32 Related parties
In the normal course of business, the Group enters into various transactions with related companies. 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. Transactions have taken place on an arm’s length basis and include rendering or receiving of services, leases, transfers under finance arrangements and provisions of guarantees or collateral.
Transactions with joint ventures and associates
| 2007 | Joint ventures 2006 |
2007 | Associates 2006 |
|
|---|---|---|---|---|
| Receivables | 336 | 267 | 885 | 846 |
| Liabilities | 85 | 85 | 94 | 57 |
| Guarantees issued in favour of | 20 | 4 | ||
| Income received | 16 | 14 | 213 | 154 |
| Expenses paid | 58 | 64 | 32 | 1 |
Transactions with ING Verzekeringen N.V. and ING Bank N.V.
| ING Verzekeringen N.V | ING Bank N.V | |||
|---|---|---|---|---|
| 2007 | 2006 | 2007 | 2006 | |
| Receivables | 2,315 | 2,604 | 8,137 | 6,190 |
| Liabilities | 35 | 201 | 121 | |
| Income received | 112 | 120 | 619 | 367 |
| Expenses paid | 5 | 228 | 33 | |
Transactions with key management personnel (Executive Board and Supervisory Board) and post-employment benefit plans are transactions with related parties. These transactions are disclosed in more detail in the remuneration report in the annual report. For the post-employment benefit plans see Note 21 ‘Other liabilities’.
Key management personnel compensation
| Excutive Board | Supervisory Board | Total | ||||
|---|---|---|---|---|---|---|
| amounts in thousands of euros | 2007 | 2006 | 2007 | 2006 | 2007 | 2006 |
| Base salary and short-term bonus | 16,898 | 18,250 | 673 | 578 | 17,571 | 18,828 |
| Pension costs | 3,334 | 3,113 | 3,334 | 3,113 | ||
| Retirement benefit | 1,222 | 4,082 | 1,222 | 4,082 | ||
| Fair market value of long-term incentives | 9,072 | 8,576 | 9,072 | 8,576 | ||
| Total compensation | 30,526 | 34,021 | 673 | 578 | 31,199 | 34,599 |
Loans and advances to key management personnel
| Amount outstanding 31 December | Average Interest Rate | Repayments | ||||
|---|---|---|---|---|---|---|
| amounts in thousands of euros | 2007 | 2006 | 2007 | 2006 | 2007 | 2006 |
| Executive Board members | 2,376 | 2,023 | 4.8% | 4.3% | 216 | 20 |
| Total | 2,376 | 2,023 | 216 | 20 | ||
The total number of stock options on ING Groep N.V. shares held by the Executive Board members amounted to 2,744,887 at 31 December 2007 (2006: 2,176,641). As at 31 December 2007, members of the Executive Board held 201,252 ING Groep N.V. shares (2006: 80,055). Part of these shares are held in a trust. As at 31 December 2007, members of the Supervisory Board held 17,370 ING Groep N.V. shares (2006: 15,370).
There are no significant provisions for doubtful debts or individually significant bad debt expenses.
