RBS 2006 Annual Report Download - page 74
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73
RBS Group • Annual Report and Accounts 2006
Operating and financial review
Central items
2006 2005
£m £m
Funding costs 780 801
Departmental and corporate costs 588 586
1,368 1,387
Allocation of Manufacturing costs 143 137
Total central Items 1,511 1,524
Total central items decreased by 1% to £1,511 million.
Central funding costs were 3% lower at £780 million, largely reflecting a year on year reduction of £41 million in IFRS-related
volatility. The Group hedges its economic risks, and volatility attributable to derivatives in economic hedges that do not meet the
criteria in IFRS for hedge accounting is transferred to the Group’s central treasury function.
Departmental and corporate costs at £588 million were similar to 2005.