Annual Financial Report - 33 of 60

RNS Number : 1589D

HSBC Holdings PLC

25 March 2014

 



Liquidity and funding

	Page		App1		Tables	Page
Liquidity and funding ................................			276
Primary sources of funding ............................			276
Liquidity and funding in 2013 ..................	214
Customer deposit markets ..............................	214
Wholesale funding market .............................	214
Liquidity regulation ..................................	215
Management of liquidity and funding risk ...................................................................	215		276
Inherent liquidity risk categorisation ..............			276
Core deposits .................................................			277
Advances to core funding ratio ......................	215		277		Advances to core funding ratios ...................................	215
Stressed coverage ratios .................................	215		277		Stressed one-month and three-month coverage ratios ..	216
Stressed scenario analysis ...............................			277
Liquid assets of HSBC's principal operating entities .......................................................	216		278		Liquid assets of HSBC's principal entities .....................	217
Net contractual cash flows .............................	217				Net cash flows for inter-bank loans and intra-group deposits and reverse repo, repo and short positions ..	218
Wholesale debt monitoring ............................			279
Liquidity behaviouralisation ...........................			280
Contingent liquidity risk arising from committed lending facilities .................	218		280		The Group's contractual undrawn exposures monitored under  the contingent liquidity risk limit structure ...............	219
Sources of funding .....................................	219
Repos and stock lending .................................	219				Funding sources and uses ............................................	221
Cross-border intra-Group and cross-currency liquidity and funding risk ............................	221				Wholesale funding cash flows payable by HSBC under financial liabilities by remaining contractual maturities .................................................................................	222
Encumbered and unencumbered assets ...	223				Summary of assets available to support potential future funding and collateral needs (on and off-balance sheet).................................................................................	223
The effect of active collateral management ...	224
Off-balance sheet collateral received and pledged for reverse repo and stock borrowing transactions ...............................	224
Off-balance sheet non-cash collateral received and pledged for derivative transactions .......	224
Analysis of on-balance sheet encumbered and unencumbered assets ...................................	224				Analysis of on-balance sheet encumbered and unencumbered assets ...............................................	225
Additional contractual obligations ..................	226
Additional information ..................................	227
Contractual maturity of financial liabilities .................................................	227				Cash flows payable by HSBC under financial liabilities by remaining contractual maturities ........................	228
Management of cross-currency liquidity and funding risk ..........................................			280
HSBC Holdings ..........................................	229		281		Cash flows payable by HSBC Holdings under financial liabilities by remaining contractual maturities .........	229
1. Appendix to Risk - risk policies and practices.

Liquidity risk is the risk that the Group does not have sufficient financial resources to meet its obligations as they fall due, or will have to do so at an excessive cost. The risk arises from mismatches in the timing of cash flows.

There were no material changes to our policies and practices for the management of liquidity and funding risks in 2013.

A summary of our current policies and practices regarding liquidity and funding is provided in the Appendix to Risk on page 276.

Our liquidity and funding risk management framework

The objective of our liquidity framework is to allow us to withstand very severe liquidity stresses. It is designed to be adaptable to changing business models, markets and regulations.

Our liquidity and funding risk management framework requires:

·  liquidity to be managed by operating entities on a stand-alone basis with no implicit reliance on the Group or central banks;

·  all operating entities to comply with their limits for the advances to core funding ratio; and

·  all operating entities to maintain a positive stressed cash flow position out to three months under prescribed Group stress scenarios.

Liquidity and funding in 2013

(Unaudited)

The liquidity position of the Group strengthened in 2013, and we continued to enjoy strong inflows of customer deposits and maintained good access to wholesale markets. During 2013, customer accounts grew by 11% (US$143bn) while loans and advances to customers increased by 8% (US$83bn), leading to a small decrease in our advances to deposits ratio to 73% (2012: 74%).

HSBC UK recorded a decrease in its advances to core funding ('ACF') ratio to 100% at 31 December 2013 (2012: 106%) mainly because core deposits increased more than advances.

The Hongkong and Shanghai Banking Corporation recorded a decrease in its ACF ratio to 72% at 31 December 2013 (2012: 73%) mainly because core deposits increased more than advances.

HSBC USA recorded an increase in its ACF ratio to 85% at 31 December 2013 (2012: 78%). This increase was mainly because surplus core deposits were deployed into loans and advances to customers.

HSBC UK, The Hongkong and Shanghai Banking Corporation and HSBC USA are defined in footnotes 41 to 43 on pages 264 and 265. The ACF ratio is discussed on page 215.

Customer deposit markets

Customer accounts increased by 11% in 2013. After excluding repo balances, the year-on-year increase was 4% (US$50bn).

Retail Banking and Wealth Management

RBWM customer account balances grew by 3% with significant growth in our home markets partly offset by reductions in deposit balances in certain markets either due to surplus funding requirements or disposal of our operations.

Commercial Banking

Customer accounts rose by 5% in 2013, mainly from increases in Payments and Cash Management accounts. The growth in these customer accounts and the strong growth in payment volumes was evidence of the correlation between this funding source and the operational services that HSBC provides to the CMB customer base.

Global Banking and Markets

Customer accounts increased by 36% in 2013. After excluding repo balances with customers, GB&M deposits rose by 8% year on year, with the majority resulting from increases in Payments and Cash Management accounts. 

Global Private Banking

GPB customer account balances decreased by 9% as we continued to reposition our business from offshore to domestic banking and refocus our client base towards higher net worth relationships. Outflows from the adoption of stricter compliance and tax transparency standards also contributed to the overall decline.

Wholesale funding markets

Conditions in the bank wholesale debt markets were generally positive in 2013, supported by strong investor demand and improvements in the economic outlook in developed markets, although there was some volatility caused by interest rate uncertainty. Subordinated debt issuance volumes increased as investor confidence grew and further regulatory clarity emerged. While there was some regional variation, the overall volume of term debt issued by banks globally decreased from previous years, primarily due to reduced issuance in the UK and Europe.

In 2013, we issued the equivalent of US$15.6bn (2012: US$10.5bn) of term debt securities in the public capital markets in a range of currencies and maturities from a number of Group entities.

Liquidity regulation

(Unaudited)

The European adoption of the Basel Committee framework via CRD IV was published in June 2013. They require the reporting of the liquidity coverage ratio ('LCR') and the net stable funding ratio ('NSFR') from March 2014. The regulatory LCR outlined in the regulation document has been initially set at 60% from January 2015, increasing to 100% by January 2018, although individual member states are able to set a higher standard. We expect the PRA to set an 80% LCR requirement from January 2015. During 2013, additional guidance was given on the definition of the LCR, much of which takes the form of an impact assessment and recommendations that have been submitted to the European Commission by the EBA. We expect these recommendations to be materially adopted by the Commission into the final LCR delegated act on 30 June 2014. Regarding the finalisation of the NSFR metric, in January 2014 the Basel Committee on Banking Supervision issued a consultation document on a revised framework. This is intended to be implemented as a minimum standard at the beginning of January 2018.

Management of liquidity and funding risk

(Audited)

Our liquidity and funding risk management framework ('LFRF') employs two key measures to define, monitor and control the liquidity and funding risk of each of our operating entities. The advances to core funding ratio is used to monitor the structural long-term funding position, and the stressed coverage ratio, incorporating Group-defined stress scenarios, is used to monitor the resilience to severe liquidity stresses.

The three principal entities listed in the tables below represented 66% (2012: 62%) of the Group's customer accounts (excluding repos). Including the other principal entities, the percentage was 94% (2012: 94%).

Advances to core funding ratio

The table below shows the extent to which loans and advances to customers in our principal banking entities were financed by reliable and stable sources of funding.

ACF limits set for principal operating entities at 31 December 2013 ranged between 80% and 115%.

Advances to core funding ratios⁴⁰

(Audited)

	At 31 December
	2013		2012
	%		%
HSBC UK41
Year-end .............................	100		106
Maximum ............................	107		106
Minimum ............................	100		100
Average ...............................	104		103
The Hongkong and Shanghai Banking Corporation42
Year-end .............................	72		73
Maximum ............................	77		75
Minimum ............................	70		71
Average ...............................	74		73
HSBC USA43
Year-end .............................	85		78
Maximum ............................	85		86
Minimum ............................	78		68
Average ...............................	82		78
Total of HSBC's other principal entities44
Year-end .............................	93		91
Maximum ............................	93		92
Minimum ............................	89		85
Average ...............................	91		88

For footnotes, see page 264.

Core funding represents the core component of customer deposits and any term professional funding with a residual contractual maturity beyond one year. Capital is excluded from our definition of core funding.

Stressed coverage ratios

The ratios tabulated below express stressed cash inflows as a percentage of stressed cash outflows over both one-month and three-month time horizons. Operating entities are required to maintain a ratio of 100% or greater out to three months.

Inflows included in the numerator of the stressed coverage ratio are generated from liquid assets net of assumed haircuts, and cash inflows related to assets contractually maturing within the time period.

In general, customer advances are assumed to be renewed and as a result do not generate a cash inflow.

Stressed one-month and three-month coverage ratios⁴⁰

(Audited)

	Stressed one-month coverage ratios at 31 December				Stressed three-month coverage ratios at 31 December
	2013		2012		2013		2012
	%		%		%		%
HSBC UK41
Year-end ..............................................................	106		114		109		103
Maximum .............................................................	114		117		109		103
Minimum .............................................................	100		108		101		101
Average ................................................................	106		112		103		102
The Hongkong and Shanghai Banking Corporation42
Year-end ..............................................................	119		129		114		126
Maximum .............................................................	131		134		126		126
Minimum .............................................................	113		123		109		118
Average ................................................................	119		129		114		123
HSBC USA43
Year-end ..............................................................	114		126		110		119
Maximum .............................................................	126		137		119		130
Minimum .............................................................	110		115		109		113
Average ................................................................	115		127		112		123
Total of HSBC's other principal entities44
Year-end ..............................................................	121		127		114		117
Maximum .............................................................	128		127		119		117
Minimum .............................................................	113		117		109		108
Average ................................................................	120		121		113		111

For footnotes, see page 264.

The one-month stressed coverage ratio for HSBC UK decreased due to higher contractual repos on level 3 assets maturing beyond one month and higher cash outflows modelled for non-core deposits. The three-month stressed coverage ratio increased due to the reclassification of equities that qualify as level 3 liquid assets under LFRF.

The stressed coverage ratios for The Hongkong and Shanghai Banking Corporation decreased as a result of a methodology change with regards to intraday liquidity requirements.

The stressed coverage ratios for HSBC USA decreased as the surplus liquidity was deployed into loans and advances to customers.

The stressed coverage ratios for the total of HSBC's other principal entities remained broadly unchanged.

Liquid assets of HSBC's principal operating entities

The table below shows the estimated liquidity value (before assumed haircuts) of assets categorised as liquid used for the purposes of calculating the
three-month stressed coverage ratios, as defined under the LFRF.

Unencumbered assets held as a consequence of a reverse repo transaction with a residual contractual maturity within the stressed coverage ratio time period and unsecured interbank loans maturing within three months are not included in liquid assets, but are treated as contractual cash inflows.

Liquid assets are held and managed on a stand-alone operating entity basis. Most of the liquid assets shown are held directly by each operating entity's Balance Sheet Management function, primarily for the purpose of managing liquidity risk, in line with the LFRF.

Liquid assets also include any unencumbered liquid assets held outside Balance Sheet Management for any other purpose. The LFRF gives ultimate control of all unencumbered assets and sources of liquidity to Balance Sheet Management.

For a summary of our liquid asset policy and definitions of the classifications shown in the table below, see the Appendix to Risk on page 278.

Liquid assets of HSBC's principal entities

(Audited)

	Estimated liquidity value45
	31 December               2013		31 December                2012
	US$m		US$m
HSBC UK41
Level 1 ................................................................................................................................	168,877		138,812
Level 2 ................................................................................................................................	1,076		374
Level 3 ................................................................................................................................	63,509		27,656
	233,462		166,842
The Hongkong and Shanghai Banking Corporation42
Level 1 ................................................................................................................................	108,713		112,167
Level 2 ................................................................................................................................	5,191		5,740
Level 3 ................................................................................................................................	7,106		3,968
	121,010		121,875
HSBC USA43
Level 1 ................................................................................................................................	43,446		60,981
Level 2 ................................................................................................................................	12,709		15,609
Level 3 ................................................................................................................................	5,044		5,350
Other ..................................................................................................................................	8,000		6,521
	69,199		88,461
Total of HSBC's other principal entities44
Level 1 ................................................................................................................................	144,774		154,445
Level 2 ................................................................................................................................	12,419		18,048
Level 3 ................................................................................................................................	13,663		6,468
Other ..................................................................................................................................	-		2,447
	170,856		181,408

For footnotes, see page 264.

All assets held within the liquid asset portfolio are unencumbered.

Liquid assets held by HSBC UK increased as a result of a rise in customer accounts, which led to an increase in the level of non-core deposits and, consequently, liquid assets. Liquid assets also increased due to the reclassification of equities qualifying as liquid assets under LFRF.

Liquid assets held by The Hongkong and Shanghai Banking Corporation remained broadly unchanged.

Liquid assets held by HSBC USA decreased as a result of the increase in loans and advances to customers.

Net contractual cash flows

The following table quantifies the contractual cash flows from interbank and intra-Group loans and deposits, and reverse repo, repo (including intra-Group transactions) and short positions for the principal entities shown. These contractual cash inflows and outflows are reflected gross in the numerator and denominator, respectively, of the one and three-month stressed coverage ratios and should be considered alongside the level of liquid assets.

Outflows included in the denominator of the stressed coverage ratios include the principal outflows associated with the contractual maturity of wholesale debt securities reported in the table headed 'Wholesale funding cash flows payable by HSBC under financial liabilities by remaining contractual maturities' on page 222.

Net cash inflows/(outflows) for interbank and intra-Group loans and deposits and reverse repo, repo and short positions

(Audited)

	At 31 December 2013				At 31 December 2012
	Cash flows within one month		Cash flows from one to three months		Cash flows within one month		Cash flows from one to three months
	US$m		US$m		US$m		US$m
Interbank and intra-Group loans and deposits
HSBC UK41 ........................................................................	(19,033)		(5,272)		(16,464)		(1,429)
The Hongkong and Shanghai Banking Corporation42 .........	2,314		7,487		4,402		9,685
HSBC USA43 ......................................................................	(24,268)		729		(30,269)		(473)
Total of HSBC's other principal entities44 .........................	4,295		10,149		5,419		10,511
Reverse repo, repo, stock borrowing, stock lending and outright short positions (including intra-Group)
HSBC UK41 ........................................................................	(39,064)		149		(4,184)		(13,776)
The Hongkong and Shanghai Banking Corporation42 .........	12,662		4,297		13,672		2,501
HSBC USA43 ......................................................................	(11,001)		-		(4,003)		62
Total of HSBC's other principal entities44 .........................	(40,223)		9,551		(31,951)		(231)

For footnotes, see page 264.

Net cash flow arising from interbank and intragroup loans and deposits

Under the LFRF, a net cash inflow within three months arising from interbank and intragroup loans and deposits will give rise to a lower liquid asset requirement. Conversely, a net cash outflow within three months arising from interbank and intra-Group loans and deposits will give rise to a higher liquid assets requirement.

Net cash flow arising from reverse repo, repo, stock borrowing, stock lending and outright short positions (including intra-Group)

A net cash inflow represents liquid resources in addition to liquid assets because any unencumbered asset held as a consequence of a reverse repo transaction with a residual contractual maturity within the stressed coverage ratio time period is not reflected as a liquid asset.

The impact of net cash outflow depends on whether the underlying collateral encumbered as a result will qualify as a liquid asset when released at the maturity of the repo. The majority of the Group's repo transactions are collateralised by liquid assets and, as such, any net cash outflow shown is offset by the return of liquid assets, which are excluded from the liquid asset table above.

Contingent liquidity risk arising from

committed lending facilities

(Audited)

The Group's operating entities provide commitments to various counterparties. In terms of liquidity risk, the most significant risk relates to committed lending facilities which, whilst undrawn, give rise to contingent liquidity risk as they could be drawn during a period of liquidity stress. Commitments are given to customers and committed lending facilities are provided to consolidated multi-seller conduits established to enable clients to access flexible market-based sources of finance (see page 550), consolidated securities investment conduits and third‑party sponsored conduits.

The consolidated securities investment conduits includes Solitaire and Mazarin Funding Limited ('Mazarin') (see page 551). They issue asset-backed commercial paper secured against the portfolio of securities held by them. At 31 December 2013, HSBC UK had undrawn committed lending facilities to these conduits of US$15bn (2012: US$18bn), of which Solitaire represented US$11bn (2012: US$13bn) and the remaining US$4bn (2012: US$5.1bn) pertained to Mazarin. Although HSBC UK provides a liquidity facility, Solitaire and Mazarin have no need to draw on it so long as HSBC purchases the CP issued, which it intends to do for the foreseeable future. At 31 December 2013, the commercial paper issued by Solitaire and Mazarin was entirely held by HSBC UK. Since HSBC controls the size of the portfolio of securities held by these conduits, no contingent liquidity risk exposure arises as a result of these undrawn committed lending facilities.

The table below shows the level of undrawn commitments to customers outstanding for the five largest single facilities and the largest market sector, and the extent to which they are undrawn.

The Group's contractual undrawn exposures at 31 December monitored under the contingent liquidity risk limit structure

(Audited)

	HSBC UK41				HSBC USA43				HSBC Canada				The Hongkong and Shanghai Banking Corporation42
	2013		2012		2013		2012		2013		2012		2013		2012
	US$bn		US$bn		US$bn		US$bn		US$bn		US$bn		US$bn		US$bn
Commitments to conduits
Consolidated multi-seller conduits
-  total lines ......................	10.1		7.8		2.5		2.3		1.0		1.0		-		-
-  largest individual lines ...	0.7		0.7		0.5		0.5		0.7		0.8		-		-
Consolidated securities investment conduits - total lines .......................	14.8		18.1		-		-		-		-		-		-
Third party conduits - total lines .......................	-		-		0.7		0.8		-		-		-		-
Commitments to customers
-  five largest46 .................	4.4		6.0		6.3		6.0		1.5		1.7		2.4		2.1
-  largest market sector47 ..	9.5		11.0		8.2		7.5		3.4		4.5		2.7		2.4

For footnotes, see page 264.

Sources of funding

(Audited)

Our primary sources of funding are customer current accounts and customer savings deposits payable on demand or at short notice. We issue wholesale securities (secured and unsecured) to supplement our customer deposits and change the currency mix, maturity profile or location of our liabilities. 

The 'Funding sources and uses' table below, which provides a consolidated view of how our balance sheet is funded, should be read in the light of the LFRF, which requires operating entities to manage liquidity and funding risk on a stand-alone basis.

The table analyses our consolidated balance sheet according to the assets that primarily arise from operating activities and the sources of funding primarily supporting these activities. The assets and liabilities that do not arise from operating activities are presented as a net balancing source or deployment of funds.

The level of customer accounts continued to exceed the level of loans and advances to customers. Excluding the effect of repos from customer accounts and reverse repos from loans and advances to customers, the advances to deposits ratio at 31 December 2013 was 73% (2012: 73%). The positive funding gap was predominantly deployed in liquid assets; cash and balances with central banks and financial investments, as required by the LFRF.

Loans and other receivables due from banks continued to exceed deposits taken from banks. The Group remained a net unsecured lender to the banking sector.

Repos and stock lending

GB&M provides collateralised security financing services to its clients, providing them with cash financing or specific securities. When cash is provided to clients against collateral in the form of securities, the cash provided is recognised on the balance sheet as a reverse repo. When securities are provided to clients against cash collateral the cash received is recognised on the balance sheet as a repo or, if the securities are equity securities, as stock lending.

Each operating entity manages its collateral through a central collateral pool, in line with the LFRF. When specific securities need to be delivered and the entity does not have them currently available within the central collateral pool, the securities are borrowed on a collateralised basis. When securities are borrowed against cash collateral the cash provided is recognised on the balance sheet as a reverse repo or, if the securities are equity securities, as stock borrowing.

Operating entities may also borrow cash against collateral in the form of securities, using the securities available in the central collateral pool. Repos and stock lending can be used in this way to fund the cash requirement arising from securities owned outright by

Markets to facilitate client business, and the net cash requirement arising from financing client securities activity.

Reverse repos, stock borrowing, repos and stock lending are reported net when the IFRSs offsetting criteria are met. In some cases transactions to borrow or lend securities are collateralised using securities. These transactions are off-balance sheet.

Securities reflected on the balance sheet that are pledged as collateral against an existing liability or lent are reflected as encumbered for the duration of the transaction. When securities are received as collateral or borrowed, and when we have the right to sell or re-pledge these securities, they are reflected as available and unencumbered for the duration of the transaction, unless re-pledged or sold. Further analysis regarding the encumbrance of securities resulting from repos and stock lending and available unencumbered assets arising from reverse repos and stock borrowing is provided under the heading 'Encumbered and unencumbered assets' starting on page 223.

In the normal course of business we do not seek to utilise repo financing as a source of funding to finance customer assets, beyond the collateralised security financing activities within Global Markets described above.

The original contractual maturity of reverse repo, stock borrowing, repo and stock lending is short term with the vast majority of transactions being for less than 90 days.

The residual contractual maturity profile of the balance sheet is set out on in Note 33 on the Financial Statements.

Any security accepted as collateral for a reverse repo or stock borrowing transaction must be of very high quality and its value subject to an appropriate haircut. Securities borrowed under reverse repo or stock borrowing transactions can only be recognised as part of the liquidity asset buffer for the duration of the transactions and only if the security received is eligible under the liquid asset policy within the LFRF.

Credit controls are in place to ensure that the fair value of any collateral received remains appropriate to collateralise the cash or fair value of securities given.

In 2013, GB&M changed the way it manages repo and reverse repo activities in the Credit and Rates businesses, which were previously being managed in a trading environment. During the year, the repo and reverse repo business activities were organised into trading and non-trading portfolios, with separate risk management procedures. As demonstrated in the 'Funding sources and uses' table below, this resulted in an increase in the amount of reverse repos classified as 'Loans and advances to customers' and 'Loans and advances to banks', and a decline in the amount classified as 'Trading assets' at 31 December 2013, compared with previous year-ends. Similarly, at 31 December 2013 there was an increase in the amount of repos classified as 'Customer accounts' and 'Deposits by banks' with a decline in the amount classified as 'Trading liabilities', compared with previous year-ends.

Funding sources and uses

(Audited)

	2013		2012			2013		2012
	US$m		US$m			US$m		US$m
Sources					Uses
Customer accounts ..................	1,482,812		1,340,014		Loans and advances to customers .............................................	1,080,304		997,623
- repos ....................................	121,515		28,618		- reverse repos ........................	88,215		34,651
- cash deposits ........................	1,361,297		1,311,396		- stock borrowing ...................	65		13
					- loans and other receivables ...	992,024		962,959
Deposits by banks ...................	129,212		107,429		Loans and advances to banks ...	211,521		152,546
- repos ....................................	42,705		11,949		- reverse repos ........................	91,475		35,461
- cash deposits ........................	86,507		95,480		- loans and other receivables ...	120,046		117,085
Debt securities issued ...............	104,080		119,461		Assets held for sale ..................	4,050		19,269
Liabilities of disposal groups					Trading assets .........................	303,192		408,811
held for sale ..........................	2,804		5,018		- reverse repos ........................	10,120		118,681
Subordinated liabilities .............	28,976		29,479		- stock borrowing ...................	10,318		16,071
Financial liabilities designated					- settlement accounts .............	19,435		14,510
at fair value .........................	89,084		87,720		- other trading assets ..............	263,319		259,549
Liabilities under insurance					Financial investments .............	425,925		421,101
contracts ..............................	74,181		68,195
					Cash and balances with
Trading liabilities ....................	207,025		304,563		central banks ........................	166,599		141,532
- repos ....................................	17,421		130,223		Net deployment in other
- stock lending ........................	12,218		6,818		balance sheet assets and
- settlement accounts .............	17,428		17,108		liabilities ...............................	117,042		104,126
- other trading liabilities .........	159,958		150,414
						2,308,633		2,245,008
Total equity ............................	190,459		183,129
	2,308,633		2,245,008

Cross-border, intra-Group and cross-currency liquidity and funding risk

(Unaudited)

The stand-alone operating entity approach to liquidity and funding mandated by the LFRF restricts the exposure of our operating entities to the risks that can arise from extensive reliance on cross-border funding. Operating entities manage their funding sources locally, focusing predominantly on the local customer deposit base. The RBWM, CMB and GPB customer relationships that give rise to core deposits within an operating entity generally reflect a local customer relationship with that operating entity. Access to public debt markets is co-ordinated globally by the Global Head of Balance Sheet Management and the Group Treasurer with Group ALCO monitoring all planned public debt issuance on a monthly basis. As a general principle, operating entities are only permitted to issue in their local currency and are encouraged to focus on local private placements. The public issuance of debt instruments in foreign currency is tightly controlled and generally restricted to HSBC Holdings and HSBC Bank.

A central principle of our stand-alone approach to LFRM is that operating entities place no future reliance on other Group entities.  However, operating entities may, at their discretion, utilise their respective committed facilities from other Group entities if necessary. In addition, intra-Group large exposure limits are applied by national regulators to individual legal entities locally, which restricts the unsecured exposures of legal entities to the rest of the Group to a percentage of the lender's regulatory capital.

Our LFRF also considers the ability of each entity to continue to access foreign exchange markets under stress when a surplus in one currency is used to meet a deficit in another currency, for example, by using the foreign currency swap markets. Where appropriate, operating entities are required to monitor stressed coverage ratios and ACF ratios for non-local currencies and set limits for them. Foreign currency swap markets in currency pairs settled through the Continuous Link Settlement Bank are considered to be extremely deep and liquid and it is assumed that capacity to access these markets is not exposed to idiosyncratic risks.

For the majority of operating entities within the Group, the only material non-local currency (exceeding 10% of balance sheet liabilities) is the US dollar. The euro is in an additional material non-local currency for HSBC UK and offshore renminbi is material for The Hongkong and Shanghai Banking Corporation. Singapore dollars and Indian rupees are also material currencies for The Hongkong and Shanghai Banking Corporation, but these currencies are managed onshore within the local country branch operations on a stand-alone branch basis.

Wholesale funding cash flows payable by HSBC under financial liabilities by remaining contractual maturities

(Unaudited)

	Due not      more than         1 month		Due over         1 month           but not      more than 3 months		Due over        3 months           but not      more than  6 months		Due over        6 months           but not      more than 9 months		Due over        9 months           but not      more than 1 year		Due over            1 year           but not     more than           2 years		Due over           2 years           but not     more than           5 years		Due over 5 years		Total
	US$m		US$m		US$m		US$m		US$m		US$m		US$m		US$m		US$m
At 31 December 2013
Debt securities issued ..........................	25,426		9,752		17,942		11,659		10,587		31,839		46,934		31,066		185,205
-  unsecured CDs and CP .................	7,589		7,206		9,867		3,239		5,043		4,449		2,749		−		40,142
-  unsecured senior MTNs ...............	6,284		71		5,448		4,221		3,062		21,428		33,091		21,433		95,038
-  unsecured senior structured notes	987		1,423		1,952		1,689		1,718		3,712		6,036		5,021		22,538
-  secured covered bonds .................	−		−		−		1,250		−		225		2,747		3,317		7,539
-  secured ABCP .............................	10,383		−		−		−		−		−		−		−		10,383
-  secured ABS ................................	74		1,052		675		1,260		764		1,861		2,311		−		7,997
-  others .........................................	109		−		−		−		−		164		−		1,295		1,568
Subordinated liabilities ........................	−		28		1,171		144		6		1,460		3,374		41,801		47,984
-  subordinated debt securities..........	−		28		1,171		144		6		460		3,374		34,899		40,082
-  preferred securities ......................	−		−		−		−		−		1,000		−		6,902		7,902
	25,426		9,780		19,113		11,803		10,593		33,299		50,308		72,867		233,189
At 31 December 2012
Debt securities issued ..........................	19,280		20,724		22,479		10,269		14,934		27,716		56,543		25,970		197,915
-  unsecured CDs and CP .................	3,736		12,176		6,707		1,632		1,709		3,502		763		-		30,225
-  unsecured senior MTNs ...............	201		5,360		12,655		6,772		10,411		15,318		41,381		17,299		109,397
-  unsecured senior structured notes	487		1,112		1,694		1,075		897		2,584		5,779		6,208		19,836
-  secured covered bonds .................	-		-		1,133		422		758		3,578		4,557		826		11,274
-  secured ABCP .............................	14,583		1,891		-		-		-		-		-		-		16,474
-  secured ABS ................................	104		175		211		339		633		1,677		2,072		525		5,736
-  others .........................................	169		10		79		29		526		1,057		1,991		1,112		4,973
Subordinated liabilities ........................	7		44		-		-		10		1,296		2,550		43,949		47,856
-  subordinated debt securities .........	7		44		-		-		10		1,296		1,550		36,005		38,912
-  preferred securities ......................	-		-		-		-		-		-		1,000		7,944		8,944
	19,287		20,768		22,479		10,269		14,944		29,012		59,093		69,919		245,771

Measured in terms of consolidated total liabilities excluding capital, only four currencies (US dollar, sterling, euro and Hong Kong dollar) represent more than 5% of total liabilities.

Wholesale term debt maturity profile

(Unaudited)

The maturity profile of our wholesale term debt obligations is set out above in the table headed 'Wholesale funding principal cash flows payable by HSBC under financial liabilities by remaining contractual maturities'.

The balances in the table do not agree directly with those in the consolidated balance sheet as the table presents gross cash flows relating to principal payments and not the balance sheet carrying value, which includes debt securities and subordinated liabilities measured at fair value.

The basis of preparation of this table has changed from that presented in the Annual Report and Accounts 2012, which included future coupon payments in addition to the principal amounts. The disclosure of principal amounts only is consistent with how we manage the associated liquidity and funding risk.

Encumbered and unencumbered assets

(Unaudited)

The table on page 225, 'Analysis of on-balance sheet encumbered and unencumbered assets', summarises the total on and off-balance sheet assets that are capable of supporting future funding and
collateral needs and shows the extent to which these assets are currently pledged for this purpose. The objective of this disclosure is to facilitate an understanding of available and unrestricted assets that are valued on a liquidity and funding risk basis and could be used to support potential future funding and collateral needs.

The disclosure is not designed to identify assets which would be available to meet the claims of creditors or to predict assets that would be available to creditors in the event of a resolution or bankruptcy.

An asset is defined as encumbered if it has been pledged as collateral against an existing liability, and as a result is no longer available to the Group to secure funding, satisfy collateral needs or be sold to reduce the funding requirement. An asset is therefore categorised as unencumbered if it has not been pledged against an existing liability. Unencumbered assets are further analysed into four separate sub-categories; 'readily realisable assets', 'other realisable assets', 'reverse repo/stock borrowing receivables and derivative assets' and 'cannot be pledged as collateral'.

At 31 December 2013, the Group held US$1,824bn of unencumbered assets that could be used to support potential future funding and collateral needs, representing 83% of the total assets that can support funding and collateral needs (on and off-balance sheet). Of this amount, US$754bn (US$723bn on-balance sheet) were assessed to be readily realisable.

Summary of assets available to support potential future funding and collateral needs (on and off-balance sheet)

(Unaudited)

	2013		2012
	US$bn		US$bn
Total on-balance sheet assets .................................................................................................	2,671		2,693
Less:
Reverse repo/stock borrowing receivables and derivative assets ..........................................	(481)		(562)
Other assets that cannot be pledged as collateral ................................................................	(257)		(247)
Total on-balance sheet assets that can support funding and collateral needs ...........................	1,933		1,884
Add off-balance sheet assets:
Fair value of collateral received from reverse repo/stock borrowing that is available to sell or repledge .........................................................................................................................	260		296
Fair value of collateral received from derivatives that is available to sell or repledge ..........	5		6
Total assets that can support funding and collateral needs (on and off-balance sheet) ............	2,198		2,186
Less:
On-balance sheet assets pledged ..........................................................................................	(187)		(233)
Off-balance sheet collateral received from reverse repo/stock borrowing which has been repledged or sold ............................................................................................................	(186)		(203)
Off-balance sheet collateral received from derivative transactions which has been repledged or sold ............................................................................................................	(1)		(1)
Assets available to support future funding and collateral needs ...............................................	1,824		1,749

The effect of active collateral management

Collateral is managed on an operating entity basis, consistent with the approach adopted in managing liquidity and funding. Available collateral held by each operating entity is managed as a single collateral pool. In deciding which collateral to pledge, each operating entity seeks to optimise the use of the available collateral pool within the confines of the LFRF, irrespective of whether the collateral pledged is recognised on-balance sheet or was received in respect of reverse repo, stock borrowing or derivative transactions.

Managing collateral in this manner affects the presentation of asset encumbrance in that we may encumber on-balance sheet holdings while maintaining available unencumbered off-balance sheet holdings, even though we are not seeking to directly finance the on-balance sheet holdings pledged.

In quantifying the level of encumbrance of negotiable securities, the encumbrance is analysed by individual security. When a particular security is encumbered and we hold the security both on-balance sheet and off-balance sheet with the right to repledge, we assume for the purpose of this disclosure that the off-balance sheet holding is encumbered ahead of the on-balance sheet holding.

An on-balance sheet encumbered and off-balance sheet unencumbered asset will occur, for example, if we receive a specific security as a result of a reverse repo/stock borrowing transaction, but finance the cash lent by pledging a generic collateral basket, even if the security received is eligible for the collateral basket pledged. It will also occur if we receive a generic collateral basket as a result of a reverse repo transaction but finance the cash lent by pledging specific securities, even if the securities pledged are eligible for the collateral basket.

Off-balance sheet collateral received and pledged for reverse repo and stock borrowing transactions

The fair value of assets accepted as collateral that we are permitted to sell or repledge in the absence
of default was US$260bn at 31 December 2013 (2012: US$296bn). The fair value of any such collateral sold or repledged was US$186bn (2012: US$203bn). We are obliged to return equivalent securities. These transactions are conducted under terms that are usual and customary to standard reverse repo and stock borrowing transactions.

The fair value of collateral received and repledged in relation to reverse repos and stock borrowing is reported on a gross basis. The related balance sheet receivables and payables are reported on a net basis where required under IFRSs netting criteria.

As a consequence of reverse repo and stock borrowing transactions where the collateral received could be but had not been sold or re-pledged, we held US$74bn (2012: US$93bn) of unencumbered collateral available to support potential future funding and collateral needs at 31 December 2013.

Off-balance sheet non-cash collateral received and pledged for derivative transactions

The fair value of assets accepted as collateral related to derivative transactions that we are permitted to sell or repledge in the absence of default was US$5bn (2012: US$6bn). The fair value of any such collateral sold or repledged was US$1bn (2012: US$1bn). We are obliged to return equivalent securities. These transactions are conducted under terms that are usual and customary to derivative transactions.

Analysis of on-balance sheet encumbered and unencumbered assets

The table below presents an analysis of on-balance sheet holdings only, and shows the amounts of balance sheet assets on a liquidity and funding basis that are encumbered. The table therefore excludes any available off-balance sheet holdings received in respect of reverse repos, stock borrowing or derivatives.

Analysis of on-balance sheet encumbered and unencumbered assets

(Unaudited)

	Encumbered		Unencumbered
	Assets   pledged as    collateral		Readily   realisable          assets		Other   realisable          assets		Reverse repos/stock   borrowing receivables & derivative          assets		Cannot be pledged as collateral		Total
	US$m		US$m		US$m		US$m		US$m		US$m
At 31 December 2013
Cash and balances at central banks .......	-		161,240		269		-		5,090		166,599
Items in the course of collection from other banks ......................................	-		-		-		-		6,021		6,021
Hong Kong Government certificates of indebtedness .....................................	-		-		-		-		25,220		25,220
Trading assets ......................................	99,326		142,211		14,654		20,438		26,563		303,192
- Treasury and other eligible bills ....	3,402		17,976		206		-		-		21,584
- debt securities ...............................	83,563		57,850		-		-		231		141,644
- equity securities ............................	8,373		55,156		363		-		-		63,892
- loans and advances to banks .........	1,796		2,813		6,151		5,263		11,861		27,884
- loans and advances to customers ..	2,192		8,416		7,934		15,175		14,471		48,188
Financial assets designated at fair value	19		2,706		1,883		-		33,822		38,430
- Treasury and other eligible bills ....	-		-		-		-		50		50
- debt securities ...............................	19		826		776		-		10,968		12,589
- equity securities ............................	-		1,874		1,103		-		22,734		25,711
- loans and advances to banks .........	-		6		4		-		66		76
- loans and advances to customers ..	-		-		-		-		4		4
Derivatives ..........................................	-		-		-		282,265		-		282,265
Loans and advances to banks ...............	162		8,342		80,231		91,475		31,311		211,521
Loans and advances to customers .........	32,218		102,203		854,724		86,346		4,813		1,080,304
Financial investments ..........................	54,473		289,093		31,096		-		51,263		425,925
- Treasury and other eligible bills ....	2,985		72,849		2,052		-		226		78,112
- debt securities ...............................	51,488		210,516		25,720		-		50,949		338,673
- equity securities ............................	-		5,728		3,324		-		88		9,140
Assets held for sale ..............................	-		-		4,050		-		-		4,050
Other assets .........................................	990		16,134		14,216		-		19,599		50,939
Current tax assets ................................	-		-		-		-		985		985
Prepayments and accrued income ........	-		-		-		-		11,006		11,006
Interest in associates and joint ventures .	-		12		16,356		-		272		16,640
Goodwill and intangible assets ..............	-		-		-		-		29,918		29,918
Property, plant and equipment ............	38		654		6,353		-		3,802		10,847
Deferred tax ........................................	-		-		-		-		7,456		7,456
	187,226		722,595		1,023,832		480,524		257,141		2,671,318

Analysis of on-balance sheet encumbered and unencumbered assets (continued)

	Encumbered		Unencumbered
	Assets     pledged as      collateral		Readily       realisable            assets		Other       realisable            assets		Reverse   repos/stock     borrowing    receivables & derivative            assets		Cannot     be pledged as collateral		Total
	US$m		US$m		US$m		US$m		US$m		US$m
At 31 December 2012
Cash and balances at central banks .......	-		139,963		220		-		1,349		141,532
Items in the course of collection from other banks ......................................	-		-		-		-		7,303		7,303
Hong Kong Government certificates of indebtedness .....................................	-		-		-		-		22,743		22,743
Trading assets ......................................	143,019		116,395		10,330		134,752		4,315		408,811
- Treasury and other eligible bills ....	2,309		23,973		-		-		-		26,282
- debt securities ...............................	97,157		47,311		205		-		4		144,677
- equity securities ............................	5,592		35,420		622		-		-		41,634
- loans and advances to banks .........	20,588		1,909		2,582		50,376		2,816		78,271
- loans and advances to customers ..	17,373		7,782		6,921		84,376		1,495		117,947
Financial assets designated at fair value	-		447		610		-		32,525		33,582
- Treasury and other eligible bills ....	-		14		-		-		40		54
- debt securities ...............................	-		431		128		-		11,992		12,551
- equity securities ............................	-		2		482		-		20,384		20,868
- loans and advances to banks .........	-		-		-		-		55		55
- loans and advances to customers ..	-		-		-		-		54		54
Derivatives ..........................................	-		-		-		357,450		-		357,450
Loans and advances to banks ...............	1,191		4,722		81,802		35,461		29,370		152,546
Loans and advances to customers .........	40,792		85,626		827,903		34,664		8,638		997,623
Financial investments ..........................	46,678		300,255		7,990		-		66,178		421,101
- Treasury and other eligible bills ....	2,024		84,991		156		-		379		87,550
- debt securities ...............................	44,654		214,545		4,112		-		64,451		327,762
- equity securities ............................	-		719		3,722		-		1,348		5,789
Assets held for sale ..............................	-		-		19,269		-		-		19,269
Other assets .........................................	1,600		18,601		11,621		-		22,894		54,716
Current tax assets ................................	-		-		-		-		515		515
Prepayments and accrued income ........	-		-		-		-		9,502		9,502
Interest in associates and joint ventures .	-		-		17,480		-		354		17,834
Goodwill and intangible assets ..............	-		-		-		-		29,853		29,853
Property, plant and equipment ............	-		-		6,772		-		3,816		10,588
Deferred tax ........................................	-		-		-		-		7,570		7,570
	233,280		666,009		983,997		562,327		246,925		2,692,538

The US$32bn (2012: US$41bn) of loans and advances to customers reported in the table above as encumbered have been pledged predominantly to support the issuance of secured debt instruments such as covered bonds and ABSs, including asset-backed commercial paper issued by consolidated multi-seller conduits. It also includes those pledged in relation to any other form of secured borrowing.

In total, the Group pledged US$150bn (2012: US$152bn) of negotiable securities, predominantly as a result of market-making in securities financing to our clients.

Additional contractual obligations

Under the terms of our current collateral obligations under derivative contracts (which are ISDA compliant CSA contracts and contracts entered for pension obligations, and exclude the contracts entered for SPVs and ATEs) and based on the positions at 31 December 2013, we estimate that we could be required to post additional collateral of up to US$0.7bn (2012: US$1.5bn) in the event of a one-notch downgrade in credit ratings, which would increase to US$1.2bn (2012: US$2.5bn) in the event of a two-notch downgrade.

Definitions of the categories included in the table 'Analysis of on-balance sheet encumbered and unencumbered assets':

·  Encumbered assets are assets on our balance sheet which have been pledged as collateral against an existing liability, and as a result are assets which are unavailable to the bank to secure funding, satisfy collateral needs or be sold to reduce potential future funding requirements.

·  Unencumbered - readily realisable assets are assets regarded by the bank to be readily realisable in the normal course of business to secure funding, meet collateral needs, or be sold to reduce potential future funding requirements, and are not subject to any restrictions on their use for these purposes.

·  Unencumbered - other realisable assets are assets where there are no restrictions on their use to secure funding, meet collateral needs, or be sold to reduce potential future funding requirements, but they are not readily realisable in the normal course of business in their current form.

·  Unencumbered - reverse repo/stock borrow receivables and derivative assets are assets related specifically to reverse repo, stock borrowing and derivative transactions. They are shown separately as these on-balance sheet assets cannot be pledged but often give rise to the receipt of non-cash assets which are not recognised on the balance sheet, and can additionally be used to raise secured funding, meet additional collateral requirements or be sold.

·  Unencumbered - cannot be pledged as collateral are assets that have not been pledged and which we have assessed could not be pledged and therefore could not be used to secure funding, meet collateral needs, or be sold to reduce potential future funding requirements. An example is assets held by the Group's insurance subsidiaries that back liabilities to policyholders and support the solvency of these entities.

Historically, the Group has not recognised any contingent liquidity value for assets other than those assets defined under the LFRF as being liquid assets, and any other negotiable instruments that under stress are assumed to be realisable after three months, even though they may currently be realisable. This approach has generally been driven by our risk appetite not to place any reliance on central banks. In a few cases, we have recognised the contingent value of discrete pools of assets, but the amounts involved are insignificant. As a result, we have reported the majority of our loans and advances to customers and banks in the category 'Other realisable assets' as management would need to perform additional actions in order to make the assets transferable and readily realisable.

Additional information

The amount of assets pledged to secure liabilities reported in Note 36 on the Financial Statements may be greater than the book value of assets reported as being encumbered in the table on page 225. Examples of where such differences occur are:

·     ABSs and covered bonds, where the amount of liabilities issued plus the required mandatory over-collateralisation is lower than the book value of assets pledged to the pool. Any difference is categorised in the table above as 'Unencumbered - readily realisable assets';

·     negotiable securities held by custodians or settlement agents, where a floating charge has been given over the entire holding to secure intra-day settlement liabilities, are only reported as encumbered to the extent that we have a liability to the custodian or settlement agent at the reporting date, with the balance reported as 'Unencumbered - readily realisable assets'; and

·     assets pre-positioned with central banks or government agencies are only reported as encumbered to the extent that we have secured funding with the collateral. The unutilised pre‑positioned collateral is reported as 'Unencumbered - readily realisable assets'.

Contractual maturity of financial liabilities

(Audited)

The balances in the table below do not agree directly with those in our consolidated balance sheet as the table incorporates, on an undiscounted basis, all cash flows relating to principal and future coupon payments (except for trading liabilities and derivatives not treated as hedging derivatives). Undiscounted cash flows payable in relation to hedging derivative liabilities are classified according to their contractual maturities. Trading liabilities and derivatives not treated as hedging derivatives are included in the 'On demand' time bucket and not by contractual maturity.

A maturity analysis of repos and debt securities in issue included in trading liabilities is presented in Note 33 on the Financial Statements.

In addition, loan and other credit-related commitments and financial guarantees and similar contracts are generally not recognised on our balance sheet. The undiscounted cash flows potentially payable under financial guarantees and similar contracts are classified on the basis of the earliest date they can be called.

Cash flows payable by HSBC under financial liabilities by remaining contractual maturities

(Audited)

	On        demand           US$m		Due within     3 months          US$m		Due between      3 and 12         months           US$m		Due between 1 and 5 years           US$m		Due after        5 years           US$m
At 31 December 2013
Deposits by banks ..............................................	65,839		54,175		5,612		2,819		686
Customer accounts .............................................	1,124,635		277,459		69,542		15,520		726
Trading liabilities ...............................................	207,025		-		-		-		-
Financial liabilities designated at fair value .........	18,689		1,967		3,223		39,554		64,144
Derivatives ........................................................	269,554		456		1,684		6,099		1,638
Debt securities in issue .......................................	2,528		35,401		33,695		46,141		6,526
Subordinated liabilities ........................................	55		391		2,687		11,871		44,969
Liabilities of disposal groups held for sale ...........	1,011		241		229		66		5
Other financial liabilities ....................................	30,985		30,465		6,335		2,310		1,295
	1,720,321		400,555		123,007		124,380		119,989
Loan and other credit-related commitments ......	377,352		79,599		55,124		59,747		16,872
Financial guarantees and similar contracts ..........	18,039		4,796		12,040		7,479		3,988
	2,115,712		484,950		190,171		191,606		140,849
At 31 December 2012
Deposits by banks ..............................................	45,290		51,321		4,495		11,718		789
Customer accounts .............................................	1,035,636		229,642		62,650		17,508		720
Trading liabilities ...............................................	304,564		-		-		-		-
Financial liabilities designated at fair value .........	7,778		1,211		7,825		42,683		62,279
Derivatives ........................................................	351,367		355		995		4,785		1,855
Debt securities in issue .......................................	64		37,938		37,167		45,433		6,034
Subordinated liabilities ........................................	7		386		1,149		9,058		46,322
Liabilities of disposal groups held for sale ...........	1,416		993		707		201		24
Other financial liabilities ....................................	26,963		31,557		5,381		3,467		829
	1,773,085		353,403		120,369		134,853		118,852
Loan and other credit-related commitments ......	375,818		76,394		51,330		57,506		18,421
Financial guarantees and similar contracts ..........	14,321		5,506		12,104		9,266		3,796
	2,163,224		435,303		183,803		201,625		141,069

HSBC Holdings

(Audited)

Liquidity Risk in HSBC Holdings is overseen by the HSBC Holdings Asset and Liability Committee ('HALCO'). Liquidity Risk arises because of HSBC Holdings' obligation to make payments to debt holders as they fall due. The liquidity risk related to these cashflows is managed by matching debt obligations with internal loan cashflows and by maintaining an appropriate liquidity buffer that is monitored by HALCO. During 2013, HSBC Holdings issued US$2bn (2012: nil) of debt securities that qualify as capital in the UK but did not issue any senior debt (2012: US$2bn).

The balances in the table below do not agree directly with those on the balance sheet of HSBC Holdings as the table incorporates, on an undiscounted basis, all cash flows relating to principal and future coupon payments (except for derivatives not treated as hedging derivatives). Undiscounted cash flows payable in relation to hedging derivative liabilities are classified according to their contractual maturities. Derivatives not treated as hedging derivatives are included in the 'On demand' time bucket.

In addition, loan commitments and financial guarantees and similar contracts are generally not recognised on our balance sheet. The undiscounted cash flows potentially payable under financial guarantees and similar contracts are classified on the basis of the earliest date on which they can be called.

Cash flows payable by HSBC Holdings under financial liabilities by remaining contractual maturities

(Audited)

	On        demand		Due within      3 months		Due between       3 and 12         months		Due between 1 and 5 years		Due after        5 years
	US$m		US$m		US$m		US$m		US$m
At 31 December 2013
Amounts owed to HSBC undertakings ..............	2,053		1,759		2,315		857		5,654
Financial liabilities designated at fair value ......	-		299		671		4,921		26,518
Derivatives .....................................................	704		-		-		-		-
Debt securities in issue .....................................	-		37		1,780		279		1,451
Subordinated liabilities .....................................	-		225		676		5,699		24,812
Other financial liabilities .................................	-		885		284		-		-
	2,757		3,205		5,726		11,756		58,435
Loan commitments .........................................	1,245		-		-		-		-
Financial guarantees and similar contracts .......	52,836		-		-		-		-
	56,838		3,205		5,726		11,756		58,435
At 31 December 2012
Amounts owed to HSBC undertakings ..............	3,032		604		1,096		1,918		7,570
Financial liabilities designated at fair value ......	-		269		807		5,345		31,970
Derivatives .....................................................	760		-		-		-		-
Debt securities in issue .....................................	-		36		107		1,946		1,487
Subordinated liabilities .....................................	-		205		614		3,273		25,049
Other financial liabilities .................................	-		394		211		-		-
	3,792		1,508		2,835		12,482		66,076
Loan commitments .........................................	1,200		-		-		-		-
Financial guarantees and similar contracts .......	49,402		-		-		-		-
	54,394		1,508		2,835		12,482		66,076

 

END

 

 

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