RBS 2006 Annual Report Download - page 180
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RBS Group • Annual Report and Accounts 2006 179
Financial statements
2006 2005
£m £m
Treasury and other eligible bills 1,426 896
Debt securities 58,874 53,485
60,300 54,381
Other collateral given
2006 2005
Assets charged as security for liabilities £m £m
Loans and advances to customers 44,966 27,092
Debt securities 8,560 9,578
Property, plant and equipment 1,222 1,274
Loans to banks 469 60
Other 13 16
55,230 38,020
2006 2005
Liabilities secured by charges on assets £m £m
Deposits by banks 11,680 11,407
Customer accounts 7,095 6,761
Debt securities in issue 27,607 11,347
Other liabilities 45 20
46,427 29,535
33 Collateral
Securities repurchase agreements and lending transactions
The Group enters into securities repurchase agreements and
securities lending transactions under which it receives or
transfers collateral in accordance with normal market
practice. Generally, the agreements require additional
collateral to be provided if the value of the securities fall below
a predetermined level.
Under standard terms for repurchase transactions in the UK
and US markets, the recipient of collateral has an unrestricted
right to sell or repledge it, subject to returning equivalent
securities on settlement of the transaction.
Securities transferred under repurchase transactions included
within securities on the balance sheet were as follows:
All of the above securities could be sold or repledged by the
holder. Securities received as collateral under reverse
repurchase agreements amounted to £124.7 billion (2005 –
£105.6 billion), of which £107.2 billion (2005 – £85.6 billion)
had been resold or repledged as collateral for the Group’s
own transactions.
Included in the above balances are loans and advances to customers of £15.8 billion (2005 – £16.2 billion) and debt securities of
£1.5 billion (2005 – £ 2.5 billion) charged as security against Federal Home Loan Bank deposits of £10.5 billion (2005 – £11.1 billion).
Residual value exposures
The tables below give details of the unguaranteed residual values included in the carrying value of finance lease receivables
(see page 178) and operating lease assets (see Note 18). Year in which residual value will be recovered
After 1 year After 2 years
Within 1 but within but within After 5
year 2 years 5 years years Total
2006 £m £m £m £m £m
Operating leases
Transportation 1,054 180 1,339 2,517 5,090
Cars and light commercial vehicles 168 295 329 — 792
Other 13 30 77 24 144
Finance leases 22 22 58 295 397
1,257 527 1,803 2,836 6,423
2005
Operating leases
Transportation 579 912 895 3,229 5,615
Cars and light commercial vehicles 612 115 77 — 804
Other 26 21 84 21 152
Finance leases 26 32 104 231 393
1,243 1,080 1,160 3,481 6,964
The Group provides asset finance to its customers through acting as a lessor. It purchases plant, equipment and intellectual property,
renting them to customers under lease arrangements that, depending on their terms, qualify as either operating or finance leases.