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Operating expenses (Tables) | 12 Months Ended
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Dec. 31, 2023
Operating expenses |
Schedule of operating expenses | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Continuing operations | ​ | £m | ​ | £m | ​ | £m
Salaries |  | 2,483 |  | 2,250 |  | 2,295
Bonus awards |  | 353 |  | 334 |  | 267
Temporary and contract costs | ​ | 199 | ​ | 234 | ​ | 240
Social security costs |  | 352 |  | 328 |  | 300
Pension costs | ​ | 313 | ​ | 363 | ​ | 354
- defined benefit schemes (Note 5) |  | 122 |  | 205 |  | 215
- defined contribution schemes |  | 191 |  | 158 |  | 139
Other |  | 201 |  | 207 |  | 220
Staff costs |  | 3,901 |  | 3,716 |  | 3,676
​ | ​ | ​ | ​ | ​ | ​ | ​
Premises and equipment |  | 1,153 |  | 1,112 |  | 1,133
UK bank levy |  | 109 |  | 101 |  | 99
Depreciation and amortisation (1,2) |  | 934 |  | 833 |  | 923
Other administrative expenses (3) |  | 1,899 |  | 1,925 |  | 1,927
Administrative expenses |  | 4,095 |  | 3,971 |  | 4,082
​ | ​ | 7,996 | ​ | 7,687 | ​ | 7,758
​ (1)Includes depreciation of right of use assets of £104 million (2022 - £119 million; 2021 - £167 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 |  | 2023 |  | 2022 (1) |  | 2021 (1)
Retail Banking |  | 14,300 |  | 15,100 |  | 16,000
Private Banking |  | 2,400 |  | 2,300 |  | 2,000
Commercial & Institutional |  | 12,400 |  | 12,200 |  | 11,700
Central items & other (2) |  | 32,500 |  | 31,400 |  | 28,100
Total |  | 61,600 |  | 61,000 |  | 57,800
​ | ​ | ​ | ​ | ​ | ​ | ​
UK |  | 41,500 |  | 41,200 |  | 40,600
USA |  | 300 |  | 300 |  | 300
India |  | 16,900 |  | 15,700 |  | 13,500
Poland | ​ | 1,500 | ​ | 1,500 | ​ | 1,400
Republic of Ireland | ​ | 400 | ​ | 1,400 | ​ | 1,200
Rest of the World |  | 1,000 |  | 900 |  | 800
Total |  | 61,600 |  | 61,000 |  | 57,800
​
(1) | Comparatives have been re-presented to reflect the movement of headcount across segments due to segment reorganisation.
(2) | Central items & other includes Ulster Bank RoI. The total number of persons employed in Ulster Bank RoI of 500 (2022 – 2,200; 2021 – 2,400) includes nil people employed in discontinued operations at 31 December 2023 (2022 – 400; 2021 – 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 | ​ | 2024 to 2028
Deferred performance awards | ​ | All | ​ | Awards of ordinary shares and conditional shares | ​ | Continuing employment or leavers in certain circumstances | ​ | 2024 to 2031
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-vesting assessment and underpins | ​ | 2024 to 2030
​
(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 for new awards and members as at 31 December 2022. The scheme has been replaced by a new Restricted share plan scheme with similar granting and vesting conditions.
Schedule of bonus awards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bonus awards | ​ | 2023 | ​ | 2022 | ​ | Change |
​ |  | £m |  | £m |  | % |
Non-deferred cash awards (1) | ​ | 43 | ​ | 40 | ​ | 8 | %
Deferred cash awards |  | 262 |  | 270 |  | (3) | %
Deferred share awards |  | 51 |  | 60 |  | (15) | %
Total deferred bonus awards |  | 313 |  | 330 |  | (5) | %
Total bonus awards (2) |  | 356 |  | 370 |  | (4) | %
Bonus awards as a % of operating profit before tax (3) |  | 5 | % | 7 | % | ​ | ​
Proportion of bonus awards that are deferred |  | 88 | % | 89 | % | ​ | ​
- deferred cash awards |  | 84 | % | 82 | % | ​ | ​
- deferred share awards |  | 16 | % | 18 | % | ​ | ​
​
(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 income statement charge for bonus awards.
​ Reconciliation of bonus awards to income statement charge ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | £m | ​ | £m | ​ | £m
Bonus awarded |  | 356 |  | 370 |  | 301
Less: deferral of charge for amounts awarded for current year |  | (114) |  | (127) |  | (99)
Income statement charge for amounts awarded in current year |  | 242 |  | 243 |  | 202
​ | ​ | ​ | ​ | ​ | ​ | ​
Add: current year charge for amounts deferred from prior years |  | 115 |  | 94 |  | 80
Less: forfeiture of amounts deferred from prior years |  | (4) |  | (3) |  | (15)
Income statement charge for amounts deferred from prior years |  | 111 |  | 91 |  | 65
Income statement charge for bonus awards (2) |  | 353 |  | 334 |  | 267
​ ​ 3 Operating expenses continued Year in which income statement charge is expected to be taken for deferred bonus awards ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Actual | ​ | Expected
​ |  | ​ |  | ​ |  | ​ |  | ​ |  | 2025
​ | ​ | 2021 | ​ | 2022 | ​ | 2023 | ​ | 2024 | ​ | and beyond
​ | ​ | £m | ​ | £m | ​ | £m | ​ | £m | ​ | £m
Bonus awards deferred from 2021 and earlier |  | 80 |  | 94 |  | 16 | ​ | 7 | ​ | 5
Bonus awards deferred from 2022 | ​ | — | ​ | — | ​ | 99 | ​ | 9 | ​ | 9
Less: forfeiture of amounts deferred from prior years |  | (15) |  | (3) |  | (4) | ​ | — | ​ | —
Bonus awards for 2023 deferred |  | — |  | — |  | — | ​ | 98 | ​ | 16
​ |  | 65 |  | 91 |  | 111 | ​ | 114 | ​ | 30
​
Sharesave |
Operating expenses |
Schedule of share-based compensation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Sharesave | ​ | 2023 | ​ | 2022 | ​ | 2021
​ |  | Average |  | Shares |  | Average |  | Shares |  | Average |  | Shares
​ | ​ | exercise price | ​ | under option | ​ | exercise price | ​ | under option | ​ | exercise price | ​ | under option
​ | ​ | £ | ​ | (million) | ​ | £ | ​ | (million) | ​ | £ | ​ | (million)
At 1 January |  | 1.63 |  | 99 |  | 1.61 |  | 95 |  | 1.64 |  | 96
Granted |  | 1.42 |  | 43 |  | 1.86 |  | 25 |  | 1.80 |  | 24
Exercised |  | 1.44 |  | (23) |  | 1.88 |  | (15) |  | 1.76 |  | (10)
Cancelled |  | 1.72 |  | (5) |  | 1.60 |  | (6) |  | 2.02 |  | (15)
At 31 December |  | 1.59 |  | 114 |  | 1.63 |  | 99 |  | 1.61 |  | 95
Deferred performance awards |
Operating expenses |
Schedule of share-based compensation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred performance awards | ​ | 2023 | ​ | 2022 | ​ | 2021
​ |  | Value at |  | Shares |  | Value at |  | Shares |  | Value at |  | Shares
​ | ​ | grant | ​ | awarded | ​ | grant | ​ | awarded | ​ | grant | ​ | awarded
​ | ​ | £m | ​ | (million) | ​ | £m | ​ | (million) | ​ | £m | ​ | (million)
At 1 January |  | 93 |  | 46 |  | 132 |  | 65 |  | 169 |  | 77
Granted |  | 52 |  | 20 |  | 46 |  | 20 |  | 61 |  | 32
Forfeited |  | (2) |  | (1) |  | (4) |  | (2) |  | (10) |  | (5)
Vested |  | (67) |  | (30) |  | (81) |  | (37) |  | (88) |  | (39)
At 31 December |  | 76 |  | 35 |  | 93 |  | 46 |  | 132 |  | 65
Long-term incentives |
Operating expenses |
Schedule of share-based compensation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term incentives | ​ | 2023 | ​ | 2022 | ​ | 2021
​ |  | Value at |  | Shares |  | Value at |  | Shares |  | Value at |  | Shares
​ | ​ | grant | ​ | awarded | ​ | grant | ​ | awarded | ​ | grant | ​ | awarded
​ | ​ | £m | ​ | (million) | ​ | £m | ​ | (million) | ​ | £m | ​ | (million)
At 1 January |  | 49 |  | 23 |  | 44 |  | 21 |  | 50 |  | 24
Granted |  | 11 |  | 5 |  | 16 |  | 7 |  | 6 |  | 3
Vested/exercised |  | (10) |  | (4) |  | (10) |  | (4) |  | (12) |  | (6)
Lapsed |  | (1) |  | (1) |  | (1) |  | (1) |  | — |  | —
At 31 December |  | 49 |  | 23 |  | 49 |  | 23 |  | 44 |  | 21
​

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