RBS 2014 Annual Report Download - page 151

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16
RBS – Interim Results 2015
Appendix 1 Capital and risk management
Funding risk (continued)
Repos totalled £68.8 billion at 30 June 2015, of which £2.4 billion related to CFG compared with £64.6 billion
and £2.4 billion respectively at 31 December 2014.
Customer deposits insured through deposit guarantee schemes totalled £163 billion (2014 - £160 billion), the
more material of them being UK Financial Services Compensation Scheme (FSCS), £113 billion (2014 -
£112 billion); US Federal Insurance Corporation relating to CFG, £40 billion (2014 - £37 billion) and Republic
of Ireland’s Deposit Guarantee Scheme, £6 billion (2014 - £7 billion). FSCS deposit protection will decrease
from the current limit of £85,000 to £75,000 with effect from 1 January 2016.
RBS is currently subject to the UK bank levy on its consolidated liabilities and equity after taking account of
certain exemptions such as regulatory Tier 1 capital, insured deposits and liabilities subject to legally
enforceable netting arrangements. The July 2015 Budget Statement, proposed a phased reduction of the
bank levy rate from the existing rate of 0.21% to 0.18% from 1 January 2016 and subsequent annual
reductions to 0.1% from January 2021. There will also be a change in the bank levy’s scope from 1 January
2021, such that UK headquartered banks will be subject to bank levy only on their UK balance sheet
liabilities. Total liabilities at 30 June 2015 excluding CFG were £829 billion (2014 - £919 billion) of which 82%
(2014 - 81%) related to transactions recorded in UK offices.