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Operating expenses (Tables) | 12 Months Ended
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Dec. 31, 2021
Operating expenses |
Schedule of operating expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 (1) |  | 2019 (1) |
Continuing operations | ​ | £m | ​ | £m | ​ | £m |
Salaries |  | 2,295 |  | 2,494 |  | 2,477 | ​
Bonus awards |  | 267 |  | 232 |  | 299 | ​
Temporary and contract costs | ​ | 240 | ​ | 258 | ​ | 401 | ​
Social security costs |  | 300 |  | 316 |  | 296 | ​
Pension costs | ​ | 354 | ​ | 340 | ​ | 301 | ​
- defined benefit schemes (see Note 5) |  | 215 |  | 215 |  | 188 | ​
- defined contribution schemes |  | 139 |  | 125 |  | 113 | ​
Other |  | 220 |  | 238 |  | 202 | ​
Staff costs |  | 3,676 |  | 3,878 |  | 3,976 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Premises and equipment (2) |  | 1,133 |  | 1,222 |  | 1,258 | ​
UK bank levy (3) |  | 99 |  | 167 |  | 134 | ​
Depreciation and amortisation (4,5) |  | 923 |  | 913 |  | 1,218 | ​
Other administrative expenses (6) |  | 1,927 |  | 1,678 |  | 2,694 | ​
Administrative expenses |  | 4,082 |  | 3,980 |  | 5,304 | ​
​ | ​ | 7,758 | ​ | 7,858 | ​ | 9,280 | ​
​
(1) | Comparative results have been re-presented from those previously published to reclassify certain operations as discontinued operations as described in Note 8.
(2) | 2021 includes cost of £33 million including accelerated depreciation of £41 million (2020 - £144 million including £71 million accelerated depreciation; 2019 - £161 million including £40 million accelerated depreciation) in relation to the planned reduction of the property portfolio (2021 – freehold £3 million; leasehold £30 million; 2020 - freehold £1 million; leasehold £143 million; 2019 - freehold £4 million; leasehold £157 million).
(3) | 2019 includes a rebate of £31 million relating to prior periods.
(4) | 2021 includes a £58 million charge relating to the reduction in property portfolio, leasehold £48 million and freehold £10 million (2020 - £107 million charge, leasehold £86 million and freehold £21 million; 2019 - £287 million charge, leasehold £37 million and freehold £250 million).
(5) | Includes impairment of goodwill of £85 million.
(6) | Includes litigation and conduct costs, net of amounts recovered. Refer to Notes 21 and 27 for further details.
Schedule of employees in continuing operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Continuing operations |  | 2021 |  | 2020 |  | 2019
Retail Banking |  | 15,800 |  | 17,200 |  | 19,600
Private Banking |  | 1,900 |  | 1,900 |  | 1,700
Commercial Banking |  | 8,400 |  | 9,700 |  | 9,700
RBS International | ​ | 1,400 | ​ | 1,500 | ​ | 1,600
NatWest Markets |  | 1,600 |  | 2,100 |  | 5,000
Central items & other |  | 27,000 |  | 24,900 |  | 22,600
Ulster Bank RoI (1) | ​ | 1,700 | ​ | 1,900 | ​ | 2,000
Total |  | 57,800 |  | 59,200 |  | 62,200
​ | ​ | ​ | ​ | ​ | ​ | ​
UK |  | 40,600 |  | 42,500 |  | 44,600
USA |  | 300 |  | 300 |  | 400
India |  | 13,500 |  | 13,200 |  | 13,500
Poland | ​ | 1,400 | ​ | 1,200 | ​ | 1,300
Republic of Ireland | ​ | 1,200 | ​ | 1,400 | ​ | 1,500
Rest of the World |  | 800 |  | 600 |  | 900
Total |  | 57,800 |  | 59,200 |  | 62,200
​
(1) | Total number of persons employed in Ulster Bank RoI of 2,400 (2020 – 2,600; 2019 – 2,700) includes 700 people employed in discontinued operations at 31 December 2021 (2020 – 700; 2019 – 700).
Schedule of share-based compensation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Award plan |  | Eligible employees |  | Nature of award |  | Vesting conditions (1) |  | Settlement
Sharesave | ​ | UK, Channel Islands, Gibraltar, Isle of Man, Poland and India. | ​ | Option to buy shares under employee savings plan | ​ | Continuing employment or leavers in certain circumstances | ​ | 2022 to 2026
Deferred performance awards | ​ | All | ​ | Awards of ordinary shares and conditional shares | ​ | Continuing employment or leavers in certain circumstances | ​ | 2022 to 2028
Long-term incentives (2) | ​ | Senior employees | ​ | Awards of ordinary shares and conditional shares | ​ | Continuing employment or leavers in certain circumstances and/or satisfaction of the pre-vest assessment and underpins | ​ | 2022 to 2028
​
(1) | All awards have vesting conditions which may not be met.
(2) | Long-term incentives include buy-out awards offered to compensate certain new hires for the loss of forfeited awards from their previous employment. All awards are granted under the Employee Share Plan.
Schedule of bonus awards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 | ​ | Change |
​ |  | £m |  | £m |  | % |
Non-deferred cash awards (1) | ​ | 38 | ​ | 35 | ​ | 9 | %
Deferred cash awards |  | 214 |  | 111 |  | 93 | %
Deferred share awards |  | 49 |  | 60 |  | (18) | %
Total deferred bonus awards |  | 263 |  | 171 |  | 54 | %
Total bonus awards (2) |  | 301 |  | 206 |  | 46 | %
| ​ | ​ | ​ | ​ | ​ | ​ | ​
Bonus awards as a % of operating profit before tax (3) |  | 7 | % | (83) | % | ​ | ​
Proportion of bonus awards that are deferred |  | 87 | % | 83 | % | ​ | ​
of which | ​ | ​ | ​ | ​ | ​ | ​ | ​
- deferred cash awards |  | 81 | % | 65 | % | ​ | ​
- deferred share awards |  | 19 | % | 35 | % | ​ | ​
Schedule of reconciliation of bonus awards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
Reconciliation of bonus awards to income statement charge | ​ | £m | ​ | £m | ​ | £m
Bonus awarded |  | 301 |  | 206 |  | 307
Less: deferral of charge for amounts awarded for current year |  | (99) |  | (77) |  | (110)
Income statement charge for amounts awarded in current year |  | 202 |  | 129 |  | 197
​ | ​ | ​ | ​ | ​ | ​ | ​
Add: current year charge for amounts deferred from prior years |  | 80 |  | 114 |  | 127
Less: forfeiture of amounts deferred from prior years |  | (15) |  | (11) |  | (25)
Income statement charge for amounts deferred from prior years |  | 65 |  | 103 |  | 102
​ | ​ | ​ | ​ | ​ | ​ | ​
Income statement charge for bonus awards (2) |  | 267 |  | 232 |  | 299
​
(1) | Non-deferred cash awards are limited to £2,000 for all employees.
(2) | Excludes other performance related compensation.
(3) | Operating profit before tax and bonus expense.
Schedule of income statement charge expected to be taken for bonus awards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Actual | ​ | Expected
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | 2023
​ | ​ | 2019 | ​ | 2020 | ​ | 2021 | ​ | 2022 | ​ | and beyond
Year in which income statement charge is expected to be taken for deferred bonus awards | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m
Bonus awards deferred from 2019 and earlier |  | 127 |  | 114 |  | 28 | ​ | 11 | ​ | 6
Bonus awards deferred from 2020 | ​ | — | ​ | — | ​ | 52 | ​ | 8 | ​ | 7
Less: forfeiture of amounts deferred from prior years |  | (25) |  | (11) |  | (15) | ​ | — | ​ | —
Bonus awards for 2021 deferred |  | — |  | — |  | — | ​ | 86 | ​ | 13
​ |  | 102 |  | 103 |  | 65 | ​ | 105 | ​ | 26
Sharesave |
Operating expenses |
Schedule of share-based compensation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sharesave | ​ | 2021 | ​ | 2020 | ​ | 2019
​ |  | Average |  | Shares |  | Average |  | Shares |  | Average |  | Shares
​ | ​ | exercise price | ​ | under option | ​ | exercise price | ​ | under option | ​ | exercise price | ​ | under option
​ | ​ | £ | ​ | (million) | ​ | £ | ​ | (million) | ​ | £ | ​ | (million)
At 1 January |  | 1.64 |  | 96 |  | 2.01 |  | 84 |  | 2.18 |  | 75
Granted |  | 1.80 |  | 24 |  | 1.12 |  | 35 |  | 1.78 |  | 25
Exercised |  | 1.76 |  | (10) |  | 1.83 |  | — |  | 2.83 |  | (4)
Cancelled |  | 2.02 |  | (15) |  | 2.20 |  | (23) |  | 2.25 |  | (12)
At 31 December |  | 1.61 |  | 95 |  | 1.64 |  | 96 |  | 2.01 |  | 84
​
Deferred performance awards |
Operating expenses |
Schedule of share-based compensation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred performance awards | ​ | 2021 | ​ | 2020 | ​ | 2019
​ |  | Value at |  | Shares |  | Value at |  | Shares |  | Value at |  | Shares
​ | ​ | grant | ​ | awarded | ​ | grant | ​ | awarded | ​ | grant | ​ | awarded
​ | ​ | £m | ​ | (million) | ​ | £m | ​ | (million) | ​ | £m | ​ | (million)
At 1 January |  | 169 |  | 77 |  | 196 |  | 76 |  | 233 |  | 92
Granted |  | 61 |  | 32 |  | 109 |  | 67 |  | 110 |  | 42
Forfeited |  | (10) |  | (5) |  | (5) |  | (2) |  | (10) |  | (4)
Vested |  | (88) |  | (39) |  | (131) |  | (64) |  | (137) |  | (54)
At 31 December |  | 132 |  | 65 |  | 169 |  | 77 |  | 196 |  | 76
​ ​
Long-term incentives |
Operating expenses |
Schedule of share-based compensation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term incentives | ​ | 2021 | ​ | 2020 | ​ | 2019
​ |  | Value at |  | Shares |  | Options |  | Value at |  | Shares |  | Options |  | Value at |  | Shares |  | Options
​ | ​ | grant | ​ | awarded | ​ | over shares | ​ | grant | ​ | awarded | ​ | over shares | ​ | grant | ​ | awarded | ​ | over shares
​ | ​ | £m | ​ | (million) | ​ | (million) | ​ | £m | ​ | (million) | ​ | (million) | ​ | £m | ​ | (million) | ​ | (million)
At 1 January |  | 50 |  | 24 |  | — |  | 63 |  | 25 |  | — |  | 85 |  | 32 |  | 2
Granted |  | 6 |  | 3 |  | — |  | 14 |  | 10 |  | — |  | 15 |  | 6 |  | —
Vested/exercised |  | (12) |  | (6) |  | — |  | (17) |  | (7) |  | — |  | (12) |  | (4) |  | —
Lapsed |  | — |  | — |  | — |  | (10) |  | (4) |  | — |  | (25) |  | (9) |  | (2)
At 31 December |  | 44 |  | 21 |  | — |  | 50 |  | 24 |  | — |  | 63 |  | 25 |  | —
​

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