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Analysis of changes in financing during the year

12 Months Ended

Dec. 31, 2023

Analysis of changes in financing during the year

Analysis of changes in financing during the year

29 Analysis of changes in financing during the year

This note shows cash flows and non-cash movements relating to the financing activities of the Group. These activities reflect movements in share capital, share premium, paid-in equity, subordinated liabilities and MRELs.

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	Share capital, share premium,					​	​	​	​	​	​	​	​	​	​	​	​
​	​	and paid-in equity					​	Subordinated liabilities					​	MRELs
​		2023		2022		2021		2023		2022		2021		2023		2022		2021
​	​	£m	​	£m	​	£m	​	£m	​	£m	​	£m	​	£m	​	£m	​	£m
At 1 January		15,590		16,519		18,239		6,260		8,429		9,962	​	22,265	​	23,423	​	20,873
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Issue of paid-in equity		—		—		937		—		—		—	​	—	​	—	​	—
Issue of subordinated liabilities		—		—		—		611		648		1,634	​	—	​	—	​	—
Issue of MRELs	​	—	​	—	​	—	​	—	​	—	​	​	​	3,973	​	3,721	​	3,383
Redemption of subordinated liabilities		—		—		—		(1,250)		(3,693)		(4,765)	​	—	​	—	​	—
Interest paid on subordinated liabilities	​	—	​	—	​	—	​	(439)	​	(374)	​	(321)	​	—	​	—	​	—
Maturity and redemption of MRELs	​	—	​	—	​	—	​	—	​	—	​	—	​	(4,236)	​	(4,992)	​	—
Interest paid on MRELs	​	—	​	—	​	—	​	—	​	—	​	—	​	(844)	​	(703)	​	(647)
Net cash flows from financing activities		—		—		937		(1,078)		(3,419)		(3,452)	​	(1,107)	​	(1,974)	​	2,736
Ordinary shares issued	​	—	​	—	​	87	​	—	​	—	​	—	​	—	​	—	​	—
Shares repurchased	​	(856)	​	(929)	​	(698)	​	—	​	—	​	—	​	—	​	—	​	—
Effects of foreign exchange		—		—		—		(166)		597		(18)	​	(987)	​	1,889	​	(190)
Changes in fair value of subordinated liabilities and MRELs	​	—	​	—	​	—	​	230	​	(594)	​	(434)	​	601	​	(1,806)	​	(649)
Preference shares reclassified to subordinated liabilities	​	—	​	—	​	—	​	—	​	750	​	—	​	—	​	—	​	—
Paid-in equity reclassified to subordinated liabilities	​	—	​	—	​	(2,046)	​	—	​	—	​	1,915	​	—	​	—	​	—
(Gain)/loss on redemption of own debt	​	—	​	—	​	—	​	(3)	​	161	​	145	​	—	​	—	​	—
Interest payable on subordinated liabilities and MRELs	​	—	​	—	​	—	​	464	​	370	​	311	​	888	​	733	​	653
Other		—		—		—		7		(34)		—	​	—	​	—	​	—
At 31 December		14,734		15,590		16,519		5,714		6,260		8,429	​	21,660	​	22,265	​	23,423

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