RBS 2011 Annual Report Download - page 86

84 RBS Group 2011
Central items
2011 2010 2009
£m £m £m
Central items not allocated 156 577 385
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.
2011 compared with 2010
Central items not allocated represented a credit of £156 million in 2011, a
decline of £421 million compared with 2010.
2010 benefited from c.£300 million of accounting gains on hybrid
securities, c.£150 million of which was amortised during 2011.
AVAT recovery of £176 million in 2010 compared with £85 million
recovered in 2011.
2010 compared with 2009
Central items not allocated 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.
Business review continued