HSBC 2009 Annual Report Download - page 58

HSBC HOLDINGS PLC
Report of the Directors: Operating and Financial Review (continued)
Financial summary > Balance sheet > Short-term borrowings / Contractual obligations / Ratios / Loan maturities
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Short-term borrowings
HSBC includes short-term borrowings within
customer accounts, deposits by banks and debt
securities in issue and does not show short-term
borrowings separately on the balance sheet.
Short-term borrowings are defined by the US
Securities and Exchange Commission (‘SEC’) as
Federal funds purchased and securities sold under
agreements to repurchase, commercial paper and
other short-term borrowings. HSBC’s only
significant short-term borrowings are securities sold
under agreements to repurchase and certain debt
securities in issue. Additional information on these is
provided in the table below.
Repos and short-term bonds
2009 2008 2007
US$m US$m US$m
Securities sold under agreements to repurchase
Outstanding at 31 December ................................................................................... 152,218 145,180 140,001
Average amount outstanding during the year ......................................................... 170,671 177,256 129,779
Maximum quarter-end balance outstanding during the year .................................. 157,778 190,651 148,601
Weighted average interest rate during the year ....................................................... 0.8% 3.8% 5.4%
Weighted average interest rate at the year-end ....................................................... 0.4% 2.9% 4.8%
Short-term bonds
Outstanding at 31 December ................................................................................... 38,776 40,279 51,792
Average amount outstanding during the year ......................................................... 33,010 45,330 39,153
Maximum quarter-end balance outstanding during the year .................................. 38,776 55,842 51,792
Weighted average interest rate during the year ....................................................... 3.2% 5.0% 7.0%
Weighted average interest rate at the year-end ....................................................... 0.6% 3.1% 6.5%
Contractual obligations
The table below provides details of HSBC’s material contractual obligations as at 31 December 2009.
Payments due by period
Total
Less than
1 year 1–5 years
More than
5 years
US$m US$m US$m US$m
Long-term debt obligations ...................................................... 234,297 71,482 93,778 69,037
Term deposits and certificates of deposit ................................. 211,434 198,081 13,353 –
Capital (finance) lease obligations ........................................... 971 103 249 619
Operating lease obligations ...................................................... 5,655 857 2,264 2,534
Purchase obligations ................................................................. 1,359 1,045 314 –
Short positions in debt securities and equity shares ................. 90,067 73,437 5,332 11,298
Current tax liability ................................................................... 2,141 2,141 – –
Pension/healthcare obligation ................................................... 15,979 1,188 5,548 9,243
561,903 348,334 120,838 92,731
Ratios of earnings to combined fixed charges (and preference share dividends)
2009 2008 2007 2006 2005
% % % % %
Ratios of earnings to combined fixed charges and preference
share dividends:38
– excluding interest on deposits ............................................... 2.64 2.97 6.96 7.22 9.16
– including interest on deposits ................................................ 1.20 1.13 1.34 1.40 1.59
Ratios of earnings to combined fixed charges:38
– excluding interest on deposits ............................................... 2.99 3.17 7.52 7.93 9.60
– including interest on deposits ................................................ 1.22 1.14 1.34 1.41 1.59
For footnote, see page 149.