RBS 2008 Annual Report Download - page 142
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141
RBS Group Annual Report and Accounts 2008
2008 2007(1)
Consolidated Consolidated
conduits Third party Total conduits Third party Total
£m £m £m £m £m £m
Total assets held by the conduits 49,857 48,070
Commercial paper issued 48,684 46,532
Liquidity and credit enhancements:
deal specific drawn liquidity
– drawn 1,172 3,078 4,250 1,537 2,280 3,817
– undrawn 57,929 198 58,127 61,347 490 61,837
programme-wide liquidity
– drawn — 102 102 — 250 250
– undrawn — 504 504 75 899 974
Programme-wide credit enhancements (2) 2,391 — 2,391 3,096 — 3,096
61,492 3,882 65,374 66,055 3,919 69,974
Maximum exposure to loss (3) 59,101 3,882 62,983 62,959 3,919 68,878
Notes:
(1) Total assets held by the conduits and commercial paper issued at 31 December 2007 included:
• £5.2 billion assets and commercial paper issued relating to and by the Group’s securitisation arbitrage conduit which was dissolved in 2008
• £10.7 billion assets (corporate loans) and £10.5 billion commercial paper issued relating to a shared conduit – see below.
• £1.3 billion assets relating to reactivated conduits which started to issue commercial paper in the second half of 2008.
(2) Programme-wide credit enhancement.
(3) Maximum exposure to loss is determined as the maximum loss being the maximum amount by borrowers may drawn on their conduits facility for which the Group has provided committed
liquidity and credit backstop facilities.