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HSBC HOLDINGS PLC

Notes on the Financial Statements (continued)

232

2001 2000

US$m US$m

Denominated in US dollars................................................................................. 260,243 232,918

Denominated in currencies other than US dollars............................................... 435,634 440,896

Total assets.......................................................................................................... 695,877 673,814

Denominated in US dollars................................................................................. 276,575 260,551

Denominated in currencies other than US dollars............................................... 419,302 413,263

Total liabilities.................................................................................................... 695,877 673,814

(d) Structural currency exposures

HSBC’ s structural foreign currency exposure is represented by the net asset value of its foreign currency equity

and subordinated debt investments in subsidiary undertakings, branches, joint ventures and associates. Gains or

losses on structural foreign currency exposures are taken to reserves.

HSBC’ s management of structural foreign currency exposures is discussed in the ‘Financial Review’ section on

pages 116 and 117.

HSBC’ s structural currency exposures as at the year-end were as follows:

2001

Currency of structural exposure

Net investments

in overseas

operations

Currency

hedges other

than

borrowings

Borrowings taken out in the

functional currencies of the

overseas operations in orde

to hedge the net investments

in such operations

emainin

tructura

currenc

exposures

US$m US$m US$m US$m

Euros .................................................... 13,944 –

–

13,944

Hong Kong dollars ............................... 9,407 – (3) 9,404

Sterling ................................................. 8,303 (120)

–

8,183

Swiss francs.......................................... 1,241 – (559 ) 682

Canadian dollars................................... 959 –

–

959

Brazilian reais....................................... 454 (301)

–

153

UAE dirham ......................................... 440 –

–

440

Singapore dollars.................................. 410 (97)

–

313

Malaysian ringgit.................................. 403 –

–

403

Saudi riyals........................................... 395 –

–

395

Turkish lira ........................................... 395 –

–

395

Indian rupees ........................................ 286 –

–

286

Australian dollars ................................. 272 – (52) 220

Korean won .......................................... 231 –

–

231

Chilean pesos........................................ 170 –

–

170

Taiwanese dollars ................................. 169 –

–

169

Thai baht............................................... 162 –

–

162

Maltese lira........................................... 155 –

–

155

Cyprus pounds...................................... 108 –

–

108

Philippine pesos.................................... 103 –

–

103

Argentine pesos* .................................. (140) –

–

(140)

Others, less than US$100 million.. 559 (64)

–

495

Total ..................................................... 38,426 (582) (614) 37,230

* The negative net investment in Argentine pesos reflects the deficiency in domestic net assets following the pesification of

certain balances formerly denominated in US dollars.