RBS 2013 Annual Report Download - page 155
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Business review
153
Central items 2013 2012 2011
£m £m £m
Central items not allocated (89) 84 (34)
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.
2013 compared with 2012
Central items not allocated, represented a debit of £89 million in 2013
compared with a credit of £84 million in 2012, a reduction of £173 million.
This has been principally driven by higher unallocated Treasury and
funding costs, £175 million higher, including volatile items under IFRS
and lower gains on Treasury available-for-sale securities, down £156
million from £880 million in 2012 to £724 million in 2013.
Central items included various legacy litigation and conduct provisions
totalling £127 million for 2013, a reduction of £33 million compared with
2012, and a property-related impairment of £65 million which have been
offset by the non-repeat of £175 million costs incurred in 2012 in relation
to the technology incident and credits totalling £80 million recognised in
relation to the Group’s share of profit from its stake in Saudi Hollandi,
which was held as a disposal group in 2012.
2012 compared with 2011
Central items not allocated represented a credit of £84 million compared
with a debit of £34 million in 2011.
Significant central costs included the Group technology incident cost of
£175 million, a £160 million provision for various litigation and legacy
conduct issues, as well as unallocated Treasury costs of circa £390
million. VAT recoveries of £85 million and Group Pension fund
adjustment of circa £50 million in 2011 were not repeated.
Offsetting these costs, profits on Group Treasury available-for-sale bond
disposals totalled £880 million compared with £516 million in 2011, as
active management of the liquid assets portfolio as well as favourable
market conditions enabled the Group to crystallise gains on some
holdings.