ING Groep NV on Air with CEO Pre-Recorded Q3 2023 Earnings Presentation Transcript

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

Question: Raul Sinha - JPMorgan Chase & Co, Research Division - Analyst : I guess a couple of questions just staying on NII. Let me kind of think about the outlook for NII from here. I was wondering if you might be able to comment a little bit around whether or not you think you can maintain NII stable with -- given the rising deposit beta from here through any changes in the replication portfolio. And I guess the question I'm really trying to ask is, would you consider changing the 45%, 55% split within the replicating portfolio going forward if it provides you with more NII stability? And then the second question is just coming back to the volatility within NII. I think this is the second quarter where consensus is a little bit surprised. The market is obviously much more focused on NII versus other income total income. The accounting estimate that your NII is obviously suffering on a reported basis. But I presume on a banking NII basis, things might be a little bit less volatile. So I was wondering if you could comment on perhaps the underlying NII trends, whether they're a little bit less volatile than the headline that you reported?

Question: Raul Sinha - JPMorgan Chase & Co, Research Division - Analyst : And Steven, if I can follow up on the AUA -- sorry, Tanate, just on the AUM impact as deposits move into AUM, what is the pickup for the P&L from a fee perspective?

Question: Kirishanthan Vijayarajah - HSBC, Research Division - Analyst : A couple of questions, if I may. Firstly, just coming back to the retail fees. You mentioned good momentum there, good conversion rates there. But looking forward, do you think it gets more challenging to convert those deposits into investment products as core rates keep trending up and customers potentially preferring to sit on cash there? So are there some potential fee headwinds on the retail side and kind of need to think about there? And then secondly, turn to the restructuring in Belgium, some of the charges you've taken there. I just wondered what the underlying trigger. Obviously, you want to get the cost base down. But is the revenue generation is coming in under budget in Belgium? Or is it more the lying cost inflation is proving a bit more severe than you thought, hence it kind of new restructuring? And then just in terms of the timing politics and the bank taxes in many places. I just wondered is, is now the best time to unveil sort of headcount cuts and branch closures, politically speaking? So just your thoughts there on the Belgian restructuring?