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Derivatives (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivatives |
Schedule of derivatives | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Notional |  | Asset | ​ | Liability
​ | ​ | Traded on | ​ | ​ | ​ | ​ | ​ | Traded on | ​ | ​ | ​ | ​ | ​ | Traded on | ​ | ​ | ​ | ​
​ | ​ | recognised | ​ | Traded over | ​ | ​ | ​ | recognised | ​ | Traded over | ​ | ​ | ​ | recognised | ​ | Traded over | ​ | ​
​ | ​ | exchanges | ​ | the counter | ​ | Total | ​ | exchanges | ​ | the counter | ​ | Total | ​ | exchanges | ​ | the counter | ​ | Total
2023 | ​ | £bn | ​ | £bn | ​ | £bn | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m
Interest rate |  | 819 |  | 9,449 |  | 10,268 |  | 48 |  | 44,515 |  | 44,563 |  | 34 |  | 38,449 |  | 38,483
- Swaps |  | — |  | 6,533 |  | 6,533 |  | — |  | 33,807 |  | 33,807 |  | — |  | 27,424 |  | 27,424
- Options |  | 510 |  | 1,674 |  | 2,184 |  | 48 |  | 10,708 |  | 10,756 |  | 34 |  | 11,025 |  | 11,059
- Forwards and futures |  | 309 |  | 1,242 |  | 1,551 |  | — |  | — |  | — |  | — |  | — |  | —
Exchange rate |  | 1 |  | 3,119 |  | 3,120 |  | — |  | 34,161 |  | 34,161 |  | — |  | 33,586 |  | 33,586
- Swaps |  | — |  | 449 |  | 449 |  | — |  | 8,173 |  | 8,173 |  | — |  | 7,370 |  | 7,370
- Options |  | 1 |  | 674 |  | 675 |  | — |  | 4,181 |  | 4,181 |  | — |  | 4,197 |  | 4,197
- Spot, forwards and futures |  | — |  | 1,996 |  | 1,996 |  | — |  | 21,807 |  | 21,807 |  | — |  | 22,019 |  | 22,019
Credit |  | — |  | 15 |  | 15 |  | — |  | 180 |  | 180 |  | — |  | 326 |  | 326
Equity and commodity |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total |  | 820 |  | 12,583 |  | 13,403 |  | 48 |  | 78,856 |  | 78,904 |  | 34 |  | 72,361 |  | 72,395
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate |  | 707 |  | 10,035 |  | 10,742 |  | 113 |  | 53,367 |  | 53,480 |  | 33 |  | 48,502 |  | 48,535
- Swaps |  | — |  | 7,201 |  | 7,201 |  | — |  | 39,039 |  | 39,039 |  | — |  | 32,992 |  | 32,992
- Options |  | 296 |  | 1,418 |  | 1,714 |  | 113 |  | 14,328 |  | 14,441 |  | 33 |  | 15,510 |  | 15,543
- Forwards and futures |  | 411 |  | 1,416 |  | 1,827 |  | — |  | — |  | — |  | — |  | — |  | —
Exchange rate |  | 2 |  | 3,166 |  | 3,168 |  | — |  | 45,829 |  | 45,829 |  | — |  | 45,237 |  | 45,237
- Swaps |  | — |  | 438 |  | 438 |  | — |  | 11,840 |  | 11,840 |  | — |  | 10,430 |  | 10,430
- Options |  | 2 |  | 835 |  | 837 |  | — |  | 6,375 |  | 6,375 |  | — |  | 6,647 |  | 6,647
- Spot, forwards and futures |  | — |  | 1,893 |  | 1,893 |  | — |  | 27,614 |  | 27,614 |  | — |  | 28,160 |  | 28,160
Credit |  | — |  | 15 |  | 15 |  | — |  | 236 |  | 236 |  | — |  | 275 |  | 275
Equity and commodity |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | —
Total |  | 709 |  | 13,216 |  | 13,925 |  | 113 |  | 99,432 |  | 99,545 |  | 33 |  | 94,014 |  | 94,047
Schedule of derivatives in hedge accounting relationships |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Changes in fair | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Changes in fair
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | value used for | ​ | ​ | ​ | ​ | ​ | ​ | ​ | value used for
​ | ​ | Notional | ​ | Assets | ​ | Liabilities | ​ | hedge ineffectiveness (1) | ​ | Notional | ​ | Assets | ​ | Liabilities | ​ | hedge ineffectiveness (1)
​ |  | £bn |  | £m |  | £m |  | £m |  | £bn |  | £m |  | £m |  | £m
Fair value hedging |  |  |  |  |  |  | ​ | ​ |  | ​ | ​ |  |  |  | ​ | ​
Interest rate contracts (2) |  | 67.6 |  | 1,139 |  | 2,607 | ​ | 406 |  | 58.7 |  | 1,554 |  | 3,009 | ​ | 482
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedging |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | ​
Interest rate contracts |  | 140.0 |  | 1,924 |  | 4,970 | ​ | 1,211 |  | 167.6 |  | 2,681 |  | 6,207 | ​ | (3,342)
Exchange rate contracts |  | 16.9 |  | 112 |  | 254 | ​ | (12) |  | 6.3 |  | 142 |  | 112 | ​ | (3)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net investment hedging |  | ​ |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | ​
Exchange rate contracts |  | 0.3 |  | 2 |  | 7 | ​ | (3) |  | 0.5 |  | 1 |  | 9 | ​ | 4
​ | ​ | 224.8 | ​ | 3,177 | ​ | 7,838 | ​ | 1,602 | ​ | 233.1 | ​ | 4,378 | ​ | 9,337 | ​ | (2,859)
IFRS netting and clearing house settlements | ​ | ​ | ​ | (3,063) | ​ | (7,568) | ​ | ​ | ​ | ​ | ​ | (4,235) | ​ | (9,205) | ​ | ​
​ |  | ​ |  | 114 |  | 270 | ​ | ​ |  | ​ |  | 143 |  | 132 | ​ | ​
​
(1) | The change in fair value used for hedge ineffectiveness includes instruments that were derecognised in the year.
(2) | The hedged risk includes inflation risk.
Schedule of hedge ineffectiveness recognized in other operating income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | £m | ​ | £m | ​ | £m
Fair value hedging |  | ​ |  |  |  |
Loss on hedged items attributable to the hedged risk |  | (364) |  | (442) |  | (846)
Gain on the hedging instruments |  | 406 |  | 482 |  | 897
Fair value hedging ineffectiveness |  | 42 |  | 40 |  | 51
Cash flow hedging | ​ | ​ | ​ | ​ | ​ | ​
Interest rate risk | ​ | 10 | ​ | (60) | ​ | (26)
Cash flow hedging ineffectiveness |  | 10 |  | (60) |  | (26)
Total |  | 52 |  | (20) |  | 25
Schedule of period in which the hedging contracts ends | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 0-3 months |  | 3-12 months |  | 1-3 years |  | 3-5 years |  | 5-10 years |  | Over 10 years |  | Total
2023 | ​ | £bn | ​ | £bn | ​ | £bn | ​ | £bn | ​ | £bn | ​ | £bn | ​ | £bn
Fair value hedging | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate risk (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedging assets | ​ | 0.1 | ​ | 1.7 | ​ | 7.1 | ​ | 9.0 | ​ | 5.9 | ​ | 4.7 | ​ | 28.5
Hedging liabilities | ​ | 2.7 | ​ | 3.3 | ​ | 13.4 | ​ | 11.3 | ​ | 7.7 | ​ | 0.7 | ​ | 39.1
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value hedging | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate risk (1) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedging assets | ​ | 0.5 | ​ | 1.9 | ​ | 4.7 | ​ | 4.9 | ​ | 4.2 | ​ | 3.6 | ​ | 19.8
Hedging liabilities | ​ | 1.0 | ​ | 2.9 | ​ | 14.6 | ​ | 10.3 | ​ | 9.6 | ​ | 0.5 | ​ | 38.9
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedging | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate risk | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedging assets | ​ | 3.9 | ​ | 14.5 | ​ | 33.9 | ​ | 22.8 | ​ | 10.1 | ​ | — | ​ | 85.2
Hedging liabilities | ​ | 0.8 | ​ | 3.9 | ​ | 39.1 | ​ | 10.1 | ​ | 0.3 | ​ | 0.6 | ​ | 54.8
Exchange rate risk | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedging assets | ​ | 0.3 | ​ | 0.7 | ​ | 1.6 | ​ | — | ​ | — | ​ | — | ​ | 2.6
Hedging liabilities | ​ | 8.4 | ​ | 0.8 | ​ | 2.4 | ​ | 2.5 | ​ | 0.2 | ​ | — | ​ | 14.3
2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedging | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate risk | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedging assets | ​ | 6.6 | ​ | 9.4 | ​ | 46.5 | ​ | 21.9 | ​ | 10.1 | ​ | — | ​ | 94.5
Hedging liabilities | ​ | 17.3 | ​ | 26.8 | ​ | 15.7 | ​ | 5.1 | ​ | 7.5 | ​ | 0.7 | ​ | 73.1
Exchange rate risk | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hedging assets | ​ | 0.1 | ​ | — | ​ | — | ​ | — | ​ | — | ​ | — | ​ | 0.1
Hedging liabilities | ​ | — | ​ | 1.1 | ​ | 2.8 | ​ | 2.1 | ​ | 0.2 | ​ | — | ​ | 6.2
​
(1) | The hedged risk includes inflation risk.
Schedule of average fixed rates for cash flow hedges | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 0-3 months |  | 3-12 months |  | 1-3 years |  | 3-5 years |  | 5-10 years |  | Over 10 years |  | Total
2023 | ​ | % | ​ | % | ​ | % | ​ | % | ​ | % | ​ | % | ​ | %
Average fixed interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedging assets |  | 1.16 |  | 2.46 |  | 1.19 |  | 3.30 |  | 1.77 |  | 3.12 |  | 2.04
Hedging liabilities |  | 0.93 |  | 2.54 |  | 4.36 |  | 2.28 |  | 2.36 |  | 4.50 |  | 3.79
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Average fixed interest rate |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedging assets |  | 1.36 |  | 1.98 |  | 1.71 |  | 2.04 |  | 1.02 |  | 3.12 |  | 1.72
Hedging liabilities |  | 1.27 |  | 0.95 |  | 2.75 |  | 1.03 |  | 2.68 |  | 4.55 |  | 1.63
Schedule of average foreign exchange rates applicable across hedging relationships | ​
​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
INR/GBP |  | 105.03 |  | 100.54
USD/GBP |  | 1.28 |  | 1.29
CHF/GBP |  | 1.08 |  | 1.15
JPY/GBP |  | 170.54 |  | 132.89
JPY/USD |  | 129.75 |  | 128.29
NOK/USD |  | 9.21 |  | 9.21
Schedule of hedged items and related hedging instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Changes in fair
​ | ​ | Carrying value | ​ | Impact on | ​ | value used as
​ | ​ | of hedged | ​ | hedged items | ​ | a basis to
​ | ​ | assets and | ​ | included in | ​ | determine
​ | ​ | liabilities | ​ | carrying value | ​ | ineffectiveness (1)
2023 | ​ | £m | ​ | £m | ​ | £m
Fair value hedging - interest rate (2) | ​ | ​ | ​ | ​ | ​ | ​
Loans to banks and customers - amortised cost | ​ | 5,663 | ​ | (316) | ​ | 167
Other financial assets - securities | ​ | 22,896 | ​ | 174 | ​ | 636
Total (3) | ​ | 28,559 | ​ | (142) | ​ | 803
​ | ​ | ​ | ​ | ​ | ​ | ​
Bank and customer deposits | ​ | 745 | ​ | (3) | ​ | (6)
Other financial liabilities - debt securities in issue | ​ | 36,305 | ​ | (1,151) | ​ | (1,023)
Subordinated liabilities | ​ | 5,346 | ​ | (320) | ​ | (138)
Total | ​ | 42,396 | ​ | (1,474) | ​ | (1,167)
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
2022 | ​ | ​ | ​ | ​ | ​ | ​
Fair value hedging - interest rate (2) | ​ | ​ | ​ | ​ | ​ | ​
Loans to banks and customers - amortised cost | ​ | 5,764 | ​ | (526) | ​ | (1,236)
Other financial assets - securities | ​ | 12,897 | ​ | (922) | ​ | (2,525)
Total (3) | ​ | 18,661 | ​ | (1,448) | ​ | (3,761)
​ | ​ | ​ | ​ | ​ | ​ | ​
Bank and customer deposits | ​ | 565 | ​ | (3) | ​ | 3
Other financial liabilities - debt securities in issue | ​ | 35,856 | ​ | (2,222) | ​ | 2,790
Subordinated liabilities | ​ | 5,504 | ​ | (547) | ​ | 526
Total | ​ | 41,925 | ​ | (2,772) | ​ | 3,319
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Changes in fair value
​ | ​ | ​ | ​ | Carrying value of | ​ | used as a basis to
​ | ​ | ​ | ​ | hedged assets and liabilities | ​ | determine ineffectiveness (1)
2023 | ​ | ​ | ​ | £m | ​ | £m
Cash flow hedging - interest rate | ​ | ​ | ​ | ​ | ​ | ​
Loans to banks and customers - amortised cost (4) | ​ | ​ | ​ | 84,583 | ​ | (2,796)
Other financial assets - securities | ​ | ​ | ​ | 623 | ​ | (22)
Total | ​ | ​ | ​ | 85,206 | ​ | (2,818)
​ | ​ | ​ | ​ | ​ | ​ | ​
Bank and customer deposits | ​ | ​ | ​ | 54,675 | ​ | 1,610
Other financial liabilities - debt securities in issue | ​ | ​ | ​ | 156 | ​ | 7
Total | ​ | ​ | ​ | 54,831 | ​ | 1,617
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedging - exchange rate | ​ | ​ | ​ | ​ | ​ | ​
Loans to banks and customers - amortised cost (4) | ​ | ​ | ​ | 583 | ​ | —
Other financial assets - securities | ​ | ​ | ​ | 1,839 | ​ | —
Total | ​ | ​ | ​ | 2,422 | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Other financial liabilities - debt securities in issue | ​ | ​ | ​ | 11,460 | ​ | 9
Subordinated liabilities | ​ | ​ | ​ | — | ​ | —
Other | ​ | ​ | ​ | 201 | ​ | 3
Total | ​ | ​ | ​ | 11,661 | ​ | 12
​ | ​ | ​ | ​ | ​ | ​ | ​
2022 | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedging - interest rate |  |  |  | ​ |  | ​
Loans to banks and customers - amortised cost (4) |  | ​ |  | 93,212 |  | 5,263
Other financial assets - securities |  | ​ |  | 1,176 |  | 73
Total |  | ​ |  | 94,388 |  | 5,336
​ | ​ | ​ | ​ | ​ | ​ | ​
Bank and customer deposits | ​ | ​ | ​ | 72,610 | ​ | (2,008)
Other financial liabilities - debt securities in issue | ​ | ​ | ​ | 571 | ​ | (46)
Total | ​ | ​ | ​ | 73,181 | ​ | (2,054)
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flow hedging - exchange rate | ​ | ​ | ​ | ​ | ​ | ​
Loans to banks and customer - amortised cost (4) |  | ​ |  | — |  | —
Other financial assets - securities | ​ | ​ | ​ | — | ​ | —
Total | ​ | ​ | ​ | — | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​
Other financial liabilities - debt securities in issue | ​ | ​ | ​ | 4,141 | ​ | (2)
Subordinated liabilities |  | ​ |  | — |  | —
Other | ​ | ​ | ​ | 204 | ​ | 5
Total |  | ​ |  | 4,345 |  | 3
​ (1)The change in fair value used for hedge ineffectiveness includes instruments that were derecognised in the year. (2)The hedged risk includes inflation risk. (3)Carrying values include £57 million (2022 - £61 million) adjustment for discontinued fair value hedges. (4)Includes cash and balances at central banks.
Schedule of analysis of cash flow hedge reserve and foreign exchange hedge reserve | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | Foreign | ​ | ​ | ​ | Foreign
​ | ​ | Cash flow | ​ | exchange | ​ | Cash flow | ​ | exchange
​ | ​ | hedge reserve | ​ | hedge reserve | ​ | hedge reserve | ​ | hedge reserve
​ |  | £m |  | £m |  | £m |  | £m
Continuing |  | ​ |  | ​ |  | ​ |  | ​
Interest rate risk |  | (2,330) |  | — |  | (3,576) |  | —
Foreign exchange risk |  | 1 | ​ | (18) | ​ | 16 | ​ | (85)
De-designated |  | ​ |  | ​ |  | ​ |  | ​
Interest rate risk |  | (304) |  | — |  | (297) |  | —
Foreign exchange risk |  | 4 |  | (771) |  | 20 |  | (880)
Total |  | (2,629) |  | (789) |  | (3,837) |  | (965)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022
​ | ​ | ​ | ​ | Foreign | ​ | ​ | ​ | Foreign
​ | ​ | Cash flow | ​ | exchange hedge | ​ | Cash flow | ​ | exchange hedge
​ |  | hedge reserve |  | reserve |  | hedge reserve |  | reserve
​ |  | £m |  | £m |  | £m |  | £m
Amount recognised in equity | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate risk |  | 137 | ​ | — |  | (2,997) | ​ | (64)
Foreign exchange risk |  | 50 |  | 107 |  | 24 |  | (202)
Total |  | 187 |  | 107 |  | (2,973) |  | (266)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amount transferred from equity to earnings | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest rate risk to net interest income |  | 1,112 |  | — |  | (252) |  | —
Interest rate risk to non interest income (1) | ​ | (10) | ​ | — | ​ | (21) | ​ | —
Interest rate risk to operating expenses |  | — |  | — |  | (14) |  | —
Foreign exchange risk to net interest income | ​ | (74) | ​ | — | ​ | (29) | ​ | —
Foreign exchange risk to non interest income | ​ | (9) | ​ | 69 | ​ | 15 | ​ | 7
Foreign exchange risk to operating expenses |  | 2 |  | — |  | (3) |  | —
Total |  | 1,021 |  | 69 |  | (304) |  | 7
​
(1) | There was £10 million (2022 - £21 million) reclassified with the cash flow reserve to earnings due to forecasted cash flows that are no longer expected to occur.

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- Definition Tabular disclosure about amounts that affected continuing operations in other operating income as a result of hedge accounting. + References No definition available. + Details
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