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Other financial assets | 12 Months Ended
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Dec. 31, 2023
Other financial assets |
Other financial assets | 16 Other financial assets
Other financial assets consist of debt securities, equity shares and loans that are not held for trading. Balances consist of local and central government securities, a component part of NatWest Group’s liquidity portfolio. For accounting policy information refer to Accounting policy 3.8.
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Debt securities | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Central and local government | ​ | Other | ​ | ​ | ​ | Equity | ​ | ​ | ​ | ​
​ | ​ | UK | ​ | US | ​ | Other | ​ | debt | ​ | Total | ​ | shares | ​ | Loans | ​ | Total
2023 |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m
Mandatory fair value through profit or loss |  | — |  | — |  | — |  | 1 |  | 1 |  | 2 | ​ | 700 |  | 703
Designated at fair value | ​ | — | ​ | — | ​ | 3 | ​ | 2 | ​ | 5 | ​ | — | ​ | — | ​ | 5
Fair value through other comprehensive income (1) |  | 6,441 |  | 5,517 |  | 5,738 |  | 10,627 |  | 28,323 |  | 311 | ​ | 65 |  | 28,699
Amortised cost |  | 2,889 |  | 647 |  | 35 |  | 18,124 |  | 21,695 |  | — | ​ | — |  | 21,695
Total |  | 9,330 |  | 6,164 |  | 5,776 |  | 28,754 |  | 50,024 |  | 313 | ​ | 765 |  | 51,102
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mandatory fair value through profit or loss | ​ | — |  | — |  | — |  | 2 |  | 2 |  | 3 | ​ | 782 |  | 787
Designated at fair value | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | —
Fair value through other comprehensive income (1) |  | 802 |  | 7,175 |  | 1,757 |  | 6,765 |  | 16,499 |  | 357 | ​ | 117 |  | 16,973
Amortised cost |  | 2,562 |  | 937 |  | 54 |  | 9,582 |  | 13,135 |  | — | ​ | — |  | 13,135
Total |  | 3,364 |  | 8,112 |  | 1,811 |  | 16,349 |  | 29,636 |  | 360 | ​ | 899 |  | 30,895
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(1) | Upon initial recognition, NatWest Group occasionally irrevocably designates some of its equity investments as equity instruments at FVOCI when they meet the definition of equity under IAS 32 Financial instruments: presentation, are not held for trading or they are held for strategic purposes. Such classification is determined on an instrument-by-instrument basis. Gains and losses on these equity instruments are not recycled to the income statement and dividends are recognised in profit or loss except when they represent a recovery of part of the cost of the instrument, in which case such gains are recorded in OCI. Equity instruments at FVOCI are not subject to an impairment assessment.
There were no significant acquisitions of equity shares in the year. In 2022, NatWest Group acquired £146 million of equity shares in Permanent TSB p.l.c as part consideration on the sale of certain assets and £26 million of equity shares in Vodeno Limited. ​ NatWest Group disposed of equity shares in Permanent TSB p.l.c of £47 million and UBS Equity Funds of £35 million in the year. In 2022, NatWest Group disposed of equity shares in Visa Inc. of £99 million and UBS Equity Funds of £69 million. There were no significant dividends on equity shares held at FVOCI in either year.

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