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Financial instruments - classification (Tables) | 12 Months Ended
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Dec. 31, 2023
Financial instruments - classification |
Schedule of classification for financial assets and liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Amortised | ​ | Other |  | ​
​ | ​ | MFVTPL | ​ | DFV | ​ | FVOCI | ​ | cost | ​ | assets |  | Total
Assets |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m
Cash and balances at central banks |  | — |  | — | ​ | — |  | 104,262 |  | — | ​ | 104,262
Trading assets | ​ | 45,551 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 45,551
Derivatives (1) | ​ | 78,904 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 78,904
Settlement balances |  | — | ​ | — | ​ | — | ​ | 7,231 | ​ | — | ​ | 7,231
Loans to bank - amortised cost (2) |  | — |  | — | ​ | — |  | 6,914 |  | — | ​ | 6,914
Loans to customers - amortised cost (3) |  | — |  | — | ​ | — |  | 381,433 |  | — | ​ | 381,433
Other financial assets |  | 703 | ​ | 5 | ​ | 28,699 |  | 21,695 |  | — | ​ | 51,102
Intangible assets | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 7,614 | ​ | 7,614
Other assets |  | — | ​ | — | ​ | — | ​ | — |  | 8,760 | ​ | 8,760
Assets of disposal groups (4) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 902 | ​ | 902
31 December 2023 |  | 125,158 |  | 5 | ​ | 28,699 |  | 521,535 |  | 17,276 |  | 692,673
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and balances at central banks |  | — | ​ | — | ​ | — | ​ | 144,832 |  | — | ​ | 144,832
Trading assets | ​ | 45,577 |  | — | ​ | — | ​ | — |  | — | ​ | 45,577
Derivatives (1) | ​ | 99,545 |  | — | ​ | — | ​ | — |  | — | ​ | 99,545
Settlement balances | ​ | — |  | — | ​ | — | ​ | 2,572 |  | — | ​ | 2,572
Loans to bank - amortised cost (2) | ​ | — |  | — | ​ | — | ​ | 7,139 |  | — | ​ | 7,139
Loans to customers - amortised cost (3) |  | — |  | — | ​ | — | ​ | 366,340 |  | — | ​ | 366,340
Other financial assets |  | 787 |  | — | ​ | 16,973 | ​ | 13,135 |  | — | ​ | 30,895
Intangible assets | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 7,116 | ​ | 7,116
Other assets | ​ | — | ​ | — | ​ | — | ​ | — |  | 9,176 | ​ | 9,176
Assets of disposal groups (4) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 6,861 | ​ | 6,861
31 December 2022 |  | 145,909 |  | — | ​ | 16,973 | ​ | 534,018 |  | 23,153 | ​ | 720,053
​ 10 Financial instruments – classification continued
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Held-for- | ​ | ​ | ​ | Amortised | ​ | Other | ​ | ​
​ |  | trading |  | DFV |  | cost |  | liabilities |  | Total
Liabilities |  | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m
Bank deposits (5) |  | — |  | — | ​ | 22,190 |  | — |  | 22,190
Customer deposits |  | — |  | — | ​ | 431,377 |  | — |  | 431,377
Settlement balances |  | — |  | — | ​ | 6,645 |  | — |  | 6,645
Trading liabilities | ​ | 53,636 | ​ | — | ​ | — | ​ | — | ​ | 53,636
Derivatives (1) |  | 72,395 |  | — | ​ | — |  | — |  | 72,395
Other financial liabilities (6) |  | — |  | 2,888 | ​ | 52,201 |  | — |  | 55,089
Subordinated liabilities |  | — |  | 237 | ​ | 5,477 |  | — |  | 5,714
Notes in circulation | ​ | — | ​ | — | ​ | 3,237 | ​ | — | ​ | 3,237
Other liabilities (7) |  | — |  | — | ​ | 748 |  | 4,454 |  | 5,202
31 December 2023 |  | 126,031 |  | 3,125 | ​ | 521,875 |  | 4,454 |  | 655,485
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bank deposits (5) |  | — |  | — | ​ | 20,441 |  | — |  | 20,441
Customer deposits |  | — |  | — | ​ | 450,318 |  | — |  | 450,318
Settlement balances |  | — |  | — | ​ | 2,012 |  | — |  | 2,012
Trading liabilities |  | 52,808 |  | — | ​ | — |  | — |  | 52,808
Derivatives (1) |  | 94,047 |  | — | ​ | — |  | — |  | 94,047
Other financial liabilities (6) |  | — |  | 2,377 | ​ | 46,730 |  | — |  | 49,107
Subordinated liabilities |  | — |  | 345 | ​ | 5,915 |  | — |  | 6,260
Notes in circulation | ​ | — | ​ | — | ​ | 3,218 | ​ | — | ​ | 3,218
Other liabilities (7) |  | — |  | — | ​ | 1,205 |  | 4,141 |  | 5,346
31 December 2022 |  | 146,855 |  | 2,722 | ​ | 529,839 |  | 4,141 |  | 683,557
​
(1) | Includes net hedging derivatives assets of £114 million (2022 - £143 million) and net hedging derivatives liabilities of £270 million (2022 - £132 million).
(2) | Includes items in the course of collection from other banks of £255 million (2022 - £229 million).
(3) | Includes finance lease receivables of £8,731 million (2022 - £8,402 million).
(4) | Includes assets of disposal groups held at FVTPL of £841 million (2022 - £5,397 million). The portfolio is classified as level 3 in the fair value hierarchy.
(5) | Includes items in the course of transmission to other banks of £92 million (2022 - £242 million).
(6) | The carrying amount of customer deposits 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.
(7) | Includes lease liabilities of £670 million (2022 - £1,118 million), held at amortised cost.
​
Schedule of effect of reclassification of mortgages from amortised cost to fair value through profit or loss | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Amortised cost |  | MFVTPL |  | Change in value
​ | ​ | £m | ​ | £m | ​ | £m
Amounts reclassified on balance sheet |  |  |  |  |  |
Loans to customers (1) |  | 587 |  | 606 |  | 19
Assets of disposal groups (2) |  | 10,676 |  | 10,383 |  | (293)
​ |  | 11,263 |  | 10,989 |  | (274)
​ (1)Change in value recognised in continuing operations. (2)Change in value recognised in discontinued operations.
Schedule of reconciliation of financial assets | The table below analyses financial assets forming a component of ESG-linked loans and other products with contractual terms that could change the timing or amount of cash flows. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | ​ |  | Positive impact on |  | Negative impact on |  | Reduction in | ​ | ​
​ | ​ | Carrying value | ​ | product margin | ​ | product margin | ​ | cash flows | ​ | Carrying value
​ | ​ | £bn | ​ | bps | ​ | bps | ​ | £m | ​ | £bn
Sustainability-linked loans |  | 6.5 |  | 3.2 |  | 3.9 |  | 2.5 |  | 5.0
Other products |  | 16.1 |  | — |  | — |  | — |  | 8.9
Lending subject to performance triggers |  | 22.6 |  | ​ | ​ | ​ |  | 2.5 |  | 13.9
Schedule of amount receivable under finance leases | ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | £m | ​ | £m
Amount receivable under finance leases | ​ |  | ​ |
Within 1 year | ​ | 3,340 | ​ | 3,235
1 to 2 years | ​ | 2,358 | ​ | 2,254
2 to 3 years | ​ | 1,625 | ​ | 1,388
3 to 4 years | ​ | 900 | ​ | 833
4 to 5 years | ​ | 388 | ​ | 411
After 5 years | ​ | 1,079 | ​ | 1,130
Total lease payments | ​ | 9,690 | ​ | 9,251
Unguaranteed residual values | ​ | 169 | ​ | 171
Future drawdowns | ​ | (12) | ​ | (13)
Unearned income | ​ | (1,025) | ​ | (889)
Present value of lease payments | ​ | 8,822 | ​ | 8,520
Impairments | ​ | (91) | ​ | (118)
Net investment in finance leases | ​ | 8,731 | ​ | 8,402
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 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | master | ​ | ​ | ​ | ​ | ​ | after netting | ​ | Instruments | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | netting | ​ | ​ | ​ | ​ | ​ | agreements and | ​ | outside | ​ | ​
​ | ​ | ​ | ​ | IFRS | ​ | Balance | ​ | and similar | ​ | Cash | ​ | Securities | ​ | effect of | ​ | netting | ​ | Balance
​ | ​ | Gross | ​ | offset | ​ | sheet | ​ | agreements | ​ | collateral | ​ | collateral | ​ | related collateral | ​ | agreements | ​ | sheet total
2023 |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m |  | £m
Derivative assets |  | 99,023 | ​ | (20,597) | ​ | 78,426 | ​ | (60,355) | ​ | (12,284) | ​ | (3,408) | ​ | 2,379 | ​ | 478 | ​ | 78,904
Derivative liabilities |  | 95,734 | ​ | (23,869) | ​ | 71,865 | ​ | (60,355) | ​ | (6,788) | ​ | (1,663) | ​ | 3,059 | ​ | 530 | ​ | 72,395
Net position (1) |  | 3,289 | ​ | 3,272 | ​ | 6,561 | ​ | — | ​ | (5,496) | ​ | (1,745) | ​ | (680) | ​ | (52) | ​ | 6,509
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trading reverse repos |  | 39,573 | ​ | (16,257) | ​ | 23,316 | ​ | (664) | ​ | — | ​ | (22,461) | ​ | 191 | ​ | 378 | ​ | 23,694
Trading repos |  | 42,442 | ​ | (16,257) | ​ | 26,185 | ​ | (664) | ​ | — | ​ | (25,520) | ​ | 1 | ​ | 717 | ​ | 26,902
Net position |  | (2,869) | ​ | — | ​ | (2,869) | ​ | — | ​ | — | ​ | 3,059 | ​ | 190 | ​ | (339) | ​ | (3,208)
​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non trading reverse repos |  | 37,477 | ​ | (9,646) | ​ | 27,831 | ​ | (5) | ​ | — | ​ | (27,826) | ​ | — | ​ | 80 | ​ | 27,911
Non trading repos |  | 23,605 | ​ | (9,646) | ​ | 13,959 | ​ | (5) | ​ | — | ​ | (13,954) | ​ | — | ​ | 3 | ​ | 13,962
Net position |  | 13,872 | ​ | — | ​ | 13,872 | ​ | — | ​ | — | ​ | (13,872) | ​ | — | ​ | 77 | ​ | 13,949
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2022 |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ |  | ​ |  | ​
Derivative assets |  | 117,606 | ​ | (18,730) | ​ | 98,876 | ​ | (77,365) | ​ | (14,079) | ​ | (4,571) | ​ | 2,861 | ​ | 669 | ​ | 99,545
Derivative liabilities |  | 115,177 | ​ | (22,111) | ​ | 93,066 | ​ | (77,365) | ​ | (9,761) | ​ | (1,185) | ​ | 4,755 | ​ | 981 | ​ | 94,047
Net position (1) |  | 2,429 | ​ | 3,381 | ​ | 5,810 | ​ | — | ​ | (4,318) | ​ | (3,386) | ​ | (1,894) | ​ | (312) | ​ | 5,498
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Trading reverse repos |  | 35,612 | ​ | (14,510) | ​ | 21,102 | ​ | (2,445) | ​ | — | ​ | (18,458) | ​ | 199 | ​ | 435 | ​ | 21,537
Trading repos |  | 33,767 | ​ | (14,510) | ​ | 19,257 | ​ | (2,445) | ​ | — | ​ | (16,812) | ​ | — | ​ | 4,483 | ​ | 23,740
Net position |  | 1,845 | ​ | — | ​ | 1,845 | ​ | — | ​ | — | ​ | (1,646) | ​ | 199 | ​ | (4,048) | ​ | (2,203)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non trading reverse repos |  | 25,630 | ​ | (5,702) | ​ | 19,928 | ​ | — | ​ | — | ​ | (19,928) | ​ | — | ​ | 98 | ​ | 20,026
Non trading repos |  | 16,977 | ​ | (5,702) | ​ | 11,275 | ​ | — | ​ | — | ​ | (11,275) | ​ | — | ​ | — | ​ | 11,275
Net position |  | 8,653 | ​ | — | ​ | 8,653 | ​ | — | ​ | — | ​ | (8,653) | ​ | — | ​ | 98 | ​ | 8,751
​
(1) | Net IFRS offset balance of £3,272 million (2022 - £3,381 million)relates to variation margin netting reflected on other balance sheet lines.

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