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Financial instruments: valuation - Adjustments (Details) - GBP (£) £ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financial instruments - classification
Funding valuation adjustments	£ 125	£ 132
Credit valuation adjustments	220	236
Bid - offer	75	86
Product and deal specific	149	103
Total	£ 569	£ 557

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- Definition

The amount of Bid offer represents the fair value positions are adjusted to bid (long positions) or offer (short positions) levels, by marking individual cash positions directly to bid or offer or by taking bid-offer reserves calculated on a portfolio basis for derivatives exposures.

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The amount of Credit valuation adjustments represent an estimate of the adjustment to fair value that a market participant would make to incorporate the counterparty credit risk inherent in derivative exposures.

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- Definition

The amount of financial instrument valuation adjustments in the trading books. Adjustments are made to mid-market valuations to cover bid-offer spread, liquidity and credit risk.

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The amount of Funding valuation adjustments represents an estimate of the adjustment to fair value that a market participant would make to incorporate funding costs and benefits that arise in relation to uncollateralised derivative exposures

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- Definition

The amount of product and deal specific adjustment in financial instruments valuation.

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