RBS 2004 Annual Report Download - page 108
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106
Operating and financial review
Operating and financial review continued
Liquidity risk (continued)
Customer lending and customer accounts
Net customer lending rose by £32,137 million as the growth in loans and advances to customers exceeded the growth in customer
accounts. Structural liquidity risk continues to be maintained within the Group’s policy parameters.
2004 2003 2002
£m £m £m
Loans and advances to customers (gross, excluding reverse repos) 297,507 232,384 205,303
Customer accounts (excluding repos) 242,928 209,942 194,101
Customer lending less customer accounts 54,579 22,442 11,202
Customer accounts as % of loans and advances to customers (excluding repos) 81.7% 90.3% 94.5%
In prevailing economic conditions and with interest rates at
relatively low historical levels in the UK, US and Europe, it is
anticipated that the growth in demand for further borrowing by
customers may, in the medium term, continue to exceed
customer deposits received, thus increasing net customer
lending further and increasing gradually over time the Group’s
dependence on the wholesale market for funding. The Group
has evaluated a range of balance sheet management
strategies to address the consequent impact on its liquidity risk
position and has developed and implemented plans to contain
that within its normal prudent liquidity risk policy parameters.