requirements to implement the strict security requirements for payment service providers in the EU.
Benchmarks Regulation
Benchmarks, such as the London Interbank Offered Rate (‘LIBOR’), the Euro Overnight Index Average (‘EONIA’),
the Euro Interbank Offered Rate (‘EURIBOR’) and other interest rates, as well as commodity benchmarks or other
types of rates and indices which are deemed to be ‘benchmarks’ are the subject
 
of ongoing national and
international regulatory reform.
 
In 2016, the EU adopted a Regulation (the ‘Benchmarks Regulation’ or ‘BMR’)
 
on indices used in the EU as
benchmarks in financial contracts and financial instruments. The Benchmarks
 
Regulation became effective on 1
January 2018.
 
The BMR among others requires that supervised entities may only use benchmarks
 
in the EU if these benchmarks
are provided by administrators that are registered with the European Securities and Markets Authority (‘ESMA’).
Benchmarks that are based on input from contributors shall have a code of conduct in place designed
 
primarily to
ensure reliability of input data, governing issues such as conflicts of interest, internal controls and benchmark
methodologies. Financial contracts and financial instruments in which
 
benchmarks are used by supervised
entities require to have robust fall back wording included in their documentation.
 
For qualitative and quantitative disclosures on IBOR transition refer to “Additional information – ING Group Risk
Management – Market Risk” and Note 40 “Derivatives and hedge accounting”.
Financial Transaction Taxes
In February 2013, the EC adopted a proposal setting out the details of a financial
 
transaction tax (‘FTT’) under the
enhanced cooperation procedure, to be levied on transactions in financial instruments by financial
 
institutions if
at least one of the parties to the transaction is established in the financial
 
transaction tax zone (‘FTT-Zone’) or if
the instrument which is the subject of the transaction is
 
issued within the territory of a Member State in the FFT-
Zone. 10 Member States have indicated they wish to participate in the FTT (Austria, Belgium, France, Germany,
Greece, Italy, Portugal, Slovakia, Slovenia and Spain). The initial proposal contemplated that the FTT would enter
into effect on 1 January 2014, which would have then required us to pay a tax on transactions in financial
instruments with parties (including Group affiliates) located in such FTT-zone. However, the FTT remains subject
to negotiation between the participating Member States and currently it is uncertain whether and
 
in what form
and by which Member States the FTT will be adopted. The
 
implementation date of any FTT will thus depend on
the future approval by participating Member States in the Council, consultation of other EU institutions,
 
and the
subsequent transposition into local law.
KYC Requirements
Financial institutions continue to face new and increasingly complex regulatory requirements, contributing to
increasing costs of compliance, in the context of heightened regulatory scrutiny. Generally,
 
we expect the scope
and extent of regulations in the jurisdictions in which we operate to continue to increase.
The evolving regulatory landscape drives the need for continuous change in the various processes, procedures
and systems of the bank. Where the timeline for implementation of new or revised requirements is sometimes
quite short, this presents challenges to financial institutions in general, but especially
 
in relation to IT
development. In addition, in some instances, the complexity of the regulatory landscape gives
 
rise to potential
tension between applicable laws and regulations at a local and/or global level. For example, potential tension
between data privacy (GDPR) and AML/CFT and anti-corruption laws and regulations; including
 
the requirement
to share information relating to financial crime concerns to manage risk exposure across the group, while
complying with the legislative requirements relating to data, which can differ significantly depending on
jurisdiction.
 
ING Group Annual Report 2021 on Form 20-F
63
ING is focussed on continuing to embed processes and procedures reflecting applicable requirements within the
bank, including in our IT systems and data sources, in a robust and sustainable way; driving a business
environment which is compliant by desire and design. The bank also executes ongoing training and awareness to
develop its people to have the right knowledge and skills.
In addition, ING aims to continuously monitor regulatory developments, as well as
 
considering emerging and
evolving risks. This supports assessment of the risks that ING may be exposed
 
to and of the associated controls
and processes ING has in place, so we can appropriately manage these risks in
 
accordance with our risk appetite.
In particular, the rise in price and use of virtual assets, accompanied by the growth of virtual assets
 
service
providers was a key theme in 2020 that continued to attract regulatory attention in 2021 for potential money
laundering, tax evasion and terrorist financing.
5th AML Directive and the European Commission legislative package
 
In 2021, ING focussed on the implementation of the requirements of the EU
 
5th AML Directive, as well as
considering the EBA’s MT/TF
 
risk factor guidelines published on 1 March 2021 and other
 
relevant guidance
documents. On 20 July 2021, the European Commission
 
presented a package of legislative proposals (including a
proposal for a 6th AML Directive) to strengthen the EU’s anti-money laundering and countering the financing of
terrorism (AML/CFT) rules. The proposed main changes include the creation
 
of a European AML/CTF supervisory
authority and the adoption of a “single rulebook’”, with directly applicable rules, including in the areas of
customer due diligence and beneficial ownership. The Regulation also includes
 
the introduction of an EU-wide
limit of €10,000 to large cash payments.
 
ING welcomes the proposals to further strengthen the regulatory framework aimed at the prevention of money
laundering and terrorism financing. Harmonisation of key requirements is welcomed especially because
 
of ING’s
large presence in the EU. Considering that the texts of the proposals are still in draft and relatively conceptual at
this point in time, ING is in active dialogue with internal
 
and external stakeholders and it participates in relevant
workstreams of banking associations such as the Dutch Banking Association,
 
to formulate its position and provide
further recommendations and feedback to the European Commission’s consultation. This assists ING in assessing
and adequately managing the impact of the AML legislative
 
package on the bank.
Policy with respect to certain countries
As a result of frequent evaluation of all businesses from economic, strategic and risk perspective ING continues
to believe that for business reasons doing business involving certain specified countries should
 
be discontinued.
In that respect, ING has a policy not to enter into new relationships with clients from these countries
 
and
processes remain in place to discontinue existing relationships involving these countries. At present these
countries are Cuba, Iran, North Korea, Sudan and Syria,
 
as well as the Crimea region.
 
ING Group maintains a limited legacy portfolio of guarantees, accounts, and loans that involve various entities
with a connection to Iran. These positions remain on the books but certain
 
accounts related thereto are ‘frozen’
where prescribed by applicable laws and procedures and in all cases subject to increased
 
scrutiny within ING
Group.
 
ING Group may receive loan repayments, duly authorised by the relevant competent authorities where
prescribed by applicable laws. For the calendar year 2021,
 
ING Group had revenues of approximately USD 257
thousand. ING Group estimates that it had a net profit of approximately USD 4 thousand.
Sanctions related developments
2021 saw ongoing geopolitical tensions notably between US and China, and
 
increasing tensions between US and
EU in relation to Russia. ING and its customers are impacted by such geopolitical tensions
 
when new sanctions
and restrictive measure are promulgated by relevant authorities. Such sanctions and restrictive measures may
impact the products, services, and customers that ING can service. Increasing
 
sanctions and counter sanctions,
together with any notable difference in various sanctions programmes, especially between the EU and US,
increases complexities and potential reputational risks in operationalising uniform sanctions controls.
 
In 2021, the EU and the US continued sanctions
 
programs with respect to several regions and countries, including
Ukraine/Russia, Iran, China, Venezuela and Syria.
The international community is leveraging their sanction tools in response to the escalation of
 
Russia’s invasion
of Ukraine. Accordingly, as part of ING’s know your customer and compliance risk governance and procedures,
ING is continuously monitoring the situation to stay abreast on all relevant updates to implement effective and
appropriate additional control measures and to manage the increased risk and financial impacts
 
of these
developments.
For additional information regarding regulatory developments, see also this Form 20F 2021, under “Additional
Information – ING Group Risk Management- Compliance Risk”.
 
 
ING Group Annual Report 2021 on Form 20-F
64
For a description of our segments including a breakdown of total revenues by category for the last three financial
years, refer to Item 5. “Operating and financial review and prospects - Segment reporting”.
C. Organisational structure
ING Groep N.V.,
 
a publicly-listed company, is the parent of one main legal entity: ING Bank N.V.
 
(ING Bank).
ING
Bank is the parent company of various Dutch and foreign banking and other subsidiaries.
 
Reference is made to Exhibit 8 “List of subsidiaries of ING Groep N.V.”
 
for a list of principal subsidiaries of ING
Groep. N.V.
 
For the majority of ING’s principal subsidiaries, ING Groep N.V.
 
has control because it either directly
or indirectly owns more than half of the voting power. For subsidiaries in which the interest held is below 50%,
control exists based on the combination of ING’s financial interest and its rights from other contractual
arrangements which result in control over the operating and financial policies of the entity.
D.
 
Property, plants and equipment
 
ING predominantly leases the land and buildings used in
 
the normal course of its business. In addition, ING
 
has
invested in land and buildings. Management believes that ING’s facilities are adequate for its present needs in all
material respects.
For information on property, plants and equipment, reference is made to Note 9 ‘Property and equipment’, for
information on lease liabilities reference is made to Note 16 ‘Other liabilities’ and for information on investment
properties reference is made to Note 11 ‘ Other assets’ in the consolidated financial statements.
Item 4A.
 
Unresolved Staff
 
comments
Not applicable.
 
ING Group Annual Report 2021 on Form 20-F
65
Item 5.
 
Operating and financial review
and prospects
The following operating and financial review and prospects should be read in conjunction with
 
the consolidated
financial statements and the related Notes thereto included elsewhere herein. The consolidated financial
statements have been prepared in accordance with IFRS-IASB. Unless otherwise indicated, financial information
for ING Group included herein is presented on a consolidated basis under IFRS-IASB.
A.
 
Operating results
Our business is shaped by events and developments in the world around us
 
and our operating results for the
financial year should be viewed in the context of these event and developments. The biggest of
 
these in 2021
continued to be the coronavirus pandemic, which was first and foremost a human tragedy, but which also
impacted governments, economies, supply chains and jobs.
ING has had to adapt to the practical implications this had for customers and employees, as well as to the new
market trends and stakeholder expectations. At the same time, our business continues to be affected by
regulatory changes and the persistent low interest rate environment.
 
For further information on regulatory
changes reference is made to “Item 4. Information on the Company – Regulation and Supervision”.
ING is also closely monitoring the situation in
 
Ukraine from a financial, operational and security perspective, with
the safety and wellbeing of employees our top priority. We strongly condemn Russia’s invasion of Ukraine in
February 2022 and are deeply concerned by its devastating impact and the
 
threat to international stability and
security. ING has been providing Wholesale Banking services in Ukraine and Russia
 
for almost 30 years. As of 28
February 2022, ING’s total Russia-related exposure was approximately €6.7 billion (representing around 0.9% of
our total loan book), of which around 700 million was affected by new sanctions. We have around €500 million
exposure in Ukraine. In March 2022, we decided to not do new business with
 
Russian companies. Read more in
Risk management.
Other material events and uncertainties that have an impact on our operating results are:
Covid-19 and inflation
Macroeconomic developments
Climate change
Climate risk
Anti-money laundering
Cybersecurity and fraud
Fluctuations in equity markets, interest rates and foreign exchange rates
For further information on other factors that can impact ING Group’s results of operations, reference is made to
“Item 3. Key information - Risk Factors”.
Covid-19 and inflation
Economic growth picked up this year, helped by strong policy support, the deployment of vaccine programmes
and the reversal of lockdown measures, although these were reintroduced in some countries at the end of the
year prompted by an increase in infections, and the emergence of a new variant of the Covid-19 virus. The
 
global
economy surpassed its pre-pandemic level, but many countries are still operating below pre-Covid levels,
particularly emerging markets and developing economies with lower vaccination rates and less government
support. China and Australia had already recovered in 2020; the US and the eurozone caught up in 2021.
A resurgence of Covid-19 cases and supply disruptions began to negatively impact economic
 
momentum in the
second half of the year. In particular,
 
US consumption softened in the third quarter and German industry
 
had to
scale back because of shortages of key inputs. The economic impact of the Delta
 
variant, especially in countries
with low vaccination rates, added to pressures on global supply chains and costs. Supply disruptions
 
were often
longer than expected and fed inflation in many countries. Higher commodity prices and the
 
rise in consumer
demand as economies thawed caused consumer price inflation
 
to increase rapidly, most significantly in the US,
Canada and the UK, although other advanced economies
 
in Europe and Asia also saw inflation picking up.
 
Against the background of economic recovery and increased inflationary pressures, the Federal Reserve started
to taper its bond buying purchasing programme. The European Central Bank (ECB) also announced a
 
reduction in
bond purchases, but is set to move slower. The ECB plans to end its Pandemic Asset Purchase Programme by Q2
2022 and expects to have reduced asset purchases, under the Asset Purchase Programme, to € 20 billion per
month by the end of the year. Together
 
these factors drove up longer-term interest rates and steepened yield
curves. With interest rates remaining at low levels and government policies staying growth-supportive, house
prices continued to rise.
 
 
ING Group Annual Report 2021 on Form 20-F
66
Macroeconomic developments
These were significant macroeconomic developments that impacted our own organisation as well as our
customers, employees, shareholders and other stakeholders. Despite the economic thaw, the normal flow of
business in countries where ING operates remained disrupted to a greater or lesser extent throughout 2021. The
German elections, continuing China/US tensions, continued uncertainty around
 
the full impact of Brexit all added
to the volatility of our external environment. As a global financial services company, with our profitability,
solvency and liquidity linked heavily to the state of the economy and the market environment, we remained alert
to this volatility’s potential to impact our performance.
Climate change
 
Although the threat of climate change has been signalled for some time by the
 
scientific community, its impact is
intensifying and it’s happening faster than previously predicted. The flooding, wildfires and heatwaves
experienced this year are expected to occur more frequently due to climate change.
 
This formed the backdrop to
the 2021 report from the United Nation’s Intergovernmental Panel on Climate Change (IPCC), which flagged
climate change as a ‘code red’ for humanity, requiring urgent
 
intervention from all sectors of society.
 
This urgency was underlined at the New York Climate Week in September 2021, where it was reinforced that
accelerated action now and in the coming years can positively affect our transition towards a more carbon-
neutral future. In November 2021, at the 26
th
 
UN Climate Change Conference (COP26) in Glasgow, agreements
were reached on important steps towards net-zero emissions in 2050, such as shifting away from coal and a
pledge to halt deforestation. But this is not yet enough to get us into the safe zone;
 
these pledges add up to an
average global warming of 1.8°C at best. There was agreement on countries having to accelerate and strengthen
their 2030 targets,
 
and a framework for a global carbon market was drawn up, which is expected to trigger a
surge of green projects. As always the proof is in the action and real impact on the ground. COP27 will be
 
crucial
– again. Not only for limiting greenhouse gas emissions far more drastically, but also for agreements on climate
adaptation and the social impact of climate change, both of which affect developing countries
disproportionately.
 
We believe ING can have the biggest impact in mitigating the effect of climate change through our financing. We
work with our clients to finance and facilitate their transition to low-carbon technologies and offer a growing
suite of sustainability products and services to help them, including
 
sustainability-linked loans and ‘green’ bonds.
 
The popularity of sustainability-linked financing is growing,
 
partly fuelled by companies facing pressure from
investors and regulators to ‘go green’.
 
To protect the integrity of this fast-growing market, which we pioneered
back in 2017, ING published a position paper
 
in October calling for linked sustainability targets to be ambitious,
recognised industry-wide and verified by a reputable, independent party. This will help to retain the credibility of
the market by ensuring companies tackle the most difficult and urgent climate issues first. Ambition levels that
are too low will not make the impact these products are designed for.
 
While ING can voice its opinion on all transactions, and
 
we can use our influence to steer clients towards credible
targets on those we structure ourselves, market dynamics don’t always allow us to put the proper structures in
place if we’re not in a leading role. We believe regulatory developments like the European Commission’s green
bond standard will help to improve the quality of the market as it evolves.
The role that regulators and governments play in supporting and facilitating the road to a net-zero emission
world cannot be underestimated. To this end, the EU presented its net-zero targets
 
with ambitious legislative
proposals to cut emissions by 55% by 2030 (‘Fit for 55’), and we look
 
forward to seeing ambitious national
policies that align with this goal. In the meantime, ING is
 
working on its own action plans as new climate
scenarios and expectations emerge, and we present these,
 
and our progress on them, in our integrated climate
report on ing.com.
Climate risk
According to the European Central Bank, climate change will be a major source of systematic risk to banks if no
action is taken. A recent ECB study showed banks in the eurozone would have an 8% higher chance of loan
defaults by 2050 if nothing is done about global warming,
 
with the risk rising to 30% for banks in southern
Europe. The physical risk from climate change is tangible – fires, floods and rising sea levels affect people’s lives,
livelihoods, assets and businesses. There is also transition risk such
 
as carbon pricing and shifting consumer
preferences, which can leave manufacturers with stranded assets if they don’t adapt to market demands for
greener products.
 
 
ING strives to identify and understand these risks as part of our integrated approach to climate action. We do this
to build resilience to these risks in our own organisation as well as to prepare for their potential impact on clients
and other stakeholders and this helps shape our strategy. As such, climate risk will be included in our risk
management framework in a forward-looking approach. Our climate risk programme helps measure the impact
of climate change on our loan book.
 
We follow guidance from the ECB and the Taskforce
 
for Climate-Related
 
ING Group Annual Report 2021 on Form 20-F
67
Financial Disclosure on how banks are expected to prudently manage and transparently disclose climate-related
and environmental risks under current prudential rules.
 
Anti-money laundering
As a gatekeeper to the financial system, we have an important role in protecting society against all types of
financial crime. Money laundering is one such crime,
 
existing in and of itself and as a facilitator of other crimes
such as people trafficking and drug smuggling.
 
To be more effective
 
in our efforts to fight financial economic crime, we work closely with our
 
peers, regulators
and law enforcement. This includes initiatives with other banks in the Netherlands
 
and Germany to jointly
monitor transactions and share intelligence, and further professionalising our KYC organisation by means of
internationally recognised certifications.
 
In June 2021, the EU presented its action plan for know your customer/anti-money laundering (AML).
 
This aims
to increase harmonisation of rules across member states and proposes direct supervision
 
at EU level for those
banks exposed to the highest AML risk. We welcome these reforms as they will help improve the current
framework and help us with the operationalisation of new AML measures across our
 
network.
 
ING is looking into how to deal with the issue of customer tax integrity, (a process accelerated by the Pandora
Papers investigation in October), where customer transactions may be legal but are ethically undesirable. We are
exploring different approaches regarding the execution of our risk judgement processes in this area.
 
Cybersecurity and fraud
Digital technology has connected the world in an unprecedented way. The pandemic has highlighted just how
much people rely on the internet to work, socialise and shop.
 
With this increased reliance,
 
comes an increasing
risk that some of these digital interactions will be used for criminal purposes.
 
As a result, there are growing
societal concerns about increasingly sophisticated cyberattacks as well as around data privacy and protection.
Cybercrime is a growing threat to society and companies in general, and to the financial system in particular, with
scams that aim to trick people out of their money. One such scam involves fake bank employees tricking
customers into redirecting their savings into a ‘safe’ account, while phishing scams have evolved from emails to
text messages as fraudsters become ever more inventive.
 
Falling victim to bank fraud can have devastating consequences for customers, not just financially but also on
their confidence, mental health and relationships. Raising awareness among customers and employees is an
important step in protecting people against crimes like, phishing,
 
spoofing
 
and hacking.
 
At ING too, there is an increased risk of criminals trying to gain unauthorised access
 
to the bank, whether that’s
through malware, phishing attacks, identity theft or online fraud. To stay resilient to these increasingly
sophisticated crimes, we take a multi-faceted approach that aims to anticipate threats,
 
prevent them from
becoming reality and so protect our customers.
 
Through collaboration with governments, fintechs and our peers,
we share knowledge and facilitate security innovation for the bank, our industry and society.
 
Fluctuations in equity markets
 
Our banking operations are exposed to fluctuations in equity markets. ING maintains an internationally
diversified and mainly client-related trading portfolio. Accordingly, market
 
downturns are likely to lead to
declines in securities trading and brokerage activities which we execute for customers and therefore to a decline
in related commissions and trading results. In addition to this, ING also maintains equity
 
investments in its own
non-trading books. Fluctuations in equity markets may affect the value of these investments.
Fluctuations in interest rates
Our banking operations are exposed to fluctuations in interest rates. Mismatches in the interest re-pricing and
maturity profile of assets and liabilities in our balance
 
sheet can affect the future interest earnings and economic
value of the bank's underlying banking operations. In addition,
 
changing interest rates may impact the (assumed)
behavior of our customers, impacting the interest rate exposure, interest hedge positions and future interest
earnings, solvency and economic value of the bank’s underlying banking operations. In the
 
current low (and in
some cases negative) interest rate environment, the stability of future interest earnings and margin also depends
on the ability to actively manage pricing of customer assets and liabilities.
 
Especially, the pricing of customer
savings portfolios in relation to re-pricing customer assets and other investments in our balance sheet is a
 
key
factor in the management of the bank’s interest earnings.
 
Fluctuations in exchange rates
ING Group is exposed to fluctuations in exchange rates. Our management of exchange rate sensitivity affects the
results of our operations through the trading activities (which includes local country
 
versus international
transactions) and because we prepare and publish our consolidated financial statements in Euros. Because a
 
ING Group Annual Report 2021 on Form 20-F
68
substantial portion of our income, expenses and foreign investments is denominated in currencies other than
Euros, fluctuations in the exchange rates used to translate foreign currencies, particularly the U.S. Dollar, Pound
Sterling, Turkish Lira, Chinese Renminbi, Australian Dollar, Japanese Yen,
 
Polish Zloty, Korean Won,
 
Brazilian Real,
Singapore Dollar, Thai Baht and Russian Ruble into Euros can impact our reported results of operations, cash
flows and reserves from year to year.
 
Fluctuations in exchange rates will also impact the value (denominated in
Euro) of our investments in our non-Euro reporting subsidiaries. The impact of these
 
fluctuations in exchange
rates is mitigated to some extent by the fact that income and related expenses, as well as assets and liabilities, of
each of our non-Euro reporting subsidiaries are generally denominated in the same currencies.
 
FX translation risk
is managed by taking into account the effect of translation results on the Common Equity Tier 1 ratio (CET1).
Consolidated result of operations
ING Group monitors and evaluates the performance of ING Group at a consolidated level and by segment using
results based on figures according to IFRS as adopted by the European Union (IFRS-EU). The Executive Board and
the Management Board Banking consider this measure to be relevant to an understanding of the Group’s
financial performance, because it allows investors to understand the primary method used by management to
evaluate the Group’s operating performance and make decisions about allocating resources. In addition, ING
Group believes that the presentation of results in accordance with IFRS-EU helps investors compare its segment
performance on a meaningful basis by highlighting result before tax attributable to ongoing operations and the
profitability of the segment businesses. IFRS-EU result is derived by including
 
the impact of the IFRS-EU ‘IAS 39
carve out’ adjustment from IFRS-IASB.
The IFRS-EU ‘IAS 39 carve-out’ adjustment relates to fair value portfolio hedge accounting strategies for the
mortgage
 
and savings portfolios in the Benelux, Germany and Other Challengers that are not eligible
 
under IFRS-
IASB. As no hedge accounting is applied to these mortgage and savings portfolios under
 
IFRS-IASB, the fair value
changes of the derivatives are not offset by fair value changes of the hedge items (mortgages and savings).
Segment Reporting
The published 2021 Annual Accounts of ING Group includes
 
financial information in accordance with
International Financial Reporting Standards as adopted by the European Union (IFRS-EU). The segment
 
reporting
in the annual report on Form 20-F has been reconciled with International Financial
 
Reporting Standards as issued
by the International Accounting Standards Board (IFRS-IASB) for consistency with the other financial information
contained in this report. The difference between the accounting standards is reflected in the Wholesale Banking
segment, and in the geographical split of the segments in the Netherlands,
 
Belgium, Germany and Other
Challengers. Reference is made to Note 1 ‘Basis of preparation and significant accounting Policies’ for a
reconciliation between IFRS-EU and IFRS-IASB.
ING Group’s segments are based on the internal reporting structure by lines of business.
 
The Executive Board of ING Group and the Management Board Banking (together the Chief Operating Decision
Maker (CODM)) set the performance targets, approve and monitor the budgets prepared by the business lines.
Business lines formulate strategic, commercial, and financial plans in conformity with the strategy and
performance targets set by the CODM.
Recognition and measurement of segment results are in line with the accounting
 
policies as described in Note 1
‘Basis of preparation and significant accounting policies’. The results for the period for each reportable segment
are after intercompany and intersegment eliminations and are those reviewed by the CODM to assess
performance of the segments. Transfer prices for inter-segment transactions are set at arm’s
 
length. Corporate
expenses are allocated to business lines based on time spent by head office personnel,
 
the relative number of
staff, or on the basis of income, expenses and/or assets of the segment. Total assets by country,
 
as presented in
Note 36 ‘Information on geographical areas’,
 
does not include intercompany balances and reconciles to the total
assets in the consolidated statement of financial position of ING Group.
The following overview specifies the segments by line of business
 
and the main sources of income of each of the
segments:
Retail Netherlands (Market Leaders)
Income from retail and private banking activities in the Netherlands, including
 
the SME and mid-corporate
segments, and the Real Estate Finance portfolio related to Dutch domestic mid-corporates. The main products
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
69
offered are current and savings accounts, business lending, mortgages and other consumer lending in the
Netherlands.
Retail Belgium (Market Leaders)
Income from retail and private banking activities in Belgium (including Luxembourg),
 
including the SME and mid-
corporate segments. The main products offered are similar to those in the Netherlands.
Retail Germany (Challengers and Growth Markets)
Income from retail and private banking activities in Germany (including Austria). The main
 
products offered are
current and savings accounts, mortgages and other customer lending.
Retail Other (Challengers and Growth Markets)
Income from retail banking activities in the rest of the world, including the SME
 
and mid-corporate segments in
specific countries. The main products offered are similar to those in the Netherlands.
Wholesale Banking
Income from wholesale banking activities. The main products
 
are: lending, debt capital markets, working capital
solutions, export finance, daily banking solutions,
 
treasury and risk solutions, and corporate finance.
Corporate Line
 
In addition to these segments, ING Group reconciles the total segment results to the total result using Corporate
Line. The Corporate Line is a reflection of capital management activities and certain income and
 
expense items
that are not allocated to the banking businesses, including the recognition of
 
value-added tax (VAT)
 
refunds in
the Netherlands (recorded under expenses). In 2021, income was supported by a
 
EUR 143 million conditional
TLTRO III benefit and the recognition of a EUR 72 million receivable related to the insolvency of a financial
institution, while expenses included EUR 87 million of
 
regulatory costs due to an incidental 50% increase in the
Dutch bank tax as well as a significantly lower VAT refund compared with the previous year.
 
In 2020, net interest
income on the Corporate Line sharply declined, mainly due to lower interest results from foreign currency
hedging due to lower interest rate differentials. In 2019, a EUR 119 million gain from the release of a currency
translation reserve following the sale of ING’s stake in Kotak Mahindra Bank was included, and the recognition of
a EUR 79 million receivable related to the insolvency of a financial institution
 
(both recorded under income).
Furthermore, the Corporate Line includes the isolated legacy costs (mainly negative interest results) caused by
the replacement of short-term funding with long-term funding
 
during 2013 and 2014. ING Group applies a
system of capital charging for its banking operations in order to create a comparable basis for the results of
business units globally, irrespective of the business units’ book equity and the currency
 
they operate in.
 
Total
 
Operations
The following table sets forth the contribution of ING’s business lines and the corporate line to the net result for
each of the years 2021, 2020 and 2019.
 
Total operations
1 January to 31 December 2021
Amounts in millions of euros
Retail
Banking
Netherlands
Retail
Banking
Belgium
Retail
Banking
Germany
Retail
Other
Wholesale
Banking
Corporate
Line
Total
Income:
 
- Net interest income
3,290
1,747
1,447
2,712
4,151
267
13,615
 
- Net fee and commission income
771
519
497
530
1,197
3
3,517
 
- Total investment
 
and other income
201
209
65
361
568
-45
1,359
Total income
4,262
2,475
2,009
3,602
5,916
226
18,490
Expenditure:
 
- Operating expenses
2,403
1,667
1,174
2,452
2,926
570
11,192
 
- Additions to loan loss provision
-76
225
49
202
117
0
516
Total expenditure
2,326
1,892
1,223
2,654
3,042
570
11,708
Result before taxation
1,936
583
786
949
2,874
-345
6,782
Taxation
499
146
252
212
703
65
1,877
Non-controlling interests
0
0
4
98
26
0
128
Net result IFRS-EU
1,437
437
529
639
2,144
-410
4,776
Adjustment of the EU 'IAS 39 carve-out'
1,174
1,174
Net result IFRS-IASB
1,437
437
529
639
3,318
-410
5,951
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
70
Total operations
1 January to 31 December 2020
Amounts in millions of euros
Retail
Banking
Netherlands
Retail
Banking
Belgium
Retail
Banking
Germany
Retail
Other
Wholesale
Banking
Corporate
Line
Total
Income:
 
- Net interest income
3,511
1,816
1,587
2,760
3,718
212
13,604
 
- Net fee and commission income
681
413
437
412
1,069
-1
3,011
 
- Total investment
 
and other income
279
145
93
89
609
-192
1,022
Total income
4,471
2,373
2,117
3,261
5,396
18
17,637
Expenditure:
 
- Operating expenses
2,236
1,737
1,110
2,469
3,218
383
11,153
 
- Additions to loan loss provision
157
514
57
593
1,351
2
2,675
Total expenditure
2,393
2,251
1,167
3,063
4,568
385
13,828
Result before taxation
2,078
122
950
199
827
-367
3,809
Taxation
523
51
331
105
295
-58
1,246
Non-controlling interests
-1
0
4
55
20
0
78
Net result IFRS-EU
1,556
71
615
39
512
-308
2,485
Adjustment of the EU 'IAS 39 carve-out'
-234
-234
Net result IFRS-IASB
1,556
71
615
39
278
-308
2,250
Total operations
1 January to 31 December 2019
Amounts in millions of euros
Retail
Banking
Netherlands
Retail
Banking
Belgium
Retail
Banking
Germany
Retail
Other
Wholesale
Banking
Corporate
Line
Total
Income:
 
- Net interest income
3,541
1,907
1,579
2,787
3,794
470
14,079
 
- Net fee and commission income
674
374
268
423
1,135
-6
2,868
 
- Total investment
 
and other income
290
161
138
298
369
103
1,360
Total income
4,505
2,442
1,985
3,509
5,298
568
18,306
Expenditure:
 
- Operating expenses
2,210
1,609
1,080
2,210
2,937
307
10,353
 
- Additions to loan loss provision
91
186
-53
364
532
-0
1,120
Total expenditure
2,301
1,794
1,027
2,574
3,469
307
11,472
Result before taxation
2,204
647
957
935
1,830
261
6,834
Taxation
558
192
328
234
464
179
1,955
Non-controlling interests
-0
0
3
82
14
-0
99
Net result IFRS-EU
1,646
455
627
619
1,352
82
4,781
Adjustment of the EU 'IAS 39 carve-out'
-878
-878
Net result IFRS-IASB
1,646
455
627
619
474
82
3,903
 
ING Group Annual Report 2021 on Form 20-F
71
Year ended 31 December 2021 compared to year ended 31 December 2020
ING’s net result (including the adjustment of the EU ‘IAS 39 carve-out’) increased by
 
EUR 3,701 million, or
164.5%, to EUR 5,951 million compared with EUR 2,250
 
million in 2020. The net result was affected by a EUR
1,174 million positive contribution of fair value changes on derivatives related to asset-liability-management
activities for the mortgage and savings portfolios in the Benelux, Germany, France and Czech Republic, versus a
EUR 234 million negative contribution in 2020. These fair value changes were mainly caused by changes
 
in
market interest rates. No hedge accounting is applied to these derivatives under IFRS-IASB.
ING’s IFRS-EU net result (before adjustment of the EU ‘IAS 39 Carve-out’) rose to EUR 4,776 million from EUR
2,485 million in 2020. The effective tax rate in 2021 was 27.7%, down from 32.7% in 2020. The lower effective tax
rate was mainly caused by the reduced impact of non-deductible amounts, whereas
 
2020 had included the non-
deductible impairments on goodwill and on our stake in TTB (previously referred to as TMB).
The result before tax increased 78.1% to EUR 6,782 million in 2021 from EUR 3,809 million
 
in 2020,
predominantly due to lower risk costs reflecting improved macroeconomic indicators, as well as higher income.
Net core lending growth (adjusted for currency impacts, and excluding Treasury and the run-off portfolios) was
EUR 30.6 billion, and net core deposits growth was EUR 10.3 billion.
 
At year-end, the global retail customer base
declined to 38.2 million, mainly by exiting the Austrian and
 
Czech retail banking markets. The number of primary
customers, however,
 
rose during the year by 481,000 to 14.3 million.
Income rose 4.8% to EUR 18,490 million in 2021 from EUR 17,637 million
 
in 2020. Income was supported by the
recognition of a EUR 483 million conditional TLTRO III benefit, which also included the impact
 
of the retroactive
adjustment in the ECB funding rate as from 24 June 2020. The increase in income was mainly in Wholesale
Banking, due to higher revenues in all product groups, while the higher income
 
in Corporate Line was supported
by the recognition of EUR 72 million receivable related to the insolvency of a financial
 
institution in the
Netherlands and higher interest results from foreign currency ratio hedging. Income at Retail Banking slightly
increased as strong growth in fee income and the impact of the impairment on ING’s equity stake in TTB
recorded in 2020, was largely offset by the continued margin pressure on liabilities.
Net interest income increased 0.1% to EUR 13,615 million, and was supported by the
 
EUR 483 million conditional
TLTRO III benefit. Higher interest results were recorded on lending products (driven by a higher total lending
margin), but also in Treasury, Financial Markets and Corporate Line. These increases were offset by lower
revenues on current accounts and savings, reflecting continued liability margin pressure. ING Bank’s overall net
interest margin declined to 1.39% from 1.43% in 2020.
Net fee and commission income increased 16.8% to EUR 3,517 million from EUR
 
3,011 million in 2020. In Retail
Banking, net fee and commission income rose by EUR 374 million,
 
or 19.2%. This increase was mainly in daily
banking, reflecting higher packages fees, recovery of payment transactions and new fee introductions, as well as
higher fees from investment products due to new account openings, a higher number of trades and higher
 
assets
under management. Total fee income in Wholesale Banking increased by EUR 128 million, or 12.0%, mainly in
Trade & Commodity Finance as a result of higher average oil prices as well as increased daily banking fees and
higher fee income in Global Capital Markets and Corporate Finance.
Total
 
investment and other income rose to EUR 1,359 million in 2021 from EUR 1,022
 
million in 2020. The
increase was mainly caused by the recognition of a EUR 72 million
 
receivable (recorded in Corporate Line) related
to the expected recovery of the insolvency of a financial institution in the Netherlands,
 
while previous year
included the EUR 230 million impairment on ING’s equity stake in TTB (recorded in Retail Banking) as well as a
EUR 58 million decrease of the NN Group indemnity receivable following the
 
settlement of a tax dispute in
Australia, which was offset by an comparable amount in the tax line (recorded in Corporate Line).
 
Operating expenses increased by EUR 39 million, or 0.3%, to EUR 11,192
 
million. Expenses in 2021 included EUR
1,265 million of regulatory costs, up from EUR 1,105 million in previous year, among others due to an incidental
50% increase in the Dutch bank tax for 2021. Expenses in 2021 furthermore
 
included EUR 522 million of
incidental items, mainly reflecting a EUR 180 million provision for compensation to Dutch customers with certain
consumer credit products, redundancy provisions and impairments related to the announced exit of the retail
banking markets in France and Czech Republic, the accelerated closure of branches in the Netherlands, and some
other impairments. Incidental items in 2020 amounted to EUR 673 million,
 
mainly reflecting EUR 310 million of
goodwill impairments and several restructuring provisions and impairments related to the review of activities
and measures announced (including those on Wholesale
 
Banking and the Maggie project). Expenses
 
excluding
regulatory costs and incidental items increased by EUR 30 million, or 0.3%, as the impact
 
of collective-labour-
agreement (CLA) salary increases and higher performance-related expenses and IT costs was
 
largely offset by the
impact of continued cost-efficiency measures. The cost/income ratio was 60.5% in 2021 versus 63.2% in 2020.
 
ING Group Annual Report 2021 on Form 20-F
72
Net additions to loan loss provisions declined to EUR 516 million,
 
or 8 basis points of average customer lending,
compared with EUR 2,675 million, or 43 basis points, in 2020.
 
Risk costs in 2021 were primarily driven by
additions to Stage 3 provisions and included several model updates in Retail Belgium as well as additional
provisioning from updated recovery scenarios of existing, mainly Wholesale Banking
 
clients, reflecting
uncertainty on recovery scenarios and valuation in certain asset classes. Provisioning in Stage 1 and
 
2 was
reduced, mainly due to releases from management adjustments taken in previous year. It further reflects clients
being removed from the watch list and moving back to Stage 1.
Year ended 31 December 2020 compared to year ended 31 December 2019
ING’s net result (including the adjustment of the EU ‘IAS 39 carve-out’) decreased by
 
EUR 1,653 million, or 42.4%,
to EUR 2,250 million compared with EUR 3,903 million
 
in 2019. The net result was affected by a EUR 234 million
negative contribution of fair value changes on derivatives related to asset-liability-management activities for the
mortgage and savings portfolios in the Benelux, Germany, France and Czech Republic, versus a EUR 878 million
negative contribution in 2019. These negative fair value changes were mainly caused by changes in market
interest rates. No hedge accounting is applied to these derivatives under IFRS-IASB.
The IFRS-EU net result (before adjustment of the EU ‘IAS 39 carve-out’) fell 48.0%
 
to EUR 2,485 million from EUR
4,781 million in 2019. The effective tax rate in 2020 was relatively high at 32.7% (versus 28.6% in 2019) and was
mainly caused by the lower result before tax, which included higher non-deductible amounts
 
like the
impairments on goodwill and on our stake in TTB.
The result before tax declined 44.3% to EUR 3,809 million in 2020 from EUR 6,834 million
 
in 2019, primarily
caused by elevated risk costs reflecting the (expected) economic impact of the Covid-19 pandemic, combined
with impairments on goodwill, restructuring provisions and other impairments.
 
Net core lending (adjusted for
currency impacts, and excluding Treasury and the run-off portfolios) declined by EUR 2.5 billion in 2020, while
net customer deposit inflow was high at EUR 41.4 billion. The global
 
retail customer base grew to 39.3 million at
year-end, and the number of primary customers rose during the year by 578,000 to 13.9 million.
Income declined 3.7% to EUR 17,637 million from EUR 18,306
 
million in 2019. The decline was mainly in
 
the
Corporate Line due to lower interest results from foreign currency ratio hedging and to some positive one-offs
recorded in 2019. Income at Retail Banking decreased due to an impairment on our equity stake in TMB, whereas
income in Wholesale Banking (mainly in Financial
 
Markets) increased.
 
Net interest income decreased 3.4% to EUR 13,604 million. The decline was largely due to lower interest results
on current accounts and savings, reflecting the continued pressure on liability margins, combined with lower
interest results from foreign currency ratio hedging due to lower interest rate differentials.
 
This decline was
largely offset by higher interest results at Treasury (supported by the introduction of the ECB’s two-tiering
system at the end of October 2019) and, to a lesser extent, on lending products, reflecting a slight increase in the
total lending margin. ING’s overall net interest margin declined to 1.44% from 1.54% in 2019.
Net fee and commission income increased 5.0% to EUR 3,011 million from 2,868
 
million in 2019. In Retail
Banking, net fee and commission income rose by EUR 204 million,
 
or 11.7%. This was mainly driven by higher fee
income on investment products, predominantly in Germany, whereas daily banking fees slightly increased
supported by increased package fees, which countered the impact of a drop in payment transactions due to
lockdown measures and travel restrictions. Total
 
fee income in Wholesale Banking declined by EUR 66
 
million, or
5.8%, predominantly in Trade & Commodity Finance as a result of lower average oil prices as well as lower
syndicated deal activity in Lending.
Total
 
investment and other income decreased to EUR 1,022 million 2020 from EUR
 
1,360 million in previous year.
The decline was mainly in Retail Banking, largely due to a EUR 230 million
 
impairment related to ING’s stake in
TTB,
 
and in the Corporate Line. In 2019, the latter had included a EUR 119 million
 
one-off gain from the release of
a currency translation reserve related to the sale of ING’s stake in Kotak Mahindra Bank and a EUR 79 million
receivable related to the insolvency of a financial institution. These declines were partly offset by Wholesale
Banking, predominantly in Financial Markets due to a positive swing in valuation adjustments.
Operating expenses increased by EUR 800 million, or 7.7%, to EUR 11,153
 
million. Expenses in 2020 included EUR
1,105 million of regulatory costs, compared with EUR 1,021 million previous year. The increase was furthermore
caused by EUR 673 million of incidental items recorded in 2020, mainly reflecting EUR
 
310 million of goodwill
impairments and several restructuring provisions and impairments related to the review of activities and
measures announced
 
(including those on Wholesale Banking
 
and the Maggie project). Excluding regulatory costs
and these incidental items, expenses increased by EUR 43 million, or 0.5%,
 
as the impact of collective-labour-
agreement (CLA) salary increases and higher IT expenses, was largely offset by the impact
 
of continued cost-
efficiency measures (including lower marketing and travel costs as a result of the Covid-19 restrictions). The
cost/income ratio was 63.2% versus 56.6% in 2019.
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
73
Net additions to loan loss provisions were EUR 2,675 million, or 43
 
basis points of average customer lending,
compared with EUR 1,120 million, or 18 basis points, in 2019.
 
The increase was mainly due to various Individual
Stage 3 provisions, including a sizeable provision for an alleged external fraud case in 2020, and high collective
Stage 1 and Stage 2 provisioning as a result of the economic impact of the Covid-19 pandemic.
 
Risk costs in 2020
included EUR 590 million of collective provisions related to the worsened macro-economic indicators, including
provisioning related to loans subject to a payment holiday.
Retail Netherlands
Retail Netherlands
Amounts in millions of euros
2021
2020
2019
Income:
Net interest income
3,290
3,511
3,541
Net fee and commission income
771
681
674
Investment income and other income
201
279
290
Total income
4,262
4,471
4,505
Expenditure:
Operating expenses
2,403
2,236
2,210
Additions to the provision for loan losses
–76
157
91
Total expenditure
2,326
2,393
2,301
Result before tax
1,936
2,078
2,204
Taxation
499
523
558
Non-controlling interests
0
–1
–0
Net result IFRS-IASB
1,437
1,556
1,646
Year ended 31 December 2021 compared to year ended 31 December 2020
The net result of Retail Netherlands decreased by EUR 119 million, or 7.6%,
 
to EUR 1,437 million in 2021 from
EUR 1,556 million in 2020.
The result before tax declined 6.8% to EUR 1,936 million from EUR 2,078 million in 2020.
 
This decline was caused
by lower income mainly due to lower margins on customer deposits combined
 
with higher expenses which
included several incidental cost items, partly offset by lower risk costs.
Total
 
income declined by EUR 209 million, or 4.7%,
 
to EUR 4,262 million compared with EUR 4,471 million in
2020. Net interest income declined 6.3%, despite the recognition of a EUR 53 million
 
conditional TLTRO III benefit
and an increased charging on negative interest rates. This decline was predominantly due to continued margin
pressure on savings and current accounts combined with lower interest results from lending products. Net core
lending (which excludes Treasury products and a EUR 1.1 billion decline in the WUB run-off portfolio) grew by
EUR 0.8 billion in 2021, of which EUR 1.5 billion
 
was in residential mortgages and EUR -0.7 billion in other lending.
Net core deposits growth (excluding Treasury) was EUR 14.8 billion, predominantly in current accounts. Net fee
and commission income increased by EUR 90 million, or
 
13.2%, mainly due to higher fee income in daily banking
products, supported by increased fees for payment packages, and higher fees on investment products.
Investment and other income was EUR 78 million lower, mainly attributable to lower results from Treasury-
related products.
Operating expenses rose by EUR 167 million, or 7.5%, to EUR 2,403 million
 
from EUR 2,236 million in 2020. The
increase was mainly due to a EUR 180 million provision for compensation to customers with certain consumer
credit products, and EUR 109 million of redundancy provisions
 
and costs related to the retail advice organization
in the Netherlands and the accelerated closure of branches, while 2020 included
 
EUR 29 million of provisions.
Excluding these incidental items, expenses declined by EUR 93 million, or
 
4.2%, mainly due to lower external staff
costs and lower allocated group overhead expenses, partly offset by increased regulatory costs.
The addition to loan loss provisions was a net release of EUR 76 million,
 
or -5 basis points of average customer
lending, compared with a net addition of EUR
 
157 million, or 10 basis points, in previous year. In 2021, net
releases in the mortgage and business lending portfolios, more than offset a net addition
 
in the consumer
lending portfolio.
Year ended 31 December 2020 compared to year ended 31 December 2019
The net result of Retail Netherlands decreased by EUR 90 million, or 5.5%,
 
to EUR 1,556 million in 2020 from EUR
1,646 million in 2019.
The result before tax of Retail Netherlands decreased 5.7% to EUR 2,078 million from EUR 2,204 million in
 
2019.
This decline was mainly attributable to higher risk costs reflecting the worsened macro-economic environment
and an increase in regulatory costs.
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
74
Total
 
income declined by EUR 34 million, or 0.8%,
 
to EUR 4,471 million, compared with EUR 4,505 million in
 
2019.
Net interest income declined 0.8%, mainly due to lower margins on savings and current accounts, combined
 
with
a decline in average lending volumes, which was largely offset by higher Treasury-
 
related revenues. Net core
lending (which excludes Treasury products and a EUR 1.1 billion decline in the WUB run-off portfolio) decreased
by EUR 3.2 billion in 2020, of which EUR 0.8 billion
 
was in residential mortgages and EUR 2.4 billion in other
lending. Net customer deposits (excluding Treasury) grew by EUR 15.3 billion, predominantly in current accounts.
Net fee and commission income increased by EUR 7 million, or 1.0%, primarily
 
due to higher investment product
fees. Investment and other income was EUR 11 million lower.
Operating expenses rose by EUR 26 million, or 1.2%, to EUR 2,236 million
 
from EUR 2,210 million in 2019, of
which EUR 65 million was caused by higher regulatory costs to EUR 255 million from
 
EUR 190 million in 2019.
Expenses excluding regulatory costs declined 1.9% as the impact of CLA salary
 
increases, higher IT expenses as
well as provisions related to redundancies and customer claims, were more than offset by lower external staff
costs and lower marketing and travel expenses.
The net addition to loan loss provisions was EUR 157 million,
 
or 10 basis points of average customer lending,
compared with EUR 91 million, or 6 basis points, in
 
2019. Risk costs in 2020 included EUR 118 million
 
of collective
provisions related to the worsened macro-economic indicators, including provisioning related to loans subject to
a payment holiday.
Retail Belgium
Retail Belgium
Amounts in millions of euros
2021
2020
2019
Income:
Net interest income
1,747
1,816
1,907
Net fee and commission income
519
413
374
Investment income and other income
 
209
145
161
Total income
2,475
2,373
2,442
Expenditure:
Operating expenses
1,667
1,737
1,609
Additions to the provision for loan losses
225
514
186
Total expenditure
1,892
2,251
1,794
Result before tax
583
122
647
Taxation
146
51
192
Net result IFRS-IASB
437
71
455
Year ended 31 December 2021 compared to year ended 31 December 2020
The net result of Retail Belgium (including ING in Luxembourg) increased by EUR 366
 
million to EUR 437 million in
2021 from EUR 71 million in 2020.
The result before tax of Retail Belgium rose to EUR 583 million, compared with EUR 122 million in 2020. The
increase was attributable to lower risk costs, combined with higher income and lower expenses.
Income rose by EUR 102 million, or 4.3%, to EUR 2,475 million
 
from EUR 2,373 million in 2020. Net interest
income was 3.8% lower at EUR 1,747 million, despite the recognition of a
 
EUR 76 million conditional TLTRO III
benefit and the introduction of negative interest rates. The decline reflects lower margins on savings and current
accounts and lower interest result from lending products. Net core lending (excluding Treasury) increased by EUR
0.4 billion in 2021, of which EUR 0.9 billion was
 
in mortgages, and EUR -0.5 billion in other lending.
 
Net core
deposits (excluding Treasury) declined by EUR 2.6 billion, predominantly in savings and deposits. Net fee and
commission income rose by EUR 106 million, or 25.7%,
 
mainly driven by higher daily banking fees and the strong
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
75
performance in investment products. Investment and other income increased by EUR 64 million, mainly due to
positive treasury-related fair value adjustments and a EUR 25 million capital gain on the sale of an associate.
Operating expenses declined by EUR 70 million, mainly due to a EUR
 
43 million goodwill impairment and EUR 40
million of restructuring costs, both recorded in 2020. Excluding these incidental items, expenses increased by
0.8%, mainly due to higher regulatory costs, partly offset by lower staff expenses.
The addition to the provision for loan losses declined to EUR 225 million,
 
or 25 basis points of average customer
lending, from EUR 514 million, or 57 basis points, in
 
2020. Risk costs in 2021 mainly included collective
provisioning to accommodate for an update of models and Stage 3 additions for specific files, partly
 
offset by a
partial release of management adjustments
 
applied in 2020.
Year ended 31 December 2020 compared to year ended 31 December 2019
The net result of Retail Belgium (including ING in Luxembourg) declined by EUR 384
 
million to EUR 71 million in
2020 from EUR 455 million in 2019.
The result before tax of Retail Belgium fell to EUR 122 million, compared with EUR 647 million in 2019. The
decline was attributable to higher risk costs reflecting the worsened macro-economic environment, combined
higher expenses and lower income.
Income declined by EUR 69 million, or 2.8%, to EUR
 
2,373 million from EUR 2,442 million in 2019. Net interest
income was 4.8% down to EUR 1,816 million, mainly
 
reflecting lower margins on savings and current accounts,
and lower Treasury related revenues, partly offset by higher interest results from mortgages. Net core lending
(excluding Treasury) decreased by EUR 1.5 billion in 2020, evenly spread over mortgages and other lending. Net
customer deposits (also excluding Treasury) grew by EUR 4.0 billion, predominantly in current accounts. Net fee
and commission income rose by EUR 39 million, or 10.4%,
 
mainly due to higher fee income on investment
products and mortgages. Investment and other income declined by EUR 16 million, mainly
 
from Financial
Markets.
Operating expenses rose by EUR 128 million, of which EUR 43 million was due
 
to a goodwill impairment related
to an acquisition in the past by ING Belgium and EUR
 
40 million related to restructuring costs recorded in the
fourth quarter of 2020. The remaining increase was mainly due to higher regulatory costs and IT expenses.
The net addition to the provision for loan losses increased to EUR 514 million,
 
or 57 basis points of average
customer lending, from EUR 186 million, or 21 basis points,
 
in 2019. Risk costs in 2020 included EUR 158
 
million
of collective provisions related to the worsened macro-economic indicators, including provisioning related to
loans subject to a payment holiday. The remaining risk costs were mainly related to business lending, including
provisioning on a number of individual files.
 
Retail Germany
Retail Germany
Amounts in millions of euros
2021
2020
2019
Income:
Net interest income
1,447
1,587
1,579
Net fee and commission income
497
437
268
Investment income and other income
65
93
138
Total income
2,009
2,117
1,985
Expenditure:
Operating expenses
1,174
1,110
1,080
Additions to the provision for loan losses
49
57
–53
Total expenditure
1,223
1,167
1,027
Result before tax
786
950
957
Taxation
252
331
328
Non-controlling interests
4
4
3
Net result IFRS-IASB
529
615
627
Year ended 31 December 2021 compared to year ended 31 December 2020
The net result of Retail Germany (including ING in Austria) decreased by EUR 86 million,
 
or 14.0%, to EUR 529
million in 2021 from EUR 615 million in 2020.
 
ING Group Annual Report 2021 on Form 20-F
76
The result before tax declined 17.3% to EUR 786 million, compared with EUR 950 million
 
in 2020, mainly due to
lower income and increased expenses.
Total
 
income fell 5.1% to EUR 2,009 million from EUR 2,117 million
 
in 2020. Net interest income declined 8.8% as
higher revenues from lending products and the recognition of a EUR 16 million
 
conditional TLTRO III benefit was
more than offset by the impact of the continued margin pressure on savings and current accounts. In 2021, net
core lending growth (which excludes Treasury products, and the Austrian run-off portfolio as from the second
quarter of 2021) was EUR 7.8 billion, of which EUR 6.8
 
billion was in residential mortgages and EUR 0.9 billion in
consumer lending. Net core deposits declined by EUR 3.8 billion
 
due to net outflows in the second half of the
year, primarily reflecting the impact of the introduction of negative interest rate charging to clients with liability
balances above EUR 50,000 as of November 2021. Net fee income rose by EUR 60
 
million, or 13.7%,
predominantly on investment products, reflecting higher assets under management, new account openings
 
and
higher number of brokerage trades. Investment and other income declined by EUR 28 million due to a EUR
 
26
million one-off loss related to the transfer of the Austrian retail banking activities to bank99 in December 2021.
Operating expenses increased by EUR 64 million, or 5.8%, to EUR 1,174
 
million in 2021, of which EUR 36 million
was due to higher regulatory costs, which included a catch-up following the Greensill insolvency. The remaining
cost increase was mainly due to higher staff expenses and costs related to the discontinuation of the Austrian
retail banking activities.
 
The addition to the provision for loan losses was EUR 49 million,
 
or 5 basis points of average customer lending,
compared with EUR 57 million, or 6 basis points, in
 
2020.
Year ended 31 December 2020 compared to year ended 31 December 2019
The net result of Retail Germany (including ING in Austria) decreased by EUR 12 million,
 
or 1.9%, to EUR 615
million in 2020 from EUR 627 million in 2019.
The result before tax declined 0.7% to EUR 950 million, compared with EUR 957 million
 
in 2019, as higher income
largely offset the impact of higher risk costs (after a net release in 2019) and increased expenses.
Total
 
income rose 6.6% to EUR 2,117 million from EUR 1,985 million
 
in 2019. The increase was driven by EUR 169
million higher fee income, predominantly on investment products due to higher assets under management,
 
new
account openings and a higher number of brokerage trades in volatile markets. Net interest income increased
0.5% to EUR 1,587 million, as higher interest results from lending and accounting asymmetry
 
in Treasury (with an
offset in other income), was largely offset by margin pressure on savings and current accounts. In 2020, net core
lending (which excludes Treasury products) increased EUR 4.5 billion, of which EUR 4.2 billion was in residential
mortgages and EUR 0.3 billion in consumer lending. Net customer deposits
 
(excluding Treasury) increased by EUR
5.8 billion, largely in current accounts. Investment and other income declined by EUR 45 million,
 
mainly due to
the aforementioned accounting
 
asymmetry and lower capital gains.
Operating expenses increased by EUR 30 million, or 2.8%, to EUR 1,110
 
million in 2020. The increase was mainly
due to investments to support business growth as well as the consolidation of a subsidiary
 
as from the first
quarter of 2020, while previous year included a EUR 36 million
 
restructuring provision.
The net addition to the provision for loan losses was EUR 57 million, or
 
6 basis points of average customer
lending, compared with a net release of EUR 53 million
 
in 2019, which had included model updates on
mortgages. Risk costs in 2020 included EUR 8 million of collective provisions related to the worsened macro-
economic indicators.
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
77
Retail Other
Retail Other
Amounts in millions of euros
2021
2020
2019
Income:
Net interest income
2,712
2,760
2,787
Net fee and commission income
530
412
423
Investment income and other income
361
89
298
Total income
3,602
3,261
3,509
Expenditure:
Operating expenses
2,452
2,469
2,210
Additions to the provision for loan losses
202
593
364
Total expenditure
2,654
3,063
2,574
Result before tax
949
199
935
Taxation
212
105
234
Non-controlling interests
98
55
82
Net result IFRS-IASB
639
39
619
Year ended 31 December 2021 compared to year ended 31 December 2020
Retail Other consists of the Other Challengers & Growth Markets, including the bank stakes in Asia. The net result
of Retail Other increased to EUR 639 million in 2021, from EUR 39 million
 
in 2020.
Retail Others’ result before tax rose to EUR 949 million, from EUR 199 million in 2020, mainly reflecting higher
income, driven by strong fee income growth, whereas 2020 included a EUR 230 million impairment
 
on ING’s
equity stake in TTB (Thailand) and lower risk costs.
Total
 
income rose by EUR 341 million to EUR 3,602 million
 
from EUR 3,261 million in 2020. Excluding the
impairment on TTB,
 
total income increased by EUR 111 million, or 3.2%. Net interest income was down
 
1.7% to
EUR 2,712 million, mainly reflecting lower margins on savings and current accounts, partly
 
offset by higher
interest results from lending products and a EUR 7 million TLTRO III benefit. Net customer lending (adjusted for
currency effects and Treasury) grew by EUR 8.5 billion in 2021, with growth in all countries, except Italy. Net core
deposits growth, also adjusted for currency impacts and Treasury as well as the Czech Republic run-off portfolio,
was EUR 4.4 billion, driven by net inflows in the non-eurozone countries with the largest increase in Poland. Net
fee and commission income rose by EUR 118 million, or 28.6%, to EUR 530
 
million in 2021. The increase was
mainly due to higher fee income from daily banking, investment and insurance products, and was mainly
 
visible
in Spain, Poland
 
and Romania. Excluding the aforementioned impairment on TTB in 2020, investment and other
income increased by EUR 42 million, mainly due to higher
 
revenues from Financial Markets-related products.
Operating expenses declined by EUR 17 million, or 0.7%, to EUR
 
2,452 million from EUR 2,469 million in 2020. In
2021, expenses included EUR 166 million of incidental items,
 
mainly consisting of restructuring provisions and
impairments related to the announcements that ING will exit the retail banking markets in France and the Czech
Republic, while 2020 included EUR 167 million of impairments
 
and restructuring provisions mainly related to the
Maggie programme. Excluding these incidental items, expenses declined by EUR 16
 
million as higher staff
expenses and legal provisions, were more than offset by among others lower IT and marketing expenses as well
as lower regulatory costs.
The addition to loan loss provisions declined by EUR 391
 
million on 2020 to EUR 202 million, or 20 basis
 
points of
average customer lending. The 2021 risk costs mainly reflect net additions in Poland and Spain, partly offset by a
net release in Australia.
Year ended 31 December 2020 compared to year ended 31 December 2019
Retail Other consists of the Other Challengers & Growth Markets, including the bank stakes in Asia. The net result
of Retail Other decreased to EUR 39 million in 2020, from EUR 619 million in
 
2019.
Retail Others’ result before tax fell to EUR 199 million, from EUR 935 million in 2019, mainly reflecting
impairments on TTB and the Maggie
 
project as well as higher risk costs.
 
Total
 
income declined by EUR 248 million to EUR 3,261
 
million in 2020, of which EUR 230 million related to an
impairment on ING’s equity stake in TTB. Excluding this impairment, total income decreased by EUR 18 million, or
-0.5%. Net interest income was down 1.0% to EUR 2,760 million, reflecting margin pressure on savings and
current accounts, largely offset by higher interest results from lending products and Treasury.
 
Net customer
lending (adjusted for currency effects and Treasury) grew by EUR 2.6 billion in 2020, with growth in all countries,
except Italy.
 
The net inflow in customer deposits, also adjusted for currency impacts
 
and Treasury,
 
was EUR 11.9
billion, with largest increases in Poland and Spain. Net fee and commission income declined
 
2.6% to EUR 412
million, largely due to a decline in Turkey,
 
which was partly offset by increases in most of the other countries.
Excluding the aforementioned impairment, investment and other income rose by EUR 21 million.
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
78
Operating expenses increased by EUR 259 million, or 11.7%, to EUR 2,469 million
 
from EUR 2,210 million in 2019,
of which EUR 140 million related to an impairment on capitalised software following the decision
 
to stop the
Maggie transformation programme (previously called Model Bank) and EUR 27 million of restructuring provisions
and impairments related to the project and some other countries. Excluding these incidental items, expenses
increased by EUR 92 million, or 4.2%, mainly due
 
to higher regulatory costs, investments in business growth and
lower capitalization of costs following the decision on Maggie. These increases were partly offset by lower legal
provisions as well as lower marketing and travel expenses.
The net addition to loan loss provisions increased by EUR 229 million on
 
2019 to EUR 593 million, or 61 basis
points of average customer lending. Risk costs in 2020 included EUR 114 million of collective provisions
 
related to
the worsened macro-economic indicators, including provisioning related to loans subject to a payment holiday,
as well as a EUR 59 million Stage 3 provision for expected losses on CHF-indexed mortgages in Poland. The
increase versus 2019 was mainly visible in Poland, Romania and Australia, whereas risk costs in Turkey declined.
Wholesale Banking
Wholesale Banking
Amounts in millions of euros
2021
2020
2019
Income:
Net interest income
4,151
3,718
3,794
Net fee and commission income
1,197
1,069
1,135
Investment income and other income
568
609
369
Total income
5,916
5,396
5,298
Expenditure:
Operating expenses
2,926
3,218
2,937
Additions to the provision for loan losses
117
1,351
532
Total expenditure
3,042
4,568
3,469
Result before tax
2,874
827
1,830
Taxation
703
295
464
Non-controlling interests
26
20
14
Net result IFRS-EU
2,144
512
1,352
Adjustment of the EU 'IAS 39 carve-out'
1,174
–234
–878
Net result IFRS-IASB
3,318
278
474
Year ended 31 December 2021 compared to year ended 31 December 2020
The net result of Wholesale Banking increased to EUR 3,318 million
 
in 2021 compared with EUR 278 million in
2020. The adjustment of the EU ‘IAS 39 carve-out’, included in the net result, was EUR 1,174 million
 
in 2021,
compared with EUR -234 million in 2020, due to fair value changes on derivatives related to asset-liability-
management activities for the mortgage and savings portfolios in the Benelux, Germany, France and Czech
Republic. These fair value changes were mainly a result of changes in market interest rates. No hedge accounting
is applied to these derivatives under IFRS-IASB.
The 2021 result of Wholesale Banking also strongly recovered from the previous year when results were
negatively affected by the impact of the Covid-19 pandemic. The IFRS-EU net result, which is before the
adjustment of the EU ‘IAS 39 carve-out’,
 
increased to EUR 2,144 million from EUR 512 million
 
in 2020. The result
before tax rose 247.5% to EUR 2,874 million from EUR 827 million in 2020. The increase was predominantly due
to lower risk costs and higher income, while operating expenses declined due
 
to lower incidental cost items.
 
ING Group Annual Report 2021 on Form 20-F
79
Tota
 
l
 
income rose 9.6% to EUR 5,916 million in 2021, compared with EUR
 
5,396 million in 2020, reflecting higher
revenues in all product groups, with the largest increases in Lending, and Daily Banking
 
& Trade Finance. Net
interest income increased by EUR 433 million, or 11.6%, and was supported by a
 
EUR 188 million conditional
TLTRO III benefit. The increase was mainly due to higher margins on lending products and increased interest
results from Treasury and Financial Markets, while the margin on customer deposits stabilised due to the
increased charging of negative interest rates. The net core lending book (adjusted for currency impacts and
excluding Treasury and the Lease run-off portfolio) grew by EUR 13.1 billion in 2021, mainly in Lending, primarily
reflecting growth in term loans, and higher short-term facilities in Financial
 
Markets. Net core deposits (excluding
currency impacts and Treasury) decreased by EUR 2.6 billion. Net fee and commission income rose by EUR 128
million, or 12.0%, on 2020, mainly due to higher fee income in Trade & Commodity Finance on the back
 
of higher
oil prices, various fee and pricing initiatives in Payments & Cash Management and higher deal flows in
 
Global
Capital Markets and Corporate Finance. Investment and other income decreased by EUR 41 million, primarily due
to lower valuation results in Financial Markets, partly offset by higher income in Corporate Investments.
Operating expenses declined 9.1% to EUR 2,926 million from EUR 3,218
 
million in 2020. Expenses in 2021
included a EUR 44 million impairment on Payvision, while 2020 included
 
a EUR 260 million goodwill impairment
and EUR 124 million of restructuring provisions and impairments. Excluding
 
these incidental items, expenses
increased 1.7%, mainly due to higher performance-related staff expenses and increased costs for legal provisions
and IT,
 
partly offset by the impact of continued cost-efficiency measures.
The net addition to loan loss provisions fell to EUR 117 million, or 7 basis points
 
of average customer lending,
compared with EUR 1,351 million, or 75 basis points, in 2020.
 
Risk costs in 2021 mainly reflect individual Stage 3
provisioning for existing files, including the impact of updated scenarios reflecting uncertainty in recovery
scenarios and valuations in certain asset classes. This was partly offset by releases in
 
management adjustments
caused by improved macroeconomic indicators.
Lending posted a result before tax of EUR 2,141 million, up from EUR 691 million in 2020, predominantly
 
due to
lower risk costs compared with the elevated level in 2020. Lending income rose by EUR 231 million,
 
or 8.0%, and
was supported by the recognition of a EUR 100 million conditional
 
TLTRO III benefit. The increase was mainly due
to higher lending margins and increased syndicated deal activity. Expenses increased 0.4% to EUR 983 million as
higher performance-related staff expenses were offset by the impact of cost-efficiency measures.
The result before tax from Daily Banking & Trade Finance rose to EUR 375 million from EUR 246 million in 2020.
This increase was due to higher income, supported by the recognition of a EUR
 
24 million conditional TLTRO III
benefit, partly offset by higher expenses and risk costs. Income increased 13.3%, mainly
 
in Trade & Commodity
Finance on the back of higher average oil prices and in Payments & Cash Management following various fee and
pricing initiatives. Expenses rose 2.6%, mainly due to higher
 
regulatory costs, partly offset by lower staff and IT
expenses.
Financial Markets recorded a result before tax of EUR 278 million, compared with EUR 230 million in 2020. The
increase was mainly due to higher income, which was supported by the
 
recognition of a EUR 60 million
conditional TLTRO III benefit and higher net fee income, partly offset by lower valuation results. The increase in
income was partly offset by higher expenses, mainly due to higher performance-related staff expenses.
The result before tax of Treasury & Other was EUR 80 million compared with a loss of EUR 339 million in 2020.
The improvement was mainly due to lower expenses, as 2020 included a EUR 260
 
million goodwill impairment
and EUR 95 million of restructuring provisions and related impairments following the announced
 
refocusing of
activities. Excluding these incidental items, result before tax rose by EUR 64 million, mainly due to higher
Treasury income as well as higher income in Corporate Investments, which was supported by a EUR 28 million
gain on an investment in an associate, and Corporate Finance.
Year ended 31 December 2020 compared to year ended 31 December 2019
The net result of Wholesale Banking declined to EUR 278
 
million in 2020 compared with EUR 474 million in
 
2019.
The adjustment of the EU ‘IAS 39 carve-out’, included in the net result, was EUR -234
 
million in 2020, compared
with EUR -878 million in 2019, due to fair value changes on derivatives related to asset-liability-management
activities for the mortgage and savings portfolios in the Benelux, Germany, France and Czech Republic. These fair
value changes were mainly a result of changes in market interest rates. No hedge accounting is applied to these
derivatives under IFRS-IASB.
The IFRS-EU net result, which is before the adjustment of the EU ‘IAS 39 carve-out’, declined to EUR 512 million
from EUR 1,352 million in 2019.
The full-year 2020 results for Wholesale Banking were also strongly affected by the impact of the Covid-19
pandemic. The result before tax dropped 54.8% to EUR 827 million, down from EUR 1,830 million
 
in 2019. The
 
ING Group Annual Report 2021 on Form 20-F
80
decline was predominantly due to elevated risk costs and higher expenses (including impairments and
restructuring provisions), partly offset by higher income.
 
Total
 
income rose 1.8% to EUR 5,396 million in 2020, compared with EUR
 
5,298 million in 2019, reflecting higher
revenues in Financial Markets and Treasury & Other,
 
partly offset by lower income in Daily Banking & Trade
Finance and Lending. The net core lending book (adjusted for currency impacts
 
and excluding Treasury and the
Lease run-off portfolio) declined by EUR 4.9 billion in 2020.
 
The inflow in net customer deposits (excluding
currency impacts and Treasury) was EUR 4.4 billion. Net interest income decreased 2.0%, mainly due to lower
margins on current accounts and lower average lending volumes. This decline was largely offset by higher
interest results from Treasury (with an offset in other income). Net fee and commission income decreased 5.8%
on 2019, mainly due to lower syndicated deal activity in Lending and lower
 
fees in Trade & Commodity Finance.
Investment and other income rose by EUR 240 million, primarily due to higher
 
valuation results in Financial
Markets, partly offset by Treasury.
Operating expenses rose 9.6% to EUR 3,218 million from EUR 2,937 million in 2019,
 
mainly due to a EUR 260
million goodwill impairment and EUR 124 million of
 
restructuring provisions and impairments recorded in the
fourth quarter of 2020, following the announced refocusing of activities, including an
 
additional impairment on
Payvision. Excluding the aforementioned incidental items, expenses decreased 3.5%, mainly due to lower
regulatory costs and the impact of continued cost-efficiency measures as well as lower travel expenses as a result
of the Covid-19 restrictions.
The net addition to loan loss provisions rose to EUR 1,351 million, or
 
75 basis points of average customer lending,
compared with EUR 532 million, or 29 basis points, in
 
2019. The increase was predominantly due to various
Individual Stage 3 provisions, including a sizeable provision for an alleged external fraud case in 2020, and high
collective Stage 1 and Stage 2 provisions as a result of the economic impact of the Covid-19
 
pandemic, including
EUR 192 million of collective provisions related to the worsened macro-economic indicators.
Lending posted a result before tax of EUR 691 million, down 56.7% compared with EUR 1,597
 
million in 2019,
predominantly due to elevated risk costs. Risk costs in 2020 were primarily impacted by various large individual
files, including a sizeable provision for an alleged external fraud case, as well as the economic
 
impact of the
Covid-19 pandemic. Lending income declined 3.2%,
 
reflecting lower lending margins and lower syndicated deal
activity. Expenses declined 3.1%, mainly due to lower regulatory costs.
 
The result before tax from Daily Banking & Trade Finance fell to EUR 246 million from EUR 476 million in 2019.
This decline was due to lower income and higher expenses, partly offset by lower risk
 
costs as previous year
included a sizeable provision for an external fraud case. The decline in income mainly reflect lower margins on
current accounts as well as lower fee income, mainly in Trade & Commodity Finance as a result of lower average
oil prices. Expenses rose 9.8%, mainly due to impairments
 
on Payvision’s intangible assets.
Financial Markets recorded a result before tax of EUR 230 million, compared with a loss of EUR 121 million in
2019. The increase was predominantly due to higher income, which included
 
EUR 73 million of positive valuation
adjustments versus EUR -228 million in 2019, and lower expenses in part due
 
to lower staff expenses and
regulatory costs. Excluding valuation adjustments, pre-tax result rose by EUR 50 million compared with 2019,
mainly in the Global Capital Markets business.
 
The result before tax of Treasury & Other was EUR -339 million compared with EUR -123 million in 2019. This
decline was mainly explained by a EUR 260 million goodwill
 
impairment and EUR 95 million of restructuring
provisions and related impairments following the announced refocusing of activities, partly offset by higher
Treasury income.
B.
 
Liquidity and capital resources
ING believes that its working capital is sufficient for its present requirements.
For information regarding our material short and long-
 
term cash requirements from known contractual and
other obligations, see “Additional information – ING Group Risk Management section Funding and liquidity risk”
and “Note 51 – Capital Management” in the consolidated
 
financial statements.
For information on legal or economic restrictions on the ability of subsidiaries to transfer funds to the company
in the form of cash dividends, loans or advances, see “Note 19
 
– Equity” in the consolidated financial statements.
For information on the maturity profile of borrowings and a further description of
 
the borrowings, please see
“Note 17 - Debt securities in issue”,
 
“Note 18 - Subordinated Loans” and “Note 42 – Liabilities and off-balance
sheet commitments by maturity”
 
in the consolidated financial statements.
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
81
For information on currency and interest rate structure, see “Additional information
 
– ING Group Risk
Management section Market risk” and “Additional information – ING Group Risk Management section Funding
and liquidity risk”.
For information on the use of financial instruments for hedging purposes, please
 
see “Note 40 - Derivatives and
hedge accounting” in the consolidated financial statements.
ING Group Consolidated Cash Flows
cash and cash equivalents
 
Amounts in millions of euros
2021
2020
2019
Treasury bills and other eligible bills
23
0
43
Amounts due from/to banks
1,122
478
786
Cash and balances with central banks
106,520
111,087
53,202
Cash and cash equivalents at end of year
107,665
111,566
54,031
Year ended 31 December 2021 compared to year ended 31 December 2020
Net cash flow from operating activities amounts to EUR -14,943 million for the year-end 2021, compared to EUR
101,243 million at 31 December 2020. The decrease in
 
cash flow from operating activities of EUR 116,186 million
in 2021 is explained by lower cash inflows from Loans and advances to/from banks (EUR 44,378 million),
 
higher
cash outflows to loans and advances to customers (EUR 30,736 million), lower cash inflows from customer
deposits (EUR 29,401 million) and higher cash outflows
 
to Trading assets and liabilities (EUR 8,186 million).
 
Net cash flow from investing activities amounts to EUR 6,220 million for the year-end 2021 compared to EUR -
8,487 million in 2020. The net cash flow from investing activities increased by EUR
 
14,707 million and is explained
by a net increase from Securities at amortised costs of EUR 7,592 million
 
and from Financial assets at fair value
through OCI of EUR 6,942 million.
 
Net cash flow from financing activities amounts to EUR 5,387 million
 
in 2021, compared to EUR -34,796 million in
2020. The increase of EUR 40,183 million is explained by
 
a net increase of EUR 42,867 million of debt securities
offset by higher dividend payments of EUR 2,379 million and the share buyback
 
programme for an amount of
EUR 1,604 million at year-end 2021.
 
The operating, investing and financing activities described above result in a decrease
 
of EUR 3,335 million in cash
and cash equivalents to EUR 107,665 at year end 2021
 
including exchange rate effect on cash and cash
equivalents of EUR -565 million.
Year ended 31 December 2020 compared to year ended 31 December 2019
Net cash flow from operating activities amounts to EUR 101,243 million for the year-end 2020, compared to EUR
13,055 million at 31 December 2019. The increase in
 
cash flow from operating activities of EUR 88,187 million is
explained by higher cash inflows from Loans and advances to banks (increase of EUR 56,989
 
million to EUR
53,078 million in 2020 due to new TLTRO III as the ECB modified the terms and conditions of its
 
TLTRO programm
to further support the provision of credit to households and firms in
 
view of the COVID-19 pandamic)
 
and
Customer deposits (increase of EUR 21,700 million to EUR 39,740
 
million in 2020) as well as lower cash outflows
of Loans and advances to Customers (decrease of EUR 19,563 million to EUR 2,876
 
in 2020) and Trading assets
and liabilities (decrease of EUR 5,134 million to EUR
 
2,566 in 2020). The increases are partly offset by lower cash
inflows from (reverse) repurchase transactions (decrease EUR 12,041 to EUR -933 million in 2020).
Net cash flow from investing activities amounts to EUR -8,487 million compared to EUR -2,495
 
million in 2019 the
net cash flow from investing activities decreased by EUR 5,992 million. The movement is explained by
 
a net
increase in Securities at amortised costs of EUR 6,337 million.
 
Net cash flow from financing activities amounts to EUR -34,796
 
million in 2020, compared to EUR -4,154 million
in 2019. The decrease of EUR 30,642 million is
 
explained by a net decrease of EUR 30,200 million of debt
securities and EUR 3,117 million of subordinated loans offset by lower dividend
 
payments of EUR 2,676 million.
 
The operating, investing and financing activities described above result in an increase
 
of EUR 57,960 million in
cash and cash equivalents to EUR 111,566 at year end 2020. The increase in cash and
 
cash equivalent was
supported by the combination of lower demand for credit and the continued inflow of
 
customer deposits as
result of Covid-19, as well as the TLTRO III participation.
C.
 
Research and development, patents and licenses, etc.
Not applicable.
 
ING Group Annual Report 2021 on Form 20-F
82
D.
 
Trend information
For information regarding trend information, see Item 5.A of this Form 20-
F.
E.
 
Critical Accounting Estimates
Reference is made to Note 1 ‘Basis of preparation and significant accounting policies' to the consolidated
financial statements for detailed information on Critical Accounting Estimates.
 
ING Group Annual Report 2021 on Form 20-F
83
Item 6. Directors,
 
Senior Management and
Employees
A.
 
Directors and senior management
Executive Board
Roles and responsibilities
 
The Executive Board is entrusted with the management of ING. This includes the day-to-day management of the
business and strategy of ING (including long-term value creation), which responsibility is
 
vested in the members
of the Executive Board collectively.
 
The organisation, main roles and responsibilities of the Executive Board are
set out in the Management Board Charter, available on ing.com.
The Executive Board performs its activities under the supervision of the
 
Supervisory Board. The Articles of
Association, the Management Board Charter and the Supervisory
 
Board Charter outline which resolutions of the
Executive Board are subject to approval by the Supervisory Board.
ING Group indemnifies the members of the Executive Board against direct financial losses in connection
 
with
claims from third parties filed, or threatened to be filed, against them by virtue of their
 
service as a member of
the Executive Board, as far as permitted by law, on the conditions laid down in the Articles of Association and
their commission contract. ING Group has taken out liability insurance for the members of the Executive Board.
Composition and diversity
ING’s Executive Board consists of the chief executive officer (CEO), the chief financial officer (CFO) and the chief
risk officer (CRO). The Executive Board is composed to be adequate and balanced,
 
with a diverse selection of
persons with knowledge, skills and executive experience, preferably gained in the banking sector, experience in
corporate governance of large stock-listed companies and experience in the political and social environment in
which such companies operate. In addition, there should be a good balance
 
in the experience of and affinity with
the desired nature and culture of the business of ING. ING also
 
takes account of factors such as nationality,
gender, age and education for the composition of the Executive Board.
 
The Supervisory Board is responsible for selecting and
 
nominating candidates to the General Meeting for
appointment or reappointment to the Executive Board, among others based on the Executive Board profile,
which is available on ing.com. The Supervisory Board regularly assesses
 
the composition of the Executive Board.
 
As part of this:
(i)
bench strength and succession planning for Executive Board positions are continuous attention
points, as part
of which the career development of potential internal candidates for such a role is complemented with
potential talent from outside the bank.
(ii)
a long-term view is taken including steps to improve the appointment of women in senior positions
throughout the bank, in line with the adopted diversity and inclusion
 
principle.
The above was also applied when looking at the Executive Board composition changes
 
in 2021, when the CRO
position became vacant with the position change of Steven van Rijswijk – from CRO to CEO – on 1 July
 
2020. The
Supervisory Board initiated the succession planning
 
for a new CRO, resulting in Ljiljana Čortan being appointed as
the CRO of ING Bank and member of the Management
 
Board Banking as of 1 January 2021. Furthermore,
 
the
Supervisory Board proposed to appoint her as member
 
of the Executive Board at the General Meeting 2021. The
General Meeting approved this proposal. In terms of the dimensions of diversity, Ljiljana Čortan added both
nationality and gender diversity to the Executive Board and Management Board Banking.
The Gender Diversity Act, which entered into force in the Netherlands on 1 January 2022,
 
requires ING to set
appropriate and ambitious targets for gender diversity in its Executive Board and senior management. ING’s
target for gender diversity in the Executive Board is set at 30%.
 
 
ING Group Annual Report 2021 on Form 20-F
84
Appointment, suspension and dismissal
(Proposed) members of the Executive Board are appointed, suspended and dismissed by
 
the General Meeting.
Candidates for appointment to the Executive Board are assessed by the Dutch Central Bank and European Central
Bank (DNB and ECB) for suitability and reliability and must continue to meet these criteria
 
while in function.
For the appointment of Executive Board members, the Supervisory Board may draw up a binding list of
candidates,
 
which may be rendered non-binding by the General Meeting. A resolution
 
of the General Meeting to
render this list non-binding, or to suspend or dismiss
 
Executive Board members without this being proposed by
the Supervisory Board, requires an absolute majority of the votes cast. Additionally, this majority must represent
more than half of the issued share capital. The quorum requirement cannot be waived
 
in a second General
Meeting. This ensures that significant shareholder proposals cannot be adopted in
 
a General Meeting with a low
attendance rate and can only be adopted with substantial support of ING Group’s shareholders.
Remuneration and share ownership
Details of the remuneration of members of the Executive Board, including shares granted to them, are set out in
the ‘Remuneration report’.
Members of the Executive Board are permitted to hold shares in the share capital of ING Group for long-term
investment purposes. Transactions by members of the Executive Board in these shares need to comply with the
ING regulations for insiders, which are available on ing.com.
Ancillary positions
Members of the Executive Board may hold other positions.
 
No member of the Executive Board has corporate
directorships at listed companies outside ING.
 
Transactions involving actual or potential conflicts of interest
In accordance with the DCGC, transactions with members of the Executive Board in which there are significant
conflicts of interest are disclosed in the Annual Report.
 
If a member of the Executive Board obtains financial products and services,
 
other than loans, which are provided
by ING Group subsidiaries in the ordinary course of business on terms
 
that apply to all employees, this is not
considered a significant conflict of interest and is not reported. Banking and financial products in which
 
the
granting of credit is of a secondary nature, e.g., credit cards and overdrafts in current account, are not considered
a loan for this purpose and therefore not reported.
 
For an overview of loans granted to members of the Executive Board, see the ‘Remuneration report’.
 
ing20f2021p85i1.jpg ing20f2021p85i0.jpg
ING Group Annual Report 2021 on Form 20-F
85
Information on the members of the Executive Board
 
on 31 December 2021
Steven van Rijswijk was appointed as CEO and chairman of the Executive Board and the Management Board
Banking with effect from 1 July 2020. He has been a member of the
 
Executive Board since 8 May 2017. Before
his appointment as CEO, he was ING’s CRO. The Supervisory Board proposed to the shareholders to reappoint
him as member of the Executive Board of ING Group at the General Meeting 2021,
 
since his term of
appointment as a member of the Executive Board expired at the end of the General Meeting 2021.
 
He is
responsible for the proper functioning of the Executive Board and Management Board Banking; formulating,
communicating and delivering ING’s strategy,
 
including environment, social and governance (ESG); and the
communication with the Supervisory Board.
 
Steven van Rijswijk joined ING in 1995 in the Corporate Finance department holding
 
various positions in the
areas of Mergers and Acquisitions and Equity Markets. Before becoming a member of the Executive Board, he
was global head of Client Coverage at Wholesale Banking.
 
Steven holds a master’s degree in business economics from Erasmus University Rotterdam (the Netherlands).
Relevant positions pursuant to CRD IV
CEO and chairman of the Executive Board of ING Groep N.V.
 
and the Management Board Banking of ING Bank
N.V.
 
Other relevant ancillary positions
 
Member of the management board of the Dutch Banking Association
 
(Nederlandse Vereniging van Banken),
member of the board of directors of the Institute of International Finance, Inc.
Tanate Phutrakul
 
was appointed as CFO and member of the Management Board Banking
 
with effect from 7
February 2019 and as a member of the Executive Board of ING
 
Groep N.V.
 
at the General Meeting 2019. He is
responsible for formulating and communicating ING’s financial strategy (including internal and external
financial reporting), budgeting, cost control and the financing of the company; business
 
performance reporting
and analysis, among which measuring adherence to financial
 
targets; capital and liquidity management;
investor relations; regulatory & international affairs; global economic research; and the communication to the
Audit Committee and Supervisory Board on the aforementioned topics.
Before his appointment to the Executive Board, he was ING Group controller in Amsterdam and between
2015-2018 he was the chief financial officer of ING in Belgium.
Tanate holds a master’s degree in Engineering from Imperial College, University of London, and an MBA from
Harvard Business School.
Relevant positions pursuant to CRD IV
CFO and member of the Executive Board of ING Groep N.V.
 
and the Management Board Banking of ING Bank
N.V.
 
Other relevant ancillary positions
None.
 
ing20f2021p86i0.jpg
ING Group Annual Report 2021 on Form 20-F
86
Ljiljana Čortan was appointed as CRO and member of the Management
 
Board Banking with effect from 1
January 2021. At the General Meeting 2021, Ljiljana Čortan was appointed as a member
 
of the Executive
Board. She is responsible for formulating ING’s risk framework and risk appetite; assessing, creating and
maintaining risk awareness; developing financial and non-financial risk governance, policies,
 
methodologies
and guidance; managing risk model landscape and
 
developing analytics capabilities; monitoring compliance,
risk management, the execution of control activities and risk behaviour; and risk reporting.
 
Prior to her appointment at ING, she was a member of the management
 
board and chief risk officer at
HypoVereinsbank (HVB) - UniCredit Bank in Germany.
 
Ljiljana holds a master’s degree in business finance from the University of Zagreb.
 
Relevant positions pursuant to CRD IV
CRO and member of the Executive Board of ING Groep N.V.
 
and the Management Board Banking of ING Bank
N.V.
 
Other relevant ancillary positions
None.
Supervisory Board
Roles and responsibilities
 
The Supervisory Board supervises (i.e.
 
assesses, oversees, monitors, constructively challenges, scrutinises
 
and
discusses) the policy
(beleid)
 
of the Executive Board and the general course of affairs of ING and the business
connected with it.
 
The Supervisory Board provides the Executive Board with advice. The
 
responsibility for
supervising and advising the Executive Board is vested in the Supervisory
 
Board collectively. The organisation,
powers and
modus operandi
 
of the Supervisory Board are set out in the Charter
 
of the Supervisory Board,
available on ing.com.
 
In performing their duties, the members of the Supervisory
 
Board are required to:
 
be guided by the interest of ING and the business connected with it, thereby carefully balancing
 
the interests
of all stakeholders of ING and in this consideration give paramount importance to the customer’s interest, as
set out in the Dutch Banker’s Oath;
 
foster a culture focused on long-term value creation, financial and non-financial risk awareness, compliance
with ING’s risk appetite, responsible and ethical behaviour and stimulate openness and accountability within
ING and its subsidiaries;
act without mandate and independent of any interest in the business of ING; and
ensure that the Supervisory Board functions effectively.
The Articles of Association, the Management Board Charter and
 
the Supervisory Board Charter outline which
resolutions of the Executive Board are subject to approval by the Supervisory Board.
In accordance with the Articles of Association ING Group indemnifies
 
the members of the Supervisory Board as
far as legally permitted against direct financial losses in connection with claims from third parties filed or
threatened to be filed against them by virtue of their service as a member
 
of the Supervisory Board.
 
 
ING Group Annual Report 2021 on Form 20-F
87
Composition and diversity
ING’s Supervisory Board is composed to be adequate and balanced,
 
with a mix of persons with knowledge, skills
and executive experience, preferably gained in the banking sector,
 
experience in corporate governance of large
stock-listed companies and experience in the political and social environment in which
 
such companies operate.
In the selection of Supervisory Board members, ING strives
 
for a balance in nationality, gender,
 
age, and
educational and work background. In addition, there should be a balance
 
in the experience and affinity with the
nature and culture of the business of ING and its subsidiaries.
The Supervisory Board is responsible for selecting and
 
nominating candidates for appointment or reappointment
to the Supervisory Board, among others based on the Supervisory
 
Board profile, which is available on ing.com.
The Supervisory Board regularly assesses the composition
 
of the Supervisory Board.
 
ING believes that former members of the Executive Board can make a valuable contribution to the Supervisory
Board.
 
It has therefore been decided, also taking into account the size of the Supervisory Board and
 
ING’s wide
range of activities,
 
that they may become members of the Supervisory Board of ING
 
Group,
 
but not in the
position of chairman or vice-chairman.
 
Former Executive Board members must wait at least one year before
becoming eligible for appointment to the Supervisory Board.
After a former member of the Executive Board has been appointed to the Supervisory
 
Board, this member may
also be appointed to one of the Supervisory Board’s committees. Appointment to the Audit Committee is only
possible if the individual in question resigned from the Executive Board at least three years prior to such
appointment.
 
In 2021, three out of nine members of the Supervisory
 
Board were female. We believe the Supervisory Board is
also well-balanced in terms of other relevant diversity aspects. Overall, the preferred emphasis on members with
a financial or banking background has been maintained. In
 
terms of nationality, the ratio between Dutch and
non-Dutch nationalities in 2021 was 56 - 44%.
According to the Gender Diversity Act, which entered into force in the Netherlands on 1 January 2022, ING is
required to comply with a gender diversity quota of one third male and one third female for its Supervisory
Board. Currently, the Supervisory Board is compliant.
Appointment, suspension and dismissal
Members of the Supervisory Board are appointed, suspended and
 
dismissed by the General Meeting.
 
Candidates for appointment to the Supervisory Board are assessed by DNB and
 
the ECB for suitability and
reliability and must continue to meet these criteria while in function.
 
For the appointment of Supervisory Board members, the Supervisory
 
Board may draw up a binding list of
candidates,
 
which may be rendered non-binding by the General Meeting. A resolution
 
of the General Meeting to
render this list non-binding, or to suspend or dismiss
 
Supervisory Board members without this being
 
proposed by
the Supervisory Board, requires an absolute majority of the votes cast. Additionally, this majority must represent
more than half of the issued share capital. The quorum requirement cannot be
 
waived
 
in a second General
Meeting. This ensures that significant proposals of shareholders cannot be adopted in
 
a General Meeting with a
low attendance rate and can only be adopted with substantial support of ING Group’s shareholders.
Term of appointment of the Supervisory Board members
As a general rule, Supervisory Board members step down from the Supervisory
 
Board in the fourth, eighth, tenth
or twelfth year after their initial appointment. They are eligible for re-appointment in the fourth year after their
initial appointment and, with explanation, also in the eighth and tenth years.
The Supervisory Board may deviate from this general rule under special circumstances and with
 
explanation, for
instance to maintain a balanced composition of the Supervisory Board and/or to preserve
 
valuable expertise and
experience. The retirement schedule is available on ing.com.
Ancillary positions/conflicting interests
Members of the Supervisory Board may hold other positions,
 
including directorships, either paid
or unpaid.
 
CRD IV restricts the total number of supervisory board positions
 
or non-executive directorships with commercial
organisations that may be held by a Supervisory Board member to four, or to two, if the Supervisory Board
member also has an executive board position. The ECB may, under special circumstances, permit a Supervisory
Board member to fulfil an additional supervisory
 
board position or non-executive directorship. Positions with,
inter alia, subsidiaries or qualified holdings are not taken into account in the application of these restrictions.
 
ING Group Annual Report 2021 on Form 20-F
88
Such positions may not conflict with the interests of ING Group. It is the responsibility
 
of the individual member
of the Supervisory Board and the Supervisory
 
Board collectively to ensure that the directorship duties are
performed properly and are not affected by any other positions that the individual may hold outside ING
 
Group.
 
Members of the Supervisory Board are to disclose any potential conflicts of interest (including potential conflicts
of interest) and to provide all relevant information relating to them. The Supervisory Board – excluding the
member concerned – decides whether a conflict of interest exists.
In case of a conflict of interest, the relevant member of the Supervisory Board abstains from discussions
 
and
decision-making on the topic or the transaction in relation to which
 
he or she has a conflict of interest with ING
Group.
Transactions involving
 
actual or potential conflicts of interest
In accordance with the DCGC, transactions with members of the Supervisory
 
Board in which there are material
conflicting interests will be disclosed in the Annual Report.
If a member of the Supervisory Board obtains financial
 
products and services, other than loans,
 
which are
provided by ING Group subsidiaries in the ordinary course of business on
 
terms that apply to all employees, this
is not considered to be a material conflicting interest.
 
Banking and financial products in which the granting of
credit is of a secondary nature, e.g., credit cards and overdrafts in current account are not considered a loan for
this purpose and are therefore not disclosed.
 
For an overview of loans granted to members of the Supervisory Board, see the ‘Remuneration report’.
Independence
The members of the Supervisory Board are requested to assess annually whether or
 
not they are independent as
set out in the DCGC and to confirm this in writing. On the basis
 
of these criteria, all members of the Supervisory
Board are to be regarded as independent on 31 December 2021. On the basis of the
 
NYSE listing standards, all
members of the Supervisory Board are also to be regarded as independent.
Permanent committees of the Supervisory Board
On 31 December 2021, the Supervisory
 
Board had four permanent committees: the Risk Committee, the Audit
Committee, the Nomination and Corporate Governance Committee and the Remuneration Committee.
 
Separate charters have been drawn up for the Risk Committee, the Audit Committee, the Nomination and
Corporate Governance Committee and the Remuneration Committee. These charters are available on ing.com.
 
Read more about the composition and the duties of the committees in
 
‘Supervisory Report’ and on ing.com.
Remuneration and share ownership
 
Remuneration of the members of the Supervisory Board is determined by the
 
General Meeting and does not
depend on the results of ING Group. Details of remuneration are set out in the ‘Remuneration report’. Members
of the Supervisory Board are permitted to hold shares in the share capital of ING
 
Group for long-term investment
purposes. Details are given in the ‘Remuneration report’. Transactions by members of the Supervisory Board in
these shares need to comply with the ING insider regulations,
 
which are available on ing.com.
 
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ING Group Annual Report 2021 on Form 20-F
89
Information on the members of the Supervisory Board
 
on 31 December 2021
Relevant positions pursuant to CRD IV
Chairman of the Supervisory Board of ING Groep N.V./ING
 
Bank N.V.
 
and supervisory board member of HAL Holding N.V.
Other relevant ancillary positions
Member of the Temasek European Advisory Panel of
 
Temasek Holdings Private
 
Limited and Chairman of the Supervisory Council of
SEO Amsterdam Economics.
Relevant positions pursuant to CRD IV
Vice-chairman of the Supervisory Board of ING Groep N.V./ING
 
Bank N.V.,
 
non-executive chairman of Athla Capital Management
Limited, non-executive chairman of Travelex
 
Topco Limited and non-executive
 
chairman of the board of Satsanga Fintech Holdings.
Other relevant ancillary positions
Non-executive chairman of Mauritius Africa FinTech
 
Hub.
Relevant positions pursuant to CRD IV
Member of the Supervisory Board of ING Groep N.V./ING
 
Bank N.V.
 
and non-executive member of the board of directors and
member of the audit committee, the compensation committee and the risk committee of Credit
 
Suisse Group AG and Credit
Suisse AG.
Other relevant ancillary positions
None.
Relevant positions pursuant to CRD IV
Member of the Supervisory Board of ING Groep N.V./ING
 
Bank N.V.
 
and non-executive director of ContourGlobal Plc.
 
Other relevant ancillary position
Member of the Advisory Council of the Bucharest Academy of Economic Studies, Romania,
 
member of the board of Envisia –
Boards of Elite and member of the board of Teach
 
for Romania.
 
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ING Group Annual Report 2021 on Form 20-F
90
Relevant positions pursuant to CRD IV
Member of the Supervisory Board of ING Groep N.V./ING
 
Bank N.V.,
 
member of the supervisory board and chairwoman of the
audit committee of Fraport AG, member of the supervisory board and member of the audit committee of AMS AG, and member
of the supervisory board of Marquard & Bahls AG.
 
Other relevant ancillary positions
Chairwoman of the Employers Association of Kölnmetall and member of the German Corporate Governance
 
Commission.
Relevant positions pursuant to CRD IV
Member of the Supervisory Board of ING Groep N.V./ING
 
Bank N.V.,
 
deputy chairman of the supervisory board of HAL Holding
N.V.,
 
chairman of the supervisory board of BE Semiconductor Industries N.V.
 
and non-executive chairman of the board of
directors of Fortino Capital Partners N.V.
Other relevant ancillary positions
Chairman of the board of Utrecht University Fund (the Netherlands), chairman of the executive committee
 
of Vereniging Aegon
and external advisor to the management committee of De Brauw Blackstone
 
Westbroek N.V.
Relevant positions pursuant to CRD IV
Member of the Supervisory Board of ING Groep N.V./ING
 
Bank N.V.
Other relevant ancillary positions
 
None.
 
Relevant positions pursuant to CRD IV
Member of the Supervisory Board of ING Groep N.V./ING
 
Bank N.V.,
 
CEO of Cardano Risk Management B.V.
 
and CFO of Cardano
Holding Limited.
Other relevant ancillary positions
Chairman of the Curatorium VU Amsterdam “Risk Management for
 
Financial Institutions”.
Relevant positions pursuant to CRD IV
Member of the Supervisory Board of ING Groep N.V./ING
 
Bank N.V.
 
and CEO of PostNL N.V.
 
 
Other relevant ancillary positions
Member of the supervisory board, member of the audit committee of Het Concertgebouw N.V,
 
member of the advisory council
of Goldschmeding Foundation and member of the Board of VNO-NCW (inherent to her position at Post
 
NL N.V.).
 
ING Group Annual Report 2021 on Form 20-F
91
B. Compensation
Remuneration
 
report
FOR INFORMATION ONLY
 
Covid-19 continued to affect our business and our customers
 
throughout 2021, despite signs of
economic recovery.
 
Towards
 
the end of the year, new
 
waves of outbreaks brought new
uncertainties. This, along with developments such as supply chain disruptions, rising energy prices
and rising inflation, all had an influence on our customers, our employees and our performance.
Yet
 
ING achieved good results.
 
Both financial and non-financial performance are important factors
 
in our assessment of recognition and rewards
for our employees, including our senior management and Executive Board. To the latter,
 
ING welcomed Ljiljana
Čortan as chief risk officer in 2021. Ljiljana joined ING
 
on 1 January from HypoVereinsbank-Unicredit in Germany
and was formally appointed by shareholders at the Annual General Meeting in April. We’re delighted to have her
in our Executive Board.
 
Our view on remuneration
ING’s remuneration approach is designed to attract, motivate and retain colleagues who have the skills, abilities,
values and behaviours needed to deliver on our purpose and strategy. We seek to effectively reward success and
avoid rewarding for failure.
 
We aim to offer well-balanced remuneration that focuses on creating short-
 
and long-term value for our
stakeholders and on contributing to the long term performance of the company, where achieving targets in areas
such as customer centricity, risk and regulatory, sustainability,
 
and people, are just as important as financial
results. Achieving the balance between our function as a
 
bank and managing the inherent risks this brings is also
reflected in our remuneration approach.
To ensure our approach to remuneration is aligned with the views of our stakeholders, we have an ongoing
dialogue with regulators, customers, shareholders, works councils and other stakeholder groups about our
remuneration approach, strengthening the link between performance and remuneration outcomes. In 2021,
these discussions included the application of ING’s remuneration approach in relation to the impact of Covid-19
on ING and its stakeholders.
 
We also consider the feedback received as part of our regular contacts with our
stakeholders,
 
for example around increased transparency on how performance impacts variable remuneration.
These interactions will continue in 2022, also in relation to determining the topics that are most material to our
stakeholders.
Environmental, social and governance
One topic gaining increasing prominence in these stakeholder
 
dialogues, is ING’s environmental, social and
governance (ESG) approach and performance. Recognising the urgency to accelerate climate action, and building
on our experience in the field, we are working on plans to align
 
the targets for our lending portfolio to our net-
zero ambition and to fully embed climate risk into our risk framework.
 
These are also two of the 2021 performance indicators on which the Executive Board members are assessed.
Other environmental performance indicators in 2021 relate to increasing the number of green and sustainable
transactions and growing the sustainable part of the investment portfolio. Of course, ESG is more than just
climate, and for 2022 we’ve created an ESG target that incorporates sustainability,
 
risk and regulations and
people metrics.
 
Diversity
 
As an employer, ING strives to create a diverse workplace where everyone feels included and has access to the
same opportunities.
 
Collectively, ING meets the core principle of our diversity policy for no group or level to
comprise more than 70% of the same gender, nationality or age. However, within individual teams and on a
country level there are different and complex challenges in achieving the diversity we aim for.
 
Finding the right
people for leadership positions is especially challenging –
 
not only for ING.
 
New legislation in the Netherlands will require
 
listed companies to improve the gender diversity in their
boardrooms. From 1 January 2022, there are quota for new Supervisory Board appointments
 
to ensure men and
women each hold at least one third of seats. The second measure requires companies
 
to set ‘appropriate and
 
ING Group Annual Report 2021 on Form 20-F
92
ambitious’ targets for improving gender diversity on their management boards and at senior management levels
and to report annually on their progress.
 
At Board level, we look at diversity in a broad sense. After the appointment of Ljiljana Čortan as chief risk officer,
our Executive Board is now 33% female. At Supervisory Board and Executive Board level, ING is one of only 16
companies in the Dutch Female Board index to achieve this, and the highest-ranking
 
Dutch bank.
 
At Management Board Banking level, 25% of members are women following the restructuring of the board in
2021 to split the roles of operations and technology, which introduced an additional (male) board member. More
broadly, the number of women in management remained stable at 37% of managers and 30% managers of
managers – similar to 2020. ING is committed to redressing the imbalances that still exist, for example by
accelerating the development of internal successors and attracting more diverse candidates from the external
market. Going forward, ING will report on gender diversity for senior management at job levels 22 and above in
its new global job architecture (GJA) classification introduced at the end of 2021.
 
On the topic of equal pay, the GJA will support us in our analysis to ensure men and women are paid the same for
doing work of equal value. It’s a principle of ING’s Remuneration Regulations Framework. Further in this report
we explain our Gender Pay Project. The gender pay gap is a societal issue that has long affected women in the
workplace, and policies alone will not bring about
 
change. There needs to be a greater understanding of the
social dynamics behind the reasons for the differences in earning power in order to bring about
 
real change.
ING’s new GJA will help us to compare and match capabilities across the organisation and provide greater
transparency into remuneration. ING is also committed to analysing gender pay and disclosing annually on
progress towards closing the gap starting in our 2022 Annual Report.
This report
The 2021 Remuneration Report reflects the remuneration policies introduced in 2020 for the Executive Board
and Supervisory Board members. These were drawn up in close consultation with
 
our various stakeholder groups
and approved by shareholders at the 2020 AGM. The policies are in line with the Dutch
 
Banking Code. Total
direct compensation of the Executive Board is below the median of the peer group
 
of eight comparable Dutch
companies and eight relevant European financial services providers.
In preparing this report, we took notice of the draft (non-binding) ‘Guidelines on
 
the standardised presentation
of the remuneration report’ from the European Commission published
 
in March 2019.
 
The 2021 Remuneration Report is subject to an advisory vote at the Annual General Meeting in
 
April 2022. In it,
we look back on the year 2021 and report on ING’s performance, as well as the factors that influenced its
business results and subsequently remuneration. We explain how we implement the remuneration policies for
members of the Executive and Supervisory Boards and share details of the remuneration awarded to these
members in 2021. We also set out the key performance indicators for the year ahead, particularly with regard to
non-financial performance in ESG areas.
In line with ING’s commitment to increase transparency and accountability, we provide insight into the
organisational and personal performance objectives of the Executive Board members. We aim to clarify the
performance metrics used for awarding variable remuneration, how targets are set and achievements are
measured, as well as the risk assessment process pre- and post-award, which can influence remuneration.
In addition, we set out the remuneration approach that applies to all other ING
 
employees, including the
principles for remuneration, the performance management process and how it links to remuneration.
Performance year 2021
Despite challenging conditions, commercial lending margins improved in 2021, and
 
we saw strong fee growth in
daily banking activities and investment products. We were able to release some of the Covid-19-related
provisions taken earlier and resumed capital distribution to shareholders via dividends and a share buyback
programme. At the same time, we decided to discontinue several activities we believe will not achieve the
required scale in a reasonable time and to exit the Retail markets in Austria, Czech Republic and France. This was
part of an ongoing assessment to ensure we’re using our capital effectively in areas with the most growth
potential and viable returns. Overall, ING’s full-year 2021 result before tax rose 78%.
The Supervisory Board agreed that the Executive Board did well to deliver these results, while also
 
growing
primary customer numbers and executing on making ING safe, secure and compliant, a healthy business, data-
driven digitalisation and sustainability. Based on a thorough and balanced assessment of the performance of
each Executive Board member against their objectives, ING’s results, their behaviour and risk and compliance
matters, the Supervisory Board decided to award variable remuneration at 17% of the maximum 20% cap to the
chief executive office and chief risk officer and 18% for the chief financial officer. No increase is proposed to their
fixed remuneration for 2022, in context of the broader workforce dynamics and taking into consideration our
stakeholder perspectives.
 
ING Group Annual Report 2021 on Form 20-F
93
For all other eligible staff, variable remuneration can be discretionary or collective and is awarded based on
criteria for overall group performance, business line and individual performance. At least half of these targets
must be non-financial. In 2021, the total amount awarded was higher than the previous year, reflecting ING’s
good results amidst growing confidence in the economy.
Looking ahead at 2022, we will continue to engage with stakeholders on the topic of remuneration, and in
particular with regard to variable compensation and the achievement of ESG-related non-financial targets.
In closing, I want to thank all ING employees for their continuing support and dedication
 
to ING, our customers
and other stakeholders. It hasn’t always been easy, yet they remain the power behind ING’s purpose.
Herna Verhagen
Chair of the Supervisory Board Remuneration Committee
 
ING Group Annual Report 2021 on Form 20-F
94
Remuneration
 
report Executive
 
Board and Supervisory Board
 
FOR ADVISORY VOTE AT
 
2022
 
ING GROEP N.V.
 
ANNUAL GENERAL MEETING (AGM)
About this report
This Remuneration Report is based on the remuneration policies for the Executive Board and Supervisory
Board.
 
This section of the report is the Remuneration Report as referred to in the Dutch act implementing the
Shareholder Rights Directive II (SRD II). It will be presented to shareholders at the 2022
 
AGM for an advisory
vote. An explanation of how the results of this vote are taken into account will be included in the 2022
Remuneration Report.
With this Remuneration Report we provide greater transparency compared to previous years on the non-
financial
 
performance elements of the Executive Board members and their variable remuneration awards
related to performance year 2021. We also disclose the target setting for non-financial performance KPIs (key
performance indicators) for the Executive Board members and weightings of 2022 financial and non-financial
measures.
 
2021 AGM
The 2020 Remuneration Report was presented for an advisory vote at the AGM held on 26 April 2021
(hereafter called the 2021 AGM). The outcome was that 98.19%
 
of shareholders were in favour of the report.
There were no specific requests from shareholders.
 
We recognise that remuneration is an important topic for many stakeholder groups and that viewpoints on the
topic may vary. The Supervisory Board is fully committed to ensuring that our approach to remuneration
achieves a balance between the best interests
 
of ING and the viewpoints of our stakeholders. Stakeholder
engagement is a key element in the formulation of our remuneration policies. The Supervisory Board will
continue to foster a transparent dialogue on remuneration and future policy amendments.
 
Board changes and business events in 2021
Steven van Rijswijk was reappointed as a member of the Executive Board at the 2021 AGM for another four-
year period lasting until the end of the 2025 AGM.
 
Ljiljana Čortan was appointed as chief risk officer (CRO) of ING Bank N.V. and a member of the Management
Board Banking from 1 January 2021.
At the 2021 AGM, shareholders appointed Ljiljana Čortan to the Executive
Board for a four-year period
.
Following this appointment, she also became the chief risk
 
officer of ING Group.
Her remuneration package is in line with the Executive Board remuneration policy and is similar to the
remuneration package of the previous CRO.
Shareholders at the 2021 AGM also approved the reappointment of Hans Wijers and Margarete
 
Haase to the
Supervisory Board for another four-year period.
 
In addition, shareholders approved the appointment of
Lodewijk Hijmans van den Bergh as a new member to the Supervisory
 
Board for a four-year period.
 
Main decisions on the remuneration of the Executive Board and
 
Supervisory
Board for 2022
The following decisions were taken in relation to remuneration for 2022:
 
no changes to the Executive Board and Supervisory Board remuneration policies will be proposed;
the Supervisory Board and Executive Board jointly agreed that the Executive Board would forgo an
increase in their fixed remuneration for 2022, taking into consideration our various stakeholder
perspectives as well as the broader workforce dynamics. At the same time, the Supervisory
 
Board is
aware this will be the second year of no increase and will keep a close eye on this in 2023, also
 
in the
context of broader inflationary and economic developments; and
no changes to the applicable fees for the Supervisory Board members will be made
 
for 2022.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
95
Remuneration
 
Executive
 
Board
Executive Board remuneration policy
The Executive Board remuneration policy complies with applicable laws and regulations and is in line with
 
the
remuneration principles that apply to all ING employees.
The Executive Board remuneration policy,
 
which was adopted by shareholders during the 2020 AGM, is
disclosed in full on ing.com under the section ‘Remuneration’. In line with this policy, the remuneration of the
Executive Board members is designed to attract, motivate and retain leaders. Retention is an important goal
since this contributes to long-term performance.
 
Should policy changes be proposed, we will first consult with our stakeholders about the proposed changes,
after which a revised version of the Executive Board remuneration policy will be submitted for adoption by
shareholders at the General Meeting before it becomes effective. For 2022, no changes are proposed. Please
note that the following paragraphs, present a brief summary of the current applicable Executive Board
remuneration policy.
Total direct compensation
 
Total
 
direct compensation is the total of fixed and variable remuneration, excluding benefits such as pension
and allowances.
 
Total
 
direct compensation for the Executive Board members is determined and reviewed annually by the
Supervisory Board. In line with the Executive Board remuneration policy, the Executive Board’s total direct
compensation for 2021 was compared to a peer group as formulated in the Executive Board remuneration
policy. The peer group is based on five guiding principles, reflecting ING’s current profile, and further explained
in the Executive Board remuneration policy. In short,
 
these principles can be described as follows.
Guiding principle
Short description
Geography
ING is headquartered in the Netherlands and has an international profile
Talent market
ING is increasingly experiencing a cross-pollination of talent across
sectors/industries, not limited to traditional banking competitors
Size
ING acknowledges the importance of including companies
 
that are broadly
comparable in terms of size and complexity
Governance framework
ING is subject to the Dutch (financial services)
 
regulatory framework and
operates within a Dutch stakeholder environment
Balancing
ING acknowledges the importance of retaining sight of relevant peer companies
that do not match on the other criteria
In line with the Dutch Banking Code, the peer group consists of both
 
financial and non-financial companies,
taking into account the relevant international context. In addition, the Supervisory Board decided to exclude
the UK and Switzerland from our peer group, due to different pay structures in their financial sectors.
Substantially smaller banks and companies were also excluded because these are less complex compared to
large financial institutions like ING. The composition of the peer group is explicitly not
 
included in the Executive
Board remuneration policy. Following an external and independent review in line with the Executive Board
remuneration policy in 2021, the current peer group composition remains unchanged and comprised:
1
ABN AMRO
Ahold Delhaize
BBVA
Deutsche Bank
Aegon
ASML
Banco Santander
Intesa Sanpaolo
NN Group
Heineken
BNP Paribas
Société Générale
 
Rabobank
Philips
Crédit Agricole
UniCredit
 
In line with the requirements laid down in the Dutch Banking
 
Code the actually earned total direct
compensation of the Executive Board members under the Executive Board remuneration policy should be
below the market median of the peer group. The calculation of pay positioning of
 
the Executive Board
members against the peer group is performed on that basis (i.e. actual fixed salary plus
 
actual variable
remuneration).
 
The Executive Board members are paid well below the median.
 
1 The exact composition of the peer group is disclosed in the Annual Report retroactively.
 
 
 
 
 
 
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ING Group Annual Report 2021 on Form 20-F
96
Deferred element (60%)
Up-front award (40%)
40% is awarded up front with five-
year holding period
Vesting
Award & Vesting
Deferred 60% vests pro-rata
(12%) each year
One-year holding period
Vesting
Vesting
Vesting
Vesting
Fixed remuneration
The individual base salaries are set according to the role, responsibilities
 
and experience of each Executive
Board member with reference to market practice. The Remuneration Committee reviews the individual base
salaries of the Executive Board members annually
 
and advises the Supervisory Board
 
on this. The Supervisory
Board has the discretion to increase the individual base salaries.
 
The below factors are given consideration in
determining their base salaries:
the individual’s level of skill and performance;
internal pay ratios and salary increases for other employees within ING;
remuneration level at the external peer group;
public indexation reference points (e.g. consumer price index); and
stakeholder views.
Variable remuneration
Variable remuneration for Executive Board members is limited to a maximum of 20% of base salary in line with
legislative requirements. At least 50% of this is based on non-financial performance criteria. The
 
Executive
Board remuneration policy provides for an at target variable remuneration of 16% of base salary. If
performance criteria are exceeded, the Supervisory Board can increase the variable component to the
maximum. If performance is below target, the variable component will be decreased, potentially down to zero.
All variable remuneration is awarded fully in shares. There is a minimum holding period of five years from the
award date plus an additional holding year as of the vesting date. This combination (i.e. all
 
shares plus a long
holding period) fosters alignment with shareholders and a focus on the long term.
The Supervisory Board pre-determines the performance criteria for the Executive Board each year to ensure
alignment between ING's strategy, performance objectives and long-term interest.
For further details on the pay-out of variable remuneration please see the Executive Board remuneration policy
which is disclosed in full on ing.com under
 
the section ‘Remuneration’.
 
On the right side the pay-out scheme of variable remuneration for Executive Board members is illustrated.
* Fully delivered in shares.
Performance
year awarded
Total variable remuneration relating to
 
performance year 2021 comprises *
2021
2022
2023
2024
2025
2026
2028
2027
 
ING Group Annual Report 2021 on Form 20-F
97
Pension
All members of the Executive Board participate in the Collective Defined Contribution pension
 
plan, which is
accrued on an annual salary of up to €112,189
 
for 2021. This is the same as for all employees working in the
Netherlands without a supplementary pension scheme.
 
Executive Board members are compensated for the
lack of pension accrual above this amount by means of
 
a savings allowance (see 'Benefits'), to be determined
annually,
 
on the same terms that apply to other participants in the Dutch pension
 
scheme. The set-up of this
compensation for the lack of pension accrual is in line with
 
best practices in the Netherlands.
Benefits
Executive Board members are eligible for additional benefits, such as:
 
the use of a company car or driver service;
 
contributions to company savings plans;
 
individual savings allowance;
expatriate allowances (if applicable);
 
banking and insurance benefits from ING (on the same terms as
 
for other employees of ING in the
Netherlands);
 
tax and financial planning services to ensure compliance with
 
the relevant legislative requirements.
Tenure
Members of the Executive Board are appointed by shareholders at the General Meeting for a maximum period
of four years. They may be reappointed by shareholders at the General Meeting in line with ING’s Articles of
Association and applicable rules and regulation. Executive Board members have a commission contract for an
indefinite period. ING has the option to terminate the contract if a member is not reappointed by shareholders
at the General Meeting,
 
or if their membership of the Executive Board is terminated. There is a three-month
notice period for individual board members and a six-month notice period for ING. During
 
this time the board
member continues to work and in principle remains eligible
 
for all agreed remuneration components.
In the event of an involuntary exit, Executive Board members are eligible for an exit arrangement. If
termination of the contract is based on mutual agreement, the Executive Board member is eligible
 
for a
severance payment. These arrangements are subject to specific requirements (e.g. limited to a maximum of
one year of fixed base salary and under the condition that
 
there should be no reward for failure). Should an
Executive Board member depart voluntarily or in circumstances involving fraud, gross negligence, wilful
misconduct or any activity detrimental to ING, no severance payment or award of variable remuneration over
the performance year will be made and outstanding deferrals will lapse.
Periodic review of the Executive Board remuneration policy and the
 
remuneration
awarded
In accordance with the Executive Board remuneration policy, the Supervisory Board annually determines the
actual remuneration for members of the Executive Board, based on advice from the Remuneration Committee
of the Supervisory Board.
 
The Remuneration Committee’s responsibilities include preparing the Supervisory Board for decisions
regarding the individual remuneration of members of the Executive Board. In performing it’s tasks the
Remuneration Committee takes note of the views of individual Executive Board members with regard to the
amount and structure of their own remuneration. Remuneration proposals for individual Executive Board
members are drawn up in accordance with the Executive Board remuneration policy and cover the following
aspects: remuneration structure, peer group review, the amount of the fixed and variable remuneration
components, the performance criteria used, scenario analyses that were carried out
 
and, if and when
considered appropriate stakeholder engagement, the pay ratios within the company and its affiliated
enterprises. In the performance of its tasks the Remuneration Committee works together with the Risk
Committee.
 
Special employment conditions
In line with the Executive Board remuneration policy, the Supervisory Board may decide to temporarily apply
special employment conditions, for example to secure the recruitment of new executives in exceptional
circumstances when this is necessary to serve the long-term interests and sustainability of ING
 
as a whole, or to
assure its viability. In 2021, there were no such employment conditions granted.
2021 Remuneration Executive Board
This section includes details of remuneration for Executive Board members relating to the period served on the
Executive Board in 2021.
 
ING Group Annual Report 2021 on Form 20-F
98
In anticipation of the new Dutch Corporate Governance Code and in line with the
 
recommendation of the
Monitoring Commission Corporate Governance, ING calculates an internal ratio of remuneration for the chief
executive officer (CEO) compared to ING staff,
 
which in 2021 included contractors for the first time. Using the
CEO’s total remuneration compared to all ING staff,
 
the ratio in 2021 was 1:28, which is similar to what we
disclosed for 2020.
 
For transparency sake, we also calculated the average ratio of total remuneration for the chief financial officer
(CFO) and CRO compared to ING staff. On that basis the average ratio
 
in 2021 for the CFO and CRO was 1:21.
The higher ratios for 2021 compared to 2020, is mainly caused by the fact that in 2020 no
 
variable
remuneration was awarded.
 
Remuneration versus company performance and average employee remuneration
 
Table 1 shows the link between directors’ remuneration (Executive Board and Supervisory Board members),
company performance and the average remuneration of an ING employee. This is carried out by showing the
development of the remuneration for Executive Board and Supervisory Board members over the last five years
presented in percentages.
 
With respect to the remuneration of the Supervisory Board, it should be noted
 
that there is no link to company
performance in order to safeguard its independent role. No component of the remuneration of the Supervisory
Board members is linked to company performance, since this is all and only dependant on attendance.
The relative performance of the company is presented on three different metrics over the last five years. The
metrics consist of:
 
Retail primary relationships
Profit before tax for ING Group
Return on equity based on IFRS-EU equity.
 
Finally, we present the development of the remuneration on average (per employee). For this number we use
the same data as for the internal ratio.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
99
1. Development of directors’ remuneration, company
 
performance and employee remuneration ¹
Amount in thousands of euros unless otherwise stated
FY 2021
FY 2021 vs FY 2020
FY 2020 vs FY 2019
FY 2019 vs FY 2018
FY 2018 vs FY 2017
FY 2017 vs FY 2016
Directors remuneration (Executive
 
Board)
2, 3, 4, 5, 6
Steven van Rijswijk
2,077
38.6%
7.2%
16.2%
-
-
Tanate Phutrakul
1,440
17.9%
25.6%
-
-
-
Ljiljana Čortan
7
982
-
-
-
-
-
Company’s performance
Retail primary relationships (in mln)
14.3
3%
5%
7%
10%
9%
Profit before Tax
 
ING Group (in mln)
6,782
78%
-44%
0%
-6%
23%
Return on equity based on IFRS-EU equity
9.2%
92%
-49%
-4%
-3%
6%
Average employee remuneration
8
Average fixed and annual variable remuneration
70
4%
-
-
-
-
Directors remuneration (Supervisory Board)
9, 10
Hans Wijers
184
-11.9%
3.5%
9.2%
-
-
Mike Rees
129
0%
-
-
-
-
Jan Peter Balkenende
31
-
-2.0%
0.0%
-
-
Juan Colombás
94
-
-
-
-
-
Mariana Gheorghe
 
102
-5.6%
-8.5%
12.4%
11.7%
-4.1%
Margarete Haase
104
-1.0%
7.1%
55.6%
-
-
Lodewijk Hijmans van den Bergh
60
-
-
-
-
-
Herman Hulst
95
-
-
-
-
-
Harold Naus
95
-
-
-
-
-
Herna Verhagen
 
100
-17.4%
-
-
-
-
1. For consistency reasons this table only makes a comparison between two full financial years in which the respective Executive Board or Supervisory Board member served in their role.
2. The remuneration of the Executive Board consists of base salary and variable remuneration (total direct compensation).
3. Variable remuneration for the Executive Board is included in the year in which the performance was delivered i.e. prior to the year in which it is paid out.
4. Fixed remuneration for the Executive Board did not change in 2019. The relative total compensation increase from 2018 to 2019 is fully attributable to the fact that no variable remuneration was awarded for performance year 2018.
5. Fixed remuneration for Executive Board members is not linked to company performance but is predominantly based on a benchmark exercise.
 
Total direct compensation of Executive Board members should stay below the median of the benchmark, in line with the Dutch Banking Code. This has a
mitigating effect on the correlation with company performance.
6. The relative total compensation increase from 2020 to 2021 is mainly caused by the fact that no variable remuneration was awarded for the performance year 2020.
7. The amount included reflects the period as of her appointment as CRO at the AGM on 26 April 2021.
8. In 2021, the methodology to calculate the average employee remuneration has been updated. Comparatives have been updated accordingly.
 
9. There is no correlation between Supervisory Board remuneration and company performance. Supervisory Board members do not receive any variable remuneration. Their remuneration is based on fixed fees related to their role and number of meetings. The high fluctuations are caused by role changes
during the year and differences in the number of meetings.
10. The comparison FY 2021 vs FY 2020 for the Supervisory Board is influenced due to the fact the VAT regime has changed after the first quarter of 2021. VAT
 
is no longer due for remuneration of Dutch based Supervisory Board members.
 
 
ing20f2021p100i0.gif
 
 
 
 
ing20f2021p100i2.gif ing20f2021p100i4.gif ing20f2021p100i6.gif
ING Group Annual Report 2021 on Form 20-F
100
Check-ins
 
quarterly
during the financial
year
Year-end review
after the end of the
financial year
Risk assessment
after the end of the
financial year
Target
 
setting
before
the start of the
financial year
2021 Executive Board performance assessment & reward process
The Executive Board performance assessment & reward process includes a number of key steps. This process
serves as the foundation to determine the variable remuneration for Executive Board members.
 
At the start of the performance year, the Supervisory Board approves the financial,
 
non-financial and risk
performance targets applicable to Executive Board members for that year:
Financial performance target areas
include
 
profit-based and return-based targets.
Non-financial performance target areas
include
 
customer, risk and regulatory,
 
people, strategy and
sustainability targets
Each performance target area is weighted and together they total 100%. The Dutch Remuneration Policy for
Financial Enterprises Act (Wet Beloningsbeleid Financiële Ondernemingen,
 
WBFO) specifies that at least 50% of
variable remuneration metrics must be based on non-financial targets. The performance targets for the CEO and
CFO are based on group performance. The non-financial targets for the CRO are predominantly based on key
performance indicators (KPIs) that are linked to the role.
 
The target areas, targets and weighting are included in the performance target cards for each Executive Board
member. The performance target card
 
consists of both quantitative and qualitative-based targets in order to
achieve a balanced and holistic assessment.
 
Quantitative-based targets are measured primarily on a formulaic
basis where the expected target performance level must be achieved before the on-target pay-out can be
earned. Qualitative targets are clearly defined with descriptors of levels of what is expected of the performance,
for example speed of delivery, quality of delivery,
 
ways of working. Qualitative targets are assessed using a
standard three-point rating scale:
1 = maximum = exceeding expectations; 2 = target = meeting expectations; 3 = threshold = not meeting
expectations.
 
The overall outcome of the performance target card assessment described above is the ‘starting point’ for
determining the variable remuneration of the Executive Board members. Each member of the Executive Board
has a starting target variable remuneration of 16% of their annual base salary for a given performance year.
Throughout the year, regular conversations take
 
place between the Supervisory Board and
 
the Executive Board
to review their performance. While no formal assessments are completed, progress of performance measures is
discussed and the extent to which progress is on track.
The Nomination and Corporate Governance Committee also takes
 
an active role in assessing the performance of
individual Management Board members, and reports on this to the Supervisory
 
Board.
At the end of the year, the Risk Committee and Remuneration Committee are responsible for providing input and
assessing the performance of the Executive Board members to determine the variable remuneration to be
awarded. They jointly advise the Supervisory Board on the recommendations
 
to get final approval of the awards.
This follows a multi-step and integrated process that closely aligns with the way that variable remuneration is
determined for the wider ING workforce. The process covers an assessment of their performance, based on
individual performance target cards. It includes targets and ranges agreed at the beginning of the performance
year, along with risk assessments measured on an ex-ante and ex-post risk adjustment basis.
The integrated performance assessment process for determining variable remuneration also takes into account
financial and operational performance, risk and compliance, as well as behaviour
 
and conduct of each Executive
Board member. This is supported by a robust framework for considering risk and conduct, which is in line with
regulations. It includes the following elements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
101
Performance hurdles
 
– Executive Board members are only eligible for consideration for variable
remuneration if both of the performance hurdles are met. This is in line with all employees
 
who are
eligible for discretionary variable remuneration. See
 
for further details. In
addition, where capital (CET1) is below risk appetite a downward adjustment may be considered at the
discretion of the CRO to reduce the variable remuneration up to zero.
 
Risk and regulatory adjustments
 
– Performance against risk and regulatory targets within the core
performance target cards are made including an assessment of financial risks, non-financial risks and
regulatory targets measured on an ex-ante basis. The targets and ranges are set at the beginning of the
financial year, taking into account ING’s
 
risk appetite statement framework. Performance against these
risk and regulatory targets may lead to a downward or upward modification in variable remuneration.
Additional risk adjustments
 
– Further downward risk adjustments may also be made to variable
remuneration based on broader risk management performance not within risk appetite, including
additional ex-ante risk performance that needs to be considered and/or ex-post risk events that may
lead to a financial or reputational impact on ING. Risk and Human
 
Resources also assess potential
holdbacks or clawbacks impacting variable remuneration.
The CRO is responsible for recommending any risk-adjustments to variable remuneration awards for the CEO and
CFO. The Risk Committee is responsible for recommending this for the CRO. The final decision is made by the
Supervisory Board. The Supervisory Board, based
 
on the advice of the Remuneration Committee and Risk
Committee, decides on any risk adjustments (potentially to zero) to variable remuneration for Executive Board
members.
As a final step in the process, in exceptional circumstances the Supervisory Board may apply its discretion to
adjust upwards or downwards the variable remuneration of Executive Board members.
2021 Executive Board base salary
The base salary for all roles of the Executive Board remained unchanged for 2021 as disclosed
 
in our 2020
Remuneration Report.
 
2021 Executive Board performance evaluation
 
The Executive Board is evaluated on the following performance target areas:
Financial
 
Profit before tax
Return on equity
 
Operational expenses
Cost control (FTE)
Non-financial
 
Customer (except the CRO)
Risk and regulatory
Strategy
Sustainability
People
This section includes more details on the financial and non-financial
 
performance of the Executive Board
members. Key financial achievements, collectively accomplished by the Executive Board in 2021 in the
predefined target areas are summarised in one table. This has been discussed and approved by the
 
Supervisory
Board. The non-financial,
 
individual performance of each Executive Board member is summarised
 
in a separate
overview per board member.
2. Financial performance
Measure
Target
 
- minimum
Target
 
- maximum
Performance
Profit before tax (CEO/CFO weight
 
12.5%, CRO 6.3%)
 
4,187
6,280
6,782
Return on equity (CEO/CFO weight 12.5%, CRO 6.3%)
 
5.6%
8.4%
9.2%
Operational expenses (CEO/CFO weight 12.5%, CRO 6.3%)
11,207
10,140
11,192
Cost control (FTE) (CEO/CFO weight 12.5%, CRO 6.3%)
68,026
61,547
62,132
*
 
FTE numbers include externals. CRO target relates to risk organisation.
 
ing20f2021p102i0.jpg
ING Group Annual Report 2021 on Form 20-F
102
 
ing20f2021p103i0.jpg
ING Group Annual Report 2021 on Form 20-F
103
 
ing20f2021p104i0.jpg
ING Group Annual Report 2021 on Form 20-F
104
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
105
3. Outcome performance assessment
 
CEO
CFO
CRO
Weighting
Assessment
Outcome
Weighting
Assessment
Outcome
Weighting
Assessment
Outcome
(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
(%)
Profit before tax
12.5%
100%
12.5%
12.5%
100%
12.5%
6.3%
100%
6.3%
Return on equity
12.5%
100%
12.5%
12.5%
100%
12.5%
6.3%
100%
6.3%
Operational expenses
12.5%
60.6%
7.6%
12.5%
60.6%
7.6%
6.3%
60.6%
3.8%
Cost control (FTE)
12.5%
96.4%
12.0%
12.5%
96.4%
12.0%
6.3%
100%
6.3%
Customer
2.5%
60.0%
1.5%
2.5%
60.0%
1.5%
-
-
-
Risk and regulatory
15.0%
83.3%
12.5%
15.0%
91.1%
13.7%
50.0%
84.7%
42.3%
Strategy
17.5%
83.3%
14.3%
17.5%
90.0%
17.0%
10.0%
80.0%
8.0%
Sustainability
5.0%
80.0%
4.0%
5.0%
80.0%
4.0%
5.0%
80.0%
4.0%
People
10.0%
79.2%
7.9%
10.0%
85.0%
8.5%
10.0%
91.7%
9.2%
Total
100%
85%
100%
89%
100%
86%
* Due to rounding, percentages presented in the table may not add up precisely to the total percentages provided.
 
2021 variable remuneration outcome
In 2021, ING continued to be impacted by Covid-19 and
 
other challenges affecting customers and society, such as
rising energy prices and inflation. Despite this, there was significant progress in our business
 
performance. Our
financial results – especially profit before tax and return on equity – outperformed both the business
 
plan and
the prior year, mainly due to higher revenues, moderate risk costs from having a good quality credit book, and a
focus on underlying cost management. In addition, non-financial performance is evidenced
 
by effective risk
management and solid progress on the digitalisation and innovation initiatives.
 
Variable remuneration awarded to Executive Board
 
members reflects
 
the Supervisory Board’s assessment of the
performance of each of the Executive Board member against the objectives in their performance target cards, as
outlined in the previous section.
 
Both CEO Steven van Rijswijk and CFO Tanate Phutrakul served in their roles for the full year.
 
The variable
remuneration award for Ljiljana Čortan is for the period since her appointment as CRO at the AGM on 26 April
2021.
Following achievement against the performance hurdles, the Supervisory Board conducted a
 
thorough and
balanced performance assessment. Based on the outcomes of
 
this and their overall achievements, the
Supervisory Board concluded that the Executive Board members had delivered strong results in 2021.
Furthermore, the Supervisory Board considered whether
 
any discretionary adjustment was required and
determined both the financial and non-financial results speak for themselves
 
in the current environment. The
Supervisory Board also considered the behaviour of the Executive Board members and
 
saw no reason to apply
any discretionary adjustments.
In the final step, the Supervisory Board took into consideration the feedback of the CRO and
 
Risk Committee on
risk and compliance matters. Here, there was no reason to apply any individual additional risk adjustments in
accordance with ING’s Remuneration Regulations Framework (IRRF).
2
 
Following this performance assessment process the resulting variable remuneration award for Steven van
Rijswijk is €301,199; for Tanate Phutrakul €218,151; and for Ljiljana Čortan €144,121 (for the period she’s been
an Executive Board member).
For the CEO, this equates to a variable remuneration award at 17% of the maximum 20% cap. For the CFO it
represents 18% of the maximum 20% cap and for the CRO it represents 17% of the maximum
 
20% cap.
 
2
 
The IRRF consists of the most important regulatory requirements with respect to remuneration to which all remuneration
 
policies of
majority owned entities have to adhere to. Furthermore, it consists of our general remuneration principles that apply to all staff
 
globally
working under the responsibility of ING.
 
 
ing20f2021p106i2.jpg ing20f2021p106i1.jpg ing20f2021p106i0.jpg
ING Group Annual Report 2021 on Form 20-F
106
2021 Executive Board remuneration
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
107
As recognised in the profit or loss statement of 2021, the expenses for each Executive Board member (active on
31 December 2021), relating to their role on the Executive Board, amount to €2.3 million
 
for the CEO,
 
€1.6
million for the CFO and €1.2 million for the CRO. These amounts include deferred elements from previous years,
paid out in 2021.
 
The following paragraphs (i.e. total direct compensation, pension costs and other emoluments) show
 
the
remuneration awarded to individual Executive Board members with respect to the performance years 2021 and
2020.
3
 
All Executive Board remuneration is paid directly by ING.
4. Total direct compensation for
 
(active) Executive Board members
2021
2020
Amounts in euros (rounded figures)
Amount
Number of shares
Amount
Number of shares
Steven van Rijswijk
 
Base salary
1
1,776,300
1,498,900
Variable remuneration (fully in shares)
2
301,199
22,975
-
-
Tanate Phutrakul
Base salary
1,221,700
1,221,700
Variable remuneration (fully in shares)
2
218,151
16,641
-
-
Ljiljana Čortan
Base salary
3
837,600
-
Variable remuneration (fully in shares)
2
144,121
10,994
-
-
Total aggregated
 
base salary
 
3,835,600
2,720,600
Total aggregated
 
variable remuneration
4
663,471
-
-
Total aggregated
 
number of shares
2
50,610
1. The base salary in 2020 reflects the aggregated base salary earned in his capacity as CRO and CEO.
2. The number of shares is based on the average ING share price (€13,11) on the day the year-end results were published.
3. The base salary reflects the period as of her appointment as CRO at the AGM on 26 April 2021.
4. The variable remuneration percentage
 
for the Executive Board members are as follows: CEO 17%, CFO 18% and CRO 17%. Thus the ratio between
base salary and total direct compensation is as follows: CEO 85.5%, CFO 84,8% and CRO 85.3%.
Pension costs
Members of the Executive Board
 
participate in the Collective Defined Contribution
 
(CDC) pension plan. In 2021,
pension accrual applied to salary up to an amount of
 
€ 112,189. In addition, the individual members of the
Executive Board received a savings allowance to compensate for the loss of pension above € 112,189. The table
below shows the pension costs
 
of the individual members of the Executive
 
Board in 2021 and 2020.
5. Pension costs for individual Executive Board members
 
1
Amounts in euros (rounded figures)
 
2021
2020
Steven van Rijswijk
2
23,700
23,300
Tanate Phutrakul
23,700
23,300
Ljiljana Čortan
3
16,200
-
1. Pension accrual only applies to salary up to an annually set amount (i.e. €110,111 for 2020 and €112,189 for 2021).
2. In 2020 the pension accrual reflects the aggregated costs in his capacity as CRO and CEO.
3. The pension accrual reflects the period as of the appointment of CRO at the AGM dated 26 April 2021.
Benefits
The individual members of the Executive Board receive other emoluments.
 
The other emoluments in 2021 and
2020 amounted to the following costs.
6. Other emoluments
 
Amounts in euros (rounded figures)
2021
2020
Steven van Rijswijk
1
495,500
411,000
Tanate Phutrakul
349,800
358,500
Ljiljana Čortan
2
382,200
-
1. The amount of emoluments in 2020 reflects the aggregated amount in his capacity as CRO and CEO.
2. The amount of emoluments reflects the period as of her appointment as CRO at the AGM on 26 April 2021.
3 In addition, ING Group offers a Directors & Officers indemnity (please refer
 
to ‘Executive Board – Roles and responsibilities’ and article 26
of our Articles of Association), under which genuine expenses are provided.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
108
7. Breakdown of other emoluments paid in 2021
 
Amounts in euros (rounded figures)
Steven van Rijswijk
Tanate Phutrakul
Ljiljana Čortan
 
1
Contribution individual savings
62,200
42,800
29,300
Individual savings allowance
385,900
257,300
176,500
Travel and accident insurance
15,000
15,000
10,200
Other amounts
2
32,500
34,800
166,100
1. The amount of emoluments reflects the period as of her appointment as CRO at the AGM on 26 April 2021.
2. This includes amongst others: housing, school/tuition fees, international health insurance, relocation costs and tax and financial planning.
Long-term incentives awarded in previous years
Long-term incentives awarded to the Executive Board members in previous years (prior to 2019) are disclosed in
the table ‘ING shares held by Executive Board members’. In line with the current Executive Board remuneration
policy we no longer operate long-term incentive plans.
Employee stock options
All unexercised options lapsed in 2020 when the applicable stock option plans reached the
 
end of their 10-year
lifespan. Therefore we have no outstanding employee stock options to report for this year.
 
Shares
Deferred shares are shares conditionally granted subject to a tiered vesting over a period of five years (for
awards in 2021 and before), with the
 
ultimate value of each deferred share based on ING’s share
 
price on the
vesting date. This is conditional on there being no holdback.
 
The main condition for vesting is that these require continued employment through vesting date.
 
8. Shares vested for Executive Board members
 
during 2021
Number of shares
Shares
1
Grant date
Vesting date
End date of
retention
period
No. of
shares
granted
2
No. of
shares
vested
Vesting
price in
euros
No. of
unvested
shares
remaining
Steven van Rijswijk
LSPP
27 March
2018
27 March
2021
27 March
2022
3,460
346
10.1
692
LSPP
10 May 2018
11 May 2021
10 May 2023
6,584
790
10.82
1,580
LSPP
11 May 2020
11 May 2021
11 May 2025
18,858
2,263
10.82
9,052
Tanate Phutrakul
LSPP Units
27 March
2017
27 March
2021
N/A
6,032
482
10.1
967
LSPP Units
27 March
2018
27 March
2021
N/A
4,972
397
10.1
1,195
LSPP
27 March
2019
27 March
2021
27 March
2022
2,837
227
10.1
681
LSPP
11 May 2020
11 May 2021
11 May 2025
17,694
2,123
10.82
8,493
Ljiljana Čortan
-
-
-
-
-
-
-
-
1. All current Executive Board members participate in the ING Group Long-term Sustainable Performance Plan (LSPP) and receive their shares under
its plan rules.
2. Number of shares granted includes both the deferred and upfront part awarded at the granting date.
9. Total value of vested
 
and unvested shares of Executive Board members - 2021
 
Amounts in euros (rounded figures)
Vested shares
Unvested shares
Share price in euros
1
Total value in euros
Steven van Rijswijk
3,399
11,324
12.26
180,504
Tanate Phutrakul
3,229
11,336
12.26
178,567
Ljiljana Čortan
-
-
-
-
1. The opening share price on 31 December 2021.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
109
Loans and advances to Executive Board members
Executive Board members may obtain banking and insurance services from ING Group (and) its subsidiaries in the
ordinary course of their business and on terms that are customary in the sector. The Executive Board members
do not receive privileged financial services. On 31 December
 
2021, there were no loans and advances
outstanding to the Executive Board members.
 
ING shares held by Executive Board members
Executive Board members are encouraged to hold ING shares as a long-term investment to maintain alignment
with ING. The table below shows an overview of the shares held
 
by members of the Executive Board on 31
December 2021 and 2020.
10. ING shares held by Executive Board members
 
Numbers of shares
 
2021
2020
Steven van Rijswijk
77,324
75,490
Tanate Phutrakul
 
14,529
13,251
Ljiljana Čortan
-
-
2022 Executive Board remuneration
 
The Supervisory Board decided not to increase the base
 
salary of the Executive Board members from 1 January
2022.
 
For 2022 the following target areas will be taken into account:
Financial
Profit before tax
 
Return on equity
 
Operational expenses
Cost control (FTE)
Non-financial
 
Customer (except the CRO)
 
o
Increase number of primary customers, as it leads to deeper relationships, greater customer
satisfaction and, ultimately, customers
 
choosing ING for more of their financial needs.
o
Increase customer satisfaction by increasing NPS.
Risk and regulatory
 
o
Manage credit, market and non-financial risk within risk appetite
o
Deliver on regulatory programs including KYC
Strategy
 
o
Deliver on digitalisation initiatives
 
o
Deliver on data initiatives
 
ESG
o
Sustainability
 
Increase level of sustainable loans
 
Development and introduction of sustainable products for our retail customers
Reach net-zero emissions for ING’s
 
own footprint
 
o
People
 
Strengthen organisational health with a focus on four priority areas: strategic clarity,
shared vision, employee involvement & role clarity
Increase gender balance in ING’s leadership cadre
 
ING Group Annual Report 2021 on Form 20-F
110
A new combined environment, social and governance (ESG) target area will be created consisting of people,
KYC/regulatory requirements and sustainability targets.
ING’s ESG focus supports a future proof ING and drives long-term value creation:
 
Environmental: A focused approach to the environmental and social transition enables us to capture
opportunities and manage risk related to climate change and human rights
Social: A diverse and engaged workforce makes us more adaptive and inventive, and enables us to better
serve our diverse customer base
Governance: A strong governance structure drives the right behaviour, delivers on evolving regulatory
requirements and protects our employees, customers and society.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ing20f2021p111i0.jpg
ING Group Annual Report 2021 on Form 20-F
111
Remuneration
 
Supervisory Board
Supervisory Board remuneration policy
The Supervisory Board remuneration policy is disclosed in full on
 
ing.com in the section ‘Remuneration’.
The Supervisory Board remuneration levels for 2021, similar to 2020, are shown below:
11. Supervisory Board remuneration structure
Annual fees in euros
2021
Chair
125,000
Vice-chair
95,000
Member
70,000
Committee fees (annual amounts)
Committee chair
20,000
Committee member
10,000
Attendance fees (per event)
Attendance fee outside country of residence
2,000
Attendance fee outside continent of residence
7,500
All fees are paid fully in cash. No variable remuneration is provided to ensure that the Supervisory Board
members remain independent. The Supervisory Board members
 
are not eligible for retirement benefits nor any
other benefits in relation to their position on the Supervisory
 
Board. Members of the Supervisory Board are
reimbursed for their travel and ING-related business expenses.
2021 Remuneration Supervisory Board
The image on the right side shows the remuneration, including attendance fees for each Supervisory Board
member. All fees for
 
the Supervisory Board are paid directly by ING.
 
1. Jan-Peter Balkenende retired after the AGM on 26 April 2021. The remuneration figures for 2021 reflect a partial year as a member of the
Supervisory Board.
 
2. Lodewijk Hijmans van den Bergh was appointed to the Supervisory Board by the AGM on 26 April 2021 with effect from that date.
3. The VAT regime changed after the first quarter of 2021. VAT
 
is no longer due for remuneration of Dutch based Supervisory Board members.
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
112
Compensation of
 
former members of
 
the Supervisory
 
Board not included
 
in the image on
 
the previous page
amounted to nil in
 
2021
 
and €86,000 in
 
2020.
Loans and advances to Supervisory Board members
Supervisory Board members may obtain banking and insurance services
 
from ING and its subsidiaries in the
ordinary course of their business and on terms that are customary in the sector. The Supervisory Board members
do not receive privileged financial services. On 31 December
 
2021, there were no loans and advances
outstanding to Supervisory
 
Board members.
ING shares and employee stock options held by Supervisory Board
 
members
Supervisory Board members are permitted to hold ING shares as a long-term investment. The table below
 
shows
the holdings by members of the Supervisory
 
Board on 31 December 2021 and 2020.
12. ING shares held by Supervisory Board members
 
Numbers of shares
 
2021
2020
Herman Hulst
3,650
3,650
Harold Naus
1,645
1,645
2022 Remuneration Supervisory Board
 
The fee levels of the Supervisory Board have been benchmarked to ensure they are in line with
 
the peer group.
The Supervisory Board decided not to change the fees for 2022.
 
 
ING Group Annual Report 2021 on Form 20-F
113
General information
 
for all staff
FOR INFORMATION ONLY
 
AT 2022 ING GROEP N.V.
 
ANNUAL GENERAL MEETING (AGM)
The primary objective of ING’s remuneration principles is to attract, motivate and retain qualified and expert
leaders as well as senior staff (including Executive Board members) and other highly qualified staff who have the
desired Orange Code values and behaviours, skills and knowledge to deliver on ING’s purpose in a sustainable
way.
 
The remuneration principles are an integral part of ING’s strategy and risk profile. They maintain a sustainable
balance between short and long-term value creation and build on ING’s long-term responsibility towards its
employees, customers, shareholders and other stakeholders. Our approach to the remuneration principles did
not change in 2021.
Our remuneration principles apply to all staff and are embedded in ING’s Remuneration Regulations Framework
(IRRF) and our people offer (OPO). Introduced in 2020, OPO sets out ING’s differentiating offer as an employer in
the job market and states what we ask from our people in return. It gives guidance to our global people practices,
while supporting our strategy. The IRRF and OPO comply with relevant international and local legislation and
regulations.
 
Global job architecture
 
The Global Job Architecture (GJA),
 
categorises all 1,425 jobs within ING in a standardised and simple way, using
common language that makes it easier to compare and match capabilities across borders and business lines. Each
profile has a job purpose and a clear description of its
 
responsibilities and required competencies, education and
experience. The GJA is classified according to Korn Ferry Hay methodology and job profiles are linked to global
career groups to enable to common understanding for our employees of job sizes across ING.
 
The GJA is foundational for integrating our people activities. It also supports our remuneration structure in terms
of benchmarking and providing consistency, specific to each country, for compensation and benefit programmes.
These structures ultimately provide our employees with greater transparency into how they are remunerated,
which in turn instils a sense of fairness in our remuneration programmes.
Gender-neutral pay project
The gender pay gap is a prevalent societal issue and represents the average difference between the
remuneration of men and women, whereby women are generally considered to earn less than men. Following
the implemenation of the GJA,
 
ING introduced the gender-neutral pay project, which aims to define, build and
deliver going forward a standardised, replicable,
 
annual process and accompanying tool for ING countries to
determine whether men and women in the same job
 
family and at the same job level are earning equal pay for
equal work. All employees in the same job family and at the same job
 
level within a country will be compared
using gender-neutral characteristics (e.g., tenure, education,
 
etc). When all of these are equal but the
remuneration is not, this will be flagged and the reason investigated. If there is no gender-neutral explanation for
the remuneration difference, ING will take appropriate measures. This tool will also calculate ING’s annual global
gender pay gap.
 
ING is committed to publishing the average pay of all men vs. the average pay of all women,
expressed in the form of a percentage,
 
in the 2022 Annual Report.
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
114
Our remuneration principles
 
Our remuneration principles apply to all employees and comprise the following:
Aligned with business strategy
ING’s remuneration principles are
 
aligned with the business strategy and company goals.
Creates long-term value
ING’s remuneration principles contribute
 
to long-term value creation and support a focus on the long-term interests
 
of its
stakeholders, including employees, customers
 
and shareholders.
Responsible and fair
In line with our Orange Code values and behaviours, ING acts responsibly and treats staff
 
fairly across the globe.
Mitigates risk
Risk management is an enabler of long-term value creation. ING ensures its remuneration
 
principles are properly correlated with its
risk profile and stakeholder interests.
Performance driven
ING operates a fair,
 
objective and transparent performance management process linked
 
to remuneration to steer and motivate
 
all
employees to deliver on its strategic goals, aiming to reward
 
success and prevent rewarding for failure.
Gender-neutral
 
All staff members will be equally remunerated for
 
equal work or work of equal value, irrespective of their gender.
Sustainable
 
ING supports the sustainable recruitment, engagement and retention
 
of all employees.
Performance management
 
We aim to reward for success and avoid rewarding for failure. That is why ING’s
 
remuneration approach is
strongly linked to a robust and transparent performance management process. Outcomes of performance
evaluations (including collective and individual risk assessments) provide input
 
for remuneration. As not all
employees are eligible for variable remuneration there is not necessarily a link to financial performance. In the
Netherlands, for example the vast majority of the employees do not receive any individual variable
remuneration.
 
Step Up Performance Management is our global performance management approach applicable
 
to almost all
employees. It aims to improve people’s individual performance and thereby team performance and ultimately
ING's performance. Step Up Performance Management is one of our people practices
 
that help to increase focus,
alignment and transparency. We do this through continuous conversations between managers, employees and
teams. To support these conversations, there are three formal moments to discuss performance during the year:
target setting, mid-year review and year-end evaluation.
The Step Up Performance Management approach consists of three dimensions:
Job:
 
the impact employees have in their daily work on an individual and
 
team level, based on factors
such as qualitative job description, dynamic planning and
 
specific selected quantitative priorities.
Orange Code behaviours:
 
how employees do their work and how effective their behaviour is as a
professional and colleague. We expect all employees to act in line with ING’s Orange Code.
Stretch ambitions:
at ING, we believe high performance requires stretch and investment (to achieve the
stretch). Therefore we ask people to set ambitions, describing how to contribute beyond the day-to-day
role, focusing on the main priorities and long-term success of
 
ING.
All targets are agreed between the employee and their manager, as well as within management teams, to ensure
consistency across the organisation.
 
ING uses three labels to evaluate performance: excellent, well done and
improvement required.
Step Up Performance
 
Management
 
does not
 
prescribe
 
the targets
 
employees
 
should
 
set. However, the following
regulatory
 
requirements
 
apply to
 
specific
 
groups:
For employees eligible for variable remuneration, a minimum of 50% non-financial priorities.
 
For all employees in control functions (Risk, Compliance and Audit), no individual
 
(commercial) financial
KPIs are allowed, unless required by local law.
 
For identified risk takers, risk mitigation measures may lead to a downwards adjustment of the
performance outcome and negatively affect variable remuneration (a risk modifier can be applied).
Total direct compensation
ING aims to provide total direct compensation for expected business and individual performance which, on
average, are at the median of the markets in which we operate, benchmarked against relevant peer groups.
 
Fixed remuneration represents a sufficiently high proportion, in line with the level of expertise and skills, and
allows a fully flexible variable remuneration award. When no variable remuneration is awarded, the
compensation level is still enough for a decent standard of living. Variable remuneration is performance driven,
subject to regulatory caps and prevents excessive risk taking.
 
ING Group Annual Report 2021 on Form 20-F
115
The comprehensive process around variable remuneration
 
The awarding of variable remuneration, where applicable, is based on group, business line and individual
performance criteria unless local legislation prescribes otherwise.
 
In all ING countries, we adhere to the
applicable variable remuneration caps.
 
For Identified Staff (i.e. staff considered to have a material impact on ING’s risk profile), at least 40% of variable
remuneration is deferred over a period of four or five years (depending on the level of seniority) with a tiered
vesting schedule. Furthermore, at least 50% of variable remuneration is awarded in equity (or equity-linked
instruments unless local legislation prescribes otherwise).
The award of discretionary variable remuneration is based on a clear, transparent and verifiable mechanism for
measuring performance and applying adjustments for risks (the Variable Remuneration Accrual Model or VRAM).
The VRAM construct follows a five-step process leading to risk-adjusted variable remuneration pools determined
at a Group and business line level. The 2021 VRAM set-up was approved by the Management Board and
Supervisory Board.
Step one of the VRAM is an aggregate of the individual target variable remuneration amounts for all eligible
employees across ING,
 
which provides the ‘’starting point’’ or target VR pool baseline.
Step two of the VRAM are the performance hurdles, which must be met in order
 
to unlock the discretionary
variable remuneration pools.
 
These are:
The Common Equity Tier 1 (CET1) ratio must be at or above the threshold established by applicable
regulations;
The return on equity (reported RoE) is equal to or higher than the percentage determined at the
beginning of each performance year by the Management Board Banking
 
and the Supervisory Board.
Underlying RoE, in line with the VRAM Policy and approved by governing bodies, can be adjusted due
 
to
one-time charges or infrequent occurrences not linked to the normal course of business, such as
 
but not
limited to macro-economic events and pandemic events, during a given performance year.
An additional assessment of whether CET1 is within
 
risk appetite is also undertaken in step two to ensure
protection of a sound capital base before variable remuneration is paid out. In the situation where CET1 falls
below ING’s risk appetite level, the CRO can recommend reducing the variable remuneration pools (potentially
down to zero). The hurdles and results are defined in the VRAM policy and subject to Supervisory
 
Board approval.
Step three is based on a holistic assessment of financial
 
and non-financial and risk performance. Within each of
these dimensions specific measures are used to assess a
 
balanced mix of performance.
 
Financial measures (e.g.
profit, return on equity)
 
are used to drive long-term growth, financial strength and affordability. In addition,
different types of non-financial performance measures (e.g. customer, strategy,
 
financial and non-financial risks)
are also taken into consideration. Here, ESG related measures
 
are also a key area of focus in the target cards and
include
 
people, sustainability and regulatory commitments with a combined
 
weighting around 40%. Risk and
regulatory measures are also assessed across both financial and non-financial
 
risks on an ex-ante basis and can
lead to downward or upward modifications to the variable remuneration pools.
Step four relates to CEO discretion to adjust the proposed variable remuneration pool. The CEO considers several
performance factors when making this decision. This discretion is checked by the Supervisory
 
Board and requires
its approval.
The last step is a final and independent, multi-stage approach to assess whether risk adjustments are made
 
by
the CRO to the variable remuneration pools and/or individual variable remuneration awards.
 
The CRO may recommend risk adjustments to variable remuneration pools (and potentially to zero) at a group,
business line, entity and country level across additional ex-ante and ex-post risk adjustment measures.
 
All
relevant financial and non-financial risks will be considered within this step, both on
 
a current and future risk
basis, to ensure the VRAM outcome is appropriate in the context of overall risk performance. In addition, ex-post
risk adjustments including collective or one-off risk events are a key element in the process of determining
variable remuneration pools. The ex-ante and/or ex-post risk adjustments require Supervisory Board approval,
taking into account the input of the Risk and Finance functions
 
and the advice of the Risk Committee and
Remuneration Committee.
 
The final risk adjustment measure lies in the individual performance
 
assessment itself. An employee’s
performance is extensively assessed before variable remuneration is proposed and awarded. Every manager
carefully assesses the performance delivered by their individual team members on
 
the basis of pre-agreed
performance priorities and in line with the Step Up
 
Performance Management framework. In addition, managers
have discretion to lower the proposed variable remuneration if risk-taking is perceived as inappropriate. In this
way, variable remuneration
 
is aligned with any additional risks identified on an individual
 
basis during the
performance year.
 
 
ING Group Annual Report 2021 on Form 20-F
116
 
Additional risk requirements apply to Identified Staff who are considered risk takers in accordance with Capital
Rights Directive IV.
 
These risk requirements set the minimum standards to be met during the
 
performance year.
Deviation from these standards may lead to downward adjustment of the variable remuneration, a so-called risk
modifier. This process is run independently by the Risk function for which the CRO is ultimately responsible.
Within the Executive Board, risk modifiers are only applicable for the CEO as neither the CFO nor CRO are
considered risk takers. The Supervisory Board, advised by its Risk Committee, is responsible
 
for risk modifiers
within the Management Board Banking.
 
Finally, a post-award
 
risk assessment can be applied. This assessment analyses
 
whether any events or findings
occurred that should lead to a downward adjustment of variable remuneration of previous years by applying a
holdback (i.e., forfeiture of up to 100% of the awarded, but unvested, variable remuneration) or clawback
(surrender of up to 100% of the paid or vested variable remuneration).
ING’s remuneration policies comply with international and local legislation and regulations. Under the Dutch
WBFO (which sets various requirements on remuneration), financial institutions are permitted to set a variable
remuneration cap higher than 100% (but not higher than 200%) of
 
fixed remuneration for employees outside of
the European Economic Area (EEA), provided that the higher cap is approved by shareholders and does not
conflict with ING’s capital adequacy requirements.
At the 2021 AGM, shareholders approved to apply an increased maximum percentage of up to 200% for
employees outside the EEA for a period of five performance years until end-2026. For 2021, it was applied to 12
employees worldwide. This is a renewal of the mandate obtained at the 2017 AGM for five performance years.
This mandate is rarely used by ING and in 2018, 2019 and 2020 applied
 
to zero employees worldwide.
 
2021 specifics
 
ING awards variable remuneration across the global organisation in line with our remuneration principles, global
and local legislation and market practices. The awarding of variable remuneration, where applicable, is based on
group, business line and individual performance criteria, both
 
financial,
 
non-financial and risk based, and comes
in the form of both discretionary and collective variable remuneration.
 
Collective variable remuneration is based on collective labour agreements and/or profit sharing schemes
 
that are
driven by regulation, law and/or workers council agreements in various countries. Over the past years the total
amount of collective variable remuneration has been relatively stable and typically accounts for around 25% of
the total spend on variable remuneration.
 
In 2021 the impact of Covid-19 continued to present challenges for ING. Despite
 
this, there was significant
progress in business performance. In contrast to 2020, financial results – especially profit before tax and return
on equity – outperformed the business plan and prior
 
year mainly due to improvement in revenues, moderate
risk costs due to good credit book quality, as well as focus on underlying cost management. Non-financial
performance was also good with effective risk management and positive employee engagement outcomes.
Overall, this resulted in a risk-adjusted discretionary Group VR pool at €312.8million, equating to a 5.2%
 
increase
from target discretionary VR baseline (“starting point’’) and 41.7% versus the previous performance year.
 
The total actual amount of both discretionary and collective variable remuneration awarded to all eligible
employees globally for 2021
 
was €417.8 million (€105.0 million in collective variable
 
remuneration), compared to
total staff expenses of €5,941 million. For 2020, the total amount was €314.2 million (€93.6 million in
 
collective
variable remuneration) on €5,812 million staff expenses.
In 2021, five
employees – excluding members of the Management Board Banking – were awarded total annual
remuneration (including employer pension contributions and excluding severance payments made) of €1 million
or more. Please see our CRR disclosure for further details on ing.com under
 
the section ‘Annual reports’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
117
C.
 
Board practices
 
For information regarding
 
board practices, see Item 6.A
Severance payments to members of the Executive Board
The contracts entered into with the members of the Executive Board provide for severance payments that
become due upon termination of the applicable Executive Board member’s contract, including if termination
occurs in connection with a public bid as defined in section
 
5:70 of the Dutch Financial Supervision Act. For
purposes of calculating the amounts due, it is not relevant whether or not
 
termination of the employment or
commission contract is related to a public bid. Severance payments to the members of the Executive Board are
limited to a maximum of one year’s fixed salary, in line with the Dutch Financial Supervision Act and the
Corporate Governance Code.
D.
 
Employees
 
The average number of internal employees at a full time equivalent basis was 57,660 at the end of 2021, of
 
which
15,138 or 26%, were employed in the Netherlands. Substantially all of the Group’s Dutch employees are subject
to a collective labor agreement covering ING in the Netherlands.
 
The distribution of employees with respect to the Group’s continuing operations for the years 2021, 2020 and
2019 were as follows:
 
Number of employees
Netherlands
Rest of the world
Total
2021
2020
2019
2021
2020
2019
2021
2020
2019
Total average
 
number
of internal employees at full time
equivalent basis
15,138
15,201
14,415
42,523
40,701
39,016
57,660
55,901
53,431
The Group employs a significant numbers of temporary employees. The average number of temporary
employees, not included in the table above, at a full time equivalent basis
 
was 5,376 at the end of 2021.
E.
 
Share ownership
For information regarding share ownership, see Item 6.B of this Form 20-F and Note 27 ‘Staff expenses’ to the
consolidated financial statements.
 
 
 
ING Group Annual Report 2021 on Form 20-F
118
Item 7.
 
Major shareholders and related
party transactions
A. Major shareholders
ING Group ordinary shares are listed on the stock exchanges of Amsterdam (Euronext Amsterdam) and
Brussels (Euronext Brussels). ING Group American Depositary Shares (“ADSs”) are listed on the New York Stock
Exchange (NYSE). Options on ING Group ordinary shares or in the form of American depository
 
receipts (ADRs)
are traded on the Euronext Amsterdam Derivative Markets and the Chicago Board Options Exchange.
Major shareholders as filed with SEC
According to the U.S. Securities and Exchange Commission, shareholders in a company which have registered a
class of their equity securities under the Exchange Act, are required to file beneficial
 
owner reports if the
ownership exceeds more than 5% of the outstanding shares of that class. The shareholder is obliged
 
to file
Schedule 13D or 13G until their holdings drop below
 
5%.
To the best of our knowledge, as of 31 December 2021, no holder of ordinary shares or ADSs, other
 
than
BlackRock Inc. and Capital Research Global Investors held 5% or more of ING Group’s issued share capital.
On 5 February 2020, BlackRock, Inc. disclosed by way of a Schedule 13G
 
filed with the SEC, beneficial
ownership of 259,231,767 ordinary shares of ING Group as of 31 December
 
2019, representing 6.7% of ING
Group’s issued share capital.
 
On 29 January 2021, BlackRock, Inc. disclosed
 
by way of a Schedule 13G filed with
the SEC, beneficial ownership of 289,185,500 ordinary shares of ING Group as of
 
31 December 2020,
representing 7.4% of ING Group’s issued share capital. On 1 February 2022, BlackRock, Inc. disclosed by way of
a Schedule 13G filed with the SEC, beneficial ownership of 292,129,468
 
ordinary shares of ING Group as of 31
December 2021, representing 7.5% of ING Group’s issued share capital. On 11 February 2022, Capital Research
Global Investors disclosed by way of a Schedule 13G filed with the SEC, beneficial ownership of 224,540,855
ordinary shares of ING Group as of 31 December 2021, representing 5.8% of
 
ING Group’s issued share capital.
 
Major shareholders as filed with AFM
Pursuant to section 5.3 of the Dutch Financial Supervision
 
Act (“Major Holdings
 
Rules”),
 
any person who,
directly or indirectly, acquires or disposes of an interest in the voting rights and/or the capital of (in short) a
public limited company incorporated under the laws of the Netherlands with an official listing on
 
a stock
exchange within the European Economic Area, as a result of which acquisition or disposal
 
the percentage of his
voting rights or capital interest - whether through ownership of shares, American depositary receipts (ADRs) or
any other financial instrument, whether stock-settled or cash-settled, such as call or put options, warrants,
swaps or any other similar contract - reaches, exceeds or falls below the threshold levels of 3%, 5%, 10%, 15%,
20%, 25%, 30%, 40%, 50%, 60%, 75% and 95%
 
is required to provide updated information on its holdings and
are recorded in the Dutch AFM (Authority for the Financial Markets) register (
http://www.afm.nl/nl-
en/professionals/registers/meldingenregisters/substantiele-deelnemingen
).
 
Based on the AFM register shareholders with holdings of 3% or more are BlackRock, Inc.
 
(5.07% interest and
6.06% voting rights reported on 13 July 2020) and Capital Research and Management
 
Company (5.09% voting
rights reported on 3 September 2021). The AFM register also shows a notification by ING Group on 20
December 2021 of a holding of 3.10% in its own
 
share capital (no voting rights).
As a result, other than based on information available from public filings available under
 
the applicable laws of
any other jurisdiction, ING Groep N.V.
 
is not aware of any changes in the ownership of ordinary shares or ADSs
between the thresholds levels mentioned in the previous sentence.
On 31 December 2021, ING Groep N.V.
 
and its subsidiaries held 128,301,231 ordinary
 
shares or ADSs,
representing 3.29% of ING Group’s issued share capital. ING Groep N.V.
 
does not have voting rights in respect
of shares and ADSs it holds or which are held by its subsidiaries.
 
ING Group Annual Report 2021 on Form 20-F
119
On 31 December 2021, no person is known to ING Groep N.V. to be the owner of more than 10% of the
ordinary shares or ADSs. As of 31 December 2021, members of
 
the Supervisory Board and their related third
parties held 5,295 Ordinary Shares.
 
Members of the Supervisory Board do not hold ING
 
options.
As at 31 December 2021, members of the Executive Board and their related third parties held 91,853
 
ordinary
shares.
As at 31 December 2021 ING Groep N.V.
 
was not a party to any material agreement that becomes effective, or
is required to be amended or terminated in case of a change of control of ING Groep N.V. following
 
a public bid
as defined in the Dutch Financial Supervision
 
Act. ING Groep N.V.’s
 
subsidiaries may have customary change of
control arrangements included in agreements related to various business activities, such as joint venture
agreements, letters of credit and other credit facilities, ISDA-agreements, hybrid capital and debt instruments,
reinsurance contracts and futures and option trading agreements. Following a change of control of ING Groep
N.V.
 
(as the result of a public bid or otherwise),
 
such agreements may be amended or terminated, leading, for
example, to an obligatory transfer of the interest in the joint venture, early repayment of amounts due, loss of
credit facilities or reinsurance cover and liquidation of outstanding futures and option trading positions.
As of 31 December 2021
 
ING Groep N.V.
 
was not aware of any arrangements the operation of which may result
in a change of control of ING Groep N.V.
B. Related Party Transactions
In the normal course of business, ING Group enters into various transactions with related parties. Parties are
considered to be related if one party has the ability to control or exercise significant influence over the other
party in making financial or operating decisions. Related parties of ING
 
Group include, among others, its
subsidiaries, associates, joint ventures, key management personnel, and various defined benefit and
contribution plans. Transactions between related parties include rendering or receiving of services, leases,
transfers under finance arrangements and provisions of guarantees or collateral. There are no significant
provisions for doubtful debts or individually significant bad debt expenses recognised on
 
outstanding balances
with related
 
parties.
 
ING Group has entered into various transactions with related parties. For more information, reference is made
to Note 50 “Related parties”
in the consolidated financial statements.
As described under “Item 6. Directors, Senior Management and Employees”, some members of the Supervisory
Board are current or former senior executives of leading multi-national corporations based primarily in the
Netherlands. ING Group may at any time have lending, investment banking or other financial relationships with
one or more of these corporations in the ordinary course of business on terms which
 
we believe are no less
favorable to ING than those reached with unaffiliated parties of comparable creditworthiness.
C. Interests of experts and counsel
This item does not apply to annual reports on Form 20-F.
 
ING Group Annual Report 2021 on Form 20-F
120
Item 8.
 
Financial information
A.
 
Consolidated statements and other financial information
Consolidated statements
For information regarding consolidated statements and other financial information, see Item 18 of this Form
20-F.
Legal Proceedings
For a description of ING’s legal proceedings, see Note 46 ‘Legal proceedings’ in the consolidated financial
statements.
Policy on dividend distribution
 
ING’s distribution policy is a pay-out ratio of 50% of resilient net profit and additional return of structural
excess capital. For detailed information on ING’s 2021 dividend, reference is made to Note 51 ‘Capital
Management’.
Cash distributions on ING Groups ordinary shares are generally paid in Euros. However, the Executive Board
may decide, with the approval of the Supervisory Board, to declare dividends
 
in the currency of a country other
than the Netherlands in which the shares are traded. Amounts payable to holders of ADSs that are paid
 
to the
Depositary in a currency other than dollars will be converted to dollars and subjected to a charge by the
Depositary for any expenses incurred by it in such conversion.
 
If the Executive Board has been designated as a body authorised to resolve to issue shares, it
 
may decide, with
the approval of the Supervisory Board, that a distribution on ordinary
 
shares shall be made in the form of
ordinary shares instead of cash or to determine that the holders of ordinary shares shall be given the choice
 
of
receiving the distribution in cash or in the form of ordinary shares on such
 
terms as the Executive Board, with
the approval of the Supervisory Board, may decide.
The right to dividends and distributions in respect of the ordinary shares
 
will lapse if such dividends or
distributions are not claimed within five years following the day after the date on which they were made
available.
There are no legislative or other legal provisions currently in force in the Netherlands or arising under ING
Groups’ Articles of Association restricting the remittance of dividends to holders of ordinary shares, or
 
ADSs
not resident in the Netherlands. Insofar as the laws of the Netherlands are
 
concerned, cash dividends paid in
Euro may be transferred from the Netherlands and converted into any other currency,
 
except that for
statistical purposes such payments and transactions must be reported by ING Group to DNB
 
and, further, no
payments, including dividend payments, may be made to jurisdictions or persons,
 
that are subject to certain
sanctions, adopted by the Government of the Netherlands, implementing
 
resolutions of the Security Council of
the United Nations, or adopted by the European Union.
Dividends are subject to withholding taxes in the Netherlands as described under
 
Item 10, “Additional
Information - Taxation
 
- Netherlands Taxation”.
ING’s distribution policy may be changed at any time and there is no guarantee that any dividends or other
distributions will be made in accordance with the distribution policy
 
in effect from time to time or at all.
 
B.
 
Significant changes
For information on subsequent events reference is made to Note 52 ‘Subsequent events’ of the consolidated
financial statements.
 
Since 31 December 2021, until the filing of this
 
report, no other significant changes have occurred in the
financial statements of the Group included in “Item 18 Consolidated Financial Statements” of this document.
 
ING Group Annual Report 2021 on Form 20-F
121
Item 9.
 
The offer
 
and listing
 
A.
 
Offer and listing details
 
Ordinary Shares (nominal value EUR 0.01 per share) are traded on Euronext Amsterdam, the principal trading
market for
 
the Ordinary Shares, under the symbol “INGA”. The Ordinary Shares are also listed on the stock
exchange of Euronext Brussels, under the symbol “INGA”.
 
ADSs, representing an equal number of Ordinary
Shares, are traded on the New York Stock Exchange under the symbol “ING”.
B.
 
Plan of distribution
 
This item does not apply to annual reports on Form 20-F.
C.
 
Markets
For information regarding markets, see Item 9.A of this Form 20-
F.
D.
 
Selling shareholders
This item does not apply to annual reports on Form 20-F.
E.
 
Dilution
This item does not apply to annual reports on Form 20-F.
F.
 
Expenses of the issue
This item does not apply to annual reports on Form 20-F.
 
 
ING Group Annual Report 2021 on Form 20-F
122
Item 10.
 
Additional information
A.
 
Share capital
 
This item does not apply to annual reports on Form 20-F.
B.
 
Memorandum and articles of association
 
For a description of ING’s memorandum and articles of association, please see Exhibit
 
2.1 “Description of
Securities Registered under Section 12 of the Exchange Act”, which is incorporated by reference herein.
 
Reference is made to Exhibit 1.1 to this Form 20-F for the articles of association.
 
C.
 
Material contracts
There have been no material contracts outside the ordinary course of business to which ING Groep N.V. or any
of its subsidiaries is a party in the last two years.
D.
 
Exchange controls
Cash distributions, if
 
any, payable in Euros on Ordinary Shares and
 
ADSs may be officially
 
transferred from the
Netherlands and converted into
 
any other currency without
 
violating Dutch law, except that for statistical
purposes such payments and
 
transactions must be
 
reported by ING Groep
N.V.
to the Dutch Central Bank
 
and,
further, no payments, including dividend
 
payments, may be made
 
to jurisdictions or persons
 
subject to certain
sanctions, adopted by
 
the government of
 
the Netherlands
or the European Union.
 
E.
 
Taxation
The following is a summary of certain Netherlands tax consequences, and
 
the United States federal income tax
consequences, of the ownership of our Ordinary Shares or American Depositary
 
Shares (“ADSs”) by U.S.
Shareholders (as defined below) who hold Ordinary Shares or ADSs
 
as capital assets.
For the purposes of this summary, a “U.S. Shareholder” is a beneficial owner
 
of Ordinary Shares or ADSs that is:
an individual citizen or resident of the United States,
a corporation organized under the laws of the United States or of any state of the United States, or any
entity taxable as United States corporation,
an estate, the income of which is subject to United States federal income tax without regard to its
source, or
a trust if a court within the United States is able to exercise primary supervision over the
administration of the trust and one or more United States persons have the authority to control all
substantial decisions of the trust.
Further, this summary is limited to U.S. Shareholders who are not, and are not deemed to be, a resident of the
Netherlands for Dutch tax purposes.
This summary is based on the United States Internal Revenue Code of 1986 and
 
the laws of the Netherlands,
each as amended, their legislative history, existing and proposed regulations, published rulings and court
decisions, and the tax treaty between the United States and the Netherlands for the Avoidance of Double
Taxation
 
and the Prevention of Fiscal Evasion with respect to Taxes on Income (“Treaty”), all as of the date
hereof. These laws are subject to change, possibly on a retroactive basis. The information provided below is
neither intended as tax advice nor purports to describe all of the
 
tax considerations that may be relevant to
investors and prospective investors. It should not be read as extending to matters not specifically discussed,
and investors should consult their own advisors as to the tax consequences of their ownership and disposal
 
of
Ordinary Shares or ADSs. In particular, the summary does not take into account the specific circumstances of
particular investors (such as tax-exempt organizations, banks, insurance companies, dealers in securities,
traders in securities that elect to mark-to-market their securities holdings, investors liable for alternative
minimum tax, investors whose functional currency is not the U.S. dollar, investors that actually or
constructively own 10% or more of the combined voting power of the voting stock or of
 
the total value of ING
Groep N.V.,
 
investors that hold Ordinary Shares or ADSs as part of a straddle or a hedging or conversion
transaction, investors that acquired or dispose of Ordinary Shares or ADSs as part of a wash sale, or
 
investors
that own Ordinary Shares or ADSs through a partnership), some of which
 
may be subject to special rules.
Moreover, this summary does not discuss the Dutch tax treatment of a holder of Ordinary Shares or ADSs that
is an individual who receives income or capital gains derived from the Ordinary Shares and
 
ADSs if such income
 
ING Group Annual Report 2021 on Form 20-F
123
received or capital gains derived is attributable to the past, present or future employment activities of such
holder.
The summary is based in part upon the representations of the Depositary
 
and the assumption that each
obligation in the Deposit Agreement and any related agreement will be performed in accordance with its
terms. In general, for United States federal income tax and Netherlands tax purposes, holders of ADSs will be
treated as the owners of the Ordinary Shares underlying the ADSs, and exchanges of Ordinary Shares for ADSs,
and exchanges of ADSs for Ordinary Shares, will not be subject to United States federal income tax or
Netherlands income tax. References to Ordinary Shares in this section include references to ADSs.
It is assumed, for purposes of this summary, that a U.S. Shareholder is eligible for the benefits of the Treaty and
that a U.S. Shareholder’s eligibility is not limited by the limitation on benefits provisions
 
of the Treaty.
Netherlands Taxation
Withholding tax on dividends
The Netherlands imposes a withholding tax on a distribution
 
of a dividend at the statutory rate of 15%.
Dividends include:
i.
dividends paid in cash and in kind;
 
ii.
deemed and constructive dividends;
 
iii.
the consideration for the repurchase or redemption of shares in excess of the qualifying average paid-
in capital unless such repurchase is made for temporary investment purposes or is exempt by law;
 
iv.
any (partial) repayment of paid-in capital not qualifying as capital for Dutch dividend withholding
 
tax
purposes;
 
v.
liquidation proceeds in excess of the qualifying average paid-in capital for Dutch dividend withholding
tax purposes; and
 
vi.
stock dividends up to their nominal value (unless distributed out of ING
 
Groep N.V.’s
 
qualifying paid-in
capital).
 
Reduction of Dutch dividend withholding tax based on Dutch law
Under certain circumstances, a reduction of Dutch dividend withholding
 
tax can be obtained based on Dutch
law:
i.
An exemption at source is available if the Dutch participation exemption applies and the Ordinary
Shares or ADSs are attributable to a business carried out in the Netherlands.
 
To qualify for the Dutch
participation exemption, the U.S. Shareholder must generally hold at least 5.0 percent of our nominal
paid-in capital and meet certain other requirements.
ii.
An exemption at source is available for dividend distributions to certain qualifying corporate U.S.
Shareholders owning our Ordinary Shares or ADSs if such shareholder
 
would have been able to apply
the Dutch participation exemption if it would have been resident of the Netherlands, unless such
shareholder holds the Ordinary Shares or ADSs with
 
the primary aim or one of the primary aims
 
to
avoid the levy of Dutch dividend withholding tax at the level of another person and the
 
Ordinary
Shares or ADSs are not held for valid commercial reasons that reflect economic reality.
 
iii.
Certain tax exempt organizations (e.g. pension funds and excluding collective investment vehicles) may
be eligible for a refund of Dutch dividend withholding tax upon their
 
request. Based on domestic law
not yet entered into force, in those circumstances, an exemption at source may also become available
upon request.
iv.
Upon request and under certain conditions, certain qualifying individual
 
and corporate U.S
Shareholders of Ordinary Shares or ADSs which are not subject to personal or corporate income tax in
the Netherlands may request a refund of Dutch dividend withholding tax insofar the withholding
 
tax
withheld on the gross dividend is higher than the
 
personal or corporate income tax which would have
been due on the net dividend if they were resident or established in the Netherlands.
 
This refund is
however not applicable when, based on the Treaty, the Dutch dividend withholding tax can be fully
credited in the United States by the U.S. Shareholder. However,
 
it is unclear whether (i) which
(financing) costs can be taken into account when determining the hypothetical personal or corporate
income tax due on the net income (ii) or how the Netherlands
 
would determine whether, based on the
double taxation convention, a full credit is available in the country of residence of the holder for
purposes of this refund. See “United States Taxation—Taxes
 
on dividends” for more information. The
provision in essence is intended to be a codification of certain judgments by both
 
the European Free
Trade Association Court of Justice and the European Court of Justice that already indicated that in
certain circumstances a refund should be available prior to the introduction of the provision in Dutch
law. It is possible that this provision is an insufficient codification of these judgments and that based
on EU law a larger refund should be provided.
 
ING Group Annual Report 2021 on Form 20-F
124
Reduction of Dutch dividend withholding tax based on the
 
Treaty
Pursuant to the provisions of the Treaty,
 
certain corporate U.S. Shareholders owning directly at least 10% of
our voting power are eligible for a reduction to 5% Dutch dividend withholding
 
tax provided that the U.S.
Shareholder is the beneficial owner of the dividends received and
 
does not have an enterprise or an interest in
an enterprise that is, in whole or in part, carried on
 
through a permanent establishment or permanent
representative in the Netherlands to which the dividends are attributable. The Treaty also provides for a
dividend withholding tax exemption on dividends, but only for a shareholder owning
 
directly at least 80.0
percent of our voting power and meeting all other requirements.
Provided that certain conditions are met, under the Treaty dividends paid to qualifying exempt pension trusts
and other qualifying exempt organizations, as defined in the Treaty,
 
are exempt from Dutch dividend
withholding tax. To obtain a refund of the tax withheld such qualifying exempt pension trusts are required to
file a request. Only if certain conditions are fulfilled, such qualifying
 
exempt pension trusts may be eligible for
relief at source upon payment of the dividend. Qualifying exempt organizations (other than qualifying exempt
pension trusts) can only file for a refund of the tax withheld.
 
Anti-dividend stripping rules
Pursuant to the Dutch anti-dividend stripping rules, in the case of dividend-stripping,
 
the 15% dividend
withholding tax cannot be reduced or refunded. Dividend-stripping is deemed to be present if
 
the recipient of a
dividend is, contrary to what has been assumed above, not the beneficial owner
 
thereof and is entitled to a
larger credit, reduction or refund of dividend withholding tax than the beneficial owner
 
of the dividends. Under
these rules, a recipient of dividends will not be considered the beneficial
 
owner thereof if as a consequence of
a combination of transactions a person other than the recipient wholly or partly
 
benefits from the dividends,
whereby such person retains, whether directly or indirectly, an interest similar to the shares on which the
dividends were paid.
Credit for ING Groep N.V.
ING Groep N.V.
 
may, with respect to certain dividends received from qualifying non-Netherlands subsidiaries,
credit taxes withheld from those dividends against the Netherlands withholding tax imposed on certain
qualifying dividends that are redistributed by ING Groep N.V.,
 
up to a maximum of the lesser of:
3% of the amount of qualifying dividends redistributed by ING
 
Groep N.V.;
 
and
3% of the gross amount of certain qualifying dividends received by ING
 
Groep N.V.
The reduction is applied to the Dutch dividend withholding
 
tax that ING Groep N.V.
 
must pay to the Dutch tax
authorities and not to the Dutch dividend withholding
 
tax that ING Groep N.V.
 
must withhold.
Tax
 
es on income and capital gains
Income and capital gains
Income and capital gains derived from the Ordinary Shares or ADSs by an individual
 
or corporate U.S.
Shareholder are generally not subject to Netherlands income tax or corporation tax, unless:
 
i.
such income and gains are attributable to a (deemed) permanent establishment or (deemed)
permanent representative in the Netherlands of the U.S. Shareholder; or
ii.
the shareholder is entitled to a share in the profits of an enterprise or (in case
 
of a non-Dutch resident
corporate shareholder only) a co-entitlement to the net worth of an enterprise, that is effectively
managed in the Netherlands (other than by way of securities) and
 
to which enterprise the Ordinary
Shares or ADSs are attributable; or
iii.
such income and capital gains are derived from a direct, indirect or deemed substantial interest in the
share capital of ING Groep N.V.
 
(such substantial interest not being a business asset), and in the case
of a non-Dutch resident corporate shareholder only, that substantial interest is being held with the
primary aim or one of the primary aims
 
to avoid the levy of income tax from another person and is put
in place without valid economic reasons that reflect economic reality;
 
iv.
in case of a non-Dutch resident corporate shareholder, such shareholder is a resident of Aruba,
Curacao or Saint Martin with a permanent establishment or permanent representative in Bonaire,
Eustatius or Saba to which the Ordinary Shares or ADS are attributable, while the profits of such
shareholder are taxable in the Netherlands pursuant to Article 17(3)(c) of the Dutch Corporate Tax Act
1969; or
v.
in case of a non-Dutch resident individual, such individual derives income
 
or capital gains from the
Ordinary Shares or ADSs that are taxable as benefits from ‘miscellaneous activities’ in the
 
Netherlands
(‘resultaat uit overige werkzaamheden’, as defined in the Dutch Income Tax
 
Act 2001), which includes
the performance of activities with respect to the Ordinary Shares or ADSs
 
that exceed regular portfolio
management.
 
 
ING Group Annual Report 2021 on Form 20-F
125
Substantial interest
Generally speaking, for Dutch tax purposes, an interest in the share capital of ING Groep N.V.,
 
should not be
considered a substantial interest if the holder of such interest, and, in case of an individual, his or her spouse,
registered partner,
 
certain other relatives or certain persons sharing the holder’s household,
 
alone or together,
does or do not hold, either directly or indirectly, the ownership of, or certain rights over, shares or rights
resembling shares representing 5% or more of the total issued and outstanding capital, or the issued and
outstanding capital of any class of shares, of ING Groep N.V.
 
Gift or inheritance tax
No Netherlands gift or inheritance tax will be imposed on
 
the transfer or deemed transfer of the Ordinary
Shares or ADSs by way of a gift by or on the death of a U.S. Shareholder if, at the time of the gift or the death of
that shareholder, such shareholder is not a (deemed) resident of the Netherlands.
Netherlands inheritance or gift taxes (as the case may be) are due, however, if the transfer of the Ordinary
Shares or ADSs is construed as an inheritance or as a gift
 
made by or on behalf of a person who, at the time of
the gift or death, is deemed to be a resident of the Netherlands.
 
For the purposes of Netherlands gift or
inheritance tax, an individual of Dutch nationality is deemed to be a resident of
 
the Netherlands if he or she
has been a resident thereof at any time during the ten years preceding the time of the gift
 
or death. For the
purposes of Netherlands gift tax, any person is deemed to be a resident of the Netherlands
 
if he or she has
resided therein at any time in the twelve months preceding the gift.
United States Taxation
Taxes
 
on dividends
The tax treatment of owning Ordinary Shares or ADSs will depend in part on
 
whether or not ING Groep N.V.
 
is
classified as a passive foreign investment company, or PFIC, for United States federal
 
income tax purposes.
Except as discussed below under “-PFIC Rules”, this discussion assumes that we are not classified as a PFIC
 
for
United States federal income tax purposes.
Under the United States federal income tax laws, a U.S. Shareholder will be required to include in gross income
the full amount of a cash dividend (including any Netherlands
 
withholding tax withheld) as ordinary income
when the dividend is actually or constructively received by the U.S. Shareholder. For this purpose, a “dividend”
will include any distribution paid by ING Groep N.V.
 
with respect to the Ordinary Shares or ADSs,
 
but only to
the extent such distribution is not in excess of ING Groep N.V.’s
 
current and accumulated earnings and profits
as determined for United States federal income tax purposes. Distributions in excess of current and
accumulated earnings and profits, as determined for United States federal income tax purposes, will be treated
as a non-taxable return of capital to the extent of a U.S. Shareholder’s basis in the Ordinary Shares or ADSs and
thereafter as capital gain. Because ING Groep N.V.
 
does not keep account of its earnings and profits, as
determined for United States federal income tax purposes, U.S. Shareholders should generally expect to treat
any distribution as a dividend for U.S. federal income tax purposes.
 
For foreign tax credit purposes, dividends will generally be income from sources outside the United States and
will, depending on the circumstances of the U.S. Shareholder, generally be “passive” income for purposes of
computing the foreign tax credit allowable to the shareholder. A dividend will not be eligible for the dividends
received deduction generally allowed to U.S. corporations in respect of dividends received from other U.S.
corporations. Dividends paid to a non-corporate U.S. Shareholder that are considered qualified dividend
income will be taxable to the shareholder at preferential rates applicable to long-term capital gains provided
that the shareholder holds the Ordinary Shares or ADSs for more than 60 days during the
 
121-day period
beginning 60 days before the ex-dividend date and meets other holding period requirements. Dividends
 
paid
by ING Groep N.V.
 
with respect to the Ordinary Shares or ADSs generally will be qualified
 
dividend income,
provided that, in the year that you receive the dividend, we are eligible for the benefits of the Treaty. We
believe that we are currently eligible for the benefits of the Treaty and we therefore expect that dividends on
the Ordinary Shares or ADSs will be qualified dividend
 
income, but there can be no assurance that we will
continue to be eligible for the benefits of the Treaty.
 
Subject to certain limitations, a U.S. Shareholder may generally deduct from income, or credit against its
United States federal income tax liability, the amount of any Netherlands withholding taxes under the Treaty.
The Netherlands withholding tax will likely not be creditable against the U.S. Shareholder’s United States tax
liability, however,
 
to the extent that ING Groep N.V.
 
is allowed to reduce the amount of dividend withholding
tax paid over to the Netherlands Tax Administration by crediting withholding tax imposed on certain dividends
paid to ING Groep N.V.
 
In addition, special rules apply in
 
determining the foreign tax credit limitation with
respect to dividends that are subject to preferential rates. To
 
the extent a reduction or refund of the tax
withheld is available to you under Dutch law or under the Treaty, the amount of tax withheld that could have
been reduced or is refundable will not be eligible for credit against your United States federal income tax
liability. In addition, to the extent an amount of Dutch tax withheld is contingent on the availability of a credit
against the amount of income tax owed to another country, that amount of Dutch tax withheld will not be
 
ING Group Annual Report 2021 on Form 20-F
126
eligible for a credit against your United States federal income tax liability. It is unclear whether or how the
Netherlands would apply this rule in determining whether, based on the Treaty,
 
a credit is available in the
United States for purposes of the dividend withholding tax refund provision described in Section IV
 
under
“Netherlands Taxation—Withholding tax on dividends—Reduction of Dutch dividend withholding tax based on
Dutch law”.
 
Since payments of dividends with respect to Ordinary Shares or ADSs will be
 
made in Euros, a U.S. Shareholder
will generally be required to determine the amount of dividend income by translating the Euro into United
States dollars at the “spot rate” on the date the dividend is distributed, regardless of whether the payment in
in fact converted into U.S. dollar.
 
Generally, any gain or loss resulting from currency exchange fluctuations
during the period from the date the dividend is distributed to the date such payment is
 
converted into U.S.
dollars will be treated as ordinary income or loss and will not be eligible
 
for the special tax rate applicable to
qualified dividend income. Such gain or loss will generally be income or loss
 
from sources within the United
States for foreign tax credit limitation purposes.
Taxes
 
on capital gains
 
Gain or loss on a sale or exchange of Ordinary Shares or ADSs by a U.S. Shareholder
 
will generally be a capital
gain or loss for United States federal income tax purposes. If such U.S. Shareholder has held the Ordinary
Shares or ADSs for more than one year, such gain or loss will generally be long-term capital gain or loss. Long-
term capital gain of a non-corporate U.S. Shareholder is generally taxed at preferential rates.
 
In general, gain or
loss from a sale or exchange of Ordinary Shares or ADSs by a U.S. Shareholder will be treated as income or loss
from sources within the United States for foreign tax credit limitation purposes.
 
PFIC rules
 
ING Groep N.V.
 
believes it is not a PFIC for United States federal income tax purposes, and it does not expect to
become a PFIC in the foreseeable future. However, this conclusion is a factual determination that must be
made annually and thus may be subject to change. It is therefore possible that we could become a
 
PFIC in a
future taxable year
If ING Groep N.V.
 
were to be treated as a PFIC, unless a U.S. Shareholder made an effective election to be taxed
annually on a mark-to-market basis with respect to the Ordinary Shares or ADSs, any gain from the sale or
disposition of Ordinary Shares or ADSs by a U.S. Shareholder would be allocated ratably to each year in the
holder’s holding period and would be treated as ordinary income. Tax would be imposed on the amount
allocated to each year prior to the year of disposition at the highest rate in effect for that year, and interest
would be charged at the rate applicable to underpayments on the tax payable in respect of the amount so
allocated. The same rules would apply to “excess distributions”,
 
defined generally as distributions in a single
taxable year exceeding 125% of the average annual distribution made by ING Groep N.V.
 
over the shorter of
the three preceding taxable years or the portion of the holder’s holding period that preceded the current
taxable year.
 
Dividends received by a U.S. Shareholder will not be eligible for the special
 
tax rates applicable to
qualified dividend income if ING Groep N.V.
 
were to be treated as a PFIC with respect to the shareholder either
in the taxable year of the distribution or the preceding taxable year, but instead will be taxable at rates
applicable to ordinary income.
 
A U.S. Shareholder who owns Ordinary Shares or ADSs during any year that ING Groep N.V. is a PFIC may be
required to file Internal Revenue Service Form 8621.
 
ING Group Annual Report 2021 on Form 20-F
127
F.
 
Dividends and paying agents
This item does not apply to annual reports on Form 20-F.
G.
 
Statement by experts
This item does not apply to annual reports on Form 20-F.
H.
 
Documents on display
ING Groep N.V.
 
is subject to the informational requirements of the Securities Exchange Act of 1934, as
amended. In accordance with these requirements, ING Groep N.V.
 
files reports and other information with the
Securities and Exchange Commission (”SEC”).
 
These materials, including this Annual Report and its exhibits,
may be inspected and copied on the SEC’s website at www.sec.gov. You
 
may also inspect ING Groep N.V.’s
 
SEC
reports and other information on the website of ING Groep N.V.
 
(www.ing.com).
I.
 
Subsidiary information
This item does not apply to annual reports on Form 20-F.
 
ING Group Annual Report 2021 on Form 20-F
128
Item 11. Quantitative
 
and Qualitative
Disclosure of Market
 
Risk
See “Item 5. Operating and Financial Review and Prospects – Factors Affecting Results of Operations” and
“Additional information - ING Group Risk Management” for these
 
disclosures, including disclosures relating to
operational, compliance and other non-market-related risks.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
129
Item 12. Description of Securities Other
Than Equity Securities
A.
 
Debt securities
This item does not apply to annual reports on Form 20-F.
B.
 
Warrants and rights
This item does not apply to annual reports on Form 20-F.
C.
 
Other securities
This item does not apply to annual reports on Form 20-F.
D.
 
American depositary shares
Fees and Charges Payable by a Holder of ADSs
JPMorgan Chase Bank, N.A., as ADR depositary,
 
may collect fees for,
 
among other things, the delivery and
surrender of ADSs directly from investors, or from intermediaries acting for them, depositing Ordinary Shares
or surrendering ADSs for the purpose of withdrawal.
The charges of the ADR depositary payable which may be payable by investors are as follows:
Type of Service
 
ADR Depositary Actions
Fee Payable
Depositing or
substituting the
underlying Ordinary
Shares
Issuance of ADSs against the deposit of Ordinary Shares,
including deposits and issuances in respect of:
 
 
·
 
share distributions, rights and other
 
distributions.
 
·
 
a stock dividend or stock split.
 
·
 
a merger, exchange
 
of securities or
 
other transactions or events affecting
 
the ADSs or the underlying Ordinary
 
Shares.
$5.00 for each 100 ADSs (or portion
thereof) issued, delivered or upon
which a share distributive or elective
distribution is made or offered.
 
The
ADR depositary may sell sufficient
securities or property received in
respect of share distributions, rights
and other distributions prior to such
deposit to pay such charge.
Receiving or
distributing cash
dividends
Distribution of cash dividends or other cash distributions, or
offering of elective cash/stock dividends.
$0.05 or less per ADS held.
Selling or exercising
rights
 
·
 
additional ADRs resulting from a
 
dividend or free distribution consisting
 
of Ordinary Shares, or U.S dollars
 
resulting from sales of Ordinary Shares
 
received in a distribution.
 
·
 
Instruments representing rights to
 
acquire additional ADRs as a result of
 
distribution on Ordinary Shares, or U.S
 
dollars resulting from sales of such
 
rights.
 
·
 
other securities available to the ADR
 
depositary resulting from any
 
distribution on the deposited Ordinary
 
Shares, or U.S dollars resulting from
 
sales of such other securities.
An amount equal to the fee for the
execution and delivery of ADSs which
would have been charged as a result
of the deposit of such securities.
Withdrawing an
underlying Ordinary
Share
Acceptance of ADSs surrendered for withdrawal of deposited
Ordinary Shares
$5.00 for each 100 ADSs (or portion
thereof) reduced, cancelled or
surrendered.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
130
Type of Service
 
ADR Depositary Actions
Fee Payable
Transferring,
splitting or grouping
of ADRs
Registration, registration of transfer,
 
combination and split-up
of ADRs in the ADR register as evidenced by the ADRs
surrendered or upon delivery of proper instruments of transfer
$1.50 per ADR.
General depositary
services, particularly
those charged on an
annual basis
Other services performed by the ADR depositary in
administering the ADR program
$0.05 per ADS per calendar year (or
portion thereof), which may be
charged on a periodic basis during
each calendar year against holders of
the record date(s) set by the ADR
depositary and shall be payable at
the sole discretion of the ADR
depositary by billing such holders or
deducting such charge from one or
more cash distributions.
Reimbursement of
fees, charges and
expenses of the ADR
depositary
The ADR depositary and/or any of its agents may incur fees,
charges and expenses (including expenses incurred on behalf
of holders of ADRs in connection with compliance with foreign
exchange control regulations or any
 
law or regulation relating
to foreign investment) in connection with the servicing of the
underlying Ordinary Shares or other deposited securities, the
sale of securities (including, without limitation, deposited
securities), the delivery of deposited securities or otherwise in
connection with the ADR depositary’s compliance with
applicable law, rule or regulation.
Fees and charges shall be assessed
on a proportionate basis against
holders of ADRs as of the record date
or dates set by the ADR depositary
and shall be payable at the sole
discretion of the ADR depositary by
billing such holders of ADRs or by
deducting such charge from one or
more cash dividends or other cash
distributions.
Type of Service
 
ADR Depositary Actions
Fee Payable
Other charges and
expenses of the ADR
depositary
The ADR depositary may incur charges and expenses on behalf
of holders in connection with:
 
 
·
 
stock transfer or other taxes
 
and other
 
 
governmental charges.
 
·
 
SWIFT,
 
cable, telex and facsimile
 
transmission and delivery charges
 
incurred at the request of persons
 
depositing, or holders of ADRs delivering
 
underlying Ordinary Shares, ADRs or
 
deposited securities.
 
·
 
transfer or registration fees
 
for the
 
registration or transfer of deposited
 
securities.
 
Payable by holders or persons
depositing Ordinary Shares.
Payable by persons depositing, or
holders of ADRs delivering underlying
Ordinary Shares, Ads or deposited
securities.
Payable by persons depositing or
withdrawing deposited securities.
Fees and Payments made by the ADR depositary to ING
In consideration for acting as depositary, the ADR depositary has agreed to provide ING with certain amounts
on an annual basis. In the year ended 31 December
 
2021, the ADR depositary paid aggregate fees and made
other direct and indirect payments to ING in an amount of USD 10,498,456.
 
Under certain circumstances, including removal of the ADR depositary or termination
 
of the ADR program by
ING, ING is required to repay the ADR depositary certain amounts reimbursed and/or expenses paid to or on
behalf of ING.
 
 
ING Group Annual Report 2021 on Form 20-F
131
PART
 
II.
Item 13. Defaults,
 
Dividend Arrearages
 
and
Delinquencies
None.
Item 14. Material Modifications
 
to the
Rights of Security Holders and Use of
Proceeds
None.
Item 15. Controls and Procedures
Internal control over financial reporting
Due to the listing of ING shares on the New York Stock Exchange, ING Group is required to comply with the SEC
regulations adopted pursuant to Section 404 of the Sarbanes-Oxley Act (SOX 404). These regulations
 
require that
the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”) of ING
 
Group report and certify on an
annual basis on the effectiveness of ING Group’s internal control over financial reporting. Moreover, the external
auditors are required to provide an opinion on the effectiveness of ING Group’s internal control over financial
reporting.
SOX 404 activities are organised along the lines of the governance structure, and involve the participation of
senior management across ING. Following the SOX 404 process, ING is in the position
 
to publish an unqualified
statement that the Company’s internal control over financial reporting was effective as of 31 December 2021.
The SOX 404 statement by the Executive Board is included on this page, followed by the report of the external
auditor as issued on Form 20-
F.
Disclosure Controls and Procedures
 
The Company’s management, under the supervision and with the participation
 
of the CEO and CFO, has
performed an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls
and procedures. Based on that evaluation, the CEO and CFO concluded that the Company’s disclosure controls
and procedures were effective as of December 31, 2021, the end of the period covered by the 2021
 
Form 20-F.
 
Report of the Executive Board on Internal Control
 
Over Financial Reporting
The Executive Board is responsible for establishing and maintaining adequate internal control over financial
reporting. ING’s internal control over financial reporting is a process designed under the supervision of our
principal executive and principal financial officers to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles.
 
Our internal control over financial reporting includes those policies and procedures that:
Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of assets of ING;
 
 
ING Group Annual Report 2021 on Form 20-F
132
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that our receipts
and expenditures are being made only in accordance with authorisations
 
of our management and
directors; and
Provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use
or disposition of our assets that could have a material effect on our financial statements.
 
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance
 
with the
policies or procedures may deteriorate.
 
The Executive Board assessed the effectiveness of internal control over financial reporting as of 31 December
2021. In making this assessment, the Executive Board performed tests based on the
 
criteria of the Committee of
Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Reporting – Integrated Framework
(2013 Framework). Based on the Executive Board’s assessment and those criteria, the Executive Board concluded
that the Company’s internal control over financial reporting was effective as of 31 December 2021.
Attestation
 
Report of the Registered Public Accounting Firm
Our independent registered public accounting firm has audited and issued their
 
report on ING’s internal control
over financial reporting, which appears on the page below.
 
Changes in Internal Controls over Financial Reporting
There have been no changes in the Company’s internal controls over financial reporting during the period
covered by this Annual Report that have materially affected or are reasonably likely to materially affect, our
internal control over financial reporting.
Report of Independent Registered Public Accounting Firm
To the Shareholders and the Supervisory Board
 
ING Groep N.V.:
Opinion on Internal Control Over Financial Reporting
We have audited ING Groep N.V.
 
and subsidiaries’ (the Company) internal control over financial reporting as of
December 31, 2021, based on criteria established in Internal Control – Integrated Framework (2013) issued by
the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company
maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021,
based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), the consolidated statements of financial position of the Company as of December 31,
2021 and 2020, the related consolidated statements of profit or loss, comprehensive income, changes in equity,
and cash flows for each of the years in the three-year period ended December 31,
 
2021, the related notes and
the specific disclosures described in Note 1 as being part
 
of the consolidated financial statements (collectively,
the consolidated financial statements), and our report dated March 7, 2022 expressed an unqualified opinion on
those consolidated financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and
for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying
Report of the Executive Board on Internal Control over Financial Reporting. Our responsibility is to express an
opinion on the Company’s internal control over financial reporting based on our audit. We are a public
accounting firm registered with the PCAOB and are required to be independent with respect to the Company in
accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
 
and
Exchange Commission and the PCAOB.
 
 
ING Group Annual Report 2021 on Form 20-F
133
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether effective internal control over financial
reporting was maintained in all material respects. Our audit of internal control over financial reporting included
obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on
the assessed risk. Our audit also included
 
performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance
 
of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with generally accepted accounting principles, and that receipts and expenditures of the
 
company
are being made only in accordance with authorizations of management and
 
directors of the company; and (3)
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance
 
with the
policies or procedures may deteriorate.
/s/ KPMG Accountants N.V.
Amstelveen, The Netherlands
March 7, 2022
 
Item 16A. Audit Committee Financial Expert
The Supervisory Board has determined that Margarete Haase, who is a member of
 
the Supervisory Board,
qualifies as an “audit committee financial expert” as defined
 
by the SEC pursuant to section 407 of the Sarbanes-
Oxley Act of 2002. The Supervisory Board has further
 
determined that Margarete Haase is “independent”, as
defined in Rule 10A-3 under the U.S. Securities Exchange Act of 1934.
 
She was appointed as a member of the
Supervisory Board at the General Meeting in May 2017 and her
 
appointment became effective as per 1 May
2018, as decided by the Supervisory Board in January
 
2018. Margarete Haase is chairwoman of the Audit
Committee.
Item 16B. Code of Ethics
How we work
 
Our culture, including our risk culture, starts with the Orange Code values and behaviours we share across our
organisation, helping us to make responsible decisions – for ourselves and for our customers. A sound risk culture
is paramount at ING as it determines the way in which employees identify, understand, discuss and act on the
risks we are confronted with and the risks we take. The proper embedding of our Global Code of Conduct,
Orange Code and the Whistleblower policy into our processes is key to managing our culture and ethics risk.
The Orange Code
The Orange Code is a declaration of who we are. It describes what we can expect from each other when
 
we turn
up to work each day. It is a set of standards that we collectively value, strive to live up to, and invite others to
measure us by. The Orange Code is the sum of two parts, the ING values and ING behaviors, with “
Integrity
above all
” being the overarching principle.
Our values.
The non-negotiable promises we make to the world no matter what.
 
We are honest.
 
We are responsible.
 
We are prudent.
 
 
 
ING Group Annual Report 2021 on Form 20-F
134
Our behaviours.
The commitments we make to each other and the standards by which we measure each other’s
performance:
 
You take
 
it on and make it happen.
 
You help others to be successful.
 
You are always
 
a step ahead.
 
Our business centers on people and trust. People trust us with their money and with
 
their data. Maintaining this
trust is crucial. Everything we do at ING is guided by our Orange Code, a declaration that describes
 
our way of
working, putting integrity above all. We expect everyone to demonstrate our Orange Code standards, values and
behaviours every day. Not doing so could potentially put our customers at risk, erode the public’s confidence in
our bank and damage our reputation. That’s why integrity is at the very foundation of our culture.
 
Employees are introduced to the Orange Code early with new joiners invited to complete a global online e-
learning introduction module that explains more about ING’s culture, how we work and what we expect from
employees.
Our Orange Code is included within Step Up Performance Management, our global
 
performance management
approach, and discussed throughout the year. It is also linked to our Our People Offer,
 
our Employee Value
Proposition, which forms the basis of all people-related programmes. Through these activities,
 
our aim is to
develop a culture that is focused on long-term value creation.
The Orange Code applies to all employees worldwide, including the principal
 
executive, financial and accounting
officers. The values and behaviours of the Orange Code are available on the ING website at
https://www.ing.jobs/Global/Careers/Orange-code.htm.
 
In 2021, there were no amendments to the Orange Code. ING did not grant any waivers (including implicit
waivers) under the Orange Code to the principal executive, financial or accounting officers in 2021.
Global Code of Conduct
Building on the Orange Code is ING’s Global Code of Conduct (launched in
 
2020) which outlines the 10 core
principles we expect from our employees. These principles build
 
on the values and behaviors of the Orange Code
and are based on ING’s existing policies, minimum standards and guidelines.
All ING new joiners are requested to complete the Global Code of Conduct e-learning upon
 
onboarding.
 
Whistleblower Policy
Two of the important Global Code of Conduct elements are the ‘speak-up’ principle, which encourages
employees to report any form of misconduct, and the principle that every ING employee is
 
entitled to a safe
working environment. ING does not tolerate discrimination, harassment, bullying, sexual or other forms of
intimidation, aggression or violence. Furthermore, all persons
 
in scope of the Whistleblower Policy are
encouraged to raise concerns about suspected or actual criminal conduct, unethical conduct
 
or other misconduct
by or within ING.
 
In 2021, minor changes were made to the Whistleblower Policy to remain a safe and compliant bank. The
changes include an extension of the scope of the Policy. The Policy now covers any natural person working for,
having worked for or is in the process of being hired to work for or on behalf of ING, on contract or temporary,
including Senior Management and members of the Executive Board, Management Board Banking
 
and the
Supervisory Board, persons on secondment, paid and unpaid
 
interns, volunteers or trainees, and persons hired as
external employees, including self-employed workers, the principal executive, financial and accounting officers.
The updated Whistleblower Policy is available on the ING website at www.ing.com/About-us/Compliance/ING-
Group-Whistleblower-Policy.htm.
 
ING granted ING Turkey a waiver,
 
because its local regulation was stricter than the ING Whistleblower Policy. No
further waivers were granted (including implicit waivers) under the Whistleblower Policy to the principal
executive, financial or accounting officers in 2021.
 
Orange Code Decision Making
To enhance risk awareness, support moral learning, and enable people to perform proper risk judgement, the
Orange Code Decision Making model (introduced in 2017) targets to support our employees
 
in dealing with
dilemmas via workshops and dialogue sessions. This
 
four-step approach supports balanced decision-making by
weighing the rights and interest of all stakeholders involved. Compliance organizes ongoing training for local
Compliance experts so that they can properly apply the model in their
 
respective countries. Moreover, the model
has been embedded into other decision making processes,
 
such as the data ethics governance process and the
global Product Approval and Review Process.
Conflicts of Interest
 
 
ING Group Annual Report 2021 on Form 20-F
135
Regarding the management of actual or potential conflicts of interest, ING maintains a policy on Conflicts of
Interests which applies to all employees worldwide, including the principal executive, financial and
 
accounting
officers. A description of the policy on Conflicts of Interest is available to view on the ING website at
https://www.ing.com/About-us/Compliance/Conflicts-of-interest-and-confidential-information.htm.
The Conflict of Interest Policy “aims to identify, assess, manage and mitigate or prevent actual and potential
conflicts between ING customers and between the interests of ING an the private interests of ING employees,
including members of ING’s senior management which could adversely influence the performance of their duties
and responsibilities”.
 
ING did not grant any waivers (including implicit waivers) under the Conflicts of Interest Policy to the principal
executive, financial or accounting officers in 2021. In 2021 the Conflicts of Interest Policy was revised to further
align with the standards as defined by enterprise risk management and to incorporate key requirements for both
personal and organizational conflicts of interest in line with the European Bank Association Guidelines on Internal
Governance. The policy will become effective in April 2022.
Banker’s Oath
 
All employees working for ING in the Netherlands (including ING's
 
principal executive, financial or accounting
officers) take the Banker's Oath. The Oath contains a set of principles affirming the banking industry's
commitment to maintain high standards of ethical behaviour. Accountability and a disciplinary sanction
mechanism are linked to breaches of these principles.
 
Compliance is trained to support employees in dealing with dilemmas
 
via workshops and dialogue sessions, using
the Orange Code Decision Making model (a so-called “four-step approach” weighing the rights and interest of
stakeholders involved).
 
In 2021, there were no amendments to the Banker's Oath. ING did grant waivers under the Banker's Oath, but
not to principal executives, financial or accounting officers in 2021
 
(unless they were not in scope of the Banker’s
Oath obligation according to ING’s Banker’s Oath Guidelines). The text of the Banker’s oath can be found here:
https://www.ing.com/About-us/Corporate-governance/Dutch-Banking-Code.htm
 
 
 
ING Group Annual Report 2021 on Form 20-F
136
Item 16C. Principal Accountant
 
Fees and
Services
 
At the Annual General Meeting held on 23 April 2019, KPMG (
KPMG Accountants N.V.
 
in
Amstelveen, the
Netherlands
 
– PCAOB ID:
1012
) was re-appointed as the external audit firm for ING Group for the financial years
2020 through 2023. This appointment includes the responsibility to provide an audit
 
opinion on the financial
statements and internal control over financial reporting on 31 December 2021 and to report on the outcome of
these audits to the Executive Board and the Supervisory Board.
 
The external auditor may be questioned at the Annual General Meeting in relation to its audit
 
opinion on the
financial statements. The external auditor will therefore attend and be entitled to address this meeting. The
external auditor attended the meetings of the Risk Committee and of the Audit Committee and
 
attended and
addressed the 2020 Annual General Meeting, at which the
 
external auditor was questioned about its audit
opinion.
 
The external auditor may only provide services to ING Group and its subsidiaries with
 
the permission of the Audit
Committee, in line with the ING Group Policy on External Auditors’ Independence. All
 
services were approved by
the Audit Committee.
More information on the ING Group Policy on External Auditors’ Independence is available on the website of ING
Group www.ing.com.
Audit fees
Audit fees were paid for audit and assurance services provided by the auditors. The services
 
provided include the
audit of ING Group’s consolidated financial statements and Form 20-F.
 
Moreover, these services include
 
the
audits of the statutory financial statements of its subsidiaries. And, it includes assurance
 
services provided by the
auditor regarding other filings for regulatory and supervisory purposes as well as the
 
review on interim financial
statements. Furthermore, it includes the assurance services relating to comfort letters issued in connection with
prospectuses and reviews of SEC product filings.
Audit-related fees
Audit-related fees were paid for assurance and related services that are reasonably related to the performance of
the audit or review of the consolidated financial statements not reported under the audit fee item above. These
services consisted primarily of specific agreed-upon procedure engagements and assurance
 
engagements for
third parties.
Tax
 
fees
Over 2021 no tax fees were paid. Under the current ING Group Policy on External Auditors’ Independence most
tax services are prohibited.
 
Some tax services are only allowed after specific approval under an ‘exception
procedure’.
 
Reference is made to Note 29 ‘Audit fees
 
 
in the consolidated financial statements for audit, audit-related, tax
and all other fees paid to the external auditors in 2021, 2020 and 2019.
Item 16D. Exemptions
 
from the Listing
Standards for
 
Audit Committees
Not applicable.
Item 16E. Purchases of Equity
 
Securities by
the Issuer and Affiliated Purchasers
On 1 October 2021, ING announced a share buyback
 
programme under which it repurchases ordinary shares of
ING Groep, with a maximum total value of EUR 1,744 million and
 
for a number of shares not exceeding the
authority granted by the general meeting of shareholders (10% of the issued shares). The share buyback
programme has commenced on 5 October 2021 and was completed on 28 February
 
2022. The total number of
shares repurchased under the programme is 139,711,040 ordinary shares at an average price of EUR 12.47 for a
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
137
total consideration of EUR 1,742 million. The purpose of the share buyback
 
programme is to reduce the share
capital of ING.
The share buyback programme has been approved by the ECB and is executed within the limitations of the
existing authority granted by the general meeting of shareholders on 26 April 2021 and in compliance with
 
the
Market Abuse Regulation. ING has entered into a non-discretionary arrangement with a financial intermediary to
conduct the buyback.
There were no purchases by us or any of our affiliated purchasers of any of our equity securities registered
pursuant to Section 12 of the U.S. Securities Exchange Act of 1934 during the fiscal
 
years ended December 31,
2020 and 2019.
 
Purchases of Equity Securities by the Issuer and affiliated Purchasers
Month of purchase
Total number of
shares purchased
1
Average price paid
per share in EUR
Total number of
shares purchased
as part of publicly
announced plans
or programmes
2
Maximum Value of
shares that may yet be
purchased under the
plans or programmes in
EUR million
October 2021
31,584,782
12.86
31,584,782
1,338
November 2021
43,158,794
12.85
43,158,794
783
December 2021
52,884,224
12.17
52,884,224
140
Total
127,627,800
12.57
127,627,800
140
Of which:
Purchased in the open market
127,627,800
12.57
127,627,800
1,604
Acquired through exercise of call
options / settlement of forward
contracts
n.a.
n.a.
n.a.
n.a.
1
The table excludes purchases for market-making in ING Groep N.V.
 
shares.
2
On 1 October 2021, ING Groep N.V.
 
announced a share buyback programme for EUR 1,744 million. The programme was initiated
on 5 October 2021 and is expected to end no later than 5 May 2022. The share buyback programme was completed on 28
February 2022. The programme is executed by an intermediary to allow for purchases in the open market
 
during both open and
closed periods. As the programme was initiated for capital reduction purposes, ING Groep N.V.
 
intends to cancel all of the shares
acquired under the programme. ING Groep N.V.
 
has no other publicly announced plans or programmes to repurchase shares. No
publicly announced plans or programmes expired
 
during 2021. In 2021, ING Groep N.V.
 
did not determine to terminate any
publicly announced plans or programmes prior to expiration, or determine that it intends not to make any further purchases
under any publicly announced plans or programmes.
 
Item 16F.
 
Changes in Registrant’s
 
Certifying
Accountant
Not applicable.
Item 16G. Corporate
 
Governance
 
Dutch Corporate Governance Code and Banking Code
As ING Group is established and listed in the Netherlands, it must comply
 
with Dutch laws and regulations and is
subject to the Dutch Corporate Governance Code (the DCGC).
The DCGC provides guidance for ING’s corporate governance structure and practices. ING strongly supports the
DCGC and its principles to ensure sound corporate governance. ING’s application of the DCGC is described in the
2021 ‘Application of the Dutch Corporate Governance Code by ING Groep N.V.’,
 
10 March 2022, available on
ing.com.
 
The DCGC can be downloaded from the website mccg.nl.
The Dutch Banking Code (the Banking Code) is only
 
applicable to ING Bank, but ING Group voluntarily applies the
principles of the Banking Code on remuneration for its Executive Board members and senior management.
The Banking Code can be downloaded from the website nvb.nl/english/.
This chapter, including the parts of this Annual Report incorporated by reference, along with the
 
 
 
ING Group Annual Report 2021 on Form 20-F
138
publication ‘Application of the Dutch Corporate Governance Code by ING Groep N.V.
 
’,
 
comprise the Corporate
Governance Statement.
 
 
Differences between Dutch and US corporate governance practices
ING Group qualifies as a foreign private issuer under the US Securities and Exchange Commission
 
(SEC) rules and
is permitted to follow home-country practice in some circumstances, in lieu of certain corporate governance
standards required by the New York Stock Exchange (NYSE) applicable to US domestic companies. Accordingly,
ING Group must disclose in its Annual Report on Form 20-F any significant differences between its corporate
governance practices and those applicable to US companies under NYSE listing
 
standards. ING Group believes
there differences are the following:
ING Group has a two-tier board structure, in contrast to the one-tier board structure used by most US
companies. In the Netherlands, a public limited liability
 
company with a two-tier board structure has an
executive board as its management body and a supervisory board that advises and supervises
 
the executive
board. Supervisory board members are often former state or business leaders and sometimes former
members of the executive board. A member of the executive board or other officer or employee of the
company cannot simultaneously be a member of the supervisory
 
board. The supervisory board must approve
specified decisions of the executive board.
Under the DCGC, all members of the supervisory board,
 
with the exception of not more than one person,
should be ‘independent’ as determined under
 
the DCGC. However, the definition of ‘independent’ under the
DCGC differs in its details from the definition of ‘independent’ under
 
the NYSE listing standards.
 
All members
of ING’s Supervisory Board, are independent as determined under the DCGC.
 
NYSE listing standards require a US company to have a compensation committee and a nominating/corporate
governance committee, each composed entirely of independent directors (as determined under the NYSE
listing standards). ING’s Nomination and Corporate Governance Committee and Remuneration Committee are
composed entirely of members of the Supervisory Board who are independent
 
as determined under the
DCGC.
NYSE listing standards require that, when a member of the audit committee of a US company serves on
 
four
or more audit committees of public companies, the company should disclose
 
(on its website, in its annual
proxy statement or in its annual report filed with the SEC) that the board of directors has determined this
simultaneous service would not impair the director’s service
 
to the company. Dutch law does not require the
Supervisory Board to make such a determination.
In contrast to the NYSE listing standards, the DCGC contains an ‘apply-or-explain’ principle, offering the
possibility of deviating from the DCGC. For any deviations by ING Group, please refer to the paragraph ‘Dutch
Corporate Governance Code and Banking Code’.
NYSE listing standards require external auditors to be appointed by the audit committee. By contrast, Dutch
law requires ING Group’s external auditors to be appointed by the General Meeting and not by the Audit
Committee. The Audit Committee is responsible for preparing the Supervisory Board’s nomination to the
General Meeting for the appointment and remuneration of ING Group’s external auditor,
 
and annually
evaluates the independence and functioning of, and developments in the relationship with, ING Group’s
external auditor and informs the Supervisory Board of its findings
 
and proposed measures.
Under NYSE listing standards, shareholders of US companies must be given the opportunity
 
to vote (of which
the result is advisory in nature) on all equity compensation
 
plans applicable to any employee, director or
other service provider of a company (or on material revisions thereto), with limited exceptions set forth in the
NYSE rules. Under Dutch law and the DCGC, binding shareholder
 
approval is only required for equity
compensation plans (or changes thereto) for members of the executive board and supervisory board, and not
for equity compensation plans for other groups of employees.
 
The NYSE listing standards require certain transactions with related parties to be reviewed by a company’s
audit committee or another independent body of the board of directors for potential conflicts of interest, and
for the audit committee or other independent body to prohibit such a transaction if it
 
determines it to be
inconsistent with the interests of the company and its shareholders. However, foreign private
 
issuers can rely
on home country practice with respect to review and approval of related party transactions. ING has adopted
internal policies and procedures for the purposes of identifying, assessing,
 
and recording conflicts of interest,
including with respect to whether related party transactions are on customary or arm’s length terms. These
policies and procedures are intended, if and to the extent required under applicable law, prudential rules and
other applicable guidelines, to enable the Management Board and Supervisory
 
Board to assess the terms of
these intended transactions.
 
 
ING Group Annual Report 2021 on Form 20-F
139
Item 16H. Mine Safety
 
Disclosure
Not applicable.
Item 16I. Disclosure Regarding
 
Foreign
Jurisdictions that Prevent
 
Inspections
Not applicable.
 
 
 
ING Group Annual Report 2021 on Form 20-F
140
PART
 
III.
Item 17. Consolidated Financial Statements
Not applicable.
Item 18. Consolidated Financial Statements
Reference is made to the Consolidated financial statements of ING Group on page F-258.
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
141
Item 19. Exhibits
 
The following exhibits are filed as part of this Annual Report:
Exhibit 1.1
Exhibit 2.2
 
Exhibit 2.3
Exhibit 2.4
Exhibit 2.5
 
Exhibit 2.6
Exhibit 2.7
Exhibit 2.8
Exhibit 2.9
Exhibit 2.10
Exhibit 2.11
Exhibit 2.12
 
 
 
ING Group Annual Report 2021 on Form 20-F
142
Exhibit 2.13
 
Exhibit 2.14
Exhibit 2.15
Fourth Supplemental Indenture between ING Groep N.V.
 
and The Bank of New York Mellon,
London Branch, as trustee, dated September 14, 2021, in respect of 3.875%
 
Perpetual
Additional Tier 1 Contingent Convertible Capital Securities and 4.250% Perpetual Additional
Tier 1 Contingent Convertible Capital Securities (incorporated by reference to Exhibit 4.1 of
ING Groep N.V.'s
 
Report on Form 6-K filed on 14 September 2021)
 
 
Exhibit 101
Inline eXtensible Business Reporting Language (Inline XBRL)
Exhibit 104
Cover Page Interactive Datafile (embedded in Exhibit 101)
 
SIGNATURES
The registrant hereby certifies that it meets all the requirements for filing on Form 20-F and that it has duly
caused and authorised the undersigned to sign this annual
 
report on its behalf.
ING Groep N.V.
(Registrant)
By:/s/T.
 
Phutrakul
T.
 
Phutrakul
Chief Financial Officer
Date: March 7, 2022
 
ing20f2021p143i0.jpg
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Risk management at ING Group
ING Group Annual Report 2021 on Form 20-F
143
Risk management
The Covid-19 pandemic continued to have a
 
negative impact on the global
economy.
 
Although economic activity continued to recover
 
in 2021, strains on
supply chains and inflation hamper the recovery.
 
This section explains ING’s
approach towards risk manageme
 
nt and how this was impacted by the Covid-
19 pandemic.
As a global financial institution with a strong European base, offering banking services,
 
ING is exposed to a variety
of risks. We manage these risks through a comprehensive risk management framework that integrates risk
management into daily business activities and strategic planning. This
 
aims to safeguard ING’s financial strength
and reputation by promoting the identification, measurement and management of risks at all levels of the
organisation. Taking measured risks aligned with its Risk Appetite is core to ING’s business.
The risk management function supports the Executive Board in formulating the risk
 
appetite, strategies, policies
and limits. It provides oversight, challenges and controls throughout ING on risk-related items.
 
This section sets out how ING manages its risks on a day-to-day basis. It explains how
 
the risk management
function is embedded within the organisation based on
 
the ‘three lines of defence’ model. It describes the key
risks that arise from ING’s business model and how these are managed by dedicated risk management
departments, with various specific areas of expertise. The section
 
provides qualitative and quantitative
disclosures about solvency, credit, market, funding and liquidity, ESG and climate change, business, operational,
IT,
 
compliance and model risks.
 
Risk profile
This chart provides high-level information on the risks arising from ING’s business activities:
Risk profile
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Risk management at ING Group
ING Group Annual Report 2021 on Form 20-F
144
Risk categories
 
ING’s main risks are described in the categories below. The chapters in the risk management section are based on how risks are
 
managed internally. Operational and IT risk are part of the NFR chapter.
Overview of Risk Categories
Risk Categories
 
Sub-categories
defined as:
Financial Risk
Solvency risk
The risk of lacking sufficient capital to
 
fulfil business objectives, regulatory requirements
 
or market expectations.
 
A bank that is completely insolvent is unable
 
to pay its debts and will be
forced into bankruptcy.
Credit risk
The risk of potential loss due to default by
 
ING’s debtors
 
(including bond issuers) or trading counterparties.
 
Market risk
The risk of potential loss due to adverse
 
movements in market variables.
 
Funding and liquidity risk
The risk that ING cannot meet financial liabilities when they
 
become due at reasonable cost and
 
in a timely manner.
Non-Financial Risks
Operational risk
The risk of direct or indirect loss arising from inadequate
 
or failed internal processes, people and systems
 
or from external events.
 
Information (Technology)
 
risk
The risk of financial loss, regulatory sanction and/or
 
reputational damage due to ineffectively
 
utilising information, or inappropriately
 
protecting information.
Compliance risk
A threat posed to ING’s
 
standing resulting from failure
 
to act in line with applicable laws and regulations,
 
internal rules (including ING’s
 
Orange Code and global Code of Conduct) and/or
societal expectations.
Overarching Risks
ESG risk (including climate risk)
ESG is the risk that environmental,
 
social and governance issues stemming from the
 
banks clients result in reputational
 
damages and/or financial losses for ING. Climate
 
risk is the risk
that a financial loss will be incurred due to climate
 
change events, either through
 
physical risk (eg flooding) or transition
 
risk (eg solar energy instead of gas).
Business and strategy risk
The value or earnings loss due to business and strategic
 
decisions that do not materialise as planned. This risk can
 
be expressed in terms of volumes, margins,
 
expenses and fees and
commissions.
Model risk
The risk that the financial or reputational
 
position of ING is negatively impacted as a consequence
 
of the use of models. Model risk can arise from errors
 
in the development,
implementation, use or interpretation
 
of models, or from incomplete or wrong data
 
etc., leading to inaccurate,
 
noncompliant or misinterpreted
 
model outputs.
 
 
 
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Risk management at ING Group
ING Group Annual Report 2021 on Form 20-F
145
Top and emerging risks
The risks listed below are defined as existing and emerging risks which could cause the actual
 
results to differ,
 
in
some instances materially, from those anticipated. They may have a material impact on the reputation of the
company, introduce volatility in future operating results, or impact ING’s medium and long-term strategy
including the ability to pay dividends, maintain appropriate levels of capital or meet liquidity and
 
funding targets.
An emerging risk is defined as a risk that has the potential to have a significant negative effect on our
performance, but whose impact on the organisation is currently more difficult to assess than other
 
risk factors
that are not identified as emerging risks.
 
The topics have emerged as part of the annual risk assessment that is performed as
 
part of the Stress Testing
Framework and the Risk Appetite Framework. The sequence in which the risks are presented below is not
indicative of their likelihood of occurrence or the potential magnitude of their financial
 
consequences.
 
The 2021 risk assessment confirmed our top and emerging risks. The top risks in
 
2021 are related to cybercrime,
data risk management and a persistent low interest rate environment.
 
On top of that, the Covid-19 pandemic
continued to impact our business environment. Climate change risk remains an emerging risk, reflecting
 
the
impact that climate change may have for the financial position and/or reputation of ING.
 
The Russian invasion of Ukraine
The Russian invasion of Ukraine and rapidly escalating events in late February and early March 2022 is a
significant tragedy to the people and is causing disruption to business and economic
 
activity in the region and
worldwide. Subsequently, the United States, United Kingdom and Europe initiated sanctions against Russia in late
February and early March 2022. In response, the Russian
 
central bank enforced liquidity and currency controls.
On sanctions
The international community is leveraging their sanction tools in response to the escalation of
 
Russia’s invasion
of Ukraine. Accordingly, as part of ING’s know your customer and compliance risk governance and procedures,
ING is continuously monitoring the situation to stay abreast on all relevant updates to implement effective and
appropriate additional control measures and to manage the increased risk and financial impacts
 
of these
developments.
Our exposures
ING has wholesale banking activities in both
 
Russia and Ukraine, as well as investments in Russia, some of which
are denominated in local currency. As a result of the Russian invasion of Ukraine and related international
response measures, including sanctions and capital controls, we may be exposed to increased risk of default of
counterparties located in Russia and Ukraine, counterparties of which the ultimate parent is located in Russia or
may be considered effectively controlled or influenced through Russian involvement, and other counterparties in
sectors affected by the international response measures. Furthermore, we have counterparty exposure to
Russian entities in connection with foreign exchange derivatives for future receipt of foreign currencies against
RUB.
As of 28 February 2022, ING’s total Russia-related exposure was approximately €6.7 billion (~0.9% of our total
loan book), mainly consisting of liquidity facilities and pre-export financing.
 
In Ukraine, our exposure was
approximately €500 million mainly with liquidity facilities and other lending.
 
Around €700 million exposure to
Russian clients was affected by new sanctions. Early March 2022, we announced our decision
 
to not do any new
business with Russian companies.
Basis of disclosures (*)
The risk management section contains information relating to the nature and extent of the risks of
financial instruments as required by International Financial Reporting Standards (IFRS) 7 'Financial
Instruments: Disclosures'. These disclosures are an integral part of ING Group Consolidated financial
statements and are indicated by the symbol (*). This is applicable for the chapters, paragraphs, graphs
or tables within the risk management section that are indicated with this symbol in the
 
respective
headings or table header.
This risk management section also includes additional
 
disclosures beyond those required by IFRS
standards, such as certain legal and regulatory disclosures. Not all information in this section can be
reconciled back to the primary financial statements and corresponding notes, as it has
 
been prepared
using risk data that differs to the accounting basis of measurement. Examples of such differences
include the exclusion of accrued interest and certain costs and fees from risk data, and timing
differences in exposure values (IFRS 9 models report expected credit loss on underlying exposures).
Disclosures in accordance with Part Eight of the CRR2 and CRD V, and as required by the supervisory
authority, are published in our ‘Additional Pillar III Report’,
 
which can be found on our corporate
website ing.com.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Risk management at ING Group
ING Group Annual Report 2021 on Form 20-F
146
The impact on our business is being monitored on a continuous
 
basis. A central team was established for daily
monitoring and we intensified monitoring of our counterparties. Furthermore, we are working
 
together with
counterparties, both onshore and offshore, to limit risks associated with derivatives exposures.
Below table illustrates our exposure to Russia per 28 February 2022. Compared to year-end 2021, as disclosed in
the credit risk portfolio section, the exposure to Russian borrowers of €4.8 billion increased with approximately
€500 million due to central bank placements of deposits received and (limited) drawings
 
under committed
facilities.
Russia exposure
1
in EUR billion
28 Feb 2022
Russian borrowers
2
5.3
Non-Russian borrowers with Russian ownership
1.5
Total
6.7
Of which covered by ECA (0.9), CPRI (1.3) and European parent guarantees (0.3)
3
2.5
Total booked
 
at ING in Russia
4
1.3
Of which covered by European parent guarantees
0.3
1
 
Credit outstandings of lending, pre-settlement (including lending related derivatives), money market and investment
 
activities, excluding
off-balance sheet positions such as undrawn committed exposures of €0.6 billion
2
 
Includes Russian borrowers with non-Russian (ultimate) ownership
3
 
Refers to Export Credit Agency (ECA) and Credit and Political Risk Insurance (CPRI)
4
 
Exposures booked at ING in Russia are partly supported by Legal lending limit guarantees from ING Bank N.V..
 
These guarantees cover
current outstandings of approximately €150 million
Below table illustrates our exposure to Ukraine per 28 February 2022.
Ukraine exposure
1
in EUR billion
28 Feb 2022
Booked at ING in Ukraine
0.4
Booked at other ING entities
0.2
Total
0.5
Of which covered by (European)
 
parent guarantees
0.2
1
 
Credit outstandings of lending, pre settlement, money market and investment activities. Off-balance positions are not included but are
negligible
Covid-19 pandemic
In 2021, the Covid-19 pandemic continued to have an impact on people,
 
businesses and the economy. While
vaccination rates continued to increase and Covid-19 related restrictions were lifted in some jurisdictions in the
first part of 2021, the end of 2021 was again marked by new waves of infections. Uncertainty concerning the
ongoing pandemic remains and we therefore continue to be cautious and remain ready to support our clients
when they need it. Further, the economic environment in 2021 was marked by supply chain disruptions, rising
energy and commodity prices, significantly increasing house prices and
 
increasing inflation impacting companies
and consumers..
ING is carefully monitoring the Covid-19 pandemic and the impact
 
on its people and business. A central ING team
monitors the situation globally and provides guidance on health and safety measures, travel advice, and business
continuity for our company. In addition, a situation in which most or some of ING’s employees continue working
from home may raise operational risks, including with respect to information security, data protection,
availability of key systems and infrastructure integrity.
 
Increased attention is being paid to our financial risks. ING performed several types of stress tests and sectoral
reviews to assess the potential impact of the covid-19 pandemic and the
 
uncertainties of the current economic
environment (e.g. inflation risk stress test) on its financial position. These stress tests and reviews helped ING to
get further insights into the potential impact and to define appropriate mitigating actions.
 
 
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Risk management at ING Group
ING Group Annual Report 2021 on Form 20-F
147
Potential economic implications for the countries and sectors where ING is active, which could have a material
adverse effect on ING’s business and operations, are continuously being identified, assessed and monitored in
order to execute possible mitigating actions.
Financial crime
We’re committed to fulfilling our role as a gatekeeper to the financial system, in order to protect our customers,
society and our bank from the corrosive effects of financial crimes such as money laundering,
 
terrorist financing,
bribery and corruption, sanctions evasion and tax offences. It’s our intention to not just comply with applicable
laws and regulations in relation to financial crime, but also to continue to strengthen our financial crime control
framework in a robust and sustainable way to prevent, detect and respond to illicit activity. We continue to seek
to harness new and innovative technological capabilities in order to create a safer environment for our
customers, our bank and society.
 
In 2021, we adjusted our financial crime risk appetite and framework of policies
and procedures to reflect changes in the risk environment and responded to external developments; including
the Pandora Papers release. We also sought to further empower our people with the skills and knowledge to
fight financial crime; sharing insights with them about
 
emerging and evolving threats (including in relation to
financial crime risks linked to or heightened by the Covid-19 pandemic) and
 
enhancing our training framework.
However,
 
fighting financial crime and protecting the integrity of the financial
 
system is a challenge for all banks,
given the constantly changing environment and pace at which criminals evolve their methods. We believe we can
be more effective in our efforts if we collectively join forces and share intelligence with other banks and with
national, European and international authorities and law enforcement to combat financial crime. We therefore
continue to proactively participate in public-private partnerships, such as Transaction Monitoring Netherlands
and Germany’s Anti-Financial Crime Alliance, and to collaborate with other banks.
 
Cybercrime
Cybercrime remains a continuous threat to companies in general and to financial institutions in particular. Both
the frequency and the intensity of attacks are increasing on a global scale. The sophistication and implications
 
of
ransomware attacks are a growing concern in the threat landscape.
The continuous enhancement of the control environment to protect from, and detect and respond to, e-banking
fraud, DDoS, targeted attacks and more specific ransomware attacks is of the highest priority. Additional controls
continue to be embedded in the organisation as part of the overall internal control framework and are
continuously re-assessed against existing and new threats. In addition, ING continues to strengthen its global
cybercrime and fraud resilience through extensive collaboration across the globe with financial industry peers,
law enforcement authorities, government (e.g. National Cybersecurity Center) and Internet Service
 
Providers
(ISPs).
 
Data risk management
Data, whether customer, financial, risk or other busines data, is at the core of the ING’s purpose: data leads to
insights and insights empower people to stay a step ahead in life and in business. The ING Data Strategy is
creating a single vision and governance, empowering business users and building
 
a harmonised foundation
regarding data. This encompasses further embedding data functions and improving (bank-wide)
 
data operations,
and simplifying, standardising and modernising its
 
technology and data platforms. Recognising that data risk is
one of the top risks of the bank, ING is creating a holistic view on how ING
 
manages risk around data including
personal data protection, data security, data quality and data ethics.
 
Low/negative interest rate
 
environment
The persistent low/negative interest rate environment, with central banks holding their rates at negative
 
or low
levels, continued to negatively impact short-term as well as long-term market rates. The Covid-19 pandemic
intensified the low/negative interest rate environment. Interest rates
 
are expected to remain at current levels for
some time. This is posing a challenge for bank business
 
models that earn net interest income from traditional
savings activities. In addition, loans are being repriced at lower rates which is putting more pressure on margins
and impacting long-term profitability. ING is continuously assessing this market environment. ING has introduced
negative interest rate charging and is reducing thresholds for charging negative interest rates.
 
Further, ING is
expanding other sources of income such as net fee and commission income.
 
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Risk management at ING Group
ING Group Annual Report 2021 on Form 20-F
148
Sourcing risk
The scope of functions and services that ING
 
businesses source to third parties and internal parties has risen in
recent years. As such sourcing has evolved from being a means to control costs to a mechanism for building
centres of excellence internally and external partnerships that can add real strategic value. Apart from the clear
tangible benefits sourcing adds to ING, it also raises new risks for the bank. Primarily these
 
are operational risks
associated with third parties performing (parts of) functions
 
and services, and range from underperformance and
data privacy to business continuity and cybercrime.
With growing reliance on sourcing, ING’s Sourcing Policy is baselining the requirements in terms of controls when
sourcing. The Sourcing Policy which is, at least in part, based on regulatory requirements allows ING
 
to
implement the required control assurance over the functions and activities sourced to third parties and internal
parties, throughout the entire sourcing lifecycle.
Climate change risk
ING is increasingly aware of the risks associated with climate change and how these can impact
 
our clients and
their financial stability. This includes physical risk and transition risk. Physical risk can be acute, such as flood and
wildfires, or chronic, such as increased temperature and rising sea levels. Transition risk can be driven by policy,
technological or market changes as we shift towards a low-carbon global economy and potentially lead to
stranded assets.
In addition to our Climate Expert Group (CEG) and Climate Change Committee (CCC), an internal programme was
launched in 2020 to address the impacts resulting from climate change. In 2021,
 
this programme was brought
under ING’s global oversight of regulatory programs. The governance of the programme was recently
strengthened with clear allocation of responsibilities for oversight and execution. As such, climate risk will be
included in our risk management framework in a forward-looking approach. In our integrated climate report on
ing.com we report on our progress until end-2020. The report details our approach and sector-specific insights.
 
Risk governance (*)
Effective risk management requires firm-wide risk governance. ING’s risk and control structure is based on the
‘three lines of defence’ governance model. Each line has a specific role and defined responsibilities,
 
with the
execution of tasks being distinct from the control of these same tasks. The three lines work closely together to
identify, assess, and mitigate risks.
 
This governance framework is designed in such a way that risk is managed in line with
 
the risk appetite approved
by the Management Board Banking (MBB), the Executive Board (EB) and the
 
Supervisory Board (SB); and this
approach is cascaded throughout ING. The MBB is composed of the EB
 
of ING Group, the heads of the business
lines, the chief technology officer (CTO) and the chief operations and transformations officer (COO).
The heads of ING’s banking business and support functions and the heads
 
of the country units, or their delegates,
are the first line of defence. They have primary ownership, and accountability and responsibility for assessing,
controlling and mitigating all financial and non-financial risks affecting their businesses, as well as
 
for the
completeness and accuracy of the financial statements and risk reports with respect to their responsible areas.
The CTO is responsible and accountable for proper security and controls on global applications and IT platforms
servicing the bank and implementing proper processes.
The second line of defence consists of oversight and specialised functions in risk management
 
and compliance.
They (i) have co-responsibility for risk management, through articulating and translating the risk appetite into
methodologies and policies to support and monitor business
 
management's control of risk, (ii) objectively
challenge risk management execution and control processes and coordinate the reporting of risks and controls by
the first line of defence, (iii) advise management on risk management and compliance
 
and have decision-making
power in relation to business activities that are judged to present unacceptable risks to ING and (iv) can set
minimum requirements in terms of quality and quantity of global
 
resourcing in the risk management and
compliance functions.
 
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Risk management at ING Group
ING Group Annual Report 2021 on Form 20-F
149
The internal audit function forms the third line of defence. It provides independent assurance to the Audit
Committee (part of the SB), the EB and the MBB on
 
the quality and effectiveness of ING’s internal control, risk
management, governance and implemented systems and processes in both the first and second lines of defence.
To protect
 
its independent nature, decisions regarding the appointment, re-appointment or dismissal from office
as well as the remuneration package of the head of the internal audit function require SB approval.
Board-level risk oversight (*)
ING has a two-tier board structure consisting of a management board (EB for ING Group and MBB
 
for ING Bank),
and an SB; both tiers play an important role in managing and monitoring the risk
 
management framework.
The SB is for risk management purposes advised mainly by the
 
Risk Committee, which assists and advises
in monitoring the risk profile and approving the overarching risk appetite of the company as well as
 
the
structure and effective operation of the internal risk management and control systems.
 
The EB is responsible for managing risks associated with all activities of ING
 
Group, whereas the MBB is
responsible for managing risks associated with all activities of ING Bank.
 
The EB and MBB responsibilities
include ensuring that internal risk management and control systems are effective and that ING Group
and ING Bank comply with relevant legislation and regulations. On a regular basis,
 
the EB and MBB
report on these issues and discuss the internal risk management
 
and control systems with the SB. On a
quarterly basis, the EB and MBB report on ING’s risk profile versus its risk appetite to the Risk
Committee, explaining changes in the risk profile.
As a member of the EB and the MBB, the CRO is responsible
 
for ensuring that risk management issues are heard
and discussed at the highest level. The CRO steers a risk organisation both at head-office and business-unit levels,
which participates in commercial decision-making, bringing
 
countervailing power to keep the risk profile within
the agreed risk tolerance. The CRO reports to the SB risk committee on ING’s risk appetite levels and on ING’s risk
profile at least quarterly. In addition, the CRO briefs them on developments in internal and external risk-related
issues and seeks to ensure they understand specific risk concepts.
 
Executive level (*)
The key risk committees described below act within the overall risk policy and delegated authorities granted by
the MBB:
Global Credit and Trading Policy Committee (GCTP) discusses and approves policies, methodologies, and
procedures related to credit, trading, country, and reputation (i.e. environmental and social risk or ESR)
risks. The GCTP meets monthly. After the MBB and the GCTP, the Credit and Trading
 
Risk Committee
(CTRC) is the highest level body authorised to discuss and approve policies, methodologies,
 
and
procedures related to credit and trading risk.
Global Credit Committee – Transaction Approval (GCC(TA))
 
discusses and approves transactions that
entail taking credit risk (including investment risk), country, legal, and environmental and social risk. The
GCC(TA) meets twice a week.
Asset and Liability Committee Bank (ALCO Bank) discusses and steers, on a monthly basis,
 
the overall risk
profile of all ING Bank’s balance sheet and capital management risks. ALCO Bank discusses and approves
policies, methodologies and procedures regarding solvency, market risk in the banking book and funding
and liquidity risks.
Non-Financial Risk Committee Bank (NFRC Bank) is accountable for the design and
 
maintenance of the
Non-financial risk management framework including operational risk management, compliance
 
and legal
policies, minimum standards, procedures and guidelines, development of tools, methods,
 
and key
parameters (including major changes) for risk identification, measurement, mitigating and
monitoring/reporting. NFRC Bank meetings
 
are held at least quarterly.
The Model Risk Management Committee (MoRMC) discusses
 
and steers, on a monthly basis, the overall
model strategy. MoRMC discusses and approves policies and methodologies related to model risk
management.
Climate Change Committee (CCC) is responsible for mandating processes for identifying and managing
climate-related risks and opportunities, guiding climate-related policies, strategy, objective-setting and
performance monitoring. Further, it is responsible for monitoring and overseeing progress on relevant
goals and targets. The CCC meets six times a year.
Regional and business unit level (*)
ING’s regional and/or business unit management have primary responsibility for the management of risks (credit,
market, funding and liquidity, operational, IT,
 
compliance and model) that arise in their daily
 
operations. They are
accountable for the implementation and execution of appropriate risk frameworks affecting their businesses in
compliance with procedures and processes at the corporate level. Where necessary, the implementation is
adapted to local requirements.
The regional and/or business unit (BU) CROs are involved in these activities. The
 
local (regional and BU) CRO is
responsible for the analysis, monitoring and management of risks across the whole
 
value chain (from front to
back office). The local risks are discussed in local risk committees that roll up to the key risk committees at
 
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ING Group Annual Report 2021 on Form 20-F
150
executive level. Local Client Integrity Risk Committees (CIRCs) assess client integrity risk and they have a final
decision on client acceptance or client off-boarding, from a risk-based perspective, in the areas of financial crime,
Foreign Account Tax Compliance Act (FATCA),
 
Common Reporting Standard (CRS) and ESR.
Organisational structure (*)
The Risk Management function consists of corporate risk departments headed by
 
General Managers directly
reporting to the CRO and regional/business unit CROs functionally
 
reporting to the CRO. The corporate risk
departments support the CRO to set the Bank's risk appetite, develop the
 
corporate policies, rules and global
procedures and infrastructures.
 
In 2021, the CRO for ING in Germany started to report functionally to the Group CRO, instead of the CRO C&G,
seen the importance of the German market. The following organisation chart illustrates the reporting lines in
2021 for the risk management organisation:
 
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Risk management at ING Group
ING Group Annual Report 2021 on Form 20-F
151
The banking industry has been re-assessing the business
 
environment it operates in and the pandemic has
accelerated a number of trends, which have an impact on the types of risks we manage
 
as a bank. Consequently,
ING has reviewed its risk organisational structure, looking to improve governance with a more holistic and
integrated approach towards risk management by strengthening group risk steering and further simplification
and automation of processes.
 
With the strategic review of the risk organisational structure, that will start as of March 2022, the following
corporate departments will be created:
‘Credit risk’
 
will set the credit risk strategy for ING and will ensure credit risk and credit restructuring will
be managed from an overarching
 
point of view, rather than per business line.
‘Integrated risk’
 
will have central ownership on bank-wide risk topics that are not exclusively related to
one risk type, in order to ensure that a consistent approach and interdependencies between the various
risk types are taken into account. The current Risk & Capital Integration department will move into
Integrated Risk, just as Model Development from Financial Risk and the Professional Practice Unit from
NFR. An Environment, Society & Governance Risk team will also be introduced.
‘Risk Culture & Behavioural risk’
 
will put risk culture on the agenda of the bank globally, provides a clear
vision, aligned strategy and methodological approach in order to identify, assess and bring change with
regards to how ING employees act on risks.
Risk policies, procedures and standards (*)
ING has a framework of risk management policies, procedures, and minimum
 
standards in place to create
consistency throughout the organisation, and to define requirements that are binding
 
for all business units. The
goal of the governance framework of the local business units is to align with
 
ING’s framework and to meet local
(regulatory) requirements. Senior management is responsible for the implementation of and adherence to
policies, procedures and standards. Policies, procedures and standards are regularly reviewed and updated via
the relevant risk committees to reflect changes in requirements, markets, products and practices.
Internal control framework
In its Enterprise Risk Management (ERM) Framework, ING has explained the approach
 
to mitigate risk outside
ING’s risk appetite. The internal control framework (ICF) is thereby translating regulations and internal
requirements into policies articulating specific risks and control objectives. These policies form the basis
 
for
translation into process control standards, which are used by the business to support and promote an effective
risk and control environment. The ICF includes binding principles, definitions,
 
process steps, and roles and
responsibilities to create consistent bank-wide policies and control standards.
Global policies and control standards are developed and maintained or updated within the ICF. These global
documents are designed by head-office functions and are to be adhered
 
to by all ING entities and support
functions. In line with the ERM approach, ownership for policies will
 
be with the 2nd line of defence (2
nd
 
LoD),
while control standards are to be owned by the 1st line of defence (1
st
 
LoD). Global policy and control standard
documents are approved by relevant approval bodies (e.g. SB, EB, MBB and Bank NFRC).
The policies are based on the risk taxonomy, which is designed to prevent overlaps in policy control objectives.
The control standard owners are responsible for defining the key controls that mitigate the critical and high
inherent risks in the business processes.
 
The process of developing policy and process control standard documents includes the following steps: identify
the document owner, determine the relevant stakeholders, define a risk-based approach, perform an impact
assessment, involve relevant stakeholders and (local) entities for sounding on key and expected controls, and
determine an approval body.
The principal role of the gatekeepers
 
is to provide quality assurance and to advise on the relevant approval
bodies. The ICF gatekeepers challenge document owners on the alignment of internal control documents with
the agreed methodology and risk taxonomy, and verify that the development and communication of those
documents are in line with the agreed process. All policies, control standards, and procedures are published on
ING’s intranet. New and updated documents are periodically communicated by means of a dedicated policy
update bulletin to the country managers and senior heads of business departments.
 
 
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Risk culture
At ING we attach great importance to a sound risk culture, which is essential for performing our role in society
responsibly and to keep the bank safe, secure and compliant. Our risk culture determines the way in which
employees identify, understand, discuss, and act on the risks we are confronted with and the risks we take. In
2021, we drove several enhancement projects based on our 2020 assessment of our risk culture.
 
Most notably,
enhancing our risk culture monitoring activities and bringing
 
non-financial risk to life.
 
Orange Code and the global Code of Conduct
The Orange Code and the global Code of Conduct are the foundation of ING’s risk culture. The global Code
 
of
Conduct defines the most essential conduct principles expected from ING
 
employees in their daily activities, to
create additional risk awareness and better meet expectations stated in external rules and guidelines. In 2021,
the global Code of Conduct has been embedded
 
into our employees’ performance management cycle to ensure
continuous attention to the Global Code of Conduct, and dialogue on how
 
to apply it in our daily work practice.
The Orange Code is a declaration of who we are. It describes what we can expect from each other
 
when we turn
up to work each day. It is a set of standards that we collectively value, strive to live up to, and invite others to
measure us by.
 
The Orange Code is the sum of two parts, the ING values and
 
ING behaviours, with integrity being the
overarching principle. The ING values (being honest, prudent and responsible) are non-negotiable
 
promises we
make to the world, principles we seek to stick to, no matter what. The ING behaviours (take it on and make it
happen, help others to be successful, and always be a step ahead) represent our way to differentiate ourselves.
The Orange Code is embedded in commitments we make to each other and the standards by which we measure
each other’s performance.
Orange Code decision-making
To enhance risk awareness, we continued to support monitoring risk culture and compliance risk in the business.
This included training by compliance and data experts to enhance balanced decision-making
 
in line with the
Orange Code decision-making model to support moral learning and well-balanced
 
decision-making. A four-step
model aims to find out where the moral weight lies for a potential decision.
 
Following the incorporation of the model in the global Product and Approval Process (PARP) policy in 2020 it has
been embedded in several local PARP policies in 2021.
 
Compliance is continuing to train experts in this area
within the local Compliance teams to support the organisation in properly applying
 
the model in practice in their
respective countries.
Learning
In 2021, we continued to strengthen and expand our learning offering on risk topics and the governance around
this. The learning focuses on compliance, non-financial risk
 
and financial risk.
We established a board to approve and monitor progress on the required learning that is taken by all staff. This
will ensure more attendance by the learners, bank-wide alignment, and connection
 
between learning, business
impact and management actions. It has also improved feedback and evidencing
 
of outputs. The board brings
together content owners, learning experts and corporate communications to ensure the best fit for the training
need.
 
We also took steps to expand our learning for risk professionals, with the Risk Academy which provides focused
learning for Risk staff. These take the form
 
of various online learning modules and frameworks that support
employees in developing their knowledge, skills and behaviours.
 
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Dutch Banker’s Oath
In the Netherlands, all employees of ING take the Bankers’ Oath and pledge this promise in a meaningful
ceremony. The Oath came into force in the Netherlands on April 1st of 2015, as part of a joint approach from all
banks, aimed at introducing social regulations, a revised Dutch Banking Code implementing an oath
 
with
associated rules of conduct and disciplinary law. This way the Dutch banks show society what they stand for and
are accountable for,
 
both as individual banks and as a sector. In 2021, due to the Covid-19 pandemic, ING NL
changed to virtual Bankers’ Oath ceremonies via Teams, instead of the former physical ones, to ensure that all
new employees (around 400 a month) can still take the Bankers’ Oath in time and in a meaningful ceremony.
Before taking the Oath, an e-learning is followed and the importance of the Oath is discussed.
 
Also, dilemmas
that the employees may come across in their daily work are shown, to ensure careful balancing of the interests of
all our stakeholders, in the decisions we make. In 2020 and 2021 the whole Bankers’ Oath programme for new
joiners was revised and updated, to ensure that all elements still align with the current developments, both
internally and externally.
Remuneration
ING aims to align its remuneration policy with its risk profile and the interests of all stakeholders. For more
information on ING’s compensation and benefits policies and its relation to the risk taken, please refer to the
Capital Requirements Regulation (CRR) Remuneration Disclosure published on the corporate website ing.com.
 
Centre of Expertise on Behavioural Risk Management (BRM)
Behavioural risk is an increasingly important risk area for ING and across the financial industry. It arises when
behavioural patterns are at the root of financial and non-financial risks in the organisation.
The complexity of this type of risk is that it is less tangible compared
 
to other risk areas because it focuses on
behavioural patterns and their drivers. There are patterns in how decisions are made, how people communicate
and whether they can take ownership. Behaviour is driven by formal and informal mechanisms. Examples of
formal drivers are the processes ING applies and how its governance is structured. Informal drivers are less
tangible; such as group dynamics or underlying beliefs that influence behaviour.
At ING, BRM is positioned in the second line of defence, reporting directly to the CRO. The global
 
BRM Centre of
Expertise not only assesses behavioural risk in the organisation, but also has
 
the mandate to direct, challenge and
support business owners to intervene on behavioural patterns and their underlying drivers.
Behavioural risk assessments
Behavioural risk assessments (BRAs) identify and analyse undesired behaviours within ING and
 
provide
management with specific direction on how to change these behaviours. They focus on
 
the effectiveness of
groups rather than individuals, the role of leadership and on less visible aspects such
 
as team dynamics and
unwritten social norms. The goal is to understand and systematically assess what drives undesired habits at ING.
The BRM model of behavioural risk is used as the standard across ING to signal behavioural risks going forward.
Behavioural risk interventions
Based on the results of the executed behavioural risk assessments, BRM mitigates behavioural risk in a focused
manner. Effective
 
mitigation requires a deep understanding of what drives undesired behaviours. Behavioural
and organisational science theories and evidence-based techniques
 
and tools play an important role in designing
and facilitating interventions. Given the crucial role of leaders in creating the right conditions for employees,
interventions are first initiated at leadership level. These include leadership labs, which address topics such as
‘connection, alignment and trust’, as well as bringing together the ‘whole system in the room’.
 
Here senior
leaders delve into the outcomes of the assessments, identifying deeply rooted and often complex issues
 
for
improvement.
In addition, interventions are also set in motion that focus on enabling employees
 
to build awareness on
behavioural risk and support them in initiating solutions to mitigate the potential behavioural risks. After each
assessment the results are shared with the management teams of the assessed
 
units and with the participants of
the BRA in a feedback session. This is followed up with a dialogue
 
starter toolkit, enabling teams to reflect on the
results, discuss opportunities for improvement and call for first steps towards sustainable solutions.
In 2021, BRM pioneered a new approach to address behavioural risk challenges related to decision-making,
ownership and group dynamics behavioural challenges on a wider scale. The used
 
approach is a 'World Cafe' – a
large group intervention that drives common understanding, engagement and ownership and enhances learning
and behavioural change.
The BRM team works closely with the business units and
 
departments such as HR, Internal Audit, and Compliance
to align on and embed desired leadership and risk behaviours (i.e. speak up,
 
psychological safety,
communication, guiding leadership).
 
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Risk cycle process
ING uses a step-by-step risk management approach to identify,
 
manage and mitigate its financial and non-
financial risks. The approach consists of a cycle of five recurrent activities: risk identification, risk
 
assessment, risk
control, risk monitoring, and risk reporting. The cycle is designed
 
to determine what the risks are, assess which of
these risks can really do harm, take mitigating measures to control these risks, monitor the development of the
risk to see if the measures taken are effective, and report the findings to management at all relevant levels to
enable them to take action when needed.
The cycle recurs in two ways. First, the identification, assessment, review,
 
and update of mitigating measures are
repeated periodically. Second, this periodic monitoring exercise may indicate emerging risks, known risks that are
changing, risk levels that are changing, or current control measures that are not effective enough. Further
analyses of these findings may then result in renewed and more frequent risk identification, and/or assessment,
and/or change of mitigating measures.
Risk identification
Risk identification is a joint effort of the business and the risk management functions.
 
Its goal is to detect
potential new risks and determine changes in known risks. Regular risk identification is essential
 
for effective risk
management. Potential risks that are not identified, will not be controlled and monitored and may lead to
surprises later. Known risks may
 
have changed over time and as a consequence the existing mitigating measures
and monitoring may be inadequate or obsolete.
Risk identification is performed periodically. In case of material internal or external change, additional ad hoc risk
identification can be performed.
Risk assessment
Each identified risk is assessed qualitatively or quantitatively to determine its importance. This enables
 
ING to
decide which of the identified risks need control measures and how strict or
 
tolerant these measures should be.
Known risks are re-assessed to detect any change in the risk level.
The importance of a risk is based on both the likelihood that
 
the risk materialises and the subsequent financial or
reputational impact that may occur should the risk arise. Unlikely risks with a potentially high
 
impact need to be
controlled. A risk that is likely to happen regularly but expected to have a modest financial impact may not need
to be mitigated if the consequences are accepted by management.
Risk control
Risks can be controlled by mitigating measures that lower the likelihood the risk occurs, lower the impact when it
occurs or both. The ultimate measure to lower a risk is to stop the activity or service
 
that causes the risk (risk
avoidance). Risk control and mitigation measures are defined and maintained both bank-wide and
 
at the local
level.
Monitoring and reporting
ING monitors the risk-control measures by checking if they are executed, complied with and have the expected
mitigating effects and by following the development of the risks and their risk levels. Risk reporting provides
senior and local management with the information they need to manage risks.
Risk Appetite Framework
The Risk Appetite Framework (RAF) is one of the foundation pillars of the ERM Framework. Its objective is
 
to set
the appropriate risk appetite at the consolidated level across the different risk categories and to allocate the risk
appetite throughout the organisation.
Policy
The RAF policy states the overarching global risk appetite. Within the RAF, ING monitors a range of financial and
non-financial risk metrics to ensure that our risk profile is in line with
 
our risk appetite while executing our
strategy.
 
ING’s RAF,
 
which is approved by the SB, defines the desired risk profile that is to be integrated in the
strategic decision-making and financial planning process. It is designed
 
to be able to withstand market volatility
and stress, while meeting regulatory requirements. The framework, including underlying assumptions
 
and
metrics, is regularly reviewed so that it remains relevant. The RAF combines various financial and non-financial
risk appetite statements (RASs) into a single, coordinated approach to provide the business with a clear overview
of the relevant risks and the tools to manage them. This view allows the EB, the MBB
 
and senior management to
form an opinion on the adequacy of internal risk management and control systems for the risks ING faces while
pursuing its strategy.
Process
 
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The RAF is focused on setting the risk appetite at the consolidated level and across the different risk categories,
and provides the principles for cascading this risk appetite down into the organisation. The RAF and underlying
limit allocation are reviewed on an annual basis, or more frequently if necessary, based on their quarterly review
in the EB, the MBB and the SB. It is therefore a top-down process, which bases itself
 
on the ambition of the bank
in terms of its risk profile, the regulatory environment
 
and the economic context. The set of limits used is split
according to the approval levels needed for them. Limits that need SB approval are called boundaries and the
underlying metrics supporting the boundaries
 
which need EB and MBB approval are called instruments.
 
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Step 1. Identify and assess ING’s key
 
risks
The outcome of the risk identification and risk assessment process is used
 
as the starting point for the review of
the RAF. Within this step, the risks ING faces when executing its strategy are identified in the context of the
current economic, political, social, regulatory and technological environment. The assessment identifies whether
the potential impact is material and if it is sufficiently controlled within ING’s risk management function. It
benchmarks the current risk framework against regulatory developments. Known risks are re-assessed either to
confirm risk levels or to take account of potential changes. The assessment is contextualised by the current set of
risk appetite statements.
Step 2. Set Risk Appetite Framework
Based on ING’s risk assessment and risk purpose, boundaries for the overarching risk frameworks are set. Once
the overarching risk appetite thresholds have been set and approved by EB/MBB and subsequently by SB, the
statements are translated into risk-type-specific statements and lower level thresholds which are set and
approved by senior risk committees,
 
ALCO Bank, GCTP and Bank NFRC. Cascading is done via a
 
number of
detailed risk appetite statements which have been defined per risk type, the combination of which ensures
compliance with the overarching solvency, concentration and funding and liquidity RASs.
Examples of underlying risk metrics include:
Solvency and Profitability (e.g. IFRS P&L-at-Risk and FX translation risk)
Funding and liquidity (e.g. Liquidity coverage ratio (LCR) and Net Stable Funding Ratio (NSFR))
Credit risk (Exposure at Default (EAD) and Risk Weighted Assets (RWA))
Market risk trading book (e.g. Event risk, historical value at risk (HVaR))
Market risk banking book (Net interest income (NII)-at-Risk and Revaluation-Reserve-at Risk)
Non-financial risk (eg. Expected loss tolerance and management of audit issues)
Business risk (e.g. IFRS P&L-at-Risk and Economic Capital)
Model risk (e.g. Number of inadequate Pillar 1 models)
ING has started including climate risk into its Risk Appetite Framework by a.o. introducing climate risk as one of
the dimensions to determine sector concentration as part of the credit risk appetite statements. In the coming
years, ING will extend the climate risk impact to other risk types to ensure that the potential risks stemming from
e.g. transition risk and physical risk are properly captured in the Risk Appetite Framework.
Step 3. Cascade into statements per risk type and business unit
The bank-wide risk appetite is translated per risk type, which is further cascaded into the organisation. Risk
appetite statements are then translated into dedicated underlying risk limits that are used for the day-to-day
monitoring and management of ING’s risks. The risk appetite statements serve as inputs for the quarterly
planning process as well as for the establishment of key performance indicators and targets for senior
management.
 
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Step 4. Monitor and manage underlying risk limits
To verify that it remains within the Risk Appetite Framework, ING reports its risk positions vis-à-vis its limits on a
regular basis to senior management committees. The Quarterly Risk Update reflecting the exposure of ING
against the risk appetite is submitted quarterly to the EB and the MBB and to the
 
(Risk Committee of the) SB.
Moreover every quarter the financial plan is checked for potential limit breaches within a one-year horizon,
where in the strategic dialogue the MBB can take mitigating measures or adjustments to the dynamic plan can be
made.
Stress testing
Stress testing is an important risk management tool that provides input for strategic decisions and capital
planning. The purpose of stress testing is to assess the impact of plausible
 
but severe stress scenarios on ING’s
capital and liquidity position. Stress tests provide complementary and forward-looking insights into the
vulnerabilities of certain portfolios, with regards to adverse macroeconomic circumstances, stressed financial
markets, and changes in the (geo)political climate. Since the outbreak of the Covid-19 pandemic,
 
ING assessed
the potential impact on its financial position via different types of stress tests. In addition to assessing
 
P&L,
capital and liquidity position of ING for a range of different scenarios, idiosyncratic risks were also included. The
outcome of these Covid-19 stress tests helped management to get insight into the potential impact and to define
actions to mitigate this potential impact.
In the second half of 2021, ING started preparing for the regulatory climate risks stress test scenario, which will
be assessed in 2022 as part of the bi-annual
 
ECB Single Supervisory Mechanism (SSM) stress test. This regulatory
stress test, combined with internal analyses done on climate risk, will be used to enhance ING’s internal climate
risk stress testing.
Types of stress tests
Within ING, different types of stress tests are performed. The most comprehensive type of stress tests are the
firm-wide scenario analyses, which involve setting scenario assumptions
 
for all the relevant macroeconomic and
financial market variables in all countries relevant to ING. These assumptions usually follow a qualitative
narrative that provides a background to the scenario. In addition to firm-wide scenario
 
analyses, ING executes
scenario analyses for specific countries or portfolios. Furthermore, sensitivity analyses
 
are performed, which
focus on stressing one or more risk drivers; usually without an underlying scenario
 
narrative. Finally, ING
 
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performs reverse stress tests, which aim to determine scenarios that could lead to a pre-defined severe adverse
outcome.
Process
The stress testing process of ING consists of several stages, which are:
Risk identification and risk assessment: It identifies and
 
assesses the risks ING or the relevant entity is
facing when executing its strategy based on the current and possible future economic, political,
regulatory and technological environment. It provides a description of the main risks and risk drivers
related to the nature of ING’s business, activities and vulnerabilities.
 
Scenario definition and parameterisation: Based on the outcome of the previous step, a set of scenarios
is determined with the relevant scope and set of risk drivers for each scenario, as well as its severity, the
key assumptions and input parameters. The output of this phase includes a quantitative description of
the stress scenarios to be analysed, the relevant output metrics and, when applicable,
 
a narrative
description.
Impact calculation and aggregation: Based on the quantitative description of the stress scenarios
determined in the previous step, the impact is determined for the relevant scenario, scope and horizon.
The impact calculation and aggregation can be part of a recurring process or part
 
of a specific process
set-up for one-off stress tests.
Scenario reporting: For each stress test, a report is prepared after each calculation which describes the
results of the scenario and gives a recap of the scenario with its
 
main assumptions and parameters. The
stress-test report is sent to the relevant risk committees and/or senior management. It is
complemented, if needed, with advice for management action based on
 
the stress-testing results.
 
Scenario control and management assessment: Depending on the outcomes
 
of the stress test and the
likelihood of the scenario, mitigating actions may be proposed. Mitigating actions may include, but are
not limited to, sales or transfers of assets and reductions of risk limits.
Methodology
Detailed and comprehensive models are used to calculate the impact of the scenarios.
 
In these models, statistical
analysis is combined with expert opinion to make sure that the results adequately reflect the scenario
assumptions. The methodologies are granular and portfolio-specific and
 
use different macroeconomic and
market variables as input variables. The calculations are in line with our financial and
 
regulatory reporting
frameworks. The stress-testing models are subject to review by Model Risk Management.
Developments in the regulatory environment
Basel III revisions and upcoming regulations
In December 2017, revisions to Basel III were formally announced by the Basel
 
Committee. These revisions to
Basel III establish new prudential rules for banks, including a revision to the standardised approach to credit risk,
the introduction of a capital floor based on standardised approaches, the use of internal
 
models, limitation of
options for modelling operating risks, and new rules for the establishment of risk-weighted items and unused
credit lines at the banks. Such revisions have a long implementation phase and are not yet fully transposed
 
into
EU regulation. The revisions are commonly referred to as Banking Reform package. In Europe, this has been
partly implemented in the CRR II / CRD V (see below) and
 
it will be implemented further through the CRR III / CRD
VI in the coming years. A draft was published in October 2021 and implementation is
 
expected as of 1 January
2025.
CRRII/CRDV and BRRDII
On 27 June 2019, a series of measures referred to as the Banking Reform Package (including certain amendments
to CRR and CRD IV, commonly referred to as CRR II and CRD V) came into force, subject to various transitional
and staged timetables. The adoption of the Banking Reform Package concluded a process that began in
November 2016 and marks an important step toward the completion of the European post-crisis regulatory
reforms, drawing on international standards agreed by the Basel Committee, the Financial Stability Board and the
G20. CRD V was implemented in Dutch law in 2020. The Banking
 
Reform Package updates the framework of
harmonised rules established following the financial crisis of 2008
 
and introduces changes to the CRR, CRD IV, the
Bank Recovery and Resolution Directive (BRRD) and the Single Resolution Mechanism
 
Regulation (SRMR). The
Banking Reform Package covers multiple areas, including the Pillar 2 framework, the introduction of a leverage
ratio requirement of 3% and a leverage ratio buffer requirement of 50% of the global systemically important
banks (G-SIB) buffer requirement (applicable per 1 January 2023), a sectoral systemic risk buffer, a binding NSFR
ratio based on the Basel NSFR standard but including adjustments with regard to e.g. pass-through models and
covered bonds issuance, mandatory restrictions on distributions, permission
 
for reducing own funds and eligible
liabilities, macroprudential tools, a new category of ‘non-preferred’ senior debt, the minimum requirement for
own funds and eligible liabilities (MREL) and
 
the integration of the TLAC standard into EU legislation. Further, the
 
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EBA obtained a mandate to investigate how to incorporate ESG risks into the supervisory process and what the
prudential treatment of assets associated with environmental or social objectives should look like.
 
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Solvency risk
Introduction
Solvency risk is the risk of lacking sufficient capital to fulfil the business
 
objectives, regulatory requirements or
market expectations. A bank that is insolvent is unable to pay its debts and will be forced into bankruptcy.
The level and quality of capital is crucial for the resilience of individual banks.
 
Banks are expected to
assess the risks they face, and in a forward-looking manner ensure that all material risks are identified, managed
and covered sufficiently by loss-absorbing capital to ensure continuity in case of materialisation of unexpected
risks in times of stress. Given the interdependencies to other financial
and non-financial risks this balancing act of capital adequacy
 
needs to be done within a sound and
integrated management
 
approach coherently linking all moving parts of the bank in line
 
with the long-term
business strategy.
Solvency risk management
ICAAP Framework
ING’s Internal Capital Adequacy Assessment Processes (ICAAP) aims to ensure that capital levels are
adequate to cover all material risks at all levels and to ensure compliance with regulations. ING follows an
integrated approach to assess the adequacy of its capital position in relation to its business activities,
 
underlying
business strategy, market
 
positioning risk profile and operating environment. This implies taking account of the
interests of its various stakeholders such as regulators, shareholders, investors, rating agencies and customers.
The continued strength of ING’s capital position, the adequacy of the financial position and risk
management effectiveness are essential for achieving the strategy.
 
ING’s ICAAP ultimately supports this strategy
and contributes thereby to the continuity of ING Group, ING Bank and all its business
 
units.
Managing ING’s capital requirements and allocation entails finding a balance between the forces
governing supply and demand. The uncertainties surrounding these
 
factors reflect changing market
circumstances and continuous unpredictability in regulatory and macroeconomic
forces. The process of balancing these strategic goals is captured in the ICAAP framework and enabled by the
building blocks and elements facilitating the ICAAP. The following building blocks have been defined in the ICAAP
Framework, which are applied for both the ‘normative’ and ‘economic’ perspective as defined in the ECB Guide
to ICAAP,
 
published in November 2018:
Risk identification and assessment
Risk appetite
Capital planning
Capital management
 
Stress testing
Continuity
Solvency risk related to Covid-19
Since the outbreak of Covid-19 several stress-test analyses have been done to assess the potential impact of
 
the
virus on the actual and future solvency position, whereby also
 
potential risks are taken into account. For
instance, in 2021 ING performed stress tests whereby the combination of inflation and Covid-19 risks was
assessed in several scenarios and sensitivity analyses. These
 
stress tests were used to prepare potential
mitigating actions, but also served as starting point for the review of ING’s risk appetite and of the financial and
capital planning. In light of this, ING also updated the management actions
 
in the Contingency Capital and
Funding Plan and the Recovery Plan and assessed potential additional
 
mitigating actions to counter this very
specific crisis.
Risk identification and assessment
ING’s capital management and solvency risk management starts with the risk identification and risk assessment
process. Its main purpose is to detect potential new risks and to identify changes
 
in the potential impact of
known risks. On an annual basis, ING performs a thorough review of its solvency
 
risks or risks to capital. Within
this assessment, bottom-up assessments are combined with top-down assessments,
 
including a questionnaire
and interviews with senior management. The results of the risk assessment
 
are discussed in ALCO Bank which
comprises almost the full MBB.
 
Once approved, the conclusions of the risk assessment feed into the annual
review of the Risk Appetite Framework, the Stress Testing Framework and the Economic Capital Framework. In
addition to this annual process, ING also re-assesses its
 
risks as part of its Capital Adequacy Statement, a
quarterly process to assess ING’s capital adequacy.
 
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Solvency risk appetite
As explained in the Risk Appetite Framework section in the previous chapter, ING has established overarching
solvency risk boundaries. Boundaries are risk appetite statements that are essential for risk management activity,
making it of paramount importance to keep these boundaries within the defined level.
 
The SB is responsible for
approving and monitoring the boundaries. These boundaries
 
are complemented by a sequence of risk-type-
specific instruments (risk appetite statements). These underlying risk appetite statements are cascaded down
into the organisation and dedicated risk thresholds are set that are used for day-to-day monitoring and
management of ING’s risks. ING has solvency risk appetite statements in place for the following metrics: CET1
ratio, total capital ratio, leverage
 
ratio, total loss-absorbing capacity (TLAC ) & minimum requirement for own
funds and eligible liabilities (MREL) based on
 
RWA/leverage ratio and economic capital adequacy.
Capital planning
The capital and funding plan is an integral part of the dynamic
 
plan, ING’s financial and business planning
process. Its objective is to inform and advise the management on the capital development and need
 
of ING
Group and ING Bank, under base case and adverse scenarios.
 
It describes how ING shall finance the expected
capital constraints taking into consideration growth projections, capital and risk evolution, macro and market
conditions, both under the normative and economic perspective. The capital and
 
funding plan is discussed and
approved by ALCO Bank and updated at least twice a year. Within these updates, ING takes account of recent
market and risk developments and ensures that capital planning adheres to the solvency risk appetite set by the
SB.
 
Capital management
Formulation of the CET1 ambition is a key element in solvency risk management.
 
The target ratio, based on the
management buffer concept, enables ING’s senior management to steer, benchmark and assess the bank’s
current and future capital levels much more efficiently while the ambition level clearly supports trust building
among ING’s key stakeholders
 
(e.g. regulators, investors and customers).
 
The capital management buffer aims to protect the interests of key stakeholders and plays an important role in
the overall capital adequacy governance. The rationale behind the concept of the management buffer is that it
provides an additional cushion on top of the (local) regulatory minimum
 
requirements (e.g. Supervisory Review
and Evaluation Process (SREP)
 
requirements) to withstand a certain level of stress and to facilitate awareness and
preparedness to take management actions. ING reviews its capital management buffer on a regular basis to
determine its effectiveness and robustness, updating it as appropriate.
 
Stress testing
Solvency stress testing allows ING to examine the effect of plausible but severe stress scenarios on the solvency
position and provides insight into which entities or portfolios are vulnerable to which type of risks or in
 
which
type of scenarios. Solvency stress testing is an important tool in identifying,
 
assessing, measuring and controlling
risks to capital, providing a complementary and forward-looking perspective to other solvency risk management
tools. For solvency stress testing, ING follows the same process steps that are described in the overall section on
stress testing.
ING distinguishes the following three types of stress test analyses:
 
Sensitivity analysis: Within these analyses, ING assesses
 
the impact of a pre-defined shock in one or
more risk drivers. The key purpose of sensitivity analyses is to monitor the impact of this
 
pre-defined (or
standardised) shock over time to get an understanding of how the risk profile of the bank has developed.
 
Scenario analysis: Scenario analyses are used to assess an
 
integral impact of historical, statistical and/or
hypothetical circumstances on the financial position of ING. These stress tests often build on
 
a
qualitative scenario narrative and reflect risk topics that are deemed relevant for ING given, for example,
its business model. Scenarios can be derived from historical realisations, but
 
also reflect e.g. potential
macroeconomic, geopolitical or climate risk related events. These scenarios can be used for one-off
analyses. They can also be translated into a set of regular or standardised stress tests that are assessed
on a quarterly basis.
Reverse stress testing: The purpose of reverse stress testing is to identify scenarios that could lead to a
pre-defined outcome. This could for example be a pre-defined solvency level. The added value of reverse
stress testing is to explore risk drivers and stress scenarios outside the existing range.
 
The outcomes of solvency stress test analyses are taken into account in capital planning, but also for setting risk
appetite statements and the capital management buffer.
 
 
>
 
Solvency risk
ING Group Annual Report 2021 on Form 20-F
162
Contingency and Recovery Planning
Contingent capital events are unexpected situations or business conditions that may increase the risk with
respect to ING’s capital position. These events may be ING-specific, or arise from external factors. The
Contingency Capital and Funding Plan (CCFP) sets out the
 
organisation and actions in case of contingency events.
The CCFP has a suite of monitoring metrics that are aligned with
 
the risk appetite statements that are in place for
managing ING’s capital, liquidity and funding position. The Recovery Plan is designed by ING to detect and act
upon possible major and unforeseen deterioration of its solvency position in a
 
timely fashion. This plan has
integrated several risk appetite statements to allow timely identification of possible stress on the company.
Incorporating risk appetite statements into both plans ensures a seamless continuum between the ING’s
business-as-usual management and its contingency or recovery management.
Assessing capital adequacy: Capital Adequacy Statement (CAS)
The CAS is ING Group’s quarterly assessment of its capital adequacy and takes into account different elements
with respect to its capital position. The degree to which ING’s capital position is considered adequate depends on
a variety of internal and external drivers:
 
Current supervisory requirements and (expected) requirements going forward;
 
Current internal requirements and (expected) requirements going forward;
 
Coherence of the available capital with the (realisation of) strategic plans; and
 
The ability to meet internal and external requirements in the case of stressed events or should a risk
materialise.
 
The CAS assesses the adequacy of ING’s capital position in relation to above-mentioned drivers and states the
extent to which the capital position consequently is considered as adequate. On a quarterly basis the
 
CAS
document is prepared. Additionally each year, the EB/MBB signs and provides a comprehensive assessment of
ING’s capital adequacy,
 
supported by the ICAAP outcomes, in the form of a Capital Adequacy
 
Statement.
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
163
Credit risk
Introduction
Credit risk is the risk of loss from the default and/or credit rating deterioration of clients. Credit risks arise in
ING's lending, financial markets and investment activities. The credit risk section
 
provides information on how
ING measures, monitors and manages credit risk and gives an insight into the portfolio from a credit risk
perspective.
Governance (*)
ING’s credit risk strategy is to maintain an internationally diversified loan and bond portfolio, while avoiding large
risk concentrations. The emphasis is on managing business developments
 
within the business lines by means of a
top-down risk appetite framework, which sets concentration limits for countries, individual clients, sectors,
products, secondary risk (collateral/guarantees) and investment activities. The aim is to support relationship-
banking activities, while maintaining internal risk/reward guidelines and controls.
ING has organised support functions at two levels: Tier 1, operational unit level, and
 
Tier 2, head office level.
Credit risk is a Tier 1 level risk function within ING and
 
is part of the second line of defence. It is managed by
regional and/or business unit CROs. The CRO Wholesale Banking
 
(WB), CRO Challengers & Growth Markets
(C&G), CRO Netherlands, CRO Belux and CRO Germany focus on specific
 
risks in the geographical and/or business
areas of their responsibilities. The Financial Risk department is a
 
Tier 2 level risk function, which is responsible for
the consolidated risk appetite setting, risk frameworks, model
 
development and policies.
 
The credit risk function encompasses the following activities:
Measuring, monitoring and managing credit risks in the
 
bank’s portfolio, including the measures taken
since the start of the Covid-19 crisis;
Challenging and approving new and modified transactions
 
and borrower reviews;
Managing the levels of provisioning and risk costs, and advising
 
on impairments; and
Providing consistent credit risk policies, systems and tools to manage the credit lifecycle of all activities.
Credit risk categories
 
(*)
Credit risk uses the following risk categories to differentiate between the different types of credit risk:
 
Lending risk:
 
is the risk that the client (counterparty, corporate or individual) does not pay the principal,
interest or fees on a loan when they are due, or on demand for letters of credit (LCs) and guarantees
provided by ING.
Investment risk
: is the credit default and risk rating migration risk that is associated with ING’s
investments in bonds, commercial paper, equities, securitisations, and other similar publicly traded
securities. This can be viewed as the potential loss that ING
 
may incur from holding a position in
underlying securities whose issuer's credit quality deteriorates or defaults. All investments in the banking
book are classified in the investment risk category. The primary purpose of ING’s investments in the
banking books is for liquidity management.
Money market risk
: arises when ING places short-term deposits with
 
a counterparty in order to manage
excess liquidity. In the event of a counterparty default, ING may lose the deposit placed.
Pre-settlement risk
: arises when a client defaults on a transaction before settlement and ING must
replace the contract by a trade with another counterparty at the then prevailing (possibly unfavourable)
market price. This credit risk category is associated with derivatives transactions (exchange-traded
derivatives, over-the-counter (OTC) derivatives and securities financing transactions).
 
Settlement risk
: arises when there is an exchange of value (funds or instruments) and receipt from its
counterparty is not verified or expected until after ING has given irrevocable instructions to pay or has
paid or delivered its side of the trade. The risk is that ING delivers but does not
 
receive delivery from its
counterparty. ING manages settlement risk in the same way as other credit risks by setting a risk limit
per client. Due to the short-term nature (typically one day), ING does not hold
 
provisions for settlement
risk. Although a relatively low risk, ING increasingly uses DVP (delivery
 
versus payment) and safe
settlement payment techniques to reduce settlement risk.
For the reconciliation between credit risk outstandings categories and financial assets, refer to the table below:
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
164
Reconciliation between credit risk
 
categories and financial position (*)
Credit risk categories
Mainly relates to:
Notes in the financial statements
Lending risk
-Cash and balances with central banks
Note
2
Cash and balances with central banks
-Loans and advances to banks
Note
3
Loans and advances to banks
-Loans and advances to customers
Note
4
Financial assets at fair value through profit or loss
-Off-balance sheet items e.g. obligations under financial guarantees and letters of
 
credit and undrawn
 
Note
5
Financial assets at fair value through other comprehensive income
credit facilities
Note
7
Loans and advances to customers
Note
45
Contingent liabilities and commitments
Investment risk
-Debt securities
Note
4
Financial assets at fair value through profit or loss
-Equity securities
Note
5
Financial assets at fair value through other comprehensive income
Note
6
Securities at amortised cost
Money market risk
-Cash and balances with central banks
Note
2
Cash and balances with central banks
-Loans and advances to banks
Note
3
Loans and advances to banks
-Loans and advances to customers
Note
7
Loans and advances to customers
Pre-settlement risk
-Financial assets at fair value through profit or loss (trading assets and non-trading
 
derivatives)
 
Note
4
Financial assets at fair value through profit or loss
-Financial liabilities at fair value through profit or loss (trading assets and non-trading
 
derivatives)
Note
14
Financial liabilities at fair value through profit or loss
-Securities financing
Note
44
Offsetting financial assets and liabilities
Settlement risk
-Financial assets at fair value through profit or loss (trading assets and non-trading
 
derivatives)
Note
4
Financial assets at fair value through profit or loss
-Financial liabilities at fair value through profit or loss (trading assets and non-trading
 
derivatives)
Note
11
Other assets
-Amounts to be settled
Note
14
Financial liabilities at fair value through profit or loss
Note
16
Other liabilities
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
165
Credit risk appetite and concentration risk framework (*)
The credit risk appetite and concentration risk framework is designed to prevent undesired high levels of credit
risk and credit concentrations within various levels of the ING portfolio. It is derived from the concepts of
boundaries and instruments as described in the ING
 
Risk Appetite Framework.
Credit risk appetite is the maximum level of credit risk ING is willing
 
to accept for growth and value creation. The
credit risk appetite is linked to the overall bank-wide risk appetite framework. The credit risk appetite is
expressed in quantitative and qualitative measures. Having a credit risk appetite provides:
Clarity about the credit risks that ING is prepared to assume, target setting and prudent risk
management;
Consistent communication to different stakeholders;
Guidelines on how to align reporting and monitoring tools with
 
the organisational structure and strategy;
and
Alignment of business strategies and key performance indicators of business units with ING’s credit risk
appetite through dynamic planning.
Credit risk appetite is set at different levels within ING and specifies the scope and focus of the credit risk which
ING takes,
 
and the composition of the credit portfolio, including its concentration and diversification objectives in
relation to business lines, sectors and products. The introduction of climate risk via sectors is a first important
step with the objective to promote ING’s Terra
 
approach, focusing on sectors’ necessary pathway to contribute
to a low-carbon world and also mitigate potential climate and environmental risks to ING and its business
environment.
The credit risk appetite and concentration risk framework is composed of:
Country risk concentration
: Country risk is the risk that arises due to events in a specific
 
country (or
group of countries). In order to manage the maximum country event loss ING is willing
 
to accept,
boundaries are approved by the SB. The estimated level is correlated to the risk rating assigned to a
given country.
 
Actual country limits are set by means of country instruments, which
 
are reviewed
monthly and updated when needed. For countries with elevated levels of geopolitical or severe
economic cycle risk, monitoring is performed on a more frequent basis with strict pipeline
 
and exposure
management.
Single name and industry sector concentration
: ING has established a credit concentration risk
framework to identify, measure and monitor single name concentration and industry sector
concentration (systemic
 
risk). The same concept of boundaries and instruments
 
is applicable.
 
Product and secondary risk concentration
: ING has established a concentration framework to identify,
measure and monitor product concentration and secondary risk.
 
Scenarios and stress tests
: Stress testing evaluates ING’s financial stability under severe, but plausible
stress scenarios, and supports decision-making that assures ING remains
 
a financially going concern even
after a severe event occurs. In addition to the bank-wide stress testing framework described above, ING
performs sensitivity analyses regularly to assess portfolio risks and concentrations. These sensitivity
analyses are consistent with the stress scenario established in the Group-wide credit risk appetite
framework.
 
In light of Covid-19 ING incorporated pandemic specific scenarios
 
for the stress tests to gain
insight into the potential effects of Covid-19 on the credit risk in the portfolios.
Product approvals
: The product approval and review process (PARP) assesses and manages risks
associated with the introduction of new or modified products. It ensures that sound
 
due diligence is
performed by relevant stakeholders and the relevant risks (credit, operational, compliance, etc.) are
addressed appropriately.
Strategy and risk appetite papers
: These are detailed analyses of defined products and/or industries.
They identify the major risk drivers and mitigants, the internal business mandate, and
 
propose the risk
(including business) parameters – and potentially the maximum product and/or portfolio limit -
 
to
support that business. A strategy and risk appetite paper is always prepared by the front office
responsible for the internal business mandate and requires an approval from the designated approval
authority. Strategy and risk appetite papers may also have geographical and/or business limitations (e.g.
local vs. global).
Credit approval process
: The purpose of the credit approval process is that individual transactions and
the risk associated with these transactions are assessed on a name-by-name basis.
 
For each type of
client there is a dedicated process with credit risk managers specialised along the business
 
lines of ING,
including the use of automated decision-making in certain
 
cases. The credit approval process is
supported by a risk rating system and exposure monitoring system. Risk ratings are used to indicate a
client’s creditworthiness which translates into a probability of default. This is used as input to determine
the maximum risk appetite that ING has for a given type of client (reference benchmark). The
determination of the delegated authority (the amount that can be approved at various levels of the
organisation) is a function of the risk rating of the client and ING’s credit risk exposure on the client.
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
166
Where necessary, underwriting standards have been reviewed and refined to limit the credit risk to
portfolios particularly
 
sensitive to Covid-19.
Credit risk models (*)
Within ING, internal Basel-compliant models are used to determine probability of default (PD), exposure at
default (EAD) and loss given default (LGD) for regulatory and economic capital purposes. These models also form
the basis of ING’s IFRS 9 loan loss provisioning (see ‘IFRS 9 models’ below). Bank-wide, ING has
 
implemented
approximately 100 credit risk models, for regulatory capital, economic capital and loan loss provisioning
purposes.
There are two main types of PD, EAD and LGD models used throughout the Bank:
Statistical models
 
are created where a large set of default or detailed loss data is available. They are
characterised by sufficient data points to facilitate meaningful statistical estimation of the model
parameters. The model parameters are estimated with statistical techniques based on the data set
available;
Hybrid models
 
contain characteristics of statistical models combined with knowledge and experience of
experts from risk management and front-office staff, literature from
 
rating agencies, supervisors and
academics. These models are especially appropriate for ‘low default portfolios’, where limited historical
defaults exist.
Credit risk rating process
 
(*)
In principle, all risk ratings are based on a Risk Rating (PD) Model
 
that complies with the minimum requirements
detailed in CRR/CRDIV, ECB Supervisory Rules and European Banking Authority (EBA) guidelines.
 
This concerns all
borrower types and segments.
 
ING’s PD rating models are based
 
on a 1-22 scale (1=highest rating; 22=lowest rating) referred to as the ‘Master
scale’,
 
which roughly corresponds to the rating grades that are assigned by external rating agencies, such as
Standard & Poor’s, Moody’s and Fitch. For example, an ING rating of 1 corresponds to an S&P/Fitch rating of AAA
and a Moody’s rating of Aaa; an ING rating of 2 corresponds to an S&P/Fitch rating of AA+ and a Moody’s rating
of Aa1, and so on.
 
The 22 grades are composed of the following categories:
Investment grade (risk rating 1-10);
 
Non-investment grade (risk rating 11-17);
Sub-standard (risk rating 18-19); and
Non-performing (risk rating 20-22).
The first three categories (1-19) are risk ratings for performing loans. The ratings are calculated in IT systems with
internally developed models based on manually or automatically fed data. Under certain conditions,
 
the outcome
of a manually fed model can be challenged through a rating appeal process. Risk ratings for non-performing loans
(NPL) (20-22) are set by the global or regional credit restructuring department.
 
For securitisation portfolios, the
external ratings of the tranche in which ING has invested are leading indicators.
Risk ratings assigned to clients are reviewed at least annually, with the performance of the underlying models
monitored regularly. Some of these models are global in nature, such as those for large corporates, commercial
banks, insurance companies, central governments, local governments, funds, fund managers, project finance and
leveraged companies. Other models are more regional- or country-specific: there are PD models for small
medium enterprise (SME) companies in Central Europe, the Netherlands, Belgium,
 
Luxembourg, as well as
residential mortgage and consumer loan models in the various retail markets.
Rating models for retail clients are predominantly statistically driven and automated, such that ratings can be
updated on a monthly basis. Rating models for large corporates, institutions and banks include both statistical
characteristics and manual input, with the ratings being manually updated at least annually. Since 2020,
portfolios and clients most at risk of being affected by the pandemic were subject to more frequent (e.g.
quarterly) reviews.
 
After the introduction of IFRS9 in 2018 and introduction of the new definition of
 
default (DoD) in 2020, we’re
now updating the credit models.
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
167
Credit risk systems
Credit risk tools and data standards
The acceptance, maintenance, measurement, management and reporting of credit risks
 
at all levels of ING is
executed through single, common credit risk data standards using shared credit risk tools that support
standardised and transparent credit risk practices. ING has chosen to develop credit risk tools centrally with the
philosophy of using a single source of data in an integrated way. This includes applying a combination of the ING
policy, the regulatory environment in which we operate and the daily processes that are active throughout the
Group. Disciplined application in these three areas is essential for achieving high data quality
 
standards.
The Credit Risk Control Unit (CRCU), which is part of the Financial
 
Risk department, ensures compliant and
continuously improving rating systems.
 
Credit risk portfolio (*)
ING’s credit exposure is mainly related to lending to individuals and businesses followed by investments in bonds
and securitised assets, and money market. Loans to individuals are mainly mortgage
 
loans secured by residential
property. Loans (including guarantees issued) to businesses are often collateralised, but may be unsecured based
on the internal analysis of the borrower’s creditworthiness. Bonds in the investment portfolio are generally
unsecured, but predominantly consist of bonds issued by central governments and EU and/or OECD based
financial institutions. Secured bonds, such as mortgage-backed securities and asset-backed securities
 
are secured
by the underlying diversified pool of assets (commercial or residential mortgages, car loans
 
and/or other assets)
held by the securities issuer. For money market, exposure is mainly deposits to Central Banks. The last major
credit risk source involves pre-settlement exposures which arise from trading activities, including derivatives,
repurchase transactions and securities lending/borrowing
 
transactions. This is also commonly referred to as
counterparty credit risk.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
168
Portfolio analysis per business line (*)
Outstandings per line of business (*)
1, 2, 3
in EUR million
Wholesale Banking
Retail Benelux
Retail Challengers &
Growth Markets
Corporate Line
Total
Rating class
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Investment grade
1 (AAA)
81,615
74,735
331
357
27,089
34,782
2,363
2,375
111,398
112,248
2-4 (AA)
56,982
63,239
5,863
6,119
41,646
38,586
15
18
104,506
107,961
5-7 (A)
72,052
66,537
28,456
23,143
59,040
54,381
394
349
159,941
144,409
8-10 (BBB)
124,622
104,987
125,469
120,714
57,394
53,346
2,502
2,692
309,986
281,738
Non-Investment grade
11-13 (BB)
61,996
65,832
60,296
61,797
42,554
39,823
353
0
165,199
167,451
14-16 (B)
16,699
20,925
14,560
17,759
10,800
10,299
 
-
 
-
42,059
48,983
17 (CCC)
1,712
1,822
2,158
2,543
731
844
178
128
4,779
5,338
Substandard grade
18 (CC)
865
1,690
904
1,170
477
514
 
-
 
-
2,245
3,374
19 (C)
126
518
1,162
1,306
451
600
 
-
 
-
1,739
2,423
Non-performing loans
20-22 (D)
3,937
4,415
5,035
5,614
3,153
3,203
 
-
 
295
12,124
13,526
Total
420,606
404,699
244,232
240,520
243,334
236,377
5,805
5,857
913,977
887,454
Industry
Private Individuals
30
25
161,125
160,884
184,810
172,390
 
-
 
-
345,965
333,299
Central Banks
83,878
84,697
 
-
 
-
22,573
27,921
643
632
107,094
113,250
Real Estate
 
26,472
26,271
22,691
24,064
3,536
3,297
 
-
 
-
52,699
53,632
Commercial Banks
39,581
42,088
230
201
6,390
8,211
2,917
3,010
49,119
53,509
Central Governments
40,530
43,753
1,730
1,691
3,686
4,482
1,696
1,697
47,642
51,623
Natural Resources
51,937
43,905
1,225
1,090
692
553
 
-
 
-
53,855
45,549
Non-Bank Financial Institutions
46,597
40,581
1,473
1,488
395
323
441
456
48,906
42,848
Transportation & Logistics
24,123
24,692
4,206
3,571
1,269
696
 
-
 
-
29,597
28,960
Food, Beverages & Personal Care
14,003
14,706
6,926
6,162
2,411
1,975
 
-
 
-
23,340
22,843
Services
9,449
8,878
11,290
11,302
974
808
30
4
21,743
20,993
Lower Public Administration
 
6,163
5,698
5,079
4,756
8,029
9,010
 
-
 
-
19,271
19,464
Utilities
 
22,452
17,062
1,370
1,358
113
136
 
-
 
-
23,935
18,556
General Industries
11,487
10,943
5,554
4,346
3,086
2,359
 
-
 
-
20,127
17,648
Other
43,903
41,398
21,333
19,607
5,369
4,214
77
58
70,682
65,279
Total
420,606
404,699
244,232
240,520
243,334
236,377
5,805
5,857
913,977
887,454
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
169
Outstandings per line of business (*) - continued
1, 2, 3
in EUR million
Wholesale Banking
Retail Benelux
Retail Challengers & Growth
Markets
Corporate Line
Total
Region
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Europe
Netherlands
74,175
72,236
152,597
149,686
173
645
2,738
2,965
229,682
225,532
Belgium
32,205
36,517
84,748
84,104
948
642
19
19
117,919
121,282
Germany
22,669
21,102
508
542
118,734
119,032
46
45
141,956
140,722
Poland
15,454
18,296
45
55
26,560
20,750
4
 
-
42,063
39,101
Spain
10,130
9,157
83
66
27,294
25,255
35
35
37,542
34,512
United Kingdom
28,193
30,582
187
193
109
170
78
73
28,567
31,018
Luxemburg
26,632
20,080
4,769
4,373
468
864
18
13
31,887
25,330
France
18,786
15,651
606
618
7,123
6,447
3
6
26,517
22,721
Rest of Europe
64,028
61,213
364
525
17,826
20,573
16
13
82,233
82,324
America
71,471
64,688
186
210
1,559
1,535
351
312
73,567
66,745
Asia
45,439
44,961
91
91
132
166
2,498
2,376
48,159
47,594
Australia
8,957
8,134
18
22
42,405
40,294
1
51,382
48,451
Africa
2,467
2,082
31
36
4
3
 
-
 
-
2,501
2,121
Total
420,606
404,699
244,232
240,520
243,334
236,377
5,805
5,857
913,977
887,454
1
 
Based on credit risk measurement contained in lending, pre-settlement, money market and investment activities.
2
 
Based on the total amount of credit risk in the respective column using ING’s internal credit risk measurement methodologies. Economic sectors
 
(industry) below 2% are not shown separately but grouped in Other.
3
 
Geographical areas are based on country of residence, except for private individuals for which the geographical
 
areas are based on the primary country of risk.
Overall portfolio (*)
During 2021, ING’s portfolio size increased by €
26.5
 
billion (+
2.99
%) to €
914.0
 
billion outstandings. The net
volume growth was concentrated in the Lending risk categories in Wholesale Banking and growth in
 
exposures to
Private Individuals.
Foreign exchange rate changes had a positive impact on portfolio growth and increased total outstanding by
11.5
 
billion. This was driven by the appreciation of the US Dollar
 
(+
8.3
%), the British Pound (+
7.0
%), and the
Australian Dollar (+
1.8
%) partly offset by the depreciation of the Turkish Lira (
-40.2
%) against the Euro.
Rating distribution (*)
Due to the Covid-19 pandemic, governments and banks introduced numerous measures
 
to support individuals
and businesses financially.
 
The overall rating distribution in the portfolio has not been materially affected by
Covid-19. For details on portfolios most sensitive to Covid-19 see the next paragraph ‘Covid-19 sensitive sectors’.
Overall, the rating class concentration slightly improved in 2021. The share of investment grade rating classes
increased from
72.8
% to
75.0
%, while the share of non-investment grade decreased, from
25.0
% to
23.2
%. Sub-
standard grade outstandings decreased from
0.7
% to
0.4
% of the total portfolio, whereas non-performing loans
decreased from
1.5
% to
1.3
%.
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
170
With respect to the rating distribution within the business lines, in Wholesale
 
Banking investment-grade rated
assets increased, mainly driven by Natural Resources, Non-Bank Financial Institutions and
 
Utilities, while for non-
investment grade assets the outstandings decreased, across multiple sectors.
 
The rating distribution for Retail Benelux improved mostly because of Dutch residential mortgages, shifting from
rating class BB to BBB and A, driven by the continuing increase in the house price
 
index and improving Loan to
Values. The rating distribution of residential mortgages in Belgium also improved, reducing concentration in B
ratings and lower, while increasing in BBB and BB.
 
In Retail Challengers & Growth Markets, the distribution across rating classes remained rather stable in 2021.
Overall share of investment grade decreased from
76.6
% to
76.1
%. The increase in non-investment grade is
explained primarily by the portfolio in Poland.
Industry (*)
In line with our objective to give stakeholders insight into the portfolio, we present the business lending portfolio
per industry breakdown in accordance with the NAICS definition.
 
The industry composition within Retail is concentrated in private individuals with
66
% for Retail Benelux and
76
%
for Retail Challengers & Growth. In Market Leaders, the overall volumes remained stable throughout 2021 in the
Netherlands and in Belgium. In C&G, the increase in
 
volume is in Private Individuals, primarily in Germany, and to
a lesser extent in Poland, Spain and Australia.
 
Within Wholesale Banking, an increase in exposures is
 
noted in Natural Resources of €
8.0
 
billion, notably in
Switzerland and in Belux (also as a consequence of higher commodity
 
prices,
 
i.e. financing of same volume
requires higher value LC's), in Non-Bank Financial Institutions and in
 
Utilities, compensated to a certain extent by
a decrease in Central Governments and Commercial Banks.
Covid-19 sensitive sectors (*)
ING has assessed the elevated risk of our portfolio as a result of the continued impact
 
of the Covid-19 pandemic
and the related measures and restrictions. The following sectors are considered to be most impacted (directly or
indirectly) by the Covid-19 pandemic, resulting in management adjustments
 
to the model-based Loan Loss
Provisions. Refer also to the explanation of the economic sector-based management adjustment in the
“management adjustments” section.
Aviation (Transportation & Logistics):
 
exposure decreased to €
4.3
 
billion outstanding in 2021 (
0.5
% of total
portfolio). In terms of rating, the portfolio improved. Main concentration remains in BB and B rating classes. The
sub-standard grade outstanding decreased to
0.3
% from
1.2
% of the Aviation portfolio, and the non-performing
grade decreased to
1.9
% from
4.5
%.
 
Hospitality & Leisure (Services and Food, Beverages & Personal Care):
exposure decreased by €
0.6
 
billion to
5.4
 
billion outstanding (
0.59
% of total portfolio). Of the total portfolio,
58.1
% is in non-Investment grade. Sub-
standard grade decreased to
9.0
% from
9.7
%, whereas non-performing loans increased to
7.4
% from
6.2
%.
Non-food retail (Other):
 
exposure increased by €
0.5
 
billion to €
7.9
 
billion (
0.87
% of total portfolio). Outstanding
in investment grade improved from
42.4
% to
43.6
%, non-investment grade decreased from
53.1
% to
50.8
%. Sub-
standard grade increased to
1.9
% from
1.0
%, while the non-performing loans remained flat at
3.6
%.
Real Estate
: credit outstandings slightly decreased and amounted to €
52.7
 
billion as at 31 December 2021 (
5.8
%
of total portfolio) from €
53.6
 
billion (
6.0
% of total portfolio) in 2020. Rating distribution improved with
concentrations increasing in Investment grade and reducing in Speculative grade. The NPL grade increased to
1.3
% from
1.2
% in 2020, while Substandard grade improved to
0.5
% from
1.0
%.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
171
Outstandings by economic sectors
 
and geographical area (*)
 
1
in EUR million
Region
Total
Industry
Netherlands
Belgium
Germany
Poland
Spain
United
Kingdom
Luxemburg
France
Rest of Europe
America
Asia
Australia
Africa
2021
Private Individuals
113,846
42,961
95,583
14,397
23,895
157
3,388
3,115
13,215
167
155
35,058
27
345,965
Central Banks
46,902
18,253
17,811
112
3,027
2,853
8,569
1,039
4,485
2,856
1,168
18
107,094
Real Estate
17,426
10,011
1,520
2,357
1,528
436
4,201
3,254
3,461
3,521
935
4,045
4
52,699
Commercial Banks
1,289
318
3,887
707
392
4,156
3,205
5,520
6,353
7,089
13,526
2,265
413
49,119
Central Governments
4,911
7,396
1,179
7,473
4,417
67
203
2,065
7,695
10,927
299
533
477
47,642
Natural Resources
3,734
1,180
1,208
722
291
4,487
2,497
405
15,471
9,473
12,593
1,013
780
53,855
Non-Bank Financial Institutions
3,043
921
3,146
1,718
72
7,764
4,798
1,790
3,947
18,088
3,209
411
48,906
Transportation & Logistics
4,572
2,209
506
1,177
723
1,760
582
982
6,837
3,410
5,682
645
514
29,597
Food, Beverages & Personal Care
6,581
2,869
616
2,146
489
711
1,600
1,232
2,580
3,131
1,140
235
12
23,340
Services
4,615
9,115
1,105
866
119
523
450
1,470
861
1,539
479
565
36
21,743
Lower Public Administration
343
5,158
5,787
636
-
296
2,732
467
1,197
46
2,608
19,271
Utilities
 
1,545
1,213
3,024
822
1,270
2,980
397
1,433
4,202
4,106
1,355
1,368
220
23,935
General Industries
 
5,389
2,891
1,011
2,612
381
395
532
271
3,363
2,116
1,151
15
20,127
Other
15,485
13,424
5,573
6,319
940
2,277
1,168
1,210
9,297
8,803
4,732
1,454
70,682
Total
229,682
117,919
141,956
42,063
37,542
28,567
31,887
26,517
82,233
73,567
48,159
51,382
2,501
913,977
Rating class
Investment grade
180,698
78,195
119,311
26,856
29,522
22,820
26,150
20,622
52,875
53,725
36,777
38,200
79
685,831
Non-Investment grade
45,530
35,600
21,250
14,148
7,647
5,234
5,568
5,774
27,993
18,500
10,534
11,998
2,259
212,037
Sub-standard grade
1,230
868
390
290
89
56
81
2
308
203
191
217
58
3,985
Non-performing loans
2,224
3,256
1,006
768
284
458
87
119
1,056
1,139
656
966
105
12,124
Total
229,682
117,919
141,956
42,063
37,542
28,567
31,887
26,517
82,233
73,567
48,159
51,382
2,501
913,977
1
 
Geographical areas are based on country of residence, except for private individuals for which the geographical
 
areas are based on the primary country of risk.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
172
Outstandings by economic sectors
 
and geographical area (*)
 
1
in EUR million
Region
Total
Industry
Netherlands
Belgium
Germany
Poland
Spain
United
Kingdom
Luxemburg
France
Rest of Europe
America
Asia
Australia
Africa
2020
Private Individuals
114,219
42,443
88,178
12,216
21,775
186
3,203
2,644
14,717
169
173
33,346
29
333,299
Central Banks
43,615
22,840
23,601
31
3,058
6,247
3,855
811
3,655
0
4,090
1,424
23
113,250
Real Estate
18,349
10,540
1,374
2,478
1,460
313
3,846
3,511
3,839
2,889
828
4,197
7
53,632
Commercial Banks
1,640
265
4,546
607
468
6,931
3,478
6,218
6,926
7,434
13,222
1,476
298
53,509
Central Governments
6,636
6,762
2,010
8,956
4,435
55
175
2,130
10,020
8,949
344
712
439
51,623
Natural Resources
2,830
1,214
1,102
626
286
3,435
959
316
13,542
8,193
11,442
821
782
45,549
Non-Bank Financial Institutions
2,743
940
3,301
1,502
126
6,348
4,054
1,547
4,096
14,726
3,089
376
0
42,848
Transportation & Logistics
4,162
2,016
1,503
1,018
539
1,934
641
782
6,229
3,628
5,468
743
295
28,960
Food, Beverages & Personal Care
6,623
2,783
306
1,932
515
782
1,663
789
2,202
3,975
1,072
191
10
22,843
Services
4,281
9,307
584
783
159
520
454
411
1,054
2,314
612
515
0
20,993
Lower Public Administration
432
4,875
7,526
721
0
-
583
1,693
528
1,026
30
2,050
0
19,464
Utilities
 
1,731
1,277
1,815
618
610
2,105
583
402
2,975
3,196
1,716
1,292
237
18,556
General Industries
4,176
2,802
1,030
2,134
252
234
266
194
3,014
2,477
1,053
16
0
17,648
Other
14,094
13,218
3,843
5,478
829
1,926
1,572
1,273
9,527
7,769
4,456
1,293
0
65,279
Total
225,532
121,282
140,722
39,101
34,512
31,018
25,330
22,721
82,324
66,745
47,594
48,451
2,121
887,454
Rating class
Investment grade
169,111
78,294
118,082
26,045
26,622
25,924
19,528
16,688
51,233
44,279
35,879
34,545
127
646,357
Non-Investment grade
51,818
38,113
21,185
11,979
7,468
4,837
5,530
5,870
29,051
20,758
10,696
12,651
1,816
221,772
Sub-standard grade
1,794
1,159
516
215
102
101
191
37
679
476
94
349
83
5,798
Non-performing loans
2,808
3,715
939
862
320
156
81
126
1,360
1,232
925
905
95
13,526
Total
225,532
121,282
140,722
39,101
34,512
31,018
25,330
22,721
82,324
66,745
47,594
48,451
2,121
887,454
1
 
Geographical areas are based on country of residence, except for private individuals for which the geographical
 
areas are based on the primary country of risk.
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
173
Portfolio analysis per geographical area (*)
The portfolio analysis per geographical area re-emphasises the international distribution of ING’s credit portfolio.
The share of the Netherlands in the overall portfolio decreased to
25.1
% (
25.4
%).
 
The most noticeable trend in the Netherlands was the increase in exposure
 
with Central Banks. Outstandings to
private individuals are stable at
62
% (
63
%) of total outstandings (excl. Central Banks). In Belgium no substantial
moves were observed in the portfolio, apart from a decrease in Central Banks (-€
4.6
 
billion).
 
In Market Leaders, in terms of rating distribution, the share of investment grade increased in both the
Netherlands and Belgium. Apart from the increase in investment grade assets, the outstanding
 
with non-
investment grade reduced in 2021 for both Netherlands and Belgium. Also, for both countries, the share of sub-
standard grade and NPL decreased in 2021. For sub-standard, from
0.8
% to
0.5
% and from
1.0
% to
0.7
%. For non-
performing loans (NPL), from
1.2
% to
1.0
% and from
3.1
% to
2.8
% respectively.
 
In Challenger & Growth Markets, ING has a strong market position in residential mortgages in Germany, Poland
and Spain. Residential mortgage exposures increased in these countries. In Germany, an increase in mortgages is
compensated by lower outstandings with the Central bank.
 
The top five countries within Rest of Europe based on outstanding were: Italy (€
16.7
 
billion), Switzerland (€
11.1
billion), Romania (€
9.5
 
billion), Turkey (€
8.3
 
billion) and the Russian Federation (€
4.8
 
billion). Outstandings in
Rest of Europe were impacted by the sale of the retail portfolio in Austria (-€
1.3
 
billion), and Turkey (FX impact),
compensated by increased outstandings in Romania and Ireland.
 
In Europe, outside the Benelux, rating distribution in most countries improved. The share of non-investment
grade decreased in most countries, apart from Poland (mostly in Natural Resources and in General Industries),
and the United Kingdom (increase in Natural Resources). In the UK, a noticeable increase
 
in the share of NPL to
1.6
% (from
0.5
%), was due mainly to the Food, Beverages and Personal Care sector impacted by a single file,
whereas in the other European countries, share of NPL decreased or remained flat.
The increase in exposure in the Americas was mainly driven by FX impact. In Australia, outstanding increased,
mostly driven by mortgages (Private individuals).
 
In terms of rating distribution for America region, an increase in investment grade to
73.0
% (from
66.3
%), non-
investment grade decreased to
25.1
% from
31.1
%. Sub-standard grade decreased to
0.3
%, while NPL slightly
improved to
1.5
% (from
1.8
%).
 
 
Australia’s rating distribution improved with a shift of outstanding from non-investment to investment grade.
Credit risk mitigation (*)
ING uses various credit risk mitigation techniques and instruments to mitigate the credit risk associated with an
exposure and to reduce the losses incurred subsequent to a default by a customer. The most common
terminology used in ING for credit risk protection is ‘cover’. While a cover may be an important mitigant of credit
risk and an alternative source of repayment, generally it is ING’s practice to lend on the basis of the customer’s
creditworthiness rather than exclusively relying on the value of the cover.
Cover forms (*)
Within ING, there are two distinct forms of covers. First, where the asset has been pledged to ING as collateral or
security,
 
ING has the right to liquidate it should the customer be unable
 
to fulfil its financial obligation. As such,
the proceeds can be applied towards full or partial compensation of the customer's outstanding
 
exposure. This
may be tangible (such as cash, securities, receivables, inventory, plant and machinery, and mortgages on real
estate properties) or intangible (such as patents, trademarks, contract rights and licences). Second, where there
is a third-party obligation, indemnification or undertaking (either by contract and/or by law), ING has the right
 
to
claim from that third party an amount if the customer fails on its obligations. The most common examples are
guarantees (such as parent guarantees and export credit insurances) or third-party pledged mortgages.
Cover valuation methodology (*)
General guidelines for cover valuation are established to ensure consistent application within ING. These also
require that the value of the cover is monitored on a regular basis. Covers are revalued periodically and
whenever there is reason to believe that the market is subject to significant changes in conditions. The frequency
of monitoring and revaluation depends on the type of cover.
The valuation method also depends on the type of covers. For asset collateral, the valuation sources can be the
customer’s balance sheet (e.g. inventory, machinery and equipment), nominal value (e.g. cash and receivables),
market value (e.g. securities and commodities), independent valuations (e.g.
 
commercial real estate) and market
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
174
indices (e.g. residential real estate). For third-party obligations, the valuation is based on the value that is
attributed to the contract between ING and that third party.
Where collateral values are used in the calculation of stage 3 individual Loan Loss provisions, haircuts may be
applied to the valuation in specific circumstances, to sufficiently include all relevant factors impacting the future
cash flows. ING increased the haircuts applied to collateral values used in stage 3 individual provisions as at 31
December 2021 to reflect the increased risk of inflated asset prices in certain sectors of the economy. The haircut
is applied on real estate, shipping and aviation collateral values used in the calculation of the loss-given-default in
recovery scenarios. The haircut reflects the risks of adverse price developments between the moment of
valuation of an asset and the actual settlement/cash receipt.
Cover values (*)
This section provides insight into the types of cover and the extent to which exposures benefit from collateral or
guarantees. The disclosure differentiates between risk categories (lending, investment, money market and pre-
settlement). The most relevant types of cover include mortgages, financial collateral (cash and securities) and
guarantees. ING obtains cover that is eligible for credit risk mitigation under CRR/CRDIV, as well as cover that is
not eligible. Collateral covering financial market transactions is valued on a daily basis,
 
and as such not included
in the following tables. To mitigate the credit risk arising from Financial Markets transactions, the bank enters
into legal agreements governing the exchange of financial collateral (high-quality government bonds and cash).
The cover values are presented for the total portfolio of ING, both the performing and non-performing portfolio.
Our definition of non-performing is explained in detail in ‘Credit restructuring’
 
(below). For additional insight, a
breakdown of ING’s portfolio by industry and geography is provided.
 
Exposures are categorised into different value-to-loan (VTL) buckets that give insight in the level of
collateralisation of ING’s portfolio. VTL is calculated as the cover value divided by the outstandings at the balance
sheet date. The cover values are indexed where appropriate and exclude any cost of liquidation. Covers can
either be valid for all or some of a borrower’s exposures or particular outstandings, the latter being the most
common. For the purpose of aggregation, over-collateralisation is ignored in the total overview and VTL coverage
of more than 100% is reported as fully covered. For VTL coverage in the tables for mortgages, consumer lending
and business lending, each cover is subsequently assigned
 
to one of the six defined VTL buckets: no cover, >0% to
25%, >25% to 50%, >50% to 75%, >75% to <100%, and
 
≥ 100%.
The next table gives an overview of the collateralisation of the ING’s total portfolio.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
175
Cover values including guarantees
 
received (*)
in EUR million
Cover type
Value to Loan
2021
Outstandings
Mortgages
Financial
Collateral
Guarantees
Other covers
No Cover
Partially covered
Fully covered
Consumer Lending
344,188
690,752
6,533
25,688
40,618
6.3%
7.6%
86.1%
Business Lending
413,985
160,694
23,454
112,095
332,989
44.2%
20.2%
35.5%
Investment and Money Market
112,272
43
63
1,100
167
98.9%
0.8%
0.3%
Total Lending, Investment
 
and Money Market
870,445
851,490
30,050
138,882
373,774
36.0%
12.8%
51.2%
Pre-settlement
43,531
 
 
 
 
Total Bank
913,977
Cover values including guarantees
 
received (*)
in EUR million
Cover type
Value to Loan
2020
Outstandings
Mortgages
Financial
Collateral
Guarantees
Other
No Cover
Partially covered
Fully covered
Consumer Lending
331,288
609,967
6,208
26,117
38,438
6.7%
7.5%
85.8%
Business Lending
388,270
161,474
20,431
94,913
302,357
43.1%
21.2%
35.7%
Investment and Money Market
121,809
95
121
782
245
99.2%
0.1%
0.7%
Total Lending, Investment
 
and Money Market
841,367
771,536
26,761
121,811
341,039
36.9%
12.7%
50.4%
Pre-settlement
46,086
Total Bank
887,454
In 2021, the collateralisation level of the portfolio increased as a result of an increase in the cover value in
lending to private individuals. Excluding the pre-settlement portfolio,
51.2
% of ING’s outstandings were fully
collateralised in 2021 (2020:
50.4
%). Since investments traditionally do not require covers, the percentage for ‘no
covers’ in this portfolio is above
90
%. However,
99
% of the investment outstanding is investment grade.
Improved economic conditions in ING’s main markets contributed to improved collateral valuations, observed in
consumer lending.
 
Relative to the overall developments in the housing markets and the impact on provisioning,
note the paragraphs on ‘management adjustments’ in the Loan Loss provisioning section,
 
that were made to
reflect potential impact of higher inflation, higher rates and market uncertainty.
Consumer lending portfolio (*)
The consumer lending portfolio accounts for
37.7
% (2020:
37.3
%) of ING’s total outstanding, primarily consisting
of residential mortgage loans and other consumer lending loans,
 
which mainly comprise term loans, revolvers
and personal loans to consumers. As a result, most of the collateral consists of mortgages. The mortgage values
are collected in an internal central database and in most cases external data is used to index the market value. A
significant part of ING’s residential mortgage portfolio is in the Netherlands (
35.3
%), followed by Germany
(
26.9
%), Belgium and Luxembourg (
13.2
%) and Australia (
10.9
%).
Consumer lending portfolio – cover values
 
(*)
The below tables show the values of different covers and the VTL split between performing and non-performing
loans.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
176
Cover values including guarantees
 
received - Consumer lending portfolio (*)
in EUR million
Cover type
Value to Loan
2021
Outstandings
Mortgages
Financial
Collateral
Guarantees
Other covers
No Cover
>0% - 25%
>25%-50%
>50% - 75%
>75% - <100%
≥ 100%
Performing
Residential Mortgages (Private Individuals)
308,023
674,576
5,014
22,379
33,539
0.5%
7.6%
91.8%
Residential Mortgages (SME)
 
1
5,912
9,520
168
109
1,598
0.2%
0.6%
1.4%
5.4%
92.4%
Other Consumer Lending
25,537
200
1,317
3,085
4,009
79.7%
0.3%
0.1%
0.1%
0.3%
19.5%
Total Performing
339,472
684,296
6,499
25,573
39,146
6.0%
0.1%
0.5%
7.0%
86.3%
Non-performing
Residential Mortgages (Private Individuals)
3,336
6,149
31
97
1,270
0.4%
0.3%
1.0%
4.8%
93.4%
Residential Mortgages (SME)
 
1
194
302
1
6
51
0.1%
0.2%
0.7%
1.6%
7.4%
90.0%
Other Consumer Lending
1,186
5
1
12
151
92.3%
0.4%
0.2%
0.4%
0.5%
6.3%
Total Non-performing
4,716
6,456
33
115
1,472
23.5%
0.1%
0.3%
0.9%
3.8%
71.4%
Total Consumer Lending
344,188
690,752
6,533
25,688
40,618
6.3%
0.1%
0.5%
7.0%
86.1%
1
 
Consists mainly of residential mortgages to small individual business clients
Cover values including guarantees
 
received - Consumer lending portfolio (*)
in EUR million
Cover type
Value to Loan
2020
Outstandings
Mortgages
Financial
Collateral
Guarantees
Other covers
No Cover
>0% - 25%
>25%-50%
>50% - 75%
>75% - <100%
≥ 100%
Performing
Residential Mortgages (Private Individuals)
294,642
594,073
5,147
23,210
30,927
0.1%
0.7%
7.3%
92.0%
Residential Mortgages
(SME)
 
1
5,681
9,010
151
126
1,532
0.3%
0.7%
1.4%
6.1%
91.5%
Other Consumer Lending
25,780
197
861
2,619
4,336
81.5%
0.3%
0.1%
0.2%
0.3%
17.6%
Total Performing
326,103
603,281
6,160
25,955
36,795
6.4%
0.0%
0.1%
0.7%
6.7%
86.1%
Non-performing
Residential Mortgages (Private Individuals)
3,698
6,379
45
141
1,414
0.2%
0.1%
0.4%
1.2%
5.9%
92.2%
Residential Mortgages (SME)
 
1
184
301
9
54
0.1%
0.2%
0.5%
1.8%
7.7%
89.7%
Other Consumer Lending
1,303
6
4
12
175
91.8%
0.3%
0.2%
0.3%
0.6%
6.7%
Total Non-performing
5,185
6,686
49
162
1,643
23.2%
0.1%
0.3%
1.0%
4.6%
70.6%
Total Consumer Lending
331,288
609,967
6,208
26,117
38,438
6.7%
0.0%
0.1%
0.7%
6.7%
85.8%
1
 
Consists mainly of residential mortgages to small individual business clients
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
177
The collateralisation levels of the consumer lending portfolio continued to improve during 2021. The rise in
collateralisation levels was due to rising housing prices observed in different mortgage markets, specifically
noticeable in the Netherlands but also in Belgium,
 
Germany and Australia.
 
Relative to the overall developments
in the housing markets driving a decrease of loan loss provisions relating to the mortgages portfolio’s, note
management adjustments recognised to maintain an appropriate level of provisions. See paragraph on
‘management adjustments’ in the Loan Loss provisioning section.
 
ING’s residential mortgage outstanding increased mainly in Poland (
18.8
%), Spain (
11.5
%) and Germany (
8.4
%). In
2020 the increases where respectively
10.3
%,
7.4
% and
4.9
%. Mortgage outstanding in the Netherlands
decreased slightly (
0.2
%). For the residential mortgages portfolio, the cover type guarantees relate to mortgages
covered by governmental insurers under the Dutch national mortgage guarantee (NHG) scheme in the
Netherlands. The NHG guarantees the repayment of a loan in case of a forced property sale.
Business lending portfolio (*)
Business lending accounts for
45.3
% of ING’s total outstanding (2020:
43.8
%). In line with our objective to give
stakeholders insight into the portfolio, we present the business lending portfolio per industry breakdown in
accordance with the NAICS definition and per region and main
 
market. Business lending presented in this section
does not include pre-settlement, investment and money market exposures.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
178
Cover values including guarantees
 
received - Business lending portfolio (*)
in EUR million
2021
Cover type
Value to Loan
Industry
Outstandings
Mortgages
Financial
Collateral
Guarantees
Other covers
No Cover
>0% - 25%
>25%-50%
>50% - 75%
>75% - <100%
 
≥ 100%
 
Central Banks
81,485
18
100.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Real Estate
52,079
103,229
1,096
6,956
32,670
3.6%
0.7%
2.3%
0.9%
4.9%
87.7%
Natural Resources
50,451
1,221
2,470
29,319
33,451
28.9%
14.2%
13.7%
8.9%
11.1%
23.2%
Transportation & Logistics
28,184
3,602
171
8,803
44,881
16.1%
6.4%
2.1%
4.5%
12.2%
58.7%
Non-Bank Financial Institutions
25,656
1,105
13,330
3,970
52,196
40.2%
4.8%
0.4%
2.3%
6.5%
45.8%
Food, Beverages & Personal Care
20,277
8,846
440
12,658
39,597
22.9%
4.6%
5.0%
9.3%
15.9%
42.3%
Services
20,671
10,162
1,814
7,883
23,324
28.1%
5.2%
5.9%
4.9%
9.8%
46.2%
Commercial Banks
19,159
5
276
1,535
3,966
74.6%
3.6%
0.6%
1.5%
5.1%
14.5%
Utilities
21,245
172
997
4,944
11,520
50.5%
15.0%
4.9%
3.9%
3.2%
22.3%
General Industries
19,067
5,447
310
6,592
23,701
33.1%
4.8%
3.9%
7.9%
9.1%
41.1%
Chemicals, Health & Pharmaceuticals
14,384
7,442
185
5,586
11,674
30.6%
6.1%
2.9%
5.8%
12.6%
42.1%
Builders & Contractors
14,089
8,036
208
4,967
17,591
22.7%
6.4%
6.2%
7.2%
11.4%
46.1%
Others
 
1
47,237
11,427
2,138
18,881
38,418
44.2%
3.7%
5.2%
3.6%
10.6%
32.7%
Total Business Lending
413,985
160,694
23,454
112,095
332,989
44.2%
5.0%
4.0%
3.8%
7.3%
35.5%
of which Total Non-performing
7,264
2,649
162
3,810
7,090
27.5%
5.9%
6.0%
6.0%
17.2%
37.4%
1
 
‘Others’ comprises industries with outstandings lower than €
10
 
billion.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
179
Cover values including guarantees
 
received - Business lending portfolio (*)
in EUR million
2020
Cover type
Value to Loan
Industry
Outstandings
Mortgages
Financial
Collateral
Guarantees
Other covers
No Cover
>0% - 25%
>25%-50%
>50% - 75%
>75% - <100%
≥ 100%
Central Banks
79,464
23
100.0%
Real Estate
52,743
99,824
1,176
6,644
28,378
3.3%
0.7%
2.1%
1.5%
7.4%
85.1%
Natural Resources
43,209
1,453
2,192
23,503
35,739
24.5%
14.4%
13.0%
7.2%
15.9%
25.0%
Transportation & Logistics
27,395
7,251
182
7,487
37,220
18.2%
5.1%
2.4%
3.9%
11.7%
58.8%
Non-Bank Financial Institutions
22,225
1,139
10,771
3,766
46,286
42.9%
3.5%
2.3%
3.6%
4.6%
43.2%
Food, Beverages & Personal Care
20,594
8,346
430
9,473
33,918
25.0%
5.1%
5.9%
9.6%
14.0%
40.3%
Services
19,632
10,623
1,855
8,394
23,917
27.9%
5.8%
7.0%
5.3%
7.2%
46.9%
Commercial Banks
17,931
313
107
1,546
3,868
74.8%
1.0%
3.4%
1.7%
8.2%
10.8%
Utilities
16,948
185
1,011
4,464
9,723
42.3%
19.1%
5.2%
4.3%
3.0%
26.0%
General Industries
16,417
5,563
241
5,736
20,781
31.5%
4.0%
5.7%
9.6%
9.9%
39.3%
Chemicals, Health & Pharmaceuticals
14,120
7,558
194
4,391
12,332
26.0%
5.7%
3.6%
7.7%
13.6%
43.5%
Builders & Contractors
13,895
7,583
309
4,490
15,711
26.3%
6.2%
6.4%
8.9%
10.4%
41.7%
Others
 
1
43,696
11,635
1,938
15,020
34,484
40.0%
5.1%
4.3%
6.1%
10.5%
34.1%
Total Business Lending
388,270
161,474
20,431
94,913
302,357
43.1%
4.9%
4.2%
4.2%
7.9%
35.7%
of which Total Non-performing
8,261
3,027
230
3,803
6,915
29.1%
5.2%
5.0%
8.5%
14.2%
38.1%
1
 
‘Others’ comprises industries with outstandings lower than €
10
 
billion.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
180
Cover values including guarantees
 
received - Business lending portfolio (*)
2021
Cover type
Value to Loan
Region
Outstandings
Mortgages
 
Financial
Collateral
Guarantees
Other covers
No Cover
>0% - 25%
>25%-50%
>50% - 75%
>75% - <100%
≥ 100%
Europe
Netherlands
107,200
62,780
3,774
12,668
58,622
53.2%
1.7%
2.3%
3.5%
7.6%
31.8%
Belgium
50,231
36,207
1,219
21,476
56,704
25.5%
1.9%
2.5%
2.9%
5.9%
61.3%
Germany
31,563
3,168
195
4,443
6,946
75.0%
4.1%
2.0%
1.6%
0.8%
16.5%
Luxembourg
23,628
9,051
1,083
3,085
33,378
59.5%
1.0%
3.7%
1.3%
4.3%
30.1%
Poland
18,245
9,349
121
4,046
30,961
30.2%
4.5%
4.2%
6.0%
10.7%
44.4%
United Kingdom
15,321
1,716
2,901
5,168
12,128
47.8%
17.7%
4.0%
6.4%
7.1%
17.1%
Switzerland
10,082
78
762
4,469
5,697
23.3%
19.3%
27.1%
13.3%
4.1%
12.9%
France
10,971
7,144
117
1,598
6,493
43.4%
2.5%
2.4%
3.3%
4.0%
44.3%
Rest of Europe
50,046
13,206
2,276
24,520
46,560
37.8%
6.9%
3.8%
3.3%
9.2%
39.1%
America
45,472
7,097
9,156
10,898
43,960
37.6%
9.3%
5.8%
3.8%
10.9%
32.6%
Asia
37,978
1,240
1,559
15,215
27,765
40.9%
6.1%
5.8%
6.0%
9.9%
31.3%
Australia
10,805
9,652
242
2,291
3,110
34.3%
6.1%
1.0%
1.4%
2.6%
54.6%
Africa
2,444
6
49
2,219
667
13.9%
9.1%
7.3%
9.7%
22.4%
37.5%
Total Business Lending
413,985
160,694
23,454
112,095
332,989
44.2%
5.0%
4.0%
3.8%
7.3%
35.5%
of which Non-performing
7,264
2,649
162
3,810
7,090
27.5%
5.9%
6.0%
6.0%
17.2%
37.4%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
181
Cover values including guarantees
 
received - Business lending portfolio (*)
2020
Cover type
Value to Loan
Region
Outstandings
Mortgages
 
Financial
Collateral
Guarantees
Other covers
No Cover
>0% - 25%
>25%-50%
>50% - 75%
>75% - <100%
≥ 100%
Europe
Netherlands
100,918
61,180
3,298
9,245
59,268
51.6%
1.6%
2.5%
3.9%
8.6%
31.8%
Belgium
50,245
36,071
1,174
22,424
53,041
24.8%
1.6%
3.0%
3.1%
6.9%
60.7%
Germany
35,069
3,233
118
2,711
4,788
80.4%
4.0%
2.1%
1.4%
1.2%
10.9%
Luxembourg
16,332
8,403
1,671
2,849
29,875
46.4%
1.5%
6.0%
1.5%
3.4%
41.1%
Poland
16,176
9,414
168
3,720
25,652
28.3%
4.5%
3.8%
7.9%
11.3%
44.2%
United Kingdom
13,864
4,659
1,971
4,028
9,906
44.6%
16.1%
7.2%
3.0%
8.3%
20.8%
Switzerland
9,544
46
684
3,540
6,980
27.2%
21.7%
16.6%
7.1%
7.2%
20.3%
France
9,513
7,543
150
2,021
4,096
39.2%
5.1%
4.1%
2.7%
2.0%
46.8%
Rest of Europe
46,302
13,817
2,460
18,446
41,326
35.4%
7.7%
4.6%
4.7%
9.1%
38.5%
America
40,800
5,967
6,872
7,442
40,815
38.3%
7.3%
6.0%
5.4%
10.2%
32.7%
Asia
37,435
978
1,728
15,174
23,607
40.6%
5.0%
5.5%
6.6%
11.9%
30.5%
Australia
10,019
10,153
83
1,650
2,273
26.4%
7.7%
2.1%
2.4%
4.7%
56.8%
Africa
2,053
10
53
1,661
730
8.0%
6.6%
3.0%
19.9%
26.8%
35.7%
Total Business Lending
388,270
161,474
20,431
94,913
302,357
43.1%
4.9%
4.2%
4.2%
7.9%
35.7%
of which Non-performing
8,261
3,027
230
3,803
6,915
29.1%
5.2%
5.0%
8.5%
14.2%
38.1%
The tables above on cover values describe the collateralisation of ING’s business lending portfolio. Breakdowns
are provided by industry as well as by geographical region or market, based on the residence of the borrowers.
 
 
Broken down by industry, the largest increase in outstanding is attributable to Natural Resources (€
7.2
 
billion,
16.8
%) followed by Utilities (€
4.3
 
billion,
25.4
%). The largest decrease in outstanding was observed in Real Estate
(€
0.7
 
billion), where the total cover percentage increased.
The proportion of the business lending portfolio with no
 
cover increased, which was mainly witnessed in the
Netherlands to
53.2
% (from
51.6
%), caused by increased Central Bank outstanding. Most industry types
experienced an increase in total covers.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
182
Credit quality (*)
Credit risk categories (*)
Regular
Watch List
Restructuring
 
1
Non-
performing
 
1
Possible ratings
1–19
1–19
11–20
20-22
Typical ratings
1–14
15–17
18–20
20-22
Deterioration in risk
Not significant
Significant
Significant
Significant
Significant intervention
Not required
Not required
Required
Required
Account Ownership
Front Office
Front Office
Front Office
Front Office
Credit Risk Management
Regular
Regular
Credit Restructuring
Credit Restructuring
Primary Manager
Front Office
Front Office
Credit Restructuring
Credit Restructuring
Accounting provisioning
Stage 1/2
Stage 1/2
Stage 2/3
Stage 3
1
 
More information on the Restructuring and Non-performing categories
 
can be found in the Credit restructuring section.
Credit quality outstandings
 
(*)
1
in EUR million
2021
2020
Performing not past due
819,410
786,011
Business lending performing past due
8,121
6,252
Consumer lending performing past due
1,142
953
Non-performing
12,021
13,497
Total lending and investment
840,694
806,713
Money market
29,752
34,654
Pre-settlement
43,531
46,086
Total
913,977
887,454
1 Past due based on new definition of default, prior period outstandings updated
Past due obligations (*)
Retail Banking continuously measures its portfolio in terms of payment arrears and determines on a monthly
basis if there are any significant changes in the level of arrears. This methodology is principally
 
extended to loans
to private individuals, such as residential mortgage loans, car loans and other consumer
 
loans,
 
as well as business
lending. An obligation is considered ‘past due’ if a payment of interest or principal is more than one day late. ING
aims to help its customers as soon as they are past due by communicating to remind them of their
 
payment
obligations. In its contact with the customers, ING aims to solve the (potential) financial difficulties by offering a
range of measures (e.g. payment arrangements, restructuring). If the issues cannot be cured, for example
because the customer is unable or unwilling to pay, the contract is sent to the recovery unit. The facility is
downgraded to risk rating 20 (non-performing) when the facility or obligor – depending on
 
the level at which the
non-performing status is applied - is more than 90 days past due and to risk rating 21 or 22 in case of an exit
scenario.
ING has aligned the regulatory concept of non-performing with that of
 
the definition of default. Hence, in
Wholesale Banking, obligors are classified as non-performing
 
when a default trigger occurs:
ING believes the borrower is unlikely to pay; the borrower has evidenced significant financial difficulty,
to the extent that it will have a negative impact on the future cash flows of the financial asset. The
following events could be seen as indicators of financial difficulty:
The borrower (or third party) has started insolvency proceedings;
A group company/co-borrower has NPL status;
Indication of fraud (affecting the company’s ability to service its debt);
There is doubt as to the borrower’s ability to generate stable and sufficient cash flows to service
its debt;
Restructuring of debt.
ING has granted concessions relating to the borrower’s financial difficulty, the effect of which is a
reduction in expected future cash flows of the financial asset below current carrying
 
amount.
The obligor has failed in the payment of principal, interest or fees, the total past due amount is above
the materiality threshold and this remains the case for more than 90 consecutive days.
Further, Wholesale Banking has an individual name approach, using early warnings indicators to signal possible
future issues in debt service.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
183
Ageing analysis (past due but performing):
 
Consumer lending portfolio by geographic area,
 
outstandings (*)
1,2,3
in EUR million
2021
2020
Region
Past due for 1–
30 days
Past due for 31–
60 days
Past due for 61–
90 days
Past due for >90
days
Total
Past due for 1–
30 days
Past due for 31–
60 days
Past due for 61–
90 days
Past due for >90
days
Total
Europe
Belgium
599
53
61
714
355
12
4
0
371
Germany
105
27
11
0
143
73
26
20
32
152
Poland
35
5
3
43
36
6
5
47
Netherlands
31
9
3
0
43
24
7
2
8
41
Luxemburg
73
3
1
1
78
41
0
0
41
Spain
13
7
5
26
14
10
8
0
33
France
2
0
0
0
2
1
0
0
0
2
United Kingdom
0
0
0
1
0
0
0
0
Rest of Europe
52
9
5
66
61
14
7
0
83
America
0
0
0
0
0
0
0
1
1
Asia
0
0
0
0
1
0
0
0
1
Australia
17
7
1
25
67
15
4
96
182
Total
927
123
91
1
1,142
674
91
50
138
953
1
 
Based on consumer lending. The amount of past due but performing financial assets in respect of non-lending activities was not significant.
2
 
The absolute and relative materiality thresholds used for determining a defaulted status do not apply for the purposes of classification as past
 
due. Below these thresholds, arrears of more than 90 days are reported as past due.
3
 
Based on new definition of default, prior period has been adjusted.
The past due but performing outstanding of consumer lending increased by
 
189
 
million. The largest increase
was observed in Belgium (€
343
 
million), in term loans (€
143
 
million) and in Residential Mortgage (€
105
 
million).
The largest decreases are reported by Australia, Rest of Europe and Germany. Australia’s
 
decrease (€
157
 
million)
is mainly visible in the >90 days past due bucket.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
184
Ageing analysis (past due but performing):
 
Business lending portfolio by geographic area,
 
outstandings (*)
1,2
in EUR million
2021
2020
Region
Past due for 1–
30 days
Past due for
31–60 days
Past due for
61–90 days
Past due for
>90 days
Total
Past due for 1–
30 days
Past due for
31–60 days
Past due for
61–90 days
Past due for
>90 days
Total
Europe
United Kingdom
1,036
108
16
0
1,159
636
485
4
0
1,124
Belgium
1,676
178
8
0
1,863
977
60
28
2
1,067
Netherlands
553
16
4
0
574
532
29
1
4
565
Luxemburg
586
270
0
1
856
468
73
5
6
553
Poland
94
5
2
1
102
66
8
4
0
78
Germany
5
0
2
0
7
45
0
0
45
Spain
95
0
1
0
96
44
44
France
36
5
0
0
41
30
1
0
0
31
Rest of Europe
571
57
1
1
629
492
8
2
3
504
America
2,076
71
0
0
2,146
1,595
131
1,726
Asia
276
25
0
302
37
108
0
146
Australia
327
17
0
1
345
61
306
1
1
369
Total
7,331
727
60
3
8,121
4,983
1,209
44
16
6,252
1
 
The absolute and relative materiality thresholds used for determining a defaulted status do not apply for the purposes of classification as past
 
due. Below these thresholds, arrears of more than 90 days are reported as past due.
2
 
Based on new definition of default, prior period has been adjusted.
Total
 
past due but performing outstanding of business lending increased by
 
1.87
 
billion. These increases are
mainly contributed by increased outstanding in the 1-30 days past due bucket (€
2.35
 
billion), partly offset by
decreased outstanding in 31-60 days past due bucket (€
482
 
million).
 
The top 3 areas of increase in the 1-30 days
bucket are Belgium (€
699
 
million), America (€
481
 
million) and United Kingdom (€
400
 
million). In 2020, ING
recognised management adjustment to cover the elevated risk of clients using payment holiday facilities.
Credit restructuring (*)
Global Credit Restructuring (GCR) is the dedicated and independent department
 
that deals with non-performing
loans and loans that hold a reasonable probability that ING will
 
end up with a loss, if no specific action
 
is taken.
GCR handles accounts or portfolios requiring an active approach, which may include
 
renegotiation of terms and
conditions and business or financial restructuring. The loans
 
are managed by GCR or by units in the various
regions and business units.
 
ING uses three distinct statuses to categorise the management of clients with (perceived) deteriorating credit risk
profiles, i.e. there is increasing doubt as to the performance and the collectability of
 
the client’s contractual
obligations:
Watch List
: Usually, a client is first classified as Watch List when there are concerns of any potential or
material deterioration in credit risk profile that may affect the ability of the client to adhere to its debt
service obligations or to refinance its existing loans. Watch List status requires more than usual
attention, increased monitoring and quarterly reviews. Some clients with a Watch List status may
develop into a Restructuring status or even a Recovery status.
Restructuring
: A client is classified in Restructuring when there are concerns about
 
the client’s financial
stability, credit worthiness, and/or ability to repay,
 
but where the situation does not require the recall or
acceleration of facilities or the liquidation of collateral. ING’s actions aim to maintain the going concern
status of the client by:
 
Restoring the client’s financial stability;
 
Supporting the client’s turnaround;
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
185
Restoring the balance between debt and equity; and
Restructuring the debt to a sustainable situation.
Recovery
: A client is classified as in Recovery when ING and/or the client concludes
 
that the client’s
financial situation cannot be restored and a decision is made to end
 
the (credit) relationship or even to
enter into bankruptcy. ING prefers
 
an amicable exit, but will enforce and liquidate the collateral or claim
under the guarantees if deemed necessary.
Watch List, Restructuring and Recovery accounts are reviewed at least quarterly by the front office, GCR and the
relevant credit risk management executives.
Forbearance
 
(*)
Forbearance occurs when a client is unable to meet their financial commitments
 
due to financial difficulties they
face or are about to face and ING grants concessions towards them. Forborne assets are assets in respect of
which forbearance measures have been granted.
 
Forbearance may enable clients experiencing financial difficulties to continue repaying their debt.
 
For business customers, ING mainly applies forbearance measures to support clients with fundamentally sound
business models that are experiencing temporary difficulties with the aim
 
of maximising the client’s repayment
ability and therewith avoiding a default situation or helping the client to return to a performing situation.
 
For ING retail units, clear criteria have been established to determine whether a client is eligible for the
forbearance process. Specific approval mandates are in place to approve the measures, as well as procedures to
manage, monitor and report the forbearance activities.
ING reviews the performance of forborne exposures at least quarterly, either on a case-by-case (business) or on a
portfolio (retail) basis.
All exposures are eligible for forbearance measures, i.e. both performing (Risk Ratings 1-19) and non-performing
(Risk Ratings 20-22) exposures. ING uses specific criteria to move forborne exposures from non-performing
 
to
performing or to remove the forbearance statuses that are consistent with the corresponding European Banking
Authority (EBA) standards. An exposure is reported as forborne for a minimum of two years. An additional one-
year probation period is observed for forborne exposures that move from non-performing back to performing.
Since the outbreak of Covid-19, ING has supported clients
 
affected by the pandemic among others by providing
payment holidays. Refer to ‘Payment holidays’
 
below for more information on payment holidays.
Summary Forborne portfolio (*)
in EUR million
2021
2020
Business Line
Outstandings
Of which:
performing
Of which: non-
performing
% of total
portfolio
Outstandings
Of which:
performing
Of which: non-
performing
% of total
portfolio
Wholesale Banking
9,798
7,455
2,343
3.1%
10,176
7,849
2,327
3.2%
Retail Banking
10,018
6,339
3,679
2.1%
9,640
6,341
3,299
2.0%
Total
19,816
13,793
6,022
2.5%
19,816
14,190
5,626
2.5%
Summary Forborne portfolio by forbearance
 
type (*)
in EUR million
2021
2020
Forbearance type
Outstandings
Of which:
performing
Of which: non-
performing
% of total
portfolio
Outstandings
Of which:
performing
Of which: non-
performing
% of total
portfolio
Loan modification
18,311
13,128
5,183
2.3%
17,877
12,937
4,940
2.3%
Refinancing
1,505
666
839
0.2%
1,939
1,252
686
0.2%
Total
19,816
13,793
6,022
2.5%
19,816
14,190
5,626
2.5%
As per 31 December 2021, ING’s total forborne assets remained stable at €
19.8
 
billion compared to 31 December
2020. Wholesale Banking decreased by €
0.4
 
billion, whereas Retail Banking increased by €
0.4
 
billion.
Wholesale Banking (*)
As per December 2021, Wholesale Banking
 
forborne assets amounted to €
9.8
 
billion, which represented
3.1
% of
the total Wholesale Banking portfolio (Lending and Investment credit outstanding).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
186
Wholesale Banking: Forborne portfolio by geographical
 
area (*)
in EUR million
2021
2020
Region
Outstandings
Of which:
performing
Of which: non-
Outstandings
Of which:
performing
Of which: non-
performing
performing
Europe
Netherlands
1,012
811
201
842
700
142
Belgium
329
321
8
255
175
81
Germany
868
658
210
845
676
170
United Kingdom
1,344
913
432
1,738
1,606
132
Italy
286
261
25
353
317
36
Norway
79
29
50
78
32
47
Poland
181
160
21
199
101
98
Rest of Europe
2,381
2,181
200
2,404
2,149
255
America
1,900
1,326
574
2,338
1,541
796
Asia
685
292
393
555
194
362
Australia
568
416
152
365
251
113
Africa
164
88
76
202
109
94
Total
9,798
7,455
2,343
10,176
7,849
2,327
Wholesale Banking: Forborne portfolio by economic
 
sector (*)
in EUR million
2021
2020
Industry
Outstandings
Of which:
performing
Of which: non-
Outstandings
Of which:
performing
Of which: non-
performing
performing
Natural Resources
2,047
1,177
870
2,370
1,397
973
Transportation & Logistics
1,336
1,061
274
1,453
1,253
201
General Industries
366
321
45
661
605
55
Food, Beverages & Personal Care
1,202
749
452
1,475
1,216
260
Real Estate
1,665
1,570
95
529
365
165
Chemicals, Health & Pharmaceuticals
347
324
22
394
364
30
Builders & Contractors
177
135
41
449
370
78
Utilities
407
271
136
290
141
149
Services
793
687
106
750
643
106
Retail
361
304
57
346
296
49
Automotive
581
535
46
768
714
54
Other
516
318
197
691
485
206
Total
9,798
7,455
2,343
10,176
7,849
2,327
The main concentration of forborne assets in a single country was in the United Kingdom with
14
% (2020:
17
%)
of the total Wholesale Banking forborne assets and
18
% (2020:
6
%) of the total non-performing forborne assets.
Wholesale Banking forborne assets decreased by €
378
 
million compared to 2020, of which the performing
forborne assets decreased by €
394
 
million. The decrease of the performing forborne assets was visible across
most industries, offset by an increase for Real Estate. On a regional basis, the decrease was mainly visible in the
United Kingdom and America.
Wholesale Banking forborne assets were mainly concentrated in Natural Resources, Real Estate, Transportation
& Logistics and Food Beverages & Personal Care. Together they accounted for
64
% of the total Wholesale
Banking forborne assets and
72
% of the total Wholesale Banking non-performing forborne assets. Back in
 
2020,
the main concentration was witnessed Natural Resources, Food Beverages & Personal Care- and Transportation
& Logistics with
52
% of the total WB forborne. In 2021, a significant increase in forborne assets was visible in
 
Real
Estate (+€
1.1
 
billion), offset by a decrease in Natural Resources (-€
0.3
 
billion), General Industries (-€
0.3
 
billion),
Food, Beverages & Personal Care (-€
0.3
 
billion) and Builders & Contractors (-€
0.3
 
billion). Relative to the views
towards sectors, also note the sector based approach as explained in the Management adjustments paragraph in
the Loan Loss Provisioning section.
Retail Banking (*)
As per end of December 2021, Retail Banking forborne assets amounted to a total of €
10.0
 
billion, which
represented
2.1
% of the total Retail Banking portfolio (Lending and Investment credit outstanding).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
187
Retail Banking: Forborne portfolio by
 
geographical area (*)
in EUR million
2021
2020
Region
Outstandings
Of which:
performing
Of which: non-
Outstandings
Of which:
performing
Of which: non-
performing
performing
Europe
Netherlands
4,171
3,224
947
4,415
3,447
968
Belgium
3,319
2,035
1,284
2,672
1,621
1,051
Germany
497
306
191
578
410
168
Turkey
146
97
49
307
218
89
Poland
450
152
298
349
112
237
Romania
115
49
66
114
59
55
Italy
129
47
82
49
13
37
Spain
35
11
23
22
10
12
Rest of Europe
99
68
30
80
42
37
America
9
7
2
10
9
1
Asia
3
1
1
3
1
2
Australia
1,045
340
705
1,041
399
643
Africa
1
0
0
0
0
0
Total
10,018
6,339
3,679
9,640
6,341
3,299
The main concentration of forborne assets in a single country was in the Netherlands
 
with
42
% (2020:
46
%) of
the total Retail Banking forborne assets and
26
% (2020:
29
%) of the non-performing forborne assets. Then
Belgium followed with
33
% (2020:
28
%) of the total Retail Banking forborne assets. Out of the total of €10.0
billion,
 
an amount of €4.6 billion is related to mortgages (2020: €4.6 billion).
Payment holidays
Globally, 2021 has been still dominated by the Covid-19 pandemic and the distressing human and economic
 
cost
thereof. Despite increasing vaccination rates and a further reopening of economies during the year, the end of
2021 was marked again by increasing infection rates due to the spread of new virus variants. In many countries,
governments have adopted economic support programs (such as tax advantages, unemployment regulations or
guarantees) to address the adverse systemic economic impact of the coronavirus. In addition, various initiatives
have been taken by ING to support our clients to manage these extraordinary times by way of granting
temporary payment holidays, (guaranteed) new money facilities etc.
 
Governments in almost all Retail Banking countries have adopted measures providing for payment holidays.
During 2020 and 2021, in line with the EBA moratoria guidelines,
 
approximately
137,000
 
customers had been
granted payment holidays under schemes that were eligible under the EBA moratoria guidelines. The total
exposure of loans for which a payment holiday was granted amounts to €
15.3
 
billion, of which over
57
% were for
customers located in the Netherlands and Belgium. At the end of 2021,
99.8
% of granted payment holidays had
expired.
The payment
 
holiday
 
schemes
 
offered
 
in the
 
various
 
countries
 
differ
 
in terms
 
of scope,
 
benefit
 
duration
 
and key
conditions
 
and are
 
mainly
 
applied
 
to business
 
lending,
 
mortgages
 
and consumer
 
loans.
The various measures taken by ING to alleviate the impact of Covid-19 also impacted the loan
 
classification in
terms of forbearance and consequently IFRS 9 staging. In light of this, the EBA has provided guidelines that
expired on 30 September 2020, which defined eligibility criteria for a payment holiday arrangement offered to a
large group of customers to be classified as a “general payment moratorium”.
 
Based on the guidelines, the
granting of these payment holidays did not lead to forbearance classifications. A small number of payment
holidays were granted outside this scheme and were flagged as forborne. ING followed the EBA guidelines and
when a payment holiday was provided to a customer as part of a “general payment moratorium”,
 
ING did not
consider this measure to classifiable as forbearance. EBA further extended these guidelines
 
in the first week of
December 2020, valid until 31 March 2021, with certain extra conditions. ING decided
 
not to make use of the
extension of these guidelines and took the decision to treat exposures subject
 
to a payment holiday under new
or extended schemes (after September 2020) as IFRS 9 stage 2 or stage 3 exposures. Limited exceptions, due to
local regulatory requirements, were specifically approved by the highest credit policy approval body (GCTP).
 
To
address the elevated risk for clients with payment holidays a management adjustment was considered necessary.
Please refer to the paragraph on ‘Management adjustments’ in the Loan Loss Provisioning section.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
188
Non-performing loans (*)
ING’s loan portfolio is under constant review.
 
Loans to obligors that are considered more than 90 days past due
on material exposure are reclassified as non-performing. For business lending portfolios, there generally are
reasons for declaring a loan non-performing prior to the obligor being 90
 
days past due. These reasons include,
but are not limited to, ING’s assessment of the customer’s perceived inability to meet its financial obligations, or
the customer filing for bankruptcy or bankruptcy protection.
The table below represents the breakdown by industry of credit risk outstandings for lending and investment
positions that have been classified as non-performing.
Non-performing Loans: outstandings by economic
 
sector and business lines (*)
1
in EUR million
Wholesale Banking
Retail Benelux
Retail Challengers
& Growth Markets
Corporate Line
Total
Industry
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Private Individuals
-
-
2,424
2,879
2,445
2,480
 
-
 
-
4,869
5,359
Natural Resources
1,325
1,434
46
63
27
36
 
-
 
-
1,398
1,533
Food, Beverages & Personal
Care
681
668
428
420
130
138
 
-
 
-
1,239
1,226
Transportation & Logistics
575
786
180
201
52
44
 
-
 
-
807
1,031
Services
224
313
499
474
63
58
 
-
 
-
786
844
Builders & Contractors
93
148
224
398
112
133
 
-
 
-
429
680
Real Estate
132
217
495
416
59
21
 
-
 
-
686
655
General Industries
66
138
272
232
123
133
 
-
 
-
461
502
Non-Bank Financial Institutions
56
18
24
26
4
3
 
-
 
-
85
47
Retail
140
85
103
170
47
54
 
-
 
-
290
309
Other
 
2
541
579
340
335
90
103
 
-
295
971
1,312
Total
3,833
4,386
5,035
5,614
3,153
3,203
 
-
295
12,021
13,497
1
 
Based on Lending and Investment outstandings.
2
 
Economic sectors not specified in above overview are grouped in Other.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
189
Non-performing Loans: outstandings by economic
 
sectors and geographical area
 
(*)
in EUR million
Region
Total
Industry
Netherlands
Belgium
Germany
Poland
Spain
United Kingdom
France
Luxemburg
Rest of Europe
America
Asia
Australia
Africa
2021
Private Individuals
776
1,578
721
206
232
8
16
35
497
3
4
791
1
4,869
Natural Resources
67
44
 
-
20
 
-
27
116
577
421
90
37
1,398
Food, Beverages & Personal
Care
299
176
25
111
 
-
226
7
2
37
228
128
1
1,239
Transportation & Logistics
385
55
1
35
47
20
3
165
29
49
17
807
Services
199
385
45
5
66
4
22
52
6
1
786
Builders & Contractors
43
188
4
83
 
-
 
-
2
58
50
 
-
 
-
429
Real Estate
167
303
 
-
61
88
21
21
9
 
-
 
-
16
 
-
686
General Industries
110
173
18
91
 
-
4
3
34
27
 
-
461
Non-Bank Financial
Institutions
7
8
 
-
4
 
-
9
14
8
34
1
 
-
85
Retail
40
70
34
30
 
-
 
-
56
1
21
21
14
2
290
Other
 
1
119
275
201
81
12
14
6
83
64
48
67
971
Total
2,212
3,255
1,005
768
284
447
119
87
1,056
1,060
656
966
105
12,021
1
 
Economic sectors not specified in above overview are grouped in Other.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
190
Non-performing Loans: outstandings by economic
 
sectors and geographical area
 
(*)
in EUR million
Region
Total
Industry
Netherlands
Belgium
Germany
Poland
Spain
United Kingdom
France
Luxemburg
Rest of Europe
America
Asia
Australia
Africa
2020
Private Individuals
1,040
1,760
712
214
239
7
18
38
555
5
4
766
1
5,359
Natural Resources
75
48
0
20
25
0
0
171
659
394
93
49
1,533
Food, Beverages & Personal
Care
324
165
80
114
15
11
68
1
76
240
132
1
0
1,226
Transportation & Logistics
346
54
1
42
47
18
0
3
110
40
352
18
0
1,031
Services
190
495
0
42
5
0
1
4
28
73
6
0
844
Builders & Contractors
66
361
1
93
0
0
4
107
47
0
0
680
Real Estate
144
255
86
15
80
15
17
26
16
655
General Industries
111
161
7
91
0
5
0
93
32
1
1
0
502
Non-Bank Financial
Institutions
9
13
3
0
0
4
13
4
1
47
Retail
66
140
0
41
3
6
1
36
13
3
0
309
Other
 
1
427
259
138
116
0
12
14
8
143
120
23
7
45
1,312
Total
2,799
3,710
939
862
320
156
126
81
1,359
1,220
925
905
95
13,497
1
 
Economic sectors not specified in above overview are grouped in Other.
The non-performing portfolio decreased in 2021, mainly due to decreased outstandings
 
in Private Individuals,
 
in
Builders & Contractors and in the Transportation & Logistics industry.
 
The decrease is visible in all businesses and
also in almost all sectors. In the Netherlands, the Non Performing
 
in Private Individuals decreased mainly
because of cures (ending their default probation).
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
191
Loan loss provisioning (*)
ING recognises loss allowances based on the expected credit loss (ECL) model of IFRS
 
9, which is designed to be
forward-looking. The IFRS 9 impairment requirements are applicable to on-balance sheet financial assets
measured at amortised cost or fair value through other comprehensive income (FVOCI), such as loans,
 
debt
securities and lease receivables, as well as off-balance sheet items such as undrawn loan
 
commitments, certain
financial guarantees
 
issued,
 
and undrawn committed revolving credit facilities.
ING distinguishes between two types of calculation methods for credit loss allowances:
Individual Lifetime ECL for credit-impaired (Stage 3) financial instruments with exposures above €1 million;
Collective 12-month ECL (Stage 1) and Lifetime ECL (Stage 2) for portfolios of financial instruments, as well as
Lifetime ECL for credit impaired exposures (Stage 3) below €1 million.
IFRS 9 models (*)
The IFRS 9 models leverage on the internal rating-based (IRB) models (PD, LGD, EAD), which include certain
required conservatism. To include IFRS 9 requirements, such regulatory conservatism is removed from the ECL
parameters (PD, LGD and EAD). The IFRS 9 models apply two types of adjustments to the ECL parameters: (1) to
economic outlook and (2) for Stage 2 and Stage 3 assets only, to the lifetime horizon. The IFRS 9 model
parameters are estimated based on statistical techniques and supported by expert judgement.
ING has aligned the definition of default for regulatory purposes with the definition
 
of ‘credit-impaired’ financial
assets under IFRS 9 (Stage 3). To comply with the new regulatory technical standards (RTS) and EBA guidelines,
ING updated its definition of default in the first quarter of 2020. Consequently, ING updated this definition also
for IFRS 9 purposes,
 
which accordingly is taken into account in updates of IFRS9 models.
 
More information can be found in section 1.6 of the Consolidated Financial Statements.
Climate and environmental risks in IFRS 9 models (*)
ING is evolving in its credit risk management framework
 
to develop a better understanding
 
of emerging climate and
environmental risks. Banks,
 
including ING, are in the process of collecting and analysing
 
empirical historical data and
moving towards embedding these emerging
 
risks into their credit risk management
 
processes and eventually into
 
their
IFRS 9 ECL models.
 
At this point in time it is not yet possible to
 
incorporate climate risk separately
 
into IFRS 9 ECL models given the lack of
sufficient empirical historical
 
data. The impact of climate risk is however
 
currently implicitly embedded in ING’s
 
ECL
models through the macroeconomic forecasts
 
used for both the baseline and two alternative
 
scenarios (downside and
upside). In particular,
 
where climate and environmental
 
factors have
 
impacted the economy in the recent past
 
or
present, these impacts are reflected
 
in projected macro-economic indicators
 
(e.g. GDP growth and unemployment
rates).
 
We note that ING’s
 
ECL models are primarily sensitive to the short-term
 
economic outlook (we use a 3 year time
horizon for macroeconomic outlook
 
after which a mean reversion approach
 
is applied), and therefore the longer-term
environmental/climate
 
risk is not yet incorporated
 
.
With regard to our evaluation
 
of climate-related matters,
 
where such events have
 
already occurred (e.g. floods), the
impact of such events are individually assessed
 
in the calculation of stage 3 Individual provisions
 
and factored into
ING’s normal credit monitoring
 
and identification processes. For
 
example, we consider whether the affected
 
assets
have suffered a significant
 
increase in credit risk (or are credit
 
impaired) and whether the ECL is appropriate.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
192
Reconciliation gross carrying amount
 
(IFRS 9 eligible) and statement of financial position
in EUR million
2021
2020
 
Gross
Carrying
Amount
 
 
Allowances
for credit
losses
 
 
Cash and
on-demand
bank
positions
 
 
Reverse
Repurchase
transactions
 
 
Cash
collateral
 
 
other
 
 
Statement
of
financial
 
position
 
 
Gross
Carrying
Amount
 
 
Allowances
for credit
losses
 
 
Cash and
on-demand
bank
positions
 
 
Reverse
Repurchase
transactions
 
 
Cash
collateral
 
 
other
 
 
Statement
of
financial
 
position
 
Amounts held at Central Banks
 
104,875
-6
1,650
1
106,520
109,242
-3
1,851
-2
111,087
Loans and Advances to Banks
 
15,213
-22
1,675
3,403
3,287
36
23,592
16,660
-23
2,162
4,869
3,639
-1,943
25,364
Financial Instruments FVOCI Loans
 
837
-1
3
838
1,053
-2
4
1,056
Financial Instruments FVOCI Debt securities
 
27,201
-12
150
27,340
32,781
-12
208
32,977
Securities at Amortised Cost
 
47,358
-19
980
48,319
49,223
-17
1,381
50,587
Loans and Advances to customers
 
622,327
-5,274
1,487
3,178
3,404
625,122
589,565
-5,779
1,551
4,679
3,954
593,970
Total on-balance (IFRS 9 eligible)
817,812
-5,334
3,325
4,890
6,466
4,574
831,731
798,524
-5,836
4,012
6,420
8,319
3,603
815,041
Guarantees and irrevocable facilities (IFRS 9 eligible)
134,122
-34
118,418
-17
Total Gross
 
Carrying Amount (IFRS 9 eligible)
 
951,934
-5,368
916,942
-5,854
This table presents the reconciliation between the Statement of Financial Position and the gross carrying
amounts used for calculating the expected credit losses. No expected credit loss is calculated for cash, on-
demand bank positions, reverse repurchase transactions, cash collateral received in respect of derivatives and
other. Therefore
 
these amounts are not included in the total gross carrying amount
 
(IFRS 9 eligible). Other
includes value adjustments on hedged items, deferred acquisition cost on residential mortgages and a receivable
which is offset against a liquidity facility.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
193
Portfolio quality (*)
The table below describes the portfolio composition over the different IFRS 9 stages and rating classes. The Stage
1 portfolio represents 93.5% (2020: 92.1%) of the total gross carrying amounts, mainly
 
composed of investment
grade, while Stage 2 makes up 5.2% (2020: 6.5%) and Stage 3 makes up 1.3% (2020: 1.5%) total gross carrying
amounts, respectively.
Gross carrying amount per IFRS 9 stage
 
and rating class (*)
1,2,3
in EUR million
12-month ECL (Stage 1)
Lifetime ECL not credit
impaired (Stage 2)
Lifetime ECL credit impaired
(Stage 3)
Total
2021
Rating class
Gross
Carrying
Amount
Provisions
Gross
Carrying
Amount
Provisions
Gross
Carrying
Amount
Provisions
Gross
Carrying
Amount
Provisions
Investment grade
1 (AAA)
107,788
3
0
107,788
3
2-4 (AA)
106,673
5
197
106,870
5
5-7 (A)
152,167
17
1,000
1
153,167
17
8-10 (BBB)
328,301
73
7,232
14
335,533
87
Non-Investment grade
11-13 (BB)
163,228
208
14,679
86
177,908
294
14-16 (B)
26,852
185
17,931
404
44,783
589
17 (CCC)
5,377
10
4,354
198
9,730
207
Substandard grade
18 (CC)
2,314
173
2,314
173
19 (C)
1,769
142
1,769
142
Non-performing loans
20-22 (D)
12,072
3,851
12,072
3,851
Total
890,386
501
49,476
1,016
12,072
3,851
951,934
5,368
1 Compared to the credit risk portfolio, the differences are mainly undrawn committed
 
amounts (€
133.3
 
billion) not included in Credit outstandings and non-IFRS 9 eligible assets (€
95.1
 
billion, mainly guarantees, letters of credit and pre-settlement exposures) included in Credit
outstandings.
2 For a reference to the Notes in the consolidated financial statements, we
 
refer to the table ‘Reconciliation between credit risk categories and financial position’.
3 IAS 37 provisions are established for non-credit replacement guarantees not in the scope of IFRS
 
9. Total IAS 37 provisions (€
114.4
 
million) are excluded.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
194
Gross carrying amount per IFRS 9 stage
 
and rating class (*)
1,2,3
in EUR million
12-month ECL (Stage 1)
4
Lifetime ECL not credit
impaired (Stage 2)
4
Lifetime ECL credit impaired
(Stage 3)
Total
2020
Rating class
Gross
Carrying
Amount
Provisions
Gross
Carrying
Amount
Provisions
Gross
Carrying
Amount
Provisions
Gross
Carrying
Amount
Provisions
Investment grade
1 (AAA)
109,734
3
46
0
0
0
109,780
3
2-4 (AA)
108,776
6
646
0
0
0
109,422
6
5-7 (A)
137,991
27
707
1
0
0
138,698
28
8-10 (BBB)
297,502
88
4,839
12
0
0
302,341
100
Non-Investment grade
11-13 (BB)
159,076
239
18,513
133
0
0
177,588
372
14-16 (B)
28,335
208
23,742
570
0
0
52,077
777
17 (CCC)
2,817
9
5,113
259
0
0
7,930
269
Substandard grade
18 (CC)
0
0
3,384
248
0
0
3,384
248
19 (C)
0
0
2,323
254
0
0
2,323
254
Non-performing loans
20-22 (D)
0
0
0
0
13,398
3,797
13,398
3,797
Total
844,231
581
59,313
1,476
13,398
3,797
916,942
5,854
1 Compared to the credit risk portfolio, the differences are mainly undrawn committed
 
amounts (€
118.4
 
billion) not included in Credit outstandings and non-IFRS 9 eligible assets (€
89.1
 
billion, mainly guarantees, letters of credit and pre-settlement exposures) included in Credit outstandings.
2 For a reference to the Notes in the consolidated financial statements, we
 
refer to the table ‘Reconciliation between credit risk categories and financial position’.
3 IAS 37 provisions are established for non-credit replacement guarantees not in the scope of IFRS
 
9. Total IAS 37 provisions (€
74.8
 
million) are excluded.
4 Prior year numbers adjusted reflecting model adjustment in residential mortgages Netherlands.
Changes in gross carrying amounts and loan loss provisions (*)
The table below provides a reconciliation by stage of the gross carrying amount and allowances for loans and
advances to banks and customers, including loan commitments and financial guarantees. The
 
transfers of
financial instruments represent the impact of stage transfers upon the gross carrying/nominal amount and
associated allowance for ECL. This includes the net-remeasurement of ECL arising from stage transfers, for
example, moving from a 12-month (Stage 1) to a lifetime (Stage 2) ECL measurement basis.
The net-remeasurement line represents the changes in provisions for facilities that remain in the same stage.
Please note the following comments with respect to the movements observed in the table below:
Stage 3 gross carrying amount decreased by €
1.3
 
billion from €
13.4
 
billion as per 31 December 2020
mainly as a result of generally low inflow into NPL in 2021, primarily due
 
to Government support
measures;
Stage 2 gross carrying amount decreased by €
9.8
 
billion from €
59.3
 
billion as per 31 December 2020.
This is mainly caused by the Significant Lifetime PD trigger (-/-€
7.9
 
billion) driven by favourable macro-
economic forecasts and the Watch List trigger (-/-€
6.6
 
billion), offset by increases in other triggers which
are mainly more than 30 Days Past Due (€
2.4
 
billion) and Forbearance (€
1.6
 
billion). For the latter, a 2-
year probation period is required before a client can move back to Stage 1;
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
195
Transportation & Logistics (including Aviation), Real Estate,
 
Services and Food, Beverages & Personal
Care (latter two including Hospitality & Leisure) were the sectors particularly impacted by the Covid-19
pandemic. In 2021 these sectors showed material releases in Stage 2 amounts compared to 31
December 2020 of €
1.0
 
billion, €
1.7
 
billion, €
2.2
 
billion and €
1.3
 
billion respectively, as the impact of the
pandemic turned out to be less harsh than expected last year and several files were being taken off the
watchlist. These sectors however still are the largest Stage 2 contributors representing
10
%,
9
%,
8
% and
8
% of the total Stage 2 gross carrying amounts respectively;
Changes in models/Risk parameters is mainly related to the most important redeveloped models in
2021, being Netherlands mortgages, Germany mortgages and the models in
 
Belgium.
Additional information on macroeconomic scenarios is included in
 
the section ‘Macro-economic scenarios and
sensitivity analysis of key sources of estimation uncertainty’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
196
Changes in gross carrying amounts and
 
loan loss provisions (*)
1, 2
in EUR million
12-month ECL (Stage 1)
Lifetime ECL not credit
impaired (Stage 2)
Lifetime ECL credit impaired
(Stage 3)
Total
2021
Gross
carrying
amount
Provisions
Gross
carrying
amount
Provisions
Gross
carrying
amount
Provisions
Gross
carrying
amount
Provisions
Opening balance
844,231
581
59,313
1,476
13,398
3,797
916,942
5,854
Transfer into
 
12-month ECL (Stage 1)
15,157
20
-14,322
-279
-835
-54
-0
-313
Transfer into
 
lifetime ECL not credit impaired (Stage 2)
-19,737
-32
20,537
206
-800
-75
-0
100
Transfer into
 
lifetime ECL credit impaired (Stage 3)
-2,166
-13
-1,589
-96
3,755
820
-0
712
Net remeasurement of loan loss provisions
-130
-228
404
46
New financial assets originated or purchased
208,501
149
208,501
149
Financial assets that have been derecognised
-125,819
-73
-11,935
-104
-1,898
-237
-139,652
-414
Net drawdowns and repayments
-29,781
-2,527
-694
-33,002
Changes in models/risk parameters
 
12
41
130
184
Increase in loan loss provisions
-67
-460
989
462
Write-offs
-854
-854
-854
-854
Recoveries of amounts previously written off
45
45
Foreign exchange and other movements
-13
1
-125
-138
Closing balance
890,386
501
49,476
1,016
12,072
3,851
951,934
5,368
1
 
Stage 3 Lifetime credit impaired provision includes €
4
 
million on Purchased or Originated Credit Impaired.
2
 
The addition to the loan provision (in the consolidated statement of profit or loss) amounts to €
516
 
million of which €
462
 
million related to IFRS-9 eligible financial assets, €
43
 
million related to non-credit replacement guarantees and €
11
 
million to modification gains and losses on
restructured financial assets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
197
Changes in gross carrying amounts and
 
loan loss provisions (*)
3
in EUR million
12-month ECL (Stage 1)
2
Lifetime ECL not credit
impaired (Stage 2)
2
Lifetime ECL credit impaired
(Stage 3)
1
Total
2020
Gross
carrying
amount
Provisions
Gross
carrying
amount
Provisions
Gross
carrying
amount
Provisions
Gross
carrying
amount
Provisions
Opening balance
819,810
490
38,519
881
10,955
3,275
869,284
4,646
Transfer into
 
12-month ECL (Stage 1)
9,139
24
-8,899
-200
-240
-18
0
-194
Transfer into
 
lifetime ECL not credit impaired (Stage 2)
-39,093
-76
39,601
651
-509
-57
0
518
Transfer into
 
lifetime ECL credit impaired (Stage 3)
-3,592
-30
-1,879
-163
5,471
1,518
0
1,325
Net remeasurement of loan loss provisions
0
109
0
450
0
700
0
1,259
New financial assets originated or purchased
161,333
178
0
0
0
0
161,333
178
Financial assets that have been derecognised
-116,035
-85
-6,987
-107
-897
-236
-123,919
-428
Net drawdowns and repayments
12,669
0
-1,043
0
-181
0
11,444
0
Changes in models/risk parameters
 
0
0
0
7
0
0
0
7
Increase in loan loss provisions
0
119
0
638
0
1,908
0
2,666
Write-offs
0
0
0
0
-1,200
-1,200
-1,200
-1,200
Recoveries of amounts previously written off
0
0
0
0
0
39
0
39
Foreign exchange and other movements
0
-28
0
-42
0
-226
0
-297
Closing balance
844,231
581
59,313
1,476
13,398
3,797
916,942
5,854
1
 
Stage 3 Lifetime credit impaired provision includes €
4
 
million on Purchased or Originated Credit Impaired.
2
 
Prior year numbers adjusted reflecting model adjustment in residential mortgages Netherlands.
 
3
 
The addition to the loan provision (in the consolidated statement of profit or loss) amounts to €
2,675
 
million of which €
2,666
 
million related to IFRS-9 eligible financial assets, €
-4
 
million related to non-credit replacement guarantees and €
13
 
million to modification gains and losses on
restructured financial assets.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
198
Exposure per stage, coverage
 
ratio and stage ratio’s
2
in EUR million
2021
2020
Balance sheet
Gross Carrying
Amount
Allowances for
credit losses
Coverage
 
ratio
Stage Ratio
Gross Carrying
Amount
Allowances for
credit losses
Coverage
 
ratio
Stage Ratio
Loans and advances to Banks (including Central Banks)
120,089
28
0.0%
125,902
26
0.0%
Stage 1
119,896
24
0.0%
100%
125,643
21
0.0%
100%
Stage 2
193
4
2.0%
0%
259
5
2.0%
0%
Stage 3
Loans and advances to Customers
622,327
5,274
0.8%
589,565
5,779
1.0%
of which: Residential mortgages
310,068
513
0.2%
297,145
513
0.2%
Stage 1
297,915
37
0.0%
96%
283,361
36
0.0%
95%
Stage 2
8,777
128
1.5%
3%
10,065
141
1.4%
3%
Stage 3
3,376
348
10.3%
1%
3,719
336
9.0%
1%
Of which: Consumer Lending (excl. Residential mortgages)
32,423
1,409
4.3%
32,154
1,337
4.2%
Stage 1
28,554
217
0.8%
88%
27,854
187
0.7%
87%
Stage 2
2,654
367
13.8%
8%
2,866
347
12.1%
9%
Stage 3
1,215
825
67.9%
4%
1,435
802
55.9%
4%
Of which: Loans to public authorities
14,333
12
0.1%
14,335
8
0.1%
Stage 1
13,906
2
0.0%
97%
14,076
3
0.0%
98%
Stage 2
344
5
1.5%
2%
189
2
1.0%
1%
Stage 3
84
4
5.1%
1%
70
4
5.1%
0%
Of which: Corporate Lending
265,503
3,340
1.3%
245,931
3,921
1.6%
Stage 1
230,133
185
0.1%
87%
201,297
300
0.1%
82%
Stage 2
28,568
505
1.8%
11%
36,936
977
2.6%
15%
Stage 3
6,801
2,649
39.0%
3%
7,698
2,644
34.4%
3%
Other IFRS 9 Eligible Financial Instruments
1
209,518
66
0.0%
201,475
48
0.0%
Stage 1
199,982
35
0.0%
95%
192,000
35
0.0%
95%
Stage 2
8,941
6
0.1%
4%
8,999
3
0.0%
4%
Stage 3
596
24
4.1%
0%
476
10
2.2%
0%
Total Gross Carrying
 
Amount (IFRS 9 eligible)
 
951,934
5,368
0.6%
916,942
5,854
0.6%
1
 
Includes Off balance sheet IFRS 9 eligible guarantees and irrevocable facilities
2
 
The exposure classification to residential mortgages, consumer lending and corporate lending is aligned to the regulatory definition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
199
Modification of financial assets
The table below provides the following information:
- Financial assets that were modified during the year (i.e. qualified
 
as forborne) while they had a loss allowance
measured at an amount equal to lifetime ECL.
 
- Financial assets that were reclassified to stage 1 during the period.
Financial assets modified (*)
in EUR million
2021
2020
Financial assets modified during the period
Amortised cost before modification
2,595
2,840
Net modification results
-47
-144
Financial assets modified since initial recognition
Gross carrying amount at 31 December of financial assets for which loss allowance has changed to 12-
month measurement during the period
448
312
Modifications that have been provided in 2020 and 2021 under general payment moratoria (payment holidays)
are not included in this analysis. Refer to ‘Payment holidays’,
 
above, for details.
 
Macroeconomic scenarios and sensitivity analysis of key sources of estimation uncertainty
 
(*)
Methodology (*)
Our methodology in relation to the adoption and generation of macroeconomic scenarios
 
is described in this
section. We continue to follow this methodology in generating our probability-weighted ECL, with consideration
of alternative scenarios and management adjustments supplementing this
 
ECL where, in management's opinion,
the consensus forecast does not fully capture the extent of recent credit or economic events. The
macroeconomic scenarios are applicable to the whole ING portfolio in the scope
 
of IFRS 9 ECLs.
The IFRS 9 standard, with its inherent complexities and potential impact on the carrying amounts of
 
our assets
and liabilities, represents a key source of estimation uncertainty. In particular,
 
ING’s reportable ECL numbers are
most sensitive to the forward-looking macroeconomic forecasts used as model inputs, the probability-weights
applied to each of the three scenarios, and the criteria for identifying a
 
significant increase in credit risk. As such,
these crucial components require consultation and management judgement, and are subject to extensive
governance.
Baseline scenario (*)
As a baseline for IFRS 9, ING has adopted a market-neutral view combining consensus forecasts for economic
variables (GDP,
 
unemployment) with market forwards (for interest rates, exchange rates
 
and oil prices). The
Oxford Economics’ Global Economic Model (OEGEM) is used to complement the consensus with consistent
projections for variables for which there are no consensus estimates available (most notably house prices and –
for some countries - unemployment), to generate alternative scenarios, to convert annual consensus information
to a quarterly frequency and to ensure general consistency of the scenarios. As the baseline
 
scenario is consistent
with the consensus view it can be considered as free from any bias.
 
The relevance and selection of macroeconomic variables is defined by the ECL models
 
under credit risk model
governance. The scenarios are reviewed and challenged by two panels. The first panel consists of economic
experts from Global Markets Research and risk and modelling specialists, while the second
 
panel consists of
relevant senior managers.
 
Alternative scenarios and probability weights (*)
Two alternative scenarios are taken into account; an upside and a downside scenario. The alternative scenarios
have technical characteristics as they are based on the forecast errors of the OEGEM.
To understand
 
the baseline level of uncertainty around any forecast, Oxford Economics keeps track of all its
forecast errors of the past 20 years. The distribution of forecast errors for GDP,
 
unemployment, house prices and
share prices is applied to the baseline forecast creating a broad range of alternative outcomes. In addition, to
understand the balance of risks facing the economy in an unbiased way, Oxford Economics runs a survey with
respondents from around the world and across a broad range of industries. In this survey the respondents put
forward their views of key risks. Following the survey results, the distribution of forecast errors (that is being
used for determining the scenarios) may be skewed.
For the downside scenario, ING has chosen for the 90th percentile of that distribution because
 
this corresponds
with the way risk management earnings-at-risk is defined within the Group. The upside scenario
 
is represented
by the 10th percentile of the distribution. The applicable percentiles of the distribution
 
imply a 20% probability
for each alternative scenario. Consequently, the baseline scenario has a 60% probability weighting. Please note
that, given their technical nature, the downside and upside scenarios are not based
 
on an explicit specific
narrative.
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
200
Macroeconomic scenarios applied (*)
The loan loss provisions are based on the December 2021 consensus
 
forecasts.
Baseline assumptions (*)
The general picture that the consensus conveys is that supply chain disruption, elevated energy prices as well as
covid related mobility restrictions will fade in the course of 2022. While slowing, the economic
 
recovery
continues in the period 2022-2024 and inflation peaks in 2021-2022.
 
The monetary policy stance in the US and
the eurozone is expected to become gradually less loose. However, with global monetary conditions remaining
loose, housing markets remain overall well supported but the rate of increase of house prices is expected to
decrease in most markets over the forecast period.
 
 
The December 2021 consensus expects global output (ING
 
definition), after a strong rebound in 2021 of
5.7
%, to
continue to recover.
 
For 2022, a growth rate
 
of
4.1
% is being anticipated which is expected to level off to an at
or below
3
% growth rate for the years thereafter.
 
Eurozone GDP has reached again its pre-pandemic level in Q4 2021. As for the US, economic momentum
 
in the
eurozone is seen gradually normalising after the strong rebound in 2021. Inflationary pressures, supply-side
disruptions and a challenging health situation
 
weigh on the outlook.
Elsewhere in Europe, the consensus sees economic growth for Poland in 2022 at
4.9
%, below the rate of
economic growth in 2021 (
5.2
%). For the years thereafter some slowing down to
4.2
% (2023) and
3.5
% (2024) is
expected. For Turkey,
 
after strong economic performance in 2021
 
(
9.3
%), economic growth is expected to
decrease to at or around
3.5
% in 2022-2024.
While already running above pre-pandemic levels again, demand in the
 
US economy remains resilient.
Consumers may spend down excess savings generated during the episodes of pandemic-related uncertainty. This,
together with robust income growth driven by a resilient jobs market should provide support to domestic
demand. Elevated job openings, hirings, and quits point to sturdy labour market fundamentals and the consensus
expects the labour market to tighten further in 2022 and 2023. However, reduced supply of inputs caused by
disruption to global supply chains and increased inflation
 
are weighing on economic activity. As a result, the
consensus expects the growth rate of the US economy to level off from
5.6
% in 2021 to
4.0
% in 2022 and
2.5
%
or below in 2023-2024.
The consensus expects GDP growth for China to be in
 
a
5
 
-
5.5
% range in 2022-2024, down from a strong
rebound of
8.0
% in 2021. The slowdown reflects the government’s relatively tight regulatory and credit stance
regarding real estate developers and measures to rein in house price increases and mortgage approvals slowing
down real estate investment.
 
In Australia, economic growth is expected to strengthen in the course of 2022. The consensus sees economic
growth slowing to at or below
3
% in 2023 and 2024 after expanding by
3.8
% in 2022.
 
When compared to the December 2020 consensus forecast, used for the 2020 Annual Report, the
 
December
2021 forecast assumes a stronger economic recovery. Global GDP is expected to increase by
5.7
% in 2021
(compared to
5.0
% assumed before) and
4.1
% in 2022
 
(
3.8
% assumed before). This upward adjustment follows
on from a more effective than expected roll-out of vaccination programs, higher than assumed fiscal stimulus and
generally better than expected realizations.
Alternative scenarios and risks (*)
Although vaccination against Covid-19 has progressed swiftly in many countries, uncertainty surrounding the
forecasts remains larger than usual. This reflects continued uncertainty around the development and impact of
the pandemic. The pandemic could worsen (again) as, given globally still
 
low rates of vaccination, the emergence
of new, possibly more virulent, variants cannot be excluded.
To reflect the general
 
increase of uncertainty surrounding the forecasts, the dispersion of the alternative
scenarios was widened in 2020. Specifically, the forecast bandwidths projected for the end of the forecast
horizon has been applied to the near-term as well. As the forecast-error distributions widen over time,
 
this
means that the distributions became wider in the near-term
 
and thus allow for a wider range of possible
outcomes. Meanwhile, at the end of the scenario horizon they remained unchanged
 
and are hence comparable
to scenarios generated prior to the pandemic.
In the scenarios applied at year end 2021 the above-mentioned near-term
 
dispersion has been halved, following
Oxford Economics’ research showing that the harm from lockdowns has halved from what it was in the first half
of 2020. The downward skew following on from the outcomes of Oxford Economics’ Global Risk Survey has been
maintained. As a result of this, the near-term dispersion of the forward-looking distributions (from which
 
the
alternative scenarios are derived) remains larger than in normal times, but it now also
 
reflects the adaptability of
economies to the pandemic.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
201
 
The upside scenario – though technical in nature – implies, for most countries, a quick
 
return of output to its pre-
coronavirus baseline forecast and more positive medium-term prospects than envisaged in the baseline scenario.
In this scenario unemployment rates quickly fall back from their peaks and
 
reach new lows in the mid-2020s.
 
The downside scenario, while being equally technical in
 
nature, results in a renewed global downturn in the near-
term. The downside scenario reflects the risk of the coronavirus pandemic remaining
 
a drag on the global
economy, if new highly transmissible and more virulent variants (than Omicron) result in renewed restrictions.
The subsequent recovery would be more sluggish, as the combination of
 
persistent restrictions, increased risk
aversion and long-term scarring weigh heavily on the global economy. The downside scenario also captures the
risks of supply chain disruptions and higher inflation hampering
 
economic growth.
Management adjustments applied this year (*)
In times of volatility and uncertainty where portfolio quality and the economic
 
environment are changing rapidly,
models alone may not be able to accurately predict losses. In these cases, management adjustments
 
can be
applied to appropriately reflect ECL. Management adjustments can also be applied where the impact of
 
the
updated macroeconomic scenarios is over- or under-estimated by the IFRS 9 models.
 
ING has internal governance frameworks and controls in place to assess the appropriateness of all management
adjustments.
 
Management adjustments to ECL
 
models (*)
in EUR million
2021
2020
Model time lag overlay
0
394
Economic sector based adjustments
341
0
Payment holiday adjustments
32
244
Reserve Based Lending adjustment
0
25
Mortgage portfolio adjustment
124
0
Other Post Model Adjustments
135
17
Total management adjustments
632
680
An economic sector-based management adjustment of €
341
 
million was taken in December 2021 because of
delays in defaults occurring in the Covid-19 related crisis, mainly as a result of government support programmes,
while GDP growth forecasts as well as unemployment rates and house prices improved over 2021 and which
triggered releases of the model based provisions. As it is
 
expected that additional defaults as a result of the
Covid-19 crisis will still come in, especially in certain sectors where a significant change
 
to the business models is
observed, a sector-based management adjustment was calculated. In determining the sector-based management
adjustment, a heatmap approach was used to adjust the probability of default for sectors where businesses are
significantly impacted by the pandemic. Refer also to the section ‘Covid-19 sensitive sectors’. The Acquisition
Finance portfolio is also in scope of the sector based management
 
adjustment, given the highly leveraged nature
of the product.
The economic sector-based management adjustment replaced the time lag overlay of €
394
 
million that was
recognised as at 31 December 2020 and which was calculated using a scenario
 
with a time lag between GDP
growth forecasts deteriorating and defaults occurring, but did not differentiate between sectors. Also the
management adjustment that was recognised in 2020 for the Reserved Based Lending
 
book was released in
2021, mainly as result of increased oil prices.
 
As mentioned earlier, per the guidance from EBA that expired on 30 September 2020, Covid-19 related payment
holidays granted have not automatically been classified as forbearance, and hence, have not automatically
triggered recognition of lifetime ECL in Stage 2. Payment holidays have also been granted in certain countries in
2021, though to a much lesser extent than in 2020. Looking
 
forward, it is expected that the phasing out of all the
support measures in 2022 could lead to more insolvencies and unemployment.
 
This could lead to more clients
getting into financial difficulties and to higher levels of defaults. To the extent ING believes that this elevated risk
is not yet covered in the IFRS 9 models, a management adjustment has been recognised. As at 31 December
 
2021
this management adjustment is reported in Retail Banking in Belgium, Italy and Australia. As many payment
holiday programs have already expired, this management adjustment has decreased to €
32
 
million as at 31
December 2021 coming from €
244
 
million a year ago.
 
 
ECL of mortgage portfolios determined by the models continued to decrease rapidly during 2021, driven by
significant increase of house prices in various countries. Management adjustments of
 
124
 
million in total,
mainly in stage 2 and 3, have been recognised in ING Netherlands, Belgium,
 
Germany and Australia to maintain
an appropriate level of ECL and reflecting a potential impact of higher inflation and rates on clients’ ability to pay
and a potential impact of market uncertainty on the recovery value of residential real estate. The management
adjustment for the Netherlands mortgage portfolio was determined by developing three alternative
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
202
macroeconomic forecast scenarios, in addition to the consensus base, up- and down-scenarios,
 
that reflect a
correction in the house prices in the next 3 years bringing it back in
 
line with the historical growth rate. For other
countries, management adjustments were determined by calculating the impact of lower house
 
prices on LTVs
and LGDs.
 
Other Post Model Adjustments mainly relate to the impact of model redevelopment or recalibration and periodic
model assessment
 
procedures that have not been incorporated in the ECL models yet.
 
These result from both
regular model maintenance and ING’s multiyear program to update ECL models for the new definition of default.
These adjustments will be removed once updates to the models have been implemented.
Analysis on sensitivity (*)
The table below presents the analysis on the sensitivity of key forward-looking macroeconomic inputs used in
 
the
ECL collective-assessment modelling process and the probability-weights applied to each of the
 
three scenarios.
The countries included in the analysis are the most significant geographic regions, in terms of both
 
gross
contribution to reportable ECL, and sensitivity of ECL to forward-looking macroeconomics. Accordingly, ING
considers these portfolios to present the most significant risk of resulting in a material adjustment to the carrying
amount of financial assets within the next financial
 
year.
 
ING also observes that, in general, the Wholesale
Banking business is more sensitive to the impact of forward-looking macroeconomic
 
scenarios.
The purpose of the sensitivity analysis is to enable the
 
reader to understand the extent of the impact from the
upside and downside scenario on model-based
 
reportable ECL. The table does not include any management
adjustments, except for the overlay for time lag in defaults of €
394
 
million as at 31 December 2020. The current
sector based management adjustment as per 31 December 2021 is
 
not included in the table, which mainly
explains the decreases in reportable amounts.
In the table below the Real GDP is presented in percentage year-on-year change, the unemployment in
percentage of total labour force and the house price index (HPI) in percentage year-on year change.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
203
Sensitivity analysis as at December 2021
 
(*)
2022
2023
2024
Un-weighted
ECL (Eur mln)
Probability-
weighting
Reportable ECL
(Eur mln)
1
Netherlands
Upside scenario
Real GDP
5.1
2.9
2.7
259
20%
307
Unemployment
3.2
2.9
2.9
HPI
23.3
10.9
0.9
Baseline Scenario
 
Real GDP
3.4
2.0
1.7
289
60%
Unemployment
3.7
4.1
4.3
HPI
13.1
2.8
0.8
Downside scenario
Real GDP
-1.5
1.2
0.7
411
20%
Unemployment
5.6
6.8
7.8
HPI
0.3
-7.7
0.6
Germany
Upside scenario
Real GDP
6.2
3.1
1.6
457
20%
483
Unemployment
2.9
2.2
1.9
HPI
12.9
7.9
5.3
Baseline Scenario
 
Real GDP
4.0
2.3
1.4
475
60%
Unemployment
3.4
3.1
3.1
HPI
10.4
4.6
1.9
Downside scenario
Real GDP
-0.6
0.9
0.8
535
20%
Unemployment
5.0
5.4
5.7
HPI
5.3
0.4
-2.1
Belgium
Upside scenario
Real GDP
4.6
2.5
2.0
364
20%
393
Unemployment
5.6
5.6
5.9
HPI
3.9
2.7
2.9
Baseline Scenario
 
Real GDP
3.1
2.0
1.8
383
60%
Unemployment
6.1
6.3
6.3
HPI
3.0
2.3
2.3
Downside scenario
Real GDP
-0.4
1.4
1.4
451
20%
Unemployment
7.6
8.6
9.0
HPI
0.4
1.0
1.0
United States
Upside scenario
Real GDP
6.7
2.4
3.1
28
20%
75
Unemployment
3.5
2.5
2.4
HPI
10.4
8.1
8.7
Baseline Scenario
 
Real GDP
4.0
2.5
2.1
55
60%
Unemployment
4.0
3.7
3.7
HPI
9.1
3.0
3.3
Downside scenario
Real GDP
-0.7
1.1
0.3
183
20%
Unemployment
6.5
7.4
8.0
HPI
5.3
-3.2
-3.0
1 Excluding management adjustments.
 
Sensitivity analysis as at December 2020 (*)
2021
2022
2023
Un-weighted
ECL (Eur mln)
Probability-
weighting
Reportable ECL
(Eur mln)
1
Netherlands
Upside scenario
Real GDP
5.3
3.3
2.8
383
20%
468
Unemployment
5.1
3.9
3.0
HPI
8.1
6.3
4.7
Baseline Scenario
 
Real GDP
2.8
2.9
1.9
441
60%
Unemployment
5.8
5.2
4.7
HPI
-1.9
-1.6
4.5
Downside scenario
Real GDP
-4.9
4.8
1.4
636
20%
Unemployment
7.7
7.8
7.9
HPI
-12.3
-11.0
4.3
Germany
Upside scenario
Real GDP
7.6
3.3
1.5
504
20%
558
Unemployment
3.0
2.2
1.8
HPI
3.5
8.3
6.6
Baseline Scenario
 
Real GDP
3.9
3.4
1.6
541
60%
Unemployment
4.1
3.5
3.5
HPI
0.4
4.8
3.1
Downside scenario
Real GDP
-2.4
3.5
1.3
662
20%
Unemployment
5.6
5.3
5.6
HPI
-3.5
0.8
-0.9
Belgium
Upside scenario
Real GDP
6.9
3.3
2.4
494
20%
559
Unemployment
7.3
6.2
5.8
HPI
-0.2
4.2
4.8
Baseline Scenario
 
Real GDP
4.5
3.3
2.3
540
60%
Unemployment
7.5
6.3
6.3
HPI
-1.7
3.5
3.8
Downside scenario
Real GDP
-0.4
4.0
2.2
681
20%
Unemployment
9.4
9.1
8.8
HPI
-3.6
2.5
2.9
United States
Upside scenario
Real GDP
5.6
4.1
3.8
93
20%
189
Unemployment
5.0
3.0
1.9
HPI
6.2
9.4
9.3
Baseline Scenario
 
Real GDP
4.0
3.2
2.5
134
60%
Unemployment
6.0
4.7
4.1
HPI
4.3
4.1
4.0
Downside scenario
Real GDP
-6.3
6.8
1.9
448
20%
Unemployment
8.5
7.9
7.6
HPI
1.2
-1.9
-2.3
1 Sensitivity does only include the effect of time lag overlay, other management adjustments are
 
excluded.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
204
When compared to the sensitivity analysis of 2020 the macroeconomic inputs
 
for 2021 and 2022 are more
favourable, as at that time expectations around the possible consequences of the spread of the coronavirus were
more pessimistic, especially with regard to house prices and the unemployment rates. The macroeconomic
inputs used in the 2021 sensitivity analysis
 
reflect that, after declining sharply in 2020, a strong bounce back in
macro-economic forecast has been realised in 2021 and is to a lesser extent also expected for 2022. Furthermore
the widened dispersion around upside and downside scenarios
 
in 2021 is half of the size of that in 2020,
reflecting continuing but decreased short term uncertainty related to the impact of Covid-19 compared to a year
ago.
The decrease in reportable ECL compared to 2020 is mainly caused the €
394
m Model Time lag Overlay that was
included in the model ECL amounts as per December
 
2020, while current comparable Economic Sector based
management adjustment is not included in the December
 
2021 model ECL amounts. This due to the
improvement of the methodology applied to determine the adjustment, which is
 
now recognised in addition to
the model ECL, and better reflects that the uncertainty is more prominent in specific sectors.
While the table above does give a high-level indication of the sensitivity of
 
the outputs to the different scenarios,
it does not provide insight into the interdependencies and correlations between different macroeconomic
variable inputs. On total ING level, the unweighted ECL for all collective provisioned clients in the upside scenario
was €
2,126
 
million, in the baseline scenario €
2,294
 
million and in the downside scenario
 
2,964
 
million compared
to €
2,394
 
million reportable collective provisions as per 31 December 2021
 
(excluding all management
adjustments). This reconciles as follows to the reported ECL’s:
 
Reconciliation of model (reportable)
 
ECL to total ECL (*)
in EUR million
2021
2020
Total model ECL*
2,394
3,245
ECL from individually assessed impairments
2,342
2,323
ECL from management adjustments**
632
286
Total ECL
5,368
5,854
* The prior period has been updated to improve consistency and comparability
** The overlay of €
394
m as per 2020 is included in Total model ECL.
Criteria for identifying a significant increase in credit risk (SICR) (*)
All assets and off-balance sheet items that are in scope of IFRS 9 impairment and which
 
are subject to collective
ECL assessment are allocated a 12-month ECL if deemed to belong in Stage 1, or a lifetime ECL if deemed
 
to
belong in Stages 2 and 3. An asset belongs in Stage 2 if it is
 
considered to have experienced a significant increase
in credit risk since initial origination or purchase. ING considers the
 
credit risk of an asset to have significantly
increased when either a threshold for absolute change in lifetime probability of default (PD) or a relative change
in lifetime PD is hit.
It should be noted that the lifetime PD thresholds are not the only drivers of stage allocation. An asset can
 
also
change stages as a result of other triggers, such as having
 
over 30 days arrears, being on a Watch List or being
forborne. Refer to section 1.6.8 of Note 1 ‘Basis of preparation and significant accounting policies’ for an
exhaustive list. Furthermore, this analysis is rudimentary in a sense that other parameters would change when
 
an
asset changes stages.
Absolute lifetime PD threshold
The absolute threshold is a fixed value calibrated per portfolio/segment and provides a fixed threshold that, if
exceeded by the difference between lifetime PD at reporting date and lifetime PD at origination, triggers Stage 2
classification. The thresholds for the absolute change in lifetime PD vary between 75bps for Retail portfolios,
100bps for Wholesale and 250bps for SMEs, based on the characteristics of the specific
 
portfolio. ING is in the
process of refining the thresholds on a portfolio level, which has been implemented
 
for a few Turkish, Polish and
German models and resulting in deviating absolute lifetime PD thresholds.
Relative Lifetime PD threshold
The relative threshold defines a relative increase of the lifetime PD beyond which a given facility is classified in
Stage 2 because of significant increase in credit risk. The relative threshold is dependent on the individual
 
PD
assigned to each facility at the moment of origination and a scaling factor calibrated in the model development
phase that is optimised depending on the observed
 
default rates and overall average riskiness of the portfolio.
While the scaling factor is associated with a whole portfolio/segment, the PD at origination is facility-specific and,
in this sense, the relative threshold may differ facility by facility.
Ultimately the relative threshold provides a criterion to assess whether the ratio (i.e. increase) between lifetime
PD at reporting date and lifetime PD at origination date is deemed a significant increase in credit risk.
 
If the
threshold is breached, SICR is identified and Stage 2 is assigned
 
to the given facility.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Credit risk
ING Group Annual Report 2021 on Form 20-F
205
The threshold for the relative change in lifetime PD is inversely correlated with the PD at origination; the higher
the PD at origination, the lower the threshold. The logic behind
 
this is to allow facilities originated in very
favourable ratings to downgrade for longer without the need of a Stage 2 classification. In fact, it is likely that
said facilities will still be in favourable ratings even after a downgrade of a few notches. On the contrary, facilities
originated in already unfavourable ratings grades are riskier and even a single-notch downgrade might represent
a significant increase in credit risk and thus a tighter threshold will be in
 
place. Still, the relative threshold is
relatively sensitive for investment grade assets while the absolute threshold primarily affects non-investment
grade assets.
In the table below the average increase in PD at origination needed to be classified in
 
Stage 2 is reported, taking
into account the PD at origination of the facilities included in each combination of asset
 
class and rating quality.
In terms of rating quality, assets are divided into “Investment grade” and “Non-investment grade” facilities.
Rating 18 and 19 are not included in the table since facilities
 
are not originated in these ratings and they
constitute a staging trigger of their own (i.e. if a facility is ever to reach rating 18 or 19 at reporting date, it is
classified in Stage 2). In the table values are weighted by IFRS 9 exposure and shown for both year-end 2020 and
year end 2021.
In order to represent the thresholds as a ratio (i.e. how much should the PD at origination increase in
 
relative
terms to trigger Stage 2 classification) the absolute threshold is recalculated as a relative threshold for disclosure
purposes. Since breaching only relative or absolute threshold triggers Stage 2 classification, the minimum
between the relative and recalculated absolute threshold is taken as value of reference for each facility.
 
Quantitative SICR thresholds
 
(*)
2021
2020
Average threshold ratio
Investment
grade (rating
grade 1-10)
Non-
investment
grade (rating
grade 11-17)
Investment
grade (rating
grade 1-10)
Non-
investment
grade (rating
grade 11-17)
Asset class category
Mortgages
2.7
2.2
2.7
2.1
Consumer Lending
2.8
1.7
2.8
1.7
Business Lending
4.0
2.2
4.0
2.1
Governments and Fin. Institutions
7.9
2.2
7.7
2.0
Other Wholesale Banking
4.5
2.0
3.9
1.8
As it is apparent from the disclosures above, as per ING’s methodology, the threshold is tighter the higher the
riskiness at origination of the assets, illustrated by the noticeable difference between the average threshold
applied to investment grade facilities and non-investment grade facilities. In addition to the above, asset classes
having usually more favourable ratings at origination (i.e. Central Governments and Financial Institutions) show
an average threshold higher than the rest in investment grade assets. Changes in the threshold averages
between the two reporting years can be caused by model updates (the staging parameters have been
recalibrated) and/ or by changes in portfolio composition.
Sensitivity of ECL to PD lifetime PD thresholds
The setting of PD threshold bandings requires management judgement and is a key source of estimation
uncertainty. On Group level, the total ECL collective-assessment for performing assets is €
1,003
 
million (2020:
1,678
 
million) (without taking management adjustments into account).To
 
demonstrate the sensitivity of the ECL
to these PD thresholds bandings, analysis was run on all
 
collectively-assessed assets, which assumed all assets
(Stage 1 and 2) were below the threshold and apportioned a 12-month
 
ECL. On the same asset base, analysis was
run which assumed all performing assets were above the threshold and apportioned
 
a lifetime ECL. This gave rise
to hypothetical collective-assessment ECLs of €
634
 
million (2020: €
1,242
 
million) and €
2,232
 
million (2020:
3,552
 
million) respectively. Please note that in this analysis all other ECL risk parameters (except for the stage)
were kept equal.
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
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Market risk
Introduction (*)
Market risk is the risk that movements in market variables, such as interest rates, equity prices, foreign exchange
rates, credit spreads and real estate prices negatively impact the bank’s earnings, capital, market value or
liquidity position. Market risk either arises through positions
 
in banking books or trading books. The banking
book positions are intended to be held for the long term (or until maturity) or for the purpose
 
of hedging other
banking book positions. The trading book positions
 
are typically held with the intention of short-term trading or
to hedge other positions in the trading book. This means
 
that financial instruments in the trading books should
be free of trade restrictions. Policies and processes are in place to monitor the inclusion of positions
 
in either the
trading or banking book as well as to monitor the transfer of risk between the trading and banking
 
books.
 
ING recognises the importance of sound market risk management and bases its market risk management
framework on the need to identify, assess, control and manage market risks. The approach consists of a cycle of
five recurring activities: risk identification, risk assessment, risk control, risk monitoring
 
and risk reporting.
(*)
Risk identification is a joint effort of the first and second lines of defence. The goal of risk identification is
to detect potential new risks and any changes in known risks. See ‘Risk Governance’ for more on our
three lines of defence governance model;
Identified risks are assessed and measured by means of various risk metrics
 
to determine the importance
of the risk to ING and subsequently to identify the control measures needed;
Risk control measures used by ING include policies, procedures, minimum standards, limit frameworks,
buffers and stress tests;
 
Risk monitoring occurs to check if the implemented risk controls are executed, complied with across the
organisation, and are effective; and
Market risk management results and findings are reported to the necessary governing departments and
approval bodies.
Governance (*)
A governance framework has been established defining specific roles and responsibilities of business
management units, market risk management units, and internal approval bodies per activity.
 
Supervision of market risk falls under the responsibility of the EB/MBB
 
and is delegated to the ALCO function,
where ALCO Bank is the highest approval authority and sets the market risk appetite. ALCO Bank monitors ING’s
adherence to the risk appetite for market risk and sets additional limits where appropriate. These limits are
cascaded through the organisation through lower level ALCOs. This ALCO structure facilitates top-down risk
management, limit setting, and the monitoring and control of market risk.
 
The monitoring and control of market risk is the responsibility of the Financial Risk
 
(FR) department and Financial
Institutions – Financial Markets (FI-FM) Risk. FR and FI-FM Risk are the designated
 
departments of the second line
of defence that report to the CRO function and are responsible for the design and execution of the bank’s market
risk and counterparty credit risk management functions in support of
 
the ALCO function. FR focuses on the
market risks in the banking books, whereas FI-FM Risk is responsible for counterparty credit risk and market risks
resulting from the Financial Markets trading books. FR and FI-FM Risk are responsible for determining adequate
policies and procedures for actively managing market risk in the banking and trading books
 
and for monitoring
ING’s compliance with these guidelines.
 
FR and FI-FM Risk also maintain a limit framework in line with ING’s Risk Appetite Framework. The businesses
 
are
responsible for adhering to the limits that are ultimately approved by the ALCO Bank. Limit excesses are reported
to senior management on a timely basis and the business
 
is required to take appropriate actions based on
management decisions. To adhere to the established limit framework, ING implements hedging and risk
mitigation strategies that range from the use of traditional market instruments, such as interest rate swaps, to
more sophisticated hedging strategies to address a combination of risk factors arising at the portfolio level.
 
The organisational structure facilitates top-down risk management by recognising that risk taking and risk
management to a large extent occur at the regional/local level. Bottom-up reporting from regional/local units to
head office units allows each management level to fully assess the market risks relevant at the respective levels.
Several committees govern communication between the parties involved in market risk management, such as
MRMC (reporting to ALCO Bank)
 
and CTRC (reporting to GCTP).
 
The Market Risk Model Committee (MRMC) is the
dedicated authority within ING for the approval of all trading risk, counterparty credit risk and banking risk
models, methodologies and related parameters. The Trading Pricing Model Committee (TPMC) approves pricing
models for trading and banking books. Financial Risk and FI-FM
 
Risk departments provide systematic risk
reporting to the EB and MBB, the ALCO Bank and the senior executive management of related business functions.
 
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
207
The Trading and Banking Book Boundary Policy governs the boundary between trading books and banking books.
It defines the activities ING considers to be trading according to a regulatory definition and for own funds
requirement purposes. Trading activity is systematically reviewed and positions are assessed against the
mandates jointly by the first and second lines of defence. As specified in the framework, the transfer of risk or
the transfer of positions between banking and trading books is in principle not
 
allowed. In exceptional cases
when a re-designation is deemed necessary, the re-designation should be approved by ALCO.
 
The boundary
requirements for banking book and trading book instruments and risk transfer are detailed in the Trading and
Banking Book Boundary Policy.
The following sections
 
elaborate on the various elements of the risk management framework for:
Market risk economic capital (trading and banking books);
Market risks in banking books; and
Market risks in trading books.
Market risk economic capital (trading and banking books)
Economic capital for market risk is the economic capital necessary to withstand unexpected value movements
due to changes in market variables and model risk.
Economic capital for market risk is calculated for exposures both in trading portfolios and banking portfolios and
includes interest rate risk, credit spread risk, equity price risk, foreign exchange rate risk, customer behaviour
risk, real estate risk, model risks and pension risk. Economic capital for market risk is calculated using internally
developed methodologies with a 99.9% confidence level and a horizon of one
 
year.
 
For the trading books and the linear interest rate risk and equity investments in the banking books, the Value at
Risk (VaR) is taken as a starting point for the economic capital calculations for market risk. The VaR is measured
at a 99% confidence level with a one-day holding period.
To arrive at the economic capital for market
 
risk, a simulation-based model is used which
 
includes scaling to the
required confidence level and holding period. In determining this scaling factor, other factors are also taken into
account like the occurrence of large market movements (events).
 
Embedded options, e.g. the prepayment option and offered rate option in mortgages in the banking books, result
in non-linear interest rate risk in the banking books. Embedded options are economically hedged using
 
a delta-
hedging methodology, leaving the mortgage portfolio exposed to convexity risk, volatility risk and model risk. For
the calculation of economic capital for this non-linear interest rate risk, ING performs a Monte Carlo simulation.
While aggregating the different economic capital market risk figures for the different portfolios, diversification
benefits (based on stressed correlations) are taken into account as it is not expected that all extreme market
movements will appear at the same moment.
Market risk in banking books (*)
ING makes a distinction between the trading and banking (non-trading) books. Positions in banking
 
books
originate from the market risks inherent in commercial products that are sold to clients, Group Treasury
exposures, and from the investment of our own funds (core capital). Both the commercial products and the
products used to hedge market risk exposures in these products are intended to be held until maturity, or at
least for the long term.
 
Risk transfer (*)
An important element of the management of market risks in the banking book is
 
the risk transfer process. In this
process the interest rate, FX, funding and liquidity risks are transferred from the commercial books through
matched funding to Group Treasury,
 
where it is centrally managed. The scheme below presents the transfer and
management process of market risks in the banking books:
 
ing20f2021p208i0.gif
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
208
Risk measurement (*)
The main concepts and metrics used for measuring market risk in the banking
 
book are described below per risk
type.
Interest rate
 
risk in banking book (*)
Interest rate risk in the banking book is defined as the exposure of a bank’s earnings, capital, and market value to
adverse movements in interest rates originated from positions in the banking book.
Governance (*)
The management of interest rate risk follows the Interest Rate Risk in the Banking Book (IRRBB) framework as
approved by ALCO Bank. This framework describes roles, responsibilities, risk metrics, and the policies
 
and
procedures related to interest rate risk management. Furthermore ALCO Bank sets the risk appetite for interest
rate risk, which is then translated into limits for the interest rate risk metrics.
 
As a result of this framework, ING centralises interest rate risk management
 
from commercial books (that
capture the products sold to clients) to globally managed interest rate risk books. This enables a clear
demarcation between commercial business results and results based on unhedged interest rate positions.
 
ING distinguishes between three types of activities that generate interest rate risk in the banking book:
Investment of own funds;
Commercial business; and
Group Treasury exposures including strategic interest rate
 
positions.
Group Treasury is responsible for managing the investment of own funds (core capital). Capital is invested for
longer periods to keep earnings stable. The main objective is to maximise the economic
 
value of the book and to
generate adequate and stable annual earnings within the risk appetite boundaries set by ALCO Bank.
Commercial activities can result in linear interest rate risk, for example, when re-pricing causes the tenors of
assets to differ from those of liabilities. Also, interest rate risk can arise from customer behaviour and/or
convexity risk, depending on the nature of the underlying product characteristics. Customer behaviour risk is
defined as the potential future value loss due to deviations in the actual
 
behaviour of clients versus the modelled
behaviour towards the embedded options in commercial products. General sources of customer behaviour risk,
amongst others, include the state of the economy, competition, changes in regulation, legislation and tax regime,
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
209
and developments in the housing market. Since these risk factors cannot be (fully) mitigated, ING holds capital to
be able to absorb possible losses as a result of unforeseen customer behaviour.
From an interest rate risk perspective, commercial activities can typically be divided into three main product
types: savings and demand deposits, mortgages, and loans.
Savings and demand deposits are generally invested to hedge their value and minimise the sensitivity of
the margin to market interest rates. Interest rate
 
risk can arise when there is a lag between savings rate
adjustments and the adjustments experienced through market rates or when market rate changes
cannot be passed on to clients. Interest rate risk is modelled based on the stability of the deposit and
 
the
pass-through rate. This takes account of different elements, such as pricing strategies, volume
developments and the level and shape of the yield curve.
 
Savings volumes are typically assumed to be
relatively stable and not sensitive to rate changes;
Interest rate risk for mortgages arises through prepayment behaviour.
 
In modelling this risk, both
interest rate dependent pre-payments and constant prepayments are considered. Next to the
dependence on interest rates, modelled prepayments may include other effects such as loan-to-value,
seasonality and the reset date of the loan. In addition, the
 
interest sensitivity of embedded offered rate
options is considered;
 
and
 
Wholesale Banking loans typically do not experience
 
interest rate dependent prepayment behaviour;
these portfolios are match-funded taking the constant prepayment model into account.
 
They typically do
not contain significant convexity risk. Wholesale banking loans can have an all-in rate floor or a floor on a
reference rate.
Customer behaviour in relation to mortgages, loans, savings and demand deposits is
 
modelled, based on
extensive research. Per business unit and product type, exposures are typically segmented into different
portfolios based on expected client behaviour. For each of the segments, model parameters for example for the
pass-through rate and customer behaviour are determined based on historical data and expert opinion. Models
are backtested and updated when deemed necessary in an annual procedure. Model
 
parameters and the
resulting risk measures are approved by (local) ALCO.
 
Linear risk transfers take place from commercial business books to the treasury book (Group Treasury), if
necessary, by using estimations of customer behaviour.
 
The originating commercial business is ultimately
responsible for estimating customer behaviour, leaving convexity
 
risk and (unexpected) customer behaviour risk
with the commercial business. Risk measurement and the risk
 
transfer process take place monthly.
 
However, if
deemed necessary, additional risk transfers can take place, for instance due to volatile markets.
 
The commercial business manages the convexity risk that is the result of products that contain embedded
options, like mortgages. Here the convexity risk is defined as the optionality effects in the value due to interest
rate changes, excluding the first-order effects. In some cases, convexity risk is transferred
 
from the commercial
books to treasury books using cap/floor contracts.
In the following sections, the interest rate risk exposures in the banking books are presented. ING uses risk
measures based on both an earnings and a value perspective. Net interest income (NII)-at-risk is used to provide
the earnings perspective and the net present value (NPV)-at-risk figures provide the value perspective. Please
note that the expected interest rate risk coming forward from the business is assumed to be linearly hedged but
no additional corrective management actions are taken into account in the NPV-at-Risk measure. In the NII-at-
Risk measure a more dynamic hedging process is taken into account.
During 2021, the following activities related to the risk measurement for IRRBB were performed:
Annual review of the risk appetite for IRRBB includes further enhancement;
More in-depth assessment of sub-risk types such as
 
tenor basis risk, vega optionality risk and a client
behaviour risk earnings and value metrics;
Annual review of the interest rates scenarios used for calculating NII-at-Risk and NPV-at-Risk;
Savings/ current account model updates and prepayment model updates for market developments;
Specific Covid-19 related stress test;
 
and
IRRBB related impact as part of firm-wide inflation risk stress test.
Net interest income (NII) at Risk
 
(*)
The NII-at-Risk measures the impact of changing interest rates on the forecasted net interest income (before tax)
of the banking book, excluding the impacts of credit spread sensitivity
 
and fees. Future projected balance sheet
developments are included in this risk metric.
In its risk management ING monitors the NII-at-Risk under a three-year timeframe. Interest rates are stressed
during the first year versus the prevailing curve, taking gradual changes over the first year. The rate
 
changes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
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considered comprise both upward and downward scenarios, as well as parallel (equal movements across the
yield curve) and non-parallel scenarios.
 
The impact of changing interest rates on ING’s NII is predominantly caused by the following factors:
Change in returns of (re-)investments of client deposits;
Change in deposits client rates (mainly savings), (partially) tracking changes in market interest rates;
Change in funding profile of mortgages, due to less or more expected prepayments;
Higher/Lower returns of (re-)investments of capital investments;
Open interest rate positions, leading to changes in return because of different market rates.
 
For projecting the change in client deposits rates ING uses a client rate model that describes the relation to
market interest rates and client deposits rates. The model is calibrated under a range of interest rate scenarios.
Per scenario the actual change in client deposits rate may deviate from this calibrated model.
For projecting the change in the funding profile of mortgages ING uses prepayment models for the various
mortgage portfolios.
 
The NII-at-Risk figures in the tables below reflect a parallel, gradual interest rate movement (“ramped”) under
the assumption of balance sheet developments in line with
 
the dynamic plan with a time horizon of one year.
NII-at-Risk banking books per business
 
- year one (*)
in EUR million
2021
2020
Ramped, unfloored
Ramped, unfloored
parallel
parallel
parallel
parallel
By business
Wholesale Banking
46
-33
135
-83
Retail Banking Benelux
 
-122
132
-114
105
Retail Challengers & Growth Markets
-93
75
-52
-14
Corporate Line Banking
-58
58
-52
52
Total
-226
232
-83
60
EUR ramped is at +/- 100bps in 1 year
USD ramped is at +/- 120bps in 1 year
The NII-at-Risk is primarily driven by the difference in sensitivity of client liabilities,
 
mainly savings, versus the
sensitivity of client assets and investments to rate changes. The investment of own funds only impacts the
earnings sensitivity marginally, as only a relatively small part has to be (re)invested within the one-year horizon.
NII-at-Risk banking book per currency - year
 
one (*)
in EUR million
2021
2020
Ramped, unfloored
Ramped, unfloored
parallel
parallel
parallel
parallel
By currency
Euro
-181
179
-146
120
US Dollar
-23
23
41
-36
Other
-23
30
23
-25
Total
-226
232
-83
60
EUR ramped is at +/- 100bps in 1 year
USD ramped is at +/- 120bps in 1 year
Per year-end 2021, the NII is projected to be higher when interest rate rise. In this scenario the one-year (re-)
investment returns are higher than the modelled increase in client deposits rates and modelled extra funding
costs due to higher funding costs for mortgages.
The projected change in NII numbers in the tables above include projected changes in client deposits
 
rates.
Without increasing client deposits rates the NII-at-Risk for the parallel ramped up scenario would be significantly
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
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higher, meaning that the actual client deposits rate tracking of market interest rates in such scenario is a key
driver in the NII development of the bank.
The change in NII under a declining or upward interest rate scenario are not equal. This is primarily
 
caused by
different expected reactions in prepayment behaviour of mortgages and different pricing developments of
commercial loans and deposits products (mainly savings). This is caused
 
by embedded options, explicit or implicit
pricing floors and other (assumed) pricing factors.
Year-on-year
 
variance analysis (*)
In 2021, interest rates remained at very low levels and for short tenors at even negative levels. Interest rates in
the longer tenors increased towards the end of year. The change in NII sensitivity is driven by balance sheet
developments, specifically in relation to mortgages and savings. The production of mortgages in the longer
tenors in the Eurozone was significant. The increase in funds entrusted volume, the impact of explicit and implicit
floors on savings rates in the Eurozone and savings model updates also had an impact on NII sensitivity. Models
are reviewed and recalibrated annually to reflect actual client behavior accurately. The pre-existing
 
hedges as
executed by Group Treasury were also adjusted during the year.
 
As Group Treasury is included in the Wholesale
Banking risk numbers, this adjustment changed the Wholesale Banking
 
NII-at-Risk. The total NII-at-Risk remains
relatively limited in comparison with ING’s total interest income.
Net Present Value (NPV) at
 
Risk (*)
NPV-at-Risk measures the impact of changing interest rates on the value of the positions in the Banking Book.
This does not include the positive earnings in our
 
commercial books. The NPV-at-Risk is defined as the outcome
of an instantaneous increase or decrease in interest rates from applying currency-specific scenarios. The NPV-at-
Risk asymmetry between the downward and upward shock is mainly caused by convexity risk in the mortgage
and savings portfolio.
The full value impact cannot be directly linked to the financial position or profit or loss
 
account, as fair value
movements in banking books are not necessarily reported through the profit or loss
 
account or through other
comprehensive income (OCI). The changes in value are expected to materialize over time in the profit and loss
account if interest rates develop according to forward rates throughout the remaining maturity of the portfolio.
NPV-at-Risk banking books
 
per business (*)
in EUR million
2021
2020
unfloored
unfloored
parallel
parallel
parallel
parallel
By business
Wholesale Banking
-1,477
1,444
-68
171
Retail Banking Benelux
 
-953
-202
-1,425
541
Retail Challengers & Growth Markets
832
-1,111
-506
-17
Corporate Line Banking
1,820
-1,712
1,946
-1,820
Total
223
-1,580
-54
-1,125
The prior period has been updated to improve consistency and comparability.
EUR +/- 100bp shock scenario
 
USD +/- 120bp shock scenario
 
Year-on-year
 
variance analysis
 
(*)
The change in NPV-at-Risk in segments Retail Benelux and Retail Challengers & Growth Markets was more or less
off-set by an opposite NII-at-Risk change for Wholesale Banking. The NPV change for the Retail Business line was
driven by increased production in fixed rate mortgages and the development of the savings and current account
volumes combined with savings model updates. The resulting impact on
 
retail sensitivity was hedged by Group
Treasury in line with the internal ALM practices. The Group Treasury exposure is reported under business line
Wholesale Banking. An important part of the overall NII sensitivity can
 
be attributed to the Corporate Line, in
which core capital is invested strategically.
IBOR transition (*)
Interbank offered rates have been widely used as benchmarks to set interest rates across a broad range of
financial products and contracts. In line with the recommendations from the Financial
 
Stability Board, a
fundamental review of these important interest rates benchmarks has been undertaken. While some interest
benchmarks have been reformed, such as EURIBOR, others such as EONIA and LIBOR have or will be
 
replaced by
risk-free rates (RFR) and discontinued.
 
The reform of EURIBOR was completed in 2019 and allows for the continued use in both existing and new
contracts. In 2021, the Working Group on Euro Risk-Free Rates completed its work on developing recommended
fallbacks for EURIBOR contracts based on €STR. These recommendations will be used to improve fallback
language in EURIBOR contracts.
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
212
EONIA ceased to be published on 3 January 2022,
 
and is succeeded by €STR. EONIA and €STR are both overnight
rates and the spread between them was established and fixed in 2019. ING transitioned nearly all EONIA
dependent products in the course of 2021, with only a limited number
 
utilising the statutory fallback mechanism
put in place by the EU.
 
GBP,
 
CHF,
 
JPY,
 
and EUR LIBOR rates ceased on 31 December 2021, whereas
 
the most used USD LIBOR tenors will
continue to be published until the end of June 2023 to support legacy products.
 
The USD LIBOR extension was
seen as a welcome step given the range and volume of USD LIBOR contracts and has bought time
 
for the market
to develop and assess the alternatives to USD LIBOR. The use of
 
USD LIBOR for new contracts is (subject to very
limited exceptions) no longer permitted.
 
During 2021, ING focused on the transition of EONIA and non-USD LIBOR
 
contracts and conducting new business
using the recommended alternatives. This was supported by our investment in and ability to offer a wide range
of products to our clients using alternative rates. In 2022, we will shift our focus to USD LIBOR, and
 
expect to be
able to leverage the experience gained transitioning the other LIBOR rates.
 
To enable these changes, the financial sector has issued several guidance papers and other initiatives to help
phase in key components of this transition. For example ISDA issued an IBOR fallback supplement to help ensure
clear and agreed fallback rates apply on the discontinuation of key IBORs. For loans, various recommendations
have been made to help drive the inclusion of consistent robust fallback provisions.
 
Public authorities have also recognised that certain contracts do not contain provisions for any alternatives,
contain inappropriate alternatives, or cannot be renegotiated or amended prior to the expected cessation dates
of the relevant benchmark rates (‘tough legacy’ contracts). In response, the European Commission has
implemented legislation that gives the Commission the power to replace critical benchmarks
 
if their termination
would significantly disrupt or otherwise affect the functioning of the financial
 
markets in the EU. In addition, the
UK government has granted additional powers to the Financial Conduct Authority (FCA) to enable
 
the temporary
publication of a ‘’synthetic’’ LIBOR using a different methodology and inputs. The FCA has used these powers to
ensure 1-, 3- and 6-months GBP and JPY LIBOR settings continue to be available using
 
a “synthetic” methodology
for a limited time to support legacy contracts. The FCA has not yet decided whether it will require the LIBOR
benchmark administrator to publish synthetic USD LIBOR rates after June 2023.
At the beginning of 2021, ING Group had significant exposures to IBORs that either were discontinued at
 
the end
of 2021 or will cease in the future. Due to the discontinuation of
 
these interest rate benchmarks, ING Group, its
customers, and the financial services industry more widely has
 
faced (and is still facing until the IBOR transition is
completed) a number of risks. These risks include legal risks, financial risks, operational
 
risks, and conduct risk.
Legal risks are related to any required changes to documentation for new and existing transactions. Financial
risks (predominantly limited to interest rate risk) as a consequence of changes in the valuation of financial
instruments linked to such benchmarks and declining liquidity may impact a contract directly or the ability
 
to
hedge the risks in that contract. Changes in valuation, interest calculation methodology or documentation may
also result in complaints or litigation. Operational risks due to the requirement to adapt IT systems, trade
reporting infrastructure and operational processes to the new benchmark rates. Conduct risk also plays a
particular role in each benchmark transition. For example, the renegotiation of loan contracts requires active
engagement from both parties or multiple parties in the case of syndicated loans, which
 
is one of the key
challenges and may lead to negotiations and the required contractual updates occurring later than planned and
concentrated in a period close to actual cessation, which has been the case
 
for GBP LIBOR. ING will continue to
reach out to impacted clients in order to best support the relevant timelines and regulatory guidelines.
The ING IBOR programme has a robust governance in place, with progress being tracked by business line steering
committees reporting into a central IBOR steering committee. The programme assesses and coordinates the
actions necessary to manage the required changes to internal processes and systems, including pricing,
 
risk
management, legal documentation, hedge arrangements, as well as the impact on our customers. ING continues
to monitor market developments, with a focus on USD market, to anticipate the impact on the program, our
customers and any related risks.
During 2021, ING transitioned significant part of its non-derivative financial
 
instruments linked to benchmarks
ceasing in 2021 to their designated replacement rates. The total of non-derivative financial assets linked to non-
USD LIBOR are reduced from EUR
8,004
 
million to EUR
765
 
million (
32
 
contracts remaining) and the non-
derivative financial liabilities linked to non-USD LIBOR reduced from EUR
1,078
 
million to EUR
23
 
million (
34
contracts remaining). The major part of the remaining non-derivative financial instruments (
98
%) is linked to USD
LIBOR that will cease at the end of June 2023. In addition,
 
ING reduced its committed undrawn credit facilities
linked to non-USD LIBOR from EUR
6,735
 
million to EUR
534
 
million (includes
15
 
contracts that are fully undrawn)
during 2021. The remaining non-derivative financial instruments linked to non-USD LIBORs
 
will either transition
before the next interest rate reset date with only a limited number making use of synthetic LIBORs. Therefore the
remaining exposure to non-USD LIBORs
 
is expected to reduce further during the first quarter of 2022.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
213
The tables below summarize ING’s approximate exposures by significant benchmark rate,
 
excluding contracts
that will expire before transition is required. For all benchmarks except USD LIBOR the transition deadline has
been taken as 31 December 2021. For USD LIBOR the transition date is 30 June 2023
 
as USD LIBOR will be
available to support existing contracts until that date. The 31 December 2021 table excludes exposures whose
contractual terms were amended during 2021, including those where transition will occur
 
in 2022 and prior to
the next interest rate reset date,
 
as well as contracts that mature in early 2022 to which no amendment is
required.
 
Non derivative Financial instruments
 
to transition to alternative benchmarks
 
(*)
in EUR million at 31 December 2021
Financial Assets non-
derivative
Financial Liabilities
 
non-
derivative
Off balance sheet
commitments
Carrying value
Carrying value
Nominal value
By benchmark rate
GBP LIBOR
764
350
USD LIBOR
41,805
1,542
16,435
CHF LIBOR
1
JPY LIBOR
EUR LIBOR
EONIA
23
184
Total
42,570
1,565
16,969
Non derivative Financial instruments
 
to transition to alternative benchmarks
 
(*)
in EUR million at 31 December 2020
Financial Assets non-
derivative
Financial Liabilities
 
non-
derivative
Off balance sheet
commitments
Carrying value
Carrying value
Nominal value
By benchmark rate
GBP LIBOR
6,912
259
3,732
USD LIBOR
31,057
4,096
9,376
CHF LIBOR
345
42
321
JPY LIBOR
225
41
79
EUR LIBOR
422
8
2,564
EONIA
100
728
39
Total
39,061
5,173
16,111
Comparatives for non-derivative financial assets and liabilities have been updated to improve consistency and
comparability with the current period disclosure.
 
ING has also completed the transition of a significant part of its derivative financial
 
instruments linked to
benchmarks ceasing in 2021 to their designated replacement rates. In total, the derivative financial instruments
linked to non-USD LIBOR were reduced from EUR
153,391
 
million to EUR
822
 
million (
19
 
contracts). The majority
of derivatives linked to non-USD LIBOR rates were transacted with clearing houses and transitioned through a
standardized exercise to the designated replacement rates in December 2021. For non-centrally cleared
derivatives the main transition occurred using the ISDA IBOR fallback arrangements. The remaining derivative
financial instruments linked to non-USD LIBOR will either be transitioned before the next interest rate reset date
or will make use of synthetic LIBORs. Therefore a rapid drop of the remaining exposures to non-USD LIBORs is
expected at the beginning of the first quarter of 2022.
Derivative Financial instruments
 
to transition to alternative
 
benchmarks (*)
31 December 2021
31 December 2020
in EUR million
Nominal value
Nominal value
By benchmark rate
1
GBP LIBOR
822
27,031
USD LIBOR
441,094
357,805
CHF LIBOR
9,710
JPY LIBOR
87,057
EONIA
29,593
Total
441,916
511,196
1 For cross currency swaps all legs of the swap are included that are linked to a main IBOR that is significant to ING Group
 
.
Comparatives have been updated to improve consistency and comparability with the current period disclosure.
ING Group also has exposure to interest rate benchmark reform in respect of its cash collateral balances across
some of its Credit Support Annex agreements. This exposure is not included
 
within the table above. However,
during 2021 ING transitioned those portions of Credit Support
 
Annex agreements linked to benchmarks ceasing
in 2021 to their designated replacement rates.
Given that IBOR reform may have various accounting implications, the International Accounting Standards Board
(IASB) has undertaken a two-phase project:
 
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
214
Phase 1 addresses those issues that affect financial reporting before the replacement of an existing
benchmark. Phase 1 amendments to IFRS were issued by the IASB in
 
2019 and were early adopted by ING
Group in the same year. This allows ING to apply a set of temporary exceptions to continue hedge accounting
even when there is uncertainty about contractual cash flows arising from the reform. Under these temporary
exceptions, interbank offered rates are assumed to continue unaltered for the purposes of hedge accounting
until such time as the uncertainty is resolved.
Phase 2 focuses on issues that may affect financial reporting when the existing benchmark rate is reformed
or replaced. Phase 2 amendments to IFRS were issued by the IASB in
 
2020 and became effective in 2021.
Phase 2 amendments to IFRS relate mainly to accounting for changes in the basis for determining the
contractual cash flows of financial assets and liabilities due to the IBOR reform and impact on hedge
accounting when an existing benchmark rate is reformed or replaced with an alternative risk-free rate. Refer
to section 1.4.1 of Note 1 ‘Basis of preparation and significant accounting policies’ of the
 
financial
statements.
As explained above, Phase 1 and Phase 2 IBOR amendments
 
to IFRS, amongst other changes, provide specific
hedge accounting reliefs that allow hedge accounting relationships to continue when IBOR Reform is ongoing.
Phase 1 reliefs cease to apply when uncertainty arising from IBOR Reform is no longer present with respect to the
timing and amount of the IBOR-based cash flows of the
 
relevant instruments. It is ING Group’s policy to cease to
apply Phase 1 reliefs when the applicable contract (either hedging instrument or hedged item) is actually
modified. During 2021, ING transitioned significant part of
 
its financial instruments (designated in hedge
accounting relationships) linked to benchmarks ceasing in 2021. As a result, for these hedge accounting
relationships the applicable Phase 1 reliefs ceased to apply and Phase 2 became
 
applicable. For USD LIBOR, and
although the administrator of LIBOR confirmed on 5 March 2021 its plans for the cessation
 
of USD LIBOR rates at
the end of June 2023, there is still uncertainty with respect to the timing
 
of the transition as well as the transition
strategy for individual hedged items and/or hedging instruments linked to USD LIBOR. Therefore, for USD LIBOR
financial instruments designated in hedge accounting the applicable Phase
 
1 reliefs will continue to apply until
the relevant contract is modified. At that point in time, Phase 2 reliefs will become applicable.
Foreign exchange (FX) risk in banking books (*)
FX exposures in banking books result from core banking business activities (business
 
units doing business in
currencies other than their base currency), foreign currency investments in subsidiaries (including
 
realised net
profit and loss), and strategic equity stakes in foreign currencies. The policy regarding these exposures is briefly
explained below.
Governance – Core banking business (*)
 
Every business unit hedges the FX risk resulting from core banking business activities
 
into its base currency.
Consequently, assets and liabilities are matched in terms of currency.
 
Governance – FX translation result (*)
 
ING’s strategy is to protect the CET1 ratio against
 
adverse impact from FX rate fluctuations, whilst limiting the
volatility in the profit and loss account due to this CET1 hedging.
 
Therefore, hedge accounting is applied to the
largest extent possible. Taking this into account, the CET1 ratio hedge can be achieved by deliberately taking
foreign currency positions equal to certain target positions, such that the CET1 capital and risk-weighted assets
are equally sensitive in relative terms to changing FX rates. For a selection of emerging market currencies ING
decided not to enter into foreign currency hedges as allowed under the policy.
 
Risk profile – FX translation result (*)
 
The following table presents the currency exposures in the banking books for the most important currencies for
the FX translation result. Positive figures indicate long positions in the respective currency. As a result of the
strategy to hedge the CET1 ratio an open structural FX exposure exists.
 
In order to measure the sensitivity of the CET1 ratio against FX rate fluctuations, an Historical Value at Risk
approach is used. It measures the drop in the CET1 ratio based on historical FX rates. The impact is taken into
account under the Solvency RAS.
EBA Structural FX Guidelines
The EBA guidelines on structural FX positions become effective in 2022. These guidelines
 
aim to harmonize the
implementation and treatment of structural FX positions, which may be excluded from the calculation of net
open currency positions under CRR article 352(2) subject
 
to permission by the competent authorities. The
implementation of these guidelines is expected to have limited impact on the existing management of
 
structural
FX positions of ING Group and its CET1 Ratio.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
215
Foreign currency exposures
 
banking books (*)
in EUR million
Foreign Investments
Hedges
Net exposures
2021
2020
2021
2020
2021
2020
US Dollar
1
8,218
7,126
-99
-10
8,119
7,117
Pound Sterling
1,593
1,285
1,592
1,285
Polish Zloty
2,761
2,631
-142
-369
2,620
2,262
Australian Dollar
3,774
3,544
-2,511
-2,269
1,263
1,275
Turkish Lira
729
1,078
729
1,078
Chinese Yuan
1,976
1,912
-107
1,869
1,912
Russian Rouble
256
344
-174
-126
82
218
Other currency
5,860
5,992
-3,453
-3,456
2,407
2,536
Total
25,167
23,913
-6,486
-6,231
18,681
17,683
1
 
US Dollar net exposure move is mainly driven by EURUSD FX rate.
Equity price risk in banking books (*)
Governance (*)
ING maintains a strategic portfolio with substantial equity exposure in its banking books. Local offices are
responsible for the management of the equity investment positions. Financial Risk is
 
responsible for monitoring
the regulatory capital for equity investments on a monthly basis and acts independently from ING / local
management when monitoring these positions.
 
Risk Profile
 
(*)
Equity price risk arises from the possibility that an equity security’s price
 
will fluctuate, affecting the values
 
of the
equity security itself as well as other instruments whose
 
value react similarly to the particular security, a defined
basket of securities, or a securities index. ING’s equity exposure mainly consists of the investments in associates
and joint ventures of EUR
1,587
 
million (2020: EUR
1,475
 
million) and equity securities held at fair value through
other comprehensive income (FVOCI) of EUR
2,457
 
million (2020: EUR
1,862
 
million). The value of equity
securities held at FVOCI is directly linked to equity security prices with increases/decreases
 
being recognised in
the revaluation reserve. Investments in associates and joint ventures are measured in accordance with the equity
method of accounting and the balance sheet value is therefore not directly linked to equity security prices.
Year-on-year
 
variance analysis (*)
In 2021, the revaluation reserve equity securities increased by EUR
101
 
million from EUR
1,181
 
million to EUR
1,282
 
million. In 2021, the equity securities at fair value through OCI
 
increased by EUR
595
 
million mainly due to
new investments in HQLA eligible equity instruments.
 
Revaluation reserve equity securities
 
at fair value through other comprehensive
 
income (*)
in EUR million
2021
2020
Positive re-measurement
1,291
1,201
Negative re-measurement
-9
-20
Total
1,282
1,181
Market risk in trading books (*)
Within the trading portfolios, the positions are maintained in the financial markets. These positions
 
are often a
result of transactions with clients and may benefit from short-term price movements. In 2021, ING continued its
strategy of undertaking trading activities to develop its client-driven franchise and deliver a differentiating
experience by offering multiple market and trading products.
Governance
 
(*)
The Financial Markets Risk Committee (FMRC) is the market risk committee that, within the risk appetite set by
the ALCO Bank, sets market risk limits both on an aggregated level and on a desk level, and approves new
products. FI-FM Risk advises both FMRC and ALCO Bank on
 
the market risk appetite of trading activities.
With respect to the trading portfolios, FI-FM Risk focuses on the management of market risks of Wholesale
Banking (mainly Financial Markets) as this is the only business
 
line within ING where trading activities take place.
Trading activities include facilitation of client business and market making. FI-FM Risk is responsible for the
development and implementation of trading risk policies and risk measurement methodologies,
 
and for reporting
and monitoring risk exposures against approved trading limits. FI-FM Risk also reviews trading mandates and
global limits, and performs the gatekeeper role in the product review process. The management of market risk in
trading portfolios is performed at various organisational levels. The FI-FM Risk Management Framework defines
policies and procedures for the overall management of trading books. Trading activity is systematically reviewed
and positions against the mandates are assessed jointly by the first and second lines of
 
defence.
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
216
Risk measurement (*)
ING uses a comprehensive set of methodologies and techniques to measure
 
market risk in trading books: Value
at Risk (VaR) and Stressed Value at Risk (SVaR),
 
Incremental Risk Charge (IRC), and Event Risk (stress testing).
Systematic validation processes are in place to validate the accuracy and internal consistency of data and
parameters used for the internal models and modelling processes.
Value at Risk (*)
FI-FM Risk uses the historical simulation VaR methodology (HVaR) as its primary risk measure. The HVaR for
market risk quantifies, with a one-sided confidence level of 99%, the maximum
 
overnight loss that could occur in
the trading portfolio of ING due to changes in risk factors (e.g. interest rates, equity prices, foreign exchange
rates, credit spreads, implied volatilities) if positions remain unchanged for a time period of one
 
day. Next to
general market movements in these risk factors, HVaR also takes into account market
 
data movements for
specific moves in e.g. the underlying issuer of securities.
 
A single model that diversifies general and specific risk is
used. In general, a full revaluation approach is applied, and for a limited number of linear trading positions
 
and
risk factors in commodity and equity risk classes a sensitivity-based approach is applied.
 
The potential impact of
historical market movements on today’s portfolio is estimated, based on equally weighted observed market
movements of the previous year (260 days). When simulating potential movements in risk factors, depending on
the risk factor type, either an absolute or a relative shift is used. The data used in
 
the computations is updated
daily. ING uses HVaR with a one-day horizon for internal risk measurement, management control, and
backtesting, and HVaR with a ten-day horizon for determining regulatory capital. To
 
compute HVaR with a ten-
day horizon the one-day risk factor shifts are scaled by the square root of ten and then used as an input
 
for the
revaluation. The same model is used for all legal entities within ING with market risk exposure in the trading
portfolio.
 
Limitations (*)
HVaR has some limitations: HVaR uses historical data to forecast future price behaviour,
 
but future price
behaviour could differ substantially from past behaviour.
 
Moreover, the use of a one-day holding period (or ten
days for regulatory capital calculations) assumes that all positions in the portfolio can be liquidated or hedged in
one day. In periods of illiquidity or market events, this assumption may not hold. Also, the use of a 99%
confidence level means that HVaR does not take into account any losses that occur beyond this confidence level.
Backtesting (*)
Backtesting is a technique for the ongoing monitoring of the plausibility of
 
the HVaR model in use. Although
HVaR models estimate potential future trading results, estimates are based on historical market data. In a
backtest, the actual daily trading result (excluding fees and commissions) is compared with the one-day HVaR. In
addition to using actual results for backtesting, ING also uses hypothetical results, which
 
exclude the effects of
intraday trading, fees, and commissions. When an actual or a hypothetical loss exceeds the HVaR, an ‘outlier’
occurs. Based on ING’s one-sided confidence level of 99%, an outlier is expected once in every 100 business
 
days.
On an overall level in 2021, there were five outliers for hypothetical P&L and 0 outliers for actual P&L. The
outliers occurred by the market movements for that, ING Group is in the Yellow zone and as a result the
regulatory capital multiplier has changed from 3.75 to 4.15. In general, ING reports backtesting results on a
quarterly basis to the ECB.
Stressed HVaR (*)
The Stressed HVaR (SVaR) is intended to replicate the HVaR
 
calculation that would be generated on the bank’s
current portfolio with
 
inputs calibrated to the historical data from a continuous 12-month period of significant
financial stress relevant to the bank’s portfolio. To
 
calculate SVaR, ING uses the same model that is used for
1DHVaR, with a ten-day horizon. The data for the historical stress period used currently includes the height of the
credit crisis around the fall of Lehman Brothers, and this choice is reviewed regularly. The historical data period is
chosen so that it gives the worst scenario loss estimates for the current portfolio. The same SVaR model is used
for management purposes and for regulatory purposes. The same SVaR model is used for all legal entities within
ING with market risk exposure in the trading portfolio.
 
Incremental risk charge (*)
The Incremental risk charge (IRC) for ING is an estimate of the default and migration risks for credit products
(excluding securitisations) in the trading book, over a one-year capital horizon, with a 99.9% confidence level.
 
The
same IRC model is used for all legal entities within ING with market risk exposure in the trading portfolio. Trading
positions (excluding securitisations) of ING, which are subject to specific
 
interest rate risk included in the internal
model approach for market risk regulatory capital, are in scope of the IRC model. By model choice, equity is
excluded from the model. For the calculation of IRC, ING performs a Monte-Carlo simulation based on
 
a Gaussian
copula model. The asset correlations used in the Gaussian
 
copula model are determined using the IRB correlation
formula. The rating change is simulated for all issuers over the different liquidity horizons (i.e. time required to
liquidate the position or hedge all significant risks) within one year. Movements across different rating categories
and probabilities of default are governed by a credit-rating transition matrix. An external transition matrix is
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
217
obtained from Standard & Poor’s (S&P). The financial impact is then determined for the simulated migration to
default, or for the simulated migration to a different rating category,
 
based on LGD or credit spread changes,
respectively.
 
The liquidity horizon has been set to the regulatory minimum of three months
 
for all positions in scope. ING
reviews the liquidity horizons on a yearly basis based on a structured assessment of
 
the time it takes to liquidate
the positions in the trading portfolio.
 
ING periodically assesses the compliance of the IRC model
 
with regulatory requirements by performing gap
analyses, substantiating the modelling choices, and quantifying the impact
 
of alternative approaches.
 
Stress testing and event risk (*)
Stress testing and event risk are valuable risk management tools. In addition to the bank-wide stress test
framework as described in the stress-testing section, FI-FM Risk performs additional
 
assessments, specific to the
Trading Book, with various frequencies: sensitivity analyses (single-risk factor and multi-risk factor), ad-hoc stress
tests (e.g. Covid-19 scenarios) and structured stressed scenario tests under the event risk framework - to monitor
market risks under extreme market conditions. Event risk is calculated because HVaR in general does not produce
an estimate of the potential losses that can occur as a result of extreme market movements, i.e. beyond the
confidence level. Event risk evaluates the bank’s financial stability under severe but plausible stress scenarios and
assists in decision-making aimed at maintaining a financially
 
healthy going-concern institution after a severe
event occurs. Event risk is based on historical as well as hypothetical extreme scenarios. The result is an estimate
of the profit and loss caused by a potential event and its worldwide impact
 
for ING. As with HVaR, the risk
appetite for event risk is limited to ALCO Bank.
 
ING’s event risk policy is based on a large set of possible stress scenarios per risk type. In stress scenarios, shocks
are applied to prices (credit spreads, interest rates, equity, commodities, and FX rates) and volatilities. Depending
on the type of the stress test, additional scenario assumptions
 
can be made, for example on correlations,
dividends, or recovery rates. For equity products, for example, both a crisis scenario (prices decrease) as well as a
bull scenario (prices increase) are assumed. Scenarios
 
are calculated based on events happening independently,
jointly by region, or in all countries simultaneously. This way, for each risk type, a large set of scenarios is
calculated. The worst scenarios per market are combined across markets by assessing both independent events
per market, and the worst events happening in all markets at the same time.
Other trading controls
HVaR and event risk limits are the most important limits to control the trading portfolios. Additionally, limits have
been set on SVaR and IRC. Furthermore, ING uses a variety of other controls to supplement these limits. Position
and sensitivity limits are used to prevent large concentrations in specific issuers, sectors, or countries. Moreover,
other risk limits are set with respect to the activities in complex derivatives trading. The market risk of these
products is controlled by product-specific limits and constraints.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ing20f2021p218i2.gif ing20f2021p218i0.gif
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
218
Risk profile
The following chart shows the development of the overnight HVaR under a 99% confidence level and a one-day
horizon versus actual and hypothetical daily trading profits and losses. In calculation of the hypothetical daily
profit and loss, the trading position is kept constant and only the market movement is taken into account. The
overnight HVaR is presented for the ING trading portfolio from 2016 to 2021.
1
 
CVA risk is not included in VaR.
The risk figures in the backtesting graph above and in the table below relate to all trading books for which the
internal model approach is applied, i.e. all trading books, including
 
Credit Exposure Management books.
 
1d VaR for Internal
 
Model Approach trading portfolios
in EUR million
Minimum
Maximum
Average
Year end
2021
2020
2021
2020
2021
2020
2021
2020
Interest rate
1
4
12
20
42
8
26
5
15
Equity and commodity
1
1
4
14
2
3
2
3
Foreign exchange
 
1
3
7
1
3
1
2
Credit spread
 
2
4
11
32
4
15
2
7
Diversification
 
2
-5
-17
-4
-4
Total VaR
2
4
12
26
52
10
29
6
22
1 For calculation of HVaR per risk class the full valuation is performed
 
according to HVaR methodology using a set of scenario
changes for the risk factors for the particular risk class, while risk factors
 
for all other risk classes are kept unchanged.
2 The total HVaR for the columns Minimum and Maximum cannot
 
be calculated by taking the sum of the individual components
since the minimum/maximum observations for both the individual markets as well as for total
 
HVaR may occur on different
 
dates.
Therefore, diversification is not calculated for
 
the minimum and maximum categories.
3
 
CVA risk is not included in VaR.
 
Average 1D/10D HVaR, 10D SVaR
 
over 2021 has decreased compared to 2020, due to the increase in market
volatility, while IRC remained in line with 2020. The average for all the risk classes has decreased compared to
2020, mainly driven by market movements. The VaR at the period end of 2021 decreased from EUR 22 million to
EUR 6 million at period end of 2021, due to the market recovery from the COVID crisis.
 
ING doesn’t calculate Comprehensive Risk capital charge and therefore it appears N/A in the table below.
EU MR4: Consolidated trading HVaR
1
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
219
EU MR3: Internal Model Approach values
 
for trading portfolios
in EUR million
2021
2020
VaR (10 day 99%)
1 Maximum value
78
161
2 Average value
27
83
3 Minimum value
12
31
4 Period end
18
60
Stressed VaR (10 day 99%)
5 Maximum value
105
304
6 Average value
80
116
7 Minimum value
64
72
8 Period end
74
83
Incremental Risk Charge (99.9%)
9 Maximum value
195
134
10 Average value
71
74
11 Minimum value
37
38
12 Period end
65
89
Comprehensive Risk capital charge (99.9%)
13 Maximum value
n/a
n/a
14 Average value
n/a
n/a
15 Minimum value
n/a
n/a
16 Period end
n/a
n/a
Regulatory capital
According to the Capital Requirements Regulation (CRR/CRD IV), regulatory capital (own funds requirements) for
market risk can be calculated using the standardised approach or an internal model approach. ING received
regulatory approval to use an internal model to determine the regulatory capital for the market risk in all trading
books of ING. Market risk capital of trading books is calculated according to the CRR, using internal HVaR, SVaR,
and IRC models, where diversification is taken into account. Capital for foreign exchange risk from the banking
books and for collective investment undertakings (CIUs) exposures in trading books are calculated using the
standardised approach with fixed risk weights. ING does not have a correlation trading portfolio or any other
securitisations in the trading book.
Standardised approach
 
EU MR1: Market risk under Standardised
 
Approach
in EUR million
2021
2020
RWA
RWA
Outright products
1 Interest rate risk (general and specific)
6
2
2 Equity risk (general and specific)
3 Foreign exchange risk
4 Commodity risk
Options
5 Simplified approach
6 Delta-plus method
7 Scenario approach
8 Securitization (specific risk)
9
 
Total
6
2
The MRWA under standardised approach slightly increased in 2021 as compared to end of 2020. The FX exposure
continued to be lower than the 2% own funds threshold. According to Art. 351 CRR,
 
in such a case, the
calculation of Market Risk regulatory capital is not required. As of the third quarter of 2021, collective investment
undertakings are capitalised in market risk under standardised approach under interest rate risk and foreign
exchange risk.
Internal model approach
Market risk regulatory capital increased slightly during 2021 compared to 2020. The increase is driven by an
increase in HVaR and SVaR due to increased market volatility as a result of the Covid-19 pandemic, while IRC
slightly decreased.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
220
EU MR2-A: Market risk under Internal
 
Model Approach
in EUR million
2021
2020
RWA
Capital
requirements
RWA
Capital
requirements
1
VaR
 
(higher of values a and b)
1,179
94
3,214
257
(a)
Previous day’s VaR
 
(VaRt-1)
 
21
60
(b)
Multiplication factor (mc)
 
x average of previous 60 working days (VaRavg)
94
257
2
SVaR
(higher of values a and b)
6,336
507
4,419
354
(a)
Latest available SVaR
 
(SVaRt-1))
112
83
(b)
Multiplication factor (ms)
 
x average of previous 60 working days
(sVaRavg)
507
354
3
IRC
 
(higher of values a and b)
1,314
105
1,113
89
(a)
Most recent IRC measure
94
89
(b)
12 weeks average IRC measure
105
77
4
Comprehensive risk measure
(higher of values a, b and c)
(a)
Most recent risk measure of comprehensive risk measure
(b)
12 weeks average of comprehensive risk measure
(c)
Comprehensive risk measure - Floor
5
Other
 
200
16
180
14
6
Total
9,029
722
8,925
714
Sensitivities (*)
As part of the risk monitoring framework, FI-FM Risk actively monitors the daily changes
 
of sensitivities of the
trading portfolios. Sensitivities measure the impact of movements in individual
 
market risk factors (foreign
exchange rates, interest rates, credit
 
spreads, equity, and commodity prices) on profit and loss results of the
trading positions and portfolios.
 
The following tables show the five largest trading positions in terms of sensitivities to foreign exchange, interest
rate and credit spread risk factor movements. These largest exposures also reflect concentrations of risk in FX risk
per currency, interest rate
 
risk per currency, and credit spread risk per country, rating and sector.
 
Due to the
nature of the trading portfolios, positions in the portfolios can change significantly from day to day, and
sensitivities of the portfolios can change daily accordingly.
 
Most important foreign exchange
 
year-end trading positions (*)
in EUR million
2021
2020
Foreign exchange
Foreign exchange
US Dollar
-160
US Dollar
 
203
Taiwan Dollar
42
Chinese Yuan Renminbi
-63
Romanian Leu
32
Japanese Yen
-44
Japanese Yen
27
Great-Britain Pound
-37
South Korean Won
-24
Romanian Leu
-16
Most important interest
 
rate and credit spread
 
sensitivities at year-end (*)
in EUR thousand
2021
2020
Interest Rate (BPV)
 
1
Interest Rate (BPV)
 
1
Euro
-501
Euro
-787
US Dollar
185
US Dollar
-319
British Pound
-75
Great-Britain Pound
-120
Taiwan Dollar
73
Russian Ruble
-86
Japanese Yen
-57
Australian Dollar
-64
Credit Spread (CSO1)
 
2
Credit Spread (CSO1)
 
2
Netherlands
535
Germany
134
Germany
408
Republic of Korea
-129
United States
171
United States
118
France
112
Belgium
115
China
110
Netherlands
50
1
 
Basis Point Value (BPV) measures the impact on value of a 1 basis point increase
 
in interest rates. The figures include
commodity risk in banking books.
2
 
Credit Spread Sensitivity (CS01) measures the impact on value of a 1 basis point increase in credit spreads. Exposures to
supranational institutions are not assigned to a specific country.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Market risk
ING Group Annual Report 2021 on Form 20-F
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Credit spread sensitivities per risk class and sector
 
at year-end (*)
2021
2020
in EUR thousand
Corporate
Financial
Institutions
Corporate
Financial
Institutions
Credit Spread (CSO1)
 
1
Risk classes
1 (AAA)
-5
4
-4
2–4 (AA)
-7
18
2
-120
5–7 (A)
141
578
80
-14
8–10 (BBB)
204
12
301
-14
11–13 (BB)
40
-1
55
14–16 (B)
52
-6
18
-6
17–22 (CCC and NPL)
-6
-12
2
Not rated
1
Total
424
584
462
-158
1 Credit Spread Sensitivity (CS01) measures the impact on value of a 1 basis point increase in credit spreads.
 
ing20f2021p222i0.gif
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Funding & liquidity risk
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Funding and liquidity risk (*)
Introduction (*)
Funding and liquidity (F&L) risk is the risk
 
that ING or one of its subsidiaries cannot meet its
 
financial liabilities
when they are due at reasonable cost and in a timely manner. ING incorporates funding and liquidity
management in its business strategy and has established
 
a funding and liquidity risk framework to manage risks
within pre-defined boundaries.
 
A high-level overview of the F&L framework is provided in the next figure.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Funding & liquidity risk
ING Group Annual Report 2021 on Form 20-F
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Governance (*)
Funding and liquidity risk management within ING
 
falls under the supervision of the ALCO Bank function
 
that
approves the funding and liquidity risk appetite and subsequently cascades it
 
throughout the organisation. ALCO
Bank has delegated the responsibilities concerning the Internal Capital and Liquidity
 
Adequacy Assessment
Process (ICLAAP) and documents, as per the ICLAAP
 
framework of ING, to the ICLAAP Committee. The ICLAAP
Committee therefore focuses on technical liquidity documents and oversees business processes and deliverables
concerning ILAAP.
 
The EB, MBB, staff departments from the CRO and CFO domain as well as Group Treasury have
oversight of and are responsible for managing funding and liquidity risks.
ING’s funding and liquidity risk governance is based on the three lines of defence structure to ensure a clear
division of responsibilities as well as an independent risk
 
control challenging process.
 
Group Treasury and the business lines have the first line of defence functions. Group Treasury’s main
responsibility is to manage ING’s (regulatory) liquidity and funding position by executing ING’s funding plan,
maintaining access to both the short-
 
and the long-term professional funding markets and managing the liquidity
buffer.
 
Business lines are responsible for managing the funding and
 
liquidity positions from the originated
business, a large part of which is replicated with Group Treasury.
At the second line of defence,
 
Financial Risk is responsible for developing and maintaining ING’s policies,
standards and guidelines on F&L risk management as well as for setting the F&L risk appetite. Furthermore,
 
the
Financial Risk function measures funding and liquidity
 
risks, executes stress testing, provides management
information and controls the liquidity and funding requirements on commercial products. The Finance function
 
is
responsible for management information and regulatory reporting related to funding and liquidity risk
management.
For the third line of defence Corporate Audit Services is responsible for independently assessing the
 
design,
effectiveness and implementation of the funding and liquidity framework.
Funding and liquidity management strategy and objectives (*)
The main objective of ING’s funding and liquidity risk management is to maintain sufficient liquidity
 
to fund the
commercial activities of ING both under normal and stressed market circumstances across various territories,
currencies and tenors. This requires a diversified funding structure considering relevant opportunities and
constraints.
 
ING’s funding consists mainly of retail and corporate deposits contributing around 50 percent and 20 percent of
total funding respectively. These funding sources provide a relatively stable funding base. The remainder of the
required funding is attracted primarily through a combination of long-term and short-term professional funding.
Group Treasury manages the professional funding in line with the F&L risk appetite to ensure a sufficiently
diversified and stable funding base.
Funding mix
1
(*)
2021
2020
Funding type
Customer deposits (retail)
51%
52%
Customer deposits (corporate)
21%
20%
Interbank
9%
9%
Lending/repurchase agreements
5%
6%
CD/CP
3%
2%
Long-term senior debt
8%
9%
Subordinated debt
2%
2%
Total
100%
100%
1
 
Liabilities excluding trading securities and IFRS equity
ING’s long-term professional funding is well diversified across maturities and currencies. The main part of it is
EUR and USD denominated which is in line with the
 
currency composition of customer lending. Differently than
last year, the amounts in the tables below exclude Tier 1 instruments. To
 
enable comparability with last year,
these instruments have also been excluded from the table below with the situation per end of 2020.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ing20f2021p224i0.gif
>
 
Funding & liquidity risk
ING Group Annual Report 2021 on Form 20-F
224
ING Group long-term debt maturity profile
 
by currency at year-end 2021 (*)
in EUR billion (nominal amounts)
2022
2023
2024
2025
2026
2027
Beyond
2027
Total
Currency
EUR
7
5
1
5
3
2
29
52
USD
4
3
1
2
3
5
18
Other
1
1
2
3
8
Total
11
9
3
6
7
5
38
78
ING Group long-term debt maturity profile
 
by currency at year-end 2020 (*)
 
in EUR billion (nominal amounts)
2021
2022
2023
2024
2025
2026
Beyond
2026
Total
Currency
EUR
8
7
5
1
4
5
23
53
USD
2
3
2
1
2
5
16
Other
2
1
1
1
1
1
8
Total
13
12
9
3
4
8
29
77
Amounts adjusted to exclude Tier 1 instruments.
Funding and liquidity adequacy and risk appetite (*)
ING distinguishes between several key drivers of future liquidity and funding needs:
Refinancing needs resulting from maturing debt and asset growth;
Current and future regulatory requirements;
Risk appetite statements set by ING’s funding and liquidity risk function;
The outcomes of various stress tests;
 
Ability to distribute and transfer
 
liquidity across the Group.
Taking into consideration the abovementioned factors, ING regularly assesses its current and future liquidity
adequacy and, if deemed necessary, takes steps to further improve ING’s liquidity position and to ensure
sufficient counterbalancing capacity. A Liquidity Adequacy Statement is formulated at least quarterly to
substantiate and reflect the management’s view on the current funding and liquidity position as well as the
potential future challenges. The quarterly adequacy statement is an important part of ING’s ILAAP process.
 
ING assesses its F&L adequacy through three lenses – stress, sustainable and regulatory:
ING evaluates its ability to withstand a period of prolonged F&L stress (idiosyncratic, market-wide and
combined – idiosyncratic plus market-wide) which is characterised by customer deposit outflows,
deterioration of funding markets access and lower liquidity value of the counterbalancing capacity;
 
ING assesses the extent to which its customers, professional counterparties and investors are comfortable
with extending funding in tenors, currencies and instruments necessary
 
to sustainably fund ING under a
going-concern situation;
ING manages its position to meet current and future regulatory requirements.
For each lens, ING has established a related set of risk appetite statements which define ING’s risk appetite
commensurate with the principles of liquidity adequacy. These risk appetite statements are summarised in the
next graph.
 
The F&L risk appetite statements are translated into a number of metrics with appropriate boundaries and
instruments which are used to measure and manage ING’s funding and liquidity risk.
 
>
 
Funding & liquidity risk
ING Group Annual Report 2021 on Form 20-F
225
The risk appetite with respect to the stress lens is set to ensure there is sufficient counterbalancing capacity
under various internally defined stress scenarios. Regarding the sustainability perspective, an internally defined
stable funding to loans (SFtL) ratio (supplemented by other metrics) is used to ensure
 
a diversified funding base
and to prevent overreliance on professional funding. Finally, the liquidity coverage ratio (LCR) and the NSFR
regulatory metrics are monitored in terms of both ING’s risk appetite and regulatory requirements.
 
The LCR compares the volume of available high-quality liquid assets (HQLA)
 
to net outflows (outflows minus
inflows) over a 30-day stress scenario defined by the regulator. ING’s
 
liquidity buffer forms a part of the
counterbalancing capacity which serves as a liquidity cushion
 
under normal and stressed conditions.
 
The liquidity buffer consists mainly of high grade Level 1 assets, such as government and central bank assets.
Only assets that are freely available (not pledged under existing contracts) for liquidity purposes are included in
the buffer.
 
The size and composition of the liquidity buffer are driven by ING’s internal risk appetite limits as well
as by regulatory requirements.
 
The macroeconomic and market environment are also important considerations in ING’s funding and liquidity
framework.
 
The macroeconomic environment comprises various exogenous factors over which ING has no control, but which
may have a material impact on ING’s F&L position. The main macroeconomic factors analysed on a regular basis
include:
 
Global and local economic performance: e.g. shifts in
 
GDP,
 
inflation rate, unemployment rates and public
deficit/surplus;
Changing geopolitical trends;
Monetary policy with a focus on the unconventional monetary measures employed by central banks in
recent years including the measures taken since the start of the Covid-19 crisis;
 
and
Regulatory requirements: e.g. understanding the changing regulatory landscape as well as the impact of
ING’s actions on existing regulatory boundaries.
The strategic ambitions of ING, together with the design and execution of the funding plan,
 
are assessed under
both current and projected market conditions. Key emphasis is placed on understanding overall market trends
and developments, credit rating changes and peer comparison.
Liquidity stress testing (*)
Funding and liquidity stress testing forms part of the overall F&L framework. It allows ING to examine the effects
of severe but plausible future events on ING’s liquidity position and provides insight into which entities, business
lines or portfolios are vulnerable to which types of risk or scenarios.
The stress testing framework encompasses the funding and liquidity risks of the consolidated balance
 
sheet of
ING Group including all entities, business lines as well as
 
on- and off-balance sheet positions. The net liquidity
position is the main stress testing measure, capturing the liquidity position
 
after stressed net outflows, and is
measured at different time buckets. The net liquidity position is impacted differently under specific F&L stress
scenarios and parameterisation.
 
The stress testing framework considers idiosyncratic, market-wide and combined (idiosyncratic and market-wide)
stress scenarios. Moreover, it differentiates
 
between stress events that develop in a gradual and in a fast
manner, allowing ING to assess the net liquidity position at different time horizons. The design of the framework
is based on empirical evidence supplemented by expert judgment.
 
The framework can be extended to additional
ad hoc scenarios. For example, it can be used as input for firm-wide stress testing and reverse stress testing.
 
The outcomes of the stress testing are taken into account in all the key aspects of ING’s F&L risk framework and
F&L risk management:
 
Risk Appetite Framework (through risk appetite statements);
Risk identification and assessment;
Monitoring of the liquidity and funding position;
Business actions (if needed);
Contingency funding plan; and
 
Early warning indicators.
 
 
>
 
Funding & liquidity risk
ING Group Annual Report 2021 on Form 20-F
226
The funding and liquidity stress testing framework is also subject to regular internal validation by model
validation.
In line with supervisory expectations, ING’s liquidity position is stress tested at least monthly using scenarios that
are part of the F&L risk appetite statement. In addition, the results of all internal stress scenarios are monitored
and assessed on a regular basis. They also serve as
 
input in the decision on additional
 
contingency measures.
Contingent F&L risks are addressed in the Contingency Funding Plan with a focus on
 
early warning indicators as
well as organisation and planning of liquidity management in times of
 
stress. The contingency funding measures
are developed in conjunction with the ING Recovery Plan and are tested on a regular basis.
 
>
 
Environmental, social and governance risk
ING Group Annual Report 2021 on Form 20-F
227
Environmental, social and governance risk
Introduction
Environmental, social and governance risk is the risk that environmental and social issues stemming from the
bank’s clients result in reputational damages and/or financial losses for ING. Climate risk is the risk that a
financial loss will be incurred due to climate change, either
 
through physical risk (e.g. flooding) or transition risk
(e.g. solar energy instead of gas).
Environmental and Social Risk
Governance
ESR is a risk function part of the second line of
 
defence of ING. The ESR Team is responsible for developing policy
and procedures. The department takes the lead in communicating them internally and in training internal
stakeholders. The ESR Team
 
also performs an advisory role to support the deal principals,
 
senior credit officers
and approval authorities on individual transactions. The degree of the ESR
 
Team engagement in transactions is
dependent upon (i) the risk profile of the project and (ii)
 
ING’s exposure. In some locations an ESR delegated
advisor may be appointed if mutually agreed by the head of ESR and
 
regional head. Such a role would support
the Senior Credit Officer (SCO)
 
who would be responsible for ESR issues in the region.
 
Committees involved in managing environmental and social risks include the Global Credit & Trading Risk
Committee (GCTP ) and the Global Credit Committee GCC(TA ). The GCTP approves the policies, methodologies,
and procedures related to ESR. The GCC(TA) approves transactions that entail taking higher environmental and
social risk.
The ESR function encompasses the following activities:
Create and maintain policies for sensitive industry sectors.
Assess transactions for environmental and social risk.
Monitor high-risk clients to ensure compliance with sustainability criteria.
Spread ESR awareness throughout ING.
Participate in European and global advisory groups (i.e. OECD advisory group, steering committee to the
Equator Principles, Thun Group of Banks) to help bring all banks to the same high
 
standard.
External developments and ING’s
 
actions
After the UN Paris Agreement and the United Nations Sustainable Development Goals (UN SDGs)
 
were signed by
world leaders in 2015, the European Commission published
 
the European Green Deal in December 2019 with
 
the
overarching aim of making Europe climate-neutral by 2050 and emitting net zero greenhouse gases from then
on. Among other objectives, the Green Deal targets mobilisation of the business
 
community in the transition to a
circular economy, as well as achieving clean energy and a toxic-free environment. The European Climate Law,
provisionally agreed between the European Parliament and the Council in April
 
2021, is a core element of the
European Green Deal. This outlines a framework for the gradual, irreversible reduction of greenhouse gas
emissions and legally establishes the goal of a climate-neutral Europe by 2050.
The introduction of the United Nations Guiding Principles and
 
the Organisation for Economic Cooperation and
Development (OECD) Guidelines for Multinational Enterprises mark a clear shift
 
towards a more regulated
environment with impact management required on social risks. Legislation aimed at preventing human
 
rights
violations along the supply chain is being introduced in several countries, including
 
a proposal at EU level for
mandatory human rights due diligence.
Other key developments in the regulatory landscape include the EU Taxonomy Regulation that requires
compliance to minimum social and governance safeguards and the EBA consultation on ESG risks, which
 
aims to
incorporate ESG risks into the governance, risk management and supervision of credit institutions and
investment firms. The effects of the recent pandemic also bring a renewed focus on the importance of health and
safety measures on the ground for the projects we finance as well as for the workforce of our clients.
ING joined the Net-Zero Banking Alliance in August 2021 in support of achieving
 
a world with net-zero green-
house gas emissions by 2050. The Alliance was launched
 
by 43 Founding Members on 21 April 2021 and has since
grown to represent over a third of global banking assets. The initiative is part of the UN Race
 
to Zero and is the
banking element of the Glasgow Financial Alliance
 
for Net-Zero. In addition, ING published its first integrated
Climate Report in September 2021, which combined our progress report on Terra and climate risk report into one
comprehensive report. Our integrated approach to climate action is about steering our portfolio to achieve net
zero by 2050, providing green financing and advice to clients, managing climate risk and reaching net
 
zero in our
own operations by 2050 rather than 2070.
 
 
>
 
Environmental, social and governance risk
ING Group Annual Report 2021 on Form 20-F
228
Meanwhile, the Dutch Banking Sector Agreement on Human Rights (DBA)
 
was successfully completed in 2019.
ING updated its human rights policy to reflect its commitment to the United Nations
 
Guiding Principles, and
improved transparency through regular human rights reporting. We continue to work within the framework of
this agreement. We are currently in the process of testing and implementing a tool that will help assess portfolio
and client exposure to salient human rights issues,
 
enabling identification of issues and client engagement.
 
See
also
 
‘How we make a difference’
.
The ESR Framework
ING’s ESR policy framework helps us make transparent choices about how,
 
where and with whom we do
business. In 2021, we updated the ESR Framework as part of the three-year mandatory comprehensive review
cycle. The new release takes account of the recent ESR requirements of the EBA Loan Origination and Monitoring
guidelines, improved controls and comments received from internal and external stakeholders. The update
further aims to improve understanding of existing process and evaluation requirements, with special attention to
supply chain due diligence. Where appropriate, internationally acknowledged certification
 
standards and guiding
principles have been added to or adjusted per the individual sector policies.
In 2021, we continued the implementation of the new ESR self-declaration approach for business banking.
 
The
concept was incorporated in the updated ESR Framework. There is an alternative ESR client assessment
implementation for business banking clients where lending and pre-settlement limits exceed €1 million and
where the client is active in any of the pre-identified sectors (e.g. employment agencies).
 
Such clients will be
required to confirm their compliance with specific statements related to safeguarding labour rights and/or
environmental regulations that are specific for that sector.
 
The initiative has already been rolled out in half of the
countries where we are active with business banking clients globally
 
while other affected ING locations are
expected to implement this in the course of 2022.
Following any key ESR policy updates on restrictions, we engage with affected existing clients and provide them
with the opportunity to reduce their exposure to the new restrictions; in case a
 
reduction is not feasible, we
implement an exit strategy.
We will continue to update and refine our ESR policy to ensure it is reflective of ING’s risk appetite and
sustainability direction.
ESR in practice in 2021
The ESR policy framework includes standards and best practice guidance for ESR-sensitive sectors. It includes
explicit restrictions on activities not in line with ING’s values and harmful to people or the
 
environment (for
example companies involved in clearance of primary forest), which we do not finance.
The way the ESR Framework is applied in practice differs per product type. The largest potential environmental
and social impacts come from large corporates within our Wholesale Banking (WB)
 
segment. WB is therefore the
primary focus of our assessments and where we promote active ESR dialogue and
 
knowledge sharing. We have
been working with wholesale clients for more than 15 years to support them in understanding and
 
managing
their environmental and social impact. A simplified version of the ESR policy framework, following the same
rationale and principles, applies to ING’s business banking clients. The ESR framework minimum requirements
are also included in ING’s procurement policy and apply to the screening of suppliers of ING’s global procurement
activities.
The ESR policy framework is incorporated in ING’s KYC policy framework, meaning the ESR client assessment is
part of regular client on-boarding and review. The ESR policy framework also triggers a dedicated ESR transaction
assessment to corporate clients, which will indicate if such transaction is categorised as ‘ESR high risk’, and thus
require a separate in-depth advice from the ESR team.
While we have a strong ESR policy framework and made progress in enhancing the automation of the checks and
controls in the ESR assessment processes, we acknowledge that we need to further improve our processes to
ensure accuracy and completeness of the data.
Of all Wholesale Banking engagements in scope of the ESR policy
 
framework in 2021, 82 percent were considered
ESR low-risk, 7 percent ESR medium-risk and 11 percent ESR high-risk. ESR high-risk cases require specialised
advice from the global ESR team. The team
 
now consists of 10 dedicated ESR advisors, 9 of whom are in
Amsterdam and one in Geneva. The ESR advice assesses the specific product offered and environmental and
social impacts associated with it, the sector, operating context and geography of the engagement and other
relevant factors. Based on this in-depth research, a binding advice is given that can only be overruled at Global
Credit Committee level. Of the 379 ESR advices given in 2021, which
 
are related to new requests, 60 percent
were positive, 24 percent positive subject to conditions and 16 percent negative.
 
ing20f2021p229i0.jpg
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Environmental, social and governance risk
ING Group Annual Report 2021 on Form 20-F
229
Conditions can play an important role in helping clients improve their environmental and social performance and
ensuring their continued compliance with our ESR policy. The following chart shows the concentration of ESR
conditions and engagement across policy sectors.
*Other includes advices reports covering the policy area animal welfare, chemicals and manufacturing.
The ESR team mainly focuses on policy development and transaction advisory. However the team also provides
training (both in-person and via webinars) to hundreds of colleagues around the world every year in
 
risk, front-
office, KYC and compliance teams, so that ESR knowledge is built on and spread.
Further evolving ESG within the bank
Our ESR approach helps us and our clients gradually enhance the implementation
 
of key standards like the UN
Guiding Principles on Business and Human
 
Rights and the OECD Guidelines for Multinational Enterprises. But
beyond stimulating better environmental and social performance in our own portfolio, ING actively collaborates
with other institutions, peers and regulators to address the environmental, social and human rights challenges
we face:
 
ING and the Equator Principles (EPs):
 
The EPs are an environmental and social risk management
framework adopted by 126 financial institutions worldwide. ING is active in several EP working groups
covering social risks, climate change and scope. ING also co-leads the capacity building
 
and training
workgroup, which is focussing on updating the EP E-learning tool with the changes
 
included in EP4. The
update of the EP e-learning tool has been successfully completed in
 
2021.
The Covid-19 pandemic
 
continued to impact our clients and their operations in 2021. Although
international travel is slowly picking up again, visiting clients and their operations is still done remotely.
On a number of projects the engaged environmental and social consultants were able to conduct virtual
site visits and with the use of drones and video footage successfully visit our
 
clients’ construction areas.
We have seen a number of clients that were confronted with high rates of Covid-19 infections in their
operations. In some cases operations were temporarily halted, but for most the measures, such as
improvement on health and safety protocols, were sufficient to manage further spreading of the virus.
Shift Business Learning Programme:
 
is a practitioners group organised and supported by Shift, the
leading centre of expertise on the UN Guiding Principles
 
on Business and Human Rights. The programme
focuses on the corporate responsibility to respect human rights as set out in the UN Guiding
 
Principles.
Under the leadership of Shift a group of companies active in various business
 
sectors including financial
institutions share challenges and practices through cross-industry workshops and benefit from tailored
strategic support. ING participates in the programme. We are also a member of the Financial Institution
Practitioners’ Circle, a group for selected practitioners in the financial sector to discuss and share
approaches to meeting their responsibility to respect human rights, led by Shift
 
experts.
Responsible Business Conduct Agreement:
 
following the Dutch Banking Sector Agreement a new
commitment on responsible business was formed among Dutch banks. Global Sustainability
 
is leading
the initiative for ING and the ESR team is aligned for any policy implications or client interactions.
Thun Group:
 
was initially established in 2011 to support the integration of the UN Guiding
 
Principles on
Business and Human Rights into banking activities. The
 
Group is now in the process of establishing itself
as a formal group promoting human rights and sharing best practices among its
 
participant members.
 
ing20f2021p230i0.gif
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Environmental, social and governance risk
ING Group Annual Report 2021 on Form 20-F
230
By taking part in the above-mentioned initiatives, we aim to contribute our viewpoint and those of
 
our clients,
employees and other stakeholders to help form a consensus and develop clear guidelines that can serve as
 
a
standard
 
for our industry.
Climate risk management
Climate change is increasingly exposing society to a range of acute and chronic physical risks. At the same time,
the transition to a net zero economy can also create exposure to transition risks, such as stranded assets.
 
Managing climate risks covers both physical risks and transition risks:
 
Physical risks: These risks can be climate-related event-driven (acute) such as increased severity of
extreme weather events (e.g. cyclones, droughts, floods and fires) or longer term (i.e. chronic) when
they arises from progressive shifts, such as increasing temperatures, sea level rises, water stress, or
biodiversity loss.
Transition risks: these can be climate-related or environmental risks from policy,
 
legal, technology and
market changes occurring in the shift to a lower-carbon economy. This could result in stranded assets
and/or markets by the loss of value of assets that are no longer part of a more sustainable world
The potential impacts that physical and transition risks could have on households, businesses
 
and the macro-
economy ultimately require us to view climate risk as a risk that has an impact on various financial risks.
ING endorses the recommendations of the Financial Stability Board’s (FSB) Task Force on Climate-Related
Financial Disclosures. (TCFD). To further strengthen our understanding and adoption of the TCFD
recommendations, ING is part of the UNEP FI TCFD project. We continue to develop our approach to climate
related and environmental disclosures as we build our approach to quantifying such risks.
 
Governance
ING’s Climate Change Committee (CCC) is established by the Management Board Banking and mandated to
oversee and set priorities for the implementation of the TCFD recommendations and other strategic climate-
related topics that impact the group. The CCC is chaired by the ING Group CRO and co-chaired by board member
responsible for Wholesale Banking. The CCC meets on a
 
bi-monthly basis and is supported by the Climate Expert
Group with experts from across the business who lead and advise on key climate initiatives. For details please
refer to our approach to climate governance (Sustainability governance) published on our corporate website
ing.com . In 2021 the mandate of the CCC was expanded to include oversight of our approach
 
to biodiversity. In
addition , please refer to the 2021 Climate Report (Managing climate and environmental risks) available on
ing.com.
With the strategic review of the risk organisation structure, that will start as of March 2022, an ESG department
will be established to ensure that ESG regulation is assessed and implemented in accordance with the
expectations of supervisors and society. The department is responsible for the development of the overarching
ESG risk framework, the setting of Risk Appetite Statements and reporting thereon as well as the coordination of
internal and regulatory ESG risk stress testing and scenario analysis.
 
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Environmental, social and governance risk
ING Group Annual Report 2021 on Form 20-F
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As part of our integrated strategy and as per regulatory expectations (ECB Guide on climate-related and
environmental risks), ING has established its climate risk road map as a formalised programme under ING’s global
oversight of regulatory programmes. The programme aims at embedding climate-related and environmental risks
across the organisation, from identification to business strategy and governance to risk appetite and from data
management to internal reporting and external disclosures. Together with ING’s ESR framework and the Terra
approach that was introduced to align our lending portfolio of the most carbon emission
 
intensive sectors with
the decarbonization objectives, the climate risk programme contributes to increase the control over exposure to
climate change.
The governance of the programme has recently been strengthened. Under the ING Group CRO’s sponsorship, the
Steering Committee has been extended with broader representation of Finance, both the first and second line of
defence of the Risk domain and an observer role for the third line of defence.
The Steering Group is responsible for the following tasks:
Set strategic direction and prioritise the programme deliverables
Define KPIs for climate risk integration
Oversight on execution
Manage impediments raised by the workstreams
Workstreams are responsible for the implementation of the specific requirements with regard to strategy and
governance, the risk management framework across all risk categories, scenario and stress testing and reporting
and disclosures. Workstreams for the Wholesale Banking and Retail Banking are responsible for the
implementation in the business lines.
The Workstreams are supported by a Core Team
 
that is responsible for overall management of the programme,
alignment on content across the workstreams, report progress to the Steering Committee and communication
with both internal and external stakeholders to further promote awareness and knowledge of the topic
Progress 2021
Under the governance of the climate risk programme the following progress was made in 2021:
Review of credit risk policies and procedures
Under ING’s governance for policy review,
 
the group-wide policies and procedures for Financial Risk, ESR,
Operational Risk, Compliance and Retail Risk have been assessed for guidance on climate-related and
environmental risks. Focusing on credit risk, the global policies for sector strategy and risk appetite setting, the
credit risk appetite framework, corporate credit assessment and regular review, collateral valuation and loan
renewal, credit risk mitigation, the ESR framework, the investment policy, the methodology for the climate &
environmental risk heatmap and the Retail credit risk policy have been updated with specific requirements for
climate-related and environmental risks. The risk rating policy was updated to explicitly include climate-related
and environmental risks as a valid reason to appeal the rating.
Risk identification
In the course of 2021, we worked on further identifying climate-related and environmental risk within our
portfolio. We have created extensive heatmaps to assess each Wholesale Banking sector and the Retail Banking
mortgages, consumer lending and business lending portfolios,
 
from a global perspective, on more than 30
climate-related and environmental risk factors. These heatmaps have been established with the input from ING’s
front office and credit risk management experts. The heatmaps have been challenged for plausibility and
 
ratified
for consistency across the individual sectors and portfolios by responsible Senior Management of the Front Office
and the second line Credit Risk function of Wholesale
 
Banking and Retail Banking.
The table below is an extract from the consolidated heatmap. The aggregated scores on transition risk and
physical risk for each sector are assuming a 5-year horizon, which is relatively short in climate terms. We refer to
ING’s 2021 Integrated Climate Report for more information
 
on the methodology and risk factors used to establish
the heatmaps. Besides, we highlight the fact that these scores represent the financial materiality of
 
climate risk
on ING’s portfolio, as opposed to a generic sector perspective.
 
 
 
 
 
 
 
 
 
 
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Environmental, social and governance risk
ING Group Annual Report 2021 on Form 20-F
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Heatmap
Sectors
Transition risk
Physical risk
EAD 2021 (€ million)
Renewables & power
Low
Low
11,203
Upstream O&G
High
low-medium
6,266
Mid & downstream O&G
medium -high
low-medium
12,098
Utilities
low
low
12,173
Metals manufacturing
low-medium
medium
5,135
Metals mining
medium
low-medium
5,153
Fertilizers
low
low-medium
387
Automotive
low-medium
low-medium
8,842
Aviation
low-medium
low-medium
3,905
Shipping
low-medium
low-medium
10,420
Containers & logistics
low-medium
low-medium
9,106
Land transport
low-medium
low-medium
3,937
Commercial real estate
1
medium
low
57,766
Residential real estate
medium
medium
329,764
1
 
Commercial real estate includes Wholesale Banking and business banking (Retail Banking) exposures.
All EAD exposures are from our Wholesale Bank division, except for Commercial real estate which also include
ING’s Business Banking exposure and the residential real estate which represents ING’s Retail Bank’s
 
mortgages.
The heatmaps’ climate risk assessments are based on internal expert judgement and
 
don’t yet include individual
counterparty assessment. The heatmapping exercise is however a useful tool to scan our portfolio on climate risk
and to identify the pockets of exposure which need to be further investigated in priority. The table represents the
portfolios
 
of our balance sheet for which we consider to have the most mature level of expertise to assess
climate risk impact. Going forward, we expect to disclose the assessment on all our portfolios.
 
We use our
heatmaps to inform the Wholesale Bank sector strategy and risk appetite papers and as main climate risk
identification tool for the pilot we are launching to embed climate risk into the Wholesale Bank
 
transaction
approval process
Retail Banking has finalized the preparation of the risk assessment of physical risk exposure of the mortgage
portfolio in cooperation with an external party.
 
Compared with the expert led heatmaps, the physical risk
assessment of the Retail mortgages portfolio provides information on a granular level which allows for a more
quantified impact analysis.
Risk appetite
The heatmaps have been used to introduce climate-related and environmental risk in our 2022 credit RAS cycle.
Starting with a monitoring period, the 2022 credit RAS for Wholesale
 
Banking introduces a mechanism that limits
growth of subsectors with a higher exposure to climate-related and environmental risks while allowing
subsectors with a low exposure to these risks to grow within the overall limit of the sector. A similar approach is
planned for Retail Banking, where the outcome of the physical risk assessment that is will be conducted in the
first half of 2022 is expected to inform the Retail Banking strategy and risk appetite
Risk measurement
We have conducted a climate change scenario analysis pilot project with Baringa Partners, a consulting group
with specific climate change capabilities. The project consisted of running the
 
Climate Change Scenario Model,
developed
 
by Baringa and acquired by BlackRock in June 2021, on a sample
 
of 40 counterparties in the Energy,
Transport & Logistics, and Metals & Mining sectors. The pilot provided insight on the impact of climate change
pathways on company metrics. Under a 2 degrees orderly climate change scenario, the pilot showed limited
impact on company metrics until 2035 and limited defaults. Under a disorderly 2 degrees scenario
 
in which the
response comes at a later stage and with more sudden actions , the steeper increase of carbon pricing
 
results in a
higher number of company defaults after 2040. In the 4 degrees scenario (“hothouse”)
 
in which no measures to
mitigate the impact from climate change are taken, there is no transition risk but a higher physical risk than in the
2 degrees orderly / disorderly scenarios. The main high level insight
 
from this exercise is that transition risks are
expected to materialize much faster than physical risks given the expected actions to decarbonize the economy.
More concrete conclusions would be expected in case such exercise would be run on a representative part of our
exposure to the various sectors of the economy. The pilot project we did has provided an accelerated experience
of what climate change scenario analysis is on a sample of companies,
 
under specific scenarios.
 
At the same time
the heatmap data for Wholesale Banking sectors will also be integrated in the ING internal credit risk dashboard
to allow senior management to monitor climate risk exposure against the RAS limits. ING is also
 
actively
preparing for the ECB climate risk stress to occur in 2022. For details please refer to our stand-alone ‘Climate
Report 2021’ published on our corporate website ing.com.
Next to the structured approach to measurement of exposure to climate risks and as part of collecting and
analysing empirical data of climate and environmental risk impacts, a separate assessment was made of the
credit losses resulting from the river floodings in Germany, Belgium and The Netherlands that took place in
 
July
2021. The credit losses were assessed not to be material for ING.
Challenges
 
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ING Group Annual Report 2021 on Form 20-F
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Access to actual and consistent data is the key challenge for risk measurement as definitions and methodologies
for the quantification of climate-related and environmental risks are developing. Availability of company data is
scattered across industries and jurisdictions and limited as not all companies are subject
 
to disclosure
requirements w.r.t.
 
climate-related and environmental risk factors. In absence of comprehensive company data,
the use of proxies is required for a consistent assessment of exposures. Because of these limitations and given
the prospective and (very) long term nature of climate risk measurement, the integration of quantified inputs
into risk modelling has not taken place at this stage.
Next steps
In 2022, we aim to further progress with our efforts regarding climate-related risks and opportunities by refining
our methodologies. ING’s leadership objectives in building a sustainable future has been translated into targets
to manage our portfolio’s material ESG risks and quantify the financial impact that are linked to the United
Nations’ Sustainable Development Goals. A specific KPI has been defined
 
for the Management Board Banking to
integrate ESG into ING’s
 
governance. For the implementation of “E”, next to the above mentioned next steps for
the integration of climate-related and environmental risk considerations in the credit risk domain, this includes
working towards standard setting and expanding the scope to the market and liquidity risk and the non-financial
risk / compliance framework. From 2022 onwards, climate-related and environmental risks will be integrated in
the critical policies and procedures for ING’s financial markets, treasury and liquidity risk management function
and the Operational & Compliance risk framework. The outcome of internal stress testing will inform the risk
appetite and limit setting process. Where applicable, the governance framework will be updated with roles and
responsibilities for climate-related and environmental risks assigned. With the strengthened climate risk
governance and structured programme management approach, we aim to accelerate the embedding of climate
risk within the ING organisation, moving towards quantification of these risks in our risk management
procedures. This includes the implementation of a global climate risk data management plan,
 
the integration of
climate-related and environmental risk considerations in risk policies and procedures at country level, the further
refinement of our climate-related and environmental risk heatmaps with longer time horizons
 
and geographical
dimension. The outcome of the ECB climate stress test that will be conducted in the first half of 2022 will
 
inform
the approach for
 
standardised internal climate risk stress testing that is planned to start as from 2023. Based on
an inventory of training needs of the critical functions in front office, risk management and leadership,
 
ING will
launch training plans to educate our staff on climate risk.
 
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Non-financial risk
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Non-financial risk
Introduction
Non-financial risk (NFR) is defined as the risk of financial
 
loss, legal or regulatory sanctions, or reputational
damage due to inadequate or failing internal processes, people and systems; a failure to comply with laws,
regulations and standards; or external events.
Governance
The global head of NFR is responsible for developing the framework of NFR
 
policies and standards within ING,
and for monitoring the quality of non-financial risk management in
 
the ING entities.
Non-Financial risk measurement
ING uses an internal model in line with the Advanced Measurement
 
Approach (AMA) to determine the regulatory
and economic capital amounts that are necessary to cover potential losses resulting from non-financial risks. This
model predicts non-financial risk losses by combining a
 
forward-looking and a backward-looking view on non-
financial risk events. ING reports the outcome of its AMA model quarterly.
Risk categories
ING categorises non-financial risks in the following areas:
Information (technology)
risk
 
is the risk of financial loss, regulatory sanctions or
 
reputational damage due
to breaches of confidentiality, integrity or availability of information or a lack of information quality
within business processes and/or the supporting IT systems;
Continuity risk
 
is the risk of financial loss, regulatory sanctions
 
or reputational damage due to business
disruptions (loss of people, processes, systems, data, premises);
Control risk
 
is the risks of financial loss, regulatory sanctions or
 
reputational damage due to ineffective
organisational structures and governance procedures (including unclear roles and responsibilities and
inadequate reporting structure);
Processing risk
 
is the risk of financial loss, regulatory sanctions
 
or reputational damage due to failed
(transaction) processing (input, execution, output) or failing process management;
Unauthorised activity risk
 
is the risk of financial loss, regulatory sanctions or reputational
 
damage due to
employees performing outside the normal course of their business, intentionally giving
 
unauthorised
approvals or overstepping their authority;
Personal and physical security risk
 
is the risk of financial loss, regulatory sanctions or
 
reputational
damage due to criminal and environmental threats that might endanger the security or safety of ING
personnel at work, people in ING locations, ING assets or assets entrusted to ING, people
 
at ING event
locations, or might have an impact on ING organisation's confidentiality, integrity or availability;
Employment practice risk
 
is the risk of financial loss, regulatory sanctions
 
or reputational damage due to
acts that are inconsistent with employment, health and/or safety laws, regulations or agreements, from
payment of personal injury claims, or from diversity/discrimination events; and
Fraud
 
is the deliberate abuse of procedures, systems, assets, data, products and/or services of ING by
those who intend to deceitfully or unlawfully benefit themselves
 
and/or others. This definition of fraud is
specified in the following two categories of fraud:
Internal fraud
: acts of fraud which involves at least one internal party performed by or in collusion with
an ING employee or agent with the consequence of financial
 
loss, regulatory fines, litigation loss,
business disruption and/or reputational damage for ING.
External fraud
: acts of fraud or scams by individuals and/or parties excluding ING staff (including
contractors), with the consequence of financial loss, regulatory fines, litigation loss, business
 
disruption
and/or reputational damage for ING.
Main developments in 2021
Covid-19
From the start of the global outbreak of the Covid-19 virus in January
 
2020, ING’s priority has been to protect its
employees and their families and to continue servicing its customers as before, putting extra effort into
supporting them in difficult times. To ensure this ING employees have put immediate focus on ensuring the
bank’s operational resilience and continuity. ING has mobilised a global crisis management organisation –
engaging with all ING entities worldwide – to monitor and manage Covid-19-related operational, health
 
and
safety challenges. Throughout 2021, ING continued to monitor developments in employee well-being and local
Business Continuity Management (BCM) threat levels and aimed to identify, monitor and manage Covid-19
related risks through specific risk assessments. During 2021 ING developed an approach
 
for the new way of
working once Covid-19 measures are lifted. This approach (Hybrid Mode)
 
is based on working partly at home,
and partly in the office according to local health authority guidance.
 
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Non-financial risk
ING Group Annual Report 2021 on Form 20-F
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Cybercrime and fraud
 
Cybercrime remains a continuous threat to companies in general and to financial institutions in particular. Both
the frequency and the intensity of attacks are increasing on a global scale. The sophistication and implications
 
of
ransomware attacks are a growing concern in the threat landscape. The continuous enhancement of the control
environment to protect from, and detect and respond to, e-banking fraud, distributed denial-of-service (DDoS),
targeted attacks and more specific ransomware attacks is of the highest priority. Based on regular scenario
analysis done in ING’s first line of defence, additional controls continue to be embedded in the organisation as
part of the overall internal control framework and are continuously re-assessed against existing and new threats.
 
In addition, ING continues to strengthen its global cybercrime and fraud resilience through
 
collaboration with
financial industry peers, law enforcement authorities, government (e.g. National Cyber Security
 
Centre) and
Internet Service Providers (ISPs).
 
The further digitalisation of banking services, increasing
 
electronic exchange of information via different
consumer channels, use of and dependency on
 
third-party vendors for services, and the implementation of PSD2
are likely to present ongoing cybercrime resilience, fraud management and IT-security challenges; both in the
short- and medium-term as criminal actors target financial and sensitive (payment) data, such as customer user
credentials outside the traditional banking environment. Sensitive (payment) or personal data can be obtained by
criminals via social forums such as WhatsApp and by screen scraping user credentials
 
when a fallback procedure
within PSD2 is allowed. In 2021, these challenges have further increased
 
with more sophisticated phishing
attempts, improved social engineering fraud attempts, an increased risk of external fraud in the lending portfolio
and because people are working from home.
Dealing with current and emerging fraud threats, especially given the ever increasing use of
 
digital and online
banking, effectively requires continuous improvement of fraud management capabilities such as real-time
transaction monitoring and response capabilities. In addition, better alignment and
 
standardisation is needed for
cross-border fraud management across ING and related platforms. With legislation such as EBA PSD2 and the
continuing emphasis on duty of care, financial institutions are potentially becoming
 
more and more responsible
for losses incurred by clients and are taking on more of the burden of reclaiming those
 
losses.
Data risk management
Data – whether customer, financial, risk or other business – is core to ING’s purpose. Data leads to insights and
insights empower people to stay a step ahead in life and in business. The ING Data Strategy is creating a single
vision and governance for data, empowering business users with a harmonised foundation. This encompasses
further embedding data functions and improving (bank-wide) data operations in ING’s Way of Working, and
simplifying, standardising and modernising its technology and
 
data platforms. Recognising that data risk is one of
the top risks of the bank, ING is creating a holistic view on how ING
 
manages risk around data, including personal
data protection, data security, data quality and data ethics.
 
Identity and access management (IAM)
 
IAM remains one of the focus areas of ING and an important element in our
 
control framework to prevent and
mitigate the risk of, unauthorised access to IT systems and the data processed and stored therein. This is done by
enforcing IAM global processes and controls which are periodically reviewed and tested. These processes and
controls are supported by technologies, tooling and practices which are managed by a dedicated IAM team, also
ensuring improvements are identified to address developments both inside and outside
 
ING. In 2021, ING
continued to improve, with attention to tooling, standardisation and harmonisation of processes, workflows and
automation of IAM controls.
Personal data protection
As per 25 May 2018, the European General Data Protection Regulation (GDPR) became effective. ING is bound by
the GDPR that affords greater protection to individuals and requires more control on data and transparency
regarding the use of data by companies. In 2021, ING continued to further enhance the
 
data protection of our
clients and employees.
 
Sourcing Risk
In 2019, a renewed sourcing policy became effective, outlining the inherent critical and high risks that can
materialise during the sourcing life-cycle. In addition, a sourcing guideline was issued
 
to support updated
requirements, issued by EBA in 2019. The controls defined in the support control framework (SCF) sourcing have
been implemented and tested. The scope of sourcing encompasses outsourcing to external providers as well as
intra-group sourcing. During 2019, 2020 and 2021 the relevant service arrangements have been assessed based
on the new Sourcing Policy definition and when applicable updated to comply with
 
the EBA guidelines.
 
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Compliance risk
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Compliance risk
Introduction
Compliance risk is defined as a threat posed to ING’s standing resulting from failure to act in line with applicable
laws and regulations, internal rules (including ING’s Orange Code and global Code of Conduct) and/or societal
expectations. A failure to adequately mitigate compliance risk may lead to damage to ING’s reputation and/or
legal/regulatory sanctions, and/or financial loss.
The mission of Compliance is to support ING in conducting
 
its business activities in line with applicable
 
laws and
regulations, taking into account ING’s internal code of conduct and societal expectations. Compliance wants to
drive compliance risk management by desire and design throughout the
 
organisation, unleashing the power of
our data, risk expertise, and people to keep the bank safe and sound, and help drive new and sustainable
 
ways of
doing business.
Within ING, compliance risks are defined as those risks that are within the scope
 
of the ING Compliance Risk
Catalogue. The following three risk categories apply:
Financial crime risk refers to the risks of the bank’s products and services being abused for illicit purpose
generating or disguising financial and/or economic crimes (FEC).
Conduct risk refers to the compliance risks arising from potential or perceived misconduct by ING or its
employees towards its customers, market integrity,
 
business partners and other stakeholders.
Organisational risk refers to the compliance risks arising from actual, potential or perceived flaws in the
way that ING is organised and structured including its regulatory and reporting framework.
Governance
The Compliance organisation (comprised of three roles: Group Compliance, geographical compliance and
 
country
compliance) is part of ING’s second line of defence. Group Compliance sets the methodologies and minimum
standards for the bank as a whole. Geographical compliance (Challengers & Growth Markets / Wholesale Banking
/ Market Leaders) together with the functional lines in the countries are responsible for the execution of these
standards and control frameworks, within the boundaries set. Compliance is tasked with instructing, advising,
challenging and having oversight of the first line of defence in their management of compliance risks as well as
raising awareness (via training and communication), influencing and stimulating a sound compliance risk
 
culture.
The scope of the compliance risks is outlined in
 
the ING Compliance Charter.
Compliance is headed by the chief compliance officer
 
(CCO) who reports directly to the CRO. The CCO has direct
access to the Risk Committee of the Supervisory Board. The CCO and
 
the chairman of the Risk Committee had
regular bilateral consultations in 2021.
Strengthening the compliance function
As a global bank in a fast-changing world we want to do the right thing to be safe, secure and compliant for our
customers and for society. To
 
live up to that the OneCompliance strategy was launched in October 2019.
The OneCompliance strategy is a multi-year, global compliance strategy and transformation programme that is
based on a framework that aims to help ING manage risks consistently across the organisation. In 2021 the work
continued on the following programme goals: a global identity and risk view allowing
 
people to assess risks in a
uniform way; a single, risk-based monitoring methodology to accelerate improvements in addressing risks;
simplified work processes through a uniform framework, to allow people to focus on what matters; the necessary
skills and resources to deliver at the desired quality; intuitive, actionable and
 
insightful management information
and global dashboard to take smart decisions and steer within risk appetite and our global
 
direction (steering) to
support everyone in Compliance. As we operate in a dynamic and challenging
 
environment we are continuously
learning and improving while getting to a more sustainable and mature level within the compliance function.
Financial crime
Financial crime risk results from illicit activity in the form of
 
money laundering, terrorist financing, bribery and
corruption, sanctions evasion, fraud and customer tax offences. It arises in the course of ING’s day-to-day
banking operations if our customers, employees or third parties undertake or facilitate financial crime, or if our
products and services are misused for illicit purposes to generate or disguise financial
 
crime.
We have zero tolerance for deliberately
 
or knowingly facilitating financial crime - keeping ING safe, secure and
compliant remains a top priority in order to protect our business and society at large from financial crime
 
and its
corrosive effects upon individuals and communities.
Financial crime risk management
The Non-Financial Risk Committee, chaired by ING’s chief risk officer, is the principal risk management forum for
financial crime risk. This committee reviews and escalates, where appropriate, key financial crime topics and risks
across ING to the Executive Board and Management Board Banking. Responsibility for the oversight of ING’s
 
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Compliance risk
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compliance with our legal and regulatory obligations in relation to financial crime risk resides with
 
the global
head Financial Crime Compliance who reports to ING’s chief compliance officer, with oversight by the chief risk
officer.
 
The Global KYC Committee, chaired by the chief operating officer, is mandated by the Management
Board Banking to steer, prioritise and approve KYC-related topics undertaken
 
across ING, and to oversee
compliance with international standards and laws and internal policies related to KYC.
We believe all of our people have a key role to play in the fight against financial crime. Having a robust and sound
risk culture embedded in our day-to-day way of working is a foundational element of our financial crime risk
control environment. We define the accountabilities and responsibilities of our staff in accordance with the three
lines of defence model, considering our business, geographical and functional
 
structure.
As an organisation, we’re committed to meeting our legal and regulatory requirements and the standards we
also expect from ourselves. ING remains subject to regulatory investigations and scrutiny in certain jurisdictions,
and we’re committed to executing and implementing the identified enhancements required to our financial
crime risk framework in a sustainable way for the longer-term.
Key risk management processes
 
ING strives to play its part in contributing to the safeguarding of the financial system against illicit financial
activity, in the context of heightened and changing regulatory expectations and as financial crime risks continue
to evolve. To
 
fulfil our responsibility as a global financial
 
institution in combatting financial crime, we believe it is
essential to comply with anti-money laundering and counter terrorism financing
 
(AML/CFT) laws and regulations,
establish a reasonable and risk-based control framework to mitigate financial crime risk, and to seek to provide
useful information to relevant government agencies. We also believe it is important to respond swiftly and
proactively to new financial crime threats and techniques (which can be increasingly
 
sophisticated as financial
criminals harness and misuse new technological capabilities)
 
as well as to relevant media reporting, such as on
the Pandora Papers and the Congo Hold-Up.
To mitigate
 
financial crime risks, we apply a framework of preventative and detective systems and controls,
underpinned by policy, procedures and related control standards across our global business in all locations where
we operate. In 2021, we remained focused on continuing to strengthen this financial crime risk management
framework in order to support sustainable remediation of known issues. At the same time, we acknowledge
 
that
the continuous maturing of the financial crime risk management
 
framework, as well as other developments such
as regulatory and legislative changes, will keep asking for our attention and commitment in future years. For that
purpose we’ve initiated the Financial Economic Crime Controls Maturity Programme (FCMP). See also ‘Know your
customer (KYC)’.
In 2021, we refreshed and further enhanced the annual Systematic Integrity Risk Analysis (SIRA)
 
across our global
footprint, which assesses inherent and residual integrity risks related to financial crime, and the effectiveness of
the associated processes and controls ING has in place. This provides insights into the financial crime
 
integrity
risks that ING may be exposed to, so we can appropriately manage these risks in accordance with our risk
appetite. Our risk-based surveillance (screening and monitoring) controls are also designed to identify activity
that may require additional investigation or other risk management actions, and where appropriate, reporting to
the relevant authorities.
We monitor our compliance in relation to financial crime risk and our tolerance levels on a regular basis
 
against a
set of quantitative and qualitative financial crime Risk Appetite metrics that were updated in 2021 and approved
by the Non-Financial Risk Committee.
 
Bribery and Corruption
Corruption curbs economic growth and impedes the development of societies.
 
It undermines business
confidence and corporate integrity, hinders fair business competition and harms international trade. ING takes
these risks seriously: bribery and corruption risks are part of our
 
non-financial risk framework, and are included in
the client and third-party due diligence and monitoring measures in
 
our financial crime risk management
framework. We will continue to further structurally strengthen our response to bribery and corruption risks in
key areas as part of our multi-year enhancement programme and FCMP, and in support of our zero tolerance
approach for bribery and corruption.
 
Customer Tax Compliance
ING remains committed to its reporting obligations under the Foreign Account Tax Compliance Act (FATCA)
 
and
Common Reporting Standards (CRS). Throughout 2021, we have worked to improve the quality of reports
provided to tax authorities and reacted to the implementation of mandatory disclosure rules for EU jurisdictions
(implemented via the amendment to Directive 2011/16 (DAC6)). We also continue to focus on customer tax
integrity, as we do not want to be involved in or facilitating tax-related
 
financial crime through servicing our
customers.
Key developments in 2021
 
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Compliance risk
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Covid-19 taskforce
Opportunistic criminals have been quick to exploit the disruption caused by
 
the Covid-19 pandemic. During 2021,
the activities of the ING financial crime Covid-19
 
taskforce continued to focus on protecting customers from
fraud and cyber-related crimes, as well as identifying evolving criminal money laundering
 
methods. The taskforce
worked with data analysts and business-aligned teams globally to share guidance with regional
 
teams on the
thematic financial crime risks relating to Covid-19, including potential risk scenarios
 
and datapoints to assist
regional and local teams identify unusual transactions.
Evolving external landscape
Financial institutions continue to face considerable regulatory scrutiny in relation to detecting and preventing
financial crime, and increasing costs of compliance. In 2021,
 
this saw some participants in the Dutch banking
sector streamlining their workforces or increasing their account fees for higher risk customers. In addition, the
complexity of the regulatory landscape continues to give rise to potential tension between data privacy (GDPR),
anti-money laundering/counter terrorism financing and anti-corruption laws and regulations.
 
This includes
requirements for sharing information within ING in relation to financial crime in order to manage our risk
exposure, while also complying with relevant data legislation (which can differ significantly depending on
jurisdiction). Society’s expectations that financial institutions are accountable for safeguarding the financial
system also create an increasingly demanding environment.
 
We take this gatekeeper
 
responsibility seriously. We believe that by proactively participating in public-private
partnerships and collaborating with other banks, as well as investing in new and innovative technological
capabilities, we can be more effective in the collective fight against financial crime. We also recognise the
essential role played by certain other financial services providers in safeguarding the financial system against
illicit funds.
Payment Service Providers
The position of payment service providers (PSPs) in the financial service
 
industry has become prominent and
permanent over the years. PSPs face continuous challenges to demonstrate compliance with industry standards
and recommendations, such as the guidance provided by the Wolfsberg Group and Financial Action Task Force
(FATF)
 
on payment transparency. Having limited transparency on transactions initiated through the different
payment platforms increases the challenge of monitoring whether PSPs and banks are potentially misused
 
to
facilitate tax evasion, money laundering and terrorist financing.
 
ING will continue to contribute to dialogues with PSPs, regulators and industry bodies on these
 
challenges;
ensuring we obtain the required transparency on payment information. This supports compliance with the
applicable laws and regulations and internal policies and instructions as well as
 
monitoring to ensure that ING
stays within its financial crime risk appetite.
EU AML/CFT legislative package
In mid-2021 the European Commission adopted a package of legislative proposals
 
aimed at strengthening anti-
money laundering (AML) and counter terrorism financing (CFT) rules.
 
This included amendments to existing
legislation to tackle emerging challenges linked to technological innovations, such as virtual assets, as well as the
increasingly global nature of terrorist organisations. It also included centralisation of EU AML/CFT supervision
(the European Anti Money Laundering Authority) and establishing
 
a single EU AML/CFT rulebook, which provides
financial institutions with harmonised and directly applicable
 
AML/CFT rules.
ING welcomes this harmonisation, which removes a degree of regulatory complexity. We have considered
amendments in the context of drafting the updated ING Financial Crime Policy framework. We have also
participated in workstreams and analyses prepared by global banking associations such as
 
the Dutch Banking
Association and the European Banking Federations to assist us in assessing the potential
 
impact of the AML
legislative package on the bank.
 
Virtual Assets
The rise in price and use of virtual assets, accompanied
 
by the growth of virtual assets service providers was a key
theme throughout 2020 and continued in 2021 to attract regulatory attention for potential tax evasion, money
laundering and terrorist financing concerns. Although the industry’s assessment of
 
financial crime risks in these
areas is beginning to mature, the evolving regulatory environment and understanding of how the virtual assets
ecosystem may be potentially abused for financial crime purposes continues to present a challenge for financial
institutions.
We believe it is important to contribute to ongoing dialogue with regulators on this topic. In 2021, we created
guidance that has been shared across the bank to develop a deeper
 
knowledge and understanding of virtual
assets and the associated financial crime risk landscape,
 
an important step towards our goal of ensuring that ING
remains a safe and compliant bank.
 
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Compliance risk
ING Group Annual Report 2021 on Form 20-F
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Environmental crime
Environmental crime risks also came to the fore in 2021; including a wide range of activities such as the illegal
wildlife trade, the illegal extraction and trade of forestry and natural resources as well as illegal land clearance
and waste trafficking, all of which have a socio-economic impact on the population and
 
earth. There is a growing
convergence between environment crime and other serious crimes including corruption and trade-based fraud,
among others.
In 2021, we examined the risks arising from the illegal wildlife trade and how to detect suspicious financial flows
linked to it. We joined the United for Wildlife Financial Taskforce,
 
which brings together private, public and third-
sector partners to identify, disrupt and prevent illegal wildlife trade.
Know your customer (KYC)
Know your customer and financial crime compliance play a key role in ensuring we only engage and do business
with people and companies that meet regulatory requirements and are within our risk
 
appetite. Knowing who we
do business with is vital to keeping ING safe, secure and compliant. As part of our ongoing
 
anti-money laundering
efforts, we continuously assess relationships with customers and monitor and screen transactions. Potentially
unusual or suspicious transactions are reviewed and, where applicable, reported to the relevant authorities.
We’re continuously working to strengthen the implementation of KYC and build sustainable KYC practices. This
includes enhancing customer due diligence files (documentation,
 
data and identity verification) and making
structural improvements in five areas: policy and risk appetite statements, digital tooling, governance,
monitoring and screening, and KYC knowledge and behaviour. All of these enhancements are being integrated
into our business-as-usual practices.
To reinforce
 
this foundation, the Financial Economic Crime Controls Maturity Programme, set up in 2020,
broadens the scope of certain aspects of financial crime such
 
as sanctions, customer tax, new and existing FEC
threats and internal quality controls. Its holistic approach aims to take into account new developments in the
complex and dynamic environment that we operate in and is jointly managed by the Financial Crime
 
Compliance
(FCC) and KYC departments.
 
Our regulators keep a close eye on the measures we have in place against money laundering and terrorism
financing and to manage compliance risks, as well as improvements we’ve made to address shortcomings that
had been identified in some countries. In February 2021,
 
the French regulator, the Autorité de contrôle
prudentiel et de résolution (ACPR), confirmed ING had put in place
 
the necessary corrective measures following
its reprimand in 2018 and a sanction of €3 million.
Public-private partnerships
To continue to be more effective
 
in our efforts to counter financial economic crime, we work closely with our
peers, regulators and law enforcement.
 
We have elected to centrally coordinate our proactive participation in various public-private partnerships across
our footprint. This ensures a holistic, streamlined and strategically orientated approach towards ING’s
participation in external partnerships and improves our ability to meet regulatory obligations, satisfy moral and
integrity expectations and improve the operational efficiency of managing financial and economic crime-related
risks.
To this end, in 2021 we participated in several projects leveraging intelligence from public-private partnerships in
the areas of trade-based money laundering and synthetic drug production in the Netherlands.
 
We also continue
to support supranational initiatives, such as Europol’s project on the financial crime risks associated with virtual
assets.
Throughout 2021, ING continued to work in a consortium of Dutch banks on
 
Transaction Monitoring Netherlands
(TMNL). The initiative, which monitors transactions within a combined database, is
 
operational and intersecting
with thematic areas of focus for law enforcement, enabling us to better understand potential criminal money
flows, and improve our detection controls in response to these insights. In the Netherlands, ING also
 
works with
the government’s Financial Intelligence Unit and three other banks in the Fintell Alliance. In a pilot,
 
the alliance
investigated and analysed alerts generated by TMNL. It detected complex financial crime networks that none of
the banks could have found alone, illustrating
 
the benefits of multilateral information exchange.
In Germany, ING joined the public-private partnership Anti-Financial Crime Alliance (AFCA) to foster mutual
exchange of information within the financial system. The alliance consists of 30 members, amongst them public
authorities, the largest financial institutions as well as representatives from the real estate sector. We
 
also
continue to contribute in various fora to the further development of industry-wide standards.
KYC policy framework
The KYC policy and related control standards (the KYC policy framework) set the minimum requirements and
control objectives for all ING entities to guard against the involvement in financial crime activity. The KYC policy
 
>
 
Compliance risk
ING Group Annual Report 2021 on Form 20-F
240
framework reflects relevant national and international laws, regulations, guidance documents and guidelines
from national, European and international authorities, (supra)national risk assessments
 
and industry standards
related to:
financial crime, covering money laundering, terrorist financing,
 
bribery and corruption, export trade
controls, proliferation financing, sanctions (economic, financial and trade), countries designated by ING
as ultra-high-risk countries (UHRC).
 
customer tax compliance, covering customer tax integrity (CTI), FATCA,
 
CRS, mandatory disclosure
requirements (MDR).
environmental and social risk (ESR) client assessment, specifically the initial customer screening
 
for
environmental and social risk.
The KYC policy framework is mandatory and applies to all ING entities (i.e. all branches and majority-owned
subsidiaries of ING Groep N.V.,
 
including ING Bank N.V.,
 
or where ING exercises control), their corporate
functions and their branches, including outsourcing partners to whom ING
 
entities have sourced KYC-related
responsibilities. The KYC policy framework also reflects relevant national and international laws, regulations and
industry standards related to business partners and overarching requirements with regards to record retention,
training and awareness. ING entities have local procedures in place, aimed at enabling them to comply
 
with local
laws and regulations and the KYC policy framework. Where local laws and regulations are more stringent, these
have to be applied.
As a result of frequent evaluation of the business from economic, strategic and risk-based perspectives, ING, with
limited exception, does not engage in business involving certain countries including Cuba, Iran, North Korea,
Sudan, Syria and the Crimea region. ING has a policy
 
not to enter into new relationships with clients from these
countries and processes are in place to discontinue existing relationships involving these countries.
Global approach
ING updated its KYC policy in line with external regulatory developments in anti-money laundering and
 
financial
sanctions. In 2021, we finalised the implementation of our continuous
 
adverse media screening tool in all of
ING’s Wholesale and Retail Banking businesses. This allows us to continuously screen customers against news
intelligence related to financial and economic crime, creating an additional control to monitor our customers on
relevant news updates on a daily basis, instead of during the periodic CDD reviews only. As a result, the business
is better able to identify customers involved in potential criminal activity. We also enhanced our screening
control environment, reducing false positives to prevent potential transaction delays for our customers.
Substituting local tools with centralised global tools enables us to further improve the way we onboard, monitor
and screen customers using a standardised approach across the world.
Knowledge and behaviour
We believe all our people play a role in keeping ING safe, secure and compliant and that a sound risk culture
requires us to act with integrity above all. We want to empower our employees with the skills and knowledge
they need to fight financial crime, and encourage them to speak up if they have concerns relating to financial
crime risk management.
In 2021, the Global KYC Academy further matured and rolled out new learnings to KYC employees, in addition to
the regular curriculum. These included trainings on customer
 
tax offences, environmental and social risks,
sanctions and KYC tools. It also continued to partner with ACAMS (Association of Certified
 
Anti-Money
Laundering Specialists) to develop and deliver tailored, certified training for our employees. The
 
ACAMS training
portfolio focuses on learning paths that provide professional foundational skills or advance expertise in a range of
topics including customer due diligence, screening, transaction monitoring
 
and sanctions. Over 8,000 ACAMS
trainings were enrolled in 2021. Virtual Instructor Led Training (VILT) was also rolled out to enable innovative and
flexible learning, especially with many employees working
 
from home due to the coronavirus pandemic. In
addition we introduced a mobile app quiz to engage employees and stimulate learning on
 
KYC topics.
To increase understanding and share best practices on financial crime risk management, awareness sessions
were held for all employees and bi-annual bootcamps are organised for money laundering reporting officers. Our
training framework is currently being enhanced to provide more targeted and specialist training on risks related
to bribery and corruption. We are also working on further developing dedicated centres of expertise to use our
centralised expertise more effectively and harmonise standards across ING.
 
>
 
Compliance risk
ING Group Annual Report 2021 on Form 20-F
241
In 2021, behavioural risk assessments were carried out at ING in Italy and in Wholesale
 
Banking in the UK and
Germany. These focused on identifying behavioural patterns and driving appropriate escalation behaviour.
Feedback sessions and dialogue starters to initiate open conversations around these assessments were also held
in Italy, while behavioural interventions were held in Poland and Romania, aimed at improving the desired
behaviours around leadership and decision-making. In addition, two KYC world cafes were held for all KYC
employees to create a shared understanding, collective purpose and uniformed approach to solving problems
when dealing with common behavioural risks.
 
Conduct Compliance & Culture
Conduct risk is defined by anything that can result either in client detriment or
 
impacts market integrity. Conduct
compliance includes client protection and transparency (Treating Customers Fairly), market conduct (including
market manipulation) and conflicts of interest.
A sound risk culture is paramount at ING as it determines the way in which employees
 
identify, understand,
discuss, and act on the risks we are confronted with and the risks we take. The proper embedding of our global
Code of Conduct, Orange Code and the Whistleblower policy into our processes is
 
key to managing our culture
and ethics risk.
Treating Customers
 
Fairly
Building on work done in 2020 to strengthen our compliance with the
 
Markets in Financial Services Directive
(MiFID) and to create a more effective Client Protection and Product Approval (CPAC) framework, in 2021 we
created several training sessions on investment services, issued guidelines and closely monitored the
remediation of improvements to the MiFID implementation to ensure a common understanding of our approach
to MiFID group-wide. CPAC governance was further strengthened to ensure strong challenge and a consistent
application globally of risk appetite when offering investment services to our customers. Preparations for the
implementation of the Mifid Quickfix have progressed in line with implementation in 2022.
Alongside direct consumer protection requirements as laid down in the specific regulations
 
(e.g. Mifid II) ING is
bound by local consumer protection laws and has adopted its own minimum standards, such as
 
the Customer
Golden Rules. These minimum standards are regularly reviewed to stay in sync with legal developments and
expectations from society. One of the elements we take into account in the review,
 
is the outcome of the various
discussions we have with consumer associations. Sometimes such
 
review and discussions also lead to an offer to
compensate certain customers, as we have done for certain customers with mortgages in Swiss franc in Poland
and for certain Dutch retail customers in connection with certain revolving consumer loans with variable interest.
See for more detail
 
Note 46 ‘Legal proceedings’ to the consolidated financial statements.
Transaction reporting activities were improved considerably with the creation of a group-wide governance
framework and controls, as well as participating in the market wide upload of backlog in close
 
cooperation with
the relevant supervisory authorities and the reporting agencies.
To support our objectives, we expanded our focus to other key areas: In relation to insurance products, we rolled
out a global policy and controls in order to align with the EU Insurance Distribution
 
Directive (IDD). To safeguard
client interests during the IBOR transition, best practices focused on client conduct and shared by the relevant
supervisory authorities have been implemented.
Finally, in response to the increasing importance of sustainable products for our clients and the need for ESG
considerations to form an integral part of our products and services to clients, alongside the development and
roll out of policy on SFDR. ESG is being embedded within
 
the ING organisation across all three lines of defence.
Market Conduct
Market conduct risk stems from undertaking activities that impact market integrity. The smooth functioning and
public confidence in markets are crucial for economic growth and wealth. As part of our work
 
in 2021 to
strengthen our market conduct framework, an update of our market abuse policy was completed, together with
a revised set of key controls owned by the first line and rolled out to all ING entities, alongside an updated
mandatory e-learning on market abuse. To support ING entities in the maintenance of information barriers and
the communication of confidential and inside information, new global procedures are in the process of being
rolled out to ING entities.
 
>
 
Compliance risk
ING Group Annual Report 2021 on Form 20-F
242
Conflicts of Interest
ING is committed to identify conflicts of interest and act on them. The Conflicts of Interest policy sets the
obligations to identify, assess and manage conflicts of interest, when personal or organisational interests are in
conflict over the interest of our client(s), employees or other stakeholders (e.g. when related to personal account
dealing). In 2021 the Conflicts of Interest policy was revised to further align with the
 
standards as defined by
enterprise risk management. The policy incorporates key requirements for both personal and organisational
conflicts of interest in line with the European Bank Association Guidelines on Internal Governance.
 
Next to the
updated policy, mandatory instructions on conflict of interest registers were developed including templates,
which provide more guidance on identifying, assessing
 
and keeping audit trail of our conflict of interest risks.
Culture & Ethics
In 2021, ING executed the risk culture programme that was developed based on the 2020 self-assessment. Some
key results are the formalisation of ING’s risk culture principles, the development of a risk culture dashboard, and
the development and roll-out of an approach to increase awareness and dialogue on
 
Non-Financial Risk. The
dashboard is developed to monitor and facilitate meaningful conversations on our risk culture and it leverages
different instruments for insight generation. Instruments include amongst others a survey to capture employee
perceptions, quantitative indicators from existing data sources and systems and a structured approach to
capturing the professional judgements of Compliance officers. The risk culture programme is actively discussed
by the MBB and the SB on a quarterly basis.
In February 2021, ING launched a programme to further enhance
 
the global Whistleblower process. The
programme aims to further strengthen risk management through more automated data collection and reporting
and to continuously enhance psychological safety and trust by strengthening the whistleblowing confidentiality
and employee protection. The quarterly whistleblowing report is shared with the MBB
 
and the SB.
To preserve risk awareness and risk judgement in the area of risk culture, ING continued its efforts towards
embedding the Orange Code decision making model that
 
supports ethical and well-balanced decision-making
throughout ING further by inserting referral to using the model in several local PARP frameworks.
Innovation, analytics and digitalisation
We continue to seek to harness new and innovative technological capabilities to keep our clients safer and to
enhance their digital journey with ING. In 2021,
 
we consolidated disruptive client-focussed innovation activities
across the Group under a single dedicated business area, ING Neo. We also continue to prioritise more
incremental innovation, under the oversight of our KYC Innovation Committee and RegTech Innovation Board.
In 2021, we rolled out the CoorpID platform which digitalises the know
 
your customer process for our corporate
clients improving the KYC journey of our customers, in four countries and will aim to continue to expanding in
throughout 2022. Furthermore,
 
we rolled out the Blacksmith solution to improve the KYC journey for financial
institutions in six countries. We also continued to develop and leverage an AI-supported platform to help us to
respond swiftly and effectively to the changing regulatory landscape and underlying policies in relation
 
to
financial crime.
Tax risk
Tax policies, procedures and a tax control framework have
 
been implemented to support management in
mitigating potential tax risks in a prudent manner. Internal monitoring, control and reporting of tax-related risks
take place on a continuous basis with regular reporting to various stakeholders. For 404/SOX purposes (section
404 of the Sarbanes-Oxley Act), an ‘effectiveness of internal control statement’ with respect to tax controls has
been provided. Tax risk management is subject to Corporate Audit testing and evaluation. In the Netherlands and
also in other countries, ING’s position is to be cooperatively tax compliant, this implies to have transparency
about and disclosure of relevant tax risks towards tax authorities. Tax risks not only refer to ING’s
 
own tax
position, but also to the risks in relation to our customers. In this respect, we have integrated a tax integrity
assessment in our overall customer risk assessment process.
 
ing20f2021p243i0.gif
>
 
Model risk
ING Group Annual Report 2021 on Form 20-F
243
Model risk
Introduction
Model risk is the risk that the financial or reputational position
 
of ING is negatively impacted as a consequence of
the use of models. Model risk can arise from errors in the development, implementation, use or
 
interpretation of
models, or from incomplete or wrong data etc., leading to inaccurate, non-compliant or misinterpreted model
outputs.
A model is defined as a quantitative method, system, or approach that applies statistical, economic, financial, or
mathematical theories, techniques, and assumptions to process input
 
data into quantitative estimates or whose
inputs are partially or wholly qualitative or based on expert judgement.
Governance (*)
The head of Model Risk Management (MoRM) reports
 
to the ING chief risk officer. The Model Risk Management
Committee (MoRMC) is the dedicated authority within ING for model risk management. It
 
is a committee
designated by the Management Board of ING bank. It is chaired by the ING
 
chief risk officer and co-chaired by the
head of MoRM.
Model lines of defence (*)
ING’s model risk and control structure is based on the three model lines of defence (MLoD) approach. This
approach aims to provide a sound governance framework for model risk management by defining and
implementing three different management layers with distinct roles and oversight responsibilities.
 
ing20f2021p244i1.gif ing20f2021p244i0.jpg
>
 
Model risk
ING Group Annual Report 2021 on Form 20-F
244
The composition and main activities within the
 
three model lines of defence (MLoD):
The 1
st
 
MLoD is composed of the model owners, model users, data management and
 
model
development, and is accountable for, among others, the development, implementation and use of the
models as well as monitoring models’ performance;
 
The 2
nd
 
MLoD is composed of model validation and model risk
 
oversight, which owns the model risk
management framework, proposes the model risk appetite, provides challenge to model risk
identification and assessment and provides an independent validation of models
 
used within ING;
The 3
rd
 
MLoD is the internal audit, reviewing the quality of model
 
risk management execution in all lines
of defence and provide assurance over the 1st and 2nd line model risk management activities.
Model risk appetite (Model RAS) (*)
The model risk appetite is designed to determine the level of model
 
risk ING is willing to accept in pursuit of its
strategic objectives. The initial iteration of Model RAS was introduced in 2020 and was monitored throughout
2021. At the end of 2021, the data captured by the initial Model RAS was evaluated, resulting in the
implementation of thresholds and early warning limits for selected metrics.
Model risk management (*)
Model risk management is executed via processes such as: model identification, model classification,
 
model risk
identification and assessment, and model validation. During 2021,
 
these processes were further enhanced by
incorporating model identification in the product approval and review process and by inclusion of model ethics
principles as an element for assessing model risk. Dedicated model validation frameworks are in place for the
 
key
model types such as Credit, Market, Liquidity, Operational Risk, IRRBB and advanced analytics. These frameworks
are continuously being enhanced to keep up to date with latest development.
On an aggregated level model risk is monitored via analysis of data from the global model inventory. The insights,
from aggregated data analysis, are reported to the MoRMC and to the MBB for senior management to take well-
informed decisions on acceptance or further mitigation of model risk.
Model lifecycle (*)
The next figure provides a schematic overview of the model lifecycle, where orange represents the activities of
the 1
st
 
MLoD, grey represents the 2
nd
 
MLoD and light grey is the 3
rd
 
MLoD. The objectives of the different
processes are outlined below (reference).
Initiation or change
: The initiation of the development of a new model or change of
 
an existing model can be
triggered by different factors. These may be (i) internal, such as the introduction of a new product that cannot be
handled by the existing models, a change in ING’s organisation, financial or commercial strategy or findings and
issues by an auditor, validator or based on monitoring; or (ii) external, such as innovation/new technology that
 
>
 
Model risk
ING Group Annual Report 2021 on Form 20-F
245
becomes available (for example the Fintech models), new or upcoming supervisory regulations or ongoing
technical developments.
Data collection
 
is the process of defining and collecting data that meets the defined data quality
 
requirements
for model development. The process includes the definition of the data needed,
 
assessment of data availability
and quality, assumptions and limitations, as well as the gathering of the data needed for the analyses, impact
study and testing during the model development process.
Model development
is a structured process that leads to a model that is ready for validation and subsequent
use. Depending on the development approach these first stages can be separate or integrated. An example of the
latter is data science-based application development.
Pre-approval validation
 
is the independent confirmation that the model is valid for its intended use. To ensure
objectivity and effective challenge, the model validator is independent from other model parties such
 
as the
model developer, model owner or model approver.
 
Model validation applies equally to in-house developed and
third-party models.
The objective of the
model approval
 
stage is to approve models for use. The model owner submits the model for
formal decision to the internal approver before a model can be deployed and used. The recommendations and
validation report prepared by the model validator are key inputs for the approval.
During the
implementation
 
stage, the model is realised, tested and made available in a production environment.
In the
model use
 
stage the model is applied by the users for the specific purpose it
 
was designed for.
 
The model
can only be used after formal approval for use of the model.
The objective of model
performance monitoring
 
is to regularly check if the model is performing as intended, also
after possible changes in the commercial, organisational or legal environment. Model performance monitoring
begins when model use has started and continues until the model has
 
officially been decommissioned.
Periodic validation:
During the life-time of a model its ongoing validity must be safeguarded. This is done
 
by
periodic independent (re)validation that assesses whether the model is
 
still valid for its intended use and if it is
used as intended. There are two types of validation: (1) periodic, such as annual,
 
which is mandatory for
regulatory models, or (2) ad hoc, for example triggered by changes in the model, the
 
business or financial
instruments etc. The actual frequency of periodic validation depends on the
 
model risk, model type and
applicable regulation.
A model that is / will no longer be used must be decommissioned.
Decommissioning
 
disables the model. It can,
for example, be triggered because (1) the product, organisation or risk the model is made for has changed
considerably or no longer exists, (2) the model is outdated, underperforming or better alternatives are available,
(3) the model became obsolete or (4) the external approver withdraws its approval for the model.
Continuous model inventory and reporting
: Keeping an inventory of all models and their status during their
lifecycle is a continuous process. It supports management and control of the models in scope, both
 
per individual
model and the overarching management of all ING’s models. Periodic model risk reporting provides the relevant
internal and external stakeholders with an overview of the models in use and the associated model risk given
 
the
defined model risk appetite.
 
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Business risk
ING Group Annual Report 2021 on Form 20-F
246
Business risk
Introduction
Business risk for ING has been defined as the exposure to value loss due to fluctuations
 
in volumes/margins, net
fee and commission income as well as expenses. It is the risk inherent to strategy decisions,
 
internal efficiency
and the business environment. Business risk economic capital is calculated via the variance-covariance
methodology for these risks, covering the risk that volume/margins, net fee and commission
 
income and
operating expenses will deviate from the expected expenses over the horizon of the relevant activities.
 
Governance and risk management
ING applies an explicit risk appetite statement regarding business risk, focusing on earnings stability and
diversification of the business mix. Diversification reduces the risk that volumes and/or margins will suddenly
drop due to unexpected changes in the business environment for certain markets and products. Furthermore,
the underlying risk types (expense risk, volume-margin risk,
 
and net fee and commission income risk) are
mitigated and managed differently. Expense risk is monitored and managed via the financial performance of the
bank and the local units, whereby the reported expense numbers are compared quarterly with
 
the projected
cost/income ratio. Deviations from this ambition are monitored as part of the financial projections
 
that are
discussed continuously within different parts of the organisation.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Selected statistical information on banking operations
ING Group Annual Report 2021 on Form 20-F
247
Selected Statistical
 
Information on Banking
Operations
Reference is made to Note 1 ‘ Basis of preparation and significant accounting policies’
 
of the Consolidated
financial statements for information on Changes in accounting principles, estimates and presentation of the
consolidated financial statements and related notes.
The information in this section sets forth selected statistical information regarding the Group’s operations.
Information for 2021, 2020 and 2019 is set forth under IFRS-IASB. Unless otherwise indicated, average balances,
when used, are calculated from monthly data and the distinction between domestic and foreign is based on
 
the
location of the office where the assets and liabilities are booked, as opposed to the domicile
 
of the customer.
However, the Company believes that the presentation of these amounts based upon the domicile of the
customer would not result in material differences in the amounts presented in this section.
Average balances and interest rates
The following tables show the Group’s operations, average interest-earning assets and average interest
 
-bearing
liabilities, together with average rates, for the periods indicated. The interest income, interest expense and
average yield figures do not reflect interest income and expense on derivatives and other interest income and
expense not considered to be directly related to interest-bearing assets and liabilities. These items are reflected
in the corresponding interest income, interest expense and net interest income figures in the consolidated
financial statements. A reconciliation of the interest income, interest expense and net interest income figures to
the corresponding line items in the consolidated financial statements is provided hereunder.
ASSETS
Interest-earning assets
2021
2020
2019
Average
balance
Interest
income
Average
yield %
Average
balance
Interest
income
Average
yield %
Average
balance
Interest
income
Average
yield %
(EUR millions)
(EUR millions)
(EUR millions)
Time deposits with banks
domestic
2,818
33
1.2
3,495
39
1.1
4,516
49
1.1
foreign
3,718
41
1.1
4,788
57
1.2
4,433
121
2.7
Loans and advances
domestic
186,022
4,313
2.3
187,189
4,831
2.6
190,118
5,673
3.0
foreign
438,174
9,437
2.2
431,665
10,606
2.5
428,646
12,825
3.0
Securities purchased with
agreements to resell
domestic
3,768
0
0.0
5,242
3
0.1
3,722
52
1.4
foreign
61,137
322
0.5
55,682
573
1.0
63,337
1,939
3.1
Interest-earning securities
1
domestic
31,662
242
0.8
33,400
313
0.9
29,892
347
1.2
foreign
53,276
622
1.2
54,542
708
1.3
50,156
917
1.8
Other interest-earning assets
domestic
50,713
13
0.0
43,417
27
0.1
30,659
56
0.2
foreign
71,055
56
0.1
48,453
44
0.1
24,978
66
0.3
Total
902,341
15,080
1.7
867,875
17,201
2.0
830,456
22,047
2.7
Non-interest earning assets
51,012
48,761
54,459
Derivatives assets
23,505
29,423
25,322
Total assets
976,857
946,059
910,238
Percentage of assets
applicable to foreign
operations
68.9%
69.7%
70.0%
Interest income on
derivatives
 
4,386
4,546
5,499
Other
2
1,585
812
617
Total interest
 
income
21,051
22,559
28,163
1 Substantially all interest-earning securities held by the banking operations of the Company are taxable securities.
2 Other includes negative interest expense.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Selected statistical information on banking operations
ING Group Annual Report 2021 on Form 20-F
248
LIABILITIES
Interest-bearing liabilities
2021
2020
2019
Average
balance
Interest
expense
Average
yield
Average
balance
Interest
expense
Average
yield
Average
balance
Interest
expense
Average
yield
(EUR millions)
%
(EUR millions)
%
(EUR millions)
%
Time deposits from banks
domestic
51,928
3
0.0
35,079
10
0.0
17,673
28
0.2
foreign
24,497
76
0.3
18,888
123
0.7
14,270
200
1.4
Demand deposits
domestic
98,236
110
0.1
82,639
121
0.1
66,667
498
0.7
foreign
144,706
19
0.0
124,337
12
0.0
108,193
32
0.0
Time deposits
1
domestic
12,508
35
0.3
11,798
129
1.1
14,019
336
2.4
foreign
5,926
90
1.5
9,538
132
1.4
14,114
300
2.1
Savings deposits
domestic
97,862
–324
–0.3
95,455
77
0.1
93,911
114
0.1
foreign
257,796
482
0.2
267,713
627
0.2
266,470
1,301
0.5
Securities sold under
agreements to repurchase
 
domestic
3,205
0
0
36
33
92.8
foreign
55,300
133
0.2
46,225
317
0.7
52,158
1,429
2.7
Commercial paper
domestic
2,712
3
0.1
10,127
12
0.1
13,554
21
0.2
foreign
12,873
23
0.2
13,360
163
1.2
14,143
350
2.5
Short term debt
domestic
3,484
7
0.2
8,995
97
1.1
9,005
159
1.8
foreign
4,190
11
0.3
3,389
28
0.8
3,784
55
1.5
Long term debt
domestic
55,511
1,167
2.1
64,418
1,387
2.2
72,012
1,700
2.4
foreign
14,490
168
1.2
14,994
234
1.6
14,110
317
2.2
Subordinated liabilities
domestic
15,364
573
3.7
16,676
616
3.7
15,304
664
4.3
foreign
–0
77
3
4.3
Other interest
bearing
liabilities
domestic
3,470
12
0.4
2,960
31
1.1
1,472
113
7.6
foreign
6,557
28
0.4
8,173
44
0.5
9,101
121
1.3
Total
870,615
2,616
0.3
834,764
4,159
0.5
800,076
7,773
0.8
Non-interest bearing
liabilities
30,839
31,711
35,010
Derivatives liabilities
21,173
27,232
24,376
Total Liabilities
922,627
893,707
859,461
Group Capital
54,230
52,353
50,777
Total liabilities and capital
976,857
946,059
910,238
Percentage of liabilities
applicable to foreign
operations
60.4%
62.3%
63.5%
Other interest expense:
Interest expenses on
derivatives
3,305
4,227
5,925
other
2
1,130
622
654
Total interest
 
expense
7,051
9,007
14,353
Total net interest
 
result
14,000
13,552
13,811
1 These captions do not include deposits from banks.
2 Other includes negative interest income.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Selected statistical information on banking operations
ING Group Annual Report 2021 on Form 20-F
249
Analysis of changes in net interest income
The following table allocates changes in the Group’s operations’ interest income and expense and net interest
result between changes in average balances and rates for the periods indicated. Changes due to a combination of
volume and rate have been allocated to changes in average volume. The net changes in interest income, interest
expense and net interest result, as calculated in this table, have been reconciled to the changes in interest
income, interest expense and net interest result in the consolidated financial statements. See introduction to
“Average
 
Balances and Interest Rates” for a discussion of the differences between interest income, interest
expense and net interest result as calculated in the following table and as set forth in the consolidated financial
statements.
2021 over 2020
2020 over 2019
Increase (decrease)
due to changes in
Increase (decrease)
due to changes in
Average
volume
Average
rate
Net
change
Average
volume
Average
rate
Net
change
(EUR millions)
(EUR millions)
Interest-earning assets
Time deposits to banks
domestic
–8
1
–6
–11
1
–10
foreign
–13
–3
–16
10
–74
–64
Loans and advances
domestic
–55
–463
–518
–78
–764
–842
foreign
140
–1,309
–1,169
96
–2,316
–2,220
Securities purchased with agreements to
resell
Domestic
–1
–2
–3
21
–69
–48
foreign
56
–307
–251
–234
–1,132
–1,366
Interest-earning securities
Domestic
–16
–55
–71
41
–75
–35
foreign
–16
–69
–85
80
–290
–210
Other interest-earning assets
domestic
5
–18
–14
23
–52
–29
foreign
20
–8
12
62
–84
–22
Interest income
domestic
–75
–537
–612
–4
–960
–964
foreign
187
–1,696
–1,509
14
–3,895
–3,882
Total
112
–2,233
–2,121
9
–4,855
–4,846
Other interest income
613
–759
Total interest
 
income
–1,508
–5,604
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Selected statistical information on banking operations
ING Group Annual Report 2021 on Form 20-F
250
2021 over 2020
2020 over 2019
Increase (decrease)
due to changes in
Increase (decrease)
due to changes in
Average
volume
Average
rate
Net
change
Average
volume
Average
rate
Net
change
(EUR millions)
(EUR millions)
Interest-bearing liabilities
Time deposits from banks
domestic
5
–12
–7
28
–46
–18
foreign
36
–83
–47
65
–142
–77
Demand deposits
 
domestic
23
–34
–12
119
–496
–377
foreign
2
5
7
5
–24
–20
Time deposits
domestic
8
–101
–93
–53
–154
–207
foreign
–50
8
–42
–97
–70
–167
Savings deposits
domestic
2
–403
–401
2
–39
–37
foreign
–26
–119
–146
6
–680
–674
Short term debt
domestic
–59
–31
–90
–0
–62
–62
foreign
7
–23
–17
–6
–22
–27
Securities sold under agreements to
repurchase
 
domestic
–145
144
–0
–41
8
–33
foreign
62
–245
–183
–162
–950
–1,113
Commercial paper
domestic
–8
–1
–9
–5
–4
–10
foreign
–6
–134
–140
–19
–168
–187
Long term debt
domestic
–192
–28
–219
–179
–134
–313
foreign
–8
–58
–66
20
–103
–83
Subordinated liabilities
domestic
–49
6
–43
59
–107
–47
foreign
–3
0
–3
Other interest-bearing liabilities
domestic
5
–24
–19
114
–195
–81
foreign
–9
–7
–16
–12
–64
–77
Interest expense
domestic
–409
–483
–892
44
–1,230
–1,186
foreign
8
–658
–650
–205
–2,224
–2,428
Total
–401
–1,141
–1,542
–161
–3,454
–3,615
Other interest expense
–414
–1,731
Total interest
 
expense
–1,956
–5,345
Net interest
domestic
334
–53
281
–48
270
222
foreign
179
–1,039
–859
218
–1,672
–1,454
Net interest
513
–1,092
–579
170
–1,402
–1,231
Other net interest result
 
1,027
972
Net interest result
448
–259
The following table shows the interest spread and net interest margin for the past two years.
2021
2020
Average rate
Average rate
%
%
Interest spread
Domestic
1.1
 
1.1
 
Foreign
1.5
 
1.7
 
Total
1.3
 
1.5
 
Net interest margin
Domestic
1.0
 
1.0
 
Foreign
1.5
 
1.7
 
Total
1.3
 
1.5
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Selected statistical information on banking operations
ING Group Annual Report 2021 on Form 20-F
251
Investments in debt securities
The following tables
 
show the weighted average yield of ING’s investments on debt securities measured at
amortised cost and fair value through other comprehensive income. The weighted average yield is calculated as
follows:
Nominal value * coupon rate * remaining maturity
 
Nominal value * remaining maturity
Weighted average
 
yield
2021
1 year or
less
Between
1 and 5
years
Between 5
and 10
years
Over 10
years
Fair value through other comprehensive income
Government bonds
2.61%
2.02%
1.34%
3.00%
Sub-sovereign, Supranationals and Agencies
3.01%
2.40%
0.51%
0.66%
Covered bonds
0.73%
0.28%
0.21%
Corporate bonds
0.88%
0.82%
0.13%
Financial institutions bonds
0.47%
1.25%
0.06%
ABS portfolio
0.14%
0.11%
0.13%
(1) Since substantially all investment securities held by the banking operations of the Company are taxable securities, the yields are on tax-
equivalent basis.
Weighted average
 
yield
2021
1 year or
less
Between
1 and 5
years
Between 5
and 10
years
Over 10
years
Securities at amortised cost
Government bonds
2.13%
2.44%
1.18%
4.43%
Sub-sovereign, Supranationals and Agencies
2.07%
1.37%
0.42%
0.40%
Covered bonds
0.67%
0.37%
0.10%
Corporate bonds
1.25%
0.12%
0.67%
Financial institutions bonds
0.52%
1.11%
0.18%
ABS portfolio
0.02%
1.20%
0.69%
(1) Since substantially all investment securities held by the banking operations of the Company are taxable securities, the yields are on tax-
equivalent basis.
Loan Portfolio
Loans and advances to banks and customers
Loans and advances to banks include all receivables from credit institutions, except for cash, current accounts
and deposits with other banks (including central banks). Loans
 
and advances to customers includes lending
facilities to corporate and private customers encompass among others, loans, overdrafts and finance lease
receivables.
 
Maturities and sensitivity of loans to changes in interest rates
The following table analyses loans and advances to banks and customers by time remaining until maturity as of
31 December 2021.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Selected statistical information on banking operations
ING Group Annual Report 2021 on Form 20-F
252
2021
1 year
or less
1 year
to 5 years
5 years
through 15
years
After 15
years
Total
By domestic offices:
Loans guaranteed by public authorities
1,028
2,323
9,499
10,920
23,770
Loans secured by mortgages
5,857
18,858
43,806
46,329
114,849
Loans guaranteed by credit institutions
6,362
900
16
7,278
Other private lending
859
835
704
179
2,577
Other corporate lending
25,507
14,348
2,647
274
42,777
Total domestic offices
39,613
37,264
56,673
57,701
191,251
By foreign offices:
Loans guaranteed by public authorities
3,970
6,297
6,353
942
17,563
Loans secured by mortgages
25,805
63,766
85,516
74,656
249,743
Loans guaranteed by credit institutions
16,938
2,039
1,362
2,277
22,616
Other private lending
6,941
12,279
3,784
1,679
24,682
Other corporate lending
62,708
67,958
16,702
785
148,153
Total foreign
 
offices
116,364
152,339
113,717
80,338
462,758
Total gross loans and advances
 
to banks and customers
155,977
189,602
170,390
138,039
654,009
The following table analyzes loans and advances to banks and customers by interest rate sensitivity by maturity
as of 31 December 2021 for loans and advances due after one
 
year.
Predetermined
interest rates
Floating or
adjustable interest
rates
(1)
Loans guaranteed by public authorities
27,230
9,106
Loans secured by mortgages
233,819
99,133
Loans guaranteed by credit institutions
3,309
3,262
Other private lending
15,789
3,671
Other corporate lending
19,727
82,987
Total
299,873
198,159
(1)
 
Loans that have an interest rate that remains fixed for
 
more than one year and which can then be changed are classified as “adjustable
interest rates”.
Allowance for credit losses
The following table presents the movements in allocation of the provision for loan losses on loans accounted for
as loans and advances to banks and customers for 2021, 2020 and 2019 under IFRS-IASB.
Movements in allocation of the provision for loan losses on loans
 
2021
2020
2019
Balance on 1 January
5,854
4,645
4,568
Effect of changes in accounting policy
Change in the composition of the Group
Write-offs
-854
-1,200
-1,030
Recoveries
45
39
55
Net write-offs
-809
-1,160
-975
Additions and other adjustments (included in value Adjustments
 
to receivables of the Banking
operations)
324
2,369
1,052
Balance on 31 December
5,368
5,854
4,645
Average loans and advances to banks and customers
644,853
645,134
644,139
Ratio of net charge
offs to average loans and advances to banks and
 
customers
0.13%
0.18%
0.15%
Ratio of allowance for credit losses to total loans and advances to
 
banks and customers
outstanding
0.82%
0.94%
0.72%
Although Covid-19 has had a negative impact on the global
 
economy, defaults in our portfolio have been limited
in 2021. This both reflects the quality of our loan portfolio
 
and the impact of government support schemes.
However,
 
due to the ongoing pandemic as well as strained supply chains, staffing shortage and rising
 
prices,
uncertainty remains. As it is expected that additional defaults as a result of the Covid-19 crisis
 
will still come in,
especially in certain sectors, a sector-based management adjustment was calculated. Risk costs further include
management adjustment related to residential mortgages to reflect the potential impact of higher inflation and
rising interest rates on customers’ ability to pay and expected negative impact on property valuations. Reference
is made to Note 1 ‘Basis of preparation and significant accounting policies’ and ‘Additional information – Risk
Management’ for detailed information on loan loss provisioning.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Selected statistical information on banking operations
ING Group Annual Report 2021 on Form 20-F
253
Deposits
Reference is made to ‘Additional information – Average
 
balances and interest rates’ for detailed information on
average amount of and the average rate paid on deposit categories.
 
For the years ended 31 December 2021, 2020 and 2019 the aggregate amount of deposits
 
by foreign depositors
in domestic offices was EUR 29,696 million,
 
EUR 27,850 million and EUR 27,649 million,
 
respectively.
Uninsured deposits
For the years ended 31 December 2021 and 2020 the amount of uninsured
 
deposits, which were not covered by
DGS, was EUR 162,983 million and EUR 171,802 million,
 
respectively.
Deposit guarantee schemes (DGS) reimburse a limited amount to compensate depositors whose bank has failed.
A fundamental principle underlying DGS is that they are funded
 
entirely by banks, and that no taxpayer funds are
used. Under EU rules, the Deposit Guarantee Scheme (DGS) guarantees deposits up
 
to a maximum of EUR
100,000 per depositor in case of a bank failure.
 
On 31 December 2021, the amount of time deposits
 
in excess of (local) deposit insurance regime and time
deposits which are otherwise uninsured is as follows:
Time deposits in excess on
deposit insurance regime
Other uninsured
 
Time deposits
(EUR millions)
(EUR millions)
3 months or less
1,954
18,381
6 months or less but over 3 months
416
3,140
12 months or less but over 6 months
467
1,138
Over 12 months
542
69,525
Total
3,380
92,184
For further detailed information on deposits reference is made to Note 12 ‘Deposits from banks’ and Note 13 ‘
Customer deposits’ of the consolidated financial statements.
 
 
 
ING Group Annual Report 2021 on Form 20-F
F -254
Contents
Consolidated financial statements
 
F-
F-
F-
F-
F-
Notes to the consolidated financial statements
 
F-
Notes to the consolidated statement of financial position
F-
F-
F-
F-
F-294
F-
F-
F-
F-
F-
F-
F-
F-
F-
F-
Notes to the consolidated statement of profit or loss
F-
F-
F-
F-
F-
F-
F-
F-
F-
F-
F-
Notes to the consolidated statement of cashflows
F-
F-
F-
 
ing20f2021p256i0.gif
 
 
ING Group Annual Report 2021 on Form 20-F
F -256
To
 
the Shareholders and the Supervisory Board ING Groep N.V.
Opinion on the consolidated Financial Statements
We have audited the accompanying consolidated statements of financial position of ING Groep N.V. and subsidiaries
 
(the
Company) as of December 31, 2021 and 2020, the related consolidated statements of profit or loss, comprehensive
income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2021, the
related notes and the specific disclosures described in Note 1 as being part of the consolidated financial statements
(collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly,
 
in
all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its
operations and its cash flows for each of the years in the three-year period ended December 31, 2021, in conformity with
International Financial Reporting Standards as issued by the International Accounting Standards Board.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2021, based on criteria
established in
Internal Control – Integrated Framework (2013)
 
issued by the Committee of Sponsoring Organizations of
the Treadway Commission and our report dated March 7, 2022 expressed an unqualified opinion on the effectiveness of
the Company’s internal control over financial reporting.
Changes in Accounting Principles
As discussed in Note 1.4.1 to the financial statements, the Company changed its method of accounting and disclosures
for certain financial Instruments as of January 1, 2021 due to the adoption of ‘Interest Rate Benchmark Reform – Phase 2
– amendments to IFRS9, IAS 39, IFRS7, IFRS 4 and IFRS 16’.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to
express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm
registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material
misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material
misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that
respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and
disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used
and significant estimates made by management, as well as evaluating the overall presentation of the consolidated
financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial
statements that was communicated or required to be communicated to the audit committee and that: (1) relates to
accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially
challenging, subjective, or complex judgements. The communication of a critical audit matter does not alter in any way
our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical
audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it
relates.
Assessment of expected credit losses on loans and
 
advances to customers and loans and advances
to banks
As discussed in the Credit Risk section on pages 163-205 and in Note 3 and Note 7 in the consolidated financial
statements, the loans and advances to customers amount to EUR 625 billion and loans and advances to banks amount to
EUR 24 billion as at 31 December 2021. These loans and advances are measured at amortised cost, less expected credit
losses (‘ECL’) of EUR 5.3 billion.
 
Management estimated ECL using three components: probability of default (‘PD’), loss given default (‘LGD’) and
exposure at default (‘EAD’). Management applied forward looking economic scenarios with associated weights. Relevant
macroeconomic factors include the gross domestic product (‘GDP’), house price index (‘HPI’) and unemployment rate.
The recent economic conditions are outside the bounds of historical experience used to develop ECL model
methodologies and result in greater uncertainties to estimate ECLs. These uncertainties are addressed by judgemental
overlays by management.
 
 
 
ING Group Annual Report 2021 on Form 20-F
F -257
We identified the assessment of ECL on loans and advances to customers and loans and advances to banks as a critical
audit matter because of the significant and complex auditor judgment and specialized skills and knowledge required to
evaluate the following elements of the overall ECL estimate:
 
the judgements used to develop PD, LGD and EAD, including model or manual determined expected future recovery
cash flow assessments of individual loan provisions for impaired loans;
 
the recalibration of existing IFRS 9 credit risk models and redevelopment of IFRS 9 credit risk models to reflect the
new definition of default applied in credit risk management of the bank and the update of data history;
use of forward-looking macroeconomic forecasts in the ECL, including GDP,
 
HPI and unemployment rate;
 
the consistent identification and application of criteria for significant increase in credit risk (‘SICR’);
calculation of management overlays to the modelled ECL due to the increased uncertainty in the forecast of future
economic conditions. These management overlays included specific sectorial wholesale and retail lending overlays
and overlays to residential mortgages.
The following are the primary procedures we performed to address this critical audit matter.
 
We evaluated the design and tested the operating effectiveness of certain internal controls related to the ECL
process for loans and advances to customers and banks. This included controls related to the assumptions (including
PD, LGD, EAD and macroeconomic forecasts), review of model outputs, the application of the new definition of
default, the update of data history, governance and monitoring of the ECL, reconciliations, determination of credit risk
ratings, the estimated future recovery cash flows of individual loan provisions and management overlays to the
modelled ECL.
We involved credit risk professionals with specialised skills and knowledge who assisted in evaluating the
assumptions to determine the PD, LGD, and EAD parameters in models used by the Company to determine the
collective provisions including the evaluation of the recalibrated and redeveloped credit risk models. In addition,
assessing management overlays recorded to the ECL, including sectorial wholesale and retail lending overlays and
overlays to residential mortgages. This included reperforming back testing of certain models to evaluate current
model performance. We considered the impact these overlays have on model calculations and results when reaching
our conclusions.
We involved economic professionals with specialised skills and knowledge, who assisted in assessing the
Company’s methodology to determine the macroeconomic forecasts used in the ECL. We tested the reasonableness
of management’s forecasts against other external benchmarks and our own internal forecasts.
We involved corporate finance professionals with specialised skills and knowledge, who assisted in examining the
methodologies, cash flows and collateral values used in expected future recovery cash flow assessments of
individual loan provisions for impaired loans. We challenged management’s use of recovery scenarios and expected
cash flows considering industry trends and comparable benchmarks, recalculated recovery amounts and performed
reconciliations.
We evaluated the identification of SICR in loans by challenging the scope of management’s criteria used in staging
assessments, consistent application of the thresholds applied within each criterion, and the ability of staging criteria
to identify SICR prior to loans being credit impaired.
/s/ KPMG Accountants N.V.
We have served as the Company’s auditor since 2016.
Amstelveen, The Netherlands
March 7, 2022
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
F -258
Consolidated statement
 
of financial position
As at 31 December
in EUR million
2021
2020
2021
2020
Assets
Liabilities
Cash and balances with central banks
 
2
106,520
111,087
Deposits from banks
 
12
85,092
78,098
Loans and advances to banks
 
3
23,592
25,364
Customer deposits
 
13
617,400
609,517
Financial assets at fair value through profit or loss
 
4
Financial liabilities at fair value through profit or loss
 
14
– Trading assets
51,381
51,356
– Trading liabilities
27,113
32,709
– Non-trading derivatives
1,536
3,583
– Non-trading derivatives
2,120
1,629
– Designated as at fair value through profit or loss
6,355
4,126
– Designated as at fair value through profit or loss
41,808
48,444
– Mandatorily at fair value through profit or loss
42,684
44,305
Current tax liabilities
271
342
Financial assets at fair value through other comprehensive income
 
5
30,635
35,895
Deferred tax liabilities
 
38
311
343
Securities at amortised cost
 
6
48,319
50,587
Provisions
 
15
995
691
Loans and advances to customers
 
7
625,122
593,970
Other liabilities
 
16
12,839
11,609
Investments in associates and joint ventures
 
8
1,587
1,475
Debt securities in issue
 
17
91,784
82,065
Property and equipment
 
9
2,515
2,841
Subordinated loans
 
18
16,715
15,805
Intangible assets
 
10
1,156
1,394
Total liabilities
896,448
881,250
Current tax assets
549
419
Deferred tax assets
 
38
1,303
1,596
Equity
 
19
Other assets
 
11
5,996
5,893
Share capital and share premium
17,144
17,128
Other reserves
-540
2,342
Retained earnings
35,462
32,149
Shareholders’ equity (parent)
52,066
51,619
Non-controlling interests
736
1,022
Total equity
52,802
52,640
Total assets
949,250
933,891
Total liabilities and equity
949,250
933,891
References relate to the accompanying notes. These are an integral part of the Consolidated financial
statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
F -259
Consolidated statement
 
of profit or loss
 
for the years ended 31 December
in EUR million
2021
2020
2019
2021
2020
2019
Continuing operations
Interest income using effective interest
 
rate method
18,577
20,715
25,056
Addition to loan loss provisions
 
516
2,675
1,120
Other interest income
2,474
1,843
3,107
Staff expenses
 
27
5,941
5,812
5,755
Total interest
 
income
 
21,051
22,559
28,163
Other operating expenses
 
28
5,251
5,341
4,598
Total expenses
 
11,708
13,828
11,472
Interest expense using effective interest
 
rate method
-5,085
-7,402
-11,268
Other interest expense
-1,966
-1,605
-3,084
Result before tax
8,385
3,399
5,653
Total interest
 
expense
 
-7,051
-9,007
-14,353
Taxation
 
38
2,306
1,070
1,652
Net interest income
 
20
14,000
13,552
13,811
Net result
6,079
2,329
4,001
Fee and commission income
5,004
4,514
4,439
Net result (before non-controlling interests)
6,079
2,329
4,001
Fee and commission expense
-1,487
-1,503
-1,571
Net result attributable to Non-controlling interests
128
78
99
Net fee and commission income
 
21
3,517
3,011
2,868
Net result attributable to shareholders of the parent
5,951
2,250
3,903
Valuation results and net trading income
 
22
2,065
474
-159
in EUR
Investment income
 
23
167
152
188
Earnings per ordinary share
 
30
Share of result from associates and joint ventures
 
8
141
66
82
Basic earnings per ordinary share
1.53
0.58
1.00
Impairment of associates and joint ventures
 
8
-3
-235
-34
Diluted earnings per ordinary share
1.53
0.58
1.00
Result on disposal of group companies
 
24
-29
-3
117
Net result on derecognition of financial assets measured at amortised cost
 
25
-0
189
38
Other income
 
26
236
20
214
Total income
20,093
17,227
17,125
References relate to the accompanying notes. These are an integral part of the Consolidated financial
statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
F -260
Consolidated statement
 
of comprehensive income
for the years ended 31 December
in EUR million
2021
2020
2019
Net result (before non-controlling interests)
6,079
2,329
4,001
Other comprehensive income
Items that will not be reclassified to the statement of profit or loss:
Realised and unrealised revaluations property in own use
-2
-7
58
Remeasurement of the net defined benefit asset/liability
 
37
95
28
58
Net change in fair value of equity instruments at fair value through other comprehensive
income
96
-335
139
Change in fair value of own credit risk of financial liabilities at fair value through profit
 
or loss
37
-19
-116
Items that may subsequently be reclassified to the statement of
 
profit or loss:
Net change in fair value of debt instruments at fair value through
 
other comprehensive income
-186
25
-42
Realised gains/losses on debt instruments at fair value through other
 
comprehensive income
reclassified to the statement of profit or loss
-42
-34
-34
Changes in cash flow hedge reserve
-1,955
355
640
Exchange rate differences
143
-1,620
-29
Share of other comprehensive income of associates and joint ventures and other income
-3
6
Total comprehensive
 
income
4,262
728
4,674
Comprehensive income attributable to:
Non-controlling interests
-247
133
142
Equity holders of the parent
4,509
595
4,532
4,262
728
4,674
References relate to the accompanying notes. These are an integral part of the Consolidated financial
statements.
For the disclosure on the income tax effects on each component of the other comprehensive income reference is
made to Note 38 ‘Taxation’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
F -261
Consolidated statement
 
of changes in equity
 
in EUR million
Share capital
and share
premium
Other
reserves
Retained
earnings
Shareholders'
equity (parent)
Non-
controlling
interests
Total
equity
Balance as at 31 December 2020
17,128
2,342
32,149
51,619
1,022
52,640
Net change in fair value of equity instruments at fair value through other comprehensive
 
income
101
-6
94
2
96
Net change in fair value of debt instruments at fair value through
 
other comprehensive income
-173
-173
-13
-186
Realised gains/losses on debt instruments at fair value through other
 
comprehensive income reclassified to the statement of profit
 
or loss
-40
-40
-1
-42
Changes in cash flow hedge reserve
-1,603
-1,603
-352
-1,955
Realised and unrealised revaluations property in own use
-13
11
-2
-2
Remeasurement of the net defined benefit asset/liability
 
37
95
95
95
Exchange rate differences and other
153
153
-10
143
Share of other comprehensive income of associates and joint ventures and other income
-21
18
-3
-3
Change in fair value of own credit risk of financial liabilities at fair value through profit
 
or loss
37
37
37
Total amount
 
recognised directly in other comprehensive income net of tax
-1,465
23
-1,442
-375
-1,817
Net result
191
5,760
5,951
128
6,079
Total comprehensive
 
income net of tax
-1,274
5,782
4,509
-247
4,262
Dividends and other cash distributions
 
31
-2,342
-2,342
-40
-2,382
Share buyback programme
-1,604
-140
-1,744
-1,744
Changes in treasury shares
-4
-4
-4
Employee stock option and share plans
16
12
29
29
Balance as at 31 December 2021
17,144
-540
35,462
52,066
736
52,802
References relate to the accompanying notes. These are an integral part of the Consolidated financial
statements. Changes in individual Reserve components are presented in Note 19 ‘Equity’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
F -262
Consolidated statement
 
of changes in equity - continued
 
in EUR million
Share capital
and share
premium
Other
reserves
Retained
earnings
Shareholders'
equity (parent)
Non-
controlling
interests
Total
equity
Balance as at 31 December 2019
17,117
4,013
29,866
50,996
893
51,889
Net change in fair value of equity instruments at fair value through other comprehensive
 
income
 
-399
62
-337
2
-335
Net change in fair value of debt instruments at fair value through
 
other comprehensive income
 
20
20
5
25
Realised gains/losses on debt instruments at fair value through other
 
comprehensive income reclassified to the statement of profit
 
or loss
-33
-33
-1
-34
Changes in cash flow hedge reserve
242
242
112
355
Realised and unrealised revaluations property in own use
-33
26
-7
-0
-7
Remeasurement of the net defined benefit asset/liability
 
37
28
28
28
Exchange rate differences and other
-1,557
-1,557
-63
-1,620
Share of other comprehensive income of associates and joint ventures and other income
-37
43
6
6
Change in fair value of own credit risk of financial liabilities at fair value through profit
 
or loss
-3
-16
-19
-19
Total amount
 
recognised directly in other comprehensive income net of tax
-1,770
114
-1,656
55
-1,601
Net result
94
2,156
2,250
78
2,329
Total comprehensive
 
income net of tax
-1,676
2,271
595
133
728
Dividends
 
31
-3
-3
Changes in treasury shares
5
5
5
Employee stock option and share plans
11
11
22
0
22
Changes in the composition of the group and other changes
-1
-1
Balance as at 31 December 2020
17,128
2,342
32,149
51,619
1,022
52,640
References relate to the accompanying notes. These are an integral part of the Consolidated financial
statements. Changes in individual Reserve components are presented in Note 19 ‘Equity’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
F -263
Consolidated statement
 
of changes in equity - continued
 
in EUR million
Share capital
and share
premium
Other
reserves
Retained
earnings
Shareholders'
equity (parent)
Non-
controlling
interests
Total
equity
Balance as at 31 December 2018
17,088
3,621
28,339
49,049
803
49,851
Net change in fair value of equity instruments at fair value through other comprehensive
 
income
 
-335
472
137
1
139
Net change in fair value of debt instruments at fair value through
 
other comprehensive income
 
-43
-43
1
-42
Realised gains/losses on debt instruments at fair value through other
 
comprehensive income reclassified to the statement of profit
 
or loss
-33
-33
-1
-34
Changes in cash flow hedge reserve
604
604
36
640
Realised and unrealised revaluations property in own use
49
9
58
-0
58
Remeasurement of the net defined benefit asset/liability
 
37
58
58
58
Exchange rate differences and other
-36
-36
7
-29
Share of other comprehensive income of associates and joint ventures and other income
69
-69
Change in fair value of own credit risk of financial liabilities at fair value through profit
 
or loss
-123
6
-116
-116
Total amount
 
recognised directly in other comprehensive income net of tax
211
418
629
44
673
Net result
180
3,723
3,903
99
4,001
Total comprehensive
 
income net of tax
391
4,141
4,532
142
4,674
Dividends
 
31
-2,650
-2,650
-29
-2,679
Changes in treasury shares
1
1
1
Employee stock option and share plans
28
13
41
0
41
Changes in the composition of the group and other changes
 
23
23
-23
-0
Balance as at 31 December 2019
17,117
4,013
29,866
50,996
893
51,889
References relate to the accompanying notes. These are an integral part of the Consolidated financial
statements. Changes in individual Reserve components are presented in Note 19 ‘Equity’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form
 
20-F
F -264
Consolidated statement
 
of cash flows
for the years ended 31 December
in EUR million
2021
2020
2019
2021
2020
2019
Cash flows from operating activities
32
Disposals and redemptions:
– Associates and joint ventures
57
24
67
Result before tax
8,385
3,399
5,653
– Disposal of subsidiaries, net of cash disposed
27
-3
Adjusted for:
– Depreciation and amortisation
834
829
789
- Financial assets at fair value through other
comprehensive income
17,750
14,571
13,390
– Addition to loan loss provisions
516
2,675
1,120
- Securities at amortised cost
46,933
31,918
13,001
– Other non-cash items in Result before tax
-1,190
1,671
1,213
– Property and equipment
39
75
81
Taxation
 
paid
-1,873
-1,734
-2,345
– Loans sold
744
Changes in:
 
Net change in Loans and advances to/from banks, not
available/payable on demand
8,700
53,078
-3,911
– Other investments
0
12
34
 
Net change in Trading assets and Trading
 
liabilities
-5,620
2,566
-2,568
Net cash flow from/(used in) investing activities
 
6,220
-8,487
-2,495
 
Loans and advances to customers
-27,860
2,876
-16,687
 
Customer deposits
10,339
39,740
18,040
Cash flows from financing activities
33
 
Other
32
-7,175
-3,856
11,752
Proceeds from debt securities
85,113
65,308
90,793
Net cash flow from/(used in) operating activities
 
-14,943
101,243
13,055
Repayments of debt securities
-76,150
-99,212
-94,497
Proceeds from issuance of subordinated loans
3,163
2,165
3,429
Cash flows from investing activities
Repayments of subordinated loans
-2,449
-2,786
-933
Investments and advances:
- Acquisition of subsidiaries, net of cash acquired
-17
Repayments of principal portion of lease liabilities
-301
-273
-271
- Associates and joint ventures
-91
-24
-507
Purchase/sale of treasury shares
-1,608
5
1
- Financial assets at fair value through other comprehensive
income
-13,186
-16,949
-16,270
Dividends paid
-2,382
-3
-2,679
- Securities at amortised cost
-44,945
-37,522
-12,268
Other financing
1
-1
2
– Property and equipment
-184
-287
-355
Net cash flow from/(used in) financing activities
5,387
-34,796
-4,154
– Other investments
-179
-300
-395
Net cash flow
-3,335
57,960
6,406
Cash and cash equivalents at beginning of year
34
111,566
54,031
47,529
Effect of exchange rate
 
changes on cash and cash equivalents
-565
-425
95
Cash and cash equivalents at end of year
34
107,665
111,566
54,031
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ING Group Annual Report 2021 on Form 20-F
F -265
Consolidated statement
 
of cash flows - continued
As at 31 December 2021, Cash and cash equivalents includes
 
cash and balances with central banks of EUR
106,520
 
million (2020: EUR
111,087
 
million; 2019: EUR
53,202
 
million). In 2020 the increase was mainly driven by
ING’s participation of EUR
59.5
 
billion in the targeted longer-term refinancing operations (TLTRO III), which were
mainly placed on deposit with the ECB as at 31 December
 
2020, and by increased customer deposits. Reference is
made to Note 34 ‘Cash and cash equivalents’.
 
References relate to the accompanying notes. These are an integral part of the Consolidated financial
statements.
The table below presents the Interest and dividend received and paid.
in EUR million
2021
2020
2019
Interest received
21,496
23,352
28,957
Interest paid
-8,705
-9,672
-14,550
12,791
13,680
14,407
Dividend received
1
172
144
219
Dividend paid
-2,382
-3
-2,679
1
 
Includes dividends received as recognized within Investment Income, from equity securities included in the Financial assets at fair value
through profit or loss, Financial assets at fair value through OCI, and from Investments in associates and joint ventures. Dividend paid and
received from trading positions have been included.
Dividends received from associates and joint ventures are included in investing activities, interest received,
interest paid and other dividends received are included in operating activities and dividend paid
 
is included in
financing activities in the Consolidated statement of cash flows.
 
 
 
>
 
1
 
Basis of preparation and significant accounting policies
 
ING Group Annual Report 2021 on Form 20-F
F -266
Notes to the Consolidated financial
 
statements
1
 
Basis of preparation and significant accounting policies
1.1 Reporting entity and authorisation of the Consolidated financial statements
ING Groep N.V.
 
is a company domiciled in Amsterdam, the Netherlands. Commercial
 
Register of Amsterdam,
number 33231073. These Consolidated financial statements, as at and for the year ended 31
 
December 2021,
comprise ING Groep N.V.
 
(the Parent company) and its subsidiaries, together referred to as ING Group. ING
Group is a global financial institution with a strong European base, offering a wide
 
range of retail and
wholesale banking services to customers in over
40
 
countries.
 
The ING Group Consolidated financial statements, as at and for the year ended 31 December 2021,
 
were
authorised for issue in accordance with a resolution of the Executive Board on 7 March 2022. The
 
Executive
Board has the power to amend the financial statements as long as these are not adopted by
 
the General
Meeting of Shareholders. The General Meeting of Shareholders may decide not to adopt the financial
statements, but may not amend these.
1.2 Basis of preparation of the Consolidated financial statements
 
The ING Group Consolidated financial statements have been prepared in accordance with International
Financial Reporting Standards as issued by the International Accounting Standards Board for purposes of
reporting with the U.S. Securities and Exchange Commission (SEC), including
 
financial information contained in
this Annual report on Form 20-F. The term ‘IFRS-IASB’ is used to refer to International Financial Reporting
Standards as issued by the International Accounting Standards Board, including the decisions
 
ING Group made
with regard to the options available under IFRS-IASB.
The ING Group Consolidated financial statements have been prepared on a going concern basis and there are
no significant doubts about the ability of ING Group to continue as a going
 
concern. In 2021 ING Group’s capital
and liquidity position remained strong despite the Covid-19 impact
 
and ING Group has sufficient buffers to
withstand certain adverse scenarios without breaching currently applicable and likely future requirements.
Strong capital position allowed ING Group to pay cash dividends and other cash distributions to the
shareholders during 2021, as well as to announce and to start execution of a share buyback programme.
Reference is made to Note 19 ‘Equity’.
The Consolidated financial statements are presented in euros and rounded to the nearest million, unless stated
otherwise. Amounts may not add up due to rounding.
1.2.1 Presentation of Risk management disclosures
To improve transparency,
 
reduce duplication and present related information in one place, certain disclosures
of the nature and extent of risks related to financial instruments required by IFRS 7 ‘Financial instruments:
Disclosures’ are included in the ‘Risk management’
 
section of the Annual Report.
These disclosures are an integral part of ING Group Consolidated financial statements and are indicated in the
‘Risk management’ section by the symbol (*).
 
Chapters, paragraphs, graphs or tables within the risk
management section that are indicated with this symbol in the respective headings or table header
 
are
considered to be an integral part of the Consolidated financial statements.
1.2.2 Reconciliation between IFRS-EU and IFRS-IASB
The published 2021 Consolidated financial statements of ING Group are prepared in accordance with IFRS-EU.
IFRS-EU refers to International Financial Reporting Standards (‘IFRS’) as adopted by the European Union (EU),
including the decisions ING Group made with regard to the options available under IFRS as
 
adopted by the EU.
IFRS-EU differs from IFRS-IASB in respect of certain paragraphs in IAS 39 ‘Financial Instruments: Recognition
and Measurement’ regarding hedge accounting for portfolio hedges of interest rate risk.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Basis of preparation and significant accounting policies
 
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Under IFRS-EU, ING Group applies fair value hedge accounting for portfolio hedges of interest rate risk (fair
value macro hedges) in accordance with the EU carve-out version of IAS 39. Under
 
the EU IAS 39 carve-out,
hedge accounting may be applied, in respect of fair value macro hedges, to core deposits and hedge
ineffectiveness is only recognised when the revised estimate of the amount of cash flows in scheduled time
buckets falls below the original designated amount of that bucket and is not recognised when the revised
amount of cash flows in scheduled time buckets is more than the original designated
 
amount. Under IFRS-IASB,
hedge accounting for fair value macro hedges cannot be applied to core deposits and ineffectiveness arises
whenever the revised estimate of the amount of cash flows in scheduled time buckets is either more or less
than the original designated amount of that bucket.
This information is prepared by reversing the hedge accounting impacts that are applied under the EU ‘carve-
out’ version of IAS 39. Financial information under IFRS-IASB accordingly
 
does not take account of the
possibility that had ING Group applied IFRS-IASB as its primary
 
accounting framework it might have applied
alternative hedge strategies where those alternative hedge strategies could have qualified for IFRS-IASB
compliant hedge accounting. These decisions could have resulted in different shareholders’ equity and net
result amounts compared to those indicated in this Annual Report on Form 20-
F.
A reconciliation between IFRS-EU and IFRS-IASB is included below.
Both IFRS-EU and IFRS-IASB differ in several areas from accounting principles generally accepted in the United
States of America (US GAAP).
 
 
Reconciliation net result under IFRS-EU and IFRS-IASB
in EUR million
2021
2020
2019
In accordance with IFRS-EU (attributable to the shareholders of
 
the parent)
4,776
2,485
4,781
Adjustment of the EU IAS 39 carve-out
1,603
-410
-1,181
Tax effect
 
of the adjustment
1)
-429
176
303
Effect of adjustment after tax
1,174
-234
-878
In accordance with IFRS-IASB (attributable to the shareholders of the parent)
5,951
2,250
3,903
1)
 
includes the effect of changes in tax rate.
Reconciliation shareholders’ equity under IFRS-EU and IFRS-IASB
in EUR million
2021
2020
2019
In accordance with IFRS-EU (attributable to the shareholders of
 
the parent)
53,919
54,637
53,769
Adjustment of the EU IAS 39 carve-out
-2,490
-4,081
-3,658
Tax effect
 
of the adjustment
637
1,063
885
Effect of adjustment after tax
-1,853
-3,018
-2,773
In accordance with IFRS-IASB Shareholders’ equity
52,066
51,619
50,996
1.3 Impact of Covid-19
In 2021, the Covid-19 pandemic continued to have an impact on people,
 
businesses and the economy. While
vaccination rates continued to increase and Covid-19 related restrictions were lifted in some jurisdictions in the
first part of 2021, the end of 2021 was again marked by new waves of infections, supply chain disruptions,
rising energy prices and increasing inflation impacting companies
 
and consumers. In many countries,
governments have adopted economic support programs. In addition, various initiatives have been taken by ING
to support our clients to manage these extraordinary times by way of granting, amongst others, temporary
payment holidays.
Governments in almost all Retail Banking countries have adopted measures providing for payment holidays.
During 2020 and 2021, in line with the EBA moratoria guidelines,
 
approximately
137
 
thousand customers had
been granted payment holidays under schemes that were eligible under the EBA moratoria guidelines. The
total exposure of loans for which a payment holiday was granted amounts to EUR
15.3
 
billion of which over
57
% were for customers located in the Netherlands and Belgium. At the end of 2021,
99.8
% of granted
payment holidays had expired.
As government support measures will, or have already ended, and Covid-19 remains
 
a threat as was evidenced
with the emergence of the omicron variant at the end of 2021, Covid-19 is still
 
bringing uncertainties and risks.
Certain sector were particularly impacted by the Covid-19 pandemic. An
 
economic sector-based adjustments of
EUR
341
 
million was taken in December 2021 because of delays in defaults occurring in the Covid-19
 
related
crisis, mainly as a result of government support programmes, while GDP growth forecasts as well as
unemployment rates and house prices improved over 2021 and which triggered releases of the model
 
based
provisions.
 
 
 
 
 
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ING Group Annual Report 2021 on Form 20-F
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For further information on payments holidays and management adjustments applied, reference is made to the
‘Credit risk’ paragraph of the ‘Risk management’ section.
As a result of the economic effects of Covid-19 estimation uncertainty and level of management judgement
remains at an elevated level in 2021 compared to before the Covid-19 pandemic, particularly in the estimation
of loan loss provisions (including the need for management adjustments) and
 
impairment assessment of an
investment in an associate. Reference is made to paragraph
1.5 ‘Significant judgements and critical accounting
estimates and assumptions’ for further explanation.
1.4 Changes to accounting policies and presentation
ING Group has consistently applied its accounting policies to all periods presented in
 
these Consolidated
financial statements.
In 2021, in note 21 ‘Net fee and commission income’, ING Group changed the presentation of net fee and
commission income to better align with internal management and monitoring. Comparative figures for 2020
and 2019 have been updated accordingly.
1.4.1 Changes in IFRS effective in 2021
The following amended standards became effective in 2021:
Amendments to IFRS 9 ‘Financial Instruments’, IAS 39 ‘Financial Instruments: Recognition and
Measurement’, IFRS 16 ‘Leases’,
 
IFRS 4 ‘Insurance Contracts’ and IFRS 7 ‘Financial Instruments:
Disclosures’: ‘IBOR Reform and its Effects on Financial Reporting – Phase 2’ (issued in August 2020);
Amendments to IFRS 16 ‘Leases’: ‘Covid-19-Related Rent Concessions’ (issued in May 2020).
The IBOR Reform – Phase 2 amendments relate mainly to accounting for changes in the basis for determining
the contractual cash flows of financial assets and liabilities due to the IBOR
 
reform and impact on hedge
accounting when an existing benchmark rate is reformed or replaced with an alternative risk free rate.
Specifically, Phase 2 amendments require that the effective interest rate
 
on debt financial instruments is
adjusted, and hedge accounting continues on transition to risk free rates, but only to the extent that the
modifications made to financial instruments are those necessary
 
to implement the IBOR Reform and that the
new basis for calculating cash flows is ‘economically equivalent’ to the previous basis. By applying these
mandatory amendments, ING Group avoids recognising modification gains and losses on debt
 
instruments that
would otherwise be required in the absence of Phase 2 amendments
 
(changes to debt instruments resulting
from IBOR Reform are treated as a reset to the instrument’s variable interest rate). In addition, ING Group
avoids hedge accounting discontinuations when modifying both hedged items and
 
hedging instruments (and
related hedge documentation) as a consequence of IBOR reform that would otherwise be required in the
absence of Phase 2 amendments. Refer to ‘Risk Management’ section
 
– ‘Market Risk’ for more details.
Although ING Group has significant exposures to IBORs,
 
the transition to the new risk free rates did not have a
material impact in 2021 partially due to the IBOR amendments
 
to IFRS 9 and IAS 39 as described above.
The amendments to IFRS 16 ‘Leases’ provide lessees with an
 
exemption from assessing whether a Covid-19-
related rent concession is a lease modification. As ING Group did not receive rent concessions as a lessee,
these amendments had no impact on the accounting policies
 
of ING Group.
ING Group has not early adopted any standard, interpretation or amendment in 2021 which has been issued,
but is not yet effective.
1.4.2 Upcoming changes in IFRS after 2021
The following published amendments are not mandatory for 2021 and have not been
 
early adopted by ING
Group. ING Group is still currently assessing the detailed impact of these amendments.
 
However, the
implementation of these amendments is expected to have no significant impact on ING Group’s Consolidated
financial statements.
Effective in 2022:
Amendments to IFRS 3 ‘Business Combinations’: Reference to the Conceptual Framework (issued in May
2020).
Amendments to IAS 16 ‘Property, Plant and Equipment’: Proceeds before Intended Use (issued in May
2020).
Amendments to IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’:
 
Onerous Contracts —
Cost of Fulfilling a Contract (issued in May 2020).
Annual improvements to IFRS Standards 2018-2020 Cycle: Amendments to IFRS 1 ‘First-time Adoption of
International Financial Reporting Standards’, amendments to IFRS 9 ‘Financial Instruments’ and
amendments to IFRS 16 ‘Leases’ (issued in May 2020).
 
 
 
 
 
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Basis of preparation and significant accounting policies
 
ING Group Annual Report 2021 on Form 20-F
F -269
Effective in 2023:
Amendments to IAS 1 ‘Presentation of Financial Statements’: Classification of Liabilities as Current or Non-
current (issued in January 2020).
 
Amendments to IAS 1 ‘Presentation of Financial Statements’: Disclosure of Accounting Policies (issued in
February 2021).
Amendments to IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’: Definition of
Accounting Estimates (issued in February 2021).
Amendments to IAS 12 ‘Income Taxes’: Deferred Tax
 
Related to Assets and Liabilities Arising From a Single
Transaction (issued in May 2021).
IFRS 17 ‘Insurance contracts’
 
– effective in 2023
In May 2017, the IASB issued IFRS 17 ‘Insurance Contracts’, a new accounting standard for insurance contracts
covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4
‘Insurance Contracts’,
 
which allowed diversity in accounting practices for insurance contracts. In June 2020, the
IASB published amendments to IFRS 17 including a scope
 
exclusion for credit card contracts and similar
contracts that provide insurance coverage, and an optional scope exclusion for loans with death waivers. ING
Group does not have insurance business, but mainly sells insurance products as a
 
broker where it does not run
the insurance risk. ING Group is currently assessing the detailed impact of
 
adopting this Standard
.
1.5 Significant judgements and critical accounting estimates and assumptions
 
The preparation of the Consolidated financial statements requires management to make judgements in the
process of applying its accounting policies and to use estimates and assumptions.
 
The estimates and
assumptions affect the reported amounts of the assets and liabilities and the
 
amounts of the contingent assets
and contingent liabilities at the balance sheet date, as well as reported income and expenses for the year. The
actual outcome may differ from these estimates. The process of setting assumptions is subject to internal
control procedures and approvals.
 
ING Group has identified areas that require management to make significant judgements and use critical
accounting estimates and assumptions based on the information and financial data that may change in
 
future
periods. These areas are:
 
Loan loss provisions (financial assets);
The determination of the fair values of financial assets and liabilities;
 
Impairment assessment of an investment in associate;
 
Provisions; and
Accounting for Targeted
 
Longer-Term
 
Refinancing Operations (TLTRO).
 
For further discussion of the significant judgements and critical accounting
 
estimates and assumptions in these
areas, reference is made to the relevant parts in paragraph 1.6 ‘Financial instruments’
 
(specifically 1.6.8
‘Impairment of financial assets’, 1.6.3 for ‘Fair values of financial assets and liabilities’,
 
1.10 ‘Investments in
associates and joint ventures’, 1.16 ‘Provisions, contingent liabilities and contingent assets’ and 1.6.9
‘Accounting for
 
Targeted Longer-Term
 
Refinancing Operations (TLTRO)’)
 
of this note and the applicable notes
to the Consolidated financial statements.
1.6 Financial instruments
1.6.1 Recognition and derecognition of financial instruments
Recognition of financial assets
Financial assets are recognised in the balance sheet when ING
 
Group becomes a party to the contractual
provisions of the instrument. For a regular way purchase or sale of a financial asset, trade date and settlement
date accounting is applied depending on the classification of the financial
 
asset.
Derecognition of financial assets
 
Financial assets are derecognised when the rights to receive cash flows from the financial
 
assets have expired
or where ING Group has transferred the rights to receive the cash flows from the financial asset or assumed an
obligation to pass on the cash flows and has transferred substantially all the risks and rewards of the asset. If
ING Group neither transfers nor retains substantially all the risks and rewards of ownership of a financial asset,
it derecognises the financial asset if it no longer has control over the asset. The difference between
 
the
carrying amount of a financial asset that has been extinguished
 
and the consideration received is recognised in
profit or loss.
Recognition of financial
 
liabilities
 
Financial liabilities are recognised on the date that the entity becomes a party
 
to the contractual provisions of
the instrument.
 
 
 
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ING Group Annual Report 2021 on Form 20-F
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Derecognition of financial liabilities
 
Financial liabilities are derecognised when the obligation specified in
 
the contract is discharged, cancelled or
expired. The difference between the carrying amount of a financial liability that has been extinguished
 
and the
consideration paid is recognised in profit or loss.
1.6.2 Classification and measurement of financial instruments
Financial assets
ING Group classifies its financial assets in the following measurement categories:
those to be measured subsequently at fair value (either through OCI, or through profit or loss); and
those to be measured at amortised cost (AC).
 
At initial recognition, ING Group measures a financial asset at its fair value plus, in the case of a financial
 
asset
not at FVPL, transaction costs that are directly attributable to the acquisition of the financial
 
asset. Transaction
costs of financial assets carried at fair value through profit or loss (FVPL)
 
are expensed in the statement of
profit or loss.
Financial assets - Debt instruments
The classification depends on the entity’s business model for managing the financial
 
assets and the contractual
terms of the cash flows at initial recognition.
Business models
Business models are classified as Hold to Collect (HtC),
 
Hold to Collect and Sell (HtC&S) or Other depending
 
on
how a portfolio of financial instruments as a whole is managed.
 
ING Group’s business models are based on the
existing management structure of the bank, and refined based on an analysis of
 
how businesses are evaluated
and reported, how their specific business risks are managed and on historic and
 
expected future sales. Sales
are permissible in a HtC business model when
 
these are due to an increase in credit risk, take place close to the
maturity date (where the proceeds from the sales approximate the collection of the remaining contractual cash
flows), are insignificant in value (both individually and in aggregate) or are infrequent.
Contractual cash flows Solely Payments of Principal and Interest (SPPI)
 
The contractual cash flows of a financial asset are assessed to determine whether they
 
represent SPPI. Interest
includes consideration for the time value of money, credit risk and also consideration for liquidity risk and costs
associated with holding the financial asset for a particular
 
period of time. In addition, interest can include a
profit margin that is consistent with a basic lending arrangement. Financial assets with embedded derivatives
are considered in their entirety when determining whether their cash flows are SPPI.
 
In assessing whether the contractual cash flows are SPPI, ING Group considers the contractual terms of the
instrument. This includes assessing whether the financial
 
asset contains a contractual term that could change
the timing or amount of contractual cash flows such that it would not meet this condition.
 
Based on the entity’s business model for managing the financial assets and
 
the contractual terms of the cash
flows, there are three measurement categories into which ING Group classifies its debt instruments:
Amortised Cost (AC):
Debt instruments that are held for collection of contractual cash flows under a HtC business
 
model where
those cash flows represent SPPI are measured at AC. Interest income from these financial assets is
included in Interest income using the EIR method. Any gain or loss arising on derecognition
 
is recognised
directly in profit or loss. Impairment losses are presented as a separate line item in the statement of
profit or loss.
FVOCI:
Debt instruments that are held for collection of contractual cash flows and for selling the financial assets
under a HtC&S business model, where the assets’ cash
 
flows represent SPPI, are measured at FVOCI.
Movements in the carrying amount are recognised in OCI, except for the recognition of impairment gains
or losses, interest revenue and foreign exchange gains and losses which are recognised in profit or loss.
When the financial asset is derecognised, the cumulative
 
gain or loss previously recognised in OCI is
reclassified from equity to profit or loss and presented in Investment income or Other income, based on
the specific characteristics of the business model. Interest income from these financial assets is included
in Interest income using the EIR method. Impairment losses are presented as a separate line item in the
statement of profit or loss.
FVPL:
Debt instruments that do not meet the criteria for AC or FVOCI are measured at FVPL. This includes
 
debt
instruments that are held-for-trading (presented separately as Trading
 
assets) and all other debt
instruments that do not meet the criteria for AC or FVOCI (presented separately as Mandatorily at FVPL).
ING Group may in some cases, on initial recognition, irrevocably designate a financial asset as classified
and measured at FVPL. This is the case where doing so eliminates or significantly
 
reduces an accounting
mismatch that would otherwise arise on assets measured at AC or FVOCI.
 
Fair value movements on
 
 
 
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ING Group Annual Report 2021 on Form 20-F
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trading securities, trading loans and deposits (mainly reverse repo’s) are presented fully within valuation
result and net trading income, this also includes interest. The interest arising on financial assets
designated as at FVPL is recognised in profit or loss and presented within Interest income or Interest
expense in the period in which it arises. The interest arising on
 
a debt instrument that is part of a hedge
relationship, but not subject to hedge accounting, is recognised in profit or loss and
 
presented within
Interest income or Interest expense in the period in which it arises.
 
ING Group reclassifies debt instruments if, and only if, its business model for managing those financial assets
changes. Such changes in business models are expected to be very infrequent. There have been no
reclassifications during the reporting period.
Financial assets - Equity instruments
All equity investments are measured at fair value. ING Group applies the fair value through OCI option to
investments which are considered strategic, consisting of investments that add value to ING Group’s core
banking activities.
 
There is no subsequent recycling of fair value gains and losses to profit or loss following the derecognition of
investments if elected to be classified and measured as FVOCI. However, the cumulative gain or loss is
transferred within equity to retained earnings on derecognition of such equity instruments. Dividends from
such investments continue to be recognised in profit or loss as Investment income when ING Group’s right to
receive payments is established. Impairment requirements are not applicable to equity investments classified
and measured as FVOCI.
Other remaining equity investments are measured at FVPL. All changes in the fair value are recognised in
Valuation result and Net trading income in the Consolidated statement of profit or loss.
Financial liabilities
Financial liabilities are classified and subsequently measured at
 
AC, except for financial guarantee contracts,
derivatives and liabilities designated at FVPL. Financial liabilities classified and
 
measured at FVPL are presented
as follows:
 
the amount of change in the fair value that is attributable to changes in own credit risk of the
 
liability
designated at FVPL is presented in OCI. Upon derecognition this Debit Valuation Adjustment (DVA) impact
does not recycle from OCI to profit or loss; and
 
the remaining amount of change in the fair value is presented in profit or loss in ‘Valuation results and net
trading income’. Interest
 
on financial liabilities at FVPL is also recognised in
 
the valuation result, except for
items voluntarily designated as FVPL for which interest is presented within ‘Other interest income
(expense).
A financial guarantee contract is a contract that requires ING Group to make specified payments to reimburse
the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with
the original or modified terms of a debt instrument. Such
 
a contract is initially recognised at fair value and is
subsequently measured at the higher of (a) the amount determined in
 
accordance with impairment provisions
of IFRS 9 ‘Financial instruments’ (see section “Impairment of
 
financial assets”) and (b) the amount initially
recognised less, when appropriate, cumulative amortisation recognised in accordance with the
 
revenue
recognition principle of IFRS 15 ‘Revenue from contracts with customers’.
1.6.3 Fair values of financial assets and liabilities
All financial assets and liabilities are recognised initially at fair value. The fair value of a
 
financial instrument on
initial recognition is generally its transaction price (that is, the fair value of the consideration given or received).
However,
 
if there is a material difference between the transaction price and the fair value of financial
instruments whose fair value is based on a valuation technique using significant unobservable inputs,
 
the
entire day one difference (a ‘Day One profit or loss’) is deferred. ING Group defers the Day One profit or loss
relating to financial instruments classified as Level 3 and financial instruments with
 
material unobservable
inputs into CVA which are not necessarily classified as Level 3. The deferred Day One profit or loss is recognised
in the statement of profit or loss over the life of the transaction until the transaction matures or until the
observability improves. In all other cases, ING Group recognises the difference as a gain or loss at inception.
Subsequently, except for
 
financial assets and financial liabilities measured
 
at amortised cost, all the other
financial assets and liabilities are measured at fair value.
 
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. It assumes that market participants
would use and take into account the characteristics of the asset or liability when pricing the asset or
 
liability.
Fair values of financial assets and liabilities are based on unadjusted quoted market prices where available.
Such quoted market prices are primarily obtained from exchange prices for listed financial instruments. Where
an exchange price is not available, quoted prices in an active market may be obtained from independent
 
 
 
 
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market vendors, brokers, or market
 
makers. In general, positions are valued at the bid price for a long position
and at the offer price for a short position or are valued at the price within the bid-offer spread that is most
representative of fair value in the circumstances. In some cases where positions are marked at mid-market
prices, a fair value adjustment is calculated.
 
For certain financial assets and liabilities, quoted market prices are not available. For such instruments, fair
value is determined using valuation techniques. These range from discounting of cash flows to various
valuation models, where relevant pricing factors including the market price of underlying reference
instruments, market parameters (volatilities, correlations and credit ratings), and customer behaviour are
taken into account. ING Group maximises the use of market observable inputs and minimises the use of
unobservable inputs in determining the fair value. It can be subjective dependent
 
on the significance of the
unobservable input to the overall valuation. All valuation techniques used are subject to internal review and
approval. Most data used in these valuation techniques are validated on a daily basis when possible.
When a group of financial assets and liabilities are managed
 
on the basis of their net risk exposures, the fair
value of a group of financial assets and liabilities are measured on a net
 
portfolio level.
To include credit risk in fair value, ING Group applies both Credit and Debit Valuation Adjustments (CVA, DVA,
also known as Bilateral Valuation Adjustments or BVA). Own issued debt and structured notes that are
designated at FVPL are adjusted for ING Group’s own credit risk by means of a DVA. Additionally, derivatives
valued at fair value are adjusted for credit risk by a BVA. The BVA is of a bilateral nature as both the credit risk
on the counterparty (CVA) as well as the credit risk on ING Group (DVA) are included in the adjustment. All
input data that is used in the determination of the BVA is based on market implied data. Additionally, wrong-
way risk (when exposure to a counterparty is increasing and the credit quality of that counterparty
deteriorates) and right-way risk (when exposure to a counterparty is increasing and the credit quality of that
counterparty improves) are taken into account in the measurement of the valuation adjustment.
 
To include the funding risk, ING Group applies an additional ‘Funding Valuation Adjustment’ (FVA) to the
uncollateralised derivatives based on the market price of funding liquidity.
ING Group also applies to certain positions other valuation adjustments to arrive at the fair value: Bid-Offer
adjustments, Model Risk Adjustments and Collateral Valuation Adjustments
 
(CollVA).
Significant judgements and critical accounting estimates and assumptions:
Even if market prices are available, when markets are less liquid there may be a range of prices for the same
security from different price sources. Selecting the most appropriate price requires judgement and could result
in different estimates of fair value.
Valuation techniques are subjective in nature and significant judgement is involved in establishing fair values
for certain financial assets and liabilities. Valuation techniques involve various assumptions regarding pricing
factors. The use of different valuation techniques and assumptions could produce significantly different
estimates of fair value.
Price testing is performed to assess whether the process of valuation has led to an appropriate fair value of the
position and to minimise the potential risks of economic losses
 
due to incorrect or misused models.
 
Assessing whether a market is active, and whether an input is observable
 
and significant, requires judgement.
ING Group categorises its financial instruments that are either measured in the statement of financial position
at fair value or of which the fair value is disclosed, into a three level hierarchy based on the observability and
significance of the valuation inputs. The use of different approaches to assess whether a market is active,
whether an input is observable, and whether an unobservable
 
input is significant could produce different
classification within the fair value hierarchy as well as potentially different deferral of the Day One profit or
loss.
Reference is made to note 39 ‘Fair value of assets and liabilities’ and to the ‘Market risk’ paragraph in the ‘Risk
management’ section of the Annual
 
Report for the basis of the determination of the fair value of financial
instruments and related sensitivities.
 
 
 
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1.6.4
 
Derivatives and hedge accounting
Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and
are subsequently measured at fair value. Fair values are obtained from quoted market prices in active markets,
including market transactions and valuation techniques (such as discounted cash flow models and option
pricing models), as appropriate. All derivatives are carried as assets when their fair value is positive and as
liabilities when their fair value is negative. Fair value movements on derivatives are presented in profit or loss
in Valuation result and net trading income, except for derivatives in either a formal hedge relationship and so-
called economic hedges that are not in a formal hedge accounting relationship where a component is
presented separately in interest result in line with ING Group’s risk management strategy.
 
Embedded derivatives are separated from financial liabilities and other non-financial
 
contracts and accounted
for as a derivative if, and only if:
a)
the economic characteristics and risks of the embedded derivative are not closely related to the economic
characteristics and risks of the host contract;
b)
a separate instrument with the same terms as the embedded derivative would meet the definition
 
of a
derivative; and
c)
the combined instrument is not measured at fair value with changes in fair value reported in profit or loss.
If an embedded derivative is separated, the host contract is accounted for as a similar free-standing contract.
The method of recognising the resulting fair value gain or loss depends on whether
 
the derivative is designated
as a hedging instrument, and if so, the nature of the item being hedged. ING
 
Group designates certain
derivatives as hedges of the fair value of recognised assets or liabilities or firm commitments
 
(fair value hedge),
hedges of highly probable future cash flows attributable to a recognised asset or liability or a forecast
transaction (cash flow hedge), or hedges of a net investment in a foreign operation. Hedge accounting is used
for derivatives designated in this way provided certain criteria are met.
At the inception of the transaction ING Group documents the relationship between hedging
 
instruments and
hedged items, its risk management objective, together with the methods
 
selected to assess hedge
effectiveness. ING Group also documents its assessment, both at hedge inception and
 
on an ongoing basis, of
whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair
values or cash flows of the hedged items.
ING Group applies also macro cash flow hedge accounting to hedge the variability in
 
future cash flows of non-
trading assets and liabilities due to the interest rate risk and foreign currency exchange rate risk. The
designated hedged items are floating rated assets or liabilities, such as floating rate mortgages and corporate
loans. The effective portion of changes in the fair value of the derivatives are recognised in the Other
Comprehensive Income.
 
Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in
the statement of profit or loss, together with fair value adjustments to the hedged item attributable to the
hedged risk. If the hedge relationship no longer meets the criteria for hedge accounting,
 
the cumulative
adjustment of the hedged item is, in the case of interest bearing instruments, amortised
 
through the
statement of profit or loss over the remaining term of the original hedge or recognised directly when the
hedged item is derecognised. For non-interest bearing instruments, the cumulative adjustment of the hedged
item is recognised in the statement of profit or loss only when the hedged item is derecognised.
Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow
hedges are recognised in the Other Comprehensive Income. The gain or loss relating to the ineffective portion
is recognised immediately in the statement of profit or loss. Amounts accumulated in the Other
Comprehensive Income are recycled to the statement of profit or loss in the periods in which the hedged item
affects net result. When a hedging instrument expires or is sold, or when a hedge no longer meets
 
the criteria
for hedge accounting, any cumulative gain or loss existing in the Other Comprehensive Income at that time
remains in the Other Comprehensive Income and is recognised when the forecast transaction is ultimately
recognised in the statement of profit or loss. When a forecast transaction is no longer expected to occur, the
cumulative gain or loss that was reported in the Other Comprehensive Income is transferred immediately to
the statement of profit or loss.
Net investment hedges
Hedges of net investments in foreign operations are accounted for in a similar way to cash flow hedges. Any
gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in the Other
Comprehensive Income and the gain or loss relating to the ineffective portion is recognised immediately in the
statement of profit or loss. Gains and losses accumulated in the Other Comprehensive Income
 
are included in
the statement of profit or loss when the foreign operation is disposed.
 
 
 
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Basis of preparation and significant accounting policies
 
ING Group Annual Report 2021 on Form 20-F
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IBOR Transition - specific policies applicable from 1 January 2019 for hedges directly
 
affected
by IBOR reform
As further explained in the ‘IBOR Transition’ paragraph of the ‘Risk management’
 
section,
 
the financial markets
are going through a significant reform of interbank offered rates (IBOR) and financial institutions are obligated
to implement a replacement of major interest rate reference rates.
 
Given that IBOR reform may have various accounting implications, the International Accounting Standards
Board (IASB) has undertaken a two phase project. Phase 1 addresses those issues that affect financial reporting
before the replacement of an existing benchmark (Phase 1 amendments to IFRS were issued by the IASB in
2019). Phase 2 focuses on issues that may affect financial reporting when the existing benchmark
 
rate is
reformed or replaced. Phase 2 amendments to IFRS were issued by the IASB in 2020.
 
In 2019, ING Group early adopted the Phase 1 amendments
 
to IFRS which allowed ING Group to apply a set of
temporary exceptions to continue hedge accounting even when there is uncertainty about contractual cash
flows arising from the reform. Under these temporary exceptions, interbank offered rates are assumed to
continue unaltered for the purposes of hedge accounting until such time as the uncertainty
 
is resolved.
More specifically, the following temporary reliefs are part of the Phase 1 amendments:
Highly probable requirement for cash flow hedges
When determining whether a forecast transaction is highly probable, it is assumed that the interest rate
benchmark on which the hedged cash flows are based is
 
not altered as a result of the reform.
Prospective assessment of hedge effectiveness
When performing the prospective assessment it is assumed that the interest rate benchmark on which
 
the
hedged cash flows are based is not altered as a result of the reform.
Retrospective assessment of hedge effectiveness
When performing the retrospective assessment hedges are allowed to pass the assessment even if actual
results are outside the 80-125% range, during the period of uncertainty arising
 
from the IBOR reform.
Designation of a component of an item as a hedged item
For hedges of the benchmark component of interest rate risk affected by the reform, the separately
identifiable requirement only needs to be demonstrated at the inception of such hedging
 
relationships
(including macro hedges).
The amendments are relevant given that ING Group hedges and applies hedge accounting to benchmark
interest rate exposure part of IBOR reform. ING Group hedges are being progressively amended, where
necessary, to incorporate the new benchmark rates. During 2021, ING Group transitioned significant portions
of its financial instruments (designated in hedge accounting relationships) linked to benchmarks ceasing in
2021. In the coming year, ING Group will shift the focus to USD LIBOR contracts (USD LIBOR tenors will
continue to be published until the end of June 2023).
As at 31 December 2021, ING Group still maintains hedging instruments and
 
hedged items indexed by the IBOR
benchmark rates (mainly, USD LIBOR). Therefore, although the path for IBOR transition is well progressed
(including the timeline of IBOR cessation and for some contracts the replacement
 
rate and spread adjustment),
some uncertainties still remain in 2021 over the timing and the amount
 
of the replacement rate cash flows
and, thus, temporary exceptions under Phase 1 continued to be relevant for ING Group as at 31 December
2021. ING Group will completely cease to apply the amendments when
 
this uncertainty is no longer present or
when the hedging relationship is discontinued. Refer to note 40 ‘Derivatives and hedge accounting’
 
for the
disclosures relating to the application of the amendments as part of Phase
 
1. Refer to note ‘Risk management/
IBOR Transition’
 
for more information regarding the end of Phase 1 reliefs for ING Group’s hedging
relationships.
In 2021 Phase 2 amendments became effective for ING Group. For hedge accounting, Phase 2 amendments
require that hedge accounting continues on transition to risk free rates provided that the modifications made
to financial instruments are those necessary to implement the IBOR
 
Reform and that the new basis for
calculating cash flows is ‘economically equivalent’ to the previous basis. Particularly,
 
Phase 2 amendments
allow the continuation of hedging relationships, subject to amending their
 
documentation to reflect changes in
hedged instruments, hedging instruments, hedged risk, and/or the method for measuring
 
effectiveness during
the transition to the new benchmark rates.
 
More specifically, the following temporary reliefs are part of the Phase 2 amendments:
Relief from discontinuing hedging relationships
o
Amendments in the hedge documentation as a consequence of changes
 
required by the IBOR reform
do not result in the discontinuation of the hedge relationship nor the designation
 
of a new hedge
relationship. The changes can be in form of designating an alternative benchmark rate as a hedged
risk, the description of the hedging instrument, the description
 
of the hedged item, or the method to
measure the effectiveness.
 
 
 
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Basis of preparation and significant accounting policies
 
ING Group Annual Report 2021 on Form 20-F
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o
When the hedged item is amended as a consequence
 
of the IBOR reform (or if the hedge has
previously been discontinued), amounts accumulated in the cash flow hedge reserve are deemed
 
to
be based on the RFR. This results in the release of
 
the cash flow hedge reserve to profit or loss in the
same period or periods in which the hedged
 
cash flows that are now based on the RFR affect profit or
loss.
o
When the items within a designated group of hedged items are amended as
 
a consequence of the
IBOR reform, the hedging strategy remains and is not discontinued. As items within the hedged
group transition at different times from IBORs to RFRs, they are transferred to sub-groups of
instruments that reference RFRs as the hedged risk. The existing IBORs remain designated as the
hedged risk for the other sub-group of hedged items, until they are also updated to reference the
new RFR. The usual hedge accounting requirements are applied to the hedge relationship
 
in its
entirety.
For the assessment of retrospective hedge effectiveness, the cumulative fair value changes may be reset to
zero when the exception to the retrospective assessment of the Phase 1 reliefs ends. This election is made
separately for each hedging relationship (i.e., on a hedge-by-hedge basis).
Temporary relief from
 
having to meet the separately identifiable requirement: a RFR is considered a
separately identifiable risk component if it is reasonably expected to meet the separately identifiable
requirement within 24 months from the date it is first designated as a non-contractually specified risk
component (i.e. when the entity first designates the RFR as a non-contractually specified risk
 
component).
This relief applies to each RFR on a rate-by-rate basis.
Reference is made to paragraph 1.4.1 ‘Changes in IFRS effective in 2021’ of this note.
Non-trading derivatives that do not qualify for hedge accounting
Derivative instruments that are used by ING Group as part of its risk management strategies, but which do not
qualify for hedge accounting under ING Group’s accounting policies, are presented as non-trading derivatives.
Non-trading derivatives are measured at fair value with changes in the fair value taken to the statement of
profit or loss.
1.6.5
 
Offsetting of financial assets and financial liabilities
Financial assets and financial liabilities are offset, and the net amount
 
reported, in the statement of financial
position when ING Group has a current legally enforceable right to set off the recognised amounts and intends
to either settle on a net basis or to realise the asset and settle the liability simultaneously. Offsetting is applied
to certain interest rate swaps for which the services of a central clearing house are used.
 
1.6.6
 
Repurchase transactions and reverse repurchase
 
transactions
Securities sold subject to repurchase agreements (repos), securities lending
 
and similar agreements continue
to be recognised in the Consolidated statement of financial position. The counterparty liability is measured
 
at
FVPL (designated) and included in Other financial liabilities
 
at FVPL if the asset is measured at FVPL. Otherwise,
the counterparty liability is included in Deposits from banks,
 
Customer deposits, or Trading, as appropriate.
 
Securities purchased under agreements to resell (reverse repos), securities borrowings and similar agreements
are not recognised in the Consolidated statement of financial position. The consideration paid to purchase
securities is recognised as Loans and advances to customers, Loans and advances
 
to banks, Other financial
assets at FVPL or Trading assets, as appropriate. The difference between the sale and repurchase price is
treated as interest and amortised over the life of the agreement using the effective interest method for
instruments that are not measured at FVPL.
1.6.7 Credit risk management classification and maximum credit risk exposure
Credit risk management disclosures are provided in the ‘Credit risk’ paragraph ‘Credit risk categories’ of the
‘Risk management’ section in the Annual
 
Report.
 
The maximum credit risk exposure for items in the statement of financial position is generally the carrying
value for the relevant financial assets. For the off-balance sheet items the maximum credit exposure is the
maximum amount that could be required to be paid. Reference is made to Note 45 ‘Contingent liabilities and
commitments’ for these off-balance sheet items. Collateral received is not taken into account when
determining the maximum credit risk exposure.
The manner in which ING Group manages credit risk and
 
determines credit risk exposures for that purpose is
explained in the Credit risk paragraph ‘Credit Risk Appetite and Concentration Risk Framework’ of the ‘Risk
management’ section in the Annual
 
Report.
 
 
 
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1.6.8
 
Impairment of financial assets
 
An Expected Credit Loss (ECL) model is applied to financial
 
assets accounted for at AC or FVOCI such as loans,
debt securities and lease receivables, as well as off-balance sheet items such as undrawn loan commitments,
certain financial guarantees issued, and undrawn committed revolving credit facilities. Under the ECL model
ING Group calculates the expected credit losses (ECL) by considering on a discounted basis the cash shortfall it
would incur in case of a default and multiplying the shortfall by the probability of a
 
default occurring. The ECL is
the sum of the probability-weighted outcomes. The ECL estimates are unbiased and include
 
reasonable and
supportable information about past events, current conditions, and forecasts of future economic conditions.
ING Group’s approach leverages the Advanced Internal Ratings Based (AIRB) models that are used for
regulatory purposes. Adjustments are applied to make these models suitable for determining ECL. ECL is
recognised on the balance sheet as loan loss provisions (LLP).
Three stage approach
Financial assets are classified in one of the below three
 
Stages at each reporting date. A financial asset can
move between Stages during its lifetime. The Stages are based on changes in credit quality since
 
initial
recognition and defined as follows:
Stage 1
Financial assets that have not had a significant increase in credit risk since
 
initial recognition (i.e. no Stage 2
or 3 triggers apply). Assets are classified as Stage 1 upon initial recognition
 
(with the exception of
purchased or originated credit impaired (POCI) assets) and ECL is determined by the
 
probability that a
default occurs in the next 12 months (12 months ECL);
Stage 2
Financial assets showing a significant increase in credit risk since
 
initial recognition. For assets in Stage 2
ECL reflects an estimate on the credit losses over the remaining maturity of the asset (lifetime ECL); or
Stage 3
Financial assets that are credit-impaired. Also for these assets ECL is determined over
 
the remaining
maturity of the asset.
Significant increase in credit risk
ING Group established a framework, incorporating quantitative and qualitative indicators, to identify and
assess significant increases in credit risk (SICR). This is used to determine
 
the appropriate ECL Stage for each
financial asset.
The main determinate of SICR is a quantitative test, whereby the lifetime Probability of Default (PD) of an asset
at each reporting date is compared against its lifetime PD determined at the date of initial recognition. If the
delta is above pre-defined absolute or relative thresholds the item is considered to have experienced a SICR.
Consequently, the item moves from Stage 1 to Stage 2 (unless the item is credit-impaired). In these instances,
items are no longer assigned a 12 month ECL and instead are assigned a lifetime ECL. Items can return to Stage
1 if there is sufficient evidence that there is no longer a significant increase in credit
 
risk. Refer to ‘Criteria for
identifying a significant increase in credit risk’ in the ‘Risk Management’
 
section of the Annual Report for more
details on relative and absolute PD thresholds, including quantitative disclosures on those thresholds.
ING Group also relies on a number of qualitative indicators to identify and assess SICR. These
 
include:
 
Forbearance status;
Watch List status. Loans on the Watch List are individually assessed for Stage 2 classification;
Intensive care management;
Substandard Internal rating; and
Arrears status (including 30 days past due used as a backstop).
An asset that is in Stage 2 will move back to Stage 1 when none of the above criteria
 
are in place anymore.
However,
 
if the asset was moved to Stage 2 based on the forbearance status, then the asset stays in Stage 2 for
at least 24 months. If the asset was classified as Stage 2 due to 30 days past due trigger, then the asset is
moved back to Stage 1 only after three months from when the trigger no longer applies.
Credit-impaired financial assets (Stage 3)
Financial assets are assessed for credit-impairment at each reporting date and more frequently when
circumstances warrant further assessment. Evidence of credit-impairment includes arrears of over
90
 
days on
any material credit obligation, indications that the borrower is experiencing significant financial difficulty, a
breach of contract, bankruptcy or distressed restructuring. The definition of credit-impaired under IFRS 9
(Stage 3) is aligned with the definition of default used by ING Group for internal risk management purposes,
which is also the definition used for regulatory purposes.
An asset (other than a POCI asset) that is in Stage 3 will
 
move back to Stage 2 when, as at the reporting date, it
is no longer considered to be credit-impaired subject to certain probation periods. The asset will migrate back
 
 
 
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ING Group Annual Report 2021 on Form 20-F
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to Stage 1 when its credit risk at the reporting date is no longer considered to have increased significantly since
initial recognition.
 
Macroeconomic scenarios
ING Group has established a quarterly process whereby forward-looking macroeconomics scenarios and
probability weightings are developed for the purpose of ECL. ING Group applies data predominantly from a
leading service provider (Oxford Economics (OE))
 
enriched with the internal ING Group view. A baseline, up-
scenario and a down-scenario are determined to reflect an unbiased and probability-weighted
 
ECL amount. As
a baseline scenario, ING Group applies the market-neutral view combining consensus
 
forecasts for economic
variables such as unemployment rates, GDP growth, house prices, commodity prices,
 
and short-term interest
rates. Applying market consensus in the baseline scenario ensures unbiased estimates of the expected credit
losses.
 
The alternative scenarios are based on observed forecast errors in the past, adjusted for the risks affecting the
economy today and the forecast horizon. The probabilities assigned are based on the likelihoods of observing
the three scenarios and are derived from confidence intervals on a probability distribution. The
 
forecasts for
the economic variables are adjusted on a quarterly basis.
Measurement of ECL
ING Group applies a collective assessment method to measure ECL for Stage 1, Stage 2, and certain Stage 3
assets. Other credit-impaired assets subject to ECL measurement apply the individual assessment method.
Collectively assessed assets (Stages 1 to 3)
For collective assessed assets, ING Group applies a model-based approach.
 
ECL is determined by, expressed
simplistically, multiplying the probability of default (PD) with the loss given default (LGD) and exposure at
default (EAD), adjusted for the time value of money. Assets that are collectively assessed are grouped on the
basis of similar credit risk characteristics, taking into account loan type, industry, geographic location, collateral
type, past due status and other relevant factors. These characteristics are relevant to the estimation of future
cash flows for groups of such assets by being indicative of the debtors’ ability to pay all amounts due according
to the contractual terms of the assets being evaluated and the loss in case the debtor is not able
 
to pay all
amounts due.
For Stage 3 assets the PD equals 100% and the LGD and EAD represent a lifetime view of the losses based
 
on
characteristics of defaulted facilities.
For the purpose of ECL, ING Group’s expected credit loss models (PD, LGD, EAD) used for regulatory purposes
have been adjusted. These adjustments include removing embedded prudential conservatism
 
(such as floors)
and converted through-the-cycle estimates to point-in-time estimates. The models assess ECL on the basis of
forward-looking macroeconomic forecasts and other inputs. For most financial assets, the expected life is
limited to the remaining maturity. For overdrafts and certain revolving credit facilities, such as credit cards, the
maturity is estimated based on historical data as these do not have a fixed term or repayment schedule.
Individually assessed assets (Stage 3)
ING Group estimates ECL for individually significant credit-impaired financial assets within Stage 3 on
 
an
individual basis. ECL for these Individually assessed assets
 
are determined using the discounted expected
future cash flow method. To determine expected future cash flows, one or more scenarios are used. Each
scenario is analysed based on the probability of occurrence
 
and include forward looking information.
In determining the scenarios, all relevant factors impacting the future cash flows are taken into account. These
include expected developments in credit quality, business and economic forecasts, and estimates of if/when
recoveries will occur taking into account ING Group’s restructuring/recovery strategy.
 
The best estimate of ECL is calculated as the weighted-average of the shortfall (gross carrying amount minus
discounted expected future cash flow using the original EIR) per scenario, based on
 
best estimates of expected
future cash flows. Recoveries can arise from, among others, repayment of the loan, collateral recovery and the
sale of the asset. Cash flows from collateral and other credit enhancements are included in
 
the measurement
of ECL of the related financial asset when it is part of or integral to the contractual terms of the financial asset
and the credit enhancement is not recognised separately. For the individual assessment, with granular
(company or asset-specific) scenarios, specific factors can have a larger impact on the future cash flows than
macroeconomic factors.
When a financial asset is credit-impaired, interest is no longer recognised based on
 
the accrual income based
on the gross carrying amount of the asset. Rather, interest income is calculated by applying the original EIR to
the AC of the asset, which is the gross carrying amount less
 
the related loan loss provision.
 
 
 
 
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Purchased or Originated Credit Impaired (POCI) assets
POCI assets are financial assets that are credit-impaired on initial recognition. Impairment
 
on a POCI asset is
determined based on lifetime ECL from initial recognition. POCI assets are recognised initially at an amount net
of ECL and are measured at AC using a credit-adjusted effective interest rate. In subsequent periods any
changes to the estimated lifetime ECL are recognised in profit or loss. Favourable changes are recognised as an
impairment gain even if the lifetime ECL at the reporting date is lower than the estimated lifetime ECL at
origination.
Modifications
In certain circumstances ING Group grants borrowers postponement, reduction of loan principal and/or
interest payments on a temporary period of time to maximise collection opportunities, and if possible,
 
avoid
default, foreclosure, or repossession. When such postponement, reduction of loan principal and/or interest
payments is executed based on credit concerns it is also referred to as forbearance (refer to the ‘Risk
Management’ section of the Annual
 
Report for more details). In such cases, the net present value of the
postponement, reduction of loan principal and/or interest payments is taken into account in the determination
of the appropriate level of ECL. If the forbearance results in a substantial modification of the terms of the loan,
the original loan is derecognised and a new loan is
 
recognised at fair value at the modification date. ING Group
determines whether there has been a substantial modification using both quantitative and qualitative factors.
Write-off and debt forgiveness
Loans and debt securities are written off (either partially or in full)
 
when there is no reasonable expectation of
recovery and/or collectability of amounts due. The following events can lead to a write-off:
 
After a restructuring has been completed and there is a high improbability of recovery of part
 
of the
remaining loan exposure (including partial debt forgiveness);
 
In a bankruptcy liquidation scenario;
 
After divestment or sale of a credit facility at a discount;
 
Specific fraud cases with no recourse options.
 
When a loan is uncollectable, it is written off against the related loan loss provision. Subsequent recoveries of
amounts previously written off are recognised in ‘Addition to loan loss provisions’ in the Consolidated
statement of profit or loss.
Debt forgiveness (or debt settlement) involves write-off but additionally involves the forgiveness of a legal
obligation, in whole or in part. This means that ING Group forfeits the legal right to recover the debt. As a
result, the financial asset needs to be derecognised. Distinction is made
 
in situations where ING Group ends
the relationship with the client and situations where ING Group (partially)
 
continues the financing of the client.
Presentation of ECL
ECL for financial assets measured at AC are deducted from the gross carrying amount of the assets.
 
For debt
instruments at FVOCI, the ECL is recognised in OCI, instead of deducted the carrying amount of
 
the asset. ECL
also reflects any credit losses related to the portion of the loan commitment that is expected to be drawn
down over the remaining life of the instrument. The ECL on issued financial guarantee contracts, in scope of
IFRS 9 and not measured at FVPL, are recognised as liabilities and presented in Other
 
provisions. ECL are
presented in profit or loss in Addition to loan loss provision.
Significant judgements and critical accounting estimates and assumptions:
Considerable management judgement is exercised in determining the amount of ECL for financial assets
assessed on both a collective and an individual basis.
 
The need for management judgement has increased even
further due to the Covid-19 pandemic. In particular, this judgement requires ING Group to make various
assumptions about the risk of default, the credit loss rates in case of a default and expected future cash flows.
These assumptions are based on a combination of ING
 
Group’s past history,
 
existing market conditions and
forward-looking estimates at the end of each reporting period. Changes in these assumptions
 
may lead to
changes in the ECL over time. Given they are subjective and complex in nature, and because
 
the ECL and the
underlying exposures subject to ECL are material, these assumptions are considered critical accounting
assumptions. The sensitivity of these assumptions is
 
assessed in the credit risk section of the ‘Risk
Management’ section in the Annual
 
Report.
The use of forward-looking macroeconomic scenarios in
 
both collective and individual impairment assessments
Forward-looking macroeconomic scenarios are uncertain in nature. The process ING Group follows involves
two internal groups, the Macroeconomics Scenarios Team and the Macroeconomics Scenarios Expert Panel.
The latter team consists of senior management representatives from the Business, Risk and Finance. These
groups review inputs obtained from a third party provider and subject these to internal expert challenge to
ensure the inputs used in the models reflect ING Group’s view on the macro economy. The use of alternate
forward-looking macroeconomic scenarios can produce significantly different estimates of ECL. This is
 
 
 
 
 
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demonstrated in the sensitivity analysis in the ‘Risk Management’
 
section of the Annual Report, where the un-
weighted ECL under each of the three scenarios for some significant portfolios is disclosed.
The probability weights applied to each of the three scenarios
ING Group uses three macroeconomic scenarios when determining IFRS 9 ECL (baseline,
 
upside and downside).
Management judgement is applied in the design of the approach
 
used to determine the weights of each
scenario and in selecting the parts of
 
the distribution of forecast errors from which the weights are derived.
Reference is made to the ‘Alternative
 
scenarios and probability weights’ and the sensitivity analysis
 
in the ‘Risk
Management’ section of the Annual
 
Report for further details.
The criteria for identifying a significant increase in credit risk
When determining whether the credit risk on a financial
 
asset has increased significantly, ING Group considers
reasonable and supportable information to compare the risk of default occurring at reporting date with the risk
of a default occurring at initial recognition of the financial asset. Whilst
 
judgement is required in applying a PD
rating to each financial asset, there is significant judgement used in determining the Stage allocation
 
PD
banding thresholds. The process of comparing a financial
 
asset’s PD with the PD banding thresholds determines
its ECL Stage. Assets in Stage 1 are allocated a 12 month ECL, and those in Stage 2 are allocated a lifetime ECL,
and the difference is often significant. As such, the judgement made in assigning
 
financial asset PDs and the PD
banding thresholds constitute a significant judgement. Analysis of the sensitivity
 
associated with the
assessment of significant increase in credit risk is presented in the ‘Risk Management’
 
section of the Annual
Report.
 
The definition of default
Judgement is exercised in management’s evaluation of whether there is objective evidence that larger
exposures are credit-impaired. Management judgement is required in assessing evidence of credit-impairment.
Management adjustments applied as at 31 December 2021
As Covid-19 continues to bring uncertainties, management adjustments to the model-based
 
ECL were still
necessary as at 31 December 2021, although
 
they decreased compared to 2020. The Covid-19 related
management adjustments comprised EUR 373 million as at 31 December
 
2021 (31 December 2020: EUR 638
million) consisting of economic sector-based and payment holidays management adjustments. Reference is
made to the ‘Management adjustments applied this year’
 
paragraph in the ‘Risk management’ section of the
Annual Report.
1.6.9
 
Accounting for Targeted
 
Longer-Term
 
Refinancing Operations (TLTRO
 
)
ING Group participates in Targeted Longer-Term
 
Refinancing Operations (TLTRO III), reference is made to Note
12 ‘Deposits from banks’.
ING Group considers TLTRO funding provided by the ECB to banks to be on market terms on the basis that the
ECB has established a separate market with TLTRO programmes. They have
 
specific terms which are different
from other sources of funding available to banks, including those provided by the ECB. Consequently, the rate
under TLTRO is considered to be a market conforming rate
 
and TLTRO funding is recognized fully as a financial
liability.
ING Group interprets the whole rate set by the ECB under TLTRO as a floating rate on the financial liability,
being the market rate for each specific period in time. This results in discrete rates for discrete interest periods
over the life of TLTRO. The change in the applicable rate between interest periods is seen as a change in the
floating rate and is accounted for prospectively. Similarly,
 
if the ECB announces changes in the rate for the
amounts already drawn under the existing TLTRO, then such changes also represent a change in a floating rate.
Following this, such changes lead to the recognition of an increased interest in the relevant period of life of the
exposure, rather than by the recognition of an immediate modification gain or loss at the moment of the
change of terms by the ECB.
 
Furthermore, the change in the TLTRO rate driven by changes in expectations of meeting the targets impacts
interest income. As a result, interest income which relates to the period that already passed until the moment
when the change in expectations occurs, is recognised as a catch up adjustment in Consolidated statement of
profit or loss. This change occurs only when ING Group has a reasonable
 
expectation that the lending targets
will be met.
ING Group views ‘reasonable expectation’ in case of TLTRO funding as a high hurdle. This is the moment when
it becomes highly probable, i.e. the probability of meeting the lending
 
targets is substantially greater than the
probability that it will not. As a result, if interest income is recognised during the period
 
based on the
expectation of meeting the targets, there should only be a limited possibility that the
 
interest may need to be
reversed in future reporting periods.
 
 
 
 
 
 
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Reference is made to note 12 ‘Deposits from banks’ and to note 20 ‘Net interest income’ for the presentation
of ING Group’s participation in TLTRO programmes
 
.
Significant judgements:
Significant management judgement is exercised in determining the accounting treatment of TLTRO
transactions. In particular, ING Group applied judgement in:
assessing and concluding that in ING Group’s view the rate under TLTRO is considered to be a market
conforming rate and, hence, accounting for TLTRO in accordance with IFRS 9; and
selecting accounting policies regarding the calculation of the effective interest rate under TLTRO,
 
including
treatment of changes in expectations of meeting the lending targets.
In addition, estimation uncertainty exists when the end of the observation period
 
for lending growth does not
coincide with the end of the reporting period. At 31 December
 
2021, however, limited estimation uncertainty
exists as the lending targets
 
were met as at 31 December 2021 (subject to the final confirmation by
 
the ECB),
which is the end of the observation period 2 and
 
determines the conditional rate applicable during the period
between June 2021 and June 2022.
1.7 Consolidation
 
ING Group comprises ING Groep N.V.
 
(the Parent Company), ING Bank N.V.
 
and all other subsidiaries.
Subsidiaries are entities controlled by ING Groep N.V.
 
Control exists if ING Groep N.V.
 
is exposed or has rights
to variable returns and has the ability to affect those returns through the power over the investee. Control is
usually achieved through situations including, but not limited
 
to:
 
Ownership, directly or indirectly, of more than half of the voting power;
 
Ability to appoint or remove the majority of the board of directors;
 
Power to govern operating and financial policies under statute or agreement; and
 
Power over more than half of the voting rights through an agreement with other investors.
 
The existence and effect of potential voting rights that are currently exercisable or convertible are considered
in assessing whether Group controls another entity.
 
For interests in structured entities, the existence of control requires judgement as these entities are designed
so that voting or similar rights are not the dominant factor in deciding who
 
controls the entity. This judgement
includes, for example, the involvement in the design of the structured entity, contractual arrangements that
give rights to direct the structured entities relevant activities and commitment to ensure that the structured
entity operates as designed.
A list of principal subsidiaries is included in Note 48 ‘Principal
 
subsidiaries’.
 
A list containing the information referred to in Section 379 (1), Book 2 of the Dutch Civil Code has been filed
with the office of the Commercial Register of Amsterdam, in accordance with Section 379
 
(5), Book 2 of the
Dutch Civil Code.
 
The results of the operations and the net assets of subsidiaries are included
 
in the statement of profit or loss
and the statement of financial position from the date control is obtained until the date control is lost. On
disposal, the difference between the sales proceeds, net of directly attributable transaction costs, and the net
assets is included in net result.
 
A subsidiary which ING Group has agreed to sell but is still
 
legally owned by ING Group may still be controlled
by ING Group at the balance sheet date and therefore, still be included in the consolidation. Such a subsidiary
may be presented as a held for sale disposal group if certain conditions are met.
 
All intercompany transactions, balances and unrealised surpluses and deficits on transactions between group
companies are eliminated. Where necessary, the accounting policies used by subsidiaries are changed to
ensure consistency with group policies. In general, the reporting dates of subsidiaries are the same as
 
the
reporting date of ING Groep N.V.
 
ING Groep N.V.
 
and its Dutch group companies are subject to legal restrictions regarding the amount of
dividends they can pay to their shareholders. The Dutch Civil Code contains the restriction that dividends can
only be paid up to an amount equal to the excess of the company’s own funds over the sum of the
 
paid-up
capital and reserves required by law. Certain Group companies are also subject to other restrictions in certain
countries, in addition to the restrictions on the amount of funds
 
that may be transferred in the form of
dividends, or otherwise, to the parent company.
 
 
 
 
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Furthermore, in addition to the restrictions in respect of minimum
 
capital requirements that are imposed by
industry regulators in the countries in which the subsidiaries operate, other limitations exist in certain
countries.
1.8 Segment reporting
 
An operating segment is a distinguishable component of ING Group, engaged in providing products or services,
whose operating results are regularly reviewed by the Executive Board of ING Group and the Management
Board Banking (together the Chief Operating Decision Maker (CODM)) to make decisions about resources to be
allocated to the segments and assess its performance. A geographical area is a distinguishable
 
component of
ING Group engaged in providing products or services within a particular
 
economic environment that is subject
to risks and returns that are different from those of segments operating in other economic environments.
The CODM examines ING Group’s performance both by line of business and geographic perspective and has
identified
five
 
reportable segments by line of business. The geographical analyses are based on
 
the location of
the office from which the transactions are originated.
 
1.9 Foreign currency translation
 
Functional and presentation currency
Items included in the financial statements of each of ING Group’s entities are measured using the currency of
the primary economic environment in which the entity operates (the functional currency).
 
The Consolidated
financial statements are presented in euros, which is ING Group’s presentation currency.
 
Transactions and balances
 
Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at
the date of the transactions. Exchange rate differences resulting from the settlement of such transactions and
from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the statement of profit or loss, except when deferred in equity as part of
qualifying cash flow hedges or qualifying net investment hedges.
 
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction.
 
Exchange rate differences on non-monetary items, measured at fair value through profit or loss, are reported
as part of the fair value gain or loss. Non-monetary items are retranslated at the date the fair value is
determined. Exchange rate differences on non-monetary items measured at fair value through other
comprehensive income
 
are included in other comprehensive income and get accumulated in the revaluation
reserve in equity.
 
Exchange rate differences in the statement of profit or loss are generally included in ‘Valuation results and net
trading income’. Reference
 
is made to Note 22 ‘Valuation results and net trading income’, which discloses the
amounts included in the statement of profit or loss. Exchange rate differences relating to the disposal of debt
and FVPL equity securities are considered to be an inherent part of the
 
capital gains and losses recognised in
Investment income. As mentioned below, in Group companies relating to the disposals of group companies,
any exchange rate difference deferred
 
in equity is recognised in the statement of profit or loss in ‘Result on
disposal of group companies’. Reference is also made to Note 19 ‘Equity’,
 
which discloses the amounts
included in the statement of profit or loss.
 
Group companies
 
The results and financial positions of all group companies
 
that have a functional currency different from the
presentation currency are translated into the presentation currency as follows:
 
Assets and liabilities included in each statement of financial position
 
are translated at the closing rate at
the date of that statement of financial position;
 
Income and expenses included in each statement of profit or loss are translated at average exchange rates
(unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on
the transaction dates, in which case income and expenses are translated at the dates of the transactions);
and
 
All resulting exchange rate differences are recognised in a separate component of equity.
 
On consolidation, exchange rate differences arising from the translation of a monetary item that forms part of
the net investment in a foreign operation, and of borrowings and other instruments designated as hedges of
such investments, are taken to shareholders’ equity. When a foreign operation is sold, the corresponding
exchange rate differences are recognised in the statement of profit or loss as part of the gain or loss on sale.
 
Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets
and liabilities of the foreign operation and translated at the exchange rate prevailing at the balance sheet date.
 
 
 
 
 
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1.10 Investments in associates and joint ventures
 
Associates are all entities over which ING Group has significant influence but not control. Significant influence
is the ability to participate in the financial and operating policies
 
of the investee. It generally results from a
shareholding of between 20% and 50% of the voting rights or
 
through situations including, but not limited to
one or more of the following:
 
Representation on the board of directors;
 
Participation in the policymaking process; and
 
Interchange of managerial personnel.
 
Joint ventures are entities over which ING Group has joint control. Joint control is the contractually agreed
sharing of control over an arrangement or entity, which exists only when decisions about the relevant activities
require the unanimous consent of the parties sharing control. Joint control means that no party to the
agreement is able to act unilaterally to control the activity of the entity. The parties to the agreement must act
together to control the entity and therefore exercise the joint control.
 
Investments in associates and joint ventures are initially recognised at cost and subsequently accounted for
using the equity method of accounting.
 
ING Group’s investment in associates and joint ventures (net of any accumulated impairment loss) includes
goodwill identified on acquisition. ING Group’s share of its associates and joint ventures post-acquisition profits
or losses is recognised in the statement of profit or loss, and its share of post-acquisition
 
changes in reserves is
recognised in equity. The cumulative post-acquisition changes are adjusted against the carrying amount of the
investment. When ING Group’s share of losses in an associate or joint venture equals or exceeds its interest in
the associate or joint venture, including any long-term interests in the associate like uncollateralised loans that
are neither planned nor likely to be settled in the foreseeable future, ING Group does not recognise further
losses, unless it has incurred obligations or made payments on behalf of
 
the associate or joint venture.
 
Unrealised gains on transactions between ING Group and its associates and joint ventures are eliminated to the
extent of ING Group’s interest in the associates and joint ventures. Unrealised losses are also eliminated unless
they provide evidence of an impairment of the asset transferred. Accounting policies of associates and joint
ventures have been changed where necessary to ensure consistency with the policies adopted by ING Group.
 
The recoverable amount, being the higher of fair value less cost of disposal and value in use, of
 
the investment
in associate and joint venture is determined when there is an indication of potential (reversal of) impairment.
An impairment loss is recognised when the carrying amount
 
of the investment exceeds its recoverable amount.
Goodwill on acquisitions of interests in associates and joint ventures is not tested separately for impairment,
but is assessed as part of the carrying amount of
 
the investment. An impairment loss is subsequently reversed
if there is indication of a reversal and there is a change in the estimates used to determine the recoverable
amount. An impairment loss is reversed to the extent that the recoverable amount exceeds its carrying
amount, but cannot exceed the original impairment loss.
Significant judgements and critical accounting estimates and assumptions:
The most significant estimates and assumptions relate to the assessment of (reversal of) impairment of the
investment in TMBThanachart Bank Public Company Limited (hereafter: TTB) which involves estimation of
value in use.
Management’s best estimate of TTB’s expected future earnings are based on forecasts derived from broker
consensus over the short to medium term and TTB observable
 
targets for steady state earnings into perpetuity.
A capital maintenance charge is applied, which is management’s forecast of the earnings that need to be
withheld in order for TTB to meet target regulatory requirements over the forecast period. Both of these
factors are subject to a high degree of uncertainty.
 
Key assumptions used in estimating TTB’s value in use and the sensitivity of the value in use calculations
 
to
different assumptions are described in note 8 ‘Investments in associates and joint ventures’.
 
 
 
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1.11 Property and equipment
 
Property in own use
 
Land and buildings held for own use are stated at fair value at the balance sheet date. Increases in the carrying
amount arising on revaluation of land and buildings held for own use are credited to the revaluation reserve in
shareholders’ equity. Decreases in the carrying amount that offset previous increases of the same asset are
charged against the revaluation reserve directly in equity; all other decreases are charged to the statement of
profit or loss. Increases that reverse a revaluation decrease on the same asset previously recognised in net
result are recognised in the statement of profit or loss. Depreciation is recognised based on the fair value and
the estimated useful life (in general
20
50
 
years). Depreciation is calculated on a straight-line basis. On
disposal, the related revaluation reserve is transferred to retained earnings.
 
The fair values of land and buildings are appraised annually by independent qualified
 
valuers. Subsequent
expenditure is included in the asset’s carrying amount when it is probable that future economic benefits
associated with the item will flow to ING Group and the cost of the item can be measured
 
reliably.
 
Equipment
 
Equipment is stated at cost less accumulated depreciation and any impairment losses. The cost of the assets is
depreciated on a straight line basis over their estimated useful lives, which are generally as follows: for data
processing equipment
two
 
to
five
 
years, and
four
 
to
ten
 
years for fixtures and fittings. Expenditure incurred on
maintenance and repairs is recognised in the statement of profit or loss as incurred. Expenditure incurred on
major improvements is capitalised and depreciated.
 
Disposals of property and equipment
The difference between the proceeds on disposal and net carrying value is recognised in the statement of
profit or loss under Other income.
 
Right-of-use assets
ING Group as the lessee
A lessee is required to recognise a right-of-use asset representing its right to use the underlying leased asset
and a corresponding liability representing its obligation to make lease payments at the date at which the
leased asset is available for use by ING Group. Each lease payment is allocated between the repayment of the
liability and finance cost. The finance costs are charged to profit or loss over the lease period
 
so as to produce a
constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use
asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis.
Assets and liabilities arising from a lease are initially measured
 
on a present value basis. Lease liabilities include
the net present value of the following lease payments:
 
Fixed payments (including in-substance fixed payments), less any lease incentives receivable;
 
Variable lease payments that are based on an index or a rate;
 
Amounts expected to be payable by the lessee under residual value guarantees;
 
The exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and
 
Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
 
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay
to borrow the funds necessary to obtain an asset of similar value in a similar
 
economic environment with
similar terms and conditions. This rate is approximated by using the risk free rate applicable to the lease term,
the currency of the lease payment and jurisdiction, with the Fund
 
Transfer
 
Pricing (FTP) rate as an add-on. The
FTP rate is used to transfer interest rate
 
risk and funding and liquidity risk positions
 
between the ING Group
business and treasury departments. It is determined by either
 
ING Group or Local Asset and Liability
Committee (ALCO). Reference is made to the ‘Risk management’ section of the Annual
 
Report.
Right-of-use assets are measured at cost comprising the amount of the initial measurement of the lease
liability, any lease payments made at or before the commencement date less any lease incentives received and
any initial direct costs and restoration costs.
 
Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line
basis as an expense in profit or loss. Short-term leases are leases with a lease
 
term of 12 months or less. Low-
value assets comprise mainly IT-equipment (for example mobile phones or laptops) and small items of office
furniture.
 
The right-of-use asset is included in the statement of financial position line-item ‘Property and equipment’, the
lease liability is included in the statement of financial position line-item
 
‘Other liabilities’. Refer to note 9
‘Property and equipment’ and to note 16 ‘Other liabilities’.
Subsequent to initial recognition,
 
the right-of-use asset amortises using a straight-line method
 
to the income
statement over the life of the lease. The lease liability increases for the accrual of interest and decrease when
 
 
 
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ING Group Annual Report 2021 on Form 20-F
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payments are made. Any remeasurement of the lease liability due to a lease modification or other
reassessment results in a corresponding adjustment to the carrying amount of the right-of-use asset.
ING Group as the lessor
When ING Group acts as a lessor, a distinction should be made between finance leases and operating leases.
For ING Group as a lessor these are mainly finance leases.
 
The present value of the lease payments is
recognised as a receivable under Loans and advances to customers or Loans and advances to banks.
 
The
difference between the gross receivable and the present value of the receivable is unearned finance lease
income. Lease income is recognised over the term of the lease using
 
the net investment method (before tax),
which reflects a constant periodic rate of return.
1.12 Acquisitions, goodwill and other intangible assets
 
Goodwill resulting from a business combination
ING Group’s business combinations are accounted for using the acquisition method of accounting. The
consideration for each business combination is measured at the aggregate of the fair values (at the date of
exchange) of assets given, liabilities incurred or assumed, and equity instruments issued
 
in exchange for
control of the acquiree. Goodwill, being the difference between the cost of the acquisition (including
 
assumed
debt) and the Group’s interest in the fair value of investee's identifiable assets, liabilities and contingent
liabilities as at the date of acquisition, is capitalised as an intangible asset.
 
Goodwill is only recognised
separately on acquisitions. The results of the operations of the acquired companies are included
 
in the
statement of profit or loss from the date control is obtained.
 
Where applicable, the consideration for the business combination includes any asset or liability
 
resulting from
a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair
value. Contingent consideration arrangements classified as an asset or a liability, are subsequently measured at
fair value and the changes in fair value will be recognised in the statement of profit or loss. Changes in the fair
value of the contingent consideration classified as equity, are not recognised.
 
Where a business combination is achieved in stages, ING Group’s previously held interests in the assets and
liabilities of the acquired entity are remeasured to fair value at the acquisition date (i.e. the date ING Group
obtains control) and the resulting gain or loss, if any, is recognised in the statement of profit or loss. Amounts
arising from interests in the acquiree prior to the acquisition date that have previously been recognised in
other comprehensive income are reclassified to the statement of profit or loss, where such treatment would
be appropriate if that interest were disposed of. Acquisition related costs are recognised in the statement of
profit or loss as incurred and presented in the statement of profit or loss as Other operating expenses.
 
The initial accounting for the fair value of the net assets of the companies acquired during
 
the year may be
determined only provisionally as the determination of the fair value can be complex and the
 
time between the
acquisition and the preparation of the Financial statements can be limited. The initial accounting
 
shall be
completed within a year after acquisition. Adjustments to the fair value as at the date of acquisition of
acquired assets and liabilities, that are identified within one year after acquisition
 
are recognised as an
adjustment to goodwill; any subsequent adjustment is recognised as income or expense. On disposal
 
of group
companies where control is lost, the difference between the sale proceeds and carrying value (including
goodwill) and the unrealised results (including the currency translation reserve in
 
equity) is included in the
statement of profit or loss.
 
Impairment of goodwill and other non-financial assets
ING Group assesses at each reporting period, whether there is an
 
indication that a non-financial asset may be
impaired. Irrespective of whether there is an indication of impairment, intangible assets with
 
an indefinite
useful life, including goodwill acquired in a business combination, and intangible assets
 
not yet available for
use, are tested annually for impairment. Goodwill is allocated to groups of CGUs (that is, the group of cash
generating units or CGUs) for the purpose of impairment testing. These groups of CGUs represent the lowest
level at which goodwill is monitored for internal management purposes. Goodwill is tested for impairment by
comparing the carrying value of the group of CGUs to the recoverable amount of that group of CGUs. The
carrying value is determined as the IFRS net asset value including goodwill.
 
The carrying value is determined on
a basis that is consistent with the way in which the recoverable amount of the CGU is determined. The
recoverable amount is estimated as the higher of fair value less costs of disposal and value in use. Impairment
of goodwill, if applicable, is included in the statement of profit or loss in Other
 
operating expenses and is not
subsequently reversed.
 
Computer software
 
Computer software that has been purchased or generated internally for own use is stated at cost less
amortisation and any impairment losses. Amortisation is calculated on a straight-line basis over its useful
 
life.
This period will generally not exceed five years. Amortisation is included in Other operating expenses.
 
 
 
 
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Other intangible assets
 
Other intangible assets are capitalised and amortised over their expected economic life, which is generally
between three and ten years. Intangible assets with an indefinite life are not amortised.
 
1.13 Taxation
 
Income tax on the result for the year consists of current and deferred tax. Income tax is recognised in the
statement of profit or loss but it is recognised directly in equity if the tax relates to items that are recognised
directly in equity.
 
Deferred income tax
 
Deferred income tax is provided in full, using the liability method, for temporary differences arising between
the tax basis of assets and liabilities and their carrying
 
amounts in the Consolidated statement of financial
position.
 
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively
enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is
realised or the deferred income tax liability is settled. Deferred tax assets and liabilities are not discounted.
 
Deferred tax assets are recognised when it is probable that future taxable profit will be available against which
the temporary differences can be utilised. Deferred income tax is provided for temporary differences arising
from investments in subsidiaries and associates, except where the timing of the reversal of the temporary
difference is controlled by ING Group and it is probable that the difference will not reverse in the foreseeable
future. The tax effects of income tax losses available for carry forward are recognised as an asset where it is
probable that future taxable profits will be available against which these losses can be utilised.
 
Fair value remeasurements of debt and equity instruments measured at FVOCI and cash flow hedges are
recognised directly in equity. Deferred tax related to this fair value remeasurement is also recognised directly
in equity and is subsequently recognised in the statement of profit or loss together with the deferred gain or
loss.
 
Uncertain tax positions are assessed continually by ING Group and in case it is probable
 
that there will be a
cash outflow, a current tax liability is recognised.
 
1.14 Other assets
 
Investment property
 
Investment properties are recognised at fair value at the balance sheet date. The fair values of investment
properties are appraised annually by independent qualified valuers. Changes in the carrying
 
amount resulting
from revaluations are recognised in the statement of profit or loss. On disposal, the difference between the
sale proceeds and carrying value is recognised in the statement of profit or loss.
 
Property obtained from foreclosures
 
Property obtained from foreclosures is stated at the lower of cost and net realisable value. Net realisable value
is the estimated selling price, less applicable variable selling
 
expenses. Property obtained from foreclosures is
included in Other assets - Property development and obtained from foreclosures.
 
Property development
 
Property developed and under development is included in Other assets
 
– Property development and obtained
from foreclosures. Depending on the intention of ING Group after completion of the development, the
property is measured as follows:
 
Intention to sell: at the lower of cost and net realisable value;
Intention to use as a real estate investment: at fair value.
1.15 Disposal groups held for sale and discontinued operations
 
Disposal groups (and non-current assets) are classified as held for sale if their carrying
 
amount will be
recovered principally through a sale transaction rather than through continuing use. This is only the case when
the sale is highly probable and the disposal group (or non-current
 
assets) is available for immediate sale in its
present condition; management must be committed to the sale, which is expected to occur within
 
one year
from the date of classification as held for sale.
 
Upon classification as held for sale, the disposal group is measured at the lower of its
 
carrying amount and fair
value less costs to sell, except where specifically exempt from IFRS 5 ‘Non-current Assets Held for Sale and
Discontinued Operations. An impairment loss is recognised for any initial or subsequent write-down of
 
the
disposal group to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less
costs to sell of the disposal group, but not in excess of any cumulative impairment loss previously recognised.
 
A
gain or loss not previously recognised by the date of the sale of the disposal group is
 
recognised at the date of
derecognition. Assets within the disposal group are not depreciated or amortised
 
while they are classified as
held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held
 
for
 
 
 
 
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sale continue to be recognised. The assets of the disposal group classified
 
as held for sale are presented
separately from the other assets in the balance sheet. The liabilities of
 
a disposal group classified as held for
sale are presented separately from other liabilities in the balance sheet.
 
When a group of assets that is classified as held for sale represents a major line
 
of business or geographical
area the disposal group is classified as discontinued operations. Upon classification
 
of a business as held for
sale and discontinued operations the individual income and expenses are presented
 
within the Total net result
from discontinued operations instead of being presented in the usual line items in the Consolidated statement
of profit or loss. All comparative years in the Consolidated statement of profit or loss are restated and
presented as discontinued operations for all periods presented. Furthermore, the individual assets and
liabilities are presented in the Consolidated statement of financial position as Assets and liabilities
 
held for sale
and are no longer included in the usual line items in the
 
Consolidated statement of financial position. Changes
in assets and liabilities as a result of classification as held
 
for sale are included in the notes in the line ‘Changes
in composition of the group and other changes’.
 
1.16 Provisions, contingent liabilities and contingent assets
 
A provision is a present obligation arising from past events, the settlement of which is expected to result in an
outflow of resources embodying economic benefits, however the timing or
 
the amount is uncertain. Provisions
are discounted when the effect of the time value of money is significant using a pre-tax discount rate.
 
Reorganisation provisions include employee termination benefits when ING Group is demonstrably committed
to either terminate
 
the employment of current employees according to a detailed formal plan without
possibility of withdrawal, or providing termination benefits as a result of an offer made to encourage voluntary
redundancy.
 
A liability is recognised for a levy when the activity that triggers payment, as identified
 
by the relevant
legislation, occurs. For a levy that is triggered upon reaching a minimum threshold,
 
the liability is recognised
only upon reaching the specified minimum threshold.
 
A contingent liability is a possible obligation that arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence of one or more uncertain
 
future events not wholly within
the control of ING Group; or a present obligation that arises from past events but is not recognised because it
is either not probable that an outflow of economic benefits will be
 
required to settle the obligation or the
amount of the obligation cannot be measured reliably. Contingent liabilities are not recognised in the
statement of financial position, but are rather disclosed in the notes unless the possibility
 
of the outflow of
economic benefits is remote.
 
A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more uncertain
 
future events not wholly within the control of
ING Group. Contingent assets are recognised in the statement of financial position only when realisation of
 
the
income that arises from such an asset is virtually certain. Contingent assets are disclosed
 
in the notes when an
inflow of economic benefits is probable.
 
Significant judgements and critical accounting estimates and assumptions:
The recognition and measurement of provisions is an inherently uncertain process involving using
 
judgement
to determine when a present obligation exists and estimates regarding probability, amounts and timing of cash
flows.
 
ING Group may become involved in governmental, regulatory, arbitration and legal proceedings and
investigations and may be subject to third party claims. With or without reference to the above, ING Group
may also offer compensation to certain of its customers. Judgement is required to assess whether a present
obligation exists and to estimate the probability of an unfavourable outcome and the amount of potential loss.
The degree of uncertainty and the method of making the accounting
 
estimate depends on the individual case,
its nature and complexity. Such cases are usually one of a kind. For the assessment of related provisions ING
Group consults with internal and external legal experts. Even taking into consideration legal experts’ advice,
the probability of an outflow of economic benefits can still be uncertain
 
and the provision recognised can
remain sensitive to the assumptions used. Reference is made to note 15 ‘Provisions’. For proceedings where it
is not possible to make a reliable estimate of the expected financial effect, that could result from the ultimate
resolution of the proceedings, no provision is recognised, however disclosure is included
 
in the financial
statements,
 
where relevant.
 
Reference is made to note 46 ‘Legal proceedings’.
Critical accounting estimates and assumptions for the reorganisation provision are in estimating the amounts
and timing of cash flows as the announced transformation initiatives are implemented over a period of
 
several
years. Reference is made to note 15 ‘Provisions’.
 
 
 
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1.17 Other liabilities
 
Defined benefit plans
 
The net defined benefit asset or liability recognised in the statement of financial position
 
in respect of defined
benefit pension plans is the fair value of the plan assets less
 
the present value of the defined benefit obligation
at the balance sheet date.
 
Plan assets are measured at fair value at the balance sheet date. For determining the pension expense,
 
the
return on plan assets is determined using a high quality corporate bond rate identical to the discount rate used
in determining the defined benefit obligation.
 
Changes in plan assets that effect Shareholders’ equity and/or Net result, include mainly:
 
Return on plan assets using a high quality corporate bond rate at the start of the reporting period which
are recognised as staff costs in the statement of profit or loss; and
 
Remeasurements which are recognised in Other comprehensive income.
 
The defined benefit obligation is calculated by internal and external independent qualified actuaries
 
through
actuarial models and calculations using the projected unit credit method.
 
This method considers expected
future payments required to settle the obligation resulting from employee service in the current and prior
periods, discounted using a high quality corporate bond rate. Inherent in these actuarial models are
assumptions including discount rates, rates of increase in future salary and benefit levels, mortality rates,
consumer price index and the expected level of indexation. The assumptions are based on available market
data as well as management expectations and are updated regularly. The actuarial assumptions may differ
significantly from the actual results due to changes in market conditions, economic and mortality
 
trends, and
other assumptions. Any changes in these assumptions could
 
have a significant impact on the defined benefit
plan obligation and future pension costs.
 
Changes in the defined benefit obligation that effects Shareholders’ equity and/or Net result, include mainly:
 
Service cost which are recognised as staff costs in the statement of profit or loss;
 
Interest expenses using a high quality corporate bond rate at the start of the period which are recognised
as staff costs in the Statement of profit or loss; and
 
Remeasurements which are recognised in Other comprehensive income (equity).
 
Remeasurements recognised in other comprehensive income are not recycled to profit or loss. Any past service
cost relating to a plan amendment is recognised in profit or loss in the period of the
 
plan amendment. Gains
and losses on curtailments and settlements are recognised in the statement of profit or loss when the
curtailment or settlement occurs.
 
The recognition of a net defined benefit asset in the Consolidated statement of financial
 
position is limited to
the present value of any economic benefits available in the form of refunds from the plans or reductions in
future contributions to the plans.
 
Defined contribution plans
 
For defined contribution plans, ING Group pays contributions to publicly or privately administered pension
insurance plans on a mandatory, contractual or voluntary basis. ING Group has no further payment obligations
once the contributions have been paid. The contributions are recognised as staff expenses in the profit or loss
when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a
reduction in the future payments is available.
 
Other post-employment obligations
 
Some group companies provide other post-employment benefits to former employees. The entitlement
 
to
these benefits is usually conditional on the employee
 
remaining in service up to retirement age and the
completion of a minimum service period. The
 
expected costs of these benefits are accrued over the period of
employment using an accounting methodology similar to that for defined benefit pension
 
plans.
 
1.18 Treasury shares
 
Treasury shares (own equity instruments bought back by ING Group or its subsidiaries) are deducted from
Equity (Other reserves). No gain or loss is recognised in the statement of profit or loss when purchasing,
 
selling
or cancelling these shares. Treasury shares are not taken into account when calculating earnings per ordinary
share or dividend per ordinary share as they are not considered to be outstanding.
Treasury shares can be purchased by ING as part of a share buyback programme. If a share buyback is executed
by a broker and the agreement with the broker is irrevocable, ING has a contractual obligation to purchase its
own shares that is unavoidable once it signs the agreement with the broker. This is the moment when ING
recognises a financial liability measured at the present value of the redemption amount with
 
a corresponding
reduction in equity (Retained earnings). During the share buyback programme, ING
 
settles this liability for the
 
 
 
>
 
1
 
Basis of preparation and significant accounting policies
 
ING Group Annual Report 2021 on Form 20-F
F -288
actual purchase price paid for the shares bought on a daily basis.
 
Actual shares bought back and held by ING
are presented as Treasury shares within Other reserves in equity.
1.19 Income recognition
 
Interest
 
Interest income and expense are recognised in the statement of profit or loss using the effective interest
method. The effective interest method is a method of calculating the amortised cost of a financial asset or a
financial liability and of allocating the interest income or interest expense over the relevant period. The
effective interest rate is the rate
 
that exactly discounts estimated future cash payments or receipts through the
expected life of the financial instrument or, when appropriate, a shorter period to the net carrying amount of
the financial asset or financial liability. When calculating the effective interest rate, ING Group estimates cash
flows considering all contractual terms of the financial instrument (for example, prepayment options) but does
not consider future credit losses.
 
The calculation includes all fees and points paid or received between parties
 
to the contract that are an integral
part of the effective interest rate, transaction costs and all other premiums or discounts. Once a financial asset
or a group of similar financial assets has been written down as a
 
result of an impairment loss, interest income
is recognised using the rate of interest used to discount the future cash flows for the purpose of measuring the
impairment loss.
Interest results on instruments classified at Amortised Cost, assets measured at FVOCI and derivatives in a
formal hedge accounting relationship is presented in ‘Interest income (expense) using effective interest rate
method’. Interest
 
result on financial assets and liabilities voluntarily designated as at FVPL and
 
derivatives in so
called economic hedges and instruments designated at fair value are presented in ‘Other interest income
(expense)’. Interest
 
result on all other financial assets and liabilities at FVTPL
 
is recognised in ‘Valuation results
and net trading income’.
Fees and commissions
 
Fees and commissions are generally recognised as the service is provided. Loan commitment fees for loans that
are likely to be drawn down are deferred (together with related direct costs) and recognised as an adjustment
to the effective interest rate on the loan. Loan syndication fees are recognised as income when the
performance obligation has been satisfied based on the particular contract and ING Group has retained no part
of the loan package for itself or has retained a part at the same effective interest rate as the other participants.
Commission and fees arising from negotiating, or participating in
 
the negotiation of, a transaction for a third
party – such as the arrangement of the acquisition of shares or
 
other securities or the purchase or sale of
businesses – are recognised on completion of the underlying
 
transaction. Portfolio and other management
advisory and service fees are recognised based on the applicable
 
service contracts as the service is provided.
Asset management fees related to investment
 
funds and investment contract fees are recognised on a pro-rata
basis over the period the service is provided. The same
 
principle is applied for wealth management, financial
planning and custody services that are continuously provided over an extended period of time.
 
Fees received
and paid between banks for payment services are classified as commission income
 
and expenses.
 
Lease income
 
The proceeds from leasing out assets under operating leases are recognised on a straight-line basis over
 
the life
of the lease agreement. Lease payments received in respect of finance leases
 
when ING Group is the lessor are
divided into an interest component (recognised as interest income) and a repayment component based on a
pattern reflecting a constant periodic rate of return on the lessor’s net investment in the lease.
 
1.20 Expense recognition
 
Expenses are recognised in the statement of profit or loss as incurred or when a decrease in future economic
benefits related to a decrease in an asset or an increase in a liability has arisen
 
that can be measured reliably.
Fee and commission expenses are generally a result from a contract with ING service providers in order to
perform the service for ING Group’s customers. Costs are generally presented as ‘Commission expenses’ if they
are specific, incremental, directly attributable and identifiable to generate commission income.
 
Share-based payments
 
ING Group only engages in share-based payment transactions with its staff and directors. Share-based payment
expenses are recognised as a staff expense over the vesting period. A corresponding increase in equity is
recognised for equity-settled share-based payment transactions. A liability is recognised for cash-settled share-
based payment transactions. The fair value of equity-settled share-based payment transactions are measured
at the grant date, and the fair value of cash-settled share-based payment transactions are measured at each
balance sheet date. Rights granted will remain valid until the expiry date, even if the share based payment
scheme is discontinued. The rights are subject to certain conditions, including
 
a pre-determined continuous
period of service.
 
 
 
 
>
 
1
 
Basis of preparation and significant accounting policies
 
ING Group Annual Report 2021 on Form 20-F
F -289
1.21 Earnings per ordinary share
 
Earnings per ordinary share is calculated on the basis of the weighted average number of ordinary shares
outstanding. In calculating the weighted average number of ordinary shares outstanding:
 
Own shares held by group
 
companies are deducted from the total number of ordinary shares in issue;
 
The computation is based on daily averages; and
 
In case of exercised warrants, the exercise date is taken
 
into consideration.
 
Diluted earnings per share data are computed as if all convertible instruments outstanding at year-end were
exercised at the beginning of the period. It is also assumed that ING Group uses the
 
assumed proceeds thus
received to buy its own shares against the average market price in the financial year. The net increase in the
number of shares resulting from the exercise is added to the average number of shares used to calculate
diluted earnings per share.
 
Share options with fixed or determinable terms are treated as options in the calculation of diluted earnings
 
per
share, even though they may be contingent on vesting. They are treated as outstanding on the grant date.
Performance-based employee share options are treated as contingently issuable shares because their issue is
contingent upon satisfying specified conditions in addition to the passage of
 
time.
 
1.22 Statement of cash flows
 
The statement of cash flows is prepared in accordance with the indirect method, distinguishing cash flows from
operating, investing and financing activities. In the net cash flow from operating activities, the
 
result before tax
is adjusted for those items in the statement of profit or loss and changes in items per the statement of financial
position, which do not result in actual cash flows during
 
the year.
 
For the purposes of the statement of cash flows, Cash and cash equivalents comprise balances
 
with less than
three months’ maturity from the date of acquisition, including cash and balances
 
with central banks, treasury
bills and other eligible bills, amounts due from other banks,
 
and deposits from banks. Investments qualify as a
cash equivalent if they are readily convertible to a known amount of cash and are subject to an insignificant
risk of changes in value.
 
Cash flows arising from foreign currency transactions are translated into the functional currency using the
exchange rates at the date of the cash flows.
 
The net cash flow shown in respect of Loans and advances
 
to customers relates only to transactions involving
actual payments or receipts. The Addition to loan loss provision which is deducted
 
from the item Loans and
advances to customers in the statement of financial position has been adjusted accordingly from the result
before tax and is shown separately in the statement of cash flows.
 
The difference between the Net cash flow in accordance with the statement of cash flows and the change
between the opening and closing balance of Cash
 
and cash equivalents in the statement of financial position is
due to exchange rate differences and is presented separately in the cash flow statement.
Liabilities arising from financing activities are debt securities,
 
lease liabilities and subordinated loans.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
2
 
Cash and balances with central banks
 
ING Group Annual Report 2021 on Form 20-F
F -290
Notes to the Consolidated statement
 
of financial position
2
 
Cash and balances with central banks
Cash and balances with central banks
in EUR million
2021
2020
Amounts held at central banks
1
104,870
109,237
Cash and bank balances
1,650
1,851
106,520
111,087
1 Amounts held at central banks include an amount of EUR -
6
 
million (2020: EUR -
3
 
million) of Loan loss provisions.
The movement in Cash and balances with central banks reflects ING’s active liquidity management.
 
Amounts held at central banks reflect on demand balances.
 
Reference is made to Note 43 ‘Transfer of financial assets, assets pledged and received as collateral’ for
restrictions on amounts held at central banks.
3
 
Loans and advances to banks
Loans and advances to banks
Netherlands
Rest of the world
Total
in EUR million
2021
2020
2021
2020
2021
2020
Loans and advances to banks
7,019
7,442
16,595
17,945
23,614
25,387
Loan loss provisions
-10
-10
-13
-13
-22
-23
7,010
7,432
16,582
17,933
23,592
25,364
Loans include balances (mainly short-term deposits) with
 
central banks amounting to EUR
1,952
 
million (2020:
EUR
2,519
 
million).
As at 31 December 2021, Loans include receivables related to finance lease contracts amounting
 
to EUR
5
 
million
(2020: EUR
6
 
million). Reference is made to Note 7 ‘Loans and advances to customers’ for information on finance
lease receivables.
 
As at 31 December 2021, all loans and advances to banks are non-subordinated.
4
 
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss
in EUR million
2021
2020
Trading assets
51,381
51,356
Non-trading derivatives
1,536
3,583
Designated at fair value through profit or loss
6,355
4,126
Mandatorily measured at fair value through profit or loss
42,684
44,305
101,956
103,370
(Reverse) repurchase transactions
Financial assets at fair value through profit or loss includes securities lending
 
and sales and repurchase
transactions which were not derecognised, because ING Group continues to be exposed to substantially all risks
and rewards of the transferred financial asset. For repurchase agreements the gross amount of assets must be
considered together with the gross amount of related liabilities, which are presented separately on the
statement of financial position since IFRS does not always allow netting of these positions in the
 
statement of
financial position.
ING Group’s exposure to (reverse) repurchase transactions is included in the following lines in the statement of
financial position:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
4
 
Financial assets at fair value through profit or loss
 
ING Group Annual Report 2021 on Form 20-F
F -291
Exposure to (reverse) repurchase agreements
in EUR million
2021
2020
Reverse repurchase transactions
Loans and advances to banks
3,403
4,869
Loans and advances to customers
71
624
Trading assets, loans and receivables
8,026
10,947
Loans and receivables mandatorily measured at fair value through
 
profit or loss
39,823
41,735
51,322
58,175
Repurchase transactions
Deposits from banks
4,138
1,971
Trading liabilities, funds on deposit
7,127
5,787
Funds entrusted designated and measured at fair value through profit
 
or loss
34,608
41,177
45,873
48,935
Securities purchased under agreements to resell (reverse repos), securities borrowings and similar agreements
are not recognised in the consolidated statement of financial position. Based on the business
 
model assessment
and counterparty, the consideration paid to purchase securities is recognised as Loans and advances to
customers, Loans and advances to banks, Other financial assets at FVPL or Trading assets.
 
Securities sold subject to repurchase agreements (repos), securities lending
 
and similar agreements continue to
be recognised in the consolidated statement of financial position. The counterparty liability is measured
 
at FVPL
(designated) and included in Other financial liabilities at
 
FVPL if the asset is measured at FVPL. Otherwise, the
counterparty liability is included in Deposits from banks, Customer deposits,
 
or Trading, as appropriate.
 
Reference is made to Note 43 ‘Transfer of financial assets, assets pledged and received as collateral’ for
information on transferred assets which were not derecognised.
Trading assets
Trading assets by type
in EUR million
2021
2020
Equity securities
17,566
7,809
Debt securities
5,319
5,183
Derivatives
19,764
27,238
Loans and receivables
8,733
11,126
51,381
51,356
Trading assets include assets that are classified under IFRS as Trading, but are closely related to servicing the
needs of the clients of ING Group. ING offers institutional clients, corporate clients, and governments, products
that are traded on the financial markets. A significant part of the derivatives in the trading portfolio is related to
servicing corporate clients in their risk management to hedge for example currency or interest rate exposures. In
addition, ING provides its customers access to equity and debt markets for issuing their own equity or
 
debt
securities (securities underwriting).
Reference is made to Note 14 ‘Financial liabilities at fair value through profit or loss’ for information on trading
liabilities.
Non-trading derivatives
Non-trading derivatives by type
in EUR million
2021
2020
Derivatives used in
-
 
fair value hedges
365
486
-
 
cash flow hedges
300
1,376
-
 
hedges of net investments in foreign operations
18
69
Other non-trading derivatives
852
1,653
1,536
3,583
Reference is made to Note 40 ‘Derivatives and hedge accounting’ for information on derivatives designated in
hedge accounting.
Other non-trading derivatives mainly includes interest rate swaps and foreign exchange currency swaps for which
no hedge accounting is applied.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
5
 
Financial assets at fair value through other comprehensive income
 
ING Group Annual Report 2021 on Form 20-F
F -292
Designated at fair value through profit or loss
Designated at fair value through profit or loss by type
in EUR million
2021
2020
Debt securities
5,870
3,544
Loans and receivables
485
582
6,355
4,126
‘Financial assets designated at fair value through profit or loss’ is partly economically hedged by credit
derivatives. The hedges do not meet the criteria for hedge accounting and the loans
 
and debt securities are
recorded at fair value to avoid an accounting mismatch. The maximum credit exposure of the loans and
receivables and debt securities included in ‘Financial assets designated at fair value through profit or loss’
approximates its carrying value. The cumulative change in fair value of the loans and debt securities attributable
to changes in credit risk is not significant.
The notional value of the related credit derivatives is EUR
2,640
 
million (2020: EUR
1,077
 
million). The cumulative
change in fair value of the credit derivatives attributable to changes in credit risk since the financial assets were
first designated, amounts to EUR
-69
 
million (2020: EUR
-16
 
million) and the change for the current year amounts
to EUR
-53
 
million (2020: EUR
-45
 
million).
These have been calculated by determining the changes in credit spread implicit in
 
the fair value of bonds issued
by entities with similar credit characteristics.
Mandatorily at fair value through profit or loss
Mandatorily at fair value through profit or loss by type
in EUR million
2021
2020
Equity securities
161
228
Debt securities
787
787
Loans and receivables
41,735
43,290
42,684
44,305
None of the equity securities are individually significant
 
for ING Group.
Loans and receivables mainly include reverse repurchase agreements.
 
For details on ING Group’s total exposure to debt securities reference is made to Note 6 ‘Securities at amortised
cost’.
5
 
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income by type
in EUR million
2021
2020
Equity securities
 
2,457
1,862
Debt securities
1
27,340
32,977
Loans and advances
1
838
1,056
30,635
35,895
1 Debt securities include an amount of EUR -
12
 
million (2020: EUR -
12
 
million)
 
and the Loans and advances includes EUR -
1
 
million (2020:
EUR -
2
 
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
2021
2020
2021
2020
Investment in Bank of Beijing
1,700
1,662
97
95
Other Investments
757
200
25
12
2,457
1,862
122
107
For strategic equity securities, ING decided to apply the option to irrevocably designate these investments at fair
value through other comprehensive income, instead of the IFRS 9 default measurement of fair value through
profit or loss.
 
As at 31 December 2021 ING holds approximately
13
% (2020:
13
%)
 
of the shares of Bank of Beijing, a bank
 
listed
on the stock exchange of Shanghai. 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 2021 (2020: nil).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
6
 
Securities at amortised cost
 
ING Group Annual Report 2021 on Form 20-F
F -293
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
2021
2020
2021
2020
2021
2020
Opening balance
1,862
2,306
34,033
32,163
35,895
34,468
Additions
518
13
12,669
16,936
13,186
16,949
Amortisation
-46
-9
-46
-9
Transfers
 
and reclassifications
 
-7
-107
0
-7
-107
Changes in unrealised revaluations
2
-88
-283
-1,209
520
-1,296
237
Impairments
-5
-2
-5
-2
Reversals of impairments
4
-4
4
-4
Disposals and redemptions
-19
-13
-17,730
-14,557
-17,750
-14,571
Exchange rate differences
191
-53
460
-1,017
651
-1,070
Changes in the composition of the group and other
changes
0
-0
2
2
2
2
Closing balance
2,457
1,862
28,178
34,033
30,635
35,895
1 Fair value through other comprehensive income debt instruments includes both debt securities and loans and advances.
2 Changes in unrealized 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
In 2021, additions of EUR
518
 
million mainly relates to new investments in HQLA eligible equity instruments. This
is a diversified buy-and-hold portfolio aimed at generating a stable dividend income stream.
In 2021, exchange rate differences of EUR
191
 
million are fully related to the stake in Bank of Beijing following
the appreciation of CNY vs EUR.
In 2021, changes in unrealised revaluations of equity securities decreased mainly
 
related to negative revaluation
of the stake in Bank of Beijing following a decline in share price (EUR
-153
 
million) compensated by positive
revaluation in several other equity stakes of EUR
65
 
million.
In 2020, transfers and reclassifications of EUR
-107
 
million mainly relates to ING’s investment in Visa preference
series C shares (EUR
-116
 
million) that have been reclassified from equity at fair value through other
comprehensive income to debt securities at mandatorily fair value through profit or loss' based
 
on variable
conversion rate.
FVOCI debt instruments
In 2021, changes in unrealised revaluations of EUR
-1,209
 
million relates to increased yield curves.
Reference is made to Note 6 ‘Securities at amortised cost’ for details on ING Group’s total exposure to debt
securities.
6
 
Securities at amortised cost
Securities at amortised cost fully consist of Debt securities.
ING Group’s exposure to debt securities is included in the following lines in the statement of financial position:
Exposure to debt securities
in EUR million
2021
2020
Debt securities at fair value through other comprehensive income
27,340
32,977
Debt securities at amortised cost
48,319
50,587
Debt securities at fair value through other comprehensive income and amortised cost
75,659
83,564
Trading assets
5,319
5,183
Debt securities at fair value through profit or loss
6,658
4,331
1
Total debt securities at fair
 
value through profit or loss
11,976
9,514
87,635
93,078
1 The prior period has been updated to improve consistency and comparability of exposure to debt securities.
ING Group’s total exposure to debt securities (excluding debt securities held in the trading portfolio) of EUR
82,316
 
million (31 December 2020: EUR
87,895
 
million) is specified as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
7
 
Loans and advances to customers
 
ING Group Annual Report 2021 on Form 20-F
F -294
Debt securities by type of exposure
Debt Securities
at FVPL
Debt Securities
at FVOCI
Debt Securities
at AC
Total
in EUR million
2021
2020
2021
2020
2021
2020
2021
2020
Government bonds
48
48
16,271
22,448
26,588
26,801
42,908
49,296
Sub-sovereign, Supranationals
and Agencies
3,115
2,331
7,587
7,510
13,752
14,858
24,454
24,699
Covered bonds
1,729
1,821
5,063
5,965
6,792
7,786
Corporate bonds
778
26
156
207
90
131
1,024
364
Financial institutions' bonds
1,993
1,199
1
798
523
1,932
1,956
4,724
3,679
ABS portfolio
723
726
810
480
913
894
2,445
2,100
6,658
4,331
27,352
32,990
48,338
50,604
82,347
87,924
Loan loss provisions
-12
-12
-19
-17
-31
-29
Debt securities portfolio
6,658
4,331
27,340
32,977
48,319
50,587
82,316
87,895
1 The prior period has been updated to improve consistency and comparability of exposure to debt securities.
7
 
Loans and advances to customers
Loans and advances to customers by type
Netherlands
Rest of the world
Total
in EUR million
2021
2020
2021
2020
2021
2020
Loans to, or guaranteed by,
 
public authorities
23,770
24,292
17,563
17,210
41,333
41,502
Loans secured by mortgages
114,849
115,176
249,743
236,954
364,592
352,130
Loans guaranteed by credit institutions
259
305
6,022
4,896
6,282
5,201
Personal lending
2,577
3,019
24,682
24,776
27,260
27,794
Corporate loans
42,777
37,594
148,153
135,527
190,930
173,121
184,232
180,385
446,164
419,364
630,396
599,749
Loan loss provisions
-1,119
-1,286
-4,156
-4,493
-5,274
-5,779
183,113
179,099
442,009
414,871
625,122
593,970
For details on credit quality and loan loss provisioning, refer to ‘Risk management – Credit risk’ paragraph ‘Credit
quality’.
Loans and advances to customers by subordination
in EUR million
2021
2020
Non-subordinated
624,962
593,871
Subordinated
160
99
625,122
593,970
No individual loan or advance has terms and conditions
 
that significantly affect the amount, timing or certainty of
the consolidated cash flows of ING Group.
 
Loans and advances to customers and Loans and advances to banks include finance
 
lease receivables and are
detailed as follows:
Finance lease receivables
in EUR million
2021
2020
Maturities of gross investment in finance lease receivables
-
 
within 1 year
3,204
3,175
-
 
between 1-2 years
2,311
2,212
-
 
between 2-3 years
1,716
1,722
-
 
between 3-4 years
1,178
1,166
-
 
between 4-5 years
734
711
-
 
more than 5 years
1,495
1,487
10,637
10,473
Unearned future finance income on finance leases
-525
-508
Net investment in finance leases
10,112
9,965
Included in Loans and advances to banks
5
6
Included in Loans and advances to customers
10,106
9,958
10,112
9,965
The finance lease receivables mainly relate to the financing of equipment and
 
are part of corporate loans. To a
lesser extent, the finance lease receivables relate to real estate for third parties, where ING is the lessor. These
finance lease receivables are part of loans secured by mortgages. Interest income in 2021 on Finance
 
lease
receivables amounts to EUR
217
 
million (2020: EUR
229
 
million).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
8
 
Investment in associates and joint ventures
 
ING Group Annual Report 2021 on Form 20-F
F -295
The total loan loss provision of EUR
167
 
million (2020: EUR
164
 
million) for finance lease receivables is classified
into the following loan loss provision stages:
Stage 1: EUR
8
 
million (2020: EUR
8
 
million)
 
Stage 2: EUR
30
 
million (2020: EUR
25
 
million)
Stage 3: EUR
129
 
million (2020: EUR
131
 
million)
8
 
Investment in associates and joint ventures
Investments in associates and joint ventures
2021
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
866
1,208
46,478
40,957
1,286
1,038
Other investments in associates and joint ventures
379
1,587
Investments in associates and joint ventures
2020
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
653
1,202
50,123
44,597
1,388
1,093
Other investments in associates and joint ventures
273
1,475
The reporting dates of certain associates and joint ventures can differ from the reporting date of the Group, but
by no more than three months.
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.
Impairment testing
The fair value has been below the purchase cost of the investment for a prolonged period of time (since 1Q
2020). This is considered to be objective evidence of impairment. As a
 
result ING performed an impairment test
at 31 December 2021 that did not lead to an impairment
 
loss (2020: EUR
230
 
million). Furthermore, no reversal
of impairment was recognised.
Methodology
The recoverable amount is determined as the higher of the fair value less costs of disposal and Value in Use
(‘VIU’). Fair value less costs of disposal is based on observable
 
share price. The VIU calculation uses discounted
cash flow projections based on management’s best estimates. VIU is derived using a Dividend Discount Model
(DDM) where distributable equity, i.e. future earnings available to ordinary shareholders, is used as a proxy for
future cash flows. The valuation looks at expected cash flows into perpetuity resulting in two main components
to the VIU calculation:
i) the estimation of future earnings over a
5
 
year forecast period; and
ii) the terminal value being the extrapolation of earnings into perpetuity applying a
 
long term growth
rate. The earnings that are used for extrapolation represent the stable long term financial results and
position of TTB,
 
i.e. a steady state. The terminal value comprises the majority of the total VIU.
Key assumptions used in the VIU calculation as at 31 December
 
2021
The VIU is determined using a valuation model which is subject
 
to multiple management assumptions. The key
assumptions, i.e. those to which the overall result is most sensitive to, are the following:
Expected future earnings of TTB: based on forecasts derived from broker consensus over the short to
medium term and TTB observable targets for steady state earnings into perpetuity. A capital maintenance
charge is applied, which is management’s forecast of the earnings that need to be withheld in order for TTB
to meet target regulatory requirements over the forecast period;
Discount rate (cost of equity):
8.74
% (2020:
8.49
%), based on the capital asset pricing model (CAPM)
calculated for TTB using current market data.
Terminal growth rate:
2.30
% (2020:
1.60
%) consistent with current long term government bond yield in
Thailand as a proxy for a risk-free rate;
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
9
 
Property and equipment
 
ING Group Annual Report 2021 on Form 20-F
F -296
To assess the risk of further impairment at 31 December 2021, the model was evaluated for reasonably possible
changes to key assumptions in the model. This reflects the sensitivity of the VIU
 
to each key assumption on its
own and it is possible that more than one favourable and/or unfavourable change may occur at the same time.
Holding the other key assumptions constant, a reduction in all of the forecasted annual cash flows, including
terminal value, of
13.0
% or an increase in the discount of
112
bps would reduce the recoverable amount to the
carrying amount. A reasonably possible change in the terminal
 
growth rate to zero would not cause the VIU to
equal the carrying amount.
Reversal of the impairment loss recognised in 2020 was not considered appropriate as at 31 December 2021
mainly due to the lack of sufficiently positive changes observed in
 
the underlying performance of TTB since the
impairment loss in 2020 as reflected in the broker consensus. Furthermore, the share price remains below
 
the
original cost of the investment for a prolonged period of time.
Other investments in associates and joint ventures
Included in Other investments in associates and joint ventures are mainly financial services
 
and financial
technology funds or vehicles operating predominantly in Europe.
 
Other investments in associates and joint ventures 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
2021
2020
Opening balance
1,475
1,790
Additions
91
24
Revaluations
-24
-3
Share of results
141
66
Dividends received
-34
-12
Disposals
-23
-12
Impairments
-3
-235
Exchange rate differences
-31
-144
Other
-5
0
Closing balance
1,587
1,475
Share of results from associates and joint ventures of EUR
141
 
million (2020: EUR
66
 
million) as included in the
table above is mainly attributable to results of TTB of EUR
61
 
million (2020: EUR
70
 
million), EUR 28 million gain
on our stake in Ebusco and other share of results. In 2020 impairments is predominantly attributable to TTB.
9
 
Property and equipment
Property and equipment by type
in EUR million
2021
2020
Property in own use
702
745
Equipment:
- Data processing equipment
207
281
- Other equipment
493
561
Right- of- use assets:
- ROU property
1,009
1,129
- ROU cars
83
89
- ROU other leases
21
38
2,515
2,841
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
10
 
Intangible assets
 
ING Group Annual Report 2021 on Form 20-F
F -297
Changes in property and equipment
Property in own use
Equipment
Right-of-use assets
Total
in EUR million
2021
2020
2021
2020
2021
2020
2021
2020
Opening balance
745
757
842
940
1,255
1,476
2,841
3,172
Additions
9
10
175
277
164
134
348
421
Transfers
-5
57
1
-42
-20
-4
-24
11
Depreciation
-15
-12
-287
-291
-271
-275
-573
-578
Impairments
-10
-8
-8
-9
-15
-35
-33
-52
Reversals of impairments
6
9
0
0
1
0
7
9
Remeasurements
17
20
6
8
24
28
Disposals
-24
-63
-15
-12
-10
-14
-49
-89
Exchange rate differences
-21
-24
-7
-22
4
-35
-25
-81
Closing balance
702
745
699
842
1,113
1,255
2,515
2,841
Costprice
910
948
3,581
3,786
1,738
1,737
6,229
6,472
Accumulated depreciation
-373
-378
-2,871
-2,940
-644
-492
-3,888
-3,810
Accumulated impairments
-134
-135
-10
-5
-29
-36
-173
-175
Accumulated revaluation surplus
299
310
299
310
Accumulated remeasurement
48
45
48
45
Net carrying value
702
745
699
842
1,113
1,255
2,515
2,841
Right-of-use assets relate to leased land and buildings, cars, data-processing equipment and other leases. ING
considers valuations from third party experts in determining the fair values of property in own use.
Property in own use purchase costs amounted to EUR
910
 
million (2020: EUR
948
 
million). Cost or the purchase
price less accumulated depreciation and impairments would have been EUR
403
 
million (2020: EUR
435
 
million)
had property in own use been valued at cost instead of at fair value.
The reported impairment losses of EUR
33
 
million (2020: EUR
52
 
million) mainly result from anticipation of a
change in the post-pandemic way of working and phasing out of activities.
 
10
 
Intangible assets
Changes in intangible assets
Goodwill
Software
Other
Total
in EUR million
2021
2020
2021
2020
2021
2020
2021
2020
Opening balance
533
907
846
958
15
52
1,394
1,916
Additions
44
86
44
87
Capitalised expenses
135
213
135
213
Amortisation
-260
-249
-1
-2
-261
-251
Impairments
1
-310
-82
-167
-12
-35
-94
-513
Exchange rate differences
-61
-63
-0
-6
0
-0
-62
-69
Disposals
-0
-9
-0
-9
Changes in the composition of the group and other
changes
-1
19
0
-0
19
Closing balance
472
533
682
846
2
15
1,156
1,394
Gross carrying amount
472
843
2,521
2,642
59
60
3,052
3,545
Accumulated amortisation
-1,710
-1,621
-9
-9
-1,719
-1,630
Accumulated impairments
-310
-129
-175
-48
-37
-177
-522
Net carrying value
472
533
682
846
2
15
1,156
1,394
1 Impairments of intangible assets are presented within Other operating expenses in the statement of Profit or Loss.
Goodwill
Goodwill is allocated to groups of cash generating units (CGUs) as follows:
Goodwill allocation to group of CGUs
Method used for
recoverable amount
Discount rate
Terminal growth
rate
Goodwill
Goodwill
Group of CGU’s
2021
2020
Retail Netherlands
Values in use
8.84%
0.19%
30
30
Retail Germany
Values in use
8.81%
0.67%
349
349
Retail Growth Markets
Values in use
12.87%
3.68%
92
153
472
533
Impairment testing
Goodwill is tested for impairment annually in the fourth quarter by comparing the recoverable amount of each
goodwill-carrying CGU with its carrying amount. The key assumptions used in
 
the calculation of the recoverable
 
 
 
>
 
10
 
Intangible assets
 
ING Group Annual Report 2021 on Form 20-F
F -298
amounts are included in the table above. In addition ING Group tests goodwill whenever a
 
triggering event is
identified.
The recoverable amount exceeds the carrying value of the CGUs as at 31 December 2021 and therefore no
impairment is required.
In 2020, Covid-19 has resulted in adverse changes in the market and economic environment. Due to the impact
of the significant deterioration in the economic environment on the cash flow outlook of our businesses,
 
we also
completed a goodwill impairment review across ING Group in 2020. The goodwill impairment
 
test resulted in the
recognition of goodwill impairments on the CGU Retail Belgium of EUR
50
 
million (of which EUR
43
 
million is
reported in Retail Belgium segment and EUR
8
 
million in Corporate Line segment) and on the CGU Wholesale
Banking of EUR
260
 
million (fully reported in the Wholesale Banking segment).
 
For both CGUs the impairment
resulted from the negative developments in the macro-economic outlook in the context of the Covid-19
pandemic.
 
Methodology
 
In line with IFRS, the recoverable amount is determined as the higher of the fair value less costs of disposal and
Value in Use (VIU). The VIU calculation is based on a Dividend Discount model using three year management
approved plans, updated for expected changes in the macroeconomic environment. When estimating the VIU of
a CGU, local conditions and requirements determine the capital requirements, discount rates, and terminal
growth rates.
 
These local conditions and requirements determine the ability to upstream excess capital and
profits to ING Group. The discount rate calculation includes other inputs such as equity market premium, country
risk premium, and long term inflation which are based on market sources and management’s judgement. The
long term growth rate for EU-countries is based on long term risk-free rate by reference to the yield of a
composite index consisting of Euro generic government bonds, with a maturity of
30 years
. For other countries,
the growth rate includes long term inflation rate obtained from market sources.
Sensitivity of key assumptions
 
Key assumptions in the goodwill impairment test model are the projected locally available cash flows (based on
local capital requirements and projected profits), discount rates (cost of equity), and long term growth rates.
 
The recoverable amounts of the CGUs
 
are sensitive to the above
 
key assumptions. A decrease in
 
the available cash
flows of
10
%, an increase in
 
the discount rate
 
of
1
 
percent point or a
 
reduction of future growth
 
rate to
zero
 
are
considered reasonably possible
 
changes in key assumptions.
 
If the aforementioned
 
changes occur
 
to the above
 
key
assumptions
 
holding
 
the
 
other
 
key
 
assumptions
 
constant,
 
goodwill
 
of
 
the
 
remaining
 
CGUs
 
will
 
continue
 
to
 
be
recoverable and no impairment will occur.
Other changes
Other changes in goodwill in 2021 related
 
to changes in currency exchange rates of Retail Growth Markets
goodwill.
 
Software
 
Software, includes internally developed software amounting to EUR
573
 
million (2020: EUR
688
 
million).
 
In 2021 an impairment of EUR
51
 
million with regard to software in the payments and cash management business
was recognised. The remaining software impairments
 
in 2021 related
 
to various, individually immaterial items.
In
 
2020,
 
following
 
the
 
decision
 
to
 
discontinue
 
the
 
Maggie
 
programme
 
an
 
impairment
 
of
 
EUR
141
 
million
 
was
recognised,
 
primarily related
 
to
 
capitalised
 
software
 
development costs.
 
In
 
addition, an
 
impairment
 
of
 
EUR
19
million with regard
 
to software
 
in the payments
 
and cash management
 
business was recogni
 
sed. The remaining
software impairments
 
in 2020 related
 
to various, individually immaterial items.
 
Other intangible assets
In 2021 an impairment of an indefinite useful life asset related to brand names of EUR
7
 
million (2020:
14
 
million)
was recognised. Additionally EUR
5
 
million (2020: EUR
20
 
million) was recognised related to intangible assets
 
from
a previous acquisition (customer relationships), following a re-evaluation of the business plan.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
11
 
Other assets
 
ING Group Annual Report 2021 on Form 20-F
F -299
11
 
Other assets
Other assets by type
in EUR million
2021
2020
Net defined benefit assets
783
725
Investment properties
26
20
Property development and obtained from foreclosures
52
72
Accrued assets
798
781
Amounts to be settled
2,424
2,215
Other
1,914
2,079
5,996
5,893
Disclosures in respect of Net defined benefit assets are provided in Note 37 ‘Pension and
 
other post-employment
benefits’.
Amounts to be settled include primarily transactions not settled at the balance
 
sheet date. The nature of these
transaction is short term and they are expected to settle shortly after the closing date of the balance sheet.
Other relates to various receivables in the normal course of business, amongst others, short term receivables
relating to mortgage issuance and other amounts receivable from customers.
 
12
 
Deposits from banks
Deposits from banks includes non-subordinated deposits and repurchase agreements from banks.
Deposits from banks by type
Netherlands
Rest of the world
Total
in EUR million
2021
2020
2021
2020
2021
2020
Non-interest bearing
570
596
321
196
891
792
Interest bearing
51,893
49,336
32,307
27,971
84,201
77,306
52,463
49,931
32,629
28,166
85,092
78,098
Deposits from banks includes ING’s participation in the Targeted Longer-Term
 
Refinancing Operations of EUR
65.5
 
billion (2020: EUR
59.5
 
billion). ING participated in a new series of Targeted Longer-Term
 
Refinancing
Operations (TLTRO III) for EUR
6.0
 
billion in March 2021.
 
For the details of the applicable rates and impact on net interest income reference is made to note 20 ‘Net
interest income’.
13
 
Customer deposits
Customer deposits
in EUR million
2021
2020
Savings accounts
314,997
336,392
Credit balances on customer accounts
279,805
256,636
Corporate deposits
22,174
15,941
Other
424
548
617,400
609,517
Customer deposits by type
Netherlands
Rest of the world
Total
in EUR million
2021
2020
2021
2020
2021
2020
1
Non-interest bearing
1,861
24,206
27,636
24,153
29,497
48,359
Interest bearing
214,228
174,641
373,674
386,517
587,902
561,158
216,090
198,847
401,310
410,671
617,400
609,517
1 The prior period has been updated to improve consistency and comparability of customer deposits by type.
Savings accounts relate to the balances on savings accounts, savings books, savings deposits, and time deposits
 
of
private individuals.
14
 
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss
in EUR million
2021
2020
Trading liabilities
27,113
32,709
Non-trading derivatives
2,120
1,629
Designated at fair value through profit or loss
41,808
48,444
71,041
82,781
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
Trading liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -300
Trading liabilities
Trading liabilities by type
in EUR million
2021
2020
Equity securities
322
191
Debt securities
753
577
Funds on deposit
7,513
6,204
Derivatives
18,525
25,737
27,113
32,709
Non-trading derivatives
Non-trading derivatives by type
in EUR million
2021
2020
Derivatives used in:
-
 
fair value hedges
270
444
-
 
cash flow hedges
485
230
-
 
hedges of net investments in foreign operations
88
98
Other non-trading derivatives
1,278
857
2,120
1,629
Reference is made to Note 40 ‘Derivatives and hedge accounting’ for information on derivatives used for hedge
accounting.
Other non-trading derivatives mainly includes interest rate swaps and foreign currency swaps for hedging
purposes, but for which no hedge accounting is applied.
Designated at fair value through profit or loss
 
Designated at fair value through profit or loss by type
in EUR million
2021
2020
Debt securities
6,065
6,276
Funds entrusted
35,513
41,911
Subordinated liabilities
230
258
41,808
48,444
As at 31 December 2021, the change in the fair value of financial
 
liabilities designated at fair value through profit
or loss attributable to changes in credit risk is EUR
95
 
million (2020: EUR
141
 
million) on a cumulative basis. This
change has been determined as the amount of change in
 
fair value of the financial liability that is not attributable
to changes in market conditions that gave rise to market risk (i.e. mainly interest rate risk based on yield curves).
The amount that ING Group is contractually required to pay at maturity to the holders of financial liabilities
designated at fair value through profit or loss excluding repurchase agreements (part of funds entrusted) is EUR
6,853
 
million (2020: EUR
6,682
 
million).
15
 
Provisions
Provisions by type
in EUR million
2021
2020
Reorganisation provisions
421
381
Litigation provisions
132
105
Other provisions
441
205
995
691
Changes in provisions
Reorganisation
Litigation
Other
Total
in EUR million
2021
2020
2021
2020
2021
2020
1
2021
2020
Opening balance
381
385
105
102
205
201
691
688
Additions
310
165
50
46
354
66
715
277
Interest
-2
-1
-2
-1
Releases
-96
-16
-11
-25
-79
-47
-186
-88
Utilised
-172
-152
-18
-16
-25
-13
-215
-180
Exchange rate differences
0
-1
-3
-3
-2
-5
-4
-9
Other changes
-3
-0
9
0
-11
4
-5
4
Closing balance
421
381
132
105
441
205
995
691
1 The prior period additions and releases have been updated to improve consistency and comparability of Other Provisions.
In 2021, the additions to the reorganisation provision mainly relate to the discontinuation of retail banking
activities in France and the restructuring of the branch network and retail advice organisation in the Netherlands.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
16
 
Other liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -301
The additions to the reorganisation provision in 2020 are mainly attributable to refocusing of our activities in
Wholesale Banking and decision on the Maggie
 
project, as well as additional restructuring costs in Retail Benelux
and Other Challengers & Growth Markets.
 
These initiatives are implemented over a period of several years and the estimate of the reorganisation
provisions is inherently uncertain.
Reference is made to Note 46 ‘Legal proceedings’ for developments in litigation provisions.
 
The additions to the Other provisions in 2021 include an
 
EUR
180
 
million provision for the compensation of Dutch
retail customers for past interest charges that did not sufficiently track market rates.
 
In 2021, Other provisions includes provisions of EUR
34
 
million (2020: EUR
17
 
million) that relate to credit
replacement facilities and EUR
114
 
million (2020: EUR
75
 
million) that relate to non-credit replacement off
balance facilities.
As at 31 December 2021, amounts expected to be settled within twelve months in Other provisions
 
amount to
EUR
417
 
million (2020: EUR
139
 
million). The amounts included are based on best estimates with
 
regard to
amounts and timing of cash flows required to settle the obligation.
 
Additions to provisions and unused amounts released are presented in Note 28 ‘Other operating expenses’.
 
16
 
Other liabilities
Other liabilities by type
In EUR million
2021
2020
Net defined benefit liability
227
350
Other post-employment benefits
72
83
Other staff-related liabilities
612
490
Share-based payment plan liabilities
4
2
Other taxation and social security contributions
409
435
Rents received in advance
19
15
Costs payable
2,016
2,018
Amounts to be settled
5,082
4,877
Lease liabilities
1,220
1,339
Other
3,178
1,999
12,839
11,609
Disclosures in respect of Net defined benefit liabilities are provided in Note 37 ‘Pension
 
and other post-
employment benefits’.
Other staff-related liabilities includes vacation leave provisions, variable compensation provisions, jubilee
provisions, and disability/illness provisions.
Amounts to be settled includes primarily transactions not settled at the balance
 
sheet date. The nature of these
transactions is short term and these are expected to settle shortly after the closing date of the balance
 
sheet.
Lease liabilities relate to right-of-use assets. Disclosures in respect to right-of-use assets are provided in Note 9
‘Property and Equipment’.
The total cash outflow for leases in 2021 was EUR
301
 
million (2020: EUR
273
 
million).
The line other relates mainly to balances on margin accounts or amounts payable to customers and includes the
remaining EUR
140
 
million obligation to the broker regarding the share buyback programme.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
17
 
Debt securities in issue
 
ING Group Annual Report 2021 on Form 20-F
F -302
17
 
Debt securities in issue
Debt securities in issue relates to debentures and other issued debt securities
 
with either fixed interest rates or
interest rates based on floating interest rate levels, such as certificates of deposit and accepted bills issued by
ING Group, except for subordinated items. Debt securities in issue does not include debt securities presented as
Financial liabilities at fair value through profit or loss. ING Group does not have debt securities
 
that are issued on
terms other than those available in the normal course of business.
Debt securities in issue – maturities
In EUR million
2021
2020
Fixed rate debt securities
Within 1 year
34,559
18,315
More than 1 year but less than 2 years
6,245
8,339
More than 2 years but less than 3 years
2,791
6,193
More than 3 years but less than 4 years
4,924
2,731
More than 4 years but less than 5 years
7,035
3,685
More than 5 years
29,843
28,706
Total fixed
 
rate debt securities
85,397
67,969
Floating rate debt securities
Within 1 year
3,389
8,699
More than 1 year but less than 2 years
1,534
3,050
More than 2 years but less than 3 years
137
1,526
More than 3 years but less than 4 years
194
138
More than 4 years but less than 5 years
192
91
More than 5 years
942
592
Total floating rate
 
debt securities
6,388
14,095
Total debt securities
91,784
82,065
In 2021 Debt securities in issue increased by EUR
9.7
 
billion because of liquidity and funding
 
needs.
 
Reference is made to Note 33 ‘Changes in liabilities arising from financing activities’ for further information on
issuances and redemptions.
18
 
Subordinated loans
Subordinated loans by group companies
In EUR million
2021
2020
ING Groep N.V.
15,890
13,150
ING Group companies
824
2,654
16,715
15,805
Subordinated loans issued by ING Groep N.V.
 
include bonds issued to raise Tier 1 and Tier 2 (CRD IV
 
eligible)
capital for ING Bank N.V.
 
Under IFRS these bonds are classified as liabilities and
 
for regulatory purposes, they are
considered capital. Subordinated loans issued by ING Group companies comprise, for the most part,
subordinated loans which are subordinated to all current and future liabilities of ING Bank N.V.
In 2021 ING Groep N.V.
 
issued in June EUR
500
 
million
0.875
 
% Fixed Rate Subordinated Tier 2 Green Notes, in
September USD
1
 
billion
3.875
% and USD
1
 
billion
4.250
% Perpetual Additional Tier 1 Contingent Convertible
Capital Securities and in November EUR
1
 
billion
1.000
% Fixed Rate Subordinated Tier 2 Notes.
In 2021 ING Bank N.V.
 
redeemed in February EUR
1.5
 
billion
3.625
% Fixed Rate Subordinated Tier 2 notes on the
first call date. ING Groep N.V.
 
redeemed EUR
555
 
million, EUR
430
 
million and EUR
10
 
million Perpetual Debt
Securities in September.
Reference is made to Note 33 ‘Changes in liabilities arising from financing activities’ for further information on
issuances and redemptions.
The average interest rate on subordinated loans is
 
3.75
% (2020:
3.73
%). The interest expense during the year
2021 was EUR
571
 
million (2020: EUR
612
 
million).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
19
 
Equity
 
ING Group Annual Report 2021 on Form 20-F
F -303
19
 
Equity
Total equity
In EUR million
2021
2020
2019
Share capital and share premium
 
-
 
Share capital
39
39
39
 
-
 
Share premium
17,105
17,089
17,078
17,144
17,128
17,117
Other reserves
 
-
 
Revaluation reserve: Equity securities at FVOCI
1,282
1,181
1,580
 
-
 
Revaluation reserve: Debt instruments at FVOCI
96
309
322
 
-
 
Revaluation reserve: Cash flow hedge
-153
1,450
1,208
 
-
 
Revaluation reserve: Credit liability
-80
-117
-114
 
-
 
Revaluation reserve: Property in own use
208
221
253
 
-
 
Net defined benefit asset/liability remeasurement reserve
-212
-307
-336
 
-
 
Currency translation reserve
-3,483
-3,636
-2,079
 
-
 
Share of associates and joint ventures and other reserves
3,416
3,246
3,189
 
-
 
Treasury shares
-1,612
-4
-10
-540
2,342
4,013
Retained earnings
35,462
32,149
29,866
Shareholders’ equity (parent)
52,066
51,619
50,996
Non-controlling interests
736
1,022
893
Total equity
52,802
52,640
51,889
Share capital and share premium
Share capital
 
Share capital
Ordinary shares (par value EUR 0.01)
Number x 1,000
Amount
2021
2020
2019
2021
2020
2019
Authorised share capital
14,729,000
14,729,000
14,729,000
147
147
147
Unissued share capital
10,824,935
10,828,331
10,832,266
108
108
108
Issued share capital
3,904,065
3,900,669
3,896,734
39
39
39
Changes in issued share capital
Ordinary shares
(par value EUR 0.01)
Number x
1,000
Amount
Issued share capital as at 1 January 2019
3,891,728
39
Issue of shares
5,006
Issued share capital as at 31 December 2019
3,896,734
39
Issue of shares
3,934
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
In 2021, ING Groep N.V.
 
issued
3.4
 
million ordinary shares (2020:
3.9
 
and in 2019:
5.0
 
million ordinary shares).
These issues were made in order to fund obligations arising from share-based employee incentive programmes.
As at 31 December 2021 ING Groep N.V.
 
has issued USD
7,750
 
million Perpetual Additional Tier 1 Contingent
Convertible Capital Securities which can, in accordance with their terms and
 
conditions, convert by operation of
law into ordinary shares if the conditions to such a conversion are fulfilled. As a result of this conversion, the
issued share capital can increase by up to
861
 
million ordinary shares. Reference is made to Note 18
‘Subordinated loans’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
19
 
Equity
 
ING Group Annual Report 2021 on Form 20-F
F -304
Ordinary shares
All ordinary shares are registered. No share certificates have been issued. The par value of ordinary shares is EUR
0.01
. The authorised ordinary share capital of ING Groep N.V.
 
currently consists of
14,729
 
million ordinary shares.
As at 31 December 2021,
3,904
 
million ordinary shares were issued and fully paid.
Ordinary shares held by ING Group (Treasury shares)
As at 31 December 2021,
128.3
 
million ordinary shares (2020:
0.6
 
million and 2019:
0.9
 
million) of ING Groep N.V.
with a par value of EUR
0.01
 
are held by ING Groep N.V.
 
or its subsidiaries. The obligations with regard to the
share plans will be funded either by cash or by newly issued
 
shares at the discretion of ING Group.
Share premium
Share premium
In EUR million
2021
2020
2019
Opening balance
17,089
17,078
17,050
Issue of shares
16
11
28
Closing balance
17,105
17,089
17,078
The increase in share premium, is a result of the issuance of ordinary
 
shares related to share-based employee
incentive programmes.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
19
 
Equity
 
ING Group Annual Report 2021 on Form 20-F
F -305
Other reserves
Revaluation reserves
Changes in revaluation reserve
Equity securities at FVOCI
Debt instruments at FVOCI
Cash flow hedge
Credit liability
Property in own use
In EUR million
2021
2020
2019
2021
2020
2019
2021
2020
2019
2021
2020
2019
2021
2020
2019
Opening balance
1,181
1,580
1,914
309
322
398
1,450
1,208
604
-117
-114
8
221
253
204
Changes in credit liability reserve
37
-19
-116
Unrealised revaluations
94
-337
137
-173
20
-43
-1,603
242
604
-2
-7
58
Realised gains/losses transferred to
 
the statement of profit or loss
 
-40
-33
-33
Realised revaluations transferred
 
to retained earnings
6
-1
-472
16
-6
-11
-26
-9
Other changes
-62
Closing balance
1,282
1,181
1,580
96
309
322
-153
1,450
1,208
-80
-117
-114
208
221
253
Equity securities at FVOCI
In 2021, the unrealised revaluation of EUR
94
 
million includes revaluation of shares in Bank of Beijing for EUR
38
million.
In 2020, the unrealised revaluations of EUR -
337
 
million includes revaluation of shares in Bank of Beijing for EUR -
339
 
million. Other changes of EUR -
62
 
million is related to prior years revaluations of Visa shares, which are
reclassified to Financial assets at fair value through profit or loss and for which the unrealised revaluation up until
2019 is transferred to retained earnings.
 
Reference is made to note 5 ‘Financial assets at fair value through other
comprehensive income’.
 
In 2019, the unrealised revaluations of EUR
137
 
million are due to the revaluation of shares in Bank of Beijing
EUR
35
 
million and shares in EquensWorldLine EUR
101
 
million. The EUR
-472
 
million transfer of revaluation
reserve to retained earnings is mainly related to the sale of shares in Kotak Mahindra Bank EUR
-320
 
million and
EquensWorldLine EUR
-149
 
million.
Cash flow hedge
ING mainly hedges floating rate lending with interest rate swaps. Due to an increase in yield curves in 2021 the
interest rate swaps had a negative revaluation of EUR
-1,603
 
million which is recognised in the cash flow hedge
reserve.
Net defined benefit asset/liability remeasurement reserve
Reference is made to Note 37 ‘Pension and other post-employment benefits’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
19
 
Equity
 
ING Group Annual Report 2021 on Form 20-F
F -306
Currency translation reserve
Changes in currency translation reserve
In EUR million
2021
2020
2019
Opening balance
-3,636
-2,079
-2,043
Unrealised revaluations
-61
106
-134
Realised gains/losses transferred to
 
the statement of profit or loss
 
-1
-138
Exchange rate differences
214
-1,662
236
Closing balance
-3,483
-3,636
-2,079
Unrealised revaluations relates to changes in the value of hedging instruments that are designated as net
investment hedges. The hedging strategy is to hedge the CET1 ratio of ING Group. The net increase of unrealised
revaluations and Exchange rate differences of EUR
153
 
million is related to several currencies including USD (EUR
456
 
million), TRY (EUR
-466
 
million) GBP (EUR
86
 
million), CHF (EUR
32
 
million), CNY (EUR
27
 
million) and other
currencies (EUR
18
 
million).
In 2019 realised gains/losses transferred to the statement of profit or loss is related to the sale of shares in Kotak
Mahindra Bank (EUR
-119
 
million) and the effect of the merger transaction of TTB (EUR
-18
 
million).
Share of associates and joint ventures and other reserves
Changes in share of associates, joint ventures and other reserves
In EUR million
2021
2020
2019
Opening balance
3,246
3,189
2,940
Result for the year
191
94
180
Transfer to/from
 
retained earnings
-21
-37
69
Closing balance
3,416
3,246
3,189
The Share of associates, joint ventures and other reserves includes non-distributable profits from associates and
joint ventures of EUR
738
 
million (2020: EUR
644
 
million). Other reserves includes a statutory reserve of EUR
2,103
 
million (2020: EUR
1,912
 
million) related to the former Stichting Regio Bank and the former Stichting
Vakbondsspaarbank SPN and a legal reserve of EUR
573
 
million (2020: EUR
688
 
million) related to own developed
software.
Treasury shares
Changes in treasury shares
Amount
Number x 1,000
2021
2020
2019
2021
2020
2019
Opening balance
-4
-10
-11
572
919
1,138
Purchased/sold for trading purposes
-4
5
1
102
-348
-218
Purchases Share buyback programme
-1,604
127,628
Closing balance
-1,612
-4
-10
128,301
572
919
On 1 October 2021, ING announced a share buyback
 
programme for EUR
1,744
 
million, commencing on 5
October 2021 and which was completed by February 2022. As per
 
31 December 2021 a total of
128
 
million shares
have been repurchased at an average price of EUR
12.57
 
per share for a total consideration of EUR
1,604
 
million.
As the programme was initiated for capital reduction purposes, ING Groep N.V.
 
intends to cancel all the shares
acquired under the programme.
Retained earnings
Changes in retained earnings
 
In EUR million
2021
2020
2019
Opening balance
32,149
29,866
28,339
Transfer to/from
 
other reserves
26
108
418
Result for the year
5,760
2,156
3,723
Dividend and other distributions
-2,342
-2,650
Employee stock options and share plans
12
11
13
Changes in composition of the group and other changes
-143
6
23
Closing balance
35,462
32,149
29,866
Dividend and other distributions
In 2021, a cash dividend of EUR
1,288
 
million (2020:
nil
 
and 2019: EUR
2,650
 
million) and other cash distributions
of EUR
1,054
 
million related to prior year profits were paid to the shareholders of ING Group. For further
information, reference is made to Note 31 ‘Dividend per ordinary share’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
19
 
Equity
 
ING Group Annual Report 2021 on Form 20-F
F -307
Other changes
Other changes' includes an amount of EUR
140
 
million, which corresponds to the remaining obligation to the
broker regarding the share buyback programme. As ING Group has a contractual obligation to purchase its own
shares when the agreement with the broker was signed a liability was formed with a corresponding reduction in
equity.
 
Ordinary shares - Restrictions with respect to dividend and repayment of capital
The following equity components cannot be freely distributed: Revaluation reserves, Net defined benefit
asset/liability remeasurement reserve, Currency translation reserve, Share of associates and joint ventures
reserve and Other reserves including the part related to the former Stichting Regio Bank
 
and the former Stichting
Vakbondsspaarbank SPN.
As at 31 December 2021, an amount of EUR
2,103
 
million (2020: EUR
1,912
 
million; 2019: EUR
1,818
 
million)
related to the former Stichting Regio Bank and the former Stichting Vakbondsspaarbank SPN is included.
ING Groep N.V.
 
is subject to legal restrictions regarding the amount of dividends it can pay to the holders of its
ordinary shares. Pursuant to the Dutch Civil Code, dividends can only be paid
 
up to an amount equal to the
excess of the company’s own funds over the sum of the paid-up capital and reserves required by law.
Moreover, ING Groep N.V.’s
 
ability to pay dividends is dependent on the dividend payment ability
 
of its
subsidiaries, associates and joint ventures. ING Groep N.V.
 
is legally required to create a non-distributable
reserve insofar as profits of its subsidiaries, associates and joint ventures are subject to dividend payment
restrictions which apply to those subsidiaries, associates and joint ventures themselves.
 
Non distributable reserves, determined in accordance with the financial reporting
 
requirements included in Part
9 of Book 2 of the Dutch Civil Code, from ING Group’s subsidiaries, associates and joint ventures are as follows:
Non-distributable reserves
In EUR million
2021
2020
2019
ING Bank
8,205
9,829
8,397
Other
0
2
0
Non-distributable reserves
8,205
9,831
8,398
In addition to the legal and regulatory restrictions on distributing dividends from subsidiaries,
 
associates and joint
ventures to ING Groep N.V.
 
there are various other considerations and limitations that are taken into account in
determining the appropriate levels of equity in the Group’s subsidiaries, associates and joint ventures. These
considerations and limitations include, but are not restricted to, minimum capital requirements that are imposed
by industry regulators in the countries in which the subsidiaries, associates and joint ventures operate, or other
limitations which may exist in certain countries and may or may not be temporary in nature. It is not possible to
disclose a reliable quantification of these limitations. For an overview of the minimal
 
capital requirements of ING
Group refer to the ‘Capital Management’ section.
Without prejudice to the authority of the Executive Board to allocate profits to reserves and to the fact that the
ordinary shares are the most junior securities issued by ING Groep N.V., no specific dividend payment restrictions
with respect to ordinary shares exist. Refer to Note 51 ‘Capital Management’ for further details.
Furthermore, ING Groep N.V.
 
is subject to legal restrictions with respect to repayment of capital to holders of
ordinary shares. Pursuant to the Dutch Civil Code, capital may only be repaid if none of ING
 
Groep N.V.’s
creditors opposes such a repayment within two months following the announcement of a resolution to that
effect.
Cumulative preference shares (not issued)
Pursuant to the Articles of Association of ING Groep N.V.
 
the authorised cumulative preference share capital
consists of
4.6
 
billion cumulative preference shares, of which none have been issued. The par value of these
cumulative preference shares is EUR
0.01
. A right to acquire cumulative preference shares has been granted to
Stichting Continuïteit ING (ING Continuity Foundation).
The cumulative preference shares rank before the ordinary shares in entitlement to dividend and to distributions
upon liquidation of ING Groep N.V.
 
 
 
>
 
19
 
Equity
 
ING Group Annual Report 2021 on Form 20-F
F -308
The dividend on the cumulative preference shares will be equal to a percentage, calculated on the amount
compulsorily paid up or yet to be paid up. This percentage shall be equal
 
to the average of the Euro short-term
rate
 
(€STR) as calculated by the European Central Bank during the financial year for which the distribution
 
is
made; this percentage being weighted on the basis of the number of days for which it applies,
 
and increased by
2.585
 
percentage points.
If, and to the extent that the profit available for distribution is not sufficient to pay the dividend referred to
above in full, the shortfall will be made up from the reserves insofar as possible.
 
If, and to the extent that, the
dividend distribution cannot be made from the reserves, the profits earned
 
in subsequent years shall first be
used to make up the shortfall before any distribution may be made on shares of any other category.
ING Groep N.V.’s
 
Articles of Association make provision for the cancellation of cumulative preference shares.
Upon cancellation of cumulative preference shares and upon liquidation of ING Groep N.V., the amount paid up
on the cumulative preference shares will be repaid together with the accrued dividend as well as any dividend
shortfall in preceding years, insofar as this shortfall has not yet been made up.
No specific dividend payment restrictions with respect to the cumulative preference shares exist.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
20
 
Net interest income
 
ING Group Annual Report 2021 on Form 20-F
F -309
Notes to the Consolidated statement
 
of profit or loss
20
 
Net interest income
Net interest income
in EUR million
2021
2020
2019
2021
2020
2019
Interest income on loans
13,914
15,624
19,028
Interest expense on deposits from banks
109
177
361
Interest income on financial assets at fair value through OCI
346
512
615
Interest expense on customer deposits
915
1,331
2,934
Interest income on debt securities at amortised cost
468
508
673
Interest expense on debt securities in issue
1,218
1,732
2,350
Interest income on non-trading derivatives (hedge accounting)
2,361
3,392
4,319
Interest expense on subordinated loans
571
612
660
Negative interest on liabilities
1,487
678
422
Negative interest on assets
572
353
349
Total interest
 
income using effective interest rate
 
method
18,577
20,715
25,056
Interest expense on non-trading derivatives (hedge accounting)
1,700
3,198
4,615
Total interest
 
expense using effective interest rate
 
method
5,085
7,402
11,268
Interest income on financial assets at fair value through profit
 
or loss
435
658
1,897
Interest income on non-trading derivatives (no hedge accounting)
2,025
1,154
1,181
Interest expense on financial liabilities at fair value through profit
 
or loss
304
514
1,695
Interest income other
 
14
32
30
Interest expense on non-trading derivatives (no hedge accounting)
1,605
1,029
1,311
Total other interest
 
income
2,474
1,843
3,107
Interest expense on lease liabilities
14
18
25
Total interest
 
income
 
21,051
22,559
28,163
Interest expense other
43
44
54
Total other interest
 
expense
1,966
1,605
3,084
Total interest
 
expense
7,051
9,007
14,353
Net interest income
14,000
13,552
13,811
Total
 
net interest income amounts to EUR
14,000
 
million (2020: EUR
13,552
 
million). Net interest income was
affected by reversing the hedge accounting impacts that are applied under EU ‘IAS 39 carve-out’ with
 
an impact
of EUR +
385
 
million (2020: EUR
-52
 
million). The net increase, without the IAS 39 carve
 
out impact, is EUR
11
million.
 
Higher interest results were recorded on lending products (driven by a higher total lending margin).
These increases were offset by lower revenues on current accounts and savings, reflecting continued liability
margin pressure.
Negative interest on liabilities in 2021, amounting to EUR
1,487
 
million (2020: EUR
678
 
million) includes ECB
funding rate benefit from the TLTRO III programme of EUR
808
 
million (2020: EUR
164
 
million). This amount
includes EUR
325
 
million of unconditional interest benefit and EUR
483
 
million of conditional interest benefit
which depends on meeting the lending growth targets (2020: the full
 
amount of EUR
164
 
million represented
unconditional interest benefit).
 
As at 31 December 2020, ING Group did not have a reasonable expectation of meeting
 
the lending growth
targets for the first special reference period (1 March 2020 to 31 March 2021), hence ING Group did not accrue
for the conditional benefit and recognised unconditional interest benefit at
-50
 
bps in 2020. In the first quarter of
2021, ING Group met the lending growth targets for the first special reference period (1 March 2020 to 31 March
2021) and therefore the interest rate applicable under TLTRO III during the period 24 June 2020 to 23 June 2021
changed from
-50
bps to
-100
bps. The effect of the revised interest rate has been recognised in the statement of
profit or loss (net interest income) in 2021 including EUR
158
 
million related to the year 2020. Based on the
developments in the eligible asset base, ING met the lending
 
growth targets for the second special reference
period (1 October 2020 to 31 December 2021), therefore the funding rate remains at
-100
 
bps for the period 24
June 2021 – 23 June 2022.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
21
 
Net fee and commission income
 
ING Group Annual Report 2021 on Form 20-F
F -310
21
 
Net fee and commission income
 
Net fee and commission income
in EUR million
2021
2020
2019
Fee and commission income
Payment Services
1,661
1,566
1,638
Securities business
853
700
485
Insurance and other broking
734
705
674
Portfolio management
617
525
490
Lending business
477
368
411
Financial guarantees and other commitments
458
364
338
Other
204
286
404
Total fee
 
and commission income
5,004
4,514
4,439
Fee and commission expenses
Payment Services
563
611
669
Securities business
164
133
127
Distribution of products (Externally)
591
548
504
Other
169
211
272
Total fee
 
and commission expenses
1,487
1,503
1,571
Net fee and commission income
3,517
3,011
2,868
ING Group changed the presentation of net fee and commission income as of 2021 to better align with internal
management and monitoring. Comparative figures for 2020 and 2019 have been updated accordingly. The
reclassifications
 
do not affect the total amount of Net Fee and Commission Income.
 
Payment services fees are earned for providing services for deposit accounts and cards, cash management and
transaction processing including interchange. Securities fees and commissions are fees for securities brokerage
and securities underwriting. Portfolio management fees include fees earned for asset management activities,
fiduciary and related activities in which ING holds or invests assets on
 
behalf of its customers. Fees and
commissions from Lending business include income earned
 
for lending advisory, origination, underwriting and
loan commitments which are not part of the effective interest rate. Financial guarantees and other commitments
fees and commissions are earned from bank guarantees, letters of credit and other trade finance related
products, factoring and leasing. Fees paid for distribution of products are all fees paid for the distribution of ING’s
products and services through external providers.
 
All of ING’s net fee and commission income are in scope of IFRS 15 ‘Revenue from Contracts with Customers’.
Reference is made to Note 35 ‘Segments’ which includes net fee and commission income, as reported to the
Executive Board and the Management Board Banking, disaggregated by line of business
 
and by geographical
segment.
22
 
Valuation results and net trading income
 
Valuation results and net trading income
in EUR million
2021
2020
2019
Securities trading results
787
-500
974
Derivatives trading results
-554
701
-998
Other trading results
84
72
117
Change in fair value of derivatives relating to
 
fair value hedges
 
-1,317
538
507
 
cash flow hedges (ineffective portion)
1
-5
47
 
other non-trading derivatives
 
1,179
-90
-732
Change in fair value of assets and liabilities (hedged items)
1,330
-541
-518
Valuation results on assets and liabilities designated at FVPL
 
(excluding trading)
-13
-123
-358
Foreign exchange transactions results
567
422
801
2,065
474
-159
Changes in Valuation results and net trading income in 2021 compared to 2020 are the result of increased yield
curves in 2021 versus decreased yield curves in 2020.
 
Securities trading results includes the results of market making in instruments such as
 
government securities,
equity securities, corporate debt securities, money-market instruments. Derivatives trading results includes the
results of derivatives such as interest rate swaps, options, futures, and forward contracts.
 
Trading gains and losses relating to trading securities still held as at 31 December 2021 amount to EUR
-268
million (2020: EUR
-690
 
million; 2019: EUR
-82
 
million).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
23
 
Investment income
 
ING Group Annual Report 2021 on Form 20-F
F -311
The majority of the risks involved in security and currency trading is economically
 
hedged with derivatives. The
securities trading results are partly offset by results on these derivatives. The result of these derivatives is
included in Derivatives trading results.
 
Other trading results include the results of trading loans and funds entrusted.
 
Foreign exchange transactions results include gains and losses from spot and forward contracts, options, futures,
and translated foreign currency assets and liabilities. The result on currency trading is included in foreign
exchange transactions results.
Net trading income relates to trading assets and trading liabilities which include assets and liabilities
 
that are
classified under IFRS as Trading but are closely related to servicing the needs of the clients of ING. ING offers
products that are traded on the financial markets to institutional clients, corporate clients, and governments. ING
Group’s trading books are managed based on internal limits and comprise a mix of products with results which
could be offset. A significant part of the derivatives in the trading portfolio are related to servicing corporate
clients in their risk management to hedge for example currency or interest rate exposures. From a risk
perspective, the gross amount of trading assets must be considered together with the gross amount of trading
liabilities, which are presented separately on the statement of financial position. However, IFRS does not always
allow netting of these positions in the statement of financial position. Reference is made to Note 4 ‘Financial
assets at fair value through profit or loss’ and Note 14 ‘Financial liabilities at fair value through profit or loss’ for
information on trading assets and trading liabilities respectively.
‘Valuation results and net trading income’ include the fair value movements on derivatives (used for both hedge
accounting and economically hedging exposures) as well as the changes in the
 
fair value of assets and liabilities
included in hedging relationships as hedged items. Reference is made to Note 40 ‘Derivatives and hedge
accounting’ for information on derivatives used for hedge accounting.
 
In general, the fair value movements are influenced by changes in the market conditions, such as stock prices,
credit spreads, interest rates and currency exchange rates. The Covid-19 pandemic is still ongoing, but markets
have recovered and stabilised further during 2021 and volatility has largely returned to pre-pandemic levels.
 
Furthermore, derivatives trading results is also impacted by fair value movements arising from changes in credit
spreads (CVA and DVA), bid offer spreads, model risk and incremental cost of funding on derivatives (FVA and
CollVA).
 
Spreads tightened in 2021 compared to 2020 and the fair value changes decreased.
In 2021, Derivatives trading results include EUR
98
 
million CVA/DVA adjustments on trading derivatives (2020:
EUR
17
 
million; 2019: EUR
39
 
million).
 
‘Valuation results on assets and liabilities designated at fair value through profit or loss (excluding trading)’
include fair value changes on financial assets and financial liabilities
 
driven by changed market conditions. Refer
to Note 4 'Financial assets at fair value through profit or loss' and to Note 14 ‘Financial
 
liabilities at fair value
through profit or loss’.
In addition, ‘Valuation results on assets and liabilities designated at fair value through profit or loss (excluding
trading)’ include fair value adjustments on own issued notes amounting to EUR
65
 
million (2020: EUR
-1
 
million;
2019: EUR
-424
 
million).
Interest income from trading assets in 2021 amounted to EUR
13,737
 
million (2020: EUR
 
13,412
 
million; 2019:
15,187
 
million). Interest expense from trading liabilities in 2021
 
amounted to EUR
14,079
 
million (2020: EUR
13,052
 
million; 2019:
14,922
 
million).
23
 
Investment income
 
Investment income
in EUR million
2021
2020
2019
Dividend income
122
107
115
Realised gains/losses on disposal of debt instruments measured at FVOCI
45
44
46
Income from and fair value gains/losses on investment properties
-0
1
27
Investment income
167
152
188
In 2021, 2020 and 2019 dividend income mainly consists
 
of dividend received from ING’s equity stake in Bank of
Beijing.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
24
 
Result on disposal of group companies
 
ING Group Annual Report 2021 on Form 20-F
F -312
24
 
Result on disposal of group companies
 
Result on disposal of group companies
in EUR million
2021
2020
2019
ING Austria (Retail Banking activities)
-26
Makelaarsland
-3
Cel Data Services
 
-3
ING Lease Italy
-2
ING Mauritius
119
-29
-3
117
At 12 July 2021, ING announced that it has reached an
 
agreement to transfer
 
ING’s Retail
 
Banking operations in Austria
to bank99. Per 1 December 2021 ING completed the
 
transaction and realized a
 
loss on settlement of
EUR
26
 
million.
ING and the board of Makelaarsland agreed during 2021 to continue Makelaarsland independently.
 
The negative
result on disposal of group companies from this management buyout amounted to a loss
 
of approximately EUR
3
million.
In 2020 ING realized a EUR
3
 
million loss on the sale of Cel Data Services N.V. against net assets disposed of EUR
4
million. Cel Data Services N.V.
 
is active in ATM services including cash loading and ICT managed services
 
for ING’s
Belgian retail branches, other Belgian financial institutions and retail shops.
In 2019 the Result on disposal of group companies is mainly impacted
 
by the sale of ING’s stake in Kotak
Mahindra Bank by ING Mauritius during 1Q 2019. ING Mauritius
 
is in the process of being liquidated and
consequently, the release of the currency translation reserve (CTA)
 
and the release of the Net Investment
Foreign Entities reserve resulted in a one-off gain of EUR
119
 
million.
25
 
Net result on derecognition of financial assets measured at amortised cost
 
Net result on derecognition of financial assets measured at amortised cost
in EUR million
2021
2020
2019
Loans at amortised cost
1
4
13
Securities at amortised cost
-1
185
24
Net result on derecognition of financial assets measured at amortised cost
-0
189
38
In 2020, driven by exceptional market circumstances in the first quarter, ING realised a profit on the sale of debt
securities at amortised cost of EUR
186
 
million.
26
 
Other income
In 2021, Other income of EUR
236
 
million (2020: EUR
20
 
million; 2019: EUR
214
 
million) includes the recognition
of EUR
72
 
million relating to a better than expected recovery of the insolvency of a financial institution in
 
the
Netherlands and EUR
34
 
million proceeds of the agreement with Raiffeisenbank due to the withdrawal from the
retail banking market in the Czech Republic.
 
Furthermore, it includes the positive recovery of defaulted
receivables of EUR
25
 
million (2020: EUR
27
 
million).
In 2020, Other income is impacted by positive and negative non-recurring
 
results, including a loss of EUR
58
million following a settlement with the Australian Tax Authorities related to former insurance activities, that
were fully indemnified by NN Group. This was offset by a tax profit for the same amount resulting from the
release of the provision for uncertain tax positions in current tax liabilities.
In 2019, Other income also included the recognition of EUR
79
 
million receivable related to the insolvency of a
financial institution.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
27
 
Staff Expenses
 
ING Group Annual Report 2021 on Form 20-F
F -313
27
 
Staff Expenses
 
Staff expenses
in EUR million
2021
2020
2019
Salaries
4,011
3,751
3,572
Pension costs and other staff-related benefit costs
408
395
366
Social security costs
563
538
530
Share-based compensation arrangements
31
19
41
External employees
699
881
974
Education
47
43
64
Other staff costs
182
186
208
5,941
5,812
5,755
Share-based compensation arrangements include EUR
29
 
million (2020: EUR
17
 
million; 2019: EUR
38
 
million)
relating to equity-settled share-based payment arrangements and EUR
2
 
million (2020: EUR
2
 
million; 2019: EUR
3
 
million) relating to cash-settled share-based payment arrangements.
Number of employees
Netherlands
Rest of the world
Total
2021
2020
2019
2021
2020
2019
2021
2020
2019
Total average
 
number
of internal employees at full time
equivalent basis
15,138
15,201
14,415
42,523
40,701
39,016
57,660
55,901
53,431
Remuneration of senior management, Executive Board and Supervisory Board
Reference is made to Note 50 ‘Related parties’.
Share plans and Stock Options
ING grants various types of share awards, namely deferred shares, performance shares and upfront shares, which
form part of the variable remuneration offering via the Long-term Sustainable Performance Plan (LSPP). The
entitlement to the LSPP share awards is granted conditionally. If the participant remains in employment for an
uninterrupted period between the grant date and the vesting date, the entitlement becomes unconditional, with
the exception of the upfront shares which are immediately vested upon grant. Upfront and deferred shares
awarded to the Management Board members of ING Group as well as identified staff, have a retention obligation
that must be adhered to upon vesting, typically a minimum retention of 12 months
 
applies. ING has the authority
to apply a holdback to awarded but unvested shares and a clawback to vested shares.
 
In addition to the LSPP share awards, ING paid a number of senior
 
employees fixed shares. The number of shares
were determined each month from a cash value that forms part of the employee fixed remuneration. The shares
were immediately vested to the employee, but had a minimum holding requirement of
two years
 
before the
employee can dispose of the shares. The fixed shares are not subject to holdback or
 
clawback.
The share awards granted in 2021 relate to the performance year 2020. In 2021,
0
 
share awards (2020:
63,837
;
2019:
0
) were granted to the members of the Executive Board of ING Groep N.V.,
 
and
 
123,750
 
share awards
(2020:
122,338
; 2019:
2,837
) were granted to the Management Board Banking. To senior management and other
employees
 
3,267,372
 
share awards (2020:
3,678,776
; 2019:
2,167,817
) were granted.
The obligations with regard to share plans are funded by newly issued shares at the discretion of ING Group.
In 2010, the Group Executive Board has decided not to continue the option scheme
 
as from 2011. These option
schemes have run off during the financial year 2020.
 
On 31 December 2019 there were
2,356,343
 
options outstanding and in 2019
2,186,316
 
options were exercised.
The weighted average share price at the date of exercise for options exercised
 
during 2020 was EUR
5.73
 
(2019:
10.89
).
 
Changes in share awards
Share awards (in numbers)
Weighted average grant
 
date fair
values (in euros)
2021
2020
2019
2021
2020
2019
Opening balance
3,878,219
3,857,048
5,854,999
7.25
11.14
11.62
Granted
3,391,122
3,864,951
2,170,654
9.69
5.12
10.04
Performance effect
11.12
Vested
-3,459,163
-3,690,340
-3,945,020
9.25
9.01
11.23
Forfeited
-135,506
-153,440
-223,585
7.61
8.55
11.39
Closing balance
3,674,672
3,878,219
3,857,048
7.60
7.25
11.14
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
28
 
Other operating expenses
 
ING Group Annual Report 2021 on Form 20-F
F -314
As at 31 December 2021 the share awards consists of
3,154,715
 
share awards (2020:
3,326,457
; 2019:
3,346,004
)
relating to equity-settled share-based payment arrangements and
519,957
 
share awards (2020:
551,762
; 2019:
511,044
) relating to cash-settled share-based payment arrangements.
The fair value of share awards granted is recognised as an expense under Staff expenses and is allocated over the
vesting period of the share awards. The fair value calculation takes into account the current stock prices,
expected volatilities and the dividend yield of ING shares.
 
As at 31 December 2021, total unrecognised compensation costs related to share awards amount to EUR
13
million (2020: EUR
10
 
million; 2019: EUR
15
 
million). These costs are expected to be recognised over a weighted
average period of
1.7
 
years (2020:
1.6
 
years; 2019:
1.4
 
years).
28
 
Other operating expenses
 
Other operating expenses
in EUR million
2021
2020
2019
Regulatory costs
1,265
1,105
1,021
Audit and non-audit services
34
29
30
IT related expenses
781
812
759
Advertising and public relations
305
335
391
External advisory fees
301
418
416
Office expenses
281
320
325
Travel and accommodation
 
expenses
52
68
140
Contributions and subscriptions
112
110
108
Postal charges
38
38
46
Depreciation of property and equipment
573
578
551
Amortisation of intangible assets
261
251
237
(Reversals of) impairments of tangible assets
26
43
-3
(Reversals of) impairments of intangible assets
95
515
62
Addition to / (unused amounts reversed of) provision for reorganisations
214
149
6
Addition to / (unused amounts reversed of) other provisions
254
39
29
Other
658
532
477
5,251
5,341
4,598
Reference is made to Note 9 for (reversals of) impairments of property and equipment and Note 10 for (reversals
of) impairments of intangible assets.
Regulatory costs
Regulatory costs represent contributions to the Deposit Guarantee Schemes (DGS), The Single Resolution Fund
(SRF), local bank taxes and local resolution funds. Included in Regulatory costs for 2021, are contributions to DGS
of EUR
435
 
million (2020: EUR
413
 
million; 2019: EUR
362
 
million) mainly related to the Netherlands, Germany,
Belgium, and Poland and contributions to the SRF and local resolution funds
 
of EUR
308
 
million (2020: EUR
277
million; 2019: EUR
239
 
million). In 2021 local bank taxes increased by EUR
107
 
million from EUR
414
 
million in
2020 to EUR
522
 
million (2019: EUR
420
 
million).
 
Addition to / (unused amounts reversed of) provision for reorganisations
For further information reference is made to Note 15 ‘Provisions’.
Addition to / (unused amounts reversed of) other provisions
For further information reference is made to Note 15 ‘Provisions’ and Note 46
 
‘Legal proceedings’.
29
 
Audit fees
Total
 
audit and non-audit services include
 
the following fees for services provided by the Group’s auditor.
 
Fees of Group’s auditors
2021
2020
2019
Audit fees
27
25
21
Audit related fees
0
1
2
Total
 
1
27
26
23
1
 
The Group’s auditors did not provide any non-audit services.
Fees as disclosed in the table above relate to the network of the Group’s auditors and are the total expected
audit fees for the period excluding VAT.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
30
 
Earnings per ordinary share
 
ING Group Annual Report 2021 on Form 20-F
F -315
30
 
Earnings per ordinary share
 
Earnings per ordinary share
Weighted average number
of ordinary
 
shares outstanding
Amount
during the period
Per ordinary share
(in EUR million)
(in millions)
(in EUR)
2021
2020
2019
2021
2020
2019
2021
2020
2019
Basic earnings
5,951
2,250
3,903
3,888.5
3,898.9
3,894.8
1.53
0.58
1.00
Basic earnings from continuing
operations
5,951
2,250
3,903
1.53
0.58
1.00
Effect of dilutive instruments:
Stock option and share plans
2.2
2.2
0.5
2.2
2.2
0.5
Diluted earnings
5,951
2,250
3,903
3,890.7
3,901.1
3,895.3
1.53
0.58
1.00
Diluted earnings from
continuing operations
5,951
2,250
3,903
1.53
0.58
1.00
Earnings per ordinary share is calculated on the basis of the weighted average number of ordinary shares
outstanding. In calculating the weighted average number of ordinary shares outstanding,
 
own shares held by
group companies (including share buyback programme) are deducted from the total number of ordinary shares
in issue.
Dilutive instruments
Diluted earnings per share is calculated as if the stock options and share plans outstanding
 
at the end of the
period had been exercised at the beginning of the period and assuming
 
that the cash received from dilutive
instruments (if any)
 
is used to buy own shares against the average market price during the period. The net
increase in the number of shares resulting from exercising stock options and share plans is added to the average
number of shares used for the calculation of diluted earnings per share. In
 
2021, the effect of dilutive
instruments no longer includes stock options. The stock option scheme was terminated in 2020.
31
 
Dividend per ordinary share
 
Dividends to shareholders of the parent
Per
ordinary
share
 
(in EUR)
Total
(in EUR
million)
Dividends on ordinary shares:
In respect of 2019
 
- Interim dividend, paid in cash in August 2019
0.24
935
Total dividend in respect of
 
2019
0.24
935
In respect of 2020
 
- Interim dividend, paid in February 2021
1
0.12
468
Total dividend in respect of
 
2020
0.12
468
In respect of 2021
 
- Interim dividend, paid in October 2021
0.21
820
 
- Final dividend declared
0.41
1,548
2
Total dividend in respect of
 
2021
0.62
2,368
1 AGM declared the interim dividend of EUR
0.12
 
per ordinary share, paid in February 2021, as final dividend over 2020.
2 Compared to the reserved amount of EUR
1,568
 
million, EUR
20
 
million will remain available for distribution to the shareholders due to
rounding of cents per share.
ING Groep N.V.
 
is required to withhold tax of
15
% on dividends paid.
The final dividend declared for 2021 is based on the proposed
 
dividend of EUR
0.41
 
per share times the total
number of outstanding shares. This excludes the shares repurchased under the share buyback programme (
128
million shares at 31 December 2021). On 28 February 2022
 
ING announced it has fully completed the programme
under which
140
 
million shares were repurchased.
In 2021, other cash distributions related to prior year profits of EUR
1,054
 
million (EUR
0.27
 
per share) were paid
to the shareholders of ING Group. Reference is made to Note 19 ‘Equity’ for further information.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
32
 
Net cash flow from operating activities
 
ING Group Annual Report 2021 on Form 20-F
F -316
32
 
Net cash flow from operating activities
The table below shows a detailed overview of the net cash flow from operating activities.
 
Cash flows from operating activities
in EUR million
2021
2020
2019
Cash flows from operating activities
Result before tax
8,385
3,399
5,653
Adjusted for:
- Depreciation and amortisation
834
829
789
-
 
Addition to loan loss provisions
516
2,675
1,120
-
 
Other non-cash items included in result before tax
-1,190
1,671
1,213
Taxation
 
paid
-1,873
-1,734
-2,345
Changes in:
 
Loans and advances to banks, not available on demand
262
10,033
-1,338
 
Deposits from banks, not payable on demand
8,438
43,044
-2,574
Net change in loans and advances to/ from banks, not available/ payable
 
on
demand
8,700
53,078
-3,911
 
Trading assets
-25
-2,101
605
 
Trading liabilities
-5,596
4,667
-3,173
Net change in Trading assets and Trading
 
liabilities
-5,620
2,566
-2,568
Loans and advances to customers
-27,860
2,876
-16,687
Customer deposits
10,339
39,740
18,040
 
Non–trading derivatives
290
-1,440
1,072
 
Assets designated at fair value through profit or loss
-1,907
-1,369
-7
 
Assets mandatorily at fair value through profit or loss
1,650
-1,963
23,343
 
Other assets
-113
1,082
1,363
 
Other financial liabilities at fair value through profit or loss
-6,791
1,189
-12,235
 
Provisions and other liabilities
-304
-1,355
-1,784
Other
-7,175
-3,856
11,752
Net cash flow from/(used in) operating activities
-14,943
101,243
13,055
33
 
Changes in liabilities arising from financing activities
Changes in liabilities arising from financing activities
Debt securities in issue
Subordinated Loans
Lease liabilities
Total Liabilities from
financing activities
in EUR million
2021
2020
2021
2020
2021
2020
2021
2020
Opening balance
82,065
118,528
15,805
16,588
1,339
1,507
99,208
136,622
Cashflows:
Additions
85,113
65,308
3,163
2,165
88,276
67,472
Redemptions / Disposals
-76,150
-99,212
-2,449
-2,786
-301
-273
-78,900
-102,270
Non cash changes:
Amortisation
1
68
27
5
14
18
42
92
Other
-92
-105
-26
-20
161
118
43
-6
Changes in unrealised
revaluations
-1,923
880
-414
397
-2,336
1,277
Foreign exchange movement
2,771
-3,403
609
-545
6
-31
3,386
-3,980
Closing balance
91,784
82,065
16,715
15,805
1,220
1,339
109,719
99,208
 
34
 
Cash and cash equivalents
 
Cash and cash equivalents
in EUR million
2021
2020
2019
Treasury bills and other eligible bills
23
0
43
Deposits from banks/Loans and advances to banks
1,122
478
786
Cash and balances with central banks
106,520
111,087
53,202
Cash and cash equivalents at end of year
107,665
111,566
54,031
Treasury bills and other eligible bills included in cash and cash equivalents
in EUR million
2021
2020
2019
Treasury bills and other eligible bills included in securities at AC
23
43
23
0
43
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
35
 
Segments
 
ING Group Annual Report 2021 on Form 20-F
F -317
Deposits from banks/Loans and advances to banks
in EUR million
2021
2020
2019
Included in cash and cash equivalents:
 
Deposits from banks
-7,059
-8,788
-8,519
 
Loans and advances to banks
8,181
9,266
9,304
1,122
478
786
Not included in cash and cash equivalents:
 
Deposits from banks
-78,033
-69,310
-26,307
 
Loans and advances to banks
15,411
16,098
25,832
-62,621
-53,212
-476
Total as included in the statement
 
of financial position:
 
Deposits from banks
-85,092
-78,098
-34,826
 
Loans and advances to banks
23,592
25,364
35,136
-61,500
-52,733
310
Cash and cash equivalents includes deposits from banks and loans
 
and advances to banks that are on demand.
 
Included in Cash and cash equivalents, are minimum mandatory reserve
 
deposits to be held with various central
banks. Reference is made to Note 43 ‘Transfer of financial assets, assets pledged and received as collateral’ for
restrictions on Cash and balances with central banks.
 
 
Segment reporting
35
 
Segments
ING Group’s segments are based on the internal reporting structure by lines of business.
The Executive Board of ING Group and the Management Board Banking (together the Chief Operating Decision
Maker (CODM)) set the performance targets, approve and monitor the budgets prepared by the business lines.
Business lines formulate strategic, commercial, and financial plans in conformity with the strategy and
performance targets set by the CODM.
Recognition and measurement of segment results are in line with the accounting
 
policies as described in Note 1
‘Basis of preparation and significant accounting policies’. The results for the period for each reportable segment
are after intercompany and intersegment eliminations and are those reviewed by the CODM to assess
performance of the segments. Corporate expenses are allocated to business lines based on time spent by
 
head
office personnel, the relative number of staff, or on the basis of income, expenses and/or assets of the segment.
The following table specifies the segments by line of business and
 
main sources of income of each of the
segments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
35
 
Segments
 
ING Group Annual Report 2021 on Form 20-F
F -318
Specification of the main sources of income of each of the segments by line of business
Segments by line of business
 
Main source of income
Retail Netherlands
(Market Leaders)
Income from retail and private banking activities in the Netherlands, including the
SME and mid-corporate segments, and the Real Estate
 
Finance portfolio related to
Dutch domestic mid-corporates. The main products offered
 
are current and savings
accounts, business lending, mortgages and other consumer lending in the
Netherlands.
Retail Belgium
(Market Leaders)
Income from retail and private banking activities in Belgium (including
Luxembourg), including the SME and mid-corporate segments. The main products
offered are similar to those in the Netherlands.
Retail Germany
(Challengers and Growth Markets)
Income from retail and private banking activities in Germany (including Austria). The
main products offered are current and savings accounts,
 
mortgages and other
customer lending.
Retail Other
(Challengers and Growth Markets)
Income from retail banking activities in the rest of the world, including the SME and
mid-corporate segments in specific countries. The main products offered
 
are similar
to those in the Netherlands.
Wholesale Banking
Income from wholesale banking activities. The main products are: lending, debt
capital markets, working capital solutions, export finance, daily banking solutions,
treasury and risk solutions, and corporate finance.
Specification of geographical split of the segments
Geographical split of the segments
Main countries
The Netherlands
Belgium
Including Luxembourg
Germany
Including Austria
Other Challengers
Australia, Czech Republic, France, Italy,
 
Spain, Portugal, Other
Growth Markets
Poland, Romania, Turkey,
 
Philippines and Asian stakes
Wholesale Banking Rest of World
UK, Americas, Asia and other countries in Central and Eastern Europe
Other
Corporate Line
ING Group monitors and evaluates the performance of ING Group at a consolidated level and by segment using
results based on figures according to IFRS as adopted by the European Union (IFRS-EU). The Executive Board and
the Management Board Banking consider this measure to be relevant to an understanding of the Group’s
financial performance, because it allows investors to understand the primary method used by management to
evaluate the Group’s operating performance and make decisions about allocating resources.
In addition, ING Group believes that the presentation of results in accordance with IFRS-EU helps investors
compare its segment performance on a meaningful basis by highlighting
 
result before tax attributable to ongoing
operations and the profitability of the segment businesses. IFRS-EU result is derived by including
 
the impact of
the IFRS-EU ‘IAS 39 carve out’ adjustment.
The IFRS-EU ‘IAS 39 carve-out’ adjustment relates to fair value portfolio hedge accounting strategies for the
mortgage and savings portfolios in the Benelux, Germany and Other Challengers that are not eligible
 
under IFRS-
IASB. As no hedge accounting is applied to these mortgage and savings portfolios under
 
IFRS-IASB, the fair value
changes of the derivatives are not offset by fair value changes of the hedge items (mortgages and savings).
The segment reporting in the annual report on Form 20-F has been prepared
 
in accordance with International
Financial Reporting Standards as issued by the EU (IFRS-EU) and reconciled to International Financial
 
Reporting
Standards as issued by the International Accounting Standards Board (IFRS-IASB) for consistency with the other
financial information contained in this report. The difference between the accounting standards is reflected in
the Wholesale Banking segment, and in the geographical split of
 
the segments in the Netherlands, Belgium,
Germany and Other Challengers.
 
Reference is made to Note 1 ‘Basis of preparation and significant accounting policies’ for a reconciliation
between IFRS-EU and IFRS-IASB. Corporate expenses are allocated to business lines based on time spent by head
office personnel, the relative number of staff, or on the basis of income, expenses and/or assets of the segment.
 
 
 
>
 
35
 
Segments
 
ING Group Annual Report 2021 on Form 20-F
F -319
ING Group reconciles the total segment results to the total result using Corporate Line. The Corporate Line is a
reflection of capital management activities and certain income and expenses that are not
 
allocated to the
banking businesses, including the recognition of
 
value-added tax (VAT)
 
refunds in the Netherlands (recorded
under expenses). In 2021, income was supported by a EUR
143
 
million conditional TLTRO III benefit and the
recognition of a EUR
72
 
million receivable related to the insolvency of a financial institution, while
 
expenses
included EUR
87
 
million of regulatory costs due to an incidental
50
% increase in the Dutch bank tax as well as a
significantly lower VAT
 
refund compared with the previous year. In 2020, net interest income on the Corporate
Line sharply declined, mainly due to lower interest results from foreign currency hedging due to lower interest
rate differentials. In 2019, a EUR
119
 
million gain from the release of a currency translation reserve following the
sale of ING’s stake in Kotak Mahindra Bank was included, and the recognition of a EUR
79
 
million receivable
related to the insolvency of a financial institution (both recorded under income). Furthermore,
 
the Corporate
Line includes the isolated legacy costs (mainly negative interest results) caused by the replacement of short-term
funding with long-term funding during 2013 and
 
2014. ING Group applies a system of capital charging for its
banking operations in order to create a comparable basis for the results of business units globally, irrespective of
the business units’ book equity and the currency
 
they operate in.
The information presented in this note is in line with the information presented to the Executive Board of ING
Group and Management Board Banking.
This note does not provide information on the revenue specified to each product or service
 
as this is not reported
internally and is therefore not readily available.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
35
 
Segments
 
ING Group Annual Report 2021 on Form 20-F
F -320
Reconciliation between IFRS-IASB and IFRS-EU income, expense and net result
12 month period
2021
2020
2019
in EUR million
Income
Expenses
Taxation
Non-
controlling
interests
Net result
1
Income
Expenses
Taxation
Non-
controlling
interests
Net result
1
Income
Expenses
Taxation
Non-
controlling
interests
Net result
1
Net result IFRS-IASB attributable to equity holder of the
parent
20,093
11,708
2,306
128
5,951
17,227
13,828
1,070
78
2,250
17,125
11,472
1,652
99
3,903
Remove impact of:
Adjustment of the EU 'IAS 39 carve out'
2
-1,603
-429
-1,174
410
176
234
1,181
303
878
Result IFRS-EU
3
18,490
11,708
1,877
128
4,776
17,637
13,828
1,246
78
2,485
18,306
11,472
1,955
99
4,781
1. Net result, after tax and non-controlling interests.
2. ING prepares the Form 20-F in accordance with IFRS-IASB. This information is prepared by reversing the hedge accounting impacts that
applied under the EU 'carve-out' version of IAS 39. For the IFRS-EU result, the impact of the carve-out is re-instated as this is the measure at
which management monitors the business.
3. IFRS-EU figures are derived from figures according to IFRS-IASB by excluding the impact of adjustment of the EU 'IAS 39 carve-out'.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
35
 
Segments
 
ING Group Annual Report 2021 on Form 20-F
F -321
ING Group Total
12 month period
2021
2020
2019
in EUR million
ING
Bank
Other
Total ING
Group
ING
Bank
Other
Total ING
Group
ING
Bank
Other
Total ING
Group
Income
– Net interest income
13,615
-0
13,615
13,600
3
13,604
14,074
4
14,079
– Net fee and commission income
3,517
-0
3,517
3,011
-0
3,011
2,868
-0
2,868
– Total investment
 
and other income
1,354
5
1,359
1,034
-12
1,022
1,352
8
1,360
Total income
18,485
5
18,490
17,645
-9
17,637
18,295
12
18,306
Expenditure
– Operating expenses
11,195
-3
11,192
11,160
-8
11,153
10,343
9
10,353
– Addition to loan loss provisions
516
0
516
2,675
-0
2,675
1,120
0
1,120
Total expenses
11,711
-3
11,708
13,835
-8
13,828
11,463
9
11,472
Result before taxation
6,774
8
6,782
3,810
-1
3,809
6,831
3
6,834
Taxation
1,876
1
1,877
1,317
-71
1,246
1,889
66
1,955
Non-controlling interests
128
0
128
78
78
99
99
Net result IFRS-EU
4,770
7
4,776
2,415
70
2,485
4,843
-63
4,781
Adjustment of the EU 'IAS 39 carve out'
1,174
1,174
-234
-234
-878
-878
Net result IFRS-IASB attributable to equity holder of the parent
5,944
7
5,951
2,180
70
2,250
3,966
-63
3,903
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
35
 
Segments
 
ING Group Annual Report 2021 on Form 20-F
F -322
Segments by line of business
 
12 month period
2021
2020
2019
in EUR million
Retail
Nether-
lands
Retail
Belgium
Retail
Ger-
many
1
Retail
Other
1
Wholesale
Banking
Corporate
Line
Total
Retail
Nether-
lands
Retail
Belgium
Retail
Ger-
many
Retail
Other
Wholesale
Banking
Corporate
Line
Total
Retail
Nether-
lands
Retail
Belgium
Retail
Ger-
many
Retail
Other
Wholesale
Banking
Corporate
Line
Total
Income
 
Net interest income
3,290
1,747
1,447
2,712
4,151
267
13,615
3,511
1,816
1,587
2,760
3,718
212
13,604
3,541
1,907
1,579
2,787
3,794
470
14,079
 
Net fee and commission income
771
519
497
530
1,197
3
3,517
681
413
437
412
1,069
-1
3,011
674
374
268
423
1,135
-6
2,868
 
Total investment
 
and other income
201
209
65
361
568
-45
1,359
279
145
93
89
609
-192
1,022
290
161
138
298
369
103
1,360
Total income
4,262
2,475
2,009
3,602
5,916
226
18,490
4,471
2,373
2,117
3,261
5,396
18
17,637
4,505
2,442
1,985
3,509
5,298
568
18,306
Expenditure
 
Operating expenses
2,403
1,667
1,174
2,452
2,926
570
11,192
2,236
1,737
1,110
2,469
3,218
383
11,153
2,210
1,609
1,080
2,210
2,937
307
10,353
 
Additions to loan loss provision
-76
225
49
202
117
0
516
157
514
57
593
1,351
2
2,675
91
186
-53
364
532
-0
1,120
Total expenses
2,326
1,892
1,223
2,654
3,042
570
11,708
2,393
2,251
1,167
3,063
4,568
385
13,828
2,301
1,794
1,027
2,574
3,469
307
11,472
Result before taxation
1,936
583
786
949
2,874
-345
6,782
2,078
122
950
199
827
-367
3,809
2,204
647
957
935
1,830
261
6,834
Taxation
499
146
252
212
703
65
1,877
523
51
331
105
295
-58
1,246
558
192
328
234
464
179
1,955
Non-controlling interests
0
4
98
26
-0
128
-1
0
4
55
20
-0
78
-0
0
3
82
14
-0
99
Net result IFRS-EU
1,437
437
529
639
2,144
-410
4,776
1,556
71
615
39
512
-308
2,485
1,646
455
627
619
1,352
82
4,781
Adjustment of the EU 'IAS 39 carve out'
1,174
1,174
-234
-234
-878
-878
Net result IFRS-IASB
1,437
437
529
639
3,318
-410
5,951
1,556
71
615
39
278
-308
2,250
1,646
455
627
619
474
82
3,903
1 In the fourth quarter of 2021, ING exited from the retail banking markets in Austria and the Czech Republic.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
35
 
Segments
 
ING Group Annual Report 2021 on Form 20-F
F -323
Geographical split of the segments
 
12 month period
2021
2020
2019
in EUR million
Nether-
lands
Belgium
Ger-
many
1
Other
Challen
gers
1
Growth
Markets
Wholesale
Banking
Rest of
World
Other
Total
Nether-
lands
Belgium
Ger-
many
Other
Challen
gers
Growth
Markets
Wholesale
Banking
Rest of
World
Other
Total
Nether-
lands
Belgium
Ger-
many
Other
Challen
gers
Growth
Markets
Wholesale
Banking
Rest of
World
Other
Total
 
Net interest income
4,068
2,109
1,943
1,889
1,532
1,805
268
13,615
4,178
2,116
2,090
1,781
1,578
1,654
208
13,604
4,213
2,233
2,122
1,808
1,610
1,633
461
14,079
– Net fee and
commission income
1,070
717
525
331
351
520
3
3,517
981
583
468
276
286
418
-1
3,011
994
533
315
283
304
446
-7
2,868
 
Total investment
 
and
other income
314
265
121
88
446
171
-46
1,359
398
196
127
27
215
243
-184
1,022
119
233
169
16
420
292
111
1,360
Total income
5,452
3,092
2,589
2,308
2,330
2,496
226
18,490
5,557
2,896
2,684
2,084
2,078
2,315
23
17,637
5,325
2,999
2,606
2,107
2,334
2,370
566
18,306
Expenditure
 
Operating expenses
3,279
1,960
1,346
1,547
1,276
1,214
570
11,192
3,347
2,037
1,270
1,566
1,272
1,273
387
11,153
2,994
1,925
1,237
1,318
1,277
1,293
308
10,353
 
Additions to loan loss
provision
28
184
117
99
110
-21
0
516
421
589
267
298
412
684
2
2,675
146
268
-40
171
271
303
-0
1,120
Total expenses
3,307
2,143
1,463
1,646
1,386
1,192
570
11,708
3,769
2,627
1,537
1,864
1,684
1,957
390
13,828
3,140
2,194
1,197
1,489
1,548
1,596
308
11,472
Result before taxation
2,145
948
1,125
662
944
1,303
-345
6,782
1,788
269
1,146
220
395
357
-367
3,809
2,185
805
1,409
618
785
774
258
6,834
Retail Banking
1,936
583
786
206
742
4,253
2,078
122
950
-27
225
3,348
2,204
647
957
307
628
4,744
Wholesale Banking
209
365
340
456
202
1,303
-0
2,874
-290
147
197
247
169
357
-0
827
-19
158
451
311
157
774
-3
1,830
Corporate Line
-345
-345
-367
-367
261
261
Result before taxation
2,145
948
1,125
662
944
1,303
-345
6,782
1,788
269
1,146
220
395
357
-367
3,809
2,185
805
1,409
618
785
774
258
6,834
Taxation
556
240
359
194
178
287
64
1,877
518
89
381
91
141
85
-59
1,246
549
247
476
207
159
144
173
1,955
Non-controlling
interests
0
4
124
-0
128
-1
0
4
75
-0
78
-0
0
3
96
-0
99
Net result IFRS-EU
1,589
708
762
468
641
1,016
-409
4,776
1,271
180
761
129
178
273
-308
2,485
1,637
558
929
411
530
630
85
4,781
Adjustment of the EU
'IAS 39 carve out'
723
47
390
14
1,174
-177
27
-115
30
-234
-273
-372
-232
-0
-878
Net result IFRS
2,312
755
1,153
482
641
1,016
-409
5,951
1,094
207
647
159
178
273
-308
2,250
1,363
186
697
411
530
630
85
3,903
1 In the fourth quarter of 2021, ING exited from the retail banking markets in Austria and the Czech Republic.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
36
 
Information on geographical areas
 
ING Group Annual Report 2021 on Form 20-F
F -324
36
 
Information on geographical areas
ING Group’s business lines operate in
seven
 
main geographical areas: the Netherlands, Belgium, Germany,
Poland, Rest of Europe, North America, Latin America, Asia and Australia. A geographical area is a distinguishable
component of the Group engaged in providing products or services within a particular
 
economic environment
that is subject to risks and returns that are different from those of geographical areas operating in other
economic environments. The geographical analyses are based on the location of the office from which the
transactions are originated and do not include countries where ING only has representation offices. The
Netherlands is ING Group’s country of domicile.
In order to increase ING Group’s tax transparency,
 
additional financial information on a per country basis
 
has
been included in this disclosure: Tax paid represents all income tax paid to and/or received from tax authorities
in the current year, irrespective of the fiscal year to which these payments or refunds relate. Total
 
assets by
country does not include intercompany balances and reconciles to the total assets in the consolidated statement
of financial position of ING Group.
The table below provide additional information, for the years 2021, 2020 and 2019 respectively, on names of
principal subsidiaries and branches, nature of main activities and
 
average number of employees on a full time
equivalent basis by country/tax jurisdiction.
Additional information by country
Geographical
area
Country/Tax
jurisdiction
Name of principal
subsidiary
Main (banking)
activity
Average number of employees at
full time equivalent basis
Total Income
Total assets
Result before tax
Taxation
Tax paid
2021
2020
2019
2021
2020
2019
2021
2020
2019
2021
2020
2019
2021
2020
2019
2021
2020
2019
Netherlands
Netherlands
ING Bank N.V.
Wholesale / Retail
15,138
15,201
14,415
6,621
5,100
5,198
299,767
283,664
267,368
2,384
612
1,397
728
285
437
428
588
684
Belgium
Belgium
ING België N.V.
Wholesale / Retail
6,965
7,397
7,694
2,754
2,637
2,277
130,335
133,269
121,813
842
212
291
212
75
142
174
66
258
Luxemburg
ING Luxembourg S.A.
Wholesale / Retail
856
855
841
366
279
292
20,406
15,290
16,608
189
100
123
48
25
29
20
24
17
Rest of Europe
Poland
1
ING Bank Slaski S.A
Wholesale / Retail
10,674
9,425
8,968
1,509
1,399
1,344
43,888
40,928
37,220
660
438
533
154
131
141
235
232
166
Germany
ING DiBa A.G.
Wholesale / Retail
5,521
5,059
4,639
2,962
2,376
2,141
159,799
162,539
147,642
1,587
896
1,032
523
310
355
493
409
460
Romania
1
Branch of ING Bank N.V.
Wholesale / Retail
3,319
3,049
2,575
495
456
457
9,635
8,526
7,424
273
141
221
41
20
34
21
24
34
Spain
Branch of ING Bank N.V.
Wholesale / Retail
1,380
1,228
1,233
743
679
706
32,559
29,899
26,118
212
104
249
57
37
72
59
52
90
Italy
Branch of ING Bank N.V.
Wholesale / Retail
1,099
1,025
959
335
337
269
13,983
13,747
15,726
73
44
-39
25
24
4
2
2
4
UK
Branch of ING Bank N.V.
Wholesale
698
709
692
636
546
594
50,734
64,676
61,088
277
97
214
73
15
52
50
32
40
France
2
Branch of ING Bank N.V.
Wholesale / Retail
764
737
659
313
239
308
12,397
11,555
12,058
-65
-71
70
-16
-17
35
-7
9
48
Russia
ING Bank (Eurasia) Z.A.O.
Wholesale
281
297
293
38
51
93
898
1,035
1,499
3
3
68
0
0
22
-7
-3
49
Czech Republic
3
Branch of ING Bank N.V.
Wholesale
285
355
339
100
146
88
2,894
3,848
4,494
33
59
10
8
12
2
-2
4
5
Hungary
Branch of ING Bank N.V.
Wholesale
119
131
138
44
43
24
1,148
1,092
1,299
12
6
-7
3
2
2
2
1
2
Slovakia
1
Branch of ING Bank N.V.
Wholesale
983
878
703
15
18
14
352
385
587
3
7
2
0
3
0
2
1
-1
Ukraine
PJSC ING Bank Ukraine
Wholesale
96
108
111
22
26
43
409
335
481
11
16
31
2
3
9
2
3
6
Austria
3
Branch of ING DiBa A.G.
Wholesale
292
332
279
175
75
80
419
1,840
1,441
101
0
0
16
-5
1
6
-14
1
Bulgaria
Branch of ING Bank N.V.
Wholesale
61
65
68
14
13
12
420
406
358
2
2
2
0
0
0
0
0
0
Ireland
Branch of ING Bank N.V.
Wholesale
64
50
48
70
72
71
1,831
2,051
2,575
77
66
58
10
8
8
10
8
7
Portugal
Branch of ING Bank N.V.
Wholesale
11
13
12
15
16
18
675
790
899
9
11
14
3
7
4
3
4
5
Switzerland
Branch of ING Bank N.V.
Wholesale
259
256
257
241
187
234
11,081
7,939
8,577
148
88
126
21
13
-36
67
14
22
1 Includes significant amount of FTEs in relation to global services provided.
2 Public subsidies received, as defined in article 89 of the CRD IV, amounts to EUR 0.0 million (2020: EUR
0.3
 
million; 2019: EUR
0.3
 
million).
3 In the fourth quarter of 2021, ING exited from the retail banking markets in Austria and the Czech Republic.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
36
 
Information on geographical areas
 
ING Group Annual Report 2021 on Form 20-F
F -325
Additional information by country (continued)
Geographical
area
Country/Tax
jurisdiction
Name of principal subsidiary
Main (banking)
activity
Average number of employees at
full time equivalent basis
Total Income
Total assets
Result before tax
Taxation
Tax paid
2021
2020
2019
2021
2020
2019
2021
2020
2019
2021
2020
2019
2021
2020
2019
2021
2020
2019
North America
Canada
Payvision Canada Services Ltd.
 
Wholesale
0
1
1
0
3
3
0
0
1
0
0
0
0
0
0
0
0
0
USA
ING Financial Holdings Corp.
Wholesale
563
600
626
936
720
813
55,582
48,205
45,521
779
39
366
182
16
118
148
38
130
Latin America
Brazil
Branch of ING Bank N.V.
Wholesale
63
89
89
13
30
43
288
1,813
2,921
1
3
27
5
19
6
8
4
7
Colombia
ING Capital Colombia S.A.S.
Dissolved
0
3
3
0
1
1
0
2
2
0
0
0
0
0
0
0
0
0
Mexico
ING Consulting, S.A. de C.V.
Wholesale
6
7
8
1
1
1
3
2
2
-1
-1
-2
0
0
0
0
0
0
Asia
China
Branch of ING Bank N.V.
Wholesale
79
90
89
26
26
35
1,654
1,598
2,031
0
-2
7
6
1
-1
-1
-5
0
Japan
Branch of ING Bank N.V.
Wholesale
30
32
33
25
29
31
2,256
3,104
5,109
4
-1
22
2
-1
8
3
2
10
Singapore
Branch of ING Bank N.V.
Wholesale
573
608
592
331
353
349
24,163
24,498
27,982
133
42
76
19
8
13
9
7
22
Macau
Payvision Macau Ltd.
In liquidation
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Hong Kong
Branch of ING Bank N.V.
Wholesale
105
122
128
79
92
96
6,691
7,030
7,350
5
-9
38
1
-1
7
-7
15
2
Philippines
1
Branch of ING Bank N.V.
Wholesale/ Retail
2,414
1,857
1,420
6
13
25
567
497
412
-33
-26
-11
-5
6
-5
1
2
2
South Korea
Branch of ING Bank N.V.
Wholesale
75
77
79
65
66
60
5,800
6,692
5,457
26
18
25
6
4
7
-2
10
3
Taiwan
Branch of ING Bank N.V.
Wholesale
33
34
34
26
36
26
2,963
3,160
2,873
-3
19
10
-1
4
0
0
1
3
Indonesia
PT ING Securities Indonesia
In liquidation
0
0
0
0
0
0
5
5
6
0
0
0
0
0
0
0
0
0
Malaysia
Branch of ING Bank N.V.
In liquidation
4
6
5
0
1
1
1
141
166
-1
-1
0
0
0
0
0
0
0
Sri Lanka
Branch of ING Business Shared
Services B.V.
Global services
 
0
0
0
0
0
0
Turkey
ING Bank A.S.
Wholesale / Retail
3,338
3,724
4,074
335
420
677
5,818
7,316
9,927
144
125
304
35
27
66
33
25
92
United Arab
Emirates
Branch of ING Bank N.V.
Wholesale
10
10
11
0
0
-1
1
1
0
-1
-2
-2
0
0
0
0
0
0
Australia
Australia
ING Bank (Australia) Ltd.
Wholesale / Retail
1,503
1,472
1,319
782
740
701
49,826
46,014
43,482
500
362
400
149
40
121
121
181
177
Other
Mauritius
ING Mauritius Investment I
 
In liquidation
0
0
0
0
0
0
0
0
1
0
0
0
0
0
0
0
0
0
Total
57,660
55,901
53,431
20,093
17,227
17,125
949,250
933,891
888,520
8,385
3,399
5,653
2,306
1,070
1,652
1,873
1,734
2,345
1 Includes significant amount of FTEs in relation to global services provided.
2021
The higher tax charge of
31
% in the Netherlands (compared to the statutory rate of
25
%) is mainly caused by
the non-deductible Dutch bank tax (EUR
260
 
million) and the impairments on deferred tax assets regarding
Payvision and Yolt (EUR
26
 
million tax).
The lower tax charge in Austria is caused by previously not recognised tax losses (EUR
-10
 
million tax).
The higher tax charge in Poland is mainly caused by non-deductible regulatory- and other costs.
 
 
 
>
 
37 Pensions and other post-employment benefits
 
ING Group Annual Report 2021 on Form 20-F
F -326
2020
The higher tax charge of
47
% in the Netherlands (compared to the statutory rate of
25
%) is mainly caused by
the non-deductible Dutch bank tax (EUR
169
 
million) and the non-deductible impairments
 
regarding goodwill
(EUR
266
 
million) and TMB (EUR
230
 
million).
The lower tax charge in Australia is caused by a release of a tax provision after concluding a settlement with
the Australian Tax Authorities on an issue related to former Insurance activities, which issue was fully
indemnified by NN Group.
The higher tax charges in Brazil and the Philippines are mainly caused by the de-recognition
 
of tax benefits for
incurred tax losses due to expected insufficient future taxable profits.
The higher tax charges in Poland and Belgium are mainly caused by non-deductible
 
regulatory-
 
and other costs.
2019
The relatively high tax charge of
31
% in the Netherlands (compared to statutory rate of
25
%) is mainly caused
by the non-deductible Dutch bank tax (EUR
177
 
million) and the non-deductible AT1 interest expenses (EUR
276
 
million).
The relatively low tax charge in Switzerland is caused by a deferred tax benefit following a tax rate reduction in
2019.
Additional notes to the Consolidated financial statements
37 Pensions and other post-employment benefits
Most group companies sponsor defined contribution pension plans.
 
The assets of all ING Group’s defined
contribution plans are held in independently administered funds. Contributions
 
are generally determined as a
percentage of remuneration. Contributions, including the defined contribution plan in the Netherlands,
 
are
principally determined as a percentage of renumeration. These plans do not give rise to provisions in
 
the
statement of financial position, other than relating to short-term timing differences included in other
assets/liabilities.
ING Group maintains defined benefit retirement plans in some countries. These plans provide benefits that are
related to the remuneration and service of employees upon retirement. The benefits in some of these plans
are subject to various forms of indexation. The indexation is, in some cases, at the discretion of management;
in other cases it is dependent upon the sufficiency of plan
 
assets.
Annual contributions are paid to the funds at a rate necessary to adequately finance the accrued
 
liabilities of
the plans calculated in accordance with local legal requirements. Plans in all countries are designed to comply
with applicable local regulations governing investments and funding levels.
ING Group provides other post-employment benefits to certain former employees. These are primarily
discounts on ING products.
Defined Contribution Plans
 
ING, as part of employee’s labour agreement, sponsors a number of defined contribution plans. ING’s
obligation is limited to contributions which are agreed in advance and also includes employee contributions.
The most significant plans are in The Netherlands and Belgium.
 
The Employer contribution are recognized as an
expense which amounted for 2021 EUR
369
 
million (2020: EUR
356
 
million).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
37 Pensions and other post-employment benefits
 
ING Group Annual Report 2021 on Form 20-F
F -327
Defined benefit retirement plans
Statement of financial position - Net defined benefit asset/liability
Plan assets and defined benefit obligation per country
Plan assets
Defined benefit
obligation
Funded Status
in EUR million
2021
2020
2021
2020
2021
2020
The Netherlands
427
469
578
643
-152
-174
United States
332
311
312
291
20
20
United Kingdom
1,968
1,896
1,236
1,199
732
696
Belgium
606
591
617
681
-10
-90
Other countries
338
316
372
393
-34
-77
Funded status (Net defined benefit asset/liability)
3,671
3,583
3,115
3,208
556
375
Presented as:
- Other assets
783
725
- Other liabilities
-227
-350
556
375
The most recent (actuarial) valuations of the plan assets and the present value of the
 
defined benefit obligation
were carried out as at 31 December 2021. The present value of the defined benefit
 
obligation, and the related
current service cost and past service cost, were determined using the projected unit credit method.
Changes in the fair value of plan assets for the period were as follows:
Changes in fair value of plan assets
in EUR million
2021
2020
Opening balance
3,583
3,377
Interest income
37
50
Remeasurements: Return on plan assets excluding amounts included in interest
 
income
2
246
Employer's contribution
26
170
Participants contributions
2
2
Benefits paid
-136
-128
Exchange rate differences
158
-134
Closing balance
3,671
3,583
Actual return on the plan assets
39
296
As at 31 December 2021 the defined benefit plans did not hold any direct investments in ING Groep N.V. (2020:
nil).
 
During 2021 and 2020 there were no purchases or sales of assets
 
between ING and the pension funds.
 
ING does not manage the pension funds and thus
 
receives no compensation for fund management. The
pension funds have not engaged ING in any swap or derivative transactions to manage the risk of the pension
funds.
 
No
 
plan assets are expected to be returned to ING Group during 2022.
The overall funded status improved during the year because of increased interest rates, leading to lower
benefit obligations, and positive performance of plan assets. Covid-19 still has an
 
impact on most investment
markets in 2021, the effect on the fair value of ING Group’s plan assets is limited as a large majority of our plan
assets is invested in liquid asset categories which mark to market frequently.
Changes in the present value of the defined benefit obligation and other post-employment benefits for the
period were as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
37 Pensions and other post-employment benefits
 
ING Group Annual Report 2021 on Form 20-F
F -328
Changes in defined benefit obligation and other post-employment benefits
Defined benefit
obligation
Other post-
employment benefits
in EUR million
2021
2020
2021
2020
Opening balance
3,208
3,151
83
84
Current service cost
33
31
1
-2
Interest cost
31
44
2
2
Remeasurements: Actuarial gains and losses arising from changes in demographic
assumptions
-5
4
Remeasurements: Actuarial gains and losses arising from changes in financial
assumptions
-122
190
-16
7
Participants’ contributions
1
2
1
0
Benefits paid
-141
-132
-1
-1
Past service cost
0
2
0
Effect of curtailment or settlement
-0
0
-2
Exchange rate differences
109
-85
4
-8
Closing balance
3,115
3,208
72
83
Amounts recognised directly in Other comprehensive income were as follows:
Changes in the net defined benefit assets/liability remeasurement reserve
in EUR million
2021
2020
Opening balance
-307
-336
Remeasurement of plan assets
2
246
Actuarial gains and losses arising from changes in demographic assumptions
5
-4
Actuarial gains and losses arising from changes in financial assumptions
122
-190
Taxation
 
and Exchange rate differences
-34
-24
Total Other comprehensive
 
income movement for the year
95
28
Closing balance
-212
-307
In 2021, EUR
2
 
million remeasurement of plan assets that is recognised as a gain in other comprehensive
income is driven by slightly higher yields on investments.
 
The EUR
122
 
million actuarial gains arising from changes in financial assumptions
 
in the calculation of the
defined benefit obligation are mainly due to an increase in discount rates.
The accumulated amount of remeasurements recognised directly in Other comprehensive income is EUR
-262
million (EUR
-212
 
million after tax) as at 31 December 2021 (2020: EUR
-343
 
million; EUR
-307
 
million after tax).
Amounts recognised in the statement of profit or loss related to pension and other staff related benefits are as
follows:
Pension and other staff-related benefit costs
Net defined benefit
asset/liability
Other post-employment
benefits
Total
in EUR million
2021
2020
2019
2021
2020
2019
2021
2020
2019
Current service cost
33
31
28
1
-2
-1
34
29
27
Past service cost
0
2
-0
0
0
2
-0
Net Interest cost
-6
-6
-5
2
2
3
-4
-4
-3
Effect of curtailment or settlement
-0
0
0
-2
-2
0
0
Defined benefit plans
27
27
23
1
0
2
28
28
25
Defined contribution plans
369
356
340
Pension and other post employment
benefits
397
383
365
Other staff related benefits
11
12
2
Pension and other staff-related benefits
408
395
366
Determination of the net defined benefit asset/liability
The net defined benefit asset/liability is reviewed and adjusted annually. The assumptions used in the
determination of the net defined benefit asset/liability and the
 
Other post-employment benefits include
discount rates, mortality rates, expected rates of salary increases (excluding promotion increases), and
indexation. The rates used for salary developments, interest discount factors, and other adjustments reflect
country-specific conditions.
The key assumption in the determination of the net defined benefit asset/liability is
 
the discount rate. The
discount rate is the weighted average of the discount rates that are applied in different regions where ING
Group has defined benefit pension plans (weighted by the defined benefit obligation).
 
The discount rate is
based on a methodology that uses market yields on high quality corporate bonds of the
 
specific regions with
durations matching the pension liabilities as key input. Market yields of high quality corporate bonds reflect
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
38
 
Taxation
 
ING Group Annual Report 2021 on Form 20-F
F -329
the yield on corporate bonds with an AA rating for durations where such yields are available. An extrapolation
is applied in order to determine the yield to the longer durations for which no AA-rated corporate bonds are
available. As a result of the limited availability of long-duration
 
AA-rated corporate bonds, extrapolation is an
important element of the determination of the discount rate. The weighted average discount rate applied for
net defined benefit asset/liability for 2021 was
1.5
% (2020:
1.0
%) based on the pension plan in the
Netherlands, Germany, Belgium, The United States of America, and the United Kingdom. The average discount
rate applied for Other post-employment benefits was
2.9
% (2020:
2.7
%).
Sensitivity analysis of key assumptions
ING performs sensitivity analysis on the most significant assumptions:
 
discount rates, mortality, expected rate
of salary increase, and indexation. The sensitivity analysis has been carried
 
out under the assumption that the
changes occurred at the end of the reporting period.
The sensitivity analysis calculates the financial impact on
 
the defined benefit obligation of an increase or
decrease of the weighted averages of each significant actuarial assumption, all other assumptions
 
held
constant. In practice, this is unlikely to occur, and some changes of the assumptions may be correlated.
Changes to mortality, expected rate of salary increase, and indexation would have no material impact on the
defined benefit obligation. The most significant impact would be from a change in the
 
discount rate. An
increase or decrease in the discount rate of
1
% creates an impact on the defined benefit obligation of
 
EUR
-443
million (decrease) and EUR
549
 
million (increase), respectively.
Expected cash flows
Annual contributions are paid to the funds at a rate necessary to adequately finance the accrued
 
liabilities of
the plans calculated in accordance with local supervisory requirements. Plans in
 
all countries are designed to
comply with applicable local regulations governing investments and funding levels. ING Group’s subsidiaries
should fund the cost of the entitlements expected to be earned on a
 
yearly basis.
For 2022 the expected contributions to defined benefit pension plans are EUR
33
 
million.
The benefit payments for defined benefit and other post-employment benefits expected to be made by the
plan between 2022-2026 are estimated to be between EUR
113
 
million and EUR
136
 
million per year. From
2027 to 2031 the total payments made by the plan are expected to be EUR
743
 
million.
38
 
Taxation
 
Statement of financial position – Deferred tax
Deferred taxes are recognised on all temporary differences under the liability method using tax rates applicable
in the jurisdictions in which ING Group is subject
 
to taxation.
Changes in deferred tax
2021
Net liability (-)
Net asset (+)
opening
balance
Change
through
equity
Change
through
net result
Exchange
rate
differences
Changes
in the composi-
tion of the
group and
other changes
Net liability (-)
Net asset (+)
ending balance
Financial assets at FVOCI
-108
29
-1
1
7
-72
Investment properties
2
-3
-1
Financial assets and liabilities at FVPL
1,202
-469
20
-7
746
Depreciation
-10
5
-2
-7
Cash flow hedges
-360
233
1
-126
Pension and post-employment benefits
36
-54
-23
-8
-49
Other provisions
-5
28
-4
-0
19
Loans and advances
517
-2
-83
-1
-0
430
Unused tax losses carried forward
63
129
7
199
Other
-83
-83
18
1
-0
-147
1,253
123
-399
15
-1
991
Presented in the statement of financial
position as:
 
Deferred tax liabilities
-343
-311
 
Deferred tax assets
1,596
1,303
1,253
991
The above table shows netted deferred tax amounts related to right-of-use assets and lease liabilities included
in the row ‘Other’ a deferred tax amount for right-of-use assets of EUR
220
 
million (2020: EUR
306
 
million) and
a deferred tax amount for lease liabilities of EUR
252
 
million (2020: EUR
326
 
million).
 
Financial assets and liabilities FVPL changes through net
 
result in 2021 relates to the decrease in fair value of
derivatives due to increased interest yield curves.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
38
 
Taxation
 
ING Group Annual Report 2021 on Form 20-F
F -330
The deferred tax on cash flow hedges relate to floating rate lending with interest rate swaps. Due to an
increase in the interest rate yield curve in 2021 there was a negative revaluation through other comprehensive
income and an increase of the deferred tax asset of EUR
233
 
million.
 
Changes in deferred tax
2020
Net liability (-)
Net asset (+)
opening
balance
Change
through
equity
Change
through
net result
Exchange
rate
differences
Changes in
the composi-
tion of the
group and
other changes
Net liability (-)
Net asset (+)
ending balance
Financial assets at FVOCI
-107
10
-10
0
-108
Investment properties
-7
3
0
5
2
Financial assets and liabilities at FVPL
947
246
10
1,202
Depreciation
-19
6
2
-10
Cash flow hedges
-337
-23
0
-360
Pension and post-employment benefits
42
-8
-5
7
-0
36
Other provisions
6
-4
-7
0
-5
Loans and advances
490
-1
42
-15
0
517
Unused tax losses carried forward
61
7
-5
63
Other
-156
62
16
-1
-5
-83
Total
920
40
301
-9
0
1,253
Presented in the statement of financial
position as:
 
deferred tax liabilities
-322
-343
 
deferred tax assets
1,242
1,596
920
1,253
The above table shows netted deferred tax amounts related to right-of-use assets and lease liabilities included
in the row ‘Other’ a deferred tax amount for right-of-use assets of EUR
306
 
million (2019: EUR
370
 
million) and
a deferred tax amount for lease liabilities of EUR
326
 
million (2019: EUR
376
 
million).
 
Financial assets and liabilities FVPL changes through net
 
result in 2020 relates to the increase in fair value of
derivatives due to decreased interest yield curves.
 
Deferred tax in connection with unused tax losses carried forward
2021
2020
Total unused tax
 
losses carried forward
2,165
1,675
Unused tax losses carried forward not recognised as a deferred
 
tax asset
819
903
Unused tax losses carried forward recognised as a deferred
 
tax asset
1,345
772
Average tax rate
22.3%
22.0%
Deferred tax asset
300
170
Total unused tax losses
 
carried forward analysed by expiry terms
No deferred tax
asset recognised
Deferred tax
asset recognised
2021
2020
2021
2020
Within 1 year
1
More than 1 year but less than 5 years
3
4
642
57
More than 5 years but less than 10 years
9
92
8
More than 10 years but less than 20 years
Unlimited
808
806
704
707
819
903
1,345
772
The above mentioned deferred tax asset of EUR
300
 
million (2020: EUR
170
 
million) and the related unused tax
losses carried forward exclude the deferred tax liability recognised in the Netherlands with respect to the
recapture of tax losses originated in the United Kingdom but previously deducted in the Netherlands
 
for the
amount of EUR
102
 
million (2020: EUR
107
 
million).
 
Deferred tax assets are recognised for temporary deductible differences, for tax losses carried forward and
unused tax credits only to the extent that realisation of the related tax benefit is probable.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
38
 
Taxation
 
ING Group Annual Report 2021 on Form 20-F
F -331
Breakdown of certain net deferred tax asset positions by jurisdiction
2021
2020
 
Italy
 
86
 
Poland
 
265
 
France
 
66
28
 
Philippines
 
7
 
China
 
12
 
Czech
 
2
 
Hong Kong
 
1
 
United States of America
 
1
354
114
The table above includes a breakdown of certain net deferred tax asset positions by jurisdiction for which the
utilisation of the deferred tax asset is dependent on future taxable profits in excess of the profits arising from
the reversal of existing taxable temporary differences whilst the related entities have incurred losses in either
the current or the preceding year.
In 2021 ING Bank Slaski (Poland) incurred a tax loss following the large value changes of the cash flow
 
hedge
derivatives which are settled net via a central counter party. This tax loss can be carried forward for 5 years.
Based on a taxable profit forecast, ING considers it probable that the future taxable profits will compensate for
this tax loss carry forward position within 2 years.
 
Based on this a deferred tax asset on unused tax losses
carried forward (EUR
117
 
million) is fully recognised during 2021. The remaining
 
deferred tax amount in Poland
of EUR
148
 
million relates to temporary tax differences on loans and advances and financial assets at fair value
through profit and loss.
Recognition is based on the fact that it is probable that the entity will have taxable profits and/or can utilise tax
planning opportunities before expiration of the deferred tax assets. Changes in circumstances in future periods
may adversely impact the assessment of the recoverability. The uncertainty of the recoverability is taken into
account in establishing the deferred tax assets.
At 31 December 2021 and at 31 December 2020, ING Groep N.V. had no significant temporary differences
associated with the parent company’s investments in subsidiaries as any economic benefit from those
investments will not be taxable at parent company level.
Statement of profit or loss – Taxation
Taxation by type
Netherlands
Rest of the world
Total
in EUR million
2021
2020
2019
2021
2020
2019
2021
2020
2019
Current taxation
459
355
488
1,448
1,016
1,481
1,908
1,371
1,970
Deferred taxation
269
-72
-51
129
-230
-267
399
-301
-318
729
284
437
1,578
786
1,214
2,306
1,070
1,652
Reconciliation of the weighted average
 
statutory income tax rate to ING Group’s
 
effective income tax rate
in EUR million
2021
2020
2019
Result before tax from continuing operations
8,385
3,399
5,653
Weighted average statutory
 
tax rate
24.7
%
25.2
%
25.8
%
Weighted average statutory
 
tax amount
2,074
856
1,459
Permanent differences affecting current tax
Participation exemption
-68
-46
-49
Other income not subject to tax
-32
-6
-76
Expenses not deductible for tax purposes
201
320
237
Current tax from previously unrecognised amounts
51
17
48
State and local taxes
64
44
72
Adjustments to prior periods
-12
-85
16
Differences affecting deferred tax
Impact on deferred tax from change in tax
 
rates
9
-47
-57
Deferred tax benefit from previously unrecognised
 
amounts
-18
-6
Write-off/reversal of deferred
 
tax assets
37
24
2
Effective tax amount
2,306
1,070
1,652
Effective tax rate
27.5
%
31.5
%
29.2
%
The weighted average statutory tax rate
 
in 2021 (
24.7
%) is slightly lower compared to that of 2020 (
25.2
%).
 
The effective tax rate of
27.5
% in 2021 is higher than the weighted average statutory tax rate. This is mainly
caused by expenses non-deductible for tax purposes like the non-deductible bank tax and a tax charge caused
by the recapture of tax losses originated in the United Kingdom but previously deducted in the Netherlands.
The weighted average statutory tax rate
 
in 2020 (
25.2
%) was slightly lower compared to the
25.8
% of 2019.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
39 Fair value of assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -332
The effective tax rate of
 
31.5
% in 2020 was significantly higher than the weighted average statutory tax rate.
This is mainly caused by a high amount of expenses non-deductible
 
for tax purposes like the non-deductible
bank tax and non-deductible losses with respect to goodwill
 
impairments and impairments on associates in the
Netherlands and in some other European countries.
 
Adjustments to prior periods in 2020 relates to a release of a tax provision of EUR
68
 
million after concluding
on a settlement with the Australian tax authorities with respect to an issue related to former insurance
activities, which issue was fully indemnified by NN
 
Group.
The effective tax rate of
 
29.2
% in 2019 was higher than the weighted average statutory tax rate. This was
mainly caused by a high amount of expenses non-deductible
 
for tax purposes with respect to interest on
additional Tier 1 securities and non-deductible
 
bank tax in the Netherlands and regulatory expenses non-
deductible for tax purposes in some other European countries.
Equity – Other comprehensive income
Income tax related to components of other comprehensive income
in EUR million
2021
2020
2019
Unrealised revaluations financial assets at fair value through
 
other comprehensive income and
other revaluations
17
-1
11
Realised gains/losses transferred to
 
the statement of profit or loss
 
(reclassifications from equity to profit or loss)
12
10
12
Changes in cash flow hedge reserve
233
-23
-199
Remeasurement of the net defined benefit asset/liability
-54
-8
-14
Changes in fair value of own credit risk of financial liabilities at fair value through
 
profit or loss
-8
-1
7
Exchange rate differences and other
-77
62
7
Total income
 
tax related to components of other comprehensive income
123
40
-176
Tax
 
Contingency
The contingent liability (also disclosed in note 45 ‘Contingent liabilities’)
 
in connection with taxation in the
Netherlands refers to a possible obligation arising from the deduction from Dutch taxable profit of losses
incurred by ING Bank in the United Kingdom in previous years. The existence of this obligation will be
confirmed only by the occurrence of future profits in the United Kingdom.
39 Fair value of assets and liabilities
 
a) Valuation Methods
The estimated fair values represent the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date. It is a market-based
measurement, which is based on assumptions that market participants would use and takes into account the
characteristics of the asset or liability that market participants would take into account when pricing the asset
or liability.
Fair values of financial assets and liabilities are based on quoted prices in active market where available. When
such quoted prices are not available, the fair value is determined by using valuation techniques.
b) Valuation Control framework
The valuation control framework covers the product approval process (PARP),
 
pricing, independent price
verification (IPV), valuation adjustments, and model use. Valuation processes are governed by various
governance bodies, including Local Parameter Committees, Global Price Testing and Impairment Committee,
Market Data Committee and Valuation Model Committee. All relevant committees meet on a regular basis
(monthly/quarterly), where agenda covers the aforementioned valuation controls.
The Global Price Testing and Impairment Committee is responsible for the oversight and the approval of the
outcome of impairments (other than loan loss provisions) and valuation processes. It
 
oversees the quality and
coherence of valuation methodologies and performance. The Valuation Model Committee is responsible for
the approval of fair value pricing models and fair and prudent valuation adjustment models and
 
the Local
Parameter Committee monitors the appropriateness of (quoted) pricing, any other relevant market info, as
well as the appropriateness of pricing models themselves related to the fair valued positions to which they are
applied. The Local Parameter Committee executes valuation methodology and processes at a local level. The
Market Data Committee approves and reviews all pricing inputs for the calculation of market parameters.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
39 Fair value of assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -333
c) Valuation Adjustments
Valuation adjustments are an integral part of the fair value. They are included as part of the fair value to
provide better estimation of market exit value on measurement date. ING considers various valuation
adjustments to arrive at the fair value including Bid-Offer adjustments, Model Risk adjustments, Credit
Valuation Adjustments (CVA), Debit valuation Adjustments (DVA), including DVA
 
on derivatives and own issued
liabilities, Collateral Valuation Adjustment (CollVA) and Funding Valuation Adjustment (FVA)'.
For financial instruments measured by internal models where one or more unobservable
 
market inputs are
significant for valuation, a difference between the transaction price and the theoretical price resulting from the
internal model can occur. ING defers material Day
 
One profit or loss relating to financial instruments classified
as Level 3 and financial instruments with material unobservable inputs into CVA which are not necessarily
classified as Level 3. The Day One profit or loss is amortised over the
 
life of the instrument or until the
observability improves. Both the impact on the profit and loss
 
per year end 2021 and the Day One profit or loss
reserve in the balance sheet as per 31 December
 
2021 are deemed to be immaterial.
The following table presents the models reserves for financial assets and liabilities:
 
Valuation adjustment on financial assets and liabilities
as at 31 December
2021
2020
Bid/Offer
-143
-121
Model Risk
-11
-25
CVA
-159
-238
DVA
-66
-124
CollVA
-8
-16
FVA
-95
-111
Total Valuation
 
Adjustments
-482
-634
Bid-Offer Adjustment
Bid-Offer adjustments are required to adjust mid-market values to appropriate bid or offer value in order to
best represent the exit value, and therefore fair value. It is applicable to financial assets and liabilities that are
valued at mid-price initially. In practice this adjustment accounts for the difference in valuation from mid to bid
and mid to offer for long and short exposures respectively. In principle assets are valued at the bid prices and
liabilities are valued at the offer price. For certain assets or liabilities, where a market quoted price is not
available, the price used is the fair value that is most representative within the bid-offer spread.
Model Risk Adjustment
Model risk adjustments addresses the risk of possible financial
 
losses resulting from the use of a mis-specified,
misapplied, or incorrect implementation of a model.
 
Credit Valuation Adjustment (CVA)
Credit Valuation Adjustment (CVA) is the adjustment on the fair value of a derivative trade to account for the
possibility that a counterparty can go into default. In other words, it is the market value of counterparty credit
risk. On the contrary, Debit Valuation Adjustment (DVA)
 
reflects the credit risk of ING for its counterparty. CVA
and DVA combinedly are regarded as the Bilateral Valuation Adjustment (BVA).
 
The calculation of CVA is based
on the estimation of the expected exposure, the counterparties’ risk of default, and taking into account the
collateral agreements as well as netting agreements. The counterparties’ risk of default is measured by
probability of default and expected loss given default, which is based on market information including credit
default swap (CDS) spread. Where counterparty CDS spreads are not available, relevant proxy spreads are
used. Additionally, wrong-way risk (when exposure to a counterparty is increasing and the credit quality of that
counterparty deteriorates) and right-way risk (when exposure to a counterparty is increasing and the credit
quality of that counterparty improves) are included in the adjustment.
Debit Valuation Adjustment (DVA)
ING recognises two types of Debit Valuation Adjustments, namely DVA on derivatives, as aforementioned and
DVA on own issued financial liabilities. The application of DVA on own issued financial liabilities is for those
financial liabilities measured at fair value through profit or loss, if the credit risk component has
 
not been
included in the prices. In this DVA calculation, the default probability of the institution are estimated based on
the ING Credit spread.
Collateral Valuation Adjustment (CollVA
 
)
Collateral Valuation Adjustment is a derivative valuation adjustment capturing specific features of CSA (Credit
Support Annex) with a counterparty that the regular valuation framework does not capture. Non-standard CSA
features may include deviations in relation to the currency in which ING posts or receives collateral, deviations
in remuneration rate on collateral which may pay lower or higher rate than overnight rate or even no interest
at all. Other deviations can be posting securities rather than cash as collateral.
 
 
 
>
 
39 Fair value of assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -334
Funding Valuation Adjustment (FVA)
ING applies an additional ‘Funding Valuation Adjustment’ (FVA) to address the funding costs associated with
the
collateral funding asymmetry on uncollateralized or partially collateralized derivatives in the portfolio. This
adjustment is based on the expected exposure profiles of the uncollateralized or partially collateralized OTC
derivatives and market-based funding spreads.
 
d) Fair value hierarchy
ING Group has categorised its financial instruments that are either measured in the statement of financial
position at fair value or of which the fair value is disclosed, into a three level hierarchy based on the
observability of the valuation inputs from (unadjusted) quoted prices. Highest priority
 
is retained
 
to
(unadjusted) quoted prices in active markets for identical assets or liabilities and the lowest priority to
valuation techniques supported by unobservable inputs.
Transfers
 
into and transfers out of fair value hierarchy levels are made on a quarterly basis at the end of the
reporting period.
Level 1 – (Unadjusted) quoted prices in active markets
This category includes financial instruments whose fair value is determined directly by reference to
(unadjusted) quoted prices in an active market. A financial instrument is regarded as quoted in an active
market if quoted prices are readily and regularly available from an exchange, dealer markets, brokered
markets, or principal to principal markets. Those prices represent actual and regularly occurring market
transactions with sufficient frequency and volume to provide pricing information on an ongoing
 
basis.
Transfers
 
out of Level 1 into Level 2 or Level 3 occur when ING Group establishes that markets are no longer
active and therefore (unadjusted) quoted prices no longer provide reliable pricing information.
Level 2 – Valuation technique supported by observable inputs
This category includes financial instruments whose fair value is based on market observables other
 
than
(unadjusted) quoted prices. The fair value for financial instruments in this category can be determined by
reference to quoted prices for similar instruments in active markets, but for which the prices are modified
based on other market observable external data or reference to quoted prices for identical or similar
instruments in markets that are not active. These prices can be obtained from a third party pricing service.
 
ING
analyses how the prices are derived and determines whether the prices
 
are liquid tradable prices or model
based consensus prices taking various data as inputs.
 
For financial instruments that do not have a reference price available, fair value is determined using a valuation
technique (e.g. a model), where inputs in the model
 
are taken from an active market or are observable, such as
interest rates and yield curves observable at commonly quoted intervals, implied volatilities, and credit
spreads.
Instruments, where inputs are unobservable are classified in this category, provided that the impact of those
unobservable inputs on the overall valuation is insignificant. The notion of significant is particularly relevant for
the distinction between Level 2 and Level 3 assets and liabilities. If the combined change in asset value
resulting from the shift of the unobservable parameters and the model uncertainty exceeds the threshold, the
asset is classified as Level 3. A value change below the threshold results in a Level 2 classification.
Level 3 – Valuation technique supported by unobservable inputs
This category includes financial instruments whose fair value is determined using a
 
valuation technique (e.g. a
model), for a significant part of the overall valuation the valuation input is unobservable, or is determined by
reference to price quotes where the market is considered inactive. Unobservable inputs are inputs which are
based on the Group’s own assumptions about the factors that market participants would use in pricing an asset
or liability, developed based on the best information available in the market. Unobservable inputs may include
volatility, correlation, spreads to discount rates,
 
default rates and recovery rates, prepayment rates,
 
and
certain credit spreads.
Financial instruments at fair value
 
The fair values of the financial instruments
 
were determined as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
39 Fair value of assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -335
Methods applied in determining fair values of financial assets and liabilities (carried at fair value)
Level 1
Level 2
Level 3
Total
2021
2020
2021
2020
2021
2020
2021
2020
Financial Assets
Financial assets at fair value
through profit or loss
 
- Equity securities
17,591
7,897
2
2
134
138
17,727
8,037
 
- Debt securities
2,317
3,378
7,016
4,867
2,643
1,269
11,976
9,514
 
- Derivatives
6
1
21,154
30,623
140
197
21,299
30,821
 
- Loans and receivables
 
48,706
53,733
2,248
1,265
50,954
54,998
19,914
11,276
76,877
89,225
5,165
2,870
101,956
103,370
Financial assets at fair value
through other comprehensive
income
 
- Equity securities
2,232
1,687
225
176
2,457
1,862
 
- Debt securities
21,753
31,592
5,587
1,385
27,340
32,977
 
- Loans and receivables
 
838
1,056
838
1,056
23,984
33,279
5,587
1,385
1,063
1,231
30,635
35,895
Financial liabilities
Financial liabilities at fair value
through profit or loss
 
Debt securities
827
1,124
5,333
5,231
135
180
6,295
6,534
 
Deposits
1
43,026
48,111
2
43,026
48,114
 
Trading securities
955
699
120
70
0
0
1,075
768
 
Derivatives
63
55
20,388
27,094
195
217
20,646
27,365
1,844
1,879
68,867
80,505
330
398
71,041
82,781
The following methods and assumptions were used by ING Group to estimate the fair value of the financial
instruments:
Equity securities
Instrument description:
 
Equity securities include stocks
 
and shares, corporate investments and private equity
investments.
Valuation:
 
If available, the fair values of publicly traded equity securities and private equity securities are
based on quoted market prices. In absence of active markets, fair values are estimated by analysing the
investee’s financial position, result, risk profile, prospect, price, earnings comparisons and revenue multiples.
Additionally, reference is made to valuations of peer entities where quoted prices in active markets are
available. For equity securities best market practice will be applied using the most relevant valuation method.
 
All non-listed equity investments, including investments in private equity funds, are subject to a standard
review framework which ensures that valuations reflect the fair values.
Fair value hierarchy:
 
The majority of equity securities are publicly traded and quoted
 
prices are readily and
regularly available. Hence, these securities are classified as Level 1.
 
Equity securities which are not traded in
active markets mainly include corporate investments, fund investments and other equity securities and are
classified as Level 3.
Debt securities
Instrument description:
 
Debt securities include government bonds, financial institutions
 
bonds and Asset-
backed securities (ABS).
 
Valuation:
 
Where available, fair values for debt securities are generally based on quoted market prices.
Quoted market prices are obtained from an exchange market, dealer,
 
broker,
 
industry group, pricing service, or
regulatory service. The quoted prices from non-exchange sources are reviewed on their tradability of market
prices. If quoted prices in an active market are not available, fair value is based on an analysis of available
market inputs,
 
which includes consensus prices obtained from one or more pricing
 
services. Furthermore, fair
values are determined by valuation techniques discounting expected future cash flows using a market interest
rate curves, referenced credit spreads, maturity of the investment, and estimated prepayment rates where
applicable.
Fair value hierarchy:
 
Government bonds and financial institutions bonds are generally traded in active
markets, where quoted prices are readily and regularly available and are hence, classified as Level 1. The
remaining positions are classified as Level 2 or Level 3.
 
Asset backed securities for which no active market is
available and a wide discrepancy in quoted prices exists, are classified as Level 3.
 
 
 
>
 
39 Fair value of assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -336
Derivatives
Instrument description:
 
Derivatives contracts can either be exchange-traded or over the counter (OTC).
Derivatives include interest rate derivatives, FX derivatives, Credit derivatives, Equity derivatives and
commodity derivatives.
Valuation:
 
The fair value of exchange-traded derivatives is determined using quoted market prices in an active
market and are classified as Level 1 of the fair value hierarchy. For
 
instruments that are not actively traded, fair
values are estimated based on valuation techniques. OTC derivatives and derivatives trading in an inactive
market are valued using valuation techniques. The valuation techniques and inputs depend on
 
the type of
derivatives
 
and the nature of the underlying instruments. The principal
 
techniques used to value these
instruments are based on (amongst others) discounted cash flows option pricing models
 
and Monte Carlo
simulations. These valuation models calculate the present value of expected future cash flows, based on
 
‘no-
arbitrage’ principles. The models are commonly used in the financial
 
industry and inputs to the validation
models are determined from observable market data where possible. Certain inputs may not be observable in
the market, but can be determined from observable prices via valuation model calibration procedures. These
inputs include prices available from exchanges, dealers, brokers or providers of pricing, yield curves, credit
spreads, default rates, recovery rates, dividend rates, volatility of underlying interest rates, equity prices, and
foreign currency exchange rates and reference is made to quoted prices, recently executed trades,
independent market quotes and consensus data, where available.
For uncollateralised OTC derivatives, ING applies Credit Valuation Adjustment to correctly reflect the
counterparty credit risk in the valuation and Debit Valuation Adjustments to reflect the credit risk of ING for its
counterparty. See sections CVA/DVA
 
in section c) Valuation Adjustments for more details regarding the
calculation.
Fair value hierarchy:
 
The majority of the derivatives are priced using observable
 
inputs and are classified as
Level 2. Derivatives for which the input cannot be implied from observable market data are classified as Level
3.
Loans and receivables
Instrument description:
 
Loans and receivables are non-derivative financial assets with fixed or determinable
payments that are not quoted in an active market. Loans and receivables carried at fair value includes trading
loans, being securities lending and similar
 
agreement comparable to collateralised lending, syndicated loans,
loans expected to be sold and receivables with regards to reverse repurchase transactions.
Valuation:
 
The fair value of loans and receivables are generally based on quoted market prices. The fair value
of other loans is estimated by discounting expected future cash flows using a discount rate that reflects credit
risk, liquidity, and other current market conditions. The fair value of mortgage loans is estimated by taking into
account prepayment behaviour.
Fair value hierarchy:
 
Loans and receivables are predominantly classified as Level 2. Loans
 
and receivables for
which current market information about similar assets to use as observable, corroborated data for all
significant inputs into a valuation model is not available are classified as Level 3.
Financial liabilities at fair value through profit and loss
 
Instrument description:
 
Financial liabilities at fair value through profit and loss include debt securities,
 
debt
instruments, primarily comprised of structured notes, which are held at fair value under the fair value option.
Besides that, it includes derivative contracts and repurchase agreements.
Valuation:
 
The fair values of securities in the trading portfolio and other liabilities
 
at fair value through profit or
loss are based on quoted market prices, where available. For those securities not actively traded, fair values
are estimated based on internal discounted cash flow valuation techniques using interest rates and credit
spreads that apply to similar instruments.
Fair value hierarchy:
 
The majority of the derivatives are classified as Level 2. Derivatives for which the input
cannot be derived from observable market data are classified as Level 3.
e) Transfers
 
between Level 1 and 2
As a consequence of a change in the levelling methodology
 
of INGs bond portfolio in 2021, ING recorded an
EUR
2.6
 
billion and EUR
0.8
 
billion transfer from Level 1 to Level 2 respectively in debt securities measured at
fair value through other comprehensive income and debt securities measured at fair value through profit or
loss. No significant transfers from Level 2 to Level 1 were recorded in the reporting period 2021.
 
 
 
>
 
39 Fair value of assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -337
f) Level 3: Valuation techniques and inputs used
 
Financial assets and liabilities in Level 3 include both
 
assets and liabilities for which the fair value was
determined using (i) valuation techniques that incorporate unobservable inputs as well as
 
(ii) quoted prices
which have been adjusted to reflect that the market was not actively trading at or around the balance sheet
date. Unobservable inputs are inputs which are based on ING’s own assumptions about the factors that market
participants would use in pricing an asset or liability, developed based on the best information available in the
circumstances. Unobservable inputs may include volatility, correlation, spreads to discount rates, default rates
and recovery rates, prepayment rates, and certain credit spreads. Valuation techniques that incorporate
unobservable inputs are sensitive to the inputs used.
 
Of the total amount of financial assets classified as Level 3 as at 31
 
December 2021 of EUR
6.2
 
billion (31
December 2020: EUR
4.1
 
billion), an amount of EUR
2.0
 
billion (
32.5
%) (31 December 2020: EUR
2.1
 
billion,
being
52.3
%) is based on unadjusted quoted prices in inactive markets. As ING does
 
not generally adjust
quoted prices using its own inputs, there is no significant sensitivity
 
to ING’s own unobservable inputs.
Furthermore, Level 3 financial assets includes approximately EUR
2.9
 
billion (31 December 2020: EUR
0.9
billion) which relates to financial assets that are part of structures that are designed to be fully
 
neutral in terms
of market risk. Such structures include various financial assets and liabilities for which the
 
overall sensitivity to
market risk is insignificant. Whereas the fair value of individual components of these structures may be
determined using different techniques and the fair value of each of the components of these structures may be
sensitive to unobservable inputs, the overall sensitivity is by design not significant.
The remaining EUR
1.3
 
billion (31 December 2020: EUR
1.1
 
billion) of the fair value classified in Level 3 financial
assets is established using valuation techniques that incorporates certain inputs that are unobservable.
Of the total amount of financial liabilities classified as Level
 
3 as at 31 December 2021 of EUR
0.3
 
billion (31
December 2020: EUR
0.4
 
billion), an amount of EUR
0.1
 
billion (
42.0
%) (31 December 2020: EUR
0.1
 
billion,
being
34.6
%) is based on unadjusted quoted prices in inactive markets. As ING does
 
not generally adjust
quoted prices using its own inputs, there is no significant
 
sensitivity to ING’s own unobservable inputs.
Furthermore, Level 3 financial liabilities includes approximately EUR
0.1
 
billion (31 December 2020: EUR
0.1
billion) which relates to financial liabilities that are part of structures that are designed to be fully
 
neutral in
terms of market risk. As explained above, the fair value of each of the components of these structures may be
sensitive to unobservable inputs, but the overall sensitivity is by design not
 
significant.
The remaining EUR
0.1
 
billion (31 December 2020: EUR
0.2
 
billion) of the fair value classified in Level 3 financial
liabilities is established using valuation techniques that incorporates certain inputs that are unobservable.
The table below provides a summary of the valuation techniques, key unobservable inputs
 
and the lower and
upper range of such unobservable inputs, by type of Level 3 asset/liability. The lower and upper range
mentioned in the overview represent the lowest and highest variance of the respective valuation input as
actually used in the valuation of the different financial instruments. Amounts and percentages stated are
unweighted. The range can vary from period to period subject to market movements and change in Level 3
position. Lower and upper bounds reflect the variability of Level 3 positions
 
and their underlying valuation
inputs in the portfolio, but do not adequately reflect their level of valuation uncertainty. For valuation
uncertainty assessment, reference is made to section Sensitivity analysis of unobservable
 
inputs (Level 3).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
39 Fair value of assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -338
Valuation techniques and range of unobservable
 
inputs (Level 3)
Assets
Liabilities
Valuation techniques
Significant unobservable inputs
Lower range
Upper range
In EUR million
2021
2020
2021
2020
2021
2020
2021
2020
At fair value through profit or loss
Debt securities
2,643
1,269
Price based
Price (%)
0%
0%
121%
107%
Equity securities
134
137
1
Price based
Price (price per share)
0
0
5,475
5,475
Loans and advances
1,598
1,090
2
Price based
Price (%)
0%
0%
100%
101%
Present value techniques
Credit spread (bps)
0
0
250
250
(Reverse) repo's
650
176
Present value techniques
Interest rate (%)
0%
3%
1%
4%
Structured notes
135
180
Price based
Price (%)
84%
74%
125%
109%
Option pricing model
Equity volatility (%)
13%
14%
30%
25%
Equity/Equity correlation
n.a.
0.6
n.a.
0.9
Equity/FX correlation
0
-0.7
0
0.3
Dividend yield (%)
3%
0%
4%
5%
Derivatives
 
Rates
5
2
35
38
Option pricing model
Interest rate volatility (bps)
43
12
82
70
Present value techniques
Reset spread (%)
2%
2%
2%
2%
 
FX
27
30
Present value techniques
FX volatility (%)
1%
n.a.
16%
n.a.
Option pricing model
FX volatility (bps)
n.a.
6
n.a.
10
Implied volatility (%)
1%
n.a.
22%
n.a.
 
Credit
75
168
94
154
Present value techniques
Credit spread (bps)
1
2
359
1,403
Jump rate (%)
n.a.
n.a.
n.a.
n.a.
Price based
Price (%)
0%
99%
100%
107%
 
Equity
30
24
27
20
Option pricing model
Equity volatility (%)
11%
5%
119%
64%
Equity/Equity correlation
0.5
0.5
0.8
0.9
Equity/FX correlation
-0.7
-0.6
0.1
0.1
Dividend yield (%)
0%
0%
18%
34%
Price based
Price (%)
0%
3%
0%
3%
 
Other
3
3
9
3
Option pricing model
Commodity volatility (%)
20%
18%
89%
55%
Com/Com correlation
n.a.
n.a.
n.a.
n.a.
Com/FX correlation
n.a.
-0.5
n.a.
-0.3
At fair value through other comprehensive income
 
Loans and advances
838
1,056
Present value techniques
Prepayment rate (%)
9%
9%
9%
9%
Price based
 
Price (%)
99%
99%
100%
99%
 
Equity
225
176
Present value techniques
Credit spread (bps)
2
2
2
2
Interest rate (%)
3%
3%
3%
3%
Price based
Price (%)
1%
n/a
1%
n/a
Price based
Other (EUR)
63
63
80
80
Total
6,228
4,101
330
398
 
 
 
>
 
39 Fair value of assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -339
Price
For securities where market prices are not available fair value is measured by comparison with observable pricing
data from similar instruments. Prices of
0
% are distressed to the point that no recovery is expected, while prices
significantly in excess of
100
% or par are expected to pay a yield above current market rates.
Credit spreads
Credit spread is the premium above a benchmark interest rate required by the market participant to accept a
lower credit quality. Higher credit spreads indicate lower credit quality and a lower value of an asset.
Volatility
Volatility is a measure for variation of the price of a financial instrument or other valuation input over time.
Volatility is one of the key inputs in option pricing models. Typically, the higher the volatility,
 
the higher value of
the option. Volatility varies by the underlying reference (equity, commodity,
 
foreign currency and interest rates),
by strike, and maturity of the option. The minimum level of volatility is
0
% and there is no theoretical maximum.
Correlation
Correlation is a measure of dependence between two underlying
 
references which is relevant for valuing
derivatives and other instruments having more than one underlying reference. High positive correlation (close to
1) indicates strong positive (statistical) relationship, where underliers move, everything else equal, into the same
direction. The same holds for a high negative correlation.
Reset spread
Reset spreads are key inputs to mortgage linked prepayment swaps valuation. Reset spread is the future spread
at which mortgages will re-price at interest rate reset dates.
Inflation rate
 
Inflation rate is a key input to inflation linked instruments. Inflation linked instruments protect against price
inflation and are denominated and indexed to investment units. Interest payments would be based on the
inflation index and nominal rate in order to receive/pay the real rate of return. A rise in nominal coupon
payments is a result of an increase in inflation expectations, real rates, or both.
Dividend yield
Dividend yield is an important input for equity option pricing
 
models showing how much dividends a company is
expected to pay out each year relative to its share price. Dividend yields are generally expressed as an annualised
percentage of share price.
Jump rate
Jump rates simulate abrupt changes in valuation models. The rate is an added component to the discount rate in
the model to include default risks.
 
Prepayment rate
Prepayment rate is a key input to mortgage and loan valuation. Prepayment rate is the estimated rate
 
at which
mortgage borrowers will repay their mortgages early, e.g.
5
% per year. Prepayment
 
rate and reset spread are key
inputs to mortgage linked prepayment swaps valuation
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
39 Fair value of assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -340
Level 3: Changes during the period
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
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Opening balance
 
882
174
1
8
1,191
1,381
796
1,244
1,231
1,961
4,101
4,768
Realised gain/loss
 
recognised in the statement of profit or loss during the period
 
1
22
61
0
1
32
104
80
198
12
19
37
383
Revaluation recognised in other comprehensive income during the period
 
2
22
46
22
46
Purchase of assets
453
453
3
3
1,496
1,180
1,919
212
165
39
4,036
1,887
Sale of assets
48
73
3
8
612
973
141
270
234
419
1,037
1,743
Maturity/settlement
14
39
1
163
83
13
57
109
175
299
354
Reclassifications
 
5
330
6
105
11
224
Transfers
 
into Level 3
43
517
1
6
1
1
1
42
523
Transfers
 
out of Level 3
517
90
1
0
98
528
138
615
755
Exchange rate differences
0
20
24
9
4
29
27
Changes in the composition of the group and other changes
0
5
2
1
2
6
Closing balance
822
882
1
1
1,862
1,191
2,480
796
1,063
1,231
6,228
4,101
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
50
 
million (2020: EUR
312
 
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 comprehensive income’.
In 2020, the transfer into Level 3 assets is mainly driven by debt securities that are part of a structure transferred
into level 3 due to market illiquidity which decreased observability for an input. In 2021, these instruments
transferred out of Level 3 due to the valuation not being significantly impacted by unobservable inputs.
In 2021, transfers out of Level 3 of financial assets designated at fair value mainly relate to (long term) reverse
repurchase transactions that were transferred out of Level 3 due to the valuation not being significantly impacted
by unobservable inputs.
In 2020, transfers out of Level 3 is mainly related to debt obligations due to the valuation no longer being
significantly impacted by unobservable inputs.
In 2020, reclassification relate to a re-review of the general terms of a portfolio of securitization loans, the
underlying pools of assets are exposed to residual value risk. Consequently, the portfolio of EUR
0.3
 
billion, which
is classified at Level 3, was incorrectly measured at amortised cost and therefore reclassified to mandatorily fair
value through profit or loss. Furthermore, it relates to ING’s investment in Visa preference series C shares,
reference is made to Note 5 ‘Financial assets at fair value through other comprehensive income’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
39 Fair value of assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -341
Changes in Level 3 Financial liabilities
Financial liabilities
designated as at fair
value through profit or
loss
Trading liabilities
Non-trading derivatives
Total
2021
2020
2021
2020
2021
2020
2021
2020
Opening balance
180
195
39
110
180
184
398
490
Realised gain/loss recognised in
the statement of profit or loss
 
during the period
1
101
-2
-0
20
13
-22
113
-4
Additions
58
55
3
19
52
662
113
736
Redemptions
-10
-116
-3
-45
-140
-90
-153
-250
Maturity/settlement
-44
-11
-52
-1
-83
-45
-146
Transfers
 
into Level 3
48
170
8
233
267
282
445
Transfers
 
out of Level 3
-173
-111
-3
-23
-203
-738
-378
-873
Closing balance
160
180
35
39
135
180
330
398
1
 
Net gains/losses were recorded as ‘Valuation results and net trading income’ in the statement
 
of profit or loss. The total amount includes
EUR
113
 
million (2020: EUR
-4
 
million) of unrealised gains and losses recognised in the statement of profit or loss.
In 2020 and 2021, financial liabilities transfers into and out of Level 3 mainly consist of structures notes,
measured as designated at fair value through profit or loss. The structured notes are transferred out of Level 3 as
the valuation is no longer impacted by significantly unobservable inputs.
In 2020, financial liabilities mainly (long term) repurchase transactions
 
were transferred out of Level 3 mainly due
to the valuation not being significantly impacted by unobservable inputs.
g) Recognition of unrealised gains and losses in Level 3
Amounts recognised in the statement of profit or loss relating to unrealised gains and losses during the year that
relates to Level 3 assets and liabilities are included in the line item ‘Valuation results and net trading income’ in
the statement of profit or loss.
In 2020 and 2021, unrealised gains and losses that relate to ‘Financial assets at fair value through other
comprehensive income’ are included in the Revaluation reserve – Equity securities at fair value through other
comprehensive income or Debt
 
Instruments at fair value through other comprehensive income.
h) Level 3: Sensitivity analysis of unobservable inputs
Where the fair value of a financial instrument is determined using inputs which
 
are unobservable and which have
a more than insignificant impact on the fair value of the instrument, the actual value
 
of those inputs at the
balance date may be drawn from a range of reasonably possible alternatives. In line with market practice the
upper and lower bounds of the range of alternative input values reflect a
90
% level of valuation certainty. The
actual levels chosen for the unobservable inputs in preparing the financial
 
statements are consistent with the
valuation methodology used for fair valued financial instruments.
In practice valuation uncertainty is measured and managed per exposure to individual valuation inputs (i.e. risk
factors) at portfolio level across different product categories. Where the disclosure looks at individual Level 3
inputs the actual valuation adjustments may also reflect the benefits of portfolio offsets.
 
This disclosure does not attempt to indicate or predict future fair value movement. The numbers in isolation give
limited information as in most cases these Level 3 assets and liabilities should be
 
seen in combination with other
instruments (for example as a hedge) that are classified as Level 2.
 
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 o 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
2021
2020
2021
2020
Equity (equity derivatives, structured notes)
3
33
-27
-14
Interest rates (Rates derivatives,
 
FX derivatives)
15
20
-1
-1
Credit (Debt securities, Loans, structured notes, credit derivatives)
27
43
-2
-27
45
96
-30
42
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
39 Fair value of assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -342
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. The aggregation of the fair values presented below does not represent, and
should not be construed as representing, the underlying value of ING
 
Group.
Methods applied in determining fair values of financial assets and liabilities (carried at amortised cost)
Carrying Amount
Carrying amount
approximates fair value
Level 1
Level 2
Level 3
Total fair
 
value
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
2021
2020
Financial Assets
Loans and advances to banks
23,592
25,364
1,675
2,165
1
0
6,610
7,763
15,349
15,611
23,635
25,539
Loans and advances to customers
1, 2
625,122
593,970
16,939
17,486
0
0
18,465
14,595
600,253
577,526
635,657
609,607
Securities at amortised cost
1
48,319
50,587
–0
0
40,314
49,109
7,327
2,550
681
622
48,323
52,281
697,032
669,921
18,614
19,651
40,316
49,109
32,403
24,908
616,282
593,759
707,614
687,427
Financial liabilities
Deposits from banks
85,092
78,098
4,298
3,918
0
75,847
68,473
5,890
6,014
86,035
78,405
Customer deposits
617,400
609,517
585,929
580,262
–0
20,089
14,007
11,624
15,704
617,641
609,972
Debt securities in issue
1
91,784
82,065
–0
37,345
51,906
40,704
24,005
15,036
6,449
93,085
82,360
Subordinated loans
1
16,715
15,805
–0
12,826
15,013
4,377
1,161
17,203
16,174
810,990
785,484
590,227
584,180
50,171
66,919
141,017
107,645
32,549
28,167
813,964
786,911
1 As a consequence of a change in the levelling methodology of INGs bond portfolio ING recorded transfers from Level 1 to Level 2 in 2021.
2 The prior period has been updated to improve consistency and comparability of the fair values of loans and advances to customers.
The following methods and assumptions were used by ING Group to estimate the fair value of the financial
instruments not measured at fair value .
Loans and advances to banks
For short term receivables from banks carrying amounts represent a reasonable estimate of the fair value. The
fair value of long term receivables from banks is estimated by discounting expected future cash flows using a
discount rate based on available market interest rates and appropriate spreads that reflects current credit risk.
Loans and advances to customers
For short term loans carrying amounts represent a reasonable estimate of the fair value. The fair value of long
term loans is estimated by discounting expected future cash flows using a discount rate that reflects current
credit risk, current interest rates, and other current market conditions where applicable. The fair value of
mortgage loans is estimated by taking into account prepayment behaviour. Loans with similar characteristics are
aggregated for calculation purposes.
Deposits from banks
For short term payables to banks carrying amounts represent a reasonable estimate of the fair value. The fair
value of long term payables to banks is estimated by discounting expected future cash flows using a discount rate
based on available market interest rates and appropriate spreads that reflects ING’s
 
own credit risk.
 
 
 
>
 
40
 
Derivatives and hedge accounting
 
ING Group Annual Report 2021 on Form 20-F
F -343
Customer deposits
The carrying values of customer deposits with an immediate on demand
 
features approximate their fair values.
The fair values of deposits with fixed contractual terms have been estimated based on discounting future cash
flows using the interest rates currently applicable to deposits of similar maturities.
Debt securities in issue
 
The fair value of debt securities in issue is generally based on quoted market prices, or if not
 
available, on
estimated prices by discounting expected future cash flows using a current market interest rate and credit
spreads applicable to the yield, credit quality and maturity.
Subordinated loans
The fair value of publicly traded subordinated loans are based on quoted market prices when available. Where
no quoted market prices are available, fair value of the subordinated loans is estimated using discounted cash
flows based on interest rates and credit spreads that apply to similar instruments.
40
 
Derivatives and hedge accounting
Use of derivatives
 
ING Group uses derivatives for economic hedging purposes to manage its asset and liability
 
portfolios and
structural risk positions. The primary objective of ING
 
Group’s hedging activities is to manage the risks which
arises from structural imbalances in the duration and other profiles of its assets and liabilities.
 
The objective of
economic hedging is to enter into positions with an opposite risk profile to an identified
 
risk exposure to reduce
that exposure. The main risks which are being hedged are interest rate risk and foreign currency exchange rate
risk. These risks are primarily hedged with interest rate swaps, cross currency swaps and foreign exchange
forwards/swaps.
 
ING Group uses credit derivatives to manage its economic exposure to credit risk, including total return swaps
and credit default swaps, to sell or buy protection for credit risk exposures in the loan, investment, and trading
portfolios. Hedge accounting is not applied in relation to these credit derivatives.
Hedge accounting
 
Derivatives that qualify for hedge accounting under IFRS are classified and accounted for in accordance with the
nature of the instrument hedged and the type of IFRS hedge accounting model
 
that is applicable. The three
models applicable under IFRS are: fair value hedge accounting, cash flow hedge accounting,
 
and hedge
accounting of a net investment in a foreign operation. How and to what extent these models are applied are
described under the relevant headings below. The company’s detailed accounting policies for these three hedge
models are set out in paragraph 1.6 ‘Financial instruments’ of Note 1 ‘Basis of preparation and accounting
policies’.
Impact of Covid-19
The impact of Covid-19 on timing or amount of cash flows
 
of our products that are designated as hedged items in
hedge accounting programs did not result in significant hedge ineffectiveness during the reporting period.
IBOR transition
Reference is made to the note Risk management/ IBOR Transition for information on how ING is managing the
transition to alternative benchmark rates and INGs progress in completing the transition.
At the reporting date, ING Group assessed the extent to which hedge relationships are subject to uncertainties
driven by IBOR reform.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
40
 
Derivatives and hedge accounting
 
ING Group Annual Report 2021 on Form 20-F
F -344
Except for EONIA and EUR LIBOR all IBOR’s in scope of ING’s IBOR Transition
 
program are a component of either
the hedging instrument and/or the hedged item where the interest rate and/or foreign currency risk are the
designated hedged risk. The hedged exposures are mainly loan portfolios, issued debt securities
 
and purchased
debt instruments.
 
ING Group early adopted the amendments to IAS 39 issued in
 
September 2019 to these hedging relationships
directly affected by IBOR reform (Phase 1). This excludes EURIBOR hedges as EURIBOR is Benchmarks Regulation
compliant. Refer to section 1.6.4 of Note 1 ‘Basis of preparation and significant accounting policies’ for more
information on the Phase 1 amendments.
In 2021 the amendments to IAS 39 issued in August 2020
 
became effective for ING Group (Phase 2). Refer to
sections 1.4.1 and 1.6.4 of Note 1 ‘Basis of preparation and significant accounting
 
policies’ for more information
on the Phase 2 amendments.
Phase 1 amendments to IFRS allow ING Group to apply a set of temporary exceptions to continue hedge
accounting even when there is uncertainty about contractual cash flows arising from IBOR reform. Phase 1 reliefs
cease to apply when uncertainty arising from IBOR Reform is no longer present with respect to the timing and
amount of the IBOR-based cash flows of the relevant instruments.
ING Group hedges are being amended, where necessary, to incorporate the new benchmark rates. During 2021
ING transitioned significant portions of its financial instruments (designated in hedge
 
accounting relationships)
linked to benchmarks ceasing in 2021. As a result, for these hedge accounting relationships the applicable
 
Phase
1 reliefs ceased to apply and Phase 2 became applicable. In the coming year, ING will shift the focus to USD LIBOR
contracts (USD LIBOR tenors will continue to be published until the end of June 2023).
As at 31 December 2021, USD LIBOR indexed fair value and cash flow hedges are still directly affected by the
uncertainties arising from the IBOR reform. In particular, uncertainties over the timing and amount of the
replacement rate may impact the effectiveness and highly probable assessment.
For these affected fair value and cash flow hedge relationships ING Group assumes that the USD LIBOR based
cash flows from the hedging instrument and hedged item will remain unaffected.
 
The same assumption is used to assess the likelihood of occurrence of
 
the forecast transactions that are subject
to cash flow hedges. The hedged cash flows in cash flow hedges directly impacted by
 
the IBOR reform still meet
the highly probable requirement, assuming the USD LIBOR benchmark
 
on which the hedged cash flows are based
is not altered as a result of the reform.
The following table contains details of the gross notional amounts of hedging instruments as at 31 December
 
that
are used in the ING Group's hedge accounting relationships for which the Phase 1 amendments
 
to IAS39 were
applied:
Notional amounts of Hedging instruments in EUR mln as at 31 December
Benchmark
2021
2020
USD LIBOR
 
41,473
41,020
GBP LIBOR
 
1,500
JPY LIBOR
410
CHF LIBOR
315
Approximately
72
% (31 December 2020:
60
%) of the above notional amounts for USD LIBOR have a maturity date
beyond June 2023.
The notional amounts of the derivative hedging instruments (in above table) provide
 
a close approximation of
the extent of the risk exposure ING manages through these hedging relationships.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
40
 
Derivatives and hedge accounting
 
ING Group Annual Report 2021 on Form 20-F
F -345
Fair value hedge accounting
ING Group’s fair value hedges principally consist of interest rate swaps that are used to protect against changes
in the fair value of fixed-rate instruments due to movements in market interest rates. ING Group’s
 
approach to
manage market risk, including interest rate risk, is discussed in ‘Risk management –Market risk’. ING Group’s
exposure to interest rate risk is disclosed in paragraph ‘Interest rate risk in banking book’.
 
ING Group designates specific non-contractual risk components of hedged items. This
 
is usually determined by
designating benchmark interest rates such as EURIBOR. As a result of the IBOR reform ING designated new
benchmark rates in 2021 such as SOFR, SONIA and TONAR. Note that ING applies
 
the IBOR phase 2 amendments
(refer to section 1.6.4 of Note 1 ‘Basis of preparation and significant accounting policies’ for more information on
the Phase 2 amendments) for new benchmarks for which the separately identifiable requirement cannot (yet) be
met.
By using derivative financial instruments to hedge exposures to changes in interest rates, ING Group also exposes
itself to credit risk of the derivative counterparty, which is not offset by the hedged item. ING Group minimises
counterparty credit risk in derivative instruments by clearing most of the derivatives through Central Clearing
Counterparties. In addition ING Group only enters into transactions with high-quality counterparties and requires
posting collateral.
 
ING Group applies fair value hedge accounting on micro level in which one hedged item is hedged with
 
one or
multiple hedging instruments. Micro fair value hedge accounting is mainly applied
 
on issued debt securities and
purchased debt instruments for hedging interest rate risk.
 
Before fair value hedge accounting is applied by ING Group, ING Group determines whether an economic
relationship between the hedged item and the hedging instrument exists based on an
 
evaluation of the
quantitative characteristics of these items and the hedged risk that is supported by quantitative analysis. ING
Group considers whether the critical terms of the hedged item and hedging instrument closely
 
align when
assessing the presence of an economic relationship. ING Group evaluates whether the fair value of the hedged
item and the hedging instrument respond similarly to similar risks. In addition
 
ING is mainly using regression
analysis to assess whether the hedging instrument is expected to be and has
 
been highly effective in offsetting
changes in the fair value of the hedged item.
ING Group uses the following derivative financial instruments in a fair value hedge accounting relationship:
 
Gross carrying value of derivatives designated under fair value hedge
 
accounting
Assets
2021
Liabilities
2021
Assets
2020
Liabilities
2020
As at 31 December
Hedging instrument on interest rate risk
– Interest rate swaps
2,665
1,528
4,895
2,050
– Other interest derivatives
87
83
44
110
The derivatives used for fair value hedge accounting are included in the statement of financial position line-item
‘Financial assets at fair value through profit or loss – Non-trading derivatives’ for EUR
365
 
million (2020: EUR
486
million) respectively ‘Financial liabilities at fair value through profit or loss – Non-trading
 
derivatives’ EUR
270
million (2020: EUR
444
 
million). The difference between the gross carrying value as presented in the table and
the net carrying value as presented in the statement of financial position is due to offsetting with other
derivatives and collaterals paid or received.
For our main currencies the average fixed rate for interest rate
 
swaps used in fair value hedge accounting are
 
3.06
% (2020:
2.79
%) for EUR and
3.83
% (2020:
3.76
%) for USD.
 
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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
40
 
Derivatives and hedge accounting
 
ING Group Annual Report 2021 on Form 20-F
F -346
Maturity derivatives designated in fair value hedging
As at 31 December 2021
Less than
1 month
1 to 3
months
3 to 12
months
1 to 2
year
2 to 3
years
3 to 4
years
4 to 5
years
>5 years
Total
Hedging instrument on
interest rate risk
– Interest rate swaps
-83
2,654
1,340
7,213
5,862
3,772
7,533
20,282
48,574
– Other interest derivatives
-0
-102
-307
-286
-287
-357
-224
73
-1,490
As at 31 December 2020
Hedging instrument on
interest rate risk
- Interest rate swaps
15
1,153
1,263
6,704
6,170
4,281
4,347
16,548
40,481
– Other interest derivatives
-1
-68
-283
-434
-370
-302
-315
394
-1,378
Gains and losses on derivatives designated under fair value hedge accounting are recognised in the statement of
profit or loss. The effective portion of the fair value change on the hedged item is also recognised in the
statement of profit or loss. As a result, only the net accounting ineffectiveness has an impact on the net result.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
40
 
Derivatives and hedge accounting
 
ING Group Annual Report 2021 on Form 20-F
F -347
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
used for measuring
ineffectiveness for the
period
Change in fair value
hedge instruments
Hedge ineffectiveness
recognised in the
statement of profit or
loss gain (+) / loss (-)
Assets
Liabilities
Assets
Liabilities
As at 31 December 2021
Interest rate risk
– Amounts due from banks
-0
– Debt securities at fair value through other comprehensive income
17,307
n/a
-798
– Loans at FVOCI
n/a
-0
– Loans and advances to customers
1,056
93
-42
– Debt instruments at amortised cost
3,458
301
-165
– Debt securities in issue
53,756
1,498
1,923
– Subordinated loans
16,713
115
414
– Amounts due to banks
-0
– Customer deposits and other funds on deposit
-2
– Discontinued hedges
372
8
Total
21,821
70,469
767
1,621
1,330
-1,317
13
As at 31 December 2020
Interest rate risk
– Amounts due from banks
– Debt securities at fair value through other comprehensive income
20,164
n/a
552
– Loans at FVOCI
n/a
-0
– Loans and advances to customers
876
121
25
– Debt instruments at amortised cost
4,222
501
170
– Debt securities in issue
54,043
3,443
-878
– Subordinated loans
13,309
510
-397
– Amounts due to banks
-5
– Customer deposits and other funds on deposit
54
0
-9
– Discontinued hedges
561
2
Total
25,262
67,406
1,183
3,956
-541
538
-4
The main sources of ineffectiveness are:
differences in maturities of the hedged item(s) and hedging instrument(s);
different interest rate curves applied to discount the hedged item(s) and hedging instrument(s);
differences in timing of cash flows of the hedged item(s) and hedging instrument(s).
There were no other sources of significant ineffectiveness in these hedging relationships.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
40
 
Derivatives and hedge accounting
 
ING Group Annual Report 2021 on Form 20-F
F -348
Cash flow hedge accounting
ING Group’s cash flow hedges mainly consist of interest rate swaps and cross-currency swaps that are used to
protect against the exposure to variability in future cash flows on non-trading assets and liabilities that bear
interest at variable rates or are expected to be refunded or reinvested in the future. The amounts and timing of
future cash flows, representing both principal and interest flows, are projected for each portfolio of financial
assets and liabilities, based on contractual terms and other variables
 
including estimates of prepayments. These
projected cash flows form the basis for identifying the notional amount subject to interest rate risk or foreign
currency exchange rate risk that is designated under cash flow hedge accounting.
ING Group’s approach to manage market risk, including interest rate risk and foreign currency exchange rate
 
risk,
is discussed in ‘Risk management – Credit risk and Market risk’. ING Group determines the amount of the
exposures to which it applies hedge accounting by assessing the potential impact
 
of changes in interest rates and
foreign currency exchange rates on the future cash flows from its floating-rate assets and liabilities. This
assessment is performed using analytical techniques.
 
As noted above for fair value hedges, by using derivative financial instruments to hedge exposures to changes in
interest rates and foreign currency exchange rates,
 
ING Group exposes itself to credit risk of the derivative
counterparty, which is not offset by the hedged items. This exposure is managed similarly to that for fair value
hedges.
 
Gains and losses on the effective portions of derivatives designated under cash flow hedge accounting
 
are
recognised in Other Comprehensive Income. Interest cash flows on these derivatives are recognised in the
statement of profit or loss in ‘Net interest income’ consistent with the manner in which the forecasted cash flows
affect net result. The gains and losses on ineffective portions of such derivatives are recognised immediately in
the statement of profit or loss in ‘Valuation results and net trading income’.
 
ING Group determines an economic relationship between the cash flows of the hedged item and
 
the hedging
instrument based on an evaluation of the quantitative characteristics of these items and the hedged risk that is
supported by quantitative analysis. ING Group considers whether the critical terms of the hedged item and
hedging instrument closely align when assessing the presence
 
of an economic relationship. ING Group evaluates
whether the cash flows of the hedged item and the hedging
 
instrument respond similarly to the hedged risk, such
as the benchmark interest rate of foreign currency. In addition (for macro FX hedging relationships) a regression
analysis is performed to assess whether the hedging instrument is expected to be and
 
has been highly effective in
offsetting changes in the fair value of the hedged item.
 
ING Group uses the following derivative financial instruments in a cash flow hedge accounting
 
relationship:
Gross carrying value of derivatives used for cash flow hedge accounting
Assets
Liabilities
Assets
Liabilities
2021
2021
2020
2020
As at 31 December
Hedging instrument on interest rate risk
– Interest rate swaps
-437
781
2,271
545
Hedging instrument on combined interest and FX rate
 
risk
– Cross currency interest rate derivatives
73
285
774
21
The derivatives used for cash flow hedge accounting are included in the statement of financial position line-item
‘Financial assets at fair value through profit or loss – Non-trading derivatives’ EUR
 
300
 
million (2020: EUR
 
1,376
million) respectively ‘Financial liabilities at fair value through profit or loss – Non-trading
 
derivatives’ EUR
 
485
million (2020: EUR
 
230
 
million). The difference between the gross carrying value as presented in the table and
the net carrying value as presented in the statement of financial position is due to offsetting with other
derivatives and collaterals paid or received.
For the main currencies the average fixed rate for interest rate
 
swaps used in cash flow hedge accounting are
0.16
% (2020:
-0.15
%) for EUR,
1.73
% (2020:
1.74
%) for PLN,
2.09
% (2020:
2.31
%) for USD and
0.55
% (2020:
0.82
%) for AUD. The average currency exchange rates for
 
cross currency swaps used in cash flow hedge
accounting is for EUR/USD
1.01
 
(2020:
0.95
) and for EUR/AUD
1.61
 
(2020:
1.6
).
The following table shows the net notional amount of derivatives designated in cash flow hedging
 
split into the
maturity of the instruments. The net notional amounts presented in the table are a combination
 
of payer (+) and
receiver (-) swaps.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
40
 
Derivatives and hedge accounting
 
ING Group Annual Report 2021 on Form 20-F
F -349
Maturity derivatives designated in cash flow hedging
As at 31 December
2021
Less than 1
month
1 to 3
months
3 to 12
months
1 to 2 year
2 to 3 years
3 to
 
4
years
4 to 5 years
>5 years
Total
Hedging instrument
on interest rate risk
– Interest rate swaps
418
-1,075
-6,939
-5,470
-6,711
-5,825
-5,272
-18,107
-48,982
Hedging instrument
on combined interest
and FX rate risk
– Cross currency
interest rate
derivatives
-256
-1,048
-1,760
-3,831
-2,528
-2,580
181
-56
-11,878
As at 31 December
2020
Hedging instrument
on interest rate risk
– Interest rate swaps
-248
-92
-2,061
-4,896
-1,832
-5,772
-3,466
-19,537
-37,904
Hedging instrument
on combined interest
and FX rate risk
– Cross currency
interest rate
derivatives
-160
-1,666
-2,828
-2,446
-3,493
-1,324
194
-210
-11,934
The following table shows the cash flow hedge accounting impact on profit or loss
 
and comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
40
 
Derivatives and hedge accounting
 
ING Group Annual Report 2021 on Form 20-F
F -350
Cash flow hedging – impact of hedging instruments on the statement of profit or loss and other comprehensive income
Change in value 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
Cash flow is no
 
longer expected
 
to occur
Change in value of
hedging instrument
recognised in OCI
Hedge ineffectiveness
recognised in the
statement of profit or
loss, gain (+) / loss (-)
As at 31 December 2021
Interest rate risk on;
– Floating rate lending
2,937
-1,132
-454
– Floating rate borrowing
-915
366
143
– Other
165
-122
15
– Discontinued hedges
674
-306
Total interest
 
rate risk
2,188
-214
-603
-1,825
-2
Combined interest and FX rate risk on;
– Floating rate lending
-90
-19
-153
– Floating rate borrowing
-2
-16
9
– Other
-0
-1
-1
– Discontinued hedges
-13
-90
Total combined interest
 
and Fx
-92
-49
-235
250
3
Total cash flow hedge
2,096
-262
-838
-1,574
1
As at 31 December 2020
Interest rate risk on;
– Floating rate lending
-784
1,310
-97
– Floating rate borrowing
136
-306
33
– Other
-107
36
19
– Discontinued hedges
1,037
-236
Total interest
 
rate risk
-755
2,077
-281
830
-6
Combined interest and FX rate risk on;
– Floating rate lending
-26
-35
-256
– Floating rate borrowing
29
-42
-10
– Other
-0
-0
-3
– Discontinued hedges
-26
Total combined interest
 
and Fx
3
-78
-295
263
1
Total cash flow hedge
-753
1,999
-576
1,093
-5
1
 
The carrying amount is the gross amount, excluding tax adjustments.
The decrease in the carrying amount of the cash flow hedge reserve is
 
driven by increased interest rates.
The main sources of ineffectiveness for cash flow hedges are:
differences in timing of cash flows of the hedged item(s) and hedging instrument(s);
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
40
 
Derivatives and hedge accounting
 
ING Group Annual Report 2021 on Form 20-F
F -351
mismatches in reset frequency between hedged item and hedging instrument.
Hedges of net investments in foreign
 
operations
A foreign currency exposure arises from a net investment in subsidiaries that have a different functional currency
from the presentation currency of ING Group. The risk arises from the fluctuation in spot exchange rates
between the functional currency of the subsidiaries and
 
ING Group’s presentation currency,
 
which causes the
amount of the net investment to vary in the consolidated financial statements of ING Group. This risk may have a
significant impact on ING Group’s financial statements. ING Group’s policy is to hedge these exposures only when
not doing so it is expected to have a significant impact on the regulatory capital ratios of ING Group and its
subsidiaries.
ING Group’s net investment hedges principally consist of derivatives (including currency forwards and swaps) and
non-derivative financial instruments such as foreign currency denominated funding. When the hedging
instrument is foreign currency denominated debt, ING Group assesses effectiveness by comparing past changes
in the carrying amount of the debt that are attributable to a change in the spot
 
rate with past changes in the
investment in the foreign operation due to movement in the spot rate (the offset method).
 
Gains and losses on the effective portions of derivatives designated under net investment hedge accounting are
recognised in Other Comprehensive Income.
 
The balance in equity is recognised in the statement of profit or loss
when the related foreign subsidiary is disposed. The gains and losses on
 
ineffective portions are recognised
immediately in the statement of profit or loss.
ING Group has the following derivative financial instruments used for net investment hedging;
Gross carrying value of derivatives used
 
for net investment
 
hedging
 
Assets
Liabilities
Assets
Liabilities
2021
2021
2020
2020
As at 31 December
– FX forwards and Cross
 
currency swaps
18
88
69
98
The derivatives used for net investment hedge accounting are included in the statement of financial position line-
item ‘Financial assets at fair value through profit or loss – Non-trading derivatives’ EUR
18
 
million (2020: EUR
69
million) respectively ‘Financial liabilities at fair value through profit or loss – Non
 
trading derivatives’ EUR
88
million (2020: EUR
 
98
 
million).
For ING Group’s main currencies the average exchange rates
 
used in net investment hedge accounting for 2021
are EUR/USD
1.18
 
(2020:
1.14
), EUR/PLN
4.58
 
(2020:
4.45
), EUR/AUD
1.58
 
(2020:
1.65
) and EUR/THB
37.84
(2020:
35.71
).
 
The following table shows the notional amount of derivatives designated in net investment hedging split into the
maturity of the instruments:
Maturity derivatives designated in net investment hedging
As at 31 December
2021
Less than
1 month
1 to 3
months
3 to 12
months
1 to 2 year
2 to 3
years
3 to
 
4
years
4 to 5
years
>5 years
Total
– FX forwards and
cross currency
swaps
-4,462
-461
-590
-5,514
– Other FX
derivatives
As at 31 December
2020
– FX forwards and
Cross currency
swaps
-3,825
-375
-580
-4,780
– Other FX
derivatives
-8
-8
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
41
 
Assets by contractual maturity
 
ING Group Annual Report 2021 on Form 20-F
F -352
The effect of the net investment hedge accounting in the statement of profit or loss and other comprehensive
income is as follows:
Net investment hedge accounting – Impact on statement
 
of profit or loss and other comprehensive income
As at 31 December 2021
Change in value
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
72
330
-72
-1
Discontinued hedges
-59
As at 31 December 2020
Investment in foreign operations
-122
553
-11
121
1
Discontinued hedges
-210
1
 
The carrying amount is the gross amount, excluding tax adjustments.
41
 
Assets by contractual maturity
Amounts presented in these tables by contractual maturity are the amounts as presented in the statement of
financial position and are discounted cash flows. Reference is made to ‘Risk Management – Funding and
 
liquidity
risk’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
41
 
Assets by contractual maturity
 
ING Group Annual Report 2021 on Form 20-F
F -353
Assets by contractual maturity
2021
Less than 1 month
 
1
1-3 months
3-12 months
1-5 years
Over 5 years
Maturity not applicable
Total
Cash and balances with central banks
106,520
106,520
Loans and advances to banks
15,163
2,204
3,921
1,937
367
23,592
Financial assets at fair value through profit or loss
 
Trading assets
21,055
3,859
8,735
7,922
9,810
51,381
 
Non-trading derivatives
240
171
217
421
488
1,536
 
Mandatorily at fair value through profit or loss
20,462
12,063
7,487
1,741
770
161
42,684
 
Designated as at fair value through profit or loss
96
120
520
2,510
3,109
6,355
Financial assets at fair value through other comprehensive income
 
Equity securities
2,457
2,457
 
Debt securities
593
518
1,926
11,182
13,121
27,340
 
Loans and advances
14
11
173
214
427
838
Securities at amortised cost
1,108
1,217
4,509
24,413
17,072
48,319
Loans and advances to customers
52,269
26,414
53,616
185,836
306,988
625,122
Other assets
2
3,827
362
1,524
1,185
1,482
4,725
13,106
Total assets
221,346
46,940
82,627
237,360
353,634
7,343
949,250
2020
Cash and balances with central banks
111,087
111,087
Loans and advances to banks
15,786
2,796
3,419
3,093
270
25,364
Financial assets at fair value through profit or loss
 
Trading assets
12,100
6,567
9,206
10,206
13,277
51,356
 
Non-trading derivatives
495
446
644
1,252
746
3,583
 
Mandatorily at fair value through profit or loss
26,854
11,376
3,472
1,153
1,222
228
44,305
 
Designated as at fair value through profit or loss
248
26
631
657
2,564
4,126
Financial assets at fair value through other comprehensive income
 
Equity securities
1,862
1,862
 
Debt securities
841
985
5,175
11,576
14,400
32,977
 
Loans and advances
32
34
73
407
509
1,056
Securities at amortised cost
2,104
2,444
3,943
24,298
17,798
50,587
Loans and advances to customers
50,293
19,788
48,261
176,047
299,581
593,970
Other assets
2
3,797
312
1,148
1,934
1,283
5,142
13,617
Total assets
223,636
44,775
75,973
230,625
351,649
7,232
933,891
1 Includes assets on demand.
2 Includes other financial
 
assets such as assets held for sale, current and deferred tax assets as presented in the consolidated statement
 
of the financial position. Additionally, non-financial assets are included in that position where maturities are not applicable as property and equipment
and investments in associates and joint ventures. Due to their nature non-financial assets consist mainly of assets expected to be recovered
 
after more than 12 months.
 
 
 
>
 
42
 
Liabilities and off-balance sheet commitments by maturity
 
ING Group Annual Report 2021 on Form 20-F
F -354
42
 
Liabilities and off-balance sheet commitments by maturity
The tables below include all liabilities and off-balance sheet commitments by maturity
 
based on contractual,
undiscounted cash flows. These balances are included in the maturity analysis
 
as follows:
Perpetual liabilities are included in the column ‘Maturity
 
not applicable’.
Derivative liabilities are included on a net basis if cash flows are settled net. For other derivative
liabilities the contractual gross cash flow payable is included.
Undiscounted future coupon interest on financial liabilities payable is included in a separate line and in
the relevant maturity bucket.
 
Non-financial liabilities are included based on a breakdown of the amounts
 
per statement of financial
position, per expected maturity.
Loans and other credit-related commitments are classified on the basis
 
of the earliest date they can be
drawn down.
ING Group’s expected cash flows on some financial liabilities vary significantly from contractual cash flows.
Principal differences are in demand deposits from customers that are expected to remain stable or increase and
in unrecognised loan commitments that are not all expected to be drawn down immediately. Reference is made
to the liquidity risk paragraph in ‘Risk Management – Funding and liquidity
 
risk’ for a description on how liquidity
risk is managed.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
42
 
Liabilities and off-balance sheet commitments by maturity
 
ING Group Annual Report 2021 on Form 20-F
F -355
Liabilities and off-balance sheet commitments by maturity
2021
Less than 1 month
 
1
1–3 months
3–12 months
1–5 years
Over 5 years
Maturity not
applicable
Adjustment
 
2
Total
Deposits from banks
10,477
1,062
1,387
71,413
1,719
-967
85,092
Customer deposits
596,625
11,226
6,060
1,571
1,937
-19
617,400
Financial liabilities at fair value through profit or loss
 
Other trading liabilities
6,965
397
322
462
438
4
8,588
 
Trading derivatives
1,689
1,608
3,674
8,295
5,731
-2,472
18,525
 
Non-trading derivatives
546
245
422
900
571
-564
2,120
 
Designated at fair value through profit or loss
24,862
10,224
771
1,851
3,721
20
358
41,808
Debt securities in issue
2,766
19,470
15,712
23,052
28,934
1,851
91,784
Subordinated loans
716
8,948
6,822
229
16,715
Lease liabilities
18
40
159
571
454
-23
1,220
Financial liabilities
643,949
44,272
28,506
108,831
52,453
6,843
-1,602
883,252
Other liabilities
 
3
8,810
487
2,665
300
934
13,196
Total liabilities
652,759
44,758
31,172
109,132
53,386
6,843
-1,602
896,448
Coupon interest due on financial liabilities
193
406
1,000
2,579
2,773
387
7,338
Contingent liabilities in respect of
 
Discounted bills
 
Guarantees
 
25,911
550
26,461
 
Irrevocable letters of credit
16,851
16,851
 
other
1
2
5
8
Guarantees issued by ING Groep N.V.
316
316
Irrevocable facilities
143,891
1
13
184
78
144,167
186,969
1
15
189
628
187,802
1
 
Includes liabilities on demand.
2
 
This column reconciles the contractual undiscounted cash flows on financial liabilities to the statement of financial position values. The adjustments mainly relate to
 
the impact of discounting and fair value hedge adjustments,
 
and for derivatives, to the fact that the contractual cash flows
are presented on a gross basis (unless the cash flows are actually settled net).
3
 
Includes Other liabilities, Current and deferred tax liabilities, and Provisions as presented in the Consolidated statement
 
of financial position.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
42
 
Liabilities and off-balance sheet commitments by maturity
 
ING Group Annual Report 2021 on Form 20-F
F -356
Liabilities and off-balance sheet commitments by maturity
2020
Less than 1 month
 
1
1–3 month
3–12 months
1–5 years
Over 5 years
Maturity not applicable
Adjustment
 
2
Total
Deposits from banks
11,080
537
772
64,147
1,722
-161
78,098
Customer deposits
587,137
9,662
8,208
2,169
2,207
134
609,517
Financial liabilities at fair value through profit or loss
 
Other trading liabilities
4,940
1,197
204
268
323
39
6,972
 
Trading derivatives
2,179
2,297
4,250
9,589
7,794
-373
25,737
 
Non-trading derivatives
283
178
204
468
454
41
1,629
 
Designated at fair value through profit or loss
32,540
8,506
1,330
2,181
3,247
11
631
48,444
Debt securities in issue
5,144
8,428
13,441
25,752
25,430
3,868
82,065
Subordinated loans
661
8,815
5,670
659
15,805
Lease liabilities
17
42
166
611
520
-18
1,339
Financial liabilities
643,321
30,848
28,576
105,846
50,512
5,680
4,821
869,605
Other liabilities
 
3
6,830
568
2,681
765
802
11,646
Total liabilities
650,150
31,416
31,257
106,611
51,315
5,680
4,821
881,250
Coupon interest due on financial liabilities
229
490
1,155
3,732
3,249
292
9,147
Contingent liabilities in respect of
 
Discounted bills
 
Guarantees
 
22,836
550
23,386
 
Irrevocable letters of credit
14,016
14,016
 
other
50
47
97
Guarantees issued by ING Groep N.V.
292
292
Irrevocable facilities
4
124,739
37
141
74
124,991
161,934
37
188
624
162,782
1
 
Includes liabilities on demand.
2
 
This column reconciles the contractual undiscounted cash flows on financial liabilities to the statement of financial position values. The adjustments mainly relate to
 
the impact of discounting and fair value hedge adjustments, and for derivatives, to the fact that the contractual cash
 
flows
are presented on a gross basis (unless the cash flows are actually settled net).
3
 
Includes Other liabilities, Current and deferred tax liabilities, and Provisions as presented in the Consolidated statement
 
of financial position.
4 The prior period has been updated to improve consistency and comparability of the amounts per maturity of irrevocable facilities.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
43
 
Transfer of
 
financial assets, assets pledged and received as collateral
 
ING Group Annual Report 2021 on Form 20-F
F -357
43
 
Transfer of financial assets, assets pledged and received as collateral
Financial assets pledged
 
as collateral
The financial assets pledged as collateral consist primarily of Loans and advances to customers pledged to secure
Debt securities in issue, deposits from the Dutch Central Bank and
 
other banks, as well as debt securities used in
securities lending or sale and repurchase transactions. They serve
 
to secure margin accounts and are used for
other purposes required by law. Pledges are generally conducted under terms that are usual and customary for
collateralised transactions including standard sale and repurchase agreements, securities lending and borrowing
and derivatives margining. The financial assets pledged are as follows:
Financial assets pledged as collateral
2021
2020
Banks
 
Cash and balances with central banks
465
1,377
 
Loans and advances to banks
3,310
3,833
Financial assets at fair value through profit or loss
15,334
14,772
Financial assets at fair value through OCI
2,320
2,377
Securities at amortised cost
4,468
7,023
Loans and advances to customers
118,868
115,194
Other assets
796
761
145,560
145,338
In addition, in some jurisdictions ING Bank
 
N.V.
 
has an obligation to maintain a reserve with central banks. As at
31 December 2021, the minimum mandatory reserve deposits
 
with various central banks amount to EUR
10,625
million (2020: EUR
10,573
 
million).
 
Loans and advances to customers that have been pledged as collateral for debt securities in issue and for liquidity
purposes amount to EUR
118,868
 
million (2020: EUR
115,194
 
million).
Financial assets received as collateral
The financial assets received as collateral that can be sold or repledged in absence of default by the owner of the
collateral consists of securities obtained through reverse repurchase transactions and securities borrowing
transactions.
 
These transactions are generally conducted under standard market terms for most repurchase transactions and
the recipient of the collateral has unrestricted right to sell or repledge it, provided that the collateral (or
equivalent collateral) is returned to the counterparty at term.
Financial assets received as collateral
2021
2020
Total received
 
collateral available for
 
sale or repledge at fair value
 
equity securities
27,553
20,018
 
debt securities
67,696
79,670
of which sold or repledged at fair value
 
equity securities
23,330
16,365
 
debt securities
50,366
60,384
Transfer
 
of financial assets
The majority of ING's financial assets that have been transferred, but do not qualify for derecognition are debt
instruments used in securities lending or sale and
 
repurchase transactions.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
44
 
Offsetting financial assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -358
Transfer of financial assets not qualifying for derecognition
 
Securities lending
Sale and repurchase
Equity
Debt
Equity
Debt
2021
2020
2021
2020
2021
2020
2021
2020
Transferred
 
assets at carrying amount
Financial assets at fair value through profit or loss
3,109
3,151
4,384
2,078
5,863
8,619
Financial assets at fair value through other
comprehensive income
150
56
527
2,120
Loans and advances to customers
4,386
2,381
2
Securities at amortised cost
280
470
992
6,281
Associated liabilities at carrying amount
1
Deposits from banks
n/a
n/a
n/a
n/a
Customer deposits
n/a
n/a
n/a
n/a
Financial liabilities at fair value through profit or
loss
n/a
n/a
n/a
n/a
4,130
2,018
7,538
5,994
2
1 The table includes the associated liabilities which are reported after offsetting, compared to the gross positions of the encumbered assets.
 
2 The prior period has been updated to improve consistency and comparability.
The table above does not include assets transferred to consolidated securitisation entities as the related assets
remain recognised in the consolidated statement of financial position.
 
Transferred
 
financial assets that are derecognised in their entirety are mentioned in note 49 ‘Structured Entities’.
44
 
Offsetting financial assets and liabilities
The following tables include information about rights to offset and the related arrangements. The amounts
included consist of all recognised financial instruments that are presented net in the statement of financial
position under the IFRS netting criteria (legal right to offset and intention to net settle or to realise the asset and
settle the liability simultaneously)
 
and amounts presented gross in the statement of financial position but subject
to enforceable master netting arrangements or similar arrangements.
At ING Group amounts that are offset mainly relate to derivatives transactions, sale and repurchase agreements,
securities lending agreements and cash pooling arrangements. A significant portion
 
of offsetting is applied to OTC
derivatives which are cleared through central clearing parties.
Related amounts not set off in the statement of financial position include transactions where:
The counterparty has an offsetting exposure and a master netting or similar arrangement is in place with
a right to set off only in the event of default, insolvency or bankruptcy, or the offsetting criteria are
otherwise not satisfied, and
In the case of derivatives and securities lending or sale and
 
repurchase agreements, cash and non-cash
collateral has been received or pledged to cover net exposure in the event of a default or other
predetermined events.
 
The effect of over-collateralisation is excluded.
 
The net amounts resulting after setoff are not intended to represent ING’s actual exposure to counterparty risk,
as risk management employs a number of credit risk mitigation strategies in addition to netting and collateral
arrangements. Reference is made to the Risk Management section on Credit risk.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
44
 
Offsetting financial assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -359
Financial assets subject to offsetting, enforceable master netting arrangements
 
and similar agreements
2021
Gross amounts of
recognised financial
assets
Gross amounts of
recognised financial
liabilities offset in the
statement of financial
position
Net amounts of
financial assets
presented in the
statement of financial
position
Related amounts not offset
 
in the statement of financial position
Net amount
Amounts not
subject to
enforceable netting
arrangements
Statement of
financial position
total ¹
Financial instruments
Cash and financial
instruments received
as collateral
Statement of financial position
 
line item
Financial instrument
Loans and advances to banks
2
Reverse repurchase, securities
 
borrowing and similar agreements
1,930
1,930
1,923
7
1,473
3,403
Cash pools
1
1
0
0
0
–0
1,931
1
1,930
0
1,923
7
1,473
3,403
Financial assets at fair value through profit or loss
Trading and Non-trading
Reverse repurchase, securities
borrowing and similar agreements
43,822
11,564
32,258
168
31,848
243
15,590
47,848
Derivatives
52,724
38,431
14,293
9,005
3,108
2,180
7,006
21,299
96,546
49,995
46,552
9,172
34,956
2,423
22,596
69,148
Loans and advances to customers
3
Reverse repurchase, securities
borrowing and similar agreements
71
71
71
–0
71
Cash pools
196,328
194,522
1,806
19
1,417
369
1,806
196,400
194,522
1,878
19
1,489
369
1,878
Other items where offsetting is applied in the
statement of financial position
4
3,692
3,470
222
–0
222
222
Total financial assets
298,569
247,987
50,581
9,191
38,368
3,022
24,069
74,650
1
 
‘The statement of financial position total’ is the sum of ‘Net amounts of financial assets presented in the statement of financial position’ and ’Amounts
 
not subject to enforceable master netting arrangements’.
2
 
At 31 December 2021, the total amount of ‘Loans and advances to banks’ excluding repurchase agreements is EUR
20,189
 
million which is not subject to offsetting.
3
 
At 31 December 2021, the total amount of ‘Loans and advances to customers’ excluding repurchase agreements is EUR
624,635
 
million of which EUR
1,806
 
million is subject to offsetting.
4
 
Other items mainly include amounts to be settled with Central Clearing Counterparties regarding securities and derivatives transactions and is included in ‘Other Assets – Amounts to be settled’ for EUR
2,424
 
million in the statement of financial position of which EUR
222
 
million is
subject to offsetting as at 31 December 2021.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
44
 
Offsetting financial assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -360
Financial assets subject to offsetting, enforceable master netting arrangements
 
and similar agreements
2020
Gross amounts of
recognised financial
assets
Gross amounts of
recognised financial
liabilities offset in the
statement of financial
position
Net amounts of
financial assets
presented in the
statement of financial
position
Related amounts not offset
 
in the statement of financial position
Net amount
Amounts not
subject to
enforceable netting
arrangements
Statement of
financial position
total ¹
Financial instruments
Cash and financial
instruments received
as collateral
Statement of financial position line item
Financial instrument
Loans and advances to banks
2
Reverse repurchase, securities
borrowing and similar agreements
1,911
0
1,911
0
1,907
4
2,958
4,869
Cash pools
2
2
0
0
0
–0
0
1,913
2
1,911
0
1,907
4
2,958
4,869
Financial assets at fair value through profit or loss
Trading and non-trading
 
Reverse repurchase, securities
borrowing and similar agreements
48,487
14,823
33,664
245
33,343
77
19,018
52,682
Derivatives
73,142
52,561
20,581
12,520
5,350
2,710
10,240
30,821
121,629
67,384
54,245
12,765
38,693
2,787
29,258
83,503
Loans and advances to customers
3
Reverse repurchase, securities
borrowing and similar agreements
2,845
2,359
486
486
138
624
Cash pools
168,461
165,815
2,646
1,729
628
289
2,646
171,306
168,174
3,132
1,729
1,113
289
138
3,270
Other items where offsetting is applied in the
statement of financial position
4
8,558
7,752
806
10
796
806
Total financial assets
303,406
243,312
60,095
14,505
41,714
3,876
32,354
92,449
1 ‘The statement of financial position total’ is the sum of ‘Net amounts of financial assets presented in the statement of financial position’ and ’Amounts
 
not subject to enforceable master netting arrangements’.
2
 
At 31 December 2020, the total amount of ‘Loans and advances to banks’ excluding repurchase agreements is EUR
20,495
 
million which is not subject to offsetting.
3
 
At 31 December 2020, the total amount of ‘Loans and advances to customers’ excluding repurchase agreements is EUR
593,345
 
million of which EUR
2,646
 
million is subject to offsetting.
4
 
Other items mainly include amounts to be settled with Central Clearing Counterparties regarding securities and derivatives transactions and is included in ‘Other Assets – Amounts to be settled’ for EUR
2,215
 
million in the statement of financial position of which EUR
806
 
million is
subject to offsetting as at 31 December 2020.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
44
 
Offsetting financial assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -361
Financial liabilities subject to offsetting, enforceable master netting arrangements
 
and similar agreements
Related amounts not offset in the statement
of financial position
Amounts not
subject to
enforceable
netting
arrangements
Statement of
financial position
total
¹
2021
Gross amounts of
recognised financial
liabilities
Gross amounts of
recognised financial
assets offset in the
statement of financial
position
Net amounts of
financial liabilities
presented in the
statement of financial
position
Financial instruments
Cash and financial
instruments pledged
as collateral
Net amount
Statement of financial position line item
Financial instrument
Deposits from banks
2
Repurchase, securities lending and
similar agreements
433
0
433
0
426
7
3,705
4,138
Cash pools
3
-1
2
0
0
2
0
2
436
-1
435
0
426
9
3,705
4,140
Customer deposits
3
Repurchase, securities lending and
similar agreements
0
0
0
0
0
0
0
Cash pools
207,930
-194,522
13,408
19
0
13,389
0
13,408
207,930
-194,522
13,408
19
0
13,389
0
13,408
Financial liabilities at fair value through profit or loss
Trading and Non-trading
Repurchase, securities lending and
similar agreements
43,883
-11,564
32,319
168
32,056
96
9,416
41,735
Derivatives
53,778
-39,053
14,725
9,006
4,326
1,393
5,920
20,646
97,661
-50,617
47,044
9,173
36,382
1,489
15,337
62,381
Other items where offsetting is applied in the statement of
financial position
4
3,098
-2,848
250
-1
0
252
0
250
Total financial liabilities
309,125
-247,987
61,138
9,191
36,808
15,139
19,041
80,179
1
 
‘The statement of financial position total’ is the sum of ‘Net amounts of financial liabilities presented in the statement of financial position’ and ’Amounts
 
not subject to enforceable master netting arrangements’.
2
 
At 31 December 2021, the total amount of ‘Deposits from banks’ excluding repurchase agreements is EUR
80,954
 
million of which EUR
2
 
million is subject to offsetting.
3
 
At 31 December 2021, the total amount of ‘Customers deposits’ excluding repurchase agreements is EUR
617,400
 
million of which EUR
13,408
 
million is subject to offsetting.
4
 
Other items mainly include amounts to be settled with Central Clearing Counterparties regarding securities and derivatives transactions and is included in ‘Other Liabilities – Amounts to be settled’ for EUR
5,082
 
million in the statement of financial position of which EUR
250
 
million is
subject to offsetting as at 31 December 2021.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
44
 
Offsetting financial assets and liabilities
 
ING Group Annual Report 2021 on Form 20-F
F -362
Financial liabilities subject to offsetting, enforceable master netting arrangements
 
and similar agreements
 
Related amounts not offset in the
statement of financial position
Amounts not
subject to
enforceable
netting
arrangements
Statement of
financial position
total
¹
2020
Gross amounts of
recognised
financial liabilities
Gross amounts of
recognised financial
assets offset in the
statement of financial
position
Net amounts of
financial
 
liabilities presented
in the statement of
financial position
Financial instruments
Cash and financial
instruments pledged
as collateral
1
Net amount
Statement of financial position line item
Financial instrument
Deposits from banks
2
Repurchase, securities lending and
similar agreements
167
167
166
1
1,804
1,971
Cash pools
3
-2
2
2
2
170
-2
169
166
3
1,804
1,973
Customer deposits
3
Repurchase, securities lending and
similar agreements
2,354
-2,354
Cash pools
184,490
-165,815
18,675
1,702
16,973
18,675
186,844
-168,169
18,675
1,702
16,973
18,675
Financial liabilities at fair value through profit or loss
Trading and Non-trading
Repurchase, securities lending and
similar agreements
53,520
-14,827
38,693
245
38,447
8,271
46,964
Derivatives
73,215
-52,626
20,589
12,521
6,742
1,326
6,777
27,366
126,735
-67,453
59,282
12,766
45,189
1,326
15,048
74,330
Other items where offsetting is applied in the statement
of financial position
4
8,552
-7,687
865
36
829
865
Total financial liabilities
322,303
-243,312
78,991
14,505
45,356
19,131
16,852
95,843
1
 
‘The statement of financial position total’ is the sum of ‘Net amounts of financial liabilities presented in the statement of financial position’ and ’Amounts
 
not subject to enforceable master netting arrangements’.
2
 
At 31 December 2020, the total amount of ‘Deposits from banks’ excluding repurchase agreements is EUR
76,127
 
million of which EUR
2
 
million is subject to offsetting.
3
 
At 31 December 2020, the total amount of ‘Customers deposits’ excluding repurchase agreements is EUR
609,517
 
million of which EUR
 
18,675
 
million is subject to offsetting.
4
 
Other items mainly include amounts to be settled with Central Clearing Counterparties regarding securities and derivatives transactions and is included in ‘Other Liabilities – Amounts to be settled’ for EUR
 
4,877
 
million in the statement of financial position of which EUR
 
865
 
million is
subject to offsetting as at 31 December 2020.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
45
 
Contingent liabilities and commitments
 
ING Group Annual Report 2021 on Form 20-F
F -363
45
 
Contingent liabilities and commitments
In the normal course of business, ING Group is party to activities
 
where risks are not reflected in whole or in part
in the consolidated financial statements. In response to the needs of its customers, the Group offers financial
products related to loans. These products include traditional off-balance sheet credit-related financial
instruments.
Contingent liabilities and commitments
2021
2020
Contingent liabilities in respect of
 
Guarantees
 
26,461
23,386
 
Irrevocable letters of credit
16,851
14,016
 
other
8
97
43,319
37,499
Guarantees issued by ING Groep N.V.
316
292
Irrevocable facilities
144,167
124,991
187,802
162,782
Guarantees relate both to credit and non-credit substitute guarantees. Credit substitute guarantees are
guarantees given by ING Group in respect of credit granted to customers by a third party. Many of them are
expected to expire without being drawn on and therefore do not necessarily represent future cash outflows.
Irrevocable letters of credit mainly secure payments to third parties for a customer’s foreign and domestic trade
transactions in order to finance a shipment of goods. ING Group’s credit risk in these transactions is limited since
these transactions are collateralised by the commodity shipped and are of a short duration.
Other contingent liabilities include acceptances of bills and are of a short-term
 
nature. Other contingent liabilities
also include contingent liabilities resulting from the operations of the Real Estate business including obligations
under development and construction contracts. Furthermore other contingent liabilities include a contingent
liability in connection with a possible Dutch tax obligation that relates to the deduction from Dutch taxable profit
for losses incurred by ING Bank in the United Kingdom in previous years. The existence of this obligation will be
confirmed only by the occurrence of future profits in the United Kingdom.
Irrevocable facilities mainly constitute unused portions of irrevocable credit facilities granted to corporate clients.
Many of these facilities are for a fixed duration and bear interest at a floating rate. ING Group’s credit risk and
interest rate risk in these transactions is limited. The unused portion of irrevocable credit facilities is partly
secured by customers’ assets or counter-guarantees by the central governments and other public sector entities
under the regulatory requirements. Irrevocable facilities also include commitments made to purchase securities
to be issued by governments and private issuers.
As at 31 December 2021, ING Groep N.V.
 
guarantees various US dollar debentures (that mature between 2023
and 2036) which were issued by a subsidiary of Voya Financial Inc. In accordance with
 
the Shareholder’s
agreement, the net exposure of ING Groep N.V.
 
as at 31 December 2021 was
nil
, as the outstanding principal
amount of the US dollar debentures was fully covered with collateral of EUR
320
 
million (2020: EUR
304
 
million)
pledged by Voya Financial Inc.
In addition to the items included in contingent liabilities, ING Group has issued
 
certain guarantees as participant
in collective arrangements of national banking funds and as a participant
 
in required collective guarantee
schemes which apply in different countries. For example, ING Bank N.V.
 
provided a guarantee to the German
Deposit Guarantee Fund (‘Einlagensicherungsfonds’ or ESF) under section 5 (10) of
 
the by-laws of this fund,
where ING Bank N.V.
 
indemnifies the Association of German
 
Banks Berlin against any losses it might incur as
result of actions taken with respect to ING Germany. The ESF is a voluntary collective guarantee scheme for retail
savings and deposits in excess of EUR 100,000.
Furthermore we refer to Note 46 for any contingent liabilities in respect of legal proceedings.
 
 
 
>
 
46
 
Legal proceedings
 
ING Group Annual Report 2021 on Form 20-F
F -364
46
 
Legal proceedings
 
ING Group and its consolidated subsidiaries are involved in governmental, regulatory, arbitration and legal
proceedings and investigations in the Netherlands and in a number of foreign jurisdictions,
 
including the U.S.,
involving claims by and against them which arise in the ordinary course of their businesses,
 
including in
connection with their activities as lenders, broker-dealers, underwriters, issuers of securities and
 
investors and
their position as employers and taxpayers. In certain of such proceedings, very large or indeterminate amounts
are sought, including punitive and other damages. While
 
it is not feasible to predict or determine the ultimate
outcome of all pending or threatened governmental, regulatory, arbitration and legal proceedings and
investigations, ING is of the opinion that some of the proceedings and investigations set out below may have or
have in the recent past had a significant effect on the financial position, profitability or reputation of ING and/or
ING and its consolidated subsidiaries.
 
Settlement agreement:
 
On 4 September 2018, ING announced that it had
 
entered into a settlement agreement
with the Dutch Public Prosecution Service relating to previously disclosed
 
investigations regarding various
requirements for client on-boarding and the prevention of money laundering and corrupt practices. Following
the entry into the settlement agreement, ING has experienced heightened scrutiny from authorities in
 
various
countries. ING is also aware, including as a result of media reports, that other parties
 
may, among other things,
seek to commence legal proceedings against ING in connection with the subject matter of
 
the settlement. Certain
parties filed requests with the Court of Appeal in The Netherlands
 
to reconsider the prosecutor’s decision to
enter into the settlement agreement with ING and not to prosecute ING or (former) ING employees. In December
2020, the Court of Appeal issued its final ruling.
 
In this ruling the prosecutors' decision to enter into the
settlement agreement with ING was upheld, making the settlement final. However, in a separate ruling, the
Court ordered the prosecution of ING’s former CEO.
Findings regarding AML processes:
 
As previously disclosed, after its September 2018 settlement with Dutch
authorities concerning anti-money laundering matters, and in the context of significantly increased attention on
the prevention of financial economic crime, ING has experienced heightened scrutiny by authorities
 
in various
countries. The interactions with such regulatory and judicial authorities have included, and
 
can be expected to
continue to include, onsite visits, information requests, investigations and other enquiries. Such interactions, as
well as ING’s internal assessments in connection with its global enhancement programme, have in some cases
resulted in satisfactory outcomes, and also have resulted in, and may continue to result in, findings, or other
conclusions which may require appropriate remedial actions by ING, or may have other consequences. ING
intends to continue to work in close cooperation
 
with authorities as it seeks to improve its management of non-
financial risks in terms of policies, tooling, monitoring,
 
governance, knowledge and behaviour.
In January 2022, a Luxembourg investigating judge informed ING Luxembourg that he intends to instruct the
relevant prosecutor to prepare a criminal indictment regarding alleged shortcomings in AML process at ING
Luxembourg. Although this matter remains at an early procedural stage and it is currently not possible to
determine how this matter will be resolved or the timing of any such resolution, ING does
 
not expect a financial
outcome of this matter to have a material effect.
ING continues to take steps to enhance its management of compliance risks and embed stronger awareness
across the whole organisation. These steps are part of the global KYC programme and set of initiatives, which
includes enhancing KYC files and working on various structural improvements in compliance policies,
 
tooling,
monitoring, governance, knowledge and behaviour.
Tax cases
: Because of the geographic spread of its business, ING may be subject
 
to tax audits, investigations and
procedures in numerous jurisdictions at any point in time. Although the Issuer believes
 
that it has adequately
provided for all its tax positions, the ultimate resolution of these audits, investigations and procedures is
uncertain and may result in liabilities which are materially different from the amounts recognised.
 
Litigation regarding products of a former subsidiary in Mexico
: Proceedings in which ING is involved include
complaints and lawsuits concerning the performance of certain interest sensitive products that were sold by a
former subsidiary of ING in Mexico. A provision has been taken in the past.
 
 
 
>
 
46
 
Legal proceedings
 
ING Group Annual Report 2021 on Form 20-F
F -365
SIBOR – SOR litigation
: In July 2016, investors in derivatives tied to the Singapore Interbank Offer Rate (“SIBOR”)
filed a U.S. class action complaint in the New York District Court alleging that several banks, including ING,
conspired to rig the prices of derivatives tied to SIBOR and the Singapore Swap Offer Rate (“SOR”). The lawsuit
refers to investigations by the Monetary Authority of Singapore (“MAS”) and other regulators, including the U.S.
Commodity Futures Trading Commission (“CFTC”), in relation to rigging prices of SIBOR-
 
and SOR based
derivatives. In October 2018, the New York District Court issued a decision dismissing all claims against ING
Group and ING Capital Markets LLC, but leaving ING Bank, together with several other banks, in the case, and
directing plaintiffs to file an amended complaint consistent with the Court's rulings. In
 
October 2018, plaintiffs
filed such amended complaint, which asserts claims
 
against a number of defendants but none against ING Bank
(or any other ING entity), effectively dismissing ING Bank from the case. In December 2018,
 
plaintiffs sought
permission from the Court to file a further amended complaint
 
that names ING Bank as a defendant. In July 2019,
the New York District Court granted the defendants’ motion to dismiss and denied leave to further amend the
complaint, effectively dismissing all remaining claims against ING Bank. In March 2021, the Second Circuit court
vacated the District Court’s ruling. The case was remanded to the District Court to reconsider the amended
complaint that would add ING Bank N.V.
 
back to the case. In April 2021, the defendants filed a petition for
rehearing with the Second Circuit court. In May 2021, the Second Circuit court denied
 
the defendants’ petition. In
August 2021, plaintiffs and ING executed a binding settlement term sheet. Accordingly, plaintiffs and ING jointly
asked the Court to stay all litigation proceedings and deadlines applicable to plaintiffs and ING pending drafting,
execution and presentment for approval of a formal class settlement agreement. ING has taken a provision for
the settlement amount.
Claims regarding accounts with predecessors of ING Bank Turkey:
 
ING Bank Turkey has received numerous
claims from (former) customers of legal predecessors of ING Bank Turkey.
 
The claims are based on offshore
accounts held with these banks, which banks were seized by the Savings Deposit Insurance Fund (“SDIF”)
 
prior to
the acquisition of ING Bank Turkey in 2007 from OYAK. SDIF has also filed various lawsuits against ING Bank
Turkey to
 
claim compensation from ING Bank Turkey,
 
with respect to amounts paid out to offshore account
holders so far.
 
At this moment it is not possible to assess the outcome of these procedures nor
 
to provide an
estimate of the (potential) financial effect of these claims.
Interest rate derivatives claims:
 
ING is involved in several legal proceedings in the Netherlands with respect to
interest rate derivatives that were sold to clients in connection with floating interest rate loans in order to hedge
the interest rate risk of the loans. These proceedings are based on several legal grounds, depending on the facts
and circumstances of each specific case, inter alia alleged breach of duty of care, insufficient information
provided to the clients on the product and its risks and other elements related to the interest rate derivatives
that were sold to clients. In some cases, the court has ruled in favour of the claimants and
 
awarded damages,
annulled the interest rate derivative or ordered repayment of certain amounts to the claimants. The total
amounts that need to be repaid or compensated in some cases still need to be determined.
 
ING may decide to
appeal against adverse rulings. Although the outcome of the pending litigation and similar
 
cases that may be
brought in the future is uncertain, it is possible that the courts may ultimately rule in
 
favour of the claimants in
some or all of such cases. Where appropriate a provision has been taken. The aggregate financial impact of
 
the
current and future litigation could become material.
Interest surcharges claims:
 
ING received complaints and was involved in litigation with certain individuals in the
Netherlands regarding increases in interest surcharges with respect to several credit products, including but not
limited to commercial property. ING has reviewed the relevant product portfolio. The provision previously taken
has been reversed for certain of these complaints. All claims are dealt with individually. Thus far, the courts have
ruled in favour of ING in each case, ruling that ING was allowed to increase the interest surcharge based upon the
essential obligations in the contract. In a relevant case the Dutch Supreme Court ruled in favor of another Dutch
bank, addressing the question whether or not a bank is allowed
 
to increase interest surcharges unilaterally.
 
The
Supreme Court ruled affirmative. ING will continue to deal with all claims
 
individually.
 
 
 
>
 
46
 
Legal proceedings
 
ING Group Annual Report 2021 on Form 20-F
F -366
Mortgage expenses claims:
 
ING Spain has received claims and is involved in procedures with customers
regarding reimbursement of expenses associated with the formalisation of mortgages. In most court proceedings
in first instance the expense clause of the relevant mortgage contract has been declared null and ING Spain has
been ordered to reimburse all or part of the applicable expenses. Since 2018,
 
the Spanish Supreme Court and the
European Court of Justice have issued rulings setting out which party should
 
bear notary, registration, agency,
and stamp duty costs. In January 2021, the Spanish Supreme Court
 
ruled that valuation costs of mortgages,
signed prior to 16 June 2019, the date the new mortgage law entered into force, should be borne by the bank.
Media attention for the statute of limitations applicable to the right to claim reimbursement of costs resulted in
an increased number of claims at the beginning of
 
2021. In June 2021, the Supreme Court published
 
a press
release informing of its decision to ask the European Court of Justice for a preliminary
 
ruling regarding the
criteria that should be applied to determine the date from which the action for claiming
 
the reimbursement of
mortgage expenses is considered to be expired. ING Spain has also been included, together
 
with other Spanish
banks, in three class actions filed by customer associations. In one
 
of the class actions an agreement was reached
with the association. In another class action ING
 
filed an appeal asking the Spanish Court of Appeal
 
to determine
that the ruling of the court of first instance is only applicable to the consumers that were part of the case. A
provision has been established in the past and has been adjusted where appropriate.
Imtech claim:
 
In January 2018, ING Bank received a claim
 
from Stichting ImtechClaim.nl and Imtech Shareholders
Action Group B.V.
 
on behalf of certain (former) shareholders of Imtech N.V.
 
(“Imtech”). Furthermore, on 28
March 2018, ING Bank received another claim on the same
 
subject matter from the Dutch Association of
Stockholders (Vereniging van Effectenbezitters,
 
“VEB”). Each of the claimants allege inter alia that shareholders
were misled by the prospectus of the rights issues of Imtech in July 2013
 
and October 2014. ING Bank, being one
of the underwriters of the rights issues, is held liable by the
 
claimants for the damages that investors in Imtech
would have suffered. ING Bank responded to the claimants denying any and all responsibility in relation to the
allegations made in the relevant letters. In September 2018, the trustees in the bankruptcy of Imtech claimed
from various financing parties, including ING, payment of what the security
 
agent has collected following
bankruptcy or intends to collect, repayment of all that was repaid to the financing parties, as well as
compensation for the repayment of the bridge financing. At this moment it is not possible
 
to assess the outcome
of these claims nor to provide an estimate of the (potential) effect of these claims.
Mexican Government Bond litigation:
 
A class action complaint was filed adding ING Bank
 
N.V.,
 
ING Groep N.V.,
ING Bank Mexico S.A. and ING Financial Markets LLC (“ING”) as defendants to a complaint that had previously
been filed against multiple other financial institutions. The
 
complaint alleges that the defendants conspired to fix
the prices of Mexican Government Bonds. On 30 September 2019,
 
the relevant court dismissed the antitrust
complaint, finding that the plaintiffs had failed to identify any facts that links each defendant to the alleged
conspiracy. In December 2019, the plaintiffs filed an amended complaint removing all ING entities as defendants
on the condition that the ING entities enter into a tolling agreement for the duration of two years. ING
subsequently entered into a tolling agreement, which expired in December 2021. The defendants named in the
amended complaint have now settled that litigation.
 
Claims regarding mortgage loans in Swiss franc in Poland:
 
ING Poland is a defendant in several lawsuits with
retail customers who took out mortgage loans indexed to the Swiss franc. Such customers have alleged that the
mortgage loan contract contains abusive clauses. One element that the court is expected to consider in
determining whether such contracts contain abusive clauses is whether the rules to determine
 
the exchange rate
used for the conversion of the loan from Polish zloty to Swiss franc are unambiguous and verifiable. In December
2020, the Polish Financial Supervision Authority
 
(PFSA) proposed that lenders offer borrowers voluntary out-of-
court settlements on foreign-currency mortgage disputes, with mortgages indexed to Swiss franc serving as a
reference point. In February 2021, ING Poland announced its support for this initiative and in October
 
2021
began offering the settlements to the borrowers following the PFSA’s
 
proposal. ING has recorded a portfolio
provision with respect to the claims and the PFSA proposal. The Polish Supreme Court was expected to provide
further clarity on this topic in a ruling scheduled
 
for November 2021, however the court’s session on this matter
was postponed and the date of the next session has not yet been announced.
Certain Consumer Credit Products
: In October 2021, ING announced that it would offer compensation to certain
of its Dutch retail customers in connection with certain revolving consumer loans with variable interest rates that
allegedly did not sufficiently follow market rates. This announcement was made in response to a number of
rulings by the Dutch Institute for Financial Disputes (Kifid) regarding similar products at other banks. ING
currently expects that any such compensation will be paid before the end of 2022. ING has
 
recognized a provision
of €
180
 
million in 2021 for compensation and costs in connection with
 
this matter.
 
On 22 December 2021 ING
announced that it has reached an agreement with the Dutch Consumers’
 
Association (Consumentenbond) on the
compensation methodology for revolving credits.
 
 
 
 
 
>
 
47
 
Consolidated companies and businesses acquired and divested
 
ING Group Annual Report 2021 on Form 20-F
F -367
47
 
Consolidated companies and businesses acquired and divested
Acquisitions
There were no significant acquisitions in 2021 or 2020.
In May 2019 ING acquired
80
% of the shares of Intersoftware Group B.V.,
 
Findata Access B.V.
 
and Unitrust B.V.
(ISW Group) for a total consideration of EUR
18
 
million. The acquisition of ISW Group resulted in the recognition
of goodwill of EUR
17
 
million.
 
Divestments
On 18 February 2021 ING announced the intention to withdraw from the retail banking market in the Czech
Republic.
 
The decision to discontinue Czech Retail Banking entails the closure of retail customer accounts
/mutual funds and the sale of assets comprising
 
the related government bond portfolio. ING’s retail customers in
the Czech Republic have received a welcome offer from Raiffeisenbank Czech Republic. ING’s departure from the
Czech Retail banking market resulted in EUR
2.5
 
billion saving accounts being transferred to Raiffeisenbank and
the government bond portfolio with a carrying amount of EUR
0.5
 
billion being sold in the second quarter of
2021.
 
At 12 July 2021, ING announced that it has reached an agreement to transfer ING’s Retail Banking operations in
Austria to bank99. Under the terms of the agreement, approximately EUR
1.7
 
billion of savings deposits and
approximately EUR
1.0
 
billion of mortgages, approximately EUR
0.4
 
billion other personal lending and
approximately EUR
0.4
 
billion loans to banks of ING Austria have been transferred to Bank99. Per 1 December
2021 completed the transaction and realized a loss on disposal of EUR
26
 
million. ING Austria was included in the
segment Retail Challengers & Growth Markets.
In 2021, ING and the board of Makelaarsland agreed
 
to continue Makelaarsland independently. The new board
will take over all clients and employees, and services to clients will continue unchanged. The
 
negative result on
disposal of group companies from this management buyout amounted to approximately EUR
3
 
million.
On 28 October 2021 ING announced that its subsidiary
 
Payvision will start phasing out its services as a payment
service provider and acquirer. After a thorough evaluation of all options in the context of the rapidly evolving and
increasingly competitive and capital intensive e-commerce merchant market, ING has concluded that it is not
feasible to achieve its ambitions with Payvision. The aim is to complete the phase-out process by the
 
second
quarter of 2022.
 
In 2021, Payvision recognised an impairment loss of intangible assets of EUR
44
 
million, mainly with respect to
Brand, IT and Customer relationships and an impairment loss of the deferred tax asset of EUR
14
 
million.
In December 2021 ING announced that it will
 
leave the retail banking market in France. Reference is made to
Note 52 'Subsequent events' for further details of the events after 31 December 2021 but before these financial
statements were authorised for issue.
In 2020 there were no significant divestments.
In July 2019 ING completed the sale of part of the
 
ING Lease Italy business. The settlement price amounted to
EUR
1,162
 
million, consisted of a EUR
368
 
million cash settlement, a EUR
20
 
million Deferred Purchase Price and
a EUR
774
 
million Senior Loan facility for the portfolio of lease receivables. The deferred purchase price is linked
to the performance of the sold portfolio and is reported under the financial assets
 
mandatorily measured at fair
value through profit and loss. The additional loss in 2019 amounted EUR
-2
 
million (2018: EUR
-123
 
million). The
Italian lease business was reported as Assets Held for Sale as at 31 December
 
2018 and previously included in the
business line segment Wholesale Banking and geographical segment
 
Other Challengers.
 
Reference is made to Note 24 ‘Result on the disposal of group companies’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
48
 
Principal subsidiaries, investments in associates and joint ventures
 
ING Group Annual Report 2021 on Form 20-F
F -368
Most significant companies disposed in 2021
in EUR million
Makelaarsland
BV & Above BV
ING Austria Retail
Banking
Total divested
Sales Proceeds
Sales proceeds
29
29
Non-cash proceeds
Cash proceeds
29
29
Cash outflow / inflow on disposal
29
29
Assets
Cash assets
3
3
Loans and advances to customers
0
1,404
1,404
Amounts due from banks
378
378
Miscalleneous other assets
0
8
8
Liabilities
Customer deposits and other funds on deposit
1,725
1,725
Miscallaneous other liabilities
1
8
9
Net assets
3
56
58
% disposed
100%
100%
Net assets disposed
3
56
58
Result on disposal
-3
-26
-29
48
 
Principal subsidiaries, investments in associates and joint ventures
For the majority of ING’s principal subsidiaries,
ING Groep N.V.
 
has control because it either directly or indirectly
owns more than half of the voting power. For subsidiaries in which the interest held is below
50
%, control exists
based on the combination of ING’s financial interest and its rights from other contractual arrangements which
result in control over the operating and financial policies of the entity.
For each of the subsidiaries listed, the voting rights held equal the proportion
 
of ownership interest and
consolidation by ING is based on the majority of ownership.
For the principal investments in associates and joint ventures ING Group has significant influence but not control.
Significant influence generally results from a shareholding of between
20
% and
50
% of the voting rights, but also
the ability to participate in the financial and operating policies through situations
 
including, but not limited to
one or more of the following:
Representation on the board of directors;
Participation in the policymaking process; and
Interchange of managerial personnel.
The principal subsidiaries, investments in associates and joint ventures of ING Groep N.V.
 
and their statutory
place of incorporation or primary place of business
 
are as follows:
Principal subsidiaries, investments in associates and joint ventures
Proportion of ownership
and interest held
by the group
2021
2020
Subsidiary
 
Statutory place of
Incorporation
Country of operation
ING Bank N.V.
Amsterdam
the Netherlands
100%
100%
Bank Mendes Gans N.V.
Amsterdam
the Netherlands
100%
100%
ING Belgium S.A./N.V.
Brussels
Belgium
100%
100%
ING Luxembourg S.A.
Luxembourg City
Luxembourg
100%
100%
ING-DiBa AG
Frankfurt am Main
Germany
100%
100%
ING Bank Slaski S.A.
1
Katowice
Poland
75%
75%
ING Financial Holdings Corporation
Delaware
United States of America
100%
100%
ING Bank A.S.
Istanbul
Turkey
100%
100%
ING Bank (Australia) Ltd
Sydney
Australia
100%
100%
ING Commercial Finance B.V.
Amsterdam
the Netherlands
100%
100%
ING Groenbank N.V.
Amsterdam
the Netherlands
100%
100%
Investments in associates and joint ventures
TMBThanachart Bank Public Company Ltd
2
Bangkok
Thailand
23%
23%
1 The shares of the non-controlling interest stake of
25
% are listed on the Warsaw Stock Exchange, for summarised financial information we
refer to ‘Note 36 ‘Information on geographical areas.
2 Reference is made to Note 8 Investments in Associates and Joint Ventures.
 
 
 
>
 
49
 
Structured entities
 
ING Group Annual Report 2021 on Form 20-F
F -369
49
 
Structured entities
ING Group’s activities involve transactions with various structured entities (SE) in the normal course of its
business. A structured entity is an entity that has been designed
 
so that voting or similar rights are not the
dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks
only and the relevant activities are directed by means of contractual arrangements. ING Group’s involvement in
these entities varies and includes both debt financing and
 
equity financing of these entities as well as other
relationships. Based on its accounting policies, as disclosed in
 
the section Principles of valuation and
determination of results of these financial statements, ING establishes whether these involvements result in no
significant influence, significant influence, joint control or control over the structured entity.
The structured entities over which ING can exercise control are consolidated. ING may provide support to these
consolidated structured entities as and when appropriate. However, this is fully reflected in the consolidated
financial statements of ING Group as all assets and liabilities of these entities are included
 
and off-balance sheet
commitments are disclosed.
ING’s activities involving structured entities are explained below in the following categories:
1.
Consolidated ING originated securitisation programmes;
2.
Consolidated ING originated Covered bond programme (CBC);
3.
Consolidated ING sponsored Securitisation programme (Mont Blanc);
4.
Unconsolidated Securitisation programme; and
5.
Other structured entities.
1. Consolidated ING originated securitisation programmes
ING Group enters into liquidity management securitisation programmes in order to obtain funding and improve
liquidity. Within the programme ING Group sells ING originated assets to a structured entity. The underlying
exposures include residential mortgages and SME loans in the Netherlands,
 
Belgium, Spain, Italy, Australia and
Germany.
The structured entity issues securitised notes (traditional securitisations) which
 
are eligible collateral for central
bank liquidity purposes. In most programmes ING Group acts as investor of the securitised
 
notes. ING Group
continues to consolidate these structured entities if it is deemed to control the entities.
The structured entity issues securitisation notes in two or more tranches, of which the
 
senior tranche obtains a
high rating (AAA or AA) by a rating agency. The tranche can subsequently be used by ING Group as collateral in
the money market for secured borrowings.
ING Group originated various securitisations, as at 31 December 2021, these
 
consisted of approximately EUR
74
billion (2020: EUR
66
 
billion) of senior and subordinated notes, of which approximately EUR
1
 
billion (2020: EUR
2
billion) were issued externally. The underlying exposures are residential mortgages and SME loans. Apart from
the third party funding, these securitisations did not
 
impact ING Group’s Consolidated statement of financial
position and profit or loss.
In 2021, there are no non-controlling interests as part of the securitisation structured entities that are significant
to ING Group. ING Group for the majority of the securitisation vehicles provides the funding
 
for the entity except
for EUR
1
 
billion (2020: EUR
2
 
billion).
In addition ING Group originated various securitisations for liquidity management optimisation
 
purposes. As at
31 December 2021, these consisted of approximately EUR
1
 
billion (2020: EUR
2
 
billion) of senior secured
portfolio loans, which have been issued to ING subsidiaries in Germany. The underlying exposures are senior
loans to large corporations and financial institutions, and real estate finance loans, mainly in the
 
Netherlands.
These securitisations did not impact ING
 
Group’s consolidated statement
 
of financial position and profit or loss.
2. Consolidated ING originated Covered bond programme (CBC)
ING Group has entered into a covered bond programme. Under the covered bond programme ING issues bonds.
The payment of interest and principal is guaranteed by the ING administered structured entities, ING Covered
Bond Company B.V.,
 
and ING SB Covered Bond Company B.V.
 
In order for these entities to fulfil their guarantee,
ING legally transfers mainly Dutch mortgage loans originated by ING. Furthermore ING offers protection against
deterioration of the mortgage loans. The entities are consolidated by ING Group.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
49
 
Structured entities
 
ING Group Annual Report 2021 on Form 20-F
F -370
Covered bond programme
Fair value pledged
mortgage loans
2021
2020
Dutch Covered Bond Companies
16,586
20,157
16,586
20,157
In addition, subsidiaries of ING in Germany, Belgium and Australia also issued covered bonds with pledged
mortgages loans of approximately EUR
23
 
billion (2020: EUR
21
 
billion) in total.
For the covered bond programme, third-party investors in securities issued by the structured entity have
recourse to the assets of the entity and to the assets of ING Group.
3. Consolidated ING sponsored Securitisation programme (Mont Blanc)
In the normal course of business, ING Group structures financing transactions for its clients by assisting
 
them in
obtaining sources of liquidity by selling the clients’ receivables or other
 
financial assets to a Special Purpose
Vehicle (SPV). The senior positions in these transactions may be funded by the ING administered multi
 
seller
Asset Backed Commercial Paper (ABCP) conduit Mont Blanc Capital Corp. (rated A-1/P-1). Mont Blanc Capital
Corp. funds itself externally
 
in the ABCP markets.
 
In its role as administrative agent, ING Group facilitates these transactions by acting as administrative agent,
swap counterparty and liquidity provider to Mont Blanc Capital Corp. ING Group also
 
provides support facilities
(i.e. liquidity) backing the transactions funded by the conduit.
 
The types of asset currently in the Mont Blanc
conduit include
 
trade receivables, consumer finance receivables, car leases and residential mortgages.
ING Group supports the commercial paper programmes by providing Mont Blanc Capital Corp. with
 
short-term
liquidity facilities. Once drawn these facilities bear normal credit risk.
 
The liquidity facilities, provided to Mont Blanc are EUR
 
2,581
 
million (2020: EUR
2,793
 
million). The drawn
liquidity amount is
nil
 
as at 31 December 2021 (2020:
nil
).
The standby liquidity facilities are reported under irrevocable facilities. All facilities, which vary in risk profile, are
granted to the Mont Blanc Capital Corp. subject to normal ING Group credit and liquidity
 
risk analysis procedures.
The fees received for services provided and for facilities are charged subject to market conditions.
4. Unconsolidated Securitisation programme
In 2013 ING transferred financial assets (mortgage loans) for an amount of approximately EUR
2
 
billion to a
special purpose vehicle (SPV). The transaction resulted in full derecognition of
 
the financial assets from ING’s
statement of financial position. Following this transfer ING continues to have two types of on-going involvement
in the transferred assets: as counterparty to the SPE of a non-standard interest rate swap and as servicer of the
transferred assets. ING has an option to unwind the transaction by redeeming all notes at their principal
outstanding amount, in the unlikely event of changes in accounting and/or regulatory requirements that
significantly impact the transaction. The fair value of the swap held by ING at 31 December
 
2021 amounted to
EUR
-34
 
million (2020: EUR
-34
 
million); fair value changes on this swap recognised in the statement of profit or
loss in 2021 were EUR
0
 
million (2020: EUR
11
 
million). Service fee income recognised, for the role as
administrative agent, in the statement of profit or loss in 2021 amounted to EUR
1
 
million (2020: EUR
1
 
million).
The cumulative income recognised in profit or loss since derecognition amounts to EUR
17
 
million (2020: EUR
16
million).
5. Other structured entities
In the normal course of business, ING Group enters into transactions with structured entities as counterparty.
Predominantly in its structured finance operations, ING can be instrumental in facilitating the creation of these
structured entity counterparties. These entities are generally not included in the consolidated financial
statements of ING Group, as ING facilitates these transactions as administrative agent by providing structuring,
accounting, funding, lending, and operation services.
ING Group offers various investment fund products to its clients. ING Group does not invest in these investment
funds for its own account nor acts as the fund manager.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
50
 
Related parties
 
ING Group Annual Report 2021 on Form 20-F
F -371
50
 
Related parties
In the normal course of business, ING Group enters into various transactions with related parties. Parties are
considered to be related if one party has the ability to control or exercise significant influence over the other
party in making financial or operating decisions. Related parties of ING
 
Group include, among others, its
subsidiaries, associates, joint ventures, key management personnel, and various defined benefit and contribution
plans. For post-employment benefit plans, reference is made to Note 36 ‘Pension and other postemployment
benefits’. Transactions
 
between related parties include rendering or receiving of services,
 
leases, transfers under
finance arrangements and provisions of guarantees or collateral. All transactions with related parties took place
at conditions customary in the market. There are
no
 
significant provisions for doubtful debts or individually
significant bad debt expenses recognised on outstanding balances with related parties.
Subsidiaries
Transactions with ING Groep N.V.'s
 
main subsidiaries
2021
2020
Assets
56,349
45,625
Liabilities
55
134
Income received
1,158
1,122
Expenses paid
15
9
Transactions between ING Groep N.V.
 
and its subsidiaries are eliminated on consolidation. Reference is made to
Note 48 ‘Principal subsidiaries’ for a list of principal subsidiaries
 
and their statutory place of incorporation.
 
Assets from ING’s subsidiaries
 
mainly comprise long-term funding. Liabilities to ING’s subsidiaries mainly
comprise short-term deposits.
Associates and joint ventures
Transactions with ING Group’s
 
main associates and joint ventures
Associates
Joint ventures
2021
2020
2021
2020
Assets
115
100
0
Liabilities
417
239
3
1
Off-balance sheet commitments
24
10
Income received
42
14
Assets, liabilities, commitments, and income related to Associates and joint ventures result from transactions
which are executed as part of the normal Banking business.
Key management personnel compensation
The Executive Board of ING Groep N.V.,
 
the Management Board Banking and the Supervisory
 
Board are
considered Key Management personnel of ING Group. In 2021 and 2020, the three members of
 
the Executive
Board of ING Groep N.V.
 
were also members of the Management Board Banking.
Transactions with key management personnel, including their compensation are included in the tables below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
50
 
Related parties
 
ING Group Annual Report 2021 on Form 20-F
F -372
Key management personnel compensation (Executive Board and
 
Management Board Banking)
2021
in EUR thousands
Executive Board
of ING Groep N.V.
3
Management
Board Banking
1
Total
Fixed Compensation
 
Base salary
3,836
5,024
8,860
 
Collective fixed allowances
 
2
954
1,214
2,168
 
Pension costs
64
116
180
 
Severance benefits
4
1,075
1,075
Variable compensation
 
Upfront cash
664
664
 
Upfront shares
265
691
956
 
Deferred cash
997
997
 
Deferred shares
398
1,036
1,434
 
Other emoluments
5
274
959
1,233
Total compensation
5,791
11,776
17,567
1 Excluding members of the Management Board Banking that are also members of the Executive Board of ING Groep N.V.
2 The collective fixed allowances consist of two savings allowances applicable to employees in the Netherlands; an individual savings
allowance of
3.5
% and a collective savings allowance to compensate for loss of pension benefits with respect to salary in excess of EUR
112,189
.
3 In 2021 one member of the Executive Board joined ING during the year. The table includes compensation earned in the capacity as
Executive Board member as of the appointment at the AGM on 26 April 2021.
4 One member of the Management Board Banking left ING during the reporting year 2021. In line with applicable regulation a severance
payment was granted.
5 This includes amongst others: housing, school/tuition
 
fees, international health insurance,
 
relocation costs and tax and financial
 
planning.
 
Key management personnel compensation (Executive Board and
 
Management Board Banking)
Executive
Board of ING
Groep N.V.
 
3
Management
Board Banking
1,4
Total
2020
in EUR thousands
Fixed Compensation
 
Base salary
3,609
4,170
7,779
 
Collective fixed allowances
 
2
898
1,009
1,907
 
Pension costs
58
93
151
 
Severance benefits
 
667
667
Variable compensation
 
 
Upfront cash
305
305
 
Upfront shares
305
305
 
Deferred cash
457
457
 
Deferred shares
457
457
 
Other emoluments
5,6
298
814
1,112
Total compensation
4,863
8,277
13,140
1 Excluding members of the Management Board Banking that are also members of the Executive Board of ING Groep N.V.
2 The collective fixed allowances consist of two savings allowances applicable to employees in the Netherlands; an individual savings
allowance of
3.5
% and a collective savings allowance to compensate for loss of pension benefits with respect to salary in excess of EUR
110,111
.
3 In 2020 one member of the Executive Board left ING during the year.
 
The table includes compensation earned in the capacity as Executive
Board member.
4 One member of the Management Board Banking left ING at the end of the year. In line with applicable regulation a severance payment
was granted.
5 Other emoluments include reimbursement of costs related to home/work
 
commute, costs relating to
 
tax and financial planning
 
services,
costs associated with a company
 
car and for expats and the costs associated with housing and schooling
6 Prior year numbers have been updated by excluding costs related to
 
reimbursement of Directors and Officers indemnity to improve
consistency and comparability
.
ING indemnifies the members of the EB against direct financial losses
 
in connection with claims from third parties
filed, or threatened to be filed, against them by virtue of their service
 
as a member of the EB, as far as permitted
by law, on the conditions laid down in the Articles of Association and their commission contract. ING has taken
out liability insurance for the members of the EB.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
51
 
Capital management
 
ING Group Annual Report 2021 on Form 20-F
F -373
In accordance with the Articles of Association ING indemnifies
 
the members of the Supervisory Board as far as
legally permitted against direct financial losses in connection with claims from third parties filed or
 
threatened to
be filed against them by virtue of their service as a member
 
of the Supervisory Board.
Key management personnel compensation is generally included in Staff expenses in the statement of profit or
loss. The total remuneration of the Executive Board and Management Board Banking is disclosed
 
in the table
above. Under IFRS, certain components of variable remuneration are not recognised in the statement of profit or
loss directly, but are allocated over the vesting period of the award. The comparable amount recognised in Staff
expenses in 2021 relating to the fixed expenses of 2021 and the vesting of variable remuneration of earlier
performance years, is EUR
13
 
million in 2021 (2020: EUR
12
 
million).
 
The table below shows the total of fixed remuneration, expense allowances and attendance fees for the
Supervisory Board in 2021 and 2020.
Key management personnel compensation (Supervisory Board)
in EUR thousands
2021
2020
Total compensation
994
1,042
Balances outstanding with key management personnel were as follows:
Loans and advances to key management personnel
Amount outstanding
31 December
Weighted average
interest rate
Repayments
in EUR thousands
2021
2020
2021
2020
2021
2020
Executive Board members
Management Board Banking
2,392
350
1.7%
2.6%
40
Supervisory Board members
Total
2,392
350
40
The loans and advances mentioned in the table above (1) were made in
 
the ordinary course of business, (2) were
granted on conditions that are comparable to those of loans and advances granted to all employees and (3) did
not involve more than the normal risk of collectability or present other unfavourable features. Loans and
advances to members of the Executive Board and Management Board Banking are compliant with the standards
set out in the DNB guidelines for loans to officers and directors of a regulated entity, such as ING.
As at 31 December 2021 Deposits outstanding from key management personnel amounted to EUR
6.1
 
million (31
December 2020: EUR
12.5
 
million). Total interest paid in 2021 on these deposits amounted to EUR
nil
 
(2020: EUR
14
 
thousand).
 
Number of ING Groep N.V.
 
shares and stock options to key management
 
personnel
ING Groep N.V.
 
shares
in numbers
2021
2020
Executive Board members
91,853
88,741
Management Board Banking
237,525
254,052
Supervisory Board members
5,295
5,295
Total number of shares and stock
 
options
334,673
348,088
51
 
Capital management
Objectives
Group Treasury (“GT”) Balance Sheet & Capital Management, is responsible for maintaining the adequate
capitalisation of ING Group and ING Bank entities, to manage the risk associated with
 
ING’s business activities.
This involves not only managing, planning and allocating
 
capital within ING Group, ING Bank and its various
entities, but also helping to execute necessary capital market transactions, term (capital) funding and risk
management transactions. ING takes an integrated approach to assess the adequacy of its capital position in
relation to its risk profile and operating environment. This means GT Balance Sheet & Capital Management
 
takes
into account both regulatory and internal, economic based metrics and requirements as well as
 
the interests of
key stakeholders such as shareholders and rating agencies. ING Group’s
 
capital position and capital distributions
are managed based on IFRS-EU.
ING applies the following main capital definitions:
Common equity Tier 1 capital (CET1) - is defined as shareholders’ equity
 
less regulatory adjustments.
CET1 capital divided by risk-weighted assets equals the CET1 ratio.
Tier 1 capital – is defined as CET1 capital plus Additional Tier 1
 
(hybrid) securities and other regulatory
adjustments. Tier 1 capital divided by risk-weighted assets equals the Tier 1 capital ratio.
Total
 
capital – is Tier 1 capital plus subordinated Tier 2 liabilities and regulatory adjustments.
 
Total
capital divided by risk-weighted assets equals the Total capital ratio.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
51
 
Capital management
 
ING Group Annual Report 2021 on Form 20-F
F -374
CET1 ratio ambition – is built on the CET1 requirements specified for ING, uncertainty
 
of expected
regulatory RWA inflation, potential increase in the regulatory requirement of the Countercyclical Buffer
and the potential impact of a standardised and pre-determined stress scenario.
Leverage ratio (LR) – is defined as Tier 1 capital divided by the leverage exposure.
Total
 
Loss Absorbing Capacity (TLAC) – Total capital plus senior unsecured bonds and amortisations.
TLAC ratios are based on both risk-weighted assets and leverage exposure.
 
Minimum Required Eligible Liabilities (MREL) – Total capital plus senior unsecured bonds and
amortisations. MREL ratios are based on both risk-weighted assets and leverage exposure.
 
Capital developments
ING’s capital position remained strong despite Covid-19 uncertainty. At
 
both the consolidated and entity level,
ING has sufficient buffers to withstand various stressed scenarios.
 
ING’s CET1 ambition level of around
12.5
% is well above the prevailing Maximum Distributable Amount (MDA)
level of
10.51
%, implying a management buffer of about
200
 
basis points.
 
ING’s capital ratios at the end of the year improved compared to 2020 primarily due to the addition of
50
% of the
full year 2021 net profit to CET1 capital. This was only partly offset by higher risk-weighted assets that were
mainly driven by model impacts,
 
reflecting the ongoing redevelopment of internal models and EBA guidelines.
 
ING Groep N.V.
 
has a CET1 ratio of
15.9
% at 31 December 2021 versus an overall SREP requirement (including
buffer requirements) of
10.51
%. The Group’s Tier 1 ratio increased to
18.1
%. All AT1 securities outstanding at 31
December 2021 are CRR-compliant. The Total capital ratio (including grandfathered securities) increased from
20.1
% to
21.0
% compared to last year.
 
ING Group capital position according to
 
CRR II / CRD V
in EUR million
2021
2020
Shareholders’ equity
1)
53,919
54,637
- Interim profits not included in CET1 capital
2)
-1,568
-3,266
- Other adjustments
-2,590
-4,037
Regulatory adjustments
-4,159
-7,303
Available common equity Tier 1 capital
49,760
47,333
Additional Tier 1 securities
3)
6,808
5,643
Regulatory adjustments additional Tier 1
50
48
Available Tier 1 capital
56,618
53,024
Supplementary capital Tier 2 bonds
4)
9,341
9,359
Regulatory adjustments Tier 2
-158
-846
Available Total
 
capital
65,801
61,537
Risk weighted assets
313,064
306,324
Common equity Tier 1 ratio
15.89%
15.45%
Tier 1 ratio
18.09%
17.31%
Total capital
 
ratio
21.02%
20.09%
1) Shareholders' equity is determined in accordance with IFRS-EU.
2) The interim profits not included in CET1 capital as per 31 December 2021 were EUR
1,568
 
million (full-year 2021: EUR
2,388
 
million, of
which EUR
820
 
million was paid out as interim dividend in October 2021).
3) All AT1 securities outstanding at 31 December 2021 are CRR-compliant (2020: EUR
983
 
million was subject to CRR/CRD IV grandfathering
rules).
4) Including EUR
9,188
 
million which is CRR-compliant (2020: EUR
9,206
 
million), and EUR
153
 
million to be replaced as capital recognition is
subject to CRR grandfathering rules (2020: EUR
153
 
million).
In accordance with the applicable regulation, credit and operational risk models
 
used in the capital ratios
calculations are not audited.
 
 
 
 
>
 
51
 
Capital management
 
ING Group Annual Report 2021 on Form 20-F
F -375
Distribution
ING’s distribution policy is a pay-out ratio of
50
% of resilient net profit and additional return of structural excess
capital. The latter to be considered periodically, taking into account alternative opportunities as well as
macroeconomic circumstances and the outcome of capital planning. Resilient net profit is defined as net profit
adjusted for significant items not linked to the normal course of business. The
50
% pay-out may be in the form of
cash or a combination of cash and share repurchases.
 
For 2021, the resilient net profit amounts to EUR
4,776
 
million, of which EUR
2,388
 
million was reserved for
distribution outside of CET1 capital reflecting ING’s distribution policy of a
50
% pay-out ratio. Resilient net profit
is equal to the net profit as there were no adjustments to make for significant items not linked to the normal
course of business.
In the fourth quarter of 2021 ING resumed the distribution of capital, after the ECB lifted
 
its recommendation to
limit or refrain from dividends in light of the Covid-19 pandemic.
 
ING paid an amount of EUR
0.48
 
per share on 12 October 2021, consisting of an interim dividend over
 
2021
(EUR
0.21
 
per share) and the remaining amount originally
 
reserved for the 2020 distribution (EUR
0.27
 
per
share).
 
On 5 October 2021 ING commenced a share buyback programme for EUR
1,744
 
million to distribute the
remaining amount originally reserved over 2019 for distribution. Approximately
92
% of the programme had
been completed by 31 December 2021. On 28 February
 
2022 the share buyback programme was completed.
At the end of 2021, ING has EUR
1,568
 
million reserved for distribution outside of CET1 capital fully related to
reserved profits in 2021 (full-year 2021: EUR
2,388
 
million, of which EUR
820
 
million was paid out as interim
dividend in October 2021).
 
Following ING’s distribution policy of a
50
% pay-out ratio on resilient net profit, the Board has proposed to pay a
final cash dividend over 2021 of EUR
0.41
 
per share. This is subject to the approval by shareholders at the Annual
General Meeting in April 2022.
Processes for managing capital
GT Balance Sheet & Capital Management ensures adherence to ING’s solvency risk appetite statements by
planning and executing capital management transactions. The ongoing assessment and
 
monitoring of capital
adequacy is embedded in the capital planning process as
 
part of the ICAAP framework. As part of the dynamic
business planning process, ING prepares a capital and funding plan
 
on a regular basis for all its material
businesses and assesses continuously the timing,
 
need and feasibility for capital management actions in scope of
its execution strategy.
 
Sufficient financial flexibility should be preserved to meet important financial
 
objectives.
Risk appetite statements are at the foundation of the capital plan and are cascaded to the different businesses in
line with ING’s risk management framework. Contingency capital measures and early warning indicators are in
place in conjunction with ING’s contingency and recovery plan to support the strategy in times of stress.
Adverse planning and stress testing, which reflect the outcome of the annual risk assessment,
 
are integral
components of ING’s risk and capital management framework. It allows to (i) identify and assess potential
vulnerabilities in ING’s businesses, business model, portfolios or operating environment; (ii) understand the
sensitivities of the core assumptions used in ING’s strategic and capital plan; and (iii) improve decision-making
and business steering through balancing risk and return following a forward looking and prudent management
approach.
Regulatory requirements
Capital adequacy and the use of required regulatory capital are based on the guidelines
 
developed by the Basel
Committee on Banking Supervision (The Basel Committee) and
 
the European Union Directives, as implemented
by the Dutch Central Bank and the ECB for supervisory purposes. In 2010,
 
the Basel Committee issued new
solvency and liquidity requirements that superseded Basel II, implemented in the EU
 
via CRR / CRD. In
accordance with the CRR the minimum Pillar 1 capital requirements applicable
 
to ING Group are: a CET1 ratio of
4.5
%, a Tier 1 ratio of
6
% and a Total capital ratio of
8
% of risk-weighted assets.
The overall SREP CET1 requirement (including buffer requirements) for ING Group at a consolidated level
remained stable during 2021 and was
10.51
% at the end of 2021. This requirement is the sum of a
4.5
% Pillar I
requirement, a
0.98
% Pillar II requirement, a
2.5
% Capital Conservation Buffer (CCB), a
0.03
% Countercyclical
Buffer (CCyB) (based on December 2021 positions) and
 
a
2.5
% O-SII buffer that is set separately for Dutch
systemic banks by the Dutch Central Bank (De Nederlandsche Bank). This requirement excludes the Pillar II
guidance, which is not disclosed.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
>
 
52
 
Subsequent events
 
ING Group Annual Report 2021 on Form 20-F
F -376
The Maximum Distributable Amount (MDA) trigger level stood at
10.51
% in 2021 for CET1,
12.34
% for Tier 1
Capital and
14.78
% for Total Capital. These MDA levels are in line with the application of Art.104a in CRD V,
which allows ING to partly fulfil the total Pillar II requirement (
1.75
%) with Additional Tier 1
 
and Tier 2 securities.
In the event that ING Group breaches an MDA level, ING may face restrictions on dividend payments, coupons on
AT1 securities and payment of variable remuneration.
Ratings
ING’s credit ratings and outlook are shown in the table below.
 
Each of these ratings reflects only the view of the
applicable rating agency at the time the rating was issued, and any explanation of the significance of a rating may
be obtained only from the rating agency.
Main credit ratings of ING at 31 December 2021
S&P
Moody’s
Fitch
GBB-Rating
ING Groep N.V.
Issuer rating
 
Long-term
A-
n/a
A+
Short-term
A-2
n/a
F1
Outlook
Stable
Stable
1)
Stable
Senior unsecured rating
A-
Baa1
A+
1) Outlook refers to the senior unsecured rating.
A security rating is not a recommendation to buy, sell or hold securities and each rating should be evaluated
independently of other ratings. There is no assurance that any credit rating will remain in effect for any given
period of time or that a rating will not be lowered, suspended or withdrawn entirely by the
 
rating agency if, in
the rating agency’s judgment, circumstances so warrant. ING accepts no responsibility for the accuracy or
reliability of the ratings.
52
 
Subsequent events
 
ING has been active in the French retail banking market since 2000 as an online bank.
 
In December 2021 ING
announced that it will leave the retail banking market in France in order to sharpen the focus of its business
portfolio. At February 1, 2022 ING and Societe Generale announced that a Memorandum of
 
Understanding was
signed on 31 January between ING and Boursorama (subsidiary of
 
Societe Generale) to offer banking solutions to
ING’s retail customers in France. The intention of both parties is to reach a definitive agreement in April 2022 at
the latest.
The exact scope of the definitive agreement remains to be specified and would concern daily banking
 
(current
accounts and cards), savings and investment products (assurance vie & brokerage). The ING France retail lending
portfolio (mortgages and consumer loans) will not be part of the agreement. Mortgages
 
will continue to be
managed by ING. Maintaining consumer loans at ING is under consideration.
ING continues its Wholesale Banking activities in France,
 
with a focus on strengthening our position and the
ambition to be the go-to-bank for sustainable finance.
The Russian invasion of Ukraine and rapidly escalating events in late February and early March 2022 is a
significant tragedy for the people and is causing disruption to business and economic
 
activity in the region and
worldwide. This qualifies as a non-adjusting subsequent
 
event. At this moment it is not possible to provide an
estimate of the financial impact of this crisis on ING (including
 
direct impact on ING exposures to Russian and
Ukrainian markets as well as wider impacts for ING). For further details on Russian and
 
Ukrainian exposures of
ING Group reference is made to ‘Risk Management – Top and emerging risks’.