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Operating expenses (Tables) | 12 Months Ended
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Dec. 31, 2022
Operating expenses |
Schedule of operating expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Continuing operations | ​ | £m | ​ | £m | ​ | £m
Salaries |  | 2,250 |  | 2,295 |  | 2,494
Bonus awards |  | 334 |  | 267 |  | 232
Temporary and contract costs | ​ | 234 | ​ | 240 | ​ | 258
Social security costs |  | 328 |  | 300 |  | 316
Pension costs | ​ | 363 | ​ | 354 | ​ | 340
- defined benefit schemes (see Note 5) |  | 205 |  | 215 |  | 215
- defined contribution schemes |  | 158 |  | 139 |  | 125
Other |  | 207 |  | 220 |  | 238
Staff costs |  | 3,716 |  | 3,676 |  | 3,878
​ | ​ | ​ | ​ | ​ | ​ | ​
Premises and equipment |  | 1,112 |  | 1,133 |  | 1,222
UK bank levy |  | 101 |  | 99 |  | 167
Depreciation and amortisation (1,2) |  | 833 |  | 923 |  | 913
Other administrative expenses (3) |  | 1,925 |  | 1,927 |  | 1,678
Administrative expenses |  | 3,971 |  | 4,082 |  | 3,980
​ | ​ | 7,687 | ​ | 7,758 | ​ | 7,858
​
(1) | Include depreciation on right of use assets of £119 million (2021 - £167 million; 2020 - £209 million).
(2) | 2021 includes impairment of goodwill of £85 million.
(3) | Includes litigation and conduct costs, net of amounts recovered. Refer to Note 21 for further details.
Schedule of employees in continuing operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Continuing operations |  | 2022 |  | 2021 |  | 2020
Retail Banking |  | 14,800 |  | 15,800 |  | 17,200
Private Banking |  | 2,100 |  | 1,900 |  | 1,900
Commercial & Institutional |  | 12,200 |  | 11,400 |  | 13,300
Central items & other (1) |  | 31,900 |  | 28,700 |  | 26,800
Total |  | 61,000 |  | 57,800 |  | 59,200
​ | ​ | ​ | ​ | ​ | ​ | ​
UK |  | 41,200 |  | 40,600 |  | 42,500
USA |  | 300 |  | 300 |  | 300
India |  | 15,700 |  | 13,500 |  | 13,200
Poland | ​ | 1,500 | ​ | 1,400 | ​ | 1,200
Republic of Ireland | ​ | 1,400 | ​ | 1,200 | ​ | 1,400
Rest of the World |  | 900 |  | 800 |  | 600
Total |  | 61,000 |  | 57,800 |  | 59,200
​
(1) | Central items & other includes Ulster Bank RoI. Total number of persons employed in Ulster Bank RoI of 2,200 (2021 – 2,400; 2020 – 2,600) includes 400 people employed in discontinued operations at 31 December 2022 (2021 – 700; 2020 – 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 | ​ | 2023 to 2027
Deferred performance awards | ​ | All | ​ | Awards of ordinary shares and conditional shares | ​ | Continuing employment or leavers in certain circumstances | ​ | 2023 to 2030
Long-term incentives (2) (3) | ​ | 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 | ​ | 2023 to 2029
​
(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.
(3) | The existing Long-term incentive scheme has been closed to new awards and members as at 31 December 2022. The scheme will be replaced by a new Restricted share plan scheme with similar granting and vesting conditions. No awards have been granted at the end of the reporting period.
Schedule of bonus awards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 | ​ | Change |
​ |  | £m |  | £m |  | % |
Non-deferred cash awards (1) | ​ | 40 | ​ | 38 | ​ | 5 | %
Deferred cash awards |  | 270 |  | 214 |  | 26 | %
Deferred share awards |  | 60 |  | 49 |  | 22 | %
Total deferred bonus awards |  | 330 |  | 263 |  | 25 | %
Total bonus awards (2) |  | 370 |  | 301 |  | 23 | %
| ​ | ​ | ​ | ​ | ​ | ​ | ​
Bonus awards as a % of operating profit before tax (3) |  | 7 | % | 7 | % | ​ | ​
Proportion of bonus awards that are deferred |  | 89 | % | 87 | % | ​ | ​
of which | ​ | ​ | ​ | ​ | ​ | ​ | ​
- deferred cash awards |  | 82 | % | 81 | % | ​ | ​
- deferred share awards |  | 18 | % | 19 | % | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
Reconciliation of bonus awards to income statement charge | ​ | £m | ​ | £m | ​ | £m
Bonus awarded |  | 370 |  | 301 |  | 206
Less: deferral of charge for amounts awarded for current year |  | (127) |  | (99) |  | (77)
Income statement charge for amounts awarded in current year |  | 243 |  | 202 |  | 129
​ | ​ | ​ | ​ | ​ | ​ | ​
Add: current year charge for amounts deferred from prior years |  | 94 |  | 80 |  | 114
Less: forfeiture of amounts deferred from prior years |  | (3) |  | (15) |  | (11)
Income statement charge for amounts deferred from prior years |  | 91 |  | 65 |  | 103
​ | ​ | ​ | ​ | ​ | ​ | ​
Income statement charge for bonus awards (2) |  | 334 |  | 267 |  | 232
​
(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.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Actual | ​ | Expected
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | 2024
​ | ​ | 2020 | ​ | 2021 | ​ | 2022 | ​ | 2023 | ​ | 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 2020 and earlier |  | 114 |  | 80 |  | 19 | ​ | 8 | ​ | 4
Bonus awards deferred from 2021 | ​ | — | ​ | — | ​ | 75 | ​ | 8 | ​ | 8
Less: forfeiture of amounts deferred from prior years |  | (11) |  | (15) |  | (3) | ​ | — | ​ | —
Bonus awards for 2022 deferred |  | — |  | — |  | — | ​ | 105 | ​ | 22
​ |  | 103 |  | 65 |  | 91 | ​ | 121 | ​ | 34
Sharesave |
Operating expenses |
Schedule of share-based compensation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sharesave | ​ | 2022 | ​ | 2021 | ​ | 2020
​ |  | Average |  | Shares |  | Average |  | Shares |  | Average |  | Shares
​ | ​ | exercise price | ​ | under option | ​ | exercise price | ​ | under option | ​ | exercise price | ​ | under option
​ | ​ | £ | ​ | (million) | ​ | £ | ​ | (million) | ​ | £ | ​ | (million)
At 1 January |  | 1.61 |  | 95 |  | 1.64 |  | 96 |  | 2.01 |  | 84
Granted |  | 1.86 |  | 25 |  | 1.80 |  | 24 |  | 1.12 |  | 35
Exercised |  | 1.88 |  | (15) |  | 1.76 |  | (10) |  | 1.83 |  | —
Cancelled |  | 1.60 |  | (6) |  | 2.02 |  | (15) |  | 2.20 |  | (23)
At 31 December |  | 1.63 |  | 99 |  | 1.61 |  | 95 |  | 1.64 |  | 96
​
Deferred performance awards |
Operating expenses |
Schedule of share-based compensation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred performance awards | ​ | 2022 | ​ | 2021 | ​ | 2020
​ |  | Value at |  | Shares |  | Value at |  | Shares |  | Value at |  | Shares
​ | ​ | grant | ​ | awarded | ​ | grant | ​ | awarded | ​ | grant | ​ | awarded
​ | ​ | £m | ​ | (million) | ​ | £m | ​ | (million) | ​ | £m | ​ | (million)
At 1 January |  | 132 |  | 65 |  | 169 |  | 77 |  | 196 |  | 76
Granted |  | 46 |  | 20 |  | 61 |  | 32 |  | 109 |  | 67
Forfeited |  | (4) |  | (2) |  | (10) |  | (5) |  | (5) |  | (2)
Vested |  | (81) |  | (37) |  | (88) |  | (39) |  | (131) |  | (64)
At 31 December |  | 93 |  | 46 |  | 132 |  | 65 |  | 169 |  | 77
​
Long-term incentives |
Operating expenses |
Schedule of share-based compensation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term incentives | ​ | 2022 | ​ | 2021 | ​ | 2020
​ |  | Value at |  | Shares |  | Value at |  | Shares |  | Value at |  | Shares
​ | ​ | grant | ​ | awarded | ​ | grant | ​ | awarded | ​ | grant | ​ | awarded
​ | ​ | £m | ​ | (million) | ​ | £m | ​ | (million) | ​ | £m | ​ | (million)
At 1 January |  | 44 |  | 21 |  | 50 |  | 24 |  | 63 |  | 25
Granted |  | 16 |  | 7 |  | 6 |  | 3 |  | 14 |  | 10
Vested/exercised |  | (10) |  | (4) |  | (12) |  | (6) |  | (17) |  | (7)
Lapsed |  | (1) |  | (1) |  | — |  | — |  | (10) |  | (4)
At 31 December |  | 49 |  | 23 |  | 44 |  | 21 |  | 50 |  | 24
​

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