Subsequent events

6 Months Ended

Jun. 30, 2022

Subsequent events [abstract]

Subsequent events

23 Subsequent events 

ING Bank Slaski which is

75

% owned by ING Group announced at 15 July 2022 that it will book a material negative

impact of approximately EUR

363

 million in the third quarter of 2022 which will be fully consolidated into ING

Groups pre-tax results in the third quarter of 2022. After corporate tax and the adjustment for non-controlling

interest the impact on ING Groups net result for the third quarter of 2022 will be approximately EUR

210

 million.

This impact is driven by the

new law enacted in Poland in July 2022, that provides borrowers with a PLN-

denominated mortgage the option to suspend the mortgage instalments for up to eight months – two

instalments per quarter in the second half year of 2022 and one instalment per quarter in 2023. The affected

assets’ gross carrying value prior to the change in law was PLN

56,079

 million. The change in law resulted in a

reduction of the affected assets’ gross carrying value measured under IFRS 9, based on the bank’s estimate that

borrowers will apply

70

% of the total available monthly suspensions. The reduction in the assets’ gross carrying

value amounts to PLN

1.7

 billion and is recognised in profit or loss in 3Q 2022. The estimate of the amount of

monthly suspensions that will be applied by borrowers will be reviewed regularly, which can result in additional

gains or losses.

Next to this there are no subsequent events to report other than those disclosed in Note 22 Capital

Management.