ING Amends Accounting Approach For NN Group Anchor Investment Transaction

(RTTNews) - ING Group (ING) announced that it will change its accounting approach with regards to the anchor investment transaction related to the divestment of NN Group made in 2014. The change will be reflected in ING Group's 2015 full year reporting and comparative figures.

In accounting for the anchor investment transaction, ING Group recognized a provision through shareholders' equity for a foreseeable loss at the time of the NN Group IPO in July 2014. ING Group has decided to amend the accounting and will now recognize the 1 billion euros write-off in the profit & loss account at the time of deconsolidation, in May 2015.