REG - Barclays PLCBarclays Bank PLC - 3rd 2017 Quarter Results <Origin Href="QuoteRef">BARC.L</Origin> - Part 3
26/10/2017 07:06
- Part 3: For the preceding part double click ID:nRSZ6455Ub
wholesale 227,901 1,121 226,780 2,395 1.1 87 5
Group total 426,170 4,763 421,407 6,193 1.5 1,760 55
Traded loans 3,856 n/a 3,856 n/a
Loans and advances designated at fair value 11,013 n/a 11,013 n/a
Loans and advances held at fair value 14,869 n/a 14,869 n/a
Total loans and advances 441,039 4,763 436,276 6,193
As at 31.12.16
Barclays UK 155,729 1,519 154,210 2,044 1.3 866 56
Barclays International 33,485 1,492 31,993 1,249 3.7 1,085 324
Barclays Non-Core 10,319 385 9,934 838 8.1 102 99
Total Group retail 199,533 3,396 196,137 4,131 2.1 2,053 103
Barclays UK 15,204 282 14,922 591 3.9 30 20
Barclays International 180,102 748 179,354 1,470 0.8 258 14
Head Office 4,410 - 4,410 - - - -
Barclays Non-Core 41,406 194 41,212 299 0.7 11 3
Total Group wholesale 241,122 1,224 239,898 2,360 1.0 299 12
Group total 440,655 4,620 436,035 6,491 1.5 2,352 53
Traded loans 2,975 n/a 2,975 n/a
Loans and advances designated at fair value 10,519 n/a 10,519 n/a
Loans and advances held at fair value 13,494 n/a 13,494 n/a
Total loans and advances 454,149 4,620 449,529 6,491
1 Excludes impairment charges on available for sale investments and reverse repurchase agreements. Q317 impairment charges represent nine months charge; December 2016 impairment charges represent twelve months charge.
2 Barclays Non-Core represents charges for the six months ended 30 June 2017, primarily relating to Italian mortgages transferred into Head Office on 1 July 2017.
Condensed Consolidated Financial Statements
Consolidated summary income statement
Nine months ended Nine months ended
30.09.17 30.09.16
£m £m
Total income 16,054 16,459
Credit impairment charges and other provisions (1,763) (1,720)
Net operating income 14,291 14,739
Operating expenses (10,263) (10,753)
Litigation and conduct (824) (1,266)
Operating expenses (11,087) (12,019)
Other net income 244 180
Profit before tax 3,448 2,900
Tax charge (1,102) (1,043)
Profit after tax in respect of continuing operations 2,346 1,857
(Loss)/profit after tax in respect of discontinued operation (2,195) 520
Profit after tax 151 2,377
Attributable to:
Ordinary equity holders of the parent (628) 1,524
Other equity holders1 458 318
Total equity holders (170) 1,842
Non-controlling interests in respect of continuing operations 181 255
Non-controlling interests in respect of discontinued operation 140 280
Profit after tax 151 2,377
Earnings per share
Basic (loss)/earnings per ordinary share1 (3.0p) 9.6p
Basic earnings per ordinary share in respect of continuing operations1 10.8p 8.1p
Basic (loss)/earnings per ordinary share in respect of discontinued operation (13.8p) 1.5p
1 The profit after tax attributable to other equity holders of £458m (Q316 YTD: £318m) is offset by a tax credit recorded in reserves of £125m (Q316 YTD: £89m). The net amount of £333m (Q316 YTD: £229m), along with non-controlling interests (NCI) is deducted from profit after tax in order to calculate earnings per share and return on average tangible shareholders' equity.
Consolidated summary balance sheet
As at As at
30.09.17 31.12.16
Assets £m £m
Cash and balances at central banks 175,826 102,353
Items in the course of collection from other banks 1,923 1,467
Trading portfolio assets 92,456 80,240
Financial assets designated at fair value 115,504 78,608
Derivative financial instruments 244,457 346,626
Financial investments 61,879 63,317
Loans and advances to banks 37,890 43,251
Loans and advances to customers 383,517 392,784
Reverse repurchase agreements and other similar secured lending 15,464 13,454
Goodwill and intangible assets 7,759 7,726
Current tax assets 913 561
Deferred tax assets 4,460 4,869
Assets included in disposal groups classified as held for sale 378 71,454
Other assets 6,829 6,416
Total assets 1,149,255 1,213,126
Liabilities
Deposits from banks 51,026 48,214
Items in the course of collection due to other banks 793 636
Customer accounts 445,148 423,178
Repurchase agreements and other similar secured borrowing 34,207 19,760
Trading portfolio liabilities 41,626 34,687
Financial liabilities designated at fair value 150,453 96,031
Derivative financial instruments 243,668 340,487
Debt securities in issue 77,762 75,932
Subordinated liabilities 25,085 23,383
Current tax liabilities 1,033 737
Deferred tax liabilities 30 29
Liabilities included in disposal groups classified as held for sale 326 65,292
Other liabilities 11,053 13,395
Total liabilities 1,082,210 1,141,761
Equity
Called up share capital and share premium 22,017 21,842
Other reserves 5,074 6,051
Retained earnings 28,618 30,531
Shareholders' equity attributable to ordinary shareholders of the parent 55,709 58,424
Other equity instruments 8,940 6,449
Total equity excluding non-controlling interests 64,649 64,873
Non-controlling interests 2,396 6,492
Total equity 67,045 71,365
Total liabilities and equity 1,149,255 1,213,126
Consolidated statement of changes in equity
Called up share capital and share premium Other equity instruments Other reserves Retained earnings Total Non-controlling interests Totalequity
Nine months ended 30.09.17 £m £m £m £m £m £m £m
Balance as at 31 December 2016 21,842 6,449 6,051 30,531 64,873 6,492 71,365
Effects of changes in accounting policies1 - - (175) 175 - - -
Balance as at 1 January 2017 21,842 6,449 5,876 30,706 64,873 6,492 71,365
Profit after tax - 458 - 1,707 2,165 181 2,346
Other comprehensive profit after tax for the period - - (2,155) 18 (2,137) (1) (2,138)
Total comprehensive income net of tax from continuing operations - 458 (2,155) 1,725 28 180 208
Total comprehensive income net of tax from discontinued operation - - 1,332 (2,335) (1,003) 109 (894)
Total comprehensive income for the period - 458 (823) (610) (975) 289 (686)
Issue of shares 117 - - - 117 - 117
Issue of shares under employee share schemes 58 - - 381 439 - 439
Issue and exchange of equity instruments - 2,490 - - 2,490 - 2,490
Coupons paid on other equity instruments - (458) - 125 (333) - (333)
Redemption and buy back of capital instruments - - - (473) (473) (657) (1,130)
Treasury shares - - 15 (618) (603) - (603)
Dividends - - - (509) (509) (348) (857)
Net equity impact of partial BAGL disposal - - - (359) (359) (3,443) (3,802)
Other movements - 1 6 (25) (18) 63 45
Balance as at 30 September 2017 22,017 8,940 5,074 28,618 64,649 2,396 67,045
Three months ended 30.09.17
Balance as at 30 June 2017 21,998 7,694 6,148 28,026 63,866 2,397 66,263
Effects of changes in accounting policies1 - - - - - - -
Balance as at 1 July 2017 21,998 7,694 6,148 28,026 63,866 2,397 66,263
Profit after tax - 157 - 583 740 43 783
Other comprehensive profit after tax for the period - - (1,081) 32 (1,049) - (1,049)
Total comprehensive income net of tax from continuing operations - 157 (1,081) 615 (309) 43 (266)
Total comprehensive income net of tax from discontinued operation - - - - - - -
Total comprehensive income for the period - 157 (1,081) 615 (309) 43 (266)
Issue of shares 10 - - - 10 - 10
Issue of shares under employee share schemes 9 - - 97 106 - 106
Issue and exchange of equity instruments - 1,245 - - 1,245 - 1,245
Coupons paid on other equity instruments - (157) - 43 (114) - (114)
Redemption and buy back of capital instruments - - - - - - -
Treasury shares - - 1 (1) - - -
Dividends - - - (170) (170) (41) (211)
Net equity impact of partial BAGL disposal - - - - - - -
Other movements - 1 6 8 15 (3) 12
Balance as at 30 September 2017 22,017 8,940 5,074 28,618 64,649 2,396 67,045
As at As at As at
30.09.17 30.06.17 31.12.16
Other reserves £m £m £m
Currency translation reserve 3,140 3,756 3,051
Available for sale reserve (113) (16) (74)
Cash flow hedging reserve 1,196 1,578 2,105
Own credit reserve (133) (153) -
Other2 984 983 969
Total 5,074 6,148 6,051
1 As a result of the early adoption of the own credit provisions of IFRS 9 on 1 January 2017, own credit which was previously recorded in the income statement is now recognised within other comprehensive income. The cumulative unrealised own credit net loss of £175m has therefore been reclassified from retained earnings to a separate own credit reserve, within other reserves. During Q317 YTD a £42m gain on own credit has been booked in the reserve.
2 As at 30 September 2017, there was a credit balance of £1,011m (June 2017: £1,011m credit; December 2016: £1,011m credit) in other reserves relating to the excess repurchase price paid over nominal of redeemed ordinary and preference shares issued by the group and a debit balance of £27m (June 2017: £28m debit; December 2016: £42m debit) in other reserves relating to treasury shares.
Barclays PLC Parent Company
Summary balance sheet
As at As at
30.09.17 31.12.16
Assets £m £m
Investments in subsidiaries 39,353 36,553
Loans and advances to subsidiaries 22,451 19,421
Financial investments 4,746 1,218
Derivative financial instruments 137 268
Other assets 114 105
Total assets 66,801 57,565
Liabilities
Deposits from banks 511 547
Subordinated liabilities 6,442 3,789
Debt securities in issue 20,643 16,893
Other liabilities 59 14
Total liabilities 27,655 21,243
Equity
Called up share capital and share premium 22,017 21,842
Other equity instruments 8,942 6,453
Other reserves 458 420
Retained earnings 7,729 7,607
Total equity 39,146 36,322
Total liabilities and equity 66,801 57,565
Investments in subsidiaries
The investment in subsidiaries of £39,353m (December 2016: £36,553m) mainly represents investments made into Barclays Bank
PLC, including £8,986m (December 2016: £6,486m) of Additional Tier 1 (AT1) securities. The increase of £2,800m was driven
by AT1 issuances of £2,500m during the period, as well as a £300m investment in the Group Service Company.
Loans and advances to subsidiaries, subordinated liabilities and debt securities in issue
For the nine months ended 30 September 2017, Barclays PLC issued $2bn of Fixed Rate Subordinated Notes and E1.5bn of Fixed
Rate Subordinated Notes included within the subordinated liabilities balance of £6,442m (December 2016: £3,789m), $5bn of
Fixed and Floating Rate Senior Notes and £950m of Fixed Rate Senior Notes included within the debt securities in issue
balance of £20,643m (December 2016: £16,893m). The proceeds raised through these transactions were used to invest in
Barclays Bank PLC in each case with a ranking corresponding to the notes issued by Barclays PLC and included within the
loans and advances to subsidiary balance of £22,451m (December 2016: £19,421m).
Management of internal investments, loans and advances
Barclays PLC retains the discretion to manage the nature of its internal investments in subsidiaries according to their
regulatory and business needs. As we implement our structural reform programme, Barclays PLC will invest capital and
funding to Barclays Bank PLC, the Group Service Company and other Group subsidiaries such as the US Intermediate Holding
Company (IHC) and the UK ring-fenced bank.
Structural reform
Barclays' plans for UK ring-fencing remain on track. The relevant court processes are scheduled to begin in November 2017,
and we intend to complete the restructure and fully establish the UK ring-fenced bank in April 2018, ahead of the 1 January
2019 legislative deadline for implementation.
Barclays Services Limited (the "Group Service Company") has been established as a direct subsidiary of Barclays PLC to
deliver operational continuity and to drive operational efficiencies across the Group. In September 2017, Barclays
transferred c.£3.8bn of assets and liabilities from Barclays Bank PLC and its subsidiaries to the Group Service Company.
Treasury and Capital Risk
CRD IV capital
Barclays' current regulatory requirement is to meet a fully loaded CET1 ratio comprising the required 4.5% Pillar 1 minimum
CET1 requirement and, phased in from 2016, a Combined Buffer Requirement. This currently comprises a Capital Conservation
Buffer (CCB) and a Global Systemically Important Institution (G-SII) buffer determined by the PRA in line with guidance
from the Financial Stability Board (FSB). Both buffers are subject to phased implementation at 25% per annum from 2016 with
full effect from 2019. The CCB has been set at 2.5% with 1.25% applicable for 2017. The G-SII buffer for 2017 has been set
at 2% with 1% applicable for 2017. On 21 November 2016 the FSB confirmed that the G-SII buffer for 2018 will be 1.5% with
1.1% applicable for 2018.
The Combined Buffer Requirement also includes a Counter-Cyclical Capital Buffer (CCyB) and a Systemic Risk Buffer (SRB). On
27 June 2017 the Financial Policy Committee (FPC) increased the UK CCyB rate from 0% to 0.5% applicable from 27 June 2018.
Other national authorities also determine the appropriate CCyBs that should be applied to exposures in their jurisdiction.
CCyBs have started to apply for Barclays' exposures to other jurisdictions; however based on current exposures these are
not material. No SRB has been set to date.
In addition, Barclays' Pillar 2A requirement as per the PRA's Individual Capital Guidance (ICG) for 2017 based on a point
in time assessment is 4.2% of which 56% needs to be met in CET1 form, equating to approximately 2.3% of RWAs. The Pillar 2A
requirement is subject to at least annual review.
For regulatory reporting purposes, BAGL is treated on a proportional consolidated basis based on Barclays' holding in BAGL
of 21.9%.
As at 30 September 2017, Barclays' CET1 ratio was 13.1% which exceeds the 2017 transitional minimum requirement of 9.1%
including the minimum 4.5% CET1 ratio requirement, 2.3% of Pillar 2A, a 1.25% CCB buffer, a 1% G-SII buffer and a 0% CCyB.
Capital ratios As at As at As at
30.09.17 30.06.17 31.12.16
Fully loaded CET11,2 13.1% 13.1% 12.4%
PRA Transitional Tier 13,4 16.9% 16.6% 15.6%
PRA Transitional Total Capital3,4 21.2% 20.7% 19.6%
Capital resources £m £m £m
Shareholders' equity (excluding non-controlling interests) per the balance sheet 64,649 63,866 64,873
Less: other equity instruments (recognised as AT1 capital) (8,940) (7,694) (6,449)
Adjustment to retained earnings for foreseeable dividends (284) (303) (388)
Minority Interests (amount allowed in consolidated CET1) - - 1,825
Other regulatory adjustments and deductions:
Additional value adjustments (PVA) (1,462) (1,494) (1,571)
Goodwill and intangible assets (7,787) (7,756) (9,054)
Deferred tax assets that rely on future profitability excluding temporary differences (482) (346) (494)
Fair value reserves related to gains or losses on cash flow hedges (1,195) (1,576) (2,104)
Excess of expected losses over impairment (1,423) (1,179) (1,294)
Gains or losses on liabilities at fair value resulting from own credit 28 58 86
Defined-benefit pension fund assets (683) (542) (38)
Direct and indirect holdings by an institution of own CET1 instruments (50) (50) (50)
Deferred tax assets arising from temporary differences (amount above 10% threshold) - (115) (183)
Other regulatory adjustments (42) (35) 45
Fully loaded CET1 capital 42,329 42,834 45,204
Additional Tier 1 (AT1) capital
Capital instruments and related share premium accounts 8,940 7,694 6,449
Qualifying AT1 capital (including minority interests) issued by subsidiaries 3,802 3,843 5,445
Other regulatory adjustments and deductions (130) (130) (130)
Transitional AT1 capital5 12,612 11,407 11,764
PRA Transitional Tier 1 capital 54,941 54,241 56,968
Tier 2 (T2) capital
Capital instruments and related share premium accounts 6,371 5,198 3,769
Qualifying T2 capital (including minority interests) issued by subsidiaries 7,839 8,486 11,366
Other regulatory adjustments and deductions (251) (252) (257)
PRA Transitional total regulatory capital 68,900 67,673 71,846
1 The transitional regulatory adjustments to CET1 capital are no longer applicable resulting in CET1 capital on a fully loaded basis being equal to that on a transitional basis.
2 The CRD IV CET1 ratio (FSA October 2012 transitional statement) as applicable to Barclays' Tier 2 Contingent Capital Notes was 13.7% based on £44.3bn of transitional CRD IV CET1 capital and £324bn of RWAs.
3 The PRA transitional capital is based on the PRA Rulebook and accompanying supervisory statements.
4 As at 30 September 2017, Barclays' fully loaded Tier 1 capital was £51,139m, and the fully loaded Tier 1 ratio was 15.8%. Fully loaded total regulatory capital was £65,936m and the fully loaded total capital ratio was 20.3%. The fully loaded Tier 1 capital and total capital measures are calculated without applying the transitional provisions set out in CRD IV and assessing compliance of AT1 and T2 instruments against the relevant criteria in CRD IV.
5 Of the £12.6bn transitional AT1 capital, fully loaded AT1 capital comprises the £8.9bn of contingent convertible instruments issued by Barclays PLC (the holding company) and related share premium accounts, and £0.1bn capital deductions. It excludes £3.8bn legacy tier 1capital instruments issued by subsidiaries and subject to grandfathering. For the leverage ratio, only the AT1 capital on a fully loaded basis is applicable.
Movement in CET1 capital Three months Nine months
ended ended
30.09.17 30.09.17
£m £m
Opening CET1 capital 42,834 45,204
Profit/(loss) for the period attributable to equity holders 740 (170)
Own credit relating to derivative liabilities (10) 69
Dividends paid and foreseen (265) (738)
Increase/(decrease) in retained regulatory capital generated from earnings 465 (839)
Net impact of share schemes 116 (47)
Available for sale reserves (97) (39)
Currency translation reserves (616) 89
Other reserves (13) (947)
Decrease in other qualifying reserves (610) (944)
Retirement benefit reserve 52 23
Defined-benefit pension fund asset deduction (141) (645)
Net impact of pensions (89) (622)
Minority interests - (1,825)
Additional value adjustments (PVA) 32 109
Goodwill and intangible assets (31) 1,267
Deferred tax assets that rely on future profitability excluding those arising from temporary differences (136) 12
Excess of expected loss over impairment (244) (129)
Deferred tax assets arising from temporary differences (amount above 10% threshold) 115 183
Other regulatory adjustments (7) (87)
Decrease in regulatory capital due to adjustments and deductions (271) (470)
Closing CET1 capital 42,329 42,329
CET1 capital decreased to £42.3bn (December 2016: £45.2bn) due to the following:
• A £0.2bn loss for the period attributable to equity holders as £2.2bn profit after tax in respect of continuing operations was more than offset by losses in respect of the discontinued operation of £2.3bn. These losses, resulting from the impairment of Barclays' holding in BAGL allocated to goodwill and the recycling of BAGL currency translation reserve losses to the income statement, had no impact on CET1 capital with offsetting movements in the goodwill and intangible assets deduction and other qualifying
reserves
• A £0.7bn decrease for dividends paid and foreseen
• A £0.1bn increase in the currency translation reserve largely due to the £1.4bn recycling of BAGL losses to the income statement which were offset by a £1.3bn decrease driven by the appreciation of GBP against USD
• A £0.9bn decrease in other qualifying reserves which included a £0.5bn decrease as a result of USD preference share redemptions and £0.4bn of separation payments in relation to the sale of Barclays' holding in BAGL
• A £0.6bn decrease net of tax as a result of movements relating to pensions. The pension asset capital deduction increase relates to the UK Retirement Fund scheme, which is the Group's main pension scheme, moving from a small deficit in December 2016 to a £0.9bn surplus largely due to contributions in the period
• A £1.8bn decrease due to BAGL minority interests which are no longer eligible as a result of proportional consolidation of BAGL
• A £1.3bn increase due to a reduced goodwill and intangible assets deduction largely as a result of the impairment of Barclays' holding in BAGL allocated to goodwill
Risk weighted assets (RWAs) by risk type and business
Credit risk Counterparty credit risk Market risk Operational risk Total RWAs
Std IRB Std IRB Settle-ment Risk CVA Std IMA
As at 30.09.17 £m £m £m £m £m £m £m £m £m £m
Barclays UK 4,278 53,364 3 - - 31 - - 12,338 70,014
Barclays International 47,775 79,013 17,830 17,387 68 2,847 12,985 12,774 27,537 218,216
Head Office1 4,241 12,274 89 585 - 151 114 1,827 16,785 36,066
Barclays Group 56,294 144,651 17,922 17,972 68 3,029 13,099 14,601 56,660 324,296
As at 30.06.17
Barclays UK 3,768 49,979 3 - - 31 - - 12,338 66,119
Barclays International 49,382 81,109 15,456 13,962 32 2,205 11,100 11,460 27,538 212,244
Head Office1 2,612 7,891 68 535 - 207 146 1,876 12,871 26,206
Barclays Non-Core 2,627 9,102 874 4,072 - 590 294 1,373 3,913 22,845
Barclays Group 58,389 148,081 16,401 18,569 32 3,033 11,540 14,709 56,660 327,414
As at 31.12.16
Barclays UK 5,592 49,591 47 - - - - - 12,293 67,523
Barclays International 53,201 82,327 13,515 13,706 30 3,581 9,343 9,460 27,538 212,701
Head Office1 9,048 27,122 77 1,157 - 927 482 2,323 12,156 53,292
Barclays Non-Core 4,714 9,945 1,043 6,081 37 2,235 477 2,928 4,673 32,133
Barclays Group 72,555 168,985 14,682 20,944 67 6,743 10,302 14,711 56,660 365,649
1 Includes Africa Banking RWAs.
Movement analysis of RWAs
Credit risk Counterparty credit risk Market risk Operational risk Total RWAs
£bn £bn £bn £bn £bn
As at 01.01.17 241.5 42.4 25.0 56.7 365.6
Book size (3.3) (1.6) 4.3 - (0.6)
Acquisitions and disposals (28.7) (1.4) (1.5) - (31.6)
Book quality (2.3) 0.1 0.1 - (2.1)
Model updates (1.3) - - - (1.3)
Methodology and policy (0.2) (0.5) (0.2) - (0.9)
Foreign exchange movements1 (4.8) - - - (4.8)
As at 30.09.17 200.9 39.0 27.7 56.7 324.3
1 Foreign exchange movement does not include FX for modelled counterparty risk or modelled market risk.
RWAs decreased £41.4bn to £324.3bn, due to:
• Acquisitions and disposals decreased RWAs £31.6bn primarily as a result of the proportional consolidation of BAGL
• Book quality decreased RWAs £2.1bn primarily due to changes in risk profile in Barclays International
• Model updates decreased RWAs £1.3bn primarily due to model changes in Africa Banking prior to the sell down of Barclays' holding in BAGL
• Foreign exchange movements decreased RWAs £4.8bn primarily due to the depreciation of USD against GBP
Leverage ratio and exposures
Barclays is subject to a leverage ratio requirement that is implemented on a phased basis, with a transitional requirement
of 3.4% as at 30 September 2017; this comprises the 3% minimum requirement, a transitional G-SII additional leverage ratio
buffer (G-SII ALRB) and a countercyclical leverage ratio buffer (CCLB). Based on both future and proposed requirements, the
expected end point leverage requirement is 4.0%. Additionally, the CRR fully loaded leverage requirement is currently
expected to be 3%, although this may be impacted by the Basel Consultation on the Leverage Framework.
Barclays is required to disclose an average UK leverage ratio which is based on capital and exposure measures on the last
day of each month in the quarter; as well as a UK leverage ratio which is based on the last day of the quarter. Both
approaches exclude qualifying cash at central banks from the calculation of leverage exposures. There is also a CRR
leverage ratio disclosure requirement, which is based on the end point CRR definition of Tier 1 capital and the CRR
definition of leverage exposure.
As at 30 September 2017, Barclays' average UK leverage ratio was 4.9% (December 2016: 4.5%) and the UK leverage ratio was
5.1% (December 2016: 5.0%), which exceeds the transitional leverage requirement for Barclays of 3.4%, and expected end
point leverage requirement of 4.0%. The CRR leverage ratio was 4.4% (December 2016: 4.6%).
UK leverage ratio As at 30.09.17 As at 30.06.17 As at 31.12.16
£bn £bn £bn
Average UK leverage ratio 4.9% 4.8% 4.5%
UK leverage ratio 5.1% 5.0% 5.0%
Average UK leverage exposure 1,035 1,092 1,137
UK leverage exposure 1,002 999 1,050
Fully loaded Tier 1 capital (quarterly month end average) 51.2 52.1 51.6
CRR leverage ratio
Accounting assets
Derivative financial instruments 244 260 347
Cash collateral 56 58 67
Reverse repurchase agreements and other similar secured lending 15 17 13
Financial assets designated at fair value1 116 107 79
Loans and advances and other assets 718 693 707
Total IFRS assets 1,149 1,135 1,213
Regulatory consolidation adjustments 13 10 (6)
Derivatives adjustments
Derivatives netting (222) (235) (313)
Adjustments to cash collateral (42) (47) (50)
Net written credit protection 15 12 12
Potential Future Exposure (PFE) on derivatives 124 127 136
Total derivatives adjustments (125) (143) (215)
Securities financing transactions (SFTs) adjustments 23 24 29
Regulatory deductions and other adjustments (13) (13) (15)
Weighted off-balance sheet commitments 104 109 119
CRR leverage exposure 1,151 1,122 1,125
Fully loaded CET 1 capital 42.3 42.8 45.2
Fully loaded AT1 capital 8.8 7.6 6.8
Fully loaded Tier 1 capital 51.1 50.4 52.0
CRR Leverage ratio 4.4% 4.5% 4.6%
1 Included within financial assets designated at fair value are reverse repurchase agreements designated at fair value of
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