RBS 2009 Annual Report Download - page 104

RBS Group Annual Report and Accounts 2009102
Central items 2009 2008
£m £m
Fair value of own debt (93) 875
Other 385 150
Central items not allocated 292 1,025
2009 compared with 2008
Funding and operating costs have been allocated to operating divisions,
based on direct service usage, requirement for market funding and
other appropriate drivers where services span more than one division.
Residual unallocated items relate to volatile corporate items that do not
naturally reside within a division.
Items not allocated during the year amounted to a net credit of £292
million. The Group’s credit spreads have fluctuated over the course of
the year, but ended the year slightly tighter, resulting in an increase in
the carrying value of own debt. This was offset by a net credit on
unallocated Group treasury items, including the impact of economic
hedges that do not qualify for IFRS hedge accounting. 2008’s results
included some significant disposal gains.
Business review continued