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Sovereign and Supranational | In line with market practice, there is no collateral against these assets. |
| These are our High Quality Liquid Assets (HQLA) in our Eligible Liquidity Pool. They are mainly ABS and covered bonds, which hold senior positions in the creditor hierarchy. Their credit rating reflects over-collateralisation in the structure and the assets that underpin their cash flows. |
| We use standard legal agreements to reduce credit risk via netting and collateralisation on derivatives, repos and reverse repos, and stock borrowing/lending. We also reduce risk by clearing trades through central counterparties (CCPs) where possible. |
Consumer Finance
In Consumer Finance, similar to Retail Banking, we use IT systems and data available to us to monitor accounts, and we use the Retail Risk Playbook tolerance
framework and management judgements to ensure that portfolio quality remains within Risk Appetite. We also check the Residual Value of our portfolio each
month, using triggers set to identify any material change in trends.
Corporate & Commercial Banking and Corporate Centre
We regularly monitor and report our credit risk by portfolio, segment, industry, location and customer. We monitor detailed analyses of our credit exposures and
risk trends each month. We also report our larger exposures and risks to the Board Risk Committee each month.
Our Watchlist
We also use a Watchlist for exposures subject to annual reviews to help identify potential problem debt early. Just because a customer is on our Watchlist does not
mean they have defaulted. It just means that their probability of default has increased, such as they have breached a covenant or lost a major contract.
We classify Watchlist cases as:
\u2013Enhanced monitoring: for less urgent cases. We monitor these cases more often and where appropriate may consider more collateral.
\u2013Proactive management: for more urgent or serious cases. We may take steps to restructure debt including extending the term, taking more collateral, agreeing
a lower credit limit, or seeking repayment of the loan through refinancing or other means.
We assess Watchlist cases for impairment as set out in the \u2018Significant Increase in Credit Risk (SICR)\u2019 section. When a customer is in enhanced monitoring, we do
not consider it has suffered a SICR for ECL purposes, so it remains in Stage 1 for our loss allowance calculations. When a customer is in proactive management, we
consider it has suffered a SICR, so we transfer it to Stage 2 and apply a lifetime ECL for our loss allowance calculations. We take into account any forbearance we
offer. This includes any extra security, guarantees or equity available and the potential to enhance value by asset management.
In Corporate & Commercial Banking, as part of our annual reviews, for loans nearing maturity, we look at the prospect of refinancing the loan on current market
terms and applicable credit policy. If this is unlikely, we put the case on our Watchlist.
We manage exposures not subject to annual reviews, mainly high volume and low value cases, using early warning indicators including credit reference agency
data, supported by teams of expert analysts.
In Corporate Centre, we typically monitor the credit quality of our exposures daily. We use internal and third-party data to detect any potential credit deterioration.
4. Arrears management (audited)
Retail Banking and Consumer Finance
We have several strategies to manage arrears that we can use as early as the day after a missed payment. We assess the problems a customer is having, so we can
offer them the right help to bring their account up to date as soon as possible. The strategy we use depends on the risk and the customer\u2019s circumstances.
Corporate & Commercial Banking and Corporate Centre
We identify problem debt by close monitoring, supported by our Watchlist process for exposures subject to annual review. We aim to identify warning signs early
by monitoring customers\u2019 financial and trading data, checking to see they do not breach covenants, and having regular dialogue with them. We tailor our strategy
to the type of customer, their circumstances and the level of risk. We try to help our customers find their own way out of financial difficulty and agree on a plan
that works for both of us. We engage our Restructuring & Recoveries team as needed on Watchlist cases and we may hand over more serious cases to them. For
exposures not subject to annual review, we have strategies to manage arrears that can be used as early as the day of the missed payment. If a case becomes more
urgent or needs specialist attention, and if it transfers to Stage 3, we transfer it to our Restructuring & Recoveries team.
For more, see the Forbearance section.
5. Debt recovery (audited)
Sometimes, even when we have taken all reasonable and responsible steps to manage arrears, they are not effective. If this happens, we have to end our
agreement with the customer and try to recover the whole debt, or as much of it as we can.
Retail Banking
In Homes, we may use a debt collection agency, sell the debt, or take the customer to court. For retail mortgages, we may repossess the property as a last resort or
to protect it from damage or third-party claims. We make sure our estimated losses from repossessed properties are realistic by getting two independent
valuations and the estimated selling costs, and using them in our loss allowances calculations. Where we repossess a property, we do not take ownership. We use
agents to realise the value and settle the debt. Any surplus funds are returned to the borrower or dealt with in line with insolvency rules.
In Everyday Banking, we may use a debt collection agency, sell the debt, or take the customer to court, similar to our approach in Homes.\u00a0
Consumer Finance
In Consumer Finance, similar to Retail Banking, we may use a debt collection agency, sell the debt, or take the customer to court. We may consider taking steps to
re-possess the vehicles we have financed.\u00a0
Corporate & Commercial Banking and Corporate Centre
Where we look for an exit, we aim to do this, if we can, by agreeing with the borrower that they will sell some or all their assets on a voluntary basis or agreeing to
give them time to refinance their debt with another lender. Where we cannot reach an agreement, we consider recovery options. This can be through an insolvency
proceeding, enforcing over any collateral or selling debt on the secondary market. We may also consider other legal action to recover what we are owed. If there is
a shortfall, we write it off against our loss allowances. In very rare cases, we may act as mortgagee in possession of assets held as collateral against non-
performing commercial lending. In such cases, we carry the assets on our balance sheet and classify them in line with our accounting policies.
Loan modifications (audited)
We sometimes change the terms of a loan when a customer gets into financial difficulty (this is known as forbearance), or for other commercial reasons.
Forbearance (audited)
We can change the terms of a customer's loan, temporarily or permanently, to help them through temporary periods of difficulty so they can get back on to
sustainable terms. We assess what we offer to make sure the customer can afford it. Forbearance improves our customer relationships and we review our
approach regularly to make sure it is still effective. We try to offer forbearance before a customer defaults and we only foreclose or repossess as a last resort.
The main types of forbearance we offer are:
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| We can extend the loan term, making each monthly payment smaller. We may offer this if the customer is up to date with payments but shows signs of financial difficulties. We may also offer this if the loan is about to mature and refinancing is not possible on market terms. |
| Prior to 2016, we offered retail customers temporary concessions to interest-only repayments due to financial difficulty. This concession is no longer available but any such loans that remain on interest-only repayment concession are classed as forborne.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 For corporate customers, we still consider interest-only concessions on a case by case basis. We only agree to this if we believe their financial problems are temporary and they are going to recover. After the interest-only period, we expect the customer to go back to making full payments of interest and capital once they are in a stronger financial position.\u00a0 |
Other payment rescheduling, including capitalisation | For retail customers, we may add the arrears to the mortgage balance (this is known as capitalisation) if they cannot afford to increase their monthly payment to pay off their arrears in a reasonable time but have been making their monthly payments, usually for at least six months. We can also capitalise property charges due to a landlord. We pay them for the customer to avoid the lease being forfeited. We may combine this help with term extensions and, in the past, interest-only concessions. In certain cases we may also offer interest rate concessions. For corporate customers, we may lower or stop their payments until they have time to recover. We may reschedule payments to better match the customer\u2019s cash flow \u2013 for example if the business is seasonal - or provide a temporary increase in facilities to cover peak demand ahead of their trading improving. We might do this by arrears capitalisation or drawing from an overdraft. We may also offer to provide new facilities, interest rate concessions and interest roll-up. In rare cases, we agree to forgive or reduce part of the debt. |
When we agree forbearance, we consider the account has suffered a SICR, as we explain later on, and we classify it as Stage 2 or 3. If an account is already in Stage
2, we keep it in Stage 2 unless the account is deemed unlikely to pay, involves forgiving fees and interest or debt, or is being granted multiple forbearances. In
these cases, we move it into Stage 3. If an account is already in Stage 3, we keep it in Stage 3. A loan moves out of forbearance once the exit criteria below are met.
We monitor the performance of all forborne loans.
Exit from forbearance or cure
For an account in Stage 3 to exit forbearance, all the following conditions must be met:
\u2013The account has been classed as Stage 3 for at least one year since the end of the latest forbearance strategy
\u2013The account is not deemed unlikely to pay
\u2013The account is no longer in arrears, and the customer has no other material debts with us which are more than 90 days in arrears.
If all the conditions are met, the account is re-classed as Stage 2 forbearance until the Stage 2 forbearance exit conditions set out below are also met.
For an account in Stage 2 to exit forbearance, all the following conditions must be met:
\u2013The account has been classed as Stage 2 for at least two years since the end of the latest forbearance strategy
\u2013The account has been performing, i.e. the customer is no longer in financial difficulty
\u2013Meaningful capital and interest repayments have been made for at least 50% of the two year period
\u2013The account is no longer in arrears, and the customer has no other material debts with us which are more than 30 days in arrears.
Key metrics (audited)
We use a number of key metrics to measure and control credit risk, as follows:
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Expected Credit Loss (ECL) | ECL tells us what credit risk is likely to cost us either over the next 12 months or over the lifetime of the exposure where there is evidence of a SICR since origination. We explain how we calculate ECL below. |
| We assess each facility\u2019s credit risk profile to determine which stage to allocate them to, and we monitor where there is a SICR and transfers between the Stages including monitoring of coverage ratios for each stage. We explain how we allocate a facility to Stage 1, 2 or 3 below. |
| The Stage 3 ratio is the sum of Stage 3 drawn and Stage 3 undrawn assets divided by the sum of total drawn assets and Stage 3 undrawn assets. The Stage 3 ratio is the main indicator of credit quality performance. |
| EL is based on the CRD IV regulatory capital rules and gives us another view of credit risk. It is the product of the probability of default, exposure at default and loss given default, and we include direct and indirect costs. We base it on our risk models and our assessment of each customer\u2019s credit quality. The rest of our Risk review, impairments, losses and loss allowances refer to calculations in accordance with IFRS, unless we specifically say they relate to CRD IV. For our IFRS impairment accounting policy, see Note 1 to the Consolidated Financial Statements. |
We also assess risks from other perspectives, such as geography, business area, product and process to identify areas to focus on. We also use stress testing to
establish vulnerabilities to economic deterioration. Our business segments tailor their approach to credit risk to their customers, as we explain later on.
Recognising ECL (audited)
The ECL approach estimates the credit losses arising from defaults in the next 12 months on qualifying exposures, or defaults over the lifetime of the exposure
where there is evidence of a Significant Increase in Credit Risk (SICR) since the origination date. The ECL approach takes into account forward-looking data,
including a range of possible outcomes, which should be unbiased and probability-weighted to reflect the risk of a loss being incurred even when it is unlikely.
Critical judgements and accounting estimates applied in calculating ECL (audited)
The preparation of Santander UK's consolidated financial statements in accordance with IFRS requires management to make judgements, estimates and
assumptions in applying the accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Due to the inherent uncertainty in
making estimates, actual results reported in future periods may be based on amounts which differ from those estimates. Estimates, judgements and assumptions
are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances. There has been no change in the inherent sensitivity of the areas of judgement in the period. Management have considered the impact of
developments in principal risks and uncertainties, as set out in the Risk review, on critical judgements and accounting estimates.
The significant judgements, apart from those involving estimation, made by management in applying Santander UK's accounting policies in these financial
statements (key judgements) and the key sources of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the next financial year (key estimates), which together are considered critical to Santander UK's results and financial position,
are as follows:
The application of the ECL impairment methodology for calculating credit impairment allowances is highly susceptible to change from period to period. The
methodology requires management to make judgmental assumptions in determining the estimates. Any significant difference between the estimated amounts
and actual amounts could have a material impact on the future financial results and financial condition. The impact of the cost of living crisis has increased the
uncertainty around ECL impairment calculations and has required management to make additional judgements and accounting estimates that affect the amount
of assets and liabilities at the reporting date and the amount of income and expenses in the reporting period. The key additional judgements due to the impact of
the cost of living crisis mainly reflect the increased uncertainty around forward-looking economic data and the need for additional Judgemental Adjustments. We
consider the critical accounting estimates in calculating ECL to be:
\u2013Forward-looking multiple economic scenario assumptions; and
\u2013Probability weights assigned to multiple economic scenarios.
We consider the critical management judgements in calculating ECL to be:
\u2013Determining an appropriate definition of default;
\u2013Establishing the criteria for a significant increase in credit risk (SICR) and for corporate borrowers internal credit risk rating;
\u2013Determining the need for any\u00a0 Judgemental Adjustments (JAs);
\u2013 Determining the need to assess corporate Stage 3 exposures individually.
See the sections below for more on each of these key judgements and estimates.
Multiple economic scenarios and probability weights (audited)
For all our portfolios we use five forward-looking economic scenarios.\u00a0 For 2022, they consist of a central base case, one upside scenario and three downside
scenarios. We use five scenarios to reflect a wide range of possible outcomes for the UK economy.
Our forecasting approach
We derive our scenarios in part by using a set of parameters in GDP fan charts published by the Office for Budget Responsibility (OBR). These fan charts reflect the
probability distribution of a deviation from the OBR\u2019s central forecast to illustrate the uncertainty regarding the outcome of a variable, in this case GDP.
We use the 0.6 fan chart path for our Upside 1 scenario and the 0.3 path for Downside 1. For Downside 2 we impose a recession via an adjustment factor that
converges to Downside 1 in the long-run, rather than imposing a floor on the peak to trough fall which had occurred prior to the pandemic. To ensure that
Downside 2 is kept consistent with any changes to the OBR fan charts, we calculate the Downside 2 GDP by taking the percentage difference between Downside 2
and Downside 1 GDP in the original forecast and applying this difference to the new Downside 1.
Once we have established the GDP paths for each scenario, we run them through the Oxford Global Economic Model (OGEM) to derive the other macroeconomic
variables, such as unemployment and house prices. These variables are the product of the GDP growth paths we have forecast and the output of the OGEM for
these growth paths. These are then reviewed to ensure consistency with the narrative of each scenario and therefore changes to these variables may be required in
some cases.\u00a0 We then impose a Bank Rate profile for each scenario using expert judgement. We determine the Bank of England Bank Rate by using the base case
Bank Rate profile and adjusting this for each of the four other scenarios. To do this, we firstly consider what each of the scenarios is trying to achieve.
For the upside scenario, which has a slightly higher growth path, we assume a smaller increase in Bank Rate in 2023 with cuts beginning in 2024 in similar
increments as the base case. For Downside 2 the scenario shows monetary policy being tightened to contain inflation at a time of weakening output growth, so
here we assume the Bank of England raises rates to the same peak as in the base case to bring inflation back to its target rate, but that cuts start earlier as
economic growth falls much more markedly and the Bank of England look to aid the economy. The rising Bank Rate profiles are based on forward guidance from
the Bank of England, where increases are assumed to be gradual and incremental. For the Downside 1 scenario, this has a lower Bank Rate profile than in the base
as the Bank of England look to bolster the economy earlier despite above target inflation rates, and for Stubborn Inflation, this reflects a larger increase in Bank
Rate as inflation remains persistently above target.\u00a0 In this way, our scenarios reflect a range of possible outcomes that the Bank of England may follow for
different growth paths, but also assumes that the Bank of England does not slash rates due to recessionary concerns.\u00a0
Our use of five scenarios is designed to reflect different possible outcomes to the base case forecast highlighting the upside and downside risks associated with the
central scenario. The downside risks for the UK economy include a further and sharper downturn in global growth, a substantial increase in inflation which raises
the cost of living, a continuation of the very low productivity growth seen in the UK, and a move to a more protectionist agenda for trade. The upside risks were
more muted at the end of 2022 and include a stronger recovery in global growth, a faster fall in inflation, coupled with a move to more open trade and further
trade agreements with other countries.\u00a0
We update the baseline in our economic scenarios at least twice a year in line with our annual budgeting and three-year planning processes, or sooner if there is a
material change in current or expected economic conditions. For instance, in 2022 the base case has been updated every quarter. We refresh all our economic
scenarios each quarter to reflect the latest data and OBR fan charts if these have changed, which are then reviewed and approved by the Credit Risk Provisions
Forum (CRPF). The CRPF also assesses the probability weights at least once a quarter.
We do not use consensus forecasts as inputs to our models, but we do compare the outputs of our models against consensus views for the base case, to make sure
that we understand any significant differences and address them where needed. At the end of 2022, there were no significant differences between our base case
forecasts and the consensus views.
In 2022, we were also able to do further peer benchmarking analysis of the economic scenarios using the data the PRA provided, which for Q4 2022 included the
mean weighted analysis for a selection of economic variables, including GDP, unemployment rate and HPI. This meant that we could compare our weighted
scenarios against the average of our peers to understand what differences there may be. The conclusion of this analysis demonstrated that our economic scenarios
were in line with our peers although, on a weighted basis, our house price inflation assumption reflected a more conservative view.
In 2022, we also considered any likely impact from climate change risk on our forecasting approach and concluded that no adjustment to the multiple economic
scenarios for climate change risk was required. This is because climate change effects are generally regarded to be relevant over a longer timeframe than our
forecast period of five years.
Our forecasting period for GDP is five years and then we revert to the average trend growth over three years based on the OBR\u2019s long-run GDP forecast
assumption. The reversion to mean for all macroeconomic variables is expected to take three years after the initial five-year forecast period.
Key changes to our forecasting approach in 2022
In 2022, there were no specific changes to our forecasting approach. The OBR returned to publishing its fan charts and the latest version, published in March 2022,
have been incorporated.
Base case
For our base case, the forecasts include a 6 quarter recession with a peak to trough fall in GDP of c.2%, caused by falling real disposable incomes due to the cost of
living crisis and higher interest rates which push up housing costs. The forecasts also incorporate the policies set out in the Autumn Statement, including the
changes to the Energy Price Guarantee scheme.\u00a0 It is normal practice to review the scenarios and associated weights every quarter to ensure they appropriately
reflect the current economic circumstances, and we will continue to follow that approach particularly as the advice the UK Government issues is subject to change
in this fluid environment.
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Base case key macroeconomic assumptions |
\u2013House price growth: The housing market was surprisingly resilient in the first half of 2022.\u00a0 However, the sharp rise in mortgage rates has triggered a slowdown in house price growth in recent months.\u00a0 With survey indicators pointing to a sharp reduction in demand as buyer confidence is hit by a squeeze on affordability from higher inflation, taxes and mortgage rates, house prices are expected to continue declining in the near-term.\u00a0 We are forecasting a 10% year-on-year decline in house prices by the end of 2023, with zero growth anticipated by the end of 2024.\u00a0 Once the Bank Rate moves towards its neutral level, house price growth starts to pick up and by the end of the forecast period is in line with long term average earnings growth. |
\u2013GDP: The GDP forecasts for Q3 showed negative growth of -0.3% q/q and there is a high likelihood of a further contraction in Q4 which would push the UK economy into recession.\u00a0 The Q3 data showed that households and businesses are reducing spending to deal with rising costs, particularly of essential goods such as food and energy.\u00a0 All of this is likely, along with additional costs, to weigh on businesses with some firms falling into insolvency and there are examples of this being reported in Q4.\u00a0 The economy is expected to officially be in recession by the end of 2022 and for all of 2023, with growth remaining weak in 2024.\u00a0 While support from the Autumn Statement was reduced in some areas, for example with energy costs, there was some positive news for those on benefits and receiving the state pension, with both increasing in line with September\u2019s inflation rate of 11.1% and with the minimum wage also set to increase in April 2023.\u00a0 This should help support household spending and prevent a deeper economic downturn than the c.2% decline we expect. |
\u2013Unemployment rate: Unemployment rose to 3.7% in the 3 months to October as labour demand started to soften and inactivity among early retirees fell. However, the\u00a0 large increase in inactivity due to ill health or workers opting for early retirement is keeping unemployment rates low.\u00a0 Vacancies remain at high levels although they are continuing to fall back as demand of goods and services declines.\u00a0 With the effect of rising energy costs and interest rates, it is likely that labour demand will fall back further as some firms become insolvent and others find that demand for goods and services reduce as households restrict spending as real earnings fall.\u00a0 Whilst the forecast does not assume a large rise in unemployment, the rate peaks at 5.1% by end of 2024 as labour demand and supply conditions change, including previously inactive workers returning to the labour force. |
\u2013Bank Rate: For the Bank Rate forecast, the last actual data point for 2022 was December when the MPC increased rates by 50bps to 3.50% in line with expectations.\u00a0 This was followed by another 50bps rise to 4.00% in February, with two members voting in favour of no change. Our base case assumes that in Q1 2023 there will be no additional rises.\u00a0 Rate cuts start in Q2 2024 as inflation starts to fall back and the MPC looks to boost flagging growth.\u00a0 Bank Rate ends 2024 at 3.25%, with further cuts in 2025 leaving the terminal rate at 2.50% over the medium-term. |
In the medium-term, the projections assume that current demographic and productivity trends will continue, causing a reduction in the UK\u2019s growth potential. For
instance, it is likely that the reduction in the UK workforce continues and that this will have a knock-on impact for the economy, particularly if there are shortages
of skilled workers in particular sectors. This is reflected in an average annual growth expectation of 1.6%, the OBR\u2019s latest estimate of the UK\u2019s long run average
growth rate. CPI inflation is forecast to be significantly above the 2% target rate in the initial forecast period but then falls to target by the end.
Key changes to our base case in 2022
The key changes to our base case assumptions in 2022 were: (i) weaker GDP growth in 2023 and 2024 which largely reflects the bigger hit to consumer spending
from the squeeze on real incomes; (ii) higher and longer above target inflation in response to rising food, fuel and utility bills; (iii) a steeper Bank Rate profile with
rates now reaching 4% in 2023, with cuts starting in 2024. This had the effect of increasing the weighted average Bank Rate profile across the five scenarios to
4.29%; and (iv) house prices are 10% lower by the end of 2023.
Other scenarios
Based on this revised base case, we have reviewed our suite of scenarios to ensure that they capture the wide range of potential outcomes for the UK economy.
These include (i) reflecting persistent above target inflation over the forecast period; (ii) a slower recovery that is more akin to the \u2018U\u2019 shape of past recessions; (iii)
labour market frictions due to skills mismatches and a shrinking workforce as some discouraged workers leave altogether (for example EU workers returning to
their native countries and older UK-born workers retiring early); and (iv) the global economy recovering more swiftly from higher inflation.\u00a0
To reflect these potential outcomes, we decided to continue to use the base case and four additional scenarios, which management considers provides a range
wide enough to reflect all the above potential outcomes. However, as the risks remain skewed to the downside, to reflect these outcomes sufficiently, we
concluded that only one upside scenario would be needed to reflect the upside risks to the base case. As with the base case, the scenarios are forecast over a five-
year period and then mean revert over the next three years to the OBR's latest estimate of the UK's long run average growth rate.
The four other scenarios are:
One upside scenario
This scenario has a quicker recovery than the Baseline although remains benign. It assumes that inflation falls back more swiftly than in the base case, with a
quicker end to the Ukraine conflict which helps to reduce gas and food prices. This allows the Bank of England to cut rates bringing them back to what is more
likely to be the neutral rate, with households using some of the additional levels of saving accrued over the pandemic. This results in higher consumer and
business confidence enabling higher levels of spending with savings rates falling back as real earnings growth returns. House prices fall marginally more than the
base case, mainly due to the implied relationship between GDP and HPI used by the Oxford Economics model compared to that used by Management to construct
the base case.
Three downside scenarios
Downside 1 - This scenario is a bear case to the baseline. It assumes that peak to trough economic growth is lower and that the path out of recession is weaker. In
this scenario excess savings are not used to support growth as consumer confidence remains extremely low, with households worried over the prospect of losing
their job. House prices fall further than in the base case as more households look to downsize to lower mortgage repayments. Although inflation remains
significantly above target, due to the very poor economic conditions, the Bank of England decides to cut Bank Rate earlier than in the base case to try and bolster
growth.
Downside 2 - This scenario is similar in severity to a typical stress test scenario. It shows a marked fall in GDP, with unemployment rising to levels consistent with
the Global Financial Crisis (GFC) and house prices falling by almost a third as real incomes are squeezed by higher mortgage rates, inflation and taxes, which in turn
hits buyer affordability. The scenario also reflects ongoing strike action by various unions pushing for larger pay growth, along with dealing with potential
blackouts and the possibility of curtailed working weeks to deal with the energy supply shortage over the winter months. It further assumes that the incidence of
major risk events, for example those caused by climate change, continue to occur exposing risks to countries\u2019 fiscal position and the means to respond to such
events.\u00a0 For this scenario an overlay to the unemployment rate was also made to the model output from the OGEM. This was to account for the possibility of a
recession of similar magnitude to that of 2008/09 where the unemployment rate peaked at 8.5%.
Stubborn inflation - which has replaced the Downside 3 scenario that was related to Covid-19. The scenario considers the effect on the UK economy of a
persistent inflationary environment, where inflation remains above target for much of the forecast period. This persistent inflation is created by a combination of
factors, including higher energy costs exacerbated by the conflict in Ukraine; continuous wage rises resulting in a spiral effect pushed by increasing numbers of
strikes; falling productivity; and continuing supply constraints pushing up input prices. This causes a peak to trough fall in GDP of -4% and a much higher Bank Rate
profile with a peak of 6% to combat persistently higher inflation. House prices fall c.20% which is similar to the GFC.
Key changes to our alternative scenarios in 2022
The key changes in 2022 were to Stubborn Inflation, which was changed from a pandemic scenario to one considering the effects of persistently above target
inflation; to the Bank Rate profile of the scenarios to reflect current levels; and changes to the base case, historical data for each variable, and the OGEM. We did
not make any other methodological changes to the scenarios. The combination of these different inputs will mean differences across the variables for each of the
alternative scenarios when we update them each quarter. We continue to compare the variables between each quarter and review any large changes to ensure
they are not erroneous.
The table below sets out our macroeconomic assumptions for each of the five scenarios at 31 December 2022:
Where we use the advanced internal ratings-based basis for a portfolio in our capital calculations, there are differences with the default definitions for ECL
purposes. The main differences are as follows:
\u2013Performing forborne accounts while not in default are in Stage 2 until they cure their forbearance status (measured as 12 consecutive months of successful
payments).
\u2013Performing non-forborne accounts, which under our internal rating-based basis are subject to a 3-month cure period, for accounting purposes we classify
them in Stage 2 until they cure all SICR triggers.
The CRPF reviews and approves the definition of default each year, or more often if we change it.
Following the implementation of a new regulatory definition of default in early 2022, we updated and aligned our definitions. This increased the Stage 3 ratio by
7bps (\u00a30.2bn). This was due to including non-performing forbearance accounts which were previously reported in Stage 2 and are now reported in Stage 3 in line
with unlikeliness to pay definitions, subject to a 12-month probation period in line with our regulatory default definition. The change in definition was a change in
estimate and therefore prior periods have not been amended.
Significant Increase in Credit risk (SICR) (audited)
Loans which have suffered a SICR since origination are subject to a lifetime ECL assessment which extends to a maximum of the contractual term of the loan, or the
behavioural term for a revolving facility. Loans which have not experienced a SICR are subject to 12-month ECL. We assess the credit risk profile of each facility to
determine which of three stages to allocate them to:
\u2013Stage 1: when there has been no SICR since initial recognition. We apply a loss allowance equal to a 12-month ECL i.e. the proportion of lifetime expected losses
that relate to that default event expected in the next 12 months
\u2013Stage 2: when there has been a SICR since initial recognition, but the exposure is not considered credit impaired. We apply a loss allowance equal to the lifetime
ECL i.e. the expected loss resulting from all possible defaults throughout the residual life of a facility
\u2013Stage 3: when the exposure is considered credit impaired. We apply a loss allowance equal to the lifetime ECL. Objective evidence of credit impairment is
required. For more, see the section \u2018Definition of default (Credit impaired)\u2019 above.
We use quantitative, qualitative and backstop criteria to identify exposures that suffer a SICR. The Credit Risk Provisions Forum (CRPF) reviews and approves our
SICR thresholds periodically. The Board Audit Committee reviews and challenges their appropriateness each year, or more often if we change them.
Quantitative criteria
We use quantitative criteria to identify where an exposure has increased in credit risk. We base our criteria on whether any increase in the lifetime PD since
origination exceeds a threshold in relative and absolute terms. We base the value anticipated at origination on similar assumptions and data to the ones we use at
the reporting date, adjusted to reflect the account surviving to that date. The comparison uses either an annualised lifetime PD, where the lifetime PD is divided by
the forecast period, or the absolute change in lifetime PD since origination. Our criteria are absolute (rather than relative) increases in lifetime PD since origination.
We also apply a relative threshold of 100% (doubling the PD) across all portfolios.\u00a0 The criteria for 2022 were:
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(1)For larger business banking customers we apply the same criteria that we use for Corporate & Commercial Banking.
(2)Consumer Finance use the comparison of lifetime PDs to determine Stage allocation, unlike other products which first turn the lifetime PD into an average yearly PD (annualised) and then do the comparison.
Qualitative criteria
We also use qualitative criteria to identify where an exposure has increased in credit risk, independent of changes in PD. The criteria for 2022 and 2021 were:
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\u2013 In forbearance \u2013 Default in last 24m \u2013 30 Days past due (DPD) in last 12m \u2013 Bankrupt \u2013 \u00a3100+ arrears | \u2013 In Collections \u2013 Default in last 12m \u2013 \u00a350+ arrears | \u2013 In forbearance \u2013 Default in last 12m \u2013 In Collections \u2013 \u00a3100+ arrears \u2013 Behaviour score indicators | \u2013 Fees suspended \u2013 Default in last 12m \u2013 Debit dormant >35 days \u2013 Any excess in month | \u2013 In forbearance \u2013 Deceased or Insolvent \u2013 Court \u2018Return of goods\u2019 order or Police watchlist \u2013 Agreement terminated \u2013 Payment holiday \u2013 Cash Collection | \u2013 In forbearance \u2013 Default in last 12m \u2013 Watchlist: proactive management \u2013 Default at proxy origination | \u2013 Watchlist: proactive management |
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(1)For larger business banking customers we apply the same criteria that we use for Corporate & Commercial Banking.
An additional qualitative assessment was introduced as part of new Judgemental Adjustment introduced during 2022 in response to the cost of living crisis.
Exposures that were deemed more significantly impacted by cost-of-living pressures based on indebtedness and disposable income thresholds were migrated to
Stage 2. See 'Judgemental Adjustments (JAs) below for more on this.
Backstop criteria
As a backstop, we classify all exposures more than 30 or 90 DPD in at least Stage 2 or in Stage 3, respectively. This means that we do not rebut the backstop
presumptions in IFRS 9 (i.e. credit risk has significantly increased if contractual payments are more than 30 DPD) relating to either a SICR or default.
Improvement in credit risk or cure
We transfer Stage 3 exposures to Stage 2 or Stage 1 when we no longer consider them to be credit impaired. We transfer Stage 2 exposures to Stage 1 when we
no longer consider them to have suffered a SICR. Where we identified a SICR using quantitative criteria, we transfer the exposures to Stage 1 when they no longer
meet the original PD-based transfer criteria. Where we identified a SICR using qualitative criteria, the issues that led to the transfer must be cured before we
transfer the exposure to Stage 1. For a loan to exit forbearance, it must meet the conditions set out in the section \u2018Forbearance\u2019.
Judgemental Adjustments (JAs) formerly known as Post Model Adjustments (PMAs) (audited)We use a range of methods to identify whether we need a JA. These include regular review of model monitoring tools, changes in the period, trend analysis,
comparison against forecasts, and input from expert teams who manage key portfolio risks. We only recognise a JA if its expected impact is over \u00a31m and keep it in
place until we no longer need it. This is usually when we build it into our core credit model or the conditions that impacted the historical data no longer exist.
Our Risk Provisions & Forecasting team calculates JAs to ensure they are incremental to the core credit model and to ensure the calculation is performed in a
consistent and controlled manner. We apply standard end-user computing controls to JAs expected to be in place for more than six months. Our Independent
Validations Team may also review significant JAs. The CRPF approves all new JAs and, each quarter, reviews and approves existing JAs.
Long-term indeterminate arrears: To mitigate the risk of model underestimation, we fully provide for accounts in arrears which have neither repaid (cured) or been written-off after a period of 2 years for unsecured portfolios or 5 years for secured portfolios. For our secured portfolios, we use expected security
valuations at the point of repossession to estimate the adjustment. At 31 December 2022 and 31 December 2021, we only needed to make an adjustment for
mortgages. When calculating the ECL uplift for this JA, management assumes a 2 year delay in the time to repossessions which reflects experience and ensure
the LTVs are impacted by our Multiple scenario forecasts for HPI. Over the medium term, as we continue to address long term arrears in the portfolio, we expect
the need for this JA will diminish. This JA increased our ECL by \u00a313m . Had management assumed no delay in repossessions or a 3 year delay, the JA could have
been within a range of \u00a312m to \u00a314m.
\u201312+ months in arrears: To mitigate the risk of underestimating ECL, mortgage accounts which are more than 12 months past due are fully provided for after
deducting a historically observed self-cure rate. When calculating the ECL uplift for this JA, management assumes a 2 year delay in the time to repossessions
which reflects experience and ensure the LTVs are impacted by our Multiple scenario forecasts for HPI. Over the medium term, as we continue to address long
term arrears in the portfolio, we expect the need for this JA will diminish. This JA increased our ECL by \u00a322m. Had management assumed no delay in
repossessions or a 3 year delay, the JA could have been within a range of \u00a37m to \u00a328m.
\u2013Cladding risk: Following the Government's intervention to support the owners of flats where cladding rectification may be required, we released this JA.
\u2013Mortgages affordability: This JA addresses the risk that the current PD model for mortgages is likely to underestimate a 'cost of living crisis' whereby real
disposable income is stretched with increasing living costs and debt burden as interest rates begin to rise. The JA identifies a population of customers most likely
to be under inflationary pressures, increases their PDs and moves them to Stage 2. At 31 December 2022, these accounts made up a significant amount of the
total mortgage Stage 2 population as \u00a35.0bn mortgages were moved from Stage 1 into Stage 2 as a result. The JA increased our ECL by \u00a39m in 2022 with a
closing ECL of \u00a327m .
\u2013Affordability of unsecured lending repayments: We introduced new JAs to account for the potential repayment affordability risk among those customers with
low disposable income. These JAs increased our ECL by \u00a335m. Had management applied different sensitivities to the PD uplifts across Mortgages and Retail
unsecured affordability, the ECL impact could have been between \u00a349m and \u00a382m.
\u2013UPL loss floor: This JA addresses the perceived macroeconomic insensitivity within the UPL IFRS 9 models, where historical analysis of losses shows a much
larger correlation to the International Labour Organisation (ILO) unemployment forecast than the model gives. The JA then uplifts the lifetime losses expected in
each of the five macroeconomic scenarios within the IFRS 9 model to meet the expected losses the historical analysis predicts. The JA increased our ECL by
\u00a315m . If management had only increased PDs, the JA could have been \u00a312m.
\u2013Model underestimation: This JA addresses potential underestimation risk of projected modelled ECL identified by our model monitoring and back-testing from
lower PDs given the low level of macroeconomic stress and timing effects of government support schemes on emergence of defaults. At 31 December 2022,
this JA increased our ECL by \u00a357m. Had management applied the same PD uplift on the upside 1 scenario the JA could have been \u00a349m. Had management
applied the same PD uplift on the Downside 3 scenario as the Base case, Upside 1 and Downside 1 scenarios, the JA could have been \u00a360m.
\u2013Corporate lending to segments affected by supply chain: We introduced new JAs to reflect the corporate lending risks to those sectors which are susceptible
to high inflation and energy prices, higher input costs, potential for lower consumer and business demand, as well as exposure to supply chain challenges. This
JA calculates ECL depending on the customer\u2019s risk profile in stage 1 and moves risk between stage 1 and 2 (resulting in increase in lifetime vs 12m ECL). In case
of those clients already in stage 2 the JA is calculated by stressing PD levels according to the risk profile of the customer.\u00a0 In total this JA increased our ECL by
\u00a361m. The range for this JA can be between \u00a326m to \u00a3187m depending on PD assumptions of high and severe sectors.
\u2013Corporate lending to segments affected by Covid-19: In 2022, following a successful 18 month probation period, with no material observed defaults, we
released all corporate sector staging JAs related to Covid-19 as the risks from lockdowns have reduced.
\u2013Corporate single large exposure: In 2020, to mitigate against the risk of a single large corporate exposure with an ECL requirement of greater than \u00a310m
defaulting, which has not been covered by the existing model estimate or the corporate and SME JA above, we applied a JA for the risk of a company which
unexpectedly defaults. This JA has been calculated based on incurring two average historically observed single name large losses in our Corporate &
Commercial business segment. We will continue to assess this risk over the medium term based on actual experience and we will refine the estimate based on
changes in our portfolio credit quality and loan size mix. At 31 December 2021, this JA increased our ECL by \u00a323m . Had management assumed only one average
loss was incurred the JA would decrease to \u00a312m. The JA would increase to \u00a335m assuming three average losses were incurred. It has been assessed and
decision made to keep this JA as it is felt there is still a need for this given we are the start of a conventional recessionary environment. It is believed that the
unprecedented support provided by the government over the last 2 to 3 years have differed stresses and accounted for the lack of any actual examples where
we would have looked to utilise this JA.
\u2013SME debt burden: We introduced a SME debt burden JA in 2021 to take account of the potential debt burden risk of unsecured lending to our SME customers
who also took a BBL. This does not incorporate the credit risk on BBLs, as these are government guaranteed but instead considers the possible impact on
repayment of other lending with us. At 31 December 2022, this JA increased our ECL by \u00a37m . Had management used the modelled lifetime losses for all
dragged accounts, the JA could have been \u00a33m. Had management used a 50% coverage on all accounts, the JA could have been \u00a315m.
\u2013Other: This includes adjustments for other exposures in smaller portfolios that are not within models such as Buy To Let Mortgages. The year on year movement
is driven by the absence of a \u00a332m underlay JA which corrected an overstatement of the core modelled ECL as a result of customers who took a payment holiday
artificially inflating stage 2. This was released in 2022 as the data distortion no longer impacted the modelled ECL.
Climate change
In addition 2022 and 2021,we assessed the risks to asset valuations in the customer loan book from both transitional and physical risks associated with climate
change. At 31 December 2022 and 2021, we did not consider it appropriate to recognise a climate change risk related JA for the following reasons:
\u2013The behavioural life of the loan book is less than five years. Any material transitional risks are generally regarded to be relevant over a longer timeframe than
five years and as such, the risk predominantly relates to assets yet to be written;
\u2013There have been no observed default events or SICRs due to climate change for any part of the loan book;
\u2013The absolute exposure to fossil fuel industries is not deemed to be material. On an individually assessed basis, clients in these industries are highly rated and
their markets remain highly liquid;
\u2013The residual value of automotive vehicles might be impacted by diesel obsolescence and the transition to electric vehicles.The residual value risk is already set
at the more cautious end of the acceptable range to capture the inherent risk of diesel obsolescence and measurement uncertainty of electric vehicles;\u00a0
\u2013ECL calculations are based on multiple forward-looking economic scenarios developed by management covering a period of 5 years, during which timeframe
climate change risks may crystallise;
\u2013The proportion of mortgage loans subject to flood and subsidence risk is not deemed to be material. The terms of our mortgage lending also require
homeowners to buy suitable insurance which transfers the majority of the risk to asset valuations to third party insurers.
\u00a0 \u00a0 \u00a0 \u00a0
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Total Affordability and Cost of Living JAs | | | | | | | |
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Affordability and Cost of Living JAs | | | | | | | |
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2022 compared to 2021
JAs reduced from \u00a3340m to \u00a3296m and\u00a0 the proportion of JAs to total ECL decreased from 39% to\u00a0 29%. The change in proportion was mainly due to an increase in
total ECL driven by the deterioration in the economic environment compared\u00a0 to 2021.
Internal credit risk rating for corporate borrowers (audited)
We assign each corporate borrower an internal credit rating based on our internal rating scale. To do this, we look at the customer\u2019s financial history and trends in
the economy backed up by the expert judgement of a risk analyst. We review our internal ratings on a dynamic basis and at least once a year. The internal risk
rating is used to determine the Probability of Default for a client.
Individually assessed corporate Stage 3 exposures (audited)
We assess the ECL requirement for large single name corporate exposures on an individual basis when they meet our definition of default and are transferred into
Stage 3. This assessment takes into consideration the latest specific information about the counterparty to determine a probability weighted ECL based on a best,
worst and mid case outcome. For those loans that were in default (i.e. Stage 3), the ECL was \u00a3129m at 31 December 2022 (2021: \u00a3100m). Had management
assumed the best or worst outcome in terms of loss estimates, the ECL could have been within a range of \u00a368m to \u00a3203m.
Sensitivity of ECL allowance (audited)
The ECL allowance is sensitive to the methods, assumptions and estimates underlying its calculation. For example, management could have applied different
probability weights to the economic scenarios. In addition, the ECL for residential mortgages is significantly affected by the HPI assumptions which determine the
valuation of collateral used in the calculations.
Had management used different assumptions on probability weights and HPI, a larger or smaller ECL charge would have resulted that could have had a material
impact on the ECL allowance and profit before tax. We have incorporated judgemental adjustments (JA's) into the sensitivity analysis, and these assumptions are
set out below.
Scenario sensitivity
The tables below show the ECL allowances that would have arisen had management applied a 100% weight to each economic scenario. The allowances were
calculated using a stage allocation appropriate to each scenario and differs from the probability-weighted stage allocation used to determine the ECL allowance
shown above. For exposures subject to individual assessment, the distribution of ECL which could reasonably be expected has also been considered, assuming no
change in the number of cases subject to individual assessment, and within the context of a potential best to worst case outcome.
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2022 compared to 2021
In 2022 ECL increased as a result of PD deterioration and an introduction of affordability JAs mainly due to changes in the current economic environment. As a risk
from further lockdowns relating to Covid19 reduced, we released all Corporate Covid19 related JAs. This release resulted in the movement of \u00a30.4bn corporate
Stage 3 loans to Stage 2 and \u00a31.7bn of corporate loans transferred from Stage 2 to Stage 1. However, this was offset by an introduction of a new corporate lending
JA relating to segments that are susceptible to high inflation and energy price,\u00a0 higher input costs, potential for lower consumer and business demand.\u00a0 This
resulted in movement of \u00a31.4bn from Stages 1 to 2. Mortgage affordability continued to be impacted by the increased base rate and inflationary pressures,
resulting in an increase in Stage 2 mortgage asset by \u00a30.8bn.
We have incorporated our JA's into the sensitivity analysis.
HPI sensitivity
Given the relative size of our residential mortgage portfolio, management considers that changes in HPI assumptions used to calculate the ECL allowance for
residential mortgages would have the most significant impact on the ECL allowance. The table below shows the ECL impact on the profit before tax of applying an
immediate and permanent hour price increase/decrease to our unweighted base case scenario, and assumes no changes to the stage allocation of exposures.
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| Increase/decrease in house prices |
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Increase/(decrease) in profit before tax | | | | |
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2022 compared to 2021
The HPI ECL sensitivity remains similar to 2021. The expected impact from a drop in the HPI index by 10% and 20% is \u00a361m and \u00a3176m respectively. There has
been moderate growth for 2022 coupled with a negative economic outlook that has resulted in potential losses increasing towards the end of the year.
Both the modelled ECL and the PMAs were stressed in the sensitivity analysis to assess the potential impact on ECL from housing market volatility. The impact is
driven by marginal growth in the housing market with subdued demand for purchases driven by the increases interest rates.
Measuring ECL (audited)
For accounts not in default at the reporting date, we estimate a monthly ECL for each exposure and for each month over the forecast period. The lifetime ECL is the
sum of the monthly ECLs over the forecast period, while the 12-month ECL is limited to the first 12 months. We calculate each monthly ECL as the discounted
value for the relevant forecast month of the product of the following factors:
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| The probability that the exposure has not closed or defaulted since the reporting date. |
Probability of default (PD) | The likelihood of a borrower defaulting in the following month, assuming it has not closed or defaulted since the reporting date. For each month in the forecast period, we estimate the monthly PD from a range of factors. These include the current risk grade for the exposure, which becomes less relevant further into the forecast period, as well as the expected evolution of the account risk with maturity and factors for changing economics. We support this with historical data analysis. |
Exposure at default (EAD) | The amount we expect to be owed if a default event occurs. We determine EAD for each month of the forecast period by the expected payment profile, which varies by product. For amortising products, we base it on the borrower\u2019s contractual repayments over the forecast period. We adjust this for any expected overpayments on Stage 1 accounts that the borrower may make and for any arrears we expect if the account was to default. For revolving products, or amortising products with an off-balance sheet element, we determine EAD using the balance at default and the contractual exposure limit. We vary these assumptions by product and base them on analysis of recent default data. |
| Our expected loss if a default event were to occur. We express it as a percentage and calculate it based on factors that we have observed to affect the likelihood and/or value of any subsequent write-offs, which vary according to whether the product is secured or unsecured. If the product is secured, we take into account collateral values as well as the historical discounts to market/book values due to forced sales type. |
We use the original effective interest rate as the discount rate. For accounts in default, we use the EAD as the reporting date balance. We also calculate an LGD to
reflect the default status of the account, considering the current DPD and loan to value. PD and SR are not required for accounts in default.
Forecast period
We base the forecast period for amortising facilities on the remaining contract term. For revolving facilities, we base it on the behavioural, rather than contractual,
characteristics of the facility type. In some cases, we shorten the period to simplify the calculation. If we do this, we apply a Judgemental Adjustment to reflect our
view of the full lifetime ECL.
Forward-looking information
Our assessments of a SICR and the calculation of ECL incorporate forward-looking data. We perform historical analysis and identify the key economic variables that
impact credit risk and ECL for each portfolio. These can include house price growth, GDP, unemployment rate and BoE Bank Rate. Where applicable, we incorporate
these economic variables and their associated impacts into our models.
Economic forecasts have the most impact on ECL measurement for residential mortgages and, to a lesser extent, corporate loans. This is due to the long
behavioural lives and large size of these portfolios. Economic forecasts have less impact on ECL for other portfolios due to their shorter lives and smaller size.
Grouping of instruments for losses measured on a collective basis
We measure ECL at the individual financial instrument level. However, where we have used internal capital or similar models as the basis for our ECL models, this
typically results in a large number of relatively small homogenous groups. We typically group instruments where they share risk characteristics using statistical
models and assess them for impairment collectively.
We use this approach for
\u2013all our Retail Banking and Consumer Finance portfolios,
\u2013SME customers in Corporate & Commercial Banking, and
\u2013Legacy Portfolios in run-off in Corporate Centre.
We calculate separate collective provisions for instruments in Stages 1, 2 and 3 where the instrument is not individually assessed.
For all our portfolios (whether we assess them for impairment individually or collectively) we use five forward-looking economic scenarios.
Governance around ECL impairment allowances (audited)
Our Risk Methodology team developed our ECL models (except for the external models we use, such as OGEM which we described earlier in \u2018Our forecasting
approach\u2019), and our Independent Validations team reviews all material models. As model owners, our Risk Provisioning & Forecasting team run the models to
calculate our ECL each month. The models are sensitive to changes in credit conditions and reflect management judgements that give rise to measurement
uncertainty in our ECL as set out above. The following committees and forums review the provision drivers and ensure that the ECL remains appropriate:
\u2013Model Risk Control Forum (MRCF) reviews and approves new models and model changes. It also reviews the use of OGEM as a reliable model on which to base
our other forecast macroeconomic variables. We use it across all stress testing and planning so it is subject to model risk criteria.
\u2013ALCO reviews and approves the base case used in the economic scenarios we use to calculate forward-looking scenarios.
\u2013CRPF reviews and approves the economic scenarios and probability weights we use to calculate forward-looking scenarios. It also reviews management
judgements and approves ECL impairment allowances.
\u2013Board Audit Committee reviews and challenges the appropriateness of the estimates and judgements made by management.
For more on the governance around specific elements of the ECL impairment allowances, including the frequency of, and thresholds for, reviews, including by
these committees and forums, see the detailed sections above.
How we assess the performance of our ECL estimation process
We assess the reasonableness of our ECL provisions and the results of our Staging analysis using a range of methods. These include:
\u2013Benchmarking: we compare our coverage levels with our peers.
\u2013Stand-back testing: we monitor the level of our coverage against actual write-offs.
\u2013Back-testing: we compare key drivers periodically as part of model monitoring practices.
\u2013Monitoring trends: we track ECL and Staged assets over time and against our internal budgets and forecasts, with triggers set accordingly.
SANTANDER UK GROUP LEVEL \u2013 CREDIT RISK REVIEW
Our maximum and net exposure to credit risk (audited)
The tables below show the main differences between our maximum and net exposure to credit risk. They show the effects of collateral, netting, and risk transfer to
mitigate our exposure. The tables only show the financial assets that credit risk affects and to which the impairment requirements in IFRS 9 are applied.
For balance sheet assets, the maximum exposure to credit risk is the carrying value after impairment loss allowances. Off-balance sheet exposures are mortgage
offers, guarantees, formal standby facilities, credit lines and other commitments. For off-balance sheet guarantees, the maximum exposure is the maximum
amount that we would have to pay if the guarantees were called on. For formal standby facilities, credit lines and other commitments that are irrevocable over the
life of the facility, the maximum exposure is the total amount of the commitment.
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| | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Cash and balances at central banks | | | | | | | | | | | | |
Financial assets at amortised cost: | | | | | | | | | | | | |
\u2013Loans and advances to customers:(3) | | | | | | | | | | | | |
\u2013Retail Mortgages(4) | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
\u2013Accrued interest and other adjustments | | | | | | | | | | | | |
\u2013Other unsecured loans | | | | | | | | | | | | |
\u2013Amounts due from fellow Banco Santander group subsidiaries and joint ventures | | | | | | | | | | | | |
Total loans and advances to customers | | | | | | | | | | | | |
\u2013Loans and advances to banks | | | | | | | | | | | | |
\u2013Reverse repurchase agreements \u2013 non trading | | | | | | | | | | | | |
\u2013Other financial assets at amortised cost | | | | | | | | | | | | |
Total financial assets at amortised cost | | | | | | | | | | | | |
Financial assets at fair value at FVOCI: | | | | | | | | | | | | |
\u2013Loans and advances to customers | | | | | | | | | | | | |
| | | | | | | | | | | | |
Total financial assets at FVOCI | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Cash and balances at central banks | | | | | | | | | | | | |
Financial assets at amortised cost: | | | | | | | | | | | | |
\u2013Loans and advances to customers:(3) | | | | | | | | | | | | |
\u2013Retail Mortgages(4) | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
\u2013Accrued interest and other adjustments | | | | | | | | | | | | |
\u2013Other unsecured loans | | | | | | | | | | | | |
\u2013Amounts due from fellow Banco Santander group subsidiaries and joint ventures | | | | | | | | | | | | |
Total loans and advances to customers | | | | | | | | | | | | |
\u2013Loans and advances to banks | | | | | | | | | | | | |
\u2013Reverse repurchase agreements \u2013 non trading | | | | | | | | | | | | |
\u2013Other financial assets at amortised cost | | | | | | | | | | | | |
Total financial assets at amortised cost | | | | | | | | | | | | |
Financial assets at FVOCI: | | | | | | | | | | | | |
\u2013Loans and advances to customers | | | | | | | | | | | | |
| | | | | | | | | | | | |
Total financial assets at FVOCI | | | | | | | | | | | | |
| | | | | | | | | | | | |
(1)The forms of collateral we take to reduce credit risk include: liquid securities, including those transferred under reverse repurchase agreements; cash, including cash used as collateral for derivative transactions;
and receivables.
(2)We can reduce credit risk exposures by applying netting. We do this mainly for derivative and repurchase transactions with financial institutions. For derivatives and securities finance transactions, we use standard
master netting agreements. They allow us to set off our credit risk exposure to a counterparty against our obligations to the counterparty in relation to transactions under the master netting agreement in the
event of default. This gives us a lower net credit exposure. They may also reduce settlement exposure. For more on this, see \u2018Credit risk mitigation\u2019 in the \u2018Credit risk \u2013 Credit risk management\u2019 section.
Rating distribution (audited)
The tables below show the credit rating of our financial assets to which the impairment requirements in IFRS 9 apply. JAs are incorporated in the balances. For
more on the credit rating profiles of key portfolios, see the credit risk review section for each business segment.
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| | | | | | | | | | |
Cash and balances at central banks | | | | | | | | | | |
| | | | | | | | | | |
Financial assets at amortised cost: | | | | | | | | | | |
\u2013Loans and advances to customers(2) | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
\u2013Loans and advances to banks | | | | | | | | | | |
| | | | | | | | | | |
\u2013Reverse repo agreements \u2013 non trading | | | | | | | | | | |
| | | | | | | | | | |
\u2013Other financial assets at amortised cost | | | | | | | | | | |
| | | | | | | | | | |
Total financial assets at amortised cost | | | | | | | | | | |
Financial assets at FVOCI: | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Total off\u2013balance sheet | | | | | | | | | | |
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| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Cash and balances at central banks | | | | | | | | | | |
| | | | | | | | | | |
Financial assets at amortised cost: | | | | | | | | | | |
\u2013Loans and advances to customers(2) | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
\u2013Loans and advances to banks | | | | | | | | | | |
| | | | | | | | | | |
\u2013Reverse repo agreements \u2013 non trading | | | | | | | | | | |
| | | | | | | | | | |
\u2013Other financial assets at amortised cost | | | | | | | | | | |
| | | | | | | | | | |
Total financial assets at amortised cost | | | | | | | | | | |
Financial assets at FVOCI: | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Total off\u2013balance sheet | | | | | | | | | | |
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| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Cash and balances at central banks | | | | | | | | | | |
| | | | | | | | | | |
Financial assets at amortised cost: | | | | | | | | | | |
\u2013Loans and advances to customers\u207d\u00b2\u207e | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
\u2013Loans and advances to banks | | | | | | | | | | |
| | | | | | | | | | |
\u2013Reverse repo agreements \u2013 non trading | | | | | | | | | | |
| | | | | | | | | | |
\u2013Other financial assets at amortised cost | | | | | | | | | | |
| | | | | | | | | | |
Total financial assets at amortised cost | | | | | | | | | | |
Financial assets at FVOCI: | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Total off\u2013balance sheet | | | | | | | | | | |
| | | | | | | | | | |
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| | | | | | | | | | |
| | | | | | | | | | |
(1)Includes cash at hand and smaller cases mainly in the Consumer (auto) finance and commercial mortgages portfolios, as well as loans written as part of the Covid-19 support schemes. We use scorecards for
these items, rather than rating models.
(2)Includes interest we have charged to the customer\u2019s account and accrued interest we have not charged to the account yet.
Credit performance (audited)
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| | | | | | | | | |
| | | | | | | | | |
\u2013 EDB - Credit Cards | | | | | | | | | |
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| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
\u2013 EDB - Credit Cards | | | | | | | | | |
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| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
(1)EDB\u00a0 - Other includes \u00a32.5bnof BBLS lending (\u00a32.4bn is BBLS with 100% Government Guarantee), \u00a32.0bn unsecured personal loans and\u00a30.5bn overdrafts.
(2)Consumer Finance - 84% of lending is collateralised on the vehicle.
For more on the credit performance of our key portfolios by business segment, see the credit risk review section for each business segment.
Credit quality (audited)
Total on-balance sheet exposures at 31 December 2022 comprised \u00a3215.7bn of customer loans, loans and advances to banks of \u00a31.0bn, \u00a37.5bn of sovereign
assets measured at amortised cost \u00a36.0bn of assets measured at FVOCI, and \u00a344.2bn of cash and balances at central banks.
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| | | | |
| | | | |
\u2013 EDB - Credit Cards | | | | |
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| | | | |
| | | | |
| | | | |
\u2013 EDB - Credit Cards | | | | |
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| | | | |
| | | | |
| | | | |
Total off-balance sheet(2) | | | | |
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| | | | |
| | | | |
| | | | |
| | | | |
\u2013 EDB - Credit Cards | | | | |
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| | | | |
| | | | |
| | | | |
\u2013 EDB - Credit Cards | | | | |
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| | | | |
| | | | |
\u2013 EDB - Credit Cards | | | | |
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| | | | |
| | | | |
| | | | |
\u2013 EDB - Credit Cards | | | | |
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| | | | |
(1)Off-balance sheet exposures include \u00a310.6bn of residential mortgage offers in the pipeline.
(2)Off-balance sheet amounts consist of contingent liabilities and commitments. For more, see Note 31.\u00a0
(3)ECL as a percentage of the related exposure.
2022 compared to 2021
The ECL provision at 31 December 2022 increased by \u00a3140m to \u00a31.0bn (2021: \u00a30.9bn). Notable changes to ECL in 2022 which impacted credit impairment were:
\u2013Corporate Covid-19 related JAs:: net release of \u00a3175m. All corporate sector staging JAs related to Covid-19 released, resulting in \u00a30.4bn movement of
corporate Stage 3 loans to Stage 2.
\u2013Economic scenarios and weights: charge of \u00a3163m. Updated economic scenarios with expectations for higher base rate and lower house prices\u00a0 in 2023
\u2013Corporate sector staging risks: charge of \u00a361m. JAs to reflect the corporate lending risks for sectors and counterparties which are most susceptible to
increased inflation, energy prices and input costs alongside potentially lower demand. As a result, \u00a31.4bn of higher risk Stage 1 loans were moved to Stage 2,
and probability of defaults increased on some Stage 2 loans following an assessment of the client and sector risks.
\u2013Affordability of retail lending repayments: charge of \u00a344m.\u00a0 JAs to account for the potential repayment affordability risk among those customers with low
disposable income. After stressing for inflation, \u00a30.2bn of unsecured loans, overdrafts and credit cards moved from Stage 1 to Stage 2. In addition, \u00a35.0bn of
mortgages moved from Stage 1 to Stage 2 following an assessment of customer indebtedness.
\u2013Write-offs against provision: Gross write-off utilisation of \u00a3157m (2021: \u00a3191m).
Key movements in exposures and ECL in the period by Stage were:
\u2013The reduction in Stage 1 exposures arose mainly from changes in Corporate Centre. This reduction was partially offset by the growth in the mortgage portfolio
and Corporate & Commercial Banking. The Stage 1 ECL increased mainly due to the increase in Corporate & Commercial Banking as a result of unwinding the
Corporate lending to segments affected by Covid-19\u00a0 JA that placed more vulnerable accounts into Stage 2.
\u2013Total Stage 2 exposures increased due to the implementation of cost of living JAs to cover the affordability risk associated with the increase in interest rates and
energy pries. This included a portion of the mortgage and unsecured lending portfolios from Stage 1 to Stage 2. This was partially offset by the unwinding of the
Corporate lending to segments affected by Covid-19\u00a0 JAs. In Retail Banking, Stage 2 exposures increased due to the implementation of cost of living JAs to cover
the affordability risk associated with the increase in interest rates and energy prices. Stage 2 ECL increased due to a worsening in the economic outlook with the
inclusion of an inflationary pressure scenario. Retail Banking Stage 2 ECL also increased due to affordability risk JAs.\u00a0
\u2013Stage 3 exposures and ECL reduced due to releasing the Stage 2-3 Corporate lending to segments affected by Covid-19 JAs. Stage 3 exposures and ECL
remained fairly stable across the Retail Banking portfolio.
Stage 2 analysis (audited)
The following table analyses our Stage 2 exposures and ECL by the reason the exposure is classified as Stage 2.
| | | | | | | | | |
| | | | | | Retail Unsecured affordability | | |
Retail Banking Homes - Mortgages | | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Retail Banking EDB - Credit Cards | | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Retail Banking EDB - Other | | | | | | | | | |
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| | | | | | | | | |
| | | | | | | | |
Retail Banking Homes - Mortgages | | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Retail Banking EDB - Credit Cards | | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Retail Banking EDB - Other | | | | | | | | | |
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Where balances satisfy more than one of the criteria above for determining a SICR, we have assigned the corresponding gross carrying amount and ECL in order of
the categories presented.
The following table analyses our Stage 2 exposures and the related ECL by whether or not they are in a cure period at the balance sheet date:
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| | | |
| | | | | | | |
| | | | | | | |
Stage 2 not in cure period | | | | | | | |
Stage 2 in cure period (for transfer to Stage 1) | | | | | | | |
| | | | | | | |
2022 compared to 2021
The accounts in a cure period increased in 2022 due to the introduction of the Unsecured Affordability JA and an increase in the number of accounts falling in scope
for the Mortgage affordability JA. Accounts which have been moved into Stage 2 due to a JA are assumed to not be in a cure period.
Stage 3 analysis (audited)
The following table analyses our Stage 3 exposures and the related ECL by whether or not they are in a cure period at the balance sheet date.
| | | | | | | |
| | | |
| | | | | | | |
| | | | | | | |
Stage 3 not in cure period | | | | | | | |
Stage 3 in cure period (for transfer to Stage 2) | | | | | | | |
| | | | | | | |
2022 compared to 2021
Following the implementation of a new regulatory definition of default in early 2022, we introduced a cure period criteria for Stage 3 assets. We did not have any
cure period criteria for Stage 3 at 31 December 2021 and as the change in definition was a change in estimate the prior periods were not amended.
Reconciliation of exposures, loss allowance and net carrying amounts (audited)
The table below shows the relationships between disclosures in this Credit risk review section which refer to drawn exposures and the associated ECL, and the
total assets as presented in the Consolidated Balance Sheet. The Credit risk review disclosures exclude Joint ventures, as they carry low credit risk and therefore
have an immaterial ECL, and Other items, mainly accrued interest that we have not yet charged to the customer's account, and cash collateral.
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\u2013Homes - Mortgages(1) | | | | | | |
\u2013EDB - Credit Cards(2) | | | | | | |
| | | | | | |
| | | | | | |
Corporate & Commercial Banking | | | | | | |
| | | | | | |
Total exposures presented in Credit Quality tables | | | | | | |
| | | | | | |
| | | | | | |
Adjusted net carrying amount | | | | | | |
Assets classified at FVTPL | | | | | | |
| | | | | | |
Total assets per the Consolidated Balance Sheet | | | | | | |
| | | | | | |
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| | | | | | |
| | | | | | |
\u2013EDB - Credit Cards(2) | | | | | | |
| | | | | | |
| | | | | | |
Corporate & Commercial Banking | | | | | | |
| | | | | | |
Total exposures presented in Credit Quality tables | | | | | | |
| | | | | | |
| | | | | | |
Adjusted net carrying amount | | | | | | |
Assets classified at FVTPL | | | | | | |
| | | | | | |
Total assets per the Consolidated Balance Sheet | | | | | | |
(1)Off-balance sheet exposures include offers in the pipeline and undrawn flexible mortgages products.
(2)Off-balance sheet exposures include credit cards.
(3)Non-financial assets include \u00a3(2,657)m (2021: \u00a377m) of Macro hedge of interest rate risk.
Movement in total exposures and the corresponding ECL(audited)
The following table shows changes in total on and off-balance sheet exposures, subject to ECL assessment, and the corresponding ECL, in the period. The table
presents total gross carrying amounts and ECLs at a Santander UK group level. We present segmental views in the sections below.
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Transfers from Stage 1 to Stage 2(3) | | | | | | | | | | | |
Transfers from Stage 2 to Stage 1(3) | | | | | | | | | | | |
| | | | | | | | | | | |
Transfers from Stage 3(3) | | | | | | | | | | | |
Transfers of financial instruments | | | | | | | | | | | |
Net ECL remeasurement on stage transfer(4) | | | | | | | | | | | |
Change in economic scenarios(2) | | | | | | | | | | | |
| | | | | | | | | | | |
New lending and assets purchased(5) | | | | | | | | | | | |
Redemptions, repayments and assets sold(7) | | | | | | | | | | | |
Changes in risk parameters and other movements(6) | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Net movement in the period | | | | | | | | | | | |
| | | | | | | | | | | |
ECL charge/(release) to the Income Statement | | | | | | | | | | | |
| | | | | | | | | | | |
Less: Recoveries net of collection costs | | | | | | | | | | | |
Total ECL charge/(release) to the Income Statement | | | | | | | | | | | |
Discontinued operations ECL adjustment | | | | | | | | | | | |
ECL charge/(release) to the Income Statement from continued operations | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Transfers from Stage 1 to Stage 2(3) | | | | | | | | | | |
Transfers from Stage 2 to Stage 1(3) | | | | | | | | | | |
| | | | | | | | | | |
Transfers from Stage 3(3) | | | | | | | | | | |
Transfers of financial instruments | | | | | | | | | | |
Net remeasurement of ECL on stage transfer(4) | | | | | | | | | | |
Change in economic scenarios(2) | | | | | | | | | | |
New lending and assets purchased(5) | | | | | | | | | | |
Redemptions, repayments and assets sold(7) | | | | | | | | | | |
Changes in risk parameters and other movements(6) | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Net movement in the period | | | | | | | | | | |
| | | | | | | | | | |
ECL charge/(release) to the Income Statement | | | | | | | | | | |
| | | | | | | | | | |
Less: Recoveries net of collection costs | | | | | | | | | | |
Total ECL charge/(release) to the Income Statement | | | | | | | | | | |
Discontinued operations ECL adjustment | | | | | | | | | | |
ECL charge/(release) to the Income Statement from continued operations | | | | | | | | | | |
(1)Exposures that have attracted an ECL, and as reported in the Credit Quality table above.
(2)Changes to assumptions in the period. Isolates the impact on ECL from changes to the economic variables for each scenario, the scenarios themselves, and the probability weights from all other movements. Also
includes the impact of quarterly revaluation of collateral. The impact of changes in economics on exposure Stage allocations are shown in Transfers of financial instruments.
(3)Total impact of facilities that moved Stage(s) in the period. This means, for example, that where risk parameter changes (model inputs) or model changes (methodology) result in a facility moving Stage, the full
impact is reflected here (rather than in Other). Stage flow analysis only applies to facilities that existed at both the start and end of the period. Transfers between Stages are based on opening balances and ECL at
the start of the period.
(4)Relates to the revaluation of ECL following the transfer of an exposure from one Stage to another.
(5)Exposures and ECL of facilities that did not exist at the start of the period but did at the end. Amounts in Stage 2 and 3 represent assets which deteriorated in the period after origination in Stage 1.
(6)Residual movements on existing facilities that did not change Stage in the period, and which were not acquired in the period. Includes the net increase or decrease in the period of cash at central banks, the impact
of changes in risk parameters in the period, unwind of discount rates and increases in ECL requirements of accounts which ultimately were written off in the period.
(7)Exposures and ECL for facilities that existed at the start of the period but not at the end.
COUNTRY RISK EXPOSURES (AUDITED)
We manage our country risk exposure under our global limits framework. We set our Risk\u00a0Appetite for each country, taking into account factors that may affect its
risk profile. These can include political events, macroeconomics and the nature of the risk. We actively manage exposures if we need to.
The tables below show our total exposures, which are the total of balance sheet and off\u2013balance sheet values. We calculate balance sheet values in line with IFRS
(i.e. after netting allowed under IAS 32) except for credit provisions which we add back. Off\u2013balance sheet values are undrawn facilities and letters of credit. We
classify location by country of risk \u2013 the country where each client has its main business or assets. That is unless there is a full risk transfer guarantee in place. If so,
we use the guarantor\u2019s country of domicile. If a client has operations in many countries, we use their country of incorporation. The table below excludes balances
with other Banco Santander group members. We show them separately in the section that immediately follows.\u00a0
(1)Excludes balances with central banks.
(2)Excludes cash at hand, interests in other entities, intangible assets, property, plant and equipment, tax assets, retirement benefit assets and other assets.
1.Includes The Netherlands \u00a30.1bn (2021: \u00a30.2bn), Belgium \u00a30.6bn (2021: \u00a30.7bn), and Finland\u00a0 \u00a30.1bn (2021: \u00a3nil).
Balances with other Banco Santander group members (audited)
We deal with other Banco Santander group members in the ordinary course of business. We do this where we have a particular business advantage or expertise
and where they can offer us commercial opportunities. These transactions also arise where we support the activities of, or with, larger multinational corporate
clients and financial institutions which may deal with other Banco Santander group members. We conduct these activities on the same terms as for similar
transactions with third parties, and in a way that manages the\u00a0credit risk within limits acceptable to the Board and the PRA.
At 31 December 2022 and 31 December 2021, we had gross balances with other Banco Santander group members as follows:
Borrower profile (audited)
(1)'Home movers\u2019 include both existing customers moving house and taking out a new mortgage with us, and customers who switch their mortgage to us when they move house.
(2)'Remortgagers\u2019 are new customers who are taking a new mortgage with us
As well as the new business above, there were \u00a324.9bn (2021: \u00a329.8bn) of remortgages where we moved customers with maturing products onto new
mortgages. We also provided \u00a31.2bn (2021: \u00a31.4bn) of further advances and flexible mortgage drawdowns. 81% (2021: 83%) of customers with a maturing
mortgage were retained, which applied to mortgages four months post maturity and calculated as a 12-month average of retention rates to September.
2022 compared to 2021
In 2022, mortgage asset stock increased across all sectors, with the stock borrower profile unchanged. Our new business increased, mainly in remortgages,
reflecting market conditions and strong demand from first time buyers, driven by customers securing fixed rate products in a rising interest rate environment. In
2022, we helped first-time buyers buy their new home with \u00a38.1bn of gross lending (2021: \u00a36.2bn).
Interest rate profile (audited)
The interest rate profile of our maturing mortgage asset stock was:
| | | | | |
| | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
\u2013Later than 1 year but no later than 3 years | | | | | |
\u2013Later than 3 years but no later than 4 years | | | | | |
\u2013Later than 4 years but no later than 5 years | | | | | |
| | | | | |
| | | | | |
Standard Variable Rate (SVR) | | | | | |
| | | | | |
| | | | | |
2022 compared to 2021
In 2022 , we continued to see customers refinance from variable rate and SVR to fixed rate products influenced by the rapid increases in interest rates and the
competitive mortgage market. Within fixed rate products, we continued to see an increase in the proportion of 5 year fixed rate mortgages in 2022.
Geographical distribution (audited)
The geographical distribution of our mortgage asset stock and new business was:
| | | | | |
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| | | | | |
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| | | | | |
| | | | | |
| | | | | |
South East excluding London | | | | | |
South West, Wales and other | | | | | |
| | | | | |
2022 compared to 2021
The portfolio's geographical distribution continued to represent a broad footprint across the UK, with a concentration around London and the South East. The loan-
to-income multiple of mortgage lending in the year, based on average earnings of new business at inception, was 3.35 (2021: 3.35).
Mortgage loan size (audited)
The split of our mortgage asset by size was:
| | |
| | |
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| | |
\u00a30.25m to \u00a30.5m | | |
| | |
Average loan size (stock) | | |
Average loan size (new business) | | |
(1)Collateral value is limited to the balance of each loan and excludes the impact of any over-collateralisation. Includes collateral against loans in negative equity of \u00a3323m (2021: \u00a3455m).
(2)Balance weighted\u00a0 LTV = (Loan 1 balance x (Loan 1 Balance/Loan 1 latest property valuation)\u00a0 + (Loan 2 balance x (loan 2\u00a0 balance/Loan 2 latest property valuation)+\u00a0 ...) /(Loan 1 balance + Loan 2 balance+...).
(3)Simple average stock LTV 39% (2021: 41%).
At 31 December 2022, the parts of loans in negative equity which were effectively uncollateralised before deducting loss allowances was \u00a348m (2021: \u00a375m).
The balance weighted average LTV of new business in the period in London was 66% (2021: 64%).
31 December 2022 compared to 31 December 2021
There were no significant changes in collateral quality in 2022. Despite economic pressures, balance weighted average LTVs were broadly flat over the period. We
monitor the LTV profile of new lending and take action as needed to ensure the LTV mix of completions is appropriate.
Credit performance (audited)
| | |
| | |
| | |
Mortgage loans and advances to customers of which: | | |
| | |
| | |
| | |
| | |
(1)The ECL allowance is for both on and off\u2013balance sheet exposures.
(2)Stage 1/Stage 2 exposures as a percentage of customer loans.
Movement in total exposures and the corresponding ECL (audited)
The following tables show changes in total on and off-balance sheet exposures and ECL in the period. The footnotes to the Santander UK group level table on page
74 also apply to these tables. | | | | | | | | |
| | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | | |
Transfers from Stage 1 to Stage 2(3) | | | | | | | | |
Transfers from Stage 2 to Stage 1(3) | | | | | | | | |
| | | | | | | | |
Transfers from Stage 3(3) | | | | | | | | |
Transfers of financial instruments | | | | | | | | |
Net ECL remeasurement on stage transfer(4) | | | | | | | | |
Change in economic scenarios(2) | | | | | | | | |
| | | | | | | | |
New lending and assets purchased(5) | | | | | | | | |
Redemptions, repayments and assets sold(7) | | | | | | | | |
Changes in risk parameters and other movements(6) | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Net movement in the period | | | | | | | | |
| | | | | | | | |
ECL charge/(release) to the Income Statement | | | | | | | | |
| | | | | | | | |
Less: Recoveries net of collection costs | | | | | | | | |
Total ECL charge/(release) to the Income Statement | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Transfers from Stage 1 to Stage 2(3) | | | | | | | | |
Transfers from Stage 2 to Stage 1(3) | | | | | | | | |
| | | | | | | | |
Transfers from Stage 3(3) | | | | | | | | |
Transfers of financial instruments | | | | | | | | |
Net ECL remeasurement on stage transfer(4) | | | | | | | | |
Change in economic scenarios(2) | | | | | | | | |
| | | | | | | | |
New lending and assets purchased (5) | | | | | | | | |
Redemptions, repayments and assets sold(7) | | | | | | | | |
Changes in risk parameters and other movements(6) | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Net movement in the period | | | | | | | | |
| | | | | | | | |
ECL charge/(release) to the Income Statement | | | | | | | | |
| | | | | | | | |
Less: Recoveries net of collection costs | | | | | | | | |
Total ECL charge/(release) to the Income Statement | | | | | | | | |
Loan modifications
Forbearance(1)
The following table (audited) sets out the financial assets that were forborne while they had a loss allowance measured at lifetime ECL.
| | |
| | |
| | |
Financial assets modified in the period: | | |
\u2013Amortised cost before modification | | |
\u2013Net modification loss | | |
Financial assets modified since initial recognition: | | |
\u2013Gross carrying amount of financial assets for which the loss allowance changed to 12 months ECL in the period | | |
(1)Where a loan falls into more than one category, we include it in all the categories that apply. As a result, the sum of the mortgages in the segments of particular interest and the other portfolio does not agree to
the total mortgage portfolio.
(2)Mortgage balance includes both the interest-only part of \u00a310,010m (2021: \u00a310,106m) and the non-interest-only part of the loan.
2022 compared to 2021 \u00a0
\u2013In 2022, the combined total proportion of interest-only loans, part interest-only, part repayment loans and flexible loans remained stable.
\u2013BTL mortgage balances increased \u00a31.9bn to \u00a316.8bn (2021: \u00a314.9bn) driven by continued focus in growing this portfolio. In 2022, the balance weighted
average LTV of mortgage total new BTL lending was 67% (2021: 68%)
Forbearance(1) (audited)
The balances at 31 December 2022 and 31 December 2021 were:
Credit performance (audited)
| | | | | | |
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| | | | | |
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Loans and advances to customers of which: | | | | | | |
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| | | | | | |
| | | | | | |
| | | | | | |
Stage 3 undrawn exposures | | | | | | |
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| | | |
Loans and advances to customers of which: | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Stage 3 undrawn exposures | | | | | | |
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| | | | | | |
(1)The ECL allowance is for both on and off\u2013balance sheet exposures
2022 compared to 2021 \u00a0
Business Banking balances were lower, mainly due to reductions in the Bounce back loans (BBL) portfolio. Stage 3 assets reduced, although this had a minimal
impact on write offs as the reduction in assets was mainly due to the BBLs, where the 100% government guarantee was claimed. Other unsecured balances
increased slightly in 2022. However, Stage 2 unsecured assets increased by125%, reflecting the current economic environment. This is yet to impact Stage 3 or
write offs, which did not increase.
Forbearance
The following table (audited) sets out the financial assets that were forborne while they had a loss allowance measured at lifetime ECL.
| | | | |
| | | | |
| | | | |
Financial assets modified in the period: | | | | |
\u2013Amortised cost before modification | | | | |
\u2013Net modification gain | | | | |
Financial assets modified since initial recognition: | | | | |
\u2013Gross carrying amount of financial assets for which the loss allowance changed to 12m ECL in the period | | | | |
| | | | |
| | | | |
Financial assets modified in the period: | | | | |
\u2013Amortised cost before modification | | | | |
\u2013Net modification gain | | | | |
Financial assets modified since initial recognition: | | | | |
\u2013Gross carrying amount of financial assets for which the loss allowance changed to 12m ECL in the period | | | | |
The balances (audited) at 31 December 2022 and 31 December 2021 were:
Credit performance (audited)
| | |
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| | |
Loans and advances to customers of which: | | |
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| | |
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Stage 3 undrawn exposures | | |
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| | | | | | | | |
Transfers from Stage 1 to Stage 2(3) | | | | | | | | |
Transfers from Stage 2 to Stage 1(3) | | | | | | | | |
| | | | | | | | |
Transfers from Stage 3(3) | | | | | | | | |
Transfers of financial instruments | | | | | | | | |
Net ECL remeasurement on stage transfer(4) | | | | | | | | |
Change in economic scenarios(2) | | | | | | | | |
| | | | | | | | |
New lending and assets purchased(5) | | | | | | | | |
Redemptions, repayments and assets sold(7) | | | | | | | | |
Changes in risk parameters and other movements(6) | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Net movement in the period | | | | | | | | |
| | | | | | | | |
ECL charge/(release) to the Income Statement | | | | | | | | |
| | | | | | | | |
Less: Recoveries net of collection costs | | | | | | | | |
Total ECL charge/(release) to the Income Statement | | | | | | | | |
Rating distribution (audited)
These tables show our credit risk exposure according to our internal rating scale (see \u2018Credit quality\u2019 in the \u2018Santander UK group level \u2013 credit risk review\u2019 section)
for each portfolio. On this scale, the higher the rating, the better the quality of the counterparty.
Credit risk mitigation (audited)
Credit performance (audited)
We monitor exposures that show potentially higher risk characteristics using our Watchlist process. The table below shows the exposures we monitor, and those
we classify as Stage 3 by portfolio at 31 December 2022 and 31 December 2021.
(1)Includes committed facilities and derivatives.
(2)New customer management systems have introduced improved portfolio segmentation information. This has led to a realignment of portfolio segmentation and improved the identification of portfolios of
particular interest. Due to this a restatement of the 2021 figures has taken place.
2022 compared to 2021
Across Corporate & Commercial Banking, watchlist exposure decreased, enhanced monitoring by 20% and proactive monitoring by 26% This followed the
upgrading of cases as they stabilised after emerging from Covid-19 lockdowns especially in SME and Mid Corporates whilst CRE saw an increase in Proactive
Management.
Stage 3 assets also decreased, down 31% with loss allowances decreasing by\u00a0 \u00a331m (7%). The remaining Covid-19 related judgemental adjustments (JAs) were
released. New JAs have been introduced to reflect the heightened risks of sectors and counterparties deemed most susceptible to current headwinds.
Movement in total exposures and the corresponding ECL (audited)
The following tables show changes in total on and off-balance sheet exposures and ECL in the period. The footnotes to the Santander UK group level table on page
74 also apply to these tables. | | | | | | | | |
| | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Transfers from Stage 1 to Stage 2(3) | | | | | | | | |
Transfers from Stage 2 to Stage 1(3) | | | | | | | | |
| | | | | | | | |
Transfers from Stage 3(3) | | | | | | | | |
Transfers of financial instruments | | | | | | | | |
Net ECL remeasurement on stage transfer(4) | | | | | | | | |
Change in economic scenarios(2) | | | | | | | | |
| | | | | | | | |
New lending and assets purchased(5) | | | | | | | | |
Redemptions, repayments and assets sold (7) | | | | | | | | |
Changes in risk parameters and other movements(6) | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Net movement in the period | | | | | | | | |
| | | | | | | | |
ECL charge/(release) to the Income Statement | | | | | | | | |
| | | | | | | | |
Less: Recoveries net of collection costs | | | | | | | | |
Total ECL charge/(release) to the Income Statement | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Transfers from Stage 1 to Stage 2(3) | | | | | | | | |
Transfers from Stage 2 to Stage 1(3) | | | | | | | | |
| | | | | | | | |
Transfers from Stage 3(3) | | | | | | | | |
Transfers of financial instruments | | | | | | | | |
Net ECL remeasurement on stage transfer(4) | | | | | | | | |
Change in economic scenarios(2) | | | | | | | | |
| | | | | | | | |
New lending and assets purchased(5) | | | | | | | | |
Redemptions, repayments and assets sold (7) | | | | | | | | |
Changes in risk parameters and other movements(6) | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Net movement in the period | | | | | | | | |
| | | | | | | | |
ECL charge/(release) to the Income Statement | | | | | | | | |
| | | | | | | | |
Less: Recoveries net of collection costs | | | | | | | | |
Total ECL charge/(release) to the Income Statement | | | | | | | | |
Rating distribution (audited)
These tables show our credit risk exposure according to our internal rating scale (see \u2018Credit quality\u2019 in the \u2018Santander UK group level \u2013 credit risk review\u2019 section)
for each portfolio. On this scale, the higher the rating, the better the quality of the counterparty.
| | | | | | | | | |
| | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Sovereign and Supranational | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Sovereign and Supranational | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
(1)Smaller exposures mainly in the commercial mortgage portfolio. We use scorecards for them, instead of a rating model.
(2)Commercial mortgages and residual structured and asset finance loans (shipping, aviation and structured finance).
2022 compared to 2021
Committed exposures decreased by 11.2% mainly driven by UK Sovereign and Supranational exposures, as part of normal liquid asset portfolio management,
which reduced by 14.2%. The portfolio profile remained short-term, reflecting the purpose of the holdings.
Geographical distribution (audited)
We typically classify geographical location according to the counterparty\u2019s country of domicile unless a full risk transfer guarantee is in place, in which case we use
the guarantor\u2019s country of domicile instead.
| | | | | | | | | | | |
| | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Sovereign and Supranational | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Credit performance (audited)
We monitor exposures that show potentially higher risk characteristics using our Watchlist process. In Corporate Centre committed exposures were all fully
performing at 31 December 2022 and 31 December 2021.
Loan modifications (audited)
There were no loan modifications made in 2022 and 2021.
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BALANCE SHEET ALLOCATION BY MARKET RISK CLASSIFICATION (AUDITED)
We classify all our assets and liabilities exposed to market risk as non-traded market risk, except for certain portfolios that we must classify as trading books for
regulatory purposes (such as selling derivatives or derivative-based products to clients), of which we must fair value for accounting reasons (such as assets in the
eligible liquidity pool). For accounting purposes, we classify all derivatives as held for trading unless they are designated as being in a hedging relationship. For
more, see Note 11 to the Consolidated Financial Statements.
OUR KEY NON-TRADED MARKET RISKS (audited)
Non-traded market risk mainly comes from providing banking products and services to our customers, as well as our structural balance sheet exposures. It arises in
all our business segments. In Retail Banking, Consumer Finance and Corporate & Commercial Banking, it is a by-product of us writing customer business and we
transfer most of these risks to Corporate Centre to manage. The only types of non-traded market risk that we keep in Retail Banking, Consumer Finance and
Corporate & Commercial Banking are short-term mismatches due to forecasting variances in prepayment and launch risk. This is where customers repay their
loans earlier than their expected maturity date or do not take the expected volume of new products. Corporate Centre also manages our structural balance sheet
exposures, such as foreign exchange and Income Statement volatility risk.
Our key non-traded market risks are:
| |
| |
| Yield curve risk: comes from timing mismatches in repricing fixed and variable rate assets, liabilities and off-balance sheet instruments. It also comes from investing non-rate sensitive liabilities in interest-earning assets. Basis risk: comes from pricing assets using a different rate index to the liabilities that fund them. We are exposed to basis risks associated with Bank of England bank rate, reserve rate linked assets we deposit with central banks, and the Sterling Overnight Index Average (SONIA) rate. |
| Spread risk arises when the value of assets or liabilities which are accounted for at fair value (either through Other Comprehensive Income or through Profit and Loss) are affected by changes in the credit spread. We measure these spreads as the difference between the discount rate we use to value the asset or liability, and an underlying interest rate curve. |
| Our banking businesses operate mainly in sterling markets, so we do not create significant foreign exchange exposures. The only exception to this is money we raise in foreign currencies. For more on this, see \u2018Wholesale funding\u2019 in the \u2018Liquidity risk\u2019 section. |
Income statement volatility risk | We measure most of the assets and liabilities in our banking book balance sheet at amortised cost. We sometimes manage their risk profile by using derivatives. As all derivatives are accounted for at fair value, the mismatch in their accounting treatment can lead to volatility in our Income Statement. This happens even if the derivative is an economic hedge of the asset or liability. |
NII and EVE sensitivities (audited)
The calculations for NII and EVE sensitivities involve many assumptions, including expected customer behaviour (such as early repayment of loans) and how
interest rates may move. These assumptions are a key part of our overall control framework, so we update and review them regularly. Our NII and EVE sensitivities
include the interest rate risk from all our banking book positions. Our banking book positions generate almost all our reported net interest income.
|
|
NII sensitivity is an income-based measure we use to forecast the changes to interest income and interest expense in different scenarios. It gives us a combined impact on net interest income over a given period \u2013 usually 12 or 36 months. |
We calculate NII sensitivity by simulating the NII using 2 yield curves. The difference between the 2 NII totals is the NII sensitivity. |
|
|
\u2013We calculate EVE sensitivity as the change in the net present value of all the interest rate sensitive items in the banking book balance sheet for a defined set of instantaneous parallel and non-parallel shifts in the yield curve. |
The limitations of sensitivities
We use sensitivities to measure the impact of standard, instantaneous, parallel shifts in relevant yield curves. The advantage of using standard parallel shifts is
they generally give us a constant measure of the size of our market risk exposure, with a simple and consistent stress. We also run non-parallel stress tests, to
calculate the impact of some plausible non-parallel scenarios, and over various time periods for income stresses, usually one or three years.
Value at Risk (VaR) (audited)
|
|
\u2013VaR indicates the losses that we might suffer because of unfavourable changes in the markets under normal (non-stressed) market conditions. |
We run a historical simulation using historical daily price moves to find how much we might lose, normally at a 99% confidence level. |
The limitations of VaR
VaR is a useful and important market standard measure of risk, but it does have some limitations. These include:
\u2013VaR assumes what happened in the past is a reliable way to predict what will happen in the future. This may not always be the case
\u2013VaR is based on positions at the end of the business day so it doesn\u2019t include intra-day positions
\u2013VaR does not predict how big the loss could be on the 1% of trading days that it is greater than the VaR
\u2013Using a time horizon of one day means VaR does not tell us everything about exposures that we cannot liquidate or hedge within a day, or products with
infrequent pricing.
Back-testing \u2013 comparing VaR estimates with reality
To check that the way we estimate VaR is reasonable, we back-test our VaR by comparing it against both actual and hypothetical profits and losses, using a one-
day time horizon. Back-testing allows us to identify exceptions \u2013 times when the predictions were out of line with what happened. We can then look for trends in
these exceptions, which can help us decide whether we need to recalibrate our VaR model.
Stress testing
Stress testing is an essential part of our risk management. It helps us to measure and evaluate the potential impact on portfolio values of more extreme, although
plausible, events or market moves. We express limits as on how much we could lose in a stress event, and this restricts how much risk we take.
Stress testing scenarios
Simple stress tests (like parallel shifts in relevant curves) give us clear measures of risk and a consistent starting point for setting limits. More complex, multi-
factor and multi-time period stress tests give us information about specific potential events. They can also test outcomes that we might not capture through
parallel stresses or VaR-type measures. We use stress tests to estimate losses in extreme market events beyond the confidence level used in VaR models.
We can adapt our stress tests to reflect current concerns such as climate change risk, the Covid-19 pandemic and other macroeconomic events or changing market
conditions. We run individual business area stresses and Santander UK-wide scenarios.
Risk mitigation (audited)
We typically hedge the interest rate risk of the securities we hold for liquidity and investment purposes with interest rate swaps. We retain spread exposures, and
these are the key drivers of the VaR and stress tests we use to assess the risk of the portfolio. We mitigate Income Statement volatility mainly through hedge
accounting. We monitor any hedge accounting ineffectiveness that might lead to Income Statement volatility with a VaR measure and trigger, reported monthly.
For our accounting policies for derivatives and hedge accounting, see Note 1 to the Consolidated Financial Statements.
We hedge our foreign currency funding positions back to sterling, so our foreign exchange positions tend to be residual exposures that remain after hedging. These
exposures could be, for example, to \u2018spot\u2019 foreign exchange rates or to cross currency basis. We monitor foreign exchange risk against absolute net exposures and
VaR-based limits and triggers.
For more on this, see \u2018Funding strategy\u2018 and \u2018Term issuance\u2019 in the \u2018Liquidity risk\u2019 section.
Risk monitoring and reporting (audited)
We monitor our non-traded market risks using sensitivities, VaR and stress tests. We report them against limits and triggers to senior management daily and to
ALCO and ERCC each month. The VaR we report captures all key sources of volatility (including interest rate and spread risks) to fully reflect potential volatility.
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OUR KEY LIQUIDITY RISKS (audited)
Through our LRA framework, we manage our funding or structural contingent and market liquidity risks wherever they arise. This can be in retail and corporate
deposit outflows, wholesale secured and unsecured liquidity outflows and off-balance sheet activities. Other risks our framework covers include funding
concentrations, intra-day cash flows, intra-group commitments and support, franchise retention and cross currency risk.
Our main sources of liquidity
Customer deposits finance most of our customer lending. Although these funds are mostly callable, in practice they give us a stable and predictable core of
funding. This is due to the nature of retail accounts and the breadth of our retail customer relationships.
We have a strong wholesale funding investor base, diversified across product types and geographies. Through the wholesale markets, we have active relationships
in many sectors including banks, other financial institutions, corporates and investment funds. We access the wholesale funding markets through the issuance of
capital, senior unsecured debt, covered bonds, structured notes and short-term funding. We also access these markets through securitisations of certain assets of
Santander UK plc and our operating subsidiaries. For more on our programmes, see Notes 14, 26 and 27 in the Consolidated Financial Statements.
We generate funding on the strength of our own balance sheet, our own profitability and our own network of investors. In addition, we have access to UK
Government funding schemes. We comply with rules set by the PRA, other regulators, and Banco Santander standards. While we manage, consolidate and
monitor liquidity risk centrally, we also manage and monitor it in the business area it comes from.
Our main uses of liquidity
Our main uses of liquidity are to fund our lending in Retail Banking, Consumer Finance and Corporate & Commercial Banking, to pay interest and dividends, and to
repay debt. Our ability to pay dividends depends on various factors. These include our regulatory capital needs, the level of our distributable reserves, and our
financial performance. We also use liquidity to pay for business combinations.
Risk mitigation (audited)
The Board aims to make our balance sheet resilient at all times and for it to be perceived as such by stakeholders. This preserves our short and long-term viability.
The Board recognises that as we are involved in maturity transformation, we cannot hold enough liquidity to cover all possible stress scenarios. The Board requires
us to hold enough liquidity to make sure we will survive three plausible but severe stress scenarios (our LRA stress test, described above). We do this by
maintaining a prudent balance sheet structure and approved liquid resources.
Recovery and Resolution framework
The CFO is the accountable SMF for recovery and resolution and the related work is managed by the CFO division. They are overseen by the Board Audit Committee
and the Board.
We review and refresh our recovery plan each year. It sets out the risks, the indicators we use to monitor these risks, and the actions we can take to mitigate a
capital, liquidity or combined stress event. We are confident that we have sufficient credible and executable options to respond to a wide variety of stresses, be
they market-wide or idiosyncratic, in a timely and effective manner. Recovery indicators are both qualitative and quantitative and are embedded into risk
frameworks. We monitor recovery capacity, headroom to recovery triggers and recovery indicators regularly. If necessary, we would invoke recovery early to
mitigate the effects of a stress and restore our financial position and balance sheet strength.\u00a0
We submitted our first self-assessment of our resolvability to the PRA in October 2021 and made targeted updates to it in February 2022. On 10 June 2022 we
published our first resolvability public disclosure. This concludes that we have put in place capabilities that enable us to meet the Bank of England\u2019s resolution
outcomes and that these are sufficiently flexible, so that they can be adapted to the specifics of failure as it unfolds, in order to credibly support the resolution in
practice. Our capabilities are underpinned by comprehensive governance, testing and assurance arrangements, which seek to ensure that our resolution readiness
is maintained and, where appropriate, enhanced on an ongoing basis. On the same day, the Bank of England published its own assessment of UK major banks\u2019
resolvability arrangements. The Santander UK specific section of the Bank of England\u2019s disclosure confirms that the Bank of England has not identified any material
issues in relation to our approach to achieving the three resolution outcomes set out in the Resolvability Assessment Framework.
Risk monitoring and reporting (audited)
We monitor liquidity risk daily, weekly and monthly. We do this through different committees and levels of management, including ALCO and the BRC.
Reconciliation of wholesale funding to the balance sheet (audited)
This table reconciles our wholesale funding to our balance sheet at 31 December 2022 and 31 December 2021.
| | | | | | | | |
| | |
| | | | Repurchase agreements - non trading | Financial liabilities designated at fair value | | | Other equity instruments(2) |
| | | | | | | | |
| | | | | | | | |
Certificates of deposit and commercial paper | | | | | | | | |
Senior unsecured \u2013 public benchmark | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Securitisation and structured issuance | | | | | | | | |
| | | | | | | | |
Subordinated liabilities and equity | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Foreign exchange and hedge accounting | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Certificates of deposit and commercial paper | | | | | | | | |
Senior unsecured \u2013 public benchmark | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Securitisation and structured issuance | | | | | | | | |
| | | | | | | | |
Subordinated liabilities and equity | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Foreign exchange and hedge accounting | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
Cash and balances at central banks(1)(2) | | | | | | | | | | |
Financial assets at FVTPL: | | | | | | | | | | |
\u2013Derivative financial instruments | | | | | | | | | | |
\u2013Other financial assets at FVTPL | | | | | | | | | | |
Financial assets at amortised cost: | | | | | | | | | | |
\u2013Loans and advances to customers | | | | | | | | | | |
\u2013Loans and advances to banks | | | | | | | | | | |
\u2013Repurchase agreements \u2013 non trading | | | | | | | | | | |
\u2013Other financial assets at amortised cost | | | | | | | | | | |
Financial assets at FVOCI | | | | | | | | | | |
Interests in other entities | | | | | | | | | | |
| | | | | | | | | | |
Property, plant and equipment | | | | | | | | | | |
| | | | | | | | | | |
Retirement benefit assets | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
(1)Encumbered cash and balances at central banks include minimum cash balances we have to hold at central banks for regulatory purposes.
(2)Readily realisable cash and balances at central banks are amounts held at central banks as part of our liquidity management activities.
(3)Comprises pre-positioned assets and encumbered assets.
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Capital risk
| | | | |
| Overview Capital risk is the risk that we do not have an adequate amount or quality of capital to meet our business objectives, regulatory requirements and market expectations. In this section, we set out how we are regulated. We explain how we manage capital on a standalone basis as a subsidiary in the Banco Santander group. We then analyse our capital resources and key capital ratios including our RWAs. | | | Key metrics CET1 capital ratio of 15.4% (2021: 16.1%) Total qualifying regulatory capital of \u00a314.3bn (2021: \u00a314.8bn) |
THE SCOPE OF OUR CAPITAL ADEQUACY
Regulatory supervision
For capital purposes, we are subject to prudential supervision by the PRA, as a UK banking group, and by the European Central Bank (ECB) as part of the Banco
Santander group. The ECB supervises Banco Santander as part of the Single Supervisory Mechanism (SSM). Although we are part of the Banco Santander group, we
do not have a guarantee from Banco Santander SA and we operate as a standalone subsidiary. As we are part of the UK sub-group regulated by the PRA, we have to
meet the PRA capital requirements on a standalone basis. We also have to show the PRA that we can withstand capital stress tests without the support of our
parent. Reinforcing our corporate governance framework, the PRA exercises oversight through its rules and regulations on the Board and senior management
appointments.
Santander UK Group Holdings plc is the holding company of Santander UK plc and is the head of the Santander UK group for regulatory capital and leverage
purposes. Santander UK plc is the head of the ring-fenced bank sub-group and is subject to regulatory capital and leverage rules in relation to that sub-group. Our
basis of consolidation for our capital disclosures is substantially the same as for our Consolidated Financial Statements.
CAPITAL RISK MANAGEMENT
The Board is responsible for capital management strategy and policy and ensuring that we monitor and control our capital within regulatory and internal limits.
We manage our funding and maintain capital adequacy on a standalone basis. We operate within the capital risk framework and appetite approved by our Board.
This reflects the environment we operate in, our strategy for each material risk and the potential impact of adverse scenarios or stresses on our capital.
Management of capital requirements (audited)
Our capital risk appetite aims to maintain capital levels appropriate to the level of stress applied, and the expected regulatory response. In:
\u2013An adverse economic stress, which we expect once in 20 years, the firm should remain profitable and exceed all regulatory capital minimums at all times.
\u2013A very severe economic stress, which we expect once in 100 years, and which has been designed to test any specific weaknesses of a firm\u2019s business model, the
firm should meet all regulatory capital minimums at all times. This is subject to using regulatory buffers designed to absorb losses in such a stress.
Management of capital resources (audited)
We use a mix of regulatory and EC ratios and limits, internal buffers and restrictions to manage our capital resources. We also take account of the costs of differing
capital instruments and capital management techniques. We also use these to shape the best structure for our capital needs. We decide how to allocate our capital
resources as part of our strategic planning process. We base this in part on the relative returns on capital using both EC and regulatory capital measures. We plan
for severe stresses and we set out what action we would take if an extremely severe stress threatened our viability and solvency. This could include not paying
dividends, selling assets, reducing our business and issuing more capital.
Risk measurement
We apply Banco Santander\u2019s approach to capital measurement and risk management for CRD IV. Santander UK plc is classified as a significant subsidiary of Banco
Santander SA. For more on the CRD IV risk measurement of our exposures, see Banco Santander\u2019s Pillar 3 report. For more on our capital, see our Additional Capital
and Risk Management Disclosures on our website aboutsantander.co.uk.
Key metrics
The main metrics we use to measure capital risk are CET1 capital ratio and total capital ratio. We continue to be in excess of overall capital requirements, minimum
leverage requirements and minimum requirements for own funds and eligible liabilities (MREL).
Stress testing
Each year we create a capital plan, as part of our ICAAP. We share our ICAAP with the PRA. The PRA then tells us how much capital (Pillar 2A), and of what quality, it
thinks we should hold on top of our Pillar 1 requirements and buffer levels. We also develop a series of economic scenarios to stress test our capital needs and
confirm that we have enough regulatory capital to meet our projected and stressed capital needs and to meet our obligations as they fall due.
In 2022, we developed a Climate Internal Scenario Analysis (CISA) to help understand better the potential impact of climate change on our business portfolios and
balance sheet. The CISA outputs will form the basis of our 2022 ICAAP for climate risk by helping show if we need to hold more capital for climate risks and help us
prioritise our actions for the next five years.
We augment our regulatory minimum capital with internal buffers. We hold buffers to ensure we have enough time to take action against unexpected changes.
Risk mitigation
We designed our capital risk framework, policies and procedures to ensure that we operate within our Risk Appetite. We manage capital transferability between
our subsidiaries in line with our business strategy, our risk and capital management policies, UK laws and regulations. There are no legal restrictions on us moving
capital resources promptly, or repaying liabilities, between the Company and its subsidiaries except for distributions between Santander UK entities in the ring-
fenced bank sub-group and Santander UK entities that are not members of the ring-fenced bank sub-group, where the PRA is required to assess the impact of
proposed distribution prior to payment. For details on our Recovery framework in the event of a capital stress, see 'risk mitigation' in the \u2018Liquidity risk\u2019 section.
At 31 December 2022, Santander UK plc (RFB), Cater Allen Limited, Santander ISA Managers Limited and certain other non-regulated subsidiaries within the RFB
were party to the RFB Sub-Group Capital Support Deed dated 17 December 2021. These parties were permitted by the PRA to form a core UK group, as defined in
the PRA Rulebook, a permission which will expire on 31 December 2024. Exposures of each of the regulated entities to other members of the core UK group were
exempt from large exposure limits that would otherwise apply. These intra-group exposures were risk-weighted at 0% and excluded from leverage exposure on a
solo as well as consolidated basis. The purpose the Deed was to facilitate the prompt transfer of available capital resources from, or repayment of liabilities by, the
non-regulated parties to any of the regulated parties in the RFB Sub-Group in the event that one of the regulated parties breached or was at risk of breaching its
capital resources or risk concentrations requirements. For more details, see Note 31.
Risk monitoring and reporting
We monitor and report regularly against our capital plan. We do this to identify any change in our business performance that might affect our capital. Each month,
we also review the economic assumptions we use to create and stress test our capital plan. We do this to identify any potential reduction in our capital.
CAPITAL RISK REVIEW
Meeting evolving capital requirements
We target a CET1 management buffer of sufficient size to absorb volatility in CET1 deductions, capital supply and capital demand whilst remaining above the
current and expected future regulatory CET1 requirement. Distribution restrictions would be expected to be applied if we were unable to meet both our minimum
requirement, which consists of the Pillar 1 minimum plus Pillar 2A, the CRD IV buffers consisting of the Capital Conservation Buffer (CCB), the Countercyclical
Capital Buffer (CCyB), and the Other Systemically Important Institutions Buffer (O-SII). Expected future regulatory CET1 requirements are impacted by the
projected increase in the UK CCyB to 2% in July 2023.
Impact of IFRS 9 on regulatory capital
Our ECL methodology takes account of forward-looking data and covers a range of possible economic outcomes, and so provision movements may result in
increased pro-cyclicality of risk-based capital and leverage ratios. However, the impact is currently mitigated by our surplus of IRB model regulatory expected
losses over provisions for exposures using the IRB approach. For such exposures (which include residential mortgages) the adverse impact on CET1 capital of
provision increases from reserve movements is offset by the related reduction of the negative CET1 capital adjustment for regulatory expected loss amounts.
Furthermore, the UK CRR transitional rules for the capital impact of IFRS 9 mean that adverse CET1 effects from increases in ECL-based provisions from the level of
such provisions at 1 January 2018 are partly reduced until the end of 2024.
We reflect projections of ECL provisions in our capital position forecasting under base case and stress scenarios for ICAAP and capital management purposes. We
also consider the dynamics of ECL in how we assess and manage capital risk. A period of economic instability, such as that seen in early 2020 due to the impacts of
the Covid-19 pandemic, could significantly impact our results and our financial assets. It could also impact the amount of capital we have to hold. We take into
account the volatility of ECL in our capital planning strategy.
Key capital ratios
(1)Capital resources include a transitional IFRS 9 benefit at 31 December 2022 of \u00a319m(2021: \u00a321m).
AT1 capital
These are preference shares and innovative/hybrid Tier 1 securities. None of the instruments we issued before 1 January 2014 fully meet the CRD IV AT1 capital
rules, which apply from that date. The instruments contribution to Tier 1 capital was phased out by CRD IV rules in 2021. The \u00a3750m Fixed Rate Reset Perpetual
AT1 Capital Securities (net of issuance costs), the \u00a3800m Perpetual Capital Securities and the \u00a3500m Perpetual Capital Securities we issued since then fully meet
the CRD IV AT1 capital rules.
Tier 2 capital
These are fully CRD IV eligible Tier 2 instruments and grandfathered Tier 2 instruments whose recognition as capital was phased out under CRD IV in 2021.\u00a0
MREL recapitalisation
As at the end of 2022, we have down streamed \u00a311.7bn of senior unsecured bonds from Santander UK Group Holdings plc as Internal MREL compliant, secondary
non-preferential debt to Santander UK plc.
Risk-weighted assets
Total Risk-weighted assets at 31 December 2022 were \u00a370.1bn (2021: \u00a367.1bn), which are consistent with our regulatory filings.",
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"value": "1. ACCOUNTING POLICIES
These financial statements are prepared for Santander UK plc (the Company) and the Santander UK plc group (the Santander UK group) under the UK Companies
Act 2006. The principal activity of the Santander UK group is the provision of a wide range of banking and financial services to personal, business and corporate
customers. Santander UK plc is a public company, limited by shares and incorporated in England and Wales having a registered office at 2 Triton Square, Regent\u2019s
Place, London, NW1 3AN. It is an operating company undertaking banking and financial services transactions.
Basis of preparation
These financial statements incorporate the financial statements of the Company and entities it controls (its subsidiaries) made up to 31 December each year. The
consolidated financial statements have been prepared on the going concern basis using the historical cost convention, except for financial assets and liabilities that
have been measured at fair value. An assessment of the appropriateness of the adoption of the going concern basis of accounting is disclosed in the statement of
going concern in the Directors\u2019 report.
Compliance with International Financial Reporting Standards (IFRS)
The consolidated financial statements of the Santander UK group and the separate financial statements of the Company comply with UK-adopted International
Accounting Standards (IAS). The financial statements are also prepared in accordance with 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.
Disclosures required by IFRS 7 \u2018Financial Instruments: Disclosure\u2019 relating to the nature and extent of risks arising from financial instruments, and IAS 1
\u2018Presentation of Financial Statements\u2019 relating to objectives, policies and processes for managing capital, have been included in the Risk review section of this
Annual Report. This information forms an integral part of these financial statements by this cross reference, is marked as audited, and is covered by the
Independent auditor's report.
Climate change
Santander UK continues to develop its assessment of the potential impacts that climate change and the transition to a low carbon economy may have on the assets
and liabilities recognised and presented in its financial statements.
Santander UK is mindful of its responsibilities as a responsible lender and is focused on ways to meet the objectives of the Paris Agreement on climate change and
to support the UK\u2019s transition to a climate-resilient, net zero economy.
Santander UK's current climate change strategy focuses on three main areas to achieve Banco Santander's ambition to reach net zero emissions by 2050:
1. Managing climate risks by integrating climate considerations into risk management frameworks, screening and stress testing our portfolio for climate related
financial risks, and setting risk appetites to help steer our portfolio in line with the Paris Agreement,
2. Supporting our customers\u2019 transition by developing products and services that promote a reduction in CO2 emissions, and
3. Reducing emissions in our operations and supply chain by focusing on continuous improvement in our operations, and environmental and energy management
systems in accordance with ISO14001 and 15001, promoting responsible procurement practices and employee engagement.
Santander UK's current climate change strategy and its view of the risks associated with climate change and the transition to a low carbon economy are reflected in
its critical judgements and accounting estimates, although climate change risk did not have a significant impact at 31 December 2022 and 2021, consistent with
management's assessment that climate change and the transition to a low carbon economy are not currently expected to have a meaningful impact on the viability
of the Santander UK group in the medium term.
At 31 December 2022 and 2021, management specifically considered the potential impact of climate change and the transition to a low carbon economy on:
\u2013Loans and advances to customers (see Note 13 and the credit risk section of the Risk review). Some climate change risks arise due to the requirements of IFRS 9
and others relate to specific portfolios and sectors: 5 years,For Mortgages in Retail Banking and Commercial Real Estate lending in Corporate & Commercial
Banking, the value of property collateral might be affected by physical impacts related to the frequency and scale of extreme weather events, such as flood and
subsidence risk, or changing environmental performance standards for property.
\u2013For automotive loans in Consumer Finance, the residual value of automotive vehicles might be impacted by diesel obsolescence and the transition to electric
vehicles.
\u2013For corporate lending in Corporate & Commercial Banking, certain sectors give rise to fossil fuel exposures, such as Oil & Gas, Mining & Extraction and Power
Generation.
\u2013Goodwill impairment assessment (see Note 20). Estimates underpinning the determination of whether or not goodwill balances are impaired are partly based
on forecast business performance beyond the time horizon for management's detailed plans.
Future changes to Santander UK's climate change strategy may impact Santander UK's critical judgements and accounting estimates and result in material
changes to financial results and the carrying values of certain assets and liabilities in future reporting periods.
Recent accounting developments
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2
In February 2021, the IASB amended IAS 1 Presentation of Financial Statements to require entities to disclose their material rather than their significant accounting
policies. To support this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on how to apply the
concept of materiality. The amendments are effective for annual periods beginning on or after 1 January 2023 with earlier application permitted. The amendments
have been applied in preparing these financial statements and, consequently, only material accounting policy information is disclosed.
Future accounting developments
At 31 December 2022, for the Santander UK group, there were no other significant new or revised standards and interpretations, and amendments thereto, which
have been issued but which are not yet effective, or which have otherwise not been early adopted where permitted.
Comparative information
As required by US public company reporting requirements, these financial statements include two years of comparative information for the consolidated income
statement, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows and related
notes.
Material accounting policy information
The following material accounting policies have been applied in preparing these financial statements. For material accounting policies which involve the
application of judgements or accounting estimates that are determined to be critical to the preparation of these financial statements see 'Critical judgements and
accounting estimates'.
Consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled by it and its
subsidiaries.
The acquisition method of accounting is used to account for the acquisition of subsidiaries which meet the definition of a business.
Business combinations between entities under common control (i.e. fellow subsidiaries of Banco Santander SA, the ultimate parent) are outside the scope of IFRS 3
\u2013 \u2018Business Combinations\u2019, and there is no other guidance for such transactions under IFRS. The Santander UK group elects to account for business combinations
between entities under common control at their book values in the acquired entity by including the acquired entity\u2019s results from the date of the business
combination and not restating comparatives. Reorganisations of entities within the Santander UK group are also accounted for at their book values.
Credit protection entities established as part of significant risk transfer (SRT) transactions are not consolidated by the Santander UK group in cases where third
party investors have the exposure, or rights, to all of the variability of returns from the performance of the entities.
Revenue recognition
a) Interest income and expense
Interest and similar income comprise interest income on financial assets measured at amortised cost, investments in debt instruments measured at FVOCI and
interest income on hedging derivatives. Interest expense and similar charges comprises interest expense on financial liabilities measured at amortised cost, and
interest expense on hedging derivatives. Interest income on financial assets measured at amortised cost, investments in debt instruments measured at FVOCI and
interest expense on financial liabilities other than those at fair value through profit or loss (FVTPL) is determined using the effective interest rate method.
Interest income is calculated by applying the effective interest rate to the gross carrying amount of financial assets, except for financial assets that have
subsequently become credit-impaired (i.e. Stage 3), for which interest revenue is calculated by applying the effective interest rate to their amortised cost (i.e. net of
the ECL provision). For more information on stage allocations of credit risk exposures, see \u2018Significant increase in credit risk\u2019 in the \u2018Santander UK group level \u2013
credit risk management\u2019 section of the Risk review.
b) Fee and commission income and expense
Fees and commissions that are not an integral part of the effective interest rate are recognised when the service is performed. Most fee and commission income is
recognised at a point in time. Certain commitment, upfront and management fees are recognised over time but are not material. For retail and corporate products,
fee and commission income consists principally of collection services fees, commission on foreign currencies, commission and other fees received from retailers
for processing credit card transactions, fees received from other credit card issuers for providing cash advances for their customers through the Santander UK
group\u2019s branch and ATM networks, annual fees payable by credit card holders and fees for non-banking financial products.
For insurance products, fee and commission income consists principally of commissions and profit share arising from the sale of building and contents insurance
and life protection insurance. Commissions arising from the sale of buildings and contents insurance are recognised over the period of insurance cover, adjusted to
take account of cancelled policies. Profit share income from the sale of buildings and contents insurance which is not subject to any adjustment is recognised when
the profit share income is earned. Commissions and profit share arising from the sale of life protection insurance is subject to adjustment for cancellations of
policies within 3 years from inception.
Fee and commission income which forms an integral part of the effective interest rate of a financial instrument (for example certain loan commitment fees) is
recognised as an adjustment to the effective interest rate and recorded in \u2018Interest income\u2019.
c) Other operating income
Other operating income includes all gains and losses from changes in the fair value of financial assets and liabilities held at fair value through profit or loss
(comprising financial assets and liabilities held for trading, trading derivatives and other financial assets and liabilities at fair value through profit or loss), together
with related interest income, expense, dividends, and changes in fair value of any derivatives managed in conjunction with these assets and liabilities. Changes in
fair value of derivatives in a fair value hedging relationship are also recognised in other operating income. Other operating income also includes income from
operating lease assets, and profits and losses arising on the sales of property, plant and equipment and subsidiary undertakings.
Defined benefit pension schemes (see 'Critical judgements and accounting estimates')
A defined benefit scheme is a pension scheme that guarantees an amount of pension benefit to be provided, usually as a function of one or more factors such as
age, years of service or compensation. Pension costs are charged to \u2018Administration expenses\u2019, within the line item \u2018Operating expenses before impairment losses,
provisions and charges\u2019 with the net interest on the defined benefit asset or liability included within \u2018Net interest income\u2019 in the income statement. The asset or
liability recognised in respect of defined benefit pension schemes is the present value of the defined benefit obligation at the balance sheet date, less the fair value
of scheme assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The assets of the schemes
are measured at their fair values at the balance sheet date.
The present value of the defined benefit obligation is estimated by projecting forward the growth in current accrued pension benefits to reflect inflation and salary
growth to the date of pension payment, then discounted to present value using the yield applicable to high-quality AA rated corporate bonds of the same currency
and which have terms to maturity closest to the terms of the scheme liabilities, adjusted where necessary to match those terms. In determining the value of
scheme liabilities, demographic and financial assumptions are made by management about life expectancy, inflation, discount rates, pension increases and
earnings growth, based on past experience and future expectations. Financial assumptions are based on market conditions at the balance sheet date and can
generally be derived objectively.
Demographic assumptions require a greater degree of estimation and judgement to be applied to externally derived data. Any surplus or deficit of scheme assets
over liabilities is recognised in the balance sheet as an asset (surplus) or liability (deficit). An asset is only recognised to the extent that the surplus can be recovered
through reduced contributions in the future or through refunds from the scheme.
Share-based payments
The Santander UK group engages in cash-settled and equity-settled share-based payment transactions in respect of services received from certain of its
employees. Shares of the Santander UK group\u2019s parent, Banco Santander SA are purchased in the open market by the Santander UK group (for the Employee
Sharesave scheme) or are purchased by Banco Santander SA or another Banco Santander subsidiary (including awards granted under the Long-Term Incentive Plan
and the Deferred Shares Bonus Plan) to satisfy share options or awards as they vest.
Options granted under the Employee Sharesave scheme and awards granted under the Transformation Incentive Plan are accounted for as cash-settled share-
based payment transactions. Awards granted under the Long-Term Incentive Plan and Deferred Shares Bonus Plan are accounted for as equity-settled share-based
payment transactions.
The fair value of the options granted under the Employee Sharesave scheme is determined using an option pricing model, which takes into account the exercise
price of the option, the current share price, the risk-free interest rate, the expected volatility of the Banco Santander SA share price over the life of the option and
the dividend growth rate. The fair value of the awards granted for the Long-Term Incentive Plan was determined at the grant date using an option pricing model,
which takes into account the share price at grant date, the risk-free interest rate, the expected volatility of the Banco Santander SA share price over the life of the
award and the dividend growth rate.
Goodwill and other intangible assets (for goodwill see 'Critical judgements and accounting estimates')
Goodwill represents the excess of the cost of an acquisition, as well as the fair value of any interest previously held, over the fair value of the share of the
identifiable net assets of the acquired subsidiary, or business at the date of acquisition. Goodwill on the acquisition of subsidiaries and businesses is included in
intangible assets. Goodwill is tested for impairment annually, or more frequently when events or changes in circumstances dictate and carried at cost less
accumulated impairment losses. Gains and losses on the disposal of an entity or business include the carrying amount of goodwill relating to the entity or business
sold.
Other intangible assets are recognised if they arise from contractual or other legal rights or if they are capable of being separated or divided from Santander UK
and sold, transferred, licensed, rented or exchanged. The value of such intangible assets, where they are available for use, is amortised on a straight-line basis over
their useful economic life of three to seven years and the assets are reviewed annually for impairment indicators and tested for impairment where indicators are
present. Other intangible assets that are not yet available for use are tested for impairment annually or more frequently when events or changes in circumstances
dictate.
Software development costs are capitalised when they are direct costs associated with identifiable and unique software products that are expected to provide
future economic benefits and the cost of those products can be measured reliably. These costs include payroll, materials, services and directly attributable
overheads. Internally developed software meeting these criteria and externally purchased software are classified in intangible assets on the balance sheet and
amortised on a straight-line basis over their useful life of three to seven years, unless the software is an integral part of the related computer hardware, in which
case it is treated as property, plant and equipment as described below. Capitalisation of costs ceases when the software is capable of operating as intended. Costs
of maintaining software are expensed as incurred.
Property, plant and equipment
Property, plant and equipment include owner-occupied properties (including leasehold properties), office fixtures and equipment and computer software.
Property, plant and equipment also includes operating leases where the Santander UK group is the lessor and right-of-use assets where the Santander UK group is
the lessee. Internally developed software meeting the criteria set out in \u2018Goodwill and other intangible assets\u2019 above and externally purchased software are
classified in property, plant and equipment where the software is an integral part of the related computer hardware (for example operating system of a computer).
Classes of property, plant and equipment are depreciated on a straight-line basis over their useful life, as follows:
| |
Owner-occupied properties | |
Office fixtures and equipment | |
| |
| Shorter of the lease term or the useful life of the underlying asset |
Operating lease assets - vehicles | |
Depreciation is not charged on freehold land and assets under construction. Depreciation of operating lease assets where the Santander UK group is the lessor is
described in 'Leases' below.
Financial instruments (for impairment of debt instrument financial assets see' Critical judgements and accounting estimates: Credit impairment losses')
a) Initial recognition and measurement
Financial assets and liabilities are initially recognised when the Santander UK group becomes a party to the contractual terms of the instrument. The Santander UK
group determines the classification of its financial assets and liabilities at initial recognition and measures a financial asset or financial liability at its fair value plus
or minus, in the case of a financial asset or financial liability not at FVTPL, transaction costs that are incremental and directly attributable to the acquisition or issue
of the financial asset or financial liability. Transaction costs of financial assets and financial liabilities carried at FVTPL are expensed in profit or loss. Immediately
after initial recognition, an expected credit loss (ECL) allowance is recognised for financial assets measured at amortised cost and investments in debt instruments
measured at FVOCI.
A regular way purchase is a purchase of a financial asset under a contract whose terms require delivery of the asset within the timeframe established generally by
regulation or convention in the marketplace concerned. Regular way purchases of financial assets classified as loans and advances, and issues of equity or financial
liabilities measured at amortised cost are recognised on settlement date, being the date when the Santander UK group becomes a party to the contractual terms of
the instrument; all other regular way purchases and issues are recognised on trade date.
b) Financial assets and liabilities
i) Classification and subsequent measurement
The Santander UK group classifies its financial assets in the measurement categories of amortised cost, FVOCI and FVTPL.
Financial assets and financial liabilities are classified as FVTPL where there is a requirement to do so or where they are otherwise designated at FVTPL on initial
recognition. Financial assets and financial liabilities which are required to be held at FVTPL include:
\u2013Financial assets and financial liabilities held for trading.
\u2013Debt instruments that do not have solely payments of principal and interest (SPPI) characteristics. Otherwise, such instruments are measured at amortised cost
or FVOCI, and
\u2013Equity instruments that have not been designated as held at FVOCI.
Financial assets and financial liabilities are classified as held for trading if they are derivatives or if they are acquired or incurred principally for the purpose of selling
or repurchasing in the near-term, or form part of a portfolio of financial instruments that are managed together and for which there is evidence of short-term profit
taking.
In certain circumstances, other financial assets and financial liabilities are designated at FVTPL where this results in more relevant information. This may arise
because it significantly reduces a measurement inconsistency that would otherwise arise from measuring assets or liabilities or recognising the gains or losses on
them on a different basis, where the assets and liabilities are managed and their performance evaluated on a fair value basis or, in the case of financial liabilities,
where it contains one or more embedded derivatives which are not closely related to the host contract.
The classification and measurement requirements for financial asset debt and equity instruments and financial liabilities are set out below.
Financial assets: debt instruments
Debt instruments are those instruments that meet the definition of a financial liability from the issuer\u2019s perspective, such as loans and government and corporate
bonds. Classification and subsequent measurement of debt instruments depend on the Santander UK group\u2019s business model for managing the asset, and the cash
flow characteristics of the asset.
Business model
The business model reflects how the Santander UK group manages the assets in order to generate cash flows and, specifically, whether the Santander UK group\u2019s
objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of the
assets. If neither of these is applicable, such as where the financial assets are held for trading purposes, then the financial assets are classified as part of an \u2018other\u2019
business model and measured at FVTPL. Factors considered in determining the business model for a group of assets include past experience on how the cash flows
for these assets were collected, how the assets\u2019 performance is evaluated and reported to key management personnel, and how risks are assessed and managed.
SPPI
Where the business model is to hold assets to collect contractual cash flows or to collect contractual cash flows and sell, the Santander UK group assesses
whether the assets\u2019 cash flows represent SPPI. In making this assessment, the Santander UK group considers whether the contractual cash flows are consistent
with a basic lending arrangement (i.e. interest includes only consideration for the time value of money, credit risk, other basic lending risks and a profit margin that
is consistent with a basic lending arrangement). Where the contractual terms introduce exposure to risk or volatility that is inconsistent with a basic lending
arrangement, the related asset is classified and measured at FVTPL.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are SPPI.
Based on these factors, the Santander UK group classifies its debt instruments into one of the following measurement categories:
\u2013Amortised cost \u2013 Financial assets that are held for collection of contractual cash flows where those cash flows represent SPPI, and that are not designated at
FVTPL, are measured at amortised cost. The carrying amount of these assets is adjusted by any ECL recognised and measured as presented in Note 13. Interest
income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest rate method. When estimates of future cash flows are
revised, the carrying amount of the respective financial assets or financial liabilities is adjusted to reflect the new estimate discounted using the original effective
interest rate. Any changes are recognised in the income statement.
\u2013FVOCI \u2013 Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets\u2019 cash flows represent SPPI, and that are
not designated at FVTPL, are measured at FVOCI. Movements in the carrying amount are recognised in OCI, except for the recognition of impairment gains or
losses, interest revenue and foreign exchange gains and losses on the instrument\u2019s amortised cost which are recognised in profit or loss. When the financial
asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in \u2018Other operating
income\u2019. Interest income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest rate method.
\u2013FVTPL \u2013 Financial assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a debt instrument that is
subsequently measured at FVTPL, including any debt instruments designated at fair value, is recognised in profit or loss and presented in the income statement
in \u2018Other operating income\u2019 in the period in which it arises.
The Santander UK group reclassifies financial assets when and only when its business model for managing those assets changes. The reclassification takes place
from the start of the first reporting period following the change. Such changes are expected to be very infrequent.
Financial assets: equity instruments
Equity instruments are instruments that meet the definition of equity from the issuer\u2019s perspective, being instruments that do not contain a contractual obligation
to pay cash and that evidence a residual interest in the issuer\u2019s net assets. All equity investments are subsequently measured at FVTPL, except where management
has elected, at initial recognition, to irrevocably designate an equity investment at FVOCI. When this election is used, fair value gains and losses are recognised in
OCI and are not subsequently reclassified to profit or loss, including on disposal. ECLs (and reversal of ECLs) are not reported separately from other changes in fair
value. Dividends, when representing a return on such investments, continue to be recognised in profit or loss as other income when the right to receive payments
is established. Gains and losses on equity investments at FVTPL are included in \u2018Other operating income\u2019 in the income statement.
Financial liabilities
Financial liabilities are classified as subsequently measured at amortised cost, except for:
\u2013Financial liabilities at FVTPL: this classification is applied to derivatives and other financial liabilities designated as such at initial recognition. Gains or losses on
financial liabilities designated at FVTPL are presented partially in other comprehensive income (the amount of change in the fair value of the financial liability
that is attributable to changes in the credit risk of that liability) and partially in profit or loss (the remaining amount of change in the fair value of the liability)
\u2013Financial liabilities arising from the transfer of financial assets which did not qualify for derecognition, whereby a financial liability is recognised for the
consideration received for the transfer. In subsequent periods, the Santander UK group recognises any expense incurred on the financial liability, and
\u2013Financial guarantee contracts and loan commitments.
Contracts involving the receipt of cash on which customers receive an index-linked return are accounted for as equity index-linked deposits. The principal products
are Capital Guaranteed/Protected Products which give the customers a limited participation in the upside growth of an equity index. In the event the index falls in
price, a cash principal element is guaranteed/protected. The equity index-linked deposits contain embedded derivatives. These embedded derivatives, in
combination with the principal cash deposit element, are designed to replicate the investment performance profile tailored to the return agreed in the contracts
with customers. The cash principal element is accounted for as deposits by customers at amortised cost. The embedded derivatives are separated from the host
instrument and are separately accounted for as derivatives.
Sale and repurchase agreements (including stock borrowing and lending)
Securities sold subject to a commitment to repurchase them at a predetermined price (repos) under which substantially all the risks and rewards of ownership are
retained by the Santander UK group remain on the balance sheet and a liability is recorded in respect of the consideration received. Securities purchased under
commitments to resell (reverse repos) are not recognised on the balance sheet and the consideration paid is recorded as an asset. The difference between the sale
and repurchase price is treated as trading income in the income statement, except where the repo is not treated as part of the trading book, in which case the
difference is recorded in interest income or expense.
Securities lending and borrowing transactions are generally secured, with collateral in the form of securities or cash advanced or received. Securities lent or
borrowed are not reflected on the balance sheet. Collateral in the form of cash received or advanced is recorded as a deposit or a loan. Collateral in the form of
securities is not recognised.
Day One profit adjustments
The fair value of a financial instrument on initial recognition is generally its transaction price (that is, the fair value of the consideration given or received). However,
sometimes the fair value will be based on other observable current market transactions in the same instrument, without modification or repackaging, or on a
valuation technique whose variables include only data from observable markets, such as interest rate yield curves, option volatilities and currency rates. When
such evidence exists, the Santander UK group recognises a trading gain or loss at inception (Day One gain or loss), being the difference between the transaction
price and the fair value. When significant unobservable parameters are used, the entire Day One gain or loss is deferred and is recognised in the income statement
over the life of the transaction until the transaction matures, is closed out, the valuation inputs become observable, or an offsetting transaction is entered into.
ii) Impairment of debt instrument financial assets
The Santander UK group assesses on a forward-looking basis the ECL associated with its debt instrument assets carried at amortised cost and FVOCI and with the
exposure arising from financial guarantee contracts and loan commitments. The Santander UK group recognises a loss allowance for such losses at each reporting
date. The measurement of ECL reflects:
\u2013An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes.
\u2013The time value of money, and
\u2013Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts
of future economic conditions.
Grouping of instruments for losses measured on a collective basis
We typically group instruments and assess them for impairment collectively where they share risk characteristics (as described in the Credit risk section of the Risk
review) using one or more statistical models. Where we have used internal capital or similar models as the basis for our ECL models, this typically results in a
large number of relatively small homogenous groups which are determined by the permutations of the underlying characteristics in the statistical models. We
calculate separate collective provisions for instruments in Stages 1, 2 and 3 where the instrument is not individually assessed, as described below.
Individually assessed impairments (IAIs)
We assess significant Stage 3 cases individually. We do this for Corporate & Commercial Banking cases, but not for Business Banking cases in Retail Banking which
we assess collectively. To calculate the estimated loss, we estimate the future cash flows under several scenarios each of which uses case-specific factors and
circumstances. We then probability-weight the net present value of the cash flows under each scenario to arrive at a weighted average provision requirement. We
update our assessment process every quarter and more frequently if there are changes in circumstances that might affect the scenarios, cash flows or probabilities
we apply.
For more on how ECL is calculated, see the Credit risk section of the Risk review.
\u2013Write-off
For secured loans, a write-off is only made when all collection procedures have been exhausted and the security has been sold and/or a claim made on any
mortgage indemnity guarantee or other insurance. In the corporate loan portfolio, there may be occasions where a write-off occurs for other reasons, such as
following a consensual restructure or refinancing of the debt or where the debt is sold for strategic reasons into the secondary market at a value lower than its
face value.
There is no threshold based on past due status beyond which all secured loans are written off as there can be significant variations in the time needed to enforce
possession and sale of the security, especially due to the different legal frameworks that apply in different regions of the UK. For unsecured loans, a write-off is
only made when all internal avenues of collecting the debt have been exhausted. Where appropriate the debt is passed over to external collection agencies. A
past due threshold is applied to unsecured debt where accounts that are 180 days past due are written off unless there is a dispute awaiting resolution. Contact
is made with customers with the aim to achieve a realistic and sustainable repayment arrangement. Litigation and/or enforcement of security is usually carried
out only when the steps described above have been undertaken without success.
All write-offs are assessed / made on a case-by-case basis, taking account of the exposure at the date of write-off, after accounting for the value from any
collateral or insurance held against the loan. The exception to this is in cases where fraud has occurred, where the exposure is written off once investigations
have been completed and the probability of recovery is minimal. The time span between discovery and write-off will be short and may not result in an
impairment loss allowance being raised. The write-off policy is regularly reviewed. Write-offs are charged against previously established loss allowances.
\u2013Recoveries
Recoveries of credit impairment charges are not included in the impairment loss allowance but are taken to income and offset against credit impairment
charges. Recoveries of credit impairment charges are classified in the income statement as \u2018Credit impairment charges\u2019.
iii) Modifications of financial assets
The treatment of a renegotiation or modification of the contractual cash flows of a financial asset normally depends upon whether the renegotiation or
modification is due to financial difficulties of the borrower or for other commercial reasons.
\u2013Contractual modifications due to financial difficulties of the borrower: where the Santander UK group modifies the contractual conditions to enable the
borrower to fulfil their payment obligations, the asset is not derecognised. The gross carrying amount of the financial asset is recalculated as the present value
of the renegotiated/modified contractual cash flows that are discounted at the financial asset\u2019s original EIR and any gain or loss arising from the modification is
recognised in the income statement.
\u2013Contractual modifications for other commercial reasons: an assessment is performed to determine whether the terms of the new agreement are substantially
different from the terms of the existing agreement, after considering changes in the cash flows arising from the modified terms and the overall instrument risk
profile. Where terms are substantially different, such modifications are treated as a new transaction resulting in derecognition of the original financial asset, and
the recognition of a \u2018new\u2019 financial asset with any difference between the carrying amount of the derecognised asset and the fair value of the new asset is
recognised in the income statement as a gain or loss on derecognition. Where terms are not substantially different, the carrying value of the financial asset is
adjusted to reflect the present value of modified cash flows discounted at the original EIR with any gain or loss arising from modification recognised
immediately in the income statement.
Any other contractual modifications, such as where a regulatory authority imposes a change in certain contractual terms or due to legal reasons, are assessed on a
case-by-case basis to establish whether or not the financial asset should be derecognised. For IBOR reform see Note 41.
iv) Derecognition other than on a modification
Financial assets are derecognised when the rights to receive cash flows have expired or the Santander UK group has transferred its contractual right to receive the
cash flows from the assets and either: (1) substantially all the risks and rewards of ownership have been transferred; or (2) the Santander UK group has neither
retained nor transferred substantially all of the risks and rewards but has transferred control.
Financial liabilities are derecognised when extinguished, cancelled or expired.
c) Financial guarantee contracts and loan commitments
Financial guarantee contracts are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified
debtor fails to make payments when due, in accordance with the terms of a debt instrument. Such financial guarantees are given to banks, financial institutions
and others on behalf of customers to secure loans, overdrafts and other banking facilities.
Financial guarantee contracts are initially measured at fair value and subsequently measured at the higher of the amount of the loss allowance, and the premium
received on initial recognition less income recognised in accordance with the principles of IFRS 15. Loan commitments are measured as the amount of the loss
allowance (determined in accordance with IFRS 9 as described in Credit risk section of the Risk review). The Santander UK group has not provided any commitment
to provide loans at a below-market interest rate, or that can be settled net in cash or by delivering or issuing another financial instrument.
For financial guarantee contracts and loan commitments, the loss allowance is recognised as a provision and charged to credit impairment charges in the income
statement. The loss allowance in respect of revolving facilities is classified in loans and advances to customers to the extent of any drawn balances. The loss
allowance in respect of undrawn amounts is classified in provisions. When amounts are drawn, any related loss allowance is transferred from provisions to loans
and advances to customers.
Derivative financial instruments (derivatives)
Derivatives are contracts or agreements whose value is derived from one or more underlying indices or asset values inherent in the contract or agreement, which
require no or little initial net investment and are settled at a future date. Transactions are undertaken in interest rate, cross currency, equity, residential property
and other index-related swaps, forwards, caps, floors, swaptions, as well as credit default and total return swaps, equity index contracts and exchange traded
interest rate futures, and equity index options.
Derivatives are held for risk management purposes. Derivatives are classified as held for trading unless they are designated as being in a hedge accounting
relationship. The Santander UK group chooses to designate certain derivatives as in a hedging relationship if they meet specific criteria, as further described in
\u2018Hedge accounting\u2019 below.
Derivatives are recognised initially (on the date on which a derivative contract is entered into), and are subsequently remeasured, at their fair value. Fair values of
exchange-traded derivatives are obtained from quoted market prices. Fair values of over-the-counter derivatives are estimated using valuation techniques,
including discounted cash flow and option pricing models.
Certain derivatives may be embedded in hybrid contracts. If the hybrid contract contains a host that is a financial asset, then the Santander UK group assesses the
entire contract as described in the financial asset section above for classification and measurement purposes. Otherwise, embedded derivatives are treated as
separate derivatives when their economic characteristics and risks are not closely related to those of the host contract; the terms of the embedded derivative
would meet the definition of a stand-alone derivative if they were contained in a separate contract; and the combined contract is not held for trading or designated
at fair value. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement. Contracts containing
embedded derivatives are not subsequently reassessed for separation unless either there has been a change in the terms of the contract which significantly
modifies the cash flows (in which case the contract is reassessed at the time of modification) or the contract has been reclassified (in which case the contract is
reassessed at the time of reclassification).
All derivatives are carried as assets when their fair value is positive and as liabilities when their fair value is negative, except where netting is permitted. The
method of recognising fair value gains and losses depends on whether derivatives are held for trading or are designated as hedging instruments and, if the latter,
the nature of the risks being hedged. Gains and losses from changes in the fair value of derivatives held for trading are recognised in the income statement and
included in Other operating income.
Offsetting financial assets and liabilities
Financial assets and liabilities including derivatives are offset and the net amount reported in the balance sheet when there is a legally enforceable right to set off
the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The Santander UK group is party
to a number of arrangements, including master netting arrangements under industry standard agreements which facilitate netting of transactions in jurisdictions
where netting agreements are recognised and have legal force. The netting arrangements do not generally result in an offset of balance sheet assets and liabilities
for accounting purposes, as transactions are usually settled on a gross basis.
Hedge accounting
The Santander UK group applies hedge accounting to represent, to the maximum possible extent permitted under accounting standards, the economic effects of
its risk management strategies. Derivatives are used to hedge exposures to interest rates and exchange rates.
At the time a financial instrument is designated as a hedge (i.e. at the inception of the hedge), the Santander UK group formally documents the relationship
between the hedging instrument(s) and hedged item(s), its risk management objective and strategy for undertaking the hedge. The documentation includes the
identification of each hedging instrument and respective hedged item, the nature of the risk being hedged (including the benchmark interest rate being hedged in a
hedge of interest rate risk) and how the hedging instrument\u2019s effectiveness in offsetting the exposure to changes in the hedged item\u2019s fair value attributable to the
hedged risk is to be assessed. Accordingly, the Santander UK group formally assesses, both at the inception of the hedge and on an ongoing basis, whether the
hedging derivatives have been and will be highly effective in offsetting changes in the fair value attributable to the hedged risk during the period that the hedge is
designated. A hedge is normally regarded as highly effective if, at inception and throughout its life, the Santander UK group can expect, and actual results indicate,
that changes in the fair value or cash flow of the hedged items are effectively offset by changes in the fair value or cash flow of the hedging instrument. If at any
point it is concluded that it is no longer highly effective in achieving its documented objective, hedge accounting is discontinued.
Where derivatives are held for risk management purposes, and when transactions meet the required criteria for documentation and hedge effectiveness, the
derivatives may be designated as either: (i) hedges of the change in fair value of recognised assets or liabilities or firm commitments (fair value hedges); (ii) hedges
of the variability in highly probable future cash flows attributable to a recognised asset or liability, or a forecast transaction (cash flow hedges); or (iii) a hedge of a
net investment in a foreign operation (net investment hedges). The Santander UK group applies fair value and cash flow hedge accounting, but not hedging of a net
investment in a foreign operation.
a) Fair value hedge accounting
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with the changes in the
fair value of the hedged asset or liability that are attributable to the hedged risk. Where the hedged item is measured at amortised cost, the fair value changes due
to the hedged risk adjust the carrying amount of the hedged asset or liability. Changes in the fair value of portfolio hedged items are presented separately in the
consolidated balance sheet in macro hedge of interest rate risk and recognised in the income statement within other operating income. If the hedge no longer
meets the criteria for hedge accounting, changes in the fair value of the hedged item attributable to the hedged risk are no longer recognised in the income
statement. For fair value hedges of interest rate risk, the cumulative adjustment that has been made to the carrying amount of the hedged item is amortised to the
income statement using the effective interest method over the period to maturity. For portfolio hedged items, the cumulative adjustment is amortised to the
income statement using the straight-line method over the period to maturity.
b) Cash flow hedge accounting
The effective portion of changes in the fair value of qualifying cash flow hedges is recognised in other comprehensive income in the cash flow hedging reserve. The
gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income
statement in the periods in which the hedged item affects profit or loss. 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 in the income statement when the
forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that
was reported in equity is immediately transferred to the income statement. The Santander UK group is exposed to cash flow interest rate risk on its floating rate
assets, foreign currency risk on its fixed rate debt issuances denominated in foreign currency and equity price risk arises from the Santander UK group operating the
Employee Sharesave scheme. Cash flow hedging is used to hedge the variability in cash flows arising from these risks.
Securitisation transactions
The Santander UK group has entered into arrangements where undertakings have issued mortgage-backed and other asset-backed securities or have entered into
funding arrangements with lenders in order to finance specific loans and advances to customers. The Santander UK group has also entered into synthetic
securitisation arrangements, as part of significant risk transfer (SRT) transactions to reduce its risk-weighted assets, where undertakings have issued credit-linked
notes and deposited the funds raised as collateral for credit protection in respect of specific loans and advances to customers. As the Santander UK group has
retained substantially all the risks and rewards of the underlying assets, such financial instruments continue to be recognised on the balance sheet, and a liability
recognised for the proceeds of the funding transaction, or in the case of SRT transactions, collateral deposited.
Impairment of non-financial assets (for goodwill see 'Critical judgements and accounting estimates')
At each balance sheet date, or more frequently when events or changes in circumstances dictate, property plant and equipment (including operating lease assets)
and intangible assets (including goodwill) are assessed for indicators of impairment. If indications are present, these assets are subject to an impairment review.
The impairment review comprises a comparison of the carrying value of the asset or cash generating unit with its recoverable amount: the higher of the asset\u2019s or
cash-generating unit\u2019s fair value less costs to sell and its value in use. The cash-generating unit represents the lowest level at which non-financial assets, including
goodwill, are monitored for internal management purposes and is not larger than an operating segment.
The fair value is 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. Value in use is calculated by discounting management\u2019s expected future cash flows obtainable as a result of the asset\u2019s continued use (after
making allowance for increases in regulatory capital requirements), including those resulting from its ultimate disposal, at a market-based discount rate on a pre-
tax basis. The recoverable amounts of goodwill have been based on value in use calculations.
For conducting goodwill impairment reviews, cash generating units are the lowest level at which management monitors the return on investment on assets.
Leases (as lessor)
Operating lease assets are recorded at cost and the difference between cost and residual value (RV) is depreciated over the life of the asset. Operating lease rental
income and depreciation is recognised on a straight-line basis over the life of the asset. After initial recognition, residual values are reviewed regularly, and any
changes are recognised prospectively through remaining depreciation charges.
Amounts due from lessees under finance leases and hire purchase contracts are recorded as receivables at the amount of the Santander UK group\u2019s net investment
in the leases. Finance lease income is allocated to accounting periods to reflect a constant periodic rate of return on the Santander UK group\u2019s net investment
outstanding in respect of the leases and hire purchase contracts. A provision is recognised to reflect a reduction in any anticipated unguaranteed RV. A provision is
also recognised for voluntary termination of the contract by the customer, where appropriate.
Income taxes, including deferred taxes
The tax expense represents the sum of the income tax currently payable and deferred income tax.
A current tax liability for the current or prior period is measured at the amount expected to be paid to the tax authorities. Where the amount of the final tax liability
is uncertain or where a position is challenged by a taxation authority, the liability recognised is the most likely outcome. Where a most likely outcome cannot be
determined, a weighted average basis is applied.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised based on rates enacted or
substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items recognised in other
comprehensive income or directly in equity, in which case the deferred tax is also recognised in other comprehensive income or directly in equity.
Deferred and current tax assets and liabilities are only offset when they arise in the same tax reporting group and where there is both the legal right and the
intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Cash and cash equivalents
Following a decision by the IFRS Interpretations Committee in April 2022, Santander UK updated its accounting policy to exclude from cash and cash equivalents
Reserves Collateralisation Accounts (RCAs) balances held at the Bank of England relating to Santander UK\u2019s participation in certain payments schemes. Instead,
RCAs balances are classified as restricted balances and included within 'change in operating assets' in the cash flow statement. Prior periods have been restated
see Note34.
For the purposes of the cash flow statement, cash and cash equivalents comprise balances with less than three months maturity from the date of acquisition,
including cash and non-restricted balances with central banks, treasury bills and other eligible bills, loans and advances to banks, reverse repurchase agreements
and short-term investments in securities. Balances with central banks represent amounts held at the Bank of England as part of the Santander UK group\u2019s liquidity
management activities. It includes certain minimum cash ratio deposits held for regulatory purposes and reserves collateralised accounts in respect of Santander
UK\u2019s participation in certain payments schemes which are required to be maintained with the Bank of England and are restricted balances.
Provisions and contingent liabilities (see 'Critical judgements and accounting estimates')
Provisions are recognised for present obligations arising as consequences of past events where it is more likely than not that a transfer of economic benefits will be
necessary to settle the obligation, and it can be reliably estimated.
Customer remediation provisions are made for the estimated cost of making redress payments with respect to the past sales of products, using conclusions such
as the number of claims the number of those that will be upheld, the estimated average settlement per case and other related costs. Provision is made for the
anticipated cost of restructuring, including redundancy costs, when an obligation exists. An obligation exists when the Santander UK group has a detailed formal
plan for restructuring a business, has raised valid expectations in those affected by the restructuring, and has started to implement the plan or announce its main
features.
When a leasehold property ceases to be used in the business, provision is made where the unavoidable costs of the future obligations relating to the lease are
expected to exceed anticipated rental income. The net costs are discounted using market rates of interest to reflect the long-term nature of the cash flows.
Loan commitments are measured as the amount of the loss allowance, determined in line with IFRS 9 as set out in the Credit risk section of the Risk review.
Contingent liabilities are possible obligations whose existence will be confirmed only by certain future events or present obligations where the transfer of
economic benefit is uncertain or cannot be reliably measured. Contingent liabilities are not recognised but are disclosed unless they are remote.
Critical judgements and accounting estimates
The preparation of Santander UK's consolidated financial statements in accordance with IFRS requires management to make judgements, estimates and
assumptions in applying the accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Due to the inherent uncertainty in
making estimates, actual results reported in future periods may be based on amounts which differ from those estimates. Estimates, judgements and assumptions
are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances. There has been no change in the inherent sensitivity of the areas of judgement in the period. Management have considered the impact of
developments in principal risks and uncertainties, as set out in the Risk review, on critical judgements and accounting estimates.
The significant judgements, apart from those involving estimation, made by management in applying Santander UK's accounting policies in these financial
statements (key judgements) and the key sources of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the next financial year (key estimates), which together are considered critical to Santander UK's results and financial position,
are as follows:
a) Credit impairment charges
The application of the ECL impairment methodology for calculating credit impairment allowances is highly susceptible to change from period to period. The
methodology requires management to make judgmental assumptions in determining the estimates. Any significant difference between the estimated amounts
and actual amounts could have a material impact on the future financial results and financial condition. The impact of the cost of living crisis has increased the
uncertainty around ECL impairment calculations and has required management to make additional judgements and accounting estimates that affect the amount
of assets and liabilities at the reporting date and the amount of income and expenses in the reporting period. The key additional judgements due to the impact of
the cost of living crisis mainly reflect the increased uncertainty around forward-looking economic data and the need for additional judgemental adjustments.
| |
| \u2013Determining an appropriate definition of default |
| \u2013Establishing the criteria for a significant increase in credit risk (SICR) and, for corporate borrowers, internal credit risk rating |
| \u2013Determining the need for any judgemental adjustments |
| \u2013Determining the need to assess corporate Stage 3 exposures individually |
| \u2013Forward-looking multiple economic scenario assumptions |
| \u2013Probability weights assigned to multiple economic scenarios |
risk management\u2019 section of the Risk review.
Sensitivity of ECL allowance
For detailed disclosures, see 'Sensitivity of ECL allowance' in the \u2018Credit risk \u2013 credit risk management\u2019 section of the Risk review.
b) Provisions and contingent liabilities
| |
| \u2013Determining whether a present obligation exists |
| \u2013Determining the likely outcome of future legal decisions |
| \u2013Probability, timing, nature and amount of any outflows that may arise from past events |
Included in Litigation and other regulatory provisions in Note 29 are amounts in respect of management\u2019s best estimates of liability relating to a legal dispute
regarding allocation of responsibility for a specific PPI portfolio of complaints, and Plevin related litigation. Note 31 provides disclosure relating to ongoing factual
issues and reviews that could impact the timing and amount of any outflows.
Note 31 includes disclosure relating to an investigation in relation to the historical involvement of Santander UK plc, Santander Financial Services plc and Cater
Allen International Limited (all subsidiaries of Santander UK Group Holdings plc) in German dividend tax arbitrage transactions.
These judgements are based on the specific facts available and often require specialist professional advice. There can be a wide range of possible outcomes and
uncertainties, particularly in relation to legal actions, and regulatory and consumer credit matters. As a result, it is often not possible to make reliable estimates of
the likelihood and amount of any potential outflows, or to calculate any resulting sensitivities. For more on these key judgements and estimates, see Notes 29 and
31.
c) Defined benefit pension schemes
The Santander UK group operates a number of defined benefit pension schemes as described in Note 30 and estimates their position as described in the accounting
policy \u2018Pensions and other post retirement benefits\u2019.
| |
| \u2013Setting the criteria for constructing the corporate bond yield curve used to determine the discount rate |
| \u2013Determining the methodology for setting the inflation assumption |
| \u2013Discount rate applied to future cash flows |
| \u2013Rate of price inflation |
| \u2013Expected lifetime of the schemes' members |
| \u2013Valuation of pension fund assets whose values are not based on market observable data |
1-week or 2-month USD LIBOR settings).
The IASB made further amendments to various IFRSs (the Phase 2 amendments) in 2020 to address issues that might affect financial reporting during the reform
of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate
benchmark with an alternative benchmark rate. The Phase 2 amendments require entities, as a practical expedient, to account for a change in the basis for
determining the contractual cash flows by updating the effective interest rate using the guidance in IFRS 9 resulting in no immediate gain or loss being recognised,
as long as the change is directly required by IBOR reform and takes place on an economically equivalent basis. The practical expedient was applied to all
instruments or contracts that transitioned to alternative benchmark interest rates during 2022 and had no material impact for the Santander UK group.\u00a0 The Phase
2 amendments also provide additional temporary reliefs from applying specific IAS 39 hedge accounting requirements to hedging relationships directly affected by
IBOR reform. For GBP LIBOR cash flow hedges of remaining legacy contracts using 1-month and 6-month synthetic settings, the transition to alternative
benchmark interest rates will take place no later than March 2023 and, for those using the 3-month synthetic setting, no later than March 2024. For USD LIBOR
cash flow hedges, transition will take place no later than June 2023 for those using overnight and 12-month USD LIBOR settings and no later than September 2024
for those using 1-month, 3-month and 6-month synthetic USD LIBOR settings.
",
"dimensions": {
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"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjM3L2ZyYWc6Yjg4MzZmNTQ4NzQyNDRmOGJlODMzZjUzMDY5NzliYjQvdGV4dHJlZ2lvbjpiODgzNmY1NDg3NDI0NGY4YmU4MzNmNTMwNjk3OWJiNF8xMjc1NDMzNDg4MjQ0Njk_7e6488ad-237b-4e29-b16b-255120ab453c": {
"value": "
These financial statements are prepared for Santander UK plc (the Company) and the Santander UK plc group (the Santander UK group) under the UK Companies
Act 2006. The principal activity of the Santander UK group is the provision of a wide range of banking and financial services to personal, business and corporate
customers. Santander UK plc is a public company, limited by shares and incorporated in England and Wales having a registered office at 2 Triton Square, Regent\u2019s
Place, London, NW1 3AN. It is an operating company undertaking banking and financial services transactions.
",
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"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjM3L2ZyYWc6Yjg4MzZmNTQ4NzQyNDRmOGJlODMzZjUzMDY5NzliYjQvdGV4dHJlZ2lvbjpiODgzNmY1NDg3NDI0NGY4YmU4MzNmNTMwNjk3OWJiNF80MDY4MTkzMDIzMDA3NA_d675248a-9a16-48f7-8ca5-91d87fe28b23": {
"value": "Santander UK plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjM3L2ZyYWc6Yjg4MzZmNTQ4NzQyNDRmOGJlODMzZjUzMDY5NzliYjQvdGV4dHJlZ2lvbjpiODgzNmY1NDg3NDI0NGY4YmU4MzNmNTMwNjk3OWJiNF80MDY4MTkzMDIzMDA2Ng_c7d02ea1-7a7e-4856-9519-72ac76a5ff81": {
"value": "The principal activity of the Santander UK group is the provision of a wide range of banking and financial services to personal, business and corporate customers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjM3L2ZyYWc6Yjg4MzZmNTQ4NzQyNDRmOGJlODMzZjUzMDY5NzliYjQvdGV4dHJlZ2lvbjpiODgzNmY1NDg3NDI0NGY4YmU4MzNmNTMwNjk3OWJiNF80MDY4MTkzMDIzMDAzNw_27157f0e-f160-4352-93da-d15caa4dcff7": {
"value": "public company, limited by shares",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjM3L2ZyYWc6Yjg4MzZmNTQ4NzQyNDRmOGJlODMzZjUzMDY5NzliYjQvdGV4dHJlZ2lvbjpiODgzNmY1NDg3NDI0NGY4YmU4MzNmNTMwNjk3OWJiNF80MDY4MTkzMDIzMDA0NA_b1e46ae7-f6e9-4dfe-8dff-8df9c9359fcb": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjM3L2ZyYWc6Yjg4MzZmNTQ4NzQyNDRmOGJlODMzZjUzMDY5NzliYjQvdGV4dHJlZ2lvbjpiODgzNmY1NDg3NDI0NGY4YmU4MzNmNTMwNjk3OWJiNF80MDY4MTkzMDIzMDA1MQ_394afcfc-02f7-4a3f-b700-a01768e3b4d6": {
"value": "2 Triton Square, Regent\u2019s Place, London, NW1 3AN",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjM3L2ZyYWc6Yjg4MzZmNTQ4NzQyNDRmOGJlODMzZjUzMDY5NzliYjQvdGV4dHJlZ2lvbjpiODgzNmY1NDg3NDI0NGY4YmU4MzNmNTMwNjk3OWJiNF8xMjc1NDMzNDg4MjQ0NzA_f54269ef-9eca-442d-8e31-c444018265b1": {
"value": "
Basis of preparation
These financial statements incorporate the financial statements of the Company and entities it controls (its subsidiaries) made up to 31 December each year. The
consolidated financial statements have been prepared on the going concern basis using the historical cost convention, except for financial assets and liabilities that
have been measured at fair value. An assessment of the appropriateness of the adoption of the going concern basis of accounting is disclosed in the statement of
going concern in the Directors\u2019 report.
Compliance with International Financial Reporting Standards (IFRS)
The consolidated financial statements of the Santander UK group and the separate financial statements of the Company comply with UK-adopted International
Accounting Standards (IAS). The financial statements are also prepared in accordance with 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.
Disclosures required by IFRS 7 \u2018Financial Instruments: Disclosure\u2019 relating to the nature and extent of risks arising from financial instruments, and IAS 1
\u2018Presentation of Financial Statements\u2019 relating to objectives, policies and processes for managing capital, have been included in the Risk review section of this
Annual Report. This information forms an integral part of these financial statements by this cross reference, is marked as audited, and is covered by the
Independent auditor's report.
Climate change
Santander UK continues to develop its assessment of the potential impacts that climate change and the transition to a low carbon economy may have on the assets
and liabilities recognised and presented in its financial statements.
Santander UK is mindful of its responsibilities as a responsible lender and is focused on ways to meet the objectives of the Paris Agreement on climate change and
to support the UK\u2019s transition to a climate-resilient, net zero economy.
Santander UK's current climate change strategy focuses on three main areas to achieve Banco Santander's ambition to reach net zero emissions by 2050:
1. Managing climate risks by integrating climate considerations into risk management frameworks, screening and stress testing our portfolio for climate related
financial risks, and setting risk appetites to help steer our portfolio in line with the Paris Agreement,
2. Supporting our customers\u2019 transition by developing products and services that promote a reduction in CO2 emissions, and
3. Reducing emissions in our operations and supply chain by focusing on continuous improvement in our operations, and environmental and energy management
systems in accordance with ISO14001 and 15001, promoting responsible procurement practices and employee engagement.
Santander UK's current climate change strategy and its view of the risks associated with climate change and the transition to a low carbon economy are reflected in
its critical judgements and accounting estimates, although climate change risk did not have a significant impact at 31 December 2022 and 2021, consistent with
management's assessment that climate change and the transition to a low carbon economy are not currently expected to have a meaningful impact on the viability
of the Santander UK group in the medium term.
At 31 December 2022 and 2021, management specifically considered the potential impact of climate change and the transition to a low carbon economy on:
\u2013Loans and advances to customers (see Note 13 and the credit risk section of the Risk review). Some climate change risks arise due to the requirements of IFRS 9
and others relate to specific portfolios and sectors: 5 years,For Mortgages in Retail Banking and Commercial Real Estate lending in Corporate & Commercial
Banking, the value of property collateral might be affected by physical impacts related to the frequency and scale of extreme weather events, such as flood and
subsidence risk, or changing environmental performance standards for property.
\u2013For automotive loans in Consumer Finance, the residual value of automotive vehicles might be impacted by diesel obsolescence and the transition to electric
vehicles.
\u2013For corporate lending in Corporate & Commercial Banking, certain sectors give rise to fossil fuel exposures, such as Oil & Gas, Mining & Extraction and Power
Generation.
\u2013Goodwill impairment assessment (see Note 20). Estimates underpinning the determination of whether or not goodwill balances are impaired are partly based
on forecast business performance beyond the time horizon for management's detailed plans.
Future changes to Santander UK's climate change strategy may impact Santander UK's critical judgements and accounting estimates and result in material
changes to financial results and the carrying values of certain assets and liabilities in future reporting periods.
",
"dimensions": {
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"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjM3L2ZyYWc6Yjg4MzZmNTQ4NzQyNDRmOGJlODMzZjUzMDY5NzliYjQvdGV4dHJlZ2lvbjpiODgzNmY1NDg3NDI0NGY4YmU4MzNmNTMwNjk3OWJiNF80NTYyOTczMjU1Mjc0MA_0f92813a-20ec-43f2-ac77-df0fde8b8186": {
"value": "
These financial statements incorporate the financial statements of the Company and entities it controls (its subsidiaries) made up to 31 December each year. The
consolidated financial statements have been prepared on the going concern basis using the historical cost convention, except for financial assets and liabilities that
have been measured at fair value. An assessment of the appropriateness of the adoption of the going concern basis of accounting is disclosed in the statement of
going concern in the Directors\u2019 report.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjM3L2ZyYWc6Yjg4MzZmNTQ4NzQyNDRmOGJlODMzZjUzMDY5NzliYjQvdGV4dHJlZ2lvbjpiODgzNmY1NDg3NDI0NGY4YmU4MzNmNTMwNjk3OWJiNF8xMjc1NDMzNDg4MjQ0NzE_0d0e0b8c-cbb2-4280-819c-61caa6f1d7f5": {
"value": "
Compliance with International Financial Reporting Standards (IFRS)
The consolidated financial statements of the Santander UK group and the separate financial statements of the Company comply with UK-adopted International
Accounting Standards (IAS). The financial statements are also prepared in accordance with 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.
Disclosures required by IFRS 7 \u2018Financial Instruments: Disclosure\u2019 relating to the nature and extent of risks arising from financial instruments, and IAS 1
\u2018Presentation of Financial Statements\u2019 relating to objectives, policies and processes for managing capital, have been included in the Risk review section of this
Annual Report. This information forms an integral part of these financial statements by this cross reference, is marked as audited, and is covered by the
Independent auditor's report.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjM3L2ZyYWc6Yjg4MzZmNTQ4NzQyNDRmOGJlODMzZjUzMDY5NzliYjQvdGV4dHJlZ2lvbjpiODgzNmY1NDg3NDI0NGY4YmU4MzNmNTMwNjk3OWJiNF8xMjk3NDIzNzIwODAwMjg_b57dd38c-20e7-456e-9ebd-67a769db1fc8": {
"value": "
Climate change
Santander UK continues to develop its assessment of the potential impacts that climate change and the transition to a low carbon economy may have on the assets
and liabilities recognised and presented in its financial statements.
Santander UK is mindful of its responsibilities as a responsible lender and is focused on ways to meet the objectives of the Paris Agreement on climate change and
to support the UK\u2019s transition to a climate-resilient, net zero economy.
Santander UK's current climate change strategy focuses on three main areas to achieve Banco Santander's ambition to reach net zero emissions by 2050:
1. Managing climate risks by integrating climate considerations into risk management frameworks, screening and stress testing our portfolio for climate related
financial risks, and setting risk appetites to help steer our portfolio in line with the Paris Agreement,
2. Supporting our customers\u2019 transition by developing products and services that promote a reduction in CO2 emissions, and
3. Reducing emissions in our operations and supply chain by focusing on continuous improvement in our operations, and environmental and energy management
systems in accordance with ISO14001 and 15001, promoting responsible procurement practices and employee engagement.
Santander UK's current climate change strategy and its view of the risks associated with climate change and the transition to a low carbon economy are reflected in
its critical judgements and accounting estimates, although climate change risk did not have a significant impact at 31 December 2022 and 2021, consistent with
management's assessment that climate change and the transition to a low carbon economy are not currently expected to have a meaningful impact on the viability
of the Santander UK group in the medium term.
At 31 December 2022 and 2021, management specifically considered the potential impact of climate change and the transition to a low carbon economy on:
\u2013Loans and advances to customers (see Note 13 and the credit risk section of the Risk review). Some climate change risks arise due to the requirements of IFRS 9
and others relate to specific portfolios and sectors: 5 years,For Mortgages in Retail Banking and Commercial Real Estate lending in Corporate & Commercial
Banking, the value of property collateral might be affected by physical impacts related to the frequency and scale of extreme weather events, such as flood and
subsidence risk, or changing environmental performance standards for property.
\u2013For automotive loans in Consumer Finance, the residual value of automotive vehicles might be impacted by diesel obsolescence and the transition to electric
vehicles.
\u2013For corporate lending in Corporate & Commercial Banking, certain sectors give rise to fossil fuel exposures, such as Oil & Gas, Mining & Extraction and Power
Generation.
\u2013Goodwill impairment assessment (see Note 20). Estimates underpinning the determination of whether or not goodwill balances are impaired are partly based
on forecast business performance beyond the time horizon for management's detailed plans.
Future changes to Santander UK's climate change strategy may impact Santander UK's critical judgements and accounting estimates and result in material
changes to financial results and the carrying values of certain assets and liabilities in future reporting periods.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xMjU5OS9mcmFnOjVjZDYxMGM3NmZhMzRkYTZiYzU1YmFlYjc4ZjVhZDI2L3RleHRyZWdpb246NWNkNjEwYzc2ZmEzNGRhNmJjNTViYWViNzhmNWFkMjZfMTI3NTQzMzQ4ODIyMDUx_11770345-0ecb-4341-b94c-60539ef623bf": {
"value": "
Recent accounting developments
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2
In February 2021, the IASB amended IAS 1 Presentation of Financial Statements to require entities to disclose their material rather than their significant accounting
policies. To support this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on how to apply the
concept of materiality. The amendments are effective for annual periods beginning on or after 1 January 2023 with earlier application permitted. The amendments
have been applied in preparing these financial statements and, consequently, only material accounting policy information is disclosed.
Future accounting developments
At 31 December 2022, for the Santander UK group, there were no other significant new or revised standards and interpretations, and amendments thereto, which
have been issued but which are not yet effective, or which have otherwise not been early adopted where permitted.
Amendments to accounting standards
The IASB amended IFRS 9 \u2018Financial Instruments\u2019, IAS 39 \u2018Financial Instruments: Recognition and Measurement\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 in
2019 (the Phase 1 amendments) to provide temporary exceptions to specific hedge accounting requirements because of the uncertainty arising from the reform.
The exceptions end at the earlier of when the uncertainty regarding the timing and the amount of interest rate benchmark-based cash flows is no longer present,
and discontinuance of the hedge relationship (or reclassification of all amounts from the cash flow hedge reserve). The Phase 1 amendments continue to apply to
Santander UK's GBP LIBOR cash flow hedges, for remaining legacy contracts, and USD LIBOR cash flow hedges (but not any using 1-week or 2-month USD LIBOR
settings).
The IASB made further amendments to various IFRSs (the Phase 2 amendments) in 2020 to address issues that might affect financial reporting during the reform
of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate
benchmark with an alternative benchmark rate. The Phase 2 amendments require entities, as a practical expedient, to account for a change in the basis for
determining the contractual cash flows by updating the effective interest rate using the guidance in IFRS 9 resulting in no immediate gain or loss being recognised,
as long as the change is directly required by IBOR reform and takes place on an economically equivalent basis. The practical expedient was applied to all
instruments or contracts that transitioned to alternative benchmark interest rates during 2022 and had no material impact for the Santander UK group.\u00a0 The Phase
2 amendments also provide additional temporary reliefs from applying specific IAS 39 hedge accounting requirements to hedging relationships directly affected by
IBOR reform. For GBP LIBOR cash flow hedges of remaining legacy contracts using 1-month and 6-month synthetic settings, the transition to alternative
benchmark interest rates will take place no later than March 2023 and, for those using the 3-month synthetic setting, no later than March 2024. For USD LIBOR
cash flow hedges, transition will take place no later than June 2023 for those using overnight and 12-month USD LIBOR settings and no later than September 2024
for those using 1-month, 3-month and 6-month synthetic USD LIBOR settings.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xMjU5OS9mcmFnOjVjZDYxMGM3NmZhMzRkYTZiYzU1YmFlYjc4ZjVhZDI2L3RleHRyZWdpb246NWNkNjEwYzc2ZmEzNGRhNmJjNTViYWViNzhmNWFkMjZfMTI3NTQzMzQ4ODIyMDUx_63fbbf7d-ceef-4181-925d-a3c4cb5974da": {
"value": "
Recent accounting developments
Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2
In February 2021, the IASB amended IAS 1 Presentation of Financial Statements to require entities to disclose their material rather than their significant accounting
policies. To support this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on how to apply the
concept of materiality. The amendments are effective for annual periods beginning on or after 1 January 2023 with earlier application permitted. The amendments
have been applied in preparing these financial statements and, consequently, only material accounting policy information is disclosed.
Future accounting developments
At 31 December 2022, for the Santander UK group, there were no other significant new or revised standards and interpretations, and amendments thereto, which
have been issued but which are not yet effective, or which have otherwise not been early adopted where permitted.
Amendments to accounting standards
The IASB amended IFRS 9 \u2018Financial Instruments\u2019, IAS 39 \u2018Financial Instruments: Recognition and Measurement\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 in
2019 (the Phase 1 amendments) to provide temporary exceptions to specific hedge accounting requirements because of the uncertainty arising from the reform.
The exceptions end at the earlier of when the uncertainty regarding the timing and the amount of interest rate benchmark-based cash flows is no longer present,
and discontinuance of the hedge relationship (or reclassification of all amounts from the cash flow hedge reserve). The Phase 1 amendments continue to apply to
Santander UK's GBP LIBOR cash flow hedges, for remaining legacy contracts, and USD LIBOR cash flow hedges (but not any using 1-week or 2-month USD LIBOR
settings).
The IASB made further amendments to various IFRSs (the Phase 2 amendments) in 2020 to address issues that might affect financial reporting during the reform
of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate
benchmark with an alternative benchmark rate. The Phase 2 amendments require entities, as a practical expedient, to account for a change in the basis for
determining the contractual cash flows by updating the effective interest rate using the guidance in IFRS 9 resulting in no immediate gain or loss being recognised,
as long as the change is directly required by IBOR reform and takes place on an economically equivalent basis. The practical expedient was applied to all
instruments or contracts that transitioned to alternative benchmark interest rates during 2022 and had no material impact for the Santander UK group.\u00a0 The Phase
2 amendments also provide additional temporary reliefs from applying specific IAS 39 hedge accounting requirements to hedging relationships directly affected by
IBOR reform. For GBP LIBOR cash flow hedges of remaining legacy contracts using 1-month and 6-month synthetic settings, the transition to alternative
benchmark interest rates will take place no later than March 2023 and, for those using the 3-month synthetic setting, no later than March 2024. For USD LIBOR
cash flow hedges, transition will take place no later than June 2023 for those using overnight and 12-month USD LIBOR settings and no later than September 2024
for those using 1-month, 3-month and 6-month synthetic USD LIBOR settings.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0MzA_6a231544-ab17-43b0-a5aa-27097f80ecd9": {
"value": "
Consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled by it and its
subsidiaries.
The acquisition method of accounting is used to account for the acquisition of subsidiaries which meet the definition of a business.
Business combinations between entities under common control (i.e. fellow subsidiaries of Banco Santander SA, the ultimate parent) are outside the scope of IFRS 3
\u2013 \u2018Business Combinations\u2019, and there is no other guidance for such transactions under IFRS. The Santander UK group elects to account for business combinations
between entities under common control at their book values in the acquired entity by including the acquired entity\u2019s results from the date of the business
combination and not restating comparatives. Reorganisations of entities within the Santander UK group are also accounted for at their book values.
Credit protection entities established as part of significant risk transfer (SRT) transactions are not consolidated by the Santander UK group in cases where third
party investors have the exposure, or rights, to all of the variability of returns from the performance of the entities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0MzE_24c6c6c1-9cad-493d-9fd7-bb824c183fc8": {
"value": "
The consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled by it and its
subsidiaries.
The acquisition method of accounting is used to account for the acquisition of subsidiaries which meet the definition of a business.
Business combinations between entities under common control (i.e. fellow subsidiaries of Banco Santander SA, the ultimate parent) are outside the scope of IFRS 3
\u2013 \u2018Business Combinations\u2019, and there is no other guidance for such transactions under IFRS. The Santander UK group elects to account for business combinations
between entities under common control at their book values in the acquired entity by including the acquired entity\u2019s results from the date of the business
combination and not restating comparatives. Reorganisations of entities within the Santander UK group are also accounted for at their book values.
Credit protection entities established as part of significant risk transfer (SRT) transactions are not consolidated by the Santander UK group in cases where third
party investors have the exposure, or rights, to all of the variability of returns from the performance of the entities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0MzE_59fc3cc5-eb02-475f-901a-c647d513a852": {
"value": "
The consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled by it and its
subsidiaries.
The acquisition method of accounting is used to account for the acquisition of subsidiaries which meet the definition of a business.
Business combinations between entities under common control (i.e. fellow subsidiaries of Banco Santander SA, the ultimate parent) are outside the scope of IFRS 3
\u2013 \u2018Business Combinations\u2019, and there is no other guidance for such transactions under IFRS. The Santander UK group elects to account for business combinations
between entities under common control at their book values in the acquired entity by including the acquired entity\u2019s results from the date of the business
combination and not restating comparatives. Reorganisations of entities within the Santander UK group are also accounted for at their book values.
Credit protection entities established as part of significant risk transfer (SRT) transactions are not consolidated by the Santander UK group in cases where third
party investors have the exposure, or rights, to all of the variability of returns from the performance of the entities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0MzE_6cd7e12a-5078-497a-a305-dd59e0875035": {
"value": "
The consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled by it and its
subsidiaries.
The acquisition method of accounting is used to account for the acquisition of subsidiaries which meet the definition of a business.
Business combinations between entities under common control (i.e. fellow subsidiaries of Banco Santander SA, the ultimate parent) are outside the scope of IFRS 3
\u2013 \u2018Business Combinations\u2019, and there is no other guidance for such transactions under IFRS. The Santander UK group elects to account for business combinations
between entities under common control at their book values in the acquired entity by including the acquired entity\u2019s results from the date of the business
combination and not restating comparatives. Reorganisations of entities within the Santander UK group are also accounted for at their book values.
Credit protection entities established as part of significant risk transfer (SRT) transactions are not consolidated by the Santander UK group in cases where third
party investors have the exposure, or rights, to all of the variability of returns from the performance of the entities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0MzU_3905c96a-0b3c-4d81-aa9f-8a5b57c622cf": {
"value": "
Revenue recognition
a) Interest income and expense
Interest and similar income comprise interest income on financial assets measured at amortised cost, investments in debt instruments measured at FVOCI and
interest income on hedging derivatives. Interest expense and similar charges comprises interest expense on financial liabilities measured at amortised cost, and
interest expense on hedging derivatives. Interest income on financial assets measured at amortised cost, investments in debt instruments measured at FVOCI and
interest expense on financial liabilities other than those at fair value through profit or loss (FVTPL) is determined using the effective interest rate method.
Interest income is calculated by applying the effective interest rate to the gross carrying amount of financial assets, except for financial assets that have
subsequently become credit-impaired (i.e. Stage 3), for which interest revenue is calculated by applying the effective interest rate to their amortised cost (i.e. net of
the ECL provision). For more information on stage allocations of credit risk exposures, see \u2018Significant increase in credit risk\u2019 in the \u2018Santander UK group level \u2013
credit risk management\u2019 section of the Risk review.
b) Fee and commission income and expense
Fees and commissions that are not an integral part of the effective interest rate are recognised when the service is performed. Most fee and commission income is
recognised at a point in time. Certain commitment, upfront and management fees are recognised over time but are not material. For retail and corporate products,
fee and commission income consists principally of collection services fees, commission on foreign currencies, commission and other fees received from retailers
for processing credit card transactions, fees received from other credit card issuers for providing cash advances for their customers through the Santander UK
group\u2019s branch and ATM networks, annual fees payable by credit card holders and fees for non-banking financial products.
For insurance products, fee and commission income consists principally of commissions and profit share arising from the sale of building and contents insurance
and life protection insurance. Commissions arising from the sale of buildings and contents insurance are recognised over the period of insurance cover, adjusted to
take account of cancelled policies. Profit share income from the sale of buildings and contents insurance which is not subject to any adjustment is recognised when
the profit share income is earned. Commissions and profit share arising from the sale of life protection insurance is subject to adjustment for cancellations of
policies within 3 years from inception.
Fee and commission income which forms an integral part of the effective interest rate of a financial instrument (for example certain loan commitment fees) is
recognised as an adjustment to the effective interest rate and recorded in \u2018Interest income\u2019.
c) Other operating income
Other operating income includes all gains and losses from changes in the fair value of financial assets and liabilities held at fair value through profit or loss
(comprising financial assets and liabilities held for trading, trading derivatives and other financial assets and liabilities at fair value through profit or loss), together
with related interest income, expense, dividends, and changes in fair value of any derivatives managed in conjunction with these assets and liabilities. Changes in
fair value of derivatives in a fair value hedging relationship are also recognised in other operating income. Other operating income also includes income from
operating lease assets, and profits and losses arising on the sales of property, plant and equipment and subsidiary undertakings.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0Mzc_23773765-94e1-4997-9545-60b27d222d8a": {
"value": "
a) Interest income and expense
Interest and similar income comprise interest income on financial assets measured at amortised cost, investments in debt instruments measured at FVOCI and
interest income on hedging derivatives. Interest expense and similar charges comprises interest expense on financial liabilities measured at amortised cost, and
interest expense on hedging derivatives. Interest income on financial assets measured at amortised cost, investments in debt instruments measured at FVOCI and
interest expense on financial liabilities other than those at fair value through profit or loss (FVTPL) is determined using the effective interest rate method.
Interest income is calculated by applying the effective interest rate to the gross carrying amount of financial assets, except for financial assets that have
subsequently become credit-impaired (i.e. Stage 3), for which interest revenue is calculated by applying the effective interest rate to their amortised cost (i.e. net of
the ECL provision). For more information on stage allocations of credit risk exposures, see \u2018Significant increase in credit risk\u2019 in the \u2018Santander UK group level \u2013
credit risk management\u2019 section of the Risk review.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0Mzg_b0ae9314-e2f6-44a1-9600-0ac6732ae59c": {
"value": "
b) Fee and commission income and expense
Fees and commissions that are not an integral part of the effective interest rate are recognised when the service is performed. Most fee and commission income is
recognised at a point in time. Certain commitment, upfront and management fees are recognised over time but are not material. For retail and corporate products,
fee and commission income consists principally of collection services fees, commission on foreign currencies, commission and other fees received from retailers
for processing credit card transactions, fees received from other credit card issuers for providing cash advances for their customers through the Santander UK
group\u2019s branch and ATM networks, annual fees payable by credit card holders and fees for non-banking financial products.
For insurance products, fee and commission income consists principally of commissions and profit share arising from the sale of building and contents insurance
and life protection insurance. Commissions arising from the sale of buildings and contents insurance are recognised over the period of insurance cover, adjusted to
take account of cancelled policies. Profit share income from the sale of buildings and contents insurance which is not subject to any adjustment is recognised when
the profit share income is earned. Commissions and profit share arising from the sale of life protection insurance is subject to adjustment for cancellations of
policies within 3 years from inception.
Fee and commission income which forms an integral part of the effective interest rate of a financial instrument (for example certain loan commitment fees) is
recognised as an adjustment to the effective interest rate and recorded in \u2018Interest income\u2019.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI1NzA_72f876a9-2faa-4a15-83ed-a7800bb454c1": {
"value": "
For insurance products, fee and commission income consists principally of commissions and profit share arising from the sale of building and contents insurance
and life protection insurance. Commissions arising from the sale of buildings and contents insurance are recognised over the period of insurance cover, adjusted to
take account of cancelled policies. Profit share income from the sale of buildings and contents insurance which is not subject to any adjustment is recognised when
the profit share income is earned. Commissions and profit share arising from the sale of life protection insurance is subject to adjustment for cancellations of
policies within 3 years from inception.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0Mzk_c771562d-355a-42b4-b613-b0073b26c7e2": {
"value": "
Defined benefit pension schemes (see 'Critical judgements and accounting estimates')
A defined benefit scheme is a pension scheme that guarantees an amount of pension benefit to be provided, usually as a function of one or more factors such as
age, years of service or compensation. Pension costs are charged to \u2018Administration expenses\u2019, within the line item \u2018Operating expenses before impairment losses,
provisions and charges\u2019 with the net interest on the defined benefit asset or liability included within \u2018Net interest income\u2019 in the income statement. The asset or
liability recognised in respect of defined benefit pension schemes is the present value of the defined benefit obligation at the balance sheet date, less the fair value
of scheme assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The assets of the schemes
are measured at their fair values at the balance sheet date.
The present value of the defined benefit obligation is estimated by projecting forward the growth in current accrued pension benefits to reflect inflation and salary
growth to the date of pension payment, then discounted to present value using the yield applicable to high-quality AA rated corporate bonds of the same currency
and which have terms to maturity closest to the terms of the scheme liabilities, adjusted where necessary to match those terms. In determining the value of
scheme liabilities, demographic and financial assumptions are made by management about life expectancy, inflation, discount rates, pension increases and
earnings growth, based on past experience and future expectations. Financial assumptions are based on market conditions at the balance sheet date and can
generally be derived objectively.
Demographic assumptions require a greater degree of estimation and judgement to be applied to externally derived data. Any surplus or deficit of scheme assets
over liabilities is recognised in the balance sheet as an asset (surplus) or liability (deficit). An asset is only recognised to the extent that the surplus can be recovered
through reduced contributions in the future or through refunds from the scheme.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NDA_7ffab2a4-05a0-4481-8a56-c263eaa1c494": {
"value": "
Share-based payments
The Santander UK group engages in cash-settled and equity-settled share-based payment transactions in respect of services received from certain of its
employees. Shares of the Santander UK group\u2019s parent, Banco Santander SA are purchased in the open market by the Santander UK group (for the Employee
Sharesave scheme) or are purchased by Banco Santander SA or another Banco Santander subsidiary (including awards granted under the Long-Term Incentive Plan
and the Deferred Shares Bonus Plan) to satisfy share options or awards as they vest.
Options granted under the Employee Sharesave scheme and awards granted under the Transformation Incentive Plan are accounted for as cash-settled share-
based payment transactions. Awards granted under the Long-Term Incentive Plan and Deferred Shares Bonus Plan are accounted for as equity-settled share-based
payment transactions.
The fair value of the options granted under the Employee Sharesave scheme is determined using an option pricing model, which takes into account the exercise
price of the option, the current share price, the risk-free interest rate, the expected volatility of the Banco Santander SA share price over the life of the option and
the dividend growth rate. The fair value of the awards granted for the Long-Term Incentive Plan was determined at the grant date using an option pricing model,
which takes into account the share price at grant date, the risk-free interest rate, the expected volatility of the Banco Santander SA share price over the life of the
award and the dividend growth rate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NDE_a82ece81-8b74-4564-8a41-85b522bb207e": {
"value": "
Goodwill and other intangible assets (for goodwill see 'Critical judgements and accounting estimates')
Goodwill represents the excess of the cost of an acquisition, as well as the fair value of any interest previously held, over the fair value of the share of the
identifiable net assets of the acquired subsidiary, or business at the date of acquisition. Goodwill on the acquisition of subsidiaries and businesses is included in
intangible assets. Goodwill is tested for impairment annually, or more frequently when events or changes in circumstances dictate and carried at cost less
accumulated impairment losses. Gains and losses on the disposal of an entity or business include the carrying amount of goodwill relating to the entity or business
sold.
Other intangible assets are recognised if they arise from contractual or other legal rights or if they are capable of being separated or divided from Santander UK
and sold, transferred, licensed, rented or exchanged. The value of such intangible assets, where they are available for use, is amortised on a straight-line basis over
their useful economic life of three to seven years and the assets are reviewed annually for impairment indicators and tested for impairment where indicators are
present. Other intangible assets that are not yet available for use are tested for impairment annually or more frequently when events or changes in circumstances
dictate.
Software development costs are capitalised when they are direct costs associated with identifiable and unique software products that are expected to provide
future economic benefits and the cost of those products can be measured reliably. These costs include payroll, materials, services and directly attributable
overheads. Internally developed software meeting these criteria and externally purchased software are classified in intangible assets on the balance sheet and
amortised on a straight-line basis over their useful life of three to seven years, unless the software is an integral part of the related computer hardware, in which
case it is treated as property, plant and equipment as described below. Capitalisation of costs ceases when the software is capable of operating as intended. Costs
of maintaining software are expensed as incurred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMDAwNTU1NTgxNTU4NzI_5c4a6936-0aba-4963-99a0-9c60043bf5db": {
"value": "
Goodwill represents the excess of the cost of an acquisition, as well as the fair value of any interest previously held, over the fair value of the share of the
identifiable net assets of the acquired subsidiary, or business at the date of acquisition. Goodwill on the acquisition of subsidiaries and businesses is included in
intangible assets. Goodwill is tested for impairment annually, or more frequently when events or changes in circumstances dictate and carried at cost less
accumulated impairment losses. Gains and losses on the disposal of an entity or business include the carrying amount of goodwill relating to the entity or business
sold.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NDI_1a2a1052-6918-4c39-8956-b4f17cd8ef42": {
"value": "
Other intangible assets are recognised if they arise from contractual or other legal rights or if they are capable of being separated or divided from Santander UK
and sold, transferred, licensed, rented or exchanged. The value of such intangible assets, where they are available for use, is amortised on a straight-line basis over
their useful economic life of three to seven years and the assets are reviewed annually for impairment indicators and tested for impairment where indicators are
present. Other intangible assets that are not yet available for use are tested for impairment annually or more frequently when events or changes in circumstances
dictate.
Software development costs are capitalised when they are direct costs associated with identifiable and unique software products that are expected to provide
future economic benefits and the cost of those products can be measured reliably. These costs include payroll, materials, services and directly attributable
overheads. Internally developed software meeting these criteria and externally purchased software are classified in intangible assets on the balance sheet and
amortised on a straight-line basis over their useful life of three to seven years, unless the software is an integral part of the related computer hardware, in which
case it is treated as property, plant and equipment as described below. Capitalisation of costs ceases when the software is capable of operating as intended. Costs
of maintaining software are expensed as incurred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI1NzM_647db4ea-d739-4560-a02a-2442a414ce2d": {
"value": "
Other intangible assets are recognised if they arise from contractual or other legal rights or if they are capable of being separated or divided from Santander UK
and sold, transferred, licensed, rented or exchanged. The value of such intangible assets, where they are available for use, is amortised on a straight-line basis over
their useful economic life of three to seven years and the assets are reviewed annually for impairment indicators and tested for impairment where indicators are
present. Other intangible assets that are not yet available for use are tested for impairment annually or more frequently when events or changes in circumstances
dictate.
Software development costs are capitalised when they are direct costs associated with identifiable and unique software products that are expected to provide
future economic benefits and the cost of those products can be measured reliably. These costs include payroll, materials, services and directly attributable
overheads. Internally developed software meeting these criteria and externally purchased software are classified in intangible assets on the balance sheet and
amortised on a straight-line basis over their useful life of three to seven years, unless the software is an integral part of the related computer hardware, in which
case it is treated as property, plant and equipment as described below. Capitalisation of costs ceases when the software is capable of operating as intended. Costs
of maintaining software are expensed as incurred.
| |
Owner-occupied properties | |
Office fixtures and equipment | |
| |
| Shorter of the lease term or the useful life of the underlying asset |
Operating lease assets - vehicles | |
Depreciation is not charged on freehold land and assets under construction. Depreciation of operating lease assets where the Santander UK group is the lessor is
described in 'Leases' below.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NDM_2acbef53-9f53-4a16-b0ee-537446f5bfbd": {
"value": "
Property, plant and equipment
Property, plant and equipment include owner-occupied properties (including leasehold properties), office fixtures and equipment and computer software.
Property, plant and equipment also includes operating leases where the Santander UK group is the lessor and right-of-use assets where the Santander UK group is
the lessee. Internally developed software meeting the criteria set out in \u2018Goodwill and other intangible assets\u2019 above and externally purchased software are
classified in property, plant and equipment where the software is an integral part of the related computer hardware (for example operating system of a computer).
Classes of property, plant and equipment are depreciated on a straight-line basis over their useful life, as follows:
| |
Owner-occupied properties | |
Office fixtures and equipment | |
| |
| Shorter of the lease term or the useful life of the underlying asset |
Operating lease assets - vehicles | |
Depreciation is not charged on freehold land and assets under construction. Depreciation of operating lease assets where the Santander UK group is the lessor is
described in 'Leases' below.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NDQ_2fdd754a-c392-4e3f-bc76-83538584c62a": {
"value": "
Financial instruments (for impairment of debt instrument financial assets see' Critical judgements and accounting estimates: Credit impairment losses')
a) Initial recognition and measurement
Financial assets and liabilities are initially recognised when the Santander UK group becomes a party to the contractual terms of the instrument. The Santander UK
group determines the classification of its financial assets and liabilities at initial recognition and measures a financial asset or financial liability at its fair value plus
or minus, in the case of a financial asset or financial liability not at FVTPL, transaction costs that are incremental and directly attributable to the acquisition or issue
of the financial asset or financial liability. Transaction costs of financial assets and financial liabilities carried at FVTPL are expensed in profit or loss. Immediately
after initial recognition, an expected credit loss (ECL) allowance is recognised for financial assets measured at amortised cost and investments in debt instruments
measured at FVOCI.
A regular way purchase is a purchase of a financial asset under a contract whose terms require delivery of the asset within the timeframe established generally by
regulation or convention in the marketplace concerned. Regular way purchases of financial assets classified as loans and advances, and issues of equity or financial
liabilities measured at amortised cost are recognised on settlement date, being the date when the Santander UK group becomes a party to the contractual terms of
the instrument; all other regular way purchases and issues are recognised on trade date.
b) Financial assets and liabilities
i) Classification and subsequent measurement
The Santander UK group classifies its financial assets in the measurement categories of amortised cost, FVOCI and FVTPL.
Financial assets and financial liabilities are classified as FVTPL where there is a requirement to do so or where they are otherwise designated at FVTPL on initial
recognition. Financial assets and financial liabilities which are required to be held at FVTPL include:
\u2013Financial assets and financial liabilities held for trading.
\u2013Debt instruments that do not have solely payments of principal and interest (SPPI) characteristics. Otherwise, such instruments are measured at amortised cost
or FVOCI, and
\u2013Equity instruments that have not been designated as held at FVOCI.
Financial assets and financial liabilities are classified as held for trading if they are derivatives or if they are acquired or incurred principally for the purpose of selling
or repurchasing in the near-term, or form part of a portfolio of financial instruments that are managed together and for which there is evidence of short-term profit
taking.
In certain circumstances, other financial assets and financial liabilities are designated at FVTPL where this results in more relevant information. This may arise
because it significantly reduces a measurement inconsistency that would otherwise arise from measuring assets or liabilities or recognising the gains or losses on
them on a different basis, where the assets and liabilities are managed and their performance evaluated on a fair value basis or, in the case of financial liabilities,
where it contains one or more embedded derivatives which are not closely related to the host contract.
The classification and measurement requirements for financial asset debt and equity instruments and financial liabilities are set out below.
Financial assets: debt instruments
Debt instruments are those instruments that meet the definition of a financial liability from the issuer\u2019s perspective, such as loans and government and corporate
bonds. Classification and subsequent measurement of debt instruments depend on the Santander UK group\u2019s business model for managing the asset, and the cash
flow characteristics of the asset.
Business model
The business model reflects how the Santander UK group manages the assets in order to generate cash flows and, specifically, whether the Santander UK group\u2019s
objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of the
assets. If neither of these is applicable, such as where the financial assets are held for trading purposes, then the financial assets are classified as part of an \u2018other\u2019
business model and measured at FVTPL. Factors considered in determining the business model for a group of assets include past experience on how the cash flows
for these assets were collected, how the assets\u2019 performance is evaluated and reported to key management personnel, and how risks are assessed and managed.
SPPI
Where the business model is to hold assets to collect contractual cash flows or to collect contractual cash flows and sell, the Santander UK group assesses
whether the assets\u2019 cash flows represent SPPI. In making this assessment, the Santander UK group considers whether the contractual cash flows are consistent
with a basic lending arrangement (i.e. interest includes only consideration for the time value of money, credit risk, other basic lending risks and a profit margin that
is consistent with a basic lending arrangement). Where the contractual terms introduce exposure to risk or volatility that is inconsistent with a basic lending
arrangement, the related asset is classified and measured at FVTPL.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are SPPI.
Based on these factors, the Santander UK group classifies its debt instruments into one of the following measurement categories:
\u2013Amortised cost \u2013 Financial assets that are held for collection of contractual cash flows where those cash flows represent SPPI, and that are not designated at
FVTPL, are measured at amortised cost. The carrying amount of these assets is adjusted by any ECL recognised and measured as presented in Note 13. Interest
income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest rate method. When estimates of future cash flows are
revised, the carrying amount of the respective financial assets or financial liabilities is adjusted to reflect the new estimate discounted using the original effective
interest rate. Any changes are recognised in the income statement.
\u2013FVOCI \u2013 Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets\u2019 cash flows represent SPPI, and that are
not designated at FVTPL, are measured at FVOCI. Movements in the carrying amount are recognised in OCI, except for the recognition of impairment gains or
losses, interest revenue and foreign exchange gains and losses on the instrument\u2019s amortised cost which are recognised in profit or loss. When the financial
asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in \u2018Other operating
income\u2019. Interest income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest rate method.
\u2013FVTPL \u2013 Financial assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a debt instrument that is
subsequently measured at FVTPL, including any debt instruments designated at fair value, is recognised in profit or loss and presented in the income statement
in \u2018Other operating income\u2019 in the period in which it arises.
The Santander UK group reclassifies financial assets when and only when its business model for managing those assets changes. The reclassification takes place
from the start of the first reporting period following the change. Such changes are expected to be very infrequent.
Financial assets: equity instruments
Equity instruments are instruments that meet the definition of equity from the issuer\u2019s perspective, being instruments that do not contain a contractual obligation
to pay cash and that evidence a residual interest in the issuer\u2019s net assets. All equity investments are subsequently measured at FVTPL, except where management
has elected, at initial recognition, to irrevocably designate an equity investment at FVOCI. When this election is used, fair value gains and losses are recognised in
OCI and are not subsequently reclassified to profit or loss, including on disposal. ECLs (and reversal of ECLs) are not reported separately from other changes in fair
value. Dividends, when representing a return on such investments, continue to be recognised in profit or loss as other income when the right to receive payments
is established. Gains and losses on equity investments at FVTPL are included in \u2018Other operating income\u2019 in the income statement.
Financial liabilities
Financial liabilities are classified as subsequently measured at amortised cost, except for:
\u2013Financial liabilities at FVTPL: this classification is applied to derivatives and other financial liabilities designated as such at initial recognition. Gains or losses on
financial liabilities designated at FVTPL are presented partially in other comprehensive income (the amount of change in the fair value of the financial liability
that is attributable to changes in the credit risk of that liability) and partially in profit or loss (the remaining amount of change in the fair value of the liability)
\u2013Financial liabilities arising from the transfer of financial assets which did not qualify for derecognition, whereby a financial liability is recognised for the
consideration received for the transfer. In subsequent periods, the Santander UK group recognises any expense incurred on the financial liability, and
\u2013Financial guarantee contracts and loan commitments.
Contracts involving the receipt of cash on which customers receive an index-linked return are accounted for as equity index-linked deposits. The principal products
are Capital Guaranteed/Protected Products which give the customers a limited participation in the upside growth of an equity index. In the event the index falls in
price, a cash principal element is guaranteed/protected. The equity index-linked deposits contain embedded derivatives. These embedded derivatives, in
combination with the principal cash deposit element, are designed to replicate the investment performance profile tailored to the return agreed in the contracts
with customers. The cash principal element is accounted for as deposits by customers at amortised cost. The embedded derivatives are separated from the host
instrument and are separately accounted for as derivatives.
Sale and repurchase agreements (including stock borrowing and lending)
Securities sold subject to a commitment to repurchase them at a predetermined price (repos) under which substantially all the risks and rewards of ownership are
retained by the Santander UK group remain on the balance sheet and a liability is recorded in respect of the consideration received. Securities purchased under
commitments to resell (reverse repos) are not recognised on the balance sheet and the consideration paid is recorded as an asset. The difference between the sale
and repurchase price is treated as trading income in the income statement, except where the repo is not treated as part of the trading book, in which case the
difference is recorded in interest income or expense.
Securities lending and borrowing transactions are generally secured, with collateral in the form of securities or cash advanced or received. Securities lent or
borrowed are not reflected on the balance sheet. Collateral in the form of cash received or advanced is recorded as a deposit or a loan. Collateral in the form of
securities is not recognised.
Day One profit adjustments
The fair value of a financial instrument on initial recognition is generally its transaction price (that is, the fair value of the consideration given or received). However,
sometimes the fair value will be based on other observable current market transactions in the same instrument, without modification or repackaging, or on a
valuation technique whose variables include only data from observable markets, such as interest rate yield curves, option volatilities and currency rates. When
such evidence exists, the Santander UK group recognises a trading gain or loss at inception (Day One gain or loss), being the difference between the transaction
price and the fair value. When significant unobservable parameters are used, the entire Day One gain or loss is deferred and is recognised in the income statement
over the life of the transaction until the transaction matures, is closed out, the valuation inputs become observable, or an offsetting transaction is entered into.
ii) Impairment of debt instrument financial assets
The Santander UK group assesses on a forward-looking basis the ECL associated with its debt instrument assets carried at amortised cost and FVOCI and with the
exposure arising from financial guarantee contracts and loan commitments. The Santander UK group recognises a loss allowance for such losses at each reporting
date. The measurement of ECL reflects:
\u2013An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes.
\u2013The time value of money, and
\u2013Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts
of future economic conditions.
Grouping of instruments for losses measured on a collective basis
We typically group instruments and assess them for impairment collectively where they share risk characteristics (as described in the Credit risk section of the Risk
review) using one or more statistical models. Where we have used internal capital or similar models as the basis for our ECL models, this typically results in a
large number of relatively small homogenous groups which are determined by the permutations of the underlying characteristics in the statistical models. We
calculate separate collective provisions for instruments in Stages 1, 2 and 3 where the instrument is not individually assessed, as described below.
Individually assessed impairments (IAIs)
We assess significant Stage 3 cases individually. We do this for Corporate & Commercial Banking cases, but not for Business Banking cases in Retail Banking which
we assess collectively. To calculate the estimated loss, we estimate the future cash flows under several scenarios each of which uses case-specific factors and
circumstances. We then probability-weight the net present value of the cash flows under each scenario to arrive at a weighted average provision requirement. We
update our assessment process every quarter and more frequently if there are changes in circumstances that might affect the scenarios, cash flows or probabilities
we apply.
For more on how ECL is calculated, see the Credit risk section of the Risk review.
\u2013Write-off
For secured loans, a write-off is only made when all collection procedures have been exhausted and the security has been sold and/or a claim made on any
mortgage indemnity guarantee or other insurance. In the corporate loan portfolio, there may be occasions where a write-off occurs for other reasons, such as
following a consensual restructure or refinancing of the debt or where the debt is sold for strategic reasons into the secondary market at a value lower than its
face value.
There is no threshold based on past due status beyond which all secured loans are written off as there can be significant variations in the time needed to enforce
possession and sale of the security, especially due to the different legal frameworks that apply in different regions of the UK. For unsecured loans, a write-off is
only made when all internal avenues of collecting the debt have been exhausted. Where appropriate the debt is passed over to external collection agencies. A
past due threshold is applied to unsecured debt where accounts that are 180 days past due are written off unless there is a dispute awaiting resolution. Contact
is made with customers with the aim to achieve a realistic and sustainable repayment arrangement. Litigation and/or enforcement of security is usually carried
out only when the steps described above have been undertaken without success.
All write-offs are assessed / made on a case-by-case basis, taking account of the exposure at the date of write-off, after accounting for the value from any
collateral or insurance held against the loan. The exception to this is in cases where fraud has occurred, where the exposure is written off once investigations
have been completed and the probability of recovery is minimal. The time span between discovery and write-off will be short and may not result in an
impairment loss allowance being raised. The write-off policy is regularly reviewed. Write-offs are charged against previously established loss allowances.
\u2013Recoveries
Recoveries of credit impairment charges are not included in the impairment loss allowance but are taken to income and offset against credit impairment
charges. Recoveries of credit impairment charges are classified in the income statement as \u2018Credit impairment charges\u2019.
iii) Modifications of financial assets
The treatment of a renegotiation or modification of the contractual cash flows of a financial asset normally depends upon whether the renegotiation or
modification is due to financial difficulties of the borrower or for other commercial reasons.
\u2013Contractual modifications due to financial difficulties of the borrower: where the Santander UK group modifies the contractual conditions to enable the
borrower to fulfil their payment obligations, the asset is not derecognised. The gross carrying amount of the financial asset is recalculated as the present value
of the renegotiated/modified contractual cash flows that are discounted at the financial asset\u2019s original EIR and any gain or loss arising from the modification is
recognised in the income statement.
\u2013Contractual modifications for other commercial reasons: an assessment is performed to determine whether the terms of the new agreement are substantially
different from the terms of the existing agreement, after considering changes in the cash flows arising from the modified terms and the overall instrument risk
profile. Where terms are substantially different, such modifications are treated as a new transaction resulting in derecognition of the original financial asset, and
the recognition of a \u2018new\u2019 financial asset with any difference between the carrying amount of the derecognised asset and the fair value of the new asset is
recognised in the income statement as a gain or loss on derecognition. Where terms are not substantially different, the carrying value of the financial asset is
adjusted to reflect the present value of modified cash flows discounted at the original EIR with any gain or loss arising from modification recognised
immediately in the income statement.
Any other contractual modifications, such as where a regulatory authority imposes a change in certain contractual terms or due to legal reasons, are assessed on a
case-by-case basis to establish whether or not the financial asset should be derecognised. For IBOR reform see Note 41.
iv) Derecognition other than on a modification
Financial assets are derecognised when the rights to receive cash flows have expired or the Santander UK group has transferred its contractual right to receive the
cash flows from the assets and either: (1) substantially all the risks and rewards of ownership have been transferred; or (2) the Santander UK group has neither
retained nor transferred substantially all of the risks and rewards but has transferred control.
Financial liabilities are derecognised when extinguished, cancelled or expired.
c) Financial guarantee contracts and loan commitments
Financial guarantee contracts are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified
debtor fails to make payments when due, in accordance with the terms of a debt instrument. Such financial guarantees are given to banks, financial institutions
and others on behalf of customers to secure loans, overdrafts and other banking facilities.
Financial guarantee contracts are initially measured at fair value and subsequently measured at the higher of the amount of the loss allowance, and the premium
received on initial recognition less income recognised in accordance with the principles of IFRS 15. Loan commitments are measured as the amount of the loss
allowance (determined in accordance with IFRS 9 as described in Credit risk section of the Risk review). The Santander UK group has not provided any commitment
to provide loans at a below-market interest rate, or that can be settled net in cash or by delivering or issuing another financial instrument.
For financial guarantee contracts and loan commitments, the loss allowance is recognised as a provision and charged to credit impairment charges in the income
statement. The loss allowance in respect of revolving facilities is classified in loans and advances to customers to the extent of any drawn balances. The loss
allowance in respect of undrawn amounts is classified in provisions. When amounts are drawn, any related loss allowance is transferred from provisions to loans
and advances to customers.
Derivative financial instruments (derivatives)
Derivatives are contracts or agreements whose value is derived from one or more underlying indices or asset values inherent in the contract or agreement, which
require no or little initial net investment and are settled at a future date. Transactions are undertaken in interest rate, cross currency, equity, residential property
and other index-related swaps, forwards, caps, floors, swaptions, as well as credit default and total return swaps, equity index contracts and exchange traded
interest rate futures, and equity index options.
Derivatives are held for risk management purposes. Derivatives are classified as held for trading unless they are designated as being in a hedge accounting
relationship. The Santander UK group chooses to designate certain derivatives as in a hedging relationship if they meet specific criteria, as further described in
\u2018Hedge accounting\u2019 below.
Derivatives are recognised initially (on the date on which a derivative contract is entered into), and are subsequently remeasured, at their fair value. Fair values of
exchange-traded derivatives are obtained from quoted market prices. Fair values of over-the-counter derivatives are estimated using valuation techniques,
including discounted cash flow and option pricing models.
Certain derivatives may be embedded in hybrid contracts. If the hybrid contract contains a host that is a financial asset, then the Santander UK group assesses the
entire contract as described in the financial asset section above for classification and measurement purposes. Otherwise, embedded derivatives are treated as
separate derivatives when their economic characteristics and risks are not closely related to those of the host contract; the terms of the embedded derivative
would meet the definition of a stand-alone derivative if they were contained in a separate contract; and the combined contract is not held for trading or designated
at fair value. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement. Contracts containing
embedded derivatives are not subsequently reassessed for separation unless either there has been a change in the terms of the contract which significantly
modifies the cash flows (in which case the contract is reassessed at the time of modification) or the contract has been reclassified (in which case the contract is
reassessed at the time of reclassification).
All derivatives are carried as assets when their fair value is positive and as liabilities when their fair value is negative, except where netting is permitted. The
method of recognising fair value gains and losses depends on whether derivatives are held for trading or are designated as hedging instruments and, if the latter,
the nature of the risks being hedged. Gains and losses from changes in the fair value of derivatives held for trading are recognised in the income statement and
included in Other operating income.
Offsetting financial assets and liabilities
Financial assets and liabilities including derivatives are offset and the net amount reported in the balance sheet when there is a legally enforceable right to set off
the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The Santander UK group is party
to a number of arrangements, including master netting arrangements under industry standard agreements which facilitate netting of transactions in jurisdictions
where netting agreements are recognised and have legal force. The netting arrangements do not generally result in an offset of balance sheet assets and liabilities
for accounting purposes, as transactions are usually settled on a gross basis.
Hedge accounting
The Santander UK group applies hedge accounting to represent, to the maximum possible extent permitted under accounting standards, the economic effects of
its risk management strategies. Derivatives are used to hedge exposures to interest rates and exchange rates.
At the time a financial instrument is designated as a hedge (i.e. at the inception of the hedge), the Santander UK group formally documents the relationship
between the hedging instrument(s) and hedged item(s), its risk management objective and strategy for undertaking the hedge. The documentation includes the
identification of each hedging instrument and respective hedged item, the nature of the risk being hedged (including the benchmark interest rate being hedged in a
hedge of interest rate risk) and how the hedging instrument\u2019s effectiveness in offsetting the exposure to changes in the hedged item\u2019s fair value attributable to the
hedged risk is to be assessed. Accordingly, the Santander UK group formally assesses, both at the inception of the hedge and on an ongoing basis, whether the
hedging derivatives have been and will be highly effective in offsetting changes in the fair value attributable to the hedged risk during the period that the hedge is
designated. A hedge is normally regarded as highly effective if, at inception and throughout its life, the Santander UK group can expect, and actual results indicate,
that changes in the fair value or cash flow of the hedged items are effectively offset by changes in the fair value or cash flow of the hedging instrument. If at any
point it is concluded that it is no longer highly effective in achieving its documented objective, hedge accounting is discontinued.
Where derivatives are held for risk management purposes, and when transactions meet the required criteria for documentation and hedge effectiveness, the
derivatives may be designated as either: (i) hedges of the change in fair value of recognised assets or liabilities or firm commitments (fair value hedges); (ii) hedges
of the variability in highly probable future cash flows attributable to a recognised asset or liability, or a forecast transaction (cash flow hedges); or (iii) a hedge of a
net investment in a foreign operation (net investment hedges). The Santander UK group applies fair value and cash flow hedge accounting, but not hedging of a net
investment in a foreign operation.
a) Fair value hedge accounting
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with the changes in the
fair value of the hedged asset or liability that are attributable to the hedged risk. Where the hedged item is measured at amortised cost, the fair value changes due
to the hedged risk adjust the carrying amount of the hedged asset or liability. Changes in the fair value of portfolio hedged items are presented separately in the
consolidated balance sheet in macro hedge of interest rate risk and recognised in the income statement within other operating income. If the hedge no longer
meets the criteria for hedge accounting, changes in the fair value of the hedged item attributable to the hedged risk are no longer recognised in the income
statement. For fair value hedges of interest rate risk, the cumulative adjustment that has been made to the carrying amount of the hedged item is amortised to the
income statement using the effective interest method over the period to maturity. For portfolio hedged items, the cumulative adjustment is amortised to the
income statement using the straight-line method over the period to maturity.
b) Cash flow hedge accounting
The effective portion of changes in the fair value of qualifying cash flow hedges is recognised in other comprehensive income in the cash flow hedging reserve. The
gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income
statement in the periods in which the hedged item affects profit or loss. 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 in the income statement when the
forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that
was reported in equity is immediately transferred to the income statement. The Santander UK group is exposed to cash flow interest rate risk on its floating rate
assets, foreign currency risk on its fixed rate debt issuances denominated in foreign currency and equity price risk arises from the Santander UK group operating the
Employee Sharesave scheme. Cash flow hedging is used to hedge the variability in cash flows arising from these risks.
Securitisation transactions
The Santander UK group has entered into arrangements where undertakings have issued mortgage-backed and other asset-backed securities or have entered into
funding arrangements with lenders in order to finance specific loans and advances to customers. The Santander UK group has also entered into synthetic
securitisation arrangements, as part of significant risk transfer (SRT) transactions to reduce its risk-weighted assets, where undertakings have issued credit-linked
notes and deposited the funds raised as collateral for credit protection in respect of specific loans and advances to customers. As the Santander UK group has
retained substantially all the risks and rewards of the underlying assets, such financial instruments continue to be recognised on the balance sheet, and a liability
recognised for the proceeds of the funding transaction, or in the case of SRT transactions, collateral deposited.
Amendments to accounting standards
The IASB amended IFRS 9 \u2018Financial Instruments\u2019, IAS 39 \u2018Financial Instruments: Recognition and Measurement\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 in
2019 (the Phase 1 amendments) to provide temporary exceptions to specific hedge accounting requirements because of the uncertainty arising from the reform.
The exceptions end at the earlier of when the uncertainty regarding the timing and the amount of interest rate benchmark-based cash flows is no longer present,
and discontinuance of the hedge relationship (or reclassification of all amounts from the cash flow hedge reserve). The Phase 1 amendments continue to apply to
Santander UK's GBP LIBOR cash flow hedges, for remaining legacy contracts, and USD LIBOR cash flow hedges (but not any using 1-week or 2-month USD LIBOR
settings).
The IASB made further amendments to various IFRSs (the Phase 2 amendments) in 2020 to address issues that might affect financial reporting during the reform
of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate
benchmark with an alternative benchmark rate. The Phase 2 amendments require entities, as a practical expedient, to account for a change in the basis for
determining the contractual cash flows by updating the effective interest rate using the guidance in IFRS 9 resulting in no immediate gain or loss being recognised,
as long as the change is directly required by IBOR reform and takes place on an economically equivalent basis. The practical expedient was applied to all
instruments or contracts that transitioned to alternative benchmark interest rates during 2022 and had no material impact for the Santander UK group.\u00a0 The Phase
2 amendments also provide additional temporary reliefs from applying specific IAS 39 hedge accounting requirements to hedging relationships directly affected by
IBOR reform. For GBP LIBOR cash flow hedges of remaining legacy contracts using 1-month and 6-month synthetic settings, the transition to alternative
benchmark interest rates will take place no later than March 2023 and, for those using the 3-month synthetic setting, no later than March 2024. For USD LIBOR
cash flow hedges, transition will take place no later than June 2023 for those using overnight and 12-month USD LIBOR settings and no later than September 2024
for those using 1-month, 3-month and 6-month synthetic USD LIBOR settings.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
a) Initial recognition and measurement
Financial assets and liabilities are initially recognised when the Santander UK group becomes a party to the contractual terms of the instrument. The Santander UK
group determines the classification of its financial assets and liabilities at initial recognition and measures a financial asset or financial liability at its fair value plus
or minus, in the case of a financial asset or financial liability not at FVTPL, transaction costs that are incremental and directly attributable to the acquisition or issue
of the financial asset or financial liability. Transaction costs of financial assets and financial liabilities carried at FVTPL are expensed in profit or loss. Immediately
after initial recognition, an expected credit loss (ECL) allowance is recognised for financial assets measured at amortised cost and investments in debt instruments
measured at FVOCI.
A regular way purchase is a purchase of a financial asset under a contract whose terms require delivery of the asset within the timeframe established generally by
regulation or convention in the marketplace concerned. Regular way purchases of financial assets classified as loans and advances, and issues of equity or financial
liabilities measured at amortised cost are recognised on settlement date, being the date when the Santander UK group becomes a party to the contractual terms of
the instrument; all other regular way purchases and issues are recognised on trade date.
b) Financial assets and liabilities
i) Classification and subsequent measurement
The Santander UK group classifies its financial assets in the measurement categories of amortised cost, FVOCI and FVTPL.
Financial assets and financial liabilities are classified as FVTPL where there is a requirement to do so or where they are otherwise designated at FVTPL on initial
recognition. Financial assets and financial liabilities which are required to be held at FVTPL include:
\u2013Financial assets and financial liabilities held for trading.
\u2013Debt instruments that do not have solely payments of principal and interest (SPPI) characteristics. Otherwise, such instruments are measured at amortised cost
or FVOCI, and
\u2013Equity instruments that have not been designated as held at FVOCI.
Financial assets and financial liabilities are classified as held for trading if they are derivatives or if they are acquired or incurred principally for the purpose of selling
or repurchasing in the near-term, or form part of a portfolio of financial instruments that are managed together and for which there is evidence of short-term profit
taking.
In certain circumstances, other financial assets and financial liabilities are designated at FVTPL where this results in more relevant information. This may arise
because it significantly reduces a measurement inconsistency that would otherwise arise from measuring assets or liabilities or recognising the gains or losses on
them on a different basis, where the assets and liabilities are managed and their performance evaluated on a fair value basis or, in the case of financial liabilities,
where it contains one or more embedded derivatives which are not closely related to the host contract.
The classification and measurement requirements for financial asset debt and equity instruments and financial liabilities are set out below.
Financial assets: debt instruments
Debt instruments are those instruments that meet the definition of a financial liability from the issuer\u2019s perspective, such as loans and government and corporate
bonds. Classification and subsequent measurement of debt instruments depend on the Santander UK group\u2019s business model for managing the asset, and the cash
flow characteristics of the asset.
Business model
The business model reflects how the Santander UK group manages the assets in order to generate cash flows and, specifically, whether the Santander UK group\u2019s
objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of the
assets. If neither of these is applicable, such as where the financial assets are held for trading purposes, then the financial assets are classified as part of an \u2018other\u2019
business model and measured at FVTPL. Factors considered in determining the business model for a group of assets include past experience on how the cash flows
for these assets were collected, how the assets\u2019 performance is evaluated and reported to key management personnel, and how risks are assessed and managed.
SPPI
Where the business model is to hold assets to collect contractual cash flows or to collect contractual cash flows and sell, the Santander UK group assesses
whether the assets\u2019 cash flows represent SPPI. In making this assessment, the Santander UK group considers whether the contractual cash flows are consistent
with a basic lending arrangement (i.e. interest includes only consideration for the time value of money, credit risk, other basic lending risks and a profit margin that
is consistent with a basic lending arrangement). Where the contractual terms introduce exposure to risk or volatility that is inconsistent with a basic lending
arrangement, the related asset is classified and measured at FVTPL.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are SPPI.
Based on these factors, the Santander UK group classifies its debt instruments into one of the following measurement categories:
\u2013Amortised cost \u2013 Financial assets that are held for collection of contractual cash flows where those cash flows represent SPPI, and that are not designated at
FVTPL, are measured at amortised cost. The carrying amount of these assets is adjusted by any ECL recognised and measured as presented in Note 13. Interest
income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest rate method. When estimates of future cash flows are
revised, the carrying amount of the respective financial assets or financial liabilities is adjusted to reflect the new estimate discounted using the original effective
interest rate. Any changes are recognised in the income statement.
\u2013FVOCI \u2013 Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets\u2019 cash flows represent SPPI, and that are
not designated at FVTPL, are measured at FVOCI. Movements in the carrying amount are recognised in OCI, except for the recognition of impairment gains or
losses, interest revenue and foreign exchange gains and losses on the instrument\u2019s amortised cost which are recognised in profit or loss. When the financial
asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in \u2018Other operating
income\u2019. Interest income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest rate method.
\u2013FVTPL \u2013 Financial assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a debt instrument that is
subsequently measured at FVTPL, including any debt instruments designated at fair value, is recognised in profit or loss and presented in the income statement
in \u2018Other operating income\u2019 in the period in which it arises.
The Santander UK group reclassifies financial assets when and only when its business model for managing those assets changes. The reclassification takes place
from the start of the first reporting period following the change. Such changes are expected to be very infrequent.
Financial assets: equity instruments
Equity instruments are instruments that meet the definition of equity from the issuer\u2019s perspective, being instruments that do not contain a contractual obligation
to pay cash and that evidence a residual interest in the issuer\u2019s net assets. All equity investments are subsequently measured at FVTPL, except where management
has elected, at initial recognition, to irrevocably designate an equity investment at FVOCI. When this election is used, fair value gains and losses are recognised in
OCI and are not subsequently reclassified to profit or loss, including on disposal. ECLs (and reversal of ECLs) are not reported separately from other changes in fair
value. Dividends, when representing a return on such investments, continue to be recognised in profit or loss as other income when the right to receive payments
is established. Gains and losses on equity investments at FVTPL are included in \u2018Other operating income\u2019 in the income statement.
Financial liabilities
Financial liabilities are classified as subsequently measured at amortised cost, except for:
\u2013Financial liabilities at FVTPL: this classification is applied to derivatives and other financial liabilities designated as such at initial recognition. Gains or losses on
financial liabilities designated at FVTPL are presented partially in other comprehensive income (the amount of change in the fair value of the financial liability
that is attributable to changes in the credit risk of that liability) and partially in profit or loss (the remaining amount of change in the fair value of the liability)
\u2013Financial liabilities arising from the transfer of financial assets which did not qualify for derecognition, whereby a financial liability is recognised for the
consideration received for the transfer. In subsequent periods, the Santander UK group recognises any expense incurred on the financial liability, and
\u2013Financial guarantee contracts and loan commitments.
Contracts involving the receipt of cash on which customers receive an index-linked return are accounted for as equity index-linked deposits. The principal products
are Capital Guaranteed/Protected Products which give the customers a limited participation in the upside growth of an equity index. In the event the index falls in
price, a cash principal element is guaranteed/protected. The equity index-linked deposits contain embedded derivatives. These embedded derivatives, in
combination with the principal cash deposit element, are designed to replicate the investment performance profile tailored to the return agreed in the contracts
with customers. The cash principal element is accounted for as deposits by customers at amortised cost. The embedded derivatives are separated from the host
instrument and are separately accounted for as derivatives.
Sale and repurchase agreements (including stock borrowing and lending)
Securities sold subject to a commitment to repurchase them at a predetermined price (repos) under which substantially all the risks and rewards of ownership are
retained by the Santander UK group remain on the balance sheet and a liability is recorded in respect of the consideration received. Securities purchased under
commitments to resell (reverse repos) are not recognised on the balance sheet and the consideration paid is recorded as an asset. The difference between the sale
and repurchase price is treated as trading income in the income statement, except where the repo is not treated as part of the trading book, in which case the
difference is recorded in interest income or expense.
Securities lending and borrowing transactions are generally secured, with collateral in the form of securities or cash advanced or received. Securities lent or
borrowed are not reflected on the balance sheet. Collateral in the form of cash received or advanced is recorded as a deposit or a loan. Collateral in the form of
securities is not recognised.
Day One profit adjustments
The fair value of a financial instrument on initial recognition is generally its transaction price (that is, the fair value of the consideration given or received). However,
sometimes the fair value will be based on other observable current market transactions in the same instrument, without modification or repackaging, or on a
valuation technique whose variables include only data from observable markets, such as interest rate yield curves, option volatilities and currency rates. When
such evidence exists, the Santander UK group recognises a trading gain or loss at inception (Day One gain or loss), being the difference between the transaction
price and the fair value. When significant unobservable parameters are used, the entire Day One gain or loss is deferred and is recognised in the income statement
over the life of the transaction until the transaction matures, is closed out, the valuation inputs become observable, or an offsetting transaction is entered into.
",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
a) Initial recognition and measurement
Financial assets and liabilities are initially recognised when the Santander UK group becomes a party to the contractual terms of the instrument. The Santander UK
group determines the classification of its financial assets and liabilities at initial recognition and measures a financial asset or financial liability at its fair value plus
or minus, in the case of a financial asset or financial liability not at FVTPL, transaction costs that are incremental and directly attributable to the acquisition or issue
of the financial asset or financial liability. Transaction costs of financial assets and financial liabilities carried at FVTPL are expensed in profit or loss. Immediately
after initial recognition, an expected credit loss (ECL) allowance is recognised for financial assets measured at amortised cost and investments in debt instruments
measured at FVOCI.
A regular way purchase is a purchase of a financial asset under a contract whose terms require delivery of the asset within the timeframe established generally by
regulation or convention in the marketplace concerned. Regular way purchases of financial assets classified as loans and advances, and issues of equity or financial
liabilities measured at amortised cost are recognised on settlement date, being the date when the Santander UK group becomes a party to the contractual terms of
the instrument; all other regular way purchases and issues are recognised on trade date.
b) Financial assets and liabilities
i) Classification and subsequent measurement
The Santander UK group classifies its financial assets in the measurement categories of amortised cost, FVOCI and FVTPL.
Financial assets and financial liabilities are classified as FVTPL where there is a requirement to do so or where they are otherwise designated at FVTPL on initial
recognition. Financial assets and financial liabilities which are required to be held at FVTPL include:
\u2013Financial assets and financial liabilities held for trading.
\u2013Debt instruments that do not have solely payments of principal and interest (SPPI) characteristics. Otherwise, such instruments are measured at amortised cost
or FVOCI, and
\u2013Equity instruments that have not been designated as held at FVOCI.
Financial assets and financial liabilities are classified as held for trading if they are derivatives or if they are acquired or incurred principally for the purpose of selling
or repurchasing in the near-term, or form part of a portfolio of financial instruments that are managed together and for which there is evidence of short-term profit
taking.
In certain circumstances, other financial assets and financial liabilities are designated at FVTPL where this results in more relevant information. This may arise
because it significantly reduces a measurement inconsistency that would otherwise arise from measuring assets or liabilities or recognising the gains or losses on
them on a different basis, where the assets and liabilities are managed and their performance evaluated on a fair value basis or, in the case of financial liabilities,
where it contains one or more embedded derivatives which are not closely related to the host contract.
The classification and measurement requirements for financial asset debt and equity instruments and financial liabilities are set out below.
Financial assets: debt instruments
Debt instruments are those instruments that meet the definition of a financial liability from the issuer\u2019s perspective, such as loans and government and corporate
bonds. Classification and subsequent measurement of debt instruments depend on the Santander UK group\u2019s business model for managing the asset, and the cash
flow characteristics of the asset.
Business model
The business model reflects how the Santander UK group manages the assets in order to generate cash flows and, specifically, whether the Santander UK group\u2019s
objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of the
assets. If neither of these is applicable, such as where the financial assets are held for trading purposes, then the financial assets are classified as part of an \u2018other\u2019
business model and measured at FVTPL. Factors considered in determining the business model for a group of assets include past experience on how the cash flows
for these assets were collected, how the assets\u2019 performance is evaluated and reported to key management personnel, and how risks are assessed and managed.
SPPI
Where the business model is to hold assets to collect contractual cash flows or to collect contractual cash flows and sell, the Santander UK group assesses
whether the assets\u2019 cash flows represent SPPI. In making this assessment, the Santander UK group considers whether the contractual cash flows are consistent
with a basic lending arrangement (i.e. interest includes only consideration for the time value of money, credit risk, other basic lending risks and a profit margin that
is consistent with a basic lending arrangement). Where the contractual terms introduce exposure to risk or volatility that is inconsistent with a basic lending
arrangement, the related asset is classified and measured at FVTPL.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are SPPI.
Based on these factors, the Santander UK group classifies its debt instruments into one of the following measurement categories:
\u2013Amortised cost \u2013 Financial assets that are held for collection of contractual cash flows where those cash flows represent SPPI, and that are not designated at
FVTPL, are measured at amortised cost. The carrying amount of these assets is adjusted by any ECL recognised and measured as presented in Note 13. Interest
income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest rate method. When estimates of future cash flows are
revised, the carrying amount of the respective financial assets or financial liabilities is adjusted to reflect the new estimate discounted using the original effective
interest rate. Any changes are recognised in the income statement.
\u2013FVOCI \u2013 Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets\u2019 cash flows represent SPPI, and that are
not designated at FVTPL, are measured at FVOCI. Movements in the carrying amount are recognised in OCI, except for the recognition of impairment gains or
losses, interest revenue and foreign exchange gains and losses on the instrument\u2019s amortised cost which are recognised in profit or loss. When the financial
asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in \u2018Other operating
income\u2019. Interest income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest rate method.
\u2013FVTPL \u2013 Financial assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a debt instrument that is
subsequently measured at FVTPL, including any debt instruments designated at fair value, is recognised in profit or loss and presented in the income statement
in \u2018Other operating income\u2019 in the period in which it arises.
The Santander UK group reclassifies financial assets when and only when its business model for managing those assets changes. The reclassification takes place
from the start of the first reporting period following the change. Such changes are expected to be very infrequent.
Financial assets: equity instruments
Equity instruments are instruments that meet the definition of equity from the issuer\u2019s perspective, being instruments that do not contain a contractual obligation
to pay cash and that evidence a residual interest in the issuer\u2019s net assets. All equity investments are subsequently measured at FVTPL, except where management
has elected, at initial recognition, to irrevocably designate an equity investment at FVOCI. When this election is used, fair value gains and losses are recognised in
OCI and are not subsequently reclassified to profit or loss, including on disposal. ECLs (and reversal of ECLs) are not reported separately from other changes in fair
value. Dividends, when representing a return on such investments, continue to be recognised in profit or loss as other income when the right to receive payments
is established. Gains and losses on equity investments at FVTPL are included in \u2018Other operating income\u2019 in the income statement.
Financial liabilities
Financial liabilities are classified as subsequently measured at amortised cost, except for:
\u2013Financial liabilities at FVTPL: this classification is applied to derivatives and other financial liabilities designated as such at initial recognition. Gains or losses on
financial liabilities designated at FVTPL are presented partially in other comprehensive income (the amount of change in the fair value of the financial liability
that is attributable to changes in the credit risk of that liability) and partially in profit or loss (the remaining amount of change in the fair value of the liability)
\u2013Financial liabilities arising from the transfer of financial assets which did not qualify for derecognition, whereby a financial liability is recognised for the
consideration received for the transfer. In subsequent periods, the Santander UK group recognises any expense incurred on the financial liability, and
\u2013Financial guarantee contracts and loan commitments.
Contracts involving the receipt of cash on which customers receive an index-linked return are accounted for as equity index-linked deposits. The principal products
are Capital Guaranteed/Protected Products which give the customers a limited participation in the upside growth of an equity index. In the event the index falls in
price, a cash principal element is guaranteed/protected. The equity index-linked deposits contain embedded derivatives. These embedded derivatives, in
combination with the principal cash deposit element, are designed to replicate the investment performance profile tailored to the return agreed in the contracts
with customers. The cash principal element is accounted for as deposits by customers at amortised cost. The embedded derivatives are separated from the host
instrument and are separately accounted for as derivatives.
Day One profit adjustments
The fair value of a financial instrument on initial recognition is generally its transaction price (that is, the fair value of the consideration given or received). However,
sometimes the fair value will be based on other observable current market transactions in the same instrument, without modification or repackaging, or on a
valuation technique whose variables include only data from observable markets, such as interest rate yield curves, option volatilities and currency rates. When
such evidence exists, the Santander UK group recognises a trading gain or loss at inception (Day One gain or loss), being the difference between the transaction
price and the fair value. When significant unobservable parameters are used, the entire Day One gain or loss is deferred and is recognised in the income statement
over the life of the transaction until the transaction matures, is closed out, the valuation inputs become observable, or an offsetting transaction is entered into.
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a) Initial recognition and measurement
Financial assets and liabilities are initially recognised when the Santander UK group becomes a party to the contractual terms of the instrument. The Santander UK
group determines the classification of its financial assets and liabilities at initial recognition and measures a financial asset or financial liability at its fair value plus
or minus, in the case of a financial asset or financial liability not at FVTPL, transaction costs that are incremental and directly attributable to the acquisition or issue
of the financial asset or financial liability. Transaction costs of financial assets and financial liabilities carried at FVTPL are expensed in profit or loss. Immediately
after initial recognition, an expected credit loss (ECL) allowance is recognised for financial assets measured at amortised cost and investments in debt instruments
measured at FVOCI.
A regular way purchase is a purchase of a financial asset under a contract whose terms require delivery of the asset within the timeframe established generally by
regulation or convention in the marketplace concerned. Regular way purchases of financial assets classified as loans and advances, and issues of equity or financial
liabilities measured at amortised cost are recognised on settlement date, being the date when the Santander UK group becomes a party to the contractual terms of
the instrument; all other regular way purchases and issues are recognised on trade date.
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b) Financial assets and liabilities
i) Classification and subsequent measurement
The Santander UK group classifies its financial assets in the measurement categories of amortised cost, FVOCI and FVTPL.
Financial assets and financial liabilities are classified as FVTPL where there is a requirement to do so or where they are otherwise designated at FVTPL on initial
recognition. Financial assets and financial liabilities which are required to be held at FVTPL include:
\u2013Financial assets and financial liabilities held for trading.
\u2013Debt instruments that do not have solely payments of principal and interest (SPPI) characteristics. Otherwise, such instruments are measured at amortised cost
or FVOCI, and
\u2013Equity instruments that have not been designated as held at FVOCI.
Financial assets and financial liabilities are classified as held for trading if they are derivatives or if they are acquired or incurred principally for the purpose of selling
or repurchasing in the near-term, or form part of a portfolio of financial instruments that are managed together and for which there is evidence of short-term profit
taking.
In certain circumstances, other financial assets and financial liabilities are designated at FVTPL where this results in more relevant information. This may arise
because it significantly reduces a measurement inconsistency that would otherwise arise from measuring assets or liabilities or recognising the gains or losses on
them on a different basis, where the assets and liabilities are managed and their performance evaluated on a fair value basis or, in the case of financial liabilities,
where it contains one or more embedded derivatives which are not closely related to the host contract.
The classification and measurement requirements for financial asset debt and equity instruments and financial liabilities are set out below.
Financial assets: debt instruments
Debt instruments are those instruments that meet the definition of a financial liability from the issuer\u2019s perspective, such as loans and government and corporate
bonds. Classification and subsequent measurement of debt instruments depend on the Santander UK group\u2019s business model for managing the asset, and the cash
flow characteristics of the asset.
Business model
The business model reflects how the Santander UK group manages the assets in order to generate cash flows and, specifically, whether the Santander UK group\u2019s
objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of the
assets. If neither of these is applicable, such as where the financial assets are held for trading purposes, then the financial assets are classified as part of an \u2018other\u2019
business model and measured at FVTPL. Factors considered in determining the business model for a group of assets include past experience on how the cash flows
for these assets were collected, how the assets\u2019 performance is evaluated and reported to key management personnel, and how risks are assessed and managed.
SPPI
Where the business model is to hold assets to collect contractual cash flows or to collect contractual cash flows and sell, the Santander UK group assesses
whether the assets\u2019 cash flows represent SPPI. In making this assessment, the Santander UK group considers whether the contractual cash flows are consistent
with a basic lending arrangement (i.e. interest includes only consideration for the time value of money, credit risk, other basic lending risks and a profit margin that
is consistent with a basic lending arrangement). Where the contractual terms introduce exposure to risk or volatility that is inconsistent with a basic lending
arrangement, the related asset is classified and measured at FVTPL.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are SPPI.
Based on these factors, the Santander UK group classifies its debt instruments into one of the following measurement categories:
\u2013Amortised cost \u2013 Financial assets that are held for collection of contractual cash flows where those cash flows represent SPPI, and that are not designated at
FVTPL, are measured at amortised cost. The carrying amount of these assets is adjusted by any ECL recognised and measured as presented in Note 13. Interest
income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest rate method. When estimates of future cash flows are
revised, the carrying amount of the respective financial assets or financial liabilities is adjusted to reflect the new estimate discounted using the original effective
interest rate. Any changes are recognised in the income statement.
\u2013FVOCI \u2013 Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets\u2019 cash flows represent SPPI, and that are
not designated at FVTPL, are measured at FVOCI. Movements in the carrying amount are recognised in OCI, except for the recognition of impairment gains or
losses, interest revenue and foreign exchange gains and losses on the instrument\u2019s amortised cost which are recognised in profit or loss. When the financial
asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in \u2018Other operating
income\u2019. Interest income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest rate method.
\u2013FVTPL \u2013 Financial assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a debt instrument that is
subsequently measured at FVTPL, including any debt instruments designated at fair value, is recognised in profit or loss and presented in the income statement
in \u2018Other operating income\u2019 in the period in which it arises.
The Santander UK group reclassifies financial assets when and only when its business model for managing those assets changes. The reclassification takes place
from the start of the first reporting period following the change. Such changes are expected to be very infrequent.
Financial assets: equity instruments
Equity instruments are instruments that meet the definition of equity from the issuer\u2019s perspective, being instruments that do not contain a contractual obligation
to pay cash and that evidence a residual interest in the issuer\u2019s net assets. All equity investments are subsequently measured at FVTPL, except where management
has elected, at initial recognition, to irrevocably designate an equity investment at FVOCI. When this election is used, fair value gains and losses are recognised in
OCI and are not subsequently reclassified to profit or loss, including on disposal. ECLs (and reversal of ECLs) are not reported separately from other changes in fair
value. Dividends, when representing a return on such investments, continue to be recognised in profit or loss as other income when the right to receive payments
is established. Gains and losses on equity investments at FVTPL are included in \u2018Other operating income\u2019 in the income statement.
Financial liabilities
Financial liabilities are classified as subsequently measured at amortised cost, except for:
\u2013Financial liabilities at FVTPL: this classification is applied to derivatives and other financial liabilities designated as such at initial recognition. Gains or losses on
financial liabilities designated at FVTPL are presented partially in other comprehensive income (the amount of change in the fair value of the financial liability
that is attributable to changes in the credit risk of that liability) and partially in profit or loss (the remaining amount of change in the fair value of the liability)
\u2013Financial liabilities arising from the transfer of financial assets which did not qualify for derecognition, whereby a financial liability is recognised for the
consideration received for the transfer. In subsequent periods, the Santander UK group recognises any expense incurred on the financial liability, and
\u2013Financial guarantee contracts and loan commitments.
Contracts involving the receipt of cash on which customers receive an index-linked return are accounted for as equity index-linked deposits. The principal products
are Capital Guaranteed/Protected Products which give the customers a limited participation in the upside growth of an equity index. In the event the index falls in
price, a cash principal element is guaranteed/protected. The equity index-linked deposits contain embedded derivatives. These embedded derivatives, in
combination with the principal cash deposit element, are designed to replicate the investment performance profile tailored to the return agreed in the contracts
with customers. The cash principal element is accounted for as deposits by customers at amortised cost. The embedded derivatives are separated from the host
instrument and are separately accounted for as derivatives.
Sale and repurchase agreements (including stock borrowing and lending)
Securities sold subject to a commitment to repurchase them at a predetermined price (repos) under which substantially all the risks and rewards of ownership are
retained by the Santander UK group remain on the balance sheet and a liability is recorded in respect of the consideration received. Securities purchased under
commitments to resell (reverse repos) are not recognised on the balance sheet and the consideration paid is recorded as an asset. The difference between the sale
and repurchase price is treated as trading income in the income statement, except where the repo is not treated as part of the trading book, in which case the
difference is recorded in interest income or expense.
Securities lending and borrowing transactions are generally secured, with collateral in the form of securities or cash advanced or received. Securities lent or
borrowed are not reflected on the balance sheet. Collateral in the form of cash received or advanced is recorded as a deposit or a loan. Collateral in the form of
securities is not recognised.
Day One profit adjustments
The fair value of a financial instrument on initial recognition is generally its transaction price (that is, the fair value of the consideration given or received). However,
sometimes the fair value will be based on other observable current market transactions in the same instrument, without modification or repackaging, or on a
valuation technique whose variables include only data from observable markets, such as interest rate yield curves, option volatilities and currency rates. When
such evidence exists, the Santander UK group recognises a trading gain or loss at inception (Day One gain or loss), being the difference between the transaction
price and the fair value. When significant unobservable parameters are used, the entire Day One gain or loss is deferred and is recognised in the income statement
over the life of the transaction until the transaction matures, is closed out, the valuation inputs become observable, or an offsetting transaction is entered into.
ii) Impairment of debt instrument financial assets
The Santander UK group assesses on a forward-looking basis the ECL associated with its debt instrument assets carried at amortised cost and FVOCI and with the
exposure arising from financial guarantee contracts and loan commitments. The Santander UK group recognises a loss allowance for such losses at each reporting
date. The measurement of ECL reflects:
\u2013An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes.
\u2013The time value of money, and
\u2013Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts
of future economic conditions.
Grouping of instruments for losses measured on a collective basis
We typically group instruments and assess them for impairment collectively where they share risk characteristics (as described in the Credit risk section of the Risk
review) using one or more statistical models. Where we have used internal capital or similar models as the basis for our ECL models, this typically results in a
large number of relatively small homogenous groups which are determined by the permutations of the underlying characteristics in the statistical models. We
calculate separate collective provisions for instruments in Stages 1, 2 and 3 where the instrument is not individually assessed, as described below.
Individually assessed impairments (IAIs)
We assess significant Stage 3 cases individually. We do this for Corporate & Commercial Banking cases, but not for Business Banking cases in Retail Banking which
we assess collectively. To calculate the estimated loss, we estimate the future cash flows under several scenarios each of which uses case-specific factors and
circumstances. We then probability-weight the net present value of the cash flows under each scenario to arrive at a weighted average provision requirement. We
update our assessment process every quarter and more frequently if there are changes in circumstances that might affect the scenarios, cash flows or probabilities
we apply.
For more on how ECL is calculated, see the Credit risk section of the Risk review.
\u2013Write-off
For secured loans, a write-off is only made when all collection procedures have been exhausted and the security has been sold and/or a claim made on any
mortgage indemnity guarantee or other insurance. In the corporate loan portfolio, there may be occasions where a write-off occurs for other reasons, such as
following a consensual restructure or refinancing of the debt or where the debt is sold for strategic reasons into the secondary market at a value lower than its
face value.
There is no threshold based on past due status beyond which all secured loans are written off as there can be significant variations in the time needed to enforce
possession and sale of the security, especially due to the different legal frameworks that apply in different regions of the UK. For unsecured loans, a write-off is
only made when all internal avenues of collecting the debt have been exhausted. Where appropriate the debt is passed over to external collection agencies. A
past due threshold is applied to unsecured debt where accounts that are 180 days past due are written off unless there is a dispute awaiting resolution. Contact
is made with customers with the aim to achieve a realistic and sustainable repayment arrangement. Litigation and/or enforcement of security is usually carried
out only when the steps described above have been undertaken without success.
All write-offs are assessed / made on a case-by-case basis, taking account of the exposure at the date of write-off, after accounting for the value from any
collateral or insurance held against the loan. The exception to this is in cases where fraud has occurred, where the exposure is written off once investigations
have been completed and the probability of recovery is minimal. The time span between discovery and write-off will be short and may not result in an
impairment loss allowance being raised. The write-off policy is regularly reviewed. Write-offs are charged against previously established loss allowances.
\u2013Recoveries
Recoveries of credit impairment charges are not included in the impairment loss allowance but are taken to income and offset against credit impairment
charges. Recoveries of credit impairment charges are classified in the income statement as \u2018Credit impairment charges\u2019.
iii) Modifications of financial assets
The treatment of a renegotiation or modification of the contractual cash flows of a financial asset normally depends upon whether the renegotiation or
modification is due to financial difficulties of the borrower or for other commercial reasons.
\u2013Contractual modifications due to financial difficulties of the borrower: where the Santander UK group modifies the contractual conditions to enable the
borrower to fulfil their payment obligations, the asset is not derecognised. The gross carrying amount of the financial asset is recalculated as the present value
of the renegotiated/modified contractual cash flows that are discounted at the financial asset\u2019s original EIR and any gain or loss arising from the modification is
recognised in the income statement.
\u2013Contractual modifications for other commercial reasons: an assessment is performed to determine whether the terms of the new agreement are substantially
different from the terms of the existing agreement, after considering changes in the cash flows arising from the modified terms and the overall instrument risk
profile. Where terms are substantially different, such modifications are treated as a new transaction resulting in derecognition of the original financial asset, and
the recognition of a \u2018new\u2019 financial asset with any difference between the carrying amount of the derecognised asset and the fair value of the new asset is
recognised in the income statement as a gain or loss on derecognition. Where terms are not substantially different, the carrying value of the financial asset is
adjusted to reflect the present value of modified cash flows discounted at the original EIR with any gain or loss arising from modification recognised
immediately in the income statement.
Any other contractual modifications, such as where a regulatory authority imposes a change in certain contractual terms or due to legal reasons, are assessed on a
case-by-case basis to establish whether or not the financial asset should be derecognised. For IBOR reform see Note 41.
iv) Derecognition other than on a modification
Financial assets are derecognised when the rights to receive cash flows have expired or the Santander UK group has transferred its contractual right to receive the
cash flows from the assets and either: (1) substantially all the risks and rewards of ownership have been transferred; or (2) the Santander UK group has neither
retained nor transferred substantially all of the risks and rewards but has transferred control.
Financial liabilities are derecognised when extinguished, cancelled or expired.
The following table shows the impact of netting arrangements on:
\u2013All financial assets and liabilities that are reported net on the balance sheet
\u2013All derivative financial instruments 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 table identifies the amounts that have been offset in the balance sheet and also those amounts that are covered by enforceable netting arrangements
(offsetting arrangements and financial collateral) but do not qualify for netting under the requirements described above.
For derivative contracts, 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. For 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 if a counterparty defaults.
Amendments to accounting standards
The IASB amended IFRS 9 \u2018Financial Instruments\u2019, IAS 39 \u2018Financial Instruments: Recognition and Measurement\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 in
2019 (the Phase 1 amendments) to provide temporary exceptions to specific hedge accounting requirements because of the uncertainty arising from the reform.
The exceptions end at the earlier of when the uncertainty regarding the timing and the amount of interest rate benchmark-based cash flows is no longer present,
and discontinuance of the hedge relationship (or reclassification of all amounts from the cash flow hedge reserve). The Phase 1 amendments continue to apply to
Santander UK's GBP LIBOR cash flow hedges, for remaining legacy contracts, and USD LIBOR cash flow hedges (but not any using 1-week or 2-month USD LIBOR
settings).
The IASB made further amendments to various IFRSs (the Phase 2 amendments) in 2020 to address issues that might affect financial reporting during the reform
of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate
benchmark with an alternative benchmark rate. The Phase 2 amendments require entities, as a practical expedient, to account for a change in the basis for
determining the contractual cash flows by updating the effective interest rate using the guidance in IFRS 9 resulting in no immediate gain or loss being recognised,
as long as the change is directly required by IBOR reform and takes place on an economically equivalent basis. The practical expedient was applied to all
instruments or contracts that transitioned to alternative benchmark interest rates during 2022 and had no material impact for the Santander UK group.\u00a0 The Phase
2 amendments also provide additional temporary reliefs from applying specific IAS 39 hedge accounting requirements to hedging relationships directly affected by
IBOR reform. For GBP LIBOR cash flow hedges of remaining legacy contracts using 1-month and 6-month synthetic settings, the transition to alternative
benchmark interest rates will take place no later than March 2023 and, for those using the 3-month synthetic setting, no later than March 2024. For USD LIBOR
cash flow hedges, transition will take place no later than June 2023 for those using overnight and 12-month USD LIBOR settings and no later than September 2024
for those using 1-month, 3-month and 6-month synthetic USD LIBOR settings.
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b) Financial assets and liabilities
i) Classification and subsequent measurement
The Santander UK group classifies its financial assets in the measurement categories of amortised cost, FVOCI and FVTPL.
Financial assets and financial liabilities are classified as FVTPL where there is a requirement to do so or where they are otherwise designated at FVTPL on initial
recognition. Financial assets and financial liabilities which are required to be held at FVTPL include:
\u2013Financial assets and financial liabilities held for trading.
\u2013Debt instruments that do not have solely payments of principal and interest (SPPI) characteristics. Otherwise, such instruments are measured at amortised cost
or FVOCI, and
\u2013Equity instruments that have not been designated as held at FVOCI.
Financial assets and financial liabilities are classified as held for trading if they are derivatives or if they are acquired or incurred principally for the purpose of selling
or repurchasing in the near-term, or form part of a portfolio of financial instruments that are managed together and for which there is evidence of short-term profit
taking.
In certain circumstances, other financial assets and financial liabilities are designated at FVTPL where this results in more relevant information. This may arise
because it significantly reduces a measurement inconsistency that would otherwise arise from measuring assets or liabilities or recognising the gains or losses on
them on a different basis, where the assets and liabilities are managed and their performance evaluated on a fair value basis or, in the case of financial liabilities,
where it contains one or more embedded derivatives which are not closely related to the host contract.
The classification and measurement requirements for financial asset debt and equity instruments and financial liabilities are set out below.
Financial assets: debt instruments
Debt instruments are those instruments that meet the definition of a financial liability from the issuer\u2019s perspective, such as loans and government and corporate
bonds. Classification and subsequent measurement of debt instruments depend on the Santander UK group\u2019s business model for managing the asset, and the cash
flow characteristics of the asset.
Business model
The business model reflects how the Santander UK group manages the assets in order to generate cash flows and, specifically, whether the Santander UK group\u2019s
objective is solely to collect the contractual cash flows from the assets or is to collect both the contractual cash flows and cash flows arising from the sale of the
assets. If neither of these is applicable, such as where the financial assets are held for trading purposes, then the financial assets are classified as part of an \u2018other\u2019
business model and measured at FVTPL. Factors considered in determining the business model for a group of assets include past experience on how the cash flows
for these assets were collected, how the assets\u2019 performance is evaluated and reported to key management personnel, and how risks are assessed and managed.
SPPI
Where the business model is to hold assets to collect contractual cash flows or to collect contractual cash flows and sell, the Santander UK group assesses
whether the assets\u2019 cash flows represent SPPI. In making this assessment, the Santander UK group considers whether the contractual cash flows are consistent
with a basic lending arrangement (i.e. interest includes only consideration for the time value of money, credit risk, other basic lending risks and a profit margin that
is consistent with a basic lending arrangement). Where the contractual terms introduce exposure to risk or volatility that is inconsistent with a basic lending
arrangement, the related asset is classified and measured at FVTPL.
Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are SPPI.
Based on these factors, the Santander UK group classifies its debt instruments into one of the following measurement categories:
\u2013Amortised cost \u2013 Financial assets that are held for collection of contractual cash flows where those cash flows represent SPPI, and that are not designated at
FVTPL, are measured at amortised cost. The carrying amount of these assets is adjusted by any ECL recognised and measured as presented in Note 13. Interest
income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest rate method. When estimates of future cash flows are
revised, the carrying amount of the respective financial assets or financial liabilities is adjusted to reflect the new estimate discounted using the original effective
interest rate. Any changes are recognised in the income statement.
\u2013FVOCI \u2013 Financial assets that are held for collection of contractual cash flows and for selling the assets, where the assets\u2019 cash flows represent SPPI, and that are
not designated at FVTPL, are measured at FVOCI. Movements in the carrying amount are recognised in OCI, except for the recognition of impairment gains or
losses, interest revenue and foreign exchange gains and losses on the instrument\u2019s amortised cost which are recognised in profit or loss. When the financial
asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in \u2018Other operating
income\u2019. Interest income from these financial assets is included in \u2018Interest and similar income\u2019 using the effective interest rate method.
\u2013FVTPL \u2013 Financial assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a debt instrument that is
subsequently measured at FVTPL, including any debt instruments designated at fair value, is recognised in profit or loss and presented in the income statement
in \u2018Other operating income\u2019 in the period in which it arises.
The Santander UK group reclassifies financial assets when and only when its business model for managing those assets changes. The reclassification takes place
from the start of the first reporting period following the change. Such changes are expected to be very infrequent.
Financial assets: equity instruments
Equity instruments are instruments that meet the definition of equity from the issuer\u2019s perspective, being instruments that do not contain a contractual obligation
to pay cash and that evidence a residual interest in the issuer\u2019s net assets. All equity investments are subsequently measured at FVTPL, except where management
has elected, at initial recognition, to irrevocably designate an equity investment at FVOCI. When this election is used, fair value gains and losses are recognised in
OCI and are not subsequently reclassified to profit or loss, including on disposal. ECLs (and reversal of ECLs) are not reported separately from other changes in fair
value. Dividends, when representing a return on such investments, continue to be recognised in profit or loss as other income when the right to receive payments
is established. Gains and losses on equity investments at FVTPL are included in \u2018Other operating income\u2019 in the income statement.
Financial liabilities
Financial liabilities are classified as subsequently measured at amortised cost, except for:
\u2013Financial liabilities at FVTPL: this classification is applied to derivatives and other financial liabilities designated as such at initial recognition. Gains or losses on
financial liabilities designated at FVTPL are presented partially in other comprehensive income (the amount of change in the fair value of the financial liability
that is attributable to changes in the credit risk of that liability) and partially in profit or loss (the remaining amount of change in the fair value of the liability)
\u2013Financial liabilities arising from the transfer of financial assets which did not qualify for derecognition, whereby a financial liability is recognised for the
consideration received for the transfer. In subsequent periods, the Santander UK group recognises any expense incurred on the financial liability, and
\u2013Financial guarantee contracts and loan commitments.
Contracts involving the receipt of cash on which customers receive an index-linked return are accounted for as equity index-linked deposits. The principal products
are Capital Guaranteed/Protected Products which give the customers a limited participation in the upside growth of an equity index. In the event the index falls in
price, a cash principal element is guaranteed/protected. The equity index-linked deposits contain embedded derivatives. These embedded derivatives, in
combination with the principal cash deposit element, are designed to replicate the investment performance profile tailored to the return agreed in the contracts
with customers. The cash principal element is accounted for as deposits by customers at amortised cost. The embedded derivatives are separated from the host
instrument and are separately accounted for as derivatives.
Sale and repurchase agreements (including stock borrowing and lending)
Securities sold subject to a commitment to repurchase them at a predetermined price (repos) under which substantially all the risks and rewards of ownership are
retained by the Santander UK group remain on the balance sheet and a liability is recorded in respect of the consideration received. Securities purchased under
commitments to resell (reverse repos) are not recognised on the balance sheet and the consideration paid is recorded as an asset. The difference between the sale
and repurchase price is treated as trading income in the income statement, except where the repo is not treated as part of the trading book, in which case the
difference is recorded in interest income or expense.
Securities lending and borrowing transactions are generally secured, with collateral in the form of securities or cash advanced or received. Securities lent or
borrowed are not reflected on the balance sheet. Collateral in the form of cash received or advanced is recorded as a deposit or a loan. Collateral in the form of
securities is not recognised.
Day One profit adjustments
The fair value of a financial instrument on initial recognition is generally its transaction price (that is, the fair value of the consideration given or received). However,
sometimes the fair value will be based on other observable current market transactions in the same instrument, without modification or repackaging, or on a
valuation technique whose variables include only data from observable markets, such as interest rate yield curves, option volatilities and currency rates. When
such evidence exists, the Santander UK group recognises a trading gain or loss at inception (Day One gain or loss), being the difference between the transaction
price and the fair value. When significant unobservable parameters are used, the entire Day One gain or loss is deferred and is recognised in the income statement
over the life of the transaction until the transaction matures, is closed out, the valuation inputs become observable, or an offsetting transaction is entered into.
ii) Impairment of debt instrument financial assets
The Santander UK group assesses on a forward-looking basis the ECL associated with its debt instrument assets carried at amortised cost and FVOCI and with the
exposure arising from financial guarantee contracts and loan commitments. The Santander UK group recognises a loss allowance for such losses at each reporting
date. The measurement of ECL reflects:
\u2013An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes.
\u2013The time value of money, and
\u2013Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts
of future economic conditions.
Grouping of instruments for losses measured on a collective basis
We typically group instruments and assess them for impairment collectively where they share risk characteristics (as described in the Credit risk section of the Risk
review) using one or more statistical models. Where we have used internal capital or similar models as the basis for our ECL models, this typically results in a
large number of relatively small homogenous groups which are determined by the permutations of the underlying characteristics in the statistical models. We
calculate separate collective provisions for instruments in Stages 1, 2 and 3 where the instrument is not individually assessed, as described below.
Individually assessed impairments (IAIs)
We assess significant Stage 3 cases individually. We do this for Corporate & Commercial Banking cases, but not for Business Banking cases in Retail Banking which
we assess collectively. To calculate the estimated loss, we estimate the future cash flows under several scenarios each of which uses case-specific factors and
circumstances. We then probability-weight the net present value of the cash flows under each scenario to arrive at a weighted average provision requirement. We
update our assessment process every quarter and more frequently if there are changes in circumstances that might affect the scenarios, cash flows or probabilities
we apply.
For more on how ECL is calculated, see the Credit risk section of the Risk review.
\u2013Write-off
For secured loans, a write-off is only made when all collection procedures have been exhausted and the security has been sold and/or a claim made on any
mortgage indemnity guarantee or other insurance. In the corporate loan portfolio, there may be occasions where a write-off occurs for other reasons, such as
following a consensual restructure or refinancing of the debt or where the debt is sold for strategic reasons into the secondary market at a value lower than its
face value.
There is no threshold based on past due status beyond which all secured loans are written off as there can be significant variations in the time needed to enforce
possession and sale of the security, especially due to the different legal frameworks that apply in different regions of the UK. For unsecured loans, a write-off is
only made when all internal avenues of collecting the debt have been exhausted. Where appropriate the debt is passed over to external collection agencies. A
past due threshold is applied to unsecured debt where accounts that are 180 days past due are written off unless there is a dispute awaiting resolution. Contact
is made with customers with the aim to achieve a realistic and sustainable repayment arrangement. Litigation and/or enforcement of security is usually carried
out only when the steps described above have been undertaken without success.
All write-offs are assessed / made on a case-by-case basis, taking account of the exposure at the date of write-off, after accounting for the value from any
collateral or insurance held against the loan. The exception to this is in cases where fraud has occurred, where the exposure is written off once investigations
have been completed and the probability of recovery is minimal. The time span between discovery and write-off will be short and may not result in an
impairment loss allowance being raised. The write-off policy is regularly reviewed. Write-offs are charged against previously established loss allowances.
\u2013Recoveries
Recoveries of credit impairment charges are not included in the impairment loss allowance but are taken to income and offset against credit impairment
charges. Recoveries of credit impairment charges are classified in the income statement as \u2018Credit impairment charges\u2019.
iii) Modifications of financial assets
The treatment of a renegotiation or modification of the contractual cash flows of a financial asset normally depends upon whether the renegotiation or
modification is due to financial difficulties of the borrower or for other commercial reasons.
\u2013Contractual modifications due to financial difficulties of the borrower: where the Santander UK group modifies the contractual conditions to enable the
borrower to fulfil their payment obligations, the asset is not derecognised. The gross carrying amount of the financial asset is recalculated as the present value
of the renegotiated/modified contractual cash flows that are discounted at the financial asset\u2019s original EIR and any gain or loss arising from the modification is
recognised in the income statement.
\u2013Contractual modifications for other commercial reasons: an assessment is performed to determine whether the terms of the new agreement are substantially
different from the terms of the existing agreement, after considering changes in the cash flows arising from the modified terms and the overall instrument risk
profile. Where terms are substantially different, such modifications are treated as a new transaction resulting in derecognition of the original financial asset, and
the recognition of a \u2018new\u2019 financial asset with any difference between the carrying amount of the derecognised asset and the fair value of the new asset is
recognised in the income statement as a gain or loss on derecognition. Where terms are not substantially different, the carrying value of the financial asset is
adjusted to reflect the present value of modified cash flows discounted at the original EIR with any gain or loss arising from modification recognised
immediately in the income statement.
Any other contractual modifications, such as where a regulatory authority imposes a change in certain contractual terms or due to legal reasons, are assessed on a
case-by-case basis to establish whether or not the financial asset should be derecognised. For IBOR reform see Note 41.
iv) Derecognition other than on a modification
Financial assets are derecognised when the rights to receive cash flows have expired or the Santander UK group has transferred its contractual right to receive the
cash flows from the assets and either: (1) substantially all the risks and rewards of ownership have been transferred; or (2) the Santander UK group has neither
retained nor transferred substantially all of the risks and rewards but has transferred control.
Financial liabilities are derecognised when extinguished, cancelled or expired.
The following table shows the impact of netting arrangements on:
\u2013All financial assets and liabilities that are reported net on the balance sheet
\u2013All derivative financial instruments 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 table identifies the amounts that have been offset in the balance sheet and also those amounts that are covered by enforceable netting arrangements
(offsetting arrangements and financial collateral) but do not qualify for netting under the requirements described above.
For derivative contracts, 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. For 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 if a counterparty defaults.
Amendments to accounting standards
The IASB amended IFRS 9 \u2018Financial Instruments\u2019, IAS 39 \u2018Financial Instruments: Recognition and Measurement\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 in
2019 (the Phase 1 amendments) to provide temporary exceptions to specific hedge accounting requirements because of the uncertainty arising from the reform.
The exceptions end at the earlier of when the uncertainty regarding the timing and the amount of interest rate benchmark-based cash flows is no longer present,
and discontinuance of the hedge relationship (or reclassification of all amounts from the cash flow hedge reserve). The Phase 1 amendments continue to apply to
Santander UK's GBP LIBOR cash flow hedges, for remaining legacy contracts, and USD LIBOR cash flow hedges (but not any using 1-week or 2-month USD LIBOR
settings).
The IASB made further amendments to various IFRSs (the Phase 2 amendments) in 2020 to address issues that might affect financial reporting during the reform
of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate
benchmark with an alternative benchmark rate. The Phase 2 amendments require entities, as a practical expedient, to account for a change in the basis for
determining the contractual cash flows by updating the effective interest rate using the guidance in IFRS 9 resulting in no immediate gain or loss being recognised,
as long as the change is directly required by IBOR reform and takes place on an economically equivalent basis. The practical expedient was applied to all
instruments or contracts that transitioned to alternative benchmark interest rates during 2022 and had no material impact for the Santander UK group.\u00a0 The Phase
2 amendments also provide additional temporary reliefs from applying specific IAS 39 hedge accounting requirements to hedging relationships directly affected by
IBOR reform. For GBP LIBOR cash flow hedges of remaining legacy contracts using 1-month and 6-month synthetic settings, the transition to alternative
benchmark interest rates will take place no later than March 2023 and, for those using the 3-month synthetic setting, no later than March 2024. For USD LIBOR
cash flow hedges, transition will take place no later than June 2023 for those using overnight and 12-month USD LIBOR settings and no later than September 2024
for those using 1-month, 3-month and 6-month synthetic USD LIBOR settings.
",
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},
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"value": "
The Santander UK group reclassifies financial assets when and only when its business model for managing those assets changes. The reclassification takes place
from the start of the first reporting period following the change. Such changes are expected to be very infrequent.
Certain derivatives may be embedded in hybrid contracts. If the hybrid contract contains a host that is a financial asset, then the Santander UK group assesses the
entire contract as described in the financial asset section above for classification and measurement purposes. Otherwise, embedded derivatives are treated as
separate derivatives when their economic characteristics and risks are not closely related to those of the host contract; the terms of the embedded derivative
would meet the definition of a stand-alone derivative if they were contained in a separate contract; and the combined contract is not held for trading or designated
at fair value. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement. Contracts containing
embedded derivatives are not subsequently reassessed for separation unless either there has been a change in the terms of the contract which significantly
modifies the cash flows (in which case the contract is reassessed at the time of modification) or the contract has been reclassified (in which case the contract is
reassessed at the time of reclassification).
",
"dimensions": {
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"language": "en",
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}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI1NzQ_64e7cbac-7d24-4705-8fe5-7db5f6e82f98": {
"value": "
Sale and repurchase agreements (including stock borrowing and lending)
Securities sold subject to a commitment to repurchase them at a predetermined price (repos) under which substantially all the risks and rewards of ownership are
retained by the Santander UK group remain on the balance sheet and a liability is recorded in respect of the consideration received. Securities purchased under
commitments to resell (reverse repos) are not recognised on the balance sheet and the consideration paid is recorded as an asset. The difference between the sale
and repurchase price is treated as trading income in the income statement, except where the repo is not treated as part of the trading book, in which case the
difference is recorded in interest income or expense.
Securities lending and borrowing transactions are generally secured, with collateral in the form of securities or cash advanced or received. Securities lent or
borrowed are not reflected on the balance sheet. Collateral in the form of cash received or advanced is recorded as a deposit or a loan. Collateral in the form of
securities is not recognised.
For the purposes of the cash flow statement, cash and cash equivalents comprise balances with less than three months maturity from the date of acquisition,
including cash and non-restricted balances with central banks, treasury bills and other eligible bills, loans and advances to banks, reverse repurchase agreements
and short-term investments in securities. Balances with central banks represent amounts held at the Bank of England as part of the Santander UK group\u2019s liquidity
management activities. It includes certain minimum cash ratio deposits held for regulatory purposes and reserves collateralised accounts in respect of Santander
UK\u2019s participation in certain payments schemes which are required to be maintained with the Bank of England and are restricted balances.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI1NzQ_c6239f11-a443-4f81-be30-9bf018cc72a9": {
"value": "
Sale and repurchase agreements (including stock borrowing and lending)
Securities sold subject to a commitment to repurchase them at a predetermined price (repos) under which substantially all the risks and rewards of ownership are
retained by the Santander UK group remain on the balance sheet and a liability is recorded in respect of the consideration received. Securities purchased under
commitments to resell (reverse repos) are not recognised on the balance sheet and the consideration paid is recorded as an asset. The difference between the sale
and repurchase price is treated as trading income in the income statement, except where the repo is not treated as part of the trading book, in which case the
difference is recorded in interest income or expense.
Securities lending and borrowing transactions are generally secured, with collateral in the form of securities or cash advanced or received. Securities lent or
borrowed are not reflected on the balance sheet. Collateral in the form of cash received or advanced is recorded as a deposit or a loan. Collateral in the form of
securities is not recognised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI1NzQ_fb770c75-eac6-428f-9e43-b1c93b1d0717": {
"value": "
Sale and repurchase agreements (including stock borrowing and lending)
Securities sold subject to a commitment to repurchase them at a predetermined price (repos) under which substantially all the risks and rewards of ownership are
retained by the Santander UK group remain on the balance sheet and a liability is recorded in respect of the consideration received. Securities purchased under
commitments to resell (reverse repos) are not recognised on the balance sheet and the consideration paid is recorded as an asset. The difference between the sale
and repurchase price is treated as trading income in the income statement, except where the repo is not treated as part of the trading book, in which case the
difference is recorded in interest income or expense.
Securities lending and borrowing transactions are generally secured, with collateral in the form of securities or cash advanced or received. Securities lent or
borrowed are not reflected on the balance sheet. Collateral in the form of cash received or advanced is recorded as a deposit or a loan. Collateral in the form of
securities is not recognised.
Securitisation transactions
The Santander UK group has entered into arrangements where undertakings have issued mortgage-backed and other asset-backed securities or have entered into
funding arrangements with lenders in order to finance specific loans and advances to customers. The Santander UK group has also entered into synthetic
securitisation arrangements, as part of significant risk transfer (SRT) transactions to reduce its risk-weighted assets, where undertakings have issued credit-linked
notes and deposited the funds raised as collateral for credit protection in respect of specific loans and advances to customers. As the Santander UK group has
retained substantially all the risks and rewards of the underlying assets, such financial instruments continue to be recognised on the balance sheet, and a liability
recognised for the proceeds of the funding transaction, or in the case of SRT transactions, collateral deposited.
",
"dimensions": {
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"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
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}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI1Njc_49fb4d48-8e55-4db7-a21c-49c5191feaa3": {
"value": "
ii) Impairment of debt instrument financial assets
The Santander UK group assesses on a forward-looking basis the ECL associated with its debt instrument assets carried at amortised cost and FVOCI and with the
exposure arising from financial guarantee contracts and loan commitments. The Santander UK group recognises a loss allowance for such losses at each reporting
date. The measurement of ECL reflects:
\u2013An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes.
\u2013The time value of money, and
\u2013Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts
of future economic conditions.
Grouping of instruments for losses measured on a collective basis
We typically group instruments and assess them for impairment collectively where they share risk characteristics (as described in the Credit risk section of the Risk
review) using one or more statistical models. Where we have used internal capital or similar models as the basis for our ECL models, this typically results in a
large number of relatively small homogenous groups which are determined by the permutations of the underlying characteristics in the statistical models. We
calculate separate collective provisions for instruments in Stages 1, 2 and 3 where the instrument is not individually assessed, as described below.
Individually assessed impairments (IAIs)
We assess significant Stage 3 cases individually. We do this for Corporate & Commercial Banking cases, but not for Business Banking cases in Retail Banking which
we assess collectively. To calculate the estimated loss, we estimate the future cash flows under several scenarios each of which uses case-specific factors and
circumstances. We then probability-weight the net present value of the cash flows under each scenario to arrive at a weighted average provision requirement. We
update our assessment process every quarter and more frequently if there are changes in circumstances that might affect the scenarios, cash flows or probabilities
we apply.
For more on how ECL is calculated, see the Credit risk section of the Risk review.
Impairment of non-financial assets (for goodwill see 'Critical judgements and accounting estimates')
At each balance sheet date, or more frequently when events or changes in circumstances dictate, property plant and equipment (including operating lease assets)
and intangible assets (including goodwill) are assessed for indicators of impairment. If indications are present, these assets are subject to an impairment review.
The impairment review comprises a comparison of the carrying value of the asset or cash generating unit with its recoverable amount: the higher of the asset\u2019s or
cash-generating unit\u2019s fair value less costs to sell and its value in use. The cash-generating unit represents the lowest level at which non-financial assets, including
goodwill, are monitored for internal management purposes and is not larger than an operating segment.
The fair value is 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. Value in use is calculated by discounting management\u2019s expected future cash flows obtainable as a result of the asset\u2019s continued use (after
making allowance for increases in regulatory capital requirements), including those resulting from its ultimate disposal, at a market-based discount rate on a pre-
tax basis. The recoverable amounts of goodwill have been based on value in use calculations.
For conducting goodwill impairment reviews, cash generating units are the lowest level at which management monitors the return on investment on assets.
",
"dimensions": {
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}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI1Njc_c0630cb2-fc71-4d50-ab9e-249c1a6defb7": {
"value": "
ii) Impairment of debt instrument financial assets
The Santander UK group assesses on a forward-looking basis the ECL associated with its debt instrument assets carried at amortised cost and FVOCI and with the
exposure arising from financial guarantee contracts and loan commitments. The Santander UK group recognises a loss allowance for such losses at each reporting
date. The measurement of ECL reflects:
\u2013An unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes.
\u2013The time value of money, and
\u2013Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts
of future economic conditions.
Grouping of instruments for losses measured on a collective basis
We typically group instruments and assess them for impairment collectively where they share risk characteristics (as described in the Credit risk section of the Risk
review) using one or more statistical models. Where we have used internal capital or similar models as the basis for our ECL models, this typically results in a
large number of relatively small homogenous groups which are determined by the permutations of the underlying characteristics in the statistical models. We
calculate separate collective provisions for instruments in Stages 1, 2 and 3 where the instrument is not individually assessed, as described below.
Individually assessed impairments (IAIs)
We assess significant Stage 3 cases individually. We do this for Corporate & Commercial Banking cases, but not for Business Banking cases in Retail Banking which
we assess collectively. To calculate the estimated loss, we estimate the future cash flows under several scenarios each of which uses case-specific factors and
circumstances. We then probability-weight the net present value of the cash flows under each scenario to arrive at a weighted average provision requirement. We
update our assessment process every quarter and more frequently if there are changes in circumstances that might affect the scenarios, cash flows or probabilities
we apply.
For more on how ECL is calculated, see the Credit risk section of the Risk review.
",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI1Njg_23eaeff6-c475-45ed-a1eb-7b380d3783c9": {
"value": "
iv) Derecognition other than on a modification
Financial assets are derecognised when the rights to receive cash flows have expired or the Santander UK group has transferred its contractual right to receive the
cash flows from the assets and either: (1) substantially all the risks and rewards of ownership have been transferred; or (2) the Santander UK group has neither
retained nor transferred substantially all of the risks and rewards but has transferred control.
Financial liabilities are derecognised when extinguished, cancelled or expired.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI1Njk_8eb1bcc0-c3ec-48ce-99f3-0b4af204b5ff": {
"value": "
c) Financial guarantee contracts and loan commitments
Financial guarantee contracts are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified
debtor fails to make payments when due, in accordance with the terms of a debt instrument. Such financial guarantees are given to banks, financial institutions
and others on behalf of customers to secure loans, overdrafts and other banking facilities.
Financial guarantee contracts are initially measured at fair value and subsequently measured at the higher of the amount of the loss allowance, and the premium
received on initial recognition less income recognised in accordance with the principles of IFRS 15. Loan commitments are measured as the amount of the loss
allowance (determined in accordance with IFRS 9 as described in Credit risk section of the Risk review). The Santander UK group has not provided any commitment
to provide loans at a below-market interest rate, or that can be settled net in cash or by delivering or issuing another financial instrument.
For financial guarantee contracts and loan commitments, the loss allowance is recognised as a provision and charged to credit impairment charges in the income
statement. The loss allowance in respect of revolving facilities is classified in loans and advances to customers to the extent of any drawn balances. The loss
allowance in respect of undrawn amounts is classified in provisions. When amounts are drawn, any related loss allowance is transferred from provisions to loans
and advances to customers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NDU_4a5df091-ffe6-4052-9e30-e50c047a2b5b": {
"value": "
Derivative financial instruments (derivatives)
Derivatives are contracts or agreements whose value is derived from one or more underlying indices or asset values inherent in the contract or agreement, which
require no or little initial net investment and are settled at a future date. Transactions are undertaken in interest rate, cross currency, equity, residential property
and other index-related swaps, forwards, caps, floors, swaptions, as well as credit default and total return swaps, equity index contracts and exchange traded
interest rate futures, and equity index options.
Derivatives are held for risk management purposes. Derivatives are classified as held for trading unless they are designated as being in a hedge accounting
relationship. The Santander UK group chooses to designate certain derivatives as in a hedging relationship if they meet specific criteria, as further described in
\u2018Hedge accounting\u2019 below.
Derivatives are recognised initially (on the date on which a derivative contract is entered into), and are subsequently remeasured, at their fair value. Fair values of
exchange-traded derivatives are obtained from quoted market prices. Fair values of over-the-counter derivatives are estimated using valuation techniques,
including discounted cash flow and option pricing models.
Certain derivatives may be embedded in hybrid contracts. If the hybrid contract contains a host that is a financial asset, then the Santander UK group assesses the
entire contract as described in the financial asset section above for classification and measurement purposes. Otherwise, embedded derivatives are treated as
separate derivatives when their economic characteristics and risks are not closely related to those of the host contract; the terms of the embedded derivative
would meet the definition of a stand-alone derivative if they were contained in a separate contract; and the combined contract is not held for trading or designated
at fair value. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement. Contracts containing
embedded derivatives are not subsequently reassessed for separation unless either there has been a change in the terms of the contract which significantly
modifies the cash flows (in which case the contract is reassessed at the time of modification) or the contract has been reclassified (in which case the contract is
reassessed at the time of reclassification).
All derivatives are carried as assets when their fair value is positive and as liabilities when their fair value is negative, except where netting is permitted. The
method of recognising fair value gains and losses depends on whether derivatives are held for trading or are designated as hedging instruments and, if the latter,
the nature of the risks being hedged. Gains and losses from changes in the fair value of derivatives held for trading are recognised in the income statement and
included in Other operating income.
Hedge accounting
The Santander UK group applies hedge accounting to represent, to the maximum possible extent permitted under accounting standards, the economic effects of
its risk management strategies. Derivatives are used to hedge exposures to interest rates and exchange rates.
At the time a financial instrument is designated as a hedge (i.e. at the inception of the hedge), the Santander UK group formally documents the relationship
between the hedging instrument(s) and hedged item(s), its risk management objective and strategy for undertaking the hedge. The documentation includes the
identification of each hedging instrument and respective hedged item, the nature of the risk being hedged (including the benchmark interest rate being hedged in a
hedge of interest rate risk) and how the hedging instrument\u2019s effectiveness in offsetting the exposure to changes in the hedged item\u2019s fair value attributable to the
hedged risk is to be assessed. Accordingly, the Santander UK group formally assesses, both at the inception of the hedge and on an ongoing basis, whether the
hedging derivatives have been and will be highly effective in offsetting changes in the fair value attributable to the hedged risk during the period that the hedge is
designated. A hedge is normally regarded as highly effective if, at inception and throughout its life, the Santander UK group can expect, and actual results indicate,
that changes in the fair value or cash flow of the hedged items are effectively offset by changes in the fair value or cash flow of the hedging instrument. If at any
point it is concluded that it is no longer highly effective in achieving its documented objective, hedge accounting is discontinued.
Where derivatives are held for risk management purposes, and when transactions meet the required criteria for documentation and hedge effectiveness, the
derivatives may be designated as either: (i) hedges of the change in fair value of recognised assets or liabilities or firm commitments (fair value hedges); (ii) hedges
of the variability in highly probable future cash flows attributable to a recognised asset or liability, or a forecast transaction (cash flow hedges); or (iii) a hedge of a
net investment in a foreign operation (net investment hedges). The Santander UK group applies fair value and cash flow hedge accounting, but not hedging of a net
investment in a foreign operation.
a) Fair value hedge accounting
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with the changes in the
fair value of the hedged asset or liability that are attributable to the hedged risk. Where the hedged item is measured at amortised cost, the fair value changes due
to the hedged risk adjust the carrying amount of the hedged asset or liability. Changes in the fair value of portfolio hedged items are presented separately in the
consolidated balance sheet in macro hedge of interest rate risk and recognised in the income statement within other operating income. If the hedge no longer
meets the criteria for hedge accounting, changes in the fair value of the hedged item attributable to the hedged risk are no longer recognised in the income
statement. For fair value hedges of interest rate risk, the cumulative adjustment that has been made to the carrying amount of the hedged item is amortised to the
income statement using the effective interest method over the period to maturity. For portfolio hedged items, the cumulative adjustment is amortised to the
income statement using the straight-line method over the period to maturity.
b) Cash flow hedge accounting
The effective portion of changes in the fair value of qualifying cash flow hedges is recognised in other comprehensive income in the cash flow hedging reserve. The
gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income
statement in the periods in which the hedged item affects profit or loss. 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 in the income statement when the
forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that
was reported in equity is immediately transferred to the income statement. The Santander UK group is exposed to cash flow interest rate risk on its floating rate
assets, foreign currency risk on its fixed rate debt issuances denominated in foreign currency and equity price risk arises from the Santander UK group operating the
Employee Sharesave scheme. Cash flow hedging is used to hedge the variability in cash flows arising from these risks.
Amendments to accounting standards
The IASB amended IFRS 9 \u2018Financial Instruments\u2019, IAS 39 \u2018Financial Instruments: Recognition and Measurement\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 in
2019 (the Phase 1 amendments) to provide temporary exceptions to specific hedge accounting requirements because of the uncertainty arising from the reform.
The exceptions end at the earlier of when the uncertainty regarding the timing and the amount of interest rate benchmark-based cash flows is no longer present,
and discontinuance of the hedge relationship (or reclassification of all amounts from the cash flow hedge reserve). The Phase 1 amendments continue to apply to
Santander UK's GBP LIBOR cash flow hedges, for remaining legacy contracts, and USD LIBOR cash flow hedges (but not any using 1-week or 2-month USD LIBOR
settings).
The IASB made further amendments to various IFRSs (the Phase 2 amendments) in 2020 to address issues that might affect financial reporting during the reform
of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate
benchmark with an alternative benchmark rate. The Phase 2 amendments require entities, as a practical expedient, to account for a change in the basis for
determining the contractual cash flows by updating the effective interest rate using the guidance in IFRS 9 resulting in no immediate gain or loss being recognised,
as long as the change is directly required by IBOR reform and takes place on an economically equivalent basis. The practical expedient was applied to all
instruments or contracts that transitioned to alternative benchmark interest rates during 2022 and had no material impact for the Santander UK group.\u00a0 The Phase
2 amendments also provide additional temporary reliefs from applying specific IAS 39 hedge accounting requirements to hedging relationships directly affected by
IBOR reform. For GBP LIBOR cash flow hedges of remaining legacy contracts using 1-month and 6-month synthetic settings, the transition to alternative
benchmark interest rates will take place no later than March 2023 and, for those using the 3-month synthetic setting, no later than March 2024. For USD LIBOR
cash flow hedges, transition will take place no later than June 2023 for those using overnight and 12-month USD LIBOR settings and no later than September 2024
for those using 1-month, 3-month and 6-month synthetic USD LIBOR settings.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NDU_93c9d87f-fc87-4c10-89e0-2ab59f5081e7": {
"value": "
Derivative financial instruments (derivatives)
Derivatives are contracts or agreements whose value is derived from one or more underlying indices or asset values inherent in the contract or agreement, which
require no or little initial net investment and are settled at a future date. Transactions are undertaken in interest rate, cross currency, equity, residential property
and other index-related swaps, forwards, caps, floors, swaptions, as well as credit default and total return swaps, equity index contracts and exchange traded
interest rate futures, and equity index options.
Derivatives are held for risk management purposes. Derivatives are classified as held for trading unless they are designated as being in a hedge accounting
relationship. The Santander UK group chooses to designate certain derivatives as in a hedging relationship if they meet specific criteria, as further described in
\u2018Hedge accounting\u2019 below.
Derivatives are recognised initially (on the date on which a derivative contract is entered into), and are subsequently remeasured, at their fair value. Fair values of
exchange-traded derivatives are obtained from quoted market prices. Fair values of over-the-counter derivatives are estimated using valuation techniques,
including discounted cash flow and option pricing models.
Certain derivatives may be embedded in hybrid contracts. If the hybrid contract contains a host that is a financial asset, then the Santander UK group assesses the
entire contract as described in the financial asset section above for classification and measurement purposes. Otherwise, embedded derivatives are treated as
separate derivatives when their economic characteristics and risks are not closely related to those of the host contract; the terms of the embedded derivative
would meet the definition of a stand-alone derivative if they were contained in a separate contract; and the combined contract is not held for trading or designated
at fair value. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement. Contracts containing
embedded derivatives are not subsequently reassessed for separation unless either there has been a change in the terms of the contract which significantly
modifies the cash flows (in which case the contract is reassessed at the time of modification) or the contract has been reclassified (in which case the contract is
reassessed at the time of reclassification).
All derivatives are carried as assets when their fair value is positive and as liabilities when their fair value is negative, except where netting is permitted. The
method of recognising fair value gains and losses depends on whether derivatives are held for trading or are designated as hedging instruments and, if the latter,
the nature of the risks being hedged. Gains and losses from changes in the fair value of derivatives held for trading are recognised in the income statement and
included in Other operating income.
Amendments to accounting standards
The IASB amended IFRS 9 \u2018Financial Instruments\u2019, IAS 39 \u2018Financial Instruments: Recognition and Measurement\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 in
2019 (the Phase 1 amendments) to provide temporary exceptions to specific hedge accounting requirements because of the uncertainty arising from the reform.
The exceptions end at the earlier of when the uncertainty regarding the timing and the amount of interest rate benchmark-based cash flows is no longer present,
and discontinuance of the hedge relationship (or reclassification of all amounts from the cash flow hedge reserve). The Phase 1 amendments continue to apply to
Santander UK's GBP LIBOR cash flow hedges, for remaining legacy contracts, and USD LIBOR cash flow hedges (but not any using 1-week or 2-month USD LIBOR
settings).
The IASB made further amendments to various IFRSs (the Phase 2 amendments) in 2020 to address issues that might affect financial reporting during the reform
of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate
benchmark with an alternative benchmark rate. The Phase 2 amendments require entities, as a practical expedient, to account for a change in the basis for
determining the contractual cash flows by updating the effective interest rate using the guidance in IFRS 9 resulting in no immediate gain or loss being recognised,
as long as the change is directly required by IBOR reform and takes place on an economically equivalent basis. The practical expedient was applied to all
instruments or contracts that transitioned to alternative benchmark interest rates during 2022 and had no material impact for the Santander UK group.\u00a0 The Phase
2 amendments also provide additional temporary reliefs from applying specific IAS 39 hedge accounting requirements to hedging relationships directly affected by
IBOR reform. For GBP LIBOR cash flow hedges of remaining legacy contracts using 1-month and 6-month synthetic settings, the transition to alternative
benchmark interest rates will take place no later than March 2023 and, for those using the 3-month synthetic setting, no later than March 2024. For USD LIBOR
cash flow hedges, transition will take place no later than June 2023 for those using overnight and 12-month USD LIBOR settings and no later than September 2024
for those using 1-month, 3-month and 6-month synthetic USD LIBOR settings.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NDg_ae320485-3c96-44bb-b61d-c7de9544de3e": {
"value": "
Offsetting financial assets and liabilities
Financial assets and liabilities including derivatives are offset and the net amount reported in the balance sheet when there is a legally enforceable right to set off
the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The Santander UK group is party
to a number of arrangements, including master netting arrangements under industry standard agreements which facilitate netting of transactions in jurisdictions
where netting agreements are recognised and have legal force. The netting arrangements do not generally result in an offset of balance sheet assets and liabilities
for accounting purposes, as transactions are usually settled on a gross basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NDc_83675056-1c04-441e-8995-b1f3ddb7a16a": {
"value": "
Hedge accounting
The Santander UK group applies hedge accounting to represent, to the maximum possible extent permitted under accounting standards, the economic effects of
its risk management strategies. Derivatives are used to hedge exposures to interest rates and exchange rates.
At the time a financial instrument is designated as a hedge (i.e. at the inception of the hedge), the Santander UK group formally documents the relationship
between the hedging instrument(s) and hedged item(s), its risk management objective and strategy for undertaking the hedge. The documentation includes the
identification of each hedging instrument and respective hedged item, the nature of the risk being hedged (including the benchmark interest rate being hedged in a
hedge of interest rate risk) and how the hedging instrument\u2019s effectiveness in offsetting the exposure to changes in the hedged item\u2019s fair value attributable to the
hedged risk is to be assessed. Accordingly, the Santander UK group formally assesses, both at the inception of the hedge and on an ongoing basis, whether the
hedging derivatives have been and will be highly effective in offsetting changes in the fair value attributable to the hedged risk during the period that the hedge is
designated. A hedge is normally regarded as highly effective if, at inception and throughout its life, the Santander UK group can expect, and actual results indicate,
that changes in the fair value or cash flow of the hedged items are effectively offset by changes in the fair value or cash flow of the hedging instrument. If at any
point it is concluded that it is no longer highly effective in achieving its documented objective, hedge accounting is discontinued.
Where derivatives are held for risk management purposes, and when transactions meet the required criteria for documentation and hedge effectiveness, the
derivatives may be designated as either: (i) hedges of the change in fair value of recognised assets or liabilities or firm commitments (fair value hedges); (ii) hedges
of the variability in highly probable future cash flows attributable to a recognised asset or liability, or a forecast transaction (cash flow hedges); or (iii) a hedge of a
net investment in a foreign operation (net investment hedges). The Santander UK group applies fair value and cash flow hedge accounting, but not hedging of a net
investment in a foreign operation.
a) Fair value hedge accounting
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with the changes in the
fair value of the hedged asset or liability that are attributable to the hedged risk. Where the hedged item is measured at amortised cost, the fair value changes due
to the hedged risk adjust the carrying amount of the hedged asset or liability. Changes in the fair value of portfolio hedged items are presented separately in the
consolidated balance sheet in macro hedge of interest rate risk and recognised in the income statement within other operating income. If the hedge no longer
meets the criteria for hedge accounting, changes in the fair value of the hedged item attributable to the hedged risk are no longer recognised in the income
statement. For fair value hedges of interest rate risk, the cumulative adjustment that has been made to the carrying amount of the hedged item is amortised to the
income statement using the effective interest method over the period to maturity. For portfolio hedged items, the cumulative adjustment is amortised to the
income statement using the straight-line method over the period to maturity.
b) Cash flow hedge accounting
The effective portion of changes in the fair value of qualifying cash flow hedges is recognised in other comprehensive income in the cash flow hedging reserve. The
gain or loss relating to the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income
statement in the periods in which the hedged item affects profit or loss. 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 in the income statement when the
forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that
was reported in equity is immediately transferred to the income statement. The Santander UK group is exposed to cash flow interest rate risk on its floating rate
assets, foreign currency risk on its fixed rate debt issuances denominated in foreign currency and equity price risk arises from the Santander UK group operating the
Employee Sharesave scheme. Cash flow hedging is used to hedge the variability in cash flows arising from these risks.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NTA_50785dd8-1e23-4509-8e62-2074cba55ac6": {
"value": "
Impairment of non-financial assets (for goodwill see 'Critical judgements and accounting estimates')
At each balance sheet date, or more frequently when events or changes in circumstances dictate, property plant and equipment (including operating lease assets)
and intangible assets (including goodwill) are assessed for indicators of impairment. If indications are present, these assets are subject to an impairment review.
The impairment review comprises a comparison of the carrying value of the asset or cash generating unit with its recoverable amount: the higher of the asset\u2019s or
cash-generating unit\u2019s fair value less costs to sell and its value in use. The cash-generating unit represents the lowest level at which non-financial assets, including
goodwill, are monitored for internal management purposes and is not larger than an operating segment.
The fair value is 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. Value in use is calculated by discounting management\u2019s expected future cash flows obtainable as a result of the asset\u2019s continued use (after
making allowance for increases in regulatory capital requirements), including those resulting from its ultimate disposal, at a market-based discount rate on a pre-
tax basis. The recoverable amounts of goodwill have been based on value in use calculations.
For conducting goodwill impairment reviews, cash generating units are the lowest level at which management monitors the return on investment on assets.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NTE_f302a031-4abd-439e-9794-f425104a502b": {
"value": "
Leases (as lessor)
Operating lease assets are recorded at cost and the difference between cost and residual value (RV) is depreciated over the life of the asset. Operating lease rental
income and depreciation is recognised on a straight-line basis over the life of the asset. After initial recognition, residual values are reviewed regularly, and any
changes are recognised prospectively through remaining depreciation charges.
Amounts due from lessees under finance leases and hire purchase contracts are recorded as receivables at the amount of the Santander UK group\u2019s net investment
in the leases. Finance lease income is allocated to accounting periods to reflect a constant periodic rate of return on the Santander UK group\u2019s net investment
outstanding in respect of the leases and hire purchase contracts. A provision is recognised to reflect a reduction in any anticipated unguaranteed RV. A provision is
also recognised for voluntary termination of the contract by the customer, where appropriate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NTI_6266d43a-619a-48e9-b055-9f85e321244e": {
"value": "
Income taxes, including deferred taxes
The tax expense represents the sum of the income tax currently payable and deferred income tax.
A current tax liability for the current or prior period is measured at the amount expected to be paid to the tax authorities. Where the amount of the final tax liability
is uncertain or where a position is challenged by a taxation authority, the liability recognised is the most likely outcome. Where a most likely outcome cannot be
determined, a weighted average basis is applied.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised based on rates enacted or
substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items recognised in other
comprehensive income or directly in equity, in which case the deferred tax is also recognised in other comprehensive income or directly in equity.
Deferred and current tax assets and liabilities are only offset when they arise in the same tax reporting group and where there is both the legal right and the
intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NTM_ede1df74-2a7f-4be6-bb64-b7ab9d782171": {
"value": "
Income taxes, including deferred taxes
The tax expense represents the sum of the income tax currently payable and deferred income tax.
A current tax liability for the current or prior period is measured at the amount expected to be paid to the tax authorities. Where the amount of the final tax liability
is uncertain or where a position is challenged by a taxation authority, the liability recognised is the most likely outcome. Where a most likely outcome cannot be
determined, a weighted average basis is applied.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised based on rates enacted or
substantively enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items recognised in other
comprehensive income or directly in equity, in which case the deferred tax is also recognised in other comprehensive income or directly in equity.
Deferred and current tax assets and liabilities are only offset when they arise in the same tax reporting group and where there is both the legal right and the
intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NTQ_24cde8e9-d1c6-4a9b-9f69-a6a1b0f30ea7": {
"value": "
Cash and cash equivalents
Following a decision by the IFRS Interpretations Committee in April 2022, Santander UK updated its accounting policy to exclude from cash and cash equivalents
Reserves Collateralisation Accounts (RCAs) balances held at the Bank of England relating to Santander UK\u2019s participation in certain payments schemes. Instead,
RCAs balances are classified as restricted balances and included within 'change in operating assets' in the cash flow statement. Prior periods have been restated
see Note34.
For the purposes of the cash flow statement, cash and cash equivalents comprise balances with less than three months maturity from the date of acquisition,
including cash and non-restricted balances with central banks, treasury bills and other eligible bills, loans and advances to banks, reverse repurchase agreements
and short-term investments in securities. Balances with central banks represent amounts held at the Bank of England as part of the Santander UK group\u2019s liquidity
management activities. It includes certain minimum cash ratio deposits held for regulatory purposes and reserves collateralised accounts in respect of Santander
UK\u2019s participation in certain payments schemes which are required to be maintained with the Bank of England and are restricted balances.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NTQ_a4f198a8-87fd-471b-ad71-ac0dd91411da": {
"value": "
Cash and cash equivalents
Following a decision by the IFRS Interpretations Committee in April 2022, Santander UK updated its accounting policy to exclude from cash and cash equivalents
Reserves Collateralisation Accounts (RCAs) balances held at the Bank of England relating to Santander UK\u2019s participation in certain payments schemes. Instead,
RCAs balances are classified as restricted balances and included within 'change in operating assets' in the cash flow statement. Prior periods have been restated
see Note34.
For the purposes of the cash flow statement, cash and cash equivalents comprise balances with less than three months maturity from the date of acquisition,
including cash and non-restricted balances with central banks, treasury bills and other eligible bills, loans and advances to banks, reverse repurchase agreements
and short-term investments in securities. Balances with central banks represent amounts held at the Bank of England as part of the Santander UK group\u2019s liquidity
management activities. It includes certain minimum cash ratio deposits held for regulatory purposes and reserves collateralised accounts in respect of Santander
UK\u2019s participation in certain payments schemes which are required to be maintained with the Bank of England and are restricted balances.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NTQ_f4fb7f82-e2ce-4fb8-a2fb-8bb8f3f1dd2b": {
"value": "
Cash and cash equivalents
Following a decision by the IFRS Interpretations Committee in April 2022, Santander UK updated its accounting policy to exclude from cash and cash equivalents
Reserves Collateralisation Accounts (RCAs) balances held at the Bank of England relating to Santander UK\u2019s participation in certain payments schemes. Instead,
RCAs balances are classified as restricted balances and included within 'change in operating assets' in the cash flow statement. Prior periods have been restated
see Note34.
For the purposes of the cash flow statement, cash and cash equivalents comprise balances with less than three months maturity from the date of acquisition,
including cash and non-restricted balances with central banks, treasury bills and other eligible bills, loans and advances to banks, reverse repurchase agreements
and short-term investments in securities. Balances with central banks represent amounts held at the Bank of England as part of the Santander UK group\u2019s liquidity
management activities. It includes certain minimum cash ratio deposits held for regulatory purposes and reserves collateralised accounts in respect of Santander
UK\u2019s participation in certain payments schemes which are required to be maintained with the Bank of England and are restricted balances.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMjc1NDMzNDg5MDI0NTU_d4453191-e10d-44a3-aa7f-c3c62e35457d": {
"value": "
Provisions and contingent liabilities (see 'Critical judgements and accounting estimates')
Provisions are recognised for present obligations arising as consequences of past events where it is more likely than not that a transfer of economic benefits will be
necessary to settle the obligation, and it can be reliably estimated.
Customer remediation provisions are made for the estimated cost of making redress payments with respect to the past sales of products, using conclusions such
as the number of claims the number of those that will be upheld, the estimated average settlement per case and other related costs. Provision is made for the
anticipated cost of restructuring, including redundancy costs, when an obligation exists. An obligation exists when the Santander UK group has a detailed formal
plan for restructuring a business, has raised valid expectations in those affected by the restructuring, and has started to implement the plan or announce its main
features.
When a leasehold property ceases to be used in the business, provision is made where the unavoidable costs of the future obligations relating to the lease are
expected to exceed anticipated rental income. The net costs are discounted using market rates of interest to reflect the long-term nature of the cash flows.
Loan commitments are measured as the amount of the loss allowance, determined in line with IFRS 9 as set out in the Credit risk section of the Risk review.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjI3L2ZyYWc6OWQ0Y2I3MDkzZDU3NDUxZDliNDI3YmMyOGM1OTgyMTYvdGV4dHJlZ2lvbjo5ZDRjYjcwOTNkNTc0NTFkOWI0MjdiYzI4YzU5ODIxNl8xMDAwNTU1NTgyMDc5Mzg_3a6367a0-6889-4dd6-abb7-34a1527afe83": {
"value": "
Contingent liabilities are possible obligations whose existence will be confirmed only by certain future events or present obligations where the transfer of
economic benefit is uncertain or cannot be reliably measured. Contingent liabilities are not recognised but are disclosed unless they are remote.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zNjIyL2ZyYWc6YWNkZjQxNWIwNWY0NDNhOTgyOTNhNGY0YWZlNDRiYmIvdGV4dHJlZ2lvbjphY2RmNDE1YjA1ZjQ0M2E5ODI5M2E0ZjRhZmU0NGJiYl8xMzAyOTIxMjc4OTM0ODI_069e50ed-334f-45c5-9bfb-5cedc77039e0": {
"value": "
Critical judgements and accounting estimates
The preparation of Santander UK's consolidated financial statements in accordance with IFRS requires management to make judgements, estimates and
assumptions in applying the accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Due to the inherent uncertainty in
making estimates, actual results reported in future periods may be based on amounts which differ from those estimates. Estimates, judgements and assumptions
are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances. There has been no change in the inherent sensitivity of the areas of judgement in the period. Management have considered the impact of
developments in principal risks and uncertainties, as set out in the Risk review, on critical judgements and accounting estimates.
The significant judgements, apart from those involving estimation, made by management in applying Santander UK's accounting policies in these financial
statements (key judgements) and the key sources of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the next financial year (key estimates), which together are considered critical to Santander UK's results and financial position,
are as follows:
a) Credit impairment charges
The application of the ECL impairment methodology for calculating credit impairment allowances is highly susceptible to change from period to period. The
methodology requires management to make judgmental assumptions in determining the estimates. Any significant difference between the estimated amounts
and actual amounts could have a material impact on the future financial results and financial condition. The impact of the cost of living crisis has increased the
uncertainty around ECL impairment calculations and has required management to make additional judgements and accounting estimates that affect the amount
of assets and liabilities at the reporting date and the amount of income and expenses in the reporting period. The key additional judgements due to the impact of
the cost of living crisis mainly reflect the increased uncertainty around forward-looking economic data and the need for additional judgemental adjustments.
| |
| \u2013Determining an appropriate definition of default |
| \u2013Establishing the criteria for a significant increase in credit risk (SICR) and, for corporate borrowers, internal credit risk rating |
| \u2013Determining the need for any judgemental adjustments |
| \u2013Determining the need to assess corporate Stage 3 exposures individually |
| \u2013Forward-looking multiple economic scenario assumptions |
| \u2013Probability weights assigned to multiple economic scenarios |
risk management\u2019 section of the Risk review.
Sensitivity of ECL allowance
For detailed disclosures, see 'Sensitivity of ECL allowance' in the \u2018Credit risk \u2013 credit risk management\u2019 section of the Risk review.
b) Provisions and contingent liabilities
| |
| \u2013Determining whether a present obligation exists |
| \u2013Determining the likely outcome of future legal decisions |
| \u2013Probability, timing, nature and amount of any outflows that may arise from past events |
Included in Litigation and other regulatory provisions in Note 29 are amounts in respect of management\u2019s best estimates of liability relating to a legal dispute
regarding allocation of responsibility for a specific PPI portfolio of complaints, and Plevin related litigation. Note 31 provides disclosure relating to ongoing factual
issues and reviews that could impact the timing and amount of any outflows.
Note 31 includes disclosure relating to an investigation in relation to the historical involvement of Santander UK plc, Santander Financial Services plc and Cater
Allen International Limited (all subsidiaries of Santander UK Group Holdings plc) in German dividend tax arbitrage transactions.
These judgements are based on the specific facts available and often require specialist professional advice. There can be a wide range of possible outcomes and
uncertainties, particularly in relation to legal actions, and regulatory and consumer credit matters. As a result, it is often not possible to make reliable estimates of
the likelihood and amount of any potential outflows, or to calculate any resulting sensitivities. For more on these key judgements and estimates, see Notes 29 and
31.
c) Defined benefit pension schemes
The Santander UK group operates a number of defined benefit pension schemes as described in Note 30 and estimates their position as described in the accounting
policy \u2018Pensions and other post retirement benefits\u2019.
| |
| \u2013Setting the criteria for constructing the corporate bond yield curve used to determine the discount rate |
| \u2013Determining the methodology for setting the inflation assumption |
| \u2013Discount rate applied to future cash flows |
| \u2013Rate of price inflation |
| \u2013Expected lifetime of the schemes' members |
| \u2013Valuation of pension fund assets whose values are not based on market observable data |
financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions in applying the accounting policies that affect the reported amounts of assets, liabilities, income and expenses. Due to the inherent uncertainty in
making estimates, actual results reported in future periods may be based on amounts which differ from those estimates. Estimates, judgements and assumptions
are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances. There has been no change in the inherent sensitivity of the areas of judgement in the period. Management have considered the impact of
developments in principal risks and uncertainties, as set out in the Risk review, on critical judgements and accounting estimates.
The significant judgements, apart from those involving estimation, made by management in applying Santander UK's accounting policies in these financial
statements (key judgements) and the key sources of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the next financial year (key estimates), which together are considered critical to Santander UK's results and financial position,
are as follows:
a) Credit impairment charges
The application of the ECL impairment methodology for calculating credit impairment allowances is highly susceptible to change from period to period. The
methodology requires management to make judgmental assumptions in determining the estimates. Any significant difference between the estimated amounts
and actual amounts could have a material impact on the future financial results and financial condition. The impact of the cost of living crisis has increased the
uncertainty around ECL impairment calculations and has required management to make additional judgements and accounting estimates that affect the amount
of assets and liabilities at the reporting date and the amount of income and expenses in the reporting period. The key additional judgements due to the impact of
the cost of living crisis mainly reflect the increased uncertainty around forward-looking economic data and the need for additional judgemental adjustments.
| |
| \u2013Determining an appropriate definition of default |
| \u2013Establishing the criteria for a significant increase in credit risk (SICR) and, for corporate borrowers, internal credit risk rating |
| \u2013Determining the need for any judgemental adjustments |
| \u2013Determining the need to assess corporate Stage 3 exposures individually |
| \u2013Forward-looking multiple economic scenario assumptions |
| \u2013Probability weights assigned to multiple economic scenarios |
risk management\u2019 section of the Risk review.
Sensitivity of ECL allowance
For detailed disclosures, see 'Sensitivity of ECL allowance' in the \u2018Credit risk \u2013 credit risk management\u2019 section of the Risk review.
b) Provisions and contingent liabilities
| |
| \u2013Determining whether a present obligation exists |
| \u2013Determining the likely outcome of future legal decisions |
| \u2013Probability, timing, nature and amount of any outflows that may arise from past events |
Included in Litigation and other regulatory provisions in Note 29 are amounts in respect of management\u2019s best estimates of liability relating to a legal dispute
regarding allocation of responsibility for a specific PPI portfolio of complaints, and Plevin related litigation. Note 31 provides disclosure relating to ongoing factual
issues and reviews that could impact the timing and amount of any outflows.
Note 31 includes disclosure relating to an investigation in relation to the historical involvement of Santander UK plc, Santander Financial Services plc and Cater
Allen International Limited (all subsidiaries of Santander UK Group Holdings plc) in German dividend tax arbitrage transactions.
These judgements are based on the specific facts available and often require specialist professional advice. There can be a wide range of possible outcomes and
uncertainties, particularly in relation to legal actions, and regulatory and consumer credit matters. As a result, it is often not possible to make reliable estimates of
the likelihood and amount of any potential outflows, or to calculate any resulting sensitivities. For more on these key judgements and estimates, see Notes 29 and
31.
c) Defined benefit pension schemes
The Santander UK group operates a number of defined benefit pension schemes as described in Note 30 and estimates their position as described in the accounting
policy \u2018Pensions and other post retirement benefits\u2019.
| |
| \u2013Setting the criteria for constructing the corporate bond yield curve used to determine the discount rate |
| \u2013Determining the methodology for setting the inflation assumption |
| \u2013Discount rate applied to future cash flows |
| \u2013Rate of price inflation |
| \u2013Expected lifetime of the schemes' members |
| \u2013Valuation of pension fund assets whose values are not based on market observable data |
2. SEGMENTS
Santander UK\u2019s principal activity is financial services, mainly in the UK. The business is managed and reported on the basis of four segments, which are strategic
business units that offer different products and services, have different customers and require different technology and marketing strategies.
Retail Banking consists of two business units, Homes and Everyday Banking. Homes provides prime UK mortgage lending to owner occupiers and buy-to-let landlords with small portfolios. Everyday Banking provides banking services and unsecured lending to individuals and small businesses as well alongside
wealth management for high-net-worth clients.
\u2013Consumer Finance provides prime auto consumer financing for individuals, businesses, and automotive distribution networks.
\u2013Corporate & Commercial Banking provides banking products and services to SMEs, mid-sized and larger corporates, typically with annual turnovers of
between \u00a32m and \u00a3500m as well as to Local Authorities and Housing Associations.
\u2013Corporate Centre provides treasury services for asset and liability management of our balance sheet, as well as management of non-core and legacy
portfolios.
Retail Banking delivers products through our omni-channel presence comprising branches, ATMs, telephony, digital and intermediary channels. Consumer Finance
business is primarily introduced by car dealerships acting as our intermediary along with a small amount of new business introduced via digital channels.
Corporate and Commercial Banking expertise is provided by relationship managers, product specialists and through digital and telephony channels, and cover
clients' needs both in the UK and overseas. In addition, Corporate and Investment Banking (CIB) provided services to corporate clients with an annual turnover of
\u00a3500m and above. Santander UK transferred a significant part of the CIB business to the London branch of Banco Santander SA under a part VII banking business
transfer scheme which completed on 11 October 2021. The residual parts of the business were wound down or transferred to other segments.
In December 2022, we transferred \u00a31.5bn (2021: \u00a32.3bn; 2020: \u00a33.2bn) of social housing loans, and \u00a30.4bn of non-core Liabilities (2021: \u00a30.9bn; 2020: \u00a3nil) to
our CCB segment from Corporate Centre to reflect the way these assets are managed, and restated comparatives accordingly. This resulted in an increase in profit
before tax in CCB of \u00a32.9m (2021: decrease of \u00a32.7m; 2020: decrease of \u00a36.3m) and an equal but opposite impact in Corporate Centre.
The segmental data is prepared on a statutory basis of accounting, in line with the accounting policies set out in Note 1. Transactions between segments are on
normal commercial terms and conditions. Internal charges and internal UK transfer pricing adjustments are reflected in the results of each segment. Revenue
sharing agreements are used to allocate external customer revenues to a segment on a reasonable basis. Funds are ordinarily reallocated between segments,
resulting in funding cost transfers disclosed in operating income. Interest charged for these funds is based on Santander UK\u2019s cost of wholesale funding. Interest
income and interest expense have not been reported separately. The majority of segment revenues are interest income in nature and net interest income is relied
on primarily to assess segment performance and to make decisions on the allocation of segment resources.\u00a0
Results by segment
For the years ended 31 December
| | | | | |
| | | Corporate & Commercial Banking | | |
| | | | | |
Net interest income / (expense) | | | | | |
Non-interest income / (expense) | | | | | |
| | | | | |
Operating expenses before credit impairment (charges)/write-backs, provisions and charges | | | | | |
Credit impairment (charges)/write-backs | | | | | |
Provisions for other liabilities and charges | | | | | |
Total operating credit impairment (charges)/write-backs, provisions and charges | | | | | |
Profit/(loss) from continuing operations before tax | | | | | |
| | | | | |
Revenue from external customers | | | | | |
| | | | | |
| | | | | |
| | | | | |
Revenue from external customers includes the following fee and commission income:(1) | | | | | |
\u2013Current account and debit card fees | | | | | |
\u2013Insurance, protection and investments | | | | | |
| | | | | |
\u2013Non-banking and other fees(2) | | | | | |
Total fee and commission income | | | | | |
Fee and commission expense | | | | | |
Net fee and commission income/(expense) | | | | | |
| | | | | |
| | | | | |
| | | | | |
Of which assets held for sale | | | | | |
| | | | | |
| | | | | |
| | | | | |
Average number of full-time equivalent staff | | | | | |
(1)The disaggregation of fees and commission income as shown above is not included in reports provided to the chief operating decision maker but is provided to show the split by reportable segments.
(2)Non-banking and other fees include mortgages (except mortgage account fees), consumer finance, commitment commission, asset finance, invoice finance and trade finance.
(3)Includes customer loans, net of credit impairment charge allowances.
(4)CIB results presented as discontinued operations. See Note42.
The main differences between Customer loans and Loans and advances to customers (Note 13) are balances in Corporate Centre held for liquidity purposes. The
main differences between Customer deposits and Deposits by customers (Note 23) are equity-linked deposits and intercompany deposits.
Geographical information is not provided, as substantially all of Santander UK\u2019s activities are in the UK.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zOTQxL2ZyYWc6YjRlN2I2MTMxZDA1NGQzYjhmYTE5ZTgxZDU5NWVlNjgvdGV4dHJlZ2lvbjpiNGU3YjYxMzFkMDU0ZDNiOGZhMTllODFkNTk1ZWU2OF8xMjc1NDMzNDg4MzMwNDc_299cb5ec-7476-4513-9ae6-2b2851747a8b": {
"value": "
The segmental data is prepared on a statutory basis of accounting, in line with the accounting policies set out in Note 1. Transactions between segments are on
normal commercial terms and conditions. Internal charges and internal UK transfer pricing adjustments are reflected in the results of each segment. Revenue
sharing agreements are used to allocate external customer revenues to a segment on a reasonable basis. Funds are ordinarily reallocated between segments,
resulting in funding cost transfers disclosed in operating income. Interest charged for these funds is based on Santander UK\u2019s cost of wholesale funding. Interest
income and interest expense have not been reported separately. The majority of segment revenues are interest income in nature and net interest income is relied
on primarily to assess segment performance and to make decisions on the allocation of segment resources.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xNzIvZnJhZzo3NGNjMmMzNDBkM2M0NjAyODI1OTc5YTE3YzVjYjdhYi90ZXh0cmVnaW9uOjc0Y2MyYzM0MGQzYzQ2MDI4MjU5NzlhMTdjNWNiN2FiXzEyNzU0MzM0ODgyNDY5OA_27caaef7-4896-4762-9d60-569e25ac4587": {
"value": "
3. NET INTEREST INCOME
| | | |
| | | |
| | | |
| | | |
Interest and similar income: | | | |
Loans and advances to customers | | | |
Loans and advances to banks | | | |
Reverse repurchase agreements \u2013 non trading | | | |
| | | |
Total interest and similar income(1) | | | |
Interest expense and similar charges: | | | |
| | | |
| | | |
Repurchase agreements \u2013 non trading | | | |
| | | |
| | | |
| | | |
Total interest expense and similar charges(2) | | | |
| | | |
(1)\u00a0 \u00a0 Non-banking and other fees include mortgages (except mortgage account fees), consumer finance, commitment commission, asset finance, invoice finance and trade finance.
5. OTHER OPERATING INCOME
| | | |
| | | |
| | | |
| | | |
Net gains/(losses) on financial instruments designated at fair value through profit or loss | | | |
Net (losses)/gains on financial instruments mandatorily at fair value through profit or loss | | | |
| | | |
Net profit on sale of financial assets at fair value through other comprehensive income | | | |
Income from operating lease assets | | | |
| | | |
| | | |
\u00a314m (2021: losses of \u00a315m, 2020: gains of \u00a389m) on embedded derivatives bifurcated from certain equity index-linked deposits, as described in the derivatives accounting policy in Note 1. The embedded derivatives are economically
hedged, the results of which are also included in this line item and amounted to losses of \u00a314m (2021: gains of \u00a315m, 2020: losses of \u00a388m). As a result, the net
fair value movements recognised on the equity index-linked deposits and the related economic hedges were net gains of \u00a3nil (2021: \u00a3nil, 2020: \u00a31m).
Exchange rate differences recognised in the Consolidated Income Statement on items not at FVTPL were \u00a32,163m expense (2021: \u00a3242m income, 2020: \u00a3751m
expense) and are presented in the line \u2018Other'. These are principally offset by related releases from the cash flow hedge reserve of \u00a32,129m income (2021: \u00a3358m
expense, 2020: \u00a3809m income) as set out in the Consolidated Statement of Comprehensive Income, which are also presented in 'Other\u2019. Exchange rate differences
on items measured at FVTPL are included in the line items relating to changes in fair value.
In 2022, the Santander UK group repurchased certain debt securities and subordinated liabilities as part of ongoing liability management exercises, resulting in a
loss of \u00a35m (2021 loss of \u00a31m, 2020: loss of \u00a324m).
In 2022, other includes \u00a37m of losses on the sale of property under our transformation programme. In 2021, other includes \u00a373m of property gains from the sale
of our London head office and branch properties.
6. OPERATING EXPENSES BEFORE CREDIT IMPAIRMENT CHARGES, PROVISIONS AND
CHARGES
For the years ended 31 December
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Performance-related payments | | | | | | | |
| | | | | | | |
Pensions costs: \u2013 defined contribution plans | | | | | | | |
\u2013defined benefit plans | | | | | | | |
Other share-based payments | | | | | | | |
| | | | | | | |
| | | | | | | |
Other administration expenses | | | | | | | |
Depreciation, amortisation and impairment | | | | | | | |
| | | | | | | |
The following table shows the amount of bonus awarded to employees for the performance year 2022. In the case of deferred cash and shares awards, the final
amount paid to an employee is influenced by forfeiture provisions and any performance conditions to which the awards are subject. The deferred shares award
amount is based on the fair value of the awards at the date of grant.
| | | | | | | | |
| Expenses charged in the year | | Expenses deferred to future periods | | |
| | | | | | | | |
| | | | | | | | |
Cash award \u2013 not deferred | | | | | | | | |
| | | | | | | | |
Shares award \u2013 not deferred | | | | | | | | |
| | | | | | | | |
Total discretionary bonus | | | | | | | | |
'Other share-based payments\u2019 consist of options granted under the Employee Sharesave scheme which comprise the Santander UK group\u2019s cash-settled share-
based payments. For more, see Note 36.
The average number of full-time equivalent staff was 18,123 (2021: 19,704, 2020: 21,998). For the Company, the average number of full-time equivalent staff
was 16,830 (2021: 15,188, 2020: 16,530).
Depreciation, amortisation and impairment
In 2022, depreciation, amortisation and impairment included depreciation of \u00a373m (2021: \u00a381m, 2020: \u00a392m) on operating lease assets (where the Santander UK
group is the lessor) with a carrying amount of \u00a3577m at 31 December 2022 (2021: \u00a3595m, 2020: \u00a3542m). It also included depreciation of \u00a319m (2021: \u00a319m,
2020:\u00a0 \u00a358m) on right-of-use assets with a carrying amount of \u00a3112m at 31 December 2022 (2021: \u00a3117m, 2020: \u00a3100m).
'Other administration expenses' includes \u00a321m (2021: \u00a323m, 2020: \u00a310m) related to short-term leases.In 2022, 'Depreciation, amortisation and impairment' included an impairment charge of \u00a310m (2021: \u00a388m, 2020: \u00a3nil) associated with branch and head office
site closures as part of the transformation programme. For more, see Note 21.
7. AUDIT AND OTHER SERVICES
| | | |
| | | |
| | | |
| | | |
| | | |
Fees payable to the Company\u2019s auditor and its associates for the audit of the Santander UK group\u2019s annual accounts | | | |
Fees payable to the Company\u2019s auditor and its associates for other services to the Santander UK group: | | | |
\u2013 Audit of the Santander UK group's subsidiaries | | | |
| | | |
| | | |
Audit-related assurance services | | | |
| | | |
| | | |
| | | |
(1) 2022 audit fees included \u00a30.6m (2021: \u00a31.2m, 2020: \u00a30.8m) which related to the prior year.
Audit-related assurance services mainly comprised services performed in connection with review of the financial information of the Company and reporting to the
Company's UK regulators.
Other assurance services mainly comprised services performed in support of various debt issuance programmes.
Of the total non-audit fees, \u00a30.2m (2021: \u00a30.4m, 2020: \u00a30.4m) accords with the definition of 'Audit Fees' per US Securities and Exchange Commission (SEC)
guidance, \u00a30.7m (2021: \u00a30.7m, 2020: \u00a30.7m) accords with the definition of 'Audit related fees' per that guidance and \u00a30.0m (2021: \u00a30.0m, 2020: \u00a30.0m) accords
with the definition of 'All other fees' per that guidance.
In 2022, the Company\u2019s auditors earned no fees (2021: \u00a327,000, 2020: \u00a324,000 fees) payable by entities outside the Santander UK group for the review of the
financial position of corporate and other borrowers.
In 2022, the Company's auditors earned \u00a31.6m (2021: \u00a31.4m, 2020: \u00a31.5m), in relation to incremental work undertaken in support of the audit of Banco Santander
SA.
8. CREDIT IMPAIRMENT CHARGES AND PROVISIONS
For the years ended 31 December
| | | |
| | | |
| | | |
| | | |
Credit impairment charges/(write-backs): | | | |
Loans and advances to customers | | | |
Recoveries of loans and advances, net of collection costs | | | |
Off-balance sheet credit exposures (See Note 29) | | | |
| | | |
Provisions for other liabilities and charges (excluding off-balance sheet credit exposures) (See Note 29) | | | |
(Releases)/Provisions for residual value and voluntary termination | | | |
| | | |
| | | |
(1)\u00a0 \u00a0 Non-banking and other fees include mortgages (except mortgage account fees), consumer finance, commitment commission, asset finance, invoice finance and trade finance.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xNzUvZnJhZzo0OTE5ZTJiZTRhZWE0Y2FiYTE3NDI5Zjc2ZjNiY2ZmNy90ZXh0cmVnaW9uOjQ5MTllMmJlNGFlYTRjYWJhMTc0MjlmNzZmM2JjZmY3XzEyNzU0MzM0ODgyMjM2MA_8ef8db65-1ea2-454a-badf-cde56ef8a3ac": {
"value": "
4. NET FEE AND COMMISSION INCOME
| | | |
| | | |
| | | |
| | | |
Fee and commission income: | | | |
Current account and debit card fees | | | |
Insurance, protection and investments | | | |
| | | |
Non-banking and other fees(1) | | | |
Total fee and commission income | | | |
Total fee and commission expense | | | |
Net fee and commission income | | | |
(1)\u00a0 \u00a0 Non-banking and other fees include mortgages (except mortgage account fees), consumer finance, commitment commission, asset finance, invoice finance and trade finance.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xNzgvZnJhZzpjNTRkNDExNWY4OGY0NTA5OTU4YmNlMGI5MjA1NDJhZS90ZXh0cmVnaW9uOmM1NGQ0MTE1Zjg4ZjQ1MDk5NThiY2UwYjkyMDU0MmFlXzEyNzU0MzM0ODgzMzc4OA_1426804c-d3a7-46a2-ab21-6b66650bb3bb": {
"value": "
5. OTHER OPERATING INCOME
| | | |
| | | |
| | | |
| | | |
Net gains/(losses) on financial instruments designated at fair value through profit or loss | | | |
Net (losses)/gains on financial instruments mandatorily at fair value through profit or loss | | | |
| | | |
Net profit on sale of financial assets at fair value through other comprehensive income | | | |
Income from operating lease assets | | | |
| | | |
| | | |
\u00a314m (2021: losses of \u00a315m, 2020: gains of \u00a389m) on embedded derivatives bifurcated from certain equity index-linked deposits, as described in the derivatives accounting policy in Note 1. The embedded derivatives are economically
hedged, the results of which are also included in this line item and amounted to losses of \u00a314m (2021: gains of \u00a315m, 2020: losses of \u00a388m). As a result, the net
fair value movements recognised on the equity index-linked deposits and the related economic hedges were net gains of \u00a3nil (2021: \u00a3nil, 2020: \u00a31m).
Exchange rate differences recognised in the Consolidated Income Statement on items not at FVTPL were \u00a32,163m expense (2021: \u00a3242m income, 2020: \u00a3751m
expense) and are presented in the line \u2018Other'. These are principally offset by related releases from the cash flow hedge reserve of \u00a32,129m income (2021: \u00a3358m
expense, 2020: \u00a3809m income) as set out in the Consolidated Statement of Comprehensive Income, which are also presented in 'Other\u2019. Exchange rate differences
on items measured at FVTPL are included in the line items relating to changes in fair value.
In 2022, the Santander UK group repurchased certain debt securities and subordinated liabilities as part of ongoing liability management exercises, resulting in a
loss of \u00a35m (2021 loss of \u00a31m, 2020: loss of \u00a324m).
In 2022, other includes \u00a37m of losses on the sale of property under our transformation programme. In 2021, other includes \u00a373m of property gains from the sale
of our London head office and branch properties.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xNzgvZnJhZzpjNTRkNDExNWY4OGY0NTA5OTU4YmNlMGI5MjA1NDJhZS90ZXh0cmVnaW9uOmM1NGQ0MTE1Zjg4ZjQ1MDk5NThiY2UwYjkyMDU0MmFlXzEyNzU0MzM0ODgzMzc4OA_f8c57560-97f4-402d-826e-f7de5211e598": {
"value": "
5. OTHER OPERATING INCOME
| | | |
| | | |
| | | |
| | | |
Net gains/(losses) on financial instruments designated at fair value through profit or loss | | | |
Net (losses)/gains on financial instruments mandatorily at fair value through profit or loss | | | |
| | | |
Net profit on sale of financial assets at fair value through other comprehensive income | | | |
Income from operating lease assets | | | |
| | | |
| | | |
\u00a314m (2021: losses of \u00a315m, 2020: gains of \u00a389m) on embedded derivatives bifurcated from certain equity index-linked deposits, as described in the derivatives accounting policy in Note 1. The embedded derivatives are economically
hedged, the results of which are also included in this line item and amounted to losses of \u00a314m (2021: gains of \u00a315m, 2020: losses of \u00a388m). As a result, the net
fair value movements recognised on the equity index-linked deposits and the related economic hedges were net gains of \u00a3nil (2021: \u00a3nil, 2020: \u00a31m).
Exchange rate differences recognised in the Consolidated Income Statement on items not at FVTPL were \u00a32,163m expense (2021: \u00a3242m income, 2020: \u00a3751m
expense) and are presented in the line \u2018Other'. These are principally offset by related releases from the cash flow hedge reserve of \u00a32,129m income (2021: \u00a3358m
expense, 2020: \u00a3809m income) as set out in the Consolidated Statement of Comprehensive Income, which are also presented in 'Other\u2019. Exchange rate differences
on items measured at FVTPL are included in the line items relating to changes in fair value.
In 2022, the Santander UK group repurchased certain debt securities and subordinated liabilities as part of ongoing liability management exercises, resulting in a
loss of \u00a35m (2021 loss of \u00a31m, 2020: loss of \u00a324m).
In 2022, other includes \u00a37m of losses on the sale of property under our transformation programme. In 2021, other includes \u00a373m of property gains from the sale
of our London head office and branch properties.
6. OPERATING EXPENSES BEFORE CREDIT IMPAIRMENT CHARGES, PROVISIONS AND
CHARGES
For the years ended 31 December
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Performance-related payments | | | | | | | |
| | | | | | | |
Pensions costs: \u2013 defined contribution plans | | | | | | | |
\u2013defined benefit plans | | | | | | | |
Other share-based payments | | | | | | | |
| | | | | | | |
| | | | | | | |
Other administration expenses | | | | | | | |
Depreciation, amortisation and impairment | | | | | | | |
| | | | | | | |
The following table shows the amount of bonus awarded to employees for the performance year 2022. In the case of deferred cash and shares awards, the final
amount paid to an employee is influenced by forfeiture provisions and any performance conditions to which the awards are subject. The deferred shares award
amount is based on the fair value of the awards at the date of grant.
| | | | | | | | |
| Expenses charged in the year | | Expenses deferred to future periods | | |
| | | | | | | | |
| | | | | | | | |
Cash award \u2013 not deferred | | | | | | | | |
| | | | | | | | |
Shares award \u2013 not deferred | | | | | | | | |
| | | | | | | | |
Total discretionary bonus | | | | | | | | |
'Other share-based payments\u2019 consist of options granted under the Employee Sharesave scheme which comprise the Santander UK group\u2019s cash-settled share-
based payments. For more, see Note 36.
The average number of full-time equivalent staff was 18,123 (2021: 19,704, 2020: 21,998). For the Company, the average number of full-time equivalent staff
was 16,830 (2021: 15,188, 2020: 16,530).
Depreciation, amortisation and impairment
In 2022, depreciation, amortisation and impairment included depreciation of \u00a373m (2021: \u00a381m, 2020: \u00a392m) on operating lease assets (where the Santander UK
group is the lessor) with a carrying amount of \u00a3577m at 31 December 2022 (2021: \u00a3595m, 2020: \u00a3542m). It also included depreciation of \u00a319m (2021: \u00a319m,
2020:\u00a0 \u00a358m) on right-of-use assets with a carrying amount of \u00a3112m at 31 December 2022 (2021: \u00a3117m, 2020: \u00a3100m).
'Other administration expenses' includes \u00a321m (2021: \u00a323m, 2020: \u00a310m) related to short-term leases.In 2022, 'Depreciation, amortisation and impairment' included an impairment charge of \u00a310m (2021: \u00a388m, 2020: \u00a3nil) associated with branch and head office
site closures as part of the transformation programme. For more, see Note 21.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zOTY4L2ZyYWc6YTQxZDZlYzE3NDliNDdjOTliMWI0MDcwZGUxODA2MmEvdGV4dHJlZ2lvbjphNDFkNmVjMTc0OWI0N2M5OWIxYjQwNzBkZTE4MDYyYV8xMjc1NDMzNDg4MjIxNDE_2f50a2b6-f259-496a-808b-96759a79b71d": {
"value": "
6. OPERATING EXPENSES BEFORE CREDIT IMPAIRMENT CHARGES, PROVISIONS AND
CHARGES
For the years ended 31 December
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Performance-related payments | | | | | | | |
| | | | | | | |
Pensions costs: \u2013 defined contribution plans | | | | | | | |
\u2013defined benefit plans | | | | | | | |
Other share-based payments | | | | | | | |
| | | | | | | |
| | | | | | | |
Other administration expenses | | | | | | | |
Depreciation, amortisation and impairment | | | | | | | |
| | | | | | | |
The following table shows the amount of bonus awarded to employees for the performance year 2022. In the case of deferred cash and shares awards, the final
amount paid to an employee is influenced by forfeiture provisions and any performance conditions to which the awards are subject. The deferred shares award
amount is based on the fair value of the awards at the date of grant.
| | | | | | | | |
| Expenses charged in the year | | Expenses deferred to future periods | | |
| | | | | | | | |
| | | | | | | | |
Cash award \u2013 not deferred | | | | | | | | |
| | | | | | | | |
Shares award \u2013 not deferred | | | | | | | | |
| | | | | | | | |
Total discretionary bonus | | | | | | | | |
'Other share-based payments\u2019 consist of options granted under the Employee Sharesave scheme which comprise the Santander UK group\u2019s cash-settled share-
based payments. For more, see Note 36.
The average number of full-time equivalent staff was 18,123 (2021: 19,704, 2020: 21,998). For the Company, the average number of full-time equivalent staff
was 16,830 (2021: 15,188, 2020: 16,530).
Depreciation, amortisation and impairment
In 2022, depreciation, amortisation and impairment included depreciation of \u00a373m (2021: \u00a381m, 2020: \u00a392m) on operating lease assets (where the Santander UK
group is the lessor) with a carrying amount of \u00a3577m at 31 December 2022 (2021: \u00a3595m, 2020: \u00a3542m). It also included depreciation of \u00a319m (2021: \u00a319m,
2020:\u00a0 \u00a358m) on right-of-use assets with a carrying amount of \u00a3112m at 31 December 2022 (2021: \u00a3117m, 2020: \u00a3100m).
'Other administration expenses' includes \u00a321m (2021: \u00a323m, 2020: \u00a310m) related to short-term leases.In 2022, 'Depreciation, amortisation and impairment' included an impairment charge of \u00a310m (2021: \u00a388m, 2020: \u00a3nil) associated with branch and head office
site closures as part of the transformation programme. For more, see Note 21.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zOTY4L2ZyYWc6YTQxZDZlYzE3NDliNDdjOTliMWI0MDcwZGUxODA2MmEvdGV4dHJlZ2lvbjphNDFkNmVjMTc0OWI0N2M5OWIxYjQwNzBkZTE4MDYyYV8xMjc1NDMzNDg4MjIxNDE_9d5d0dad-1d36-44ed-86fe-e68a47b1ff0a": {
"value": "
6. OPERATING EXPENSES BEFORE CREDIT IMPAIRMENT CHARGES, PROVISIONS AND
CHARGES
For the years ended 31 December
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Performance-related payments | | | | | | | |
| | | | | | | |
Pensions costs: \u2013 defined contribution plans | | | | | | | |
\u2013defined benefit plans | | | | | | | |
Other share-based payments | | | | | | | |
| | | | | | | |
| | | | | | | |
Other administration expenses | | | | | | | |
Depreciation, amortisation and impairment | | | | | | | |
| | | | | | | |
The following table shows the amount of bonus awarded to employees for the performance year 2022. In the case of deferred cash and shares awards, the final
amount paid to an employee is influenced by forfeiture provisions and any performance conditions to which the awards are subject. The deferred shares award
amount is based on the fair value of the awards at the date of grant.
| | | | | | | | |
| Expenses charged in the year | | Expenses deferred to future periods | | |
| | | | | | | | |
| | | | | | | | |
Cash award \u2013 not deferred | | | | | | | | |
| | | | | | | | |
Shares award \u2013 not deferred | | | | | | | | |
| | | | | | | | |
Total discretionary bonus | | | | | | | | |
'Other share-based payments\u2019 consist of options granted under the Employee Sharesave scheme which comprise the Santander UK group\u2019s cash-settled share-
based payments. For more, see Note 36.
The average number of full-time equivalent staff was 18,123 (2021: 19,704, 2020: 21,998). For the Company, the average number of full-time equivalent staff
was 16,830 (2021: 15,188, 2020: 16,530).
Depreciation, amortisation and impairment
In 2022, depreciation, amortisation and impairment included depreciation of \u00a373m (2021: \u00a381m, 2020: \u00a392m) on operating lease assets (where the Santander UK
group is the lessor) with a carrying amount of \u00a3577m at 31 December 2022 (2021: \u00a3595m, 2020: \u00a3542m). It also included depreciation of \u00a319m (2021: \u00a319m,
2020:\u00a0 \u00a358m) on right-of-use assets with a carrying amount of \u00a3112m at 31 December 2022 (2021: \u00a3117m, 2020: \u00a3100m).
'Other administration expenses' includes \u00a321m (2021: \u00a323m, 2020: \u00a310m) related to short-term leases.In 2022, 'Depreciation, amortisation and impairment' included an impairment charge of \u00a310m (2021: \u00a388m, 2020: \u00a3nil) associated with branch and head office
site closures as part of the transformation programme. For more, see Note 21.
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"value": "
For the years ended 31 December
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Performance-related payments | | | | | | | |
| | | | | | | |
Pensions costs: \u2013 defined contribution plans | | | | | | | |
\u2013defined benefit plans | | | | | | | |
Other share-based payments | | | | | | | |
| | | | | | | |
| | | | | | | |
Other administration expenses | | | | | | | |
Depreciation, amortisation and impairment | | | | | | | |
| | | | | | | |
\u00a310m (2021: \u00a388m, 2020: \u00a3nil) associated with branch and head office site closures as part of the transformation programme. For more, see Note 21.
Impairment of goodwill
In 2022 and 2021, no significant impairment of goodwill was recognised. Goodwill is tested for impairment annually at 31 December, with a review for
impairment indicators at 30 June. Goodwill is tested for impairment if reviews identify an impairment indicator or when events or changes in circumstances
dictate.
The annual review identified that the risks of Covid-19 have reduced significantly; however rising inflation, exacerbated by the conflict in Ukraine, places increasing
uncertainty on the UK economic trajectory, and its potential impact on the carrying value of goodwill as impairment indicators for all cash-generating units (CGUs).
As a result, management updated the impairment test at 31 December 2022 for all CGUs.
Basis of the recoverable amount
The recoverable amount of all CGUs was determined based on its value in use (VIU) methodology at each testing date. For each CGU, the VIU is calculated by
discounting management\u2019s cash flow projections for the CGU. The cash flow projections also take account of increased internal capital allocations needed to
achieve internal and regulatory capital targets including the leverage ratio. The key assumptions used in the VIU calculation for each CGU are set out below. The
Retail Banking segment consists of the Private Banking CGU and the rest of Retail Banking, known as the Personal Financial Services CGU.
Carrying amount of Goodwill by CGU and key assumptions in the VIU calculation
| | | | | | | | |
| | | | | | | Growth rate beyond initial cash flow projections |
| | | | | | | | |
| | | | | | | | |
Personal Financial Services | | | | | | | | |
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| | | | | | | | |
| | | | | | | | |
The CGUs do not carry on their balance sheets any other intangible assets with indefinite useful lives.
Management\u2019s judgement in estimating the cash flows of a CGU
The cash flow projections for the purpose of impairment testing for each CGU are derived from the latest 3-year plan presented to the Board. The Board challenges
and endorses management\u2019s planning assumptions in light of internal capital allocations needed to support Santander UK\u2019s strategy, current market conditions
and the macroeconomic outlook. For the goodwill impairment tests conducted at 31 December 2022, the determination of the carrying amount of the Personal
Financial Services CGU was based on an allocation of regulatory capital and management\u2019s cash flow projections until the end of 2025. The assumptions included
in the cash flow projections reflect an allocation to the cost of capital to support future growth, as well as the expected impact of recent events in the UK economic
environment on the financial outlook within which the CGUs operate. The cash flow projections are supported by Santander UK\u2019s base case economic scenario. For
more on the base case economic scenario, including our forecasting approach and the assumptions in place at 31 December 2022, see the Credit risk \u2013 Santander
UK group level section of the Risk review. The cash flow projections take into account the likely impact of recent changes to the BoE Bank Rate, inflation and also
consider the impact of future climate change.
Cash flow projections for the purpose of impairment testing do not take account of any adverse outcomes arising from contingent liabilities (see Note 31), whose
existence will be confirmed by uncertain future events or where any obligation is not probable or otherwise cannot be measured reliably, nor do they take account
of the benefits arising from Santander UK\u2019s transformation plans that had not yet been implemented or committed at 31 December 2022.
Discount rate
The rate used to discount the cash flows is based on the cost of equity assigned to each CGU, which is derived using a capital asset pricing model (CAPM) and
calculated on a post-tax basis. The CAPM depends on a number of inputs reflecting financial and economic variables, including the risk-free rate and a premium to
reflect the inherent risk of the business being evaluated. These variables are based on the market\u2019s assessment of the economic variables and management\u2019s
judgement. The inputs to the CAPM are observable on a post-tax basis. In determining the discount rate, management have identified the cost of equity associated
with market participants that closely resemble our CGUs and adjusted them for tax to arrive at the pre-tax equivalent rate. The Private Banking CGU has a different
discount rate compared to the Personal Financial Services CGU because different market participants closely resemble each CGU.
Growth rate beyond initial cash flow projections
The growth rate for periods beyond the initial cash flow projections is used to extrapolate the cash flows in perpetuity because of the long-term perspective of
CGUs. In line with the accounting requirements, management uses the UK Government\u2019s official estimate of UK long-term average GDP growth rate, as this is
lower than management's estimate of the long-term average growth rate of the business. The estimated UK long-term average GDP growth rate has regard to the
long-term impact of inherent uncertainties, such as Brexit, climate change and higher living costs, driven by high inflation and rising interest rates.
Goodwill arising on the acquisition of Personal Financial Services and Private Banking
The VIU of each CGU remains higher than the carrying value of the related goodwill. The VIU review at 31 December 2022 did not indicate the need for an
impairment in the Company\u2019s goodwill balances. Management considered the level of headroom and the uncertainty relating to the respective estimates of the
VIU for those CGUs but determined that there was a sufficient basis to conclude that no impairment was required.
Sensitivities of key assumptions in calculating the value in use
At 31 December 2022 and 31 December 2021, the VIU of the Personal Financial Services CGU was sensitive to reasonably possible changes in the key assumptions
supporting the recoverable amount.
The table below presents a summary of the key assumptions underlying the most sensitive inputs to the model for the Personal Financial Services CGU, the key
risks associated with each and details of a reasonably possible change in assumptions, such as a decrease in mortgage new business. The sensitivity analysis
presented below has been prepared on the basis that a change in each key assumption would not have a consequential impact on other assumptions used in the
impairment review. However, due to the interrelationships between some of the assumptions, a change in one of the assumptions might impact one or more of
the other assumptions and could result in a larger or smaller overall impact.
The VIU calculation is not sensitive overall to the UK long-term average GDP growth rate assumption given the amount of headroom as the increased profit after
tax generated by growth of the business is mostly offset by the need to retain more profit to meet increased regulatory capital requirements driven by the growth
in assets. No reasonably possible change in the growth rate assumption would have resulted in an impairment.
Reasonably possible changes in key assumptions
| | | | |
| | | | Reasonably possible change |
Personal Financial Services | | \u2013BoE Bank Rate \u2013UK house price growth \u2013UK mortgage loan market growth \u2013UK unemployment rate \u2013Position in the market \u2013Regulatory capital levels. | \u2013Uncertain market outlook \u2013Higher interest rate environment impact on customer affordability \u2013Customer remediation and regulatory action outcomes \u2013Uncertain regulatory capital requirements. | \u2013Cash flow projections decrease by 5% (2021: 5%). |
| \u2013Discount rate used is a reasonable estimate of a suitable market rate for the profile of the business. | \u2013Market rates of interest rise. | \u2013Discount rate increases by 100 basis points (2021: 100 basis points). |
Sensitivity of Value in use changes to current assumptions to achieve nil headroom
Although there was no impairment of goodwill relating to the Personal Financial Services CGU or the Private Banking CGU at 31 December 2022, the test for the
Personal Financial Services CGU remains sensitive to some of the assumptions used, as described above. In addition, the changes in assumptions detailed below for
the discount rate and cash flow projections would eliminate the current headroom. As a result, there is a risk of impairment in the future should business
performance or economic factors diverge from forecasts.
In 2022, there was an increase in headroom arising from an increase in profitability and cash flows forecast as interest rates have risen, alongside a reduction in the
required leverage capital requirement, which was partially offset by an increase in the discount rate.
The sensitivity analysis presented below has been prepared on the basis that a change in each key assumption would not have a consequential impact on other
assumptions used in the impairment review. However, due to the interrelationships between some of the assumptions, a change in one of the assumptions might
impact one or more of the other assumptions and could result in a larger or smaller overall impact.
| | | | | |
| | | | Increase in discount rate | |
| | | | | |
Personal Financial Services | | | | | |
| | | | | |
| | | | | |
Personal Financial Services | | | | | |
| | | | | | | |
| | | | | | | |
| | Accumulated amortisation/ impairment | | | | Accumulated amortisation/ impairment | |
| | | | | |
| | | | | | | |
| | | | | | | |
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The impairment charge of \u00a33m (2021: \u00a326m) relates to computer software no longer expected to yield future economic benefits as it has become obsolete. | | | | | | |
| | | | | | |
| | Office fixtures and equipment | | | | |
| | | | | | |
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Reclassification to assets held for sale | | | | | | |
| | | | | | |
| | | | | | |
Accumulated depreciation: | | | | | | |
| | | | | | |
| | | | | | |
Impairment during the year | | | | | | |
Reclassification to assets held for sale | | | | | | |
| | | | | | |
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Accumulated depreciation: | | | | | | |
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Impairment during the year | | | | | | |
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In 2021, we sold our current head office site in Triton Square, London to a wholly-owned subsidiary of Banco Santander SA. Property, office fixtures and equipment
and right-of-use assets were impaired in the period as a result of our multi-year transformation project. The impairment relates to leasehold properties within the
scope of our branch network restructuring programme and head office sites which are either closing or consolidating.
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"value": "
For the years ended 31 December
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Performance-related payments | | | | | | | |
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Pensions costs: \u2013 defined contribution plans | | | | | | | |
\u2013defined benefit plans | | | | | | | |
Other share-based payments | | | | | | | |
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| | | | | | | |
Other administration expenses | | | | | | | |
Depreciation, amortisation and impairment | | | | | | | |
| | | | | | | |
Remeasurement losses/(gains) recognised in other comprehensive income in the year were as follows:
a) Defined contribution pension plans
The majority of employees are members of a defined contribution Master Trust, LifeSight. This is the plan into which eligible employees are enrolled automatically.
The assets of LifeSight are held in separate trustee-administered funds. Funds arising from Additional Voluntary Contributions (AVCs) are largely held within the
main defined benefit scheme operated by the Santander UK group.
An expense of \u00a360m (2021: \u00a364m) was recognised for defined contribution plans in the period and is included in staff costs within operating expenses (see Note
6).
b) Defined benefit pension schemes
The Santander UK group operates a number of defined benefit pension schemes. The main scheme is the Santander (UK) Group Pension Scheme (the Scheme). It
comprises seven legally segregated sections. The Scheme covers 10% (2021: 11%) of the Santander UK group\u2019s current employees and is a funded defined benefit
scheme which is closed to new members.
The corporate trustee of the Scheme is Santander (UK) Group Pension Scheme Trustees Limited (the Trustee), a private limited company incorporated in 1996 and
a wholly owned subsidiary of Santander UK Group Holdings plc. The principal duty of the Trustee is to act in the best interests of the members of the Scheme. The
Trustee board comprises six (2021:five) Directors selected by Santander UK Group Holdings plc, plus four (2021: five) member-nominated Directors selected from
eligible members who apply for the role.
The assets of the funded schemes including the Scheme are held independently of the Santander UK group\u2019s assets in separate trustee administered funds.
Investment strategy across the sections of the Scheme remains under regular review. Investment decisions are delegated by the Trustee to a common investment
fund, managed by Santander (CF Trustee) Limited, a private limited company owned by ten Trustee directors, who are the same as the directors of the Trustee.\u00a0
The Santander (CF Trustee) Limited directors\u2019 principal duty, within the investment powers delegated to them, is to act in the best interest of the members of the
Scheme. Ultimate responsibility for investment policy and strategy rests with the Trustee of the Scheme who is required under the Pensions Act 2004 to prepare a
statement of investment principles. The defined benefit pension schemes expose the Santander UK group to risks such as investment risk, interest rate risk,
longevity risk and inflation risk. The Santander UK group does not hold any insurance policies over the defined benefit pension schemes and has not entered into
any significant transactions with them.
Formal actuarial valuations of the assets and liabilities of the defined benefit schemes are carried out on at least a triennial basis by independent professionally
qualified actuaries and valued for accounting purposes at each balance sheet date. The Scheme Trustee is responsible for the actuarial valuations and in doing so
considers, or relies in part on, a report of a third-party expert. The latest formal actuarial valuation for the Scheme at 31 March 2022 was finalised in November
2022, with an overall scheme deficit of \u00a3183m. The next scheduled triennial funding valuation will be at 31 March 2025. Any funding surpluses can be recovered
by Santander UK plc from the Scheme through refunds as the Scheme is run off over time or could be used to pay for the cost of benefits which are accruing.
The main differences between the assumptions used for assessing the defined benefit liabilities for the funding valuation and those used for IAS 19 are that the
financial and demographic assumptions used for the funding valuation are generally more prudent than those used for the IAS 19 valuation.
The total amount charged to the income statement was as follows:
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Past service and GMP costs | | | |
Past service curtailment costs | | | |
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Movements in the fair value of the schemes\u2019 assets were as follows:
| | | | | |
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Contributions paid by employer and scheme members | | | | | |
Contributions paid by fellow Banco Santander subsidiaries | | | | | |
Administration costs paid | | | | | |
Return on plan assets (excluding amounts included in net interest expense) | | | | | |
| | | | | |
Derecognition of pension scheme assets arising from the sale of PSA | | | | | |
| | | | | |
The composition and fair value of the schemes\u2019 assets by category was:
| | | | | | | | | | |
| |
| Quoted prices in active markets | | Prices not quoted in active markets | | | | |
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Government fixed interest bonds | | | | | | | | | | |
Government index-linked bonds | | | | | | | | | | |
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Government fixed interest bonds | | | | | | | | | | |
Government index-linked bonds | | | | | | | | | | |
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(1)Sale and repurchase agreements net of purchase and resale agreements.
Valuation techniques
The main methods for measuring the fair value of the Scheme\u2019s assets at 31 December 2022 and 2021 are set out below.
A.The asset valuation is provided by the asset manager. The valuation is based on observable market data, and where relevant is typically based on bid price
values, or the single price if only one price is available.
B.The underlying asset valuations are prepared by an independent expert, adjusted for any cash movements where necessary since the latest valuation.
C.Assets are valued by reference to the latest manager statements provided by the managers, adjusted for any cash movements since the latest valuation.
D.Assets relating to insured liabilities are valued by the actuaries based on our year-end accounting assumptions.
The \u2018Other\u2019 category includes hedge fund investments.
A number of insurance transactions have been entered into that have been included in the asset valuation under annuities and Longevity swap. The transactions
were as follows:.
In May 2020 a pensioner buy-in was entered into by the Trustee. This transaction insured 100% of the SMA section pensioner liabilities and 50% of the SPI section pensioner liabilities based on membership in the Scheme at 31 December 2018.
In March 2021, the Trustee entered into a longevity swap. Approximately 85% of pensioner liabilities were covered by the longevity swap at inception, excluding
pensioners in the SMA and SPI sections.
In 2022, a pensioner buy-in was entered into by the Trustee covering pensioners in the SMA and SPI sections who were uninsured at 30 June 2021.
In July 2022, the Trustee entered into a second longevity swap, extending the insurance over uninsured pensioners in the same membership groups covered by
the first swap transacted in March 2021, based on membership in the Scheme at 31 December 2021.\u00a0
At 31 December 2022, as highlighted above, the Scheme was invested in certain assets whose values are not based on market observable data, such as the
investments in unquoted equities and bonds, as well as property, infrastructure and hedge funds. The valuation of these assets relies on unobservable data as
these assets do not have a readily available quoted price in an active market. A large proportion of the property is directly held and valued using a bespoke
valuation method taking both the nature of the properties and the tenancy schedules as inputs to derive the fair value. Where there is a time lag between the net
asset value and the balance sheet date, management adjusts the value of the assets for any cash movements. Due diligence has been conducted to ensure the
values obtained in respect of these assets are appropriate and represent fair value. Given the nature of these investments, we are unable to prepare sensitivities on
how their values could vary as market conditions or other variables change.
A strategy is in place to manage interest rate and inflation risk relating to the liabilities. The Scheme prior to 31 December 2022 invested in equities and had an
equity collar in place to manage equity risk. The Scheme also hedges a proportion of its foreign exchange exposure to manage currency risk. At 31 December 2022
the equity collar had a notional value of \u00a33m (2021: \u00a31,259m) and the currency forwards had a notional value of \u00a3985m (2021: \u00a32,296m). Significant asset de-
risking took place in 2022, with the Scheme divesting entirely from listed equities, as well as its multi-asset funds. Significant investments were made in quoted
corporate bonds over the year, largely funded from these sales. The sale proceeds also went to de-leveraging the asset portfolio. The Trustee has established the
Sustainability Committee which is responsible for overseeing the Scheme\u2019s policies, regulatory obligations and priorities in respect of climate change and wider
Environmental, Social and Governance (ESG) related matters. This includes the monitoring of climate change related risks and opportunities, scenario analysis and
monitoring of investments from an ESG perspective.
The Santander UK group\u2019s pension schemes did not directly hold any equity securities of the Company or any of its related parties at 31 December 2022 and 2021.
The Santander UK group\u2019s pension scheme assets do not include any property or other assets that are occupied or used by the Santander UK group.
The Santander UK group's employee pension funds recognise the magnitude of the challenges that climate and energy transition pose to governments, companies
and civil society. They are also aware of their impact on the ability to comply with their fiduciary duty providing long-term risk-adjusted returns to their members.
They have committed to a target of net zero by 2050, showing their full support for the Santander UK group's vision, commitment to sustainability and climate
change.
Funding
In November 2022, in compliance with the Pensions Act 2004, the Trustee and the Santander UK group agreed to a new recovery plan in respect of the Scheme
and a schedule of contributions following the finalisation of the 31 March 2022 actuarial valuation. The funding target for this actuarial valuation is for the Scheme
to have sufficient assets to make payments to members in respect of the accrued benefits as and when they fall due. In accordance with the terms of the Trustee
agreement in place at the time, the Santander UK group contributed \u00a3218m in 2022 (2021: \u00a3241m) to the Scheme, of which \u00a3178m (2021: \u00a3194m) was in respect
of agreed deficit repair contributions. The agreed schedule of the Santander UK group\u2019s contributions to the Scheme covers the period up to 31\u00a0March 2026 and
comprises of contingent contributions which become due if the funding position of any section falls behind the agreed plan.\u00a0 The Santander UK group also meets
Scheme administration expenses. The funding valuation is used to judge the amount of cash contributions the Santander UK group needs to put into the pension
scheme. It will always be different to the IAS 19 accounting deficit, which is an accounting rule concerning employee benefits and shown on the balance sheet of
our financial statements.
Actuarial assumptions
The principal actuarial assumptions used for the Scheme were:
| | | |
| |
| | | |
| | | |
To determine benefit obligations(1): | | | |
\u2013Discount rate for scheme liabilities | | | |
\u2013General price inflation | | | |
\u2013General salary increase | | | |
\u2013Expected rate of pension increase | | | |
| | | |
| | | |
Longevity at 60 for current pensioners, on the valuation date: | | | |
| | | |
| | | |
Longevity at 60 for future pensioners currently aged 40, on the valuation date: | | | |
| | | |
| | | |
asset-backed bonds and government related bonds. The curve is then constructed from this data by extrapolating the spot rates from 30 years to 50 years by
holding the spread above nominal gilt spot rates constant. From 50 years onwards, it is assumed that spot rates remain constant. When considering an appropriate
assumption, we project forward the expected cash flows of each section of the Scheme and adopt a single equivalent cash flow weighted discount rate for each
section, subject to management judgement.
General price inflation
Consistent with our discount rate methodology, we set the inflation assumption using the expected cash flows for each section of the Scheme, fitting them to an
inflation curve to give a weighted average inflation assumption. We then deduct an inflation risk premium to reflect the compensation holders of fixed rate
instruments expect to receive for taking on the inflation risk. This premium is subject to a cap, to better reflect management\u2019s view of inflation expectations. In
2022, management refined the general price inflation assumption following a review of the Scheme\u2019s IAS 19 assumptions, to reflect a different data set and
different methodology used to construct the curve.
General salary increase
From 1 March 2015, a cap on pensionable pay increases of 1% each year was applied to staff in the Scheme.
Expected rate of pension increase
The pension increase assumption methodology uses a stochastic model, which is calibrated to consider both the observed historical volatility term structure and
derivative pricing. The model allows for the likelihood that high or low inflation in one-year feeds into inflation remaining high or low in the next year.
Mortality assumptions
The mortality assumptions are based on an independent analysis of the Scheme\u2019s actual mortality experience, carried out as part of the triennial actuarial
valuation, together with recent evidence from the Continuous Mortality Investigation. An allowance is then made for expected future improvements to life
expectancy based on the Continuous Mortality Investigation Tables. Following this review the S3 Medium all pensioner mortality table was adopted with
appropriate adjustments to reflect the actual mortality experience. For future improvements, at 31 December 2022 the CMI 2021 projection model was adopted,
with model parameters selected having had regard to the Scheme\u2019s membership profile with an initial addition to improvements of 0.25%per annum, together
with a long-term rate of future improvements to life expectancy of 1.25% for male and female members. No weight was placed on the 2020 data in the model,
reflecting the uncertainty regarding whether, and how much, 2020 mortality data reflects likely future experience. A modest weight of 10% was placed on the
2021 data in the model, reflecting the likelihood of sustained indirect impacts of the pandemic. Both the mortality table and the projection model are published by
the Continuous Mortality Investigation.
In 2022, the methodology for setting the demographic assumptions was changed to better represent current expectations, following a review carried out by the
Trustee as part of the 2022 triennial valuation. These reviews resulted in changes in the assumptions for family statistics, early retirement and the withdrawal
assumption.
Actuarial assumption sensitivities
The sensitivity analyses below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting
period, while holding all other assumptions constant.
| | | | |
| Change in pension obligation at year end from | |
| | | | |
| | | | |
| | | | |
| | | | |
| Each additional year of longevity | Each additional year of longevity | | |
The 50bps sensitivity to the inflation assumption includes the corresponding impact of changes in future pension increase assumptions before and after
retirement. The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the
changes in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore, in presenting the sensitivity analysis,
the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same
method used to calculate the defined benefit obligation recognised in the balance sheet. There were no changes in the methods and assumptions used in
preparing the sensitivity analyses from prior years.
The benefits expected to be paid in each of the next five years, and in the aggregate for the five years thereafter are:
\u00a321m (2021: \u00a323m, 2020: \u00a310m) related to short-term leases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xODEvZnJhZzphMzUzNTU5MTk1ZTA0OWIwODlkOTRhNmZiNTNhOGM3Mi90ZXh0cmVnaW9uOmEzNTM1NTkxOTVlMDQ5YjA4OWQ5NGE2ZmI1M2E4YzcyXzEyNzU0MzM0ODgzNTQzOQ_ffbc0730-9cb5-4b7c-86a3-06bbd8a03bdd": {
"value": "
The average number of full-time equivalent staff was 18,123 (2021: 19,704, 2020: 21,998",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xODcvZnJhZzo0M2NkNzE1OWMyMmQ0Y2NlYmY3MjcwNDU3YjMyM2JjNy90ZXh0cmVnaW9uOjQzY2Q3MTU5YzIyZDRjY2ViZjcyNzA0NTdiMzIzYmM3XzEyNzU0MzM0ODgyNjQwMQ_193d6c6f-f34c-4dcc-b556-8d501dc3e674": {
"value": "
7. AUDIT AND OTHER SERVICES
| | | |
| | | |
| | | |
| | | |
| | | |
Fees payable to the Company\u2019s auditor and its associates for the audit of the Santander UK group\u2019s annual accounts | | | |
Fees payable to the Company\u2019s auditor and its associates for other services to the Santander UK group: | | | |
\u2013 Audit of the Santander UK group's subsidiaries | | | |
| | | |
| | | |
Audit-related assurance services | | | |
| | | |
| | | |
| | | |
(1) 2022 audit fees included \u00a30.6m (2021: \u00a31.2m, 2020: \u00a30.8m) which related to the prior year.
Audit-related assurance services mainly comprised services performed in connection with review of the financial information of the Company and reporting to the
Company's UK regulators.
Other assurance services mainly comprised services performed in support of various debt issuance programmes.
Of the total non-audit fees, \u00a30.2m (2021: \u00a30.4m, 2020: \u00a30.4m) accords with the definition of 'Audit Fees' per US Securities and Exchange Commission (SEC)
guidance, \u00a30.7m (2021: \u00a30.7m, 2020: \u00a30.7m) accords with the definition of 'Audit related fees' per that guidance and \u00a30.0m (2021: \u00a30.0m, 2020: \u00a30.0m) accords
with the definition of 'All other fees' per that guidance.
In 2022, the Company\u2019s auditors earned no fees (2021: \u00a327,000, 2020: \u00a324,000 fees) payable by entities outside the Santander UK group for the review of the
financial position of corporate and other borrowers.
In 2022, the Company's auditors earned \u00a31.6m (2021: \u00a31.4m, 2020: \u00a31.5m), in relation to incremental work undertaken in support of the audit of Banco Santander
SA.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xOTMvZnJhZzpiZTE4ZTIzZGQ4YjY0ZWIzYmJkNzc4NDUzZGYzYjk0Ni90ZXh0cmVnaW9uOmJlMThlMjNkZDhiNjRlYjNiYmQ3Nzg0NTNkZjNiOTQ2XzEyNzU0MzM0ODgyMzQyMA_97552336-28ee-4e93-b632-7f073144ed1e": {
"value": "
8. CREDIT IMPAIRMENT CHARGES AND PROVISIONS
For the years ended 31 December
| | | |
| | | |
| | | |
| | | |
Credit impairment charges/(write-backs): | | | |
Loans and advances to customers | | | |
Recoveries of loans and advances, net of collection costs | | | |
Off-balance sheet credit exposures (See Note 29) | | | |
| | | |
Provisions for other liabilities and charges (excluding off-balance sheet credit exposures) (See Note 29) | | | |
(Releases)/Provisions for residual value and voluntary termination | | | |
| | | |
| | | |
The standard rate of UK corporation tax was 27% for banking entities and 19% for non-banking entities (2021: 27% for banking entities and 19% for non-banking
entities; 2020: 27% for banking entities and 19% for non-banking entities). Tax for other jurisdictions is calculated at the rates prevailing in those jurisdictions.
The Santander UK group\u2019s effective tax rate for 2022 was 25.6% (2021: 26.7%, 2020: 21.6%). The tax on profit from continuing operations before tax differs from
the theoretical amount that would arise using the basic corporation tax rate as follows:
For the years ended 31 December
| | | |
| | | |
| | | |
| | | |
Profit from continuing operations before tax | | | |
Tax calculated at a tax rate of 19% (2021: 19%, 2020: 19%) | | | |
Bank surcharge on profits | | | |
Non-deductible preference dividends paid | | | |
Non-deductible UK Bank Levy | | | |
Non-deductible conduct remediation, fines and penalties | | | |
Other non-deductible costs and non-taxable income | | | |
Effect of change in tax rate on deferred tax provision | | | |
Tax relief on dividends in respect of other equity instruments | | | |
Adjustment to prior year provisions | | | |
Tax on profit from continuing operations | | | |
The amount of corporation income tax paid differs from the tax charge for the period as a result of the timing of payments due to the tax authorities, the effects of
movements in deferred tax, adjustments to prior period current tax provisions and current tax recognised directly in other comprehensive income.
Santander UK proactively engages with HM Revenue & Customs to resolve tax matters relating to prior years. The accounting policy for recognising provisions for
such matters are described in Note 1. It is not expected that there will be any material movement in such provisions within the next 12 months.
Deferred tax
The table below shows the deferred tax assets and liabilities including the movement in the deferred tax account during the year. Deferred tax balances are
presented in the balance sheet after offsetting assets and liabilities where the Santander UK group and Company has the legal right to offset and intends to settle
on a net basis.
| | | | | | | | |
| | | | | | | | |
| Fair value of financial instruments | | | | Tax losses carried forward | Accelerated tax depreciation | Other temporary differences | |
| | | | | | | | |
| | | | | | | | |
Income statement (charge)/credit | | | | | | | | |
Transfers/reclassifications | | | | | | | | |
Credited/(charged) to other comprehensive income | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Income statement (charge)/credit | | | | | | | | |
Transfers/reclassifications | | | | | | | | |
Credited/(charged) to other comprehensive income | | | | | | | | |
| | | | | | | | |
The deferred tax assets and liabilities above have been recognised in both the Company and the Santander UK group on the basis that sufficient future taxable
profits are forecast within the foreseeable future, in excess of the profits arising from the reversal of existing taxable temporary differences, to allow for the
utilisation of the assets as they reverse. Based on the conditions at the balance sheet date, management determined that a reasonably possible change in any of
the key assumptions underlying the estimated future taxable profits in the Santander UK group\u2019s three-year plan (described in Note 20) would not cause a
reduction in the deferred tax assets recognised. At 31 December 2022, both the Santander UK group and the Company had a recognised deferred tax asset in
respect of UK capital losses carried forward of \u00a3nil (2021: \u00a35m ) included within tax losses carried forward. There are \u00a3nil unrecognised deferred tax assets on
capital losses carried forward (2021: \u00a3nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xOTkvZnJhZzo5MGQ5Y2UyZTQxMmI0YmFkODk1ZDk1NGExYjJmMDY4MC90ZXh0cmVnaW9uOjkwZDljZTJlNDEyYjRiYWQ4OTVkOTU0YTFiMmYwNjgwXzE1MzkzMTYyNzkwNTUxNw_8b9000bf-31fb-4547-ae6f-2fb6793cb772": {
"value": "
| | | |
| | | |
| | | |
| | | |
| | | |
UK corporation tax on profit for the year | | | |
Adjustments in respect of prior years | | | |
| | | |
| | | |
(Credit)/Charge for the year | | | |
Adjustments in respect of prior years | | | |
| | | |
Tax on profit from continuing operations | | | |
Deferred tax
The table below shows the deferred tax assets and liabilities including the movement in the deferred tax account during the year. Deferred tax balances are
presented in the balance sheet after offsetting assets and liabilities where the Santander UK group and Company has the legal right to offset and intends to settle
on a net basis.
| | | | | | | | |
| | | | | | | | |
| Fair value of financial instruments | | | | Tax losses carried forward | Accelerated tax depreciation | Other temporary differences | |
| | | | | | | | |
| | | | | | | | |
Income statement (charge)/credit | | | | | | | | |
Transfers/reclassifications | | | | | | | | |
Credited/(charged) to other comprehensive income | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Income statement (charge)/credit | | | | | | | | |
Transfers/reclassifications | | | | | | | | |
Credited/(charged) to other comprehensive income | | | | | | | | |
| | | | | | | | |
The deferred tax assets and liabilities above have been recognised in both the Company and the Santander UK group on the basis that sufficient future taxable
profits are forecast within the foreseeable future, in excess of the profits arising from the reversal of existing taxable temporary differences, to allow for the
utilisation of the assets as they reverse. Based on the conditions at the balance sheet date, management determined that a reasonably possible change in any of
the key assumptions underlying the estimated future taxable profits in the Santander UK group\u2019s three-year plan (described in Note 20) would not cause a
reduction in the deferred tax assets recognised. At 31 December 2022, both the Santander UK group and the Company had a recognised deferred tax asset in
respect of UK capital losses carried forward of \u00a3nil (2021: \u00a35m ) included within tax losses carried forward. There are \u00a3nil unrecognised deferred tax assets on
capital losses carried forward (2021: \u00a3nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8yMDUvZnJhZzo4N2E3OTRjZWRjYmY0YTk5YTFjOTgzZjZjZGEzNDg5Ni90ZXh0cmVnaW9uOjg3YTc5NGNlZGNiZjRhOTlhMWM5ODNmNmNkYTM0ODk2XzEyNzU0MzM0ODgyMzU3OQ_57234496-ca54-469b-920a-1e4bccb17d2f": {
"value": "
10. DIVIDENDS ON ORDINARY SHARES
Dividends on ordinary shares declared and paid in the year were as follows:
| | | | | | |
| | |
| | | | | | |
| | | | | | |
In respect of current year \u2013 first interim | | | | | | |
| | | | | | |
| | | | | | |
In 2022 an interim dividend of \u00a31,014m (2021: \u00a31,358m, 2020: \u00a3129m) was paid on the Company's ordinary shares in issue, \u00a3300m of which was a special
dividend. These were paid following review and approval by the Board in line with our dividend policy.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8yMDUvZnJhZzo4N2E3OTRjZWRjYmY0YTk5YTFjOTgzZjZjZGEzNDg5Ni90YWJsZTo1ZjNkZWY5OGI2ZDk0ODQ0YWNmMzNiZjNmNGE2MDNjNC90YWJsZXJhbmdlOjVmM2RlZjk4YjZkOTQ4NDRhY2YzM2JmM2Y0YTYwM2M0XzctMS0xLTEtMA_3a4884ec-cb62-4fed-8a94-8fb0df597152": {
"value": "3.26",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8yMDUvZnJhZzo4N2E3OTRjZWRjYmY0YTk5YTFjOTgzZjZjZGEzNDg5Ni90YWJsZTo1ZjNkZWY5OGI2ZDk0ODQ0YWNmMzNiZjNmNGE2MDNjNC90YWJsZXJhbmdlOjVmM2RlZjk4YjZkOTQ4NDRhY2YzM2JmM2Y0YTYwM2M0XzctMi0xLTEtMA_8484d4be-1d64-4969-9827-726b806c5fb7": {
"value": "4.37",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8yMDUvZnJhZzo4N2E3OTRjZWRjYmY0YTk5YTFjOTgzZjZjZGEzNDg5Ni90YWJsZTo1ZjNkZWY5OGI2ZDk0ODQ0YWNmMzNiZjNmNGE2MDNjNC90YWJsZXJhbmdlOjVmM2RlZjk4YjZkOTQ4NDRhY2YzM2JmM2Y0YTYwM2M0XzctMy0xLTEtMA_16e33e13-ffdd-4177-ae94-af5174ba34c2": {
"value": "0.42",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8yMDgvZnJhZzo1ZDhmZGI3Y2EyYTM0OWZlOGZhYjYyMGY4NDFhNDU4Yy90ZXh0cmVnaW9uOjVkOGZkYjdjYTJhMzQ5ZmU4ZmFiNjIwZjg0MWE0NThjXzU_a05fd7f3-cc05-4c46-bbc5-d7afae934b6b": {
"value": "11. DERIVATIVE FINANCIAL INSTRUMENTS
a) Use of derivatives
Santander UK undertakes derivative activities primarily to provide customers with risk management solutions and to manage and hedge its own risks. These
derivative activities do not give rise to significant open positions in portfolios of derivatives. Any residual position is managed to ensure that it remains within
acceptable risk levels, with matching transactions used to achieve this where necessary. When entering into derivatives, Santander UK employs the same credit
risk management procedures to assess and approve potential credit exposures that are used for traditional lending.
For information on how Santander UK is managing the transition to alternative benchmark interest rates, see Note 41.
b) Analysis of derivatives
The table below includes the notional amounts of transactions outstanding at the balance sheet date; they do not represent actual exposures.
| | | | | | | |
| | | | | | | |
| | | |
| | | | | |
| | | | | | | |
| | | | | | | |
Derivatives held for trading: | | | | | | | |
| | | | | | | |
| | | | | | | |
Equity and credit contracts | | | | | | | |
Total derivatives held for trading | | | | | | | |
Derivatives held for hedging | | | | | | | |
Designated as fair value hedges: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Designated as cash flow hedges: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total derivatives held for hedging | | | | | | | |
| | | | | | | |
| | | | | | | |
(1)Derivative netting excludes the effect of cash collateral, which is offset against the gross derivative position. The amount of cash collateral received that had been offset against the gross derivative assets was
\u00a31,368m (2021: \u00a3189m) and the amount of cash collateral paid that had been offset against the gross derivative liabilities was \u00a370m (2021: \u00a3202m).
For information about the impact of netting arrangements on derivative assets and liabilities in the table above, see Note 40.
The table below analyses the notional and fair values of derivatives by trading and settlement method.
| | | | | | | |
| | | | | |
| | | | | | |
| Settled by central counterparties | Not settled by central counterparties | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Equity and credit contracts | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Equity and credit contracts | | | | | | | |
| | | | | | | |
Net gains or losses arising from fair value and cash flow hedges included in other operating income
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | |
| | | | | | | |
Gains/(losses) on hedging instruments | | | | | | | |
(Losses)/gains on hedged items attributable to hedged risks | | | | | | | |
Fair value hedging ineffectiveness | | | | | | | |
Cash flow hedging ineffectiveness | | | | | | | |
| | | | | | | |
Hedge ineffectiveness can be analysed by risk category as follows:
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Change in FV of hedging instruments | Change in FV of hedged items | Recognised in income statement | | Change in FV of hedging instruments | Change in FV of hedged items | Recognised in income statement | | Change in FV of hedging instruments | Change in FV of hedged items | Recognised in income statement |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | |
| | | | | |
| | | | |
| Income statement line item affected by reclassification | | | Recognised in Income Statement | Reclassified from reserves to income |
| | | | |
| | | | | |
| | | | | |
| | | | | |
| Net interest income/other operating income | | | | |
| Net interest income/other operating income | | | | |
| | | | | |
| | | | | |
| | | | | |
| Net interest income/other operating income | | | | |
| Net interest income/other operating income | | | | |
| | | | | |
| | | | | |
| | | | | |
| Net interest income/other operating income | | | | |
| Net interest income/other operating income | | | | |
| | | | | |
Hedged exposures
Santander UK hedges its exposures to various risks, including interest rate risk and foreign currency risk, as set out in the following table.
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | Accumulated amount of FV hedge adjustments | Change in value to calculate hedge ineffective ness | | | Accumulated amount of FV hedge adjustments | Change in value to calculate hedge ineffective ness |
| | | Portfolio hedge of interest rate risks | Of which Discontinued hedges | | | | Portfolio hedge of interest rate risks | Of which Discontinued hedges |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Loans and advances to customers | | | | | | | | | | | |
Other financial assets at amortised cost | | | | | | | | | | | |
Reverse repurchase agreements \u2013 non trading | | | | | | | | | | | |
Other financial assets at FVOCI | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other financial assets at FVOCI | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | Change in value to calculate hedge ineffectiveness | | Balances on cash flow hedge reserve for discontinued hedges | | Change in value to calculate hedge ineffectiveness | | Balances on cash flow hedge reserve for discontinued hedges |
| Hedged item balance sheet line item | | | | | | | |
| | | | | | | | |
| Loans and advances to customers | | | | | | | |
| Cash and balances at central banks | | | | | | | |
| Reverse repurchase agreements - non trading | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Repurchase agreements - non trading | | | | | | | |
| Other financial assets at FVOCI | | | | | | | |
| Not applicable \u2013 highly probable forecast transactions | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Repurchase agreements - non trading | | | | | | | |
| | | | | | | | |
| Debt securities in issue/loans and advances to customers | | | | | | | |
| | | | | | | | |
| Subordinated liabilities/loans and advances to customers | | | | | | | |
| | | | | | | | |
12. OTHER FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Loans and advances to customers: | | | | | |
Loans to housing associations | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
For the Santander UK group, other financial assets at FVTPL comprised \u00a316m (2021: \u00a312m) of financial assets designated at FVTPL and \u00a3113m (2021: \u00a3173m) of
financial assets mandatorily held at FVTPL. For the Company, other financial assets at FVTPL comprised \u00a316m (2021: \u00a312m) of financial assets designated at FVTPL
and \u00a343m (2021: \u00a382m) of financial assets mandatorily held at FVTPL.
Loans and advances to customers principally represented other loans, being a portfolio of roll-up mortgages. These are managed, and have their performance
evaluated, on a fair value basis in accordance with a documented investment strategy, and information about them is provided on that basis to management. Since
2009, the Santander UK group\u2019s policy has been not to designate similar new loans at FVTPL.
The net loss in the year attributable to changes in credit risk for loans and advances at FVTPL was \u00a31m (2021: \u00a3nil, 2020: \u00a3nil). The cumulative net loss attributable
to changes in credit risk for loans and advances at FVTPL at 31 December 2022 was \u00a33m (2021: \u00a32m).
14. SECURITISATIONS AND COVERED BONDS
The information in this Note relates to securitisations and covered bonds for consolidated structured entities, used to obtain funding or collateral. It excludes
structured entities relating to credit protection transactions.
The Santander UK group uses structured entities to securitise some of the mortgage and other loans to customers that it originates. The Santander UK group also
issues covered bonds, which are guaranteed by, and secured against, a pool of the Santander UK group\u2019s mortgage loans transferred to Abbey Covered Bonds LLP.
The Santander UK group issues mortgage-backed securities, other asset-backed securities and covered bonds mainly in order to obtain diverse, low-cost funding,
but also to use as collateral for raising funds via third party bilateral secured funding transactions or for liquidity purposes in the future. The Santander UK group
has successfully used bilateral secured transactions as an additional form of medium-term funding; this has allowed the Santander UK group to further diversify its
medium-term funding investor base.
Loans and advances to customers include portfolios of residential mortgage loans, and receivables derived from credit agreements with retail customers for the
purchases of financed vehicles, which are subject to non-recourse finance arrangements. These loans and receivables have been purchased by, or assigned to,
structured entities or Abbey Covered Bonds LLP, and have been funded primarily through the issue of mortgage-backed securities, other asset-backed securities or
covered bonds. No gain or loss has been recognised as a result of these sales. The structured entities and Abbey Covered Bonds LLP are consolidated as subsidiary
undertakings. The Company and its subsidiaries do not own directly, or indirectly, any of the share capital of any of the structured entities.
a) Securitisations
i) Master trust structures
The Santander UK group makes use of master trust structures, whereby a pool of residential mortgage loans is assigned to a trust company by the asset originator.
A funding entity acquires a beneficial interest in the pool of assets held by the trust company with funds borrowed from qualifying structured entities, which at the
same time issue asset-backed securities to third-party investors or the Santander UK group.
Santander UK plc and its subsidiaries receive payments from the securitisation companies in respect of fees for administering the loans, and payment of deferred
consideration for the sale of the loans. Santander UK plc and its subsidiaries have no right or obligation to repurchase any securitised loan, except if certain
representations and warranties given by Santander UK plc or its subsidiaries at the time of transfer are breached and, in certain cases, if there is a product switch or
further advance, if a securitised loan is in arrears for over two months or if a securitised loan does not comply with regulatory requirements.
ii) Other securitisation structures
The Santander UK group also makes use of auto loan securitisations, whereby a pool of auto loans originated by a member of the Santander UK group is sold to a
special purpose vehicle by the asset originator. The special purpose vehicle funds the purchase of the auto loans by issuing asset-backed securities to third-party
investors. A proportion of the securities are also retained by members of the Santander UK group. Members of the Santander UK group also receive payments from
the special purpose vehicle in respect of fees for administering the auto loans, and payment of deferred consideration for the sale of the auto loans. The seller has
no right or obligation to repurchase any securitised loan, except if certain representations and warranties given by the seller at the time of transfer are breached
and, in certain cases, if there has been a subsequent variation in the terms of the underlying auto loan not permitted under the sale agreement.
b) Covered bonds
Santander UK plc also issues covered bonds, which are its direct, unsecured and unconditional obligation. The covered bonds benefit from a guarantee from Abbey
Covered Bonds LLP. Santander UK plc makes a term advance to Abbey Covered Bonds LLP equal to the sterling proceeds of each issue of covered bonds. Abbey
Covered Bonds LLP uses the proceeds of the term advance to purchase portfolios of residential mortgage loans and their security from Santander UK plc. Under the
terms of the guarantee, Abbey Covered Bonds LLP has agreed to pay an amount equal to the guaranteed amounts when the same shall become due for payment,
but which would otherwise be unpaid by Santander UK plc.
c) Analysis of securitisations and covered bonds
The Santander UK group\u2019s principal securitisation programmes and covered bond programme, together with the balances of the advances subject to securitisation
(or for the covered bond programme assigned) and the carrying value of the notes in issue at 31 December 2022 and 2021 are listed below.
| | | | | | | | |
| | | | | Notes issued to Santander UK plc/subsidiaries as collateral |
| | | | | | | | |
| | | | | | |
Mortgage-backed master trust structures: | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Other asset-backed securitisation structures: | | | | | | | | |
| | | | | | | | |
Total securitisation programmes | | | | | | | | |
| | | | | | | | |
\u2013Euro 35bn Global Covered Bond Programme | | | | | | | | |
Total securitisation and covered bond programmes | | | | | | | | |
The following table sets out the internal and external issuances and redemptions in 2022 and 2021 for each securitisation and covered bond programme.
| | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Mortgage-backed master trust structures: | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other asset-backed securitisation structures: | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
17. OTHER FINANCIAL ASSETS AT AMORTISED COST
The Company\u2019s asset backed securities include investments in debt securities issued by Santander UK structured entities.
18. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
| | | | | |
| | | | | |
| | | | | |
| | | | |
| | | | | |
Loans and advances to customers | | | | | |
| | | | | |
22. OTHER FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
| | | | | |
| | | | | |
| | | | | |
| | | | |
US$30bn Euro Medium Term Note Programme | | | | | |
Structured Notes Programmes | | | | | |
| | | | | |
| | | | | |
Collateral and associated financial guarantees | | | | | |
| | | | | |
For the Santander UK group and the Company, all (2021: all) of the other financial liabilities at FVTPL were designated as such.
Collateral and associated financial guarantees in the table above represent collateral received, together with associated credit protection guarantees, in respect of
the proceeds of the retained senior tranches of credit linked notes described in Note 19.
Gains and losses arising from changes in the credit spread of securities issued by the Santander UK group reverse over the contractual life of the debt, provided that
the debt is not repaid at a premium or a discount. The net gain during the year attributable to changes in the Santander UK group\u2019s own credit risk on the above
securities was \u00a325m (2021: \u00a312m loss, 2020: \u00a33m loss). The cumulative net gain attributable to changes in the Santander UK group\u2019s own credit risk on the above
securities at 31 December 2022 was \u00a315m (2021: \u00a310m loss, 2020: \u00a33m loss).
At 31 December 2022, the amount that would be required to be contractually paid at maturity of the securities above was \u00a3138m higher (2021: \u00a3nil) higher than
the carrying value.
26. DEBT SECURITIES IN ISSUE
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 | | | | | |
| | | |
| | | | | |
| | | | | |
| | | | | |
\u2013 US$30bn Euro Medium Term Note Programme | | | | | |
\u2013 Euro 30bn Euro Medium Term Note Programme | | | | | |
- US SEC-registered Debt Programme - Santander UK plc | | | | | |
| | | | | |
Euro 35bn Global Covered Bond Programme | | | | | |
US$20bn Commercial Paper Programmes | | | | | |
| | | | | |
| | | | | |
Securitisation programmes | | | | | |
| | | | | |
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
27. SUBORDINATED LIABILITIES
| | | | | |
| | | |
| | | | | |
| | | | | |
\u00a3325m Sterling preference shares | | | | | |
Undated subordinated liabilities | | | | | |
Dated subordinated liabilities | | | | | |
| | | | | |
In 2022, the Santander UK group repurchased certain debt securities and subordinated liabilities as part of ongoing liability management exercises, resulting in a
loss of \u00a35m (2021: a loss of \u00a31m).
The above securities will, in the event of the winding up of the issuer, be subordinated to the claims of depositors and all other creditors of the issuer, other than
creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. The subordination amongst each of the
subordinated liabilities upon a winding up of the issuer is specified in their respective terms and conditions.
In 2022 and 2021, the Santander UK group had no defaults of principal, interest or other breaches with respect to its subordinated liabilities. No repayment or
purchase by the issuer of the subordinated liabilities may be made prior to their stated maturity without the consent of the PRA.
Undated subordinated liabilities
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
10.0625% Exchangeable capital securities | | | | | | |
7.125% 30 Year Step-up perpetual callable subordinated notes | | | | | | |
| | | | | | |
In common with other debt securities issued by Santander UK group companies and notwithstanding the issuer\u2019s first call dates in the table above, in the event of
certain tax changes affecting the treatment of payments of interest on subordinated liabilities in the UK, the 7.125% 30 Year Step-up perpetual callable
subordinated notes are redeemable at any time, and the 10.0625% Exchangeable capital securities are redeemable on any interest payment date \u2013 each in whole
at the option of Santander UK plc, at their principal amount together with any accrued interest.
The 10.0625% Exchangeable capital securities are exchangeable into fully paid 10.375% non-cumulative non-redeemable sterling preference shares of \u00a31 each,
at the option of Santander UK plc, on the business day immediately following any interest payment date.
Dated subordinated liabilities
| | | | | | |
| | | | |
| | | | | | |
| | | | | | |
5% Subordinated notes (US$1,500m) | | | | | | |
4.75% Subordinated notes (US$1,000m) | | | | | | |
7.95% Subordinated notes (US$1,000m) | | | | | | |
| | | | | | |
| | | | | | |
5.625%Subordinated notes (US$500m) | | | | | | |
| | | | | | |
The dated subordinated liabilities are redeemable in whole at the option of Santander UK plc in the event of certain tax changes affecting the treatment of
payments of interest on the subordinated liabilities in the UK, at their principal amount together with any accrued interest.
39. FINANCIAL INSTRUMENTS
a) Fair value measurement and hierarchy
(i) Fair value measurement
The fair value of financial instruments is 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 in the principal, or in its absence, the most advantageous market to which Santander UK has access at that date. The fair
value of a liability reflects its non-performance risk.
Financial instruments valued using observable market prices
If a quoted market price in an active market is available for an instrument, the fair value is calculated as the current bid price multiplied by the number of units of
the instrument held.
Financial instruments valued using a valuation technique
In the absence of a quoted market price in an active market, management uses internal models to make its best estimate of the price that the market would set for
that financial instrument. In order to make these estimations, various techniques are employed, including extrapolation from observable market data and
observation of similar financial instruments with similar characteristics. Wherever possible, valuation parameters for each product are based on prices directly
observable in active markets or that can be derived from directly observable market prices. Chosen valuation techniques incorporate all the factors that market
participants would take into account in pricing transactions.
Santander UK manages certain groups of financial assets and liabilities on the basis of its net exposure to either market risks or credit risk. As a result, it has elected
to use the exception under IFRS 13 which permits the fair value measurement of a group of financial assets and financial liabilities on the basis of the price that
would be received to sell a net long position for a particular risk exposure or paid to transfer a net short position for a particular risk exposure in an orderly
transaction between market participants at the measurement date under current market conditions.
(ii) Fair value hierarchy
Santander UK applies the following fair value hierarchy that prioritises the inputs to valuation techniques used in measuring fair value. The hierarchy establishes
three categories for valuing financial instruments, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the
lowest priority to unobservable inputs. The three categories are: quoted prices in active markets (Level 1), internal models based on observable market data (Level
2) and internal models based on other than observable market data (Level 3). If the inputs used to measure an asset or a liability fall to different levels within the
hierarchy, the classification of the entire asset or liability will be based on the lowest level input that is significant to the overall fair value measurement of the
asset or liability.
Santander UK categorises assets and liabilities measured at fair value within the fair value hierarchy based on the inputs to the valuation techniques as follows:
Level 1Unadjusted quoted prices for identical assets or liabilities in an active market that Santander UK can access at the measurement date. Active markets are
assessed by reference to average daily trading volumes in absolute terms and, where applicable, by reference to market capitalisation for the instrument.
Level 2Quoted prices in inactive markets, quoted prices for similar assets or liabilities, recent market transactions, inputs other than quoted market prices for
the asset or liability that are observable either directly or indirectly for substantially the full term, and inputs to valuation techniques that are derived principally
from or corroborated by observable market data through correlation or other statistical means for substantially the full term of the asset or liability.
Level 3Significant inputs to the pricing or valuation techniques are unobservable. These unobservable inputs reflect the assumptions that market participants
would use when pricing assets or liabilities and are considered significant to the overall valuation.
Changes in the observability of significant valuation inputs during the reporting period may result in a transfer of assets and liabilities within the fair value
hierarchy. The Santander UK group recognises transfers between levels of the fair value hierarchy when there is a significant change in either its principal market
or the level of observability of the inputs to the valuation techniques at the end of the reporting period.
b) Valuation techniques
The main valuation techniques employed in internal models to measure the fair value of the financial instruments at 31 December 2022 and 2021 are set out
below. In substantially all cases, the principal inputs into these models are derived from observable market data. Santander UK did not make any material changes
to the valuation techniques and internal models it used in 2022, 2021 and 2020.
A.In the valuation of financial instruments requiring static hedging (for example interest rate, currency derivatives and property derivatives) and in the valuation
of loans and advances and deposits, the \u2018present value\u2019 method is used. Expected future cash flows are discounted using the interest rate curves of the
applicable currencies or forward house price index levels, as well as credit spreads. The interest rate curves are generally observable market data and
reference yield curves derived from quoted interest rates in appropriate time bandings, which match the timings of the cash flows and maturities of the
instruments.
B.In the valuation of equity financial instruments requiring dynamic hedging (principally equity securities, options and other structured instruments), proprietary
local volatility and stochastic volatility models are used. These types of models are widely accepted in the financial services industry. Observable market
inputs used in these models include the bid-offer spread, foreign currency exchange rates, volatility and correlation between indices. In limited circumstances,
other inputs may be used in these models that are based on unobservable market data, such as the Halifax\u2019s UK HPI volatility, HPI forward growth, HPI spot
rate, mortality and mean reversion.
C.In the valuation of financial instruments exposed to interest rate risk that require either static or dynamic hedging (such as interest rate futures, caps and
floors, and options), the present value method (futures), Black\u2019s model (caps/floors) and the Hull/White and Markov functional models (Bermudan options)
are used. These types of models are widely accepted in the financial services industry. The significant inputs used in these models are observable market data,
including appropriate interest rate curves, volatilities, correlations and exchange rates. In limited circumstances, other inputs may be used in these models
that are based on unobservable market data, such as HPI volatility, HPI forward growth, HPI spot rate and mortality.
D.In the valuation of linear instruments such as credit risk and fixed-income derivatives, credit risk is measured using dynamic models similar to those used in
the measurement of interest rate risk. In the case of non-linear instruments, if the portfolio is exposed to credit risk such as credit derivatives, the probability
of default is determined using the credit default spread market. The main inputs used to determine the underlying cost of credit of credit derivatives are
quoted credit risk premiums and the correlation between the quoted credit derivatives of various issuers.
The fair values of the financial instruments arising from Santander UK\u2019s internal models take into account, among other things, contract terms and observable
market data, which include such factors as bid-offer spread, interest rates, credit risk, exchange rates, the quoted market price of equity securities, volatility and
prepayments. In all cases, when it is not possible to derive a valuation for a particular feature of an instrument, management uses judgement to determine the fair
value of the particular feature. In exercising this judgement, a variety of tools are used including proxy observable data, historical data and extrapolation
techniques. Extrapolation techniques take into account behavioural characteristics of equity markets that have been observed over time, and for which there is a
strong case to support an expectation of a continuing trend in the future. Estimates are calibrated to observable market prices when they become available.
Santander UK believes its valuation methods are appropriate and consistent with other market participants. Nevertheless, the use of different valuation methods
or assumptions, including imprecision in estimating unobservable market inputs, to determine the fair value of certain financial instruments could result in
different estimates of fair value at the reporting date and the amount of gain or loss recorded for a particular instrument. Most of the valuation models are not
significantly subjective, because they can be tested and, if necessary, recalibrated by the internal calculation of and subsequent comparison to market prices of
actively traded securities, where available.
c) Control framework
Fair values are subject to a control framework designed to ensure that they are either determined or validated by a function independent of the risk-taker. To this
end, ultimate responsibility for the determination of fair values lies with the Risk Department. For all financial instruments where fair values are determined by
reference to externally quoted prices or observable pricing inputs to models, independent price determination or verification is utilised. In inactive markets, direct
observation of a traded price may not be possible. In these circumstances, Santander UK will source alternative market information to validate the financial
instrument\u2019s fair value, with greater weight given to information that is considered to be more relevant and reliable.
The factors that are considered in this regard include:
\u2013The extent to which prices may be expected to represent genuine traded or tradeable prices
\u2013The degree of similarity between financial instruments
\u2013The degree of consistency between different sources
\u2013The process followed by the pricing provider to derive the data
\u2013The elapsed time between the date to which the market data relates and the balance sheet date
\u2013The manner in which the data was sourced.
The source of pricing data is considered as part of the process that determines the classification of the level of a financial instrument. Consideration is given to the
quality of the information available that provides the current mark-to-model valuation and estimates of how different these valuations could be on an actual trade,
taking into consideration how active the market is. For spot assets that cannot be sold due to illiquidity, forward estimates are discounted to estimate a realisable
value over time. Adjustments for illiquid positions are regularly reviewed to reflect changing market conditions.
For fair values determined using a valuation model, the control framework may include as applicable, independent development and / or validation of: (i) the logic
within the models; (ii) the inputs to those models; and (iii) any adjustments required outside the models. Internal valuation models are validated independently
within the Risk Department. A validation report is produced for each model-derived valuation that assesses the mathematical assumptions behind the model, the
implementation of the model and its integration within the trading system.
d) Fair values of financial instruments carried at amortised cost
The following tables analyse the fair value of the financial instruments carried at amortised cost at 31 December 2022 and 2021, including their levels in the fair
value hierarchy - Level 1, Level 2 and Level 3. It does not include fair value information for financial assets and financial liabilities carried at amortised cost if the
carrying amount is a reasonable approximation of fair value. Cash and balances at central banks, which consist of demand deposits with the Bank of England,
together with cash in tills and ATMs, have been excluded from the table as the carrying amount is deemed an appropriate approximation of fair value.
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
Loans and advances to customers | | | | | | | | | | | |
Loans and advances to banks | | | | | | | | | | | |
Reverse repurchase agreements - non trading | | | | | | | | | | | |
Other financial assets at amortised cost | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Repurchase agreements - non trading | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
The carrying value above of any financial assets and liabilities that are designated as hedged items in a portfolio (or macro) fair value hedge relationship excludes
gains and losses attributable to the hedged risk, as this is included as a separate line item on the balance sheet.
Valuation methodology for financial instruments carried at amortised cost
The valuation approach to specific categories of financial instruments is described below.
Assets:
Loans and advances to customers
The approach to estimating the fair value of loans and advances to customers has been determined by discounting expected cash flows to reflect either current
market rates or credit spreads relevant to the specific industry of the borrower. The determination of their fair values is an area of considerable estimation and
uncertainty as there is no observable market and values are significantly affected by customer behaviour.
i) Advances secured on residential property
The fair value of the mortgage portfolio is calculated by discounting contractual cash flows by different spreads for each LTV Band, after taking account of expected
customer prepayment rates. The spread is based on new business interest rates derived from publicly available competitor market information.
ii) Corporate loans
The determination of the fair values of performing loans is calculated by discounting the contractual cash flows and also deducting other costs relating to expected
credit losses, cost of capital, credit risk capital, operational risk capital, cost of funding and operating costs.
iii) Other loans
These consist of unsecured personal loans, credit cards, overdrafts and consumer (auto) finance. The weighted average lives of these portfolios are typically short
and relate to relatively new business. For unsecured personal loans and consumer (auto) finance loans, a small surplus or deficit has been recognised based on the
differential between existing portfolio margins and the current contractual interest rates.
Loans and advances to banks
These comprise secured loans, short-term placements with banks including collateral and unsettled financial transactions. The secured loans have been valued
based on a discounted spread for the term of the loans using valuation technique A as described above. The carrying amount of the other items is deemed a
reasonable approximation of their fair value, as the transactions are very short-term in duration.
Reverse repurchase agreements - non-trading
The fair value of the reverse repurchase agreements - non trading has been estimated using valuation technique A as described above, using a spread appropriate
to the underlying collateral.
Other financial assets at amortised cost
These consist of asset backed securities and debt securities. The asset backed securities can be complex products and in some instances are valued with the
assistance of an independent, specialist valuation firm. These fair values are determined using industry-standard valuation techniques, including discounted cash
flow models. The inputs to these models used in these valuation techniques include quotes from market makers, prices of similar assets, adjustments for
differences in credit spreads, and additional quantitative and qualitative research. The debt security investments consist of a portfolio of government debt
securities. The fair value of this portfolio has been determined using quoted market prices.
Liabilities:
Deposits by customers
The majority of deposit liabilities are payable on demand and therefore can be deemed short-term in nature with the fair value equal to the carrying value. Certain
of the deposit liabilities are at a fixed rate until maturity. The deficit/surplus of fair value over carrying value of these liabilities has been estimated by reference to
the market rates available at the balance sheet date for similar deposit liabilities of similar maturities. The fair value of such deposit liabilities has been estimated
using valuation technique A as described above.
Deposits by banks
The fair value of deposits by banks, including repos, has been estimated using valuation technique A as described above, discounted at the appropriate credit
spread.
Repurchase agreements - non trading
The fair value of the repurchase agreements - non trading has been estimated using valuation technique A as described above, discounted at a spread appropriate
to the underlying collateral.
Debt securities in issue and subordinated liabilities
Where reliable prices are available, the fair value of debt securities in issue and subordinated liabilities has been calculated using quoted market prices. Where
reliable prices are not available, internal models have been used to determine fair values, which take into account, among other things, contract terms and
observable market data, which include such factors as interest rates, credit risk and exchange rates. In all cases, when it is not possible to derive a valuation for a
particular feature of an instrument, management uses judgement to determine the fair value of the particular feature. In exercising this judgement, a variety of
tools are used including proxy observable data.
e) Fair values of financial instruments measured at fair value
The following tables summarise the fair values of the financial assets and liabilities accounted for at fair value at 31 December 2022 and 31 December 2021,
analysed by their levels in the fair value hierarchy - Level 1, Level 2 and Level 3.
| | | | | | | | | | | |
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| | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Derivative financial instruments | | | | | | | | | | | |
| | | | | | | | | | | |
| Equity and credit contracts | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other financial assets at FVTPL | Loans and advances to customers | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Financial assets at FVOCI | | | | | | | | | | | |
| Loans and advances to customers | | | | | | | | | | |
| | | | | | | | | | | |
Total assets at fair value | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Derivative financial instruments | | | | | | | | | | | |
| | | | | | | | | | | |
| Equity and credit contracts | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other financial liabilities at FVTPL | | | | | | | | | | | |
| | | | | | | | | | | |
| Collateral and associated financial guarantees | | | | | | | | | | |
| | | | | | | | | | | |
Total liabilities at fair value | | | | | | | | | | | |
Transfers between levels of the fair value hierarchy
In 2022 there were no\u00a0significant (2021: no significant) transfers of financial instruments between levels of the fair value hierarchy.
f) Fair value adjustments
The internal models incorporate assumptions that Santander UK believes would be made by a market participant to establish fair value. Fair value adjustments are
adopted when Santander UK considers that there are additional factors that would be considered by a market participant that are not incorporated in the valuation
model.
Santander UK classifies fair value adjustments as either \u2018risk-related\u2019 or \u2018model-related\u2019. The fair value adjustments form part of the portfolio fair value and are
included in the balance sheet values of the product types to which they have been applied. The fair value adjustments are set out in the following table:
| | |
| | |
| | |
| | |
- Bid-offer and trade specific adjustments | | |
| | |
| | |
- Funding fair value adjustment | | |
| | |
| | |
| | |
(1)The range of actual assumption values used to calculate the weighted average disclosure.
(2)The HPI spot rate in the weighted average column represents the HPI spot rate index level at 31 December 2022 and 2021.
No sensitivities are presented for FVTPL assets \u2013 Debt securities, Credit Linked Notes (instrument 5) and FVTPL liabilities \u2013 financial guarantees (instrument 8), as
the terms of these instruments are fully matched. As a result, any changes in the valuation of the credit linked notes would be offset by an equal and opposite
change in the valuation of the financial guarantees.
h) Maturities of financial liabilities and off-balance sheet commitments
The table below analyses the maturities of the undiscounted cash flows relating to financial liabilities and off-balance sheet commitments of Santander UK based
on the remaining period to the contractual maturity date at the balance sheet date. Deposits by customers largely consist of retail deposits. This table is not
intended to show the liquidity of Santander UK.
| | | | | | |
| | | | | | |
| | | Later than 3 months and not later than 1 year | Later than 1 year and not later than 5 years | | |
|
|
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
As the above table is based on contractual maturities, no account is taken of call features related to subordinated liabilities. In addition, the repayment terms of
debt securities may be accelerated in line with relevant covenants. Further, no account is taken of the possible early repayment of Santander UK\u2019s mortgage-
backed non-recourse finance which is redeemed by Santander UK as funds become available from redemptions of the residential mortgages. Santander UK has no
control over the timing and amount of redemptions of residential mortgages.
40. OFFSETTING FINANCIAL ASSETS AND LIABILITIES
The following table shows the impact of netting arrangements on:
\u2013All financial assets and liabilities that are reported net on the balance sheet
\u2013All derivative financial instruments 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 table identifies the amounts that have been offset in the balance sheet and also those amounts that are covered by enforceable netting arrangements
(offsetting arrangements and financial collateral) but do not qualify for netting under the requirements described above.
For derivative contracts, 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. For 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 if a counterparty defaults.
Santander UK engages in a variety of counterparty credit mitigation strategies in addition to netting and collateral arrangements. Therefore, the net amounts
presented in the tables below do not purport to represent Santander UK\u2019s actual credit exposure.
| | | | | | | | | |
| | | | | | | | | |
| Amounts subject to enforceable netting arrangements | Assets not subject to enforceable netting arrangements(2) | |
| Effects of offsetting on balance sheet | | Related amounts not offset | |
| | | Net amounts on balance sheet | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
1-week or 2-month USD LIBOR settings).
The IASB made further amendments to various IFRSs (the Phase 2 amendments) in 2020 to address issues that might affect financial reporting during the reform
of an interest rate benchmark, including the effects of changes to contractual cash flows or hedging relationships arising from the replacement of an interest rate
benchmark with an alternative benchmark rate. The Phase 2 amendments require entities, as a practical expedient, to account for a change in the basis for
determining the contractual cash flows by updating the effective interest rate using the guidance in IFRS 9 resulting in no immediate gain or loss being recognised,
as long as the change is directly required by IBOR reform and takes place on an economically equivalent basis. The practical expedient was applied to all
instruments or contracts that transitioned to alternative benchmark interest rates during 2022 and had no material impact for the Santander UK group.\u00a0 The Phase
2 amendments also provide additional temporary reliefs from applying specific IAS 39 hedge accounting requirements to hedging relationships directly affected by
IBOR reform. For GBP LIBOR cash flow hedges of remaining legacy contracts using 1-month and 6-month synthetic settings, the transition to alternative
benchmark interest rates will take place no later than March 2023 and, for those using the 3-month synthetic setting, no later than March 2024. For USD LIBOR
cash flow hedges, transition will take place no later than June 2023 for those using overnight and 12-month USD LIBOR settings and no later than September 2024
for those using 1-month, 3-month and 6-month synthetic USD LIBOR settings.
Managing LIBOR transition
During 2021, Santander UK along with its customers and counterparties, agreed the transition to alternative reference rates for the majority of agreements
referencing the LIBOR settings that ceased at the end of 2021. During 2022, the LIBOR transition project was closed, and local business areas have continued to
work with customers and counterparties to further reduce the number of untransitioned agreements, including those referencing synthetic LIBOR and the
continuing USD LIBOR settings.
The following tables show the notional amounts of assets, liabilities and off-balance sheet commitments at 31 December 2022 and 31 December 2021 affected
by IBOR reform that have yet to transition to an alternative benchmark interest rate.
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Financial assets at amortised cost | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Off-balance sheet commitments given | | | | |
25\u00a0January 2021.2. Settings for GBP, JPY & NOK LIBOR & 1-week and 2-month USD LIBOR ceased on 31\u00a0December 2021 and for EONIA on 3\u00a0January 2022. For certain legacy contracts, while 1-month, 3-month and 6-month settings
for JPY LIBOR ceased on 31 December 2022, 1-month and 6-month synthetic GBP LIBOR settings have been extended until the end of March 2023 and until the end of March 2024 for the 3-month synthetic GBP
LIBOR setting. Overnight, and 12-month USD LIBOR settings will cease on 30 June 2023. For certain legacy contract, 1-month, 3-month and 6-month synthetic USD LIBOR settings would cease at the end of
September 2024.
The following tables show the notional amount of derivatives in hedging relationships directly affected by uncertainties related to IBOR reform.
| | | | | |
| | | | | |
| | | |
| | | | | |
| | | | | |
Total notional value of hedging instruments | | | | | |
| | | | | |
| | | | | |
| | | | | |
Maturing after cessation date(1) | | | | | |
| | | | | |
| | | | | |
| | | | | |
USD LIBOR settings would cease at the end of September 2024.
The Santander UK group\u2019s USD LIBOR cash flow hedges extend beyond the anticipated cessation dates for LIBOR. The Santander UK group expects that USD LIBOR
will be replaced by SOFR but there remains uncertainty over the timing and amount of the replacement rate cash flows for USD LIBOR cash flow hedges.\u00a0 Hedging
relationships impacted by uncertainty about IBOR reform may experience ineffectiveness due to market participants\u2019 expectations of when the shift from the
existing IBOR benchmark rate to an alternative benchmark interest rate will occur or because transition of the hedged item and the hedging instrument could occur
at different times.
The Santander UK group will cease to apply the assumptions that the hedged benchmark interest rate, the cash flows of the hedged item and/or hedging
instrument will not be altered because of IBOR reform when the uncertainty arising from IBOR reform is no longer present. This will require amendment to hedge
documentation by the end of the reporting period in which the changes occur. Cumulative changes in the hedged cash flows and the hedging instrument based on
new alternative benchmark rates will also be remeasured when IBOR reform uncertainty is removed.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8yMDgvZnJhZzo1ZDhmZGI3Y2EyYTM0OWZlOGZhYjYyMGY4NDFhNDU4Yy90ZXh0cmVnaW9uOjVkOGZkYjdjYTJhMzQ5ZmU4ZmFiNjIwZjg0MWE0NThjXzU_ff67f5b5-5714-4c51-ae21-de6cfd2ae893": {
"value": "11. DERIVATIVE FINANCIAL INSTRUMENTS
a) Use of derivatives
Santander UK undertakes derivative activities primarily to provide customers with risk management solutions and to manage and hedge its own risks. These
derivative activities do not give rise to significant open positions in portfolios of derivatives. Any residual position is managed to ensure that it remains within
acceptable risk levels, with matching transactions used to achieve this where necessary. When entering into derivatives, Santander UK employs the same credit
risk management procedures to assess and approve potential credit exposures that are used for traditional lending.
For information on how Santander UK is managing the transition to alternative benchmark interest rates, see Note 41.
b) Analysis of derivatives
The table below includes the notional amounts of transactions outstanding at the balance sheet date; they do not represent actual exposures.
| | | | | | | |
| | | | | | | |
| | | |
| | | | | |
| | | | | | | |
| | | | | | | |
Derivatives held for trading: | | | | | | | |
| | | | | | | |
| | | | | | | |
Equity and credit contracts | | | | | | | |
Total derivatives held for trading | | | | | | | |
Derivatives held for hedging | | | | | | | |
Designated as fair value hedges: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Designated as cash flow hedges: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total derivatives held for hedging | | | | | | | |
| | | | | | | |
| | | | | | | |
(1)Derivative netting excludes the effect of cash collateral, which is offset against the gross derivative position. The amount of cash collateral received that had been offset against the gross derivative assets was
\u00a31,368m (2021: \u00a3189m) and the amount of cash collateral paid that had been offset against the gross derivative liabilities was \u00a370m (2021: \u00a3202m).
For information about the impact of netting arrangements on derivative assets and liabilities in the table above, see Note 40.
The table below analyses the notional and fair values of derivatives by trading and settlement method.
| | | | | | | |
| | | | | |
| | | | | | |
| Settled by central counterparties | Not settled by central counterparties | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Equity and credit contracts | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Equity and credit contracts | | | | | | | |
| | | | | | | |
Net gains or losses arising from fair value and cash flow hedges included in other operating income
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | |
| | | | | | | |
Gains/(losses) on hedging instruments | | | | | | | |
(Losses)/gains on hedged items attributable to hedged risks | | | | | | | |
Fair value hedging ineffectiveness | | | | | | | |
Cash flow hedging ineffectiveness | | | | | | | |
| | | | | | | |
Hedge ineffectiveness can be analysed by risk category as follows:
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Change in FV of hedging instruments | Change in FV of hedged items | Recognised in income statement | | Change in FV of hedging instruments | Change in FV of hedged items | Recognised in income statement | | Change in FV of hedging instruments | Change in FV of hedged items | Recognised in income statement |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | |
| | | | | |
| | | | |
| Income statement line item affected by reclassification | | | Recognised in Income Statement | Reclassified from reserves to income |
| | | | |
| | | | | |
| | | | | |
| | | | | |
| Net interest income/other operating income | | | | |
| Net interest income/other operating income | | | | |
| | | | | |
| | | | | |
| | | | | |
| Net interest income/other operating income | | | | |
| Net interest income/other operating income | | | | |
| | | | | |
| | | | | |
| | | | | |
| Net interest income/other operating income | | | | |
| Net interest income/other operating income | | | | |
| | | | | |
Hedged exposures
Santander UK hedges its exposures to various risks, including interest rate risk and foreign currency risk, as set out in the following table.
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | Accumulated amount of FV hedge adjustments | Change in value to calculate hedge ineffective ness | | | Accumulated amount of FV hedge adjustments | Change in value to calculate hedge ineffective ness |
| | | Portfolio hedge of interest rate risks | Of which Discontinued hedges | | | | Portfolio hedge of interest rate risks | Of which Discontinued hedges |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Loans and advances to customers | | | | | | | | | | | |
Other financial assets at amortised cost | | | | | | | | | | | |
Reverse repurchase agreements \u2013 non trading | | | | | | | | | | | |
Other financial assets at FVOCI | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other financial assets at FVOCI | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | Change in value to calculate hedge ineffectiveness | | Balances on cash flow hedge reserve for discontinued hedges | | Change in value to calculate hedge ineffectiveness | | Balances on cash flow hedge reserve for discontinued hedges |
| Hedged item balance sheet line item | | | | | | | |
| | | | | | | | |
| Loans and advances to customers | | | | | | | |
| Cash and balances at central banks | | | | | | | |
| Reverse repurchase agreements - non trading | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Repurchase agreements - non trading | | | | | | | |
| Other financial assets at FVOCI | | | | | | | |
| Not applicable \u2013 highly probable forecast transactions | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Repurchase agreements - non trading | | | | | | | |
| | | | | | | | |
| Debt securities in issue/loans and advances to customers | | | | | | | |
| | | | | | | | |
| Subordinated liabilities/loans and advances to customers | | | | | | | |
| | | | | | | | |
e) Fair values of financial instruments measured at fair value
The following tables summarise the fair values of the financial assets and liabilities accounted for at fair value at 31 December 2022 and 31 December 2021,
analysed by their levels in the fair value hierarchy - Level 1, Level 2 and Level 3.
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Derivative financial instruments | | | | | | | | | | | |
| | | | | | | | | | | |
| Equity and credit contracts | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other financial assets at FVTPL | Loans and advances to customers | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Financial assets at FVOCI | | | | | | | | | | | |
| Loans and advances to customers | | | | | | | | | | |
| | | | | | | | | | | |
Total assets at fair value | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Derivative financial instruments | | | | | | | | | | | |
| | | | | | | | | | | |
| Equity and credit contracts | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other financial liabilities at FVTPL | | | | | | | | | | | |
| | | | | | | | | | | |
| Collateral and associated financial guarantees | | | | | | | | | | |
| | | | | | | | | | | |
Total liabilities at fair value | | | | | | | | | | | |
The table below provides an analysis of financial instruments valued using internal models based on information other than market data together with further
details on the valuation techniques used for each type of instrument. Each instrument is initially valued at transaction price:
| | | | | | | | |
| | | | | Fair value movements recognised in profit/(loss) |
| | | |
| | | | | | | | |
| | Financial instrument product type | | | | | | |
| Equity and credit contracts | Reversionary property interests | | | | | | |
| Loans and advances to customers | Roll-up mortgage portfolio | | | | | | |
| Loans and advances to customers | | | | | | | |
| | Reversionary property securities | | | | | | |
| | | | | | | | |
| Loans and advances to customers | | | | | | | |
7. Derivative liabilities | | Property options and forwards | | | | | | |
| | Credit protection guarantee | | | | | | |
| | | | | | | | |
| | | | | | | | |
Other Level 3 liabilities | | | | | | | | |
| | | | | | | | |
| | | | | | | |
(1)The range of actual assumption values used to calculate the weighted average disclosure.
(2)The HPI spot rate in the weighted average column represents the HPI spot rate index level at 31 December 2022 and 2021.
No sensitivities are presented for FVTPL assets \u2013 Debt securities, Credit Linked Notes (instrument 5) and FVTPL liabilities \u2013 financial guarantees (instrument 8), as
the terms of these instruments are fully matched. As a result, any changes in the valuation of the credit linked notes would be offset by an equal and opposite
change in the valuation of the financial guarantees.
h) Maturities of financial liabilities and off-balance sheet commitments
The table below analyses the maturities of the undiscounted cash flows relating to financial liabilities and off-balance sheet commitments of Santander UK based
on the remaining period to the contractual maturity date at the balance sheet date. Deposits by customers largely consist of retail deposits. This table is not
intended to show the liquidity of Santander UK.
| | | | | | |
| | | | | | |
| | | Later than 3 months and not later than 1 year | Later than 1 year and not later than 5 years | | |
|
|
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
40. OFFSETTING FINANCIAL ASSETS AND LIABILITIES
The following table shows the impact of netting arrangements on:
\u2013All financial assets and liabilities that are reported net on the balance sheet
\u2013All derivative financial instruments 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 table identifies the amounts that have been offset in the balance sheet and also those amounts that are covered by enforceable netting arrangements
(offsetting arrangements and financial collateral) but do not qualify for netting under the requirements described above.
For derivative contracts, 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. For 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 if a counterparty defaults.
Santander UK engages in a variety of counterparty credit mitigation strategies in addition to netting and collateral arrangements. Therefore, the net amounts
presented in the tables below do not purport to represent Santander UK\u2019s actual credit exposure.
| | | | | | | | | |
| | | | | | | | | |
| Amounts subject to enforceable netting arrangements | Assets not subject to enforceable netting arrangements(2) | |
| Effects of offsetting on balance sheet | | Related amounts not offset | |
| | | Net amounts on balance sheet | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
25\u00a0January 2021.2. Settings for GBP, JPY & NOK LIBOR & 1-week and 2-month USD LIBOR ceased on 31\u00a0December 2021 and for EONIA on 3\u00a0January 2022. For certain legacy contracts, while 1-month, 3-month and 6-month settings
for JPY LIBOR ceased on 31 December 2022, 1-month and 6-month synthetic GBP LIBOR settings have been extended until the end of March 2023 and until the end of March 2024 for the 3-month synthetic GBP
LIBOR setting. Overnight, and 12-month USD LIBOR settings will cease on 30 June 2023. For certain legacy contract, 1-month, 3-month and 6-month synthetic USD LIBOR settings would cease at the end of
September 2024.
The following tables show the notional amount of derivatives in hedging relationships directly affected by uncertainties related to IBOR reform.
| | | | | |
| | | | | |
| | | |
| | | | | |
| | | | | |
Total notional value of hedging instruments | | | | | |
| | | | | |
| | | | | |
| | | | | |
Maturing after cessation date(1) | | | | | |
| | | | | |
| | | | | |
| | | | | |
USD LIBOR settings would cease at the end of September 2024.
The Santander UK group\u2019s USD LIBOR cash flow hedges extend beyond the anticipated cessation dates for LIBOR. The Santander UK group expects that USD LIBOR
will be replaced by SOFR but there remains uncertainty over the timing and amount of the replacement rate cash flows for USD LIBOR cash flow hedges.\u00a0 Hedging
relationships impacted by uncertainty about IBOR reform may experience ineffectiveness due to market participants\u2019 expectations of when the shift from the
existing IBOR benchmark rate to an alternative benchmark interest rate will occur or because transition of the hedged item and the hedging instrument could occur
at different times.
The Santander UK group will cease to apply the assumptions that the hedged benchmark interest rate, the cash flows of the hedged item and/or hedging
instrument will not be altered because of IBOR reform when the uncertainty arising from IBOR reform is no longer present. This will require amendment to hedge
documentation by the end of the reporting period in which the changes occur. Cumulative changes in the hedged cash flows and the hedging instrument based on
new alternative benchmark rates will also be remeasured when IBOR reform uncertainty is removed.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV80MjgzL2ZyYWc6YmZkOWZmNzJlMzUyNDEwZTllYWU3MjgwMjA2MjllZmQvdGV4dHJlZ2lvbjpiZmQ5ZmY3MmUzNTI0MTBlOWVhZTcyODAyMDYyOWVmZF8xMjc1NDMzNDg4MjI0ODg_6148a7a6-e9a0-445d-96df-2af4238cd0a9": {
"value": "
| | | | | | | |
| | | | | | | |
| | | |
| | | | | |
| | | | | | | |
| | | | | | | |
Derivatives held for trading: | | | | | | | |
| | | | | | | |
| | | | | | | |
Equity and credit contracts | | | | | | | |
Total derivatives held for trading | | | | | | | |
Derivatives held for hedging | | | | | | | |
Designated as fair value hedges: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Designated as cash flow hedges: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total derivatives held for hedging | | | | | | | |
| | | | | | | |
| | | | | | | |
(1)Derivative netting excludes the effect of cash collateral, which is offset against the gross derivative position. The amount of cash collateral received that had been offset against the gross derivative assets was
\u00a31,368m (2021: \u00a3189m) and the amount of cash collateral paid that had been offset against the gross derivative liabilities was \u00a370m (2021: \u00a3202m).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV80MjgzL2ZyYWc6YmZkOWZmNzJlMzUyNDEwZTllYWU3MjgwMjA2MjllZmQvdGV4dHJlZ2lvbjpiZmQ5ZmY3MmUzNTI0MTBlOWVhZTcyODAyMDYyOWVmZF8xMjc1NDMzNDg4MjI0ODg_78804341-98a1-4aab-9520-e258636f60ac": {
"value": "
| | | | | | | |
| | | | | | | |
| | | |
| | | | | |
| | | | | | | |
| | | | | | | |
Derivatives held for trading: | | | | | | | |
| | | | | | | |
| | | | | | | |
Equity and credit contracts | | | | | | | |
Total derivatives held for trading | | | | | | | |
Derivatives held for hedging | | | | | | | |
Designated as fair value hedges: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Designated as cash flow hedges: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total derivatives held for hedging | | | | | | | |
| | | | | | | |
| | | | | | | |
(1)Derivative netting excludes the effect of cash collateral, which is offset against the gross derivative position. The amount of cash collateral received that had been offset against the gross derivative assets was
\u00a31,368m (2021: \u00a3189m) and the amount of cash collateral paid that had been offset against the gross derivative liabilities was \u00a370m (2021: \u00a3202m).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV80MjgzL2ZyYWc6YmZkOWZmNzJlMzUyNDEwZTllYWU3MjgwMjA2MjllZmQvdGV4dHJlZ2lvbjpiZmQ5ZmY3MmUzNTI0MTBlOWVhZTcyODAyMDYyOWVmZF8xMjc1NDMzNDg4MjI0ODg_c86e533a-fc3f-4012-91c6-39af01085ba8": {
"value": "
| | | | | | | |
| | | | | | | |
| | | |
| | | | | |
| | | | | | | |
| | | | | | | |
Derivatives held for trading: | | | | | | | |
| | | | | | | |
| | | | | | | |
Equity and credit contracts | | | | | | | |
Total derivatives held for trading | | | | | | | |
Derivatives held for hedging | | | | | | | |
Designated as fair value hedges: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Designated as cash flow hedges: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total derivatives held for hedging | | | | | | | |
| | | | | | | |
| | | | | | | |
(1)Derivative netting excludes the effect of cash collateral, which is offset against the gross derivative position. The amount of cash collateral received that had been offset against the gross derivative assets was
\u00a31,368m (2021: \u00a3189m) and the amount of cash collateral paid that had been offset against the gross derivative liabilities was \u00a370m (2021: \u00a3202m).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV80MjgzL2ZyYWc6YmZkOWZmNzJlMzUyNDEwZTllYWU3MjgwMjA2MjllZmQvdGV4dHJlZ2lvbjpiZmQ5ZmY3MmUzNTI0MTBlOWVhZTcyODAyMDYyOWVmZF8xMjc1NDMzNDg4MjI0ODg_d362cf6c-ae10-46f3-8b6b-e0fe2dde2db6": {
"value": "
| | | | | | | |
| | | | | | | |
| | | |
| | | | | |
| | | | | | | |
| | | | | | | |
Derivatives held for trading: | | | | | | | |
| | | | | | | |
| | | | | | | |
Equity and credit contracts | | | | | | | |
Total derivatives held for trading | | | | | | | |
Derivatives held for hedging | | | | | | | |
Designated as fair value hedges: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Designated as cash flow hedges: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Total derivatives held for hedging | | | | | | | |
| | | | | | | |
| | | | | | | |
(1)Derivative netting excludes the effect of cash collateral, which is offset against the gross derivative position. The amount of cash collateral received that had been offset against the gross derivative assets was
\u00a31,368m (2021: \u00a3189m) and the amount of cash collateral paid that had been offset against the gross derivative liabilities was \u00a370m (2021: \u00a3202m).
14. SECURITISATIONS AND COVERED BONDS
The information in this Note relates to securitisations and covered bonds for consolidated structured entities, used to obtain funding or collateral. It excludes
structured entities relating to credit protection transactions.
The Santander UK group uses structured entities to securitise some of the mortgage and other loans to customers that it originates. The Santander UK group also
issues covered bonds, which are guaranteed by, and secured against, a pool of the Santander UK group\u2019s mortgage loans transferred to Abbey Covered Bonds LLP.
The Santander UK group issues mortgage-backed securities, other asset-backed securities and covered bonds mainly in order to obtain diverse, low-cost funding,
but also to use as collateral for raising funds via third party bilateral secured funding transactions or for liquidity purposes in the future. The Santander UK group
has successfully used bilateral secured transactions as an additional form of medium-term funding; this has allowed the Santander UK group to further diversify its
medium-term funding investor base.
Loans and advances to customers include portfolios of residential mortgage loans, and receivables derived from credit agreements with retail customers for the
purchases of financed vehicles, which are subject to non-recourse finance arrangements. These loans and receivables have been purchased by, or assigned to,
structured entities or Abbey Covered Bonds LLP, and have been funded primarily through the issue of mortgage-backed securities, other asset-backed securities or
covered bonds. No gain or loss has been recognised as a result of these sales. The structured entities and Abbey Covered Bonds LLP are consolidated as subsidiary
undertakings. The Company and its subsidiaries do not own directly, or indirectly, any of the share capital of any of the structured entities.
a) Securitisations
i) Master trust structures
The Santander UK group makes use of master trust structures, whereby a pool of residential mortgage loans is assigned to a trust company by the asset originator.
A funding entity acquires a beneficial interest in the pool of assets held by the trust company with funds borrowed from qualifying structured entities, which at the
same time issue asset-backed securities to third-party investors or the Santander UK group.
Santander UK plc and its subsidiaries receive payments from the securitisation companies in respect of fees for administering the loans, and payment of deferred
consideration for the sale of the loans. Santander UK plc and its subsidiaries have no right or obligation to repurchase any securitised loan, except if certain
representations and warranties given by Santander UK plc or its subsidiaries at the time of transfer are breached and, in certain cases, if there is a product switch or
further advance, if a securitised loan is in arrears for over two months or if a securitised loan does not comply with regulatory requirements.
ii) Other securitisation structures
The Santander UK group also makes use of auto loan securitisations, whereby a pool of auto loans originated by a member of the Santander UK group is sold to a
special purpose vehicle by the asset originator. The special purpose vehicle funds the purchase of the auto loans by issuing asset-backed securities to third-party
investors. A proportion of the securities are also retained by members of the Santander UK group. Members of the Santander UK group also receive payments from
the special purpose vehicle in respect of fees for administering the auto loans, and payment of deferred consideration for the sale of the auto loans. The seller has
no right or obligation to repurchase any securitised loan, except if certain representations and warranties given by the seller at the time of transfer are breached
and, in certain cases, if there has been a subsequent variation in the terms of the underlying auto loan not permitted under the sale agreement.
b) Covered bonds
Santander UK plc also issues covered bonds, which are its direct, unsecured and unconditional obligation. The covered bonds benefit from a guarantee from Abbey
Covered Bonds LLP. Santander UK plc makes a term advance to Abbey Covered Bonds LLP equal to the sterling proceeds of each issue of covered bonds. Abbey
Covered Bonds LLP uses the proceeds of the term advance to purchase portfolios of residential mortgage loans and their security from Santander UK plc. Under the
terms of the guarantee, Abbey Covered Bonds LLP has agreed to pay an amount equal to the guaranteed amounts when the same shall become due for payment,
but which would otherwise be unpaid by Santander UK plc.
c) Analysis of securitisations and covered bonds
The Santander UK group\u2019s principal securitisation programmes and covered bond programme, together with the balances of the advances subject to securitisation
(or for the covered bond programme assigned) and the carrying value of the notes in issue at 31 December 2022 and 2021 are listed below.
| | | | | | | | |
| | | | | Notes issued to Santander UK plc/subsidiaries as collateral |
| | | | | | | | |
| | | | | | |
Mortgage-backed master trust structures: | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Other asset-backed securitisation structures: | | | | | | | | |
| | | | | | | | |
Total securitisation programmes | | | | | | | | |
| | | | | | | | |
\u2013Euro 35bn Global Covered Bond Programme | | | | | | | | |
Total securitisation and covered bond programmes | | | | | | | | |
The following table sets out the internal and external issuances and redemptions in 2022 and 2021 for each securitisation and covered bond programme.
| | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Mortgage-backed master trust structures: | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other asset-backed securitisation structures: | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
22. OTHER FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
| | | | | |
| | | | | |
| | | | | |
| | | | |
US$30bn Euro Medium Term Note Programme | | | | | |
Structured Notes Programmes | | | | | |
| | | | | |
| | | | | |
Collateral and associated financial guarantees | | | | | |
| | | | | |
For the Santander UK group and the Company, all (2021: all) of the other financial liabilities at FVTPL were designated as such.
Collateral and associated financial guarantees in the table above represent collateral received, together with associated credit protection guarantees, in respect of
the proceeds of the retained senior tranches of credit linked notes described in Note 19.
Gains and losses arising from changes in the credit spread of securities issued by the Santander UK group reverse over the contractual life of the debt, provided that
the debt is not repaid at a premium or a discount. The net gain during the year attributable to changes in the Santander UK group\u2019s own credit risk on the above
securities was \u00a325m (2021: \u00a312m loss, 2020: \u00a33m loss). The cumulative net gain attributable to changes in the Santander UK group\u2019s own credit risk on the above
securities at 31 December 2022 was \u00a315m (2021: \u00a310m loss, 2020: \u00a33m loss).
At 31 December 2022, the amount that would be required to be contractually paid at maturity of the securities above was \u00a3138m higher (2021: \u00a3nil) higher than
the carrying value.
35. ASSETS CHARGED AS SECURITY FOR LIABILITIES AND COLLATERAL ACCEPTED AS
SECURITY FOR ASSETS
The following transactions are conducted under terms that are usual and customary to collateralised transactions including, where relevant, standard securities
lending and repurchase agreements.
a) Assets charged as security for liabilities
The financial assets below are analysed between those assets accounted for on-balance sheet and off-balance sheet.
| | | | | |
| | | |
| | | | | |
| | | | | |
| | | | | |
Cash and balances at central banks | | | | | |
Loans and advances to banks | | | | | |
Loans and advances to customers - securitisations and covered bonds (See Note 14) | | | | | |
Loans and advances to customers - other | | | | | |
Other financial assets at amortised cost | | | | | |
Financial assets at fair value through other comprehensive income | | | | | |
| | | | | |
| | | | | |
Purchase and resale agreements
The Santander UK group also enters into purchase and resale agreements and similar transactions of debt securities. Upon entering into such transactions, the
Santander UK group receives collateral in excess of the loan amount. The level of collateral held is monitored daily and if required, further calls are made to ensure
the market values of collateral remains at least equal to the loan balance. The subsidiaries are permitted to sell or repledge the collateral held in the absence of
default. At 31 December 2022, the fair value of such collateral received was \u00a38,628m (2021: \u00a314,562m). Of the collateral received, almost all was sold or
repledged. The subsidiaries have an obligation to return collateral that they have sold or pledged.
Stock borrowing and lending agreements
Obligations representing contractual commitments to return stock borrowed by the Santander UK group amounted to \u00a31,513m at 31 December 2022 (2021:
\u00a33,219m) and are offset by a contractual right to receive stock lent.
Derivatives business
In addition to the arrangements described, collateral is also received from counterparties in the normal course of derivative business. At 31 December 2022,
\u00a31,741m (2021: \u00a3931m) of such collateral in the form of cash had been received by the Santander UK group and is included in the table.
Lending activities
In addition to the collateral held as security for assets, the Santander UK group may obtain a charge over a customer\u2019s property in connection with its lending
activities. Details of these arrangements are set out in the \u2018Credit risk\u2019 section of the Risk review.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV80MjQ4L2ZyYWc6YTcyYzIzNDk3YTAwNGNhNjk1MTVlMDZmOWM1NWM1N2EvdGV4dHJlZ2lvbjphNzJjMjM0OTdhMDA0Y2E2OTUxNWUwNmY5YzU1YzU3YV8xMjk3NDIzNzIwNzc2NTA_e1f3a057-2b88-4419-aa78-3c0214ba8c8a": {
"value": "
Hedged exposures
Santander UK hedges its exposures to various risks, including interest rate risk and foreign currency risk, as set out in the following table.
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | Accumulated amount of FV hedge adjustments | Change in value to calculate hedge ineffective ness | | | Accumulated amount of FV hedge adjustments | Change in value to calculate hedge ineffective ness |
| | | Portfolio hedge of interest rate risks | Of which Discontinued hedges | | | | Portfolio hedge of interest rate risks | Of which Discontinued hedges |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Loans and advances to customers | | | | | | | | | | | |
Other financial assets at amortised cost | | | | | | | | | | | |
Reverse repurchase agreements \u2013 non trading | | | | | | | | | | | |
Other financial assets at FVOCI | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other financial assets at FVOCI | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | Change in value to calculate hedge ineffectiveness | | Balances on cash flow hedge reserve for discontinued hedges | | Change in value to calculate hedge ineffectiveness | | Balances on cash flow hedge reserve for discontinued hedges |
| Hedged item balance sheet line item | | | | | | | |
| | | | | | | | |
| Loans and advances to customers | | | | | | | |
| Cash and balances at central banks | | | | | | | |
| Reverse repurchase agreements - non trading | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Repurchase agreements - non trading | | | | | | | |
| Other financial assets at FVOCI | | | | | | | |
| Not applicable \u2013 highly probable forecast transactions | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Repurchase agreements - non trading | | | | | | | |
| | | | | | | | |
| Debt securities in issue/loans and advances to customers | | | | | | | |
| | | | | | | | |
| Subordinated liabilities/loans and advances to customers | | | | | | | |
| | | | | | | | |
16. REVERSE REPURCHASE AGREEMENTS \u2013 NON TRADING
| | | | | |
| | | | | |
| | | | | |
| | | | |
| | | | | |
Agreements with customers | | | | | |
| | | | | |
\u00a0 \u00a0 \u00a0 2021 has been restated to reclassify \u00a34,102m\u00a0 from 'agreements with banks' to 'agreements with customers'.
Sale and repurchase agreements
The Santander UK group also enters into sale and repurchase agreements and similar transactions of debt securities. Upon entering into such transactions,\u00a0 the
Santander UK group provides collateral in excess of the borrowed amount. The carrying amount of assets that were so provided at 31 December 2022 was
\u00a311,553m (2021: \u00a315,368m), of which \u00a3900m (2021: \u00a3639m) was classified within \u2018Loans and advances to customers \u2013 securitisations and covered bonds\u2019 in the
table above.
Purchase and resale agreements
The Santander UK group also enters into purchase and resale agreements and similar transactions of debt securities. Upon entering into such transactions, the
Santander UK group receives collateral in excess of the loan amount. The level of collateral held is monitored daily and if required, further calls are made to ensure
the market values of collateral remains at least equal to the loan balance. The subsidiaries are permitted to sell or repledge the collateral held in the absence of
default. At 31 December 2022, the fair value of such collateral received was \u00a38,628m (2021: \u00a314,562m). Of the collateral received, almost all was sold or
repledged. The subsidiaries have an obligation to return collateral that they have sold or pledged.
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
Loans and advances to customers | | | | | | | | | | | |
Loans and advances to banks | | | | | | | | | | | |
Reverse repurchase agreements - non trading | | | | | | | | | | | |
Other financial assets at amortised cost | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Repurchase agreements - non trading | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
h) Maturities of financial liabilities and off-balance sheet commitments
The table below analyses the maturities of the undiscounted cash flows relating to financial liabilities and off-balance sheet commitments of Santander UK based
on the remaining period to the contractual maturity date at the balance sheet date. Deposits by customers largely consist of retail deposits. This table is not
intended to show the liquidity of Santander UK.
| | | | | | |
| | | | | | |
| | | Later than 3 months and not later than 1 year | Later than 1 year and not later than 5 years | | |
|
|
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
40. OFFSETTING FINANCIAL ASSETS AND LIABILITIES
The following table shows the impact of netting arrangements on:
\u2013All financial assets and liabilities that are reported net on the balance sheet
\u2013All derivative financial instruments 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 table identifies the amounts that have been offset in the balance sheet and also those amounts that are covered by enforceable netting arrangements
(offsetting arrangements and financial collateral) but do not qualify for netting under the requirements described above.
For derivative contracts, 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. For 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 if a counterparty defaults.
Santander UK engages in a variety of counterparty credit mitigation strategies in addition to netting and collateral arrangements. Therefore, the net amounts
presented in the tables below do not purport to represent Santander UK\u2019s actual credit exposure.
| | | | | | | | | |
| | | | | | | | | |
| Amounts subject to enforceable netting arrangements | Assets not subject to enforceable netting arrangements(2) | |
| Effects of offsetting on balance sheet | | Related amounts not offset | |
| | | Net amounts on balance sheet | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
For the Santander UK group, other financial assets at FVTPL comprised \u00a316m (2021: \u00a312m) of financial assets designated at FVTPL and \u00a3113m (2021: \u00a3173m) of
financial assets mandatorily held at FVTPL. For the Company, other financial assets at FVTPL comprised \u00a316m (2021: \u00a312m) of financial assets designated at FVTPL
and \u00a343m (2021: \u00a382m) of financial assets mandatorily held at FVTPL.
Loans and advances to customers principally represented other loans, being a portfolio of roll-up mortgages. These are managed, and have their performance
evaluated, on a fair value basis in accordance with a documented investment strategy, and information about them is provided on that basis to management. Since
2009, the Santander UK group\u2019s policy has been not to designate similar new loans at FVTPL.
The net loss in the year attributable to changes in credit risk for loans and advances at FVTPL was \u00a31m (2021: \u00a3nil, 2020: \u00a3nil). The cumulative net loss attributable
to changes in credit risk for loans and advances at FVTPL at 31 December 2022 was \u00a33m (2021: \u00a32m).
13. LOANS AND ADVANCES TO CUSTOMERS
| | | | | |
| | | |
| | | | | |
| | | | | |
Loans secured on residential properties | | | | | |
| | | | | |
| | | | | |
| | | | | |
Accrued interest and other adjustments | | | | | |
Amounts due from fellow Banco Santander subsidiaries and joint ventures | | | | | |
Amounts due from Santander UK Group Holdings plc | | | | | |
Amounts due from subsidiaries | | | | | |
Loans and advances to customers | | | | | |
Credit impairment loss allowances on loans and advances to customers | | | | | |
Residual value and voluntary termination provisions on finance leases | | | | | |
Net loans and advances to customers | | | | | |
review section of the Risk review.
Finance lease and hire purchase contract receivables may be analysed as follows:
| | | | | | | |
| | | | | | | |
| | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Later than one year and not later than two years | | | | | | | |
Later than two years and not later than three years | | | | | | | |
Later than three years and not later than four years | | | | | | | |
Later than four years and not later than five years | | | | | | | |
| | | | | | | |
| | | | | | | |
The following table sets out the internal and external issuances and redemptions in 2022 and 2021 for each securitisation and covered bond programme.
| | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Mortgage-backed master trust structures: | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other asset-backed securitisation structures: | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
The Company\u2019s asset backed securities include investments in debt securities issued by Santander UK structured entities.
18. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
| | | | | |
| | | | | |
| | | | | |
| | | | |
| | | | | |
Loans and advances to customers | | | | | |
| | | | | |
26. DEBT SECURITIES IN ISSUE
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 | | | | | |
| | | |
| | | | | |
| | | | | |
| | | | | |
\u2013 US$30bn Euro Medium Term Note Programme | | | | | |
\u2013 Euro 30bn Euro Medium Term Note Programme | | | | | |
- US SEC-registered Debt Programme - Santander UK plc | | | | | |
| | | | | |
Euro 35bn Global Covered Bond Programme | | | | | |
US$20bn Commercial Paper Programmes | | | | | |
| | | | | |
| | | | | |
Securitisation programmes | | | | | |
| | | | | |
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
Loans and advances to customers | | | | | | | | | | | |
Loans and advances to banks | | | | | | | | | | | |
Reverse repurchase agreements - non trading | | | | | | | | | | | |
Other financial assets at amortised cost | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Repurchase agreements - non trading | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
e) Fair values of financial instruments measured at fair value
The following tables summarise the fair values of the financial assets and liabilities accounted for at fair value at 31 December 2022 and 31 December 2021,
analysed by their levels in the fair value hierarchy - Level 1, Level 2 and Level 3.
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Derivative financial instruments | | | | | | | | | | | |
| | | | | | | | | | | |
| Equity and credit contracts | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other financial assets at FVTPL | Loans and advances to customers | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Financial assets at FVOCI | | | | | | | | | | | |
| Loans and advances to customers | | | | | | | | | | |
| | | | | | | | | | | |
Total assets at fair value | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Derivative financial instruments | | | | | | | | | | | |
| | | | | | | | | | | |
| Equity and credit contracts | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other financial liabilities at FVTPL | | | | | | | | | | | |
| | | | | | | | | | | |
| Collateral and associated financial guarantees | | | | | | | | | | |
| | | | | | | | | | | |
Total liabilities at fair value | | | | | | | | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV80NTU2L2ZyYWc6ZTQ3YzRiMzQyOTdkNGRkYmI2YzllZmZjNTg0MTBmNDIvdGV4dHJlZ2lvbjplNDdjNGIzNDI5N2Q0ZGRiYjZjOWVmZmM1ODQxMGY0Ml8xMjc1NDMzNDg4MjIwNTc_cd738ed9-e2e4-4dec-bcc7-d2e0df3a1a1a": {
"value": "
12. OTHER FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Loans and advances to customers: | | | | | |
Loans to housing associations | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
For the Santander UK group, other financial assets at FVTPL comprised \u00a316m (2021: \u00a312m) of financial assets designated at FVTPL and \u00a3113m (2021: \u00a3173m) of
financial assets mandatorily held at FVTPL. For the Company, other financial assets at FVTPL comprised \u00a316m (2021: \u00a312m) of financial assets designated at FVTPL
and \u00a343m (2021: \u00a382m) of financial assets mandatorily held at FVTPL.
Loans and advances to customers principally represented other loans, being a portfolio of roll-up mortgages. These are managed, and have their performance
evaluated, on a fair value basis in accordance with a documented investment strategy, and information about them is provided on that basis to management. Since
2009, the Santander UK group\u2019s policy has been not to designate similar new loans at FVTPL.
The net loss in the year attributable to changes in credit risk for loans and advances at FVTPL was \u00a31m (2021: \u00a3nil, 2020: \u00a3nil). The cumulative net loss attributable
to changes in credit risk for loans and advances at FVTPL at 31 December 2022 was \u00a33m (2021: \u00a32m).
22. OTHER FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
| | | | | |
| | | | | |
| | | | | |
| | | | |
US$30bn Euro Medium Term Note Programme | | | | | |
Structured Notes Programmes | | | | | |
| | | | | |
| | | | | |
Collateral and associated financial guarantees | | | | | |
| | | | | |
For the Santander UK group and the Company, all (2021: all) of the other financial liabilities at FVTPL were designated as such.
Collateral and associated financial guarantees in the table above represent collateral received, together with associated credit protection guarantees, in respect of
the proceeds of the retained senior tranches of credit linked notes described in Note 19.
Gains and losses arising from changes in the credit spread of securities issued by the Santander UK group reverse over the contractual life of the debt, provided that
the debt is not repaid at a premium or a discount. The net gain during the year attributable to changes in the Santander UK group\u2019s own credit risk on the above
securities was \u00a325m (2021: \u00a312m loss, 2020: \u00a33m loss). The cumulative net gain attributable to changes in the Santander UK group\u2019s own credit risk on the above
securities at 31 December 2022 was \u00a315m (2021: \u00a310m loss, 2020: \u00a33m loss).
At 31 December 2022, the amount that would be required to be contractually paid at maturity of the securities above was \u00a3138m higher (2021: \u00a3nil) higher than
the carrying value.
The table below provides an analysis of financial instruments valued using internal models based on information other than market data together with further
details on the valuation techniques used for each type of instrument. Each instrument is initially valued at transaction price:
| | | | | | | | |
| | | | | Fair value movements recognised in profit/(loss) |
| | | |
| | | | | | | | |
| | Financial instrument product type | | | | | | |
| Equity and credit contracts | Reversionary property interests | | | | | | |
| Loans and advances to customers | Roll-up mortgage portfolio | | | | | | |
| Loans and advances to customers | | | | | | | |
| | Reversionary property securities | | | | | | |
| | | | | | | | |
| Loans and advances to customers | | | | | | | |
7. Derivative liabilities | | Property options and forwards | | | | | | |
| | Credit protection guarantee | | | | | | |
| | | | | | | | |
| | | | | | | | |
Other Level 3 liabilities | | | | | | | | |
| | | | | | | | |
| | | | | | | |
(1)The range of actual assumption values used to calculate the weighted average disclosure.
(2)The HPI spot rate in the weighted average column represents the HPI spot rate index level at 31 December 2022 and 2021.
No sensitivities are presented for FVTPL assets \u2013 Debt securities, Credit Linked Notes (instrument 5) and FVTPL liabilities \u2013 financial guarantees (instrument 8), as
the terms of these instruments are fully matched. As a result, any changes in the valuation of the credit linked notes would be offset by an equal and opposite
change in the valuation of the financial guarantees.
h) Maturities of financial liabilities and off-balance sheet commitments
The table below analyses the maturities of the undiscounted cash flows relating to financial liabilities and off-balance sheet commitments of Santander UK based
on the remaining period to the contractual maturity date at the balance sheet date. Deposits by customers largely consist of retail deposits. This table is not
intended to show the liquidity of Santander UK.
| | | | | | |
| | | | | | |
| | | Later than 3 months and not later than 1 year | Later than 1 year and not later than 5 years | | |
|
|
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV80NTg4L2ZyYWc6ODAxMDM4OGEzYWJmNGExOWE3N2FiYjBmZWVlMWEzN2IvdGV4dHJlZ2lvbjo4MDEwMzg4YTNhYmY0YTE5YTc3YWJiMGZlZWUxYTM3Yl8xMjc1NDMzNDg4MjIxMzU_dd679d74-aa4d-4c79-854c-56ac8654f781": {
"value": "
13. LOANS AND ADVANCES TO CUSTOMERS
| | | | | |
| | | |
| | | | | |
| | | | | |
Loans secured on residential properties | | | | | |
| | | | | |
| | | | | |
| | | | | |
Accrued interest and other adjustments | | | | | |
Amounts due from fellow Banco Santander subsidiaries and joint ventures | | | | | |
Amounts due from Santander UK Group Holdings plc | | | | | |
Amounts due from subsidiaries | | | | | |
Loans and advances to customers | | | | | |
Credit impairment loss allowances on loans and advances to customers | | | | | |
Residual value and voluntary termination provisions on finance leases | | | | | |
Net loans and advances to customers | | | | | |
review section of the Risk review.
Finance lease and hire purchase contract receivables may be analysed as follows:
| | | | | | | |
| | | | | | | |
| | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Later than one year and not later than two years | | | | | | | |
Later than two years and not later than three years | | | | | | | |
Later than three years and not later than four years | | | | | | | |
Later than four years and not later than five years | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
Loans and advances to customers | | | | | | | | | | | |
Loans and advances to banks | | | | | | | | | | | |
Reverse repurchase agreements - non trading | | | | | | | | | | | |
Other financial assets at amortised cost | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Repurchase agreements - non trading | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
e) Fair values of financial instruments measured at fair value
The following tables summarise the fair values of the financial assets and liabilities accounted for at fair value at 31 December 2022 and 31 December 2021,
analysed by their levels in the fair value hierarchy - Level 1, Level 2 and Level 3.
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Derivative financial instruments | | | | | | | | | | | |
| | | | | | | | | | | |
| Equity and credit contracts | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other financial assets at FVTPL | Loans and advances to customers | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Financial assets at FVOCI | | | | | | | | | | | |
| Loans and advances to customers | | | | | | | | | | |
| | | | | | | | | | | |
Total assets at fair value | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Derivative financial instruments | | | | | | | | | | | |
| | | | | | | | | | | |
| Equity and credit contracts | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other financial liabilities at FVTPL | | | | | | | | | | | |
| | | | | | | | | | | |
| Collateral and associated financial guarantees | | | | | | | | | | |
| | | | | | | | | | | |
Total liabilities at fair value | | | | | | | | | | | |
40. OFFSETTING FINANCIAL ASSETS AND LIABILITIES
The following table shows the impact of netting arrangements on:
\u2013All financial assets and liabilities that are reported net on the balance sheet
\u2013All derivative financial instruments 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 table identifies the amounts that have been offset in the balance sheet and also those amounts that are covered by enforceable netting arrangements
(offsetting arrangements and financial collateral) but do not qualify for netting under the requirements described above.
For derivative contracts, 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. For 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 if a counterparty defaults.
Santander UK engages in a variety of counterparty credit mitigation strategies in addition to netting and collateral arrangements. Therefore, the net amounts
presented in the tables below do not purport to represent Santander UK\u2019s actual credit exposure.
| | | | | | | | | |
| | | | | | | | | |
| Amounts subject to enforceable netting arrangements | Assets not subject to enforceable netting arrangements(2) | |
| Effects of offsetting on balance sheet | | Related amounts not offset | |
| | | Net amounts on balance sheet | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
a) Fair value measurement and hierarchy
(i) Fair value measurement
The fair value of financial instruments is 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 in the principal, or in its absence, the most advantageous market to which Santander UK has access at that date. The fair
value of a liability reflects its non-performance risk.
Financial instruments valued using observable market prices
If a quoted market price in an active market is available for an instrument, the fair value is calculated as the current bid price multiplied by the number of units of
the instrument held.
Financial instruments valued using a valuation technique
In the absence of a quoted market price in an active market, management uses internal models to make its best estimate of the price that the market would set for
that financial instrument. In order to make these estimations, various techniques are employed, including extrapolation from observable market data and
observation of similar financial instruments with similar characteristics. Wherever possible, valuation parameters for each product are based on prices directly
observable in active markets or that can be derived from directly observable market prices. Chosen valuation techniques incorporate all the factors that market
participants would take into account in pricing transactions.
Santander UK manages certain groups of financial assets and liabilities on the basis of its net exposure to either market risks or credit risk. As a result, it has elected
to use the exception under IFRS 13 which permits the fair value measurement of a group of financial assets and financial liabilities on the basis of the price that
would be received to sell a net long position for a particular risk exposure or paid to transfer a net short position for a particular risk exposure in an orderly
transaction between market participants at the measurement date under current market conditions.
(ii) Fair value hierarchy
Santander UK applies the following fair value hierarchy that prioritises the inputs to valuation techniques used in measuring fair value. The hierarchy establishes
three categories for valuing financial instruments, giving the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the
lowest priority to unobservable inputs. The three categories are: quoted prices in active markets (Level 1), internal models based on observable market data (Level
2) and internal models based on other than observable market data (Level 3). If the inputs used to measure an asset or a liability fall to different levels within the
hierarchy, the classification of the entire asset or liability will be based on the lowest level input that is significant to the overall fair value measurement of the
asset or liability.
Santander UK categorises assets and liabilities measured at fair value within the fair value hierarchy based on the inputs to the valuation techniques as follows:
Level 1Unadjusted quoted prices for identical assets or liabilities in an active market that Santander UK can access at the measurement date. Active markets are
assessed by reference to average daily trading volumes in absolute terms and, where applicable, by reference to market capitalisation for the instrument.
Level 2Quoted prices in inactive markets, quoted prices for similar assets or liabilities, recent market transactions, inputs other than quoted market prices for
the asset or liability that are observable either directly or indirectly for substantially the full term, and inputs to valuation techniques that are derived principally
from or corroborated by observable market data through correlation or other statistical means for substantially the full term of the asset or liability.
Level 3Significant inputs to the pricing or valuation techniques are unobservable. These unobservable inputs reflect the assumptions that market participants
would use when pricing assets or liabilities and are considered significant to the overall valuation.
Changes in the observability of significant valuation inputs during the reporting period may result in a transfer of assets and liabilities within the fair value
hierarchy. The Santander UK group recognises transfers between levels of the fair value hierarchy when there is a significant change in either its principal market
or the level of observability of the inputs to the valuation techniques at the end of the reporting period.
b) Valuation techniques
The main valuation techniques employed in internal models to measure the fair value of the financial instruments at 31 December 2022 and 2021 are set out
below. In substantially all cases, the principal inputs into these models are derived from observable market data. Santander UK did not make any material changes
to the valuation techniques and internal models it used in 2022, 2021 and 2020.
A.In the valuation of financial instruments requiring static hedging (for example interest rate, currency derivatives and property derivatives) and in the valuation
of loans and advances and deposits, the \u2018present value\u2019 method is used. Expected future cash flows are discounted using the interest rate curves of the
applicable currencies or forward house price index levels, as well as credit spreads. The interest rate curves are generally observable market data and
reference yield curves derived from quoted interest rates in appropriate time bandings, which match the timings of the cash flows and maturities of the
instruments.
B.In the valuation of equity financial instruments requiring dynamic hedging (principally equity securities, options and other structured instruments), proprietary
local volatility and stochastic volatility models are used. These types of models are widely accepted in the financial services industry. Observable market
inputs used in these models include the bid-offer spread, foreign currency exchange rates, volatility and correlation between indices. In limited circumstances,
other inputs may be used in these models that are based on unobservable market data, such as the Halifax\u2019s UK HPI volatility, HPI forward growth, HPI spot
rate, mortality and mean reversion.
C.In the valuation of financial instruments exposed to interest rate risk that require either static or dynamic hedging (such as interest rate futures, caps and
floors, and options), the present value method (futures), Black\u2019s model (caps/floors) and the Hull/White and Markov functional models (Bermudan options)
are used. These types of models are widely accepted in the financial services industry. The significant inputs used in these models are observable market data,
including appropriate interest rate curves, volatilities, correlations and exchange rates. In limited circumstances, other inputs may be used in these models
that are based on unobservable market data, such as HPI volatility, HPI forward growth, HPI spot rate and mortality.
D.In the valuation of linear instruments such as credit risk and fixed-income derivatives, credit risk is measured using dynamic models similar to those used in
the measurement of interest rate risk. In the case of non-linear instruments, if the portfolio is exposed to credit risk such as credit derivatives, the probability
of default is determined using the credit default spread market. The main inputs used to determine the underlying cost of credit of credit derivatives are
quoted credit risk premiums and the correlation between the quoted credit derivatives of various issuers.
The fair values of the financial instruments arising from Santander UK\u2019s internal models take into account, among other things, contract terms and observable
market data, which include such factors as bid-offer spread, interest rates, credit risk, exchange rates, the quoted market price of equity securities, volatility and
prepayments. In all cases, when it is not possible to derive a valuation for a particular feature of an instrument, management uses judgement to determine the fair
value of the particular feature. In exercising this judgement, a variety of tools are used including proxy observable data, historical data and extrapolation
techniques. Extrapolation techniques take into account behavioural characteristics of equity markets that have been observed over time, and for which there is a
strong case to support an expectation of a continuing trend in the future. Estimates are calibrated to observable market prices when they become available.
Santander UK believes its valuation methods are appropriate and consistent with other market participants. Nevertheless, the use of different valuation methods
or assumptions, including imprecision in estimating unobservable market inputs, to determine the fair value of certain financial instruments could result in
different estimates of fair value at the reporting date and the amount of gain or loss recorded for a particular instrument. Most of the valuation models are not
significantly subjective, because they can be tested and, if necessary, recalibrated by the internal calculation of and subsequent comparison to market prices of
actively traded securities, where available.
c) Control framework
Fair values are subject to a control framework designed to ensure that they are either determined or validated by a function independent of the risk-taker. To this
end, ultimate responsibility for the determination of fair values lies with the Risk Department. For all financial instruments where fair values are determined by
reference to externally quoted prices or observable pricing inputs to models, independent price determination or verification is utilised. In inactive markets, direct
observation of a traded price may not be possible. In these circumstances, Santander UK will source alternative market information to validate the financial
instrument\u2019s fair value, with greater weight given to information that is considered to be more relevant and reliable.
The factors that are considered in this regard include:
\u2013The extent to which prices may be expected to represent genuine traded or tradeable prices
\u2013The degree of similarity between financial instruments
\u2013The degree of consistency between different sources
\u2013The process followed by the pricing provider to derive the data
\u2013The elapsed time between the date to which the market data relates and the balance sheet date
\u2013The manner in which the data was sourced.
The source of pricing data is considered as part of the process that determines the classification of the level of a financial instrument. Consideration is given to the
quality of the information available that provides the current mark-to-model valuation and estimates of how different these valuations could be on an actual trade,
taking into consideration how active the market is. For spot assets that cannot be sold due to illiquidity, forward estimates are discounted to estimate a realisable
value over time. Adjustments for illiquid positions are regularly reviewed to reflect changing market conditions.
For fair values determined using a valuation model, the control framework may include as applicable, independent development and / or validation of: (i) the logic
within the models; (ii) the inputs to those models; and (iii) any adjustments required outside the models. Internal valuation models are validated independently
within the Risk Department. A validation report is produced for each model-derived valuation that assesses the mathematical assumptions behind the model, the
implementation of the model and its integration within the trading system.
d) Fair values of financial instruments carried at amortised cost
The following tables analyse the fair value of the financial instruments carried at amortised cost at 31 December 2022 and 2021, including their levels in the fair
value hierarchy - Level 1, Level 2 and Level 3. It does not include fair value information for financial assets and financial liabilities carried at amortised cost if the
carrying amount is a reasonable approximation of fair value. Cash and balances at central banks, which consist of demand deposits with the Bank of England,
together with cash in tills and ATMs, have been excluded from the table as the carrying amount is deemed an appropriate approximation of fair value.
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
Loans and advances to customers | | | | | | | | | | | |
Loans and advances to banks | | | | | | | | | | | |
Reverse repurchase agreements - non trading | | | | | | | | | | | |
Other financial assets at amortised cost | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Repurchase agreements - non trading | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
The carrying value above of any financial assets and liabilities that are designated as hedged items in a portfolio (or macro) fair value hedge relationship excludes
gains and losses attributable to the hedged risk, as this is included as a separate line item on the balance sheet.
Valuation methodology for financial instruments carried at amortised cost
The valuation approach to specific categories of financial instruments is described below.
Assets:
Loans and advances to customers
The approach to estimating the fair value of loans and advances to customers has been determined by discounting expected cash flows to reflect either current
market rates or credit spreads relevant to the specific industry of the borrower. The determination of their fair values is an area of considerable estimation and
uncertainty as there is no observable market and values are significantly affected by customer behaviour.
i) Advances secured on residential property
The fair value of the mortgage portfolio is calculated by discounting contractual cash flows by different spreads for each LTV Band, after taking account of expected
customer prepayment rates. The spread is based on new business interest rates derived from publicly available competitor market information.
ii) Corporate loans
The determination of the fair values of performing loans is calculated by discounting the contractual cash flows and also deducting other costs relating to expected
credit losses, cost of capital, credit risk capital, operational risk capital, cost of funding and operating costs.
iii) Other loans
These consist of unsecured personal loans, credit cards, overdrafts and consumer (auto) finance. The weighted average lives of these portfolios are typically short
and relate to relatively new business. For unsecured personal loans and consumer (auto) finance loans, a small surplus or deficit has been recognised based on the
differential between existing portfolio margins and the current contractual interest rates.
Loans and advances to banks
These comprise secured loans, short-term placements with banks including collateral and unsettled financial transactions. The secured loans have been valued
based on a discounted spread for the term of the loans using valuation technique A as described above. The carrying amount of the other items is deemed a
reasonable approximation of their fair value, as the transactions are very short-term in duration.
Reverse repurchase agreements - non-trading
The fair value of the reverse repurchase agreements - non trading has been estimated using valuation technique A as described above, using a spread appropriate
to the underlying collateral.
Other financial assets at amortised cost
These consist of asset backed securities and debt securities. The asset backed securities can be complex products and in some instances are valued with the
assistance of an independent, specialist valuation firm. These fair values are determined using industry-standard valuation techniques, including discounted cash
flow models. The inputs to these models used in these valuation techniques include quotes from market makers, prices of similar assets, adjustments for
differences in credit spreads, and additional quantitative and qualitative research. The debt security investments consist of a portfolio of government debt
securities. The fair value of this portfolio has been determined using quoted market prices.
Liabilities:
Deposits by customers
The majority of deposit liabilities are payable on demand and therefore can be deemed short-term in nature with the fair value equal to the carrying value. Certain
of the deposit liabilities are at a fixed rate until maturity. The deficit/surplus of fair value over carrying value of these liabilities has been estimated by reference to
the market rates available at the balance sheet date for similar deposit liabilities of similar maturities. The fair value of such deposit liabilities has been estimated
using valuation technique A as described above.
Deposits by banks
The fair value of deposits by banks, including repos, has been estimated using valuation technique A as described above, discounted at the appropriate credit
spread.
Repurchase agreements - non trading
The fair value of the repurchase agreements - non trading has been estimated using valuation technique A as described above, discounted at a spread appropriate
to the underlying collateral.
Debt securities in issue and subordinated liabilities
Where reliable prices are available, the fair value of debt securities in issue and subordinated liabilities has been calculated using quoted market prices. Where
reliable prices are not available, internal models have been used to determine fair values, which take into account, among other things, contract terms and
observable market data, which include such factors as interest rates, credit risk and exchange rates. In all cases, when it is not possible to derive a valuation for a
particular feature of an instrument, management uses judgement to determine the fair value of the particular feature. In exercising this judgement, a variety of
tools are used including proxy observable data.
e) Fair values of financial instruments measured at fair value
The following tables summarise the fair values of the financial assets and liabilities accounted for at fair value at 31 December 2022 and 31 December 2021,
analysed by their levels in the fair value hierarchy - Level 1, Level 2 and Level 3.
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Derivative financial instruments | | | | | | | | | | | |
| | | | | | | | | | | |
| Equity and credit contracts | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other financial assets at FVTPL | Loans and advances to customers | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Financial assets at FVOCI | | | | | | | | | | | |
| Loans and advances to customers | | | | | | | | | | |
| | | | | | | | | | | |
Total assets at fair value | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Derivative financial instruments | | | | | | | | | | | |
| | | | | | | | | | | |
| Equity and credit contracts | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other financial liabilities at FVTPL | | | | | | | | | | | |
| | | | | | | | | | | |
| Collateral and associated financial guarantees | | | | | | | | | | |
| | | | | | | | | | | |
Total liabilities at fair value | | | | | | | | | | | |
Transfers between levels of the fair value hierarchy
In 2022 there were no\u00a0significant (2021: no significant) transfers of financial instruments between levels of the fair value hierarchy.
f) Fair value adjustments
The internal models incorporate assumptions that Santander UK believes would be made by a market participant to establish fair value. Fair value adjustments are
adopted when Santander UK considers that there are additional factors that would be considered by a market participant that are not incorporated in the valuation
model.
Santander UK classifies fair value adjustments as either \u2018risk-related\u2019 or \u2018model-related\u2019. The fair value adjustments form part of the portfolio fair value and are
included in the balance sheet values of the product types to which they have been applied. The fair value adjustments are set out in the following table:
| | |
| | |
| | |
| | |
- Bid-offer and trade specific adjustments | | |
| | |
| | |
- Funding fair value adjustment | | |
| | |
| | |
| | |
(1)The range of actual assumption values used to calculate the weighted average disclosure.
(2)The HPI spot rate in the weighted average column represents the HPI spot rate index level at 31 December 2022 and 2021.
No sensitivities are presented for FVTPL assets \u2013 Debt securities, Credit Linked Notes (instrument 5) and FVTPL liabilities \u2013 financial guarantees (instrument 8), as
the terms of these instruments are fully matched. As a result, any changes in the valuation of the credit linked notes would be offset by an equal and opposite
change in the valuation of the financial guarantees.
",
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19. INTERESTS IN OTHER ENTITIES
The Santander UK group consists of a parent company, Santander UK plc, incorporated and domiciled in the UK and a number of subsidiaries and joint ventures
held directly and indirectly by it. Details of subsidiaries and joint ventures are set out in the Shareholder Information section and form an integral part of these
financial statements.
a) Interests in subsidiaries
The Company holds directly or indirectly 100% of the issued ordinary share capital of its principal subsidiaries. All companies operate principally in their country of
incorporation or registration.
Interests in consolidated structured entities
Structured entities are formed by Santander UK to accomplish specific and well-defined objectives. Santander UK consolidated these structured entities when the
substance of the relationship indicates control, as described in Note 1.\u00a0 In addition to the structured entities disclosed in Note14 which are used for securitisation
and covered bond programmes, the only other structured entities consolidated by Santander UK are described below. All the external assets and liabilities in these
entities are included in the financial statements and ion relevant notes. Other than as set out below, no significant judgements were required with respect to
control or significant influence.
Motor Securities 2018-1 Designated Activity Company (Motor 2018)
Motor 2018 is a credit protection entity, and a Designated Activity Company limited by shares, incorporated in Ireland. It has issued a series of credit linked notes
varying in seniority which reference portfolios of Santander UK group loans. Concurrently, these entity sells credit protection to Santander UK in respect of the
referenced loans and, in return for a fee, is liable to make protection payments to Santander UK upon the occurrence of a credit event in relation to any of the
referenced loans. Motor 2018 is consolidated as Santander UK holds a variable interest by retaining the junior tranche of notes issued by the entity.
b) Interests in joint ventures
Santander UK does not have any individually material interests in joint ventures. In 2022, Santander UK\u2019s share in the profit after tax of its joint ventures was \u00a336m
(2021: \u00a322m) before elimination of transactions between Santander UK and the joint ventures. At 31 December 2022, the carrying amount of Santander UK\u2019s
interest was \u00a3252m (2021: \u00a3201m). At 31 December 2022 and 2021, the joint ventures had no commitments and contingent liabilities.
c) Interests in unconsolidated structured entities
Structured entities sponsored by the Santander UK group
Santander UK has interests in structured entities which it sponsors but does not control. Santander UK considers itself a sponsor of\u00a0 structured entity when it
facilitates the establishment of the structured entity. Other than as set out below, no significant judgements were required with respect to control or significant
influence.The structured entities sponsored but not consolidated by Santander UK are as follows:
i) Santander (UK) Common Investment Fund (the Fund)
The Fund is a common investment fund that was established to hold the assets of the Santander (UK) Group Pension Scheme. The Fund is not consolidated by
Santander UK, but its assets of \u00a38,646m (2021: \u00a314,100m) are accounted for as part of the defined benefit assets and obligations recognised on Santander UK\u2019s
balance sheet. For more on the Fund, see Note 30. As the Fund holds the assets of the pension scheme, it is outside the scope of IFRS 10. Santander UK\u2019s maximum
exposure to loss is the carrying amount of the assets held.
ii) Credit protection entities
Santander UK has established four (2021: three) unconsolidated credit protection entities, which are Designated Activity Companies limited by shares, incorporated
in Ireland. Each entity has issued a series of credit linked notes varying in seniority which reference portfolios of Santander UK group loans. Concurrently, these
entities sell credit protection to Santander UK in respect of the referenced loans and, in return for a fee, are liable to make protection payments to Santander UK
upon the occurrence of a credit event in relation to any of the referenced loans. Senior credit linked notes, which amounted to \u00a3180m (2021: \u00a31,184m), are issued
to, and held by, Santander UK. Junior credit linked notes, which amounted to \u00a3465m (2021: \u00a3619m), are all held by third party investors and suffer losses incurred
in the referenced portfolios after any tranche of risk that has been assumed by Santander UK. Funds raised by the sale of the credit linked notes are deposited with
Santander UK as collateral for the credit protection.
The senior credit linked notes, along with the deposits and associated guarantees, are presented on a net basis, to reflect a legal right of set-off between the
principal amounts of senior notes and the cash deposits. Deposits and associated guarantees in respect of the junior credit linked notes are included in \u2018Deposits by
customers\u2019 (see Note 23). The entities are not consolidated by Santander UK because the third-party investors have the exposure, or rights, to all of the variability
of returns from the performance of the entities. No assets are transferred to, or income received from, these entities. Since the credit linked notes (including those
held by Santander UK) are fully cash collateralised, Santander UK\u2019s maximum exposure to loss is equal to any unamortised fees paid to the entities in connection
with the credit protection outlined above.
Structured entities not sponsored by the Santander UK group
Santander UK also has interests in structured entities which it does not sponsor or control. These consist of holdings of mortgage and other asset backed securities
issued by entities that were established and/or sponsored by other unrelated financial institutions. These securities comprise the asset backed securities included
in Note 17. Management has concluded that the Santander UK group has no control or significant influence over these entities and that the carrying value of the
interests held in these entities represents the maximum exposure to loss.
",
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a) Interests in subsidiaries
The Company holds directly or indirectly 100% of the issued ordinary share capital of its principal subsidiaries. All companies operate principally in their country of
incorporation or registration.
Interests in consolidated structured entities
Structured entities are formed by Santander UK to accomplish specific and well-defined objectives. Santander UK consolidated these structured entities when the
substance of the relationship indicates control, as described in Note 1.\u00a0 In addition to the structured entities disclosed in Note14 which are used for securitisation
and covered bond programmes, the only other structured entities consolidated by Santander UK are described below. All the external assets and liabilities in these
entities are included in the financial statements and ion relevant notes. Other than as set out below, no significant judgements were required with respect to
control or significant influence.
Motor Securities 2018-1 Designated Activity Company (Motor 2018)
Motor 2018 is a credit protection entity, and a Designated Activity Company limited by shares, incorporated in Ireland. It has issued a series of credit linked notes
varying in seniority which reference portfolios of Santander UK group loans. Concurrently, these entity sells credit protection to Santander UK in respect of the
referenced loans and, in return for a fee, is liable to make protection payments to Santander UK upon the occurrence of a credit event in relation to any of the
referenced loans. Motor 2018 is consolidated as Santander UK holds a variable interest by retaining the junior tranche of notes issued by the entity.
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"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xMjcxMi9mcmFnOmNhMWI2Yzg0YWExYzRhMTk4N2UyNDc1Y2JiMmE2NWEyL3RleHRyZWdpb246Y2ExYjZjODRhYTFjNGExOTg3ZTI0NzVjYmIyYTY1YTJfMTI3NTQzMzQ4ODIyMjk4_59af7054-82b2-44d0-85c9-4fe3f3ca73be": {
"value": "
b) Interests in joint ventures
Santander UK does not have any individually material interests in joint ventures. In 2022, Santander UK\u2019s share in the profit after tax of its joint ventures was \u00a336m
(2021: \u00a322m) before elimination of transactions between Santander UK and the joint ventures. At 31 December 2022, the carrying amount of Santander UK\u2019s
interest was \u00a3252m (2021: \u00a3201m). At 31 December 2022 and 2021, the joint ventures had no commitments and contingent liabilities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xMjcxMi9mcmFnOmNhMWI2Yzg0YWExYzRhMTk4N2UyNDc1Y2JiMmE2NWEyL3RleHRyZWdpb246Y2ExYjZjODRhYTFjNGExOTg3ZTI0NzVjYmIyYTY1YTJfMTI3NTQzMzQ4ODIyMjk4_ae2fdb5f-4a50-4144-8f41-0d2078d0433a": {
"value": "
b) Interests in joint ventures
Santander UK does not have any individually material interests in joint ventures. In 2022, Santander UK\u2019s share in the profit after tax of its joint ventures was \u00a336m
(2021: \u00a322m) before elimination of transactions between Santander UK and the joint ventures. At 31 December 2022, the carrying amount of Santander UK\u2019s
interest was \u00a3252m (2021: \u00a3201m). At 31 December 2022 and 2021, the joint ventures had no commitments and contingent liabilities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xMjcxMi9mcmFnOmNhMWI2Yzg0YWExYzRhMTk4N2UyNDc1Y2JiMmE2NWEyL3RleHRyZWdpb246Y2ExYjZjODRhYTFjNGExOTg3ZTI0NzVjYmIyYTY1YTJfMTI3NTQzMzQ4ODIyMjk5_a74670af-9955-4b3a-81e1-bca99536b150": {
"value": "
c) Interests in unconsolidated structured entities
Structured entities sponsored by the Santander UK group
Santander UK has interests in structured entities which it sponsors but does not control. Santander UK considers itself a sponsor of\u00a0 structured entity when it
facilitates the establishment of the structured entity. Other than as set out below, no significant judgements were required with respect to control or significant
influence.The structured entities sponsored but not consolidated by Santander UK are as follows:
i) Santander (UK) Common Investment Fund (the Fund)
The Fund is a common investment fund that was established to hold the assets of the Santander (UK) Group Pension Scheme. The Fund is not consolidated by
Santander UK, but its assets of \u00a38,646m (2021: \u00a314,100m) are accounted for as part of the defined benefit assets and obligations recognised on Santander UK\u2019s
balance sheet. For more on the Fund, see Note 30. As the Fund holds the assets of the pension scheme, it is outside the scope of IFRS 10. Santander UK\u2019s maximum
exposure to loss is the carrying amount of the assets held.
ii) Credit protection entities
Santander UK has established four (2021: three) unconsolidated credit protection entities, which are Designated Activity Companies limited by shares, incorporated
in Ireland. Each entity has issued a series of credit linked notes varying in seniority which reference portfolios of Santander UK group loans. Concurrently, these
entities sell credit protection to Santander UK in respect of the referenced loans and, in return for a fee, are liable to make protection payments to Santander UK
upon the occurrence of a credit event in relation to any of the referenced loans. Senior credit linked notes, which amounted to \u00a3180m (2021: \u00a31,184m), are issued
to, and held by, Santander UK. Junior credit linked notes, which amounted to \u00a3465m (2021: \u00a3619m), are all held by third party investors and suffer losses incurred
in the referenced portfolios after any tranche of risk that has been assumed by Santander UK. Funds raised by the sale of the credit linked notes are deposited with
Santander UK as collateral for the credit protection.
The senior credit linked notes, along with the deposits and associated guarantees, are presented on a net basis, to reflect a legal right of set-off between the
principal amounts of senior notes and the cash deposits. Deposits and associated guarantees in respect of the junior credit linked notes are included in \u2018Deposits by
customers\u2019 (see Note 23). The entities are not consolidated by Santander UK because the third-party investors have the exposure, or rights, to all of the variability
of returns from the performance of the entities. No assets are transferred to, or income received from, these entities. Since the credit linked notes (including those
held by Santander UK) are fully cash collateralised, Santander UK\u2019s maximum exposure to loss is equal to any unamortised fees paid to the entities in connection
with the credit protection outlined above.
Structured entities not sponsored by the Santander UK group
Santander UK also has interests in structured entities which it does not sponsor or control. These consist of holdings of mortgage and other asset backed securities
issued by entities that were established and/or sponsored by other unrelated financial institutions. These securities comprise the asset backed securities included
in Note 17. Management has concluded that the Santander UK group has no control or significant influence over these entities and that the carrying value of the
interests held in these entities represents the maximum exposure to loss.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8yNDEvZnJhZzpjNDIxZTQxN2UzNTY0YWU4ODNlMTVmMWZiNDY1MTUyZS90ZXh0cmVnaW9uOmM0MjFlNDE3ZTM1NjRhZTg4M2UxNWYxZmI0NjUxNTJlXzEyNzU0MzM0ODgzNTAwMQ_37a6c96b-604c-4616-907f-2c33bc62fc4c": {
"value": "
20. INTANGIBLE ASSETS
a) Goodwill
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | |
At 31 December 2021 and 1 January 2022 | | | | | | | |
| | | | | | | |
| | | | | | | |
Impairment of goodwill
In 2022 and 2021, no significant impairment of goodwill was recognised. Goodwill is tested for impairment annually at 31 December, with a review for
impairment indicators at 30 June. Goodwill is tested for impairment if reviews identify an impairment indicator or when events or changes in circumstances
dictate.
The annual review identified that the risks of Covid-19 have reduced significantly; however rising inflation, exacerbated by the conflict in Ukraine, places increasing
uncertainty on the UK economic trajectory, and its potential impact on the carrying value of goodwill as impairment indicators for all cash-generating units (CGUs).
As a result, management updated the impairment test at 31 December 2022 for all CGUs.
Basis of the recoverable amount
The recoverable amount of all CGUs was determined based on its value in use (VIU) methodology at each testing date. For each CGU, the VIU is calculated by
discounting management\u2019s cash flow projections for the CGU. The cash flow projections also take account of increased internal capital allocations needed to
achieve internal and regulatory capital targets including the leverage ratio. The key assumptions used in the VIU calculation for each CGU are set out below. The
Retail Banking segment consists of the Private Banking CGU and the rest of Retail Banking, known as the Personal Financial Services CGU.
Carrying amount of Goodwill by CGU and key assumptions in the VIU calculation
| | | | | | | | |
| | | | | | | Growth rate beyond initial cash flow projections |
| | | | | | | | |
| | | | | | | | |
Personal Financial Services | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
The CGUs do not carry on their balance sheets any other intangible assets with indefinite useful lives.
Management\u2019s judgement in estimating the cash flows of a CGU
The cash flow projections for the purpose of impairment testing for each CGU are derived from the latest 3-year plan presented to the Board. The Board challenges
and endorses management\u2019s planning assumptions in light of internal capital allocations needed to support Santander UK\u2019s strategy, current market conditions
and the macroeconomic outlook. For the goodwill impairment tests conducted at 31 December 2022, the determination of the carrying amount of the Personal
Financial Services CGU was based on an allocation of regulatory capital and management\u2019s cash flow projections until the end of 2025. The assumptions included
in the cash flow projections reflect an allocation to the cost of capital to support future growth, as well as the expected impact of recent events in the UK economic
environment on the financial outlook within which the CGUs operate. The cash flow projections are supported by Santander UK\u2019s base case economic scenario. For
more on the base case economic scenario, including our forecasting approach and the assumptions in place at 31 December 2022, see the Credit risk \u2013 Santander
UK group level section of the Risk review. The cash flow projections take into account the likely impact of recent changes to the BoE Bank Rate, inflation and also
consider the impact of future climate change.
Cash flow projections for the purpose of impairment testing do not take account of any adverse outcomes arising from contingent liabilities (see Note 31), whose
existence will be confirmed by uncertain future events or where any obligation is not probable or otherwise cannot be measured reliably, nor do they take account
of the benefits arising from Santander UK\u2019s transformation plans that had not yet been implemented or committed at 31 December 2022.
Discount rate
The rate used to discount the cash flows is based on the cost of equity assigned to each CGU, which is derived using a capital asset pricing model (CAPM) and
calculated on a post-tax basis. The CAPM depends on a number of inputs reflecting financial and economic variables, including the risk-free rate and a premium to
reflect the inherent risk of the business being evaluated. These variables are based on the market\u2019s assessment of the economic variables and management\u2019s
judgement. The inputs to the CAPM are observable on a post-tax basis. In determining the discount rate, management have identified the cost of equity associated
with market participants that closely resemble our CGUs and adjusted them for tax to arrive at the pre-tax equivalent rate. The Private Banking CGU has a different
discount rate compared to the Personal Financial Services CGU because different market participants closely resemble each CGU.
Growth rate beyond initial cash flow projections
The growth rate for periods beyond the initial cash flow projections is used to extrapolate the cash flows in perpetuity because of the long-term perspective of
CGUs. In line with the accounting requirements, management uses the UK Government\u2019s official estimate of UK long-term average GDP growth rate, as this is
lower than management's estimate of the long-term average growth rate of the business. The estimated UK long-term average GDP growth rate has regard to the
long-term impact of inherent uncertainties, such as Brexit, climate change and higher living costs, driven by high inflation and rising interest rates.
Goodwill arising on the acquisition of Personal Financial Services and Private Banking
The VIU of each CGU remains higher than the carrying value of the related goodwill. The VIU review at 31 December 2022 did not indicate the need for an
impairment in the Company\u2019s goodwill balances. Management considered the level of headroom and the uncertainty relating to the respective estimates of the
VIU for those CGUs but determined that there was a sufficient basis to conclude that no impairment was required.
Sensitivities of key assumptions in calculating the value in use
At 31 December 2022 and 31 December 2021, the VIU of the Personal Financial Services CGU was sensitive to reasonably possible changes in the key assumptions
supporting the recoverable amount.
The table below presents a summary of the key assumptions underlying the most sensitive inputs to the model for the Personal Financial Services CGU, the key
risks associated with each and details of a reasonably possible change in assumptions, such as a decrease in mortgage new business. The sensitivity analysis
presented below has been prepared on the basis that a change in each key assumption would not have a consequential impact on other assumptions used in the
impairment review. However, due to the interrelationships between some of the assumptions, a change in one of the assumptions might impact one or more of
the other assumptions and could result in a larger or smaller overall impact.
The VIU calculation is not sensitive overall to the UK long-term average GDP growth rate assumption given the amount of headroom as the increased profit after
tax generated by growth of the business is mostly offset by the need to retain more profit to meet increased regulatory capital requirements driven by the growth
in assets. No reasonably possible change in the growth rate assumption would have resulted in an impairment.
Reasonably possible changes in key assumptions
| | | | |
| | | | Reasonably possible change |
Personal Financial Services | | \u2013BoE Bank Rate \u2013UK house price growth \u2013UK mortgage loan market growth \u2013UK unemployment rate \u2013Position in the market \u2013Regulatory capital levels. | \u2013Uncertain market outlook \u2013Higher interest rate environment impact on customer affordability \u2013Customer remediation and regulatory action outcomes \u2013Uncertain regulatory capital requirements. | \u2013Cash flow projections decrease by 5% (2021: 5%). |
| \u2013Discount rate used is a reasonable estimate of a suitable market rate for the profile of the business. | \u2013Market rates of interest rise. | \u2013Discount rate increases by 100 basis points (2021: 100 basis points). |
Sensitivity of Value in use changes to current assumptions to achieve nil headroom
Although there was no impairment of goodwill relating to the Personal Financial Services CGU or the Private Banking CGU at 31 December 2022, the test for the
Personal Financial Services CGU remains sensitive to some of the assumptions used, as described above. In addition, the changes in assumptions detailed below for
the discount rate and cash flow projections would eliminate the current headroom. As a result, there is a risk of impairment in the future should business
performance or economic factors diverge from forecasts.
In 2022, there was an increase in headroom arising from an increase in profitability and cash flows forecast as interest rates have risen, alongside a reduction in the
required leverage capital requirement, which was partially offset by an increase in the discount rate.
The sensitivity analysis presented below has been prepared on the basis that a change in each key assumption would not have a consequential impact on other
assumptions used in the impairment review. However, due to the interrelationships between some of the assumptions, a change in one of the assumptions might
impact one or more of the other assumptions and could result in a larger or smaller overall impact.
| | | | | |
| | | | Increase in discount rate | |
| | | | | |
Personal Financial Services | | | | | |
| | | | | |
| | | | | |
Personal Financial Services | | | | | |
| | | | | | | |
| | | | | | | |
| | Accumulated amortisation/ impairment | | | | Accumulated amortisation/ impairment | |
| | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
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| | | | | | | |
| | | | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8yNDEvZnJhZzpjNDIxZTQxN2UzNTY0YWU4ODNlMTVmMWZiNDY1MTUyZS90ZXh0cmVnaW9uOmM0MjFlNDE3ZTM1NjRhZTg4M2UxNWYxZmI0NjUxNTJlXzEyNzU0MzM0ODgzNTAwMg_3cc26618-0a07-4337-b74f-d55828edd0e9": {
"value": "
a) Goodwill
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | |
At 31 December 2021 and 1 January 2022 | | | | | | | |
| | | | | | | |
| | | | | | | |
Impairment of goodwill
In 2022 and 2021, no significant impairment of goodwill was recognised. Goodwill is tested for impairment annually at 31 December, with a review for
impairment indicators at 30 June. Goodwill is tested for impairment if reviews identify an impairment indicator or when events or changes in circumstances
dictate.
The annual review identified that the risks of Covid-19 have reduced significantly; however rising inflation, exacerbated by the conflict in Ukraine, places increasing
uncertainty on the UK economic trajectory, and its potential impact on the carrying value of goodwill as impairment indicators for all cash-generating units (CGUs).
As a result, management updated the impairment test at 31 December 2022 for all CGUs.
Basis of the recoverable amount
The recoverable amount of all CGUs was determined based on its value in use (VIU) methodology at each testing date. For each CGU, the VIU is calculated by
discounting management\u2019s cash flow projections for the CGU. The cash flow projections also take account of increased internal capital allocations needed to
achieve internal and regulatory capital targets including the leverage ratio. The key assumptions used in the VIU calculation for each CGU are set out below. The
Retail Banking segment consists of the Private Banking CGU and the rest of Retail Banking, known as the Personal Financial Services CGU.
Carrying amount of Goodwill by CGU and key assumptions in the VIU calculation
| | | | | | | | |
| | | | | | | Growth rate beyond initial cash flow projections |
| | | | | | | | |
| | | | | | | | |
Personal Financial Services | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
The CGUs do not carry on their balance sheets any other intangible assets with indefinite useful lives.
Management\u2019s judgement in estimating the cash flows of a CGU
The cash flow projections for the purpose of impairment testing for each CGU are derived from the latest 3-year plan presented to the Board. The Board challenges
and endorses management\u2019s planning assumptions in light of internal capital allocations needed to support Santander UK\u2019s strategy, current market conditions
and the macroeconomic outlook. For the goodwill impairment tests conducted at 31 December 2022, the determination of the carrying amount of the Personal
Financial Services CGU was based on an allocation of regulatory capital and management\u2019s cash flow projections until the end of 2025. The assumptions included
in the cash flow projections reflect an allocation to the cost of capital to support future growth, as well as the expected impact of recent events in the UK economic
environment on the financial outlook within which the CGUs operate. The cash flow projections are supported by Santander UK\u2019s base case economic scenario. For
more on the base case economic scenario, including our forecasting approach and the assumptions in place at 31 December 2022, see the Credit risk \u2013 Santander
UK group level section of the Risk review. The cash flow projections take into account the likely impact of recent changes to the BoE Bank Rate, inflation and also
consider the impact of future climate change.
Cash flow projections for the purpose of impairment testing do not take account of any adverse outcomes arising from contingent liabilities (see Note 31), whose
existence will be confirmed by uncertain future events or where any obligation is not probable or otherwise cannot be measured reliably, nor do they take account
of the benefits arising from Santander UK\u2019s transformation plans that had not yet been implemented or committed at 31 December 2022.
Discount rate
The rate used to discount the cash flows is based on the cost of equity assigned to each CGU, which is derived using a capital asset pricing model (CAPM) and
calculated on a post-tax basis. The CAPM depends on a number of inputs reflecting financial and economic variables, including the risk-free rate and a premium to
reflect the inherent risk of the business being evaluated. These variables are based on the market\u2019s assessment of the economic variables and management\u2019s
judgement. The inputs to the CAPM are observable on a post-tax basis. In determining the discount rate, management have identified the cost of equity associated
with market participants that closely resemble our CGUs and adjusted them for tax to arrive at the pre-tax equivalent rate. The Private Banking CGU has a different
discount rate compared to the Personal Financial Services CGU because different market participants closely resemble each CGU.
Growth rate beyond initial cash flow projections
The growth rate for periods beyond the initial cash flow projections is used to extrapolate the cash flows in perpetuity because of the long-term perspective of
CGUs. In line with the accounting requirements, management uses the UK Government\u2019s official estimate of UK long-term average GDP growth rate, as this is
lower than management's estimate of the long-term average growth rate of the business. The estimated UK long-term average GDP growth rate has regard to the
long-term impact of inherent uncertainties, such as Brexit, climate change and higher living costs, driven by high inflation and rising interest rates.
Goodwill arising on the acquisition of Personal Financial Services and Private Banking
The VIU of each CGU remains higher than the carrying value of the related goodwill. The VIU review at 31 December 2022 did not indicate the need for an
impairment in the Company\u2019s goodwill balances. Management considered the level of headroom and the uncertainty relating to the respective estimates of the
VIU for those CGUs but determined that there was a sufficient basis to conclude that no impairment was required.
Sensitivities of key assumptions in calculating the value in use
At 31 December 2022 and 31 December 2021, the VIU of the Personal Financial Services CGU was sensitive to reasonably possible changes in the key assumptions
supporting the recoverable amount.
The table below presents a summary of the key assumptions underlying the most sensitive inputs to the model for the Personal Financial Services CGU, the key
risks associated with each and details of a reasonably possible change in assumptions, such as a decrease in mortgage new business. The sensitivity analysis
presented below has been prepared on the basis that a change in each key assumption would not have a consequential impact on other assumptions used in the
impairment review. However, due to the interrelationships between some of the assumptions, a change in one of the assumptions might impact one or more of
the other assumptions and could result in a larger or smaller overall impact.
The VIU calculation is not sensitive overall to the UK long-term average GDP growth rate assumption given the amount of headroom as the increased profit after
tax generated by growth of the business is mostly offset by the need to retain more profit to meet increased regulatory capital requirements driven by the growth
in assets. No reasonably possible change in the growth rate assumption would have resulted in an impairment.
Reasonably possible changes in key assumptions
| | | | |
| | | | Reasonably possible change |
Personal Financial Services | | \u2013BoE Bank Rate \u2013UK house price growth \u2013UK mortgage loan market growth \u2013UK unemployment rate \u2013Position in the market \u2013Regulatory capital levels. | \u2013Uncertain market outlook \u2013Higher interest rate environment impact on customer affordability \u2013Customer remediation and regulatory action outcomes \u2013Uncertain regulatory capital requirements. | \u2013Cash flow projections decrease by 5% (2021: 5%). |
| \u2013Discount rate used is a reasonable estimate of a suitable market rate for the profile of the business. | \u2013Market rates of interest rise. | \u2013Discount rate increases by 100 basis points (2021: 100 basis points). |
Sensitivity of Value in use changes to current assumptions to achieve nil headroom
Although there was no impairment of goodwill relating to the Personal Financial Services CGU or the Private Banking CGU at 31 December 2022, the test for the
Personal Financial Services CGU remains sensitive to some of the assumptions used, as described above. In addition, the changes in assumptions detailed below for
the discount rate and cash flow projections would eliminate the current headroom. As a result, there is a risk of impairment in the future should business
performance or economic factors diverge from forecasts.
In 2022, there was an increase in headroom arising from an increase in profitability and cash flows forecast as interest rates have risen, alongside a reduction in the
required leverage capital requirement, which was partially offset by an increase in the discount rate.
The sensitivity analysis presented below has been prepared on the basis that a change in each key assumption would not have a consequential impact on other
assumptions used in the impairment review. However, due to the interrelationships between some of the assumptions, a change in one of the assumptions might
impact one or more of the other assumptions and could result in a larger or smaller overall impact.
| | | | | |
| | | | Increase in discount rate | |
| | | | | |
Personal Financial Services | | | | | |
| | | | | |
| | | | | |
Personal Financial Services | | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
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"value": "
| | | | | | | |
| | | | | | | |
| | Accumulated amortisation/ impairment | | | | Accumulated amortisation/ impairment | |
| | | | | |
| | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
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}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV82OTI4L2ZyYWc6OWJjZjI0Y2UyNWIyNDJlMGJiMDVlMWJkNDk2MDEzYTAvdGV4dHJlZ2lvbjo5YmNmMjRjZTI1YjI0MmUwYmIwNWUxYmQ0OTYwMTNhMF8xMjc1NDMzNDg4MjI0NzE_427637cf-1566-415b-92f1-7eb231e79721": {
"value": "
21. PROPERTY, PLANT AND EQUIPMENT
| | | | | | |
| | | | | | |
| | Office fixtures and equipment | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Reclassification to assets held for sale | | | | | | |
| | | | | | |
| | | | | | |
Accumulated depreciation: | | | | | | |
| | | | | | |
| | | | | | |
Impairment during the year | | | | | | |
Reclassification to assets held for sale | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Accumulated depreciation: | | | | | | |
| | | | | | |
| | | | | | |
Impairment during the year | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV82OTI4L2ZyYWc6OWJjZjI0Y2UyNWIyNDJlMGJiMDVlMWJkNDk2MDEzYTAvdGV4dHJlZ2lvbjo5YmNmMjRjZTI1YjI0MmUwYmIwNWUxYmQ0OTYwMTNhMF8xMjc1NDMzNDg4MjI0NzE_6caa62a6-eff3-4d3f-b20c-e8510e43e190": {
"value": "
21. PROPERTY, PLANT AND EQUIPMENT
| | | | | | |
| | | | | | |
| | Office fixtures and equipment | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Reclassification to assets held for sale | | | | | | |
| | | | | | |
| | | | | | |
Accumulated depreciation: | | | | | | |
| | | | | | |
| | | | | | |
Impairment during the year | | | | | | |
Reclassification to assets held for sale | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Accumulated depreciation: | | | | | | |
| | | | | | |
| | | | | | |
Impairment during the year | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
(1)Includes equity index-linked deposits of \u00a3408m (2021: \u00a3549m). The capital amount guaranteed/protected and the amount of return guaranteed in respect of the equity index-linked deposits were \u00a3408m and
\u00a32m (2021: \u00a3549m and \u00a32m) respectively.
(2)Includes downstreamed funding from our immediate parent company Santander UK Group Holdings plc.
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
Loans and advances to customers | | | | | | | | | | | |
Loans and advances to banks | | | | | | | | | | | |
Reverse repurchase agreements - non trading | | | | | | | | | | | |
Other financial assets at amortised cost | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Repurchase agreements - non trading | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
h) Maturities of financial liabilities and off-balance sheet commitments
The table below analyses the maturities of the undiscounted cash flows relating to financial liabilities and off-balance sheet commitments of Santander UK based
on the remaining period to the contractual maturity date at the balance sheet date. Deposits by customers largely consist of retail deposits. This table is not
intended to show the liquidity of Santander UK.
| | | | | | |
| | | | | | |
| | | Later than 3 months and not later than 1 year | Later than 1 year and not later than 5 years | | |
|
|
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
40. OFFSETTING FINANCIAL ASSETS AND LIABILITIES
The following table shows the impact of netting arrangements on:
\u2013All financial assets and liabilities that are reported net on the balance sheet
\u2013All derivative financial instruments 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 table identifies the amounts that have been offset in the balance sheet and also those amounts that are covered by enforceable netting arrangements
(offsetting arrangements and financial collateral) but do not qualify for netting under the requirements described above.
For derivative contracts, 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. For 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 if a counterparty defaults.
Santander UK engages in a variety of counterparty credit mitigation strategies in addition to netting and collateral arrangements. Therefore, the net amounts
presented in the tables below do not purport to represent Santander UK\u2019s actual credit exposure.
| | | | | | | | | |
| | | | | | | | | |
| Amounts subject to enforceable netting arrangements | Assets not subject to enforceable netting arrangements(2) | |
| Effects of offsetting on balance sheet | | Related amounts not offset | |
| | | Net amounts on balance sheet | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
(1)Includes drawdown from the TFSME of \u00a325.0bn (2021: \u00a331.9bn).
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
Loans and advances to customers | | | | | | | | | | | |
Loans and advances to banks | | | | | | | | | | | |
Reverse repurchase agreements - non trading | | | | | | | | | | | |
Other financial assets at amortised cost | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Repurchase agreements - non trading | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
h) Maturities of financial liabilities and off-balance sheet commitments
The table below analyses the maturities of the undiscounted cash flows relating to financial liabilities and off-balance sheet commitments of Santander UK based
on the remaining period to the contractual maturity date at the balance sheet date. Deposits by customers largely consist of retail deposits. This table is not
intended to show the liquidity of Santander UK.
| | | | | | |
| | | | | | |
| | | Later than 3 months and not later than 1 year | Later than 1 year and not later than 5 years | | |
|
|
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
40. OFFSETTING FINANCIAL ASSETS AND LIABILITIES
The following table shows the impact of netting arrangements on:
\u2013All financial assets and liabilities that are reported net on the balance sheet
\u2013All derivative financial instruments 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 table identifies the amounts that have been offset in the balance sheet and also those amounts that are covered by enforceable netting arrangements
(offsetting arrangements and financial collateral) but do not qualify for netting under the requirements described above.
For derivative contracts, 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. For 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 if a counterparty defaults.
Santander UK engages in a variety of counterparty credit mitigation strategies in addition to netting and collateral arrangements. Therefore, the net amounts
presented in the tables below do not purport to represent Santander UK\u2019s actual credit exposure.
| | | | | | | | | |
| | | | | | | | | |
| Amounts subject to enforceable netting arrangements | Assets not subject to enforceable netting arrangements(2) | |
| Effects of offsetting on balance sheet | | Related amounts not offset | |
| | | Net amounts on balance sheet | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
In 2022, the Santander UK group repurchased certain debt securities and subordinated liabilities as part of ongoing liability management exercises, resulting in a
loss of \u00a35m (2021: a loss of \u00a31m).
The above securities will, in the event of the winding up of the issuer, be subordinated to the claims of depositors and all other creditors of the issuer, other than
creditors whose claims rank equally with, or are junior to, the claims of the holders of the subordinated liabilities. The subordination amongst each of the
subordinated liabilities upon a winding up of the issuer is specified in their respective terms and conditions.
In 2022 and 2021, the Santander UK group had no defaults of principal, interest or other breaches with respect to its subordinated liabilities. No repayment or
purchase by the issuer of the subordinated liabilities may be made prior to their stated maturity without the consent of the PRA.
Undated subordinated liabilities
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
10.0625% Exchangeable capital securities | | | | | | |
7.125% 30 Year Step-up perpetual callable subordinated notes | | | | | | |
| | | | | | |
In common with other debt securities issued by Santander UK group companies and notwithstanding the issuer\u2019s first call dates in the table above, in the event of
certain tax changes affecting the treatment of payments of interest on subordinated liabilities in the UK, the 7.125% 30 Year Step-up perpetual callable
subordinated notes are redeemable at any time, and the 10.0625% Exchangeable capital securities are redeemable on any interest payment date \u2013 each in whole
at the option of Santander UK plc, at their principal amount together with any accrued interest.
The 10.0625% Exchangeable capital securities are exchangeable into fully paid 10.375% non-cumulative non-redeemable sterling preference shares of \u00a31 each,
at the option of Santander UK plc, on the business day immediately following any interest payment date.
Dated subordinated liabilities
| | | | | | |
| | | | |
| | | | | | |
| | | | | | |
5% Subordinated notes (US$1,500m) | | | | | | |
4.75% Subordinated notes (US$1,000m) | | | | | | |
7.95% Subordinated notes (US$1,000m) | | | | | | |
| | | | | | |
| | | | | | |
5.625%Subordinated notes (US$500m) | | | | | | |
| | | | | | |
The dated subordinated liabilities are redeemable in whole at the option of Santander UK plc in the event of certain tax changes affecting the treatment of
payments of interest on the subordinated liabilities in the UK, at their principal amount together with any accrued interest.
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
Loans and advances to customers | | | | | | | | | | | |
Loans and advances to banks | | | | | | | | | | | |
Reverse repurchase agreements - non trading | | | | | | | | | | | |
Other financial assets at amortised cost | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Repurchase agreements - non trading | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
h) Maturities of financial liabilities and off-balance sheet commitments
The table below analyses the maturities of the undiscounted cash flows relating to financial liabilities and off-balance sheet commitments of Santander UK based
on the remaining period to the contractual maturity date at the balance sheet date. Deposits by customers largely consist of retail deposits. This table is not
intended to show the liquidity of Santander UK.
| | | | | | |
| | | | | | |
| | | Later than 3 months and not later than 1 year | Later than 1 year and not later than 5 years | | |
|
|
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Derivative financial instruments | | | | | | |
Other financial liabilities at fair value through profit or loss | | | | | | |
| | | | | | |
| | | | | | |
Repurchase agreements \u2013 non trading | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total financial liabilities | | | | | | |
Off-balance sheet commitments given | | | | | | |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV82OTU1L2ZyYWc6OTFhNzcyMjlhOTJmNGM5MjhjM2M2YzE4NTYwMDdkNjEvdGV4dHJlZ2lvbjo5MWE3NzIyOWE5MmY0YzkyOGMzYzZjMTg1NjAwN2Q2MV8xMjc1NDMzNDg4MjIwMzk_0fa4c5eb-cc19-4283-8fef-23b83b327853": {
"value": "
28. OTHER LIABILITIES
At 31 December 2022, the Santander UK group had credit impairment loss provisions relating to guarantees given to third parties and undrawn loan
commitments. See Note 29 for more details.
Where the items set out below can be reliably estimated, they are disclosed in the table above.
Guarantees given to subsidiaries
Santander UK plc has agreed to guarantee the payment of any obligations or liabilities (whether actual or contingent, or for the payment of any amount or delivery
of any property) incurred by Cater Allen Limited (whether as principal or surety) to any person on or before 31 December 2023 under or in respect of any dealing,
transaction or engagement whatsoever, including without prejudice to the generality of the foregoing, subject to specific exceptions set out in the deed poll
guarantee.
Santander UK plc has also undertaken, for the purposes of section 479C of the Companies Act 2006 (the Act), the guarantee of the payment of all outstanding
liabilities to which certain direct or indirect subsidiaries were subject at 31 December 2022, until they are satisfied in full, in order to allow those subsidiaries to
benefit from the audit exemption provided for by Section 479A of the Act for the year ended 31 December 2022. The subsidiaries benefiting from this guarantee
are listed in the Shareholder information section of this Annual Report.\u00a0
Capital support arrangements
At 31 December 2022, Santander UK plc, Cater Allen Limited, Santander ISA Managers Limited and certain other non-regulated subsidiaries of Santander UK plc
were party to a capital support deed entered into on 17 December 2021 and effective from 1 January 2022 (the RFB Sub-Group Capital Support Deed). These
parties were permitted by the PRA to form a core UK group as defined in the PRA Rulebook, a permission which expires on 31 December 2024.\u00a0 Exposures of each
of the regulated entities to other members of the core UK group are exempt from large exposure limits that would otherwise apply and these exposures are risk-
weighted at 0%. Where applicable this permission also provides for intra-group exposures to be excluded from the leverage exposure measure. The purpose of the
RFB Sub-Group Capital Support Deed is to facilitate the prompt transfer of available capital resources from, or repayment of liabilities by, the non-regulated parties
to any of the regulated parties in the event that one of the regulated parties breached or was at risk of breaching its capital resources or risk concentrations
requirements.
Liquidity support arrangements
Under the PRA\u2019s liquidity rules, Santander UK plc and its subsidiary Cater Allen Limited form the RFB Domestic Liquidity Sub-group (the RFB DoLSub), which allows
the entities to collectively meet regulatory requirements for the purpose of managing liquidity risk. Each member of the RFB DoLSub will support the other by
transferring surplus liquidity in times of stress.
Guarantees given to third parties
Guarantees given to third parties consist primarily of letters of credit, bonds and guarantees granted as part of normal product facilities which are offered to
customers.
Formal standby facilities, credit lines and other commitments
Ongoing assessments are made to ensure that credit limits remain appropriate considering any change in the security value or the customer\u2019s financial
circumstances. For unsecured overdraft facilities and credit cards, the facilities are granted based on new business risk assessment and are reviewed more
frequently based on internal, as well as external data. Corporate facilities can comprise standby and revolving facilities which are subject to ongoing compliance
with covenants and may require the provision of agreed security.
FSCS
The FSCS is the UK\u2019s independent statutory compensation fund for customers of authorised financial services firms and pays compensation if a firm is unable to pay
certain claims against it. The FSCS is funded by levies on the industry and recoveries and borrowings where appropriate.
Loan representations and warranties
In connection with the securitisations and covered bond transactions described in Note 14, the Santander UK group entities selling the relevant loans into the
applicable securitisation or covered bond portfolios make representations and warranties with respect to such loans, in each case as of the date of the sale of the
loans into the applicable portfolio. These representations and warranties cover, among other things, the ownership of the loan by the relevant Santander UK group
entity, absence of a material breach or default by the relevant borrower under the loan, the loan\u2019s compliance with applicable laws and absence of material
disputes with respect to the relevant borrower, asset and loan. The specific representations and warranties made by Santander UK group companies which act as
sellers of loans in these securitisations and covered bond transactions depend in each case on the nature of the transaction and the requirements of the transaction
structure. In addition, market conditions and credit rating agency requirements may affect the representations and warranties required of the relevant Santander
UK group companies in these transactions.
In the event that there is a material breach of the representations and warranties given by Santander UK plc as seller of loans under the residential mortgage-
backed securitisations or the covered bond programmes included in Note 14, or if such representations and warranties prove to be materially untrue at the date
when they were given (being the sale date of the relevant mortgage loans), Santander UK plc may be required to repurchase the affected mortgage loans
(generally at their outstanding principal balance plus accrued interest). These securitisations and covered bond programmes are collateralised by prime residential
mortgage loans. Santander UK plc is principally a retail prime lender and has no appetite or product offering for any type of sub-prime business. In addition,
Santander UK plc\u2019s credit policy explicitly prohibits such lending.
Similarly, under the auto loan securitisations in Note 14, in the event that there is a breach or inaccuracy in respect of a representation or warranty relating to the
loans, the relevant Santander UK group entity who sold the auto loans into the securitisation portfolio will be required to repurchase such loans from the structure
(also at their outstanding principal balance plus accrued interest). In addition to breaches of representation and warranties, under the auto loan securitisations, the
seller may also have a repurchase obligation if certain portfolio limits are breached (which include, amongst other things, limits as to the size of a loan given to an
individual customer, LTV ratio, average term to maturity and average seasoning).
In the case of a repurchase of a loan from the relevant securitisation or covered bond programmes, the Santander UK group may bear any subsequent credit loss
on such loan. The Santander UK group manages and monitors its securitisation and covered bond activities closely to minimise potential claims.
Other legal actions and regulatory matters
Santander UK engages in discussion, and co-operates, with the FCA, PRA, CMA and other regulators and government agencies in various jurisdictions in their
supervision and review of Santander UK including reviews exercised under statutory powers, regarding its interaction with past and present customers, both as
part of general thematic work and in relation to specific products, services and activities. During the ordinary course of business, Santander UK is also subject to
complaints and threatened legal proceedings brought by or on behalf of current or former employees, customers, investors or other third parties, in addition to
legal and regulatory reviews, challenges and tax or enforcement investigations or proceedings in various jurisdictions. All such matters are assessed periodically to
determine the likelihood of Santander UK incurring a liability.
In those instances where it is concluded that it is not yet probable that a quantifiable payment will be made, for example because the facts are unclear or further
time is required to fully assess the merits of the case or to reasonably quantify the expected payment, no provision is made. In addition, where it is not currently
practicable to estimate the possible financial effect of these matters, no provision is made.
FCA civil regulatory investigation into Santander UK plc financial crime systems, processes and controls, and compliance with the Money Laundering
Regulations 2007
In December 2022, we paid a \u00a3108m financial penalty to settle the FCA's enforcement investigation into the anti-money laundering systems and controls in our
Business Banking division in the period between 31 December 2012 and 18 October 2017. The settlement concluded the FCA's investigation.
Payment Protection Insurance
In relation to a specific PPI portfolio of complaints, a legal dispute regarding allocation of liability is in its early stages. The dispute relates to the liability for PPI mis-
selling complaints relating to pre-2005 PPI policies underwritten by AXA France IARD and AXA France Vie (together, AXA France - previously Financial Insurance
Company Ltd and Financial Assurance Company Ltd respectively) and involves Santander Cards UK Limited (a former GE Capital Corporation entity and distributor
of pre-2005 PPI known as GE Capital Bank Limited which was acquired by Banco Santander SA in 2008 and subsequently transferred to Santander UK plc) and a
Banco Santander SA subsidiary Santander Insurance Services UK Limited (together the Santander Entities). During the relevant period, AXA France were owned by
Genworth Financial International Holdings, Inc (Genworth).
In September 2015, AXA SA acquired AXA France from Genworth. In July 2017, the Santander Entities notified AXA France that they did not accept liability for losses
on PPI policies relating to the relevant period. Santander UK plc entered into a Complaints Handling Agreement (CHA) with AXA France pursuant to which it agreed
to handle complaints on their behalf, and AXA France agreed to pay redress assessed to be due to relevant policyholders on a without prejudice basis. A standstill
agreement was entered into between the Santander Entities and AXA France as a condition of the CHA.
In July 2020, Genworth announced that it had agreed to pay AXA SA circa \u00a3624m in respect of PPI mis-selling losses in settlement of the related dispute concerning
obligations under the sale and purchase agreement pursuant to which Genworth sold AXA France to AXA SA. The CHA between Santander UK plc and AXA France
terminated on 26 December 2020. On 30 December 2020, AXA France provided written notice to the Santander Entities to terminate the standstill agreement.
During 2021, AXA France commenced litigation against the Santander Entities seeking recovery of \u00a3636m and any further losses relating to pre-2005 PPI.\u00a0
Judgment in respect of the Santander Entities application for AXA France\u2019s claim to be struck out/summarily dismissed, was handed down by the Commercial Court
on 12 July 2022. In summary, the Commercial Court upheld a significant part of the Santander Entities\u2019 strike-out application, striking out AXA France\u2019s claim for
contribution against Santander for alleged losses and requiring AXA France to re-plead a significant portion of its other pleadings. AXA France updated the amount
of losses claimed from \u00a3636m to \u00a3670m in their Amended Particulars of Claim dated 21 October 2022. Overall, the dispute remains at an early stage and there
are ongoing factual issues to be resolved which may have legal consequences including in relation to liability. These issues create uncertainties which mean that it
is difficult to reliably predict the outcome or the timing of the resolution of the matter. The litigation and other regulatory provision in Note 29 includes our best
estimate of the Santander Entities\u2019 liability to the specific portfolio. Further information has not been provided on the basis that it would be seriously prejudicial to
the Santander Entities\u2019 interests in connection with the dispute.
In addition, and in relation to PPI more generally the PPI provision includes an amount relating to legal claims challenging the FCA\u2019s industry guidance on the
treatment of Plevin / recurring non-disclosure assessments. This provision is based on current stock levels, future projected claims, and average redress. There
remains a risk that volumes received in future may be higher than forecast. The provision in Note 29 includes our best estimate of Santander UK\u2019s liability for the
specific issue. The actual cost of customer compensation could differ from the amount provided. It is not currently practicable to provide an estimate of the risk and
amount of any further financial impact.
German dividend tax arbitrage transactions
In June 2018 the Cologne Criminal Prosecution Office and the German Federal Tax Office commenced an investigation in relation to the historical involvement of
Santander UK plc, Santander Financial Services plc and Cater Allen International Limited (all subsidiaries of Santander UK Group Holdings plc) in German dividend
tax arbitrage transactions (known as cum/ex transactions). These transactions allegedly exploited a loophole of a specific German settlement mechanism through
short-selling and complex derivative structuring which resulted in the German government either refunding withholding tax where such tax had not been paid or
refunding it more than once.\u00a0 The German authorities are investigating numerous institutions and individuals in connection with alleged transactions and practices
which may be found to be illegal under German law.
During 2022 we continued to cooperate with the German authorities and, with the assistance of external experts, to progress an internal investigation into the
matters in question. From Santander UK plc\u2019s perspective, the investigation is focused principally on the period 2009-2011 and remains on-going. There remain
factual issues to be resolved which may have legal consequences including potentially material financial penalties. These issues create uncertainties which mean
that it is difficult to predict the resolution of the matter including timing or the significance of the possible impact. These uncertainties mean it is not currently
possible to make a reliable assessment of the size of any related potential liability. Any potential losses, claims or expenses suffered or incurred by Santander
Financial Services plc in respect of these matters have been fully indemnified by Santander UK plc, as part of the ring-fencing transfer scheme between Santander
UK plc, Santander Financial Services plc and Banco Santander SA.
Taxation
The Santander UK group engages in discussion, and co-operates, with HM Revenue & Customs (HMRC) in their oversight of the Santander UK group\u2019s tax matters.
The Santander UK group adopted the UK\u2019s Code of Practice on Taxation for Banks in 2010.
Certain leases in which the Santander UK group is or was the lessor have been under review by HMRC in connection with claims for tax allowances. Under the
terms of the lease agreements, the Santander UK group is fully indemnified in all material respects by the respective lessees for any liability arising from the
disallowance of tax allowances plus accrued interest. During 2021, an outline agreement in principle in respect of a number of these lease arrangements was
reached directly between the lessee and HMRC. This agreement was executed in April 2022, resulting in a final payment by the lessee to HMRC and the conclusion
of HMRC\u2019s review. There is no financial impact for the Santander UK group.
Other
On 2 November 2015, Visa Europe Ltd agreed to sell 100% of its share capital to Visa Inc. The deal closed on 21 June 2016. As a member and shareholder of Visa
Europe Ltd, Santander UK received upfront consideration made up of cash and convertible preferred stock. Conversion of the preferred stock into Class A Common
Stock of Visa Inc. depends on the outcome of litigation against Visa involving UK & Ireland (UK&I) multilateral interchange fees (MIFs). Following ring-fencing, all
Visa stock is now held by Santander Equity Investments Limited (SEIL), outside the ring-fenced bank.
In addition, Santander UK and certain other UK&I banks have agreed to indemnify Visa Inc. in the event that the preferred stock is insufficient to meet the costs of
this litigation. Visa Inc. has recourse to this indemnity once more than \u20ac1bn of losses relating to UK&I MIFs have arisen or once the total value of the preferred stock
issued to UK&I banks on closing has been reduced to nil. Whilst Santander UK's liability under this indemnity is capped at \u20ac39.85m, Visa Inc. may have recourse to a
general indemnity in place under Visa Europe Operating Regulations for damages not satisfied through the above mechanism. At this stage, it is unclear whether
the litigation will give rise to more than \u20ac1bn of losses relating to UK&I MIFs which means it is difficult to predict the resolution of the matter including the timing
or the significance of the possible impact.
As part of the sale of subsidiaries, businesses and other entities, and as is normal in such circumstances, Santander UK plc (and/or, where relevant, its subsidiaries)
has given warranties and indemnities to the purchasers.
Obligations under stock borrowing and lending agreements
Obligations under stock borrowing and lending agreements represent contractual commitments to return stock borrowed. These obligations are offset by a
contractual right to receive stock under other contractual agreements. See Note 35.
Other off-balance sheet commitments
The Santander UK group has commitments to lend at fixed interest rates which expose us to interest rate risk. For more, see the Risk review.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8yODYvZnJhZzphMDIxYzZmM2FiOTM0N2VhODU5MDA1YTU3YTVhODU0MC90ZXh0cmVnaW9uOmEwMjFjNmYzYWI5MzQ3ZWE4NTkwMDVhNTdhNWE4NTQwXzEyNzU0MzM0ODg4NjQwMQ_c6908eda-02c8-49b6-9c0c-5f4ecb23cfec": {
"value": "
31. CONTINGENT LIABILITIES AND COMMITMENTS
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Guarantees given to subsidiaries | | | | | |
Guarantees given to third parties | | | | | |
Formal standby facilities, credit lines and other commitments | | | | | |
| | | | | |
At 31 December 2022, the Santander UK group had credit impairment loss provisions relating to guarantees given to third parties and undrawn loan
commitments. See Note 29 for more details.
Where the items set out below can be reliably estimated, they are disclosed in the table above.
Guarantees given to subsidiaries
Santander UK plc has agreed to guarantee the payment of any obligations or liabilities (whether actual or contingent, or for the payment of any amount or delivery
of any property) incurred by Cater Allen Limited (whether as principal or surety) to any person on or before 31 December 2023 under or in respect of any dealing,
transaction or engagement whatsoever, including without prejudice to the generality of the foregoing, subject to specific exceptions set out in the deed poll
guarantee.
Santander UK plc has also undertaken, for the purposes of section 479C of the Companies Act 2006 (the Act), the guarantee of the payment of all outstanding
liabilities to which certain direct or indirect subsidiaries were subject at 31 December 2022, until they are satisfied in full, in order to allow those subsidiaries to
benefit from the audit exemption provided for by Section 479A of the Act for the year ended 31 December 2022. The subsidiaries benefiting from this guarantee
are listed in the Shareholder information section of this Annual Report.\u00a0
Capital support arrangements
At 31 December 2022, Santander UK plc, Cater Allen Limited, Santander ISA Managers Limited and certain other non-regulated subsidiaries of Santander UK plc
were party to a capital support deed entered into on 17 December 2021 and effective from 1 January 2022 (the RFB Sub-Group Capital Support Deed). These
parties were permitted by the PRA to form a core UK group as defined in the PRA Rulebook, a permission which expires on 31 December 2024.\u00a0 Exposures of each
of the regulated entities to other members of the core UK group are exempt from large exposure limits that would otherwise apply and these exposures are risk-
weighted at 0%. Where applicable this permission also provides for intra-group exposures to be excluded from the leverage exposure measure. The purpose of the
RFB Sub-Group Capital Support Deed is to facilitate the prompt transfer of available capital resources from, or repayment of liabilities by, the non-regulated parties
to any of the regulated parties in the event that one of the regulated parties breached or was at risk of breaching its capital resources or risk concentrations
requirements.
Liquidity support arrangements
Under the PRA\u2019s liquidity rules, Santander UK plc and its subsidiary Cater Allen Limited form the RFB Domestic Liquidity Sub-group (the RFB DoLSub), which allows
the entities to collectively meet regulatory requirements for the purpose of managing liquidity risk. Each member of the RFB DoLSub will support the other by
transferring surplus liquidity in times of stress.
Guarantees given to third parties
Guarantees given to third parties consist primarily of letters of credit, bonds and guarantees granted as part of normal product facilities which are offered to
customers.
Formal standby facilities, credit lines and other commitments
Ongoing assessments are made to ensure that credit limits remain appropriate considering any change in the security value or the customer\u2019s financial
circumstances. For unsecured overdraft facilities and credit cards, the facilities are granted based on new business risk assessment and are reviewed more
frequently based on internal, as well as external data. Corporate facilities can comprise standby and revolving facilities which are subject to ongoing compliance
with covenants and may require the provision of agreed security.
FSCS
The FSCS is the UK\u2019s independent statutory compensation fund for customers of authorised financial services firms and pays compensation if a firm is unable to pay
certain claims against it. The FSCS is funded by levies on the industry and recoveries and borrowings where appropriate.
Loan representations and warranties
In connection with the securitisations and covered bond transactions described in Note 14, the Santander UK group entities selling the relevant loans into the
applicable securitisation or covered bond portfolios make representations and warranties with respect to such loans, in each case as of the date of the sale of the
loans into the applicable portfolio. These representations and warranties cover, among other things, the ownership of the loan by the relevant Santander UK group
entity, absence of a material breach or default by the relevant borrower under the loan, the loan\u2019s compliance with applicable laws and absence of material
disputes with respect to the relevant borrower, asset and loan. The specific representations and warranties made by Santander UK group companies which act as
sellers of loans in these securitisations and covered bond transactions depend in each case on the nature of the transaction and the requirements of the transaction
structure. In addition, market conditions and credit rating agency requirements may affect the representations and warranties required of the relevant Santander
UK group companies in these transactions.
In the event that there is a material breach of the representations and warranties given by Santander UK plc as seller of loans under the residential mortgage-
backed securitisations or the covered bond programmes included in Note 14, or if such representations and warranties prove to be materially untrue at the date
when they were given (being the sale date of the relevant mortgage loans), Santander UK plc may be required to repurchase the affected mortgage loans
(generally at their outstanding principal balance plus accrued interest). These securitisations and covered bond programmes are collateralised by prime residential
mortgage loans. Santander UK plc is principally a retail prime lender and has no appetite or product offering for any type of sub-prime business. In addition,
Santander UK plc\u2019s credit policy explicitly prohibits such lending.
Similarly, under the auto loan securitisations in Note 14, in the event that there is a breach or inaccuracy in respect of a representation or warranty relating to the
loans, the relevant Santander UK group entity who sold the auto loans into the securitisation portfolio will be required to repurchase such loans from the structure
(also at their outstanding principal balance plus accrued interest). In addition to breaches of representation and warranties, under the auto loan securitisations, the
seller may also have a repurchase obligation if certain portfolio limits are breached (which include, amongst other things, limits as to the size of a loan given to an
individual customer, LTV ratio, average term to maturity and average seasoning).
In the case of a repurchase of a loan from the relevant securitisation or covered bond programmes, the Santander UK group may bear any subsequent credit loss
on such loan. The Santander UK group manages and monitors its securitisation and covered bond activities closely to minimise potential claims.
Other legal actions and regulatory matters
Santander UK engages in discussion, and co-operates, with the FCA, PRA, CMA and other regulators and government agencies in various jurisdictions in their
supervision and review of Santander UK including reviews exercised under statutory powers, regarding its interaction with past and present customers, both as
part of general thematic work and in relation to specific products, services and activities. During the ordinary course of business, Santander UK is also subject to
complaints and threatened legal proceedings brought by or on behalf of current or former employees, customers, investors or other third parties, in addition to
legal and regulatory reviews, challenges and tax or enforcement investigations or proceedings in various jurisdictions. All such matters are assessed periodically to
determine the likelihood of Santander UK incurring a liability.
In those instances where it is concluded that it is not yet probable that a quantifiable payment will be made, for example because the facts are unclear or further
time is required to fully assess the merits of the case or to reasonably quantify the expected payment, no provision is made. In addition, where it is not currently
practicable to estimate the possible financial effect of these matters, no provision is made.
FCA civil regulatory investigation into Santander UK plc financial crime systems, processes and controls, and compliance with the Money Laundering
Regulations 2007
In December 2022, we paid a \u00a3108m financial penalty to settle the FCA's enforcement investigation into the anti-money laundering systems and controls in our
Business Banking division in the period between 31 December 2012 and 18 October 2017. The settlement concluded the FCA's investigation.
Payment Protection Insurance
In relation to a specific PPI portfolio of complaints, a legal dispute regarding allocation of liability is in its early stages. The dispute relates to the liability for PPI mis-
selling complaints relating to pre-2005 PPI policies underwritten by AXA France IARD and AXA France Vie (together, AXA France - previously Financial Insurance
Company Ltd and Financial Assurance Company Ltd respectively) and involves Santander Cards UK Limited (a former GE Capital Corporation entity and distributor
of pre-2005 PPI known as GE Capital Bank Limited which was acquired by Banco Santander SA in 2008 and subsequently transferred to Santander UK plc) and a
Banco Santander SA subsidiary Santander Insurance Services UK Limited (together the Santander Entities). During the relevant period, AXA France were owned by
Genworth Financial International Holdings, Inc (Genworth).
In September 2015, AXA SA acquired AXA France from Genworth. In July 2017, the Santander Entities notified AXA France that they did not accept liability for losses
on PPI policies relating to the relevant period. Santander UK plc entered into a Complaints Handling Agreement (CHA) with AXA France pursuant to which it agreed
to handle complaints on their behalf, and AXA France agreed to pay redress assessed to be due to relevant policyholders on a without prejudice basis. A standstill
agreement was entered into between the Santander Entities and AXA France as a condition of the CHA.
In July 2020, Genworth announced that it had agreed to pay AXA SA circa \u00a3624m in respect of PPI mis-selling losses in settlement of the related dispute concerning
obligations under the sale and purchase agreement pursuant to which Genworth sold AXA France to AXA SA. The CHA between Santander UK plc and AXA France
terminated on 26 December 2020. On 30 December 2020, AXA France provided written notice to the Santander Entities to terminate the standstill agreement.
During 2021, AXA France commenced litigation against the Santander Entities seeking recovery of \u00a3636m and any further losses relating to pre-2005 PPI.\u00a0
Judgment in respect of the Santander Entities application for AXA France\u2019s claim to be struck out/summarily dismissed, was handed down by the Commercial Court
on 12 July 2022. In summary, the Commercial Court upheld a significant part of the Santander Entities\u2019 strike-out application, striking out AXA France\u2019s claim for
contribution against Santander for alleged losses and requiring AXA France to re-plead a significant portion of its other pleadings. AXA France updated the amount
of losses claimed from \u00a3636m to \u00a3670m in their Amended Particulars of Claim dated 21 October 2022. Overall, the dispute remains at an early stage and there
are ongoing factual issues to be resolved which may have legal consequences including in relation to liability. These issues create uncertainties which mean that it
is difficult to reliably predict the outcome or the timing of the resolution of the matter. The litigation and other regulatory provision in Note 29 includes our best
estimate of the Santander Entities\u2019 liability to the specific portfolio. Further information has not been provided on the basis that it would be seriously prejudicial to
the Santander Entities\u2019 interests in connection with the dispute.
In addition, and in relation to PPI more generally the PPI provision includes an amount relating to legal claims challenging the FCA\u2019s industry guidance on the
treatment of Plevin / recurring non-disclosure assessments. This provision is based on current stock levels, future projected claims, and average redress. There
remains a risk that volumes received in future may be higher than forecast. The provision in Note 29 includes our best estimate of Santander UK\u2019s liability for the
specific issue. The actual cost of customer compensation could differ from the amount provided. It is not currently practicable to provide an estimate of the risk and
amount of any further financial impact.
German dividend tax arbitrage transactions
In June 2018 the Cologne Criminal Prosecution Office and the German Federal Tax Office commenced an investigation in relation to the historical involvement of
Santander UK plc, Santander Financial Services plc and Cater Allen International Limited (all subsidiaries of Santander UK Group Holdings plc) in German dividend
tax arbitrage transactions (known as cum/ex transactions). These transactions allegedly exploited a loophole of a specific German settlement mechanism through
short-selling and complex derivative structuring which resulted in the German government either refunding withholding tax where such tax had not been paid or
refunding it more than once.\u00a0 The German authorities are investigating numerous institutions and individuals in connection with alleged transactions and practices
which may be found to be illegal under German law.
During 2022 we continued to cooperate with the German authorities and, with the assistance of external experts, to progress an internal investigation into the
matters in question. From Santander UK plc\u2019s perspective, the investigation is focused principally on the period 2009-2011 and remains on-going. There remain
factual issues to be resolved which may have legal consequences including potentially material financial penalties. These issues create uncertainties which mean
that it is difficult to predict the resolution of the matter including timing or the significance of the possible impact. These uncertainties mean it is not currently
possible to make a reliable assessment of the size of any related potential liability. Any potential losses, claims or expenses suffered or incurred by Santander
Financial Services plc in respect of these matters have been fully indemnified by Santander UK plc, as part of the ring-fencing transfer scheme between Santander
UK plc, Santander Financial Services plc and Banco Santander SA.
Taxation
The Santander UK group engages in discussion, and co-operates, with HM Revenue & Customs (HMRC) in their oversight of the Santander UK group\u2019s tax matters.
The Santander UK group adopted the UK\u2019s Code of Practice on Taxation for Banks in 2010.
Certain leases in which the Santander UK group is or was the lessor have been under review by HMRC in connection with claims for tax allowances. Under the
terms of the lease agreements, the Santander UK group is fully indemnified in all material respects by the respective lessees for any liability arising from the
disallowance of tax allowances plus accrued interest. During 2021, an outline agreement in principle in respect of a number of these lease arrangements was
reached directly between the lessee and HMRC. This agreement was executed in April 2022, resulting in a final payment by the lessee to HMRC and the conclusion
of HMRC\u2019s review. There is no financial impact for the Santander UK group.
Other
On 2 November 2015, Visa Europe Ltd agreed to sell 100% of its share capital to Visa Inc. The deal closed on 21 June 2016. As a member and shareholder of Visa
Europe Ltd, Santander UK received upfront consideration made up of cash and convertible preferred stock. Conversion of the preferred stock into Class A Common
Stock of Visa Inc. depends on the outcome of litigation against Visa involving UK & Ireland (UK&I) multilateral interchange fees (MIFs). Following ring-fencing, all
Visa stock is now held by Santander Equity Investments Limited (SEIL), outside the ring-fenced bank.
In addition, Santander UK and certain other UK&I banks have agreed to indemnify Visa Inc. in the event that the preferred stock is insufficient to meet the costs of
this litigation. Visa Inc. has recourse to this indemnity once more than \u20ac1bn of losses relating to UK&I MIFs have arisen or once the total value of the preferred stock
issued to UK&I banks on closing has been reduced to nil. Whilst Santander UK's liability under this indemnity is capped at \u20ac39.85m, Visa Inc. may have recourse to a
general indemnity in place under Visa Europe Operating Regulations for damages not satisfied through the above mechanism. At this stage, it is unclear whether
the litigation will give rise to more than \u20ac1bn of losses relating to UK&I MIFs which means it is difficult to predict the resolution of the matter including the timing
or the significance of the possible impact.
As part of the sale of subsidiaries, businesses and other entities, and as is normal in such circumstances, Santander UK plc (and/or, where relevant, its subsidiaries)
has given warranties and indemnities to the purchasers.
Obligations under stock borrowing and lending agreements
Obligations under stock borrowing and lending agreements represent contractual commitments to return stock borrowed. These obligations are offset by a
contractual right to receive stock under other contractual agreements. See Note 35.
Other off-balance sheet commitments
The Santander UK group has commitments to lend at fixed interest rates which expose us to interest rate risk. For more, see the Risk review.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8yODYvZnJhZzphMDIxYzZmM2FiOTM0N2VhODU5MDA1YTU3YTVhODU0MC90ZXh0cmVnaW9uOmEwMjFjNmYzYWI5MzQ3ZWE4NTkwMDVhNTdhNWE4NTQwXzEyNzU0MzM0ODg4NjQwMg_5a8120ee-9516-4c36-b390-8af168c4a064": {
"value": "
31. CONTINGENT LIABILITIES AND COMMITMENTS
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Guarantees given to subsidiaries | | | | | |
Guarantees given to third parties | | | | | |
Formal standby facilities, credit lines and other commitments | | | | | |
| | | | | |
At 31 December 2022, the Santander UK group had credit impairment loss provisions relating to guarantees given to third parties and undrawn loan
commitments. See Note 29 for more details.
Where the items set out below can be reliably estimated, they are disclosed in the table above.
Guarantees given to subsidiaries
Santander UK plc has agreed to guarantee the payment of any obligations or liabilities (whether actual or contingent, or for the payment of any amount or delivery
of any property) incurred by Cater Allen Limited (whether as principal or surety) to any person on or before 31 December 2023 under or in respect of any dealing,
transaction or engagement whatsoever, including without prejudice to the generality of the foregoing, subject to specific exceptions set out in the deed poll
guarantee.
Santander UK plc has also undertaken, for the purposes of section 479C of the Companies Act 2006 (the Act), the guarantee of the payment of all outstanding
liabilities to which certain direct or indirect subsidiaries were subject at 31 December 2022, until they are satisfied in full, in order to allow those subsidiaries to
benefit from the audit exemption provided for by Section 479A of the Act for the year ended 31 December 2022. The subsidiaries benefiting from this guarantee
are listed in the Shareholder information section of this Annual Report.\u00a0
Capital support arrangements
At 31 December 2022, Santander UK plc, Cater Allen Limited, Santander ISA Managers Limited and certain other non-regulated subsidiaries of Santander UK plc
were party to a capital support deed entered into on 17 December 2021 and effective from 1 January 2022 (the RFB Sub-Group Capital Support Deed). These
parties were permitted by the PRA to form a core UK group as defined in the PRA Rulebook, a permission which expires on 31 December 2024.\u00a0 Exposures of each
of the regulated entities to other members of the core UK group are exempt from large exposure limits that would otherwise apply and these exposures are risk-
weighted at 0%. Where applicable this permission also provides for intra-group exposures to be excluded from the leverage exposure measure. The purpose of the
RFB Sub-Group Capital Support Deed is to facilitate the prompt transfer of available capital resources from, or repayment of liabilities by, the non-regulated parties
to any of the regulated parties in the event that one of the regulated parties breached or was at risk of breaching its capital resources or risk concentrations
requirements.
Liquidity support arrangements
Under the PRA\u2019s liquidity rules, Santander UK plc and its subsidiary Cater Allen Limited form the RFB Domestic Liquidity Sub-group (the RFB DoLSub), which allows
the entities to collectively meet regulatory requirements for the purpose of managing liquidity risk. Each member of the RFB DoLSub will support the other by
transferring surplus liquidity in times of stress.
Guarantees given to third parties
Guarantees given to third parties consist primarily of letters of credit, bonds and guarantees granted as part of normal product facilities which are offered to
customers.
Loan representations and warranties
In connection with the securitisations and covered bond transactions described in Note 14, the Santander UK group entities selling the relevant loans into the
applicable securitisation or covered bond portfolios make representations and warranties with respect to such loans, in each case as of the date of the sale of the
loans into the applicable portfolio. These representations and warranties cover, among other things, the ownership of the loan by the relevant Santander UK group
entity, absence of a material breach or default by the relevant borrower under the loan, the loan\u2019s compliance with applicable laws and absence of material
disputes with respect to the relevant borrower, asset and loan. The specific representations and warranties made by Santander UK group companies which act as
sellers of loans in these securitisations and covered bond transactions depend in each case on the nature of the transaction and the requirements of the transaction
structure. In addition, market conditions and credit rating agency requirements may affect the representations and warranties required of the relevant Santander
UK group companies in these transactions.
In the event that there is a material breach of the representations and warranties given by Santander UK plc as seller of loans under the residential mortgage-
backed securitisations or the covered bond programmes included in Note 14, or if such representations and warranties prove to be materially untrue at the date
when they were given (being the sale date of the relevant mortgage loans), Santander UK plc may be required to repurchase the affected mortgage loans
(generally at their outstanding principal balance plus accrued interest). These securitisations and covered bond programmes are collateralised by prime residential
mortgage loans. Santander UK plc is principally a retail prime lender and has no appetite or product offering for any type of sub-prime business. In addition,
Santander UK plc\u2019s credit policy explicitly prohibits such lending.
Similarly, under the auto loan securitisations in Note 14, in the event that there is a breach or inaccuracy in respect of a representation or warranty relating to the
loans, the relevant Santander UK group entity who sold the auto loans into the securitisation portfolio will be required to repurchase such loans from the structure
(also at their outstanding principal balance plus accrued interest). In addition to breaches of representation and warranties, under the auto loan securitisations, the
seller may also have a repurchase obligation if certain portfolio limits are breached (which include, amongst other things, limits as to the size of a loan given to an
individual customer, LTV ratio, average term to maturity and average seasoning).
In the case of a repurchase of a loan from the relevant securitisation or covered bond programmes, the Santander UK group may bear any subsequent credit loss
on such loan. The Santander UK group manages and monitors its securitisation and covered bond activities closely to minimise potential claims.
Other legal actions and regulatory matters
Santander UK engages in discussion, and co-operates, with the FCA, PRA, CMA and other regulators and government agencies in various jurisdictions in their
supervision and review of Santander UK including reviews exercised under statutory powers, regarding its interaction with past and present customers, both as
part of general thematic work and in relation to specific products, services and activities. During the ordinary course of business, Santander UK is also subject to
complaints and threatened legal proceedings brought by or on behalf of current or former employees, customers, investors or other third parties, in addition to
legal and regulatory reviews, challenges and tax or enforcement investigations or proceedings in various jurisdictions. All such matters are assessed periodically to
determine the likelihood of Santander UK incurring a liability.
In those instances where it is concluded that it is not yet probable that a quantifiable payment will be made, for example because the facts are unclear or further
time is required to fully assess the merits of the case or to reasonably quantify the expected payment, no provision is made. In addition, where it is not currently
practicable to estimate the possible financial effect of these matters, no provision is made.
FCA civil regulatory investigation into Santander UK plc financial crime systems, processes and controls, and compliance with the Money Laundering
Regulations 2007
In December 2022, we paid a \u00a3108m financial penalty to settle the FCA's enforcement investigation into the anti-money laundering systems and controls in our
Business Banking division in the period between 31 December 2012 and 18 October 2017. The settlement concluded the FCA's investigation.
Payment Protection Insurance
In relation to a specific PPI portfolio of complaints, a legal dispute regarding allocation of liability is in its early stages. The dispute relates to the liability for PPI mis-
selling complaints relating to pre-2005 PPI policies underwritten by AXA France IARD and AXA France Vie (together, AXA France - previously Financial Insurance
Company Ltd and Financial Assurance Company Ltd respectively) and involves Santander Cards UK Limited (a former GE Capital Corporation entity and distributor
of pre-2005 PPI known as GE Capital Bank Limited which was acquired by Banco Santander SA in 2008 and subsequently transferred to Santander UK plc) and a
Banco Santander SA subsidiary Santander Insurance Services UK Limited (together the Santander Entities). During the relevant period, AXA France were owned by
Genworth Financial International Holdings, Inc (Genworth).
In September 2015, AXA SA acquired AXA France from Genworth. In July 2017, the Santander Entities notified AXA France that they did not accept liability for losses
on PPI policies relating to the relevant period. Santander UK plc entered into a Complaints Handling Agreement (CHA) with AXA France pursuant to which it agreed
to handle complaints on their behalf, and AXA France agreed to pay redress assessed to be due to relevant policyholders on a without prejudice basis. A standstill
agreement was entered into between the Santander Entities and AXA France as a condition of the CHA.
In July 2020, Genworth announced that it had agreed to pay AXA SA circa \u00a3624m in respect of PPI mis-selling losses in settlement of the related dispute concerning
obligations under the sale and purchase agreement pursuant to which Genworth sold AXA France to AXA SA. The CHA between Santander UK plc and AXA France
terminated on 26 December 2020. On 30 December 2020, AXA France provided written notice to the Santander Entities to terminate the standstill agreement.
During 2021, AXA France commenced litigation against the Santander Entities seeking recovery of \u00a3636m and any further losses relating to pre-2005 PPI.\u00a0
Judgment in respect of the Santander Entities application for AXA France\u2019s claim to be struck out/summarily dismissed, was handed down by the Commercial Court
on 12 July 2022. In summary, the Commercial Court upheld a significant part of the Santander Entities\u2019 strike-out application, striking out AXA France\u2019s claim for
contribution against Santander for alleged losses and requiring AXA France to re-plead a significant portion of its other pleadings. AXA France updated the amount
of losses claimed from \u00a3636m to \u00a3670m in their Amended Particulars of Claim dated 21 October 2022. Overall, the dispute remains at an early stage and there
are ongoing factual issues to be resolved which may have legal consequences including in relation to liability. These issues create uncertainties which mean that it
is difficult to reliably predict the outcome or the timing of the resolution of the matter. The litigation and other regulatory provision in Note 29 includes our best
estimate of the Santander Entities\u2019 liability to the specific portfolio. Further information has not been provided on the basis that it would be seriously prejudicial to
the Santander Entities\u2019 interests in connection with the dispute.
In addition, and in relation to PPI more generally the PPI provision includes an amount relating to legal claims challenging the FCA\u2019s industry guidance on the
treatment of Plevin / recurring non-disclosure assessments. This provision is based on current stock levels, future projected claims, and average redress. There
remains a risk that volumes received in future may be higher than forecast. The provision in Note 29 includes our best estimate of Santander UK\u2019s liability for the
specific issue. The actual cost of customer compensation could differ from the amount provided. It is not currently practicable to provide an estimate of the risk and
amount of any further financial impact.
German dividend tax arbitrage transactions
In June 2018 the Cologne Criminal Prosecution Office and the German Federal Tax Office commenced an investigation in relation to the historical involvement of
Santander UK plc, Santander Financial Services plc and Cater Allen International Limited (all subsidiaries of Santander UK Group Holdings plc) in German dividend
tax arbitrage transactions (known as cum/ex transactions). These transactions allegedly exploited a loophole of a specific German settlement mechanism through
short-selling and complex derivative structuring which resulted in the German government either refunding withholding tax where such tax had not been paid or
refunding it more than once.\u00a0 The German authorities are investigating numerous institutions and individuals in connection with alleged transactions and practices
which may be found to be illegal under German law.
During 2022 we continued to cooperate with the German authorities and, with the assistance of external experts, to progress an internal investigation into the
matters in question. From Santander UK plc\u2019s perspective, the investigation is focused principally on the period 2009-2011 and remains on-going. There remain
factual issues to be resolved which may have legal consequences including potentially material financial penalties. These issues create uncertainties which mean
that it is difficult to predict the resolution of the matter including timing or the significance of the possible impact. These uncertainties mean it is not currently
possible to make a reliable assessment of the size of any related potential liability. Any potential losses, claims or expenses suffered or incurred by Santander
Financial Services plc in respect of these matters have been fully indemnified by Santander UK plc, as part of the ring-fencing transfer scheme between Santander
UK plc, Santander Financial Services plc and Banco Santander SA.
",
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}
},
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"value": "
31. CONTINGENT LIABILITIES AND COMMITMENTS
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Guarantees given to subsidiaries | | | | | |
Guarantees given to third parties | | | | | |
Formal standby facilities, credit lines and other commitments | | | | | |
| | | | | |
At 31 December 2022, the Santander UK group had credit impairment loss provisions relating to guarantees given to third parties and undrawn loan
commitments. See Note 29 for more details.
Where the items set out below can be reliably estimated, they are disclosed in the table above.
Formal standby facilities, credit lines and other commitments
Ongoing assessments are made to ensure that credit limits remain appropriate considering any change in the security value or the customer\u2019s financial
circumstances. For unsecured overdraft facilities and credit cards, the facilities are granted based on new business risk assessment and are reviewed more
frequently based on internal, as well as external data. Corporate facilities can comprise standby and revolving facilities which are subject to ongoing compliance
with covenants and may require the provision of agreed security.
FSCS
The FSCS is the UK\u2019s independent statutory compensation fund for customers of authorised financial services firms and pays compensation if a firm is unable to pay
certain claims against it. The FSCS is funded by levies on the industry and recoveries and borrowings where appropriate.
Loan representations and warranties
In connection with the securitisations and covered bond transactions described in Note 14, the Santander UK group entities selling the relevant loans into the
applicable securitisation or covered bond portfolios make representations and warranties with respect to such loans, in each case as of the date of the sale of the
loans into the applicable portfolio. These representations and warranties cover, among other things, the ownership of the loan by the relevant Santander UK group
entity, absence of a material breach or default by the relevant borrower under the loan, the loan\u2019s compliance with applicable laws and absence of material
disputes with respect to the relevant borrower, asset and loan. The specific representations and warranties made by Santander UK group companies which act as
sellers of loans in these securitisations and covered bond transactions depend in each case on the nature of the transaction and the requirements of the transaction
structure. In addition, market conditions and credit rating agency requirements may affect the representations and warranties required of the relevant Santander
UK group companies in these transactions.
In the event that there is a material breach of the representations and warranties given by Santander UK plc as seller of loans under the residential mortgage-
backed securitisations or the covered bond programmes included in Note 14, or if such representations and warranties prove to be materially untrue at the date
when they were given (being the sale date of the relevant mortgage loans), Santander UK plc may be required to repurchase the affected mortgage loans
(generally at their outstanding principal balance plus accrued interest). These securitisations and covered bond programmes are collateralised by prime residential
mortgage loans. Santander UK plc is principally a retail prime lender and has no appetite or product offering for any type of sub-prime business. In addition,
Santander UK plc\u2019s credit policy explicitly prohibits such lending.
Similarly, under the auto loan securitisations in Note 14, in the event that there is a breach or inaccuracy in respect of a representation or warranty relating to the
loans, the relevant Santander UK group entity who sold the auto loans into the securitisation portfolio will be required to repurchase such loans from the structure
(also at their outstanding principal balance plus accrued interest). In addition to breaches of representation and warranties, under the auto loan securitisations, the
seller may also have a repurchase obligation if certain portfolio limits are breached (which include, amongst other things, limits as to the size of a loan given to an
individual customer, LTV ratio, average term to maturity and average seasoning).
In the case of a repurchase of a loan from the relevant securitisation or covered bond programmes, the Santander UK group may bear any subsequent credit loss
on such loan. The Santander UK group manages and monitors its securitisation and covered bond activities closely to minimise potential claims.
Other legal actions and regulatory matters
Santander UK engages in discussion, and co-operates, with the FCA, PRA, CMA and other regulators and government agencies in various jurisdictions in their
supervision and review of Santander UK including reviews exercised under statutory powers, regarding its interaction with past and present customers, both as
part of general thematic work and in relation to specific products, services and activities. During the ordinary course of business, Santander UK is also subject to
complaints and threatened legal proceedings brought by or on behalf of current or former employees, customers, investors or other third parties, in addition to
legal and regulatory reviews, challenges and tax or enforcement investigations or proceedings in various jurisdictions. All such matters are assessed periodically to
determine the likelihood of Santander UK incurring a liability.
In those instances where it is concluded that it is not yet probable that a quantifiable payment will be made, for example because the facts are unclear or further
time is required to fully assess the merits of the case or to reasonably quantify the expected payment, no provision is made. In addition, where it is not currently
practicable to estimate the possible financial effect of these matters, no provision is made.
FCA civil regulatory investigation into Santander UK plc financial crime systems, processes and controls, and compliance with the Money Laundering
Regulations 2007
In December 2022, we paid a \u00a3108m financial penalty to settle the FCA's enforcement investigation into the anti-money laundering systems and controls in our
Business Banking division in the period between 31 December 2012 and 18 October 2017. The settlement concluded the FCA's investigation.
Payment Protection Insurance
In relation to a specific PPI portfolio of complaints, a legal dispute regarding allocation of liability is in its early stages. The dispute relates to the liability for PPI mis-
selling complaints relating to pre-2005 PPI policies underwritten by AXA France IARD and AXA France Vie (together, AXA France - previously Financial Insurance
Company Ltd and Financial Assurance Company Ltd respectively) and involves Santander Cards UK Limited (a former GE Capital Corporation entity and distributor
of pre-2005 PPI known as GE Capital Bank Limited which was acquired by Banco Santander SA in 2008 and subsequently transferred to Santander UK plc) and a
Banco Santander SA subsidiary Santander Insurance Services UK Limited (together the Santander Entities). During the relevant period, AXA France were owned by
Genworth Financial International Holdings, Inc (Genworth).
In September 2015, AXA SA acquired AXA France from Genworth. In July 2017, the Santander Entities notified AXA France that they did not accept liability for losses
on PPI policies relating to the relevant period. Santander UK plc entered into a Complaints Handling Agreement (CHA) with AXA France pursuant to which it agreed
to handle complaints on their behalf, and AXA France agreed to pay redress assessed to be due to relevant policyholders on a without prejudice basis. A standstill
agreement was entered into between the Santander Entities and AXA France as a condition of the CHA.
In July 2020, Genworth announced that it had agreed to pay AXA SA circa \u00a3624m in respect of PPI mis-selling losses in settlement of the related dispute concerning
obligations under the sale and purchase agreement pursuant to which Genworth sold AXA France to AXA SA. The CHA between Santander UK plc and AXA France
terminated on 26 December 2020. On 30 December 2020, AXA France provided written notice to the Santander Entities to terminate the standstill agreement.
During 2021, AXA France commenced litigation against the Santander Entities seeking recovery of \u00a3636m and any further losses relating to pre-2005 PPI.\u00a0
Judgment in respect of the Santander Entities application for AXA France\u2019s claim to be struck out/summarily dismissed, was handed down by the Commercial Court
on 12 July 2022. In summary, the Commercial Court upheld a significant part of the Santander Entities\u2019 strike-out application, striking out AXA France\u2019s claim for
contribution against Santander for alleged losses and requiring AXA France to re-plead a significant portion of its other pleadings. AXA France updated the amount
of losses claimed from \u00a3636m to \u00a3670m in their Amended Particulars of Claim dated 21 October 2022. Overall, the dispute remains at an early stage and there
are ongoing factual issues to be resolved which may have legal consequences including in relation to liability. These issues create uncertainties which mean that it
is difficult to reliably predict the outcome or the timing of the resolution of the matter. The litigation and other regulatory provision in Note 29 includes our best
estimate of the Santander Entities\u2019 liability to the specific portfolio. Further information has not been provided on the basis that it would be seriously prejudicial to
the Santander Entities\u2019 interests in connection with the dispute.
In addition, and in relation to PPI more generally the PPI provision includes an amount relating to legal claims challenging the FCA\u2019s industry guidance on the
treatment of Plevin / recurring non-disclosure assessments. This provision is based on current stock levels, future projected claims, and average redress. There
remains a risk that volumes received in future may be higher than forecast. The provision in Note 29 includes our best estimate of Santander UK\u2019s liability for the
specific issue. The actual cost of customer compensation could differ from the amount provided. It is not currently practicable to provide an estimate of the risk and
amount of any further financial impact.
German dividend tax arbitrage transactions
In June 2018 the Cologne Criminal Prosecution Office and the German Federal Tax Office commenced an investigation in relation to the historical involvement of
Santander UK plc, Santander Financial Services plc and Cater Allen International Limited (all subsidiaries of Santander UK Group Holdings plc) in German dividend
tax arbitrage transactions (known as cum/ex transactions). These transactions allegedly exploited a loophole of a specific German settlement mechanism through
short-selling and complex derivative structuring which resulted in the German government either refunding withholding tax where such tax had not been paid or
refunding it more than once.\u00a0 The German authorities are investigating numerous institutions and individuals in connection with alleged transactions and practices
which may be found to be illegal under German law.
During 2022 we continued to cooperate with the German authorities and, with the assistance of external experts, to progress an internal investigation into the
matters in question. From Santander UK plc\u2019s perspective, the investigation is focused principally on the period 2009-2011 and remains on-going. There remain
factual issues to be resolved which may have legal consequences including potentially material financial penalties. These issues create uncertainties which mean
that it is difficult to predict the resolution of the matter including timing or the significance of the possible impact. These uncertainties mean it is not currently
possible to make a reliable assessment of the size of any related potential liability. Any potential losses, claims or expenses suffered or incurred by Santander
Financial Services plc in respect of these matters have been fully indemnified by Santander UK plc, as part of the ring-fencing transfer scheme between Santander
UK plc, Santander Financial Services plc and Banco Santander SA.
Taxation
The Santander UK group engages in discussion, and co-operates, with HM Revenue & Customs (HMRC) in their oversight of the Santander UK group\u2019s tax matters.
The Santander UK group adopted the UK\u2019s Code of Practice on Taxation for Banks in 2010.
Certain leases in which the Santander UK group is or was the lessor have been under review by HMRC in connection with claims for tax allowances. Under the
terms of the lease agreements, the Santander UK group is fully indemnified in all material respects by the respective lessees for any liability arising from the
disallowance of tax allowances plus accrued interest. During 2021, an outline agreement in principle in respect of a number of these lease arrangements was
reached directly between the lessee and HMRC. This agreement was executed in April 2022, resulting in a final payment by the lessee to HMRC and the conclusion
of HMRC\u2019s review. There is no financial impact for the Santander UK group.
Other
On 2 November 2015, Visa Europe Ltd agreed to sell 100% of its share capital to Visa Inc. The deal closed on 21 June 2016. As a member and shareholder of Visa
Europe Ltd, Santander UK received upfront consideration made up of cash and convertible preferred stock. Conversion of the preferred stock into Class A Common
Stock of Visa Inc. depends on the outcome of litigation against Visa involving UK & Ireland (UK&I) multilateral interchange fees (MIFs). Following ring-fencing, all
Visa stock is now held by Santander Equity Investments Limited (SEIL), outside the ring-fenced bank.
In addition, Santander UK and certain other UK&I banks have agreed to indemnify Visa Inc. in the event that the preferred stock is insufficient to meet the costs of
this litigation. Visa Inc. has recourse to this indemnity once more than \u20ac1bn of losses relating to UK&I MIFs have arisen or once the total value of the preferred stock
issued to UK&I banks on closing has been reduced to nil. Whilst Santander UK's liability under this indemnity is capped at \u20ac39.85m, Visa Inc. may have recourse to a
general indemnity in place under Visa Europe Operating Regulations for damages not satisfied through the above mechanism. At this stage, it is unclear whether
the litigation will give rise to more than \u20ac1bn of losses relating to UK&I MIFs which means it is difficult to predict the resolution of the matter including the timing
or the significance of the possible impact.
As part of the sale of subsidiaries, businesses and other entities, and as is normal in such circumstances, Santander UK plc (and/or, where relevant, its subsidiaries)
has given warranties and indemnities to the purchasers.
Obligations under stock borrowing and lending agreements
Obligations under stock borrowing and lending agreements represent contractual commitments to return stock borrowed. These obligations are offset by a
contractual right to receive stock under other contractual agreements. See Note 35.
Other off-balance sheet commitments
The Santander UK group has commitments to lend at fixed interest rates which expose us to interest rate risk. For more, see the Risk review.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
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}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8yOTIvZnJhZzphOGUzYTJhNzI5Zjk0MzczYmU1MzJmMjk0YmRkMGIxNC90ZXh0cmVnaW9uOmE4ZTNhMmE3MjlmOTQzNzNiZTUzMmYyOTRiZGQwYjE0XzEyNzU0MzM0ODgyMjg0NQ_1e91f804-4c46-4bd8-b223-584c552029ba": {
"value": "
32. SHARE CAPITAL
| | | | |
| |
| Ordinary shares of \u00a30.10 each | | |
| |
Issued and fully paid share capital | | | | |
At 31 December 2021, 1 January 2022 and 31 December 2022 | | | | |
| | |
| |
| |
| | |
At 1 January and 31 December | | |
The Company has one class of ordinary shares which carries no right to fixed income. The Company\u2019s \u00a3325m sterling preference shares are classified as
Subordinated Liabilities as described in Note 27.
",
"dimensions": {
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},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8yOTIvZnJhZzphOGUzYTJhNzI5Zjk0MzczYmU1MzJmMjk0YmRkMGIxNC90ZXh0cmVnaW9uOmE4ZTNhMmE3MjlmOTQzNzNiZTUzMmYyOTRiZGQwYjE0XzEyNzU0MzM0ODgyMjg0NQ_6c3814ef-dca4-43f2-a02b-158973ee1348": {
"value": "
32. SHARE CAPITAL
| | | | |
| |
| Ordinary shares of \u00a30.10 each | | |
| |
Issued and fully paid share capital | | | | |
At 31 December 2021, 1 January 2022 and 31 December 2022 | | | | |
| | |
| |
| |
| | |
At 1 January and 31 December | | |
The Company has one class of ordinary shares which carries no right to fixed income. The Company\u2019s \u00a3325m sterling preference shares are classified as
Subordinated Liabilities as described in Note 27.
33. OTHER EQUITY INSTRUMENTS
| | | | |
| | | |
| | | | |
| | | | |
\u00a3300m Step-up Callable Perpetual Reserve Capital Instruments | | | | |
| | | | |
- \u00a3500m Perpetual Capital Securities | | | | |
- \u00a3750m Perpetual Capital Securities | | | | |
- \u00a3500m Perpetual Capital Securities | | | | |
- \u00a3210m Perpetual Capital Securities | | | | |
- \u00a3750m Perpetual Capital Securities | | | | |
| | | | |
Step-up Callable Perpetual Reserve Capital Instruments
During 2022, the \u00a3300m Step-up Callable Perpetual Reserve Capital Instruments were called for value on 14 February 2022 and redeemed at their principal
amount.
AT1 securities
The AT1 securities issued by the Company were subscribed for by its immediate parent company, Santander UK Group Holdings plc. The AT1 securities are
perpetual and pay a quarterly distribution. At each distribution payment date, the Company can decide whether to pay the distribution, which is non-cumulative, in
whole or in part. The distribution rate resets every five years. The securities will be automatically written down and the investors will lose their entire investment in
the securities should the CET1 capital ratio of the Santander UK prudential consolidation group, or the Company (calculated on a solo basis), fall below 7%.
All AT1 securities are\u00a0 redeemable at the option of the Company, and only with the consent of the PRA.
In June 2022, Santander UK plc purchased and redeemed the \u00a3750m 7.375% Perpetual Capital Securities and issued \u00a3750m 6.50% Perpetual Capital Securities,
which were fully subscribed by the Company\u2019s immediate parent company, Santander UK Group Holdings plc.",
"dimensions": {
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},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV80ODUwL2ZyYWc6OGU3MGZjZjAwNzNlNDE5NmE1MDk2MDdkMTA1MzE2NWIvdGV4dHJlZ2lvbjo4ZTcwZmNmMDA3M2U0MTk2YTUwOTYwN2QxMDUzMTY1Yl8xMjc1NDMzNDg4MjUyMTA_636df640-a206-4018-94d6-89551a3bd15d": {
"value": "
33. OTHER EQUITY INSTRUMENTS
| | | | |
| | | |
| | | | |
| | | | |
\u00a3300m Step-up Callable Perpetual Reserve Capital Instruments | | | | |
| | | | |
- \u00a3500m Perpetual Capital Securities | | | | |
- \u00a3750m Perpetual Capital Securities | | | | |
- \u00a3500m Perpetual Capital Securities | | | | |
- \u00a3210m Perpetual Capital Securities | | | | |
- \u00a3750m Perpetual Capital Securities | | | | |
| | | | |
Step-up Callable Perpetual Reserve Capital Instruments
During 2022, the \u00a3300m Step-up Callable Perpetual Reserve Capital Instruments were called for value on 14 February 2022 and redeemed at their principal
amount.
AT1 securities
The AT1 securities issued by the Company were subscribed for by its immediate parent company, Santander UK Group Holdings plc. The AT1 securities are
perpetual and pay a quarterly distribution. At each distribution payment date, the Company can decide whether to pay the distribution, which is non-cumulative, in
whole or in part. The distribution rate resets every five years. The securities will be automatically written down and the investors will lose their entire investment in
the securities should the CET1 capital ratio of the Santander UK prudential consolidation group, or the Company (calculated on a solo basis), fall below 7%.
All AT1 securities are\u00a0 redeemable at the option of the Company, and only with the consent of the PRA.
In June 2022, Santander UK plc purchased and redeemed the \u00a3750m 7.375% Perpetual Capital Securities and issued \u00a3750m 6.50% Perpetual Capital Securities,
which were fully subscribed by the Company\u2019s immediate parent company, Santander UK Group Holdings plc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zMDcvZnJhZzowODc1MTBjYjRhZWI0ZTViYjc3NzZkMGU3ZDUyMzMxYi90ZXh0cmVnaW9uOjA4NzUxMGNiNGFlYjRlNWJiNzc3NmQwZTdkNTIzMzFiXzEyNzU0MzM0ODgyMjI2Nw_763c6645-c0db-49df-9651-2988fdf29eac": {
"value": "
34. NOTES TO CASH FLOWS
Changes in liabilities arising from financing activities
The table below shows the changes in liabilities arising from financing activities. The changes in equity arising from financing activities are set out in the
Consolidated Statement of Changes in Equity.
| | | | | | |
| | | | | | |
| | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Proceeds from issue of debt securities | | | | | | |
Repayment of debt securities | | | | | | |
Repayment of subordinated liabilities | | | | | | |
Issue of other equity instruments | | | | | | |
Repurchase of other equity instruments | | | | | | |
Principal elements of lease payments | | | | | | |
| | | | | | |
Liability-related other changes | | | | | | |
| | | | | | |
\u2013 Unrealised foreign exchange | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Proceeds from issue of debt securities | | | | | | |
Repayment of debt securities | | | | | | |
Repayment of subordinated liabilities | | | | | | |
Issue of other equity instruments(2) | | | | | | |
Repurchase of other equity instruments(2) | | | | | | |
Principal elements of lease payments | | | | | | |
| | | | | | |
Liability-related other changes | | | | | | |
| | | | | | |
\u2013 Unrealised foreign exchange | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Proceeds from issue of debt securities | | | | | | |
Repayment of debt securities | | | | | | |
Repayment of subordinated liabilities | | | | | | |
Principal elements of lease payments | | | | | | |
| | | | | | |
Liability-related other changes | | | | | | |
| | | | | | |
\u2013 Unrealised foreign exchange | | | | | | |
| | | | | | |
| | | | | | |
(1) Dividends paid have been restated for 2021 from the \u00a31,494m previously disclosed to \u00a31,505m due to an administrative error.
(2) Issue and Repurchase of other equity instruments and Other Equity Instrument Other changes have been restated for 2021 from \u00a3450m, \u00a3500m and \u00a350m previously disclosed to \u00a3210m for both Issue and
Repurchase of Other equity instrument and \u00a3nil for Other changes due to an administrative error.
Footnotes to the consolidated cash flow statement
Net cash flows from operating activities includes interest received of \u00a36,508m (2021: \u00a34,806m, 2020: \u00a35,139m), interest paid of \u00a32,089m (2021: \u00a31,064m, 2020:
\u00a31,857m) and dividends received of \u00a3nil\u00a0 (2021: \u00a3nil, 2020: \u00a3nil).
Total cash outflow for leases was \u00a328m (2021: \u00a328m, 2020: \u00a348m).
Restatements in the consolidated cash flow statement
The presentation of the consolidated cash flow statement has changed to present 'profit before tax' within cash flows from operating activities instead of 'profit
after tax'. Prior periods have been restated. As a result, for the year ended 31 December 2021 and 31 December 2020, the adjustment for 'corporation tax charge'
in 'non-cash items included in profit' within cash flows from operating activities has been decreased by \u00a3504m and \u00a3134m respectively.
Following a decision by the IFRS Interpretations Committee in April 2022, Santander UK updated its accounting policy to exclude from cash and cash equivalents
Reserves Collateralisation Accounts (RCAs) balances held at the BoE relating to Santander UK\u2019s participation in certain payments schemes. Instead, RCAs balances
are classified as restricted balances and included within 'change in operating assets' in the cash flow statement. Prior periods have been restated. As a result,
opening cash and cash equivalents at 1 January 2022 and 1 January 2021 have been restated by \u00a31,580m and \u00a3985m respectively. At 31 December 2021, cash
and cash equivalents were reduced by \u00a31,580m and restricted balances were increased by \u00a31,580m. At 31 December 2020, cash and cash equivalents were
reduced by \u00a3985m and restricted balances were increased by \u00a3985m. The net change in cash and balances at central banks was restated as a result of a decrease
in cash inflows from operating activities of \u00a3595m in 2021(2020: increase of \u00a395m).
Other matters
In addition, in 2021, there was a disposal of non-controlling interests of \u00a3181m.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8xMTY3Ni9mcmFnOjliM2U1YTkyOTZmYjQwYWViMDlkMGJlMzFkMDJkZGI0L3RleHRyZWdpb246OWIzZTVhOTI5NmZiNDBhZWIwOWQwYmUzMWQwMmRkYjRfMTI3NTQzMzQ4ODIyNzk4_bfef0715-fcaf-4ee2-ae62-dfc367d5204b": {
"value": "
Restatements in the consolidated cash flow statement
The presentation of the consolidated cash flow statement has changed to present 'profit before tax' within cash flows from operating activities instead of 'profit
after tax'. Prior periods have been restated. As a result, for the year ended 31 December 2021 and 31 December 2020, the adjustment for 'corporation tax charge'
in 'non-cash items included in profit' within cash flows from operating activities has been decreased by \u00a3504m and \u00a3134m respectively.
Following a decision by the IFRS Interpretations Committee in April 2022, Santander UK updated its accounting policy to exclude from cash and cash equivalents
Reserves Collateralisation Accounts (RCAs) balances held at the BoE relating to Santander UK\u2019s participation in certain payments schemes. Instead, RCAs balances
are classified as restricted balances and included within 'change in operating assets' in the cash flow statement. Prior periods have been restated. As a result,
opening cash and cash equivalents at 1 January 2022 and 1 January 2021 have been restated by \u00a31,580m and \u00a3985m respectively. At 31 December 2021, cash
and cash equivalents were reduced by \u00a31,580m and restricted balances were increased by \u00a31,580m. At 31 December 2020, cash and cash equivalents were
reduced by \u00a3985m and restricted balances were increased by \u00a3985m. The net change in cash and balances at central banks was restated as a result of a decrease
in cash inflows from operating activities of \u00a3595m in 2021(2020: increase of \u00a395m).
Other matters
In addition, in 2021, there was a disposal of non-controlling interests of \u00a3181m.
Restatement in the consolidated Balance sheet
In 2022, the macro hedge of interest rate risk balances increased significantly and are now disclosed separately on the face of the balance sheet rather than being
included in Other assets and Other liabilities. Prior periods have been restated accordingly. As a result, at 31 December 2021, \u00a377m (2020: \u00a31,226m) has been
reclassified from Other assets into the Macro hedge of interest rate risk asset, and \u00a3122m (2020: \u00a3188m) has been reclassified from Other liabilities into the
Macro hedge of interest rate risk liability.
Restatement in the Company Balance Sheet
In 2022, the macro hedge of interest rate risk balances increased significantly and are now disclosed separately on the face of the balance sheet rather than being
included in Other assets and Other liabilities. Prior periods have been restated accordingly. As a result, at 31 December 2021, \u00a3(283)m (2020: \u00a3795m) has been
reclassified from Other assets into the Macro hedge of interest rate risk asset, and \u00a3nil (2020: \u00a310m) has been reclassified from Other liabilities into the Macro
hedge of interest rate risk liability.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zMTYvZnJhZzoxMDJkNmQxYzI2YzM0NTA2OGQ5OTE1NTEwYWM1Y2VhZi90ZXh0cmVnaW9uOjEwMmQ2ZDFjMjZjMzQ1MDY4ZDk5MTU1MTBhYzVjZWFmXzEyNzU0MzM0ODg1MTE1MQ_b2f1850a-a94a-424a-b8eb-33bcdb005d26": {
"value": "
36. SHARE-BASED COMPENSATION
The Santander UK group operates share schemes and arrangements for eligible employees. The main current schemes are the Sharesave Schemes, the Deferred
Shares Bonus Plan, the Partnership Shares scheme and the Transformation Incentive Plan. All share options and awards relate to shares in Banco Santander SA.
The amount charged to the income statement in respect of share-based payment transactions is set out in Note 6.
At 31 December 2022, the carrying amount of liabilities arising from share-based payment transactions, excluding any cash element was \u00a36.6m (2021: \u00a33.7m), of
which \u00a30.1m had vested at 31 December 2022 (2021: \u00a30.4m).
a) Sharesave Schemes
The Santander UK group launched its fifteenth HM Revenue & Customs approved Sharesave invitation under Banco Santander SA sponsorship in September 2022.
Sharesave invitations have been offered since 2008 under broadly similar terms. Under the Sharesave Scheme\u2019s HMRC-approved savings limits, eligible employees
may enter into contracts to save between \u00a35 and \u00a3500 per month. For all schemes, at the end of a fixed term of three or five years after the grant date, the
employees can use these savings to buy shares in Banco Santander SA at a discount, calculated in accordance with the rules of the scheme. The option price is
calculated as the average middle market quoted price of Banco Santander SA shares over the first three dealing days prior to invitation and discounted by up to
20%. This year a 10% discount was applied. The vesting of awards under the scheme depends on continued employment with the Banco Santander group.
Participants in the scheme have six months from the date of vesting to exercise the option.
The table below summarises movements in the number of options, and changes in weighted average exercise price over the same period.
| | | | | |
| | | | | |
| | Weighted average exercise price | | | Weighted average exercise price |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Outstanding at 31 December | | | | | |
Exercisable at 31 December | | | | | |
The fair value of each option at the date of grant is estimated using an analytical model that also reflects the correlation between EUR and GBP. This model uses
assumptions on the share price, the EUR/GBP FX rate, the EUR/GBP risk-free interest rate, dividend yields, the expected volatilities of both the underlying shares
and EUR/GBP for the expected lives of options granted. The weighted average grant-date fair value of options granted during the year was \u00a30.23 (2021: \u00a30.20).
b) Deferred shares bonus plan
Deferred bonus awards are designed to align employee performance with shareholder value and encourage increased retention of senior employees. Those
employees who are designated as Material Risk Takers receive part of their annual bonus as a deferred award comprising 50% in shares, and 50% in cash. Either
40% (for any variable pay award of less than \u00a3500,000) or 60% (for any variable pay award greater than \u00a3500,000) is deferred over a four, five or seven year period
from the anniversary of the initial award. Deferred bonus awards in shares are subject to an additional one-year retention period from the point of delivery. Any
deferred awards are dependent on continued employment and subject to Santander UK's discretion, and the vesting of deferred bonus awards are subject to risk
and performance adjustment.
c) Partnership Shares scheme
A Partnership Shares scheme is operated for eligible employees under the Share Incentive Plan (SIP) umbrella. Participants can choose to invest up to \u00a31,800 per
tax year (or no more than 10% of an employee\u2019s salary for the tax year) from pre-tax salary to buy Banco Santander SA shares. Shares are held in trust for the
participants. There are no vesting conditions attached to these shares, and no restrictions as to when the shares can be removed from the trust. However, if a
participant chooses to sell the shares before the end of five years, they will be liable for the taxable benefit received when the shares are taken out of the trust. The
shares can be released from trust after five years free of income tax and national insurance contributions. 3,974,698 shares were outstanding at 31 December
2022 (2021: 3,618,796 shares).
d) Transformation Incentive Plan
This is a one-off long-term incentive plan which is designed to recognise the achievement of financial targets and an enhanced customer experience, whilst
maintaining appropriate conduct controls and risk management, over the course of our transformation period.
Awards under the plan will be assessed over the period 1 January 2021 to 31 December 2023. Awards are granted half in cash and half in share-based units
(linked to the Banco Santander SA share price), and will vest in accordance with regulatory requirements. The total value of share-based awards granted in 2022
was \u00a31m and the liability arising from share-based payment transactions, excluding any cash element was \u00a31.8m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zMjIvZnJhZzoyZGYxYWU0Y2ZhMmI0ZTA5OThhODI4YTZjMzU2MTAzNC90ZXh0cmVnaW9uOjJkZjFhZTRjZmEyYjRlMDk5OGE4MjhhNmMzNTYxMDM0XzEyNzU0MzM0ODg1Mzk5OA_5cbedc76-b597-4117-a59e-a6ff8d94b71f": {
"value": "
37. TRANSACTIONS WITH DIRECTORS AND OTHER KEY MANAGEMENT PERSONNEL
a) Remuneration of Directors and Other Key Management Personnel
The remuneration of the Directors and Other Key Management Personnel (KMP) of the Santander UK group is set out in aggregate below.
| | | |
| | | |
Directors\u2019 remuneration | | | |
| | | |
Performance-related payments(2) | | | |
Other fixed remuneration (allowances and non-cash benefits) | | | |
| | | |
| | | |
Compensation for loss of office(3) | | | |
| | | Short-term employee benefits(2) | | | |
| | | |
Compensation for loss of office(3) | | | |
| | | |
(1)2021 and 2020 salaries and fees have been restated to reflect fees earned in respect of services rendered during the year. Fees of\u00a0 \u00a37,463 have been reallocated from 2021 to 2020.
(2)2021 and 2020 Performance related payments have been restated to account for 36% of Directors and selected KMP awards being subject to long-term metrics. Performance against these metrics can decrease
the award to 0% and may not increase the award value. Previously, the value of the Variable Pay Plan awards have been disclosed in full which has resulted in an overstatement post the application of
performance conditions. The value of the 2021 and 2020 Variable Pay Plan awards subject to long-term performance conditions will be disclosed after the close of the performance period upon vesting. In
addition to the remuneration in the table above, no grants of shares in Banco Santander SA were made to Directors and KMPs as part of buy-outs of deferred performance-related payments in connection with
previous employment in 2022 (2021: one to a KMP with a value of \u00a3107,225, of which \u00a325,413 vested in the year, 2020: one to a Director of \u00a31,293,678 of which \u00a3242,605 vested in the year and one to a KMP of
\u00a3924,133 of which \u00a360,500 vested in the year). A payment of guaranteed variable remuneration of \u00a3660,648 was made to a Director in 2022 (2021: \u00a3nil, 2020: \u00a3nil) part of which was awarded in Banco
Santander SA shares. The element of the guaranteed remuneration which vested in respect of 2022 has been disclosed above, 40%, and the remaining 60% will be disclosed upon vesting.
(3)\u00a0 \u00a0 \u00a0 Compensation for loss of office of \u00a3172,856 was paid in 2022 to two Directors (2021: \u00a3356,054 for two Directors, 2020: \u00a3nil). Compensation for loss of office was paid to three KMPs in 2022 totalling \u00a31,540,400
(2021: \u00a3nil , 2020: one KMP: \u00a3263,097).
In 2022, the remuneration, excluding pension contributions, of the highest paid Director, was \u00a33,510,441 (2021: \u00a33,740,810, 2020: \u00a32,093,149) of which
\u00a31,900,506 (2021: \u00a31,864,320, 2020: \u00a3nil) was performance related. In 2022, the accrued defined benefit pension relating to the highest paid director was \u00a3nil
(2021: \u00a322,119, 2020: \u00a321,309 per annum for a different\u00a0 individual).
b) Retirement benefits
Defined benefit pension schemes are provided to certain employees. See Note 30 for details of the schemes and the related costs and obligations. One director has
a deferred pension benefit accruing under a defined benefit scheme. Ex gratia pensions paid to former Directors of Santander UK plc in 2022, which have been
provided for previously, amounted to \u00a3379,945 (2021: \u00a3370,668; 2020: \u00a3366,248). Since the Company became part of the Banco Santander group, the Board has
not awarded any new ex-gratia pensions.
c) Transactions with Directors, Other Key Management Personnel and each of their connected persons
Directors, Other Key Management Personnel (defined as the Executive Committee of Santander UK plc who served during the year) and their connected persons
have undertaken the following transactions with the Santander UK group in the ordinary course of business.
| | | | | |
| | | | | |
| | | | |
Secured loans, unsecured loans and overdrafts | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Deposit, bank and instant access accounts and investments | | | | | |
| | | | | |
| | | | | |
| | | | | |
For more on this, see \u2018Balances with other Banco Santander group members\u2019 in the Risk review, Note 13. Loans and advances to customers, Note 23. Deposits by
customers and Note 33. Other Equity Instruments. In addition, transactions with pension schemes operated by the Santander UK group are described in Note 30. In
November 2022, Santander (UK) Group Pension Scheme Trustees Limited entered into an unsecured committed liquidity facility with Santander UK plc for \u00a3600m
with a maturity date of 31 December 2024. This facility provides an alternate source of short-term liquidity for day-to-day operational needs. At the balance sheet
date, no drawings had been made from this facility and the entire facility remained undrawn.
The above transactions were made in the ordinary course of business, on substantially the same terms as for comparable transactions with third party
counterparties, and within limits acceptable to the PRA. Such transactions do not involve more than the normal risk of collectability or present any unfavourable
features.
In 2020, Santander Consumer (UK) plc (SCUK) purchased a 50% share in a new joint venture, Volvo Car Financial Services UK Limited. In 2021, \u00a3390m of dealer
lending was transferred from SCUK to the new entity. In October 2020, Santander UK plc transferred a portfolio of mortgage assets with a carrying amount of
\u00a33,163m to Santander Financial Services plc for a cash consideration of \u00a33,174m, including a purchase price premium of \u00a311m.
In 2021, SCUK sold its entire 50% shareholding in PSA Finance UK Limited to PSA Financial Services Spain EFC SA, a joint venture between Santander Consumer
Finance SA, a fellow subsidiary of Banco Santander SA, and Banque PSA Finance SA. In 2021, a significant part of the CIB business of Santander UK was transferred
to the London branch of Banco Santander SA by way of a Part VII banking business transfer scheme. For more details, see Note 42. In 2021, we sold our current
head office site in Triton Square, London to Santander UK Investments, a wholly owned subsidiary of our ultimate parent. Santander UK occupies space within the
building and paid fees of \u00a36m (2021: \u00a34m) under an occupational licence arrangement.
In May 2022, Santander UK plc transferred a portfolio of mortgage assets with a carrying amount of \u00a3624m to Santander Financial Services plc for a cash
consideration of \u00a3631m, including a purchase price premium of \u00a37m.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:PTCQB104N23FMNK2RZ28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"id3VybDovL2RvY3MudjEvZG9jOmIxYzE0NzhjYzhhMDQwMGI4ZWFkOGJmZmE0Y2IzYTM5L3NlYzpiMWMxNDc4Y2M4YTA0MDBiOGVhZDhiZmZhNGNiM2EzOV8zMjIvZnJhZzoyZGYxYWU0Y2ZhMmI0ZTA5OThhODI4YTZjMzU2MTAzNC90ZXh0cmVnaW9uOjJkZjFhZTRjZmEyYjRlMDk5OGE4MjhhNmMzNTYxMDM0XzEyNzU0MzM0ODg1Mzk5OA_db50f50f-af58-4c21-87c6-00b568f9068e": {
"value": "
37. TRANSACTIONS WITH DIRECTORS AND OTHER KEY MANAGEMENT PERSONNEL
a) Remuneration of Directors and Other Key Management Personnel
The remuneration of the Directors and Other Key Management Personnel (KMP) of the Santander UK group is set out in aggregate below.
| | | |
| | | |
Directors\u2019 remuneration | | | |
| | | |
Performance-related payments(2) | | | |
Other fixed remuneration (allowances and non-cash benefits) | | | |
| | | |
| | | |
Compensation for loss of office(3) | | | |
| | | Short-term employee benefits(2) | | | |
| | | |
Compensation for loss of office(3) | | | |
| | | |
(1)2021 and 2020 salaries and fees have been restated to reflect fees earned in respect of services rendered during the year. Fees of\u00a0 \u00a37,463 have been reallocated from 2021 to 2020.
(2)2021 and 2020 Performance related payments have been restated to account for 36% of Directors and selected KMP awards being subject to long-term metrics. Performance against these metrics can decrease
the award to 0% and may not increase the award value. Previously, the value of the Variable Pay Plan awards have been disclosed in full which has resulted in an overstatement post the application of
performance conditions. The value of the 2021 and 2020 Variable Pay Plan awards subject to long-term performance conditions will be disclosed after the close of the performance period upon vesting. In
addition to the remuneration in the table above, no grants of shares in Banco Santander SA were made to Directors and KMPs as part of buy-outs of deferred performance-related payments in connection with
previous employment in 2022 (2021: one to a KMP with a value of \u00a3107,225, of which \u00a325,413 vested in the year, 2020: one to a Director of \u00a31,293,678 of which \u00a3242,605 vested in the year and one to a KMP of
\u00a3924,133 of which \u00a360,500 vested in the year). A payment of guaranteed variable remuneration of \u00a3660,648 was made to a Director in 2022 (2021: \u00a3nil, 2020: \u00a3nil) part of which was awarded in Banco
Santander SA shares. The element of the guaranteed remuneration which vested in respect of 2022 has been disclosed above, 40%, and the remaining 60% will be disclosed upon vesting.
(3)\u00a0 \u00a0 \u00a0 Compensation for loss of office of \u00a3172,856 was paid in 2022 to two Directors (2021: \u00a3356,054 for two Directors, 2020: \u00a3nil). Compensation for loss of office was paid to three KMPs in 2022 totalling \u00a31,540,400
(2021: \u00a3nil , 2020: one KMP: \u00a3263,097).
In 2022, the remuneration, excluding pension contributions, of the highest paid Director, was \u00a33,510,441 (2021: \u00a33,740,810, 2020: \u00a32,093,149) of which
\u00a31,900,506 (2021: \u00a31,864,320, 2020: \u00a3nil) was performance related. In 2022, the accrued defined benefit pension relating to the highest paid director was \u00a3nil
(2021: \u00a322,119, 2020: \u00a321,309 per annum for a different\u00a0 individual).
b) Retirement benefits
Defined benefit pension schemes are provided to certain employees. See Note 30 for details of the schemes and the related costs and obligations. One director has
a deferred pension benefit accruing under a defined benefit scheme. Ex gratia pensions paid to former Directors of Santander UK plc in 2022, which have been
provided for previously, amounted to \u00a3379,945 (2021: \u00a3370,668; 2020: \u00a3366,248). Since the Company became part of the Banco Santander group, the Board has
not awarded any new ex-gratia pensions.
c) Transactions with Directors, Other Key Management Personnel and each of their connected persons
Directors, Other Key Management Personnel (defined as the Executive Committee of Santander UK plc who served during the year) and their connected persons
have undertaken the following transactions with the Santander UK group in the ordinary course of business.
| | | | | |
| | | | | |
| | | | |
Secured loans, unsecured loans and overdrafts | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Deposit, bank and instant access accounts and investments | | | | | |
| | | | | |
| | | | | |
| | | | | |
f) Fair value adjustments
The internal models incorporate assumptions that Santander UK believes would be made by a market participant to establish fair value. Fair value adjustments are
adopted when Santander UK considers that there are additional factors that would be considered by a market participant that are not incorporated in the valuation
model.
Santander UK classifies fair value adjustments as either \u2018risk-related\u2019 or \u2018model-related\u2019. The fair value adjustments form part of the portfolio fair value and are
included in the balance sheet values of the product types to which they have been applied. Risk-related adjustments
Risk-related adjustments are driven, in part, by the magnitude of Santander UK\u2019s market or credit risk exposure, and by external market factors, such as the size of
market spreads.
(i) Bid-offer and trade specific adjustments
Portfolios are marked at bid or offer, as appropriate. Valuation models will typically generate mid-market values. The bid-offer adjustment reflects the cost that
would be incurred if substantially all residual net portfolio market risks were closed using available hedging instruments or by disposing of or unwinding the
position. For debt securities, the bid-offer spread is based on a market price at an individual security level. For other products, the major risk types are identified. For
each risk type, the net portfolio risks are first classified into buckets, and then a bid-offer spread is applied to each risk bucket based upon the market bid-offer
spread for the relevant hedging instrument.
(ii) Uncertainty
Certain model inputs may be less readily determinable from market data, and/or the choice of model itself may be more subjective. In these circumstances, a
range of possible values exists that the financial instrument or market parameter may assume, and an adjustment may be needed to reflect the likelihood that in
estimating the fair value of the financial instrument, market participants would adopt more conservative values for uncertain parameters and/or model
assumptions than those used in the valuation model.
(iii) Credit risk adjustment
Credit risk adjustments comprise credit and debit valuation adjustments. The credit valuation adjustment (CVA) is an adjustment to the valuation of OTC derivative
contracts to reflect within fair value the possibility that the counterparty may default, and Santander UK may not receive the full market value of the transactions.
The debit valuation adjustment (DVA) is an adjustment to the valuation of the OTC derivative contracts to reflect within the fair value the possibility that Santander
UK may default, and that Santander UK may not pay full market value of the transactions.
Santander UK calculates a separate CVA and DVA for each Santander UK legal entity, and within each entity for each counterparty to which the entity has exposure.
Santander UK calculates the CVA by applying the probability of default of the counterparty to the expected positive exposure to the counterparty, and multiplying
the result by the loss expected in the event of default i.e. LGD. Conversely, Santander UK calculates the DVA by applying the PD of the Santander UK group, to the
expected positive exposure of the counterparty to Santander UK and multiplying the result by the LGD. Both calculations are performed over the life of the
potential exposure.
For most products Santander UK uses a simulation methodology to calculate the expected positive exposure to a counterparty. This incorporates a range of
potential exposures across the portfolio of transactions with the counterparty over the life of the portfolio. The simulation methodology includes credit mitigants
such as counterparty netting agreements and collateral agreements with the counterparty.
The methodologies do not, in general, account for wrong-way risk. Wrong-way risk arises where the underlying value of the derivative prior to any credit risk
adjustment is positively correlated to the probability of default of the counterparty. When there is significant wrong-way risk, a trade-specific approach is applied
to reflect the wrong-way risk within the valuation. Exposure to wrong-way risk is limited via internal governance processes and deal pricing. Santander UK
considers that an appropriate adjustment to reflect wrong-way risk is \u00a3nil (2021: \u00a3nil).
(iv) Funding fair value adjustment (FFVA)
The FFVA is an adjustment to the valuation of OTC derivative positions to include the net cost of funding uncollateralised derivative positions. This is calculated by
applying a suitable funding cost to the expected future funding exposure of any uncollateralised component of the OTC derivative portfolio.
Model-related adjustments
Models used for portfolio valuation purposes may be based upon a simplifying set of assumptions that do not capture all material market characteristics.
Additionally, markets evolve, and models that were adequate in the past may require development to capture all material market characteristics in current market
conditions. In these circumstances, model limitation adjustments are adopted. As model development progresses, model limitations are addressed within the core
revaluation models and a model limitation adjustment is no longer needed.
Day One profit adjustments
Day One profit adjustments are adopted where the fair value estimated by a valuation model is based on one or more significant unobservable inputs. Day One
profit adjustments are calculated and reported on a portfolio basis.
The timing of recognition of deferred Day One profit and loss is determined individually. It is deferred until either the instrument\u2019s fair value can be determined
using market observable inputs or is realised through settlement. The financial instrument is subsequently measured at fair value, adjusted for the deferred Day
One profit and loss. Subsequent changes in fair value are recognised immediately in the Income Statement without immediate reversal of deferred Day One profits
and losses.
Valuation techniques
1. Derivative assets \u2013 Equity and credit contracts
These are valued using a probability weighted set of HPI forward prices, which are assumed to be a reasonable representation of the increase in value of the
Santander UK group\u2019s reversionary interest portfolio underlying the derivatives. The probability used reflects the likelihood of the homeowner vacating the
property and is calculated from mortality rates and acceleration rates which are a function of age and gender, obtained from the relevant mortality tables. Indexing
is felt to be appropriate due to the size and geographical dispersion of the reversionary interest portfolio. These are determined using HPI Spot Rates adjusted to
reflect estimated forward growth. Non-seasonally adjusted (NSA) national and regional HPI are used in the valuation model to avoid any subjective judgement in
the adjustment process, which is made by Markit, which publishes the Halifax House Price Index.
The inputs used to determine the value of the reversionary property derivatives are HPI spot, HPI forward growth and mortality rates. The principal pricing
parameter is HPI forward growth.
2. FVTPL assets \u2013 Loans and advances to customers \u2013 roll-up mortgage portfolio
These represent roll-up mortgages (sometimes referred to as lifetime mortgages), which are an equity release scheme under which a property owner takes out a
loan secured against their home. The owner does not have to make any interest payments during their lifetime in which case the fixed interest payments are rolled
up into the mortgage. The loan or mortgage (capital and rolled-up interest) is repaid upon the owner\u2019s vacation of the property and the value of the loan is only
repaid from the value of the property. This is known as a \u2018no negative equity guarantee\u2019. Santander UK suffers a loss if the sale proceeds from the property are
insufficient to repay the loan, as it is unable to pursue the homeowner\u2019s estate or beneficiaries for the shortfall.
The value of the mortgage \u2018rolls up\u2019 or accretes until the owner vacates the property. In order to value the roll-up mortgages, Santander UK uses a probability-
weighted set of European option prices (puts) determined using the Black-Scholes model, in which the \u2018no negative equity guarantee\u2019 are valued as short put
options. The probability weighting applied is calculated from mortality rates and acceleration rates as a function of age and gender, taken from mortality tables.
The inputs used to determine the value of these instruments are HPI spot, HPI forward growth, HPI volatility, mortality rates and repayment rates. The principal
pricing parameter is HPI forward growth. The HPI forward growth rate used is unobservable and is the same as used in the valuation of Instrument 1 above. The
other parameters do not have a significant effect on the value of the instruments.
3. FVTPL assets \u2013 Loans and advances to customers \u2013 other loans
These relate to loans to transport and education companies. The fair value of these loans is estimated using the \u2018present value\u2019 model based on a credit curve
derived from current market spreads. Loan specific credit data is unobservable, so a proxy population is applied based on industry sector and credit rating.
4. FVTPL assets \u2013 Debt securities
These consist of reversionary property securities and are an equity release scheme, where the property owner receives an upfront lump sum in return for paying a
fixed percentage of the sales proceeds of the property when the owner vacates the property. These reversionary property securities are valued using a probability-
weighted set of HPI forward prices which are assumed to be a reasonable representation of the increase in value of Santander UK\u2019s reversionary interest portfolio
underlying the derivatives. The probability weighting used reflects the probability of the homeowner vacating the property through death or moving into care and
is calculated from mortality rates and acceleration factors which are a function of age and gender, obtained from the relevant mortality table.
The inputs used to determine the value of these instruments are HPI spot, HPI forward growth and mortality rates. The principal pricing parameter is HPI forward
growth. Discussion of the HPI spot rate, HPI forward growth rate and mortality rates for this financial instrument is the same as Instrument 1 above. An adjustment
is also made to reflect the specific property risk. Specific property risk is from the difference between the specific properties in the portfolio, and the average price
as expressed in the regionally weighted house price index.
5. FVTPL assets \u2013 Debt securities (Credit linked notes)
These consist of the retained senior tranches of credit linked notes in respect of credit protection vehicles sponsored by Santander UK and are mandatorily held at
fair value through profit or loss. These vehicles provide credit protection on reference portfolios of Santander UK group loans with junior notes sold to external
investors. The notes retained by Santander UK are classified as level 3 financial instruments as their valuation depends upon unobservable parameters relating to
the underlying reference portfolios of loans, including credit spreads, correlations and prepayment speed, which have a significant effect on the overall valuation.
For more information, see \u2018Credit protection entities\u2019 in Note 19.
6. FVOCI assets \u2013 Loans and advances to customers \u2013 other loans
These relate to shipping loans. The fair value of these loans is estimated using the \u2018present value\u2019 model based on a credit curve derived from current market
spreads. Loan specific credit data is unobservable, so a proxy population is applied based on industry sector and credit rating.
7. Derivative liabilities \u2013 Equity contracts
There are three types of derivatives in this category:
European options \u2013 These are valued using a modified Black-Scholes model where the HPI is log-normally distributed with the forward rates determined from the
HPI forward growth.
Asian options \u2013 Asian (or average value) options are valued using a modified Black-Scholes model, with an amended strike price and volatility assumption to
account for the average exercise period, through a closed form adjustment that reflects the strike price relative to the distribution of stock prices at each relevant
date. This is also known as the Curran model.
Forward contracts \u2013 Forward contracts are valued using a standard forward pricing model.
The inputs used to determine the value of the above instruments are HPI spot rate, HPI forward growth rate and HPI volatility. The principal pricing parameter is
HPI forward growth rate, which is unobservable.
8. FVTPL liabilities \u2013 Financial guarantees
These relate to credit protection guarantees in respect of the proceeds of the retained senior tranches of credit linked notes described in Instrument 5 above and
have been designated at fair value through profit or loss. These instruments are valued using the same unobservable parameters described in Instrument 5 above,
such that changes in the valuation of the senior tranches of the credit linked notes are offset by changes in the value of these credit protection guarantees. For
more information, see \u2018Credit protection entities\u2019 in Note 19.
Effect of changes in significant unobservable assumptions to reasonably possible alternatives (Level 3)
As discussed above, the fair value of financial instruments are, in certain circumstances, measured using valuation techniques that incorporate assumptions that
are not evidenced by prices from observable current market transactions in the same instrument and are not based on observable market data and, as such require
the application of a degree of judgement. Changing one or more of the inputs to the valuation models to reasonably possible alternative assumptions would
change the fair values significantly. The following table shows the sensitivity of these fair values to reasonably possible alternative assumptions.
Favourable and unfavourable changes are determined on the basis of changes in the value of the instrument as a result of varying the levels of the unobservable
input as described in the table below. The potential effects do not take into effect any hedged positions.
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"value": "
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | |
Loans and advances to customers | | | | | | | | | | | |
Loans and advances to banks | | | | | | | | | | | |
Reverse repurchase agreements - non trading | | | | | | | | | | | |
Other financial assets at amortised cost | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Repurchase agreements - non trading | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Loans and advances to banks
These comprise secured loans, short-term placements with banks including collateral and unsettled financial transactions. The secured loans have been valued
based on a discounted spread for the term of the loans using valuation technique A as described above. The carrying amount of the other items is deemed a
reasonable approximation of their fair value, as the transactions are very short-term in duration.
40. OFFSETTING FINANCIAL ASSETS AND LIABILITIES
The following table shows the impact of netting arrangements on:
\u2013All financial assets and liabilities that are reported net on the balance sheet
\u2013All derivative financial instruments 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 table identifies the amounts that have been offset in the balance sheet and also those amounts that are covered by enforceable netting arrangements
(offsetting arrangements and financial collateral) but do not qualify for netting under the requirements described above.
For derivative contracts, 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. For 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 if a counterparty defaults.
Santander UK engages in a variety of counterparty credit mitigation strategies in addition to netting and collateral arrangements. Therefore, the net amounts
presented in the tables below do not purport to represent Santander UK\u2019s actual credit exposure.
| | | | | | | | | |
| | | | | | | | | |
| Amounts subject to enforceable netting arrangements | Assets not subject to enforceable netting arrangements(2) | |
| Effects of offsetting on balance sheet | | Related amounts not offset | |
| | | Net amounts on balance sheet | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial assets | | | | | | | | | |
Reverse repurchase, securities borrowing & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Loans and advances to customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Derivative financial liabilities | | | | | | | | | |
Repurchase, securities lending & similar agreements: | | | | | | | | | |
| | | | | | | | | |
Deposits by customers and banks\u207d\u2074\u207e | | | | | | | | | |
| | | | | | | | | |
",
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"value": "
Discontinued operations
Transfer of the CIB Business
Santander UK plc transferred a significant part of its CIB business to the London branch of Banco Santander SA under a Part VII banking business transfer scheme,
which completed on 11 October 2021. The residual parts of the CIB business were wound down or transferred to other segments. For the periods prior to its sale,
the CIB business met the requirements for presentation as discontinued operations.
The financial performance and cash flow information relating to the discontinued operations were as follows:
For the years ended 31 December
| | | |
| | | |
| | | |
| | | |
Net fee and commission income | | | |
| | | |
| | | |
Operating expenses before credit impairment (charges)/write-backs, provisions and charges | | | |
Credit impairment (charges)/write-backs | | | |
Provisions for other liabilities and charges | | | |
Total operating credit impairment (charges)/write-backs, provisions and charges | | | |
Profit from discontinued operations before tax | | | |
Tax on profit from discontinued operations | | | |
Profit from discontinued operations after tax | | | |
",
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"value": "
43. EVENTS AFTER THE BALANCE SHEET DATE
There have been no significant events between 31 December 2022 and the date of approval of these financial statements which would require a change to or
additional disclosure in the financial statements.
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}