RBS 2010 Annual Report Download - page 102

Central items
2010 2009 2008
£m £m £m
Central items not allocated before fair value of own debt 577 385 150
Fair value of own debt 35 (93) 875
Central items not allocated 612 292 1,025
Note:
(1) Costs/charges are denoted by brackets.
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.
2010 compared with 2009
Central items not allocated before fair value of own debt, including
available-for-sale (AFS) gains of £237 million and one-off VAT recovery
in 2010 of £170 million, amounted to a net credit of £577 million, an
increase of £192 million on 2009.
The Group’s credit spreads have fluctuated over the course of the year,
but ended the year slightly wider, resulting in an overall annual decrease
in the carrying value of own debt.
2009 compared with 2008
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 results included some
significant disposal gains.
RBS Group 2010100
Business review continued