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Derivatives and hedge accounting (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of risk management strategy related to hedge accounting [abstract]  
Disclosure of gross carrying value of derivatives designated under fair value hedge accounting
Notional amounts of hedging instruments (*)
31 December 2024
31 December 2023
in € millionNominal valueNominal value
By benchmark rate
WIBOR99,663  89,338  
ING uses the following derivative financial instruments in a fair value hedge accounting relationship:
Gross carrying value of derivatives designated under fair value hedge accounting
AssetsLiabilitiesAssetsLiabilities
in EUR million
2024
2024
2023
2023
As at 31 December
Hedging instrument on interest rate risk
– Interest rate swaps3,080 5,673 3,011 6,410 
– Other interest derivatives207 23 284 34 
Hedging instrument on FX rate risk
– Cross currency swaps12 3 
Gross carrying value of derivatives used for cash flow hedge accounting
AssetsLiabilitiesAssetsLiabilities
in EUR million2024202420232023
As at 31 December
Hedging instrument on interest rate risk
– Interest rate swaps10,635  12,814  11,839  14,051  
Hedging instrument on FX rate risk
– Cross currency swaps472  339  324  39  
Hedging instrument on combined interest and FX rate risk
– Cross currency interest rate swaps  10  57    
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows
The following table shows the net notional amount of derivatives designated in fair value hedging, split into the maturity of the instruments. The net notional amounts presented in the table are a combination of payer (-) and receiver (+) swaps.
Maturity derivatives designated in fair value hedging
in EUR millionLess than 1 month1 to 3 months3 to 12 months1 to 2 years2 to 3 years3 to 4 years4 to 5 years>5 yearsTotal
As at 31 December 2024
Hedging instrument on interest rate risk
– Interest rate swaps43  1,224  7,341  14,134  6,313  12,050  7,688  1,564  50,358  
– Other interest derivatives-4  -47  -218  -317  -389  -347  -287  -932  -2,540  
Hedging instrument on FX rate risk
– Cross currency swaps-142  -60  -98            -299  
As at 31 December 2023
Hedging instrument on interest rate risk
- Interest rate swaps-670  623  4,648  9,482  13,201  7,224  10,164  1,798  46,471  
– Other interest derivatives  -42  -183  -361  -263  -230  -277  -442  -1,797  
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.
Maturity derivatives designated in cash flow hedging
in EUR million
Less than 1
month
1 to 3 months
3 to 12
months
1 to 2 years2 to 3 years3 to 4 years4 to 5 years>5 yearsTotal
As at 31 December 2024
Hedging instrument on interest rate risk
– Interest rate swaps-1,805  -768  -10,590  -13,389  -10,551  -6,040  -4,522  -3,222  -50,886  
Hedging instrument on FX rate risk
– Cross currency swaps  -241  -972  122  -1,029  -262  -238  -999  -3,619  
Hedging instrument on combined interest and FX rate risk
– Cross currency interest rate swaps    -25    -1,283  -1,578      -2,887  
As at 31 December 2023
Hedging instrument on interest rate risk
– Interest rate swaps-214  184  -8,557  -18,551  -6,636  -7,246  -4,896  -3,384  -49,300  
Hedging instrument on FX rate risk
– Cross currency swaps  249  1,029  -932  503  -683  167  -693  -362  
Hedging instrument on combined interest and FX rate risk
– Cross currency interest rate swaps      -24  -1,232  -1,479      -2,736  
Maturity derivatives designated in net investment hedging
in EUR millionLess than 1 month1 to 3 months3 to 12 months1 to 2 years2 to 3 years3 to 4 years4 to 5 years>5 yearsTotal
As at 31 December 2024
– FX forwards and cross currency swaps-8,681  -4,158  -76            -12,916  
As at 31 December 2023
– FX forwards and Cross currency swaps-6,009  -4,576  -87            -10,672  
Disclosure of movement in cash flow hedge reserve
Changes in issued share capital
Ordinary shares (par value EUR 0.01)
Number x 1,000In EUR million
Issued share capital as at 31 December 20213,904,065 39 
Issue of shares2,935  
Cancellation of shares-180,461 -2 
Issued share capital as at 31 December 20223,726,539 37 
Issue of shares5  
Cancellation of shares-228,350 -2 
Issued share capital as at 31 December 20233,498,194 35 
Cancellation of shares-350,803 -4 
Issued share capital as at 31 December 20243,147,391 31 
Share premium
In EUR million202420232022
Opening balance17,116  17,116  17,105  
Issue of shares0  0  12  
Closing balance17,116  17,116  17,116  
Changes in revaluation reserve: Equity securities and Debt instruments at FVOCI
Equity securities at FVOCIDebt instruments at FVOCI
In EUR million202420232022202420232022
Opening balance1,152  1,187  1,282  -280  -341  96  
Unrealised revaluations664  -35  -118  -261  53  -412  
Realised gains/losses transferred to the statement of profit or loss62  9  -25  
Realised revaluations transferred to retained earnings0  1  23  
Closing balance1,816  1,152  1,187  -479  -280  -341  
Changes in cash flow hedge and credit liability reserve
Cash flow hedgeCredit liability
In EUR million202420232022202420232022
Opening balance-2,058  -3,055  -153  31  70  -80  
Changes in credit liability reserve      -46  -39  165  
Unrealised revaluations365  997  -2,901        
Realised revaluations transferred to retained earnings        -15  
Closing balance-1,693  -2,058  -3,055  -15  31  70  
Changes in Property in own use reserve
In EUR million202420232022
Opening balance178  176  208  
Impact of IAS 29 on opening balance1
  -20  
Unrealised revaluations3  10  15  
Realised revaluations transferred to retained earnings-20  -8  -26  
Closing balance161  178  176  
1    Impact of application of hyperinflation accounting under IAS 29.
Changes in currency translation reserve
In EUR million202420232022
Opening balance-2,527  -2,395  -3,483  
Impact of IAS 29 on opening balance1
  647  
Unrealised revaluations-222  183  -7  
Realised gains/losses transferred to the statement of profit or loss1    4  
Exchange rate differences763  -316  444  
Closing balance-1,986  -2,527  -2,395  
1    Impact of application of hyperinflation accounting under IAS 29.
Changes in share of associates, joint ventures and other reserves
In EUR million202420232022
Opening balance3,047  3,603  3,416  
Result for the year125  336  161  
Transfer to/from retained earnings-565  -892  26  
Closing balance2,607  3,047  3,603  
Changes in treasury shares
In EUR millionNumber x 1,000
202420232022202420232022
Opening balance-1,994  -1,205  -1,612  154,571  107,395  128,301  
Purchased/sold for trading purposes2  -7  4  -211  464  -312  
Purchased under staff share plans-43  -42    3,319  3,156  
Distributed under staff share plans43  41    -3,343  -3,106  
Purchased under Share buyback programme-3,774  -3,482  -1,721  247,584  275,013  159,866  
Cancelled Share buyback programme5,000  2,701  2,124  -350,803  -228,350  -180,461  
Closing balance-765  -1,994  -1,205  51,117  154,571  107,395  
Changes in retained earnings
In EUR million202420232022
Opening balance40,299  41,538  35,462  
Impact on opening balance1
  -45  -563  
Transfer to/from other reserves585  899  -8  
Result for the year5,209  3,804  11,965  
Dividend and other distributions-4,124  -2,668  -3,349  
Employee share plans1  -7  15  
Share buybacks and other changes-5,728  -3,222  -1,984  
Closing balance36,243  40,299  41,538  
1     In 2023, changes in policy following the adoption of IFRS 17 and change in policy for non-financial guarantees. 2022: impact of application of hyperinflation accounting under IAS 29.
Non-distributable reserves
In EUR million202420232022
ING Bank5,672  6,727  8,408  
Other0  0  0  
Non-distributable reserves5,672  6,727  8,408  
The following table shows the movement of the cash flow hedge reserve:
Movement cash flow hedge reserve
in EUR million20242023
Opening balance-2,058 -3,055 
Value changes recognised in OCI743 1,922 
Amounts recycled to profit or loss-209 -325 
Income tax-140 -381 
Exchange rate and other changes-14 -103 
Adjustment for non controlling interest-14 -116 
Movement for the year365 997 
Ending balance-1,693 -2,058 
Disclosure of detailed information about hedged items
Hedged items included in a fair value hedging relationship
Carrying amount of the hedged items
Accumulated amount of fair value hedge adjustment on the hedged item included in the carrying amount of the hedged item
Change in fair value of the hedged item for measuring ineffectiveness for the period
Change in fair value hedging instruments for the periodHedge ineffectiveness recognised in the statement of profit or loss gain (+) / loss (-)
in EUR millionAssetsLiabilitiesAssetsLiabilities
As at 31 December 2024
Interest rate risk and FX rate risk
– Debt securities at fair value through other comprehensive income35,119  n/a269  
– Loans at FVOCI  n/a  
– Loans and advances to customers1,149  -6  -35  
– Debt instruments at amortised cost13,802  -179  49  
– Debt securities in issue83,669  -2,234  -1,139  
– Subordinated loans17,131  -665  -188  
– Customer deposits and other funds on deposit28  -1  1  
– Discontinued hedges58  -5  
Total50,070  100,827  -126  -2,906  -1,043  1,016  -27  
As at 31 December 2023
Interest rate risk and FX rate risk
– Debt securities at fair value through other comprehensive income31,224  n/a1,224  
– Loans at FVOCI  n/a  
– Loans and advances to customers898    15  
– Debt instruments at amortised cost8,272  -205  234  
– Debt securities in issue70,280  -3,383  -2,680  
– Subordinated loans14,643  -834  -473  
– Customer deposits and other funds on deposit44  -1    
– Discontinued hedges91  -4  
Total40,394  84,967  -113  -4,221  -1,679  1,606  -73  
Gross carrying value of derivatives used for net investment hedging
AssetsLiabilitiesAssetsLiabilities
in EUR million2024202420232023
As at 31 December
– FX forwards and Cross currency swaps82  117  100  92  
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting
The following table shows the cash flow hedge accounting impact on profit or loss and comprehensive income:
Cash flow hedging – impact of hedging instruments on the statement of profit or loss and other comprehensive income
in EUR millionChange in value of hedged item used for calculating hedge ineffectiveness for the period
Carrying amount cash flow hedge reserve at the end of the reporting period1
Amount reclassified from CFH reserve to profit or loss 2
Change in value of hedging instrument recognised in OCI for the periodHedge ineffectiveness recognised in the statement of profit or loss, gain (+) / loss (-)
As at 31 December 2024
Interest rate risk on:
– Floating rate lending-668  -2,850  496  
– Floating rate borrowing114  125  -425  
– Other1  1    
– Discontinued hedges89  -51  
Total interest rate risk-553  -2,635  20  526  39  
FX rate risk on:
– Floating rate lending-79  -55  -121  
– Floating rate borrowing12  5  -37  
– Other      
– Discontinued hedges  -4  
Total FX risk-67  -51  -162  220  -3  
Combined interest and FX rate risk on:
– Floating rate lending70  72  -68  
– Floating rate borrowing      
– Other      
– Discontinued hedges    
Total combined interest and FX risk70  72  -68  -3  -2  
Total cash flow hedge-550 -2,614 -209 743 35 
Cash flow hedging – impact of hedging instruments on the statement of profit or loss and other comprehensive income
in EUR millionChange in value of hedged item used for calculating hedge ineffectiveness for the period
Carrying amount cash flow hedge reserve at the end of the reporting period1
Amount reclassified from CFH reserve to profit or loss 2
Change in value of hedging instrument recognised in OCI for the periodHedge ineffectiveness recognised in the statement of profit or loss, gain (+) / loss (-)
As at 31 December 2023
Interest rate risk on:
– Floating rate lending-2,694  -3,545  590  
– Floating rate borrowing933  151  -497  
– Other      
– Discontinued hedges194  -150  
Total interest rate risk-1,760  -3,200  -57  1,654  58  
FX rate risk on:
– Floating rate lending27  -42  -185  
– Floating rate borrowing-25  1  -33  
– Other      
– Discontinued hedges7  -5  
Total FX risk2  -35  -223  200  -12  
Combined interest and FX rate risk on:
– Floating rate lending-20  78  -46  
– Floating rate borrowing    1  
– Other      
– Discontinued hedges  -1  
Total combined interest and FX risk-20  78  -46  68  2  
Total cash flow hedge-1,778  -3,157  -325  1,922  48  
1The carrying amount is the gross amount, excluding tax adjustments.
2The amounts are reclassified to Net interest income - interest income and/or expense on non-trading derivatives (hedge accounting).
In 2024 and 2023 there are no amounts reclassified from CFH reserve to profit or loss for cash flows that are no longer expected to occur.
Net investment hedge accounting – Impact on statement of profit or loss and other comprehensive income
in EUR millionChange in value of hedged item used for calculating hedge ineffectiveness for the period
Carrying amount net investment hedge reserve at the end of the reporting period1
Hedged item affected statement of profit or lossChange in value of hedging instrument recognised in OCIHedge ineffectiveness recognised in the statement of profit or loss, gain(+) / Loss(-)
As at 31 December 2024
Investment in foreign operations295  -95    -295    
Discontinued hedges302    
As at 31 December 2023
Investment in foreign operations-183  123    183    
Discontinued hedges263    
1 The carrying amount is the gross amount, excluding tax adjustments.