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Financial instruments - classification (Tables) | 12 Months Ended
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Dec. 31, 2021
Financial instruments - classification |
Schedule of classification for financial assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Amortised | ​ | Other |  | ​
​ | ​ | MFVTPL | ​ | FVOCI | ​ | cost | ​ | assets |  | Total
Assets |  | £m |  | £m |  | £m |  | £m |  | £m
Cash and balances at central banks |  | — |  | — |  | 177,757 |  | — | ​ | 177,757
Trading assets | ​ | 59,158 | ​ | — | ​ | — | ​ | — | ​ | 59,158
Derivatives (1) | ​ | 106,139 | ​ | — | ​ | — | ​ | — | ​ | 106,139
Settlement balances |  | — | ​ | — | ​ | 2,141 | ​ | — | ​ | 2,141
Loans to bank - amortised cost (2) |  | — |  | — |  | 7,682 |  | — | ​ | 7,682
Loans to customers - amortised cost (3) |  | — |  | — |  | 358,990 |  | — | ​ | 358,990
Other financial assets |  | 317 | ​ | 37,266 |  | 8,562 |  | — | ​ | 46,145
Intangible assets | ​ | — | ​ | — | ​ | — | ​ | 6,723 | ​ | 6,723
Other assets |  | — | ​ | — | ​ | — |  | 8,242 | ​ | 8,242
Assets of disposal groups | ​ | — | ​ | — | ​ | — | ​ | 9,015 | ​ | 9,015
31 December 2021 |  | 165,614 |  | 37,266 |  | 555,132 |  | 23,980 |  | 781,992
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and balances at central banks |  | ​ | ​ | ​ | ​ | 124,489 |  | ​ | ​ | 124,489
Trading assets | ​ | 68,990 |  | ​ | ​ | ​ |  | ​ | ​ | 68,990
Derivatives (1) | ​ | 166,523 |  | ​ | ​ | ​ |  | ​ | ​ | 166,523
Settlement balances | ​ | ​ |  | ​ | ​ | 2,297 |  | ​ | ​ | 2,297
Loans to bank - amortised cost (2) | ​ | ​ |  | ​ | ​ | 6,955 |  | ​ | ​ | 6,955
Loans to customers - amortised cost (3) |  | ​ |  | ​ | ​ | 360,544 |  | ​ | ​ | 360,544
Other financial assets |  | 440 |  | 44,902 | ​ | 9,806 |  | ​ | ​ | 55,148
Intangible assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 6,655 | ​ | 6,655
Other assets | ​ | ​ | ​ | ​ | ​ | ​ |  | 7,890 | ​ | 7,890
31 December 2020 |  | 235,953 |  | 44,902 | ​ | 504,091 |  | 14,545 | ​ | 799,491
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Held-for- | ​ | ​ | ​ | Amortised | ​ | Other | ​ | ​
​ |  | trading |  | DFV |  | cost |  | liabilities |  | Total
Liabilities |  | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m
Bank deposits (4) |  | — |  | — | ​ | 26,279 |  | — |  | 26,279
Customer deposits |  | — |  | — | ​ | 479,810 |  | — |  | 479,810
Settlement balances |  | — |  | — | ​ | 2,068 |  | — |  | 2,068
Trading liabilities | ​ | 64,598 | ​ | — | ​ | — | ​ | — | ​ | 64,598
Derivatives (1) |  | 100,835 |  | — | ​ | — |  | — |  | 100,835
Other financial liabilities (5) |  | — |  | 1,671 | ​ | 47,655 |  | — |  | 49,326
Subordinated liabilities |  | — |  | 703 | ​ | 7,726 |  | — |  | 8,429
Notes in circulation | ​ | — | ​ | — | ​ | 3,047 | ​ | — | ​ | 3,047
Other liabilities (6) |  | — |  | — | ​ | 1,356 |  | 4,441 |  | 5,797
31 December 2021 |  | 165,433 |  | 2,374 | ​ | 567,941 |  | 4,441 |  | 740,189
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank deposits (4) |  | ​ |  | ​ | ​ | 20,606 |  | ​ |  | 20,606
Customer deposits |  | ​ |  | ​ | ​ | 431,739 |  | ​ |  | 431,739
Settlement balances |  | ​ |  | ​ | ​ | 5,545 |  | ​ |  | 5,545
Trading liabilities |  | 72,256 |  | ​ | ​ | ​ |  | ​ |  | 72,256
Derivatives (1) |  | 160,705 |  | ​ | ​ | ​ |  | ​ |  | 160,705
Other financial liabilities (5) |  | ​ |  | 2,403 | ​ | 43,408 |  | ​ |  | 45,811
Subordinated liabilities |  | ​ |  | 793 | ​ | 9,169 |  | ​ |  | 9,962
Notes in circulation | ​ | ​ | ​ | ​ | ​ | 2,655 | ​ | ​ | ​ | 2,655
Other liabilities (6) |  | ​ |  | ​ | ​ | 1,882 |  | 4,506 |  | 6,388
31 December 2020 |  | 232,961 |  | 3,196 | ​ | 515,004 |  | 4,506 |  | 755,667
​
(1) | Includes net hedging derivatives assets of £44 million (2020 - £93 million) and net hedging derivatives liabilities of £120 million (2020 - £130 million).
(2) | Includes items in the course of collection from other banks of £67 million (2020 - £148 million).
(3) | Includes finance lease receivables of £8,531 million (2020 - £9,061 million).
(4) | Includes items in the course of transmission to other banks of £56 million (2020 - £12 million).
(5) | The carrying amount of other customer accounts designated at fair value through profit or loss is the same as the principal amount for both periods. No amounts have been recognised in the profit or loss for changes in credit risk associated with these liabilities as the changes are immaterial both during the period and cumulatively.
(6) | Includes lease liabilities of £1,263 million (2020 - £1,698 million) held at amortised cost.
Schedule of financial assets and liabilities | ​
​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
​ | ​ | £m | ​ | £m
Reverse repos |  |  |  |
Trading assets | ​ | 20,742 | ​ | 19,404
Loans to banks - amortised cost |  | 189 |  | 153
Loans to customers - amortised cost |  | 25,962 |  | 25,011
​ |  |  |  |
Repos |  |  |  |
Bank deposits |  | 7,912 |  | 6,470
Customer deposits |  | 14,541 |  | 5,167
Trading liabilities |  | 19,389 | ​ | 19,036
Schedule of financial assets and liabilities that are offset on the balance sheet |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Instruments which can be offset | ​ | Potential for offset not recognised by IFRS | ​ |  | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Effect of | ​ | ​ | ​ | ​ | ​ | Net amount after | ​ | Instruments | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | master netting | ​ | ​ | ​ | ​ | ​ | the effect of netting | ​ | outside | ​ | ​
​ | ​ | ​ | ​ | IFRS | ​ | Balance | ​ | and similar | ​ | Cash | ​ | Securities | ​ | agreements and | ​ | netting | ​ | Balance
​ | ​ | Gross | ​ | offset | ​ | sheet | ​ | agreements | ​ | collateral | ​ | collateral | ​ | related collateral | ​ | agreements | ​ | sheet total
2021 |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m
Derivative assets |  | 113,220 | ​ | (7,961) | ​ | 105,259 | ​ | (85,006) | ​ | (15,035) | ​ | (2,428) | ​ | 2,790 | ​ | 880 | ​ | 106,139
Derivative liabilities |  | 108,594 | ​ | (8,568) | ​ | 100,026 | ​ | (85,006) | ​ | (9,909) | ​ | (2,913) | ​ | 2,198 | ​ | 809 | ​ | 100,835
Net position (1) |  | 4,626 | ​ | 607 | ​ | 5,233 | ​ | — | ​ | (5,126) | ​ | 485 | ​ | 592 | ​ | 71 | ​ | 5,304
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading reverse repos |  | 44,529 | ​ | (24,422) | ​ | 20,107 | ​ | (900) | ​ | — | ​ | (19,136) | ​ | 71 | ​ | 635 | ​ | 20,742
Trading repos |  | 42,664 | ​ | (24,422) | ​ | 18,242 | ​ | (900) | ​ | — | ​ | (17,341) | ​ | 1 | ​ | 1,147 | ​ | 19,389
Net position |  | 1,865 | ​ | — | ​ | 1,865 | ​ | — | ​ | — | ​ | (1,795) | ​ | 70 | ​ | (512) | ​ | 1,353
​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non trading reverse repos |  | 33,729 | ​ | (7,594) | ​ | 26,135 | ​ | — | ​ | — | ​ | (26,135) | ​ | — | ​ | 16 | ​ | 26,151
Non trading repos |  | 30,047 | ​ | (7,594) | ​ | 22,453 | ​ | — | ​ | — | ​ | (22,453) | ​ | — | ​ | — | ​ | 22,453
Net position |  | 3,682 | ​ | — | ​ | 3,682 | ​ | — | ​ | — | ​ | (3,682) | ​ | — | ​ | 16 | ​ | 3,698
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020 |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ |  | ​ |  | ​
Derivative assets |  | 176,425 |  | (10,807) |  | 165,618 |  | (137,086) |  | (19,608) |  | (5,053) |  | 3,871 |  | 905 |  | 166,523
Derivative liabilities |  | 171,614 |  | (11,540) |  | 160,074 |  | (137,086) |  | (15,034) |  | (4,921) |  | 3,033 |  | 631 |  | 160,705
Net position (1) |  | 4,811 |  | 733 |  | 5,544 |  | — |  | (4,574) |  | (132) |  | 838 |  | 274 |  | 5,818
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Trading reverse repos |  | 43,908 |  | (24,867) |  | 19,041 |  | (929) |  | — |  | (18,040) |  | 72 |  | 363 |  | 19,404
Trading repos |  | 42,203 |  | (24,867) |  | 17,336 |  | (929) |  | — |  | (16,407) |  | — |  | 1,700 |  | 19,036
Net position |  | 1,705 |  | — |  | 1,705 |  | — |  | — |  | (1,633) |  | 72 |  | (1,337) |  | 368
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non trading reverse repos |  | 36,117 |  | (10,953) |  | 25,164 |  | — |  | — |  | (25,164) |  | — |  | — |  | 25,164
Non trading repos |  | 22,590 |  | (10,953) |  | 11,637 |  | — |  | — |  | (11,637) |  | — |  | — |  | 11,637
Net position |  | 13,527 |  | — |  | 13,527 |  | — |  | — |  | (13,527) |  | — |  | — |  | 13,527
​
(1) | The net IFRS offset balance of £607 million (2020 - £733 million)relates to variation margin netting reflected on other balance sheet lines.
Schedule of IBOR related exposure by currency and nature of financial instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Rates subject to IBOR reform |  |
​ | ​ | GBP LIBOR | ​ | USD IBOR (1) | ​ | Other IBOR (2) | ​ | Total
2021 |  | £m |  | £m |  | £m |  | £m
Trading assets |  | 62 |  | 90 |  | — |  | 152
Loans to banks - amortised cost |  | — |  | 11 |  | — |  | 11
Loans to customers - amortised cost |  | 4,788 |  | 4,565 |  | 267 |  | 9,620
Other financial assets |  | 864 |  | 768 |  | — |  | 1,632
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank deposits |  | — |  | 37 |  | — |  | 37
Customer deposits |  | — |  | — |  | — |  | —
Trading liabilities |  | 31 |  | 166 |  | — |  | 197
Other financial liabilities |  | 2,390 |  | 7,023 |  | 131 |  | 9,544
Subordinated liabilities |  | — |  | 90 |  | — |  | 90
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan commitments (3) | ​ | 1,016 | ​ | 6,366 | ​ | 55 | ​ | 7,437
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives notional (£bn) |  | 3.6 |  | 1,152.0 |  | — |  | 1,155.6
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Rates subject to IBOR reform | ​ | ​
​ | ​ | GBP LIBOR | ​ | USD IBOR (1) | ​ | EURIBOR (2) | ​ | Other IBOR | ​ | Total
2020 |  | £m |  | £m |  | £m |  | £m |  | £m
Trading assets |  | 75 |  | 60 |  | 348 |  | 1 |  | 484
Loans to banks - amortised cost |  | 23 |  | 82 |  | 101 |  | — |  | 206
Loans to customers - amortised cost |  | 40,299 |  | 6,366 |  | 4,950 |  | 234 |  | 51,849
Other financial assets |  | 2,918 |  | 303 |  | 370 |  | — |  | 3,591
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank deposits |  | — |  | 367 |  | — |  | 107 |  | 474
Customer deposits |  | — |  | — |  | — |  | 4 |  | 4
Trading liabilities |  | 54 |  | 414 |  | 269 |  | 2 |  | 739
Other financial liabilities |  | 2,492 |  | 9,806 |  | 5,902 |  | 196 |  | 18,396
Subordinated liabilities |  | 8 |  | 850 |  | 438 |  | — |  | 1,296
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan commitments (3) |  | 25,616 |  | 9,228 | ​ | 7,176 |  | 682 |  | 42,702
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Derivatives notional (£bn) |  | 1,407.5 |  | 1,368.8 |  | 2,358.7 |  | 289.6 |  | 5,424.6
​
(1) | In 2021 the FCA declared that USD IBOR will be non-representative post 30 June 2023; at the time of preparing the 31 December 2020 Annual Report on Form 20-F this date was expected to be 31 December 2021.
(2) | In 2021 management concluded that EURIBOR is not expected to be significantly reformed further and therefore any uncertainty due to interest benchmark rate reform for EURIBOR has ended. 31 December 2020 data includes EURIBOR exposure as subject to reform.
(3) | Certain loan commitments are multi-currency facilities. Where these are fully undrawn, they are allocated to the principal currency of the facility. Where the facilities are partly drawn, the remaining loan commitment is allocated to the currency with the largest drawn amount.
Summary of issuance of certain capital instruments | ​
​ | ​ | ​ | ​ | ​
​ | ​ | 31 December | ​ | 31 December
​ | ​ | 2021 | ​ | 2020
​ |  | £m |  | £m
US$1.15 billion 8% notes | ​ | 734 |  | 734
US$2.65 billion 8.625% notes | ​ | — |  | 2,046

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