ING Groep NV Investor Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Raul Sinha - JPMorgan Chase & Co, Research Division - Analyst : This is Raul Sinha from JPMorgan. Thanks very much for doing this in person. Maybe 2 questions to start with. The first one is maybe, Steven, just on the geographic spread of the group. This has been an opportunity to reassess strategy and think about the future. How comfortable are you with all of the countries that ING is still present in, even though you've got very high Net Promoter Scores in most of them? Do you feel like this is the core group that would remain? Or do you -- are you still open to changing the footprint if economic conditions or something within strategy could change over the next few years? And maybe related to that, if you could talk about the decommissioning of the IT systems. I mean that's something that we've heard ING talk about quite a bit and a lot of other banks have talked about it as well. But I think banks find it very hard to actually fully decommission IT systems. So if you could give us some maybe detail on when especially Belgium, Netherlands, the kind of key IT systems go away. So that's actually, the first question.

Question: Raul Sinha - JPMorgan Chase & Co, Research Division - Analyst : And then the second one is Tanate, just to make sure that he doesn't feel left out. I think the general summary from the market is that the interest rate sensitivity slide probably underplays the overall sensitivity of ING, NII to the current forward curve. So related to that, can I ask today for a clarification, the EUR 461 billion of replication eurozone excludes the equity element of ING, which is also in eurozone, which would be an additional NII sensitivity on top of that.