The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Omar Fall - Barclays Bank PLC, Research Division - Analyst
: You mentioned the very helpful impact from higher policy rates. So just to clarify, is there an expectation then that, if and when, actual policy rates
increase, you'd be able to maintain the negative rate charging you're currently doing and the EUR 300 million benefit and then you'd have some
positive beta there for -- at some period? Then the second question would just be to help us with our modeling, could you give us the cost base
of France retail, Austria and Czech Republic or just some slightly better clarification of the components of OpEx that you'd expect to see removed
in 2022? That would be very helpful.
Question: Kirishanthan Vijayarajah - HSBC, Research Division - Analyst
: A couple of questions. So firstly, on the wholesale bank and the rapid lending growth you're seeing there. If you go back, you have been doing
some derisking there when you first became the CEO. So my question is really, how do we get comfortable, you haven't simply kind of backtracked
on your kind of risk appetite in the wholesale bank? Can you give us comfort you haven't just gone back and restarted some of the old lending in
wholesale banking? And then the second question more on the retail side and the extra revisioning you're taking there. You've planned high
inflation, higher interest rates, risk of falling property values. And I just wondered what early warning signs you're seeing that was the trigger there?
What are you seeing that maybe some of your peers aren't seeing yet? And just thinking in between the lines, is it fair to say Turkey with a fairly
minor elements. I mean you do mention it in the slides, but you didn't really mention it in your verbal commentary. So just curious as to where
Turkey fits into the extra provisioning you've taken on the retail side this quarter.
Question: Kirishanthan Vijayarajah - HSBC, Research Division - Analyst
: When you flagged the extra provisioning triggered by debt servicing, high inflation, higher interest rates and also falling property values for the
extra provisioning. And yes, it's -- I mean a lot of your peers haven't really been flagging that yet, and maybe you're ahead of the curve. But I just
wondered what early warning signs has been the trigger for you to actually take those extra provisions?
Question: Raul Sinha - JPMorgan Chase & Co, Research Division - Analyst
: I got two, please. The first one is just on the RWA efficiency of new lending. I think 2020 was quite a good year for you. Loans were up almost 5%
and RWA was only up 3%. I think that was also the case in Q4 where your RWAs actually went down on the credit side. Should we expect some of
this to reverse next year as you kind of do 3% to 4% loan growth? Or do you think you can still maintain this gap between loan book and RWA
growth, I guess, mix will probably to an effect? And then the second question I've got is on just the structure of ING, steven since you've obviously
taken over, there's been quite a few market exits you've obviously taken a few decisions around what used to be the Mike program. You talked
about the nodes of the cost bring heading downwards. So I guess my question is, are you done with market exits? Or do you think there's still more
to go in terms of reshaping the sort of profile of ING? And I see you're guiding to sort of where you've had cost for '22 and inflation is obviously
different. Are you sort of no longer thinking about getting the nodes of the plane down more medium term in terms of cost?
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