ING Bank Śląski | Annual Report 2014

ING BANK ŚLĄSKI

ING BANK ŚLĄSKIAnnual Report 2014

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46. Related entities

ING Bank Śląski S.A. subsidiaries and affiliated entities (their list has been presented in Chapter I. Information on the Bank and the Capital Group in item 6. Capital Group of ING Bank Śląski S.A.) as part of their business activity these entities hold current accounts at ING Bank Śląski, S.A. via which they perform standard clearing operations and also invest cash funds using term deposits. Similarly, ING Bank Śląski S.A. maintains bank accounts of other members of ING Group. The transactions with the above entities are performed on an arm’s length basis. 

ING Bank Śląski performs operations with ING Bank NV and its subsidiaries on the inter-bank market. These are both short-term deposits and loans, as well as operations in derivatives.  Moreover, ING Lease Sp. z o.o. received long-term funding for  leasing contracts in EUR (“matched funding”) from ING Bank NV. The above mentioned transactions are carried out on an arm’s length basis. There were also other transactions between the related entities and ING Bank Śląski. They originated from agreements concluded as to co-operation, sublease of premises, lease of equipment, data processing as well as management and employees’ insurance contributions.  

In the period from 1 January 2014 to 31 December 2014 the following transactions were made in the total value exceeding EURO 500 000:

  • transactions with ING Bank NV – under execution of the agreements (among other Cooperation Agreement and Agreement on Provision of Data Processing and Financial Information Analysis Services); the fee for services rendered under financial advisory; the fee for using data processing and financial information analysis services by ING Bank Śląski S.A. and the fee for services rendered under business operations and product development advisory in the PCM area for 12 months of 2014 amounted.
  • to PLN 51.4 million versus PLN 49.8 million in the same period last year (net amounts). 
  • transactions with ING Services Polska – the company renders hardware lease services to ING Bank Śląski S.A. The costs amounted to PLN 32.1 million versus PLN 47.9 million in the analogous period of the previous year (gross amounts).

As at 31 December 2014, ING Bank Śląski S.A. had no financial exposure to the Supervisory Board Members or any entities connected with them in capital or organisational terms.

Transactions with related entities (in PLN million)
2014
  ING Bank NV Other ING Group Associated undertakings*
Receivables      
Nostro accounts 3.0 15.2 -
Loans - 8.1 -
Positive valuation of derivatives 493.6 257.9 -
Other receivables 4.0 1.9 -
Liabilities      
Deposits received 1,523.8 687.8 161.0
Loans received 2,150.6 - -
Loro accounts 24.0 14.2 -
Negative valuation of derivatives 381.6 270.7 -
Repo - 28.8 -
Other liabilities 3.9 0.1 -
Off-balance-sheet operations      
Contingent liabilities 1,956.6 114.0 -
FX transactions 3,268.1 49.8 -
Forward transactions 29.6 858.4 -
IRS 12,626.8 3,568.9 -
FRA 850.0 - -
Options 1,272.4 726.2 -
Revenue and costs**      
Revenue 106.3 -3.6  -2.2
Costs*** 53.1 28.7  -

 

2013
  ING Bank NV Other ING Group Associated undertakings*
Receivables      
Nostro accounts 24.5 15.6 -
Deposits placed 55.3 - -
Loans - 11.5 -
Positive valuation of derivatives 324.8 207.1 -
Repo 133.7 - -
Other receivables 4.1 0.9 -
Liabilities      
Deposits received 940.9 1,190.6 57.3
Loans received 2,306.0 - -
Loro accounts 46.7 8.5 -
Negative valuation of derivatives 261.1 229.4 -
Repo 28.8 424.3 -
Other liabilities 3.5 - -
Off-balance-sheet operations      
Contingent liabilities 1,467.0 57.3 0.1
FX transactions 4,512.5 37.6 -
Forward transactions 10.2 - -
IRS 10,295.0 3,552.9 -
FRA 829.4 - -
Options 1,440.7 1,495.3 -
Revenue and costs**      
Revenue -26.6 -8.3  -2.2
Costs*** 52.2 40.0  -

*/  Includes transactions between ING Bank Śląski S.A. affiliates of ING Bank Śląski S.A. Group 
**/  Revenues and costs are presented in the uniform setting as in the financial statements. The revenues include, among others, the result on valuation of derivatives.​
***/  Costs are presented as per their net value (VAT excluded).

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