HSBC 2001 Annual Report Download - page 255

253
The following table provides an estimated summarised balance sheet for HSBC, which incorporates the estimated
adjustments arising from the application of US GAAP:
2001 2000
US$m US$m
Assets
Cash and balances at central banks ............................................................................ 6,185 5,006
Items in the course of collection from other banks .................................................... 5,775 6,668
Treasury bills and other eligible bills......................................................................... 17,941 23,100
Hong Kong SAR Government certificates of indebtedness ....................................... 8,637 8,193
Loans and advances to banks..................................................................................... 104,641 126,032
Loans and advances to customers .............................................................................. 308,705 289,870
Debt securities and equity shares ............................................................................... 169,284 141,550
Interests in associated undertakings and other participating interests........................ 1,448 1,432
Intangible and tangible fixed assets ........................................................................... 27,899 29,019
Due from customers on acceptances.......................................................................... 4,219 5,160
Other assets (including prepayments and accrued income)........................................ 43,578 44,046
Total assets................................................................................................................. 698,312 680,076
Liabilities
Hong Kong SAR currency notes in circulation.......................................................... 8,637 8,193
Deposits by banks ...................................................................................................... 53,640 60,053
Customer accounts..................................................................................................... 449,991 427,069
Items in the course of transmission to other banks .................................................... 3,798 4,475
Debt securities in issue............................................................................................... 27,098 27,956
Acceptances outstanding............................................................................................ 4,219 5,160
Other liabilities (including accruals and deferred income) ........................................ 74,478 70,602
Provisions for liabilities and charges deferred taxation
– deferred taxation ..................................................................................................... 1,315 705
– other provisions for liabilities and charges ............................................................. 5,079 4,552
Subordinated liabilities .............................................................................................. 15,480 16,222
Minority interests....................................................................................................... 6,133 7,017
Shareholders’ funds ................................................................................................... 48,444 48,072
Total liabilities ........................................................................................................... 698,312 680,076
Net assets arising due to reverse repo transactions of US$10,926 million (2000: US$12,341 million) and US$14,823
million (2000: US$12,158 million) are included under ‘Loans and advances to banks’ and ‘Loans and advances to
customers’ respectively.
Net liabilities arising due to repo transactions of US$7,113 million (2000: US$5,827 million) and US$9,769 million
(2000: US$10,485 million) are included in ‘Deposits by banks’ and ‘Customer accounts’ respectively. Average repo
liabilities during the year were US$23,850 million (2000: US$15,374 million). The maximum quarter-end repo
liability outstanding during the year was US$24,901 million (2000: US$16,313 million).
HSBC enters into repo and reverse repo transactions which are accounted for as secured borrowings. Under SFAS
140, securities pledged as collateral whereby the counterparty has the right to sell or repledge the collateral would be
reclassified within ‘Debt securities and equity shares’ and ‘Treasury bills and other eligible bills’ as encumbered. As
at 31 December 2001, the impact on ‘Debt securities and equity shares’ and ‘Treasury bills and other eligible bills’
would be to reclassify securities amounting to US$28,973 million as encumbered (2000: US$18,352 million).
As at 31 December 2001, collateral received under reverse repo transactions where HSBC has the right to sell or
repledge the security obtained amounted to US$35,820 million gross (2000: US$30,832 million).