RBS 2013 Annual Report Download - page 474
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Notes on the consolidated accounts
472
32 Memorandum items
Contingent liabilities and commitments
The amounts shown in the table below are intended only to provide an indication of the volume of business outstanding at 31 December 2013. Although
the Group is exposed to credit risk in the event of non-performance of the obligations undertaken by customers, the amounts shown do not, and are not
intended to, provide any indication of the Group's expectation of future losses.
More than More than
1 year but 3 years but
Less than less than less than Over
1 year 3 years 5 years 5 years 2013 2012 2011
£m £m £m £m £m £m £m
Contingent liabilities
Guarantees and assets pledged as collateral security 9,144 3,541 5,802 1,692 20,179 19,164 25,032
Other contingent liabilities 2,840 1,258 582 1,311 5,991 10,697 10,912
11,984 4,799 6,384 3,003 26,170 29,861 35,944
Commitments (1)
Undrawn formal standby facilities, credit lines and other
commitments to lend
- less than one year 77,592 — — — 77,592 83,461 100,092
- one year and over 9,943 44,214 66,174 15,123 135,454 132,347 139,871
Other commitments 2,598 136 44 15 2,793 1,976 2,912
90,133 44,350 66,218 15,138 215,839 217,784 242,875
Contingent liabilities and commitments 102,117 49,149 72,602 18,141 242,009 247,645 278,819
Note:
(1) Includes liquidity facilities provided to Group sponsored conduits.
Banking commitments and contingent obligations, which have been
entered into on behalf of customers and for which there are
corresponding obligations from customers, are not included in assets and
liabilities. The Group's maximum exposure to credit loss, in the event of
non-performance by the other party and where all counterclaims,
collateral or security proves valueless, is represented by the contractual
nominal amount of these instruments included in the table above. These
commitments and contingent obligations are subject to the Group's
normal credit approval processes.
Contingent liabilities
Guarantees - the Group gives guarantees on behalf of customers. A
financial guarantee represents an irrevocable undertaking that the Group
will meet a customer's obligations to third parties if the customer fails to
do so. The maximum amount that the Group could be required to pay
under a guarantee is its principal amount as disclosed in the table above.
The Group expects most guarantees it provides to expire unused.
Other contingent liabilities - these include standby letters of credit,
supporting customer debt issues and contingent liabilities relating to
customer trading activities such as those arising from performance and
customs bonds, warranties and indemnities.
Commitments
Commitments to lend - under a loan commitment the Group agrees to
make funds available to a customer in the future. Loan commitments,
which are usually for a specified term may be unconditionally cancellable
or may persist, provided all conditions in the loan facility are satisfied or
waived. Commitments to lend include commercial standby facilities and
credit lines, liquidity facilities to commercial paper conduits and unutilised
overdraft facilities.
Other commitments - these include documentary credits, which are
commercial letters of credit providing for payment by the Group to a
named beneficiary against presentation of specified documents, forward
asset purchases, forward deposits placed and undrawn note issuance
and revolving underwriting facilities, and other short-term trade related
transactions.