Some EUR 276 mln of negative fair value changes reduced ING Real Estate's income for the fourth quarter of 2008 to zero. This compares to EUR 342 mln of income in the fourth quarter of last year.
Some EUR 276 mln of negative fair value changes reduced ING Real Estate's income for the fourth quarter of 2008 to zero. This compares to EUR 342 mln of income in the fourth quarter of last year.
The information was contained in ING Group's report published this week for the last quarter of 2008. ING said operational costs of EUR 211 mln and extra provisions of EUR 37 mln pushed the real estate unit’s underlying result before tax to - EUR 248 mln, compared to a positive result of EUR 145 mln in the fourth quarter of 2007.
ING Group reported a negative valuation of EUR 612 mln on real estate development projects, of which EUR 332 mln related to the bank division and EUR 280 mln to the insurance arm.
