ING Groep NV Q1 2019 Earnings Call Transcript

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

Question: Bart Jooris - Banque Degroof Petercam S.A., Research Division - Analyst : Yes. First question. The negative valuation adjustments in wholesale banking financial markets were rather big if I look at Slide 21 with the negative EUR 58 million. Could you give some more color on that? Is that MBA, CVA, DVA? Why is this figure so large compared to the previous quarters? And then a little bit on the timing of data. I heard some comments that you're already on your Basel IV, but that depends on the actions to reduce the impact. How is that the timing update? Could you give some more color on where you are? What measures you are still planning to take?

Question: Bart Jooris - Banque Degroof Petercam S.A., Research Division - Analyst : Could you give a timing on how we can see that evolving in this year, next year? Steven J. A. van Rijswijk - ING Groep N.V. - Chief Risk Officer, Member of the Executive Board & Member of Management Board Banking I mean all elements will continue to go on continuously to be able to mitigate the effect of Basel IV of 15% to 18% with 1/3, and that is something that will -- we will come through over the next couple of years on an ongoing basis. So that's not something that is being done in one quarter or something like that. That will be ongoing.

Question: Kirishanthan Vijayarajah - HSBC, Research Division - Analyst : Can I just come back to the weaker fee result in the wholesale bank and linking that to your lower risk appetite there? So just wondering if that lower 1Q fee number in the wholesale bank's kind of the good level going forward? Or could it compress a bit further if those self-imposed exposure caps start to bite a bit more as the year progresses? So you do kind of less of the leveraged loan and so less fees from that. And then secondly, just very quickly. Could you give us an update on Italy? Any impact that the ban on onboarding new customers? Has that had any impact on the underlying franchise at all? And any visibility on how long with that ban will stay in force?