RBS 2013 Annual Report Download - page 452
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Notes on the consolidated accounts
450
20 Discontinued operations and assets and liabilities of disposal groups continued
DLG is included in disposal groups at 31 December 2013 and 2012.
In addition, disposal groups at 31 December 2013 include the Chicago
area retail branches, small business operations and select middle market
relationships in the Chicago market which form part of RBS Citizens
Financial Group and the interest in associates in DLG. No adjustment
was required to the carrying value of these assets and liabilities on
reclassification. In accordance with IFRS 5 ‘Non-current Assets Held for
Sale and Discontinued Operations’, comparatives have not been
restated.
At 31 December 2011, disposal groups comprised the RBS Aviation
Capital business which was sold in the second half of 2012 and the RBS
England and Wales and NatWest Scotland branch-based businesses,
along with certain SME and corporate activities across the UK (‘UK
branch-based businesses’).
Allocated goodwill of £80 million was written off against operating
expenses in respect of the UK branch-based businesses. No adjustment
was made in respect of the RBS Aviation Capital business.
Following Santander’s withdrawal from the proposed sale of the UK
branch-based businesses in October 2012, the Group concluded that a
sale within 12 months was no longer highly probable; accordingly at 31
December 2012 the assets and liabilities of the UK branch-based
businesses ceased to be classified as a disposal group. No adjustment
was required to the carrying value of these assets and liabilities on
reclassification. In accordance with IFRS 5 ‘Non-current Assets Held for
Sale and Discontinued Operations’, comparatives were not restated.
(d) Direct Line Group assets and liabilities
2013 2012 2011
General insurance business assets and liabilities £m £m £m
Loans and advances to banks — 2,036 2,579
Loans and advances to customers — 881 893
Debt securities and equity shares — 7,156 7,992
Derivatives — 12 —
Intangible assets — 750 1,065
Property, plant and equipment — 222 132
Interests in associates 879 — —
Prepayments, accrued income and other assets — 1,640 1,200
A
ssets of disposal group 879 12,697 —
A
ssets separately consolidated 13,861
Derivatives — 4 —
Insurance liabilities — 6,193 6,233
Subordinated liabilities — 529 —
A
ccruals, deferred income and other liabilities — 2,541 2,739
Liabilities of disposal group — 9,267 —
Liabilities separately consolidated 8,972
The Group’s interest in DLG at 31 December 2013 is recognised under equity accounting, being the fair value of its share of net equity on 13 March
2013 plus the subsequent attributable comprehensive income, less the dividends received by the Group, less the share of net assets attributable to the
subsequent disposal on 20 September 2013. At 31 December 2012, DLG’s carrying amount exceeded its fair value less costs to sell (based on the
quoted price for DLG shares on 31 December 2012) by £394 million and goodwill attributable to DLG was written down by this amount. The write down
was recorded in other expenses within discontinued operations.