RBS 2013 Annual Report Download - page 226
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Business review Risk and balance sheet management
224
Funding risk continued
Encumbrance continued
Balance sheet encumbrance
Encumbered assets relating to: Encumbered Unencumbered
Debt securities in issue Other secured liabilities Total assets Readily realisable (2)
Securitisations Covered Secured encumbered % of related Liquidity Other Cannot be
and conduits bonds Derivatives Repos deposits assets (1) assets portfolio Other realisable (3) encumbered (4) Total
2013 £bn £bn £bn £bn £bn £bn %£bn £bn £bn £bn £bn
Cash and balances at central
banks — — — — — — — 74.3 8.4 — — 82.7
Loans and advances to banks 5.8 0.5 10.3 — — 16.6 60 0.1 10.9 — — 27.6
Loans and advances to
customers
- UK residential mortgages 14.6 16.2 — — — 30.8 28 60.8 18.6 — — 110.2
- Irish residential mortgages 9.3 — — — 1.2 10.5 70 0.7 3.8 — 0.1 15.1
- US residential mortgages — — — — 3.5 3.5 18 9.5 6.7 — — 19.7
- UK credit cards 3.4 — — — — 3.4 52 — 3.1 — — 6.5
- UK personal loans 3.4 — — — — 3.4 38 — 5.5 — — 8.9
- other 13.5 — 18.1 — 0.8 32.4 14 4.4 9.6 175.6 10.2 232.2
Reverse repurchase agreements
and stock borrowing — — — — — — — — — — 76.5 76.5
Debt securities 0.9 — 5.5 55.6 2.7 64.7 57 17.0 31.9 — — 113.6
Equity shares — — 0.5 5.3 —5.8 66 — 3.0 — — 8.8
Settlement balances — — — — — — — — — — 5.5 5.5
Derivatives — — — — — — — — — — 288.0 288.0
Intangible assets — — — — — — — — — — 12.4 12.4
Property, plant and equipment — — — — 0.4 0.4 5 — — 7.5 — 7.9
Deferred tax — — — — — — — — — — 3.5 3.5
Prepayments, accrued income
and other assets — — — — — — — — — — 8.6 8.6
A
ssets of disposal groups — — — — — — — — — — 0.2 0.2
50.9 16.7 34.4 60.9 8.6 171.5 166.8 101.5 183.1 405.0 1,027.9
Own asset securitisations 17.4
Total liquidity portfolio 184.2
Liabilities secured
Intra-Group - used for secondary
liquidity (19.1) — — — — (19.1)
Intra-Group - other (18.4) — — — — (18.4)
Third-party (5) (7.8) (9.0) (42.7) (85.1) (6.0) (150.6)
(45.3) (9.0) (42.7) (85.1) (6.0) (188.1)
Notes:
(1) Encumbered assets are those on the balance sheet that have been pledged to provide security for the liability shown above and are therefore not available to secure funding or to meet other
collateral needs.
(2) Unencumbered readily realisable assets are those assets on the balance sheet that can be readily used to meet funding or collateral requirements and comprise:
(a) Liquidity portfolio: cash balances at central banks, high quality debt securities and loans that have been pre-positioned with central banks. In addition, the liquidity portfolio includes securitisations
of own assets which has reduced over the years and has been replaced by loans.
(b) Other readily realisable assets: other liquidity reserves, including assets that have been enabled for use with central banks; and unencumbered debt securities.
(3) Unencumbered other realisable assets are those assets on the balance sheet that have no restrictions for funding and collateral purposes but are not readily realisable in their current form. These
assets include loans that could be prepositioned with central banks but have not been subject to internal and external documentation review and diligence work.
(4) Assets that cannot be encumbered comprise:
(a) derivatives, reverse repurchase agreements and trading related settlement balances.
(b) non-financial assets such as intangibles, prepayments and deferred tax.
(c) assets in disposal groups.
(d) loans that cannot be pre-positioned with central banks based on criteria set by the central banks, primarily US, including date of origination and level of documentation.
(e) non-recourse invoice financing balances and certain shipping loans whose terms and structure prohibit their use as collateral.
(5) In accordance with market practice the Group employs its own assets and securities received under reverse repo transactions as collateral for repos.