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Credit risk management
(audited)
The risk of loss to the Group from the
failure of clients, customers or
counterparties, including sovereigns, to
fully honour their obligations to the Group,
including the whole and timely payment of
principal, interest, collateral and other
receivables.
Overview
The credit risk that the Group faces arises
from wholesale and retail loans and
advances together with the counterparty
credit risk arising from derivative contracts
with clients; trading activities, including:
\u2022 debt securities, settlement balances
with market counterparties, fair value
through other comprehensive income
(FVOCI) assets and reverse repurchase
loans.
Credit risk management objectives are to:
\u2022 maintain a framework of controls to
oversee credit risk
\u2022 identify, assess and measure credit risk
clearly and accurately across the Group
and within each separate business, from
the level of individual facilities up to the
total portfolio
\u2022 control and plan credit risk taking in line
with external stakeholder expectations,
including risk return objectives, and
avoiding undesirable concentrations
\u2022 monitor credit risk and adherence to
agreed controls.
Organisation, roles and responsibilities
The first line of defence has primary
responsibility for managing credit risk
within the risk appetite and limits set by the
Risk function, supported by a defined set
of policies, standards and controls. In the
entities, business risk committees
(attended by the first line) monitor and
review the credit risk profile of each
business unit where the most material
issues are escalated to the Retail Credit
Risk Management Committee, Wholesale
Credit Risk Management Committee and
Group Risk Committee.
Wholesale and retail portfolios are
managed separately to reflect the differing
nature of the assets; wholesale balances
tend to be larger and are managed on an
individual basis, while retail balances are
greater in number but lesser in value and
are, therefore, managed in aggregated
segments.
The responsibilities of the credit risk
management teams in the businesses, the
sanctioning team and other shared
services include: sanctioning new credit
agreements (principally wholesale); setting
strategies for approval of transactions
(principally retail); setting risk appetite;
monitoring risk against limits and other
parameters; maintaining robust
processes, data gathering, quality, storage
and reporting methods for effective credit
risk management; performing effective
turnaround and workout scenarios for
wholesale portfolios via dedicated
restructuring and recoveries teams;
maintaining robust collections and
recovery processes/units for retail
portfolios; and review and validation of
credit risk measurement models.
The credit risk management teams in each
legal entity are accountable to the relevant
Legal Entity CRO , who reports to the
Group CRO.
For wholesale portfolios, credit risk
managers are organised in sanctioning
teams by geography, industry and/or
product. In wholesale portfolios, credit risk
approval is undertaken by experienced
credit risk professionals operating within a
clearly defined delegated authority
framework, with only the most senior
credit officers assigned the higher levels of
delegated authority. The largest credit
exposures, which are outside the Risk
Sanctioning Unit or Risk Distribution
Committee authority, require the support
of a legal entity Senior Credit Officer. For
exposures in excess of the legal entity
Senior Credit Officer\u2019s authority, approval
by Group Senior Credit Officer/Board Risk
Committee is also required. The Group
Credit Risk Committee, attended by legal
entity Senior Credit Officers, provides a
formal mechanism for the Group Senior
Credit Officer to exercise the highest level
of credit authority over the most material
Group single name exposures.
Credit risk mitigation
The Group employs a range of techniques
and strategies to actively mitigate credit
risks. These can broadly be divided into
three types:
\u2022 netting and set-off
\u2022 collateral
\u2022 risk transfer.
Netting and set-off
Credit risk exposures can be reduced by
applying netting and set-off. For derivative
transactions, the Group\u2019s normal practice
is, on a legal entity basis, to enter into
standard master agreements with
counterparties (e.g. ISDAs). These master
agreements typically allow for netting of
credit risk exposure to a counterparty
resulting from derivative transactions
against the obligations to the counterparty
in the event of default, and so produce a
lower net credit exposure. These
agreements may also reduce settlement
exposure (e.g. for foreign exchange
transactions) by allowing payments on the
same day in the same currency to be set-
off against one another.
Collateral
The Group has the ability to call on
collateral in the event of default of the
counterparty, comprising:
\u2022 home loans: a fixed charge over
residential property in the form of
houses, flats and other d wellings
\u2022 wholesale lending: a fixed charge over
commercial property and other physical
assets, in various forms
\u2022 other retail lending: includes charges
over other physical assets; second lien
charges over residential property; and
finance lease receivables
\u2022 derivatives: the Group also often seeks
to enter into a margin agreement (e.g.
Credit Support Annex) with
counterparties with which the Group has
master netting agreements in place.
These annexes to master agreements
provide a mechanism for further
reducing credit risk, whereby collateral
(margin) is posted on a regular basis
(typically daily) to collateralise the mark
to market exposure of a derivative
portfolio measured on a net basis
\u2022 reverse repurchase agreements:
collateral typically comprises highly liquid
securities which have been legally
transferred to the Group subject to an
agreement to return them for a fixed
price
\u2022 financial guarantees and similar off-
balance sheet commitments: cash
collateral may be held against these
arrangements.
Risk transfer
A range of instruments including
guarantees, credit insurance, credit
derivatives and securitisation can be used
to transfer credit risk from one
counterparty to another. These mitigate
credit risk in three main ways:
\u2022 if the risk is transferred to a
counterparty which is more
creditworthy than the original
counterparty, then overall credit risk is
reduced
\u2022 where recourse to the first counterparty
remains, both counterparties must
default before a loss materialises. This is
less likely than the default of either
counterparty individually so credit risk is
reduced.
\u2022 first loss exposures across pools of
credit risk can be hedged via synthetic
securitisation structures, typically via
CLN (credit lending notes) issuance. As
these are fully funded upfront they
provide for a direct reduction in credit
risk exposure on referenced pools.
+
Detailed policies are in place to appropriately
recognise and record credit risk mitigation. For more
information, refer to pages 131 to 134 of the Barclays
PLC Pillar 3 Report 2023 (unaudited).
Governance and oversight of ECLs under
IFRS 9
The Group\u2019s organisational structure and
internal governance processes oversee
the estimation of ECL across several
areas, including: i) setting requirements in
policy, including key assumptions and the
application of key judgements; ii) the
design and execution of models; and iii)
review of ECL results.
i) Impairment policy requirements are set
and reviewed regularly, at a minimum
annually, to maintain adherence to
accounting standards. Key judgements
inherent in policy, including the estimated
life of revolving credit facilities and the
quantitative criteria for assessing the
significant increase in credit risk (SICR), are
separately supported by analytical study. In
particular, the quantitative thresholds used
for assessing SICR are subject to a number
of internal validation criteria, particularly in
retail portfolios where thresholds decrease
as the origination Probability of Default
(PD) of each facility increases. Key policy
requirements are also aligned to the
Group\u2019s credit risk management strategy
and practices, for example, wholesale
customers that are risk managed on an
individual basis are assessed for ECL on an
individual basis upon entering Stage 3;
furthermore, key internal risk management
indicators of high risk are used to set SICR
policy, for example, retail customers
identified as high risk account
management are automatically deemed to
have met the SICR criteria.
ii) ECL is estimated in line with internal
policy requirements using models which
are validated by a qualified independent
party to the model development area, the
Independent Validation Unit (IVU), before
first use and on a regular basis, at a
minimum every three years. Each model is
designated an owner who is responsible
for:
\u2022 model maintenance: monitoring of
model performance including
backtesting by comparing predicted
ECL versus flow into stage 3 and
coverage ratios; proposing material
changes for independent IVU approval;
and recalibrating model parameters on
more timely data
\u2022 proposing post-model adjustments
(PMA) to address model weaknesses or
to account for situations where known
or expected risk factors and information
have not been considered in the
modelling process. All PMAs relating to
model deficiencies, regardless of value
are approved by IVU for a set time
period. PMAs representing Expert
Judgement are validated by Risk, as the
second line of defence and approved for
a set time period. The most material
PMAs are also approved by the CRO.
Models must also assess ECL across a
range of future economic conditions.
These economic scenarios are generated
via an independent model and ultimately
set by the Senior Scenario Review
Committee. Economic scenarios are
regenerated at a minimum twice annually
but more frequently if deemed
appropriate, and also to align with the
Group\u2019s medium term planning exercise.
Each model used in the estimation of ECL,
including key inputs, are governed by a
series of internal controls, which include
the validation of completeness and
accuracy of data in golden source
systems, documented data
transformations and documented lineage
of data transfers between systems.
iii) The Group Impairment Committee,
formed of members from both Finance
and Risk and attended by both the Group
Finance Director and the Group CRO, is
responsible for overseeing impairment
policy and practice across the Group and
will approve impairment results. Reported
results and key messages are
communicated to the BAC, which has an
oversight role and provides challenge of
key assumptions, including the basis of the
scenarios adopted. Impairment results are
then factored into management decision
making, including but not limited to,
business planning, risk appetite setting and
portfolio management.
Market risk management
(audited)
The risk of loss arising from potential
adverse changes in the value of the
Group\u2019s assets and liabilities from
fluctuation in market variables including,
but not limited to, interest rates, foreign
exchange, equity prices, commodity
prices, credit spreads, implied volatilities
and asset correlations.
Overview
Market risk arises primarily as a result of
client facilitation in wholesale markets,
involving market-making activities, risk
management solutions and execution of
syndications. Upon execution of a trade
with a client, the Group will look to hedge
against the risk of the trade moving in an
adverse direction. Mismatches between
client transactions and hedges result in
market risk due to changes in asset prices,
volatility or correlations.
Organisation, roles and responsibilities
Market risk in the businesses resides
primarily in Barclays International and
Treasury. These businesses have the
mandate to assume market risk. The front
office and Treasury trading desks are
responsible for managing market risk on a
day-to-day basis, where they are required
to understand and adhere to all limits
applicable to their businesses. The Market
Risk team supports the trading desks with
the day-to-day limit management of
market risk exposures through
governance processes which are outlined
in supporting market risk policies and
standards.
Market risk oversight and challenge is
provided by business committees and
Group committees, including the Market
Risk Committee (MRC).
The objectives of market risk management
are to:
\u2022 identify, understand and control market
risk by robust measurement, limit
setting, reporting and oversight
\u2022 facilitate business growth within a
controlled and transparent risk
management framework
\u2022 control market risk in the businesses
according to the allocated appetite.
To meet the above objectives, a
governance structure is in place to
manage these risks consistent with the
ERMF.
The BRC recommends market risk
appetite to the Board for their approval.
The Market Risk Principal Risk Lead (PR
Lead) is responsible for the Market Risk
Control Framework and, under delegated
authority from the Group CRO, agrees
with the business CROs a limit framework
within the context of the approved market
risk appetite.
The Market Risk Committee (MRC) reviews
and makes recommendations concerning
the group-wide market risk profile. This
includes overseeing the operation of the
Market Risk Framework and associated
policies and standards, monitoring market
and regulatory changes, and reviewing limit
utilisation levels. The committee is chaired
by the PR Lead and attendees include the
business heads of market risk and business
aligned market risk managers.
In addition to MRC, the Corporate and
Investment Bank Risk Committee (\u2018CIBRC\u2019)
is the main forum in which market risk
exposures are discussed and reviewed
with senior business heads. The
Committee is chaired by the CRO of
Barclays International and meets weekly,
covering current market events, notable
market risk exposures, and key risk topics.
New business initiatives are generally
socialised at CIBRC before any changes to
risk appetite or associated limits are
considered in other governance
committees.
The head of each business is accountable
for all market risks associated with its
activities, while the head of the market risk
team covering each business is
responsible for implementing the risk
control framework for market risk.
For more information on market risk
management, refer to the Barclays PLC
Pillar 3 Report 2023 (unaudited).
Management value at risk (VaR)
VaR is an estimate of the potential loss
arising from unfavourable market
movements if the current positions were
to be held unchanged for one business
day. For internal market risk management
purposes, a historical simulation
methodology with a one-year equally
weighted historical period, at the 95%
confidence level is used for all trading
books and some banking books.
Limits are applied at the total level as well
as by risk factor type, which are then
cascaded down to particular trading desks
and businesses by the market risk
management function.
+
See the market risk performance section for a
review of management VaR.
Liquidity risk management
(audited)
Overview
The efficient management of liquidity is
essential to the Group in order to retain
the confidence of the financial markets
and maintain the sustainability of the
business. Treasury and Capital Risk have
created a framework to manage all liquidity
risk exposures under both normal and
stressed conditions. The framework is
designed to maintain liquidity resources
that are sufficient in amount, quality and
funding tenor profile to remain within the
liquidity risk appetite as expressed by the
Barclays PLC Board. The liquidity risk
appetite is monitored against both internal
and regulatory liquidity metrics.
Organisation, roles and responsibilities
Treasury has the primary responsibility for
managing liquidity risk within the set risk
appetite. Both Risk and Treasury
contribute to the production of the
Internal Liquidity Adequacy Assessment
Process (ILAAP). The Treasury and Capital
Risk function is responsible for the
management and governance of the
liquidity risk mandate, as defined by the
Board.
The framework established by Treasury
and Capital Risk is designed to deliver the
appropriate term and structure of funding,
consistent with the liquidity risk appetite
set by the Board. The framework
incorporates a range of ongoing business
management tools to monitor, limit and
stress test the Group\u2019s balance sheet,
contingent liabilities and the recovery plan.
Limit setting and transfer pricing are tools
designed to control the level of liquidity risk
taken and drive the appropriate mix of
funds. Adherence to limits reduces the
likelihood that a liquidity stress event could
lead to an inability to meet Group\u2019s
obligations as they fall due.
The Board approves the Group funding
plan, internal stress tests, regulatory stress
test results, recovery plan and liquidity risk
appetite. The Group Treasury Committee
is responsible for monitoring and
managing liquidity risk in line with the
Group\u2019s funding management objectives,
funding plan and risk appetite. The
Treasury and Capital Risk Committee
monitors and reviews the liquidity risk
profile and control environment, providing
second line oversight of the management
of liquidity risk. The BRC reviews the risk
profile, and reviews liquidity risk appetite at
least annually and the impact of stress
scenarios on the Group funding plan/
forecast in order to agree the Group\u2019s
projected funding abilities.
Capital risk management
(audited)
Overview
Capital risk is managed through ongoing
monitoring and management of the capital
and leverage position, regular stress
testing and a robust capital governance
framework. The objectives of the
framework are to maintain adequate
capital for the Group and legal entities to
withstand the impact of the risks that may
arise under normal and stressed
conditions, and maintain adequate capital
to cover current and forecast business
needs and associated risks to provide a
viable and sustainable business offering.
The Group\u00a0 aims to prudently manage its
overall leverage position (including risk of
excessive leverage) by utilising plausible
stress scenarios, reviewing and deploying
management actions in response to
deteriorating economic and commercial
positions.\u00a0 In order to manage contingent
leverage risk, the Group considers the
context from which the business
consumption arises, the impact of client
utilisation on leverage and the available
actions to manage.
Organisation, roles and responsibilities
Treasury has the primary responsibility for
managing and monitoring capital
adequacy. The Treasury and Capital Risk
function provides oversight of capital risk.
Production of the Barclays PLC Internal
Capital Adequacy Assessment Process
(ICAAP) is the responsibility of Treasury.
Capital risk management is underpinned by
a control framework and policy. The capital
management strategy, outlined in the
Group and legal entity capital plans, is
developed in alignment with the control
framework and policy for capital risk, and is
implemented consistently in order to
deliver on the Group\u2019s objectives.
The Board approves the Group capital
plan, internal stress tests and results of
regulatory stress tests, and the Group
recovery plan. The Group Treasury
Committee is responsible for monitoring
and managing capital risk in line with the
Group\u2019s capital management objectives,
capital plan and risk frameworks. The
Treasury and Capital Risk Committee
monitors and reviews the capital risk profile
and control environment, providing
second line oversight of the management
of capital risk. The BRC reviews the risk
profile, and reviews risk appetite at least
annually and the impact of stress scenarios
on the Group capital plan/forecast in order
to agree the Group\u2019s projected capital
adequacy.
Local management assures compliance
with an entity\u2019s minimum regulatory capital
requirements by reporting to local Asset
and Liability Committees (ALCOs) with
oversight by the Group Treasury
Committee, as required. In 2023, Barclays
complied with all regulatory minimum
capital requirements. Contingent leverage
risk is managed by; i) setting
comprehensive leverage (and RWA)
targets for each business as part of the
Treasury capital management process,
taking into account adherence to early
warning indicators and maintain a healthy
leverage ratio, and; ii) Monitoring execution
of actions taken to course-correct as
necessary.
The Group maintains a number of defined
benefit pension schemes for past and
current employees. The ability of schemes
to meet pension payments is achieved
with investments and contributions.
Pension risk arises because the market
value of pension fund assets might decline;
investment returns might reduce; or the
estimated value of pension liabilities might
increase. The Group monitors the pension
risks arising from its defined benefit
pension schemes and works with the
relevant pension fund\u2019s trustees to
address shortfalls. In these circumstances,
the Group could be required or might
choose to make extra contributions to the
pension fund. The Group\u2019s main defined
benefit scheme was closed to new
entrants in 2012.
Maximum exposure and effects of netting, collateral and risk transfer (audited)
Maximum
exposure
Netting and
set-off
Cash
collateral
Non-cash
collateral
Risk transfer
Exposure net
of risk
mitigation
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On-balance sheet:
Cash and balances at central banks
224,634
\u2014
\u2014
\u2014
\u2014
224,634
Cash collateral and settlement balances
108,889
\u2014
\u2014
\u2014
\u2014
108,889
Loans and advances at amortised cost:
Retail mortgages
171,512
\u2014
(13)
(171,484)
\u2014
15
Retail credit cards
34,221
\u2014
\u2014
\u2014
\u2014
34,221
Retail other
9,952
\u2014
(1,028)
(2,329)
(39)
6,556
Corporate loans
127,062
(3,876)
(1,117)
(61,892)
(14,716)
45,461
Total loans and advances at amortised cost
342,747
(3,876)
(2,158)
(235,705)
(14,755)
86,253
Of which credit-impaired (Stage 3):
Retail mortgages
1,996
\u2014
\u2014
(1,994)
\u2014
2
Retail credit cards
387
\u2014
\u2014
\u2014
\u2014
387
Retail other
317
\u2014
(23)
(263)
\u2014
31
Corporate loans
1,956
\u2014
(4)
(1,098)
(546)
308
Total credit-impaired loans and advances at amortised cost
4,656
\u2014
(27)
(3,355)
(546)
728
Debt securities at amortised cost
56,749
\u2014
\u2014
(956)
(156)
55,637
Reverse repurchase agreements and other similar secured lending
2,594
\u2014
\u2014
(2,594)
\u2014
\u2014
Trading portfolio assets:
Debt securities
75,498
\u2014
\u2014
(521)
\u2014
74,977
Traded loans
12,653
\u2014
\u2014
(189)
\u2014
12,464
Total trading portfolio assets
88,151
\u2014
\u2014
(710)
\u2014
87,441
Financial assets at fair value through the income statement:
Loans and advances
47,639
\u2014
(47)
(41,334)
(4)
6,254
Debt securities
2,586
\u2014
\u2014
(221)
\u2014
2,365
Reverse repurchase agreements
149,131
\u2014
(3,416)
(145,292)
\u2014
423
Other financial assets
110
\u2014
\u2014
\u2014
\u2014
110
Total financial assets at fair value through the income statement
199,466
\u2014
(3,463)
(186,847)
(4)
9,152
Derivative financial instruments
256,836
(198,809)
(31,211)
(10,036)
(3,791)
12,989
Financial assets at fair value through other comprehensive income
71,830
\u2014
\u2014
(362)
(198)
71,270
Other assets
2,197
\u2014
(1)
\u2014
\u2014
2,196
Assets held for sale
3,855
\u2014
\u2014
\u2014
\u2014
3,855
Total on-balance sheet
1,357,948
(202,685)
(36,833)
(437,210)
(18,904)
662,316
Off-balance sheet:
Contingent liabilities
25,340
\u2014
(2,225)
(358)
(283)
22,474
Loan commitments
390,437
\u2014
(1,506)
(41,862)
(1,773)
345,296
Total off-balance sheet
415,777
\u2014
(3,731)
(42,220)
(2,056)
367,770
Total
1,773,725
(202,685)
(40,564)
(479,430)
(20,960)
1,030,086
Off-balance sheet exposures are shown gross of provisions of \u00a3504m (2022: \u00a3583m). See Note 24 for further details. In addition to the
above, the Group holds forward starting reverse repos with notional contract amounts of \u00a354.3bn ( 2022: \u00a348.4bn). These balances are
fully collateralised. Corporate loans at amortised cost\u00a0 include \u00a35.3bn (2022: \u00a38bn) of BBLS, CBILS and CLBILS supported by UK
government guarantees of \u00a35.1bn (2022: \u00a37.6bn), which are included within the Risk transfer column in the table. For further
information on credit risk mitigation techniques, refer to the Credit risk management section. Loan commitments reported also include
exposures relating to financial assets classified as assets held for sale.
Maximum exposure and effects of netting, collateral and risk transfer (audited)
Maximum
exposure
Netting and
set-off
Cash
collateral
Non-cash
collateral
Risk transfer
Exposure net
of risk
mitigation
As at 31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On-balance sheet:
Cash and balances at central banks
256,351
\u2014
\u2014
\u2014
\u2014
256,351
Cash collateral and settlement balances
112,597
\u2014
\u2014
\u2014
\u2014
112,597
Loans and advances at amortised cost:
Retail mortgages
173,770
\u2014
(328)
(173,308)
(98)
36
Retail credit cards
34,584
\u2014
\u2014
\u2014
\u2014
34,584
Retail other
15,084
\u2014
(1,208)
(4,184)
(224)
9,468
Corporate loans
129,854
(4,442)
(672)
(60,617)
(17,190)
46,933
Total loans and advances at amortised cost
353,292
(4,442)
(2,208)
(238,109)
(17,512)
91,021
Of which credit-impaired (Stage 3):
Retail mortgages
2,000
\u2014
(1)
(1,996)
\u2014
3
Retail credit cards
425
\u2014
\u2014
\u2014
\u2014
425
Retail other
412
\u2014
(32)
(323)
(3)
54
Corporate loans
2,030
\u2014
(6)
(742)
(709)
573
Total credit-impaired loans and advances at amortised cost
4,867
\u2014
(39)
(3,061)
(712)
1,055
Debt securities at amortised cost
45,487
\u2014
\u2014
(695)
(196)
44,596
Reverse repurchase agreements and other similar secured lending
776
\u2014
\u2014
(776)
\u2014
\u2014
Trading portfolio assets:
Debt securities
55,475
\u2014
\u2014
(530)
\u2014
54,945
Traded loans
13,198
\u2014
\u2014
(250)
(48)
12,900
Total trading portfolio assets
68,673
\u2014
\u2014
(780)
(48)
67,845
Financial assets at fair value through the income statement:
Loans and advances
39,429
\u2014
(17)
(31,544)
(9)
7,859
Debt securities
3,249
\u2014
\u2014
(321)
\u2014
2,928
Reverse repurchase agreements
164,681
\u2014
(3,672)
(160,347)
\u2014
662
Other financial assets
118
\u2014
\u2014
\u2014
\u2014
118
Total financial assets at fair value through the income statement
207,477
\u2014
(3,689)
(192,212)
(9)
11,567
Derivative financial instruments
302,380
(238,337)
(34,547)
(11,434)
(7,275)
10,787
Financial assets at fair value through other comprehensive income
65,054
\u2014
\u2014
(222)
(711)
64,121
Other assets
1,656
\u2014
\u2014
\u2014
\u2014
1,656
Assets held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total on-balance sheet
1,413,743
(242,779)
(40,444)
(444,228)
(25,751)
660,541
Off-balance sheet:
Contingent liabilities
24,205
\u2014
(1,295)
(1,596)
(280)
21,034
Loan commitments
395,508
\u2014
(129)
(41,917)
(1,666)
351,796
Total off-balance sheet
419,713
\u2014
(1,424)
(43,513)
(1,946)
372,830
Total
1,833,456
(242,779)
(41,868)
(487,741)
(27,697)
1,033,371
Loans and advances at amortised cost by geography
Total loans and advances at amortised cost in the credit risk performance section includes loans and advances at amortised cost to
banks and loans and advances at amortised cost to customers.
The table below presents a product and geographical breakdown by stages of loans and advances at amortised cost. Also included are
stage allocation of debt securities and off-balance sheet loan commitments and financial guarantee contracts by gross exposure,
impairment allowance and coverage ratio as at 31 December 2023.
Impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total
impairment allowance is allocated to gross loans and advances to the extent allowance does not exceed the drawn exposure and any
excess is reported on the liabilities side of the balance sheet as a provision. For corporate portfolios, impairment allowance on undrawn
exposure is reported on the liability side of the balance sheet as a provision.
Loans and advances at amortised cost by geography (audited)
Gross exposure
Impairment allowance
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
146,001
19,123
1,812
166,936
43
77
112
232
Retail credit cards
8,094
2,128
198
10,420
111
492
107
710
Retail other
6,832
1,252
264
8,348
56
117
144
317
Corporate loans1
54,257
8,673
1,692
64,622
191
214
346
751
Total UK
215,184
31,176
3,966
250,326
401
900
709
2,010
Retail mortgages
4,201
346
612
5,159
7
28
316
351
Retail credit cards
22,315
3,450
1,522
27,287
412
1,138
1,226
2,776
Retail other
1,637
91
229
1,957
3
1
32
36
Corporate loans
58,248
4,629
862
63,739
96
200
252
548
Total Rest of the world
86,401
8,516
3,225
98,142
518
1,367
1,826
3,711
Total loans and advances at amortised cost
301,585
39,692
7,191
348,468
919
2,267
2,535
5,721
Debt securities at amortised cost
52,869
3,907
\u2014
56,776
11
16
\u2014
27
Total loans and advances at amortised cost
including debt securities
354,454
43,599
7,191
405,244
930
2,283
2,535
5,748
Off-balance sheet loan commitments and
financial guarantee contracts2
374,063
24,208
1,037
399,308
173
287
44
504
Total3,4
728,517
67,807
8,228
804,552
1,103
2,570
2,579
6,252
Net Exposure
Coverage ratio
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
Retail mortgages
145,958
19,046
1,700
166,704
\u2014
0.4
6.2
0.1
Retail credit cards
7,983
1,636
91
9,710
1.4
23.1
54.0
6.8
Retail other
6,776
1,135
120
8,031
0.8
9.3
54.5
3.8
Corporate loans1
54,066
8,459
1,346
63,871
0.4
2.5
20.4
1.2
Total UK
214,783
30,276
3,257
248,316
0.2
2.9
17.9
0.8
Retail mortgages
4,194
318
296
4,808
0.2
8.1
51.6
6.8
Retail credit cards
21,903
2,312
296
24,511
1.8
33.0
80.6
10.2
Retail other
1,634
90
197
1,921
0.2
1.1
14.0
1.8
Corporate loans
58,152
4,429
610
63,191
0.2
4.3
29.2
0.9
Total Rest of the world
85,883
7,149
1,399
94,431
0.6
16.1
56.6
3.8
Total loans and advances at amortised cost
300,666
37,425
4,656
342,747
0.3
5.7
35.3
1.6
Debt securities at amortised cost
52,858
3,891
\u2014
56,749
\u2014
0.4
\u2014
\u2014
Total loans and advances at amortised cost
including debt securities
353,524
41,316
4,656
399,496
0.3
5.2
35.3
1.4
Off-balance sheet loan commitments and
financial guarantee contracts2
373,890
23,921
993
398,804
\u2014
1.2
4.2
0.1
Total3, 4
727,414
65,237
5,649
798,300
0.2
3.8
31.3
0.8
Notes
1 Includes Business Banking, which has a gross exposure of \u00a315.2bn and an impairment allowance of \u00a3431m. This comprises \u00a399m impairment allowance on \u00a39.8bn Stage 1 exposure,
\u00a381m on \u00a34.1bn Stage 2 exposure and \u00a3251m on \u00a31.3bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is 0.6%.
2 Excludes loan commitments and financial guarantees of \u00a316.5bn carried at fair value and includes exposures relating to financial assets classified as assets held for sale.
3 Other financial assets subject to impairment not included in the table above include cash collateral and settlement balances, financial assets at fair value through other comprehensive
income and other assets. These have a total gross exposure of \u00a3183.6bn and impairment allowance of \u00a3151m. This comprises \u00a316m ECL on \u00a3182.8bn Stage 1 exposure, \u00a32m on
\u00a30.6bn\u00a0 Stage 2 exposure and \u00a3133m on \u00a3140m Stage 3 exposure.
4 The annualised loan loss rate is 46bps after applying the total impairment charge of \u00a31,881 m.
Assets held for sale
During 2023, gross loans and advances and related impairment allowances for the German consumer finance business\u00a0 were
reclassified from loans and advances to customers to assets held for sale in the balance sheet. Disclosures relating to assets held for
sale are provided in the credit risk tables, primarily where the disclosure is relevant to the measurement of these financial assets.
For further details on assets held for sale, see Note 40 to the financial statements.
Loans and advances to customers classified as assets held for sale
Stage 1
Stage 2
Stage 3
Total
Gross
ECL
Coverage
Gross
ECL
Coverage
Gross
ECL
Coverage
Gross
ECL
Coverage
As at 31 December 20231
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
Retail credit cards
1,621
15
0.9
445
41
9.2
92
68
73.9
2,158
124
5.7
Retail other
1,561
20
1.3
288
32
11.1
84
60
71.4
1,933
112
5.8
Total Rest of the World
3,182
35
1.1
733
73
10.0
176
128
72.7
4,091
236
5.8
Note
1 In 2022, total gross exposure of \u00a34.3bn and impairment allowance of \u00a3296m was included in loans and advances at amortised cost which has now been classified as assets held for sale.
This comprises \u00a337m ECL on \u00a33.1bn Stage 1 exposure, \u00a3141m on \u00a31.0bn Stage 2 exposure and \u00a3118m on \u00a3153m Stage 3 exposure.
Loans and advances at amortised cost by geography (audited)
Gross exposure
Impairment allowance
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
145,821
17,735
1,481
165,037
21
49
58
128
Retail credit cards
7,119
2,569
251
9,939
127
493
137
757
Retail other
8,202
1,197
293
9,692
72
138
145
355
Corporate loans1
55,187
12,528
2,008
69,723
317
264
360
941
Total UK
216,329
34,029
4,033
254,391
537
944
700
2,181
Retail mortgages
7,851
465
933
9,249
8
24
356
388
Retail credit cards
22,669
3,880
1,129
27,678
331
1,127
818
2,276
Retail other
5,268
271
427
5,966
28
28
163
219
Corporate loans\u00a0
56,704
4,290
564
61,558
144
160
182
486
Total Rest of the World
92,492
8,906
3,053
104,451
511
1,339
1,519
3,369
Total loans and advances at amortised cost
308,821
42,935
7,086
358,842
1,048
2,283
2,219
5,550
Debt securities at amortised cost
41,724
3,805
\u2014
45,529
9
33
0
42
Total loans and advances at amortised cost
including debt securities
350,545
46,740
7,086
404,371
1,057
2,316
2,219
5,592
Off-balance sheet loan commitments and
financial guarantee contracts2
372,945
30,694
1,180
404,819
245
315
23
583
Total3,4
723,490
77,434
8,266
809,190
1,302
2,631
2,242
6,175
Net Exposure
Coverage ratio
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
Retail mortgages
145,800
17,686
1,423
164,909
\u2014
0.3
3.9
0.1
Retail credit cards
6,992
2,076
114
9,182
1.8
19.2
54.6
7.6
Retail other
8,130
1,059
148
9,337
0.9
11.5
49.5
3.7
Corporate loans1
54,870
12,264
1,648
68,782
0.6
2.1
17.9
1.3
Total UK
215,792
33,085
3,333
252,210
0.2
2.8
17.4
0.9
Retail mortgages
7,843
441
577
8,861
0.1
5.2
38.2
4.2
Retail credit cards
22,338
2,753
311
25,402
1.5
29.0
72.5
8.2
Retail other
5,240
243
264
5,747
0.5
10.3
38.2
3.7
Corporate loans
56,560
4,130
382
61,072
0.3
3.7
32.3
0.8
Total Rest of the World
91,981
7,567
1,534
101,082
0.6
15.0
49.8
3.2
Total loans and advances at amortised cost
307,773
40,652
4,867
353,292
0.3
5.3
31.3
1.5
Debt securities at amortised cost
41,715
3,772
\u2014
45,487
\u2014
0.9
\u2014
0.1
Total loans and advances at amortised cost
including debt securities
349,488
44,424
4,867
398,779
0.3
5.0
31.3
1.4
Off-balance sheet loan commitments and
financial guarantee contracts2
372,700
30,379
1,157
404,236
0.1
1.0
1.9
0.1
Total3, 4
722,188
74,803
6,024
803,015
0.2
3.4
27.1
0.8
Notes
1 Includes Business Banking, which has a gross exposure of \u00a318.1bn and an impairment allowance of \u00a3519m. This comprises \u00a3149m impairment allowance on \u00a310.5bn Stage 1 exposure,
\u00a3121m on \u00a36.0bn Stage 2 exposure and \u00a3249m on \u00a31.6bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is 0.8%.
2 Excludes loan commitments and financial guarantees of \u00a314.9bn carried at fair value.
3 Other financial assets subject to impairment not included in the table above include cash collateral and settlement balances, financial assets at fair value through other comprehensive
income and other assets. These have a total gross exposure of \u00a3180.1bn and impairment allowance of \u00a3 163m. This comprises \u00a3 10m ECL on \u00a3178.4bn Stage 1 exposure, \u00a3 9m on
\u00a31.5bn Stage 2 exposure and \u00a3144m on \u00a3149m Stage 3 exposure.
4 The annualised loan loss rate is 30bps after applying the total impairment charge of \u00a31,220m.
Loans and advances at amortised cost by product (audited)
The table below presents a product breakdown by stages of loans and advances at amortised cost. Also included is a breakdown of
Stage 2 past due balances.
Loans and advances at amortised cost by product (audited)
Stage 2
As at 31 December 2023
Stage 1
Not past due
<=30 days
past due
>30 days past
due
Total
Stage 3
Total
Gross exposure
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
150,202
16,834
1,971
664
19,469
2,424
172,095
Retail credit cards
30,409
4,858
392
328
5,578
1,720
37,707
Retail other
8,469
1,094
126
123
1,343
493
10,305
Corporate loans
112,505
12,960
179
163
13,302
2,554
128,361
Total
301,585
35,746
2,668
1,278
39,692
7,191
348,468
Impairment allowance
Retail mortgages
50
73
20
12
105
428
583
Retail credit cards
523
1,257
166
207
1,630
1,333
3,486
Retail other
59
82
18
18
118
176
353
Corporate loans
287
399
8
7
414
598
1,299
Total
919
1,811
212
244
2,267
2,535
5,721
Net exposure
Retail mortgages
150,152
16,761
1,951
652
19,364
1,996
171,512
Retail credit cards
29,886
3,601
226
121
3,948
387
34,221
Retail other
8,410
1,012
108
105
1,225
317
9,952
Corporate loans
112,218
12,561
171
156
12,888
1,956
127,062
Total
300,666
33,935
2,456
1,034
37,425
4,656
342,747
Coverage ratio
%
%
%
%
%
%
%
Retail mortgages
\u2014
0.4
1.0
1.8
0.5
17.7
0.3
Retail credit cards
1.7
25.9
42.3
63.1
29.2
77.5
9.2
Retail other
0.7
7.5
14.3
14.6
8.8
35.7
3.4
Corporate loans
0.3
3.1
4.5
4.3
3.1
23.4
1.0
Total
0.3
5.1
7.9
19.1
5.7
35.3
1.6
As at 31 December 2022
Gross exposure
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
153,672
15,990
1,684
526
18,200
2,414
174,286
Retail credit cards
29,788
5,731
284
434
6,449
1,380
37,617
Retail other
13,470
1,232
104
132
1,468
720
15,658
Corporate loans
111,891
16,552
159
107
16,818
2,572
131,281
Total
308,821
39,505
2,231
1,199
42,935
7,086
358,842
Impairment allowance
Retail mortgages
29
53
11
9
73
414
516
Retail credit cards
458
1,334
100
186
1,620
955
3,033
Retail other
100
118
22
26
166
308
574
Corporate loans
461
401
13
10
424
542
1,427
Total
1,048
1,906
146
231
2,283
2,219
5,550
Net exposure
Retail mortgages
153,643
15,937
1,673
517
18,127
2,000
173,770
Retail credit cards
29,330
4,397
184
248
4,829
425
34,584
Retail other
13,370
1,114
82
106
1,302
412
15,084
Corporate loans
111,430
16,151
146
97
16,394
2,030
129,854
Total
307,773
37,599
2,085
968
40,652
4,867
353,292
Coverage ratio
%
%
%
%
%
%
%
Retail mortgages
\u2014
0.3
0.7
1.7
0.4
17.1
0.3
Retail credit cards
1.5
23.3
35.2
42.9
25.1
69.2
8.1
Retail other
0.7
9.6
21.2
19.7
11.3
42.8
3.7
Corporate loans
0.4
2.4
8.2
9.3
2.5
21.1
1.1
Total
0.3
4.8
6.5
19.3
5.3
31.3
1.5
Movement in gross exposures and impairment allowance including provisions for loan commitments and
financial guarantees
The following tables present a reconciliation of the opening to the closing balance of the exposure and impairment allowance.
Transfers between stages in the tables have been reflected as if they had taken place at the beginning of the year. 'Net drawdowns,
repayments, net-remeasurement and movements due to exposure and risk parameter changes' includes additional drawdowns and
partial repayments from existing facilities. Additionally, the below tables do not include other financial assets subject to impairment such
as debt securities at amortised cost, cash collateral and settlement balances, financial assets at fair value through other comprehensive
income and other assets.
The movements are measured over a 12-month period.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2023
153,672
29
18,200
73
2,414
414
174,286
516
Transfers from Stage 1 to Stage 2
(9,557)
(2)
9,557
2
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
6,052
22
(6,052)
(22)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(453)
\u2014
(530)
(13)
983
13
\u2014
\u2014
Transfers from Stage 3
26
1
122
2
(148)
(3)
\u2014
\u2014
Business activity in the year1
23,329
13
978
7
26
11
24,333
31
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-measurement
and movements due to exposure and risk parameter
changes
(11,505)
(8)
(1,136)
65
(502)
27
(13,143)
84
Final repayments
(10,837)
(3)
(1,666)
(9)
(328)
(15)
(12,831)
(27)
Disposals2
(525)
(2)
(4)
\u2014
(2)
\u2014
(531)
(2)
Write-offs
\u2014
\u2014
\u2014
\u2014
(19)
(19)
(19)
(19)
As at 31 December 2023
150,202
50
19,469
105
2,424
428
172,095
583
Retail credit cards
As at 1 January 2023
29,788
458
6,449
1,620
1,380
955
37,617
3,033
Transfers from Stage 1 to Stage 2
(2,406)
(68)
2,406
68
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
2,900
590
(2,900)
(590)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(678)
(27)
(874)
(374)
1,552
401
\u2014
\u2014
Transfers from Stage 3
54
32
31
18
(85)
(50)
\u2014
\u2014
Business activity in the year
2,775
60
332
116
29
25
3,136
201
Refinements to models used for calculation3
\u2014
(28)
\u2014
37
\u2014
11
\u2014
20
Net drawdowns, repayments, net re-measurement
and movements due to exposure and risk parameter
changes
(162)
(465)
649
797
(47)
998
440
1,330
Final repayments
(241)
(14)
(70)
(21)
(26)
(19)
(337)
(54)
Transfers to assets held for sale4
(1,621)
(15)
(445)
(41)
(92)
(68)
(2,158)
(124)
Disposals2
\u2014
\u2014
\u2014
\u2014
(186)
(115)
(186)
(115)
Write-offs
\u2014
\u2014
\u2014
\u2014
(805)
(805)
(805)
(805)
As at 31 December 2023
30,409
523
5,578
1,630
1,720
1,333
37,707
3,486
Retail other
As at 1 January 2023
13,470
100
1,468
166
720
308
15,658
574
Transfers from Stage 1 to Stage 2
(1,179)
(13)
1,179
13
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
463
36
(463)
(36)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(549)
(4)
(154)
(44)
703
48
\u2014
\u2014
Transfers from Stage 3
33
3
9
4
(42)
(7)
\u2014
\u2014
Business activity in the year
7,302
27
197
23
28
21
7,527
71
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-measurement
and movements due to exposure and risk parameter
changes
(4,163)
(57)
(247)
31
(146)
115
(4,556)
89
Final repayments
(5,347)
(13)
(358)
(7)
(421)
(44)
(6,126)
(64)
Transfers to assets held for sale4
(1,561)
(20)
(288)
(32)
(84)
(60)
(1,933)
(112)
Disposals2
\u2014
\u2014
\u2014
\u2014
(134)
(74)
(134)
(74)
Write-offs
\u2014
\u2014
\u2014
\u2014
(131)
(131)
(131)
(131)
As at 31 December 2023
8,469
59
1,343
118
493
176
10,305
353
Notes
1 Business activity in the year reported within Retail mortgages includes an acquisition of Kensington Mortgage Company in UK Mortgages of \u00a32.4bn.
2 The \u00a3531m of disposals reported within Retail mortgages relate to transfer of facilities to a non-consolidated special purpose vehicle for the purpose of securitisation. The \u00a3186m\u00a0 of
disposals reported within Retail credit cards include debt sales undertaken during the year. The \u00a3134m of disposals reported within Retail other include \u00a364m part sale of Wealth
portfolio in Italy and \u00a370m of debt sales undertaken during the year.
3 Refinements to models used for calculation reported within Retail credit cards include a \u00a388m movement in UK Cards, \u00a343m movement in US Cards and \u00a3(111)m movement in the
German consumer finance business. These reflect model enhancements\u00a0 made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL
calculation including review of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that the models used
continue to reflect the\u00a0 risks inherent across the businesses.
4 Transfers to assets held for sale reported within Retail credit cards and Retail other relate to the German consumer finance business.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Corporate loans
As at 1 January 2023
111,891
461
16,818
424
2,572
542
131,281
1,427
Transfers from Stage 1 to Stage 2
(6,172)
(45)
6,172
45
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
5,592
108
(5,592)
(108)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(758)
(10)
(1,011)
(27)
1,769
37
\u2014
\u2014
Transfers from Stage 3
195
16
403
22
(598)
(38)
\u2014
\u2014
Business activity in the year
23,213
43
933
29
205
29
24,351
101
Refinements to models used for calculation1
\u2014
(61)
\u2014
174
\u2014
\u2014
\u2014
113
Net drawdowns, repayments, net re-measurement
and movements due to exposure and risk parameter
changes 2
2,079
(179)
(1,618)
(73)
(667)
405
(206)
153
Final repayments
(23,149)
(43)
(2,689)
(46)
(406)
(65)
(26,244)
(154)
Disposals3
(386)
(3)
(114)
(26)
(108)
(99)
(608)
(128)
Write-offs
\u2014
\u2014
\u2014
\u2014
(213)
(213)
(213)
(213)
As at 31 December 2023
112,505
287
13,302
414
2,554
598
128,361
1,299
Reconciliation of ECL movement to credit impairment charge/(release)\u00a0 for the period
Stage 1
Stage 2
Stage 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
23
32
33
88
Retail credit cards
80
51
1,366
1,497
Retail other
(21)
(16)
133
96
Corporate loans
(171)
16
368
213
ECL movements excluding assets held for sale, disposals and write-offs4
(89)
83
1,900
1,894
ECL movement on loan commitments and other financial guarantees
(72)
(28)
21
(79)
ECL movement on other financial assets
6
(7)
(11)
(12)
ECL movement on debt securities at amortised cost
2
(17)
\u2014
(15)
Recoveries and reimbursements5
4
(4)
(73)
(73)
Total exchange and other adjustments
166
Total credit impairment charge for the year
1,881
Notes
1 Refinements to models used for calculation reported within Corporate loans include a \u00a393m movement in Corporate and Investment Bank and \u00a320m movement in Barclaycard
Payments. These reflect model enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation including review\u00a0 of
model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that the models used continue to reflect the risks
inherent across the businesses.
2 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within Corporate loans also include assets of \u00a30.8bn
derecognised due to payment received on defaulted loans from government guarantees issued under government\u2019s Bounce Back Loans Scheme.
3 The \u00a3608m of disposals reported within Corporate loans relate to debt sales undertaken during the year.
4 In 2023, gross write-offs amounted to \u00a31,168m (2022: \u00a31,620m) and post write-off recoveries amounted to \u00a344m (2022: \u00a364m). Net write-offs represent gross write-offs less post
write-off recoveries and amounted to \u00a31,124m (2022: \u00a31,556m).
5 Recoveries and reimbursements include \u00a329m for reimbursements expected to be received under the arrangement where Group has entered into financial guarantee contracts\u00a0 which\u00a0
provi de credit protection over certain assets with third parties and\u00a0 cash recoveries of previously written off amounts of \u00a344m.
Loan commitments and financial guarantees (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2023
11,714
\u2014
450
\u2014
6
\u2014
12,170
\u2014
Net transfers between stages
(62)
\u2014
53
\u2014
9
\u2014
\u2014
\u2014
Business activity in the year
4,184
\u2014
\u2014
\u2014
\u2014
\u2014
4,184
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(7,669)
\u2014
(11)
\u2014
(11)
\u2014
(7,691)
\u2014
Limit management and final repayments
(391)
\u2014
(44)
\u2014
\u2014
\u2014
(435)
\u2014
As at 31 December 2023
7,776
\u2014
448
\u2014
4
\u2014
8,228
\u2014
Retail credit cards1
As at 1 January 2023
144,957
50
5,435
83
228
\u2014
150,620
133
Net transfers between stages
448
61
(538)
(61)
90
\u2014
\u2014
\u2014
Business activity in the year
19,098
16
224
13
1
\u2014
19,323
29
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(5,863)
(59)
(1,769)
53
(101)
\u2014
(7,733)
(6)
Limit management and final repayments
(13,849)
(9)
(545)
(34)
(76)
\u2014
(14,470)
(43)
As at 31 December 2023
144,791
59
2,807
54
142
\u2014
147,740
113
Retail other1
As at 1 January 2023
10,427
5
520
\u2014
80
\u2014
11,027
5
Net transfers between stages
(171)
\u2014
140
\u2014
31
\u2014
\u2014
\u2014
Business activity in the year
1,639
\u2014
1
\u2014
4
\u2014
1,644
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(1,690)
1
(93)
2
(59)
\u2014
(1,842)
3
Limit management and final repayments
(1,598)
\u2014
(33)
\u2014
(12)
\u2014
(1,643)
\u2014
As at 31 December 2023
8,607
6
535
2
44
\u2014
9,186
8
Corporate loans
As at 1 January 2023
205,847
190
24,289
232
866
23
231,002
445
Net transfers between stages
2,416
23
(2,423)
(23)
7
\u2014
\u2014
\u2014
Business activity in the year
54,807
27
2,271
43
39
2
57,117
72
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
3,556
(106)
97
25
206
24
3,859
(57)
Limit management and final repayments
(53,737)
(26)
(3,816)
(46)
(271)
(5)
(57,824)
(77)
As at 31 December 2023
212,889
108
20,418
231
847
44
234,154
383
Note
1 Loan commitments reported within Retail credit cards and Retail other also include financial assets classified as held for sale.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2022
148,058
19
19,500
59
2,122
397
169,680
475
Transfers from Stage 1 to Stage 2
(8,747)
(1)
8,747
1
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
7,489
24
(7,489)
(24)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(400)
\u2014
(725)
(6)
1,125
6
\u2014
\u2014
Transfers from Stage 3
32
1
229
4
(261)
(5)
\u2014
\u2014
Business activity in the year
30,028
10
1,142
7
6
\u2014
31,176
17
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to exposure
and risk parameter changes
(8,846)
(22)
(1,081)
36
(125)
52
(10,052)
66
Final repayments
(13,942)
(2)
(2,123)
(4)
(426)
(9)
(16,491)
(15)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Write-offs
\u2014
\u2014
\u2014
\u2014
(27)
(27)
(27)
(27)
As at 31 December 2022
153,672
29
18,200
73
2,414
414
174,286
516
Retail credit cards
As at 1 January 2022
23,654
698
4,287
1,526
1,551
1,092
29,492
3,316
Transfers from Stage 1 to Stage 2
(2,661)
(67)
2,661
67
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
1,554
445
(1,554)
(445)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(416)
(16)
(542)
(260)
958
276
\u2014
\u2014
Transfers from Stage 3
44
26
9
4
(53)
(30)
\u2014
\u2014
Business activity in the year
5,060
120
389
128
122
97
5,571
345
Refinements to models used for calculation1
\u2014
82
\u2014
(50)
\u2014
96
\u2014
128
Net drawdowns, repayments, net re-
measurement and movements due to exposure
and risk parameter changes
2,973
(801)
1,296
685
59
579
4,328
463
Final repayments
(261)
(25)
(68)
(24)
(34)
(18)
(363)
(67)
Disposals2
(159)
(4)
(29)
(11)
(219)
(133)
(407)
(148)
Write-offs
\u2014
\u2014
\u2014
\u2014
(1,004)
(1,004)
(1,004)
(1,004)
As at 31 December 2022
29,788
458
6,449
1,620
1,380
955
37,617
3,033
Retail other
As at 1 January 2022
13,413
106
1,288
154
774
406
15,475
666
Transfers from Stage 1 to Stage 2
(734)
(10)
734
10
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
367
39
(367)
(39)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(224)
(4)
(155)
(43)
379
47
\u2014
\u2014
Transfers from Stage 3
43
7
16
9
(59)
(16)
\u2014
\u2014
Business activity in the year
6,190
50
370
54
34
28
6,594
132
Refinements to models used for calculation1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to exposure
and risk parameter changes
(1,853)
(77)
(146)
28
97
176
(1,902)
127
Final repayments
(3,732)
(11)
(272)
(7)
(194)
(42)
(4,198)
(60)
Disposals2
\u2014
\u2014
\u2014
\u2014
(56)
(36)
(56)
(36)
Write-offs
\u2014
\u2014
\u2014
\u2014
(255)
(255)
(255)
(255)
As at 31 December 2022
13,470
100
1,468
166
720
308
15,658
574
Notes
1 Refinements to models used for calculation reported within Retail credit cards include a \u00a30.3bn movement in US Cards and \u00a3(0.2)bn in UK Cards. These reflect model enhancements\u00a0
made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation including review of model monitoring, external benchmarking and
experience of model operation over an extended period of time. This helps to ensure that the models used continue to reflect the\u00a0 risks inherent across the businesses.
2 The \u00a30.4bn of disposals reported within Retail credit cards\u00a0 include a \u00a30.2bn sale of NFL portfolio within US Cards and \u00a30.2bn of debt sales undertaken during the year. The \u00a30.1bn
disposals reported within Retail other include debt sales undertaken during the year.
Loans and advances at amortised cost (audited)
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Corporate loans
As at 1 January 2022
102,337
377
15,609
270
2,756
625
120,702
1,272
Transfers from Stage 1 to Stage 2
(7,662)
(68)
7,662
68
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
5,278
60
(5,278)
(60)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(1,489)
(6)
(694)
(15)
2,183
21
\u2014
\u2014
Transfers from Stage 3
204
21
339
28
(543)
(49)
\u2014
\u2014
Business activity in the year
24,187
86
2,655
79
239
31
27,081
196
Refinements to models used for calculation1
\u2014
(60)
\u2014
(61)
\u2014
(374)
\u2014
(495)
Net drawdowns, repayments, net re-
measurement and movements due to exposure
and risk parameter changes 2
11,023
91
303
163
(1,449)
725
9,877
979
Final repayments
(21,987)
(40)
(3,747)
(48)
(231)
(56)
(25,965)
(144)
Disposals3
\u2014
\u2014
(31)
\u2014
(49)
(47)
(80)
(47)
Write-offs
\u2014
\u2014
\u2014
\u2014
(334)
(334)
(334)
(334)
As at 31 December 2022
111,891
461
16,818
424
2,572
542
131,281
1,427
Reconciliation of ECL movement to credit impairment charge/(release) for the period
Stage 1
Stage 2
Stage 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
10
14
44
68
Retail credit cards
(236)
105
1,000
869
Retail other
(6)
12
193
199
Corporate loans
84
154
298
536
ECL movement derecognised due to disposals and write-offs4
(148)
285
1,535
1,672
ECL movement on loan commitments and financial guarantees
28
13
\u2014
41
ECL movement\u00a0 on other financial assets
4
8
37
49
ECL movement on debt securities at amortised cost
3
27
(1)
29
Recoveries and reimbursements5
(122)
(63)
(78)
(263)
Total exchange and other adjustments
(308)
Total credit impairment charge for the year
1,220
Notes
1 Refinements to model\u00a0 used for calculation reported within Corporate loans include a \u00a3(0.5)bn movement in Business Banking. These reflect model enhancements made during the
year. Barclays continually review the output of models to determine\u00a0 accuracy of the ECL calculation including review of model monitoring, external benchmarking and experience of
model operation over an extended period of time. This ensures that the models used continue to reflect the risks inherent across the businesses.
2 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within\u00a0 Corporate loans also include assets of \u00a31.3bn\u00a0
derecognised due to payment received on defaulted loans from government guarantees issued under government\u2019s Bounce Back Loans Scheme.
3 The \u00a380m of disposals reported within Corporate loans relate to debt sales undertaken during the year.
4 In 2022, gross write-offs amounted to \u00a31,620m. In Q422, \u00a3329m of balances with de minimis recovery expectations were written-off in line with policy in UK Cards and Unsecured
Loans. Post write-off recoveries amounted to \u00a364m. Net write-offs represent gross write-offs less post write-off recoveries and amounted to \u00a31,556m.
5 Recoveries and reimbursements include \u00a3199m for reimbursements expected to be received under the arrangement where Group has entered into financial\u00a0 guarantees contracts\u00a0
which provide credit protection over certain assets with third parties and cash recoveries of previously written off amounts of \u00a364m.
Loan commitments and financial guarantees (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2022
10,833
\u2014
532
\u2014
3
\u2014
11,368
\u2014
Net transfers between stages
8
\u2014
(17)
\u2014
9
\u2014
\u2014
\u2014
Business activity in the year
8,034
\u2014
\u2014
\u2014
\u2014
\u2014
8,034
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(6,793)
\u2014
(21)
\u2014
(6)
\u2014
(6,820)
\u2014
Limit management and final repayments
(368)
\u2014
(44)
\u2014
\u2014
\u2014
(412)
\u2014
As at 31 December 2022
11,714
\u2014
450
\u2014
6
\u2014
12,170
\u2014
Retail credit cards
As at 1 January 2022
107,980
38
4,727
56
187
1
112,894
95
Net transfers between stages
(3,029)
41
2,834
(42)
195
1
\u2014
\u2014
Business activity in the year
35,573
23
408
27
1
\u2014
35,982
50
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
11,581
(45)
(2,087)
65
(73)
(2)
9,421
18
Limit management and final repayments
(7,148)
(7)
(447)
(23)
(82)
\u2014
(7,677)
(30)
As at 31 December 2022
144,957
50
5,435
83
228
\u2014
150,620
133
Retail other
As at 1 January 2022
10,983
5
507
\u2014
10
\u2014
11,500
5
Net transfers between stages
(203)
\u2014
121
\u2014
82
\u2014
\u2014
\u2014
Business activity in the year
2,254
\u2014
3
\u2014
2
\u2014
2,259
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(1,665)
\u2014
(102)
\u2014
(8)
\u2014
(1,775)
\u2014
Limit management and final repayments
(942)
\u2014
(9)
\u2014
(6)
\u2014
(957)
\u2014
As at 31 December 2022
10,427
5
520
\u2014
80
\u2014
11,027
5
Corporate loans
As at 1 January 2022
182,346
174
29,049
246
1,098
22
212,493
442
Net transfers between stages
5,668
66
(5,664)
(64)
(4)
(2)
\u2014
\u2014
Business activity in the year
44,060
30
4,273
54
26
2
48,359
86
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
28,070
(51)
6,193
61
68
5
34,331
15
Limit management and final repayments
(54,297)
(29)
(9,562)
(65)
(322)
(4)
(64,181)
(98)
As at 31 December 2022
205,847
190
24,289
232
866
23
231,002
445
Management adjustments to models for impairment (audited)
Management adjustments to impairment models are applied in order to factor in certain conditions or changes in policy that are not fully
incorporated into the impairment models, or to reflect additional facts and circumstances at the period end. Management adjustments
are reviewed and incorporated into future model development where applicable.
Management adjustments are captured through \u201cEconomic uncertainty\u201d and \u201cOther\u201d adjustments, and are presented by product and
geography below:
Management adjustments to models for impairment allowance presented by product and geography (audited)1
Impairment
allowance pre
management
adjustments 2
Economic
uncertainty
adjustments
(a)
Other
adjustments
(b)
Management
adjustments
(a+b)
Total
impairment
allowance3
Proportion of
Management
adjustments to
total impairment
allowance
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail mortgages
54
57
121
178
232
76.7
Retail credit cards
700
45
(9)
36
736
4.9
Retail other
251
9
62
71
322
22.0
Corporate loans
761
71
10
81
842
9.6
Total UK
1,766
182
184
366
2,132
17.2
Retail mortgages
354
\u2014
(3)
(3)
351
(0.9)
Retail credit cards
2,855
\u2014
8
8
2,863
0.3
Retail other
45
\u2014
(6)
(6)
39
(15.4)
Corporate loans
828
16
(4)
12
840
1.4
Total Rest of the World
4,082
16
(5)
11
4,093
0.3
Total
5,848
198
179
377
6,225
6.1
Debt securities at amortised cost
27
\u2014
\u2014
\u2014
27
\u2014
Total including debt securities at amortised cost
5,875
198
179
377
6,252
6.0
As at 31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail mortgages
39
4
85
89
128
69.5
Retail credit cards
679
93
32
125
804
15.5
Retail other
257
23
80
103
360
28.6
Corporate loans
682
249
166
415
1,097
37.8
Total UK
1,657
369
363
732
2,389
30.6
Retail mortgages
388
\u2014
\u2014
\u2014
388
\u2014
Retail credit cards
2,307
\u2014
55
55
2,362
2.3
Retail other
198
2
19
21
219
9.6
Corporate loans
1,058
(54)
(229)
(283)
775
(36.5)
Total Rest of the World
3,951
(52)
(155)
(207)
3,744
(5.5)
Total
5,608
317
208
525
6,133
8.6
Debt securities at amortised cost
42
\u2014
\u2014
\u2014
42
\u2014
Total including debt securities at amortised cost
5,650
317
208
525
6,175
8.5
Economic uncertainty adjustments presented by stage (audited)
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
12
32
13
57
Retail credit cards
8
37
\u2014
45
Retail other
3
6
\u2014
9
Corporate loans
48
12
11
71
Total UK
71
87
24
182
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
4
12
\u2014
16
Total Rest of the World
4
12
\u2014
16
Total
75
99
24
198
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
1
3
\u2014
4
Retail credit cards
17
76
\u2014
93
Retail other
7
15
1
23
Corporate loans
189
60
\u2014
249
Total UK
214
154
1
369
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
2
\u2014
2
Corporate loans
(8)
(46)
\u2014
(54)
Total Rest of the World
(8)
(44)
\u2014
(52)
Total
206
110
1
317
Notes
1 Positive values reflect an increase in impairment allowance and negative values reflect a reduction in the impairment allowance.
2 Includes \u00a35.2bn (2022: \u00a3 4.8bn) of modelled ECL, \u00a30.4bn (2022: \u00a30.4bn) of individually assessed impairments and \u00a30.3bn (2022: \u00a30.5 bn) ECL from non-modelled exposures and debt
securities.
3 Total impairment allowance consists of ECL stock on drawn and undrawn exposure.
Economic uncertainty adjustments
Models have been developed with data from non-inflationary periods establishing a relationship between input variables and customer
delinquency based on past behaviour. As such there is a risk that the modelled output fails to capture the appropriate response to
changes in macroeconomic variables including higher interest rates and continuing inflationary stress with modelled impairment
provisions impacted by uncertainty.
This uncertainty continues to be captured in two ways. Firstly, customer uncertainty: the identification of customers and clients who
may be more vulnerable to economic instability; and secondly, model uncertainty: to capture the impact from model limitations and
sensitivities to specific macroeconomic parameters which are applied at a portfolio level.
Economic uncertainty adjustments have decreased from last year following the re-build of UK cards and certain CIB impairment models
which better capture the macroeconomic outlook. Furthermore, adjustments have been reassessed to capture affordability headwinds
in UK retail lending.
The balance as at 31 December 2023 is \u00a3198m (2022: \u00a3317m) and includes:
Customer and client uncertainty provisions of \u00a3166m (2022: \u00a3423m):
UK retail lending includes adjustments applied to customers considered most vulnerable to affordability pressures.
\u2022 Retail mortgages (UK) \u00a325m (2022: \u00a34m): The increase primarily reflects the risk of borrowers refinancing onto higher rates in the
medium term.
\u2022 Retail credit cards (UK) \u00a345m (2022: \u00a393m): The reduction reflects the re-build of UK cards impairment models which better
capture sensitivity to movements in interest rates and inflation.
\u2022 Retail other (UK) \u00a39m (2022: \u00a323m): The reduction reflects customer resilience to affordability headwinds.
Corporate loans \u00a387m (2022: \u00a3301m): This includes an adjustment of \u00a371m in UK to reflect possible cross default risk on Barclays\u2019
lending in respect of clients who have taken bounce back loans and \u00a316m in Rest of the World (ROW) to provide for downside
uncertainties on European Corporates reflecting recent changes in the macroeconomic outlook.
The reduction of \u00a3(214)m in UK and ROW is informed by retirement of an adjustment for high risk sectors following a granular credit risk
assessment, and re-build of certain CIB impairment models which more appropriately capture downside risk.
Model uncertainty provisions of \u00a332m (2022: \u00a3(106)m):
Retail mortgages (UK) \u00a332m (2022: nil ): This includes an adjustment to correct for higher recovery expectations impacted by model
oversensitivity to certain macroeconomic variables.
Corporate loans \u00a3nil (2022: \u00a3(106)m): The adjustment held in the previous year to correct for model oversensitivity has been retired
following the re-build of certain CIB impairment models which more appropriately capture the macroeconomic outlook.
Other adjustments
Other adjustments are operational in nature and are expected to remain in place until they can be reflected in the underlying models.
These adjustments result from data limitations and model performance related issues identified through model monitoring and other
established governance processes.
Other adjustments of \u00a3179m (2022: \u00a3208m) includes:
Adjustments for definition of default (DOD) under the Capital Requirements Regulation and model monitoring in Retail mortgages,
Retail other and Corporate loans.
Retail mortgages (UK) \u00a3121m (2022: \u00a385m): The increase reflects re-sizing of an adjustment for DOD and an ECL provision for
Kensington Mortgages which was acquired during the year.
Retail credit cards:
\u2022 UK \u00a3(9)m (2022: \u00a332m): The reduction is informed by retirement of operational adjustments following the re-build of UK cards
impairment models.
\u2022 ROW \u00a38m (2022: \u00a355m): The reduction is informed by retirement of an adjustment in US cards for high-risk account management
(HRAM) accounts following model remediation during the year.
Retail other:
\u2022 UK \u00a362m (2022: \u00a380m): The underlying adjustments were re-sized and remain broadly in line with the previous year.
\u2022 ROW \u00a3(6)m (2022: \u00a319m): The reduction is informed by the German consumer finance business classified as assets held for sale.
Corporate loans:
\u2022 UK \u00a310m (2022: \u00a3166m): The reduction is informed by retirement of model monitoring adjustments in CIB following the re-build of
certain impairment models. Further, operational adjustments have been introduced during the year to remediate conservative
modelled recovery expectations in the ESHLA portfolio.
\u2022 ROW \u00a3(4)m (2022: \u00a3(229)m): The previously held adjustments linked to model monitoring and ECL sensitivity to the macroeconomic
variable for Federal Tax Receipts have been retired following the re-build of certain CIB impairment models.
Scenario probability weighting (audited)1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
%
%
%
%
%
As at 31 December 2023
Scenario probability weighting
13.8
24.7
32.4
18.3
10.8
As at 31 December 2022
Scenario probability weighting
10.9
23.1
39.4
17.6
9.0
Note
1 For further details on changes to scenario weights see page 311.
Specific bases shows the most extreme position of each variable in the context of the downside/upside scenarios, for example, the
highest unemployment for downside scenarios, average unemployment for baseline scenarios and lowest unemployment for upside
scenarios. GDP and HPI downside and upside scenario data represents the lowest and highest cumulative position relative to the start
point, in the 20 quarter period.
Macroeconomic variables (specific bases) (audited)1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
As at 31 December 2023
%
%
%
%
%
UK GDP2
13.4
9.6
1.1
(1.3)
(4.1)
UK unemployment3
3.5
3.9
4.7
6.5
8.3
UK HPI4
23.8
11.5
0.1
(22.5)
(35.0)
UK bank rate
2.5
3.0
4.2
6.8
8.5
US GDP2
15.1
12.3
1.8
0.6
(1.7)
US unemployment3
3.4
3.5
4.2
5.9
7.5
US HPI4
27.4
23.5
3.7
0.4
(7.6)
US federal funds rate
2.8
3.3
4.3
6.8
8.5
As at 31 December 2022
UK GDP2
13.9
9.4
1.4
(3.2)
(6.8)
UK unemployment3
3.4
3.6
4.2
6.6
8.5
UK HPI4
37.8
21.0
1.2
(17.9)
(35.0)
UK bank rate
0.5
0.5
3.5
6.3
8.0
US GDP2
14.1
9.6
1.3
(2.5)
(6.3)
US unemployment3
3.3
3.6
4.4
6.7
8.6
US HPI4
35.0
27.5
3.8
3.7
0.2
US federal funds rate
0.1
0.1
3.3
6.0
7.0
Average basis represents the average quarterly value of variables in the 20 quarter period with GDP and HPI based on yearly average
and quarterly CAGRs respectively.
Macroeconomic variables (5 year averages) (audited)1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
As at 31 December 2023
%
%
%
%
%
UK GDP5
2.4
1.7
1.1
0.6
0.1
UK unemployment6
3.7
4.2
4.7
5.2
5.8
UK HPI7
4.4
2.2
0.1
(1.7)
(3.5)
UK bank rate
3.3
3.8
4.2
3.6
2.9
US GDP5
2.8
2.3
1.8
1.4
0.9
US unemployment6
3.6
3.9
4.2
4.8
5.4
US HPI7
5.0
4.3
3.7
2.4
1.2
US federal funds rate
3.6
4.0
4.3
3.9
3.2
As at 31 December 2022
UK GDP5
3.0
2.2
1.4
0.7
0.0
UK unemployment6
3.5
3.8
4.2
5.4
6.7
UK HPI7
6.6
3.9
1.2
(2.6)
(6.4)
UK bank rate
2.5
2.9
3.5
4.7
5.8
US GDP5
2.9
2.1
1.3
0.7
0.0
US unemployment6
3.4
3.9
4.4
5.5
6.7
US HPI7
6.2
5.0
3.8
2.5
1.2
US federal funds rate
2.8
3.1
3.3
4.3
5.2
Notes
1UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK unemployment rate 16-year+; UK HPI = Halifax All Houses, All Buyers Index; US GDP = Real GDP growth
seasonally adjusted; US unemployment = US civilian unemployment rate 16-year+; US HPI = FHFA house price index. 20 quarter period starts from Q123 (2022: Q122).
2Maximum growth relative to Q422 (2022: Q421), based on 20 quarter period in Upside scenarios; 5-year yearly average CAGR in Baseline; minimum growth relative to Q422 (2022:
Q421), based on 20 quarter period in Downside scenarios.
3Lowest quarter in Upside scenarios; 5-year average in Baseline; highest quarter in Downside scenarios. Period based on 20 quarters from Q123 (2022: Q122).
4Maximum growth relative to Q422 (2022: Q421), based on 20 quarter period in Upside scenarios; 5-year quarter end CAGR in Baseline; minimum growth relative to Q422 (2022: Q421),
based on 20 quarter period in Downside scenarios.
55-year yearly average CAGR, starting 2022 (2022: 2021).
65-year average, Period based on 20 quarters from Q123 (2022: Q122).
75-year quarter end CAGR, starting Q422 (2022: Q421).
ECL under 100% weighted scenarios for modelled portfolios (audited)
The table below shows the\u00a0 modelled ECL assuming each of the five modelled scenarios are 100% weighted with the dispersion of
results around the Baseline, highlighting the impact on exposure and ECL across the scenarios.
Model exposure uses exposure at default (EAD) values and is not directly comparable to gross exposure used in prior disclosures.
Scenarios
As at 31 December 2023
Weighted1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
Stage 1 Model exposure (\u00a3m)
Retail mortgages
145,226
147,415
146,653
145,405
142,543
138,925
Retail credit cards2
66,512
66,459
66,482
66,497
66,580
66,580
Retail other2
8,749
8,915
8,841
8,758
8,631
8,479
Corporate loans
175,282
179,567
177,923
175,903
172,328
167,541
Stage 1 Model ECL (\u00a3m)
Retail mortgages
9
4
5
7
11
22
Retail credit cards2
562
529
545
561
584
605
Retail other2
32
31
32
32
32
31
Corporate loans
275
243
257
270
298
318
Stage 1 Coverage (%)
Retail mortgages
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail credit cards
0.8
0.8
0.8
0.8
0.9
0.9
Retail other
0.4
0.3
0.4
0.4
0.4
0.4
Corporate loans
0.2
0.1
0.1
0.2
0.2
0.2
Stage 2 Model exposure (\u00a3m)
Retail mortgages
20,615
17,769
18,702
20,149
23,836
28,822
Retail credit cards2
7,076
6,897
6,976
7,064
7,183
7,387
Retail other2
1,382
1,216
1,290
1,373
1,500
1,653
Corporate loans
24,374
19,919
21,621
23,763
27,445
32,375
Stage 2 Model ECL (\u00a3m)
Retail mortgages
41
23
27
34
59
123
Retail credit cards2
1,684
1,554
1,609
1,668
1,775
1,922
Retail other2
85
72
78
84
95
105
Corporate loans
663
509
565
633
782
1,031
Stage 2 Coverage (%)
Retail mortgages
0.2
0.1
0.1
0.2
0.2
0.4
Retail credit cards
23.8
22.5
23.1
23.6
24.7
26.0
Retail other
6.2
5.9
6.0
6.1
6.3
6.4
Corporate loans
2.7
2.6
2.6
2.7
2.8
3.2
Stage 3 Model exposure (\u00a3m)3
Retail mortgages
1,672
1,672
1,672
1,672
1,672
1,672
Retail credit cards2
1,827
1,827
1,827
1,827
1,827
1,827
Retail other2
164
164
164
164
164
164
Corporate loans
3,436
3,436
3,436
3,436
3,436
3,436
Stage 3 Model ECL (\u00a3m)
Retail mortgages
333
308
316
325
351
393
Retail credit cards2
1,315
1,279
1,296
1,313
1,341
1,366
Retail other2
95
94
94
95
96
97
Corporate loans4
77
71
73
75
82
89
Stage 3 Coverage (%)
Retail mortgages
19.9
18.4
18.9
19.4
21.0
23.5
Retail credit cards
72.0
70.0
70.9
71.9
73.4
74.8
Retail other
57.9
57.3
57.3
57.9
58.5
59.1
Corporate loans4
2.2
2.1
2.1
2.2
2.4
2.6
Total Model ECL (\u00a3m)
Retail mortgages
383
335
348
366
421
538
Retail credit cards2
3,561
3,362
3,450
3,542
3,700
3,893
Retail other2
212
197
204
211
223
233
Corporate loans4
1,015
823
895
978
1,162
1,438
Total Model ECL
5,171
4,717
4,897
5,097
5,506
6,102
Reconciliation to total ECL
\u00a3m
Total weighted model ECL
5,171
ECL from individually assessed exposures4
401
ECL from non-modelled exposures and others
276
ECL from debt securities at amortised cost
27
ECL from post model management adjustments
377
\u00a0 Of which: ECL from economic uncertainty adjustments
198
Total ECL
6,252
Notes
1 Model exposures are allocated to a stage based on an individual scenario rather than a probability-weighted approach, as required for Barclays reported impairment allowances. As a result, it is not
possible to back solve the final reported weighted ECL from individual scenarios given balances may be assigned to a different stage dependent on the scenario.
2 Model exposures and ECL reported within Retail credit cards and Retail other excludes the German consumer finance business which has now been classified as assets held for sale.
3 Model exposures allocated to Stage 3 does not change in any of the scenarios as the transition criteria relies only on an observable evidence of default as at 31 December 2023 and not on
macroeconomic scenario.
4 Material corporate loan defaults are individually assessed across different recovery strategies. As a result, ECL of \u00a3401m is reported as an individually assessed impairment in the reconciliation table.
The use of five scenarios with associated weighting results in a total weighted ECL uplift from the Baseline ECL of 1.5% .
Retail mortgages: Total weighted ECL of \u00a3383m represents a 4.6% increase over the Baseline ECL (\u00a3366m) with coverage ratios
remaining steady across the Upside scenarios, Baseline and Downside 1 scenario. Under the Downside 2 scenario, total ECL increases
to\u00a0 \u00a3538m driven by a significant fall in UK HPI.
Retail credit cards: Total weighted ECL of \u00a33,561m is broadly aligned to the Baseline ECL (\u00a33,542m). Total ECL increases to \u00a33,893m
under the Downside 2 scenario, driven by an increase in UK and US unemployment rate.
Retail other: Total weighted ECL of \u00a3212m is aligned to the Baseline ECL (\u00a3211m). Total ECL increases to \u00a3233m under the Downside
2 scenario, largely driven by an increase in UK unemployment rate.
Corporate loans: Total weighted ECL of \u00a31,015m represents a 3.8% increase over the Baseline ECL (\u00a3978m). Total\u00a0 ECL increases to
\u00a31,438m under the Downside 2 scenario, driven by a decrease in UK and US GDP.
Scenarios
As at 31 December 2022
Weighted1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
Stage 1 Model exposure (\u00a3m)
Retail mortgages
144,701
147,754
146,873
145,322
142,599
138,619
Retail credit cards
67,204
67,622
67,352
67,080
66,908
66,636
Retail other
12,282
12,428
12,341
12,235
12,111
11,986
Corporate loans
155,794
163,699
161,070
157,710
150,435
138,226
Stage 1 Model ECL (\u00a3m)
Retail mortgages
7
3
3
4
9
30
Retail credit cards
509
493
503
512
517
521
Retail other
52
45
49
52
54
55
Corporate loans
341
259
290
325
397
443
Stage 1 Coverage (%)
Retail mortgages
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail credit cards
0.8
0.7
0.7
0.8
0.8
0.8
Retail other
0.4
0.4
0.4
0.4
0.4
0.5
Corporate loans
0.2
0.2
0.2
0.2
0.3
0.3
Stage 2 Model exposure (\u00a3m)
Retail mortgages
18,723
15,670
16,551
18,102
20,825
24,805
Retail credit cards
7,611
6,551
7,118
7,691
8,313
9,062
Retail other
1,559
1,386
1,485
1,601
1,741
1,881
Corporate loans
24,935
16,858
19,550
23,031
30,432
42,837
Stage 2 Model ECL (\u00a3m)
Retail mortgages
33
15
18
23
45
151
Retail credit cards
1,624
1,361
1,487
1,624
1,811
2,032
Retail other
124
96
109
124
144
160
Corporate loans
610
399
470
569
816
1,303
Stage 2 Coverage (%)
Retail mortgages
0.2
0.1
0.1
0.1
0.2
0.6
Retail credit cards
21.3
20.8
20.9
21.1
21.8
22.4
Retail other
8.0
6.9
7.3
7.7
8.3
8.5
Corporate loans
2.4
2.4
2.4
2.5
2.7
3.0
Stage 3 Model exposure (\u00a3m)2
Retail mortgages
1,553
1,553
1,553
1,553
1,553
1,553
Retail credit cards
1,354
1,354
1,354
1,354
1,354
1,354
Retail other
216
216
216
216
216
216
Corporate loans
2,891
2,891
2,891
2,891
2,891
2,891
Stage 3 Model ECL (\u00a3m)
Retail mortgages
332
311
317
323
347
405
Retail credit cards
880
861
871
881
893
902
Retail other
132
129
131
132
134
136
Corporate loans3
70
66
68
70
78
85
Stage 3 Coverage (%)
Retail mortgages
21.4
20.0
20.4
20.8
22.3
26.1
Retail credit cards
65.0
63.6
64.3
65.1
66.0
66.6
Retail other
61.1
59.7
60.6
61.1
62.0
63.0
Corporate loans3
2.4
2.3
2.4
2.4
2.7
2.9
Total Model ECL (\u00a3m)
Retail mortgages
372
329
338
350
401
586
Retail credit cards
3,013
2,715
2,861
3,017
3,221
3,455
Retail other
308
270
289
308
332
351
Corporate loans3
1,021
724
828
964
1,291
1,831
Total Model ECL
4,714
4,038
4,316
4,639
5,245
6,223
Reconciliation to total ECL
\u00a3m
Total weighted model ECL
4,714
ECL from individually assessed exposures3
434
ECL from non-modelled exposures and others
460
ECL from debt securities at amortised cost
42
ECL from post model management adjustments
525
Of which: ECL from economic uncertainty adjustments
317
Total ECL
6,175
Notes
1 Model exposures are allocated to a stage based on an individual scenario rather than a probability-weighted approach, as required for Barclays reported impairment allowances. As a result, it is not
possible to back solve the final reported weighted ECL from individual scenarios given balances may be assigned to a different stage dependent on the scenario.
2 Model exposures allocated to Stage 3 does not change in any of the scenarios as the transition criteria relies only on an observable evidence of default as at 31 December 2022 and not on
macroeconomic scenario.
3 Material corporate loan defaults are individually assessed across different recovery strategies. As a result, ECL of \u00a3 434m is reported as an individually assessed impairment in the reconciliation table
Credit risk concentration by Industry for contractual maturity, staging and geography
Loans and advances at amortised cost net of impairment allowance
Industry
Geography (audited)
Stage (audited)
Maturity
Carbon
related
sectors \u00b9
United
Kingdom
Americas
Europe
Others
Total
Stage 1
Stage 2
Stage 3
Total
< 1 year
1-5 Years
>5 years
Total
As at 31 December
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Agriculture, Food
and Forest
Products
3,597
\u2014
\u2014
5
3,602
2,734
611
257
3,602
808
1,071
1,723
3,602
Yes
Mining and
Quarrying
490
843
260
121
1,714
1,526
188
\u2014
1,714
814
897
3
1,714
Yes
Manufacturing
4,200
1,279
826
416
6,721
5,036
1,515
170
6,721
2,873
3,522
326
6,721
Yes
Government and
central bank
5,987
\u2014
5
30
6,022
5,975
46
1
6,022
2,218
4
3,800
6,022
Banks
437
3,606
1,520
1,896
7,459
7,458
1
\u2014
7,459
7,365
94
\u2014
7,459
Energy and water
2,181
486
879
180
3,726
3,394
324
8
3,726
750
2,033
943
3,726
Yes
Materials and
Building
18,631
2,623
448
118
21,820
18,918
2,318
584
21,820
5,154
9,156
7,510
21,820
Yes
Wholesale and
retail distribution
and leisure
7,585
1,061
481
452
9,579
7,099
2,151
329
9,579
3,114
5,169
1,296
9,579
Transport and
storage
868
536
182
118
1,704
1,275
395
34
1,704
402
1,046
256
1,704
Yes
Home Loans
166,704
97
3,882
829
171,512
150,152
19,364
1,996
171,512
2,009
10,334
159,169
171,512
Yes
Business and other
services
13,802
6,032
3,151
1,021
24,006
19,815
3,726
465
24,006
7,088
12,190
4,728
24,006
Other Financial
Institutions
6,093
25,589
6,481
2,546
40,709
38,988
1,613
108
40,709
13,955
22,111
4,643
40,709
Cards, unsecured
loans and other
personal lending
17,741
24,317
1,385
730
44,173
38,296
5,173
704
44,173
8,109
15,839
20,225
44,173
Total loans and
advances at
amortised cost
248,316
66,469
19,500
8,462
342,747
300,666
37,425
4,656
342,747
54,659
83,466
204,622
342,747
Debt securities at
amortised cost\u00b3
26,093
11,681
10,262
8,713
56,749
52,858
3,891
\u2014
56,749
10,061
28,739
17,949
56,749
Total loans and
advances at
amortised cost
including debt
securities
274,409
78,150
29,762
17,175
399,496
353,524
41,316
4,656
399,496
64,720
112,205
222,571
399,496
Contingent
liabilities
5,668
10,262
5,919
2,225
24,074
20,884
2,607
583
24,074
24,073
1
\u2014
24,074
Loan
commitments
96,135
227,618
43,397
8,084
375,234
353,179
21,601
454
375,234
375,179
55
\u2014
375,234
Total off-balance
sheet\u00b2
101,803
237,880
49,316
10,309
399,308
374,063
24,208
1,037
399,308
399,252
56
\u2014
399,308
Loans and advances at amortised cost net of impairment allowance
Industry
Geography (audited)
Stage (audited)
Maturity
Carbon
related
sectors \u00b9
United
Kingdom
Americas
Europe
Others
Total
Stage 1
Stage 2
Stage 3
Total
< 1 year
1-5 Years
>5 years
Total
As at 31 December
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Agriculture, Food
and Forest
Products
3,762
\u2014
\u2014
\u2014
3,762
2,706
757
299
3,762
743
1,226
1,793
3,762
Yes
Mining and
Quarrying
578
757
152
42
1,529
1,292
208
29
1,529
642
796
91
1,529
Yes
Manufacturing
4,929
1,683
803
610
8,025
5,935
1,981
109
8,025
3,165
4,483
377
8,025
Yes
Government and
central bank
6,306
\u2014
16
434
6,756
6,743
13
\u2014
6,756
2,489
50
4,217
6,756
Banks
781
3,406
1,472
2,251
7,910
7,870
37
3
7,910
7,535
375
\u2014
7,910
Energy and water
1,825
751
1,278
196
4,050
3,379
657
14
4,050
734
2,464
852
4,050
Yes
Materials and
Building
19,694
2,264
438
176
22,572
18,768
3,396
408
22,572
4,188
10,233
8,151
22,572
Yes
Wholesale and
retail distribution
and leisure
8,939
1,176
679
568
11,362
8,084
2,913
365
11,362
3,754
6,079
1,529
11,362
Transport and
storage
1,111
598
186
340
2,235
1,706
456
73
2,235
553
1,379
303
2,235
Yes
Home Loans
164,946
763
6,698
1,408
173,815
153,684
18,127
2,004
173,815
2,994
11,562
159,259
173,815
Yes
Business and other
services
13,754
6,019
1,645
1,343
22,761
18,059
4,042
660
22,761
6,058
13,397
3,306
22,761
Other Financial
Institutions
6,113
23,502
5,916
2,071
37,602
35,617
1,883
102
37,602
12,587
21,426
3,589
37,602
Cards, unsecured
loans and other
personal lending
19,472
24,854
5,749
838
50,913
43,930
6,182
801
50,913
10,550
19,340
21,023
50,913
Total loans and
advances at
amortised cost
252,210
65,773
25,032
10,277
353,292
307,773
40,652
4,867
353,292
55,992
92,810
204,490
353,292
Debt securities at
amortised cost\u00b3
18,344
9,078
7,452
10,613
45,487
41,715
3,772
\u2014
45,487
4,424
27,824
13,239
45,487
Total loans and
advances at
amortised cost
including debt
securities
270,554
74,851
32,484
20,890
398,779
349,488
44,424
4,867
398,779
60,416
120,634
217,729
398,779
Contingent
liabilities
6,485
9,987
4,699
1,611
22,782
19,472
2,768
542
22,782
22,781
1
\u2014
22,782
Loan
commitments
103,185
229,716
42,118
7,018
382,037
353,473
27,926
638
382,037
382,000
37
\u2014
382,037
Total off-balance
sheet\u00b2
109,670
239,703
46,817
8,629
404,819
372,945
30,694
1,180
404,819
404,781
38
\u2014
404,819
Notes
1 Refer to Carbon related assets table on page 285 for more details on the \"Exposures towards sectors that highly contribute to carbon related assets\" under the respective Industry
sectors.
2 The Off-balance sheet contingent liabilities and loan commitments excludes the fair value balance of \u00a316,469m in 2023 (2022: \u00a314,894m) and includes exposures relating to financial
assets classified as assets held for sale.
3 Debt securities at amortised cost primarily includes \u00a334,237m (2022: \u00a327,233m) in Government and central bank, \u00a316,265m (2022: \u00a311,579m) in other financial\u00a0 institutions, \u00a32,854m
(2022: \u00a33,457m) in materials & building and \u00a31,516m (2022: \u00a31,816m) in Banks.
-\u00a0 For analysis of Debt securities by issuer, refer to \"Analysis of Debt Securities\" on page 334.
Balance sheet credit quality (audited)
PD Range
Total
PD range
Total
0.0 to <0.60%
0.60 to
<11.35%
11.35 to
100%
0.0 to <0.60%
0.60 to
<11.35%
11.35 to
100%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
As at 31 December 2023
Cash and balances at central banks
224,634
\u2014
\u2014
224,634
100
\u2014
\u2014
100
Cash collateral and settlement balances
99,092
9,789
8
108,889
91
9
\u2014
100
Loans and advances at amortised cost:
Retail mortgages
160,647
8,313
2,552
171,512
94
5
1
100
Retail credit cards
10,201
22,322
1,698
34,221
30
65
5
100
Retail other
6,005
3,490
457
9,952
60
35
5
100
Corporate loans
89,972
32,824
4,266
127,062
71
26
3
100
Total loans\u00a0and\u00a0advances at amortised cost
266,825
66,949
8,973
342,747
77
20
3
100
Debt securities at amortised cost
56,398
350
1
56,749
99
1
\u2014
100
Reverse repurchase agreements and other
similar secured lending
2,424
170
\u2014
2,594
93
7
\u2014
100
Trading portfolio assets:
Debt securities
65,469
9,642
387
75,498
86
13
1
100
Traded loans
4,006
5,893
2,754
12,653
32
46
22
100
Total trading\u00a0portfolio assets
69,475
15,535
3,141
88,151
78
18
4
100
Financial assets at fair value through the
income statement:
Loans and advances
30,509
16,852
278
47,639
64
35
1
100
Debt securities
1,449
1,095
42
2,586
56
42
2
100
Reverse repurchase agreements
112,799
35,988
344
149,131
76
24
\u2014
100
Other financial assets
88
22
\u2014
110
80
20
\u2014
100
Total financial assets at fair value through the
income statement
144,845
53,957
664
199,466
73
27
\u2014
100
Derivative\u00a0financial instruments
245,086
11,616
134
256,836
95
5
\u2014
100
Financial assets at fair value through other
comprehensive income
71,375
455
\u2014
71,830
99
1
\u2014
100
Other assets
2,138
56
3
2,197
97
3
\u2014
100
Assets held for sale
1,110
2,618
127
3,855
29
68
3
100
Total on-balance sheet
1,183,402
161,495
13,051
1,357,948
87
12
1
100
Balance sheet credit quality (audited)
PD Range
Total
PD range
Total
0.0 to <0.60%
0.60 to
<11.35%
11.35 to
100%
0.0 to <0.60%
0.60 to
<11.35%
11.35 to
100%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
As at 31 December 2022
Cash and balances at central banks
256,351
\u2014
\u2014
256,351
100
\u2014
\u2014
100
Cash collateral and settlement balances
101,365
10,944
288
112,597
90
10
\u2014
100
Loans and advances at amortised cost:
Retail mortgages
167,368
3,866
2,536
173,770
97
2
1
100
Retail credit cards
12,312
20,668
1,604
34,584
35
60
5
100
Retail other
9,672
4,840
572
15,084
64
32
4
100
Corporate loans
83,966
40,737
5,151
129,854
65
31
4
100
Total loans\u00a0and\u00a0advances at amortised cost
273,318
70,111
9,863
353,292
77
20
3
100
Debt securities at amortised cost
45,295
189
3
45,487
100
\u2014
\u2014
100
Reverse repurchase agreements and other
similar secured lending
776
\u2014
\u2014
776
100
\u2014
\u2014
100
Trading portfolio assets:
Debt securities
50,253
4,891
331
55,475
90
9
1
100
Traded loans
3,214
8,273
1,711
13,198
24
63
13
100
Total trading\u00a0portfolio assets
53,467
13,164
2,042
68,673
78
19
3
100
Financial assets at fair value through the
income statement:
Loans and advances
14,684
24,630
115
39,429
38
62
\u2014
100
Debt securities
2,122
1,062
65
3,249
65
33
2
100
Reverse repurchase agreements
124,794
38,339
1,548
164,681
76
23
1
100
Other financial assets
98
20
\u2014
118
83
17
\u2014
100
Total financial assets at fair value through the
income statement
141,698
64,051
1,728
207,477
68
31
1
100
Derivative\u00a0financial instruments
284,491
17,606
283
302,380
94
6
\u2014
100
Financial assets at fair value through other
comprehensive income
65,051
3
\u2014
65,054
100
\u2014
\u2014
100
Other assets
1,599
57
\u2014
1,656
97
3
\u2014
100
Assets held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total on-balance sheet
1,223,411
176,125
14,207
1,413,743
87
12
1
100
Credit exposures by internal PD grade
The below tables represent credit risk profiles by PD grade for loans and advances at amortised cost, contingent liabilities and loan
commitments.
Stage 1 higher risk assets, presented gross of associated collateral held, are of weaker credit quality but have not significantly
deteriorated since origination.
IFRS 9 Stage 1 and Stage 2 classification is not dependent solely on the absolute probability of default but on elements that determine a
Significant Increase in Credit Risk , including relative movement in probability of default since initial recognition. There is therefore no
direct relationship between credit quality and IFRS 9 stage classification.
Credit risk profile by internal PD grade for retail mortgages (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1 - 3
0.0 to <0.05%
Strong
25,759
587
\u2014
26,346
1
\u2014
\u2014
1
26,345
\u2014
4 - 5
0.05 to <0.15%
Strong
58,656
3,386
\u2014
62,042
12
2
\u2014
14
62,028
\u2014
6 - 8
0.15 to <0.30%
Strong
51,292
7,235
\u2014
58,527
18
8
\u2014
26
58,501
\u2014
9 - 11
0.30 to <0.60%
Strong
11,350
2,447
\u2014
13,797
12
12
\u2014
24
13,773
0.2
12 - 14
0.60 to <2.15%
Satisfactory
2,833
3,114
\u2014
5,947
6
25
\u2014
31
5,916
0.5
15 - 19
2.15 to <11.35%
Satisfactory
194
2,243
\u2014
2,437
1
39
\u2014
40
2,397
1.6
20 - 21
11.35 to <100%
Higher Risk
118
457
\u2014
575
\u2014
19
\u2014
19
556
3.3
22
100%
Credit Impaired
\u2014
\u2014
2,424
2,424
\u2014
\u2014
428
428
1,996
17.7
Total
150,202
19,469
2,424
172,095
50
105
428
583
171,512
0.3
Credit risk profile by internal PD grade for retail credit cards (audited)4
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1 - 3
0.0 to <0.05%
Strong
133
\u2014
\u2014
133
\u2014
\u2014
\u2014
\u2014
133
\u2014
4 - 5
0.05 to <0.15%
Strong
1,463
4
\u2014
1,467
2
\u2014
\u2014
2
1,465
0.1
6 - 8
0.15 to <0.30%
Strong
3,374
6
\u2014
3,380
9
\u2014
\u2014
9
3,371
0.3
9 - 11
0.30 to <0.60%
Strong
5,248
11
\u2014
5,259
27
\u2014
\u2014
27
5,232
0.5
12 - 14
0.60 to <2.15%
Satisfactory
11,010
173
\u2014
11,183
137
14
\u2014
151
11,032
1.4
15 - 19
2.15 to <11.35%
Satisfactory
8,867
3,436
\u2014
12,303
314
699
\u2014
1,013
11,290
8.2
20 - 21
11.35 to <100%
Higher Risk
314
1,948
\u2014
2,262
34
917
\u2014
951
1,311
42.0
22
100%
Credit Impaired
\u2014
\u2014
1,720
1,720
\u2014
\u2014
1,333
1,333
387
77.5
Total
30,409
5,578
1,720
37,707
523
1,630
1,333
3,486
34,221
9.2
Credit risk profile by internal PD grade for retail other (audited)4
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1 - 3
0.0 to <0.05%
Strong
67
\u2014
\u2014
67
1
\u2014
\u2014
1
66
1.5
4 - 5
0.05 to <0.15%
Strong
569
4
\u2014
573
1
\u2014
\u2014
1
572
0.2
6 - 8
0.15 to <0.30%
Strong
964
6
\u2014
970
2
\u2014
\u2014
2
968
0.2
9 - 11
0.30 to <0.60%
Strong
4,369
50
\u2014
4,419
16
4
\u2014
20
4,399
0.5
12 - 14
0.60 to <2.15%
Satisfactory
1,899
241
\u2014
2,140
15
15
\u2014
30
2,110
1.4
15 - 19
2.15 to <11.35%
Satisfactory
583
862
\u2014
1,445
22
43
\u2014
65
1,380
4.5
20 - 21
11.35 to <100%
Higher Risk
18
180
\u2014
198
2
56
\u2014
58
140
29.3
22
100%
Credit Impaired
\u2014
\u2014
493
493
\u2014
\u2014
176
176
317
35.7
Total
8,469
1,343
493
10,305
59
118
176
353
9,952
3.4
Credit risk profile by internal PD grade for corporate loans (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1 - 3
0.0 to <0.05%
Strong
36,981
146
4
37,131
4
\u2014
2
6
37,125
\u2014
4 - 5
0.05 to <0.15%
Strong
23,344
92
\u2014
23,436
15
\u2014
\u2014
15
23,421
0.1
6 - 8
0.15 to <0.30%
Strong
10,833
346
\u2014
11,179
9
3
\u2014
12
11,167
0.1
9 - 11
0.30 to <0.60%
Strong
17,914
390
\u2014
18,304
41
4
\u2014
45
18,259
0.2
12 - 14
0.60 to <2.15%
Satisfactory
17,433
4,694
\u2014
22,127
106
68
\u2014
174
21,953
0.8
15 - 19
2.15 to <11.35%
Satisfactory
5,779
5,360
\u2014
11,139
101
167
\u2014
268
10,871
2.4
20 - 21
11.35 to <100%
Higher Risk
221
2,274
\u2014
2,495
11
172
\u2014
183
2,312
7.3
22
100%
Credit Impaired
\u2014
\u2014
2,550
2,550
\u2014
\u2014
596
596
1,954
23.4
Total
112,505
13,302
2,554
128,361
287
414
598
1,299
127,062
1.0
Credit risk profile by internal PD grade for loans and advances at amortised cost (audited)4
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1 - 3
0.0 to <0.05%
Strong
62,940
733
4
63,677
6
\u2014
2
8
63,669
\u2014
4 - 5
0.05 to <0.15%
Strong
84,032
3,486
\u2014
87,518
30
2
\u2014
32
87,486
\u2014
6 - 8
0.15 to <0.30%
Strong
66,463
7,593
\u2014
74,056
38
11
\u2014
49
74,007
0.1
9 - 11
0.30 to <0.60%
Strong
38,881
2,898
\u2014
41,779
96
20
\u2014
116
41,663
0.3
12 - 14
0.60 to <2.15%
Satisfactory
33,175
8,222
\u2014
41,397
264
122
\u2014
386
41,011
0.9
15 - 19
2.15 to <11.35%
Satisfactory
15,423
11,901
\u2014
27,324
438
948
\u2014
1,386
25,938
5.1
20 - 21
11.35 to <100%
Higher Risk
671
4,859
\u2014
5,530
47
1,164
\u2014
1,211
4,319
21.9
22
100%
Credit Impaired
\u2014
\u2014
7,187
7,187
\u2014
\u2014
2,533
2,533
4,654
35.2
Total
301,585
39,692
7,191
348,468
919
2,267
2,535
5,721
342,747
1.6
Credit risk profile by internal PD grade for retail mortgages (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2022
1 - 3
0.0 to <0.05%
Strong
32,991
762
\u2014
33,753
1
\u2014
\u2014
1
33,752
\u2014
4 - 5
0.05 to <0.15%
Strong
93,388
8,851
\u2014
102,239
9
5
\u2014
14
102,225
\u2014
6 - 8
0.15 to <0.30%
Strong
11,346
2,957
\u2014
14,303
4
5
\u2014
9
14,294
0.1
9 - 11
0.30 to <0.60%
Strong
14,830
2,290
\u2014
17,120
14
9
\u2014
23
17,097
0.1
12 - 14
0.60 to <2.15%
Satisfactory
888
1,674
\u2014
2,562
1
16
\u2014
17
2,545
0.7
15 - 19
2.15 to <11.35%
Satisfactory
63
1,281
\u2014
1,344
\u2014
23
\u2014
23
1,321
1.7
20 - 21
11.35 to <100%
Higher Risk
166
385
\u2014
551
\u2014
15
\u2014
15
536
2.7
22
100%
Credit Impaired
\u2014
\u2014
2,414
2,414
\u2014
\u2014
414
414
2,000
17.1
Total
153,672
18,200
2,414
174,286
29
73
414
516
173,770
0.3
Credit risk profile by internal PD grade for retail credit cards (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2022
1 - 3
0.0 to <0.05%
Strong
194
3
\u2014
197
\u2014
\u2014
\u2014
\u2014
197
\u2014
4 - 5
0.05 to <0.15%
Strong
2,556
3
\u2014
2,559
6
\u2014
\u2014
6
2,553
0.2
6 - 8
0.15 to <0.30%
Strong
4,139
5
\u2014
4,144
14
\u2014
\u2014
14
4,130
0.3
9 - 11
0.30 to <0.60%
Strong
5,446
18
\u2014
5,464
30
2
\u2014
32
5,432
0.6
12 - 14
0.60 to <2.15%
Satisfactory
4,370
1,370
\u2014
5,740
57
145
\u2014
202
5,538
3.5
15 - 19
2.15 to <11.35%
Satisfactory
12,719
3,463
\u2014
16,182
299
753
\u2014
1,052
15,130
6.5
20 - 21
11.35 to <100%
Higher Risk
364
1,587
\u2014
1,951
52
720
\u2014
772
1,179
39.6
22
100%
Credit Impaired
\u2014
\u2014
1,380
1,380
\u2014
\u2014
955
955
425
69.2
Total
29,788
6,449
1,380
37,617
458
1,620
955
3,033
34,584
8.1
Credit risk profile by internal PD grade for retail other (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2022
1 - 3
0.0 to <0.05%
Strong
101
1
\u2014
102
1
\u2014
\u2014
1
101
1.0
4 - 5
0.05 to <0.15%
Strong
816
6
\u2014
822
1
\u2014
\u2014
1
821
0.1
6 - 8
0.15 to <0.30%
Strong
1,350
9
\u2014
1,359
3
\u2014
\u2014
3
1,356
0.2
9 - 11
0.30 to <0.60%
Strong
7,379
55
\u2014
7,434
36
4
\u2014
40
7,394
0.5
12 - 14
0.60 to <2.15%
Satisfactory
2,875
260
\u2014
3,135
21
19
\u2014
40
3,095
1.3
15 - 19
2.15 to <11.35%
Satisfactory
924
929
\u2014
1,853
36
72
\u2014
108
1,745
5.8
20 - 21
11.35 to <100%
Higher Risk
25
208
\u2014
233
2
71
\u2014
73
160
31.3
22
100%
Credit Impaired
\u2014
\u2014
720
720
\u2014
\u2014
308
308
412
42.8
Total
13,470
1,468
720
15,658
100
166
308
574
15,084
3.7
Credit risk profile by internal PD grade for corporate loans (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2022
1 - 3
0.0 to <0.05%
Strong
35,960
767
5
36,732
5
11
3
19
36,713
0.1
4 - 5
0.05 to <0.15%
Strong
21,674
234
\u2014
21,908
9
1
\u2014
10
21,898
\u2014
6 - 8
0.15 to <0.30%
Strong
11,046
1,389
\u2014
12,435
17
5
\u2014
22
12,413
0.2
9 - 11
0.30 to <0.60%
Strong
12,214
774
\u2014
12,988
38
8
\u2014
46
12,942
0.4
12 - 14
0.60 to <2.15%
Satisfactory
19,612
3,494
\u2014
23,106
223
66
\u2014
289
22,817
1.3
15 - 19
2.15 to <11.35%
Satisfactory
10,820
7,432
\u2014
18,252
153
179
\u2014
332
17,920
1.8
20 - 21
11.35 to <100%
Higher Risk
565
2,728
\u2014
3,293
16
154
\u2014
170
3,123
5.2
22
100%
Credit Impaired
\u2014
\u2014
2,567
2,567
\u2014
\u2014
539
539
2,028
21.0
Total
111,891
16,818
2,572
131,281
461
424
542
1,427
129,854
1.1
Credit risk profile by internal PD grade for loans and advances at amortised cost (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2022
1 - 3
0.0 to <0.05%
Strong
69,246
1,533
5
70,784
7
11
3
21
70,763
\u2014
4 - 5
0.05 to <0.15%
Strong
118,434
9,094
\u2014
127,528
25
6
\u2014
31
127,497
\u2014
6 - 8
0.15 to <0.30%
Strong
27,881
4,360
\u2014
32,241
38
10
\u2014
48
32,193
0.1
9 - 11
0.30 to <0.60%
Strong
39,869
3,137
\u2014
43,006
118
23
\u2014
141
42,865
0.3
12 - 14
0.60 to <2.15%
Satisfactory
27,745
6,798
\u2014
34,543
302
246
\u2014
548
33,995
1.6
15 - 19
2.15 to <11.35%
Satisfactory
24,526
13,105
\u2014
37,631
488
1,027
\u2014
1,515
36,116
4.0
20 - 21
11.35 to <100%
Higher Risk
1,120
4,908
\u2014
6,028
70
960
\u2014
1,030
4,998
17.1
22
100%
Credit Impaired
\u2014
\u2014
7,081
7,081
\u2014
\u2014
2,216
2,216
4,865
31.3
Total
308,821
42,935
7,086
358,842
1,048
2,283
2,219
5,550
353,292
1.5
Credit risk profile by internal PD grade for contingent liabilities (audited)1
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1-3
0.0 to <0.05%
Strong
7,582
79
\u2014
7,661
1
\u2014
\u2014
1
7,660
\u2014
4-5
0.05 to <0.15%
Strong
3,337
3
\u2014
3,340
2
\u2014
\u2014
2
3,338
0.1
6-8
0.15 to <0.30%
Strong
3,211
157
\u2014
3,368
3
1
\u2014
4
3,364
0.1
9-11
0.30 to <0.60%
Strong
2,848
285
\u2014
3,133
3
4
\u2014
7
3,126
0.2
12-14
0.60 to <2.15%
Satisfactory
2,388
701
\u2014
3,089
8
6
\u2014
14
3,075
0.5
15-19
2.15 to <11.35%
Satisfactory
1,501
1,027
\u2014
2,528
29
41
\u2014
70
2,458
2.8
20-21
11.35 to <100%
Higher Risk
17
355
\u2014
372
1
61
\u2014
62
310
16.7
22
100%
Credit Impaired
\u2014
\u2014
583
583
\u2014
\u2014
22
22
561
3.8
Total
20,884
2,607
583
24,074
47
113
22
182
23,892
0.8
As at 31 December 2022
1-3
0.0 to <0.05%
Strong
5,695
149
\u2014
5,844
7
1
\u2014
8
5,836
0.1
4-5
0.05 to <0.15%
Strong
4,210
348
\u2014
4,558
2
1
\u2014
3
4,555
0.2
6-8
0.15 to <0.30%
Strong
2,733
180
\u2014
2,913
3
3
\u2014
6
2,907
0.2
9-11
0.30 to <0.60%
Strong
3,161
214
\u2014
3,375
8
1
\u2014
9
3,366
0.3
12-14
0.60 to <2.15%
Satisfactory
1,989
751
\u2014
2,740
21
6
\u2014
27
2,713
1.0
15-19
2.15 to <11.35%
Satisfactory
1,626
686
\u2014
2,312
49
35
\u2014
84
2,228
3.6
20-21
11.35 to <100%
Higher Risk
58
440
\u2014
498
2
64
\u2014
66
432
13.3
22
100%
Credit Impaired
\u2014
\u2014
542
542
\u2014
\u2014
3
3
539
0.6
Total
19,472
2,768
542
22,782
92
111
3
206
22,576
0.9
Credit risk profile by internal PD grade for loan commitments (audited)1
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1-3
0.0 to <0.05%
Strong
77,689
715
\u2014
78,404
2
\u2014
\u2014
2
78,402
\u2014
4-5
0.05 to <0.15%
Strong
75,399
479
\u2014
75,878
6
1
\u2014
7
75,871
\u2014
6-8
0.15 to <0.30%
Strong
63,545
2,798
\u2014
66,343
12
1
\u2014
13
66,330
\u2014
9-11
0.30 to <0.60%
Strong
66,423
1,441
\u2014
67,864
22
2
\u2014
24
67,840
\u2014
12-14
0.60 to <2.15%
Satisfactory
54,686
4,177
\u2014
58,863
38
15
\u2014
53
58,810
0.1
15-19
2.15 to <11.35%
Satisfactory
14,690
8,275
\u2014
22,965
40
71
\u2014
111
22,854
0.5
20-21
11.35 to <100%
Higher Risk
747
3,716
\u2014
4,463
6
84
\u2014
90
4,373
2.0
22
100%
Credit Impaired
\u2014
\u2014
454
454
\u2014
\u2014
22
22
432
4.8
Total
353,179
21,601
454
375,234
126
174
22
322
374,912
0.1
As at 31 December 2022
1-3
0.0 to <0.05%
Strong
78,077
752
\u2014
78,829
3
1
\u2014
4
78,825
\u2014
4-5
0.05 to <0.15%
Strong
85,917
4,004
\u2014
89,921
7
1
\u2014
8
89,913
\u2014
6-8
0.15 to <0.30%
Strong
67,381
2,349
\u2014
69,730
13
2
\u2014
15
69,715
\u2014
9-11
0.30 to <0.60%
Strong
57,553
2,081
\u2014
59,634
15
4
\u2014
19
59,615
\u2014
12-14
0.60 to <2.15%
Satisfactory
33,465
6,681
\u2014
40,146
50
28
\u2014
78
40,068
0.2
15-19
2.15 to <11.35%
Satisfactory
30,374
8,068
\u2014
38,442
62
86
\u2014
148
38,294
0.4
20-21
11.35 to <100%
Higher Risk
706
3,991
\u2014
4,697
3
82
\u2014
85
4,612
1.8
22
100%
Credit Impaired
\u2014
\u2014
638
638
\u2014
\u2014
20
20
618
3.1
Total
353,473
27,926
638
382,037
153
204
20
377
381,660
0.1
Notes
1\u00a0 \u00a0 Excludes loan commitments and financial guarantees of \u00a316.5b n (2022 : \u00a314.9b n) carried at fair value.
2\u00a0 \u00a0 PD bandings 2.15% to <10% and 10% to <11.35% have been merged for an enhanced presentation. The prior period comparative has been aligned accordingly.
3\u00a0 \u00a0 Loan commitments reported also include exposures relating to financial assets classified as assets held for sale.
4\u00a0 \u00a0 Exposures reported within Retail credit cards and Retail other does not include the German consumer finance business which is classified as assets held for sale.
The tables below set out the fair values of the derivative assets together with the value of those assets subject to enforceable
counterparty netting arrangements for which the Group holds offsetting liabilities and eligible collateral.
Derivative assets (audited)
2023
2022
Balance sheet
assets\u00a0
Counterparty
netting
Net
exposure
Balance sheet
assets\u00a0
Counterparty
netting
Net
exposure
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Foreign exchange
89,533
69,570
19,963
109,938
88,096
21,842
Interest rate
109,609
79,861
29,748
134,579
101,646
32,933
Credit derivatives
7,662
6,758
904
5,423
4,356
1,067
Equity and stock index
48,171
40,946
7,225
48,665
41,200
7,465
Commodity derivatives
1,861
1,674
187
3,775
3,039
736
Total derivative assets
256,836
198,809
58,027
302,380
238,337
64,043
Cash collateral held
31,211
34,547
Net exposure less collateral
26,816
29,496
The daily average , high and low values of management VaR
Management VaR (95%, one day) (audited)
2023
2022
Average
High1
Low1
Average
High1
Low1
For the year ended 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Credit risk
40
57
22
25
71
8
Interest rate risk
15
25
9
13
23
4
Equity risk
6
10
3
10
29
4
Basis risk
13
25
8
12
24
4
Spread risk
9
14
5
7
11
3
Foreign exchange risk
4
9
1
8
25
2
Commodity risk
\u2014
1
\u2014
\u2014
1
\u2014
Inflation risk
6
11
2
6
17
3
Diversification effect1
(51)
n/a
n/a
(45)
n/a
n/a
Total management VaR
42
60
24
36
73
13
Note
1 Diversification effects recognise that forecast losses from different assets or businesses are unlikely to occur concurrently, hence the expected aggregate loss is lower than the sum of
the expected losses from each area. Historical correlations between losses are taken into account in making these assessments. The high and low VaR figures reported for each
category did not necessarily occur on the same day as the high and low VaR reported as a whole. Consequently, a diversification effect balance for the high and low VaR figures would not
be meaningful and is therefore omitted from the above table.
The table below provides detail on the contractual maturity of all financial instruments and other assets and liabilities. Derivatives (other
than those designated in a hedging relationship) and trading portfolio assets and liabilities are included in the \u2018not more than one month'
column at their fair value. Liquidity risk on these items is not managed on the basis of contractual maturity since they are not held for
settlement according to such maturity and will frequently be settled before contractual maturity at fair value. Derivatives designated in a
hedging relationship are included according to their contractual maturity.
Contractual maturity of financial assets and liabilities (audited)
As at 31 December 2023
Not more
than one
month
Over one
month but
not more
than three
months
Over three
months but
not more
than six
months
Over six
months but
not more
than one year
Over one
year but not
more than
three years
Over three
years but not
more than
five years
Over five
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Cash and balances at central banks
224,634
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
224,634
Cash collateral and settlement balances
61,837
47,052
\u2014
\u2014
\u2014
\u2014
\u2014
108,889
Loans and advances at amortised cost to banks
and customers
22,457
5,907
9,929
16,366
50,126
33,340
204,622
342,747
Debt securities at amortised cost
3
4,779
579
4,700
16,626
12,113
17,949
56,749
Reverse repurchase agreements and other
similar secured lending
1,435
\u2014
\u2014
34
1,123
\u2014
2
2,594
Trading portfolio assets
174,605
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
174,605
Financial assets at fair value through the income
statement
158,213
17,761
6,214
5,902
11,119
2,966
4,476
206,651
Derivative financial instruments
254,655
100
91
160
1,070
533
227
256,836
Financial assets at fair value through other
comprehensive income
1,789
2,421
365
8,699
12,424
17,179
28,959
71,836
Other financial assets
2,122
26
36
9
1
1
2
2,197
Total financial assets
901,750
78,046
17,214
35,870
92,489
66,132
256,237
1,447,738
Other assets
29,749
Total assets
1,477,487
Liabilities
Deposits at amortised cost from banks and
customers
440,122
36,812
22,665
29,464
7,691
1,321
714
538,789
Cash collateral and settlement balances
65,227
28,857
\u2014
\u2014
\u2014
\u2014
\u2014
94,084
Repurchase agreements and other similar
secured borrowing
12,164
12,433
1,307
247
8,279
7,092
79
41,601
Debt securities in issue
5,535
17,004
9,949
7,286
17,558
12,079
27,414
96,825
Subordinated liabilities
\u2014
121
\u2014
584
1,987
1,554
6,248
10,494
Trading portfolio liabilities
58,669
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
58,669
Financial liabilities designated at fair value
180,554
31,587
13,867
14,579
23,469
13,994
19,489
297,539
Derivative financial instruments
249,481
21
\u2014
24
82
64
372
250,044
Other financial liabilities
6,492
265
40
77
266
182
377
7,699
Total financial liabilities
1,018,244
127,100
47,828
52,261
59,332
36,286
54,693
1,395,744
Other liabilities
9,879
Total liabilities
1,405,623
Contractual maturity of financial assets and liabilities (audited)
As at 31 December 2022
Not more
than one
month
Over one
month but
not more
than three
months
Over three
months but
not more
than six
months
Over six
months but
not more
than one year
Over one
year but not
more than
three years
Over three
years but not
more than
five years
Over five
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Cash and balances at central banks
256,351
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
256,351
Cash collateral and settlement balances
62,295
50,302
\u2014
\u2014
\u2014
\u2014
\u2014
112,597
Loans and advances at amortised cost to banks
and customers
22,581
6,644
9,104
17,663
49,259
43,551
204,490
353,292
Debt securities at amortised cost
\u2014
1,258
612
2,554
14,856
12,968
13,239
45,487
Reverse repurchase agreements and other similar
secured lending
442
333
\u2014
\u2014
\u2014
\u2014
1
776
Trading portfolio assets
133,813
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
133,813
Financial assets at fair value through the income
statement
158,699
21,016
6,771
6,765
11,413
3,292
5,612
213,568
Derivative financial instruments
301,679
22
66
70
462
44
37
302,380
Financial assets at fair value through other
comprehensive income
2,908
3,533
4,535
3,082
16,766
16,418
17,820
65,062
Other financial assets
1,561
49
\u2014
43
\u2014
1
2
1,656
Total financial assets
940,329
83,157
21,088
30,177
92,756
76,274
241,201
1,484,982
Other assets
28,717
Total assets
1,513,699
Liabilities
Deposits at amortised cost from banks and
customers
477,022
29,790
19,388
13,665
4,590
499
828
545,782
Cash collateral and settlement balances
68,930
27,997
\u2014
\u2014
\u2014
\u2014
\u2014
96,927
Repurchase agreements and other similar
secured borrowing
9,419
399
\u2014
943
6,139
10,069
83
27,052
Debt securities in issue
9,621
23,488
13,259
11,876
16,252
14,808
23,577
112,881
Subordinated liabilities
\u2014
17
\u2014
262
1,181
1,987
7,976
11,423
Trading portfolio liabilities
72,924
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
72,924
Financial liabilities designated at fair value
171,096
26,481
14,352
9,104
24,548
8,528
17,528
271,637
Derivative financial instruments
288,582
36
63
7
262
273
397
289,620
Other financial liabilities
7,841
48
43
84
409
247
484
9,156
Total financial liabilities
1,105,435
108,256
47,105
35,941
53,381
36,411
50,873
1,437,402
Other liabilities
7,037
Total liabilities
1,444,439
Contractual maturity of financial liabilities on an undiscounted basis
The table below presents the cash flows payable by the Group under financial liabilities by remaining contractual maturities at the
balance sheet date. The amounts disclosed in the table are the contractual undiscounted cash flows of all financial liabilities (i.e. nominal
values).
The balances in the below table do not agree directly to the balances in the consolidated balance sheet as the table incorporates all
cash flows, on an undiscounted basis, related to both principal as well as those associated with all future coupon payments.
Derivative financial instruments held for trading and trading portfolio liabilities are included in the 'not more than one month' column at
their fair value.
Contractual maturity of financial liabilities - undiscounted (audited)
Not\u00a0 more
than one
month
Over one
month but
not more
than three
months
Over three
months but
not more
than six
months
Over six
months but
not more
than one year
Over one
year but not
more than
three years
Over three
years but not
more than
five years
Over five
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023
Deposits at amortised cost from banks and
customers
440,184
37,101
23,055
30,377
8,107
1,540
882
541,246
Cash collateral and settlement balances
65,230
29,096
\u2014
\u2014
\u2014
\u2014
\u2014
94,326
Repurchase agreements and other similar
secured borrowing
12,196
12,516
1,326
252
9,042
7,902
213
43,447
Debt securities in issue
5,546
17,142
10,121
7,481
18,674
13,688
40,154
112,806
Subordinated liabilities
\u2014
121
\u2014
601
2,241
1,822
8,594
13,379
Trading portfolio liabilities
58,669
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
58,669
Financial liabilities designated at fair value
180,687
31,794
14,174
15,013
24,891
15,309
34,035
315,903
Derivative financial instruments
249,482
21
\u2014
24
90
75
705
250,397
Other financial liabilities
6,492
269
45
89
309
220
615
8,039
Total financial liabilities
1,018,486
128,060
48,721
53,837
63,354
40,556
85,198
1,438,212
As at 31 December 2022
Deposits at amortised cost from banks and
customers
477,050
29,921
19,393
13,798
4,606
499
1,082
546,349
Cash collateral and settlement balances
68,930
28,185
\u2014
\u2014
\u2014
\u2014
\u2014
97,115
Repurchase agreements and other similar
secured borrowing
9,430
401
\u2014
946
6,920
12,234
252
30,183
Debt securities in issue
9,646
23,580
13,375
12,165
16,964
16,790
34,078
126,598
Subordinated liabilities
\u2014
17
\u2014
263
1,274
2,356
10,331
14,241
Trading portfolio liabilities
72,924
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
72,924
Financial liabilities designated at fair value
171,296
26,674
14,905
9,399
25,662
9,847
33,099
290,882
Derivative financial instruments
288,582
98
101
8
290
321
793
290,193
Other financial liabilities
7,841
58
56
109
488
308
564
9,424
Total financial liabilities
1,105,699
108,934
47,830
36,688
56,204
42,355
80,199
1,477,909
Maturity of off-balance sheet commitments given
The table below presents the maturity split of the Group\u2019s off-balance sheet commitments given at the balance sheet date. The
amounts disclosed in the table are the undiscounted cash flows (i.e. nominal values) on the basis of earliest opportunity at which they
are available.
Maturity analysis of off-balance sheet commitments given (audited)
Not more than
one month
Over one month
but not more
than three
months
Over three months
but not more than
six months
Over six months
but not more
than one year
Over one
year but not
more than
three years
Over three years
but not more
than five years
Over five\u00a0
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023
Contingent liabilities and financial
guarantees
25,217
119
2
1
1
\u2014
\u2014
25,340
Documentary credits and other short-
term trade related transactions
2,348
3
1
\u2014
\u2014
\u2014
\u2014
2,352
Standby facilities, credit lines and other
commitments
388,030
\u2014
\u2014
\u2014
55
\u2014
\u2014
388,085
Total off-balance sheet
commitments given
415,595
122
3
1
56
\u2014
\u2014
415,777
As at 31 December 2022
Contingent liabilities and financial
guarantees
24,118
71
14
1
1
\u2014
\u2014
24,205
Documentary credits and other short-
term trade related transactions
1,742
1
5
\u2014
\u2014
\u2014
\u2014
1,748
Standby facilities, credit lines and other
commitments
393,723
\u2014
\u2014
\u2014
37
\u2014
\u2014
393,760
Total off-balance sheet
commitments given
419,583
72
19
1
38
\u2014
\u2014
419,713
Capital resources
Capital ratios1, 2
As at 31 December
2023
2022
CET1
13.8%
13.9%
Tier 1 (T1)
17.7%
17.9%
Total regulatory capital
20.1%
20.8%
MREL ratio as a percentage of total RWAs
33.6%
33.5%
Own funds and eligible liabilities (audited)
2023
2022
As at 31 December
\u00a3m
\u00a3m
Total equity excluding non-controlling interests per the balance sheet
71,204
68,292
Less: other equity instruments (recognised as AT1 capital)
(13,259)
(13,284)
Adjustment to retained earnings for foreseeable ordinary share dividends
(795)
(787)
Adjustment to retained earnings for foreseeable other equity coupons
(43)
(37)
Other regulatory adjustments and deductions
Additional value adjustments (PVA)
(1,901)
(1,726)
Goodwill and intangible assets
(7,790)
(8,224)
Deferred tax assets that rely on future profitability excluding temporary differences
(1,630)
(1,500)
Fair value reserves related to gains or losses on cash flow hedges
3,707
7,237
Excess of expected losses over impairment
(296)
(119)
Gains or losses on liabilities at fair value resulting from own credit
136
(620)
Defined benefit pension fund assets
(2,654)
(3,430)
Direct and indirect holdings by an institution of own CET1 instruments
(20)
(20)
Adjustment under IFRS 9 transitional arrangements
288
700
Other regulatory adjustments
357
396
CET1 capital
47,304
46,878
AT1 capital
Capital instruments and related share premium accounts
13,263
13,284
Other regulatory adjustments and deductions
(60)
(60)
AT1 capital
13,203
13,224
T1 capital
60,507
60,102
T2 capital
Capital instruments and related share premium accounts
7,966
9,000
Qualifying T2 capital (including minority interests) issued by subsidiaries
569
1,095
Credit risk adjustments (excess of impairment over expected losses)
\u2014
35
Other regulatory adjustments and deductions
(160)
(160)
Total regulatory capital
68,882
70,072
Less : Ineligible T2 capital (including minority interests) issued by subsidiaries
(569)
(1,095)
Eligible liabilities
46,995
43,851
Total own funds and eligible liabilities3
115,308
112,828
Total RWAs (Unaudited)
342,717
336,518
Notes
1 CET1, T1 and T2 capital, and RWAs are calculated applying the transitional arrangements of the CRR as amended by CRR II. This includes IFRS 9 transitional arrangements and the
grandfathering of CRR II non-compliant capital instruments.
2 The fully loaded CET1 ratio, as is relevant for assessing against the conversion trigger in Barclays PLC AT1 securities, was 13.7%, with \u00a347.0bn of CET1 capital and \u00a3342.7bn of RWAs
calculated without applying the transitional arrangements of the CRR as amended by CRR II.
3 As at 31 December 2023, the Group's MREL requirement, excluding the PRA buffer, was to hold \u00a3103.0bn of own funds and eligible liabilities equating to 30.1% of RWAs. The Group
remains above its MREL regulatory requirement including the PRA buffer.
Foreign exchange risk (audited)
The Group is exposed to two sources of foreign exchange risk.
a) Transactional foreign currency exposure
Transactional foreign currency exposures represent exposure on banking assets and liabilities, denominated in currencies other than
the functional currency of the transacting entity.
The Group\u2019s risk management policies are designed to prevent the holding of significant open positions in foreign currencies outside
the trading portfolio managed by Barclays International which is monitored through VaR.
Banking book transactional foreign exchange risk outside of Barclays International is monitored on a daily basis by the market risk
function and minimised by the businesses.
b) Translational foreign exchange exposure
The Group\u2019s investments in overseas subsidiaries and branches create capital resources denominated in foreign currencies, principally
USD and EUR. Changes in the GBP value of the net investments due to foreign currency movements are captured in the currency
translation reserve, resulting in a movement in CET1 capital.
The Group\u2019s strategy is to minimise the volatility of the capital ratios caused by foreign exchange movements, by matching the CET1
capital movements to the revaluation of the Group\u2019s foreign currency RWA exposures.
Functional currency of operations (audited)
Foreign currency
net investments
Borrowings which
hedge the net
investments
Derivatives which
hedge the net
investments
Structural
currency
exposures pre-
economic hedges
Economic hedges
Remaining
structural currency
exposures
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2023
USD
26,524
(7,308)
(2,179)
17,037
(7,326)
9,711
EUR
9,868
(5,603)
\u2014
4,265
(276)
3,989
JPY
646
(174)
\u2014
472
\u2014
472
Other currencies
3,329
(72)
(1,565)
1,692
(505)
1,187
Total
40,367
(13,157)
(3,744)
23,466
(8,107)
15,359
31 December 2022
USD
27,441
(7,363)
(2,086)
17,992
(8,688)
9,304
EUR
9,776
(5,461)
(3)
4,312
(283)
4,029
JPY
689
\u2014
(197)
492
\u2014
492
Other currencies
3,330
\u2014
(1,676)
1,654
(279)
1,375
Total
41,236
(12,824)
(3,962)
24,450
(9,250)
15,200
Economic hedges relate to exposures arising on foreign currency denominated preference share and AT1 instruments. These are
accounted for at historical cost under IFRS and do not qualify as hedges for accounting purposes. The gain or loss arising from changes
in the GBP value of these instruments is recognised on redemption in retained earnings.
During 2023, total structural currency exposure net of hedging instruments increased by \u00a30.2bn to \u00a315.4bn (2022 : \u00a315.2bn). Foreign
currency net\u00a0investments decreased by \u00a30.8bn to \u00a340.4bn (2022: \u00a341.2bn) driven predominantly by a \u00a30.9bn decrease in USD, offset
by \u00a30.1bn increase in EUR. The hedges (excluding economic hedges) associated with these investments increased by \u00a30.1bn to
\u00a316.9bn (2022: \u00a316.8bn).
Net interest income sensitivity (AEaR) by business unit (audited)
Barclays UK
Barclays
International
Head Office
Total
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2023
+25bps
45
(8)
(16)
21
-25bps
(78)
5
16
(57)
2022
+25bps
15
25
(15)
25
-25bps
(59)
(29)
15
(73)
Note
The Group\u2019s customer banking book hedging activity is risk reducing from an NII sensitivity perspective. The hedges\u00a0 in place remove interest rate risk and smooth income over the medium
term. The NII sensitivity for the Group at 31\u00a0December 2023 without hedging in place for +/-25bp rate shocks would be \u00a3184m/\u00a3(220)m respectively.
Net interest income sensitivity (AEaR) by currency (audited)
2023
2022
+25 basis points
-25 basis points
+25 basis points
-25 basis points
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
GBP
(1)
(33)
(6)
(40)
USD
17
(18)
43
(45)
EUR
20
(21)
3
(4)
Other currencies
(15)
15
(15)
16
Total
21
(57)
25
(73)
Analysis of equity sensitivity
Equity sensitivity measures the overall impact of a +/-25bps movement in interest rates on retained earnings, FVOCI, cash flow hedge
reserves and pensions. For non-NII items a DV01 metric is used, which is an indicator of the shift in value for a 1bp movement in the
yield curve.
Analysis of equity sensitivity (audited)
2023
2022
+25 basis
points
-25 basis
points
+25 basis
points
-25 basis
points
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net interest income
21
(57)
25
(73)
Taxation effects on the above
(5)
13
(5)
15
Effect on profit for the year
16
(44)
20
(58)
As percentage of net profit after tax
0.3%
(0.8%)
0.3%
(1.0%)
Effect on profit for the year (per above)
16
(44)
20
(58)
Fair value through other comprehensive income reserve
(246)
254
(291)
302
Cash flow hedge reserve
(744)
744
(774)
774
Taxation effects on the above
228
(230)
288
(291)
Effect on equity
(746)
724
(757)
727
As percentage of equity
(1.0%)
1.0%
(1.1%)
1.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-1": { "value": "
Credit risk management
(audited)
The risk of loss to the Group from the
failure of clients, customers or
counterparties, including sovereigns, to
fully honour their obligations to the Group,
including the whole and timely payment of
principal, interest, collateral and other
receivables.
Overview
The credit risk that the Group faces arises
from wholesale and retail loans and
advances together with the counterparty
credit risk arising from derivative contracts
with clients; trading activities, including:
\u2022 debt securities, settlement balances
with market counterparties, fair value
through other comprehensive income
(FVOCI) assets and reverse repurchase
loans.
Credit risk management objectives are to:
\u2022 maintain a framework of controls to
oversee credit risk
\u2022 identify, assess and measure credit risk
clearly and accurately across the Group
and within each separate business, from
the level of individual facilities up to the
total portfolio
\u2022 control and plan credit risk taking in line
with external stakeholder expectations,
including risk return objectives, and
avoiding undesirable concentrations
\u2022 monitor credit risk and adherence to
agreed controls.
Organisation, roles and responsibilities
The first line of defence has primary
responsibility for managing credit risk
within the risk appetite and limits set by the
Risk function, supported by a defined set
of policies, standards and controls. In the
entities, business risk committees
(attended by the first line) monitor and
review the credit risk profile of each
business unit where the most material
issues are escalated to the Retail Credit
Risk Management Committee, Wholesale
Credit Risk Management Committee and
Group Risk Committee.
Wholesale and retail portfolios are
managed separately to reflect the differing
nature of the assets; wholesale balances
tend to be larger and are managed on an
individual basis, while retail balances are
greater in number but lesser in value and
are, therefore, managed in aggregated
segments.
The responsibilities of the credit risk
management teams in the businesses, the
sanctioning team and other shared
services include: sanctioning new credit
agreements (principally wholesale); setting
strategies for approval of transactions
(principally retail); setting risk appetite;
monitoring risk against limits and other
parameters; maintaining robust
processes, data gathering, quality, storage
and reporting methods for effective credit
risk management; performing effective
turnaround and workout scenarios for
wholesale portfolios via dedicated
restructuring and recoveries teams;
maintaining robust collections and
recovery processes/units for retail
portfolios; and review and validation of
credit risk measurement models.
The credit risk management teams in each
legal entity are accountable to the relevant
Legal Entity CRO , who reports to the
Group CRO.
For wholesale portfolios, credit risk
managers are organised in sanctioning
teams by geography, industry and/or
product. In wholesale portfolios, credit risk
approval is undertaken by experienced
credit risk professionals operating within a
clearly defined delegated authority
framework, with only the most senior
credit officers assigned the higher levels of
delegated authority. The largest credit
exposures, which are outside the Risk
Sanctioning Unit or Risk Distribution
Committee authority, require the support
of a legal entity Senior Credit Officer. For
exposures in excess of the legal entity
Senior Credit Officer\u2019s authority, approval
by Group Senior Credit Officer/Board Risk
Committee is also required. The Group
Credit Risk Committee, attended by legal
entity Senior Credit Officers, provides a
formal mechanism for the Group Senior
Credit Officer to exercise the highest level
of credit authority over the most material
Group single name exposures.
Credit risk mitigation
The Group employs a range of techniques
and strategies to actively mitigate credit
risks. These can broadly be divided into
three types:
\u2022 netting and set-off
\u2022 collateral
\u2022 risk transfer.
Netting and set-off
Credit risk exposures can be reduced by
applying netting and set-off. For derivative
transactions, the Group\u2019s normal practice
is, on a legal entity basis, to enter into
standard master agreements with
counterparties (e.g. ISDAs). These master
agreements typically allow for netting of
credit risk exposure to a counterparty
resulting from derivative transactions
against the obligations to the counterparty
in the event of default, and so produce a
lower net credit exposure. These
agreements may also reduce settlement
exposure (e.g. for foreign exchange
transactions) by allowing payments on the
same day in the same currency to be set-
off against one another.
Collateral
The Group has the ability to call on
collateral in the event of default of the
counterparty, comprising:
\u2022 home loans: a fixed charge over
residential property in the form of
houses, flats and other d wellings
\u2022 wholesale lending: a fixed charge over
commercial property and other physical
assets, in various forms
\u2022 other retail lending: includes charges
over other physical assets; second lien
charges over residential property; and
finance lease receivables
\u2022 derivatives: the Group also often seeks
to enter into a margin agreement (e.g.
Credit Support Annex) with
counterparties with which the Group has
master netting agreements in place.
These annexes to master agreements
provide a mechanism for further
reducing credit risk, whereby collateral
(margin) is posted on a regular basis
(typically daily) to collateralise the mark
to market exposure of a derivative
portfolio measured on a net basis
\u2022 reverse repurchase agreements:
collateral typically comprises highly liquid
securities which have been legally
transferred to the Group subject to an
agreement to return them for a fixed
price
\u2022 financial guarantees and similar off-
balance sheet commitments: cash
collateral may be held against these
arrangements.
Risk transfer
A range of instruments including
guarantees, credit insurance, credit
derivatives and securitisation can be used
to transfer credit risk from one
counterparty to another. These mitigate
credit risk in three main ways:
\u2022 if the risk is transferred to a
counterparty which is more
creditworthy than the original
counterparty, then overall credit risk is
reduced
\u2022 where recourse to the first counterparty
remains, both counterparties must
default before a loss materialises. This is
less likely than the default of either
counterparty individually so credit risk is
reduced.
\u2022 first loss exposures across pools of
credit risk can be hedged via synthetic
securitisation structures, typically via
CLN (credit lending notes) issuance. As
these are fully funded upfront they
provide for a direct reduction in credit
risk exposure on referenced pools.
+
Detailed policies are in place to appropriately
recognise and record credit risk mitigation. For more
information, refer to pages 131 to 134 of the Barclays
PLC Pillar 3 Report 2023 (unaudited).
Governance and oversight of ECLs under
IFRS 9
The Group\u2019s organisational structure and
internal governance processes oversee
the estimation of ECL across several
areas, including: i) setting requirements in
policy, including key assumptions and the
application of key judgements; ii) the
design and execution of models; and iii)
review of ECL results.
i) Impairment policy requirements are set
and reviewed regularly, at a minimum
annually, to maintain adherence to
accounting standards. Key judgements
inherent in policy, including the estimated
life of revolving credit facilities and the
quantitative criteria for assessing the
significant increase in credit risk (SICR), are
separately supported by analytical study. In
particular, the quantitative thresholds used
for assessing SICR are subject to a number
of internal validation criteria, particularly in
retail portfolios where thresholds decrease
as the origination Probability of Default
(PD) of each facility increases. Key policy
requirements are also aligned to the
Group\u2019s credit risk management strategy
and practices, for example, wholesale
customers that are risk managed on an
individual basis are assessed for ECL on an
individual basis upon entering Stage 3;
furthermore, key internal risk management
indicators of high risk are used to set SICR
policy, for example, retail customers
identified as high risk account
management are automatically deemed to
have met the SICR criteria.
ii) ECL is estimated in line with internal
policy requirements using models which
are validated by a qualified independent
party to the model development area, the
Independent Validation Unit (IVU), before
first use and on a regular basis, at a
minimum every three years. Each model is
designated an owner who is responsible
for:
\u2022 model maintenance: monitoring of
model performance including
backtesting by comparing predicted
ECL versus flow into stage 3 and
coverage ratios; proposing material
changes for independent IVU approval;
and recalibrating model parameters on
more timely data
\u2022 proposing post-model adjustments
(PMA) to address model weaknesses or
to account for situations where known
or expected risk factors and information
have not been considered in the
modelling process. All PMAs relating to
model deficiencies, regardless of value
are approved by IVU for a set time
period. PMAs representing Expert
Judgement are validated by Risk, as the
second line of defence and approved for
a set time period. The most material
PMAs are also approved by the CRO.
Models must also assess ECL across a
range of future economic conditions.
These economic scenarios are generated
via an independent model and ultimately
set by the Senior Scenario Review
Committee. Economic scenarios are
regenerated at a minimum twice annually
but more frequently if deemed
appropriate, and also to align with the
Group\u2019s medium term planning exercise.
Each model used in the estimation of ECL,
including key inputs, are governed by a
series of internal controls, which include
the validation of completeness and
accuracy of data in golden source
systems, documented data
transformations and documented lineage
of data transfers between systems.
iii) The Group Impairment Committee,
formed of members from both Finance
and Risk and attended by both the Group
Finance Director and the Group CRO, is
responsible for overseeing impairment
policy and practice across the Group and
will approve impairment results. Reported
results and key messages are
communicated to the BAC, which has an
oversight role and provides challenge of
key assumptions, including the basis of the
scenarios adopted. Impairment results are
then factored into management decision
making, including but not limited to,
business planning, risk appetite setting and
portfolio management.
Maximum exposure and effects of netting, collateral and risk transfer (audited)
Maximum
exposure
Netting and
set-off
Cash
collateral
Non-cash
collateral
Risk transfer
Exposure net
of risk
mitigation
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On-balance sheet:
Cash and balances at central banks
224,634
\u2014
\u2014
\u2014
\u2014
224,634
Cash collateral and settlement balances
108,889
\u2014
\u2014
\u2014
\u2014
108,889
Loans and advances at amortised cost:
Retail mortgages
171,512
\u2014
(13)
(171,484)
\u2014
15
Retail credit cards
34,221
\u2014
\u2014
\u2014
\u2014
34,221
Retail other
9,952
\u2014
(1,028)
(2,329)
(39)
6,556
Corporate loans
127,062
(3,876)
(1,117)
(61,892)
(14,716)
45,461
Total loans and advances at amortised cost
342,747
(3,876)
(2,158)
(235,705)
(14,755)
86,253
Of which credit-impaired (Stage 3):
Retail mortgages
1,996
\u2014
\u2014
(1,994)
\u2014
2
Retail credit cards
387
\u2014
\u2014
\u2014
\u2014
387
Retail other
317
\u2014
(23)
(263)
\u2014
31
Corporate loans
1,956
\u2014
(4)
(1,098)
(546)
308
Total credit-impaired loans and advances at amortised cost
4,656
\u2014
(27)
(3,355)
(546)
728
Debt securities at amortised cost
56,749
\u2014
\u2014
(956)
(156)
55,637
Reverse repurchase agreements and other similar secured lending
2,594
\u2014
\u2014
(2,594)
\u2014
\u2014
Trading portfolio assets:
Debt securities
75,498
\u2014
\u2014
(521)
\u2014
74,977
Traded loans
12,653
\u2014
\u2014
(189)
\u2014
12,464
Total trading portfolio assets
88,151
\u2014
\u2014
(710)
\u2014
87,441
Financial assets at fair value through the income statement:
Loans and advances
47,639
\u2014
(47)
(41,334)
(4)
6,254
Debt securities
2,586
\u2014
\u2014
(221)
\u2014
2,365
Reverse repurchase agreements
149,131
\u2014
(3,416)
(145,292)
\u2014
423
Other financial assets
110
\u2014
\u2014
\u2014
\u2014
110
Total financial assets at fair value through the income statement
199,466
\u2014
(3,463)
(186,847)
(4)
9,152
Derivative financial instruments
256,836
(198,809)
(31,211)
(10,036)
(3,791)
12,989
Financial assets at fair value through other comprehensive income
71,830
\u2014
\u2014
(362)
(198)
71,270
Other assets
2,197
\u2014
(1)
\u2014
\u2014
2,196
Assets held for sale
3,855
\u2014
\u2014
\u2014
\u2014
3,855
Total on-balance sheet
1,357,948
(202,685)
(36,833)
(437,210)
(18,904)
662,316
Off-balance sheet:
Contingent liabilities
25,340
\u2014
(2,225)
(358)
(283)
22,474
Loan commitments
390,437
\u2014
(1,506)
(41,862)
(1,773)
345,296
Total off-balance sheet
415,777
\u2014
(3,731)
(42,220)
(2,056)
367,770
Total
1,773,725
(202,685)
(40,564)
(479,430)
(20,960)
1,030,086
Off-balance sheet exposures are shown gross of provisions of \u00a3504m (2022: \u00a3583m). See Note 24 for further details. In addition to the
above, the Group holds forward starting reverse repos with notional contract amounts of \u00a354.3bn ( 2022: \u00a348.4bn). These balances are
fully collateralised. Corporate loans at amortised cost\u00a0 include \u00a35.3bn (2022: \u00a38bn) of BBLS, CBILS and CLBILS supported by UK
government guarantees of \u00a35.1bn (2022: \u00a37.6bn), which are included within the Risk transfer column in the table. For further
information on credit risk mitigation techniques, refer to the Credit risk management section. Loan commitments reported also include
exposures relating to financial assets classified as assets held for sale.
Maximum exposure and effects of netting, collateral and risk transfer (audited)
Maximum
exposure
Netting and
set-off
Cash
collateral
Non-cash
collateral
Risk transfer
Exposure net
of risk
mitigation
As at 31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
On-balance sheet:
Cash and balances at central banks
256,351
\u2014
\u2014
\u2014
\u2014
256,351
Cash collateral and settlement balances
112,597
\u2014
\u2014
\u2014
\u2014
112,597
Loans and advances at amortised cost:
Retail mortgages
173,770
\u2014
(328)
(173,308)
(98)
36
Retail credit cards
34,584
\u2014
\u2014
\u2014
\u2014
34,584
Retail other
15,084
\u2014
(1,208)
(4,184)
(224)
9,468
Corporate loans
129,854
(4,442)
(672)
(60,617)
(17,190)
46,933
Total loans and advances at amortised cost
353,292
(4,442)
(2,208)
(238,109)
(17,512)
91,021
Of which credit-impaired (Stage 3):
Retail mortgages
2,000
\u2014
(1)
(1,996)
\u2014
3
Retail credit cards
425
\u2014
\u2014
\u2014
\u2014
425
Retail other
412
\u2014
(32)
(323)
(3)
54
Corporate loans
2,030
\u2014
(6)
(742)
(709)
573
Total credit-impaired loans and advances at amortised cost
4,867
\u2014
(39)
(3,061)
(712)
1,055
Debt securities at amortised cost
45,487
\u2014
\u2014
(695)
(196)
44,596
Reverse repurchase agreements and other similar secured lending
776
\u2014
\u2014
(776)
\u2014
\u2014
Trading portfolio assets:
Debt securities
55,475
\u2014
\u2014
(530)
\u2014
54,945
Traded loans
13,198
\u2014
\u2014
(250)
(48)
12,900
Total trading portfolio assets
68,673
\u2014
\u2014
(780)
(48)
67,845
Financial assets at fair value through the income statement:
Loans and advances
39,429
\u2014
(17)
(31,544)
(9)
7,859
Debt securities
3,249
\u2014
\u2014
(321)
\u2014
2,928
Reverse repurchase agreements
164,681
\u2014
(3,672)
(160,347)
\u2014
662
Other financial assets
118
\u2014
\u2014
\u2014
\u2014
118
Total financial assets at fair value through the income statement
207,477
\u2014
(3,689)
(192,212)
(9)
11,567
Derivative financial instruments
302,380
(238,337)
(34,547)
(11,434)
(7,275)
10,787
Financial assets at fair value through other comprehensive income
65,054
\u2014
\u2014
(222)
(711)
64,121
Other assets
1,656
\u2014
\u2014
\u2014
\u2014
1,656
Assets held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total on-balance sheet
1,413,743
(242,779)
(40,444)
(444,228)
(25,751)
660,541
Off-balance sheet:
Contingent liabilities
24,205
\u2014
(1,295)
(1,596)
(280)
21,034
Loan commitments
395,508
\u2014
(129)
(41,917)
(1,666)
351,796
Total off-balance sheet
419,713
\u2014
(1,424)
(43,513)
(1,946)
372,830
Total
1,833,456
(242,779)
(41,868)
(487,741)
(27,697)
1,033,371
Loans and advances at amortised cost by geography
Total loans and advances at amortised cost in the credit risk performance section includes loans and advances at amortised cost to
banks and loans and advances at amortised cost to customers.
The table below presents a product and geographical breakdown by stages of loans and advances at amortised cost. Also included are
stage allocation of debt securities and off-balance sheet loan commitments and financial guarantee contracts by gross exposure,
impairment allowance and coverage ratio as at 31 December 2023.
Impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total
impairment allowance is allocated to gross loans and advances to the extent allowance does not exceed the drawn exposure and any
excess is reported on the liabilities side of the balance sheet as a provision. For corporate portfolios, impairment allowance on undrawn
exposure is reported on the liability side of the balance sheet as a provision.
Loans and advances at amortised cost by geography (audited)
Gross exposure
Impairment allowance
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
146,001
19,123
1,812
166,936
43
77
112
232
Retail credit cards
8,094
2,128
198
10,420
111
492
107
710
Retail other
6,832
1,252
264
8,348
56
117
144
317
Corporate loans1
54,257
8,673
1,692
64,622
191
214
346
751
Total UK
215,184
31,176
3,966
250,326
401
900
709
2,010
Retail mortgages
4,201
346
612
5,159
7
28
316
351
Retail credit cards
22,315
3,450
1,522
27,287
412
1,138
1,226
2,776
Retail other
1,637
91
229
1,957
3
1
32
36
Corporate loans
58,248
4,629
862
63,739
96
200
252
548
Total Rest of the world
86,401
8,516
3,225
98,142
518
1,367
1,826
3,711
Total loans and advances at amortised cost
301,585
39,692
7,191
348,468
919
2,267
2,535
5,721
Debt securities at amortised cost
52,869
3,907
\u2014
56,776
11
16
\u2014
27
Total loans and advances at amortised cost
including debt securities
354,454
43,599
7,191
405,244
930
2,283
2,535
5,748
Off-balance sheet loan commitments and
financial guarantee contracts2
374,063
24,208
1,037
399,308
173
287
44
504
Total3,4
728,517
67,807
8,228
804,552
1,103
2,570
2,579
6,252
Net Exposure
Coverage ratio
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
Retail mortgages
145,958
19,046
1,700
166,704
\u2014
0.4
6.2
0.1
Retail credit cards
7,983
1,636
91
9,710
1.4
23.1
54.0
6.8
Retail other
6,776
1,135
120
8,031
0.8
9.3
54.5
3.8
Corporate loans1
54,066
8,459
1,346
63,871
0.4
2.5
20.4
1.2
Total UK
214,783
30,276
3,257
248,316
0.2
2.9
17.9
0.8
Retail mortgages
4,194
318
296
4,808
0.2
8.1
51.6
6.8
Retail credit cards
21,903
2,312
296
24,511
1.8
33.0
80.6
10.2
Retail other
1,634
90
197
1,921
0.2
1.1
14.0
1.8
Corporate loans
58,152
4,429
610
63,191
0.2
4.3
29.2
0.9
Total Rest of the world
85,883
7,149
1,399
94,431
0.6
16.1
56.6
3.8
Total loans and advances at amortised cost
300,666
37,425
4,656
342,747
0.3
5.7
35.3
1.6
Debt securities at amortised cost
52,858
3,891
\u2014
56,749
\u2014
0.4
\u2014
\u2014
Total loans and advances at amortised cost
including debt securities
353,524
41,316
4,656
399,496
0.3
5.2
35.3
1.4
Off-balance sheet loan commitments and
financial guarantee contracts2
373,890
23,921
993
398,804
\u2014
1.2
4.2
0.1
Total3, 4
727,414
65,237
5,649
798,300
0.2
3.8
31.3
0.8
Notes
1 Includes Business Banking, which has a gross exposure of \u00a315.2bn and an impairment allowance of \u00a3431m. This comprises \u00a399m impairment allowance on \u00a39.8bn Stage 1 exposure,
\u00a381m on \u00a34.1bn Stage 2 exposure and \u00a3251m on \u00a31.3bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is 0.6%.
2 Excludes loan commitments and financial guarantees of \u00a316.5bn carried at fair value and includes exposures relating to financial assets classified as assets held for sale.
3 Other financial assets subject to impairment not included in the table above include cash collateral and settlement balances, financial assets at fair value through other comprehensive
income and other assets. These have a total gross exposure of \u00a3183.6bn and impairment allowance of \u00a3151m. This comprises \u00a316m ECL on \u00a3182.8bn Stage 1 exposure, \u00a32m on
\u00a30.6bn\u00a0 Stage 2 exposure and \u00a3133m on \u00a3140m Stage 3 exposure.
4 The annualised loan loss rate is 46bps after applying the total impairment charge of \u00a31,881 m.
Assets held for sale
During 2023, gross loans and advances and related impairment allowances for the German consumer finance business\u00a0 were
reclassified from loans and advances to customers to assets held for sale in the balance sheet. Disclosures relating to assets held for
sale are provided in the credit risk tables, primarily where the disclosure is relevant to the measurement of these financial assets.
For further details on assets held for sale, see Note 40 to the financial statements.
Loans and advances to customers classified as assets held for sale
Stage 1
Stage 2
Stage 3
Total
Gross
ECL
Coverage
Gross
ECL
Coverage
Gross
ECL
Coverage
Gross
ECL
Coverage
As at 31 December 20231
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
%
Retail credit cards
1,621
15
0.9
445
41
9.2
92
68
73.9
2,158
124
5.7
Retail other
1,561
20
1.3
288
32
11.1
84
60
71.4
1,933
112
5.8
Total Rest of the World
3,182
35
1.1
733
73
10.0
176
128
72.7
4,091
236
5.8
Note
1 In 2022, total gross exposure of \u00a34.3bn and impairment allowance of \u00a3296m was included in loans and advances at amortised cost which has now been classified as assets held for sale.
This comprises \u00a337m ECL on \u00a33.1bn Stage 1 exposure, \u00a3141m on \u00a31.0bn Stage 2 exposure and \u00a3118m on \u00a3153m Stage 3 exposure.
Loans and advances at amortised cost by geography (audited)
Gross exposure
Impairment allowance
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
145,821
17,735
1,481
165,037
21
49
58
128
Retail credit cards
7,119
2,569
251
9,939
127
493
137
757
Retail other
8,202
1,197
293
9,692
72
138
145
355
Corporate loans1
55,187
12,528
2,008
69,723
317
264
360
941
Total UK
216,329
34,029
4,033
254,391
537
944
700
2,181
Retail mortgages
7,851
465
933
9,249
8
24
356
388
Retail credit cards
22,669
3,880
1,129
27,678
331
1,127
818
2,276
Retail other
5,268
271
427
5,966
28
28
163
219
Corporate loans\u00a0
56,704
4,290
564
61,558
144
160
182
486
Total Rest of the World
92,492
8,906
3,053
104,451
511
1,339
1,519
3,369
Total loans and advances at amortised cost
308,821
42,935
7,086
358,842
1,048
2,283
2,219
5,550
Debt securities at amortised cost
41,724
3,805
\u2014
45,529
9
33
0
42
Total loans and advances at amortised cost
including debt securities
350,545
46,740
7,086
404,371
1,057
2,316
2,219
5,592
Off-balance sheet loan commitments and
financial guarantee contracts2
372,945
30,694
1,180
404,819
245
315
23
583
Total3,4
723,490
77,434
8,266
809,190
1,302
2,631
2,242
6,175
Net Exposure
Coverage ratio
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
Retail mortgages
145,800
17,686
1,423
164,909
\u2014
0.3
3.9
0.1
Retail credit cards
6,992
2,076
114
9,182
1.8
19.2
54.6
7.6
Retail other
8,130
1,059
148
9,337
0.9
11.5
49.5
3.7
Corporate loans1
54,870
12,264
1,648
68,782
0.6
2.1
17.9
1.3
Total UK
215,792
33,085
3,333
252,210
0.2
2.8
17.4
0.9
Retail mortgages
7,843
441
577
8,861
0.1
5.2
38.2
4.2
Retail credit cards
22,338
2,753
311
25,402
1.5
29.0
72.5
8.2
Retail other
5,240
243
264
5,747
0.5
10.3
38.2
3.7
Corporate loans
56,560
4,130
382
61,072
0.3
3.7
32.3
0.8
Total Rest of the World
91,981
7,567
1,534
101,082
0.6
15.0
49.8
3.2
Total loans and advances at amortised cost
307,773
40,652
4,867
353,292
0.3
5.3
31.3
1.5
Debt securities at amortised cost
41,715
3,772
\u2014
45,487
\u2014
0.9
\u2014
0.1
Total loans and advances at amortised cost
including debt securities
349,488
44,424
4,867
398,779
0.3
5.0
31.3
1.4
Off-balance sheet loan commitments and
financial guarantee contracts2
372,700
30,379
1,157
404,236
0.1
1.0
1.9
0.1
Total3, 4
722,188
74,803
6,024
803,015
0.2
3.4
27.1
0.8
Notes
1 Includes Business Banking, which has a gross exposure of \u00a318.1bn and an impairment allowance of \u00a3519m. This comprises \u00a3149m impairment allowance on \u00a310.5bn Stage 1 exposure,
\u00a3121m on \u00a36.0bn Stage 2 exposure and \u00a3249m on \u00a31.6bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is 0.8%.
2 Excludes loan commitments and financial guarantees of \u00a314.9bn carried at fair value.
3 Other financial assets subject to impairment not included in the table above include cash collateral and settlement balances, financial assets at fair value through other comprehensive
income and other assets. These have a total gross exposure of \u00a3180.1bn and impairment allowance of \u00a3 163m. This comprises \u00a3 10m ECL on \u00a3178.4bn Stage 1 exposure, \u00a3 9m on
\u00a31.5bn Stage 2 exposure and \u00a3144m on \u00a3149m Stage 3 exposure.
4 The annualised loan loss rate is 30bps after applying the total impairment charge of \u00a31,220m.
Loans and advances at amortised cost by product (audited)
The table below presents a product breakdown by stages of loans and advances at amortised cost. Also included is a breakdown of
Stage 2 past due balances.
Loans and advances at amortised cost by product (audited)
Stage 2
As at 31 December 2023
Stage 1
Not past due
<=30 days
past due
>30 days past
due
Total
Stage 3
Total
Gross exposure
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
150,202
16,834
1,971
664
19,469
2,424
172,095
Retail credit cards
30,409
4,858
392
328
5,578
1,720
37,707
Retail other
8,469
1,094
126
123
1,343
493
10,305
Corporate loans
112,505
12,960
179
163
13,302
2,554
128,361
Total
301,585
35,746
2,668
1,278
39,692
7,191
348,468
Impairment allowance
Retail mortgages
50
73
20
12
105
428
583
Retail credit cards
523
1,257
166
207
1,630
1,333
3,486
Retail other
59
82
18
18
118
176
353
Corporate loans
287
399
8
7
414
598
1,299
Total
919
1,811
212
244
2,267
2,535
5,721
Net exposure
Retail mortgages
150,152
16,761
1,951
652
19,364
1,996
171,512
Retail credit cards
29,886
3,601
226
121
3,948
387
34,221
Retail other
8,410
1,012
108
105
1,225
317
9,952
Corporate loans
112,218
12,561
171
156
12,888
1,956
127,062
Total
300,666
33,935
2,456
1,034
37,425
4,656
342,747
Coverage ratio
%
%
%
%
%
%
%
Retail mortgages
\u2014
0.4
1.0
1.8
0.5
17.7
0.3
Retail credit cards
1.7
25.9
42.3
63.1
29.2
77.5
9.2
Retail other
0.7
7.5
14.3
14.6
8.8
35.7
3.4
Corporate loans
0.3
3.1
4.5
4.3
3.1
23.4
1.0
Total
0.3
5.1
7.9
19.1
5.7
35.3
1.6
As at 31 December 2022
Gross exposure
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
153,672
15,990
1,684
526
18,200
2,414
174,286
Retail credit cards
29,788
5,731
284
434
6,449
1,380
37,617
Retail other
13,470
1,232
104
132
1,468
720
15,658
Corporate loans
111,891
16,552
159
107
16,818
2,572
131,281
Total
308,821
39,505
2,231
1,199
42,935
7,086
358,842
Impairment allowance
Retail mortgages
29
53
11
9
73
414
516
Retail credit cards
458
1,334
100
186
1,620
955
3,033
Retail other
100
118
22
26
166
308
574
Corporate loans
461
401
13
10
424
542
1,427
Total
1,048
1,906
146
231
2,283
2,219
5,550
Net exposure
Retail mortgages
153,643
15,937
1,673
517
18,127
2,000
173,770
Retail credit cards
29,330
4,397
184
248
4,829
425
34,584
Retail other
13,370
1,114
82
106
1,302
412
15,084
Corporate loans
111,430
16,151
146
97
16,394
2,030
129,854
Total
307,773
37,599
2,085
968
40,652
4,867
353,292
Coverage ratio
%
%
%
%
%
%
%
Retail mortgages
\u2014
0.3
0.7
1.7
0.4
17.1
0.3
Retail credit cards
1.5
23.3
35.2
42.9
25.1
69.2
8.1
Retail other
0.7
9.6
21.2
19.7
11.3
42.8
3.7
Corporate loans
0.4
2.4
8.2
9.3
2.5
21.1
1.1
Total
0.3
4.8
6.5
19.3
5.3
31.3
1.5
Movement in gross exposures and impairment allowance including provisions for loan commitments and
financial guarantees
The following tables present a reconciliation of the opening to the closing balance of the exposure and impairment allowance.
Transfers between stages in the tables have been reflected as if they had taken place at the beginning of the year. 'Net drawdowns,
repayments, net-remeasurement and movements due to exposure and risk parameter changes' includes additional drawdowns and
partial repayments from existing facilities. Additionally, the below tables do not include other financial assets subject to impairment such
as debt securities at amortised cost, cash collateral and settlement balances, financial assets at fair value through other comprehensive
income and other assets.
The movements are measured over a 12-month period.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2023
153,672
29
18,200
73
2,414
414
174,286
516
Transfers from Stage 1 to Stage 2
(9,557)
(2)
9,557
2
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
6,052
22
(6,052)
(22)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(453)
\u2014
(530)
(13)
983
13
\u2014
\u2014
Transfers from Stage 3
26
1
122
2
(148)
(3)
\u2014
\u2014
Business activity in the year1
23,329
13
978
7
26
11
24,333
31
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-measurement
and movements due to exposure and risk parameter
changes
(11,505)
(8)
(1,136)
65
(502)
27
(13,143)
84
Final repayments
(10,837)
(3)
(1,666)
(9)
(328)
(15)
(12,831)
(27)
Disposals2
(525)
(2)
(4)
\u2014
(2)
\u2014
(531)
(2)
Write-offs
\u2014
\u2014
\u2014
\u2014
(19)
(19)
(19)
(19)
As at 31 December 2023
150,202
50
19,469
105
2,424
428
172,095
583
Retail credit cards
As at 1 January 2023
29,788
458
6,449
1,620
1,380
955
37,617
3,033
Transfers from Stage 1 to Stage 2
(2,406)
(68)
2,406
68
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
2,900
590
(2,900)
(590)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(678)
(27)
(874)
(374)
1,552
401
\u2014
\u2014
Transfers from Stage 3
54
32
31
18
(85)
(50)
\u2014
\u2014
Business activity in the year
2,775
60
332
116
29
25
3,136
201
Refinements to models used for calculation3
\u2014
(28)
\u2014
37
\u2014
11
\u2014
20
Net drawdowns, repayments, net re-measurement
and movements due to exposure and risk parameter
changes
(162)
(465)
649
797
(47)
998
440
1,330
Final repayments
(241)
(14)
(70)
(21)
(26)
(19)
(337)
(54)
Transfers to assets held for sale4
(1,621)
(15)
(445)
(41)
(92)
(68)
(2,158)
(124)
Disposals2
\u2014
\u2014
\u2014
\u2014
(186)
(115)
(186)
(115)
Write-offs
\u2014
\u2014
\u2014
\u2014
(805)
(805)
(805)
(805)
As at 31 December 2023
30,409
523
5,578
1,630
1,720
1,333
37,707
3,486
Retail other
As at 1 January 2023
13,470
100
1,468
166
720
308
15,658
574
Transfers from Stage 1 to Stage 2
(1,179)
(13)
1,179
13
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
463
36
(463)
(36)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(549)
(4)
(154)
(44)
703
48
\u2014
\u2014
Transfers from Stage 3
33
3
9
4
(42)
(7)
\u2014
\u2014
Business activity in the year
7,302
27
197
23
28
21
7,527
71
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-measurement
and movements due to exposure and risk parameter
changes
(4,163)
(57)
(247)
31
(146)
115
(4,556)
89
Final repayments
(5,347)
(13)
(358)
(7)
(421)
(44)
(6,126)
(64)
Transfers to assets held for sale4
(1,561)
(20)
(288)
(32)
(84)
(60)
(1,933)
(112)
Disposals2
\u2014
\u2014
\u2014
\u2014
(134)
(74)
(134)
(74)
Write-offs
\u2014
\u2014
\u2014
\u2014
(131)
(131)
(131)
(131)
As at 31 December 2023
8,469
59
1,343
118
493
176
10,305
353
Notes
1 Business activity in the year reported within Retail mortgages includes an acquisition of Kensington Mortgage Company in UK Mortgages of \u00a32.4bn.
2 The \u00a3531m of disposals reported within Retail mortgages relate to transfer of facilities to a non-consolidated special purpose vehicle for the purpose of securitisation. The \u00a3186m\u00a0 of
disposals reported within Retail credit cards include debt sales undertaken during the year. The \u00a3134m of disposals reported within Retail other include \u00a364m part sale of Wealth
portfolio in Italy and \u00a370m of debt sales undertaken during the year.
3 Refinements to models used for calculation reported within Retail credit cards include a \u00a388m movement in UK Cards, \u00a343m movement in US Cards and \u00a3(111)m movement in the
German consumer finance business. These reflect model enhancements\u00a0 made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL
calculation including review of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that the models used
continue to reflect the\u00a0 risks inherent across the businesses.
4 Transfers to assets held for sale reported within Retail credit cards and Retail other relate to the German consumer finance business.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Corporate loans
As at 1 January 2023
111,891
461
16,818
424
2,572
542
131,281
1,427
Transfers from Stage 1 to Stage 2
(6,172)
(45)
6,172
45
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
5,592
108
(5,592)
(108)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(758)
(10)
(1,011)
(27)
1,769
37
\u2014
\u2014
Transfers from Stage 3
195
16
403
22
(598)
(38)
\u2014
\u2014
Business activity in the year
23,213
43
933
29
205
29
24,351
101
Refinements to models used for calculation1
\u2014
(61)
\u2014
174
\u2014
\u2014
\u2014
113
Net drawdowns, repayments, net re-measurement
and movements due to exposure and risk parameter
changes 2
2,079
(179)
(1,618)
(73)
(667)
405
(206)
153
Final repayments
(23,149)
(43)
(2,689)
(46)
(406)
(65)
(26,244)
(154)
Disposals3
(386)
(3)
(114)
(26)
(108)
(99)
(608)
(128)
Write-offs
\u2014
\u2014
\u2014
\u2014
(213)
(213)
(213)
(213)
As at 31 December 2023
112,505
287
13,302
414
2,554
598
128,361
1,299
Reconciliation of ECL movement to credit impairment charge/(release)\u00a0 for the period
Stage 1
Stage 2
Stage 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
23
32
33
88
Retail credit cards
80
51
1,366
1,497
Retail other
(21)
(16)
133
96
Corporate loans
(171)
16
368
213
ECL movements excluding assets held for sale, disposals and write-offs4
(89)
83
1,900
1,894
ECL movement on loan commitments and other financial guarantees
(72)
(28)
21
(79)
ECL movement on other financial assets
6
(7)
(11)
(12)
ECL movement on debt securities at amortised cost
2
(17)
\u2014
(15)
Recoveries and reimbursements5
4
(4)
(73)
(73)
Total exchange and other adjustments
166
Total credit impairment charge for the year
1,881
Notes
1 Refinements to models used for calculation reported within Corporate loans include a \u00a393m movement in Corporate and Investment Bank and \u00a320m movement in Barclaycard
Payments. These reflect model enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation including review\u00a0 of
model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that the models used continue to reflect the risks
inherent across the businesses.
2 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within Corporate loans also include assets of \u00a30.8bn
derecognised due to payment received on defaulted loans from government guarantees issued under government\u2019s Bounce Back Loans Scheme.
3 The \u00a3608m of disposals reported within Corporate loans relate to debt sales undertaken during the year.
4 In 2023, gross write-offs amounted to \u00a31,168m (2022: \u00a31,620m) and post write-off recoveries amounted to \u00a344m (2022: \u00a364m). Net write-offs represent gross write-offs less post
write-off recoveries and amounted to \u00a31,124m (2022: \u00a31,556m).
5 Recoveries and reimbursements include \u00a329m for reimbursements expected to be received under the arrangement where Group has entered into financial guarantee contracts\u00a0 which\u00a0
provi de credit protection over certain assets with third parties and\u00a0 cash recoveries of previously written off amounts of \u00a344m.
Loan commitments and financial guarantees (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2023
11,714
\u2014
450
\u2014
6
\u2014
12,170
\u2014
Net transfers between stages
(62)
\u2014
53
\u2014
9
\u2014
\u2014
\u2014
Business activity in the year
4,184
\u2014
\u2014
\u2014
\u2014
\u2014
4,184
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(7,669)
\u2014
(11)
\u2014
(11)
\u2014
(7,691)
\u2014
Limit management and final repayments
(391)
\u2014
(44)
\u2014
\u2014
\u2014
(435)
\u2014
As at 31 December 2023
7,776
\u2014
448
\u2014
4
\u2014
8,228
\u2014
Retail credit cards1
As at 1 January 2023
144,957
50
5,435
83
228
\u2014
150,620
133
Net transfers between stages
448
61
(538)
(61)
90
\u2014
\u2014
\u2014
Business activity in the year
19,098
16
224
13
1
\u2014
19,323
29
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(5,863)
(59)
(1,769)
53
(101)
\u2014
(7,733)
(6)
Limit management and final repayments
(13,849)
(9)
(545)
(34)
(76)
\u2014
(14,470)
(43)
As at 31 December 2023
144,791
59
2,807
54
142
\u2014
147,740
113
Retail other1
As at 1 January 2023
10,427
5
520
\u2014
80
\u2014
11,027
5
Net transfers between stages
(171)
\u2014
140
\u2014
31
\u2014
\u2014
\u2014
Business activity in the year
1,639
\u2014
1
\u2014
4
\u2014
1,644
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(1,690)
1
(93)
2
(59)
\u2014
(1,842)
3
Limit management and final repayments
(1,598)
\u2014
(33)
\u2014
(12)
\u2014
(1,643)
\u2014
As at 31 December 2023
8,607
6
535
2
44
\u2014
9,186
8
Corporate loans
As at 1 January 2023
205,847
190
24,289
232
866
23
231,002
445
Net transfers between stages
2,416
23
(2,423)
(23)
7
\u2014
\u2014
\u2014
Business activity in the year
54,807
27
2,271
43
39
2
57,117
72
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
3,556
(106)
97
25
206
24
3,859
(57)
Limit management and final repayments
(53,737)
(26)
(3,816)
(46)
(271)
(5)
(57,824)
(77)
As at 31 December 2023
212,889
108
20,418
231
847
44
234,154
383
Note
1 Loan commitments reported within Retail credit cards and Retail other also include financial assets classified as held for sale.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2022
148,058
19
19,500
59
2,122
397
169,680
475
Transfers from Stage 1 to Stage 2
(8,747)
(1)
8,747
1
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
7,489
24
(7,489)
(24)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(400)
\u2014
(725)
(6)
1,125
6
\u2014
\u2014
Transfers from Stage 3
32
1
229
4
(261)
(5)
\u2014
\u2014
Business activity in the year
30,028
10
1,142
7
6
\u2014
31,176
17
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to exposure
and risk parameter changes
(8,846)
(22)
(1,081)
36
(125)
52
(10,052)
66
Final repayments
(13,942)
(2)
(2,123)
(4)
(426)
(9)
(16,491)
(15)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Write-offs
\u2014
\u2014
\u2014
\u2014
(27)
(27)
(27)
(27)
As at 31 December 2022
153,672
29
18,200
73
2,414
414
174,286
516
Retail credit cards
As at 1 January 2022
23,654
698
4,287
1,526
1,551
1,092
29,492
3,316
Transfers from Stage 1 to Stage 2
(2,661)
(67)
2,661
67
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
1,554
445
(1,554)
(445)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(416)
(16)
(542)
(260)
958
276
\u2014
\u2014
Transfers from Stage 3
44
26
9
4
(53)
(30)
\u2014
\u2014
Business activity in the year
5,060
120
389
128
122
97
5,571
345
Refinements to models used for calculation1
\u2014
82
\u2014
(50)
\u2014
96
\u2014
128
Net drawdowns, repayments, net re-
measurement and movements due to exposure
and risk parameter changes
2,973
(801)
1,296
685
59
579
4,328
463
Final repayments
(261)
(25)
(68)
(24)
(34)
(18)
(363)
(67)
Disposals2
(159)
(4)
(29)
(11)
(219)
(133)
(407)
(148)
Write-offs
\u2014
\u2014
\u2014
\u2014
(1,004)
(1,004)
(1,004)
(1,004)
As at 31 December 2022
29,788
458
6,449
1,620
1,380
955
37,617
3,033
Retail other
As at 1 January 2022
13,413
106
1,288
154
774
406
15,475
666
Transfers from Stage 1 to Stage 2
(734)
(10)
734
10
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
367
39
(367)
(39)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(224)
(4)
(155)
(43)
379
47
\u2014
\u2014
Transfers from Stage 3
43
7
16
9
(59)
(16)
\u2014
\u2014
Business activity in the year
6,190
50
370
54
34
28
6,594
132
Refinements to models used for calculation1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to exposure
and risk parameter changes
(1,853)
(77)
(146)
28
97
176
(1,902)
127
Final repayments
(3,732)
(11)
(272)
(7)
(194)
(42)
(4,198)
(60)
Disposals2
\u2014
\u2014
\u2014
\u2014
(56)
(36)
(56)
(36)
Write-offs
\u2014
\u2014
\u2014
\u2014
(255)
(255)
(255)
(255)
As at 31 December 2022
13,470
100
1,468
166
720
308
15,658
574
Notes
1 Refinements to models used for calculation reported within Retail credit cards include a \u00a30.3bn movement in US Cards and \u00a3(0.2)bn in UK Cards. These reflect model enhancements\u00a0
made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation including review of model monitoring, external benchmarking and
experience of model operation over an extended period of time. This helps to ensure that the models used continue to reflect the\u00a0 risks inherent across the businesses.
2 The \u00a30.4bn of disposals reported within Retail credit cards\u00a0 include a \u00a30.2bn sale of NFL portfolio within US Cards and \u00a30.2bn of debt sales undertaken during the year. The \u00a30.1bn
disposals reported within Retail other include debt sales undertaken during the year.
Loans and advances at amortised cost (audited)
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Corporate loans
As at 1 January 2022
102,337
377
15,609
270
2,756
625
120,702
1,272
Transfers from Stage 1 to Stage 2
(7,662)
(68)
7,662
68
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
5,278
60
(5,278)
(60)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(1,489)
(6)
(694)
(15)
2,183
21
\u2014
\u2014
Transfers from Stage 3
204
21
339
28
(543)
(49)
\u2014
\u2014
Business activity in the year
24,187
86
2,655
79
239
31
27,081
196
Refinements to models used for calculation1
\u2014
(60)
\u2014
(61)
\u2014
(374)
\u2014
(495)
Net drawdowns, repayments, net re-
measurement and movements due to exposure
and risk parameter changes 2
11,023
91
303
163
(1,449)
725
9,877
979
Final repayments
(21,987)
(40)
(3,747)
(48)
(231)
(56)
(25,965)
(144)
Disposals3
\u2014
\u2014
(31)
\u2014
(49)
(47)
(80)
(47)
Write-offs
\u2014
\u2014
\u2014
\u2014
(334)
(334)
(334)
(334)
As at 31 December 2022
111,891
461
16,818
424
2,572
542
131,281
1,427
Reconciliation of ECL movement to credit impairment charge/(release) for the period
Stage 1
Stage 2
Stage 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
10
14
44
68
Retail credit cards
(236)
105
1,000
869
Retail other
(6)
12
193
199
Corporate loans
84
154
298
536
ECL movement derecognised due to disposals and write-offs4
(148)
285
1,535
1,672
ECL movement on loan commitments and financial guarantees
28
13
\u2014
41
ECL movement\u00a0 on other financial assets
4
8
37
49
ECL movement on debt securities at amortised cost
3
27
(1)
29
Recoveries and reimbursements5
(122)
(63)
(78)
(263)
Total exchange and other adjustments
(308)
Total credit impairment charge for the year
1,220
Notes
1 Refinements to model\u00a0 used for calculation reported within Corporate loans include a \u00a3(0.5)bn movement in Business Banking. These reflect model enhancements made during the
year. Barclays continually review the output of models to determine\u00a0 accuracy of the ECL calculation including review of model monitoring, external benchmarking and experience of
model operation over an extended period of time. This ensures that the models used continue to reflect the risks inherent across the businesses.
2 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within\u00a0 Corporate loans also include assets of \u00a31.3bn\u00a0
derecognised due to payment received on defaulted loans from government guarantees issued under government\u2019s Bounce Back Loans Scheme.
3 The \u00a380m of disposals reported within Corporate loans relate to debt sales undertaken during the year.
4 In 2022, gross write-offs amounted to \u00a31,620m. In Q422, \u00a3329m of balances with de minimis recovery expectations were written-off in line with policy in UK Cards and Unsecured
Loans. Post write-off recoveries amounted to \u00a364m. Net write-offs represent gross write-offs less post write-off recoveries and amounted to \u00a31,556m.
5 Recoveries and reimbursements include \u00a3199m for reimbursements expected to be received under the arrangement where Group has entered into financial\u00a0 guarantees contracts\u00a0
which provide credit protection over certain assets with third parties and cash recoveries of previously written off amounts of \u00a364m.
Loan commitments and financial guarantees (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2022
10,833
\u2014
532
\u2014
3
\u2014
11,368
\u2014
Net transfers between stages
8
\u2014
(17)
\u2014
9
\u2014
\u2014
\u2014
Business activity in the year
8,034
\u2014
\u2014
\u2014
\u2014
\u2014
8,034
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(6,793)
\u2014
(21)
\u2014
(6)
\u2014
(6,820)
\u2014
Limit management and final repayments
(368)
\u2014
(44)
\u2014
\u2014
\u2014
(412)
\u2014
As at 31 December 2022
11,714
\u2014
450
\u2014
6
\u2014
12,170
\u2014
Retail credit cards
As at 1 January 2022
107,980
38
4,727
56
187
1
112,894
95
Net transfers between stages
(3,029)
41
2,834
(42)
195
1
\u2014
\u2014
Business activity in the year
35,573
23
408
27
1
\u2014
35,982
50
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
11,581
(45)
(2,087)
65
(73)
(2)
9,421
18
Limit management and final repayments
(7,148)
(7)
(447)
(23)
(82)
\u2014
(7,677)
(30)
As at 31 December 2022
144,957
50
5,435
83
228
\u2014
150,620
133
Retail other
As at 1 January 2022
10,983
5
507
\u2014
10
\u2014
11,500
5
Net transfers between stages
(203)
\u2014
121
\u2014
82
\u2014
\u2014
\u2014
Business activity in the year
2,254
\u2014
3
\u2014
2
\u2014
2,259
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(1,665)
\u2014
(102)
\u2014
(8)
\u2014
(1,775)
\u2014
Limit management and final repayments
(942)
\u2014
(9)
\u2014
(6)
\u2014
(957)
\u2014
As at 31 December 2022
10,427
5
520
\u2014
80
\u2014
11,027
5
Corporate loans
As at 1 January 2022
182,346
174
29,049
246
1,098
22
212,493
442
Net transfers between stages
5,668
66
(5,664)
(64)
(4)
(2)
\u2014
\u2014
Business activity in the year
44,060
30
4,273
54
26
2
48,359
86
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
28,070
(51)
6,193
61
68
5
34,331
15
Limit management and final repayments
(54,297)
(29)
(9,562)
(65)
(322)
(4)
(64,181)
(98)
As at 31 December 2022
205,847
190
24,289
232
866
23
231,002
445
Management adjustments to models for impairment (audited)
Management adjustments to impairment models are applied in order to factor in certain conditions or changes in policy that are not fully
incorporated into the impairment models, or to reflect additional facts and circumstances at the period end. Management adjustments
are reviewed and incorporated into future model development where applicable.
Management adjustments are captured through \u201cEconomic uncertainty\u201d and \u201cOther\u201d adjustments, and are presented by product and
geography below:
Management adjustments to models for impairment allowance presented by product and geography (audited)1
Impairment
allowance pre
management
adjustments 2
Economic
uncertainty
adjustments
(a)
Other
adjustments
(b)
Management
adjustments
(a+b)
Total
impairment
allowance3
Proportion of
Management
adjustments to
total impairment
allowance
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail mortgages
54
57
121
178
232
76.7
Retail credit cards
700
45
(9)
36
736
4.9
Retail other
251
9
62
71
322
22.0
Corporate loans
761
71
10
81
842
9.6
Total UK
1,766
182
184
366
2,132
17.2
Retail mortgages
354
\u2014
(3)
(3)
351
(0.9)
Retail credit cards
2,855
\u2014
8
8
2,863
0.3
Retail other
45
\u2014
(6)
(6)
39
(15.4)
Corporate loans
828
16
(4)
12
840
1.4
Total Rest of the World
4,082
16
(5)
11
4,093
0.3
Total
5,848
198
179
377
6,225
6.1
Debt securities at amortised cost
27
\u2014
\u2014
\u2014
27
\u2014
Total including debt securities at amortised cost
5,875
198
179
377
6,252
6.0
As at 31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail mortgages
39
4
85
89
128
69.5
Retail credit cards
679
93
32
125
804
15.5
Retail other
257
23
80
103
360
28.6
Corporate loans
682
249
166
415
1,097
37.8
Total UK
1,657
369
363
732
2,389
30.6
Retail mortgages
388
\u2014
\u2014
\u2014
388
\u2014
Retail credit cards
2,307
\u2014
55
55
2,362
2.3
Retail other
198
2
19
21
219
9.6
Corporate loans
1,058
(54)
(229)
(283)
775
(36.5)
Total Rest of the World
3,951
(52)
(155)
(207)
3,744
(5.5)
Total
5,608
317
208
525
6,133
8.6
Debt securities at amortised cost
42
\u2014
\u2014
\u2014
42
\u2014
Total including debt securities at amortised cost
5,650
317
208
525
6,175
8.5
Economic uncertainty adjustments presented by stage (audited)
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
12
32
13
57
Retail credit cards
8
37
\u2014
45
Retail other
3
6
\u2014
9
Corporate loans
48
12
11
71
Total UK
71
87
24
182
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
4
12
\u2014
16
Total Rest of the World
4
12
\u2014
16
Total
75
99
24
198
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
1
3
\u2014
4
Retail credit cards
17
76
\u2014
93
Retail other
7
15
1
23
Corporate loans
189
60
\u2014
249
Total UK
214
154
1
369
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
2
\u2014
2
Corporate loans
(8)
(46)
\u2014
(54)
Total Rest of the World
(8)
(44)
\u2014
(52)
Total
206
110
1
317
Notes
1 Positive values reflect an increase in impairment allowance and negative values reflect a reduction in the impairment allowance.
2 Includes \u00a35.2bn (2022: \u00a3 4.8bn) of modelled ECL, \u00a30.4bn (2022: \u00a30.4bn) of individually assessed impairments and \u00a30.3bn (2022: \u00a30.5 bn) ECL from non-modelled exposures and debt
securities.
3 Total impairment allowance consists of ECL stock on drawn and undrawn exposure.
Economic uncertainty adjustments
Models have been developed with data from non-inflationary periods establishing a relationship between input variables and customer
delinquency based on past behaviour. As such there is a risk that the modelled output fails to capture the appropriate response to
changes in macroeconomic variables including higher interest rates and continuing inflationary stress with modelled impairment
provisions impacted by uncertainty.
This uncertainty continues to be captured in two ways. Firstly, customer uncertainty: the identification of customers and clients who
may be more vulnerable to economic instability; and secondly, model uncertainty: to capture the impact from model limitations and
sensitivities to specific macroeconomic parameters which are applied at a portfolio level.
Economic uncertainty adjustments have decreased from last year following the re-build of UK cards and certain CIB impairment models
which better capture the macroeconomic outlook. Furthermore, adjustments have been reassessed to capture affordability headwinds
in UK retail lending.
The balance as at 31 December 2023 is \u00a3198m (2022: \u00a3317m) and includes:
Customer and client uncertainty provisions of \u00a3166m (2022: \u00a3423m):
UK retail lending includes adjustments applied to customers considered most vulnerable to affordability pressures.
\u2022 Retail mortgages (UK) \u00a325m (2022: \u00a34m): The increase primarily reflects the risk of borrowers refinancing onto higher rates in the
medium term.
\u2022 Retail credit cards (UK) \u00a345m (2022: \u00a393m): The reduction reflects the re-build of UK cards impairment models which better
capture sensitivity to movements in interest rates and inflation.
\u2022 Retail other (UK) \u00a39m (2022: \u00a323m): The reduction reflects customer resilience to affordability headwinds.
Corporate loans \u00a387m (2022: \u00a3301m): This includes an adjustment of \u00a371m in UK to reflect possible cross default risk on Barclays\u2019
lending in respect of clients who have taken bounce back loans and \u00a316m in Rest of the World (ROW) to provide for downside
uncertainties on European Corporates reflecting recent changes in the macroeconomic outlook.
The reduction of \u00a3(214)m in UK and ROW is informed by retirement of an adjustment for high risk sectors following a granular credit risk
assessment, and re-build of certain CIB impairment models which more appropriately capture downside risk.
Model uncertainty provisions of \u00a332m (2022: \u00a3(106)m):
Retail mortgages (UK) \u00a332m (2022: nil ): This includes an adjustment to correct for higher recovery expectations impacted by model
oversensitivity to certain macroeconomic variables.
Corporate loans \u00a3nil (2022: \u00a3(106)m): The adjustment held in the previous year to correct for model oversensitivity has been retired
following the re-build of certain CIB impairment models which more appropriately capture the macroeconomic outlook.
Other adjustments
Other adjustments are operational in nature and are expected to remain in place until they can be reflected in the underlying models.
These adjustments result from data limitations and model performance related issues identified through model monitoring and other
established governance processes.
Other adjustments of \u00a3179m (2022: \u00a3208m) includes:
Adjustments for definition of default (DOD) under the Capital Requirements Regulation and model monitoring in Retail mortgages,
Retail other and Corporate loans.
Retail mortgages (UK) \u00a3121m (2022: \u00a385m): The increase reflects re-sizing of an adjustment for DOD and an ECL provision for
Kensington Mortgages which was acquired during the year.
Retail credit cards:
\u2022 UK \u00a3(9)m (2022: \u00a332m): The reduction is informed by retirement of operational adjustments following the re-build of UK cards
impairment models.
\u2022 ROW \u00a38m (2022: \u00a355m): The reduction is informed by retirement of an adjustment in US cards for high-risk account management
(HRAM) accounts following model remediation during the year.
Retail other:
\u2022 UK \u00a362m (2022: \u00a380m): The underlying adjustments were re-sized and remain broadly in line with the previous year.
\u2022 ROW \u00a3(6)m (2022: \u00a319m): The reduction is informed by the German consumer finance business classified as assets held for sale.
Corporate loans:
\u2022 UK \u00a310m (2022: \u00a3166m): The reduction is informed by retirement of model monitoring adjustments in CIB following the re-build of
certain impairment models. Further, operational adjustments have been introduced during the year to remediate conservative
modelled recovery expectations in the ESHLA portfolio.
\u2022 ROW \u00a3(4)m (2022: \u00a3(229)m): The previously held adjustments linked to model monitoring and ECL sensitivity to the macroeconomic
variable for Federal Tax Receipts have been retired following the re-build of certain CIB impairment models.
Scenario probability weighting (audited)1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
%
%
%
%
%
As at 31 December 2023
Scenario probability weighting
13.8
24.7
32.4
18.3
10.8
As at 31 December 2022
Scenario probability weighting
10.9
23.1
39.4
17.6
9.0
Note
1 For further details on changes to scenario weights see page 311.
Specific bases shows the most extreme position of each variable in the context of the downside/upside scenarios, for example, the
highest unemployment for downside scenarios, average unemployment for baseline scenarios and lowest unemployment for upside
scenarios. GDP and HPI downside and upside scenario data represents the lowest and highest cumulative position relative to the start
point, in the 20 quarter period.
Macroeconomic variables (specific bases) (audited)1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
As at 31 December 2023
%
%
%
%
%
UK GDP2
13.4
9.6
1.1
(1.3)
(4.1)
UK unemployment3
3.5
3.9
4.7
6.5
8.3
UK HPI4
23.8
11.5
0.1
(22.5)
(35.0)
UK bank rate
2.5
3.0
4.2
6.8
8.5
US GDP2
15.1
12.3
1.8
0.6
(1.7)
US unemployment3
3.4
3.5
4.2
5.9
7.5
US HPI4
27.4
23.5
3.7
0.4
(7.6)
US federal funds rate
2.8
3.3
4.3
6.8
8.5
As at 31 December 2022
UK GDP2
13.9
9.4
1.4
(3.2)
(6.8)
UK unemployment3
3.4
3.6
4.2
6.6
8.5
UK HPI4
37.8
21.0
1.2
(17.9)
(35.0)
UK bank rate
0.5
0.5
3.5
6.3
8.0
US GDP2
14.1
9.6
1.3
(2.5)
(6.3)
US unemployment3
3.3
3.6
4.4
6.7
8.6
US HPI4
35.0
27.5
3.8
3.7
0.2
US federal funds rate
0.1
0.1
3.3
6.0
7.0
Average basis represents the average quarterly value of variables in the 20 quarter period with GDP and HPI based on yearly average
and quarterly CAGRs respectively.
Macroeconomic variables (5 year averages) (audited)1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
As at 31 December 2023
%
%
%
%
%
UK GDP5
2.4
1.7
1.1
0.6
0.1
UK unemployment6
3.7
4.2
4.7
5.2
5.8
UK HPI7
4.4
2.2
0.1
(1.7)
(3.5)
UK bank rate
3.3
3.8
4.2
3.6
2.9
US GDP5
2.8
2.3
1.8
1.4
0.9
US unemployment6
3.6
3.9
4.2
4.8
5.4
US HPI7
5.0
4.3
3.7
2.4
1.2
US federal funds rate
3.6
4.0
4.3
3.9
3.2
As at 31 December 2022
UK GDP5
3.0
2.2
1.4
0.7
0.0
UK unemployment6
3.5
3.8
4.2
5.4
6.7
UK HPI7
6.6
3.9
1.2
(2.6)
(6.4)
UK bank rate
2.5
2.9
3.5
4.7
5.8
US GDP5
2.9
2.1
1.3
0.7
0.0
US unemployment6
3.4
3.9
4.4
5.5
6.7
US HPI7
6.2
5.0
3.8
2.5
1.2
US federal funds rate
2.8
3.1
3.3
4.3
5.2
Notes
1UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK unemployment rate 16-year+; UK HPI = Halifax All Houses, All Buyers Index; US GDP = Real GDP growth
seasonally adjusted; US unemployment = US civilian unemployment rate 16-year+; US HPI = FHFA house price index. 20 quarter period starts from Q123 (2022: Q122).
2Maximum growth relative to Q422 (2022: Q421), based on 20 quarter period in Upside scenarios; 5-year yearly average CAGR in Baseline; minimum growth relative to Q422 (2022:
Q421), based on 20 quarter period in Downside scenarios.
3Lowest quarter in Upside scenarios; 5-year average in Baseline; highest quarter in Downside scenarios. Period based on 20 quarters from Q123 (2022: Q122).
4Maximum growth relative to Q422 (2022: Q421), based on 20 quarter period in Upside scenarios; 5-year quarter end CAGR in Baseline; minimum growth relative to Q422 (2022: Q421),
based on 20 quarter period in Downside scenarios.
55-year yearly average CAGR, starting 2022 (2022: 2021).
65-year average, Period based on 20 quarters from Q123 (2022: Q122).
75-year quarter end CAGR, starting Q422 (2022: Q421).
ECL under 100% weighted scenarios for modelled portfolios (audited)
The table below shows the\u00a0 modelled ECL assuming each of the five modelled scenarios are 100% weighted with the dispersion of
results around the Baseline, highlighting the impact on exposure and ECL across the scenarios.
Model exposure uses exposure at default (EAD) values and is not directly comparable to gross exposure used in prior disclosures.
Scenarios
As at 31 December 2023
Weighted1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
Stage 1 Model exposure (\u00a3m)
Retail mortgages
145,226
147,415
146,653
145,405
142,543
138,925
Retail credit cards2
66,512
66,459
66,482
66,497
66,580
66,580
Retail other2
8,749
8,915
8,841
8,758
8,631
8,479
Corporate loans
175,282
179,567
177,923
175,903
172,328
167,541
Stage 1 Model ECL (\u00a3m)
Retail mortgages
9
4
5
7
11
22
Retail credit cards2
562
529
545
561
584
605
Retail other2
32
31
32
32
32
31
Corporate loans
275
243
257
270
298
318
Stage 1 Coverage (%)
Retail mortgages
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail credit cards
0.8
0.8
0.8
0.8
0.9
0.9
Retail other
0.4
0.3
0.4
0.4
0.4
0.4
Corporate loans
0.2
0.1
0.1
0.2
0.2
0.2
Stage 2 Model exposure (\u00a3m)
Retail mortgages
20,615
17,769
18,702
20,149
23,836
28,822
Retail credit cards2
7,076
6,897
6,976
7,064
7,183
7,387
Retail other2
1,382
1,216
1,290
1,373
1,500
1,653
Corporate loans
24,374
19,919
21,621
23,763
27,445
32,375
Stage 2 Model ECL (\u00a3m)
Retail mortgages
41
23
27
34
59
123
Retail credit cards2
1,684
1,554
1,609
1,668
1,775
1,922
Retail other2
85
72
78
84
95
105
Corporate loans
663
509
565
633
782
1,031
Stage 2 Coverage (%)
Retail mortgages
0.2
0.1
0.1
0.2
0.2
0.4
Retail credit cards
23.8
22.5
23.1
23.6
24.7
26.0
Retail other
6.2
5.9
6.0
6.1
6.3
6.4
Corporate loans
2.7
2.6
2.6
2.7
2.8
3.2
Stage 3 Model exposure (\u00a3m)3
Retail mortgages
1,672
1,672
1,672
1,672
1,672
1,672
Retail credit cards2
1,827
1,827
1,827
1,827
1,827
1,827
Retail other2
164
164
164
164
164
164
Corporate loans
3,436
3,436
3,436
3,436
3,436
3,436
Stage 3 Model ECL (\u00a3m)
Retail mortgages
333
308
316
325
351
393
Retail credit cards2
1,315
1,279
1,296
1,313
1,341
1,366
Retail other2
95
94
94
95
96
97
Corporate loans4
77
71
73
75
82
89
Stage 3 Coverage (%)
Retail mortgages
19.9
18.4
18.9
19.4
21.0
23.5
Retail credit cards
72.0
70.0
70.9
71.9
73.4
74.8
Retail other
57.9
57.3
57.3
57.9
58.5
59.1
Corporate loans4
2.2
2.1
2.1
2.2
2.4
2.6
Total Model ECL (\u00a3m)
Retail mortgages
383
335
348
366
421
538
Retail credit cards2
3,561
3,362
3,450
3,542
3,700
3,893
Retail other2
212
197
204
211
223
233
Corporate loans4
1,015
823
895
978
1,162
1,438
Total Model ECL
5,171
4,717
4,897
5,097
5,506
6,102
Reconciliation to total ECL
\u00a3m
Total weighted model ECL
5,171
ECL from individually assessed exposures4
401
ECL from non-modelled exposures and others
276
ECL from debt securities at amortised cost
27
ECL from post model management adjustments
377
\u00a0 Of which: ECL from economic uncertainty adjustments
198
Total ECL
6,252
Notes
1 Model exposures are allocated to a stage based on an individual scenario rather than a probability-weighted approach, as required for Barclays reported impairment allowances. As a result, it is not
possible to back solve the final reported weighted ECL from individual scenarios given balances may be assigned to a different stage dependent on the scenario.
2 Model exposures and ECL reported within Retail credit cards and Retail other excludes the German consumer finance business which has now been classified as assets held for sale.
3 Model exposures allocated to Stage 3 does not change in any of the scenarios as the transition criteria relies only on an observable evidence of default as at 31 December 2023 and not on
macroeconomic scenario.
4 Material corporate loan defaults are individually assessed across different recovery strategies. As a result, ECL of \u00a3401m is reported as an individually assessed impairment in the reconciliation table.
The use of five scenarios with associated weighting results in a total weighted ECL uplift from the Baseline ECL of 1.5% .
Retail mortgages: Total weighted ECL of \u00a3383m represents a 4.6% increase over the Baseline ECL (\u00a3366m) with coverage ratios
remaining steady across the Upside scenarios, Baseline and Downside 1 scenario. Under the Downside 2 scenario, total ECL increases
to\u00a0 \u00a3538m driven by a significant fall in UK HPI.
Retail credit cards: Total weighted ECL of \u00a33,561m is broadly aligned to the Baseline ECL (\u00a33,542m). Total ECL increases to \u00a33,893m
under the Downside 2 scenario, driven by an increase in UK and US unemployment rate.
Retail other: Total weighted ECL of \u00a3212m is aligned to the Baseline ECL (\u00a3211m). Total ECL increases to \u00a3233m under the Downside
2 scenario, largely driven by an increase in UK unemployment rate.
Corporate loans: Total weighted ECL of \u00a31,015m represents a 3.8% increase over the Baseline ECL (\u00a3978m). Total\u00a0 ECL increases to
\u00a31,438m under the Downside 2 scenario, driven by a decrease in UK and US GDP.
Scenarios
As at 31 December 2022
Weighted1
Upside 2
Upside 1
Baseline
Downside 1
Downside 2
Stage 1 Model exposure (\u00a3m)
Retail mortgages
144,701
147,754
146,873
145,322
142,599
138,619
Retail credit cards
67,204
67,622
67,352
67,080
66,908
66,636
Retail other
12,282
12,428
12,341
12,235
12,111
11,986
Corporate loans
155,794
163,699
161,070
157,710
150,435
138,226
Stage 1 Model ECL (\u00a3m)
Retail mortgages
7
3
3
4
9
30
Retail credit cards
509
493
503
512
517
521
Retail other
52
45
49
52
54
55
Corporate loans
341
259
290
325
397
443
Stage 1 Coverage (%)
Retail mortgages
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Retail credit cards
0.8
0.7
0.7
0.8
0.8
0.8
Retail other
0.4
0.4
0.4
0.4
0.4
0.5
Corporate loans
0.2
0.2
0.2
0.2
0.3
0.3
Stage 2 Model exposure (\u00a3m)
Retail mortgages
18,723
15,670
16,551
18,102
20,825
24,805
Retail credit cards
7,611
6,551
7,118
7,691
8,313
9,062
Retail other
1,559
1,386
1,485
1,601
1,741
1,881
Corporate loans
24,935
16,858
19,550
23,031
30,432
42,837
Stage 2 Model ECL (\u00a3m)
Retail mortgages
33
15
18
23
45
151
Retail credit cards
1,624
1,361
1,487
1,624
1,811
2,032
Retail other
124
96
109
124
144
160
Corporate loans
610
399
470
569
816
1,303
Stage 2 Coverage (%)
Retail mortgages
0.2
0.1
0.1
0.1
0.2
0.6
Retail credit cards
21.3
20.8
20.9
21.1
21.8
22.4
Retail other
8.0
6.9
7.3
7.7
8.3
8.5
Corporate loans
2.4
2.4
2.4
2.5
2.7
3.0
Stage 3 Model exposure (\u00a3m)2
Retail mortgages
1,553
1,553
1,553
1,553
1,553
1,553
Retail credit cards
1,354
1,354
1,354
1,354
1,354
1,354
Retail other
216
216
216
216
216
216
Corporate loans
2,891
2,891
2,891
2,891
2,891
2,891
Stage 3 Model ECL (\u00a3m)
Retail mortgages
332
311
317
323
347
405
Retail credit cards
880
861
871
881
893
902
Retail other
132
129
131
132
134
136
Corporate loans3
70
66
68
70
78
85
Stage 3 Coverage (%)
Retail mortgages
21.4
20.0
20.4
20.8
22.3
26.1
Retail credit cards
65.0
63.6
64.3
65.1
66.0
66.6
Retail other
61.1
59.7
60.6
61.1
62.0
63.0
Corporate loans3
2.4
2.3
2.4
2.4
2.7
2.9
Total Model ECL (\u00a3m)
Retail mortgages
372
329
338
350
401
586
Retail credit cards
3,013
2,715
2,861
3,017
3,221
3,455
Retail other
308
270
289
308
332
351
Corporate loans3
1,021
724
828
964
1,291
1,831
Total Model ECL
4,714
4,038
4,316
4,639
5,245
6,223
Reconciliation to total ECL
\u00a3m
Total weighted model ECL
4,714
ECL from individually assessed exposures3
434
ECL from non-modelled exposures and others
460
ECL from debt securities at amortised cost
42
ECL from post model management adjustments
525
Of which: ECL from economic uncertainty adjustments
317
Total ECL
6,175
Notes
1 Model exposures are allocated to a stage based on an individual scenario rather than a probability-weighted approach, as required for Barclays reported impairment allowances. As a result, it is not
possible to back solve the final reported weighted ECL from individual scenarios given balances may be assigned to a different stage dependent on the scenario.
2 Model exposures allocated to Stage 3 does not change in any of the scenarios as the transition criteria relies only on an observable evidence of default as at 31 December 2022 and not on
macroeconomic scenario.
3 Material corporate loan defaults are individually assessed across different recovery strategies. As a result, ECL of \u00a3 434m is reported as an individually assessed impairment in the reconciliation table
Credit risk concentration by Industry for contractual maturity, staging and geography
Loans and advances at amortised cost net of impairment allowance
Industry
Geography (audited)
Stage (audited)
Maturity
Carbon
related
sectors \u00b9
United
Kingdom
Americas
Europe
Others
Total
Stage 1
Stage 2
Stage 3
Total
< 1 year
1-5 Years
>5 years
Total
As at 31 December
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Agriculture, Food
and Forest
Products
3,597
\u2014
\u2014
5
3,602
2,734
611
257
3,602
808
1,071
1,723
3,602
Yes
Mining and
Quarrying
490
843
260
121
1,714
1,526
188
\u2014
1,714
814
897
3
1,714
Yes
Manufacturing
4,200
1,279
826
416
6,721
5,036
1,515
170
6,721
2,873
3,522
326
6,721
Yes
Government and
central bank
5,987
\u2014
5
30
6,022
5,975
46
1
6,022
2,218
4
3,800
6,022
Banks
437
3,606
1,520
1,896
7,459
7,458
1
\u2014
7,459
7,365
94
\u2014
7,459
Energy and water
2,181
486
879
180
3,726
3,394
324
8
3,726
750
2,033
943
3,726
Yes
Materials and
Building
18,631
2,623
448
118
21,820
18,918
2,318
584
21,820
5,154
9,156
7,510
21,820
Yes
Wholesale and
retail distribution
and leisure
7,585
1,061
481
452
9,579
7,099
2,151
329
9,579
3,114
5,169
1,296
9,579
Transport and
storage
868
536
182
118
1,704
1,275
395
34
1,704
402
1,046
256
1,704
Yes
Home Loans
166,704
97
3,882
829
171,512
150,152
19,364
1,996
171,512
2,009
10,334
159,169
171,512
Yes
Business and other
services
13,802
6,032
3,151
1,021
24,006
19,815
3,726
465
24,006
7,088
12,190
4,728
24,006
Other Financial
Institutions
6,093
25,589
6,481
2,546
40,709
38,988
1,613
108
40,709
13,955
22,111
4,643
40,709
Cards, unsecured
loans and other
personal lending
17,741
24,317
1,385
730
44,173
38,296
5,173
704
44,173
8,109
15,839
20,225
44,173
Total loans and
advances at
amortised cost
248,316
66,469
19,500
8,462
342,747
300,666
37,425
4,656
342,747
54,659
83,466
204,622
342,747
Debt securities at
amortised cost\u00b3
26,093
11,681
10,262
8,713
56,749
52,858
3,891
\u2014
56,749
10,061
28,739
17,949
56,749
Total loans and
advances at
amortised cost
including debt
securities
274,409
78,150
29,762
17,175
399,496
353,524
41,316
4,656
399,496
64,720
112,205
222,571
399,496
Contingent
liabilities
5,668
10,262
5,919
2,225
24,074
20,884
2,607
583
24,074
24,073
1
\u2014
24,074
Loan
commitments
96,135
227,618
43,397
8,084
375,234
353,179
21,601
454
375,234
375,179
55
\u2014
375,234
Total off-balance
sheet\u00b2
101,803
237,880
49,316
10,309
399,308
374,063
24,208
1,037
399,308
399,252
56
\u2014
399,308
Loans and advances at amortised cost net of impairment allowance
Industry
Geography (audited)
Stage (audited)
Maturity
Carbon
related
sectors \u00b9
United
Kingdom
Americas
Europe
Others
Total
Stage 1
Stage 2
Stage 3
Total
< 1 year
1-5 Years
>5 years
Total
As at 31 December
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Agriculture, Food
and Forest
Products
3,762
\u2014
\u2014
\u2014
3,762
2,706
757
299
3,762
743
1,226
1,793
3,762
Yes
Mining and
Quarrying
578
757
152
42
1,529
1,292
208
29
1,529
642
796
91
1,529
Yes
Manufacturing
4,929
1,683
803
610
8,025
5,935
1,981
109
8,025
3,165
4,483
377
8,025
Yes
Government and
central bank
6,306
\u2014
16
434
6,756
6,743
13
\u2014
6,756
2,489
50
4,217
6,756
Banks
781
3,406
1,472
2,251
7,910
7,870
37
3
7,910
7,535
375
\u2014
7,910
Energy and water
1,825
751
1,278
196
4,050
3,379
657
14
4,050
734
2,464
852
4,050
Yes
Materials and
Building
19,694
2,264
438
176
22,572
18,768
3,396
408
22,572
4,188
10,233
8,151
22,572
Yes
Wholesale and
retail distribution
and leisure
8,939
1,176
679
568
11,362
8,084
2,913
365
11,362
3,754
6,079
1,529
11,362
Transport and
storage
1,111
598
186
340
2,235
1,706
456
73
2,235
553
1,379
303
2,235
Yes
Home Loans
164,946
763
6,698
1,408
173,815
153,684
18,127
2,004
173,815
2,994
11,562
159,259
173,815
Yes
Business and other
services
13,754
6,019
1,645
1,343
22,761
18,059
4,042
660
22,761
6,058
13,397
3,306
22,761
Other Financial
Institutions
6,113
23,502
5,916
2,071
37,602
35,617
1,883
102
37,602
12,587
21,426
3,589
37,602
Cards, unsecured
loans and other
personal lending
19,472
24,854
5,749
838
50,913
43,930
6,182
801
50,913
10,550
19,340
21,023
50,913
Total loans and
advances at
amortised cost
252,210
65,773
25,032
10,277
353,292
307,773
40,652
4,867
353,292
55,992
92,810
204,490
353,292
Debt securities at
amortised cost\u00b3
18,344
9,078
7,452
10,613
45,487
41,715
3,772
\u2014
45,487
4,424
27,824
13,239
45,487
Total loans and
advances at
amortised cost
including debt
securities
270,554
74,851
32,484
20,890
398,779
349,488
44,424
4,867
398,779
60,416
120,634
217,729
398,779
Contingent
liabilities
6,485
9,987
4,699
1,611
22,782
19,472
2,768
542
22,782
22,781
1
\u2014
22,782
Loan
commitments
103,185
229,716
42,118
7,018
382,037
353,473
27,926
638
382,037
382,000
37
\u2014
382,037
Total off-balance
sheet\u00b2
109,670
239,703
46,817
8,629
404,819
372,945
30,694
1,180
404,819
404,781
38
\u2014
404,819
Notes
1 Refer to Carbon related assets table on page 285 for more details on the \"Exposures towards sectors that highly contribute to carbon related assets\" under the respective Industry
sectors.
2 The Off-balance sheet contingent liabilities and loan commitments excludes the fair value balance of \u00a316,469m in 2023 (2022: \u00a314,894m) and includes exposures relating to financial
assets classified as assets held for sale.
3 Debt securities at amortised cost primarily includes \u00a334,237m (2022: \u00a327,233m) in Government and central bank, \u00a316,265m (2022: \u00a311,579m) in other financial\u00a0 institutions, \u00a32,854m
(2022: \u00a33,457m) in materials & building and \u00a31,516m (2022: \u00a31,816m) in Banks.
-\u00a0 For analysis of Debt securities by issuer, refer to \"Analysis of Debt Securities\" on page 334.
Balance sheet credit quality (audited)
PD Range
Total
PD range
Total
0.0 to <0.60%
0.60 to
<11.35%
11.35 to
100%
0.0 to <0.60%
0.60 to
<11.35%
11.35 to
100%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
As at 31 December 2023
Cash and balances at central banks
224,634
\u2014
\u2014
224,634
100
\u2014
\u2014
100
Cash collateral and settlement balances
99,092
9,789
8
108,889
91
9
\u2014
100
Loans and advances at amortised cost:
Retail mortgages
160,647
8,313
2,552
171,512
94
5
1
100
Retail credit cards
10,201
22,322
1,698
34,221
30
65
5
100
Retail other
6,005
3,490
457
9,952
60
35
5
100
Corporate loans
89,972
32,824
4,266
127,062
71
26
3
100
Total loans\u00a0and\u00a0advances at amortised cost
266,825
66,949
8,973
342,747
77
20
3
100
Debt securities at amortised cost
56,398
350
1
56,749
99
1
\u2014
100
Reverse repurchase agreements and other
similar secured lending
2,424
170
\u2014
2,594
93
7
\u2014
100
Trading portfolio assets:
Debt securities
65,469
9,642
387
75,498
86
13
1
100
Traded loans
4,006
5,893
2,754
12,653
32
46
22
100
Total trading\u00a0portfolio assets
69,475
15,535
3,141
88,151
78
18
4
100
Financial assets at fair value through the
income statement:
Loans and advances
30,509
16,852
278
47,639
64
35
1
100
Debt securities
1,449
1,095
42
2,586
56
42
2
100
Reverse repurchase agreements
112,799
35,988
344
149,131
76
24
\u2014
100
Other financial assets
88
22
\u2014
110
80
20
\u2014
100
Total financial assets at fair value through the
income statement
144,845
53,957
664
199,466
73
27
\u2014
100
Derivative\u00a0financial instruments
245,086
11,616
134
256,836
95
5
\u2014
100
Financial assets at fair value through other
comprehensive income
71,375
455
\u2014
71,830
99
1
\u2014
100
Other assets
2,138
56
3
2,197
97
3
\u2014
100
Assets held for sale
1,110
2,618
127
3,855
29
68
3
100
Total on-balance sheet
1,183,402
161,495
13,051
1,357,948
87
12
1
100
Balance sheet credit quality (audited)
PD Range
Total
PD range
Total
0.0 to <0.60%
0.60 to
<11.35%
11.35 to
100%
0.0 to <0.60%
0.60 to
<11.35%
11.35 to
100%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
As at 31 December 2022
Cash and balances at central banks
256,351
\u2014
\u2014
256,351
100
\u2014
\u2014
100
Cash collateral and settlement balances
101,365
10,944
288
112,597
90
10
\u2014
100
Loans and advances at amortised cost:
Retail mortgages
167,368
3,866
2,536
173,770
97
2
1
100
Retail credit cards
12,312
20,668
1,604
34,584
35
60
5
100
Retail other
9,672
4,840
572
15,084
64
32
4
100
Corporate loans
83,966
40,737
5,151
129,854
65
31
4
100
Total loans\u00a0and\u00a0advances at amortised cost
273,318
70,111
9,863
353,292
77
20
3
100
Debt securities at amortised cost
45,295
189
3
45,487
100
\u2014
\u2014
100
Reverse repurchase agreements and other
similar secured lending
776
\u2014
\u2014
776
100
\u2014
\u2014
100
Trading portfolio assets:
Debt securities
50,253
4,891
331
55,475
90
9
1
100
Traded loans
3,214
8,273
1,711
13,198
24
63
13
100
Total trading\u00a0portfolio assets
53,467
13,164
2,042
68,673
78
19
3
100
Financial assets at fair value through the
income statement:
Loans and advances
14,684
24,630
115
39,429
38
62
\u2014
100
Debt securities
2,122
1,062
65
3,249
65
33
2
100
Reverse repurchase agreements
124,794
38,339
1,548
164,681
76
23
1
100
Other financial assets
98
20
\u2014
118
83
17
\u2014
100
Total financial assets at fair value through the
income statement
141,698
64,051
1,728
207,477
68
31
1
100
Derivative\u00a0financial instruments
284,491
17,606
283
302,380
94
6
\u2014
100
Financial assets at fair value through other
comprehensive income
65,051
3
\u2014
65,054
100
\u2014
\u2014
100
Other assets
1,599
57
\u2014
1,656
97
3
\u2014
100
Assets held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total on-balance sheet
1,223,411
176,125
14,207
1,413,743
87
12
1
100
Credit exposures by internal PD grade
The below tables represent credit risk profiles by PD grade for loans and advances at amortised cost, contingent liabilities and loan
commitments.
Stage 1 higher risk assets, presented gross of associated collateral held, are of weaker credit quality but have not significantly
deteriorated since origination.
IFRS 9 Stage 1 and Stage 2 classification is not dependent solely on the absolute probability of default but on elements that determine a
Significant Increase in Credit Risk , including relative movement in probability of default since initial recognition. There is therefore no
direct relationship between credit quality and IFRS 9 stage classification.
Credit risk profile by internal PD grade for retail mortgages (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1 - 3
0.0 to <0.05%
Strong
25,759
587
\u2014
26,346
1
\u2014
\u2014
1
26,345
\u2014
4 - 5
0.05 to <0.15%
Strong
58,656
3,386
\u2014
62,042
12
2
\u2014
14
62,028
\u2014
6 - 8
0.15 to <0.30%
Strong
51,292
7,235
\u2014
58,527
18
8
\u2014
26
58,501
\u2014
9 - 11
0.30 to <0.60%
Strong
11,350
2,447
\u2014
13,797
12
12
\u2014
24
13,773
0.2
12 - 14
0.60 to <2.15%
Satisfactory
2,833
3,114
\u2014
5,947
6
25
\u2014
31
5,916
0.5
15 - 19
2.15 to <11.35%
Satisfactory
194
2,243
\u2014
2,437
1
39
\u2014
40
2,397
1.6
20 - 21
11.35 to <100%
Higher Risk
118
457
\u2014
575
\u2014
19
\u2014
19
556
3.3
22
100%
Credit Impaired
\u2014
\u2014
2,424
2,424
\u2014
\u2014
428
428
1,996
17.7
Total
150,202
19,469
2,424
172,095
50
105
428
583
171,512
0.3
Credit risk profile by internal PD grade for retail credit cards (audited)4
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1 - 3
0.0 to <0.05%
Strong
133
\u2014
\u2014
133
\u2014
\u2014
\u2014
\u2014
133
\u2014
4 - 5
0.05 to <0.15%
Strong
1,463
4
\u2014
1,467
2
\u2014
\u2014
2
1,465
0.1
6 - 8
0.15 to <0.30%
Strong
3,374
6
\u2014
3,380
9
\u2014
\u2014
9
3,371
0.3
9 - 11
0.30 to <0.60%
Strong
5,248
11
\u2014
5,259
27
\u2014
\u2014
27
5,232
0.5
12 - 14
0.60 to <2.15%
Satisfactory
11,010
173
\u2014
11,183
137
14
\u2014
151
11,032
1.4
15 - 19
2.15 to <11.35%
Satisfactory
8,867
3,436
\u2014
12,303
314
699
\u2014
1,013
11,290
8.2
20 - 21
11.35 to <100%
Higher Risk
314
1,948
\u2014
2,262
34
917
\u2014
951
1,311
42.0
22
100%
Credit Impaired
\u2014
\u2014
1,720
1,720
\u2014
\u2014
1,333
1,333
387
77.5
Total
30,409
5,578
1,720
37,707
523
1,630
1,333
3,486
34,221
9.2
Credit risk profile by internal PD grade for retail other (audited)4
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1 - 3
0.0 to <0.05%
Strong
67
\u2014
\u2014
67
1
\u2014
\u2014
1
66
1.5
4 - 5
0.05 to <0.15%
Strong
569
4
\u2014
573
1
\u2014
\u2014
1
572
0.2
6 - 8
0.15 to <0.30%
Strong
964
6
\u2014
970
2
\u2014
\u2014
2
968
0.2
9 - 11
0.30 to <0.60%
Strong
4,369
50
\u2014
4,419
16
4
\u2014
20
4,399
0.5
12 - 14
0.60 to <2.15%
Satisfactory
1,899
241
\u2014
2,140
15
15
\u2014
30
2,110
1.4
15 - 19
2.15 to <11.35%
Satisfactory
583
862
\u2014
1,445
22
43
\u2014
65
1,380
4.5
20 - 21
11.35 to <100%
Higher Risk
18
180
\u2014
198
2
56
\u2014
58
140
29.3
22
100%
Credit Impaired
\u2014
\u2014
493
493
\u2014
\u2014
176
176
317
35.7
Total
8,469
1,343
493
10,305
59
118
176
353
9,952
3.4
Credit risk profile by internal PD grade for corporate loans (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1 - 3
0.0 to <0.05%
Strong
36,981
146
4
37,131
4
\u2014
2
6
37,125
\u2014
4 - 5
0.05 to <0.15%
Strong
23,344
92
\u2014
23,436
15
\u2014
\u2014
15
23,421
0.1
6 - 8
0.15 to <0.30%
Strong
10,833
346
\u2014
11,179
9
3
\u2014
12
11,167
0.1
9 - 11
0.30 to <0.60%
Strong
17,914
390
\u2014
18,304
41
4
\u2014
45
18,259
0.2
12 - 14
0.60 to <2.15%
Satisfactory
17,433
4,694
\u2014
22,127
106
68
\u2014
174
21,953
0.8
15 - 19
2.15 to <11.35%
Satisfactory
5,779
5,360
\u2014
11,139
101
167
\u2014
268
10,871
2.4
20 - 21
11.35 to <100%
Higher Risk
221
2,274
\u2014
2,495
11
172
\u2014
183
2,312
7.3
22
100%
Credit Impaired
\u2014
\u2014
2,550
2,550
\u2014
\u2014
596
596
1,954
23.4
Total
112,505
13,302
2,554
128,361
287
414
598
1,299
127,062
1.0
Credit risk profile by internal PD grade for loans and advances at amortised cost (audited)4
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1 - 3
0.0 to <0.05%
Strong
62,940
733
4
63,677
6
\u2014
2
8
63,669
\u2014
4 - 5
0.05 to <0.15%
Strong
84,032
3,486
\u2014
87,518
30
2
\u2014
32
87,486
\u2014
6 - 8
0.15 to <0.30%
Strong
66,463
7,593
\u2014
74,056
38
11
\u2014
49
74,007
0.1
9 - 11
0.30 to <0.60%
Strong
38,881
2,898
\u2014
41,779
96
20
\u2014
116
41,663
0.3
12 - 14
0.60 to <2.15%
Satisfactory
33,175
8,222
\u2014
41,397
264
122
\u2014
386
41,011
0.9
15 - 19
2.15 to <11.35%
Satisfactory
15,423
11,901
\u2014
27,324
438
948
\u2014
1,386
25,938
5.1
20 - 21
11.35 to <100%
Higher Risk
671
4,859
\u2014
5,530
47
1,164
\u2014
1,211
4,319
21.9
22
100%
Credit Impaired
\u2014
\u2014
7,187
7,187
\u2014
\u2014
2,533
2,533
4,654
35.2
Total
301,585
39,692
7,191
348,468
919
2,267
2,535
5,721
342,747
1.6
Credit risk profile by internal PD grade for retail mortgages (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2022
1 - 3
0.0 to <0.05%
Strong
32,991
762
\u2014
33,753
1
\u2014
\u2014
1
33,752
\u2014
4 - 5
0.05 to <0.15%
Strong
93,388
8,851
\u2014
102,239
9
5
\u2014
14
102,225
\u2014
6 - 8
0.15 to <0.30%
Strong
11,346
2,957
\u2014
14,303
4
5
\u2014
9
14,294
0.1
9 - 11
0.30 to <0.60%
Strong
14,830
2,290
\u2014
17,120
14
9
\u2014
23
17,097
0.1
12 - 14
0.60 to <2.15%
Satisfactory
888
1,674
\u2014
2,562
1
16
\u2014
17
2,545
0.7
15 - 19
2.15 to <11.35%
Satisfactory
63
1,281
\u2014
1,344
\u2014
23
\u2014
23
1,321
1.7
20 - 21
11.35 to <100%
Higher Risk
166
385
\u2014
551
\u2014
15
\u2014
15
536
2.7
22
100%
Credit Impaired
\u2014
\u2014
2,414
2,414
\u2014
\u2014
414
414
2,000
17.1
Total
153,672
18,200
2,414
174,286
29
73
414
516
173,770
0.3
Credit risk profile by internal PD grade for retail credit cards (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2022
1 - 3
0.0 to <0.05%
Strong
194
3
\u2014
197
\u2014
\u2014
\u2014
\u2014
197
\u2014
4 - 5
0.05 to <0.15%
Strong
2,556
3
\u2014
2,559
6
\u2014
\u2014
6
2,553
0.2
6 - 8
0.15 to <0.30%
Strong
4,139
5
\u2014
4,144
14
\u2014
\u2014
14
4,130
0.3
9 - 11
0.30 to <0.60%
Strong
5,446
18
\u2014
5,464
30
2
\u2014
32
5,432
0.6
12 - 14
0.60 to <2.15%
Satisfactory
4,370
1,370
\u2014
5,740
57
145
\u2014
202
5,538
3.5
15 - 19
2.15 to <11.35%
Satisfactory
12,719
3,463
\u2014
16,182
299
753
\u2014
1,052
15,130
6.5
20 - 21
11.35 to <100%
Higher Risk
364
1,587
\u2014
1,951
52
720
\u2014
772
1,179
39.6
22
100%
Credit Impaired
\u2014
\u2014
1,380
1,380
\u2014
\u2014
955
955
425
69.2
Total
29,788
6,449
1,380
37,617
458
1,620
955
3,033
34,584
8.1
Credit risk profile by internal PD grade for retail other (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2022
1 - 3
0.0 to <0.05%
Strong
101
1
\u2014
102
1
\u2014
\u2014
1
101
1.0
4 - 5
0.05 to <0.15%
Strong
816
6
\u2014
822
1
\u2014
\u2014
1
821
0.1
6 - 8
0.15 to <0.30%
Strong
1,350
9
\u2014
1,359
3
\u2014
\u2014
3
1,356
0.2
9 - 11
0.30 to <0.60%
Strong
7,379
55
\u2014
7,434
36
4
\u2014
40
7,394
0.5
12 - 14
0.60 to <2.15%
Satisfactory
2,875
260
\u2014
3,135
21
19
\u2014
40
3,095
1.3
15 - 19
2.15 to <11.35%
Satisfactory
924
929
\u2014
1,853
36
72
\u2014
108
1,745
5.8
20 - 21
11.35 to <100%
Higher Risk
25
208
\u2014
233
2
71
\u2014
73
160
31.3
22
100%
Credit Impaired
\u2014
\u2014
720
720
\u2014
\u2014
308
308
412
42.8
Total
13,470
1,468
720
15,658
100
166
308
574
15,084
3.7
Credit risk profile by internal PD grade for corporate loans (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2022
1 - 3
0.0 to <0.05%
Strong
35,960
767
5
36,732
5
11
3
19
36,713
0.1
4 - 5
0.05 to <0.15%
Strong
21,674
234
\u2014
21,908
9
1
\u2014
10
21,898
\u2014
6 - 8
0.15 to <0.30%
Strong
11,046
1,389
\u2014
12,435
17
5
\u2014
22
12,413
0.2
9 - 11
0.30 to <0.60%
Strong
12,214
774
\u2014
12,988
38
8
\u2014
46
12,942
0.4
12 - 14
0.60 to <2.15%
Satisfactory
19,612
3,494
\u2014
23,106
223
66
\u2014
289
22,817
1.3
15 - 19
2.15 to <11.35%
Satisfactory
10,820
7,432
\u2014
18,252
153
179
\u2014
332
17,920
1.8
20 - 21
11.35 to <100%
Higher Risk
565
2,728
\u2014
3,293
16
154
\u2014
170
3,123
5.2
22
100%
Credit Impaired
\u2014
\u2014
2,567
2,567
\u2014
\u2014
539
539
2,028
21.0
Total
111,891
16,818
2,572
131,281
461
424
542
1,427
129,854
1.1
Credit risk profile by internal PD grade for loans and advances at amortised cost (audited)
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD Range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2022
1 - 3
0.0 to <0.05%
Strong
69,246
1,533
5
70,784
7
11
3
21
70,763
\u2014
4 - 5
0.05 to <0.15%
Strong
118,434
9,094
\u2014
127,528
25
6
\u2014
31
127,497
\u2014
6 - 8
0.15 to <0.30%
Strong
27,881
4,360
\u2014
32,241
38
10
\u2014
48
32,193
0.1
9 - 11
0.30 to <0.60%
Strong
39,869
3,137
\u2014
43,006
118
23
\u2014
141
42,865
0.3
12 - 14
0.60 to <2.15%
Satisfactory
27,745
6,798
\u2014
34,543
302
246
\u2014
548
33,995
1.6
15 - 19
2.15 to <11.35%
Satisfactory
24,526
13,105
\u2014
37,631
488
1,027
\u2014
1,515
36,116
4.0
20 - 21
11.35 to <100%
Higher Risk
1,120
4,908
\u2014
6,028
70
960
\u2014
1,030
4,998
17.1
22
100%
Credit Impaired
\u2014
\u2014
7,081
7,081
\u2014
\u2014
2,216
2,216
4,865
31.3
Total
308,821
42,935
7,086
358,842
1,048
2,283
2,219
5,550
353,292
1.5
Credit risk profile by internal PD grade for contingent liabilities (audited)1
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1-3
0.0 to <0.05%
Strong
7,582
79
\u2014
7,661
1
\u2014
\u2014
1
7,660
\u2014
4-5
0.05 to <0.15%
Strong
3,337
3
\u2014
3,340
2
\u2014
\u2014
2
3,338
0.1
6-8
0.15 to <0.30%
Strong
3,211
157
\u2014
3,368
3
1
\u2014
4
3,364
0.1
9-11
0.30 to <0.60%
Strong
2,848
285
\u2014
3,133
3
4
\u2014
7
3,126
0.2
12-14
0.60 to <2.15%
Satisfactory
2,388
701
\u2014
3,089
8
6
\u2014
14
3,075
0.5
15-19
2.15 to <11.35%
Satisfactory
1,501
1,027
\u2014
2,528
29
41
\u2014
70
2,458
2.8
20-21
11.35 to <100%
Higher Risk
17
355
\u2014
372
1
61
\u2014
62
310
16.7
22
100%
Credit Impaired
\u2014
\u2014
583
583
\u2014
\u2014
22
22
561
3.8
Total
20,884
2,607
583
24,074
47
113
22
182
23,892
0.8
As at 31 December 2022
1-3
0.0 to <0.05%
Strong
5,695
149
\u2014
5,844
7
1
\u2014
8
5,836
0.1
4-5
0.05 to <0.15%
Strong
4,210
348
\u2014
4,558
2
1
\u2014
3
4,555
0.2
6-8
0.15 to <0.30%
Strong
2,733
180
\u2014
2,913
3
3
\u2014
6
2,907
0.2
9-11
0.30 to <0.60%
Strong
3,161
214
\u2014
3,375
8
1
\u2014
9
3,366
0.3
12-14
0.60 to <2.15%
Satisfactory
1,989
751
\u2014
2,740
21
6
\u2014
27
2,713
1.0
15-19
2.15 to <11.35%
Satisfactory
1,626
686
\u2014
2,312
49
35
\u2014
84
2,228
3.6
20-21
11.35 to <100%
Higher Risk
58
440
\u2014
498
2
64
\u2014
66
432
13.3
22
100%
Credit Impaired
\u2014
\u2014
542
542
\u2014
\u2014
3
3
539
0.6
Total
19,472
2,768
542
22,782
92
111
3
206
22,576
0.9
Credit risk profile by internal PD grade for loan commitments (audited)1
Gross carrying amount
Allowance for ECL
Net
exposure
Coverage
ratio
Grading
PD range
Credit quality
description
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
As at 31 December 2023
1-3
0.0 to <0.05%
Strong
77,689
715
\u2014
78,404
2
\u2014
\u2014
2
78,402
\u2014
4-5
0.05 to <0.15%
Strong
75,399
479
\u2014
75,878
6
1
\u2014
7
75,871
\u2014
6-8
0.15 to <0.30%
Strong
63,545
2,798
\u2014
66,343
12
1
\u2014
13
66,330
\u2014
9-11
0.30 to <0.60%
Strong
66,423
1,441
\u2014
67,864
22
2
\u2014
24
67,840
\u2014
12-14
0.60 to <2.15%
Satisfactory
54,686
4,177
\u2014
58,863
38
15
\u2014
53
58,810
0.1
15-19
2.15 to <11.35%
Satisfactory
14,690
8,275
\u2014
22,965
40
71
\u2014
111
22,854
0.5
20-21
11.35 to <100%
Higher Risk
747
3,716
\u2014
4,463
6
84
\u2014
90
4,373
2.0
22
100%
Credit Impaired
\u2014
\u2014
454
454
\u2014
\u2014
22
22
432
4.8
Total
353,179
21,601
454
375,234
126
174
22
322
374,912
0.1
As at 31 December 2022
1-3
0.0 to <0.05%
Strong
78,077
752
\u2014
78,829
3
1
\u2014
4
78,825
\u2014
4-5
0.05 to <0.15%
Strong
85,917
4,004
\u2014
89,921
7
1
\u2014
8
89,913
\u2014
6-8
0.15 to <0.30%
Strong
67,381
2,349
\u2014
69,730
13
2
\u2014
15
69,715
\u2014
9-11
0.30 to <0.60%
Strong
57,553
2,081
\u2014
59,634
15
4
\u2014
19
59,615
\u2014
12-14
0.60 to <2.15%
Satisfactory
33,465
6,681
\u2014
40,146
50
28
\u2014
78
40,068
0.2
15-19
2.15 to <11.35%
Satisfactory
30,374
8,068
\u2014
38,442
62
86
\u2014
148
38,294
0.4
20-21
11.35 to <100%
Higher Risk
706
3,991
\u2014
4,697
3
82
\u2014
85
4,612
1.8
22
100%
Credit Impaired
\u2014
\u2014
638
638
\u2014
\u2014
20
20
618
3.1
Total
353,473
27,926
638
382,037
153
204
20
377
381,660
0.1
Notes
1\u00a0 \u00a0 Excludes loan commitments and financial guarantees of \u00a316.5b n (2022 : \u00a314.9b n) carried at fair value.
2\u00a0 \u00a0 PD bandings 2.15% to <10% and 10% to <11.35% have been merged for an enhanced presentation. The prior period comparative has been aligned accordingly.
3\u00a0 \u00a0 Loan commitments reported also include exposures relating to financial assets classified as assets held for sale.
4\u00a0 \u00a0 Exposures reported within Retail credit cards and Retail other does not include the German consumer finance business which is classified as assets held for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-3": { "value": "
Market risk management
(audited)
The risk of loss arising from potential
adverse changes in the value of the
Group\u2019s assets and liabilities from
fluctuation in market variables including,
but not limited to, interest rates, foreign
exchange, equity prices, commodity
prices, credit spreads, implied volatilities
and asset correlations.
Overview
Market risk arises primarily as a result of
client facilitation in wholesale markets,
involving market-making activities, risk
management solutions and execution of
syndications. Upon execution of a trade
with a client, the Group will look to hedge
against the risk of the trade moving in an
adverse direction. Mismatches between
client transactions and hedges result in
market risk due to changes in asset prices,
volatility or correlations.
Organisation, roles and responsibilities
Market risk in the businesses resides
primarily in Barclays International and
Treasury. These businesses have the
mandate to assume market risk. The front
office and Treasury trading desks are
responsible for managing market risk on a
day-to-day basis, where they are required
to understand and adhere to all limits
applicable to their businesses. The Market
Risk team supports the trading desks with
the day-to-day limit management of
market risk exposures through
governance processes which are outlined
in supporting market risk policies and
standards.
Market risk oversight and challenge is
provided by business committees and
Group committees, including the Market
Risk Committee (MRC).
The objectives of market risk management
are to:
\u2022 identify, understand and control market
risk by robust measurement, limit
setting, reporting and oversight
\u2022 facilitate business growth within a
controlled and transparent risk
management framework
\u2022 control market risk in the businesses
according to the allocated appetite.
To meet the above objectives, a
governance structure is in place to
manage these risks consistent with the
ERMF.
The BRC recommends market risk
appetite to the Board for their approval.
The Market Risk Principal Risk Lead (PR
Lead) is responsible for the Market Risk
Control Framework and, under delegated
authority from the Group CRO, agrees
with the business CROs a limit framework
within the context of the approved market
risk appetite.
The Market Risk Committee (MRC) reviews
and makes recommendations concerning
the group-wide market risk profile. This
includes overseeing the operation of the
Market Risk Framework and associated
policies and standards, monitoring market
and regulatory changes, and reviewing limit
utilisation levels. The committee is chaired
by the PR Lead and attendees include the
business heads of market risk and business
aligned market risk managers.
In addition to MRC, the Corporate and
Investment Bank Risk Committee (\u2018CIBRC\u2019)
is the main forum in which market risk
exposures are discussed and reviewed
with senior business heads. The
Committee is chaired by the CRO of
Barclays International and meets weekly,
covering current market events, notable
market risk exposures, and key risk topics.
New business initiatives are generally
socialised at CIBRC before any changes to
risk appetite or associated limits are
considered in other governance
committees.
The head of each business is accountable
for all market risks associated with its
activities, while the head of the market risk
team covering each business is
responsible for implementing the risk
control framework for market risk.
For more information on market risk
management, refer to the Barclays PLC
Pillar 3 Report 2023 (unaudited).
Management value at risk (VaR)
VaR is an estimate of the potential loss
arising from unfavourable market
movements if the current positions were
to be held unchanged for one business
day. For internal market risk management
purposes, a historical simulation
methodology with a one-year equally
weighted historical period, at the 95%
confidence level is used for all trading
books and some banking books.
Limits are applied at the total level as well
as by risk factor type, which are then
cascaded down to particular trading desks
and businesses by the market risk
management function.
+
See the market risk performance section for a
review of management VaR.
The daily average , high and low values of management VaR
Management VaR (95%, one day) (audited)
2023
2022
Average
High1
Low1
Average
High1
Low1
For the year ended 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Credit risk
40
57
22
25
71
8
Interest rate risk
15
25
9
13
23
4
Equity risk
6
10
3
10
29
4
Basis risk
13
25
8
12
24
4
Spread risk
9
14
5
7
11
3
Foreign exchange risk
4
9
1
8
25
2
Commodity risk
\u2014
1
\u2014
\u2014
1
\u2014
Inflation risk
6
11
2
6
17
3
Diversification effect1
(51)
n/a
n/a
(45)
n/a
n/a
Total management VaR
42
60
24
36
73
13
Note
1 Diversification effects recognise that forecast losses from different assets or businesses are unlikely to occur concurrently, hence the expected aggregate loss is lower than the sum of
the expected losses from each area. Historical correlations between losses are taken into account in making these assessments. The high and low VaR figures reported for each
category did not necessarily occur on the same day as the high and low VaR reported as a whole. Consequently, a diversification effect balance for the high and low VaR figures would not
be meaningful and is therefore omitted from the above table.
Foreign exchange risk (audited)
The Group is exposed to two sources of foreign exchange risk.
a) Transactional foreign currency exposure
Transactional foreign currency exposures represent exposure on banking assets and liabilities, denominated in currencies other than
the functional currency of the transacting entity.
The Group\u2019s risk management policies are designed to prevent the holding of significant open positions in foreign currencies outside
the trading portfolio managed by Barclays International which is monitored through VaR.
Banking book transactional foreign exchange risk outside of Barclays International is monitored on a daily basis by the market risk
function and minimised by the businesses.
b) Translational foreign exchange exposure
The Group\u2019s investments in overseas subsidiaries and branches create capital resources denominated in foreign currencies, principally
USD and EUR. Changes in the GBP value of the net investments due to foreign currency movements are captured in the currency
translation reserve, resulting in a movement in CET1 capital.
The Group\u2019s strategy is to minimise the volatility of the capital ratios caused by foreign exchange movements, by matching the CET1
capital movements to the revaluation of the Group\u2019s foreign currency RWA exposures.
Functional currency of operations (audited)
Foreign currency
net investments
Borrowings which
hedge the net
investments
Derivatives which
hedge the net
investments
Structural
currency
exposures pre-
economic hedges
Economic hedges
Remaining
structural currency
exposures
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
31 December 2023
USD
26,524
(7,308)
(2,179)
17,037
(7,326)
9,711
EUR
9,868
(5,603)
\u2014
4,265
(276)
3,989
JPY
646
(174)
\u2014
472
\u2014
472
Other currencies
3,329
(72)
(1,565)
1,692
(505)
1,187
Total
40,367
(13,157)
(3,744)
23,466
(8,107)
15,359
31 December 2022
USD
27,441
(7,363)
(2,086)
17,992
(8,688)
9,304
EUR
9,776
(5,461)
(3)
4,312
(283)
4,029
JPY
689
\u2014
(197)
492
\u2014
492
Other currencies
3,330
\u2014
(1,676)
1,654
(279)
1,375
Total
41,236
(12,824)
(3,962)
24,450
(9,250)
15,200
Economic hedges relate to exposures arising on foreign currency denominated preference share and AT1 instruments. These are
accounted for at historical cost under IFRS and do not qualify as hedges for accounting purposes. The gain or loss arising from changes
in the GBP value of these instruments is recognised on redemption in retained earnings.
During 2023, total structural currency exposure net of hedging instruments increased by \u00a30.2bn to \u00a315.4bn (2022 : \u00a315.2bn). Foreign
currency net\u00a0investments decreased by \u00a30.8bn to \u00a340.4bn (2022: \u00a341.2bn) driven predominantly by a \u00a30.9bn decrease in USD, offset
by \u00a30.1bn increase in EUR. The hedges (excluding economic hedges) associated with these investments increased by \u00a30.1bn to
\u00a316.9bn (2022: \u00a316.8bn).
Net interest income sensitivity (AEaR) by business unit (audited)
Barclays UK
Barclays
International
Head Office
Total
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2023
+25bps
45
(8)
(16)
21
-25bps
(78)
5
16
(57)
2022
+25bps
15
25
(15)
25
-25bps
(59)
(29)
15
(73)
Note
The Group\u2019s customer banking book hedging activity is risk reducing from an NII sensitivity perspective. The hedges\u00a0 in place remove interest rate risk and smooth income over the medium
term. The NII sensitivity for the Group at 31\u00a0December 2023 without hedging in place for +/-25bp rate shocks would be \u00a3184m/\u00a3(220)m respectively.
Net interest income sensitivity (AEaR) by currency (audited)
2023
2022
+25 basis points
-25 basis points
+25 basis points
-25 basis points
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
GBP
(1)
(33)
(6)
(40)
USD
17
(18)
43
(45)
EUR
20
(21)
3
(4)
Other currencies
(15)
15
(15)
16
Total
21
(57)
25
(73)
Analysis of equity sensitivity
Equity sensitivity measures the overall impact of a +/-25bps movement in interest rates on retained earnings, FVOCI, cash flow hedge
reserves and pensions. For non-NII items a DV01 metric is used, which is an indicator of the shift in value for a 1bp movement in the
yield curve.
Analysis of equity sensitivity (audited)
2023
2022
+25 basis
points
-25 basis
points
+25 basis
points
-25 basis
points
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net interest income
21
(57)
25
(73)
Taxation effects on the above
(5)
13
(5)
15
Effect on profit for the year
16
(44)
20
(58)
As percentage of net profit after tax
0.3%
(0.8%)
0.3%
(1.0%)
Effect on profit for the year (per above)
16
(44)
20
(58)
Fair value through other comprehensive income reserve
(246)
254
(291)
302
Cash flow hedge reserve
(744)
744
(774)
774
Taxation effects on the above
228
(230)
288
(291)
Effect on equity
(746)
724
(757)
727
As percentage of equity
(1.0%)
1.0%
(1.1%)
1.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-4": { "value": "
Liquidity risk management
(audited)
Overview
The efficient management of liquidity is
essential to the Group in order to retain
the confidence of the financial markets
and maintain the sustainability of the
business. Treasury and Capital Risk have
created a framework to manage all liquidity
risk exposures under both normal and
stressed conditions. The framework is
designed to maintain liquidity resources
that are sufficient in amount, quality and
funding tenor profile to remain within the
liquidity risk appetite as expressed by the
Barclays PLC Board. The liquidity risk
appetite is monitored against both internal
and regulatory liquidity metrics.
Organisation, roles and responsibilities
Treasury has the primary responsibility for
managing liquidity risk within the set risk
appetite. Both Risk and Treasury
contribute to the production of the
Internal Liquidity Adequacy Assessment
Process (ILAAP). The Treasury and Capital
Risk function is responsible for the
management and governance of the
liquidity risk mandate, as defined by the
Board.
The framework established by Treasury
and Capital Risk is designed to deliver the
appropriate term and structure of funding,
consistent with the liquidity risk appetite
set by the Board. The framework
incorporates a range of ongoing business
management tools to monitor, limit and
stress test the Group\u2019s balance sheet,
contingent liabilities and the recovery plan.
Limit setting and transfer pricing are tools
designed to control the level of liquidity risk
taken and drive the appropriate mix of
funds. Adherence to limits reduces the
likelihood that a liquidity stress event could
lead to an inability to meet Group\u2019s
obligations as they fall due.
The Board approves the Group funding
plan, internal stress tests, regulatory stress
test results, recovery plan and liquidity risk
appetite. The Group Treasury Committee
is responsible for monitoring and
managing liquidity risk in line with the
Group\u2019s funding management objectives,
funding plan and risk appetite. The
Treasury and Capital Risk Committee
monitors and reviews the liquidity risk
profile and control environment, providing
second line oversight of the management
of liquidity risk. The BRC reviews the risk
profile, and reviews liquidity risk appetite at
least annually and the impact of stress
scenarios on the Group funding plan/
forecast in order to agree the Group\u2019s
projected funding abilities.
The table below provides detail on the contractual maturity of all financial instruments and other assets and liabilities. Derivatives (other
than those designated in a hedging relationship) and trading portfolio assets and liabilities are included in the \u2018not more than one month'
column at their fair value. Liquidity risk on these items is not managed on the basis of contractual maturity since they are not held for
settlement according to such maturity and will frequently be settled before contractual maturity at fair value. Derivatives designated in a
hedging relationship are included according to their contractual maturity.
Contractual maturity of financial assets and liabilities (audited)
As at 31 December 2023
Not more
than one
month
Over one
month but
not more
than three
months
Over three
months but
not more
than six
months
Over six
months but
not more
than one year
Over one
year but not
more than
three years
Over three
years but not
more than
five years
Over five
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Cash and balances at central banks
224,634
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
224,634
Cash collateral and settlement balances
61,837
47,052
\u2014
\u2014
\u2014
\u2014
\u2014
108,889
Loans and advances at amortised cost to banks
and customers
22,457
5,907
9,929
16,366
50,126
33,340
204,622
342,747
Debt securities at amortised cost
3
4,779
579
4,700
16,626
12,113
17,949
56,749
Reverse repurchase agreements and other
similar secured lending
1,435
\u2014
\u2014
34
1,123
\u2014
2
2,594
Trading portfolio assets
174,605
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
174,605
Financial assets at fair value through the income
statement
158,213
17,761
6,214
5,902
11,119
2,966
4,476
206,651
Derivative financial instruments
254,655
100
91
160
1,070
533
227
256,836
Financial assets at fair value through other
comprehensive income
1,789
2,421
365
8,699
12,424
17,179
28,959
71,836
Other financial assets
2,122
26
36
9
1
1
2
2,197
Total financial assets
901,750
78,046
17,214
35,870
92,489
66,132
256,237
1,447,738
Other assets
29,749
Total assets
1,477,487
Liabilities
Deposits at amortised cost from banks and
customers
440,122
36,812
22,665
29,464
7,691
1,321
714
538,789
Cash collateral and settlement balances
65,227
28,857
\u2014
\u2014
\u2014
\u2014
\u2014
94,084
Repurchase agreements and other similar
secured borrowing
12,164
12,433
1,307
247
8,279
7,092
79
41,601
Debt securities in issue
5,535
17,004
9,949
7,286
17,558
12,079
27,414
96,825
Subordinated liabilities
\u2014
121
\u2014
584
1,987
1,554
6,248
10,494
Trading portfolio liabilities
58,669
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
58,669
Financial liabilities designated at fair value
180,554
31,587
13,867
14,579
23,469
13,994
19,489
297,539
Derivative financial instruments
249,481
21
\u2014
24
82
64
372
250,044
Other financial liabilities
6,492
265
40
77
266
182
377
7,699
Total financial liabilities
1,018,244
127,100
47,828
52,261
59,332
36,286
54,693
1,395,744
Other liabilities
9,879
Total liabilities
1,405,623
Contractual maturity of financial assets and liabilities (audited)
As at 31 December 2022
Not more
than one
month
Over one
month but
not more
than three
months
Over three
months but
not more
than six
months
Over six
months but
not more
than one year
Over one
year but not
more than
three years
Over three
years but not
more than
five years
Over five
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Cash and balances at central banks
256,351
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
256,351
Cash collateral and settlement balances
62,295
50,302
\u2014
\u2014
\u2014
\u2014
\u2014
112,597
Loans and advances at amortised cost to banks
and customers
22,581
6,644
9,104
17,663
49,259
43,551
204,490
353,292
Debt securities at amortised cost
\u2014
1,258
612
2,554
14,856
12,968
13,239
45,487
Reverse repurchase agreements and other similar
secured lending
442
333
\u2014
\u2014
\u2014
\u2014
1
776
Trading portfolio assets
133,813
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
133,813
Financial assets at fair value through the income
statement
158,699
21,016
6,771
6,765
11,413
3,292
5,612
213,568
Derivative financial instruments
301,679
22
66
70
462
44
37
302,380
Financial assets at fair value through other
comprehensive income
2,908
3,533
4,535
3,082
16,766
16,418
17,820
65,062
Other financial assets
1,561
49
\u2014
43
\u2014
1
2
1,656
Total financial assets
940,329
83,157
21,088
30,177
92,756
76,274
241,201
1,484,982
Other assets
28,717
Total assets
1,513,699
Liabilities
Deposits at amortised cost from banks and
customers
477,022
29,790
19,388
13,665
4,590
499
828
545,782
Cash collateral and settlement balances
68,930
27,997
\u2014
\u2014
\u2014
\u2014
\u2014
96,927
Repurchase agreements and other similar
secured borrowing
9,419
399
\u2014
943
6,139
10,069
83
27,052
Debt securities in issue
9,621
23,488
13,259
11,876
16,252
14,808
23,577
112,881
Subordinated liabilities
\u2014
17
\u2014
262
1,181
1,987
7,976
11,423
Trading portfolio liabilities
72,924
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
72,924
Financial liabilities designated at fair value
171,096
26,481
14,352
9,104
24,548
8,528
17,528
271,637
Derivative financial instruments
288,582
36
63
7
262
273
397
289,620
Other financial liabilities
7,841
48
43
84
409
247
484
9,156
Total financial liabilities
1,105,435
108,256
47,105
35,941
53,381
36,411
50,873
1,437,402
Other liabilities
7,037
Total liabilities
1,444,439
Contractual maturity of financial liabilities on an undiscounted basis
The table below presents the cash flows payable by the Group under financial liabilities by remaining contractual maturities at the
balance sheet date. The amounts disclosed in the table are the contractual undiscounted cash flows of all financial liabilities (i.e. nominal
values).
The balances in the below table do not agree directly to the balances in the consolidated balance sheet as the table incorporates all
cash flows, on an undiscounted basis, related to both principal as well as those associated with all future coupon payments.
Derivative financial instruments held for trading and trading portfolio liabilities are included in the 'not more than one month' column at
their fair value.
Contractual maturity of financial liabilities - undiscounted (audited)
Not\u00a0 more
than one
month
Over one
month but
not more
than three
months
Over three
months but
not more
than six
months
Over six
months but
not more
than one year
Over one
year but not
more than
three years
Over three
years but not
more than
five years
Over five
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023
Deposits at amortised cost from banks and
customers
440,184
37,101
23,055
30,377
8,107
1,540
882
541,246
Cash collateral and settlement balances
65,230
29,096
\u2014
\u2014
\u2014
\u2014
\u2014
94,326
Repurchase agreements and other similar
secured borrowing
12,196
12,516
1,326
252
9,042
7,902
213
43,447
Debt securities in issue
5,546
17,142
10,121
7,481
18,674
13,688
40,154
112,806
Subordinated liabilities
\u2014
121
\u2014
601
2,241
1,822
8,594
13,379
Trading portfolio liabilities
58,669
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
58,669
Financial liabilities designated at fair value
180,687
31,794
14,174
15,013
24,891
15,309
34,035
315,903
Derivative financial instruments
249,482
21
\u2014
24
90
75
705
250,397
Other financial liabilities
6,492
269
45
89
309
220
615
8,039
Total financial liabilities
1,018,486
128,060
48,721
53,837
63,354
40,556
85,198
1,438,212
As at 31 December 2022
Deposits at amortised cost from banks and
customers
477,050
29,921
19,393
13,798
4,606
499
1,082
546,349
Cash collateral and settlement balances
68,930
28,185
\u2014
\u2014
\u2014
\u2014
\u2014
97,115
Repurchase agreements and other similar
secured borrowing
9,430
401
\u2014
946
6,920
12,234
252
30,183
Debt securities in issue
9,646
23,580
13,375
12,165
16,964
16,790
34,078
126,598
Subordinated liabilities
\u2014
17
\u2014
263
1,274
2,356
10,331
14,241
Trading portfolio liabilities
72,924
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
72,924
Financial liabilities designated at fair value
171,296
26,674
14,905
9,399
25,662
9,847
33,099
290,882
Derivative financial instruments
288,582
98
101
8
290
321
793
290,193
Other financial liabilities
7,841
58
56
109
488
308
564
9,424
Total financial liabilities
1,105,699
108,934
47,830
36,688
56,204
42,355
80,199
1,477,909
Maturity of off-balance sheet commitments given
The table below presents the maturity split of the Group\u2019s off-balance sheet commitments given at the balance sheet date. The
amounts disclosed in the table are the undiscounted cash flows (i.e. nominal values) on the basis of earliest opportunity at which they
are available.
Maturity analysis of off-balance sheet commitments given (audited)
Not more than
one month
Over one month
but not more
than three
months
Over three months
but not more than
six months
Over six months
but not more
than one year
Over one
year but not
more than
three years
Over three years
but not more
than five years
Over five\u00a0
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023
Contingent liabilities and financial
guarantees
25,217
119
2
1
1
\u2014
\u2014
25,340
Documentary credits and other short-
term trade related transactions
2,348
3
1
\u2014
\u2014
\u2014
\u2014
2,352
Standby facilities, credit lines and other
commitments
388,030
\u2014
\u2014
\u2014
55
\u2014
\u2014
388,085
Total off-balance sheet
commitments given
415,595
122
3
1
56
\u2014
\u2014
415,777
As at 31 December 2022
Contingent liabilities and financial
guarantees
24,118
71
14
1
1
\u2014
\u2014
24,205
Documentary credits and other short-
term trade related transactions
1,742
1
5
\u2014
\u2014
\u2014
\u2014
1,748
Standby facilities, credit lines and other
commitments
393,723
\u2014
\u2014
\u2014
37
\u2014
\u2014
393,760
Total off-balance sheet
commitments given
419,583
72
19
1
38
\u2014
\u2014
419,713
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-5": { "value": "
Capital risk management
(audited)
Overview
Capital risk is managed through ongoing
monitoring and management of the capital
and leverage position, regular stress
testing and a robust capital governance
framework. The objectives of the
framework are to maintain adequate
capital for the Group and legal entities to
withstand the impact of the risks that may
arise under normal and stressed
conditions, and maintain adequate capital
to cover current and forecast business
needs and associated risks to provide a
viable and sustainable business offering.
The Group\u00a0 aims to prudently manage its
overall leverage position (including risk of
excessive leverage) by utilising plausible
stress scenarios, reviewing and deploying
management actions in response to
deteriorating economic and commercial
positions.\u00a0 In order to manage contingent
leverage risk, the Group considers the
context from which the business
consumption arises, the impact of client
utilisation on leverage and the available
actions to manage.
Organisation, roles and responsibilities
Treasury has the primary responsibility for
managing and monitoring capital
adequacy. The Treasury and Capital Risk
function provides oversight of capital risk.
Production of the Barclays PLC Internal
Capital Adequacy Assessment Process
(ICAAP) is the responsibility of Treasury.
Capital risk management is underpinned by
a control framework and policy. The capital
management strategy, outlined in the
Group and legal entity capital plans, is
developed in alignment with the control
framework and policy for capital risk, and is
implemented consistently in order to
deliver on the Group\u2019s objectives.
The Board approves the Group capital
plan, internal stress tests and results of
regulatory stress tests, and the Group
recovery plan. The Group Treasury
Committee is responsible for monitoring
and managing capital risk in line with the
Group\u2019s capital management objectives,
capital plan and risk frameworks. The
Treasury and Capital Risk Committee
monitors and reviews the capital risk profile
and control environment, providing
second line oversight of the management
of capital risk. The BRC reviews the risk
profile, and reviews risk appetite at least
annually and the impact of stress scenarios
on the Group capital plan/forecast in order
to agree the Group\u2019s projected capital
adequacy.
Local management assures compliance
with an entity\u2019s minimum regulatory capital
requirements by reporting to local Asset
and Liability Committees (ALCOs) with
oversight by the Group Treasury
Committee, as required. In 2023, Barclays
complied with all regulatory minimum
capital requirements. Contingent leverage
risk is managed by; i) setting
comprehensive leverage (and RWA)
targets for each business as part of the
Treasury capital management process,
taking into account adherence to early
warning indicators and maintain a healthy
leverage ratio, and; ii) Monitoring execution
of actions taken to course-correct as
necessary.
The Group maintains a number of defined
benefit pension schemes for past and
current employees. The ability of schemes
to meet pension payments is achieved
with investments and contributions.
Pension risk arises because the market
value of pension fund assets might decline;
investment returns might reduce; or the
estimated value of pension liabilities might
increase. The Group monitors the pension
risks arising from its defined benefit
pension schemes and works with the
relevant pension fund\u2019s trustees to
address shortfalls. In these circumstances,
the Group could be required or might
choose to make extra contributions to the
pension fund. The Group\u2019s main defined
benefit scheme was closed to new
entrants in 2012.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-6": { "value": "
Movement in gross exposures and impairment allowance including provisions for loan commitments and
financial guarantees
The following tables present a reconciliation of the opening to the closing balance of the exposure and impairment allowance.
Transfers between stages in the tables have been reflected as if they had taken place at the beginning of the year. 'Net drawdowns,
repayments, net-remeasurement and movements due to exposure and risk parameter changes' includes additional drawdowns and
partial repayments from existing facilities. Additionally, the below tables do not include other financial assets subject to impairment such
as debt securities at amortised cost, cash collateral and settlement balances, financial assets at fair value through other comprehensive
income and other assets.
The movements are measured over a 12-month period.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2023
153,672
29
18,200
73
2,414
414
174,286
516
Transfers from Stage 1 to Stage 2
(9,557)
(2)
9,557
2
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
6,052
22
(6,052)
(22)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(453)
\u2014
(530)
(13)
983
13
\u2014
\u2014
Transfers from Stage 3
26
1
122
2
(148)
(3)
\u2014
\u2014
Business activity in the year1
23,329
13
978
7
26
11
24,333
31
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-measurement
and movements due to exposure and risk parameter
changes
(11,505)
(8)
(1,136)
65
(502)
27
(13,143)
84
Final repayments
(10,837)
(3)
(1,666)
(9)
(328)
(15)
(12,831)
(27)
Disposals2
(525)
(2)
(4)
\u2014
(2)
\u2014
(531)
(2)
Write-offs
\u2014
\u2014
\u2014
\u2014
(19)
(19)
(19)
(19)
As at 31 December 2023
150,202
50
19,469
105
2,424
428
172,095
583
Retail credit cards
As at 1 January 2023
29,788
458
6,449
1,620
1,380
955
37,617
3,033
Transfers from Stage 1 to Stage 2
(2,406)
(68)
2,406
68
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
2,900
590
(2,900)
(590)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(678)
(27)
(874)
(374)
1,552
401
\u2014
\u2014
Transfers from Stage 3
54
32
31
18
(85)
(50)
\u2014
\u2014
Business activity in the year
2,775
60
332
116
29
25
3,136
201
Refinements to models used for calculation3
\u2014
(28)
\u2014
37
\u2014
11
\u2014
20
Net drawdowns, repayments, net re-measurement
and movements due to exposure and risk parameter
changes
(162)
(465)
649
797
(47)
998
440
1,330
Final repayments
(241)
(14)
(70)
(21)
(26)
(19)
(337)
(54)
Transfers to assets held for sale4
(1,621)
(15)
(445)
(41)
(92)
(68)
(2,158)
(124)
Disposals2
\u2014
\u2014
\u2014
\u2014
(186)
(115)
(186)
(115)
Write-offs
\u2014
\u2014
\u2014
\u2014
(805)
(805)
(805)
(805)
As at 31 December 2023
30,409
523
5,578
1,630
1,720
1,333
37,707
3,486
Retail other
As at 1 January 2023
13,470
100
1,468
166
720
308
15,658
574
Transfers from Stage 1 to Stage 2
(1,179)
(13)
1,179
13
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
463
36
(463)
(36)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(549)
(4)
(154)
(44)
703
48
\u2014
\u2014
Transfers from Stage 3
33
3
9
4
(42)
(7)
\u2014
\u2014
Business activity in the year
7,302
27
197
23
28
21
7,527
71
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-measurement
and movements due to exposure and risk parameter
changes
(4,163)
(57)
(247)
31
(146)
115
(4,556)
89
Final repayments
(5,347)
(13)
(358)
(7)
(421)
(44)
(6,126)
(64)
Transfers to assets held for sale4
(1,561)
(20)
(288)
(32)
(84)
(60)
(1,933)
(112)
Disposals2
\u2014
\u2014
\u2014
\u2014
(134)
(74)
(134)
(74)
Write-offs
\u2014
\u2014
\u2014
\u2014
(131)
(131)
(131)
(131)
As at 31 December 2023
8,469
59
1,343
118
493
176
10,305
353
Notes
1 Business activity in the year reported within Retail mortgages includes an acquisition of Kensington Mortgage Company in UK Mortgages of \u00a32.4bn.
2 The \u00a3531m of disposals reported within Retail mortgages relate to transfer of facilities to a non-consolidated special purpose vehicle for the purpose of securitisation. The \u00a3186m\u00a0 of
disposals reported within Retail credit cards include debt sales undertaken during the year. The \u00a3134m of disposals reported within Retail other include \u00a364m part sale of Wealth
portfolio in Italy and \u00a370m of debt sales undertaken during the year.
3 Refinements to models used for calculation reported within Retail credit cards include a \u00a388m movement in UK Cards, \u00a343m movement in US Cards and \u00a3(111)m movement in the
German consumer finance business. These reflect model enhancements\u00a0 made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL
calculation including review of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that the models used
continue to reflect the\u00a0 risks inherent across the businesses.
4 Transfers to assets held for sale reported within Retail credit cards and Retail other relate to the German consumer finance business.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Corporate loans
As at 1 January 2023
111,891
461
16,818
424
2,572
542
131,281
1,427
Transfers from Stage 1 to Stage 2
(6,172)
(45)
6,172
45
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
5,592
108
(5,592)
(108)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(758)
(10)
(1,011)
(27)
1,769
37
\u2014
\u2014
Transfers from Stage 3
195
16
403
22
(598)
(38)
\u2014
\u2014
Business activity in the year
23,213
43
933
29
205
29
24,351
101
Refinements to models used for calculation1
\u2014
(61)
\u2014
174
\u2014
\u2014
\u2014
113
Net drawdowns, repayments, net re-measurement
and movements due to exposure and risk parameter
changes 2
2,079
(179)
(1,618)
(73)
(667)
405
(206)
153
Final repayments
(23,149)
(43)
(2,689)
(46)
(406)
(65)
(26,244)
(154)
Disposals3
(386)
(3)
(114)
(26)
(108)
(99)
(608)
(128)
Write-offs
\u2014
\u2014
\u2014
\u2014
(213)
(213)
(213)
(213)
As at 31 December 2023
112,505
287
13,302
414
2,554
598
128,361
1,299
Reconciliation of ECL movement to credit impairment charge/(release)\u00a0 for the period
Stage 1
Stage 2
Stage 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
23
32
33
88
Retail credit cards
80
51
1,366
1,497
Retail other
(21)
(16)
133
96
Corporate loans
(171)
16
368
213
ECL movements excluding assets held for sale, disposals and write-offs4
(89)
83
1,900
1,894
ECL movement on loan commitments and other financial guarantees
(72)
(28)
21
(79)
ECL movement on other financial assets
6
(7)
(11)
(12)
ECL movement on debt securities at amortised cost
2
(17)
\u2014
(15)
Recoveries and reimbursements5
4
(4)
(73)
(73)
Total exchange and other adjustments
166
Total credit impairment charge for the year
1,881
Notes
1 Refinements to models used for calculation reported within Corporate loans include a \u00a393m movement in Corporate and Investment Bank and \u00a320m movement in Barclaycard
Payments. These reflect model enhancements made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation including review\u00a0 of
model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that the models used continue to reflect the risks
inherent across the businesses.
2 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within Corporate loans also include assets of \u00a30.8bn
derecognised due to payment received on defaulted loans from government guarantees issued under government\u2019s Bounce Back Loans Scheme.
3 The \u00a3608m of disposals reported within Corporate loans relate to debt sales undertaken during the year.
4 In 2023, gross write-offs amounted to \u00a31,168m (2022: \u00a31,620m) and post write-off recoveries amounted to \u00a344m (2022: \u00a364m). Net write-offs represent gross write-offs less post
write-off recoveries and amounted to \u00a31,124m (2022: \u00a31,556m).
5 Recoveries and reimbursements include \u00a329m for reimbursements expected to be received under the arrangement where Group has entered into financial guarantee contracts\u00a0 which\u00a0
provi de credit protection over certain assets with third parties and\u00a0 cash recoveries of previously written off amounts of \u00a344m.
Loan commitments and financial guarantees (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2023
11,714
\u2014
450
\u2014
6
\u2014
12,170
\u2014
Net transfers between stages
(62)
\u2014
53
\u2014
9
\u2014
\u2014
\u2014
Business activity in the year
4,184
\u2014
\u2014
\u2014
\u2014
\u2014
4,184
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(7,669)
\u2014
(11)
\u2014
(11)
\u2014
(7,691)
\u2014
Limit management and final repayments
(391)
\u2014
(44)
\u2014
\u2014
\u2014
(435)
\u2014
As at 31 December 2023
7,776
\u2014
448
\u2014
4
\u2014
8,228
\u2014
Retail credit cards1
As at 1 January 2023
144,957
50
5,435
83
228
\u2014
150,620
133
Net transfers between stages
448
61
(538)
(61)
90
\u2014
\u2014
\u2014
Business activity in the year
19,098
16
224
13
1
\u2014
19,323
29
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(5,863)
(59)
(1,769)
53
(101)
\u2014
(7,733)
(6)
Limit management and final repayments
(13,849)
(9)
(545)
(34)
(76)
\u2014
(14,470)
(43)
As at 31 December 2023
144,791
59
2,807
54
142
\u2014
147,740
113
Retail other1
As at 1 January 2023
10,427
5
520
\u2014
80
\u2014
11,027
5
Net transfers between stages
(171)
\u2014
140
\u2014
31
\u2014
\u2014
\u2014
Business activity in the year
1,639
\u2014
1
\u2014
4
\u2014
1,644
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(1,690)
1
(93)
2
(59)
\u2014
(1,842)
3
Limit management and final repayments
(1,598)
\u2014
(33)
\u2014
(12)
\u2014
(1,643)
\u2014
As at 31 December 2023
8,607
6
535
2
44
\u2014
9,186
8
Corporate loans
As at 1 January 2023
205,847
190
24,289
232
866
23
231,002
445
Net transfers between stages
2,416
23
(2,423)
(23)
7
\u2014
\u2014
\u2014
Business activity in the year
54,807
27
2,271
43
39
2
57,117
72
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
3,556
(106)
97
25
206
24
3,859
(57)
Limit management and final repayments
(53,737)
(26)
(3,816)
(46)
(271)
(5)
(57,824)
(77)
As at 31 December 2023
212,889
108
20,418
231
847
44
234,154
383
Note
1 Loan commitments reported within Retail credit cards and Retail other also include financial assets classified as held for sale.
Loans and advances at amortised cost (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2022
148,058
19
19,500
59
2,122
397
169,680
475
Transfers from Stage 1 to Stage 2
(8,747)
(1)
8,747
1
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
7,489
24
(7,489)
(24)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(400)
\u2014
(725)
(6)
1,125
6
\u2014
\u2014
Transfers from Stage 3
32
1
229
4
(261)
(5)
\u2014
\u2014
Business activity in the year
30,028
10
1,142
7
6
\u2014
31,176
17
Refinements to models used for calculation
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to exposure
and risk parameter changes
(8,846)
(22)
(1,081)
36
(125)
52
(10,052)
66
Final repayments
(13,942)
(2)
(2,123)
(4)
(426)
(9)
(16,491)
(15)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Write-offs
\u2014
\u2014
\u2014
\u2014
(27)
(27)
(27)
(27)
As at 31 December 2022
153,672
29
18,200
73
2,414
414
174,286
516
Retail credit cards
As at 1 January 2022
23,654
698
4,287
1,526
1,551
1,092
29,492
3,316
Transfers from Stage 1 to Stage 2
(2,661)
(67)
2,661
67
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
1,554
445
(1,554)
(445)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(416)
(16)
(542)
(260)
958
276
\u2014
\u2014
Transfers from Stage 3
44
26
9
4
(53)
(30)
\u2014
\u2014
Business activity in the year
5,060
120
389
128
122
97
5,571
345
Refinements to models used for calculation1
\u2014
82
\u2014
(50)
\u2014
96
\u2014
128
Net drawdowns, repayments, net re-
measurement and movements due to exposure
and risk parameter changes
2,973
(801)
1,296
685
59
579
4,328
463
Final repayments
(261)
(25)
(68)
(24)
(34)
(18)
(363)
(67)
Disposals2
(159)
(4)
(29)
(11)
(219)
(133)
(407)
(148)
Write-offs
\u2014
\u2014
\u2014
\u2014
(1,004)
(1,004)
(1,004)
(1,004)
As at 31 December 2022
29,788
458
6,449
1,620
1,380
955
37,617
3,033
Retail other
As at 1 January 2022
13,413
106
1,288
154
774
406
15,475
666
Transfers from Stage 1 to Stage 2
(734)
(10)
734
10
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
367
39
(367)
(39)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(224)
(4)
(155)
(43)
379
47
\u2014
\u2014
Transfers from Stage 3
43
7
16
9
(59)
(16)
\u2014
\u2014
Business activity in the year
6,190
50
370
54
34
28
6,594
132
Refinements to models used for calculation1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net drawdowns, repayments, net re-
measurement and movements due to exposure
and risk parameter changes
(1,853)
(77)
(146)
28
97
176
(1,902)
127
Final repayments
(3,732)
(11)
(272)
(7)
(194)
(42)
(4,198)
(60)
Disposals2
\u2014
\u2014
\u2014
\u2014
(56)
(36)
(56)
(36)
Write-offs
\u2014
\u2014
\u2014
\u2014
(255)
(255)
(255)
(255)
As at 31 December 2022
13,470
100
1,468
166
720
308
15,658
574
Notes
1 Refinements to models used for calculation reported within Retail credit cards include a \u00a30.3bn movement in US Cards and \u00a3(0.2)bn in UK Cards. These reflect model enhancements\u00a0
made during the year. Barclays continually reviews the output of models to determine accuracy of the ECL calculation including review of model monitoring, external benchmarking and
experience of model operation over an extended period of time. This helps to ensure that the models used continue to reflect the\u00a0 risks inherent across the businesses.
2 The \u00a30.4bn of disposals reported within Retail credit cards\u00a0 include a \u00a30.2bn sale of NFL portfolio within US Cards and \u00a30.2bn of debt sales undertaken during the year. The \u00a30.1bn
disposals reported within Retail other include debt sales undertaken during the year.
Loans and advances at amortised cost (audited)
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Corporate loans
As at 1 January 2022
102,337
377
15,609
270
2,756
625
120,702
1,272
Transfers from Stage 1 to Stage 2
(7,662)
(68)
7,662
68
\u2014
\u2014
\u2014
\u2014
Transfers from Stage 2 to Stage 1
5,278
60
(5,278)
(60)
\u2014
\u2014
\u2014
\u2014
Transfers to Stage 3
(1,489)
(6)
(694)
(15)
2,183
21
\u2014
\u2014
Transfers from Stage 3
204
21
339
28
(543)
(49)
\u2014
\u2014
Business activity in the year
24,187
86
2,655
79
239
31
27,081
196
Refinements to models used for calculation1
\u2014
(60)
\u2014
(61)
\u2014
(374)
\u2014
(495)
Net drawdowns, repayments, net re-
measurement and movements due to exposure
and risk parameter changes 2
11,023
91
303
163
(1,449)
725
9,877
979
Final repayments
(21,987)
(40)
(3,747)
(48)
(231)
(56)
(25,965)
(144)
Disposals3
\u2014
\u2014
(31)
\u2014
(49)
(47)
(80)
(47)
Write-offs
\u2014
\u2014
\u2014
\u2014
(334)
(334)
(334)
(334)
As at 31 December 2022
111,891
461
16,818
424
2,572
542
131,281
1,427
Reconciliation of ECL movement to credit impairment charge/(release) for the period
Stage 1
Stage 2
Stage 3
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
10
14
44
68
Retail credit cards
(236)
105
1,000
869
Retail other
(6)
12
193
199
Corporate loans
84
154
298
536
ECL movement derecognised due to disposals and write-offs4
(148)
285
1,535
1,672
ECL movement on loan commitments and financial guarantees
28
13
\u2014
41
ECL movement\u00a0 on other financial assets
4
8
37
49
ECL movement on debt securities at amortised cost
3
27
(1)
29
Recoveries and reimbursements5
(122)
(63)
(78)
(263)
Total exchange and other adjustments
(308)
Total credit impairment charge for the year
1,220
Notes
1 Refinements to model\u00a0 used for calculation reported within Corporate loans include a \u00a3(0.5)bn movement in Business Banking. These reflect model enhancements made during the
year. Barclays continually review the output of models to determine\u00a0 accuracy of the ECL calculation including review of model monitoring, external benchmarking and experience of
model operation over an extended period of time. This ensures that the models used continue to reflect the risks inherent across the businesses.
2 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within\u00a0 Corporate loans also include assets of \u00a31.3bn\u00a0
derecognised due to payment received on defaulted loans from government guarantees issued under government\u2019s Bounce Back Loans Scheme.
3 The \u00a380m of disposals reported within Corporate loans relate to debt sales undertaken during the year.
4 In 2022, gross write-offs amounted to \u00a31,620m. In Q422, \u00a3329m of balances with de minimis recovery expectations were written-off in line with policy in UK Cards and Unsecured
Loans. Post write-off recoveries amounted to \u00a364m. Net write-offs represent gross write-offs less post write-off recoveries and amounted to \u00a31,556m.
5 Recoveries and reimbursements include \u00a3199m for reimbursements expected to be received under the arrangement where Group has entered into financial\u00a0 guarantees contracts\u00a0
which provide credit protection over certain assets with third parties and cash recoveries of previously written off amounts of \u00a364m.
Loan commitments and financial guarantees (audited)
Stage 1
Stage 2
Stage 3
Total
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
Gross
exposure
ECL
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
As at 1 January 2022
10,833
\u2014
532
\u2014
3
\u2014
11,368
\u2014
Net transfers between stages
8
\u2014
(17)
\u2014
9
\u2014
\u2014
\u2014
Business activity in the year
8,034
\u2014
\u2014
\u2014
\u2014
\u2014
8,034
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(6,793)
\u2014
(21)
\u2014
(6)
\u2014
(6,820)
\u2014
Limit management and final repayments
(368)
\u2014
(44)
\u2014
\u2014
\u2014
(412)
\u2014
As at 31 December 2022
11,714
\u2014
450
\u2014
6
\u2014
12,170
\u2014
Retail credit cards
As at 1 January 2022
107,980
38
4,727
56
187
1
112,894
95
Net transfers between stages
(3,029)
41
2,834
(42)
195
1
\u2014
\u2014
Business activity in the year
35,573
23
408
27
1
\u2014
35,982
50
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
11,581
(45)
(2,087)
65
(73)
(2)
9,421
18
Limit management and final repayments
(7,148)
(7)
(447)
(23)
(82)
\u2014
(7,677)
(30)
As at 31 December 2022
144,957
50
5,435
83
228
\u2014
150,620
133
Retail other
As at 1 January 2022
10,983
5
507
\u2014
10
\u2014
11,500
5
Net transfers between stages
(203)
\u2014
121
\u2014
82
\u2014
\u2014
\u2014
Business activity in the year
2,254
\u2014
3
\u2014
2
\u2014
2,259
\u2014
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
(1,665)
\u2014
(102)
\u2014
(8)
\u2014
(1,775)
\u2014
Limit management and final repayments
(942)
\u2014
(9)
\u2014
(6)
\u2014
(957)
\u2014
As at 31 December 2022
10,427
5
520
\u2014
80
\u2014
11,027
5
Corporate loans
As at 1 January 2022
182,346
174
29,049
246
1,098
22
212,493
442
Net transfers between stages
5,668
66
(5,664)
(64)
(4)
(2)
\u2014
\u2014
Business activity in the year
44,060
30
4,273
54
26
2
48,359
86
Net drawdowns, repayments, net re-
measurement and movement due to exposure
and risk parameter changes
28,070
(51)
6,193
61
68
5
34,331
15
Limit management and final repayments
(54,297)
(29)
(9,562)
(65)
(322)
(4)
(64,181)
(98)
As at 31 December 2022
205,847
190
24,289
232
866
23
231,002
445
Management adjustments to models for impairment (audited)
Management adjustments to impairment models are applied in order to factor in certain conditions or changes in policy that are not fully
incorporated into the impairment models, or to reflect additional facts and circumstances at the period end. Management adjustments
are reviewed and incorporated into future model development where applicable.
Management adjustments are captured through \u201cEconomic uncertainty\u201d and \u201cOther\u201d adjustments, and are presented by product and
geography below:
Management adjustments to models for impairment allowance presented by product and geography (audited)1
Impairment
allowance pre
management
adjustments 2
Economic
uncertainty
adjustments
(a)
Other
adjustments
(b)
Management
adjustments
(a+b)
Total
impairment
allowance3
Proportion of
Management
adjustments to
total impairment
allowance
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail mortgages
54
57
121
178
232
76.7
Retail credit cards
700
45
(9)
36
736
4.9
Retail other
251
9
62
71
322
22.0
Corporate loans
761
71
10
81
842
9.6
Total UK
1,766
182
184
366
2,132
17.2
Retail mortgages
354
\u2014
(3)
(3)
351
(0.9)
Retail credit cards
2,855
\u2014
8
8
2,863
0.3
Retail other
45
\u2014
(6)
(6)
39
(15.4)
Corporate loans
828
16
(4)
12
840
1.4
Total Rest of the World
4,082
16
(5)
11
4,093
0.3
Total
5,848
198
179
377
6,225
6.1
Debt securities at amortised cost
27
\u2014
\u2014
\u2014
27
\u2014
Total including debt securities at amortised cost
5,875
198
179
377
6,252
6.0
As at 31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Retail mortgages
39
4
85
89
128
69.5
Retail credit cards
679
93
32
125
804
15.5
Retail other
257
23
80
103
360
28.6
Corporate loans
682
249
166
415
1,097
37.8
Total UK
1,657
369
363
732
2,389
30.6
Retail mortgages
388
\u2014
\u2014
\u2014
388
\u2014
Retail credit cards
2,307
\u2014
55
55
2,362
2.3
Retail other
198
2
19
21
219
9.6
Corporate loans
1,058
(54)
(229)
(283)
775
(36.5)
Total Rest of the World
3,951
(52)
(155)
(207)
3,744
(5.5)
Total
5,608
317
208
525
6,133
8.6
Debt securities at amortised cost
42
\u2014
\u2014
\u2014
42
\u2014
Total including debt securities at amortised cost
5,650
317
208
525
6,175
8.5
Economic uncertainty adjustments presented by stage (audited)
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
12
32
13
57
Retail credit cards
8
37
\u2014
45
Retail other
3
6
\u2014
9
Corporate loans
48
12
11
71
Total UK
71
87
24
182
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
\u2014
\u2014
\u2014
Corporate loans
4
12
\u2014
16
Total Rest of the World
4
12
\u2014
16
Total
75
99
24
198
Stage 1
Stage 2
Stage 3
Total
As at 31 December 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Retail mortgages
1
3
\u2014
4
Retail credit cards
17
76
\u2014
93
Retail other
7
15
1
23
Corporate loans
189
60
\u2014
249
Total UK
214
154
1
369
Retail mortgages
\u2014
\u2014
\u2014
\u2014
Retail credit cards
\u2014
\u2014
\u2014
\u2014
Retail other
\u2014
2
\u2014
2
Corporate loans
(8)
(46)
\u2014
(54)
Total Rest of the World
(8)
(44)
\u2014
(52)
Total
206
110
1
317
Notes
1 Positive values reflect an increase in impairment allowance and negative values reflect a reduction in the impairment allowance.
2 Includes \u00a35.2bn (2022: \u00a3 4.8bn) of modelled ECL, \u00a30.4bn (2022: \u00a30.4bn) of individually assessed impairments and \u00a30.3bn (2022: \u00a30.5 bn) ECL from non-modelled exposures and debt
securities.
3 Total impairment allowance consists of ECL stock on drawn and undrawn exposure.
Economic uncertainty adjustments
Models have been developed with data from non-inflationary periods establishing a relationship between input variables and customer
delinquency based on past behaviour. As such there is a risk that the modelled output fails to capture the appropriate response to
changes in macroeconomic variables including higher interest rates and continuing inflationary stress with modelled impairment
provisions impacted by uncertainty.
This uncertainty continues to be captured in two ways. Firstly, customer uncertainty: the identification of customers and clients who
may be more vulnerable to economic instability; and secondly, model uncertainty: to capture the impact from model limitations and
sensitivities to specific macroeconomic parameters which are applied at a portfolio level.
Economic uncertainty adjustments have decreased from last year following the re-build of UK cards and certain CIB impairment models
which better capture the macroeconomic outlook. Furthermore, adjustments have been reassessed to capture affordability headwinds
in UK retail lending.
The balance as at 31 December 2023 is \u00a3198m (2022: \u00a3317m) and includes:
Customer and client uncertainty provisions of \u00a3166m (2022: \u00a3423m):
UK retail lending includes adjustments applied to customers considered most vulnerable to affordability pressures.
\u2022 Retail mortgages (UK) \u00a325m (2022: \u00a34m): The increase primarily reflects the risk of borrowers refinancing onto higher rates in the
medium term.
\u2022 Retail credit cards (UK) \u00a345m (2022: \u00a393m): The reduction reflects the re-build of UK cards impairment models which better
capture sensitivity to movements in interest rates and inflation.
\u2022 Retail other (UK) \u00a39m (2022: \u00a323m): The reduction reflects customer resilience to affordability headwinds.
Corporate loans \u00a387m (2022: \u00a3301m): This includes an adjustment of \u00a371m in UK to reflect possible cross default risk on Barclays\u2019
lending in respect of clients who have taken bounce back loans and \u00a316m in Rest of the World (ROW) to provide for downside
uncertainties on European Corporates reflecting recent changes in the macroeconomic outlook.
The reduction of \u00a3(214)m in UK and ROW is informed by retirement of an adjustment for high risk sectors following a granular credit risk
assessment, and re-build of certain CIB impairment models which more appropriately capture downside risk.
Model uncertainty provisions of \u00a332m (2022: \u00a3(106)m):
Retail mortgages (UK) \u00a332m (2022: nil ): This includes an adjustment to correct for higher recovery expectations impacted by model
oversensitivity to certain macroeconomic variables.
Corporate loans \u00a3nil (2022: \u00a3(106)m): The adjustment held in the previous year to correct for model oversensitivity has been retired
following the re-build of certain CIB impairment models which more appropriately capture the macroeconomic outlook.
Other adjustments
Other adjustments are operational in nature and are expected to remain in place until they can be reflected in the underlying models.
These adjustments result from data limitations and model performance related issues identified through model monitoring and other
established governance processes.
Other adjustments of \u00a3179m (2022: \u00a3208m) includes:
Adjustments for definition of default (DOD) under the Capital Requirements Regulation and model monitoring in Retail mortgages,
Retail other and Corporate loans.
Retail mortgages (UK) \u00a3121m (2022: \u00a385m): The increase reflects re-sizing of an adjustment for DOD and an ECL provision for
Kensington Mortgages which was acquired during the year.
Retail credit cards:
\u2022 UK \u00a3(9)m (2022: \u00a332m): The reduction is informed by retirement of operational adjustments following the re-build of UK cards
impairment models.
\u2022 ROW \u00a38m (2022: \u00a355m): The reduction is informed by retirement of an adjustment in US cards for high-risk account management
(HRAM) accounts following model remediation during the year.
Retail other:
\u2022 UK \u00a362m (2022: \u00a380m): The underlying adjustments were re-sized and remain broadly in line with the previous year.
\u2022 ROW \u00a3(6)m (2022: \u00a319m): The reduction is informed by the German consumer finance business classified as assets held for sale.
Corporate loans:
\u2022 UK \u00a310m (2022: \u00a3166m): The reduction is informed by retirement of model monitoring adjustments in CIB following the re-build of
certain impairment models. Further, operational adjustments have been introduced during the year to remediate conservative
modelled recovery expectations in the ESHLA portfolio.
\u2022 ROW \u00a3(4)m (2022: \u00a3(229)m): The previously held adjustments linked to model monitoring and ECL sensitivity to the macroeconomic
variable for Federal Tax Receipts have been retired following the re-build of certain CIB impairment models.
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1. Reporting entity
Barclays PLC is a public company limited by shares registered in England under company number 48839, having its registered office at 1
Churchill Place, London, E14 5HP.
These financial statements are prepared for Barclays PLC and its subsidiaries (the Group) under Section 399 of the Companies Act
2006. The Group is a major global financial services provider engaged in retail banking, credit cards, wholesale banking, investment
banking, wealth management and investment management services. In addition, separate financial statements have been presented
for the holding company.
2. Compliance with International Financial Reporting Standards
The consolidated financial statements of the Group, and the separate financial statements of Barclays PLC, have been prepared in
accordance with UK-adopted international accounting standards.
The consolidated financial statements of the Group, and the separate financial statements of Barclays PLC, have also been prepared in
accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB),
including interpretations issued by the IFRS Interpretations Committee, as there are no applicable differences from IFRS as issued by
the IASB for the periods presented.
The principal accounting policies applied in the preparation of the consolidated and separate financial statements are set out below, and
in the relevant notes to the financial statements. These policies have been consistently applied, with the exception of International Tax
Reform-Pillar Two Model Rules (Amendments to IAS 12), which is effective from 1 January 2023 and applies retrospectively; and the
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2), and Definition of an Accounting Estimate
(Amendments to IAS 8) which were applied from 1 January 2023.
3. Basis of preparation
The consolidated and separate financial statements have been prepared under the historical cost convention modified to include the
fair valuation of investment property, and particular financial instruments, to the extent required or permitted under IFRS as set out in
the relevant accounting policies. These financial statements are stated in millions of Pounds Sterling (\u00a3m), the functional currency of
Barclays PLC.
The financial statements have been prepared for Barclays PLC and its subsidiaries (the Group) under Section 399 of the Companies Act
2006 as applicable to companies using IFRS. The financial statements are prepared on a going concern basis, as the Board is satisfied
that the Group and the parent company have the resources to continue in business for a period of at least 12 months from approval of
the financial statements.
In making this assessment, the Board has considered a wide range of information relating to present and future conditions and includes
a review of a working capital report (WCR). The WCR is used by the Board to assess the future performance of the Group and that it has
the resources in place that are required to meet its ongoing regulatory requirements. The assessment is based upon business plans
which contain future projections of profitability taken from the Group\u2019s medium-term plan as well as projections of regulatory capital
requirements and business funding needs. The WCR also includes an assessment of the impact of internally generated stress testing
scenarios on the liquidity and capital requirement forecasts. The stress tests used were based upon an assessment of reasonably
possible downside economic scenarios that the Group could experience.\u00a0 Further details are set out in the Viability statement on
page\u00a054.
The WCR showed that the Group had sufficient capital and liquidity in place to support its future business requirements and remained
above its regulatory minimum requirements in the stress scenarios. Accordingly, the Directors concluded that there was a reasonable
expectation that the Group and parent company has adequate resources to continue as a going concern for a period of at least 12
months from the date of approval of the financial statements.
4. Accounting policies
The Group prepares financial statements in accordance with IFRS. The Group\u2019s material accounting policies relating to specific financial
statement items, together with a description of the accounting estimates and judgements that were critical to preparing those items,
are set out under the relevant notes. Accounting policies that affect the financial statements as a whole are set out below.
(i) Consolidation
The consolidated financial statements combine the financial statements of Barclays PLC and all its subsidiaries. Subsidiaries are entities
over which Barclays PLC has control. The Group has control over another entity when the Group has all of the following:
1) power over the relevant activities of the investee, for example through voting or other rights
2) exposure to, or rights to, variable returns from its involvement with the investee, and
3) the ability to affect those returns through its power over the investee.
As the consolidated financial statements include partnerships where the Group member is a partner, advantage has been taken of the
exemption under Regulation 7 of the Partnership (Accounts) Regulations 2008 with regard to preparing and filing of individual
partnership financial statements.
Details of the principal subsidiaries are given in Note 33.
(ii) Foreign currency translation
Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction. Foreign currency
monetary balances are translated into Sterling at the period end exchange rates. Exchange gains and losses on such balances are taken
to the income statement.
The Group\u2019s foreign operations (including subsidiaries, joint ventures, associates and branches) based mainly outside the UK may have
different functional currencies. The functional currency of an operation is the currency of the main economy to which it is exposed.
Prior to consolidation (or equity accounting) the assets and liabilities of non-Sterling operations are translated at the period end
exchange rate and items of income, expense and other comprehensive income are translated into Sterling at the rate on the date of
the transactions. Exchange differences arising on the translation of foreign operations are included in currency translation reserves
within equity. These are transferred to the income statement when the Group disposes of the entire interest in a foreign operation,
when partial disposal results in the loss of control of an interest in a subsidiary, when an investment previously accounted for using the
equity method is accounted for as a financial asset, or on the disposal of a foreign operation within a branch.
(iii) Financial assets and liabilities
Recognition
The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. Trade date or settlement
date accounting is applied depending on the classification of the financial asset.
Classification and measurement
Financial assets are classified on the basis of two criteria:
i) the business model within which financial assets are managed, and
ii) their contractual cash flow characteristics (whether the cash flows represent \u2018solely payments of principal and interest\u2019 (SPPI)).
The Group assesses the business model criteria at a portfolio level. Information that is considered in determining the applicable
business model includes (i) policies and objectives for the relevant portfolio, (ii) how the performance and risks of the portfolio are
managed, evaluated and reported to management, and (iii) the frequency, volume and timing of sales in prior periods, sales expectation
for future periods, and the reasons for such sales.
The contractual cash flow characteristics of financial assets are assessed with reference to whether the cash flows represent SPPI.
Terms that could change the contractual cash flows so that it would not meet the condition for SPPI are considered, including: (i)
contingent and leverage features, (ii) non-recourse arrangements, (iii) features that could modify the time value of money, and (iv)
Social, Environmental and Sustainability-linked features. Terms with de minimis impact do not preclude cash flows from representing
SPPI.
The accounting policy for each type of financial asset or liability is included within the relevant note for the item. The Group\u2019s policies for
determining the fair values of the assets and liabilities are set out in Note 17.
Derecognition
The Group derecognises a financial asset, or a portion of a financial asset, from its balance sheet where (i) the contractual rights to cash
flows from the asset have expired, or (ii) the contractual rights to cash flows from the asset have been transferred (usually by sale) and\u00a0
with them either (a) substantially all the risks and rewards of the asset have been transferred, or (b) where neither substantially all the
risks and reward have been transferred or retained, where control over the asset has been lost.
Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished. An exchange of an existing
financial liability for a new liability with the same lender on substantially different terms \u2013 generally a difference of 10% or more in the
present value of the cash flows or a substantive qualitative amendment \u2013 is accounted for as an extinguishment of the original financial
liability and the recognition of a new financial liability.
It may not be obvious whether substantially all of the risks and rewards of a transferred asset, or portion of an asset, have been
transferred. It is often necessary to perform a quantitative analysis that compares the Group's exposure to variability in asset cash flows
before the transfer with its retained exposure after the transfer. A cash flow analysis of this nature may require judgement. In particular,
it is necessary to estimate the asset\u2019s expected future cash flows as well as potential variability around this expectation. The method of
estimating expected future cash flows depends on the nature of the asset, with market and market-implied data used to the greatest
extent possible. The potential variability around this expectation is typically determined by stressing underlying parameters to create
reasonable alternative upside and downside scenarios. Probabilities are then assigned to each scenario. Stressed parameters may
include default rates, loss severity, or prepayment rates.
Accounting for reverse repurchase and repurchase agreements including other similar lending and borrowing
Reverse repurchase agreements (and stock borrowing or similar transactions) are a form of secured lending whereby the Group
provides a loan or cash collateral in exchange for the transfer of collateral, generally in the form of marketable securities subject to an
agreement to transfer the securities back at a fixed price in the future. Repurchase agreements are where the Group obtains such loans
or cash collateral, in exchange for the transfer of collateral.
The Group purchases (a reverse repurchase agreement) or borrows securities subject to a commitment to resell or return them. The
securities are not included in the balance sheet as the Group does not acquire the risks and rewards of ownership. Consideration paid
(or cash collateral provided) is accounted for as a loan asset at amortised cost, unless it is designated or mandatorily at fair value
through profit and loss.
The Group may also sell (a repurchase agreement) or lend securities subject to a commitment to repurchase or redeem them. The
securities are retained on the balance sheet as the Group retains substantially all the risks and rewards of ownership. Consideration
received (or cash collateral provided) is accounted for as a financial liability at amortised cost, unless it is designated at fair value through
profit and loss.
(iv) Issued debt and equity instruments
Issued financial instruments or their components are classified as liabilities if the contractual arrangement results in the Group having an
obligation to either deliver cash or another financial asset, or a variable number of equity shares, to the holder of the instrument. If this is
not the case, the instrument is generally an equity instrument and the proceeds included in equity, net of transaction costs. Dividends
and other returns to equity holders are recognised when paid or declared by the members at the Annual General Meeting and treated
as a deduction from equity.
Where issued financial instruments contain both liability and equity components, these are accounted for separately. The fair value of
the debt is estimated first and the balance of the proceeds is included within equity.
(v) Cash flow statement
Cash comprises cash on hand and balances at central banks. Cash equivalents comprise loans and advances to banks, cash collateral
balances with central banks related to payment schemes and treasury and other eligible bills, all with original maturities of three months
or less.
Investments in debt securities at amortised cost, presented within loans and advances on the balance sheet, are deemed to be
investing activities for the purposes of the cash flow statement, except those instruments considered to be cash equivalents.\u00a0
Debt securities issued and redeemed are considered to be operating activities, except qualifying eligible liabilities that satisfy regulatory
requirements for MREL instruments (or have previously satisfied these requirements since 2019 when they came into effect), which are
considered to be financing activities.
5. New and amended standards and interpretations
The accounting policies adopted\u00a0 have been consistently applied, with the exception of the following:
International Tax Reform\u2014Pillar Two Model Rules (Amendments to IAS 12)
On 23 May 2023, the IASB issued amendments to IAS 12 to provide a mandatory temporary exemption to the requirements to account
for deferred taxes assets and liabilities related to Pillar Two income taxes, as published by the Organisation for Economic Co-operation
and Development (OECD).
The amendments are effective for accounting periods beginning on or after 1 January 2023 and the mandatory temporary exemption
is applied retrospectively to prior periods.
Disclosures related to the amendments are made in Note 9 on page 434.
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
The amendments require entities to disclose their material rather than their significant accounting policies.\u00a0 The Group adopted the
amendments effective 1 January 2023.\u00a0 Whilst these amendments do not change the Group\u2019s accounting policies, the Group has
reviewed the accounting policy information disclosed in these financial statements against the new requirements.\u00a0
Under the amendments, accounting policy information is material if, when considered together with other information included in an
entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial
statements make on the basis of those financial statements.
Definition of an Accounting Estimate (Amendments to IAS 8)
Under the new definition, accounting estimates are clarified as monetary amounts in financial statements that are subject to
measurement uncertainty. Where an entity's accounting policy requires an item to be measured at monetary amounts that cannot be
observed directly, it should develop an accounting estimate to achieve this objective.\u00a0 The amendments are effective 1 January 2023
and were\u00a0 adopted on this date.
IFRS 17 \u2013 Insurance contracts
In May 2017, the IASB issued IFRS 17 Insurance Contracts, a comprehensive new accounting standard for insurance contracts covering
recognition and measurement, presentation and disclosure. IFRS 17 has replaced IFRS 4 Insurance Contracts that was issued in 2005.
In June 2020, the IASB published amendments to IFRS 17, to include scope exclusion for certain credit card contracts and similar
contracts that provide insurance coverage, the optional scope exclusion for loan contracts that transfer significant insurance risk, and
the clarification that only financial guarantees issued are in scope of IFRS 9.
IFRS 17 applies to all types of insurance contracts (i.e. life, non-life, direct insurance and reinsurance), regardless of the type of entities
that issue them, as well as to certain guarantees and financial instruments with discretionary participation features. A few scope
exceptions apply.
IFRS 17 was effective for accounting periods beginning on or after 1 January 2023 but the impact to the Group is not material.
Future accounting developments
The following accounting standards have been issued by the IASB but are not yet effective:
Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
In January 2020 the IASB issued amendments to IAS 1 to clarify the presentation of liabilities in the balance sheet, with an effective date
of 1 January 2024.
The amendments clarify that a liability should be classified as non-current only if the entity has the right to defer settlement of the
liability for at least 12 months after the reporting period, and that (i) the right to defer settlement must exist at the end of the reporting
period and (ii) management\u2019s intentions or expectations about whether it will exercise its right to defer settlement does not affect the
classification. Further clarifications include how lending conditions affect classification and classification of liabilities the entity will or
may settle by issuing its own equity instruments.
In October 2022, the IASB also issued further amendments to IAS 1 to improve the information an entity provides when its right to
defer settlement of a liability for at least 12 months is subject to compliance with covenants, and to respond to stakeholders\u2019 concerns
about the classification of such a liability as current or non-current.
6. Critical accounting estimates and judgements
The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise
judgement in applying the accounting policies. The key areas involving a higher degree of judgement or complexity or areas where
assumptions are significant to the consolidated and individual financial statements are highlighted under the relevant note. Critical
accounting estimates and judgements are disclosed in:
\u25aa Credit impairment charges on page 431
\u25aa Tax on page 435
\u25aa Fair value of financial instruments on page 449
\u25aa Goodwill and intangible assets on page 466
\u25aa Pensions and post-retirement benefit obligations on page 485
\u25aa Provisions including conduct and legal, competition and regulatory matters on page 468.
7. Other disclosures
To improve transparency and ease of reference, by concentrating related information in one place, certain disclosures required under
IFRS have been included within the Risk review section as follows:
\u25aa Credit risk on pages 276\u00a0 to 277 and 291 to 335
\u25aa Market risk on page 278 and 336 to 337
\u25aa Treasury and Capital risk \u2013 liquidity on page 278 to 279 and 339 to 349
\u25aa Treasury and Capital risk \u2013 capital on page 279 and 350 to 356.
These disclosures are covered by the Audit opinion (included on pages 396 to 412) where referenced as audited.
Presentation of segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, which is
responsible for allocating resources and assessing performance of the operating segments, and has been identified as the chief
operating decision maker. All transactions between business segments are conducted on an arm\u2019s-length basis, with intra-segment
revenue and costs being eliminated in Head Office. Income and expenses directly associated with each segment are included in
determining business segment performance.
Accounting for interest income and expenses
Interest income on loans and advances at amortised cost and financial assets at fair value through other comprehensive income, and
interest expense on financial liabilities held at amortised cost, are calculated using the effective interest method which allocates
interest, and direct and incremental fees and costs, over the expected lives of the assets and liabilities.
The effective interest method requires the Group to estimate future cash flows, in some cases based on its experience of customers\u2019
behaviour, considering all contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities.
The Group incurs certain costs to originate credit card balances with the most significant being co-brand partner fees. To the extent
these costs are attributed to customers that continuously carry an outstanding balance (revolvers) and incremental to the origination
of credit card balances, they are capitalised and subsequently included within the calculation of the effective interest rate. They are
amortised to interest income over the period of expected repayment of the originated balance. Costs attributed to customers that
settle their outstanding balances each period (transactors) are deferred on the balance sheet as a cost of obtaining a contract and
amortised to fee and commission expense over the life of the customer relationship (refer to Note 4). There are no other individual
estimates involved in the calculation of effective interest rates that are material to the results or financial position.
Accounting for net fee and commission income
The Group recognises fee and commission income charged for services provided by the Group as and when performance obligations
are satisfied, for example, on completion of the underlying transaction. Incremental costs are reported within fee and commission
expense if they are directly attributable to generating identifiable fee and commission income. Where the contractual arrangements
also result in the Group recognising financial instruments in scope of IFRS 9, such financial instruments are initially recognised at fair
value in accordance with IFRS 9 before applying the provisions of IFRS 15.
Accounting for net trading income
Trading positions are held at fair value, and the resulting gains and losses are included in\u00a0 net trading income, together with interest and
dividends arising from long and short positions and funding costs relating to trading activities. Incremental costs are reported within net
trading income if they are directly attributable to generating identifiable trading income.
Income arises from both the sale and purchase of trading positions, margins which are achieved through market-making and customer
business and from changes in fair value caused by movements in interest and exchange rates, equity prices and other market variables.
Gains or losses on non-trading financial instruments designated or mandatorily at fair value with changes in fair value recognised in the
income statement are included in net trading income.
Dividends are recognised when the right to receive the dividend has been established. Incremental costs are reported within net
investment income if they are directly attributable to generating identifiable investment income.
Accounting for the impairment of financial assets
Impairment
The Group is required to recognise expected credit losses (ECLs) based on unbiased forward-looking information for all financial assets
at amortised cost, lease receivables, debt financial assets at fair value through other comprehensive income, loan commitments and
financial guarantee contracts.
At the reporting date, an allowance (or provision for loan commitments and financial guarantees) is required for the 12 month (Stage 1)
ECLs. If the credit risk has significantly increased since initial recognition (Stage 2), or if the financial instrument is credit impaired (Stage
3), an allowance (or provision) should be recognised for the lifetime ECLs.
The measurement of ECL is calculated using three main components: (i) probability of default (PD) (ii) loss given default (LGD) and (iii)
the exposure at default (EAD).\u00a0
The 12 month and lifetime ECLs are calculated by multiplying the respective PD, LGD and the EAD. The 12 month and lifetime PDs
represent the PD occurring over the next 12 months and the remaining maturity of the instrument respectively. The EAD represents
the expected balance at default, taking into account the repayment of principal and interest from the balance sheet date to the default
event together with any expected drawdowns of committed facilities. The LGD represents expected losses on the EAD given the event
of default, taking into account, among other attributes, the mitigating effect of collateral value at the time it is expected to be realised
and the time value of money.\u00a0
Expected credit loss measurement is based on the ability of borrowers to make payments as they fall due. The Group also considers
sector-specific risks and whether additional adjustments are required in the measurement of ECL. Credit risk may be impacted by
climate considerations for certain sectors, such as oil and gas.
Determining a significant increase in credit risk since initial recognition:
The Group assesses when a significant increase in credit risk has occurred based on quantitative and qualitative assessments. The
credit risk of an exposure is considered to have significantly increased when:
i) Quantitative test
The annualised lifetime PD has increased by more than an agreed threshold relative to the equivalent at origination.
PD deterioration thresholds are defined as percentage increases, and are set at an origination score band and segment level to ensure
the test appropriately captures significant increases in credit risk at all risk levels. Generally, thresholds are inversely correlated to the
origination PD, i.e. as the origination PD increases, the threshold value reduces.
The assessment of the point\u00a0at which a PD increase is deemed \u2018significant\u2019, is based upon analysis of the portfolio\u2019s risk profile against a
common set of principles and performance metrics (consistent across both retail and wholesale businesses), incorporating expert
credit judgement where appropriate. Application of quantitative PD floors does not represent the use of the low credit risk exemption
as exposures can separately move into Stage 2 via the qualitative route described below.
Wholesale assets apply a 100% increase in PD and 0.2% PD floor to determine a significant increase in credit risk.
Retail assets apply bespoke relative increase and absolute PD thresholds based on product type and origination PD. Thresholds are
subject to maximums defined by Group policy and typically apply minimum relative thresholds of 50-100% and a maximum relative
threshold of 400%.
For existing/historical exposures where origination point scores or data are no longer available or do not represent a comparable
estimate of lifetime PD, a proxy origination score is defined, based upon:
\u2022 back-population of the approved lifetime PD score either to origination date or, where this is not feasible, as far back as possible
(subject to a data start point no later than 1 January 2015); or
\u2022 use of available historical account performance data and other customer information, to derive a comparable \u2018proxy\u2019 estimation of
origination PD.
ii) Qualitative test
This is relevant for accounts that meet the portfolio\u2019s \u2018high risk\u2019 criteria and are subject to closer credit monitoring.
High risk customers may not be in arrears but either through an event or an observed behaviour exhibit credit distress. The definition
and assessment of high risk includes as wide a range of information as reasonably available, such as industry and Group-wide customer
level data, including but not limited to bureau scores and high consumer indebtedness index, wherever possible or relevant.
Whilst the high risk populations applied for IFRS 9 impairment purposes are aligned with risk management processes, they are also
regularly reviewed and validated to ensure that they capture any incremental segments where there is evidence of credit deterioration.
iii) Backstop criteria
This is relevant for accounts that are more than 30 calendar days past due. The 30 days past due criteria is a backstop rather than a
primary driver of moving exposures into Stage 2.
The criteria for determining a significant increase in credit risk for assets with bullet repayments follows the same principle as all other
assets, i.e. quantitative, qualitative and backstop tests are all applied.
Exposures will move back to Stage 1 once they no longer meet the criteria for a significant increase in credit risk. This means that, at a
minimum all payments must be up-to-date, the PD deterioration test is no longer met, the account is no longer classified as high risk,
and the customer has evidenced an ability to maintain future payments.
Exposures are only removed from Stage 3 and reassigned to Stage 2 once the original default trigger event no longer applies.
Exposures being removed from Stage 3 must no longer qualify as credit impaired, and:
a) the obligor will also have demonstrated consistently good payment behaviour over a 12-month period, by making all consecutive
contractual payments due and, for forborne exposures, the relevant EBA defined probationary period has also been successfully
completed or;
b) (for non-forborne exposures) the performance conditions are defined and approved within an appropriately sanctioned restructure
plan, including 12 months\u2019 payment history have been met.
Management overlays and other exceptions to model outputs are applied only if consistent with the objective of identifying significant
increases in credit risk.
Forward-looking information
The measurement of ECL involves complexity and judgement, including estimation of PD, LGD, a range of unbiased future economic
scenarios, estimation of expected lives (where contractual life is not appropriate), and estimation of EAD and assessing significant
increases in credit risk.
Credit losses are the expected cash shortfalls from what is contractually due over the expected life of the financial instrument,
discounted at the original effective interest rate (EIR). ECLs are the unbiased probability-weighted credit losses determined by
evaluating a range of possible outcomes and considering future economic conditions.
Refer to the Measurement uncertainty and sensitivity analysis section on page 311 for further details.
Definition of default, credit impaired assets, write-offs, and interest income recognition
The definition of default for the purpose of determining ECLs, and for internal credit risk management purposes, has been aligned to
the Regulatory Capital CRR Article 178 definition of default, to maintain a consistent approach with IFRS 9 and associated regulatory
guidance. The Regulatory Capital CRR Article 178 definition of default considers indicators that the debtor is unlikely to pay, includes
exposures in forbearance and is no later than when the exposure is more than 90 days past due. When exposures are identified as credit
impaired at the time when they are purchased or originated, interest income is calculated on the carrying value net of the impairment
allowance.
An asset is considered credit impaired when one or more events occur that have a detrimental impact on the estimated future cash
flows of the financial asset. This comprises assets defined as defaulted and other individually assessed exposures where imminent
default or actual loss is identified.
Uncollectable loans are written off against the related allowance for loan impairment on completion of the Group\u2019s internal processes
and when all reasonably expected recoverable amounts have been collected. Subsequent recoveries of amounts previously written off
are credited to the income statement. The timing and extent of write-offs may involve some element of subjective judgement.
Nevertheless, a write-off will often be prompted by a specific event, such as the inception of insolvency proceedings or other formal
recovery action, which makes it possible to establish that some or the entire advance is beyond realistic prospect of recovery.
Accounting for purchased financial guarantee contracts
The Group may enter into a financial guarantee contract which requires the issuer of such contract to reimburse the Group for a loss it
incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. For these
separate financial guarantee contracts, the Group recognises a reimbursement asset aligned with the recognition of the underlying
ECLs, if it is considered virtually certain that a reimbursement would be received if the specified debtor fails to make payment when due
in accordance with the terms of the debt instrument.
Loan modifications and renegotiations that are not credit-impaired
When modification of a loan agreement occurs as a result of commercial restructuring activity rather than due to the credit risk of the
borrower, an assessment must be performed to determine whether the terms of the new agreement are substantially different from
the terms of the existing agreement.\u00a0This assessment considers both the change in cash flows arising from the modified terms as well
as the change in overall instrument risk profile. In respect of payment holidays granted to borrowers which are not due to forbearance, if
the revised cash flows on a present value basis (based on the original EIR) are not substantially different from the original cash flows, the
loan is not considered to be substantially modified.\u00a0
Where terms are substantially different, the existing loan will be derecognised and a new loan will be recognised at fair value, with any
difference in valuation recognised immediately within the income statement, subject to observability criteria.
Where terms are not substantially different, the loan carrying value will be adjusted to reflect the present value of modified cash flows
discounted at the original EIR, with any resulting gain or loss recognised immediately within the income statement as a modification gain
or loss.
Expected life
Lifetime ECLs must be measured over the expected life. This is restricted to the maximum contractual life and takes into account
expected prepayment, extension, call and similar options. The exceptions are certain revolving financial instruments, such as credit
cards and bank overdrafts, that include both a drawn and an undrawn component where the entity\u2019s contractual ability to demand
repayment and cancel the undrawn commitment does not limit the entity\u2019s exposure to credit losses to the contractual notice period.
For revolving facilities, expected life is analytically derived to reflect the behavioural life of the asset, i.e. the full period over which the
business expects to be exposed to credit risk. Behavioural life is typically based upon historical analysis of the average time to default,
closure or withdrawal of facility. Where data is insufficient or analysis inconclusive, an additional \u2018maturity factor\u2019 may be incorporated to
reflect the full estimated life of the exposures, based upon experienced judgement and/or peer analysis. Potential future modifications
of contracts are not taken into account when determining the expected life or EAD until they occur.
Discounting
ECLs are discounted at the EIR at initial recognition or an approximation thereof and consistent with income recognition. For loan
commitments the EIR is the rate that is expected to apply when the loan is drawn down and a financial asset is recognised. Issued
financial guarantee contracts are discounted at the risk free rate. Lease receivables are discounted at the rate implicit in the lease. For
variable/floating rate financial assets, the spot rate at the reporting date is used and projections of changes in the variable rate over the
expected life are not made to estimate future interest cash flows or for discounting.
Modelling techniques
Currently, Internal Ratings- Based models are leveraged to calculate the point-in-time PD and LGD, which serve as key inputs to the
IFRS 9 models. Thereafter, these inputs are extrapolated by the IFRS 9 models to create macroeconomic sensitive forecast of PDs,
LGDs and in turn ECL.
Forbearance
A financial asset is subject to forbearance when it is modified due to the credit distress of the borrower. A modification made to the
terms of an asset due to forbearance will typically be assessed as a non-substantial modification that does not result in derecognition of
the original loan, except in circumstances where debt is exchanged for equity.
Both performing and non-performing forbearance assets are classified as Stage 3 except where it is established that the concession
granted has not resulted in diminished financial obligation and that no other regulatory definition of default criteria have been triggered,
in which case the asset is classified as Stage 2. The minimum probationary period for non-performing forbearance is 12 months and for
performing forbearance, 24 months. Hence, a minimum of 36 months is required for non-performing forbearance to move out of a
forborne state.
No financial instrument in forbearance can transfer back to Stage 1 until all of the Stage 2 thresholds are no longer met and can only
move out of Stage 3 when no longer credit impaired.
Critical accounting estimates and judgements
IFRS 9 impairment involves several important areas of judgement, including estimating forward-looking modelled parameters (PD, LGD
and EAD), developing a range of unbiased future economic scenarios, estimating expected lives and assessing significant increases in
credit risk, based on the Group\u2019s experience of managing credit risk. The determination of expected life is most material for Barclays'
credit card portfolios which is obtained via behavioural life analysis to materially capture the risk of these facilities.
Within the retail and small businesses portfolios, which comprise large numbers of small homogenous assets with similar risk characteristics
where credit scoring techniques are generally used, the impairment allowance is calculated using forward-looking modelled parameters which
are typically run at account level. There are many models in use, each tailored to a product, line of business or customer category. Judgement
and knowledge is needed in selecting the statistical methods to use when the models are developed or revised. Management adjustments to
impairment models, which contain an element of subjectivity, are applied in order to factor in certain conditions or changes in policy that are not
fully incorporated into the impairment models, or to reflect additional facts and circumstances at the period end. Management adjustments are
reviewed and incorporated into future model development where appropriate.
For individually significant assets in Stage 3, impairment allowances are calculated on an individual basis and all relevant considerations that have
a bearing on the expected future cash flows across a range of economic scenarios are taken into account. These considerations can be
particularly subjective and can include the business prospects for the customer, the realisable value of collateral, the Group\u2019s position relative to
other claimants, the reliability of customer information and the likely cost and duration of the work-out process. The level of the impairment
allowance is the difference between the value of the discounted expected future cash flows (discounted at the loan\u2019s original effective interest
rate), and its carrying amount. Furthermore, judgements change with time as new\u00a0 information becomes available or as work-out strategies
evolve, resulting in frequent revisions to the impairment allowance as individual decisions are taken. Changes in these estimates would result in a
change in the allowances and have a direct impact on the impairment charge.
Further information on impairment allowances, impairment charges, management adjustments to models for impairment, measurement
uncertainty, sensitivity analysis and related credit information is set out within the Credit risk performance section.
Temporary adjustments to calculated IFRS9 impairment allowances may be applied in limited circumstances to account for situations where
known or expected risk factors or information have not been considered in the ECL assessment or modelling process. For further information
please see page 307 in the Credit risk performance section.
Information about the potential impact of the physical and transition risks of climate change on borrowers is considered, taking into account
reasonable and supportable information to make accounting judgements and estimates. Climate change is inherently of a long-term nature,
with significant levels of uncertainty, and consequently requires judgement in determining the possible impact in the next financial year, if any.
Accounting for income taxes
The Group applies IAS 12 Income Taxes in accounting for taxes on income. Income tax payable on taxable profits (current tax) is
recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax
recoverable on tax allowable losses is recognised as a current tax asset only to the extent that it is regarded as recoverable by offsetting
against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have been
enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are
recognised for all taxable temporary differences except for the initial recognition of goodwill. Deferred tax is not recognised where the
temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at
the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using tax rates
and legislation enacted or substantively enacted by the balance sheet date which are expected to apply when the deferred tax asset is
realised or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal right to set-off
and an intention to settle on a net basis.
The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to
tax may be greater than the amount initially reflected in the Group\u2019s tax returns. The Group accounts for provisions in respect of
uncertain tax positions in two different ways.\u00a0
A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will alter the amount of cash tax due to, or from, a tax authority in the future.\u00a0From recognition, the current tax provision is then
measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest and
penalty amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.
Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A
deferred tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will result in a reduction in the carrying value of the deferred tax asset.\u00a0From recognition of a provision, measurement of the
underlying deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss or
temporary difference giving rise to the deferred tax asset.
The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed by
the tax authority in isolation from any other position, or one of a number of issues which are expected to be reviewed together
concurrently and resolved simultaneously with a tax authority. The Group\u2019s measurement of provisions is based upon its best estimate
of the additional profit that will become subject to tax. For a discrete position, consideration is given only to the merits of that position.
Where a number of issues are expected to be reviewed and resolved together, the Group will take into account not only the merits of its
position in respect of each particular issue but also the overall level of provision relative to the aggregate of the uncertain tax positions
across all the issues that are expected to be resolved at the same time. In addition, in assessing provision levels, it is assumed that tax
authorities will review uncertain tax positions and that all facts will be fully and transparently disclosed.
Critical accounting estimates and judgements
There are two key areas of judgement that impact the reported tax position. Firstly, the level of provisioning for uncertain tax positions;
and secondly, the recognition and measurement of deferred tax assets.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of current and deferred tax
balances, including provisions for uncertain tax positions in the next financial year.\u00a0The provisions for uncertain tax positions cover a
diverse range of issues and reflect advice from external counsel where relevant. It should be noted that only a proportion of the total
uncertain tax positions will be under audit at any point in time, and could therefore be subject to challenge by a tax authority over the
next year.
Deferred tax assets have been recognised based on business profit forecasts which included consideration for the current view of
climate impacts. Details on the recognition of deferred tax assets are provided in this note.
Accounting for trading portfolio assets and liabilities
All assets and liabilities held for trading purposes are held at fair value with gains and losses in the changes in fair value taken to the
income statement in net trading income (Note 5).
Accounting for financial assets designated at fair value
Financial assets, other than those held for trading, are classified in this category if they are so irrevocably designated at inception and
the use of the designation removes or significantly reduces an accounting mismatch.
Subsequent changes in fair value for these instruments are recognised in the income statement in net investment income, except if
reporting it in trading income reduces an accounting mismatch.
The details on how the fair value amounts are derived for financial assets at fair value are described in Note 17.
Accounting for financial assets mandatorily at fair value
Financial assets that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at fair
value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if the
financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a business
model that is achieved by both collecting contractual cash flows and selling.
Accounting for derivatives
Derivative instruments are contracts whose value is derived from one or more underlying financial instruments or indices defined in the
contract. They include swaps, forward-rate agreements, futures, options and combinations of these instruments and primarily affect
the Group\u2019s net interest income, net trading income and derivative assets and liabilities. Notional amounts of the contracts are not
recorded on the balance sheet. Derivatives are used to hedge interest rate, credit risk, inflation risk, exchange rate, commodity equity
exposures, and exposures to certain indices such as house price indices and retail price indices related to non-trading positions.
All derivative instruments are held at fair value through profit or loss, except for derivatives that are in a designated cash flow or net
investment hedge accounting relationship. Derivatives are classified as assets when their fair value is positive or as liabilities when their
fair value is negative.
Hedge accounting
The Group applies the requirements of IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting purposes.
The Group applies hedge accounting to represent the economic effects of its interest rate, currency and contractually-linked inflation
risk management strategies. Where derivatives are held for risk management purposes, and when transactions meet the required
criteria for documentation and hedge effectiveness, the Group applies fair value hedge accounting, cash flow hedge accounting, or
hedging of a net investment in a foreign operation, as appropriate to the risks being hedged.
Fair value hedge accounting
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement, together
with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The fair value changes adjust the
carrying value of the hedged asset or liability held at amortised cost.
If hedge relationships no longer meet the criteria for hedge accounting, hedge accounting is discontinued. For fair value hedges of
interest rate risk, the fair value adjustment to the hedged item is amortised to the income statement over the period to maturity of the
previously designated hedge relationship using the effective interest method. If the hedged item is sold or repaid, the unamortised fair
value adjustment is recognised immediately in the income statement. For items classified as fair value through other comprehensive
income, the hedge accounting adjustment is included in other comprehensive income.
Cash flow hedge accounting
For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognised
initially in other comprehensive income, and then recycled to the income statement in the periods when the hedged item will affect
profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognised in the income statement immediately.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain
or loss existing in equity at that time remains in equity and is recognised when the hedged item is ultimately recognised in the income
statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was recognised in equity is
immediately transferred to the income statement.
Hedges of net investments
The Group\u2019s net investments in foreign operations, including monetary items accounted for as part of the net investment, are hedged
for foreign currency risks using both derivatives and foreign currency borrowings. Hedges of net investments are accounted for
similarly to cash flow hedges; the effective portion of the gain or loss on the hedging instrument is being recognised directly in other
comprehensive income and the ineffective portion being recognised immediately in the income statement. The cumulative gain or loss
recognised in other comprehensive income is recognised in the income statement on the disposal or partial disposal of the foreign
operation, or other reductions in the Group\u2019s investment in the operation.
Accounting for financial assets at fair value through other comprehensive income (FVOCI)
Financial assets that are debt instruments held in a business model that is achieved by both collecting contractual cash flows and selling
and that contain contractual terms that give rise on specified dates to cash flows that are SPPI are measured at FVOCI. They are
subsequently remeasured at fair value and changes therein (except for those relating to impairment, interest income and foreign
currency exchange gains and losses) are recognised in other comprehensive income until the assets are sold. Interest (calculated using
the effective interest method) is recognised in the income statement in net interest income (Note 3). Upon disposal, the cumulative
gain or loss recognised in other comprehensive income is included in net investment income (Note 6).
In determining whether the business model is achieved by both collecting contractual cash flows and selling financial assets, it is
determined that both collecting contractual cash flows and selling financial assets are integral to achieving the objective of the business
model. The Group will consider past sales and expectations about future sales to establish if the business model is achieved.
For equity securities that are not held for trading, the Group may make an irrevocable election on initial recognition to present
subsequent changes in the fair value of the instrument in other comprehensive income (except for dividend income which is recognised
in profit or loss).
Accounting for liabilities designated at fair value through profit and loss
In accordance with IFRS 9, financial liabilities may be designated at fair value, with gains and losses taken to the income statement within
net trading income (Note 5) and net investment income (Note 6). Movements in own credit are reported through other comprehensive
income, unless the effects of changes in the liability's credit risk would create or enlarge an accounting mismatch in P&L. In these
scenarios, all gains and losses on that liability (including the effects of changes in the credit risk of the liability) are presented in P&L. On
derecognition of the financial liability no amount relating to own credit risk is recycled to the income statement. The Group has the
ability to make the fair value designation when holding the instruments at fair value reduces an accounting mismatch (caused by an
offsetting liability or asset being held at fair value), or is managed by the Group on the basis of its fair value, or includes terms that have
substantive derivative characteristics (Note 14).
The details on how the fair value amounts are arrived at for financial liabilities designated at fair value are described in Note 17.
Financial instruments that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at
fair value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if
the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a business
model that is achieved by both collecting contractual cash flows and selling. Subsequent changes in fair value for these instruments are
recognised in the income statement in net investment income, except if reporting it in trading income reduces an accounting
mismatch.
Wherever possible, fair value is determined by reference to a quoted market price for that instrument. For many of the Group\u2019s financial
assets and liabilities, especially derivatives, quoted prices are not available and valuation models are used to estimate fair value. The
models calculate the expected cash flows under the terms of each specific contract and then discount these values back to a present
value. These models use as their basis independently sourced market inputs including, for example, interest rate yield curves, equities
and commodities prices, option volatilities and currency rates.
For financial liabilities measured at fair value, the carrying amount reflects the effect on fair value of changes in own credit spreads
derived from observable market data such as in primary issuance and redemption activity for structured notes.
On initial recognition, it is presumed that the transaction price is the fair value unless there is observable information available in an
active market to the contrary.
For valuations that have made use of unobservable inputs, the difference between the model valuation and the initial transaction price
(Day one profit) is recognised in profit or loss either: on a straight-line basis over the term of the transaction; or over the period until all
inputs will become observable where appropriate; or released in full when previously unobservable inputs become observable.
Various factors influence the availability of observable inputs and these may vary from product to product and change over time.
Factors include the depth of activity in the relevant market, the type of product, whether the product is new and not widely traded in the
marketplace, the maturity of market modelling and the nature of the transaction (bespoke or generic). To the extent that valuation is
based on models or inputs that are not observable in the market, the determination of fair value can be more subjective, dependent on
the significance of the unobservable input to the overall valuation. Unobservable inputs are determined based on the best information
available, for example by reference to similar assets, similar maturities or other analytical techniques.
The sensitivity of valuations used in the financial statements to possible changes in significant unobservable inputs is shown on page
456.
Critical accounting estimates and judgements
The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation
models make use of unobservable inputs (\u2018Level 3\u2019 assets and liabilities). This note provides information on these instruments, including
the related unrealised gains and losses recognised in the period, a description of significant valuation techniques and unobservable
inputs, and a sensitivity analysis.
Climate-related risks are assumed to be included in the fair values of assets and liabilities traded in active markets. Within less active
markets, for counterparties and instruments identified as being more susceptible to climate change risk, an impact assessment was
performed through increasing their probability of default. The change in valuation of the assets and liabilities from this assessment was
sufficiently immaterial to necessitate any amendment to the reported year end valuations.
he Group reports financial assets and financial liabilities on a net basis on the balance sheet only if there is a legally enforceable right to
set-off the recognised amounts and there is intention to settle on a net basis, or to realise the asset and settle the liability
simultaneously. The following table shows the impact of netting arrangements on:
\u25aa all financial assets and liabilities that are reported net on the balance sheet
\u25aa all derivative financial instruments and reverse repurchase and repurchase agreements and other similar secured lending and
borrowing agreements that are subject to enforceable master netting arrangements or similar agreements, but do not qualify for
balance sheet netting.
Accounting for property, plant and equipment
Property, plant and equipment is stated at cost, which includes direct and incremental acquisition costs less accumulated depreciation
and provisions for impairment, if required. Subsequent costs are capitalised if these result in enhancement of the asset.
Depreciation is provided on the depreciable amount of items of property, plant and equipment on a straight-line basis over their
estimated useful economic lives. Depreciation rates, methods and the residual values underlying the calculation of depreciation of
items of property, plant and equipment are kept under review to take account of any change in circumstances including consideration
on future Climate and Sustainability investments.
The Group uses the following annual rates in calculating depreciation:
Annual rates in calculating depreciation
Depreciation rate\u00a0
Freehold land
Not depreciated
Freehold buildings
2- 3.3%
Leasehold property
Over the remaining life of the lease
Costs of adaptation of freehold and leasehold property
6- 10%
Equipment installed in freehold and leasehold property
6- 10%
Computers and similar equipment
17- 33%
Fixtures and fittings and other equipment
9- 20%
Costs of adaptation and installed equipment are depreciated over the shorter of the life of the lease or the depreciation rates noted in
the table above.
Accounting for leases
When the Group is the lessee, it is required to recognise both:
\u25aa A lease liability, measured at the present value of remaining cash flows on the lease, and
\u25aa A right of use (ROU) asset, measured at the amount of the initial measurement of the lease liability, plus any lease payments made
prior to commencement date, initial direct costs, and estimated costs of restoring the underlying asset to the condition required by
the lease, less any lease incentives received.
Subsequently the lease liability will increase for the accrual of interest, resulting in a constant rate of return throughout the life of the
lease, and reduce when payments are made. The right of use asset will amortise to the income statement over the life of the lease.
When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset, or is recorded in
the income statement if the carrying amount of the ROU asset has been reduced to nil.
On the balance sheet, the ROU assets are included within property, plant and equipment and the lease liabilities are included within
other liabilities.
The Group applies the recognition exemption in IFRS 16 for leases with a term not exceeding 12 months. For these leases the lease
payments are recognised as an expense on a straight line basis over the lease term unless another systematic basis is more
appropriate.
When the Group is the lessor, the lease must be classified as either a finance lease or an operating lease. A finance lease is a lease which
confers substantially all the risks and rewards of the leased assets on the lessee. An operating lease is a lease where substantially all of
the risks and rewards of the leased asset remain with the lessor.
Accounting for goodwill and intangible assets
Goodwill
Goodwill arising on the acquisition of subsidiaries represents the excess of the fair value of the purchase consideration over the fair
value of the Group\u2019s share of the assets acquired and the liabilities and contingent liabilities assumed on the date of the acquisition.
Goodwill is reviewed annually for impairment, or more frequently when there are indications that impairment may have occurred. The
test involves comparing the carrying value of a cash generating unit (CGU) including goodwill with the present value of the pre-tax cash
flows, discounted at a rate of interest that reflects the inherent risks, of the CGU to which the goodwill relates, or the CGU's fair value if
this is higher.
Intangible assets
Intangible assets are initially recognised when they are separable or arise from contractual or other legal rights, the cost can be
measured reliably and, in the case of intangible assets not acquired in a business combination, where it is probable that future economic
benefits attributable to the assets will flow from their use.
For internally generated intangible assets, only costs incurred during the development phase are capitalised. Expenditure in the
research phase is expensed when it is incurred.
Intangible assets are stated at cost (which is, in the case of assets acquired in a business combination, the acquisition date fair value)
less accumulated amortisation and impairment, if any, and are amortised over their useful lives in a manner that reflects the pattern to
which they contribute to future cash flows, generally using the amortisation periods set out below:
Annual rates in calculating amortisation
Amortisation period
Goodwill
Not amortised
Internally generated software1
12 months to 6 years
Other software
12 months to 6 years
Customer lists
12 months to 25 years
Licences and other
12 months to 25 years
Note
1 Exceptions to the above rate relate to useful lives of certain core banking platforms that are assessed individually and, if appropriate, amortised over longer periods ranging from 10
to 15 years.
Intangible assets are reviewed for impairment when there are indications that impairment may have occurred. Intangible assets not yet
available for use are reviewed annually for impairment.
Accounting for provisions
Provisions are recognised for present obligations arising as consequences of past events where it is more likely than not that a transfer
of economic benefit will be necessary to settle the obligation, which can be reliably estimated.
Critical accounting estimates and judgements
The financial reporting of provisions involves a significant degree of judgement and is complex. Identifying whether a present obligation
exists and estimating the probability, timing, nature and quantum of the outflows that may arise from past events requires judgements
to be made based on the specific facts and circumstances relating to individual events and often requires specialist professional advice.
When matters are at an early stage, accounting judgements and estimates can be difficult because of the high degree of uncertainty
involved. Management continues to monitor matters as they develop to re-evaluate on an ongoing basis whether provisions should be
recognised, however there can remain a wide range of possible outcomes and uncertainties, particularly in relation to legal, competition
and regulatory matters, and as a result it is often not practicable to make meaningful estimates even when matters are at a more
advanced stage.
The amount that is recognised as a provision can also be very sensitive to the assumptions made in calculating it. This gives rise to a
large range of potential outcomes which require judgement in determining an appropriate provision level. See Note 25 for more detail of
legal, competition and regulatory matters.
Accounting for contingent liabilities
Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events and present obligations
where the transfer of economic resources is uncertain or cannot be reliably measured. Contingent liabilities are not recognised on the
balance sheet but are disclosed unless the likelihood of an outflow of economic resources is remote.
Accounting for subordinated liabilities
Subordinated liabilities are measured at amortised cost using the effective interest method under IFRS 9.
Accounting for staff costs
Deferred cash and share awards are made to employees to incentivise performance over the period employees provide services. To
receive payment under an award, employees must provide service over the vesting period. The period over which the expense for
deferred cash and share awards is recognised is based upon the period employees consider their services contribute to the awards. For
past awards, the Group considers that it is appropriate to recognise the awards over the period from the date of grant to the date that
the awards vest. In relation to awards granted from 2017, the Group, taking into account the changing employee understanding
surrounding those awards, considered it appropriate for expense to be recognised over the vesting period including the financial year
prior to the grant date.\u00a0
The accounting policies for share-based payments, and pensions and other post-retirement benefits are included in Note 31 and Note
32 respectively.
Accounting for share-based payments
Employee incentives include awards in the form of shares and share options, as well as offering employees the opportunity to purchase
shares on favourable terms. The cost of the employee services received in respect of the shares or share options granted is recognised
in the income statement over the period that employees provide services. The overall cost of the award is calculated using the number
of shares and options expected to vest and the fair value of the shares or options at the date of grant.
The number of shares and options expected to vest takes into account the likelihood that performance and service conditions included
in the terms of the awards will be met. For other share-based payment schemes such as Sharesave and Sharepurchase, there are non-
vesting conditions which must be met. Failure to meet the non-vesting condition is treated as a cancellation, resulting in an acceleration
of recognition of the cost of the employee services.
The fair value of shares is the market price ruling on the grant date, in some cases adjusted to reflect restrictions on transferability. The
fair value of options granted is determined using the Black Scholes model to estimate the numbers of shares likely to vest. The model
takes into account the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of the
share price over the life of the option and other relevant factors. Market conditions that must be met in order for the award to vest are
also reflected in the fair value of the award, as are any other non-vesting conditions \u2013 such as continuing to make payments into a
share-based savings scheme.
Accounting for pensions and post-retirement benefits
The Group operates a number of pension schemes and post-employment benefit schemes.
Defined contribution schemes \u2013 the Group recognises contributions due in respect of the accounting period in the income statement.
Any contributions unpaid at the balance sheet date are included as a liability.
Defined benefit schemes \u2013 the Group recognises its obligations to members of each scheme at the period end, less the fair value of the
scheme assets after applying the asset ceiling test.
Each scheme\u2019s obligations are calculated using the projected unit credit method. Scheme assets are stated at fair value as at the period
end.
Changes in pension scheme liabilities or assets (remeasurements) that do not arise from regular pension cost, net interest on net
defined benefit liabilities or assets, past service costs, settlements or contributions to the scheme, are recognised in other
comprehensive income. Remeasurements comprise experience adjustments (differences between previous actuarial assumptions
and what has actually occurred), the effects of changes in actuarial assumptions, return on scheme assets (excluding amounts included
in the interest on the assets) and any changes in the effect of the asset ceiling restriction (excluding amounts included in the interest on
the restriction).
Post-employment benefit schemes \u2013 the cost of providing healthcare benefits to retired employees is accrued as a liability in the financial
statements over the period that the employees provide services to the Group, using a methodology similar to that for defined benefit
pension schemes.
Accounting for investment in subsidiaries
In the individual financial statements of Barclays PLC, investments in subsidiaries are stated at cost less impairment.
Accounting for associates and joint ventures
Accounting for securitisations
The Group uses securitisations as a source of finance and a means of risk transfer. Such transactions generally result in the transfer of
contractual cash flows from portfolios of financial assets to holders of issued debt securities.
Securitisations may, depending on the individual arrangement, result in continued recognition of the securitised assets and the
recognition of the debt securities issued in the transaction; lead to partial continued recognition of the assets to the extent of the
Group\u2019s continuing involvement in those assets or lead to derecognition of the assets and the separate recognition, as assets or
liabilities, of any rights and obligations created or retained in the transfer. Full derecognition only occurs when the Group transfers both
its contractual right to receive cash flows from the financial assets, or retains the contractual rights to receive the cash flows, but
assumes a contractual obligation to pay the cash flows to another party without material delay or reinvestment, and also transfers
substantially all the risks and rewards of ownership, including credit risk, prepayment risk and interest rate risk.
In the course of its normal banking activities, the Group makes transfers of financial assets, either where legal rights to the cash flows
from the asset are passed to the counterparty or beneficially, where the Group retains the rights to the cash flows but assumes a
responsibility to transfer them to the counterparty. Depending on the nature of the transaction, this may result in derecognition of the
assets in their entirety, partial derecognition or no derecognition of the assets subject to the transfer.
Assets are pledged or transferred as collateral to secure liabilities under repurchase agreements, securitisations and stock lending
agreements or as security deposits relating to derivatives. Assets transferred are non-cash assets transferred to a third party that do
not qualify for derecognition from the Group balance sheet, for example because Barclays retains substantially all the exposure to those
assets under an agreement to repurchase them in the future for a fixed price.
Assets pledged or transferred as collateral include all assets categorised as encumbered in the disclosure on page s 197 to 201 of the
Barclays PLC Pillar 3 Report 2023 (unaudited), other than those held in commercial paper conduits.\u00a0In these transactions, the Group will
be required to step in to provide financing itself under a liquidity facility if the vehicle cannot access the commercial paper market.
Where non-cash assets are pledged or transferred as collateral for cash received, the asset continues to be recognised in full, and a
related liability is also recognised on the balance sheet. Where non-cash assets are pledged or transferred as collateral in an exchange
for non-cash assets, the transferred asset continues to be recognised in full, and there is no associated liability as the non-cash
collateral received is not recognised on the balance sheet. The Group is unable to use, sell or pledge the transferred assets for the
duration of the transaction and remains exposed to interest rate risk and credit risk on these pledged assets. Unless stated, the
counterparty's recourse is not limited to the transferred assets.
Collateralised transactions, such as securities lending and borrowing, repurchase and derivative transactions are conducted in
accordance with standard terms which are customary in the market.
Related party transactions
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other
party in making financial or operational decisions, or one other party controls both.
Accounting for\u00a0 non-current assets held for sale and associated liabilities
The Group applies IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.\u00a0 Non-current assets (or disposal groups) are
classified as held for sale when their carrying amount is to be recovered principally through a sale transaction rather than continuing use.
In order to be classified as held for sale, the asset must be available for immediate sale in its present condition subject only to terms that
are usual and customary, and the sale must be highly probable. Non-current assets (or disposal groups) held for sale are measured at
the lower of carrying amount and fair value less cost to sell.\u00a0 Assets and liabilities classified as held for sale are presented separately in
the consolidated balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-552": { "value": "Reporting entity
Barclays PLC is a public company limited by shares registered in England under company number 48839, having its registered office at 1
Churchill Place, London, E14 5HP.
These financial statements are prepared for Barclays PLC and its subsidiaries (the Group) under Section 399 of the Companies Act
2006. The Group is a major global financial services provider engaged in retail banking, credit cards, wholesale banking, investment
banking, wealth management and investment management services. In addition, separate financial statements have been presented
for the holding company.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-553": { "value": "Barclays PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-554": { "value": "Barclays PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-555": { "value": "Barclays PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-556": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-557": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-558": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-559": { "value": "1 Churchill Place, London, E14 5HP", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-560": { "value": "1 Churchill Place, London, E14 5HP", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-561": { "value": "The Group is a major global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. In addition, separate financial statements have been presented for the holding company.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-562": { "value": "Compliance with International Financial Reporting Standards
The consolidated financial statements of the Group, and the separate financial statements of Barclays PLC, have been prepared in
accordance with UK-adopted international accounting standards.
The consolidated financial statements of the Group, and the separate financial statements of Barclays PLC, have also been prepared in
accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB),
including interpretations issued by the IFRS Interpretations Committee, as there are no applicable differences from IFRS as issued by
the IASB for the periods presented.
The principal accounting policies applied in the preparation of the consolidated and separate financial statements are set out below, and
in the relevant notes to the financial statements. These policies have been consistently applied, with the exception of International Tax
Reform-Pillar Two Model Rules (Amendments to IAS 12), which is effective from 1 January 2023 and applies retrospectively; and the
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2), and Definition of an Accounting Estimate
(Amendments to IAS 8) which were applied from 1 January 2023.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-563": { "value": "Basis of preparation
The consolidated and separate financial statements have been prepared under the historical cost convention modified to include the
fair valuation of investment property, and particular financial instruments, to the extent required or permitted under IFRS as set out in
the relevant accounting policies. These financial statements are stated in millions of Pounds Sterling (\u00a3m), the functional currency of
Barclays PLC.
The financial statements have been prepared for Barclays PLC and its subsidiaries (the Group) under Section 399 of the Companies Act
2006 as applicable to companies using IFRS. The financial statements are prepared on a going concern basis, as the Board is satisfied
that the Group and the parent company have the resources to continue in business for a period of at least 12 months from approval of
the financial statements.
In making this assessment, the Board has considered a wide range of information relating to present and future conditions and includes
a review of a working capital report (WCR). The WCR is used by the Board to assess the future performance of the Group and that it has
the resources in place that are required to meet its ongoing regulatory requirements. The assessment is based upon business plans
which contain future projections of profitability taken from the Group\u2019s medium-term plan as well as projections of regulatory capital
requirements and business funding needs. The WCR also includes an assessment of the impact of internally generated stress testing
scenarios on the liquidity and capital requirement forecasts. The stress tests used were based upon an assessment of reasonably
possible downside economic scenarios that the Group could experience.\u00a0 Further details are set out in the Viability statement on
page\u00a054.
The WCR showed that the Group had sufficient capital and liquidity in place to support its future business requirements and remained
above its regulatory minimum requirements in the stress scenarios. Accordingly, the Directors concluded that there was a reasonable
expectation that the Group and parent company has adequate resources to continue as a going concern for a period of at least 12
months from the date of approval of the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-564": { "value": "
The consolidated and separate financial statements have been prepared under the historical cost convention modified to include the
fair valuation of investment property, and particular financial instruments, to the extent required or permitted under IFRS as set out in
the relevant accounting policies. These financial statements are stated in millions of Pounds Sterling (\u00a3m), the functional currency of
Barclays PLC.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-565": { "value": "
The financial statements have been prepared for Barclays PLC and its subsidiaries (the Group) under Section 399 of the Companies Act
2006 as applicable to companies using IFRS. The financial statements are prepared on a going concern basis, as the Board is satisfied
that the Group and the parent company have the resources to continue in business for a period of at least 12 months from approval of
the financial statements.
In making this assessment, the Board has considered a wide range of information relating to present and future conditions and includes
a review of a working capital report (WCR). The WCR is used by the Board to assess the future performance of the Group and that it has
the resources in place that are required to meet its ongoing regulatory requirements. The assessment is based upon business plans
which contain future projections of profitability taken from the Group\u2019s medium-term plan as well as projections of regulatory capital
requirements and business funding needs. The WCR also includes an assessment of the impact of internally generated stress testing
scenarios on the liquidity and capital requirement forecasts. The stress tests used were based upon an assessment of reasonably
possible downside economic scenarios that the Group could experience.\u00a0 Further details are set out in the Viability statement on
page\u00a054.
The WCR showed that the Group had sufficient capital and liquidity in place to support its future business requirements and remained
above its regulatory minimum requirements in the stress scenarios. Accordingly, the Directors concluded that there was a reasonable
expectation that the Group and parent company has adequate resources to continue as a going concern for a period of at least 12
months from the date of approval of the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-566": { "value": "Consolidation
The consolidated financial statements combine the financial statements of Barclays PLC and all its subsidiaries. Subsidiaries are entities
over which Barclays PLC has control. The Group has control over another entity when the Group has all of the following:
1) power over the relevant activities of the investee, for example through voting or other rights
2) exposure to, or rights to, variable returns from its involvement with the investee, and
3) the ability to affect those returns through its power over the investee.
As the consolidated financial statements include partnerships where the Group member is a partner, advantage has been taken of the
exemption under Regulation 7 of the Partnership (Accounts) Regulations 2008 with regard to preparing and filing of individual
partnership financial statements.
Details of the principal subsidiaries are given in Note 33.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-567": { "value": "Foreign currency translation
Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the transaction. Foreign currency
monetary balances are translated into Sterling at the period end exchange rates. Exchange gains and losses on such balances are taken
to the income statement.
The Group\u2019s foreign operations (including subsidiaries, joint ventures, associates and branches) based mainly outside the UK may have
different functional currencies. The functional currency of an operation is the currency of the main economy to which it is exposed.
Prior to consolidation (or equity accounting) the assets and liabilities of non-Sterling operations are translated at the period end
exchange rate and items of income, expense and other comprehensive income are translated into Sterling at the rate on the date of
the transactions. Exchange differences arising on the translation of foreign operations are included in currency translation reserves
within equity. These are transferred to the income statement when the Group disposes of the entire interest in a foreign operation,
when partial disposal results in the loss of control of an interest in a subsidiary, when an investment previously accounted for using the
equity method is accounted for as a financial asset, or on the disposal of a foreign operation within a branch.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-569": { "value": "Financial assets and liabilities
Recognition
The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. Trade date or settlement
date accounting is applied depending on the classification of the financial asset.
Classification and measurement
Financial assets are classified on the basis of two criteria:
i) the business model within which financial assets are managed, and
ii) their contractual cash flow characteristics (whether the cash flows represent \u2018solely payments of principal and interest\u2019 (SPPI)).
The Group assesses the business model criteria at a portfolio level. Information that is considered in determining the applicable
business model includes (i) policies and objectives for the relevant portfolio, (ii) how the performance and risks of the portfolio are
managed, evaluated and reported to management, and (iii) the frequency, volume and timing of sales in prior periods, sales expectation
for future periods, and the reasons for such sales.
The contractual cash flow characteristics of financial assets are assessed with reference to whether the cash flows represent SPPI.
Terms that could change the contractual cash flows so that it would not meet the condition for SPPI are considered, including: (i)
contingent and leverage features, (ii) non-recourse arrangements, (iii) features that could modify the time value of money, and (iv)
Social, Environmental and Sustainability-linked features. Terms with de minimis impact do not preclude cash flows from representing
SPPI.
The accounting policy for each type of financial asset or liability is included within the relevant note for the item. The Group\u2019s policies for
determining the fair values of the assets and liabilities are set out in Note 17.
Derecognition
The Group derecognises a financial asset, or a portion of a financial asset, from its balance sheet where (i) the contractual rights to cash
flows from the asset have expired, or (ii) the contractual rights to cash flows from the asset have been transferred (usually by sale) and\u00a0
with them either (a) substantially all the risks and rewards of the asset have been transferred, or (b) where neither substantially all the
risks and reward have been transferred or retained, where control over the asset has been lost.
Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished. An exchange of an existing
financial liability for a new liability with the same lender on substantially different terms \u2013 generally a difference of 10% or more in the
present value of the cash flows or a substantive qualitative amendment \u2013 is accounted for as an extinguishment of the original financial
liability and the recognition of a new financial liability.
It may not be obvious whether substantially all of the risks and rewards of a transferred asset, or portion of an asset, have been
transferred. It is often necessary to perform a quantitative analysis that compares the Group's exposure to variability in asset cash flows
before the transfer with its retained exposure after the transfer. A cash flow analysis of this nature may require judgement. In particular,
it is necessary to estimate the asset\u2019s expected future cash flows as well as potential variability around this expectation. The method of
estimating expected future cash flows depends on the nature of the asset, with market and market-implied data used to the greatest
extent possible. The potential variability around this expectation is typically determined by stressing underlying parameters to create
reasonable alternative upside and downside scenarios. Probabilities are then assigned to each scenario. Stressed parameters may
include default rates, loss severity, or prepayment rates.
Accounting for reverse repurchase and repurchase agreements including other similar lending and borrowing
Reverse repurchase agreements (and stock borrowing or similar transactions) are a form of secured lending whereby the Group
provides a loan or cash collateral in exchange for the transfer of collateral, generally in the form of marketable securities subject to an
agreement to transfer the securities back at a fixed price in the future. Repurchase agreements are where the Group obtains such loans
or cash collateral, in exchange for the transfer of collateral.
The Group purchases (a reverse repurchase agreement) or borrows securities subject to a commitment to resell or return them. The
securities are not included in the balance sheet as the Group does not acquire the risks and rewards of ownership. Consideration paid
(or cash collateral provided) is accounted for as a loan asset at amortised cost, unless it is designated or mandatorily at fair value
through profit and loss.
The Group may also sell (a repurchase agreement) or lend securities subject to a commitment to repurchase or redeem them. The
securities are retained on the balance sheet as the Group retains substantially all the risks and rewards of ownership. Consideration
received (or cash collateral provided) is accounted for as a financial liability at amortised cost, unless it is designated at fair value through
profit and loss.
Accounting for trading portfolio assets and liabilities
All assets and liabilities held for trading purposes are held at fair value with gains and losses in the changes in fair value taken to the
income statement in net trading income (Note 5).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-568": { "value": "Financial assets and liabilities
Recognition
The Group recognises financial assets and liabilities when it becomes a party to the terms of the contract. Trade date or settlement
date accounting is applied depending on the classification of the financial asset.
Classification and measurement
Financial assets are classified on the basis of two criteria:
i) the business model within which financial assets are managed, and
ii) their contractual cash flow characteristics (whether the cash flows represent \u2018solely payments of principal and interest\u2019 (SPPI)).
The Group assesses the business model criteria at a portfolio level. Information that is considered in determining the applicable
business model includes (i) policies and objectives for the relevant portfolio, (ii) how the performance and risks of the portfolio are
managed, evaluated and reported to management, and (iii) the frequency, volume and timing of sales in prior periods, sales expectation
for future periods, and the reasons for such sales.
The contractual cash flow characteristics of financial assets are assessed with reference to whether the cash flows represent SPPI.
Terms that could change the contractual cash flows so that it would not meet the condition for SPPI are considered, including: (i)
contingent and leverage features, (ii) non-recourse arrangements, (iii) features that could modify the time value of money, and (iv)
Social, Environmental and Sustainability-linked features. Terms with de minimis impact do not preclude cash flows from representing
SPPI.
The accounting policy for each type of financial asset or liability is included within the relevant note for the item. The Group\u2019s policies for
determining the fair values of the assets and liabilities are set out in Note 17.
Derecognition
The Group derecognises a financial asset, or a portion of a financial asset, from its balance sheet where (i) the contractual rights to cash
flows from the asset have expired, or (ii) the contractual rights to cash flows from the asset have been transferred (usually by sale) and\u00a0
with them either (a) substantially all the risks and rewards of the asset have been transferred, or (b) where neither substantially all the
risks and reward have been transferred or retained, where control over the asset has been lost.
Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished. An exchange of an existing
financial liability for a new liability with the same lender on substantially different terms \u2013 generally a difference of 10% or more in the
present value of the cash flows or a substantive qualitative amendment \u2013 is accounted for as an extinguishment of the original financial
liability and the recognition of a new financial liability.
It may not be obvious whether substantially all of the risks and rewards of a transferred asset, or portion of an asset, have been
transferred. It is often necessary to perform a quantitative analysis that compares the Group's exposure to variability in asset cash flows
before the transfer with its retained exposure after the transfer. A cash flow analysis of this nature may require judgement. In particular,
it is necessary to estimate the asset\u2019s expected future cash flows as well as potential variability around this expectation. The method of
estimating expected future cash flows depends on the nature of the asset, with market and market-implied data used to the greatest
extent possible. The potential variability around this expectation is typically determined by stressing underlying parameters to create
reasonable alternative upside and downside scenarios. Probabilities are then assigned to each scenario. Stressed parameters may
include default rates, loss severity, or prepayment rates.
Accounting for reverse repurchase and repurchase agreements including other similar lending and borrowing
Reverse repurchase agreements (and stock borrowing or similar transactions) are a form of secured lending whereby the Group
provides a loan or cash collateral in exchange for the transfer of collateral, generally in the form of marketable securities subject to an
agreement to transfer the securities back at a fixed price in the future. Repurchase agreements are where the Group obtains such loans
or cash collateral, in exchange for the transfer of collateral.
The Group purchases (a reverse repurchase agreement) or borrows securities subject to a commitment to resell or return them. The
securities are not included in the balance sheet as the Group does not acquire the risks and rewards of ownership. Consideration paid
(or cash collateral provided) is accounted for as a loan asset at amortised cost, unless it is designated or mandatorily at fair value
through profit and loss.
The Group may also sell (a repurchase agreement) or lend securities subject to a commitment to repurchase or redeem them. The
securities are retained on the balance sheet as the Group retains substantially all the risks and rewards of ownership. Consideration
received (or cash collateral provided) is accounted for as a financial liability at amortised cost, unless it is designated at fair value through
profit and loss.
Accounting for trading portfolio assets and liabilities
All assets and liabilities held for trading purposes are held at fair value with gains and losses in the changes in fair value taken to the
income statement in net trading income (Note 5).
Accounting for financial assets at fair value through other comprehensive income (FVOCI)
Financial assets that are debt instruments held in a business model that is achieved by both collecting contractual cash flows and selling
and that contain contractual terms that give rise on specified dates to cash flows that are SPPI are measured at FVOCI. They are
subsequently remeasured at fair value and changes therein (except for those relating to impairment, interest income and foreign
currency exchange gains and losses) are recognised in other comprehensive income until the assets are sold. Interest (calculated using
the effective interest method) is recognised in the income statement in net interest income (Note 3). Upon disposal, the cumulative
gain or loss recognised in other comprehensive income is included in net investment income (Note 6).
In determining whether the business model is achieved by both collecting contractual cash flows and selling financial assets, it is
determined that both collecting contractual cash flows and selling financial assets are integral to achieving the objective of the business
model. The Group will consider past sales and expectations about future sales to establish if the business model is achieved.
For equity securities that are not held for trading, the Group may make an irrevocable election on initial recognition to present
subsequent changes in the fair value of the instrument in other comprehensive income (except for dividend income which is recognised
in profit or loss).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-570": { "value": "
Derecognition
The Group derecognises a financial asset, or a portion of a financial asset, from its balance sheet where (i) the contractual rights to cash
flows from the asset have expired, or (ii) the contractual rights to cash flows from the asset have been transferred (usually by sale) and\u00a0
with them either (a) substantially all the risks and rewards of the asset have been transferred, or (b) where neither substantially all the
risks and reward have been transferred or retained, where control over the asset has been lost.
Financial liabilities are derecognised when the liability has been settled, has expired or has been extinguished. An exchange of an existing
financial liability for a new liability with the same lender on substantially different terms \u2013 generally a difference of 10% or more in the
present value of the cash flows or a substantive qualitative amendment \u2013 is accounted for as an extinguishment of the original financial
liability and the recognition of a new financial liability.
It may not be obvious whether substantially all of the risks and rewards of a transferred asset, or portion of an asset, have been
transferred. It is often necessary to perform a quantitative analysis that compares the Group's exposure to variability in asset cash flows
before the transfer with its retained exposure after the transfer. A cash flow analysis of this nature may require judgement. In particular,
it is necessary to estimate the asset\u2019s expected future cash flows as well as potential variability around this expectation. The method of
estimating expected future cash flows depends on the nature of the asset, with market and market-implied data used to the greatest
extent possible. The potential variability around this expectation is typically determined by stressing underlying parameters to create
reasonable alternative upside and downside scenarios. Probabilities are then assigned to each scenario. Stressed parameters may
include default rates, loss severity, or prepayment rates.
Accounting for securitisations
The Group uses securitisations as a source of finance and a means of risk transfer. Such transactions generally result in the transfer of
contractual cash flows from portfolios of financial assets to holders of issued debt securities.
Securitisations may, depending on the individual arrangement, result in continued recognition of the securitised assets and the
recognition of the debt securities issued in the transaction; lead to partial continued recognition of the assets to the extent of the
Group\u2019s continuing involvement in those assets or lead to derecognition of the assets and the separate recognition, as assets or
liabilities, of any rights and obligations created or retained in the transfer. Full derecognition only occurs when the Group transfers both
its contractual right to receive cash flows from the financial assets, or retains the contractual rights to receive the cash flows, but
assumes a contractual obligation to pay the cash flows to another party without material delay or reinvestment, and also transfers
substantially all the risks and rewards of ownership, including credit risk, prepayment risk and interest rate risk.
In the course of its normal banking activities, the Group makes transfers of financial assets, either where legal rights to the cash flows
from the asset are passed to the counterparty or beneficially, where the Group retains the rights to the cash flows but assumes a
responsibility to transfer them to the counterparty. Depending on the nature of the transaction, this may result in derecognition of the
assets in their entirety, partial derecognition or no derecognition of the assets subject to the transfer.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-571": { "value": "Issued debt and equity instruments
Issued financial instruments or their components are classified as liabilities if the contractual arrangement results in the Group having an
obligation to either deliver cash or another financial asset, or a variable number of equity shares, to the holder of the instrument. If this is
not the case, the instrument is generally an equity instrument and the proceeds included in equity, net of transaction costs. Dividends
and other returns to equity holders are recognised when paid or declared by the members at the Annual General Meeting and treated
as a deduction from equity.
Where issued financial instruments contain both liability and equity components, these are accounted for separately. The fair value of
the debt is estimated first and the balance of the proceeds is included within equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-573": { "value": "Cash flow statement
Cash comprises cash on hand and balances at central banks. Cash equivalents comprise loans and advances to banks, cash collateral
balances with central banks related to payment schemes and treasury and other eligible bills, all with original maturities of three months
or less.
Investments in debt securities at amortised cost, presented within loans and advances on the balance sheet, are deemed to be
investing activities for the purposes of the cash flow statement, except those instruments considered to be cash equivalents.\u00a0
Debt securities issued and redeemed are considered to be operating activities, except qualifying eligible liabilities that satisfy regulatory
requirements for MREL instruments (or have previously satisfied these requirements since 2019 when they came into effect), which are
considered to be financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-572": { "value": "Cash flow statement
Cash comprises cash on hand and balances at central banks. Cash equivalents comprise loans and advances to banks, cash collateral
balances with central banks related to payment schemes and treasury and other eligible bills, all with original maturities of three months
or less.
Investments in debt securities at amortised cost, presented within loans and advances on the balance sheet, are deemed to be
investing activities for the purposes of the cash flow statement, except those instruments considered to be cash equivalents.\u00a0
Debt securities issued and redeemed are considered to be operating activities, except qualifying eligible liabilities that satisfy regulatory
requirements for MREL instruments (or have previously satisfied these requirements since 2019 when they came into effect), which are
considered to be financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-575": { "value": "Critical accounting estimates and judgements
The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise
judgement in applying the accounting policies. The key areas involving a higher degree of judgement or complexity or areas where
assumptions are significant to the consolidated and individual financial statements are highlighted under the relevant note. Critical
accounting estimates and judgements are disclosed in:
\u25aa Credit impairment charges on page 431
\u25aa Tax on page 435
\u25aa Fair value of financial instruments on page 449
\u25aa Goodwill and intangible assets on page 466
\u25aa Pensions and post-retirement benefit obligations on page 485
\u25aa Provisions including conduct and legal, competition and regulatory matters on page 468.
Critical accounting estimates and judgements
IFRS 9 impairment involves several important areas of judgement, including estimating forward-looking modelled parameters (PD, LGD
and EAD), developing a range of unbiased future economic scenarios, estimating expected lives and assessing significant increases in
credit risk, based on the Group\u2019s experience of managing credit risk. The determination of expected life is most material for Barclays'
credit card portfolios which is obtained via behavioural life analysis to materially capture the risk of these facilities.
Within the retail and small businesses portfolios, which comprise large numbers of small homogenous assets with similar risk characteristics
where credit scoring techniques are generally used, the impairment allowance is calculated using forward-looking modelled parameters which
are typically run at account level. There are many models in use, each tailored to a product, line of business or customer category. Judgement
and knowledge is needed in selecting the statistical methods to use when the models are developed or revised. Management adjustments to
impairment models, which contain an element of subjectivity, are applied in order to factor in certain conditions or changes in policy that are not
fully incorporated into the impairment models, or to reflect additional facts and circumstances at the period end. Management adjustments are
reviewed and incorporated into future model development where appropriate.
For individually significant assets in Stage 3, impairment allowances are calculated on an individual basis and all relevant considerations that have
a bearing on the expected future cash flows across a range of economic scenarios are taken into account. These considerations can be
particularly subjective and can include the business prospects for the customer, the realisable value of collateral, the Group\u2019s position relative to
other claimants, the reliability of customer information and the likely cost and duration of the work-out process. The level of the impairment
allowance is the difference between the value of the discounted expected future cash flows (discounted at the loan\u2019s original effective interest
rate), and its carrying amount. Furthermore, judgements change with time as new\u00a0 information becomes available or as work-out strategies
evolve, resulting in frequent revisions to the impairment allowance as individual decisions are taken. Changes in these estimates would result in a
change in the allowances and have a direct impact on the impairment charge.
Further information on impairment allowances, impairment charges, management adjustments to models for impairment, measurement
uncertainty, sensitivity analysis and related credit information is set out within the Credit risk performance section.
Temporary adjustments to calculated IFRS9 impairment allowances may be applied in limited circumstances to account for situations where
known or expected risk factors or information have not been considered in the ECL assessment or modelling process. For further information
please see page 307 in the Credit risk performance section.
Information about the potential impact of the physical and transition risks of climate change on borrowers is considered, taking into account
reasonable and supportable information to make accounting judgements and estimates. Climate change is inherently of a long-term nature,
with significant levels of uncertainty, and consequently requires judgement in determining the possible impact in the next financial year, if any.
Critical accounting estimates and judgements
There are two key areas of judgement that impact the reported tax position. Firstly, the level of provisioning for uncertain tax positions;
and secondly, the recognition and measurement of deferred tax assets.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of current and deferred tax
balances, including provisions for uncertain tax positions in the next financial year.\u00a0The provisions for uncertain tax positions cover a
diverse range of issues and reflect advice from external counsel where relevant. It should be noted that only a proportion of the total
uncertain tax positions will be under audit at any point in time, and could therefore be subject to challenge by a tax authority over the
next year.
Deferred tax assets have been recognised based on business profit forecasts which included consideration for the current view of
climate impacts. Details on the recognition of deferred tax assets are provided in this note.
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Current tax charge/(credit)
Current year
1,359
1,045
1,417
Adjustments in respect of prior years
(181)
(444)
317
1,178
601
1,734
Deferred tax (credit)/charge
Current year
(95)
235
(352)
Adjustments in respect of prior years
151
203
(244)
56
438
(596)
Tax charge
1,234
1,039
1,138
Critical accounting estimates and judgements
The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation
models make use of unobservable inputs (\u2018Level 3\u2019 assets and liabilities). This note provides information on these instruments, including
the related unrealised gains and losses recognised in the period, a description of significant valuation techniques and unobservable
inputs, and a sensitivity analysis.
Climate-related risks are assumed to be included in the fair values of assets and liabilities traded in active markets. Within less active
markets, for counterparties and instruments identified as being more susceptible to climate change risk, an impact assessment was
performed through increasing their probability of default. The change in valuation of the assets and liabilities from this assessment was
sufficiently immaterial to necessitate any amendment to the reported year end valuations.
Critical accounting estimates and judgements
Goodwill
Testing goodwill for impairment involves a significant amount of judgement. Goodwill is allocated to CGUs for the purpose of
impairment testing.\u00a0 The review of goodwill for impairment involves calculating a value in use (VIU) valuation which is compared to the
carrying value of a CGU associated with the goodwill to determine whether any impairment has occurred. This includes the
identification of independent CGUs across the organisation and the allocation of goodwill to those CGUs.
The calculation of a value in use contains a high degree of uncertainty in estimating the future cash flows and the rates used to discount
them. Key judgements include determining the carrying value of the CGU, the cash flows and discount rates used in the calculation.
\u25aa The cash flow forecasts used by management involve judgement and are based upon a view of the prospects of the business and
market conditions at the point in time the assessment is prepared, including the potential effect of climate change. The estimation of
cash flows is sensitive to the periods for which detailed forecasts are available and to assumptions regarding long-term sustainable
cash flows .
\u25aa The discount rates applied to the future cash flows also involve judgement as they can have a significant impact on the valuation.
The discount rates used are compared to market participants to ensure that they are appropriate and based on an estimated cost of
equity for each CGU.
\u25aa The choice of a terminal growth rate used to determine the present value of the future cash flows of the CGUs is also a judgement
that can impact the outcome of the assessment. The terminal growth rate and discount rates used may vary due to external market
rates and economic conditions that are beyond management\u2019s control, including the potential effect of climate change.
Further details of some of the key judgements are set out below.
2023 impairment review
The 2023 impairment review was performed during Q4 2023, with the approach and analysis set out below.
Determining the carrying value of CGUs
The carrying value for each CGU is the sum of the tangible equity, goodwill and intangible asset balances associated with that CGU.
The Group manages the assets and liabilities of its CGUs with reference to the tangible equity of the respective businesses. That
tangible equity is derived from the level of risk weighted assets (RWAs) and capital required to be deployed in the CGU and therefore
reflects its relative risk, as well as the level of capital that management consider a market participant would be required to hold and
retain to support business growth.
Goodwill is initially allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the acquisition that
generated it. Goodwill is only reallocated if there is a change in its use or when reporting structures are altered in a way that changes the
composition of one or more cash-generating units to which goodwill has been allocated. During the year, the Merchant Acquiring
business was split from the Cards & Payments business and was identified as a CGU.
Cash flows
The five-year cash flows used in the calculation are based on the formally agreed medium-term plans approved by the Board. These are
prepared using macroeconomic assumptions which management consider reasonable and supportable, and reflect business agreed
initiatives for the forecast period. The macroeconomic assumptions underpinning the medium term plan were determined during 2023
and management has considered whether there are subsequent significant changes in those assumptions which would adversely
impact the results of the impairment review.
As required by IAS 36, estimates of future cash flows exclude cash inflows or outflows that are expected to arise from restructuring
initiatives where a constructive obligation to carry out the plan does not yet exist.
In line with prior year treatment, the Education, Social Housing and Local Authority (ESHLA) portfolio has been excluded from the
Business Banking CGU cash flows. This is a legacy loan portfolio which was previously within the Non-Core bank and was not part of the
business to which the goodwill relates. As such, the cash flows relating to this portfolio have been excluded from the Business Banking
VIU calculation.\u00a0
Discount rates
IAS 36 requires that the discount rate used in a value in use calculation reflects the pre-tax rate an investor would require if they were to
choose an investment that would generate similar cash flows to those that the entity expects to generate from the asset. In
determining the discount rate, management identified the cost of equity associated with market participants that closely resemble the
Group's CGUs. The cost of equity has been used as the discount rate in the impairment assessment and applied to the post tax cash
flows of the CGU. This post-tax method incorporates the impact of changing tax rates on the cash flows and is expected to produce
the same VIU result as a pre-tax method adjusted for varying tax rates. Using the resultant VIU the equivalent pre-tax discount rate has
been calculated. The cost of equity rate used for all CGUs in this year\u2019s calculation has been increased to the reflect the relative volatility
of Barclays PLC\u2019s stock price versus the average of our peers. The range of equivalent pre-tax discount rates applicable across the
CGUs range from 14.7% to 18.5% (2022: 14.1% to 16.5%).
Terminal growth rate
The terminal growth rate is used to estimate the effect of projecting cash flows to the end of an asset\u2019s useful economic life. It is
management\u2019s judgement that the cash flows associated with the CGUs will grow in line with the major economies in which the Group
operates. Inflation rates are used as an approximation of future growth rates and form the basis of the terminal growth rates applied.
The terminal growth rate used is 2.0% (2022: 2.0%).
Outcome of goodwill and intangibles review
The Personal Banking and Business Banking CGUs carry the majority of the Group\u2019s goodwill balance, predominantly as a consequence
of the Woolwich acquisition. The goodwill within Personal Banking was \u00a33,064m ( 2022: \u00a32,752m), of which \u00a32,501m (2022: \u00a32,501m)
was attributable to Woolwich, and within Business Banking was \u00a3629m (2022: \u00a3629m), fully attributable to Woolwich.
The largest portion of the Group's intangible assets sits within the Investment Bank CGU, part of Barclays International with an
allocation of \u00a31,043m (2022: \u00a3919m).
The recoverable amount for both Personal Banking and Business Banking have decreased in comparison to the 2022 impairment
review, reflective of changes in the interest rate and macroeconomic outlook.
An impairment of \u00a333m of goodwill and \u00a3257m of intangible assets has been identified and recognised for the year, fully impairing the
goodwill and intangibles of the Merchant Acquiring CGU.\u00a0 In all other CGUs, the value in use exceeds the carrying value and no
impairment has been identified.\u00a0
The outcome of the impairment review for Personal Banking, Business Banking, Barclaycard UK and Cards and Payments\u00a0 are set out
below:
Cash generating unit
Tangible equity
Goodwill
Intangibles
Carrying value
Value in use
Value in use
exceeding carrying
value
Value in use
exceeding carrying
value 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Personal Banking
6,130
3,066
740
9,936
12,297
2,361
4,667
Cards and Payments
3,626
180
800
4,606
5,342
736
1,598
Business Banking
1,836
629
239
2,704
5,990
3,286
6,623
Barclaycard UK
1,938
179
164
2,281
2,307
26
364
Total
13,530
4,054
1,943
19,527
25,936
6,409
13,252
All CGUs showed a reduction in value in use in the period which is mainly attributable to the increase in the discount rates used in the
assessment as a result of increases in interest rates as well as the introduction of the Barclays share price volatility premium.
The value in use for Barclaycard UK has reduced to a level that an adverse movement in any of the key judgement areas would result in
an impairment.
Sensitivity of key judgements
The CGUs are sensitive to possible adverse changes in the key assumptions that support the recoverable amount:
Cash flows: The medium-term plans used to determine the cash flows used in the VIU calculation rely on macroeconomic forecasts,
including interest rates, GDP and unemployment, and forecast levels of market and client activity. Interest rate assumptions impact
planned cash flows from both customer income and structural hedge contributions and therefore cash flow expectations are highly
sensitive to movements in the yield curve. The cash flows also contain assumptions with regard to the prudential and financial conduct
regulatory environment which may be subject to change. Given the current level of economic uncertainty, a 10% reduction in cash
flows has been provided to show the sensitivity of the outcome to a change in these key assumptions.
Discount rate: The discount rate should reflect the market risk-free rate adjusted for the inherent risks of the business it is applied to.
Management have identified discount rates for comparable businesses and consider these to be a reasonable estimate of a suitable
market rate for the profile of the business unit being tested. The risk that these discount rates may not be appropriate is quantified
below and shows the impact of a 100bps change in the discount rate.
Terminal growth rate: The terminal growth rate is used to estimate the cash flows into perpetuity based on the expected longevity of
the CGU's businesses. The terminal growth rate is sensitive to uncertainties in the macroeconomic environment. The risk that using
inflation data may not be appropriate for its determination is quantified below and shows the impact of 100bps change in the terminal
growth rate.
Allocated capital rate: Tangible equity is allocated based on the level of risk weighted assets (RWAs) and capital required to be
deployed in the CGU which is dependent on the relative risk of businesses. The capital ratio used in determining the level of tangible
equity allocated to the CGU and its capital cash flows could move over time. The impact of a 50bps increase in capital ratio is quantified
below.
The sensitivity of the value in use to key judgements in the calculations for certain CGUs holding goodwill balances is set out below:
Cash generating unit
Carrying
value
Value in
use
Value in
use
exceeding
carrying
value
Discount
rate
Terminal
growth
rate
Reduction in headroom
Change required to reduce headroom to zero
100 bps
increase
in the
discount
rate
100 bps
decrease
in terminal
growth
rate
50 bps
increase to
allocated
capital rate
10%
reduction in
forecasted
cash flows
Discount
rate
Terminal
growth
rate
Allocated
capital
rate
Cash
flows
\u00a3m
\u00a3m
\u00a3m
%
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
Personal Banking
9,936
12,297
2,361
18.2
2.0
(1,042)
(710)
(263)
(1,337)
2.5
(4.1)
4.5
(17.6)
Cards and Payments
4,606
5,342
736
16.8
2.0
(647)
(473)
(250)
(724)
1.2
(1.6)
1.5
(10.2)
Total
14,542
17,639
3,097
Critical accounting estimates and judgements
The financial reporting of provisions involves a significant degree of judgement and is complex. Identifying whether a present obligation
exists and estimating the probability, timing, nature and quantum of the outflows that may arise from past events requires judgements
to be made based on the specific facts and circumstances relating to individual events and often requires specialist professional advice.
When matters are at an early stage, accounting judgements and estimates can be difficult because of the high degree of uncertainty
involved. Management continues to monitor matters as they develop to re-evaluate on an ongoing basis whether provisions should be
recognised, however there can remain a wide range of possible outcomes and uncertainties, particularly in relation to legal, competition
and regulatory matters, and as a result it is often not practicable to make meaningful estimates even when matters are at a more
advanced stage.
The amount that is recognised as a provision can also be very sensitive to the assumptions made in calculating it. This gives rise to a
large range of potential outcomes which require judgement in determining an appropriate provision level. See Note 25 for more detail of
legal, competition and regulatory matters
Critical accounting estimates and judgements
Actuarial valuation of the scheme's obligation is dependent upon a series of assumptions. Below is a summary of the main financial and
demographic assumptions adopted for the UKRF.
2023
2022
Key UKRF financial assumptions
% p.a.
% p.a.
Discount rate
4.49
4.80
Inflation rate (RPI)
3.17
3.21
The UKRF discount rate assumption for 2023 was based on a standard WTW RATE Link model. The RPI inflation assumption for 2023
was set by reference to the Bank of England\u2019s implied inflation curve. The inflation assumption incorporates a deduction of 20 basis
points as an allowance for an inflation risk premium. The methodology used to derive the discount rate and inflation assumptions is
consistent with that used at the prior year end.
The UKRF\u2019s post-retirement mortality assumptions are based on best estimates derived from an analysis in 2022 of the UKRF\u2019s own
post-retirement mortality experience and taking account of recent evidence from published mortality surveys. An allowance has been
made for future mortality improvements based on the 2022 core projection model published by the Continuous Mortality Investigation
Bureau subject to a long-term trend of 1.25% per annum in future improvements (2022: 1.25% per annum).\u00a0 The table below shows
how the assumed life expectancy at 60, for members of the UKRF, has varied over the past three years:
Assumed life expectancy
2023
2022
2021
Life expectancy at 60 for current pensioners (years)
\u2013 Males
26.5
26.8
27.3
\u2013 Females
29.3
29.5
29.6
Life expectancy at 60 for future pensioners currently aged 40 (years)
\u2013 Males
28.0
28.3
29.1
\u2013 Females
30.7
31.0
31.4
Through transactions in 2020 and 2022 approximately\u00a0 three-quarters of the longevity risk for current pensioners has been reinsured,
and the transactions will provide income to the UKRF if pensions are paid out for longer than expected. The contracts form part of the
UKRF\u2019s investment portfolio.
Sensitivity analysis on actuarial assumptions
The sensitivity analysis has been calculated by valuing the UKRF liabilities using the amended assumptions shown in the table below and
keeping the remaining assumptions the same as disclosed in the table above, except in the case of the inflation sensitivity where other
assumptions that depend on assumed inflation have also been amended correspondingly. The difference between the recalculated
liability figure and that stated in the balance sheet reconciliation table above is the figure shown. The selection of these movements to
illustrate the sensitivity of the defined benefit obligation to key assumptions should not be interpreted as Barclays expressing any
specific view of the probability of such movements happening.
Change in key assumptions
2023
2022
(Decrease)/
Increase in UKRF
defined benefit
obligation
(Decrease)/
Increase in UKRF
defined benefit
obligation
\u00a3bn
\u00a3bn
Discount rate
0.5% p.a. increase
(1.2)
(1.1)
0.25% p.a. increase
(0.6)
(0.6)
0.25% p.a. decrease
0.6
0.6
0.5% p.a. decrease
1.3
1.2
Assumed RPI
0.5% p.a. increase
0.8
0.8
0.25% p.a. increase
0.4
0.4
0.25% p.a. decrease
(0.4)
(0.4)
0.5% p.a. decrease
(0.8)
(0.8)
Life expectancy at 60
One year increase
0.6
0.6
One year decrease
(0.6)
(0.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-574": { "value": "Critical accounting estimates and judgements
The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise
judgement in applying the accounting policies. The key areas involving a higher degree of judgement or complexity or areas where
assumptions are significant to the consolidated and individual financial statements are highlighted under the relevant note. Critical
accounting estimates and judgements are disclosed in:
\u25aa Credit impairment charges on page 431
\u25aa Tax on page 435
\u25aa Fair value of financial instruments on page 449
\u25aa Goodwill and intangible assets on page 466
\u25aa Pensions and post-retirement benefit obligations on page 485
\u25aa Provisions including conduct and legal, competition and regulatory matters on page 468.
Critical accounting estimates and judgements
IFRS 9 impairment involves several important areas of judgement, including estimating forward-looking modelled parameters (PD, LGD
and EAD), developing a range of unbiased future economic scenarios, estimating expected lives and assessing significant increases in
credit risk, based on the Group\u2019s experience of managing credit risk. The determination of expected life is most material for Barclays'
credit card portfolios which is obtained via behavioural life analysis to materially capture the risk of these facilities.
Within the retail and small businesses portfolios, which comprise large numbers of small homogenous assets with similar risk characteristics
where credit scoring techniques are generally used, the impairment allowance is calculated using forward-looking modelled parameters which
are typically run at account level. There are many models in use, each tailored to a product, line of business or customer category. Judgement
and knowledge is needed in selecting the statistical methods to use when the models are developed or revised. Management adjustments to
impairment models, which contain an element of subjectivity, are applied in order to factor in certain conditions or changes in policy that are not
fully incorporated into the impairment models, or to reflect additional facts and circumstances at the period end. Management adjustments are
reviewed and incorporated into future model development where appropriate.
For individually significant assets in Stage 3, impairment allowances are calculated on an individual basis and all relevant considerations that have
a bearing on the expected future cash flows across a range of economic scenarios are taken into account. These considerations can be
particularly subjective and can include the business prospects for the customer, the realisable value of collateral, the Group\u2019s position relative to
other claimants, the reliability of customer information and the likely cost and duration of the work-out process. The level of the impairment
allowance is the difference between the value of the discounted expected future cash flows (discounted at the loan\u2019s original effective interest
rate), and its carrying amount. Furthermore, judgements change with time as new\u00a0 information becomes available or as work-out strategies
evolve, resulting in frequent revisions to the impairment allowance as individual decisions are taken. Changes in these estimates would result in a
change in the allowances and have a direct impact on the impairment charge.
Further information on impairment allowances, impairment charges, management adjustments to models for impairment, measurement
uncertainty, sensitivity analysis and related credit information is set out within the Credit risk performance section.
Temporary adjustments to calculated IFRS9 impairment allowances may be applied in limited circumstances to account for situations where
known or expected risk factors or information have not been considered in the ECL assessment or modelling process. For further information
please see page 307 in the Credit risk performance section.
Information about the potential impact of the physical and transition risks of climate change on borrowers is considered, taking into account
reasonable and supportable information to make accounting judgements and estimates. Climate change is inherently of a long-term nature,
with significant levels of uncertainty, and consequently requires judgement in determining the possible impact in the next financial year, if any.
Critical accounting estimates and judgements
There are two key areas of judgement that impact the reported tax position. Firstly, the level of provisioning for uncertain tax positions;
and secondly, the recognition and measurement of deferred tax assets.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of current and deferred tax
balances, including provisions for uncertain tax positions in the next financial year.\u00a0The provisions for uncertain tax positions cover a
diverse range of issues and reflect advice from external counsel where relevant. It should be noted that only a proportion of the total
uncertain tax positions will be under audit at any point in time, and could therefore be subject to challenge by a tax authority over the
next year.
Deferred tax assets have been recognised based on business profit forecasts which included consideration for the current view of
climate impacts. Details on the recognition of deferred tax assets are provided in this note.
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Current tax charge/(credit)
Current year
1,359
1,045
1,417
Adjustments in respect of prior years
(181)
(444)
317
1,178
601
1,734
Deferred tax (credit)/charge
Current year
(95)
235
(352)
Adjustments in respect of prior years
151
203
(244)
56
438
(596)
Tax charge
1,234
1,039
1,138
Critical accounting estimates and judgements
The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation
models make use of unobservable inputs (\u2018Level 3\u2019 assets and liabilities). This note provides information on these instruments, including
the related unrealised gains and losses recognised in the period, a description of significant valuation techniques and unobservable
inputs, and a sensitivity analysis.
Climate-related risks are assumed to be included in the fair values of assets and liabilities traded in active markets. Within less active
markets, for counterparties and instruments identified as being more susceptible to climate change risk, an impact assessment was
performed through increasing their probability of default. The change in valuation of the assets and liabilities from this assessment was
sufficiently immaterial to necessitate any amendment to the reported year end valuations.
Critical accounting estimates and judgements
Goodwill
Testing goodwill for impairment involves a significant amount of judgement. Goodwill is allocated to CGUs for the purpose of
impairment testing.\u00a0 The review of goodwill for impairment involves calculating a value in use (VIU) valuation which is compared to the
carrying value of a CGU associated with the goodwill to determine whether any impairment has occurred. This includes the
identification of independent CGUs across the organisation and the allocation of goodwill to those CGUs.
The calculation of a value in use contains a high degree of uncertainty in estimating the future cash flows and the rates used to discount
them. Key judgements include determining the carrying value of the CGU, the cash flows and discount rates used in the calculation.
\u25aa The cash flow forecasts used by management involve judgement and are based upon a view of the prospects of the business and
market conditions at the point in time the assessment is prepared, including the potential effect of climate change. The estimation of
cash flows is sensitive to the periods for which detailed forecasts are available and to assumptions regarding long-term sustainable
cash flows .
\u25aa The discount rates applied to the future cash flows also involve judgement as they can have a significant impact on the valuation.
The discount rates used are compared to market participants to ensure that they are appropriate and based on an estimated cost of
equity for each CGU.
\u25aa The choice of a terminal growth rate used to determine the present value of the future cash flows of the CGUs is also a judgement
that can impact the outcome of the assessment. The terminal growth rate and discount rates used may vary due to external market
rates and economic conditions that are beyond management\u2019s control, including the potential effect of climate change.
Further details of some of the key judgements are set out below.
2023 impairment review
The 2023 impairment review was performed during Q4 2023, with the approach and analysis set out below.
Determining the carrying value of CGUs
The carrying value for each CGU is the sum of the tangible equity, goodwill and intangible asset balances associated with that CGU.
The Group manages the assets and liabilities of its CGUs with reference to the tangible equity of the respective businesses. That
tangible equity is derived from the level of risk weighted assets (RWAs) and capital required to be deployed in the CGU and therefore
reflects its relative risk, as well as the level of capital that management consider a market participant would be required to hold and
retain to support business growth.
Goodwill is initially allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the acquisition that
generated it. Goodwill is only reallocated if there is a change in its use or when reporting structures are altered in a way that changes the
composition of one or more cash-generating units to which goodwill has been allocated. During the year, the Merchant Acquiring
business was split from the Cards & Payments business and was identified as a CGU.
Cash flows
The five-year cash flows used in the calculation are based on the formally agreed medium-term plans approved by the Board. These are
prepared using macroeconomic assumptions which management consider reasonable and supportable, and reflect business agreed
initiatives for the forecast period. The macroeconomic assumptions underpinning the medium term plan were determined during 2023
and management has considered whether there are subsequent significant changes in those assumptions which would adversely
impact the results of the impairment review.
As required by IAS 36, estimates of future cash flows exclude cash inflows or outflows that are expected to arise from restructuring
initiatives where a constructive obligation to carry out the plan does not yet exist.
In line with prior year treatment, the Education, Social Housing and Local Authority (ESHLA) portfolio has been excluded from the
Business Banking CGU cash flows. This is a legacy loan portfolio which was previously within the Non-Core bank and was not part of the
business to which the goodwill relates. As such, the cash flows relating to this portfolio have been excluded from the Business Banking
VIU calculation.\u00a0
Discount rates
IAS 36 requires that the discount rate used in a value in use calculation reflects the pre-tax rate an investor would require if they were to
choose an investment that would generate similar cash flows to those that the entity expects to generate from the asset. In
determining the discount rate, management identified the cost of equity associated with market participants that closely resemble the
Group's CGUs. The cost of equity has been used as the discount rate in the impairment assessment and applied to the post tax cash
flows of the CGU. This post-tax method incorporates the impact of changing tax rates on the cash flows and is expected to produce
the same VIU result as a pre-tax method adjusted for varying tax rates. Using the resultant VIU the equivalent pre-tax discount rate has
been calculated. The cost of equity rate used for all CGUs in this year\u2019s calculation has been increased to the reflect the relative volatility
of Barclays PLC\u2019s stock price versus the average of our peers. The range of equivalent pre-tax discount rates applicable across the
CGUs range from 14.7% to 18.5% (2022: 14.1% to 16.5%).
Terminal growth rate
The terminal growth rate is used to estimate the effect of projecting cash flows to the end of an asset\u2019s useful economic life. It is
management\u2019s judgement that the cash flows associated with the CGUs will grow in line with the major economies in which the Group
operates. Inflation rates are used as an approximation of future growth rates and form the basis of the terminal growth rates applied.
The terminal growth rate used is 2.0% (2022: 2.0%).
Outcome of goodwill and intangibles review
The Personal Banking and Business Banking CGUs carry the majority of the Group\u2019s goodwill balance, predominantly as a consequence
of the Woolwich acquisition. The goodwill within Personal Banking was \u00a33,064m ( 2022: \u00a32,752m), of which \u00a32,501m (2022: \u00a32,501m)
was attributable to Woolwich, and within Business Banking was \u00a3629m (2022: \u00a3629m), fully attributable to Woolwich.
The largest portion of the Group's intangible assets sits within the Investment Bank CGU, part of Barclays International with an
allocation of \u00a31,043m (2022: \u00a3919m).
The recoverable amount for both Personal Banking and Business Banking have decreased in comparison to the 2022 impairment
review, reflective of changes in the interest rate and macroeconomic outlook.
An impairment of \u00a333m of goodwill and \u00a3257m of intangible assets has been identified and recognised for the year, fully impairing the
goodwill and intangibles of the Merchant Acquiring CGU.\u00a0 In all other CGUs, the value in use exceeds the carrying value and no
impairment has been identified.\u00a0
The outcome of the impairment review for Personal Banking, Business Banking, Barclaycard UK and Cards and Payments\u00a0 are set out
below:
Cash generating unit
Tangible equity
Goodwill
Intangibles
Carrying value
Value in use
Value in use
exceeding carrying
value
Value in use
exceeding carrying
value 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Personal Banking
6,130
3,066
740
9,936
12,297
2,361
4,667
Cards and Payments
3,626
180
800
4,606
5,342
736
1,598
Business Banking
1,836
629
239
2,704
5,990
3,286
6,623
Barclaycard UK
1,938
179
164
2,281
2,307
26
364
Total
13,530
4,054
1,943
19,527
25,936
6,409
13,252
All CGUs showed a reduction in value in use in the period which is mainly attributable to the increase in the discount rates used in the
assessment as a result of increases in interest rates as well as the introduction of the Barclays share price volatility premium.
The value in use for Barclaycard UK has reduced to a level that an adverse movement in any of the key judgement areas would result in
an impairment.
Sensitivity of key judgements
The CGUs are sensitive to possible adverse changes in the key assumptions that support the recoverable amount:
Cash flows: The medium-term plans used to determine the cash flows used in the VIU calculation rely on macroeconomic forecasts,
including interest rates, GDP and unemployment, and forecast levels of market and client activity. Interest rate assumptions impact
planned cash flows from both customer income and structural hedge contributions and therefore cash flow expectations are highly
sensitive to movements in the yield curve. The cash flows also contain assumptions with regard to the prudential and financial conduct
regulatory environment which may be subject to change. Given the current level of economic uncertainty, a 10% reduction in cash
flows has been provided to show the sensitivity of the outcome to a change in these key assumptions.
Discount rate: The discount rate should reflect the market risk-free rate adjusted for the inherent risks of the business it is applied to.
Management have identified discount rates for comparable businesses and consider these to be a reasonable estimate of a suitable
market rate for the profile of the business unit being tested. The risk that these discount rates may not be appropriate is quantified
below and shows the impact of a 100bps change in the discount rate.
Terminal growth rate: The terminal growth rate is used to estimate the cash flows into perpetuity based on the expected longevity of
the CGU's businesses. The terminal growth rate is sensitive to uncertainties in the macroeconomic environment. The risk that using
inflation data may not be appropriate for its determination is quantified below and shows the impact of 100bps change in the terminal
growth rate.
Allocated capital rate: Tangible equity is allocated based on the level of risk weighted assets (RWAs) and capital required to be
deployed in the CGU which is dependent on the relative risk of businesses. The capital ratio used in determining the level of tangible
equity allocated to the CGU and its capital cash flows could move over time. The impact of a 50bps increase in capital ratio is quantified
below.
The sensitivity of the value in use to key judgements in the calculations for certain CGUs holding goodwill balances is set out below:
Cash generating unit
Carrying
value
Value in
use
Value in
use
exceeding
carrying
value
Discount
rate
Terminal
growth
rate
Reduction in headroom
Change required to reduce headroom to zero
100 bps
increase
in the
discount
rate
100 bps
decrease
in terminal
growth
rate
50 bps
increase to
allocated
capital rate
10%
reduction in
forecasted
cash flows
Discount
rate
Terminal
growth
rate
Allocated
capital
rate
Cash
flows
\u00a3m
\u00a3m
\u00a3m
%
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
Personal Banking
9,936
12,297
2,361
18.2
2.0
(1,042)
(710)
(263)
(1,337)
2.5
(4.1)
4.5
(17.6)
Cards and Payments
4,606
5,342
736
16.8
2.0
(647)
(473)
(250)
(724)
1.2
(1.6)
1.5
(10.2)
Total
14,542
17,639
3,097
Critical accounting estimates and judgements
The financial reporting of provisions involves a significant degree of judgement and is complex. Identifying whether a present obligation
exists and estimating the probability, timing, nature and quantum of the outflows that may arise from past events requires judgements
to be made based on the specific facts and circumstances relating to individual events and often requires specialist professional advice.
When matters are at an early stage, accounting judgements and estimates can be difficult because of the high degree of uncertainty
involved. Management continues to monitor matters as they develop to re-evaluate on an ongoing basis whether provisions should be
recognised, however there can remain a wide range of possible outcomes and uncertainties, particularly in relation to legal, competition
and regulatory matters, and as a result it is often not practicable to make meaningful estimates even when matters are at a more
advanced stage.
The amount that is recognised as a provision can also be very sensitive to the assumptions made in calculating it. This gives rise to a
large range of potential outcomes which require judgement in determining an appropriate provision level. See Note 25 for more detail of
legal, competition and regulatory matters
Critical accounting estimates and judgements
Actuarial valuation of the scheme's obligation is dependent upon a series of assumptions. Below is a summary of the main financial and
demographic assumptions adopted for the UKRF.
2023
2022
Key UKRF financial assumptions
% p.a.
% p.a.
Discount rate
4.49
4.80
Inflation rate (RPI)
3.17
3.21
The UKRF discount rate assumption for 2023 was based on a standard WTW RATE Link model. The RPI inflation assumption for 2023
was set by reference to the Bank of England\u2019s implied inflation curve. The inflation assumption incorporates a deduction of 20 basis
points as an allowance for an inflation risk premium. The methodology used to derive the discount rate and inflation assumptions is
consistent with that used at the prior year end.
The UKRF\u2019s post-retirement mortality assumptions are based on best estimates derived from an analysis in 2022 of the UKRF\u2019s own
post-retirement mortality experience and taking account of recent evidence from published mortality surveys. An allowance has been
made for future mortality improvements based on the 2022 core projection model published by the Continuous Mortality Investigation
Bureau subject to a long-term trend of 1.25% per annum in future improvements (2022: 1.25% per annum).\u00a0 The table below shows
how the assumed life expectancy at 60, for members of the UKRF, has varied over the past three years:
Assumed life expectancy
2023
2022
2021
Life expectancy at 60 for current pensioners (years)
\u2013 Males
26.5
26.8
27.3
\u2013 Females
29.3
29.5
29.6
Life expectancy at 60 for future pensioners currently aged 40 (years)
\u2013 Males
28.0
28.3
29.1
\u2013 Females
30.7
31.0
31.4
Through transactions in 2020 and 2022 approximately\u00a0 three-quarters of the longevity risk for current pensioners has been reinsured,
and the transactions will provide income to the UKRF if pensions are paid out for longer than expected. The contracts form part of the
UKRF\u2019s investment portfolio.
Sensitivity analysis on actuarial assumptions
The sensitivity analysis has been calculated by valuing the UKRF liabilities using the amended assumptions shown in the table below and
keeping the remaining assumptions the same as disclosed in the table above, except in the case of the inflation sensitivity where other
assumptions that depend on assumed inflation have also been amended correspondingly. The difference between the recalculated
liability figure and that stated in the balance sheet reconciliation table above is the figure shown. The selection of these movements to
illustrate the sensitivity of the defined benefit obligation to key assumptions should not be interpreted as Barclays expressing any
specific view of the probability of such movements happening.
Change in key assumptions
2023
2022
(Decrease)/
Increase in UKRF
defined benefit
obligation
(Decrease)/
Increase in UKRF
defined benefit
obligation
\u00a3bn
\u00a3bn
Discount rate
0.5% p.a. increase
(1.2)
(1.1)
0.25% p.a. increase
(0.6)
(0.6)
0.25% p.a. decrease
0.6
0.6
0.5% p.a. decrease
1.3
1.2
Assumed RPI
0.5% p.a. increase
0.8
0.8
0.25% p.a. increase
0.4
0.4
0.25% p.a. decrease
(0.4)
(0.4)
0.5% p.a. decrease
(0.8)
(0.8)
Life expectancy at 60
One year increase
0.6
0.6
One year decrease
(0.6)
(0.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-576": { "value": "Segmental reporting
Presentation of segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, which is
responsible for allocating resources and assessing performance of the operating segments, and has been identified as the chief
operating decision maker. All transactions between business segments are conducted on an arm\u2019s-length basis, with intra-segment
revenue and costs being eliminated in Head Office. Income and expenses directly associated with each segment are included in
determining business segment performance.
The Group is a British universal bank diversified by business, geography and income type, serving consumer and wholesale customers
and clients globally and for segmental reporting purposes it defines its two operating divisions as Barclays UK and Barclays International.
\u25aa Barclays UK consists of our UK Personal Banking, UK Business Banking and Barclaycard Consumer UK businesses. These businesses
are carried on by our UK ring-fenced bank (Barclays Bank UK PLC) and certain other entities within the Group.
\u25aa Barclays International consists of our Corporate and Investment Bank and Consumer, Cards and Payments businesses. These
businesses are carried on by our non ring-fenced bank (Barclays Bank PLC) and its subsidiaries, and certain other entities within the
Group.
The below table also includes Head Office which comprises head office and legacy businesses, as well as the FTEs employed by Barclays
Execution Services.
Analysis of results by business
Barclays UK
Barclays
International
Head Office
Group results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
For the year ended 31 December 2023
Total income
7,587
17,918
(127)
25,378
Operating costs
(4,393)
(11,578)
(743)
(16,714)
UK bank levy
(30)
(136)
(14)
(180)
Litigation and conduct
8
(47)
2
(37)
Total operating expenses
(4,415)
(11,761)
(755)
(16,931)
Other net income/(expenses)1
\u2014
(2)
(7)
(9)
Profit/(loss) before impairment
3,172
6,155
(889)
8,438
Credit impairment charges
(304)
(1,548)
(29)
(1,881)
Profit/(loss) before tax
2,868
4,607
(918)
6,557
Total assets (\u00a3bn)
293.1
1,166.1
18.3
1,477.5
Total liabilities (\u00a3bn)
264.2
1,077.9
63.5
1,405.6
Number of employees (full time equivalent)
6,800
12,400
73,200
92,400
Average number of employees (full time equivalent)
92,900
Average number of employees (headcount)
94,800
Note
1 Other net income/(expenses) represents the share of post-tax results of associates and joint ventures, profit on disposal of subsidiaries, associates and joint ventures, and gains on
acquisitions.
Barclays UK
Barclays
International
Head Office
Group results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
For the year ended 31 December 2022
Total income
7,259
17,867
(170)
24,956
Operating costs
(4,260)
(10,361)
(336)
(14,957)
UK bank levy
(26)
(133)
(17)
(176)
Litigation and conduct
(41)
(1,503)
(53)
(1,597)
Total operating expenses
(4,327)
(11,997)
(406)
(16,730)
Other net income/(expenses)1
\u2014
28
(22)
6
Profit/(loss) before impairment
2,932
5,898
(598)
8,232
Credit impairment charges
(286)
(933)
(1)
(1,220)
Profit/(loss) before tax
2,646
4,965
(599)
7,012
Total assets (\u00a3bn)
313.2
1,181.3
19.2
1,513.7
Total liabilities (\u00a3bn)
287.3
1,093.9
63.2
1,444.4
Number of employees (full time equivalent)
6,200
10,900
70,300
87,400
Average number of employees (full time equivalent)
83,900
Average number of employees (headcount)
86,200
Note
1 Other net income\u00a0 represents the share of post-tax results of associates and joint ventures, profit on disposal of subsidiaries, associates and joint ventures, and gains on acquisitions.
Barclays UK
Barclays
International
Head
Office
Group results
\u00a3m
\u00a3m
\u00a3m
\u00a3m
For the year ended 31 December 2021
Total income
6,536
15,665
(261)
21,940
Operating costs
(4,357)
(9,076)
(659)
(14,092)
UK bank levy
(36)
(134)
\u2014
(170)
Litigation and conduct
(37)
(345)
(15)
(397)
Total operating expenses
(4,430)
(9,555)
(674)
(14,659)
Other net income1
\u2014
40
220
260
Profit/(loss) before impairment
2,106
6,150
(715)
7,541
Credit impairment releases
365
288
\u2014
653
Profit/(loss) before tax
2,471
6,438
(715)
8,194
Total assets (\u00a3bn)
321.2
1,044.1
19.0
1,384.3
Total liabilities (\u00a3bn)
291.8
965.4
57.0
1,314.2
Number of employees (full time equivalent)2
7,100
10,400
64,100
81,600
Average number of employees (full time equivalent)
82,900
Average number of employees (headcount)
85,600
Notes
1 Other net income/(expenses) represents the share of post-tax results of associates and joint ventures, profit (or loss) on disposal of subsidiaries, associates and joint ventures, and
gains on acquisitions.
2 Barclays Execution Services Employees are reported within the Head Office Segment. Barclays UK transformed its business in 2021 and consolidated all Customer Care employees,
who directly serve customers, into Barclays Execution Services to improve customer service and experience. Costs are recharged, while FTEs are reported within Head Office, as at 31
December 2021 10,700 FTEs were impacted by the move from Barclays UK to Head Office.
Barclays PLC has changed the way that its businesses are being managed and will publish comparative financial information reflecting
these changes to its segmental reporting which are effective from January 2024.
From Q124, the Group will present its financial disclosures through the following new segments:
\u2022 Barclays UK
\u2022 Barclays UK Corporate Bank
\u2022 Barclays Private Bank and Wealth Management
\u2022 Barclays Investment Bank
\u2022 Barclays US Consumer Bank
The previously reported Head office will additionally include the held for sale German consumer finance business and the merchant
acquiring component on the Payments business both previously reported within Barclays International as part of CC&P.
Considering the revised segmentation in January 2024, our assessment has not led to any further financial impacts. These changes do
not affect legal entities nor do they impact the Group\u2019s previously reported consolidated financials. A copy of the resegmentation
document is available at home.barclays/investor-relations/reports-and-events/financial-results/
Income by geographic region1
2023
2022
2021
For the year ended 31 December
\u00a3m
\u00a3m
\u00a3m
United Kingdom
13,295
14,908
11,256
Europe
2,517
2,321
2,372
Americas
8,109
6,353
7,199
Africa and Middle East
87
63
45
Asia\u00a0
1,370
1,311
1,068
Total
25,378
24,956
21,940
.
Income from individual countries which represent more than 5% of total income1
2023
2022
2021
For the year ended 31 December
\u00a3m
\u00a3m
\u00a3m
United Kingdom
13,295
14,908
11,256
United States
7,911
6,176
7,048
Note
1 The geographical analysis is based on the location of the office where the transactions are recorded .", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-577": { "value": "
Presentation of segmental reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Committee, which is
responsible for allocating resources and assessing performance of the operating segments, and has been identified as the chief
operating decision maker. All transactions between business segments are conducted on an arm\u2019s-length basis, with intra-segment
revenue and costs being eliminated in Head Office. Income and expenses directly associated with each segment are included in
determining business segment performance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-578": { "value": "Net interest income
Accounting for interest income and expenses
Interest income on loans and advances at amortised cost and financial assets at fair value through other comprehensive income, and
interest expense on financial liabilities held at amortised cost, are calculated using the effective interest method which allocates
interest, and direct and incremental fees and costs, over the expected lives of the assets and liabilities.
The effective interest method requires the Group to estimate future cash flows, in some cases based on its experience of customers\u2019
behaviour, considering all contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities.
The Group incurs certain costs to originate credit card balances with the most significant being co-brand partner fees. To the extent
these costs are attributed to customers that continuously carry an outstanding balance (revolvers) and incremental to the origination
of credit card balances, they are capitalised and subsequently included within the calculation of the effective interest rate. They are
amortised to interest income over the period of expected repayment of the originated balance. Costs attributed to customers that
settle their outstanding balances each period (transactors) are deferred on the balance sheet as a cost of obtaining a contract and
amortised to fee and commission expense over the life of the customer relationship (refer to Note 4). There are no other individual
estimates involved in the calculation of effective interest rates that are material to the results or financial position.
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Cash and balances at central banks
10,262
2,916
184
Debt securities at amortised cost
2,337
1,251
177
Loans and advances at amortised cost
14,742
12,125
9,363
Fair value through other comprehensive income
4,907
1,963
550
Negative interest on liabilities
46
208
248
Other1
2,781
633
718
Interest and similar income
35,075
19,096
11,240
Deposits at amortised cost
(11,252)
(3,573)
(561)
Debt securities in issue
(6,344)
(3,240)
(1,340)
Subordinated liabilities
(866)
(530)
(507)
Negative interest on assets
(7)
(208)
(374)
Other2
(3,897)
(973)
(385)
Interest and similar expense
(22,366)
(8,524)
(3,167)
Net interest income
12,709
10,572
8,073
Notes
1 Other interest and similar income includes interest income from cash collaterals and reverse repurchase agreements and other similar secured lending at amortised cost.
2 Other interest and similar expense includes interest expense from cash collaterals and repurchase agreements and other similar secured borrowing at amortised cost.
Interest and similar income presented above represents interest revenue calculated using the effective interest method. Costs to
originate credit card balances of \u00a3935m (2022: \u00a3786m; 2021 : \u00a3652m) have been amortised to interest and similar income during the
year.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-579": { "value": "
Accounting for interest income and expenses
Interest income on loans and advances at amortised cost and financial assets at fair value through other comprehensive income, and
interest expense on financial liabilities held at amortised cost, are calculated using the effective interest method which allocates
interest, and direct and incremental fees and costs, over the expected lives of the assets and liabilities.
The effective interest method requires the Group to estimate future cash flows, in some cases based on its experience of customers\u2019
behaviour, considering all contractual terms of the financial instrument, as well as the expected lives of the assets and liabilities.
The Group incurs certain costs to originate credit card balances with the most significant being co-brand partner fees. To the extent
these costs are attributed to customers that continuously carry an outstanding balance (revolvers) and incremental to the origination
of credit card balances, they are capitalised and subsequently included within the calculation of the effective interest rate. They are
amortised to interest income over the period of expected repayment of the originated balance. Costs attributed to customers that
settle their outstanding balances each period (transactors) are deferred on the balance sheet as a cost of obtaining a contract and
amortised to fee and commission expense over the life of the customer relationship (refer to Note 4). There are no other individual
estimates involved in the calculation of effective interest rates that are material to the results or financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-581": { "value": "
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Cash and balances at central banks
10,262
2,916
184
Debt securities at amortised cost
2,337
1,251
177
Loans and advances at amortised cost
14,742
12,125
9,363
Fair value through other comprehensive income
4,907
1,963
550
Negative interest on liabilities
46
208
248
Other1
2,781
633
718
Interest and similar income
35,075
19,096
11,240
Deposits at amortised cost
(11,252)
(3,573)
(561)
Debt securities in issue
(6,344)
(3,240)
(1,340)
Subordinated liabilities
(866)
(530)
(507)
Negative interest on assets
(7)
(208)
(374)
Other2
(3,897)
(973)
(385)
Interest and similar expense
(22,366)
(8,524)
(3,167)
Net interest income
12,709
10,572
8,073
Notes
1 Other interest and similar income includes interest income from cash collaterals and reverse repurchase agreements and other similar secured lending at amortised cost.
2 Other interest and similar expense includes interest expense from cash collaterals and repurchase agreements and other similar secured borrowing at amortised cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-580": { "value": "
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Cash and balances at central banks
10,262
2,916
184
Debt securities at amortised cost
2,337
1,251
177
Loans and advances at amortised cost
14,742
12,125
9,363
Fair value through other comprehensive income
4,907
1,963
550
Negative interest on liabilities
46
208
248
Other1
2,781
633
718
Interest and similar income
35,075
19,096
11,240
Deposits at amortised cost
(11,252)
(3,573)
(561)
Debt securities in issue
(6,344)
(3,240)
(1,340)
Subordinated liabilities
(866)
(530)
(507)
Negative interest on assets
(7)
(208)
(374)
Other2
(3,897)
(973)
(385)
Interest and similar expense
(22,366)
(8,524)
(3,167)
Net interest income
12,709
10,572
8,073
Notes
1 Other interest and similar income includes interest income from cash collaterals and reverse repurchase agreements and other similar secured lending at amortised cost.
2 Other interest and similar expense includes interest expense from cash collaterals and repurchase agreements and other similar secured borrowing at amortised cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-582": { "value": "Net fee and commission income
Accounting for net fee and commission income
The Group recognises fee and commission income charged for services provided by the Group as and when performance obligations
are satisfied, for example, on completion of the underlying transaction. Incremental costs are reported within fee and commission
expense if they are directly attributable to generating identifiable fee and commission income. Where the contractual arrangements
also result in the Group recognising financial instruments in scope of IFRS 9, such financial instruments are initially recognised at fair
value in accordance with IFRS 9 before applying the provisions of IFRS 15.
Fee and commission income is disaggregated below by fee types that reflect the nature of the services offered across the Group and
operating segments, in accordance with IFRS 15. The below table includes a total for fees in scope of IFRS 15. Refer to Note 2 for more
detailed information about operating segments.
2023
Barclays UK
Barclays
International
Head Office
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fee type
Transactional
1,124
3,692
\u2014
4,816
Advisory
52
903
\u2014
955
Brokerage and execution
234
1,763
\u2014
1,997
Underwriting and syndication
33
2,080
\u2014
2,113
Other
36
62
3
101
Total revenue from contracts with customers
1,479
8,500
3
9,982
Other non-contract fee income
\u2014
139
\u2014
139
Fee and commission income
1,479
8,639
3
10,121
Fee and commission expense
(368)
(3,217)
(7)
(3,592)
Net fee and commission income
1,111
5,422
(4)
6,529
2022
Barclays UK
Barclays
International
Head Office
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fee type
Transactional
1,084
3,256
\u2014
4,340
Advisory
161
964
\u2014
1,125
Brokerage and execution
256
1,521
\u2014
1,777
Underwriting and syndication
\u2014
2,037
\u2014
2,037
Other
59
153
3
215
Total revenue from contracts with customers
1,560
7,931
3
9,494
Other non-contract fee income
\u2014
143
\u2014
143
Fee and commission income
1,560
8,074
3
9,637
Fee and commission expense
(319)
(2,713)
(6)
(3,038)
Net fee and commission income
1,241
5,361
(3)
6,599
2021
Barclays UK
Barclays
International
Head Office
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fee type
Transactional
871
2,572
\u2014
3,443
Advisory
172
1,096
1
1,269
Brokerage and execution
228
1,135
\u2014
1,363
Underwriting and syndication
\u2014
3,425
\u2014
3,425
Other
74
182
3
259
Total revenue from contracts with customers
1,345
8,410
4
9,759
Other non-contract fee income
\u2014
121
\u2014
121
Fee and commission income
1,345
8,531
4
9,880
Fee and commission expense
(218)
(1,983)
(5)
(2,206)
Net fee and commission income
1,127
6,548
(1)
7,674
Fee types
Transactional
Transactional fees are service charges on deposit accounts, cash management services fees and transactional processing fees. These
include interchange and merchant fee income generated from credit and bank card usage. Transaction and processing fees are
recognised at the point in time the transaction occurs or service is performed. Interchange and merchant fees are recognised upon
settlement of the card transaction payment.
The Group incurs certain card-related costs including those related to cardholder reward programmes and payments to co-brand
partners. Cardholder reward programme costs related to customers that settle their outstanding balance each period (transactors) are
expensed when incurred and presented in fee and commission expense, while costs related to customers that continuously carry an
outstanding balance (revolvers) are included in the effective interest rate of the receivable (refer to Note 3). Payments to partners for
new cardholder account originations related to transactor accounts are deferred as costs to obtain a contract under IFRS 15, while
costs related to revolver accounts are included in the effective interest rate of the receivable (refer to Note 3). Those costs deferred
under IFRS 15 are capitalised and amortised over the estimated life of the customer relationship. Payments to co-brand partners based
on revenue sharing to the extent the revenue share relates to \"revolvers\" are included in the effective interest rate of the receivable and
to the extent\u00a0 revenue share relates\u00a0 to \u201ctransactors\u201d\u00a0 it must be presented in fee and commission expense. Payments based on
profitability are presented in fee and commission expense.
Advisory
Advisory fees are generated from wealth management services and investment banking advisory services related to mergers,
acquisitions and financial restructurings. Wealth management advisory fees are earned over the period the services are provided and
are generally recognised quarterly when the market value of client assets is determined. Investment banking advisory fees are
recognised at the point in time when the services related to the transaction have been completed under the terms of the engagement.
Investment banking advisory costs are recognised as incurred in fee and commission expense if direct and incremental to the advisory
services or are otherwise recognised in operating expenses.
Brokerage and execution
Brokerage and execution fees are earned for executing client transactions with various exchanges and over-the-counter markets and
assisting clients in clearing transactions and facilitating foreign exchange transactions for spot/forward contracts. Brokerage and
execution fees are recognised at the point in time the associated service has been completed which is generally the trade date of the
transaction.
Underwriting and syndication
Underwriting and syndication fees are earned for the distribution of client equity or debt securities and the arrangement and
administration of a loan syndication. This includes commitment fees to provide loan financing. Underwriting fees are generally
recognised on trade date if there is no remaining contingency, such as the transaction being conditional on the closing of an acquisition
or another transaction. Underwriting costs are deferred and recognised in fee and commission expense when the associated
underwriting fees are recorded. Syndication fees are earned for arranging and administering a loan syndication; however, the associated
fee may be subject to variability until the loan has been syndicated to other syndicate members or until other contingencies have been
resolved and therefore the fee revenue is deferred until the uncertainty is resolved.
Included in the underwriting and syndication fees are loan commitment fees, when the drawdown is not probable. Such commitment
fees are recognised over time through to the contractual maturity of the commitment.
Contract assets and contract liabilities
The Group had no material contract assets or contract liabilities as at 31\u00a0December 2023 (2022: \u00a3nil; 2021: \u00a3nil).
Impairment of fee receivables and contract assets
During 2023, there have been no material impairments recognised in relation to fees receivable and contract assets (2022: \u00a3nil; 2021:
\u00a3nil). Fees in relation to transactional business can be added to outstanding customer balances. These amounts may be subsequently
impaired as part of the overall loans and advances balance.
Remaining performance obligations
The Group applies the practical expedient of IFRS 15 and does not disclose information about remaining performance obligations that
have original expected durations of one year or less or because the Group has a right to consideration that corresponds directly with
the value of the service provided to the client or customer.
Costs incurred in obtaining or fulfilling a contract
The Group expects that incremental costs of obtaining a contract such as success fee and commission fees paid are recoverable and
therefore capitalise such\u00a0 contract\u00a0 costs.\u00a0 Capitalised contract costs net of amortisation as at 31\u00a0December 2023 are \u00a3217m (2022:
\u00a3198m; 2021: \u00a3154m).
Capitalised contract costs are amortised over the customer relationship period depending on the transfer of services to which the
asset pertains. In 2023, the amount of amortisation was \u00a355m (2022: \u00a347m; 2021: \u00a336m) and there was no impairment loss recognised
in connection with the capitalised contract costs (2022: \u00a3nil; 2021: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-583": { "value": "
Accounting for net fee and commission income
The Group recognises fee and commission income charged for services provided by the Group as and when performance obligations
are satisfied, for example, on completion of the underlying transaction. Incremental costs are reported within fee and commission
expense if they are directly attributable to generating identifiable fee and commission income. Where the contractual arrangements
also result in the Group recognising financial instruments in scope of IFRS 9, such financial instruments are initially recognised at fair
value in accordance with IFRS 9 before applying the provisions of IFRS 15.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-584": { "value": "Net trading income
Accounting for net trading income
Trading positions are held at fair value, and the resulting gains and losses are included in\u00a0 net trading income, together with interest and
dividends arising from long and short positions and funding costs relating to trading activities. Incremental costs are reported within net
trading income if they are directly attributable to generating identifiable trading income.
Income arises from both the sale and purchase of trading positions, margins which are achieved through market-making and customer
business and from changes in fair value caused by movements in interest and exchange rates, equity prices and other market variables.
Gains or losses on non-trading financial instruments designated or mandatorily at fair value with changes in fair value recognised in the
income statement are included in net trading income.
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Net gains on financial instruments held for trading
4,257
6,021
3,992
Net gains on financial instruments designated at fair value
380
508
692
Net gains on financial instruments mandatorily at fair value
1,308
1,520
1,110
Net trading income
5,945
8,049
5,794
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-585": { "value": "
Accounting for net trading income
Trading positions are held at fair value, and the resulting gains and losses are included in\u00a0 net trading income, together with interest and
dividends arising from long and short positions and funding costs relating to trading activities. Incremental costs are reported within net
trading income if they are directly attributable to generating identifiable trading income.
Income arises from both the sale and purchase of trading positions, margins which are achieved through market-making and customer
business and from changes in fair value caused by movements in interest and exchange rates, equity prices and other market variables.
Gains or losses on non-trading financial instruments designated or mandatorily at fair value with changes in fair value recognised in the
income statement are included in net trading income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-586": { "value": "Net investment income/(expense)
Accounting for net investment income/(expense)
Dividends are recognised when the right to receive the dividend has been established. Incremental costs are reported within net
investment income if they are directly attributable to generating identifiable investment income. Other accounting policies relating to
net investment income are set out in Note 13 and Note 15.
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Net gains/(losses) from financial instruments mandatorily at fair value
171
(51)
73
Net gains/(losses) from disposal of debt instruments at fair value through other comprehensive
income
26
(111)
305
Net (losses)/gains from disposal of financial assets and liabilities measured at amortised cost
(17)
(18)
114
Dividend income
\u2014
31
20
Net losses on other investments1
(119)
(285)
(201)
Net investment income/(expense)
61
(434)
311
Note
1 Included within the 2022 balance are losses of \u00a374m on sale arising from disposal of Barclays\u2019 equity stake in Absa Group Limited (Absa) in April 2022 and September 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-587": { "value": "
Dividends are recognised when the right to receive the dividend has been established. Incremental costs are reported within net
investment income if they are directly attributable to generating identifiable investment income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-588": { "value": "Operating expenses
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Infrastructure costs
Property and equipment1
1,948
1,649
1,538
Depreciation and amortisation
1,784
1,723
1,673
Impairment of property, equipment and intangible assets1
363
63
403
Total infrastructure costs
4,095
3,435
3,614
Administration and general expenses
Consultancy, legal and professional fees
782
669
610
Marketing and advertising
585
500
399
UK bank levy
180
176
170
Other administration and general expenses
1,235
1,101
958
Total administration and general expenses
2,782
2,446
2,137
Staff costs1
10,017
9,252
8,511
Litigation and conduct2
37
1,597
397
Operating expenses
16,931
16,730
14,659
Notes
1 Infrastructure costs & Staff costs included \u00a3927m relating to structural cost actions taken in Q4 2023 and \u00a3266m taken as a part of real estate review in 2021.
2 Includes costs related to the Over-issuance of securities (2022: \u00a3966m, 2021: \u00a3220m).
For further details on staff costs including accounting policies, refer to Note 30 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-589": { "value": "Credit impairment charges/(releases)
Accounting for the impairment of financial assets
Impairment
The Group is required to recognise expected credit losses (ECLs) based on unbiased forward-looking information for all financial assets
at amortised cost, lease receivables, debt financial assets at fair value through other comprehensive income, loan commitments and
financial guarantee contracts.
At the reporting date, an allowance (or provision for loan commitments and financial guarantees) is required for the 12 month (Stage 1)
ECLs. If the credit risk has significantly increased since initial recognition (Stage 2), or if the financial instrument is credit impaired (Stage
3), an allowance (or provision) should be recognised for the lifetime ECLs.
The measurement of ECL is calculated using three main components: (i) probability of default (PD) (ii) loss given default (LGD) and (iii)
the exposure at default (EAD).\u00a0
The 12 month and lifetime ECLs are calculated by multiplying the respective PD, LGD and the EAD. The 12 month and lifetime PDs
represent the PD occurring over the next 12 months and the remaining maturity of the instrument respectively. The EAD represents
the expected balance at default, taking into account the repayment of principal and interest from the balance sheet date to the default
event together with any expected drawdowns of committed facilities. The LGD represents expected losses on the EAD given the event
of default, taking into account, among other attributes, the mitigating effect of collateral value at the time it is expected to be realised
and the time value of money.\u00a0
Expected credit loss measurement is based on the ability of borrowers to make payments as they fall due. The Group also considers
sector-specific risks and whether additional adjustments are required in the measurement of ECL. Credit risk may be impacted by
climate considerations for certain sectors, such as oil and gas.
Determining a significant increase in credit risk since initial recognition:
The Group assesses when a significant increase in credit risk has occurred based on quantitative and qualitative assessments. The
credit risk of an exposure is considered to have significantly increased when:
i) Quantitative test
The annualised lifetime PD has increased by more than an agreed threshold relative to the equivalent at origination.
PD deterioration thresholds are defined as percentage increases, and are set at an origination score band and segment level to ensure
the test appropriately captures significant increases in credit risk at all risk levels. Generally, thresholds are inversely correlated to the
origination PD, i.e. as the origination PD increases, the threshold value reduces.
The assessment of the point\u00a0at which a PD increase is deemed \u2018significant\u2019, is based upon analysis of the portfolio\u2019s risk profile against a
common set of principles and performance metrics (consistent across both retail and wholesale businesses), incorporating expert
credit judgement where appropriate. Application of quantitative PD floors does not represent the use of the low credit risk exemption
as exposures can separately move into Stage 2 via the qualitative route described below.
Wholesale assets apply a 100% increase in PD and 0.2% PD floor to determine a significant increase in credit risk.
Retail assets apply bespoke relative increase and absolute PD thresholds based on product type and origination PD. Thresholds are
subject to maximums defined by Group policy and typically apply minimum relative thresholds of 50-100% and a maximum relative
threshold of 400%.
For existing/historical exposures where origination point scores or data are no longer available or do not represent a comparable
estimate of lifetime PD, a proxy origination score is defined, based upon:
\u2022 back-population of the approved lifetime PD score either to origination date or, where this is not feasible, as far back as possible
(subject to a data start point no later than 1 January 2015); or
\u2022 use of available historical account performance data and other customer information, to derive a comparable \u2018proxy\u2019 estimation of
origination PD.
ii) Qualitative test
This is relevant for accounts that meet the portfolio\u2019s \u2018high risk\u2019 criteria and are subject to closer credit monitoring.
High risk customers may not be in arrears but either through an event or an observed behaviour exhibit credit distress. The definition
and assessment of high risk includes as wide a range of information as reasonably available, such as industry and Group-wide customer
level data, including but not limited to bureau scores and high consumer indebtedness index, wherever possible or relevant.
Whilst the high risk populations applied for IFRS 9 impairment purposes are aligned with risk management processes, they are also
regularly reviewed and validated to ensure that they capture any incremental segments where there is evidence of credit deterioration.
iii) Backstop criteria
This is relevant for accounts that are more than 30 calendar days past due. The 30 days past due criteria is a backstop rather than a
primary driver of moving exposures into Stage 2.
The criteria for determining a significant increase in credit risk for assets with bullet repayments follows the same principle as all other
assets, i.e. quantitative, qualitative and backstop tests are all applied.
Exposures will move back to Stage 1 once they no longer meet the criteria for a significant increase in credit risk. This means that, at a
minimum all payments must be up-to-date, the PD deterioration test is no longer met, the account is no longer classified as high risk,
and the customer has evidenced an ability to maintain future payments.
Exposures are only removed from Stage 3 and reassigned to Stage 2 once the original default trigger event no longer applies.
Exposures being removed from Stage 3 must no longer qualify as credit impaired, and:
a) the obligor will also have demonstrated consistently good payment behaviour over a 12-month period, by making all consecutive
contractual payments due and, for forborne exposures, the relevant EBA defined probationary period has also been successfully
completed or;
b) (for non-forborne exposures) the performance conditions are defined and approved within an appropriately sanctioned restructure
plan, including 12 months\u2019 payment history have been met.
Management overlays and other exceptions to model outputs are applied only if consistent with the objective of identifying significant
increases in credit risk.
Forward-looking information
The measurement of ECL involves complexity and judgement, including estimation of PD, LGD, a range of unbiased future economic
scenarios, estimation of expected lives (where contractual life is not appropriate), and estimation of EAD and assessing significant
increases in credit risk.
Credit losses are the expected cash shortfalls from what is contractually due over the expected life of the financial instrument,
discounted at the original effective interest rate (EIR). ECLs are the unbiased probability-weighted credit losses determined by
evaluating a range of possible outcomes and considering future economic conditions.
Refer to the Measurement uncertainty and sensitivity analysis section on page 311 for further details.
Definition of default, credit impaired assets, write-offs, and interest income recognition
The definition of default for the purpose of determining ECLs, and for internal credit risk management purposes, has been aligned to
the Regulatory Capital CRR Article 178 definition of default, to maintain a consistent approach with IFRS 9 and associated regulatory
guidance. The Regulatory Capital CRR Article 178 definition of default considers indicators that the debtor is unlikely to pay, includes
exposures in forbearance and is no later than when the exposure is more than 90 days past due. When exposures are identified as credit
impaired at the time when they are purchased or originated, interest income is calculated on the carrying value net of the impairment
allowance.
An asset is considered credit impaired when one or more events occur that have a detrimental impact on the estimated future cash
flows of the financial asset. This comprises assets defined as defaulted and other individually assessed exposures where imminent
default or actual loss is identified.
Uncollectable loans are written off against the related allowance for loan impairment on completion of the Group\u2019s internal processes
and when all reasonably expected recoverable amounts have been collected. Subsequent recoveries of amounts previously written off
are credited to the income statement. The timing and extent of write-offs may involve some element of subjective judgement.
Nevertheless, a write-off will often be prompted by a specific event, such as the inception of insolvency proceedings or other formal
recovery action, which makes it possible to establish that some or the entire advance is beyond realistic prospect of recovery.
Accounting for purchased financial guarantee contracts
The Group may enter into a financial guarantee contract which requires the issuer of such contract to reimburse the Group for a loss it
incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. For these
separate financial guarantee contracts, the Group recognises a reimbursement asset aligned with the recognition of the underlying
ECLs, if it is considered virtually certain that a reimbursement would be received if the specified debtor fails to make payment when due
in accordance with the terms of the debt instrument.
Loan modifications and renegotiations that are not credit-impaired
When modification of a loan agreement occurs as a result of commercial restructuring activity rather than due to the credit risk of the
borrower, an assessment must be performed to determine whether the terms of the new agreement are substantially different from
the terms of the existing agreement.\u00a0This assessment considers both the change in cash flows arising from the modified terms as well
as the change in overall instrument risk profile. In respect of payment holidays granted to borrowers which are not due to forbearance, if
the revised cash flows on a present value basis (based on the original EIR) are not substantially different from the original cash flows, the
loan is not considered to be substantially modified.\u00a0
Where terms are substantially different, the existing loan will be derecognised and a new loan will be recognised at fair value, with any
difference in valuation recognised immediately within the income statement, subject to observability criteria.
Where terms are not substantially different, the loan carrying value will be adjusted to reflect the present value of modified cash flows
discounted at the original EIR, with any resulting gain or loss recognised immediately within the income statement as a modification gain
or loss.
Expected life
Lifetime ECLs must be measured over the expected life. This is restricted to the maximum contractual life and takes into account
expected prepayment, extension, call and similar options. The exceptions are certain revolving financial instruments, such as credit
cards and bank overdrafts, that include both a drawn and an undrawn component where the entity\u2019s contractual ability to demand
repayment and cancel the undrawn commitment does not limit the entity\u2019s exposure to credit losses to the contractual notice period.
For revolving facilities, expected life is analytically derived to reflect the behavioural life of the asset, i.e. the full period over which the
business expects to be exposed to credit risk. Behavioural life is typically based upon historical analysis of the average time to default,
closure or withdrawal of facility. Where data is insufficient or analysis inconclusive, an additional \u2018maturity factor\u2019 may be incorporated to
reflect the full estimated life of the exposures, based upon experienced judgement and/or peer analysis. Potential future modifications
of contracts are not taken into account when determining the expected life or EAD until they occur.
Discounting
ECLs are discounted at the EIR at initial recognition or an approximation thereof and consistent with income recognition. For loan
commitments the EIR is the rate that is expected to apply when the loan is drawn down and a financial asset is recognised. Issued
financial guarantee contracts are discounted at the risk free rate. Lease receivables are discounted at the rate implicit in the lease. For
variable/floating rate financial assets, the spot rate at the reporting date is used and projections of changes in the variable rate over the
expected life are not made to estimate future interest cash flows or for discounting.
Modelling techniques
Currently, Internal Ratings- Based models are leveraged to calculate the point-in-time PD and LGD, which serve as key inputs to the
IFRS 9 models. Thereafter, these inputs are extrapolated by the IFRS 9 models to create macroeconomic sensitive forecast of PDs,
LGDs and in turn ECL.
Forbearance
A financial asset is subject to forbearance when it is modified due to the credit distress of the borrower. A modification made to the
terms of an asset due to forbearance will typically be assessed as a non-substantial modification that does not result in derecognition of
the original loan, except in circumstances where debt is exchanged for equity.
Both performing and non-performing forbearance assets are classified as Stage 3 except where it is established that the concession
granted has not resulted in diminished financial obligation and that no other regulatory definition of default criteria have been triggered,
in which case the asset is classified as Stage 2. The minimum probationary period for non-performing forbearance is 12 months and for
performing forbearance, 24 months. Hence, a minimum of 36 months is required for non-performing forbearance to move out of a
forborne state.
No financial instrument in forbearance can transfer back to Stage 1 until all of the Stage 2 thresholds are no longer met and can only
move out of Stage 3 when no longer credit impaired.
Critical accounting estimates and judgements
IFRS 9 impairment involves several important areas of judgement, including estimating forward-looking modelled parameters (PD, LGD
and EAD), developing a range of unbiased future economic scenarios, estimating expected lives and assessing significant increases in
credit risk, based on the Group\u2019s experience of managing credit risk. The determination of expected life is most material for Barclays'
credit card portfolios which is obtained via behavioural life analysis to materially capture the risk of these facilities.
Within the retail and small businesses portfolios, which comprise large numbers of small homogenous assets with similar risk characteristics
where credit scoring techniques are generally used, the impairment allowance is calculated using forward-looking modelled parameters which
are typically run at account level. There are many models in use, each tailored to a product, line of business or customer category. Judgement
and knowledge is needed in selecting the statistical methods to use when the models are developed or revised. Management adjustments to
impairment models, which contain an element of subjectivity, are applied in order to factor in certain conditions or changes in policy that are not
fully incorporated into the impairment models, or to reflect additional facts and circumstances at the period end. Management adjustments are
reviewed and incorporated into future model development where appropriate.
For individually significant assets in Stage 3, impairment allowances are calculated on an individual basis and all relevant considerations that have
a bearing on the expected future cash flows across a range of economic scenarios are taken into account. These considerations can be
particularly subjective and can include the business prospects for the customer, the realisable value of collateral, the Group\u2019s position relative to
other claimants, the reliability of customer information and the likely cost and duration of the work-out process. The level of the impairment
allowance is the difference between the value of the discounted expected future cash flows (discounted at the loan\u2019s original effective interest
rate), and its carrying amount. Furthermore, judgements change with time as new\u00a0 information becomes available or as work-out strategies
evolve, resulting in frequent revisions to the impairment allowance as individual decisions are taken. Changes in these estimates would result in a
change in the allowances and have a direct impact on the impairment charge.
Further information on impairment allowances, impairment charges, management adjustments to models for impairment, measurement
uncertainty, sensitivity analysis and related credit information is set out within the Credit risk performance section.
Temporary adjustments to calculated IFRS9 impairment allowances may be applied in limited circumstances to account for situations where
known or expected risk factors or information have not been considered in the ECL assessment or modelling process. For further information
please see page 307 in the Credit risk performance section.
Information about the potential impact of the physical and transition risks of climate change on borrowers is considered, taking into account
reasonable and supportable information to make accounting judgements and estimates. Climate change is inherently of a long-term nature,
with significant levels of uncertainty, and consequently requires judgement in determining the possible impact in the next financial year, if any.
2023
2022
2021
Impairment
charges /
(releases)
Recoveries and
reimbursements1
Total2
Impairment
charges /
(releases)
Recoveries and
reimbursements 1
Total
Impairment
charges /
(releases)
Recoveries and
reimbursements 1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances at amortised cost3
2,017
(73)
1,944
1,428
(263)
1,165
(361)
240
(121)
Off-balance sheet loan
commitments and financial
guarantee contracts
(61)
\u2014
(61)
18
\u2014
18
(514)
\u2014
(514)
Total
1,956
(73)
1,883
1,446
(263)
1,183
(875)
240
(635)
Cash collateral and settlement balances
4
\u2014
4
28
\u2014
28
(4)
\u2014
(4)
Financial instruments at fair value
through other comprehensive income
(1)
\u2014
(1)
9
9
(8)
\u2014
(8)
Other financial asset measured at cost
(5)
\u2014
(5)
\u2014
\u2014
\u2014
(6)
\u2014
(6)
Credit impairment charges /(releases)
1,954
(73)
1,881
1,483
(263)
1,220
(893)
240
(653)
Notes
1 Recoveries and reimbursements includes \u00a329m (2022: \u00a3199m, 2021: \u00a3(306)m) for reimbursements expected to be received under the arrangement where Group has entered into
financial guarantee contracts which provide credit protection over certain assets with third parties and cash recoveries of previously written off amounts of \u00a344m (2022: \u00a364m, 2021:
\u00a366m).
2 Includes net impairment charges of \u00a319m relating to the German consumer finance portfolio classified as assets held for sale during the year.
3 Includes Debt securities at amortised cost.
Write-offs that can be subjected to enforcement activity
The contractual amount outstanding on financial assets that were written off during the year and that can still be subjected to
enforcement activity is \u00a3597m (2022: \u00a3949m). This is lower than the write-offs presented in the movement in gross exposures and
impairment allowance table due to assets sold during the year post write-offs and post write-off recoveries.
Modification of financial assets
Financial assets of \u00a32,690m (2022: \u00a32,412m, 2021: \u00a33,446m), with a loss allowance measured at an amount equal to lifetime ECL, were
subject to non-substantial modification during the year, with a resulting loss of \u00a34m (2022: \u00a34m, 2021: \u00a311m). The gross carrying
amount of financial assets subject to non-substantial modification for which the loss allowance has changed to a 12 month ECL during
the year amounts to \u00a3149m (2022: \u00a31,077m, 2021: \u00a3419m).", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-590": { "value": "
Accounting for the impairment of financial assets
Impairment
The Group is required to recognise expected credit losses (ECLs) based on unbiased forward-looking information for all financial assets
at amortised cost, lease receivables, debt financial assets at fair value through other comprehensive income, loan commitments and
financial guarantee contracts.
At the reporting date, an allowance (or provision for loan commitments and financial guarantees) is required for the 12 month (Stage 1)
ECLs. If the credit risk has significantly increased since initial recognition (Stage 2), or if the financial instrument is credit impaired (Stage
3), an allowance (or provision) should be recognised for the lifetime ECLs.
The measurement of ECL is calculated using three main components: (i) probability of default (PD) (ii) loss given default (LGD) and (iii)
the exposure at default (EAD).\u00a0
The 12 month and lifetime ECLs are calculated by multiplying the respective PD, LGD and the EAD. The 12 month and lifetime PDs
represent the PD occurring over the next 12 months and the remaining maturity of the instrument respectively. The EAD represents
the expected balance at default, taking into account the repayment of principal and interest from the balance sheet date to the default
event together with any expected drawdowns of committed facilities. The LGD represents expected losses on the EAD given the event
of default, taking into account, among other attributes, the mitigating effect of collateral value at the time it is expected to be realised
and the time value of money.\u00a0
Expected credit loss measurement is based on the ability of borrowers to make payments as they fall due. The Group also considers
sector-specific risks and whether additional adjustments are required in the measurement of ECL. Credit risk may be impacted by
climate considerations for certain sectors, such as oil and gas.
Determining a significant increase in credit risk since initial recognition:
The Group assesses when a significant increase in credit risk has occurred based on quantitative and qualitative assessments. The
credit risk of an exposure is considered to have significantly increased when:
i) Quantitative test
The annualised lifetime PD has increased by more than an agreed threshold relative to the equivalent at origination.
PD deterioration thresholds are defined as percentage increases, and are set at an origination score band and segment level to ensure
the test appropriately captures significant increases in credit risk at all risk levels. Generally, thresholds are inversely correlated to the
origination PD, i.e. as the origination PD increases, the threshold value reduces.
The assessment of the point\u00a0at which a PD increase is deemed \u2018significant\u2019, is based upon analysis of the portfolio\u2019s risk profile against a
common set of principles and performance metrics (consistent across both retail and wholesale businesses), incorporating expert
credit judgement where appropriate. Application of quantitative PD floors does not represent the use of the low credit risk exemption
as exposures can separately move into Stage 2 via the qualitative route described below.
Wholesale assets apply a 100% increase in PD and 0.2% PD floor to determine a significant increase in credit risk.
Retail assets apply bespoke relative increase and absolute PD thresholds based on product type and origination PD. Thresholds are
subject to maximums defined by Group policy and typically apply minimum relative thresholds of 50-100% and a maximum relative
threshold of 400%.
For existing/historical exposures where origination point scores or data are no longer available or do not represent a comparable
estimate of lifetime PD, a proxy origination score is defined, based upon:
\u2022 back-population of the approved lifetime PD score either to origination date or, where this is not feasible, as far back as possible
(subject to a data start point no later than 1 January 2015); or
\u2022 use of available historical account performance data and other customer information, to derive a comparable \u2018proxy\u2019 estimation of
origination PD.
ii) Qualitative test
This is relevant for accounts that meet the portfolio\u2019s \u2018high risk\u2019 criteria and are subject to closer credit monitoring.
High risk customers may not be in arrears but either through an event or an observed behaviour exhibit credit distress. The definition
and assessment of high risk includes as wide a range of information as reasonably available, such as industry and Group-wide customer
level data, including but not limited to bureau scores and high consumer indebtedness index, wherever possible or relevant.
Whilst the high risk populations applied for IFRS 9 impairment purposes are aligned with risk management processes, they are also
regularly reviewed and validated to ensure that they capture any incremental segments where there is evidence of credit deterioration.
iii) Backstop criteria
This is relevant for accounts that are more than 30 calendar days past due. The 30 days past due criteria is a backstop rather than a
primary driver of moving exposures into Stage 2.
The criteria for determining a significant increase in credit risk for assets with bullet repayments follows the same principle as all other
assets, i.e. quantitative, qualitative and backstop tests are all applied.
Exposures will move back to Stage 1 once they no longer meet the criteria for a significant increase in credit risk. This means that, at a
minimum all payments must be up-to-date, the PD deterioration test is no longer met, the account is no longer classified as high risk,
and the customer has evidenced an ability to maintain future payments.
Exposures are only removed from Stage 3 and reassigned to Stage 2 once the original default trigger event no longer applies.
Exposures being removed from Stage 3 must no longer qualify as credit impaired, and:
a) the obligor will also have demonstrated consistently good payment behaviour over a 12-month period, by making all consecutive
contractual payments due and, for forborne exposures, the relevant EBA defined probationary period has also been successfully
completed or;
b) (for non-forborne exposures) the performance conditions are defined and approved within an appropriately sanctioned restructure
plan, including 12 months\u2019 payment history have been met.
Management overlays and other exceptions to model outputs are applied only if consistent with the objective of identifying significant
increases in credit risk.
Forward-looking information
The measurement of ECL involves complexity and judgement, including estimation of PD, LGD, a range of unbiased future economic
scenarios, estimation of expected lives (where contractual life is not appropriate), and estimation of EAD and assessing significant
increases in credit risk.
Credit losses are the expected cash shortfalls from what is contractually due over the expected life of the financial instrument,
discounted at the original effective interest rate (EIR). ECLs are the unbiased probability-weighted credit losses determined by
evaluating a range of possible outcomes and considering future economic conditions.
Refer to the Measurement uncertainty and sensitivity analysis section on page 311 for further details.
Definition of default, credit impaired assets, write-offs, and interest income recognition
The definition of default for the purpose of determining ECLs, and for internal credit risk management purposes, has been aligned to
the Regulatory Capital CRR Article 178 definition of default, to maintain a consistent approach with IFRS 9 and associated regulatory
guidance. The Regulatory Capital CRR Article 178 definition of default considers indicators that the debtor is unlikely to pay, includes
exposures in forbearance and is no later than when the exposure is more than 90 days past due. When exposures are identified as credit
impaired at the time when they are purchased or originated, interest income is calculated on the carrying value net of the impairment
allowance.
An asset is considered credit impaired when one or more events occur that have a detrimental impact on the estimated future cash
flows of the financial asset. This comprises assets defined as defaulted and other individually assessed exposures where imminent
default or actual loss is identified.
Uncollectable loans are written off against the related allowance for loan impairment on completion of the Group\u2019s internal processes
and when all reasonably expected recoverable amounts have been collected. Subsequent recoveries of amounts previously written off
are credited to the income statement. The timing and extent of write-offs may involve some element of subjective judgement.
Nevertheless, a write-off will often be prompted by a specific event, such as the inception of insolvency proceedings or other formal
recovery action, which makes it possible to establish that some or the entire advance is beyond realistic prospect of recovery.
Accounting for purchased financial guarantee contracts
The Group may enter into a financial guarantee contract which requires the issuer of such contract to reimburse the Group for a loss it
incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. For these
separate financial guarantee contracts, the Group recognises a reimbursement asset aligned with the recognition of the underlying
ECLs, if it is considered virtually certain that a reimbursement would be received if the specified debtor fails to make payment when due
in accordance with the terms of the debt instrument.
Loan modifications and renegotiations that are not credit-impaired
When modification of a loan agreement occurs as a result of commercial restructuring activity rather than due to the credit risk of the
borrower, an assessment must be performed to determine whether the terms of the new agreement are substantially different from
the terms of the existing agreement.\u00a0This assessment considers both the change in cash flows arising from the modified terms as well
as the change in overall instrument risk profile. In respect of payment holidays granted to borrowers which are not due to forbearance, if
the revised cash flows on a present value basis (based on the original EIR) are not substantially different from the original cash flows, the
loan is not considered to be substantially modified.\u00a0
Where terms are substantially different, the existing loan will be derecognised and a new loan will be recognised at fair value, with any
difference in valuation recognised immediately within the income statement, subject to observability criteria.
Where terms are not substantially different, the loan carrying value will be adjusted to reflect the present value of modified cash flows
discounted at the original EIR, with any resulting gain or loss recognised immediately within the income statement as a modification gain
or loss.
Expected life
Lifetime ECLs must be measured over the expected life. This is restricted to the maximum contractual life and takes into account
expected prepayment, extension, call and similar options. The exceptions are certain revolving financial instruments, such as credit
cards and bank overdrafts, that include both a drawn and an undrawn component where the entity\u2019s contractual ability to demand
repayment and cancel the undrawn commitment does not limit the entity\u2019s exposure to credit losses to the contractual notice period.
For revolving facilities, expected life is analytically derived to reflect the behavioural life of the asset, i.e. the full period over which the
business expects to be exposed to credit risk. Behavioural life is typically based upon historical analysis of the average time to default,
closure or withdrawal of facility. Where data is insufficient or analysis inconclusive, an additional \u2018maturity factor\u2019 may be incorporated to
reflect the full estimated life of the exposures, based upon experienced judgement and/or peer analysis. Potential future modifications
of contracts are not taken into account when determining the expected life or EAD until they occur.
Discounting
ECLs are discounted at the EIR at initial recognition or an approximation thereof and consistent with income recognition. For loan
commitments the EIR is the rate that is expected to apply when the loan is drawn down and a financial asset is recognised. Issued
financial guarantee contracts are discounted at the risk free rate. Lease receivables are discounted at the rate implicit in the lease. For
variable/floating rate financial assets, the spot rate at the reporting date is used and projections of changes in the variable rate over the
expected life are not made to estimate future interest cash flows or for discounting.
Modelling techniques
Currently, Internal Ratings- Based models are leveraged to calculate the point-in-time PD and LGD, which serve as key inputs to the
IFRS 9 models. Thereafter, these inputs are extrapolated by the IFRS 9 models to create macroeconomic sensitive forecast of PDs,
LGDs and in turn ECL.
Forbearance
A financial asset is subject to forbearance when it is modified due to the credit distress of the borrower. A modification made to the
terms of an asset due to forbearance will typically be assessed as a non-substantial modification that does not result in derecognition of
the original loan, except in circumstances where debt is exchanged for equity.
Both performing and non-performing forbearance assets are classified as Stage 3 except where it is established that the concession
granted has not resulted in diminished financial obligation and that no other regulatory definition of default criteria have been triggered,
in which case the asset is classified as Stage 2. The minimum probationary period for non-performing forbearance is 12 months and for
performing forbearance, 24 months. Hence, a minimum of 36 months is required for non-performing forbearance to move out of a
forborne state.
No financial instrument in forbearance can transfer back to Stage 1 until all of the Stage 2 thresholds are no longer met and can only
move out of Stage 3 when no longer credit impaired.
Critical accounting estimates and judgements
IFRS 9 impairment involves several important areas of judgement, including estimating forward-looking modelled parameters (PD, LGD
and EAD), developing a range of unbiased future economic scenarios, estimating expected lives and assessing significant increases in
credit risk, based on the Group\u2019s experience of managing credit risk. The determination of expected life is most material for Barclays'
credit card portfolios which is obtained via behavioural life analysis to materially capture the risk of these facilities.
Within the retail and small businesses portfolios, which comprise large numbers of small homogenous assets with similar risk characteristics
where credit scoring techniques are generally used, the impairment allowance is calculated using forward-looking modelled parameters which
are typically run at account level. There are many models in use, each tailored to a product, line of business or customer category. Judgement
and knowledge is needed in selecting the statistical methods to use when the models are developed or revised. Management adjustments to
impairment models, which contain an element of subjectivity, are applied in order to factor in certain conditions or changes in policy that are not
fully incorporated into the impairment models, or to reflect additional facts and circumstances at the period end. Management adjustments are
reviewed and incorporated into future model development where appropriate.
For individually significant assets in Stage 3, impairment allowances are calculated on an individual basis and all relevant considerations that have
a bearing on the expected future cash flows across a range of economic scenarios are taken into account. These considerations can be
particularly subjective and can include the business prospects for the customer, the realisable value of collateral, the Group\u2019s position relative to
other claimants, the reliability of customer information and the likely cost and duration of the work-out process. The level of the impairment
allowance is the difference between the value of the discounted expected future cash flows (discounted at the loan\u2019s original effective interest
rate), and its carrying amount. Furthermore, judgements change with time as new\u00a0 information becomes available or as work-out strategies
evolve, resulting in frequent revisions to the impairment allowance as individual decisions are taken. Changes in these estimates would result in a
change in the allowances and have a direct impact on the impairment charge.
Further information on impairment allowances, impairment charges, management adjustments to models for impairment, measurement
uncertainty, sensitivity analysis and related credit information is set out within the Credit risk performance section.
Temporary adjustments to calculated IFRS9 impairment allowances may be applied in limited circumstances to account for situations where
known or expected risk factors or information have not been considered in the ECL assessment or modelling process. For further information
please see page 307 in the Credit risk performance section.
Information about the potential impact of the physical and transition risks of climate change on borrowers is considered, taking into account
reasonable and supportable information to make accounting judgements and estimates. Climate change is inherently of a long-term nature,
with significant levels of uncertainty, and consequently requires judgement in determining the possible impact in the next financial year, if any.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-591": { "value": "
Accounting for purchased financial guarantee contracts
The Group may enter into a financial guarantee contract which requires the issuer of such contract to reimburse the Group for a loss it
incurs because a specified debtor fails to make payment when due in accordance with the terms of a debt instrument. For these
separate financial guarantee contracts, the Group recognises a reimbursement asset aligned with the recognition of the underlying
ECLs, if it is considered virtually certain that a reimbursement would be received if the specified debtor fails to make payment when due
in accordance with the terms of the debt instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-592": { "value": "Tax
Accounting for income taxes
The Group applies IAS 12 Income Taxes in accounting for taxes on income. Income tax payable on taxable profits (current tax) is
recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax
recoverable on tax allowable losses is recognised as a current tax asset only to the extent that it is regarded as recoverable by offsetting
against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have been
enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are
recognised for all taxable temporary differences except for the initial recognition of goodwill. Deferred tax is not recognised where the
temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at
the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using tax rates
and legislation enacted or substantively enacted by the balance sheet date which are expected to apply when the deferred tax asset is
realised or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal right to set-off
and an intention to settle on a net basis.
The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to
tax may be greater than the amount initially reflected in the Group\u2019s tax returns. The Group accounts for provisions in respect of
uncertain tax positions in two different ways.\u00a0
A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will alter the amount of cash tax due to, or from, a tax authority in the future.\u00a0From recognition, the current tax provision is then
measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest and
penalty amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.
Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A
deferred tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will result in a reduction in the carrying value of the deferred tax asset.\u00a0From recognition of a provision, measurement of the
underlying deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss or
temporary difference giving rise to the deferred tax asset.
The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed by
the tax authority in isolation from any other position, or one of a number of issues which are expected to be reviewed together
concurrently and resolved simultaneously with a tax authority. The Group\u2019s measurement of provisions is based upon its best estimate
of the additional profit that will become subject to tax. For a discrete position, consideration is given only to the merits of that position.
Where a number of issues are expected to be reviewed and resolved together, the Group will take into account not only the merits of its
position in respect of each particular issue but also the overall level of provision relative to the aggregate of the uncertain tax positions
across all the issues that are expected to be resolved at the same time. In addition, in assessing provision levels, it is assumed that tax
authorities will review uncertain tax positions and that all facts will be fully and transparently disclosed.
Critical accounting estimates and judgements
There are two key areas of judgement that impact the reported tax position. Firstly, the level of provisioning for uncertain tax positions;
and secondly, the recognition and measurement of deferred tax assets.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of current and deferred tax
balances, including provisions for uncertain tax positions in the next financial year.\u00a0The provisions for uncertain tax positions cover a
diverse range of issues and reflect advice from external counsel where relevant. It should be noted that only a proportion of the total
uncertain tax positions will be under audit at any point in time, and could therefore be subject to challenge by a tax authority over the
next year.
Deferred tax assets have been recognised based on business profit forecasts which included consideration for the current view of
climate impacts. Details on the recognition of deferred tax assets are provided in this note.
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Current tax charge/(credit)
Current year
1,359
1,045
1,417
Adjustments in respect of prior years
(181)
(444)
317
1,178
601
1,734
Deferred tax (credit)/charge
Current year
(95)
235
(352)
Adjustments in respect of prior years
151
203
(244)
56
438
(596)
Tax charge
1,234
1,039
1,138
The table below shows the reconciliation between the actual tax charge and the tax charge that would result from applying the standard
UK corporation tax rate to the Group\u2019s profit before tax.
2023
2023
2022
2022
2021
2021
\u00a3m
%
\u00a3m
%
\u00a3m
%
Profit before tax
6,557
7,012
8,194
Tax charge based on the applicable UK corporation tax rate of 23.5%
(2022: 19%; 2021: 19% )
1,541
23.5%
1,332
19.0%
1,557
19.0%
Impact of profits/losses earned in territories with different statutory rates
to the UK (weighted average tax rate is 23.6% (2022: 21.4%; 2021: 22.4% ))
4
0.1%
167
2.4%
277
3.4%
Recurring items:
Non-creditable taxes including withholding taxes
130
2.0%
126
1.8%
134
1.6%
Non-deductible expenses
65
1.0%
51
0.7%
80
1.0%
Impact of UK bank levy being non-deductible
42
0.6%
33
0.5%
32
0.4%
Banking surcharge1 and other items
31
0.5%
101
1.4%
83
1.0%
Impact of Barclays Bank PLC's overseas branches being taxed both locally
and in the UK
14
0.2%
17
0.2%
25
0.3%
Tax adjustments in respect of share-based payments
4
0.1%
13
0.2%
(5)
(0.1%)
Adjustments in respect of prior years
(30)
(0.5%)
(241)
(3.4%)
73
0.9%
Changes in recognition of deferred tax and effect of unrecognised tax
losses
(58)
(0.9%)
(146)
(2.1%)
(140)
(1.7%)
Non-taxable gains and income
(65)
(1.0%)
(135)
(1.9%)
(198)
(2.4%)
Tax relief on holdings of inflation-linked government bonds
(214)
(3.3%)
(556)
(7.9%)
(169)
(2.1%)
Tax relief on payments made under AT1 instruments
(222)
(3.4%)
(172)
(2.4%)
(149)
(1.8%)
Non-recurring items:
Remeasurement of UK deferred tax assets due to tax rate changes
\u2014
\u2014
346
4.9%
(462)
(5.6%)
Non-deductible provisions for investigations and litigation
\u2014
\u2014
93
1.3%
\u2014
\u2014
Non-deductible provisions for UK customer redress
(8)
(0.1%)
10
0.1%
\u2014
\u2014
Total tax charge
1,234
18.8%
1,039
14.8%
1,138
13.9%
Note
1 Banking surcharge includes the impact of the 4.25% UK banking surcharge rate on profits/losses and tax adjustments relating to UK banking entities.
Factors influencing the effective tax rate
As a result of the increase in the UK corporation tax rate from 19% to 25% from 1 April 2023, the applicable UK corporation tax rate for
the year ended 31 December 2023 is 23.5%. In addition, the banking surcharge rate reduced from 8% to 3% from 1 April 2023 resulting
in a total tax rate applicable to banks\u2019 UK profits of 27.75% for the year ended 31 December 2023.
The effective tax rate of 18.8% is lower than the applicable UK corporation tax rate of 23.5% primarily due to tax relief on payments
made under AT1 instruments and tax relief on holdings of inflation-linked government bonds. These factors, which have each
decreased the effective tax rate, are partially offset by non-creditable taxes including withholding taxes.
Factors that may influence the effective tax rate in future periods
The Group\u2019s future tax charge will be sensitive to the geographic mix of profits earned, the tax rates in force and changes to the tax
rules in the jurisdictions that the Group operates in.
Tax law is, at times, complex, and it is the role of courts and tribunals to act as the final authority on the correct interpretation of tax law.\u00a0
In October 2023, a First-tier Tax Tribunal hearing took place between Barclays Bank PLC and HM Revenue & Customs in respect of the
UK corporation tax treatment of an element of the finance costs associated with reserve capital instruments issued as part of the
capital raising announced by Barclays in October 2008, which have since been redeemed. The maximum additional tax liability that could
arise under the dispute is \u00a3215m and a provision of \u00a3106m is carried in respect of this uncertainty. The judgement is expected to be
received in early 2024.
The OECD and G20 Inclusive Framework on Base Erosion and Profit Shifting announced plans under the Pillar Two Framework to
introduce a global minimum tax rate of 15% and the OECD issued model rules in 2021. Further OECD guidance has been released
during 2022 and 2023 and the UK Government enacted legislation on 11 July 2023 to implement the global minimum tax rules and a UK
domestic minimum tax. The UK\u2019s Pillar Two rules apply for accounting periods beginning on or after 31 December 2023 and will apply in
respect of profits for every jurisdiction where the Group operates.
Additionally, the Group may be subject to Qualifying Domestic Minimum Top-up Taxes (QDMTTs) under the Pillar Two rules
implemented in its operating jurisdictions. The application of QDMTT rules should not affect the overall impact of any additional taxes
resulting from the Pillar Two regime on the Group\u2019s tax charge, as any taxes paid under a local QDMTT would be expected to result in a
reduction in any top-up tax being payable in the UK.
The Group has adopted the International Tax Reform - Pillar Two Model Rules amendments to IAS 12, which were issued on 23 May
2023 and approved by the UK Endorsement Board on 19 July 2023, and has applied the exception set out in paragraph 4A in respect of
recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
The Group has reviewed the published UK legislation alongside the OECD model rules and guidance and has performed an assessment
of the expected impact of the new regime. Additional taxes resulting from the implementation of Pillar Two are expected to arise from 1
January 2024 in respect of a limited number of jurisdictions in which the Group operates, principally in the Isle of Man, Jersey, Guernsey,
and Ireland, by virtue of their low statutory tax rates. However, these additional taxes are not expected to significantly increase the
Group's future tax charge based on an estimated impact of c.\u00a320m per annum, with actual future liabilities being dependent on levels of
profits in particular jurisdictions. The Group will continue to review further guidance due to be released by the OECD and governments
implementing this new tax regime to assess the potential impact.
In the USA, the corporate alternative minimum tax on adjusted financial statements income introduced by the Inflation Reduction Act
became effective on 1 January 2023. The Group will continue to review the regulations and guidance as they are issued. However, the
Group\u2019s tax liability was not increased as a result of the corporate alternative minimum tax in 2023 and it is not expected that it will
materially increase the Group\u2019s future effective tax rate.
Tax in the consolidated statement of comprehensive income
The tax relating to each component of other comprehensive income can be found in the consolidated statement of comprehensive
income.
Tax included directly in equity
Tax included directly in equity comprises a \u00a39m credit (2022: \u00a31m) relating to share-based payments and deductible costs on issuing
other equity instruments.
Deferred tax assets and liabilities
The deferred tax amounts on the balance sheet were as follows:
2023
2022
\u00a3m
\u00a3m
UK Tax Group
4,081
4,925
US Intermediate Holding Company Tax Group ('IHC Tax Group')
973
1,094
Barclays Bank PLC's US Branch Tax Group
386
482
Other (outside the UK and US tax groups)
520
490
Deferred tax asset
5,960
6,991
Deferred tax liability
(22)
(16)
Net deferred tax
5,938
6,975
US deferred tax assets in the IHC and US Branch Tax Groups
The deferred tax asset in the IHC Tax Group of \u00a3973m (2022: \u00a31,094m) includes \u00a335m (2022: \u00a321m) relating to tax losses, with the
balance relating to temporary differences. The deferred tax asset in Barclays Bank PLC\u2019s US Branch Tax Group of \u00a3386m (2022:
\u00a3482m) relates entirely to temporary differences.
In relation to the IHC Tax Group, these temporary differences include \u00a3387m (2022 : \u00a3434m) arising from New York State and City prior
net operating loss conversion which can be carried forward and will expire in 2034. Business profit forecasts indicate that all of the New
York State attributable amounts will be utilised prior to expiry and that \u00a338m of the New York City attributable amounts previously
recognised will not be utilised prior to expiry.\u00a0 Accordingly, in the current period the deferred tax asset recognised has been reduced by
\u00a338m.
UK Tax Group deferred tax asset
The deferred tax asset in the UK Tax Group of \u00a34,081m (2022: \u00a34,925m) includes \u00a31,566m (2022: \u00a31,535m) relating to tax losses, with
the balance relating to temporary differences. There is no time limit on utilisation of UK tax losses and business profit forecasts indicate
that these losses will be fully recovered.
Other deferred tax assets (outside the UK and US tax groups)
The deferred tax asset of \u00a3520m (2022: \u00a3490m) in other entities within the Group includes \u00a3147m (2022: \u00a390m) relating to tax losses.
These deferred tax assets relate to a number of different territories and their recognition is based on profit forecasts or local country
law which indicate that it is probable that those deferred tax assets will be fully recovered.
Of the deferred tax asset of \u00a3520m (2022: \u00a3490m), an amount of \u00a320m (2022: \u00a333m) relates to entities which have suffered a loss in
either the current or prior year and for which the utilisation of the deferred tax is dependent on future taxable profits. This has been
taken into account in reaching the above conclusion that these deferred tax assets will be fully recovered in the future.\u00a0
The table below shows movements on deferred tax assets and liabilities during the year. The amounts are different from those
disclosed on the balance sheet and in the preceding table as they are presented before offsetting asset and liability balances where
there is a legal right to set-off and an intention to settle on a net basis.
Fixed asset
timing
differences
Fair value
through other
comprehensive
income
Cash flow
hedges
Retirement
benefit
obligations
Loan
impairment
allowance
Own Credit
Share-based
payments and
deferred
compensation
Other
temporary
differences
Tax losses
carried
forward
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
1,296
675
2,875
40
702
\u2014
433
1,280
1,646
8,947
Liabilities
(77)
\u2014
\u2014
(1,315)
\u2014
(190)
\u2014
(390)
\u2014
(1,972)
As at 1 January 2023
1,219
675
2,875
(1,275)
702
(190)
433
890
1,646
6,975
Income statement
(63)
(26)
\u2014
(26)
(43)
\u2014
43
(46)
105
(56)
Other comprehensive
income and reserves
\u2014
(78)
(1,398)
327
\u2014
273
(14)
\u2014
\u2014
(890)
Other movements
(3)
\u2014
\u2014
(2)
(31)
2
(13)
(41)
(3)
(91)
1,153
571
1,477
(976)
628
85
449
803
1,748
5,938
Assets
1,277
571
1,477
38
628
85
449
1,146
1,748
7,419
Liabilities
(124)
\u2014
\u2014
(1,014)
\u2014
\u2014
\u2014
(343)
\u2014
(1,481)
As at 31 December
2023
1,153
571
1,477
(976)
628
85
449
803
1,748
5,938
Assets
1,647
155
521
40
693
426
414
1,248
1,220
6,364
Liabilities
(42)
\u2014
\u2014
(1,674)
\u2014
\u2014
\u2014
(66)
\u2014
(1,782)
As at 1 January 2022
1,605
155
521
(1,634)
693
426
414
1,182
1,220
4,582
Income statement
(458)
(6)
\u2014
(3)
(11)
\u2014
14
(400)
426
(438)
Other comprehensive
income and reserves
\u2014
523
2,354
357
\u2014
(616)
(17)
\u2014
\u2014
2,601
Other movements
72
3
\u2014
5
20
\u2014
22
108
\u2014
230
1,219
675
2,875
(1,275)
702
(190)
433
890
1,646
6,975
Assets
1,296
675
2,875
40
702
\u2014
433
1,280
1,646
8,947
Liabilities
(77)
\u2014
\u2014
(1,315)
\u2014
(190)
\u2014
(390)
\u2014
(1,972)
As at 31 December
2022
1,219
675
2,875
(1,275)
702
(190)
433
890
1,646
6,975
Other movements include the impact of changes in foreign exchange rates as well as deferred tax amounts relating to acquisitions and
disposals.
The amount of deferred tax assets expected to be recovered after more than 12 months is \u00a35,325m (2022: \u00a38,155m). The amount of
deferred tax liability expected to be settled after more than 12 months is \u00a31,173m (2022: \u00a31,864m). These amounts are before
offsetting asset and liability balances where there is a legal right to set-off and an intention to settle on a net basis.
Unrecognised deferred tax
Tax losses and temporary differences
Deferred tax assets have not been recognised in respect of gross deductible temporary differences of \u00a3527m (2022: \u00a3111m), unused
tax credits of \u00a3381m (2022: \u00a3323m), and gross tax losses of \u00a321,681m (2022: \u00a322,537m). The tax losses include capital losses of
\u00a33,965m (2022: \u00a33,935m). Of these tax losses, \u00a379m (2022: \u00a3149m) expire within five years, \u00a313m (2022: \u00a3401m) expire within six to
ten years, \u00a310,504m (2022: \u00a310,393m) expire within eleven to twenty years and \u00a311,085m (2022: \u00a311,594m) can be carried forward
indefinitely. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable
profits and gains will be available against which they can be utilised.
Group investments in subsidiaries, branches and associates
Deferred tax is not recognised in respect of the value of the Group's investments in subsidiaries, branches and associates where the
Group is able to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in
the foreseeable future. The aggregate amount of these temporary differences for which deferred tax liabilities have not been
recognised was \u00a3873m (2022: \u00a3852m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-593": { "value": "
Accounting for income taxes
The Group applies IAS 12 Income Taxes in accounting for taxes on income. Income tax payable on taxable profits (current tax) is
recognised as an expense in the periods in which the profits arise. Withholding taxes are also treated as income taxes. Income tax
recoverable on tax allowable losses is recognised as a current tax asset only to the extent that it is regarded as recoverable by offsetting
against taxable profits arising in the current or prior periods. Current tax is measured using tax rates and tax laws that have been
enacted or substantively enacted at the balance sheet date.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are
recognised for all taxable temporary differences except for the initial recognition of goodwill. Deferred tax is not recognised where the
temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at
the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using tax rates
and legislation enacted or substantively enacted by the balance sheet date which are expected to apply when the deferred tax asset is
realised or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal right to set-off
and an intention to settle on a net basis.
The Group considers an uncertain tax position to exist when it considers that ultimately, in the future, the amount of profit subject to
tax may be greater than the amount initially reflected in the Group\u2019s tax returns. The Group accounts for provisions in respect of
uncertain tax positions in two different ways.\u00a0
A current tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will alter the amount of cash tax due to, or from, a tax authority in the future.\u00a0From recognition, the current tax provision is then
measured at the amount the Group ultimately expects to pay the tax authority to resolve the position. The accrual of interest and
penalty amounts in respect of uncertain income tax positions is recognised as an expense within profit before tax.
Deferred tax provisions are adjustments made to the carrying value of deferred tax assets in respect of uncertain tax positions. A
deferred tax provision is recognised when it is considered probable that the outcome of a review by a tax authority of an uncertain tax
position will result in a reduction in the carrying value of the deferred tax asset.\u00a0From recognition of a provision, measurement of the
underlying deferred tax asset is adjusted to take into account the expected impact of resolving the uncertain tax position on the loss or
temporary difference giving rise to the deferred tax asset.
The approach taken to measurement takes account of whether the uncertain tax position is a discrete position that will be reviewed by
the tax authority in isolation from any other position, or one of a number of issues which are expected to be reviewed together
concurrently and resolved simultaneously with a tax authority. The Group\u2019s measurement of provisions is based upon its best estimate
of the additional profit that will become subject to tax. For a discrete position, consideration is given only to the merits of that position.
Where a number of issues are expected to be reviewed and resolved together, the Group will take into account not only the merits of its
position in respect of each particular issue but also the overall level of provision relative to the aggregate of the uncertain tax positions
across all the issues that are expected to be resolved at the same time. In addition, in assessing provision levels, it is assumed that tax
authorities will review uncertain tax positions and that all facts will be fully and transparently disclosed.
Critical accounting estimates and judgements
There are two key areas of judgement that impact the reported tax position. Firstly, the level of provisioning for uncertain tax positions;
and secondly, the recognition and measurement of deferred tax assets.
The Group does not consider there to be a significant risk of a material adjustment to the carrying amount of current and deferred tax
balances, including provisions for uncertain tax positions in the next financial year.\u00a0The provisions for uncertain tax positions cover a
diverse range of issues and reflect advice from external counsel where relevant. It should be noted that only a proportion of the total
uncertain tax positions will be under audit at any point in time, and could therefore be subject to challenge by a tax authority over the
next year.
Deferred tax assets have been recognised based on business profit forecasts which included consideration for the current view of
climate impacts. Details on the recognition of deferred tax assets are provided in this note.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-594": { "value": "
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised. Deferred tax liabilities are
recognised for all taxable temporary differences except for the initial recognition of goodwill. Deferred tax is not recognised where the
temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at
the time of the transaction, affects neither the accounting profit nor taxable profit or loss. Deferred tax is determined using tax rates
and legislation enacted or substantively enacted by the balance sheet date which are expected to apply when the deferred tax asset is
realised or the deferred tax liability is settled. Deferred tax assets and liabilities are only offset when there is both a legal right to set-off
and an intention to settle on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-595": { "value": "
Deferred tax assets and liabilities
The deferred tax amounts on the balance sheet were as follows:
2023
2022
\u00a3m
\u00a3m
UK Tax Group
4,081
4,925
US Intermediate Holding Company Tax Group ('IHC Tax Group')
973
1,094
Barclays Bank PLC's US Branch Tax Group
386
482
Other (outside the UK and US tax groups)
520
490
Deferred tax asset
5,960
6,991
Deferred tax liability
(22)
(16)
Net deferred tax
5,938
6,975
US deferred tax assets in the IHC and US Branch Tax Groups
The deferred tax asset in the IHC Tax Group of \u00a3973m (2022: \u00a31,094m) includes \u00a335m (2022: \u00a321m) relating to tax losses, with the
balance relating to temporary differences. The deferred tax asset in Barclays Bank PLC\u2019s US Branch Tax Group of \u00a3386m (2022:
\u00a3482m) relates entirely to temporary differences.
In relation to the IHC Tax Group, these temporary differences include \u00a3387m (2022 : \u00a3434m) arising from New York State and City prior
net operating loss conversion which can be carried forward and will expire in 2034. Business profit forecasts indicate that all of the New
York State attributable amounts will be utilised prior to expiry and that \u00a338m of the New York City attributable amounts previously
recognised will not be utilised prior to expiry.\u00a0 Accordingly, in the current period the deferred tax asset recognised has been reduced by
\u00a338m.
UK Tax Group deferred tax asset
The deferred tax asset in the UK Tax Group of \u00a34,081m (2022: \u00a34,925m) includes \u00a31,566m (2022: \u00a31,535m) relating to tax losses, with
the balance relating to temporary differences. There is no time limit on utilisation of UK tax losses and business profit forecasts indicate
that these losses will be fully recovered.
Other deferred tax assets (outside the UK and US tax groups)
The deferred tax asset of \u00a3520m (2022: \u00a3490m) in other entities within the Group includes \u00a3147m (2022: \u00a390m) relating to tax losses.
These deferred tax assets relate to a number of different territories and their recognition is based on profit forecasts or local country
law which indicate that it is probable that those deferred tax assets will be fully recovered.
Of the deferred tax asset of \u00a3520m (2022: \u00a3490m), an amount of \u00a320m (2022: \u00a333m) relates to entities which have suffered a loss in
either the current or prior year and for which the utilisation of the deferred tax is dependent on future taxable profits. This has been
taken into account in reaching the above conclusion that these deferred tax assets will be fully recovered in the future.\u00a0
The table below shows movements on deferred tax assets and liabilities during the year. The amounts are different from those
disclosed on the balance sheet and in the preceding table as they are presented before offsetting asset and liability balances where
there is a legal right to set-off and an intention to settle on a net basis.
Fixed asset
timing
differences
Fair value
through other
comprehensive
income
Cash flow
hedges
Retirement
benefit
obligations
Loan
impairment
allowance
Own Credit
Share-based
payments and
deferred
compensation
Other
temporary
differences
Tax losses
carried
forward
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
1,296
675
2,875
40
702
\u2014
433
1,280
1,646
8,947
Liabilities
(77)
\u2014
\u2014
(1,315)
\u2014
(190)
\u2014
(390)
\u2014
(1,972)
As at 1 January 2023
1,219
675
2,875
(1,275)
702
(190)
433
890
1,646
6,975
Income statement
(63)
(26)
\u2014
(26)
(43)
\u2014
43
(46)
105
(56)
Other comprehensive
income and reserves
\u2014
(78)
(1,398)
327
\u2014
273
(14)
\u2014
\u2014
(890)
Other movements
(3)
\u2014
\u2014
(2)
(31)
2
(13)
(41)
(3)
(91)
1,153
571
1,477
(976)
628
85
449
803
1,748
5,938
Assets
1,277
571
1,477
38
628
85
449
1,146
1,748
7,419
Liabilities
(124)
\u2014
\u2014
(1,014)
\u2014
\u2014
\u2014
(343)
\u2014
(1,481)
As at 31 December
2023
1,153
571
1,477
(976)
628
85
449
803
1,748
5,938
Assets
1,647
155
521
40
693
426
414
1,248
1,220
6,364
Liabilities
(42)
\u2014
\u2014
(1,674)
\u2014
\u2014
\u2014
(66)
\u2014
(1,782)
As at 1 January 2022
1,605
155
521
(1,634)
693
426
414
1,182
1,220
4,582
Income statement
(458)
(6)
\u2014
(3)
(11)
\u2014
14
(400)
426
(438)
Other comprehensive
income and reserves
\u2014
523
2,354
357
\u2014
(616)
(17)
\u2014
\u2014
2,601
Other movements
72
3
\u2014
5
20
\u2014
22
108
\u2014
230
1,219
675
2,875
(1,275)
702
(190)
433
890
1,646
6,975
Assets
1,296
675
2,875
40
702
\u2014
433
1,280
1,646
8,947
Liabilities
(77)
\u2014
\u2014
(1,315)
\u2014
(190)
\u2014
(390)
\u2014
(1,972)
As at 31 December
2022
1,219
675
2,875
(1,275)
702
(190)
433
890
1,646
6,975
Other movements include the impact of changes in foreign exchange rates as well as deferred tax amounts relating to acquisitions and
disposals.
The amount of deferred tax assets expected to be recovered after more than 12 months is \u00a35,325m (2022: \u00a38,155m). The amount of
deferred tax liability expected to be settled after more than 12 months is \u00a31,173m (2022: \u00a31,864m). These amounts are before
offsetting asset and liability balances where there is a legal right to set-off and an intention to settle on a net basis.
Unrecognised deferred tax
Tax losses and temporary differences
Deferred tax assets have not been recognised in respect of gross deductible temporary differences of \u00a3527m (2022: \u00a3111m), unused
tax credits of \u00a3381m (2022: \u00a3323m), and gross tax losses of \u00a321,681m (2022: \u00a322,537m). The tax losses include capital losses of
\u00a33,965m (2022: \u00a33,935m). Of these tax losses, \u00a379m (2022: \u00a3149m) expire within five years, \u00a313m (2022: \u00a3401m) expire within six to
ten years, \u00a310,504m (2022: \u00a310,393m) expire within eleven to twenty years and \u00a311,085m (2022: \u00a311,594m) can be carried forward
indefinitely. Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable
profits and gains will be available against which they can be utilised.
Group investments in subsidiaries, branches and associates
Deferred tax is not recognised in respect of the value of the Group's investments in subsidiaries, branches and associates where the
Group is able to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in
the foreseeable future. The aggregate amount of these temporary differences for which deferred tax liabilities have not been
recognised was \u00a3873m (2022: \u00a3852m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-596": { "value": "Earnings per share
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Profit attributable to ordinary equity holders of the parent
4,274
5,023
6,205
2023
2022
2021
million
million
million
Basic weighted average number of shares in issue
15,445
16,333
16,985
Number of potential ordinary shares
450
534
435
Diluted weighted average number of shares
15,895
16,867
17,420
Basic earnings per share
Diluted earnings per share
2023
2022
2021
2023
2022
2021
p
p
p
p
p
p
Earnings per ordinary share
27.7
30.8
36.5
26.9
29.8
35.6
The calculation of basic earnings per share is based on the profit attributable to equity holders of the parent and the basic weighted
average number of shares excluding treasury shares held in employee benefit trusts or held for trading. When calculating the diluted
earnings per share, the weighted average number of shares in issue is adjusted for the effects of all expected dilutive potential ordinary
shares held in respect of Barclays PLC, totalling 450m (2022: 534m, 2021: 435m) shares. The number of share options outstanding,
under schemes that were considered to be potentially dilutive was 750m (2022: 789m, 2021: 688m) in total. These options have strike
prices ranging from \u00a30.83 to \u00a31.51.
Of the total number of employee share options and share awards at 31\u00a0December 2023, 39m ( 2022 : 27m, 2021: 5m) were anti-dilutive.
The 888m decrease (2022: 652m decrease, 2021: 315m decrease) in the basic weighted average number of shares is primarily due to
the impact of the share buy-back programmes completed each year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-597": { "value": "Dividends on ordinary shares
The Directors have approved a total dividend in respect of 2023 of 8.00 p per ordinary share of 25p each .\u00a0The full year dividend for 2023
of 5.30 p per ordinary share will be paid on 3 April 2024 to shareholders on the Share Register on 1 March 2024. On 31 December 2023,
there were 15,155m ordinary shares in issue. The financial statements for the year ended 31 December 2023 do not reflect this
dividend, which will be accounted for in shareholders\u2019 equity as an appropriation of retained profits in the year ending 31 December
2024.
The Directors have confirmed their intention to initiate a share buyback of up to \u00a31bn \u00a0 after the balance sheet date. The proposed
share buyback\u00a0 is expected to\u00a0 commence in the first quarter of 2024. The financial statements for the year ended 31 December 2023\u00a0
do not reflect the impact of the proposed share buyback, which will be accounted for as and when shares are repurchased by the
Company.\u00a0
The 2023 financial statements include the 2023 interim dividend of \u00a3417m (2022: \u00a3364m, 2021: \u00a3339m); a full year dividend declared in
relation to 2022 of \u00a3793m (2021: \u00a3664m, 2020: \u00a3173m ) and two share buyback programmes totalling \u00a31,250m (2022: \u00a31,500m, 2021:
\u00a31,200m). Dividends and share buybacks are funded out of distributable reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-598": { "value": "0.0800", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-600": { "value": "Trading portfolio
Accounting for trading portfolio assets and liabilities
All assets and liabilities held for trading purposes are held at fair value with gains and losses in the changes in fair value taken to the
income statement in net trading income (Note 5).
Trading portfolio assets
Trading portfolio liabilities
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt securities and other eligible bills
75,498
55,475
(40,547)
(39,531)
Equity securities
86,353
65,031
(18,122)
(33,393)
Traded loans
12,653
13,198
\u2014
\u2014
Commodities
101
109
\u2014
\u2014
Trading portfolio assets/(liabilities)
174,605
133,813
(58,669)
(72,924)
Financial assets at fair value through the income statement
Accounting for financial assets designated at fair value
Financial assets, other than those held for trading, are classified in this category if they are so irrevocably designated at inception and
the use of the designation removes or significantly reduces an accounting mismatch.
Subsequent changes in fair value for these instruments are recognised in the income statement in net investment income, except if
reporting it in trading income reduces an accounting mismatch.
The details on how the fair value amounts are derived for financial assets at fair value are described in Note 17.
Accounting for financial assets mandatorily at fair value
Financial assets that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at fair
value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if the
financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a business
model that is achieved by both collecting contractual cash flows and selling.
Designated at fair value
Mandatorily at fair value
Total
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances
3,082
3,658
44,557
35,771
47,639
39,429
Debt securities
130
205
2,456
3,044
2,586
3,249
Equity securities
\u2014
\u2014
7,185
6,091
7,185
6,091
Reverse repurchase agreements and other
similar secured lending
\u2014
\u2014
149,131
164,681
149,131
164,681
Other financial assets
\u2014
1
110
117
110
118
Financial assets at fair value through the
income statement
3,212
3,864
203,439
209,704
206,651
213,568
Credit risk of financial assets designated at fair value and related credit derivatives
The following table shows the maximum exposure to credit risk, the changes in fair value attributable to changes in credit risk, and the
cumulative changes in fair value since initial recognition for loans and advances. The table does not include debt securities designated at
fair value\u00a0 as they have minimal exposure to credit risk due to limited gross exposure.
Maximum exposure as at 31 December
Changes in fair value during the year
ended
Cumulative changes in fair value from
inception
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances designated at fair value,
attributable to credit risk
3,081
3,658
3
10
(3)
(9)
Value mitigated by related credit derivatives
613
855
(5)
(1)
(5)
(1)
Derivative financial instruments
Accounting for derivatives
Derivative instruments are contracts whose value is derived from one or more underlying financial instruments or indices defined in the
contract. They include swaps, forward-rate agreements, futures, options and combinations of these instruments and primarily affect
the Group\u2019s net interest income, net trading income and derivative assets and liabilities. Notional amounts of the contracts are not
recorded on the balance sheet. Derivatives are used to hedge interest rate, credit risk, inflation risk, exchange rate, commodity equity
exposures, and exposures to certain indices such as house price indices and retail price indices related to non-trading positions.
All derivative instruments are held at fair value through profit or loss, except for derivatives that are in a designated cash flow or net
investment hedge accounting relationship. Derivatives are classified as assets when their fair value is positive or as liabilities when their
fair value is negative.
Hedge accounting
The Group applies the requirements of IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting purposes.
The Group applies hedge accounting to represent the economic effects of its interest rate, currency and contractually-linked inflation
risk management strategies. Where derivatives are held for risk management purposes, and when transactions meet the required
criteria for documentation and hedge effectiveness, the Group applies fair value hedge accounting, cash flow hedge accounting, or
hedging of a net investment in a foreign operation, as appropriate to the risks being hedged.
Fair value hedge accounting
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement, together
with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The fair value changes adjust the
carrying value of the hedged asset or liability held at amortised cost.
If hedge relationships no longer meet the criteria for hedge accounting, hedge accounting is discontinued. For fair value hedges of
interest rate risk, the fair value adjustment to the hedged item is amortised to the income statement over the period to maturity of the
previously designated hedge relationship using the effective interest method. If the hedged item is sold or repaid, the unamortised fair
value adjustment is recognised immediately in the income statement. For items classified as fair value through other comprehensive
income, the hedge accounting adjustment is included in other comprehensive income.
Cash flow hedge accounting
For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognised
initially in other comprehensive income, and then recycled to the income statement in the periods when the hedged item will affect
profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognised in the income statement immediately.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain
or loss existing in equity at that time remains in equity and is recognised when the hedged item is ultimately recognised in the income
statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was recognised in equity is
immediately transferred to the income statement.
Hedges of net investments
The Group\u2019s net investments in foreign operations, including monetary items accounted for as part of the net investment, are hedged
for foreign currency risks using both derivatives and foreign currency borrowings. Hedges of net investments are accounted for
similarly to cash flow hedges; the effective portion of the gain or loss on the hedging instrument is being recognised directly in other
comprehensive income and the ineffective portion being recognised immediately in the income statement. The cumulative gain or loss
recognised in other comprehensive income is recognised in the income statement on the disposal or partial disposal of the foreign
operation, or other reductions in the Group\u2019s investment in the operation.
Total derivatives
2023
2022
Notional contract
amount
Fair value
Notional contract
amount
Fair value
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total derivative assets/(liabilities) held for trading
64,993,491
254,643
(249,458)
52,689,773
301,647
(288,573)
Total derivative assets/(liabilities) held for risk
management
299,576
2,193
(586)
285,505
733
(1,047)
Derivative assets/(liabilities)
65,293,067
256,836
(250,044)
52,975,278
302,380
(289,620)
Further information on netting arrangements of derivative financial instruments can be found within Note 18.
The fair values and notional amounts of derivative instruments held for trading and held for risk management are set out in the following
table:
Derivatives held for trading and held for risk management
2023
2022
Notional
contract
amount
Fair value
Notional
contract
amount
Fair value
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivatives held for trading
Foreign exchange derivatives
OTC derivatives
6,536,257
86,987
(82,711)
5,775,206
108,833
(103,439)
Derivatives cleared by central counterparty
186,672
529
(512)
113,455
440
(473)
Exchange traded derivatives
17,899
2
(2)
19,426
15
(6)
Foreign exchange derivatives
6,740,828
87,518
(83,225)
5,908,087
109,288
(103,918)
Interest rate derivatives
OTC derivatives
19,671,577
104,618
(92,467)
14,924,915
129,920
(116,752)
Derivatives cleared by central counterparty
27,662,853
1,989
(2,065)
21,927,570
2,319
(2,371)
Exchange traded derivatives
6,800,161
2,824
(2,895)
5,654,126
2,257
(2,167)
Interest rate derivatives
54,134,591
109,431
(97,427)
42,506,611
134,496
(121,290)
Credit derivatives
OTC derivatives
587,472
4,936
(6,005)
619,843
4,262
(4,731)
Derivatives cleared by central counterparty
860,878
2,726
(2,625)
1,107,377
1,161
(1,321)
Credit derivatives
1,448,350
7,662
(8,630)
1,727,220
5,423
(6,052)
Equity and stock index derivatives
OTC derivatives
448,780
17,792
(25,779)
410,276
12,679
(16,724)
Exchange traded derivatives
2,017,045
30,379
(32,549)
1,924,613
35,986
(36,774)
Equity and stock index derivatives
2,465,825
48,171
(58,328)
2,334,889
48,665
(53,498)
Commodity derivatives
OTC derivatives
4,734
44
(4)
4,411
14
(51)
Exchange traded derivatives
199,163
1,817
(1,844)
208,555
3,761
(3,764)
Commodity derivatives
203,897
1,861
(1,848)
212,966
3,775
(3,815)
Derivative assets/(liabilities) held for trading
64,993,491
254,643
(249,458)
52,689,773
301,647
(288,573)
Total OTC derivatives
27,248,820
214,377
(206,966)
21,734,651
255,708
(241,697)
Total derivatives cleared by central counterparty
28,710,403
5,244
(5,202)
23,148,402
3,920
(4,165)
Total exchange traded derivatives
9,034,268
35,022
(37,290)
7,806,720
42,019
(42,711)
Derivative assets/(liabilities) held for trading
64,993,491
254,643
(249,458)
52,689,773
301,647
(288,573)
Derivatives held for risk management
Derivatives designated as cash flow hedges
OTC foreign exchange derivatives
26,661
1,904
(8)
11,946
549
(211)
OTC interest rate derivatives
195
\u2014
\u2014
266
\u2014
(1)
Interest rate derivatives cleared by central
counterparty
130,961
\u2014
\u2014
143,271
\u2014
\u2014
Derivatives designated as cash flow hedges
157,817
1,904
(8)
155,483
549
(212)
Derivatives designated as fair value hedges
OTC interest rate derivatives
8,697
178
(533)
7,814
83
(815)
Interest rate derivatives cleared by central
counterparty
129,318
\u2014
\u2014
118,246
\u2014
\u2014
Derivatives designated as fair value hedges
138,015
178
(533)
126,060
83
(815)
Derivatives designated as hedges of net
investments
OTC foreign exchange derivatives
3,744
111
(45)
3,962
101
(20)
Derivatives designated as hedges of net
investments
3,744
111
(45)
3,962
101
(20)
Derivative assets/(liabilities) held for risk
management
299,576
2,193
(586)
285,505
733
(1,047)
Total OTC derivatives
39,297
2,193
(586)
23,988
733
(1,047)
Total derivatives cleared by central counterparty
260,279
\u2014
\u2014
261,517
\u2014
\u2014
Derivative assets/(liabilities) held for risk
management
299,576
2,193
(586)
285,505
733
(1,047)
Hedge accounting
Hedge accounting is applied predominantly for the following risks:
\u25aa Interest rate risk \u2013 arises due to a mismatch between fixed interest rates and floating interest rates. Interest rate risk also includes
exposure to inflation risk for certain types of investments.
\u25aa Currency risk \u2013 arises due to assets or liabilities being denominated in different currencies than the functional currency of the relevant
entity. At a consolidated level, currency risk also arises when the functional currency of subsidiaries are different from the parent.
\u25aa Contractually linked inflation risk \u2013 arises from financial instruments within contractually specified inflation risk. The Group does not
hedge inflation risk that arises from other activities.
In order to hedge these risks, the Group uses the following hedging instruments:
\u25aa Interest rate derivatives to swap interest rate exposures into either fixed or variable rates.
\u25aa Currency derivatives to swap foreign currency exposures into the entity\u2019s functional currency, and net investment exposure to local
currency.
\u25aa Inflation derivatives to swap inflation exposure into either fixed or variable interest rates.
In some cases, certain items which are economically hedged may be ineligible hedged items for the purposes of IAS 39, such as core
deposits and equity. In these instances, a proxy hedging solution can be utilised whereby portfolios of floating rate assets are
designated as eligible hedged items in cash flow hedges.
In some hedging relationships, the Group designates risk components of hedged items as follows:
\u25aa Benchmark interest rate risk as a component of interest rate risk, such as the Risk Free Rate (RFR) component.
\u25aa Inflation risk as a contractually specified component of a debt instrument.
\u25aa Spot exchange rate risk for foreign currency financial assets or financial liabilities.
\u25aa Components of cash flows of hedged items, for example certain interest payments for part of the life of an instrument.
Using the benchmark interest rate risk results in other risks, such as credit risk and liquidity risk, being excluded from the hedge
accounting relationship.
In respect of many of the Group\u2019s hedge accounting relationships, the hedged item and hedging instrument change frequently due to
the dynamic nature of the risk management and hedge accounting strategy. The Group applies hedge accounting to dynamic
scenarios, predominantly in relation to interest rate risk, with a combination of hedged items in order for its financial statements to
reflect as closely as possible the economic risk management undertaken. In some cases, if the hedge accounting objective changes,
the relevant hedge accounting relationship is de-designated and is replaced with a different hedge accounting relationship.
Changes in the GBP value of net investments due to foreign currency movements are captured in the currency translation reserve,
resulting in a movement in CET1 capital.\u00a0The Group mitigates this by matching the CET1 capital movements to the revaluation of the
foreign currency RWA exposures.\u00a0Net investment hedges are designated where necessary to reduce the exposure to movement in a
particular exchange rate to within limits mandated by Risk.\u00a0As far as possible, existing external currency liabilities are designated as the
hedging instruments.
The hedging instruments share the same risk exposures as the hedged items. Hedge effectiveness is determined with reference to
quantitative tests, predominantly regression testing, but to the extent hedging instruments are exposed to different risks than the
hedged items, this could result in hedge ineffectiveness or hedge accounting failures.
Sources of ineffectiveness include the following:
\u25aa Mismatches between the contractual terms of the hedged item and hedging instrument, including basis differences.
\u25aa Changes in credit risk of the hedging instruments.
\u25aa If a hedging relationship becomes over-hedged, for example in hedges of net investments if the net asset value designated at the
start of the period falls below the amount of the hedging instrument.
\u25aa Cash flow hedges using external swaps with non-zero fair values.
Hedged items in fair value hedges
Accumulated fair value adjustment
included in carrying amount
Hedged item statement of financial position classification and
risk category
Carrying amount
Total
Of which:
Accumulated fair
value adjustment
on items no longer
in a hedge
relationship
Change in fair
value used as a
basis to determine
ineffectiveness
Hedge
ineffectiveness
recognised in the
income
statements1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2023
Assets
Loans and advances at amortised cost
- Interest rate risk
3,543
(3,193)
(1,867)
113
11
- Inflation risk
450
246
\u2014
3
(5)
Debt securities classified at amortised cost
- Interest rate risk
2,390
(24)
(21)
49
21
- Inflation risk
8,119
(836)
(57)
(30)
(26)
Financial assets at fair value through other comprehensive
income
- Interest rate risk
42,420
(1,392)
(667)
1,244
197
- Inflation risk
5,237
(202)
(176)
(84)
(10)
Total assets
62,159
(5,401)
(2,788)
1,295
188
Liabilities
Debt securities in issue
- Interest rate risk
(64,734)
3,105
1,034
(1,462)
(24)
Total liabilities
(64,734)
3,105
1,034
(1,462)
(24)
Total hedged items
(2,575)
(2,296)
(1,754)
(167)
164
2022
Assets
Loans and advances at amortised cost
- Interest rate risk
4,906
(3,474)
(1,268)
(4,405)
44
- Inflation risk
445
243
\u2014
(111)
2
Debt securities classified at amortised cost
- Interest rate risk
159
(19)
(11)
(133)
(20)
- Inflation risk
4,858
(1,304)
(1)
(1,693)
(16)
Financial assets at fair value through other comprehensive
income
- Interest rate risk
33,583
(3,758)
(232)
(4,799)
168
- Inflation risk
8,514
(261)
14
(804)
(9)
Total assets
52,465
(8,573)
(1,498)
(11,945)
169
Liabilities
Debt securities in issue
- Interest rate risk
(51,893)
4,825
527
5,946
13
Total liabilities
(51,893)
4,825
527
5,946
13
Total hedged items
572
(3,748)
(971)
(5,999)
182
Note
1 Hedge ineffectiveness is recognised in net interest income.
For items classified as fair value through other comprehensive income, the hedge accounting adjustment is not included in the carrying
amount, but rather adjusts other comprehensive income.
The following table shows the fair value hedging instruments which are carried on the Group\u2019s balance sheet:
Carrying value
Nominal amount
Change in fair value used as a
basis to determine
ineffectiveness
Derivative assets
Derivative liabilities
Loan liabilities
Hedge type
Risk category
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023
Fair value
Interest rate risk
2
(2)
\u2014
123,016
261
Inflation risk
176
(531)
\u2014
14,999
70
Total
178
(533)
\u2014
138,015
331
As at 31 December 2022
Fair value
Interest rate risk
\u2014
\u2014
\u2014
109,761
3,596
Inflation risk
83
(815)
\u2014
16,299
2,585
Total
83
(815)
\u2014
126,060
6,181
The following table profiles the expected notional values of current hedging instruments in future years:
2023
2024
2025
2026
2027
2028
2029 and
later
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges of:
Interest rate risk (outstanding notional amount)
123,016
107,339
94,291
75,792
61,853
52,346
47,646
Inflation risk (outstanding notional amount)
14,999
14,671
14,433
12,140
9,520
7,627
7,115
There are 1,996 (2022: 1,796) interest rate risk fair value hedges with an average fixed rate of 1.64% (2022: 1.97%) across the
relationships and 136 (2022: 94) inflation risk fair value hedges with an average rate of 0.85% (2022: 0.54%) across the relationships.
Hedged items in cash flow hedges and hedges of net investments in foreign operations
Description of hedge
relationship and hedged risk
Change in value of
hedged item used
as the basis for
recognising
ineffectiveness
Balance in cash
flow hedging
reserve for
continuing hedges
Balance in currency
translation reserve
for continuing
hedges
Balances remaining
in cash flow
hedging reserve
for which hedge
accounting is no
longer applied
Balances remaining
in currency
translation reserve
for which hedge
accounting is no
longer applied
Hedging (gains) or
losses recognised
in other
comprehensive
income
Hedge
ineffectiveness
recognised in the
income statement1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2023
Cash flow hedge of:
Interest rate risk
Loans and advances at
amortised cost
(1,172)
395
\u2014
2,069
\u2014
(1,172)
34
Cash and balances at Central
Banks
(1,371)
470
\u2014
2,051
\u2014
(1,371)
115
Foreign exchange risk
Loans and advances at
amortised cost
(463)
30
\u2014
\u2014
\u2014
(463)
6
Debt securities classified at
amortised cost
(1,088)
333
\u2014
\u2014
\u2014
(1,088)
1
Inflation risk
Debt securities classified at
amortised cost
(313)
(181)
\u2014
21
\u2014
(313)
\u2014
Total cash flow hedge
(4,407)
1,047
\u2014
4,141
\u2014
(4,407)
156
Hedge of net investment in
foreign operations
USD foreign operations
(595)
\u2014
1,421
\u2014
\u2014
(595)
\u2014
EUR foreign operations
(113)
\u2014
33
\u2014
\u2014
(113)
\u2014
Other foreign operations
(118)
\u2014
119
\u2014
23
(118)
\u2014
Total foreign operations
(826)
\u2014
1,573
\u2014
23
(826)
\u2014
2022
Cash flow hedge of:
Interest rate risk
Loans and advances at
amortised cost
4,059
2,990
1,374
4,059
(42)
Cash and balances at Central
Banks
4,389
3,467
1,484
4,389
(41)
Foreign exchange risk
Loans and advances at
amortised cost
3
(13)
\u2014
\u2014
\u2014
3
2
Debt securities classified at
amortised cost
483
601
\u2014
\u2014
\u2014
483
\u2014
Inflation risk
Debt securities classified at
amortised cost
362
142
\u2014
16
\u2014
98
33
Total cash flow hedge
9,296
7,187
\u2014
2,874
\u2014
9,032
(48)
Hedge of net investment in
foreign operations
USD foreign operations
1,240
\u2014
1,886
\u2014
\u2014
1,240
\u2014
EUR foreign operations
265
\u2014
141
\u2014
\u2014
265
\u2014
Other foreign operations
34
\u2014
242
\u2014
23
34
\u2014
Total foreign operations
1,539
\u2014
2,269
\u2014
23
1,539
\u2014
Note
1 Hedge ineffectiveness is recognised in net interest income.
The following table shows the cash flow and net investment hedging instruments which are carried on the Group\u2019s balance sheet:
Carrying value
Nominal amount
Change in fair value used as a
basis to determine
ineffectiveness
Derivative assets
Derivative liabilities
Loan liabilities
Hedge type
Risk category
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023
Cash flow
Interest rate risk
\u2014
\u2014
\u2014
128,349
2,692
Foreign exchange risk
1,904
(8)
\u2014
26,661
1,558
Inflation risk
\u2014
\u2014
\u2014
2,807
313
Total
1,904
(8)
\u2014
157,817
4,563
Net investment
Foreign exchange risk
111
(45)
(13,157)
16,901
826
As at 31 December 2022
Cash flow
Interest rate risk
\u2014
(1)
\u2014
140,901
(8,531)
Foreign exchange risk
549
(211)
\u2014
11,946
(484)
Inflation riskc
\u2014
\u2014
\u2014
2,636
(329)
Total
549
(212)
\u2014
155,483
(9,344)
Net investment
Foreign exchange risk
101
(20)
(12,824)
16,786
(1,539)
There are 50 (2022: 58) foreign exchange risk cash flow hedges with an average foreign exchange rate of 147.94 JPY:1 GBP ( 2022:
148.00 JPY:1 GBP) across the relationships and 8 (2022: nil) foreign exchange risk cash flow hedges with an average foreign exchange
rate of 1.25\u00a0 USD:1 GBP (2022: nil) across the relationships.
The effect on the income statement and other comprehensive income of recycling amounts in respect of cash flow hedges and net
investment hedges of foreign operations is set out in the following table:
2023
2022
Amount recycled
from other
comprehensive
income due to
hedged item
affecting income
statement
Amount recycled
from other
comprehensive
income due to sale
of investment, or
cash flows no
longer expected to
occur
Amount recycled
from other
comprehensive
income due to
hedged item
affecting income
statement
Amount recycled
from other
comprehensive
income due to sale
of investment, or
cash flows no
longer expected to
occur
Description of hedge relationship and hedged risk
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedge of interest rate risk
Recycled to net interest income
(1,752)
2
(320)
(13)
Cash flow hedge of foreign exchange risk
Recycled to trading income
1,327
\u2014
(6)
\u2014
Hedge of net investment in foreign operations
Recycled to trading income
\u2014
(6)
\u2014
(58)
A detailed reconciliation of the movements of the cash flow hedging reserve and the currency translation reserve is as follows:
2023
2022
Cash flow hedging
reserve
Currency
translation reserve
Cash flow hedging
reserve
Currency
translation reserve
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance on 1 January
(7,235)
4,772
(853)
2,740
Currency translation movements
40
(1,942)
(20)
3,513
Hedging gains/(losses) for the year
4,407
826
(9,032)
(1,539)
Amounts reclassified in relation to cash flows affecting profit or loss
423
6
339
58
Tax
(1,342)
9
2,331
\u2014
Balance on 31 December
(3,707)
3,671
(7,235)
4,772
Financial assets at fair value through other comprehensive income
Accounting for financial assets at fair value through other comprehensive income (FVOCI)
Financial assets that are debt instruments held in a business model that is achieved by both collecting contractual cash flows and selling
and that contain contractual terms that give rise on specified dates to cash flows that are SPPI are measured at FVOCI. They are
subsequently remeasured at fair value and changes therein (except for those relating to impairment, interest income and foreign
currency exchange gains and losses) are recognised in other comprehensive income until the assets are sold. Interest (calculated using
the effective interest method) is recognised in the income statement in net interest income (Note 3). Upon disposal, the cumulative
gain or loss recognised in other comprehensive income is included in net investment income (Note 6).
In determining whether the business model is achieved by both collecting contractual cash flows and selling financial assets, it is
determined that both collecting contractual cash flows and selling financial assets are integral to achieving the objective of the business
model. The Group will consider past sales and expectations about future sales to establish if the business model is achieved.
For equity securities that are not held for trading, the Group may make an irrevocable election on initial recognition to present
subsequent changes in the fair value of the instrument in other comprehensive income (except for dividend income which is recognised
in profit or loss).
2023
2022
\u00a3m
\u00a3m
Debt securities and other eligible bills
71,059
64,832
Equity securities
6
8
Loans and advances
771
222
Financial assets at fair value through other comprehensive income
71,836
65,062
Financial liabilities designated at fair value
Accounting for liabilities designated at fair value through profit and loss
In accordance with IFRS 9, financial liabilities may be designated at fair value, with gains and losses taken to the income statement within
net trading income (Note 5) and net investment income (Note 6). Movements in own credit are reported through other comprehensive
income, unless the effects of changes in the liability's credit risk would create or enlarge an accounting mismatch in P&L. In these
scenarios, all gains and losses on that liability (including the effects of changes in the credit risk of the liability) are presented in P&L. On
derecognition of the financial liability no amount relating to own credit risk is recycled to the income statement. The Group has the
ability to make the fair value designation when holding the instruments at fair value reduces an accounting mismatch (caused by an
offsetting liability or asset being held at fair value), or is managed by the Group on the basis of its fair value, or includes terms that have
substantive derivative characteristics (Note 14).
The details on how the fair value amounts are arrived at for financial liabilities designated at fair value are described in Note 17.
2023
2022
Fair value
Contractual
amount due
on maturity
Fair value
Contractual
amount due
on maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt securities
68,261
82,820
57,846
73,757
Deposits
43,552
44,862
41,037
42,455
Repurchase agreements and other similar secured borrowing
185,716
186,593
172,746
173,511
Other financial liabilities
10
10
8
8
Financial liabilities designated at fair value
297,539
314,285
271,637
289,731
The cumulative own credit net loss recognised is \u00a3307m (2022: \u00a3674m gain).
Fair value of financial instruments
Accounting for financial assets and liabilities \u2013 fair values
Financial instruments that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at
fair value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if
the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a business
model that is achieved by both collecting contractual cash flows and selling. Subsequent changes in fair value for these instruments are
recognised in the income statement in net investment income, except if reporting it in trading income reduces an accounting
mismatch.
Wherever possible, fair value is determined by reference to a quoted market price for that instrument. For many of the Group\u2019s financial
assets and liabilities, especially derivatives, quoted prices are not available and valuation models are used to estimate fair value. The
models calculate the expected cash flows under the terms of each specific contract and then discount these values back to a present
value. These models use as their basis independently sourced market inputs including, for example, interest rate yield curves, equities
and commodities prices, option volatilities and currency rates.
For financial liabilities measured at fair value, the carrying amount reflects the effect on fair value of changes in own credit spreads
derived from observable market data such as in primary issuance and redemption activity for structured notes.
On initial recognition, it is presumed that the transaction price is the fair value unless there is observable information available in an
active market to the contrary.
For valuations that have made use of unobservable inputs, the difference between the model valuation and the initial transaction price
(Day one profit) is recognised in profit or loss either: on a straight-line basis over the term of the transaction; or over the period until all
inputs will become observable where appropriate; or released in full when previously unobservable inputs become observable.
Various factors influence the availability of observable inputs and these may vary from product to product and change over time.
Factors include the depth of activity in the relevant market, the type of product, whether the product is new and not widely traded in the
marketplace, the maturity of market modelling and the nature of the transaction (bespoke or generic). To the extent that valuation is
based on models or inputs that are not observable in the market, the determination of fair value can be more subjective, dependent on
the significance of the unobservable input to the overall valuation. Unobservable inputs are determined based on the best information
available, for example by reference to similar assets, similar maturities or other analytical techniques.
The sensitivity of valuations used in the financial statements to possible changes in significant unobservable inputs is shown on page
456.
Critical accounting estimates and judgements
The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation
models make use of unobservable inputs (\u2018Level 3\u2019 assets and liabilities). This note provides information on these instruments, including
the related unrealised gains and losses recognised in the period, a description of significant valuation techniques and unobservable
inputs, and a sensitivity analysis.
Climate-related risks are assumed to be included in the fair values of assets and liabilities traded in active markets. Within less active
markets, for counterparties and instruments identified as being more susceptible to climate change risk, an impact assessment was
performed through increasing their probability of default. The change in valuation of the assets and liabilities from this assessment was
sufficiently immaterial to necessitate any amendment to the reported year end valuations.
Valuation
Assets and liabilities according to a hierarchy that reflects the observability of significant market inputs. The three levels of the fair value
hierarchy are defined below with judgement applied in determining the boundary between Level 2 and 3 classification.
Quoted market prices \u2013 Level 1
Assets and liabilities are classified as Level 1 if their value is observable in an active market. Such instruments are valued by reference to
unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price
represents actual and regularly occurring market transactions. An active market is one in which transactions occur with sufficient
volume and frequency to provide pricing information on an ongoing basis.
Valuation technique using observable inputs \u2013 Level 2
Assets and liabilities classified as Level 2 have been valued using models whose inputs are observable either directly or indirectly.
Valuations based on observable inputs include assets and liabilities such as swaps and forwards which are valued using market standard
pricing techniques, and options that are commonly traded in markets where all the inputs to the market standard pricing models are
observable. For certain instruments that derive a fair value using unobservable inputs that are not considered significant, then the asset
or liability may be classified as Level 2.
Valuation technique using significant unobservable inputs \u2013 Level 3
Assets and liabilities are classified as Level 3 if their valuation incorporates significant inputs that are not based on observable market
data (unobservable inputs). A valuation input is considered observable if it can be directly observed from transactions in an active
market, or if there is compelling external evidence demonstrating an executable exit price. Unobservable input levels are generally
determined via reference to observable inputs, historical observations or using other analytical techniques.
The following table shows the Group\u2019s assets and liabilities that are held at fair value disaggregated by valuation technique (fair value
hierarchy) and balance sheet classification:
Assets and liabilities held at fair value
2023
2022
Valuation technique using
Valuation technique using
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
94,658
73,438
6,509
174,605
62,478
64,855
6,480
133,813
Financial assets at fair value through the income
statement
5,831
192,571
8,249
206,651
5,720
198,723
9,125
213,568
Derivative financial assets
107
253,189
3,540
256,836
10,054
287,152
5,174
302,380
Financial assets at fair value through other
comprehensive income
30,247
40,511
1,078
71,836
20,704
44,347
11
65,062
Investment property
\u2014
\u2014
2
2
\u2014
\u2014
5
5
Total assets
130,843
559,709
19,378
709,930
98,956
595,077
20,795
714,828
Trading portfolio liabilities
(29,274)
(29,027)
(368)
(58,669)
(44,128)
(28,740)
(56)
(72,924)
Financial liabilities designated at fair value
(117)
(296,200)
(1,222)
(297,539)
(133)
(270,454)
(1,050)
(271,637)
Derivative financial liabilities
(81)
(245,310)
(4,653)
(250,044)
(10,823)
(272,434)
(6,363)
(289,620)
Total liabilities
(29,472)
(570,537)
(6,243)
(606,252)
(55,084)
(571,628)
(7,469)
(634,181)
The following table shows the Group\u2019s Level 3 assets and liabilities that are held at fair value disaggregated by product type:
Level 3 assets and liabilities held at fair value by product type
2023
2022
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate derivatives
2,211
(1,701)
2,362
(2,858)
Foreign exchange derivatives
111
(91)
1,513
(1,474)
Credit derivatives
241
(820)
290
(603)
Equity derivatives
977
(2,041)
1,009
(1,428)
Corporate debt
1,867
(352)
1,677
(49)
Reverse repurchase and repurchase agreements
209
(517)
37
(434)
Loans
10,614
\u2014
11,233
\u2014
Private equity investments
1,375
(10)
1,291
(8)
Other1
1,773
(711)
1,383
(615)
Total
19,378
(6,243)
20,795
(7,469)
Note
1 Other includes funds and fund-linked products, issued debt, Government and Government sponsored debt, asset backed securities, equity cash products and investment property.
Valuation techniques and sensitivity analysis
Sensitivity analysis is performed on products with significant unobservable inputs (Level 3) to generate a range of reasonably possible
alternative valuations. The sensitivity methodologies applied take account of the nature of the valuation techniques used, as well as the
availability and reliability of observable proxy and historical data and the impact of using alternative models.
Sensitivities are dynamically calculated on a monthly basis. The calculation is based on range or spread data of a reliable reference
source or a scenario based on relevant market analysis alongside the impact of using alternative models. Sensitivities are calculated
without reflecting the impact of any diversification in the portfolio.
The valuation techniques used, observability and sensitivity analysis for material products within Level 3, are described below.
Interest rate derivatives
Description: Derivatives linked to interest rates or inflation indices. The category includes futures, interest rate and inflation swaps,
swaptions, caps, floors, inflation options, balance guaranteed swaps and other exotic interest rate derivatives.
Valuation: Interest rate and inflation derivatives are generally valued using curves of forward rates constructed from market data to
project and discount the expected future cash flows of trades. Instruments with optionality are valued using volatilities implied from
market inputs, and use industry standard or bespoke models depending on the product type.
Observability: In general, inputs are considered observable up to liquid maturities which are determined separately for each input and
underlying. Unobservable inputs are generally set by referencing liquid market instruments and applying extrapolation techniques or
inferred via another reasonable method.
Foreign exchange derivatives
Description: Derivatives linked to the foreign exchange (FX) market. The category includes FX forward contracts, FX swaps and FX
options. The majority are traded as over the counter (OTC) derivatives.
Valuation: FX derivatives are valued using industry standard and bespoke models depending on the product type. Valuation inputs
include FX rates, interest rates, FX volatilities, interest rate volatilities, FX interest rate correlations and others as appropriate.
Observability: FX correlations, forwards and volatilities are generally observable up to liquid maturities which are determined separately
for each input and underlying. Unobservable inputs are set by referencing liquid market instruments and applying extrapolation
techniques, or inferred via another reasonable method.
Credit derivatives
Description: Derivatives linked to the credit spread of a referenced entity, index or basket of referenced entities or a pool of referenced
assets (e.g. a securitised product). The category includes single name and index credit default swaps (CDS) and total return swaps
(TRS).
Valuation: CDS are valued on industry standard models using curves of credit spreads as the principal input. Credit spreads are observed
directly from broker data, third party vendors or priced to proxies.
Observability: CDS contracts referencing entities that are actively traded are generally considered observable. Other valuation inputs
are considered observable if products with significant sensitivity to the inputs are actively traded in a liquid market. Unobservable
valuation inputs are generally determined with reference to recent transactions or inferred from observable trades of the same issuer
or similar entities.
Equity derivatives
Description: Exchange traded or OTC derivatives linked to equity indices and single names. The category includes vanilla and exotic
equity products.
Valuation: Equity derivatives are valued using industry standard models. Valuation inputs include stock prices, dividends, volatilities,
interest rates, equity repurchase curves and, for multi-asset products, correlations.
Observability: In general, valuation inputs are observable up to liquid maturities which are determined separately for each input and
underlying. Unobservable inputs are set by referencing liquid market instruments and applying extrapolation techniques, or inferred via
another reasonable method.
Corporate debt
Description: Primarily corporate bonds.
Valuation: Corporate bonds are valued using observable market prices sourced from broker quotes, inter-dealer prices or other reliable
pricing sources.
Observability: Prices for actively traded bonds are considered observable. Unobservable bonds prices are generally determined by
reference to bond yields or CDS spreads for actively traded instruments issued by or referencing the same (or a similar) issuer.
Reverse repurchase and repurchase agreements
Description: Includes securities purchased under resale agreements, securities sold under repurchase agreements, and other similar
secured lending agreements. The agreements are primarily short-term in nature.
Valuation: Repurchase and reverse repurchase agreements are generally valued by discounting the expected future cash flows using
industry standard models that incorporate market interest rates and repurchase rates, based on the specific details of the transaction.
Observability: Inputs are deemed observable up to liquid maturities or for consensus pricing with low pricing-range and are determined
based on the specific features of the transaction. Unobservable inputs are generally set by referencing liquid market instruments and
applying extrapolation techniques, or inferred via another reasonable method.
Loans
Description: A drawn lending facility issued to corporate clients and customers.
Valuation:\u00a0 Loans are valued either using a price-based approach, or\u00a0 through\u00a0 models that discount expected future cash flows based
on interest rates and loan spreads.
Observability: Within this loan population, the price or loan spread may be\u00a0 generally unobservable.\u00a0
Private equity investments
Description: Includes investments in equity holdings in operating companies not quoted on a public exchange.
Valuation: Private equity investments are valued in accordance with the \u2018International Private Equity and Venture Capital Valuation
Guidelines\u2019 which require the use of a number of individual pricing benchmarks such as the prices of recent transactions in the same or
similar entities, discounted cash flow analysis and comparison with the earnings or revenue multiples of listed companies. While the
valuation of unquoted equity instruments is subjective by nature, the relevant methodologies are commonly applied by other market
participants and have been consistently applied over time.
Observability: Inputs are considered observable if there is active trading in a liquid market of products with significant sensitivity to the
inputs. Unobservable inputs include earnings or revenue estimates, multiples of comparative companies, marketability discounts and
discount rates.
Other
Description: Other includes funds and fund-linked products, issued debt, government sponsored debt, asset backed securities, equity
cash products\u00a0 and\u00a0 investment property.
Assets and liabilities reclassified between Level 1 and Level 2
During the period, there were no material transfers between Level 1 and Level 2 (2022: there were no material transfers between Level
1 and Level 2).
Level 3 movement analysis
The following table summarises the movements in the Level 3 balances during the period. Transfers have been reflected as if they had
taken place at the beginning of the year.
Asset and liability transfers between Level 2 and Level 3 are primarily due to i) an increase or decrease in observable market activity
related to an input or ii) a change in the significance of the unobservable input, with assets and liabilities classified as Level 3 if an
unobservable input is deemed significant.
Analysis of movements in Level 3 assets and liabilities
As at 1
January
2023
Total gains and (losses)
in the period
recognised in the
income statement
Total gains
or (losses)
recognised
in OCI
Transfers
As at 31
December
2023
Purchases
Sales
Issues
Settlements
Trading
income 2
Other
income
In
Out
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Corporate debt
597
352
(146)
\u2014
(220)
76
\u2014
\u2014
56
(34)
681
Loans
4,837
1,425
(1,734)
\u2014
(382)
(34)
\u2014
\u2014
384
(27)
4,469
Other
1,046
1,617
(1,143)
\u2014
\u2014
(31)
\u2014
\u2014
619
(749)
1,359
Trading portfolio assets
6,480
3,394
(3,023)
\u2014
(602)
11
\u2014
\u2014
1,059
(810)
6,509
Corporate debt
1,080
40
(145)
\u2014
\u2014
10
(8)
\u2014
\u2014
(89)
888
Loans
6,396
3,630
(3,263)
\u2014
(1,361)
176
(14)
\u2014
213
(165)
5,612
Private equity investments
1,284
97
(26)
\u2014
(6)
(64)
86
\u2014
\u2014
\u2014
1,371
Reverse repurchase and
repurchase agreements
37
166
\u2014
\u2014
\u2014
6
\u2014
\u2014
\u2014
\u2014
209
Other
328
33
(1)
\u2014
(62)
(19)
(3)
\u2014
26
(133)
169
Financial assets at fair value
through the income statement
9,125
3,966
(3,435)
\u2014
(1,429)
109
61
\u2014
239
(387)
8,249
Corporate debt
\u2014
193
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
105
\u2014
298
Loans
\u2014
533
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
533
Private equity investments
7
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(3)
\u2014
\u2014
4
Other
4
200
\u2014
\u2014
(3)
\u2014
\u2014
\u2014
42
\u2014
243
Assets at fair value through
other comprehensive income
11
926
\u2014
\u2014
(3)
\u2014
\u2014
(3)
147
\u2014
1,078
Investment properties
5
\u2014
(4)
\u2014
\u2014
1
\u2014
\u2014
\u2014
2
Trading portfolio liabilities
(56)
(367)
45
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10
(368)
Financial liabilities designated at
fair value
(1,050)
(40)
\u2014
(403)
\u2014
(38)
(3)
\u2014
(147)
459
(1,222)
Interest rate derivatives
(496)
130
(31)
\u2014
58
87
\u2014
\u2014
326
436
510
Foreign exchange derivatives
39
\u2014
\u2014
\u2014
37
(15)
\u2014
\u2014
11
(52)
20
Credit derivatives
(313)
(351)
56
\u2014
(15)
(2)
\u2014
\u2014
51
(5)
(579)
Equity derivatives
(419)
(419)
(1)
\u2014
3
(162)
\u2014
\u2014
\u2014
(66)
(1,064)
Net derivative financial
instruments1
(1,189)
(640)
24
\u2014
83
(92)
\u2014
\u2014
388
313
(1,113)
Total
13,326
7,239
(6,393)
(403)
(1,951)
(10)
59
(3)
1,686
(415)
13,135
Analysis of movements in Level 3 assets and liabilities
As at 1
January
2022
Total gains and (losses)
in the period
recognised in the
income statement
Total gains
or (losses)
recognised
in OCI
Transfers
As at 31
December
2022
Purchases
Sales
Issues
Settlements
Trading
income 2
Other
income
In
Out
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Corporate debt
389
394
(182)
\u2014
(18)
(39)
\u2014
\u2014
87
(34)
597
Loans
758
7,009
(2,635)
\u2014
(19)
(264)
\u2014
\u2014
10
(22)
4,837
Other
1,134
665
(412)
\u2014
(298)
(43)
\u2014
\u2014
275
(275)
1,046
Trading portfolio assets
2,281
8,068
(3,229)
\u2014
(335)
(346)
\u2014
\u2014
372
(331)
6,480
Corporate debt
816
405
\u2014
\u2014
(189)
48
\u2014
\u2014
\u2014
\u2014
1,080
Loans
7,608
8,689
(7,559)
\u2014
(1,485)
(804)
\u2014
\u2014
49
(102)
6,396
Private equity investments
1,095
192
(64)
\u2014
(24)
95
(66)
\u2014
56
\u2014
1,284
Reverse repurchase and
repurchase agreements
13
\u2014
\u2014
\u2014
\u2014
24
\u2014
\u2014
\u2014
\u2014
37
Other
180
127
\u2014
\u2014
(2)
3
3
\u2014
17
\u2014
328
Financial assets at fair value
through the income statement
9,712
9,413
(7,623)
\u2014
(1,700)
(634)
(63)
\u2014
122
(102)
9,125
Private equity investments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1
6
\u2014
7
Other
38
\u2014
\u2014
\u2014
(32)
\u2014
\u2014
(2)
\u2014
\u2014
4
Assets at fair value through
other comprehensive income
38
\u2014
\u2014
\u2014
(32)
\u2014
\u2014
(1)
6
\u2014
11
Investment properties
7
\u2014
(1)
\u2014
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
5
Trading portfolio liabilities
(27)
(23)
8
\u2014
\u2014
9
\u2014
\u2014
(27)
4
(56)
Financial liabilities designated at
fair value
(410)
(286)
\u2014
(98)
82
70
\u2014
\u2014
(448)
40
(1,050)
Interest rate derivatives
(260)
(216)
\u2014
\u2014
54
(467)
\u2014
\u2014
431
(38)
(496)
Foreign exchange derivatives
2
\u2014
\u2014
\u2014
(6)
27
\u2014
\u2014
\u2014
16
39
Credit derivatives
(386)
(4)
(2)
\u2014
57
23
\u2014
\u2014
11
(12)
(313)
Equity derivatives
(1,405)
(213)
\u2014
\u2014
333
306
\u2014
\u2014
(11)
571
(419)
Net derivative financial
instruments 1
(2,049)
(433)
(2)
\u2014
438
(111)
\u2014
\u2014
431
537
(1,189)
Total
9,552
16,739
(10,847)
(98)
(1,547)
(1,012)
(64)
(1)
456
148
13,326
Notes
1 The derivative financial instruments are represented on a net basis. On a gross basis, derivative financial assets are \u00a33,540m (2022: \u00a35,174m) and derivative financial liabilities are
\u00a34,653m (2022: \u00a36,363m).
2 Trading income represents gains and (losses) on level 3 financial instruments which in the majority are offset by losses and gains on financial instruments disclosed in level 2.
Unrealised gains and losses on Level 3 financial assets and liabilities
The following table discloses the unrealised gains and losses recognised in the year arising on Level 3 financial assets and liabilities held
at year end.
Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end
2023
2022
Income statement
Other
compre-
hensive
income
Total
Income statement
Other
compre-
hensive
income
Total
Trading
income 1
Other
income
Trading
income 1
Other
income
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
10
\u2014
\u2014
10
(290)
\u2014
\u2014
(290)
Financial assets at fair value through the income statement
113
72
\u2014
185
(551)
(66)
\u2014
(617)
Fair value through other comprehensive income
\u2014
\u2014
(3)
(3)
\u2014
\u2014
1
1
Investment property
\u2014
1
\u2014
1
\u2014
(1)
\u2014
(1)
Trading portfolio liabilities
\u2014
\u2014
\u2014
\u2014
8
\u2014
\u2014
8
Financial liabilities designated at fair value
(38)
(3)
\u2014
(41)
55
\u2014
\u2014
55
Net derivative financial instruments
(107)
\u2014
\u2014
(107)
(80)
\u2014
\u2014
(80)
Total
(22)
70
(3)
45
(858)
(67)
1
(924)
Note
1 Trading income represents gains and (losses) on level 3 financial instruments which in the majority are offset by losses and gains on financial instruments disclosed in level 2.
Significant unobservable inputs
The following table discloses the valuation techniques and significant unobservable inputs for material products recognised at fair value
and classified as Level 3 along with the range of values used for those significant unobservable inputs:
Valuation technique(s)1
Significant unobservable inputs
2023 Range
2022 Range
Min
Max
Min
Max
Units2
Derivative financial
instruments 3
Interest rate derivatives
Discounted cash flows
Inflation forwards
4
7
3
5
%
Credit spread
15
1,672
17
2,159
bps
Yield
1
7
(3)
56
%
Growth curve
(1)
2
\u2014
\u2014
%
Correlation model
Inflation forwards
\u2014
\u2014
(20)
(13)
%
Option model
Inflation volatility
66
257
49
315
bps vol
Interest rate volatility
26
515
36
430
bps vol
FX - IR correlation
(20)
78
(20)
78
%
IR - IR correlation
(20)
98
12
99
%
Credit derivatives
Discounted cash flows
Credit spread
1
765
3
2,943
bps
Comparable pricing
Price
46
99
79
92
points
Equity derivatives
Option model
Equity volatility
5
138
3
140
%
Equity - equity
correlation
40
100
40
100
%
Discounted cash flow
Discount margin
(238)
110
(205)
634
bps
Non-derivative financial
instruments
Loans
Discounted cash flows
Loan spread
40
802
50
801
bps
Credit spread
186
870
200
426
bps
Yield
7
18
5
34
%
Comparable pricing
Price
0
287
0
101
points
Private equity investments
EBITDA multiple
EBITDA multiple
15
17
11
15
Multiple
Earnings multiple
Earnings multiple
3
25
4
23
Multiple
Discounted cash flow
Credit spread
380
630
496
559
bps
Discount margin
8
10
8
10
%
Corporate debt
Comparable pricing
Price
\u2014
352
0
232
points
Discounted cash flows
Loan spread
\u2014
\u2014
229
834
bps
Reverse repurchase and
repurchase agreements
Discounted cash flows
Repo spread
385
468
321
502
bps
Notes
1 A range has not been provided for Net Asset Value as there would be a wide range reflecting the diverse nature of the positions.
2 The units used to disclose ranges for significant unobservable inputs are percentages, points and basis points. Points are a percentage of par; for example, 100 points equals 100% of
par. A basis point equals 1/100th of 1%; for example, 150 basis points equals 1.5%.
3 Certain derivative instruments are classified as Level 3 due to a significant unobservable credit spread input into the calculation of the Credit Valuation Adjustment for the instruments.
The range of significant unobservable credit spreads is between 29-1672bps (2022: 17-2,159bps).
The following section describes the significant unobservable inputs identified in the table above, and the sensitivity of fair value
measurement of the instruments categorised as Level 3 assets or liabilities to increases in significant unobservable inputs. Where
sensitivities are described, the inverse relationship will also generally apply.
Where reliable interrelationships can be identified between significant unobservable inputs used in fair value measurement, a
description of those interrelationships is included below.
Forwards
A price or rate that is applicable to a financial transaction that will take place in the future.
In general, a significant increase in a forward in isolation will result in a fair value increase for the contracted receiver of the underlying
(currency, bond, commodity, etc.), but the sensitivity is dependent on the specific terms of the instrument.
Credit spread
Credit spreads typically represent the difference in yield between an instrument and a benchmark security or reference rate. Credit
spreads reflect the additional yield that a market participant demands for taking on exposure to the credit risk of an instrument and
form part of the yield used in a discounted cash flow calculation.
In general, a significant increase in credit spread in isolation will result in a movement in a fair value decrease for a cash asset.
For a derivative instrument, a significant increase in credit spread in isolation can result in a fair value increase or decrease depending on
the specific terms of the instrument.
Volatility
Volatility is a measure of the variability or uncertainty in return for a given derivative underlying. It is an estimate of how much a particular
underlying instrument input or index will change in value over time. In general, volatilities are implied from observed option prices. For
unobservable options the implied volatility may reflect additional assumptions about the nature of the underlying risk, and the strike/
maturity profile of a specific contract.
In general a significant increase in volatility in isolation will result in a fair value increase for the holder of a simple option, but the
sensitivity is dependent on the specific terms of the instrument.
There may be interrelationships between unobservable volatilities and other unobservable inputs (e.g. when equity prices fall, implied
equity volatilities generally rise) but these are generally specific to individual markets and may vary over time.
Correlation
Correlation is a measure of the relationship between the movements of two variables. Correlation can be a significant input into
valuation of derivative contracts with more than one underlying instrument. Credit correlation generally refers to the correlation
between default processes for the separate names that make up the reference pool of a CDO structure.
A significant increase in correlation in isolation can result in a fair value increase or decrease depending on the specific terms of the
instrument.
Comparable price
Comparable instrument prices are used in valuation by calculating an implied yield (or spread over a liquid benchmark) from the price of a
comparable observable instrument, then adjusting that yield (or spread) to account for relevant differences such as maturity or credit
quality. Alternatively, a price-to-price basis can be assumed between the comparable and unobservable instruments in order to
establish a value.
Loans includes a portfolio of loans extended to clients within the Group\u2019s leveraged finance business. Leveraged finance loans are
originated where Barclays provide financing commitments to clients to facilitate strategic transactions such as leverage buyouts and
acquisitions. The sensitivity of the portfolio to unobservable inputs is judgmental reflecting their illiquid nature and the significance of
unobservable price inputs to the valuation.
In general, a significant increase in comparable price in isolation will result in an increase in the price of the unobservable instrument. For
derivatives, a change in the comparable price in isolation can result in a fair value increase or decrease depending on the specific terms
of the instrument.
Loan spread
Loan spreads typically represent the difference in yield between an instrument and a benchmark security or reference rate. Loan
spreads typically reflect credit quality, the level of comparable assets such as gilts and other factors, and form part of the yield used in a
discounted cash flow calculation.
Loans containing unobservable input loan spreads into their valuation primarily consist of long-dated fixed rate loans extended to
counterparties in the UK Education, Social Housing and Local Authority sectors (ESHLA). The loans are categorised as Level 3 in the fair
value hierarchy due to their illiquid nature and the significance of unobservable loan spreads to the valuation. Valuation uncertainty
arises from the long-dated nature of the portfolio, the lack of secondary market in the loans and the lack of observable loan spreads.
The majority of ESHLA loans are to borrowers in heavily regulated sectors that are considered extremely low credit risk, and have a
history of near zero defaults since inception. While the overall loan spread range is from 40bps to 307bps (2022: 50bps to 589bps), the
vast majority of spreads are concentrated towards the bottom end of this range, with 98% of the loan notional being valued with
spreads less than 200bps for the current period.
In general, a significant increase in loan spreads in isolation will result in a fair value decrease for a loan.
EBITDA multiple
EBITDA multiple is the ratio of the valuation of the investment to the earnings before interest, taxes, depreciation and amortisation.
In general, a significant increase in the multiple will result in a fair value increase for an investment.
Earnings multiple
Earnings or Revenue multiple is the ratio of the valuation of the investment to the earnings or revenue. In general, a significant increase
in the multiple will result in a fair value increase for an investment.
Sensitivity analysis of valuations using unobservable inputs
2023
2022
Favourable changes
Unfavourable changes
Favourable changes
Unfavourable changes
Income
statement
Equity
Income
statement
Equity
Income
statement
Equity
Income
statement
Equity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate derivatives
78
\u2014
(158)
\u2014
119
\u2014
(155)
\u2014
Foreign exchange derivatives
4
\u2014
(9)
\u2014
16
\u2014
(22)
\u2014
Credit derivatives
27
\u2014
(32)
\u2014
79
\u2014
(71)
\u2014
Equity derivatives
142
\u2014
(226)
\u2014
161
\u2014
(168)
\u2014
Corporate debt
34
\u2014
(22)
\u2014
45
\u2014
(27)
\u2014
Loans
612
2
(801)
(2)
338
\u2014
(551)
\u2014
Private equity investments
263
1
(263)
(1)
268
1
(281)
(1)
Other1
126
1
(118)
(1)
49
\u2014
(52)
\u2014
Total
1,286
4
(1,629)
(4)
1,075
1
(1,327)
(1)
Note
1 Other includes, Equity Cash Products,\u00a0 Fund and Fund Linked, Government and Government Sponsored Debt, Asset backed securities.
The effect of stressing unobservable inputs to a range of reasonably possible alternatives, alongside considering the impact of using
alternative models, would be to increase fair values by up to \u00a31,290m (2022: \u00a31,076m) or to decrease fair values by up to \u00a31,633m
(2022: \u00a31,328m) with substantially all the potential effect impacting profit and loss. Unfavourable changes shown in the table above are
partly provided for through the capital and prudential valuation adjustment framework
Fair value adjustments
Key balance sheet valuation adjustments are quantified below:
2023
2022
\u00a3m
\u00a3m
Exit price adjustments derived from market bid-offer spreads
(569)
(577)
Uncollateralised derivative funding
(4)
(11)
Derivative credit valuation adjustments
(209)
(319)
Derivative debit valuation adjustments
144
208
Exit price adjustments derived from market bid-offer spreads
The Group uses mid-market pricing where it is a market maker and has the ability to transact at, or better than, mid price (which is the
case for certain equity, bond and vanilla derivative markets). For other financial assets and liabilities, bid-offer adjustments are recorded
to reflect the exit level for the expected close out strategy. The methodology for determining the bid-offer adjustment for a derivative
portfolio involves calculating the net risk exposure by offsetting long and short positions by strike and term in accordance with the risk
management and hedging strategy.
Bid-offer levels are generally derived from market quotes such as broker data. Less liquid instruments may not have a directly
observable bid-offer level. In such instances, an exit price adjustment may be derived from an observable bid-offer level for a
comparable liquid instrument, or determined by calibrating to derivative prices, or by scenario or historical analysis.
Exit price adjustments derived from market bid-offer spreads have decreased by \u00a38m to \u00a3(569)m.
Discounting approaches for derivative instruments
Collateralised
In line with market practice, the methodology for discounting collateralised derivatives takes into account the nature and currency of
the collateral that can be posted within the relevant credit support annex (CSA). The CSA aware discounting approach recognises the
\u2018cheapest to deliver\u2019 option that reflects the ability of the party posting collateral to change the currency of the collateral.
Uncollateralised
A fair value adjustment of \u00a3(4)m is applied to account for the impact of incorporating the cost of funding into the valuation of
uncollateralised and partially collateralised derivative portfolios and collateralised derivatives where the terms of the agreement do not
allow the rehypothecation of collateral received. The\u00a0 derivative funding adjustment\u00a0 has decreased by \u00a37m to \u00a3(4)m .
Derivative credit and debit valuation adjustments
Derivative credit valuation adjustments and Derivative debit valuation adjustments are incorporated into derivative valuations to reflect
the impact on fair value of counterparty credit risk and Barclays\u2019 own credit quality respectively. These adjustments are calculated for
uncollateralised and partially collateralised derivatives across all asset classes. Derivative credit valuation adjustments and Derivative
debit valuation adjustments are calculated using estimates of exposure at default, probability of default and recovery rates, at a
counterparty level. Counterparties include (but are not limited to) corporates, sovereigns and sovereign agencies and supranationals.
Exposure at default is generally estimated through the simulation of underlying risk factors through approximating with a more vanilla
structure, or by using current or scenario-based mark to market as an estimate of future exposure.
Probability of default and recovery rate information is generally sourced from the CDS markets. Where this information is not available,
or considered unreliable, alternative approaches are taken based on mapping internal counterparty ratings onto historical or market-
based default and recovery information.
Derivative credit valuation adjustments decreased by \u00a3110m to \u00a3(209)m as a result of tightening input counterparty credit spreads.
Derivative debit valuation adjustments decreased by \u00a364m to \u00a3144m as a result of tightening input Barclays Bank PLC credit spreads .
Correlation between counterparty credit and underlying derivative risk factors, termed \u2018wrong-way,\u2019 or \u2018right-way\u2019 risk, is not
systematically incorporated into the derivative credit valuation adjustments calculation but is adjusted where the underlying exposure is
directly related to the counterparty.
Barclays continues to monitor market practices and activity to ensure the approach to uncollateralised derivative valuation remains
appropriate.
Portfolio exemptions
The Group uses the portfolio exemption in IFRS 13 Fair Value Measurement to measure the fair value of groups of financial assets and
liabilities. Instruments are measured using the price that would be received to sell a net long position (i.e. an asset) for a particular risk
exposure or to transfer a net short position (i.e. a liability) for a particular risk exposure in an orderly transaction between market
participants at the balance sheet date under current market conditions. Accordingly, the Group measures the fair value of the group of
financial assets and liabilities consistently with how market participants would price the net risk exposure at the measurement date.
Unrecognised gains as a result of the use of valuation models using unobservable inputs
The amount that has yet to be recognised in income that relates to the difference between the transaction price (the fair value at initial
recognition) and the amount that would have arisen had valuation models using unobservable inputs been used on initial recognition,
less amounts subsequently recognised, is \u00a3205m (2022: \u00a3126m) for financial instruments measured at fair value and \u00a3192m (2022:
\u00a3216m) for financial instruments carried at amortised cost. There are additions and FX loss of \u00a3136m (2022: \u00a359m additions and FX
gains), and amortisation and releases of \u00a357m (2022: \u00a366m) for financial instruments measured at fair value and additions of \u00a30m
(2022: \u00a30m) and amortisation and releases of \u00a324m (2022: \u00a314m) for financial instruments measured at amortised cost.
Third-party credit enhancements
Structured and brokered certificates of deposit issued by Barclays are insured up to $250,000 per depositor by the Federal Deposit
Insurance Corporation (FDIC) in the US. The FDIC is funded by premiums that Barclays and other banks pay for deposit insurance
coverage. The carrying value of these issued certificates of deposit that are designated under the IFRS 9 fair value option includes this
third party credit enhancement. The on-balance sheet value of these brokered certificates of deposit amounted to \u00a35,162m (2022:
\u00a35,197m).
Comparison of carrying amounts and fair values for assets and liabilities not held at fair value
The following table summarises the fair value of financial assets and liabilities measured at amortised cost on the Group\u2019s balance
sheet:
2023
2022
Carrying
amount
Fair value
Level 1
Level 2
Level 3
Carrying
amount
Fair value
Level 1
Level 2
Level 3
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Debt securities at amortised cost
56,749
55,437
13,976
39,014
2,447
45,487
44,512
9,952
33,285
1,275
Loans and advances at amortised cost
342,747
334,706
5,854
80,533
248,319
353,292
347,149
5,165
79,868
262,116
Reverse repurchase agreements and
other similar secured lending
2,594
2,594
\u2014
2,594
\u2014
776
776
\u2014
776
\u2014
Assets included in disposal groups
classified as held for sale
3,855
3,855
\u2014
3,855
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Financial liabilities
Deposits at amortised cost
(538,789)
(538,502)
(382,345)
(150,757)
(5,400)
(545,782)
(545,738)
(426,016)
(116,157)
(3,565)
Repurchase agreements and other
similar secured borrowing
(41,601)
(41,601)
\u2014
(41,601)
\u2014
(27,052)
(27,054)
\u2014
(27,054)
\u2014
Debt securities in issue
(96,825)
(98,123)
\u2014
(95,999)
(2,124)
(112,881)
(113,276)
\u2014
(110,151)
(3,125)
Subordinated liabilities
(10,494)
(10,803)
\u2014
(10,608)
(195)
(11,423)
(11,474)
\u2014
(11,254)
(220)
Liabilities included in disposal groups
classified as held for sale
(3,078)
(3,078)
\u2014
(3,078)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
The fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. As a wide range of valuation techniques are available, it may not be appropriate
to directly compare this fair value information to independent market sources or other financial institutions. Different valuation
methodologies and assumptions can have a significant impact on fair values which are based on unobservable inputs.
Financial assets
Loans and advances at amortised cost
The fair value of loans and advances, for the purpose of this disclosure, is derived from discounting expected cash flows in a way that
reflects the current market price for lending to issuers of similar credit quality. Where market data or credit information on the
underlying borrowers is unavailable, a number of proxy/extrapolation techniques are employed to determine the appropriate discount
rates. For 2023, the fair value is lower than carrying value mainly on fixed rate products driven by rising interest rates. The majority will be
part of a wider portfolio which includes fair valued instruments that are not presented in this table.
Reverse repurchase agreements and other similar secured borrowing
The fair value of reverse repurchase agreements approximates carrying amount as these balances are generally short dated and fully
collateralised.
Financial liabilities
Deposits at amortised cost
In many cases, the fair value disclosed approximates carrying value because the instruments are short term in nature or have interest
rates that reprice frequently, such as customer accounts and other deposits and short-term debt securities.
The fair value for deposits with longer-term maturities, mainly time deposits, are estimated using discounted cash flows applying either
market rates or current rates for deposits of similar remaining maturities. Consequently, the fair value discount is minimal.
Repurchase agreements and other similar secured borrowing
The fair value of repurchase agreements approximates carrying amounts as these balances are generally short dated.
Debt securities in issue
Fair values of other debt securities in issue are based on quoted prices where available, or where the instruments are short dated,
carrying amount approximates fair value.
Subordinated liabilities
Fair values for dated and undated convertible and non-convertible loan capital are based on quoted market rates for the issuer
concerned or issuers with similar terms and conditions.
Offsetting financial assets and financial liabilities
The Group reports financial assets and financial liabilities on a net basis on the balance sheet only if there is a legally enforceable right to
set-off the recognised amounts and there is intention to settle on a net basis, or to realise the asset and settle the liability
simultaneously. The following table shows the impact of netting arrangements on:
\u25aa all financial assets and liabilities that are reported net on the balance sheet
\u25aa all derivative financial instruments and reverse repurchase and repurchase agreements and other similar secured lending and
borrowing agreements that are subject to enforceable master netting arrangements or similar agreements, but do not qualify for
balance sheet netting.
The \u2018Net amounts\u2019 presented\u00a0 are not intended to represent the Group\u2019s actual exposure to credit risk, as a variety of credit mitigation
strategies are employed in addition to netting and collateral arrangements.
Amounts subject to enforceable netting arrangements
Amounts not
subject to
enforceable
netting
arrangements 3
Balance sheet
total 4
Effects of offsetting on-balance sheet
Related amounts not offset
Gross amounts
Amounts
offset 1
Net amounts
reported on
the balance
sheet
Financial
instruments
Financial
collateral 2
Net amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023
Derivative financial assets
307,429
(55,781)
251,648
(198,809)
(41,247)
11,592
5,188
256,836
Reverse repurchase agreements and
other similar secured lending5
677,175
(527,864)
149,311
\u2014
(148,888)
423
2,414
151,725
Total assets
984,604
(583,645)
400,959
(198,809)
(190,135)
12,015
7,602
408,561
Derivative financial liabilities
(297,449)
54,241
(243,208)
198,809
27,978
(16,421)
(6,836)
(250,044)
Repurchase agreements and other
similar secured borrowing 5
(731,200)
527,864
(203,336)
\u2014
203,336
\u2014
(23,980)
(227,316)
Total liabilities
(1,028,649)
582,105
(446,544)
198,809
231,314
(16,421)
(30,816)
(477,360)
As at 31 December 2022
Derivative financial assets
374,253
(76,429)
297,824
(238,337)
(45,981)
13,506
4,556
302,380
Reverse repurchase agreements and
other similar secured lending5
558,977
(396,323)
162,654
\u2014
(162,024)
630
2,803
165,457
Total assets
933,230
(472,752)
460,478
(238,337)
(208,005)
14,136
7,359
467,837
Derivative financial liabilities
(360,630)
76,530
(284,100)
238,337
26,639
(19,124)
(5,520)
(289,620)
Repurchase agreements and other
similar secured borrowing 5
(571,774)
396,323
(175,451)
\u2014
175,451
\u2014
(24,347)
(199,798)
Total liabilities
(932,404)
472,853
(459,551)
238,337
202,090
(19,124)
(29,867)
(489,418)
Notes
1 Amounts offset for derivative financial assets additionally includes cash collateral netted of \u00a37,527m (2022: \u00a315,199m ). Amounts offset for derivative financial liabilities additionally
includes cash collateral netted of \u00a39,067m (2022: \u00a315,098m). Settlements assets and liabilities have been offset amounting to \u00a329,297m (2022: \u00a324,250m).
2 Financial collateral of \u00a341,247m (2022: \u00a345,981m) was received in respect of derivative assets, including \u00a331,211m (2022: \u00a334,547m) of cash collateral and \u00a310,036m (2022: \u00a311,434m)
of non-cash collateral. Financial collateral of \u00a327,978m (2022: \u00a326,639m) was placed in respect of derivative liabilities, including \u00a324,260m (2022 : \u00a325,222m) of cash collateral and
\u00a33,718m (2022 : \u00a31,417m) of non-cash collateral. The collateral amounts are limited to net balance sheet exposure so as to not include overcollateralisation.
3 This column includes contractual rights of set-off that are subject to uncertainty under the laws of the relevant jurisdiction.
4 The balance sheet total is the sum of \u2018Net amounts reported on the balance sheet\u2019 that are subject to enforceable netting arrangements and \u2018Amounts not subject to enforceable
netting arrangements\u2019.
5 Reverse repurchase agreements and other similar secured lending of \u00a3151,725m (2022: \u00a3165,457m) is split by fair value \u00a3149,131m (2022: \u00a3164,681m) and amortised cost \u00a32,594m
(2022: \u00a3776m). Repurchase agreements and other similar secured borrowing of \u00a3227,316m (2022: \u00a3199,798m) is split by fair value \u00a3185,715m ( 2022: \u00a3172,746m) and amortised cost
\u00a341,601m (2022 : \u00a327,052m).
Derivative assets and liabilities
The \u2018Financial instruments\u2019 column identifies financial assets and liabilities that are subject to set-off under netting agreements, such as
the ISDA Master Agreement or derivative exchange or clearing counterparty agreements, whereby all outstanding transactions with
the same counterparty can be offset and close-out netting applied across all outstanding transactions covered by the agreements if an
event of default or other predetermined events occur.
Financial collateral refers to cash and non-cash collateral obtained, typically daily or weekly, to cover the net exposure between
counterparties by enabling the collateral to be realised in an event of default or if other predetermined events occur.
Repurchase and reverse repurchase agreements and other similar secured lending and borrowing
The \u2018Financial instruments\u2019 column identifies financial assets and liabilities that are subject to set-off under netting agreements, such as
Global Master Repurchase Agreements and Global Master Securities Lending Agreements, whereby all outstanding transactions with
the same counterparty can be offset and close-out netting applied across all outstanding transactions covered by the agreements if an
event of default or other predetermined events occur.
Financial collateral typically comprises highly liquid securities which are legally transferred and can be liquidated in the event of
counterparty default.
These offsetting and collateral arrangements and other credit risk mitigation strategies used by the Group are further explained in the
Credit risk management section.
Securitisations
Accounting for securitisations
The Group uses securitisations as a source of finance and a means of risk transfer. Such transactions generally result in the transfer of
contractual cash flows from portfolios of financial assets to holders of issued debt securities.
Securitisations may, depending on the individual arrangement, result in continued recognition of the securitised assets and the
recognition of the debt securities issued in the transaction; lead to partial continued recognition of the assets to the extent of the
Group\u2019s continuing involvement in those assets or lead to derecognition of the assets and the separate recognition, as assets or
liabilities, of any rights and obligations created or retained in the transfer. Full derecognition only occurs when the Group transfers both
its contractual right to receive cash flows from the financial assets, or retains the contractual rights to receive the cash flows, but
assumes a contractual obligation to pay the cash flows to another party without material delay or reinvestment, and also transfers
substantially all the risks and rewards of ownership, including credit risk, prepayment risk and interest rate risk.
In the course of its normal banking activities, the Group makes transfers of financial assets, either where legal rights to the cash flows
from the asset are passed to the counterparty or beneficially, where the Group retains the rights to the cash flows but assumes a
responsibility to transfer them to the counterparty. Depending on the nature of the transaction, this may result in derecognition of the
assets in their entirety, partial derecognition or no derecognition of the assets subject to the transfer.
A summary of the main transactions, and the assets and liabilities and the financial risks arising from these transactions, is set out below:
Transfers of financial assets that do not result in derecognition
Securitisations
The Group was party to securitisation transactions involving its credit card balances and other personal lending. In these transactions,
the assets, interests in the assets, or beneficial interests in the cash flows arising from the assets, are transferred to a special purpose
entity, which then issues interest bearing debt securities to third party investors.
Securitisations may, depending on the individual arrangement, result in continued recognition of the securitised assets and the
recognition of the debt securities issued in the transaction. Partial continued recognition of the assets to the extent of the Group\u2019s
continuing involvement in those assets can also occur or derecognition of the assets and the separate recognition, as assets or
liabilities, of any rights and obligations created or retained in the transfer.
The following table shows the carrying amount of securitised assets that have not resulted in full derecognition, together with the
associated liabilities, for each category of asset on the balance sheet:
2023
2022
Assets
Liabilities
Assets
Liabilities
Carrying
amount
Fair value
Carrying
amount
Fair value
Carrying
amount
Fair value
Carrying
amount
Fair value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances at amortised cost
Credit cards, unsecured and other retail lending
6,451
6,996
(2,369)
(2,336)
5,324
5,761
(1,537)
(1,460)
Mortgage Loans
478
499
(21)
(26)
496
439
(20)
(20)
Financial assets at FVTPL
Mortgage Loans
452
452
\u2014
\u2014
330
330
\u2014
\u2014
Total
7,381
7,947
(2,390)
(2,362)
6,150
6,530
(1,557)
(1,480)
Balances included within loans and advances at amortised cost represent securitisations where substantially all the risks and rewards of
the asset have been retained by the Group and balances included within Financial assets at FVTPL represent securitisations where the
risks and rewards are neither substantially transferred nor retained.
The relationship between the transferred assets and the associated liabilities is that holders of notes may only look to cash flows from
the securitised assets for payments of principal and interest due to them under the terms of their notes, although the contractual
terms of their notes may be different to the maturity and interest of the transferred assets.
If Barclays transfers a financial asset but does not transfer or retain substantially all the risk and rewards of the asset and retains control
over it, the transferred assets is recognised to the extent of Barclays\u2019 continuing involvement. Total Financial assets of \u00a33,353m (2022:
\u00a3828m) were transferred in this manner and the carrying value of the asset representing continued involvement is included in the table
above.
For transfers of assets in relation to repurchase agreements, refer to Note 37.
Continuing involvement in financial assets that have been derecognised
In some cases, the Group may have transferred a financial asset in its entirety but may have continuing involvement in it. This arises in
asset securitisations where loans and asset backed securities were derecognised as a result of the Group\u2019s involvement with asset
backed securities, residential mortgage backed securities and commercial mortgage backed securities. Continuing involvement largely
arises from providing financing into these structures in the form of retained notes, which do not bear first losses.
The table below shows the potential financial implications of such continuing involvement:
Continuing involvement1
Gain from continuing involvement
Carrying amount
Fair value
Maximum
exposure to loss
For the year ended
Cumulative to 31
December
Type of transfer
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2023
Asset backed securities
2
2
2
\u2014
3
Residential mortgage backed securities
1,798
1,796
1,798
49
68
Commercial mortgage backed securities
392
341
392
3
19
Total
2,192
2,139
2,192
52
90
2022
Asset backed securities
8
8
8
1
3
Residential mortgage backed securities
913
907
913
18
22
Commercial mortgage backed securities
412
357
412
5
16
Total
1,333
1,272
1,333
24
41
Note
1 Assets which represent the Group\u2019s continuing involvement in derecognised assets are recorded in Loans and advances at amortised cost and Debt securities at FVTPL.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-599": { "value": "Trading portfolio
Accounting for trading portfolio assets and liabilities
All assets and liabilities held for trading purposes are held at fair value with gains and losses in the changes in fair value taken to the
income statement in net trading income (Note 5).
Trading portfolio assets
Trading portfolio liabilities
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt securities and other eligible bills
75,498
55,475
(40,547)
(39,531)
Equity securities
86,353
65,031
(18,122)
(33,393)
Traded loans
12,653
13,198
\u2014
\u2014
Commodities
101
109
\u2014
\u2014
Trading portfolio assets/(liabilities)
174,605
133,813
(58,669)
(72,924)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-602": { "value": "
Trading portfolio assets
Trading portfolio liabilities
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt securities and other eligible bills
75,498
55,475
(40,547)
(39,531)
Equity securities
86,353
65,031
(18,122)
(33,393)
Traded loans
12,653
13,198
\u2014
\u2014
Commodities
101
109
\u2014
\u2014
Trading portfolio assets/(liabilities)
174,605
133,813
(58,669)
(72,924)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-601": { "value": "
Trading portfolio assets
Trading portfolio liabilities
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt securities and other eligible bills
75,498
55,475
(40,547)
(39,531)
Equity securities
86,353
65,031
(18,122)
(33,393)
Traded loans
12,653
13,198
\u2014
\u2014
Commodities
101
109
\u2014
\u2014
Trading portfolio assets/(liabilities)
174,605
133,813
(58,669)
(72,924)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-604": { "value": "Financial assets at fair value through the income statement
Accounting for financial assets designated at fair value
Financial assets, other than those held for trading, are classified in this category if they are so irrevocably designated at inception and
the use of the designation removes or significantly reduces an accounting mismatch.
Subsequent changes in fair value for these instruments are recognised in the income statement in net investment income, except if
reporting it in trading income reduces an accounting mismatch.
The details on how the fair value amounts are derived for financial assets at fair value are described in Note 17.
Accounting for financial assets mandatorily at fair value
Financial assets that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at fair
value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if the
financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a business
model that is achieved by both collecting contractual cash flows and selling.
Designated at fair value
Mandatorily at fair value
Total
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances
3,082
3,658
44,557
35,771
47,639
39,429
Debt securities
130
205
2,456
3,044
2,586
3,249
Equity securities
\u2014
\u2014
7,185
6,091
7,185
6,091
Reverse repurchase agreements and other
similar secured lending
\u2014
\u2014
149,131
164,681
149,131
164,681
Other financial assets
\u2014
1
110
117
110
118
Financial assets at fair value through the
income statement
3,212
3,864
203,439
209,704
206,651
213,568
Credit risk of financial assets designated at fair value and related credit derivatives
The following table shows the maximum exposure to credit risk, the changes in fair value attributable to changes in credit risk, and the
cumulative changes in fair value since initial recognition for loans and advances. The table does not include debt securities designated at
fair value\u00a0 as they have minimal exposure to credit risk due to limited gross exposure.
Maximum exposure as at 31 December
Changes in fair value during the year
ended
Cumulative changes in fair value from
inception
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances designated at fair value,
attributable to credit risk
3,081
3,658
3
10
(3)
(9)
Value mitigated by related credit derivatives
613
855
(5)
(1)
(5)
(1)
Financial liabilities designated at fair value
Accounting for liabilities designated at fair value through profit and loss
In accordance with IFRS 9, financial liabilities may be designated at fair value, with gains and losses taken to the income statement within
net trading income (Note 5) and net investment income (Note 6). Movements in own credit are reported through other comprehensive
income, unless the effects of changes in the liability's credit risk would create or enlarge an accounting mismatch in P&L. In these
scenarios, all gains and losses on that liability (including the effects of changes in the credit risk of the liability) are presented in P&L. On
derecognition of the financial liability no amount relating to own credit risk is recycled to the income statement. The Group has the
ability to make the fair value designation when holding the instruments at fair value reduces an accounting mismatch (caused by an
offsetting liability or asset being held at fair value), or is managed by the Group on the basis of its fair value, or includes terms that have
substantive derivative characteristics (Note 14).
The details on how the fair value amounts are arrived at for financial liabilities designated at fair value are described in Note 17.
2023
2022
Fair value
Contractual
amount due
on maturity
Fair value
Contractual
amount due
on maturity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Debt securities
68,261
82,820
57,846
73,757
Deposits
43,552
44,862
41,037
42,455
Repurchase agreements and other similar secured borrowing
185,716
186,593
172,746
173,511
Other financial liabilities
10
10
8
8
Financial liabilities designated at fair value
297,539
314,285
271,637
289,731
The cumulative own credit net loss recognised is \u00a3307m (2022: \u00a3674m gain).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-603": { "value": "Financial assets at fair value through the income statement
Accounting for financial assets designated at fair value
Financial assets, other than those held for trading, are classified in this category if they are so irrevocably designated at inception and
the use of the designation removes or significantly reduces an accounting mismatch.
Subsequent changes in fair value for these instruments are recognised in the income statement in net investment income, except if
reporting it in trading income reduces an accounting mismatch.
The details on how the fair value amounts are derived for financial assets at fair value are described in Note 17.
Accounting for financial assets mandatorily at fair value
Financial assets that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at fair
value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if the
financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a business
model that is achieved by both collecting contractual cash flows and selling.
Designated at fair value
Mandatorily at fair value
Total
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances
3,082
3,658
44,557
35,771
47,639
39,429
Debt securities
130
205
2,456
3,044
2,586
3,249
Equity securities
\u2014
\u2014
7,185
6,091
7,185
6,091
Reverse repurchase agreements and other
similar secured lending
\u2014
\u2014
149,131
164,681
149,131
164,681
Other financial assets
\u2014
1
110
117
110
118
Financial assets at fair value through the
income statement
3,212
3,864
203,439
209,704
206,651
213,568
Credit risk of financial assets designated at fair value and related credit derivatives
The following table shows the maximum exposure to credit risk, the changes in fair value attributable to changes in credit risk, and the
cumulative changes in fair value since initial recognition for loans and advances. The table does not include debt securities designated at
fair value\u00a0 as they have minimal exposure to credit risk due to limited gross exposure.
Maximum exposure as at 31 December
Changes in fair value during the year
ended
Cumulative changes in fair value from
inception
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Loans and advances designated at fair value,
attributable to credit risk
3,081
3,658
3
10
(3)
(9)
Value mitigated by related credit derivatives
613
855
(5)
(1)
(5)
(1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-605": { "value": "
Accounting for financial assets designated at fair value
Financial assets, other than those held for trading, are classified in this category if they are so irrevocably designated at inception and
the use of the designation removes or significantly reduces an accounting mismatch.
Subsequent changes in fair value for these instruments are recognised in the income statement in net investment income, except if
reporting it in trading income reduces an accounting mismatch.
The details on how the fair value amounts are derived for financial assets at fair value are described in Note 17.
Accounting for financial assets mandatorily at fair value
Financial assets that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at fair
value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if the
financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a business
model that is achieved by both collecting contractual cash flows and selling.
Accounting for liabilities designated at fair value through profit and loss
In accordance with IFRS 9, financial liabilities may be designated at fair value, with gains and losses taken to the income statement within
net trading income (Note 5) and net investment income (Note 6). Movements in own credit are reported through other comprehensive
income, unless the effects of changes in the liability's credit risk would create or enlarge an accounting mismatch in P&L. In these
scenarios, all gains and losses on that liability (including the effects of changes in the credit risk of the liability) are presented in P&L. On
derecognition of the financial liability no amount relating to own credit risk is recycled to the income statement. The Group has the
ability to make the fair value designation when holding the instruments at fair value reduces an accounting mismatch (caused by an
offsetting liability or asset being held at fair value), or is managed by the Group on the basis of its fair value, or includes terms that have
substantive derivative characteristics (Note 14).
The details on how the fair value amounts are arrived at for financial liabilities designated at fair value are described in Note 17.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-606": { "value": "Derivative financial instruments
Accounting for derivatives
Derivative instruments are contracts whose value is derived from one or more underlying financial instruments or indices defined in the
contract. They include swaps, forward-rate agreements, futures, options and combinations of these instruments and primarily affect
the Group\u2019s net interest income, net trading income and derivative assets and liabilities. Notional amounts of the contracts are not
recorded on the balance sheet. Derivatives are used to hedge interest rate, credit risk, inflation risk, exchange rate, commodity equity
exposures, and exposures to certain indices such as house price indices and retail price indices related to non-trading positions.
All derivative instruments are held at fair value through profit or loss, except for derivatives that are in a designated cash flow or net
investment hedge accounting relationship. Derivatives are classified as assets when their fair value is positive or as liabilities when their
fair value is negative.
Hedge accounting
The Group applies the requirements of IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting purposes.
The Group applies hedge accounting to represent the economic effects of its interest rate, currency and contractually-linked inflation
risk management strategies. Where derivatives are held for risk management purposes, and when transactions meet the required
criteria for documentation and hedge effectiveness, the Group applies fair value hedge accounting, cash flow hedge accounting, or
hedging of a net investment in a foreign operation, as appropriate to the risks being hedged.
Fair value hedge accounting
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement, together
with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The fair value changes adjust the
carrying value of the hedged asset or liability held at amortised cost.
If hedge relationships no longer meet the criteria for hedge accounting, hedge accounting is discontinued. For fair value hedges of
interest rate risk, the fair value adjustment to the hedged item is amortised to the income statement over the period to maturity of the
previously designated hedge relationship using the effective interest method. If the hedged item is sold or repaid, the unamortised fair
value adjustment is recognised immediately in the income statement. For items classified as fair value through other comprehensive
income, the hedge accounting adjustment is included in other comprehensive income.
Cash flow hedge accounting
For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognised
initially in other comprehensive income, and then recycled to the income statement in the periods when the hedged item will affect
profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognised in the income statement immediately.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain
or loss existing in equity at that time remains in equity and is recognised when the hedged item is ultimately recognised in the income
statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was recognised in equity is
immediately transferred to the income statement.
Hedges of net investments
The Group\u2019s net investments in foreign operations, including monetary items accounted for as part of the net investment, are hedged
for foreign currency risks using both derivatives and foreign currency borrowings. Hedges of net investments are accounted for
similarly to cash flow hedges; the effective portion of the gain or loss on the hedging instrument is being recognised directly in other
comprehensive income and the ineffective portion being recognised immediately in the income statement. The cumulative gain or loss
recognised in other comprehensive income is recognised in the income statement on the disposal or partial disposal of the foreign
operation, or other reductions in the Group\u2019s investment in the operation.
Total derivatives
2023
2022
Notional contract
amount
Fair value
Notional contract
amount
Fair value
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total derivative assets/(liabilities) held for trading
64,993,491
254,643
(249,458)
52,689,773
301,647
(288,573)
Total derivative assets/(liabilities) held for risk
management
299,576
2,193
(586)
285,505
733
(1,047)
Derivative assets/(liabilities)
65,293,067
256,836
(250,044)
52,975,278
302,380
(289,620)
Further information on netting arrangements of derivative financial instruments can be found within Note 18.
The fair values and notional amounts of derivative instruments held for trading and held for risk management are set out in the following
table:
Derivatives held for trading and held for risk management
2023
2022
Notional
contract
amount
Fair value
Notional
contract
amount
Fair value
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivatives held for trading
Foreign exchange derivatives
OTC derivatives
6,536,257
86,987
(82,711)
5,775,206
108,833
(103,439)
Derivatives cleared by central counterparty
186,672
529
(512)
113,455
440
(473)
Exchange traded derivatives
17,899
2
(2)
19,426
15
(6)
Foreign exchange derivatives
6,740,828
87,518
(83,225)
5,908,087
109,288
(103,918)
Interest rate derivatives
OTC derivatives
19,671,577
104,618
(92,467)
14,924,915
129,920
(116,752)
Derivatives cleared by central counterparty
27,662,853
1,989
(2,065)
21,927,570
2,319
(2,371)
Exchange traded derivatives
6,800,161
2,824
(2,895)
5,654,126
2,257
(2,167)
Interest rate derivatives
54,134,591
109,431
(97,427)
42,506,611
134,496
(121,290)
Credit derivatives
OTC derivatives
587,472
4,936
(6,005)
619,843
4,262
(4,731)
Derivatives cleared by central counterparty
860,878
2,726
(2,625)
1,107,377
1,161
(1,321)
Credit derivatives
1,448,350
7,662
(8,630)
1,727,220
5,423
(6,052)
Equity and stock index derivatives
OTC derivatives
448,780
17,792
(25,779)
410,276
12,679
(16,724)
Exchange traded derivatives
2,017,045
30,379
(32,549)
1,924,613
35,986
(36,774)
Equity and stock index derivatives
2,465,825
48,171
(58,328)
2,334,889
48,665
(53,498)
Commodity derivatives
OTC derivatives
4,734
44
(4)
4,411
14
(51)
Exchange traded derivatives
199,163
1,817
(1,844)
208,555
3,761
(3,764)
Commodity derivatives
203,897
1,861
(1,848)
212,966
3,775
(3,815)
Derivative assets/(liabilities) held for trading
64,993,491
254,643
(249,458)
52,689,773
301,647
(288,573)
Total OTC derivatives
27,248,820
214,377
(206,966)
21,734,651
255,708
(241,697)
Total derivatives cleared by central counterparty
28,710,403
5,244
(5,202)
23,148,402
3,920
(4,165)
Total exchange traded derivatives
9,034,268
35,022
(37,290)
7,806,720
42,019
(42,711)
Derivative assets/(liabilities) held for trading
64,993,491
254,643
(249,458)
52,689,773
301,647
(288,573)
Derivatives held for risk management
Derivatives designated as cash flow hedges
OTC foreign exchange derivatives
26,661
1,904
(8)
11,946
549
(211)
OTC interest rate derivatives
195
\u2014
\u2014
266
\u2014
(1)
Interest rate derivatives cleared by central
counterparty
130,961
\u2014
\u2014
143,271
\u2014
\u2014
Derivatives designated as cash flow hedges
157,817
1,904
(8)
155,483
549
(212)
Derivatives designated as fair value hedges
OTC interest rate derivatives
8,697
178
(533)
7,814
83
(815)
Interest rate derivatives cleared by central
counterparty
129,318
\u2014
\u2014
118,246
\u2014
\u2014
Derivatives designated as fair value hedges
138,015
178
(533)
126,060
83
(815)
Derivatives designated as hedges of net
investments
OTC foreign exchange derivatives
3,744
111
(45)
3,962
101
(20)
Derivatives designated as hedges of net
investments
3,744
111
(45)
3,962
101
(20)
Derivative assets/(liabilities) held for risk
management
299,576
2,193
(586)
285,505
733
(1,047)
Total OTC derivatives
39,297
2,193
(586)
23,988
733
(1,047)
Total derivatives cleared by central counterparty
260,279
\u2014
\u2014
261,517
\u2014
\u2014
Derivative assets/(liabilities) held for risk
management
299,576
2,193
(586)
285,505
733
(1,047)
Hedge accounting
Hedge accounting is applied predominantly for the following risks:
\u25aa Interest rate risk \u2013 arises due to a mismatch between fixed interest rates and floating interest rates. Interest rate risk also includes
exposure to inflation risk for certain types of investments.
\u25aa Currency risk \u2013 arises due to assets or liabilities being denominated in different currencies than the functional currency of the relevant
entity. At a consolidated level, currency risk also arises when the functional currency of subsidiaries are different from the parent.
\u25aa Contractually linked inflation risk \u2013 arises from financial instruments within contractually specified inflation risk. The Group does not
hedge inflation risk that arises from other activities.
In order to hedge these risks, the Group uses the following hedging instruments:
\u25aa Interest rate derivatives to swap interest rate exposures into either fixed or variable rates.
\u25aa Currency derivatives to swap foreign currency exposures into the entity\u2019s functional currency, and net investment exposure to local
currency.
\u25aa Inflation derivatives to swap inflation exposure into either fixed or variable interest rates.
In some cases, certain items which are economically hedged may be ineligible hedged items for the purposes of IAS 39, such as core
deposits and equity. In these instances, a proxy hedging solution can be utilised whereby portfolios of floating rate assets are
designated as eligible hedged items in cash flow hedges.
In some hedging relationships, the Group designates risk components of hedged items as follows:
\u25aa Benchmark interest rate risk as a component of interest rate risk, such as the Risk Free Rate (RFR) component.
\u25aa Inflation risk as a contractually specified component of a debt instrument.
\u25aa Spot exchange rate risk for foreign currency financial assets or financial liabilities.
\u25aa Components of cash flows of hedged items, for example certain interest payments for part of the life of an instrument.
Using the benchmark interest rate risk results in other risks, such as credit risk and liquidity risk, being excluded from the hedge
accounting relationship.
In respect of many of the Group\u2019s hedge accounting relationships, the hedged item and hedging instrument change frequently due to
the dynamic nature of the risk management and hedge accounting strategy. The Group applies hedge accounting to dynamic
scenarios, predominantly in relation to interest rate risk, with a combination of hedged items in order for its financial statements to
reflect as closely as possible the economic risk management undertaken. In some cases, if the hedge accounting objective changes,
the relevant hedge accounting relationship is de-designated and is replaced with a different hedge accounting relationship.
Changes in the GBP value of net investments due to foreign currency movements are captured in the currency translation reserve,
resulting in a movement in CET1 capital.\u00a0The Group mitigates this by matching the CET1 capital movements to the revaluation of the
foreign currency RWA exposures.\u00a0Net investment hedges are designated where necessary to reduce the exposure to movement in a
particular exchange rate to within limits mandated by Risk.\u00a0As far as possible, existing external currency liabilities are designated as the
hedging instruments.
The hedging instruments share the same risk exposures as the hedged items. Hedge effectiveness is determined with reference to
quantitative tests, predominantly regression testing, but to the extent hedging instruments are exposed to different risks than the
hedged items, this could result in hedge ineffectiveness or hedge accounting failures.
Sources of ineffectiveness include the following:
\u25aa Mismatches between the contractual terms of the hedged item and hedging instrument, including basis differences.
\u25aa Changes in credit risk of the hedging instruments.
\u25aa If a hedging relationship becomes over-hedged, for example in hedges of net investments if the net asset value designated at the
start of the period falls below the amount of the hedging instrument.
\u25aa Cash flow hedges using external swaps with non-zero fair values.
Hedged items in fair value hedges
Accumulated fair value adjustment
included in carrying amount
Hedged item statement of financial position classification and
risk category
Carrying amount
Total
Of which:
Accumulated fair
value adjustment
on items no longer
in a hedge
relationship
Change in fair
value used as a
basis to determine
ineffectiveness
Hedge
ineffectiveness
recognised in the
income
statements1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2023
Assets
Loans and advances at amortised cost
- Interest rate risk
3,543
(3,193)
(1,867)
113
11
- Inflation risk
450
246
\u2014
3
(5)
Debt securities classified at amortised cost
- Interest rate risk
2,390
(24)
(21)
49
21
- Inflation risk
8,119
(836)
(57)
(30)
(26)
Financial assets at fair value through other comprehensive
income
- Interest rate risk
42,420
(1,392)
(667)
1,244
197
- Inflation risk
5,237
(202)
(176)
(84)
(10)
Total assets
62,159
(5,401)
(2,788)
1,295
188
Liabilities
Debt securities in issue
- Interest rate risk
(64,734)
3,105
1,034
(1,462)
(24)
Total liabilities
(64,734)
3,105
1,034
(1,462)
(24)
Total hedged items
(2,575)
(2,296)
(1,754)
(167)
164
2022
Assets
Loans and advances at amortised cost
- Interest rate risk
4,906
(3,474)
(1,268)
(4,405)
44
- Inflation risk
445
243
\u2014
(111)
2
Debt securities classified at amortised cost
- Interest rate risk
159
(19)
(11)
(133)
(20)
- Inflation risk
4,858
(1,304)
(1)
(1,693)
(16)
Financial assets at fair value through other comprehensive
income
- Interest rate risk
33,583
(3,758)
(232)
(4,799)
168
- Inflation risk
8,514
(261)
14
(804)
(9)
Total assets
52,465
(8,573)
(1,498)
(11,945)
169
Liabilities
Debt securities in issue
- Interest rate risk
(51,893)
4,825
527
5,946
13
Total liabilities
(51,893)
4,825
527
5,946
13
Total hedged items
572
(3,748)
(971)
(5,999)
182
Note
1 Hedge ineffectiveness is recognised in net interest income.
For items classified as fair value through other comprehensive income, the hedge accounting adjustment is not included in the carrying
amount, but rather adjusts other comprehensive income.
The following table shows the fair value hedging instruments which are carried on the Group\u2019s balance sheet:
Carrying value
Nominal amount
Change in fair value used as a
basis to determine
ineffectiveness
Derivative assets
Derivative liabilities
Loan liabilities
Hedge type
Risk category
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023
Fair value
Interest rate risk
2
(2)
\u2014
123,016
261
Inflation risk
176
(531)
\u2014
14,999
70
Total
178
(533)
\u2014
138,015
331
As at 31 December 2022
Fair value
Interest rate risk
\u2014
\u2014
\u2014
109,761
3,596
Inflation risk
83
(815)
\u2014
16,299
2,585
Total
83
(815)
\u2014
126,060
6,181
The following table profiles the expected notional values of current hedging instruments in future years:
2023
2024
2025
2026
2027
2028
2029 and
later
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges of:
Interest rate risk (outstanding notional amount)
123,016
107,339
94,291
75,792
61,853
52,346
47,646
Inflation risk (outstanding notional amount)
14,999
14,671
14,433
12,140
9,520
7,627
7,115
There are 1,996 (2022: 1,796) interest rate risk fair value hedges with an average fixed rate of 1.64% (2022: 1.97%) across the
relationships and 136 (2022: 94) inflation risk fair value hedges with an average rate of 0.85% (2022: 0.54%) across the relationships.
Hedged items in cash flow hedges and hedges of net investments in foreign operations
Description of hedge
relationship and hedged risk
Change in value of
hedged item used
as the basis for
recognising
ineffectiveness
Balance in cash
flow hedging
reserve for
continuing hedges
Balance in currency
translation reserve
for continuing
hedges
Balances remaining
in cash flow
hedging reserve
for which hedge
accounting is no
longer applied
Balances remaining
in currency
translation reserve
for which hedge
accounting is no
longer applied
Hedging (gains) or
losses recognised
in other
comprehensive
income
Hedge
ineffectiveness
recognised in the
income statement1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2023
Cash flow hedge of:
Interest rate risk
Loans and advances at
amortised cost
(1,172)
395
\u2014
2,069
\u2014
(1,172)
34
Cash and balances at Central
Banks
(1,371)
470
\u2014
2,051
\u2014
(1,371)
115
Foreign exchange risk
Loans and advances at
amortised cost
(463)
30
\u2014
\u2014
\u2014
(463)
6
Debt securities classified at
amortised cost
(1,088)
333
\u2014
\u2014
\u2014
(1,088)
1
Inflation risk
Debt securities classified at
amortised cost
(313)
(181)
\u2014
21
\u2014
(313)
\u2014
Total cash flow hedge
(4,407)
1,047
\u2014
4,141
\u2014
(4,407)
156
Hedge of net investment in
foreign operations
USD foreign operations
(595)
\u2014
1,421
\u2014
\u2014
(595)
\u2014
EUR foreign operations
(113)
\u2014
33
\u2014
\u2014
(113)
\u2014
Other foreign operations
(118)
\u2014
119
\u2014
23
(118)
\u2014
Total foreign operations
(826)
\u2014
1,573
\u2014
23
(826)
\u2014
2022
Cash flow hedge of:
Interest rate risk
Loans and advances at
amortised cost
4,059
2,990
1,374
4,059
(42)
Cash and balances at Central
Banks
4,389
3,467
1,484
4,389
(41)
Foreign exchange risk
Loans and advances at
amortised cost
3
(13)
\u2014
\u2014
\u2014
3
2
Debt securities classified at
amortised cost
483
601
\u2014
\u2014
\u2014
483
\u2014
Inflation risk
Debt securities classified at
amortised cost
362
142
\u2014
16
\u2014
98
33
Total cash flow hedge
9,296
7,187
\u2014
2,874
\u2014
9,032
(48)
Hedge of net investment in
foreign operations
USD foreign operations
1,240
\u2014
1,886
\u2014
\u2014
1,240
\u2014
EUR foreign operations
265
\u2014
141
\u2014
\u2014
265
\u2014
Other foreign operations
34
\u2014
242
\u2014
23
34
\u2014
Total foreign operations
1,539
\u2014
2,269
\u2014
23
1,539
\u2014
Note
1 Hedge ineffectiveness is recognised in net interest income.
The following table shows the cash flow and net investment hedging instruments which are carried on the Group\u2019s balance sheet:
Carrying value
Nominal amount
Change in fair value used as a
basis to determine
ineffectiveness
Derivative assets
Derivative liabilities
Loan liabilities
Hedge type
Risk category
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023
Cash flow
Interest rate risk
\u2014
\u2014
\u2014
128,349
2,692
Foreign exchange risk
1,904
(8)
\u2014
26,661
1,558
Inflation risk
\u2014
\u2014
\u2014
2,807
313
Total
1,904
(8)
\u2014
157,817
4,563
Net investment
Foreign exchange risk
111
(45)
(13,157)
16,901
826
As at 31 December 2022
Cash flow
Interest rate risk
\u2014
(1)
\u2014
140,901
(8,531)
Foreign exchange risk
549
(211)
\u2014
11,946
(484)
Inflation riskc
\u2014
\u2014
\u2014
2,636
(329)
Total
549
(212)
\u2014
155,483
(9,344)
Net investment
Foreign exchange risk
101
(20)
(12,824)
16,786
(1,539)
There are 50 (2022: 58) foreign exchange risk cash flow hedges with an average foreign exchange rate of 147.94 JPY:1 GBP ( 2022:
148.00 JPY:1 GBP) across the relationships and 8 (2022: nil) foreign exchange risk cash flow hedges with an average foreign exchange
rate of 1.25\u00a0 USD:1 GBP (2022: nil) across the relationships.
The effect on the income statement and other comprehensive income of recycling amounts in respect of cash flow hedges and net
investment hedges of foreign operations is set out in the following table:
2023
2022
Amount recycled
from other
comprehensive
income due to
hedged item
affecting income
statement
Amount recycled
from other
comprehensive
income due to sale
of investment, or
cash flows no
longer expected to
occur
Amount recycled
from other
comprehensive
income due to
hedged item
affecting income
statement
Amount recycled
from other
comprehensive
income due to sale
of investment, or
cash flows no
longer expected to
occur
Description of hedge relationship and hedged risk
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash flow hedge of interest rate risk
Recycled to net interest income
(1,752)
2
(320)
(13)
Cash flow hedge of foreign exchange risk
Recycled to trading income
1,327
\u2014
(6)
\u2014
Hedge of net investment in foreign operations
Recycled to trading income
\u2014
(6)
\u2014
(58)
A detailed reconciliation of the movements of the cash flow hedging reserve and the currency translation reserve is as follows:
2023
2022
Cash flow hedging
reserve
Currency
translation reserve
Cash flow hedging
reserve
Currency
translation reserve
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Balance on 1 January
(7,235)
4,772
(853)
2,740
Currency translation movements
40
(1,942)
(20)
3,513
Hedging gains/(losses) for the year
4,407
826
(9,032)
(1,539)
Amounts reclassified in relation to cash flows affecting profit or loss
423
6
339
58
Tax
(1,342)
9
2,331
\u2014
Balance on 31 December
(3,707)
3,671
(7,235)
4,772
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-608": { "value": "
Accounting for derivatives
Derivative instruments are contracts whose value is derived from one or more underlying financial instruments or indices defined in the
contract. They include swaps, forward-rate agreements, futures, options and combinations of these instruments and primarily affect
the Group\u2019s net interest income, net trading income and derivative assets and liabilities. Notional amounts of the contracts are not
recorded on the balance sheet. Derivatives are used to hedge interest rate, credit risk, inflation risk, exchange rate, commodity equity
exposures, and exposures to certain indices such as house price indices and retail price indices related to non-trading positions.
All derivative instruments are held at fair value through profit or loss, except for derivatives that are in a designated cash flow or net
investment hedge accounting relationship. Derivatives are classified as assets when their fair value is positive or as liabilities when their
fair value is negative.
Hedge accounting
The Group applies the requirements of IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting purposes.
The Group applies hedge accounting to represent the economic effects of its interest rate, currency and contractually-linked inflation
risk management strategies. Where derivatives are held for risk management purposes, and when transactions meet the required
criteria for documentation and hedge effectiveness, the Group applies fair value hedge accounting, cash flow hedge accounting, or
hedging of a net investment in a foreign operation, as appropriate to the risks being hedged.
Fair value hedge accounting
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement, together
with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The fair value changes adjust the
carrying value of the hedged asset or liability held at amortised cost.
If hedge relationships no longer meet the criteria for hedge accounting, hedge accounting is discontinued. For fair value hedges of
interest rate risk, the fair value adjustment to the hedged item is amortised to the income statement over the period to maturity of the
previously designated hedge relationship using the effective interest method. If the hedged item is sold or repaid, the unamortised fair
value adjustment is recognised immediately in the income statement. For items classified as fair value through other comprehensive
income, the hedge accounting adjustment is included in other comprehensive income.
Cash flow hedge accounting
For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognised
initially in other comprehensive income, and then recycled to the income statement in the periods when the hedged item will affect
profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognised in the income statement immediately.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain
or loss existing in equity at that time remains in equity and is recognised when the hedged item is ultimately recognised in the income
statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was recognised in equity is
immediately transferred to the income statement.
Hedges of net investments
The Group\u2019s net investments in foreign operations, including monetary items accounted for as part of the net investment, are hedged
for foreign currency risks using both derivatives and foreign currency borrowings. Hedges of net investments are accounted for
similarly to cash flow hedges; the effective portion of the gain or loss on the hedging instrument is being recognised directly in other
comprehensive income and the ineffective portion being recognised immediately in the income statement. The cumulative gain or loss
recognised in other comprehensive income is recognised in the income statement on the disposal or partial disposal of the foreign
operation, or other reductions in the Group\u2019s investment in the operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-607": { "value": "
Accounting for derivatives
Derivative instruments are contracts whose value is derived from one or more underlying financial instruments or indices defined in the
contract. They include swaps, forward-rate agreements, futures, options and combinations of these instruments and primarily affect
the Group\u2019s net interest income, net trading income and derivative assets and liabilities. Notional amounts of the contracts are not
recorded on the balance sheet. Derivatives are used to hedge interest rate, credit risk, inflation risk, exchange rate, commodity equity
exposures, and exposures to certain indices such as house price indices and retail price indices related to non-trading positions.
All derivative instruments are held at fair value through profit or loss, except for derivatives that are in a designated cash flow or net
investment hedge accounting relationship. Derivatives are classified as assets when their fair value is positive or as liabilities when their
fair value is negative.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-609": { "value": "
Hedge accounting
The Group applies the requirements of IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting purposes.
The Group applies hedge accounting to represent the economic effects of its interest rate, currency and contractually-linked inflation
risk management strategies. Where derivatives are held for risk management purposes, and when transactions meet the required
criteria for documentation and hedge effectiveness, the Group applies fair value hedge accounting, cash flow hedge accounting, or
hedging of a net investment in a foreign operation, as appropriate to the risks being hedged.
Fair value hedge accounting
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement, together
with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The fair value changes adjust the
carrying value of the hedged asset or liability held at amortised cost.
If hedge relationships no longer meet the criteria for hedge accounting, hedge accounting is discontinued. For fair value hedges of
interest rate risk, the fair value adjustment to the hedged item is amortised to the income statement over the period to maturity of the
previously designated hedge relationship using the effective interest method. If the hedged item is sold or repaid, the unamortised fair
value adjustment is recognised immediately in the income statement. For items classified as fair value through other comprehensive
income, the hedge accounting adjustment is included in other comprehensive income.
Cash flow hedge accounting
For qualifying cash flow hedges, the fair value gain or loss associated with the effective portion of the cash flow hedge is recognised
initially in other comprehensive income, and then recycled to the income statement in the periods when the hedged item will affect
profit or loss. Any ineffective portion of the gain or loss on the hedging instrument is recognised in the income statement immediately.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain
or loss existing in equity at that time remains in equity and is recognised when the hedged item is ultimately recognised in the income
statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was recognised in equity is
immediately transferred to the income statement.
Hedges of net investments
The Group\u2019s net investments in foreign operations, including monetary items accounted for as part of the net investment, are hedged
for foreign currency risks using both derivatives and foreign currency borrowings. Hedges of net investments are accounted for
similarly to cash flow hedges; the effective portion of the gain or loss on the hedging instrument is being recognised directly in other
comprehensive income and the ineffective portion being recognised immediately in the income statement. The cumulative gain or loss
recognised in other comprehensive income is recognised in the income statement on the disposal or partial disposal of the foreign
operation, or other reductions in the Group\u2019s investment in the operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-610": { "value": "Fair value of financial instruments
Accounting for financial assets and liabilities \u2013 fair values
Financial instruments that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at
fair value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if
the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a business
model that is achieved by both collecting contractual cash flows and selling. Subsequent changes in fair value for these instruments are
recognised in the income statement in net investment income, except if reporting it in trading income reduces an accounting
mismatch.
Wherever possible, fair value is determined by reference to a quoted market price for that instrument. For many of the Group\u2019s financial
assets and liabilities, especially derivatives, quoted prices are not available and valuation models are used to estimate fair value. The
models calculate the expected cash flows under the terms of each specific contract and then discount these values back to a present
value. These models use as their basis independently sourced market inputs including, for example, interest rate yield curves, equities
and commodities prices, option volatilities and currency rates.
For financial liabilities measured at fair value, the carrying amount reflects the effect on fair value of changes in own credit spreads
derived from observable market data such as in primary issuance and redemption activity for structured notes.
On initial recognition, it is presumed that the transaction price is the fair value unless there is observable information available in an
active market to the contrary.
For valuations that have made use of unobservable inputs, the difference between the model valuation and the initial transaction price
(Day one profit) is recognised in profit or loss either: on a straight-line basis over the term of the transaction; or over the period until all
inputs will become observable where appropriate; or released in full when previously unobservable inputs become observable.
Various factors influence the availability of observable inputs and these may vary from product to product and change over time.
Factors include the depth of activity in the relevant market, the type of product, whether the product is new and not widely traded in the
marketplace, the maturity of market modelling and the nature of the transaction (bespoke or generic). To the extent that valuation is
based on models or inputs that are not observable in the market, the determination of fair value can be more subjective, dependent on
the significance of the unobservable input to the overall valuation. Unobservable inputs are determined based on the best information
available, for example by reference to similar assets, similar maturities or other analytical techniques.
The sensitivity of valuations used in the financial statements to possible changes in significant unobservable inputs is shown on page
456.
Critical accounting estimates and judgements
The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation
models make use of unobservable inputs (\u2018Level 3\u2019 assets and liabilities). This note provides information on these instruments, including
the related unrealised gains and losses recognised in the period, a description of significant valuation techniques and unobservable
inputs, and a sensitivity analysis.
Climate-related risks are assumed to be included in the fair values of assets and liabilities traded in active markets. Within less active
markets, for counterparties and instruments identified as being more susceptible to climate change risk, an impact assessment was
performed through increasing their probability of default. The change in valuation of the assets and liabilities from this assessment was
sufficiently immaterial to necessitate any amendment to the reported year end valuations.
Valuation
Assets and liabilities according to a hierarchy that reflects the observability of significant market inputs. The three levels of the fair value
hierarchy are defined below with judgement applied in determining the boundary between Level 2 and 3 classification.
Quoted market prices \u2013 Level 1
Assets and liabilities are classified as Level 1 if their value is observable in an active market. Such instruments are valued by reference to
unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price
represents actual and regularly occurring market transactions. An active market is one in which transactions occur with sufficient
volume and frequency to provide pricing information on an ongoing basis.
Valuation technique using observable inputs \u2013 Level 2
Assets and liabilities classified as Level 2 have been valued using models whose inputs are observable either directly or indirectly.
Valuations based on observable inputs include assets and liabilities such as swaps and forwards which are valued using market standard
pricing techniques, and options that are commonly traded in markets where all the inputs to the market standard pricing models are
observable. For certain instruments that derive a fair value using unobservable inputs that are not considered significant, then the asset
or liability may be classified as Level 2.
Valuation technique using significant unobservable inputs \u2013 Level 3
Assets and liabilities are classified as Level 3 if their valuation incorporates significant inputs that are not based on observable market
data (unobservable inputs). A valuation input is considered observable if it can be directly observed from transactions in an active
market, or if there is compelling external evidence demonstrating an executable exit price. Unobservable input levels are generally
determined via reference to observable inputs, historical observations or using other analytical techniques.
The following table shows the Group\u2019s assets and liabilities that are held at fair value disaggregated by valuation technique (fair value
hierarchy) and balance sheet classification:
Assets and liabilities held at fair value
2023
2022
Valuation technique using
Valuation technique using
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
94,658
73,438
6,509
174,605
62,478
64,855
6,480
133,813
Financial assets at fair value through the income
statement
5,831
192,571
8,249
206,651
5,720
198,723
9,125
213,568
Derivative financial assets
107
253,189
3,540
256,836
10,054
287,152
5,174
302,380
Financial assets at fair value through other
comprehensive income
30,247
40,511
1,078
71,836
20,704
44,347
11
65,062
Investment property
\u2014
\u2014
2
2
\u2014
\u2014
5
5
Total assets
130,843
559,709
19,378
709,930
98,956
595,077
20,795
714,828
Trading portfolio liabilities
(29,274)
(29,027)
(368)
(58,669)
(44,128)
(28,740)
(56)
(72,924)
Financial liabilities designated at fair value
(117)
(296,200)
(1,222)
(297,539)
(133)
(270,454)
(1,050)
(271,637)
Derivative financial liabilities
(81)
(245,310)
(4,653)
(250,044)
(10,823)
(272,434)
(6,363)
(289,620)
Total liabilities
(29,472)
(570,537)
(6,243)
(606,252)
(55,084)
(571,628)
(7,469)
(634,181)
The following table shows the Group\u2019s Level 3 assets and liabilities that are held at fair value disaggregated by product type:
Level 3 assets and liabilities held at fair value by product type
2023
2022
Assets
Liabilities
Assets
Liabilities
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate derivatives
2,211
(1,701)
2,362
(2,858)
Foreign exchange derivatives
111
(91)
1,513
(1,474)
Credit derivatives
241
(820)
290
(603)
Equity derivatives
977
(2,041)
1,009
(1,428)
Corporate debt
1,867
(352)
1,677
(49)
Reverse repurchase and repurchase agreements
209
(517)
37
(434)
Loans
10,614
\u2014
11,233
\u2014
Private equity investments
1,375
(10)
1,291
(8)
Other1
1,773
(711)
1,383
(615)
Total
19,378
(6,243)
20,795
(7,469)
Note
1 Other includes funds and fund-linked products, issued debt, Government and Government sponsored debt, asset backed securities, equity cash products and investment property.
Valuation techniques and sensitivity analysis
Sensitivity analysis is performed on products with significant unobservable inputs (Level 3) to generate a range of reasonably possible
alternative valuations. The sensitivity methodologies applied take account of the nature of the valuation techniques used, as well as the
availability and reliability of observable proxy and historical data and the impact of using alternative models.
Sensitivities are dynamically calculated on a monthly basis. The calculation is based on range or spread data of a reliable reference
source or a scenario based on relevant market analysis alongside the impact of using alternative models. Sensitivities are calculated
without reflecting the impact of any diversification in the portfolio.
The valuation techniques used, observability and sensitivity analysis for material products within Level 3, are described below.
Interest rate derivatives
Description: Derivatives linked to interest rates or inflation indices. The category includes futures, interest rate and inflation swaps,
swaptions, caps, floors, inflation options, balance guaranteed swaps and other exotic interest rate derivatives.
Valuation: Interest rate and inflation derivatives are generally valued using curves of forward rates constructed from market data to
project and discount the expected future cash flows of trades. Instruments with optionality are valued using volatilities implied from
market inputs, and use industry standard or bespoke models depending on the product type.
Observability: In general, inputs are considered observable up to liquid maturities which are determined separately for each input and
underlying. Unobservable inputs are generally set by referencing liquid market instruments and applying extrapolation techniques or
inferred via another reasonable method.
Foreign exchange derivatives
Description: Derivatives linked to the foreign exchange (FX) market. The category includes FX forward contracts, FX swaps and FX
options. The majority are traded as over the counter (OTC) derivatives.
Valuation: FX derivatives are valued using industry standard and bespoke models depending on the product type. Valuation inputs
include FX rates, interest rates, FX volatilities, interest rate volatilities, FX interest rate correlations and others as appropriate.
Observability: FX correlations, forwards and volatilities are generally observable up to liquid maturities which are determined separately
for each input and underlying. Unobservable inputs are set by referencing liquid market instruments and applying extrapolation
techniques, or inferred via another reasonable method.
Credit derivatives
Description: Derivatives linked to the credit spread of a referenced entity, index or basket of referenced entities or a pool of referenced
assets (e.g. a securitised product). The category includes single name and index credit default swaps (CDS) and total return swaps
(TRS).
Valuation: CDS are valued on industry standard models using curves of credit spreads as the principal input. Credit spreads are observed
directly from broker data, third party vendors or priced to proxies.
Observability: CDS contracts referencing entities that are actively traded are generally considered observable. Other valuation inputs
are considered observable if products with significant sensitivity to the inputs are actively traded in a liquid market. Unobservable
valuation inputs are generally determined with reference to recent transactions or inferred from observable trades of the same issuer
or similar entities.
Equity derivatives
Description: Exchange traded or OTC derivatives linked to equity indices and single names. The category includes vanilla and exotic
equity products.
Valuation: Equity derivatives are valued using industry standard models. Valuation inputs include stock prices, dividends, volatilities,
interest rates, equity repurchase curves and, for multi-asset products, correlations.
Observability: In general, valuation inputs are observable up to liquid maturities which are determined separately for each input and
underlying. Unobservable inputs are set by referencing liquid market instruments and applying extrapolation techniques, or inferred via
another reasonable method.
Corporate debt
Description: Primarily corporate bonds.
Valuation: Corporate bonds are valued using observable market prices sourced from broker quotes, inter-dealer prices or other reliable
pricing sources.
Observability: Prices for actively traded bonds are considered observable. Unobservable bonds prices are generally determined by
reference to bond yields or CDS spreads for actively traded instruments issued by or referencing the same (or a similar) issuer.
Reverse repurchase and repurchase agreements
Description: Includes securities purchased under resale agreements, securities sold under repurchase agreements, and other similar
secured lending agreements. The agreements are primarily short-term in nature.
Valuation: Repurchase and reverse repurchase agreements are generally valued by discounting the expected future cash flows using
industry standard models that incorporate market interest rates and repurchase rates, based on the specific details of the transaction.
Observability: Inputs are deemed observable up to liquid maturities or for consensus pricing with low pricing-range and are determined
based on the specific features of the transaction. Unobservable inputs are generally set by referencing liquid market instruments and
applying extrapolation techniques, or inferred via another reasonable method.
Loans
Description: A drawn lending facility issued to corporate clients and customers.
Valuation:\u00a0 Loans are valued either using a price-based approach, or\u00a0 through\u00a0 models that discount expected future cash flows based
on interest rates and loan spreads.
Observability: Within this loan population, the price or loan spread may be\u00a0 generally unobservable.\u00a0
Private equity investments
Description: Includes investments in equity holdings in operating companies not quoted on a public exchange.
Valuation: Private equity investments are valued in accordance with the \u2018International Private Equity and Venture Capital Valuation
Guidelines\u2019 which require the use of a number of individual pricing benchmarks such as the prices of recent transactions in the same or
similar entities, discounted cash flow analysis and comparison with the earnings or revenue multiples of listed companies. While the
valuation of unquoted equity instruments is subjective by nature, the relevant methodologies are commonly applied by other market
participants and have been consistently applied over time.
Observability: Inputs are considered observable if there is active trading in a liquid market of products with significant sensitivity to the
inputs. Unobservable inputs include earnings or revenue estimates, multiples of comparative companies, marketability discounts and
discount rates.
Other
Description: Other includes funds and fund-linked products, issued debt, government sponsored debt, asset backed securities, equity
cash products\u00a0 and\u00a0 investment property.
Assets and liabilities reclassified between Level 1 and Level 2
During the period, there were no material transfers between Level 1 and Level 2 (2022: there were no material transfers between Level
1 and Level 2).
Level 3 movement analysis
The following table summarises the movements in the Level 3 balances during the period. Transfers have been reflected as if they had
taken place at the beginning of the year.
Asset and liability transfers between Level 2 and Level 3 are primarily due to i) an increase or decrease in observable market activity
related to an input or ii) a change in the significance of the unobservable input, with assets and liabilities classified as Level 3 if an
unobservable input is deemed significant.
Analysis of movements in Level 3 assets and liabilities
As at 1
January
2023
Total gains and (losses)
in the period
recognised in the
income statement
Total gains
or (losses)
recognised
in OCI
Transfers
As at 31
December
2023
Purchases
Sales
Issues
Settlements
Trading
income 2
Other
income
In
Out
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Corporate debt
597
352
(146)
\u2014
(220)
76
\u2014
\u2014
56
(34)
681
Loans
4,837
1,425
(1,734)
\u2014
(382)
(34)
\u2014
\u2014
384
(27)
4,469
Other
1,046
1,617
(1,143)
\u2014
\u2014
(31)
\u2014
\u2014
619
(749)
1,359
Trading portfolio assets
6,480
3,394
(3,023)
\u2014
(602)
11
\u2014
\u2014
1,059
(810)
6,509
Corporate debt
1,080
40
(145)
\u2014
\u2014
10
(8)
\u2014
\u2014
(89)
888
Loans
6,396
3,630
(3,263)
\u2014
(1,361)
176
(14)
\u2014
213
(165)
5,612
Private equity investments
1,284
97
(26)
\u2014
(6)
(64)
86
\u2014
\u2014
\u2014
1,371
Reverse repurchase and
repurchase agreements
37
166
\u2014
\u2014
\u2014
6
\u2014
\u2014
\u2014
\u2014
209
Other
328
33
(1)
\u2014
(62)
(19)
(3)
\u2014
26
(133)
169
Financial assets at fair value
through the income statement
9,125
3,966
(3,435)
\u2014
(1,429)
109
61
\u2014
239
(387)
8,249
Corporate debt
\u2014
193
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
105
\u2014
298
Loans
\u2014
533
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
533
Private equity investments
7
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(3)
\u2014
\u2014
4
Other
4
200
\u2014
\u2014
(3)
\u2014
\u2014
\u2014
42
\u2014
243
Assets at fair value through
other comprehensive income
11
926
\u2014
\u2014
(3)
\u2014
\u2014
(3)
147
\u2014
1,078
Investment properties
5
\u2014
(4)
\u2014
\u2014
1
\u2014
\u2014
\u2014
2
Trading portfolio liabilities
(56)
(367)
45
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10
(368)
Financial liabilities designated at
fair value
(1,050)
(40)
\u2014
(403)
\u2014
(38)
(3)
\u2014
(147)
459
(1,222)
Interest rate derivatives
(496)
130
(31)
\u2014
58
87
\u2014
\u2014
326
436
510
Foreign exchange derivatives
39
\u2014
\u2014
\u2014
37
(15)
\u2014
\u2014
11
(52)
20
Credit derivatives
(313)
(351)
56
\u2014
(15)
(2)
\u2014
\u2014
51
(5)
(579)
Equity derivatives
(419)
(419)
(1)
\u2014
3
(162)
\u2014
\u2014
\u2014
(66)
(1,064)
Net derivative financial
instruments1
(1,189)
(640)
24
\u2014
83
(92)
\u2014
\u2014
388
313
(1,113)
Total
13,326
7,239
(6,393)
(403)
(1,951)
(10)
59
(3)
1,686
(415)
13,135
Analysis of movements in Level 3 assets and liabilities
As at 1
January
2022
Total gains and (losses)
in the period
recognised in the
income statement
Total gains
or (losses)
recognised
in OCI
Transfers
As at 31
December
2022
Purchases
Sales
Issues
Settlements
Trading
income 2
Other
income
In
Out
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Corporate debt
389
394
(182)
\u2014
(18)
(39)
\u2014
\u2014
87
(34)
597
Loans
758
7,009
(2,635)
\u2014
(19)
(264)
\u2014
\u2014
10
(22)
4,837
Other
1,134
665
(412)
\u2014
(298)
(43)
\u2014
\u2014
275
(275)
1,046
Trading portfolio assets
2,281
8,068
(3,229)
\u2014
(335)
(346)
\u2014
\u2014
372
(331)
6,480
Corporate debt
816
405
\u2014
\u2014
(189)
48
\u2014
\u2014
\u2014
\u2014
1,080
Loans
7,608
8,689
(7,559)
\u2014
(1,485)
(804)
\u2014
\u2014
49
(102)
6,396
Private equity investments
1,095
192
(64)
\u2014
(24)
95
(66)
\u2014
56
\u2014
1,284
Reverse repurchase and
repurchase agreements
13
\u2014
\u2014
\u2014
\u2014
24
\u2014
\u2014
\u2014
\u2014
37
Other
180
127
\u2014
\u2014
(2)
3
3
\u2014
17
\u2014
328
Financial assets at fair value
through the income statement
9,712
9,413
(7,623)
\u2014
(1,700)
(634)
(63)
\u2014
122
(102)
9,125
Private equity investments
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1
6
\u2014
7
Other
38
\u2014
\u2014
\u2014
(32)
\u2014
\u2014
(2)
\u2014
\u2014
4
Assets at fair value through
other comprehensive income
38
\u2014
\u2014
\u2014
(32)
\u2014
\u2014
(1)
6
\u2014
11
Investment properties
7
\u2014
(1)
\u2014
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
5
Trading portfolio liabilities
(27)
(23)
8
\u2014
\u2014
9
\u2014
\u2014
(27)
4
(56)
Financial liabilities designated at
fair value
(410)
(286)
\u2014
(98)
82
70
\u2014
\u2014
(448)
40
(1,050)
Interest rate derivatives
(260)
(216)
\u2014
\u2014
54
(467)
\u2014
\u2014
431
(38)
(496)
Foreign exchange derivatives
2
\u2014
\u2014
\u2014
(6)
27
\u2014
\u2014
\u2014
16
39
Credit derivatives
(386)
(4)
(2)
\u2014
57
23
\u2014
\u2014
11
(12)
(313)
Equity derivatives
(1,405)
(213)
\u2014
\u2014
333
306
\u2014
\u2014
(11)
571
(419)
Net derivative financial
instruments 1
(2,049)
(433)
(2)
\u2014
438
(111)
\u2014
\u2014
431
537
(1,189)
Total
9,552
16,739
(10,847)
(98)
(1,547)
(1,012)
(64)
(1)
456
148
13,326
Notes
1 The derivative financial instruments are represented on a net basis. On a gross basis, derivative financial assets are \u00a33,540m (2022: \u00a35,174m) and derivative financial liabilities are
\u00a34,653m (2022: \u00a36,363m).
2 Trading income represents gains and (losses) on level 3 financial instruments which in the majority are offset by losses and gains on financial instruments disclosed in level 2.
Unrealised gains and losses on Level 3 financial assets and liabilities
The following table discloses the unrealised gains and losses recognised in the year arising on Level 3 financial assets and liabilities held
at year end.
Unrealised gains and (losses) recognised during the period on Level 3 assets and liabilities held at year end
2023
2022
Income statement
Other
compre-
hensive
income
Total
Income statement
Other
compre-
hensive
income
Total
Trading
income 1
Other
income
Trading
income 1
Other
income
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trading portfolio assets
10
\u2014
\u2014
10
(290)
\u2014
\u2014
(290)
Financial assets at fair value through the income statement
113
72
\u2014
185
(551)
(66)
\u2014
(617)
Fair value through other comprehensive income
\u2014
\u2014
(3)
(3)
\u2014
\u2014
1
1
Investment property
\u2014
1
\u2014
1
\u2014
(1)
\u2014
(1)
Trading portfolio liabilities
\u2014
\u2014
\u2014
\u2014
8
\u2014
\u2014
8
Financial liabilities designated at fair value
(38)
(3)
\u2014
(41)
55
\u2014
\u2014
55
Net derivative financial instruments
(107)
\u2014
\u2014
(107)
(80)
\u2014
\u2014
(80)
Total
(22)
70
(3)
45
(858)
(67)
1
(924)
Note
1 Trading income represents gains and (losses) on level 3 financial instruments which in the majority are offset by losses and gains on financial instruments disclosed in level 2.
Significant unobservable inputs
The following table discloses the valuation techniques and significant unobservable inputs for material products recognised at fair value
and classified as Level 3 along with the range of values used for those significant unobservable inputs:
Valuation technique(s)1
Significant unobservable inputs
2023 Range
2022 Range
Min
Max
Min
Max
Units2
Derivative financial
instruments 3
Interest rate derivatives
Discounted cash flows
Inflation forwards
4
7
3
5
%
Credit spread
15
1,672
17
2,159
bps
Yield
1
7
(3)
56
%
Growth curve
(1)
2
\u2014
\u2014
%
Correlation model
Inflation forwards
\u2014
\u2014
(20)
(13)
%
Option model
Inflation volatility
66
257
49
315
bps vol
Interest rate volatility
26
515
36
430
bps vol
FX - IR correlation
(20)
78
(20)
78
%
IR - IR correlation
(20)
98
12
99
%
Credit derivatives
Discounted cash flows
Credit spread
1
765
3
2,943
bps
Comparable pricing
Price
46
99
79
92
points
Equity derivatives
Option model
Equity volatility
5
138
3
140
%
Equity - equity
correlation
40
100
40
100
%
Discounted cash flow
Discount margin
(238)
110
(205)
634
bps
Non-derivative financial
instruments
Loans
Discounted cash flows
Loan spread
40
802
50
801
bps
Credit spread
186
870
200
426
bps
Yield
7
18
5
34
%
Comparable pricing
Price
0
287
0
101
points
Private equity investments
EBITDA multiple
EBITDA multiple
15
17
11
15
Multiple
Earnings multiple
Earnings multiple
3
25
4
23
Multiple
Discounted cash flow
Credit spread
380
630
496
559
bps
Discount margin
8
10
8
10
%
Corporate debt
Comparable pricing
Price
\u2014
352
0
232
points
Discounted cash flows
Loan spread
\u2014
\u2014
229
834
bps
Reverse repurchase and
repurchase agreements
Discounted cash flows
Repo spread
385
468
321
502
bps
Notes
1 A range has not been provided for Net Asset Value as there would be a wide range reflecting the diverse nature of the positions.
2 The units used to disclose ranges for significant unobservable inputs are percentages, points and basis points. Points are a percentage of par; for example, 100 points equals 100% of
par. A basis point equals 1/100th of 1%; for example, 150 basis points equals 1.5%.
3 Certain derivative instruments are classified as Level 3 due to a significant unobservable credit spread input into the calculation of the Credit Valuation Adjustment for the instruments.
The range of significant unobservable credit spreads is between 29-1672bps (2022: 17-2,159bps).
The following section describes the significant unobservable inputs identified in the table above, and the sensitivity of fair value
measurement of the instruments categorised as Level 3 assets or liabilities to increases in significant unobservable inputs. Where
sensitivities are described, the inverse relationship will also generally apply.
Where reliable interrelationships can be identified between significant unobservable inputs used in fair value measurement, a
description of those interrelationships is included below.
Forwards
A price or rate that is applicable to a financial transaction that will take place in the future.
In general, a significant increase in a forward in isolation will result in a fair value increase for the contracted receiver of the underlying
(currency, bond, commodity, etc.), but the sensitivity is dependent on the specific terms of the instrument.
Credit spread
Credit spreads typically represent the difference in yield between an instrument and a benchmark security or reference rate. Credit
spreads reflect the additional yield that a market participant demands for taking on exposure to the credit risk of an instrument and
form part of the yield used in a discounted cash flow calculation.
In general, a significant increase in credit spread in isolation will result in a movement in a fair value decrease for a cash asset.
For a derivative instrument, a significant increase in credit spread in isolation can result in a fair value increase or decrease depending on
the specific terms of the instrument.
Volatility
Volatility is a measure of the variability or uncertainty in return for a given derivative underlying. It is an estimate of how much a particular
underlying instrument input or index will change in value over time. In general, volatilities are implied from observed option prices. For
unobservable options the implied volatility may reflect additional assumptions about the nature of the underlying risk, and the strike/
maturity profile of a specific contract.
In general a significant increase in volatility in isolation will result in a fair value increase for the holder of a simple option, but the
sensitivity is dependent on the specific terms of the instrument.
There may be interrelationships between unobservable volatilities and other unobservable inputs (e.g. when equity prices fall, implied
equity volatilities generally rise) but these are generally specific to individual markets and may vary over time.
Correlation
Correlation is a measure of the relationship between the movements of two variables. Correlation can be a significant input into
valuation of derivative contracts with more than one underlying instrument. Credit correlation generally refers to the correlation
between default processes for the separate names that make up the reference pool of a CDO structure.
A significant increase in correlation in isolation can result in a fair value increase or decrease depending on the specific terms of the
instrument.
Comparable price
Comparable instrument prices are used in valuation by calculating an implied yield (or spread over a liquid benchmark) from the price of a
comparable observable instrument, then adjusting that yield (or spread) to account for relevant differences such as maturity or credit
quality. Alternatively, a price-to-price basis can be assumed between the comparable and unobservable instruments in order to
establish a value.
Loans includes a portfolio of loans extended to clients within the Group\u2019s leveraged finance business. Leveraged finance loans are
originated where Barclays provide financing commitments to clients to facilitate strategic transactions such as leverage buyouts and
acquisitions. The sensitivity of the portfolio to unobservable inputs is judgmental reflecting their illiquid nature and the significance of
unobservable price inputs to the valuation.
In general, a significant increase in comparable price in isolation will result in an increase in the price of the unobservable instrument. For
derivatives, a change in the comparable price in isolation can result in a fair value increase or decrease depending on the specific terms
of the instrument.
Loan spread
Loan spreads typically represent the difference in yield between an instrument and a benchmark security or reference rate. Loan
spreads typically reflect credit quality, the level of comparable assets such as gilts and other factors, and form part of the yield used in a
discounted cash flow calculation.
Loans containing unobservable input loan spreads into their valuation primarily consist of long-dated fixed rate loans extended to
counterparties in the UK Education, Social Housing and Local Authority sectors (ESHLA). The loans are categorised as Level 3 in the fair
value hierarchy due to their illiquid nature and the significance of unobservable loan spreads to the valuation. Valuation uncertainty
arises from the long-dated nature of the portfolio, the lack of secondary market in the loans and the lack of observable loan spreads.
The majority of ESHLA loans are to borrowers in heavily regulated sectors that are considered extremely low credit risk, and have a
history of near zero defaults since inception. While the overall loan spread range is from 40bps to 307bps (2022: 50bps to 589bps), the
vast majority of spreads are concentrated towards the bottom end of this range, with 98% of the loan notional being valued with
spreads less than 200bps for the current period.
In general, a significant increase in loan spreads in isolation will result in a fair value decrease for a loan.
EBITDA multiple
EBITDA multiple is the ratio of the valuation of the investment to the earnings before interest, taxes, depreciation and amortisation.
In general, a significant increase in the multiple will result in a fair value increase for an investment.
Earnings multiple
Earnings or Revenue multiple is the ratio of the valuation of the investment to the earnings or revenue. In general, a significant increase
in the multiple will result in a fair value increase for an investment.
Sensitivity analysis of valuations using unobservable inputs
2023
2022
Favourable changes
Unfavourable changes
Favourable changes
Unfavourable changes
Income
statement
Equity
Income
statement
Equity
Income
statement
Equity
Income
statement
Equity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate derivatives
78
\u2014
(158)
\u2014
119
\u2014
(155)
\u2014
Foreign exchange derivatives
4
\u2014
(9)
\u2014
16
\u2014
(22)
\u2014
Credit derivatives
27
\u2014
(32)
\u2014
79
\u2014
(71)
\u2014
Equity derivatives
142
\u2014
(226)
\u2014
161
\u2014
(168)
\u2014
Corporate debt
34
\u2014
(22)
\u2014
45
\u2014
(27)
\u2014
Loans
612
2
(801)
(2)
338
\u2014
(551)
\u2014
Private equity investments
263
1
(263)
(1)
268
1
(281)
(1)
Other1
126
1
(118)
(1)
49
\u2014
(52)
\u2014
Total
1,286
4
(1,629)
(4)
1,075
1
(1,327)
(1)
Note
1 Other includes, Equity Cash Products,\u00a0 Fund and Fund Linked, Government and Government Sponsored Debt, Asset backed securities.
The effect of stressing unobservable inputs to a range of reasonably possible alternatives, alongside considering the impact of using
alternative models, would be to increase fair values by up to \u00a31,290m (2022: \u00a31,076m) or to decrease fair values by up to \u00a31,633m
(2022: \u00a31,328m) with substantially all the potential effect impacting profit and loss. Unfavourable changes shown in the table above are
partly provided for through the capital and prudential valuation adjustment framework
Fair value adjustments
Key balance sheet valuation adjustments are quantified below:
2023
2022
\u00a3m
\u00a3m
Exit price adjustments derived from market bid-offer spreads
(569)
(577)
Uncollateralised derivative funding
(4)
(11)
Derivative credit valuation adjustments
(209)
(319)
Derivative debit valuation adjustments
144
208
Exit price adjustments derived from market bid-offer spreads
The Group uses mid-market pricing where it is a market maker and has the ability to transact at, or better than, mid price (which is the
case for certain equity, bond and vanilla derivative markets). For other financial assets and liabilities, bid-offer adjustments are recorded
to reflect the exit level for the expected close out strategy. The methodology for determining the bid-offer adjustment for a derivative
portfolio involves calculating the net risk exposure by offsetting long and short positions by strike and term in accordance with the risk
management and hedging strategy.
Bid-offer levels are generally derived from market quotes such as broker data. Less liquid instruments may not have a directly
observable bid-offer level. In such instances, an exit price adjustment may be derived from an observable bid-offer level for a
comparable liquid instrument, or determined by calibrating to derivative prices, or by scenario or historical analysis.
Exit price adjustments derived from market bid-offer spreads have decreased by \u00a38m to \u00a3(569)m.
Discounting approaches for derivative instruments
Collateralised
In line with market practice, the methodology for discounting collateralised derivatives takes into account the nature and currency of
the collateral that can be posted within the relevant credit support annex (CSA). The CSA aware discounting approach recognises the
\u2018cheapest to deliver\u2019 option that reflects the ability of the party posting collateral to change the currency of the collateral.
Uncollateralised
A fair value adjustment of \u00a3(4)m is applied to account for the impact of incorporating the cost of funding into the valuation of
uncollateralised and partially collateralised derivative portfolios and collateralised derivatives where the terms of the agreement do not
allow the rehypothecation of collateral received. The\u00a0 derivative funding adjustment\u00a0 has decreased by \u00a37m to \u00a3(4)m .
Derivative credit and debit valuation adjustments
Derivative credit valuation adjustments and Derivative debit valuation adjustments are incorporated into derivative valuations to reflect
the impact on fair value of counterparty credit risk and Barclays\u2019 own credit quality respectively. These adjustments are calculated for
uncollateralised and partially collateralised derivatives across all asset classes. Derivative credit valuation adjustments and Derivative
debit valuation adjustments are calculated using estimates of exposure at default, probability of default and recovery rates, at a
counterparty level. Counterparties include (but are not limited to) corporates, sovereigns and sovereign agencies and supranationals.
Exposure at default is generally estimated through the simulation of underlying risk factors through approximating with a more vanilla
structure, or by using current or scenario-based mark to market as an estimate of future exposure.
Probability of default and recovery rate information is generally sourced from the CDS markets. Where this information is not available,
or considered unreliable, alternative approaches are taken based on mapping internal counterparty ratings onto historical or market-
based default and recovery information.
Derivative credit valuation adjustments decreased by \u00a3110m to \u00a3(209)m as a result of tightening input counterparty credit spreads.
Derivative debit valuation adjustments decreased by \u00a364m to \u00a3144m as a result of tightening input Barclays Bank PLC credit spreads .
Correlation between counterparty credit and underlying derivative risk factors, termed \u2018wrong-way,\u2019 or \u2018right-way\u2019 risk, is not
systematically incorporated into the derivative credit valuation adjustments calculation but is adjusted where the underlying exposure is
directly related to the counterparty.
Barclays continues to monitor market practices and activity to ensure the approach to uncollateralised derivative valuation remains
appropriate.
Portfolio exemptions
The Group uses the portfolio exemption in IFRS 13 Fair Value Measurement to measure the fair value of groups of financial assets and
liabilities. Instruments are measured using the price that would be received to sell a net long position (i.e. an asset) for a particular risk
exposure or to transfer a net short position (i.e. a liability) for a particular risk exposure in an orderly transaction between market
participants at the balance sheet date under current market conditions. Accordingly, the Group measures the fair value of the group of
financial assets and liabilities consistently with how market participants would price the net risk exposure at the measurement date.
Unrecognised gains as a result of the use of valuation models using unobservable inputs
The amount that has yet to be recognised in income that relates to the difference between the transaction price (the fair value at initial
recognition) and the amount that would have arisen had valuation models using unobservable inputs been used on initial recognition,
less amounts subsequently recognised, is \u00a3205m (2022: \u00a3126m) for financial instruments measured at fair value and \u00a3192m (2022:
\u00a3216m) for financial instruments carried at amortised cost. There are additions and FX loss of \u00a3136m (2022: \u00a359m additions and FX
gains), and amortisation and releases of \u00a357m (2022: \u00a366m) for financial instruments measured at fair value and additions of \u00a30m
(2022: \u00a30m) and amortisation and releases of \u00a324m (2022: \u00a314m) for financial instruments measured at amortised cost.
Third-party credit enhancements
Structured and brokered certificates of deposit issued by Barclays are insured up to $250,000 per depositor by the Federal Deposit
Insurance Corporation (FDIC) in the US. The FDIC is funded by premiums that Barclays and other banks pay for deposit insurance
coverage. The carrying value of these issued certificates of deposit that are designated under the IFRS 9 fair value option includes this
third party credit enhancement. The on-balance sheet value of these brokered certificates of deposit amounted to \u00a35,162m (2022:
\u00a35,197m).
Comparison of carrying amounts and fair values for assets and liabilities not held at fair value
The following table summarises the fair value of financial assets and liabilities measured at amortised cost on the Group\u2019s balance
sheet:
2023
2022
Carrying
amount
Fair value
Level 1
Level 2
Level 3
Carrying
amount
Fair value
Level 1
Level 2
Level 3
As at 31 December
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Debt securities at amortised cost
56,749
55,437
13,976
39,014
2,447
45,487
44,512
9,952
33,285
1,275
Loans and advances at amortised cost
342,747
334,706
5,854
80,533
248,319
353,292
347,149
5,165
79,868
262,116
Reverse repurchase agreements and
other similar secured lending
2,594
2,594
\u2014
2,594
\u2014
776
776
\u2014
776
\u2014
Assets included in disposal groups
classified as held for sale
3,855
3,855
\u2014
3,855
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Financial liabilities
Deposits at amortised cost
(538,789)
(538,502)
(382,345)
(150,757)
(5,400)
(545,782)
(545,738)
(426,016)
(116,157)
(3,565)
Repurchase agreements and other
similar secured borrowing
(41,601)
(41,601)
\u2014
(41,601)
\u2014
(27,052)
(27,054)
\u2014
(27,054)
\u2014
Debt securities in issue
(96,825)
(98,123)
\u2014
(95,999)
(2,124)
(112,881)
(113,276)
\u2014
(110,151)
(3,125)
Subordinated liabilities
(10,494)
(10,803)
\u2014
(10,608)
(195)
(11,423)
(11,474)
\u2014
(11,254)
(220)
Liabilities included in disposal groups
classified as held for sale
(3,078)
(3,078)
\u2014
(3,078)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
The fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. As a wide range of valuation techniques are available, it may not be appropriate
to directly compare this fair value information to independent market sources or other financial institutions. Different valuation
methodologies and assumptions can have a significant impact on fair values which are based on unobservable inputs.
Financial assets
Loans and advances at amortised cost
The fair value of loans and advances, for the purpose of this disclosure, is derived from discounting expected cash flows in a way that
reflects the current market price for lending to issuers of similar credit quality. Where market data or credit information on the
underlying borrowers is unavailable, a number of proxy/extrapolation techniques are employed to determine the appropriate discount
rates. For 2023, the fair value is lower than carrying value mainly on fixed rate products driven by rising interest rates. The majority will be
part of a wider portfolio which includes fair valued instruments that are not presented in this table.
Reverse repurchase agreements and other similar secured borrowing
The fair value of reverse repurchase agreements approximates carrying amount as these balances are generally short dated and fully
collateralised.
Financial liabilities
Deposits at amortised cost
In many cases, the fair value disclosed approximates carrying value because the instruments are short term in nature or have interest
rates that reprice frequently, such as customer accounts and other deposits and short-term debt securities.
The fair value for deposits with longer-term maturities, mainly time deposits, are estimated using discounted cash flows applying either
market rates or current rates for deposits of similar remaining maturities. Consequently, the fair value discount is minimal.
Repurchase agreements and other similar secured borrowing
The fair value of repurchase agreements approximates carrying amounts as these balances are generally short dated.
Debt securities in issue
Fair values of other debt securities in issue are based on quoted prices where available, or where the instruments are short dated,
carrying amount approximates fair value.
Subordinated liabilities
Fair values for dated and undated convertible and non-convertible loan capital are based on quoted market rates for the issuer
concerned or issuers with similar terms and conditions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-611": { "value": "
Financial instruments that are held for trading are recognised at fair value through profit or loss. In addition, financial assets are held at
fair value through profit or loss if they do not contain contractual terms that give rise on specified dates to cash flows that are SPPI, or if
the financial asset is not held in a business model that is either (i) a business model to collect the contractual cash flows or (ii) a business
model that is achieved by both collecting contractual cash flows and selling. Subsequent changes in fair value for these instruments are
recognised in the income statement in net investment income, except if reporting it in trading income reduces an accounting
mismatch.
Wherever possible, fair value is determined by reference to a quoted market price for that instrument. For many of the Group\u2019s financial
assets and liabilities, especially derivatives, quoted prices are not available and valuation models are used to estimate fair value. The
models calculate the expected cash flows under the terms of each specific contract and then discount these values back to a present
value. These models use as their basis independently sourced market inputs including, for example, interest rate yield curves, equities
and commodities prices, option volatilities and currency rates.
For financial liabilities measured at fair value, the carrying amount reflects the effect on fair value of changes in own credit spreads
derived from observable market data such as in primary issuance and redemption activity for structured notes.
On initial recognition, it is presumed that the transaction price is the fair value unless there is observable information available in an
active market to the contrary.
For valuations that have made use of unobservable inputs, the difference between the model valuation and the initial transaction price
(Day one profit) is recognised in profit or loss either: on a straight-line basis over the term of the transaction; or over the period until all
inputs will become observable where appropriate; or released in full when previously unobservable inputs become observable.
Various factors influence the availability of observable inputs and these may vary from product to product and change over time.
Factors include the depth of activity in the relevant market, the type of product, whether the product is new and not widely traded in the
marketplace, the maturity of market modelling and the nature of the transaction (bespoke or generic). To the extent that valuation is
based on models or inputs that are not observable in the market, the determination of fair value can be more subjective, dependent on
the significance of the unobservable input to the overall valuation. Unobservable inputs are determined based on the best information
available, for example by reference to similar assets, similar maturities or other analytical techniques.
The sensitivity of valuations used in the financial statements to possible changes in significant unobservable inputs is shown on page
456.
Critical accounting estimates and judgements
The valuation of financial instruments often involves a significant degree of judgement and complexity, in particular where valuation
models make use of unobservable inputs (\u2018Level 3\u2019 assets and liabilities). This note provides information on these instruments, including
the related unrealised gains and losses recognised in the period, a description of significant valuation techniques and unobservable
inputs, and a sensitivity analysis.
Climate-related risks are assumed to be included in the fair values of assets and liabilities traded in active markets. Within less active
markets, for counterparties and instruments identified as being more susceptible to climate change risk, an impact assessment was
performed through increasing their probability of default. The change in valuation of the assets and liabilities from this assessment was
sufficiently immaterial to necessitate any amendment to the reported year end valuations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-612": { "value": "
Valuation
Assets and liabilities according to a hierarchy that reflects the observability of significant market inputs. The three levels of the fair value
hierarchy are defined below with judgement applied in determining the boundary between Level 2 and 3 classification.
Quoted market prices \u2013 Level 1
Assets and liabilities are classified as Level 1 if their value is observable in an active market. Such instruments are valued by reference to
unadjusted quoted prices for identical assets or liabilities in active markets where the quoted price is readily available, and the price
represents actual and regularly occurring market transactions. An active market is one in which transactions occur with sufficient
volume and frequency to provide pricing information on an ongoing basis.
Valuation technique using observable inputs \u2013 Level 2
Assets and liabilities classified as Level 2 have been valued using models whose inputs are observable either directly or indirectly.
Valuations based on observable inputs include assets and liabilities such as swaps and forwards which are valued using market standard
pricing techniques, and options that are commonly traded in markets where all the inputs to the market standard pricing models are
observable. For certain instruments that derive a fair value using unobservable inputs that are not considered significant, then the asset
or liability may be classified as Level 2.
Valuation technique using significant unobservable inputs \u2013 Level 3
Assets and liabilities are classified as Level 3 if their valuation incorporates significant inputs that are not based on observable market
data (unobservable inputs). A valuation input is considered observable if it can be directly observed from transactions in an active
market, or if there is compelling external evidence demonstrating an executable exit price. Unobservable input levels are generally
determined via reference to observable inputs, historical observations or using other analytical techniques.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-613": { "value": "he Group reports financial assets and financial liabilities on a net basis on the balance sheet only if there is a legally enforceable right to
set-off the recognised amounts and there is intention to settle on a net basis, or to realise the asset and settle the liability
simultaneously. The following table shows the impact of netting arrangements on:
\u25aa all financial assets and liabilities that are reported net on the balance sheet
\u25aa all derivative financial instruments and reverse repurchase and repurchase agreements and other similar secured lending and
borrowing agreements that are subject to enforceable master netting arrangements or similar agreements, but do not qualify for
balance sheet netting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-615": { "value": "Property, plant and equipment
Accounting for property, plant and equipment
Property, plant and equipment is stated at cost, which includes direct and incremental acquisition costs less accumulated depreciation
and provisions for impairment, if required. Subsequent costs are capitalised if these result in enhancement of the asset.
Depreciation is provided on the depreciable amount of items of property, plant and equipment on a straight-line basis over their
estimated useful economic lives. Depreciation rates, methods and the residual values underlying the calculation of depreciation of
items of property, plant and equipment are kept under review to take account of any change in circumstances including consideration
on future Climate and Sustainability investments.
The Group uses the following annual rates in calculating depreciation:
Annual rates in calculating depreciation
Depreciation rate\u00a0
Freehold land
Not depreciated
Freehold buildings
2- 3.3%
Leasehold property
Over the remaining life of the lease
Costs of adaptation of freehold and leasehold property
6- 10%
Equipment installed in freehold and leasehold property
6- 10%
Computers and similar equipment
17- 33%
Fixtures and fittings and other equipment
9- 20%
Costs of adaptation and installed equipment are depreciated over the shorter of the life of the lease or the depreciation rates noted in
the table above.
Investment property
The Group initially recognises investment property at cost, and subsequently at fair value at each balance sheet date, reflecting market
conditions at the reporting date. Gains and losses on remeasurement are included in the income statement.
Investment
property
Property
Equipment
Right of use
assets 1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
As at 1 January 2023
5
3,585
3,018
1,950
8,558
Additions
\u2014
112
297
20
429
Disposals2
(3)
(24)
(954)
(50)
(1,031)
Exchange and other movements
\u2014
(95)
(14)
82
(27)
As at 31 December 2023
2
3,578
2,347
2,002
7,929
Accumulated depreciation and impairment
As at 1 January 2023
\u2014
(1,642)
(2,244)
(1,056)
(4,942)
Depreciation charge
\u2014
(163)
(256)
(157)
(576)
Impairment
\u2014
(33)
\u2014
(27)
(60)
Disposals2
\u2014
10
944
48
1,002
Exchange and other movements
\u2014
50
(7)
21
64
As at 31 December 2023
\u2014
(1,778)
(1,563)
(1,171)
(4,512)
Net book value
2
1,800
784
831
3,417
Cost
As at 1 January 2022
7
4,131
3,210
1,920
9,268
Additions
\u2014
273
313
37
623
Disposals
(1)
(923)
(641)
(68)
(1,633)
Exchange and other movements
(1)
104
136
61
300
As at 31 December 2022
5
3,585
3,018
1,950
8,558
Accumulated depreciation and impairment
As at 1 January 2022
\u2014
(2,255)
(2,586)
(872)
(5,713)
Depreciation charge
\u2014
(181)
(227)
(206)
(614)
Impairment
\u2014
(23)
0
(22)
(45)
Disposals
\u2014
882
630
65
1,577
Exchange and other movements
\u2014
(65)
(61)
(21)
(147)
As at 31 December 2022
\u2014
(1,642)
(2,244)
(1,056)
(4,942)
Net book value
5
1,943
774
894
3,616
Notes
1 Right of use (ROU) asset balances relate to property leases under IFRS 16. Refer to Note 20 for further details.
2 Disposals primarily pertain to\u00a0 fully depreciated assets which are not in use.
Property rentals of \u00a312m (2022: \u00a310m) have been included in other income.
The fair value of investment property is determined by reference to current market prices for similar properties, adjusted as necessary
for condition and location, or by reference to recent transactions updated to reflect current economic conditions. Discounted cash
flow techniques may be employed to calculate fair value where there have been no recent transactions, using current external market
inputs such as market rents and interest rates. Valuations are carried out by management with the support of appropriately qualified
independent valuers.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-614": { "value": "Property, plant and equipment
Accounting for property, plant and equipment
Property, plant and equipment is stated at cost, which includes direct and incremental acquisition costs less accumulated depreciation
and provisions for impairment, if required. Subsequent costs are capitalised if these result in enhancement of the asset.
Depreciation is provided on the depreciable amount of items of property, plant and equipment on a straight-line basis over their
estimated useful economic lives. Depreciation rates, methods and the residual values underlying the calculation of depreciation of
items of property, plant and equipment are kept under review to take account of any change in circumstances including consideration
on future Climate and Sustainability investments.
The Group uses the following annual rates in calculating depreciation:
Annual rates in calculating depreciation
Depreciation rate\u00a0
Freehold land
Not depreciated
Freehold buildings
2- 3.3%
Leasehold property
Over the remaining life of the lease
Costs of adaptation of freehold and leasehold property
6- 10%
Equipment installed in freehold and leasehold property
6- 10%
Computers and similar equipment
17- 33%
Fixtures and fittings and other equipment
9- 20%
Costs of adaptation and installed equipment are depreciated over the shorter of the life of the lease or the depreciation rates noted in
the table above.
Investment property
The Group initially recognises investment property at cost, and subsequently at fair value at each balance sheet date, reflecting market
conditions at the reporting date. Gains and losses on remeasurement are included in the income statement.
Investment
property
Property
Equipment
Right of use
assets 1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
As at 1 January 2023
5
3,585
3,018
1,950
8,558
Additions
\u2014
112
297
20
429
Disposals2
(3)
(24)
(954)
(50)
(1,031)
Exchange and other movements
\u2014
(95)
(14)
82
(27)
As at 31 December 2023
2
3,578
2,347
2,002
7,929
Accumulated depreciation and impairment
As at 1 January 2023
\u2014
(1,642)
(2,244)
(1,056)
(4,942)
Depreciation charge
\u2014
(163)
(256)
(157)
(576)
Impairment
\u2014
(33)
\u2014
(27)
(60)
Disposals2
\u2014
10
944
48
1,002
Exchange and other movements
\u2014
50
(7)
21
64
As at 31 December 2023
\u2014
(1,778)
(1,563)
(1,171)
(4,512)
Net book value
2
1,800
784
831
3,417
Cost
As at 1 January 2022
7
4,131
3,210
1,920
9,268
Additions
\u2014
273
313
37
623
Disposals
(1)
(923)
(641)
(68)
(1,633)
Exchange and other movements
(1)
104
136
61
300
As at 31 December 2022
5
3,585
3,018
1,950
8,558
Accumulated depreciation and impairment
As at 1 January 2022
\u2014
(2,255)
(2,586)
(872)
(5,713)
Depreciation charge
\u2014
(181)
(227)
(206)
(614)
Impairment
\u2014
(23)
0
(22)
(45)
Disposals
\u2014
882
630
65
1,577
Exchange and other movements
\u2014
(65)
(61)
(21)
(147)
As at 31 December 2022
\u2014
(1,642)
(2,244)
(1,056)
(4,942)
Net book value
5
1,943
774
894
3,616
Notes
1 Right of use (ROU) asset balances relate to property leases under IFRS 16. Refer to Note 20 for further details.
2 Disposals primarily pertain to\u00a0 fully depreciated assets which are not in use.
Property rentals of \u00a312m (2022: \u00a310m) have been included in other income.
The fair value of investment property is determined by reference to current market prices for similar properties, adjusted as necessary
for condition and location, or by reference to recent transactions updated to reflect current economic conditions. Discounted cash
flow techniques may be employed to calculate fair value where there have been no recent transactions, using current external market
inputs such as market rents and interest rates. Valuations are carried out by management with the support of appropriately qualified
independent valuers.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-616": { "value": "
Accounting for property, plant and equipment
Property, plant and equipment is stated at cost, which includes direct and incremental acquisition costs less accumulated depreciation
and provisions for impairment, if required. Subsequent costs are capitalised if these result in enhancement of the asset.
Depreciation is provided on the depreciable amount of items of property, plant and equipment on a straight-line basis over their
estimated useful economic lives. Depreciation rates, methods and the residual values underlying the calculation of depreciation of
items of property, plant and equipment are kept under review to take account of any change in circumstances including consideration
on future Climate and Sustainability investments.
The Group uses the following annual rates in calculating depreciation:
Annual rates in calculating depreciation
Depreciation rate\u00a0
Freehold land
Not depreciated
Freehold buildings
2- 3.3%
Leasehold property
Over the remaining life of the lease
Costs of adaptation of freehold and leasehold property
6- 10%
Equipment installed in freehold and leasehold property
6- 10%
Computers and similar equipment
17- 33%
Fixtures and fittings and other equipment
9- 20%
Costs of adaptation and installed equipment are depreciated over the shorter of the life of the lease or the depreciation rates noted in
the table above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-617": { "value": "
The Group uses the following annual rates in calculating depreciation:
Annual rates in calculating depreciation
Depreciation rate\u00a0
Freehold land
Not depreciated
Freehold buildings
2- 3.3%
Leasehold property
Over the remaining life of the lease
Costs of adaptation of freehold and leasehold property
6- 10%
Equipment installed in freehold and leasehold property
6- 10%
Computers and similar equipment
17- 33%
Fixtures and fittings and other equipment
9- 20%
Costs of adaptation and installed equipment are depreciated over the shorter of the life of the lease or the depreciation rates noted in
the table above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-618": { "value": "
Investment property
The Group initially recognises investment property at cost, and subsequently at fair value at each balance sheet date, reflecting market
conditions at the reporting date. Gains and losses on remeasurement are included in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-619": { "value": "Leases
Accounting for leases
When the Group is the lessee, it is required to recognise both:
\u25aa A lease liability, measured at the present value of remaining cash flows on the lease, and
\u25aa A right of use (ROU) asset, measured at the amount of the initial measurement of the lease liability, plus any lease payments made
prior to commencement date, initial direct costs, and estimated costs of restoring the underlying asset to the condition required by
the lease, less any lease incentives received.
Subsequently the lease liability will increase for the accrual of interest, resulting in a constant rate of return throughout the life of the
lease, and reduce when payments are made. The right of use asset will amortise to the income statement over the life of the lease.
When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset, or is recorded in
the income statement if the carrying amount of the ROU asset has been reduced to nil.
On the balance sheet, the ROU assets are included within property, plant and equipment and the lease liabilities are included within
other liabilities.
The Group applies the recognition exemption in IFRS 16 for leases with a term not exceeding 12 months. For these leases the lease
payments are recognised as an expense on a straight line basis over the lease term unless another systematic basis is more
appropriate.
When the Group is the lessor, the lease must be classified as either a finance lease or an operating lease. A finance lease is a lease which
confers substantially all the risks and rewards of the leased assets on the lessee. An operating lease is a lease where substantially all of
the risks and rewards of the leased asset remain with the lessor.
As a Lessor
Finance lease receivables are included within loans and advances at amortised cost.
The following table sets out a maturity analysis of lease receivables, showing the lease payments to be received after the reporting
date.
2023
2022
Gross
investment in
finance lease
receivables
Future finance
income
Present value
of minimum
lease
payments
receivable
Unguaranteed
residual
values
Gross
investment in
finance lease
receivables
Future finance
income
Present value
of minimum
lease
payments
receivable
Unguaranteed
residual
values
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Not more than one year
3
\u2014
3
\u2014
14
(1)
13
\u2014
One to two years
2
\u2014
2
\u2014
9
(1)
8
\u2014
Two to three years
\u2014
\u2014
\u2014
\u2014
2
\u2014
2
\u2014
Three to four years
\u2014
\u2014
\u2014
\u2014
1
\u2014
1
\u2014
Four to five years
\u2014
\u2014
\u2014
\u2014
1
\u2014
1
\u2014
Over five years
\u2014
\u2014
\u2014
\u2014
1
\u2014
1
\u2014
Total
5
\u2014
5
\u2014
28
(2)
26
\u2014
Barclays Asset Finance provided leasing and other asset finance facilities across a broad range of asset types to business and individual
customers. There is no significant impairment allowance for finance lease receivables in current and previous year.
The Group does not have any material operating leases as a lessor.
Finance lease income
Finance lease income is included within interest income. The following table shows amounts recognised in the income statement
during the year.
2023
2022
\u00a3m
\u00a3m
Finance income from net investment in lease
1
2
Profit on sales
\u2014
\u2014
As a Lessee
The Group leases various offices, branches and other premises under non-cancellable lease arrangements to meet its operational
business requirements. In some instances, Barclays will sublease property to third parties when it is no longer needed to meet business
requirements. Currently, Barclays does not have any material subleasing arrangements.
ROU asset balances relate to property leases only. Refer to Note 19 for the carrying amount of ROU assets.
The total expenses recognised during the year for short term leases were \u00a32m (2022: \u00a31m). The portfolio of short term leases to which
Barclays is exposed at the end of the year is not dissimilar to the expenses recognised in the year.
Lease liabilities
2023
2022
\u00a3m
\u00a3m
As at 1 January
1,216
1,317
Interest expense
54
56
New leases
19
42
Disposals
(11)
(13)
Cash payments1
(406)
(239)
Exchange and other movements
99
53
As at 31 December (see Note 22)
971
1,216
Note
1 Cash payments include one time lease liability payment of \u00a3182m related to structural cost action in relation to the real estate review.
The below table sets out a maturity analysis of undiscounted lease liabilities, showing the lease payments after the reporting date.
Undiscounted lease liabilities maturity analysis
2023
2022
\u00a3m
\u00a3m
Not more than one year
174
229
One to two years
169
216
Two to three years
144
193
Three to four years
120
160
Four to five years
97
140
Five to ten years
338
457
Greater than ten years
282
105
Total undiscounted lease liabilities as at 31 December
1,324
1,500
In addition to the cash flows identified above, Group is exposed to:
\u25aa Variable lease payments: This variability will typically arise from either inflation index instruments or market-based pricing
adjustments. Currently, Barclays has 517 (2022: 401) leases out of the total 756 (2022: 896) leases which have variable lease payment
terms based on market-based pricing adjustments. Of the gross cash flows identified above \u00a31,062m (2022: \u00a31,087m) is attributable
to leases with some degree of variability predominately linked to market-based pricing adjustments.
\u25aa Extension and termination options: The table above represents Barclays' best estimate of future cash outflows for leases, including
assumptions regarding the exercising of contractual extension and termination options. The above gross cash flows have been
reduced by \u00a3441m (2022: \u00a3516m) for leases where Barclays is highly expected to exercise an early termination option. However,
there is no significant impact where Barclays is expected to exercise an extension option.
In 2023, Group does not have any sale and leaseback transaction (2022: \u00a388m).
The Group does not have any restrictions or covenants imposed by the lessor on its property leases which restrict its businesses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-620": { "value": "
Accounting for leases
When the Group is the lessee, it is required to recognise both:
\u25aa A lease liability, measured at the present value of remaining cash flows on the lease, and
\u25aa A right of use (ROU) asset, measured at the amount of the initial measurement of the lease liability, plus any lease payments made
prior to commencement date, initial direct costs, and estimated costs of restoring the underlying asset to the condition required by
the lease, less any lease incentives received.
Subsequently the lease liability will increase for the accrual of interest, resulting in a constant rate of return throughout the life of the
lease, and reduce when payments are made. The right of use asset will amortise to the income statement over the life of the lease.
When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the ROU asset, or is recorded in
the income statement if the carrying amount of the ROU asset has been reduced to nil.
On the balance sheet, the ROU assets are included within property, plant and equipment and the lease liabilities are included within
other liabilities.
The Group applies the recognition exemption in IFRS 16 for leases with a term not exceeding 12 months. For these leases the lease
payments are recognised as an expense on a straight line basis over the lease term unless another systematic basis is more
appropriate.
When the Group is the lessor, the lease must be classified as either a finance lease or an operating lease. A finance lease is a lease which
confers substantially all the risks and rewards of the leased assets on the lessee. An operating lease is a lease where substantially all of
the risks and rewards of the leased asset remain with the lessor.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-621": { "value": "Goodwill and intangible assets
Accounting for goodwill and intangible assets
Goodwill
Goodwill arising on the acquisition of subsidiaries represents the excess of the fair value of the purchase consideration over the fair
value of the Group\u2019s share of the assets acquired and the liabilities and contingent liabilities assumed on the date of the acquisition.
Goodwill is reviewed annually for impairment, or more frequently when there are indications that impairment may have occurred. The
test involves comparing the carrying value of a cash generating unit (CGU) including goodwill with the present value of the pre-tax cash
flows, discounted at a rate of interest that reflects the inherent risks, of the CGU to which the goodwill relates, or the CGU's fair value if
this is higher.
Intangible assets
Intangible assets are initially recognised when they are separable or arise from contractual or other legal rights, the cost can be
measured reliably and, in the case of intangible assets not acquired in a business combination, where it is probable that future economic
benefits attributable to the assets will flow from their use.
For internally generated intangible assets, only costs incurred during the development phase are capitalised. Expenditure in the
research phase is expensed when it is incurred.
Intangible assets are stated at cost (which is, in the case of assets acquired in a business combination, the acquisition date fair value)
less accumulated amortisation and impairment, if any, and are amortised over their useful lives in a manner that reflects the pattern to
which they contribute to future cash flows, generally using the amortisation periods set out below:
Annual rates in calculating amortisation
Amortisation period
Goodwill
Not amortised
Internally generated software1
12 months to 6 years
Other software
12 months to 6 years
Customer lists
12 months to 25 years
Licences and other
12 months to 25 years
Note
1 Exceptions to the above rate relate to useful lives of certain core banking platforms that are assessed individually and, if appropriate, amortised over longer periods ranging from 10
to 15 years.
Intangible assets are reviewed for impairment when there are indications that impairment may have occurred. Intangible assets not yet
available for use are reviewed annually for impairment.
Intangible assets
Goodwill
Internally
generated
software
Other
software
Brand
Customer
lists
Licences
and other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2023
Cost
As at 1 January 2023
4,737
7,627
620
\u2014
1,654
984
15,622
Additions
311
1,203
164
7
\u2014
4
1,689
Disposals1
\u2014
(1,546)
19
\u2014
\u2014
(2)
(1,529)
Exchange and other movements2
(13)
(94)
(86)
\u2014
(85)
(830)
(1,108)
As at 31 December 2023
5,035
7,190
717
7
1,569
156
14,674
Accumulated amortisation and
impairment
As at 1 January 2023
(825)
(4,195)
(385)
\u2014
(1,475)
(503)
(7,383)
Disposals1
\u2014
1,546
(26)
\u2014
\u2014
2
1,522
Amortisation charge
\u2014
(1,050)
(69)
(1)
(39)
(49)
(1,208)
Impairment charge
(33)
(309)
(3)
\u2014
\u2014
\u2014
(345)
Exchange and other movements2
\u2014
43
5
\u2014
76
410
534
As at 31 December 2023
(858)
(3,965)
(478)
(1)
(1,438)
(140)
(6,880)
Net book value
4,177
3,225
239
6
131
16
7,794
2022
As at 1 January 2022
4,718
7,180
626
\u2014
1,431
908
14,863
Additions
\u2014
1,047
18
\u2014
76
19
1,160
Disposals1
\u2014
(774)
(36)
\u2014
(12)
(39)
(861)
Exchange and other movements
19
174
12
\u2014
159
96
460
As at 31 December 2022
4,737
7,627
620
\u2014
1,654
984
15,622
Accumulated amortisation and
impairment
As at 1 January 2022
(825)
(3,884)
(364)
\u2014
(1,300)
(429)
(6,802)
Disposals1
\u2014
774
36
\u2014
12
39
861
Amortisation charge
\u2014
(946)
(50)
\u2014
(44)
(69)
(1,109)
Impairment charge
\u2014
(18)
\u2014
\u2014
\u2014
\u2014
(18)
Exchange and other movements
\u2014
(121)
(7)
\u2014
(143)
(44)
(315)
As at 31 December 2022
(825)
(4,195)
(385)
\u2014
(1,475)
(503)
(7,383)
Net book value
3,912
3,432
235
\u2014
179
481
8,239
Notes
1 Disposals pertain to\u00a0 fully amortised\u00a0 assets which are\u00a0 not in use.
2 In the current year the group has reclassified assets with a total net book value of \u00a3412m recognised on balance sheet relating to sign-on bonus payments made to co-brand credit card
partners from Intangible Assets (Licenses and other) to Other Assets. This change in classification has been made to more appropriately reflect the nature of the assets.
The German consumer finance business moved to assets held for sale during the year and this resulted in an impairment of Intangible
assets of \u00a332m.
Goodwill
Goodwill and Intangible assets are allocated to business operations according to business segments as follows:
2023
2022
Goodwill
Intangibles
Total
Goodwill
Intangibles
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Barclays UK
3,872
1,096
4,968
3,560
1,263
4,823
Barclays International
267
2,519
2,786
310
3,062
3,372
Head Office
38
2
40
42
2
44
Total
4,177
3,617
7,794
3,912
4,327
8,239
Critical accounting estimates and judgements
Goodwill
Testing goodwill for impairment involves a significant amount of judgement. Goodwill is allocated to CGUs for the purpose of
impairment testing.\u00a0 The review of goodwill for impairment involves calculating a value in use (VIU) valuation which is compared to the
carrying value of a CGU associated with the goodwill to determine whether any impairment has occurred. This includes the
identification of independent CGUs across the organisation and the allocation of goodwill to those CGUs.
The calculation of a value in use contains a high degree of uncertainty in estimating the future cash flows and the rates used to discount
them. Key judgements include determining the carrying value of the CGU, the cash flows and discount rates used in the calculation.
\u25aa The cash flow forecasts used by management involve judgement and are based upon a view of the prospects of the business and
market conditions at the point in time the assessment is prepared, including the potential effect of climate change. The estimation of
cash flows is sensitive to the periods for which detailed forecasts are available and to assumptions regarding long-term sustainable
cash flows .
\u25aa The discount rates applied to the future cash flows also involve judgement as they can have a significant impact on the valuation.
The discount rates used are compared to market participants to ensure that they are appropriate and based on an estimated cost of
equity for each CGU.
\u25aa The choice of a terminal growth rate used to determine the present value of the future cash flows of the CGUs is also a judgement
that can impact the outcome of the assessment. The terminal growth rate and discount rates used may vary due to external market
rates and economic conditions that are beyond management\u2019s control, including the potential effect of climate change.
Further details of some of the key judgements are set out below.
2023 impairment review
The 2023 impairment review was performed during Q4 2023, with the approach and analysis set out below.
Determining the carrying value of CGUs
The carrying value for each CGU is the sum of the tangible equity, goodwill and intangible asset balances associated with that CGU.
The Group manages the assets and liabilities of its CGUs with reference to the tangible equity of the respective businesses. That
tangible equity is derived from the level of risk weighted assets (RWAs) and capital required to be deployed in the CGU and therefore
reflects its relative risk, as well as the level of capital that management consider a market participant would be required to hold and
retain to support business growth.
Goodwill is initially allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the acquisition that
generated it. Goodwill is only reallocated if there is a change in its use or when reporting structures are altered in a way that changes the
composition of one or more cash-generating units to which goodwill has been allocated. During the year, the Merchant Acquiring
business was split from the Cards & Payments business and was identified as a CGU.
Cash flows
The five-year cash flows used in the calculation are based on the formally agreed medium-term plans approved by the Board. These are
prepared using macroeconomic assumptions which management consider reasonable and supportable, and reflect business agreed
initiatives for the forecast period. The macroeconomic assumptions underpinning the medium term plan were determined during 2023
and management has considered whether there are subsequent significant changes in those assumptions which would adversely
impact the results of the impairment review.
As required by IAS 36, estimates of future cash flows exclude cash inflows or outflows that are expected to arise from restructuring
initiatives where a constructive obligation to carry out the plan does not yet exist.
In line with prior year treatment, the Education, Social Housing and Local Authority (ESHLA) portfolio has been excluded from the
Business Banking CGU cash flows. This is a legacy loan portfolio which was previously within the Non-Core bank and was not part of the
business to which the goodwill relates. As such, the cash flows relating to this portfolio have been excluded from the Business Banking
VIU calculation.\u00a0
Discount rates
IAS 36 requires that the discount rate used in a value in use calculation reflects the pre-tax rate an investor would require if they were to
choose an investment that would generate similar cash flows to those that the entity expects to generate from the asset. In
determining the discount rate, management identified the cost of equity associated with market participants that closely resemble the
Group's CGUs. The cost of equity has been used as the discount rate in the impairment assessment and applied to the post tax cash
flows of the CGU. This post-tax method incorporates the impact of changing tax rates on the cash flows and is expected to produce
the same VIU result as a pre-tax method adjusted for varying tax rates. Using the resultant VIU the equivalent pre-tax discount rate has
been calculated. The cost of equity rate used for all CGUs in this year\u2019s calculation has been increased to the reflect the relative volatility
of Barclays PLC\u2019s stock price versus the average of our peers. The range of equivalent pre-tax discount rates applicable across the
CGUs range from 14.7% to 18.5% (2022: 14.1% to 16.5%).
Terminal growth rate
The terminal growth rate is used to estimate the effect of projecting cash flows to the end of an asset\u2019s useful economic life. It is
management\u2019s judgement that the cash flows associated with the CGUs will grow in line with the major economies in which the Group
operates. Inflation rates are used as an approximation of future growth rates and form the basis of the terminal growth rates applied.
The terminal growth rate used is 2.0% (2022: 2.0%).
Outcome of goodwill and intangibles review
The Personal Banking and Business Banking CGUs carry the majority of the Group\u2019s goodwill balance, predominantly as a consequence
of the Woolwich acquisition. The goodwill within Personal Banking was \u00a33,064m ( 2022: \u00a32,752m), of which \u00a32,501m (2022: \u00a32,501m)
was attributable to Woolwich, and within Business Banking was \u00a3629m (2022: \u00a3629m), fully attributable to Woolwich.
The largest portion of the Group's intangible assets sits within the Investment Bank CGU, part of Barclays International with an
allocation of \u00a31,043m (2022: \u00a3919m).
The recoverable amount for both Personal Banking and Business Banking have decreased in comparison to the 2022 impairment
review, reflective of changes in the interest rate and macroeconomic outlook.
An impairment of \u00a333m of goodwill and \u00a3257m of intangible assets has been identified and recognised for the year, fully impairing the
goodwill and intangibles of the Merchant Acquiring CGU.\u00a0 In all other CGUs, the value in use exceeds the carrying value and no
impairment has been identified.\u00a0
The outcome of the impairment review for Personal Banking, Business Banking, Barclaycard UK and Cards and Payments\u00a0 are set out
below:
Cash generating unit
Tangible equity
Goodwill
Intangibles
Carrying value
Value in use
Value in use
exceeding carrying
value
Value in use
exceeding carrying
value 2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Personal Banking
6,130
3,066
740
9,936
12,297
2,361
4,667
Cards and Payments
3,626
180
800
4,606
5,342
736
1,598
Business Banking
1,836
629
239
2,704
5,990
3,286
6,623
Barclaycard UK
1,938
179
164
2,281
2,307
26
364
Total
13,530
4,054
1,943
19,527
25,936
6,409
13,252
All CGUs showed a reduction in value in use in the period which is mainly attributable to the increase in the discount rates used in the
assessment as a result of increases in interest rates as well as the introduction of the Barclays share price volatility premium.
The value in use for Barclaycard UK has reduced to a level that an adverse movement in any of the key judgement areas would result in
an impairment.
Sensitivity of key judgements
The CGUs are sensitive to possible adverse changes in the key assumptions that support the recoverable amount:
Cash flows: The medium-term plans used to determine the cash flows used in the VIU calculation rely on macroeconomic forecasts,
including interest rates, GDP and unemployment, and forecast levels of market and client activity. Interest rate assumptions impact
planned cash flows from both customer income and structural hedge contributions and therefore cash flow expectations are highly
sensitive to movements in the yield curve. The cash flows also contain assumptions with regard to the prudential and financial conduct
regulatory environment which may be subject to change. Given the current level of economic uncertainty, a 10% reduction in cash
flows has been provided to show the sensitivity of the outcome to a change in these key assumptions.
Discount rate: The discount rate should reflect the market risk-free rate adjusted for the inherent risks of the business it is applied to.
Management have identified discount rates for comparable businesses and consider these to be a reasonable estimate of a suitable
market rate for the profile of the business unit being tested. The risk that these discount rates may not be appropriate is quantified
below and shows the impact of a 100bps change in the discount rate.
Terminal growth rate: The terminal growth rate is used to estimate the cash flows into perpetuity based on the expected longevity of
the CGU's businesses. The terminal growth rate is sensitive to uncertainties in the macroeconomic environment. The risk that using
inflation data may not be appropriate for its determination is quantified below and shows the impact of 100bps change in the terminal
growth rate.
Allocated capital rate: Tangible equity is allocated based on the level of risk weighted assets (RWAs) and capital required to be
deployed in the CGU which is dependent on the relative risk of businesses. The capital ratio used in determining the level of tangible
equity allocated to the CGU and its capital cash flows could move over time. The impact of a 50bps increase in capital ratio is quantified
below.
The sensitivity of the value in use to key judgements in the calculations for certain CGUs holding goodwill balances is set out below:
Cash generating unit
Carrying
value
Value in
use
Value in
use
exceeding
carrying
value
Discount
rate
Terminal
growth
rate
Reduction in headroom
Change required to reduce headroom to zero
100 bps
increase
in the
discount
rate
100 bps
decrease
in terminal
growth
rate
50 bps
increase to
allocated
capital rate
10%
reduction in
forecasted
cash flows
Discount
rate
Terminal
growth
rate
Allocated
capital
rate
Cash
flows
\u00a3m
\u00a3m
\u00a3m
%
%
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
%
%
%
Personal Banking
9,936
12,297
2,361
18.2
2.0
(1,042)
(710)
(263)
(1,337)
2.5
(4.1)
4.5
(17.6)
Cards and Payments
4,606
5,342
736
16.8
2.0
(647)
(473)
(250)
(724)
1.2
(1.6)
1.5
(10.2)
Total
14,542
17,639
3,097
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-622": { "value": "
Accounting for goodwill and intangible assets
Goodwill
Goodwill arising on the acquisition of subsidiaries represents the excess of the fair value of the purchase consideration over the fair
value of the Group\u2019s share of the assets acquired and the liabilities and contingent liabilities assumed on the date of the acquisition.
Goodwill is reviewed annually for impairment, or more frequently when there are indications that impairment may have occurred. The
test involves comparing the carrying value of a cash generating unit (CGU) including goodwill with the present value of the pre-tax cash
flows, discounted at a rate of interest that reflects the inherent risks, of the CGU to which the goodwill relates, or the CGU's fair value if
this is higher.
Intangible assets
Intangible assets are initially recognised when they are separable or arise from contractual or other legal rights, the cost can be
measured reliably and, in the case of intangible assets not acquired in a business combination, where it is probable that future economic
benefits attributable to the assets will flow from their use.
For internally generated intangible assets, only costs incurred during the development phase are capitalised. Expenditure in the
research phase is expensed when it is incurred.
Intangible assets are stated at cost (which is, in the case of assets acquired in a business combination, the acquisition date fair value)
less accumulated amortisation and impairment, if any, and are amortised over their useful lives in a manner that reflects the pattern to
which they contribute to future cash flows, generally using the amortisation periods set out below:
Annual rates in calculating amortisation
Amortisation period
Goodwill
Not amortised
Internally generated software1
12 months to 6 years
Other software
12 months to 6 years
Customer lists
12 months to 25 years
Licences and other
12 months to 25 years
Note
1 Exceptions to the above rate relate to useful lives of certain core banking platforms that are assessed individually and, if appropriate, amortised over longer periods ranging from 10
to 15 years.
Intangible assets are reviewed for impairment when there are indications that impairment may have occurred. Intangible assets not yet
available for use are reviewed annually for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-623": { "value": "
Goodwill
Goodwill arising on the acquisition of subsidiaries represents the excess of the fair value of the purchase consideration over the fair
value of the Group\u2019s share of the assets acquired and the liabilities and contingent liabilities assumed on the date of the acquisition.
Goodwill is reviewed annually for impairment, or more frequently when there are indications that impairment may have occurred. The
test involves comparing the carrying value of a cash generating unit (CGU) including goodwill with the present value of the pre-tax cash
flows, discounted at a rate of interest that reflects the inherent risks, of the CGU to which the goodwill relates, or the CGU's fair value if
this is higher.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-624": { "value": "
Intangible assets
Intangible assets are initially recognised when they are separable or arise from contractual or other legal rights, the cost can be
measured reliably and, in the case of intangible assets not acquired in a business combination, where it is probable that future economic
benefits attributable to the assets will flow from their use.
For internally generated intangible assets, only costs incurred during the development phase are capitalised. Expenditure in the
research phase is expensed when it is incurred.
Intangible assets are stated at cost (which is, in the case of assets acquired in a business combination, the acquisition date fair value)
less accumulated amortisation and impairment, if any, and are amortised over their useful lives in a manner that reflects the pattern to
which they contribute to future cash flows, generally using the amortisation periods set out below:
Annual rates in calculating amortisation
Amortisation period
Goodwill
Not amortised
Internally generated software1
12 months to 6 years
Other software
12 months to 6 years
Customer lists
12 months to 25 years
Licences and other
12 months to 25 years
Note
1 Exceptions to the above rate relate to useful lives of certain core banking platforms that are assessed individually and, if appropriate, amortised over longer periods ranging from 10
to 15 years.
Intangible assets are reviewed for impairment when there are indications that impairment may have occurred. Intangible assets not yet
available for use are reviewed annually for impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-625": { "value": "
Intangible assets
Goodwill
Internally
generated
software
Other
software
Brand
Customer
lists
Licences
and other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2023
Cost
As at 1 January 2023
4,737
7,627
620
\u2014
1,654
984
15,622
Additions
311
1,203
164
7
\u2014
4
1,689
Disposals1
\u2014
(1,546)
19
\u2014
\u2014
(2)
(1,529)
Exchange and other movements2
(13)
(94)
(86)
\u2014
(85)
(830)
(1,108)
As at 31 December 2023
5,035
7,190
717
7
1,569
156
14,674
Accumulated amortisation and
impairment
As at 1 January 2023
(825)
(4,195)
(385)
\u2014
(1,475)
(503)
(7,383)
Disposals1
\u2014
1,546
(26)
\u2014
\u2014
2
1,522
Amortisation charge
\u2014
(1,050)
(69)
(1)
(39)
(49)
(1,208)
Impairment charge
(33)
(309)
(3)
\u2014
\u2014
\u2014
(345)
Exchange and other movements2
\u2014
43
5
\u2014
76
410
534
As at 31 December 2023
(858)
(3,965)
(478)
(1)
(1,438)
(140)
(6,880)
Net book value
4,177
3,225
239
6
131
16
7,794
2022
As at 1 January 2022
4,718
7,180
626
\u2014
1,431
908
14,863
Additions
\u2014
1,047
18
\u2014
76
19
1,160
Disposals1
\u2014
(774)
(36)
\u2014
(12)
(39)
(861)
Exchange and other movements
19
174
12
\u2014
159
96
460
As at 31 December 2022
4,737
7,627
620
\u2014
1,654
984
15,622
Accumulated amortisation and
impairment
As at 1 January 2022
(825)
(3,884)
(364)
\u2014
(1,300)
(429)
(6,802)
Disposals1
\u2014
774
36
\u2014
12
39
861
Amortisation charge
\u2014
(946)
(50)
\u2014
(44)
(69)
(1,109)
Impairment charge
\u2014
(18)
\u2014
\u2014
\u2014
\u2014
(18)
Exchange and other movements
\u2014
(121)
(7)
\u2014
(143)
(44)
(315)
As at 31 December 2022
(825)
(4,195)
(385)
\u2014
(1,475)
(503)
(7,383)
Net book value
3,912
3,432
235
\u2014
179
481
8,239
Notes
1 Disposals pertain to\u00a0 fully amortised\u00a0 assets which are\u00a0 not in use.
2 In the current year the group has reclassified assets with a total net book value of \u00a3412m recognised on balance sheet relating to sign-on bonus payments made to co-brand credit card
partners from Intangible Assets (Licenses and other) to Other Assets. This change in classification has been made to more appropriately reflect the nature of the assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-626": { "value": "
Goodwill
Goodwill and Intangible assets are allocated to business operations according to business segments as follows:
2023
2022
Goodwill
Intangibles
Total
Goodwill
Intangibles
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Barclays UK
3,872
1,096
4,968
3,560
1,263
4,823
Barclays International
267
2,519
2,786
310
3,062
3,372
Head Office
38
2
40
42
2
44
Total
4,177
3,617
7,794
3,912
4,327
8,239
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-627": { "value": "Other liabilities
2023
2022
\u00a3m
\u00a3m
Accruals and deferred income
4,315
4,618
Other creditors
6,638
7,870
Items in the course of collection due to other banks
89
85
Lease liabilities (refer to Note 20)
971
1,216
Other liabilities
12,013
13,789
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-628": { "value": "Provisions
Accounting for provisions
Provisions are recognised for present obligations arising as consequences of past events where it is more likely than not that a transfer
of economic benefit will be necessary to settle the obligation, which can be reliably estimated.
Critical accounting estimates and judgements
The financial reporting of provisions involves a significant degree of judgement and is complex. Identifying whether a present obligation
exists and estimating the probability, timing, nature and quantum of the outflows that may arise from past events requires judgements
to be made based on the specific facts and circumstances relating to individual events and often requires specialist professional advice.
When matters are at an early stage, accounting judgements and estimates can be difficult because of the high degree of uncertainty
involved. Management continues to monitor matters as they develop to re-evaluate on an ongoing basis whether provisions should be
recognised, however there can remain a wide range of possible outcomes and uncertainties, particularly in relation to legal, competition
and regulatory matters, and as a result it is often not practicable to make meaningful estimates even when matters are at a more
advanced stage.
The amount that is recognised as a provision can also be very sensitive to the assumptions made in calculating it. This gives rise to a
large range of potential outcomes which require judgement in determining an appropriate provision level. See Note 25 for more detail of
legal, competition and regulatory matters.
Legal,
competition and
regulatory
matters
Sundry
provisions
Redundancy and
restructuring
Customer redress
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January 2023
136
378
159
288
961
Additions
469
84
29
132
714
Amounts utilised
(166)
(152)
(75)
(56)
(449)
Unused amounts reversed
(38)
(60)
(11)
(69)
(178)
Exchange and other movements
(4)
45
(3)
(6)
32
As at 31 December 2023
397
295
99
289
1,080
Undrawn contractually committed facilities and guarantees1
As at 1st January 2023
583
Net change in expected credit loss provision and other movements
(79)
As at 31 December 2023
504
Total Provisions
As at 1st January 2023
1,544
As at 31 December 2023
1,584
Note
1 Undrawn contractually committed facilities and guarantees provisions are accounted for under IFRS 9. Further analysis of the movement in the expected credit loss provision is
disclosed within the 'Movement in gross exposures and impairment allowance including provisions for loan commitments and financial guarantees' table on page 298.
Provisions expected to be recovered or settled within no more than 12 months after 31\u00a0December 2023 were \u00a31,357m (2022:
\u00a31,348m).
Redundancy and restructuring
These provisions comprise the estimated cost of restructuring, including redundancy costs where an obligation exists. For example,
when the Group has a detailed formal plan for restructuring a business and has raised valid expectations in those affected by the
restructuring by announcing its main features or starting to implement the plan.
Customer redress
Customer redress provisions comprise the estimated cost of making redress payments to customers, clients and counterparties for
losses or damages associated with inappropriate judgement in the execution of the Group\u2019s business activities.
Legal, competition and regulatory matters
The Group is engaged in various legal proceedings, both in the UK and a number of other overseas jurisdictions, including the US. For
further information in relation to legal proceedings and discussion of the associated uncertainties, refer to Note 25.
Sundry provisions
This category includes provisions that do not fit into any of the other categories, such as fraud losses and dilapidation provisions.
Undrawn contractually committed facilities and guarantees
Impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total
impairment allowance is allocated to the drawn exposure to the extent that the allowance does not exceed the exposure as ECL is not
reported separately. Any excess is reported on the liability side of the balance sheet as a provision. For wholesale portfolios, the
impairment allowance on the undrawn exposure is reported on the liability side of the balance sheet as a provision. For further
information, refer to the Credit risk section for loan commitments and financial guarantees on page 298.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-629": { "value": "
Accounting for provisions
Provisions are recognised for present obligations arising as consequences of past events where it is more likely than not that a transfer
of economic benefit will be necessary to settle the obligation, which can be reliably estimated.
Critical accounting estimates and judgements
The financial reporting of provisions involves a significant degree of judgement and is complex. Identifying whether a present obligation
exists and estimating the probability, timing, nature and quantum of the outflows that may arise from past events requires judgements
to be made based on the specific facts and circumstances relating to individual events and often requires specialist professional advice.
When matters are at an early stage, accounting judgements and estimates can be difficult because of the high degree of uncertainty
involved. Management continues to monitor matters as they develop to re-evaluate on an ongoing basis whether provisions should be
recognised, however there can remain a wide range of possible outcomes and uncertainties, particularly in relation to legal, competition
and regulatory matters, and as a result it is often not practicable to make meaningful estimates even when matters are at a more
advanced stage.
The amount that is recognised as a provision can also be very sensitive to the assumptions made in calculating it. This gives rise to a
large range of potential outcomes which require judgement in determining an appropriate provision level. See Note 25 for more detail of
legal, competition and regulatory matters.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-630": { "value": "Contingent liabilities and commitments
Accounting for contingent liabilities
Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events and present obligations
where the transfer of economic resources is uncertain or cannot be reliably measured. Contingent liabilities are not recognised on the
balance sheet but are disclosed unless the likelihood of an outflow of economic resources is remote.
The following table summarises the nominal principal amount of contingent liabilities and commitments which are not recorded on-
balance sheet:
2023
2022
\u00a3m
\u00a3m
Guarantees and letters of credit pledged as collateral security
17,353
17,760
Performance guarantees, acceptances and endorsements
7,987
6,445
Total contingent liabilities and financial guarantees
25,340
24,205
\u00a0 Of which: Financial guarantees and letters of credit carried at fair value
1,266
1,423
Documentary credits and other short-term trade related transactions
2,352
1,748
Standby facilities, credit lines and other commitments
388,085
393,760
Total commitments
390,437
395,508
\u00a0 Of which: Loan commitments carried at fair value
15,203
13,471
Provisions for expected credit losses held against contingent liabilities and commitments equal \u00a3504m (2022: \u00a3583m) and are reported
in Note 23. Further details on contingent liabilities relating to legal and competition and regulatory matters can be found in Note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-631": { "value": "
Accounting for contingent liabilities
Contingent liabilities are possible obligations whose existence will be confirmed only by uncertain future events and present obligations
where the transfer of economic resources is uncertain or cannot be reliably measured. Contingent liabilities are not recognised on the
balance sheet but are disclosed unless the likelihood of an outflow of economic resources is remote.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-633": { "value": "
The following table summarises the nominal principal amount of contingent liabilities and commitments which are not recorded on-
balance sheet:
2023
2022
\u00a3m
\u00a3m
Guarantees and letters of credit pledged as collateral security
17,353
17,760
Performance guarantees, acceptances and endorsements
7,987
6,445
Total contingent liabilities and financial guarantees
25,340
24,205
\u00a0 Of which: Financial guarantees and letters of credit carried at fair value
1,266
1,423
Documentary credits and other short-term trade related transactions
2,352
1,748
Standby facilities, credit lines and other commitments
388,085
393,760
Total commitments
390,437
395,508
\u00a0 Of which: Loan commitments carried at fair value
15,203
13,471
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-632": { "value": "
The following table summarises the nominal principal amount of contingent liabilities and commitments which are not recorded on-
balance sheet:
2023
2022
\u00a3m
\u00a3m
Guarantees and letters of credit pledged as collateral security
17,353
17,760
Performance guarantees, acceptances and endorsements
7,987
6,445
Total contingent liabilities and financial guarantees
25,340
24,205
\u00a0 Of which: Financial guarantees and letters of credit carried at fair value
1,266
1,423
Documentary credits and other short-term trade related transactions
2,352
1,748
Standby facilities, credit lines and other commitments
388,085
393,760
Total commitments
390,437
395,508
\u00a0 Of which: Loan commitments carried at fair value
15,203
13,471
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-634": { "value": "Legal, competition and regulatory matters
The Group faces legal, competition and regulatory challenges, many of which are beyond our control. The extent of the impact of these
matters cannot always be predicted but may materially impact our operations, financial results, condition and prospects. Matters arising
from a set of similar circumstances can give rise to either a contingent liability or a provision, or both, depending on the relevant facts
and circumstances.
The recognition of provisions in relation to such matters involves critical accounting estimates and judgments in accordance with the
relevant accounting policies applicable to Note 24, Provisions. We have not disclosed an estimate of the potential financial impact or
effect on the Group of contingent liabilities where it is not currently practicable to do so. Various matters detailed in this note seek
damages of an unspecified amount. While certain matters specify the damages claimed, such claimed amounts do not necessarily
reflect the Group\u2019s potential financial exposure in respect of those matters.
Matters are ordered under headings corresponding to the financial statements in which they are disclosed.
1. Barclays PLC and Barclays Bank PLC
Investigations into certain advisory services agreements and other proceedings
FCA proceedings
In 2008, Barclays Bank PLC and Qatar Holdings LLC entered into two advisory service agreements (the Agreements). The Financial
Conduct Authority (FCA) conducted an investigation into whether the Agreements may have related to Barclays PLC\u2019s capital raisings
in June and November 2008 (the Capital Raisings) and therefore should have been disclosed in the announcements or public
documents relating to the Capital Raisings. In 2013, the FCA issued warning notices (the Warning Notices) finding that Barclays PLC and
Barclays Bank PLC acted recklessly and in breach of certain disclosure-related listing rules, and that Barclays PLC was also in breach of
Listing Principle 3. The financial penalty provided in the Warning Notices was \u00a350m. Barclays PLC and Barclays Bank PLC contested the
findings. In September 2022, the FCA\u2019s Regulatory Decisions Committee (RDC) issued Decision Notices finding that Barclays PLC and
Barclays Bank PLC breached certain disclosure-related listing rules. The RDC also found that in relation to the disclosures made in the
Capital Raising of November 2008, Barclays PLC and Barclays Bank PLC acted recklessly, and that Barclays PLC breached Listing
Principle 3. The RDC upheld the combined penalty of \u00a350m on Barclays PLC and Barclays Bank PLC, the same penalty as in the Warning
Notices. Barclays PLC and Barclays Bank PLC have referred the RDC\u2019s findings to the Upper Tribunal for reconsideration.
Other proceedings
In November 2023, Barclays received requests for arbitration from two Jersey special purpose vehicles connected to PCP International
Finance Limited asserting claims in relation to the October 2008 capital raising. Barclays is defending these claims.
Investigations into LIBOR and other benchmarks and related civil actions
Regulators and law enforcement agencies, including certain competition authorities, from a number of governments have conducted
investigations relating to Barclays Bank PLC\u2019s involvement in allegedly manipulating certain financial benchmarks, such as LIBOR.
Various individuals and corporates in a range of jurisdictions have threatened or brought civil actions against the Group and other banks
in relation to the alleged manipulation of LIBOR and/or other benchmarks.
USD LIBOR civil actions
The majority of the USD LIBOR cases, which have been filed in various US jurisdictions, have been consolidated for pre-trial purposes in
the US District Court in the Southern District of New York (SDNY). The complaints are substantially similar and allege, among other
things, that Barclays PLC, Barclays Bank PLC, Barclays Capital Inc. (BCI) and other financial institutions individually and collectively
violated provisions of the US Sherman Antitrust Act (Antitrust Act), the US Commodity Exchange Act (CEA), the US Racketeer
Influenced and Corrupt Organizations Act (RICO), the US Securities Exchange Act of 1934 and various state laws by manipulating USD
LIBOR rates.
Putative class actions and individual actions seek unspecified damages with the exception of one lawsuit, in which the plaintiffs are
seeking no less than $100m in actual damages and additional punitive damages against all defendants, including Barclays Bank PLC.
Some of the lawsuits also seek trebling of damages under the Antitrust Act and RICO.
Sterling LIBOR civil actions
In 2016, two putative class actions filed in the SDNY against Barclays Bank PLC, BCI and other Sterling LIBOR panel banks alleging,
among other things, that the defendants manipulated the Sterling LIBOR rate in violation of the Antitrust Act, CEA and RICO, were
consolidated. The defendants\u2019 motion to dismiss the claims was granted in 2018. The plaintiffs have appealed the dismissal.
Japanese Yen LIBOR civil actions
In 2012, a putative class action was filed in the SDNY against Barclays Bank PLC and other Japanese Yen LIBOR panel banks by a lead
plaintiff involved in exchange-traded derivatives and members of the Japanese Bankers Association\u2019s Euroyen Tokyo Interbank
Offered Rate (Euroyen TIBOR) panel. The complaint alleges, among other things, manipulation of the Euroyen TIBOR and Yen LIBOR
rates and breaches of the CEA and the Antitrust Act. In 2014, the court dismissed the plaintiff\u2019s antitrust claims, and, in 2020, the court
dismissed the plaintiff\u2019s remaining CEA claims.\u00a0
In 2015, a second putative class action, making similar allegations to the above class action, was filed in the SDNY against Barclays PLC,
Barclays Bank PLC and BCI. Barclays and the plaintiffs reached a settlement of $17.75 m for both actions, which received final court
approval in March 2023. This matter is now concluded.
ICE LIBOR civil action
In August 2020, an action related to the LIBOR benchmark administered by the Intercontinental Exchange Inc. and certain of its
affiliates (ICE) was filed by a group of individual plaintiffs in the US District Court for the Northern District of California on behalf of
individual borrowers and consumers of loans and credit cards with variable interest rates linked to USD ICE LIBOR. The plaintiffs\u2019 motion
seeking, among other things, preliminary and permanent injunctions to enjoin the defendants from continuing to set LIBOR or enforce
any financial instrument that relies in whole or in part on USD LIBOR was denied. The defendants\u2019 motion to dismiss the case was
granted in September 2022. The plaintiffs filed an amended complaint, which was dismissed in October 2023. The plaintiffs are
appealing the dismissal.
Non-US benchmarks civil actions
There remains one claim, issued in 2017, against Barclays Bank PLC and other banks in the UK in connection with alleged manipulation
of LIBOR. Proceedings have also been brought in a number of other jurisdictions in Europe, Argentina and Israel relating to alleged
manipulation of LIBOR and EURIBOR. Additional proceedings in other jurisdictions may be brought in the future.
Foreign Exchange investigations and related civil actions
The Group has been the subject of investigations in various jurisdictions in relation to certain sales and trading practices in the Foreign
Exchange market. Settlements were reached in various jurisdictions in connection with these investigations, including the EU and US.
The financial impact of any remaining ongoing investigations is not expected to be material to the Group\u2019s operating results, cash flows
or financial position. Various individuals and corporates in a range of jurisdictions have threatened or brought civil actions against the
Group and other banks in relation to alleged manipulation of Foreign Exchange markets.
US FX opt out civil action
In 2018, Barclays Bank PLC and BCI settled a consolidated action filed in the SDNY, alleging manipulation of Foreign Exchange markets
(Consolidated FX Action), for a total amount of $384m. Also in 2018, a group of plaintiffs, who opted out of the Consolidated FX Action,
filed a complaint in the SDNY against Barclays PLC, Barclays Bank PLC, BCI and other defendants. Some of the plaintiffs\u2019 claims were
dismissed in 2020. Barclays PLC, Barclays Bank PLC, and BCI have reached a settlement of all claims against them in the matter. A
settlement payment was made in April 2023 and the matter is now concluded. The financial impact of this settlement is not material to
the Group\u2019s operating results, cash flows or financial position.
US retail basis civil action
In 2015, a putative class action was filed against several international banks, including Barclays PLC and BCI, on behalf of a proposed
class of individuals who exchanged currencies on a retail basis at bank branches (Retail Basis Claims). The SDNY has ruled that the Retail
Basis Claims are not covered by the settlement agreement in the Consolidated FX Action. The Court subsequently dismissed all Retail
Basis Claims against the Group and all other defendants. The plaintiffs filed an amended complaint. The defendants\u2019 motion for
summary judgment was granted in March 2023, dismissing the plaintiffs\u2019 remaining claims. The plaintiffs have appealed the decision.\u00a0
Non-US FX civil actions
Legal proceedings have been brought or are threatened against Barclays PLC, Barclays Bank PLC, BCI and Barclays Execution Services
Limited (BX) in connection with alleged manipulation of Foreign Exchange in the UK, a number of other jurisdictions in Europe, Israel,
Brazil and Australia. Additional proceedings may be brought in the future.
The above-mentioned proceedings include two purported class actions filed against Barclays PLC, Barclays Bank PLC, BX, BCI and
other financial institutions in the UK Competition Appeal Tribunal (CAT) in 2019. The CAT refused to certify these claims in the first
quarter of 2022.\u00a0 In July 2023 (as amended in November 2023), the Court of Appeal overturned the CAT\u2019s decision and found that the
claims should be certified on an opt out basis. The Court of Appeal upheld the CAT\u2019s determination as to which of the two purported
class representatives should be chosen to bring the claim. Subject to any further appeal, only the claim brought by the chosen class
representative will now proceed in the CAT. Also in 2019, a separate claim was filed in the UK in the High Court of Justice (High Court),
and subsequently transferred to the CAT, by various banks and asset management firms against Barclays Bank PLC and other financial
institutions alleging breaches of European and UK competition laws related to FX trading. This claim has been settled as part of the
settlement payment referred to under the US FX opt out civil action above and the matter is now concluded.
Metals-related civil actions
A US civil complaint alleging manipulation of the price of silver in violation of the CEA, the Antitrust Act and state antitrust and consumer
protection laws was brought by a proposed class of plaintiffs against a number of banks, including Barclays Bank PLC, BCI and BX, and
transferred to the SDNY. The complaint was dismissed against these Barclays entities and certain other defendants in 2018, and
against the remaining defendants in May 2023. The plaintiffs have appealed the dismissal of the complaint against all defendants.
Civil actions have also been filed in Canadian courts against Barclays PLC, Barclays Bank PLC, Barclays Capital Canada Inc. and BCI on
behalf of proposed classes of plaintiffs alleging manipulation of gold and silver prices.
US residential mortgage related civil actions
There are two US Residential Mortgage-Backed Securities (RMBS) related civil actions arising from unresolved repurchase requests
submitted by Trustees for certain RMBS, alleging breaches of various loan-level representations and warranties (R&Ws) made by
Barclays Bank PLC and/or a subsidiary acquired in 2007. In one action, the parties have agreed to settle the litigation. The financial
impact of the settlement is not material to the Group\u2019s operating results, cash flows or financial position. Barclays\u2019 motion to dismiss
the other repurchase action was denied in October 2023. Barclays is appealing the decision.
Government and agency securities civil actions
Treasury auction securities civil actions
Consolidated putative class action complaints filed in US federal court against Barclays Bank PLC, BCI and other financial institutions
under the Antitrust Act and state common law allege that the defendants (i) conspired to manipulate the US Treasury securities market
and/or (ii) conspired to prevent the creation of certain platforms by boycotting or threatening to boycott such trading platforms. The
court dismissed the consolidated action in March 2021.The plaintiffs filed an amended complaint. The defendants\u2019 motion to dismiss
the amended complaint was granted in March 2022. The plaintiffs appealed this decision, and in February 2024 the appellate court
affirmed the dismissal.
In addition, certain plaintiffs have filed a related, direct action against BCI and certain other financial institutions, alleging that defendants
conspired to fix and manipulate the US Treasury securities market in violation of the Antitrust Act, the CEA and state common law. This
action remains stayed.
Supranational, Sovereign and Agency bonds civil actions
Civil antitrust actions have been filed in the SDNY and Federal Court of Canada in Toronto against Barclays Bank PLC, BCI, BX, Barclays
Capital Securities Limited and, with respect to the civil action filed in Canada only, Barclays Capital Canada, Inc. and other financial
institutions alleging that the defendants conspired to fix prices and restrain competition in the market for US dollar-denominated
Supranational, Sovereign and Agency bonds. The SDNY actions were dismissed and these matters are now concluded.
In the Federal Court of Canada action, the parties have reached a settlement in principle, which will require court approval. The financial
impact of the settlement is not expected to be material to the Group\u2019s operating results, cash flows or financial position.
Variable Rate Demand Obligations civil actions
Civil actions have been filed against Barclays Bank PLC and BCI and other financial institutions alleging the defendants conspired or
colluded to artificially inflate interest rates set for Variable Rate Demand Obligations (VRDOs). VRDOs are municipal bonds with interest
rates that reset on a periodic basis, most commonly weekly. Two actions in state court have been filed by private plaintiffs on behalf of
the states of Illinois and California. Three putative class action complaints have been consolidated in the SDNY. In the consolidated
SDNY class action, certain of the plaintiffs\u2019 claims were dismissed in November 2020 and June 2022 and the plaintiffs\u2019 motion for class
certification was granted in September 2023, which means the case may proceed as a class action. The defendants are appealing this
decision. In the California action, the California appeals court reversed the dismissal of the plaintiffs\u2019 claims in April 2023. In the Illinois
action, the defendants reached a settlement with the Attorney General for the State of Illinois to resolve the litigation. The court
approved the settlement in October 2023 and dismissed the matter. The financial impact of the settlement is not material to the
Group\u2019s operating results, cash flows or financial position. This matter is now concluded.
Odd-lot corporate bonds antitrust class action
In 2020, BCI, together with other financial institutions, were named as defendants in a putative class action. The complaint alleges a
conspiracy to boycott developing electronic trading platforms for odd-lots and price fixing. The plaintiffs demand unspecified money
damages. The defendants\u2019 motion to dismiss was granted in 2021 and the plaintiffs have appealed the dismissal.\u00a0
Credit Default Swap civil action
A putative antitrust class action is pending in New Mexico federal court against Barclays Bank PLC, BCI and various other financial
institutions. The plaintiffs, the New Mexico State Investment Council and certain New Mexico pension funds, allege that the defendants
conspired to manipulate the benchmark price used to value Credit Default Swap (CDS) contracts at settlement (i.e. the CDS final
auction price). The plaintiffs allege violations of US antitrust laws and the CEA, and unjust enrichment under state law. The defendants\u2019
motion to dismiss was denied in June 2023.
Interest rate swap and credit default swap US civil actions
Barclays PLC, Barclays Bank PLC and BCI, together with other financial institutions that act as market makers for interest rate swaps
(IRS), are named as defendants in several antitrust actions, including one putative class action and individual actions brought by certain
swap execution facilities, which are consolidated in the SDNY. The complaints allege the defendants conspired to prevent the
development of exchanges for IRS and demand unspecified money damages. The plaintiffs\u2019 motion for class certification was denied in
December 2023, meaning the case cannot proceed as a class action. The plaintiffs have sought the court\u2019s leave to appeal that
decision.
In 2017, Tera Group Inc. (Tera) filed a separate civil antitrust action in the SDNY claiming that certain conduct alleged in the IRS cases
also caused Tera to suffer harm with respect to the Credit Default Swaps market. In 2019, the court dismissed Tera\u2019s claims for unjust
enrichment and tortious interference but denied motions to dismiss the antitrust claims. Tera filed an amended complaint in January
2020. Barclays\u2019 motion to dismiss all claims was granted in August 2023. Tera has filed a Notice of Appeal.
BDC Finance L.L.C.
In 2008, BDC Finance L.L.C. (BDC) filed a complaint in the Supreme Court of the State of New York (NY Supreme Court), demanding
damages of $298m, alleging that Barclays Bank PLC had breached a contract in connection with a portfolio of total return swaps
governed by an ISDA Master Agreement (the Master Agreement). Following a trial, the court ruled in 2018 that Barclays Bank PLC was
not a defaulting party, which was affirmed on appeal. In April 2021, the trial court entered judgment in favour of Barclays Bank PLC for
$3.3m and as yet to be determined legal fees and costs. BDC appealed. In January 2022, the appellate court reversed the trial court\u2019s
summary judgment decision in favour of Barclays Bank PLC and remanded the case to the lower court for further proceedings. The
parties filed cross-motions on the scope of trial. In January 2024, the court ruled in Barclays\u2019 favour. BDC is appealing, and the trial is
adjourned until the appeal is decided.
In 2011, BDC\u2019s investment advisor, BDCM Fund Adviser, LLC and its parent company, Black Diamond Capital Holdings, LLC, also sued
Barclays Bank PLC and BCI in Connecticut State Court for unspecified damages allegedly resulting from Barclays Bank PLC\u2019s conduct
relating to the Master Agreement, asserting claims for violation of the Connecticut Unfair Trade Practices Act and tortious interference
with business and prospective business relations. This case has been withdrawn.
Civil actions in respect of the US Anti-Terrorism Act
Eight civil actions, on behalf of more than 4,000 plaintiffs, were filed in US federal courts in the US District Court in the Eastern District of
New York (EDNY) and SDNY against Barclays Bank PLC and a number of other banks. The complaints generally allege that Barclays Bank
PLC and those banks engaged in a conspiracy to facilitate US dollar-denominated transactions for the Iranian Government and various
Iranian banks, which in turn funded acts of terrorism that injured or killed the plaintiffs or the plaintiffs\u2019 family members. The plaintiffs
seek to recover damages for pain, suffering and mental anguish under the provisions of the US Anti-Terrorism Act, which allow for the
trebling of any proven damages.
The court granted the defendants\u2019 motions to dismiss three out of the six actions in the EDNY. The plaintiffs appealed in one action and
the dismissal was affirmed, and judgment was entered, in January 2023. The court has given the plaintiffs until February 2024 to make a
motion to vacate the judgment. The other two dismissed actions in the EDNY were consolidated into one action. The plaintiffs in that
action, and in one other action in the EDNY, filed amended complaints in December 2023. The two other actions in the EDNY are
currently stayed. Out of the two actions in the SDNY, the court granted the defendants\u2019 motion to dismiss the first action. That action is
stayed, and the second SDNY action is stayed pending any appeal on the dismissal of the first.
Shareholder derivative action
In November 2020, a purported Barclays shareholder filed a putative derivative action in New York state court against BCI and a number
of current and former members of the Board of Directors of Barclays PLC and senior executives or employees of the Group. The
shareholder filed the claim on behalf of nominal defendant Barclays PLC, alleging that the individual defendants harmed the company
through breaches of their duties, including under the Companies Act 2006. The plaintiff seeks damages on behalf of Barclays PLC for
the losses that Barclays PLC allegedly suffered as a result of these alleged breaches. An amended complaint was filed in April 2021,
which BCI and certain other defendants moved to dismiss. The motion to dismiss was granted in April 2022. The plaintiff appealed the
decision, and the dismissal was unanimously affirmed in June 2023 by the First Judicial Department in New York. The plaintiff has sought
leave to appeal the First Judicial Department\u2019s decision to the New York Court of Appeals.
Derivative transactions civil action
In 2021, Vestia, a Dutch housing association, brought a claim against Barclays Bank PLC in the UK in the High Court in relation to a series
of derivative transactions entered into with Barclays Bank PLC between 2008 and 2011, seeking damages of \u00a3329m. Barclays Bank PLC
is defending the claim and has made a counterclaim.
Skilled person review in relation to historic timeshare loans and associated matters
Clydesdale Financial Services Limited (CFS), which trades as Barclays Partner Finance and houses Barclays\u2019 point-of-sale finance
business, was required by the FCA to undertake a skilled person review in 2020 following concerns about historic affordability
assessments for certain loans to customers in connection with timeshare purchases. The skilled person review was concluded in 2021.
CFS complied fully with the skilled person review requirements, including carrying out certain remediation measures. CFS was not
required to conduct a full back book review. Instead, CFS reviewed limited historic lending to ascertain whether its practices caused
customer harm and is remediating any examples of harm. This work was substantially completed during 2023, utilising provisions
booked to account for any remediations.
Motor finance commission arrangements
In January 2024, the FCA announced that it was appointing a skilled person to undertake a review of the historical use of discretionary
commission arrangements and sales in the motor finance market across several firms.\u00a0 This follows two final decisions by the UK
Financial Ombudsman Service (FOS), including one upholding a complaint against CFS in relation to commission arrangements and
disclosure in the sale of motor finance products and a number of complaints and court claims, including some against CFS.\u00a0 Barclays will
co-operate fully with the FCA\u2019s skilled person review, the outcome of which is unknown, including any potential financial impact.\u00a0 The
FCA plans to set out next steps on this matter by the end of September 2024. Barclays ceased operating in the motor finance market in
late 2019.
Over-issuance of securities in the US
In March 2022, executive management became aware that Barclays Bank PLC had issued securities materially in excess of the set
amount under its US shelf registration statements. As a result, Barclays Bank PLC commenced a rescission offer on 1 August 2022, by
which Barclays Bank PLC offered to repurchase relevant affected securities from certain holders, which expired on 12 September 2022.
Further, in September 2022, the SEC announced the resolution of its investigation of Barclays PLC and Barclays Bank PLC relating to
such over-issuance of securities.
In September 2022, a purported class action claim was filed in the US District Court in Manhattan seeking to hold Barclays PLC, Barclays
Bank PLC and former and current executives responsible for declines in the price of Barclays PLC\u2019s American depositary receipts, which
the plaintiffs claim occurred as a result of alleged misstatements and omissions in its public disclosures. The defendants have moved to
dismiss the case. In addition, holders of a series of ETNs have brought claims against Barclays PLC, Barclays Bank PLC, and former and
current executives and board members in the US alleging, among other things, that Barclays\u2019 failure to disclose that these ETNs were
unregistered securities misled investors and that, as a result, Barclays is liable for the holders\u2019 alleged losses following the suspension of
further sales and issuances of such series of ETNs. Two such actions are purported class actions that have been consolidated into a
single action in federal court in New York. Barclays has moved to dismiss the complaint.
Any liabilities, claims or actions in connection with the over-issuance of securities under Barclays Bank PLC\u2019s US shelf registration
statements could have an adverse effect on the Group\u2019s business, financial condition, results of operations and reputation as a
frequent issuer in the securities markets.
2. Barclays PLC, Barclays Bank PLC and Barclays Bank UK PLC
HM Revenue & Customs (HMRC) assessments concerning UK Value Added Tax
In 2018, HMRC issued notices that have the effect of either removing certain Barclays overseas subsidiaries that have operations in the
UK from Barclays\u2019 UK VAT group or preventing them from joining it. Supplies between members of a UK VAT group are generally free
from VAT. The notices had both retrospective and prospective effect. Barclays has appealed HMRC\u2019s decisions to the First Tier
Tribunal (Tax Chamber) in relation to both the retrospective VAT assessments and the on-going VAT payments made since 2018.
\u00a3181m of VAT (inclusive of interest) was assessed retrospectively by HMRC covering the periods 2014 to 2018, of which approximately
\u00a3128m is expected to be attributed to Barclays Bank UK PLC and \u00a353m to Barclays Bank PLC. This retrospectively assessed VAT was
paid in 2018 and an asset, adjusted to reflect expected eventual recovery, is recognised. Since 2018 Barclays has paid, and recognised
as an expense, VAT on intra-group supplies from the relevant subsidiaries to the members of the VAT group.
FCA investigation into transaction monitoring
The FCA has been investigating Barclays\u2019 compliance with UK money laundering regulations and the FCA\u2019s rules and Principles for
Businesses in an enforcement investigation which is focused on aspects of Barclays\u2019 transaction monitoring in relation to certain
business lines now in Barclays Bank UK PLC. The FCA has informed Barclays that it is closing the enforcement investigation into this
matter.
3. Barclays PLC
Civil action in respect of Barclays\u2019 statements regarding the relationship between its former CEO and Jeffrey Epstein
In November 2023, a purported class action was filed in federal court in California against Barclays PLC and a number of current and
former members of the Board of Directors of Barclays PLC. The complaint seeks to hold the defendants responsible for declines in the
price of Barclays PLC\u2019s American depositary receipts, which the plaintiffs claim occurred as a result of alleged misstatements and
omissions in Barclays\u2019 public disclosures relating to its former CEO\u2019s relationship with Jeffrey Epstein.
Alternative trading systems
In 2020, a claim was brought against Barclays PLC in the UK in the High Court by various shareholders regarding Barclays PLC\u2019s share
price based on the allegations contained within a complaint by the New York State Attorney General (NYAG) in 2014. Such claim was
settled in 2016, as previously disclosed. The more recent claim seeks unquantified damages and Barclays is defending the claim. The
NYAG complaint was filed against Barclays PLC and BCI in the NY Supreme Court alleging, among other things, that Barclays PLC and
BCI engaged in fraud and deceptive practices in connection with LX, BCI\u2019s SEC-registered alternative trading system.
General
The Group is engaged in various other legal, competition and regulatory matters in the UK, the US and a number of other overseas
jurisdictions. It is subject to legal proceedings brought by and against the Group which arise in the ordinary course of business from time
to time, including (but not limited to) disputes in relation to contracts, securities, guarantees, debt collection, consumer credit, fraud,
trusts, client assets, competition, data management and protection, intellectual property, money laundering, financial crime,
employment, environmental and other statutory and common law issues.
The Group is also subject to enquiries and examinations, requests for information, audits, investigations and legal and other
proceedings by regulators, governmental and other public bodies in connection with (but not limited to) consumer protection
measures, measures to combat money laundering and financial crime, compliance with legislation and regulation, wholesale trading
activity and other areas of banking and business activities in which the Group is or has been engaged. The Group is cooperating with the
relevant authorities and keeping all relevant agencies briefed as appropriate in relation to these matters and others described in this
note on an ongoing basis.
At the present time, Barclays PLC does not expect the ultimate resolution of any of these other matters to have a material adverse
effect on the Group\u2019s financial position. However, in light of the uncertainties involved in such matters and the matters specifically
described in this note, there can be no assurance that the outcome of a particular matter or matters (including formerly active matters
or those matters arising after the date of this note) will not be material to Barclays PLC\u2019s results, operations or cash flows for a particular
period, depending on, among other things, the amount of the loss resulting from the matter(s) and the amount of profit otherwise
reported for the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-635": { "value": "Subordinated liabilities
Accounting for subordinated liabilities
Subordinated liabilities are measured at amortised cost using the effective interest method under IFRS 9.
2023
2022
\u00a3m
\u00a3m
As at 1 January
11,423
12,759
Issuances
1,523
1,477
Redemptions
(2,239)
(2,679)
Other
(213)
(134)
As at 31 December
10,494
11,423
Issuances of \u00a31,523m comprise \u00a31,180m USD 7.119% Fixed-to-Floating Rate Subordinated Callable Notes, issued externally by
Barclays PLC, \u00a3315m USD Floating Rate Notes, and \u00a328m JPY Floating Rate Notes issued externally by Barclays subsidiaries.
Redemptions of \u00a32,239m comprise \u00a31,345m EUR 2%\u00a0 Fixed Rate Subordinated Notes and \u00a3599m partial repurchase of USD 4.375%\u00a0
Fixed Rate Subordinated Notes issued externally by Barclays PLC, \u00a3194m USD Floating Rate Notes and \u00a328m JPY Floating Rate Notes
issued externally by Barclays subsidiaries, \u00a343m EUR Subordinated Floating Rate Notes and \u00a330m USD Junior Undated Floating Rate
Notes issued externally by Barclays Bank PLC.
Other movements predominantly comprise foreign exchange movements and fair value hedge adjustments.
Subordinated liabilities include accrued interest and comprise undated and dated subordinated liabilities as follows:
2023
2022
\u00a3m
\u00a3m
Undated subordinated liabilities
\u2014
28
Dated subordinated liabilities
10,494
11,395
Total subordinated liabilities
10,494
11,423
None of the Group\u2019s subordinated liabilities are secured.
Undated subordinated liabilities1
2023
2022
Initial call date
\u00a3m
\u00a3m
Barclays Bank PLC issued
Undated Notes
Junior Undated Floating Rate Notes (USD 38 m)
Any interest payment date
\u2014
28
Total undated subordinated liabilities
\u2014
28
Note
1 Instrument values are disclosed to the nearest million.
Dated subordinated liabilities1
2023
2022
Initial call date
Maturity date
\u00a3m
\u00a3m
Barclays PLC issued
2% Fixed Rate Subordinated Callable Notes (EUR 1,500 m)
2023
2028
\u2014
1,345
4.375% Fixed Rate Subordinated Notes (USD 1,250 m)
2024
380
1,013
3.75% Fixed Rate Resetting Subordinated Callable Notes (GBP 500m)
2025
2030
466
445
3.75% Fixed Rate Resetting Subordinated Callable Notes (SGD 200m)
2025
2030
117
120
5.20% Fixed Rate Subordinated Notes (USD 2,050 m)
2026
1,529
1,588
1.125% Fixed Rate Resetting Subordinated Callable Notes (EUR 1,000m)
2026
2031
817
795
4.836% Fixed Rate Subordinated Callable Notes (USD 2,000 m)
2027
2028
1,499
1,554
8.407% Fixed Rate Resetting Subordinated Callable Notes (GBP 1,000m)
2027
2032
1,033
1,013
5.088% Fixed-to-Floating Rate Subordinated Callable Notes (USD 1,500 m)
2029
2030
1,078
1,117
3.564% Fixed Rate Resetting Subordinated Callable Notes (USD 1,000m)
2030
2035
654
664
7.119% Fixed-to-Floating Rate Subordinated Callable Notes (USD 1,500m)
2033
2034
1,175
\u2014
3.811% Fixed Rate Resetting Subordinated Callable Notes (USD 1,000m)
2041
2042
623
646
Barclays Bank PLC issued
Subordinated Floating Rate Notes (EUR 50 m)
2023
\u2014
44
5.75% Fixed Rate Subordinated Notes
2026
286
280
5.4% Reverse Dual Currency Subordinated Loan (JPY 15,000 m)
2027
84
93
6.33% Subordinated Notes
2032
45
46
Subordinated Floating Rate Notes (EUR 68 m)
2040
59
60
External issuances by other subsidiaries
2033
649
572
Total dated subordinated liabilities
10,494
11,395
Note
1 Instrument values are disclosed to the nearest million.
Dated subordinated liabilities
Dated subordinated liabilities are issued by Barclays PLC, Barclays Bank PLC and its subsidiaries for the development and expansion of
their businesses and to strengthen their respective capital bases. The principal terms of the dated subordinated liabilities are described
below:
Subordination
Dated subordinated liabilities issued by Barclays PLC ranks behind the claims against Barclays PLC of unsecured unsubordinated
creditors but before the claims of the holders of its equity.
All dated subordinated liabilities externally issued by Barclays Bank PLC rank behind the claims against Barclays Bank PLC of depositors
and other unsecured unsubordinated creditors but before the claims of the holders of its equity. The dated subordinated liabilities
externally issued by other subsidiaries are similarly subordinated as the external subordinated liabilities issued by Barclays Bank PLC.
Interest
Interest on the Floating Rate Notes is fixed periodically in advance, based on the related market rates.
Interest on Fixed Rate Notes is set by reference to market rates at the time of issuance and fixed until maturity.
Interest on the 4.836% USD Fixed Rate Subordinated Callable Notes, 3.75% SGD Fixed Rate Resetting Subordinated Callable Notes,
3.75% GBP Fixed Rate Resetting Subordinated Callable Notes, 3.811% USD\u00a0 Fixed Rate Resetting Subordinated Callable notes, 1.125%\u00a0
EUR Fixed Rate Resetting Subordinated Callable Notes, 3.564% USD Fixed Rate Resetting Subordinated Callable Notes, and the\u00a0
8.407% GBP Fixed Rate Resetting Subordinated Callable Notes\u00a0 are fixed until the call date. After the respective call dates, in the event
that they are not redeemed, the interest rates will be reset and fixed until maturity based on a market rate. Interest on the 5.088%\u00a0 USD
Fixed-to-Floating Rate Subordinated Callable Notes and 7.119% USD\u00a0 Fixed-to-Floating Rate Subordinated Callable Notes are fixed
until the call date. After the call date, in the event that they are not redeemed, the interest rate will reset periodically in advance based
on market rates.
Repayment
Those subordinated liabilities with a call date are repayable at the option of the issuer on such call date in accordance with the
conditions governing the respective debt obligations, some in whole or in part, and some only in whole. The remaining dated
subordinated liabilities outstanding at 31\u00a0December 2023 are redeemable only on maturity, subject in particular cases to provisions
allowing an early redemption in the event of certain changes in tax law, or to certain changes in legislation or regulations.
Any repayments prior to maturity require, in the case of Barclays PLC and Barclays Bank PLC, the prior consent of the PRA, or in the
case of the overseas issues, the approval of the local regulator for that jurisdiction and of the PRA in certain circumstances.
There are no committed facilities in existence at the balance sheet date which permit the refinancing of debt beyond the date of
maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-636": { "value": "
Accounting for subordinated liabilities
Subordinated liabilities are measured at amortised cost using the effective interest method under IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-637": { "value": "Ordinary shares, share premium, and other equity
Called up share capital, allotted and fully paid
Number of shares
Ordinary share
capital
Ordinary share
premium
Total share capital
and share premium
Other
equity instruments
m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January 2023
15,871
3,968
405
4,373
13,284
Issued to staff under share incentive plans
121
30
94
124
\u2014
AT1 securities issuance
\u2014
\u2014
\u2014
\u2014
3,140
AT1 securities redemption
\u2014
\u2014
\u2014
\u2014
(3,170)
Repurchase of shares
(837)
(209)
\u2014
(209)
\u2014
Other movements
\u2014
\u2014
\u2014
\u2014
5
As at 31 December 2023
15,155
3,789
499
4,288
13,259
As at 1 January 2022
16,752
4,188
348
4,536
12,259
Issued to staff under share incentive plans
50
13
57
70
\u2014
AT1 securities issuance
\u2014
\u2014
\u2014
\u2014
3,158
AT1 securities redemption
\u2014
\u2014
\u2014
\u2014
(2,126)
Repurchase of shares
(931)
(233)
\u2014
(233)
\u2014
Other movements
\u2014
\u2014
\u2014
\u2014
(7)
As at 31 December 2022
15,871
3,968
405
4,373
13,284
Called up share capital
Called up share capital comprises 15,155m ( 2022: 15,871m ) ordinary shares of 25 p each.\u00a0
Share repurchase
At the 2023 AGM on 3 May 2023, Barclays PLC was authorised to repurchase up to an aggregate of 1,587m of its ordinary shares of
25 p. The authorisation is effective until the AGM in 2024 or the close of business on 30 June 2024, whichever is the earlier. During 2023,
837m shares were repurchased with a total nominal value of \u00a3209m (2022 : 931m shares with a nominal value of \u00a3233m).
Other equity instruments
Other equity instruments of \u00a313,259m ( 2022: \u00a313,284m ) include AT1 securities issued by Barclays PLC. The AT1 securities are
perpetual securities with no fixed maturity and are structured to qualify as AT1 instruments under prevailing capital rules applicable as at
the relevant issue date.
In 2023 , there were three issuances of AT1 instruments, in the form of Fixed Rate Resetting Perpetual Subordinated Contingent
Convertible Securities, for \u00a33,140m (2022: three issuances for \u00a33,158m) which includes issuance costs of \u00a310m (2022: \u00a39m). There
were two redemptions in 2023 totalling \u00a33,170m (2022: two redemptions totalling \u00a32,126m).
AT1 equity instruments
2023
2022
Initial call date
\u00a3m
\u00a3m
AT1 equity instruments - Barclays PLC
7.25% Perpetual Subordinated Contingent Convertible Securities 1
2023
\u2014
1,243
7.75% Perpetual Subordinated Contingent Convertible Securities (USD 2,500m)
2023
\u2014
1,925
5.875% Perpetual Subordinated Contingent Convertible Securities 1
2024
1,241
1,244
8% Perpetual Subordinated Contingent Convertible Securities (USD 2,000m)
2024
1,509
1,509
7.125% Perpetual Subordinated Contingent Convertible Securities 1
2025
996
993
6.375% Perpetual Subordinated Contingent Convertible Securities
2025
996
996
6.125% Perpetual Subordinated Contingent Convertible Securities (USD 1,500m)
2025
1,142
1,142
8.300% Perpetual Subordinated Contingent Convertible Securities (SGD 450m)
2027
264
264
8.875% Perpetual Subordinated Contingent Convertible Securities
2027
1,247
1,247
4.375% Perpetual Subordinated Contingent Convertible Securities (USD 1,500m) 1
2028
1,077
1,078
9.250% Perpetual Subordinated Contingent Convertible Securities
2028
1,497
\u2014
7.300% Perpetual Subordinated Contingent Convertible Securities (SGD 400m)
2028
248
\u2014
8.000% Perpetual Subordinated Contingent Convertible Securities (USD 2,000m) 1
2029
1,647
1,643
9.625%\u00a0 Perpetual Subordinated Contingent Convertible Securities (USD 1,750m)
2029
1,395
\u2014
Total AT1 equity instruments
13,259
13,284
Note
1 Reported net of securities held by the Group.
The principal terms of the AT1 securities are described below:
\u25aa AT1 securities rank behind the claims against Barclays PLC of i ) unsubordinated creditors; ii) claims which are expressed to be
subordinated to the claims of unsubordinated creditors of Barclays PLC but not further or otherwise; or iii) claims which are, or are
expressed to be, junior to the claims of other creditors of Barclays PLC, whether subordinated or unsubordinated, other than claims
which rank, or are expressed to rank, pari passu with, or junior to, the claims of holders of the AT1 securities.
\u25aa AT1 securities are undated and are redeemable, at the option of Barclays PLC, in whole on (i) the initial reset date, or on any fifth
anniversary after the initial reset date or (ii) any day falling in a named period ending on the initial reset date, or on any fifth anniversary
after the initial reset date. In addition, the AT1 securities are redeemable, at the option of Barclays PLC, in whole in the event of
certain changes in the tax or regulatory treatment of the securities. Any redemptions require the prior consent of the PRA.
\u25aa Interest on the AT1 securities will be due and payable only at the sole discretion of Barclays PLC, and Barclays PLC has sole and
absolute discretion at all times and for any reason to cancel (in whole or in part) any interest payment that would otherwise be payable
on any interest payment date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-638": { "value": "
Called up share capital, allotted and fully paid
Number of shares
Ordinary share
capital
Ordinary share
premium
Total share capital
and share premium
Other
equity instruments
m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 1 January 2023
15,871
3,968
405
4,373
13,284
Issued to staff under share incentive plans
121
30
94
124
\u2014
AT1 securities issuance
\u2014
\u2014
\u2014
\u2014
3,140
AT1 securities redemption
\u2014
\u2014
\u2014
\u2014
(3,170)
Repurchase of shares
(837)
(209)
\u2014
(209)
\u2014
Other movements
\u2014
\u2014
\u2014
\u2014
5
As at 31 December 2023
15,155
3,789
499
4,288
13,259
As at 1 January 2022
16,752
4,188
348
4,536
12,259
Issued to staff under share incentive plans
50
13
57
70
\u2014
AT1 securities issuance
\u2014
\u2014
\u2014
\u2014
3,158
AT1 securities redemption
\u2014
\u2014
\u2014
\u2014
(2,126)
Repurchase of shares
(931)
(233)
\u2014
(233)
\u2014
Other movements
\u2014
\u2014
\u2014
\u2014
(7)
As at 31 December 2022
15,871
3,968
405
4,373
13,284
Called up share capital
Called up share capital comprises 15,155m ( 2022: 15,871m ) ordinary shares of 25 p each.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-639": { "value": "Reserves
Currency translation reserve
The currency translation reserve represents the cumulative gains and losses on the retranslation of the Group\u2019s net investment in
foreign operations, net of the effects of hedging.
Fair value through other comprehensive income reserve
The fair value through other comprehensive income reserve represents the changes in the fair value of financial instruments accounted
for at fair value through other comprehensive income investments since initial recognition.
Cash flow hedging reserve
The cash flow hedging reserve represents the cumulative gains and losses on effective cash flow hedging instruments that will be
recycled to profit or loss when the hedged transactions affect profit or loss.
Own credit reserve
The own credit reserve reflects the cumulative own credit gains and losses on financial liabilities at fair value. Amounts in the own credit
reserve are not recycled to profit or loss in future periods.
Other reserves and treasury shares
Other reserves relate to redeemed ordinary and preference shares issued by the Group.
Treasury shares relate to Barclays PLC shares held in relation to the Group\u2019s various share schemes. These schemes are described in
Note 31. Treasury shares are deducted from shareholders\u2019 equity within other reserves. A transfer is made to retained earnings in line
with the vesting of treasury shares held for the purposes of share-based payments.
2023
2022
\u00a3m
\u00a3m
Currency translation reserve
3,671
4,772
Fair value through other comprehensive income reserve
(1,366)
(1,560)
Cash flow hedging reserve
(3,707)
(7,235)
Own credit reserve
(240)
467
Other reserves and treasury shares
1,565
1,364
Total
(77)
(2,192)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-640": { "value": "Non-controlling interests
Profit attributable to non-controlling
interest
Equity attributable to non-controlling
interest
Dividends paid to non-controlling
interest
2023
2022
2023
2022
2023
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Barclays Bank PLC issued:
\u2013 Preference shares
40
31
529
529
40
31
\u2013 Upper Tier 2 instruments
24
14
126
438
24
14
Other non-controlling interests
\u2014
\u2014
5
1
\u2014
\u2014
Total
64
45
660
968
64
45
In 2023, there were no issuances ( 2022 : none ) and three redemptions of \u00a3312m ( 2022 : \u00a320m ) relating to the Undated Floating Rate
Primary Capital Notes Series 1 (\u00a393m) and Series 2 (\u00a3179m) and 9% Permanent Interest Bearing Capital Bonds (\u00a340m)
Barclays Bank PLC and protective rights of non-controlling interests
Barclays PLC holds 100% of the voting rights of Barclays Bank PLC. As at 31\u00a0December 2023, Barclays Bank PLC has in issue preference
shares and Upper Tier 2 instruments. These are non-controlling interests to the Group.
A fixed coupon rate is attached to all Upper Tier 2 instruments until the initial call date.
After the initial call date, in the event they are not redeemed, coupon payments in relation to the\u00a0 6.125% Undated Notes are fixed
periodically in advance for five-year periods based on market rates. Coupon payments for all other Upper Tier 2 instruments are at rates
fixed periodically in advance based on market rates.
The payment of preference share dividends and Upper Tier 2 coupons are typically at the discretion of Barclays Bank PLC, except for
coupon payments that become compulsory where Barclays PLC has declared or paid a dividend on ordinary shares, or in certain cases,
any class of preference shares, in the preceding six-month period.\u00a0 Coupons not paid become payable in each case if such a dividend is
subsequently paid or in certain other circumstances. No dividend or coupon payments may be made unless Barclays Bank PLC satisfies
a specified solvency test. Under the terms of these instruments, Barclays PLC may not pay dividends on ordinary shares until a dividend
or coupon is next paid on these instruments or the instruments are redeemed or purchased by Barclays Bank PLC. There are no
restrictions on Barclays Bank PLC\u2019s ability to remit capital to the Parent as a result of these issued instruments.
Preference share redemptions are typically at the discretion of Barclays Bank PLC and are redeemable in whole, but not in part, at the
initial call date and on any dividend payment date after the initial call date, pursuant to their respective terms. Upper Tier 2 instruments
are repayable, at the option of Barclays Bank PLC in whole at the initial call date and on any fifth anniversary after the initial call date. In
addition, each issue of Upper Tier 2 instruments is repayable, at the option of Barclays Bank PLC, in whole for certain tax reasons, either
at any time, or on an interest payment date. There are no events of default except non-payment of principal or mandatory interest. Any
repayments or redemptions require the prior consent of the PRA, and in respect of the preference shares, any such redemption will be
subject to the Companies Act 2006 and the Articles of Barclays Bank PLC.
2023
2022
Instrument
\u00a3m
\u00a3m
Preference Shares:
US Dollar Preference Shares
318
318
Euro Preference Shares
211
211
Total Barclays Bank PLC Preference Shares
529
529
Upper Tier 2 Instruments:
Undated Floating Rate Primary Capital Notes Series 1
\u2014
93
Undated Floating Rate Primary Capital Notes Series 2
\u2014
179
5.03% Undated Reverse Dual Currency Subordinated Loan (JPY 8 bn)
39
39
5.0% Reverse Dual Currency Undated Subordinated Loan (JPY 12 bn)
53
53
9% Permanent Interest Bearing Capital Bonds (\u00a3 100 m)
\u2014
40
6.125% Undated Subordinated Notes (\u00a3 550 m)
34
34
Total Upper Tier 2 Instruments
126
438
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-641": { "value": "Staff costs
Accounting for staff costs
Deferred cash and share awards are made to employees to incentivise performance over the period employees provide services. To
receive payment under an award, employees must provide service over the vesting period. The period over which the expense for
deferred cash and share awards is recognised is based upon the period employees consider their services contribute to the awards. For
past awards, the Group considers that it is appropriate to recognise the awards over the period from the date of grant to the date that
the awards vest. In relation to awards granted from 2017, the Group, taking into account the changing employee understanding
surrounding those awards, considered it appropriate for expense to be recognised over the vesting period including the financial year
prior to the grant date.\u00a0
The accounting policies for share-based payments, and pensions and other post-retirement benefits are included in Note 31 and Note
32 respectively.
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Incentive awards granted:
Current year bonus
1,202
1,241
1,278
Deferred bonus
543
549
667
Total incentive awards granted
1,745
1,790
1,945
Reconciliation of incentive awards granted to income statement charge:
Less: deferred bonuses granted but not charged in current year
(384)
(388)
(457)
Add: current year charges for deferred bonuses from previous years
390
399
280
Other differences between incentive awards granted and income statement charge
(1)
35
(23)
Income statement charge for performance costs
1,750
1,836
1,745
Other income statement charges:
Salaries
5,120
4,732
4,290
Social security costs
755
714
619
Post-retirement benefits1
539
563
539
Other compensation costs
555
504
431
Total compensation costs2
8,719
8,349
7,624
Other resourcing costs:
Outsourcing
601
607
357
Redundancy and restructuring3
452
(7)
296
Temporary staff costs
91
113
109
Other
154
190
125
Total other resourcing costs
1,298
903
887
Total staff costs
10,017
9,252
8,511
Notes
1 Post-retirement benefits charge includes \u00a3371m (2022: \u00a3313m; 2021 : \u00a3289m) in respect of defined contribution schemes and \u00a3168m (2022: \u00a3250m; 2021: \u00a3250m) in respect of
defined benefit schemes.
2 \u00a3860m (2022: \u00a3604m; 2021: \u00a3484m) of Group compensation cost was capitalised as internally generated software and\u00a0 excluded from the Staff cost disclosed above .
3 \u00a0 Redundancy and restructuring Pensions and post-retirement benefits
Accounting for pensions and post-retirement benefits
The Group operates a number of pension schemes and post-employment benefit schemes.
Defined contribution schemes \u2013 the Group recognises contributions due in respect of the accounting period in the income statement.
Any contributions unpaid at the balance sheet date are included as a liability.
Defined benefit schemes \u2013 the Group recognises its obligations to members of each scheme at the period end, less the fair value of the
scheme assets after applying the asset ceiling test.
Each scheme\u2019s obligations are calculated using the projected unit credit method. Scheme assets are stated at fair value as at the period
end.
Changes in pension scheme liabilities or assets (remeasurements) that do not arise from regular pension cost, net interest on net
defined benefit liabilities or assets, past service costs, settlements or contributions to the scheme, are recognised in other
comprehensive income. Remeasurements comprise experience adjustments (differences between previous actuarial assumptions
and what has actually occurred), the effects of changes in actuarial assumptions, return on scheme assets (excluding amounts included
in the interest on the assets) and any changes in the effect of the asset ceiling restriction (excluding amounts included in the interest on
the restriction).
Post-employment benefit schemes \u2013 the cost of providing healthcare benefits to retired employees is accrued as a liability in the financial
statements over the period that the employees provide services to the Group, using a methodology similar to that for defined benefit
pension schemes.
Pension schemes
UK Retirement Fund (UKRF)
The UKRF is the Group\u2019s main scheme, representing 96% (2022: 96%) of the Group\u2019s total retirement benefit obligations. Barclays Bank
PLC is the principal employer of the UKRF. The UKRF was closed to new entrants on 1 October 2012, and comprises 10 sections, the
two most significant of which are:
\u25aa Afterwork,\u00a0which comprises a contributory cash balance defined benefit element, and a voluntary defined contribution element. The
cash balance element is accrued each year and revalued until Normal Retirement Age in line with the increase in Retail Price Index
(RPI) (up to a maximum of 5% p.a.). The main risks that Barclays runs in relation to Afterwork are limited although additional
contributions are required if pre-retirement investment returns are not sufficient to provide for the benefits.
\u25aa The 1964 Pension Scheme. Most employees recruited before July 1997 built up benefits in this non-contributory defined benefit
scheme in respect of service up to 31 March 2010. Pensions were calculated by reference to service and pensionable salary. From
1\u00a0April 2010, members became eligible to accrue future service benefits in either Afterwork or the Pension Investment Plan, a historic
defined contribution section which is now closed to future contributions. The risks that Barclays runs in relation to the 1964 section
are typical of final salary pension schemes, principally that investment returns fall short of expectations, that inflation exceeds
expectations, and that retirees live longer than expected.
Barclays Pension Savings Plan (BPSP)
The BPSP is a defined contribution scheme providing benefits for all new UK hires from 1 October 2012. BPSP is not subject to the
same investment return, inflation or life expectancy risks for Barclays that defined benefit schemes are. Members\u2019 benefits reflect
contributions paid and the level of investment returns achieved.
Other
Apart from the UKRF and the BPSP, Barclays operates a number of smaller pension and long-term employee benefits and post-
retirement healthcare plans globally, the largest of which are the US defined benefit and defined contribution schemes. Many of the
schemes are funded, with assets backing the obligations held in separate legal vehicles such as trusts. Others are operated on an
unfunded basis. The benefits provided, the approach to funding, and the legal basis of the schemes, reflect local environments.
Governance
The UKRF operates under trust law and is managed and administered on behalf of the members in accordance with the terms of the
Trust Deed and Rules and all relevant legislation. The Corporate Trustee is Barclays Pension Funds Trustees Limited, a private limited
company and a wholly owned subsidiary of Barclays Bank PLC. The Trustee is the legal owner of the assets of the UKRF which are held
separately from the assets of the Group.
The Trustee Board comprises six Management Directors selected by Barclays, of whom three are independent Directors with no
relationship with Barclays (and who are not members of the UKRF), plus three Member Nominated Directors selected from eligible
active, deferred or pensioner members who apply for the role.
The BPSP is a Group Personal Pension arrangement which operates as a collection of personal pension plans. Each personal pension
plan is a direct contract between the employee and the BPSP provider (Legal & General Assurance Society Limited), and is regulated by
the FCA.
Similar principles of pension governance apply to the Group\u2019s other pension schemes, depending on local legislation.
Amounts recognised
The following tables include amounts recognised in the income statement and an analysis of benefit obligations and scheme assets for
all Group defined benefit schemes. The net position is reconciled to the assets and liabilities recognised on the balance sheet. The
tables include funded and unfunded post-retirement benefits. The income statement charge with respect to Defined contribution
schemes is disclosed as part of footnotes to Note 30 Staff costs.
Income statement (credit)/charge
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Current service cost
165
227
247
Net finance (income)/cost
(222)
(122)
(26)
Past service cost
\u2014
20
\u2014
Other movements
3
3
3
Total
(54)
128
224
Balance sheet reconciliation
2023
2022
Total
Of which relates to
UKRF
Total
Of which relates to
UKRF
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Benefit obligation at beginning of the year
(20,881)
(19,990)
(31,899)
(30,859)
Current service cost
(165)
(141)
(227)
(197)
Interest costs on scheme liabilities
(959)
(929)
(724)
(707)
Past service cost
\u2014
\u2014
(20)
(20)
Remeasurement (loss)/gain \u2013 financial
(708)
(683)
10,995
10,734
Remeasurement (loss)/gain \u2013 demographic
311
310
268
270
Remeasurement (loss)/gain \u2013 experience
(264)
(260)
(521)
(510)
Employee contributions
(5)
(1)
(4)
\u2014
Benefits paid
1,115
1,075
1,339
1,299
Exchange and other movements
43
1
(88)
\u2014
Benefit obligation at end of the year
(21,513)
(20,618)
(20,881)
(19,990)
Fair value of scheme assets at beginning of the year
25,360
24,680
35,467
34,678
Interest income on scheme assets
1,181
1,155
846
829
Employer contribution
54
39
1,808
1,785
Remeasurement \u2013 return on scheme assets (less)/greater than discount rate
(532)
(548)
(11,510)
(11,313)
Employee contributions
5
1
4
\u2014
Benefits paid
(1,115)
(1,075)
(1,339)
(1,299)
Exchange and other movements
(39)
(18)
84
\u2014
Fair value of scheme assets at end of the year
24,914
24,234
25,360
24,680
Net surplus
3,401
3,616
4,479
4,690
Retirement benefit assets
3,667
3,616
4,743
4,690
Retirement benefit liabilities
(266)
\u2014
(264)
\u2014
Net retirement benefit assets
3,401
3,616
4,479
4,690
Included within the benefit obligation is \u00a3694m (2022: \u00a3690m) relating to overseas pensions and \u00a3201m (2022: \u00a3201m) relating to other
post-employment benefits.
As at 31\u00a0December 2023, the UKRF\u2019s scheme assets were in surplus versus IAS 19 obligations by \u00a33,616m (2022: \u00a34,690m). The
decrease in the UKRF surplus during the year was driven by lower corporate bond yields and the assets underperforming the discount
rate.
The weighted average duration of the benefit payments reflected in the defined benefit obligation for the UKRF is 12 years ( 2022: 13
years).\u00a0The UKRF expected benefits promised to date are projected to be paid out for in excess of 50 years , although 30% of the
benefits are expected to be paid in the next 10 years; 35% in years 11 to 20 and 20% in years 21 to 30.\u00a0The remainder of the benefits are
expected to be paid beyond 30 years.
Of the \u00a31,075m (2022: \u00a31,299m) UKRF benefits paid out, \u00a3122m (2022: \u00a3390m) related to transfers out of the fund.
Where a scheme\u2019s assets exceed its obligation, an asset is recognised to the extent that it does not exceed the present value of future
contribution holidays or refunds of contributions (the asset ceiling). In the case of the UKRF the asset ceiling is not applied as, in certain
specified circumstances such as wind-up, the Group expects to be able to recover any surplus. Similarly, a liability in respect of future
minimum funding requirements is not recognised. The Trustee does not have a substantive right to augment benefits, nor do they have
the right to wind up the plan except in the dissolution of the Group or termination of contributions by the Group. The application of the
asset ceiling to other plans and recognition of additional liabilities in respect of future minimum funding requirements are considered on
an individual plan basis.
Critical accounting estimates and judgements
Actuarial valuation of the scheme's obligation is dependent upon a series of assumptions. Below is a summary of the main financial and
demographic assumptions adopted for the UKRF.
2023
2022
Key UKRF financial assumptions
% p.a.
% p.a.
Discount rate
4.49
4.80
Inflation rate (RPI)
3.17
3.21
The UKRF discount rate assumption for 2023 was based on a standard WTW RATE Link model. The RPI inflation assumption for 2023
was set by reference to the Bank of England\u2019s implied inflation curve. The inflation assumption incorporates a deduction of 20 basis
points as an allowance for an inflation risk premium. The methodology used to derive the discount rate and inflation assumptions is
consistent with that used at the prior year end.
The UKRF\u2019s post-retirement mortality assumptions are based on best estimates derived from an analysis in 2022 of the UKRF\u2019s own
post-retirement mortality experience and taking account of recent evidence from published mortality surveys. An allowance has been
made for future mortality improvements based on the 2022 core projection model published by the Continuous Mortality Investigation
Bureau subject to a long-term trend of 1.25% per annum in future improvements (2022: 1.25% per annum).\u00a0 The table below shows
how the assumed life expectancy at 60, for members of the UKRF, has varied over the past three years:
Assumed life expectancy
2023
2022
2021
Life expectancy at 60 for current pensioners (years)
\u2013 Males
26.5
26.8
27.3
\u2013 Females
29.3
29.5
29.6
Life expectancy at 60 for future pensioners currently aged 40 (years)
\u2013 Males
28.0
28.3
29.1
\u2013 Females
30.7
31.0
31.4
Through transactions in 2020 and 2022 approximately\u00a0 three-quarters of the longevity risk for current pensioners has been reinsured,
and the transactions will provide income to the UKRF if pensions are paid out for longer than expected. The contracts form part of the
UKRF\u2019s investment portfolio.
Sensitivity analysis on actuarial assumptions
The sensitivity analysis has been calculated by valuing the UKRF liabilities using the amended assumptions shown in the table below and
keeping the remaining assumptions the same as disclosed in the table above, except in the case of the inflation sensitivity where other
assumptions that depend on assumed inflation have also been amended correspondingly. The difference between the recalculated
liability figure and that stated in the balance sheet reconciliation table above is the figure shown. The selection of these movements to
illustrate the sensitivity of the defined benefit obligation to key assumptions should not be interpreted as Barclays expressing any
specific view of the probability of such movements happening.
Change in key assumptions
2023
2022
(Decrease)/
Increase in UKRF
defined benefit
obligation
(Decrease)/
Increase in UKRF
defined benefit
obligation
\u00a3bn
\u00a3bn
Discount rate
0.5% p.a. increase
(1.2)
(1.1)
0.25% p.a. increase
(0.6)
(0.6)
0.25% p.a. decrease
0.6
0.6
0.5% p.a. decrease
1.3
1.2
Assumed RPI
0.5% p.a. increase
0.8
0.8
0.25% p.a. increase
0.4
0.4
0.25% p.a. decrease
(0.4)
(0.4)
0.5% p.a. decrease
(0.8)
(0.8)
Life expectancy at 60
One year increase
0.6
0.6
One year decrease
(0.6)
(0.5)
Assets
A long-term investment strategy has been set for the UKRF, with its asset allocation comprising a mixture of equities, bonds, property
and other appropriate assets. This recognises that different asset classes are likely to produce different long-term returns and some
asset classes may be more volatile than others. The long-term investment strategy ensures, among other aims, that investments are
adequately diversified.
The value of the assets of the schemes and their percentage in relation to total scheme assets were as follows:
Analysis of scheme assets
Total
Of which relates to UKRF
Quoted
\u00a3m
Unquoted1
\u00a3m
Value
\u00a3m
% of total fair
value of
scheme
assets
%
Quoted
\u00a3m
Unquoted1
\u00a3m
Value
\u00a3m
% of total fair
value of
scheme
assets
%
As at 31 December 2023
Equities\u00a0
116
\u2014
116
0.5
\u2014
\u2014
\u2014
\u2014
Private equities
\u2014
2,259
2,259
9.1
\u2014
2,259
2,259
9.3
Bonds - fixed government
1,544
\u2014
1,544
6.2
1,289
\u2014
1,289
5.3
Bonds - index-linked government
9,400
\u2014
9,400
37.7
9,383
\u2014
9,383
38.8
Bonds - corporate and other
6,014
1,237
7,251
29.1
5,818
1,237
7,055
29.1
Property
17
1,197
1,214
4.9
\u2014
1,197
1,197
4.9
Infrastructure
814
720
1,534
6.2
814
720
1,534
6.3
Hedge funds
11
1,309
1,320
5.3
\u2014
1,309
1,309
5.4
Derivatives
25
(1,584)
(1,559)
(6.3)
25
(1,584)
(1,559)
(6.4)
Longevity reinsurance contracts
\u2014
(131)
(131)
(0.5)
\u2014
(131)
(131)
(0.5)
Cash and liquid assets2
(1,134)
3,036
1,902
7.6
(1,143)
3,036
1,893
7.8
Mixed investment funds
12
\u2014
12
\u2014
\u2014
\u2014
\u2014
\u2014
Other
5
47
52
0.2
\u2014
5
5
\u2014
Fair value of scheme assets
16,824
8,090
24,914
100.0
16,186
8,048
24,234
100.0
As at 31 December 2022
Equities\u00a0
113
\u2014
113
0.5
\u2014
\u2014
\u2014
\u2014
Private equities
\u2014
2,734
2,734
10.8
\u2014
2,734
2,734
11.1
Bonds - fixed government
1,353
\u2014
1,353
5.3
1,098
\u2014
1,098
4.4
Bonds - index-linked government
9,847
\u2014
9,847
38.9
9,829
\u2014
9,829
39.9
Bonds - corporate and other
5,884
1,551
7,435
29.3
5,690
1,551
7,241
29.3
Property
13
1,310
1,323
5.2
\u2014
1,310
1,310
5.3
Infrastructure
793
790
1,583
6.2
793
790
1,583
6.4
Hedge funds
11
1,362
1,373
5.4
\u2014
1,362
1,362
5.5
Derivatives
(20)
(1,837)
(1,857)
(7.3)
(20)
(1,837)
(1,857)
(7.5)
Longevity reinsurance contract
\u2014
(123)
(123)
(0.5)
\u2014
(123)
(123)
(0.5)
Cash and liquid assets2
(1,776)
3,286
1,510
6.0
(1,789)
3,286
1,497
6.1
Mixed investment funds
11
\u2014
11
\u2014
\u2014
\u2014
\u2014
\u2014
Other
7
51
58
0.2
\u2014
6
6
\u2014
Fair value of scheme assets
16,236
9,124
25,360
100.0
15,601
9,079
24,680
100.0
Notes
1 Valuation of unquoted assets is provided by the underlying managers or qualified independent valuers. The valuation for some of the unquoted assets, in particular private equities, is
based on valuations as at 30 September 2023 adjusted by cash flows, these being the latest available valuations as at the point of publication. All valuations are determined in
accordance with relevant industry guidance. Barclays does not believe these valuations will differ materially from the fair value, in the context of the overall UKRF asset size.
2 Cash and liquid assets for the UKRF consists of \u00a3354m (2022: \u00a3521m) Cash, \u00a391m (2022: \u00a380m) Receivables/payables, \u00a33,036m (2022:\u00a33,286m)\u00a0 Pooled cash funds and \u00a3(1,588)m
(2022: \u00a3(2,390)m)\u00a0 Repurchase agreements.
Included within the fair value of UKRF scheme assets was nil (2022: nil) relating to shares in Barclays PLC and nil (2022: nil) relating to
bonds issued by Barclays PLC. The UKRF also invests in pooled investment vehicles which may hold shares or debt issued by Barclays
PLC.
During 2023, the Trustee undertook a review of the investment strategy to reflect updated liabilities and market assumptions. The
Trustee agreed to continue their existing de-risking plan and make no fundamental changes to the investment strategy.
At 31 December 2023, 39% of the UKRF assets were invested in liability-driven investment strategies; primarily UK gilts as well as
interest rate and inflation swaps. These swaps are used to better match the assets to its liabilities. The swaps are used to reduce the
scheme\u2019s inflation and duration risks against its liabilities.
The UKRF employs derivative instruments, where appropriate, to match assets more closely to liabilities, or to achieve a desired
exposure or return.\u00a0 The value of assets shown reflects the assets held by the UKRF, with any derivative holdings reflected on a fair value
basis. The UKRF uses repurchase agreements and reverse repurchase agreements to achieve the Trustee\u2019s liability hedging objective.
Investment managers are allowed to undertake repo transactions on the UKRF\u2019s existing gilt holdings to raise cash with which to buy
additional gilts for efficient portfolio management; and reverse repo transactions to receive gilts and be paid a fee for providing cash.
The UKRF has a comprehensive and robust liquidity framework in place. The aim of the liquidity framework is to ensure that pension
payments and other liquidity outflows are paid in due course, sufficient liquidity and collateral is maintained to achieve strategic
allocation targets and that all liquidity outflows/collateral needs are covered without forced sale or strategic asset allocation changes.
The UKRF holds two longevity reinsurance contracts covering c75% of the current pensioner liabilities. The contracts provide income
to the UKRF if pensions are paid out for longer than expected. At 31 December 2023, the combined value of the contracts was \u00a3(131)m\u00a0
(2022: \u00a3(123)m). The negative value reflects the estimated impact of changes in the reinsurance market, demographic assumptions
and risk premia since the contracts were entered into by the UKRF.
For information on the UKRF Trustee\u2019s approach to Responsible Investment and Climate Risk, in the context of managing the UKRF,
please refer to the UKRF Trustee website at http://epa.towerswatson.com/accounts/barclays/public/barclays-bank-responsible-
investment-policy/.
Triennial valuation
The UKRF annual funding update as at 30 September 2023 showed a funding surplus of \u00a32.03bn compared to \u00a31.97bn\u00a0 at 30
September 2022 triennial actuarial valuation. The improvement was mainly due to asset returns outperforming the change in liabilities.
The main differences between the funding and accounting assumptions are a different approach to setting the discount rate and a
more conservative longevity assumption for funding.
As part of the 2022 triennial valuation, the Trustee and Barclays Bank PLC agreed an annual adequacy test on a basis more prudent than
the IAS 19 or funding bases. Should the UKRF be sufficiently funded on this basis, the regular employer contributions to the UKRF to
fund future Afterwork accrual will not be required in the following calendar year. The test will be reviewed at the 2025 triennial valuation.
The test was passed in September, so no regular employer contributions are required for 2024.
The next funding valuation of the UKRF is due to be completed in 2026 with an effective date of 30 September 2025.
Other support measures agreed which remain in place
Collateral \u2013 Barclays Bank PLC has entered into an agreement with the UKRF Trustee to provide collateral to cover at least 100% of any
funding deficit with an overall cap of \u00a39bn, to provide security if the UKRF is in a funding deficit. The collateral pool is currently zero,
reflecting the surplus funding position. The arrangement provides the UKRF Trustee with dedicated access to the pool of assets in the
event of Barclays Bank PLC not paying any required deficit reduction contribution to the UKRF or in the event of Barclays Bank PLC\u2019s
insolvency.
Participation \u2013 As permitted under the Financial Services and Markets Act 2000 (Banking Reform) (Pensions) Regulations 2016, Barclays
Bank UK PLC is a participating employer in the UKRF and will remain so during a transitional phase until September 2025 as set out in a
deed of participation. In the event of Barclays Bank PLC\u2019s insolvency during this period provision has been made to require Barclays
Bank UK PLC to become the principal employer of the UKRF. Barclays Bank PLC\u2019s Section 75 debt would be triggered by the insolvency
(the debt would be calculated after allowing for the payment to the UKRF of any collateral above).
Defined benefit contributions paid with respect to the UKRF were as follows:
Contributions paid
\u00a3m
2023
39
2022
1,785
2021
955
There were nil (2022: nil) Section 75 contributions included within the Group\u2019s contributions paid as no participating employers left the
UKRF in 2023.
The Group\u2019s expected contribution to the UKRF in respect of defined benefits in 2024 is \u00a322m. In addition, the expected contributions
to UK defined contribution schemes in 2024 is \u00a332m to the UKRF and \u00a3293m to the BPSP.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-642": { "value": "
Accounting for staff costs
Deferred cash and share awards are made to employees to incentivise performance over the period employees provide services. To
receive payment under an award, employees must provide service over the vesting period. The period over which the expense for
deferred cash and share awards is recognised is based upon the period employees consider their services contribute to the awards. For
past awards, the Group considers that it is appropriate to recognise the awards over the period from the date of grant to the date that
the awards vest. In relation to awards granted from 2017, the Group, taking into account the changing employee understanding
surrounding those awards, considered it appropriate for expense to be recognised over the vesting period including the financial year
prior to the grant date.\u00a0
The accounting policies for share-based payments, and pensions and other post-retirement benefits are included in Note 31 and Note
32 respectively.
Accounting for pensions and post-retirement benefits
The Group operates a number of pension schemes and post-employment benefit schemes.
Defined contribution schemes \u2013 the Group recognises contributions due in respect of the accounting period in the income statement.
Any contributions unpaid at the balance sheet date are included as a liability.
Defined benefit schemes \u2013 the Group recognises its obligations to members of each scheme at the period end, less the fair value of the
scheme assets after applying the asset ceiling test.
Each scheme\u2019s obligations are calculated using the projected unit credit method. Scheme assets are stated at fair value as at the period
end.
Changes in pension scheme liabilities or assets (remeasurements) that do not arise from regular pension cost, net interest on net
defined benefit liabilities or assets, past service costs, settlements or contributions to the scheme, are recognised in other
comprehensive income. Remeasurements comprise experience adjustments (differences between previous actuarial assumptions
and what has actually occurred), the effects of changes in actuarial assumptions, return on scheme assets (excluding amounts included
in the interest on the assets) and any changes in the effect of the asset ceiling restriction (excluding amounts included in the interest on
the restriction).
Post-employment benefit schemes \u2013 the cost of providing healthcare benefits to retired employees is accrued as a liability in the financial
statements over the period that the employees provide services to the Group, using a methodology similar to that for defined benefit
pension schemes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-643": { "value": "Share-based payments
Accounting for share-based payments
Employee incentives include awards in the form of shares and share options, as well as offering employees the opportunity to purchase
shares on favourable terms. The cost of the employee services received in respect of the shares or share options granted is recognised
in the income statement over the period that employees provide services. The overall cost of the award is calculated using the number
of shares and options expected to vest and the fair value of the shares or options at the date of grant.
The number of shares and options expected to vest takes into account the likelihood that performance and service conditions included
in the terms of the awards will be met. For other share-based payment schemes such as Sharesave and Sharepurchase, there are non-
vesting conditions which must be met. Failure to meet the non-vesting condition is treated as a cancellation, resulting in an acceleration
of recognition of the cost of the employee services.
The fair value of shares is the market price ruling on the grant date, in some cases adjusted to reflect restrictions on transferability. The
fair value of options granted is determined using the Black Scholes model to estimate the numbers of shares likely to vest. The model
takes into account the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of the
share price over the life of the option and other relevant factors. Market conditions that must be met in order for the award to vest are
also reflected in the fair value of the award, as are any other non-vesting conditions \u2013 such as continuing to make payments into a
share-based savings scheme.
The charge for the year arising from share-based payment schemes was as follows:
Charge for the year
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Deferred Share Value Plan and Share Value Plan
284
295
256
Others
191
214
216
Total equity settled
475
509
472
Cash settled
4
4
5
Total share-based payments
479
513
477
The terms of the main current plans are as follows:
Share Value Plan (SVP)
SVP awards have been granted to participants in the form of a conditional right to receive Barclays PLC shares or provisional allocations
of Barclays PLC shares which vest or are considered for release over a period of three, four, five or seven years. Participants do not pay
to receive an award or to receive a release of shares. For awards granted before December 2017, the grantor may also make a dividend
equivalent payment to participants on release of a SVP award. SVP awards are also made to eligible employees for recruitment
purposes. All awards are subject to potential forfeiture in certain leaver scenarios.
Deferred Share Value Plan (DSVP)
The terms of the DSVP are materially the same as the terms of the SVP as described above, save that Executive Directors are not
eligible to participate in the DSVP and the DSVP operates over market purchase shares only.
Other schemes
In addition to the SVP and DSVP, the Barclays PLC Group operates a number of other schemes settled in Barclays PLC Shares including
Sharesave (both UK and Ireland), Sharepurchase (both UK and overseas), and the Barclays PLC Group Long Term Incentive Plan. A
delivery of upfront shares to \u2018Material Risk Takers\u2019 can be made as a Share Incentive Award (Holding Period) under the SVP.
Share option and award plans
The weighted average fair value per award granted, weighted average share price at the date of exercise/release of shares during the
year, weighted average contractual remaining life and number of options and awards outstanding (including those exercisable) at the
balance sheet date were as follows:
2023
2022
Weighted
average fair
value per
award
granted in
year
Weighted
average
share price at
exercise/
release
during year
Weighted
average
remaining
contractual
life
Number of
options/
awards
outstanding
Weighted
average fair
value per
award
granted in
year
Weighted
average
share price at
exercise/
release
during year
Weighted
average
remaining
contractual
life
Number of
options/
awards
outstanding
\u00a3
\u00a3
in years
(000s)
\u00a3
\u00a3
in years
(000s)
DSVP and SVP1,2
1.49
1.68
1
495,724
1.43
1.61
1
501,454
Others1
0.31- 1.69
1.43- 1.69
0- 3
288,755
0.38- 1.64
1.59- 1.66
0- 3
316,534
SVP and DSVP are nil cost awards on which the performance conditions are substantially completed at the date of grant. Consequently,
the fair value of these awards is based on the market value at that date.
Sharesave has a contractual life of 3 years and 5 years, the expected volatility is 34.10% for 3 years and 33.12% for 5 years. The risk free
interest rates used for valuations are 4.60% and 4.36% for 3 years and 5 years respectively. The pure dividend yield rates used for
valuations are 5.27% and 5.02% for 3 years and 5 years respectively. The repo rates used for valuations are (0.50)% and (0.57)% for
3\u00a0years and 5 years respectively. The inputs into the model such as risk free interest rate, expected volatility, pure dividend yield rates
and repo rates are derived from market data.
Movements in options and awards
The movement in the number of options and awards for the major schemes and the weighted average exercise price of options was:
DSVP and SVP1,2
Others1,3
Number (000s)
Number (000s)
Weighted average ex. price (\u00a3)
2023
2022
2023
2022
2023
2022
Outstanding at beginning of year/acquisition date
501,454
413,859
316,534
335,976
0.97
0.95
Granted in the year
232,479
291,876
198,386
146,203
1.17
1.33
Exercised/released in the year
(196,900)
(178,634)
(193,669)
(133,682)
0.88
1.15
Less: forfeited in the year
(41,309)
(25,647)
(29,424)
(28,789)
1.20
1.01
Less: expired in the year
\u2014
\u2014
(3,072)
(3,174)
1.42
1.23
Outstanding at end of year
495,724
501,454
288,755
316,534
1.06
0.97
Of which exercisable:
\u2014
\u2014
67,967
34,247
0.87
1.19
Notes
1 Options/award granted over Barclays PLC shares.
2 Weighted average exercise price is not applicable for SVP and DSVP awards as these are not share option schemes.
3 The number of awards within Others at the end of the year principally relates to Sharesave (number of awards exercisable at end of year was 44,109,518). The weighted average
exercise price relates to Sharesave.
Awards and options granted under the Group\u2019s share plans may be satisfied using new issue shares, treasury shares and market
purchase shares. Awards granted under the DSVP may be satisfied using market purchase shares only.
There were no significant modifications to the share-based payments arrangements in 2023 and 2022 .
As at 31\u00a0December 2023, the total liability arising from cash-settled share-based payments transactions was \u00a35m ( 2022: \u00a35m).
Holdings of Barclays PLC shares and hedges
Various employee benefit trusts established by the Group hold shares in Barclays PLC to meet obligations under the Barclays share-
based payment schemes. The total number of Barclays shares held in these employee benefit trusts at 31\u00a0December 2023 was 19m
(2022: 14m). Dividend rights have been waived on all these shares. The total market value of the shares held in trust based on the year
end share price of \u00a31.54 (2022: \u00a31.59) was \u00a329m (2022: \u00a322m). For accounting of treasury shares, see Note 28.
The Group has entered into physically settled forward contracts to hedge the settlement of certain share-based payment schemes.
The fixed forward price to be paid under these contracts is \u00a3481m and has been recorded in retained earnings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-644": { "value": "
Accounting for share-based payments
Employee incentives include awards in the form of shares and share options, as well as offering employees the opportunity to purchase
shares on favourable terms. The cost of the employee services received in respect of the shares or share options granted is recognised
in the income statement over the period that employees provide services. The overall cost of the award is calculated using the number
of shares and options expected to vest and the fair value of the shares or options at the date of grant.
The number of shares and options expected to vest takes into account the likelihood that performance and service conditions included
in the terms of the awards will be met. For other share-based payment schemes such as Sharesave and Sharepurchase, there are non-
vesting conditions which must be met. Failure to meet the non-vesting condition is treated as a cancellation, resulting in an acceleration
of recognition of the cost of the employee services.
The fair value of shares is the market price ruling on the grant date, in some cases adjusted to reflect restrictions on transferability. The
fair value of options granted is determined using the Black Scholes model to estimate the numbers of shares likely to vest. The model
takes into account the exercise price of the option, the current share price, the risk-free interest rate, the expected volatility of the
share price over the life of the option and other relevant factors. Market conditions that must be met in order for the award to vest are
also reflected in the fair value of the award, as are any other non-vesting conditions \u2013 such as continuing to make payments into a
share-based savings scheme.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-645": { "value": "
Accounting for pensions and post-retirement benefits
The Group operates a number of pension schemes and post-employment benefit schemes.
Defined contribution schemes \u2013 the Group recognises contributions due in respect of the accounting period in the income statement.
Any contributions unpaid at the balance sheet date are included as a liability.
Defined benefit schemes \u2013 the Group recognises its obligations to members of each scheme at the period end, less the fair value of the
scheme assets after applying the asset ceiling test.
Each scheme\u2019s obligations are calculated using the projected unit credit method. Scheme assets are stated at fair value as at the period
end.
Changes in pension scheme liabilities or assets (remeasurements) that do not arise from regular pension cost, net interest on net
defined benefit liabilities or assets, past service costs, settlements or contributions to the scheme, are recognised in other
comprehensive income. Remeasurements comprise experience adjustments (differences between previous actuarial assumptions
and what has actually occurred), the effects of changes in actuarial assumptions, return on scheme assets (excluding amounts included
in the interest on the assets) and any changes in the effect of the asset ceiling restriction (excluding amounts included in the interest on
the restriction).
Post-employment benefit schemes \u2013 the cost of providing healthcare benefits to retired employees is accrued as a liability in the financial
statements over the period that the employees provide services to the Group, using a methodology similar to that for defined benefit
pension schemes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-646": { "value": "Principal subsidiaries
The significant judgements used in applying this policy are set out below.
Accounting for investment in subsidiaries
In the individual financial statements of Barclays PLC, investments in subsidiaries are stated at cost less impairment.
Principal subsidiaries for the Group are set out below. This includes those subsidiaries that are most significant in the context of the
Group\u2019s business, results or financial position.
Principal place of business or
incorporation
Percentage of
voting rights held
Non-controlling
interests -
proportion of
ownership
interests
Non-controlling
interests -
proportion of
voting interests
Company name
Nature of business
%
%
%
Barclays Bank PLC
United Kingdom
Banking, holding company
100
1
\u2014
Barclays Bank UK PLC
United Kingdom
Banking, holding company
100
\u2014
\u2014
Barclays Bank Ireland PLC
Ireland
Banking
100
\u2014
\u2014
Barclays Execution Services
Limited
United Kingdom
Service company
100
\u2014
\u2014
Barclays Capital Inc.
United States
Securities dealing
100
\u2014
\u2014
Barclays Capital Securities
Limited
United Kingdom
Securities dealing
100
\u2014
\u2014
Barclays Securities Japan
Limited
Japan
Securities dealing
100
\u2014
\u2014
Barclays US LLC
United States
Holding company
100
\u2014
\u2014
Barclays Bank Delaware
United States
Credit card issuer
100
\u2014
\u2014
The country of registration or incorporation is also the principal area of operation of each of the above subsidiaries.
Ownership interests are in some cases different to voting interests due to the existence of non-voting equity interests, such as
preference shares. Refer to Note 29 for more information.
Determining whether the Group has control of an entity is generally straightforward based on ownership of the majority of the voting
capital. However, in certain instances, this determination will involve judgement, particularly in the case of structured entities where
voting rights are often not the determining factor in decisions over the relevant activities.\u00a0This judgement will involve assessing the
purpose and design of the entity.\u00a0It will also often be necessary to consider whether the Group, or another involved party with power
over the relevant activities, is acting as a principal in its own right or as an agent on behalf of others.\u00a0
There is also often considerable judgement involved in the ongoing assessment of control over structured entities. In this regard, where
market conditions have deteriorated such that the other investors\u2019\u00a0exposures to the structure\u2019s variable returns have been
substantively eliminated, the Group may conclude that the managers of the structured entity are acting as its agent and therefore\u00a0will
consolidate the structured entity.
An interest in equity voting rights exceeding 50% would typically indicate that the Group has control of an entity. However, the entity set
out below is excluded from consolidation because the Group does not have exposure to its variable returns.
Percentage of
voting rights held
Equity
shareholders'
funds
Retained profit for
the year
Company name
Country of registration or incorporation
%
\u00a3m
\u00a3m
Palomino Limited
Cayman Islands
100
\u2014
\u2014
This entity is managed by an external counterparty and consequently is not controlled by the Group. Interests relating to this entity are
included in Note 34.
Significant restrictions
As is typical for a group of its size and international scope, there are restrictions on the ability of Barclays PLC to obtain distributions of
capital, access the assets or repay the liabilities of members of its Group due to the statutory, regulatory and contractual requirements
of its subsidiaries and due to the protective rights of non-controlling interests. These are considered below.
Regulatory requirements
Barclays\u2019 principal subsidiary companies have assets and liabilities before intercompany eliminations of \u00a32,022bn (2022: \u00a31,962bn) and
\u00a31,927bn (2022: \u00a31,869bn) respectively. Certain of these assets and liabilities are subject to prudential regulation and regulatory capital
requirements in the countries in which they are regulated. These require entities to maintain minimum capital levels which cannot be
returned to the parent company, Barclays PLC, on a going concern basis.
In order to meet capital requirements, subsidiaries may issue certain equity-accounted and debt-accounted financial instruments and
non-equity instruments such as Tier 1 and Tier 2 capital instruments and other forms of subordinated liabilities. Refer to Note 26 and
Note 27 for particulars of these instruments. These instruments may be subject to cancellation clauses or preference share
restrictions that would limit the ability of the entity to repatriate the capital on a timely basis.
Liquidity requirements
Regulated subsidiaries of the Group are required to meet applicable PRA or local regulatory requirements pertaining to liquidity. The
regulated subsidiaries include Barclays Bank PLC and Barclays Capital Securities Limited (which are regulated on a combined basis
under a Domestic Liquidity Sub-Group (DoLSub) arrangement), Barclays Bank UK PLC, Barclays Bank Ireland PLC, Barclays Capital Inc.
and Barclays Bank Delaware. Refer to the Liquidity risk section for further details of liquidity requirements, including those of the Group\u2019s
significant subsidiaries.
Statutory requirements
The Group\u2019s subsidiaries are subject to statutory requirements not to make distributions of capital and unrealised profits and generally
to maintain solvency. These requirements restrict the ability of subsidiaries to make remittances of dividends to Barclays PLC, the
ultimate parent, except in the event of a legal capital reduction or liquidation. In most cases, the regulatory restrictions referred to
above exceed the statutory restrictions.
Asset encumbrance
The Group uses its financial assets to raise finance in the form of securitisations and through the liquidity schemes of central banks, as
well as to provide security to the UK Retirement Fund. Once encumbered, the assets are not available for transfer around the Group.
The assets typically affected are disclosed in Note 37.
Other restrictions
The Group is required to maintain balances with central banks and other regulatory authorities, and these amounted to \u00a33,758m (2022:
\u00a33,457m).
43 Related undertakings
The Group\u2019s corporate structure consists
of a number of related undertakings,
comprising subsidiary undertakings, joint
ventures, associated undertakings and
significant holdings. A full list of these
related undertakings is set out below,
together with the country of incorporation,
registered office (or principal place of
business) and the identity and percentage\u00a0
of each share class held by the Group. The
information is provided as at 31 December
2023.
The entities are grouped by the countries
in which they are incorporated. The profits
earned by the activities of these entities
are in some cases taxed in countries other
than the country of incorporation, for
example where the entity carries on
business through a branch in a territory
outside of\u00a0 its country of incorporation .
Barclays PLC Country Snapshot provides
details of where the Group carries on its
business, where its profits are subject to
tax and the taxes it pays in each country it
operates in.
Wholly owned subsidiaries
Unless otherwise stated the undertakings
below are wholly owned and included in the
consolidation and the share capital held by
the Group comprises ordinary and/or
common shares, which are held by
subsidiaries of Barclays PLC. Unless
otherwise stated, the Group holds 100%
of the nominal value of each share class.
Notes
A
Directly held by Barclays PLC
B
Partnership Interest
C
Membership Interest
D
Guarantor
E
Preference Shares
F
A Preference Shares
G
B\u00a0 Preference Shares
H
Ordinary/Common Shares in addition to
other shares
I
A Ordinary Shares
J
B Ordinary Shares
K
C Ordinary Shares
L
F Ordinary Shares
M
First Preference Shares, Second
Preference shares
N
Registered Address not in country of
incorporation
O
Core Shares, Insurance (Classified)
Shares
P
Class B, C, D (100%),\u00a0 E, F, G, H, I (94.36%),
J (95.32%) and K (100%)
Q
Non-Redeemable Ordinary Shares
Notes
R
Class A, B and D Shares
S
Class A and Class B Shares
T
PEF Carry Shares
U
Not Consolidated (see Note 33 Principal
Subsidiaries)
V
USD Linked Ordinary Shares
W
Redeemable Class B Shares
X
Capital Contribution Shares
Y
Class A Redeemable Preference Shares
Z
Class B Redeemable Preference Shares
AA
First Class Common Shares, Second
Class Common Shares
BB
Tracker 1 GBP, USD, Euro Shares;
Tracker 2 USD Shares, Tracker 3 USD
Shares
CC
Non-Voting Redeemable Preference
Shares
Wholly owned subsidiaries
Note
United Kingdom
1 Churchill Place, London, E14 5HP
Aequor Investments Limited
Alynore Investments Limited Partnership
B
Ardencroft Investments Limited
B D & B Investments Limited
B.P.B. (Holdings) Limited
Barclay Leasing Limited
Barclays Aldersgate Investments Limited
Barclays Asset Management Limited
Barclays Bank PLC
A, E,
H
Barclays Bank UK PLC
A
Barclays Capital Asia Holdings Limited
Barclays Capital Nominees (No.2) Limited
Barclays Capital Nominees (No.3) Limited
Barclays Capital Nominees Limited
Barclays Capital Securities Client Nominee
Limited
Barclays Capital Securities Limited
E, H
Barclays CCP Funding LLP
B
Barclays Converted Investments (No.2) Limited
Barclays Direct Investing Nominees Limited
Barclays Directors Limited
Barclays Equity Holdings Limited
Barclays Execution Services Limited
A
Barclays Executive Schemes Trustees Limited
Barclays Financial Planning Nominee Company
Limited
Barclays Funds Investments Limited
Barclays Group Holdings Limited
Barclays Industrial Development Limited
Barclays Industrial Investments Limited
Barclays Insurance Services Company Limited
Barclays International Holdings Limited
Barclays Investment Management Limited
Barclays Investment Solutions Limited
Barclays Leasing (No.9) Limited
Barclays Long Island Limited
Barclays Nominees (George Yard) Limited
U
Barclays OCIO Services Limited
Barclays Pension Funds Trustees Limited
Barclays Principal Investments Limited
A, I, J
Barclays Private Bank
Wholly owned subsidiaries
Note
Barclays SAMS Limited
Barclays Security Trustee Limited
A
Barclays Services (Japan) Limited
Barclays Shea Limited
Barclays Term Funding Limited Liability
Partnership
B
Barclays UK Investments Limited
Barclays Unquoted Investments Limited
Barclays Unquoted Property Investments Limited
Barclays Wealth Nominees Limited
Barclayshare Nominees Limited
Barcosec Limited
Barsec Nominees Limited
BB Client Nominees Limited
BMI (No.9) Limited
BNRI ENG 2014 Limited Partnership
B
BNRI ENG GP LLP
B
BNRI England 2010 Limited Partnership
B
BNRI England 2012 Limited Partnership
B
Carnegie Holdings Limited
H, I, J
Chapelcrest Investments Limited
Clydesdale Financial Services Limited
Cornwall Home Loans Limited
CPIA England 2009 Limited Partnership
B
CPIA England No.2 Limited Partnership
B
Dorset Home Loans Limited
Durlacher Nominees Limited
Eagle Financial and Leasing Services (UK)
Limited
Finpart Nominees Limited
FIRSTPLUS Financial Group Limited
Foltus Investments Limited
Global Dynasty Natural Resource Private Equity
Limited Partnership
B
Globe Nominees Limited
Hawkins Funding Limited
Heraldglen Limited
H, M
Isle of Wight Home Loans Limited
J.V. Estates Limited
Kirsche Investments Limited
Leonis Investments LLP
B
Long Island Assets Limited
Maloney Investments Limited
Menlo Investments Limited
Mercantile Credit Company Limited
Mercantile Leasing Company (No.132) Limited
MK Opportunities LP
B
Naxos Investments Limited
North Colonnade Investments Limited
Northwharf Investments Limited
Northwharf Nominees Limited
Oak Pension Asset Management Limited
U
Radbroke Mortgages UK Limited
Real Estate Participation Management Limited
Real Estate Participation Services Limited
Relative Value Investments UK Limited Liability
Partnership
B
Relative Value Trading Limited
Roder Investments No. 1 Limited
H, BB
Roder Investments No. 2 Limited
H, BB
RVT CLO Investments LLP
B
Surety Trust Limited
Wholly owned subsidiaries
Note
Sustainable Impact Capital Limited
Swan Lane Investments Limited
US Real Estate Holdings No.1 Limited
US Real Estate Holdings No.2 Limited
US Real Estate Holdings No.3 Limited
US Real Estate Holdings No.4 Limited
US Real Estate Holdings No.5 Limited
US Real Estate Holdings No.6 Limited
Water Street Investments Limited
U
Wedd Jefferson (Nominees) Limited
Westferry Investments Limited
Woolwich Homes Limited
Woolwich Qualifying Employee Share Ownership
Trustee Limited
Zeban Nominees Limited
C/O Teneo Financial Advisory Limited, 3rd
Floor, The Colmore Building, 20 Colmore Circus
Queensway, Birmingham, West Midlands, B4
6AT
Barclays Capital Finance Limited (In Liquidation)
Barclays Capital Japan Securities Holdings
Limited (In Liquidation)
Barclays Global Shareplans Nominee Limited (In
Liquidation)
Barclays Nominees (Branches) Limited (In
Liquidation)
Barclays Singapore Global Shareplans Nominee
Limited (In Liquidation)
Cobalt Investments Limited (In Liquidation)
DMW Realty Limited (In Liquidation)
Solution Personal Finance Limited (In Liquidation)
Ascot House, Maidenhead Office Park,
Maidenhead, SL6 3QQ
Kensington Mortgage Company Limited
Kensington Mortgage Services Limited
1-4, Clyde Place Lane, Glasgow, G5 8DP
R.C. Greig Nominees Limited
50 Lothian Road, Festival Square, Edinburgh,
EH3 9WJ
BNRI PIA Scot GP Limited
BNRI Scots GP, LLP
B
Pecan Aggregator LP
B, U
Logic House, Waterfront Business Park, Park,
Fleet Road, Fleet, GU51 3SB
The Logic Group Enterprises Limited
The Logic Group Holdings Limited
I
9, all\u00e9e Scheffer, L-2520, Luxembourg
Barclays Claudas Investments Partnership
B, N
Barclays Pelleas Investments Limited Partnership
B, N
Barclays Blossom Finance Limited Partnership
B, N
Wholly owned subsidiaries
Note
Argentina
855 Leandro N.Alem Avenue, 8th Floor, Buenos
Aires
Compa\u00f1\u00eda Sudamerica S.A.
Marval, O\u2019Farrell & Mairal, Av. Leandro N.
Alem 882, Buenos Aires, C1001AAQ
Compa\u00f1ia Regional del Sur S.A.
Brazil
Av. Brigadeiro Faria Lima, No.4.440, 12th Floor,
Bairro Itaim Bibi, Sao Paulo, CEP, 04538-132
Barclays Brasil Assessoria Financeira Ltda
BNC Brazil Consultoria Empresarial Ltda
Canada
333 Bay Street, Suite 4910, Toronto ON M5H
2R2
Barclays Capital Canada Inc.
Stikeman Elliot LLP, 199 Bay Street, 5300
Commerce Court West, Toronto ON M5L 1B9
Barclays Corporation Limited
1 Churchill Place, London, E14 5HP
CPIA Canada Holdings
B, N
Cayman Islands
PO Box\u00a0 309, Ugland House, George Town,
Grand Cayman, KY1-1104
Alymere Investments Limited
F, G,
H
Analytical Trade UK Limited
Barclays Capital (Cayman) Limited
Barclays Securities Financing Limited
F,
G ,H
Barclays US Holdings Limited
E, I
Braven Investments No.1 Limited
Calthorpe Investments Limited
Capton Investments Limited
Claudas Investments Limited
H, Y,
Z
Claudas Investments Two Limited
CPIA Investments No.2 Limited
Gallen Investments Limited
Hurley Investments No.1 Limited (In Liquidation)
Mintaka Investments No. 4 Limited
Palomino Limited
U
Pelleas Investments Limited
Pippin Island Investments Limited
Razzoli Investments Limited
E, H
RVH Limited
E, H
Wessex Investments Limited (In Liquidation)
Hornbeam Limited
U
Walkers Corporate Limited, Cayman Corporate
Centre, 27 Hospital Road, George Town, KY1-
9008
Long Island Holding B Limited (In Liquidation)
Wholly owned subsidiaries
Note
France
34-36 avenue de Friedland, 75008, Paris
Barclays ADF
Germany
Stuttgarter Stra\u00dfe 55-57, 73033 G\u00f6ppingen
Holding Stuttgarter Stra\u00dfe GmbH\u00a0
(In Liquidation)
Guernsey
P.O. Box 33, Dorey Court, Admiral Park, St.\u00a0
Peter\u00a0Port, GY1 4AT
Barclays Insurance Guernsey PCC Limited
O
Barclays UKRF No.1 IC Limited
U
Barclays UKRF ICC Limited
U
Barclays UKRF No.2 IC Ltd
U
Hong Kong
42nd floor Citibank Tower, Citibank Plaza,
3\u00a0Garden\u00a0Road
Barclays Bank (Hong Kong Nominees) Limited
(In Liquidation)
Barclays Capital Asia Nominees Limited
(In Liquidation)
Level 41, Cheung Kong Center, 2 Queen's
Road, Central
Barclays Capital Asia Limited
India
208 Ceejay House, Shivsagar Estate, Dr A
Beasant Road, Worli, Mumbai, 400 018
Barclays Securities (India) Private Limited
Barclays Wealth Trustees (India) Private Limited
5th to 12th Floor (Part), Building G2, Gera
Commerzone SEZ, Survey No.65, Kharadi,
Pune, 411014
Barclays Global Service Centre Private Limited
Nirlon Knowledge Park, Level 9, Block B-6, Off
Western Express Highway, Goregaon (East),
Mumbai, 400063
Barclays Investments & Loans (India) Private
Limited
E, H
Ireland
One Molesworth Street, Dublin 2, D02RF29
Barclaycard International Payments Limited
Barclays Bank Ireland Public Limited Company
Barclays Europe Client Nominees Designated
Activity Company
Barclays Europe Firm Nominees Designated
Activity Company
Barclays Europe Nominees Designated Activity
Company
25-28 North Wall Quay, Dublin1, D01H104
Erimon Home Loans Ireland Limited
70 Sir John Rogerson\u2019s Quay, Dublin 2
Barclays Finance Ireland Limited
Wholly owned subsidiaries
Note
Corporation Service Company, 251 Little Falls
Drive, Wilmington, DE 19808
Barclays Ireland Investments LP
B, N
Isle of Man
Eagle Court, Circular Road, Douglas, IM1 1AD
Barclays Nominees (Manx) Limited
I, J
Barclays Private Clients International Limited
2nd Floor, St Georges Court, Upper Church
Street, Douglas, IM1 1EE
Barclays Holdings (Isle of Man) Limited (In
Liquidation)
Japan
10-1, Roppongi 6-chome, Minato-ku, Tokyo
Barclays Funds and Advisory Japan Limited
Barclays Securities Japan Limited
F, H
Barclays Wealth Services Limited
Jersey
Gasp\u00e9 House, 66-72 Esplanade, St.\u00a0Helier, JE1
1GH
Barclays Services Jersey Limited
5 Espalanade, St Helier, JE2 3QA
Barclays Wealth Management Jersey Limited
13 Library Place, St Helier, JE4 8NE
Barclays Nominees (Jersey) Limited
Barclaytrust Channel Islands Limited
Estera Trust (Jersey) Limited, 13-14
Esplanade, St Helier, JE1 1EE, Jersey
MK Opportunities GP Ltd
Luxembourg
9, all\u00e9e Scheffer, L-2520
Barclays Bedivere Investments S.\u00e0 r.l.
Barclays Cantal Investments S.\u00e0 r.l.
Barclays Capital Luxembourg S.\u00e0 r.l.
Barclays Capital Trading Luxembourg S.\u00e0 r.l.
Barclays Claudas Investments S.\u00e0 r.l.
Barclays Equity Index Investments S.\u00e0 r.l.
Barclays International Luxembourg Dollar
Holdings\u00a0S.\u00e0 r.l.
Barclays Luxembourg EUR Holdings S.\u00e0 r.l
Q
Barclays Luxembourg GBP Holdings S.\u00e0 r.l.
Q
Barclays Luxembourg Global Funding S.\u00e0 r.l.
Barclays Luxembourg Holdings S.\u00e0 r.l.
H, V
Barclays Luxembourg Holdings SSC
B
BNRI Limehouse No.1 S.\u00e0 r.l.
P
68-70 Boulevard de la Petrusse, L-2320
Adler Toy Holding Sarl
10 rue du Cha'teau d'Eau, Leudelange, Grand
Duchy of Luxembourg L-3364
BPM Management GP SARL
Wholly owned subsidiaries
Note
Mauritius
C/O Rogers Capital Corporate Services
Limited, 3rd Floor, Rogers House, No.5
President John Kennedy Street, Port Louis
Barclays Capital Mauritius Limited (In Liquidation)
Barclays Capital Securities Mauritius Limited
Fifth Floor Ebene Esplanade,
24 Bank Street, Cybercity
72201 Ebene
Barclays Mauritius Overseas Holdings Limited
Mexico
Paseo de la Reforma 505, 41 Floor, Torre
Mayor, Col. Cuauhtemoc, CP 06500
Barclays Bank Mexico, S.A.
J, L
Barclays Capital Casa de Bolsa, S.A. de C.V.
J, L
Grupo Financiero Barclays Mexico, S.A. de C.V.
J, L
Servicios Barclays, S.A. de C.V. (In Liquidation)
Monaco
31 Avenue de la Costa, Monte Carlo BP 339
Barclays Private Asset Management (Monaco)
S.A.M
Saudi Arabia
3rd Floor Al Dahna Center, 114 Al-Ahsa Street,
PO Box 1454, Riyadh 11431
Barclays Saudi Arabia (In Liquidation)
Singapore
10 Marina Boulevard, #25-01 Marina Bay\u00a0
Financial Centre, Tower 2, 018983
Barclays Merchant Bank (Singapore) Ltd.
Spain
Calle Jose, Abascal 51, 28003, Madrid
Barclays Tenedora De Inmuebles SL.
BVP Galvani Global, S.A.U.
Switzerland
Chemin de Grange Canal 18-20, PO Box 3941,
1211, Geneva
Barclays Bank (Suisse) SA
Barclays Switzerland Services SA
BPB Holdings SA
Taiwan
19F-1, No. 7, Xinyi Road, Sec. 5, Taipei,A322,
Taiwan
Barclays Securities Taiwan Limited
United States
Corporation Service Company, 251 Little Falls
Drive, Wilmington, DE 19808
Analytical Trade Holdings LLC
Barclays Asset Backed Depositor LLC
C
Barclays Bank Delaware
Barclays Capital Derivatives Funding LLC
C
Wholly owned subsidiaries
Note
Barclays Capital Energy Inc.
Barclays Capital Equities Trading GP
B
Barclays Capital Holdings Inc.
F, G,
H
Barclays Capital Real Estate Finance Inc.
Barclays Capital Real Estate Holdings Inc.
Barclays Capital Real Estate Inc.
Barclays Commercial Mortgage Securities LLC
C
Barclays Dryrock Funding LLC
C
Barclays Financial LLC
C
Barclays Group US Inc.
Barclays Oversight Management Inc.
Barclays Receivables LLC
C
Barclays Services Corporation
Barclays Services LLC
C
Barclays US CCP Funding LLC
C
Barclays US Investments Inc.
Barclays US LLC
BCAP LLC
C
Gracechurch Services Corporation
Lagalla Investments LLC
Long Island Holding A LLC
C
Marbury Holdings LLC
Preferred Liquidity, LLC
I
Procella Investments No.2 LLC
C
Procella Investments No.3 LLC
C
Relative Value Holdings, LLC
Surrey Funding Corporation
Sussex Purchasing Corporation
Sutton Funding LLC
C
US Secured Investments LLC
X
Verain Investments LLC
Wilmington Riverfront\u00a0 LLC
C
100 Bank Street, Suite 630, Burlington,
Vermont 05401
Barclays Insurance U.S. Inc.
Corporation Service Company, 80 State
Street, Albany, NY, 12207-2543
Barclays Equity Holdings Inc.
Corporation Service Company. Goodwin
Square, 225 Asylum Street, 20th Floor Hartford
CT 06103
Barclays Capital Inc.
Corporation Service Company, 2626,
Glenwood Ave, Suite 550, Raleigh, NC, 27608
Barclays US GPF Inc.
Equifirst Corporation (In Liquidation, Dissolved
with State of North Carolina)
125 S West Street, Wilmington, DE 19801
Curve Investments GP
B
Barclays Dryrock Issuance Trust
Other Related Undertakings
Unless otherwise stated, the undertakings
below are included in the consolidation and
the share capital held by the Group
comprises ordinary and/or common
shares,\u00a0 which are held by subsidiaries of
Barclays PLC. The percentage of the
nominal value of each share class held by
the Group\u00a0 is provided below.
Other Related Undertakings
%
Note
United Kingdom
1 Churchill Place, London, E14 5HP
Barclaycard Funding PLC
100.00
I
PSA Credit Company Limited
(In\u00a0Liquidation)
100.00
I
100.00
K
Barclays Covered Bonds Limited
Liability Partnership
50.00
B
Barclays Secured Funding (LM)
Limited
20.00
St Helen\u2019s, 1 Undershaft, London,
EC3P\u00a03DQ
Igloo Regeneration (General Partner)
Limited
25.00
K, U
3-5 London Road, Rainham, Kent,
ME8\u00a07RG
Trade Ideas Limited
20.00
U
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Equistone Founder Partner II L.P.
20.00
B, U
Equistone Founder Partner III L.P.
20.00
B, U
Enigma, Wavendon Business Park
Milton Keynes, MK178LX
Intelligent Processing Solutions
Limited
19.50
U
C/O Azets Holdings Limited 5th
Floor, 98 King Street, Manchester,
M2 4WU
Full House Holdings Limited (In
Liquidation)
67.42
I, U
13-15 York Buildings, London,
WC2N\u00a06JU
BGF Group PLC
24.62
I, U
Unit 9 Westbrook Court,
Sharrowvale Road, Sheffield,
S11\u00a08YZ
Palms Row Healthcare Holdings
Limited
99.00
U, CC
5th Floor, 44 Great Marlborough
Street,London,W1F 7JL
AVFI TIDE I LP
37.60
B, U
41 Luke Street, London, EC2A 4DP
Fintech for International Development
Limited (In Liquidation)
26.37
I, U
100.00
J
Other Related Undertakings
%
Note
3rd Floor, 25 Soho
Square,London,W1D 3QR,
Female Innovators Lab LP
61.00
B
1 America Square, Crosswall,
London, EC3N 2SG
BMC (UK) Ltd
47.30
E, I, U
C/O Cooley (Uk) Llp, 22
Bishopsgate, London, EC2N 4BQ
Barclays Black Formation Investments
I LP
100.00
B
Barclays Black Formation Investments
II LP
100.00
B
1-4 Clyde Place, Glasgow, G5 8DP
Buchanan Wharf (Glasgow)
Management Limited
78.00
D
Belgium
Klipperstraat 15 2030 Antwerp
Euphony Benelux NV (In Liquidation)
20.00
U
Cayman Islands
Maples Corporate Services Limited,
PO Box 309GT, Ugland House, South
Church Street, Grand Cayman,
KY1-1104
Cupric Canyon Capital GP Limited
50.00
U
Cupric Canyon Capital LP
42.17
I, U
Newman Holdings Limited (In
Liquidation)
80.60
I, U
Southern Peaks Mining LP
54.40
B, U
SPM GP Limited
90.00
U
Korea, Republic of
18th Floor, Daishin Finance Centre,
343, Samil-daero, Jung-go, Seoul
Woori BC Pegasus Securitization
Specialty Co. Ltd
70.00
AA
Luxembourg
9, allee Scheffer, L-2520
Barclays Alzin Investments S.\u00e0 r.l.
100.00
R
Barclays Bordang Investments S.\u00e0 r.l.
100.00
S
Barclays Lamorak Investments S.\u00e0 r.l.
100.00
F,Q
Preferred Funding S.\u00e0 r.l.
100.00
W
Preferred Investments S.\u00e0 r.l.
100.00
H, W
Malta
RS2 Buildings, Fort Road, Mosta MST
1859
RS2 Software PLC
18.14
U
Netherlands
Alexanderstraat 18, The Hague,
2514 JM, Zuid-Holland
Tulip Oil Holding BV
34.50
I, U
23.00
K
Other Related Undertakings
%
Note
Sweden
c/o ForeningsSparbanken AB 105 34
Stockholm
EnterCard Group AB
100.00
J, U
United States
Corporation Services Company, 251
Little Falls, Drive Wilmington, DE
19808
DG Solar Lessee, LLC
75.00
C, U
Corporation Trust Company,
Corporation Trust Centre, 1209
Orange Street, Wilmington DE
19801
DG Solar Lessee II, LLC
75.00
C, U
VS BC Solar Lessee I LLC
50.00
C, U
1415 Louisiana Street, Suite 1600,
TX 77002-0000
Sabine Oil & Gas Holdings, Inc.(In
Liquidation)
22.12
U
Joint Ventures
The related undertaking below is dealt with
as a Joint Venture\u00a0 in accordance with s.
18, Schedule 4, The Large and Medium-
sized Companies and Groups (Accounts
and Reports) Regulations 2008 and is
proportionally consolidated. The
proportion of the capital of the related
undertaking held by the Group is stated
below.
Joint Venture
%
Note
United Kingdom
Vaultex UK Limited
50.00
Joint management factors
The Board of Directors of the above Joint
Venture\u00a0 comprises two Barclays
representative Directors, two JV partner
Directors and three non-JV partner
Directors. The Board of Directors\u00a0 are
responsible for setting the Company
strategy and budgets.
The last financial year of the above JV
ended on 6 October 2023 and the average
number of monthly employees reported in
the accounts was 1,216.\u00a0
.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-647": { "value": "
Accounting for investment in subsidiaries
In the individual financial statements of Barclays PLC, investments in subsidiaries are stated at cost less impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-648": { "value": "3758000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:MandatoryReserveDepositsAtCentralBanks", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-649": { "value": "3457000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:MandatoryReserveDepositsAtCentralBanks", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-651": { "value": "Structured entities
A structured entity is an entity in which voting or similar rights are not the dominant factor in deciding who\u00a0 controls the entity.\u00a0 Voting
rights may relate to administrative tasks only, with the relevant activities of the entity being directed by means of contractual
arrangements.\u00a0 Structured entities are generally created to achieve a narrow and well-defined objective with restrictions around their
ongoing activities.
Depending on the Group\u2019s power over the activities of the entity and its exposure to and ability to influence its own returns, it may
consolidate the entity. In other cases, it may sponsor or have exposure to such an entity but not consolidate it.
Consolidated structured entities
The Group has contractual arrangements which may require it to provide financial support to the following types of consolidated
structured entities:
\u2022 Securitisation vehicles: The Group uses securitisation as a source of financing and a means of risk transfer.\u00a0 Where entities are
controlled by the Group, they are consolidated.\u00a0 Refer to Note 36 for further detail.
\u25aa Commercial Paper (CP) conduits: These entities issue CP and use the proceeds to lend to clients as part of the Group's multi-seller
conduit programme.\u00a0 The Group has provided \u00a322.4bn (2022 : \u00a320.8bn) in contractual liquidity facilities to the CP conduits that the
Group consolidates. These amounts represent the maximum the conduits can lend externally. The amounts of CP conduit lending
(drawn and undrawn) to unconsolidated structured entities can be seen in Other interests in unconsolidated structured entities
under multi-seller conduit programme in the Nature of interest table.
\u25aa Employee benefit trusts: The Group provides capital contributions to employee benefit trusts to enable them to meet obligations to
employees in relation to share-based remuneration arrangements.
\u25aa Tender Option Bond (TOB)\u00a0 trusts: During 2023, the Group provided undrawn liquidity facilities of \u00a33.7bn (2022: \u00a33.8bn) to
consolidated TOB trusts.\u00a0 These trusts invest in fixed income instruments issued by state, local or other municipalities in the United
States, funded by long-term senior floating-rate notes and junior residual securities.\u00a0 \u00a0
Unconsolidated structured entities
The term \u2018unconsolidated structured entities\u2019 refers to structured entities not controlled by Barclays, and are established either by
Barclays or a third party. An interest in a structured entity is any form of contractual or non-contractual involvement which creates
variability in returns arising from the performance of the entity for the Group. Such interests include holdings of debt or equity
securities, derivatives that transfer financial risks from the entity to the Group, lending, loan commitments, financial guarantees and
investment management agreements.
The Group enters into transactions with unconsolidated structured entities in the normal course of business to facilitate customer
transactions, to provide\u00a0 risk management services and for specific investment opportunities.\u00a0 This is predominantly within the CIB
business. Structured entities may take the form of funds, trusts, securitisation vehicles, and private investment companies. The largest
transactions for Barclays include loans and derivatives with hedge fund structures and special purpose entities, multi-seller conduit
lending, holding notes issued by securitisation vehicles, and facilitating customer requirements through funds.
The nature and extent of the Group\u2019s interests in structured entities is summarised below:
Summary of interests in unconsolidated structured entities
Secured financing
Short-term traded
interests
Traded derivatives
Other interests
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023
Assets
Trading portfolio assets
\u2014
15,482
\u2014
\u2014
15,482
Financial assets at fair value through the income statement
74,551
\u2014
\u2014
1,141
75,692
Derivative financial instruments
\u2014
\u2014
5,685
\u2014
5,685
Financial assets at fair value through other comprehensive
income
\u2014
\u2014
\u2014
838
838
Loans and advances at amortised cost
\u2014
\u2014
\u2014
34,316
34,316
Debt securities at amortised cost
\u2014
\u2014
\u2014
18,487
18,487
Reverse repurchase agreements and other similar secured
lending
896
\u2014
\u2014
\u2014
896
Other assets
\u2014
\u2014
\u2014
130
130
Total assets
75,447
15,482
5,685
54,912
151,526
Liabilities
Derivative financial instruments
\u2014
\u2014
6,173
\u2014
6,173
As at 31 December 2022
Assets
Trading portfolio assets
\u2014
8,632
\u2014
\u2014
8,632
Financial assets at fair value through the income statement
75,166
\u2014
\u2014
2,459
77,625
Derivative financial instruments
\u2014
\u2014
4,555
\u2014
4,555
Financial assets at fair value through other comprehensive
income
\u2014
\u2014
\u2014
423
423
Loans and advances at amortised cost
\u2014
\u2014
\u2014
30,750
30,750
Debt securities at amortised cost
\u2014
\u2014
\u2014
13,542
13,542
Reverse repurchase agreements and other similar secured
lending
117
\u2014
\u2014
\u2014
117
Other assets
\u2014
\u2014
\u2014
69
69
Total assets
75,283
8,632
4,555
47,243
135,713
Liabilities
Derivative financial instruments
\u2014
\u2014
8,460
\u2014
8,460
Secured financing arrangements, short-term traded interests and traded derivatives are typically managed under Market risk
management policies described in the Market risk management section which includes an indication of the change of risk measures
compared to last year. For this reason, the total assets of these entities are not considered meaningful for the purposes of
understanding the related risks and so have not been presented. Other interests include conduits and lending where the interest is
driven by normal customer demand. As at 31\u00a0December 2023, Barclays entered into transactions with approximately 6,000 (2022:
6,000) structured entities.
Secured financing
The Group routinely enters into reverse repurchase contracts, margin lending, stock borrowing and similar arrangements on normal
commercial terms where the counterparty to the arrangement is a structured entity. Due to the nature of these arrangements,
especially the transfer of collateral and ongoing margining, the Group is able to manage its variable exposure to the performance of the
structured entity counterparty. The counterparties included in secured financing mainly include hedge fund limited structures,
investment companies and special purpose entities.
Short-term traded interests
As part of its market making activities, the Group buys and sells interests in structured vehicles, which are predominantly debt securities
issued by asset securitisation vehicles. Such interests are typically held individually or as part of a larger portfolio for no more than 90
days. In such cases, the Group typically has no other involvement with the structured entity other than the securities it holds as part of
trading activities and its maximum exposure to loss is restricted to the carrying value of the asset.
Traded derivatives
The Group enters into a variety of derivative contracts with structured entities which reference market risk variables such as interest
rates, equities, foreign exchange rates and credit indices among other things. The main derivative types which are considered interests
in structured entities include equity options, index-based and entity-specific credit default swaps, and total return swaps.\u00a0 Interest rate
swaps and foreign exchange derivatives that are not complex and which expose the Group to insignificant credit risk by being senior in
the payment waterfall of a securitisation and derivatives that are determined to introduce risk or variability to a structured entity are not
considered to be an interest in an entity and have been excluded from the disclosures.
A description of the types of derivatives and the risk management practices are detailed in Note 14. The risk of loss may be mitigated
through ongoing margining requirements as well as a right to cash flows from the structured entity which are senior in the payment
waterfall. Such margining requirements are consistent with market practice for many derivative arrangements and in line with the
Group\u2019s normal credit policies.
Derivative transactions require the counterparty to provide cash or other collateral under margining agreements to mitigate
counterparty credit risk. The Group is mainly exposed to settlement risk on these derivatives which is mitigated through daily margining.
Total notional contract amounts were \u00a3335,552m ( 2022: \u00a3244,780m).
Except for credit default swaps where the maximum exposure to loss is the swap notional amount, it is not possible to estimate the
maximum exposure to loss in respect of derivative positions as the fair value of derivatives is subject to changes in market rates of
interest, exchange rates and credit indices which by their nature are uncertain. In addition, the Group\u2019s losses would be subject to
mitigating action under its traded market risk and credit risk policies that require the counterparty to provide collateral in cash or other
assets in most cases.
Other interests in unconsolidated structured entities
The Group\u2019s interests in structured entities not held for the purposes of short-term trading activities are set out below, summarised by
the nature of the interest and limited to significant categories, based on maximum exposure to loss.
Nature of interest
Multi-seller
conduit
programme
Lending
Other
Total
Of which: Barclays
owned, not
consolidated
entities 1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023
Financial assets at fair value through the income statement
\u2014
38
1,103
1,141
907
Financial assets at fair value through other comprehensive
income
\u2014
638
200
838
\u2014
Loans and advances at amortised cost
8,903
25,413
\u2014
34,316
\u2014
Debt securities at amortised cost
\u2014
\u2014
18,487
18,487
\u2014
Other assets
38
88
4
130
\u2014
Total on-balance sheet exposures
8,941
26,177
19,794
54,912
907
Total off-balance sheet notional amounts
11,947
12,600
\u2014
24,547
\u2014
Maximum exposure to loss
20,888
38,777
19,794
79,459
907
Total assets of the entity
35,439
165,319
108,751
309,509
8,704
As at 31 December 2022
Financial assets at fair value through the income statement
\u2014
59
2,400
2,459
2,284
Financial assets at fair value through other comprehensive
income
\u2014
220
203
423
\u2014
Loans and advances at amortised cost
8,681
22,069
\u2014
30,750
\u2014
Debt securities at amortised cost
\u2014
\u2014
13,542
13,542
\u2014
Other assets
32
33
4
69
\u2014
Total on-balance sheet exposures
8,713
22,381
16,149
47,243
2,284
Total off-balance sheet notional amounts
10,552
10,926
\u2014
21,478
\u2014
Maximum exposure to loss
19,265
33,307
16,149
68,721
2,284
Total assets of the entity
66,504
160,002
88,779
315,285
8,690
Note
1 Comprises of Barclays owned, not consolidated structured entities per IFRS 10 Consolidated Financial Statements, and Barclays sponsored entities, Refer to Note 33 Principal
subsidiaries for more details on consolidation.
Maximum exposure to loss
Unless specified otherwise below, the Group\u2019s maximum exposure to loss is the total of its on-balance sheet positions and its off-
balance sheet arrangements, being loan commitments and financial guarantees. Exposure to loss is mitigated through collateral,
financial guarantees, the availability of netting and credit protection held.
Multi-seller conduit programme
Barclays' multi-seller conduit programme engages in providing financing to various clients and holds whole or partial interests in pools of
receivables or similar obligations. These instruments are protected from loss through over-collateralisation, seller guarantees, or other
credit enhancements provided to the conduit entities. The Group\u2019s off-balance sheet exposure included in the table above represents
liquidity facilities that are provided to the conduit for the benefit of the holders of the commercial paper issued by the conduit and will
only be drawn where the conduit is unable to access the commercial paper market. If these liquidity facilities are drawn, the Group is
protected from loss through over-collateralisation, seller guarantees, or other credit enhancements provided to the conduit.
Lending
The portfolio includes lending provided by the Group to unconsolidated structured entities in the normal course of its lending business
to earn income in the form of interest and lending fees and includes loans to structured entities that are generally collateralised by
property, equipment or other assets. All loans are subject to the Group\u2019s credit sanctioning process. Collateral arrangements are
specific to the circumstances of each loan with additional guarantees and collateral sought from the sponsor of the structured entity
for certain arrangements. During the period the Group incurred immaterial impairment against such facilities.
Other
This includes fair value loans with structured entities where the market risk is materially hedged with corresponding derivative contracts,
interests in debt securities issued by securitisation vehicles and drawn and undrawn loan facilities to these entities. In addition, other
includes investment funds with interests restricted to management fees based on performance of the fund and trusts held on behalf of
beneficiaries with interests restricted to unpaid fees.
Assets transferred to sponsored unconsolidated structured entities
Barclays is considered to sponsor another entity if: it had a key role in establishing that entity, it transferred assets to the entity, the
Barclays name appears in the name of the entity or it provides guarantees on the entity\u2019s performance. As at 31\u00a0December 2023,
assets transferred to sponsored unconsolidated structured entities were \u00a31,420m (2022: \u00a31,665m).
Investments in associates and joint ventures
Accounting for associates and joint ventures
The equity accounted associates include the Group's investment in the Business Growth Fund \u00a3648m (2022: \u00a3669m) which has
decreased due to a fair value loss in its investments by \u00a3(10)m (2022: \u00a3 (21)m).
2023
2022
Associates
Joint ventures
Total
Associates
Joint ventures
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equity accounted
670
209
879
695
227
922
Held at fair value through profit or loss
\u2014
516
516
\u2014
435
435
Total
670
725
1,395
695
662
1,357
Summarised financial information for the Group\u2019s equity accounted associates and joint ventures is set out below. The amounts shown
are the Group\u2019s share of the net income of the investees for the year ended 31 December 2023, with the exception of certain
undertakings for which the amounts are based on accounts made up to dates not earlier than three months before the balance sheet
date.
Associates
Joint ventures
2023
2022
2021
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit/(loss) from continuing operations
(10)
(21)
219
1
26
35
Other comprehensive income/(loss)
\u2014
\u2014
1
(3)
1
5
Total comprehensive income/(loss) from continuing operations
(10)
(21)
220
(2)
27
40
Unrecognised shares of the losses of individually immaterial associates and joint ventures were \u00a3nil (2022: \u00a3nil).
The Group has provided \u00a3nil (2022: \u00a3nil) to its joint ventures and associates. The Barclays drawn commitments to finance or otherwise
provide resources to its joint ventures and associates are \u00a3474m (2022: \u00a3474m ) The Barclays share of the associates and joint
ventures unutilised credit facilities commitments amounted to \u00a31,695m (2022: \u00a31,796m).
43 Related undertakings
The Group\u2019s corporate structure consists
of a number of related undertakings,
comprising subsidiary undertakings, joint
ventures, associated undertakings and
significant holdings. A full list of these
related undertakings is set out below,
together with the country of incorporation,
registered office (or principal place of
business) and the identity and percentage\u00a0
of each share class held by the Group. The
information is provided as at 31 December
2023.
The entities are grouped by the countries
in which they are incorporated. The profits
earned by the activities of these entities
are in some cases taxed in countries other
than the country of incorporation, for
example where the entity carries on
business through a branch in a territory
outside of\u00a0 its country of incorporation .
Barclays PLC Country Snapshot provides
details of where the Group carries on its
business, where its profits are subject to
tax and the taxes it pays in each country it
operates in.
Wholly owned subsidiaries
Unless otherwise stated the undertakings
below are wholly owned and included in the
consolidation and the share capital held by
the Group comprises ordinary and/or
common shares, which are held by
subsidiaries of Barclays PLC. Unless
otherwise stated, the Group holds 100%
of the nominal value of each share class.
Notes
A
Directly held by Barclays PLC
B
Partnership Interest
C
Membership Interest
D
Guarantor
E
Preference Shares
F
A Preference Shares
G
B\u00a0 Preference Shares
H
Ordinary/Common Shares in addition to
other shares
I
A Ordinary Shares
J
B Ordinary Shares
K
C Ordinary Shares
L
F Ordinary Shares
M
First Preference Shares, Second
Preference shares
N
Registered Address not in country of
incorporation
O
Core Shares, Insurance (Classified)
Shares
P
Class B, C, D (100%),\u00a0 E, F, G, H, I (94.36%),
J (95.32%) and K (100%)
Q
Non-Redeemable Ordinary Shares
Notes
R
Class A, B and D Shares
S
Class A and Class B Shares
T
PEF Carry Shares
U
Not Consolidated (see Note 33 Principal
Subsidiaries)
V
USD Linked Ordinary Shares
W
Redeemable Class B Shares
X
Capital Contribution Shares
Y
Class A Redeemable Preference Shares
Z
Class B Redeemable Preference Shares
AA
First Class Common Shares, Second
Class Common Shares
BB
Tracker 1 GBP, USD, Euro Shares;
Tracker 2 USD Shares, Tracker 3 USD
Shares
CC
Non-Voting Redeemable Preference
Shares
Wholly owned subsidiaries
Note
United Kingdom
1 Churchill Place, London, E14 5HP
Aequor Investments Limited
Alynore Investments Limited Partnership
B
Ardencroft Investments Limited
B D & B Investments Limited
B.P.B. (Holdings) Limited
Barclay Leasing Limited
Barclays Aldersgate Investments Limited
Barclays Asset Management Limited
Barclays Bank PLC
A, E,
H
Barclays Bank UK PLC
A
Barclays Capital Asia Holdings Limited
Barclays Capital Nominees (No.2) Limited
Barclays Capital Nominees (No.3) Limited
Barclays Capital Nominees Limited
Barclays Capital Securities Client Nominee
Limited
Barclays Capital Securities Limited
E, H
Barclays CCP Funding LLP
B
Barclays Converted Investments (No.2) Limited
Barclays Direct Investing Nominees Limited
Barclays Directors Limited
Barclays Equity Holdings Limited
Barclays Execution Services Limited
A
Barclays Executive Schemes Trustees Limited
Barclays Financial Planning Nominee Company
Limited
Barclays Funds Investments Limited
Barclays Group Holdings Limited
Barclays Industrial Development Limited
Barclays Industrial Investments Limited
Barclays Insurance Services Company Limited
Barclays International Holdings Limited
Barclays Investment Management Limited
Barclays Investment Solutions Limited
Barclays Leasing (No.9) Limited
Barclays Long Island Limited
Barclays Nominees (George Yard) Limited
U
Barclays OCIO Services Limited
Barclays Pension Funds Trustees Limited
Barclays Principal Investments Limited
A, I, J
Barclays Private Bank
Wholly owned subsidiaries
Note
Barclays SAMS Limited
Barclays Security Trustee Limited
A
Barclays Services (Japan) Limited
Barclays Shea Limited
Barclays Term Funding Limited Liability
Partnership
B
Barclays UK Investments Limited
Barclays Unquoted Investments Limited
Barclays Unquoted Property Investments Limited
Barclays Wealth Nominees Limited
Barclayshare Nominees Limited
Barcosec Limited
Barsec Nominees Limited
BB Client Nominees Limited
BMI (No.9) Limited
BNRI ENG 2014 Limited Partnership
B
BNRI ENG GP LLP
B
BNRI England 2010 Limited Partnership
B
BNRI England 2012 Limited Partnership
B
Carnegie Holdings Limited
H, I, J
Chapelcrest Investments Limited
Clydesdale Financial Services Limited
Cornwall Home Loans Limited
CPIA England 2009 Limited Partnership
B
CPIA England No.2 Limited Partnership
B
Dorset Home Loans Limited
Durlacher Nominees Limited
Eagle Financial and Leasing Services (UK)
Limited
Finpart Nominees Limited
FIRSTPLUS Financial Group Limited
Foltus Investments Limited
Global Dynasty Natural Resource Private Equity
Limited Partnership
B
Globe Nominees Limited
Hawkins Funding Limited
Heraldglen Limited
H, M
Isle of Wight Home Loans Limited
J.V. Estates Limited
Kirsche Investments Limited
Leonis Investments LLP
B
Long Island Assets Limited
Maloney Investments Limited
Menlo Investments Limited
Mercantile Credit Company Limited
Mercantile Leasing Company (No.132) Limited
MK Opportunities LP
B
Naxos Investments Limited
North Colonnade Investments Limited
Northwharf Investments Limited
Northwharf Nominees Limited
Oak Pension Asset Management Limited
U
Radbroke Mortgages UK Limited
Real Estate Participation Management Limited
Real Estate Participation Services Limited
Relative Value Investments UK Limited Liability
Partnership
B
Relative Value Trading Limited
Roder Investments No. 1 Limited
H, BB
Roder Investments No. 2 Limited
H, BB
RVT CLO Investments LLP
B
Surety Trust Limited
Wholly owned subsidiaries
Note
Sustainable Impact Capital Limited
Swan Lane Investments Limited
US Real Estate Holdings No.1 Limited
US Real Estate Holdings No.2 Limited
US Real Estate Holdings No.3 Limited
US Real Estate Holdings No.4 Limited
US Real Estate Holdings No.5 Limited
US Real Estate Holdings No.6 Limited
Water Street Investments Limited
U
Wedd Jefferson (Nominees) Limited
Westferry Investments Limited
Woolwich Homes Limited
Woolwich Qualifying Employee Share Ownership
Trustee Limited
Zeban Nominees Limited
C/O Teneo Financial Advisory Limited, 3rd
Floor, The Colmore Building, 20 Colmore Circus
Queensway, Birmingham, West Midlands, B4
6AT
Barclays Capital Finance Limited (In Liquidation)
Barclays Capital Japan Securities Holdings
Limited (In Liquidation)
Barclays Global Shareplans Nominee Limited (In
Liquidation)
Barclays Nominees (Branches) Limited (In
Liquidation)
Barclays Singapore Global Shareplans Nominee
Limited (In Liquidation)
Cobalt Investments Limited (In Liquidation)
DMW Realty Limited (In Liquidation)
Solution Personal Finance Limited (In Liquidation)
Ascot House, Maidenhead Office Park,
Maidenhead, SL6 3QQ
Kensington Mortgage Company Limited
Kensington Mortgage Services Limited
1-4, Clyde Place Lane, Glasgow, G5 8DP
R.C. Greig Nominees Limited
50 Lothian Road, Festival Square, Edinburgh,
EH3 9WJ
BNRI PIA Scot GP Limited
BNRI Scots GP, LLP
B
Pecan Aggregator LP
B, U
Logic House, Waterfront Business Park, Park,
Fleet Road, Fleet, GU51 3SB
The Logic Group Enterprises Limited
The Logic Group Holdings Limited
I
9, all\u00e9e Scheffer, L-2520, Luxembourg
Barclays Claudas Investments Partnership
B, N
Barclays Pelleas Investments Limited Partnership
B, N
Barclays Blossom Finance Limited Partnership
B, N
Wholly owned subsidiaries
Note
Argentina
855 Leandro N.Alem Avenue, 8th Floor, Buenos
Aires
Compa\u00f1\u00eda Sudamerica S.A.
Marval, O\u2019Farrell & Mairal, Av. Leandro N.
Alem 882, Buenos Aires, C1001AAQ
Compa\u00f1ia Regional del Sur S.A.
Brazil
Av. Brigadeiro Faria Lima, No.4.440, 12th Floor,
Bairro Itaim Bibi, Sao Paulo, CEP, 04538-132
Barclays Brasil Assessoria Financeira Ltda
BNC Brazil Consultoria Empresarial Ltda
Canada
333 Bay Street, Suite 4910, Toronto ON M5H
2R2
Barclays Capital Canada Inc.
Stikeman Elliot LLP, 199 Bay Street, 5300
Commerce Court West, Toronto ON M5L 1B9
Barclays Corporation Limited
1 Churchill Place, London, E14 5HP
CPIA Canada Holdings
B, N
Cayman Islands
PO Box\u00a0 309, Ugland House, George Town,
Grand Cayman, KY1-1104
Alymere Investments Limited
F, G,
H
Analytical Trade UK Limited
Barclays Capital (Cayman) Limited
Barclays Securities Financing Limited
F,
G ,H
Barclays US Holdings Limited
E, I
Braven Investments No.1 Limited
Calthorpe Investments Limited
Capton Investments Limited
Claudas Investments Limited
H, Y,
Z
Claudas Investments Two Limited
CPIA Investments No.2 Limited
Gallen Investments Limited
Hurley Investments No.1 Limited (In Liquidation)
Mintaka Investments No. 4 Limited
Palomino Limited
U
Pelleas Investments Limited
Pippin Island Investments Limited
Razzoli Investments Limited
E, H
RVH Limited
E, H
Wessex Investments Limited (In Liquidation)
Hornbeam Limited
U
Walkers Corporate Limited, Cayman Corporate
Centre, 27 Hospital Road, George Town, KY1-
9008
Long Island Holding B Limited (In Liquidation)
Wholly owned subsidiaries
Note
France
34-36 avenue de Friedland, 75008, Paris
Barclays ADF
Germany
Stuttgarter Stra\u00dfe 55-57, 73033 G\u00f6ppingen
Holding Stuttgarter Stra\u00dfe GmbH\u00a0
(In Liquidation)
Guernsey
P.O. Box 33, Dorey Court, Admiral Park, St.\u00a0
Peter\u00a0Port, GY1 4AT
Barclays Insurance Guernsey PCC Limited
O
Barclays UKRF No.1 IC Limited
U
Barclays UKRF ICC Limited
U
Barclays UKRF No.2 IC Ltd
U
Hong Kong
42nd floor Citibank Tower, Citibank Plaza,
3\u00a0Garden\u00a0Road
Barclays Bank (Hong Kong Nominees) Limited
(In Liquidation)
Barclays Capital Asia Nominees Limited
(In Liquidation)
Level 41, Cheung Kong Center, 2 Queen's
Road, Central
Barclays Capital Asia Limited
India
208 Ceejay House, Shivsagar Estate, Dr A
Beasant Road, Worli, Mumbai, 400 018
Barclays Securities (India) Private Limited
Barclays Wealth Trustees (India) Private Limited
5th to 12th Floor (Part), Building G2, Gera
Commerzone SEZ, Survey No.65, Kharadi,
Pune, 411014
Barclays Global Service Centre Private Limited
Nirlon Knowledge Park, Level 9, Block B-6, Off
Western Express Highway, Goregaon (East),
Mumbai, 400063
Barclays Investments & Loans (India) Private
Limited
E, H
Ireland
One Molesworth Street, Dublin 2, D02RF29
Barclaycard International Payments Limited
Barclays Bank Ireland Public Limited Company
Barclays Europe Client Nominees Designated
Activity Company
Barclays Europe Firm Nominees Designated
Activity Company
Barclays Europe Nominees Designated Activity
Company
25-28 North Wall Quay, Dublin1, D01H104
Erimon Home Loans Ireland Limited
70 Sir John Rogerson\u2019s Quay, Dublin 2
Barclays Finance Ireland Limited
Wholly owned subsidiaries
Note
Corporation Service Company, 251 Little Falls
Drive, Wilmington, DE 19808
Barclays Ireland Investments LP
B, N
Isle of Man
Eagle Court, Circular Road, Douglas, IM1 1AD
Barclays Nominees (Manx) Limited
I, J
Barclays Private Clients International Limited
2nd Floor, St Georges Court, Upper Church
Street, Douglas, IM1 1EE
Barclays Holdings (Isle of Man) Limited (In
Liquidation)
Japan
10-1, Roppongi 6-chome, Minato-ku, Tokyo
Barclays Funds and Advisory Japan Limited
Barclays Securities Japan Limited
F, H
Barclays Wealth Services Limited
Jersey
Gasp\u00e9 House, 66-72 Esplanade, St.\u00a0Helier, JE1
1GH
Barclays Services Jersey Limited
5 Espalanade, St Helier, JE2 3QA
Barclays Wealth Management Jersey Limited
13 Library Place, St Helier, JE4 8NE
Barclays Nominees (Jersey) Limited
Barclaytrust Channel Islands Limited
Estera Trust (Jersey) Limited, 13-14
Esplanade, St Helier, JE1 1EE, Jersey
MK Opportunities GP Ltd
Luxembourg
9, all\u00e9e Scheffer, L-2520
Barclays Bedivere Investments S.\u00e0 r.l.
Barclays Cantal Investments S.\u00e0 r.l.
Barclays Capital Luxembourg S.\u00e0 r.l.
Barclays Capital Trading Luxembourg S.\u00e0 r.l.
Barclays Claudas Investments S.\u00e0 r.l.
Barclays Equity Index Investments S.\u00e0 r.l.
Barclays International Luxembourg Dollar
Holdings\u00a0S.\u00e0 r.l.
Barclays Luxembourg EUR Holdings S.\u00e0 r.l
Q
Barclays Luxembourg GBP Holdings S.\u00e0 r.l.
Q
Barclays Luxembourg Global Funding S.\u00e0 r.l.
Barclays Luxembourg Holdings S.\u00e0 r.l.
H, V
Barclays Luxembourg Holdings SSC
B
BNRI Limehouse No.1 S.\u00e0 r.l.
P
68-70 Boulevard de la Petrusse, L-2320
Adler Toy Holding Sarl
10 rue du Cha'teau d'Eau, Leudelange, Grand
Duchy of Luxembourg L-3364
BPM Management GP SARL
Wholly owned subsidiaries
Note
Mauritius
C/O Rogers Capital Corporate Services
Limited, 3rd Floor, Rogers House, No.5
President John Kennedy Street, Port Louis
Barclays Capital Mauritius Limited (In Liquidation)
Barclays Capital Securities Mauritius Limited
Fifth Floor Ebene Esplanade,
24 Bank Street, Cybercity
72201 Ebene
Barclays Mauritius Overseas Holdings Limited
Mexico
Paseo de la Reforma 505, 41 Floor, Torre
Mayor, Col. Cuauhtemoc, CP 06500
Barclays Bank Mexico, S.A.
J, L
Barclays Capital Casa de Bolsa, S.A. de C.V.
J, L
Grupo Financiero Barclays Mexico, S.A. de C.V.
J, L
Servicios Barclays, S.A. de C.V. (In Liquidation)
Monaco
31 Avenue de la Costa, Monte Carlo BP 339
Barclays Private Asset Management (Monaco)
S.A.M
Saudi Arabia
3rd Floor Al Dahna Center, 114 Al-Ahsa Street,
PO Box 1454, Riyadh 11431
Barclays Saudi Arabia (In Liquidation)
Singapore
10 Marina Boulevard, #25-01 Marina Bay\u00a0
Financial Centre, Tower 2, 018983
Barclays Merchant Bank (Singapore) Ltd.
Spain
Calle Jose, Abascal 51, 28003, Madrid
Barclays Tenedora De Inmuebles SL.
BVP Galvani Global, S.A.U.
Switzerland
Chemin de Grange Canal 18-20, PO Box 3941,
1211, Geneva
Barclays Bank (Suisse) SA
Barclays Switzerland Services SA
BPB Holdings SA
Taiwan
19F-1, No. 7, Xinyi Road, Sec. 5, Taipei,A322,
Taiwan
Barclays Securities Taiwan Limited
United States
Corporation Service Company, 251 Little Falls
Drive, Wilmington, DE 19808
Analytical Trade Holdings LLC
Barclays Asset Backed Depositor LLC
C
Barclays Bank Delaware
Barclays Capital Derivatives Funding LLC
C
Wholly owned subsidiaries
Note
Barclays Capital Energy Inc.
Barclays Capital Equities Trading GP
B
Barclays Capital Holdings Inc.
F, G,
H
Barclays Capital Real Estate Finance Inc.
Barclays Capital Real Estate Holdings Inc.
Barclays Capital Real Estate Inc.
Barclays Commercial Mortgage Securities LLC
C
Barclays Dryrock Funding LLC
C
Barclays Financial LLC
C
Barclays Group US Inc.
Barclays Oversight Management Inc.
Barclays Receivables LLC
C
Barclays Services Corporation
Barclays Services LLC
C
Barclays US CCP Funding LLC
C
Barclays US Investments Inc.
Barclays US LLC
BCAP LLC
C
Gracechurch Services Corporation
Lagalla Investments LLC
Long Island Holding A LLC
C
Marbury Holdings LLC
Preferred Liquidity, LLC
I
Procella Investments No.2 LLC
C
Procella Investments No.3 LLC
C
Relative Value Holdings, LLC
Surrey Funding Corporation
Sussex Purchasing Corporation
Sutton Funding LLC
C
US Secured Investments LLC
X
Verain Investments LLC
Wilmington Riverfront\u00a0 LLC
C
100 Bank Street, Suite 630, Burlington,
Vermont 05401
Barclays Insurance U.S. Inc.
Corporation Service Company, 80 State
Street, Albany, NY, 12207-2543
Barclays Equity Holdings Inc.
Corporation Service Company. Goodwin
Square, 225 Asylum Street, 20th Floor Hartford
CT 06103
Barclays Capital Inc.
Corporation Service Company, 2626,
Glenwood Ave, Suite 550, Raleigh, NC, 27608
Barclays US GPF Inc.
Equifirst Corporation (In Liquidation, Dissolved
with State of North Carolina)
125 S West Street, Wilmington, DE 19801
Curve Investments GP
B
Barclays Dryrock Issuance Trust
Other Related Undertakings
Unless otherwise stated, the undertakings
below are included in the consolidation and
the share capital held by the Group
comprises ordinary and/or common
shares,\u00a0 which are held by subsidiaries of
Barclays PLC. The percentage of the
nominal value of each share class held by
the Group\u00a0 is provided below.
Other Related Undertakings
%
Note
United Kingdom
1 Churchill Place, London, E14 5HP
Barclaycard Funding PLC
100.00
I
PSA Credit Company Limited
(In\u00a0Liquidation)
100.00
I
100.00
K
Barclays Covered Bonds Limited
Liability Partnership
50.00
B
Barclays Secured Funding (LM)
Limited
20.00
St Helen\u2019s, 1 Undershaft, London,
EC3P\u00a03DQ
Igloo Regeneration (General Partner)
Limited
25.00
K, U
3-5 London Road, Rainham, Kent,
ME8\u00a07RG
Trade Ideas Limited
20.00
U
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Equistone Founder Partner II L.P.
20.00
B, U
Equistone Founder Partner III L.P.
20.00
B, U
Enigma, Wavendon Business Park
Milton Keynes, MK178LX
Intelligent Processing Solutions
Limited
19.50
U
C/O Azets Holdings Limited 5th
Floor, 98 King Street, Manchester,
M2 4WU
Full House Holdings Limited (In
Liquidation)
67.42
I, U
13-15 York Buildings, London,
WC2N\u00a06JU
BGF Group PLC
24.62
I, U
Unit 9 Westbrook Court,
Sharrowvale Road, Sheffield,
S11\u00a08YZ
Palms Row Healthcare Holdings
Limited
99.00
U, CC
5th Floor, 44 Great Marlborough
Street,London,W1F 7JL
AVFI TIDE I LP
37.60
B, U
41 Luke Street, London, EC2A 4DP
Fintech for International Development
Limited (In Liquidation)
26.37
I, U
100.00
J
Other Related Undertakings
%
Note
3rd Floor, 25 Soho
Square,London,W1D 3QR,
Female Innovators Lab LP
61.00
B
1 America Square, Crosswall,
London, EC3N 2SG
BMC (UK) Ltd
47.30
E, I, U
C/O Cooley (Uk) Llp, 22
Bishopsgate, London, EC2N 4BQ
Barclays Black Formation Investments
I LP
100.00
B
Barclays Black Formation Investments
II LP
100.00
B
1-4 Clyde Place, Glasgow, G5 8DP
Buchanan Wharf (Glasgow)
Management Limited
78.00
D
Belgium
Klipperstraat 15 2030 Antwerp
Euphony Benelux NV (In Liquidation)
20.00
U
Cayman Islands
Maples Corporate Services Limited,
PO Box 309GT, Ugland House, South
Church Street, Grand Cayman,
KY1-1104
Cupric Canyon Capital GP Limited
50.00
U
Cupric Canyon Capital LP
42.17
I, U
Newman Holdings Limited (In
Liquidation)
80.60
I, U
Southern Peaks Mining LP
54.40
B, U
SPM GP Limited
90.00
U
Korea, Republic of
18th Floor, Daishin Finance Centre,
343, Samil-daero, Jung-go, Seoul
Woori BC Pegasus Securitization
Specialty Co. Ltd
70.00
AA
Luxembourg
9, allee Scheffer, L-2520
Barclays Alzin Investments S.\u00e0 r.l.
100.00
R
Barclays Bordang Investments S.\u00e0 r.l.
100.00
S
Barclays Lamorak Investments S.\u00e0 r.l.
100.00
F,Q
Preferred Funding S.\u00e0 r.l.
100.00
W
Preferred Investments S.\u00e0 r.l.
100.00
H, W
Malta
RS2 Buildings, Fort Road, Mosta MST
1859
RS2 Software PLC
18.14
U
Netherlands
Alexanderstraat 18, The Hague,
2514 JM, Zuid-Holland
Tulip Oil Holding BV
34.50
I, U
23.00
K
Other Related Undertakings
%
Note
Sweden
c/o ForeningsSparbanken AB 105 34
Stockholm
EnterCard Group AB
100.00
J, U
United States
Corporation Services Company, 251
Little Falls, Drive Wilmington, DE
19808
DG Solar Lessee, LLC
75.00
C, U
Corporation Trust Company,
Corporation Trust Centre, 1209
Orange Street, Wilmington DE
19801
DG Solar Lessee II, LLC
75.00
C, U
VS BC Solar Lessee I LLC
50.00
C, U
1415 Louisiana Street, Suite 1600,
TX 77002-0000
Sabine Oil & Gas Holdings, Inc.(In
Liquidation)
22.12
U
Joint Ventures
The related undertaking below is dealt with
as a Joint Venture\u00a0 in accordance with s.
18, Schedule 4, The Large and Medium-
sized Companies and Groups (Accounts
and Reports) Regulations 2008 and is
proportionally consolidated. The
proportion of the capital of the related
undertaking held by the Group is stated
below.
Joint Venture
%
Note
United Kingdom
Vaultex UK Limited
50.00
Joint management factors
The Board of Directors of the above Joint
Venture\u00a0 comprises two Barclays
representative Directors, two JV partner
Directors and three non-JV partner
Directors. The Board of Directors\u00a0 are
responsible for setting the Company
strategy and budgets.
The last financial year of the above JV
ended on 6 October 2023 and the average
number of monthly employees reported in
the accounts was 1,216.\u00a0
.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-650": { "value": "Structured entities
A structured entity is an entity in which voting or similar rights are not the dominant factor in deciding who\u00a0 controls the entity.\u00a0 Voting
rights may relate to administrative tasks only, with the relevant activities of the entity being directed by means of contractual
arrangements.\u00a0 Structured entities are generally created to achieve a narrow and well-defined objective with restrictions around their
ongoing activities.
Depending on the Group\u2019s power over the activities of the entity and its exposure to and ability to influence its own returns, it may
consolidate the entity. In other cases, it may sponsor or have exposure to such an entity but not consolidate it.
Consolidated structured entities
The Group has contractual arrangements which may require it to provide financial support to the following types of consolidated
structured entities:
\u2022 Securitisation vehicles: The Group uses securitisation as a source of financing and a means of risk transfer.\u00a0 Where entities are
controlled by the Group, they are consolidated.\u00a0 Refer to Note 36 for further detail.
\u25aa Commercial Paper (CP) conduits: These entities issue CP and use the proceeds to lend to clients as part of the Group's multi-seller
conduit programme.\u00a0 The Group has provided \u00a322.4bn (2022 : \u00a320.8bn) in contractual liquidity facilities to the CP conduits that the
Group consolidates. These amounts represent the maximum the conduits can lend externally. The amounts of CP conduit lending
(drawn and undrawn) to unconsolidated structured entities can be seen in Other interests in unconsolidated structured entities
under multi-seller conduit programme in the Nature of interest table.
\u25aa Employee benefit trusts: The Group provides capital contributions to employee benefit trusts to enable them to meet obligations to
employees in relation to share-based remuneration arrangements.
\u25aa Tender Option Bond (TOB)\u00a0 trusts: During 2023, the Group provided undrawn liquidity facilities of \u00a33.7bn (2022: \u00a33.8bn) to
consolidated TOB trusts.\u00a0 These trusts invest in fixed income instruments issued by state, local or other municipalities in the United
States, funded by long-term senior floating-rate notes and junior residual securities.\u00a0 \u00a0
Unconsolidated structured entities
The term \u2018unconsolidated structured entities\u2019 refers to structured entities not controlled by Barclays, and are established either by
Barclays or a third party. An interest in a structured entity is any form of contractual or non-contractual involvement which creates
variability in returns arising from the performance of the entity for the Group. Such interests include holdings of debt or equity
securities, derivatives that transfer financial risks from the entity to the Group, lending, loan commitments, financial guarantees and
investment management agreements.
The Group enters into transactions with unconsolidated structured entities in the normal course of business to facilitate customer
transactions, to provide\u00a0 risk management services and for specific investment opportunities.\u00a0 This is predominantly within the CIB
business. Structured entities may take the form of funds, trusts, securitisation vehicles, and private investment companies. The largest
transactions for Barclays include loans and derivatives with hedge fund structures and special purpose entities, multi-seller conduit
lending, holding notes issued by securitisation vehicles, and facilitating customer requirements through funds.
The nature and extent of the Group\u2019s interests in structured entities is summarised below:
Summary of interests in unconsolidated structured entities
Secured financing
Short-term traded
interests
Traded derivatives
Other interests
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023
Assets
Trading portfolio assets
\u2014
15,482
\u2014
\u2014
15,482
Financial assets at fair value through the income statement
74,551
\u2014
\u2014
1,141
75,692
Derivative financial instruments
\u2014
\u2014
5,685
\u2014
5,685
Financial assets at fair value through other comprehensive
income
\u2014
\u2014
\u2014
838
838
Loans and advances at amortised cost
\u2014
\u2014
\u2014
34,316
34,316
Debt securities at amortised cost
\u2014
\u2014
\u2014
18,487
18,487
Reverse repurchase agreements and other similar secured
lending
896
\u2014
\u2014
\u2014
896
Other assets
\u2014
\u2014
\u2014
130
130
Total assets
75,447
15,482
5,685
54,912
151,526
Liabilities
Derivative financial instruments
\u2014
\u2014
6,173
\u2014
6,173
As at 31 December 2022
Assets
Trading portfolio assets
\u2014
8,632
\u2014
\u2014
8,632
Financial assets at fair value through the income statement
75,166
\u2014
\u2014
2,459
77,625
Derivative financial instruments
\u2014
\u2014
4,555
\u2014
4,555
Financial assets at fair value through other comprehensive
income
\u2014
\u2014
\u2014
423
423
Loans and advances at amortised cost
\u2014
\u2014
\u2014
30,750
30,750
Debt securities at amortised cost
\u2014
\u2014
\u2014
13,542
13,542
Reverse repurchase agreements and other similar secured
lending
117
\u2014
\u2014
\u2014
117
Other assets
\u2014
\u2014
\u2014
69
69
Total assets
75,283
8,632
4,555
47,243
135,713
Liabilities
Derivative financial instruments
\u2014
\u2014
8,460
\u2014
8,460
Secured financing arrangements, short-term traded interests and traded derivatives are typically managed under Market risk
management policies described in the Market risk management section which includes an indication of the change of risk measures
compared to last year. For this reason, the total assets of these entities are not considered meaningful for the purposes of
understanding the related risks and so have not been presented. Other interests include conduits and lending where the interest is
driven by normal customer demand. As at 31\u00a0December 2023, Barclays entered into transactions with approximately 6,000 (2022:
6,000) structured entities.
Secured financing
The Group routinely enters into reverse repurchase contracts, margin lending, stock borrowing and similar arrangements on normal
commercial terms where the counterparty to the arrangement is a structured entity. Due to the nature of these arrangements,
especially the transfer of collateral and ongoing margining, the Group is able to manage its variable exposure to the performance of the
structured entity counterparty. The counterparties included in secured financing mainly include hedge fund limited structures,
investment companies and special purpose entities.
Short-term traded interests
As part of its market making activities, the Group buys and sells interests in structured vehicles, which are predominantly debt securities
issued by asset securitisation vehicles. Such interests are typically held individually or as part of a larger portfolio for no more than 90
days. In such cases, the Group typically has no other involvement with the structured entity other than the securities it holds as part of
trading activities and its maximum exposure to loss is restricted to the carrying value of the asset.
Traded derivatives
The Group enters into a variety of derivative contracts with structured entities which reference market risk variables such as interest
rates, equities, foreign exchange rates and credit indices among other things. The main derivative types which are considered interests
in structured entities include equity options, index-based and entity-specific credit default swaps, and total return swaps.\u00a0 Interest rate
swaps and foreign exchange derivatives that are not complex and which expose the Group to insignificant credit risk by being senior in
the payment waterfall of a securitisation and derivatives that are determined to introduce risk or variability to a structured entity are not
considered to be an interest in an entity and have been excluded from the disclosures.
A description of the types of derivatives and the risk management practices are detailed in Note 14. The risk of loss may be mitigated
through ongoing margining requirements as well as a right to cash flows from the structured entity which are senior in the payment
waterfall. Such margining requirements are consistent with market practice for many derivative arrangements and in line with the
Group\u2019s normal credit policies.
Derivative transactions require the counterparty to provide cash or other collateral under margining agreements to mitigate
counterparty credit risk. The Group is mainly exposed to settlement risk on these derivatives which is mitigated through daily margining.
Total notional contract amounts were \u00a3335,552m ( 2022: \u00a3244,780m).
Except for credit default swaps where the maximum exposure to loss is the swap notional amount, it is not possible to estimate the
maximum exposure to loss in respect of derivative positions as the fair value of derivatives is subject to changes in market rates of
interest, exchange rates and credit indices which by their nature are uncertain. In addition, the Group\u2019s losses would be subject to
mitigating action under its traded market risk and credit risk policies that require the counterparty to provide collateral in cash or other
assets in most cases.
Other interests in unconsolidated structured entities
The Group\u2019s interests in structured entities not held for the purposes of short-term trading activities are set out below, summarised by
the nature of the interest and limited to significant categories, based on maximum exposure to loss.
Nature of interest
Multi-seller
conduit
programme
Lending
Other
Total
Of which: Barclays
owned, not
consolidated
entities 1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
As at 31 December 2023
Financial assets at fair value through the income statement
\u2014
38
1,103
1,141
907
Financial assets at fair value through other comprehensive
income
\u2014
638
200
838
\u2014
Loans and advances at amortised cost
8,903
25,413
\u2014
34,316
\u2014
Debt securities at amortised cost
\u2014
\u2014
18,487
18,487
\u2014
Other assets
38
88
4
130
\u2014
Total on-balance sheet exposures
8,941
26,177
19,794
54,912
907
Total off-balance sheet notional amounts
11,947
12,600
\u2014
24,547
\u2014
Maximum exposure to loss
20,888
38,777
19,794
79,459
907
Total assets of the entity
35,439
165,319
108,751
309,509
8,704
As at 31 December 2022
Financial assets at fair value through the income statement
\u2014
59
2,400
2,459
2,284
Financial assets at fair value through other comprehensive
income
\u2014
220
203
423
\u2014
Loans and advances at amortised cost
8,681
22,069
\u2014
30,750
\u2014
Debt securities at amortised cost
\u2014
\u2014
13,542
13,542
\u2014
Other assets
32
33
4
69
\u2014
Total on-balance sheet exposures
8,713
22,381
16,149
47,243
2,284
Total off-balance sheet notional amounts
10,552
10,926
\u2014
21,478
\u2014
Maximum exposure to loss
19,265
33,307
16,149
68,721
2,284
Total assets of the entity
66,504
160,002
88,779
315,285
8,690
Note
1 Comprises of Barclays owned, not consolidated structured entities per IFRS 10 Consolidated Financial Statements, and Barclays sponsored entities, Refer to Note 33 Principal
subsidiaries for more details on consolidation.
Maximum exposure to loss
Unless specified otherwise below, the Group\u2019s maximum exposure to loss is the total of its on-balance sheet positions and its off-
balance sheet arrangements, being loan commitments and financial guarantees. Exposure to loss is mitigated through collateral,
financial guarantees, the availability of netting and credit protection held.
Multi-seller conduit programme
Barclays' multi-seller conduit programme engages in providing financing to various clients and holds whole or partial interests in pools of
receivables or similar obligations. These instruments are protected from loss through over-collateralisation, seller guarantees, or other
credit enhancements provided to the conduit entities. The Group\u2019s off-balance sheet exposure included in the table above represents
liquidity facilities that are provided to the conduit for the benefit of the holders of the commercial paper issued by the conduit and will
only be drawn where the conduit is unable to access the commercial paper market. If these liquidity facilities are drawn, the Group is
protected from loss through over-collateralisation, seller guarantees, or other credit enhancements provided to the conduit.
Lending
The portfolio includes lending provided by the Group to unconsolidated structured entities in the normal course of its lending business
to earn income in the form of interest and lending fees and includes loans to structured entities that are generally collateralised by
property, equipment or other assets. All loans are subject to the Group\u2019s credit sanctioning process. Collateral arrangements are
specific to the circumstances of each loan with additional guarantees and collateral sought from the sponsor of the structured entity
for certain arrangements. During the period the Group incurred immaterial impairment against such facilities.
Other
This includes fair value loans with structured entities where the market risk is materially hedged with corresponding derivative contracts,
interests in debt securities issued by securitisation vehicles and drawn and undrawn loan facilities to these entities. In addition, other
includes investment funds with interests restricted to management fees based on performance of the fund and trusts held on behalf of
beneficiaries with interests restricted to unpaid fees.
Assets transferred to sponsored unconsolidated structured entities
Barclays is considered to sponsor another entity if: it had a key role in establishing that entity, it transferred assets to the entity, the
Barclays name appears in the name of the entity or it provides guarantees on the entity\u2019s performance. As at 31\u00a0December 2023,
assets transferred to sponsored unconsolidated structured entities were \u00a31,420m (2022: \u00a31,665m).
Investments in associates and joint ventures
Accounting for associates and joint ventures
The equity accounted associates include the Group's investment in the Business Growth Fund \u00a3648m (2022: \u00a3669m) which has
decreased due to a fair value loss in its investments by \u00a3(10)m (2022: \u00a3 (21)m).
2023
2022
Associates
Joint ventures
Total
Associates
Joint ventures
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equity accounted
670
209
879
695
227
922
Held at fair value through profit or loss
\u2014
516
516
\u2014
435
435
Total
670
725
1,395
695
662
1,357
Summarised financial information for the Group\u2019s equity accounted associates and joint ventures is set out below. The amounts shown
are the Group\u2019s share of the net income of the investees for the year ended 31 December 2023, with the exception of certain
undertakings for which the amounts are based on accounts made up to dates not earlier than three months before the balance sheet
date.
Associates
Joint ventures
2023
2022
2021
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit/(loss) from continuing operations
(10)
(21)
219
1
26
35
Other comprehensive income/(loss)
\u2014
\u2014
1
(3)
1
5
Total comprehensive income/(loss) from continuing operations
(10)
(21)
220
(2)
27
40
Unrecognised shares of the losses of individually immaterial associates and joint ventures were \u00a3nil (2022: \u00a3nil).
The Group has provided \u00a3nil (2022: \u00a3nil) to its joint ventures and associates. The Barclays drawn commitments to finance or otherwise
provide resources to its joint ventures and associates are \u00a3474m (2022: \u00a3474m ) The Barclays share of the associates and joint
ventures unutilised credit facilities commitments amounted to \u00a31,695m (2022: \u00a31,796m).
43 Related undertakings
The Group\u2019s corporate structure consists
of a number of related undertakings,
comprising subsidiary undertakings, joint
ventures, associated undertakings and
significant holdings. A full list of these
related undertakings is set out below,
together with the country of incorporation,
registered office (or principal place of
business) and the identity and percentage\u00a0
of each share class held by the Group. The
information is provided as at 31 December
2023.
The entities are grouped by the countries
in which they are incorporated. The profits
earned by the activities of these entities
are in some cases taxed in countries other
than the country of incorporation, for
example where the entity carries on
business through a branch in a territory
outside of\u00a0 its country of incorporation .
Barclays PLC Country Snapshot provides
details of where the Group carries on its
business, where its profits are subject to
tax and the taxes it pays in each country it
operates in.
Wholly owned subsidiaries
Unless otherwise stated the undertakings
below are wholly owned and included in the
consolidation and the share capital held by
the Group comprises ordinary and/or
common shares, which are held by
subsidiaries of Barclays PLC. Unless
otherwise stated, the Group holds 100%
of the nominal value of each share class.
Notes
A
Directly held by Barclays PLC
B
Partnership Interest
C
Membership Interest
D
Guarantor
E
Preference Shares
F
A Preference Shares
G
B\u00a0 Preference Shares
H
Ordinary/Common Shares in addition to
other shares
I
A Ordinary Shares
J
B Ordinary Shares
K
C Ordinary Shares
L
F Ordinary Shares
M
First Preference Shares, Second
Preference shares
N
Registered Address not in country of
incorporation
O
Core Shares, Insurance (Classified)
Shares
P
Class B, C, D (100%),\u00a0 E, F, G, H, I (94.36%),
J (95.32%) and K (100%)
Q
Non-Redeemable Ordinary Shares
Notes
R
Class A, B and D Shares
S
Class A and Class B Shares
T
PEF Carry Shares
U
Not Consolidated (see Note 33 Principal
Subsidiaries)
V
USD Linked Ordinary Shares
W
Redeemable Class B Shares
X
Capital Contribution Shares
Y
Class A Redeemable Preference Shares
Z
Class B Redeemable Preference Shares
AA
First Class Common Shares, Second
Class Common Shares
BB
Tracker 1 GBP, USD, Euro Shares;
Tracker 2 USD Shares, Tracker 3 USD
Shares
CC
Non-Voting Redeemable Preference
Shares
Wholly owned subsidiaries
Note
United Kingdom
1 Churchill Place, London, E14 5HP
Aequor Investments Limited
Alynore Investments Limited Partnership
B
Ardencroft Investments Limited
B D & B Investments Limited
B.P.B. (Holdings) Limited
Barclay Leasing Limited
Barclays Aldersgate Investments Limited
Barclays Asset Management Limited
Barclays Bank PLC
A, E,
H
Barclays Bank UK PLC
A
Barclays Capital Asia Holdings Limited
Barclays Capital Nominees (No.2) Limited
Barclays Capital Nominees (No.3) Limited
Barclays Capital Nominees Limited
Barclays Capital Securities Client Nominee
Limited
Barclays Capital Securities Limited
E, H
Barclays CCP Funding LLP
B
Barclays Converted Investments (No.2) Limited
Barclays Direct Investing Nominees Limited
Barclays Directors Limited
Barclays Equity Holdings Limited
Barclays Execution Services Limited
A
Barclays Executive Schemes Trustees Limited
Barclays Financial Planning Nominee Company
Limited
Barclays Funds Investments Limited
Barclays Group Holdings Limited
Barclays Industrial Development Limited
Barclays Industrial Investments Limited
Barclays Insurance Services Company Limited
Barclays International Holdings Limited
Barclays Investment Management Limited
Barclays Investment Solutions Limited
Barclays Leasing (No.9) Limited
Barclays Long Island Limited
Barclays Nominees (George Yard) Limited
U
Barclays OCIO Services Limited
Barclays Pension Funds Trustees Limited
Barclays Principal Investments Limited
A, I, J
Barclays Private Bank
Wholly owned subsidiaries
Note
Barclays SAMS Limited
Barclays Security Trustee Limited
A
Barclays Services (Japan) Limited
Barclays Shea Limited
Barclays Term Funding Limited Liability
Partnership
B
Barclays UK Investments Limited
Barclays Unquoted Investments Limited
Barclays Unquoted Property Investments Limited
Barclays Wealth Nominees Limited
Barclayshare Nominees Limited
Barcosec Limited
Barsec Nominees Limited
BB Client Nominees Limited
BMI (No.9) Limited
BNRI ENG 2014 Limited Partnership
B
BNRI ENG GP LLP
B
BNRI England 2010 Limited Partnership
B
BNRI England 2012 Limited Partnership
B
Carnegie Holdings Limited
H, I, J
Chapelcrest Investments Limited
Clydesdale Financial Services Limited
Cornwall Home Loans Limited
CPIA England 2009 Limited Partnership
B
CPIA England No.2 Limited Partnership
B
Dorset Home Loans Limited
Durlacher Nominees Limited
Eagle Financial and Leasing Services (UK)
Limited
Finpart Nominees Limited
FIRSTPLUS Financial Group Limited
Foltus Investments Limited
Global Dynasty Natural Resource Private Equity
Limited Partnership
B
Globe Nominees Limited
Hawkins Funding Limited
Heraldglen Limited
H, M
Isle of Wight Home Loans Limited
J.V. Estates Limited
Kirsche Investments Limited
Leonis Investments LLP
B
Long Island Assets Limited
Maloney Investments Limited
Menlo Investments Limited
Mercantile Credit Company Limited
Mercantile Leasing Company (No.132) Limited
MK Opportunities LP
B
Naxos Investments Limited
North Colonnade Investments Limited
Northwharf Investments Limited
Northwharf Nominees Limited
Oak Pension Asset Management Limited
U
Radbroke Mortgages UK Limited
Real Estate Participation Management Limited
Real Estate Participation Services Limited
Relative Value Investments UK Limited Liability
Partnership
B
Relative Value Trading Limited
Roder Investments No. 1 Limited
H, BB
Roder Investments No. 2 Limited
H, BB
RVT CLO Investments LLP
B
Surety Trust Limited
Wholly owned subsidiaries
Note
Sustainable Impact Capital Limited
Swan Lane Investments Limited
US Real Estate Holdings No.1 Limited
US Real Estate Holdings No.2 Limited
US Real Estate Holdings No.3 Limited
US Real Estate Holdings No.4 Limited
US Real Estate Holdings No.5 Limited
US Real Estate Holdings No.6 Limited
Water Street Investments Limited
U
Wedd Jefferson (Nominees) Limited
Westferry Investments Limited
Woolwich Homes Limited
Woolwich Qualifying Employee Share Ownership
Trustee Limited
Zeban Nominees Limited
C/O Teneo Financial Advisory Limited, 3rd
Floor, The Colmore Building, 20 Colmore Circus
Queensway, Birmingham, West Midlands, B4
6AT
Barclays Capital Finance Limited (In Liquidation)
Barclays Capital Japan Securities Holdings
Limited (In Liquidation)
Barclays Global Shareplans Nominee Limited (In
Liquidation)
Barclays Nominees (Branches) Limited (In
Liquidation)
Barclays Singapore Global Shareplans Nominee
Limited (In Liquidation)
Cobalt Investments Limited (In Liquidation)
DMW Realty Limited (In Liquidation)
Solution Personal Finance Limited (In Liquidation)
Ascot House, Maidenhead Office Park,
Maidenhead, SL6 3QQ
Kensington Mortgage Company Limited
Kensington Mortgage Services Limited
1-4, Clyde Place Lane, Glasgow, G5 8DP
R.C. Greig Nominees Limited
50 Lothian Road, Festival Square, Edinburgh,
EH3 9WJ
BNRI PIA Scot GP Limited
BNRI Scots GP, LLP
B
Pecan Aggregator LP
B, U
Logic House, Waterfront Business Park, Park,
Fleet Road, Fleet, GU51 3SB
The Logic Group Enterprises Limited
The Logic Group Holdings Limited
I
9, all\u00e9e Scheffer, L-2520, Luxembourg
Barclays Claudas Investments Partnership
B, N
Barclays Pelleas Investments Limited Partnership
B, N
Barclays Blossom Finance Limited Partnership
B, N
Wholly owned subsidiaries
Note
Argentina
855 Leandro N.Alem Avenue, 8th Floor, Buenos
Aires
Compa\u00f1\u00eda Sudamerica S.A.
Marval, O\u2019Farrell & Mairal, Av. Leandro N.
Alem 882, Buenos Aires, C1001AAQ
Compa\u00f1ia Regional del Sur S.A.
Brazil
Av. Brigadeiro Faria Lima, No.4.440, 12th Floor,
Bairro Itaim Bibi, Sao Paulo, CEP, 04538-132
Barclays Brasil Assessoria Financeira Ltda
BNC Brazil Consultoria Empresarial Ltda
Canada
333 Bay Street, Suite 4910, Toronto ON M5H
2R2
Barclays Capital Canada Inc.
Stikeman Elliot LLP, 199 Bay Street, 5300
Commerce Court West, Toronto ON M5L 1B9
Barclays Corporation Limited
1 Churchill Place, London, E14 5HP
CPIA Canada Holdings
B, N
Cayman Islands
PO Box\u00a0 309, Ugland House, George Town,
Grand Cayman, KY1-1104
Alymere Investments Limited
F, G,
H
Analytical Trade UK Limited
Barclays Capital (Cayman) Limited
Barclays Securities Financing Limited
F,
G ,H
Barclays US Holdings Limited
E, I
Braven Investments No.1 Limited
Calthorpe Investments Limited
Capton Investments Limited
Claudas Investments Limited
H, Y,
Z
Claudas Investments Two Limited
CPIA Investments No.2 Limited
Gallen Investments Limited
Hurley Investments No.1 Limited (In Liquidation)
Mintaka Investments No. 4 Limited
Palomino Limited
U
Pelleas Investments Limited
Pippin Island Investments Limited
Razzoli Investments Limited
E, H
RVH Limited
E, H
Wessex Investments Limited (In Liquidation)
Hornbeam Limited
U
Walkers Corporate Limited, Cayman Corporate
Centre, 27 Hospital Road, George Town, KY1-
9008
Long Island Holding B Limited (In Liquidation)
Wholly owned subsidiaries
Note
France
34-36 avenue de Friedland, 75008, Paris
Barclays ADF
Germany
Stuttgarter Stra\u00dfe 55-57, 73033 G\u00f6ppingen
Holding Stuttgarter Stra\u00dfe GmbH\u00a0
(In Liquidation)
Guernsey
P.O. Box 33, Dorey Court, Admiral Park, St.\u00a0
Peter\u00a0Port, GY1 4AT
Barclays Insurance Guernsey PCC Limited
O
Barclays UKRF No.1 IC Limited
U
Barclays UKRF ICC Limited
U
Barclays UKRF No.2 IC Ltd
U
Hong Kong
42nd floor Citibank Tower, Citibank Plaza,
3\u00a0Garden\u00a0Road
Barclays Bank (Hong Kong Nominees) Limited
(In Liquidation)
Barclays Capital Asia Nominees Limited
(In Liquidation)
Level 41, Cheung Kong Center, 2 Queen's
Road, Central
Barclays Capital Asia Limited
India
208 Ceejay House, Shivsagar Estate, Dr A
Beasant Road, Worli, Mumbai, 400 018
Barclays Securities (India) Private Limited
Barclays Wealth Trustees (India) Private Limited
5th to 12th Floor (Part), Building G2, Gera
Commerzone SEZ, Survey No.65, Kharadi,
Pune, 411014
Barclays Global Service Centre Private Limited
Nirlon Knowledge Park, Level 9, Block B-6, Off
Western Express Highway, Goregaon (East),
Mumbai, 400063
Barclays Investments & Loans (India) Private
Limited
E, H
Ireland
One Molesworth Street, Dublin 2, D02RF29
Barclaycard International Payments Limited
Barclays Bank Ireland Public Limited Company
Barclays Europe Client Nominees Designated
Activity Company
Barclays Europe Firm Nominees Designated
Activity Company
Barclays Europe Nominees Designated Activity
Company
25-28 North Wall Quay, Dublin1, D01H104
Erimon Home Loans Ireland Limited
70 Sir John Rogerson\u2019s Quay, Dublin 2
Barclays Finance Ireland Limited
Wholly owned subsidiaries
Note
Corporation Service Company, 251 Little Falls
Drive, Wilmington, DE 19808
Barclays Ireland Investments LP
B, N
Isle of Man
Eagle Court, Circular Road, Douglas, IM1 1AD
Barclays Nominees (Manx) Limited
I, J
Barclays Private Clients International Limited
2nd Floor, St Georges Court, Upper Church
Street, Douglas, IM1 1EE
Barclays Holdings (Isle of Man) Limited (In
Liquidation)
Japan
10-1, Roppongi 6-chome, Minato-ku, Tokyo
Barclays Funds and Advisory Japan Limited
Barclays Securities Japan Limited
F, H
Barclays Wealth Services Limited
Jersey
Gasp\u00e9 House, 66-72 Esplanade, St.\u00a0Helier, JE1
1GH
Barclays Services Jersey Limited
5 Espalanade, St Helier, JE2 3QA
Barclays Wealth Management Jersey Limited
13 Library Place, St Helier, JE4 8NE
Barclays Nominees (Jersey) Limited
Barclaytrust Channel Islands Limited
Estera Trust (Jersey) Limited, 13-14
Esplanade, St Helier, JE1 1EE, Jersey
MK Opportunities GP Ltd
Luxembourg
9, all\u00e9e Scheffer, L-2520
Barclays Bedivere Investments S.\u00e0 r.l.
Barclays Cantal Investments S.\u00e0 r.l.
Barclays Capital Luxembourg S.\u00e0 r.l.
Barclays Capital Trading Luxembourg S.\u00e0 r.l.
Barclays Claudas Investments S.\u00e0 r.l.
Barclays Equity Index Investments S.\u00e0 r.l.
Barclays International Luxembourg Dollar
Holdings\u00a0S.\u00e0 r.l.
Barclays Luxembourg EUR Holdings S.\u00e0 r.l
Q
Barclays Luxembourg GBP Holdings S.\u00e0 r.l.
Q
Barclays Luxembourg Global Funding S.\u00e0 r.l.
Barclays Luxembourg Holdings S.\u00e0 r.l.
H, V
Barclays Luxembourg Holdings SSC
B
BNRI Limehouse No.1 S.\u00e0 r.l.
P
68-70 Boulevard de la Petrusse, L-2320
Adler Toy Holding Sarl
10 rue du Cha'teau d'Eau, Leudelange, Grand
Duchy of Luxembourg L-3364
BPM Management GP SARL
Wholly owned subsidiaries
Note
Mauritius
C/O Rogers Capital Corporate Services
Limited, 3rd Floor, Rogers House, No.5
President John Kennedy Street, Port Louis
Barclays Capital Mauritius Limited (In Liquidation)
Barclays Capital Securities Mauritius Limited
Fifth Floor Ebene Esplanade,
24 Bank Street, Cybercity
72201 Ebene
Barclays Mauritius Overseas Holdings Limited
Mexico
Paseo de la Reforma 505, 41 Floor, Torre
Mayor, Col. Cuauhtemoc, CP 06500
Barclays Bank Mexico, S.A.
J, L
Barclays Capital Casa de Bolsa, S.A. de C.V.
J, L
Grupo Financiero Barclays Mexico, S.A. de C.V.
J, L
Servicios Barclays, S.A. de C.V. (In Liquidation)
Monaco
31 Avenue de la Costa, Monte Carlo BP 339
Barclays Private Asset Management (Monaco)
S.A.M
Saudi Arabia
3rd Floor Al Dahna Center, 114 Al-Ahsa Street,
PO Box 1454, Riyadh 11431
Barclays Saudi Arabia (In Liquidation)
Singapore
10 Marina Boulevard, #25-01 Marina Bay\u00a0
Financial Centre, Tower 2, 018983
Barclays Merchant Bank (Singapore) Ltd.
Spain
Calle Jose, Abascal 51, 28003, Madrid
Barclays Tenedora De Inmuebles SL.
BVP Galvani Global, S.A.U.
Switzerland
Chemin de Grange Canal 18-20, PO Box 3941,
1211, Geneva
Barclays Bank (Suisse) SA
Barclays Switzerland Services SA
BPB Holdings SA
Taiwan
19F-1, No. 7, Xinyi Road, Sec. 5, Taipei,A322,
Taiwan
Barclays Securities Taiwan Limited
United States
Corporation Service Company, 251 Little Falls
Drive, Wilmington, DE 19808
Analytical Trade Holdings LLC
Barclays Asset Backed Depositor LLC
C
Barclays Bank Delaware
Barclays Capital Derivatives Funding LLC
C
Wholly owned subsidiaries
Note
Barclays Capital Energy Inc.
Barclays Capital Equities Trading GP
B
Barclays Capital Holdings Inc.
F, G,
H
Barclays Capital Real Estate Finance Inc.
Barclays Capital Real Estate Holdings Inc.
Barclays Capital Real Estate Inc.
Barclays Commercial Mortgage Securities LLC
C
Barclays Dryrock Funding LLC
C
Barclays Financial LLC
C
Barclays Group US Inc.
Barclays Oversight Management Inc.
Barclays Receivables LLC
C
Barclays Services Corporation
Barclays Services LLC
C
Barclays US CCP Funding LLC
C
Barclays US Investments Inc.
Barclays US LLC
BCAP LLC
C
Gracechurch Services Corporation
Lagalla Investments LLC
Long Island Holding A LLC
C
Marbury Holdings LLC
Preferred Liquidity, LLC
I
Procella Investments No.2 LLC
C
Procella Investments No.3 LLC
C
Relative Value Holdings, LLC
Surrey Funding Corporation
Sussex Purchasing Corporation
Sutton Funding LLC
C
US Secured Investments LLC
X
Verain Investments LLC
Wilmington Riverfront\u00a0 LLC
C
100 Bank Street, Suite 630, Burlington,
Vermont 05401
Barclays Insurance U.S. Inc.
Corporation Service Company, 80 State
Street, Albany, NY, 12207-2543
Barclays Equity Holdings Inc.
Corporation Service Company. Goodwin
Square, 225 Asylum Street, 20th Floor Hartford
CT 06103
Barclays Capital Inc.
Corporation Service Company, 2626,
Glenwood Ave, Suite 550, Raleigh, NC, 27608
Barclays US GPF Inc.
Equifirst Corporation (In Liquidation, Dissolved
with State of North Carolina)
125 S West Street, Wilmington, DE 19801
Curve Investments GP
B
Barclays Dryrock Issuance Trust
Other Related Undertakings
Unless otherwise stated, the undertakings
below are included in the consolidation and
the share capital held by the Group
comprises ordinary and/or common
shares,\u00a0 which are held by subsidiaries of
Barclays PLC. The percentage of the
nominal value of each share class held by
the Group\u00a0 is provided below.
Other Related Undertakings
%
Note
United Kingdom
1 Churchill Place, London, E14 5HP
Barclaycard Funding PLC
100.00
I
PSA Credit Company Limited
(In\u00a0Liquidation)
100.00
I
100.00
K
Barclays Covered Bonds Limited
Liability Partnership
50.00
B
Barclays Secured Funding (LM)
Limited
20.00
St Helen\u2019s, 1 Undershaft, London,
EC3P\u00a03DQ
Igloo Regeneration (General Partner)
Limited
25.00
K, U
3-5 London Road, Rainham, Kent,
ME8\u00a07RG
Trade Ideas Limited
20.00
U
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Equistone Founder Partner II L.P.
20.00
B, U
Equistone Founder Partner III L.P.
20.00
B, U
Enigma, Wavendon Business Park
Milton Keynes, MK178LX
Intelligent Processing Solutions
Limited
19.50
U
C/O Azets Holdings Limited 5th
Floor, 98 King Street, Manchester,
M2 4WU
Full House Holdings Limited (In
Liquidation)
67.42
I, U
13-15 York Buildings, London,
WC2N\u00a06JU
BGF Group PLC
24.62
I, U
Unit 9 Westbrook Court,
Sharrowvale Road, Sheffield,
S11\u00a08YZ
Palms Row Healthcare Holdings
Limited
99.00
U, CC
5th Floor, 44 Great Marlborough
Street,London,W1F 7JL
AVFI TIDE I LP
37.60
B, U
41 Luke Street, London, EC2A 4DP
Fintech for International Development
Limited (In Liquidation)
26.37
I, U
100.00
J
Other Related Undertakings
%
Note
3rd Floor, 25 Soho
Square,London,W1D 3QR,
Female Innovators Lab LP
61.00
B
1 America Square, Crosswall,
London, EC3N 2SG
BMC (UK) Ltd
47.30
E, I, U
C/O Cooley (Uk) Llp, 22
Bishopsgate, London, EC2N 4BQ
Barclays Black Formation Investments
I LP
100.00
B
Barclays Black Formation Investments
II LP
100.00
B
1-4 Clyde Place, Glasgow, G5 8DP
Buchanan Wharf (Glasgow)
Management Limited
78.00
D
Belgium
Klipperstraat 15 2030 Antwerp
Euphony Benelux NV (In Liquidation)
20.00
U
Cayman Islands
Maples Corporate Services Limited,
PO Box 309GT, Ugland House, South
Church Street, Grand Cayman,
KY1-1104
Cupric Canyon Capital GP Limited
50.00
U
Cupric Canyon Capital LP
42.17
I, U
Newman Holdings Limited (In
Liquidation)
80.60
I, U
Southern Peaks Mining LP
54.40
B, U
SPM GP Limited
90.00
U
Korea, Republic of
18th Floor, Daishin Finance Centre,
343, Samil-daero, Jung-go, Seoul
Woori BC Pegasus Securitization
Specialty Co. Ltd
70.00
AA
Luxembourg
9, allee Scheffer, L-2520
Barclays Alzin Investments S.\u00e0 r.l.
100.00
R
Barclays Bordang Investments S.\u00e0 r.l.
100.00
S
Barclays Lamorak Investments S.\u00e0 r.l.
100.00
F,Q
Preferred Funding S.\u00e0 r.l.
100.00
W
Preferred Investments S.\u00e0 r.l.
100.00
H, W
Malta
RS2 Buildings, Fort Road, Mosta MST
1859
RS2 Software PLC
18.14
U
Netherlands
Alexanderstraat 18, The Hague,
2514 JM, Zuid-Holland
Tulip Oil Holding BV
34.50
I, U
23.00
K
Other Related Undertakings
%
Note
Sweden
c/o ForeningsSparbanken AB 105 34
Stockholm
EnterCard Group AB
100.00
J, U
United States
Corporation Services Company, 251
Little Falls, Drive Wilmington, DE
19808
DG Solar Lessee, LLC
75.00
C, U
Corporation Trust Company,
Corporation Trust Centre, 1209
Orange Street, Wilmington DE
19801
DG Solar Lessee II, LLC
75.00
C, U
VS BC Solar Lessee I LLC
50.00
C, U
1415 Louisiana Street, Suite 1600,
TX 77002-0000
Sabine Oil & Gas Holdings, Inc.(In
Liquidation)
22.12
U
Joint Ventures
The related undertaking below is dealt with
as a Joint Venture\u00a0 in accordance with s.
18, Schedule 4, The Large and Medium-
sized Companies and Groups (Accounts
and Reports) Regulations 2008 and is
proportionally consolidated. The
proportion of the capital of the related
undertaking held by the Group is stated
below.
Joint Venture
%
Note
United Kingdom
Vaultex UK Limited
50.00
Joint management factors
The Board of Directors of the above Joint
Venture\u00a0 comprises two Barclays
representative Directors, two JV partner
Directors and three non-JV partner
Directors. The Board of Directors\u00a0 are
responsible for setting the Company
strategy and budgets.
The last financial year of the above JV
ended on 6 October 2023 and the average
number of monthly employees reported in
the accounts was 1,216.\u00a0
.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-652": { "value": "Investments in associates and joint ventures
Accounting for associates and joint ventures
The equity accounted associates include the Group's investment in the Business Growth Fund \u00a3648m (2022: \u00a3669m) which has
decreased due to a fair value loss in its investments by \u00a3(10)m (2022: \u00a3 (21)m).
2023
2022
Associates
Joint ventures
Total
Associates
Joint ventures
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Equity accounted
670
209
879
695
227
922
Held at fair value through profit or loss
\u2014
516
516
\u2014
435
435
Total
670
725
1,395
695
662
1,357
Summarised financial information for the Group\u2019s equity accounted associates and joint ventures is set out below. The amounts shown
are the Group\u2019s share of the net income of the investees for the year ended 31 December 2023, with the exception of certain
undertakings for which the amounts are based on accounts made up to dates not earlier than three months before the balance sheet
date.
Associates
Joint ventures
2023
2022
2021
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Profit/(loss) from continuing operations
(10)
(21)
219
1
26
35
Other comprehensive income/(loss)
\u2014
\u2014
1
(3)
1
5
Total comprehensive income/(loss) from continuing operations
(10)
(21)
220
(2)
27
40
Unrecognised shares of the losses of individually immaterial associates and joint ventures were \u00a3nil (2022: \u00a3nil).
The Group has provided \u00a3nil (2022: \u00a3nil) to its joint ventures and associates. The Barclays drawn commitments to finance or otherwise
provide resources to its joint ventures and associates are \u00a3474m (2022: \u00a3474m ) The Barclays share of the associates and joint
ventures unutilised credit facilities commitments amounted to \u00a31,695m (2022: \u00a31,796m).
43 Related undertakings
The Group\u2019s corporate structure consists
of a number of related undertakings,
comprising subsidiary undertakings, joint
ventures, associated undertakings and
significant holdings. A full list of these
related undertakings is set out below,
together with the country of incorporation,
registered office (or principal place of
business) and the identity and percentage\u00a0
of each share class held by the Group. The
information is provided as at 31 December
2023.
The entities are grouped by the countries
in which they are incorporated. The profits
earned by the activities of these entities
are in some cases taxed in countries other
than the country of incorporation, for
example where the entity carries on
business through a branch in a territory
outside of\u00a0 its country of incorporation .
Barclays PLC Country Snapshot provides
details of where the Group carries on its
business, where its profits are subject to
tax and the taxes it pays in each country it
operates in.
Wholly owned subsidiaries
Unless otherwise stated the undertakings
below are wholly owned and included in the
consolidation and the share capital held by
the Group comprises ordinary and/or
common shares, which are held by
subsidiaries of Barclays PLC. Unless
otherwise stated, the Group holds 100%
of the nominal value of each share class.
Notes
A
Directly held by Barclays PLC
B
Partnership Interest
C
Membership Interest
D
Guarantor
E
Preference Shares
F
A Preference Shares
G
B\u00a0 Preference Shares
H
Ordinary/Common Shares in addition to
other shares
I
A Ordinary Shares
J
B Ordinary Shares
K
C Ordinary Shares
L
F Ordinary Shares
M
First Preference Shares, Second
Preference shares
N
Registered Address not in country of
incorporation
O
Core Shares, Insurance (Classified)
Shares
P
Class B, C, D (100%),\u00a0 E, F, G, H, I (94.36%),
J (95.32%) and K (100%)
Q
Non-Redeemable Ordinary Shares
Notes
R
Class A, B and D Shares
S
Class A and Class B Shares
T
PEF Carry Shares
U
Not Consolidated (see Note 33 Principal
Subsidiaries)
V
USD Linked Ordinary Shares
W
Redeemable Class B Shares
X
Capital Contribution Shares
Y
Class A Redeemable Preference Shares
Z
Class B Redeemable Preference Shares
AA
First Class Common Shares, Second
Class Common Shares
BB
Tracker 1 GBP, USD, Euro Shares;
Tracker 2 USD Shares, Tracker 3 USD
Shares
CC
Non-Voting Redeemable Preference
Shares
Wholly owned subsidiaries
Note
United Kingdom
1 Churchill Place, London, E14 5HP
Aequor Investments Limited
Alynore Investments Limited Partnership
B
Ardencroft Investments Limited
B D & B Investments Limited
B.P.B. (Holdings) Limited
Barclay Leasing Limited
Barclays Aldersgate Investments Limited
Barclays Asset Management Limited
Barclays Bank PLC
A, E,
H
Barclays Bank UK PLC
A
Barclays Capital Asia Holdings Limited
Barclays Capital Nominees (No.2) Limited
Barclays Capital Nominees (No.3) Limited
Barclays Capital Nominees Limited
Barclays Capital Securities Client Nominee
Limited
Barclays Capital Securities Limited
E, H
Barclays CCP Funding LLP
B
Barclays Converted Investments (No.2) Limited
Barclays Direct Investing Nominees Limited
Barclays Directors Limited
Barclays Equity Holdings Limited
Barclays Execution Services Limited
A
Barclays Executive Schemes Trustees Limited
Barclays Financial Planning Nominee Company
Limited
Barclays Funds Investments Limited
Barclays Group Holdings Limited
Barclays Industrial Development Limited
Barclays Industrial Investments Limited
Barclays Insurance Services Company Limited
Barclays International Holdings Limited
Barclays Investment Management Limited
Barclays Investment Solutions Limited
Barclays Leasing (No.9) Limited
Barclays Long Island Limited
Barclays Nominees (George Yard) Limited
U
Barclays OCIO Services Limited
Barclays Pension Funds Trustees Limited
Barclays Principal Investments Limited
A, I, J
Barclays Private Bank
Wholly owned subsidiaries
Note
Barclays SAMS Limited
Barclays Security Trustee Limited
A
Barclays Services (Japan) Limited
Barclays Shea Limited
Barclays Term Funding Limited Liability
Partnership
B
Barclays UK Investments Limited
Barclays Unquoted Investments Limited
Barclays Unquoted Property Investments Limited
Barclays Wealth Nominees Limited
Barclayshare Nominees Limited
Barcosec Limited
Barsec Nominees Limited
BB Client Nominees Limited
BMI (No.9) Limited
BNRI ENG 2014 Limited Partnership
B
BNRI ENG GP LLP
B
BNRI England 2010 Limited Partnership
B
BNRI England 2012 Limited Partnership
B
Carnegie Holdings Limited
H, I, J
Chapelcrest Investments Limited
Clydesdale Financial Services Limited
Cornwall Home Loans Limited
CPIA England 2009 Limited Partnership
B
CPIA England No.2 Limited Partnership
B
Dorset Home Loans Limited
Durlacher Nominees Limited
Eagle Financial and Leasing Services (UK)
Limited
Finpart Nominees Limited
FIRSTPLUS Financial Group Limited
Foltus Investments Limited
Global Dynasty Natural Resource Private Equity
Limited Partnership
B
Globe Nominees Limited
Hawkins Funding Limited
Heraldglen Limited
H, M
Isle of Wight Home Loans Limited
J.V. Estates Limited
Kirsche Investments Limited
Leonis Investments LLP
B
Long Island Assets Limited
Maloney Investments Limited
Menlo Investments Limited
Mercantile Credit Company Limited
Mercantile Leasing Company (No.132) Limited
MK Opportunities LP
B
Naxos Investments Limited
North Colonnade Investments Limited
Northwharf Investments Limited
Northwharf Nominees Limited
Oak Pension Asset Management Limited
U
Radbroke Mortgages UK Limited
Real Estate Participation Management Limited
Real Estate Participation Services Limited
Relative Value Investments UK Limited Liability
Partnership
B
Relative Value Trading Limited
Roder Investments No. 1 Limited
H, BB
Roder Investments No. 2 Limited
H, BB
RVT CLO Investments LLP
B
Surety Trust Limited
Wholly owned subsidiaries
Note
Sustainable Impact Capital Limited
Swan Lane Investments Limited
US Real Estate Holdings No.1 Limited
US Real Estate Holdings No.2 Limited
US Real Estate Holdings No.3 Limited
US Real Estate Holdings No.4 Limited
US Real Estate Holdings No.5 Limited
US Real Estate Holdings No.6 Limited
Water Street Investments Limited
U
Wedd Jefferson (Nominees) Limited
Westferry Investments Limited
Woolwich Homes Limited
Woolwich Qualifying Employee Share Ownership
Trustee Limited
Zeban Nominees Limited
C/O Teneo Financial Advisory Limited, 3rd
Floor, The Colmore Building, 20 Colmore Circus
Queensway, Birmingham, West Midlands, B4
6AT
Barclays Capital Finance Limited (In Liquidation)
Barclays Capital Japan Securities Holdings
Limited (In Liquidation)
Barclays Global Shareplans Nominee Limited (In
Liquidation)
Barclays Nominees (Branches) Limited (In
Liquidation)
Barclays Singapore Global Shareplans Nominee
Limited (In Liquidation)
Cobalt Investments Limited (In Liquidation)
DMW Realty Limited (In Liquidation)
Solution Personal Finance Limited (In Liquidation)
Ascot House, Maidenhead Office Park,
Maidenhead, SL6 3QQ
Kensington Mortgage Company Limited
Kensington Mortgage Services Limited
1-4, Clyde Place Lane, Glasgow, G5 8DP
R.C. Greig Nominees Limited
50 Lothian Road, Festival Square, Edinburgh,
EH3 9WJ
BNRI PIA Scot GP Limited
BNRI Scots GP, LLP
B
Pecan Aggregator LP
B, U
Logic House, Waterfront Business Park, Park,
Fleet Road, Fleet, GU51 3SB
The Logic Group Enterprises Limited
The Logic Group Holdings Limited
I
9, all\u00e9e Scheffer, L-2520, Luxembourg
Barclays Claudas Investments Partnership
B, N
Barclays Pelleas Investments Limited Partnership
B, N
Barclays Blossom Finance Limited Partnership
B, N
Wholly owned subsidiaries
Note
Argentina
855 Leandro N.Alem Avenue, 8th Floor, Buenos
Aires
Compa\u00f1\u00eda Sudamerica S.A.
Marval, O\u2019Farrell & Mairal, Av. Leandro N.
Alem 882, Buenos Aires, C1001AAQ
Compa\u00f1ia Regional del Sur S.A.
Brazil
Av. Brigadeiro Faria Lima, No.4.440, 12th Floor,
Bairro Itaim Bibi, Sao Paulo, CEP, 04538-132
Barclays Brasil Assessoria Financeira Ltda
BNC Brazil Consultoria Empresarial Ltda
Canada
333 Bay Street, Suite 4910, Toronto ON M5H
2R2
Barclays Capital Canada Inc.
Stikeman Elliot LLP, 199 Bay Street, 5300
Commerce Court West, Toronto ON M5L 1B9
Barclays Corporation Limited
1 Churchill Place, London, E14 5HP
CPIA Canada Holdings
B, N
Cayman Islands
PO Box\u00a0 309, Ugland House, George Town,
Grand Cayman, KY1-1104
Alymere Investments Limited
F, G,
H
Analytical Trade UK Limited
Barclays Capital (Cayman) Limited
Barclays Securities Financing Limited
F,
G ,H
Barclays US Holdings Limited
E, I
Braven Investments No.1 Limited
Calthorpe Investments Limited
Capton Investments Limited
Claudas Investments Limited
H, Y,
Z
Claudas Investments Two Limited
CPIA Investments No.2 Limited
Gallen Investments Limited
Hurley Investments No.1 Limited (In Liquidation)
Mintaka Investments No. 4 Limited
Palomino Limited
U
Pelleas Investments Limited
Pippin Island Investments Limited
Razzoli Investments Limited
E, H
RVH Limited
E, H
Wessex Investments Limited (In Liquidation)
Hornbeam Limited
U
Walkers Corporate Limited, Cayman Corporate
Centre, 27 Hospital Road, George Town, KY1-
9008
Long Island Holding B Limited (In Liquidation)
Wholly owned subsidiaries
Note
France
34-36 avenue de Friedland, 75008, Paris
Barclays ADF
Germany
Stuttgarter Stra\u00dfe 55-57, 73033 G\u00f6ppingen
Holding Stuttgarter Stra\u00dfe GmbH\u00a0
(In Liquidation)
Guernsey
P.O. Box 33, Dorey Court, Admiral Park, St.\u00a0
Peter\u00a0Port, GY1 4AT
Barclays Insurance Guernsey PCC Limited
O
Barclays UKRF No.1 IC Limited
U
Barclays UKRF ICC Limited
U
Barclays UKRF No.2 IC Ltd
U
Hong Kong
42nd floor Citibank Tower, Citibank Plaza,
3\u00a0Garden\u00a0Road
Barclays Bank (Hong Kong Nominees) Limited
(In Liquidation)
Barclays Capital Asia Nominees Limited
(In Liquidation)
Level 41, Cheung Kong Center, 2 Queen's
Road, Central
Barclays Capital Asia Limited
India
208 Ceejay House, Shivsagar Estate, Dr A
Beasant Road, Worli, Mumbai, 400 018
Barclays Securities (India) Private Limited
Barclays Wealth Trustees (India) Private Limited
5th to 12th Floor (Part), Building G2, Gera
Commerzone SEZ, Survey No.65, Kharadi,
Pune, 411014
Barclays Global Service Centre Private Limited
Nirlon Knowledge Park, Level 9, Block B-6, Off
Western Express Highway, Goregaon (East),
Mumbai, 400063
Barclays Investments & Loans (India) Private
Limited
E, H
Ireland
One Molesworth Street, Dublin 2, D02RF29
Barclaycard International Payments Limited
Barclays Bank Ireland Public Limited Company
Barclays Europe Client Nominees Designated
Activity Company
Barclays Europe Firm Nominees Designated
Activity Company
Barclays Europe Nominees Designated Activity
Company
25-28 North Wall Quay, Dublin1, D01H104
Erimon Home Loans Ireland Limited
70 Sir John Rogerson\u2019s Quay, Dublin 2
Barclays Finance Ireland Limited
Wholly owned subsidiaries
Note
Corporation Service Company, 251 Little Falls
Drive, Wilmington, DE 19808
Barclays Ireland Investments LP
B, N
Isle of Man
Eagle Court, Circular Road, Douglas, IM1 1AD
Barclays Nominees (Manx) Limited
I, J
Barclays Private Clients International Limited
2nd Floor, St Georges Court, Upper Church
Street, Douglas, IM1 1EE
Barclays Holdings (Isle of Man) Limited (In
Liquidation)
Japan
10-1, Roppongi 6-chome, Minato-ku, Tokyo
Barclays Funds and Advisory Japan Limited
Barclays Securities Japan Limited
F, H
Barclays Wealth Services Limited
Jersey
Gasp\u00e9 House, 66-72 Esplanade, St.\u00a0Helier, JE1
1GH
Barclays Services Jersey Limited
5 Espalanade, St Helier, JE2 3QA
Barclays Wealth Management Jersey Limited
13 Library Place, St Helier, JE4 8NE
Barclays Nominees (Jersey) Limited
Barclaytrust Channel Islands Limited
Estera Trust (Jersey) Limited, 13-14
Esplanade, St Helier, JE1 1EE, Jersey
MK Opportunities GP Ltd
Luxembourg
9, all\u00e9e Scheffer, L-2520
Barclays Bedivere Investments S.\u00e0 r.l.
Barclays Cantal Investments S.\u00e0 r.l.
Barclays Capital Luxembourg S.\u00e0 r.l.
Barclays Capital Trading Luxembourg S.\u00e0 r.l.
Barclays Claudas Investments S.\u00e0 r.l.
Barclays Equity Index Investments S.\u00e0 r.l.
Barclays International Luxembourg Dollar
Holdings\u00a0S.\u00e0 r.l.
Barclays Luxembourg EUR Holdings S.\u00e0 r.l
Q
Barclays Luxembourg GBP Holdings S.\u00e0 r.l.
Q
Barclays Luxembourg Global Funding S.\u00e0 r.l.
Barclays Luxembourg Holdings S.\u00e0 r.l.
H, V
Barclays Luxembourg Holdings SSC
B
BNRI Limehouse No.1 S.\u00e0 r.l.
P
68-70 Boulevard de la Petrusse, L-2320
Adler Toy Holding Sarl
10 rue du Cha'teau d'Eau, Leudelange, Grand
Duchy of Luxembourg L-3364
BPM Management GP SARL
Wholly owned subsidiaries
Note
Mauritius
C/O Rogers Capital Corporate Services
Limited, 3rd Floor, Rogers House, No.5
President John Kennedy Street, Port Louis
Barclays Capital Mauritius Limited (In Liquidation)
Barclays Capital Securities Mauritius Limited
Fifth Floor Ebene Esplanade,
24 Bank Street, Cybercity
72201 Ebene
Barclays Mauritius Overseas Holdings Limited
Mexico
Paseo de la Reforma 505, 41 Floor, Torre
Mayor, Col. Cuauhtemoc, CP 06500
Barclays Bank Mexico, S.A.
J, L
Barclays Capital Casa de Bolsa, S.A. de C.V.
J, L
Grupo Financiero Barclays Mexico, S.A. de C.V.
J, L
Servicios Barclays, S.A. de C.V. (In Liquidation)
Monaco
31 Avenue de la Costa, Monte Carlo BP 339
Barclays Private Asset Management (Monaco)
S.A.M
Saudi Arabia
3rd Floor Al Dahna Center, 114 Al-Ahsa Street,
PO Box 1454, Riyadh 11431
Barclays Saudi Arabia (In Liquidation)
Singapore
10 Marina Boulevard, #25-01 Marina Bay\u00a0
Financial Centre, Tower 2, 018983
Barclays Merchant Bank (Singapore) Ltd.
Spain
Calle Jose, Abascal 51, 28003, Madrid
Barclays Tenedora De Inmuebles SL.
BVP Galvani Global, S.A.U.
Switzerland
Chemin de Grange Canal 18-20, PO Box 3941,
1211, Geneva
Barclays Bank (Suisse) SA
Barclays Switzerland Services SA
BPB Holdings SA
Taiwan
19F-1, No. 7, Xinyi Road, Sec. 5, Taipei,A322,
Taiwan
Barclays Securities Taiwan Limited
United States
Corporation Service Company, 251 Little Falls
Drive, Wilmington, DE 19808
Analytical Trade Holdings LLC
Barclays Asset Backed Depositor LLC
C
Barclays Bank Delaware
Barclays Capital Derivatives Funding LLC
C
Wholly owned subsidiaries
Note
Barclays Capital Energy Inc.
Barclays Capital Equities Trading GP
B
Barclays Capital Holdings Inc.
F, G,
H
Barclays Capital Real Estate Finance Inc.
Barclays Capital Real Estate Holdings Inc.
Barclays Capital Real Estate Inc.
Barclays Commercial Mortgage Securities LLC
C
Barclays Dryrock Funding LLC
C
Barclays Financial LLC
C
Barclays Group US Inc.
Barclays Oversight Management Inc.
Barclays Receivables LLC
C
Barclays Services Corporation
Barclays Services LLC
C
Barclays US CCP Funding LLC
C
Barclays US Investments Inc.
Barclays US LLC
BCAP LLC
C
Gracechurch Services Corporation
Lagalla Investments LLC
Long Island Holding A LLC
C
Marbury Holdings LLC
Preferred Liquidity, LLC
I
Procella Investments No.2 LLC
C
Procella Investments No.3 LLC
C
Relative Value Holdings, LLC
Surrey Funding Corporation
Sussex Purchasing Corporation
Sutton Funding LLC
C
US Secured Investments LLC
X
Verain Investments LLC
Wilmington Riverfront\u00a0 LLC
C
100 Bank Street, Suite 630, Burlington,
Vermont 05401
Barclays Insurance U.S. Inc.
Corporation Service Company, 80 State
Street, Albany, NY, 12207-2543
Barclays Equity Holdings Inc.
Corporation Service Company. Goodwin
Square, 225 Asylum Street, 20th Floor Hartford
CT 06103
Barclays Capital Inc.
Corporation Service Company, 2626,
Glenwood Ave, Suite 550, Raleigh, NC, 27608
Barclays US GPF Inc.
Equifirst Corporation (In Liquidation, Dissolved
with State of North Carolina)
125 S West Street, Wilmington, DE 19801
Curve Investments GP
B
Barclays Dryrock Issuance Trust
Other Related Undertakings
Unless otherwise stated, the undertakings
below are included in the consolidation and
the share capital held by the Group
comprises ordinary and/or common
shares,\u00a0 which are held by subsidiaries of
Barclays PLC. The percentage of the
nominal value of each share class held by
the Group\u00a0 is provided below.
Other Related Undertakings
%
Note
United Kingdom
1 Churchill Place, London, E14 5HP
Barclaycard Funding PLC
100.00
I
PSA Credit Company Limited
(In\u00a0Liquidation)
100.00
I
100.00
K
Barclays Covered Bonds Limited
Liability Partnership
50.00
B
Barclays Secured Funding (LM)
Limited
20.00
St Helen\u2019s, 1 Undershaft, London,
EC3P\u00a03DQ
Igloo Regeneration (General Partner)
Limited
25.00
K, U
3-5 London Road, Rainham, Kent,
ME8\u00a07RG
Trade Ideas Limited
20.00
U
50 Lothian Road, Festival Square,
Edinburgh, EH3 9WJ
Equistone Founder Partner II L.P.
20.00
B, U
Equistone Founder Partner III L.P.
20.00
B, U
Enigma, Wavendon Business Park
Milton Keynes, MK178LX
Intelligent Processing Solutions
Limited
19.50
U
C/O Azets Holdings Limited 5th
Floor, 98 King Street, Manchester,
M2 4WU
Full House Holdings Limited (In
Liquidation)
67.42
I, U
13-15 York Buildings, London,
WC2N\u00a06JU
BGF Group PLC
24.62
I, U
Unit 9 Westbrook Court,
Sharrowvale Road, Sheffield,
S11\u00a08YZ
Palms Row Healthcare Holdings
Limited
99.00
U, CC
5th Floor, 44 Great Marlborough
Street,London,W1F 7JL
AVFI TIDE I LP
37.60
B, U
41 Luke Street, London, EC2A 4DP
Fintech for International Development
Limited (In Liquidation)
26.37
I, U
100.00
J
Other Related Undertakings
%
Note
3rd Floor, 25 Soho
Square,London,W1D 3QR,
Female Innovators Lab LP
61.00
B
1 America Square, Crosswall,
London, EC3N 2SG
BMC (UK) Ltd
47.30
E, I, U
C/O Cooley (Uk) Llp, 22
Bishopsgate, London, EC2N 4BQ
Barclays Black Formation Investments
I LP
100.00
B
Barclays Black Formation Investments
II LP
100.00
B
1-4 Clyde Place, Glasgow, G5 8DP
Buchanan Wharf (Glasgow)
Management Limited
78.00
D
Belgium
Klipperstraat 15 2030 Antwerp
Euphony Benelux NV (In Liquidation)
20.00
U
Cayman Islands
Maples Corporate Services Limited,
PO Box 309GT, Ugland House, South
Church Street, Grand Cayman,
KY1-1104
Cupric Canyon Capital GP Limited
50.00
U
Cupric Canyon Capital LP
42.17
I, U
Newman Holdings Limited (In
Liquidation)
80.60
I, U
Southern Peaks Mining LP
54.40
B, U
SPM GP Limited
90.00
U
Korea, Republic of
18th Floor, Daishin Finance Centre,
343, Samil-daero, Jung-go, Seoul
Woori BC Pegasus Securitization
Specialty Co. Ltd
70.00
AA
Luxembourg
9, allee Scheffer, L-2520
Barclays Alzin Investments S.\u00e0 r.l.
100.00
R
Barclays Bordang Investments S.\u00e0 r.l.
100.00
S
Barclays Lamorak Investments S.\u00e0 r.l.
100.00
F,Q
Preferred Funding S.\u00e0 r.l.
100.00
W
Preferred Investments S.\u00e0 r.l.
100.00
H, W
Malta
RS2 Buildings, Fort Road, Mosta MST
1859
RS2 Software PLC
18.14
U
Netherlands
Alexanderstraat 18, The Hague,
2514 JM, Zuid-Holland
Tulip Oil Holding BV
34.50
I, U
23.00
K
Other Related Undertakings
%
Note
Sweden
c/o ForeningsSparbanken AB 105 34
Stockholm
EnterCard Group AB
100.00
J, U
United States
Corporation Services Company, 251
Little Falls, Drive Wilmington, DE
19808
DG Solar Lessee, LLC
75.00
C, U
Corporation Trust Company,
Corporation Trust Centre, 1209
Orange Street, Wilmington DE
19801
DG Solar Lessee II, LLC
75.00
C, U
VS BC Solar Lessee I LLC
50.00
C, U
1415 Louisiana Street, Suite 1600,
TX 77002-0000
Sabine Oil & Gas Holdings, Inc.(In
Liquidation)
22.12
U
Joint Ventures
The related undertaking below is dealt with
as a Joint Venture\u00a0 in accordance with s.
18, Schedule 4, The Large and Medium-
sized Companies and Groups (Accounts
and Reports) Regulations 2008 and is
proportionally consolidated. The
proportion of the capital of the related
undertaking held by the Group is stated
below.
Joint Venture
%
Note
United Kingdom
Vaultex UK Limited
50.00
Joint management factors
The Board of Directors of the above Joint
Venture\u00a0 comprises two Barclays
representative Directors, two JV partner
Directors and three non-JV partner
Directors. The Board of Directors\u00a0 are
responsible for setting the Company
strategy and budgets.
The last financial year of the above JV
ended on 6 October 2023 and the average
number of monthly employees reported in
the accounts was 1,216.\u00a0
.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-655": { "value": "Accounting for associates and joint ventures", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-654": { "value": "Accounting for associates and joint ventures", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-653": { "value": "Accounting for associates and joint ventures", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-656": { "value": "Assets pledged, collateral received and assets transferred
Assets are pledged or transferred as collateral to secure liabilities under repurchase agreements, securitisations and stock lending
agreements or as security deposits relating to derivatives. Assets transferred are non-cash assets transferred to a third party that do
not qualify for derecognition from the Group balance sheet, for example because Barclays retains substantially all the exposure to those
assets under an agreement to repurchase them in the future for a fixed price.
Assets pledged or transferred as collateral include all assets categorised as encumbered in the disclosure on page s 197 to 201 of the
Barclays PLC Pillar 3 Report 2023 (unaudited), other than those held in commercial paper conduits.\u00a0In these transactions, the Group will
be required to step in to provide financing itself under a liquidity facility if the vehicle cannot access the commercial paper market.
Where non-cash assets are pledged or transferred as collateral for cash received, the asset continues to be recognised in full, and a
related liability is also recognised on the balance sheet. Where non-cash assets are pledged or transferred as collateral in an exchange
for non-cash assets, the transferred asset continues to be recognised in full, and there is no associated liability as the non-cash
collateral received is not recognised on the balance sheet. The Group is unable to use, sell or pledge the transferred assets for the
duration of the transaction and remains exposed to interest rate risk and credit risk on these pledged assets. Unless stated, the
counterparty's recourse is not limited to the transferred assets.
Collateralised transactions, such as securities lending and borrowing, repurchase and derivative transactions are conducted in
accordance with standard terms which are customary in the market.
The following table summarises the nature and carrying amount of the assets pledged as security:
2023
2022
\u00a3m
\u00a3m
Cash collateral and settlements
73,495
78,996
Loans and advances at amortised cost
71,018
64,772
Trading portfolio assets
117,325
63,969
Financial assets at fair value through the income statement
9,847
8,220
Financial assets at fair value through other comprehensive income
23,503
18,210
Assets pledged
295,188
234,167
The following table summarises the transferred financial assets and the associated liabilities. The transferred assets represent the
gross carrying value of the assets pledged and the associated liabilities represent the IFRS balance sheet value of the related liability
recorded on the balance sheet:
Transferred assets
Associated
liabilities
\u00a3m
\u00a3m
As at 31 December 2023
Derivatives
78,390
(78,390)
Repurchase agreements
86,712
(55,006)
Securities lending arrangements
118,632
\u2014
Other
11,454
(10,179)
295,188
(143,575)
As at 31 December 2022
Derivatives
79,474
(79,474)
Repurchase agreements
74,291
(46,617)
Securities lending arrangements
67,554
\u2014
Other
12,848
(11,055)
234,167
(137,146)
For repurchase agreements the difference between transferred assets and the associated liabilities is predominantly due to IFRS
netting. Included within Other are agreements where a counterparty's recourse is limited to the transferred assets. The relationship
between the gross transferred assets and the associated liabilities is that holders of notes may only look to cash flows from the
securitised assets for payments of principal and interest due to them under the terms of their notes.
Carrying value
Fair value
Transferred assets
Associated
liabilities
Transferred assets
Associated
liabilities
Net position
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
2023
Recourse to transferred assets only
7,381
(2,390)
7,947
(2,362)
5,585
2022
Recourse to transferred assets only
6,150
(1,557)
6,530
(1,480)
5,050
The Group has an additional \u00a36.4bn (2022: \u00a35.3bn) of loans and advances within its asset backed funding programmes that can readily
be used to raise additional secured funding and are available to support future issuances.
Collateral held as security for assets
Under certain transactions, including reverse repurchase agreements and stock borrowing transactions, the Group is allowed to resell
or re-pledge the collateral held. Collateralised transactions, such as securities lending and borrowing, repurchase and derivative
transactions are conducted in accordance with standard terms which are customary in the market.
The fair value at the balance sheet date of collateral accepted and re-pledged or transferred to others was as follows:
2023
2022
\u00a3m
\u00a3m
Fair value of securities accepted as collateral
1,207,697
988,340
Of which fair value of securities re-pledged/transferred to others
1,105,140
892,026
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-657": { "value": "
Assets are pledged or transferred as collateral to secure liabilities under repurchase agreements, securitisations and stock lending
agreements or as security deposits relating to derivatives. Assets transferred are non-cash assets transferred to a third party that do
not qualify for derecognition from the Group balance sheet, for example because Barclays retains substantially all the exposure to those
assets under an agreement to repurchase them in the future for a fixed price.
Assets pledged or transferred as collateral include all assets categorised as encumbered in the disclosure on page s 197 to 201 of the
Barclays PLC Pillar 3 Report 2023 (unaudited), other than those held in commercial paper conduits.\u00a0In these transactions, the Group will
be required to step in to provide financing itself under a liquidity facility if the vehicle cannot access the commercial paper market.
Where non-cash assets are pledged or transferred as collateral for cash received, the asset continues to be recognised in full, and a
related liability is also recognised on the balance sheet. Where non-cash assets are pledged or transferred as collateral in an exchange
for non-cash assets, the transferred asset continues to be recognised in full, and there is no associated liability as the non-cash
collateral received is not recognised on the balance sheet. The Group is unable to use, sell or pledge the transferred assets for the
duration of the transaction and remains exposed to interest rate risk and credit risk on these pledged assets. Unless stated, the
counterparty's recourse is not limited to the transferred assets.
Collateralised transactions, such as securities lending and borrowing, repurchase and derivative transactions are conducted in
accordance with standard terms which are customary in the market.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-658": { "value": "Related party transactions and Directors\u2019 remuneration
Related party transactions
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other
party in making financial or operational decisions, or one other party controls both.
Subsidiaries
Transactions between Barclays PLC and its subsidiaries meet the definition of related party transactions. Where these are eliminated
on consolidation, they are not disclosed in the Group\u2019s financial statements. Transactions between Barclays PLC and its subsidiaries are
fully disclosed in Barclays PLC\u2019s financial statements. A list of the Group\u2019s principal subsidiaries is shown in Note 33.
Associates, joint ventures and other entities
The Group provides banking services to its associates, joint ventures and the Group pension funds (principally the UK Retirement Fund),
providing loans, overdrafts, interest and non-interest bearing deposits and current accounts to these entities as well as other services.
Group companies also provide investment management and custodian services to the Group pension schemes. All of these
transactions are conducted on the same terms as third party transactions. Summarised financial information for the Group\u2019s
investments in associates and joint ventures is set out in Note 35.
Amounts included in the Group\u2019s financial statements, in aggregate, by category of related party entity are as follows:
Associates
Joint ventures
Pension funds
\u00a3m
\u00a3m
\u00a3m
For the year ended and as at 31 December 2023
Total income
13
70
4
Credit impairment charges
\u2014
\u2014
\u2014
Operating expenses
(20)
\u2014
(1)
Total assets
\u2014
1,254
\u2014
Total liabilities
158
\u2014
144
For the year ended and as at 31 December 2022
Total income
(2)
91
5
Credit impairment charges
\u2014
\u2014
\u2014
Operating expenses
(15)
\u2014
(1)
Total assets
\u2014
1,336
3
Total liabilities
408
\u2014
166
For the year ended and as at 31 December 2021
Total income
\u2014
50
5
Credit impairment charges
\u2014
\u2014
\u2014
Operating expenses
(20)
\u2014
(1)
Total liabilities includes derivatives transacted on behalf of the pension funds of \u00a377m (2022: \u00a3110m ).
Key Management Personnel
Key Management Personnel are defined as those persons having authority and responsibility for planning, directing and controlling the
activities of Barclays PLC (directly or indirectly) and comprise the Directors and Officers of Barclays PLC, certain direct reports of the
Group Chief Executive and the heads of major business units and functions.
The Group provides banking services to Key Management Personnel and persons connected to them. Transactions during the year and
the balances outstanding were as follows:
Loans outstanding
2023
2022
\u00a3m
\u00a3m
As at 1 January
7.5
7.8
Loans issued during the year1
2.5
1.4
Loan repayments during the year2
(1.7)
(1.7)
As at 31 December
8.3
7.5
Notes
1 Includes loans issued to existing Key Management Personnel and new or existing loans issued to newly appointed Key Management Personnel.
2 Includes loan repayments by existing Key Management Personnel and loans to former Key Management Personnel.
No allowances for impairment were recognised in respect of loans to Key Management Personnel (or any connected person).
Deposits outstanding
2023
2022
\u00a3m
\u00a3m
As at 1 January
15.2
9.1
Deposits received during the year1
105.7
47.9
Deposits repaid during the year2
(105.5)
(41.8)
As at 31 December
15.4
15.2
Notes
1 Includes deposits received from existing Key Management Personnel and new or existing deposits received from newly appointed Key Management Personnel.
2 Includes deposits repaid by existing Key Management Personnel and deposits of former Key Management Personnel.
Total commitments outstanding
Total commitments outstanding refers to the total of any undrawn amounts on credit cards and/or overdraft facilities provided to Key
Management Personnel. Total commitments outstanding as at 31\u00a0December 2023 were \u00a30.5m (2022: \u00a30.5m).
All loans to Key Management Personnel (and persons connected to them) were made in the ordinary course of business; were made on
substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions
with other persons; and did not involve more than a normal risk of collectability or present other unfavourable features.
Remuneration of Key Management Personnel
Total remuneration awarded to Key Management Personnel below represents salaries, short term benefits and pensions contributions
received during the year and awards made as part of the latest remuneration decisions in relation to the year. Costs recognised in the
income statement reflect the accounting charge for the year included within operating expenses. The difference between the values
awarded and the recognised income statement charge principally relates to the recognition of costs for deferred awards. Figures are
provided for the period that individuals met the definition of Key Management Personnel.
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Salaries and other short-term benefits
33.3
32.4
37.8
Pension costs
\u2014
\u2014
\u2014
Other long-term benefits
7.2
7.8
8.5
Share-based payments
10.2
9.8
12.2
Employer social security charges on emoluments
6.3
6.7
7.2
Costs recognised for accounting purposes
57.0
56.7
65.7
Employer social security charges on emoluments
(6.3)
(6.7)
(7.2)
Other long-term benefits \u2013 difference between awards granted and costs recognised
1.1
\u2014
3.1
Share-based payments \u2013 difference between awards granted and costs recognised
6.0
6.5
6.9
Total remuneration awarded
57.8
56.5
68.5
Disclosure required by the Companies Act 2006
The following information regarding the Barclays PLC Board of Directors is presented in accordance with the Companies Act 2006:
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Aggregate emoluments1
9.8
9.3
8.2
Amounts paid under LTIPs2
\u2014
0.4
1.2
9.8
9.7
9.4
Notes
1 The aggregate emoluments include amounts paid for the 2023 year. In addition, deferred share awards for 2023 with a total value at grant of \u00a31.5m (2022: \u00a32.3m, 2021: \u00a31.4m) will be
made to Directors which will only vest subject to meeting certain conditions.
2 The figure above for \"Amounts paid under LTIPs\" relates to LTIP awards that were released to Directors during the year. Dividend shares released on the awards are excluded (where
applicable). The LTIP figure in the single total figure table for Executive Directors' 2023 remuneration in the Directors' Remuneration report relates to awards that are scheduled to be
released in 2024 in respect of the 2021-2023 LTIP cycle.
There were no pension contributions paid to defined contribution schemes on behalf of Directors (2022: \u00a3nil, 2021: \u00a3nil). There were no
notional pension contributions to defined contribution schemes.
As at 31\u00a0December 2023, there were no Directors accruing benefits under a defined benefit scheme (2022: nil, 2021: \u00a3nil).
Directors\u2019 and Officers\u2019 shareholdings and options
The beneficial ownership of ordinary share capital of Barclays PLC by all Directors and Officers of Barclays PLC (involving 26 persons) at
31\u00a0December 2023 amounted to 14,833,002 (2022: 15,944,986) ordinary shares of 25p each (0.10% of the ordinary share capital
outstanding).
As at 31\u00a0December 2023, Executive Directors and Officers of Barclays PLC (involving 16 persons) held options to purchase a total of
67,319 (2022: 62,268) Barclays PLC ordinary shares of 25p each at a weighted average price of 92p under Sharesave.
Advances and credit to Directors and guarantees on behalf of Directors
In accordance with Section 413 of the Companies Act 2006, the total amount of advances and credits made available in 2023 to
persons who served as Directors during the year was \u00a30.3m ( 2022: \u00a30.2m). The total value of guarantees entered into on behalf of
Directors during 2023 was \u00a3nil (2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-659": { "value": "
Related party transactions
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other
party in making financial or operational decisions, or one other party controls both.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-660": { "value": "
Key Management Personnel
Key Management Personnel are defined as those persons having authority and responsibility for planning, directing and controlling the
activities of Barclays PLC (directly or indirectly) and comprise the Directors and Officers of Barclays PLC, certain direct reports of the
Group Chief Executive and the heads of major business units and functions.
The Group provides banking services to Key Management Personnel and persons connected to them. Transactions during the year and
the balances outstanding were as follows:
Loans outstanding
2023
2022
\u00a3m
\u00a3m
As at 1 January
7.5
7.8
Loans issued during the year1
2.5
1.4
Loan repayments during the year2
(1.7)
(1.7)
As at 31 December
8.3
7.5
Notes
1 Includes loans issued to existing Key Management Personnel and new or existing loans issued to newly appointed Key Management Personnel.
2 Includes loan repayments by existing Key Management Personnel and loans to former Key Management Personnel.
No allowances for impairment were recognised in respect of loans to Key Management Personnel (or any connected person).
Deposits outstanding
2023
2022
\u00a3m
\u00a3m
As at 1 January
15.2
9.1
Deposits received during the year1
105.7
47.9
Deposits repaid during the year2
(105.5)
(41.8)
As at 31 December
15.4
15.2
Notes
1 Includes deposits received from existing Key Management Personnel and new or existing deposits received from newly appointed Key Management Personnel.
2 Includes deposits repaid by existing Key Management Personnel and deposits of former Key Management Personnel.
Total commitments outstanding
Total commitments outstanding refers to the total of any undrawn amounts on credit cards and/or overdraft facilities provided to Key
Management Personnel. Total commitments outstanding as at 31\u00a0December 2023 were \u00a30.5m (2022: \u00a30.5m).
All loans to Key Management Personnel (and persons connected to them) were made in the ordinary course of business; were made on
substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions
with other persons; and did not involve more than a normal risk of collectability or present other unfavourable features.
Remuneration of Key Management Personnel
Total remuneration awarded to Key Management Personnel below represents salaries, short term benefits and pensions contributions
received during the year and awards made as part of the latest remuneration decisions in relation to the year. Costs recognised in the
income statement reflect the accounting charge for the year included within operating expenses. The difference between the values
awarded and the recognised income statement charge principally relates to the recognition of costs for deferred awards. Figures are
provided for the period that individuals met the definition of Key Management Personnel.
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Salaries and other short-term benefits
33.3
32.4
37.8
Pension costs
\u2014
\u2014
\u2014
Other long-term benefits
7.2
7.8
8.5
Share-based payments
10.2
9.8
12.2
Employer social security charges on emoluments
6.3
6.7
7.2
Costs recognised for accounting purposes
57.0
56.7
65.7
Employer social security charges on emoluments
(6.3)
(6.7)
(7.2)
Other long-term benefits \u2013 difference between awards granted and costs recognised
1.1
\u2014
3.1
Share-based payments \u2013 difference between awards granted and costs recognised
6.0
6.5
6.9
Total remuneration awarded
57.8
56.5
68.5
Disclosure required by the Companies Act 2006
The following information regarding the Barclays PLC Board of Directors is presented in accordance with the Companies Act 2006:
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Aggregate emoluments1
9.8
9.3
8.2
Amounts paid under LTIPs2
\u2014
0.4
1.2
9.8
9.7
9.4
Notes
1 The aggregate emoluments include amounts paid for the 2023 year. In addition, deferred share awards for 2023 with a total value at grant of \u00a31.5m (2022: \u00a32.3m, 2021: \u00a31.4m) will be
made to Directors which will only vest subject to meeting certain conditions.
2 The figure above for \"Amounts paid under LTIPs\" relates to LTIP awards that were released to Directors during the year. Dividend shares released on the awards are excluded (where
applicable). The LTIP figure in the single total figure table for Executive Directors' 2023 remuneration in the Directors' Remuneration report relates to awards that are scheduled to be
released in 2024 in respect of the 2021-2023 LTIP cycle.
There were no pension contributions paid to defined contribution schemes on behalf of Directors (2022: \u00a3nil, 2021: \u00a3nil). There were no
notional pension contributions to defined contribution schemes.
As at 31\u00a0December 2023, there were no Directors accruing benefits under a defined benefit scheme (2022: nil, 2021: \u00a3nil).
Directors\u2019 and Officers\u2019 shareholdings and options
The beneficial ownership of ordinary share capital of Barclays PLC by all Directors and Officers of Barclays PLC (involving 26 persons) at
31\u00a0December 2023 amounted to 14,833,002 (2022: 15,944,986) ordinary shares of 25p each (0.10% of the ordinary share capital
outstanding).
As at 31\u00a0December 2023, Executive Directors and Officers of Barclays PLC (involving 16 persons) held options to purchase a total of
67,319 (2022: 62,268) Barclays PLC ordinary shares of 25p each at a weighted average price of 92p under Sharesave.
Advances and credit to Directors and guarantees on behalf of Directors
In accordance with Section 413 of the Companies Act 2006, the total amount of advances and credits made available in 2023 to
persons who served as Directors during the year was \u00a30.3m ( 2022: \u00a30.2m). The total value of guarantees entered into on behalf of
Directors during 2023 was \u00a3nil (2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-661": { "value": "Auditor\u2019s remuneration
Auditor\u2019s remuneration is included within consultancy, legal and professional fees in administration and general expenses and
comprises:
2023
2022
2021
\u00a3m
\u00a3m
\u00a3m
Audit of the Barclays Group's annual accounts
11
10
9
Other services:
Audit of the Company's subsidiaries1
53
48
41
Other audit related fees2
12
11
10
Other services
2
2
2
Total Auditor's remuneration
78
71
62
Notes
1 Comprises the fees for the statutory audit of subsidiaries both inside and outside the UK and fees for work performed by associates of KPMG in respect of the consolidated financial
statements of the Company.
2 Comprises services in relation to statutory and regulatory filings. These include audit services for the review of the interim financial information under the Listing Rules of the UK listing
authority .
Audit scope changes are finalised following the completion of the audit and recognised when agreed. The 2023 audit fee includes \u00a31m
(2022: \u00a32m, 2021: \u00a33m )\u00a0 relating to the previous year\u2019s audit.
2023
2022
2021
Barclays associated pension schemes
\u00a3m
\u00a3m
\u00a3m
Audit fee
0.3
0.3
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-662": { "value": "Assets and liabilities included in disposal group classified as held for sale
Accounting for\u00a0 non-current assets held for sale and associated liabilities
The Group applies IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.\u00a0 Non-current assets (or disposal groups) are
classified as held for sale when their carrying amount is to be recovered principally through a sale transaction rather than continuing use.
In order to be classified as held for sale, the asset must be available for immediate sale in its present condition subject only to terms that
are usual and customary, and the sale must be highly probable. Non-current assets (or disposal groups) held for sale are measured at
the lower of carrying amount and fair value less cost to sell.\u00a0 Assets and liabilities classified as held for sale are presented separately in
the consolidated balance sheet.\u00a0
Management accounting estimates and judgements
Management judgement is required in determining whether the IFRS 5 held for sale classification criteria are met, in particular whether
the sale is highly probable and expected to qualify for recognition as a completed sale within 12 months of classification. This
assessment requires consideration of how committed management is to the sales plan, the likelihood of obtaining regulatory or other
external approvals which is often required for sales of banking operations and how committed the buyer is to complete the sales
transaction within the agreed timelines.
Barclays is currently engaged in a process to sell its German consumer finance business (comprising credit cards, unsecured personal
loans and deposits), currently within CC&P, as part of our ambition to simplify Barclays and support our focus on growing our key
businesses.\u00a0 A sale is expected to complete in 2024.
The perimeter of the disposal group has been accounted for in line with the requirements of IFRS5 as at 31 December 2023.\u00a0 A detailed
analysis of the disposal group is presented below:
As at 31 December
2023
\u00a3m
Assets included in disposal groups classified as held for sale
Loans and advances to customers
3,855
Intangible assets
15
Property, plant and equipment
24
Other assets
22
Total assets classified as held for sale
3,916
Liabilities included in disposal groups classified as held for sale
Deposits from customers
3,077
Other liabilities
83
Provisions
4
Total liabilities classified as held for sale
3,164
Net assets classified as held for sale
752
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-663": { "value": "
Accounting for\u00a0 non-current assets held for sale and associated liabilities
The Group applies IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.\u00a0 Non-current assets (or disposal groups) are
classified as held for sale when their carrying amount is to be recovered principally through a sale transaction rather than continuing use.
In order to be classified as held for sale, the asset must be available for immediate sale in its present condition subject only to terms that
are usual and customary, and the sale must be highly probable. Non-current assets (or disposal groups) held for sale are measured at
the lower of carrying amount and fair value less cost to sell.\u00a0 Assets and liabilities classified as held for sale are presented separately in
the consolidated balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-664": { "value": "Subsequent events
Barclays announced on 9 February 2024 that Barclays Bank UK PLC has entered into an agreement with Tesco Personal Finance plc
(operating using the trading name \u201cTesco Bank\u201d) to acquire its retail banking business, which includes credit cards, unsecured personal
loans, deposits and the operating infrastructure. Additionally upon completion, Barclays Bank UK PLC will enter into a long-term,
exclusive strategic partnership with Tesco Stores Limited for an initial period of 10 years to market and distribute credit cards,
unsecured personal loans and deposits using the Tesco brand, as well as explore other opportunities to offer financial services to Tesco
customers. The transaction involves the acquisition of approximately \u00a38.3bn of unsecured lending balances, including approximately
\u00a34.2bn of gross credit card receivables and \u00a34.1bn of gross unsecured personal loans, together with approximately \u00a36.7bn in customer
deposits. The acquisition is expected to occur in H2 2024, subject to court sanction and regulatory approvals.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800LBQA1Y9L22JB70", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }