RBS 2013 Annual Report Download - page 216
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Business review Risk and balance sheet management
214
Liquidity risk continued
Liquidity portfolio
The table below analyses the Group’s liquidity portfolio by product, liquidity value and carrying value. Liquidity value is lower than carrying value as it is
stated after the discounts applied by the Bank of England and other central banks to instruments, within the secondary liquidity portfolio, eligible for
discounting.
Liquidity value
2013 2012 2011
UK DLG (1) CFG (1) Other Total Average Total Average Total Average
£m £m £m £m £m £m £m £m £m
Cash and balances at central banks 71,121 824 2,417 74,362 80,933 70,109 81,768 69,932 74,711
Central and local government bonds
AAA rated governments 3,320 — — 3,320 5,149 9,885 18,832 29,632 37,947
AA- to AA+ rated governments and US agencies 5,822 6,369 96 12,287 12,423 9,621 9,300 14,102 3,074
governments rated below AA — — — — 151 206 596 955 925
local government — — — — 148 979 2,244 4,302 4,779
9,142 6,369 96 15,607 17,871 20,691 30,972 48,991 46,725
Treasury bills — — — — 395 750 202 — 5,937
Primary liquidity 80,263 7,193 2,513 89,969 99,199 91,550 112,942 118,923 127,373
Secondary liquidity (2) 48,718 4,968 2,411 56,097 56,589 55,619 41,978 36,407 34,075
Total liquidity portfolio 128,981 12,161 4,924 146,066 155,788 147,169 154,920 155,330 161,448
Carrying value 159,743 17,520 6,970 184,233 187,942 193,495
The table below shows the currency split of the liquidity portfolio.
GBP USD EUR Other Total
Total liquidity portfolio £m £m £m £m £m
2013 100,849 33,365 10,364 1,488 146,066
2012 84,570 35,106 26,662 831 147,169
2011 48,839 54,145 50,275 2,071 155,330
Notes:
(1) The PRA regulated UK Defined Liquidity Group (UK DLG) comprises the Group’s five UK banks: The Royal Bank of Scotland plc, National Westminster Bank Plc, Ulster Bank Limited, Coutts &
Company and Adam & Company plc. In addition, certain of the Group's significant operating subsidiaries - RBS N.V., RBS Citizens Financial Group, Inc. (CFG) and Ulster Bank Ireland Limited - hold
locally managed portfolios of liquid assets that comply with local regulations that may differ from PRA rules.
(2) Includes assets eligible for discounting at the Bank of England and other central banks.