8 Property and equipment

Notes to the consolidated balance sheet (continued)

Assets (continued)

Property and equipment by type

	2008	2007
Property in own use	1,841	2,069
Equipment	1,407	1,270
Assets under operating leases	3,148	2,898
	6,396	6,237

Property in own use by insurance and banking operations

	2008	2007
Insurance operations	394	599
Banking operations	1,447	1,470
	1,841	2,069

Changes in property in own use

	2008	2007
Opening balance	2,069	2,034
Additions	85	85
Changes in the composition of the group	–150	29
Transfers to and from Real estate investments	38	60
Transfers to and from Other assets	5	59
Depreciation	–39	–39
Revaluations	–5	–60
Impairments	–1
Reversal of impairments		14
Disposals	–114	–84
Exchange rate differences	–47	–29
Closing balance	1,841	2,069

Gross carrying amount as at 31 December	2,701	2,943
Accumulated depreciation as at 31 December	–755	–708
Accumulated impairments as at 31 December	–105	–166
Net book value	1,841	2,069

Revaluation surplus
Opening balance	633	693
Revaluation in year	–48	19
Released in year	30	–79
Closing balance	615	633

The cost or the purchase price amounted to EUR 2,087 million (2007: EUR 2,310 million). Cost less accumulated depreciation and impairments would have been EUR 1,226 million (2007: EUR 1,436 million).

Property in own use by year of most recent appraisal by independently qualified valuers (in percentages)

	2008
Most recent appraisal in 2008	59
Most recent appraisal in 2007	18
Most recent appraisal in 2006	8
Most recent appraisal in 2005	8
Most recent appraisal in 2004	7
	100

Changes in equipment

	Data processing equipment		Fixtures and fittings and other equipment		Total
	2008	2007	2008	2007	2008	2007
Opening balance	281	283	989	1,029	1,270	1,312
Additions	227	177	396	309	623	486
Changes in the composition of the group	–4	10	10	16	6	26
Disposals	–2	–24	–20	–44	–22	–68
Depreciation	–146	–164	–263	–216	–409	–380
Impairments	–9	–1	–9	–1	–18	–2
Exchange rate differences	–13	–3	–28	–17	–41	–20
Other changes	–14	3	12	–87	–2	–84
Closing balance	320	281	1,087	989	1,407	1,270

Gross carrying amount as at 31 December	1,562	1,763	2,935	2,950	4,497	4,713
Accumulated depreciation as at 31 December	–1,231	–1,481	–1,840	–1,959	–3,071	–3,440
Accumulated impairments as at 31 December	–11	–1	–8	–2	–19	–3
Net book value	320	281	1,087	989	1,407	1,270

Changes in assets under operating leases

	Cars		Other leased-out assets		Total
	2008	2007	2008	2007	2008	2007
Opening balance	2,886	2,671	12	14	2,898	2,685
Additions	1,401	1,396		2	1,401	1,398
Changes in the composition of the group	172		–2		170
Disposals	–428	–417			–428	–417
Depreciation	–764	–720	–2	–4	–766	–724
Impairments	–3				–3
Exchange rate differences	–124	–44			–124	–44
Closing balance	3,140	2,886	8	12	3,148	2,898

Gross carrying amount as at 31 December	4,466	5,177	28	70	4,494	5,247
Accumulated depreciation as at 31 December	–1,324	–2,291	–20	–58	–1,344	–2,349
Accumulated impairments as at 31 December	–2				–2
Net book value	3,140	2,886	8	12	3,148	2,898

Depreciation of assets under operating leases is included in the profit and loss account in Other income as a deduction from operating lease income.

No individual operating lease has terms and conditions that materially affect the amount, timing or certainty of the consolidated cash flows of the Group.

The Group leases assets to third parties under operating leases as lessor. The future minimum lease payments to be received under non-cancellable operating leases are as follows:

Future minimum lease payments by maturity

	2008	2007
Within 1 year	1,072	1,048
More than 1 year but less than 5 years	2,072	1,844
More than 5 years	4	6
	3,148	2,898

ING Annual Report 2008