Farquhar Murray's questions to ING Groep NV (ING) leadership • Q4 2024
Question
Farquhar Murray of Autonomous asked for an update on announced core deposit rate reductions and questioned why ING had not yet cut deposit rates in the Netherlands, probing for changes in the competitive landscape.
Answer
CFO Tanate Phutrakul quantified that rate cuts on approximately €200 billion in core deposits would yield a €600 million full-year revenue benefit. Executive Steven van Rijswijk added that while 70% of the deposit book has seen pricing actions, the company cannot comment on future moves in the Netherlands but remains comfortable with its strong franchise position there.