Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information Line Items | |
Entity Registrant Name | Lloyds Banking Group plc |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 70,465,568,224 |
Amendment Flag | false |
Entity Central Index Key | 0001160106 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Well-known Seasoned Issuer | Yes |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Annual Report | true |
Document Shell Company Report | false |
Document Transition Report | false |
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |
Interest and similar income | £ 16,861 | £ 16,349 | £ 16,006 | ||
Interest and similar expense | (6,681) | (2,953) | (5,094) | ||
Net interest income | 10,180 | 13,396 | 10,912 | ||
Fee and commission income | 2,756 | 2,848 | 2,965 | ||
Fee and commission expense | (1,350) | (1,386) | (1,382) | ||
Net fee and commission income | 1,406 | 1,462 | 1,583 | ||
Net trading income | 18,288 | (3,876) | 11,817 | ||
Insurance premium income | 9,574 | 9,189 | 7,930 | ||
Other operating income | 2,908 | 1,920 | 1,995 | ||
Other income | 32,176 | 8,695 | 23,325 | ||
Total income | 42,356 | 22,091 | 34,237 | ||
Insurance claims | (23,997) | (3,465) | (15,578) | ||
Total income, net of insurance claims | 18,359 | 18,626 | 18,659 | ||
Regulatory provisions | (2,895) | (1,350) | (2,165) | ||
Other operating expenses | (9,775) | (10,379) | (10,181) | ||
Total operating expenses | (12,670) | (11,729) | (12,346) | ||
Trading surplus | 5,689 | 6,897 | 6,313 | ||
Impairment | (1,296) | (937) | (688) | ||
Profit before tax | 4,393 | 5,960 | 5,625 | ||
Taxation | (1,387) | (1,454) | (1,626) | ||
Profit for the year | 3,006 | 4,506 | 3,999 | ||
Profit attributable to ordinary shareholders | 2,459 | 3,975 | 3,494 | ||
Profit attributable to other equity holders | 466 | 433 | 415 | ||
Profit attributable to equity holders | 2,925 | 4,408 | 3,909 | ||
Profit attributable to non-controlling interests | £ 81 | £ 98 | £ 90 | ||
Basic earnings per share (in Pounds per share) | £ 0.035 | £ 0.055 | £ 0.049 | ||
Diluted earnings per share (in Pounds per share) | £ 0.034 | £ 0.055 | £ 0.048 | ||
[1] | Restated, see note 1. |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - GBP (£) £ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Profit for the year | £ 3,006 | £ 4,506 | [1] | £ 3,999 | [1] | |
Post-retirement defined benefit scheme remeasurements: | ||||||
Remeasurements before tax | (1,433) | |||||
Tax | 316 | |||||
(1,117) | 120 | 482 | ||||
Movements in revaluation reserve in respect of equity shares held at fair value through other comprehensive income: | ||||||
Tax | 12 | |||||
12 | ||||||
Gains and losses attributable to own credit risk: | ||||||
(Losses) gains before tax | (419) | |||||
Tax | 113 | |||||
(306) | 389 | (40) | ||||
Share of other comprehensive income of associates and joint ventures | 8 | |||||
Movements in revaluation reserve in respect of debt securities held at fair value through other comprehensive income: | ||||||
Change in fair value | (30) | |||||
Income statement transfers in respect of disposals | (196) | |||||
Impairment recognised in the income statement | (1) | |||||
Tax | 71 | |||||
(156) | ||||||
Movement in cash flow hedging reserve: | ||||||
Effective portion of changes in fair value taken to other comprehensive income | 1,209 | |||||
Net income statement transfers | (608) | |||||
Tax | (148) | |||||
453 | (354) | (731) | ||||
Currency translation differences (tax: nil) | (12) | (8) | (32) | |||
Other comprehensive income for the year, net of tax | (1,126) | (113) | (395) | |||
Total comprehensive income for the year | 1,880 | 4,393 | 3,604 | |||
Total comprehensive income attributable to ordinary shareholders | 1,333 | |||||
Total comprehensive income attributable to other equity holders | 466 | |||||
Total comprehensive income attributable to equity holders | 1,799 | |||||
Total comprehensive income attributable to non-controlling interests | £ 81 | |||||
Previously stated [member] | ||||||
Profit for the year | [1] | 4,506 | 3,999 | |||
Post-retirement defined benefit scheme remeasurements: | ||||||
Remeasurements before tax | [1] | 167 | 628 | |||
Tax | [1] | (47) | (146) | |||
[1] | 120 | 482 | ||||
Movements in revaluation reserve in respect of equity shares held at fair value through other comprehensive income: | ||||||
Change in fair value | [1] | (97) | ||||
Tax | [1] | 22 | ||||
[1] | (75) | |||||
Gains and losses attributable to own credit risk: | ||||||
(Losses) gains before tax | [1] | 533 | (55) | |||
Tax | [1] | (144) | 15 | |||
[1] | 389 | (40) | ||||
Share of other comprehensive income of associates and joint ventures | [1] | 8 | ||||
Movements in revaluation reserve in respect of debt securities held at fair value through other comprehensive income: | ||||||
Change in fair value | [1] | (37) | ||||
Income statement transfers in respect of disposals | [1] | (275) | ||||
Impairment recognised in the income statement | [1] | |||||
Tax | [1] | 119 | ||||
[1] | (193) | |||||
Change in fair value | [1] | 303 | ||||
Income statement transfers in respect of disposals | [1] | (446) | ||||
Income statement transfers in respect of impairment | [1] | 6 | ||||
Tax | [1] | 63 | ||||
[1] | (74) | |||||
Movement in cash flow hedging reserve: | ||||||
Effective portion of changes in fair value taken to other comprehensive income | [1] | 234 | (363) | |||
Net income statement transfers | [1] | (701) | (651) | |||
Tax | [1] | 113 | 283 | |||
[1] | (354) | (731) | ||||
Currency translation differences (tax: nil) | [1] | (8) | (32) | |||
Other comprehensive income for the year, net of tax | [1] | (113) | (395) | |||
Total comprehensive income for the year | [1] | 4,393 | 3,604 | |||
Total comprehensive income attributable to ordinary shareholders | [1] | 3,862 | 3,099 | |||
Total comprehensive income attributable to other equity holders | [1] | 433 | 415 | |||
Total comprehensive income attributable to equity holders | [1] | 4,295 | 3,514 | |||
Total comprehensive income attributable to non-controlling interests | [1] | £ 98 | £ 90 | |||
[1] | Restated, see note 1. |
CONSOLIDATED STATEMENT OF COM_2
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parentheticals) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Currency translation differences tax | |||
Previously stated [member] | |||
Currency translation differences tax | [1] | ||
[1] | Restated, see note 1. |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and balances at central banks | £ 55,130 | £ 54,663 |
Items in the course of collection from banks | 313 | 647 |
Financial assets at fair value through profit or loss | 160,189 | 158,529 |
Derivative financial instruments | 26,369 | 23,595 |
Loans and advances to banks | 9,775 | 6,283 |
Loans and advances to customers | 494,988 | 484,858 |
Debt securities | 5,544 | 5,238 |
Financial assets at amortised cost | 510,307 | 496,379 |
Financial assets at fair value through other comprehensive income | 25,092 | 24,815 |
Investments in joint ventures and associates | 304 | 91 |
Goodwill | 2,324 | 2,310 |
Value of in-force business | 5,558 | 4,762 |
Other intangible assets | 3,808 | 3,347 |
Property, plant and equipment | 13,104 | 12,300 |
Current tax recoverable | 7 | 5 |
Deferred tax assets | 2,666 | 2,453 |
Retirement benefit assets | 681 | 1,267 |
Assets arising from reinsurance contracts held | 23,567 | 7,860 |
Other assets | 4,474 | 4,575 |
Total assets | 833,893 | 797,598 |
Liabilities | ||
Deposits from banks | 28,179 | 30,320 |
Customer deposits | 421,320 | 418,066 |
Items in course of transmission to banks | 373 | 636 |
Financial liabilities at fair value through profit or loss | 21,486 | 30,547 |
Derivative financial instruments | 25,779 | 21,373 |
Notes in circulation | 1,079 | 1,104 |
Debt securities in issue | 97,689 | 91,168 |
Liabilities arising from insurance contracts and participating investment contracts | 111,449 | 98,874 |
Liabilities arising from non-participating investment contracts | 37,459 | 13,853 |
Other liabilities | 20,333 | 19,633 |
Retirement benefit obligations | 257 | 245 |
Current tax liabilities | 187 | 377 |
Deferred tax liabilities | 44 | |
Other provisions | 3,323 | 3,547 |
Subordinated liabilities | 17,130 | 17,656 |
Total liabilities | 786,087 | 747,399 |
Equity | ||
Share capital | 7,005 | 7,116 |
Share premium account | 17,751 | 17,719 |
Other reserves | 13,695 | 13,210 |
Retained profits | 3,246 | 5,389 |
Shareholders’ equity | 41,697 | 43,434 |
Other equity instruments | 5,906 | 6,491 |
Total equity excluding non-controlling interests | 47,603 | 49,925 |
Non-controlling interests | 203 | 274 |
Total equity | 47,806 | 50,199 |
Total equity and liabilities | £ 833,893 | £ 797,598 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - GBP (£) £ in Millions | Share premium [member] | Other reserves [member]Debt securities [member] | Other reserves [member]Equity shares [Member] | Other reserves [member] | Retained earnings [member] | Equity attributable to owners of parent [member]Debt securities [member] | Equity attributable to owners of parent [member]Equity shares [Member] | Equity attributable to owners of parent [member] | Other equity interest [member] | Non-controlling interests [member] | Debt securities [member] | Equity shares [Member] | Total | ||
Beginning Balance at Dec. 31, 2016 | £ 24,768 | £ 14,652 | £ 3,250 | £ 42,670 | £ 5,355 | £ 440 | £ 48,465 | ||||||||
Comprehensive income | |||||||||||||||
Profit for the year | Previously stated [member] | [1] | 3,999 | |||||||||||||
Profit for the year | [1] | 3,909 | 3,909 | 90 | 3,999 | ||||||||||
Post-retirement defined benefit scheme remeasurements, net of tax | Previously stated [member] | [1] | 482 | 482 | ||||||||||||
Post-retirement defined benefit scheme remeasurements, net of tax | 482 | 482 | 482 | ||||||||||||
Movements in revaluation reserve in respect of available-for-sale financial assets, net of tax | (74) | (74) | (74) | ||||||||||||
Share of other comprehensive income of associates and joint ventures | Previously stated [member] | [1] | ||||||||||||||
Gains and losses attributable to own credit risk, net of tax | Previously stated [member] | [1] | (40) | |||||||||||||
Gains and losses attributable to own credit risk, net of tax | (40) | (40) | (40) | ||||||||||||
Movements in cash flow hedging reserve, net of tax | Previously stated [member] | [1] | (731) | |||||||||||||
Movements in cash flow hedging reserve, net of tax | (731) | (731) | (731) | ||||||||||||
Currency translation differences (tax: £nil) | Previously stated [member] | [1] | (32) | |||||||||||||
Currency translation differences (tax: £nil) | (32) | (32) | (32) | ||||||||||||
Total other comprehensive income | Previously stated [member] | [1] | (395) | |||||||||||||
Total other comprehensive income | (837) | 442 | (395) | (395) | |||||||||||
Total comprehensive income | Previously stated [member] | [1] | 3,604 | |||||||||||||
Total comprehensive income | (837) | 4,351 | 3,514 | 90 | 3,604 | ||||||||||
Transactions with owners | |||||||||||||||
Dividends | Previously stated [member] | [1],[2] | (2,284) | |||||||||||||
Dividends | (2,284) | (2,284) | (51) | (2,335) | |||||||||||
Distributions on other equity instruments, net of tax | [1] | (415) | (415) | (415) | |||||||||||
Issue of ordinary shares | 63 | 63 | 63 | ||||||||||||
Movement in treasury shares | Previously stated [member] | [1] | (411) | |||||||||||||
Movement in treasury shares | (411) | (411) | (411) | ||||||||||||
Value of employee services: | |||||||||||||||
Share option schemes | Previously stated [member] | [1] | 82 | |||||||||||||
Share option schemes | 82 | 82 | 82 | ||||||||||||
Other employee award schemes | Previously stated [member] | [1] | 332 | |||||||||||||
Other employee award schemes | 332 | 332 | 332 | ||||||||||||
Changes in non-controlling interests | (242) | (242) | |||||||||||||
Total transactions with owners | 63 | (2,696) | (2,633) | (293) | (2,926) | ||||||||||
Ending Balance (Previously stated [member]) at Dec. 31, 2017 | 24,831 | 13,815 | 4,905 | 43,551 | 5,355 | 237 | 49,143 | ||||||||
Ending Balance (Increase (decrease) due to changes in accounting policy required by IFRSs [member]) at Dec. 31, 2017 | [1] | (262) | (929) | (1,191) | (1,191) | ||||||||||
Ending Balance at Dec. 31, 2017 | 24,831 | 13,553 | 3,976 | 42,360 | 5,355 | 237 | 47,952 | ||||||||
Comprehensive income | |||||||||||||||
Profit for the year | Previously stated [member] | [1] | 4,506 | |||||||||||||
Profit for the year | [1] | 4,408 | 4,408 | 98 | 4,506 | ||||||||||
Post-retirement defined benefit scheme remeasurements, net of tax | Previously stated [member] | [1] | 120 | |||||||||||||
Post-retirement defined benefit scheme remeasurements, net of tax | 120 | [1] | 120 | 120 | |||||||||||
Share of other comprehensive income of associates and joint ventures | Previously stated [member] | [1] | 8 | |||||||||||||
Share of other comprehensive income of associates and joint ventures | 8 | 8 | 8 | ||||||||||||
Movements in revaluation reserve in respect of available-for-sale financial assets, net of tax | £ (193) | £ (75) | £ (193) | £ (75) | £ (193) | £ (75) | |||||||||
Gains and losses attributable to own credit risk, net of tax | Previously stated [member] | [1] | 389 | |||||||||||||
Gains and losses attributable to own credit risk, net of tax | 389 | 389 | 389 | ||||||||||||
Movements in cash flow hedging reserve, net of tax | Previously stated [member] | [1] | (354) | |||||||||||||
Movements in cash flow hedging reserve, net of tax | (354) | (354) | (354) | ||||||||||||
Currency translation differences (tax: £nil) | Previously stated [member] | [1] | (8) | |||||||||||||
Currency translation differences (tax: £nil) | (8) | (8) | (8) | ||||||||||||
Total other comprehensive income | Previously stated [member] | [1] | (113) | |||||||||||||
Total other comprehensive income | (630) | 517 | (113) | (113) | |||||||||||
Total comprehensive income | Previously stated [member] | [1] | 4,393 | |||||||||||||
Total comprehensive income | (630) | 4,925 | 4,295 | 98 | 4,393 | ||||||||||
Transactions with owners | |||||||||||||||
Dividends | (2,240) | [1],[2] | (2,240) | (61) | (2,301) | ||||||||||
Distributions on other equity instruments, net of tax | [1] | (433) | (433) | (433) | |||||||||||
Issue of ordinary shares | 162 | 162 | 162 | ||||||||||||
Share buy-back | (158) | 158 | (1,005) | (1,005) | (1,005) | ||||||||||
Issue of other equity instruments (note 44) | (5) | (5) | 1,136 | 1,131 | |||||||||||
Movement in treasury shares | 40 | [1] | 40 | 40 | |||||||||||
Value of employee services: | |||||||||||||||
Share option schemes | 53 | [1] | 53 | 53 | |||||||||||
Other employee award schemes | 207 | [1] | 207 | 207 | |||||||||||
Total transactions with owners | 4 | 158 | (3,383) | (3,221) | 1,136 | (61) | (2,146) | ||||||||
Realised gains and losses on equity shares held at fair value through other comprehensive income | Previously stated [member] | [1] | (97) | |||||||||||||
Realised gains and losses on equity shares held at fair value through other comprehensive income | 129 | (129) | |||||||||||||
Ending Balance at Dec. 31, 2018 | 24,835 | 13,210 | 5,389 | 43,434 | 6,491 | 274 | 50,199 | ||||||||
Comprehensive income | |||||||||||||||
Profit for the year | 2,925 | 2,925 | 81 | 3,006 | |||||||||||
Post-retirement defined benefit scheme remeasurements, net of tax | (1,117) | (1,117) | (1,117) | ||||||||||||
Movements in revaluation reserve in respect of available-for-sale financial assets, net of tax | £ (156) | £ 12 | £ (156) | £ 12 | £ (156) | £ 12 | |||||||||
Gains and losses attributable to own credit risk, net of tax | (306) | (306) | (306) | ||||||||||||
Movements in cash flow hedging reserve, net of tax | 453 | 453 | 453 | ||||||||||||
Currency translation differences (tax: £nil) | (12) | (12) | (12) | ||||||||||||
Total other comprehensive income | 297 | (1,423) | (1,126) | (1,126) | |||||||||||
Total comprehensive income | 297 | 1,502 | 1,799 | 81 | 1,880 | ||||||||||
Transactions with owners | |||||||||||||||
Dividends | (2,312) | [2] | (2,312) | (138) | (2,450) | ||||||||||
Distributions on other equity instruments, net of tax | (466) | (466) | (466) | ||||||||||||
Issue of ordinary shares | 107 | 107 | 107 | ||||||||||||
Share buy-back | (189) | 189 | (1,095) | (1,095) | (1,095) | ||||||||||
Redemption of preference shares | 3 | (3) | 3 | ||||||||||||
Issue of other equity instruments (note 44) | (3) | (3) | 896 | 893 | |||||||||||
Redemptions of other equity instruments (note 44) | (1,481) | (1,481) | |||||||||||||
Movement in treasury shares | (3) | (3) | (3) | ||||||||||||
Value of employee services: | |||||||||||||||
Share option schemes | 71 | 71 | 71 | ||||||||||||
Other employee award schemes | 165 | 165 | 165 | ||||||||||||
Changes in non-controlling interests | (14) | (14) | |||||||||||||
Total transactions with owners | (79) | 186 | (3,643) | (3,536) | (585) | (152) | (4,273) | ||||||||
Realised gains and losses on equity shares held at fair value through other comprehensive income | 2 | (2) | |||||||||||||
Ending Balance at Dec. 31, 2019 | £ 24,756 | £ 13,695 | £ 3,246 | £ 41,697 | £ 5,906 | £ 203 | £ 47,806 | ||||||||
[1] | Restated, see note 1. | ||||||||||||||
[2] | Net of a credit in respect of unclaimed dividends written-back in accordance with the Company's Articles of Association in 2017. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parentheticals) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Currency translation differences tax | |||
Equity attributable to owners of parent [member] | |||
Currency translation differences tax |
CONSOLIDATED CASH FLOW STATEMEN
CONSOLIDATED CASH FLOW STATEMENT - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Profit before tax | £ 4,393 | £ 5,960 | [1] | £ 5,625 | [1] |
Adjustments for: | |||||
Change in operating assets | (11,049) | (4,472) | |||
Change in operating liabilities | 3,642 | (8,673) | |||
Non-cash and other items | 15,573 | (2,892) | |||
Tax paid | (1,278) | (1,030) | |||
Net cash provided by (used in) operating activities | 11,281 | (11,107) | |||
Cash flows from investing activities | |||||
Purchase of financial assets | (9,730) | (12,657) | |||
Proceeds from sale and maturity of financial assets | 9,631 | 26,806 | |||
Purchase of fixed assets | (3,442) | (3,514) | |||
Proceeds from sale of fixed assets | 1,432 | 1,334 | |||
Acquisition of businesses, net of cash acquired | (21) | (49) | |||
Disposal of businesses, net of cash disposed | 1 | ||||
Net cash (used in) provided by investing activities | (2,130) | 11,921 | |||
Cash flows from financing activities | |||||
Dividends paid to ordinary shareholders | (2,312) | (2,240) | |||
Distributions on other equity instruments | (466) | (433) | |||
Dividends paid to non-controlling interests | (138) | (61) | |||
Interest paid on subordinated liabilities | (1,178) | (1,268) | |||
Proceeds from issue of subordinated liabilities | 1,729 | ||||
Proceeds from issue of other equity instruments | 893 | 1,131 | |||
Proceeds from issue of ordinary shares | 36 | 102 | |||
Share buyback | (1,095) | (1,005) | |||
Repayment of subordinated liabilities | (818) | (2,256) | |||
Redemption of other equity instruments | (1,481) | ||||
Net cash used in financing activities | (6,559) | (4,301) | |||
Effects of exchange rate changes on cash and cash equivalents | (5) | 3 | |||
Change in cash and cash equivalents | 2,587 | (3,484) | |||
Cash and cash equivalents at beginning of year | 55,224 | 58,708 | |||
Cash and cash equivalents at end of year | 57,811 | 55,224 | 58,708 | ||
Previously stated [member] | |||||
Profit before tax | 5,625 | ||||
Adjustments for: | |||||
Change in operating assets | (15,492) | ||||
Change in operating liabilities | (4,282) | ||||
Non-cash and other items | 11,982 | ||||
Tax paid | (1,028) | ||||
Net cash provided by (used in) operating activities | (3,195) | ||||
Cash flows from investing activities | |||||
Purchase of financial assets | (7,862) | ||||
Proceeds from sale and maturity of financial assets | 18,675 | ||||
Purchase of fixed assets | (3,655) | ||||
Proceeds from sale of fixed assets | 1,444 | ||||
Acquisition of businesses, net of cash acquired | (1,923) | ||||
Disposal of businesses, net of cash disposed | 129 | ||||
Net cash (used in) provided by investing activities | 6,808 | ||||
Cash flows from financing activities | |||||
Dividends paid to ordinary shareholders | (2,284) | ||||
Distributions on other equity instruments | (415) | ||||
Dividends paid to non-controlling interests | (51) | ||||
Interest paid on subordinated liabilities | (1,275) | ||||
Proceeds from issue of ordinary shares | 14 | ||||
Repayment of subordinated liabilities | (1,008) | ||||
Net cash used in financing activities | (5,019) | ||||
Change in cash and cash equivalents | (1,406) | ||||
Cash and cash equivalents at beginning of year | 55,224 | 60,982 | 62,388 | ||
Cash and cash equivalents at end of year | £ 57,811 | 55,224 | 60,982 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||||
Cash flows from financing activities | |||||
Cash and cash equivalents at beginning of year | £ (2,274) | ||||
Cash and cash equivalents at end of year | £ (2,274) | ||||
[1] | Restated, see note 1. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of basis of preparation of financial statements [text block] [Abstract] | |
Disclosure of basis of preparation of financial statements [text block] | NOTE 1: BASIS OF PREPARATION The consolidated financial statements of Lloyds Banking Group plc and its subsidiary undertakings (the Group) have been prepared in accordance with International Financial Reporting Standards (IFRS). IFRS comprises accounting standards prefixed IFRS issued by the International Accounting Standards Board (IASB) and those prefixed IAS issued by the IASB’s predecessor body as well as interpretations issued by the IFRS Interpretations Committee (IFRS IC) and its predecessor body. On adoption of IFRS 9 in 2018, the Group elected to continue applying hedge accounting under IAS 39. The financial information has been prepared under the historical cost convention, as modified by the revaluation of investment properties, financial assets measured at fair value through other comprehensive income, trading securities and certain other financial assets and liabilities at fair value through profit or loss and all derivative contracts. As stated on page 169, the directors consider that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. The Group adopted IFRS 16 Leases Leases The Group elected to apply the standard retrospectively with the cumulative effect of initial application being recognised at 1 January 2019, comparatives have therefore not been restated. There was no impact on shareholders’ equity. Further details of the impact of adoption of IFRS 16 are provided in note 55. The Group has also implemented the amendments to IAS 12 Income Taxes The Group has early adopted the hedge accounting amendments Interest Rate Benchmark Reform Details of those IFRS pronouncements which will be relevant to the Group but which were not effective at 31 December 2019 and which have not been applied in preparing these financial statements are given in note 56. The Group adopted IFRS 9 and IFRS 15 with effect from 1 January 2018. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of significant accounting policies [text block] [Abstract] | |
Disclosure of significant accounting policies [text block] | NOTE 2: ACCOUNTING POLICIES The Group’s accounting policies are set out below. These accounting policies have been applied consistently. (A) Consolidation The assets, liabilities and results of Group undertakings (including structured entities) are included in the financial statements on the basis of accounts made up to the reporting date. Group undertakings include subsidiaries, associates and joint ventures. (1) SUBSIDIARIES Subsidiaries are entities controlled by the Group. The Group controls an entity when it has power over the entity, is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through the exercise of its power. This generally accompanies a shareholding of more than one half of the voting rights although in certain circumstances a holding of less than one half of the voting rights may still result in the ability of the Group to exercise control. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The Group reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to any of the above elements. Subsidiaries are fully consolidated from the date on which control is transferred to the Group; they are de-consolidated from the date that control ceases. The Group consolidates collective investment vehicles if its beneficial ownership interests give it substantive rights to remove the external fund manager over the investment activities of the fund. Where a subsidiary of the Group is the fund manager of a collective investment vehicle, the Group considers a number of factors in determining whether it acts as principal, and therefore controls the collective investment vehicle, including: an assessment of the scope of the Group’s decision making authority over the investment vehicle; the rights held by other parties including substantive removal rights without cause over the Group acting as fund manager; the remuneration to which the Group is entitled in its capacity as decision maker; and the Group’s exposure to variable returns from the beneficial interest it holds in the investment vehicle. Consolidation may be appropriate in circumstances where the Group has less than a majority beneficial interest. Where a collective investment vehicle is consolidated the interests of parties other than the Group are reported in other liabilities and the movement in these interests in interest expense. Structured entities are entities that are designed so that their activities are not governed by way of voting rights. In assessing whether the Group has power over such entities in which it has an interest, the Group considers factors such as the purpose and design of the entity; its practical ability to direct the relevant activities of the entity; the nature of the relationship with the entity; and the size of its exposure to the variability of returns of the entity. The treatment of transactions with non-controlling interests depends on whether, as a result of the transaction, the Group loses control of the subsidiary. Changes in the parent’s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions; any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the parent entity. Where the Group loses control of the subsidiary, at the date when control is lost the amount of any non-controlling interest in that former subsidiary is derecognised and any investment retained in the former subsidiary is remeasured to its fair value; the gain or loss that is recognised in profit or loss on the partial disposal of the subsidiary includes the gain or loss on the remeasurement of the retained interest. Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. The acquisition method of accounting is used to account for business combinations by the Group. The consideration for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition related costs are expensed as incurred except those relating to the issuance of debt instruments (see (E)(5) below) or share capital (see (P) below). Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. (2) JOINT VENTURES AND ASSOCIATES Joint ventures are joint arrangements over which the Group has joint control with other parties and has rights to the net assets of the arrangements. Joint control is the contractually agreed sharing of control of an arrangement and only exists when decisions about the relevant activities require the unanimous consent of the parties sharing control. Associates are entities over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entity, but is not control or joint control of those policies, and is generally achieved through holding between 20 per cent and 50 per cent of the voting share capital of the entity. The Group utilises the venture capital exemption for investments where significant influence or joint control is present and the business unit operates as a venture capital business. These investments are designated at initial recognition at fair value through profit or loss. Otherwise, the Group’s investments in joint ventures and associates are accounted for by the equity method of accounting. (B) Goodwill Goodwill arises on business combinations and represents the excess of the cost of an acquisition over the fair value of the Group’s share of the identifiable assets, liabilities and contingent liabilities acquired. Where the fair value of the Group’s share of the identifiable assets, liabilities and contingent liabilities of the acquired entity is greater than the cost of acquisition, the excess is recognised immediately in the income statement. Goodwill is recognised as an asset at cost and is tested at least annually for impairment. If an impairment is identified the carrying value of the goodwill is written down immediately through the income statement and is not subsequently reversed. At the date of disposal of a subsidiary, the carrying value of attributable goodwill is included in the calculation of the profit or loss on disposal. (C) Other intangible assets Intangible assets which have been determined to have a finite useful life are amortised on a straight line basis over their estimated useful life as follows: up to 7 years for capitalised software; 10 to 15 years for brands and other intangibles. Intangible assets with finite useful lives are reviewed at each reporting date to assess whether there is any indication that they are impaired. If any such indication exists the recoverable amount of the asset is determined and in the event that the asset’s carrying amount is greater than its recoverable amount, it is written down immediately. Certain brands have been determined to have an indefinite useful life and are not amortised. Such intangible assets are reassessed annually to reconfirm that an indefinite useful life remains appropriate. In the event that an indefinite life is inappropriate a finite life is determined and an impairment review is performed on the asset. (D) Revenue recognition (1) NET INTEREST INCOME Interest income and expense are recognised in the income statement for all interest-bearing financial instruments using the effective interest method, except for those classified at fair value through profit or loss. The effective interest method is a method of calculating the amortised cost of a financial asset or liability and of allocating the interest income or interest expense over the expected life of the financial instrument. The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument to the gross carrying amount of the financial asset (before adjusting for expected credit losses) or to the amortised cost of the financial liability, including early redemption fees, and related penalties, and premiums and discounts that are an integral part of the overall return. Direct incremental transaction costs related to the acquisition, issue or disposal of a financial instrument are also taken into account. Interest income from non-credit impaired financial assets is recognised by applying the effective interest rate to the gross carrying amount of the asset; for credit impaired financial assets, the effective interest rate is applied to the net carrying amount after deducting the allowance for expected credit losses. Impairment policies are set out in (H) below. (2) FEE AND COMMISSION INCOME AND EXPENSE Fees and commissions receivable which are not an integral part of the effective interest rate are recognised as income as the Group fulfils its performance obligations. The Group’s principal performance obligations arising from contracts with customers are in respect of value added current accounts, credit cards and debit cards. These fees are received, and the Group’s provides the service, monthly; the fees are recognised in income on this basis. The Group also receives certain fees in respect of its asset finance business where the performance obligations are typically fulfilled towards the end of the customer contract; these fees are recognised in income on this basis. Where it is unlikely that the loan commitments will be drawn, loan commitment fees are recognised in fee and commission income over the life of the facility, rather than as an adjustment to the effective interest rate for loans expected to be drawn. Incremental costs incurred to generate fee and commission income are charged to fees and commissions expense as they are incurred. (3) OTHER Dividend income is recognised when the right to receive payment is established. Revenue recognition policies specific to trading income are set out in E(3) below, life insurance and general insurance business are detailed below (see (M) below); those relating to leases are set out in (J)(1) below. (E) Financial assets and liabilities On initial recognition, financial assets are classified as measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss, depending on the Group’s business model for managing the financial assets and whether the cash flows represent solely payments of principal and interest. The Group assesses its business models at a portfolio level based on its objectives for the relevant portfolio, how the performance of the portfolio is managed and reported, and the frequency of asset sales. Financial assets with embedded derivatives are considered in their entirety when considering their cash flow characteristics. The Group reclassifies financial assets when and only when its business model for managing those assets changes. A reclassification will only take place when the change is significant to the Group’s operations and will occur at a portfolio level and not for individual instruments; reclassifications are expected to be rare. Equity investments are measured at fair value through profit or loss unless the Group elects at initial recognition to account for the instruments at fair value through other comprehensive income. For these instruments, principally strategic investments, dividends are recognised in profit or loss but fair value gains and losses are not subsequently reclassified to profit or loss following derecognition of the investment. The Group initially recognises loans and advances, deposits, debt securities in issue and subordinated liabilities when the Group becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of securities and other financial assets and trading liabilities are recognised on trade date, being the date that the Group is committed to purchase or sell an asset. Financial assets are derecognised when the contractual right to receive cash flows from those assets has expired or when the Group has transferred its contractual right to receive the cash flows from the assets and either: substantially all of the risks and rewards of ownership have been transferred; or the Group has neither retained nor transferred substantially all of the risks and rewards, but has transferred control. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. (1) FINANCIAL INSTRUMENTS MEASURED AT AMORTISED COST Financial assets that are held to collect contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A basic lending arrangement results in contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. Where the contractual cash flows introduce exposure to risks or volatility unrelated to a basic lending arrangement such as changes in equity prices or commodity prices, the payments do not comprise solely principal and interest. Financial assets measured at amortised cost are predominantly loans and advances to customers and banks together with certain debt securities used by the Group to manage its liquidity. Loans and advances are initially recognised when cash is advanced to the borrower at fair value inclusive of transaction costs. Interest income is accounted for using the effective interest method (see (D) above). Financial liabilities are measured at amortised cost, except for trading liabilities and other financial liabilities designated at fair value through profit or loss on initial recognition which are held at fair value. (2) FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Financial assets that are held to collect contractual cash flows and for subsequent sale, where the assets’ cash flows represent solely payments of principal and interest, are recognised in the balance sheet at their fair value, inclusive of transaction costs. Interest calculated using the effective interest method and foreign exchange gains and losses on assets denominated in foreign currencies are recognised in the income statement. All other gains and losses arising from changes in fair value are recognised directly in other comprehensive income, until the financial asset is either sold or matures, at which time the cumulative gain or loss previously recognised in other comprehensive income is recognised in the income statement other than in respect of equity shares, for which the cumulative revaluation amount is transferred directly to retained profits. The Group recognises a charge for expected credit losses in the income statement (see (H) below). As the asset is measured at fair value, the charge does not adjust the carrying value of the asset, it is reflected in other comprehensive income. (3) FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS Financial assets are classified at fair value through profit or loss where they do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income or where they are designated at fair value through profit or loss to reduce an accounting mismatch. All derivatives are carried at fair value through profit or loss. The assets backing the insurance and investment contracts issued by the Group do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income as they are managed on a fair value basis and accordingly are measured at fair value through profit or loss. Similarly, trading securities, which are debt securities and equity shares acquired principally for the purpose of selling in the short term or which are part of a portfolio which is managed for short-term gains, do not meet these criteria and are also measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised in the balance sheet at their fair value. Fair value gains and losses together with interest coupons and dividend income are recognised in the income statement within net trading income. Financial liabilities are measured at fair value through profit or loss where they are trading liabilities or where they are designated at fair value through profit or loss in order to reduce an accounting mismatch; where the liabilities are part of a group of liabilities (or assets and liabilities) which is managed, and its performance evaluated, on a fair value basis; or where the liabilities contain one or more embedded derivatives that significantly modify the cash flows arising under the contract and would otherwise need to be separately accounted for. Financial liabilities measured at fair value through profit or loss are recognised in the balance sheet at their fair value. Fair value gains and losses are recognised in the income statement within net trading income in the period in which they occur, except that gains and losses attributable to changes in own credit risk are recognised in other comprehensive income. The fair values of assets and liabilities traded in active markets are based on current bid and offer prices respectively. If the market is not active the Group establishes a fair value by using valuation techniques. The fair values of derivative financial instruments are adjusted where appropriate to reflect credit risk (via credit valuation adjustments (CVAs), debit valuation adjustments (DVAs) and funding valuation adjustments (FVAs)), market liquidity and other risks. (4) BORROWINGS Borrowings (which include deposits from banks, customer deposits, debt securities in issue and subordinated liabilities) are recognised initially at fair value, being their issue proceeds net of transaction costs incurred. These instruments are subsequently stated at amortised cost using the effective interest method. Preference shares and other instruments which carry a mandatory coupon or are redeemable on a specific date are classified as financial liabilities. The coupon on these instruments is recognised in the income statement as interest expense. Securities which carry a discretionary coupon and have no fixed maturity or redemption date are classified as other equity instruments. Interest payments on these securities are recognised, net of tax, as distributions from equity in the period in which they are paid. An exchange of financial liabilities on substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability extinguished and the new financial liability is recognised in profit or loss together with any related costs or fees incurred. When a financial liability is exchanged for an equity instrument, the new equity instrument is recognised at fair value and any difference between the carrying value of the liability and the fair value of the new equity is recognised in profit or loss. (5) SALE AND REPURCHASE AGREEMENTS (INCLUDING SECURITIES LENDING AND BORROWING) Securities sold subject to repurchase agreements (repos) continue to be recognised on the balance sheet where substantially all of the risks and rewards are retained. Funds received under these arrangements are included in deposits from banks, customer deposits, or trading liabilities. Conversely, securities purchased under agreements to resell (reverse repos), where the Group does not acquire substantially all of the risks and rewards of ownership, are recorded as loans and advances measured at amortised cost or trading securities. The difference between sale and repurchase price is treated as interest and accrued over the life of the agreements using the effective interest method. Securities borrowing and lending transactions are typically secured; collateral takes the form of securities or cash advanced or received. Securities lent to counterparties are retained on the balance sheet. Securities borrowed are not recognised on the balance sheet, unless these are sold to third parties, in which case the obligation to return them is recorded at fair value as a trading liability. Cash collateral given or received is treated as a loan and advance measured at amortised cost or customer deposit. (F) Derivative financial instruments and hedge accounting As permitted by IFRS 9, the Group continues to apply the requirements of IAS 39 to its hedging relationships. All derivatives are recognised at their fair value. Derivatives are carried on the balance sheet as assets when their fair value is positive and as liabilities when their fair value is negative. Refer to note 50(3) (Financial instruments: Financial assets and liabilities carried at fair value) for details of valuation techniques and significant inputs to valuation models. Changes in the fair value of all derivative instruments, other than those in effective cash flow and net investment hedging relationships, are recognised immediately in the income statement. As noted in (2) and (3) below, the change in fair value of a derivative in an effective cash flow or net investment hedging relationship is allocated between the income statement and other comprehensive income. Derivatives embedded in a financial asset are not considered separately; the financial asset is considered in its entirety when determining whether its cash flows are solely payments of principal and interest. Derivatives embedded in financial liabilities and insurance contracts (unless the embedded derivative is itself an insurance contract) are treated as separate derivatives when their economic characteristics and risks are not closely related to those of the host contract and the host contract is not carried at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement. In accordance with IFRS 4 Insurance Contracts, a policyholder’s option to surrender an insurance contract for a fixed amount is not treated as an embedded derivative. Hedge accounting allows one financial instrument, generally a derivative such as a swap, to be designated as a hedge of another financial instrument such as a loan or deposit or a portfolio of such instruments. At the inception of the hedge relationship, formal documentation is drawn up specifying the hedging strategy, the hedged item, the hedging instrument and the methodology that will be used to measure the effectiveness of the hedge relationship in offsetting changes in the fair value or cash flow of the hedged risk. The effectiveness of the hedging relationship is tested both at inception and throughout its life and if at any point it is concluded that it is no longer highly effective in achieving its documented objective, hedge accounting is discontinued. Note 17 provides details of the types of derivatives held by the Group and presents separately those designated in hedge relationships. In respect of interest rate benchmark reform, the Group assumes that the interest rate benchmark on which the hedged cash flows and/or the hedged risk are based, or the interest rate benchmark on which the cash flows of the hedging instrument are based, are not altered as a result of interest rate benchmark reform. The Group does not discontinue a hedging relationship during the period of uncertainty arising from the interest rate benchmark reform solely because the actual results of the hedge are not highly effective. (1) FAIR VALUE HEDGES 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; this also applies if the hedged asset is classified as a financial asset at fair value through other comprehensive 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. 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. (2) CASH FLOW HEDGES The effective portion of changes in the fair value of derivatives that are designated and qualify as 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. (3) NET INVESTMENT HEDGES Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income, the gain or loss relating to the ineffective portion is recognised immediately in the income statement. Gains and losses accumulated in equity are included in the income statement when the foreign operation is disposed of. The hedging instrument used in net investment hedges may include non-derivative liabilities as well as derivative financial instruments. (G) Offset Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right of set-off and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. Cash collateral on exchange traded derivative transactions is presented gross unless the collateral cash flows are always settled net with the derivative cash flows. In certain situations, even though master netting agreements exist, the lack of management intention to settle on a net basis results in the financial assets and liabilities being reported gross on the balance sheet. (H) Impairment of financial assets The impairment charge in the income statement includes the change in expected credit losses and certain fraud costs. Expected credit losses are recognised for loans and advances to customers and banks, other financial assets held at amortised cost, financial assets measured at fair value through other comprehensive income, and certain loan commitments and financial guarantee contracts. Expected credit losses are calculated as an unbiased and probability-weighted estimate using an appropriate probability of default, adjusted to take into account a range of possible future economic scenarios, and applying this to the estimated exposure of the Group at the point of default after taking into account the value of any collateral held, repayments, or other mitigants of loss and including the impact of discounting using the effective interest rate. At initial recognition, allowance (or provision in the case of some loan commitments and financial guarantees) is made for expected credit losses resulting from default events that are possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in credit risk since origination, allowance (or provision) is made for expected credit losses resulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected credit losses are recognised are considered to be Stage 1; financial assets which are considered to have experienced a significant increase in credit risk since initial recognition are in Stage 2; and financial assets which have defaulted or are otherwise considered to be credit impaired are allocated to Stage 3. Some Stage 3 assets, mainly in Commercial Banking, are subject to individual rather than collective assessment. Such cases are subject to a risk-based impairment sanctioning process, and these are reviewed and updated at least quarterly, or more frequently if there is a significant change in the credit profile. An assessment of whether credit risk has increased significantly since initial recognition considers the change in the risk of default occurring over the remaining expected life of the financial instrument. The assessment is unbiased, probability-weighted and uses forward-looking information consistent with that used in the measurement of expected credit losses. In determining whether there has been a significant increase in credit risk, the Group uses quantitative tests based on relative and absolute probability of default (PD) movements linked to internal credit ratings together with qualitative indicators such as watchlists and other indicators of historical delinquency, credit weakness or financial difficulty. However, unless identified at an earlier stage, the credit risk of financial assets is deemed to have increased significantly when more than 30 days past due. Where the credit risk subsequently improves such that it no longer represents a significant increase in credit risk since initial recognition, the asset is transferred back to Stage 1. Assets are transferred to Stage 3 when they have defaulted or are otherwise considered to be credit impaired. Default is considered to have occurred when there is evidence that the customer is experiencing financial difficulty which is likely to affect significantly the ability to repay the amount due. IFRS 9 contains a rebuttable presumption that default occurs no later than when a payment is 90 days past due. The Group uses this 90 day backstop for all its products except for UK mortgages. For UK mortgages, the Group uses a backstop of 180 days past due as mortgage exposures more than 90 days past due, but less than 180 days, typically show high cure rates and this aligns with the Group’s risk management practices. In certain circumstances, the Group will renegotiate the original terms of a customer’s loan, either as part of an ongoing customer relationship or in response to adverse changes in the circumstances of the borrower. In the latter circumstances, the loan will remain classified as either Stage 2 or Stage 3 until the credit risk has improved such that it no longer represents a significant increase since origination (for a return to Stage 1), or the loan is no longer credit impaired (for a return to Stage 2). Renegotiation may also lead to the loan and associated allowance being derecognised and a new loan being recognised initially at fair value. Purchased or originated credit-impaired financial assets (POCI) include financial assets that are purchased or originated at a deep discount that reflects incurred credit losses. At initial recognition, POCI assets do not carry an impairment allowance; instead, lifetime expected credit losses are incorporated into the calculation of the effective interest rate. All changes in lifetime expected credit losses subsequent to the assets’ initial recognition are recognised as an impairment charge. A loan or advance is normally written off, either partially or in full, against the related allowance when the proceeds from realising any available security have been received or there is no realistic prospect of recovery and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded in the income statement. For both secured and unsecured retail balances, the write-off takes place only once an extensive set of collections processes has been completed, or the status of the account reaches a point where policy dictates that continuing attempts to recover are no l |
CRITICAL ACCOUNTING JUDGEMENTS
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of accounting judgements and estimates [text block] [Abstract] | |
Disclosure of accounting judgements and estimates [text block] | NOTE 3: CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES The preparation of the Group’s 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 upon 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. The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty in these financial statements, which together are deemed critical to the Group’s results and financial position, are as follows: Allowance for expected credit losses The Group recognises an allowance for expected credit losses for loans and advances to customers and banks, other financial assets held at amortised cost, financial assets measured at fair value through other comprehensive income and certain loan commitment and financial guarantee contracts. At 31 December 2019 the Group’s expected credit loss allowance was £3,455 million (31 December 2018: £3,362 million), of which £3,278 million (31 December 2018: £3,169 million) was in respect of drawn balances. The calculation of the Group’s expected credit loss (ECL) allowances and provisions against loan commitments and guarantees under IFRS 9 requires the Group to make a number of judgements, assumptions and estimates. The most significant are set out below. DEFINITION OF DEFAULT The probability of default (PD) of an exposure, both over a 12 month period and over its lifetime, is a key input to the measurement of the ECL allowance. Default has occurred when there is evidence that the customer is experiencing significant financial difficulty which is likely to affect the ability to repay amounts due. The definition of default adopted by the Group is described in note 2(H) Impairment of financial assets. The Group has rebutted the presumption in IFRS 9 that default occurs no later than when a payment is 90 days past due for UK mortgages. As a result, at 31 December 2019, approximately £0.6 billion of UK mortgages (31 December 2018: £0.6 billion) were classified as Stage 2 rather than Stage 3; the impact on the Group’s ECL allowance was not material. LIFETIME OF AN EXPOSURE The PD of a financial asset is dependent on its expected life. A range of approaches, segmented by product type, has been adopted by the Group to estimate a product’s expected life. These include using the full contractual life and taking into account behavioural factors such as early repayments and refinancing. For non-revolving retail assets, the Group has assumed the expected life for each product to be the time taken for all significant losses to be observed. For retail revolving products, the Group has considered the losses beyond the contractual term over which the Group is exposed to credit risk. For commercial overdraft facilities, the average behavioural life has been used. Changes to the assumed expected lives of the Group’s assets could impact the ECL allowance recognised by the Group. SIGNIFICANT INCREASE IN CREDIT RISK Performing assets are classified as either Stage 1 or Stage 2. An ECL allowance equivalent to 12 months expected losses is established against assets in Stage 1; assets classified as Stage 2 carry an ECL allowance equivalent to lifetime expected losses. Assets are transferred from Stage 1 to Stage 2 when there has been a significant increase in credit risk (SICR) since initial recognition. The Group uses a quantitative test together with qualitative indicators to determine whether there has been a SICR for an asset. For retail, a deterioration in the Retail Master Scale of four grades for credit cards, personal loans or overdrafts, three grades for personal mortgages, or two grades for UK motor finance accounts is treated as a SICR. For Commercial a doubling of PD with a minimum increase in PD of 1 per cent and a resulting change in the underlying grade is treated as a SICR. All financial assets are assumed to have suffered a SICR if they are more than 30 days past due. The setting of precise trigger points combined with risk indicators requires judgement. The use of different trigger points may have a material impact upon the size of the ECL allowance. The Group monitors the effectiveness of SICR criteria on an ongoing basis. POST-MODEL ADJUSTMENTS Limitations in the Group’s impairment models or input data may be identified through the on-going assessment and validation of the output of the models. In these circumstances, management make appropriate adjustments to the Group’s allowance for impairment losses to ensure the overall provision adequately reflects all material risks. These adjustments are generally determined taking into account the particular attributes of the exposure which have not been adequately captured by the primary impairment models. At 31 December 2019, significant post-model adjustments included within the allowance for expected credit losses amounted to £161 million (2018: £195 million), less than 5 percent of overall provisions. This comprises increases for the additional end of term risk on interest only mortgages of £132 million (2018: £114 million); mortgage accounts in long term default of £33 million (2018: £47 million); the extension of modelled lifetime on Retail revolving products of £36 million (2018: £34 million); and a decrease from the temporary effects of bureau data changes which artificially inflate PDs, and the resulting ECL, of £40 million; (2018: Nil). FORWARD LOOKING INFORMATION The measurement of expected credit losses is required to reflect an unbiased probability-weighted range of possible future outcomes. In order to do this, the Group has developed an economic model to project a wide range of key impairment drivers using information derived mainly from external sources. These drivers include factors such as the unemployment rate, the house price index, commercial property prices and corporate credit spreads. The model-generated economic scenarios for the six years beyond 2019 are mapped to industry-wide historical loss data by portfolio. Combined losses across portfolios are used to rank the scenarios by severity of loss. Alongside a defined central scenario three further scenarios are generated by averaging a group of individual scenarios around specified points along the loss distribution to reflect the range of outcomes. The central scenario reflects the Group’s base case assumptions used for medium-term planning purposes, an upside and a downside scenario are also produced together with a severe downside scenario. Rare occurrences of adverse economic events can lead to relatively large credit losses which means that typically the most likely outcome is less than the probability-weighted outcome of the range of possible future events. To allow for this a relatively unlikely severe downside scenario is therefore included. At 31 December 2018 and 2019, the base case, upside and downside scenarios each carry a 30 per cent weighting; the severe downside scenario is weighted at 10 per cent. The choice of alternative scenarios and scenario weights is a combination of quantitative analysis and judgemental assessment to ensure that the full range of possible outcomes and material non-linearity of losses are captured. A committee under the chairmanship of the Chief Economist meets quarterly, to review and, if appropriate, recommend changes to the economic scenarios to the Chief Financial Officer and Chief Risk Officer. Findings dealing with all aspects of the expected credit loss calculation are presented to the Group Audit Committee. For each major product grouping models have been developed which utilise historical credit loss data to produce PDs for each scenario; an overall weighted average PD is used to assist in determining the staging of financial assets and related ECL. The key UK economic assumptions made by the Group averaged over a five-year period are shown below: At 31 December 2019 At 31 December 2018 Severe Severe Base case Upside Downside downside Base case Upside Downside downside Economic assumptions % % % % % % % % Interest rate 1.25 2.04 0.49 0.11 1.25 2.34 1.30 0.71 Unemployment rate 4.3 3.9 5.8 7.2 4.5 3.9 5.3 6.9 House price growth 1.3 5.0 (2.6 ) (7.1 ) 2.5 6.1 (4.8 ) (7.5 ) Commercial real estate price growth (0.2 ) 1.8 (3.8 ) (7.1 ) 0.4 5.3 (4.7 ) (6.4 ) The Group’s base-case economic scenario has changed little over the year and reflects a broadly stable outlook for the economy. Although there remains considerable uncertainty about the economic consequences of the UK’s exit from the European Union, the Group considers that at this stage the range of possible economic outcomes is adequately reflected in its choice and weighting of scenarios. The averages shown above do not fully reflect the peak to trough changes in the stated assumptions over the period. The tables below illustrate the variability of the assumptions from the start of the scenario period to the peak and trough. At 31 December 2019 At 31 December 2018 Severe Severe Base case Upside Downside downside Base case Upside Downside downside Economic assumptions – start to peak % % % % % % % % Interest rate 1.75 2.56 0.75 0.75 1.75 4.00 1.75 1.25 Unemployment rate 4.6 4.6 6.9 8.3 4.8 4.3 6.3 8.6 House price growth 6.0 26.3 (1.9 ) (2.3 ) 13.7 34.9 0.6 (1.6 ) Commercial real estate price growth 0.1 10.4 (0.6 ) (1.1 ) 0.1 26.9 (0.5 ) (0.5 ) At 31 December 2019 At 31 December 2018 Severe Severe Base case Upside Downside downside Base case Upside Downside downside Economic assumptions – start to trough % % % % % % % % Interest rate 0.75 0.75 0.35 0.01 0.75 0.75 0.75 0.25 Unemployment rate 3.8 3.4 3.9 3.9 4.1 3.5 4.3 4.2 House price growth (1.9 ) (0.8 ) (14.8 ) (33.1 ) 0.4 2.3 (26.5 ) (33.5 ) Commercial real estate price growth (0.9 ) 0.3 (17.5 ) (30.9 ) (0.1 ) 0.0 (23.8 ) (33.8 ) The table below shows the extent to which a higher ECL allowance has been recognised to take account of forward looking information from the weighted multiple economic scenarios. The most significant difference between these bases arises on UK mortgages as the probability weighted ECL includes the impact of house price movements on the loss given default. For other portfolios adjustment is made only for the probability of default. All non-modelled provisions, including post model adjustments, are based on the probability weighted modelled ECL across all scenarios. At 31 December 2019 At 31 December 2018 Probability Probability Base case weighted Difference Base case weighted Difference Impact of multiple economic scenarios £m £m £m £m £m £m UK mortgages 464 569 105 253 460 207 Other Retail 1,492 1,521 29 1,294 1,308 14 Commercial Banking 1,258 1,315 57 1,472 1,513 41 Other 50 50 – 81 81 – 3,264 3,455 191 3,100 3,362 262 The table below shows the Group’s ECL for the upside and downside scenarios using a 100 per cent weighting, with stage allocation based on each specific scenario. At 31 December 2019 At 31 December 2018 Upside Downside Upside Downside £m £m £m £m ECL allowance 3,001 3,677 2,775 3,573 The impact of changes in the UK unemployment rate and House Price Index (HPI) have also been assessed. Although such changes would not be observed in isolation, as economic indicators tend to be correlated in a coherent scenario, this gives insight into the sensitivity of the Group’s ECL to changes in these two critical economic factors. The assessment has been made against the base case with the reported staging unchanged. The changes to HPI and the unemployment rate have been phased in to the forward-looking economic outlook over three years. The table below shows the impact on the Group’s ECL resulting from a decrease/increase in Loss Given Default for a 10 percentage point (pp) increase/ decrease in the UK House Price Index (HPI). At 31 December 2019 At 31 December 2018 10pp increase 10pp decrease 10pp increase 10pp decrease in HPI in HPI in HPI in HPI ECL impact, £m (110 ) 147 (114 ) 154 The table below shows the impact on the Group’s ECL resulting from a decrease/increase for a 1 percentage point (pp) increase/decrease in the UK unemployment rate. At 31 December 2019 At 31 December 2018 1pp increase in 1pp decrease in 1pp increase in 1pp decrease in unemployment unemployment unemployment unemployment ECL impact, £m 141 (143 ) 172 (155 ) Valuation of assets and liabilities arising from insurance business At 31 December 2019, the Group recognised a value of in-force business asset of £5,311 million (2018: £4,491 million) and an acquired value of in-force business asset of £247 million (2018: £271 million). The value of in-force business asset represents the estimated present value of future profits expected to arise from the portfolio of in-force life insurance and participating investment contracts. The valuation of this asset requires assumptions to be made about future economic and operating conditions which are inherently uncertain and changes could significantly affect the value attributed to this asset. The methodology used to value this asset and the key assumptions that have been made in determining the carrying value of the value of in-force business asset at 31 December 2019 are set out in note 25. At 31 December 2019, the Group carried total liabilities arising from insurance contracts and participating investment contracts of £111,449 million (2018: £98,874 million). Elements of the valuations of liabilities arising from insurance contracts and participating investment contracts require management to estimate future investment returns, future mortality rates, future expenses and future policyholder behaviour. These estimates are subject to significant uncertainty. The methodology used to value these liabilities and the key assumptions that have been made in determining their carrying value are set out in note 32. The effect on the Group’s profit before tax and shareholders’ equity of changes in key assumptions used in determining the life insurance assets and liabilities is set out in note 33. Defined benefit pension scheme obligations The net asset recognised in the balance sheet at 31 December 2019 in respect of the Group’s defined benefit pension scheme obligations was £550 million (comprising an asset of £681 million and a liability of £131 million) (2018: a net asset of £1,146 million comprising an asset of £1,267 million and a liability of £121 million). The Group’s accounting policy for its defined benefit pension scheme obligations is set out in note 2(K). The accounting valuation of the Group’s defined benefit pension schemes’ liabilities requires management to make a number of assumptions. The key areas of estimation uncertainty are the discount rate applied to future cash flows and the expected lifetime of the schemes’ members. The discount rate is required to be set with reference to market yields at the end of the reporting period on high quality corporate bonds in the currency and with a term consistent with the defined benefit pension schemes’ obligations. The average duration of the schemes’ obligations is approximately 18 years. The market for bonds with a similar duration is illiquid and, as a result, significant management judgement is required to determine an appropriate yield curve on which to base the discount rate. The cost of the benefits payable by the schemes will also depend upon the life expectancy of the members. The Group considers latest market practice and actual experience in determining the appropriate assumptions for both current mortality expectations and the rate of future mortality improvement. It is uncertain whether this rate of improvement will be sustained going forward and, as a result, actual experience may differ from current expectations. The effect on the net accounting surplus or deficit and on the pension charge in the Group’s income statement of changes to the principal actuarial assumptions is set out in part (v) of note 36. Recoverability of deferred tax assets At 31 December 2019 the Group carried deferred tax assets on its balance sheet of £2,666 million (2018: £2,453 million) principally relating to tax losses carried forward. Further information on the Group’s deferred tax assets and uncertain tax positions is provided in notes 37 and 48 respectively. Estimation of income taxes includes the assessment of recoverability of deferred tax assets. Deferred tax assets are only recognised to the extent they are considered more likely than not to be recoverable based on existing tax laws and forecasts of future taxable profits against which the underlying tax deductions can be utilised. The Group has recognised a deferred tax asset of £3,611 million (2018: £3,778 million) in respect of UK trading losses carried forward. Substantially all of these losses have arisen in Bank of Scotland plc and Lloyds Bank plc, and they will be utilised as taxable profits arise in those legal entities in future periods. The Group’s expectations as to the level of future taxable profits take into account the Group’s long-term financial and strategic plans, and anticipated future tax-adjusting items. In making this assessment, account is taken of business plans, the Board-approved operating plan and the expected future economic outlook, as well as the risks associated with future regulatory change. Under current law there is no expiry date for UK trading losses not yet utilised, although (since Finance Act 2016) banking losses that arose before 1 April 2015 can only be used against 25 per cent of taxable profits arising after 1 April 2016, and they cannot be used to reduce the surcharge on banking profits. This restriction in utilisation means that the value of the deferred tax asset is only expected to be fully recovered by 2039. It is possible that future tax law changes could materially affect the value of these losses ultimately realised by the Group. As disclosed in note 37, deferred tax assets totalling £428 million (2018: £584 million) have not been recognised in respect of certain capital and trading losses carried forward, unrelieved foreign tax credits and other tax deductions, as there are currently no expected future taxable profits against which these assets can be utilised. Regulatory provisions At 31 December 2019, the Group carried provisions of £2,408 million (2018: £2,385 million) against the cost of making redress payments to customers and the related administration costs in connection with historical regulatory breaches. Determining the amount of the provisions, which represent management’s best estimate of the cost of settling these issues, requires the exercise of significant judgement and estimate. It will often be necessary to form a view on matters which are inherently uncertain, such as the scope of reviews required by regulators, and to estimate the number of future complaints, the extent to which they will be upheld, the average cost of redress and the impact of legal decisions that may be relevant to claims received. Consequently the continued appropriateness of the underlying assumptions is reviewed on a regular basis against actual experience and other relevant evidence and adjustments made to the provisions where appropriate. More detail on the nature of the assumptions that have been made and key sensitivities is set out in note 38. Fair value of financial instruments At 31 December 2019, the carrying value of the Group’s financial instrument assets held at fair value was £211,650 million (2018: £206,939 million), and its financial instrument liabilities held at fair value was £47,265 million (2018: £51,920 million). In accordance with IFRS 13 Fair Value Measurement, the Group categorises financial instruments carried on the balance sheet at fair value using a three level hierarchy. Financial instruments categorised as level 1 are valued using quoted market prices and therefore minimal estimates are made in determining fair value. The fair value of financial instruments categorised as level 2 and, in particular, level 3 is determined using valuation techniques including discounted cash flow analysis and valuation models. The valuation techniques for level 2 and level 3 financial instruments involve management judgement and estimates the extent of which depends on the complexity of the instrument and the availability of market observable information. In addition, in line with market practice, the Group applies credit, debit and funding valuation adjustments in determining the fair value of its uncollateralised derivative positions. A description of these adjustments is set out in note 50. Further details of the Group’s level 3 financial instruments and the sensitivity of their valuation including the effect of applying reasonably possible alternative assumptions in determining their fair value are also set out in note 50. Details about sensitivities to market risk arising from trading assets and other treasury positions can be found on page 108. |
SEGMENTAL ANALYSIS
SEGMENTAL ANALYSIS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of entity's operating segments [text block] [Abstract] | |
Disclosure of entity's operating segments [text block] | NOTE 4: SEGMENTAL ANALYSIS Lloyds Banking Group provides a wide range of banking and financial services in the UK and in certain locations overseas. The Group Executive Committee (GEC) has been determined to be the chief operating decision maker for the Group. The Group’s operating segments reflect its organisational and management structures. The GEC reviews the Group’s internal reporting based around these segments in order to assess performance and allocate resources. GEC considers interest income and expense on a net basis and consequently the total interest income and expense for all reportable segments is presented net. The segments are differentiated by the type of products provided and by whether the customers are individuals or corporate entities. The segmental results and comparatives are presented on an underlying basis, the basis reviewed by the chief operating decision maker. The effects of the following are excluded in arriving at underlying profit: – market volatility and asset sales, including the effects of certain asset sales, the volatility relating to the Group’s own debt and hedging arrangements and that arising in the insurance businesses; – the unwind of acquisition-related fair value adjustments and the amortisation of purchased intangible assets; – restructuring costs, principally comprising severance costs, the costs of integrating newly acquired businesses, the cost of regulatory reform and the rationalisation of the non-branch property portfolio; and – payment protection insurance. For the purposes of the underlying income statement, operating lease depreciation (net of gains on disposal of operating lease assets) is shown as an adjustment to total income. During 2019, the Group transferred Cardnet, its card payment acceptance service, from Retail into Commercial Banking and also transferred certain equity business from Commercial Banking into Central items. Comparative figures have been restated accordingly. The Group’s activities are organised into three financial reporting segments: Retail; Commercial Banking; and Insurance and Wealth. Retail offers a broad range of financial service products, including current accounts, savings, mortgages, motor finance and unsecured consumer lending to personal and small business customers. Commercial Banking provides a range of products and services such as lending, transactional banking, working capital management, risk management and debt capital markets services to SMEs, corporates and financial institutions. Insurance and Wealth offers insurance, investment and wealth management products and services. Other includes income and expenditure not attributed to divisions, including the costs of certain central and head office functions and the Group’s private equity business, Lloyds Development Capital. Inter-segment services are generally recharged at cost, although some attract a margin. In particular a profit margin is charged on the internal commission arrangements between the UK branch and other distribution networks and the insurance product manufacturing businesses within the Group. Inter-segment lending and deposits are generally entered into at market rates, except that non-interest bearing balances are priced at a rate that reflects the external yield that could be earned on such funds. For the majority of those derivative contracts entered into by business units for risk management purposes, the business unit recognises the net interest income or expense on an accrual accounting basis and transfers the remainder of the movement in the fair value of the derivative to the central function where the resulting accounting volatility is managed where possible through the establishment of hedge accounting relationships. Any change in fair value of the hedged instrument attributable to the hedged risk is also recorded within the central function. This allocation of the fair value of the derivative and change in fair value of the hedged instrument attributable to the hedged risk avoids accounting asymmetry in segmental results and leads to accounting volatility, which is managed centrally and reported within Other. Retail Commercial Insurance Other Underlying Year ended 31 December 2019 Net interest income 8,807 2,918 112 540 12,377 Other income, net of insurance claims 2,014 1,422 2,021 275 5,732 Total underlying income, net of insurance claims 10,821 4,340 2,133 815 18,109 Operating lease depreciation 1 (946 ) (21 ) – – (967 ) Net income 9,875 4,319 2,133 815 17,142 Operating costs (4,760 ) (2,081 ) (982 ) (52 ) (7,875 ) Remediation (238 ) (155 ) (50 ) (2 ) (445 ) Total costs (4,998 ) (2,236 ) (1,032 ) (54 ) (8,320 ) Impairment (charge) credit (1,038 ) (306 ) – 53 (1,291 ) Underlying profit 3,839 1,777 1,101 814 7,531 External income 13,109 3,394 1,740 (134 ) 18,109 Inter-segment income (expense) (2,288 ) 946 393 949 – Segment underlying income, net of insurance claims 10,821 4,340 2,133 815 18,109 Segment external assets 350,585 145,060 175,869 162,379 833,893 Segment customer deposits 252,056 145,122 13,677 10,465 421,320 Segment external liabilities 259,964 183,390 182,333 160,400 786,087 Analysis of segment underlying other income, net of insurance claims: Current accounts 518 136 5 – 659 Credit and debit card fees 652 330 – – 982 Commercial banking and treasury fees – 248 – – 248 Unit trust and insurance broking 9 – 197 – 206 Private banking and asset management – 4 65 – 69 Factoring – 103 – – 103 Other fees and commissions 54 249 156 30 489 Fees and commissions receivable 1,233 1,070 423 30 2,756 Fees and commissions payable (571 ) (321 ) (405 ) (53 ) (1,350 ) Net fee and commission income 662 749 18 (23 ) 1,406 Operating lease rental income 1,225 25 – – 1,250 Rental income from investment properties – – 191 – 191 Gains less losses on disposal of financial assets at fair value through other comprehensive income – (5 ) – 201 196 Lease termination income – 12 – – 12 Trading income 47 812 – 278 1,137 Insurance and other, net of insurance claims 206 72 2,216 (954 ) 1,540 Other external income, net of insurance claims 1,478 916 2,407 (475 ) 4,326 Inter-segment other income (126 ) (243 ) (404 ) 773 – Segment other income, net of insurance claims 2,014 1,422 2,021 275 5,732 Other segment items reflected in income statement above: Depreciation and amortisation 1,712 315 181 452 2,660 Increase in value of in-force business – – 825 – 825 Defined benefit scheme charges 108 43 19 75 245 Other segment items: Additions to fixed assets 2,208 260 174 1,007 3,649 Investments in joint ventures and associates at end of year 4 – – 300 304 1 Net of profits on disposal of operating lease assets of £41 million. Retail Commercial Insurance Other Underlying Year ended 31 December 2018 1 Net interest income 9,060 3,013 123 518 12,714 Other income, net of insurance claims 2,097 1,670 1,865 378 6,010 Total underlying income, net of insurance claims 11,157 4,683 1,988 896 18,724 Operating lease depreciation 2 (921 ) (35 ) – – (956 ) Net income 10,236 4,648 1,988 896 17,768 Operating costs (4,897 ) (2,191 ) (1,021 ) (56 ) (8,165 ) Remediation (267 ) (203 ) (39 ) (91 ) (600 ) Total costs (5,164 ) (2,394 ) (1,060 ) (147 ) (8,765 ) Impairment (charge) credit (861 ) (71 ) (1 ) (4 ) (937 ) Underlying profit 4,211 2,183 927 745 8,066 External income 13,022 4,889 1,895 (1,082 ) 18,724 Inter-segment income (expense) (1,865 ) (206 ) 93 1,978 – Segment underlying income, net of insurance claims 11,157 4,683 1,988 896 18,724 Segment external assets 349,412 165,030 140,487 142,669 797,598 Segment customer deposits 252,808 148,635 14,063 2,560 418,066 Segment external liabilities 259,778 191,687 147,673 148,261 747,399 Analysis of segment underlying other income, net of insurance claims Current accounts 503 142 5 – 650 Credit and debit card fees 660 332 1 – 993 Commercial banking and treasury fees – 305 – – 305 Unit trust and insurance broking 13 – 208 – 221 Private banking and asset management – 5 92 – 97 Factoring – 83 – – 83 Other fees and commissions 52 253 163 31 499 Fees and commissions receivable 1,228 1,120 469 31 2,848 Fees and commissions payable (601 ) (311 ) (418 ) (56 ) (1,386 ) Net fee and commission income 627 809 51 (25 ) 1,462 Operating lease rental income 1,305 38 – – 1,343 Rental income from investment properties – – 197 – 197 Gains less losses on disposal of financial assets at fair value through other comprehensive income – – – 275 275 Lease termination income – 7 – – 7 Net trading income, excluding insurance 71 711 – 282 1,064 Insurance and other, net of insurance claims 247 356 2,146 (1,087 ) 1,662 Other external income, net of insurance claims 1,623 1,112 2,343 (530 ) 4,548 Inter-segment other income (153 ) (251 ) (529 ) 933 – Segment other income, net of insurance claims 2,097 1,670 1,865 378 6,010 Other segment items reflected in income statement above: Depreciation and amortisation 1,573 278 154 400 2,405 Decrease in value of in-force business – – (55 ) – (55 ) Defined benefit scheme charges 121 49 20 215 405 Other segment items: Additions to fixed assets 2,092 208 223 991 3,514 Investments in joint ventures and associates at end of year 4 – – 87 91 1 Restated, see page F-25. 2 Net of profits on disposal of operating lease assets of £60 million. Retail Commercial Insurance Other Underlying basis Year ended 31 December 2017 1 Net interest income 8,695 3,040 133 452 12,320 Other income, net of insurance claims 2,150 1,803 1,846 406 6,205 Total underlying income, net of insurance claims 10,845 4,843 1,979 858 18,525 Operating lease depreciation 2 (947 ) (105 ) – (1 ) (1,053 ) Net income 9,898 4,738 1,979 857 17,472 Operating costs (4,847 ) (2,249 ) (1,040 ) (48 ) (8,184 ) Remediation (633 ) (173 ) (40 ) (19 ) (865 ) Total costs (5,480 ) (2,422 ) (1,080 ) (67 ) (9,049 ) Impairment (charge) credit (710 ) (95 ) – 10 (795 ) Underlying profit 3,708 2,221 899 800 7,628 External income 12,606 3,181 1,883 855 18,525 Inter-segment income (expense) (1,761 ) 1,662 96 3 – Segment underlying income, net of insurance claims 10,845 4,843 1,979 858 18,525 Segment external assets 350,051 177,763 151,986 132,309 812,109 Segment customer deposits 253,127 148,313 13,770 2,914 418,124 Segment external liabilities 258,246 224,918 157,824 121,978 762,966 Analysis of segment underlying other income, net of insurance claims: Current accounts 572 135 5 – 712 Credit and debit card fees 640 312 1 – 953 Commercial banking and treasury fees – 321 – – 321 Unit trust and insurance broking 10 – 214 – 224 Private banking and asset management – 5 93 – 98 Factoring – 91 – – 91 Other fees and commissions 95 273 184 14 566 Fees and commissions receivable 1,317 1,137 497 14 2,965 Fees and commissions payable (636 ) (287 ) (380 ) (79 ) (1,382 ) Net fee and commission income 681 850 117 (65 ) 1,583 Operating lease rental income 1,281 63 – – 1,344 Rental income from investment properties – 1 212 – 213 Gains less losses on disposal of available-for-sale financial assets – 5 (3 ) 444 446 Lease termination income – 74 – – 74 Trading income 26 481 – (89 ) 418 Insurance and other, net of insurance claims 6 (6 ) 2,223 (96 ) 2,127 Other external income, net of insurance claims 1,313 618 2,432 259 4,622 Inter-segment other income 156 335 (703 ) 212 – Segment other income, net of insurance claims 2,150 1,803 1,846 406 6,205 Other segment items reflected in income statement above: Depreciation and amortisation 1,547 322 197 304 2,370 Increase in value of in-force business – – (165 ) – (165 ) Defined benefit scheme charges 149 53 25 132 359 Other segment items: Additions to fixed assets 2,431 130 274 820 3,655 Investments in joint ventures and associates at end of year 12 – – 53 65 1 Restated see page F-25. 2 Net of profits on disposal of operating lease assets of £32 million. Reconciliation of underlying basis to statutory results The underlying basis is the basis on which financial information is presented to the chief operating decision maker which excludes certain items included in the statutory results. The table below reconciles the statutory results to the underlying basis. Removal of: Lloyds Volatility and other items 1 £m Insurance gross up 2 £m PPI Underlying Year ended 31 December 2019 Net interest income 10,180 379 1,818 – 12,377 Other income, net of insurance claims 8,179 (426 ) (2,021 ) – 5,732 Total income, net of insurance claims 18,359 (47 ) (203 ) – 18,109 Operating lease depreciation 3 (967 ) – – (967 ) Net income 18,359 (1,014 ) (203 ) – 17,142 Operating expenses (12,670 ) 1,697 203 2,450 (8,320 ) Impairment (1,296 ) 5 – – (1,291 ) Profit before tax 4,393 688 – 2,450 7,531 Removal of: Lloyds Volatility and other items 4 £m Insurance gross up 2 £m PPI Underlying Year ended 31 December 2018 Net interest income 13,396 152 (834 ) – 12,714 Other income, net of insurance claims 5,230 107 673 – 6,010 Total income, net of insurance claims 18,626 259 (161 ) – 18,724 Operating lease depreciation 3 (956 ) – – (956 ) Net income 18,626 (697 ) (161 ) – 17,768 Operating expenses (11,729 ) 2,053 161 750 (8,765 ) Impairment (937 ) – – – (937 ) Profit before tax 5,960 1,356 – 750 8,066 Removal of: Lloyds Volatility and other items 5 £m Insurance gross up 2 £m PPI Underlying Year ended 31 December 2017 Net interest income 10,912 228 1,180 – 12,320 Other income, net of insurance claims 7,747 (186 ) (1,356 ) – 6,205 Total income, net of insurance claims 18,659 42 (176 ) – 18,525 Operating lease depreciation 3 (1,053 ) – – (1,053 ) Net income 18,659 (1,011 ) (176 ) – 17,472 Operating expenses (12,346 ) 1,821 176 1,300 (9,049 ) Impairment (688 ) (107 ) – – (795 ) Profit before tax 5,625 703 – 1,300 7,628 1 In the year ended 31 December 2019 this comprises the effects of asset sales (gains of £214 million); volatility and other items (losses of £88 million); the amortisation of purchased intangibles (£68 million); restructuring (£471 million, comprising severance related costs, the integration of Zurich’s UK workplace pensions and savings business and costs associated with establishing the Schroders Personal Wealth joint venture); and the fair value unwind and other items (losses of £275 million). 2 The Group’s insurance businesses’ income statements include income and expenditure which are attributable to the policyholders of the Group’s long-term assurance funds. These items have no impact in total upon the profit attributable to equity shareholders and, in order to provide a clearer representation of the underlying trends within the business, these items are shown net within the underlying results. 3 Net of profits on disposal of operating lease assets of £41 million (2018: £60 million; 2017: £32 million). 4 Comprises the effects of asset sales (loss of £145 million); volatility and other items (gains of £95 million); the amortisation of purchased intangibles (£108 million); restructuring (£879 million, comprising severance related costs, the rationalisation of the non-branch property portfolio, the work on implementing the ring-fencing requirements and the integration of MBNA and Zurich’s UK workplace pensions and savings business); and the fair value unwind and other items (losses of £319 million). 5 Comprises the effects of asset sales (gain of £30 million); volatile items (gain of £263 million); liability management (loss of £14 million); the amortisation of purchased intangibles (£91 million); restructuring costs (£621 million, principally comprising costs relating to the Simplification programme; the rationalisation of the non-branch property portfolio, the work on implementing the ring-fencing requirements and the integration of MBNA); and the fair value unwind and other items (loss of £270 million). Geographical areas Following the reduction in the Group’s non-UK activities, an analysis between UK and non-UK activities is no longer provided. |
NET INTEREST INCOME
NET INTEREST INCOME | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of interest income (expense) [text block] [Abstract] | |
Disclosure of interest income (expense) [text block] | NOTE 5: NET INTEREST INCOME Weighted average 2019 2018 2017 2019 2018 2017 % % % £m £m £m Interest and similar income: Loans and advances to customers 3.17 3.17 3.16 15,790 15,078 14,712 Loans and advances to banks 0.78 0.84 0.40 514 565 271 Debt securities held at amortised cost 2.23 1.60 1.29 122 66 43 Interest receivable on financial assets held at amortised cost 2.89 2.87 2.81 16,426 15,709 15,026 Financial assets at fair value through other comprehensive income 1.64 1.98 435 640 Available-for-sale financial assets 1.96 980 Total interest and similar income 1 2.83 2.82 2.73 16,861 16,349 16,006 Interest and similar expense: Deposits from banks, excluding liabilities under sale and repurchase transactions 0.86 1.39 1.18 (96 ) (117 ) (80 ) Customer deposits, excluding liabilities under sale and repurchase transactions 0.59 0.53 0.49 (2,015 ) (1,812 ) (1,721 ) Debt securities in issue 2 1.24 0.27 0.37 (1,204 ) (234 ) (266 ) Subordinated liabilities 6.79 7.63 7.93 (1,201 ) (1,388 ) (1,481 ) Lease liabilities 2.49 2.46 2.38 (42 ) (1 ) (1 ) Liabilities under sale and repurchase agreements 1.12 0.96 0.58 (301 ) (245 ) (110 ) Interest payable on liabilities held at amortised cost 0.98 0.79 0.79 (4,859 ) (3,797 ) (3,659 ) Amounts payable to unitholders in consolidated open-ended investment vehicles 4 13.64 (6.07 ) 9.15 (1,822 ) 844 (1,435 ) Total interest and similar expense 3 1.31 0.60 1.06 (6,681 ) (2,953 ) (5,094 ) Net interest income 10,180 13,396 10,912 1 Includes £26 million (2018: £31 million; 2017: £12 million) of interest income on liabilities with negative interest rates and £45 million (2018: £46 million; 2017: £49 million) in respect of interest income on finance leases. 2 The impact of the Group’s hedging arrangements is included on this line; excluding this impact the weighted average effective interest rate in respect of debt securities in issue would be 2.57 per cent (2018: 2.68 per cent; 2017: 2.43 per cent). 3 Includes £119 million (2018: £10 million; 2017: £50 million) of interest expense on assets with negative interest rates. 4 Where a collective investment vehicle is consolidated the interests of parties other than the Group are reported in other liabilities and the movement in these interests in interest expense. Included within interest and similar income is £198 million (2018: £227 million; 2017: £179 million) in respect of credit-impaired financial assets. Net interest income also includes a credit of £608 million (2018: credit of £701 million; 2017: credit of £651 million) transferred from the cash flow hedging reserve (see note 42). |
NET FEE AND COMMISSION INCOME
NET FEE AND COMMISSION INCOME | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of fee and commission income (expense) [text block] [Abstract] | |
Disclosure of fee and commission income (expense) [text block] | NOTE 6: NET FEE AND COMMISSION INCOME 2019 2018 2017 £m £m £m Fee and commission income: Current accounts 659 650 712 Credit and debit card fees 982 993 953 Commercial banking and treasury fees 248 305 321 Unit trust and insurance broking 206 221 224 Private banking and asset management 69 97 98 Factoring 103 83 91 Other fees and commissions 489 499 566 Total fee and commission income 2,756 2,848 2,965 Fee and commission expense (1,350 ) (1,386 ) (1,382 ) Net fee and commission income 1,406 1,462 1,583 Fees and commissions which are an integral part of the effective interest rate form part of net interest income shown in note 5. Fees and commissions relating to instruments that are held at fair value through profit or loss are included within net trading income shown in note 7. At 31 December 2019, the Group held on its balance sheet £293 million (31 December 2018: £282 million) in respect of services provided to customers and £140 million (31 December 2018: £168 million) in respect of amounts received from customers for services to be provided after the balance sheet date. Current unsatisfied performance obligations amount to £270 million (31 December 2018: £314 million); the Group expects to receive substantially all of this revenue by 2022. Income recognised during the year ended 31 December 2019 included £54 million in respect of amounts included in the contract liability balance at 31 December 2018 and £9 million in respect of amounts from performance obligations satisfied in previous years. The most significant performance obligations undertaken by the Group are in respect of current accounts, the provision of other banking services for commercial customers, credit and debit card services and investment management services. In respect of current accounts, the Group receives fees for the provision of bank account and transaction services such as ATM services, fund transfers, overdraft facilities and other value-added offerings. For commercial customers, alongside its provision of current accounts, the Group provides other corporate banking services including factoring and commitments to provide loan financing. Loan commitment fees are included in fees and commissions where the loan is not expected to be drawn down by the customer. The Group receives interchange and merchant fees, together with fees for overseas use and cash advances, for provision of card services to cardholders and merchants. Investment management services principally comprise the management and administration of policyholders’ funds in accordance with investment mandates. Fees are generally based on the value of the assets under management. |
NET TRADING INCOME
NET TRADING INCOME | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of trading income (expense) [text block] [Abstract] | |
Disclosure of trading income (expense) [text block] | NOTE 7: NET TRADING INCOME 2019 2018 2017 £m £m £m Foreign exchange translation (losses) gains (255 ) 342 (174 ) Gains on foreign exchange trading transactions 677 580 517 Total foreign exchange 422 922 343 Investment property (losses) gains (note 27) (108 ) 139 230 Securities and other gains (losses) (see below) 17,974 (4,937 ) 11,244 Net trading income 18,288 (3,876 ) 11,817 Securities and other gains comprise net gains (losses) arising on assets and liabilities held at fair value through profit or loss as follows: 2019 2018 2017 £m £m £m Net income arising on assets and liabilities mandatorily held at fair value through profit or loss: Financial instruments held for trading 120 (8 ) 404 Other financial instruments mandatorily held at fair value through profit or loss: Debt securities, loans and advances 3,509 (26 ) 1,122 Equity shares 14,559 (4,747 ) 9,862 18,188 (4,781 ) 11,388 Net (expense) income arising on assets and liabilities designated at fair value through profit or loss (214 ) (156 ) (144 ) Securities and other gains 17,974 (4,937 ) 11,244 |
INSURANCE PREMIUM INCOME
INSURANCE PREMIUM INCOME | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of insurance premium revenue [text block] [Abstract] | |
Disclosure of insurance premium revenue [text block] | NOTE 8: INSURANCE PREMIUM INCOME 2019 2018 2017 £m £m £m Life insurance Gross premiums: Life and pensions 6,827 6,612 6,273 Annuities 2,483 2,178 1,082 9,310 8,790 7,355 Ceded reinsurance premiums (378 ) (271 ) (168 ) Net earned premiums 8,932 8,519 7,187 Non-life insurance Net earned premiums 642 670 743 Total net earned premiums 9,574 9,189 7,930 |
OTHER OPERATING INCOME
OTHER OPERATING INCOME | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other operating income (expense) [text block] [Abstract] | |
Disclosure of other operating income (expense) [text block] | NOTE 9: OTHER OPERATING INCOME 2019 2018 2017 £m £m £m Operating lease rental income 1,250 1,343 1,344 Rental income from investment properties (note 27) 191 197 213 Gains less losses on disposal of financial assets at fair value through other comprehensive income (2017: available-for-sale financial assets) (note 42) 196 275 446 Movement in value of in-force business (note 25) 825 (55 ) (165 ) Gain related to establishment of joint venture (note 23) 244 – – Share of results of joint ventures and associates (note 22) 6 9 6 Other 196 151 151 Total other operating income 2,908 1,920 1,995 |
INSURANCE CLAIMS
INSURANCE CLAIMS | 12 Months Ended |
Dec. 31, 2019 | |
All years of insurance claim [member] | |
INSURANCE CLAIMS [Line Items] | |
Disclosure of claims and benefits paid [text block] | NOTE 10: INSURANCE CLAIMS 2019 2018 2017 Insurance claims comprise: £m £m £m Life insurance and participating investment contracts Claims and surrenders (8,684 ) (8,735 ) (8,898 ) Change in insurance and participating investment contracts (note 32) (12,633 ) 4,565 (9,067 ) Change in non-participating investment contracts (2,664 ) 628 2,836 (23,981 ) (3,542 ) (15,129 ) Reinsurers’ share 290 404 35 (23,691 ) (3,138 ) (15,094 ) Change in unallocated surplus (19 ) 8 (147 ) Total life insurance and participating investment contracts (23,710 ) (3,130 ) (15,241 ) Non-life insurance Total non-life insurance claims, net of reinsurance (287 ) (335 ) (337 ) Total insurance claims (23,997 ) (3,465 ) (15,578 ) Life insurance and participating investment contracts gross claims and surrenders can also be analysed as follows: Deaths (674 ) (721 ) (675 ) Maturities (1,122 ) (1,198 ) (1,280 ) Surrenders (5,523 ) (5,548 ) (5,674 ) Annuities (1,104 ) (1,032 ) (985 ) Other (261 ) (236 ) (284 ) Total life insurance gross claims and surrenders (8,684 ) (8,735 ) (8,898 ) |
OPERATING EXPENSES
OPERATING EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of expenses [text block] [Abstract] | |
Disclosure of expenses [text block] | NOTE 11: OPERATING EXPENSES 2019 2018 2017 £m £m £m Staff costs: Salaries 2,539 2,482 2,679 Performance-based compensation 380 509 473 Social security costs 325 343 361 Pensions and other post-retirement benefit schemes (note 36) 532 705 625 Restructuring costs 92 249 24 Other staff costs 383 474 448 4,251 4,762 4,610 Premises and equipment: Rent and rates 93 370 365 Repairs and maintenance 187 190 231 Other 211 169 134 491 729 730 Other expenses: Communications and data processing 1,038 1,121 882 Advertising and promotion 170 197 208 Professional fees 226 287 328 UK bank levy 224 225 231 Other 715 653 814 2,373 2,483 2,463 Depreciation and amortisation: Depreciation of property, plant and equipment (note 27) 2,064 1,852 1,944 Amortisation of acquired value of in-force non-participating investment contracts (note 25) 30 40 34 Amortisation of other intangible assets (note 26) 566 513 392 2,660 2,405 2,370 Goodwill impairment – – 8 Total operating expenses, excluding regulatory provisions 9,775 10,379 10,181 Regulatory provisions: Payment protection insurance provision (note 38) 2,450 750 1,300 Other regulatory provisions (note 38) 445 600 865 2,895 1,350 2,165 Total operating expenses 12,670 11,729 12,346 Performance-based compensation The table below analyses the Group’s performance-based compensation costs between those relating to the current performance year and those relating to earlier years. 2019 2018 2017 £m £m £m Performance-based compensation expense comprises: Awards made in respect of the year ended 31 December 244 362 334 Awards made in respect of earlier years 136 147 139 380 509 473 Performance-based compensation expense deferred until later years comprises: Awards made in respect of the year ended 31 December 113 152 127 Awards made in respect of earlier years 36 37 35 149 189 162 Performance-based awards expensed in 2019 include cash awards amounting to £89 million (2018: £137 million; 2017: £102 million). Average headcount The average number of persons on a headcount basis employed by the Group during the year was as follows: 2019 2018 2017 UK 69,321 71,857 75,150 Overseas 762 769 794 Total 70,083 72,626 75,944 |
AUDITORS' REMUNERATION
AUDITORS' REMUNERATION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of auditors' remuneration [text block] [Abstract] | |
Disclosure of auditors' remuneration [text block] | NOTE 12: AUDITORS’ REMUNERATION Fees payable to the Company’s auditors by the Group are as follows: 2019 2018 2017 £m £m £m Fees payable for the audit of the Company’s current year annual report 1.5 1.5 1.5 Fees payable for other services: Audit of the Company’s subsidiaries pursuant to legislation 20.2 19.1 18.6 Other services supplied pursuant to legislation 3.5 2.9 3.0 Total audit fees 25.2 23.5 23.1 Other services – audit related fees 1.0 1.2 1.2 Total audit and audit related fees 26.2 24.7 24.3 Other non-audit fees: Services relating to corporate finance transactions – – 1.2 Other services 0.7 2.0 2.4 Total other non-audit fees 0.7 2.0 3.6 Total fees payable to the Company’s auditors by the Group 26.9 26.7 27.9 The following types of services are included in the categories listed above: Audit fees: Audit related fees: Other non-audit fees: It is the Group’s policy to use the auditors on assignments in cases where their knowledge of the Group means that it is neither efficient nor cost effective to employ another firm of accountants. The Group has procedures that are designed to ensure auditor independence, including prohibiting certain non-audit services. All audit and non-audit assignments must be pre-approved by the audit committee on an individual engagement basis; for certain types of non-audit engagements where the fee is ‘de minimis’ the audit committee has pre-approved all assignments subject to confirmation by management. On a quarterly basis, the audit committee receives and reviews a report detailing all pre-approved services and amounts paid to the auditors for such pre-approved services. During the year, the auditors also earned fees payable by entities outside the consolidated Lloyds Banking Group in respect of the following: 2019 2018 2017 £m £m £m Audits of Group pension schemes 0.1 0.1 0.1 Audits of the unconsolidated Open Ended Investment Companies managed by the Group 0.4 0.3 0.3 Reviews of the financial position of corporate and other borrowers 0.2 0.4 0.2 Acquisition due diligence and other work performed in respect of potential venture capital investments – – 0.1 |
IMPAIRMENT
IMPAIRMENT | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of impairment loss and reversal of impairment loss [text block] [Abstract] | |
Disclosure of impairment loss and reversal of impairment loss [text block] | NOTE 13: IMPAIRMENT Purchased or originated Stage 1 Stage 2 Stage 3 credit-impaired Total £m £m £m £m £m Year ended 31 December 2019 Impact of transfers between stages (17 ) 89 532 – 604 Other changes in credit quality 4 1 899 (106 ) 798 Additions (repayments) 94 (39 ) (84 ) (87 ) (116 ) Methodology, model and assumption changes 33 (27 ) 8 – 14 Other items (4 ) – – – (4 ) 127 (65 ) 823 (193 ) 692 Total impairment 110 24 1,355 (193 ) 1,296 In respect of: Loans and advances to banks – – – – – Loans and advances to customers 139 10 1,351 (193 ) 1,307 Financial assets at amortised cost 139 10 1,351 (193 ) 1,307 Other assets – – 5 – 5 Impairment charge on drawn balances 139 10 1,356 (193 ) 1,312 Loan commitments and financial guarantees (28 ) 14 (1 ) – (15 ) Financial assets at fair value through other comprehensive income (1 ) – – – (1 ) Total impairment 110 24 1,355 (193 ) 1,296 Purchased or originated Stage 1 Stage 2 Stage 3 credit-impaired Total £m £m £m £m £m Year ended 31 December 2018 Impact of transfers between stages (12 ) 51 446 – 485 Other changes in credit quality (20 ) (47 ) 541 69 543 Additions (repayments) 18 (82 ) 43 (69 ) (90 ) Methodology, model and assumption changes (71 ) (21 ) 72 – (20 ) Other items (13 ) – 32 – 19 (86 ) (150 ) 688 – 452 Total impairment (98 ) (99 ) 1,134 – 937 In respect of: Loans and advances to banks 1 – – – 1 Loans and advances to customers (66 ) (51 ) 1,139 – 1,022 Financial assets at amortised cost (65 ) (51 ) 1,139 – 1,023 Other assets – – 1 – 1 Impairment charge on drawn balances (65 ) (51 ) 1,140 – 1,024 Loan commitments and financial guarantees (19 ) (48 ) (6 ) – (73 ) Financial assets at fair value through other comprehensive income (14 ) – – – (14 ) Total impairment (98 ) (99 ) 1,134 – 937 The Group’s impairment charge comprises the following items: TRANSFERS BETWEEN STAGES The net impact on the impairment charge of transfers between stages. OTHER CHANGES IN CREDIT QUALITY Changes in loss allowance as a result of movements in risk parameters that reflect changes in customer quality, but which have not resulted in a transfer to a different stage. This also contains the impact on the impairment charge as a result of write-offs and recoveries, where the related loss allowances are reassessed to reflect ultimate realisable or recoverable value. ADDITIONS (REPAYMENTS) Expected loss allowances are recognised on origination of new loans or further drawdowns of existing facilities. Repayments relate to the reduction of loss allowances as a result of repayments of outstanding balances. METHODOLOGY, MODEL AND ASSUMPTION CHANGES Increase or decrease in impairment charge as a result of adjustments to the models used for expected credit loss calculations; either as changes to the model inputs or to the underlying assumptions, as well as the impact of changing the models used. 2017 £m Impairment losses on loans and receivables: Loans and advances to customers 697 Debt securities classified as loans and receivables (6 ) Total impairment losses on loans and receivables 691 Impairment of available-for-sale financial assets 6 Other credit risk provisions (9 ) Total impairment charged to the income statement 688 Movements in the Group’s impairment allowances are shown in note 20. |
TAX EXPENSE
TAX EXPENSE | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of income tax [text block] [Abstract] | |
Disclosure of income tax [text block] | NOTE 14: TAX EXPENSE (A) Analysis of tax expense for the year 2019 2018 1 2017 1 £m £m £m UK corporation tax: Current tax on profit for the year (1,389 ) (1,280 ) (1,240 ) Adjustments in respect of prior years 96 11 122 (1,293 ) (1,269 ) (1,118 ) Foreign tax: Current tax on profit for the year (70 ) (34 ) (40 ) Adjustments in respect of prior years 2 5 10 (68 ) (29 ) (30 ) Current tax expense (1,361 ) (1,298 ) (1,148 ) Deferred tax: Current year (165 ) (127 ) (430 ) Adjustments in respect of prior years 139 (29 ) (48 ) Deferred tax expense (26 ) (156 ) (478 ) Tax expense (1,387 ) (1,454 ) (1,626 ) The income tax expense is made up as follows: 2019 2018 1 2017 1 £m £m £m Tax (expense) credit attributable to policyholders (148 ) 14 (82 ) Shareholder tax expense (1,239 ) (1,468 ) (1,544 ) Tax expense (1,387 ) (1,454 ) (1,626 ) 1 Restated, see note 1. (B) Factors affecting the tax expense for the year The UK corporation tax rate for the year was 19.0 per cent (2018: 19.0 per cent; 2017: 19.25 per cent). An explanation of the relationship between tax expense and accounting profit is set out below: 2019 2018 1 2017 1 £m £m £m Profit before tax 4,393 5,960 5,625 UK corporation tax thereon (835 ) (1,132 ) (1,083 ) Impact of surcharge on banking profits (364 ) (409 ) (429 ) Non-deductible costs: conduct charges (370 ) (101 ) (287 ) Non-deductible costs: bank levy (43 ) (43 ) (44 ) Other non-deductible costs (121 ) (90 ) (59 ) Non-taxable income 40 87 72 Tax relief on coupons on other equity instruments 89 83 79 Tax-exempt gains on disposals 102 124 128 Recognition (derecognition) of losses that arose in prior years 18 (9 ) – Remeasurement of deferred tax due to rate changes (6 ) 32 (9 ) Differences in overseas tax rates (14 ) 6 (15 ) Policyholder tax (67 ) (62 ) (66 ) Policyholder deferred tax asset in respect of life assurance expenses (53 ) 73 – Adjustments in respect of prior years 237 (13 ) 88 Tax effect of share of results of joint ventures – – (1 ) Tax expense (1,387 ) (1,454 ) (1,626 ) 1 Restated, see note 1. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of earnings per share [text block] [Abstract] | |
Disclosure of earnings per share [text block] | NOTE 15: EARNINGS PER SHARE 2019 2018 1 2017 1 £m £m £m Profit attributable to equity shareholders – basic and diluted 2,459 3,975 3,494 1 Restated, see note 1. 2019 2018 2017 million million million Weighted average number of ordinary shares in issue – basic 70,603 71,638 71,710 Adjustment for share options and awards 682 641 683 Weighted average number of ordinary shares in issue – diluted 71,285 72,279 72,393 Basic earnings per share 3.5p 5.5p 4.9p Diluted earnings per share 3.4p 5.5p 4.8p Basic earnings per share are calculated by dividing the net profit attributable to equity shareholders by the weighted average number of ordinary shares in issue during the year, which has been calculated after deducting 25 million (2018: 38 million; 2017: 57 million) ordinary shares representing the Group’s holdings of own shares in respect of employee share schemes. For the calculation of diluted earnings per share the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares that arise in respect of share options and awards granted to employees. The number of shares that could have been acquired at the average annual share price of the Company’s shares based on the monetary value of the subscription rights attached to outstanding share options and awards is determined. This is deducted from the number of shares issuable under such options and awards to leave a residual bonus amount of shares which are added to the weighted-average number of ordinary shares in issue, but no adjustment is made to the profit attributable to equity shareholders. There were 24 million anti-dilutive share options and awards excluded from the calculation of diluted earnings per share (2018: none; 2017: none). |
FINANCIAL ASSETS AT FAIR VALUE
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS | 12 Months Ended |
Dec. 31, 2019 | |
Financial assets at fair value through profit or loss, category [member] | |
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS [Line Items] | |
Disclosure Of Trading And Other Financial Assets At Fair Value Through Profit Or Loss [Text Block] | NOTE 16: FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS These assets are comprised as follows: 31 December 2019 31 December 2018 Other financial Other financial assets assets mandatorily at mandatorily at fair value fair value Trading through Trading through assets profit or loss Total assets profit or loss Total £m £m £m £m £m £m Loans and advances to customers 10,422 10,654 21,076 26,886 10,964 37,850 Loans and advances to banks 513 1,886 2,399 848 2,178 3,026 Debt securities: Government securities 6,791 12,063 18,854 7,192 10,903 18,095 Other public sector securities – 2,126 2,126 – 2,064 2,064 Bank and building society certificates of deposit – 984 984 – 1,105 1,105 Asset-backed securities: Mortgage-backed securities 6 462 468 10 215 225 Other asset-backed securities 17 241 258 63 286 349 Corporate and other debt securities 233 17,983 18,216 247 18,063 18,310 7,047 33,859 40,906 7,512 32,636 40,148 Equity shares – 95,789 95,789 – 77,485 77,485 Treasury and other bills – 19 19 – 20 20 Total 17,982 142,207 160,189 35,246 123,283 158,529 Other financial assets at fair value through profit or loss include assets backing insurance contracts and investment contracts of £136,855 million (31 December 2018: £116,903 million). Included within these assets are investments in unconsolidated structured entities of £38,177 million (31 December 2018: £26,028 million), see note 49. For amounts included above which are subject to repurchase and reverse repurchase agreements see note 53. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of derivative financial instruments [text block] [Abstract] | |
Disclosure of derivative financial instruments [text block] | NOTE 17: DERIVATIVE FINANCIAL INSTRUMENTS The fair values and notional amounts of derivative instruments are set out in the following table: 31 December 2019 31 December 2018 Contract/ Fair value Fair value Contract/ Fair value Fair value Trading and other Exchange rate contracts: Spot, forwards and futures 44,095 681 616 41,571 746 549 Currency swaps 349,606 3,857 5,425 311,491 4,566 3,709 Options purchased 8,310 452 – 10,202 485 – Options written 9,557 – 499 11,393 – 495 411,568 4,990 6,540 374,657 5,797 4,753 Interest rate contracts: Interest rate swaps 5,245,703 17,318 15,213 4,381,271 13,624 12,629 Forward rate agreements 555,742 7 13 494,430 – 2 Options purchased 27,158 2,468 – 30,724 2,107 – Options written 23,610 – 2,216 26,463 – 1,997 Futures 199,884 17 22 128,211 16 4 6,052,097 19,810 17,464 5,061,099 15,747 14,632 Credit derivatives 16,959 83 167 13,757 99 181 Equity and other contracts 11,414 250 503 15,145 389 699 Total derivative assets/liabilities – trading and other 6,492,038 25,133 24,674 5,464,658 22,032 20,265 Hedging Derivatives designated as fair value hedges: Currency swaps 34 8 – 490 3 29 Interest rate swaps 183,489 798 229 150,971 947 187 183,523 806 229 151,461 950 216 Derivatives designated as cash flow hedges: Interest rate swaps 426,740 355 743 556,945 358 844 Currency swaps 9,549 75 133 10,578 255 48 436,289 430 876 567,523 613 892 Total derivative assets/liabilities – hedging 619,812 1,236 1,105 718,984 1,563 1,108 Total recognised derivative assets/liabilities 7,111,850 26,369 25,779 6,183,642 23,595 21,373 The notional amount of the contract does not represent the Group’s exposure to credit risk which is limited to the current cost of replacing contracts with a positive value to the Group should the counterparty default. To reduce credit risk the Group uses a variety of credit enhancement techniques such as netting and collateralisation, where security is provided against the exposure; a large proportion of the Group’s derivatives are held through exchanges such as London Clearing House and are collateralised through those exchanges. Further details are provided in note 53 Credit risk. The Group holds derivatives as part of the following strategies: – Customer driven, where derivatives are held as part of the provision of risk management products to Group customers; – To manage and hedge the Group’s interest rate and foreign exchange risk arising from normal banking business. The hedge accounting strategy adopted by the Group is to utilise a combination of fair value and cash flow hedge approaches as described in note 53; and – Derivatives held in policyholder funds as permitted by the investment strategies of those funds. The principal derivatives used by the Group are as follows: – Interest rate related contracts include interest rate swaps, forward rate agreements and options. An interest rate swap is an agreement between two parties to exchange fixed and floating interest payments, based upon interest rates defined in the contract, without the exchange of the underlying principal amounts. Forward rate agreements are contracts for the payment of the difference between a specified rate of interest and a reference rate, applied to a notional principal amount at a specific date in the future. An interest rate option gives the buyer, on payment of a premium, the right, but not the obligation, to fix the rate of interest on a future loan or deposit, for a specified period and commencing on a specified future date. – Exchange rate related contracts include forward foreign exchange contracts, currency swaps and options. A forward foreign exchange contract is an agreement to buy or sell a specified amount of foreign currency on a specified future date at an agreed rate. Currency swaps generally involve the exchange of interest payment obligations denominated in different currencies; the exchange of principal can be notional or actual. A currency option gives the buyer, on payment of a premium, the right, but not the obligation, to sell specified amounts of currency at agreed rates of exchange on or before a specified future date. – Credit derivatives, principally credit default swaps, are used by the Group as part of its trading activity and to manage its own exposure to credit risk. A credit default swap is a swap in which one counterparty receives a premium at pre-set intervals in consideration for guaranteeing to make a specific payment should a negative credit event take place. – Equity derivatives are also used by the Group as part of its equity-based retail product activity to eliminate the Group’s exposure to fluctuations in various international stock exchange indices. Index-linked equity options are purchased which give the Group the right, but not the obligation, to buy or sell a specified amount of equities, or basket of equities, in the form of published indices on or before a specified future date. Details of the Group’s hedging instruments are set out below: Maturity 31 December 2019 Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Total Fair value hedges Interest rate Cross currency swap Notional – – – – 34 34 Average fixed interest rate – – – – 1.28% Average EUR/GBP exchange rate – – – – 1.38 Average USD/GBP exchange rate – – – – – Average NOK/GBP exchange rate – – – – – Interest rate swap Notional 331 9,305 37,948 106,339 29,566 183,489 Average fixed interest rate 2.58% 1.74% 1.22% 1.71% 2.81% Cash flow hedges Foreign exchange Currency swap Notional – 413 1,611 2,389 5,136 9,549 Average EUR/GBP exchange rate – – – 1.05 1.05 Average USD/GBP exchange rate – 1.29 1.30 1.31 – Interest rate Interest rate swap Notional 9,675 23,589 58,447 209,108 125,921 426,740 Average fixed interest rate 1.05% 1.22% 1.29% 1.47% 2.39% Maturity 31 December 2018 Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Total Fair value hedges Interest rate Cross currency swap Notional – 36 – 283 171 490 Average fixed interest rate – 4.82% – 5.88% 4.44% Average EUR/USD exchange rate – – – 1.13 – Average USD/GBP exchange rate – – – 1.30 – Average NOK/GBP exchange rate – 9.22 – 9.19 9.03 Interest rate swap Notional 393 417 32,876 86,451 30,834 150,971 Average fixed interest rate 1.38% 2.06% 1.65% 1.75% 2.98% Cash flow hedges Foreign exchange Currency swap Notional 67 47 2,234 2,111 6,119 10,578 Average USD/EUR exchange rate 1.15 – 1.13 1.10 1.07 Average USD/GBP exchange rate – 1.32 1.34 1.27 1.28 Interest rate Interest rate swap Notional 4,874 11,204 66,312 292,712 181,843 556,945 Average fixed interest rate 1.47% 1.03% 0.99% 1.46% 1.85% The carrying amounts of the Group’s hedging instruments are as follows: Carrying amount of the hedging instrument Contract/notional Assets Liabilities Changes in fair 31 December 2019 £m £m £m £m Fair value hedges Interest rate Currency swaps 34 8 – 2 Interest rate swaps 183,489 798 229 1,142 Cash flow hedges Foreign exchange Currency swaps 9,549 75 133 (185 ) Interest rate Interest rate swaps 426,740 355 743 992 Carrying amount of the hedging instrument Contract/notional Assets Liabilities Changes in fair 31 December 2018 £m £m £m £m Fair value hedges Interest rate Currency swaps 490 3 29 (10 ) Interest rate swaps 150,971 947 187 104 Cash flow hedges Foreign exchange Currency swaps 10,578 255 48 229 Interest rate Interest rate swaps 556,945 358 844 (781 ) All amounts are held within Derivative financial instruments. The Group’s hedged items are as follows: Carrying amount of the hedged Accumulated amount of fair Change in fair Cash flow hedge reserve ineffectiveness Continuing Discontinued Assets Liabilities Assets Liabilities (YTD) hedges hedges 31 December 2019 £m £m £m £m £m £m £m Fair value hedges Interest rate Fixed rate mortgages 1 83,818 – 154 – (73 ) Fixed rate issuance 2 – 70,353 – 3,058 (1,333 ) Fixed rate bonds 3 21,354 – 660 – 405 Cash flow hedges Foreign exchange Foreign currency issuance 2 72 (2 ) 179 Customer deposits 4 116 18 (48 ) Interest rate Customer loans 1 (680 ) 1,248 336 Central bank balances 5 (263 ) 128 163 Customer deposits 4 – (31 ) 5 Carrying amount of the hedged Accumulated amount of fair value Change in fair Cash flow hedge reserve ineffectiveness Continuing Discontinued Assets Liabilities Assets Liabilities (YTD) hedges hedges 31 December 2018 £m £m £m £m £m £m £m Fair value hedges Interest rate Fixed rate mortgages 1 53,136 – (45 ) – (173 ) Fixed rate issuance 2 – 63,746 – 1,598 807 Fixed rate bonds 3 23,285 – 232 – (666 ) Cash flow hedges Foreign exchange Foreign currency issuance 2 (165 ) 114 327 Customer deposits 4 (62 ) 70 (78 ) Interest rate Customer loans 1 456 867 60 Central bank balances 5 (16 ) 30 20 Customer deposits 4 (118 ) (9 ) (6 ) 1 Included within loans and advances to customers. 2 Included within debt securities in issue. 3 Included within financial assets at fair value through other comprehensive income. 4 Included within customer deposits. 5 Included within cash and balances at central banks. The accumulated amount of fair value hedge adjustments remaining in the balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses is a liability of £692 million (2018: liability of £170 million). Gains and losses arising from hedge accounting are summarised as follows: Amounts reclassified from reserves to 31 December 2019 Gain (loss) recognised in other comprehensive income Hedge 1 Hedged cashflows will no longer occur Hedged item affected income statement Income statement line item that includes reclassified amount Fair value hedges Interest rate Fixed rate mortgages 186 Fixed rate issuance (32 ) Fixed rate bonds (11 ) Cash flow hedges Foreign exchange Foreign currency issuance (265 ) – (101 ) (92 ) Interest expense Customer deposits (22 ) – – 7 Interest expense Interest rate Customer loans 651 98 – (362 ) Interest income Central bank balances 237 36 – (66 ) Interest income Customer deposits – – – 6 Interest expense Amounts reclassified from reserves to income statement as: 31 December 2018 Gain (loss) Hedge 1 Hedged item Income statement line Fair value hedges Interest rate Fixed rate mortgages 106 Fixed rate issuance (17 ) Fixed rate bonds (27 ) Cash flow hedges Foreign exchange Foreign currency issuance 85 – (81 ) Interest expense Customer deposits (22 ) (2 ) (32 ) Interest expense Interest rate Customer loans (418 ) (17 ) (467 ) Interest income Central bank balances (63 ) (5 ) (52 ) Interest income Customer deposits (49 ) (1 ) (69 ) Interest expense 1 Hedge ineffectiveness is included in the income statement within net trading income. There was a gain of £101 million (2018: nil) reclassified from the cash flow hedging reserve for which hedge accounting had previously been used but for which the hedged future cash flows are no longer expected to occur. |
FINANCIAL ASSETS AT AMORTISED C
FINANCIAL ASSETS AT AMORTISED COST | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Assets At Amortised Cost Explanatory [Abstract] | |
Disclosure of Financial Assets at Amortised Cost Explanatory [text block] | NOTE 18: FINANCIAL ASSETS AT AMORTISED COST YEAR ENDED 31 DECEMBER 2019 Loans and advances to banks Stage 1 Stage 2 Stage 3 Purchased or Total At 1 January 2019 6,282 3 – – 6,285 Exchange and other adjustments 1 (218 ) – – – (218 ) Additions (repayments) 3,713 (3 ) – – 3,710 At 31 December 2019 9,777 – – – 9,777 Allowance for impairment losses (2 ) – – – (2 ) Total loans and advances to banks 9,775 – – – 9,775 Loans and advances to customers At 1 January 2019 441,531 25,345 5,741 15,391 488,008 Exchange and other adjustments 1 (498 ) (34 ) 47 283 (202 ) Additions (repayments) 13,554 (2,558 ) (858 ) (1,934 ) 8,204 Transfers to Stage 1 6,318 (6,286 ) (32 ) – Transfers to Stage 2 (13,084 ) 13,516 (432 ) – Transfers to Stage 3 (1,540 ) (1,440 ) 2,980 – (8,306 ) 5,790 2,516 – Recoveries – – 397 28 425 Acquisition of portfolios 2 3,694 – – – 3,694 Financial assets that have been written off during the year (1,828 ) (54 ) (1,882 ) At 31 December 2019 449,975 28,543 6,015 13,714 498,247 Allowance for impairment losses (675 ) (995 ) (1,447 ) (142 ) (3,259 ) Total loans and advances to customers 449,300 27,548 4,568 13,572 494,988 Debt securities At 1 January 2019 5,238 – 6 – 5,244 Exchange and other adjustments 1 (94 ) – (2 ) – (96 ) Additions (repayments) 400 – – – 400 Financial assets that have been written off during the year (1 ) – (1 ) At 31 December 2019 5,544 – 3 – 5,547 Allowance for impairment losses – – (3 ) – (3 ) Total debt securities 5,544 – – – 5,544 Total financial assets at amortised cost 464,619 27,548 4,568 13,572 510,307 Movements in Retail mortgage balances were as follows: Retail mortgages Stage 1 Stage 2 Stage 3 Purchased or Total At 1 January 2019 257,797 13,654 1,393 15,391 288,235 Exchange and other adjustments 1 (1 ) – 2 283 284 Additions (repayments) 799 (1,432 ) (416 ) (1,934 ) (2,983 ) Transfers to Stage 1 3,060 (3,057 ) (3 ) – Transfers to Stage 2 (7,879 ) 8,242 (363 ) – Transfers to Stage 3 (427 ) (472 ) 899 – (5,246 ) 4,713 533 – Recoveries – – 29 28 57 Acquisition of portfolios 2 3,694 – – – 3,694 Financial assets that have been written off during the year (35 ) (54 ) (89 ) At 31 December 2019 257,043 16,935 1,506 13,714 289,198 Allowance for impairment losses (23 ) (281 ) (122 ) (142 ) (568 ) Total loans and advances to customers 257,020 16,654 1,384 13,572 288,630 1 Exchange and other adjustments includes certain adjustments, prescribed by IFRS 9, in respect of purchased or originated credit-impaired financial assets. 2 Acquisition of portfolios in 2019 relates to the purchase, completed in September 2019, of Tesco Bank’s UK residential mortgage portfolio. Year ended 31 December 2018 Loans and advances to banks Stage 1 Stage 2 Stage 3 Purchased or Total At 1 January 2018 4,245 2 – – 4,247 Exchange and other adjustments (29 ) 1 – – (28 ) Additions (repayments) 2,066 – – – 2,066 At 31 December 2018 6,282 3 – – 6,285 Allowance for impairment losses (2 ) – – – (2 ) Total loans and advances to banks 6,280 3 – – 6,283 Loans and advances to customers At 1 January 2018 403,881 37,245 5,140 17,973 464,239 Exchange and other adjustments 958 32 – – 990 Additions (repayments) 34,942 (2,187 ) (2,074 ) (2,609 ) 28,072 Transfers to Stage 1 19,524 (19,501 ) (23 ) – Transfers to Stage 2 (15,743 ) 15,996 (253 ) – Transfers to Stage 3 (2,031 ) (2,220 ) 4,251 – 1,750 (5,725 ) 3,975 – Recoveries – – 553 27 580 Disposal of businesses – (4,020 ) (277 ) – (4,297 ) Financial assets that have been written off during the year (1,576 ) – (1,576 ) At 31 December 2018 441,531 25,345 5,741 15,391 488,008 Allowance for impairment losses (525 ) (994 ) (1,553 ) (78 ) (3,150 ) Total loans and advances to customers 441,006 24,351 4,188 15,313 484,858 Debt securities At 1 January 2018 3,291 – 49 – 3,340 Exchange and other adjustments 77 – (14 ) – 63 Additions (repayments) 1,870 – – – 1,870 Financial assets that have been written off during the year (29 ) – (29 ) At 31 December 2018 5,238 – 6 – 5,244 Allowance for impairment losses – – (6 ) – (6 ) Total debt securities 5,238 – – – 5,238 Total financial assets at amortised cost 452,524 24,354 4,188 15,313 496,379 Movements on Retail mortgage balances were as follows: Retail mortgages Stage 1 Stage 2 Stage 3 Purchased or Total At 1 January 2018 251,707 20,109 1,232 17,973 291,021 Additions (repayments) 989 (938 ) (239 ) (2,609 ) (2,797 ) Transfers to Stage 1 10,814 (10,805 ) (9 ) – Transfers to Stage 2 (5,396 ) 5,691 (295 ) – Transfers to Stage 3 (317 ) (403 ) 720 – 5,101 (5,517 ) 416 – Recoveries – – 3 27 30 Financial assets that have been written off during the year (19 ) – (19 ) At 31 December 2018 257,797 13,654 1,393 15,391 288,235 Allowance for impairment losses (37 ) (226 ) (118 ) (78 ) (459 ) Total loans and advances to customers 257,760 13,428 1,275 15,313 287,776 The movement tables are compiled by comparing the position at 31 December to that at the beginning of the year. Transfers between stages are deemed to have taken place at the start of the reporting period, with all other movements shown in the stage in which the asset is held at 31 December, with the exception of those held within Purchased or originated credit-impaired, which are not transferrable. Additions (repayments) comprise new loans originated and repayments of outstanding balances throughout the reporting period. Loans which are written off in the period are first transferred to Stage 3 before acquiring a full allowance and subsequent write-off. |
FINANCE LEASE RECEIVABLES
FINANCE LEASE RECEIVABLES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of maturity analysis of finance lease payments receivable [text block] [Abstract] | |
Disclosure of maturity analysis of finance lease payments receivable [text block] | NOTE 19: FINANCE LEASE RECEIVABLES The Group’s finance lease receivables are classified as loans and advances to customers and accounted for at amortised cost. The balance is analysed as follows: 2019 2018 £m £m Gross investment in finance leases, receivable: Not later than 1 year 490 458 Later than 1 year and not later than 2 years 347 516 Later than 2 years and not later than 3 years 181 456 Later than 3 years and not later than 4 years 145 201 Later than 4 years and not later than 5 years 208 178 Later than 5 years 883 1,104 2,254 2,913 Unearned future finance income on finance leases (563 ) (1,068 ) Rentals received in advance (20 ) (23 ) Net investment in finance leases 1,671 1,822 The net investment in finance leases represents amounts recoverable as follows: 2019 2018 £m £m Not later than 1 year 406 303 Later than 1 year and not later than 2 years 326 407 Later than 2 years and not later than 3 years 130 353 Later than 3 years and not later than 4 years 103 154 Later than 4 years and not later than 5 years 171 130 Later than 5 years 535 475 Net investment in finance leases 1,671 1,822 Equipment leased to customers under finance leases primarily relates to structured financing transactions to fund the purchase of aircraft, ships and other large individual value items. There was an allowance for uncollectable finance lease receivables included in the allowance for impairment losses of £12 million (2018: £1 million). |
ALLOWANCE FOR IMPAIRMENT LOSSES
ALLOWANCE FOR IMPAIRMENT LOSSES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of allowance for credit losses [text block] [Abstract] | |
Disclosure of allowance for credit losses [text block] | NOTE 20: ALLOWANCE FOR IMPAIRMENT LOSSES ANALYSIS OF MOVEMENT IN THE ALLOWANCE FOR IMPAIRMENT LOSSES BY STAGE Year ended 31 December 2019 Stage 1 £m Stage 2 £m Stage 3 £m Purchased or originated credit-impaired £m Total £m In respect of drawn balances At 1 January 2019 527 994 1,570 78 3,169 Exchange and other adjustments 11 (9 ) 23 283 308 Transfers to Stage 1 229 (222 ) (7 ) – Transfers to Stage 2 (53 ) 92 (39 ) – Transfers to Stage 3 (15 ) (140 ) 155 – Impact of transfers between stages (175 ) 353 420 598 (14 ) 83 529 598 Other items charged to the income statement 153 (73 ) 827 (193 ) 714 Charge to the income statement (note 13) 139 10 1,356 (193 ) 1,312 Advances written off (1,829 ) (54 ) (1,883 ) Recoveries of advances written off in previous years 397 28 425 Discount unwind (53 ) – (53 ) At 31 December 2019 677 995 1,464 142 3,278 In respect of undrawn balances At January 2019 123 64 6 – 193 Exchange and other adjustments – (1 ) – – (1 ) Transfers to Stage 1 19 (19 ) – – Transfers to Stage 2 (4 ) 4 – – Transfers to Stage 3 (1 ) (3 ) 4 – Impact of transfers between stages (17 ) 24 (1 ) 6 (3 ) 6 3 6 Other items charged to the income statement (25 ) 8 (4 ) – (21 ) Charge to the income statement (note 13) (28 ) 14 (1 ) – (15 ) At 31 December 2019 95 77 5 – 177 Total at 31 December 2019 772 1,072 1,469 142 3,455 In respect of: Loans and advances to banks 2 – – – 2 Loans and advances to customers: Retail mortgages 23 281 122 142 568 Other 652 714 1,325 – 2,691 675 995 1,447 142 3,259 Debt securities – – 3 – 3 Financial assets at amortised cost 677 995 1,450 142 3,264 Other assets – – 14 – 14 Provisions in relation to loan commitments and financial guarantees 95 77 5 – 177 Total 772 1,072 1,469 142 3,455 Expected credit loss in respect of financial assets at fair value through other comprehensive income (memorandum item) – – – – – Exchange and other adjustments include certain adjustments, prescribed by IFRS 9, in respect of purchased or originated credit-impaired financial assets. Movements in the Group’s allowance for impairment losses in respect of Retail mortgages were as follows: Stage 1 £m Stage 2 £m Stage 3 £m Purchased or originated credit-impaired £m Total £m Balance at 1 January 2019 37 226 118 78 459 Exchange and other adjustments – – – 283 283 Transfers to Stage 1 17 (17 ) – – Transfers to Stage 2 (13 ) 33 (20 ) – Transfers to Stage 3 (5 ) (21 ) 26 – Impact of transfers between stages (15 ) 105 39 129 (16 ) 100 45 129 Other items charged to the income statement 3 (45 ) (59 ) (193 ) (294 ) Charge to the income statement (13 ) 55 (14 ) (193 ) (165 ) Advances written off (35 ) (54 ) (89 ) Recoveries of advances written off in previous years 29 28 57 Discount unwind 24 – 24 At 31 December 2019 24 281 122 142 569 Year ended 31 December 2018 Stage 1 £m Stage 2 £m Stage 3 £m Purchased or originated credit-impaired £m Total £m In respect of drawn balances Balance at 1 January 2018 590 1,147 1,491 32 3,260 Exchange and other adjustments 2 – 133 – 135 Transfers to Stage 1 304 (299 ) (5 ) – Transfers to Stage 2 (46 ) 85 (39 ) – Transfers to Stage 3 (32 ) (131 ) 163 – Impact of transfers between stages (233 ) 401 325 493 (7 ) 56 444 493 Other items charged to the income statement (58 ) (107 ) 696 – 531 Charge to the income statement (note 13) (65 ) (51 ) 1,140 – 1,024 Advances written off (1,605 ) – (1,605 ) Disposal of businesses – (102 ) (79 ) – (181 ) Recoveries of advances written off in previous years 553 27 580 Discount unwind (63 ) 19 (44 ) At 31 December 2018 527 994 1,570 78 3,169 In respect of undrawn balances Balance at 1 January 2018 147 126 – – 273 Exchange and other adjustments (5 ) (14 ) 12 – (7 ) Transfers to Stage 1 28 (28 ) – – Transfers to Stage 2 (6 ) 6 – – Transfers to Stage 3 (2 ) (5 ) 7 – Impact of transfers between stages (25 ) 22 (5 ) (8 ) (5 ) (5 ) 2 (8 ) Other items charged to the income statement (14 ) (43 ) (8 ) – (65 ) Charge to the income statement (note 13) (19 ) (48 ) (6 ) – (73 ) At 31 December 2018 123 64 6 – 193 Total at 31 December 2018 650 1,058 1,576 78 3,362 In respect of: Loans and advances to banks 2 – – – 2 Loans and advances to customers: Retail mortgages (see below) 37 226 118 78 459 Other 488 768 1,435 – 2,691 525 994 1,553 78 3,150 Debt securities – – 6 – 6 Financial assets at amortised cost 527 994 1,559 78 3,158 Other assets – – 11 – 11 Provisions in relation to loan commitments and financial guarantees 123 64 6 – 193 Total 650 1,058 1,576 78 3,362 Expected credit loss in respect of financial assets at fair value through other comprehensive income (memorandum item): 1 – – – 1 Movements in the Group’s allowance for impairment losses in respect of Retail mortgages were as follows: Stage 1 £m Stage 2 £m Stage 3 £m Purchased or originated credit-impaired £m Total £m Balance at 1 January 2018 30 236 86 32 384 Exchange and other adjustments – 1 1 – 2 Transfers to Stage 1 72 (71 ) (1 ) – Transfers to Stage 2 (3 ) 15 (12 ) – Transfers to Stage 3 (3 ) (17 ) 20 – Impact of transfers between stages (48 ) 82 40 74 18 9 47 74 Other items charged to the income statement (11 ) (20 ) (5 ) – (36 ) Charge to the income statement 7 (11 ) 42 – 38 Advances written off (19 ) – (19 ) Recoveries of advances written off in previous years 3 27 30 Discount unwind 5 19 24 At 31 December 2018 37 226 118 78 459 The Group income statement charge comprises: 2019 2018 Drawn balances 1,312 1,024 Undrawn balances (15 ) (73 ) Financial assets at fair value through other comprehensive income (1 ) (14 ) Total 1,296 937 The movement tables are compiled by comparing the position at 31 December to that at the beginning of the year. Transfers between stages are deemed to have taken place at the start of the reporting period, with all other movements shown in the stage in which the asset is held at 31 December, with the exception of those held within Purchased or originated credit-impaired, which are not transferrable. As assets are transferred between stages, the resulting change in expected credit loss of £598 million (2018: £493 million) for drawn balances, and £6 million (2018: £8 million) for undrawn balances, is presented separately as Impacts of transfers between stages, in the stage in which the expected credit loss is recognised at the end of the reporting period. Other items charged to the income statement include the movements in the expected credit loss as a result of new loans originated and repayments of outstanding balances throughout the reporting period. Loans which are written off in the period are first transferred to Stage 3 before acquiring a full allowance and subsequent write-off. Consequently, recoveries on assets previously written-off also occur in Stage 3 only. |
FINANCIAL ASSETS AT FAIR VALU_2
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Fair Value Of Each Investment Designated As Measured At Fair Value Through Other Comprehensive Income Explantory [Abstract] | |
Disclosure of fair value of each investment designated as measured at fair value through other comprehensive income [text block] | NOTE 21: FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME 2019 £m 2018 Debt securities: Government securities 13,098 18,971 Bank and building society certificates of deposit – 118 Asset-backed securities: Mortgage-backed securities 121 120 Other asset-backed securities 60 131 Corporate and other debt securities 11,051 5,151 24,330 24,491 Treasury and other bills 535 303 Equity shares 227 21 Total financial assets at fair value through other comprehensive income 25,092 24,815 All assets were assessed at Stage 1 at 31 December 2018 and 2019. |
INVESTMENTS IN JOINT VENTURES A
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of joint ventures [text block] [Abstract] | |
Disclosure of joint ventures [text block] | NOTE 22: INVESTMENTS IN JOINT VENTURES AND ASSOCIATES The Group’s share of results of, and investments in, equity accounted joint ventures and associates comprises: Joint ventures Associates Total 2019 2018 2017 2019 2018 2017 2019 2018 2017 Share of income statement amounts: Income 66 8 (5 ) (1 ) – 4 65 8 (1 ) Expenses (59 ) 1 – – – – (59 ) 1 – Impairment – – 7 – – – – – 7 Profit (loss) before tax 7 9 2 (1 ) – 4 6 9 6 Tax – – – – – – – – – Share of post-tax results 7 9 2 (1 ) – 4 6 9 6 Share of other comprehensive income – 8 – – – – – 8 – Share of total comprehensive income 7 17 2 (1 ) – 4 6 17 6 Share of balance sheet amounts: Current assets 347 27 5 15 352 42 Non-current assets 158 54 6 17 164 71 Current liabilities (35 ) (2 ) – (20 ) (35 ) (22 ) Non-current liabilities (177 ) – – – (177 ) – Share of net assets at 31 December 293 79 11 12 304 91 Movement in investments over the year: At 1 January 79 64 12 1 91 65 Exchange and other adjustments – – – 1 – 1 Acquisitions 1 – – – 1 – Establishment of joint venture (note 23) 208 – – – 208 – Additional investments – 12 – 11 – 23 Disposals – – – (1 ) – (1 ) Share of post-tax results 7 9 (1 ) – 6 9 Share of other comprehensive income – 8 – – – 8 Dividends paid (2 ) (14 ) – – (2 ) (14 ) Share of net assets at 31 December 293 79 11 12 304 91 The Group’s unrecognised share of losses of associates for the year was £nil (2018: £4 million; 2017; £nil). For entities making losses, subsequent profits earned are not recognised until previously unrecognised losses are extinguished. The Group’s unrecognised share of losses net of unrecognised profits on a cumulative basis of associates is £17 million (2018: £17 million; 2017 £17 million) and of joint ventures is £3 million (2018: £3 million; 2017: £29 million). Where entities have statutory accounts drawn up to a date other than 31 December management accounts are used when accounting for them by the Group. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of business combinations [text block] [Abstract] | |
Disclosure of business combinations [text block] | NOTE 23: ACQUISITIONS ACQUISITION OF WORKPLACE PENSIONS BUSINESS On 1 July 2019, following the receipt of regulatory and legal approvals, the Group completed the acquisition of the UK workplace pensions and savings business of the Zurich Insurance Group. The total fair value of the purchase consideration in the year was £20 million, settled in cash. The acquisition is intended to enhance Scottish Widows’ offering and broaden its participation in the financial planning and retirement segment whilst delivering a modern, flexible workplace savings platform. The table below sets out the fair value of the identifiable assets and liabilities acquired. Book value as at 1 July 2019 £m Fair value adjustments £m Fair value as at 1 July 2019 £m Assets Financial assets at fair value through profit or loss 7,350 – 7,350 Loans and advances to banks 17 – 17 Value of in-force business – 6 6 Assets arising from reinsurance contracts held 13,616 – 13,616 Other assets 6 – 6 Total assets 20,989 6 20,995 Liabilities Liabilities arising from non-participating investment contracts 20,981 – 20,981 Other liabilities 8 – 8 Total liabilities 20,989 – 20,989 Provisional fair value of net assets acquired – 6 6 Goodwill arising on acquisition 14 Total consideration 20 The post-acquisition total income of the acquired business, which is included in the Group statutory consolidated income statement for the year ended 31 December 2019, is £22 million; the business also contributed profit before tax of £2 million for the same period. Had the acquisition date been 1 January 2019, the Group’s consolidated total income would have been £18 million higher at £42,374 million and the Group’s consolidated profit before tax would have been £3 million lower at £4,390 million. The carrying value of the goodwill arising on acquisition of £14 million has been reviewed at 31 December 2019, with appropriate assumptions made as to the future performance of the acquired business, and no adjustments are considered necessary. WEALTH MANAGEMENT PARTNERSHIP Following agreement with Schroders to enter into a partnership to create a new wealth management proposition, during 2019 the Group transferred approximately £13 billion of assets under management from its UK wealth management business and £12 billion of investment funds administered by its existing Authorised Corporate Director business into Scottish Widows Schroder Wealth Holdings Limited. In connection with this partnership, the Group sold a 49.9 per cent interest in Scottish Widows Schroder Wealth Holdings Limited to Schroders Administration Limited in exchange for a 19.9 per cent interest in Schroder Wealth Holdings Limited, the holding company of Schroders plc’s existing UK wealth management business, valued at £202 million. Following disposal of the 49.9 per cent interest, the Group accounts for its remaining 50.1 per cent interest in Scottish Widows Schroder Wealth Holdings Limited as a joint venture, which was recorded at a fair value upon initial recognition of £208 million. The Group recognised a gain arising from these transactions of £244 million, net of a charge of £70 million for an onerous contract provision in relation to the services that it is now obligated to provide to the joint venture; this amount is recognised within other operating income. |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of goodwill [text block] [Abstract] | |
Disclosure of goodwill [text block] | NOTE 24: GOODWILL 2019 £m 2018 At 1 January 2,310 2,310 Acquisition of businesses (note 23) 14 – At 31 December 2,324 2,310 Cost 1 2,664 2,664 Accumulated impairment losses (340 ) (354 ) At 31 December 2,324 2,310 1 For acquisitions made prior to 1 January 2004, the date of transition to IFRS, cost is included net of amounts amortised up to 31 December 2003. The goodwill held in the Group’s balance sheet is tested at least annually for impairment. For the purposes of impairment testing the goodwill is allocated to the appropriate cash generating unit; of the total balance of £2,324 million (2018: £2,310 million), £1,836 million, or 79 per cent of the total (2018: £1,836 million, 79 per cent of the total) has been allocated to Scottish Widows in the Group’s Insurance and Wealth division; £302 million, or 13 per cent of the total (2018: £302 million, or 13 per cent of the total) has been allocated to Cards in the Group’s Retail division; and £170 million, or 7 per cent of the total (2018: £170 million, 7 per cent of the total) to Motor Finance in the Group’s Retail division. The recoverable amount of the goodwill relating to Scottish Widows has been based on a value-in-use calculation. The calculation uses pre-tax projections of future cash flows based upon budgets and plans approved by management covering a three-year period, the related run-off of existing business in force and a discount rate of 8 per cent. The budgets and plans are based upon past experience adjusted to take into account anticipated changes in sales volumes, product mix and margins having regard to expected market conditions and competitor activity. The discount rate is determined with reference to internal measures and available industry information. New business cash flows beyond the three-year period have been extrapolated using a steady 2 per cent growth rate which does not exceed the long-term average growth rate for the life assurance market. Management believes that any reasonably possible change in the key assumptions above would not cause the recoverable amount of Scottish Widows to fall below its balance sheet carrying value. The recoverable amount of the goodwill relating to Motor Finance has also been based on a value-in-use calculation using pre-tax cash flow projections based on financial budgets and plans approved by management covering a four-year period and a discount rate of 14 per cent. The cash flows beyond the four-year period are extrapolated using a growth rate of 0.5 per cent which does not exceed the long-term average growth rates for the markets in which Motor Finance participates. Management believes that any reasonably possible change in the key assumptions above would not cause the recoverable amount of Motor Finance to fall below the balance sheet carrying value. The recoverable amount of the goodwill relating to the Cards business has been based on a value-in-use calculation using pre-tax cash flow projections based on financial budgets and plans approved by management covering a five-year period and a discount rate of 10 per cent. The cash flows beyond the five year period assume no growth. Management believes that any reasonably possible change in the key assumptions above would not cause the recoverable amount of the Cards business to fall below the balance sheet carrying value. |
VALUE OF IN-FORCE BUSINESS
VALUE OF IN-FORCE BUSINESS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of value of in-force business [Abstract] | |
Disclosure of value of in-force business [Text Block] | NOTE 25: VALUE OF IN-FORCE BUSINESS KEY ASSUMPTIONS The impact of reasonably possible changes in the key assumptions made in respect of the Group’s life insurance business, which include the impact on the value of in force business, are disclosed in note 33. The principal features of the methodology and process used for determining key assumptions used in the calculation of the value of in-force business are set out below: ECONOMIC ASSUMPTIONS Each cash flow is valued using the discount rate consistent with that applied to such a cash flow in the capital markets. In practice, to achieve the same result, where the cash flows are either independent of or move linearly with market movements, a method has been applied known as the ‘certainty equivalent’ approach whereby it is assumed that all assets earn a risk-free rate and all cash flows are discounted at a risk-free rate. The certainty equivalent approach covers all investment assets relating to insurance and participating investment contracts, other than the annuity business (where an illiquidity premium is included, see below). A market-consistent approach has been adopted for the valuation of financial options and guarantees, using a stochastic option pricing technique calibrated to be consistent with the market price of relevant options at each valuation date. Further information on options and guarantees can be found in note 32. The liabilities in respect of the Group’s UK annuity business are matched by a portfolio of fixed interest securities, including a large proportion of corporate bonds and illiquid loan assets. The value of the in-force business asset for UK annuity business has been calculated after taking into account an estimate of the market premium for illiquidity in respect of corporate bond holdings and relevant illiquid loan assets. In determining the market premium for illiquidity, a range of inputs are considered which reflect actual asset allocation and relevant observable market data. The illiquidity premium is estimated to be 91 basis points at 31 December 2019 (2018: 128 basis points). The risk-free rate is derived from the relevant swap curve with a deduction for credit risk. The table below shows the resulting range of yields and other key assumptions at 31 December: 2019 % 2018 Risk-free rate (value of in-force non-annuity business) 1 0.00 to 3.90 0.00 to 4.05 Risk-free rate (value of in-force annuity business) 1 0.91 to 4.81 1.28 to 5.33 Risk-free rate (financial options and guarantees) 1 0.00 to 3.90 0.00 to 4.05 Retail price inflation 3.11 3.43 Expense inflation 3.41 3.75 1 All risk-free rates are quoted as the range of rates implied by the relevant forward swap curve. NON-MARKET RISK An allowance for non-market risk is made through the choice of best estimate assumptions based upon experience, which generally will give the mean expected financial outcome for shareholders and hence no further allowance for non-market risk is required. However, in the case of operational risk, reinsurer default and the with-profit funds these can be asymmetric in the range of potential outcomes for which an explicit allowance is made. NON-ECONOMIC ASSUMPTIONS Future mortality, morbidity, expenses, lapse and paid-up rate assumptions are reviewed each year and are based on an analysis of past experience and on management’s view of future experience. Further information on these assumptions is given in note 32 and the effect of changes in key assumptions is given in note 33. The gross value of in-force business asset in the consolidated balance sheet is as follows: 2019 £m 2018 Acquired value of in-force non-participating investment contracts 247 271 Value of in-force insurance and participating investment contracts 5,311 4,491 Total value of in-force business 5,558 4,762 The movement in the acquired value of in-force non-participating investment contracts over the year is as follows: 2019 £m 2018 At 1 January 271 306 Acquisition of business 6 5 Amortisation (note 11) (30 ) (40 ) At 31 December 247 271 The acquired value of in-force non-participating investment contracts includes £150 million (2018: £167 million) in relation to OEIC business. Movement in value of in-force business The movement in the value of in-force insurance and participating investment contracts over the year is as follows: 2019 2018 At 1 January 4,491 4,533 Exchange and other adjustments (5 ) 13 Movements in the year: New business 696 675 Existing business: Expected return (274 ) (304 ) Experience variances (43 ) (122 ) Assumption changes 102 (67 ) Economic variance 344 (237 ) Movement in the value of in-force business (note 9) 825 (55 ) At 31 December 5,311 4,491 This breakdown shows the movement in the value of in-force business only, and does not represent the full contribution that each item in the breakdown makes to profit before tax. This will also contain changes in the other assets and liabilities, including the effects of changes in assumptions used to value the liabilities, of the relevant businesses. The presentation of economic variance includes the impact of financial market conditions being different at the end of the year from those included in assumptions used to calculate new and existing business returns. |
OTHER INTANGIBLE ASSETS
OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of intangible assets [text block] [Abstract] | |
Disclosure of intangible assets [text block] | NOTE 26: OTHER INTANGIBLE ASSETS Brands Core deposit Purchased Customer- Capitalised Total Cost: At 1 January 2018 596 2,770 1,017 538 2,940 7,861 Additions – – – – 1,046 1,046 Disposals – – (15 ) – (55 ) (70 ) At 31 December 2018 596 2,770 1,002 538 3,931 8,837 Exchange and other adjustments – – – – 4 4 Additions – – – – 1,033 1,033 Disposals – – – – (10 ) (10 ) At 31 December 2019 596 2,770 1,002 538 4,958 9,864 Accumulated amortisation: At 1 January 2018 193 2,770 355 519 1,189 5,026 Charge for the year 23 – 71 19 400 513 Disposals – – (15 ) – (34 ) (49 ) At 31 December 2018 216 2,770 411 538 1,555 5,490 Exchange and other adjustments – – – – 4 4 Charge for the year – – 70 – 496 566 Disposals – – – – (4 ) (4 ) At 31 December 2019 216 2,770 481 538 2,051 6,056 Balance sheet amount at 31 December 2019 380 – 521 – 2,907 3,808 Balance sheet amount at 31 December 2018 380 – 591 – 2,376 3,347 Brands of £380 million (31 December 2018: £380 million) that have been determined to have indefinite useful lives and are not amortised. These brands use the Bank of Scotland name which has been in existence for over 300 years. These brands are well established financial services brands and there are no indications that they should not have an indefinite useful life. The purchased credit card relationships represent the benefit of recurring income generated from portfolios of credit cards purchased. The balance sheet amount at 31 December 2019 is expected to be amortised over its remaining useful life of eight years. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of property, plant and equipment [text block] [Abstract] | |
Disclosure of property, plant and equipment [text block] | NOTE 27: PROPERTY, PLANT AND EQUIPMENT Investment Premises Equipment Operating Right-of- 1 Total Cost or valuation: At 1 January 2018 3,699 1,791 5,068 6,528 17,086 Exchange and other adjustments – – (6 ) 11 5 Additions – 72 519 1,755 2,346 Expenditure on investment properties (see below) 143 – – – 143 Change in fair value of investment properties (note 7) 139 – – – 139 Disposals (211 ) (647 ) (574 ) (1,540 ) (2,972 ) At 31 December 2018 3,770 1,216 5,007 6,754 16,747 Adjustment on adoption of IFRS 16 (note 55) – – – – 1,716 1,716 Balance at 1 January 2019 3,770 1,216 5,007 6,754 1,716 18,463 Exchange and other adjustments 16 3 5 (4 ) – 20 Additions – 121 522 1,693 196 2,532 Expenditure on investment properties (see below) 73 – – – – 73 Change in fair value of investment properties (note 7) (108 ) – – – – (108 ) Disposals (198 ) (245 ) (238 ) (1,694 ) (27 ) (2,402 ) At 31 December 2019 3,553 1,095 5,296 6,749 1,885 18,578 Accumulated depreciation and impairment: At 1 January 2018 – 728 2,125 1,506 4,359 Exchange and other adjustments – 1 (8 ) 6 (1 ) Depreciation charge for the year – 121 715 1,016 1,852 Disposals – (634 ) (534 ) (595 ) (1,763 ) At 31 December 2018 – 216 2,298 1,933 4,447 Exchange and other adjustments – – (1 ) (36 ) 1 (36 ) Depreciation charge for the year – 125 715 1,008 216 2,064 Disposals – (225 ) (180 ) (595 ) (1 ) (1,001 ) At 31 December 2019 – 116 2,832 2,310 216 5,474 Balance sheet amount at 31 December 2019 3,553 979 2,464 4,439 1,669 13,104 Balance sheet amount at 31 December 2018 3,770 1,000 2,709 4,821 – 12,300 1 Primarily premises. Expenditure on investment properties is comprised as follows: 2019 £m 2018 Acquisitions of new properties 21 81 Additional expenditure on existing properties 52 62 73 143 Rental income of £191 million (2018: £197 million) and direct operating expenses arising from properties that generate rental income of £32 million (2018: £23 million) have been recognised in the income statement. Capital expenditure in respect of investment properties which had been contracted for but not recognised in the financial statements was £7 million (2018: £33 million). The table above analyses movements in investment properties, all of which are categorised as level 3. See note 50 for details of levels in the fair value hierarchy. At 31 December the future minimum rentals receivable under non-cancellable operating leases were as follows: 2019 £m 2018 Receivable within 1 year 978 1,095 1 to 2 years 620 681 2 to 3 years 312 332 3 to 4 years 102 113 4 to 5 years 12 30 Over 5 years 2 6 Total future minimum rentals receivable 2,026 2,257 Equipment leased to customers under operating leases primarily relates to vehicle contract hire arrangements. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other assets [text block] [Abstract] | |
Disclosure of other assets [text block] | NOTE 28: OTHER ASSETS 2019 2018 £m £m Deferred acquisition and origination costs 83 90 Settlement balances 654 743 Other assets and prepayments 3,737 3,742 Total other assets 4,474 4,575 |
FINANCIAL LIABILITIES AT FAIR V
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Trading And Other Financial Liabilities At Fair Value Through Profit Or Loss [Abstract] | |
Disclosure Of Trading And Other Financial Liabilities At Fair Value Through Profit Or Loss [Text Block] | NOTE 29: FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS 2019 2018 £m £m Liabilities designated at fair value through profit or loss: Debt securities in issue 7,531 7,085 Other – 11 7,531 7,096 Trading liabilities: Liabilities in respect of securities sold under repurchase agreements 11,048 21,595 Other deposits 98 242 Short positions in securities 2,809 1,614 13,955 23,451 Financial liabilities at fair value through profit or loss 21,486 30,547 Liabilities designated at fair value through profit or loss primarily represent debt securities in issue which either contain substantive embedded derivatives which would otherwise need to be recognised and measured at fair value separately from the related debt securities, or which are accounted for at fair value to significantly reduce an accounting mismatch. The amount contractually payable on maturity of the debt securities held at fair value through profit or loss at 31 December 2019 was £14,365 million, which was £6,834 million higher than the balance sheet carrying value (2018: £15,435 million, which was £8,350 million higher than the balance sheet carrying value). At 31 December 2019 there was a cumulative £33 million increase in the fair value of these liabilities attributable to changes in credit spread risk; this is determined by reference to the quoted credit spreads of Lloyds Bank plc, the issuing entity within the Group. Of the cumulative amount an increase of £419 million arose in 2019 and a decrease of £533 million arose in 2018. For the fair value of collateral pledged in respect of repurchase agreements see note 53. |
DEBT SECURITIES IN ISSUE
DEBT SECURITIES IN ISSUE | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of debt instruments [text block] [Abstract] | |
Disclosure of debt instruments [text block] | NOTE 30: DEBT SECURITIES IN ISSUE 2019 2018 £m £m Medium-term notes issued 41,291 37,490 Covered bonds (note 31) 29,821 28,194 Certificates of deposit issued 10,598 12,020 Securitisation notes (note 31) 7,288 5,426 Commercial paper 8,691 8,038 Total debt securities in issue 97,689 91,168 |
SECURITISATIONS AND COVERED BON
SECURITISATIONS AND COVERED BONDS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Securitisations Programmes And Transactions [Abstract] | |
Disclosure Of Securitisations Programmes And Transactions [Text Block] | NOTE 31: SECURITISATIONS AND COVERED BONDS SECURITISATION PROGRAMMES Loans and advances to customers and debt securities carried at amortised cost include loans securitised under the Group’s securitisation programmes, the majority of which have been sold by subsidiary companies to bankruptcy remote structured entities. As the structured entities are funded by the issue of debt on terms whereby the majority of the risks and rewards of the portfolio are retained by the subsidiary, the structured entities are consolidated fully and all of these loans are retained on the Group’s balance sheet, with the related notes in issue included within debt securities in issue. COVERED BOND PROGRAMMES Certain loans and advances to customers have been assigned to bankruptcy remote limited liability partnerships to provide security for issues of covered bonds by the Group. The Group retains all of the risks and rewards associated with these loans and the partnerships are consolidated fully with the loans retained on the Group’s balance sheet and the related covered bonds in issue included within debt securities in issue. The Group’s principal securitisation and covered bond programmes, together with the balances of the advances subject to these arrangements and the carrying value of the notes in issue at 31 December, are listed below. The notes in issue are reported in note 30. 2019 2018 Loans and Notes Loans and Notes £m £m £m £m Securitisation programmes UK residential mortgages 25,815 23,505 25,018 22,485 Commercial loans 5,116 6,037 5,746 6,577 Credit card receivables 8,164 5,767 8,060 5,263 Motor vehicle finance 3,450 3,462 2,850 2,855 42,545 38,771 41,674 37,180 Less held by the Group (31,436 ) (31,701 ) Total securitisation programmes (notes 29 and 30) 1 7,335 5,479 Covered bond programmes Residential mortgage-backed 37,579 29,321 34,963 27,694 Social housing loan-backed 1,552 600 1,839 1,200 39,131 29,921 36,802 28,894 Less held by the Group (100 ) (700 ) Total covered bond programmes (note 30) 29,821 28,194 Total securitisation and covered bond programmes 37,156 33,673 1 Includes £47 million (2018: £53 million) of securitisation notes held at fair value through profit or loss. Cash deposits of £4,703 million (2018: £4,102 million) which support the debt securities issued by the structured entities, the term advances related to covered bonds and other legal obligations are held by the Group. Additionally, the Group had certain contractual arrangements to provide liquidity facilities to some of these structured entities. At 31 December 2019 these obligations had not been triggered; the maximum exposure under these facilities was £56 million (2018: £88 million). The Group has a number of covered bond programmes, for which limited liability partnerships have been established to ring-fence asset pools and guarantee the covered bonds issued by the Group. At the reporting date the Group had over-collateralised these programmes as set out in the table above to meet the terms of the programmes, to secure the rating of the covered bonds and to provide operational flexibility. From time-to-time, the obligations of the Group to provide collateral may increase due to the formal requirements of the programmes. The Group may also voluntarily contribute collateral to support the ratings of the covered bonds. The Group recognises the full liabilities associated with its securitisation and covered bond programmes within debt securities in issue, although the obligations of the Group in respect of its securitisation issuances are limited to the cash flows generated from the underlying assets. The Group could be required to provide additional support to a number of the securitisation programmes to support the credit ratings of the debt securities issued, in the form of increased cash reserves and the holding of subordinated notes. Further, certain programmes contain contractual obligations that require the Group to repurchase assets should they become credit impaired. The Group has not provided financial or other support by voluntarily offering to repurchase assets from any of its public securitisation programmes during 2019 (2018: none). |
LIABILITIES ARISING FROM INSURA
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS | 12 Months Ended |
Dec. 31, 2019 | |
Participating investment contracts [Member] | |
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS [Line Items] | |
Disclosure of amounts arising from insurance contracts [text block] | NOTE 32: LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS Insurance contract and participating investment contract liabilities are comprised as follows: 2019 2018 Gross Reinsurance 1 Net Gross Reinsurance 1 Net £m £m £m £m £m £m Life insurance (see (1) below): Insurance contracts 96,812 (715 ) 96,097 84,366 (716 ) 83,650 Participating investment contracts 14,063 – 14,063 13,912 – 13,912 110,875 (715 ) 110,160 98,278 (716 ) 97,562 Non-life insurance contracts (see (2) below): Unearned premiums 333 (14 ) 319 342 (13 ) 329 Claims outstanding 241 – 241 254 – 254 574 (14 ) 560 596 (13 ) 583 Total 111,449 (729 ) 110,720 98,874 (729 ) 98,145 1 Reinsurance balances are reported within assets. (1) Life insurance The movement in life insurance contract and participating investment contract liabilities over the year can be analysed as follows: Insurance Participating Gross Reinsurance Net £m £m £m £m £m At 1 January 2018 86,949 15,881 102,830 (563 ) 102,267 New business 5,476 31 5,507 (42 ) 5,465 Changes in existing business (8,072 ) (2,000 ) (10,072 ) (111 ) (10,183 ) Change in liabilities charged to the income statement (2,596 ) (1,969 ) (4,565 ) (153 ) (4,718 ) Exchange and other adjustments 13 – 13 – 13 At 31 December 2018 84,366 13,912 98,278 (716 ) 97,562 New business 5,684 37 5,721 (45 ) 5,676 Changes in existing business 6,798 114 6,912 46 6,958 Change in liabilities charged to the income statement (note 10) 12,482 151 12,633 1 12,634 Exchange and other adjustments (36 ) – (36 ) – (36 ) At 31 December 2019 96,812 14,063 110,875 (715 ) 110,160 Liabilities for insurance contracts and participating investment contracts can be split into with-profit fund liabilities, accounted for using the PRA’s realistic capital regime (realistic liabilities) and non-profit fund liabilities, accounted for using a prospective actuarial discounted cash flow methodology, as follows: 2019 2018 With-profit fund Non-profit fund Total With-profit Non-profit Total £m £m £m £m £m £m Insurance contracts 8,018 88,794 96,812 7,851 76,515 84,366 Participating investment contracts 7,222 6,841 14,063 7,438 6,474 13,912 Total 15,240 95,635 110,875 15,289 82,989 98,278 WITH-PROFIT FUND REALISTIC LIABILITIES (I) BUSINESS DESCRIPTION Scottish Widows Limited has the only with-profit funds within the Group. The primary purpose of the conventional and unitised business written in the with-profit funds is to provide a smoothed investment vehicle to policyholders, protecting them against short-term market fluctuations. Payouts may be subject to a guaranteed minimum payout if certain policy conditions are met. With-profit policyholders are entitled to at least 90 per cent of the distributed profits, with the shareholders receiving the balance. The policyholders are also usually insured against death and the policy may carry a guaranteed annuity option at retirement. (II) METHOD OF CALCULATION OF LIABILITIES With-profit liabilities are stated at their realistic value, the main components of which are: – With-profit benefit reserve, the total asset shares for with-profit policies; – Cost of options and guarantees (including guaranteed annuity options); – Deductions levied against asset shares; – Planned enhancements to with-profits benefits reserve; and – Impact of the smoothing policy. (III) ASSUMPTIONS Key assumptions used in the calculation of with-profit liabilities, and the processes for determining these, are: Investment returns and discount rates With-profit fund liabilities are valued on a market-consistent basis, achieved by the use of a valuation model which values liabilities on a basis calibrated to tradable market option contracts and other observable market data. The with-profit fund financial options and guarantees are valued using a stochastic simulation model where all assets are assumed to earn, on average, the risk-free yield and all cash flows are discounted using the risk-free yield. The risk-free yield is defined as the spot yield derived from the relevant swap curve, adjusted for credit risk. Further information on significant options and guarantees is given below. Guaranteed annuity option take-up rates Certain pension contracts contain guaranteed annuity options that allow the policyholder to take an annuity benefit on retirement at annuity rates that were guaranteed at the outset of the contract. For contracts that contain such options, key assumptions in determining the cost of options are economic conditions in which the option has value, mortality rates and take up rates of other options. The financial impact is dependent on the value of corresponding investments, interest rates and longevity at the time of the claim. Investment volatility The calibration of the stochastic simulation model uses implied volatilities of derivatives where possible, or historical volatility where it is not possible to observe meaningful prices. Mortality The mortality assumptions, including allowances for improvements in longevity for annuitants, are set with regard to the Group’s actual experience where this is significant, and relevant industry data otherwise. Lapse rates (persistency) Lapse rates refer to the rate of policy termination or the rate at which policyholders stop paying regular premiums due under the contract. Historical persistency experience is analysed using statistical techniques. As experience can vary considerably between different product types and for contracts that have been in force for different periods, the data is broken down into broadly homogenous groups for the purposes of this analysis. The most recent experience is considered along with the results of previous analyses and management’s views on future experience, taking into consideration potential changes in future experience that may result from guarantees and options becoming more valuable under adverse market conditions, in order to determine a ‘best estimate’ view of what persistency will be. In determining this best estimate view a number of factors are considered, including the credibility of the results (which will be affected by the volume of data available), any exceptional events that have occurred during the period under consideration, any known or expected trends in underlying data and relevant published market data. (IV) OPTIONS AND GUARANTEES WITHIN THE WITH-PROFIT FUNDS The most significant options and guarantees provided from within the With-Profit Funds are in respect of guaranteed minimum cash benefits on death, maturity, retirement or certain policy anniversaries, and guaranteed annuity options on retirement for certain pension policies. For those policies written in Scottish Widows pre-demutualisation containing potentially valuable options and guarantees, under the terms of the Scheme a separate memorandum account was set up, within the With-Profit Fund originally held in Scottish Widows plc and subsequently transferred into Scottish Widows Limited, called the Additional Account which is available, inter alia, to meet any additional costs of providing guaranteed benefits in respect of those policies. The Additional Account had a value at 31 December 2019 of £2.6 billion (2018: £2.5 billion). The eventual cost of providing benefits on policies written both pre and post demutualisation is dependent upon a large number of variables, including future interest rates and equity values, demographic factors, such as mortality, and the proportion of policyholders who seek to exercise their options. The ultimate cost will therefore not be known for many years. As noted above, the liabilities of the With-Profit Funds are valued using a market-consistent stochastic simulation model which places a value on the options and guarantees which captures both their intrinsic value and their time value. The most significant economic assumptions included in the model are risk-free yield and investment volatility. NON-PROFIT FUND LIABILITIES (I) BUSINESS DESCRIPTION The Group principally writes the following types of life insurance contracts within its non-profit funds. Shareholder profits on these types of business arise from management fees and other policy charges. Unit-linked business This includes unit-linked pensions and unit-linked bonds, the primary purpose of which is to provide an investment vehicle where the policyholder is also insured against death. Life insurance The policyholder is insured against death or permanent disability, usually for predetermined amounts. Such business includes whole of life and term assurance and long-term creditor policies. Annuities The policyholder is entitled to payments for the duration of their life and is therefore insured against surviving longer than expected. (II) METHOD OF CALCULATION OF LIABILITIES The non-profit fund liabilities are determined on the basis of recognised actuarial methods and involve estimating future policy cash flows over the duration of the in-force book of policies, and discounting the cash flows back to the valuation date allowing for probabilities of occurrence. (III) ASSUMPTIONS Generally, assumptions used to value non-profit fund liabilities are prudent in nature and therefore contain a margin for adverse deviation. This margin for adverse deviation is based on management’s judgement and reflects management’s views on the inherent level of uncertainty. The key assumptions used in the measurement of non-profit fund liabilities are: Interest rates The rates of interest used are determined by reference to a number of factors including the redemption yields on fixed interest assets at the valuation date. Margins for risk are allowed for in the assumed interest rates, including reductions made to the available yields to allow for default risk based upon the credit rating of the securities allocated to the insurance liability. Mortality and morbidity The mortality and morbidity assumptions, including allowances for improvements in longevity for annuitants, are set with regard to the Group’s actual experience where this provides a reliable basis, and relevant industry data otherwise, and include a margin for adverse deviation. Lapse rates (persistency) Lapse rates are allowed for on some non-profit fund contracts. The process for setting these rates is as described for with-profit liabilities, however a prudent scenario is assumed by the inclusion of a margin for adverse deviation within the non-profit fund liabilities. Maintenance expenses Allowance is made for future policy costs explicitly. Expenses are determined by reference to an internal analysis of current and expected future costs plus a margin for adverse deviation. Explicit allowance is made for future expense inflation. Key changes in assumptions A detailed review of the Group’s assumptions in 2019 resulted in the following key impacts on profit before tax: – Change in persistency assumptions (£67 million decrease). – Change in the assumption in respect of current and future mortality and morbidity rates (£164 million increase). – Change in expenses assumptions (£208 million increase). Included within change in expenses assumptions are the impacts associated with exiting the Standard Life Aberdeen investment management agreement. These amounts include the impacts of movements in liabilities and value of the in-force business in respect of insurance contracts and participating investment contracts. (IV) OPTIONS AND GUARANTEES OUTSIDE THE WITH-PROFIT FUNDS A number of typical guarantees are provided outside the With-Profit Funds such as guaranteed payments on death (e.g. term assurance) or guaranteed income for life (e.g. annuities). In addition, certain personal pension policyholders in Scottish Widows, for whom reinstatement to their occupational pension scheme was not an option, have been given a guarantee that their pension and other benefits will correspond in value to the benefits of the relevant occupational pension scheme. The key assumptions affecting the ultimate value of the guarantee are future salary growth, gilt yields at retirement, annuitant mortality at retirement, marital status at retirement and future investment returns. There is currently a provision, calculated on a deterministic basis, of £64 million (2018: £39 million) in respect of those guarantees. (2) Non-life insurance For non-life insurance contracts, the methodology and assumptions used in relation to determining the bases of the earned premium and claims provisioning levels are derived for each individual underwritten product. Assumptions are intended to be neutral estimates of the most likely or expected outcome. There has been no significant change in the assumptions and methodologies used for setting reserves. The movements in non-life insurance contract liabilities and reinsurance assets over the year have been as follows: 2019 2018 £m £m Provisions for unearned premiums Gross provision at 1 January 342 358 Increase in the year 663 681 Release in the year (672 ) (697 ) Change in provision for unearned premiums charged to income statement (9 ) (16 ) Gross provision at 31 December 333 342 Reinsurers’ share (14 ) (13 ) Net provision at 31 December 319 329 These provisions represent the liability for short-term insurance contracts for which the Group’s obligations are not expired at the year end. 2019 2018 £m £m Claims outstanding Gross claims outstanding at 1 January 254 225 Cash paid for claims settled in the year (300 ) (306 ) Increase/(decrease) in liabilities charged to the income statement 1 287 335 (13 ) 29 Gross claims outstanding at 31 December 241 254 Reinsurers’ share – – Net claims outstanding at 31 December 241 254 Notified claims 128 170 Incurred but not reported 113 84 Net claims outstanding at 31 December 241 254 1 Of which an increase of £335 million (2018: £367 million) was in respect of current year claims and a decrease of £48 million (2018: a decrease of £32 million) was in respect of prior year claims. |
LIFE INSURANCE SENSITIVITY ANAL
LIFE INSURANCE SENSITIVITY ANALYSIS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of information about defined benefit plans [abstract] | |
Disclosure of sensitivity analysis for actuarial assumptions [text block] | NOTE 33: LIFE INSURANCE SENSITIVITY ANALYSIS The following table demonstrates the effect of reasonably possible changes in key assumptions on profit before tax and equity disclosed in these financial statements assuming that the other assumptions remain unchanged. In practice this is unlikely to occur, and changes in some assumptions may be correlated. These amounts include movements in assets, liabilities and the value of the in-force business in respect of insurance contracts and participating investment contracts. The impact is shown in one direction but can be assumed to be reasonably symmetrical. 2019 2018 Increase Increase (reduction ) Increase (reduction ) Increase in profit (reduction ) in profit (reduction ) Change in before tax in equity before tax in equity variable £m £m £m £m Non-annuitant mortality and morbidity 1 5% reduction 19 16 22 18 Annuitant mortality 2 5% reduction (293 ) (243 ) (234 ) (194 ) Lapse rates 3 10% reduction 107 89 89 74 Future maintenance and investment expenses 4 10% reduction 299 248 262 217 Risk-free rate 5 0.25% reduction 33 28 76 63 Guaranteed annuity option take up 6 5% addition (1 ) (1 ) (3 ) (2 ) Equity investment volatility 7 1% addition (2 ) (1 ) (5 ) (4 ) Widening of credit default spreads on corporate bonds 8 0.25% addition (424 ) (352 ) (364 ) (303 ) Increase in illiquidity premia 9 0.10% addition 191 159 153 127 Assumptions have been flexed on the basis used to calculate the value of in-force business and the realistic and statutory reserving bases. 1 This sensitivity shows the impact of reducing mortality and morbidity rates on non-annuity business to 95 per cent of the expected rate. 2 This sensitivity shows the impact on the annuity and deferred annuity business of reducing mortality rates to 95 per cent of the expected rate. 3 This sensitivity shows the impact of reducing lapse and surrender rates to 90 per cent of the expected rate. 4 This sensitivity shows the impact of reducing maintenance expenses and investment expenses to 90 per cent of the expected rate. 5 This sensitivity shows the impact on the value of in-force business, financial options and guarantee costs, statutory reserves and asset values of reducing the risk-free rate by 25 basis points. 6 This sensitivity shows the impact of a flat 5 per cent addition to the expected rate. 7 This sensitivity shows the impact of a flat 1 per cent addition to the expected rate. 8 This sensitivity shows the impact of a 25 basis point increase in credit default spreads on corporate bonds and the corresponding reduction in market values. Swap curves, the risk-free rate and illiquidity premia are all assumed to be unchanged. 9 This sensitivity shows the impact of a 10 basis point increase in the allowance for illiquidity premia. It assumes the overall spreads on assets are unchanged and hence market values are unchanged. Swap curves and the non-annuity risk-free rate are both assumed to be unchanged. The increased illiquidity premium increases the annuity risk-free rate. |
LIABILITIES ARISING FROM NON-PA
LIABILITIES ARISING FROM NON-PARTICIPATING INVESTMENT CONTRACTS | 12 Months Ended |
Dec. 31, 2019 | |
Non-participating investment contracts [Member] | |
LIABILITIES ARISING FROM NON-PARTICIPATING INVESTMENT CONTRACTS [Line Items] | |
Disclosure of investment contracts liabilities [text block] | NOTE 34: LIABILITIES ARISING FROM NON-PARTICIPATING INVESTMENT CONTRACTS The movement in liabilities arising from non-participating investment contracts may be analysed as follows: 2019 2018 £m £m At 1 January 13,853 15,447 Acquisition of business (note 23) 20,981 – New business 1,810 668 Changes in existing business 815 (2,262 ) At 31 December 37,459 13,853 The balances above are shown gross of reinsurance. As at 31 December 2019, related reinsurance balances were £21 million (2018: £20 million); reinsurance balances are reported within assets. Liabilities arising from non-participating investment contracts are categorised as level 2. See note 50 for details of levels in the fair value hierarchy. |
OTHER LIABILITIES
OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other liabilities [text block] [Abstract] | |
Disclosure of other liabilities [text block] | NOTE 35: OTHER LIABILITIES 2019 2018 £m £m Settlement balances 760 485 Unitholders’ interest in Open Ended Investment Companies 1 11,928 12,933 Unallocated surplus within insurance businesses 400 382 Lease liabilities 1,844 46 Other creditors and accruals 5,401 5,787 Total other liabilities 20,333 19,633 1 Where a collective investment vehicle is consolidated the interests of parties other than the Group are reported at fair value in other liabilities. The maturity of the Group’s lease liabilities was as follows: 2019 2018 £m £m Not later than 1 year 241 10 Later than 1 year and not later than 2 years 222 9 Later than 2 years and not later than 3 years 207 7 Later than 3 years and not later than 4 years 170 6 Later than 4 years and not later than 5 years 145 2 Later than 5 years 859 12 1,844 46 The Group adopted IFRS 16 Leases |
RETIREMENT BENEFIT OBLIGATIONS
RETIREMENT BENEFIT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of employee benefits [text block] [Abstract] | |
Disclosure of employee benefits [text block] | NOTE 36: RETIREMENT BENEFIT OBLIGATIONS 2019 2018 2017 £m £m £m Charge to the income statement Defined benefit pension schemes 241 401 362 Other post-retirement benefit schemes 4 4 7 Total defined benefit schemes 245 405 369 Defined contribution pension schemes 287 300 256 Total charge to the income statement (note 11) 532 705 625 2019 2018 £m £m Amounts recognised in the balance sheet Retirement benefit assets 681 1,267 Retirement benefit obligations (257 ) (245 ) Total amounts recognised in the balance sheet 424 1,022 The total amount recognised in the balance sheet relates to: 2019 2018 £m £m Defined benefit pension schemes 550 1,146 Other post-retirement benefit schemes (126 ) (124 ) Total amounts recognised in the balance sheet 424 1,022 Pension schemes DEFINED BENEFIT SCHEMES (I) CHARACTERISTICS OF AND RISKS ASSOCIATED WITH THE GROUP’S SCHEMES The Group has established a number of defined benefit pension schemes in the UK and overseas. All significant schemes are based in the UK, with the three most significant being the main section of the Lloyds Bank Pension Schemes No. 1, the Lloyds Bank Pension Scheme No. 2 and the HBOS Final Salary Pension Scheme. At 31 December 2019, these schemes represented 94 per cent of the Group’s total gross defined benefit pension assets (2018: 94 per cent). These schemes provide retirement benefits calculated as a percentage of final pensionable salary depending upon the length of service; the minimum retirement age under the rules of the schemes at 31 December 2019 is generally 55 although certain categories of member are deemed to have a contractual right to retire at 50. The Group operates both funded and unfunded pension arrangements; the majority, including the three most significant schemes, are funded schemes in the UK. All of these UK funded schemes are operated as separate legal entities under trust law, are in compliance with the Pensions Act 2004 and are managed by a Trustee Board (the Trustee) whose role is to ensure that their Scheme is administered in accordance with the Scheme rules and relevant legislation, and to safeguard the assets in the best interests of all members and beneficiaries. The Trustee is solely responsible for setting investment policy and for agreeing funding requirements with the employer through the funding valuation process. The Board of Trustees must be composed of representatives of the Company and plan participants in accordance with the Scheme’s regulations. A valuation to determine the funding status of each scheme is carried out at least every three years, whereby scheme assets are measured at market value and liabilities (technical provisions) are measured using prudent assumptions. If a deficit is identified a recovery plan is agreed between the employer and the scheme Trustee and sent to the Pensions Regulator for review. The Group has not provided for these deficit contributions as the future economic benefits arising from these contributions are expected to be available to the Group. The Group’s overseas defined benefit pension schemes are subject to local regulatory arrangements. The most recent triennial funding valuation of the Group’s three main schemes, based on the position as at 31 December 2016, showed an aggregate funding deficit of £7.3 billion (a funding level of 85.6 per cent) compared to a £5.2 billion deficit (a funding level of 85.9 per cent) for the previous valuation as at 30 June 2014. In the light of this funding deficit, and in contemplation of the changes that the Group had made as a result of its Structural Reform Programme, the Group agreed a recovery plan with the trustees. Under the plan, deficit contributions of £618 million were paid during 2019, and these will rise to £798 million in 2020, £1,287 million in 2021 and £1,305 million per annum from 2022 to 2024. Contributions in the later years will be subject to review and renegotiation at subsequent funding valuations. The next funding valuation is due to be completed by March 2021 with an effective date of 31 December 2019. The deficit contributions are in addition to the regular contributions to meet benefits accruing over the year, and to cover the expenses of running the scheme. The Group currently expects to pay contributions of approximately £1,200 million to its defined benefit schemes in 2020. During 2009, the Group made one-off contributions to the Lloyds Bank Pension Scheme No 1 and Lloyds Bank Pension Scheme No 2 in the form of interests in limited liability partnerships for each of the two schemes which hold assets to provide security for the Group’s obligations to the two schemes. At 31 December 2019, the limited liability partnerships held assets of approximately £6.7 billion. The limited liability partnerships are consolidated fully in the Group’s balance sheet. The Group has also established three private limited companies which hold assets to provide security for the Group’s obligations to the HBOS Final Salary Pension Scheme, a section of the Lloyds Bank Pension Scheme No 1 and the Lloyds Bank Offshore Pension Scheme. At 31 December 2019 these held assets of approximately £4.8 billion in aggregate. The private limited companies are consolidated fully in the Group’s balance sheet. The terms of these arrangements require the Group to maintain assets in these vehicles to agreed minimum values in order to secure obligations owed to the relevant Group pension schemes. The Group has satisfied this requirement during 2019. The last funding valuations of other Group schemes were carried out on a number of different dates. In order to report the position under IAS 19 as at 31 December 2019 the most recent valuation results for all schemes have been updated by qualified independent actuaries. The funding valuations use a more prudent approach to setting the discount rate and more conservative longevity assumptions than the IAS 19 valuations. In July 2018 a decision was sought from the High Court in respect of the requirement to equalise the Guaranteed Minimum Pension (GMP) benefits accrued between 1990 and 1997 from contracting out of the State Earnings Related Pension Scheme. In its judgment handed down on 26 October 2018 the High Court confirmed the requirement to treat men and women equally with respect to these benefits and a range of methods that the Trustee is entitled to adopt to achieve equalisation. The Group recognised a past service cost of £ 108 million in respect of equalisation in 2018 and, following agreement of the detailed implementation approach with the Trustee, a further £ 33 million has been recognised in 2019. (II) AMOUNTS IN THE FINANCIAL STATEMENTS 2019 2018 £m £m Amount included in the balance sheet Present value of funded obligations (45,241 ) (41,092 ) Fair value of scheme assets 45,791 42,238 Net amount recognised in the balance sheet 550 1,146 2019 2018 £m £m Net amount recognised in the balance sheet At 1 January 1,146 509 Net defined benefit pension charge (241 ) (401 ) Actuarial gains (losses) on defined benefit obligation (4,958 ) 1,707 Return on plan assets 3,531 (1,558 ) Employer contributions 1,062 863 Exchange and other adjustments 10 26 At 31 December 550 1,146 2019 2018 £m £m Movements in the defined benefit obligation At 1 January (41,092 ) (44,384 ) Current service cost (201 ) (261 ) Interest expense (1,172 ) (1,130 ) Remeasurements: Actuarial losses – experience (29 ) (439 ) Actuarial (losses) gains – demographic assumptions 471 (201 ) Actuarial gains (losses) – financial assumptions (5,400 ) 2,347 Benefits paid 2,174 3,079 Past service cost (44 ) (108 ) Curtailments – (12 ) Settlements 17 17 Exchange and other adjustments 35 – At 31 December (45,241 ) (41,092 ) 2019 2018 £m £m Analysis of the defined benefit obligation: Active members (6,413 ) (6,448 ) Deferred members (16,058 ) (14,208 ) Pensioners (21,032 ) (18,885 ) Dependants (1,738 ) (1,551 ) (45,241 ) (41,092 ) 2019 2018 £m £m Changes in the fair value of scheme assets At 1 January 42,238 44,893 Return on plan assets excluding amounts included in interest income 3,531 (1,558 ) Interest income 1,220 1,152 Employer contributions 1,062 863 Benefits paid (2,174 ) (3,079 ) Settlements (18 ) (18 ) Administrative costs paid (43 ) (41 ) Exchange and other adjustments (25 ) 26 At 31 December 45,791 42,238 The expense recognised in the income statement for the year ended 31 December comprises: 2019 2018 2017 £m £m £m Current service cost 201 261 295 Net interest amount (48 ) (22 ) (1 ) Past service credits and curtailments – 12 10 Settlements 1 1 3 Past service cost – plan amendments 44 108 14 Plan administration costs incurred during the year 43 41 41 Total defined benefit pension expense 241 401 362 (III) COMPOSITION OF SCHEME ASSETS 2019 2018 Quoted Unquoted Total Quoted Unquoted Total £m £m £m £m £m £m Equity instruments 555 39 594 637 222 859 Debt instruments 1 Fixed interest government bonds 8,893 – 8,893 7,449 – 7,449 Index-linked government bonds 18,207 – 18,207 16,477 – 16,477 Corporate and other debt securities 10,588 – 10,588 8,813 – 8,813 Asset-backed securities – – – 138 – 138 37,688 – 37,688 32,877 – 32,877 Property – 158 158 – 556 556 Pooled investment vehicles 4,773 10,585 15,358 4,578 10,494 15,072 Money market instruments, cash, derivatives and other assets and liabilities 204 (8,211 ) (8,007 ) (283 ) (6,843 ) (7,126 ) At 31 December 43,220 2,571 45,791 37,809 4,429 42,238 1 Of the total debt instruments, £33,134 million (31 December 2018: £29,033 million) were investment grade (credit ratings equal to or better than ‘BBB’). The assets of all the funded plans are held independently of the Group’s assets in separate trustee administered funds. The pension schemes’ pooled investment vehicles comprise: 2019 2018 £m £m Equity funds 2,429 2,329 Hedge and mutual funds 2,886 2,487 Liquidity funds 1,126 2,329 Bond and debt funds 971 313 Other 7,946 7,614 At 31 December 15,358 15,072 The Trustee’s approach to investment is focused on acting in the members’ best financial interests, with the integration of ESG ( Environmental, Social and Governance (IV) ASSUMPTIONS The principal actuarial and financial assumptions used in valuations of the defined benefit pension schemes were as follows: 2019 2018 % % Discount rate 2.05 2.90 Rate of inflation: Retail Prices Index 2.94 3.20 Consumer Price Index 1.99 2.15 Rate of salary increases 0.00 0.00 Weighted-average rate of increase for pensions in payment 2.57 2.73 2019 2018 Years Years Life expectancy for member aged 60, on the valuation date: Men 27.5 27.8 Women 29.2 29.4 Life expectancy for member aged 60, 15 years after the valuation date: Men 28.5 28.8 Women 30.3 30.6 The mortality assumptions used in the UK scheme valuations are based on standard tables published by the Institute and Faculty of Actuaries which were adjusted in line with the actual experience of the relevant schemes. The table shows that a member retiring at age 60 at 31 December 2019 is assumed to live for, on average, 27.5 years for a male and 29.2 years for a female. In practice there will be much variation between individual members but these assumptions are expected to be appropriate across all members. It is assumed that younger members will live longer in retirement than those retiring now. This reflects the expectation that mortality rates will continue to fall over time as medical science and standards of living improve. To illustrate the degree of improvement assumed the table also shows the life expectancy for members aged 45 now, when they retire in 15 years’ time at age 60. (V) AMOUNT TIMING AND UNCERTAINTY OF FUTURE CASH FLOWS Risk exposure of the defined benefit schemes Whilst the Group is not exposed to any unusual, entity specific or scheme specific risks in its defined benefit pension schemes, it is exposed to a number of significant risks, detailed below: Inflation rate risk: Interest rate risk: Longevity risk: Investment risk: The ultimate cost of the defined benefit obligations to the Group will depend upon actual future events rather than the assumptions made. The assumptions made are unlikely to be borne out in practice and as such the cost may be higher or lower than expected. Sensitivity analysis The effect of reasonably possible changes in key assumptions on the value of scheme liabilities and the resulting pension charge in the Group’s income statement and on the net defined benefit pension scheme asset, for the Group’s three most significant schemes, is set out below. The sensitivities provided assume that all other assumptions and the value of the schemes’ assets remain unchanged, and are not intended to represent changes that are at the extremes of possibility. The calculations are approximate in nature and full detailed calculations could lead to a different result. It is unlikely that isolated changes to individual assumptions will be experienced in practice. Due to the correlation of assumptions, aggregating the effects of these isolated changes may not be a reasonable estimate of the actual effect of simultaneous changes in multiple assumptions. Effect of reasonably possible alternative assumptions Increase (decrease) (Increase) decrease in the 2019 2018 2019 2018 £m £m £m £m Inflation (including pension increases): 1 Increase of 0.1 per cent 12 14 467 410 Decrease of 0.1 per cent (12 ) (14 ) (460 ) (395 ) Discount rate: 2 Increase of 0.1 per cent (20 ) (27 ) (763 ) (670 ) Decrease of 0.1 per cent 21 25 784 686 Expected life expectancy of members: Increase of one year 40 43 1,636 1,299 Decrease of one year (39 ) (42 ) (1,575 ) (1,257 ) 1 At 31 December 2019, the assumed rate of RPI inflation is 2.94 per cent and CPI inflation 1.99 per cent (2018: RPI 3.20 per cent and CPI 2.15 per cent). 2 At 31 December 2019, the assumed discount rate is 2.05 per cent (2018: 2.90 per cent). Sensitivity analysis method and assumptions The sensitivity analysis above reflects the impact on the liabilities of the Group’s three most significant schemes which account for over 90 per cent of the Group’s defined benefit obligations. Whilst differences in the underlying liability profiles for the remainder of the Group’s pension arrangements mean they may exhibit slightly different sensitivities to variations in these assumptions, the sensitivities provided above are indicative of the impact across the Group as a whole. The inflation assumption sensitivity applies to both the assumed rate of increase in the Consumer Prices Index (CPI) and the Retail Prices Index (RPI), and include the impact on the rate of increases to pensions, both before and after retirement. These pension increases are linked to inflation (either CPI or RPI) subject to certain minimum and maximum limits. The sensitivity analysis (including the inflation sensitivity) does not include the impact of any change in the rate of salary increases as pensionable salaries have been frozen since 2 April 2014. The life expectancy assumption has been applied by allowing for an increase/decrease in life expectation from age 60 of one year, based upon the approximate weighted average age for each scheme. Whilst this is an approximate approach and will not give the same result as a one year increase in life expectancy at every age, it provides an appropriate indication of the potential impact on the schemes from changes in life expectancy. There was no change in the methods and assumptions used in preparing the sensitivity analysis from the prior year. Asset-liability matching strategies The main schemes’ assets are invested in a diversified portfolio, consisting primarily of debt securities. The investment strategy is not static and will evolve to reflect the structure of liabilities within the schemes. Specific asset-liability matching strategies for each pension plan are independently determined by the responsible governance body for each scheme and in consultation with the employer. A significant goal of the asset-liability matching strategies adopted by Group schemes is to reduce volatility caused by changes in market expectations of interest rates and inflation. In the main schemes, this is achieved by investing scheme assets in bonds, primarily fixed interest gilts and index linked gilts, and by entering into interest rate and inflation swap arrangements. These investments are structured to take into account the profile of scheme liabilities, and actively managed to reflect both changing market conditions and changes to the liability profile. On 28 January 2020, the main schemes entered into a £10 billion longevity insurance arrangement to hedge around 20 per cent of the schemes’ exposure to unexpected increases in life expectancy. This arrangement will form part of the schemes’ investment portfolio and will provide income to the schemes in the event that pensions are paid out for longer than expected. The transaction is structured as a pass-through with Scottish Widows as the insurer, and onwards reinsurance to Pacific Life Re Limited. At 31 December 2019 the asset-liability matching strategy mitigated around 106 per cent of the liability sensitivity to interest rate movements and around 103 per cent of the liability sensitivity to inflation movements. In addition a small amount of interest rate sensitivity arises through holdings of corporate and other debt securities. Maturity profile of defined benefit obligation The following table provides information on the weighted average duration of the defined benefit pension obligations and the distribution and timing of benefit payments: 2019 2018 Years Duration of the defined benefit obligation 18 18 2019 2018 £m £m Maturity analysis of benefits expected to be paid: Within 12 months 1,274 1,225 Between 1 and 2 years 1,373 1,299 Between 2 and 5 years 4,455 4,303 Between 5 and 10 years 8,426 8,305 Between 10 and 15 years 9,229 9,416 Between 15 and 25 years 17,400 18,417 Between 25 and 35 years 13,999 15,631 Between 35 and 45 years 8,291 9,924 In more than 45 years 3,160 4,270 Maturity analysis method and assumptions The projected benefit payments are based on the assumptions underlying the assessment of the obligations, including allowance for expected future inflation. They are shown in their undiscounted form and therefore appear large relative to the discounted assessment of the defined benefit obligations recognised in the Group’s balance sheet. They are in respect of benefits that have been accrued prior to the respective year-end date only and make no allowance for any benefits that may have been accrued subsequently. DEFINED CONTRIBUTION SCHEMES The Group operates a number of defined contribution pension schemes in the UK and overseas, principally Your Tomorrow and the defined contribution sections of the Lloyds Bank Pension Scheme No. 1. During the year ended 31 December 2019 the charge to the income statement in respect of defined contribution schemes was £287 million (2018: £300 million; 2017: £256 million), representing the contributions payable by the employer in accordance with each scheme’s rules. Other post-retirement benefit schemes The Group operates a number of schemes which provide post-retirement healthcare benefits to certain employees, retired employees and their dependants. The principal scheme relates to former Lloyds Bank staff and under this scheme the Group has undertaken to meet the cost of post-retirement healthcare for all eligible former employees (and their dependants) who retired prior to 1 January 1996. The Group has entered into an insurance contract to provide these benefits and a provision has been made for the estimated cost of future insurance premiums payable. For the principal post-retirement healthcare scheme, the latest actuarial valuation of the liability was carried out at 31 December 2019 by qualified independent actuaries. The principal assumptions used were as set out above, except that the rate of increase in healthcare premiums has been assumed at 6.54 per cent (2018: 6.81 per cent). Movements in the other post-retirement benefits obligation: 2019 2018 £m £m At 1 January (124 ) (144 ) Actuarial (losses) gains (6 ) 18 Insurance premiums paid 7 5 Charge for the year (4 ) (4 ) Exchange and other adjustments 1 1 At 31 December (126 ) (124 ) |
DEFERRED TAX
DEFERRED TAX | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of deferred taxes [text block] [Abstract] | |
Disclosure of deferred taxes [text block] | NOTE 37: DEFERRED TAX The Group’s deferred tax assets and liabilities are as follows: 2019 2018 2019 2018 Statutory position £m £m Tax disclosure £m £m Deferred tax assets 2,666 2,453 Deferred tax assets 4,917 4,731 Deferred tax liabilities (44 ) – Deferred tax liabilities (2,295 ) (2,278 ) Asset at 31 December 2,622 2,453 Asset at 31 December 2,622 2,453 The statutory position reflects the deferred tax assets and liabilities as disclosed in the consolidated balance sheet and takes into account the ability of the Group to net assets and liabilities where there is a legally enforceable right of offset. The tax disclosure of deferred tax assets and liabilities ties to the amounts outlined in the tables below which splits the deferred tax assets and liabilities by type, before such netting. As a result of legislation enacted in 2016, the UK corporation tax rate will reduce from 19 per cent to 17 per cent on 1 April 2020. The Group measures its deferred tax assets and liabilities at the value expected to be recoverable or payable in future periods, and re-measures them at each reporting date based on the most recent estimates of utilisation or settlement, including the impact of bank surcharge where appropriate. The deferred tax impact of this re-measurement to 17 per cent in 2019 is a charge of £6 million in the income statement and a credit of £5 million in other comprehensive income. During the December 2019 election campaign, the UK government stated its intention to maintain the corporation tax rate at 19 per cent on 1 April 2020. Had this rate change been substantively enacted at 31 December 2019, the effect would have been to increase net deferred tax assets by £294 million. On 29 October 2018, the UK government announced its intention to restrict the use of capital tax losses to 50 per cent of any future gains arising. Had this restriction been substantively enacted at 31 December 2019, the effect would have been to reduce net deferred tax assets by £50 million. Movements in deferred tax liabilities and assets (before taking into consideration the offsetting of balances within the same taxing jurisdiction) can be summarised as follows: Tax losses Property, Pension Provisions Share-based Derivatives Other Total Deferred tax assets £m £m £m £m £m £m £m £m At 1 January 2018 4,034 743 90 380 51 – 16 5,314 (Charge) credit to the income statement (256 ) (100 ) 64 (45 ) (6 ) – (5 ) (348 ) (Charge) credit to other comprehensive income – – (92 ) (138 ) – – – (230 ) Other (charge) credit to equity – – – – (5 ) – – (5 ) At 31 December 2018 3,778 643 62 197 40 – 11 4,731 (Charge) credit to the income statement (167 ) (1 ) (83 ) (87 ) 4 149 174 (11 ) (Charge) credit to other comprehensive income – – 74 116 – – – 190 Other (charge) credit to equity – – – – 7 – – 7 At 31 December 2019 3,611 642 53 226 51 149 185 4,917 Long-term Acquisition Pension Derivatives Asset 1 Other Total Deferred tax liabilities £m £m £m £m £m £m £m At 1 January 2018 (799 ) (879 ) (181 ) (499 ) (207 ) (140 ) (2,705 ) (Charge) credit to the income statement 162 142 (67 ) (19 ) (33 ) 7 192 (Charge) credit to other comprehensive income – – (25 ) 113 141 – 229 Exchange and other adjustments – – – – – 6 6 At 31 December 2018 (637 ) (737 ) (273 ) (405 ) (99 ) (127 ) (2,278 ) (Charge) credit to the income statement (193 ) 221 59 (48 ) (19 ) (35 ) (15 ) (Charge) credit to other comprehensive income – – 64 (148 ) 83 – (1 ) Exchange and other adjustments – – – – – (1 ) (1 ) At 31 December 2019 (830 ) (516 ) (150 ) (601 ) (35 ) (163 ) (2,295 ) 1 Financial assets at fair value through other comprehensive income. Deferred tax not recognised Deferred tax of £24 million (2018: £90 million) has been recognised in respect of the future tax benefit of some expenses of the life assurance business carried forward. The deferred tax asset not recognised in respect of the remaining expenses is approximately £254 million (2018: £371 million), and these expenses can be carried forward indefinitely. The unrecognised deferred tax asset has reduced in 2019, as a significant amount of brought forward expenses have been utilised in the last year. Deferred tax assets of approximately £48 million (2018: £78 million) have not been recognised in respect of £280 million of UK tax losses and other temporary differences which can only be used to offset future capital gains. UK capital losses can be carried forward indefinitely. In addition, no deferred tax asset is recognised in respect of unrelieved foreign tax credits of £46 million (2018: £46 million), as there are no expected future taxable profits against which the credits can be utilised. These credits can be carried forward indefinitely. No deferred tax has been recognised in respect of foreign trade losses where it is not more likely than not that we will be able to utilise them in future periods. Of the asset not recognised, £35 million (2018: £36 million) relates to losses that will expire if not used within 20 years, and £45 million (2018: £53 million) relates to losses with no expiry date. As a result of parent company exemptions on dividends from subsidiaries and on capital gains on disposal there are no significant taxable temporary differences associated with investments in subsidiaries, branches, associates and joint arrangements. |
OTHER PROVISIONS
OTHER PROVISIONS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other provisions [text block] [Abstract] | |
Disclosure of other provisions [text block] | NOTE 38: OTHER PROVISIONS Provisions for Payment Other Other Total £m £m £m £m £m At 31 December 2018 193 1,524 861 969 3,547 Adjustment on adoption of IFRS 16 (note 55) (97 ) (97 ) Balance at 1 January 2019 872 3,450 Exchange and other adjustments (1 ) 367 – (39 ) 327 Provisions applied – (2,461 ) (778 ) (593 ) (3,832 ) Charge for the year (15 ) 2,450 445 498 3,378 At 31 December 2019 177 1,880 528 738 3,323 Provisions for financial commitments and guarantees Provisions are recognised for expected credit losses on undrawn loan commitments and financial guarantees. See also note 20. Payment protection insurance (excluding MBNA) The Group increased the provision for PPI costs by a further £2,450 million in the year ended 31 December 2019, bringing the total amount provided to £21,875 million. The charge in 2019 was largely due to the significant increase in PPI information requests (PIRs) leading up to the deadline for submission of claims on 29 August 2019, and also reflects costs relating to complaints received from the Official Receiver as well as administration costs. An initial review of around 60 per cent of the five million PIRs received in the run-up to the PPI deadline has been undertaken, with the conversion rate remaining low, and consistent with the provision assumption of around 10 per cent. The Group has reached final agreement with the Official Receiver. At 31 December 2019, a provision of £1,578 million remained unutilised relating to complaints and associated administration costs excluding amounts relating to MBNA. Total cash payments were £2,201 million during the year ended 31 December 2019. SENSITIVITIES The total amount provided for PPI represents the Group’s best estimate of the likely future cost. A number of risks and uncertainties remain including processing the remaining PIRs and outstanding complaints. The cost could differ from the Group’s estimates and the assumptions underpinning them, and could result in a further provision being required. These may also be impacted by any further regulatory changes and potential additional remediation arising from the continuous improvement of the Group’s operational practices. For every one per cent increase in PIR conversion rate on the stock as at the industry deadline, the Group would expect an additional charge of approximately £100 million. Payment protection insurance (MBNA) MBNA increased its PPI provision by £367 million in the year ended 31 December 2019 but the Group’s exposure continues to remain capped at £240 million under the terms of the sale and purchase agreement. Other provisions for legal actions and regulatory matters In the course of its business, the Group is engaged in discussions with the PRA, FCA and other UK and overseas regulators and other governmental authorities on a range of matters. The Group also receives complaints in connection with its past conduct and claims brought by or on behalf of current and former employees, customers, investors and other third parties and is subject to legal proceedings and other legal actions. Where significant, provisions are held against the costs expected to be incurred in relation to these matters and matters arising from related internal reviews. During the year ended 31 December 2019 the Group charged a further £445 million in respect of legal actions and other regulatory matters, and the unutilised balance at 31 December 2019 was £528 million (31 December 2018: £861 million). The most significant items are as follows. ARREARS HANDLING RELATED ACTIVITIES The Group has provided an additional £188 million in the year ended 31 December 2019 for the costs of identifying and rectifying certain arrears management fees and activities, taking the total provided to date to £981 million. The Group has put in place a number of actions to improve its handling of customers in these areas and has made good progress in reimbursing arrears fees to impacted customers. PACKAGED BANK ACCOUNTS The Group had provided a total of £795 million up to 31 December 2018 in respect of complaints relating to alleged mis-selling of packaged bank accounts, with no further amounts provided during the year ended 31 December 2019. A number of risks and uncertainties remain, particularly with respect to future volumes. CUSTOMER CLAIMS IN RELATION TO INSURANCE BRANCH BUSINESS IN GERMANY The Group continues to receive claims in Germany from customers relating to policies issued by Clerical Medical Investment Group Limited (subsequently renamed Scottish Widows Limited), with smaller numbers received from customers in Austria and Italy. The industry-wide issue regarding notification of contractual ‘cooling off’ periods continued to lead to an increasing number of claims in 2016 and 2017. Whilst complaint volumes have declined, new litigation claim volumes per month have remained fairly constant throughout 2019. Up to 31 December 2019 the Group had provided a total of £656 million. The validity of the claims facing the Group depends upon the facts and circumstances in respect of each claim. As a result, the ultimate financial effect, which could be significantly different from the current provision, will be known only once all relevant claims have been resolved. HBOS READING – REVIEW The Group has now completed its compensation assessment for all 71 business customers within the customer review, with more than 98 per cent of these offers to individuals accepted. In total, more than £100 million in compensation has been offered to victims of the HBOS Reading fraud prior to the publication of Sir Ross Cranston’s independent quality assurance review of the customer review, of which £94 million has so far been accepted, in addition to £9 million for ex-gratia payments and £6 million for the re-imbursements of legal fees. Sir Ross’s review was concluded on 10 December 2019 and made a number of recommendations, including a re-assessment of direct and consequential losses by an independent panel. The Group has committed to implementing Sir Ross’s recommendations in full. In addition, further ex gratia payments of £35,000 have been made to 200 individuals in recognition of the additional delay which will be caused whilst the Group takes steps to implement Sir Ross’s recommendations. It is not possible to estimate at this stage what the financial impact will be. HBOS READING – FCA INVESTIGATION The FCA’s investigation into the events surrounding the discovery of misconduct within the Reading-based Impaired Assets team of HBOS has concluded. The Group has settled the matter with the FCA and paid a fine of £45.5 million, as per the FCA’s final notice dated 21 June 2019. Other Following the sale of TSB Banking Group plc, the Group raised a provision of £665 million in relation to various ongoing commitments; £117 million of this provision remained unutilised at 31 December 2019. Provisions are made for staff and other costs related to Group restructuring initiatives at the point at which the Group becomes committed to the expenditure. At 31 December 2019 provisions of £129 million (31 December 2018: £191 million) were held. The Group carries provisions of £118 million (2018: £122 million) for indemnities and other matters relating to legacy business disposals in prior years. |
SUBORDINATED LIABILITIES
SUBORDINATED LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of subordinated liabilities [text block] [Abstract] | |
Disclosure of subordinated liabilities [text block] | NOTE 39: SUBORDINATED LIABILITIES The movement in subordinated liabilities during the year was as follows: Preference Preferred Undated Dated Total At 1 January 2018 813 3,690 565 12,854 17,922 Issued during the year – – – 1,729 1,729 Repurchases and redemptions during the year 1 – (614 ) – (1,642 ) (2,256 ) Foreign exchange movements 18 131 20 377 546 Other movements (all non-cash) (28 ) (2 ) 3 (258 ) (285 ) At 31 December 2018 803 3,205 588 13,060 17,656 Repurchases and redemptions during the year 1 (3 ) (49 ) (53 ) (713 ) (818 ) Foreign exchange movements (12 ) (83 ) (36 ) (402 ) (533 ) Other movements (all non-cash) 114 152 18 541 825 At 31 December 2019 902 3,225 517 12,486 17,130 1 The repurchases and redemptions resulted in cash outflows of £818 million (2018: £2,256 million). Issued during 2018 Dated subordinated liabilities £m 1.75% Subordinated Fixed Rate Notes 2028 callable 2023 664 4.344% Subordinated Fixed Rate Notes callable 2048 1,065 1,729 Repurchases and redemptions during 2019 Preference shares £m 6.3673% Non-cumulative Fixed to Floating Rate Preference Shares callable 2019 3 Preferred securities £m 13% Step-up Perpetual Capital Securities callable 2019 49 Undated subordinated liabilities £m 6.5% Undated Subordinated Step-up Notes callable 2019 1 7.375% Undated Subordinated Guaranteed Bonds 52 53 Dated subordinated liabilities £m 10.375% Subordinated Fixed to Fixed Rate Notes 2024 callable 2019 135 9.375% Subordinated Bonds 2021 328 6.375% Subordinated Instruments 2019 250 713 Repurchases and redemptions during 2018 Preferred securities £m 6.461% Guaranteed Non-voting Non-cumulative Perpetual Preferred Securities 600 Undated Perpetual Preferred Securities 14 614 Dated subordinated liabilities £m 10.5% Subordinated Bonds callable 2018 150 6.75% Subordinated Fixed Rate Notes callable 2018 1,492 1,642 These 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 of specific subordinated liabilities is determined in respect of the issuer and any guarantors of that liability. The claims of holders of preference shares and preferred securities are generally junior to those of the holders of undated subordinated liabilities, which in turn are junior to the claims of holders of the dated subordinated liabilities. The Group has not had any defaults of principal, interest or other breaches with respect to its subordinated liabilities during 2019 (2018: none). |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of issued capital [text block] [Abstract] | |
Disclosure of issued capital [text block] | NOTE 40: SHARE CAPITAL (1) Authorised share capital As permitted by the Companies Act 2006, the Company removed references to authorised share capital from its articles of association at the annual general meeting on 5 June 2009. This change took effect from 1 October 2009. (2) Issued and fully paid share capital 2019 Number of shares 2018 2017 2019 £m 2018 2017 Ordinary shares of 10p (formerly 25p) each At 1 January 71,163,592,264 71,972,949,589 71,373,735,357 7,116 7,197 7,138 Issued under employee share schemes 775,882,951 768,551,098 518,293,181 78 77 51 Share buyback programme (note 42) (1,886,917,377 ) (1,577,908,423 ) – (189 ) (158 ) – Redesignation of limited voting ordinary shares (see below) – – 80,921,051 – – 8 At 31 December 70,052,557,838 71,163,592,264 71,972,949,589 7,005 7,116 7,197 Limited voting ordinary shares of 10p (formerly 25p) each At 1 January – – 80,921,051 – – 8 Redesignation to ordinary shares – – (80,921,051 ) – – (8 ) At 31 December – – – – – – Total issued share capital 7,005 7,116 7,197 SHARE ISSUANCES In 2019, 776 million shares (2018: 769 million shares; 2017: 518 million shares) were issued in respect of employee share schemes. (3) Share capital and control There are no restrictions on the transfer of shares in the Company other than as set out in the articles of association and: – certain restrictions which may from time to time be imposed by law and regulations (for example, insider trading laws); – where directors and certain employees of the Company require the approval of the Company to deal in the Company’s shares; and – pursuant to the rules of some of the Company’s employee share plans where certain restrictions may apply while the shares are subject to the plans. Where, under an employee share plan operated by the Company, participants are the beneficial owners of shares but not the registered owners, the voting rights are normally exercised by the registered owner at the direction of the participant. Outstanding awards and options would normally vest and become exercisable on a change of control, subject to the satisfaction of any performance conditions at that time. In addition, the Company is not aware of any agreements between shareholders that may result in restrictions on the transfer of securities and/or voting rights. Information regarding significant direct or indirect holdings of shares in the Company can be found on page 170. The directors have authority to allot and issue ordinary and preference shares and to make market purchases of ordinary and preference shares as granted at the annual general meeting on 16 May 2019. The authority to issue shares and the authority to make market purchases of shares will expire at the next annual general meeting. Shareholders will be asked, at the annual general meeting, to give similar authorities. Subject to any rights or restrictions attached to any shares, on a show of hands at a general meeting of the Company every holder of shares present in person or by proxy and entitled to vote has one vote and on a poll every member present and entitled to vote has one vote for every share held. Further details regarding voting at the annual general meeting can be found in the notes to the notice of the annual general meeting. ORDINARY SHARES The holders of ordinary shares, who held 100 per cent of the total ordinary share capital at 31 December 2019, are entitled to receive the Company’s report and accounts, attend, speak and vote at general meetings and appoint proxies to exercise voting rights. Holders of ordinary shares may also receive a dividend (subject to the provisions of the Company’s articles of association) and on a winding up may share in the assets of the Company. LIMITED VOTING ORDINARY SHARES At the annual general meeting on 11 May 2017, the Company’s shareholders approved the redesignation of the 80,921,051 limited voting ordinary shares held by the Lloyds Bank Foundations as ordinary shares of 10 pence each. The redesignation took effect on 1 July 2017 and the redesignated shares now rank equally with the existing issued ordinary shares of the Company. The Company has entered into deeds of covenant with the Foundations under the terms of which the Company makes annual donations. The deeds of covenant in effect as at 31 December 2019 provide that such annual donations will cease in certain circumstances, including the Company providing nine years’ notice. Such notice has been given to the Lloyds TSB Foundation for Scotland. PREFERENCE SHARES The Company has in issue various classes of preference shares which are all classified as liabilities under accounting standards and which are included in note 39. |
SHARE PREMIUM ACCOUNT
SHARE PREMIUM ACCOUNT | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure For Share Premium Account Explanatory [Abstract] | |
Disclosure for share premium account [text block] | NOTE 41: SHARE PREMIUM ACCOUNT 2019 £m 2018 2017 At 1 January 17,719 17,634 17,622 Issued under employee share schemes 29 85 12 Redemption of preference shares 1 3 – – At 31 December 17,751 17,719 17,634 1 During the year ended 31 December 2019, the Company redeemed all of its outstanding 6.3673% Non-cumulative Fixed to Floating Rate Preference Shares at their combined sterling par value of £3 million. These preference shares had been accounted for as subordinated liabilities. On redemption an amount of £3 million was transferred from the distributable merger reserve to the share premium account. |
OTHER RESERVES
OTHER RESERVES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of reserves within equity [text block] [Abstract] | |
Disclosure of reserves within equity [text block] | NOTE 42: OTHER RESERVES 2019 £m 2018 2017 Other reserves comprise: Merger reserve 7,763 7,766 7,766 Capital redemption reserve 4,462 4,273 4,115 Revaluation reserve in respect of debt securities held at fair value through other comprehensive income 123 279 Revaluation reserve in respect of equity shares held at fair value through other comprehensive income 19 5 Revaluation reserve in respect of available-for-sale financial assets 685 Cash flow hedging reserve 1,504 1,051 1,405 Foreign currency translation reserve (176 ) (164 ) (156 ) At 31 December 13,695 13,210 13,815 The merger reserve primarily comprises the premium on shares issued in January 2009 as part of the recapitalisation of the Group and the acquisition of HBOS plc. The capital redemption reserve represents transfers from distributable reserve in accordance with companies’ legislation upon the redemption of ordinary and preference share capital. The revaluation reserves in respect of debt securities and equity shares held at fair value through other comprehensive income represent the cumulative after tax unrealised change in the fair value of financial assets so classified since initial recognition; or in the case of financial assets obtained on acquisitions of businesses, since the date of acquisition. The cash flow hedging reserve represents the cumulative after tax gains and losses on effective cash flow hedging instruments that will be reclassified to the income statement in the periods in which the hedged item affects profit or loss. The foreign currency translation reserve represents the cumulative after-tax gains and losses on the translation of foreign operations and exchange differences arising on financial instruments designated as hedges of the Group’s net investment in foreign operations. 2019 £m 2018 2017 Merger reserve At 1 January 7,766 7,766 7,766 Redemption of preference shares (note 41) (3 ) – – At 31 December 7,763 7,766 7,766 2019 2018 2017 Capital redemption reserve At 1 January 4,273 4,115 4,115 Shares cancelled under share buyback programmes (see below) 189 158 – At 31 December 4,462 4,273 4,115 On 20 February 2019 the Group announced the launch of a share buyback programme to repurchase outstanding ordinary shares and the programme commenced on 1 March 2019; the Group bought back and cancelled 1,887 million shares under the programme, for a total consideration, including expenses, of £1,095 million. Upon cancellation £189 million, being the nominal value of the shares repurchased, was transferred to the capital redemption reserve. Under a similar programme in 2018, the Group bought back and cancelled 1,578 million shares for a total consideration, including expenses, of £1,005 million; £158 million was transferred to the capital redemption reserve. 2019 £m 2018 Revaluation reserve in respect of debt securities held at fair value through other comprehensive income At 1 January 279 472 Change in fair value (30 ) (37 ) Deferred tax 10 35 (20 ) (2 ) Income statement transfer in respect of disposals (note 9) (196 ) (275 ) Deferred tax 61 84 (135 ) (191 ) Impairment recognised in the income statement (1 ) – At 31 December 123 279 2019 £m 2018 Revaluation reserve in respect of equity shares held at fair value through other comprehensive income At 1 January 5 (49 ) Change in fair value – (97 ) Deferred tax 12 22 12 (75 ) Realised gains and losses transferred to retained profits 14 151 Deferred tax (12 ) (22 ) 2 129 At 31 December 19 5 Movements in other reserves were as follows: 2017 Revaluation reserve in respect of available-for-sale financial assets At 1 January 759 Change in fair value of available-for-sale financial assets 303 Deferred tax (26 ) Current tax (4 ) 273 Income statement transfers: Disposals (note 9) (446 ) Deferred tax 93 Current tax – (353 ) Impairment 6 Deferred tax – 6 At 31 December 685 2019 £m 2018 2017 Cash flow hedging reserve At 1 January 1,051 1,405 2,136 Change in fair value of hedging derivatives 1,209 234 (363 ) Deferred tax (303 ) (69 ) 121 906 165 (242 ) Income statement transfers (608 ) (701 ) (651 ) Deferred tax 155 182 162 (453 ) (519 ) (489 ) At 31 December 1,504 1,051 1,405 2019 £m 2018 2017 Foreign currency translation reserve At 1 January (164 ) (156 ) (124 ) Currency translation differences arising in the year (12 ) (8 ) (21 ) Foreign currency gains on net investment hedges (tax: £nil) – – (11 ) At 31 December (176 ) (164 ) (156 ) |
RETAINED PROFITS
RETAINED PROFITS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Retained Profits [Abstract] | |
Disclosure of Retained Profits [Text Block] | NOTE 43: RETAINED PROFITS 2019 2018 1 2017 1 £m £m £m At 31 December 2017 4,905 Adjustment on adoption of IFRS 9 and IFRS 15 (929 ) At 1 January 5,389 3,976 3,250 Profit for the year 2,925 4,408 3,909 Dividends paid 2 (2,312 ) (2,240 ) (2,284 ) Issue costs of other equity instruments (net of tax) (note 44) (3 ) (5 ) – Distributions on other equity instruments (466 ) (433 ) (415 ) Share buyback programmes (note 42) (1,095 ) (1,005 ) – Realised gains and losses on equity shares held at fair value through other comprehensive income (2 ) (129 ) Post-retirement defined benefit scheme remeasurements (1,117 ) 120 482 Share of other comprehensive income of associates and joint ventures – 8 – Gains and losses attributable to own credit risk (net of tax) 3 (306 ) 389 (40 ) Movement in treasury shares (3 ) 40 (411 ) Value of employee services: Share option schemes 71 53 82 Other employee award schemes 165 207 332 At 31 December 3,246 5,389 4,905 1 Restated, see note 1. 2 Net of a credit in respect of unclaimed dividends written-back in accordance with the Company’s Articles of Association in 2017. 3 During 2017 the Group derecognised, on redemption, financial liabilities on which cumulative fair value movements relating to own credit of £3 million net of tax, had been recognised directly in retained profits. Retained profits are stated after deducting £575 million (2018: £499 million; 2017: £611 million) representing 902 million (2018: 909 million; 2017: 861 million) treasury shares held. The payment of dividends by subsidiaries and the ability of members of the Group to lend money to other members of the Group may be subject to regulatory or legal restrictions, the availability of reserves and the financial and operating performance of the entity. Details of such restrictions and the methods adopted by the Group to manage the capital of its subsidiaries are provided under Capital Risk on page 87. |
OTHER EQUITY INSTRUMENTS
OTHER EQUITY INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Other Equity Instruments Explanatory [Abstract] | |
Disclosure of Other Equity Instruments [text block] | NOTE 44: OTHER EQUITY INSTRUMENTS 2019 2018 2017 £m £m £m At 1 January 6,491 5,355 5,355 Issued in the year: US dollar notes ($1,500 million nominal) – 1,136 – US dollar notes ($500 million nominal) 396 – – Sterling notes (£500 million nominal) 500 – – Redemption (1,481 ) – – At 31 December 5,906 6,491 5,355 During the year ended 31 December 2019 the Group issued £500 million of sterling and £396 million (US$500 million) of US dollar Additional Tier 1 (AT1) securities; issue costs of £3 million, net of tax, were charged to retained profits. On 27 June 2019 the Group redeemed, at par, £1,481 million of Additional Tier 1 securities at their first call date. The AT1 securities are Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities with no fixed maturity or redemption date. The principal terms of the AT1 securities are described below: – The securities rank behind the claims against Lloyds Banking Group plc of (a) unsubordinated creditors, (b) claims which are, or are expressed to be, subordinated to the claims of unsubordinated creditors of Lloyds Banking Group plc but not further or otherwise or (c) whose claims are, or are expressed to be, junior to the claims of other creditors of Lloyds Banking Group, whether subordinated or unsubordinated, other than those whose claims rank, or are expressed to rank, pari passu with, or junior to, the claims of the holders of the AT1 Securities in a winding-up occurring prior to a conversion event being triggered. – The securities bear a fixed rate of interest until the first call date. After the initial call date, in the event that they are not redeemed, the AT1 securities will bear interest at rates fixed periodically in advance for five year periods based on market rates. – Interest on the securities will be due and payable only at the sole discretion of Lloyds Banking Group plc, and Lloyds Banking Group plc may at any time elect to cancel any Interest Payment (or any part thereof) which would otherwise be payable on any Interest Payment Date. There are also certain restrictions on the payment of interest as specified in the terms. – The securities are undated and are repayable, at the option of Lloyds Banking Group plc, in whole at the first call date, or on any fifth anniversary after the first call date. In addition, the AT1 securities are repayable, at the option of Lloyds Banking Group plc, in whole for certain regulatory or tax reasons. Any repayments require the prior consent of the PRA. – The securities convert into ordinary shares of Lloyds Banking Group plc, at a pre-determined price, should the fully loaded Common Equity Tier 1 ratio of the Group fall below 7.0 per cent. |
DIVIDENDS ON ORDINARY SHARES
DIVIDENDS ON ORDINARY SHARES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of dividends [text block] [Abstract] | |
Disclosure of dividends [text block] | NOTE 45: DIVIDENDS ON ORDINARY SHARES The directors have recommended a final dividend, which is subject to approval by the shareholders at the Annual General Meeting, of 2.25 pence per share (2018: 2.14 pence per share; 2017: 2.05 pence per share) representing a total dividend of £1,586 million (2018: £1,523 million; 2017: £1,475 million), which will be paid on 27 May 2020. The financial statements do not reflect recommended dividends. Dividends paid during the year were as follows: 2019 2018 2017 pence pence pence 2019 2018 2017 per share per share per share £m £m £m Recommended by directors at previous year end: Final dividend 2.14 2.05 1.70 1,523 1,475 1,212 Special dividend – – 0.50 – – 356 Interim dividend paid in the year 1.12 1.07 1.00 789 765 720 3.26 3.12 3.20 2,312 2,240 2,288 The cash cost of the dividends paid in the year was £2,312 million (2018: £2,240 million; 2017: £2,284 million), in 2017 this was net of a credit in respect of unclaimed dividends written-back in accordance with the Company’s Articles of Association. In May 2019 the Group announced that it will move to the payment of quarterly dividends in 2020, with the first quarterly dividend in respect of the first quarter of 2020 payable in June 2020. The new approach will be to adopt three equal interim ordinary dividend payments for the first three quarters of the year followed by, subject to performance, a larger final dividend for the fourth quarter of the year. The first three quarterly payments, payable in June, September and December will be 20 per cent of the previous year’s total ordinary dividend per share. The fourth quarter payment will be announced with the full year results. The final dividend will continue to be paid in May, following approval at the AGM. The Group believes that this approach will provide a more regular flow of dividend income to all shareholders whilst accelerating the receipt of payments. The trustees of the following holdings of Lloyds Banking Group plc shares in relation to employee share schemes retain the right to receive dividends but have chosen to waive their entitlement to the dividends on those shares as indicated: the Lloyds Banking Group Share Incentive Plan (holding at 31 December 2019: 6,508,529 shares, 31 December 2018: 5,538,164 shares, waived rights to all dividends), the HBOS Share Incentive Plan Trust (holding at 31 December 2019: 445,625 shares, 31 December 2018: 445,625 shares, waived rights to all dividends), the Lloyds Banking Group Employee Share Ownership Trust (holding at 31 December 2019: 11,656,155 shares, 31 December 2018: 5,679,119 shares, on which it waived rights to all dividends) and Lloyds Group Holdings (Jersey) Limited (holding at 31 December 2019: nil, 31 December 2018: 42,846 shares, waived rights to all but a nominal amount of one penny in total). |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of share-based payment arrangements [text block] [Abstract] | |
Disclosure of share-based payment arrangements [text block] | NOTE 46: SHARE-BASED PAYMENTS Charge to the income statement The charge to the income statement is set out below: 2019 2018 2017 £m £m £m Deferred bonus plan 261 325 313 Executive and SAYE plans: Options granted in the year 16 14 17 Options granted in prior years 59 71 81 75 85 98 Share plans: Shares granted in the year 17 16 17 Shares granted in prior years 20 17 9 37 33 26 Total charge to the income statement 373 443 437 During the year ended 31 December 2019 the Group operated the following share-based payment schemes, all of which are equity settled. Group Performance Share plan The Group operates a Group Performance Share plan that is equity settled. Bonuses in respect of employee performance in 2019 have been recognised in the charge in line with the proportion of the deferral period completed. Save-As-You-Earn schemes Eligible employees may enter into contracts through the Save-As-You-Earn (SAYE) schemes to save up to £500 per month and, at the expiry of a fixed term of three years, have the option to use these savings within six months of the expiry of the fixed term to acquire shares in the Group at a discounted price of no less than 80 per cent of the market price at the start of the invitation. Movements in the number of share options outstanding under the SAYE schemes are set out below: 2019 2018 Weighted Weighted average average Number of exercise price Number of exercise price options (pence ) options (pence ) Outstanding at 1 January 802,994,918 49.30 860,867,088 51.34 Granted 487,654,212 39.87 188,866,162 47.92 Exercised (27,303,963 ) 51.23 (135,721,404 ) 59.00 Forfeited (15,830,204 ) 48.69 (22,909,999 ) 49.85 Cancelled (130,068,149 ) 49.03 (78,073,042 ) 50.66 Expired (49,352,741 ) 58.74 (10,033,887 ) 55.20 Outstanding at 31 December 1,068,094,073 44.55 802,994,918 49.30 Exercisable at 31 December 227,139 60.70 68,378 60.02 The weighted average share price at the time that the options were exercised during 2019 was £0.59 (2018: £0.67). The weighted average remaining contractual life of options outstanding at the end of the year was 2.22 years (2018: 2.16 years). The weighted average fair value of SAYE options granted during 2019 was £0.10 (2018: £0.13). The fair values of the SAYE options have been determined using a standard Black-Scholes model. Other share option plans LLOYDS BANKING GROUP EXECUTIVE SHARE PLAN 2003 The Plan was adopted in December 2003 and under the Plan share options may be granted to senior employees. Options under this plan have been granted specifically to facilitate recruitment (to compensate new recruits for any lost share awards), and also to make grants to key individuals for retention purposes. In some instances, grants may be made subject to individual performance conditions. Participants are not entitled to any dividends paid during the vesting period. 2019 2018 Weighted Weighted average average Number of exercise price Number of exercise price options (pence ) options (pence ) Outstanding at 1 January 10,263,028 Nil 14,523,989 Nil Granted 2,336,171 Nil 3,914,599 Nil Exercised (4,455,481 ) Nil (6,854,043 ) Nil Vested (69,005 ) Nil (148,109 ) Nil Forfeited (39,250 ) Nil (662,985 ) Nil Lapsed (400,825 ) Nil (510,423 ) Nil Outstanding at 31 December 7,634,638 Nil 10,263,028 Nil Exercisable at 31 December 2,683,267 Nil 3,305,442 Nil The weighted average fair value of options granted in the year was £0.59 (2018: £0.55). The fair values of options granted have been determined using a standard Black-Scholes model. The weighted average share price at the time that the options were exercised during 2019 was £0.60 (2018: £0.65). The weighted average remaining contractual life of options outstanding at the end of the year was 3.8 years (2018: 5.2 years). Other share plans LLOYDS BANKING GROUP EXECUTIVE SHARE OWNERSHIP PLAN The plan, introduced in 2006, is aimed at delivering shareholder value by linking the receipt of shares to an improvement in the performance of the Group over a three year period. Awards are made within limits set by the rules of the plan, with the limits determining the maximum number of shares that can be awarded equating to three times annual salary. In exceptional circumstances this may increase to four times annual salary. At the end of the performance period for the 2016 grant, the targets had not been fully met and therefore these awards vested in 2019 at a rate of 68.7 per cent. 2019 2018 Number of Number of shares shares Outstanding at 1 January 417,385,636 370,804,915 Granted 174,490,843 160,586,201 Vested (88,318,950 ) (73,270,301 ) Forfeited (55,029,439 ) (48,108,870 ) Dividend award 11,376,655 7,373,691 Outstanding at 31 December 459,904,745 417,385,636 Awards in respect of the 2017 grant vested in 2020 at a rate of 49.7 per cent. For the 2017 grant, participants are entitled to any dividends paid during the vesting period. An amount equal in value to any dividends paid between the award date and the date the Remuneration Committee determine that the performance conditions were met, will be paid, based on the number of shares that vest. The Remuneration Committee can determine if any dividends are to be paid in cash or in shares. Details of the performance conditions for the plan are provided in Compensation. The weighted average fair value of awards granted in the year was £0.45 (2018: £0.48). CFO BUYOUT William Chalmers joined the Group on 3 June 2019 and was appointed as Chief Financial Officer on 1 August 2019 on the retirement of George Culmer. He was granted deferred share awards over 4,086,632 shares, to replace unvested awards from his former employer, Morgan Stanley, that were forfeited as a result of him joining the Group. 2019 Number of shares Outstanding at 1 January – Granted 4,086,632 Exercised (818,172 ) Outstanding at 31 December 3,268,460 The weighted average fair value of awards granted in the year was £0.55. The fair value calculations at 31 December 2019 for grants made in the year, using Black-Scholes models and Monte Carlo simulation, are based on the following assumptions: Executive Share Plan Save-As-You-Earn 2003 LTIP CFO Buyout Weighted average risk-free interest rate 0.36% 0.62% 0.83% 0.64% Weighted average expected life 3.2 years 1.3 years 3.7 years 1.4 years Weighted average expected volatility 20% 23% 27% 19% Weighted average expected dividend yield 4.0% 4.0% 4.0% 4.0% Weighted average share price £0.53 £0.62 £0.63 £0.58 Weighted average exercise price £0.40 Nil Nil Nil Expected volatility is a measure of the amount by which the Group’s shares are expected to fluctuate during the life of an option. The expected volatility is estimated based on the historical volatility of the closing daily share price over the most recent period that is commensurate with the expected life of the option. The historical volatility is compared to the implied volatility generated from market traded options in the Group’s shares to assess the reasonableness of the historical volatility and adjustments made where appropriate. Share Incentive Plan FREE SHARES An award of shares may be made annually to employees up to a maximum of £3,600. The shares awarded are held in trust for a mandatory period of three years on the employee’s behalf, during which period the employee is entitled to any dividends paid on such shares. The award is subject to a non-market based condition. If an employee leaves the Group within this three year period for other than a ‘good’ reason, all of the shares awarded will be forfeited. On 9 May 2019, the Group made an award of £200 (2018: £200) of shares to all eligible employees. The number of shares awarded was 22,422,337 (2018: 21,513,300), with an average fair value of £0.62 (2018: £0.67) based on the market price at the date of award. MATCHING SHARES The Group undertakes to match shares purchased by employees up to the value of £45 per month; these matching shares are held in trust for a mandatory period of three years on the employee’s behalf, during which period the employee is entitled to any dividends paid on such shares. The award is subject to a non-market based condition: if an employee leaves within this three year period for other than a ‘good’ reason, all of the matching shares are forfeited. Similarly if the employees sell their purchased shares within three years, their matching shares are forfeited. The number of shares awarded relating to matching shares in 2019 was 37,346,812 (2018: 34,174,161), with an average fair value of £0.56 (2018: £0.63), based on market prices at the date of award. Fixed share awards Fixed share awards were introduced in 2014 in order to ensure that total fixed remuneration is commensurate with role and to provide a competitive reward package for certain Lloyds Banking Group employees, with an appropriate balance of fixed and variable remuneration, in line with regulatory requirements. The fixed share awards are delivered in Lloyds Banking Group shares, released over five years with 20 per cent being released each year following the year of award. The number of shares purchased in 2019 was 8,239,332 (2018: 8,965,562). The fixed share award is not subject to any performance conditions, performance adjustment or clawback. On an employee leaving the Group, there is no change to the timeline for which shares will become unrestricted. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of related party [text block] [Abstract] | |
Disclosure of related party [text block] | NOTE 47: RELATED PARTY TRANSACTIONS Key management personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of an entity; the Group’s key management personnel are the members of the Lloyds Banking Group plc Group Executive Committee together with its Non-Executive Directors. The table below details, on an aggregated basis, key management personnel compensation: 2019 2018 2017 £m £m £m Compensation Salaries and other short-term benefits 15 14 13 Post-employment benefits – – – Share-based payments 15 18 22 Total compensation 30 32 35 Aggregate contributions in respect of key management personnel to defined contribution pension schemes were £nil (2018: £nil; 2017: £0.05 million). 2019 2018 2017 million million million Share option plans At 1 January – 1 3 Granted, including certain adjustments (includes entitlements of appointed key management personnel) – – – Exercised/lapsed (includes entitlements of former key management personnel) – (1 ) (2 ) At 31 December – – 1 2019 2018 2017 Share plans At 1 January 84 82 65 Granted, including certain adjustments (includes entitlements of appointed key management personnel) (46 ) 39 37 Exercised/lapsed (includes entitlements of former key management personnel) (29 ) (37 ) (20 ) At 31 December 101 84 82 The tables below detail, on an aggregated basis, balances outstanding at the year end and related income and expense, together with information relating to other transactions between the Group and its key management personnel: 2019 2018 2017 Loans At 1 January 2 2 4 Advanced (includes loans of appointed key management personnel) 1 1 1 Repayments (includes loans of former key management personnel) (1 ) (1 ) (3 ) At 31 December 2 2 2 The loans are on both a secured and unsecured basis and are expected to be settled in cash. The loans attracted interest rates of between 6.45 per cent and 24.20 per cent in 2019 (2018: 6.70 per cent and 24.20 per cent; 2017: 6.45 per cent and 23.95 per cent). No provisions have been recognised in respect of loans given to key management personnel (2018 and 2017: £nil). 2019 £m 2018 2017 Deposits At 1 January 20 20 12 Placed (includes deposits of appointed key management personnel) 44 33 41 Withdrawn (includes deposits of former key management personnel) (41 ) (33 ) (33 ) At 31 December 23 20 20 Deposits placed by key management personnel attracted interest rates of up to 3.0 per cent (2018: 3.5 per cent; 2017: 4.0 per cent). At 31 December 2019, the Group did not provide any guarantees in respect of key management personnel (2018 and 2017: none). At 31 December 2019, transactions, arrangements and agreements entered into by the Group’s banking subsidiaries with directors and connected persons included amounts outstanding in respect of loans and credit card transactions of £0.6 million with four directors and two connected persons (2018: £0.5 million with three directors and three connected persons; 2017: £0.01 million with three directors and two connected persons). Subsidiaries In accordance with IFRS 10 Consolidated financial statements, transactions and balances with subsidiaries have been eliminated on consolidation. Pension funds The Group provides banking and some investment management services to certain of its pension funds. At 31 December 2019, customer deposits of £169 million (2018: £225 million) and investment and insurance contract liabilities of £127 million (2018: £79 million) related to the Group’s pension funds. Collective investment vehicles The Group manages 141 (2018: 131) collective investment vehicles, such as Open Ended Investment Companies (OEICs) and of these 75 (2018: 82) are consolidated. The Group invested £804 million (2018: £620 million) and redeemed £1,771 million (2018: £404 million) in the unconsolidated collective investment vehicles during the year and had investments, at fair value, of £3,417 million (2018: £2,513 million) at 31 December. The Group earned fees of £127 million from the unconsolidated collective investment vehicles during 2019 (2018: £128 million). Joint ventures and associates At 31 December 2019 there were loans and advances to customers of £75 million (2018: £57 million) outstanding and balances within customer deposits of £5 million (2018: £2 million) relating to joint ventures and associates. In addition to the above balances, the Group has a number of other associates held by its venture capital business that it accounts for at fair value through profit or loss. At 31 December 2019, these companies had total assets of approximately £4,761 million (2018: £4,091 million), total liabilities of approximately £5,322 million (2018: £4,616 million) and for the year ended 31 December 2019 had turnover of approximately £4,286 million (2018: £4,522 million) and made a loss of approximately £190 million (2018: net loss of £125 million). In addition, the Group has provided £1,266 million (2018: £1,141 million) of financing to these companies on which it received £86 million (2018: £49 million) of interest income in the year. As discussed in note 23, in October 2019, the Group established a wealth management joint venture with Schroders. The Group subsequently transferred approximately £12 billion of managed assets at fair value. |
CONTINGENT LIABILITIES, COMMITM
CONTINGENT LIABILITIES, COMMITMENTS, AND GUARANTEES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of commitments and contingent liabilities [text block] [Abstract] | |
Disclosure of commitments and contingent liabilities [text block] | NOTE 48: CONTINGENT LIABILITIES, COMMITMENTS AND GUARANTEES Interchange fees With respect to multi-lateral interchange fees (MIFs), the Group is not involved in the ongoing litigation (as described below) which involves card schemes such as Visa and Mastercard. However, the Group is a member/licensee of Visa and Mastercard and other card schemes. The litigation in question is as follows: – litigation brought by retailers against both Visa and Mastercard continues in the English Courts (and includes appeals heard by the Supreme Court, judgment awaited); and – litigation brought on behalf of UK consumers in the English Courts against Mastercard. Any impact on the Group of the litigation against Visa and Mastercard remains uncertain at this time. Insofar as Visa is required to pay damages to retailers for interchange fees set prior to June 2016, contractual arrangements to allocate liability have been agreed between various UK banks (including the Group) and Visa Inc, as part of Visa Inc’s acquisition of Visa Europe in 2016. These arrangements cap the maximum amount of liability to which the Group may be subject, and this cap is set at the cash consideration received by the Group for the sale of its stake in Visa Europe to Visa Inc in 2016. LIBOR and other trading rates In July 2014, the Group announced that it had reached settlements totalling £217 million (at 30 June 2014 exchange rates) to resolve with UK and US federal authorities legacy issues regarding the manipulation several years ago of Group companies’ submissions to the British Bankers’ Association (BBA) London Interbank Offered Rate (LIBOR) and Sterling Repo Rate. The Swiss Competition Commission concluded its investigation against Lloyds Bank plc in June 2019. The Group continues to cooperate with various other government and regulatory authorities, including a number of US State Attorneys General, in conjunction with their investigations into submissions made by panel members to the bodies that set LIBOR and various other interbank offered rates. Certain Group companies, together with other panel banks, have also been named as defendants in private lawsuits, including purported class action suits, in the US in connection with their roles as panel banks contributing to the setting of US Dollar, Japanese Yen and Sterling LIBOR and the Australian BBSW Reference Rate. Certain of the plaintiffs’ claims have been dismissed by the US Federal Court for Southern District of New York (subject to appeals). Certain Group companies are also named as defendants in (i) UK based claims; and (ii) two Dutch class actions, raising LIBOR manipulation allegations. A number of the claims against the Group in relation to the alleged mis-sale of interest rate hedging products also include allegations of LIBOR manipulation. It is currently not possible to predict the scope and ultimate outcome on the Group of the various outstanding regulatory investigations not encompassed by the settlements, any private lawsuits or any related challenges to the interpretation or validity of any of the Group’s contractual arrangements, including their timing and scale. UK shareholder litigation In August 2014, the Group and a number of former directors were named as defendants in a claim by a number of claimants who held shares in Lloyds TSB Group plc (LTSB) prior to the acquisition of HBOS plc, alleging breaches of duties in relation to information provided to shareholders in connection with the acquisition and the recapitalisation of LTSB. Judgment was delivered on 15 November 2019. The Group and former directors successfully defended the claims. The claimants have sought permission to appeal. It is currently not possible to determine the ultimate impact on the Group (if any). Tax authorities The Group has an open matter in relation to a claim for group relief of losses incurred in its former Irish banking subsidiary, which ceased trading on 31 December 2010. In 2013 HMRC informed the Group that their interpretation of the UK rules which allow the offset of such losses denies the claim for group relief of losses. If HMRC’s position is found to be correct, management estimate that this would result in an increase in current tax liabilities of approximately £800 million (including interest) and a reduction in the Group’s deferred tax asset of approximately £250 million. The Group does not agree with HMRC’s position and, having taken appropriate advice, does not consider that this is a case where additional tax will ultimately fall due. There are a number of other open matters on which the Group is in discussion with HMRC (including the tax treatment of certain costs arising from the divestment of TSB Banking Group plc), none of which is expected to have a material impact on the financial position of the Group. Mortgage arrears handling activities – FCA investigation On 26 May 2016, the Group was informed that an enforcement team at the FCA had commenced an investigation in connection with the Group’s mortgage arrears handling activities. It is not currently possible to make a reliable assessment of any liability resulting from the investigation including any financial penalty. Other legal actions and regulatory matters In addition, during the ordinary course of business the Group is subject to other complaints and threatened or actual legal proceedings (including class or group action claims) brought by or on behalf of current or former employees, customers, investors or other third parties, as well as legal and regulatory reviews, challenges, investigations and enforcement actions, both in the UK and overseas. All such material matters are periodically reassessed, with the assistance of external professional advisers where appropriate, to determine the likelihood of the Group incurring a liability. In those instances where it is concluded that it is more likely than not that a payment will be made, a provision is established to management’s best estimate of the amount required at the relevant balance sheet date. In some cases it will not be possible to form a view, for example because the facts are unclear or because further time is needed properly to assess the merits of the case, and no provisions are held in relation to such matters. In these circumstances, specific disclosure in relation to a contingent liability will be made where material. However the Group does not currently expect the final outcome of any such case to have a material adverse effect on its financial position, operations or cash flows. Contingent liabilities, commitments and guarantees arising from the banking business 2019 £m 2018 Contingent liabilities Acceptances and endorsements 74 194 Other: Other items serving as direct credit substitutes 366 632 Performance bonds and other transaction-related contingencies 2,454 2,425 2,820 3,057 Total contingent liabilities 2,894 3,251 The contingent liabilities of the Group arise in the normal course of its banking business and it is not practicable to quantify their future financial effect. 2019 £m 2018 Commitments and guarantees Documentary credits and other short-term trade-related transactions – 1 Forward asset purchases and forward deposits placed 189 731 Undrawn formal standby facilities, credit lines and other commitments to lend: Less than 1 year original maturity: Mortgage offers made 12,684 11,594 Other commitments and guarantees 85,735 85,060 98,419 96,654 1 year or over original maturity 34,945 37,712 Total commitments and guarantees 133,553 135,098 Of the amounts shown above in respect of undrawn formal standby facilities, credit lines and other commitments to lend, £63,504 million (2018: £64,884 million) was irrevocable. Capital commitments Excluding commitments in respect of investment property (note 27), capital expenditure contracted but not provided for at 31 December 2019 amounted to £405 million (2018: £378 million). Of this amount, £400 million (2018: £369 million) related to assets to be leased to customers under operating leases. The Group’s management is confident that future net revenues and funding will be sufficient to cover these commitments. |
STRUCTURED ENTITIES
STRUCTURED ENTITIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of unconsolidated structured entities [line items] | |
Disclosure of information about interests in structured entity [text block] | NOTE 49: STRUCTURED ENTITIES The Group’s interests in structured entities are both consolidated and unconsolidated. Detail of the Group’s interests in consolidated structured entities are set out in: note 31 for securitisations and covered bond vehicles, note 36 for structured entities associated with the Group’s pension schemes, and below in part (A) and (B). Details of the Group’s interests in unconsolidated structured entities are included below in part (C). (A) Asset-backed conduits In addition to the structured entities discussed in note 31, which are used for securitisation and covered bond programmes, the Group sponsors an active asset-backed conduit, Cancara, which invests in client receivables and debt securities. The total consolidated exposure of Cancara at 31 December 2019 was £3,735 million (2018: £5,122 million), comprising £3,670 million of loans and advances (2018: £5,012 million) and £65 million of debt securities (2018: £110 million). All lending assets and debt securities held by the Group in Cancara are restricted in use, as they are held by the collateral agent for the benefit of the commercial paper investors and the liquidity providers only. The Group provides liquidity facilities to Cancara under terms that are usual and customary for standard lending activities in the normal course of the Group’s banking activities. During 2019 there have continued to be planned drawdowns on certain liquidity facilities for balance sheet management purposes, supporting the programme to provide funding alongside the proceeds of the asset-backed commercial paper issuance. The Group could be asked to provide support under the contractual terms of these arrangements including, for example, if Cancara experienced a shortfall in external funding, which may occur in the event of market disruption. The external assets in Cancara are consolidated in the Group’s financial statements. (B) Consolidated collective investment vehicles and limited partnerships The assets of the Insurance business held in consolidated collective investment vehicles, such as Open-Ended Investment Companies and limited partnerships, are not directly available for use by the Group. However, the Group’s investment in the majority of these collective investment vehicles is readily realisable. As at 31 December 2019, the total carrying value of these consolidated collective investment vehicle assets and liabilities held by the Group was £68,724 million (2018: £62,648 million). The Group has no contractual arrangements (such as liquidity facilities) that would require it to provide financial or other support to the consolidated collective investment vehicles; the Group has not previously provided such support and has no current intentions to provide such support. (C) Unconsolidated collective investment vehicles and limited partnerships The Group’s direct interests in unconsolidated structured entities comprise investments in collective investment vehicles, such as Open-Ended Investment Companies, and limited partnerships with a total carrying value of £38,177 million at 31 December 2019 (2018: £26,028 million), included within financial assets designated at fair value through profit and loss (see note 16). These investments include both those entities managed by third parties and those managed by the Group. At 31 December 2019, the total asset value of these unconsolidated structured entities, including the portion in which the Group has no interest, was £2,363 billion (2018: £2,435 billion). Given the nature of these investments, the Group’s maximum exposure to loss is equal to the carrying value of the investment. However, the Group’s investments in these entities are primarily held to match policyholder liabilities in the Insurance division and the majority of the risk from a change in the value of the Group’s investment is matched by a change in policyholder liabilities. The collective investment vehicles are primarily financed by investments from investors in the vehicles. During the year the Group has not provided any non-contractual financial or other support to these entities and has no current intention of providing any financial or other support. There were no transfers from/to these unconsolidated collective investment vehicles and limited partnerships. The Group considers itself the sponsor of a structured entity where it is primarily involved in the design and establishment of the structured entity; and further where the Group transfers assets to the structured entity; market products associated with the structured entity in its own name and/or provide guarantees regarding the structured entity’s performance. The Group sponsors a range of diverse investment funds and limited partnerships where it acts as the fund manager or equivalent decision maker and markets the funds under one of the Group’s brands. The Group earns fees from managing the investments of these funds. The investment management fees that the Group earned from these entities, including those in which the Group held no ownership interest at 31 December 2019, are reported in note 6. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of financial instruments [text block] [Abstract] | |
Disclosure of financial instruments [text block] | NOTE 50: FINANCIAL INSTRUMENTS (1) Measurement basis of financial assets and liabilities The accounting policies in note 2 describe how different classes of financial instruments are measured, and how income and expenses, including fair value gains and losses, are recognised. The following table analyses the carrying amounts of the financial assets and liabilities by category and by balance sheet heading. Mandatorily held at fair value Derivatives Held for Other Designated at At fair value Held at Insurance Total At 31 December 2019 Financial assets Cash and balances at central banks – – – – – 55,130 – 55,130 Items in the course of collection from banks – – – – – 313 – 313 Financial assets at fair value through profit or loss – 17,982 142,207 – – – – 160,189 Derivative financial instruments 1,236 25,133 – – – – – 26,369 Loans and advances to banks – – – – – 9,775 – 9,775 Loans and advances to customers – – – – – 494,988 – 494,988 Debt securities – – – – – 5,544 – 5,544 Financial assets at amortised cost – – – – – 510,307 – 510,307 Financial assets at fair value through other comprehensive income – – – – 25,092 – – 25,092 Assets arising from reinsurance contracts held – – – – – – 23,567 23,567 Total financial assets 1,236 43,115 142,207 – 25,092 565,750 23,567 800,967 Financial liabilities Deposits from banks – – – – – 28,179 – 28,179 Customer deposits – – – – – 421,320 – 421,320 Items in course of transmission to banks – – – – – 373 – 373 Financial liabilities at fair value through profit or loss – 13,955 – 7,531 – – – 21,486 Derivative financial instruments 1,105 24,674 – – – – – 25,779 Notes in circulation – – – – – 1,079 – 1,079 Debt securities in issue – – – – – 97,689 – 97,689 Liabilities arising from insurance contracts and participating investment contracts – – – – – – 111,449 111,449 Liabilities arising from non-participating investment contracts – – – – – – 37,459 37,459 Other – – – – – 1,844 400 2,244 Subordinated liabilities – – – – – 17,130 – 17,130 Total financial liabilities 1,105 38,629 – 7,531 – 567,614 149,308 764,187 Mandatorily held at fair value Derivatives Held for Other Designated at At fair value Held at Insurance Total At 31 December 2018 Financial assets Cash and balances at central banks – – – – – 54,663 – 54,663 Items in the course of collection from banks – – – – – 647 – 647 Financial assets at fair value through profit or loss – 35,246 123,283 – – – – 158,529 Derivative financial instruments 1,563 22,032 – – – – – 23,595 Loans and advances to banks – – – – – 6,283 – 6,283 Loans and advances to customers – – – – – 484,858 – 484,858 Debt securities – – – – – 5,238 – 5,238 Financial assets at amortised cost – – – – – 496,379 – 496,379 Financial assets at fair value through other comprehensive income – – – – 24,815 – – 24,815 Assets arising from reinsurance contracts held – – – – – – 7,860 7,860 Total financial assets 1,563 57,278 123,283 – 24,815 551,689 7,860 766,488 Financial liabilities Deposits from banks – – – – – 30,320 – 30,320 Customer deposits – – – – – 418,066 – 418,066 Items in course of transmission to banks – – – – – 636 – 636 Financial liabilities at fair value through profit or loss – 23,451 – 7,096 – – – 30,547 Derivative financial instruments 1,108 20,265 – – – – – 21,373 Notes in circulation – – – – – 1,104 – 1,104 Debt securities in issue – – – – – 91,168 – 91,168 Liabilities arising from insurance contracts and participating investment contracts – – – – – – 98,874 98,874 Liabilities arising from non-participating investment contracts – – – – – – 13,853 13,853 Other – – – – – 46 382 428 Subordinated liabilities – – – – – 17,656 – 17,656 Total financial liabilities 1,108 43,716 – 7,096 – 558,996 113,109 724,025 (2) Fair value measurement 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. It is a measure as at a specific date and may be significantly different from the amount which will actually be paid or received on maturity or settlement date. Wherever possible, fair values have been calculated using unadjusted quoted market prices in active markets for identical instruments held by the Group. Where quoted market prices are not available, or are unreliable because of poor liquidity, fair values have been determined using valuation techniques which, to the extent possible, use market observable inputs, but in some cases use non-market observable inputs. Valuation techniques used include discounted cash flow analysis and pricing models and, where appropriate, comparison to instruments with characteristics similar to those of the instruments held by the Group. The Group measures valuation adjustments for its derivative exposures on the same basis as the derivatives are managed. The carrying amount of the following financial instruments is a reasonable approximation of fair value: cash and balances at central banks, items in the course of collection from banks, assets arising from reinsurance contracts held, items in course of transmission to banks, notes in circulation and liabilities arising from non-participating investment contracts. Because a variety of estimation techniques are employed and significant estimates made, comparisons of fair values between financial institutions may not be meaningful. Readers of these financial statements are thus advised to use caution when using this data to evaluate the Group’s financial position. Fair value information is not provided for items that are not financial instruments or for other assets and liabilities which are not carried at fair value in the Group’s consolidated balance sheet. These items include intangible assets, such as the value of the Group’s branch network, the long-term relationships with depositors and credit card relationships; premises and equipment; and shareholders’ equity. These items are material and accordingly the Group believes that the fair value information presented does not represent the underlying value of the Group. VALUATION CONTROL FRAMEWORK The key elements of the control framework for the valuation of financial instruments include model validation, product implementation review and independent price verification. These functions are carried out by appropriately skilled risk and finance teams, independent of the business area responsible for the products. Model validation covers both qualitative and quantitative elements relating to new models. In respect of new products, a product implementation review is conducted pre- and post-trading. Pre-trade testing ensures that the new model is integrated into the Group’s systems and that the profit and loss and risk reporting are consistent throughout the trade life cycle. Post-trade testing examines the explanatory power of the implemented model, actively monitoring model parameters and comparing in-house pricing to external sources. Independent price verification procedures cover financial instruments carried at fair value. The frequency of the review is matched to the availability of independent data, monthly being the minimum. Valuation differences in breach of established thresholds are escalated to senior management. The results from independent pricing and valuation reserves are reviewed monthly by senior management. Formal committees, consisting of senior risk, finance and business management, meet at least quarterly to discuss and approve valuations in more judgemental areas, in particular for unquoted equities, structured credit, over-the-counter options and the Credit Valuation Adjustment (CVA) reserve. VALUATION OF FINANCIAL ASSETS AND LIABILITIES Assets and liabilities carried at fair value or for which fair values are disclosed have been classified into three levels according to the quality and reliability of information used to determine the fair values. LEVEL 1 Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets or liabilities. Products classified as level 1 predominantly comprise equity shares, treasury bills and other government securities. LEVEL 2 Level 2 valuations are those where quoted market prices are not available, for example where the instrument is traded in a market that is not considered to be active or valuation techniques are used to determine fair value and where these techniques use inputs that are based significantly on observable market data. Examples of such financial instruments include most over-the-counter derivatives, financial institution issued securities, certificates of deposit and certain asset-backed securities. LEVEL 3 Level 3 portfolios are those where at least one input which could have a significant effect on the instrument’s valuation is not based on observable market data. Such instruments would include the Group’s venture capital and unlisted equity investments which are valued using various valuation techniques that require significant management judgement in determining appropriate assumptions, including earnings multiples and estimated future cash flows. Certain of the Group’s asset-backed securities and derivatives, principally where there is no trading activity in such securities, are also classified as level 3. Transfers out of the level 3 portfolio arise when inputs that could have a significant impact on the instrument’s valuation become market observable after previously having been non-market observable. In the case of asset-backed securities this can arise if more than one consistent independent source of data becomes available. Conversely transfers into the portfolio arise when consistent sources of data cease to be available. (3) Financial assets and liabilities carried at fair value (A) FINANCIAL ASSETS, EXCLUDING DERIVATIVES VALUATION HIERARCHY At 31 December 2019, the Group’s financial assets carried at fair value, excluding derivatives, totalled £185,281 million (31 December 2018: £183,344 million). The table below analyses these financial assets by balance sheet classification, asset type and valuation methodology (level 1, 2 or 3, as described on page F-85). The fair value measurement approach is recurring in nature. There were no significant transfers between level 1 and 2 during the year. Valuation hierarchy Level 1 Level 2 Level 3 Total £m £m £m £m At 31 December 2019 Financial assets at fair value through profit or loss Loans and advances to customers – 10,164 10,912 21,076 Loans and advances to banks 18 2,381 – 2,399 Debt securities: Government securities 18,618 236 – 18,854 Other public sector securities – 2,071 55 2,126 Bank and building society certificates of deposit 52 932 – 984 Asset-backed securities: Mortgage-backed securities – 468 – 468 Other asset-backed securities – 158 100 258 Corporate and other debt securities – 16,381 1,835 18,216 18,670 20,246 1,990 40,906 Treasury and other bills 19 – – 19 Equity shares 93,766 17 2,006 95,789 Total financial assets at fair value through profit or loss 112,473 32,808 14,908 160,189 Financial assets at fair value through other comprehensive income Debt securities: Government securities 12,860 238 – 13,098 Bank and building society certificates of deposit – – – – Asset-backed securities: Mortgage-backed securities – – 121 121 Other asset-backed securities – – 60 60 Corporate and other debt securities 16 11,035 – 11,051 12,876 11,273 181 24,330 Treasury and other bills 535 – – 535 Equity shares – – 227 227 Total financial assets at fair value through other comprehensive income 13,411 11,273 408 25,092 Total financial assets carried at fair value, excluding derivatives 125,884 44,081 15,316 185,281 Level 1 Level 2 Level 3 Total £m £m £m £m At 31 December 2018 Financial assets at fair value through profit or loss Loans and advances to customers – 27,285 10,565 37,850 Loans and advances to banks – 3,026 – 3,026 Debt securities: Government securities 17,926 169 – 18,095 Other public sector securities – 2,064 – 2,064 Bank and building society certificates of deposit 84 1,021 – 1,105 Asset-backed securities: Mortgage-backed securities – 219 6 225 Other asset-backed securities – 231 118 349 Corporate and other debt securities – 16,840 1,470 18,310 18,010 20,544 1,594 40,148 Treasury and other bills 20 – – 20 Equity shares 75,701 26 1,758 77,485 Total financial assets at fair value through profit or loss 93,731 50,881 13,917 158,529 Financial assets at fair value through other comprehensive income Debt securities: Government securities 18,847 124 – 18,971 Bank and building society certificates of deposit – 118 – 118 Asset-backed securities: Mortgage-backed securities – – 120 120 Other asset-backed securities – 5 126 131 Corporate and other debt securities 32 5,119 – 5,151 18,879 5,366 246 24,491 Treasury and other bills 303 – – 303 Equity shares – – 21 21 Total financial assets at fair value through other comprehensive income 19,182 5,366 267 24,815 Total financial assets carried at fair value, excluding derivatives 112,913 56,247 14,184 183,344 MOVEMENTS IN LEVEL 3 PORTFOLIO The table below analyses movements in level 3 financial assets, excluding derivatives, carried at fair value (recurring measurement). 2019 2018 Financial assets Financial assets Total level 3 ) Financial assets Financial assets Total level 3 ) £m £m £m £m £m £m At 1 January 13,917 267 14,184 14,152 302 14,454 Exchange and other adjustments (85 ) (10 ) (95 ) 87 (2 ) 85 Gains recognised in the income statement within other income 794 – 794 439 – 439 (Losses) gains recognised in other comprehensive income within the revaluation reserve in respect of financial assets at fair value through other comprehensive income – 12 12 – (4 ) (4 ) Purchases/increases to customer loans 2,579 207 2,786 2,480 2 2,482 Sales (2,807 ) (87 ) (2,894 ) (3,593 ) (95 ) (3,688 ) Transfers into the level 3 portfolio 644 19 663 815 348 1,163 Transfers out of the level 3 portfolio (134 ) – (134 ) (463 ) (284 ) (747 ) At 31 December 14,908 408 15,316 13,917 267 14,184 Gains (losses) recognised in the income statement, within other income, relating to the change in fair value of those assets held at 31 December 269 – 269 (104 ) – (104 ) VALUATION METHODOLOGY FOR FINANCIAL ASSETS, EXCLUDING DERIVATIVES Loans and advances to customers and banks The fair value of these assets is determined using discounted cash flow techniques. The discount rates are derived from market observable interest rates, a risk margin that reflects loan credit ratings and an incremental illiquidity premium based on historical spreads at origination on similar loans. Debt securities Debt securities measured at fair value and classified as level 2 are valued by discounting expected cash flows using an observable credit spread applicable to the particular instrument. Where there is limited trading activity in debt securities, the Group uses valuation models, consensus pricing information from third party pricing services and broker or lead manager quotes to determine an appropriate valuation. Debt securities are classified as level 3 if there is a significant valuation input that cannot be corroborated through market sources or where there are materially inconsistent values for an input. Asset classes classified as level 3 mainly comprise certain collateralised loan obligations and collateralised debt obligations. Equity investments Unlisted equity and fund investments are valued using different techniques in accordance with the Group’s valuation policy and International Private Equity and Venture Capital Guidelines. Depending on the business sector and the circumstances of the investment, unlisted equity valuations are based on earnings multiples, net asset values or discounted cash flows. – A number of earnings multiples are used in valuing the portfolio including price earnings, earnings before interest and tax and earnings before interest, tax, depreciation and amortisation. The particular multiple selected being appropriate for the type of business being valued and is derived by reference to the current market-based multiple. Consideration is given to the risk attributes, growth prospects and financial gearing of comparable businesses when selecting an appropriate multiple. – Discounted cash flow valuations use estimated future cash flows, usually based on management forecasts, with the application of appropriate exit yields or terminal multiples and discounted using rates appropriate to the specific investment, business sector or recent economic rates of return. Recent transactions involving the sale of similar businesses may sometimes be used as a frame of reference in deriving an appropriate multiple. – For fund investments the most recent capital account value calculated by the fund manager is used as the basis for the valuation and adjusted, if necessary, to align valuation techniques with the Group’s valuation policy. Unlisted equity investments and investments in property partnerships held in the life assurance funds are valued using third party valuations. Management take account of any pertinent information, such as recent transactions and information received on particular investments, to adjust the third party valuations where necessary. (B) FINANCIAL LIABILITIES, EXCLUDING DERIVATIVES VALUATION HIERARCHY At 31 December 2019, the Group’s financial liabilities carried at fair value, excluding derivatives, comprised its financial liabilities at fair value through profit or loss and totalled £21,486 million (31 December 2018: £30,547 million). The table below analyses these financial liabilities by balance sheet classification and valuation methodology (level 1, 2 or 3, as described on page F-85). The fair value measurement approach is recurring in nature. There were no significant transfers between level 1 and 2 during the year. Level 1 Level 2 Level 3 Total £m £m £m £m At 31 December 2019 Financial liabilities at fair value through profit or loss Liabilities designated at fair value through profit or loss – 7,483 48 7,531 Trading liabilities: Liabilities in respect of securities sold under repurchase agreements – 11,048 – 11,048 Other deposits – 98 – 98 Short positions in securities 2,781 28 – 2,809 2,781 11,174 – 13,955 Total financial liabilities carried at fair value, excluding derivatives 2,781 18,657 48 21,486 At 31 December 2018 Financial liabilities at fair value through profit or loss Liabilities designated at fair value through profit or loss – 7,085 11 7,096 Trading liabilities: Liabilities in respect of securities sold under repurchase agreements – 21,595 – 21,595 Other deposits – 242 – 242 Short positions in securities 1,464 150 – 1,614 1,464 21,987 – 23,451 Total financial liabilities carried at fair value, excluding derivatives 1,464 29,072 11 30,547 The table below analyses movements in the level 3 financial liabilities portfolio, excluding derivatives. 2019 2018 £m £m At 1 January 11 – Losses (gains) recognised in the income statement within other income – – Redemptions (5 ) – Transfers into the level 3 portfolio 52 11 Transfers out of the level 3 portfolio (10 ) – At 31 December 48 11 Gains recognised in the income statement, within other income, relating to the change in fair value of those liabilities held at 31 December – – VALUATION METHODOLOGY FOR FINANCIAL LIABILITIES, EXCLUDING DERIVATIVES Liabilities held at fair value through profit or loss These principally comprise debt securities in issue which are classified as level 2 and their fair value is determined using techniques whose inputs are based on observable market data. The carrying amount of the securities is adjusted to reflect the effect of changes in own credit spreads and the resulting gain or loss is recognised in other comprehensive income. At 31 December 2019, the own credit adjustment arising from the fair valuation of £7,531 million (2018: £7,085 million) of the Group’s debt securities in issue designated at fair value through profit or loss resulted in a loss of £419 million (2018: gain of £533 million), before tax, recognised in other comprehensive income. Trading liabilities in respect of securities sold under repurchase agreements The fair value of these liabilities is determined using discounted cash flow techniques. The discount rates are derived from observable repo curves specific to the type of security sold under the repurchase agreement. (C) DERIVATIVES All of the Group’s derivative assets and liabilities are carried at fair value. At 31 December 2019, such assets totalled £26,369 million (31 December 2018: £23,595 million) and liabilities totalled £25,779 million (31 December 2018: £21,373 million). The table below analyses these derivative balances by valuation methodology (level 1, 2 or 3, as described on page F-85). The fair value measurement approach is recurring in nature. There were no significant transfers between level 1 and level 2 during the year. 2019 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total £m £m £m £m £m £m £m £m Derivative assets 50 25,456 863 26,369 93 22,575 927 23,595 Derivative liabilities (54 ) (24,358 ) (1,367 ) (25,779 ) (132 ) (20,525 ) (716 ) (21,373 ) Where the Group’s derivative assets and liabilities are not traded on an exchange, they are valued using valuation techniques, including discounted cash flow and options pricing models, as appropriate. The types of derivatives classified as level 2 and the valuation techniques used include: – Interest rate swaps which are valued using discounted cash flow models; the most significant inputs into those models are interest rate yield curves which are developed from publicly quoted rates. – Foreign exchange derivatives that do not contain options which are priced using rates available from publicly quoted sources. – Credit derivatives which are valued using standard models with observable inputs, except for the items classified as level 3, which are valued using publicly available yield and credit default swap (CDS) curves. – Less complex interest rate and foreign exchange option products which are valued using volatility surfaces developed from publicly available interest rate cap, interest rate swaption and other option volatilities; option volatility skew information is derived from a market standard consensus pricing service. For more complex option products, the Group calibrates its models using observable at-the-money data; where necessary, the Group adjusts for out-of-the-money positions using a market standard consensus pricing service. Complex interest rate and foreign exchange products where there is significant dispersion of consensus pricing or where implied funding costs are material and unobservable are classified as level 3. Where credit protection, usually in the form of credit default swaps, has been purchased or written on asset-backed securities, the security is referred to as a negative basis asset-backed security and the resulting derivative assets or liabilities have been classified as either level 2 or level 3 according to the classification of the underlying asset-backed security. Certain unobservable inputs used to calculate CVA, FVA, and own credit adjustments, are not significant in determining the classification of the derivative and debt instruments. Consequently, these inputs do not form part of the Level 3 sensitivities presented. The table below analyses movements in level 3 derivative assets and liabilities carried at fair value. 2019 2018 Derivative Derivative Derivative Derivative £m £m £m £m At 1 January 927 (716 ) 1,056 (804 ) Exchange and other adjustments (27 ) 4 7 (5 ) Losses (gains) recognised in the income statement within other income 81 (75 ) (84 ) 49 Purchases (additions) 4 (4 ) – (68 ) (Sales) redemptions (19 ) 47 (52 ) 112 Transfers into the level 3 portfolio 415 (959 ) – – Transfers out of the level 3 portfolio (518 ) 336 – – At 31 December 863 (1,367 ) 927 (716 ) Gains (losses) recognised in the income statement, within other income, relating to the change in fair value of those assets or liabilities held at 31 December (14 ) 18 (424 ) 82 DERIVATIVE VALUATION ADJUSTMENTS Derivative financial instruments which are carried in the balance sheet at fair value are adjusted where appropriate to reflect credit risk, market liquidity and other risks. (i) Uncollateralised derivative valuation adjustments, excluding monoline counterparties The following table summarises the movement on this valuation adjustment account during 2018 and 2019: 2019 2018 £m £m At 1 January 562 521 Income statement charge (credit) (134 ) 47 Transfers (5 ) (6 ) At 31 December 423 562 Represented by: 2019 2018 £m £m Credit Valuation Adjustment 278 409 Debit Valuation Adjustment (27 ) (79 ) Funding Valuation Adjustment 172 232 423 562 Credit and Debit Valuation Adjustments (CVA and DVA) are applied to the Group’s over-the-counter derivative exposures with counterparties that are not subject to standard interbank collateral arrangements. These exposures largely relate to the provision of risk management solutions for corporate customers within the Commercial Banking division. A CVA is taken where the Group has a positive future uncollateralised exposure (asset). A DVA is taken where the Group has a negative future uncollateralised exposure (liability). These adjustments reflect interest rates and expectations of counterparty creditworthiness and the Group’s own credit spread respectively. The CVA is sensitive to: – the current size of the mark-to-market position on the uncollateralised asset; – expectations of future market volatility of the underlying asset; and – expectations of counterparty creditworthiness. In circumstances where exposures to a counterparty become impaired, any associated derivative valuation adjustment is transferred and assessed for specific loss alongside other non-derivative assets and liabilities that the counterparty may have with the Group. Market Credit Default Swap (CDS) spreads are used to develop the probability of default for quoted counterparties. For unquoted counterparties, internal credit ratings and market sector CDS curves and recovery rates are used. The Loss Given Default (LGD) is based on market recovery rates and internal credit assessments. The combination of a one notch deterioration in the credit rating of derivative counterparties and a ten per cent increase in LGD increases the CVA by £60 million. Current market value is used to estimate the projected exposure for products not supported by the model, which are principally complex interest rate options that are traded in very low volumes. For these, the CVA is calculated on an add-on basis (although no such adjustment was required at 31 December 2019). The DVA is sensitive to: – the current size of the mark-to-market position on the uncollateralised liability; – expectations of future market volatility of the underlying liability; and – the Group’s own CDS spread. A one per cent rise in the CDS spread would lead to an increase in the DVA of £99 million. The risk exposures that are used for the CVA and DVA calculations are strongly influenced by interest rates. Due to the nature of the Group’s business the CVA/DVA exposures tend to be on average the same way around such that the valuation adjustments fall when interest rates rise. A one per cent rise in interest rates would lead to a £63 million fall in the overall valuation adjustment to £188 million. The CVA model used by the Group does not assume any correlation between the level of interest rates and default rates. The Group has also recognised a Funding Valuation Adjustment to adjust for the net cost of funding uncollateralised derivative positions. This adjustment is calculated on the expected future exposure discounted at a suitable cost of funds. A ten basis points increase in the cost of funds will increase the funding valuation adjustment by approximately £21 million. (ii) Market liquidity The Group includes mid to bid-offer valuation adjustments against the expected cost of closing out the net market risk in the Group’s trading positions within a timeframe that is consistent with historical trading activity and spreads that the trading desks have accessed historically during the ordinary course of business in normal market conditions. At 31 December 2019, the Group’s derivative trading business held mid to bid-offer valuation adjustments of £80 million (2018: £80 million). (D) SENSITIVITY OF LEVEL 3 VALUATIONS At 31 December 2019 At 31 December 2018 Effect of reasonably possible 2 Effect of reasonably possible 2 Significant unobservable Carrying Favourable Unfavourable Carrying Favourable Unfavourable Valuation techniques inputs 1 £m £m £m £m £m £m Financial assets at fair value through profit or loss Loans and advances to customers Discounted cash flows Interest rate spreads (bps) 47bps/108bps 10,912 401 (384 ) 10,565 380 (371 ) Debt securities Discounted cash flows Credit spreads (bps) (1bps/2bps) 61 1 (1 ) 274 92 (21 ) Equity and venture capital investments Market approach Earnings multiple (1.5//15.4) 1,948 89 (89 ) 1,657 54 (55 ) Underlying asset/net asset value (incl. property prices) 3 n/a 935 89 (113 ) 523 48 (57 ) Unlisted equities, debt securities and property partnerships in the life funds Underlying asset/net asset value (incl. property prices), broker quotes or discounted cash flows 3 n/a 1,052 19 (41 ) 898 2 (45 ) 14,908 13,917 Financial assets at fair value through other comprehensive income Asset-backed securities Lead manager or broker quote/consensus pricing n/a 181 6 (6 ) 246 3 (5 ) Equity and venture capital investments Underlying asset/net asset value (incl. property prices) 3 n/a 227 7 (6 ) 21 2 (2 ) 408 267 Derivative financial assets Interest rate derivatives Option pricing model Interest rate volatility (14%/115%) 863 5 (6 ) 927 7 (5 ) 863 927 Level 3 financial assets carried at fair value 16,179 15,111 Financial liabilities at fair value through profit or loss Discounted cash flows Interest rate spreads (+/–50bps) 48 1 (1 ) 11 – – Derivative financial liabilities Interest rate derivatives Option pricing model Interest rate volatility (14%/115%) 1,367 – – 716 – – 1,367 716 Level 3 financial liabilities carried at fair value 1,415 727 1 Ranges are shown where appropriate and represent the highest and lowest inputs used in the level 3 valuations. 2 Where the exposure to an unobservable input is managed on a net basis, only the net impact is shown in the table. 3 Underlying asset/net asset values represent fair value. UNOBSERVABLE INPUTS Significant unobservable inputs affecting the valuation of debt securities, unlisted equity investments and derivatives are as follows: – Interest rates and inflation rates are referenced in some derivatives where the payoff that the holder of the derivative receives depends on the behaviour of those underlying references through time. – Credit spreads represent the premium above the benchmark reference instrument required to compensate for lower credit quality; higher spreads lead to a lower fair value. – Volatility parameters represent key attributes of option behaviour; higher volatilities typically denote a wider range of possible outcomes. – Earnings multiples are used to value certain unlisted equity investments; a higher earnings multiple will result in a higher fair value. REASONABLY POSSIBLE ALTERNATIVE ASSUMPTIONS Valuation techniques applied to many of the Group’s level 3 instruments often involve the use of two or more inputs whose relationship is interdependent. The calculation of the effect of reasonably possible alternative assumptions included in the table above reflects such relationships. Debt securities Reasonably possible alternative assumptions have been determined in respect of the Group’s structured credit investment by flexing credit spreads. Derivatives Reasonably possible alternative assumptions have been determined in respect of swaptions in the Group’s derivative portfolios which are priced using industry standard option pricing models. Such models require interest rate volatilities which may be unobservable at longer maturities. To derive reasonably possible alternative valuations these volatilities have been flexed within a range of 10 per cent to 128 per cent (2018: 19 per cent to 80 per cent). Unlisted equity, venture capital investments and investments in property partnerships The valuation techniques used for unlisted equity and venture capital investments vary depending on the nature of the investment. Reasonably possible alternative valuations for these investments have been calculated by reference to the approach taken, as appropriate to the business sector and investment circumstances and a |
TRANSFERS OF FINANCIAL ASSETS
TRANSFERS OF FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of transferred financial assets that are not derecognised in their entirety [text block] [Abstract] | |
Disclosure of transferred financial assets that are not derecognised in their entirety [text block] | NOTE 51: TRANSFERS OF FINANCIAL ASSETS There were no significant transferred financial assets which were derecognised in their entirety, but with ongoing exposure. Details of transferred financial assets that continue to be recognised in full are as follows. The Group enters into repurchase and securities lending transactions in the normal course of business that do not result in derecognition of the financial assets as substantially all of the risks and rewards, including credit, interest rate, prepayment and other price risks are retained by the Group. In all cases, the transferee has the right to sell or repledge the assets concerned. As set out in note 31, included within financial assets measured at amortised cost are loans transferred under the Group’s securitisation and covered bond programmes. As the Group retains all of a majority of the risks and rewards associated with these loans, including credit, interest rate, prepayment and liquidity risk, they remain on the Group’s balance sheet. Assets transferred into the Group’s securitisation and covered bond programmes are not available to be used by the Group whilst the assets are within the programmes. However, the Group retains the right to remove loans from the covered bond programmes where they are in excess of the programme’s requirements. In addition, where the Group has retained some of the notes issued by securitisation and covered bond programmes, the Group has the ability to sell or pledge these retained notes. The table below sets out the carrying values of the transferred assets and the associated liabilities. For repurchase and securities lending transactions, the associated liabilities represent the Group’s obligation to repurchase the transferred assets. For securitisation programmes, the associated liabilities represent the external notes in issue (note 31). Except as otherwise noted below, none of the liabilities shown in the table below have recourse only to the transferred assets. 2019 2018 Carrying Carrying Carrying Carrying Repurchase and securities lending transactions Financial assets at fair value through profit or loss 9,186 3,364 6,815 961 Financial assets at fair value through other comprehensive income 7,897 5,875 7,279 5,337 Securitisation programmes Financial assets at amortised cost: Loans and advances to customers 1 42,545 7,335 41,674 5,479 1 The carrying value of associated liabilities excludes securitisation notes held by the Group of £31,436 million (31 December 2018: £31,701 million). |
OFFSETTING OF FINANCIAL ASSETS
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of offsetting of financial assets and financial liabilities [text block] [Abstract] | |
Disclosure of offsetting of financial assets and financial liabilities [text block] | NOTE 52: OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES The following information relates to financial assets and liabilities which have been offset in the balance sheet and those which have not been offset but for which the Group has enforceable master netting agreements or collateral arrangements in place with counterparties. Related amounts where set off in the balance sheet not permitted 3 Potential At 31 December 2019 Gross amounts of assets and liabilities 1 £m Amounts offset in the balance sheet 2 £m Net amounts Cash collateral Non-cash if offset Financial assets Financial assets at fair value through profit or loss: Excluding reverse repos 148,920 – 148,920 – (2,825 ) 146,095 Reverse repos 24,165 (12,896 ) 11,269 (366 ) (10,903 ) – 173,085 (12,896 ) 160,189 (366 ) (13,728 ) 146,095 Derivative financial instruments 79,735 (53,366 ) 26,369 (7,650 ) (13,892 ) 4,827 Loans and advances to banks: Excluding reverse repos 8,220 – 8,220 (3,377 ) – 4,843 Reverse repos 1,555 – 1,555 – (1,555 ) – 9,775 – 9,775 (3,377 ) (1,555 ) 4,843 Loans and advances to customers: Excluding reverse repos 440,388 – 440,388 (2,392 ) (2,123 ) 435,873 Reverse repos 58,959 (4,359 ) 54,600 – (54,600 ) – 499,347 (4,359 ) 494,988 (2,392 ) (56,723 ) 435,873 Debt securities 5,544 – 5,544 – (211 ) 5,333 Financial assets at fair value through other comprehensive income 25,092 – 25,092 – (5,859 ) 19,233 Financial liabilities Deposits from banks: Excluding repos 10,074 – 10,074 (8,016 ) – 2,058 Repos 18,105 – 18,105 – (18,105 ) – 28,179 – 28,179 (8,016 ) (18,105 ) 2,058 Customer deposits: Excluding repos 413,659 (1,869 ) 411,790 (1,850 ) (2,123 ) 407,817 Repos 9,530 – 9,530 – (9,530 ) – 423,189 (1,869 ) 421,320 (1,850 ) (11,653 ) 407,817 Financial liabilities at fair value through profit or loss: Excluding repos 10,438 – 10,438 – – 10,438 Repos 28,303 (17,255 ) 11,048 – (11,048 ) – 38,741 (17,255 ) 21,486 – (11,048 ) 10,438 Derivative financial instruments 77,276 (51,497 ) 25,779 (5,770 ) (16,364 ) 3,645 Related amounts where set off in the balance sheet not permitted 3 Potential At 31 December 2018 Gross amounts of assets and liabilities 1 £m Amounts offset in the balance sheet 2 £m Net amounts Cash collateral Non-cash if offset Financial assets Financial assets at fair value through profit or loss: Excluding reverse repos 130,172 – 130,172 – (978 ) 129,194 Reverse repos 33,472 (5,115 ) 28,357 (622 ) (27,735 ) – 163,644 (5,115 ) 158,529 (622 ) (28,713 ) 129,194 Derivative financial instruments 78,607 (55,012 ) 23,595 (6,039 ) (15,642 ) 1,914 Loans and advances to banks: Excluding reverse repos 5,822 – 5,822 (2,676 ) – 3,146 Reverse repos 461 – 461 – (461 ) – 6,283 – 6,283 (2,676 ) (461 ) 3,146 Loans and advances to customers: Excluding reverse repos 447,020 (2,645 ) 444,375 (1,319 ) (3,241 ) 439,815 Reverse repos 42,494 (2,011 ) 40,483 – (40,483 ) – 489,514 (4,656 ) 484,858 (1,319 ) (43,724 ) 439,815 Debt securities 5,238 – 5,238 – – 5,238 Financial assets at fair value through other comprehensive income 24,815 – 24,815 – (5,361 ) 19,454 Financial liabilities Deposits from banks: Excluding repos 9,150 – 9,150 (5,291 ) – 3,859 Repos 21,170 – 21,170 – (21,170 ) – 30,320 – 30,320 (5,291 ) (21,170 ) 3,859 Customer deposits: Excluding repos 417,652 (1,404 ) 416,248 (1,370 ) (3,241 ) 411,637 Repos 1,818 – 1,818 – (1,818 ) – 419,470 (1,404 ) 418,066 (1,370 ) (5,059 ) 411,637 Financial liabilities at fair value through profit or loss: Excluding repos 8,952 – 8,952 – – 8,952 Repos 28,721 (7,126 ) 21,595 – (21,595 ) – 37,673 (7,126 ) 30,547 – (21,595 ) 8,952 Derivative financial instruments 77,626 (56,253 ) 21,373 (3,995 ) (17,313 ) 65 1 After impairment allowance. 2 The amounts set off in the balance sheet as shown above represent derivatives and repurchase agreements with central clearing houses which meet the criteria for offsetting under IAS 32. 3 The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements. The Group holds and provides cash and securities collateral in respective of derivative transactions covered by these agreements. The right to set off balances under these master netting agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32. The effects of over collateralisation have not been taken into account in the above table. |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of financial risk management [text block] [Abstract] | |
Disclosure of financial risk management [text block] | NOTE 53: FINANCIAL RISK MANAGEMENT As a bancassurer, financial instruments are fundamental to the Group’s activities and, as a consequence, the risks associated with financial instruments represent a significant component of the risks faced by the Group. The primary risks affecting the Group through its use of financial instruments are: credit risk; market risk, which includes interest rate risk and foreign exchange risk; liquidity risk; capital risk; and insurance risk. Information about the Group’s exposure to each of the above risks and capital can be found on pages 41 to 108. The following additional disclosures, which provide quantitative information about the risks within financial instruments held or issued by the Group, should be read in conjunction with that earlier information. Market risk (A) INTEREST RATE RISK Interest rate risk arises from the different repricing characteristics of the assets and liabilities. Liabilities are either insensitive to interest rate movements, for example interest free or very low interest customer deposits, or are sensitive to interest rate changes but bear rates which may be varied at the Group’s discretion and that for competitive reasons generally reflect changes in the Bank of England’s base rate. The rates on the remaining deposits are contractually fixed for their term to maturity. Many banking assets are sensitive to interest rate movements; there is a large volume of managed rate assets such as variable rate mortgages which may be considered as a natural offset to the interest rate risk arising from the managed rate liabilities. However, a significant proportion of the Group’s lending assets, for example many personal loans and mortgages, bear interest rates which are contractually fixed. The Group’s risk management policy is to optimise reward whilst managing its market risk exposures within the risk appetite defined by the Board. The largest residual risk exposure arises from balances that are deemed to be insensitive to changes in market rates (including current accounts, a portion of variable rate deposits and investable equity), and is managed through the Group’s structural hedge. The structural hedge consists of longer-term fixed rate assets or interest rate swaps and the amount and duration of the hedging activity is reviewed regularly by the Group Asset and Liability Committee. Further details on the Group market risk policy can be found on page 102. The Group establishes hedge accounting relationships for interest rate risk using cash flow hedges and fair value hedges. The Group is exposed to cash flow interest rate risk on its variable rate loans and deposits together with its floating rate subordinated debt. The derivatives used to manage the structural hedge may be designated into cash flow hedges to manage income statement volatility. The economic items related to the structural hedge, for example current accounts, are not eligible hedged items under IAS 39 for inclusion into accounting hedge relationships. The Group is exposed to fair value interest rate risk on its fixed rate customer loans, its fixed rate customer deposits and the majority of its subordinated debt, and to cash flow interest rate risk on its variable rate loans and deposits together with its floating rate subordinated debt. The Group applies netting between similar risks before applying hedge accounting. Hedge ineffectiveness arises during the management of interest rate risk due to residual unhedged risk. Sources of ineffectiveness, which the Group may decide to not fully mitigate, can include basis differences, timing differences and notional amount differences. The effectiveness of accounting hedge relationships is assessed between the hedging derivatives and the documented hedged item, which can differ to the underlying economically hedged item. At 31 December 2019 the aggregate notional principal of interest rate swaps designated as fair value hedges was £183,489 million (2018: £150,971 million) with a net fair value asset of £569 million (2018: asset of £760 million) (note 17). The gains on the hedging instruments were £1,144 million (2018: gains of £94 million). The losses on the hedged items attributable to the hedged risk were £1,001 million (2018: losses of £32 million). The gains and losses relating to the fair value hedges are recorded in net trading income. In addition the Group has cash flow hedges which are primarily used to hedge the variability in the cost of funding within the commercial business. The notional principal of the interest rate swaps designated as cash flow hedges at 31 December 2019 was £426,740 million (2018: £556,945 million) with a net fair value liability of £388 million (2018: liability of £486 million) (note 17). In 2019, ineffectiveness recognised in the income statement that arises from cash flow hedges was a gain of £134 million (2018: loss of £25 million). INTEREST RATE BENCHMARK REFORM As discussed in note 1, the Group has applied the hedge accounting amendments Interest Rate Benchmark Reform – determining whether a forecast transaction is highly probable; – determining whether the hedged future cash flows are expected to occur; – determining whether a hedge is expected to be highly effective in achieving offsetting changes in fair value or cash flows attributable to the hedged risk; and – determining whether an accounting hedging relationship should be discontinued because of a failure of the retrospective effectiveness test the Group has assumed that the interest rate benchmark on which the hedged risk or the cash flows of the hedged item or hedging instrument are based is not altered by uncertainties resulting from the proposed interest rate benchmark reform. In addition, for a fair value hedge of a non-contractually specified benchmark portion of interest rate risk, the Group assesses only at inception of the hedge relationship and not on an ongoing basis that the risk is separately identifiable and hedge effectiveness can be measured. The Group’s most significant hedge accounting relationships are exposed to the following interest rate benchmarks: Sterling LIBOR, US Dollar LIBOR and Euro LIBOR. The notional of the hedged items that the Group has designated into cash flow hedge relationships that is directly affected by the interest rate benchmark reform is £29,202 million, of which £25,438 million relates to Sterling LIBOR. These are principally loans and advances to customers in Commercial Banking. In addition, the interest rate benchmark reforms affect assets designated in fair value hedges with a notional of £102,969 million, of which £98,278 million is in respect of sterling LIBOR, and liabilities designated in fair value hedges with a notional of £62,295 million, of which £9,186 million is in respect of sterling LIBOR. These fair value hedges principally relate to mortgages in Retail and debt securities in issue. The Group is managing the process to transition to alternative benchmark rates under its Group-wide IBOR Transition Programme. This programme is working towards ensuring that the Group has the market capability and infrastructure to deal with the reform. The programme also encompasses the associated impacts on accounting and reporting and includes dealing with the impact on hedge accounting relationships of the transition to alternative reference rates. Further information on the Group’s programme is set out on page 45. The significant assumptions and judgements that the Group has made in applying these requirements include the following: – a hedge accounting relationship is assumed to be affected by the interest rate benchmark reform if the reform gives rise to uncertainties about the timing and/or amount of the interest rate benchmark-based cash flows of the hedged items and/or of the hedging instrument; – where the hedged item is a forecast transaction then, in the absence of any certainty in relation to the interest rate benchmark reform, assessments have been determined as to whether the forecast transaction is highly probable assuming that the interest rate benchmark on which the hedged cash flows are based is not altered as a result of the interest rate benchmark reform; – any reclassification of amounts in cash flow hedge reserves to profit or loss have been based on assessing whether the hedged cash flows are no longer expected to occur assuming that the interest rate benchmark on which the hedged cash flows are based is not altered as a result of the interest rate benchmark reform; and – all benchmark rate referenced hedged items and hedging instruments included in hedging relationships are subject to uncertainty due to interest rate benchmark reform. In accordance with the Interest Rate Benchmark Reform amendments to IAS 39, the Group will cease to apply prospectively the reliefs outlined above when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedged item (or for the effectiveness assessments, the hedging instrument). The reliefs will be disapplied earlier if the hedging relationship is discontinued or the entire amount accumulated in the cash flow hedge reserve with respect to that hedging relationship is reclassified to profit or loss for a reason other than interest rate benchmark reform. At 31 December 2019, the notional amount of the hedging instruments in hedging relationships to which these amendments apply was £604,602 million, of which £117,076 million relates to Sterling LIBOR fair value hedges and £400,439 million relates to Sterling LIBOR cash flow hedges. (B) CURRENCY RISK The corporate and retail businesses incur foreign exchange risk in the course of providing services to their customers. All non-structural foreign exchange exposures in the non-trading book are transferred to the trading area where they are monitored and controlled. These risks reside in the authorised trading centres who are allocated exposure limits. The limits are monitored daily by the local centres and reported to the market and liquidity risk function in London. Associated VaR and the closing, average, maximum and minimum are disclosed on page 108. The Group also manages foreign currency risk via cash flow hedge accounting, utilising currency swaps. Risk arises from the Group’s investments in its overseas operations. The Group’s structural foreign currency exposure is represented by the net asset value of the foreign currency equity and subordinated debt investments in its subsidiaries and branches. Gains or losses on structural foreign currency exposures are taken to reserves. The Group ceased all hedging of the currency translation risk of the net investment in foreign operations on 1 January 2018. The Group’s main overseas operations are in the Americas and Europe. Details of the Group’s structural foreign currency exposures are as follows: (C) FUNCTIONAL CURRENCY OF GROUP OPERATIONS 2019 2018 Euro US Dollar Other Euro US Dollar Other Exposure 63 93 48 112 59 60 Credit risk The Group’s credit risk exposure arises in respect of the instruments below and predominantly in the United Kingdom. Information about the Group’s exposure to credit risk, credit risk management, measurement and mitigation can be found on pages 52 to 80. (A) MAXIMUM CREDIT EXPOSURE The maximum credit risk exposure of the Group in the event of other parties failing to perform their obligations is detailed below. No account is taken of any collateral held and the maximum exposure to loss, which includes amounts held to cover unit-linked and With Profits funds liabilities, is considered to be the balance sheet carrying amount or, for non-derivative off-balance sheet transactions and financial guarantees, their contractual nominal amounts. 2019 2018 Maximum Offset 2 Net exposure Maximum Offset 2 Net exposure Loans and advances to banks, net 1 9,775 – 9,775 6,283 – 6,283 Loans and advances to customers, net 1 494,988 (2,792 ) 492,196 484,858 (3,241 ) 481,617 Debt securities, net 1 5,544 – 5,544 5,238 – 5,238 Financial assets at amortised cost 510,307 (2,792 ) 507,515 496,379 (3,241 ) 493,138 Financial assets at fair value through other comprehensive income 3 24,865 – 24,865 24,794 – 24,794 Financial assets at fair value through profit or loss: 3,4 Loans and advances 23,475 – 23,475 40,876 – 40,876 Debt securities, treasury and other bills 40,925 – 40,925 40,168 – 40,168 64,400 – 64,400 81,044 – 81,044 Derivative assets 26,369 (14,696 ) 11,673 23,595 (14,327 ) 9,268 Assets arising from reinsurance contracts held 23,567 – 23,567 7,860 – 7,860 Off-balance sheet items: Acceptances and endorsements 74 – 74 194 – 194 Other items serving as direct credit substitutes 366 – 366 632 – 632 Performance bonds and other transaction-related contingencies 2,454 – 2,454 2,425 – 2,425 Irrevocable commitments and guarantees 63,504 – 63,504 64,884 – 64,884 66,398 – 66,398 68,135 – 68,135 715,906 (17,488 ) 698,418 701,807 (17,568 ) 684,239 1 Amounts shown net of related impairment allowances. 2 Offset items comprise deposit amounts available for offset, and amounts available for offset under master netting arrangements, that do not meet the criteria under IAS 32 to enable loans and advances and derivative assets respectively to be presented net of these balances in the financial statements. 3 Excluding equity shares. 4 Includes assets within the Group’s unit-linked funds for which credit risk is borne by the policyholders and assets within the Group’s With-Profits funds for which credit risk is largely borne by the policyholders. Consequently, the Group has no significant exposure to credit risk for such assets which back related contract liabilities. (B) CONCENTRATIONS OF EXPOSURE The Group’s management of concentration risk includes single name, industry sector and country limits as well as controls over the Group’s overall exposure to certain products. Further information on the Group’s management of this risk is included within Credit risk mitigation on page 53. At 31 December 2019 the most significant concentrations of exposure were in mortgages (comprising 60 per cent of total loans and advances to customers) and to financial, business and other services (comprising 18 per cent of the total). 2019 2018 Agriculture, forestry and fishing 7,558 7,314 Energy and water supply 1,432 1,517 Manufacturing 6,093 8,260 Construction 4,285 4,684 Transport, distribution and hotels 13,016 14,113 Postal and telecommunications 1,923 2,711 Property companies 27,596 28,451 Financial, business and other services 89,763 77,505 Personal: Mortgages 1 299,141 297,498 Other 29,272 28,699 Lease financing 1,671 1,822 Hire purchase 16,497 15,434 Total loans and advances to customers before allowance for impairment losses 498,247 488,008 Allowance for impairment losses (note 18) (3,259 ) (3,150 ) Total loans and advances to customers 494,988 484,858 1 Includes both UK and overseas mortgage balances. Following the reduction in the Group’s non-UK activities, an analysis of credit risk exposures by geographical region has not been provided. (C) CREDIT QUALITY OF ASSETS LOANS AND ADVANCES The analysis of lending has been prepared based on the division in which the asset is held; with the business segment in which the exposure is recorded reflected in the ratings system applied. The internal credit ratings systems used by the Group differ between Retail and Commercial, reflecting the characteristics of these exposures and the way that they are managed internally; these credit ratings are set out below. All probabilities of default (PDs) include forward-looking information and are based on 12 month values, with the exception of credit impaired. Stage 3 assets include balances of £205 million (2018: £250 million) (with outstanding amounts due of approximately £1,700 million (2018: £2,200 million)) which have been subject to a partial write-off and where the Group continues to enforce recovery action. Stage 2 and Stage 3 assets with a carrying amount of £219 million (2018: £1,000 million) were modified during the year. No material gain or loss was recognised by the Group. Gross drawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Loans and advances to banks: CMS 1-10 0.00-0.50% 9,777 – – – 9,777 CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 9,777 – – – 9,777 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 257,028 13,494 – – 270,522 RMS 7-9 4.51-14.00% 15 2,052 – – 2,067 RMS 10 14.01-20.00% – 414 – – 414 RMS 11-13 20.01-99.99% – 975 – – 975 RMS 14 100% – – 1,506 13,714 15,220 257,043 16,935 1,506 13,714 289,198 Retail - unsecured RMS 1-6 0.00-4.50% 22,151 1,098 – – 23,249 RMS 7-9 4.51-14.00% 2,676 919 – – 3,595 RMS 10 14.01-20.00% 76 189 – – 265 RMS 11-13 20.01-99.99% 18 606 – – 624 RMS 14 100% – – 678 – 678 24,921 2,812 678 – 28,411 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 13,568 1,297 – – 14,865 RMS 7-9 4.51-14.00% 314 368 – – 682 RMS 10 14.01-20.00% – 99 – – 99 RMS 11-13 20.01-99.99% 2 178 – – 180 RMS 14 100% – – 150 – 150 13,884 1,942 150 – 15,976 Retail - Other RMS 1-6 0.00-4.50% 9,520 390 – – 9,910 RMS 7-9 4.51-14.00% – 409 – – 409 RMS 10 14.01-20.00% – 7 – – 7 RMS 11-13 20.01-99.99% 134 23 – – 157 RMS 14 100% – – 150 – 150 9,654 829 150 – 10,633 Total Retail 305,502 22,518 2,484 13,714 344,218 Gross drawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Commercial CMS 1-10 0.00-0.50% 59,880 379 – – 60,259 CMS 11-14 0.51-3.00% 25,638 2,322 – – 27,960 CMS 15-18 3.01-20.00% 1,805 3,123 – – 4,928 CMS 19 20.01-99.99% – 169 – – 169 CMS 20-23 100% – – 3,447 – 3,447 87,323 5,993 3,447 – 96,763 Other RMS 1-6 0.00-4.50% 754 32 – – 786 RMS 7-9 4.51-14.00% 40 – – – 40 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 84 – 84 794 32 84 – 910 CMS 1-10 0.00-0.50% 56,356 – – – 56,356 CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 56,356 – – – 56,356 Total loans and advances to customers 449,975 28,543 6,015 13,714 498,247 In respect of: Retail 305,502 22,518 2,484 13,714 344,218 Commercial 87,323 5,993 3,447 – 96,763 Other 57,150 32 84 – 57,266 Total loans and advances to customers 449,975 28,543 6,015 13,714 498,247 Expected credit losses in respect of drawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Loans and advances to banks: CMS 1-10 0.00-0.50% 2 – – – 2 CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 2 – – – 2 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 23 183 – – 206 RMS 7-9 4.51-14.00% – 39 – – 39 RMS 10 14.01-20.00% – 13 – – 13 RMS 11-13 20.01-99.99% – 46 – – 46 RMS 14 100% – – 122 142 264 23 281 122 142 568 Retail - unsecured RMS 1-6 0.00-4.50% 188 42 – – 230 RMS 7-9 4.51-14.00% 103 92 – – 195 RMS 10 14.01-20.00% 7 34 – – 41 RMS 11-13 20.01-99.99% 3 193 – – 196 RMS 14 100% – – 233 – 233 301 361 233 – 895 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 203 30 – – 233 RMS 7-9 4.51-14.00% 10 15 – – 25 RMS 10 14.01-20.00% – 10 – – 10 RMS 11-13 20.01-99.99% 1 32 – – 33 RMS 14 100% – – 84 – 84 214 87 84 – 385 Retail - Other RMS 1-6 0.00-4.50% 25 9 – – 34 RMS 7-9 4.51-14.00% – 27 – – 27 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – 1 – – 1 RMS 14 100% – – 51 – 51 25 37 51 – 113 Total Retail 563 766 490 142 1,961 Expected credit losses in respect of drawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Commercial CMS 1-10 0.00-0.50% 33 1 – – 34 CMS 11-14 0.51-3.00% 50 37 – – 87 CMS 15-18 3.01-20.00% 13 174 – – 187 CMS 19 20.01-99.99% – 16 – – 16 CMS 20-23 100% – – 941 – 941 96 228 941 – 1,265 Other RMS 1-6 0.00-4.50% 6 1 – – 7 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 16 – 16 6 1 16 – 23 CMS 1-10 0.00-0.50% 10 – – – 10 CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 10 – – – 10 Total loans and advances to customers 675 995 1,447 142 3,259 In respect of: Retail 563 766 490 142 1,961 Commercial 96 228 941 – 1,265 Other 16 1 16 – 33 Total loans and advances to customers 675 995 1,447 142 3,259 Gross undrawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 12,242 62 – – 12,304 RMS 7-9 4.51-14.00% 1 1 – – 2 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 8 79 87 12,243 63 8 79 12,393 Retail - unsecured RMS 1-6 0.00-4.50% 60,653 1,986 – – 62,639 RMS 7-9 4.51-14.00% 389 218 – – 607 RMS 10 14.01-20.00% 5 39 – – 44 RMS 11-13 20.01-99.99% 1 73 – – 74 RMS 14 100% – – 83 – 83 61,048 2,316 83 – 63,447 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 1,181 – – – 1,181 RMS 7-9 4.51-14.00% 193 4 – – 197 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 1,374 4 – – 1,378 Retail - Other RMS 1-6 0.00-4.50% 1,240 – – – 1,240 RMS 7-9 4.51-14.00% – 62 – – 62 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 3 – 3 1,240 62 3 – 1,305 Total Retail 75,905 2,445 94 79 78,523 Gross undrawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Commercial CMS 1-10 0.00-0.50% 47,707 76 – – 47,783 CMS 11-14 0.51-3.00% 5,134 850 – – 5,984 CMS 15-18 3.01-20.00% 258 327 – – 585 CMS 19 20.01-99.99% – 43 – – 43 CMS 20-23 100% – – 5 – 5 53,099 1,296 5 – 54,400 Other RMS 1-6 0.00-4.50% 239 – – – 239 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 239 – – – 239 CMS 1-10 0.00-0.50% 391 – – – 391 CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 391 – – – 391 Total loans and advances to customers 129,634 3,741 99 79 133,553 In respect of: Retail 75,905 2,445 94 79 78,523 Commercial 53,099 1,296 5 – 54,400 Other 630 – – – 630 Total loans and advances to customers 129,634 3,741 99 79 133,553 Expected credit losses in respect of undrawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 1 – – – 1 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 1 – – – 1 Retail - unsecured RMS 1-6 0.00-4.50% 56 24 – – 80 RMS 7-9 4.51-14.00% 6 8 – – 14 RMS 10 14.01-20.00% – 3 – – 3 RMS 11-13 20.01-99.99% – 15 – – 15 RMS 14 100% – – – – – 62 50 – – 112 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 2 – – – 2 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 2 – – – 2 Retail - Other RMS 1-6 0.00-4.50% 11 – – – 11 RMS 7-9 4.51-14.00% – 3 – – 3 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 11 3 – – 14 Total Retail 76 53 – – 129 Expected credit losses in respect of undrawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Commercial CMS 1-10 0.00-0.50% 11 – – – 11 CMS 11-14 0.51-3.00% 7 9 – – 16 CMS 15-18 3.01-20.00% 1 13 – – 14 CMS 19 20.01-99.99% – 2 – – 2 CMS 20-23 100% – – 5 – 5 19 24 5 – 48 Other RMS 1-6 0.00-4.50% – – – – – RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – – – – – – CMS 1-10 0.00-0.50% – – – – – CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – – – – – – Total loans and advances to customers 95 77 5 – 177 In respect of: Retail 76 53 – – 129 Commercial 19 24 5 – 48 Other – – – – – Total loans and advances to customers 95 77 5 – 177 Gross drawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Loans and advances to banks: CMS 1-10 0.00-0.50% 6,177 3 – – 6,180 CMS 11-14 0.51-3.00% 105 – – – 105 CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 6,282 3 – – 6,285 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 257,740 10,784 – – 268,524 RMS 7-9 4.51-14.00% 57 1,709 – – 1,766 RMS 10 14.01-20.00% – 262 – – 262 RMS 11-13 20.01-99.99% – 899 – – 899 RMS 14 100% – – 1,393 15,391 16,784 257,797 13,654 1,393 15,391 288,235 Retail - unsecured RMS 1-6 0.00-4.50% 22,363 1,079 – – 23,442 RMS 7-9 4.51-14.00% 2,071 774 – – 2,845 RMS 10 14.01-20.00% 72 167 – – 239 RMS 11-13 20.01-99.99% 199 687 – – 886 RMS 14 100% – – 703 – 703 24,705 2,707 703 – 28,115 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 12,918 954 – – 13,872 RMS 7-9 4.51-14.00% 301 318 – – 619 RMS 10 14.01-20.00% – 111 – – 111 RMS 11-13 20.01-99.99% 5 197 – – 202 RMS 14 100% – – 129 – 129 13,224 1,580 129 – 14,933 Retail - Other RMS 1-6 0.00-4.50% 9,033 704 – – 9,737 RMS 7-9 4.51-14.00% 190 66 – – 256 RMS 10 14.01-20.00% – 7 – – 7 RMS 11-13 20.01-99.99% 211 23 – – 234 RMS 14 100% – – 165 – 165 9,434 800 165 – 10,399 Total Retail 305,160 18,741 2,390 15,391 341,682 Gross drawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Commercial CMS 1-10 0.00-0.50% 65,089 100 – – 65,189 CMS 11-14 0.51-3.00% 25,472 3,450 – – 28,922 CMS 15-18 3.01-20.00% 1,441 2,988 – – 4,429 CMS 19 20.01-99.99% – 54 – – 54 CMS 20-23 100% – – 3,230 – 3,230 92,002 6,592 3,230 – 101,824 Other RMS 1-6 0.00-4.50% 804 6 – – 810 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 55 – 55 804 6 55 – 865 CMS 1-10 0.00-0.50% 43,565 – – – 43,565 CMS 11-14 0.51-3.00% – 6 – – 6 CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – 66 – 66 43,565 6 66 – 43,637 Total loans and advances to customers 441,531 25,345 5,741 15,391 488,008 In respect of: Retail 305,160 18,741 2,390 15,391 341,682 Commercial 92,002 6,592 3,230 – 101,824 Other 44,369 12 121 – 44,502 Total loans and advances to customers 441,531 25,345 5,741 15,391 488,008 Expected credit losses in respect of drawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Loans and advances to banks: CMS 1-10 0.00-0.50% 2 – – – 2 CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 2 – – – 2 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 37 141 – – 178 RMS 7-9 4.51-14.00% – 34 – – 34 RMS 10 14.01-20.00% – 9 – – 9 RMS 11-13 20.01-99.99% – 42 – – 42 RMS 14 100% – – 118 78 196 37 226 118 78 459 Retail - unsecured RMS 1-6 0.00-4.50% 135 45 – – 180 RMS 7-9 4.51-14.00% 57 83 – – 140 RMS 10 14.01-20.00% 4 29 – – 33 RMS 11-13 20.01-99.99% 3 172 – – 175 RMS 14 100% – – 228 – 228 199 329 228 – 756 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 114 19 – – 133 RMS 7-9 4.51-14.00% 6 15 – – 21 RMS 10 14.01-20.00% – 11 – – 11 RMS 11-13 20.01-99.99% 1 34 – – 35 RMS 14 100% – – 78 – 78 121 79 78 – 278 Retail - Other RMS 1-6 0.00-4.50% 30 25 – – 55 RMS 7-9 4.51-14.00% 2 2 – – 4 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – 1 – – 1 RMS 14 100% – – 60 – 60 32 28 60 – 120 Total Retail 389 662 484 78 1,613 Expected credit losses in respect of drawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Commercial CMS 1-10 0.00-0.50% 32 1 – – 33 CMS 11-14 0.51-3.00% 50 86 – – 136 CMS 15-18 3.01-20.00% 11 231 – – 242 CMS 19 20.01-99.99% – 7 – – 7 CMS 20-23 100% – – 1,031 – 1,031 93 325 1,031 – 1,449 Other RMS 1-6 0.00-4.50% 43 1 – – 44 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 11 – 11 43 1 11 55 CMS 1-10 0.00-0.50% – – – – – CMS 11-14 0.51-3.00% – 6 – – 6 CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – 27 – 27 – 6 27 – 33 Total loans and advances to customers 525 994 1,553 78 3,150 In respect of: Retail 389 662 484 78 1,613 Commercial 93 325 1,031 – 1,449 Other 43 7 38 – 88 Total loans and advances to customers 525 994 1,553 78 3,150 Gross undrawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 12,024 19 – – 12,043 RMS 7-9 4.51-14.00% 2 1 – – 3 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 5 90 95 12,026 20 5 90 12,141 Retail - unsecured RMS 1-6 0.00-4.50% 57,433 1,811 – – 59,244 RMS 7-9 4.51-14.00% 391 155 – – 546 RMS 10 14.01-20.00% 10 27 – – 37 RMS 11-13 20.01-99.99% 3 51 – – 54 RMS 14 100% – – 36 – 36 57,837 2,044 36 – 59,917 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 1,565 – – – 1,565 RMS 7-9 4.51-14.00% 141 – – – 141 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 1,706 – – – 1,706 Retail - Other RMS 1-6 0.00-4.50% 1,381 47 – – 1,428 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% 360 – – – 360 RMS 14 100% – – 3 – 3 1,741 47 3 – 1,791 Total Retail 73,310 2,111 44 90 75,555 Gross undrawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Commercial CMS 1-10 0.00-0.50% 51,632 – – – 51,632 CMS 11-14 0.51-3.00% 6,501 693 – – 7,194 CMS 15-18 3.01-20.00% 126 297 – – 423 CMS 19 20.01-99.99% 31 11 – – 42 CMS 20-23 100% – – 6 – 6 58,290 1,001 6 – 59,297 Other RMS 1-6 0.00-4.50% 246 – – – 246 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 246 – – – 246 CMS 1-10 0.00-0.50% – – – – – CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – – – – – – Total loans and advances to customers 131,846 3,112 50 90 135,098 In respect of: Retail 73,310 2,111 44 90 75,555 Commercial 58,290 1,001 6 – 59,297 Other 246 – – – 246 Total loans and advances to customers 131,846 3,112 50 90 135,098 Expected credit losses in respect of undrawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 1 – – – 1 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 1 – – – 1 Retail - unsecured RMS 1-6 0.00-4.50% 85 26 – – 111 RMS 7-9 4.51-14.00% 5 10 – – 15 RMS 10 14.01-20.00% – 3 – – 3 RMS 11-13 20.01-99.99% – 10 – – 10 RMS 14 100% – – – – – 90 49 – – 139 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 2 – – – 2 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 2 – – – 2 Retail - Other RMS 1-6 0.00-4.50% 11 2 – – 13 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 11 2 – – 13 Total Retail 104 51 – – 155 Purchased or originated Stage 1 Stage 2 Stage 3 credit-impaired Total Expected credit losses in respect of undrawn exposures (continued) PD range £m £m £m £m £m At 31 December 2018 Commercial CMS 1-10 0.00-0.50% 9 – – – 9 CMS 11-14 0.51-3.00% 7 7 – – 14 CMS 15-18 3.01-20.00% 1 5 – – 6 CMS 19 20.01-99.99% 1 1 – – 2 CMS 20-23 100% – – 6 – 6 18 13 6 – 37 Other RMS 1-6 0.00-4.50% 1 – – – 1 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 1 – – – 1 CMS 1-10 0.00-0.50% – – – – – CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – – – – – – Total loans and advances to customers 123 64 6 – 193 In respect of: Retail 104 51 – – 155 Commercial 18 13 6 – 37 Other 1 – – – 1 Total loans and advances to customers 123 64 6 – 193 DEBT SECURITIES HELD AT AMORTISED COST An analysis by credit rating of the Group’s debt securities held at amortised cost is provided below: 2019 2018 Investment Investment grade 1 Other 2 Total grade 1 Other 2 Total £m £m £m £m £m £m Asset-backed securities: Mortgage-backed securities 3,007 – 3,007 3,263 9 3,272 Other asset-backed securities 876 – 876 763 17 780 3,883 – 3,883 4,026 26 4,052 Corporate and other debt securities 1,650 14 1,664 1,176 16 1,192 Gross exposure 5,533 14 5,547 5,202 42 5,244 Allowance for impairment losses (3 ) (6 ) Total debt securities held at amortised cost 5,544 5,238 1 Credit ratings equal to or better than ‘BBB’. 2 Other comprises sub-investment grade (31 December 2019: £nil; 31 December 2018: £6 million) and not rated (31 December 2019: £14 million; 3 |
CONSOLIDATED CASH FLOW STATEM_2
CONSOLIDATED CASH FLOW STATEMENT | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of cash flow statement [text block] [Abstract] | |
Disclosure of cash flow statement [text block] | NOTE 54: CONSOLIDATED CASH FLOW STATEMENT (A) Change in operating assets 2019 £m 2018 £m 2017 £m Change in financial assets held at amortised cost (12,423 ) (27,038 ) (24,747 ) Change in derivative financial instruments and financial assets at fair value through profit or loss 3,887 22,046 9,916 Change in other operating assets (2,513 ) 520 (661 ) Change in operating assets (11,049 ) (4,472 ) (15,492 ) (B) Change in operating liabilities 2019 2018 2017 £m £m £m Change in deposits from banks (2,140 ) 515 13,415 Change in customer deposits 3,248 (322 ) 2,913 Change in debt securities in issue 6,631 18,579 (3,600 ) Change in derivative financial instruments and liabilities at fair value through profit or loss (5,078 ) (24,606 ) (12,481 ) Change in investment contract liabilities 2,625 (1,594 ) (4,665 ) Change in other operating liabilities 1 (1,644 ) (1,245 ) 136 Change in operating liabilities 3,642 (8,673 ) (4,282 ) 1 Includes £82 million (2018: £27 million; 2017: £2 million) in respect of lease liabilities. (C) Non-cash and other items 2019 £m 2018 2017 Depreciation and amortisation 2,660 2,405 2,370 Revaluation of investment properties 108 (139 ) (230 ) Allowance for loan losses 1,312 1,024 691 Write-off of allowance for loan losses, net of recoveries (1,458 ) (1,025 ) (1,061 ) Impairment charge relating to undrawn balances (15 ) (73 ) (9 ) Impairment of financial assets at fair value through other comprehensive income (2017: available-for-sale financial assets) (1 ) (14 ) 6 Change in insurance contract liabilities 12,593 (4,547 ) 9,168 Payment protection insurance provision 2,450 750 1,300 Other regulatory provisions 445 600 865 Other provision movements (165 ) (518 ) (8 ) Net charge (credit) in respect of defined benefit schemes 245 405 369 Unwind of discount on impairment allowances (53 ) (44 ) (23 ) Foreign exchange impact on balance sheet 1 533 191 125 Interest expense on subordinated liabilities 1,228 1,388 1,436 Net gain on sale of financial assets at fair value through other comprehensive income (2017: available-for-sale financial assets) (196 ) (275 ) (446 ) Hedging valuation adjustments on subordinated debt 440 (429 ) (327 ) Value of employee services 236 260 414 Transactions in own shares (3 ) 40 (411 ) Accretion of discounts and amortisation of premiums and issue costs 445 1,947 1,701 Share of post-tax results of associates and joint ventures (6 ) (9 ) (6 ) Gain on establishment of joint venture (244 ) – – Transfers to income statement from reserves (608 ) (701 ) (650 ) Profit on disposal of tangible fixed assets (32 ) (104 ) (120 ) Other non-cash items (35 ) (34 ) – Total non-cash items 19,879 1,098 15,154 Contributions to defined benefit schemes (1,069 ) (868 ) (587 ) Payments in respect of payment protection insurance provision (2,461 ) (2,104 ) (1,657 ) Payments in respect of other regulatory provisions (778 ) (1,032 ) (928 ) Other 2 14 – Total other items (4,306 ) (3,990 ) (3,172 ) Non-cash and other items 15,573 (2,892 ) 11,982 1 When considering the movement on each line of the balance sheet, the impact of foreign exchange rate movements is removed in order to show the underlying cash impact. (D) Analysis of cash and cash equivalents as shown in the balance sheet 2019 2018 2017 £m £m £m Cash and balances at central banks 55,130 54,663 58,521 Less: mandatory reserve deposits 1 (3,289 ) (2,553 ) (957 ) 51,841 52,110 57,564 Loans and advances to banks 9,775 6,283 6,611 Less: amounts with a maturity of three months or more (3,805 ) (3,169 ) (3,193 ) 5,970 3,114 3,418 Total cash and cash equivalents 57,811 55,224 60,982 1 Mandatory reserve deposits are held with local central banks in accordance with statutory requirements; these deposits are not available to finance the Group’s day-to-day operations. Included within cash and cash equivalents at 31 December 2019 is £49 million (31 December 2018: £40 million; 1 January 2018 £48 million; 31 December 2017: £2,322 million) held within the Group’s long-term insurance and investments businesses, which is not immediately available for use in the business. (E) Acquisition of group undertakings and businesses 2019 2018 2017 Net assets acquired: Cash and cash equivalents – – 123 Loans and advances to customers – – 7,811 Available-for-sale financial assets 16 Financial assets at fair value through profit or loss 7,350 – – Assets arising from reinsurance contracts held 13,616 – – Intangible assets – 21 702 Property, plant and equipment – – 6 Other assets 29 6 414 Deposits from banks 1 – – (6,431 ) Liabilities arising from non-participating investment contracts (20,981 ) – – Other liabilities (8 ) (1 ) (927 ) Goodwill arising on acquisition 14 – 302 Cash consideration 20 26 2,016 Less: Cash and cash equivalents acquired – – (123 ) Net cash outflow arising from acquisition of subsidiaries and businesses 20 26 1,893 Acquisition of and additional investment in joint ventures 1 23 30 Net cash outflow from acquisitions in the year 21 49 1,923 1 Upon acquisition in 2017, the funding of MBNA was assumed by Lloyds Bank plc. (F) Disposal and closure of group undertakings and businesses 2019 2018 2017 Loans and advances to customers – – 342 Non-controlling interests – – (242 ) Other net assets (liabilities) – 1 29 – 1 129 Net assets – 1 129 Non-cash consideration received – – – (Loss) profit on sale – – – Cash consideration received on losing control of group undertakings and businesses – 1 129 Cash and cash equivalents disposed – – – Net cash inflow (outflow) – 1 129 |
ADOPTION OF IFRS 16
ADOPTION OF IFRS 16 | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of initial application of standards or interpretations [text block] [Abstract] | |
Disclosure of initial application of standards or interpretations [text block] | NOTE 55: ADOPTION OF IFRS 16 The Group adopted IFRS 16 Leases Operating lease commitments as at 31 December 2018 amounted to £2,043 million. Lease liabilities amounting to £1,813 million in respect of leased properties previously accounted for as operating leases were recognised at 1 January 2019. These liabilities were measured at the present value of the remaining lease payments, discounted using the Group’s incremental borrowing rate appropriate for the related right-of-use asset as at that date, adjusted to exclude short-term leases and leases of low-value assets of approximately £20 million. The weighted-average borrowing rate applied to these lease liabilities was 2.43 per cent in the UK, where the majority of the obligations arise, and 5.10 per cent in the US. The corresponding right-of-use asset of £1,716 million was measured at an amount equal to the lease liabilities, adjusted for lease liabilities recognised at 31 December 2018 of £97 million. The right-of-use asset and lease liabilities are included within property, plant and equipment and other liabilities respectively. There was no impact on shareholders’ equity. In applying IFRS 16 for the first time, the Group has used a number of practical expedients permitted by the standard; the most significant of which were the use of a single discount rate to a portfolio of leases with reasonably similar characteristics; reliance on previous assessments of whether a lease is onerous; and the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease. The Group has also elected not to apply IFRS 16 to contracts that were not identified as containing a lease under IAS 17 and IFRIC 4 Determining whether an Arrangement contains a Lease. |
FUTURE ACCOUNTING DEVELOPMENTS
FUTURE ACCOUNTING DEVELOPMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of expected impact of initial application of new standards or interpretations [text block] [Abstract] | |
Disclosure of expected impact of initial application of new standards or interpretations [text block] | NOTE 56: FUTURE ACCOUNTING DEVELOPMENTS The following pronouncements are not applicable for the year ending 31 December 2019 and have not been applied in preparing these financial statements. Save as disclosed below, the impact of these accounting changes is still being assessed by the Group and reliable estimates cannot be made at this stage. IFRS 17 Insurance Contracts IFRS 17 replaces IFRS 4 Insurance Contracts IFRS 17 requires insurance contracts and participating investment contracts to be measured on the balance sheet as the total of the fulfilment cash flows and the contractual service margin. Changes to estimates of future cash flows from one reporting date to another are recognised either as an amount in profit or loss or as an adjustment to the expected profit for providing insurance coverage, depending on the type of change and the reason for it. The effects of some changes in discount rates can either be recognised in profit or loss or in other comprehensive income as an accounting policy choice. The risk adjustment is released to profit and loss as an insurer’s risk reduces. Profits which are currently recognised through a Value in Force asset, will no longer be recognised at inception of an insurance contract. Instead, the expected profit for providing insurance coverage is recognised in profit or loss over time as the insurance coverage is provided. The standard will have a significant impact on the accounting for the insurance and participating investment contracts issued by the Group. The Group’s IFRS 17 project is progressing to plan. Work has focussed on interpreting the requirements of the standard, developing methodologies and accounting policies, and assessing the changes required to reporting and other systems. The development of the Group’s data warehousing and actuarial liability calculation processes required for IFRS 17 reporting is progressing. Minor amendments to other accounting standards The IASB has issued a number of minor amendments to IFRSs effective 1 January 2020 (including IFRS 3 Business Combinations Presentation of Financial Statements |
PARENT COMPANY DISCLOSURES
PARENT COMPANY DISCLOSURES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Parent Company Financial Statements Explanatory [Abstract] | |
Disclosure of parent company financial statements [text block] | NOTE 57: PARENT COMPANY DISCLOSURES A COMPANY INCOME STATEMENT 2019 £m 2018 1 2017 1 Net interest (expense) income (108 ) (173 ) (121 ) Dividends received from subsidiary undertakings 5,150 4,000 2,650 Other income 682 524 142 Total income 5,724 4,351 2,671 Operating expenses (289 ) (246 ) (255 ) Trading surplus 5,435 4,105 2,416 Impairment 4 (3 ) – Profit on ordinary activities before tax 5,439 4,102 2,416 Tax expense (24 ) 2 62 Profit for the year 5,415 4,104 2,478 Profit attributable to ordinary shareholders 4,949 3,671 2,063 Profit attributable to other equity holders 466 433 415 Profit for the year 5,415 4,104 2,478 1 Restated, see note 1 . B COMPANY BALANCE SHEET 2019 £m 2018 Assets Non-current assets: Investment in subsidiaries 48,597 46,725 Loans to subsidiaries 14,660 24,211 Deferred tax assets – 9 63,257 70,945 Current assets: Derivative financial instruments 760 256 Financial assets at fair value through profit or loss 12,516 588 Other assets 983 955 Amounts due from subsidiaries 27 27 Cash and cash equivalents 29 57 Current tax recoverable 1 76 14,316 1,959 Total assets 77,573 72,904 Equity and liabilities Capital and reserves: Share capital 7,005 7,116 Share premium account 17,751 17,719 Merger reserve 7,420 7,423 Capital redemption reserve 4,462 4,273 Retained profits 3,950 2,103 Shareholders’ equity 40,588 38,634 Other equity instruments 5,906 6,491 Total equity 46,494 45,125 Non-current liabilities: Debt securities in issue 20,018 20,394 Subordinated liabilities 5,961 6,043 Deferred tax liabilities 2 – 25,981 26,437 Current liabilities: Derivative financial instruments 438 209 Financial liabilities at fair value through profit or loss 3,464 – Other liabilities 1,196 1,133 5,098 1,342 Total liabilities 31,079 27,779 Total equity and liabilities 77,573 72,904 C COMPANY STATEMENT OF CHANGES IN EQUITY Share capital Merger Capital Retained 1 Total Other equity Total Balance at 1 January 2017 24,768 7,423 4,115 1,584 37,890 5,355 43,245 Total comprehensive income 1,2 – – – 2,478 2,478 – 2,478 Dividends paid – – – (2,284 ) (2,284 ) – (2,284 ) Distributions on other equity instruments 1 – – – (415 ) (415 ) – (415 ) Issue of ordinary shares 63 – – – 63 – 63 Movement in treasury shares – – – (277 ) (277 ) – (277 ) Value of employee services: Share option schemes – – – 82 82 – 82 Other employee award schemes – – – 332 332 – 332 Balance at 31 December 2017 24,831 7,423 4,115 1,500 37,869 5,355 43,224 Adjustment on adoption of IFRS 9 – – – (2 ) (2 ) – (2 ) Balance at 1 January 2018 24,831 7,423 4,115 1,498 37,867 5,355 43,222 Total comprehensive income 1,2 – – – 4,104 4,104 – 4,104 Dividends paid – – – (2,240 ) (2,240 ) – (2,240 ) Distributions on other equity instruments 1 – – – (433 ) (433 ) – (433 ) Issue of ordinary shares 162 – – – 162 – 162 Share buy-back programme (158 ) – 158 (1,005 ) (1,005 ) – (1,005 ) Issue of AT1 securities – – – (7 ) (7 ) 1,136 1,129 Movement in treasury shares – – – (74 ) (74 ) – (74 ) Value of employee services: Share option schemes – – – 53 53 – 53 Other employee award schemes – – – 207 207 – 207 Balance at 31 December 2018 24,835 7,423 4,273 2,103 38,634 6,491 45,125 Comprehensive income Total comprehensive income 2 – – – 5,415 5,415 – 5,415 Dividends paid – – – (2,312 ) (2,312 ) – (2,312 ) Distributions on other equity instruments – – – (466 ) (466 ) – (466 ) Redemption of preference shares 3 (3 ) – – – – – Issue of ordinary shares 107 – – – 107 – 107 Share buy back programme (189 ) – 189 (1,095 ) (1,095 ) – (1,095 ) Issue of other equity instruments – – – (5 ) (5 ) 896 891 Redemption of other equity instruments – – – – – (1,481 ) (1,481 ) Movement in treasury shares – – – 74 74 – 74 Value of employee services: Share option schemes – – – 71 71 – 71 Other employee award schemes – – – 165 165 – 165 Balance at 31 December 2019 24,756 7,420 4,462 3,950 40,588 5,906 46,494 1 Restated, see note 1. 2 Total comprehensive income comprises only the profit for the year. D COMPANY CASH FLOW STATEMENT 2019 £m 2018 2017 Profit before tax 5,439 4,102 2,416 Fair value and exchange adjustments and other non-cash items (166 ) (715 ) 495 Change in other assets (11,975 ) (572 ) 18 Change in other liabilities and other items 3,151 7,538 8,431 Dividends received (5,150 ) (4,000 ) (2,650 ) Distributions on other equity instruments receivedº (366 ) (324 ) (292 ) Tax (paid) received 70 660 (197 ) Net cash provided by (used in) operating activities (8,997 ) 6,689 8,221 Cash flows from investing activities Return of capital contribution 5 9 77 Dividends received 5,150 4,000 2,650 Distributions on other equity instruments received 366 324 292 Acquisition of and capital injections to subsidiaries (1,648 ) (12,753 ) (320 ) Return of capital – 11,114 – Amounts advanced to subsidiaries (1,812 ) (21,577 ) (8,476 ) Repayment of loans to subsidiaries 11,257 12,602 475 Interest received on loans to subsidiaries 395 370 244 Net cash (used in) provided by investing activities 13,713 (5,911 ) (5,058 ) Cash flows from financing activities Dividends paid to ordinary shareholders (2,312 ) (2,240 ) (2,284 ) Distributions on other equity instruments (466 ) (433 ) (415 ) Issue of subordinated liabilities – 1,729 – Interest paid on subordinated liabilities (314 ) (275 ) (248 ) Share buy-back (1,095 ) (1,005 ) – Issue of other equity instruments 891 1,129 – Redemptions of other equity instruments (1,481 ) – – Repayment of subordinated liabilities (3 ) – – Proceeds from issue of ordinary shares 36 102 14 Net cash provided by financing activities (4,744 ) (993 ) (2,933 ) Change in cash and cash equivalents (28 ) (215 ) 230 Cash and cash equivalents at beginning of year 57 272 42 Cash and cash equivalents at end of year 29 57 272 E INTERESTS IN SUBSIDIARIES The principal subsidiaries, all of which have prepared accounts to 31 December and whose results are included in the consolidated accounts of Lloyds Banking Group plc, are: Country of Percentage Nature of business Lloyds Bank plc England 100% Banking and financial services Scottish Widows Limited Scotland 100% 1 Life assurance HBOS plc Scotland 100% 1 Holding company Bank of Scotland plc Scotland 100% 1 Banking and financial services Lloyds Bank Corporate Markets plc England 100% Banking and financial services 1 Indirect interest. The principal area of operation for each of the above subsidiaries is the United Kingdom. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Description of accounting policy for consolidation [text block] | (A) Consolidation The assets, liabilities and results of Group undertakings (including structured entities) are included in the financial statements on the basis of accounts made up to the reporting date. Group undertakings include subsidiaries, associates and joint ventures. (1) SUBSIDIARIES Subsidiaries are entities controlled by the Group. The Group controls an entity when it has power over the entity, is exposed to, or has rights to, variable returns from its involvement with the entity, and has the ability to affect those returns through the exercise of its power. This generally accompanies a shareholding of more than one half of the voting rights although in certain circumstances a holding of less than one half of the voting rights may still result in the ability of the Group to exercise control. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. The Group reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to any of the above elements. Subsidiaries are fully consolidated from the date on which control is transferred to the Group; they are de-consolidated from the date that control ceases. The Group consolidates collective investment vehicles if its beneficial ownership interests give it substantive rights to remove the external fund manager over the investment activities of the fund. Where a subsidiary of the Group is the fund manager of a collective investment vehicle, the Group considers a number of factors in determining whether it acts as principal, and therefore controls the collective investment vehicle, including: an assessment of the scope of the Group’s decision making authority over the investment vehicle; the rights held by other parties including substantive removal rights without cause over the Group acting as fund manager; the remuneration to which the Group is entitled in its capacity as decision maker; and the Group’s exposure to variable returns from the beneficial interest it holds in the investment vehicle. Consolidation may be appropriate in circumstances where the Group has less than a majority beneficial interest. Where a collective investment vehicle is consolidated the interests of parties other than the Group are reported in other liabilities and the movement in these interests in interest expense. Structured entities are entities that are designed so that their activities are not governed by way of voting rights. In assessing whether the Group has power over such entities in which it has an interest, the Group considers factors such as the purpose and design of the entity; its practical ability to direct the relevant activities of the entity; the nature of the relationship with the entity; and the size of its exposure to the variability of returns of the entity. The treatment of transactions with non-controlling interests depends on whether, as a result of the transaction, the Group loses control of the subsidiary. Changes in the parent’s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions; any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the parent entity. Where the Group loses control of the subsidiary, at the date when control is lost the amount of any non-controlling interest in that former subsidiary is derecognised and any investment retained in the former subsidiary is remeasured to its fair value; the gain or loss that is recognised in profit or loss on the partial disposal of the subsidiary includes the gain or loss on the remeasurement of the retained interest. Intercompany transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. The acquisition method of accounting is used to account for business combinations by the Group. The consideration for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition related costs are expensed as incurred except those relating to the issuance of debt instruments (see (E)(5) below) or share capital (see (P) below). Identifiable assets acquired and liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. (2) JOINT VENTURES AND ASSOCIATES Joint ventures are joint arrangements over which the Group has joint control with other parties and has rights to the net assets of the arrangements. Joint control is the contractually agreed sharing of control of an arrangement and only exists when decisions about the relevant activities require the unanimous consent of the parties sharing control. Associates are entities over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the entity, but is not control or joint control of those policies, and is generally achieved through holding between 20 per cent and 50 per cent of the voting share capital of the entity. The Group utilises the venture capital exemption for investments where significant influence or joint control is present and the business unit operates as a venture capital business. These investments are designated at initial recognition at fair value through profit or loss. Otherwise, the Group’s investments in joint ventures and associates are accounted for by the equity method of accounting |
Description of accounting policy for goodwill [text block] | (B) Goodwill Goodwill arises on business combinations and represents the excess of the cost of an acquisition over the fair value of the Group’s share of the identifiable assets, liabilities and contingent liabilities acquired. Where the fair value of the Group’s share of the identifiable assets, liabilities and contingent liabilities of the acquired entity is greater than the cost of acquisition, the excess is recognised immediately in the income statement. Goodwill is recognised as an asset at cost and is tested at least annually for impairment. If an impairment is identified the carrying value of the goodwill is written down immediately through the income statement and is not subsequently reversed. At the date of disposal of a subsidiary, the carrying value of attributable goodwill is included in the calculation of the profit or loss on disposal. |
Description of accounting policy for intangible assets other than goodwill [text block] | (C) Other intangible assets Intangible assets which have been determined to have a finite useful life are amortised on a straight line basis over their estimated useful life as follows: up to 7 years for capitalised software; 10 to 15 years for brands and other intangibles. Intangible assets with finite useful lives are reviewed at each reporting date to assess whether there is any indication that they are impaired. If any such indication exists the recoverable amount of the asset is determined and in the event that the asset’s carrying amount is greater than its recoverable amount, it is written down immediately. Certain brands have been determined to have an indefinite useful life and are not amortised. Such intangible assets are reassessed annually to reconfirm that an indefinite useful life remains appropriate. In the event that an indefinite life is inappropriate a finite life is determined and an impairment review is performed on the asset. |
Description of accounting policy for recognition of revenue [text block] | (D) Revenue recognition (1) NET INTEREST INCOME Interest income and expense are recognised in the income statement for all interest-bearing financial instruments using the effective interest method, except for those classified at fair value through profit or loss. The effective interest method is a method of calculating the amortised cost of a financial asset or liability and of allocating the interest income or interest expense over the expected life of the financial instrument. The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts over the expected life of the financial instrument to the gross carrying amount of the financial asset (before adjusting for expected credit losses) or to the amortised cost of the financial liability, including early redemption fees, and related penalties, and premiums and discounts that are an integral part of the overall return. Direct incremental transaction costs related to the acquisition, issue or disposal of a financial instrument are also taken into account. Interest income from non-credit impaired financial assets is recognised by applying the effective interest rate to the gross carrying amount of the asset; for credit impaired financial assets, the effective interest rate is applied to the net carrying amount after deducting the allowance for expected credit losses. Impairment policies are set out in (H) below. (2) FEE AND COMMISSION INCOME AND EXPENSE Fees and commissions receivable which are not an integral part of the effective interest rate are recognised as income as the Group fulfils its performance obligations. The Group’s principal performance obligations arising from contracts with customers are in respect of value added current accounts, credit cards and debit cards. These fees are received, and the Group’s provides the service, monthly; the fees are recognised in income on this basis. The Group also receives certain fees in respect of its asset finance business where the performance obligations are typically fulfilled towards the end of the customer contract; these fees are recognised in income on this basis. Where it is unlikely that the loan commitments will be drawn, loan commitment fees are recognised in fee and commission income over the life of the facility, rather than as an adjustment to the effective interest rate for loans expected to be drawn. Incremental costs incurred to generate fee and commission income are charged to fees and commissions expense as they are incurred. (3) OTHER Dividend income is recognised when the right to receive payment is established. Revenue recognition policies specific to trading income are set out in E(3) below, life insurance and general insurance business are detailed below (see (M) below); those relating to leases are set out in (J)(1) below. |
Description of accounting policy for financial assets and liabilities policy [text block] | (E) Financial assets and liabilities On initial recognition, financial assets are classified as measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss, depending on the Group’s business model for managing the financial assets and whether the cash flows represent solely payments of principal and interest. The Group assesses its business models at a portfolio level based on its objectives for the relevant portfolio, how the performance of the portfolio is managed and reported, and the frequency of asset sales. Financial assets with embedded derivatives are considered in their entirety when considering their cash flow characteristics. The Group reclassifies financial assets when and only when its business model for managing those assets changes. A reclassification will only take place when the change is significant to the Group’s operations and will occur at a portfolio level and not for individual instruments; reclassifications are expected to be rare. Equity investments are measured at fair value through profit or loss unless the Group elects at initial recognition to account for the instruments at fair value through other comprehensive income. For these instruments, principally strategic investments, dividends are recognised in profit or loss but fair value gains and losses are not subsequently reclassified to profit or loss following derecognition of the investment. The Group initially recognises loans and advances, deposits, debt securities in issue and subordinated liabilities when the Group becomes a party to the contractual provisions of the instrument. Regular way purchases and sales of securities and other financial assets and trading liabilities are recognised on trade date, being the date that the Group is committed to purchase or sell an asset. Financial assets are derecognised when the contractual right to receive cash flows from those assets has expired or when the Group has transferred its contractual right to receive the cash flows from the assets and either: substantially all of the risks and rewards of ownership have been transferred; or the Group has neither retained nor transferred substantially all of the risks and rewards, but has transferred control. Financial liabilities are derecognised when the obligation is discharged, cancelled or expires. (1) FINANCIAL INSTRUMENTS MEASURED AT AMORTISED COST Financial assets that are held to collect contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. A basic lending arrangement results in contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. Where the contractual cash flows introduce exposure to risks or volatility unrelated to a basic lending arrangement such as changes in equity prices or commodity prices, the payments do not comprise solely principal and interest. Financial assets measured at amortised cost are predominantly loans and advances to customers and banks together with certain debt securities used by the Group to manage its liquidity. Loans and advances are initially recognised when cash is advanced to the borrower at fair value inclusive of transaction costs. Interest income is accounted for using the effective interest method (see (D) above). Financial liabilities are measured at amortised cost, except for trading liabilities and other financial liabilities designated at fair value through profit or loss on initial recognition which are held at fair value. (2) FINANCIAL ASSETS MEASURED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME Financial assets that are held to collect contractual cash flows and for subsequent sale, where the assets’ cash flows represent solely payments of principal and interest, are recognised in the balance sheet at their fair value, inclusive of transaction costs. Interest calculated using the effective interest method and foreign exchange gains and losses on assets denominated in foreign currencies are recognised in the income statement. All other gains and losses arising from changes in fair value are recognised directly in other comprehensive income, until the financial asset is either sold or matures, at which time the cumulative gain or loss previously recognised in other comprehensive income is recognised in the income statement other than in respect of equity shares, for which the cumulative revaluation amount is transferred directly to retained profits. The Group recognises a charge for expected credit losses in the income statement (see (H) below). As the asset is measured at fair value, the charge does not adjust the carrying value of the asset, it is reflected in other comprehensive income. (3) FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS Financial assets are classified at fair value through profit or loss where they do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income or where they are designated at fair value through profit or loss to reduce an accounting mismatch. All derivatives are carried at fair value through profit or loss. The assets backing the insurance and investment contracts issued by the Group do not meet the criteria to be measured at amortised cost or fair value through other comprehensive income as they are managed on a fair value basis and accordingly are measured at fair value through profit or loss. Similarly, trading securities, which are debt securities and equity shares acquired principally for the purpose of selling in the short term or which are part of a portfolio which is managed for short-term gains, do not meet these criteria and are also measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised in the balance sheet at their fair value. Fair value gains and losses together with interest coupons and dividend income are recognised in the income statement within net trading income. Financial liabilities are measured at fair value through profit or loss where they are trading liabilities or where they are designated at fair value through profit or loss in order to reduce an accounting mismatch; where the liabilities are part of a group of liabilities (or assets and liabilities) which is managed, and its performance evaluated, on a fair value basis; or where the liabilities contain one or more embedded derivatives that significantly modify the cash flows arising under the contract and would otherwise need to be separately accounted for. Financial liabilities measured at fair value through profit or loss are recognised in the balance sheet at their fair value. Fair value gains and losses are recognised in the income statement within net trading income in the period in which they occur, except that gains and losses attributable to changes in own credit risk are recognised in other comprehensive income. The fair values of assets and liabilities traded in active markets are based on current bid and offer prices respectively. If the market is not active the Group establishes a fair value by using valuation techniques. The fair values of derivative financial instruments are adjusted where appropriate to reflect credit risk (via credit valuation adjustments (CVAs), debit valuation adjustments (DVAs) and funding valuation adjustments (FVAs)), market liquidity and other risks. (4) BORROWINGS Borrowings (which include deposits from banks, customer deposits, debt securities in issue and subordinated liabilities) are recognised initially at fair value, being their issue proceeds net of transaction costs incurred. These instruments are subsequently stated at amortised cost using the effective interest method. Preference shares and other instruments which carry a mandatory coupon or are redeemable on a specific date are classified as financial liabilities. The coupon on these instruments is recognised in the income statement as interest expense. Securities which carry a discretionary coupon and have no fixed maturity or redemption date are classified as other equity instruments. Interest payments on these securities are recognised, net of tax, as distributions from equity in the period in which they are paid. An exchange of financial liabilities on substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of a financial liability extinguished and the new financial liability is recognised in profit or loss together with any related costs or fees incurred. When a financial liability is exchanged for an equity instrument, the new equity instrument is recognised at fair value and any difference between the carrying value of the liability and the fair value of the new equity is recognised in profit or loss. (5) SALE AND REPURCHASE AGREEMENTS (INCLUDING SECURITIES LENDING AND BORROWING) Securities sold subject to repurchase agreements (repos) continue to be recognised on the balance sheet where substantially all of the risks and rewards are retained. Funds received under these arrangements are included in deposits from banks, customer deposits, or trading liabilities. Conversely, securities purchased under agreements to resell (reverse repos), where the Group does not acquire substantially all of the risks and rewards of ownership, are recorded as loans and advances measured at amortised cost or trading securities. The difference between sale and repurchase price is treated as interest and accrued over the life of the agreements using the effective interest method. Securities borrowing and lending transactions are typically secured; collateral takes the form of securities or cash advanced or received. Securities lent to counterparties are retained on the balance sheet. Securities borrowed are not recognised on the balance sheet, unless these are sold to third parties, in which case the obligation to return them is recorded at fair value as a trading liability. Cash collateral given or received is treated as a loan and advance measured at amortised cost or customer deposit. |
Description of accounting policy for derivative financial instruments and hedging [text block] | (F) Derivative financial instruments and hedge accounting As permitted by IFRS 9, the Group continues to apply the requirements of IAS 39 to its hedging relationships. All derivatives are recognised at their fair value. Derivatives are carried on the balance sheet as assets when their fair value is positive and as liabilities when their fair value is negative. Refer to note 50(3) (Financial instruments: Financial assets and liabilities carried at fair value) for details of valuation techniques and significant inputs to valuation models. Changes in the fair value of all derivative instruments, other than those in effective cash flow and net investment hedging relationships, are recognised immediately in the income statement. As noted in (2) and (3) below, the change in fair value of a derivative in an effective cash flow or net investment hedging relationship is allocated between the income statement and other comprehensive income. Derivatives embedded in a financial asset are not considered separately; the financial asset is considered in its entirety when determining whether its cash flows are solely payments of principal and interest. Derivatives embedded in financial liabilities and insurance contracts (unless the embedded derivative is itself an insurance contract) are treated as separate derivatives when their economic characteristics and risks are not closely related to those of the host contract and the host contract is not carried at fair value through profit or loss. These embedded derivatives are measured at fair value with changes in fair value recognised in the income statement. In accordance with IFRS 4 Insurance Contracts, a policyholder’s option to surrender an insurance contract for a fixed amount is not treated as an embedded derivative. Hedge accounting allows one financial instrument, generally a derivative such as a swap, to be designated as a hedge of another financial instrument such as a loan or deposit or a portfolio of such instruments. At the inception of the hedge relationship, formal documentation is drawn up specifying the hedging strategy, the hedged item, the hedging instrument and the methodology that will be used to measure the effectiveness of the hedge relationship in offsetting changes in the fair value or cash flow of the hedged risk. The effectiveness of the hedging relationship is tested both at inception and throughout its life and if at any point it is concluded that it is no longer highly effective in achieving its documented objective, hedge accounting is discontinued. Note 17 provides details of the types of derivatives held by the Group and presents separately those designated in hedge relationships. In respect of interest rate benchmark reform, the Group assumes that the interest rate benchmark on which the hedged cash flows and/or the hedged risk are based, or the interest rate benchmark on which the cash flows of the hedging instrument are based, are not altered as a result of interest rate benchmark reform. The Group does not discontinue a hedging relationship during the period of uncertainty arising from the interest rate benchmark reform solely because the actual results of the hedge are not highly effective. (1) FAIR VALUE HEDGES 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; this also applies if the hedged asset is classified as a financial asset at fair value through other comprehensive 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. 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. (2) CASH FLOW HEDGES The effective portion of changes in the fair value of derivatives that are designated and qualify as 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. (3) NET INVESTMENT HEDGES Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income, the gain or loss relating to the ineffective portion is recognised immediately in the income statement. Gains and losses accumulated in equity are included in the income statement when the foreign operation is disposed of. The hedging instrument used in net investment hedges may include non-derivative liabilities as well as derivative financial instruments. |
Description of accounting policy for offsetting of financial instruments [text block] | (G) Offset Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right of set-off and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously. Cash collateral on exchange traded derivative transactions is presented gross unless the collateral cash flows are always settled net with the derivative cash flows. In certain situations, even though master netting agreements exist, the lack of management intention to settle on a net basis results in the financial assets and liabilities being reported gross on the balance sheet. |
Description of accounting policy for impairment of financial assets [text block] | (H) Impairment of financial assets The impairment charge in the income statement includes the change in expected credit losses and certain fraud costs. Expected credit losses are recognised for loans and advances to customers and banks, other financial assets held at amortised cost, financial assets measured at fair value through other comprehensive income, and certain loan commitments and financial guarantee contracts. Expected credit losses are calculated as an unbiased and probability-weighted estimate using an appropriate probability of default, adjusted to take into account a range of possible future economic scenarios, and applying this to the estimated exposure of the Group at the point of default after taking into account the value of any collateral held, repayments, or other mitigants of loss and including the impact of discounting using the effective interest rate. At initial recognition, allowance (or provision in the case of some loan commitments and financial guarantees) is made for expected credit losses resulting from default events that are possible within the next 12 months (12-month expected credit losses). In the event of a significant increase in credit risk since origination, allowance (or provision) is made for expected credit losses resulting from all possible default events over the expected life of the financial instrument (lifetime expected credit losses). Financial assets where 12-month expected credit losses are recognised are considered to be Stage 1; financial assets which are considered to have experienced a significant increase in credit risk since initial recognition are in Stage 2; and financial assets which have defaulted or are otherwise considered to be credit impaired are allocated to Stage 3. Some Stage 3 assets, mainly in Commercial Banking, are subject to individual rather than collective assessment. Such cases are subject to a risk-based impairment sanctioning process, and these are reviewed and updated at least quarterly, or more frequently if there is a significant change in the credit profile. An assessment of whether credit risk has increased significantly since initial recognition considers the change in the risk of default occurring over the remaining expected life of the financial instrument. The assessment is unbiased, probability-weighted and uses forward-looking information consistent with that used in the measurement of expected credit losses. In determining whether there has been a significant increase in credit risk, the Group uses quantitative tests based on relative and absolute probability of default (PD) movements linked to internal credit ratings together with qualitative indicators such as watchlists and other indicators of historical delinquency, credit weakness or financial difficulty. However, unless identified at an earlier stage, the credit risk of financial assets is deemed to have increased significantly when more than 30 days past due. Where the credit risk subsequently improves such that it no longer represents a significant increase in credit risk since initial recognition, the asset is transferred back to Stage 1. Assets are transferred to Stage 3 when they have defaulted or are otherwise considered to be credit impaired. Default is considered to have occurred when there is evidence that the customer is experiencing financial difficulty which is likely to affect significantly the ability to repay the amount due. IFRS 9 contains a rebuttable presumption that default occurs no later than when a payment is 90 days past due. The Group uses this 90 day backstop for all its products except for UK mortgages. For UK mortgages, the Group uses a backstop of 180 days past due as mortgage exposures more than 90 days past due, but less than 180 days, typically show high cure rates and this aligns with the Group’s risk management practices. In certain circumstances, the Group will renegotiate the original terms of a customer’s loan, either as part of an ongoing customer relationship or in response to adverse changes in the circumstances of the borrower. In the latter circumstances, the loan will remain classified as either Stage 2 or Stage 3 until the credit risk has improved such that it no longer represents a significant increase since origination (for a return to Stage 1), or the loan is no longer credit impaired (for a return to Stage 2). Renegotiation may also lead to the loan and associated allowance being derecognised and a new loan being recognised initially at fair value. Purchased or originated credit-impaired financial assets (POCI) include financial assets that are purchased or originated at a deep discount that reflects incurred credit losses. At initial recognition, POCI assets do not carry an impairment allowance; instead, lifetime expected credit losses are incorporated into the calculation of the effective interest rate. All changes in lifetime expected credit losses subsequent to the assets’ initial recognition are recognised as an impairment charge. A loan or advance is normally written off, either partially or in full, against the related allowance when the proceeds from realising any available security have been received or there is no realistic prospect of recovery and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded in the income statement. For both secured and unsecured retail balances, the write-off takes place only once an extensive set of collections processes has been completed, or the status of the account reaches a point where policy dictates that continuing attempts to recover are no longer appropriate. For commercial lending, a write-off occurs if the loan facility with the customer is restructured, the asset is under administration and the only monies that can be received are the amounts estimated by the administrator, the underlying assets are disposed and a decision is made that no further settlement monies will be received, or external evidence (for example, third party valuations) is available that there has been an irreversible decline in expected cash flows. |
Description of accounting policy for property, plant and equipment [text block] | (I) Property, plant and equipment Property, plant and equipment (other than investment property) is included at cost less accumulated depreciation. The value of land (included in premises) is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate the difference between the cost and the residual value over their estimated useful lives, as follows: the shorter of 50 years and the remaining period of the lease for freehold/long and short leasehold premises; the shorter of 10 years and, if lease renewal is not likely, the remaining period of the lease for leasehold improvements; 10 to 20 years for fixtures and furnishings; and 2 to 8 years for other equipment and motor vehicles. The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In the event that an asset’s carrying amount is determined to be greater than its recoverable amount it is written down immediately. The recoverable amount is the higher of the asset’s fair value less costs to sell and its value in use. Investment property comprises freehold and long leasehold land and buildings that are held either to earn rental income or for capital accretion or both, primarily within the life insurance funds. In accordance with the guidance published by the Royal Institution of Chartered Surveyors, investment property is carried at fair value based on current prices for similar properties, adjusted for the specific characteristics of the property (such as location or condition). If this information is not available, the Group uses alternative valuation methods such as discounted cash flow projections or recent prices in less active markets. These valuations are reviewed at least annually by independent professionally qualified valuers. Investment property being redeveloped for continuing use as investment property, or for which the market has become less active, continues to be valued at fair value. |
Description of accounting policy for leases [text block] | (J) Leases Under IFRS 16, a lessor is required to determine whether a lease is a finance or operating lease. A lessee is not required to make this determination. (1) AS LESSOR Assets leased to customers are classified as finance leases if the lease agreements transfer substantially all the risks and rewards of ownership to the lessee but not necessarily legal title. All other leases are classified as operating leases. When assets are subject to finance leases, the present value of the lease payments, together with any unguaranteed residual value, is recognised as a receivable, net of allowances for expected credit losses, within loans and advances to banks and customers. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance lease income. Finance lease income is recognised in interest income over the term of the lease using the net investment method (before tax) so as to give a constant rate of return on the net investment in the leases. Unguaranteed residual values are reviewed regularly to identify any impairment. Operating lease assets are included within property, plant and equipment at cost and depreciated over their estimated useful lives, which equates to the lives of the leases, after taking into account anticipated residual values. Operating lease rental income is recognised on a straight-line basis over the life of the lease. The Group evaluates non-lease arrangements such as outsourcing and similar contracts to determine if they contain a lease which is then accounted for separately. (2) AS LESSEE Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group’s incremental borrowing rate appropriate for the right-of-use asset arising from the lease. Lease payments are allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of twelve months or less. Low-value assets comprise IT equipment and small items of office furniture. |
Description of accounting policy for employee benefits [text block] | (K) Employee benefits Short-term employee benefits, such as salaries, paid absences, performance-based cash awards and social security costs are recognised over the period in which the employees provide the related services. (1) PENSION SCHEMES The Group operates a number of post-retirement benefit schemes for its employees including both defined benefit and defined contribution pension plans. A defined benefit scheme is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, dependent on one or more factors such as age, years of service and salary. A defined contribution plan is a pension plan into which the Group pays fixed contributions; there is no legal or constructive obligation to pay further contributions. Scheme assets are included at their fair value and scheme liabilities are measured on an actuarial basis using the projected unit credit method. The defined benefit scheme liabilities are discounted using rates equivalent to the market yields at the balance sheet date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability. The Group’s income statement charge includes the current service cost of providing pension benefits, past service costs, net interest expense (income), and plan administration costs that are not deducted from the return on plan assets. Past service costs, which represents the change in the present value of the defined benefit obligation resulting from a plan amendment or curtailment, are recognised when the plan amendment or curtailment occurs. Net interest expense (income) is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Remeasurements, comprising actuarial gains and losses, the return on plan assets (excluding amounts included in net interest expense (income) and net of the cost of managing the plan assets), and the effect of changes to the asset ceiling (if applicable) are reflected immediately in the balance sheet with a charge or credit recognised in other comprehensive income in the period in which they occur. Remeasurements recognised in other comprehensive income are reflected immediately in retained profits and will not subsequently be reclassified to profit or loss. The Group’s balance sheet includes the net surplus or deficit, being the difference between the fair value of scheme assets and the discounted value of scheme liabilities at the balance sheet date. Surpluses are only recognised to the extent that they are recoverable through reduced contributions in the future or through refunds from the schemes. In assessing whether a surplus is recoverable, the Group considers its current right to obtain a refund or a reduction in future contributions and does not anticipate any future acts by other parties that could change the amount of the surplus that may ultimately be recovered. The costs of the Group’s defined contribution plans are charged to the income statement in the period in which they fall due. (2) SHARE-BASED COMPENSATION The Group operates a number of equity-settled, share-based compensation plans in respect of services received from certain of its employees. The value of the employee services received in exchange for equity instruments granted under these plans is recognised as an expense over the vesting period of the instruments, with a corresponding increase in equity. This expense is determined by reference to the fair value of the number of equity instruments that are expected to vest. The fair value of equity instruments granted is based on market prices, if available, at the date of grant. In the absence of market prices, the fair value of the instruments at the date of grant is estimated using an appropriate valuation technique, such as a Black-Scholes option pricing model or a Monte Carlo simulation. The determination of fair values excludes the impact of any non-market vesting conditions, which are included in the assumptions used to estimate the number of options that are expected to vest. At each balance sheet date, this estimate is reassessed and if necessary revised. Any revision of the original estimate is recognised in the income statement, together with a corresponding adjustment to equity. Cancellations by employees of contributions to the Group’s Save As You Earn plans are treated as non-vesting conditions and the Group recognises, in the year of cancellation, the amount of the expense that would have otherwise been recognised over the remainder of the vesting period. Modifications are assessed at the date of modification and any incremental charges are charged to the income statement. |
Description of accounting policy for income tax [text block] | (L) Taxation Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period, outside the income statement (either in other comprehensive income, directly in equity, or through a business combination), in which case the tax appears in the same statement as the transaction that gave rise to it. The tax consequences of the Group’s dividend payments (including distributions on other equity instruments), if any, are charged or credited to the statement in which the profit distributed originally arose. Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period as adjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or substantively enacted at the balance sheet date. Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of the uncertainty by Her Majesty’s Revenue and Customs (HMRC) or other relevant tax authority, it is more likely than not that an economic outflow will occur. Provisions reflect management’s best estimate of the ultimate liability based on their interpretation of tax law, precedent and guidance, informed by external tax advice as necessary. Changes in facts and circumstances underlying these provisions are reassessed at each balance sheet date, and the provisions are re-measured as required to reflect current information. For the Group’s long-term insurance businesses, the tax expense is analysed between tax that is payable in respect of policyholders’ returns and tax that is payable on the shareholders’ returns. This allocation is based on an assessment of the rates of tax which will be applied to the returns under the current UK tax rules. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the balance sheet. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted at the balance sheet date, and which are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary differences arising on investments in subsidiaries where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future. Deferred tax liabilities are not recognised on temporary differences that arise from goodwill which is not deductible for tax purposes. Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilised, and are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets and liabilities acquired other than in a business combination. Deferred tax is not discounted. |
Description of accounting policy for insurance contracts and related assets, liabilities, income and expense [text block] | (M) Insurance The Group undertakes both life insurance and general insurance business. Insurance and participating investment contracts are accounted for under IFRS 4 Insurance Contracts Products sold by the life insurance business are classified into three categories: – Insurance contracts – these contracts transfer significant insurance risk and may also transfer financial risk. The Group defines significant insurance risk as the possibility of having to pay benefits on the occurrence of an insured event which are significantly more than the benefits payable if the insured event were not to occur. These contracts may or may not include discretionary participation features. – Investment contracts containing a discretionary participation feature (participating investment contracts) – these contracts do not transfer significant insurance risk, but contain a contractual right which gives the holder the right to receive, in addition to the guaranteed benefits, further additional discretionary benefits or bonuses that are likely to be a significant proportion of the total contractual benefits and the amount and timing of which is at the discretion of the Group, within the constraints of the terms and conditions of the instrument and based upon the performance of specified assets. – Non-participating investment contracts – these contracts do not transfer significant insurance risk or contain a discretionary participation feature. The general insurance business issues only insurance contracts. (1) LIFE INSURANCE BUSINESS (I) ACCOUNTING FOR INSURANCE AND PARTICIPATING INVESTMENT CONTRACTS Premiums and claims Premiums received in respect of insurance and participating investment contracts are recognised as revenue when due except for unit-linked contracts on which premiums are recognised as revenue when received. Claims are recorded as an expense on the earlier of the maturity date or the date on which the claim is notified. Liabilities Changes in the value of liabilities are recognised in the income statement through insurance claims. – Insurance and participating investment contracts in the Group’s with-profit funds Liabilities of the Group’s with-profit funds, including guarantees and options embedded within products written by these funds, are stated at their realistic values in accordance with the Prudential Regulation Authority’s realistic capital regime, except that projected transfers out of the funds into other Group funds are recorded in the unallocated surplus (see below). – Insurance and participating investment contracts which are not unit-linked or in the Group’s with-profit funds A liability for contractual benefits that are expected to be incurred in the future is recorded when the premiums are recognised. The liability is calculated by estimating the future cash flows over the duration of in-force policies and discounting them back to the valuation date allowing for probabilities of occurrence. The liability will vary with movements in interest rates and with the cost of life insurance and annuity benefits where future mortality is uncertain. Assumptions are made in respect of all material factors affecting future cash flows, including future interest rates, mortality and costs. – Insurance and participating investment contracts which are unit-linked Liabilities for unit-linked insurance contracts and participating investment contracts are stated at the bid value of units plus an additional allowance where appropriate (such as for any excess of future expenses over charges). The liability is increased or reduced by the change in the unit prices and is reduced by policy administration fees, mortality and surrender charges and any withdrawals. Benefit claims in excess of the account balances incurred in the period are also charged through insurance claims. Revenue consists of fees deducted for mortality, policy administration and surrender charges. Unallocated surplus Any amounts in the with-profit funds not yet determined as being due to policyholders or shareholders are recognised as an unallocated surplus which is shown separately from liabilities arising from insurance contracts and participating investment contracts. (II) ACCOUNTING FOR NON-PARTICIPATING INVESTMENT CONTRACTS The Group’s non-participating investment contracts are primarily unit-linked. These contracts are accounted for as financial liabilities whose value is contractually linked to the fair values of financial assets within the Group’s unitised investment funds. The value of the unit-linked financial liabilities is determined using current unit prices multiplied by the number of units attributed to the contract holders at the balance sheet date. Their value is never less than the amount payable on surrender, discounted for the required notice period where applicable. Investment returns (including movements in fair value and investment income) allocated to those contracts are recognised in the income statement through insurance claims. Deposits and withdrawals are not accounted for through the income statement but are accounted for directly in the balance sheet as adjustments to the non-participating investment contract liability. The Group receives investment management fees in the form of an initial adjustment or charge to the amount invested. These fees are in respect of services rendered in conjunction with the issue and management of investment contracts where the Group actively manages the consideration received from its customers to fund a return that is based on the investment profile that the customer selected on origination of the contract. These services comprise an indeterminate number of acts over the lives of the individual contracts and, therefore, the Group defers these fees and recognises them over the estimated lives of the contracts, in line with the provision of investment management services. Costs which are directly attributable and incremental to securing new non-participating investment contracts are deferred. This asset is subsequently amortised over the period of the provision of investment management services and its recoverability is reviewed in circumstances where its carrying amount may not be recoverable. If the asset is greater than its recoverable amount it is written down immediately through fee and commission expense in the income statement. All other costs are recognised as expenses when incurred. (III) VALUE OF IN-FORCE BUSINESS The Group recognises as an asset the value of in-force business in respect of insurance contracts and participating investment contracts. The asset represents the present value of the shareholders’ interest in the profits expected to emerge from those contracts written at the balance sheet date. This is determined after making appropriate assumptions about future economic and operating conditions such as future mortality and persistency rates and includes allowances for both non-market risk and for the realistic value of financial options and guarantees. Each cash flow is valued using the discount rate consistent with that applied to such a cash flow in the capital markets. The asset in the consolidated balance sheet is presented gross of attributable tax and movements in the asset are reflected within other operating income in the income statement. The Group’s contractual rights to benefits from providing investment management services in relation to non-participating investment contracts acquired in business combinations and portfolio transfers are measured at fair value at the date of acquisition. The resulting asset is amortised over the estimated lives of the contracts. At each reporting date an assessment is made to determine if there is any indication of impairment. Where impairment exists, the carrying value of the asset is reduced to its recoverable amount and the impairment loss recognised in the income statement. (2) GENERAL INSURANCE BUSINESS The Group both underwrites and acts as intermediary in the sale of general insurance products. Underwriting premiums are included in insurance premium income, net of refunds, in the period in which insurance cover is provided to the customer; premiums received relating to future periods are deferred in the balance sheet within liabilities arising from insurance contracts and participating investment contracts on a basis that reflects the length of time for which contracts have been in force and the projected incidence of risk over the term of the contract and only credited to the income statement when earned. Broking commission is recognised when the underwriter accepts the risk of providing insurance cover to the customer. Where appropriate, provision is made for the effect of future policy terminations based upon past experience. The underwriting business makes provision for the estimated cost of claims notified but not settled and claims incurred but not reported at the balance sheet date. The provision for the cost of claims notified but not settled is based upon a best estimate of the cost of settling the outstanding claims after taking into account all known facts. In those cases where there is insufficient information to determine the required provision, statistical techniques are used which take into account the cost of claims that have recently been settled and make assumptions about the future development of the outstanding cases. Similar statistical techniques are used to determine the provision for claims incurred but not reported at the balance sheet date. Claims liabilities are not discounted. (3) LIABILITY ADEQUACY TEST At each balance sheet date liability adequacy tests are performed to ensure the adequacy of insurance and participating investment contract liabilities net of related deferred cost assets and value of in-force business. In performing these tests current best estimates of discounted future contractual cash flows and claims handling and policy administration expenses, as well as investment income from the assets backing such liabilities, are used. Any deficiency is immediately charged to the income statement, initially by writing off the relevant assets and subsequently by establishing a provision for losses arising from liability adequacy tests. (4) REINSURANCE Contracts entered into by the Group with reinsurers under which the Group is compensated for benefits payable on one or more contracts issued by the Group are recognised as assets arising from reinsurance contracts held. Where the underlying contracts issued by the Group are classified as insurance contracts and the reinsurance contract transfers significant insurance risk on those contracts to the reinsurer, the assets arising from reinsurance contracts held are classified as insurance contracts. Where the underlying contracts issued by the Group are classified as non-participating investment contracts and the reinsurance contract transfers financial risk on those contracts to the reinsurer, the assets arising from reinsurance contracts held are classified as non-participating investment contracts. Assets arising from reinsurance contracts held – Classified as insurance contracts Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured contracts and in accordance with the terms of each reinsurance contract and are regularly reviewed for impairment. Premiums payable for reinsurance contracts are recognised as an expense when due within insurance premium income. Changes in the reinsurance recoverable assets are recognised in the income statement through insurance claims. Assets arising from reinsurance contracts held – Classified as non-participating investment contracts These contracts are accounted for as financial assets whose value is contractually linked to the fair values of financial assets within the reinsurers’ investment funds. Investment returns (including movements in fair value and investment income) allocated to these contracts are recognised in insurance claims. Deposits and withdrawals are not accounted for through the income statement but are accounted for directly in the balance sheet as adjustments to the assets arising from reinsurance contracts held. |
Description of accounting policy for foreign currency translation [text block] | (N) Foreign currency translation Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). Foreign currency transactions are translated into the appropriate functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when recognised in other comprehensive income as qualifying cash flow or net investment hedges. Non-monetary assets that are measured at fair value are translated using the exchange rate at the date that the fair value was determined. Translation differences on equities and similar non-monetary items held at fair value through profit and loss are recognised in profit or loss as part of the fair value gain or loss. Translation differences on non-monetary financial assets measured at fair value through other comprehensive income, such as equity shares, are included in the fair value reserve in equity unless the asset is a hedged item in a fair value hedge. The results and financial position of all group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on the acquisition of a foreign entity, are translated into sterling at foreign exchange rates ruling at the balance sheet date; and the income and expenses of foreign operations are translated into sterling at average exchange rates unless these do not approximate to the foreign exchange rates ruling at the dates of the transactions in which case income and expenses are translated at the dates of the transactions. Foreign exchange differences arising on the translation of a foreign operation are recognised in other comprehensive income and accumulated in a separate component of equity together with exchange differences arising from the translation of borrowings and other currency instruments designated as hedges of such investments (see (F)(3) above). On disposal or liquidation of a foreign operation, the cumulative amount of exchange differences relating to that foreign operation are reclassified from equity and included in determining the profit or loss arising on disposal or liquidation. |
Description of accounting policy for provisions [text block] | (O) Provisions and contingent liabilities Provisions are recognised in respect of present obligations arising from past events where it is probable that outflows of resources will be required to settle the obligations and they can be reliably estimated. Contingent liabilities are possible obligations whose existence depends on the outcome of uncertain future events or those present obligations where the outflows of resources are uncertain or cannot be measured reliably. Contingent liabilities are not recognised in the financial statements but are disclosed unless they are remote. Provision is made for expected credit losses in respect of irrevocable undrawn loan commitments and financial guarantee contracts (see (H) above). |
Description of accounting policy for issued capital [text block] | (P) Share capital Incremental costs directly attributable to the issue of new shares or options or to the acquisition of a business are shown in equity as a deduction, net of tax, from the proceeds. Dividends paid on the Group’s ordinary shares are recognised as a reduction in equity in the period in which they are paid. Where the Company or any member of the Group purchases the Company’s share capital, the consideration paid is deducted from shareholders’ equity as treasury shares until they are cancelled; if these shares are subsequently sold or reissued, any consideration received is included in shareholders’ equity. |
Description of accounting policy for determining components of cash and cash equivalents [text block] | (Q) Cash and cash equivalents For the purposes of the cash flow statement, cash and cash equivalents comprise cash and non-mandatory balances with central banks and amounts due from banks with a maturity of less than three months. |
CRITICAL ACCOUNTING JUDGEMENT_2
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Tables) [Line Items] | |
Explanation of credit risk management practices and how they relate to recognition and measurement of expected credit losses [text block] | The table below shows the Group’s ECL for the upside and downside scenarios using a 100 per cent weighting, with stage allocation based on each specific scenario. At 31 December 2019 At 31 December 2018 Upside Downside Upside Downside £m £m £m £m ECL allowance 3,001 3,677 2,775 3,573 |
Economic Assumptions [Member] | |
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Tables) [Line Items] | |
Explanation of credit risk management practices and how they relate to recognition and measurement of expected credit losses [text block] | The key UK economic assumptions made by the Group averaged over a five-year period are shown below: At 31 December 2019 At 31 December 2018 Severe Severe Base case Upside Downside downside Base case Upside Downside downside Economic assumptions % % % % % % % % Interest rate 1.25 2.04 0.49 0.11 1.25 2.34 1.30 0.71 Unemployment rate 4.3 3.9 5.8 7.2 4.5 3.9 5.3 6.9 House price growth 1.3 5.0 (2.6 ) (7.1 ) 2.5 6.1 (4.8 ) (7.5 ) Commercial real estate price growth (0.2 ) 1.8 (3.8 ) (7.1 ) 0.4 5.3 (4.7 ) (6.4 ) At 31 December 2019 At 31 December 2018 Severe Severe Base case Upside Downside downside Base case Upside Downside downside Economic assumptions – start to peak % % % % % % % % Interest rate 1.75 2.56 0.75 0.75 1.75 4.00 1.75 1.25 Unemployment rate 4.6 4.6 6.9 8.3 4.8 4.3 6.3 8.6 House price growth 6.0 26.3 (1.9 ) (2.3 ) 13.7 34.9 0.6 (1.6 ) Commercial real estate price growth 0.1 10.4 (0.6 ) (1.1 ) 0.1 26.9 (0.5 ) (0.5 ) At 31 December 2019 At 31 December 2018 Severe Severe Base case Upside Downside downside Base case Upside Downside downside Economic assumptions – start to trough % % % % % % % % Interest rate 0.75 0.75 0.35 0.01 0.75 0.75 0.75 0.25 Unemployment rate 3.8 3.4 3.9 3.9 4.1 3.5 4.3 4.2 House price growth (1.9 ) (0.8 ) (14.8 ) (33.1 ) 0.4 2.3 (26.5 ) (33.5 ) Commercial real estate price growth (0.9 ) 0.3 (17.5 ) (30.9 ) (0.1 ) 0.0 (23.8 ) (33.8 ) |
Economic Scenarios [Member] | |
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Tables) [Line Items] | |
Explanation of credit risk management practices and how they relate to recognition and measurement of expected credit losses [text block] | The table below shows the extent to which a higher ECL allowance has been recognised to take account of forward looking information from the weighted multiple economic scenarios. The most significant difference between these bases arises on UK mortgages as the probability weighted ECL includes the impact of house price movements on the loss given default. For other portfolios adjustment is made only for the probability of default. All non-modelled provisions, including post model adjustments, are based on the probability weighted modelled ECL across all scenarios. At 31 December 2019 At 31 December 2018 Probability Probability Base case weighted Difference Base case weighted Difference Impact of multiple economic scenarios £m £m £m £m £m £m UK mortgages 464 569 105 253 460 207 Other Retail 1,492 1,521 29 1,294 1,308 14 Commercial Banking 1,258 1,315 57 1,472 1,513 41 Other 50 50 – 81 81 – 3,264 3,455 191 3,100 3,362 262 |
Increase (Decrease) in House Price Index [Member] | |
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Tables) [Line Items] | |
Explanation of credit risk management practices and how they relate to recognition and measurement of expected credit losses [text block] | The table below shows the impact on the Group’s ECL resulting from a decrease/increase in Loss Given Default for a 10 percentage point (pp) increase/ decrease in the UK House Price Index (HPI). At 31 December 2019 At 31 December 2018 10pp increase 10pp decrease 10pp increase 10pp decrease in HPI in HPI in HPI in HPI ECL impact, £m (110 ) 147 (114 ) 154 |
Increase (Decrease) in Unemployment [Member] | |
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Tables) [Line Items] | |
Explanation of credit risk management practices and how they relate to recognition and measurement of expected credit losses [text block] | The table below shows the impact on the Group’s ECL resulting from a decrease/increase for a 1 percentage point (pp) increase/decrease in the UK unemployment rate. At 31 December 2019 At 31 December 2018 1pp increase in 1pp decrease in 1pp increase in 1pp decrease in unemployment unemployment unemployment unemployment ECL impact, £m 141 (143 ) 172 (155 ) |
SEGMENTAL ANALYSIS (Tables)
SEGMENTAL ANALYSIS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of entity's operating segments [text block] [Abstract] | |
Disclosure of Operating Segments [Text Block] | Retail Commercial Insurance Other Underlying Year ended 31 December 2019 Net interest income 8,807 2,918 112 540 12,377 Other income, net of insurance claims 2,014 1,422 2,021 275 5,732 Total underlying income, net of insurance claims 10,821 4,340 2,133 815 18,109 Operating lease depreciation 1 (946 ) (21 ) – – (967 ) Net income 9,875 4,319 2,133 815 17,142 Operating costs (4,760 ) (2,081 ) (982 ) (52 ) (7,875 ) Remediation (238 ) (155 ) (50 ) (2 ) (445 ) Total costs (4,998 ) (2,236 ) (1,032 ) (54 ) (8,320 ) Impairment (charge) credit (1,038 ) (306 ) – 53 (1,291 ) Underlying profit 3,839 1,777 1,101 814 7,531 External income 13,109 3,394 1,740 (134 ) 18,109 Inter-segment income (expense) (2,288 ) 946 393 949 – Segment underlying income, net of insurance claims 10,821 4,340 2,133 815 18,109 Segment external assets 350,585 145,060 175,869 162,379 833,893 Segment customer deposits 252,056 145,122 13,677 10,465 421,320 Segment external liabilities 259,964 183,390 182,333 160,400 786,087 Analysis of segment underlying other income, net of insurance claims: Current accounts 518 136 5 – 659 Credit and debit card fees 652 330 – – 982 Commercial banking and treasury fees – 248 – – 248 Unit trust and insurance broking 9 – 197 – 206 Private banking and asset management – 4 65 – 69 Factoring – 103 – – 103 Other fees and commissions 54 249 156 30 489 Fees and commissions receivable 1,233 1,070 423 30 2,756 Fees and commissions payable (571 ) (321 ) (405 ) (53 ) (1,350 ) Net fee and commission income 662 749 18 (23 ) 1,406 Operating lease rental income 1,225 25 – – 1,250 Rental income from investment properties – – 191 – 191 Gains less losses on disposal of financial assets at fair value through other comprehensive income – (5 ) – 201 196 Lease termination income – 12 – – 12 Trading income 47 812 – 278 1,137 Insurance and other, net of insurance claims 206 72 2,216 (954 ) 1,540 Other external income, net of insurance claims 1,478 916 2,407 (475 ) 4,326 Inter-segment other income (126 ) (243 ) (404 ) 773 – Segment other income, net of insurance claims 2,014 1,422 2,021 275 5,732 Other segment items reflected in income statement above: Depreciation and amortisation 1,712 315 181 452 2,660 Increase in value of in-force business – – 825 – 825 Defined benefit scheme charges 108 43 19 75 245 Other segment items: Additions to fixed assets 2,208 260 174 1,007 3,649 Investments in joint ventures and associates at end of year 4 – – 300 304 Retail Commercial Insurance Other Underlying Year ended 31 December 2018 1 Net interest income 9,060 3,013 123 518 12,714 Other income, net of insurance claims 2,097 1,670 1,865 378 6,010 Total underlying income, net of insurance claims 11,157 4,683 1,988 896 18,724 Operating lease depreciation 2 (921 ) (35 ) – – (956 ) Net income 10,236 4,648 1,988 896 17,768 Operating costs (4,897 ) (2,191 ) (1,021 ) (56 ) (8,165 ) Remediation (267 ) (203 ) (39 ) (91 ) (600 ) Total costs (5,164 ) (2,394 ) (1,060 ) (147 ) (8,765 ) Impairment (charge) credit (861 ) (71 ) (1 ) (4 ) (937 ) Underlying profit 4,211 2,183 927 745 8,066 External income 13,022 4,889 1,895 (1,082 ) 18,724 Inter-segment income (expense) (1,865 ) (206 ) 93 1,978 – Segment underlying income, net of insurance claims 11,157 4,683 1,988 896 18,724 Segment external assets 349,412 165,030 140,487 142,669 797,598 Segment customer deposits 252,808 148,635 14,063 2,560 418,066 Segment external liabilities 259,778 191,687 147,673 148,261 747,399 Analysis of segment underlying other income, net of insurance claims Current accounts 503 142 5 – 650 Credit and debit card fees 660 332 1 – 993 Commercial banking and treasury fees – 305 – – 305 Unit trust and insurance broking 13 – 208 – 221 Private banking and asset management – 5 92 – 97 Factoring – 83 – – 83 Other fees and commissions 52 253 163 31 499 Fees and commissions receivable 1,228 1,120 469 31 2,848 Fees and commissions payable (601 ) (311 ) (418 ) (56 ) (1,386 ) Net fee and commission income 627 809 51 (25 ) 1,462 Operating lease rental income 1,305 38 – – 1,343 Rental income from investment properties – – 197 – 197 Gains less losses on disposal of financial assets at fair value through other comprehensive income – – – 275 275 Lease termination income – 7 – – 7 Net trading income, excluding insurance 71 711 – 282 1,064 Insurance and other, net of insurance claims 247 356 2,146 (1,087 ) 1,662 Other external income, net of insurance claims 1,623 1,112 2,343 (530 ) 4,548 Inter-segment other income (153 ) (251 ) (529 ) 933 – Segment other income, net of insurance claims 2,097 1,670 1,865 378 6,010 Other segment items reflected in income statement above: Depreciation and amortisation 1,573 278 154 400 2,405 Decrease in value of in-force business – – (55 ) – (55 ) Defined benefit scheme charges 121 49 20 215 405 Other segment items: Additions to fixed assets 2,092 208 223 991 3,514 Investments in joint ventures and associates at end of year 4 – – 87 91 Retail Commercial Insurance Other Underlying basis Year ended 31 December 2017 1 Net interest income 8,695 3,040 133 452 12,320 Other income, net of insurance claims 2,150 1,803 1,846 406 6,205 Total underlying income, net of insurance claims 10,845 4,843 1,979 858 18,525 Operating lease depreciation 2 (947 ) (105 ) – (1 ) (1,053 ) Net income 9,898 4,738 1,979 857 17,472 Operating costs (4,847 ) (2,249 ) (1,040 ) (48 ) (8,184 ) Remediation (633 ) (173 ) (40 ) (19 ) (865 ) Total costs (5,480 ) (2,422 ) (1,080 ) (67 ) (9,049 ) Impairment (charge) credit (710 ) (95 ) – 10 (795 ) Underlying profit 3,708 2,221 899 800 7,628 External income 12,606 3,181 1,883 855 18,525 Inter-segment income (expense) (1,761 ) 1,662 96 3 – Segment underlying income, net of insurance claims 10,845 4,843 1,979 858 18,525 Segment external assets 350,051 177,763 151,986 132,309 812,109 Segment customer deposits 253,127 148,313 13,770 2,914 418,124 Segment external liabilities 258,246 224,918 157,824 121,978 762,966 Analysis of segment underlying other income, net of insurance claims: Current accounts 572 135 5 – 712 Credit and debit card fees 640 312 1 – 953 Commercial banking and treasury fees – 321 – – 321 Unit trust and insurance broking 10 – 214 – 224 Private banking and asset management – 5 93 – 98 Factoring – 91 – – 91 Other fees and commissions 95 273 184 14 566 Fees and commissions receivable 1,317 1,137 497 14 2,965 Fees and commissions payable (636 ) (287 ) (380 ) (79 ) (1,382 ) Net fee and commission income 681 850 117 (65 ) 1,583 Operating lease rental income 1,281 63 – – 1,344 Rental income from investment properties – 1 212 – 213 Gains less losses on disposal of available-for-sale financial assets – 5 (3 ) 444 446 Lease termination income – 74 – – 74 Trading income 26 481 – (89 ) 418 Insurance and other, net of insurance claims 6 (6 ) 2,223 (96 ) 2,127 Other external income, net of insurance claims 1,313 618 2,432 259 4,622 Inter-segment other income 156 335 (703 ) 212 – Segment other income, net of insurance claims 2,150 1,803 1,846 406 6,205 Other segment items reflected in income statement above: Depreciation and amortisation 1,547 322 197 304 2,370 Increase in value of in-force business – – (165 ) – (165 ) Defined benefit scheme charges 149 53 25 132 359 Other segment items: Additions to fixed assets 2,431 130 274 820 3,655 Investments in joint ventures and associates at end of year 12 – – 53 65 1 Net of profits on disposal of operating lease assets of £41 million. 1 Restated, see page F-25. 2 Net of profits on disposal of operating lease assets of £60 million. 1 Restated see page F-25. 2 Net of profits on disposal of operating lease assets of £32 million. |
Disclosure of reconciliation of underlying basis to statutory results [text block] | The underlying basis is the basis on which financial information is presented to the chief operating decision maker which excludes certain items included in the statutory results. The table below reconciles the statutory results to the underlying basis. Removal of: Lloyds Volatility and other items 1 £m Insurance gross up 2 £m PPI Underlying Year ended 31 December 2019 Net interest income 10,180 379 1,818 – 12,377 Other income, net of insurance claims 8,179 (426 ) (2,021 ) – 5,732 Total income, net of insurance claims 18,359 (47 ) (203 ) – 18,109 Operating lease depreciation 3 (967 ) – – (967 ) Net income 18,359 (1,014 ) (203 ) – 17,142 Operating expenses (12,670 ) 1,697 203 2,450 (8,320 ) Impairment (1,296 ) 5 – – (1,291 ) Profit before tax 4,393 688 – 2,450 7,531 Removal of: Lloyds Volatility and other items 4 £m Insurance gross up 2 £m PPI Underlying Year ended 31 December 2018 Net interest income 13,396 152 (834 ) – 12,714 Other income, net of insurance claims 5,230 107 673 – 6,010 Total income, net of insurance claims 18,626 259 (161 ) – 18,724 Operating lease depreciation 3 (956 ) – – (956 ) Net income 18,626 (697 ) (161 ) – 17,768 Operating expenses (11,729 ) 2,053 161 750 (8,765 ) Impairment (937 ) – – – (937 ) Profit before tax 5,960 1,356 – 750 8,066 Removal of: Lloyds Volatility and other items 5 £m Insurance gross up 2 £m PPI Underlying Year ended 31 December 2017 Net interest income 10,912 228 1,180 – 12,320 Other income, net of insurance claims 7,747 (186 ) (1,356 ) – 6,205 Total income, net of insurance claims 18,659 42 (176 ) – 18,525 Operating lease depreciation 3 (1,053 ) – – (1,053 ) Net income 18,659 (1,011 ) (176 ) – 17,472 Operating expenses (12,346 ) 1,821 176 1,300 (9,049 ) Impairment (688 ) (107 ) – – (795 ) Profit before tax 5,625 703 – 1,300 7,628 1 In the year ended 31 December 2019 this comprises the effects of asset sales (gains of £214 million); volatility and other items (losses of £88 million); the amortisation of purchased intangibles (£68 million); restructuring (£471 million, comprising severance related costs, the integration of Zurich’s UK workplace pensions and savings business and costs associated with establishing the Schroders Personal Wealth joint venture); and the fair value unwind and other items (losses of £275 million). 2 The Group’s insurance businesses’ income statements include income and expenditure which are attributable to the policyholders of the Group’s long-term assurance funds. These items have no impact in total upon the profit attributable to equity shareholders and, in order to provide a clearer representation of the underlying trends within the business, these items are shown net within the underlying results. 3 Net of profits on disposal of operating lease assets of £41 million (2018: £60 million; 2017: £32 million). 4 Comprises the effects of asset sales (loss of £145 million); volatility and other items (gains of £95 million); the amortisation of purchased intangibles (£108 million); restructuring (£879 million, comprising severance related costs, the rationalisation of the non-branch property portfolio, the work on implementing the ring-fencing requirements and the integration of MBNA and Zurich’s UK workplace pensions and savings business); and the fair value unwind and other items (losses of £319 million). 5 Comprises the effects of asset sales (gain of £30 million); volatile items (gain of £263 million); liability management (loss of £14 million); the amortisation of purchased intangibles (£91 million); restructuring costs (£621 million, principally comprising costs relating to the Simplification programme; the rationalisation of the non-branch property portfolio, the work on implementing the ring-fencing requirements and the integration of MBNA); and the fair value unwind and other items (loss of £270 million). |
NET INTEREST INCOME (Tables)
NET INTEREST INCOME (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of interest income (expense) [text block] [Abstract] | |
Disclosure of interest income [text block] | Weighted average 2019 2018 2017 2019 2018 2017 % % % £m £m £m Interest and similar income: Loans and advances to customers 3.17 3.17 3.16 15,790 15,078 14,712 Loans and advances to banks 0.78 0.84 0.40 514 565 271 Debt securities held at amortised cost 2.23 1.60 1.29 122 66 43 Interest receivable on financial assets held at amortised cost 2.89 2.87 2.81 16,426 15,709 15,026 Financial assets at fair value through other comprehensive income 1.64 1.98 435 640 Available-for-sale financial assets 1.96 980 Total interest and similar income 1 2.83 2.82 2.73 16,861 16,349 16,006 Interest and similar expense: Deposits from banks, excluding liabilities under sale and repurchase transactions 0.86 1.39 1.18 (96 ) (117 ) (80 ) Customer deposits, excluding liabilities under sale and repurchase transactions 0.59 0.53 0.49 (2,015 ) (1,812 ) (1,721 ) Debt securities in issue 2 1.24 0.27 0.37 (1,204 ) (234 ) (266 ) Subordinated liabilities 6.79 7.63 7.93 (1,201 ) (1,388 ) (1,481 ) Lease liabilities 2.49 2.46 2.38 (42 ) (1 ) (1 ) Liabilities under sale and repurchase agreements 1.12 0.96 0.58 (301 ) (245 ) (110 ) Interest payable on liabilities held at amortised cost 0.98 0.79 0.79 (4,859 ) (3,797 ) (3,659 ) Amounts payable to unitholders in consolidated open-ended investment vehicles 4 13.64 (6.07 ) 9.15 (1,822 ) 844 (1,435 ) Total interest and similar expense 3 1.31 0.60 1.06 (6,681 ) (2,953 ) (5,094 ) Net interest income 10,180 13,396 10,912 1 Includes £26 million (2018: £31 million; 2017: £12 million) of interest income on liabilities with negative interest rates and £45 million (2018: £46 million; 2017: £49 million) in respect of interest income on finance leases. 2 The impact of the Group’s hedging arrangements is included on this line; excluding this impact the weighted average effective interest rate in respect of debt securities in issue would be 2.57 per cent (2018: 2.68 per cent; 2017: 2.43 per cent). 3 Includes £119 million (2018: £10 million; 2017: £50 million) of interest expense on assets with negative interest rates. 4 Where a collective investment vehicle is consolidated the interests of parties other than the Group are reported in other liabilities and the movement in these interests in interest expense. |
NET FEE AND COMMISSION INCOME (
NET FEE AND COMMISSION INCOME (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of fee and commission income (expense) [text block] [Abstract] | |
Disclosure of fee and commission income (expense) [text block] | 2019 2018 2017 £m £m £m Fee and commission income: Current accounts 659 650 712 Credit and debit card fees 982 993 953 Commercial banking and treasury fees 248 305 321 Unit trust and insurance broking 206 221 224 Private banking and asset management 69 97 98 Factoring 103 83 91 Other fees and commissions 489 499 566 Total fee and commission income 2,756 2,848 2,965 Fee and commission expense (1,350 ) (1,386 ) (1,382 ) Net fee and commission income 1,406 1,462 1,583 |
NET TRADING INCOME (Tables)
NET TRADING INCOME (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
NET TRADING INCOME (Tables) [Line Items] | |
Disclosure of trading income (expense) [text block] | NOTE 7: NET TRADING INCOME 2019 2018 2017 £m £m £m Foreign exchange translation (losses) gains (255 ) 342 (174 ) Gains on foreign exchange trading transactions 677 580 517 Total foreign exchange 422 922 343 Investment property (losses) gains (note 27) (108 ) 139 230 Securities and other gains (losses) (see below) 17,974 (4,937 ) 11,244 Net trading income 18,288 (3,876 ) 11,817 Securities and other gains comprise net gains (losses) arising on assets and liabilities held at fair value through profit or loss as follows: 2019 2018 2017 £m £m £m Net income arising on assets and liabilities mandatorily held at fair value through profit or loss: Financial instruments held for trading 120 (8 ) 404 Other financial instruments mandatorily held at fair value through profit or loss: Debt securities, loans and advances 3,509 (26 ) 1,122 Equity shares 14,559 (4,747 ) 9,862 18,188 (4,781 ) 11,388 Net (expense) income arising on assets and liabilities designated at fair value through profit or loss (214 ) (156 ) (144 ) Securities and other gains 17,974 (4,937 ) 11,244 |
Financial assets at fair value through profit or loss, classified as held for trading, category [member] | |
NET TRADING INCOME (Tables) [Line Items] | |
Disclosure of trading income (expense) [text block] | 2019 2018 2017 £m £m £m Foreign exchange translation (losses) gains (255 ) 342 (174 ) Gains on foreign exchange trading transactions 677 580 517 Total foreign exchange 422 922 343 Investment property (losses) gains (note 27) (108 ) 139 230 Securities and other gains (losses) (see below) 17,974 (4,937 ) 11,244 Net trading income 18,288 (3,876 ) 11,817 |
Securities and other gains [member] | |
NET TRADING INCOME (Tables) [Line Items] | |
Disclosure of trading income (expense) [text block] | Securities and other gains comprise net gains (losses) arising on assets and liabilities held at fair value through profit or loss as follows: 2019 2018 2017 £m £m £m Net income arising on assets and liabilities mandatorily held at fair value through profit or loss: Financial instruments held for trading 120 (8 ) 404 Other financial instruments mandatorily held at fair value through profit or loss: Debt securities, loans and advances 3,509 (26 ) 1,122 Equity shares 14,559 (4,747 ) 9,862 18,188 (4,781 ) 11,388 Net (expense) income arising on assets and liabilities designated at fair value through profit or loss (214 ) (156 ) (144 ) Securities and other gains 17,974 (4,937 ) 11,244 |
INSURANCE PREMIUM INCOME (Table
INSURANCE PREMIUM INCOME (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Insurance premium income [Member] | |
INSURANCE PREMIUM INCOME (Tables) [Line Items] | |
Disclosure of insurance premium revenue [text block] | 2019 2018 2017 £m £m £m Life insurance Gross premiums: Life and pensions 6,827 6,612 6,273 Annuities 2,483 2,178 1,082 9,310 8,790 7,355 Ceded reinsurance premiums (378 ) (271 ) (168 ) Net earned premiums 8,932 8,519 7,187 Non-life insurance Net earned premiums 642 670 743 Total net earned premiums 9,574 9,189 7,930 |
OTHER OPERATING INCOME (Tables)
OTHER OPERATING INCOME (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other operating income [Member] | |
OTHER OPERATING INCOME (Tables) [Line Items] | |
Disclosure of other operating income [text block] | 2019 2018 2017 £m £m £m Operating lease rental income 1,250 1,343 1,344 Rental income from investment properties (note 27) 191 197 213 Gains less losses on disposal of financial assets at fair value through other comprehensive income (2017: available-for-sale financial assets) (note 42) 196 275 446 Movement in value of in-force business (note 25) 825 (55 ) (165 ) Gain related to establishment of joint venture (note 23) 244 – – Share of results of joint ventures and associates (note 22) 6 9 6 Other 196 151 151 Total other operating income 2,908 1,920 1,995 |
INSURANCE CLAIMS (Tables)
INSURANCE CLAIMS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of claims and benefits paid [text block] [Abstract] | |
Disclosure of Insurance Claims [Text Block] | 2019 2018 2017 Insurance claims comprise: £m £m £m Life insurance and participating investment contracts Claims and surrenders (8,684 ) (8,735 ) (8,898 ) Change in insurance and participating investment contracts (note 32) (12,633 ) 4,565 (9,067 ) Change in non-participating investment contracts (2,664 ) 628 2,836 (23,981 ) (3,542 ) (15,129 ) Reinsurers’ share 290 404 35 (23,691 ) (3,138 ) (15,094 ) Change in unallocated surplus (19 ) 8 (147 ) Total life insurance and participating investment contracts (23,710 ) (3,130 ) (15,241 ) Non-life insurance Total non-life insurance claims, net of reinsurance (287 ) (335 ) (337 ) Total insurance claims (23,997 ) (3,465 ) (15,578 ) Life insurance and participating investment contracts gross claims and surrenders can also be analysed as follows: Deaths (674 ) (721 ) (675 ) Maturities (1,122 ) (1,198 ) (1,280 ) Surrenders (5,523 ) (5,548 ) (5,674 ) Annuities (1,104 ) (1,032 ) (985 ) Other (261 ) (236 ) (284 ) Total life insurance gross claims and surrenders (8,684 ) (8,735 ) (8,898 ) |
OPERATING EXPENSES (Tables)
OPERATING EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of expenses [text block] [Abstract] | |
Disclosure of other operating expense [text block] | 2019 2018 2017 £m £m £m Staff costs: Salaries 2,539 2,482 2,679 Performance-based compensation 380 509 473 Social security costs 325 343 361 Pensions and other post-retirement benefit schemes (note 36) 532 705 625 Restructuring costs 92 249 24 Other staff costs 383 474 448 4,251 4,762 4,610 Premises and equipment: Rent and rates 93 370 365 Repairs and maintenance 187 190 231 Other 211 169 134 491 729 730 Other expenses: Communications and data processing 1,038 1,121 882 Advertising and promotion 170 197 208 Professional fees 226 287 328 UK bank levy 224 225 231 Other 715 653 814 2,373 2,483 2,463 Depreciation and amortisation: Depreciation of property, plant and equipment (note 27) 2,064 1,852 1,944 Amortisation of acquired value of in-force non-participating investment contracts (note 25) 30 40 34 Amortisation of other intangible assets (note 26) 566 513 392 2,660 2,405 2,370 Goodwill impairment – – 8 Total operating expenses, excluding regulatory provisions 9,775 10,379 10,181 Regulatory provisions: Payment protection insurance provision (note 38) 2,450 750 1,300 Other regulatory provisions (note 38) 445 600 865 2,895 1,350 2,165 Total operating expenses 12,670 11,729 12,346 |
Disclosure of performance-based compensation costs [text block] | The table below analyses the Group’s performance-based compensation costs between those relating to the current performance year and those relating to earlier years. 2019 2018 2017 £m £m £m Performance-based compensation expense comprises: Awards made in respect of the year ended 31 December 244 362 334 Awards made in respect of earlier years 136 147 139 380 509 473 Performance-based compensation expense deferred until later years comprises: Awards made in respect of the year ended 31 December 113 152 127 Awards made in respect of earlier years 36 37 35 149 189 162 |
Disclosure of information about employees [text block] | The average number of persons on a headcount basis employed by the Group during the year was as follows: 2019 2018 2017 UK 69,321 71,857 75,150 Overseas 762 769 794 Total 70,083 72,626 75,944 |
AUDITORS' REMUNERATION (Tables)
AUDITORS' REMUNERATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Group [Member] | |
AUDITORS' REMUNERATION (Tables) [Line Items] | |
Disclosure of fees payable to auditors [text block] | Fees payable to the Company’s auditors by the Group are as follows: 2019 2018 2017 £m £m £m Fees payable for the audit of the Company’s current year annual report 1.5 1.5 1.5 Fees payable for other services: Audit of the Company’s subsidiaries pursuant to legislation 20.2 19.1 18.6 Other services supplied pursuant to legislation 3.5 2.9 3.0 Total audit fees 25.2 23.5 23.1 Other services – audit related fees 1.0 1.2 1.2 Total audit and audit related fees 26.2 24.7 24.3 Other non-audit fees: Services relating to corporate finance transactions – – 1.2 Other services 0.7 2.0 2.4 Total other non-audit fees 0.7 2.0 3.6 Total fees payable to the Company’s auditors by the Group 26.9 26.7 27.9 |
Entities Outside of Lloyds [Member] | |
AUDITORS' REMUNERATION (Tables) [Line Items] | |
Disclosure of fees payable to auditors [text block] | During the year, the auditors also earned fees payable by entities outside the consolidated Lloyds Banking Group in respect of the following: 2019 2018 2017 £m £m £m Audits of Group pension schemes 0.1 0.1 0.1 Audits of the unconsolidated Open Ended Investment Companies managed by the Group 0.4 0.3 0.3 Reviews of the financial position of corporate and other borrowers 0.2 0.4 0.2 Acquisition due diligence and other work performed in respect of potential venture capital investments – – 0.1 |
IMPAIRMENT (Tables)
IMPAIRMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of impairment loss and reversal of impairment loss [text block] [Abstract] | |
Disclosure of impairment [text block] | Purchased or originated Stage 1 Stage 2 Stage 3 credit-impaired Total £m £m £m £m £m Year ended 31 December 2019 Impact of transfers between stages (17 ) 89 532 – 604 Other changes in credit quality 4 1 899 (106 ) 798 Additions (repayments) 94 (39 ) (84 ) (87 ) (116 ) Methodology, model and assumption changes 33 (27 ) 8 – 14 Other items (4 ) – – – (4 ) 127 (65 ) 823 (193 ) 692 Total impairment 110 24 1,355 (193 ) 1,296 In respect of: Loans and advances to banks – – – – – Loans and advances to customers 139 10 1,351 (193 ) 1,307 Financial assets at amortised cost 139 10 1,351 (193 ) 1,307 Other assets – – 5 – 5 Impairment charge on drawn balances 139 10 1,356 (193 ) 1,312 Loan commitments and financial guarantees (28 ) 14 (1 ) – (15 ) Financial assets at fair value through other comprehensive income (1 ) – – – (1 ) Total impairment 110 24 1,355 (193 ) 1,296 Purchased or originated Stage 1 Stage 2 Stage 3 credit-impaired Total £m £m £m £m £m Year ended 31 December 2018 Impact of transfers between stages (12 ) 51 446 – 485 Other changes in credit quality (20 ) (47 ) 541 69 543 Additions (repayments) 18 (82 ) 43 (69 ) (90 ) Methodology, model and assumption changes (71 ) (21 ) 72 – (20 ) Other items (13 ) – 32 – 19 (86 ) (150 ) 688 – 452 Total impairment (98 ) (99 ) 1,134 – 937 In respect of: Loans and advances to banks 1 – – – 1 Loans and advances to customers (66 ) (51 ) 1,139 – 1,022 Financial assets at amortised cost (65 ) (51 ) 1,139 – 1,023 Other assets – – 1 – 1 Impairment charge on drawn balances (65 ) (51 ) 1,140 – 1,024 Loan commitments and financial guarantees (19 ) (48 ) (6 ) – (73 ) Financial assets at fair value through other comprehensive income (14 ) – – – (14 ) Total impairment (98 ) (99 ) 1,134 – 937 |
Disclosure of Impairment Loss and Reversal of Impairment Loss [text block] | 2017 £m Impairment losses on loans and receivables: Loans and advances to customers 697 Debt securities classified as loans and receivables (6 ) Total impairment losses on loans and receivables 691 Impairment of available-for-sale financial assets 6 Other credit risk provisions (9 ) Total impairment charged to the income statement 688 |
TAX EXPENSE (Tables)
TAX EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of income tax [text block] [Abstract] | |
Disclosure of tax receivables and payables [text block] | 2019 2018 1 2017 1 £m £m £m UK corporation tax: Current tax on profit for the year (1,389 ) (1,280 ) (1,240 ) Adjustments in respect of prior years 96 11 122 (1,293 ) (1,269 ) (1,118 ) Foreign tax: Current tax on profit for the year (70 ) (34 ) (40 ) Adjustments in respect of prior years 2 5 10 (68 ) (29 ) (30 ) Current tax expense (1,361 ) (1,298 ) (1,148 ) Deferred tax: Current year (165 ) (127 ) (430 ) Adjustments in respect of prior years 139 (29 ) (48 ) Deferred tax expense (26 ) (156 ) (478 ) Tax expense (1,387 ) (1,454 ) (1,626 ) 1 Restated, see note 1. |
Disclosure of Income Tax Charges [Text Block] | The income tax expense is made up as follows: 2019 2018 1 2017 1 £m £m £m Tax (expense) credit attributable to policyholders (148 ) 14 (82 ) Shareholder tax expense (1,239 ) (1,468 ) (1,544 ) Tax expense (1,387 ) (1,454 ) (1,626 ) 1 Restated, see note 1. |
Disclosure of reconciliation of charge resulting from applying UK corporation tax rate | An explanation of the relationship between tax expense and accounting profit is set out below: 2019 2018 1 2017 1 £m £m £m Profit before tax 4,393 5,960 5,625 UK corporation tax thereon (835 ) (1,132 ) (1,083 ) Impact of surcharge on banking profits (364 ) (409 ) (429 ) Non-deductible costs: conduct charges (370 ) (101 ) (287 ) Non-deductible costs: bank levy (43 ) (43 ) (44 ) Other non-deductible costs (121 ) (90 ) (59 ) Non-taxable income 40 87 72 Tax relief on coupons on other equity instruments 89 83 79 Tax-exempt gains on disposals 102 124 128 Recognition (derecognition) of losses that arose in prior years 18 (9 ) – Remeasurement of deferred tax due to rate changes (6 ) 32 (9 ) Differences in overseas tax rates (14 ) 6 (15 ) Policyholder tax (67 ) (62 ) (66 ) Policyholder deferred tax asset in respect of life assurance expenses (53 ) 73 – Adjustments in respect of prior years 237 (13 ) 88 Tax effect of share of results of joint ventures – – (1 ) Tax expense (1,387 ) (1,454 ) (1,626 ) 1 Restated, see note 1. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retained earnings [member] | |
EARNINGS PER SHARE (Tables) [Line Items] | |
Disclosure of earnings per share [text block] | 2019 2018 1 2017 1 £m £m £m Profit attributable to equity shareholders – basic and diluted 2,459 3,975 3,494 2019 2018 2017 million million million Weighted average number of ordinary shares in issue – basic 70,603 71,638 71,710 Adjustment for share options and awards 682 641 683 Weighted average number of ordinary shares in issue – diluted 71,285 72,279 72,393 Basic earnings per share 3.5p 5.5p 4.9p Diluted earnings per share 3.4p 5.5p 4.8p 1 Restated, see note 1. |
FINANCIAL ASSETS AT FAIR VALU_3
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Trading And Other Financial Assets At Fair Value Through Profit Or Loss [Abstract] | |
Disclosure Of Trading And Other Financial Assets At Fair Value Through Profit Or Loss [Table Text Block] | These assets are comprised as follows: 31 December 2019 31 December 2018 Other financial Other financial assets assets mandatorily at mandatorily at fair value fair value Trading through Trading through assets profit or loss Total assets profit or loss Total £m £m £m £m £m £m Loans and advances to customers 10,422 10,654 21,076 26,886 10,964 37,850 Loans and advances to banks 513 1,886 2,399 848 2,178 3,026 Debt securities: Government securities 6,791 12,063 18,854 7,192 10,903 18,095 Other public sector securities – 2,126 2,126 – 2,064 2,064 Bank and building society certificates of deposit – 984 984 – 1,105 1,105 Asset-backed securities: Mortgage-backed securities 6 462 468 10 215 225 Other asset-backed securities 17 241 258 63 286 349 Corporate and other debt securities 233 17,983 18,216 247 18,063 18,310 7,047 33,859 40,906 7,512 32,636 40,148 Equity shares – 95,789 95,789 – 77,485 77,485 Treasury and other bills – 19 19 – 20 20 Total 17,982 142,207 160,189 35,246 123,283 158,529 |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) [Line Items] | |
Disclosure of derivative financial instruments [text block] | NOTE 17: DERIVATIVE FINANCIAL INSTRUMENTS The fair values and notional amounts of derivative instruments are set out in the following table: 31 December 2019 31 December 2018 Contract/ Fair value Fair value Contract/ Fair value Fair value Trading and other Exchange rate contracts: Spot, forwards and futures 44,095 681 616 41,571 746 549 Currency swaps 349,606 3,857 5,425 311,491 4,566 3,709 Options purchased 8,310 452 – 10,202 485 – Options written 9,557 – 499 11,393 – 495 411,568 4,990 6,540 374,657 5,797 4,753 Interest rate contracts: Interest rate swaps 5,245,703 17,318 15,213 4,381,271 13,624 12,629 Forward rate agreements 555,742 7 13 494,430 – 2 Options purchased 27,158 2,468 – 30,724 2,107 – Options written 23,610 – 2,216 26,463 – 1,997 Futures 199,884 17 22 128,211 16 4 6,052,097 19,810 17,464 5,061,099 15,747 14,632 Credit derivatives 16,959 83 167 13,757 99 181 Equity and other contracts 11,414 250 503 15,145 389 699 Total derivative assets/liabilities – trading and other 6,492,038 25,133 24,674 5,464,658 22,032 20,265 Hedging Derivatives designated as fair value hedges: Currency swaps 34 8 – 490 3 29 Interest rate swaps 183,489 798 229 150,971 947 187 183,523 806 229 151,461 950 216 Derivatives designated as cash flow hedges: Interest rate swaps 426,740 355 743 556,945 358 844 Currency swaps 9,549 75 133 10,578 255 48 436,289 430 876 567,523 613 892 Total derivative assets/liabilities – hedging 619,812 1,236 1,105 718,984 1,563 1,108 Total recognised derivative assets/liabilities 7,111,850 26,369 25,779 6,183,642 23,595 21,373 The notional amount of the contract does not represent the Group’s exposure to credit risk which is limited to the current cost of replacing contracts with a positive value to the Group should the counterparty default. To reduce credit risk the Group uses a variety of credit enhancement techniques such as netting and collateralisation, where security is provided against the exposure; a large proportion of the Group’s derivatives are held through exchanges such as London Clearing House and are collateralised through those exchanges. Further details are provided in note 53 Credit risk. The Group holds derivatives as part of the following strategies: – Customer driven, where derivatives are held as part of the provision of risk management products to Group customers; – To manage and hedge the Group’s interest rate and foreign exchange risk arising from normal banking business. The hedge accounting strategy adopted by the Group is to utilise a combination of fair value and cash flow hedge approaches as described in note 53; and – Derivatives held in policyholder funds as permitted by the investment strategies of those funds. The principal derivatives used by the Group are as follows: – Interest rate related contracts include interest rate swaps, forward rate agreements and options. An interest rate swap is an agreement between two parties to exchange fixed and floating interest payments, based upon interest rates defined in the contract, without the exchange of the underlying principal amounts. Forward rate agreements are contracts for the payment of the difference between a specified rate of interest and a reference rate, applied to a notional principal amount at a specific date in the future. An interest rate option gives the buyer, on payment of a premium, the right, but not the obligation, to fix the rate of interest on a future loan or deposit, for a specified period and commencing on a specified future date. – Exchange rate related contracts include forward foreign exchange contracts, currency swaps and options. A forward foreign exchange contract is an agreement to buy or sell a specified amount of foreign currency on a specified future date at an agreed rate. Currency swaps generally involve the exchange of interest payment obligations denominated in different currencies; the exchange of principal can be notional or actual. A currency option gives the buyer, on payment of a premium, the right, but not the obligation, to sell specified amounts of currency at agreed rates of exchange on or before a specified future date. – Credit derivatives, principally credit default swaps, are used by the Group as part of its trading activity and to manage its own exposure to credit risk. A credit default swap is a swap in which one counterparty receives a premium at pre-set intervals in consideration for guaranteeing to make a specific payment should a negative credit event take place. – Equity derivatives are also used by the Group as part of its equity-based retail product activity to eliminate the Group’s exposure to fluctuations in various international stock exchange indices. Index-linked equity options are purchased which give the Group the right, but not the obligation, to buy or sell a specified amount of equities, or basket of equities, in the form of published indices on or before a specified future date. Details of the Group’s hedging instruments are set out below: Maturity 31 December 2019 Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Total Fair value hedges Interest rate Cross currency swap Notional – – – – 34 34 Average fixed interest rate – – – – 1.28% Average EUR/GBP exchange rate – – – – 1.38 Average USD/GBP exchange rate – – – – – Average NOK/GBP exchange rate – – – – – Interest rate swap Notional 331 9,305 37,948 106,339 29,566 183,489 Average fixed interest rate 2.58% 1.74% 1.22% 1.71% 2.81% Cash flow hedges Foreign exchange Currency swap Notional – 413 1,611 2,389 5,136 9,549 Average EUR/GBP exchange rate – – – 1.05 1.05 Average USD/GBP exchange rate – 1.29 1.30 1.31 – Interest rate Interest rate swap Notional 9,675 23,589 58,447 209,108 125,921 426,740 Average fixed interest rate 1.05% 1.22% 1.29% 1.47% 2.39% Maturity 31 December 2018 Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Total Fair value hedges Interest rate Cross currency swap Notional – 36 – 283 171 490 Average fixed interest rate – 4.82% – 5.88% 4.44% Average EUR/USD exchange rate – – – 1.13 – Average USD/GBP exchange rate – – – 1.30 – Average NOK/GBP exchange rate – 9.22 – 9.19 9.03 Interest rate swap Notional 393 417 32,876 86,451 30,834 150,971 Average fixed interest rate 1.38% 2.06% 1.65% 1.75% 2.98% Cash flow hedges Foreign exchange Currency swap Notional 67 47 2,234 2,111 6,119 10,578 Average USD/EUR exchange rate 1.15 – 1.13 1.10 1.07 Average USD/GBP exchange rate – 1.32 1.34 1.27 1.28 Interest rate Interest rate swap Notional 4,874 11,204 66,312 292,712 181,843 556,945 Average fixed interest rate 1.47% 1.03% 0.99% 1.46% 1.85% The carrying amounts of the Group’s hedging instruments are as follows: Carrying amount of the hedging instrument Contract/notional Assets Liabilities Changes in fair 31 December 2019 £m £m £m £m Fair value hedges Interest rate Currency swaps 34 8 – 2 Interest rate swaps 183,489 798 229 1,142 Cash flow hedges Foreign exchange Currency swaps 9,549 75 133 (185 ) Interest rate Interest rate swaps 426,740 355 743 992 Carrying amount of the hedging instrument Contract/notional Assets Liabilities Changes in fair 31 December 2018 £m £m £m £m Fair value hedges Interest rate Currency swaps 490 3 29 (10 ) Interest rate swaps 150,971 947 187 104 Cash flow hedges Foreign exchange Currency swaps 10,578 255 48 229 Interest rate Interest rate swaps 556,945 358 844 (781 ) All amounts are held within Derivative financial instruments. The Group’s hedged items are as follows: Carrying amount of the hedged Accumulated amount of fair Change in fair Cash flow hedge reserve ineffectiveness Continuing Discontinued Assets Liabilities Assets Liabilities (YTD) hedges hedges 31 December 2019 £m £m £m £m £m £m £m Fair value hedges Interest rate Fixed rate mortgages 1 83,818 – 154 – (73 ) Fixed rate issuance 2 – 70,353 – 3,058 (1,333 ) Fixed rate bonds 3 21,354 – 660 – 405 Cash flow hedges Foreign exchange Foreign currency issuance 2 72 (2 ) 179 Customer deposits 4 116 18 (48 ) Interest rate Customer loans 1 (680 ) 1,248 336 Central bank balances 5 (263 ) 128 163 Customer deposits 4 – (31 ) 5 Carrying amount of the hedged Accumulated amount of fair value Change in fair Cash flow hedge reserve ineffectiveness Continuing Discontinued Assets Liabilities Assets Liabilities (YTD) hedges hedges 31 December 2018 £m £m £m £m £m £m £m Fair value hedges Interest rate Fixed rate mortgages 1 53,136 – (45 ) – (173 ) Fixed rate issuance 2 – 63,746 – 1,598 807 Fixed rate bonds 3 23,285 – 232 – (666 ) Cash flow hedges Foreign exchange Foreign currency issuance 2 (165 ) 114 327 Customer deposits 4 (62 ) 70 (78 ) Interest rate Customer loans 1 456 867 60 Central bank balances 5 (16 ) 30 20 Customer deposits 4 (118 ) (9 ) (6 ) 1 Included within loans and advances to customers. 2 Included within debt securities in issue. 3 Included within financial assets at fair value through other comprehensive income. 4 Included within customer deposits. 5 Included within cash and balances at central banks. The accumulated amount of fair value hedge adjustments remaining in the balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses is a liability of £692 million (2018: liability of £170 million). Gains and losses arising from hedge accounting are summarised as follows: Amounts reclassified from reserves to 31 December 2019 Gain (loss) recognised in other comprehensive income Hedge 1 Hedged cashflows will no longer occur Hedged item affected income statement Income statement line item that includes reclassified amount Fair value hedges Interest rate Fixed rate mortgages 186 Fixed rate issuance (32 ) Fixed rate bonds (11 ) Cash flow hedges Foreign exchange Foreign currency issuance (265 ) – (101 ) (92 ) Interest expense Customer deposits (22 ) – – 7 Interest expense Interest rate Customer loans 651 98 – (362 ) Interest income Central bank balances 237 36 – (66 ) Interest income Customer deposits – – – 6 Interest expense Amounts reclassified from reserves to income statement as: 31 December 2018 Gain (loss) Hedge 1 Hedged item Income statement line Fair value hedges Interest rate Fixed rate mortgages 106 Fixed rate issuance (17 ) Fixed rate bonds (27 ) Cash flow hedges Foreign exchange Foreign currency issuance 85 – (81 ) Interest expense Customer deposits (22 ) (2 ) (32 ) Interest expense Interest rate Customer loans (418 ) (17 ) (467 ) Interest income Central bank balances (63 ) (5 ) (52 ) Interest income Customer deposits (49 ) (1 ) (69 ) Interest expense 1 Hedge ineffectiveness is included in the income statement within net trading income. There was a gain of £101 million (2018: nil) reclassified from the cash flow hedging reserve for which hedge accounting had previously been used but for which the hedged future cash flows are no longer expected to occur. |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [text block] | Details of the Group’s hedging instruments are set out below: Maturity 31 December 2019 Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Total Fair value hedges Interest rate Cross currency swap Notional – – – – 34 34 Average fixed interest rate – – – – 1.28% Average EUR/GBP exchange rate – – – – 1.38 Average USD/GBP exchange rate – – – – – Average NOK/GBP exchange rate – – – – – Interest rate swap Notional 331 9,305 37,948 106,339 29,566 183,489 Average fixed interest rate 2.58% 1.74% 1.22% 1.71% 2.81% Cash flow hedges Foreign exchange Currency swap Notional – 413 1,611 2,389 5,136 9,549 Average EUR/GBP exchange rate – – – 1.05 1.05 Average USD/GBP exchange rate – 1.29 1.30 1.31 – Interest rate Interest rate swap Notional 9,675 23,589 58,447 209,108 125,921 426,740 Average fixed interest rate 1.05% 1.22% 1.29% 1.47% 2.39% Maturity 31 December 2018 Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Total Fair value hedges Interest rate Cross currency swap Notional – 36 – 283 171 490 Average fixed interest rate – 4.82% – 5.88% 4.44% Average EUR/USD exchange rate – – – 1.13 – Average USD/GBP exchange rate – – – 1.30 – Average NOK/GBP exchange rate – 9.22 – 9.19 9.03 Interest rate swap Notional 393 417 32,876 86,451 30,834 150,971 Average fixed interest rate 1.38% 2.06% 1.65% 1.75% 2.98% Cash flow hedges Foreign exchange Currency swap Notional 67 47 2,234 2,111 6,119 10,578 Average USD/EUR exchange rate 1.15 – 1.13 1.10 1.07 Average USD/GBP exchange rate – 1.32 1.34 1.27 1.28 Interest rate Interest rate swap Notional 4,874 11,204 66,312 292,712 181,843 556,945 Average fixed interest rate 1.47% 1.03% 0.99% 1.46% 1.85% |
Swaps [Member] | |
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) [Line Items] | |
Disclosure of hedge accounting [text block] | The carrying amounts of the Group’s hedging instruments are as follows: Carrying amount of the hedging instrument Contract/notional Assets Liabilities Changes in fair 31 December 2019 £m £m £m £m Fair value hedges Interest rate Currency swaps 34 8 – 2 Interest rate swaps 183,489 798 229 1,142 Cash flow hedges Foreign exchange Currency swaps 9,549 75 133 (185 ) Interest rate Interest rate swaps 426,740 355 743 992 Carrying amount of the hedging instrument Contract/notional Assets Liabilities Changes in fair 31 December 2018 £m £m £m £m Fair value hedges Interest rate Currency swaps 490 3 29 (10 ) Interest rate swaps 150,971 947 187 104 Cash flow hedges Foreign exchange Currency swaps 10,578 255 48 229 Interest rate Interest rate swaps 556,945 358 844 (781 ) |
DebSecurities[Member] | |
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) [Line Items] | |
Disclosure of separate financial statements [text block] | The Group’s hedged items are as follows: Carrying amount of the hedged Accumulated amount of fair Change in fair Cash flow hedge reserve ineffectiveness Continuing Discontinued Assets Liabilities Assets Liabilities (YTD) hedges hedges 31 December 2019 £m £m £m £m £m £m £m Fair value hedges Interest rate Fixed rate mortgages 1 83,818 – 154 – (73 ) Fixed rate issuance 2 – 70,353 – 3,058 (1,333 ) Fixed rate bonds 3 21,354 – 660 – 405 Cash flow hedges Foreign exchange Foreign currency issuance 2 72 (2 ) 179 Customer deposits 4 116 18 (48 ) Interest rate Customer loans 1 (680 ) 1,248 336 Central bank balances 5 (263 ) 128 163 Customer deposits 4 – (31 ) 5 Carrying amount of the hedged Accumulated amount of fair value Change in fair Cash flow hedge reserve ineffectiveness Continuing Discontinued Assets Liabilities Assets Liabilities (YTD) hedges hedges 31 December 2018 £m £m £m £m £m £m £m Fair value hedges Interest rate Fixed rate mortgages 1 53,136 – (45 ) – (173 ) Fixed rate issuance 2 – 63,746 – 1,598 807 Fixed rate bonds 3 23,285 – 232 – (666 ) Cash flow hedges Foreign exchange Foreign currency issuance 2 (165 ) 114 327 Customer deposits 4 (62 ) 70 (78 ) Interest rate Customer loans 1 456 867 60 Central bank balances 5 (16 ) 30 20 Customer deposits 4 (118 ) (9 ) (6 ) 1 Included within loans and advances to customers. 2 Included within debt securities in issue. 3 Included within financial assets at fair value through other comprehensive income. 4 Included within customer deposits. 5 Included within cash and balances at central banks. |
Change in fair value of hedged item for ineffectiveness assessment | |
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) [Line Items] | |
Disclosure of separate financial statements [text block] | Gains and losses arising from hedge accounting are summarised as follows: Amounts reclassified from reserves to 31 December 2019 Gain (loss) recognised in other comprehensive income Hedge 1 Hedged cashflows will no longer occur Hedged item affected income statement Income statement line item that includes reclassified amount Fair value hedges Interest rate Fixed rate mortgages 186 Fixed rate issuance (32 ) Fixed rate bonds (11 ) Cash flow hedges Foreign exchange Foreign currency issuance (265 ) – (101 ) (92 ) Interest expense Customer deposits (22 ) – – 7 Interest expense Interest rate Customer loans 651 98 – (362 ) Interest income Central bank balances 237 36 – (66 ) Interest income Customer deposits – – – 6 Interest expense Amounts reclassified from reserves to income statement as: 31 December 2018 Gain (loss) Hedge 1 Hedged item Income statement line Fair value hedges Interest rate Fixed rate mortgages 106 Fixed rate issuance (17 ) Fixed rate bonds (27 ) Cash flow hedges Foreign exchange Foreign currency issuance 85 – (81 ) Interest expense Customer deposits (22 ) (2 ) (32 ) Interest expense Interest rate Customer loans (418 ) (17 ) (467 ) Interest income Central bank balances (63 ) (5 ) (52 ) Interest income Customer deposits (49 ) (1 ) (69 ) Interest expense 1 Hedge ineffectiveness is included in the income statement within net trading income. |
At fair value [member] | Notional amounts [member] | |
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) [Line Items] | |
Disclosure of derivative financial instruments [text block] | The fair values and notional amounts of derivative instruments are set out in the following table: 31 December 2019 31 December 2018 Contract/ Fair value Fair value Contract/ Fair value Fair value Trading and other Exchange rate contracts: Spot, forwards and futures 44,095 681 616 41,571 746 549 Currency swaps 349,606 3,857 5,425 311,491 4,566 3,709 Options purchased 8,310 452 – 10,202 485 – Options written 9,557 – 499 11,393 – 495 411,568 4,990 6,540 374,657 5,797 4,753 Interest rate contracts: Interest rate swaps 5,245,703 17,318 15,213 4,381,271 13,624 12,629 Forward rate agreements 555,742 7 13 494,430 – 2 Options purchased 27,158 2,468 – 30,724 2,107 – Options written 23,610 – 2,216 26,463 – 1,997 Futures 199,884 17 22 128,211 16 4 6,052,097 19,810 17,464 5,061,099 15,747 14,632 Credit derivatives 16,959 83 167 13,757 99 181 Equity and other contracts 11,414 250 503 15,145 389 699 Total derivative assets/liabilities – trading and other 6,492,038 25,133 24,674 5,464,658 22,032 20,265 Hedging Derivatives designated as fair value hedges: Currency swaps 34 8 – 490 3 29 Interest rate swaps 183,489 798 229 150,971 947 187 183,523 806 229 151,461 950 216 Derivatives designated as cash flow hedges: Interest rate swaps 426,740 355 743 556,945 358 844 Currency swaps 9,549 75 133 10,578 255 48 436,289 430 876 567,523 613 892 Total derivative assets/liabilities – hedging 619,812 1,236 1,105 718,984 1,563 1,108 Total recognised derivative assets/liabilities 7,111,850 26,369 25,779 6,183,642 23,595 21,373 |
FINANCIAL ASSETS AT AMORTISED_2
FINANCIAL ASSETS AT AMORTISED COST (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL ASSETS AT AMORTISED COST (Tables) [Line Items] | |
Disclosure of Retail Mortgages | Movements in Retail mortgage balances were as follows: Retail mortgages Stage 1 Stage 2 Stage 3 Purchased or Total At 1 January 2019 257,797 13,654 1,393 15,391 288,235 Exchange and other adjustments 1 (1 ) – 2 283 284 Additions (repayments) 799 (1,432 ) (416 ) (1,934 ) (2,983 ) Transfers to Stage 1 3,060 (3,057 ) (3 ) – Transfers to Stage 2 (7,879 ) 8,242 (363 ) – Transfers to Stage 3 (427 ) (472 ) 899 – (5,246 ) 4,713 533 – Recoveries – – 29 28 57 Acquisition of portfolios 2 3,694 – – – 3,694 Financial assets that have been written off during the year (35 ) (54 ) (89 ) At 31 December 2019 257,043 16,935 1,506 13,714 289,198 Allowance for impairment losses (23 ) (281 ) (122 ) (142 ) (568 ) Total loans and advances to customers 257,020 16,654 1,384 13,572 288,630 Retail mortgages Stage 1 Stage 2 Stage 3 Purchased or Total At 1 January 2018 251,707 20,109 1,232 17,973 291,021 Additions (repayments) 989 (938 ) (239 ) (2,609 ) (2,797 ) Transfers to Stage 1 10,814 (10,805 ) (9 ) – Transfers to Stage 2 (5,396 ) 5,691 (295 ) – Transfers to Stage 3 (317 ) (403 ) 720 – 5,101 (5,517 ) 416 – Recoveries – – 3 27 30 Financial assets that have been written off during the year (19 ) – (19 ) At 31 December 2018 257,797 13,654 1,393 15,391 288,235 Allowance for impairment losses (37 ) (226 ) (118 ) (78 ) (459 ) Total loans and advances to customers 257,760 13,428 1,275 15,313 287,776 1 Exchange and other adjustments includes certain adjustments, prescribed by IFRS 9, in respect of purchased or originated credit-impaired financial assets. 2 Acquisition of portfolios in 2019 relates to the purchase, completed in September 2019, of Tesco Bank’s UK residential mortgage portfolio. |
Financial assets at amortised cost, category [member] | |
FINANCIAL ASSETS AT AMORTISED COST (Tables) [Line Items] | |
Disclosure of debt securities and loans and advances to banks and customers | Loans and advances to banks Stage 1 Stage 2 Stage 3 Purchased or Total At 1 January 2019 6,282 3 – – 6,285 Exchange and other adjustments 1 (218 ) – – – (218 ) Additions (repayments) 3,713 (3 ) – – 3,710 At 31 December 2019 9,777 – – – 9,777 Allowance for impairment losses (2 ) – – – (2 ) Total loans and advances to banks 9,775 – – – 9,775 Loans and advances to customers At 1 January 2019 441,531 25,345 5,741 15,391 488,008 Exchange and other adjustments 1 (498 ) (34 ) 47 283 (202 ) Additions (repayments) 13,554 (2,558 ) (858 ) (1,934 ) 8,204 Transfers to Stage 1 6,318 (6,286 ) (32 ) – Transfers to Stage 2 (13,084 ) 13,516 (432 ) – Transfers to Stage 3 (1,540 ) (1,440 ) 2,980 – (8,306 ) 5,790 2,516 – Recoveries – – 397 28 425 Acquisition of portfolios 2 3,694 – – – 3,694 Financial assets that have been written off during the year (1,828 ) (54 ) (1,882 ) At 31 December 2019 449,975 28,543 6,015 13,714 498,247 Allowance for impairment losses (675 ) (995 ) (1,447 ) (142 ) (3,259 ) Total loans and advances to customers 449,300 27,548 4,568 13,572 494,988 Debt securities At 1 January 2019 5,238 – 6 – 5,244 Exchange and other adjustments 1 (94 ) – (2 ) – (96 ) Additions (repayments) 400 – – – 400 Financial assets that have been written off during the year (1 ) – (1 ) At 31 December 2019 5,544 – 3 – 5,547 Allowance for impairment losses – – (3 ) – (3 ) Total debt securities 5,544 – – – 5,544 Total financial assets at amortised cost 464,619 27,548 4,568 13,572 510,307 Loans and advances to banks Stage 1 Stage 2 Stage 3 Purchased or Total At 1 January 2018 4,245 2 – – 4,247 Exchange and other adjustments (29 ) 1 – – (28 ) Additions (repayments) 2,066 – – – 2,066 At 31 December 2018 6,282 3 – – 6,285 Allowance for impairment losses (2 ) – – – (2 ) Total loans and advances to banks 6,280 3 – – 6,283 Loans and advances to customers At 1 January 2018 403,881 37,245 5,140 17,973 464,239 Exchange and other adjustments 958 32 – – 990 Additions (repayments) 34,942 (2,187 ) (2,074 ) (2,609 ) 28,072 Transfers to Stage 1 19,524 (19,501 ) (23 ) – Transfers to Stage 2 (15,743 ) 15,996 (253 ) – Transfers to Stage 3 (2,031 ) (2,220 ) 4,251 – 1,750 (5,725 ) 3,975 – Recoveries – – 553 27 580 Disposal of businesses – (4,020 ) (277 ) – (4,297 ) Financial assets that have been written off during the year (1,576 ) – (1,576 ) At 31 December 2018 441,531 25,345 5,741 15,391 488,008 Allowance for impairment losses (525 ) (994 ) (1,553 ) (78 ) (3,150 ) Total loans and advances to customers 441,006 24,351 4,188 15,313 484,858 Debt securities At 1 January 2018 3,291 – 49 – 3,340 Exchange and other adjustments 77 – (14 ) – 63 Additions (repayments) 1,870 – – – 1,870 Financial assets that have been written off during the year (29 ) – (29 ) At 31 December 2018 5,238 – 6 – 5,244 Allowance for impairment losses – – (6 ) – (6 ) Total debt securities 5,238 – – – 5,238 Total financial assets at amortised cost 452,524 24,354 4,188 15,313 496,379 |
FINANCE LEASE RECEIVABLES (Tabl
FINANCE LEASE RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Gross [Member] | |
FINANCE LEASE RECEIVABLES (Tables) [Line Items] | |
Disclosure of maturity analysis of finance lease payments receivable [text block] | The Group’s finance lease receivables are classified as loans and advances to customers and accounted for at amortised cost. The balance is analysed as follows: 2019 2018 £m £m Gross investment in finance leases, receivable: Not later than 1 year 490 458 Later than 1 year and not later than 2 years 347 516 Later than 2 years and not later than 3 years 181 456 Later than 3 years and not later than 4 years 145 201 Later than 4 years and not later than 5 years 208 178 Later than 5 years 883 1,104 2,254 2,913 Unearned future finance income on finance leases (563 ) (1,068 ) Rentals received in advance (20 ) (23 ) Net investment in finance leases 1,671 1,822 |
Net [Member] | |
FINANCE LEASE RECEIVABLES (Tables) [Line Items] | |
Disclosure of maturity analysis of finance lease payments receivable [text block] | The net investment in finance leases represents amounts recoverable as follows: 2019 2018 £m £m Not later than 1 year 406 303 Later than 1 year and not later than 2 years 326 407 Later than 2 years and not later than 3 years 130 353 Later than 3 years and not later than 4 years 103 154 Later than 4 years and not later than 5 years 171 130 Later than 5 years 535 475 Net investment in finance leases 1,671 1,822 |
ALLOWANCE FOR IMPAIRMENT LOSS_2
ALLOWANCE FOR IMPAIRMENT LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ALLOWANCE FOR IMPAIRMENT LOSSES (Tables) [Line Items] | |
Disclosure of movement in the allowance for impairment losses | ANALYSIS OF MOVEMENT IN THE ALLOWANCE FOR IMPAIRMENT LOSSES BY STAGE Year ended 31 December 2019 Stage 1 £m Stage 2 £m Stage 3 £m Purchased or originated credit-impaired £m Total £m In respect of drawn balances At 1 January 2019 527 994 1,570 78 3,169 Exchange and other adjustments 11 (9 ) 23 283 308 Transfers to Stage 1 229 (222 ) (7 ) – Transfers to Stage 2 (53 ) 92 (39 ) – Transfers to Stage 3 (15 ) (140 ) 155 – Impact of transfers between stages (175 ) 353 420 598 (14 ) 83 529 598 Other items charged to the income statement 153 (73 ) 827 (193 ) 714 Charge to the income statement (note 13) 139 10 1,356 (193 ) 1,312 Advances written off (1,829 ) (54 ) (1,883 ) Recoveries of advances written off in previous years 397 28 425 Discount unwind (53 ) – (53 ) At 31 December 2019 677 995 1,464 142 3,278 In respect of undrawn balances At January 2019 123 64 6 – 193 Exchange and other adjustments – (1 ) – – (1 ) Transfers to Stage 1 19 (19 ) – – Transfers to Stage 2 (4 ) 4 – – Transfers to Stage 3 (1 ) (3 ) 4 – Impact of transfers between stages (17 ) 24 (1 ) 6 (3 ) 6 3 6 Other items charged to the income statement (25 ) 8 (4 ) – (21 ) Charge to the income statement (note 13) (28 ) 14 (1 ) – (15 ) At 31 December 2019 95 77 5 – 177 Total at 31 December 2019 772 1,072 1,469 142 3,455 In respect of: Loans and advances to banks 2 – – – 2 Loans and advances to customers: Retail mortgages 23 281 122 142 568 Other 652 714 1,325 – 2,691 675 995 1,447 142 3,259 Debt securities – – 3 – 3 Financial assets at amortised cost 677 995 1,450 142 3,264 Other assets – – 14 – 14 Provisions in relation to loan commitments and financial guarantees 95 77 5 – 177 Total 772 1,072 1,469 142 3,455 Expected credit loss in respect of financial assets at fair value through other comprehensive income (memorandum item) – – – – – Stage 1 £m Stage 2 £m Stage 3 £m Purchased or originated credit-impaired £m Total £m Balance at 1 January 2019 37 226 118 78 459 Exchange and other adjustments – – – 283 283 Transfers to Stage 1 17 (17 ) – – Transfers to Stage 2 (13 ) 33 (20 ) – Transfers to Stage 3 (5 ) (21 ) 26 – Impact of transfers between stages (15 ) 105 39 129 (16 ) 100 45 129 Other items charged to the income statement 3 (45 ) (59 ) (193 ) (294 ) Charge to the income statement (13 ) 55 (14 ) (193 ) (165 ) Advances written off (35 ) (54 ) (89 ) Recoveries of advances written off in previous years 29 28 57 Discount unwind 24 – 24 At 31 December 2019 24 281 122 142 569 Year ended 31 December 2018 Stage 1 £m Stage 2 £m Stage 3 £m Purchased or originated credit-impaired £m Total £m In respect of drawn balances Balance at 1 January 2018 590 1,147 1,491 32 3,260 Exchange and other adjustments 2 – 133 – 135 Transfers to Stage 1 304 (299 ) (5 ) – Transfers to Stage 2 (46 ) 85 (39 ) – Transfers to Stage 3 (32 ) (131 ) 163 – Impact of transfers between stages (233 ) 401 325 493 (7 ) 56 444 493 Other items charged to the income statement (58 ) (107 ) 696 – 531 Charge to the income statement (note 13) (65 ) (51 ) 1,140 – 1,024 Advances written off (1,605 ) – (1,605 ) Disposal of businesses – (102 ) (79 ) – (181 ) Recoveries of advances written off in previous years 553 27 580 Discount unwind (63 ) 19 (44 ) At 31 December 2018 527 994 1,570 78 3,169 In respect of undrawn balances Balance at 1 January 2018 147 126 – – 273 Exchange and other adjustments (5 ) (14 ) 12 – (7 ) Transfers to Stage 1 28 (28 ) – – Transfers to Stage 2 (6 ) 6 – – Transfers to Stage 3 (2 ) (5 ) 7 – Impact of transfers between stages (25 ) 22 (5 ) (8 ) (5 ) (5 ) 2 (8 ) Other items charged to the income statement (14 ) (43 ) (8 ) – (65 ) Charge to the income statement (note 13) (19 ) (48 ) (6 ) – (73 ) At 31 December 2018 123 64 6 – 193 Total at 31 December 2018 650 1,058 1,576 78 3,362 In respect of: Loans and advances to banks 2 – – – 2 Loans and advances to customers: Retail mortgages (see below) 37 226 118 78 459 Other 488 768 1,435 – 2,691 525 994 1,553 78 3,150 Debt securities – – 6 – 6 Financial assets at amortised cost 527 994 1,559 78 3,158 Other assets – – 11 – 11 Provisions in relation to loan commitments and financial guarantees 123 64 6 – 193 Total 650 1,058 1,576 78 3,362 Expected credit loss in respect of financial assets at fair value through other comprehensive income (memorandum item): 1 – – – 1 Stage 1 £m Stage 2 £m Stage 3 £m Purchased or originated credit-impaired £m Total £m Balance at 1 January 2018 30 236 86 32 384 Exchange and other adjustments – 1 1 – 2 Transfers to Stage 1 72 (71 ) (1 ) – Transfers to Stage 2 (3 ) 15 (12 ) – Transfers to Stage 3 (3 ) (17 ) 20 – Impact of transfers between stages (48 ) 82 40 74 18 9 47 74 Other items charged to the income statement (11 ) (20 ) (5 ) – (36 ) Charge to the income statement 7 (11 ) 42 – 38 Advances written off (19 ) – (19 ) Recoveries of advances written off in previous years 3 27 30 Discount unwind 5 19 24 At 31 December 2018 37 226 118 78 459 |
Disclosure of impairment [text block] | Purchased or originated Stage 1 Stage 2 Stage 3 credit-impaired Total £m £m £m £m £m Year ended 31 December 2019 Impact of transfers between stages (17 ) 89 532 – 604 Other changes in credit quality 4 1 899 (106 ) 798 Additions (repayments) 94 (39 ) (84 ) (87 ) (116 ) Methodology, model and assumption changes 33 (27 ) 8 – 14 Other items (4 ) – – – (4 ) 127 (65 ) 823 (193 ) 692 Total impairment 110 24 1,355 (193 ) 1,296 In respect of: Loans and advances to banks – – – – – Loans and advances to customers 139 10 1,351 (193 ) 1,307 Financial assets at amortised cost 139 10 1,351 (193 ) 1,307 Other assets – – 5 – 5 Impairment charge on drawn balances 139 10 1,356 (193 ) 1,312 Loan commitments and financial guarantees (28 ) 14 (1 ) – (15 ) Financial assets at fair value through other comprehensive income (1 ) – – – (1 ) Total impairment 110 24 1,355 (193 ) 1,296 Purchased or originated Stage 1 Stage 2 Stage 3 credit-impaired Total £m £m £m £m £m Year ended 31 December 2018 Impact of transfers between stages (12 ) 51 446 – 485 Other changes in credit quality (20 ) (47 ) 541 69 543 Additions (repayments) 18 (82 ) 43 (69 ) (90 ) Methodology, model and assumption changes (71 ) (21 ) 72 – (20 ) Other items (13 ) – 32 – 19 (86 ) (150 ) 688 – 452 Total impairment (98 ) (99 ) 1,134 – 937 In respect of: Loans and advances to banks 1 – – – 1 Loans and advances to customers (66 ) (51 ) 1,139 – 1,022 Financial assets at amortised cost (65 ) (51 ) 1,139 – 1,023 Other assets – – 1 – 1 Impairment charge on drawn balances (65 ) (51 ) 1,140 – 1,024 Loan commitments and financial guarantees (19 ) (48 ) (6 ) – (73 ) Financial assets at fair value through other comprehensive income (14 ) – – – (14 ) Total impairment (98 ) (99 ) 1,134 – 937 |
Impairment charged to the income statement | |
ALLOWANCE FOR IMPAIRMENT LOSSES (Tables) [Line Items] | |
Disclosure of impairment [text block] | The Group income statement charge comprises: 2019 2018 Drawn balances 1,312 1,024 Undrawn balances (15 ) (73 ) Financial assets at fair value through other comprehensive income (1 ) (14 ) Total 1,296 937 |
FINANCIAL ASSETS AT FAIR VALU_4
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial assets at fair value through profit or loss, classified as held for trading, category [member] | |
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (Tables) [Line Items] | |
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [text block] | 2019 £m 2018 Debt securities: Government securities 13,098 18,971 Bank and building society certificates of deposit – 118 Asset-backed securities: Mortgage-backed securities 121 120 Other asset-backed securities 60 131 Corporate and other debt securities 11,051 5,151 24,330 24,491 Treasury and other bills 535 303 Equity shares 227 21 Total financial assets at fair value through other comprehensive income 25,092 24,815 |
INVESTMENTS IN JOINT VENTURES_2
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of joint ventures [text block] [Abstract] | |
Disclosure of interests in associates [text block] | The Group’s share of results of, and investments in, equity accounted joint ventures and associates comprises: Joint ventures Associates Total 2019 2018 2017 2019 2018 2017 2019 2018 2017 Share of income statement amounts: Income 66 8 (5 ) (1 ) – 4 65 8 (1 ) Expenses (59 ) 1 – – – – (59 ) 1 – Impairment – – 7 – – – – – 7 Profit (loss) before tax 7 9 2 (1 ) – 4 6 9 6 Tax – – – – – – – – – Share of post-tax results 7 9 2 (1 ) – 4 6 9 6 Share of other comprehensive income – 8 – – – – – 8 – Share of total comprehensive income 7 17 2 (1 ) – 4 6 17 6 Share of balance sheet amounts: Current assets 347 27 5 15 352 42 Non-current assets 158 54 6 17 164 71 Current liabilities (35 ) (2 ) – (20 ) (35 ) (22 ) Non-current liabilities (177 ) – – – (177 ) – Share of net assets at 31 December 293 79 11 12 304 91 Movement in investments over the year: At 1 January 79 64 12 1 91 65 Exchange and other adjustments – – – 1 – 1 Acquisitions 1 – – – 1 – Establishment of joint venture (note 23) 208 – – – 208 – Additional investments – 12 – 11 – 23 Disposals – – – (1 ) – (1 ) Share of post-tax results 7 9 (1 ) – 6 9 Share of other comprehensive income – 8 – – – 8 Dividends paid (2 ) (14 ) – – (2 ) (14 ) Share of net assets at 31 December 293 79 11 12 304 91 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of business combinations [text block] [Abstract] | |
Disclosure of acquired receivables [text block] | The table below sets out the fair value of the identifiable assets and liabilities acquired. Book value as at 1 July 2019 £m Fair value adjustments £m Fair value as at 1 July 2019 £m Assets Financial assets at fair value through profit or loss 7,350 – 7,350 Loans and advances to banks 17 – 17 Value of in-force business – 6 6 Assets arising from reinsurance contracts held 13,616 – 13,616 Other assets 6 – 6 Total assets 20,989 6 20,995 Liabilities Liabilities arising from non-participating investment contracts 20,981 – 20,981 Other liabilities 8 – 8 Total liabilities 20,989 – 20,989 Provisional fair value of net assets acquired – 6 6 Goodwill arising on acquisition 14 Total consideration 20 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of goodwill [text block] [Abstract] | |
Disclosure of reconciliation of changes in goodwill [text block] | 2019 £m 2018 At 1 January 2,310 2,310 Acquisition of businesses (note 23) 14 – At 31 December 2,324 2,310 Cost 1 2,664 2,664 Accumulated impairment losses (340 ) (354 ) At 31 December 2,324 2,310 1 For acquisitions made prior to 1 January 2004, the date of transition to IFRS, cost is included net of amounts amortised up to 31 December 2003. |
VALUE OF IN-FORCE BUSINESS (Tab
VALUE OF IN-FORCE BUSINESS (Tables) - In-Force [Member] | 12 Months Ended |
Dec. 31, 2019 | |
VALUE OF IN-FORCE BUSINESS (Tables) [Line Items] | |
Disclosure of range of yields and other key assumptions | The table below shows the resulting range of yields and other key assumptions at 31 December: 2019 % 2018 Risk-free rate (value of in-force non-annuity business) 1 0.00 to 3.90 0.00 to 4.05 Risk-free rate (value of in-force annuity business) 1 0.91 to 4.81 1.28 to 5.33 Risk-free rate (financial options and guarantees) 1 0.00 to 3.90 0.00 to 4.05 Retail price inflation 3.11 3.43 Expense inflation 3.41 3.75 |
Disclosure Of Gross Value Of In-Force Business Asset Explanatory [Text Block] | The gross value of in-force business asset in the consolidated balance sheet is as follows: 2019 £m 2018 Acquired value of in-force non-participating investment contracts 247 271 Value of in-force insurance and participating investment contracts 5,311 4,491 Total value of in-force business 5,558 4,762 |
Nonparticipating Life Insurance Contract [Member] | |
VALUE OF IN-FORCE BUSINESS (Tables) [Line Items] | |
Disclosure Of Movement Of Value In Force Explanatory [Text Block] | The movement in the acquired value of in-force non-participating investment contracts over the year is as follows: 2019 £m 2018 At 1 January 271 306 Acquisition of business 6 5 Amortisation (note 11) (30 ) (40 ) At 31 December 247 271 |
Participating Life Insurance Contract [Member] | |
VALUE OF IN-FORCE BUSINESS (Tables) [Line Items] | |
Disclosure Of Movement Of Value In Force Explanatory [Text Block] | The movement in the value of in-force insurance and participating investment contracts over the year is as follows: 2019 2018 At 1 January 4,491 4,533 Exchange and other adjustments (5 ) 13 Movements in the year: New business 696 675 Existing business: Expected return (274 ) (304 ) Experience variances (43 ) (122 ) Assumption changes 102 (67 ) Economic variance 344 (237 ) Movement in the value of in-force business (note 9) 825 (55 ) At 31 December 5,311 4,491 |
OTHER INTANGIBLE ASSETS (Tables
OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of intangible assets [text block] [Abstract] | |
Disclosure of detailed information about intangible assets [text block] | Brands Core deposit Purchased Customer- Capitalised Total Cost: At 1 January 2018 596 2,770 1,017 538 2,940 7,861 Additions – – – – 1,046 1,046 Disposals – – (15 ) – (55 ) (70 ) At 31 December 2018 596 2,770 1,002 538 3,931 8,837 Exchange and other adjustments – – – – 4 4 Additions – – – – 1,033 1,033 Disposals – – – – (10 ) (10 ) At 31 December 2019 596 2,770 1,002 538 4,958 9,864 Accumulated amortisation: At 1 January 2018 193 2,770 355 519 1,189 5,026 Charge for the year 23 – 71 19 400 513 Disposals – – (15 ) – (34 ) (49 ) At 31 December 2018 216 2,770 411 538 1,555 5,490 Exchange and other adjustments – – – – 4 4 Charge for the year – – 70 – 496 566 Disposals – – – – (4 ) (4 ) At 31 December 2019 216 2,770 481 538 2,051 6,056 Balance sheet amount at 31 December 2019 380 – 521 – 2,907 3,808 Balance sheet amount at 31 December 2018 380 – 591 – 2,376 3,347 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of property, plant and equipment [text block] [Abstract] | |
Disclosure of detailed information about property, plant and equipment [text block] | Investment Premises Equipment Operating Right-of- 1 Total Cost or valuation: At 1 January 2018 3,699 1,791 5,068 6,528 17,086 Exchange and other adjustments – – (6 ) 11 5 Additions – 72 519 1,755 2,346 Expenditure on investment properties (see below) 143 – – – 143 Change in fair value of investment properties (note 7) 139 – – – 139 Disposals (211 ) (647 ) (574 ) (1,540 ) (2,972 ) At 31 December 2018 3,770 1,216 5,007 6,754 16,747 Adjustment on adoption of IFRS 16 (note 55) – – – – 1,716 1,716 Balance at 1 January 2019 3,770 1,216 5,007 6,754 1,716 18,463 Exchange and other adjustments 16 3 5 (4 ) – 20 Additions – 121 522 1,693 196 2,532 Expenditure on investment properties (see below) 73 – – – – 73 Change in fair value of investment properties (note 7) (108 ) – – – – (108 ) Disposals (198 ) (245 ) (238 ) (1,694 ) (27 ) (2,402 ) At 31 December 2019 3,553 1,095 5,296 6,749 1,885 18,578 Accumulated depreciation and impairment: At 1 January 2018 – 728 2,125 1,506 4,359 Exchange and other adjustments – 1 (8 ) 6 (1 ) Depreciation charge for the year – 121 715 1,016 1,852 Disposals – (634 ) (534 ) (595 ) (1,763 ) At 31 December 2018 – 216 2,298 1,933 4,447 Exchange and other adjustments – – (1 ) (36 ) 1 (36 ) Depreciation charge for the year – 125 715 1,008 216 2,064 Disposals – (225 ) (180 ) (595 ) (1 ) (1,001 ) At 31 December 2019 – 116 2,832 2,310 216 5,474 Balance sheet amount at 31 December 2019 3,553 979 2,464 4,439 1,669 13,104 Balance sheet amount at 31 December 2018 3,770 1,000 2,709 4,821 – 12,300 1 Primarily premises. |
Disclosure of detailed information about investment property [text block] | Expenditure on investment properties is comprised as follows: 2019 £m 2018 Acquisitions of new properties 21 81 Additional expenditure on existing properties 52 62 73 143 |
Disclosure Of Minimum Lease Payments Receivable Under Noncancellable Operating Lease Explanatory | At 31 December the future minimum rentals receivable under non-cancellable operating leases were as follows: 2019 £m 2018 Receivable within 1 year 978 1,095 1 to 2 years 620 681 2 to 3 years 312 332 3 to 4 years 102 113 4 to 5 years 12 30 Over 5 years 2 6 Total future minimum rentals receivable 2,026 2,257 |
OTHER ASSETS (Tables)
OTHER ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other assets [text block] [Abstract] | |
Disclosure of prepayments and other assets [text block] | 2019 2018 £m £m Deferred acquisition and origination costs 83 90 Settlement balances 654 743 Other assets and prepayments 3,737 3,742 Total other assets 4,474 4,575 |
FINANCIAL LIABILITIES AT FAIR_2
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial liabilities at fair value through profit or loss, category [member] | |
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (Tables) [Line Items] | |
Disclosure of financial instruments designated at fair value through profit or loss [text block] | 2019 2018 £m £m Liabilities designated at fair value through profit or loss: Debt securities in issue 7,531 7,085 Other – 11 7,531 7,096 Trading liabilities: Liabilities in respect of securities sold under repurchase agreements 11,048 21,595 Other deposits 98 242 Short positions in securities 2,809 1,614 13,955 23,451 Financial liabilities at fair value through profit or loss 21,486 30,547 |
DEBT SECURITIES IN ISSUE (Table
DEBT SECURITIES IN ISSUE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of debt instruments [text block] [Abstract] | |
Disclosure of Debt Securities in Issue [Text Block] | 2019 2018 £m £m Medium-term notes issued 41,291 37,490 Covered bonds (note 31) 29,821 28,194 Certificates of deposit issued 10,598 12,020 Securitisation notes (note 31) 7,288 5,426 Commercial paper 8,691 8,038 Total debt securities in issue 97,689 91,168 |
SECURITISATIONS AND COVERED B_2
SECURITISATIONS AND COVERED BONDS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Securitisations Programmes And Transactions [Abstract] | |
Information about Securitisation programmes and transactions | The Group’s principal securitisation and covered bond programmes, together with the balances of the advances subject to these arrangements and the carrying value of the notes in issue at 31 December, are listed below. The notes in issue are reported in note 30. 2019 2018 Loans and Notes Loans and Notes £m £m £m £m Securitisation programmes UK residential mortgages 25,815 23,505 25,018 22,485 Commercial loans 5,116 6,037 5,746 6,577 Credit card receivables 8,164 5,767 8,060 5,263 Motor vehicle finance 3,450 3,462 2,850 2,855 42,545 38,771 41,674 37,180 Less held by the Group (31,436 ) (31,701 ) Total securitisation programmes (notes 29 and 30) 1 7,335 5,479 Covered bond programmes Residential mortgage-backed 37,579 29,321 34,963 27,694 Social housing loan-backed 1,552 600 1,839 1,200 39,131 29,921 36,802 28,894 Less held by the Group (100 ) (700 ) Total covered bond programmes (note 30) 29,821 28,194 Total securitisation and covered bond programmes 37,156 33,673 1 Includes £47 million (2018: £53 million) of securitisation notes held at fair value through profit or loss. |
LIABILITIES ARISING FROM INSU_2
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Tables) [Line Items] | |
Disclosure of types of insurance contracts [text block] | Insurance contract and participating investment contract liabilities are comprised as follows: 2019 2018 Gross Reinsurance 1 Net Gross Reinsurance 1 Net £m £m £m £m £m £m Life insurance (see (1) below): Insurance contracts 96,812 (715 ) 96,097 84,366 (716 ) 83,650 Participating investment contracts 14,063 – 14,063 13,912 – 13,912 110,875 (715 ) 110,160 98,278 (716 ) 97,562 Non-life insurance contracts (see (2) below): Unearned premiums 333 (14 ) 319 342 (13 ) 329 Claims outstanding 241 – 241 254 – 254 574 (14 ) 560 596 (13 ) 583 Total 111,449 (729 ) 110,720 98,874 (729 ) 98,145 1 Reinsurance balances are reported within assets. |
Disclosure of provisions for unearned premiums [text block] | The movements in non-life insurance contract liabilities and reinsurance assets over the year have been as follows: 2019 2018 £m £m Provisions for unearned premiums Gross provision at 1 January 342 358 Increase in the year 663 681 Release in the year (672 ) (697 ) Change in provision for unearned premiums charged to income statement (9 ) (16 ) Gross provision at 31 December 333 342 Reinsurers’ share (14 ) (13 ) Net provision at 31 December 319 329 |
Participating Life Insurance Contract [Member] | |
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Tables) [Line Items] | |
Disclosure of Life Insurance and Participating Contract Liabilities [text block] | The movement in life insurance contract and participating investment contract liabilities over the year can be analysed as follows: Insurance Participating Gross Reinsurance Net £m £m £m £m £m At 1 January 2018 86,949 15,881 102,830 (563 ) 102,267 New business 5,476 31 5,507 (42 ) 5,465 Changes in existing business (8,072 ) (2,000 ) (10,072 ) (111 ) (10,183 ) Change in liabilities charged to the income statement (2,596 ) (1,969 ) (4,565 ) (153 ) (4,718 ) Exchange and other adjustments 13 – 13 – 13 At 31 December 2018 84,366 13,912 98,278 (716 ) 97,562 New business 5,684 37 5,721 (45 ) 5,676 Changes in existing business 6,798 114 6,912 46 6,958 Change in liabilities charged to the income statement (note 10) 12,482 151 12,633 1 12,634 Exchange and other adjustments (36 ) – (36 ) – (36 ) At 31 December 2019 96,812 14,063 110,875 (715 ) 110,160 |
Nonparticipating Life Insurance Contract [Member] | |
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Tables) [Line Items] | |
Disclosure of Liabilities for Insurance Contracts and Participating Investment Contracts [text block] | Liabilities for insurance contracts and participating investment contracts can be split into with-profit fund liabilities, accounted for using the PRA’s realistic capital regime (realistic liabilities) and non-profit fund liabilities, accounted for using a prospective actuarial discounted cash flow methodology, as follows: 2019 2018 With-profit fund Non-profit fund Total With-profit Non-profit Total £m £m £m £m £m £m Insurance contracts 8,018 88,794 96,812 7,851 76,515 84,366 Participating investment contracts 7,222 6,841 14,063 7,438 6,474 13,912 Total 15,240 95,635 110,875 15,289 82,989 98,278 |
Claims outstanding [Member] | |
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Tables) [Line Items] | |
Disclosure of Insurance Claims Outstanding [text block] | These provisions represent the liability for short-term insurance contracts for which the Group’s obligations are not expired at the year end. 2019 2018 £m £m Claims outstanding Gross claims outstanding at 1 January 254 225 Cash paid for claims settled in the year (300 ) (306 ) Increase/(decrease) in liabilities charged to the income statement 1 287 335 (13 ) 29 Gross claims outstanding at 31 December 241 254 Reinsurers’ share – – Net claims outstanding at 31 December 241 254 Notified claims 128 170 Incurred but not reported 113 84 Net claims outstanding at 31 December 241 254 1 Of which an increase of £335 million (2018: £367 million) was in respect of current year claims and a decrease of £48 million (2018: a decrease of £32 million) was in respect of prior year claims. |
LIFE INSURANCE SENSITIVITY AN_2
LIFE INSURANCE SENSITIVITY ANALYSIS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
6311 Life Insurance [Member] | |
LIFE INSURANCE SENSITIVITY ANALYSIS (Tables) [Line Items] | |
Disclosure of accounting judgements and estimates [text block] | The following table demonstrates the effect of reasonably possible changes in key assumptions on profit before tax and equity disclosed in these financial statements assuming that the other assumptions remain unchanged. In practice this is unlikely to occur, and changes in some assumptions may be correlated. These amounts include movements in assets, liabilities and the value of the in-force business in respect of insurance contracts and participating investment contracts. The impact is shown in one direction but can be assumed to be reasonably symmetrical. 2019 2018 Increase Increase (reduction ) Increase (reduction ) Increase in profit (reduction ) in profit (reduction ) Change in before tax in equity before tax in equity variable £m £m £m £m Non-annuitant mortality and morbidity 1 5% reduction 19 16 22 18 Annuitant mortality 2 5% reduction (293 ) (243 ) (234 ) (194 ) Lapse rates 3 10% reduction 107 89 89 74 Future maintenance and investment expenses 4 10% reduction 299 248 262 217 Risk-free rate 5 0.25% reduction 33 28 76 63 Guaranteed annuity option take up 6 5% addition (1 ) (1 ) (3 ) (2 ) Equity investment volatility 7 1% addition (2 ) (1 ) (5 ) (4 ) Widening of credit default spreads on corporate bonds 8 0.25% addition (424 ) (352 ) (364 ) (303 ) Increase in illiquidity premia 9 0.10% addition 191 159 153 127 1 This sensitivity shows the impact of reducing mortality and morbidity rates on non-annuity business to 95 per cent of the expected rate. 2 This sensitivity shows the impact on the annuity and deferred annuity business of reducing mortality rates to 95 per cent of the expected rate. 3 This sensitivity shows the impact of reducing lapse and surrender rates to 90 per cent of the expected rate. 4 This sensitivity shows the impact of reducing maintenance expenses and investment expenses to 90 per cent of the expected rate. 5 This sensitivity shows the impact on the value of in-force business, financial options and guarantee costs, statutory reserves and asset values of reducing the risk-free rate by 25 basis points. 6 This sensitivity shows the impact of a flat 5 per cent addition to the expected rate. 7 This sensitivity shows the impact of a flat 1 per cent addition to the expected rate. 8 This sensitivity shows the impact of a 25 basis point increase in credit default spreads on corporate bonds and the corresponding reduction in market values. Swap curves, the risk-free rate and illiquidity premia are all assumed to be unchanged. 9 This sensitivity shows the impact of a 10 basis point increase in the allowance for illiquidity premia. It assumes the overall spreads on assets are unchanged and hence market values are unchanged. Swap curves and the non-annuity risk-free rate are both assumed to be unchanged. The increased illiquidity premium increases the annuity risk-free rate. |
LIABILITIES ARISING FROM NON-_2
LIABILITIES ARISING FROM NON-PARTICIPATING INVESTMENT CONTRACTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of investment contracts liabilities [text block] [Abstract] | |
Disclosure of investment contract liabilities explanatory | 2019 2018 £m £m At 1 January 13,853 15,447 Acquisition of business (note 23) 20,981 – New business 1,810 668 Changes in existing business 815 (2,262 ) At 31 December 37,459 13,853 |
OTHER LIABILITIES (Tables)
OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other liabilities [text block] [Abstract] | |
Disclosure Of Other Liabilities | 2019 2018 £m £m Settlement balances 760 485 Unitholders’ interest in Open Ended Investment Companies 1 11,928 12,933 Unallocated surplus within insurance businesses 400 382 Lease liabilities 1,844 46 Other creditors and accruals 5,401 5,787 Total other liabilities 20,333 19,633 1 Where a collective investment vehicle is consolidated the interests of parties other than the Group are reported at fair value in other liabilities. |
Disclosure of maturity analysis of operating lease payments [text block] | The maturity of the Group’s lease liabilities was as follows: 2019 2018 £m £m Not later than 1 year 241 10 Later than 1 year and not later than 2 years 222 9 Later than 2 years and not later than 3 years 207 7 Later than 3 years and not later than 4 years 170 6 Later than 4 years and not later than 5 years 145 2 Later than 5 years 859 12 1,844 46 |
RETIREMENT BENEFIT OBLIGATIONS
RETIREMENT BENEFIT OBLIGATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Movements in the defined benefit obligation [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of Movements in Defined Benefit Obligation | 2019 2018 £m £m Movements in the defined benefit obligation At 1 January (41,092 ) (44,384 ) Current service cost (201 ) (261 ) Interest expense (1,172 ) (1,130 ) Remeasurements: Actuarial losses – experience (29 ) (439 ) Actuarial (losses) gains – demographic assumptions 471 (201 ) Actuarial gains (losses) – financial assumptions (5,400 ) 2,347 Benefits paid 2,174 3,079 Past service cost (44 ) (108 ) Curtailments – (12 ) Settlements 17 17 Exchange and other adjustments 35 – At 31 December (45,241 ) (41,092 ) |
Defined Benefit Obligation, Category [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of defined benefit plans [text block] | 2019 2018 £m £m Analysis of the defined benefit obligation: Active members (6,413 ) (6,448 ) Deferred members (16,058 ) (14,208 ) Pensioners (21,032 ) (18,885 ) Dependants (1,738 ) (1,551 ) (45,241 ) (41,092 ) |
Changes in the fair value of scheme assets [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of analysis of present value of defined benefit obligation that distinguishes nature, characteristics and risks [text block] | 2019 2018 £m £m Changes in the fair value of scheme assets At 1 January 42,238 44,893 Return on plan assets excluding amounts included in interest income 3,531 (1,558 ) Interest income 1,220 1,152 Employer contributions 1,062 863 Benefits paid (2,174 ) (3,079 ) Settlements (18 ) (18 ) Administrative costs paid (43 ) (41 ) Exchange and other adjustments (25 ) 26 At 31 December 45,791 42,238 |
Composition of Scheme Assets [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of claims and benefits paid [text block] | 2019 2018 Quoted Unquoted Total Quoted Unquoted Total £m £m £m £m £m £m Equity instruments 555 39 594 637 222 859 Debt instruments 1 Fixed interest government bonds 8,893 – 8,893 7,449 – 7,449 Index-linked government bonds 18,207 – 18,207 16,477 – 16,477 Corporate and other debt securities 10,588 – 10,588 8,813 – 8,813 Asset-backed securities – – – 138 – 138 37,688 – 37,688 32,877 – 32,877 Property – 158 158 – 556 556 Pooled investment vehicles 4,773 10,585 15,358 4,578 10,494 15,072 Money market instruments, cash, derivatives and other assets and liabilities 204 (8,211 ) (8,007 ) (283 ) (6,843 ) (7,126 ) At 31 December 43,220 2,571 45,791 37,809 4,429 42,238 1 Of the total debt instruments, £33,134 million (31 December 2018: £29,033 million) were investment grade (credit ratings equal to or better than ‘BBB’). |
Composition of Pension Scheme Pooled Investment Vechiles [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of defined benefit plans [text block] | The pension schemes’ pooled investment vehicles comprise: 2019 2018 £m £m Equity funds 2,429 2,329 Hedge and mutual funds 2,886 2,487 Liquidity funds 1,126 2,329 Bond and debt funds 971 313 Other 7,946 7,614 At 31 December 15,358 15,072 |
Actuarial and Financial Assumptions [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of defined benefit plans [text block] | The principal actuarial and financial assumptions used in valuations of the defined benefit pension schemes were as follows: 2019 2018 % % Discount rate 2.05 2.90 Rate of inflation: Retail Prices Index 2.94 3.20 Consumer Price Index 1.99 2.15 Rate of salary increases 0.00 0.00 Weighted-average rate of increase for pensions in payment 2.57 2.73 |
Defined Benefit Plan Member Life Expectancy [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of defined benefit plans [text block] | 2019 2018 Years Years Life expectancy for member aged 60, on the valuation date: Men 27.5 27.8 Women 29.2 29.4 Life expectancy for member aged 60, 15 years after the valuation date: Men 28.5 28.8 Women 30.3 30.6 |
Change in Assumptions for Defined Benefit Plans [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of defined benefit plans [text block] | Effect of reasonably possible alternative assumptions Increase (decrease) (Increase) decrease in the 2019 2018 2019 2018 £m £m £m £m Inflation (including pension increases): 1 Increase of 0.1 per cent 12 14 467 410 Decrease of 0.1 per cent (12 ) (14 ) (460 ) (395 ) Discount rate: 2 Increase of 0.1 per cent (20 ) (27 ) (763 ) (670 ) Decrease of 0.1 per cent 21 25 784 686 Expected life expectancy of members: Increase of one year 40 43 1,636 1,299 Decrease of one year (39 ) (42 ) (1,575 ) (1,257 ) 1 At 31 December 2019, the assumed rate of RPI inflation is 2.94 per cent and CPI inflation 1.99 per cent (2018: RPI 3.20 per cent and CPI 2.15 per cent). 2 At 31 December 2019, the assumed discount rate is 2.05 per cent (2018: 2.90 per cent). |
Weighted Average Duration of Defined Benefit Obligations [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of defined benefit plans [text block] | The following table provides information on the weighted average duration of the defined benefit pension obligations and the distribution and timing of benefit payments: 2019 2018 Years Duration of the defined benefit obligation 18 18 |
Defined Benefit Obligation, Maturity Analysis [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of defined benefit plans [text block] | 2019 2018 £m £m Maturity analysis of benefits expected to be paid: Within 12 months 1,274 1,225 Between 1 and 2 years 1,373 1,299 Between 2 and 5 years 4,455 4,303 Between 5 and 10 years 8,426 8,305 Between 10 and 15 years 9,229 9,416 Between 15 and 25 years 17,400 18,417 Between 25 and 35 years 13,999 15,631 Between 35 and 45 years 8,291 9,924 In more than 45 years 3,160 4,270 |
Movements in Other Post-Retirement Benefit Obligations [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of defined benefit plans [text block] | Movements in the other post-retirement benefits obligation: 2019 2018 £m £m At 1 January (124 ) (144 ) Actuarial (losses) gains (6 ) 18 Insurance premiums paid 7 5 Charge for the year (4 ) (4 ) Exchange and other adjustments 1 1 At 31 December (126 ) (124 ) |
Consolidated Income Statement [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of claims and benefits paid [text block] | The expense recognised in the income statement for the year ended 31 December comprises: 2019 2018 2017 £m £m £m Current service cost 201 261 295 Net interest amount (48 ) (22 ) (1 ) Past service credits and curtailments – 12 10 Settlements 1 1 3 Past service cost – plan amendments 44 108 14 Plan administration costs incurred during the year 43 41 41 Total defined benefit pension expense 241 401 362 |
Consolidated Income Statement [Member] | Defined Benefit Schemes [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of defined benefit plans [text block] | 2019 2018 2017 £m £m £m Charge to the income statement Defined benefit pension schemes 241 401 362 Other post-retirement benefit schemes 4 4 7 Total defined benefit schemes 245 405 369 Defined contribution pension schemes 287 300 256 Total charge to the income statement (note 11) 532 705 625 |
Consolidated Balance Sheet [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of analysis of present value of defined benefit obligation that distinguishes nature, characteristics and risks [text block] | 2019 2018 £m £m Amount included in the balance sheet Present value of funded obligations (45,241 ) (41,092 ) Fair value of scheme assets 45,791 42,238 Net amount recognised in the balance sheet 550 1,146 |
Consolidated Balance Sheet [Member] | Defined Benefit Schemes [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of claims and benefits paid [text block] | The total amount recognised in the balance sheet relates to: 2019 2018 £m £m Defined benefit pension schemes 550 1,146 Other post-retirement benefit schemes (126 ) (124 ) Total amounts recognised in the balance sheet 424 1,022 |
Consolidated Balance Sheet [Member] | Defined Benefit Assets and Obligations [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of claims and benefits paid [text block] | 2019 2018 £m £m Amounts recognised in the balance sheet Retirement benefit assets 681 1,267 Retirement benefit obligations (257 ) (245 ) Total amounts recognised in the balance sheet 424 1,022 |
Consolidated Balance Sheet [Member] | Net amount recognised in the balance sheet [Member] | |
RETIREMENT BENEFIT OBLIGATIONS (Tables) [Line Items] | |
Disclosure of analysis of present value of defined benefit obligation that distinguishes nature, characteristics and risks [text block] | 2019 2018 £m £m Net amount recognised in the balance sheet At 1 January 1,146 509 Net defined benefit pension charge (241 ) (401 ) Actuarial gains (losses) on defined benefit obligation (4,958 ) 1,707 Return on plan assets 3,531 (1,558 ) Employer contributions 1,062 863 Exchange and other adjustments 10 26 At 31 December 550 1,146 |
DEFERRED TAX (Tables)
DEFERRED TAX (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of deferred taxes [text block] [Abstract] | |
Disclosure Of Deferred Taxes | The Group’s deferred tax assets and liabilities are as follows: 2019 2018 2019 2018 Statutory position £m £m Tax disclosure £m £m Deferred tax assets 2,666 2,453 Deferred tax assets 4,917 4,731 Deferred tax liabilities (44 ) – Deferred tax liabilities (2,295 ) (2,278 ) Asset at 31 December 2,622 2,453 Asset at 31 December 2,622 2,453 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Movements in deferred tax liabilities and assets (before taking into consideration the offsetting of balances within the same taxing jurisdiction) can be summarised as follows: Tax losses Property, Pension Provisions Share-based Derivatives Other Total Deferred tax assets £m £m £m £m £m £m £m £m At 1 January 2018 4,034 743 90 380 51 – 16 5,314 (Charge) credit to the income statement (256 ) (100 ) 64 (45 ) (6 ) – (5 ) (348 ) (Charge) credit to other comprehensive income – – (92 ) (138 ) – – – (230 ) Other (charge) credit to equity – – – – (5 ) – – (5 ) At 31 December 2018 3,778 643 62 197 40 – 11 4,731 (Charge) credit to the income statement (167 ) (1 ) (83 ) (87 ) 4 149 174 (11 ) (Charge) credit to other comprehensive income – – 74 116 – – – 190 Other (charge) credit to equity – – – – 7 – – 7 At 31 December 2019 3,611 642 53 226 51 149 185 4,917 Long-term Acquisition Pension Derivatives Asset 1 Other Total Deferred tax liabilities £m £m £m £m £m £m £m At 1 January 2018 (799 ) (879 ) (181 ) (499 ) (207 ) (140 ) (2,705 ) (Charge) credit to the income statement 162 142 (67 ) (19 ) (33 ) 7 192 (Charge) credit to other comprehensive income – – (25 ) 113 141 – 229 Exchange and other adjustments – – – – – 6 6 At 31 December 2018 (637 ) (737 ) (273 ) (405 ) (99 ) (127 ) (2,278 ) (Charge) credit to the income statement (193 ) 221 59 (48 ) (19 ) (35 ) (15 ) (Charge) credit to other comprehensive income – – 64 (148 ) 83 – (1 ) Exchange and other adjustments – – – – – (1 ) (1 ) At 31 December 2019 (830 ) (516 ) (150 ) (601 ) (35 ) (163 ) (2,295 ) 1 Financial assets at fair value through other comprehensive income. |
OTHER PROVISIONS (Tables)
OTHER PROVISIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of other provisions [text block] [Abstract] | |
Disclosure of other provisions [text block] | Provisions for Payment Other Other Total £m £m £m £m £m At 31 December 2018 193 1,524 861 969 3,547 Adjustment on adoption of IFRS 16 (note 55) (97 ) (97 ) Balance at 1 January 2019 872 3,450 Exchange and other adjustments (1 ) 367 – (39 ) 327 Provisions applied – (2,461 ) (778 ) (593 ) (3,832 ) Charge for the year (15 ) 2,450 445 498 3,378 At 31 December 2019 177 1,880 528 738 3,323 |
SUBORDINATED LIABILITIES (Table
SUBORDINATED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SUBORDINATED LIABILITIES (Tables) [Line Items] | |
Disclosure of movement in subordinated liabilities [text block] | The movement in subordinated liabilities during the year was as follows: Preference Preferred Undated Dated Total At 1 January 2018 813 3,690 565 12,854 17,922 Issued during the year – – – 1,729 1,729 Repurchases and redemptions during the year 1 – (614 ) – (1,642 ) (2,256 ) Foreign exchange movements 18 131 20 377 546 Other movements (all non-cash) (28 ) (2 ) 3 (258 ) (285 ) At 31 December 2018 803 3,205 588 13,060 17,656 Repurchases and redemptions during the year 1 (3 ) (49 ) (53 ) (713 ) (818 ) Foreign exchange movements (12 ) (83 ) (36 ) (402 ) (533 ) Other movements (all non-cash) 114 152 18 541 825 At 31 December 2019 902 3,225 517 12,486 17,130 1 The repurchases and redemptions resulted in cash outflows of £818 million (2018: £2,256 million). |
Disclosure of repurchase and reverse repurchase agreements [text block] | Preference shares £m 6.3673% Non-cumulative Fixed to Floating Rate Preference Shares callable 2019 3 Preferred securities £m 13% Step-up Perpetual Capital Securities callable 2019 49 Undated subordinated liabilities £m 6.5% Undated Subordinated Step-up Notes callable 2019 1 7.375% Undated Subordinated Guaranteed Bonds 52 53 Dated subordinated liabilities £m 10.375% Subordinated Fixed to Fixed Rate Notes 2024 callable 2019 135 9.375% Subordinated Bonds 2021 328 6.375% Subordinated Instruments 2019 250 713 Preferred securities £m 6.461% Guaranteed Non-voting Non-cumulative Perpetual Preferred Securities 600 Undated Perpetual Preferred Securities 14 614 Dated subordinated liabilities £m 10.5% Subordinated Bonds callable 2018 150 6.75% Subordinated Fixed Rate Notes callable 2018 1,492 1,642 |
Dated subordinated liabilities [Member] | |
SUBORDINATED LIABILITIES (Tables) [Line Items] | |
Disclosure of movement in subordinated liabilities [text block] | Dated subordinated liabilities £m 1.75% Subordinated Fixed Rate Notes 2028 callable 2023 664 4.344% Subordinated Fixed Rate Notes callable 2048 1,065 1,729 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of issued capital [text block] [Abstract] | |
Disclosure of classes of share capital [text block] | 2019 Number of shares 2018 2017 2019 £m 2018 2017 Ordinary shares of 10p (formerly 25p) each At 1 January 71,163,592,264 71,972,949,589 71,373,735,357 7,116 7,197 7,138 Issued under employee share schemes 775,882,951 768,551,098 518,293,181 78 77 51 Share buyback programme (note 42) (1,886,917,377 ) (1,577,908,423 ) – (189 ) (158 ) – Redesignation of limited voting ordinary shares (see below) – – 80,921,051 – – 8 At 31 December 70,052,557,838 71,163,592,264 71,972,949,589 7,005 7,116 7,197 Limited voting ordinary shares of 10p (formerly 25p) each At 1 January – – 80,921,051 – – 8 Redesignation to ordinary shares – – (80,921,051 ) – – (8 ) At 31 December – – – – – – Total issued share capital 7,005 7,116 7,197 |
SHARE PREMIUM ACCOUNT (Tables)
SHARE PREMIUM ACCOUNT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure For Share Premium Account Explanatory [Abstract] | |
Disclosure of share premium accounts | 2019 £m 2018 2017 At 1 January 17,719 17,634 17,622 Issued under employee share schemes 29 85 12 Redemption of preference shares 1 3 – – At 31 December 17,751 17,719 17,634 1 During the year ended 31 December 2019, the Company redeemed all of its outstanding 6.3673% Non-cumulative Fixed to Floating Rate Preference Shares at their combined sterling par value of £3 million. These preference shares had been accounted for as subordinated liabilities. On redemption an amount of £3 million was transferred from the distributable merger reserve to the share premium account. |
OTHER RESERVES (Tables)
OTHER RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER RESERVES (Tables) [Line Items] | |
Disclosure of Merger Reserve [text block] | The foreign currency translation reserve represents the cumulative after-tax gains and losses on the translation of foreign operations and exchange differences arising on financial instruments designated as hedges of the Group’s net investment in foreign operations 2019 £m 2018 2017 Merger reserve At 1 January 7,766 7,766 7,766 Redemption of preference shares (note 41) (3 ) – – At 31 December 7,763 7,766 7,766 |
Disclosure of capital redemption reserve text block | 2019 2018 2017 Capital redemption reserve At 1 January 4,273 4,115 4,115 Shares cancelled under share buyback programmes (see below) 189 158 – At 31 December 4,462 4,273 4,115 |
Financial assets available-for-sale, category [member] | |
OTHER RESERVES (Tables) [Line Items] | |
Disclosure of Movement in Other Reserves [text block] | Movements in other reserves were as follows: 2017 Revaluation reserve in respect of available-for-sale financial assets At 1 January 759 Change in fair value of available-for-sale financial assets 303 Deferred tax (26 ) Current tax (4 ) 273 Income statement transfers: Disposals (note 9) (446 ) Deferred tax 93 Current tax – (353 ) Impairment 6 Deferred tax – 6 At 31 December 685 |
Reserve of cash flow hedges [member] | |
OTHER RESERVES (Tables) [Line Items] | |
Disclosure of Movement in Other Reserves [text block] | 2019 £m 2018 2017 Cash flow hedging reserve At 1 January 1,051 1,405 2,136 Change in fair value of hedging derivatives 1,209 234 (363 ) Deferred tax (303 ) (69 ) 121 906 165 (242 ) Income statement transfers (608 ) (701 ) (651 ) Deferred tax 155 182 162 (453 ) (519 ) (489 ) At 31 December 1,504 1,051 1,405 |
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income [member] | |
OTHER RESERVES (Tables) [Line Items] | |
Revaluation reserve in respect of debt securities text block | 2019 £m 2018 Revaluation reserve in respect of debt securities held at fair value through other comprehensive income At 1 January 279 472 Change in fair value (30 ) (37 ) Deferred tax 10 35 (20 ) (2 ) Income statement transfer in respect of disposals (note 9) (196 ) (275 ) Deferred tax 61 84 (135 ) (191 ) Impairment recognised in the income statement (1 ) – At 31 December 123 279 |
Revaluation reserve in respect of equity shares text block | 2019 £m 2018 Revaluation reserve in respect of equity shares held at fair value through other comprehensive income At 1 January 5 (49 ) Change in fair value – (97 ) Deferred tax 12 22 12 (75 ) Realised gains and losses transferred to retained profits 14 151 Deferred tax (12 ) (22 ) 2 129 At 31 December 19 5 |
Foreign currency translation reserve [member] | |
OTHER RESERVES (Tables) [Line Items] | |
Disclosure of Movement in Other Reserves [text block] | 2019 £m 2018 2017 Foreign currency translation reserve At 1 January (164 ) (156 ) (124 ) Currency translation differences arising in the year (12 ) (8 ) (21 ) Foreign currency gains on net investment hedges (tax: £nil) – – (11 ) At 31 December (176 ) (164 ) (156 ) |
Other reserves [member] | |
OTHER RESERVES (Tables) [Line Items] | |
Disclosure of other reserves [text block] | 2019 £m 2018 2017 Other reserves comprise: Merger reserve 7,763 7,766 7,766 Capital redemption reserve 4,462 4,273 4,115 Revaluation reserve in respect of debt securities held at fair value through other comprehensive income 123 279 Revaluation reserve in respect of equity shares held at fair value through other comprehensive income 19 5 Revaluation reserve in respect of available-for-sale financial assets 685 Cash flow hedging reserve 1,504 1,051 1,405 Foreign currency translation reserve (176 ) (164 ) (156 ) At 31 December 13,695 13,210 13,815 |
RETAINED PROFITS (Tables)
RETAINED PROFITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retained earnings [member] | |
RETAINED PROFITS (Tables) [Line Items] | |
Disclosure Of Retained Earnings [text block] | 2019 2018 1 2017 1 £m £m £m At 31 December 2017 4,905 Adjustment on adoption of IFRS 9 and IFRS 15 (929 ) At 1 January 5,389 3,976 3,250 Profit for the year 2,925 4,408 3,909 Dividends paid 2 (2,312 ) (2,240 ) (2,284 ) Issue costs of other equity instruments (net of tax) (note 44) (3 ) (5 ) – Distributions on other equity instruments (466 ) (433 ) (415 ) Share buyback programmes (note 42) (1,095 ) (1,005 ) – Realised gains and losses on equity shares held at fair value through other comprehensive income (2 ) (129 ) Post-retirement defined benefit scheme remeasurements (1,117 ) 120 482 Share of other comprehensive income of associates and joint ventures – 8 – Gains and losses attributable to own credit risk (net of tax) 3 (306 ) 389 (40 ) Movement in treasury shares (3 ) 40 (411 ) Value of employee services: Share option schemes 71 53 82 Other employee award schemes 165 207 332 At 31 December 3,246 5,389 4,905 1 Restated, see note 1. 2 Net of a credit in respect of unclaimed dividends written-back in accordance with the Company’s Articles of Association in 2017. 3 During 2017 the Group derecognised, on redemption, financial liabilities on which cumulative fair value movements relating to own credit of £3 million net of tax, had been recognised directly in retained profits. |
OTHER EQUITY INSTRUMENTS (Table
OTHER EQUITY INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Other Equity Instruments Explanatory [Abstract] | |
Disclosure Of Other Equity Instruments [text block] | 2019 2018 2017 £m £m £m At 1 January 6,491 5,355 5,355 Issued in the year: US dollar notes ($1,500 million nominal) – 1,136 – US dollar notes ($500 million nominal) 396 – – Sterling notes (£500 million nominal) 500 – – Redemption (1,481 ) – – At 31 December 5,906 6,491 5,355 |
DIVIDENDS ON ORDINARY SHARES (T
DIVIDENDS ON ORDINARY SHARES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Dividend award [Member] | |
DIVIDENDS ON ORDINARY SHARES (Tables) [Line Items] | |
Disclosure of Dividends On Ordinary Shares [Text Block] | Dividends paid during the year were as follows: 2019 2018 2017 pence pence pence 2019 2018 2017 per share per share per share £m £m £m Recommended by directors at previous year end: Final dividend 2.14 2.05 1.70 1,523 1,475 1,212 Special dividend – – 0.50 – – 356 Interim dividend paid in the year 1.12 1.07 1.00 789 765 720 3.26 3.12 3.20 2,312 2,240 2,288 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SHARE-BASED PAYMENTS (Tables) [Line Items] | |
Charges to Income Statement [text block] | The charge to the income statement is set out below: 2019 2018 2017 £m £m £m Deferred bonus plan 261 325 313 Executive and SAYE plans: Options granted in the year 16 14 17 Options granted in prior years 59 71 81 75 85 98 Share plans: Shares granted in the year 17 16 17 Shares granted in prior years 20 17 9 37 33 26 Total charge to the income statement 373 443 437 |
Disclosure Of Share Based Payments Movements [text block] | Movements in the number of share options outstanding under the SAYE schemes are set out below: 2019 2018 Weighted Weighted average average Number of exercise price Number of exercise price options (pence ) options (pence ) Outstanding at 1 January 802,994,918 49.30 860,867,088 51.34 Granted 487,654,212 39.87 188,866,162 47.92 Exercised (27,303,963 ) 51.23 (135,721,404 ) 59.00 Forfeited (15,830,204 ) 48.69 (22,909,999 ) 49.85 Cancelled (130,068,149 ) 49.03 (78,073,042 ) 50.66 Expired (49,352,741 ) 58.74 (10,033,887 ) 55.20 Outstanding at 31 December 1,068,094,073 44.55 802,994,918 49.30 Exercisable at 31 December 227,139 60.70 68,378 60.02 2019 2018 Weighted Weighted average average Number of exercise price Number of exercise price options (pence ) options (pence ) Outstanding at 1 January 10,263,028 Nil 14,523,989 Nil Granted 2,336,171 Nil 3,914,599 Nil Exercised (4,455,481 ) Nil (6,854,043 ) Nil Vested (69,005 ) Nil (148,109 ) Nil Forfeited (39,250 ) Nil (662,985 ) Nil Lapsed (400,825 ) Nil (510,423 ) Nil Outstanding at 31 December 7,634,638 Nil 10,263,028 Nil Exercisable at 31 December 2,683,267 Nil 3,305,442 Nil |
Disclosure Of Share Based Payments Assumptions [text block] | The fair value calculations at 31 December 2019 for grants made in the year, using Black-Scholes models and Monte Carlo simulation, are based on the following assumptions: Executive Share Plan Save-As-You-Earn 2003 LTIP CFO Buyout Weighted average risk-free interest rate 0.36% 0.62% 0.83% 0.64% Weighted average expected life 3.2 years 1.3 years 3.7 years 1.4 years Weighted average expected volatility 20% 23% 27% 19% Weighted average expected dividend yield 4.0% 4.0% 4.0% 4.0% Weighted average share price £0.53 £0.62 £0.63 £0.58 Weighted average exercise price £0.40 Nil Nil Nil |
Lloyds Banking Group Executive Share Plan 2006 [Member] | |
SHARE-BASED PAYMENTS (Tables) [Line Items] | |
Disclosure Of Share Based Payments Movements [text block] | 2019 2018 Number of Number of shares shares Outstanding at 1 January 417,385,636 370,804,915 Granted 174,490,843 160,586,201 Vested (88,318,950 ) (73,270,301 ) Forfeited (55,029,439 ) (48,108,870 ) Dividend award 11,376,655 7,373,691 Outstanding at 31 December 459,904,745 417,385,636 |
CFO Buyout [Member] | |
SHARE-BASED PAYMENTS (Tables) [Line Items] | |
Disclosure Of Share Based Payments Movements [text block] | 2019 Number of shares Outstanding at 1 January – Granted 4,086,632 Exercised (818,172 ) Outstanding at 31 December 3,268,460 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Compensation [Member] | |
RELATED PARTY TRANSACTIONS (Tables) [Line Items] | |
Disclosure of information about key management personnel [text block] | The table below details, on an aggregated basis, key management personnel compensation: 2019 2018 2017 £m £m £m Compensation Salaries and other short-term benefits 15 14 13 Post-employment benefits – – – Share-based payments 15 18 22 Total compensation 30 32 35 |
Defined benefit plans [member] | |
RELATED PARTY TRANSACTIONS (Tables) [Line Items] | |
Disclosure of information about key management personnel [text block] | 2019 2018 2017 million million million Share option plans At 1 January – 1 3 Granted, including certain adjustments (includes entitlements of appointed key management personnel) – – – Exercised/lapsed (includes entitlements of former key management personnel) – (1 ) (2 ) At 31 December – – 1 2019 2018 2017 Share plans At 1 January 84 82 65 Granted, including certain adjustments (includes entitlements of appointed key management personnel) (46 ) 39 37 Exercised/lapsed (includes entitlements of former key management personnel) (29 ) (37 ) (20 ) At 31 December 101 84 82 |
Loans and receivables, category [member] | |
RELATED PARTY TRANSACTIONS (Tables) [Line Items] | |
Disclosure of information about key management personnel [text block] | The tables below detail, on an aggregated basis, balances outstanding at the year end and related income and expense, together with information relating to other transactions between the Group and its key management personnel: 2019 2018 2017 Loans At 1 January 2 2 4 Advanced (includes loans of appointed key management personnel) 1 1 1 Repayments (includes loans of former key management personnel) (1 ) (1 ) (3 ) At 31 December 2 2 2 |
Deposits Placed [Member] | |
RELATED PARTY TRANSACTIONS (Tables) [Line Items] | |
Disclosure of information about key management personnel [text block] | 2019 £m 2018 2017 Deposits At 1 January 20 20 12 Placed (includes deposits of appointed key management personnel) 44 33 41 Withdrawn (includes deposits of former key management personnel) (41 ) (33 ) (33 ) At 31 December 23 20 20 |
CONTINGENT LIABILITIES, COMMI_2
CONTINGENT LIABILITIES, COMMITMENTS, AND GUARANTEES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of commitments and contingent liabilities [text block] [Abstract] | |
Disclosure of contingent liabilities [text block] | 2019 £m 2018 Contingent liabilities Acceptances and endorsements 74 194 Other: Other items serving as direct credit substitutes 366 632 Performance bonds and other transaction-related contingencies 2,454 2,425 2,820 3,057 Total contingent liabilities 2,894 3,251 |
Disclosure of commitments [text block] | 2019 £m 2018 Commitments and guarantees Documentary credits and other short-term trade-related transactions – 1 Forward asset purchases and forward deposits placed 189 731 Undrawn formal standby facilities, credit lines and other commitments to lend: Less than 1 year original maturity: Mortgage offers made 12,684 11,594 Other commitments and guarantees 85,735 85,060 98,419 96,654 1 year or over original maturity 34,945 37,712 Total commitments and guarantees 133,553 135,098 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL INSTRUMENTS (Tables) [Line Items] | |
Disclosure of measurement basis of financial assets and liabilities [text block] | The accounting policies in note 2 describe how different classes of financial instruments are measured, and how income and expenses, including fair value gains and losses, are recognised. The following table analyses the carrying amounts of the financial assets and liabilities by category and by balance sheet heading. Mandatorily held at fair value Derivatives Held for Other Designated at At fair value Held at Insurance Total At 31 December 2019 Financial assets Cash and balances at central banks – – – – – 55,130 – 55,130 Items in the course of collection from banks – – – – – 313 – 313 Financial assets at fair value through profit or loss – 17,982 142,207 – – – – 160,189 Derivative financial instruments 1,236 25,133 – – – – – 26,369 Loans and advances to banks – – – – – 9,775 – 9,775 Loans and advances to customers – – – – – 494,988 – 494,988 Debt securities – – – – – 5,544 – 5,544 Financial assets at amortised cost – – – – – 510,307 – 510,307 Financial assets at fair value through other comprehensive income – – – – 25,092 – – 25,092 Assets arising from reinsurance contracts held – – – – – – 23,567 23,567 Total financial assets 1,236 43,115 142,207 – 25,092 565,750 23,567 800,967 Financial liabilities Deposits from banks – – – – – 28,179 – 28,179 Customer deposits – – – – – 421,320 – 421,320 Items in course of transmission to banks – – – – – 373 – 373 Financial liabilities at fair value through profit or loss – 13,955 – 7,531 – – – 21,486 Derivative financial instruments 1,105 24,674 – – – – – 25,779 Notes in circulation – – – – – 1,079 – 1,079 Debt securities in issue – – – – – 97,689 – 97,689 Liabilities arising from insurance contracts and participating investment contracts – – – – – – 111,449 111,449 Liabilities arising from non-participating investment contracts – – – – – – 37,459 37,459 Other – – – – – 1,844 400 2,244 Subordinated liabilities – – – – – 17,130 – 17,130 Total financial liabilities 1,105 38,629 – 7,531 – 567,614 149,308 764,187 Mandatorily held at fair value Derivatives Held for Other Designated at At fair value Held at Insurance Total At 31 December 2018 Financial assets Cash and balances at central banks – – – – – 54,663 – 54,663 Items in the course of collection from banks – – – – – 647 – 647 Financial assets at fair value through profit or loss – 35,246 123,283 – – – – 158,529 Derivative financial instruments 1,563 22,032 – – – – – 23,595 Loans and advances to banks – – – – – 6,283 – 6,283 Loans and advances to customers – – – – – 484,858 – 484,858 Debt securities – – – – – 5,238 – 5,238 Financial assets at amortised cost – – – – – 496,379 – 496,379 Financial assets at fair value through other comprehensive income – – – – 24,815 – – 24,815 Assets arising from reinsurance contracts held – – – – – – 7,860 7,860 Total financial assets 1,563 57,278 123,283 – 24,815 551,689 7,860 766,488 Financial liabilities Deposits from banks – – – – – 30,320 – 30,320 Customer deposits – – – – – 418,066 – 418,066 Items in course of transmission to banks – – – – – 636 – 636 Financial liabilities at fair value through profit or loss – 23,451 – 7,096 – – – 30,547 Derivative financial instruments 1,108 20,265 – – – – – 21,373 Notes in circulation – – – – – 1,104 – 1,104 Debt securities in issue – – – – – 91,168 – 91,168 Liabilities arising from insurance contracts and participating investment contracts – – – – – – 98,874 98,874 Liabilities arising from non-participating investment contracts – – – – – – 13,853 13,853 Other – – – – – 46 382 428 Subordinated liabilities – – – – – 17,656 – 17,656 Total financial liabilities 1,108 43,716 – 7,096 – 558,996 113,109 724,025 |
Disclosure of financial liabilities [text block] | At 31 December 2019, the Group’s financial liabilities carried at fair value, excluding derivatives, comprised its financial liabilities at fair value through profit or loss and totalled £21,486 million (31 December 2018: £30,547 million). The table below analyses these financial liabilities by balance sheet classification and valuation methodology (level 1, 2 or 3, as described on page F-85). The fair value measurement approach is recurring in nature. There were no significant transfers between level 1 and 2 during the year. Level 1 Level 2 Level 3 Total £m £m £m £m At 31 December 2019 Financial liabilities at fair value through profit or loss Liabilities designated at fair value through profit or loss – 7,483 48 7,531 Trading liabilities: Liabilities in respect of securities sold under repurchase agreements – 11,048 – 11,048 Other deposits – 98 – 98 Short positions in securities 2,781 28 – 2,809 2,781 11,174 – 13,955 Total financial liabilities carried at fair value, excluding derivatives 2,781 18,657 48 21,486 At 31 December 2018 Financial liabilities at fair value through profit or loss Liabilities designated at fair value through profit or loss – 7,085 11 7,096 Trading liabilities: Liabilities in respect of securities sold under repurchase agreements – 21,595 – 21,595 Other deposits – 242 – 242 Short positions in securities 1,464 150 – 1,614 1,464 21,987 – 23,451 Total financial liabilities carried at fair value, excluding derivatives 1,464 29,072 11 30,547 |
Disclosure of significant adjustments to valuation obtained [text block] | The following table summarises the movement on this valuation adjustment account during 2018 and 2019: 2019 2018 £m £m At 1 January 562 521 Income statement charge (credit) (134 ) 47 Transfers (5 ) (6 ) At 31 December 423 562 |
Disclosure Of Significant Adjustment Categories To Valuation Obtained, Explanatory | Represented by: 2019 2018 £m £m Credit Valuation Adjustment 278 409 Debit Valuation Adjustment (27 ) (79 ) Funding Valuation Adjustment 172 232 423 562 |
Disclosure of fair value measurement of assets [text block] | The table below analyses the fair values of the financial assets of the Group which are carried at amortised cost by valuation methodology (level 1, 2 or 3, as described on page F-85). Financial assets carried at amortised cost are mainly classified as level 3 due to significant unobservable inputs used in the valuation models. Where inputs are observable, debt securities are classified as level 1 or 2. Valuation hierarchy Carrying value Fair value Level 1 Level 2 Level 3 At 31 December 2019 Financial assets at amortised cost: Loans and advances to customers: Stage 1 449,300 450,465 – 54,600 395,865 Loans and advances to customers: Stage 2 27,548 28,259 – – 28,259 Loans and advances to customers: Stage 3 4,568 3,508 – – 3,508 Loans and advances to customers: purchased or originated credit-impaired 13,572 13,572 – – 13,572 Loans and advances to customers 494,988 495,804 – 54,600 441,204 Loans and advances to banks 9,775 9,773 – 1,555 8,218 Debt securities 5,544 5,537 – 5,526 11 Reverse repos included in above amounts: Loans and advances to customers 54,600 54,600 – 54,600 – Loans and advances to banks 1,555 1,555 – 1,555 – At 31 December 2018 Financial assets at amortised cost: Loans and advances to customers: Stage 1 441,006 440,542 – 40,483 400,059 Loans and advances to customers: Stage 2 24,351 25,516 – – 25,516 Loans and advances to customers: Stage 3 4,188 3,289 – – 3,289 Loans and advances to customers: purchased or originated credit-impaired 15,313 15,313 – – 15,313 Loans and advances to customers 484,858 484,660 – 40,483 444,177 Loans and advances to banks 6,283 6,286 – 461 5,825 Debt securities 5,238 5,244 – 5,233 11 Reverse repos included in above amounts: Loans and advances to customers 40,483 40,483 – 40,483 – Loans and advances to banks 461 461 – 461 – |
Disclosure of fair value measurement of liabilities [text block] | The table below analyses the fair values of the financial liabilities of the Group which are carried at amortised cost by valuation methodology (level 1, 2 or 3, as described on page F-85). Valuation hierarchy Carrying value Fair value Level 1 Level 2 Level 3 At 31 December 2019 Deposits from banks 28,179 28,079 – 28,079 – Customer deposits 421,320 421,728 – 416,493 5,235 Debt securities in issue 97,689 100,443 – 100,443 – Subordinated liabilities 17,130 19,783 – 19,783 – Repos included in above amounts: Deposits from banks 18,105 18,105 – 18,105 – Customer deposits 9,530 9,530 – 9,530 – At 31 December 2018 Deposits from banks 30,320 30,322 – 30,322 – Customer deposits 418,066 418,450 – 412,283 6,167 Debt securities in issue 91,168 93,233 – 93,233 – Subordinated liabilities 17,656 19,564 – 19,564 – Repos included in above amounts: Deposits from banks 21,170 21,170 – 21,170 – Customer deposits 1,818 1,818 – 1,818 – |
Level 3 of fair value hierarchy [member] | |
FINANCIAL INSTRUMENTS (Tables) [Line Items] | |
Disclosure of movements in level 3 portfolio [text block] | The table below analyses movements in level 3 derivative assets and liabilities carried at fair value. 2019 2018 Derivative Derivative Derivative Derivative £m £m £m £m At 1 January 927 (716 ) 1,056 (804 ) Exchange and other adjustments (27 ) 4 7 (5 ) Losses (gains) recognised in the income statement within other income 81 (75 ) (84 ) 49 Purchases (additions) 4 (4 ) – (68 ) (Sales) redemptions (19 ) 47 (52 ) 112 Transfers into the level 3 portfolio 415 (959 ) – – Transfers out of the level 3 portfolio (518 ) 336 – – At 31 December 863 (1,367 ) 927 (716 ) Gains (losses) recognised in the income statement, within other income, relating to the change in fair value of those assets or liabilities held at 31 December (14 ) 18 (424 ) 82 |
Disclosure of Sensitivity of Level 3 Valuations [text block] | At 31 December 2019 At 31 December 2018 Effect of reasonably possible 2 Effect of reasonably possible 2 Significant unobservable Carrying Favourable Unfavourable Carrying Favourable Unfavourable Valuation techniques inputs 1 £m £m £m £m £m £m Financial assets at fair value through profit or loss Loans and advances to customers Discounted cash flows Interest rate spreads (bps) 47bps/108bps 10,912 401 (384 ) 10,565 380 (371 ) Debt securities Discounted cash flows Credit spreads (bps) (1bps/2bps) 61 1 (1 ) 274 92 (21 ) Equity and venture capital investments Market approach Earnings multiple (1.5//15.4) 1,948 89 (89 ) 1,657 54 (55 ) Underlying asset/net asset value (incl. property prices) 3 n/a 935 89 (113 ) 523 48 (57 ) Unlisted equities, debt securities and property partnerships in the life funds Underlying asset/net asset value (incl. property prices), broker quotes or discounted cash flows 3 n/a 1,052 19 (41 ) 898 2 (45 ) 14,908 13,917 Financial assets at fair value through other comprehensive income Asset-backed securities Lead manager or broker quote/consensus pricing n/a 181 6 (6 ) 246 3 (5 ) Equity and venture capital investments Underlying asset/net asset value (incl. property prices) 3 n/a 227 7 (6 ) 21 2 (2 ) 408 267 Derivative financial assets Interest rate derivatives Option pricing model Interest rate volatility (14%/115%) 863 5 (6 ) 927 7 (5 ) 863 927 Level 3 financial assets carried at fair value 16,179 15,111 Financial liabilities at fair value through profit or loss Discounted cash flows Interest rate spreads (+/–50bps) 48 1 (1 ) 11 – – Derivative financial liabilities Interest rate derivatives Option pricing model Interest rate volatility (14%/115%) 1,367 – – 716 – – 1,367 716 Level 3 financial liabilities carried at fair value 1,415 727 1 Ranges are shown where appropriate and represent the highest and lowest inputs used in the level 3 valuations. 2 Where the exposure to an unobservable input is managed on a net basis, only the net impact is shown in the table. 3 Underlying asset/net asset values represent fair value. |
Financial Assets, Excluding Derivatives [Member] | |
FINANCIAL INSTRUMENTS (Tables) [Line Items] | |
Disclosure of financial assets excluding derivatives [text block] | Valuation hierarchy Level 1 Level 2 Level 3 Total £m £m £m £m At 31 December 2019 Financial assets at fair value through profit or loss Loans and advances to customers – 10,164 10,912 21,076 Loans and advances to banks 18 2,381 – 2,399 Debt securities: Government securities 18,618 236 – 18,854 Other public sector securities – 2,071 55 2,126 Bank and building society certificates of deposit 52 932 – 984 Asset-backed securities: Mortgage-backed securities – 468 – 468 Other asset-backed securities – 158 100 258 Corporate and other debt securities – 16,381 1,835 18,216 18,670 20,246 1,990 40,906 Treasury and other bills 19 – – 19 Equity shares 93,766 17 2,006 95,789 Total financial assets at fair value through profit or loss 112,473 32,808 14,908 160,189 Financial assets at fair value through other comprehensive income Debt securities: Government securities 12,860 238 – 13,098 Bank and building society certificates of deposit – – – – Asset-backed securities: Mortgage-backed securities – – 121 121 Other asset-backed securities – – 60 60 Corporate and other debt securities 16 11,035 – 11,051 12,876 11,273 181 24,330 Treasury and other bills 535 – – 535 Equity shares – – 227 227 Total financial assets at fair value through other comprehensive income 13,411 11,273 408 25,092 Total financial assets carried at fair value, excluding derivatives 125,884 44,081 15,316 185,281 Level 1 Level 2 Level 3 Total £m £m £m £m At 31 December 2018 Financial assets at fair value through profit or loss Loans and advances to customers – 27,285 10,565 37,850 Loans and advances to banks – 3,026 – 3,026 Debt securities: Government securities 17,926 169 – 18,095 Other public sector securities – 2,064 – 2,064 Bank and building society certificates of deposit 84 1,021 – 1,105 Asset-backed securities: Mortgage-backed securities – 219 6 225 Other asset-backed securities – 231 118 349 Corporate and other debt securities – 16,840 1,470 18,310 18,010 20,544 1,594 40,148 Treasury and other bills 20 – – 20 Equity shares 75,701 26 1,758 77,485 Total financial assets at fair value through profit or loss 93,731 50,881 13,917 158,529 Financial assets at fair value through other comprehensive income Debt securities: Government securities 18,847 124 – 18,971 Bank and building society certificates of deposit – 118 – 118 Asset-backed securities: Mortgage-backed securities – – 120 120 Other asset-backed securities – 5 126 131 Corporate and other debt securities 32 5,119 – 5,151 18,879 5,366 246 24,491 Treasury and other bills 303 – – 303 Equity shares – – 21 21 Total financial assets at fair value through other comprehensive income 19,182 5,366 267 24,815 Total financial assets carried at fair value, excluding derivatives 112,913 56,247 14,184 183,344 |
Recurring fair value measurement [member] | |
FINANCIAL INSTRUMENTS (Tables) [Line Items] | |
Disclosure of Derivatives by recurring fair value measurement [text block] | All of the Group’s derivative assets and liabilities are carried at fair value. At 31 December 2019, such assets totalled £26,369 million (31 December 2018: £23,595 million) and liabilities totalled £25,779 million (31 December 2018: £21,373 million). The table below analyses these derivative balances by valuation methodology (level 1, 2 or 3, as described on page F-85). The fair value measurement approach is recurring in nature. There were no significant transfers between level 1 and level 2 during the year. 2019 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total £m £m £m £m £m £m £m £m Derivative assets 50 25,456 863 26,369 93 22,575 927 23,595 Derivative liabilities (54 ) (24,358 ) (1,367 ) (25,779 ) (132 ) (20,525 ) (716 ) (21,373 ) |
Financial Assets, Excluding Derivatives [Member] | |
FINANCIAL INSTRUMENTS (Tables) [Line Items] | |
Disclosure of movements in level 3 portfolio [text block] | The table below analyses movements in level 3 financial assets, excluding derivatives, carried at fair value (recurring measurement). 2019 2018 Financial assets Financial assets Total level 3 ) Financial assets Financial assets Total level 3 ) £m £m £m £m £m £m At 1 January 13,917 267 14,184 14,152 302 14,454 Exchange and other adjustments (85 ) (10 ) (95 ) 87 (2 ) 85 Gains recognised in the income statement within other income 794 – 794 439 – 439 (Losses) gains recognised in other comprehensive income within the revaluation reserve in respect of financial assets at fair value through other comprehensive income – 12 12 – (4 ) (4 ) Purchases/increases to customer loans 2,579 207 2,786 2,480 2 2,482 Sales (2,807 ) (87 ) (2,894 ) (3,593 ) (95 ) (3,688 ) Transfers into the level 3 portfolio 644 19 663 815 348 1,163 Transfers out of the level 3 portfolio (134 ) – (134 ) (463 ) (284 ) (747 ) At 31 December 14,908 408 15,316 13,917 267 14,184 Gains (losses) recognised in the income statement, within other income, relating to the change in fair value of those assets held at 31 December 269 – 269 (104 ) – (104 ) |
Financial liabilities, excluding derivatives [member] | |
FINANCIAL INSTRUMENTS (Tables) [Line Items] | |
Disclosure of movements in level 3 portfolio [text block] | The table below analyses movements in the level 3 financial liabilities portfolio, excluding derivatives. 2019 2018 £m £m At 1 January 11 – Losses (gains) recognised in the income statement within other income – – Redemptions (5 ) – Transfers into the level 3 portfolio 52 11 Transfers out of the level 3 portfolio (10 ) – At 31 December 48 11 Gains recognised in the income statement, within other income, relating to the change in fair value of those liabilities held at 31 December – – |
TRANSFERS OF FINANCIAL ASSETS (
TRANSFERS OF FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of transferred financial assets that are not derecognised in their entirety [text block] [Abstract] | |
Disclosure of Transfered Assets and Liabilities [Text Block] | The table below sets out the carrying values of the transferred assets and the associated liabilities. 2019 2018 Carrying Carrying Carrying Carrying Repurchase and securities lending transactions Financial assets at fair value through profit or loss 9,186 3,364 6,815 961 Financial assets at fair value through other comprehensive income 7,897 5,875 7,279 5,337 Securitisation programmes Financial assets at amortised cost: Loans and advances to customers 1 42,545 7,335 41,674 5,479 1 The carrying value of associated liabilities excludes securitisation notes held by the Group of £31,436 million (31 December 2018: £31,701 million). |
OFFSETTING OF FINANCIAL ASSET_2
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Offset [Member] | |
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Tables) [Line Items] | |
Disclosure of Offsetting of Financial Assets and Liabilities [text block] | The following information relates to financial assets and liabilities which have been offset in the balance sheet and those which have not been offset but for which the Group has enforceable master netting agreements or collateral arrangements in place with counterparties. Related amounts where set off in the balance sheet not permitted 3 Potential At 31 December 2019 Gross amounts of assets and liabilities 1 £m Amounts offset in the balance sheet 2 £m Net amounts Cash collateral Non-cash if offset Financial assets Financial assets at fair value through profit or loss: Excluding reverse repos 148,920 – 148,920 – (2,825 ) 146,095 Reverse repos 24,165 (12,896 ) 11,269 (366 ) (10,903 ) – 173,085 (12,896 ) 160,189 (366 ) (13,728 ) 146,095 Derivative financial instruments 79,735 (53,366 ) 26,369 (7,650 ) (13,892 ) 4,827 Loans and advances to banks: Excluding reverse repos 8,220 – 8,220 (3,377 ) – 4,843 Reverse repos 1,555 – 1,555 – (1,555 ) – 9,775 – 9,775 (3,377 ) (1,555 ) 4,843 Loans and advances to customers: Excluding reverse repos 440,388 – 440,388 (2,392 ) (2,123 ) 435,873 Reverse repos 58,959 (4,359 ) 54,600 – (54,600 ) – 499,347 (4,359 ) 494,988 (2,392 ) (56,723 ) 435,873 Debt securities 5,544 – 5,544 – (211 ) 5,333 Financial assets at fair value through other comprehensive income 25,092 – 25,092 – (5,859 ) 19,233 Financial liabilities Deposits from banks: Excluding repos 10,074 – 10,074 (8,016 ) – 2,058 Repos 18,105 – 18,105 – (18,105 ) – 28,179 – 28,179 (8,016 ) (18,105 ) 2,058 Customer deposits: Excluding repos 413,659 (1,869 ) 411,790 (1,850 ) (2,123 ) 407,817 Repos 9,530 – 9,530 – (9,530 ) – 423,189 (1,869 ) 421,320 (1,850 ) (11,653 ) 407,817 Financial liabilities at fair value through profit or loss: Excluding repos 10,438 – 10,438 – – 10,438 Repos 28,303 (17,255 ) 11,048 – (11,048 ) – 38,741 (17,255 ) 21,486 – (11,048 ) 10,438 Derivative financial instruments 77,276 (51,497 ) 25,779 (5,770 ) (16,364 ) 3,645 Related amounts where set off in the balance sheet not permitted 3 Potential At 31 December 2018 Gross amounts of assets and liabilities 1 £m Amounts offset in the balance sheet 2 £m Net amounts Cash collateral Non-cash if offset Financial assets Financial assets at fair value through profit or loss: Excluding reverse repos 130,172 – 130,172 – (978 ) 129,194 Reverse repos 33,472 (5,115 ) 28,357 (622 ) (27,735 ) – 163,644 (5,115 ) 158,529 (622 ) (28,713 ) 129,194 Derivative financial instruments 78,607 (55,012 ) 23,595 (6,039 ) (15,642 ) 1,914 Loans and advances to banks: Excluding reverse repos 5,822 – 5,822 (2,676 ) – 3,146 Reverse repos 461 – 461 – (461 ) – 6,283 – 6,283 (2,676 ) (461 ) 3,146 Loans and advances to customers: Excluding reverse repos 447,020 (2,645 ) 444,375 (1,319 ) (3,241 ) 439,815 Reverse repos 42,494 (2,011 ) 40,483 – (40,483 ) – 489,514 (4,656 ) 484,858 (1,319 ) (43,724 ) 439,815 Debt securities 5,238 – 5,238 – – 5,238 Financial assets at fair value through other comprehensive income 24,815 – 24,815 – (5,361 ) 19,454 Financial liabilities Deposits from banks: Excluding repos 9,150 – 9,150 (5,291 ) – 3,859 Repos 21,170 – 21,170 – (21,170 ) – 30,320 – 30,320 (5,291 ) (21,170 ) 3,859 Customer deposits: Excluding repos 417,652 (1,404 ) 416,248 (1,370 ) (3,241 ) 411,637 Repos 1,818 – 1,818 – (1,818 ) – 419,470 (1,404 ) 418,066 (1,370 ) (5,059 ) 411,637 Financial liabilities at fair value through profit or loss: Excluding repos 8,952 – 8,952 – – 8,952 Repos 28,721 (7,126 ) 21,595 – (21,595 ) – 37,673 (7,126 ) 30,547 – (21,595 ) 8,952 Derivative financial instruments 77,626 (56,253 ) 21,373 (3,995 ) (17,313 ) 65 1 After impairment allowance. 2 The amounts set off in the balance sheet as shown above represent derivatives and repurchase agreements with central clearing houses which meet the criteria for offsetting under IAS 32. 3 The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements. The Group holds and provides cash and securities collateral in respective of derivative transactions covered by these agreements. The right to set off balances under these master netting agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32. |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Disclosure of structural foreign currency exposures [text block] | The Group’s main overseas operations are in the Americas and Europe. Details of the Group’s structural foreign currency exposures are as follows: 2019 2018 Euro US Dollar Other Euro US Dollar Other Exposure 63 93 48 112 59 60 |
Disclosure of credit risk exposure [text block] | 2019 2018 Maximum Offset 2 Net exposure Maximum Offset 2 Net exposure Loans and advances to banks, net 1 9,775 – 9,775 6,283 – 6,283 Loans and advances to customers, net 1 494,988 (2,792 ) 492,196 484,858 (3,241 ) 481,617 Debt securities, net 1 5,544 – 5,544 5,238 – 5,238 Financial assets at amortised cost 510,307 (2,792 ) 507,515 496,379 (3,241 ) 493,138 Financial assets at fair value through other comprehensive income 3 24,865 – 24,865 24,794 – 24,794 Financial assets at fair value through profit or loss: 3,4 Loans and advances 23,475 – 23,475 40,876 – 40,876 Debt securities, treasury and other bills 40,925 – 40,925 40,168 – 40,168 64,400 – 64,400 81,044 – 81,044 Derivative assets 26,369 (14,696 ) 11,673 23,595 (14,327 ) 9,268 Assets arising from reinsurance contracts held 23,567 – 23,567 7,860 – 7,860 Off-balance sheet items: Acceptances and endorsements 74 – 74 194 – 194 Other items serving as direct credit substitutes 366 – 366 632 – 632 Performance bonds and other transaction-related contingencies 2,454 – 2,454 2,425 – 2,425 Irrevocable commitments and guarantees 63,504 – 63,504 64,884 – 64,884 66,398 – 66,398 68,135 – 68,135 715,906 (17,488 ) 698,418 701,807 (17,568 ) 684,239 |
Schedule of credit quality of assets [text block] | Gross drawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Loans and advances to banks: CMS 1-10 0.00-0.50% 9,777 – – – 9,777 CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 9,777 – – – 9,777 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 257,028 13,494 – – 270,522 RMS 7-9 4.51-14.00% 15 2,052 – – 2,067 RMS 10 14.01-20.00% – 414 – – 414 RMS 11-13 20.01-99.99% – 975 – – 975 RMS 14 100% – – 1,506 13,714 15,220 257,043 16,935 1,506 13,714 289,198 Retail - unsecured RMS 1-6 0.00-4.50% 22,151 1,098 – – 23,249 RMS 7-9 4.51-14.00% 2,676 919 – – 3,595 RMS 10 14.01-20.00% 76 189 – – 265 RMS 11-13 20.01-99.99% 18 606 – – 624 RMS 14 100% – – 678 – 678 24,921 2,812 678 – 28,411 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 13,568 1,297 – – 14,865 RMS 7-9 4.51-14.00% 314 368 – – 682 RMS 10 14.01-20.00% – 99 – – 99 RMS 11-13 20.01-99.99% 2 178 – – 180 RMS 14 100% – – 150 – 150 13,884 1,942 150 – 15,976 Retail - Other RMS 1-6 0.00-4.50% 9,520 390 – – 9,910 RMS 7-9 4.51-14.00% – 409 – – 409 RMS 10 14.01-20.00% – 7 – – 7 RMS 11-13 20.01-99.99% 134 23 – – 157 RMS 14 100% – – 150 – 150 9,654 829 150 – 10,633 Total Retail 305,502 22,518 2,484 13,714 344,218 Gross drawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Commercial CMS 1-10 0.00-0.50% 59,880 379 – – 60,259 CMS 11-14 0.51-3.00% 25,638 2,322 – – 27,960 CMS 15-18 3.01-20.00% 1,805 3,123 – – 4,928 CMS 19 20.01-99.99% – 169 – – 169 CMS 20-23 100% – – 3,447 – 3,447 87,323 5,993 3,447 – 96,763 Other RMS 1-6 0.00-4.50% 754 32 – – 786 RMS 7-9 4.51-14.00% 40 – – – 40 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 84 – 84 794 32 84 – 910 CMS 1-10 0.00-0.50% 56,356 – – – 56,356 CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 56,356 – – – 56,356 Total loans and advances to customers 449,975 28,543 6,015 13,714 498,247 In respect of: Retail 305,502 22,518 2,484 13,714 344,218 Commercial 87,323 5,993 3,447 – 96,763 Other 57,150 32 84 – 57,266 Total loans and advances to customers 449,975 28,543 6,015 13,714 498,247 Expected credit losses in respect of drawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Loans and advances to banks: CMS 1-10 0.00-0.50% 2 – – – 2 CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 2 – – – 2 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 23 183 – – 206 RMS 7-9 4.51-14.00% – 39 – – 39 RMS 10 14.01-20.00% – 13 – – 13 RMS 11-13 20.01-99.99% – 46 – – 46 RMS 14 100% – – 122 142 264 23 281 122 142 568 Retail - unsecured RMS 1-6 0.00-4.50% 188 42 – – 230 RMS 7-9 4.51-14.00% 103 92 – – 195 RMS 10 14.01-20.00% 7 34 – – 41 RMS 11-13 20.01-99.99% 3 193 – – 196 RMS 14 100% – – 233 – 233 301 361 233 – 895 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 203 30 – – 233 RMS 7-9 4.51-14.00% 10 15 – – 25 RMS 10 14.01-20.00% – 10 – – 10 RMS 11-13 20.01-99.99% 1 32 – – 33 RMS 14 100% – – 84 – 84 214 87 84 – 385 Retail - Other RMS 1-6 0.00-4.50% 25 9 – – 34 RMS 7-9 4.51-14.00% – 27 – – 27 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – 1 – – 1 RMS 14 100% – – 51 – 51 25 37 51 – 113 Total Retail 563 766 490 142 1,961 Expected credit losses in respect of drawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Commercial CMS 1-10 0.00-0.50% 33 1 – – 34 CMS 11-14 0.51-3.00% 50 37 – – 87 CMS 15-18 3.01-20.00% 13 174 – – 187 CMS 19 20.01-99.99% – 16 – – 16 CMS 20-23 100% – – 941 – 941 96 228 941 – 1,265 Other RMS 1-6 0.00-4.50% 6 1 – – 7 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 16 – 16 6 1 16 – 23 CMS 1-10 0.00-0.50% 10 – – – 10 CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 10 – – – 10 Total loans and advances to customers 675 995 1,447 142 3,259 In respect of: Retail 563 766 490 142 1,961 Commercial 96 228 941 – 1,265 Other 16 1 16 – 33 Total loans and advances to customers 675 995 1,447 142 3,259 Gross undrawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 12,242 62 – – 12,304 RMS 7-9 4.51-14.00% 1 1 – – 2 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 8 79 87 12,243 63 8 79 12,393 Retail - unsecured RMS 1-6 0.00-4.50% 60,653 1,986 – – 62,639 RMS 7-9 4.51-14.00% 389 218 – – 607 RMS 10 14.01-20.00% 5 39 – – 44 RMS 11-13 20.01-99.99% 1 73 – – 74 RMS 14 100% – – 83 – 83 61,048 2,316 83 – 63,447 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 1,181 – – – 1,181 RMS 7-9 4.51-14.00% 193 4 – – 197 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 1,374 4 – – 1,378 Retail - Other RMS 1-6 0.00-4.50% 1,240 – – – 1,240 RMS 7-9 4.51-14.00% – 62 – – 62 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 3 – 3 1,240 62 3 – 1,305 Total Retail 75,905 2,445 94 79 78,523 Gross undrawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Commercial CMS 1-10 0.00-0.50% 47,707 76 – – 47,783 CMS 11-14 0.51-3.00% 5,134 850 – – 5,984 CMS 15-18 3.01-20.00% 258 327 – – 585 CMS 19 20.01-99.99% – 43 – – 43 CMS 20-23 100% – – 5 – 5 53,099 1,296 5 – 54,400 Other RMS 1-6 0.00-4.50% 239 – – – 239 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 239 – – – 239 CMS 1-10 0.00-0.50% 391 – – – 391 CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 391 – – – 391 Total loans and advances to customers 129,634 3,741 99 79 133,553 In respect of: Retail 75,905 2,445 94 79 78,523 Commercial 53,099 1,296 5 – 54,400 Other 630 – – – 630 Total loans and advances to customers 129,634 3,741 99 79 133,553 Expected credit losses in respect of undrawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 1 – – – 1 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 1 – – – 1 Retail - unsecured RMS 1-6 0.00-4.50% 56 24 – – 80 RMS 7-9 4.51-14.00% 6 8 – – 14 RMS 10 14.01-20.00% – 3 – – 3 RMS 11-13 20.01-99.99% – 15 – – 15 RMS 14 100% – – – – – 62 50 – – 112 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 2 – – – 2 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 2 – – – 2 Retail - Other RMS 1-6 0.00-4.50% 11 – – – 11 RMS 7-9 4.51-14.00% – 3 – – 3 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 11 3 – – 14 Total Retail 76 53 – – 129 Expected credit losses in respect of undrawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2019 Commercial CMS 1-10 0.00-0.50% 11 – – – 11 CMS 11-14 0.51-3.00% 7 9 – – 16 CMS 15-18 3.01-20.00% 1 13 – – 14 CMS 19 20.01-99.99% – 2 – – 2 CMS 20-23 100% – – 5 – 5 19 24 5 – 48 Other RMS 1-6 0.00-4.50% – – – – – RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – – – – – – CMS 1-10 0.00-0.50% – – – – – CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – – – – – – Total loans and advances to customers 95 77 5 – 177 In respect of: Retail 76 53 – – 129 Commercial 19 24 5 – 48 Other – – – – – Total loans and advances to customers 95 77 5 – 177 Gross drawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Loans and advances to banks: CMS 1-10 0.00-0.50% 6,177 3 – – 6,180 CMS 11-14 0.51-3.00% 105 – – – 105 CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 6,282 3 – – 6,285 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 257,740 10,784 – – 268,524 RMS 7-9 4.51-14.00% 57 1,709 – – 1,766 RMS 10 14.01-20.00% – 262 – – 262 RMS 11-13 20.01-99.99% – 899 – – 899 RMS 14 100% – – 1,393 15,391 16,784 257,797 13,654 1,393 15,391 288,235 Retail - unsecured RMS 1-6 0.00-4.50% 22,363 1,079 – – 23,442 RMS 7-9 4.51-14.00% 2,071 774 – – 2,845 RMS 10 14.01-20.00% 72 167 – – 239 RMS 11-13 20.01-99.99% 199 687 – – 886 RMS 14 100% – – 703 – 703 24,705 2,707 703 – 28,115 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 12,918 954 – – 13,872 RMS 7-9 4.51-14.00% 301 318 – – 619 RMS 10 14.01-20.00% – 111 – – 111 RMS 11-13 20.01-99.99% 5 197 – – 202 RMS 14 100% – – 129 – 129 13,224 1,580 129 – 14,933 Retail - Other RMS 1-6 0.00-4.50% 9,033 704 – – 9,737 RMS 7-9 4.51-14.00% 190 66 – – 256 RMS 10 14.01-20.00% – 7 – – 7 RMS 11-13 20.01-99.99% 211 23 – – 234 RMS 14 100% – – 165 – 165 9,434 800 165 – 10,399 Total Retail 305,160 18,741 2,390 15,391 341,682 Gross drawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Commercial CMS 1-10 0.00-0.50% 65,089 100 – – 65,189 CMS 11-14 0.51-3.00% 25,472 3,450 – – 28,922 CMS 15-18 3.01-20.00% 1,441 2,988 – – 4,429 CMS 19 20.01-99.99% – 54 – – 54 CMS 20-23 100% – – 3,230 – 3,230 92,002 6,592 3,230 – 101,824 Other RMS 1-6 0.00-4.50% 804 6 – – 810 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 55 – 55 804 6 55 – 865 CMS 1-10 0.00-0.50% 43,565 – – – 43,565 CMS 11-14 0.51-3.00% – 6 – – 6 CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – 66 – 66 43,565 6 66 – 43,637 Total loans and advances to customers 441,531 25,345 5,741 15,391 488,008 In respect of: Retail 305,160 18,741 2,390 15,391 341,682 Commercial 92,002 6,592 3,230 – 101,824 Other 44,369 12 121 – 44,502 Total loans and advances to customers 441,531 25,345 5,741 15,391 488,008 Expected credit losses in respect of drawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Loans and advances to banks: CMS 1-10 0.00-0.50% 2 – – – 2 CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – 2 – – – 2 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 37 141 – – 178 RMS 7-9 4.51-14.00% – 34 – – 34 RMS 10 14.01-20.00% – 9 – – 9 RMS 11-13 20.01-99.99% – 42 – – 42 RMS 14 100% – – 118 78 196 37 226 118 78 459 Retail - unsecured RMS 1-6 0.00-4.50% 135 45 – – 180 RMS 7-9 4.51-14.00% 57 83 – – 140 RMS 10 14.01-20.00% 4 29 – – 33 RMS 11-13 20.01-99.99% 3 172 – – 175 RMS 14 100% – – 228 – 228 199 329 228 – 756 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 114 19 – – 133 RMS 7-9 4.51-14.00% 6 15 – – 21 RMS 10 14.01-20.00% – 11 – – 11 RMS 11-13 20.01-99.99% 1 34 – – 35 RMS 14 100% – – 78 – 78 121 79 78 – 278 Retail - Other RMS 1-6 0.00-4.50% 30 25 – – 55 RMS 7-9 4.51-14.00% 2 2 – – 4 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – 1 – – 1 RMS 14 100% – – 60 – 60 32 28 60 – 120 Total Retail 389 662 484 78 1,613 Expected credit losses in respect of drawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Commercial CMS 1-10 0.00-0.50% 32 1 – – 33 CMS 11-14 0.51-3.00% 50 86 – – 136 CMS 15-18 3.01-20.00% 11 231 – – 242 CMS 19 20.01-99.99% – 7 – – 7 CMS 20-23 100% – – 1,031 – 1,031 93 325 1,031 – 1,449 Other RMS 1-6 0.00-4.50% 43 1 – – 44 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 11 – 11 43 1 11 55 CMS 1-10 0.00-0.50% – – – – – CMS 11-14 0.51-3.00% – 6 – – 6 CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – 27 – 27 – 6 27 – 33 Total loans and advances to customers 525 994 1,553 78 3,150 In respect of: Retail 389 662 484 78 1,613 Commercial 93 325 1,031 – 1,449 Other 43 7 38 – 88 Total loans and advances to customers 525 994 1,553 78 3,150 Gross undrawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 12,024 19 – – 12,043 RMS 7-9 4.51-14.00% 2 1 – – 3 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – 5 90 95 12,026 20 5 90 12,141 Retail - unsecured RMS 1-6 0.00-4.50% 57,433 1,811 – – 59,244 RMS 7-9 4.51-14.00% 391 155 – – 546 RMS 10 14.01-20.00% 10 27 – – 37 RMS 11-13 20.01-99.99% 3 51 – – 54 RMS 14 100% – – 36 – 36 57,837 2,044 36 – 59,917 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 1,565 – – – 1,565 RMS 7-9 4.51-14.00% 141 – – – 141 RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 1,706 – – – 1,706 Retail - Other RMS 1-6 0.00-4.50% 1,381 47 – – 1,428 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% 360 – – – 360 RMS 14 100% – – 3 – 3 1,741 47 3 – 1,791 Total Retail 73,310 2,111 44 90 75,555 Gross undrawn exposures (continued) PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Commercial CMS 1-10 0.00-0.50% 51,632 – – – 51,632 CMS 11-14 0.51-3.00% 6,501 693 – – 7,194 CMS 15-18 3.01-20.00% 126 297 – – 423 CMS 19 20.01-99.99% 31 11 – – 42 CMS 20-23 100% – – 6 – 6 58,290 1,001 6 – 59,297 Other RMS 1-6 0.00-4.50% 246 – – – 246 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 246 – – – 246 CMS 1-10 0.00-0.50% – – – – – CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – – – – – – Total loans and advances to customers 131,846 3,112 50 90 135,098 In respect of: Retail 73,310 2,111 44 90 75,555 Commercial 58,290 1,001 6 – 59,297 Other 246 – – – 246 Total loans and advances to customers 131,846 3,112 50 90 135,098 Expected credit losses in respect of undrawn exposures PD range Stage 1 Stage 2 Stage 3 Purchased or Total At 31 December 2018 Loans and advances to customers: Retail - mortgages RMS 1-6 0.00-4.50% 1 – – – 1 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 1 – – – 1 Retail - unsecured RMS 1-6 0.00-4.50% 85 26 – – 111 RMS 7-9 4.51-14.00% 5 10 – – 15 RMS 10 14.01-20.00% – 3 – – 3 RMS 11-13 20.01-99.99% – 10 – – 10 RMS 14 100% – – – – – 90 49 – – 139 Retail - UK Motor Finance RMS 1-6 0.00-4.50% 2 – – – 2 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 2 – – – 2 Retail - Other RMS 1-6 0.00-4.50% 11 2 – – 13 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 11 2 – – 13 Total Retail 104 51 – – 155 Purchased or originated Stage 1 Stage 2 Stage 3 credit-impaired Total Expected credit losses in respect of undrawn exposures (continued) PD range £m £m £m £m £m At 31 December 2018 Commercial CMS 1-10 0.00-0.50% 9 – – – 9 CMS 11-14 0.51-3.00% 7 7 – – 14 CMS 15-18 3.01-20.00% 1 5 – – 6 CMS 19 20.01-99.99% 1 1 – – 2 CMS 20-23 100% – – 6 – 6 18 13 6 – 37 Other RMS 1-6 0.00-4.50% 1 – – – 1 RMS 7-9 4.51-14.00% – – – – – RMS 10 14.01-20.00% – – – – – RMS 11-13 20.01-99.99% – – – – – RMS 14 100% – – – – – 1 – – – 1 CMS 1-10 0.00-0.50% – – – – – CMS 11-14 0.51-3.00% – – – – – CMS 15-18 3.01-20.00% – – – – – CMS 19 20.01-99.99% – – – – – CMS 20-23 100% – – – – – – – – – – Total loans and advances to customers 123 64 6 – 193 In respect of: Retail 104 51 – – 155 Commercial 18 13 6 – 37 Other 1 – – – 1 Total loans and advances to customers 123 64 6 – 193 |
Disclosure of fair value of financial instruments [text block] | An analysis of the Group’s financial assets at fair value through profit or loss is included in note 14. The credit quality of the Group’s debt securities, treasury and other bills held at fair value through profit or loss is set out below: 2019 2018 Investment Investment grade 1 Other 2 Total grade 1 Other 2 Total £m £m £m £m £m £m Debt securities, treasury and other bills held at fair value through profit or loss Trading assets: Government securities 6,791 – 6,791 7,192 – 7,192 Asset-backed securities: Mortgage-backed securities 1 5 6 10 – 10 Other asset-backed securities 14 3 17 63 – 63 15 8 23 73 – 73 Corporate and other debt securities 232 1 233 228 19 247 Total held as trading assets 7,038 9 7,047 7,493 19 7,512 Other assets held at fair value through profit or loss: Government securities 12,044 19 12,063 10,903 – 10,903 Other public sector securities 2,118 8 2,126 2,059 5 2,064 Bank and building society certificates of deposit 984 – 984 1,105 – 1,105 Asset-backed securities: Mortgage-backed securities 452 10 462 208 7 215 Other asset-backed securities 241 – 241 283 3 286 693 10 703 491 10 501 Corporate and other debt securities 15,932 2,051 17,983 16,141 1,922 18,063 Total debt securities held at fair value through profit or loss 31,771 2,088 33,859 30,699 1,937 32,636 Treasury bills and other bills 19 – 19 20 – 20 Total other assets held at fair value through profit or loss 31,790 2,088 33,878 30,719 1,937 32,656 Total held at fair value through profit or loss 38,828 2,097 40,925 38,212 1,956 40,168 |
Analysis of Loan-to-value ratio of Residential Mortgage Lending | An analysis by loan-to-value ratio of the Group’s residential mortgage lending is provided below. The value of collateral used in determining the loan-to-value ratios has been estimated based upon the last actual valuation, adjusted to take into account subsequent movements in house prices, after making allowances for indexation error and dilapidations. As at 31 December 2019 As at 31 December 2018 Stage 1 Stage 2 Stage 3 Purchased Total gross Stage 1 Stage 2 Stage 3 Purchased Total gross Drawn balances Less than 70 per cent 179,566 13,147 1,174 10,728 204,615 185,556 10,728 1,035 11,846 209,165 70 per cent to 80 per cent 44,384 2,343 181 1,751 48,659 41,827 1,802 190 1,884 45,703 80 per cent to 90 per cent 27,056 1,057 86 677 28,876 24,854 832 95 1,032 26,813 90 per cent to 100 per cent 5,663 199 34 207 6,103 4,957 164 39 302 5,462 Greater than 100 per cent 374 189 31 351 945 603 128 34 327 1,092 Total 257,043 16,935 1,506 13,714 289,198 257,797 13,654 1,393 15,391 288,235 As at 31 December 2019 As at 31 December 2018 Stage 1 Stage 2 Stage 3 Purchased Total Stage 1 Stage 2 Stage 3 Purchased Total Expected credit losses on drawn balances Less than 70 per cent 6 104 41 44 195 3 94 34 19 150 70 per cent to 80 per cent 7 75 29 38 149 11 51 24 12 98 80 per cent to 90 per cent 7 58 25 23 113 14 47 27 16 104 90 per cent to 100 per cent 2 17 12 10 41 4 16 14 9 43 Greater than 100 per cent 1 27 15 27 70 5 18 19 22 64 Total 23 281 122 142 568 37 226 118 78 459 |
Participating investment contracts [Member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Disclosure of Liabilities Arising from Insurance and Participating Investment Contracts [text block] | Liabilities arising from insurance and participating investment contracts are analysed on a behavioural basis, as permitted by IFRS 4, as follows: Up to 1-3 3-12 1-5 Over 5 Total At 31 December 2019 1,340 1,240 5,378 25,349 78,142 111,449 At 31 December 2018 1,667 1,624 5,925 25,414 64,244 98,874 |
Available-for-Sale Financial Assets (Excluding Equity Shares) [Member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Disclosure of Available-for-Sale Financial Assets (Excluding Equity Shares) [text block] | An analysis of the Group’s financial assets at fair value through other comprehensive income is included in note 19. The credit quality of the Group’s financial assets at fair value through other comprehensive income (excluding equity shares) is set out below: 2019 2018 Investment Investment grade 1 Other 2 Total grade 1 Other 2 Total £m £m £m £m £m £m Debt securities: Government securities 13,084 14 13,098 18,971 – 18,971 Bank and building society certificates of deposit – – – 118 – 118 Asset-backed securities: Mortgage-backed securities 121 – 121 120 – 120 Other asset-backed securities – 60 60 – 131 131 121 60 181 120 131 251 Corporate and other debt securities 11,036 15 11,051 4,934 217 5,151 Total debt securities 24,241 89 24,330 24,143 348 24,491 Treasury and other bills 535 – 535 303 – 303 Total financial assets at fair value through other comprehensive income 24,776 89 24,865 24,446 348 24,794 |
Derivative assets [Member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Disclosure of Derivative Assets [text block] | 2019 2018 Investment Investment grade 1 Other 2 Total grade 1 Other 2 Total £m £m £m £m £m £m Trading and other 22,991 2,142 25,133 19,797 2,235 22,032 Hedging 1,178 58 1,236 1,534 29 1,563 Total derivative financial instruments 24,169 2,200 26,369 21,331 2,264 23,595 |
Concentrations of risk [member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Disclosure of loans and advances to customers [text block] | 2019 2018 Agriculture, forestry and fishing 7,558 7,314 Energy and water supply 1,432 1,517 Manufacturing 6,093 8,260 Construction 4,285 4,684 Transport, distribution and hotels 13,016 14,113 Postal and telecommunications 1,923 2,711 Property companies 27,596 28,451 Financial, business and other services 89,763 77,505 Personal: Mortgages 1 299,141 297,498 Other 29,272 28,699 Lease financing 1,671 1,822 Hire purchase 16,497 15,434 Total loans and advances to customers before allowance for impairment losses 498,247 488,008 Allowance for impairment losses (note 18) (3,259 ) (3,150 ) Total loans and advances to customers 494,988 484,858 |
Securities lending [member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Disclosure of transfers of financial assets [text block] | The following on balance sheet financial assets have been lent to counterparties under securities lending transactions: 2019 2018 Financial assets at fair value through profit or loss 5,857 5,837 Financial assets at fair value through other comprehensive income 2,020 1,917 7,877 7,754 |
Loans to corporate entities [member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Disclosure of Debt Securities Classified as Loans and Receivables [text block] | An analysis by credit rating of the Group’s debt securities held at amortised cost is provided below: 2019 2018 Investment Investment grade 1 Other 2 Total grade 1 Other 2 Total £m £m £m £m £m £m Asset-backed securities: Mortgage-backed securities 3,007 – 3,007 3,263 9 3,272 Other asset-backed securities 876 – 876 763 17 780 3,883 – 3,883 4,026 26 4,052 Corporate and other debt securities 1,650 14 1,664 1,176 16 1,192 Gross exposure 5,533 14 5,547 5,202 42 5,244 Allowance for impairment losses (3 ) (6 ) Total debt securities held at amortised cost 5,544 5,238 |
Assets and liabilities [member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Maturity analysis for total assets and total liabilities | The table below analyses assets and liabilities of the Group into relevant maturity groupings based on the remaining contractual period at the balance sheet date; balances with no fixed maturity are included in the over 5 years category. Certain balances, included in the table below on the basis of their residual maturity, are repayable on demand upon payment of a penalty. Up to 1-3 3-6 6-9 9-12 1-2 2-5 Over 5 Total At 31 December 2019 Assets Cash and balances at central banks 55,128 2 – – – – – – 55,130 Financial assets at fair value through profit or loss 7,195 3,689 3,016 1,710 451 2,801 5,385 135,942 160,189 Derivative financial instruments 583 739 627 404 336 1,294 2,763 19,623 26,369 Loans and advances to banks 4,953 1,017 265 124 91 26 – 3,299 9,775 Loans and advances to customers 35,973 26,036 23,283 12,626 11,425 29,917 74,416 281,312 494,988 Debt securities held at amortised cost 131 19 – – – 74 3,085 2,235 5,544 Financial assets at fair value through other comprehensive income 111 179 729 102 234 2,929 12,809 7,999 25,092 Other assets 2,224 1,155 533 160 520 568 1,218 50,428 56,806 Total assets 106,298 32,836 28,453 15,126 13,057 37,609 99,676 500,838 833,893 Liabilities Deposits from banks 4,530 2,715 267 85 55 15,686 433 4,408 28,179 Customer deposits 382,885 12,945 6,716 4,377 3,207 6,742 1,752 2,696 421,320 Derivative financial instruments and financial liabilities at fair value through profit or loss 5,182 6,101 2,579 784 528 1,644 5,238 25,209 47,265 Debt securities in issue 4,070 9,159 7,135 7,418 1,963 13,618 30,897 23,429 97,689 Liabilities arising from insurance and investment contracts 1,213 1,658 2,370 2,348 2,882 9,028 24,870 104,539 148,908 Other liabilities 4,541 1,914 772 893 1,682 898 906 13,990 25,596 Subordinated liabilities – 1,339 96 1,137 108 575 4,105 9,770 17,130 Total liabilities 402,421 35,831 19,935 17,042 10,425 48,191 68,201 184,041 786,087 At 31 December 2018 Assets Cash and balances at central banks 54,662 1 – – – – – – 54,663 Financial assets at fair value through profit or loss 10,686 8,826 8,492 5,133 2,587 2,090 5,467 115,248 158,529 Derivative financial instruments 579 688 418 336 441 1,064 3,075 16,994 23,595 Loans and advances to banks 2,594 520 584 172 203 160 – 2,050 6,283 Loans and advances to customers 36,326 19,383 18,415 14,378 11,318 30,459 72,028 282,551 484,858 Debt securities held as at amortised cost 7 – – 521 – – 2,262 2,448 5,238 Financial assets at fair value through other comprehensive income 166 453 249 800 1,685 2,536 11,496 7,430 24,815 Other assets 2,667 1,552 196 238 219 387 1,118 33,240 39,617 Total assets 107,687 31,423 28,354 21,578 16,453 36,696 95,446 459,961 797,598 Liabilities Deposits from banks 2,793 1,688 748 54 45 4,758 16,052 4,182 30,320 Customer deposits 380,753 10,623 5,628 4,543 4,431 6,421 3,244 2,423 418,066 Derivative financial instruments and financial liabilities at fair value through profit or loss 5,160 11,877 5,048 1,663 522 1,104 4,108 22,438 51,920 Debt securities in issue 4,172 5,692 9,007 4,668 1,694 13,062 28,676 24,197 91,168 Liabilities arising from insurance and investment contracts 1,844 1,850 2,316 2,302 2,104 7,995 20,986 73,330 112,727 Other liabilities 4,403 3,201 733 1,182 1,383 756 232 13,652 25,542 Subordinated liabilities 85 145 95 251 – 2,600 2,559 11,921 17,656 Total liabilities 399,210 35,076 23,575 14,663 10,179 36,696 75,857 152,143 747,399 |
Financial liabilities, category [member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Disclosure of maturity analysis for non-derivative financial liabilities [text block] | The table below analyses financial instrument liabilities of the Group, excluding those arising from insurance and participating investment contracts, on an undiscounted future cash flow basis according to contractual maturity, into relevant maturity groupings based on the remaining period at the balance sheet date; balances with no fixed maturity are included in the over 5 years category. Up to 1-3 3-12 1-5 Over 5 Total At 31 December 2019 Deposits from banks 5,009 2,564 762 20,066 317 28,718 Customer deposits 385,864 14,433 14,327 10,661 1,393 426,678 Financial liabilities at fair value through profit or loss 4,370 5,543 2,255 2,690 14,653 29,511 Debt securities in issue 5,335 9,858 19,205 54,638 36,321 125,357 Liabilities arising from non-participating investment contracts 37,459 – – – – 37,459 Other liabilities (Lease liabilities) 2 61 190 803 946 2,002 Subordinated liabilities 942 1,462 1,918 7,837 14,857 27,016 Total non-derivative financial liabilities 438,981 33,921 38,657 96,695 68,487 676,741 Derivative financial liabilities: Gross settled derivatives – outflows 43,118 44,379 34,012 36,012 18,238 175,759 Gross settled derivatives – inflows (40,829 ) (42,954 ) (32,966 ) (34,758 ) (17,753 ) (169,260 ) Gross settled derivatives – net flows 2,289 1,425 1,046 1,254 485 6,499 Net settled derivatives liabilities 23,648 48 122 700 2,201 26,719 Total derivative financial liabilities 25,937 1,473 1,168 1,954 2,686 33,218 At 31 December 2018 Deposits from banks 2,820 2,710 1,022 20,920 3,502 30,974 Customer deposits 380,985 10,584 14,169 11,634 1,554 418,926 Financial liabilities at fair value through profit or loss 9,693 10,984 7,553 930 10,771 39,931 Debt securities in issue 5,942 7,314 22,564 48,233 24,201 108,254 Liabilities arising from non-participating investment contracts 13,853 – – – – 13,853 Subordinated liabilities 247 1,017 1,144 8,231 19,328 29,967 Total non-derivative financial liabilities 413,540 32,609 46,452 89,948 59,356 641,905 Derivative financial liabilities: Gross settled derivatives – outflows 39,165 27,976 23,978 43,239 33,763 168,121 Gross settled derivatives – inflows (38,301 ) (27,283 ) (23,134 ) (40,690 ) (28,933 ) (158,341 ) Gross settled derivatives – net flows 864 693 844 2,549 4,830 9,780 Net settled derivatives liabilities 13,511 103 209 782 2,193 16,798 Total derivative financial liabilities 14,375 796 1,053 3,331 7,023 26,578 |
Off balance sheet [Member] | |
FINANCIAL RISK MANAGEMENT (Tables) [Line Items] | |
Maturity Analysis For Commitments And Contingent Liabilities | The following tables set out the amounts and residual maturities of the Group’s off balance sheet contingent liabilities, commitments and guarantees. Up to 1-3 3-6 6-9 9-12 1-3 3-5 Over 5 Total At 31 December 2019 Acceptances and endorsements 25 24 4 – 21 – – – 74 Other contingent liabilities 381 409 387 177 207 475 101 683 2,820 Total contingent liabilities 406 433 391 177 228 475 101 683 2,894 Lending commitments and guarantees 68,638 2,682 15,297 4,637 7,367 17,365 14,114 3,264 133,364 Other commitments – 1 16 5 – 72 43 52 189 Total commitments and guarantees 68,638 2,683 15,313 4,642 7,367 17,437 14,157 3,316 133,553 Total contingents, commitments and guarantees 69,044 3,116 15,704 4,819 7,595 17,912 14,258 3,999 136,447 At 31 December 2018 Acceptances and endorsements 64 83 34 13 – – – – 194 Other contingent liabilities 450 484 203 223 150 665 133 749 3,057 Total contingent liabilities 514 567 237 236 150 665 133 749 3,251 Lending commitments and guarantees 67,055 2,947 4,474 6,055 16,123 17,737 15,374 4,602 134,367 Other commitments 428 – – 2 92 20 13 176 731 Total commitments and guarantees 67,483 2,947 4,474 6,057 16,215 17,757 15,387 4,778 135,098 Total contingents, commitments and guarantees 67,997 3,514 4,711 6,293 16,365 18,422 15,520 5,527 138,349 |
CONSOLIDATED CASH FLOW STATEM_3
CONSOLIDATED CASH FLOW STATEMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of cash flow statement [text block] [Abstract] | |
Disclosure of Change in Operating Assets [text block] | 2019 £m 2018 £m 2017 £m Change in financial assets held at amortised cost (12,423 ) (27,038 ) (24,747 ) Change in derivative financial instruments and financial assets at fair value through profit or loss 3,887 22,046 9,916 Change in other operating assets (2,513 ) 520 (661 ) Change in operating assets (11,049 ) (4,472 ) (15,492 ) |
Disclosure of change in operating liabilities [text block] | 2019 2018 2017 £m £m £m Change in deposits from banks (2,140 ) 515 13,415 Change in customer deposits 3,248 (322 ) 2,913 Change in debt securities in issue 6,631 18,579 (3,600 ) Change in derivative financial instruments and liabilities at fair value through profit or loss (5,078 ) (24,606 ) (12,481 ) Change in investment contract liabilities 2,625 (1,594 ) (4,665 ) Change in other operating liabilities 1 (1,644 ) (1,245 ) 136 Change in operating liabilities 3,642 (8,673 ) (4,282 ) 1 Includes £82 million (2018: £27 million; 2017: £2 million) in respect of lease liabilities. |
Disclosure of Non-cash and other items [text block] | 2019 £m 2018 2017 Depreciation and amortisation 2,660 2,405 2,370 Revaluation of investment properties 108 (139 ) (230 ) Allowance for loan losses 1,312 1,024 691 Write-off of allowance for loan losses, net of recoveries (1,458 ) (1,025 ) (1,061 ) Impairment charge relating to undrawn balances (15 ) (73 ) (9 ) Impairment of financial assets at fair value through other comprehensive income (2017: available-for-sale financial assets) (1 ) (14 ) 6 Change in insurance contract liabilities 12,593 (4,547 ) 9,168 Payment protection insurance provision 2,450 750 1,300 Other regulatory provisions 445 600 865 Other provision movements (165 ) (518 ) (8 ) Net charge (credit) in respect of defined benefit schemes 245 405 369 Unwind of discount on impairment allowances (53 ) (44 ) (23 ) Foreign exchange impact on balance sheet 1 533 191 125 Interest expense on subordinated liabilities 1,228 1,388 1,436 Net gain on sale of financial assets at fair value through other comprehensive income (2017: available-for-sale financial assets) (196 ) (275 ) (446 ) Hedging valuation adjustments on subordinated debt 440 (429 ) (327 ) Value of employee services 236 260 414 Transactions in own shares (3 ) 40 (411 ) Accretion of discounts and amortisation of premiums and issue costs 445 1,947 1,701 Share of post-tax results of associates and joint ventures (6 ) (9 ) (6 ) Gain on establishment of joint venture (244 ) – – Transfers to income statement from reserves (608 ) (701 ) (650 ) Profit on disposal of tangible fixed assets (32 ) (104 ) (120 ) Other non-cash items (35 ) (34 ) – Total non-cash items 19,879 1,098 15,154 Contributions to defined benefit schemes (1,069 ) (868 ) (587 ) Payments in respect of payment protection insurance provision (2,461 ) (2,104 ) (1,657 ) Payments in respect of other regulatory provisions (778 ) (1,032 ) (928 ) Other 2 14 – Total other items (4,306 ) (3,990 ) (3,172 ) Non-cash and other items 15,573 (2,892 ) 11,982 1 When considering the movement on each line of the balance sheet, the impact of foreign exchange rate movements is removed in order to show the underlying cash impact. |
Disclosure of cash and cash equivalents [text block] | 2019 2018 2017 £m £m £m Cash and balances at central banks 55,130 54,663 58,521 Less: mandatory reserve deposits 1 (3,289 ) (2,553 ) (957 ) 51,841 52,110 57,564 Loans and advances to banks 9,775 6,283 6,611 Less: amounts with a maturity of three months or more (3,805 ) (3,169 ) (3,193 ) 5,970 3,114 3,418 Total cash and cash equivalents 57,811 55,224 60,982 1 Mandatory reserve deposits are held with local central banks in accordance with statutory requirements; these deposits are not available to finance the Group’s day-to-day operations. |
Disclosure of Acquisitions of Group Undertakings and Businesses [text block] | 2019 2018 2017 Net assets acquired: Cash and cash equivalents – – 123 Loans and advances to customers – – 7,811 Available-for-sale financial assets 16 Financial assets at fair value through profit or loss 7,350 – – Assets arising from reinsurance contracts held 13,616 – – Intangible assets – 21 702 Property, plant and equipment – – 6 Other assets 29 6 414 Deposits from banks 1 – – (6,431 ) Liabilities arising from non-participating investment contracts (20,981 ) – – Other liabilities (8 ) (1 ) (927 ) Goodwill arising on acquisition 14 – 302 Cash consideration 20 26 2,016 Less: Cash and cash equivalents acquired – – (123 ) Net cash outflow arising from acquisition of subsidiaries and businesses 20 26 1,893 Acquisition of and additional investment in joint ventures 1 23 30 Net cash outflow from acquisitions in the year 21 49 1,923 1 Upon acquisition in 2017, the funding of MBNA was assumed by Lloyds Bank plc. |
Disclosure of disposal of group undertakings and businesses | 2019 2018 2017 Loans and advances to customers – – 342 Non-controlling interests – – (242 ) Other net assets (liabilities) – 1 29 – 1 129 Net assets – 1 129 Non-cash consideration received – – – (Loss) profit on sale – – – Cash consideration received on losing control of group undertakings and businesses – 1 129 Cash and cash equivalents disposed – – – Net cash inflow (outflow) – 1 129 |
PARENT COMPANY DISCLOSURES (Tab
PARENT COMPANY DISCLOSURES (Tables) - Parent Company [Member] | 12 Months Ended |
Dec. 31, 2019 | |
PARENT COMPANY DISCLOSURES (Tables) [Line Items] | |
Condensed Income Statement [Table Text Block] | 2019 £m 2018 1 2017 1 Net interest (expense) income (108 ) (173 ) (121 ) Dividends received from subsidiary undertakings 5,150 4,000 2,650 Other income 682 524 142 Total income 5,724 4,351 2,671 Operating expenses (289 ) (246 ) (255 ) Trading surplus 5,435 4,105 2,416 Impairment 4 (3 ) – Profit on ordinary activities before tax 5,439 4,102 2,416 Tax expense (24 ) 2 62 Profit for the year 5,415 4,104 2,478 Profit attributable to ordinary shareholders 4,949 3,671 2,063 Profit attributable to other equity holders 466 433 415 Profit for the year 5,415 4,104 2,478 1 Restated, see note 1 . |
Condensed Balance Sheet [Table Text Block] | 2019 £m 2018 Assets Non-current assets: Investment in subsidiaries 48,597 46,725 Loans to subsidiaries 14,660 24,211 Deferred tax assets – 9 63,257 70,945 Current assets: Derivative financial instruments 760 256 Financial assets at fair value through profit or loss 12,516 588 Other assets 983 955 Amounts due from subsidiaries 27 27 Cash and cash equivalents 29 57 Current tax recoverable 1 76 14,316 1,959 Total assets 77,573 72,904 Equity and liabilities Capital and reserves: Share capital 7,005 7,116 Share premium account 17,751 17,719 Merger reserve 7,420 7,423 Capital redemption reserve 4,462 4,273 Retained profits 3,950 2,103 Shareholders’ equity 40,588 38,634 Other equity instruments 5,906 6,491 Total equity 46,494 45,125 Non-current liabilities: Debt securities in issue 20,018 20,394 Subordinated liabilities 5,961 6,043 Deferred tax liabilities 2 – 25,981 26,437 Current liabilities: Derivative financial instruments 438 209 Financial liabilities at fair value through profit or loss 3,464 – Other liabilities 1,196 1,133 5,098 1,342 Total liabilities 31,079 27,779 Total equity and liabilities 77,573 72,904 |
Statement of Changes In Equity [table text block] | Share capital Merger Capital Retained 1 Total Other equity Total Balance at 1 January 2017 24,768 7,423 4,115 1,584 37,890 5,355 43,245 Total comprehensive income 1,2 – – – 2,478 2,478 – 2,478 Dividends paid – – – (2,284 ) (2,284 ) – (2,284 ) Distributions on other equity instruments 1 – – – (415 ) (415 ) – (415 ) Issue of ordinary shares 63 – – – 63 – 63 Movement in treasury shares – – – (277 ) (277 ) – (277 ) Value of employee services: Share option schemes – – – 82 82 – 82 Other employee award schemes – – – 332 332 – 332 Balance at 31 December 2017 24,831 7,423 4,115 1,500 37,869 5,355 43,224 Adjustment on adoption of IFRS 9 – – – (2 ) (2 ) – (2 ) Balance at 1 January 2018 24,831 7,423 4,115 1,498 37,867 5,355 43,222 Total comprehensive income 1,2 – – – 4,104 4,104 – 4,104 Dividends paid – – – (2,240 ) (2,240 ) – (2,240 ) Distributions on other equity instruments 1 – – – (433 ) (433 ) – (433 ) Issue of ordinary shares 162 – – – 162 – 162 Share buy-back programme (158 ) – 158 (1,005 ) (1,005 ) – (1,005 ) Issue of AT1 securities – – – (7 ) (7 ) 1,136 1,129 Movement in treasury shares – – – (74 ) (74 ) – (74 ) Value of employee services: Share option schemes – – – 53 53 – 53 Other employee award schemes – – – 207 207 – 207 Balance at 31 December 2018 24,835 7,423 4,273 2,103 38,634 6,491 45,125 Comprehensive income Total comprehensive income 2 – – – 5,415 5,415 – 5,415 Dividends paid – – – (2,312 ) (2,312 ) – (2,312 ) Distributions on other equity instruments – – – (466 ) (466 ) – (466 ) Redemption of preference shares 3 (3 ) – – – – – Issue of ordinary shares 107 – – – 107 – 107 Share buy back programme (189 ) – 189 (1,095 ) (1,095 ) – (1,095 ) Issue of other equity instruments – – – (5 ) (5 ) 896 891 Redemption of other equity instruments – – – – – (1,481 ) (1,481 ) Movement in treasury shares – – – 74 74 – 74 Value of employee services: Share option schemes – – – 71 71 – 71 Other employee award schemes – – – 165 165 – 165 Balance at 31 December 2019 24,756 7,420 4,462 3,950 40,588 5,906 46,494 1 Restated, see note 1. 2 Total comprehensive income comprises only the profit for the year. |
Condensed Cash Flow Statement [Table Text Block] | 2019 £m 2018 2017 Profit before tax 5,439 4,102 2,416 Fair value and exchange adjustments and other non-cash items (166 ) (715 ) 495 Change in other assets (11,975 ) (572 ) 18 Change in other liabilities and other items 3,151 7,538 8,431 Dividends received (5,150 ) (4,000 ) (2,650 ) Distributions on other equity instruments receivedº (366 ) (324 ) (292 ) Tax (paid) received 70 660 (197 ) Net cash provided by (used in) operating activities (8,997 ) 6,689 8,221 Cash flows from investing activities Return of capital contribution 5 9 77 Dividends received 5,150 4,000 2,650 Distributions on other equity instruments received 366 324 292 Acquisition of and capital injections to subsidiaries (1,648 ) (12,753 ) (320 ) Return of capital – 11,114 – Amounts advanced to subsidiaries (1,812 ) (21,577 ) (8,476 ) Repayment of loans to subsidiaries 11,257 12,602 475 Interest received on loans to subsidiaries 395 370 244 Net cash (used in) provided by investing activities 13,713 (5,911 ) (5,058 ) Cash flows from financing activities Dividends paid to ordinary shareholders (2,312 ) (2,240 ) (2,284 ) Distributions on other equity instruments (466 ) (433 ) (415 ) Issue of subordinated liabilities – 1,729 – Interest paid on subordinated liabilities (314 ) (275 ) (248 ) Share buy-back (1,095 ) (1,005 ) – Issue of other equity instruments 891 1,129 – Redemptions of other equity instruments (1,481 ) – – Repayment of subordinated liabilities (3 ) – – Proceeds from issue of ordinary shares 36 102 14 Net cash provided by financing activities (4,744 ) (993 ) (2,933 ) Change in cash and cash equivalents (28 ) (215 ) 230 Cash and cash equivalents at beginning of year 57 272 42 Cash and cash equivalents at end of year 29 57 272 |
Disclosure of interests in subsidiaries [text block] | The principal subsidiaries, all of which have prepared accounts to 31 December and whose results are included in the consolidated accounts of Lloyds Banking Group plc, are: Country of Percentage Nature of business Lloyds Bank plc England 100% Banking and financial services Scottish Widows Limited Scotland 100% 1 Life assurance HBOS plc Scotland 100% 1 Holding company Bank of Scotland plc Scotland 100% 1 Banking and financial services Lloyds Bank Corporate Markets plc England 100% Banking and financial services 1 Indirect interest. |
BASIS OF PREPARATION (Details)
BASIS OF PREPARATION (Details) - IAS 12 [member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
BASIS OF PREPARATION (Details) [Line Items] | |||
Profit (loss) | £ 89 | £ 82 | £ 79 |
Group [Member] | |||
BASIS OF PREPARATION (Details) [Line Items] | |||
Profit (loss) | £ 115 | £ 106 | £ 102 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Bottom of range [member] | |
ACCOUNTING POLICIES (Details) [Line Items] | |
Proportion of voting rights held by non-controlling interests | 20.00% |
Top of range [member] | |
ACCOUNTING POLICIES (Details) [Line Items] | |
Proportion of voting rights held by non-controlling interests | 50.00% |
Freehold/long and short leasehold premises [member] | Top of range [member] | |
ACCOUNTING POLICIES (Details) [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 50 years |
Leasehold improvements [member] | Top of range [member] | |
ACCOUNTING POLICIES (Details) [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 10 years |
Computer software [member] | Top of range [member] | |
ACCOUNTING POLICIES (Details) [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 7 years |
Brand names [member] | Bottom of range [member] | |
ACCOUNTING POLICIES (Details) [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 10 years |
Brand names [member] | Top of range [member] | |
ACCOUNTING POLICIES (Details) [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 15 years |
Fixtures and Furnishings [Member] | Bottom of range [member] | |
ACCOUNTING POLICIES (Details) [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 10 years |
Fixtures and Furnishings [Member] | Top of range [member] | |
ACCOUNTING POLICIES (Details) [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 20 years |
Equipment and Motor Vehicles [Member] | Bottom of range [member] | |
ACCOUNTING POLICIES (Details) [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 2 years |
Equipment and Motor Vehicles [Member] | Top of range [member] | |
ACCOUNTING POLICIES (Details) [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 8 years |
CRITICAL ACCOUNTING JUDGEMENT_3
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Allowance account for credit losses of financial assets | £ 3,455 | £ 3,362 | |
Information about entity's definitions of default | The probability of default (PD) of an exposure, both over a 12 month period and over its lifetime, is a key input to the measurement of the ECL allowance. Default has occurred when there is evidence that the customer is experiencing significant financial difficulty which is likely to affect the ability to repay amounts due. The definition of default adopted by the Group is described in note 2(H) Impairment of financial assets. The Group has rebutted the presumption in IFRS 9 that default occurs no later than when a payment is 90 days past due for UK mortgages. As a result, at 31 December 2019, approximately £0.6 billion of UK mortgages (31 December 2018: £0.6 billion) were classified as Stage 2 rather than Stage 3; the impact on the Group’s ECL allowance was not material. | ||
Loans and advances to customers | £ 494,988 | 484,858 | |
Information on how entity determined whether credit risk of financial instruments has increased significantly since initial recognition | Performing assets are classified as either Stage 1 or Stage 2. An ECL allowance equivalent to 12 months expected losses is established against assets in Stage 1; assets classified as Stage 2 carry an ECL allowance equivalent to lifetime expected losses. Assets are transferred from Stage 1 to Stage 2 when there has been a significant increase in credit risk (SICR) since initial recognition. The Group uses a quantitative test together with qualitative indicators to determine whether there has been a SICR for an asset. For retail, a deterioration in the Retail Master Scale of four grades for credit cards, personal loans or overdrafts, three grades for personal mortgages, or two grades for UK motor finance accounts is treated as a SICR. For Commercial a doubling of PD with a minimum increase in PD of 1 per cent and a resulting change in the underlying grade is treated as a SICR. All financial assets are assumed to have suffered a SICR if they are more than 30 days past due. | ||
Liabilities Arising From Insurance Contracts and Participating Investment Contracts | £ 111,449 | 98,874 | |
Net defined benefit liability (asset) | 550 | 1,146 | £ 509 |
Net defined benefit asset | 681 | 1,267 | |
Net defined benefit liability | 257 | 245 | |
Deferred tax assets | 2,666 | 2,453 | |
Other provisions | 3,323 | 3,547 | |
Financial assets, at fair value | 211,650 | 206,939 | |
Financial liabilities, at fair value | 47,265 | 51,920 | |
Defined benefit pension schemes [Member] | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Net defined benefit liability (asset) | 550 | 1,146 | |
Net defined benefit asset | 681 | 1,267 | |
Net defined benefit liability | 131 | 121 | |
Insurance Contracts and Participating Investment Contracts [Member] | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Liabilities Arising From Insurance Contracts and Participating Investment Contracts | 111,449 | 98,874 | |
In-Force [Member] | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Value Of In-force Insurance And Participating Investment Contracts | 5,311 | 4,491 | |
Acquired In-Force [Member] | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Acquired Value of Inforce Nonparticipating Investment Contracts | 247 | 271 | |
Post-model adjustments [member] | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Increase (decrease) in allowance account for credit losses of financial assets | £ 161 | 195 | |
Percentage increase (decrease) in allowance account for credit losses of financial assets | 5.00% | ||
Historical Regulatory Breaches [Member] | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Other provisions | £ 2,408 | 2,385 | |
Stage 2 [member] | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Loans and advances to customers | 600 | 600 | |
Tax Losses [Member] | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Deferred tax assets | 3,611 | 3,778 | |
Not Recognized | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Deferred tax assets | 428 | 584 | |
Drawn balance [member] | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Allowance account for credit losses of financial assets | 3,278 | 3,169 | |
End of term risk on interest only mortgages [Member] | Post-model adjustments [member] | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Increase (decrease) in allowance account for credit losses of financial assets | 132 | 114 | |
Mortgage accounts in long term default [Member] | Post-model adjustments [member] | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Increase (decrease) in allowance account for credit losses of financial assets | 33 | 47 | |
Extension of modelled lifetime on Retail revolving products [Member] | Post-model adjustments [member] | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Increase (decrease) in allowance account for credit losses of financial assets | 36 | 34 | |
Temporary effects of bureau data changes [Member] | Post-model adjustments [member] | |||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) [Line Items] | |||
Increase (decrease) in allowance account for credit losses of financial assets | £ 40 |
CRITICAL ACCOUNTING JUDGEMENT_4
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Key Economic Assumptions | Dec. 31, 2019 | Dec. 31, 2018 |
Base Case [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Key Economic Assumptions [Line Items] | ||
Interest rate | 1.25% | 1.25% |
Unemployment rate | 4.30% | 4.50% |
House price growth | 1.30% | 2.50% |
Commercial real estate price growth | (0.20%) | 0.40% |
Base Case [Member] | Start To Peak [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Key Economic Assumptions [Line Items] | ||
Interest rate | 1.75% | 1.75% |
Unemployment rate | 4.60% | 4.80% |
House price growth | 6.00% | 13.70% |
Commercial real estate price growth | 0.10% | 0.10% |
Base Case [Member] | Start To Trough [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Key Economic Assumptions [Line Items] | ||
Interest rate | 0.75% | 0.75% |
Unemployment rate | 3.80% | 4.10% |
House price growth | (1.90%) | 0.40% |
Commercial real estate price growth | (0.90%) | (0.10%) |
Upside [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Key Economic Assumptions [Line Items] | ||
Interest rate | 2.04% | 2.34% |
Unemployment rate | 3.90% | 3.90% |
House price growth | 5.00% | 6.10% |
Commercial real estate price growth | 1.80% | 5.30% |
Upside [Member] | Start To Peak [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Key Economic Assumptions [Line Items] | ||
Interest rate | 2.56% | 4.00% |
Unemployment rate | 4.60% | 4.30% |
House price growth | 26.30% | 34.90% |
Commercial real estate price growth | 10.40% | 26.90% |
Upside [Member] | Start To Trough [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Key Economic Assumptions [Line Items] | ||
Interest rate | 0.75% | 0.75% |
Unemployment rate | 3.40% | 3.50% |
House price growth | (0.80%) | 2.30% |
Commercial real estate price growth | 0.30% | 0.00% |
Downside [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Key Economic Assumptions [Line Items] | ||
Interest rate | 0.49% | 1.30% |
Unemployment rate | 5.80% | 5.30% |
House price growth | (2.60%) | (4.80%) |
Commercial real estate price growth | (3.80%) | (4.70%) |
Downside [Member] | Start To Peak [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Key Economic Assumptions [Line Items] | ||
Interest rate | 0.75% | 1.75% |
Unemployment rate | 6.90% | 6.30% |
House price growth | (1.90%) | 0.60% |
Commercial real estate price growth | (0.60%) | (0.50%) |
Downside [Member] | Start To Trough [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Key Economic Assumptions [Line Items] | ||
Interest rate | 0.35% | 0.75% |
Unemployment rate | 3.90% | 4.30% |
House price growth | (14.80%) | (26.50%) |
Commercial real estate price growth | (17.50%) | (23.80%) |
Severe Downside [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Key Economic Assumptions [Line Items] | ||
Interest rate | 0.11% | 0.71% |
Unemployment rate | 7.20% | 6.90% |
House price growth | (7.10%) | (7.50%) |
Commercial real estate price growth | (7.10%) | (6.40%) |
Severe Downside [Member] | Start To Peak [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Key Economic Assumptions [Line Items] | ||
Interest rate | 0.75% | 1.25% |
Unemployment rate | 8.30% | 8.60% |
House price growth | (2.30%) | (1.60%) |
Commercial real estate price growth | (1.10%) | (0.50%) |
Severe Downside [Member] | Start To Trough [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Key Economic Assumptions [Line Items] | ||
Interest rate | 0.01% | 0.25% |
Unemployment rate | 3.90% | 4.20% |
House price growth | (33.10%) | (33.50%) |
Commercial real estate price growth | (30.90%) | (33.80%) |
CRITICAL ACCOUNTING JUDGEMENT_5
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Base Case [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | £ 3,264 | £ 3,100 |
Base Case [Member] | UK Mortgages [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | 464 | 253 |
Base Case [Member] | Other Retail [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | 1,492 | 1,294 |
Base Case [Member] | Commercial Banking [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | 1,258 | 1,472 |
Base Case [Member] | Other [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | 50 | 81 |
Probability Weighted [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | 3,455 | 3,362 |
Probability Weighted [Member] | UK Mortgages [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | 569 | 460 |
Probability Weighted [Member] | Other Retail [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | 1,521 | 1,308 |
Probability Weighted [Member] | Commercial Banking [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | 1,315 | 1,513 |
Probability Weighted [Member] | Other [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | 50 | 81 |
Difference [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | 191 | 262 |
Difference [Member] | UK Mortgages [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | 105 | 207 |
Difference [Member] | Other Retail [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | 29 | 14 |
Difference [Member] | Commercial Banking [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Multiple Economic Scenarios [Line Items] | ||
Impact of economic scenario | £ 57 | £ 41 |
CRITICAL ACCOUNTING JUDGEMENT_6
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Expected Credit Loss - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Upside [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Expected Credit Loss [Line Items] | ||
ECL allowance | £ 3,001 | £ 2,775 |
Downside [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Expected Credit Loss [Line Items] | ||
ECL allowance | £ 3,677 | £ 3,573 |
CRITICAL ACCOUNTING JUDGEMENT_7
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Expected Credit Loss Relating to House Price Index - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
HPI 10pp Increase [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Expected Credit Loss Relating to House Price Index [Line Items] | ||
ECL impact, £m | £ (110) | £ (114) |
HPI 10pp Decrease [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Expected Credit Loss Relating to House Price Index [Line Items] | ||
ECL impact, £m | £ 147 | £ 154 |
CRITICAL ACCOUNTING JUDGEMENT_8
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Expected Credit Loss Relating to Unemployment - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Unemployment Increase 1pp [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Expected Credit Loss Relating to Unemployment [Line Items] | ||
ECL impact, £m | £ 141 | £ 172 |
Unemployment Decrease 1pp [Member] | ||
CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES (Details) - Schedule of Expected Credit Loss Relating to Unemployment [Line Items] | ||
ECL impact, £m | £ (143) | £ (155) |
SEGMENTAL ANALYSIS (Details)
SEGMENTAL ANALYSIS (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEGMENTAL ANALYSIS (Details) [Line Items] | |||
Gain (Loss) on Sale of Leased Assets, Net, Operating Leases | £ 41 | £ 60 | £ 32 |
Expense due to unwinding of discount on provisions | (53) | (44) | (23) |
Liability management | (244) | ||
Volatility And Other Items [Member] | |||
SEGMENTAL ANALYSIS (Details) [Line Items] | |||
Gains (losses) on financial assets at fair value through profit or loss | 214 | (145) | |
Gains (Losses) On Volatile Items | (88) | 95 | |
Amortisation, intangible assets other than goodwill | 68 | 108 | |
Expense of restructuring activities | 471 | 879 | |
Expense due to unwinding of discount on provisions | £ 275 | £ 319 | |
Write-Off of the ECN [Member] | |||
SEGMENTAL ANALYSIS (Details) [Line Items] | |||
Gains (losses) on financial assets at fair value through profit or loss | (30) | ||
Gains (Losses) On Volatile Items | 263 | ||
Amortisation, intangible assets other than goodwill | 91 | ||
Expense of restructuring activities | 621 | ||
Expense due to unwinding of discount on provisions | 270 | ||
Liability management | £ (14) |
SEGMENTAL ANALYSIS (Details) -
SEGMENTAL ANALYSIS (Details) - Schedule of Operating Segments - Underlying Basis [Member] - GBP (£) £ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
SEGMENTAL ANALYSIS (Details) - Schedule of Operating Segments [Line Items] | |||||||
Net interest income | £ 12,377 | £ 12,714 | [1] | £ 12,320 | [2] | ||
Other income, net of insurance claims | 5,732 | 6,010 | 6,205 | ||||
Total underlying income, net of insurance claims | 18,109 | 18,724 | 18,525 | ||||
Operating lease depreciation | (967) | [3] | (956) | [4] | (1,053) | [5] | |
Net income | 17,142 | 17,768 | 17,472 | ||||
Operating costs | (7,875) | (8,165) | (8,184) | ||||
Remediation | (445) | (600) | (865) | ||||
Total costs | (8,320) | (8,765) | (9,049) | ||||
Impairment | (1,291) | (937) | (795) | ||||
Underlying profit (loss) | 7,531 | 8,066 | 7,628 | ||||
External income | 18,109 | 18,724 | 18,525 | ||||
Segment underlying income, net of insurance claims | 18,109 | 18,724 | 18,525 | ||||
Segment external assets | 833,893 | 797,598 | 812,109 | ||||
Segment customer deposits | 421,320 | 418,066 | 418,124 | ||||
Segment external liabilities | 786,087 | 747,399 | 762,966 | ||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 2,756 | 2,848 | 2,965 | ||||
Fees and commissions payable | (1,350) | (1,386) | (1,382) | ||||
Net fee and commission income | 1,406 | 1,462 | 1,583 | ||||
Operating lease rental income | 1,250 | 1,343 | 1,344 | ||||
Rental income from investment properties | 191 | 197 | 213 | ||||
Gains less losses on disposal of financial assets at fair value through other comprehensive income | 196 | 275 | 446 | ||||
Lease termination income | 12 | 7 | 74 | ||||
Trading income | 1,137 | 1,064 | 418 | ||||
Insurance and other, net of insurance claims | 1,540 | 1,662 | 2,127 | ||||
Other external income, net of insurance claims | 4,326 | 4,548 | 4,622 | ||||
Segment other income, net of insurance claims | 5,732 | 6,010 | 6,205 | ||||
Other segment items reflected in income statement above: | |||||||
Depreciation and amortisation | 2,660 | 2,405 | 2,370 | ||||
Increase/Decrease in value of in-force business | 825 | (55) | (165) | ||||
Defined benefit scheme charges | 245 | 405 | 359 | ||||
Other segment items: | |||||||
Additions to fixed assets | 3,649 | 3,514 | 3,655 | ||||
Investments in joint ventures and associates at end of year | 304 | 91 | 65 | ||||
Current Accounts [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 659 | 650 | 712 | ||||
Credit and Debit Card [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 982 | 993 | 953 | ||||
Corporate Banking and Treasury Fees | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 248 | 305 | 321 | ||||
Unit Trust and Insurance Broking [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 206 | 221 | 224 | ||||
Private Banking and Asset Management [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 69 | 97 | 98 | ||||
Factoring of receivables [member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 103 | 83 | 91 | ||||
Other Fees and Commissions [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 489 | 499 | 566 | ||||
5200 to 5999 Retail Trade [Member] | |||||||
SEGMENTAL ANALYSIS (Details) - Schedule of Operating Segments [Line Items] | |||||||
Net interest income | 8,807 | 9,060 | [1] | 8,695 | [2] | ||
Other income, net of insurance claims | 2,014 | 2,097 | 2,150 | ||||
Total underlying income, net of insurance claims | 10,821 | 11,157 | 10,845 | ||||
Operating lease depreciation | (946) | [3] | (921) | [4] | (947) | [5] | |
Net income | 9,875 | 10,236 | 9,898 | ||||
Operating costs | (4,760) | (4,897) | (4,847) | ||||
Remediation | (238) | (267) | (633) | ||||
Total costs | (4,998) | (5,164) | (5,480) | ||||
Impairment | (1,038) | (861) | (710) | ||||
Underlying profit (loss) | 3,839 | 4,211 | 3,708 | ||||
External income | 13,109 | 13,022 | 12,606 | ||||
Inter-segment income | (2,288) | (1,865) | (1,761) | ||||
Segment underlying income, net of insurance claims | 10,821 | 11,157 | 10,845 | ||||
Segment external assets | 350,585 | 349,412 | 350,051 | ||||
Segment customer deposits | 252,056 | 252,808 | 253,127 | ||||
Segment external liabilities | 259,964 | 259,778 | 258,246 | ||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 1,233 | 1,228 | 1,317 | ||||
Fees and commissions payable | (571) | (601) | (636) | ||||
Net fee and commission income | 662 | 627 | 681 | ||||
Operating lease rental income | 1,225 | 1,305 | 1,281 | ||||
Trading income | 47 | 71 | 26 | ||||
Insurance and other, net of insurance claims | 206 | 247 | 6 | ||||
Other external income, net of insurance claims | 1,478 | 1,623 | 1,313 | ||||
Inter-segment other income | (126) | (153) | 156 | ||||
Segment other income, net of insurance claims | 2,014 | 2,097 | 2,150 | ||||
Other segment items reflected in income statement above: | |||||||
Depreciation and amortisation | 1,712 | 1,573 | 1,547 | ||||
Defined benefit scheme charges | 108 | 121 | 149 | ||||
Other segment items: | |||||||
Additions to fixed assets | 2,208 | 2,092 | 2,431 | ||||
Investments in joint ventures and associates at end of year | 4 | 4 | 12 | ||||
5200 to 5999 Retail Trade [Member] | Current Accounts [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 518 | 503 | 572 | ||||
5200 to 5999 Retail Trade [Member] | Credit and Debit Card [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 652 | 660 | 640 | ||||
5200 to 5999 Retail Trade [Member] | Unit Trust and Insurance Broking [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 9 | 13 | 10 | ||||
5200 to 5999 Retail Trade [Member] | Other Fees and Commissions [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 54 | 52 | 95 | ||||
522110 Commercial Banking [Member] | |||||||
SEGMENTAL ANALYSIS (Details) - Schedule of Operating Segments [Line Items] | |||||||
Net interest income | 2,918 | 3,013 | [1] | 3,040 | [2] | ||
Other income, net of insurance claims | 1,422 | 1,670 | 1,803 | ||||
Total underlying income, net of insurance claims | 4,340 | 4,683 | 4,843 | ||||
Operating lease depreciation | (21) | [3] | (35) | [4] | (105) | [5] | |
Net income | 4,319 | 4,648 | 4,738 | ||||
Operating costs | (2,081) | (2,191) | (2,249) | ||||
Remediation | (155) | (203) | (173) | ||||
Total costs | (2,236) | (2,394) | (2,422) | ||||
Impairment | (306) | (71) | (95) | ||||
Underlying profit (loss) | 1,777 | 2,183 | 2,221 | ||||
External income | 3,394 | 4,889 | 3,181 | ||||
Inter-segment income | 946 | (206) | 1,662 | ||||
Segment underlying income, net of insurance claims | 4,340 | 4,683 | 4,843 | ||||
Segment external assets | 145,060 | 165,030 | 177,763 | ||||
Segment customer deposits | 145,122 | 148,635 | 148,313 | ||||
Segment external liabilities | 183,390 | 191,687 | 224,918 | ||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 1,070 | 1,120 | 1,137 | ||||
Fees and commissions payable | (321) | (311) | (287) | ||||
Net fee and commission income | 749 | 809 | 850 | ||||
Operating lease rental income | 25 | 38 | 63 | ||||
Rental income from investment properties | 1 | ||||||
Gains less losses on disposal of financial assets at fair value through other comprehensive income | (5) | 5 | |||||
Lease termination income | 12 | 7 | 74 | ||||
Trading income | 812 | 711 | 481 | ||||
Insurance and other, net of insurance claims | 72 | 356 | (6) | ||||
Other external income, net of insurance claims | 916 | 1,112 | 618 | ||||
Inter-segment other income | (243) | (251) | 335 | ||||
Segment other income, net of insurance claims | 1,422 | 1,670 | 1,803 | ||||
Other segment items reflected in income statement above: | |||||||
Depreciation and amortisation | 315 | 278 | 322 | ||||
Defined benefit scheme charges | 43 | 49 | 53 | ||||
Other segment items: | |||||||
Additions to fixed assets | 260 | 208 | 130 | ||||
522110 Commercial Banking [Member] | Current Accounts [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 136 | 142 | 135 | ||||
522110 Commercial Banking [Member] | Credit and Debit Card [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 330 | 332 | 312 | ||||
522110 Commercial Banking [Member] | Corporate Banking and Treasury Fees | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 248 | 305 | 321 | ||||
522110 Commercial Banking [Member] | Private Banking and Asset Management [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 4 | 5 | 5 | ||||
522110 Commercial Banking [Member] | Factoring of receivables [member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 103 | 83 | 91 | ||||
522110 Commercial Banking [Member] | Other Fees and Commissions [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 249 | 253 | 273 | ||||
Insurance and wealth [Member] | |||||||
SEGMENTAL ANALYSIS (Details) - Schedule of Operating Segments [Line Items] | |||||||
Net interest income | 112 | 123 | [1] | 133 | [2] | ||
Other income, net of insurance claims | 2,021 | 1,865 | 1,846 | ||||
Total underlying income, net of insurance claims | 2,133 | 1,988 | 1,979 | ||||
Net income | 2,133 | 1,988 | 1,979 | ||||
Operating costs | (982) | (1,021) | (1,040) | ||||
Remediation | (50) | (39) | (40) | ||||
Total costs | (1,032) | (1,060) | (1,080) | ||||
Impairment | (1) | ||||||
Underlying profit (loss) | 1,101 | 927 | 899 | ||||
External income | 1,740 | 1,895 | 1,883 | ||||
Inter-segment income | 393 | 93 | 96 | ||||
Segment underlying income, net of insurance claims | 2,133 | 1,988 | 1,979 | ||||
Segment external assets | 175,869 | 140,487 | 151,986 | ||||
Segment customer deposits | 13,677 | 14,063 | 13,770 | ||||
Segment external liabilities | 182,333 | 147,673 | 157,824 | ||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 423 | 469 | 497 | ||||
Fees and commissions payable | (405) | (418) | (380) | ||||
Net fee and commission income | 18 | 51 | 117 | ||||
Rental income from investment properties | 191 | 197 | 212 | ||||
Gains less losses on disposal of financial assets at fair value through other comprehensive income | (3) | ||||||
Insurance and other, net of insurance claims | 2,216 | 2,146 | 2,223 | ||||
Other external income, net of insurance claims | 2,407 | 2,343 | 2,432 | ||||
Inter-segment other income | (404) | (529) | (703) | ||||
Segment other income, net of insurance claims | 2,021 | 1,865 | 1,846 | ||||
Other segment items reflected in income statement above: | |||||||
Depreciation and amortisation | 181 | 154 | 197 | ||||
Increase/Decrease in value of in-force business | 825 | (55) | (165) | ||||
Defined benefit scheme charges | 19 | 20 | 25 | ||||
Other segment items: | |||||||
Additions to fixed assets | 174 | 223 | 274 | ||||
Insurance and wealth [Member] | Current Accounts [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 5 | 5 | 5 | ||||
Insurance and wealth [Member] | Credit and Debit Card [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 1 | 1 | |||||
Insurance and wealth [Member] | Unit Trust and Insurance Broking [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 197 | 208 | 214 | ||||
Insurance and wealth [Member] | Private Banking and Asset Management [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 65 | 92 | 93 | ||||
Insurance and wealth [Member] | Other Fees and Commissions [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 156 | 163 | 184 | ||||
Other Income [Member] | |||||||
SEGMENTAL ANALYSIS (Details) - Schedule of Operating Segments [Line Items] | |||||||
Net interest income | 540 | 518 | [1] | 452 | [2] | ||
Other income, net of insurance claims | 275 | 378 | 406 | ||||
Total underlying income, net of insurance claims | 815 | 896 | 858 | ||||
Operating lease depreciation | [5] | (1) | |||||
Net income | 815 | 896 | 857 | ||||
Operating costs | (52) | (56) | (48) | ||||
Remediation | (2) | (91) | (19) | ||||
Total costs | (54) | (147) | (67) | ||||
Impairment | 53 | (4) | 10 | ||||
Underlying profit (loss) | 814 | 745 | 800 | ||||
External income | (134) | (1,082) | 855 | ||||
Inter-segment income | 949 | 1,978 | 3 | ||||
Segment underlying income, net of insurance claims | 815 | 896 | 858 | ||||
Segment external assets | 162,379 | 142,669 | 132,309 | ||||
Segment customer deposits | 10,465 | 2,560 | 2,914 | ||||
Segment external liabilities | 160,400 | 148,261 | 121,978 | ||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | 30 | 31 | 14 | ||||
Fees and commissions payable | (53) | (56) | (79) | ||||
Net fee and commission income | (23) | (25) | (65) | ||||
Gains less losses on disposal of financial assets at fair value through other comprehensive income | 201 | 275 | 444 | ||||
Trading income | 278 | 282 | (89) | ||||
Insurance and other, net of insurance claims | (954) | (1,087) | (96) | ||||
Other external income, net of insurance claims | (475) | (530) | 259 | ||||
Inter-segment other income | 773 | 933 | 212 | ||||
Segment other income, net of insurance claims | 275 | 378 | 406 | ||||
Other segment items reflected in income statement above: | |||||||
Depreciation and amortisation | 452 | 400 | 304 | ||||
Defined benefit scheme charges | 75 | 215 | 132 | ||||
Other segment items: | |||||||
Additions to fixed assets | 1,007 | 991 | 820 | ||||
Investments in joint ventures and associates at end of year | 300 | 87 | 53 | ||||
Other Income [Member] | Other Fees and Commissions [Member] | |||||||
Analysis of segment underlying other income, net of insurance claims: | |||||||
Underlying other income, net of insurance claims | £ 30 | £ 31 | £ 14 | ||||
[1] | Restated, see page F-25. | ||||||
[2] | Restated see page F-25. | ||||||
[3] | Net of profits on disposal of operating lease assets of 41 million. | ||||||
[4] | Net of profits on disposal of operating lease assets of 60 million. | ||||||
[5] | Net of profits on disposal of operating lease assets of 32 million. |
SEGMENTAL ANALYSIS (Details) _2
SEGMENTAL ANALYSIS (Details) - Schedule of Reconciliation of Underlying Basis to Statutory Results - GBP (£) £ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
SEGMENTAL ANALYSIS (Details) - Schedule of Reconciliation of Underlying Basis to Statutory Results [Line Items] | |||||||
Net interest income | £ 10,180 | £ 13,396 | [1] | £ 10,912 | [1] | ||
Other income, net of insurance claims | 8,179 | 5,230 | 7,747 | ||||
Total income, net of insurance claims | 18,359 | 18,626 | [1] | 18,659 | [1] | ||
Operating lease depreciation | [2] | ||||||
Net income | 18,359 | 18,626 | 18,659 | ||||
Operating expenses | (12,670) | (11,729) | [1] | (12,346) | [1] | ||
Impairment | (1,296) | (937) | [1] | (688) | [1] | ||
Profit before tax | 4,393 | 5,960 | [1] | 5,625 | [1] | ||
Volatility And Other Items [Member] | |||||||
SEGMENTAL ANALYSIS (Details) - Schedule of Reconciliation of Underlying Basis to Statutory Results [Line Items] | |||||||
Net interest income | 379 | [3] | 152 | [4] | 228 | [5] | |
Other income, net of insurance claims | (426) | [3] | 107 | [4] | (186) | [5] | |
Total income, net of insurance claims | (47) | [3] | 259 | [4] | 42 | [5] | |
Operating lease depreciation | [2] | (967) | [3] | (956) | [4] | (1,053) | [5] |
Net income | (1,014) | [3] | (697) | [4] | (1,011) | [5] | |
Operating expenses | 1,697 | [3] | 2,053 | [4] | 1,821 | [5] | |
Impairment | 5 | [3] | [4] | (107) | [5] | ||
Profit before tax | 688 | [3] | 1,356 | [4] | 703 | [5] | |
Insurance Gross Up [Member] | |||||||
SEGMENTAL ANALYSIS (Details) - Schedule of Reconciliation of Underlying Basis to Statutory Results [Line Items] | |||||||
Net interest income | [6] | 1,818 | (834) | 1,180 | |||
Other income, net of insurance claims | [6] | (2,021) | 673 | (1,356) | |||
Total income, net of insurance claims | [6] | (203) | (161) | (176) | |||
Operating lease depreciation | [2],[6] | ||||||
Net income | [6] | (203) | (161) | (176) | |||
Operating expenses | [6] | 203 | 161 | 176 | |||
Impairment | [6] | ||||||
Profit before tax | [6] | ||||||
Underlying Basis [Member] | |||||||
SEGMENTAL ANALYSIS (Details) - Schedule of Reconciliation of Underlying Basis to Statutory Results [Line Items] | |||||||
Net interest income | 12,377 | 12,714 | 12,320 | ||||
Other income, net of insurance claims | 5,732 | 6,010 | 6,205 | ||||
Total income, net of insurance claims | 18,109 | 18,724 | 18,525 | ||||
Operating lease depreciation | [2] | (967) | (956) | (1,053) | |||
Net income | 17,142 | 17,768 | 17,472 | ||||
Operating expenses | (8,320) | (8,765) | (9,049) | ||||
Impairment | (1,291) | (937) | (795) | ||||
Profit before tax | 7,531 | 8,066 | 7,628 | ||||
Payment Protection Insurance [Member] | |||||||
SEGMENTAL ANALYSIS (Details) - Schedule of Reconciliation of Underlying Basis to Statutory Results [Line Items] | |||||||
Operating lease depreciation | [2] | ||||||
Operating expenses | 2,450 | 750 | 1,300 | ||||
Profit before tax | £ 2,450 | £ 750 | £ 1,300 | ||||
[1] | Restated, see note 1. | ||||||
[2] | Net of profits on disposal of operating lease assets of 41 million (2018: 60 million; 2017: 32 million). | ||||||
[3] | In the year ended 31 December 2019 this comprises the effects of asset sales (gains of 214 million); volatility and other items (losses of 88 million); the amortisation of purchased intangibles (68 million); restructuring (471 million, comprising severance related costs, the integration of Zurich's UK workplace pensions and savings business and costs associated with establishing the Schroders Personal Wealth joint venture); and the fair value unwind and other items (losses of 275 million). | ||||||
[4] | Comprises the effects of asset sales (loss of 145 million); volatility and other items (gains of 95 million); the amortisation of purchased intangibles (108 million); restructuring (879 million, comprising severance related costs, the rationalisation of the non-branch property portfolio, the work on implementing the ring-fencing requirements and the integration of MBNA and Zurich's UK workplace pensions and savings business); and the fair value unwind and other items (losses of 319 million). | ||||||
[5] | Comprises the effects of asset sales (gain of 30 million); volatile items (gain of 263 million); liability management (loss of 14 million); the amortisation of purchased intangibles (91 million); restructuring costs (621 million, principally comprising costs relating to the Simplification programme; the rationalisation of the non-branch property portfolio, the work on implementing the ring-fencing requirements and the integration of MBNA); and the fair value unwind and other items (loss of 270 million). | ||||||
[6] | The Group's insurance businesses' income statements include income and expenditure which are attributable to the policyholders of the Group's long-term assurance funds. These items have no impact in total upon the profit attributable to equity shareholders and, in order to provide a clearer representation of the underlying trends within the business, these items are shown net within the underlying results. |
NET INTEREST INCOME (Details)
NET INTEREST INCOME (Details) - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
NET INTEREST INCOME (Details) [Line Items] | |||||
Interest income | £ 16,861 | £ 16,349 | [1] | £ 16,006 | [1] |
Borrowings, interest rate | 2.57% | 2.68% | 2.43% | ||
Interest expense | £ 6,681 | £ 2,953 | [1] | £ 5,094 | [1] |
Interest income on impaired financial assets accrued | 198 | 227 | 179 | ||
Reserve of cash flow hedges [member] | |||||
NET INTEREST INCOME (Details) [Line Items] | |||||
Interest income | 608 | 701 | 651 | ||
Negative interest rates [Member] | |||||
NET INTEREST INCOME (Details) [Line Items] | |||||
Interest income | 26 | 31 | 12 | ||
Interest expense | 119 | 10 | 50 | ||
Finance Leases [Member] | |||||
NET INTEREST INCOME (Details) [Line Items] | |||||
Interest income | £ 45 | £ 46 | £ 49 | ||
[1] | Restated, see note 1. |
NET INTEREST INCOME (Details) -
NET INTEREST INCOME (Details) - Schedule of Net Interest Income - GBP (£) £ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
NET INTEREST INCOME (Details) - Schedule of Net Interest Income [Line Items] | ||||||
Total interest and similar income | £ 16,861 | £ 16,349 | [1] | £ 16,006 | [1] | |
Subordinated liabilities | (1,228) | (1,388) | (1,436) | |||
Total interest and similar expense | 6,681 | 2,953 | [1] | 5,094 | [1] | |
Net interest income | £ 10,180 | £ 13,396 | [1] | £ 10,912 | [1] | |
Interest and similar income [Member] | ||||||
NET INTEREST INCOME (Details) - Schedule of Net Interest Income [Line Items] | ||||||
Loans and advances to customers | 3.17% | 3.17% | 3.16% | |||
Loans and advances to customers | £ 15,790 | £ 15,078 | £ 14,712 | |||
Loans and advances to banks | 0.78% | 0.84% | 0.40% | |||
Loans and advances to banks | £ 514 | £ 565 | £ 271 | |||
Debt securities held at amortised cost | 2.23% | 1.60% | 1.29% | |||
Debt securities held at amortised cost | £ 122 | £ 66 | £ 43 | |||
Interest receivable on financial assets held at amortised cost | 2.89% | 2.87% | 2.81% | |||
Interest receivable on financial assets held at amortised cost | £ 16,426 | £ 15,709 | £ 15,026 | |||
Financial assets at fair value through other comprehensive income | 1.64% | 1.98% | ||||
Financial assets at fair value through other comprehensive income | £ 435 | £ 640 | ||||
Available-for-sale financial assets | 1.96% | |||||
Available-for-sale financial assets | £ 980 | |||||
Total interest and similar income | [2] | 2.83% | 2.82% | 2.73% | ||
Total interest and similar income | [2] | £ 16,861 | £ 16,349 | £ 16,006 | ||
Interest and similar expense [Member] | ||||||
NET INTEREST INCOME (Details) - Schedule of Net Interest Income [Line Items] | ||||||
Deposits from banks, excluding liabilities under sale and repurchase transactions | 0.86% | 1.39% | 1.18% | |||
Deposits from banks, excluding liabilities under sale and repurchase transactions | £ (96) | £ (117) | £ (80) | |||
Customer deposits, excluding liabilities under sale and repurchase transactions | 0.59% | 0.53% | 0.49% | |||
Customer deposits, excluding liabilities under sale and repurchase transactions | £ (2,015) | £ (1,812) | £ (1,721) | |||
Debt securities in issue | [3] | 1.24% | 0.27% | 0.37% | ||
Debt securities in issue | [3] | £ (1,204) | £ (234) | £ (266) | ||
Subordinated liabilities | 6.79% | 7.63% | 7.93% | |||
Subordinated liabilities | £ (1,201) | £ (1,388) | £ (1,481) | |||
Lease liabilities | 2.49% | 2.46% | 2.38% | |||
Lease liabilities | £ (42) | £ (1) | £ (1) | |||
Liabilities under sale and repurchase agreements | 1.12% | 0.96% | 0.58% | |||
Liabilities under sale and repurchase agreements | £ (301) | £ (245) | £ (110) | |||
Interest payable on liabilities held at amortised cost | 0.98% | 0.79% | 0.79% | |||
Interest payable on liabilities held at amortised cost | £ (4,859) | £ (3,797) | £ (3,659) | |||
Amounts payable to unitholders in consolidated open-ended investment vehicles | [4] | 13.64% | (6.07%) | 9.15% | ||
Amounts payable to unitholders in consolidated open-ended investment vehicles | [4] | £ (1,822) | £ 844 | £ (1,435) | ||
Total interest and similar expense | [5] | 1.31% | 0.60% | 1.06% | ||
Total interest and similar expense | [5] | £ (6,681) | £ (2,953) | £ (5,094) | ||
[1] | Restated, see note 1. | |||||
[2] | Includes 26 million (2018: 31 million; 2017: 12 million) of interest income on liabilities with negative interest rates and 45 million (2018: 46 million; 2017: 49 million) in respect of interest income on finance leases. | |||||
[3] | The impact of the Group's hedging arrangements is included on this line; excluding this impact the weighted average effective interest rate in respect of debt securities in issue would be 2.57 per cent (2018: 2.68 per cent; 2017: 2.43 per cent). | |||||
[4] | Where a collective investment vehicle is consolidated the interests of parties other than the Group are reported in other liabilities and the movement in these interests in interest expense. | |||||
[5] | Includes 119 million (2018: 10 million; 2017: 50 million) of interest expense on assets with negative interest rates. |
NET FEE AND COMMISSION INCOME_2
NET FEE AND COMMISSION INCOME (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
NET FEE AND COMMISSION INCOME (Details) [Line Items] | ||
Receivables from contracts with customers | £ 293 | £ 282 |
Transaction price allocated to remaining performance obligations | 270 | 314 |
Current contract liabilities | 54 | |
Revenue from performance obligations satisfied or partially satisfied in previous periods | 9 | |
Services provided after balance sheet date | ||
NET FEE AND COMMISSION INCOME (Details) [Line Items] | ||
Receivables from contracts with customers | £ 140 | £ 168 |
NET FEE AND COMMISSION INCOME_3
NET FEE AND COMMISSION INCOME (Details) - Schedule of Fee and Commission Income - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Fee and commission income: | |||||
Fee and commission income | £ 2,756 | £ 2,848 | [1] | £ 2,965 | [1] |
Fee and commission expense | (1,350) | (1,386) | [1] | (1,382) | [1] |
Net fee and commission income | 1,406 | 1,462 | [1] | 1,583 | [1] |
Current Accounts [Member] | |||||
Fee and commission income: | |||||
Fee and commission income | 659 | 650 | 712 | ||
Credit and Debit Card Fees [Member] | |||||
Fee and commission income: | |||||
Fee and commission income | 982 | 993 | 953 | ||
Commercial banking and treasury fees [Member] | |||||
Fee and commission income: | |||||
Fee and commission income | 248 | 305 | 321 | ||
Unit Trust and Insurance Broking [Member] | |||||
Fee and commission income: | |||||
Fee and commission income | 206 | 221 | 224 | ||
Private Banking and Asset Management [Member] | |||||
Fee and commission income: | |||||
Fee and commission income | 69 | 97 | 98 | ||
Factoring [Member] | |||||
Fee and commission income: | |||||
Fee and commission income | 103 | 83 | 91 | ||
Other Fees and Commissions [Member] | |||||
Fee and commission income: | |||||
Fee and commission income | £ 489 | £ 499 | £ 566 | ||
[1] | Restated, see note 1. |
NET TRADING INCOME (Details) -
NET TRADING INCOME (Details) - Schedule of Net Trading Income - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Schedule of Net Trading Income [Abstract] | |||||
Foreign exchange translation (losses) gains | £ (255) | £ 342 | £ (174) | ||
Gains on foreign exchange trading transactions | 677 | 580 | 517 | ||
Total foreign exchange | 422 | 922 | 343 | ||
Investment property (losses) gains (note 27) | (108) | 139 | 230 | ||
Securities and other gains (losses) (see below) | 17,974 | (4,937) | 11,244 | ||
Net trading income | £ 18,288 | £ (3,876) | [1] | £ 11,817 | [1] |
[1] | Restated, see note 1. |
NET TRADING INCOME (Details) _2
NET TRADING INCOME (Details) - Schedule of Net Gains (Losses) Held For Trading - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income arising on assets and liabilities mandatorily held at fair value through profit or loss: | |||
Financial instruments held for trading | £ 120 | £ (8) | £ 404 |
Other financial instruments mandatorily held at fair value through profit or loss: | |||
Debt securities, loans and advances | 3,509 | (26) | 1,122 |
Equity shares | 14,559 | (4,747) | 9,862 |
18,188 | (4,781) | 11,388 | |
Net (expense) income arising on assets and liabilities designated at fair value through profit or loss | (214) | (156) | (144) |
Securities and other gains | £ 17,974 | £ (4,937) | £ 11,244 |
INSURANCE PREMIUM INCOME (Detai
INSURANCE PREMIUM INCOME (Details) - Schedule of Insurance Premium Income - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Gross premiums: | |||||
Net earned premiums | £ 9,574 | £ 9,189 | [1] | £ 7,930 | [1] |
Life insurance contracts [member] | |||||
Gross premiums: | |||||
Gross premiums | 9,310 | 8,790 | 7,355 | ||
Net earned premiums | 8,932 | 8,519 | 7,187 | ||
Non-life insurance contracts [member] | |||||
Gross premiums: | |||||
Net earned premiums | 642 | 670 | 743 | ||
Life and pensions [Member] | Life insurance contracts [member] | |||||
Gross premiums: | |||||
Gross premiums | 6,827 | 6,612 | 6,273 | ||
Annuities [member] | Life insurance contracts [member] | |||||
Gross premiums: | |||||
Gross premiums | 2,483 | 2,178 | 1,082 | ||
Ceded reinsurance premiums [Member] | |||||
Gross premiums: | |||||
Gross premiums | £ (378) | £ (271) | £ (168) | ||
[1] | Restated, see note 1. |
OTHER OPERATING INCOME (Details
OTHER OPERATING INCOME (Details) - Schedule of Other Operating Income - Operating Income (Loss) [Member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OTHER OPERATING INCOME (Details) - Schedule of Other Operating Income [Line Items] | |||
Operating lease rental income | £ 1,250 | £ 1,343 | £ 1,344 |
Rental income from investment properties (note 27) | 191 | 197 | 213 |
Gains less losses on disposal of financial assets at fair value through other comprehensive income (2017: available-for-sale financial assets) (note 42) | 196 | 275 | 446 |
Movement in value of in-force business (note 25) | 825 | (55) | (165) |
Gain related to establishment of joint venture (note 23) | 244 | ||
Share of results of joint ventures and associates (note 22) | 6 | 9 | 6 |
Other | 196 | 151 | 151 |
Total other operating income | £ 2,908 | £ 1,920 | £ 1,995 |
INSURANCE CLAIMS (Details) - Sc
INSURANCE CLAIMS (Details) - Schedule of Insurance Claims - Insurance Claims [Member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Life insurance and participating investment contracts | |||
Claims and surrenders | £ (8,684) | £ (8,735) | £ (8,898) |
(23,981) | (3,542) | (15,129) | |
Reinsurers’ share | 290 | 404 | 35 |
(23,691) | (3,138) | (15,094) | |
Change in unallocated surplus | (19) | 8 | (147) |
Insurance claims | (23,997) | (3,465) | (15,578) |
Participating investment contracts [Member] | |||
Life insurance and participating investment contracts | |||
Change in insurance and participating investment contracts (note 32) | (12,633) | 4,565 | (9,067) |
Non-participating investment contracts [Member] | |||
Life insurance and participating investment contracts | |||
Change in non-participating investment contracts | (2,664) | 628 | 2,836 |
Deaths [Member] | |||
Life insurance and participating investment contracts | |||
Claims and surrenders | (674) | (721) | (675) |
Maturities [Member] | |||
Life insurance and participating investment contracts | |||
Claims and surrenders | (1,122) | (1,198) | (1,280) |
Surrenders [Member] | |||
Life insurance and participating investment contracts | |||
Claims and surrenders | (5,523) | (5,548) | (5,674) |
Annuities [member] | |||
Life insurance and participating investment contracts | |||
Claims and surrenders | (1,104) | (1,032) | (985) |
Other [Member] | |||
Life insurance and participating investment contracts | |||
Claims and surrenders | (261) | (236) | (284) |
Life insurance and participating investment contracts [member] | |||
Life insurance and participating investment contracts | |||
Insurance claims | (23,710) | (3,130) | (15,241) |
Non-life insurance, net of reinsurrance [Member] | |||
Life insurance and participating investment contracts | |||
Insurance claims | £ (287) | £ (335) | £ (337) |
OPERATING EXPENSES (Details)
OPERATING EXPENSES (Details) - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of expenses [text block] [Abstract] | |||
Performance-based Cash Awards | £ 89 | £ 137 | £ 102 |
OPERATING EXPENSES (Details) -
OPERATING EXPENSES (Details) - Schedule of Operating Expenses - Operating Expense [Member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING EXPENSES (Details) - Schedule of Operating Expenses [Line Items] | |||
Salaries | £ 2,539 | £ 2,482 | £ 2,679 |
Performance-based compensation | 380 | 509 | 473 |
Social security costs | 325 | 343 | 361 |
Pensions and other post-retirement benefit schemes (note 36) | 532 | 705 | 625 |
Restructuring costs | 92 | 249 | 24 |
Other staff costs | 383 | 474 | 448 |
4,251 | 4,762 | 4,610 | |
Rent and rates | 93 | 370 | 365 |
Repairs and maintenance | 187 | 190 | 231 |
Other | 211 | 169 | 134 |
491 | 729 | 730 | |
Communications and data processing | 1,038 | 1,121 | 882 |
Advertising and promotion | 170 | 197 | 208 |
Professional fees | 226 | 287 | 328 |
UK bank levy | 224 | 225 | 231 |
Other | 715 | 653 | 814 |
2,373 | 2,483 | 2,463 | |
Depreciation of property, plant and equipment (note 27) | 2,064 | 1,852 | 1,944 |
Amortisation of acquired value of in-force non-participating investment contracts (note 25) | 30 | 40 | 34 |
Amortisation of other intangible assets (note 26) | 566 | 513 | 392 |
2,660 | 2,405 | 2,370 | |
Goodwill impairment | 8 | ||
Total operating expenses, excluding regulatory provisions | 9,775 | 10,379 | 10,181 |
Regulatory provisions | 2,895 | 1,350 | 2,165 |
Total operating expenses | 12,670 | 11,729 | 12,346 |
Payment Protection Insurance [Member] | |||
OPERATING EXPENSES (Details) - Schedule of Operating Expenses [Line Items] | |||
Regulatory provisions | 2,450 | 750 | 1,300 |
Other regulatory provisions [Member] | |||
OPERATING EXPENSES (Details) - Schedule of Operating Expenses [Line Items] | |||
Regulatory provisions | £ 445 | £ 600 | £ 865 |
OPERATING EXPENSES (Details) _2
OPERATING EXPENSES (Details) - Schedule of Performance-Based Compensation Costs - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Performance-based compensation expense comprises [Member] | |||
OPERATING EXPENSES (Details) - Schedule of Performance-Based Compensation Costs [Line Items] | |||
Awards made | £ 380 | £ 509 | £ 473 |
Performance-based compensation expense deferred until later years comprises [Member] | |||
OPERATING EXPENSES (Details) - Schedule of Performance-Based Compensation Costs [Line Items] | |||
Awards made | 149 | 189 | 162 |
Current year [Member] | Performance-based compensation expense comprises [Member] | |||
OPERATING EXPENSES (Details) - Schedule of Performance-Based Compensation Costs [Line Items] | |||
Awards made | 244 | 362 | 334 |
Current year [Member] | Performance-based compensation expense deferred until later years comprises [Member] | |||
OPERATING EXPENSES (Details) - Schedule of Performance-Based Compensation Costs [Line Items] | |||
Awards made | 113 | 152 | 127 |
Prior year [Member] | Performance-based compensation expense comprises [Member] | |||
OPERATING EXPENSES (Details) - Schedule of Performance-Based Compensation Costs [Line Items] | |||
Awards made | 136 | 147 | 139 |
Prior year [Member] | Performance-based compensation expense deferred until later years comprises [Member] | |||
OPERATING EXPENSES (Details) - Schedule of Performance-Based Compensation Costs [Line Items] | |||
Awards made | £ 36 | £ 37 | £ 35 |
OPERATING EXPENSES (Details) _3
OPERATING EXPENSES (Details) - Schedule of Average Number of Persons Employed by the Group | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING EXPENSES (Details) - Schedule of Average Number of Persons Employed by the Group [Line Items] | |||
Number of Employees | 70,083 | 72,626 | 75,944 |
Country of domicile [member] | |||
OPERATING EXPENSES (Details) - Schedule of Average Number of Persons Employed by the Group [Line Items] | |||
Number of Employees | 69,321 | 71,857 | 75,150 |
Foreign countries [member] | |||
OPERATING EXPENSES (Details) - Schedule of Average Number of Persons Employed by the Group [Line Items] | |||
Number of Employees | 762 | 769 | 794 |
AUDITORS' REMUNERATION (Details
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by the Group - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by the Group [Line Items] | |||
Audit fees | £ 26.2 | £ 24.7 | £ 24.3 |
Other non-audit fees | 0.7 | 2 | 3.6 |
Total fees payable to the Company’s auditors by the Group | 26.9 | 26.7 | 27.9 |
Audit of the company's current year annual report [Member] | |||
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by the Group [Line Items] | |||
Audit fees | 1.5 | 1.5 | 1.5 |
Audit of the company's subsidiaries pursuant to legislation [Member] | |||
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by the Group [Line Items] | |||
Audit fees | 20.2 | 19.1 | 18.6 |
Other services supplied pursuant to legislation [Member] | |||
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by the Group [Line Items] | |||
Audit fees | 3.5 | 2.9 | 3 |
Total audit fees [Member] | |||
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by the Group [Line Items] | |||
Audit fees | 25.2 | 23.5 | 23.1 |
Other services – audit related fees [Member] | |||
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by the Group [Line Items] | |||
Audit fees | 1 | 1.2 | 1.2 |
Services relating to corporate finanace transactions [Member] | |||
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by the Group [Line Items] | |||
Other non-audit fees | 1.2 | ||
Other services [member] | |||
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by the Group [Line Items] | |||
Other non-audit fees | £ 0.7 | £ 2 | £ 2.4 |
AUDITORS' REMUNERATION (Detai_2
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by Outside Entities - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Audits of group pension schemes [Member] | |||
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by Outside Entities [Line Items] | |||
Auditors' Remuneration | £ 0.1 | £ 0.1 | £ 0.1 |
Audits of the unconsolidated Open Ended Investment Companies managed by the Group [Member] | |||
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by Outside Entities [Line Items] | |||
Auditors' Remuneration | 0.4 | 0.3 | 0.3 |
Reviews of the financial position of corporate and other borrowers [Member] | |||
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by Outside Entities [Line Items] | |||
Auditors' Remuneration | £ 0.2 | £ 0.4 | 0.2 |
Acquisition due diligence and other work performed in respect of potential venture capital investments [Member] | |||
AUDITORS' REMUNERATION (Details) - Schedule of Fees Payable to Auditors by Outside Entities [Line Items] | |||
Auditors' Remuneration | £ 0.1 |
IMPAIRMENT (Details) - Schedule
IMPAIRMENT (Details) - Schedule of Impairment - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | ||
IMPAIRMENT (Details) - Schedule of Impairment [Line Items] | |||||
Impact of transfers between stages | £ 604 | £ 485 | |||
Other changes in credit quality | 798 | 543 | |||
Additions (repayments) | (116) | (90) | |||
Methodology, model and assumption changes | 14 | (20) | |||
Other items | (4) | 19 | |||
Other items impacting the impairment charge | 692 | 452 | |||
Total impairment | 1,296 | 937 | [1] | £ 688 | |
In respect of: | |||||
Financial assets at amortised cost | 1,307 | 1,023 | |||
Other assets | 5 | 1 | |||
Impairment charge on drawn balances | 1,312 | 1,024 | |||
Loan commitments and financial guarantees | (15) | (73) | |||
Financial assets at fair value through other comprehensive income | (1) | (14) | |||
Loans and advances to customers [Member] | |||||
In respect of: | |||||
Loans and advances | 1,307 | 1,022 | |||
Loans and Advances to Banks [Member] | |||||
In respect of: | |||||
Loans and advances | 1 | ||||
Stage 1 [member] | |||||
IMPAIRMENT (Details) - Schedule of Impairment [Line Items] | |||||
Impact of transfers between stages | (17) | (12) | |||
Other changes in credit quality | 4 | (20) | |||
Additions (repayments) | 94 | 18 | |||
Methodology, model and assumption changes | 33 | (71) | |||
Other items | (4) | (13) | |||
Other items impacting the impairment charge | 127 | (86) | |||
Total impairment | 110 | (98) | |||
In respect of: | |||||
Financial assets at amortised cost | 139 | (65) | |||
Impairment charge on drawn balances | 139 | (65) | |||
Loan commitments and financial guarantees | (28) | (19) | |||
Financial assets at fair value through other comprehensive income | (1) | (14) | |||
Stage 1 [member] | Loans and advances to customers [Member] | |||||
In respect of: | |||||
Loans and advances | 139 | (66) | |||
Stage 1 [member] | Loans and Advances to Banks [Member] | |||||
In respect of: | |||||
Loans and advances | 1 | ||||
Stage 2 [member] | |||||
IMPAIRMENT (Details) - Schedule of Impairment [Line Items] | |||||
Impact of transfers between stages | 89 | 51 | |||
Other changes in credit quality | 1 | (47) | |||
Additions (repayments) | (39) | (82) | |||
Methodology, model and assumption changes | (27) | (21) | |||
Other items impacting the impairment charge | (65) | (150) | |||
Total impairment | 24 | (99) | |||
In respect of: | |||||
Financial assets at amortised cost | 10 | (51) | |||
Impairment charge on drawn balances | 10 | (51) | |||
Loan commitments and financial guarantees | 14 | (48) | |||
Stage 2 [member] | Loans and advances to customers [Member] | |||||
In respect of: | |||||
Loans and advances | 10 | (51) | |||
Stage 3 [member] | |||||
IMPAIRMENT (Details) - Schedule of Impairment [Line Items] | |||||
Impact of transfers between stages | 532 | 446 | |||
Other changes in credit quality | 899 | 541 | |||
Additions (repayments) | (84) | 43 | |||
Methodology, model and assumption changes | 8 | 72 | |||
Other items | 32 | ||||
Other items impacting the impairment charge | 823 | 688 | |||
Total impairment | 1,355 | 1,134 | |||
In respect of: | |||||
Financial assets at amortised cost | 1,351 | 1,139 | |||
Other assets | 5 | 1 | |||
Impairment charge on drawn balances | 1,356 | 1,140 | |||
Loan commitments and financial guarantees | (1) | (6) | |||
Stage 3 [member] | Loans and advances to customers [Member] | |||||
In respect of: | |||||
Loans and advances | 1,351 | 1,139 | |||
Purchased or originated credit-impaired [member] | |||||
IMPAIRMENT (Details) - Schedule of Impairment [Line Items] | |||||
Other changes in credit quality | (106) | 69 | |||
Additions (repayments) | (87) | £ (69) | |||
Other items impacting the impairment charge | (193) | ||||
Total impairment | (193) | ||||
In respect of: | |||||
Financial assets at amortised cost | (193) | ||||
Impairment charge on drawn balances | (193) | ||||
Purchased or originated credit-impaired [member] | Loans and advances to customers [Member] | |||||
In respect of: | |||||
Loans and advances | £ (193) | ||||
[1] | Restated, see note 1. |
IMPAIRMENT (Details) - Schedu_2
IMPAIRMENT (Details) - Schedule of Movement in Impairment Charges - Impairment charged to the income statement £ in Millions | 12 Months Ended |
Dec. 31, 2017GBP (£) | |
Impairment losses on loans and receivables: | |
Total impairment losses on loans and receivables | £ 691 |
Impairment of available-for-sale financial assets | 6 |
Other credit risk provisions | (9) |
Total impairment charged to the income statement | 688 |
Loans and advances to customers [Member] | |
Impairment losses on loans and receivables: | |
Impairment losses on loans and receivables | 697 |
Debt securities classified as loans and receivables [Member] | |
Impairment losses on loans and receivables: | |
Impairment losses on loans and receivables | £ (6) |
TAX EXPENSE (Details)
TAX EXPENSE (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
UK Corporation Tax [Member] | |||
TAX EXPENSE (Details) [Line Items] | |||
Applicable tax rate | 19.00% | 19.00% | 19.25% |
TAX EXPENSE (Details) - Schedul
TAX EXPENSE (Details) - Schedule of Tax Charges - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |
TAX EXPENSE (Details) - Schedule of Tax Charges [Line Items] | |||||
Current tax expense | £ (1,361) | £ (1,298) | £ (1,148) | ||
Deferred tax expense | (26) | (156) | (478) | ||
Tax expense | (1,387) | (1,454) | (1,626) | ||
UK Corporation Tax [Member] | |||||
TAX EXPENSE (Details) - Schedule of Tax Charges [Line Items] | |||||
Current tax on profit for the year | (1,389) | (1,280) | (1,240) | ||
Adjustments in respect of prior years | 96 | 11 | 122 | ||
Current tax expense | (1,293) | (1,269) | (1,118) | ||
Foreign Tax [Member] | |||||
TAX EXPENSE (Details) - Schedule of Tax Charges [Line Items] | |||||
Current tax on profit for the year | (70) | (34) | (40) | ||
Adjustments in respect of prior years | 2 | 5 | 10 | ||
Current tax expense | (68) | (29) | (30) | ||
DeferredTax[Member] | |||||
TAX EXPENSE (Details) - Schedule of Tax Charges [Line Items] | |||||
Current year | (165) | (127) | (430) | ||
Adjustments in respect of prior years | £ 139 | £ (29) | £ (48) | ||
[1] | Restated, see note 1. |
TAX EXPENSE (Details) - Sched_2
TAX EXPENSE (Details) - Schedule of Income Tax Charges - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | [1] | |
Schedule of Income Tax Charges [Abstract] | |||||
Tax (expense) credit attributable to policyholders | £ (148) | £ 14 | £ (82) | ||
Shareholder tax expense | (1,239) | (1,468) | (1,544) | ||
Tax expense | £ (1,387) | £ (1,454) | £ (1,626) | ||
[1] | Restated, see note 1. |
TAX EXPENSE (Details) - Sched_3
TAX EXPENSE (Details) - Schedule of Reconciliation of the Charge Resulting from Applying the Standard UK Corporation Tax Rate - GBP (£) £ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Schedule of Reconciliation of the Charge Resulting from Applying the Standard UK Corporation Tax Rate [Abstract] | ||||||
Profit before tax | £ 4,393 | £ 5,960 | [1] | £ 5,625 | [1] | |
UK corporation tax thereon | (835) | (1,132) | [1] | (1,083) | [1] | |
Impact of surcharge on banking profits | (364) | (409) | [1] | (429) | [1] | |
Non-deductible costs: conduct charges | (370) | (101) | [1] | (287) | [1] | |
Non-deductible costs: bank levy | (43) | (43) | [1] | (44) | [1] | |
Other non-deductible costs | (121) | (90) | [1] | (59) | [1] | |
Non-taxable income | 40 | 87 | [1] | 72 | [1] | |
Tax relief on coupons on other equity instruments | 89 | 83 | [1] | 79 | [1] | |
Tax-exempt gains on disposals | 102 | 124 | [1] | 128 | [1] | |
Recognition (derecognition) of losses that arose in prior years | 18 | (9) | [1] | [1] | ||
Remeasurement of deferred tax due to rate changes | (6) | 32 | [1] | (9) | [1] | |
Differences in overseas tax rates | (14) | 6 | [1] | (15) | [1] | |
Policyholder tax | (67) | (62) | [1] | (66) | [1] | |
Policyholder deferred tax asset in respect of life assurance expenses | (53) | 73 | [1] | [1] | ||
Adjustments in respect of prior years | 237 | (13) | [1] | 88 | [1] | |
Tax effect of share of results of joint ventures | [1] | (1) | ||||
Tax expense | £ (1,387) | £ (1,454) | [1] | £ (1,626) | [1] | |
[1] | Restated, see note 1. |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - GBP (£) £ in Millions, shares in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of earnings per share [text block] [Abstract] | |||
Number of shares reserved for issue under options and contracts for sale of shares | 25 | 38 | 57 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Number Of Shares | £ 24 | £ 0 | £ 0 |
EARNINGS PER SHARE (Details) -
EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share - GBP (£) £ / shares in Units, £ in Millions, shares in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Schedule of Earnings Per Share [Abstract] | |||||
Profit attributable to equity shareholders – basic and diluted (in Pounds) | £ 2,459 | £ 3,975 | [1] | £ 3,494 | [1] |
Weighted average number of ordinary shares in issue – basic | 70,603 | 71,638 | 71,710 | ||
Adjustment for share options and awards | 682 | 641 | 683 | ||
Weighted average number of ordinary shares in issue – diluted | 71,285 | 72,279 | 72,393 | ||
Basic earnings per share (in Pounds per share) | £ 0.035 | £ 0.055 | [1] | £ 0.049 | [1] |
Diluted earnings per share (in Pounds per share) | £ 0.034 | £ 0.055 | [1] | £ 0.048 | [1] |
[1] | Restated, see note 1. |
FINANCIAL ASSETS AT FAIR VALU_5
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Types of insurance contracts [member] | ||
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) [Line Items] | ||
Financial assets at fair value through profit or loss | £ 136,855 | £ 116,903 |
Unconsolidated structured entities [member] | Types of insurance contracts [member] | ||
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) [Line Items] | ||
Financial assets at fair value through profit or loss | £ 38,177 | £ 26,028 |
FINANCIAL ASSETS AT FAIR VALU_6
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) - Schedule of Trading and Other Financial Assets at Fair Value Through Profit or Loss - Financial assets at fair value through profit or loss, category [member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) - Schedule of Trading and Other Financial Assets at Fair Value Through Profit or Loss [Line Items] | ||
Loans and advances to customers | £ 21,076 | £ 37,850 |
Loans and advances to banks | 2,399 | 3,026 |
Government securities | 18,854 | 18,095 |
Other public sector securities | 2,126 | 2,064 |
Bank and building society certificates of deposit | 984 | 1,105 |
Asset-backed securities: | ||
Mortgage-backed securities | 468 | 225 |
Other asset-backed securities | 258 | 349 |
Corporate and other debt securities | 18,216 | 18,310 |
Debt securities | 40,906 | 40,148 |
Equity shares | 95,789 | 77,485 |
Treasury and other bills | 19 | 20 |
Total | 160,189 | 158,529 |
Trading Assets, Excluding Debt and Equity Securities [Member] | ||
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) - Schedule of Trading and Other Financial Assets at Fair Value Through Profit or Loss [Line Items] | ||
Loans and advances to customers | 10,422 | 26,886 |
Loans and advances to banks | 513 | 848 |
Government securities | 6,791 | 7,192 |
Asset-backed securities: | ||
Mortgage-backed securities | 6 | 10 |
Other asset-backed securities | 17 | 63 |
Corporate and other debt securities | 233 | 247 |
Debt securities | 7,047 | 7,512 |
Total | 17,982 | 35,246 |
Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | ||
FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) - Schedule of Trading and Other Financial Assets at Fair Value Through Profit or Loss [Line Items] | ||
Loans and advances to customers | 10,654 | 10,964 |
Loans and advances to banks | 1,886 | 2,178 |
Government securities | 12,063 | 10,903 |
Other public sector securities | 2,126 | 2,064 |
Bank and building society certificates of deposit | 984 | 1,105 |
Asset-backed securities: | ||
Mortgage-backed securities | 462 | 215 |
Other asset-backed securities | 241 | 286 |
Corporate and other debt securities | 17,983 | 18,063 |
Debt securities | 33,859 | 32,636 |
Equity shares | 95,789 | 77,485 |
Treasury and other bills | 19 | 20 |
Total | £ 142,207 | £ 123,283 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of derivative financial instruments [text block] [Abstract] | ||
Hedged Liability, Fair Value Hedge | £ 692 | £ 170 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | £ 101 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | £ 7,111,850 | £ 6,183,642 |
Fair value assets | 26,369 | 23,595 |
Fair value liabilities | 25,779 | 21,373 |
Trading and Other [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 6,492,038 | 5,464,658 |
Fair value assets | 25,133 | 22,032 |
Fair value liabilities | 24,674 | 20,265 |
Hedging instruments [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 619,812 | 718,984 |
Fair value assets | 1,236 | 1,563 |
Fair value liabilities | 1,105 | 1,108 |
Fair value hedges [member] | Hedging instruments [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 183,523 | 151,461 |
Fair value assets | 806 | 950 |
Fair value liabilities | 229 | 216 |
Fair value hedges [member] | Currency swap contract [member] | Hedging instruments [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 34 | 490 |
Fair value assets | 8 | 3 |
Fair value liabilities | 29 | |
Fair value hedges [member] | Interest rate swap contract [member] | Hedging instruments [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 183,489 | 150,971 |
Fair value assets | 798 | 947 |
Fair value liabilities | 229 | 187 |
Cash flow hedges [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 426,740 | 556,945 |
Cash flow hedges [member] | Hedging instruments [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 436,289 | 567,523 |
Fair value assets | 430 | 613 |
Fair value liabilities | 876 | 892 |
Cash flow hedges [member] | Currency swap contract [member] | Hedging instruments [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 9,549 | 10,578 |
Fair value assets | 75 | 255 |
Fair value liabilities | 133 | 48 |
Cash flow hedges [member] | Interest rate swap contract [member] | Hedging instruments [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 426,740 | 556,945 |
Fair value assets | 355 | 358 |
Fair value liabilities | 743 | 844 |
Exchange rate contracts [Member] | Trading and Other [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 411,568 | 374,657 |
Fair value assets | 4,990 | 5,797 |
Fair value liabilities | 6,540 | 4,753 |
Exchange rate contracts [Member] | Spots, Forwards, and Futures [Member] | Trading and Other [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 44,095 | 41,571 |
Fair value assets | 681 | 746 |
Fair value liabilities | 616 | 549 |
Exchange rate contracts [Member] | Currency swap contract [member] | Trading and Other [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 349,606 | 311,491 |
Fair value assets | 3,857 | 4,566 |
Fair value liabilities | 5,425 | 3,709 |
Exchange rate contracts [Member] | Purchased call options [member] | Trading and Other [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 8,310 | 10,202 |
Fair value assets | 452 | 485 |
Exchange rate contracts [Member] | Written put options [member] | Trading and Other [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 9,557 | 11,393 |
Fair value liabilities | 499 | 495 |
Interest Rate Contract [Member] | Trading and Other [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 6,052,097 | 5,061,099 |
Fair value assets | 19,810 | 15,747 |
Fair value liabilities | 17,464 | 14,632 |
Interest Rate Contract [Member] | Purchased call options [member] | Interest Rate Contract [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 27,158 | 30,724 |
Fair value assets | 2,468 | 2,107 |
Interest Rate Contract [Member] | Written put options [member] | Trading and Other [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 23,610 | 26,463 |
Fair value liabilities | 2,216 | 1,997 |
Interest Rate Contract [Member] | Interest rate swap contract [member] | Trading and Other [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 5,245,703 | 4,381,271 |
Fair value assets | 17,318 | 13,624 |
Fair value liabilities | 15,213 | 12,629 |
Interest Rate Contract [Member] | Forward Rate Agreements [Member] | Trading and Other [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 555,742 | 494,430 |
Fair value assets | 7 | |
Fair value liabilities | 13 | 2 |
Interest Rate Contract [Member] | Futures contract [member] | Trading and Other [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 199,884 | 128,211 |
Fair value assets | 17 | 16 |
Fair value liabilities | 22 | 4 |
Credit Derivatives [Member] | Trading and Other [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 16,959 | 13,757 |
Fair value assets | 83 | 99 |
Fair value liabilities | 167 | 181 |
Equity And Other Contracts [Member] | Trading and Other [Member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 11,414 | 15,145 |
Fair value assets | 250 | 389 |
Fair value liabilities | 503 | 699 |
Currency swap contract [member] | Fair value hedges [member] | Hedging instruments [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 34 | 490 |
Fair value assets | 8 | 3 |
Fair value liabilities | 29 | |
Currency swap contract [member] | Cash flow hedges [member] | Hedging instruments [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 9,549 | 10,578 |
Fair value assets | 75 | 255 |
Fair value liabilities | 133 | 48 |
Interest rate swap contract [member] | Fair value hedges [member] | Hedging instruments [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 183,489 | 150,971 |
Fair value assets | 798 | 947 |
Fair value liabilities | 229 | 187 |
Interest rate swap contract [member] | Cash flow hedges [member] | Hedging instruments [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Derivative Instruments [Line Items] | ||
Contract/notional amount | 426,740 | 556,945 |
Fair value assets | 355 | 358 |
Fair value liabilities | £ 743 | £ 844 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Amount, Timing and Uncertainty of Future Cash Flows - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Cash flow hedges [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 426,740 | £ 556,945 |
Cash flow hedges [member] | Later than five years [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 125,921 | £ 181,843 |
Average fixed interest rate | 2.39% | 1.85% |
Cash flow hedges [member] | Not later than one month [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 9,675 | £ 4,874 |
Average fixed interest rate | 1.05% | 1.47% |
Cash flow hedges [member] | Later than one month and not later than three months [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 23,589 | £ 11,204 |
Average fixed interest rate | 1.22% | 1.03% |
Cash flow hedges [member] | Later than three months and not later than one year [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 58,447 | £ 66,312 |
Average fixed interest rate | 1.29% | 0.99% |
Cash flow hedges [member] | Later than one year and not later than five years [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 209,108 | £ 292,712 |
Average fixed interest rate | 1.47% | 1.46% |
Currency swap contract [member] | Fair value hedges [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 34 | |
Currency swap contract [member] | Fair value hedges [member] | Later than five years [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 34 | |
Average fixed interest rate | 1.28% | |
Currency swap contract [member] | Cash flow hedges [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 9,549 | £ 10,578 |
Currency swap contract [member] | Cash flow hedges [member] | Later than five years [member] | ||
Interest rate | ||
Notional (in Pounds) | 5,136 | 6,119 |
Currency swap contract [member] | Cash flow hedges [member] | Not later than one month [member] | ||
Interest rate | ||
Notional (in Pounds) | 67 | |
Currency swap contract [member] | Cash flow hedges [member] | Later than one month and not later than three months [member] | ||
Interest rate | ||
Notional (in Pounds) | 413 | 47 |
Currency swap contract [member] | Cash flow hedges [member] | Later than three months and not later than one year [member] | ||
Interest rate | ||
Notional (in Pounds) | 1,611 | 2,234 |
Currency swap contract [member] | Cash flow hedges [member] | Later than one year and not later than five years [member] | ||
Interest rate | ||
Notional (in Pounds) | 2,389 | 2,111 |
Interest rate swap contract [member] | Fair value hedges [member] | ||
Interest rate | ||
Notional (in Pounds) | 183,489 | 150,971 |
Interest rate swap contract [member] | Fair value hedges [member] | Later than five years [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 29,566 | £ 30,834 |
Average fixed interest rate | 2.81% | 2.98% |
Interest rate swap contract [member] | Fair value hedges [member] | Not later than one month [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 331 | £ 393 |
Average fixed interest rate | 2.58% | 1.38% |
Interest rate swap contract [member] | Fair value hedges [member] | Later than one month and not later than three months [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 9,305 | £ 417 |
Average fixed interest rate | 1.74% | 2.06% |
Interest rate swap contract [member] | Fair value hedges [member] | Later than three months and not later than one year [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 37,948 | £ 32,876 |
Average fixed interest rate | 1.22% | 1.65% |
Interest rate swap contract [member] | Fair value hedges [member] | Later than one year and not later than five years [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 106,339 | £ 86,451 |
Average fixed interest rate | 1.71% | 1.75% |
Swaps [Member] | Fair value hedges [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 490 | |
Swaps [Member] | Fair value hedges [member] | Later than five years [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 171 | |
Average fixed interest rate | 4.44% | |
Swaps [Member] | Fair value hedges [member] | Later than one month and not later than three months [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 36 | |
Average fixed interest rate | 4.82% | |
Swaps [Member] | Fair value hedges [member] | Later than one year and not later than five years [member] | ||
Interest rate | ||
Notional (in Pounds) | £ 283 | |
Average fixed interest rate | 5.88% | |
Euro to USD | Currency swap contract [member] | Fair value hedges [member] | Later than five years [member] | ||
Interest rate | ||
Average exchange rate | 1.38 | |
Euro to USD | Currency swap contract [member] | Cash flow hedges [member] | Later than five years [member] | ||
Interest rate | ||
Average exchange rate | 1.05 | |
Euro to USD | Currency swap contract [member] | Cash flow hedges [member] | Later than one year and not later than five years [member] | ||
Interest rate | ||
Average exchange rate | 1.05 | |
Euro to USD | Swaps [Member] | Fair value hedges [member] | Later than one year and not later than five years [member] | ||
Interest rate | ||
Average exchange rate | 1.13 | |
USD to Euro | Currency swap contract [member] | Cash flow hedges [member] | Later than five years [member] | ||
Interest rate | ||
Average exchange rate | 1.07 | |
USD to Euro | Currency swap contract [member] | Cash flow hedges [member] | Not later than one month [member] | ||
Interest rate | ||
Average exchange rate | 1.15 | |
USD to Euro | Currency swap contract [member] | Cash flow hedges [member] | Later than one month and not later than three months [member] | ||
Interest rate | ||
Average exchange rate | 1.29 | |
USD to Euro | Currency swap contract [member] | Cash flow hedges [member] | Later than three months and not later than one year [member] | ||
Interest rate | ||
Average exchange rate | 1.30 | 1.13 |
USD to Euro | Currency swap contract [member] | Cash flow hedges [member] | Later than one year and not later than five years [member] | ||
Interest rate | ||
Average exchange rate | 1.31 | 1.10 |
USD to GBP [Member] | Currency swap contract [member] | Cash flow hedges [member] | Later than five years [member] | ||
Interest rate | ||
Average exchange rate | 1.28 | |
USD to GBP [Member] | Currency swap contract [member] | Cash flow hedges [member] | Later than one month and not later than three months [member] | ||
Interest rate | ||
Average exchange rate | 1.32 | |
USD to GBP [Member] | Currency swap contract [member] | Cash flow hedges [member] | Later than three months and not later than one year [member] | ||
Interest rate | ||
Average exchange rate | 1.34 | |
USD to GBP [Member] | Currency swap contract [member] | Cash flow hedges [member] | Later than one year and not later than five years [member] | ||
Interest rate | ||
Average exchange rate | 1.27 | |
USD to GBP [Member] | Swaps [Member] | Fair value hedges [member] | Later than one year and not later than five years [member] | ||
Interest rate | ||
Average exchange rate | 1.30 | |
NOK to GBP | Swaps [Member] | Fair value hedges [member] | Later than five years [member] | ||
Interest rate | ||
Average exchange rate | 9.03 | |
NOK to GBP | Swaps [Member] | Fair value hedges [member] | Later than one month and not later than three months [member] | ||
Interest rate | ||
Average exchange rate | 9.22 | |
NOK to GBP | Swaps [Member] | Fair value hedges [member] | Later than one year and not later than five years [member] | ||
Interest rate | ||
Average exchange rate | 9.19 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of the Effects of Hedge Accounting on Swaps - Hedging instruments [member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value hedges [member] | Currency swap contract [member] | ||
Interest rate | ||
Contract/notional amount | £ 34 | £ 490 |
Assets | 8 | 3 |
Liabilities | 29 | |
Changes in fair value used for calculating hedge ineffectiveness | 2 | (10) |
Fair value hedges [member] | Interest rate swap contract [member] | ||
Interest rate | ||
Contract/notional amount | 183,489 | 150,971 |
Assets | 798 | 947 |
Liabilities | 229 | 187 |
Changes in fair value used for calculating hedge ineffectiveness | 1,142 | 104 |
Cash flow hedges [member] | Currency swap contract [member] | ||
Interest rate | ||
Contract/notional amount | 9,549 | 10,578 |
Assets | 75 | 255 |
Liabilities | 133 | 48 |
Changes in fair value used for calculating hedge ineffectiveness | (185) | 229 |
Cash flow hedges [member] | Interest rate swap contract [member] | ||
Interest rate | ||
Contract/notional amount | 426,740 | 556,945 |
Assets | 355 | 358 |
Liabilities | 743 | 844 |
Changes in fair value used for calculating hedge ineffectiveness | £ 992 | £ (781) |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of the Effects of Hedge Accounting - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Fair value hedges [member] | FixedRateMorgages[Member] | |||
Interest rate | |||
Carrying amount of the hedged item, Assets | [1] | £ 83,818 | £ 53,136 |
Carrying amount of the hedged item, Liabilities | [1] | ||
Accumulated amount of fair value adjustment on the hedged item, Assets | [1] | 154 | (45) |
Accumulated amount of fair value adjustment on the hedged item, Liabilities | [1] | ||
Change in fair value of hedged item for ineffectiveness assessment | [1] | (73) | (173) |
Fair value hedges [member] | Fixed Rate Issuance [Member] | |||
Interest rate | |||
Carrying amount of the hedged item, Assets | [2] | ||
Carrying amount of the hedged item, Liabilities | [2] | 70,353 | 63,746 |
Accumulated amount of fair value adjustment on the hedged item, Assets | [2] | ||
Accumulated amount of fair value adjustment on the hedged item, Liabilities | [2] | 3,058 | 1,598 |
Change in fair value of hedged item for ineffectiveness assessment | [2] | (1,333) | 807 |
Fair value hedges [member] | Fixed Rate Bonds [Member] | |||
Interest rate | |||
Carrying amount of the hedged item, Assets | [3] | 21,354 | 23,285 |
Carrying amount of the hedged item, Liabilities | [3] | ||
Accumulated amount of fair value adjustment on the hedged item, Assets | [3] | 660 | 232 |
Accumulated amount of fair value adjustment on the hedged item, Liabilities | [3] | ||
Change in fair value of hedged item for ineffectiveness assessment | [3] | 405 | (666) |
Cash flow hedges [member] | Foreign Currency Issuance [Member] | |||
Interest rate | |||
Change in fair value of hedged item for ineffectiveness assessment | [2] | 72 | (165) |
Cash flow hedge/currency translation reserve, Continuing hedges | [2] | (2) | 114 |
Cash flow hedge/currency translation reserve, Discontinued hedges | [2] | 179 | 327 |
Cash flow hedges [member] | Deposits from Customers [Member] | |||
Interest rate | |||
Change in fair value of hedged item for ineffectiveness assessment | [4] | (118) | |
Cash flow hedge/currency translation reserve, Continuing hedges | [4] | (31) | (9) |
Cash flow hedge/currency translation reserve, Discontinued hedges | [4] | 5 | (6) |
Cash flow hedges [member] | Customer Loans [Member] | |||
Interest rate | |||
Change in fair value of hedged item for ineffectiveness assessment | [1] | (680) | 456 |
Cash flow hedge/currency translation reserve, Continuing hedges | [1] | 1,248 | 867 |
Cash flow hedge/currency translation reserve, Discontinued hedges | [1] | 336 | 60 |
Cash flow hedges [member] | Central Bank Balances [Member] | |||
Interest rate | |||
Change in fair value of hedged item for ineffectiveness assessment | [5] | (263) | (16) |
Cash flow hedge/currency translation reserve, Continuing hedges | [5] | 128 | 30 |
Cash flow hedge/currency translation reserve, Discontinued hedges | [5] | 163 | 20 |
Cash flow hedges [member] | Foreign Exchange [Member] | Deposits from Customers [Member] | |||
Interest rate | |||
Change in fair value of hedged item for ineffectiveness assessment | [4] | 116 | (62) |
Cash flow hedge/currency translation reserve, Continuing hedges | [4] | 18 | 70 |
Cash flow hedge/currency translation reserve, Discontinued hedges | [4] | £ (48) | £ (78) |
[1] | Included within Loans and advances to customers | ||
[2] | Included within Debt securities in issue | ||
[3] | Included within Financial assets at fair value through other comprehensive income | ||
[4] | Included within Customer deposits | ||
[5] | Included within Cash and balances at central banks |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Amounts Reclassified from Reserves to Income Statement - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Interest Rate [Member] | Fair value hedges [member] | Fixed Rate Mortgages [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Amounts Reclassified from Reserves to Income Statement [Line Items] | |||
Hedge ineffectiveness recognised in the income statement | [1] | £ 186 | £ 106 |
Interest Rate [Member] | Fair value hedges [member] | Fixed Rate Issuance [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Amounts Reclassified from Reserves to Income Statement [Line Items] | |||
Hedge ineffectiveness recognised in the income statement | [1] | (32) | (17) |
Interest Rate [Member] | Fair value hedges [member] | Fixed Rate Bonds [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Amounts Reclassified from Reserves to Income Statement [Line Items] | |||
Hedge ineffectiveness recognised in the income statement | [1] | (11) | (27) |
Interest Rate [Member] | Cash flow hedges [member] | Customer Loans [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Amounts Reclassified from Reserves to Income Statement [Line Items] | |||
Gain (loss) recognised in other comprehensive income | 651 | (418) | |
Hedge ineffectiveness recognised in the income statement | [1] | 98 | (17) |
Hedged item affected income statement | (362) | (467) | |
Interest Rate [Member] | Cash flow hedges [member] | Central Bank Balances [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Amounts Reclassified from Reserves to Income Statement [Line Items] | |||
Gain (loss) recognised in other comprehensive income | 237 | (63) | |
Hedge ineffectiveness recognised in the income statement | [1] | 36 | (5) |
Hedged item affected income statement | (66) | (52) | |
Interest Rate [Member] | Cash flow hedges [member] | Deposits from Customers [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Amounts Reclassified from Reserves to Income Statement [Line Items] | |||
Gain (loss) recognised in other comprehensive income | (49) | ||
Hedge ineffectiveness recognised in the income statement | [1] | (1) | |
Hedged item affected income statement | 6 | (69) | |
Foreign Exchange [Member] | Cash flow hedges [member] | Foreign Currency Issuance [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Amounts Reclassified from Reserves to Income Statement [Line Items] | |||
Gain (loss) recognised in other comprehensive income | (265) | 85 | |
Hedge ineffectiveness recognised in the income statement | [1] | ||
Hedged cashflows will no longer occur | (101) | ||
Hedged item affected income statement | (92) | (81) | |
Foreign Exchange [Member] | Cash flow hedges [member] | Deposits from Customers [Member] | |||
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - Schedule of Amounts Reclassified from Reserves to Income Statement [Line Items] | |||
Gain (loss) recognised in other comprehensive income | (22) | (22) | |
Hedge ineffectiveness recognised in the income statement | [1] | (2) | |
Hedged item affected income statement | £ 7 | £ (32) | |
[1] | Hedge ineffectiveness is included in the income statement within net trading income. |
FINANCIAL ASSETS AT AMORTISED_3
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers - GBP (£) £ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Allowance for impairment losses | £ 3,455 | £ 3,362 | ||
Total debt securities | 5,544 | 5,238 | ||
Total financial assets at amortised cost | 510,307 | 496,379 | ||
Total loans and advances to customers | 494,988 | 484,858 | ||
Total loans and advances to banks | 9,775 | 6,283 | ||
Stage 1 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Total financial assets at amortised cost | 452,524 | |||
Stage 2 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Total financial assets at amortised cost | 24,354 | |||
Stage 3 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Total financial assets at amortised cost | 4,188 | |||
Purchased or originated credit-impaired [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Total financial assets at amortised cost | 15,313 | |||
Loans and Advances to Banks [Member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Beginning Balance of Loans and advances to banks | 6,285 | 4,247 | ||
Exchange and other adjustments | (218) | [1] | (28) | |
Additions (repayments) | 3,710 | 2,066 | ||
Ending Balance of Loans and advances to banks | 9,777 | 6,285 | ||
Allowance for impairment losses | (2) | (2) | ||
Total loans and advances to banks | 9,775 | 6,283 | ||
Loans and Advances to Banks [Member] | Stage 1 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Beginning Balance of Loans and advances to banks | 6,282 | 4,245 | ||
Exchange and other adjustments | (218) | [1] | (29) | |
Additions (repayments) | 3,713 | 2,066 | ||
Ending Balance of Loans and advances to banks | 9,777 | 6,282 | ||
Allowance for impairment losses | (2) | (2) | ||
Total loans and advances to banks | 9,775 | 6,280 | ||
Loans and Advances to Banks [Member] | Stage 2 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Beginning Balance of Loans and advances to banks | 3 | 2 | ||
Exchange and other adjustments | [1] | 1 | ||
Additions (repayments) | (3) | |||
Ending Balance of Loans and advances to banks | 3 | |||
Total loans and advances to banks | 3 | |||
Loans and Advances to Banks [Member] | Stage 3 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Exchange and other adjustments | [1] | |||
Loans and Advances to Banks [Member] | Purchased or originated credit-impaired [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Exchange and other adjustments | [1] | |||
Loans and advances to customers [Member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Beginning Balance of Loans and advances to customers | 488,008 | 464,239 | ||
Exchange and other adjustments | (202) | [1] | 990 | |
Additions (repayments) | 8,204 | 28,072 | ||
Recoveries | 425 | 580 | ||
Disposal of businesses | (4,297) | |||
Acquisition of portfolios | [2] | 3,694 | ||
Financial assets that have been written off during the year | (1,882) | (1,576) | ||
Allowance for impairment losses | (3,259) | (3,150) | ||
Total loans and advances to customers | 494,988 | 484,858 | ||
Ending Balance of Loans and advances to customers | 498,247 | 488,008 | ||
Loans and advances to customers [Member] | Stage 1 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Beginning Balance of Loans and advances to customers | 441,531 | 403,881 | ||
Exchange and other adjustments | (498) | [1] | 958 | |
Additions (repayments) | 13,554 | 34,942 | ||
(8,306) | 1,750 | |||
Acquisition of portfolios | [2] | 3,694 | ||
Allowance for impairment losses | (675) | (525) | ||
Total loans and advances to customers | 449,300 | 441,006 | ||
Ending Balance of Loans and advances to customers | 449,975 | 441,531 | ||
Loans and advances to customers [Member] | Stage 2 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Beginning Balance of Loans and advances to customers | 25,345 | 37,245 | ||
Exchange and other adjustments | (34) | [1] | 32 | |
Additions (repayments) | (2,558) | (2,187) | ||
5,790 | (5,725) | |||
Disposal of businesses | (4,020) | |||
Acquisition of portfolios | [2] | |||
Allowance for impairment losses | (995) | (994) | ||
Total loans and advances to customers | 27,548 | 24,351 | ||
Ending Balance of Loans and advances to customers | 28,543 | 25,345 | ||
Loans and advances to customers [Member] | Stage 3 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Beginning Balance of Loans and advances to customers | 5,741 | 5,140 | ||
Exchange and other adjustments | [1] | 47 | ||
Additions (repayments) | (858) | (2,074) | ||
2,516 | 3,975 | |||
Recoveries | 397 | 553 | ||
Disposal of businesses | (277) | |||
Acquisition of portfolios | [2] | |||
Financial assets that have been written off during the year | (1,828) | (1,576) | ||
Allowance for impairment losses | (1,447) | (1,553) | ||
Total loans and advances to customers | 4,568 | 4,188 | ||
Ending Balance of Loans and advances to customers | 6,015 | 5,741 | ||
Loans and advances to customers [Member] | Purchased or originated credit-impaired [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Beginning Balance of Loans and advances to customers | 15,391 | 17,973 | ||
Exchange and other adjustments | [1] | 283 | ||
Additions (repayments) | (1,934) | (2,609) | ||
Recoveries | 28 | 27 | ||
Acquisition of portfolios | [2] | |||
Financial assets that have been written off during the year | (54) | |||
Allowance for impairment losses | (142) | (78) | ||
Total loans and advances to customers | 13,572 | 15,313 | ||
Ending Balance of Loans and advances to customers | 13,714 | 15,391 | ||
Loans and advances to customers [Member] | Stage 1 [member] | Stage 1 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Transfers to Stage 1 | 6,318 | 19,524 | ||
Loans and advances to customers [Member] | Stage 1 [member] | Stage 2 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Transfers to Stage 1 | (6,286) | (19,501) | ||
Loans and advances to customers [Member] | Stage 1 [member] | Stage 3 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Transfers to Stage 1 | (32) | (23) | ||
Loans and advances to customers [Member] | Stage 2 [member] | Stage 1 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Transfers to Stage 2 | (13,084) | (15,743) | ||
Loans and advances to customers [Member] | Stage 2 [member] | Stage 2 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Transfers to Stage 2 | 13,516 | 15,996 | ||
Loans and advances to customers [Member] | Stage 2 [member] | Stage 3 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Transfers to Stage 2 | (432) | (253) | ||
Loans and advances to customers [Member] | Stage 3 [member] | Stage 1 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Transfers to Stage 3 | (1,540) | (2,031) | ||
Loans and advances to customers [Member] | Stage 3 [member] | Stage 2 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Transfers to Stage 3 | (1,440) | (2,220) | ||
Loans and advances to customers [Member] | Stage 3 [member] | Stage 3 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Transfers to Stage 3 | 2,980 | 4,251 | ||
Debt securities [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Beginning Balance of Debt Securities | 5,244 | 3,340 | ||
Exchange and other adjustments | (96) | [1] | 63 | |
Additions (repayments) | 400 | 1,870 | ||
Financial assets that have been written off during the year | (1) | (29) | ||
Allowance for impairment losses | (3) | (6) | ||
Total debt securities | 5,544 | 5,238 | ||
Total financial assets at amortised cost | 510,307 | |||
Ending Balance of Debt Securities | 5,547 | 5,244 | ||
Debt securities [member] | Stage 1 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Beginning Balance of Debt Securities | 5,238 | 3,291 | ||
Exchange and other adjustments | (94) | [1] | 77 | |
Additions (repayments) | 400 | 1,870 | ||
Total debt securities | 5,544 | 5,238 | ||
Total financial assets at amortised cost | 464,619 | |||
Ending Balance of Debt Securities | 5,544 | 5,238 | ||
Debt securities [member] | Stage 2 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Exchange and other adjustments | [1] | |||
Total financial assets at amortised cost | 27,548 | |||
Debt securities [member] | Stage 3 [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Beginning Balance of Debt Securities | 6 | 49 | ||
Exchange and other adjustments | (2) | [1] | (14) | |
Financial assets that have been written off during the year | (1) | (29) | ||
Allowance for impairment losses | (3) | (6) | ||
Total financial assets at amortised cost | 4,568 | |||
Ending Balance of Debt Securities | 3 | £ 6 | ||
Debt securities [member] | Purchased or originated credit-impaired [member] | ||||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Debt Securities and Loans and advances to banks and customers [Line Items] | ||||
Exchange and other adjustments | [1] | |||
Total financial assets at amortised cost | £ 13,572 | |||
[1] | Exchange and other adjustments includes certain adjustments, prescribed by IFRS 9, in respect of purchased or originated credit-impaired financial assets. | |||
[2] | Acquisition of portfolios in 2019 relates to the purchase, completed in September 2019, of Tesco Bank's UK residential mortgage portfolio. |
FINANCIAL ASSETS AT AMORTISED_4
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Retail - Mortgages [Member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Beginning Balance | £ 288,235 | £ 291,021 | |
Exchange and other adjustments | [1] | 284 | |
Additions (repayments) | (2,983) | (2,797) | |
Recoveries | 57 | 30 | |
Acquisition of portfolios | [2] | 3,694 | |
Financial assets that have been written off during the year | (89) | (19) | |
Ending Balance | 289,198 | 288,235 | |
Allowance for impairment losses | (568) | (459) | |
Total loans and advances to customers | 288,630 | 287,776 | |
Retail - Mortgages [Member] | Stage 1 [member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Beginning Balance | 257,797 | 251,707 | |
Exchange and other adjustments | [1] | (1) | |
Additions (repayments) | 799 | 989 | |
Transfers | (5,246) | 5,101 | |
Acquisition of portfolios | [2] | 3,694 | |
Ending Balance | 257,043 | 257,797 | |
Allowance for impairment losses | (23) | (37) | |
Total loans and advances to customers | 257,020 | 257,760 | |
Retail - Mortgages [Member] | Stage 2 [member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Beginning Balance | 13,654 | 20,109 | |
Exchange and other adjustments | [1] | ||
Additions (repayments) | (1,432) | (938) | |
Transfers | 4,713 | (5,517) | |
Acquisition of portfolios | [2] | ||
Ending Balance | 16,935 | 13,654 | |
Allowance for impairment losses | (281) | (226) | |
Total loans and advances to customers | 16,654 | 13,428 | |
Retail - Mortgages [Member] | Stage 3 [member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Beginning Balance | 1,393 | 1,232 | |
Exchange and other adjustments | [1] | 2 | |
Additions (repayments) | (416) | (239) | |
Transfers | 533 | 416 | |
Recoveries | 29 | 3 | |
Acquisition of portfolios | [2] | ||
Financial assets that have been written off during the year | (35) | (19) | |
Ending Balance | 1,506 | 1,393 | |
Allowance for impairment losses | (122) | (118) | |
Total loans and advances to customers | 1,384 | 1,275 | |
Retail - Mortgages [Member] | Purchased or originated credit-impaired [member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Beginning Balance | 15,391 | 17,973 | |
Exchange and other adjustments | [1] | 283 | |
Additions (repayments) | (1,934) | (2,609) | |
Recoveries | 28 | 27 | |
Acquisition of portfolios | [2] | ||
Financial assets that have been written off during the year | (54) | ||
Ending Balance | 13,714 | 15,391 | |
Allowance for impairment losses | (142) | (78) | |
Total loans and advances to customers | 13,572 | 15,313 | |
Retail - Mortgages [Member] | Stage 1 [member] | Stage 1 [member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Transfers to Stage 1 | 3,060 | 10,814 | |
Retail - Mortgages [Member] | Stage 1 [member] | Stage 2 [member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Transfers to Stage 1 | (3,057) | (10,805) | |
Retail - Mortgages [Member] | Stage 1 [member] | Stage 3 [member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Transfers to Stage 1 | (3) | (9) | |
Retail - Mortgages [Member] | Stage 2 [member] | Stage 1 [member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Transfers to Stage 2 | (7,879) | (5,396) | |
Retail - Mortgages [Member] | Stage 2 [member] | Stage 2 [member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Transfers to Stage 2 | 8,242 | 5,691 | |
Retail - Mortgages [Member] | Stage 2 [member] | Stage 3 [member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Transfers to Stage 2 | (363) | (295) | |
Retail - Mortgages [Member] | Stage 3 [member] | Stage 1 [member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Transfers to Stage 3 | (427) | (317) | |
Retail - Mortgages [Member] | Stage 3 [member] | Stage 2 [member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Transfers to Stage 3 | (472) | (403) | |
Retail - Mortgages [Member] | Stage 3 [member] | Stage 3 [member] | |||
FINANCIAL ASSETS AT AMORTISED COST (Details) - Disclosure of Retail Mortgages [Line Items] | |||
Transfers to Stage 3 | £ 899 | £ 720 | |
[1] | Exchange and other adjustments includes certain adjustments, prescribed by IFRS 9, in respect of purchased or originated credit-impaired financial assets. | ||
[2] | Acquisition of portfolios in 2019 relates to the purchase, completed in September 2019, of Tesco Bank's UK residential mortgage portfolio. |
FINANCE LEASE RECEIVABLES (Deta
FINANCE LEASE RECEIVABLES (Details) - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis of finance lease payments receivable [text block] [Abstract] | ||
Capital Leases, Net Investment in Direct Financing Leases, Allowance for Uncollectible Minimum Lease Payments | £ 12 | £ 1 |
FINANCE LEASE RECEIVABLES (Det
FINANCE LEASE RECEIVABLES (Details) - Schedule of Lease Receivable Balances - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Gross investment in finance leases, receivable: | ||
Gross investment in finance leases, receivable | £ 2,254 | £ 2,913 |
Unearned future finance income on finance leases | (563) | (1,068) |
Rentals received in advance | (20) | (23) |
Net investment in finance leases | 1,671 | 1,822 |
Not later than one year [member] | ||
Gross investment in finance leases, receivable: | ||
Gross investment in finance leases, receivable | 490 | 458 |
Net investment in finance leases | 406 | 303 |
Later than one year and not later than two years [member] | ||
Gross investment in finance leases, receivable: | ||
Gross investment in finance leases, receivable | 347 | 516 |
Net investment in finance leases | 326 | 407 |
Later than two years and not later than three years [member] | ||
Gross investment in finance leases, receivable: | ||
Gross investment in finance leases, receivable | 181 | 456 |
Net investment in finance leases | 130 | 353 |
Later than three years and not later than four years [member] | ||
Gross investment in finance leases, receivable: | ||
Gross investment in finance leases, receivable | 145 | 201 |
Net investment in finance leases | 103 | 154 |
Later than four years and not later than five years [member] | ||
Gross investment in finance leases, receivable: | ||
Gross investment in finance leases, receivable | 208 | 178 |
Net investment in finance leases | 171 | 130 |
Later than five years [member] | ||
Gross investment in finance leases, receivable: | ||
Gross investment in finance leases, receivable | 883 | 1,104 |
Net investment in finance leases | £ 535 | £ 475 |
FINANCE LEASE RECEIVABLES (D_2
FINANCE LEASE RECEIVABLES (Details) - Schedule of Lease Receivable Net Investment - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
FINANCE LEASE RECEIVABLES (Details) - Schedule of Lease Receivable Net Investment [Line Items] | ||
Net investment in finance leases | £ 1,671 | £ 1,822 |
Not later than one year [member] | ||
FINANCE LEASE RECEIVABLES (Details) - Schedule of Lease Receivable Net Investment [Line Items] | ||
Net investment in finance leases | 406 | 303 |
Later than one year and not later than two years [member] | ||
FINANCE LEASE RECEIVABLES (Details) - Schedule of Lease Receivable Net Investment [Line Items] | ||
Net investment in finance leases | 326 | 407 |
Later than two years and not later than three years [member] | ||
FINANCE LEASE RECEIVABLES (Details) - Schedule of Lease Receivable Net Investment [Line Items] | ||
Net investment in finance leases | 130 | 353 |
Later than three years and not later than four years [member] | ||
FINANCE LEASE RECEIVABLES (Details) - Schedule of Lease Receivable Net Investment [Line Items] | ||
Net investment in finance leases | 103 | 154 |
Later than four years and not later than five years [member] | ||
FINANCE LEASE RECEIVABLES (Details) - Schedule of Lease Receivable Net Investment [Line Items] | ||
Net investment in finance leases | 171 | 130 |
Later than five years [member] | ||
FINANCE LEASE RECEIVABLES (Details) - Schedule of Lease Receivable Net Investment [Line Items] | ||
Net investment in finance leases | £ 535 | £ 475 |
ALLOWANCE FOR IMPAIRMENT LOSS_3
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Drawn balance [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) [Line Items] | ||
£ (598) | £ (493) | |
Undrawn balances [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) [Line Items] | ||
£ (6) | £ 8 |
ALLOWANCE FOR IMPAIRMENT LOSS_4
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | £ 3,455 | £ 3,362 |
In respect of: | ||
Expected credit loss in respect of financial assets at fair value through other comprehensive income | 1 | |
In respect of: | ||
Beginning Balance | 3,362 | |
Impact of transfers between stages | (604) | (485) |
Other items charged to the income statement | (4) | 19 |
Ending Balance | 3,455 | 3,362 |
Loans and Advances to Banks [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 2 | 2 |
Retail - Mortgages [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 568 | 459 |
Other [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 2,691 | 2,691 |
Gross [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 3,259 | 3,150 |
Debt securities [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 3 | 6 |
Financial assets at amortised cost, class [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 3,264 | 3,158 |
Other assets [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 14 | 11 |
Loan commitments and financial guarantees [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 177 | 193 |
Drawn balance [member] | ||
In respect of: | ||
Beginning Balance | 3,169 | 3,260 |
Exchange and other adjustments | 308 | 135 |
Impact of transfers between stages | 598 | 493 |
Other items charged to the income statement | 714 | 531 |
Charge to the income statement | 1,312 | 1,024 |
Advances written off | (1,883) | (1,605) |
Disposal of businesses | (181) | |
Recoveries of advances written off in previous years | 425 | 580 |
Discount unwind | (53) | (44) |
Ending Balance | 3,278 | 3,169 |
Undrawn balances [member] | ||
In respect of: | ||
Beginning Balance | 193 | 273 |
Exchange and other adjustments | (1) | (7) |
Impact of transfers between stages | 6 | (8) |
Other items charged to the income statement | (21) | (65) |
Charge to the income statement | (15) | (73) |
Ending Balance | 177 | 193 |
Retail - Mortgages [Member] | ||
In respect of: | ||
Beginning Balance | 459 | 384 |
Exchange and other adjustments | 283 | 2 |
Impact of transfers between stages | 129 | 74 |
Other items charged to the income statement | (294) | (36) |
Charge to the income statement | (165) | 38 |
Advances written off | (89) | (19) |
Recoveries of advances written off in previous years | 57 | 30 |
Discount unwind | 24 | 24 |
Ending Balance | 569 | 459 |
Impact of transfers between stages [Member] | Drawn balance [member] | ||
In respect of: | ||
Impact of transfers between stages | 598 | 493 |
Impact of transfers between stages [Member] | Undrawn balances [member] | ||
In respect of: | ||
Impact of transfers between stages | 6 | (8) |
Impact of transfers between stages [Member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Impact of transfers between stages | 129 | 74 |
Stage 1 [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 772 | 650 |
In respect of: | ||
Expected credit loss in respect of financial assets at fair value through other comprehensive income | 1 | |
Stage 1 [member] | Loans and Advances to Banks [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 2 | 2 |
Stage 1 [member] | Retail - Mortgages [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 23 | 37 |
Stage 1 [member] | Other [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 652 | 488 |
Stage 1 [member] | Gross [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 675 | 525 |
Stage 1 [member] | Financial assets at amortised cost, class [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 677 | 527 |
Stage 1 [member] | Loan commitments and financial guarantees [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 95 | 123 |
Stage 1 [member] | Drawn balance [member] | ||
In respect of: | ||
Beginning Balance | 527 | 590 |
Exchange and other adjustments | 11 | 2 |
Impact of transfers between stages | (14) | (7) |
Other items charged to the income statement | 153 | (58) |
Charge to the income statement | 139 | (65) |
Ending Balance | 677 | 527 |
Stage 1 [member] | Undrawn balances [member] | ||
In respect of: | ||
Beginning Balance | 123 | 147 |
Exchange and other adjustments | (5) | |
Impact of transfers between stages | (3) | (5) |
Other items charged to the income statement | (25) | (14) |
Charge to the income statement | (28) | (19) |
Ending Balance | 95 | 123 |
Stage 1 [member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Beginning Balance | 37 | 30 |
Impact of transfers between stages | (16) | 18 |
Other items charged to the income statement | 3 | (11) |
Charge to the income statement | (13) | 7 |
Ending Balance | 24 | 37 |
Stage 1 [member] | Stage 1 [member] | Drawn balance [member] | ||
In respect of: | ||
Impact of transfers between stages | 229 | 304 |
Stage 1 [member] | Stage 1 [member] | Undrawn balances [member] | ||
In respect of: | ||
Impact of transfers between stages | 19 | 28 |
Stage 1 [member] | Stage 1 [member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Impact of transfers between stages | 17 | 72 |
Stage 1 [member] | Stage 2 [member] | Drawn balance [member] | ||
In respect of: | ||
Impact of transfers between stages | (53) | (46) |
Stage 1 [member] | Stage 2 [member] | Undrawn balances [member] | ||
In respect of: | ||
Impact of transfers between stages | (4) | (6) |
Stage 1 [member] | Stage 2 [member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Impact of transfers between stages | (13) | (3) |
Stage 1 [member] | Stage 3 [member] | Drawn balance [member] | ||
In respect of: | ||
Impact of transfers between stages | (15) | (32) |
Stage 1 [member] | Stage 3 [member] | Undrawn balances [member] | ||
In respect of: | ||
Impact of transfers between stages | (1) | (2) |
Stage 1 [member] | Stage 3 [member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Impact of transfers between stages | (5) | (3) |
Stage 1 [member] | Impact of transfers between stages [Member] | Drawn balance [member] | ||
In respect of: | ||
Impact of transfers between stages | (175) | (233) |
Stage 1 [member] | Impact of transfers between stages [Member] | Undrawn balances [member] | ||
In respect of: | ||
Impact of transfers between stages | (17) | (25) |
Stage 1 [member] | Impact of transfers between stages [Member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Impact of transfers between stages | (15) | (48) |
Stage 2 [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 1,072 | 1,058 |
Stage 2 [member] | Retail - Mortgages [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 281 | 226 |
Stage 2 [member] | Other [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 714 | 768 |
Stage 2 [member] | Gross [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 995 | 994 |
Stage 2 [member] | Financial assets at amortised cost, class [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 995 | 994 |
Stage 2 [member] | Loan commitments and financial guarantees [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 77 | 64 |
Stage 2 [member] | Drawn balance [member] | ||
In respect of: | ||
Beginning Balance | 994 | 1,147 |
Exchange and other adjustments | (9) | |
Impact of transfers between stages | 83 | 56 |
Other items charged to the income statement | (73) | (107) |
Charge to the income statement | 10 | (51) |
Disposal of businesses | (102) | |
Ending Balance | 995 | 994 |
Stage 2 [member] | Undrawn balances [member] | ||
In respect of: | ||
Beginning Balance | 64 | 126 |
Exchange and other adjustments | (1) | (14) |
Impact of transfers between stages | 6 | (5) |
Other items charged to the income statement | 8 | (43) |
Charge to the income statement | 14 | (48) |
Ending Balance | 77 | 64 |
Stage 2 [member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Beginning Balance | 226 | 236 |
Exchange and other adjustments | 1 | |
Impact of transfers between stages | 100 | 9 |
Other items charged to the income statement | (45) | (20) |
Charge to the income statement | 55 | (11) |
Ending Balance | 281 | 226 |
Stage 2 [member] | Stage 1 [member] | Drawn balance [member] | ||
In respect of: | ||
Impact of transfers between stages | (222) | (299) |
Stage 2 [member] | Stage 1 [member] | Undrawn balances [member] | ||
In respect of: | ||
Impact of transfers between stages | (19) | (28) |
Stage 2 [member] | Stage 1 [member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Impact of transfers between stages | (17) | (71) |
Stage 2 [member] | Stage 2 [member] | Drawn balance [member] | ||
In respect of: | ||
Impact of transfers between stages | 92 | 85 |
Stage 2 [member] | Stage 2 [member] | Undrawn balances [member] | ||
In respect of: | ||
Impact of transfers between stages | 4 | 6 |
Stage 2 [member] | Stage 2 [member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Impact of transfers between stages | 33 | 15 |
Stage 2 [member] | Stage 3 [member] | Drawn balance [member] | ||
In respect of: | ||
Impact of transfers between stages | (140) | (131) |
Stage 2 [member] | Stage 3 [member] | Undrawn balances [member] | ||
In respect of: | ||
Impact of transfers between stages | (3) | (5) |
Stage 2 [member] | Stage 3 [member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Impact of transfers between stages | (21) | (17) |
Stage 2 [member] | Impact of transfers between stages [Member] | Drawn balance [member] | ||
In respect of: | ||
Impact of transfers between stages | 353 | 401 |
Stage 2 [member] | Impact of transfers between stages [Member] | Undrawn balances [member] | ||
In respect of: | ||
Impact of transfers between stages | 24 | 22 |
Stage 2 [member] | Impact of transfers between stages [Member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Impact of transfers between stages | 105 | 82 |
Stage 3 [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 1,469 | 1,576 |
Stage 3 [member] | Retail - Mortgages [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 122 | 118 |
Stage 3 [member] | Other [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 1,325 | 1,435 |
Stage 3 [member] | Gross [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 1,447 | 1,553 |
Stage 3 [member] | Debt securities [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 3 | 6 |
Stage 3 [member] | Financial assets at amortised cost, class [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 1,450 | 1,559 |
Stage 3 [member] | Other assets [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 14 | 11 |
Stage 3 [member] | Loan commitments and financial guarantees [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 5 | 6 |
Stage 3 [member] | Drawn balance [member] | ||
In respect of: | ||
Beginning Balance | 1,570 | 1,491 |
Exchange and other adjustments | 23 | 133 |
Impact of transfers between stages | 529 | 444 |
Other items charged to the income statement | 827 | 696 |
Charge to the income statement | 1,356 | 1,140 |
Advances written off | (1,829) | (1,605) |
Disposal of businesses | (79) | |
Recoveries of advances written off in previous years | 397 | 553 |
Discount unwind | (53) | (63) |
Ending Balance | 1,464 | 1,570 |
Stage 3 [member] | Undrawn balances [member] | ||
In respect of: | ||
Beginning Balance | 6 | |
Exchange and other adjustments | 12 | |
Impact of transfers between stages | 3 | 2 |
Other items charged to the income statement | (4) | (8) |
Charge to the income statement | (1) | (6) |
Ending Balance | 5 | 6 |
Stage 3 [member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Beginning Balance | 118 | 86 |
Exchange and other adjustments | 1 | |
Impact of transfers between stages | 45 | 47 |
Other items charged to the income statement | (59) | (5) |
Charge to the income statement | (14) | 42 |
Advances written off | (35) | (19) |
Recoveries of advances written off in previous years | 29 | 3 |
Discount unwind | 24 | 5 |
Ending Balance | 122 | 118 |
Stage 3 [member] | Stage 1 [member] | Drawn balance [member] | ||
In respect of: | ||
Impact of transfers between stages | (7) | (5) |
Stage 3 [member] | Stage 1 [member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Impact of transfers between stages | (1) | |
Stage 3 [member] | Stage 2 [member] | Drawn balance [member] | ||
In respect of: | ||
Impact of transfers between stages | (39) | (39) |
Stage 3 [member] | Stage 2 [member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Impact of transfers between stages | (20) | (12) |
Stage 3 [member] | Stage 3 [member] | Drawn balance [member] | ||
In respect of: | ||
Impact of transfers between stages | 155 | 163 |
Stage 3 [member] | Stage 3 [member] | Undrawn balances [member] | ||
In respect of: | ||
Impact of transfers between stages | 4 | 7 |
Stage 3 [member] | Stage 3 [member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Impact of transfers between stages | 26 | 20 |
Stage 3 [member] | Impact of transfers between stages [Member] | Drawn balance [member] | ||
In respect of: | ||
Impact of transfers between stages | 420 | 325 |
Stage 3 [member] | Impact of transfers between stages [Member] | Undrawn balances [member] | ||
In respect of: | ||
Impact of transfers between stages | (1) | (5) |
Stage 3 [member] | Impact of transfers between stages [Member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Impact of transfers between stages | 39 | 40 |
Purchased or originated credit-impaired [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 142 | 78 |
Purchased or originated credit-impaired [member] | Retail - Mortgages [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 142 | 78 |
Purchased or originated credit-impaired [member] | Gross [Member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 142 | 78 |
Purchased or originated credit-impaired [member] | Financial assets at amortised cost, class [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Movement in the Allowance for Impairment Losses [Line Items] | ||
Impairment loss recognised in profit or loss | 142 | 78 |
Purchased or originated credit-impaired [member] | Drawn balance [member] | ||
In respect of: | ||
Beginning Balance | 78 | 32 |
Exchange and other adjustments | 283 | |
Other items charged to the income statement | (193) | |
Charge to the income statement | (193) | |
Advances written off | (54) | |
Recoveries of advances written off in previous years | 28 | 27 |
Discount unwind | 19 | |
Ending Balance | 142 | 78 |
Purchased or originated credit-impaired [member] | Retail - Mortgages [Member] | ||
In respect of: | ||
Beginning Balance | 78 | 32 |
Exchange and other adjustments | 283 | |
Other items charged to the income statement | (193) | |
Charge to the income statement | (193) | |
Advances written off | (54) | |
Recoveries of advances written off in previous years | 28 | 27 |
Discount unwind | 19 | |
Ending Balance | £ 142 | £ 78 |
ALLOWANCE FOR IMPAIRMENT LOSS_5
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Asset Impairment Charges - Accumulated impairment [member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Asset Impairment Charges [Line Items] | ||
Balances | £ 1,296 | £ 937 |
Financial assets at fair value through other comprehensive income | (1) | (14) |
Drawn balance [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Asset Impairment Charges [Line Items] | ||
Balances | 1,312 | 1,024 |
Undrawn balances [member] | ||
ALLOWANCE FOR IMPAIRMENT LOSSES (Details) - Disclosure of Asset Impairment Charges [Line Items] | ||
Balances | £ (15) | £ (73) |
FINANCIAL ASSETS AT FAIR VALU_7
FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (Details) - Schedule of Financial Assets At Fair Value Through Other Comprehensive Income - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt securities: | ||
Government securities | £ 13,098 | £ 18,971 |
Bank and building society certificates of deposit | 118 | |
Asset-backed securities: | ||
Mortgage-backed securities | 121 | 120 |
Other asset-backed securities | 60 | 131 |
Corporate and other debt securities | 11,051 | 5,151 |
24,330 | 24,491 | |
Treasury and other bills | 535 | 303 |
Equity shares | 227 | 21 |
Total financial assets at fair value through other comprehensive income | £ 25,092 | £ 24,815 |
INVESTMENTS IN JOINT VENTURES_3
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of joint ventures [text block] [Abstract] | |||
Unrecognised share of losses of associates | £ 4 | ||
Cumulative unrecognised share of losses of associates | 17 | 17 | 17 |
Cumulative unrecognised share of losses of joint ventures | £ 3 | £ 3 | £ 29 |
INVESTMENTS IN JOINT VENTURES_4
INVESTMENTS IN JOINT VENTURES AND ASSOCIATES (Details) - Schedule of Investments in Joint Ventures and Associates - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Share of income statement amounts: | |||||
Impairment | £ (1,296) | £ (937) | [1] | £ (688) | [1] |
Profit before tax | 4,393 | 5,960 | [1] | 5,625 | [1] |
Share of other comprehensive income | 8 | ||||
Joint ventures [member] | |||||
Share of income statement amounts: | |||||
Income | 66 | 8 | (5) | ||
Expenses | (59) | 1 | |||
Impairment | 7 | ||||
Profit before tax | 7 | 9 | 2 | ||
Share of post-tax results | 7 | 9 | 2 | ||
Share of other comprehensive income | 8 | ||||
Share of total comprehensive income | 7 | 17 | 2 | ||
Share of balance sheet amounts: | |||||
Current assets | 347 | 27 | |||
Non-current assets | 158 | 54 | |||
Current liabilities | (35) | (2) | |||
Non-current liabilities | (177) | ||||
Share of net assets at 31 December | 293 | 79 | 64 | ||
Movement in investments over the year: | |||||
At 1 January | 79 | 64 | |||
Acquisitions | 1 | ||||
Establishment of joint venture (note 23) | 208 | ||||
Additional investments | 12 | ||||
Dividends paid | (2) | (14) | |||
Joint ventures and associates [member] | |||||
Share of income statement amounts: | |||||
Income | 65 | 8 | (1) | ||
Expenses | (59) | 1 | |||
Impairment | 7 | ||||
Profit before tax | 6 | 9 | 6 | ||
Share of post-tax results | 6 | 9 | 6 | ||
Share of other comprehensive income | 8 | ||||
Share of total comprehensive income | 6 | 17 | 6 | ||
Share of balance sheet amounts: | |||||
Current assets | 352 | 42 | |||
Non-current assets | 164 | 71 | |||
Current liabilities | (35) | (22) | |||
Non-current liabilities | (177) | ||||
Share of net assets at 31 December | 304 | 91 | 65 | ||
Movement in investments over the year: | |||||
At 1 January | 91 | 65 | |||
Exchange and other adjustments | 1 | ||||
Acquisitions | 1 | ||||
Establishment of joint venture (note 23) | 208 | ||||
Additional investments | 23 | ||||
Disposals | (1) | ||||
Dividends paid | (2) | (14) | |||
Associates [member] | |||||
Share of income statement amounts: | |||||
Income | (1) | 4 | |||
Profit before tax | (1) | 4 | |||
Share of post-tax results | (1) | 4 | |||
Share of total comprehensive income | (1) | 4 | |||
Share of balance sheet amounts: | |||||
Current assets | 5 | 15 | |||
Non-current assets | 6 | 17 | |||
Current liabilities | (20) | ||||
Share of net assets at 31 December | 11 | 12 | £ 1 | ||
Movement in investments over the year: | |||||
At 1 January | £ 12 | 1 | |||
Exchange and other adjustments | 1 | ||||
Additional investments | 11 | ||||
Disposals | £ (1) | ||||
[1] | Restated, see note 1. |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - GBP (£) £ in Millions | Jan. 01, 2019 | Dec. 31, 2019 | Jul. 01, 2019 |
Zurich Insurance Group [member] | |||
ACQUISITIONS (Details) [Line Items] | |||
Consideration transferred, acquisition-date fair value | £ 20 | ||
Profit (loss) of acquiree since acquisition date | £ 22 | ||
Profit (loss) before tax | 2 | ||
Goodwill recognised as of acquisition date | £ 14 | ||
Scottish Widows Schroder Wealth Holdings Limited [member] | |||
ACQUISITIONS (Details) [Line Items] | |||
Proportion of ownership interests held by non-controlling interests | 49.90% | ||
Fair value of acquired receivables | £ 208 | ||
Proportion of ownership interest in subsidiary | 50.10% | ||
Business Combination, Separately Recognized Transactions, Net Gains and Losses | £ 244 | ||
Onerous contracts provision | 70 | ||
Scottish Widows Schroder Wealth Holdings Limited [member] | UK Wealth Management Business [member] | |||
ACQUISITIONS (Details) [Line Items] | |||
Other tangible or intangible assets transferred | 13,000 | ||
Scottish Widows Schroder Wealth Holdings Limited [member] | Authorised Corporate Director Business [member] | |||
ACQUISITIONS (Details) [Line Items] | |||
Other tangible or intangible assets transferred | £ 12,000 | ||
Schroder Wealth Holdings Limited [member] | |||
ACQUISITIONS (Details) [Line Items] | |||
Percentage of voting equity interests acquired | 19.90% | ||
Fair value of acquired receivables | £ 202 | ||
Assuming change in acquisition date [member] | Zurich Insurance Group [member] | |||
ACQUISITIONS (Details) [Line Items] | |||
Profit (loss) of acquiree since acquisition date | £ 42,374 | ||
Profit (loss) before tax | 4,390 | ||
Increase (decrease) in fair value measurement due to reasonably possible decrease in unobservable input, recognised in profit or loss, after tax, assets | 18 | ||
Increase in fair value measurement due to change in multiple unobservable inputs to reflect reasonably possible alternative assumptions, recognised in profit or loss, before tax, assets | £ (3) |
ACQUISITIONS (Details) - Schedu
ACQUISITIONS (Details) - Schedule of Fair Value of Identifiable Assets and Liabilities Acquired - Business combinations [member] £ in Millions | Jul. 01, 2019GBP (£) |
At book value [member] | |
Assets | |
Financial assets at fair value through profit or loss | £ 7,350 |
Loans and advances to banks | 17 |
Assets arising from reinsurance contracts held | 13,616 |
Other assets | 6 |
Total assets | 20,989 |
Liabilities | |
Liabilities arising from non-participating investment contracts | 20,981 |
Other liabilities | 8 |
Total liabilities | 20,989 |
At fair value [member] | |
Assets | |
Financial assets at fair value through profit or loss | 7,350 |
Loans and advances to banks | 17 |
Value of in-force business | 6 |
Assets arising from reinsurance contracts held | 13,616 |
Other assets | 6 |
Total assets | 20,995 |
Liabilities | |
Liabilities arising from non-participating investment contracts | 20,981 |
Other liabilities | 8 |
Total liabilities | 20,989 |
Provisional fair value of net assets acquired | 6 |
Goodwill arising on acquisition | 14 |
Total consideration | 20 |
Fair value adjustments [member] | |
Assets | |
Value of in-force business | 6 |
Total assets | 6 |
Liabilities | |
Provisional fair value of net assets acquired | £ 6 |
GOODWILL (Details)
GOODWILL (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
GOODWILL (Details) [Line Items] | |||
Goodwill | £ 2,324 | £ 2,310 | £ 2,310 |
Scottish Widows [member] | |||
GOODWILL (Details) [Line Items] | |||
Goodwill | £ 1,836 | £ 1,836 | |
Percentage of entity goodwill | 79.00% | 79.00% | |
MBNA Limited [Member] | |||
GOODWILL (Details) [Line Items] | |||
Goodwill | £ 302 | £ 302 | |
Percentage of entity goodwill | 13.00% | 13.00% | |
Motor Finance [member] | |||
GOODWILL (Details) [Line Items] | |||
Goodwill | £ 170 | £ 170 | |
Percentage of entity goodwill | 7.00% | 7.00% |
GOODWILL (Details) - Schedule o
GOODWILL (Details) - Schedule of Goodwill - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
GOODWILL (Details) - Schedule of Goodwill [Line Items] | |||
Beginning Balance | £ 2,310 | £ 2,310 | |
Acquisition of businesses | 14 | ||
Ending Balance | 2,324 | 2,310 | |
Cost [Member] | |||
GOODWILL (Details) - Schedule of Goodwill [Line Items] | |||
Beginning Balance | [1] | 2,664 | |
Ending Balance | [1] | 2,664 | 2,664 |
Accumulated impairment losses [Member] | |||
GOODWILL (Details) - Schedule of Goodwill [Line Items] | |||
Beginning Balance | (354) | ||
Ending Balance | £ (340) | £ (354) | |
[1] | For acquisitions made prior to 1 January 2004, the date of transition to IFRS, cost is included net of amounts amortised up to 31 December 2003. |
VALUE OF IN-FORCE BUSINESS (Det
VALUE OF IN-FORCE BUSINESS (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
VALUE OF IN-FORCE BUSINESS (Details) [Line Items] | ||
Estimated Illiquidity Premium | 0.91% | 1.28% |
OEIC [member] | ||
VALUE OF IN-FORCE BUSINESS (Details) [Line Items] | ||
AcquiredValueOfNonParticipatingInvestmentContract | £ 150 | £ 167 |
VALUE OF IN-FORCE BUSINESS (D_2
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Range of Yields and Other Key Assumptions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Bottom of range [member] | Value of In-Force Non-Annuity Business [Member] | |||
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Range of Yields and Other Key Assumptions [Line Items] | |||
Risk-free rate | [1] | 0.00% | 0.00% |
Bottom of range [member] | Value of In-Force Annuity Business [Member] | |||
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Range of Yields and Other Key Assumptions [Line Items] | |||
Risk-free rate | [1] | 0.91% | 1.28% |
Bottom of range [member] | Financial Options and Guarantees [Member] | |||
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Range of Yields and Other Key Assumptions [Line Items] | |||
Risk-free rate | [1] | 0.00% | 0.00% |
Top of range [member] | Value of In-Force Non-Annuity Business [Member] | |||
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Range of Yields and Other Key Assumptions [Line Items] | |||
Risk-free rate | [1] | 3.90% | 4.05% |
Top of range [member] | Value of In-Force Annuity Business [Member] | |||
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Range of Yields and Other Key Assumptions [Line Items] | |||
Risk-free rate | [1] | 4.81% | 5.33% |
Top of range [member] | Financial Options and Guarantees [Member] | |||
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Range of Yields and Other Key Assumptions [Line Items] | |||
Risk-free rate | [1] | 3.90% | 4.05% |
Retail Price [Member] | |||
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Range of Yields and Other Key Assumptions [Line Items] | |||
Inflation | 3.11% | 3.43% | |
Expense [Member] | |||
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Range of Yields and Other Key Assumptions [Line Items] | |||
Inflation | 3.41% | 3.75% | |
[1] | All risk-free rates are quoted as the range of rates implied by the relevant forward swap curve. |
VALUE OF IN-FORCE BUSINESS (D_3
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Value of In-Force Business - In-Force [Member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Value of In-Force Business [Line Items] | ||
Acquired value of in-force non-participating investment contracts | £ 247 | £ 271 |
Value of in-force insurance and investment contracts | 5,311 | 4,491 |
Total value of in-force business | £ 5,558 | £ 4,762 |
VALUE OF IN-FORCE BUSINESS (D_4
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Acquired Value of In-Force Non-Participating Investment Contracts - Life and Annuity Insurance Product Line [Member] - In-Force [Member] - Nonparticipating Life Insurance Contract [Member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Acquired Value of In-Force Non-Participating Investment Contracts [Line Items] | ||
Beginning Balance | £ 271 | £ 306 |
Acquisition of business | 6 | 5 |
Amortisation taken to income statement (note 11) | (30) | (40) |
Ending Balance | £ 247 | £ 271 |
VALUE OF IN-FORCE BUSINESS (D_5
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Value of In-Force Insurance and Participating Investment Contracts - Life and Annuity Insurance Product Line [Member] - Participating Life Insurance Contract [Member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
VALUE OF IN-FORCE BUSINESS (Details) - Schedule of Value of In-Force Insurance and Participating Investment Contracts [Line Items] | ||
Beginning Balance | £ 4,491 | £ 4,533 |
Exchange and other adjustments | (5) | 13 |
Movements in the year: | ||
Movements in the year | 825 | (55) |
Existing business: | ||
Ending Balance | 5,311 | 4,491 |
New business [Member] | ||
Movements in the year: | ||
Movements in the year | 696 | 675 |
Expected return [Member] | ||
Movements in the year: | ||
Movements in the year | (274) | (304) |
Experience variances [Member] | ||
Movements in the year: | ||
Movements in the year | (43) | (122) |
Assumption changes [Member] | ||
Movements in the year: | ||
Movements in the year | 102 | (67) |
Economic variance [Member] | ||
Movements in the year: | ||
Movements in the year | £ 344 | £ (237) |
OTHER INTANGIBLE ASSETS (Detail
OTHER INTANGIBLE ASSETS (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of intangible assets [text block] [Abstract] | ||
Brand names | £ 380 | £ 380 |
Remaining amortisation period of intangible assets material to entity | 8 years |
OTHER INTANGIBLE ASSETS (Deta_2
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | £ 3,347 | |
End Balance | 3,808 | £ 3,347 |
Brand names [member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 380 | |
End Balance | 380 | 380 |
Purchased Credit Card Relationships [Member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 591 | |
End Balance | 521 | 591 |
Computer software [member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 2,376 | |
End Balance | 2,907 | 2,376 |
Cost [Member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 8,837 | 7,861 |
Additions | 1,033 | 1,046 |
Disposals | (10) | (70) |
End Balance | 9,864 | 8,837 |
Exchange and other adjustments | 4 | |
Cost [Member] | Brand names [member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 596 | 596 |
End Balance | 596 | 596 |
Cost [Member] | Core Deposit Intangible [Member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 2,770 | 2,770 |
End Balance | 2,770 | 2,770 |
Cost [Member] | Purchased Credit Card Relationships [Member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 1,002 | 1,017 |
Disposals | (15) | |
End Balance | 1,002 | 1,002 |
Cost [Member] | Customer-related intangible assets [member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 538 | 538 |
End Balance | 538 | 538 |
Cost [Member] | Computer software [member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 3,931 | 2,940 |
Additions | 1,033 | 1,046 |
Disposals | (10) | (55) |
End Balance | 4,958 | 3,931 |
Exchange and other adjustments | 4 | |
Accumulated amortisation [Member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 5,490 | 5,026 |
Charge for the year | 566 | 513 |
Disposals | (4) | (49) |
End Balance | 6,056 | 5,490 |
Exchange and other adjustments | 4 | |
Accumulated amortisation [Member] | Brand names [member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 216 | 193 |
Charge for the year | 23 | |
End Balance | 216 | 216 |
Accumulated amortisation [Member] | Core Deposit Intangible [Member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 2,770 | 2,770 |
End Balance | 2,770 | 2,770 |
Accumulated amortisation [Member] | Purchased Credit Card Relationships [Member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 411 | 355 |
Charge for the year | 70 | 71 |
Disposals | (15) | |
End Balance | 481 | 411 |
Accumulated amortisation [Member] | Customer-related intangible assets [member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 538 | 519 |
Charge for the year | 19 | |
End Balance | 538 | 538 |
Accumulated amortisation [Member] | Computer software [member] | ||
OTHER INTANGIBLE ASSETS (Details) - Schedule of Other Intangible Assets [Line Items] | ||
Beginning Balance | 1,555 | 1,189 |
Charge for the year | 496 | 400 |
Disposals | (4) | (34) |
End Balance | 2,051 | £ 1,555 |
Exchange and other adjustments | £ 4 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of property, plant and equipment [text block] [Abstract] | ||
Rental income | £ 191 | £ 197 |
Direct operating expense from investment property generating rental income | 32 | 23 |
Capital expenditure contracted for but not recognised | £ 7 | £ 33 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment - GBP (£) £ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | £ 12,300 | |||
Ending Balance | 13,104 | £ 12,300 | ||
Expenditure on investment properties (see below) | 73 | 143 | ||
Change in fair value of investment properties (note 7) | 108 | (139) | £ (230) | |
Investment property [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 3,770 | |||
Ending Balance | 3,553 | 3,770 | ||
Buildings [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 1,000 | |||
Ending Balance | 979 | 1,000 | ||
Other property, plant and equipment [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 2,709 | |||
Ending Balance | 2,464 | 2,709 | ||
Property, plant and equipment subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 4,821 | |||
Ending Balance | 4,439 | 4,821 | ||
Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | [1] | |||
Ending Balance | [1] | 1,669 | ||
Gross carrying amount [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 18,463 | |||
Ending Balance | 18,578 | 18,463 | ||
Exchange and other adjustments | 20 | |||
Additions | 2,532 | |||
Expenditure on investment properties (see below) | 73 | |||
Change in fair value of investment properties (note 7) | (108) | |||
Disposals | (2,402) | |||
Gross carrying amount [member] | Previously stated [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 16,747 | 17,086 | ||
Ending Balance | 16,747 | 17,086 | ||
Exchange and other adjustments | 5 | |||
Additions | 2,346 | |||
Expenditure on investment properties (see below) | 143 | |||
Change in fair value of investment properties (note 7) | 139 | |||
Disposals | (2,972) | |||
Gross carrying amount [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Adjustment on adoption of IFRS 16 (note 55) | 1,716 | |||
Gross carrying amount [member] | Investment property [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 3,770 | |||
Ending Balance | 3,553 | 3,770 | ||
Exchange and other adjustments | 16 | |||
Expenditure on investment properties (see below) | 73 | |||
Change in fair value of investment properties (note 7) | (108) | |||
Disposals | (198) | |||
Gross carrying amount [member] | Investment property [member] | Previously stated [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 3,770 | 3,699 | ||
Ending Balance | 3,770 | 3,699 | ||
Expenditure on investment properties (see below) | 143 | |||
Change in fair value of investment properties (note 7) | 139 | |||
Disposals | (211) | |||
Gross carrying amount [member] | Buildings [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 1,216 | |||
Ending Balance | 1,095 | 1,216 | ||
Exchange and other adjustments | 3 | |||
Additions | 121 | |||
Disposals | (245) | |||
Gross carrying amount [member] | Buildings [member] | Previously stated [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 1,216 | 1,791 | ||
Ending Balance | 1,216 | 1,791 | ||
Additions | 72 | |||
Disposals | (647) | |||
Gross carrying amount [member] | Other property, plant and equipment [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 5,007 | |||
Ending Balance | 5,296 | 5,007 | ||
Exchange and other adjustments | 5 | |||
Additions | 522 | |||
Disposals | (238) | |||
Gross carrying amount [member] | Other property, plant and equipment [member] | Previously stated [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 5,007 | 5,068 | ||
Ending Balance | 5,007 | 5,068 | ||
Exchange and other adjustments | (6) | |||
Additions | 519 | |||
Disposals | (574) | |||
Gross carrying amount [member] | Property, plant and equipment subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 6,754 | |||
Ending Balance | 6,749 | 6,754 | ||
Exchange and other adjustments | (4) | |||
Additions | 1,693 | |||
Disposals | (1,694) | |||
Gross carrying amount [member] | Property, plant and equipment subject to operating leases [member] | Previously stated [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 6,754 | 6,528 | ||
Ending Balance | 6,754 | 6,528 | ||
Exchange and other adjustments | 11 | |||
Additions | 1,755 | |||
Disposals | (1,540) | |||
Gross carrying amount [member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | [1] | 1,716 | ||
Ending Balance | [1] | 1,885 | 1,716 | |
Exchange and other adjustments | [1] | |||
Additions | [1] | 196 | ||
Expenditure on investment properties (see below) | [1] | |||
Change in fair value of investment properties (note 7) | [1] | |||
Disposals | [1] | (27) | ||
Gross carrying amount [member] | Right-of-use assets [member] | Increase (decrease) due to changes in accounting policy [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Adjustment on adoption of IFRS 16 (note 55) | [1] | 1,716 | ||
Accumulated depreciation, amortisation and impairment [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 4,447 | 4,359 | ||
Ending Balance | 5,474 | 4,447 | 4,359 | |
Exchange and other adjustments | (36) | (1) | ||
Depreciation charge for the year | 2,064 | 1,852 | ||
Disposals | (1,001) | (1,763) | ||
Accumulated depreciation, amortisation and impairment [member] | Buildings [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 216 | 728 | ||
Ending Balance | 116 | 216 | 728 | |
Exchange and other adjustments | 1 | |||
Depreciation charge for the year | 125 | 121 | ||
Disposals | (225) | (634) | ||
Accumulated depreciation, amortisation and impairment [member] | Other property, plant and equipment [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 2,298 | 2,125 | ||
Ending Balance | 2,832 | 2,298 | 2,125 | |
Exchange and other adjustments | (1) | (8) | ||
Depreciation charge for the year | 715 | 715 | ||
Disposals | (180) | (534) | ||
Accumulated depreciation, amortisation and impairment [member] | Property, plant and equipment subject to operating leases [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Beginning Balance | 1,933 | 1,506 | ||
Ending Balance | 2,310 | 1,933 | £ 1,506 | |
Exchange and other adjustments | (36) | 6 | ||
Depreciation charge for the year | 1,008 | 1,016 | ||
Disposals | (595) | £ (595) | ||
Accumulated depreciation, amortisation and impairment [member] | Right-of-use assets [member] | ||||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Property, Plant and Equipment [Line Items] | ||||
Ending Balance | [1] | 216 | ||
Exchange and other adjustments | [1] | 1 | ||
Depreciation charge for the year | [1] | 216 | ||
Disposals | [1] | £ (1) | ||
[1] | Primarily premises. |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Expenditure on Investment Properties - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Expenditure on Investment Properties [Abstract] | ||
Acquisitions of new properties | £ 21 | £ 81 |
Additional expenditure on existing properties | 52 | 62 |
Expenditure on investment properties | £ 73 | £ 143 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Future Minimum Rentals Receivable under Non-Cancellable Operating Leases - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Future Minimum Rentals Receivable under Non-Cancellable Operating Leases [Line Items] | ||
Future minimum rentals receivable | £ 2,026 | £ 2,257 |
Not later than one year [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Future Minimum Rentals Receivable under Non-Cancellable Operating Leases [Line Items] | ||
Future minimum rentals receivable | 978 | 1,095 |
Later than one year and not later than two years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Future Minimum Rentals Receivable under Non-Cancellable Operating Leases [Line Items] | ||
Future minimum rentals receivable | 620 | 681 |
Later than two years and not later than three years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Future Minimum Rentals Receivable under Non-Cancellable Operating Leases [Line Items] | ||
Future minimum rentals receivable | 312 | 332 |
Later than three years and not later than four years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Future Minimum Rentals Receivable under Non-Cancellable Operating Leases [Line Items] | ||
Future minimum rentals receivable | 102 | 113 |
Later than four years and not later than five years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Future Minimum Rentals Receivable under Non-Cancellable Operating Leases [Line Items] | ||
Future minimum rentals receivable | 12 | 30 |
Later than five years [member] | ||
PROPERTY, PLANT AND EQUIPMENT (Details) - Schedule of Future Minimum Rentals Receivable under Non-Cancellable Operating Leases [Line Items] | ||
Future minimum rentals receivable | £ 2 | £ 6 |
OTHER ASSETS (Details) - Schedu
OTHER ASSETS (Details) - Schedule of Other Assets - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Other Assets [Abstract] | ||
Deferred acquisition and origination costs | £ 83 | £ 90 |
Settlement balances | 654 | 743 |
Other assets and prepayments | 3,737 | 3,742 |
Total other assets | £ 4,474 | £ 4,575 |
FINANCIAL LIABILITIES AT FAIR_3
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Trading And Other Financial Liabilities At Fair Value Through Profit Or Loss [Abstract] | ||
Amount Contractually Payable On Debt Securities Held At Fair Value Through Profit Or Loss | £ 14,365 | £ 15,435 |
Difference Between The Balance Sheet Carrying Value And Amount Contractually Payable On Debt Securities Held At Fair Value Through Profit Or Loss | 6,834 | 8,350 |
Increase (decrease) in fair value measurement, liabilities | 33 | |
Increase (decrease) in fair value of financial liability, attributable to changes in credit risk of liability | £ 419 | £ (533) |
FINANCIAL LIABILITIES AT FAIR_4
FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (Details) - Schedule of Trading and Other Financial Liabilities and Fair Value Through Profit or Loss - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Trading and Other Financial Liabilities and Fair Value Through Profit or Loss [Abstract] | ||
Debt securities in issue | £ 7,531 | £ 7,085 |
Other | 11 | |
7,531 | 7,096 | |
Trading liabilities: | ||
Liabilities in respect of securities sold under repurchase agreements | 11,048 | 21,595 |
Other deposits | 98 | 242 |
Short positions in securities | 2,809 | 1,614 |
13,955 | 23,451 | |
Financial liabilities at fair value through profit or loss | £ 21,486 | £ 30,547 |
DEBT SECURITIES IN ISSUE (Detai
DEBT SECURITIES IN ISSUE (Details) - Schedule of Debt Securities in Issue - Before IFRS 9 impairment adjustments [member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
DEBT SECURITIES IN ISSUE (Details) - Schedule of Debt Securities in Issue [Line Items] | ||
Medium-term notes issued | £ 41,291 | £ 37,490 |
Covered bonds (note 31) | 29,821 | 28,194 |
Certificates of deposit issued | 10,598 | 12,020 |
Securitisation notes (note 31) | 7,288 | 5,426 |
Commercial paper | 8,691 | 8,038 |
Total debt securities in issue | £ 97,689 | £ 91,168 |
SECURITISATIONS AND COVERED B_3
SECURITISATIONS AND COVERED BONDS (Details) - Securitisation programme [Member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
SECURITISATIONS AND COVERED BONDS (Details) [Line Items] | ||
Securitisation Notes At Fair Value Through Profit Or Loss | £ 47 | £ 53 |
Cash Deposits Held Restricted In Use To Securitisation And Covered Bonds | 4,703 | 4,102 |
Maximum exposure to loss from interests in structured entities | £ 56 | £ 88 |
SECURITISATIONS AND COVERED B_4
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Securities lending [member] | Securitisation programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | £ 42,545 | £ 41,674 | |
Securities lending [member] | Covered bond programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 39,131 | 36,802 | |
Securities lending [member] | Covered bond programme [Member] | Residential mortgage-backed [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 37,579 | 34,963 | |
Securities lending [member] | Covered bond programme [Member] | Social housing loan-backed [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 1,552 | 1,839 | |
Securities lending [member] | UK residential mortgages [Member] | Securitisation programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 25,815 | 25,018 | |
Securities lending [member] | Commercial loans [Member] | Securitisation programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 5,116 | 5,746 | |
Securities lending [member] | Credit Card Receivable [Member] | Securitisation programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 8,164 | 8,060 | |
Securities lending [member] | Motor Vehicle Finance [Member] | Securitisation programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 3,450 | 2,850 | |
Notes in issue [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 37,156 | 33,673 | |
Notes in issue [Member] | Securitisation programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 38,771 | 37,180 | |
Notes in issue [Member] | Covered bond programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 29,921 | 28,894 | |
Notes in issue [Member] | Covered bond programme [Member] | Residential mortgage-backed [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 29,321 | 27,694 | |
Notes in issue [Member] | Covered bond programme [Member] | Social housing loan-backed [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 600 | 1,200 | |
Notes in issue [Member] | UK residential mortgages [Member] | Securitisation programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 23,505 | 22,485 | |
Notes in issue [Member] | Commercial loans [Member] | Securitisation programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 6,037 | 6,577 | |
Notes in issue [Member] | Credit Card Receivable [Member] | Securitisation programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 5,767 | 5,263 | |
Notes in issue [Member] | Motor Vehicle Finance [Member] | Securitisation programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | 3,462 | 2,855 | |
Notes in issue [Member] | Less held by the group [Member] | Securitisation programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | (31,436) | (31,701) | |
Notes in issue [Member] | Less held by the group [Member] | Covered bond programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | (100) | (700) | |
Notes in issue [Member] | Net securitisation programmes [Member] | Securitisation programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | [1] | 7,335 | 5,479 |
Notes in issue [Member] | Net covered bond programmes [Member] | Covered bond programme [Member] | |||
SECURITISATIONS AND COVERED BONDS (Details) - Schedule of Securitisation and Covered Bond Programmes [Line Items] | |||
Securitisation and covered bond programmes | £ 29,821 | £ 28,194 | |
[1] | Includes 47 million (2018: 53 million) of securitisation notes held at fair value through profit or loss. |
LIABILITIES ARISING FROM INSU_3
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) [Line Items] | ||
Provisions | £ 319 | £ 329 |
Changes in expenses assumptions [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) [Line Items] | ||
Actuarial gains (losses) arising from changes in financial assumptions, net defined benefit liability (asset) | (208) | |
Participating Life Insurance Contract [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) [Line Items] | ||
Adjustments for increase (decrease) in other liabilities | 32 | |
Participating Life Insurance Contract [Member] | Change in persistency assumptions [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) [Line Items] | ||
Actuarial gains (losses) arising from changes in financial assumptions, net defined benefit liability (asset) | (67) | |
Participating Life Insurance Contract [Member] | Change in current and future mortality and morbidity rates [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) [Line Items] | ||
Actuarial gains (losses) arising from changes in financial assumptions, net defined benefit liability (asset) | 164 | |
Scottish Widows [member] | Participating investment contracts [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) [Line Items] | ||
Additional Costs Of Providing Guaranteed Benefits | £ 2,600 | |
Scottish Widows [member] | Participating Life Insurance Contract [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) [Line Items] | ||
Additional Costs Of Providing Guaranteed Benefits | 2,500 | |
With-profit fund [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) [Line Items] | ||
Percent of distributed profits | 90.00% | |
Non-profit fund [Member] | Participating investment contracts [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) [Line Items] | ||
Provisions | £ 64 | |
Non-profit fund [Member] | Participating Life Insurance Contract [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) [Line Items] | ||
Provisions | 39 | |
Current year [Member] | Participating investment contracts [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) [Line Items] | ||
Adjustments for increase (decrease) in other current liabilities | 335 | |
Adjustments for increase (decrease) in other liabilities | £ 48 | |
Current year [Member] | Participating Life Insurance Contract [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) [Line Items] | ||
Adjustments for increase (decrease) in other current liabilities | £ 367 |
LIABILITIES ARISING FROM INSU_4
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts - Insurance Contracts and Participating Investment Contracts [Member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | £ 110,720 | £ 98,145 | |
Gross amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | 111,449 | 98,874 | |
Reinsurer's share of amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | [1] | (729) | (729) |
Life insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | 110,160 | 97,562 | |
Life insurance contracts [member] | Gross amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | 110,875 | 98,278 | |
Life insurance contracts [member] | Reinsurer's share of amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | [1] | (715) | (716) |
Life insurance contracts [member] | Types of insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | 96,097 | 83,650 | |
Life insurance contracts [member] | Types of insurance contracts [member] | Gross amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | 96,812 | 84,366 | |
Life insurance contracts [member] | Types of insurance contracts [member] | Reinsurer's share of amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | [1] | (715) | (716) |
Life insurance contracts [member] | Participating investment contracts [Member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | 14,063 | 13,912 | |
Life insurance contracts [member] | Participating investment contracts [Member] | Gross amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | 14,063 | 13,912 | |
Life insurance contracts [member] | Participating investment contracts [Member] | Reinsurer's share of amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | [1] | ||
Non-life insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | 560 | 583 | |
Non-life insurance contracts [member] | Gross amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | 574 | 596 | |
Non-life insurance contracts [member] | Reinsurer's share of amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | [1] | (14) | (13) |
Non-life insurance contracts [member] | Unearned premiums [Member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | 319 | 329 | |
Non-life insurance contracts [member] | Unearned premiums [Member] | Gross amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | 333 | 342 | |
Non-life insurance contracts [member] | Unearned premiums [Member] | Reinsurer's share of amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | [1] | (14) | (13) |
Non-life insurance contracts [member] | Claims outstanding [Member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | 241 | 254 | |
Non-life insurance contracts [member] | Claims outstanding [Member] | Gross amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | 241 | 254 | |
Non-life insurance contracts [member] | Claims outstanding [Member] | Reinsurer's share of amount arising from insurance contracts [member] | |||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Contracts [Line Items] | |||
Insurance contract and participating investment contract liabilities | [1] | ||
[1] | Reinsurance balances are reported within assets. |
LIABILITIES ARISING FROM INSU_5
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Life Insurance and Participating Contract Liabilities - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Types of insurance contracts [member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Life Insurance and Participating Contract Liabilities [Line Items] | ||
Beginning Balance | £ 84,366 | £ 86,949 |
New business | 5,684 | 5,476 |
Changes in existing business | 6,798 | (8,072) |
Change in liabilities charged to the income statement (note 10) | 12,482 | (2,596) |
Exchange and other adjustments | (36) | 13 |
Ending Balance | 96,812 | 84,366 |
Participating investment contracts [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Life Insurance and Participating Contract Liabilities [Line Items] | ||
Beginning Balance | 13,912 | 15,881 |
New business | 37 | 31 |
Changes in existing business | 114 | (2,000) |
Change in liabilities charged to the income statement (note 10) | 151 | (1,969) |
Ending Balance | 14,063 | 13,912 |
Gross amount arising from insurance contracts [member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Life Insurance and Participating Contract Liabilities [Line Items] | ||
Beginning Balance | 98,278 | 102,830 |
New business | 5,721 | 5,507 |
Changes in existing business | 6,912 | (10,072) |
Change in liabilities charged to the income statement (note 10) | 12,633 | (4,565) |
Exchange and other adjustments | (36) | 13 |
Ending Balance | 110,875 | 98,278 |
Reinsurer's share of amount arising from insurance contracts [member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Life Insurance and Participating Contract Liabilities [Line Items] | ||
Beginning Balance | (716) | (563) |
New business | (45) | (42) |
Changes in existing business | 46 | (111) |
Change in liabilities charged to the income statement (note 10) | 1 | (153) |
Ending Balance | (715) | (716) |
Net amount arising from insurance contracts [member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Life Insurance and Participating Contract Liabilities [Line Items] | ||
Beginning Balance | 97,562 | 102,267 |
New business | 5,676 | 5,465 |
Changes in existing business | 6,958 | (10,183) |
Change in liabilities charged to the income statement (note 10) | 12,634 | (4,718) |
Exchange and other adjustments | (36) | 13 |
Ending Balance | £ 110,160 | £ 97,562 |
LIABILITIES ARISING FROM INSU_6
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Liabilities for Insurance Contracts and Participating Investment Contracts - Discounted cash flow [member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Liabilities for Insurance Contracts and Participating Investment Contracts [Line Items] | ||
Insurance contracts | £ 96,812 | £ 84,366 |
Participating investment contracts | 14,063 | 13,912 |
Total | 110,875 | 98,278 |
With-profit fund [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Liabilities for Insurance Contracts and Participating Investment Contracts [Line Items] | ||
Insurance contracts | 8,018 | 7,851 |
Participating investment contracts | 7,222 | 7,438 |
Total | 15,240 | 15,289 |
Non-profit fund [Member] | ||
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Liabilities for Insurance Contracts and Participating Investment Contracts [Line Items] | ||
Insurance contracts | 88,794 | 76,515 |
Participating investment contracts | 6,841 | 6,474 |
Total | £ 95,635 | £ 82,989 |
LIABILITIES ARISING FROM INSU_7
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Provisions for Unearned Premiums - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Provisions for unearned premiums | ||
Gross provision at 1 January | £ 342 | £ 358 |
Change in provision for unearned premiums charged to income statement | (9) | (16) |
Gross provision at 31 December | 333 | 342 |
Reinsurers’ share | (14) | (13) |
Net provision at 31 December | 319 | 329 |
Increase [Member] | ||
Provisions for unearned premiums | ||
Change in the year | 663 | 681 |
Release [Member] | ||
Provisions for unearned premiums | ||
Change in the year | £ (672) | £ (697) |
LIABILITIES ARISING FROM INSU_8
LIABILITIES ARISING FROM INSURANCE CONTRACTS AND PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Insurance Claims Outstanding - Not expired at year end [Member] - Participating Life Insurance Contract [Member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Claims outstanding | |||
Gross claims outstanding at 1 January | £ 254 | £ 225 | |
Cash paid for claims settled in the year | (300) | (306) | |
Increase/(decrease) in liabilities charged to the income statement | [1] | 287 | 335 |
(13) | 29 | ||
Gross claims outstanding at 31 December | 241 | 254 | |
Net claims outstanding at 31 December | 241 | 254 | |
Notified claims | 128 | 170 | |
Incurred but not reported | £ 113 | £ 84 | |
[1] | Of which an increase of 335 million (2018: 367 million) was in respect of current year claims and a decrease of 48 million (2018: a decrease of 32 million) was in respect of prior year claims. |
LIFE INSURANCE SENSITIVITY AN_3
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) | Dec. 31, 2019 |
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) [Line Items] | |
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate | 90.00% |
Maintenance and investment expenses expected rate | 90.00% |
Adjustment To Risk-Free Rate | (0.25%) |
Guaranteed annuity option take up expected rate | 5.00% |
Long-Duration Contracts, Assumptions by Product and Guarantee, Volatility Rate | 1.00% |
Credit default spreads | 0.25% |
Allowance for illiquid premia | 0.10% |
Value of In-Force Non-Annuity Business [Member] | |
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) [Line Items] | |
Actuarial assumption of mortality rates | 95 |
Value of In-Force Annuity Business [Member] | |
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) [Line Items] | |
Actuarial assumption of mortality rates | 95 |
LIFE INSURANCE SENSITIVITY AN_4
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Non-annuitant mortality and morbidity [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Change in variable | [1] | 5% reduction | |
Annuitant mortality [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Change in variable | [2] | 5% reduction | |
Lapse rates [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Change in variable | [3] | 10% reduction | |
Future maintenance and investment expenses [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Change in variable | [4] | 10% reduction | |
Risk-free rate [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Change in variable | [5] | 0.25% reduction | |
Guaranteed annuity option take up [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Change in variable | [6] | 5% addition | |
Equity investment volatility [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Change in variable | [7] | 1% addition | |
Widening of credit default spreads on corporate bonds [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Change in variable | [8] | 0.25% addition | |
Increase in illiquidity premia [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Change in variable | [9] | 0.10% addition | |
Increase (reduction) in profit before tax [Member] | Non-annuitant mortality and morbidity [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [1] | £ 19 | £ 22 |
Increase (reduction) in profit before tax [Member] | Annuitant mortality [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [2] | (293) | (234) |
Increase (reduction) in profit before tax [Member] | Lapse rates [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [3] | 107 | 89 |
Increase (reduction) in profit before tax [Member] | Future maintenance and investment expenses [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [4] | 299 | 262 |
Increase (reduction) in profit before tax [Member] | Risk-free rate [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [5] | 33 | 76 |
Increase (reduction) in profit before tax [Member] | Guaranteed annuity option take up [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [6] | (1) | (3) |
Increase (reduction) in profit before tax [Member] | Equity investment volatility [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [7] | (2) | (5) |
Increase (reduction) in profit before tax [Member] | Widening of credit default spreads on corporate bonds [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [8] | (424) | (364) |
Increase (reduction) in profit before tax [Member] | Increase in illiquidity premia [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [9] | 191 | 153 |
Increase (reduction) in equity [Member] | Non-annuitant mortality and morbidity [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [1] | 16 | 18 |
Increase (reduction) in equity [Member] | Annuitant mortality [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [2] | (243) | (194) |
Increase (reduction) in equity [Member] | Lapse rates [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [3] | 89 | 74 |
Increase (reduction) in equity [Member] | Future maintenance and investment expenses [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [4] | 248 | 217 |
Increase (reduction) in equity [Member] | Risk-free rate [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [5] | 28 | 63 |
Increase (reduction) in equity [Member] | Guaranteed annuity option take up [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [6] | (1) | (2) |
Increase (reduction) in equity [Member] | Equity investment volatility [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [7] | (1) | (4) |
Increase (reduction) in equity [Member] | Widening of credit default spreads on corporate bonds [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [8] | (352) | (303) |
Increase (reduction) in equity [Member] | Increase in illiquidity premia [Member] | |||
LIFE INSURANCE SENSITIVITY ANALYSIS (Details) - Schedule of Accounting Estimates and Judgements [Line Items] | |||
Increase (decrease) in accounting estimate | [9] | £ 159 | £ 127 |
[1] | This sensitivity shows the impact of reducing mortality and morbidity rates on non-annuity business to 95 per cent of the expected rate. | ||
[2] | This sensitivity shows the impact on the annuity and deferred annuity business of reducing mortality rates to 95 per cent of the expected rate. | ||
[3] | This sensitivity shows the impact of reducing lapse and surrender rates to 90 per cent of the expected rate. | ||
[4] | This sensitivity shows the impact of reducing maintenance expenses and investment expenses to 90 per cent of the expected rate. | ||
[5] | This sensitivity shows the impact on the value of in-force business, financial options and guarantee costs, statutory reserves and asset values of reducing the risk-free rate by 25 basis points. | ||
[6] | This sensitivity shows the impact of a flat 5 per cent addition to the expected rate. | ||
[7] | This sensitivity shows the impact of a flat 1 per cent addition to the expected rate. | ||
[8] | This sensitivity shows the impact of a 25 basis point increase in credit default spreads on corporate bonds and the corresponding reduction in market values. Swap curves, the risk-free rate and illiquidity premia are all assumed to be unchanged. | ||
[9] | This sensitivity shows the impact of a 10 basis point increase in the allowance for illiquidity premia. It assumes the overall spreads on assets are unchanged and hence market values are unchanged. Swap curves and the non-annuity risk-free rate are both assumed to be unchanged. The increased illiquidity premium increases the annuity risk-free rate. |
LIABILITIES ARISING FROM NON-_3
LIABILITIES ARISING FROM NON-PARTICIPATING INVESTMENT CONTRACTS (Details) - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Nonparticipating Life Insurance Contract [Member] | ||
LIABILITIES ARISING FROM NON-PARTICIPATING INVESTMENT CONTRACTS (Details) [Line Items] | ||
Reinsurance assets | £ 21 | £ 20 |
LIABILITIES ARISING FROM NON-_4
LIABILITIES ARISING FROM NON-PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Liabilities Arising From Non-Participating Investment Contracts - Nonparticipating Life Insurance Contract [Member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
LIABILITIES ARISING FROM NON-PARTICIPATING INVESTMENT CONTRACTS (Details) - Schedule of Liabilities Arising From Non-Participating Investment Contracts [Line Items] | ||
Beginning Balance | £ 13,853 | £ 15,447 |
Acquisition of business (note 23) | 20,981 | |
New business | 1,810 | 668 |
Changes in existing business | 815 | (2,262) |
Ending Balance | £ 37,459 | £ 13,853 |
OTHER LIABILITIES (Details) - S
OTHER LIABILITIES (Details) - Schedule of Other Liabilities - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
OTHER LIABILITIES (Details) - Schedule of Other Liabilities [Line Items] | |||
Lease liabilities | £ 1,844 | £ 46 | |
Total other liabilities | 20,333 | 19,633 | |
Settlement balances [Member] | |||
OTHER LIABILITIES (Details) - Schedule of Other Liabilities [Line Items] | |||
Settlement balances | 760 | 485 | |
Unitholders interest in Open Ended Investment Companies [Member] | |||
OTHER LIABILITIES (Details) - Schedule of Other Liabilities [Line Items] | |||
Unitholders’ interest in Open Ended Investment Companies | [1] | 11,928 | 12,933 |
Unallocated surplus within insurance businesses [Member] | |||
OTHER LIABILITIES (Details) - Schedule of Other Liabilities [Line Items] | |||
Unallocated surplus within insurance businesses | 400 | 382 | |
Other creditors and accruals [Member] | |||
OTHER LIABILITIES (Details) - Schedule of Other Liabilities [Line Items] | |||
Other creditors and accruals | £ 5,401 | £ 5,787 | |
[1] | Where a collective investment vehicle is consolidated the interests of parties other than the Group are reported at fair value in other liabilities. |
OTHER LIABILITIES (Details) -_2
OTHER LIABILITIES (Details) - Schedule of Operating Lease Commitments - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
OTHER LIABILITIES (Details) - Schedule of Operating Lease Commitments [Line Items] | ||
Lease liabilities | £ 1,844 | £ 46 |
Not later than one year [member] | ||
OTHER LIABILITIES (Details) - Schedule of Operating Lease Commitments [Line Items] | ||
Lease liabilities | 241 | 10 |
Later than one year and not later than two years [member] | ||
OTHER LIABILITIES (Details) - Schedule of Operating Lease Commitments [Line Items] | ||
Lease liabilities | 222 | 9 |
Later than two years and not later than three years [member] | ||
OTHER LIABILITIES (Details) - Schedule of Operating Lease Commitments [Line Items] | ||
Lease liabilities | 207 | 7 |
Later than three years and not later than four years [member] | ||
OTHER LIABILITIES (Details) - Schedule of Operating Lease Commitments [Line Items] | ||
Lease liabilities | 170 | 6 |
Later than four years and not later than five years [member] | ||
OTHER LIABILITIES (Details) - Schedule of Operating Lease Commitments [Line Items] | ||
Lease liabilities | 145 | 2 |
Later than five years [member] | ||
OTHER LIABILITIES (Details) - Schedule of Operating Lease Commitments [Line Items] | ||
Lease liabilities | £ 859 | £ 12 |
RETIREMENT BENEFIT OBLIGATION_2
RETIREMENT BENEFIT OBLIGATIONS (Details) - GBP (£) £ in Millions | 12 Months Ended | |||||||||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 28, 2020 | Jun. 30, 2014 | |
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Contributions to plan, net defined benefit liability (asset) | £ (1,200) | £ (1,069) | £ (868) | £ (587) | ||||||
Net defined benefit liability (asset) | £ 550 | £ 1,146 | 509 | |||||||
Actuarial assumption of discount rates | 2.05% | 2.90% | ||||||||
Description of asset-liability matching strategies used by plan or entity to manage risk | Asset-liability matching strategies The main schemes’ assets are invested in a diversified portfolio, consisting primarily of debt securities. The investment strategy is not static and will evolve to reflect the structure of liabilities within the schemes. Specific asset-liability matching strategies for each pension plan are independently determined by the responsible governance body for each scheme and in consultation with the employer. A significant goal of the asset-liability matching strategies adopted by Group schemes is to reduce volatility caused by changes in market expectations of interest rates and inflation. In the main schemes, this is achieved by investing scheme assets in bonds, primarily fixed interest gilts and index linked gilts, and by entering into interest rate and inflation swap arrangements. These investments are structured to take into account the profile of scheme liabilities, and actively managed to reflect both changing market conditions and changes to the liability profile. On 28 January 2020, the main schemes entered into a £10 billion longevity insurance arrangement to hedge around 20 per cent of the schemes’ exposure to unexpected increases in life expectancy. This arrangement will form part of the schemes’ investment portfolio and will provide income to the schemes in the event that pensions are paid out for longer than expected. The transaction is structured as a pass-through with Scottish Widows as the insurer, and onwards reinsurance to Pacific Life Re Limited. At 31 December 2019 the asset-liability matching strategy mitigated around 106 per cent of the liability sensitivity to interest rate movements and around 103 per cent of the liability sensitivity to inflation movements. In addition a small amount of interest rate sensitivity arises through holdings of corporate and other debt securities. | |||||||||
Employer contributions | £ 287 | £ 300 | £ 256 | |||||||
The group's three main schemes [member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Percentage of gross defined benefit pension assets | 94.00% | 94.00% | ||||||||
Aggregated measurement [member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Triennial Funding Valuation, Aggregate Funding Deficit | £ 7,300 | |||||||||
Defined benefit plan funding level | 85.60% | 85.90% | ||||||||
Surplus (deficit) in plan | £ 5,200 | |||||||||
Contributions to plan, net defined benefit liability (asset) | £ 1,305 | £ 1,305 | £ 1,305 | £ 1,287 | £ 798 | £ 618 | ||||
Defined benefit pension schemes [Member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Net defined benefit liability (asset) | 550 | £ 1,146 | ||||||||
Guaranteed Minimum Pension Benefits [Member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Past service cost and gains (losses) arising from settlements, net defined benefit liability (asset) | £ 33 | £ 108 | ||||||||
Minimum [Member] | The group's three main schemes [member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Actuarial assumption of retirement age | 55 years | |||||||||
RPI [Member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Actuarial assumption of expected rates of inflation | 2.94% | 3.20% | ||||||||
CPI [Member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Actuarial assumption of expected rates of inflation | 1.99% | 2.15% | ||||||||
Men [Member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Actuarial assumption of life expectancy after retirement | 27 years 6 months | |||||||||
Women [Member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Actuarial assumption of life expectancy after retirement | 29 years 73 days | |||||||||
Healthcare premiums [Member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Percentage of reasonably possible increase in actuarial assumption | 6.54% | 6.81% | ||||||||
Longevity insurance arrangement [member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Defined Benefit Plan, Estimated Future Retirement Benefits Covered by Insurance Contract, Amount | £ 10,000 | |||||||||
Investment Grade [Member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Defined benefit scheme fair value of scheme assets debt instruments with investment grade | £ 33,134 | £ 29,033 | ||||||||
LLoyds Bank Pension Scheme No 1 and No 2 [Member] | Limited liability partnerships [Member] | Defined benefit pension schemes [Member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Net defined benefit liability (asset) | 6,700 | |||||||||
HBOs Final Salary Pension Scheme [Member] | Limited liability partnerships [Member] | Defined benefit pension schemes [Member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Net defined benefit liability (asset) | £ 4,800 | |||||||||
Contractual Right to Retire Earlier [Member] | Minimum [Member] | The group's three main schemes [member] | ||||||||||
RETIREMENT BENEFIT OBLIGATIONS (Details) [Line Items] | ||||||||||
Actuarial assumption of retirement age | 50 years |
RETIREMENT BENEFIT OBLIGATION_3
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Retirement Benefit Charges to Income Statement - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Charge to the income statement | |||
Defined benefit plans | £ 241 | £ 401 | |
Total charge to the income statement (note 11) | 532 | 705 | £ 625 |
Defined benefit pension schemes [Member] | |||
Charge to the income statement | |||
Defined benefit plans | 241 | 401 | 362 |
Other post-retirement benefit schemes [Member] | |||
Charge to the income statement | |||
Defined benefit plans | 4 | 4 | 7 |
Defined Benefit Schemes [Member] | |||
Charge to the income statement | |||
Defined benefit plans | 245 | 405 | 369 |
Defined contribution pension schemes [Member] | |||
Charge to the income statement | |||
Defined benefit plans | 241 | 401 | 362 |
Defined contribution pension schemes | £ 287 | £ 300 | £ 256 |
RETIREMENT BENEFIT OBLIGATION_4
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Retirement Benefits Recognised in Balance Sheet - Amount Recognized [Member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Retirement Benefits Recognised in Balance Sheet [Line Items] | ||
Retirement benefit assets | £ 681 | £ 1,267 |
Retirement benefit obligations | (257) | (245) |
Total amounts recognised in the balance sheet | £ 424 | £ 1,022 |
RETIREMENT BENEFIT OBLIGATION_5
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Retirement Benefit Total Amounts Recognized in Balance Sheet - Amount Recognized [Member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Retirement Benefit Total Amounts Recognized in Balance Sheet [Line Items] | ||
Defined benefit schemes | £ 424 | £ 1,022 |
Defined benefit pension schemes [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Retirement Benefit Total Amounts Recognized in Balance Sheet [Line Items] | ||
Defined benefit schemes | 550 | 1,146 |
Other post-retirement benefit schemes [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Retirement Benefit Total Amounts Recognized in Balance Sheet [Line Items] | ||
Defined benefit schemes | £ (126) | £ (124) |
RETIREMENT BENEFIT OBLIGATION_6
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Retirement Benefits Amounts Recognized in Balance Sheet - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Retirement Benefits Amounts Recognized in Balance Sheet [Line Items] | ||
Present value of funded obligations | £ (45,241) | £ (41,092) |
Net amount recognised in the balance sheet | 550 | 1,146 |
Net amounts presented in the balance sheet [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Retirement Benefits Amounts Recognized in Balance Sheet [Line Items] | ||
Present value of funded obligations | (45,241) | (41,092) |
Fair value of scheme assets | £ 45,791 | £ 42,238 |
RETIREMENT BENEFIT OBLIGATION_7
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Retirement Benefit Net Amounts Recognized in Balance Sheet - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net amount recognised in the balance sheet | ||
Beginning Balance | £ 1,146 | £ 509 |
Net defined benefit pension charge | (241) | (401) |
Actuarial gains (losses) on defined benefit obligation | (4,958) | 1,707 |
Return on plan assets | 3,531 | (1,558) |
Employer contributions | 1,062 | 863 |
Exchange and other adjustments | 10 | 26 |
Ending Balance | £ 550 | £ 1,146 |
RETIREMENT BENEFIT OBLIGATION_8
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Movements in Defined Benefit Obligation - Movements in the defined benefit obligation [Member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Movements in Defined Benefit Obligation [Line Items] | ||
At 1 January | £ (41,092) | £ (44,384) |
Current service cost | (201) | (261) |
Interest expense | (1,172) | (1,130) |
Remeasurements: | ||
Actuarial losses – experience | (29) | (439) |
Actuarial (losses) gains – demographic assumptions | 471 | (201) |
Actuarial gains (losses) – financial assumptions | (5,400) | 2,347 |
Benefits paid | 2,174 | 3,079 |
Past service cost | (44) | (108) |
Curtailments | (12) | |
Settlements | 17 | 17 |
Exchange and other adjustments | 35 | |
At 31 December | £ (45,241) | £ (41,092) |
RETIREMENT BENEFIT OBLIGATION_9
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Analysis of Defined Benefit Obligations - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Analysis of the defined benefit obligation: | ||
Defined benefit obligation | £ (45,241) | £ (41,092) |
Active members [Member] | ||
Analysis of the defined benefit obligation: | ||
Defined benefit obligation | (6,413) | (6,448) |
Deferred members [Member] | ||
Analysis of the defined benefit obligation: | ||
Defined benefit obligation | (16,058) | (14,208) |
Pensioners [Member] | ||
Analysis of the defined benefit obligation: | ||
Defined benefit obligation | (21,032) | (18,885) |
Dependants [Member] | ||
Analysis of the defined benefit obligation: | ||
Defined benefit obligation | £ (1,738) | £ (1,551) |
RETIREMENT BENEFIT OBLIGATIO_10
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Change in Fair Value of Scheme Assets - Postemployment Retirement Benefits [Member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in the fair value of scheme assets | ||
Beginning Balance | £ 42,238 | £ 44,893 |
Return on plan assets excluding amounts included in interest income | 3,531 | (1,558) |
Interest income | 1,220 | 1,152 |
Employer contributions | 1,062 | 863 |
Benefits paid | (2,174) | (3,079) |
Settlements | (18) | (18) |
Administrative costs paid | (43) | (41) |
Exchange and other adjustments | (25) | 26 |
Ending Balance | £ 45,791 | £ 42,238 |
RETIREMENT BENEFIT OBLIGATIO_11
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Defined Benefit Pension Expense - Defined contribution pension schemes [Member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Defined Benefit Pension Expense [Line Items] | |||
Current service cost | £ 201 | £ 261 | £ 295 |
Net interest amount | (48) | (22) | (1) |
Past service credits and curtailments | 12 | 10 | |
Settlements | 1 | 1 | 3 |
Past service cost – plan amendments | 44 | 108 | 14 |
Plan administration costs incurred during the year | 43 | 41 | 41 |
Total defined benefit pension expense | £ 241 | £ 401 | £ 362 |
RETIREMENT BENEFIT OBLIGATIO_12
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Composition of Scheme Assets - Retirement Scheme Assets [Member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Composition of Scheme Assets [Line Items] | |||
Equity instruments | £ 594 | £ 859 | |
Fixed interest government bonds | [1] | 8,893 | 7,449 |
Index-linked government bonds | [1] | 18,207 | 16,477 |
Corporate and other debt securities | [1] | 10,588 | 8,813 |
Asset-backed securities | [1] | 138 | |
Debt instruments | [1] | 37,688 | 32,877 |
Property | 158 | 556 | |
Pooled investment vehicles | 15,358 | 15,072 | |
Money market instruments, cash, derivatives and other assets and liabilities | (8,007) | (7,126) | |
At 31 December | 45,791 | 42,238 | |
Quoted [Member] | |||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Composition of Scheme Assets [Line Items] | |||
Equity instruments | 555 | 637 | |
Fixed interest government bonds | [1] | 8,893 | 7,449 |
Index-linked government bonds | [1] | 18,207 | 16,477 |
Corporate and other debt securities | [1] | 10,588 | 8,813 |
Asset-backed securities | [1] | 138 | |
Debt instruments | [1] | 37,688 | 32,877 |
Pooled investment vehicles | 4,773 | 4,578 | |
Money market instruments, cash, derivatives and other assets and liabilities | 204 | (283) | |
At 31 December | 43,220 | 37,809 | |
Unquoted [Member] | |||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Composition of Scheme Assets [Line Items] | |||
Equity instruments | 39 | 222 | |
Fixed interest government bonds | [1] | ||
Index-linked government bonds | [1] | ||
Corporate and other debt securities | [1] | ||
Asset-backed securities | [1] | ||
Debt instruments | [1] | ||
Property | 158 | 556 | |
Pooled investment vehicles | 10,585 | 10,494 | |
Money market instruments, cash, derivatives and other assets and liabilities | (8,211) | (6,843) | |
At 31 December | £ 2,571 | £ 4,429 | |
[1] | Of the total debt instruments, 33,134 million (31 December 2018: 29,033 million) were investment grade (credit ratings equal to or better than 'BBB'). |
RETIREMENT BENEFIT OBLIGATIO_13
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Pension Scheme's Pooled Investment Vehicles - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Pension Scheme's Pooled Investment Vehicles [Line Items] | ||
Pooled investment vehicle | £ 15,358 | £ 15,072 |
Equity Funds [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Pension Scheme's Pooled Investment Vehicles [Line Items] | ||
Pooled investment vehicle | 2,429 | 2,329 |
Hedge and mutual funds [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Pension Scheme's Pooled Investment Vehicles [Line Items] | ||
Pooled investment vehicle | 2,886 | 2,487 |
Liquidity funds [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Pension Scheme's Pooled Investment Vehicles [Line Items] | ||
Pooled investment vehicle | 1,126 | 2,329 |
Bond and debt funds [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Pension Scheme's Pooled Investment Vehicles [Line Items] | ||
Pooled investment vehicle | 971 | 313 |
Other [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Pension Scheme's Pooled Investment Vehicles [Line Items] | ||
Pooled investment vehicle | £ 7,946 | £ 7,614 |
RETIREMENT BENEFIT OBLIGATIO_14
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Principal Actuarial and Financial Assumptions Used in Valuation of Defined Benefit Pension Schemes | Dec. 31, 2019 | Dec. 31, 2018 |
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Principal Actuarial and Financial Assumptions Used in Valuation of Defined Benefit Pension Schemes [Line Items] | ||
Discount rate | 2.05% | 2.90% |
Rate of inflation: | ||
Rate of salary increases | 0.00% | 0.00% |
Weighted-average rate of increase for pensions in payment | 2.57% | 2.73% |
RPI [Member] | ||
Rate of inflation: | ||
Price Index | 2.94% | 3.20% |
CPI [Member] | ||
Rate of inflation: | ||
Price Index | 1.99% | 2.15% |
RETIREMENT BENEFIT OBLIGATIO_15
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Benefit Plan Member Life Expectancy | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Men [Member] | On Valuation Date [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Benefit Plan Member Life Expectancy [Line Items] | ||
Members | 27 years 6 months | 27 years 292 days |
Men [Member] | 15 Years After Valuation Date [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Benefit Plan Member Life Expectancy [Line Items] | ||
Members | 28 years 6 months | 28 years 292 days |
Women [Member] | On Valuation Date [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Benefit Plan Member Life Expectancy [Line Items] | ||
Members | 29 years 73 days | 29 years 146 days |
Women [Member] | 15 Years After Valuation Date [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Benefit Plan Member Life Expectancy [Line Items] | ||
Members | 30 years 109 days | 30 years 219 days |
RETIREMENT BENEFIT OBLIGATIO_16
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Possible Alternative Assumptions Used in Valuations of Defined Benefit Pension Schemes - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Increase of 0.1 percent [Member] | Actuarial assumption of expected rates of inflation [member] | |||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Possible Alternative Assumptions Used in Valuations of Defined Benefit Pension Schemes [Line Items] | |||
Increase (decrease) in the income statement charge | [1] | £ 12 | £ 14 |
Increase (decrease) in the net defined benefit pension scheme liability | [1] | 467 | 410 |
Increase of 0.1 percent [Member] | Actuarial assumption of discount rates [member] | |||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Possible Alternative Assumptions Used in Valuations of Defined Benefit Pension Schemes [Line Items] | |||
Increase (decrease) in the income statement charge | [2] | (20) | (27) |
Increase (decrease) in the net defined benefit pension scheme liability | [2] | (763) | (670) |
Decrease of 0.1 percent [Member] | Actuarial assumption of expected rates of inflation [member] | |||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Possible Alternative Assumptions Used in Valuations of Defined Benefit Pension Schemes [Line Items] | |||
Increase (decrease) in the income statement charge | [1] | (12) | (14) |
Increase (decrease) in the net defined benefit pension scheme liability | [1] | (460) | (395) |
Decrease of 0.1 percent [Member] | Actuarial assumption of discount rates [member] | |||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Possible Alternative Assumptions Used in Valuations of Defined Benefit Pension Schemes [Line Items] | |||
Increase (decrease) in the income statement charge | [2] | 21 | 25 |
Increase (decrease) in the net defined benefit pension scheme liability | [2] | 784 | 686 |
Increase of one year [Member] | Actuarial assumption of expected life expectancy of members [Member] | |||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Possible Alternative Assumptions Used in Valuations of Defined Benefit Pension Schemes [Line Items] | |||
Increase (decrease) in the income statement charge | 40 | 43 | |
Increase (decrease) in the net defined benefit pension scheme liability | 1,636 | 1,299 | |
Decrease of one year [Member] | Actuarial assumption of expected life expectancy of members [Member] | |||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Possible Alternative Assumptions Used in Valuations of Defined Benefit Pension Schemes [Line Items] | |||
Increase (decrease) in the income statement charge | (39) | (42) | |
Increase (decrease) in the net defined benefit pension scheme liability | £ (1,575) | £ (1,257) | |
[1] | At 31 December 2019, the assumed rate of RPI inflation is 2.94 per cent and CPI inflation 1.99 per cent (2018: RPI 3.20 per cent and CPI 2.15 per cent). | ||
[2] | At 31 December 2019, the assumed discount rate is 2.05 per cent (2018: 2.90 per cent). |
RETIREMENT BENEFIT OBLIGATIO_17
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Weighted Average Duration of Defined Benefit Pension Obligations | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Weighted Average Duration of Defined Benefit Pension Obligations [Abstract] | ||
Duration of the defined benefit obligation | 18 years | 18 years |
RETIREMENT BENEFIT OBLIGATIO_18
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Maturity Analysis of Benefits Expected To Be Paid - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Paid Within 12 Months [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Maturity Analysis of Benefits Expected To Be Paid [Line Items] | ||
Benefits expected to be paid | £ 1,274 | £ 1,225 |
Paid Between 1 and 2 Years [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Maturity Analysis of Benefits Expected To Be Paid [Line Items] | ||
Benefits expected to be paid | 1,373 | 1,299 |
Paid Between 2 and 5 Years [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Maturity Analysis of Benefits Expected To Be Paid [Line Items] | ||
Benefits expected to be paid | 4,455 | 4,303 |
Paid Between 5 and 10 Years [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Maturity Analysis of Benefits Expected To Be Paid [Line Items] | ||
Benefits expected to be paid | 8,426 | 8,305 |
Paid Between 10 and 15 Years [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Maturity Analysis of Benefits Expected To Be Paid [Line Items] | ||
Benefits expected to be paid | 9,229 | 9,416 |
Paid Between 15 and 25 Years [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Maturity Analysis of Benefits Expected To Be Paid [Line Items] | ||
Benefits expected to be paid | 17,400 | 18,417 |
Paid Between 25 and 35 Years [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Maturity Analysis of Benefits Expected To Be Paid [Line Items] | ||
Benefits expected to be paid | 13,999 | 15,631 |
Paid Between 35 and 45 Years [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Maturity Analysis of Benefits Expected To Be Paid [Line Items] | ||
Benefits expected to be paid | 8,291 | 9,924 |
Paid In More Than 45 Years [Member] | ||
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Maturity Analysis of Benefits Expected To Be Paid [Line Items] | ||
Benefits expected to be paid | £ 3,160 | £ 4,270 |
RETIREMENT BENEFIT OBLIGATIO_19
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Movements in Oher Post-Retirement Benefits Obligation - Other Postretirement Benefits Plan [Member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
RETIREMENT BENEFIT OBLIGATIONS (Details) - Schedule of Movements in Oher Post-Retirement Benefits Obligation [Line Items] | ||
Beginning Balance | £ (124) | £ (144) |
Actuarial (losses) gains | (6) | 18 |
Insurance premiums paid | 7 | 5 |
Charge for the year | (4) | (4) |
Exchange and other adjustments | 1 | 1 |
Ending Balance | £ (126) | £ (124) |
DEFERRED TAX (Details)
DEFERRED TAX (Details) - GBP (£) | Apr. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
DEFERRED TAX (Details) [Line Items] | ||||||
Income Statement, Effect of remeasurement of deferred tax utilisation | £ 6,000,000 | |||||
Other Comphrensive Income, Effect of remeasurement of deferred tax utilisation | £ (5,000,000) | |||||
Write-Off On Capital Tax Losses | 50.00% | |||||
Increase (decrease) in deferred tax expense (income) due to rate regulation | (50,000,000) | |||||
Deferred tax assets | 2,666,000,000 | £ 2,453,000,000 | ||||
Recognised in respect of future tax benefit [member] | ||||||
DEFERRED TAX (Details) [Line Items] | ||||||
Deferred tax assets | 24,000,000 | 90 | ||||
Life assurance [Member] | ||||||
DEFERRED TAX (Details) [Line Items] | ||||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 254,000,000 | 371,000,000 | ||||
UK [Member] | ||||||
DEFERRED TAX (Details) [Line Items] | ||||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 48,000,000 | 78,000,000 | ||||
Current tax expense (income) | 280,000,000 | |||||
Foreign Tax Authority [Member] | ||||||
DEFERRED TAX (Details) [Line Items] | ||||||
Deferred tax assets | 0 | |||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 46,000,000 | 46,000,000 | ||||
20 Years [Member] | Trading Losses [Member] | ||||||
DEFERRED TAX (Details) [Line Items] | ||||||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | £ 35,000,000 | 36,000,000 | ||||
Deferred Tax Assets, Expiration Term | 20 years | |||||
Trading Losses [Member] | Trading Losses [Member] | ||||||
DEFERRED TAX (Details) [Line Items] | ||||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | £ 45,000,000 | 53,000,000 | ||||
UK Corporation Tax [Member] | ||||||
DEFERRED TAX (Details) [Line Items] | ||||||
Applicable tax rate | 19.00% | |||||
Increase (decrease) in deferred tax liability (asset) | 294,000,000 | |||||
Current tax expense (income) | £ 1,389,000,000 | £ 1,280,000,000 | [1] | £ 1,240,000,000 | ||
Current year [Member] | ||||||
DEFERRED TAX (Details) [Line Items] | ||||||
Applicable tax rate | 19.00% | |||||
1 April 2020 [Member] | ||||||
DEFERRED TAX (Details) [Line Items] | ||||||
Applicable tax rate | 17.00% | |||||
[1] | Restated, see note 1. |
DEFERRED TAX (Details) - Schedu
DEFERRED TAX (Details) - Schedule of Statutory Position and Tax Disclosure - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statutory position [Member] | ||
DEFERRED TAX (Details) - Schedule of Statutory Position and Tax Disclosure [Line Items] | ||
Deferred tax assets | £ 2,666 | £ 2,453 |
Deferred tax liabilities | (44) | |
Asset at 31 December | 2,622 | 2,453 |
Tax disclosure [Member] | ||
DEFERRED TAX (Details) - Schedule of Statutory Position and Tax Disclosure [Line Items] | ||
Deferred tax assets | 4,917 | 4,731 |
Deferred tax liabilities | (2,295) | (2,278) |
Asset at 31 December | £ 2,622 | £ 2,453 |
DEFERRED TAX (Details) - Moveme
DEFERRED TAX (Details) - Movements in deferred tax liabilities and assets - Prior to offsetting of balances within same taxing jurisdiction [Member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
DEFERRED TAX (Details) - Movements in deferred tax liabilities and assets [Line Items] | |||
Deferred Tax Assets | £ 4,731 | £ 5,314 | |
Deferred Tax Liabilities | (2,278) | (2,705) | |
(Charge) credit to the income statement | (15) | 192 | |
(Charge) credit to other comprehensive income | (1) | 229 | |
Exchange and other adjustments | (1) | 6 | |
(Charge) credit to the income statement | (11) | (348) | |
(Charge) credit to other comprehensive income | 190 | (230) | |
Other (charge) credit to equity | 7 | (5) | |
Deferred Tax Assets | 4,917 | 4,731 | |
Deferred Tax Liabilities | (2,295) | (2,278) | |
Tax Losses [Member] | |||
DEFERRED TAX (Details) - Movements in deferred tax liabilities and assets [Line Items] | |||
Deferred Tax Assets | 3,778 | 4,034 | |
(Charge) credit to the income statement | (167) | (256) | |
Deferred Tax Assets | 3,611 | 3,778 | |
Property, Plant and Equipment [Member] | |||
DEFERRED TAX (Details) - Movements in deferred tax liabilities and assets [Line Items] | |||
Deferred Tax Assets | 643 | 743 | |
(Charge) credit to the income statement | (1) | (100) | |
Deferred Tax Assets | 642 | 643 | |
Pension defined benefit plans [member] | |||
DEFERRED TAX (Details) - Movements in deferred tax liabilities and assets [Line Items] | |||
Deferred Tax Assets | 62 | 90 | |
(Charge) credit to the income statement | (83) | 64 | |
(Charge) credit to other comprehensive income | 74 | (92) | |
Deferred Tax Assets | 53 | 62 | |
Other provisions [member] | |||
DEFERRED TAX (Details) - Movements in deferred tax liabilities and assets [Line Items] | |||
Deferred Tax Assets | 197 | 380 | |
(Charge) credit to the income statement | (87) | (45) | |
(Charge) credit to other comprehensive income | 116 | (138) | |
Deferred Tax Assets | 226 | 197 | |
Share-based payment arrangements [member] | |||
DEFERRED TAX (Details) - Movements in deferred tax liabilities and assets [Line Items] | |||
Deferred Tax Assets | 40 | 51 | |
(Charge) credit to the income statement | 4 | (6) | |
Other (charge) credit to equity | 7 | (5) | |
Deferred Tax Assets | 51 | 40 | |
Other temporary differences [member] | |||
DEFERRED TAX (Details) - Movements in deferred tax liabilities and assets [Line Items] | |||
Deferred Tax Assets | 11 | 16 | |
Deferred Tax Liabilities | (127) | (140) | |
(Charge) credit to the income statement | (35) | 7 | |
Exchange and other adjustments | (1) | 6 | |
(Charge) credit to the income statement | 174 | (5) | |
Deferred Tax Assets | 185 | 11 | |
Deferred Tax Liabilities | (163) | (127) | |
Derivatives [member] | |||
DEFERRED TAX (Details) - Movements in deferred tax liabilities and assets [Line Items] | |||
Deferred Tax Liabilities | (405) | (499) | |
(Charge) credit to the income statement | (48) | (19) | |
(Charge) credit to other comprehensive income | (148) | 113 | |
(Charge) credit to the income statement | 149 | ||
Deferred Tax Assets | 149 | ||
Deferred Tax Liabilities | (601) | (405) | |
Long-term assurance business [Member] | |||
DEFERRED TAX (Details) - Movements in deferred tax liabilities and assets [Line Items] | |||
Deferred Tax Liabilities | (637) | (799) | |
(Charge) credit to the income statement | (193) | 162 | |
Deferred Tax Liabilities | (830) | (637) | |
Acquisition Fair Value [Member] | |||
DEFERRED TAX (Details) - Movements in deferred tax liabilities and assets [Line Items] | |||
Deferred Tax Liabilities | (737) | (879) | |
(Charge) credit to the income statement | 221 | 142 | |
Deferred Tax Liabilities | (516) | (737) | |
Pension assets [member] | |||
DEFERRED TAX (Details) - Movements in deferred tax liabilities and assets [Line Items] | |||
Deferred Tax Liabilities | (273) | (181) | |
(Charge) credit to the income statement | 59 | (67) | |
(Charge) credit to other comprehensive income | 64 | (25) | |
Deferred Tax Liabilities | (150) | (273) | |
Revaluation of Assets [Member] | |||
DEFERRED TAX (Details) - Movements in deferred tax liabilities and assets [Line Items] | |||
Deferred Tax Liabilities | [1] | (99) | (207) |
(Charge) credit to the income statement | [1] | (19) | (33) |
(Charge) credit to other comprehensive income | [1] | 83 | 141 |
Exchange and other adjustments | [1] | ||
Deferred Tax Liabilities | [1] | £ (35) | £ (99) |
[1] | Financial assets at fair value through other comprehensive income. |
OTHER PROVISIONS (Details)
OTHER PROVISIONS (Details) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) | Dec. 31, 2014GBP (£) | |
OTHER PROVISIONS (Details) [Line Items] | |||
Other provisions | £ 3,323 | £ 3,547 | |
Payments in respect of settlements, reimbursement rights | £ 217 | ||
Restructuring provision | 129 | 191 | |
Payment Protection Insurance [Member] | |||
OTHER PROVISIONS (Details) [Line Items] | |||
Increase (decrease) in other provisions | 2,450 | ||
Total Payment Protection Insurance To Date | 21,875 | ||
Other provisions | 1,578 | ||
Provision used, other provisions | £ 2,201 | ||
Description of Reactive Complaint Sensitivities | For every one per cent increase in PIR conversion rate on the stock as at the industry deadline, the Group would expect an additional charge of approximately £100 million. | ||
Increase (decrease) in exposure to credit risk on loan commitments and financial guarantee contracts | £ 367 | ||
Maximum exposure to credit risk | 240 | ||
Other regulatory provisions [Member] | |||
OTHER PROVISIONS (Details) [Line Items] | |||
Increase (decrease) in other provisions | 445 | ||
Other provisions | 528 | 861 | |
Provision used, other provisions | (778) | ||
Arreas Handling | |||
OTHER PROVISIONS (Details) [Line Items] | |||
Total Arrears Handling To Date | 981 | ||
Arreas Handling | Management Fees and Activities [Member] | |||
OTHER PROVISIONS (Details) [Line Items] | |||
Increase (decrease) in other provisions | 188 | ||
Mis-selling of packaged bank accounts [Member] | |||
OTHER PROVISIONS (Details) [Line Items] | |||
Total Packaged Bank Accounts To Date | 0 | 795 | |
Customer claims in relation to insurance branch business in Germany | |||
OTHER PROVISIONS (Details) [Line Items] | |||
Other provisions | 656 | ||
Indemnities and other matters relating to legacy business disposals [member] | |||
OTHER PROVISIONS (Details) [Line Items] | |||
Other provisions | 118 | £ 122 | |
TSB Banking Group plc [Member] | Relating to the Transitional Service Agreement [Member] | |||
OTHER PROVISIONS (Details) [Line Items] | |||
Other provisions | 117 | ||
Total TSB Various Ongoing Commitments To Date Today | 665 | ||
HBOS [Member] | |||
OTHER PROVISIONS (Details) [Line Items] | |||
Other provisions | £ 35,000 | ||
Impacted Customers | 71 | ||
Percent of accepted offers after compensation assessment | 98.00% | ||
Value of offers after compensation assessment | £ 100 | ||
Value of accepted offers after compensation assessment | 94 | ||
ExGratiaPayments | 9 | ||
Payments in respect of settlements, reimbursement rights | £ 6 | ||
Number of Fraud Victims | 200 | ||
Payments for Legal Settlements | £ 45.5 |
OTHER PROVISIONS (Details) - Sc
OTHER PROVISIONS (Details) - Schedule of Assumptions for Other Provisions £ in Millions | 12 Months Ended |
Dec. 31, 2019GBP (£) | |
Provision for credit commitments [member] | |
OTHER PROVISIONS (Details) - Schedule of Assumptions for Other Provisions [Line Items] | |
Exchange and other adjustments | £ (1) |
Charge for the year | (15) |
Ending Balance | 177 |
Payment Protection Insurance [Member] | |
OTHER PROVISIONS (Details) - Schedule of Assumptions for Other Provisions [Line Items] | |
Exchange and other adjustments | 367 |
Provisions applied | (2,461) |
Charge for the year | 2,450 |
Ending Balance | 1,880 |
Other regulatory provisions [Member] | |
OTHER PROVISIONS (Details) - Schedule of Assumptions for Other Provisions [Line Items] | |
Beginning Balance | 861 |
Provisions applied | (778) |
Charge for the year | 445 |
Ending Balance | 528 |
Vacant leasehold property [Member] | |
OTHER PROVISIONS (Details) - Schedule of Assumptions for Other Provisions [Line Items] | |
Beginning Balance | 872 |
Exchange and other adjustments | (39) |
Provisions applied | (593) |
Charge for the year | 498 |
Ending Balance | 738 |
Miscellaneous other provisions [member] | |
OTHER PROVISIONS (Details) - Schedule of Assumptions for Other Provisions [Line Items] | |
Beginning Balance | 3,450 |
Exchange and other adjustments | 327 |
Provisions applied | (3,832) |
Charge for the year | 3,378 |
Ending Balance | 3,323 |
Previously stated [member] | Provision for credit commitments [member] | |
OTHER PROVISIONS (Details) - Schedule of Assumptions for Other Provisions [Line Items] | |
Beginning Balance | 193 |
Ending Balance | |
Previously stated [member] | Payment Protection Insurance [Member] | |
OTHER PROVISIONS (Details) - Schedule of Assumptions for Other Provisions [Line Items] | |
Beginning Balance | 1,524 |
Ending Balance | |
Previously stated [member] | Other regulatory provisions [Member] | |
OTHER PROVISIONS (Details) - Schedule of Assumptions for Other Provisions [Line Items] | |
Beginning Balance | 861 |
Ending Balance | |
Previously stated [member] | Vacant leasehold property [Member] | |
OTHER PROVISIONS (Details) - Schedule of Assumptions for Other Provisions [Line Items] | |
Beginning Balance | 969 |
Ending Balance | |
Previously stated [member] | Miscellaneous other provisions [member] | |
OTHER PROVISIONS (Details) - Schedule of Assumptions for Other Provisions [Line Items] | |
Beginning Balance | 3,547 |
Ending Balance | |
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Vacant leasehold property [Member] | |
OTHER PROVISIONS (Details) - Schedule of Assumptions for Other Provisions [Line Items] | |
Beginning Balance | (97) |
Ending Balance | |
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | Miscellaneous other provisions [member] | |
OTHER PROVISIONS (Details) - Schedule of Assumptions for Other Provisions [Line Items] | |
Beginning Balance | £ (97) |
Ending Balance |
SUBORDINATED LIABILITIES (Detai
SUBORDINATED LIABILITIES (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of subordinated liabilities [text block] [Abstract] | |||
Expected cash outflow on redemption or repurchase of puttable financial instruments | [1] | £ 818 | £ 2,256 |
[1] | The repurchases and redemptions resulted in cash outflows of 818 million (2018: 2,256 million). |
SUBORDINATED LIABILITIES (Det_2
SUBORDINATED LIABILITIES (Details) - Schedule of Movement in Subordinated Liabilities - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
SUBORDINATED LIABILITIES (Details) - Schedule of Movement in Subordinated Liabilities [Line Items] | |||
Beginning Balance | £ 17,656 | £ 17,922 | |
Issued during the year | 1,729 | ||
Repurchases and redemptions during the year | [1] | (818) | (2,256) |
Foreign exchange movements | (533) | 546 | |
Other movements (all non-cash) | 825 | (285) | |
Ending Balance | 17,130 | 17,656 | |
Preference shares [member] | |||
SUBORDINATED LIABILITIES (Details) - Schedule of Movement in Subordinated Liabilities [Line Items] | |||
Beginning Balance | 803 | 813 | |
Repurchases and redemptions during the year | [1] | (3) | |
Foreign exchange movements | (12) | 18 | |
Other movements (all non-cash) | 114 | (28) | |
Ending Balance | 902 | 803 | |
Preferred securities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Schedule of Movement in Subordinated Liabilities [Line Items] | |||
Beginning Balance | 3,205 | 3,690 | |
Repurchases and redemptions during the year | [1] | (49) | (614) |
Foreign exchange movements | (83) | 131 | |
Other movements (all non-cash) | 152 | (2) | |
Ending Balance | 3,225 | 3,205 | |
Undated subordinated liabilities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Schedule of Movement in Subordinated Liabilities [Line Items] | |||
Beginning Balance | 588 | 565 | |
Repurchases and redemptions during the year | [1] | (53) | |
Foreign exchange movements | (36) | 20 | |
Other movements (all non-cash) | 18 | 3 | |
Ending Balance | 517 | 588 | |
Dated subordinated liabilities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Schedule of Movement in Subordinated Liabilities [Line Items] | |||
Beginning Balance | 13,060 | 12,854 | |
Issued during the year | 1,729 | ||
Repurchases and redemptions during the year | [1] | (713) | (1,642) |
Foreign exchange movements | (402) | 377 | |
Other movements (all non-cash) | 541 | (258) | |
Ending Balance | £ 12,486 | £ 13,060 | |
[1] | The repurchases and redemptions resulted in cash outflows of 818 million (2018: 2,256 million). |
SUBORDINATED LIABILITIES (Det_3
SUBORDINATED LIABILITIES (Details) - Disclosure of Dated Subordinated Liabilities £ in Millions | Dec. 31, 2018GBP (£) |
SUBORDINATED LIABILITIES (Details) - Disclosure of Dated Subordinated Liabilities [Line Items] | |
Dated subordinated liabilities, Issued during 2018 | £ 1,729 |
1.75% Subordinated Fixed Rate Notes 2028 callable 2023 [Member] | |
SUBORDINATED LIABILITIES (Details) - Disclosure of Dated Subordinated Liabilities [Line Items] | |
Dated subordinated liabilities, Issued during 2018 | 664 |
4.344% Subordinated Fixed Rate Notes callable 2048 [Member] | |
SUBORDINATED LIABILITIES (Details) - Disclosure of Dated Subordinated Liabilities [Line Items] | |
Dated subordinated liabilities, Issued during 2018 | £ 1,065 |
SUBORDINATED LIABILITIES (Det_4
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | [1] | £ 818 | £ 2,256 |
Undated subordinated liabilities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | 53 | ||
Dated subordinated liabilities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | 713 | 1,642 | |
Preferred securities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | 614 | ||
13% Step-up Perpetual Capital Securities callable 2019 [Member] | Preferred securities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | 49 | ||
6.5% Undated Subordinated Step-up Notes callable 2019 [Member] | Undated subordinated liabilities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | 1 | ||
7.375% Undated Subordinated Guaranteed Bonds [Member] | Undated subordinated liabilities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | 52 | ||
10.375% Subordinated Fixed to Fixed Rate Notes 2024 callable 2019 [Member] | Dated subordinated liabilities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | 135 | ||
9.375% Subordinated Bonds 2021 [Member] | Dated subordinated liabilities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | 328 | ||
6.375% Subordinated Instruments 2019 [Member] | Dated subordinated liabilities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | 250 | ||
6.461% Guaranteed Non-voting Non-cumulative Perpetual Preferred Securities [Member] | Preferred securities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | 600 | ||
Undated Perpetual Preferred Securities [member] | Preferred securities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | 14 | ||
10.5% Subordinated Bonds callable 2018 [member] | Dated subordinated liabilities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | 150 | ||
6.75% Subordinated Fixed Rate Notes callable 2018 [member] | Dated subordinated liabilities [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | 1,492 | ||
Preference shares [member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | [1] | 3 | |
Preference shares [member] | 6.3673% Non-cumulative Fixed to Floating Rate Preference Shares callable 2019 [Member] | |||
SUBORDINATED LIABILITIES (Details) - Disclosure of Repurchases and Redemptions During the Year [Line Items] | |||
Repurchase and redemptions | £ 3 | ||
[1] | The repurchases and redemptions resulted in cash outflows of 818 million (2018: 2,256 million). |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - £ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Disclosure of issued capital [text block] [Abstract] | |||
Number of shares issued and fully paid | 769,000,000 | 518,000,000 | 776,000,000 |
Proportion of voting rights held by non-controlling interests | 100.00% | ||
Number of shares redesignated as ordinary shares | 80,921,051 | ||
Par Value Of Redesignated Ordinary Shares (in Pounds per share) | £ 0.10 |
SHARE CAPITAL (Details) - Sched
SHARE CAPITAL (Details) - Schedule of Issued and Fully Paid Share Capital - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SHARE CAPITAL (Details) - Schedule of Issued and Fully Paid Share Capital [Line Items] | |||
Beginning Balance | £ 7,116 | £ 7,197 | |
Number of shares, Redesignation to ordinary shares (in Shares) | 80,921,051 | ||
Ending Balance | £ 7,005 | £ 7,116 | £ 7,197 |
Ordinary shares [member] | |||
SHARE CAPITAL (Details) - Schedule of Issued and Fully Paid Share Capital [Line Items] | |||
Number of shares outstanding, Start of Period (in Shares) | 71,163,592,264 | 71,972,949,589 | 71,373,735,357 |
Beginning Balance | £ 7,116 | £ 7,197 | £ 7,138 |
Number of shares, Issued under employee share schemes (in Shares) | 775,882,951 | 768,551,098 | 518,293,181 |
Value of shares, Issued under employee share schemes | £ 78 | £ 77 | £ 51 |
Number of shares, Share buy-back programme (in Shares) | (1,886,917,377) | (1,577,908,423) | |
Value of shares, Share buy-back programme | £ (189) | £ (158) | |
Number of shares, Redesignation of limited voting ordinary shares (in Shares) | 80,921,051 | ||
Value of shares, Redesignation of limited voting ordinary shares | £ 8 | ||
Number of shares outstanding, End of Period (in Shares) | 70,052,557,838 | 71,163,592,264 | 71,972,949,589 |
Ending Balance | £ 7,005 | £ 7,116 | £ 7,197 |
Limited voting [Member] | |||
SHARE CAPITAL (Details) - Schedule of Issued and Fully Paid Share Capital [Line Items] | |||
Number of shares outstanding, Start of Period (in Shares) | 80,921,051 | ||
Beginning Balance | £ 8 | ||
Number of shares, Redesignation to ordinary shares (in Shares) | (80,921,051) | ||
Value of shares, Redesignation to ordinary shares | £ (8) | ||
Number of shares outstanding, End of Period (in Shares) |
SHARE PREMIUM ACCOUNT (Details)
SHARE PREMIUM ACCOUNT (Details) £ in Millions | 12 Months Ended | |
Dec. 31, 2019GBP (£) | ||
Disclosure For Share Premium Account Explanatory [Abstract] | ||
Payments for Repurchase of Redeemable Preferred Stock | £ 3 | [1] |
Redemption Of Preference Shares | £ 3 | |
[1] | During the year ended 31 December 2019, the Company redeemed all of its outstanding 6.3673% Non-cumulative Fixed to Floating Rate Preference Shares at their combined sterling par value of 3 million. These preference shares had been accounted for as subordinated liabilities. On redemption an amount of 3 million was transferred from the distributable merger reserve to the share premium account. |
SHARE PREMIUM ACCOUNT (Detail_2
SHARE PREMIUM ACCOUNT (Details) - Schedule of Share Premium Account - GBP (£) £ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Schedule of Share Premium Account [Abstract] | ||||
Beginning Balance | £ 17,719 | £ 17,634 | £ 17,622 | |
Issued under employee share schemes | 29 | 85 | 12 | |
Redemption of preference shares | [1] | 3 | ||
Ending Balance | £ 17,751 | £ 17,719 | £ 17,634 | |
[1] | During the year ended 31 December 2019, the Company redeemed all of its outstanding 6.3673% Non-cumulative Fixed to Floating Rate Preference Shares at their combined sterling par value of 3 million. These preference shares had been accounted for as subordinated liabilities. On redemption an amount of 3 million was transferred from the distributable merger reserve to the share premium account. |
OTHER RESERVES (Details)
OTHER RESERVES (Details) - Share buy-back programme [member] - GBP (£) £ in Millions, shares in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
OTHER RESERVES (Details) [Line Items] | ||
Stock Repurchased and Retired During Period, Shares (in Shares) | 1,887 | 1,578 |
Stock Repurchased and Retired During Period, Value | £ 1,095 | £ 1,005 |
Capital redemption reserve [member] | ||
OTHER RESERVES (Details) [Line Items] | ||
Credit derivative, nominal amount | £ 189 | £ 158 |
OTHER RESERVES (Details) - Sche
OTHER RESERVES (Details) - Schedule of Other Reserves - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other reserves comprise: | |||
Merger reserve | £ 7,763 | £ 7,766 | £ 7,766 |
Capital redemption reserve | 4,462 | 4,273 | 4,115 |
Revaluation reserve in respect of available-for-sale financial assets | 685 | ||
Cash flow hedging reserve | 1,504 | 1,051 | 1,405 |
Foreign currency translation reserve | (176) | (164) | (156) |
At 31 December | 13,695 | 13,210 | £ 13,815 |
Debt Securities [Member] | |||
Other reserves comprise: | |||
Revaluation reserve held at fair value through other comprehensive income | 123 | 279 | |
Equity Securities [Member] | |||
Other reserves comprise: | |||
Revaluation reserve held at fair value through other comprehensive income | £ 19 | £ 5 |
OTHER RESERVES (Details) - Sc_2
OTHER RESERVES (Details) - Schedule of Merger Reserve - Hedges of net investment in foreign operations [member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Merger reserve | |||
Beginning Balance | £ 7,766 | £ 7,766 | £ 7,766 |
Redemption of preference shares (note 41) | (3) | ||
Ending Balance | £ 7,763 | £ 7,766 | £ 7,766 |
OTHER RESERVES (Details) - Sc_3
OTHER RESERVES (Details) - Schedule of Capital Redemption Reserve - Capital redemption reserve [member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OTHER RESERVES (Details) - Schedule of Capital Redemption Reserve [Line Items] | |||
Beginning Balance | £ 4,273 | £ 4,115 | £ 4,115 |
Shares cancelled under share buyback programmes (see below) | 189 | 158 | |
Ending Balance | £ 4,462 | £ 4,273 | £ 4,115 |
OTHER RESERVES (Details) - Sc_4
OTHER RESERVES (Details) - Schedule of Revaluation Reserve in Respect of Debt Securities - Debt Securities [Member] - Reserve of gains and losses on financial assets measured at fair value through other comprehensive income [member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revaluation reserve in respect of debt securities held at fair value through other comprehensive income | ||
Beginning Balance | £ 279 | £ 472 |
Change in fair value | (30) | (37) |
Deferred tax | 10 | 35 |
(20) | (2) | |
Income statement transfer in respect of disposals (note 9) | (196) | (275) |
Deferred tax | 61 | 84 |
Net Income statement transfers | (135) | (191) |
Impairment recognised in the income statement | (1) | |
Ending Balance | £ 123 | £ 279 |
OTHER RESERVES (Details) - Sc_5
OTHER RESERVES (Details) - Schedule of Revaluation Reserve in Respect of Equity Shares - Equity shares [Member] - Reserve of gains and losses on financial assets measured at fair value through other comprehensive income [member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revaluation reserve in respect of equity shares held at fair value through other comprehensive income | ||
Beginning Balance | £ 5 | £ (49) |
Change in fair value | (97) | |
Deferred tax | 12 | 22 |
12 | (75) | |
Ending Balance | 19 | 5 |
Retained Earnings [Member] | ||
Revaluation reserve in respect of equity shares held at fair value through other comprehensive income | ||
Realised gains and losses transferred to retained profits | 14 | 151 |
Deferred tax | (12) | (22) |
£ 2 | £ 129 |
OTHER RESERVES (Details) - Sc_6
OTHER RESERVES (Details) - Schedule of Movement in Other Reserves - Reserve of gains and losses on remeasuring available-for-sale financial assets [member] £ in Millions | 12 Months Ended |
Dec. 31, 2017GBP (£) | |
Revaluation reserve in respect of available-for-sale financial assets | |
Beginning Balance | £ 759 |
Ending Balance | 685 |
Income statement transfers [Member] | |
Revaluation reserve in respect of available-for-sale financial assets | |
Disposals | (353) |
Financial assets available-for-sale, category [member] | |
Revaluation reserve in respect of available-for-sale financial assets | |
Change in fair value of available-for-sale financial assets | 273 |
Other [Member] | Income statement transfers [Member] | |
Revaluation reserve in respect of available-for-sale financial assets | |
Impairment | 6 |
Pre-Tax [Member] | Income statement transfers [Member] | |
Revaluation reserve in respect of available-for-sale financial assets | |
Disposals | (446) |
Pre-Tax [Member] | Financial assets available-for-sale, category [member] | |
Revaluation reserve in respect of available-for-sale financial assets | |
Change in fair value of available-for-sale financial assets | 303 |
Pre-Tax [Member] | Other [Member] | Income statement transfers [Member] | |
Revaluation reserve in respect of available-for-sale financial assets | |
Impairment | 6 |
Deferred Income Tax Charge [Member] | |
Revaluation reserve in respect of available-for-sale financial assets | |
Change in fair value of available-for-sale financial assets | (26) |
Deferred Income Tax Charge [Member] | Income statement transfers [Member] | |
Revaluation reserve in respect of available-for-sale financial assets | |
Disposals | 93 |
Current Tax [Member] | |
Revaluation reserve in respect of available-for-sale financial assets | |
Change in fair value of available-for-sale financial assets | £ (4) |
OTHER RESERVES (Details) - Sc_7
OTHER RESERVES (Details) - Schedule of Cash Flow Hedging Reserve - Reserve of cash flow hedges [member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flow hedging reserve | |||
Balance | £ 1,051 | £ 1,405 | £ 2,136 |
Change in fair value of hedging derivatives | 906 | 165 | (242) |
Income statement transfers | (453) | (519) | (489) |
Balance | 1,504 | 1,051 | 1,405 |
Pre-Tax [Member] | |||
Cash flow hedging reserve | |||
Change in fair value of hedging derivatives | 1,209 | 234 | (363) |
Income statement transfers | (608) | (701) | (651) |
Deferred Income Tax Charge [Member] | |||
Cash flow hedging reserve | |||
Change in fair value of hedging derivatives | (303) | (69) | 121 |
Income statement transfers | £ 155 | £ 182 | £ 162 |
OTHER RESERVES (Details) - Sc_8
OTHER RESERVES (Details) - Schedule of Foreign Currency Translation Reserve - Reserve of change in value of foreign currency basis spreads [member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Foreign currency translation reserve | |||
Beginning Balance | £ (164) | £ (156) | £ (124) |
Currency translation differences arising in the year | (12) | (8) | (21) |
Foreign currency gains on net investment hedges (tax: £nil) | (11) | ||
Ending Balance | £ (176) | £ (164) | £ (156) |
OTHER RESERVES (Details) - Sc_9
OTHER RESERVES (Details) - Schedule of Foreign Currency Translation Reserve (Parentheticals) | 12 Months Ended |
Dec. 31, 2017GBP (£) | |
Reserve of change in value of foreign currency basis spreads [member] | |
OTHER RESERVES (Details) - Schedule of Foreign Currency Translation Reserve (Parentheticals) [Line Items] | |
Foreign currency gains on net investment hedges tax |
RETAINED PROFITS (Details)
RETAINED PROFITS (Details) - Retained earnings [member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
RETAINED PROFITS (Details) [Line Items] | |||
Income from continuing involvement in derecognised financial assets | £ 3 | ||
Treasury shares | £ 575 | £ 499 | 611 |
Treasury shares held | £ 902 | £ 909 | £ 861 |
RETAINED PROFITS (Details) - Sc
RETAINED PROFITS (Details) - Schedule of Retained Profits - Retained earnings [member] - GBP (£) £ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
RETAINED PROFITS (Details) - Schedule of Retained Profits [Line Items] | |||||||
Beginning Balance | [1] | £ 5,389 | £ 3,976 | ||||
Profit for the year | 2,925 | 4,408 | [1] | ||||
Dividends paid | (2,312) | [2] | (2,240) | [1],[2] | £ (2,284) | ||
Issue costs of other equity instruments (net of tax) (note 44) | (3) | (5) | [1] | ||||
Distributions on other equity instruments | (466) | (433) | [1] | ||||
Share buyback programmes (note 42) | (1,095) | (1,005) | [1] | ||||
Realised gains and losses on equity shares held at fair value through other comprehensive income | (2) | (129) | [1] | ||||
Post-retirement defined benefit scheme remeasurements | (1,117) | 120 | [1] | 482 | |||
Share of other comprehensive income of associates and joint ventures | [1] | 8 | |||||
Gains and losses attributable to own credit risk (net of tax) | [3] | (306) | 389 | [1] | |||
Movement in treasury shares | (3) | 40 | [1] | (411) | |||
Value of employee services: | |||||||
Share option schemes | 71 | 53 | [1] | 82 | |||
Other employee award schemes | 165 | 207 | [1] | 332 | |||
Ending Balance | £ 3,246 | 5,389 | [1] | 3,976 | [1] | ||
Previously stated [member] | |||||||
RETAINED PROFITS (Details) - Schedule of Retained Profits [Line Items] | |||||||
Beginning Balance | [1] | 4,905 | 3,250 | ||||
Profit for the year | [1] | 3,909 | |||||
Dividends paid | [1],[2] | (2,284) | |||||
Issue costs of other equity instruments (net of tax) (note 44) | [1] | ||||||
Distributions on other equity instruments | [1] | (415) | |||||
Share buyback programmes (note 42) | [1] | ||||||
Post-retirement defined benefit scheme remeasurements | [1] | 482 | |||||
Share of other comprehensive income of associates and joint ventures | [1] | ||||||
Gains and losses attributable to own credit risk (net of tax) | [1],[3] | (40) | |||||
Movement in treasury shares | [1] | (411) | |||||
Value of employee services: | |||||||
Share option schemes | [1] | 82 | |||||
Other employee award schemes | [1] | 332 | |||||
Ending Balance | [1] | 4,905 | |||||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||||||
RETAINED PROFITS (Details) - Schedule of Retained Profits [Line Items] | |||||||
Beginning Balance | [1] | £ (929) | |||||
Value of employee services: | |||||||
Ending Balance | [1] | £ (929) | |||||
[1] | Restated, see note 1. | ||||||
[2] | Net of a credit in respect of unclaimed dividends written-back in accordance with the Company's Articles of Association in 2017. | ||||||
[3] | During 2017 the Group derecognised, on redemption, financial liabilities on which cumulative fair value movements relating to own credit of 3 million net of tax, had been recognised directly in retained profits. |
OTHER EQUITY INSTRUMENTS (Detai
OTHER EQUITY INSTRUMENTS (Details) - AT1 Securities [Member] £ in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2019GBP (£) | Dec. 31, 2019USD ($) | |
OTHER EQUITY INSTRUMENTS (Details) [Line Items] | ||
Debt Issuance Costs, Net | £ 3 | |
Repayments of Notes Payable | £ 1,481 | |
Debt Instrument, Convertible, Terms of Conversion Feature | The securities convert into ordinary shares of Lloyds Banking Group plc, at a pre-determined price, should the fully loaded Common Equity Tier 1 ratio of the Group fall below 7.0 per cent. | The securities convert into ordinary shares of Lloyds Banking Group plc, at a pre-determined price, should the fully loaded Common Equity Tier 1 ratio of the Group fall below 7.0 per cent. |
GBP Notes, Issued in 2019 [Member] | ||
OTHER EQUITY INSTRUMENTS (Details) [Line Items] | ||
Issue of equity | £ 500 | |
US Dollar Notes, Issued In 2019 [Member] | ||
OTHER EQUITY INSTRUMENTS (Details) [Line Items] | ||
Issue of equity | £ 396 | $ 500 |
OTHER EQUITY INSTRUMENTS (Det_2
OTHER EQUITY INSTRUMENTS (Details) - Schedule of Other Equity Instruments - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OTHER EQUITY INSTRUMENTS (Details) - Schedule of Other Equity Instruments [Line Items] | |||
Beginning Balance | £ 6,491 | £ 5,355 | £ 5,355 |
Issued in the year: | |||
Notes Issued | 107 | 162 | 63 |
Redemption | (1,481) | ||
Ending Balance | 5,906 | 6,491 | 5,355 |
US Dollar Notes, Issued In 2018 [Member] | |||
Issued in the year: | |||
Notes Issued | £ 1,136 | ||
US Dollar Notes, Issued In 2019 [Member] | |||
Issued in the year: | |||
Notes Issued | 396 | ||
GBP Notes, Issued in 2019 [Member] | |||
Issued in the year: | |||
Notes Issued | £ 500 |
OTHER EQUITY INSTRUMENTS (Det_3
OTHER EQUITY INSTRUMENTS (Details) - Schedule of Other Equity Instruments (Parentheticals) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
US Dollar Notes, Issued In 2018 [Member] | ||
OTHER EQUITY INSTRUMENTS (Details) - Schedule of Other Equity Instruments (Parentheticals) [Line Items] | ||
Notes Issued, Nominal Value | £ 1,500 | |
US Dollar Notes, Issued In 2019 [Member] | ||
OTHER EQUITY INSTRUMENTS (Details) - Schedule of Other Equity Instruments (Parentheticals) [Line Items] | ||
Notes Issued, Nominal Value | £ 500 | |
GBP Notes, Issued in 2019 [Member] | ||
OTHER EQUITY INSTRUMENTS (Details) - Schedule of Other Equity Instruments (Parentheticals) [Line Items] | ||
Notes Issued, Nominal Value | £ 500 |
DIVIDENDS ON ORDINARY SHARES (D
DIVIDENDS ON ORDINARY SHARES (Details) - GBP (£) £ / shares in Units, £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
DIVIDENDS ON ORDINARY SHARES (Details) [Line Items] | |||
Dividends paid, ordinary shares (in Pounds) | £ 2,312 | £ 2,240 | £ 2,288 |
Final dividend [Member] | |||
DIVIDENDS ON ORDINARY SHARES (Details) [Line Items] | |||
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners per share (in Pounds per share) | £ 0.0225 | £ 0.0214 | £ 0.0205 |
Dividends proposed or declared before financial statements authorised for issue but not recognised as distribution to owners (in Pounds) | £ 1,586 | £ 1,523 | £ 1,475 |
Dividends Payable, Date to be Paid | May 27, 2020 | ||
Net of Credit for Unclaimed Dividends [Member] | |||
DIVIDENDS ON ORDINARY SHARES (Details) [Line Items] | |||
Dividends paid, ordinary shares (in Pounds) | £ 2,284 | ||
Lloyds Banking Group Share Incentive Plan [Member] | Waived [Member] | |||
DIVIDENDS ON ORDINARY SHARES (Details) [Line Items] | |||
Number of shares in entity held by entity or by its subsidiaries or associates | 6,508,529 | 5,538,164 | |
HBOS Share Incentive Plan Trust [Member] | Waived [Member] | |||
DIVIDENDS ON ORDINARY SHARES (Details) [Line Items] | |||
Number of shares in entity held by entity or by its subsidiaries or associates | 445,625 | 445,625 | |
Lloyds Banking Group Employee Share Ownernship Trust [Member] | Waived [Member] | |||
DIVIDENDS ON ORDINARY SHARES (Details) [Line Items] | |||
Number of shares in entity held by entity or by its subsidiaries or associates | 11,656,155 | 5,679,119 | |
Lloyds Group Holdings (Jersey) Limited [Member] | Waived rights to all but a nominal amount of one penny [Member] | |||
DIVIDENDS ON ORDINARY SHARES (Details) [Line Items] | |||
Number of shares in entity held by entity or by its subsidiaries or associates | 42,846 |
DIVIDENDS ON ORDINARY SHARES _2
DIVIDENDS ON ORDINARY SHARES (Details) - Schedule of Dividends On Ordinary Shares - GBP (£) £ / shares in Units, £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Recommended by directors at previous year end: | |||
Dividend Per Share | £ 0.0326 | £ 0.0312 | £ 0.0320 |
Total Dividends Paid | £ 2,312 | £ 2,240 | £ 2,288 |
Final dividend [Member] | |||
Recommended by directors at previous year end: | |||
Dividend Per Share | £ 0.0214 | £ 0.0205 | £ 0.0170 |
Total Dividends Paid | £ 1,523 | £ 1,475 | £ 1,212 |
Special dividend [Member] | |||
Recommended by directors at previous year end: | |||
Dividend Per Share | £ 0.0050 | ||
Total Dividends Paid | £ 356 | ||
Interim dividend [Member] | |||
Recommended by directors at previous year end: | |||
Dividend Per Share | £ 0.0112 | £ 0.0107 | £ 0.0100 |
Total Dividends Paid | £ 789 | £ 765 | £ 720 |
SHARE-BASED PAYMENTS (Details)
SHARE-BASED PAYMENTS (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019GBP (£)£ / shares | Dec. 31, 2018GBP (£)£ / shares | |
Save-As-You-Earn [Member] | |||
SHARE-BASED PAYMENTS (Details) [Line Items] | |||
Maximum monthly scheme savings | £ 500 | ||
Time period to use savings | 6 months | ||
Discounted market price of shares | 80.00% | ||
Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise (in Pounds per share) | £ / shares | £ 0.59 | £ 0.67 | |
Weighted average remaining contractual life of outstanding share options | 2 years 80 days | 2 years 58 days | |
Weighted average fair value at measurement date, share options granted | £ 0.10 | £ 0.13 | |
Lloyds Banking Group Executive Share Plan 2003 [Member] | |||
SHARE-BASED PAYMENTS (Details) [Line Items] | |||
Weighted average share price for share options in share-based payment arrangement exercised during period at date of exercise (in Pounds per share) | £ / shares | £ 0.60 | £ 0.65 | |
Weighted average remaining contractual life of outstanding share options | 3 years 292 days | 5 years 73 days | |
Weighted average fair value at measurement date, share options granted | £ 0.59 | £ 0.55 | |
Lloyds Banking Group Long-Term Incentive Plan [Member] | |||
SHARE-BASED PAYMENTS (Details) [Line Items] | |||
Weighted average fair value at measurement date, share options granted | 0.45 | 0.48 | |
CFO Buyout [Member] | |||
SHARE-BASED PAYMENTS (Details) [Line Items] | |||
Weighted average fair value at measurement date, share options granted | £ 0.55 | ||
Number of share options granted in share-based payment arrangement | 4,086,632 | ||
Free Share Awards [Member] | |||
SHARE-BASED PAYMENTS (Details) [Line Items] | |||
Maximum Employer Contribution To Free Shares Scheme | £ 3,600 | ||
Employer Contribution To Free Shares Scheme | £ 200 | £ 200 | |
Number of other equity instruments granted in share-based payment arrangement | 22,422,337 | 21,513,300 | |
Weighted Average Fair Value At Date Of Award Of Shares Awarded To Employees Under Matching Shares Scheme | £ 0.62 | £ 0.67 | |
Matching Shares [Member] | |||
SHARE-BASED PAYMENTS (Details) [Line Items] | |||
Number of other equity instruments granted in share-based payment arrangement | 37,346,812 | 34,174,161 | |
Weighted Average Fair Value At Date Of Award Of Shares Awarded To Employees Under Matching Shares Scheme | £ 0.56 | £ 0.63 | |
Maximum Employer Contribution To Matching Shares Scheme | £ 45 | ||
Bottom of range [member] | Save-As-You-Earn [Member] | |||
SHARE-BASED PAYMENTS (Details) [Line Items] | |||
Contract Term Under Share based Payment Arrangement | 3 years | ||
Fixed Share Awards [Member] | |||
SHARE-BASED PAYMENTS (Details) [Line Items] | |||
Number of other equity instruments granted in share-based payment arrangement | 8,239,332 | 8,965,562 | |
Percent of shares to be released each year | 20.00% | ||
2016 [Member] | Lloyds Banking Group Long-Term Incentive Plan [Member] | |||
SHARE-BASED PAYMENTS (Details) [Line Items] | |||
Awards Vesting Rate | 68.70% | ||
2017 [Member] | Lloyds Banking Group Long-Term Incentive Plan [Member] | |||
SHARE-BASED PAYMENTS (Details) [Line Items] | |||
Awards Vesting Rate | 49.70% |
SHARE-BASED PAYMENTS (Details)
SHARE-BASED PAYMENTS (Details) - Schedule of Charges to the Income Statement - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SHARE-BASED PAYMENTS (Details) - Schedule of Charges to the Income Statement [Line Items] | |||
Deferred bonus plan | £ 261 | £ 325 | £ 313 |
Executive and SAYE plans: | |||
Executive and SAYE plans | 75 | 85 | 98 |
Share plans: | |||
Share plans | 37 | 33 | 26 |
Total charge to the income statement | 373 | 443 | 437 |
Granted in current year [Member] | |||
Executive and SAYE plans: | |||
Executive and SAYE plans | 16 | 14 | 17 |
Share plans: | |||
Share plans | 17 | 16 | 17 |
Granted in prior years [Member] | |||
Executive and SAYE plans: | |||
Executive and SAYE plans | 59 | 71 | 81 |
Share plans: | |||
Share plans | £ 20 | £ 17 | £ 9 |
SHARE-BASED PAYMENTS (Details_2
SHARE-BASED PAYMENTS (Details) - Schedule of Share Options Outstanding | 12 Months Ended | |
Dec. 31, 2019£ / shares | Dec. 31, 2018£ / shares | |
Save-As-You-Earn [Member] | Save-As-You-Earn [Member] | ||
SHARE-BASED PAYMENTS (Details) - Schedule of Share Options Outstanding [Line Items] | ||
Number of options outstanding, Start of Period | 802,994,918 | 860,867,088 |
Weighted Average Exercise Price of options outstanding, Start of Period | £ 0.4930 | £ 0.5134 |
Number of options, Granted | 487,654,212 | 188,866,162 |
Weighted Average Exercise Price, Granted | £ 0.3987 | £ 0.4792 |
Number of options, Exercised | (27,303,963) | (135,721,404) |
Weighted Average Exercise Price, Exercised | £ 0.5123 | £ 0.5900 |
Number of options, Forfeited | (15,830,204) | (22,909,999) |
Weighted Average Exercise Price, Forfeited | £ 0.4869 | £ 0.4985 |
Number of options, Cancelled | (130,068,149) | (78,073,042) |
Weighted Average Exercise Price, Cancelled | £ 0.4903 | £ 0.5066 |
Number of options, Expired | (49,352,741) | (10,033,887) |
Weighted Average Exercise Price, Expired | £ 0.5874 | £ 0.5520 |
Number of options outstanding, End of Period | 1,068,094,073 | 802,994,918 |
Weighted Average Exercise Price of options outstanding, End of Period | £ 0.4455 | £ 0.4930 |
Number of options exercisable, End of Period | 227,139 | 68,378 |
Weighted Average Exercise Price of options exercisable, End of Period | £ 0.6070 | £ 0.6002 |
Lloyds Banking Group Executive Share Plan 2003 [Member] | Lloyds Banking Group Executive Share Plan 2003 [Member] | ||
SHARE-BASED PAYMENTS (Details) - Schedule of Share Options Outstanding [Line Items] | ||
Number of options outstanding, Start of Period | 10,263,028 | 14,523,989 |
Weighted Average Exercise Price of options outstanding, Start of Period | ||
Number of options, Granted | 2,336,171 | 3,914,599 |
Weighted Average Exercise Price, Granted | ||
Number of options, Exercised | (4,455,481) | (6,854,043) |
Weighted Average Exercise Price, Exercised | ||
Number of options, Vested | (69,005) | (148,109) |
Weighted Average Exercise Price, Vested | ||
Number of options, Forfeited | (39,250) | (662,985) |
Weighted Average Exercise Price, Forfeited | ||
Number of options, Expired | (400,825) | (510,423) |
Weighted Average Exercise Price, Expired | ||
Number of options outstanding, End of Period | 7,634,638 | 10,263,028 |
Weighted Average Exercise Price of options outstanding, End of Period | ||
Number of options exercisable, End of Period | 2,683,267 | 3,305,442 |
Weighted Average Exercise Price of options exercisable, End of Period |
SHARE-BASED PAYMENTS (Details_3
SHARE-BASED PAYMENTS (Details) - Schedule of Shares under the Executive Share Ownership Plan - Lloyds Banking Group Executive Share Plan 2006 [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
SHARE-BASED PAYMENTS (Details) - Schedule of Shares under the Executive Share Ownership Plan [Line Items] | ||
Outstanding, Period Start | 417,385,636 | 370,804,915 |
Granted | 174,490,843 | 160,586,201 |
Vested | (88,318,950) | (73,270,301) |
Forfeited | (55,029,439) | (48,108,870) |
Dividend award | 11,376,655 | 7,373,691 |
Outstanding, Period End | 459,904,745 | 417,385,636 |
SHARE-BASED PAYMENTS (Details_4
SHARE-BASED PAYMENTS (Details) - Schedule of Shares under CFO Buyout - CFO Buyout [Member] | 12 Months Ended |
Dec. 31, 2019 | |
SHARE-BASED PAYMENTS (Details) - Schedule of Shares under CFO Buyout [Line Items] | |
Outstanding, Period Start | |
Granted | 4,086,632 |
Exercised | (818,172) |
Outstanding, Period End | 3,268,460 |
SHARE-BASED PAYMENTS (Details_5
SHARE-BASED PAYMENTS (Details) - Schedule of Assumptions Used for Calculating Benefit Plans | 12 Months Ended |
Dec. 31, 2019£ / shares | |
Save-as-you-earn [Member] | |
SHARE-BASED PAYMENTS (Details) - Schedule of Assumptions Used for Calculating Benefit Plans [Line Items] | |
Weighted average risk-free interest rate | 0.36% |
Weighted average expected life | 3 years 73 days |
Weighted average expected volatility | 20.00% |
Weighted average expected dividend yield | 4.00% |
Weighted average share price (in Pounds per share) | £ 0.53 |
Weighted average exercise price (in Pounds per share) | £ 0.40 |
Executive share plan 2003 [Member] | |
SHARE-BASED PAYMENTS (Details) - Schedule of Assumptions Used for Calculating Benefit Plans [Line Items] | |
Weighted average risk-free interest rate | 0.62% |
Weighted average expected life | 1 year 109 days |
Weighted average expected volatility | 23.00% |
Weighted average expected dividend yield | 4.00% |
Weighted average share price (in Pounds per share) | £ 0.62 |
Weighted average exercise price (in Pounds per share) | |
LTIP [Member] | |
SHARE-BASED PAYMENTS (Details) - Schedule of Assumptions Used for Calculating Benefit Plans [Line Items] | |
Weighted average risk-free interest rate | 0.83% |
Weighted average expected life | 3 years 255 days |
Weighted average expected volatility | 27.00% |
Weighted average expected dividend yield | 4.00% |
Weighted average share price (in Pounds per share) | £ 0.63 |
Weighted average exercise price (in Pounds per share) | |
CFO Buyout [Member] | |
SHARE-BASED PAYMENTS (Details) - Schedule of Assumptions Used for Calculating Benefit Plans [Line Items] | |
Weighted average risk-free interest rate | 0.64% |
Weighted average expected life | 1 year 146 days |
Weighted average expected volatility | 19.00% |
Weighted average expected dividend yield | 4.00% |
Weighted average share price (in Pounds per share) | £ 0.58 |
Weighted average exercise price (in Pounds per share) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Key Management Personnel - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
RELATED PARTY TRANSACTIONS (Details) - Key Management Personnel [Line Items] | |||
Borrowings, interest rate | 2.57% | 2.68% | 2.43% |
Deposits from customers | £ 421,320,000 | £ 418,066,000 | |
525110 Pension Funds [Member] | |||
RELATED PARTY TRANSACTIONS (Details) - Key Management Personnel [Line Items] | |||
Deposits from customers | 169,000 | 225,000 | |
Contract liabilities | 127,000 | 79,000 | |
Key management personnel of entity or parent [member] | |||
RELATED PARTY TRANSACTIONS (Details) - Key Management Personnel [Line Items] | |||
Payment for Pension Benefits | £ 50 | ||
Interest rate on deposits | 3.00% | 3.50% | 4.00% |
Key management personnel of entity or parent [member] | Bottom of range [member] | |||
RELATED PARTY TRANSACTIONS (Details) - Key Management Personnel [Line Items] | |||
Borrowings, interest rate | 6.45% | 6.70% | 6.45% |
Key management personnel of entity or parent [member] | Top of range [member] | |||
RELATED PARTY TRANSACTIONS (Details) - Key Management Personnel [Line Items] | |||
Borrowings, interest rate | 24.20% | 24.20% | 23.95% |
Directors and connected persons [member] | |||
RELATED PARTY TRANSACTIONS (Details) - Key Management Personnel [Line Items] | |||
Outstanding commitments made by entity, related party transactions | £ 600 | £ 500 | £ 10 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details) - Collective Investment Vehicles £ in Millions | 12 Months Ended | ||||
Dec. 31, 2019GBP (£) | Dec. 31, 2018GBP (£) | Dec. 31, 2017GBP (£) | [1] | ||
RELATED PARTY TRANSACTIONS (Details) - Collective Investment Vehicles [Line Items] | |||||
Number of investment vehicles | 141 | 131 | |||
Financial assets at fair value through profit or loss | £ 160,189 | £ 158,529 | |||
Fee and commission income | £ 2,756 | £ 2,848 | [1] | £ 2,965 | |
Consolidated [member] | |||||
RELATED PARTY TRANSACTIONS (Details) - Collective Investment Vehicles [Line Items] | |||||
Number of investment vehicles | 75 | 82 | |||
Unconsolidated [member] | |||||
RELATED PARTY TRANSACTIONS (Details) - Collective Investment Vehicles [Line Items] | |||||
Current investments | £ 804 | £ 620 | |||
Money redeemed from disposal of unconsolidated OEICs | 1,771 | 404 | |||
Financial assets at fair value through profit or loss | 3,417 | 2,513 | |||
Fee and commission income | £ 127 | £ 128 | |||
[1] | Restated, see note 1. |
RELATED PARTY TRANSACTIONS (D_3
RELATED PARTY TRANSACTIONS (Details) - Joint Ventures and Associates - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | ||
RELATED PARTY TRANSACTIONS (Details) - Joint Ventures and Associates [Line Items] | |||||
Loans and advances to customers | £ 494,988 | £ 484,858 | |||
Balances on term deposits from customers | 5 | 2 | |||
Assets | 833,893 | 797,598 | |||
Liabilities | 786,087 | 747,399 | |||
Profit (loss) | 3,006 | 4,506 | [1] | £ 3,999 | |
Cash flows from (used in) financing activities | (6,559) | (4,301) | |||
Interest income | 16,861 | 16,349 | [1] | £ 16,006 | |
Outstanding [Member] | |||||
RELATED PARTY TRANSACTIONS (Details) - Joint Ventures and Associates [Line Items] | |||||
Loans and advances to customers | 75 | 57 | |||
Scottish Widows Schroder Wealth Holdings Limited [member] | |||||
RELATED PARTY TRANSACTIONS (Details) - Joint Ventures and Associates [Line Items] | |||||
Assets under Management, Carrying Amount | 12,000 | ||||
Associates [member] | |||||
RELATED PARTY TRANSACTIONS (Details) - Joint Ventures and Associates [Line Items] | |||||
Assets | 4,761 | 4,091 | |||
Liabilities | 5,322 | 4,616 | |||
Turnover | 4,286 | 4,522 | |||
Profit (loss) | 190 | (125) | |||
Cash flows from (used in) financing activities | 1,266 | 1,141 | |||
Interest income | £ 86 | £ 49 | |||
[1] | Restated, see note 1. |
RELATED PARTY TRANSACTIONS (D_4
RELATED PARTY TRANSACTIONS (Details) - Schedule of Compensation of Key Management Personnel - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation | |||
Salaries and other short-term benefits | £ 15 | £ 14 | £ 13 |
Share-based payments | 15 | 18 | 22 |
Total compensation | £ 30 | £ 32 | £ 35 |
RELATED PARTY TRANSACTIONS (D_5
RELATED PARTY TRANSACTIONS (Details) - Aggregate Contributions in Respect of Key Management Personnel to Defined Contribution Pension Schemes - Key management personnel of entity or parent [member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share option plans [Member] | |||
RELATED PARTY TRANSACTIONS (Details) - Aggregate Contributions in Respect of Key Management Personnel to Defined Contribution Pension Schemes [Line Items] | |||
Beginning Balance | £ 1 | £ 3 | |
Exercised/lapsed (includes entitlements of former key management personnel) | (1) | (2) | |
Ending Balance | 1 | ||
Share plans [Member] | |||
RELATED PARTY TRANSACTIONS (Details) - Aggregate Contributions in Respect of Key Management Personnel to Defined Contribution Pension Schemes [Line Items] | |||
Beginning Balance | £ 84 | 82 | 65 |
Granted, including certain adjustments (includes entitlements of appointed key management personnel) | (46) | 39 | 37 |
Exercised/lapsed (includes entitlements of former key management personnel) | (29) | (37) | (20) |
Ending Balance | £ 101 | £ 84 | £ 82 |
RELATED PARTY TRANSACTIONS (D_6
RELATED PARTY TRANSACTIONS (Details) - Schedule of Loan Balances Outstanding - Key management personnel of entity or parent [member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loans | |||
Beginning Balance | £ 2 | £ 2 | £ 4 |
Advanced (includes loans of appointed key management personnel) | 1 | 1 | 1 |
Repayments (includes loans of former key management personnel) | (1) | (1) | (3) |
Ending Balance | £ 2 | £ 2 | £ 2 |
RELATED PARTY TRANSACTIONS (D_7
RELATED PARTY TRANSACTIONS (Details) - Schedule of Deposits - Key management personnel of entity or parent [member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deposits | |||
Deposits | £ 20 | £ 20 | £ 12 |
Placed (includes deposits of appointed key management personnel) | 44 | 33 | 41 |
Withdrawn (includes deposits of former key management personnel) | (41) | (33) | (33) |
Deposits | £ 23 | £ 20 | £ 20 |
CONTINGENT LIABILITIES, COMMI_3
CONTINGENT LIABILITIES, COMMITMENTS, AND GUARANTEES (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2014 | |
CONTINGENT LIABILITIES, COMMITMENTS, AND GUARANTEES (Details) [Line Items] | |||
Payments in respect of settlements, reimbursement rights | £ 217 | ||
Gross loan commitments | £ 133,553 | £ 135,098 | |
Capital commitments | 405 | 378 | |
Amounts Related To Assets To Be Leased Under Operating Leases Signage | 400 | 369 | |
Irrevocable Loan Commitments [Member] | |||
CONTINGENT LIABILITIES, COMMITMENTS, AND GUARANTEES (Details) [Line Items] | |||
Gross loan commitments | 63,504 | £ 64,884 | |
Legal proceedings contingent liability [member] | |||
CONTINGENT LIABILITIES, COMMITMENTS, AND GUARANTEES (Details) [Line Items] | |||
Increase (Decrease) In Current Tax Liability | 800 | ||
Increase (decrease) in deferred tax liability (asset) | £ (250) |
CONTINGENT LIABILITIES, COMMI_4
CONTINGENT LIABILITIES, COMMITMENTS, AND GUARANTEES (Details) - Schedule of Contingent Liabilities - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Contingent liabilities | ||
Contingent liabilities | £ 2,894 | £ 3,251 |
Acceptances and endorsements [Member] | ||
Contingent liabilities | ||
Contingent liabilities | 74 | 194 |
Other items serving as direct credit subsitutes [Member] | ||
Contingent liabilities | ||
Contingent liabilities | 366 | 632 |
Performance bonds and other transaction-related contingencies [Member] | ||
Contingent liabilities | ||
Contingent liabilities | 2,454 | 2,425 |
Other contingent liabilities [member] | ||
Contingent liabilities | ||
Contingent liabilities | £ 2,820 | £ 3,057 |
CONTINGENT LIABILITIES, COMMI_5
CONTINGENT LIABILITIES, COMMITMENTS, AND GUARANTEES (Details) - Schedule of Commitments - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments and guarantees | ||
Commitments | £ 133,553 | £ 135,098 |
Documentary credits and other short-term trade-related transactions [member] | ||
Commitments and guarantees | ||
Commitments | 1 | |
Forward asset purchases and forward deposits placed [member] | ||
Commitments and guarantees | ||
Commitments | 189 | 731 |
Not later than one year [member] | ||
Commitments and guarantees | ||
Commitments | 98,419 | 96,654 |
Not later than one year [member] | Mortgages [member] | ||
Commitments and guarantees | ||
Commitments | 12,684 | 11,594 |
Not later than one year [member] | Other [Member] | ||
Commitments and guarantees | ||
Commitments | 85,735 | 85,060 |
Later than one year [member] | ||
Commitments and guarantees | ||
Commitments | £ 34,945 | £ 37,712 |
STRUCTURED ENTITIES (Details)
STRUCTURED ENTITIES (Details) - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
STRUCTURED ENTITIES (Details) [Line Items] | ||
Loans and advances to customers | £ 494,988 | £ 484,858 |
Asset-backed debt instruments held | 24,330 | 24,491 |
Assets and liabilities held in consolidated collective investment vehicles | 68,724 | 62,648 |
Assets and liabilities held in unconsolidated collective investment vehicles | 38,177 | 26,028 |
Total Asset Value Of Unconsolidated Structured Entities | 2,363,000 | 2,435,000 |
Cancara [Member] | ||
STRUCTURED ENTITIES (Details) [Line Items] | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | 3,735 | 5,122 |
Loans and advances to customers | 3,670 | 5,012 |
Asset-backed debt instruments held | £ 65 | £ 110 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Financial assets, at fair value | £ 211,650 | £ 206,939 |
Financial liabilities, at fair value | 47,265 | 51,920 |
Debt instruments issued | 97,689 | 91,168 |
Adjustments for fair value losses (gains) | £ 419 | 533 |
Description of sensitivity of fair value measurement to changes in unobservable inputs, assets | A one per cent rise in interest rates would lead to a £63 million fall in the overall valuation adjustment to £188 million. | |
Debt Instrument, Interest Rate, Increase (Decrease) | 1.00% | |
Adjustments for gains (losses) on change in fair value of derivatives | £ 80 | 80 |
Financial assets at fair value through profit or loss, category [member] | ||
FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Debt instruments issued | 7,531 | 7,085 |
Derivative financial assets, carried at fair value | 26,369 | 23,595 |
Derivative financial liabilities carried at fair value | 25,779 | £ 21,373 |
Bottom of range [member] | ||
FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Increase (decrease) in valuation adjustment | £ (63) | |
Expected volatility, share options granted | 10.00% | 19.00% |
Top of range [member] | ||
FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Increase (decrease) in valuation adjustment | £ 188 | |
Expected volatility, share options granted | 128.00% | 80.00% |
Excluding Derivatives [Member] | ||
FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Financial assets, at fair value | £ 185,281 | £ 183,344 |
Financial liabilities, at fair value | £ 21,486 | £ 30,547 |
CVA [Member] | ||
FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Description of sensitivity of fair value measurement to changes in unobservable inputs, assets | The combination of a one notch deterioration in the credit rating of derivative counterparties and a ten per cent increase in LGD increases the CVA by £60 million. | |
Increase (decrease) in loss given default | 10.00% | |
Increase (decrease) in valuation adjustment | £ 60 | |
DVA [Member] | ||
FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Description of sensitivity of fair value measurement to changes in unobservable inputs, assets | A one per cent rise in the CDS spread would lead to an increase in the DVA of £99 million. | |
Increase (decrease) in credit default swap | 1.00% | |
DVA [Member] | Bottom of range [member] | ||
FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Increase (decrease) in valuation adjustment | £ 99 | |
Funding Valuation Adjustment [Member] | ||
FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Description of sensitivity of fair value measurement to changes in unobservable inputs, assets | A ten basis points increase in the cost of funds will increase the funding valuation adjustment by approximately £21 million. | |
Increase (decrease) in valuation adjustment | £ 21 | |
Increase (decrease) in cost of funds | 0.10% | |
Residential Mortgage Backed Securities [Member] | Bottom of range [member] | ||
FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Debt Instrument, Term | 2 years | |
Residential Mortgage Backed Securities [Member] | Top of range [member] | ||
FINANCIAL INSTRUMENTS (Details) [Line Items] | ||
Debt Instrument, Term | 5 years |
FINANCIAL INSTRUMENTS (Detail_2
FINANCIAL INSTRUMENTS (Details) - Schedule of Financial Assets and Liabilites - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets | |||
Cash and balances at central banks | £ 55,130 | £ 54,663 | £ 58,521 |
Items in the course of collection from banks | 313 | 647 | |
Financial assets at fair value through profit or loss | 160,189 | 158,529 | |
Derivative financial instruments | 26,369 | 23,595 | |
Loans and advances to banks | 9,775 | 6,283 | 6,611 |
Loans and advances to customers | 494,988 | 484,858 | |
Debt securities | 5,544 | 5,238 | |
Financial assets at amortised cost | 510,307 | 496,379 | |
Financial assets at fair value through other comprehensive income | 25,092 | 24,815 | |
Assets arising from reinsurance contracts held | 23,567 | 7,860 | |
Total financial assets | 800,967 | 766,488 | |
Financial liabilities | |||
Deposits from banks | 28,179 | 30,320 | |
Customer deposits | 421,320 | 418,066 | |
Items in course of transmission to banks | 373 | 636 | |
Financial liabilities at fair value through profit or loss | 21,486 | 30,547 | |
Derivative financial instruments | 25,779 | 21,373 | |
Notes in circulation | 1,079 | 1,104 | |
Debt securities in issue | 97,689 | 91,168 | |
Liabilities arising from insurance contracts and participating investment contracts | 111,449 | 98,874 | |
Liabilities arising from non-participating investment contracts | 37,459 | 13,853 | |
Other | 2,244 | 428 | |
Subordinated liabilities | 17,130 | 17,656 | £ 17,922 |
Total financial liabilities | 764,187 | 724,025 | |
Held at amortised cost [member] | |||
Financial assets | |||
Cash and balances at central banks | 55,130 | 54,663 | |
Items in the course of collection from banks | 313 | 647 | |
Loans and advances to banks | 9,775 | 6,283 | |
Loans and advances to customers | 494,988 | 484,858 | |
Debt securities | 5,544 | 5,238 | |
Financial assets at amortised cost | 510,307 | 496,379 | |
Total financial assets | 565,750 | 551,689 | |
Financial liabilities | |||
Deposits from banks | 28,179 | 30,320 | |
Customer deposits | 421,320 | 418,066 | |
Items in course of transmission to banks | 373 | 636 | |
Notes in circulation | 1,079 | 1,104 | |
Debt securities in issue | 97,689 | 91,168 | |
Other | 1,844 | 46 | |
Subordinated liabilities | 17,130 | 17,656 | |
Total financial liabilities | 567,614 | 558,996 | |
Derivatives designated as hedging instruments [member] | |||
Financial assets | |||
Derivative financial instruments | 1,236 | 1,563 | |
Total financial assets | 1,236 | 1,563 | |
Financial liabilities | |||
Derivative financial instruments | 1,105 | 1,108 | |
Total financial liabilities | 1,105 | 1,108 | |
At fair value through other comprehensive income [member] | |||
Financial assets | |||
Financial assets at fair value through other comprehensive income | 25,092 | 24,815 | |
Total financial assets | 25,092 | 24,815 | |
Insurance contracts [member] | |||
Financial assets | |||
Assets arising from reinsurance contracts held | 23,567 | 7,860 | |
Total financial assets | 23,567 | 7,860 | |
Financial liabilities | |||
Liabilities arising from insurance contracts and participating investment contracts | 111,449 | 98,874 | |
Liabilities arising from non-participating investment contracts | 37,459 | 13,853 | |
Other | 400 | 382 | |
Total financial liabilities | 149,308 | 113,109 | |
Designated at fair value through profit or loss [member] | |||
Financial liabilities | |||
Financial liabilities at fair value through profit or loss | 7,531 | 7,096 | |
Total financial liabilities | 7,531 | 7,096 | |
Mandatorily held at fair value through profit or loss [member] | Held for trading at fair value through profit or loss [member] | |||
Financial assets | |||
Financial assets at fair value through profit or loss | 17,982 | 35,246 | |
Derivative financial instruments | 25,133 | 22,032 | |
Total financial assets | 43,115 | 57,278 | |
Financial liabilities | |||
Financial liabilities at fair value through profit or loss | 13,955 | 23,451 | |
Derivative financial instruments | 24,674 | 20,265 | |
Total financial liabilities | 38,629 | 43,716 | |
Mandatorily held at fair value through profit or loss [member] | Other [Member] | |||
Financial assets | |||
Financial assets at fair value through profit or loss | 142,207 | 123,283 | |
Total financial assets | £ 142,207 | £ 123,283 |
FINANCIAL INSTRUMENTS (Detail_3
FINANCIAL INSTRUMENTS (Details) - Schedule of Financial Assets Excluding Derivatives - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets at fair value through profit or loss, category [member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Financial Assets Excluding Derivatives [Line Items] | ||
Loans and advances to customers | £ 21,076 | £ 37,850 |
Loans and advances to banks | 2,399 | 3,026 |
Debt securities: | ||
Government securities | 18,854 | 18,095 |
Other public sector securities | 2,126 | 2,064 |
Bank and building society certificates of deposit | 984 | 1,105 |
Asset-backed securities: | ||
Mortgage-backed securities | 468 | 225 |
Other asset-backed securities | 258 | 349 |
Corporate and other debt securities | 18,216 | 18,310 |
Debt instruments | 40,906 | 40,148 |
Treasury and other bills | 19 | 20 |
Equity shares | 95,789 | 77,485 |
Total financial assets at fair value through profit or loss | 160,189 | 158,529 |
Financial assets at fair value through other comprehensive income, category [member] | ||
Debt securities: | ||
Government securities | 13,098 | 18,971 |
Bank and building society certificates of deposit | 118 | |
Asset-backed securities: | ||
Mortgage-backed securities | 121 | 120 |
Other asset-backed securities | 60 | 131 |
Corporate and other debt securities | 11,051 | 5,151 |
Debt instruments | 24,330 | 24,491 |
Treasury and other bills | 535 | 303 |
Equity shares | 227 | 21 |
Total financial assets at fair value through other comprehensive income | 25,092 | 24,815 |
Financial Assets, Excluding Derivatives [Member] | ||
Asset-backed securities: | ||
Total financial assets carried at fair value, excluding derivatives | 185,281 | 183,344 |
Level 2 of fair value hierarchy [member] | Financial assets at fair value through profit or loss, category [member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Financial Assets Excluding Derivatives [Line Items] | ||
Loans and advances to customers | 10,164 | 27,285 |
Loans and advances to banks | 2,381 | 3,026 |
Debt securities: | ||
Government securities | 236 | 169 |
Other public sector securities | 2,071 | 2,064 |
Bank and building society certificates of deposit | 932 | 1,021 |
Asset-backed securities: | ||
Mortgage-backed securities | 468 | 219 |
Other asset-backed securities | 158 | 231 |
Corporate and other debt securities | 16,381 | 16,840 |
Debt instruments | 20,246 | 20,544 |
Equity shares | 17 | 26 |
Total financial assets at fair value through profit or loss | 32,808 | 50,881 |
Level 2 of fair value hierarchy [member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Debt securities: | ||
Government securities | 238 | 124 |
Bank and building society certificates of deposit | 118 | |
Asset-backed securities: | ||
Other asset-backed securities | 5 | |
Corporate and other debt securities | 11,035 | 5,119 |
Debt instruments | 11,273 | 5,366 |
Total financial assets at fair value through other comprehensive income | 11,273 | 5,366 |
Level 2 of fair value hierarchy [member] | Financial Assets, Excluding Derivatives [Member] | ||
Asset-backed securities: | ||
Total financial assets carried at fair value, excluding derivatives | 44,081 | 56,247 |
Level 3 of fair value hierarchy [member] | Financial assets at fair value through profit or loss, category [member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Financial Assets Excluding Derivatives [Line Items] | ||
Loans and advances to customers | 10,912 | 10,565 |
Debt securities: | ||
Other public sector securities | 55 | |
Asset-backed securities: | ||
Mortgage-backed securities | 6 | |
Other asset-backed securities | 100 | 118 |
Corporate and other debt securities | 1,835 | 1,470 |
Debt instruments | 1,990 | 1,594 |
Equity shares | 2,006 | 1,758 |
Total financial assets at fair value through profit or loss | 14,908 | 13,917 |
Level 3 of fair value hierarchy [member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Asset-backed securities: | ||
Mortgage-backed securities | 121 | 120 |
Other asset-backed securities | 60 | 126 |
Debt instruments | 181 | 246 |
Equity shares | 227 | 21 |
Total financial assets at fair value through other comprehensive income | 408 | 267 |
Level 3 of fair value hierarchy [member] | Financial Assets, Excluding Derivatives [Member] | ||
Asset-backed securities: | ||
Total financial assets carried at fair value, excluding derivatives | 15,316 | 14,184 |
Level 1 of fair value hierarchy [member] | Financial assets at fair value through profit or loss, category [member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Financial Assets Excluding Derivatives [Line Items] | ||
Loans and advances to banks | 18 | |
Debt securities: | ||
Government securities | 18,618 | 17,926 |
Bank and building society certificates of deposit | 52 | 84 |
Asset-backed securities: | ||
Debt instruments | 18,670 | 18,010 |
Treasury and other bills | 19 | 20 |
Equity shares | 93,766 | 75,701 |
Total financial assets at fair value through profit or loss | 112,473 | 93,731 |
Level 1 of fair value hierarchy [member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Debt securities: | ||
Government securities | 12,860 | 18,847 |
Asset-backed securities: | ||
Corporate and other debt securities | 16 | 32 |
Debt instruments | 12,876 | 18,879 |
Treasury and other bills | 535 | 303 |
Total financial assets at fair value through other comprehensive income | 13,411 | 19,182 |
Level 1 of fair value hierarchy [member] | Financial Assets, Excluding Derivatives [Member] | ||
Asset-backed securities: | ||
Total financial assets carried at fair value, excluding derivatives | £ 125,884 | £ 112,913 |
FINANCIAL INSTRUMENTS (Detail_4
FINANCIAL INSTRUMENTS (Details) - Schedule of Movements in Level 3 Portfolio - Level 3 of fair value hierarchy [member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financial assets at fair value through profit or loss, category [member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Movements in Level 3 Portfolio [Line Items] | ||
Beginning Balance | £ 13,917 | £ 14,152 |
Exchange and other adjustments | (85) | 87 |
Gains recognised in the income statement within other income | 794 | 439 |
Purchases/increases to customer loans | 2,579 | 2,480 |
Sales | (2,807) | (3,593) |
Transfers into the level 3 portfolio | 644 | 815 |
Transfers out of the level 3 portfolio | (134) | (463) |
Ending Balance | 14,908 | 13,917 |
Gains (losses) recognised in the income statement, within other income, relating to the change in fair value of those assets held at 31 December | 269 | (104) |
Financial assets at fair value through other comprehensive income, category [member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Movements in Level 3 Portfolio [Line Items] | ||
Beginning Balance | 267 | 302 |
Exchange and other adjustments | (10) | (2) |
(Losses) gains recognised in other comprehensive income within the revaluation reserve in respect of financial assets at fair value through other comprehensive income | 12 | (4) |
Purchases/increases to customer loans | 207 | 2 |
Sales | (87) | (95) |
Transfers into the level 3 portfolio | 19 | 348 |
Transfers out of the level 3 portfolio | (284) | |
Ending Balance | 408 | 267 |
Financial Assets, Excluding Derivatives [Member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Movements in Level 3 Portfolio [Line Items] | ||
Beginning Balance | 14,184 | 14,454 |
Exchange and other adjustments | (95) | 85 |
Gains recognised in the income statement within other income | 794 | 439 |
(Losses) gains recognised in other comprehensive income within the revaluation reserve in respect of financial assets at fair value through other comprehensive income | 12 | (4) |
Purchases/increases to customer loans | 2,786 | 2,482 |
Sales | (2,894) | (3,688) |
Transfers into the level 3 portfolio | 663 | 1,163 |
Transfers out of the level 3 portfolio | (134) | (747) |
Ending Balance | 15,316 | 14,184 |
Gains (losses) recognised in the income statement, within other income, relating to the change in fair value of those assets held at 31 December | £ 269 | £ (104) |
FINANCIAL INSTRUMENTS (Detail_5
FINANCIAL INSTRUMENTS (Details) - Schedule of Financial Liabilities Excluding Derivatives - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
FINANCIAL INSTRUMENTS (Details) - Schedule of Financial Liabilities Excluding Derivatives [Line Items] | ||
Liabilities designated at fair value through profit or loss | £ 7,531 | £ 7,096 |
Trading liabilities: | ||
Trading Liabilities | 13,955 | 23,451 |
Total financial liabilities carried at fair value, excluding derivatives | 21,486 | 30,547 |
Securities Sold under Agreements to Repurchase [Member] | ||
Trading liabilities: | ||
Trading Liabilities | 11,048 | 21,595 |
Deposits [Member] | ||
Trading liabilities: | ||
Trading Liabilities | 98 | 242 |
Short [Member] | ||
Trading liabilities: | ||
Trading Liabilities | 2,809 | 1,614 |
Level 1 of fair value hierarchy [member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Financial Liabilities Excluding Derivatives [Line Items] | ||
Liabilities designated at fair value through profit or loss | ||
Trading liabilities: | ||
Trading Liabilities | 2,781 | 1,464 |
Total financial liabilities carried at fair value, excluding derivatives | 2,781 | 1,464 |
Level 1 of fair value hierarchy [member] | Short [Member] | ||
Trading liabilities: | ||
Trading Liabilities | 2,781 | 1,464 |
Level 2 of fair value hierarchy [member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Financial Liabilities Excluding Derivatives [Line Items] | ||
Liabilities designated at fair value through profit or loss | 7,483 | 7,085 |
Trading liabilities: | ||
Trading Liabilities | 11,174 | 21,987 |
Total financial liabilities carried at fair value, excluding derivatives | 18,657 | 29,072 |
Level 2 of fair value hierarchy [member] | Securities Sold under Agreements to Repurchase [Member] | ||
Trading liabilities: | ||
Trading Liabilities | 11,048 | 21,595 |
Level 2 of fair value hierarchy [member] | Deposits [Member] | ||
Trading liabilities: | ||
Trading Liabilities | 98 | 242 |
Level 2 of fair value hierarchy [member] | Short [Member] | ||
Trading liabilities: | ||
Trading Liabilities | 28 | 150 |
Level 3 of fair value hierarchy [member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Financial Liabilities Excluding Derivatives [Line Items] | ||
Liabilities designated at fair value through profit or loss | 48 | 11 |
Trading liabilities: | ||
Total financial liabilities carried at fair value, excluding derivatives | £ 48 | £ 11 |
FINANCIAL INSTRUMENTS (Detail_6
FINANCIAL INSTRUMENTS (Details) - Schedule of Movement in Level 3 Financial Liabilities - Level 3 of fair value hierarchy [member] - Excluding Derivatives [Member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
FINANCIAL INSTRUMENTS (Details) - Schedule of Movement in Level 3 Financial Liabilities [Line Items] | ||
Beginning Balance | £ 11 | |
Redemptions | (5) | |
Transfers into the level 3 portfolio | 52 | £ 11 |
Transfers out of the level 3 portfolio | (10) | |
End Balance | £ 48 | £ 11 |
FINANCIAL INSTRUMENTS (Detail_7
FINANCIAL INSTRUMENTS (Details) - Schedule of Derivatives - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
FINANCIAL INSTRUMENTS (Details) - Schedule of Derivatives [Line Items] | ||
Derivative assets | £ 26,369 | £ 23,595 |
Derivative liabilities | (25,779) | (21,373) |
Level 1 of fair value hierarchy [member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Derivatives [Line Items] | ||
Derivative assets | 50 | 93 |
Derivative liabilities | (54) | (132) |
Level 2 of fair value hierarchy [member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Derivatives [Line Items] | ||
Derivative assets | 25,456 | 22,575 |
Derivative liabilities | (24,358) | (20,525) |
Level 3 of fair value hierarchy [member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Derivatives [Line Items] | ||
Derivative assets | 863 | 927 |
Derivative liabilities | £ (1,367) | £ (716) |
FINANCIAL INSTRUMENTS (Detail_8
FINANCIAL INSTRUMENTS (Details) - Schedule of Level 3 Derivative Assets and Liabilities - Level 3 of fair value hierarchy [member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative assets [Member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Level 3 Derivative Assets and Liabilities [Line Items] | ||
Beginning Balance | £ 927 | £ 1,056 |
Exchange and other adjustments | (27) | 7 |
Losses (gains) recognised in the income statement within other income | 81 | (84) |
Purchases (additions) | 4 | |
(Sales) redemptions | (19) | (52) |
Transfers into the level 3 portfolio | 415 | |
Transfers out of the level 3 portfolio | (518) | |
Ending Balance | 863 | 927 |
Derivative assets [Member] | Other Income [Member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Level 3 Derivative Assets and Liabilities [Line Items] | ||
Losses (gains) recognised in the income statement within other income | (14) | (424) |
Derivative liabilities [Member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Level 3 Derivative Assets and Liabilities [Line Items] | ||
Beginning Balance | (716) | (804) |
Exchange and other adjustments | 4 | (5) |
Losses (gains) recognised in the income statement within other income | (75) | 49 |
Purchases (additions) | (4) | (68) |
(Sales) redemptions | 47 | 112 |
Transfers into the level 3 portfolio | (959) | |
Transfers out of the level 3 portfolio | 336 | |
Ending Balance | (1,367) | (716) |
Derivative liabilities [Member] | Other Income [Member] | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Level 3 Derivative Assets and Liabilities [Line Items] | ||
Losses (gains) recognised in the income statement within other income | £ 18 | £ 82 |
FINANCIAL INSTRUMENTS (Detail_9
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Adjustment Movements - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Valuation Adjustment Movements [Abstract] | ||
At 1 January | £ 562 | £ 521 |
Income statement charge (credit) | (134) | 47 |
Transfers | (5) | (6) |
At 31 December | £ 423 | £ 562 |
FINANCIAL INSTRUMENTS (Detai_10
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Adjustments - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Adjustments [Line Items] | |||
Valuation Adjustment | £ 423 | £ 562 | £ 521 |
Credit Valuation Adjustment [Member] | |||
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Adjustments [Line Items] | |||
Valuation Adjustment | 278 | 409 | |
Debit Valuation Adjustment [Member] | |||
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Adjustments [Line Items] | |||
Valuation Adjustment | (27) | (79) | |
Funding Valuation Adjustment [Member] | |||
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Adjustments [Line Items] | |||
Valuation Adjustment | £ 172 | £ 232 |
FINANCIAL INSTRUMENTS (Detai_11
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Loans and advances to customers | £ 494,988 | £ 484,858 | ||
Debt securities | 97,689 | 91,168 | ||
Asset-backed securities | 24,330 | 24,491 | ||
160,189 | 158,529 | |||
25,779 | 21,373 | |||
Derivative financial instruments | 26,369 | 23,595 | ||
Level 3 financial assets carried at fair value | 211,650 | 206,939 | ||
Trading and other financial liabilities at fair value through profit or loss | 21,486 | 30,547 | ||
Level 3 financial liabilities carried at fair value | 47,265 | 51,920 | ||
Financial liabilities at fair value through profit or loss, category [member] | Favourable changes [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Trading and other financial liabilities at fair value through profit or loss | [1] | 1 | ||
Financial liabilities at fair value through profit or loss, category [member] | Unfavourable changes [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Trading and other financial liabilities at fair value through profit or loss | [1] | (1) | ||
Derivative liabilities [Member] | Interest rate volatility [Member] | Favourable changes [Member] | Option pricing model [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Interest rate derivatives | [1] | |||
Derivative liabilities [Member] | Interest rate volatility [Member] | Unfavourable changes [Member] | Option pricing model [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Interest rate derivatives | [1] | |||
Financial assets at fair value through profit or loss, category [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Loans and advances to customers | 21,076 | 37,850 | ||
Debt securities | 7,531 | 7,085 | ||
Financial assets at fair value through profit or loss, category [member] | Favourable changes [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Loans and advances to customers | [1] | 401 | 380 | |
Financial assets at fair value through profit or loss, category [member] | Favourable changes [Member] | Underlying asset/net asset value (incl. property prices) [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Equity and venture capital investments | [1] | 89 | 48 | |
Financial assets at fair value through profit or loss, category [member] | Unfavourable changes [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Loans and advances to customers | [1] | (384) | (371) | |
Financial assets at fair value through profit or loss, category [member] | Unfavourable changes [Member] | Underlying asset/net asset value (incl. property prices) [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Equity and venture capital investments | [1] | (113) | (57) | |
Financial assets at fair value through profit or loss, category [member] | Credit spreads [Member] | Favourable changes [Member] | Discounted cash flow [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Debt securities | [1] | 1 | 92 | |
Financial assets at fair value through profit or loss, category [member] | Credit spreads [Member] | Unfavourable changes [Member] | Discounted cash flow [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Debt securities | [1] | (1) | (21) | |
Financial assets at fair value through profit or loss, category [member] | Earnings multiple [Member] | Favourable changes [Member] | Market approach [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Equity and venture capital investments | [1] | 89 | 54 | |
Financial assets at fair value through profit or loss, category [member] | Earnings multiple [Member] | Unfavourable changes [Member] | Market approach [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Equity and venture capital investments | [1] | (89) | (55) | |
Financial assets available-for-sale, category [member] | Favourable changes [Member] | Underlying asset/net asset value (incl. property prices) [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Equity and venture capital investments | [1] | 7 | 2 | |
Financial assets available-for-sale, category [member] | Unfavourable changes [Member] | Underlying asset/net asset value (incl. property prices) [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Equity and venture capital investments | [1] | (6) | (2) | |
Derivative assets [Member] | Interest rate volatility [Member] | Favourable changes [Member] | Option pricing model [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Interest rate derivatives | [1] | 5 | 7 | |
Derivative assets [Member] | Interest rate volatility [Member] | Unfavourable changes [Member] | Option pricing model [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Interest rate derivatives | [1] | (6) | (5) | |
Level 3 of fair value hierarchy [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Loans and advances to customers | 441,204 | 444,177 | ||
1,367 | 716 | |||
Derivative financial instruments | 863 | 927 | ||
Trading and other financial liabilities at fair value through profit or loss | 48 | 11 | ||
Level 3 of fair value hierarchy [member] | Financial assets at fair value through profit or loss, category [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Loans and advances to customers | 10,912 | 10,565 | ||
Discounted cash flow [member] | Financial assets at fair value through profit or loss, category [member] | Favourable changes [Member] | Broker quotes [Member] | Underlying asset/net asset value (incl. property prices) [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Unlisted equities and debt securities, property partnerships in the life funds | [1] | 19 | 2 | |
Discounted cash flow [member] | Financial assets at fair value through profit or loss, category [member] | Unfavourable changes [Member] | Broker quotes [Member] | Underlying asset/net asset value (incl. property prices) [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Unlisted equities and debt securities, property partnerships in the life funds | [1] | (41) | (45) | |
Consensus pricing [member] | Financial assets available-for-sale, category [member] | Favourable changes [Member] | Broker quotes [Member] | Lead manager [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Asset-backed securities | [1] | 6 | 3 | |
Consensus pricing [member] | Financial assets available-for-sale, category [member] | Unfavourable changes [Member] | Broker quotes [Member] | Lead manager [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Asset-backed securities | [1] | (6) | (5) | |
Gross carrying amount [member] | Financial liabilities at fair value through profit or loss, category [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Trading and other financial liabilities at fair value through profit or loss | 48 | 11 | ||
Gross carrying amount [member] | Derivative liabilities [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
1,367 | 716 | |||
Gross carrying amount [member] | Derivative liabilities [Member] | Interest rate volatility [Member] | Option pricing model [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Interest rate derivatives | 1,367 | 716 | ||
Gross carrying amount [member] | Financial assets at fair value through profit or loss, category [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Loans and advances to customers | 10,912 | 10,565 | ||
14,908 | 13,917 | |||
Gross carrying amount [member] | Financial assets at fair value through profit or loss, category [member] | Underlying asset/net asset value (incl. property prices) [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Equity and venture capital investments | 935 | [2] | 523 | |
Gross carrying amount [member] | Financial assets at fair value through profit or loss, category [member] | Credit spreads [Member] | Discounted cash flow [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Debt securities | 61 | 274 | ||
Gross carrying amount [member] | Financial assets at fair value through profit or loss, category [member] | Earnings multiple [Member] | Market approach [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Equity and venture capital investments | 1,948 | 1,657 | ||
Gross carrying amount [member] | Financial assets available-for-sale, category [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
408 | 267 | |||
Gross carrying amount [member] | Financial assets available-for-sale, category [member] | Underlying asset/net asset value (incl. property prices) [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Equity and venture capital investments | 227 | 21 | ||
Gross carrying amount [member] | Derivative assets [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Derivative financial instruments | 863 | 927 | ||
Gross carrying amount [member] | Derivative assets [Member] | Interest rate volatility [Member] | Option pricing model [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Interest rate derivatives | 863 | 927 | ||
Gross carrying amount [member] | Level 3 of fair value hierarchy [member] | Financial liabilities at fair value, class [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Level 3 financial liabilities carried at fair value | 1,415 | 727 | ||
Gross carrying amount [member] | Level 3 of fair value hierarchy [member] | Financial assets at fair value, class [member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Level 3 financial assets carried at fair value | 16,179 | 15,111 | ||
Gross carrying amount [member] | Discounted cash flow [member] | Financial assets at fair value through profit or loss, category [member] | Broker quotes [Member] | Underlying asset/net asset value (incl. property prices) [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Unlisted equities and debt securities, property partnerships in the life funds | 1,052 | 898 | ||
Gross carrying amount [member] | Consensus pricing [member] | Financial assets available-for-sale, category [member] | Broker quotes [Member] | Lead manager [Member] | ||||
FINANCIAL INSTRUMENTS (Details) - Schedule of Sensitivity of Level 3 Valuations [Line Items] | ||||
Asset-backed securities | £ 181 | £ 246 | ||
[1] | Where the exposure to an unobservable input is managed on a net basis, only the net impact is shown in the table. | |||
[2] | Underlying asset/net asset values represent fair value. |
FINANCIAL INSTRUMENTS (Detai_12
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Hierarchy for Financial Assets - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial assets at amortised cost: | |||
Loans and advances to customers | £ 494,988 | £ 484,858 | |
Loans and advances to banks | 9,775 | 6,283 | £ 6,611 |
Debt securities | 5,544 | 5,238 | |
Level 2 of fair value hierarchy [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 54,600 | 40,483 | |
Loans and advances to banks | 1,555 | 461 | |
Debt securities | 5,526 | 5,233 | |
Level 2 of fair value hierarchy [member] | Reverse Repurchase Agreement [Member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 54,600 | 40,483 | |
Loans and advances to banks | 1,555 | 461 | |
Level 3 of fair value hierarchy [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 441,204 | 444,177 | |
Loans and advances to banks | 8,218 | 5,825 | |
Debt securities | 11 | 11 | |
Level 3 of fair value hierarchy [member] | Purchased or originated credit-impaired [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 13,572 | 15,313 | |
Gross carrying amount [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 494,988 | 484,858 | |
Loans and advances to banks | 9,775 | 6,283 | |
Debt securities | 5,544 | 5,238 | |
Gross carrying amount [member] | Purchased or originated credit-impaired [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 13,572 | 15,313 | |
Gross carrying amount [member] | Reverse Repurchase Agreement [Member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 54,600 | 40,483 | |
Loans and advances to banks | 1,555 | 461 | |
At fair value [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 495,804 | 484,660 | |
Loans and advances to banks | 9,773 | 6,286 | |
Debt securities | 5,537 | 5,244 | |
At fair value [member] | Purchased or originated credit-impaired [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 13,572 | 15,313 | |
At fair value [member] | Reverse Repurchase Agreement [Member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 54,600 | 40,483 | |
Loans and advances to banks | 1,555 | 461 | |
Stage 1 [member] | Level 2 of fair value hierarchy [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 54,600 | 40,483 | |
Stage 1 [member] | Level 3 of fair value hierarchy [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 395,865 | 400,059 | |
Stage 1 [member] | Gross carrying amount [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 449,300 | 441,006 | |
Stage 1 [member] | At fair value [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 450,465 | 440,542 | |
Stage 2 [member] | Level 3 of fair value hierarchy [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 28,259 | 25,516 | |
Stage 2 [member] | Gross carrying amount [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 27,548 | 24,351 | |
Stage 2 [member] | At fair value [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 28,259 | 25,516 | |
Stage 3 [member] | Level 3 of fair value hierarchy [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 3,508 | 3,289 | |
Stage 3 [member] | Gross carrying amount [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | 4,568 | 4,188 | |
Stage 3 [member] | At fair value [member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | £ 3,508 | £ 3,289 |
FINANCIAL INSTRUMENTS (Detai_13
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Hierarchy for Financial Liabilities - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Hierarchy for Financial Liabilities [Line Items] | |||
Deposits from banks | £ 28,179 | £ 30,320 | |
Customer deposits | 421,320 | 418,066 | |
Debt securities in issue | 97,689 | 91,168 | |
Subordinated liabilities | 17,130 | 17,656 | £ 17,922 |
Level 2 of fair value hierarchy [member] | |||
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Hierarchy for Financial Liabilities [Line Items] | |||
Deposits from banks | 28,079 | 30,322 | |
Customer deposits | 416,493 | 412,283 | |
Debt securities in issue | 100,443 | 93,233 | |
Subordinated liabilities | 19,783 | 19,564 | |
Level 2 of fair value hierarchy [member] | Repurchase Agreement [Member] | |||
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Hierarchy for Financial Liabilities [Line Items] | |||
Deposits from banks | 18,105 | 21,170 | |
Customer deposits | 9,530 | 1,818 | |
Level 3 of fair value hierarchy [member] | |||
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Hierarchy for Financial Liabilities [Line Items] | |||
Customer deposits | 5,235 | 6,167 | |
Gross carrying amount [member] | |||
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Hierarchy for Financial Liabilities [Line Items] | |||
Deposits from banks | 28,179 | 30,320 | |
Customer deposits | 421,320 | 418,066 | |
Debt securities in issue | 97,689 | 91,168 | |
Subordinated liabilities | 17,130 | 17,656 | |
Gross carrying amount [member] | Repurchase Agreement [Member] | |||
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Hierarchy for Financial Liabilities [Line Items] | |||
Deposits from banks | 18,105 | 21,170 | |
Customer deposits | 9,530 | 1,818 | |
At fair value [member] | |||
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Hierarchy for Financial Liabilities [Line Items] | |||
Deposits from banks | 28,079 | 30,322 | |
Customer deposits | 421,728 | 418,450 | |
Debt securities in issue | 100,443 | 93,233 | |
Subordinated liabilities | 19,783 | 19,564 | |
At fair value [member] | Repurchase Agreement [Member] | |||
FINANCIAL INSTRUMENTS (Details) - Schedule of Valuation Hierarchy for Financial Liabilities [Line Items] | |||
Deposits from banks | 18,105 | 21,170 | |
Customer deposits | £ 9,530 | £ 1,818 |
TRANSFERS OF FINANCIAL ASSETS_2
TRANSFERS OF FINANCIAL ASSETS (Details) - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Securitisations [member] | ||
TRANSFERS OF FINANCIAL ASSETS (Details) [Line Items] | ||
Fair value of associated financial liabilities | £ 31,436 | £ 31,701 |
TRANSFERS OF FINANCIAL ASSETS_3
TRANSFERS OF FINANCIAL ASSETS (Details) - Schedule of Transfered Assets and Liabilities - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Carrying value of transferred assets [Member] | Repurchase agreement & stock lending [Member] | |||
TRANSFERS OF FINANCIAL ASSETS (Details) - Schedule of Transfered Assets and Liabilities [Line Items] | |||
Financial assets at fair value through profit or loss | £ 9,186 | £ 6,815 | |
Financial assets at fair value through other comprehensive income | 7,897 | 7,279 | |
Carrying value of transferred assets [Member] | Securitisation programme [Member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | [1] | 42,545 | 41,674 |
Carrying value of associated liabilities [Member] | Repurchase agreement & stock lending [Member] | |||
TRANSFERS OF FINANCIAL ASSETS (Details) - Schedule of Transfered Assets and Liabilities [Line Items] | |||
Financial assets at fair value through profit or loss | 3,364 | 961 | |
Financial assets at fair value through other comprehensive income | 5,875 | 5,337 | |
Carrying value of associated liabilities [Member] | Securitisation programme [Member] | |||
Financial assets at amortised cost: | |||
Loans and advances to customers | [1] | £ 7,335 | £ 5,479 |
[1] | The carrying value of associated liabilities excludes securitisation notes held by the Group of 31,436 million (31 December 2018: 31,701 million). |
OFFSETTING OF FINANCIAL ASSET_3
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES (Details) - Schedule of Offsetting of Financial Assets and Liabilities - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Gross assets and liabilities [Member] | |||
Financial assets | |||
Loans and advances to customers | [1] | £ 499,347 | |
Financial assets at fair value through other comprehensive income | [1] | 25,092 | £ 24,815 |
Gross assets and liabilities [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | [1] | 28,179 | 30,320 |
Gross assets and liabilities [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | [1] | 423,189 | 419,470 |
Gross assets and liabilities [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | [1] | 38,741 | 37,673 |
Gross assets and liabilities [Member] | Derivative liabilities [Member] | |||
Financial liabilities | |||
Derivative financial instruments | [1] | 77,276 | 77,626 |
Gross assets and liabilities [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | [1] | 173,085 | 163,644 |
Gross assets and liabilities [Member] | Derivative assets [Member] | |||
Financial assets | |||
Derivative financial instruments | [1] | 79,735 | 78,607 |
Gross assets and liabilities [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | [1] | 9,775 | 6,283 |
Gross assets and liabilities [Member] | Debt securities [member] | |||
Financial assets | |||
Debt securities | [1] | 5,544 | 5,238 |
Gross assets and liabilities [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | [1] | 489,514 | |
Gross assets and liabilities [Member] | Excluding Reverse Repurchase Agreement [Member] | |||
Financial assets | |||
Loans and advances to customers | [1] | 440,388 | |
Gross assets and liabilities [Member] | Excluding Reverse Repurchase Agreement [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | [1] | 148,920 | 130,172 |
Gross assets and liabilities [Member] | Excluding Reverse Repurchase Agreement [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | [1] | 8,220 | 5,822 |
Gross assets and liabilities [Member] | Excluding Reverse Repurchase Agreement [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | [1] | 447,020 | |
Gross assets and liabilities [Member] | Reverse Repurchase Agreement [Member] | |||
Financial assets | |||
Loans and advances to customers | [1] | 58,959 | |
Gross assets and liabilities [Member] | Reverse Repurchase Agreement [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | [1] | 24,165 | 33,472 |
Gross assets and liabilities [Member] | Reverse Repurchase Agreement [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | [1] | 1,555 | 461 |
Gross assets and liabilities [Member] | Reverse Repurchase Agreement [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | [1] | 42,494 | |
Gross assets and liabilities [Member] | Excluding Repurchase Agreement [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | [1] | 10,074 | 9,150 |
Gross assets and liabilities [Member] | Excluding Repurchase Agreement [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | [1] | 413,659 | 417,652 |
Gross assets and liabilities [Member] | Excluding Repurchase Agreement [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | [1] | 10,438 | 8,952 |
Gross assets and liabilities [Member] | Repurchase Agreement [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | [1] | 18,105 | 21,170 |
Gross assets and liabilities [Member] | Repurchase Agreement [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | [1] | 9,530 | 1,818 |
Gross assets and liabilities [Member] | Repurchase Agreement [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | [1] | 28,303 | 28,721 |
Offset [Member] | |||
Financial assets | |||
Loans and advances to customers | [2] | (4,359) | |
Financial assets at fair value through other comprehensive income | [2] | ||
Offset [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | [2] | ||
Offset [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | [2] | (1,869) | (1,404) |
Offset [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | [2] | (17,255) | (7,126) |
Offset [Member] | Derivative liabilities [Member] | |||
Financial liabilities | |||
Derivative financial instruments | [2] | (51,497) | (56,253) |
Offset [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | [2] | (12,896) | (5,115) |
Offset [Member] | Derivative assets [Member] | |||
Financial assets | |||
Derivative financial instruments | [2] | (53,366) | (55,012) |
Offset [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | [2] | ||
Offset [Member] | Debt securities [member] | |||
Financial assets | |||
Debt securities | [2] | ||
Offset [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | [2] | (4,656) | |
Offset [Member] | Excluding Reverse Repurchase Agreement [Member] | |||
Financial assets | |||
Loans and advances to customers | [2] | ||
Offset [Member] | Excluding Reverse Repurchase Agreement [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | [2] | ||
Offset [Member] | Excluding Reverse Repurchase Agreement [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | [2] | ||
Offset [Member] | Excluding Reverse Repurchase Agreement [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | [2] | (2,645) | |
Offset [Member] | Reverse Repurchase Agreement [Member] | |||
Financial assets | |||
Loans and advances to customers | [2] | (4,359) | |
Offset [Member] | Reverse Repurchase Agreement [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | [2] | (12,896) | (5,115) |
Offset [Member] | Reverse Repurchase Agreement [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | [2] | ||
Offset [Member] | Reverse Repurchase Agreement [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | [2] | (2,011) | |
Offset [Member] | Excluding Repurchase Agreement [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | [2] | ||
Offset [Member] | Excluding Repurchase Agreement [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | [2] | (1,869) | (1,404) |
Offset [Member] | Excluding Repurchase Agreement [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | [2] | ||
Offset [Member] | Repurchase Agreement [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | [2] | ||
Offset [Member] | Repurchase Agreement [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | [2] | ||
Offset [Member] | Repurchase Agreement [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | [2] | (17,255) | (7,126) |
Net amounts presented in the balance sheet [Member] | |||
Financial assets | |||
Loans and advances to customers | 494,988 | ||
Financial assets at fair value through other comprehensive income | 25,092 | 24,815 | |
Net amounts presented in the balance sheet [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | 28,179 | 30,320 | |
Net amounts presented in the balance sheet [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | 421,320 | 418,066 | |
Net amounts presented in the balance sheet [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | 21,486 | 30,547 | |
Net amounts presented in the balance sheet [Member] | Derivative liabilities [Member] | |||
Financial liabilities | |||
Derivative financial instruments | 25,779 | 21,373 | |
Net amounts presented in the balance sheet [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | 160,189 | 158,529 | |
Net amounts presented in the balance sheet [Member] | Derivative assets [Member] | |||
Financial assets | |||
Derivative financial instruments | 26,369 | 23,595 | |
Net amounts presented in the balance sheet [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | 9,775 | 6,283 | |
Net amounts presented in the balance sheet [Member] | Debt securities [member] | |||
Financial assets | |||
Debt securities | 5,544 | 5,238 | |
Net amounts presented in the balance sheet [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | 484,858 | ||
Net amounts presented in the balance sheet [Member] | Excluding Reverse Repurchase Agreement [Member] | |||
Financial assets | |||
Loans and advances to customers | 440,388 | ||
Net amounts presented in the balance sheet [Member] | Excluding Reverse Repurchase Agreement [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | 148,920 | 130,172 | |
Net amounts presented in the balance sheet [Member] | Excluding Reverse Repurchase Agreement [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | 8,220 | 5,822 | |
Net amounts presented in the balance sheet [Member] | Excluding Reverse Repurchase Agreement [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | 444,375 | ||
Net amounts presented in the balance sheet [Member] | Reverse Repurchase Agreement [Member] | |||
Financial assets | |||
Loans and advances to customers | 54,600 | ||
Net amounts presented in the balance sheet [Member] | Reverse Repurchase Agreement [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | 11,269 | 28,357 | |
Net amounts presented in the balance sheet [Member] | Reverse Repurchase Agreement [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | 1,555 | 461 | |
Net amounts presented in the balance sheet [Member] | Reverse Repurchase Agreement [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | 40,483 | ||
Net amounts presented in the balance sheet [Member] | Excluding Repurchase Agreement [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | 10,074 | 9,150 | |
Net amounts presented in the balance sheet [Member] | Excluding Repurchase Agreement [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | 411,790 | 416,248 | |
Net amounts presented in the balance sheet [Member] | Excluding Repurchase Agreement [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | 10,438 | 8,952 | |
Net amounts presented in the balance sheet [Member] | Repurchase Agreement [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | 18,105 | 21,170 | |
Net amounts presented in the balance sheet [Member] | Repurchase Agreement [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | 9,530 | 1,818 | |
Net amounts presented in the balance sheet [Member] | Repurchase Agreement [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | 11,048 | 21,595 | |
Cash collateral received/pledged [Member] | |||
Financial assets | |||
Loans and advances to customers | [3] | (2,392) | |
Financial assets at fair value through other comprehensive income | [3] | ||
Cash collateral received/pledged [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | [3] | (8,016) | (5,291) |
Cash collateral received/pledged [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | [3] | (1,850) | (1,370) |
Cash collateral received/pledged [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | [3] | ||
Cash collateral received/pledged [Member] | Derivative liabilities [Member] | |||
Financial liabilities | |||
Derivative financial instruments | [3] | (5,770) | (3,995) |
Cash collateral received/pledged [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | [3] | (366) | (622) |
Cash collateral received/pledged [Member] | Derivative assets [Member] | |||
Financial assets | |||
Derivative financial instruments | [3] | (7,650) | (6,039) |
Cash collateral received/pledged [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | [3] | (3,377) | (2,676) |
Cash collateral received/pledged [Member] | Debt securities [member] | |||
Financial assets | |||
Debt securities | [3] | ||
Cash collateral received/pledged [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | [3] | (1,319) | |
Cash collateral received/pledged [Member] | Excluding Reverse Repurchase Agreement [Member] | |||
Financial assets | |||
Loans and advances to customers | [3] | (2,392) | |
Cash collateral received/pledged [Member] | Excluding Reverse Repurchase Agreement [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | [3] | ||
Cash collateral received/pledged [Member] | Excluding Reverse Repurchase Agreement [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | [3] | (3,377) | (2,676) |
Cash collateral received/pledged [Member] | Excluding Reverse Repurchase Agreement [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | [3] | (1,319) | |
Cash collateral received/pledged [Member] | Reverse Repurchase Agreement [Member] | |||
Financial assets | |||
Loans and advances to customers | [3] | ||
Cash collateral received/pledged [Member] | Reverse Repurchase Agreement [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | [3] | (366) | (622) |
Cash collateral received/pledged [Member] | Reverse Repurchase Agreement [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | [3] | ||
Cash collateral received/pledged [Member] | Reverse Repurchase Agreement [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | [3] | ||
Cash collateral received/pledged [Member] | Excluding Repurchase Agreement [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | [3] | (8,016) | (5,291) |
Cash collateral received/pledged [Member] | Excluding Repurchase Agreement [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | [3] | (1,850) | (1,370) |
Cash collateral received/pledged [Member] | Excluding Repurchase Agreement [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | [3] | ||
Cash collateral received/pledged [Member] | Repurchase Agreement [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | [3] | ||
Cash collateral received/pledged [Member] | Repurchase Agreement [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | [3] | ||
Cash collateral received/pledged [Member] | Repurchase Agreement [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | [3] | ||
Non-cash collateral received/pledged [Member] | |||
Financial assets | |||
Loans and advances to customers | [3] | (56,723) | |
Financial assets at fair value through other comprehensive income | [3] | (5,859) | (5,361) |
Non-cash collateral received/pledged [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | [3] | (18,105) | (21,170) |
Non-cash collateral received/pledged [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | [3] | (11,653) | (5,059) |
Non-cash collateral received/pledged [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | [3] | (11,048) | (21,595) |
Non-cash collateral received/pledged [Member] | Derivative liabilities [Member] | |||
Financial liabilities | |||
Derivative financial instruments | [3] | (16,364) | (17,313) |
Non-cash collateral received/pledged [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | [3] | (13,728) | (28,713) |
Non-cash collateral received/pledged [Member] | Derivative assets [Member] | |||
Financial assets | |||
Derivative financial instruments | [3] | (13,892) | (15,642) |
Non-cash collateral received/pledged [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | [3] | (1,555) | (461) |
Non-cash collateral received/pledged [Member] | Debt securities [member] | |||
Financial assets | |||
Debt securities | [3] | (211) | |
Non-cash collateral received/pledged [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | [3] | (43,724) | |
Non-cash collateral received/pledged [Member] | Excluding Reverse Repurchase Agreement [Member] | |||
Financial assets | |||
Loans and advances to customers | [3] | (2,123) | |
Non-cash collateral received/pledged [Member] | Excluding Reverse Repurchase Agreement [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | [3] | (2,825) | (978) |
Non-cash collateral received/pledged [Member] | Excluding Reverse Repurchase Agreement [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | [3] | ||
Non-cash collateral received/pledged [Member] | Excluding Reverse Repurchase Agreement [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | [3] | (3,241) | |
Non-cash collateral received/pledged [Member] | Reverse Repurchase Agreement [Member] | |||
Financial assets | |||
Loans and advances to customers | [3] | (54,600) | |
Non-cash collateral received/pledged [Member] | Reverse Repurchase Agreement [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | [3] | (10,903) | (27,735) |
Non-cash collateral received/pledged [Member] | Reverse Repurchase Agreement [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | [3] | (1,555) | (461) |
Non-cash collateral received/pledged [Member] | Reverse Repurchase Agreement [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | [3] | (40,483) | |
Non-cash collateral received/pledged [Member] | Excluding Repurchase Agreement [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | [3] | ||
Non-cash collateral received/pledged [Member] | Excluding Repurchase Agreement [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | [3] | (2,123) | (3,241) |
Non-cash collateral received/pledged [Member] | Excluding Repurchase Agreement [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | [3] | ||
Non-cash collateral received/pledged [Member] | Repurchase Agreement [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | [3] | (18,105) | (21,170) |
Non-cash collateral received/pledged [Member] | Repurchase Agreement [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | [3] | (9,530) | (1,818) |
Non-cash collateral received/pledged [Member] | Repurchase Agreement [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | [3] | (11,048) | (21,595) |
Potential net amounts if offset of related amounts permitted [Member] | |||
Financial assets | |||
Loans and advances to customers | 435,873 | ||
Financial assets at fair value through other comprehensive income | 19,233 | 19,454 | |
Potential net amounts if offset of related amounts permitted [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | 2,058 | 3,859 | |
Potential net amounts if offset of related amounts permitted [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | 407,817 | 411,637 | |
Potential net amounts if offset of related amounts permitted [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | 10,438 | 8,952 | |
Potential net amounts if offset of related amounts permitted [Member] | Derivative liabilities [Member] | |||
Financial liabilities | |||
Derivative financial instruments | 3,645 | 65 | |
Potential net amounts if offset of related amounts permitted [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | 146,095 | 129,194 | |
Potential net amounts if offset of related amounts permitted [Member] | Derivative assets [Member] | |||
Financial assets | |||
Derivative financial instruments | 4,827 | 1,914 | |
Potential net amounts if offset of related amounts permitted [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | 4,843 | 3,146 | |
Potential net amounts if offset of related amounts permitted [Member] | Debt securities [member] | |||
Financial assets | |||
Debt securities | 5,333 | 5,238 | |
Potential net amounts if offset of related amounts permitted [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | 439,815 | ||
Potential net amounts if offset of related amounts permitted [Member] | Excluding Reverse Repurchase Agreement [Member] | |||
Financial assets | |||
Loans and advances to customers | 435,873 | ||
Potential net amounts if offset of related amounts permitted [Member] | Excluding Reverse Repurchase Agreement [Member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets | |||
Trading and other financial assets at fair value through profit or loss | 146,095 | 129,194 | |
Potential net amounts if offset of related amounts permitted [Member] | Excluding Reverse Repurchase Agreement [Member] | Loans and Advances to Banks [Member] | |||
Financial assets | |||
Loans and advances to banks | 4,843 | 3,146 | |
Potential net amounts if offset of related amounts permitted [Member] | Excluding Reverse Repurchase Agreement [Member] | Loans and advances to customers [Member] | |||
Financial assets | |||
Loans and advances to customers | 439,815 | ||
Potential net amounts if offset of related amounts permitted [Member] | Excluding Repurchase Agreement [Member] | Deposits From Banks [Member] | |||
Financial liabilities | |||
Deposits from banks: | 2,058 | 3,859 | |
Potential net amounts if offset of related amounts permitted [Member] | Excluding Repurchase Agreement [Member] | Deposits from Customers [Member] | |||
Financial liabilities | |||
Customer deposits: | 407,817 | 411,637 | |
Potential net amounts if offset of related amounts permitted [Member] | Excluding Repurchase Agreement [Member] | Financial liabilities at fair value through profit or loss, category [member] | |||
Financial liabilities | |||
Trading and other financial liabilities at fair value through profit or loss: | £ 10,438 | £ 8,952 | |
[1] | After impairment allowance. | ||
[2] | The following information relates to financial assets and liabilities which have been offset in the balance sheet and those which have not been offset but for which the Group has enforceable master netting agreements or collateral arrangements in place with counterparties. | ||
[3] | The Group enters into derivatives and repurchase and reverse repurchase agreements with various counterparties which are governed by industry standard master netting agreements. The Group holds and provides cash and securities collateral in respective of derivative transactions covered by these agreements. The right to set off balances under these master netting agreements or to set off cash and securities collateral only arises in the event of non-payment or default and, as a result, these arrangements do not qualify for offsetting under IAS 32. |
FINANCIAL RISK MANAGEMENT (Deta
FINANCIAL RISK MANAGEMENT (Details) - Interest Rate Risk - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value hedges [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Interest Rate Risk [Line Items] | ||
Notional amount | £ 183,489 | £ 150,971 |
Hedging instrument, assets | 569 | 760 |
Gains (losses) on hedging instrument, fair value hedges | 1,144 | 94 |
Gains (losses) on hedged item attributable to hedged risk, fair value hedges | (1,001) | (32) |
Fair value hedges [member] | Liabilities [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Interest Rate Risk [Line Items] | ||
Notional amount | 62,295 | |
Fair value hedges [member] | Assets [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Interest Rate Risk [Line Items] | ||
Notional amount | 102,969 | |
Fair value hedges [member] | Sterling LIBOR [member] | Liabilities [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Interest Rate Risk [Line Items] | ||
Notional amount | 9,186 | |
Fair value hedges [member] | Sterling LIBOR [member] | Assets [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Interest Rate Risk [Line Items] | ||
Notional amount | 98,278 | |
Cash flow hedges [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Interest Rate Risk [Line Items] | ||
Notional amount | 426,740 | 556,945 |
Hedging instrument, liabilities | 388 | 486 |
Gain (loss) on hedge ineffectiveness recognised in profit or loss | 134 | £ (25) |
Cash flow hedges [member] | Sterling LIBOR [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Interest Rate Risk [Line Items] | ||
Notional amount | 25,438 | |
Interest Rate Benchmark Reform amendments [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Interest Rate Risk [Line Items] | ||
Notional amount | 604,602 | |
Interest Rate Benchmark Reform amendments [member] | Fair value hedges [member] | Sterling LIBOR [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Interest Rate Risk [Line Items] | ||
Notional amount | 117,076 | |
Interest Rate Benchmark Reform amendments [member] | Cash flow hedges [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Interest Rate Risk [Line Items] | ||
Notional amount | 29,202 | |
Interest Rate Benchmark Reform amendments [member] | Cash flow hedges [member] | Sterling LIBOR [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Interest Rate Risk [Line Items] | ||
Notional amount | £ 400,439 |
FINANCIAL RISK MANAGEMENT (De_2
FINANCIAL RISK MANAGEMENT (Details) - Concentrations of Exposure | 12 Months Ended |
Dec. 31, 2019 | |
Loans and Advances to Customers Exposure [Member] | |
FINANCIAL RISK MANAGEMENT (Details) - Concentrations of Exposure [Line Items] | |
Percentage of Exposure | 60.00% |
Financial, Business and other Services Exposure [Member] | |
FINANCIAL RISK MANAGEMENT (Details) - Concentrations of Exposure [Line Items] | |
Percentage of Exposure | 18.00% |
FINANCIAL RISK MANAGEMENT (De_3
FINANCIAL RISK MANAGEMENT (Details) - Credit Quality of Assets - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
FINANCIAL RISK MANAGEMENT (Details) - Credit Quality of Assets [Line Items] | |||
Debt securities | £ 5,544 | £ 5,238 | |
Financial assets, at fair value | 211,650 | 206,939 | |
Derivative financial assets | 26,369 | 23,595 | |
Other [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Credit Quality of Assets [Line Items] | |||
Derivative financial assets | [1] | 2,200 | 2,264 |
Other [Member] | Sub-Investment Grade [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Credit Quality of Assets [Line Items] | |||
Debt securities | 6 | ||
Financial assets, at fair value | 89 | 85 | |
Financial assets at fair value through profit or loss, classified as held for trading | 251 | 411 | |
Derivative financial assets | 1,555 | 1,920 | |
Other [Member] | Not Rated [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Credit Quality of Assets [Line Items] | |||
Debt securities | 14 | 36 | |
Financial assets, at fair value | 263 | ||
Financial assets at fair value through profit or loss, classified as held for trading | 1,846 | 1,545 | |
Derivative financial assets | 645 | 344 | |
Net Credit Risk [Member] | Group [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Credit Quality of Assets [Line Items] | |||
Derivative financial assets | 11,673 | 9,268 | |
Cash collateral received/pledged [Member] | Group [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Credit Quality of Assets [Line Items] | |||
Derivative financial assets | 7,650 | 6,039 | |
OECD Banks [Member] | Group [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Credit Quality of Assets [Line Items] | |||
Derivative financial assets | 274 | 213 | |
Stage 3 [member] | Partial Write Off [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Credit Quality of Assets [Line Items] | |||
Loans and advances to banks and customers | 205 | 250 | |
Loans and advances to banks and customers, outstanding | 1,700 | 2,200 | |
Stage 2 and Stage 3 [Member] | Modified [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Credit Quality of Assets [Line Items] | |||
Loans and advances to banks and customers | £ 219 | £ 1,000 | |
[1] | Other comprises sub-investment grade (2019: 1,555 million; 2018: 1,920 million) and not rated (2019: 645 million; 2018: 344 million). |
FINANCIAL RISK MANAGEMENT (De_4
FINANCIAL RISK MANAGEMENT (Details) - Collateral Held as Security for Financial Assets - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
FINANCIAL RISK MANAGEMENT (Details) - Collateral Held as Security for Financial Assets [Line Items] | ||
Loans and advances to customers | £ 494,988 | £ 484,858 |
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements in statement of financial position | 11,673 | 9,268 |
Cash collateral received subject to enforceable master netting arrangement or similar agreement not set off against financial assets | 7,650 | 6,039 |
Gross loan commitments | 133,553 | 135,098 |
Assets obtained by taking possession of collateral or calling on other credit enhancements | 413 | 245 |
Loans and Advances to Banks [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Held as Security for Financial Assets [Line Items] | ||
Reverse repurchase agreements and cash collateral on securities borrowed | 1,555 | 461 |
Collateral held permitted to be sold or repledged in absence of default by owner of collateral, at fair value | 1,516 | 481 |
Commercial loans [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Held as Security for Financial Assets [Line Items] | ||
Reverse repurchase agreements and cash collateral on securities borrowed | 54,600 | 40,483 |
Collateralised Loan [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Held as Security for Financial Assets [Line Items] | ||
Collateral held permitted to be sold or repledged in absence of default by owner of collateral, at fair value | 52,982 | 42,339 |
Trading & other financial assets at fair value through profit or loss [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Held as Security for Financial Assets [Line Items] | ||
Reverse repurchase agreements and cash collateral on securities borrowed | 11,269 | 28,356 |
Collateral held permitted to be sold or repledged in absence of default by owner of collateral, at fair value | 11,081 | 36,101 |
Collateral sold or repledged in absence of default by owner of collateral, at fair value | 9,605 | 31,013 |
Other [Member] | Sub-Investment Grade [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Held as Security for Financial Assets [Line Items] | ||
Collateral held permitted to be sold or repledged in absence of default by owner of collateral, at fair value | 0 | |
Stock Borrowing [Member] | Trading & other financial assets at fair value through profit or loss [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Held as Security for Financial Assets [Line Items] | ||
Collateral held permitted to be sold or repledged in absence of default by owner of collateral, at fair value | 32,888 | 51,202 |
Collateral sold or repledged in absence of default by owner of collateral, at fair value | 30,594 | 49,233 |
Irrevocable Loan Commitments And Contingencies [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Held as Security for Financial Assets [Line Items] | ||
Fair Value Of Collateral Held | 12,391 | 10,661 |
Gross loan commitments | 66,398 | 68,135 |
Stage 3 [member] | Retail Non-Mortgage [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Held as Security for Financial Assets [Line Items] | ||
Loans and advances to customers | 610 | 631 |
Allowance for Impairment Losses | 368 | 366 |
Stage 3 [member] | Commercial loans [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Held as Security for Financial Assets [Line Items] | ||
Loans and advances to customers | 966 | 658 |
Allowance for Impairment Losses | 243 | 215 |
Stage 3 [member] | Accumulated impairment [member] | Commercial loans [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Held as Security for Financial Assets [Line Items] | ||
Fair Value Of Collateral Held | 744 | 590 |
Stage 1 and Stage 2 [Member] | Retail Non-Mortgage [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Held as Security for Financial Assets [Line Items] | ||
Loans and advances to customers | £ 54,042 | £ 52,450 |
FINANCIAL RISK MANAGEMENT (De_5
FINANCIAL RISK MANAGEMENT (Details) - Collateral Pledged as Security - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
FINANCIAL RISK MANAGEMENT (Details) - Collateral Pledged as Security [Line Items] | ||
Repurchase agreements and cash collateral on securities lent | £ 11,048 | £ 21,595 |
Financial assets at fair value through profit or loss, classified as held for trading, category [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Pledged as Security [Line Items] | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | 8,324 | 28,438 |
Gross carrying amount [member] | Deposits From Banks [Member] | Repurchase Agreements [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Pledged as Security [Line Items] | ||
Repurchase agreements and cash collateral on securities lent | 18,105 | 21,170 |
Gross carrying amount [member] | Deposits from Customers [Member] | Repurchase Agreements [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Pledged as Security [Line Items] | ||
Repurchase agreements and cash collateral on securities lent | 9,530 | 1,818 |
At fair value [member] | Deposits From Banks [Member] | Collateral Pledged [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Pledged as Security [Line Items] | ||
Repurchase agreements and cash collateral on securities lent | 17,545 | 19,615 |
At fair value [member] | Deposits from Customers [Member] | Collateral Pledged [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Collateral Pledged as Security [Line Items] | ||
Repurchase agreements and cash collateral on securities lent | £ 9,221 | £ 1,710 |
FINANCIAL RISK MANAGEMENT (De_6
FINANCIAL RISK MANAGEMENT (Details) - Maturities of Assets and Liabilities - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial risk management [text block] [Abstract] | ||
Undated subordinated liabilities | £ 29 | £ 27 |
FINANCIAL RISK MANAGEMENT (De_7
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Functional Currency of Group Operations - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Euro Member Countries, Euro | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Functional Currency of Group Operations [Line Items] | ||
Exposure | £ 63 | £ 112 |
United States of America, Dollars | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Functional Currency of Group Operations [Line Items] | ||
Exposure | 93 | 59 |
Other Non-Sterling [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Functional Currency of Group Operations [Line Items] | ||
Exposure | £ 48 | £ 60 |
FINANCIAL RISK MANAGEMENT (De_8
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Maximum Credit Exposure - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Maximum Exposure [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Maximum Credit Exposure [Line Items] | |||
Loans and advances to banks, net | [1] | £ 9,775 | £ 6,283 |
Loans and advances to customers, net | [1] | 494,988 | 484,858 |
Debt securities, net | [1] | 5,544 | 5,238 |
Financial assets at amortised cost | 510,307 | 496,379 | |
Financial assets at fair value through other comprehensive income | [2] | 24,865 | 24,794 |
Financial assets at fair value through profit or loss:3,4 | |||
Financial assets at fair value through profit or loss | [2],[3] | 64,400 | 81,044 |
Derivative assets | 26,369 | 23,595 | |
Assets arising from reinsurance contracts held | 23,567 | 7,860 | |
Off-balance sheet items: | |||
Acceptances and endorsements | 74 | 194 | |
Other items serving as direct credit substitutes | 366 | 632 | |
Performance bonds and other transaction-related contingencies | 2,454 | 2,425 | |
Irrevocable commitments and guarantees | 63,504 | 64,884 | |
66,398 | 68,135 | ||
715,906 | 701,807 | ||
Offset [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Maximum Credit Exposure [Line Items] | |||
Loans and advances to banks, net | [1],[4] | ||
Loans and advances to customers, net | [1],[4] | (2,792) | (3,241) |
Debt securities, net | [1],[4] | ||
Financial assets at amortised cost | (2,792) | (3,241) | |
Financial assets at fair value through other comprehensive income | [2],[4] | ||
Financial assets at fair value through profit or loss:3,4 | |||
Financial assets at fair value through profit or loss | [2],[3],[4] | ||
Derivative assets | [4] | (14,696) | (14,327) |
Assets arising from reinsurance contracts held | [4] | ||
Off-balance sheet items: | |||
Acceptances and endorsements | [4] | ||
Other items serving as direct credit substitutes | [4] | ||
Performance bonds and other transaction-related contingencies | [4] | ||
Irrevocable commitments and guarantees | [4] | ||
[4] | |||
[4] | (17,488) | (17,568) | |
Net Exposure [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Maximum Credit Exposure [Line Items] | |||
Loans and advances to banks, net | [1] | 9,775 | 6,283 |
Loans and advances to customers, net | [1] | 492,196 | 481,617 |
Debt securities, net | [1] | 5,544 | 5,238 |
Financial assets at amortised cost | 507,515 | 493,138 | |
Financial assets at fair value through other comprehensive income | [2] | 24,865 | 24,794 |
Financial assets at fair value through profit or loss:3,4 | |||
Financial assets at fair value through profit or loss | [2],[3] | 64,400 | 81,044 |
Derivative assets | 11,673 | 9,268 | |
Assets arising from reinsurance contracts held | 23,567 | 7,860 | |
Off-balance sheet items: | |||
Acceptances and endorsements | 74 | 194 | |
Other items serving as direct credit substitutes | 366 | 632 | |
Performance bonds and other transaction-related contingencies | 2,454 | 2,425 | |
Irrevocable commitments and guarantees | 63,504 | 64,884 | |
66,398 | 68,135 | ||
698,418 | 684,239 | ||
Loans and advances designated at fair value through profit or loss [Member] | Maximum Exposure [Member] | |||
Financial assets at fair value through profit or loss:3,4 | |||
Financial assets at fair value through profit or loss | [2],[3] | 23,475 | 40,876 |
Loans and advances designated at fair value through profit or loss [Member] | Offset [Member] | |||
Financial assets at fair value through profit or loss:3,4 | |||
Financial assets at fair value through profit or loss | [2],[3],[4] | ||
Loans and advances designated at fair value through profit or loss [Member] | Net Exposure [Member] | |||
Financial assets at fair value through profit or loss:3,4 | |||
Financial assets at fair value through profit or loss | [2],[3] | 23,475 | 40,876 |
Debt securities, treasury, and other bills at fair value through profit or loss [Member] | Maximum Exposure [Member] | |||
Financial assets at fair value through profit or loss:3,4 | |||
Financial assets at fair value through profit or loss | [2],[3] | 40,925 | 40,168 |
Debt securities, treasury, and other bills at fair value through profit or loss [Member] | Offset [Member] | |||
Financial assets at fair value through profit or loss:3,4 | |||
Financial assets at fair value through profit or loss | [2],[3],[4] | ||
Debt securities, treasury, and other bills at fair value through profit or loss [Member] | Net Exposure [Member] | |||
Financial assets at fair value through profit or loss:3,4 | |||
Financial assets at fair value through profit or loss | [2],[3] | £ 40,925 | £ 40,168 |
[1] | Amounts shown net of related impairment allowances. | ||
[2] | Excluding equity shares. | ||
[3] | Includes assets within the Group's unit-linked funds for which credit risk is borne by the policyholders and assets within the Group's With-Profits funds for which credit risk is largely borne by the policyholders. Consequently, the Group has no significant exposure to credit risk for such assets which back related contract liabilities. | ||
[4] | Offset items comprise deposit amounts available for offset, and amounts available for offset under master netting arrangements, that do not meet the criteria under IAS 32 to enable loans and advances and derivative assets respectively to be presented net of these balances in the financial statements. |
FINANCIAL RISK MANAGEMENT (De_9
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | £ 494,988 | £ 484,858 |
Before Allowance for Impairment Losses [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | 498,247 | 488,008 |
Allowance for credit losses [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | (3,259) | (3,150) |
0000 to 0999 Agriculture, Forestry, and Fishing [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | 7,558 | 7,314 |
Energy and water supply [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | 1,432 | 1,517 |
2000 to 3999 Manufacturing [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | 6,093 | 8,260 |
230000 to 239999 Construction [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | 4,285 | 4,684 |
Transport, distribution and hotels [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | 13,016 | 14,113 |
Postal and telecommunications [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | 1,923 | 2,711 |
Property companies [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | 27,596 | 28,451 |
Financial, business and other services [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | 89,763 | 77,505 |
Mortgages [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | 299,141 | 297,498 |
Other [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | 29,272 | 28,699 |
Gross and Lease Financing [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | 1,671 | 1,822 |
Hire purchase [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Concentration of Exposure [Line Items] | ||
Loans and advances to customers | £ 16,497 | £ 15,434 |
FINANCIAL RISK MANAGEMENT (D_10
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 9,777 | £ 6,285 |
Loans and Advances | 498,247 | 488,008 |
Gross drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 9,777 | £ 6,180 |
Gross drawn exposures [member] | CMS 1-10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Gross drawn exposures [member] | CMS 1-10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.50% | 0.50% |
Gross drawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 105 | |
Gross drawn exposures [member] | CMS 11-14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.51% | 0.51% |
Gross drawn exposures [member] | CMS 11-14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.00% | 3.00% |
Gross drawn exposures [member] | CMS 15-18 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.01% | 3.01% |
Gross drawn exposures [member] | CMS 15-18 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Gross drawn exposures [member] | CMS 19 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Gross drawn exposures [member] | CMS 19 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Gross drawn exposures [member] | CMS 20-23 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Gross drawn exposures [member] | CMS 20-23 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 2 | £ 2 |
Loans and Advances | 3,259 | 3,150 |
Expected credit losses in respect of drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 2 | £ 2 |
Expected credit losses in respect of drawn exposures [member] | CMS 1-10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Expected credit losses in respect of drawn exposures [member] | CMS 1-10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.50% | 0.50% |
Expected credit losses in respect of drawn exposures [member] | CMS 11-14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.51% | 0.51% |
Expected credit losses in respect of drawn exposures [member] | CMS 11-14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.00% | 3.00% |
Expected credit losses in respect of drawn exposures [member] | CMS 15-18 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.01% | 3.01% |
Expected credit losses in respect of drawn exposures [member] | CMS 15-18 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Expected credit losses in respect of drawn exposures [member] | CMS 19 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Expected credit losses in respect of drawn exposures [member] | CMS 19 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Expected credit losses in respect of drawn exposures [member] | CMS 20-23 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Expected credit losses in respect of drawn exposures [member] | CMS 20-23 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 133,553 | £ 135,098 |
Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 177 | 193 |
Retail - Mortgages [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 289,198 | 288,235 |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 270,522 | £ 268,524 |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 2,067 | £ 1,766 |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 414 | £ 262 |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 975 | £ 899 |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 15,220 | £ 16,784 |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 568 | £ 459 |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 206 | £ 178 |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 39 | £ 34 |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 13 | £ 9 |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 46 | £ 42 |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 264 | £ 196 |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 12,393 | £ 12,141 |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 12,304 | £ 12,043 |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 2 | £ 3 |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 87 | £ 95 |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 1 | £ 1 |
Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 1 | £ 1 |
Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - unsecured [member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 28,411 | £ 28,115 |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 23,249 | £ 23,442 |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 3,595 | £ 2,845 |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 265 | £ 239 |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 624 | £ 886 |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 678 | £ 703 |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - unsecured [member] | Gross drawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 895 | £ 756 |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 230 | £ 180 |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 195 | £ 140 |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 41 | £ 33 |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 196 | £ 175 |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 233 | £ 228 |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - unsecured [member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 63,447 | £ 59,917 |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 62,639 | £ 59,244 |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 607 | £ 546 |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 44 | £ 37 |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 74 | £ 54 |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 83 | £ 36 |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 112 | £ 139 |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 80 | £ 111 |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 14 | £ 15 |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 3 | £ 3 |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 15 | £ 10 |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 15,976 | £ 14,933 |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 14,865 | £ 13,872 |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 682 | £ 619 |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 99 | £ 111 |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 180 | £ 202 |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 150 | £ 129 |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 385 | £ 278 |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 233 | £ 133 |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 25 | £ 21 |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 10 | £ 11 |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 33 | £ 35 |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 84 | £ 78 |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 1,378 | £ 1,706 |
Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 1,181 | £ 1,565 |
Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 197 | £ 141 |
Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 2 | £ 2 |
Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 2 | £ 2 |
Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Other [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 10,633 | £ 10,399 |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 9,910 | £ 9,737 |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 409 | £ 256 |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 7 | £ 7 |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 157 | £ 234 |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 150 | £ 165 |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Other [Member] | Gross drawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 113 | £ 120 |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 34 | £ 55 |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 27 | £ 4 |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 1 | £ 1 |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 51 | £ 60 |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Other [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 1,305 | £ 1,791 |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 1,240 | £ 1,428 |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 62 | |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 360 | |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 3 | £ 3 |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Other [Member] | Gross undrawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 14 | £ 13 |
Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 11 | £ 13 |
Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 3 | |
Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Retail [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 344,218 | £ 341,682 |
Retail [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,961 | 1,613 |
Retail [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 78,523 | 75,555 |
Retail [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 129 | 155 |
Commercial [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 96,763 | 101,824 |
Commercial [Member] | Gross drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 60,259 | £ 65,189 |
Commercial [Member] | Gross drawn exposures [member] | CMS 1-10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Commercial [Member] | Gross drawn exposures [member] | CMS 1-10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.50% | 0.50% |
Commercial [Member] | Gross drawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 27,960 | £ 28,922 |
Commercial [Member] | Gross drawn exposures [member] | CMS 11-14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.51% | 0.51% |
Commercial [Member] | Gross drawn exposures [member] | CMS 11-14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.00% | 3.00% |
Commercial [Member] | Gross drawn exposures [member] | CMS 15-18 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 4,928 | £ 4,429 |
Commercial [Member] | Gross drawn exposures [member] | CMS 15-18 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.01% | 3.01% |
Commercial [Member] | Gross drawn exposures [member] | CMS 15-18 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Commercial [Member] | Gross drawn exposures [member] | CMS 19 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 169 | £ 54 |
Commercial [Member] | Gross drawn exposures [member] | CMS 19 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Commercial [Member] | Gross drawn exposures [member] | CMS 19 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Commercial [Member] | Gross drawn exposures [member] | CMS 20-23 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 3,447 | £ 3,230 |
Commercial [Member] | Gross drawn exposures [member] | CMS 20-23 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Commercial [Member] | Gross drawn exposures [member] | CMS 20-23 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 1,265 | £ 1,449 |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 34 | £ 33 |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 1-10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 1-10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.50% | 0.50% |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 87 | £ 136 |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 11-14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.51% | 0.51% |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 11-14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.00% | 3.00% |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 15-18 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 187 | £ 242 |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 15-18 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.01% | 3.01% |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 15-18 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 19 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 16 | £ 7 |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 19 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 19 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 20-23 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 941 | £ 1,031 |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 20-23 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 20-23 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Commercial [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 54,400 | £ 59,297 |
Commercial [Member] | Gross undrawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 47,783 | £ 51,632 |
Commercial [Member] | Gross undrawn exposures [member] | CMS 1-10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Commercial [Member] | Gross undrawn exposures [member] | CMS 1-10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.50% | 0.50% |
Commercial [Member] | Gross undrawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 5,984 | £ 7,194 |
Commercial [Member] | Gross undrawn exposures [member] | CMS 11-14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.51% | 0.51% |
Commercial [Member] | Gross undrawn exposures [member] | CMS 11-14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.00% | 3.00% |
Commercial [Member] | Gross undrawn exposures [member] | CMS 15-18 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 585 | £ 423 |
Commercial [Member] | Gross undrawn exposures [member] | CMS 15-18 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.01% | 3.01% |
Commercial [Member] | Gross undrawn exposures [member] | CMS 15-18 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Commercial [Member] | Gross undrawn exposures [member] | CMS 19 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 43 | £ 42 |
Commercial [Member] | Gross undrawn exposures [member] | CMS 19 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Commercial [Member] | Gross undrawn exposures [member] | CMS 19 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Commercial [Member] | Gross undrawn exposures [member] | CMS 20-23 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 5 | £ 6 |
Commercial [Member] | Gross undrawn exposures [member] | CMS 20-23 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Commercial [Member] | Gross undrawn exposures [member] | CMS 20-23 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 48 | £ 37 |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 11 | £ 9 |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 1-10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 1-10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.50% | 0.50% |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 16 | £ 14 |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 11-14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.51% | 0.51% |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 11-14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.00% | 3.00% |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 15-18 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 14 | £ 6 |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 15-18 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.01% | 3.01% |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 15-18 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 19 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 2 | £ 2 |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 19 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 19 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 20-23 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 5 | £ 6 |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 20-23 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 20-23 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 57,266 | £ 44,502 |
Other [Member] | Gross drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 56,356 | £ 43,565 |
Other [Member] | Gross drawn exposures [member] | CMS 1-10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Other [Member] | Gross drawn exposures [member] | CMS 1-10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.50% | 0.50% |
Other [Member] | Gross drawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 6 | |
Other [Member] | Gross drawn exposures [member] | CMS 11-14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.51% | 0.51% |
Other [Member] | Gross drawn exposures [member] | CMS 11-14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.00% | 3.00% |
Other [Member] | Gross drawn exposures [member] | CMS 15-18 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.01% | 3.01% |
Other [Member] | Gross drawn exposures [member] | CMS 15-18 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Other [Member] | Gross drawn exposures [member] | CMS 19 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Other [Member] | Gross drawn exposures [member] | CMS 19 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Other [Member] | Gross drawn exposures [member] | CMS 20-23 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 66 | |
Other [Member] | Gross drawn exposures [member] | CMS 20-23 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Gross drawn exposures [member] | CMS 20-23 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 786 | £ 810 |
Other [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Other [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Other [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 40 | |
Other [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Other [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Other [Member] | Gross drawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Other [Member] | Gross drawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Other [Member] | Gross drawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Other [Member] | Gross drawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Other [Member] | Gross drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 84 | £ 55 |
Other [Member] | Gross drawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Gross drawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Gross drawn exposures [member] | RMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 910 | £ 865 |
Other [Member] | Gross drawn exposures [member] | CMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 56,356 | 43,637 |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 33 | £ 88 |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 10 | |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 1-10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 1-10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.50% | 0.50% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 6 | |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 11-14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.51% | 0.51% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 11-14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.00% | 3.00% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 15-18 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.01% | 3.01% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 15-18 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 19 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 19 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 20-23 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 27 | |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 20-23 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 20-23 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 7 | £ 44 |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 16 | £ 11 |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 23 | £ 55 |
Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 10 | 33 |
Other [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 630 | £ 246 |
Other [Member] | Gross undrawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 391 | |
Other [Member] | Gross undrawn exposures [member] | CMS 1-10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Other [Member] | Gross undrawn exposures [member] | CMS 1-10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.50% | 0.50% |
Other [Member] | Gross undrawn exposures [member] | CMS 11-14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.51% | 0.51% |
Other [Member] | Gross undrawn exposures [member] | CMS 11-14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.00% | 3.00% |
Other [Member] | Gross undrawn exposures [member] | CMS 15-18 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.01% | 3.01% |
Other [Member] | Gross undrawn exposures [member] | CMS 15-18 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Other [Member] | Gross undrawn exposures [member] | CMS 19 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Other [Member] | Gross undrawn exposures [member] | CMS 19 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Other [Member] | Gross undrawn exposures [member] | CMS 20-23 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Gross undrawn exposures [member] | CMS 20-23 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 239 | £ 246 |
Other [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Other [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Other [Member] | Gross undrawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Other [Member] | Gross undrawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Other [Member] | Gross undrawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Other [Member] | Gross undrawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Other [Member] | Gross undrawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Other [Member] | Gross undrawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Other [Member] | Gross undrawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Gross undrawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Gross undrawn exposures [member] | RMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 239 | £ 246 |
Other [Member] | Gross undrawn exposures [member] | CMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 391 | |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 1 | |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 1-10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 1-10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.50% | 0.50% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 11-14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.51% | 0.51% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 11-14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.00% | 3.00% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 15-18 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 3.01% | 3.01% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 15-18 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 19 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 19 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 20-23 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 20-23 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 1 | |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 0.00% | 0.00% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.50% | 4.50% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 4.51% | 4.51% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.00% | 14.00% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 10 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 14.01% | 14.01% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 10 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.00% | 20.00% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 11-13 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 20.01% | 20.01% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 11-13 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 99.99% | 99.99% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 14 [member] | Bottom of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 14 [member] | Top of range [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Probability of Default | 100.00% | 100.00% |
Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 1 | |
Stage 1 [member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 9,777 | 6,282 |
Loans and Advances | 449,975 | 441,531 |
Stage 1 [member] | Gross drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 9,777 | 6,177 |
Stage 1 [member] | Gross drawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 105 | |
Stage 1 [member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2 | 2 |
Loans and Advances | 675 | 525 |
Stage 1 [member] | Expected credit losses in respect of drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2 | 2 |
Stage 1 [member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 129,634 | 131,846 |
Stage 1 [member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 95 | 123 |
Stage 1 [member] | Retail - Mortgages [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 257,043 | 257,797 |
Stage 1 [member] | Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 257,028 | 257,740 |
Stage 1 [member] | Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 15 | 57 |
Stage 1 [member] | Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 23 | 37 |
Stage 1 [member] | Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 23 | 37 |
Stage 1 [member] | Retail - Mortgages [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 12,243 | 12,026 |
Stage 1 [member] | Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 12,242 | 12,024 |
Stage 1 [member] | Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | 2 |
Stage 1 [member] | Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | 1 |
Stage 1 [member] | Retail - Mortgages [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | 1 |
Stage 1 [member] | Retail - unsecured [member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 24,921 | 24,705 |
Stage 1 [member] | Retail - unsecured [member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 22,151 | 22,363 |
Stage 1 [member] | Retail - unsecured [member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2,676 | 2,071 |
Stage 1 [member] | Retail - unsecured [member] | Gross drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 76 | 72 |
Stage 1 [member] | Retail - unsecured [member] | Gross drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 18 | 199 |
Stage 1 [member] | Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 301 | 199 |
Stage 1 [member] | Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 188 | 135 |
Stage 1 [member] | Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 103 | 57 |
Stage 1 [member] | Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 7 | 4 |
Stage 1 [member] | Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 3 | 3 |
Stage 1 [member] | Retail - unsecured [member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 61,048 | 57,837 |
Stage 1 [member] | Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 60,653 | 57,433 |
Stage 1 [member] | Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 389 | 391 |
Stage 1 [member] | Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 5 | 10 |
Stage 1 [member] | Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | 3 |
Stage 1 [member] | Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 62 | 90 |
Stage 1 [member] | Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 56 | 85 |
Stage 1 [member] | Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 6 | 5 |
Stage 1 [member] | Retail - UK Motor Finance [member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 13,884 | 13,224 |
Stage 1 [member] | Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 13,568 | 12,918 |
Stage 1 [member] | Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 314 | 301 |
Stage 1 [member] | Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2 | 5 |
Stage 1 [member] | Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 214 | 121 |
Stage 1 [member] | Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 203 | 114 |
Stage 1 [member] | Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 10 | 6 |
Stage 1 [member] | Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | 1 |
Stage 1 [member] | Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,374 | 1,706 |
Stage 1 [member] | Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,181 | 1,565 |
Stage 1 [member] | Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 193 | 141 |
Stage 1 [member] | Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2 | 2 |
Stage 1 [member] | Retail - UK Motor Finance [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2 | 2 |
Stage 1 [member] | Retail - Other [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 9,654 | 9,434 |
Stage 1 [member] | Retail - Other [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 9,520 | 9,033 |
Stage 1 [member] | Retail - Other [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 190 | |
Stage 1 [member] | Retail - Other [Member] | Gross drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 134 | 211 |
Stage 1 [member] | Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 25 | 32 |
Stage 1 [member] | Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 25 | 30 |
Stage 1 [member] | Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2 | |
Stage 1 [member] | Retail - Other [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,240 | 1,741 |
Stage 1 [member] | Retail - Other [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,240 | 1,381 |
Stage 1 [member] | Retail - Other [Member] | Gross undrawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 360 | |
Stage 1 [member] | Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 11 | 11 |
Stage 1 [member] | Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 11 | 11 |
Stage 1 [member] | Retail [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 305,502 | 305,160 |
Stage 1 [member] | Retail [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 563 | 389 |
Stage 1 [member] | Retail [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 75,905 | 73,310 |
Stage 1 [member] | Retail [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 76 | 104 |
Stage 1 [member] | Commercial [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 87,323 | 92,002 |
Stage 1 [member] | Commercial [Member] | Gross drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 59,880 | 65,089 |
Stage 1 [member] | Commercial [Member] | Gross drawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 25,638 | 25,472 |
Stage 1 [member] | Commercial [Member] | Gross drawn exposures [member] | CMS 15-18 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,805 | 1,441 |
Stage 1 [member] | Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 96 | 93 |
Stage 1 [member] | Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 33 | 32 |
Stage 1 [member] | Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 50 | 50 |
Stage 1 [member] | Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 15-18 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 13 | 11 |
Stage 1 [member] | Commercial [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 53,099 | 58,290 |
Stage 1 [member] | Commercial [Member] | Gross undrawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 47,707 | 51,632 |
Stage 1 [member] | Commercial [Member] | Gross undrawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 5,134 | 6,501 |
Stage 1 [member] | Commercial [Member] | Gross undrawn exposures [member] | CMS 15-18 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 258 | 126 |
Stage 1 [member] | Commercial [Member] | Gross undrawn exposures [member] | CMS 19 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 31 | |
Stage 1 [member] | Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 19 | 18 |
Stage 1 [member] | Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 11 | 9 |
Stage 1 [member] | Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 7 | 7 |
Stage 1 [member] | Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 15-18 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | 1 |
Stage 1 [member] | Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 19 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | |
Stage 1 [member] | Other [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 57,150 | 44,369 |
Stage 1 [member] | Other [Member] | Gross drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 56,356 | 43,565 |
Stage 1 [member] | Other [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 754 | 804 |
Stage 1 [member] | Other [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 40 | |
Stage 1 [member] | Other [Member] | Gross drawn exposures [member] | RMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 794 | 804 |
Stage 1 [member] | Other [Member] | Gross drawn exposures [member] | CMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 56,356 | 43,565 |
Stage 1 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 16 | 43 |
Stage 1 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 10 | |
Stage 1 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 6 | 43 |
Stage 1 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 6 | 43 |
Stage 1 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 10 | |
Stage 1 [member] | Other [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 630 | 246 |
Stage 1 [member] | Other [Member] | Gross undrawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 391 | |
Stage 1 [member] | Other [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 239 | 246 |
Stage 1 [member] | Other [Member] | Gross undrawn exposures [member] | RMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 239 | 246 |
Stage 1 [member] | Other [Member] | Gross undrawn exposures [member] | CMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 391 | |
Stage 1 [member] | Other [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | |
Stage 1 [member] | Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | |
Stage 1 [member] | Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | |
Stage 2 [member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 3 | |
Loans and Advances | 28,543 | 25,345 |
Stage 2 [member] | Gross drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 3 | |
Stage 2 [member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 995 | 994 |
Stage 2 [member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 3,741 | 3,112 |
Stage 2 [member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 77 | 64 |
Stage 2 [member] | Retail - Mortgages [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 16,935 | 13,654 |
Stage 2 [member] | Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 13,494 | 10,784 |
Stage 2 [member] | Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2,052 | 1,709 |
Stage 2 [member] | Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 414 | 262 |
Stage 2 [member] | Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 975 | 899 |
Stage 2 [member] | Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 281 | 226 |
Stage 2 [member] | Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 183 | 141 |
Stage 2 [member] | Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 39 | 34 |
Stage 2 [member] | Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 13 | 9 |
Stage 2 [member] | Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 46 | 42 |
Stage 2 [member] | Retail - Mortgages [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 63 | 20 |
Stage 2 [member] | Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 62 | 19 |
Stage 2 [member] | Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | 1 |
Stage 2 [member] | Retail - unsecured [member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2,812 | 2,707 |
Stage 2 [member] | Retail - unsecured [member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,098 | 1,079 |
Stage 2 [member] | Retail - unsecured [member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 919 | 774 |
Stage 2 [member] | Retail - unsecured [member] | Gross drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 189 | 167 |
Stage 2 [member] | Retail - unsecured [member] | Gross drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 606 | 687 |
Stage 2 [member] | Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 361 | 329 |
Stage 2 [member] | Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 42 | 45 |
Stage 2 [member] | Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 92 | 83 |
Stage 2 [member] | Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 34 | 29 |
Stage 2 [member] | Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 193 | 172 |
Stage 2 [member] | Retail - unsecured [member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2,316 | 2,044 |
Stage 2 [member] | Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,986 | 1,811 |
Stage 2 [member] | Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 218 | 155 |
Stage 2 [member] | Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 39 | 27 |
Stage 2 [member] | Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 73 | 51 |
Stage 2 [member] | Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 50 | 49 |
Stage 2 [member] | Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 24 | 26 |
Stage 2 [member] | Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 8 | 10 |
Stage 2 [member] | Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 3 | 3 |
Stage 2 [member] | Retail - unsecured [member] | Expected credit losses in respect of undrawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 15 | 10 |
Stage 2 [member] | Retail - UK Motor Finance [member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,942 | 1,580 |
Stage 2 [member] | Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,297 | 954 |
Stage 2 [member] | Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 368 | 318 |
Stage 2 [member] | Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 99 | 111 |
Stage 2 [member] | Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 178 | 197 |
Stage 2 [member] | Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 87 | 79 |
Stage 2 [member] | Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 30 | 19 |
Stage 2 [member] | Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 15 | 15 |
Stage 2 [member] | Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 10 | 11 |
Stage 2 [member] | Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 32 | 34 |
Stage 2 [member] | Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 4 | |
Stage 2 [member] | Retail - UK Motor Finance [member] | Gross undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 4 | |
Stage 2 [member] | Retail - Other [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 829 | 800 |
Stage 2 [member] | Retail - Other [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 390 | 704 |
Stage 2 [member] | Retail - Other [Member] | Gross drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 409 | 66 |
Stage 2 [member] | Retail - Other [Member] | Gross drawn exposures [member] | RMS 10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 7 | 7 |
Stage 2 [member] | Retail - Other [Member] | Gross drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 23 | 23 |
Stage 2 [member] | Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 37 | 28 |
Stage 2 [member] | Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 9 | 25 |
Stage 2 [member] | Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 27 | 2 |
Stage 2 [member] | Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 11-13 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | 1 |
Stage 2 [member] | Retail - Other [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 62 | 47 |
Stage 2 [member] | Retail - Other [Member] | Gross undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 47 | |
Stage 2 [member] | Retail - Other [Member] | Gross undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 62 | |
Stage 2 [member] | Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 3 | 2 |
Stage 2 [member] | Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2 | |
Stage 2 [member] | Retail - Other [Member] | Expected credit losses in respect of undrawn exposures [member] | RMS 7-9 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 3 | |
Stage 2 [member] | Retail [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 22,518 | 18,741 |
Stage 2 [member] | Retail [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 766 | 662 |
Stage 2 [member] | Retail [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2,445 | 2,111 |
Stage 2 [member] | Retail [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 53 | 51 |
Stage 2 [member] | Commercial [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 5,993 | 6,592 |
Stage 2 [member] | Commercial [Member] | Gross drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 379 | 100 |
Stage 2 [member] | Commercial [Member] | Gross drawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2,322 | 3,450 |
Stage 2 [member] | Commercial [Member] | Gross drawn exposures [member] | CMS 15-18 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 3,123 | 2,988 |
Stage 2 [member] | Commercial [Member] | Gross drawn exposures [member] | CMS 19 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 169 | 54 |
Stage 2 [member] | Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 228 | 325 |
Stage 2 [member] | Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | 1 |
Stage 2 [member] | Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 37 | 86 |
Stage 2 [member] | Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 15-18 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 174 | 231 |
Stage 2 [member] | Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 19 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 16 | 7 |
Stage 2 [member] | Commercial [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,296 | 1,001 |
Stage 2 [member] | Commercial [Member] | Gross undrawn exposures [member] | CMS 1-10 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 76 | |
Stage 2 [member] | Commercial [Member] | Gross undrawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 850 | 693 |
Stage 2 [member] | Commercial [Member] | Gross undrawn exposures [member] | CMS 15-18 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 327 | 297 |
Stage 2 [member] | Commercial [Member] | Gross undrawn exposures [member] | CMS 19 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 43 | 11 |
Stage 2 [member] | Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 24 | 13 |
Stage 2 [member] | Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 9 | 7 |
Stage 2 [member] | Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 15-18 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 13 | 5 |
Stage 2 [member] | Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 19 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2 | 1 |
Stage 2 [member] | Other [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 32 | 12 |
Stage 2 [member] | Other [Member] | Gross drawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 6 | |
Stage 2 [member] | Other [Member] | Gross drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 32 | 6 |
Stage 2 [member] | Other [Member] | Gross drawn exposures [member] | RMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 32 | 6 |
Stage 2 [member] | Other [Member] | Gross drawn exposures [member] | CMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 6 | |
Stage 2 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | 7 |
Stage 2 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 11-14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 6 | |
Stage 2 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 1-6 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | 1 |
Stage 2 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1 | 1 |
Stage 2 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 6 | |
Stage 3 [member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 6,015 | 5,741 |
Stage 3 [member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,447 | 1,553 |
Stage 3 [member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 99 | 50 |
Stage 3 [member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 5 | 6 |
Stage 3 [member] | Retail - Mortgages [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,506 | 1,393 |
Stage 3 [member] | Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 1,506 | 1,393 |
Stage 3 [member] | Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 122 | 118 |
Stage 3 [member] | Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 122 | 118 |
Stage 3 [member] | Retail - Mortgages [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 8 | 5 |
Stage 3 [member] | Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 8 | 5 |
Stage 3 [member] | Retail - unsecured [member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 678 | 703 |
Stage 3 [member] | Retail - unsecured [member] | Gross drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 678 | 703 |
Stage 3 [member] | Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 233 | 228 |
Stage 3 [member] | Retail - unsecured [member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 233 | 228 |
Stage 3 [member] | Retail - unsecured [member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 83 | 36 |
Stage 3 [member] | Retail - unsecured [member] | Gross undrawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 83 | 36 |
Stage 3 [member] | Retail - UK Motor Finance [member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 150 | 129 |
Stage 3 [member] | Retail - UK Motor Finance [member] | Gross drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 150 | 129 |
Stage 3 [member] | Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 84 | 78 |
Stage 3 [member] | Retail - UK Motor Finance [member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 84 | 78 |
Stage 3 [member] | Retail - Other [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 150 | 165 |
Stage 3 [member] | Retail - Other [Member] | Gross drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 150 | 165 |
Stage 3 [member] | Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 51 | 60 |
Stage 3 [member] | Retail - Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 51 | 60 |
Stage 3 [member] | Retail - Other [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 3 | 3 |
Stage 3 [member] | Retail - Other [Member] | Gross undrawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 3 | 3 |
Stage 3 [member] | Retail [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 2,484 | 2,390 |
Stage 3 [member] | Retail [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 490 | 484 |
Stage 3 [member] | Retail [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 94 | 44 |
Stage 3 [member] | Commercial [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 3,447 | 3,230 |
Stage 3 [member] | Commercial [Member] | Gross drawn exposures [member] | CMS 20-23 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 3,447 | 3,230 |
Stage 3 [member] | Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 941 | 1,031 |
Stage 3 [member] | Commercial [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 20-23 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 941 | 1,031 |
Stage 3 [member] | Commercial [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 5 | 6 |
Stage 3 [member] | Commercial [Member] | Gross undrawn exposures [member] | CMS 20-23 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 5 | 6 |
Stage 3 [member] | Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 5 | 6 |
Stage 3 [member] | Commercial [Member] | Expected credit losses in respect of undrawn exposures [member] | CMS 20-23 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 5 | 6 |
Stage 3 [member] | Other [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 84 | 121 |
Stage 3 [member] | Other [Member] | Gross drawn exposures [member] | CMS 20-23 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 66 | |
Stage 3 [member] | Other [Member] | Gross drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 84 | 55 |
Stage 3 [member] | Other [Member] | Gross drawn exposures [member] | RMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 84 | 55 |
Stage 3 [member] | Other [Member] | Gross drawn exposures [member] | CMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 66 | |
Stage 3 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 16 | 38 |
Stage 3 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS 20-23 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 27 | |
Stage 3 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 16 | 11 |
Stage 3 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | RMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 16 | 11 |
Stage 3 [member] | Other [Member] | Expected credit losses in respect of drawn exposures [member] | CMS [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 27 | |
Purchased or originated credit-impaired [member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 13,714 | 15,391 |
Purchased or originated credit-impaired [member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 142 | 78 |
Purchased or originated credit-impaired [member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 79 | 90 |
Purchased or originated credit-impaired [member] | Retail - Mortgages [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 13,714 | 15,391 |
Purchased or originated credit-impaired [member] | Retail - Mortgages [Member] | Gross drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 13,714 | 15,391 |
Purchased or originated credit-impaired [member] | Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 142 | 78 |
Purchased or originated credit-impaired [member] | Retail - Mortgages [Member] | Expected credit losses in respect of drawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 142 | 78 |
Purchased or originated credit-impaired [member] | Retail - Mortgages [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 79 | 90 |
Purchased or originated credit-impaired [member] | Retail - Mortgages [Member] | Gross undrawn exposures [member] | RMS 14 [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 79 | 90 |
Purchased or originated credit-impaired [member] | Retail [Member] | Gross drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 13,714 | 15,391 |
Purchased or originated credit-impaired [member] | Retail [Member] | Expected credit losses in respect of drawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | 142 | 78 |
Purchased or originated credit-impaired [member] | Retail [Member] | Gross undrawn exposures [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Credit Quality of Assets [Line Items] | ||
Loans and Advances | £ 79 | £ 90 |
FINANCIAL RISK MANAGEMENT (D_11
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Debt Securities Classified as Loans and Receivables - Loans and receivables, category [member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Asset-backed securities: | |||
Asset-backed securities | £ 3,883 | £ 4,052 | |
Corporate and other debt securities | 1,664 | 1,192 | |
Debt securities | 5,544 | 5,238 | |
Investment Grade [Member] | |||
Asset-backed securities: | |||
Asset-backed securities | [1] | 3,883 | 4,026 |
Corporate and other debt securities | [1] | 1,650 | 1,176 |
Other [Member] | |||
Asset-backed securities: | |||
Asset-backed securities | [2] | 26 | |
Corporate and other debt securities | [2] | 14 | 16 |
Mortgages [member] | |||
Asset-backed securities: | |||
Asset-backed securities | 3,007 | 3,272 | |
Mortgages [member] | Investment Grade [Member] | |||
Asset-backed securities: | |||
Asset-backed securities | [1] | 3,007 | 3,263 |
Mortgages [member] | Other [Member] | |||
Asset-backed securities: | |||
Asset-backed securities | [2] | 9 | |
Other asset-backed [Member] | |||
Asset-backed securities: | |||
Asset-backed securities | 876 | 780 | |
Other asset-backed [Member] | Investment Grade [Member] | |||
Asset-backed securities: | |||
Asset-backed securities | [1] | 876 | 763 |
Other asset-backed [Member] | Other [Member] | |||
Asset-backed securities: | |||
Asset-backed securities | [2] | 17 | |
Debt securities held within loans and receivables [Member] | |||
Asset-backed securities: | |||
Gross exposure | 5,547 | 5,244 | |
Allowance for impairment losses | (3) | (6) | |
Debt securities held within loans and receivables [Member] | Investment Grade [Member] | |||
Asset-backed securities: | |||
Gross exposure | [1] | 5,533 | 5,202 |
Debt securities held within loans and receivables [Member] | Other [Member] | |||
Asset-backed securities: | |||
Gross exposure | [2] | £ 14 | £ 42 |
[1] | Credit ratings equal to or better than 'BBB'. | ||
[2] | Other comprises sub-investment grade (31 December 2019: nil; 31 December 2018: 6 million) and not rated (31 December 2019: 14 million; 31 December 2018: 36 million). |
FINANCIAL RISK MANAGEMENT (D_12
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Available-for-Sale Financial Assets (Excluding Equity Shares) - Excluding equity share [Member] - Financial assets available-for-sale, category [member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
Debt securities: | ||||
Government securities | £ 13,098 | £ 18,971 | ||
Bank and building society certificates of deposit | 118 | |||
Asset-backed securities: | ||||
Mortgage-backed securities | 121 | 120 | ||
Other asset-backed securities | 60 | 131 | ||
181 | 251 | |||
Corporate and other debt securities | 11,051 | 5,151 | ||
Total debt securities | 24,330 | 24,491 | ||
Treasury and other bills | 535 | 303 | ||
Total financial assets at fair value through other comprehensive income | 24,865 | 24,794 | ||
Investment Grade [Member] | ||||
Debt securities: | ||||
Government securities | [1] | 13,084 | 18,971 | |
Bank and building society certificates of deposit | [1] | 118 | ||
Asset-backed securities: | ||||
Mortgage-backed securities | [1] | 121 | 120 | |
Other asset-backed securities | [1] | |||
[1] | 121 | 120 | ||
Corporate and other debt securities | [1] | 11,036 | 4,934 | |
Total debt securities | [1] | 24,241 | 24,143 | |
Treasury and other bills | [1] | 535 | 303 | |
Total financial assets at fair value through other comprehensive income | [1] | 24,776 | 24,446 | |
Other [Member] | ||||
Debt securities: | ||||
Government securities | [2] | 14 | ||
Bank and building society certificates of deposit | [2] | |||
Asset-backed securities: | ||||
Mortgage-backed securities | [2] | |||
Other asset-backed securities | [2] | 60 | 131 | |
60 | 131 | [2] | ||
Corporate and other debt securities | [2] | 15 | 217 | |
Total debt securities | [2] | 89 | 348 | |
Treasury and other bills | [2] | |||
Total financial assets at fair value through other comprehensive income | [2] | £ 89 | £ 348 | |
[1] | Credit ratings equal to or better than 'BBB'. | |||
[2] | Other comprises sub-investment grade (31 December 2019: 89 million; 31 December 2018: 85 million) and not rated (31 December 2019: nil; 31 December 2018: 263 million). |
FINANCIAL RISK MANAGEMENT (D_13
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Debt Securities, Treasury and Other Bills Held at Fair Value Through Profit or Loss - Treasury shares [member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Debt Securities, Treasury and Other Bills Held at Fair Value Through Profit or Loss [Line Items] | |||
Total held as trading assets | £ 7,047 | £ 7,512 | |
Total debt securities held at fair value through profit or loss | 33,859 | 32,636 | |
Treasury bills and other bills | 19 | 20 | |
Total other assets held at fair value through profit or loss | 33,878 | 32,656 | |
Total held at fair value through profit or loss | 40,925 | 40,168 | |
Debt securities, treasury, and other bills at fair value through profit or loss [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Debt Securities, Treasury and Other Bills Held at Fair Value Through Profit or Loss [Line Items] | |||
Government securities | 6,791 | 7,192 | |
Mortgage-backed securities | 6 | 10 | |
Other asset-backed securities | 17 | 63 | |
23 | 73 | ||
Corporate and other debt securities | 233 | 247 | |
Other assets held at fair value through profit or loss [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Debt Securities, Treasury and Other Bills Held at Fair Value Through Profit or Loss [Line Items] | |||
Government securities | 12,063 | 10,903 | |
Other public sector securities | 2,126 | 2,064 | |
Bank and building society certificates of deposit | 984 | 1,105 | |
Mortgage-backed securities | 462 | 215 | |
Other asset-backed securities | 241 | 286 | |
703 | 501 | ||
Corporate and other debt securities | 17,983 | 18,063 | |
Investment Grade [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Debt Securities, Treasury and Other Bills Held at Fair Value Through Profit or Loss [Line Items] | |||
Total held as trading assets | [1] | 7,038 | 7,493 |
Total debt securities held at fair value through profit or loss | [1] | 31,771 | 30,699 |
Treasury bills and other bills | [1] | 19 | 20 |
Total other assets held at fair value through profit or loss | [1] | 31,790 | 30,719 |
Total held at fair value through profit or loss | [1] | 38,828 | 38,212 |
Investment Grade [Member] | Debt securities, treasury, and other bills at fair value through profit or loss [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Debt Securities, Treasury and Other Bills Held at Fair Value Through Profit or Loss [Line Items] | |||
Government securities | [1] | 6,791 | 7,192 |
Mortgage-backed securities | [1] | 1 | 10 |
Other asset-backed securities | [1] | 14 | 63 |
[1] | 15 | 73 | |
Corporate and other debt securities | [1] | 232 | 228 |
Investment Grade [Member] | Other assets held at fair value through profit or loss [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Debt Securities, Treasury and Other Bills Held at Fair Value Through Profit or Loss [Line Items] | |||
Government securities | [1] | 12,044 | 10,903 |
Other public sector securities | [1] | 2,118 | 2,059 |
Bank and building society certificates of deposit | [1] | 984 | 1,105 |
Mortgage-backed securities | [1] | 452 | 208 |
Other asset-backed securities | [1] | 241 | 283 |
[1] | 693 | 491 | |
Corporate and other debt securities | [1] | 15,932 | 16,141 |
Other [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Debt Securities, Treasury and Other Bills Held at Fair Value Through Profit or Loss [Line Items] | |||
Total held as trading assets | [2] | 9 | 19 |
Total debt securities held at fair value through profit or loss | [2] | 2,088 | 1,937 |
Treasury bills and other bills | [2] | ||
Total other assets held at fair value through profit or loss | [2] | 2,088 | 1,937 |
Total held at fair value through profit or loss | [2] | 2,097 | 1,956 |
Other [Member] | Debt securities, treasury, and other bills at fair value through profit or loss [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Debt Securities, Treasury and Other Bills Held at Fair Value Through Profit or Loss [Line Items] | |||
Government securities | [2] | ||
Mortgage-backed securities | [2] | 5 | |
Other asset-backed securities | [2] | 3 | |
[2] | 8 | ||
Corporate and other debt securities | [2] | 1 | 19 |
Other [Member] | Other assets held at fair value through profit or loss [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Debt Securities, Treasury and Other Bills Held at Fair Value Through Profit or Loss [Line Items] | |||
Government securities | [2] | 19 | |
Other public sector securities | [2] | 8 | 5 |
Bank and building society certificates of deposit | [2] | ||
Mortgage-backed securities | [2] | 10 | 7 |
Other asset-backed securities | [2] | 3 | |
[2] | 10 | 10 | |
Corporate and other debt securities | [2] | £ 2,051 | £ 1,922 |
[1] | Credit ratings equal to or better than 'BBB'. | ||
[2] | Other comprises sub-investment grade (2019: 251 million; 2018: 411 million) and not rated (2019: 1,846 million; 2018: 1,545 million). |
FINANCIAL RISK MANAGEMENT (D_14
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Derivative Assets - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Derivative Assets [Line Items] | |||
Derivative financial instruments | £ 26,369 | £ 23,595 | |
Investment Grade [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Derivative Assets [Line Items] | |||
Derivative financial instruments | [1] | 24,169 | 21,331 |
Other [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Derivative Assets [Line Items] | |||
Derivative financial instruments | [2] | 2,200 | 2,264 |
Trading and Other [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Derivative Assets [Line Items] | |||
Derivative financial instruments | 25,133 | 22,032 | |
Trading and Other [Member] | Investment Grade [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Derivative Assets [Line Items] | |||
Derivative financial instruments | [1] | 22,991 | 19,797 |
Trading and Other [Member] | Other [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Derivative Assets [Line Items] | |||
Derivative financial instruments | [2] | 2,142 | 2,235 |
Hedging [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Derivative Assets [Line Items] | |||
Derivative financial instruments | 1,236 | 1,563 | |
Hedging [Member] | Investment Grade [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Derivative Assets [Line Items] | |||
Derivative financial instruments | [1] | 1,178 | 1,534 |
Hedging [Member] | Other [Member] | |||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Derivative Assets [Line Items] | |||
Derivative financial instruments | [2] | £ 58 | £ 29 |
[1] | Credit ratings equal to or better than 'BBB'. | ||
[2] | Other comprises sub-investment grade (2019: 1,555 million; 2018: 1,920 million) and not rated (2019: 645 million; 2018: 344 million). |
FINANCIAL RISK MANAGEMENT (D_15
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Mortgage Lending - Mortgages [member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | £ 289,198 | £ 288,235 |
Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 568 | 459 |
Stage 1 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 257,043 | 257,797 |
Stage 1 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 23 | 37 |
Stage 2 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 16,935 | 13,654 |
Stage 2 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 281 | 226 |
Stage 3 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 1,506 | 1,393 |
Stage 3 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 122 | 118 |
Purchased or originated credit-impaired [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 13,714 | 15,391 |
Purchased or originated credit-impaired [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 142 | 78 |
Less than seventy percent [Member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 204,615 | 209,165 |
Less than seventy percent [Member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 195 | 150 |
Less than seventy percent [Member] | Stage 1 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 179,566 | 185,556 |
Less than seventy percent [Member] | Stage 1 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 6 | 3 |
Less than seventy percent [Member] | Stage 2 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 13,147 | 10,728 |
Less than seventy percent [Member] | Stage 2 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 104 | 94 |
Less than seventy percent [Member] | Stage 3 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 1,174 | 1,035 |
Less than seventy percent [Member] | Stage 3 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 41 | 34 |
Less than seventy percent [Member] | Purchased or originated credit-impaired [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 10,728 | 11,846 |
Less than seventy percent [Member] | Purchased or originated credit-impaired [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 44 | 19 |
Seventy percent to eighty percent [Member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 48,659 | 45,703 |
Seventy percent to eighty percent [Member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 149 | 98 |
Seventy percent to eighty percent [Member] | Stage 1 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 44,384 | 41,827 |
Seventy percent to eighty percent [Member] | Stage 1 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 7 | 11 |
Seventy percent to eighty percent [Member] | Stage 2 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 2,343 | 1,802 |
Seventy percent to eighty percent [Member] | Stage 2 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 75 | 51 |
Seventy percent to eighty percent [Member] | Stage 3 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 181 | 190 |
Seventy percent to eighty percent [Member] | Stage 3 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 29 | 24 |
Seventy percent to eighty percent [Member] | Purchased or originated credit-impaired [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 1,751 | 1,884 |
Seventy percent to eighty percent [Member] | Purchased or originated credit-impaired [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 38 | 12 |
Eighty percent to ninety percent [Member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 28,876 | 26,813 |
Eighty percent to ninety percent [Member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 113 | 104 |
Eighty percent to ninety percent [Member] | Stage 1 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 27,056 | 24,854 |
Eighty percent to ninety percent [Member] | Stage 1 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 7 | 14 |
Eighty percent to ninety percent [Member] | Stage 2 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 1,057 | 832 |
Eighty percent to ninety percent [Member] | Stage 2 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 58 | 47 |
Eighty percent to ninety percent [Member] | Stage 3 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 86 | 95 |
Eighty percent to ninety percent [Member] | Stage 3 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 25 | 27 |
Eighty percent to ninety percent [Member] | Purchased or originated credit-impaired [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 677 | 1,032 |
Eighty percent to ninety percent [Member] | Purchased or originated credit-impaired [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 23 | 16 |
Ninety percent to one hundred percent [Member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 6,103 | 5,462 |
Ninety percent to one hundred percent [Member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 41 | 43 |
Ninety percent to one hundred percent [Member] | Stage 1 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 5,663 | 4,957 |
Ninety percent to one hundred percent [Member] | Stage 1 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 2 | 4 |
Ninety percent to one hundred percent [Member] | Stage 2 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 199 | 164 |
Ninety percent to one hundred percent [Member] | Stage 2 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 17 | 16 |
Ninety percent to one hundred percent [Member] | Stage 3 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 34 | 39 |
Ninety percent to one hundred percent [Member] | Stage 3 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 12 | 14 |
Ninety percent to one hundred percent [Member] | Purchased or originated credit-impaired [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 207 | 302 |
Ninety percent to one hundred percent [Member] | Purchased or originated credit-impaired [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 10 | 9 |
Greater than one hundred percent [Member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 945 | 1,092 |
Greater than one hundred percent [Member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 70 | 64 |
Greater than one hundred percent [Member] | Stage 1 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 374 | 603 |
Greater than one hundred percent [Member] | Stage 1 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 1 | 5 |
Greater than one hundred percent [Member] | Stage 2 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 189 | 128 |
Greater than one hundred percent [Member] | Stage 2 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 27 | 18 |
Greater than one hundred percent [Member] | Stage 3 [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 31 | 34 |
Greater than one hundred percent [Member] | Stage 3 [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | 15 | 19 |
Greater than one hundred percent [Member] | Purchased or originated credit-impaired [member] | Drawn balance [member] | ||
Drawn balances | ||
Loan-to-value ratio | 351 | 327 |
Greater than one hundred percent [Member] | Purchased or originated credit-impaired [member] | Expected credit losses on drawn balances [member] | ||
Drawn balances | ||
Loan-to-value ratio | £ 27 | £ 22 |
FINANCIAL RISK MANAGEMENT (D_16
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Securities Lending Transactions - Securities lending [member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Securities Lending Transactions [Line Items] | ||
Financial assets at fair value through profit or loss | £ 5,857 | £ 5,837 |
Financial assets at fair value through other comprehensive income | 2,020 | 1,917 |
£ 7,877 | £ 7,754 |
FINANCIAL RISK MANAGEMENT (D_17
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Maturities of Assets and Liabilities - Balance Sheet maturity - legal basis [Member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and balances at central banks | £ 55,130 | £ 54,663 |
Financial assets at fair value through profit or loss | 160,189 | 158,529 |
Derivative financial instruments | 26,369 | 23,595 |
Loans and advances to banks | 9,775 | 6,283 |
Loans and advances to customers | 494,988 | 484,858 |
Debt securities held at amortised cost | 5,544 | 5,238 |
Financial assets at fair value through other comprehensive income | 25,092 | 24,815 |
Other assets | 56,806 | 39,617 |
Total assets | 833,893 | 797,598 |
Liabilities | ||
Deposits from banks | 28,179 | 30,320 |
Customer deposits | 421,320 | 418,066 |
Derivative financial instruments and financial liabilities at fair value through profit or loss | 47,265 | 51,920 |
Debt securities in issue | 97,689 | 91,168 |
Liabilities arising from insurance and participating investment contracts | 148,908 | 112,727 |
Other liabilities | 25,596 | 25,542 |
Subordinated liabilities | 17,130 | 17,656 |
Total liabilities | 786,087 | 747,399 |
Not later than one month [member] | ||
Assets | ||
Cash and balances at central banks | 55,128 | 54,662 |
Financial assets at fair value through profit or loss | 7,195 | 10,686 |
Derivative financial instruments | 583 | 579 |
Loans and advances to banks | 4,953 | 2,594 |
Loans and advances to customers | 35,973 | 36,326 |
Debt securities held at amortised cost | 131 | 7 |
Financial assets at fair value through other comprehensive income | 111 | 166 |
Other assets | 2,224 | 2,667 |
Total assets | 106,298 | 107,687 |
Liabilities | ||
Deposits from banks | 4,530 | 2,793 |
Customer deposits | 382,885 | 380,753 |
Derivative financial instruments and financial liabilities at fair value through profit or loss | 5,182 | 5,160 |
Debt securities in issue | 4,070 | 4,172 |
Liabilities arising from insurance and participating investment contracts | 1,213 | 1,844 |
Other liabilities | 4,541 | 4,403 |
Subordinated liabilities | 85 | |
Total liabilities | 402,421 | 399,210 |
Later than one month and not later than three months [member] | ||
Assets | ||
Cash and balances at central banks | 2 | 1 |
Financial assets at fair value through profit or loss | 3,689 | 8,826 |
Derivative financial instruments | 739 | 688 |
Loans and advances to banks | 1,017 | 520 |
Loans and advances to customers | 26,036 | 19,383 |
Debt securities held at amortised cost | 19 | |
Financial assets at fair value through other comprehensive income | 179 | 453 |
Other assets | 1,155 | 1,552 |
Total assets | 32,836 | 31,423 |
Liabilities | ||
Deposits from banks | 2,715 | 1,688 |
Customer deposits | 12,945 | 10,623 |
Derivative financial instruments and financial liabilities at fair value through profit or loss | 6,101 | 11,877 |
Debt securities in issue | 9,159 | 5,692 |
Liabilities arising from insurance and participating investment contracts | 1,658 | 1,850 |
Other liabilities | 1,914 | 3,201 |
Subordinated liabilities | 1,339 | 145 |
Total liabilities | 35,831 | 35,076 |
Later than three months and not later than six months [member] | ||
Assets | ||
Financial assets at fair value through profit or loss | 3,016 | 8,492 |
Derivative financial instruments | 627 | 418 |
Loans and advances to banks | 265 | 584 |
Loans and advances to customers | 23,283 | 18,415 |
Financial assets at fair value through other comprehensive income | 729 | 249 |
Other assets | 533 | 196 |
Total assets | 28,453 | 28,354 |
Liabilities | ||
Deposits from banks | 267 | 748 |
Customer deposits | 6,716 | 5,628 |
Derivative financial instruments and financial liabilities at fair value through profit or loss | 2,579 | 5,048 |
Debt securities in issue | 7,135 | 9,007 |
Liabilities arising from insurance and participating investment contracts | 2,370 | 2,316 |
Other liabilities | 772 | 733 |
Subordinated liabilities | 96 | 95 |
Total liabilities | 19,935 | 23,575 |
Later than six months and not later than nine months [Member] | ||
Assets | ||
Financial assets at fair value through profit or loss | 1,710 | 5,133 |
Derivative financial instruments | 404 | 336 |
Loans and advances to banks | 124 | 172 |
Loans and advances to customers | 12,626 | 14,378 |
Debt securities held at amortised cost | 521 | |
Financial assets at fair value through other comprehensive income | 102 | 800 |
Other assets | 160 | 238 |
Total assets | 15,126 | 21,578 |
Liabilities | ||
Deposits from banks | 85 | 54 |
Customer deposits | 4,377 | 4,543 |
Derivative financial instruments and financial liabilities at fair value through profit or loss | 784 | 1,663 |
Debt securities in issue | 7,418 | 4,668 |
Liabilities arising from insurance and participating investment contracts | 2,348 | 2,302 |
Other liabilities | 893 | 1,182 |
Subordinated liabilities | 1,137 | 251 |
Total liabilities | 17,042 | 14,663 |
Later than nine months and not later than twelve months [Member] | ||
Assets | ||
Financial assets at fair value through profit or loss | 451 | 2,587 |
Derivative financial instruments | 336 | 441 |
Loans and advances to banks | 91 | 203 |
Loans and advances to customers | 11,425 | 11,318 |
Financial assets at fair value through other comprehensive income | 234 | 1,685 |
Other assets | 520 | 219 |
Total assets | 13,057 | 16,453 |
Liabilities | ||
Deposits from banks | 55 | 45 |
Customer deposits | 3,207 | 4,431 |
Derivative financial instruments and financial liabilities at fair value through profit or loss | 528 | 522 |
Debt securities in issue | 1,963 | 1,694 |
Liabilities arising from insurance and participating investment contracts | 2,882 | 2,104 |
Other liabilities | 1,682 | 1,383 |
Subordinated liabilities | 108 | |
Total liabilities | 10,425 | 10,179 |
Later than one year and not later than two years [member] | ||
Assets | ||
Financial assets at fair value through profit or loss | 2,801 | 2,090 |
Derivative financial instruments | 1,294 | 1,064 |
Loans and advances to banks | 26 | 160 |
Loans and advances to customers | 29,917 | 30,459 |
Debt securities held at amortised cost | 74 | |
Financial assets at fair value through other comprehensive income | 2,929 | 2,536 |
Other assets | 568 | 387 |
Total assets | 37,609 | 36,696 |
Liabilities | ||
Deposits from banks | 15,686 | 4,758 |
Customer deposits | 6,742 | 6,421 |
Derivative financial instruments and financial liabilities at fair value through profit or loss | 1,644 | 1,104 |
Debt securities in issue | 13,618 | 13,062 |
Liabilities arising from insurance and participating investment contracts | 9,028 | 7,995 |
Other liabilities | 898 | 756 |
Subordinated liabilities | 575 | 2,600 |
Total liabilities | 48,191 | 36,696 |
Later than two years and not later than five years [member] | ||
Assets | ||
Financial assets at fair value through profit or loss | 5,385 | 5,467 |
Derivative financial instruments | 2,763 | 3,075 |
Loans and advances to customers | 74,416 | 72,028 |
Debt securities held at amortised cost | 3,085 | 2,262 |
Financial assets at fair value through other comprehensive income | 12,809 | 11,496 |
Other assets | 1,218 | 1,118 |
Total assets | 99,676 | 95,446 |
Liabilities | ||
Deposits from banks | 433 | 16,052 |
Customer deposits | 1,752 | 3,244 |
Derivative financial instruments and financial liabilities at fair value through profit or loss | 5,238 | 4,108 |
Debt securities in issue | 30,897 | 28,676 |
Liabilities arising from insurance and participating investment contracts | 24,870 | 20,986 |
Other liabilities | 906 | 232 |
Subordinated liabilities | 4,105 | 2,559 |
Total liabilities | 68,201 | 75,857 |
Later than five years [member] | ||
Assets | ||
Financial assets at fair value through profit or loss | 135,942 | 115,248 |
Derivative financial instruments | 19,623 | 16,994 |
Loans and advances to banks | 3,299 | 2,050 |
Loans and advances to customers | 281,312 | 282,551 |
Debt securities held at amortised cost | 2,235 | 2,448 |
Financial assets at fair value through other comprehensive income | 7,999 | 7,430 |
Other assets | 50,428 | 33,240 |
Total assets | 500,838 | 459,961 |
Liabilities | ||
Deposits from banks | 4,408 | 4,182 |
Customer deposits | 2,696 | 2,423 |
Derivative financial instruments and financial liabilities at fair value through profit or loss | 25,209 | 22,438 |
Debt securities in issue | 23,429 | 24,197 |
Liabilities arising from insurance and participating investment contracts | 104,539 | 73,330 |
Other liabilities | 13,990 | 13,652 |
Subordinated liabilities | 9,770 | 11,921 |
Total liabilities | £ 184,041 | £ 152,143 |
FINANCIAL RISK MANAGEMENT (D_18
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Maturities of Liabilities - Undiscounted future cash flow basis [Member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Maturities of Liabilities [Line Items] | ||
Deposits from banks | £ 28,718 | £ 30,974 |
Customer deposits | 426,678 | 418,926 |
Financial liabilities at fair value through profit or loss | 29,511 | 39,931 |
Debt securities in issue | 125,357 | 108,254 |
Liabilities arising from non-participating investment contracts | 37,459 | 13,853 |
Other liabilities (Lease liabilities) | 2,002 | |
Subordinated liabilities | 27,016 | 29,967 |
Total non-derivative financial liabilities | 676,741 | 641,905 |
Derivative financial liabilities: | ||
Derivative financial liabilities | 33,218 | 26,578 |
Net settled derivatives liabilities | 26,719 | 16,798 |
Outflows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | 175,759 | 168,121 |
Inflows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | (169,260) | (158,341) |
Net Flows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | 6,499 | 9,780 |
Not later than one month [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Maturities of Liabilities [Line Items] | ||
Deposits from banks | 5,009 | 2,820 |
Customer deposits | 385,864 | 380,985 |
Financial liabilities at fair value through profit or loss | 4,370 | 9,693 |
Debt securities in issue | 5,335 | 5,942 |
Liabilities arising from non-participating investment contracts | 37,459 | 13,853 |
Other liabilities (Lease liabilities) | 2 | |
Subordinated liabilities | 942 | 247 |
Total non-derivative financial liabilities | 438,981 | 413,540 |
Derivative financial liabilities: | ||
Derivative financial liabilities | 25,937 | 14,375 |
Net settled derivatives liabilities | 23,648 | 13,511 |
Not later than one month [member] | Outflows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | 43,118 | 39,165 |
Not later than one month [member] | Inflows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | (40,829) | (38,301) |
Not later than one month [member] | Net Flows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | 2,289 | 864 |
Later than one month and not later than three months [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Maturities of Liabilities [Line Items] | ||
Deposits from banks | 2,564 | 2,710 |
Customer deposits | 14,433 | 10,584 |
Financial liabilities at fair value through profit or loss | 5,543 | 10,984 |
Debt securities in issue | 9,858 | 7,314 |
Other liabilities (Lease liabilities) | 61 | |
Subordinated liabilities | 1,462 | 1,017 |
Total non-derivative financial liabilities | 33,921 | 32,609 |
Derivative financial liabilities: | ||
Derivative financial liabilities | 1,473 | 796 |
Net settled derivatives liabilities | 48 | 103 |
Later than one month and not later than three months [member] | Outflows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | 44,379 | 27,976 |
Later than one month and not later than three months [member] | Inflows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | (42,954) | (27,283) |
Later than one month and not later than three months [member] | Net Flows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | 1,425 | 693 |
Later than three months and not later than twelve months [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Maturities of Liabilities [Line Items] | ||
Deposits from banks | 762 | 1,022 |
Customer deposits | 14,327 | 14,169 |
Financial liabilities at fair value through profit or loss | 2,255 | 7,553 |
Debt securities in issue | 19,205 | 22,564 |
Other liabilities (Lease liabilities) | 190 | |
Subordinated liabilities | 1,918 | 1,144 |
Total non-derivative financial liabilities | 38,657 | 46,452 |
Derivative financial liabilities: | ||
Derivative financial liabilities | 1,168 | 1,053 |
Net settled derivatives liabilities | 122 | 209 |
Later than three months and not later than twelve months [Member] | Outflows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | 34,012 | 23,978 |
Later than three months and not later than twelve months [Member] | Inflows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | (32,966) | (23,134) |
Later than three months and not later than twelve months [Member] | Net Flows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | 1,046 | 844 |
Later than one year and not later than five years [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Maturities of Liabilities [Line Items] | ||
Deposits from banks | 20,066 | 20,920 |
Customer deposits | 10,661 | 11,634 |
Financial liabilities at fair value through profit or loss | 2,690 | 930 |
Debt securities in issue | 54,638 | 48,233 |
Other liabilities (Lease liabilities) | 803 | |
Subordinated liabilities | 7,837 | 8,231 |
Total non-derivative financial liabilities | 96,695 | 89,948 |
Derivative financial liabilities: | ||
Derivative financial liabilities | 1,954 | 3,331 |
Net settled derivatives liabilities | 700 | 782 |
Later than one year and not later than five years [member] | Outflows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | 36,012 | 43,239 |
Later than one year and not later than five years [member] | Inflows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | (34,758) | (40,690) |
Later than one year and not later than five years [member] | Net Flows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | 1,254 | 2,549 |
Later than five years [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Maturities of Liabilities [Line Items] | ||
Deposits from banks | 317 | 3,502 |
Customer deposits | 1,393 | 1,554 |
Financial liabilities at fair value through profit or loss | 14,653 | 10,771 |
Debt securities in issue | 36,321 | 24,201 |
Other liabilities (Lease liabilities) | 946 | |
Subordinated liabilities | 14,857 | 19,328 |
Total non-derivative financial liabilities | 68,487 | 59,356 |
Derivative financial liabilities: | ||
Derivative financial liabilities | 2,686 | 7,023 |
Net settled derivatives liabilities | 2,201 | 2,193 |
Later than five years [member] | Outflows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | 18,238 | 33,763 |
Later than five years [member] | Inflows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | (17,753) | (28,933) |
Later than five years [member] | Net Flows [Member] | ||
Derivative financial liabilities: | ||
Derivative financial liabilities | £ 485 | £ 4,830 |
FINANCIAL RISK MANAGEMENT (D_19
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Liabilities Arising From Insurance and Participating Investment Contracts - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Liabilities Arising From Insurance and Participating Investment Contracts [Line Items] | ||
Liabilities arising from insurance and participating investment contracts | £ 111,449 | £ 98,874 |
Not later than one month [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Liabilities Arising From Insurance and Participating Investment Contracts [Line Items] | ||
Liabilities arising from insurance and participating investment contracts | 1,340 | 1,667 |
Later than one month and not later than three months [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Liabilities Arising From Insurance and Participating Investment Contracts [Line Items] | ||
Liabilities arising from insurance and participating investment contracts | 1,240 | 1,624 |
Later than three months and not later than one year [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Liabilities Arising From Insurance and Participating Investment Contracts [Line Items] | ||
Liabilities arising from insurance and participating investment contracts | 5,378 | 5,925 |
Later than one year and not later than five years [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Liabilities Arising From Insurance and Participating Investment Contracts [Line Items] | ||
Liabilities arising from insurance and participating investment contracts | 25,349 | 25,414 |
Later than five years [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Liabilities Arising From Insurance and Participating Investment Contracts [Line Items] | ||
Liabilities arising from insurance and participating investment contracts | £ 78,142 | £ 64,244 |
FINANCIAL RISK MANAGEMENT (D_20
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | £ 2,894 | £ 3,251 |
Commitments | 133,553 | 135,098 |
Total contingents and commitments | 136,447 | 138,349 |
Lending commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 133,364 | 134,367 |
Other commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 189 | 731 |
Not later than one month [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 406 | 514 |
Commitments | 68,638 | 67,483 |
Total contingents and commitments | 69,044 | 67,997 |
Not later than one month [member] | Lending commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 68,638 | 67,055 |
Not later than one month [member] | Other commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 428 | |
Later than one month and not later than three months [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 433 | 567 |
Commitments | 2,683 | 2,947 |
Total contingents and commitments | 3,116 | 3,514 |
Later than one month and not later than three months [member] | Lending commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 2,682 | 2,947 |
Later than one month and not later than three months [member] | Other commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 1 | |
Later than three months and not later than six months [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 391 | 237 |
Commitments | 15,313 | 4,474 |
Total contingents and commitments | 15,704 | 4,711 |
Later than three months and not later than six months [member] | Lending commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 15,297 | 4,474 |
Later than three months and not later than six months [member] | Other commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 16 | |
Later than nine months and not later than twelve months [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 228 | 150 |
Commitments | 7,367 | 16,215 |
Total contingents and commitments | 7,595 | 16,365 |
Later than nine months and not later than twelve months [Member] | Lending commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 7,367 | 16,123 |
Later than nine months and not later than twelve months [Member] | Other commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 92 | |
Later than six months and not later than nine months [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 177 | 236 |
Commitments | 4,642 | 6,057 |
Total contingents and commitments | 4,819 | 6,293 |
Later than six months and not later than nine months [Member] | Lending commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 4,637 | 6,055 |
Later than six months and not later than nine months [Member] | Other commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 5 | 2 |
Later than one year and not later than three years [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 475 | 665 |
Commitments | 17,437 | 17,757 |
Total contingents and commitments | 17,912 | 18,422 |
Later than one year and not later than three years [member] | Lending commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 17,365 | 17,737 |
Later than one year and not later than three years [member] | Other commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 72 | 20 |
Later than three years and not later than five years [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 101 | 133 |
Commitments | 14,157 | 15,387 |
Total contingents and commitments | 14,258 | 15,520 |
Later than three years and not later than five years [member] | Lending commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 14,114 | 15,374 |
Later than three years and not later than five years [member] | Other commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 43 | 13 |
Later than five years [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 683 | 749 |
Commitments | 3,316 | 4,778 |
Total contingents and commitments | 3,999 | 5,527 |
Later than five years [member] | Lending commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 3,264 | 4,602 |
Later than five years [member] | Other commitments [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Commitments | 52 | 176 |
Acceptances and endorsements [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 74 | 194 |
Acceptances and endorsements [Member] | Not later than one month [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 25 | 64 |
Acceptances and endorsements [Member] | Later than one month and not later than three months [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 24 | 83 |
Acceptances and endorsements [Member] | Later than three months and not later than six months [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 4 | 34 |
Acceptances and endorsements [Member] | Later than nine months and not later than twelve months [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 21 | |
Acceptances and endorsements [Member] | Later than six months and not later than nine months [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 13 | |
Other contingent liabilities [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 2,820 | 3,057 |
Other contingent liabilities [member] | Not later than one month [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 381 | 450 |
Other contingent liabilities [member] | Later than one month and not later than three months [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 409 | 484 |
Other contingent liabilities [member] | Later than three months and not later than six months [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 387 | 203 |
Other contingent liabilities [member] | Later than nine months and not later than twelve months [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 207 | 150 |
Other contingent liabilities [member] | Later than six months and not later than nine months [Member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 177 | 223 |
Other contingent liabilities [member] | Later than one year and not later than three years [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 475 | 665 |
Other contingent liabilities [member] | Later than three years and not later than five years [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | 101 | 133 |
Other contingent liabilities [member] | Later than five years [member] | ||
FINANCIAL RISK MANAGEMENT (Details) - Schedule of Amounts and Residual Maturities of the Group's Off Balance Sheet Contingent Liabilities and Commitments [Line Items] | ||
Contingent Liabilities | £ 683 | £ 749 |
CONSOLIDATED CASH FLOW STATEM_4
CONSOLIDATED CASH FLOW STATEMENT (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED CASH FLOW STATEMENT (Details) [Line Items] | |||
Increase (Decrease) In Lease Liabilities | £ 82 | £ 27 | £ 2 |
Cash and cash equivalents held by entity unavailable for use by group | £ 49 | £ 40 | 2,322 |
Previously stated [member] | |||
CONSOLIDATED CASH FLOW STATEMENT (Details) [Line Items] | |||
Cash and cash equivalents held by entity unavailable for use by group | £ 48 |
CONSOLIDATED CASH FLOW STATEM_5
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Change in Operating Assets - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Change in Operating Assets [Abstract] | |||
Change in financial assets held at amortised cost | £ (12,423) | £ (27,038) | £ (24,747) |
Change in derivative financial instruments and financial assets at fair value through profit or loss | 3,887 | 22,046 | 9,916 |
Change in other operating assets | (2,513) | 520 | (661) |
Change in operating assets | £ (11,049) | £ (4,472) | £ (15,492) |
CONSOLIDATED CASH FLOW STATEM_6
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Change in Operating Liabilities - GBP (£) £ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Schedule of Change in Operating Liabilities [Abstract] | ||||
Change in deposits from banks | £ (2,140) | £ 515 | £ 13,415 | |
Change in customer deposits | 3,248 | (322) | 2,913 | |
Change in debt securities in issue | 6,631 | 18,579 | (3,600) | |
Change in derivative financial instruments and liabilities at fair value through profit or loss | (5,078) | (24,606) | (12,481) | |
Change in investment contract liabilities | 2,625 | (1,594) | (4,665) | |
Change in other operating liabilities | [1] | (1,644) | (1,245) | 136 |
Change in operating liabilities | £ 3,642 | £ (8,673) | £ (4,282) | |
[1] | Includes 82 million (2018: 27 million; 2017: 2 million) in respect of lease liabilities. |
CONSOLIDATED CASH FLOW STATEM_7
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Non-Cash and Other Items - GBP (£) £ in Millions | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Non-Cash and Other Items [Line Items] | |||||||
Depreciation and amortisation | £ 2,660 | £ 2,405 | £ 2,370 | ||||
Revaluation of investment properties | 108 | (139) | (230) | ||||
Allowance for loan losses | 1,296 | 937 | [1] | 688 | [1] | ||
Write-off of allowance for loan losses, net of recoveries | (1,458) | (1,025) | (1,061) | ||||
Impairment charge relating to undrawn balances | (15) | (73) | (9) | ||||
Impairment of financial assets at fair value through other comprehensive income (2017: available-for-sale financial assets) | 1,307 | 1,023 | |||||
Change in insurance contract liabilities | 12,593 | (4,547) | 9,168 | ||||
Other provision movements | (165) | (518) | (8) | ||||
Net charge (credit) in respect of defined benefit schemes | 245 | 405 | 369 | ||||
Unwind of discount on impairment allowances | (53) | (44) | (23) | ||||
Foreign exchange impact on balance sheet | [2] | 533 | 191 | 125 | |||
Interest expense on subordinated liabilities | 1,228 | 1,388 | 1,436 | ||||
Net gain on sale of financial assets at fair value through other comprehensive income (2017: available-for-sale financial assets) | (196) | (275) | (446) | ||||
Hedging valuation adjustments on subordinated debt | 440 | (429) | (327) | ||||
Value of employee services | 236 | 260 | 414 | ||||
Transactions in own shares | (3) | 40 | (411) | ||||
Accretion of discounts and amortisation of premiums and issue costs | 445 | 1,947 | 1,701 | ||||
Share of post-tax results of associates and joint ventures | (6) | (9) | (6) | ||||
Gain on establishment of joint venture | (244) | ||||||
Transfers to income statement from reserves | (608) | (701) | (650) | ||||
Other non-cash items | (35) | (34) | |||||
Total non-cash items | 19,879 | 1,098 | 15,154 | ||||
Contributions to defined benefit schemes | £ (1,200) | (1,069) | (868) | (587) | |||
Payments in respect of payment protection insurance provision | (2,461) | (2,104) | (1,657) | ||||
Payments in respect of other regulatory provisions | (778) | (1,032) | (928) | ||||
Other | 2 | 14 | |||||
Total other items | (4,306) | (3,990) | (3,172) | ||||
Non-cash and other items | 15,573 | (2,892) | 11,982 | ||||
Loans and Receivables [Member] | |||||||
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Non-Cash and Other Items [Line Items] | |||||||
Allowance for loan losses | 1,312 | 1,024 | 691 | ||||
Financial assets available-for-sale, category [member] | |||||||
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Non-Cash and Other Items [Line Items] | |||||||
Impairment of financial assets at fair value through other comprehensive income (2017: available-for-sale financial assets) | (1) | (14) | 6 | ||||
Disposal Of Tangible Fixed Assets [Member] | |||||||
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Non-Cash and Other Items [Line Items] | |||||||
Profit on disposal of tangible fixed assets | (32) | (104) | (120) | ||||
Payment Protection Insurance [Member] | |||||||
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Non-Cash and Other Items [Line Items] | |||||||
Charge for the year | 2,450 | 750 | 1,300 | ||||
Other regulatory provisions [Member] | |||||||
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Non-Cash and Other Items [Line Items] | |||||||
Charge for the year | £ 445 | £ 600 | £ 865 | ||||
[1] | Restated, see note 1. | ||||||
[2] | When considering the movement on each line of the balance sheet, the impact of foreign exchange rate movements is removed in order to show the underlying cash impact. |
CONSOLIDATED CASH FLOW STATEM_8
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Analysis of Cash and Cash Equivalents as Shown in the Balance Sheet - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Analysis of Cash and Cash Equivalents as Shown in the Balance Sheet [Line Items] | |||||
Cash and balances at central banks | £ 55,130 | £ 54,663 | £ 58,521 | ||
Less: mandatory reserve deposits | [1] | (3,289) | (2,553) | (957) | |
51,841 | 52,110 | 57,564 | |||
Loans and advances to banks | 9,775 | 6,283 | 6,611 | ||
Less: amounts with a maturity of three months or more | (3,805) | (3,169) | (3,193) | ||
5,970 | 3,114 | 3,418 | |||
Total cash and cash equivalents | 57,811 | 55,224 | 58,708 | ||
Previously stated [member] | |||||
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Analysis of Cash and Cash Equivalents as Shown in the Balance Sheet [Line Items] | |||||
Total cash and cash equivalents | £ 57,811 | £ 55,224 | £ 60,982 | £ 62,388 | |
[1] | Mandatory reserve deposits are held with local central banks in accordance with statutory requirements; these deposits are not available to finance the Group's day-to-day operations. |
CONSOLIDATED CASH FLOW STATEM_9
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Acquisition of Group Undertakings and Businesses - Business combinations [member] - GBP (£) £ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Acquisition of Group Undertakings and Businesses [Line Items] | ||||
Cash and cash equivalents | £ 123 | |||
Loans and advances to customers | 7,811 | |||
Available-for-sale financial assets | 16 | |||
Financial assets at fair value through profit or loss | £ 7,350 | |||
Assets arising from reinsurance contracts held | 13,616 | |||
Intangible assets | £ 21 | 702 | ||
Property, plant and equipment | 6 | |||
Other assets | 29 | 6 | 414 | |
Deposits from banks | [1] | (6,431) | ||
Liabilities arising from non-participating investment contracts | (20,981) | |||
Other liabilities | (8) | (1) | (927) | |
Goodwill arising on acquisition | 14 | 302 | ||
Cash consideration | 20 | 26 | 2,016 | |
Less: Cash and cash equivalents acquired | (123) | |||
Net cash outflow arising from acquisition of subsidiaries and businesses | 20 | 26 | 1,893 | |
Acquisition of and additional investment in joint ventures | 1 | 23 | 30 | |
Net cash outflow from acquisitions in the year | £ 21 | £ 49 | £ 1,923 | |
[1] | Upon acquisition in 2017, the funding of MBNA was assumed by Lloyds Bank plc. |
CONSOLIDATED CASH FLOW STATE_10
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Disposal and Closure of Group Undertakings and Businesses - Other disposals of assets [member] - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
CONSOLIDATED CASH FLOW STATEMENT (Details) - Schedule of Disposal and Closure of Group Undertakings and Businesses [Line Items] | ||
Loans and advances to customers | £ 342 | |
Non-controlling interests | (242) | |
Other net assets (liabilities) | £ 1 | 29 |
1 | 129 | |
Net assets | 1 | 129 |
Cash consideration received on losing control of group undertakings and businesses | 1 | 129 |
Net cash inflow (outflow) | £ 1 | £ 129 |
ADOPTION OF IFRS 16 (Details)
ADOPTION OF IFRS 16 (Details) - Increase (decrease) due to application of IFRS 16 [member] £ in Millions | Dec. 31, 2018GBP (£) |
ADOPTION OF IFRS 16 (Details) [Line Items] | |
Operating Lease, Liability | £ 2,043 |
Lease liabilities | 1,813 |
Short-term Lease Commitment, Amount | 20 |
Operating Lease, Right-of-Use Asset | £ 1,716 |
UK [Member] | |
ADOPTION OF IFRS 16 (Details) [Line Items] | |
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 2.43% |
US [Member] | |
ADOPTION OF IFRS 16 (Details) [Line Items] | |
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 5.10% |
Right-of-use assets [member] | |
ADOPTION OF IFRS 16 (Details) [Line Items] | |
Lease liabilities | £ 97 |
PARENT COMPANY DISCLOSURES (Det
PARENT COMPANY DISCLOSURES (Details) - Company Income Statement - Parent Company [Member] - GBP (£) £ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Condensed Income Statements, Captions [Line Items] | ||||
Net interest (expense) income | £ (108) | |||
Dividends received from subsidiary undertakings | 5,150 | £ 4,000 | £ 2,650 | |
Other income | 682 | |||
Total income | 5,724 | |||
Operating expenses | (289) | |||
Trading surplus | 5,435 | |||
Impairment | 4 | |||
Profit on ordinary activities before tax | 5,439 | 4,102 | 2,416 | |
Tax expense | (24) | |||
Profit for the year | 5,415 | |||
Profit attributable to ordinary shareholders | 4,949 | |||
Profit attributable to other equity holders | £ 466 | |||
Previously stated [member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Net interest (expense) income | [1] | (173) | (121) | |
Dividends received from subsidiary undertakings | [1] | 4,000 | 2,650 | |
Other income | [1] | 524 | 142 | |
Total income | [1] | 4,351 | 2,671 | |
Operating expenses | [1] | (246) | (255) | |
Trading surplus | [1] | 4,105 | 2,416 | |
Impairment | [1] | (3) | ||
Profit on ordinary activities before tax | [1] | 4,102 | 2,416 | |
Tax expense | [1] | 2 | 62 | |
Profit for the year | [1] | 4,104 | 2,478 | |
Profit attributable to ordinary shareholders | [1] | 3,671 | 2,063 | |
Profit attributable to other equity holders | [1] | £ 433 | £ 415 | |
[1] | Restated, see note 1. |
PARENT COMPANY DISCLOSURES (D_2
PARENT COMPANY DISCLOSURES (Details) - Company Balance Sheet - Parent Company [Member] - GBP (£) £ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Non-current assets: | ||||
Investment in subsidiaries | £ 48,597 | £ 46,725 | ||
Loans to subsidiaries | 14,660 | 24,211 | ||
Deferred tax assets | 9 | |||
63,257 | 70,945 | |||
Current assets: | ||||
Derivative financial instruments | 760 | 256 | ||
Financial assets at fair value through profit or loss | 12,516 | 588 | ||
Other assets | 983 | 955 | ||
Amounts due from subsidiaries | 27 | 27 | ||
Cash and cash equivalents | 29 | 57 | £ 272 | £ 42 |
Current tax recoverable | 1 | 76 | ||
14,316 | 1,959 | |||
Total assets | 77,573 | 72,904 | ||
Capital and reserves: | ||||
Share capital | 7,005 | 7,116 | ||
Share premium account | 17,751 | 17,719 | ||
Merger reserve | 7,420 | 7,423 | ||
Capital redemption reserve | 4,462 | 4,273 | ||
Retained profits | 3,950 | 2,103 | ||
Shareholders’ equity | 40,588 | 38,634 | ||
Other equity instruments | 5,906 | 6,491 | ||
Total equity | 46,494 | 45,125 | £ 43,222 | |
Non-current liabilities: | ||||
Debt securities in issue | 20,018 | 20,394 | ||
Subordinated liabilities | 5,961 | 6,043 | ||
Deferred tax liabilities | 2 | |||
25,981 | 26,437 | |||
Current liabilities: | ||||
Derivative financial instruments | 438 | 209 | ||
Financial liabilities at fair value through profit or loss | 3,464 | |||
Other liabilities | 1,196 | 1,133 | ||
5,098 | 1,342 | |||
Total liabilities | 31,079 | 27,779 | ||
Total equity and liabilities | £ 77,573 | £ 72,904 |
PARENT COMPANY DISCLOSURES (D_3
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity - Parent Company [Member] - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | £ 45,125 | £ 43,222 | |||
Total comprehensive income | [1] | 5,415 | 4,104 | [2] | |
Dividends paid | (2,312) | (2,240) | |||
Distributions on other equity instruments | (466) | (433) | [2] | ||
Issue of ordinary shares | 107 | 162 | |||
Share buy back programme | (1,095) | ||||
Issue of other equity instruments | 891 | ||||
Redemptions of other equity instruments | (1,481) | ||||
Share buy-back programme | (1,095) | (1,005) | |||
Issue of AT1 securities | 1,129 | ||||
Movement in treasury shares | 74 | (74) | |||
Ending Balance | 46,494 | 45,125 | £ 43,222 | ||
Share option schemes | 71 | 53 | |||
Other employee award schemes | 165 | 207 | |||
Previously stated [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | 43,224 | 43,245 | |||
Total comprehensive income | [1],[2] | 2,478 | |||
Dividends paid | (2,284) | ||||
Distributions on other equity instruments | [2] | (415) | |||
Issue of ordinary shares | 63 | ||||
Movement in treasury shares | (277) | ||||
Ending Balance | 43,224 | ||||
Share option schemes | 82 | ||||
Other employee award schemes | 332 | ||||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | (2) | ||||
Ending Balance | (2) | ||||
Issued capital [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | 24,835 | 24,831 | |||
Total comprehensive income | [1] | [2] | |||
Distributions on other equity instruments | [2] | ||||
Redemption of preference shares | 3 | ||||
Issue of ordinary shares | 107 | 162 | |||
Share buy back programme | (189) | ||||
Share buy-back programme | (158) | ||||
Ending Balance | 24,756 | 24,835 | 24,831 | ||
Issued capital [member] | Previously stated [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | 24,831 | 24,768 | |||
Total comprehensive income | [1],[2] | ||||
Distributions on other equity instruments | [2] | ||||
Issue of ordinary shares | 63 | ||||
Ending Balance | 24,831 | ||||
Merger reserve [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | 7,423 | 7,423 | |||
Total comprehensive income | [1] | [2] | |||
Distributions on other equity instruments | [2] | ||||
Redemption of preference shares | (3) | ||||
Ending Balance | 7,420 | 7,423 | 7,423 | ||
Merger reserve [member] | Previously stated [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | 7,423 | 7,423 | |||
Total comprehensive income | [1],[2] | ||||
Distributions on other equity instruments | [2] | ||||
Ending Balance | 7,423 | ||||
Capital redemption reserve [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | 4,273 | 4,115 | |||
Total comprehensive income | [1] | [2] | |||
Distributions on other equity instruments | [2] | ||||
Share buy back programme | 189 | ||||
Share buy-back programme | 158 | ||||
Ending Balance | 4,462 | 4,273 | 4,115 | ||
Capital redemption reserve [member] | Previously stated [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | 4,115 | 4,115 | |||
Total comprehensive income | [1],[2] | ||||
Distributions on other equity instruments | [2] | ||||
Ending Balance | 4,115 | ||||
Retained earnings [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | [2] | 2,103 | 1,498 | ||
Total comprehensive income | [1],[2] | 5,415 | 4,104 | ||
Dividends paid | [2] | (2,312) | (2,240) | ||
Distributions on other equity instruments | [2] | (466) | (433) | ||
Redemption of preference shares | [2] | ||||
Issue of ordinary shares | [2] | ||||
Share buy back programme | [2] | (1,095) | |||
Issue of other equity instruments | [2] | (5) | |||
Redemptions of other equity instruments | [2] | ||||
Share buy-back programme | [2] | (1,005) | |||
Issue of AT1 securities | [2] | (7) | |||
Movement in treasury shares | [2] | 74 | (74) | ||
Ending Balance | [2] | 3,950 | 2,103 | 1,498 | |
Share option schemes | [2] | 71 | 53 | ||
Other employee award schemes | [2] | 165 | 207 | ||
Retained earnings [member] | Previously stated [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | [2] | 1,500 | 1,584 | ||
Total comprehensive income | [1],[2] | 2,478 | |||
Dividends paid | [2] | (2,284) | |||
Distributions on other equity instruments | [2] | (415) | |||
Issue of ordinary shares | [2] | ||||
Movement in treasury shares | [2] | (277) | |||
Ending Balance | [2] | 1,500 | |||
Share option schemes | [2] | 82 | |||
Other employee award schemes | [2] | 332 | |||
Retained earnings [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | [2] | (2) | |||
Ending Balance | [2] | (2) | |||
Equity attributable to owners of parent [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | 38,634 | 37,867 | |||
Total comprehensive income | [1] | 5,415 | 4,104 | [2] | |
Dividends paid | (2,312) | (2,240) | |||
Distributions on other equity instruments | (466) | (433) | [2] | ||
Issue of ordinary shares | 107 | 162 | |||
Share buy back programme | (1,095) | ||||
Issue of other equity instruments | (5) | ||||
Share buy-back programme | (1,005) | ||||
Issue of AT1 securities | (7) | ||||
Movement in treasury shares | 74 | (74) | |||
Ending Balance | 40,588 | 38,634 | 37,867 | ||
Share option schemes | 71 | 53 | |||
Other employee award schemes | 165 | 207 | |||
Equity attributable to owners of parent [member] | Previously stated [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | 37,869 | 37,890 | |||
Total comprehensive income | [1],[2] | 2,478 | |||
Dividends paid | (2,284) | ||||
Distributions on other equity instruments | [2] | (415) | |||
Issue of ordinary shares | 63 | ||||
Movement in treasury shares | (277) | ||||
Ending Balance | 37,869 | ||||
Share option schemes | 82 | ||||
Other employee award schemes | 332 | ||||
Equity attributable to owners of parent [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | (2) | ||||
Ending Balance | (2) | ||||
Other equity interest [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | 6,491 | 5,355 | |||
Total comprehensive income | [1] | [2] | |||
Distributions on other equity instruments | [2] | ||||
Issue of other equity instruments | 896 | ||||
Redemptions of other equity instruments | (1,481) | ||||
Issue of AT1 securities | 1,136 | ||||
Ending Balance | £ 5,906 | 6,491 | 5,355 | ||
Other equity interest [member] | Previously stated [member] | |||||
PARENT COMPANY DISCLOSURES (Details) - Company Statement of Changes in Equity [Line Items] | |||||
Beginning Balance | £ 5,355 | 5,355 | |||
Total comprehensive income | [1],[2] | ||||
Distributions on other equity instruments | [2] | ||||
Ending Balance | £ 5,355 | ||||
[1] | Total comprehensive income comprises only the profit for the year. | ||||
[2] | Restated, see note 1. |
PARENT COMPANY DISCLOSURES (D_4
PARENT COMPANY DISCLOSURES (Details) - Company Cash Flow Statement - Parent Company [Member] - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Profit before tax | £ 5,439 | £ 4,102 | £ 2,416 |
Fair value and exchange adjustments and other non-cash items | (166) | (715) | 495 |
Change in other assets | (11,975) | (572) | 18 |
Change in other liabilities and other items | 3,151 | 7,538 | 8,431 |
Dividends received | (5,150) | (4,000) | (2,650) |
Distributions on other equity instruments receivedº | (366) | (324) | (292) |
Tax (paid) received | 70 | 660 | (197) |
Net cash provided by (used in) operating activities | (8,997) | 6,689 | 8,221 |
Cash flows from investing activities | |||
Return of capital contribution | 5 | 9 | 77 |
Dividends received | 5,150 | 4,000 | 2,650 |
Distributions on other equity instruments received | 366 | 324 | 292 |
Acquisition of and capital injections to subsidiaries | (1,648) | (12,753) | (320) |
Return of capital | 11,114 | ||
Amounts advanced to subsidiaries | (1,812) | (21,577) | (8,476) |
Repayment of loans to subsidiaries | 11,257 | 12,602 | 475 |
Interest received on loans to subsidiaries | 395 | 370 | 244 |
Net cash (used in) provided by investing activities | 13,713 | (5,911) | (5,058) |
Cash flows from financing activities | |||
Dividends paid to ordinary shareholders | (2,312) | (2,240) | (2,284) |
Distributions on other equity instruments | (466) | (433) | (415) |
Issue of subordinated liabilities | 1,729 | ||
Interest paid on subordinated liabilities | (314) | (275) | (248) |
Share buy-back | (1,095) | (1,005) | |
Issue of other equity instruments | 891 | 1,129 | |
Redemptions of other equity instruments | (1,481) | ||
Repayment of subordinated liabilities | (3) | ||
Proceeds from issue of ordinary shares | 36 | 102 | 14 |
Net cash provided by financing activities | (4,744) | (993) | (2,933) |
Change in cash and cash equivalents | (28) | (215) | 230 |
Cash and cash equivalents at beginning of year | 57 | 272 | 42 |
Cash and cash equivalents at end of year | £ 29 | £ 57 | £ 272 |
PARENT COMPANY DISCLOSURES (D_5
PARENT COMPANY DISCLOSURES (Details) - Interests In Subsidiaries | 12 Months Ended | |
Dec. 31, 2019 | ||
Lloyds Bank plc [Member] | Banking and financial services [Member] | ||
PARENT COMPANY DISCLOSURES (Details) - Interests In Subsidiaries [Line Items] | ||
Country of registration/Incorporation | England | |
Percentage of equity share capital and voting rights held | 100.00% | |
Scottish Widows Limited [Member] | Life assurance [Member] | ||
PARENT COMPANY DISCLOSURES (Details) - Interests In Subsidiaries [Line Items] | ||
Country of registration/Incorporation | Scotland | |
Percentage of equity share capital and voting rights held | 100.00% | [1] |
HBOS plc [Member] | Holding company [Member] | ||
PARENT COMPANY DISCLOSURES (Details) - Interests In Subsidiaries [Line Items] | ||
Country of registration/Incorporation | Scotland | |
Percentage of equity share capital and voting rights held | 100.00% | [1] |
Bank of Scotland plc [Member] | Banking and financial services [Member] | ||
PARENT COMPANY DISCLOSURES (Details) - Interests In Subsidiaries [Line Items] | ||
Country of registration/Incorporation | Scotland | |
Percentage of equity share capital and voting rights held | 100.00% | [1] |
Lloyds Bank Corporate Markets plc [member] | Banking and financial services [Member] | ||
PARENT COMPANY DISCLOSURES (Details) - Interests In Subsidiaries [Line Items] | ||
Country of registration/Incorporation | England | |
Percentage of equity share capital and voting rights held | 100.00% | |
[1] | Indirect interest. |