¨ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number | Barclays PLC | 1-09246 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
25p ordinary shares* | Not applicable* | New York Stock Exchange* | ||||||
American Depositary Shares, each representing four 25p ordinary shares | BCS | New York Stock Exchange | ||||||
4.338% Fixed-to-Floating Rate Senior Notes due 2024 | BCS24A | New York Stock Exchange | ||||||
Floating Rate Senior Notes due 2024 | BCS24B | New York Stock Exchange | ||||||
4.972% Fixed-to-Floating Rate Senior Notes due 2029 | BCS29 | New York Stock Exchange | ||||||
4.610% Fixed-to-Floating Rate Senior Notes due 2023 | BCS23B | New York Stock Exchange | ||||||
Floating Rate Senior Notes due 2023 | BCS23C | New York Stock Exchange | ||||||
4.375% Fixed Rate Subordinated Notes due 2024 | BCS24 | New York Stock Exchange | ||||||
3.65% Fixed Rate Senior Notes due 2025 | BCS25 | New York Stock Exchange | ||||||
5.25% Fixed Rate Senior Notes due 2045 | BCS45 | New York Stock Exchange | ||||||
4.375% Fixed Rate Senior Notes due 2026 | BCS26 | New York Stock Exchange | ||||||
5.20% Fixed Rate Subordinated Notes due 2026 | BCS26A | New York Stock Exchange | ||||||
Floating Rate Senior Notes due 2023 | BCS23 | New York Stock Exchange | ||||||
3.684% Fixed Rate Senior Notes due 2023 | BCS23A | New York Stock Exchange | ||||||
4.337% Fixed Rate Senior Notes due 2028 | BCS28 | New York Stock Exchange | ||||||
4.950% Fixed Rate Senior Notes due 2047 | BCS47 | New York Stock Exchange | ||||||
4.836% Fixed Rate Subordinated Callable Notes due 2028 | BCS28A | New York Stock Exchange | ||||||
3.250% Fixed Rate Senior Notes due 2033 | BCS33 | New York Stock Exchange | ||||||
3.932% Fixed-to-Floating Rate Senior Notes due 2025 | BCS25A | New York Stock Exchange | ||||||
5.088% Fixed-to-Floating Rate Subordinated Notes due 2030 | BCS30 | New York Stock Exchange | ||||||
2.852% Fixed-to-Floating Rate Senior Notes due 2026 | BCS26B | New York Stock Exchange | ||||||
2.645% Fixed Rate Resetting Senior Callable Notes due 2031 | BCS31 | New York Stock Exchange | ||||||
3.564% Fixed Rate Resetting Subordinated Callable Notes due 2035 | BCS35 | New York Stock Exchange | ||||||
1.007% Fixed Rate Resetting Senior Callable Notes due 2024 | BCS24C | New York Stock Exchange | ||||||
2.667% Fixed Rate Resetting Senior Callable Notes due 2032 | BCS32 | New York Stock Exchange | ||||||
3.811% Fixed Rate Resetting Subordinated Callable Notes due 2042 | BCS42 | New York Stock Exchange | ||||||
2.279% Fixed Rate Resetting Senior Callable Notes due 2027 | BCS27 | New York Stock Exchange | ||||||
2.894% Fixed Rate Resetting Senior Callable Notes due 2032 | BCS32A | New York Stock Exchange | ||||||
3.330% Fixed Rate Resetting Senior Callable Notes due 2042 | BCS42A | New York Stock Exchange |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport |
25p ordinary shares | 16,752,457,128 |
Large Accelerated Filer | þ | Accelerated Filer | ¨ | Non-Accelerated Filer | ¨ | Emerging growth company | ¨ |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport |
Form 20-F item number | Page and caption references in this document* | |||||||
1 | Identity of Directors, Senior Management and Advisers | Not applicable | ||||||
2 | Offer Statistics and Expected Timetable | Not applicable | ||||||
3 | Key Information | |||||||
A. [Reserved] | ||||||||
B. Capitalization and indebtedness | Not applicable | |||||||
C. Reason for the offer and use of proceed | Not applicable | |||||||
D. Risk factors** | 102-113 | |||||||
4 | Information on the Company | |||||||
A. History and development of the company** | i (Notes), 11 – 14, 193 – 211, 276 – 280 (Note 26), 305 – 309 (Note 41), 314, 319 | |||||||
B. Business overview** | ii (Market and other data), 104 – 105, 187 – 192, 230 – 231 (Note 2) | |||||||
C. Organizational structure | 295 – 298 (Notes 34 and 35), 331 - 334 | |||||||
D. Property, plants and equipment | 266 - 269 (Notes 20 and 21) | |||||||
4A | Unresolved staff comments | Not applicable | ||||||
5 | Operating and Financial Review and Prospects | |||||||
A. Operating results** | 31 – 33, 100 – 121, 109, 179 – 180, 184 – 185, 187 – 192, 246 – 253 (Note 14) | |||||||
B. Liquidity and capital resource** | 108, 119, 163 – 172, 174 – 175, 182 – 183, 222, 225, 246 – 253 (Note 14), 281 – 285 (Notes 27 and 28), 295 – 296 (Note 34), 300 – 301 (Note 37), 335 – 347 | |||||||
C. Research and development, patents and licenses, etc | 50 | |||||||
D. Trend information** | 102 – 113, 161 – 183, 197 - 199 | |||||||
E. Critical accounting estimates | Not applicable | |||||||
F. [Reserved] | ||||||||
G. [Reserved] | ||||||||
6 | Directors, Senior Management and Employees | |||||||
A. Directors and senior management** | 3 – 6, 47 – 59, 323 - 324 | |||||||
B. Compensation** | 56 – 77, 78 – 83, 288 - 294 (Notes 32 and 33), 303 - 305 (Note 39), 326 - 327 | |||||||
C. Board practice** | 4 – 9, 22 – 30, 39 – 46, 56 – 77, 98 – 100, 100 - 101 | |||||||
D. Employee | 92 – 94, 200, 202, 206, 230 - 231 (Note 2) | |||||||
E. Share ownership | 89, 288 - 289 (Note 32), 303 - 305 (Note 39), 326 - 327 | |||||||
7 | Major Shareholders and Related Party Transactions | |||||||
A. Major shareholder | 52, 322 | |||||||
B. Related party transaction | 303 - 305 (Note 39), 347 | |||||||
C. Interest of experts and counsel | Not applicable | |||||||
8 | Financial Information | |||||||
A. Consolidated statements and other financial information** | 212 – 311, 316 | |||||||
B. Significant change | Not applicable | |||||||
9 | The Offer and Listing | |||||||
A. Offer and listing detail | 316, 321 | |||||||
B. Plan of distribution | Not applicable | |||||||
C. Market | 316, 321 | |||||||
D. Selling shareholder | Not applicable |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport |
E. Dilution | Not applicable | |||||||
F. Expenses of the issue | Not applicable | |||||||
10 | Additional Information | |||||||
A. Share capital | Not applicable | |||||||
B. Memorandum and Articles of Association** | 47 – 59, 314 - 316 | |||||||
C. Material contract | 62 – 66, 89 | |||||||
D. Exchange control | 319 | |||||||
E. Taxation | 317 - 319 | |||||||
F. Dividends and paying agent | Not applicable | |||||||
G. Statement by expert | Not applicable | |||||||
H. Documents on display | 319 | |||||||
I. Subsidiary information | 295 - 296 (Note 34), 331 - 334 | |||||||
11 | Quantitative and Qualitative Disclosure about Market Risk** | 98 – 192, 246 - 264 (Notes 14-17) | ||||||
12 | Description of Securities Other than Equity Securities | |||||||
A. Debt Securities | Not applicable | |||||||
B. Warrants and Rights | Not applicable | |||||||
C. Other Securities | Not applicable | |||||||
D. American Depository Shares | 320 | |||||||
13 | Defaults, Dividend Averages and Delinquencies | Not applicable | ||||||
14 | Material Modifications to the Rights of Security Holders and Use of Proceeds | Not applicable | ||||||
15 | Controls and Procedures | |||||||
A. Disclosure controls and procedures** | 323 | |||||||
B. Management's annual report on internal control over financial reporting** | 45 | |||||||
C. Attestation report of the registered public accounting firm** | 213 - 215 | |||||||
D. Changes in internal control over financial reporting** | 46 | |||||||
16A | Audit Committee Financial Expert | 22 - 30 | ||||||
16B | Code of Ethics | 321 | ||||||
16C | Principal Accountant Fees and Services | 305 (Note 40) | ||||||
16D | Exemptions from Listing Standards for Audit Committees | Not applicable | ||||||
16E | Purchases of Equity Securities by the Issuer and Affiliated Purchasers | 324 | ||||||
16F | Change in Registrant's Certifying Accountant | Not applicable | ||||||
16G | Corporate Governance** | 39 – 46, 321 | ||||||
16H | Mine Safety Disclosure | Not applicable | ||||||
16I | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | Not applicable | ||||||
17 | Financial Statements | Not applicable (See item 8) | ||||||
18 | Financial Statements | Not applicable (See item 8) | ||||||
19 | Exhibits** | Exhibit Index |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport |
Governance | ■Governance contents | 2 | ||||||
■Directors’ report | 3 | |||||||
■Remuneration report | 54 | |||||||
■Our people and culture | 92 | |||||||
Risk review | ■Risk review contents | 98 | ||||||
■Risk management | 100 | |||||||
■Material existing and emerging risks | 102 | |||||||
■Climate change risk management | 114 | |||||||
■Principal risk management | 116 | |||||||
■Risk performance | 122 | |||||||
■Supervision and regulation | 187 | |||||||
Financial review | ■Financial review contents | 193 | ||||||
■Key performance indicators | 194 | |||||||
■Consolidated summary income statement | 196 | |||||||
■Income statement commentary | 197 | |||||||
■Consolidated summary balance sheet | 198 | |||||||
■Balance sheet commentary | 199 | |||||||
■Analysis of results by business | 200 | |||||||
■Non-IFRS performance measures | 207 | |||||||
Financial statements | ■Financial statements contents | 212 | ||||||
■Consolidated financial statements | 215 | |||||||
■Notes to the financial statements | 224 | |||||||
Shareholder information | ■Key dates, Annual General Meeting, dividends, and other useful information | 312 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 1 |
Directors’ report | |||||
■Our Board of Directors | 3 | ||||
■Group Executive Committee | 7 | ||||
■Our Governance Framework | 8 | ||||
■Key Board Activities in 2021 | 11 | ||||
■Board Nominations Committee report | 15 | ||||
■Board Audit Committee report | 22 | ||||
■Board Risk Committee report | 31 | ||||
■How we comply | 39 | ||||
■Other statutory information | 47 | ||||
Remuneration report | 54 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 2 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 3 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 4 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 5 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 6 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 7 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 8 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 9 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 10 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 11 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 12 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 13 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 14 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 15 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 16 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 17 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 18 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 19 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 20 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 21 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 22 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 23 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 24 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 25 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 26 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 27 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 28 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 29 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 30 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 31 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 32 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 33 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 34 |
Areas of focus | Matters addressed | Role of Committee | Conclusion/action taken | ||||||||
Capital and funding i.e. having sufficient capital and financial resources to meet the Group’s regulatory requirements and its obligations as they fall due, to maintain its credit rating, to support growth and strategic options. | The trajectory to achieving required regulatory and internal targets and capital and leverage ratios. | •To review, on a regular basis, capital performance against plan, tracking the capital trajectory, any challenges and opportunities and regulatory policy developments. •To assess, on a regular basis, liquidity performance against both internal and regulatory requirements. •To monitor capital and funding requirements. | The Committee received a preliminary assessment of the ICAAP and the ILAAP in January. This was followed by a series of individual meetings between management and Committee members. The Committee subsequently discussed and approved the Group's 2021 ICAAP and the Group's 2021 ILAAP prior to its submission to the PRA. The Committee continued to oversee improvements to the Liquidity Risk Appetite frameworks, as well as a review of the ICAAP framework with a focus on internal modelling approaches. Regulatory feedback on the ICAAP and ILAAP was noted throughout the year. During the course of the year, although monitored, no additional updates were required to the ICAAP and ILAAP following the changes that had been made in 2020. The Committee reviewed the forecast capital and funding trajectory and the actions identified by management to manage the Group's capital position, taking into account macroeconomic factors including the ongoing COVID-19 pandemic. The Committee challenged, reviewed and recommended to the Board for approval the Group Recovery Plan, which forms a part of the Group’s capital and liquidity risk management framework. The Committee also discussed and recommended to the Board for approval its first Group Resolvability Self-Assessment which is the final major aspect to the BoE’s resolution regime for banks. The Committee received updates on the progress of the global transition to alternative risk-free rates, including on preparations by the LIBOR Transition Programme to manage and mitigate the financial and non-financial risks associated with transition. The Committee also considered the structural hedge programme and reviewed and discussed management’s hedging strategy proposals. | ||||||||
Political and economic risk i.e. the impact on the Group’s risk profile of political and economic developments and macroeconomic conditions. | The potential impact on the Group’s risk profile of geopolitical developments, as well as continuing to monitor the political and economic impact of post-Brexit transition period scenarios. | ▪To consider the ongoing impact of COVID-19 on the business directly and indirectly. ▪To consider trends in the UK and US economies. ▪To assess the geopolitical tensions in both the Eurozone and China. ▪To review potential consequences of the BoE statement regarding negative interest rates. ▪To review exposures to emerging markets. ▪To review and discuss plans for the impacts of Brexit post-transition. ▪To establish and examine key risk themes in order to monitor the evolving risk environment in which Barclays operates, the response of management, and the changing risk profile of the Group. | The Committee continued to monitor the Group's performance throughout the year with respect to the ongoing COVID-19 pandemic, taking into account the end of furlough in the UK, and the roll off of other UK government support schemes and the impact of other support measures from central banks and regulators. The Committee also received updates on the impact of vaccination roll-outs across the key markets in which the Group operates. Whilst the risk of negative rates has receded during the course of 2021, the Committee continued to have regard to the evolving interest rate environment, reviewing in particular operational readiness and any potential impact to the Group's capital and liquidity positions. The Committee monitored the Group's performance in light of geopolitical risks including tensions in the Eurozone related to both Brexit and COVID-19, and also in China in connection with technology, human rights and territorial claims and US/China political relations. The Committee also considered the risk management implications of growth initiatives in emerging markets. During the first part of the year, the Committee continued to monitor any potential post-Brexit risk impacts which might still remain even following the trade deal being reached, as well as monitoring the US political landscape following the Presidential election. |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 35 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 36 |
Areas of focus | Matters addressed | Role of Committee | Conclusion/action taken | ||||||||
Model risk i.e. the potential for adverse consequences from decisions based on incorrect or misused model outputs and reports. | Model risk governance. | ▪To evaluate the appropriateness of the Model risk management framework and monitor progress on the implementation of an enhanced modelling framework, including receiving updates on findings in relation to specific modelling processes. | The Committee reviewed and approved changes to the Model risk tolerances which were described through a set of qualitative statements and associated metrics that would monitor the completeness and effectiveness of the Control Framework. In addition, the Committee reviewed and discussed regular updates on Model risk including progress made against the multi-year enhancement plan to the risk management framework, as well as details on the approach being taken to develop regulatory models. The Committee monitored and discussed the scope of the Model risk management implementation including scrutinising which models had been brought into governance and the rationale for exclusion of models. To support the regulatory requirements in this area, the Committee discussed the remit of the independent Model Strategy and Oversight Team which was being formed to provide oversight on strategic modelling decisions. | ||||||||
Risk framework and governance | The frameworks, policies and tools in place to support effective risk management and oversight. | ▪To track the progress of significant risk management projects, achieving compliance with the Basel Committee for Banking Supervision (BCBS239) risk data aggregation principles and the RCSA process across the Group. ▪To assess risk management matters raised by Barclays’ regulators and the actions being taken by management to respond. ▪To review the design of the ERMF. | The Committee discussed the annual refresh of the Principal Risk Frameworks as well as recommending the updated ERMF to the Board for approval. This year, the Committee reviewed the first Climate Risk Framework to support Climate risk becoming a Principal Risk within the ERMF in 2022. The Committee continued to oversee management's progress towards achieving full compliance with all aspects of BCBS239, receiving regular reports on levels of compliance and expected milestones. The Committee reviewed reports from management on guidance, letters and reviews received from regulators. The Committee examined management's responses to the matters raised and monitored remediation programmes. |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 37 |
Areas of focus | Matters addressed | Role of Committee | Conclusion/action taken | ||||||||
Remuneration | The scope of any risk adjustments to be taken into account by the Board Remuneration Committee when making remuneration decisions for 2021. | ▪To debate the Risk function’s view of performance, making a recommendation to the Board Remuneration Committee on the financial and operational risk factors to be taken into account in remuneration decisions for 2021. | The Committee considered the report of the Group Chief Risk Officer and considered the 2021 ex-ante risk adjustment methodology. | ||||||||
Conduct Risk i.e. the risk of poor outcomes to customers, clients and markets, arising from the delivery of the Group's products and services. | Conduct robust reviews of any current and emerging risks arising from the delivery of Barclays' products and services. | •To receive updates from management on Conduct risk and consider performance against key Conduct risk indicators and the status of initiatives in place to address those risks to further strengthen the culture of the business. •To review the effectiveness of the Conduct risk framework. •To review the Compliance function’s Annual Compliance Plan. | During 2021, the Committee was provided with regular updates on Conduct Risk, including a continued focus on COVID-19 and its impacts, and the assessments of potential risks to the Group following market events. The Committee also received updates on lessons learned reviews, undertaken in response to industry developments and events, and continued to monitor ongoing remediation activities. The Committee discussed with management the Conduct and Risk culture of the Group both in the context of the Barclays’ Values and Mindset and from a colleague wellbeing perspective. During the year, the Committee reviewed the Compliance function's effectiveness and performance of activities against its Compliance Plan for 2021, and towards year end approved the Annual Compliance Plan for 2022. |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 38 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 39 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 40 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 41 |
Board attendance in 2021 | Independent/Executive | Scheduled Meetings eligible to attend | Scheduled Meetings attended | % attendance | Ad hoc Meetings eligible to attend | Ad hoc Meetings attended | ||||||||||||||
Chairman | ||||||||||||||||||||
Nigel Higgins | On appointmenta | 14 | 14 | 100 | % | 1 | 1 | |||||||||||||
Executive Directors | ||||||||||||||||||||
C.S. Venkatakrishnan | Executive Director | 4 | 4 | 100 | % | 0 | 0 | |||||||||||||
Tushar Morzaria | Executive Director | 14 | 14 | 100 | % | 0 | 0 | |||||||||||||
Non-Executive Directorsb | ||||||||||||||||||||
Mike Ashley | Independent | 14 | 14 | 100 | % | 1 | 1 | |||||||||||||
Tim Breedon | Independent | 14 | 13 | 93 | % | 1 | 1 | |||||||||||||
Mohamed A. El-Erian | Independent | 14 | 14 | 100 | % | 1 | 1 | |||||||||||||
Dawn Fitzpatrick | Independent | 14 | 14 | 100 | % | 1 | 1 | |||||||||||||
Mary Francis | Independent | 14 | 14 | 100 | % | 1 | 1 | |||||||||||||
Crawford Gillies | Independent | 14 | 14 | 100 | % | 1 | 1 | |||||||||||||
Brian Gilvary | SIDc | 14 | 14 | 100 | % | 1 | 1 | |||||||||||||
Diane Schueneman | Independent | 14 | 14 | 100 | % | 1 | 1 | |||||||||||||
Julia Wilson | Independent | 12 | 12 | 100 | % | 1 | 1 | |||||||||||||
Former Directors | ||||||||||||||||||||
Jes Staley | Executive Director | 10 | 10 | 100 | % | 0 | 0 | |||||||||||||
Sir Ian Cheshire | Independent | 3 | 3 | 100 | % | 0 | 0 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 42 |
Role | Expected time commitment | ||||
Chair | Equivalent of up to 80% of full-time position. | ||||
Senior Independent Director | As required to fulfil the role. | ||||
Non-Executive Director | 35-40 days per year (membership of one Board Committee included, increasing to 50 days a year if member of two Board Committees). | ||||
Committee Chairs | At least 80 days per year (including Non-Executive Director time commitment) for Audit and Risk Committee Chairs and at least 60 days for the Remuneration Committee Chair. |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 43 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 44 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 45 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 46 |
Page | |||||
Remuneration policy, including details of the remuneration of each Director and Directors’ interests in shares | 62 | ||||
Governance Statement | 2 | ||||
Risk review | 98 |
Page | |||||
Engagement with employees (Sch. 7, Para 11 and 11A 2008/2018 Regs) | 92 to 97 | ||||
Policy concerning the employment of disabled persons (Sch. 7, para 10 2008 Regs) | 97 | ||||
Engagement with suppliers, customers and others in a business relationship (Sch. 7, Para 11 B 2008/2018 Regs) | 48 | ||||
Financial instruments (Sch. 7, para 6 2008 Regs) | 246 | ||||
Hedge accounting policy (Sch. 7, para 6 2008 Regs) | 249 |
Page | |||||
Long-term incentive schemes | 64 | ||||
Waiver of Director emoluments | 91 | ||||
Allotment for cash of equity securities | 284 | ||||
Waiver of dividends | 47 |
Name | Role | Effective date | ||||||
Julia Wilson | Non- Executive Director | Appointed 1 April 2021 | ||||||
Sir Ian Cheshire | Non-Executive Director | Stepped down 5 May 2021 | ||||||
Jes Staley | Executive Director | Stepped down 31 October 2021 | ||||||
C.S. Venkatakrishnan | Executive Director | Appointed 1 November 2021 | ||||||
Robert Berry | Non-Executive Director | Appointed 8 February 2022 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 47 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 48 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 49 |
GHG Emissions Table and Notes | ||||||||||||||
Current Reporting Year 2021a | Previous Reporting Year 2020 | |||||||||||||
UK & Offshore Area | Global GHG Emissions | UK & Offshore Area | Global GHG Emissions | |||||||||||
Group GHG Emissionsb | ||||||||||||||
Total CO2e (tonnes) | 85,313 | 148,618 | 107,157 | 189,304 | ||||||||||
Scope 1 CO2e emissions (tonnes)c | 15,684 | 21,986 | 15,339 | 21,512 | ||||||||||
Scope 2 CO2e emissions (tonnes)d | 68,710 | 124,226 | 83,252 | 148,658 | ||||||||||
Scope 3 CO2e emissions (tonnes)e | 919 | 2,406 | 8,566 | 19,134 | ||||||||||
Energy consumption used to calculate above Scope 1 and 2 emissions (kWh) | 370,497,921 | 553,048,003 | 396,436,272 | 598,036,644 | ||||||||||
Intensity Ratio | ||||||||||||||
Total Full-Time Employees (FTE) | 44,100 | 81,600 | 47,700 | 83,000 | ||||||||||
Total CO2e per FTE (tonnes)f | 1.93 | 1.82 | 2.25 | 2.28 | ||||||||||
Market-based emissions | ||||||||||||||
Scope 2 CO2e market-based emissions (tonnes)d | 3,767 | 13,400 | 6,400 | 48,192 | ||||||||||
Total gross Scopes 1 and 2 (market-based) emissions (tonnes) | 19,451 | 35,386 | 21,739 | 69,704 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 50 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 51 |
Person interested | Number of Barclays Shares | % of total voting rights attaching to issued share capitala | Nature of holding (direct or indirect) | ||||||||
BlackRock Incb | 944,022,209 | 5.78 | indirect | ||||||||
Qatar Holding LLCc | 1,017,455,690 | 5.99 | direct |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 52 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 53 |
Contents | |||||
▪Annual statement | 54 | ||||
▪Remuneration philosophy | 59 | ||||
▪Fair Pay at a glance | 61 | ||||
▪Employee remuneration policy summary | 62 | ||||
▪Directors’ remuneration policy summary | 63 | ||||
▪Annual report on Directors’ remuneration | 67 |
Member | Meetings attended/eligible to attend (including ad hoc meetings) | ||||
Brian Gilvary | 7/7 | ||||
Crawford Gillies | 2/2 | ||||
(1 Jan 2021–28 Feb 2021) | |||||
Dawn Fitzpatrick | 3/3 | ||||
(from 1 July 2021 onwards) | |||||
Mary Francis | 7/7 | ||||
Tim Breedon | 5/5 | ||||
(1 Jan 2021–31 Oct 2021) |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 54 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 55 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 56 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 57 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 58 |
Philosophy | |||||
Attract and retain talent needed to deliver Barclays’ strategy | Long-term success depends on the talent of our employees. This means attracting and retaining an appropriate range of talent to deliver against our strategy, and paying the right amount for that talent. | ||||
Align pay with investor and other stakeholder interests | Remuneration should be designed with appropriate consideration of the views, rights and interests of stakeholders. This means listening to our shareholders, other investors, regulators, government, customers and employees and ensuring their views are appropriately represented in remuneration decision-making. | ||||
Reward sustainable performance | Sustainable performance means making a positive and enduring difference to investors, customers and communities, taking pride in leaving things better than we found them and playing a valuable role in society. | ||||
Support Barclays’ Values and culture | Results must be achieved in a manner consistent with our Values. Our Values, culture and Mindset should drive the way that business is conducted. | ||||
Align with risk appetite, risk exposure and conduct expectations | Designed to reward employees for achieving results in line with the Group’s risk appetite and conduct expectations. | ||||
Be fair, transparent and as simple as possible | We are committed to ensuring pay is fair, simple and transparent for all our stakeholders. All employees and stakeholders should understand how we reward our employees and fairness should be a lens through which we make remuneration decisions. |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 59 |
Code requirements | How the Committee has addressed the requirement | ||||
Clarity – remuneration arrangements should be transparent and promote effective engagement with shareholders and the workforce | –Developed a clear remuneration philosophy with aligned policies and practices for Executive Directors and the wider workforce –Our Fair Pay Report, which sets out how pay fairness is central to what we stand for, is used to engage with our shareholders and our colleagues –Regular consultation on remuneration with our largest institutional shareholders | ||||
Simplicity – remuneration structures should avoid complexity and their rationale and operation should be easy to understand | –Clear disclosure of rationale for and operation of each element of the DRP –Executive Directors incentivised via annual bonus with deferral and LTIP –Prospective disclosure of bonus metrics and LTIP targets, and full retrospective disclosure of outcomes against financial and non-financial targets and criteria, with full supporting commentary | ||||
Risk – remuneration arrangements should ensure reputational and other risks from excessive rewards, and behavioural risks that can arise from target-based incentive plans, are identified and mitigated | –Assessment of 'What' and 'How' performance is achieved –Ex-ante and ex-post risk factored into the assessment of business performance –Significant deferral into shares, to align with shareholder experience –Committee discretion to adjust all variable remuneration outcomes –Malus and clawback provisions apply to all elements of variable remuneration | ||||
Predictability – the range of possible values of rewards to individual Directors and any other limits or discretions should be identified and explained at the time of approving the policy | –Regulatory caps on incentive outcomes –Scenario charts illustrate potential pay-outs under each element of the DRP –Key areas of Committee discretion clearly outlined in the DRP | ||||
Proportionality – the link between individual awards, the delivery of strategy and the long-term performance of the company should be clear. Outcomes should not reward poor performance | –Annual bonus and LTIP measures reviewed each year to maintain alignment to strategic priorities / KPIs –Significant deferral into shares, to align with shareholder experience –Committee discretion, malus and clawback provisions apply to all elements of variable remuneration, to ensure risk-alignment for the Executive Directors | ||||
Alignment to culture – incentive schemes should drive behaviours consistent with company purpose, values and strategy | –The Committee reviews all policies and practices, including incentive schemes, ensuring alignment to the Group's Purpose, Values, Mindset and conduct expectations –Key aspect of remuneration philosophy is rewarding sustainable performance –Executive Directors' bonus and LTIP based on a balanced scorecard of financial and non-financial measures, with financial measures aligned to external financial targets and non financial measures aligned to supporting Customers and clients, Colleagues and Society –Commitment to pay fairness across the workforce –Executive Director remuneration outcomes considered in the context of outcomes across the wider workforce |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 60 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 61 |
Element | Operation | |||||||||||||
Salary | Salaries reflect individuals’ skills and experience and are reviewed annually. They are increased where justified by role change, increased responsibility or a change in the appropriate market rate. Salaries may also be increased in line with local statutory requirements and in line with union and works council commitments. We have been a real living wage employer in the UK since 2013, and continue to work with the Fair Wage Network to complete an annual review of our pay levels against living wage benchmarks across locations globally. | |||||||||||||
Role Based Pay (RBP) | A small number of senior employees (c.1% UK employees) receive a class of Fixed Pay called RBP to recognise the seniority, scale and complexity of their role. This may change where justified by role or responsibility change or a change in the appropriate market rate. | |||||||||||||
Pension and benefits | The provision of a competitive package of benefits is important to attracting and retaining the talent needed to deliver Barclays’ strategy. Employees have access to a range of country-specific company-funded benefits, including pension schemes, healthcare, life assurance and other voluntary employee-funded benefits. Employer pension contributions for the UK workforce are at least at the level of those for the Executive Directors, and are set at a minimum of 10% of salary (a minimum of 12% for more junior colleagues). | |||||||||||||
Annual bonus | Annual bonuses incentivise and reward the achievement of Group, business and individual objectives, and reward employees for demonstrating individual behaviours in line with Barclays’ Values and Mindset. All employees are considered, subject to eligibility criteria. For senior employees, an appropriate proportion of their annual bonus is deferred to future years. Deferred bonuses are generally delivered in equal portions as deferred cash and shares. They are subject to either a three, four, five or seven-year deferral period (and for MRTs further holding periods of six or 12 months for deferrals in shares) in line with regulatory requirements. Consistent with regulation, the remuneration of MRTs is subject to the 2:1 maximum ratio of variable to fixed remuneration. | |||||||||||||
Share plans | We encourage wider employee share ownership through the all-employee share plans, with plans available to 99% of colleagues globally. | |||||||||||||
Performance management | Performance assessment is based on two core dimensions: ‘what’ has been delivered against agreed individual, team and business objectives, as well as ‘how’ this has been achieved in line with our Barclays’ Values and Mindset. Both dimensions are assessed and rated independently of each other with no requirement to have an overall rating. This reinforces the equal importance of the ‘what’ and ‘how’. | |||||||||||||
Risk and conduct | Risk and conduct is taken seriously at Barclays and the Committee ensures that there are in-year adjustments, malus or clawback applied to individual remuneration, where appropriate. In addition to individual adjustments, the Committee considers collective adjustments to the incentive pool for risk and conduct. For 2021, the total impact of risk and conduct-related collective adjustments is a reduction of c.£95m. |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 62 |
Element and purpose | Operation | |||||||||||||
Fixed Pay | Fixed Pay is determined based on the individual’s role, skills and experience with reference to market practice and market data (on which the Committee receives independent advice). Delivered 50% in cash (paid monthly) and 50% in shares. The shares are delivered quarterly and are subject to a holding period with restrictions lifting over five years (20% each year). As the Executive Directors beneficially own the shares, they will be entitled to any dividends paid on those shares. Increases will normally be aligned to the annual increase for UK employees, and will take into account changes in responsibilities and market conditions. | |||||||||||||
To reward skills and experience appropriate for the scale, complexity and responsibilities of the role and to provide the basis for a competitive remuneration package | ||||||||||||||
Pension | Delivered as an annual cash allowance in lieu of participation in a pension arrangement. The maximum annual cash allowance is 5% of Fixed Pay (equivalent to 10% of fixed cash). | |||||||||||||
To enable Executive Directors to build long-term retirement savings | ||||||||||||||
Benefits | A number of benefits are provided including, but not restricted to, private medical cover, annual health check, life and ill health income protection, and use of a Company vehicle and driver when required for business purposes (including any tax liabilities that may arise from this benefit). The maximum value of benefits is determined by the nature of the benefit itself and costs of provision may depend on external factors, e.g. insurance costs. | |||||||||||||
To provide a competitive and cost-effective benefits package appropriate to the role and location | ||||||||||||||
All-employee share plans | Executive Directors are entitled to participate in: (i) Barclays Sharesave under which they can make monthly savings out of post-tax pay over a period of three or five years linked to the grant of an option over Barclays’ shares which can be at a discount of up to 20% on the share price set at the start. (ii) Barclays Sharepurchase under which they can make contributions (monthly or lump sum) out of pre-tax pay (if based in the UK) which are used to acquire Barclays’ shares. | |||||||||||||
To provide an opportunity for Executive Directors to voluntarily invest in the Company through UK HMRC employee tax advantaged share schemes | ||||||||||||||
Annual bonus | The maximum annual bonus opportunity is 93% of Fixed Pay (cash and shares) for the Group Chief Executive and 90% of Fixed Pay (cash and shares) for the Group Finance Director. Individual bonuses are entirely discretionary (any amount may be awarded from zero to the maximum value) and decisions are based on the Committee’s judgement of Executive Directors’ performance in the year, measured against Group and personal objectives. Delivered as a combination of cash and shares, a proportion of which may be deferred and/or subject to a holding period. Deferral proportions and vesting profiles will be structured so that, in combination with any LTIP award, the proportion of variable pay that is deferred is no less than that required by regulations (currently 60%). Non-deferred cash components of any bonus are paid following the performance year to which they relate, normally in March. Non-deferred share bonuses are subject to a holding period (after the payment of tax) in line with regulations and with release no faster than permitted by regulations (currently one year). Deferred share bonuses are structured so that no deferred shares vest faster than permitted by regulations. Vesting is also subject to the provisions of the plan rules including employment and the malus and clawback provisions. Any shares that vest are subject to an additional holding period (after payment of tax) in line with regulations and release no faster than permitted by regulations (currently one year). The Committee will consider the previously disclosed financial and non-financial (including personal objectives) measures in determining the annual bonus for the Executive Directors. Financial factors will guide at least 60% of the bonus opportunity. The Committee has the discretion to vary the measures and their respective weightings within each category. The measures and weightings will be disclosed annually as part of the annual report on Directors’ remuneration, at the beginning of the performance year (typically February). | |||||||||||||
To reward delivery of short-term financial targets set each year, the individual performance of the Executive Directors in achieving those targets, and their contribution to delivering Barclays’ strategic objectives Delivery in part in shares with holding period increases alignment with shareholders Deferred bonuses encourage longer-term focus and retention |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 63 |
Element and purpose | Operation | |||||||||||||
Long Term Incentive Plan (LTIP) award | The maximum annual LTIP award for the Group Chief Executive is 140% of Fixed Pay (cash and shares) and 134% of Fixed Pay (cash and shares) for the Group Finance Director. LTIP awards are made by the Committee following discussion of recommendations made by the Chairman (for the Group Chief Executive’s LTIP award) and by the Group Chief Executive (for other Executive Directors’ LTIP awards) based on satisfactory performance over the prior year. LTIP awards are structured so that when combined with the annual bonus the proportion of variable pay that is deferred is no less than that required by regulations (currently 60%). No award vests before the third anniversary of grant and an award vests no faster than permitted by regulations (currently in five equal tranches with the first tranche vesting on or around the third anniversary of grant and the last tranche vesting on or around the seventh anniversary of the grant date). Any shares that vest are subject to an additional holding period (after payment of tax) in line with regulations, with restrictions lifting no faster than permitted by regulations (currently one year). Vesting is dependent on performance measures and service. Forward-looking performance measures will be based on financial performance and other long-term strategic measures. Measures and weightings will be set in advance of each grant. The Committee has discretion to change the weightings but financial measures will be at least 70% of the total opportunity. The Committee has discretion, and in line with the plan rules approved by shareholders, in exceptional circumstances to amend targets, measures, or the number of awards if an event happens (for example, a major transaction) that, in the opinion of the Committee, causes the original targets or measures to be no longer appropriate or such adjustment to be reasonable. The Committee also has the discretion to reduce the vesting of any award, including to nil, if it deems that the outcome is not consistent with performance delivered. | |||||||||||||
To incentivise execution of Barclays’ strategy over a multi-year period. Long-term performance measurement, deferral and holding periods encourage a long-term view and align Executive Directors’ interests with those of shareholders | ||||||||||||||
Risk and conduct adjustment, malus and clawback | Any bonus or LTIP awarded is subject to malus and clawback provisions. The malus provisions enable the Committee to reduce the amount of unvested bonus or LTIP (including to nil) prior to vesting in specified circumstances, including, but not limited to: | |||||||||||||
Malus and clawback provisions discourage excessive risk taking and inappropriate behaviours | ||||||||||||||
▪a participant deliberately misleading Barclays, the market and/or shareholders in relation to the financial performance of the Barclays Group ▪a participant causing harm to Barclays’ reputation or where his/her actions have amounted to misconduct, incompetence or negligence ▪a material restatement of the financial statements of the Barclays Group or any subsidiary, or the Group or any business unit suffering a material downturn in its financial performance ▪a material failure of risk management in the Barclays Group ▪a significant deterioration in the financial health of the Barclays Group. | ||||||||||||||
The clawback provisions enable amounts to be recovered after they have vested (for a period of seven years from grant/10 years in circumstances where a relevant investigation is ongoing at the end of the initial seven-year period) where (i) a participant’s actions or omissions have amounted to misbehaviour or material error and/or (ii) Barclays or the relevant business unit has suffered a material failure of risk management. | ||||||||||||||
Shareholding requirement | Executive Directors have a contractual obligation to build up a shareholding equivalent to the maximum variable pay opportunity within five years from the date of appointment as Executive Director. Executive Directors will have a reasonable period to build up to this requirement again if it is not met because of a significant share price depreciation. Executive Directors also have a contractual obligation to maintain their shareholding for two years following the last day of active service. Shares that count towards the requirement are beneficially owned shares including any vested share awards subject only to holding periods (including vested LTIPs, vested deferred share bonuses, Fixed Pay shares, and any legacy RBP shares). Shares from unvested deferred share bonuses and unvested LTIPs do not count towards the requirement during employment, but will count towards post-termination requirements (net of tax) provided that there are no remaining untested performance conditions. Shareholding requirement for the Group Chief Executive is a minimum of 233% of Fixed Pay and for the Group Finance Director is 224% of Fixed Pay. | |||||||||||||
To further enhance the alignment of shareholders’ and Executive Directors’ interests in long-term value creation | ||||||||||||||
Outside appointments | Executive Directors may accept one Non-Executive Director Board appointment in another listed company. The Chairman’s approval must be sought before accepting an appointment. Fees may be retained by the Executive Director. | |||||||||||||
To encourage self-development | ||||||||||||||
Discretion | In addition to the various operational discretions that the Committee can exercise in the performance of its duties (including those discretions set out in the Company’s share plans), the Committee reserves the right to make either minor or administrative amendments to the policy to benefit its operation or to make more material amendments in order to comply with new laws, regulations and/or regulatory guidance. The Committee would only exercise this right if it believed it was in the best interests of the Company to do so and where it is not possible, practicable or proportionate to seek or await shareholder approval in a General Meeting. |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 64 |
Element | Operation | |||||||||||||
Fixed Pay | Determined by skills and experience appropriate for the scale, complexity and responsibilities of the role, and by market practice, market conditions and ability to recruit. In line with financial regulations, Fixed Pay is a derivative of total compensation opportunity. Executive Directors’ total compensation is benchmarked against comparable roles in the following banks: Bank of America, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, HSBC, JP Morgan Chase & Co, Lloyds, Morgan Stanley, Standard Chartered and UBS. The Committee may amend the list of comparator companies to ensure it remains relevant to Barclays or if circumstances make this necessary (for example, as a result of takeovers or mergers). Fixed Pay will only exceed amounts paid to current Executive Directors, as considered reasonable by the Committee, by reference to these factors. Once appointed, increases will normally be aligned to the annual increase for UK employees, and will take into account changes in responsibilities and market conditions. | |||||||||||||
Determined by skills, experience, market practice, market conditions and ability to recruit | ||||||||||||||
Pension | In line with policy. | |||||||||||||
Benefits | In line with policy. | |||||||||||||
Annual bonus | In line with policy. | |||||||||||||
LTIP award | In line with policy. |
Element | Operation | |||||||||||||
Notice period in Executive Directors' service contracts | For existing Executive Directors, 12 months' notice from the Company and six months' notice from the Executive Director. For new Executive Director hires, six months’ notice from the Company and six months’ notice from the Executive Director. Executive Directors may be required to work during the notice period or may be placed on garden leave or, if not required to work the full notice period, may be provided with pay in lieu of notice (subject to mitigation where relevant). | |||||||||||||
Pay during notice period or payment in lieu of notice per service contracts | Fixed Pay payable and continuation of pension allowance and other contractual benefits while an employee during notice period. | |||||||||||||
Treatment of annual bonus on termination | No automatic entitlement to bonus on termination, but may be considered at the Committee’s discretion, pro-rated for service, and subject to performance measures being met. No bonus would be payable in the case of gross misconduct or resignation. | |||||||||||||
Treatment of unvested deferred bonus awards | In the case of death or if the Executive Director is an ‘eligible leaver’ the Executive Director would continue to be eligible to be considered for unvested portions of deferred awards, subject to the rules of the relevant plan, unless the Committee determines otherwise in exceptional circumstances. ‘Eligible leaver’ is defined as leaving due to injury, disability or ill health, retirement, redundancy, the business or company which employs the Executive Director ceasing to be part of the Group or the employer terminating employment, other than in circumstances which amount to gross misconduct or dismissal for cause. In addition, the Committee will apply its discretion to treat resignation on or after the fifth anniversary of the date of grant as ‘eligible leaver’ status. Outstanding deferred bonus awards would lapse if the Executive Director leaves by reason of resignation prior to the fifth anniversary, is terminated for gross misconduct or cause, or is otherwise not designated an ‘eligible leaver’. Deferred awards are subject to malus provisions which enable the Committee to reduce the vesting level of deferred bonuses (including to nil) and once vested are subject to clawback provisions (as described above). |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 65 |
Element | Operation | |||||||||||||
Treatment of unvested awards under the LTIP | In the case of death or if the Executive Director is an ‘eligible leaver’ the Executive Director would continue to be entitled to be considered for an award. ‘Eligible leaver’ is defined as leaving due to injury, disability or ill health, retirement, redundancy, the business or company which employs the Executive Director ceasing to be part of the Group or for any other reason if the Committee decides at its discretion. In addition, the Committee will apply its discretion to treat resignation on or after the fifth anniversary of the date of grant as ‘eligible leaver’ status. In an ‘eligible leaver’ situation, awards may be considered for release on the scheduled release date. On death, awards are accelerated. In both cases, awards are pro-rated for time (over the whole performance period, including the assessment period prior to grant) and performance, subject to the Committee’s discretion to determine otherwise, in accordance with the plan rules, as amended from time to time. After release, the shares are subject to an additional holding period to the extent required by regulations (currently a minimum 12-month holding period applies). Outstanding unvested awards under the LTIP would lapse if the Executive Director leaves by reason of resignation prior to the fifth anniversary, is terminated for gross misconduct, or is otherwise not designated an ‘eligible leaver’. Awards are subject to malus provisions which enable the Committee to reduce the vesting level of awards (including to nil) and once vested, awards are subject to clawback provisions (as described above). | |||||||||||||
Repatriation | Except in the case of gross misconduct or resignation, where an Executive Director has been relocated at the commencement of employment, the Company may pay for the Executive Director’s repatriation costs in line with Barclays’ general employee mobility policy including temporary accommodation, payment of removal costs and relocation flights for the Executive Director, spouse and children. The Company will pay the Executive Director’s tax on the relocation costs but will not tax equalise and will also not pay tax on his or her other income relating to the termination of employment. | |||||||||||||
Other | Except in the case of gross misconduct or resignation, the Company may pay for the Executive Director’s legal fees and tax advice relating to the termination of employment and provide outplacement services. The Company may pay the Executive Director’s tax on these particular costs. |
Element and purpose | Operation | |||||||||||||
Fees Reflect individual responsibilities and membership of Board Committees and are set to attract Non-Executive Directors who have relevant skills and experience to oversee the implementation of our strategy | The Chair is paid an all-inclusive fee for all Board responsibilities. The Chair has a time commitment equivalent of up to 80% of a full-time role. The other Non-Executive Directors receive a basic Board fee, with additional fees payable where individuals serve as a member or Chair of a Committee of the Board and some Non-Executive Directors may also receive fees as directors of subsidiary companies of Barclays PLC. Fees are periodically reviewed by the Board against those for Non-Executive Directors in companies of similar size and complexity. | |||||||||||||
Benefits | The Chair is provided with private medical cover subject to the terms of the Barclays’ scheme rules from time to time, and is provided with the use of a Company vehicle and driver when required for business purposes (including settlement of any tax liabilities that may arise from this benefit). Benefits which are minor in nature and in any event do not exceed a cost of £500 may be provided to Non-Executive Directors in specific circumstances. Non-Executive Directors are not eligible to join Barclays’ pension plans. | |||||||||||||
To provide a competitive and cost-effective benefits package appropriate to the role and location | ||||||||||||||
Shareholding requirement | Per annum £100,000 of the Chair’s and £30,000 for each of the Non-Executive Directors’ gross fees (before deduction of tax and other statutory deductions) are used to purchase Barclays’ shares which are retained on the Non-Executive Director’s behalf until they retire from the Board. |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 66 |
1) Fixed Pay £000 | 2) Pension £000 | 3) Taxable benefits £000 | Total Fixed Pay £000 | 4) Annual bonus £000 | 5) LTIP £000 | Total variable pay £000 | Total £000 | ||||||||||||||||||||||
C.S. Venkatakrishnana | 2021 | 450 | 23 | 6 | 479 | 395 | –b | 395 | 874 | ||||||||||||||||||||
2020 | – | – | – | – | – | – | – | – | |||||||||||||||||||||
Tushar Morzaria | 2021 | 1,688 | 84 | 52 | 1,824 | 1,467 | 1,902c | 3,369 | 5,193 | ||||||||||||||||||||
2020 | 1,650d | 123 | 58 | 1,831 | 573 | 504e | 1,077 | 2,908 | |||||||||||||||||||||
Jes Staleyf | 2021 | 1,975 | 99 | 47 | 2,121 | –g | –g | –g | 2,121 | ||||||||||||||||||||
2020 | 2,350d | 215 | 64 | 2,629 | 843g | 748e,g | 1,591g | 4,220 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 67 |
Threshold | Maximum | 2021 Actual | C.S. Venkatakrishnan | Tushar Morzaria | ||||||||||||||||||||||
Weighting | 2021 Outcome | Weighting | 2021 Outcome | |||||||||||||||||||||||
Profit before tax (excluding material items), with CET1 ratio underpin | £3.2bn | £6.0bn | £9.1bna,b | 62.5 | % | 62.5 | % | 50.0 | % | 50.0 | % | |||||||||||||||
Cost: income ratio (excluding material items) | 68.0 | % | 63.0 | % | 62.9%a,b | 12.5 | % | 12.5 | % | 10.0 | % | 10.0 | % | |||||||||||||
Strategic non-financial | Performance against strategic measures, organised around three main categories: Customers and clients, Colleagues and Society | 25.0 | % | 19.4 | % | 20.0 | % | 15.5 | % | |||||||||||||||||
Personal | Individual performance against each of the Executive Director's personal objectives assessed by the Committee | n/a | n/a | 20.0 | % | 19.0 | % | |||||||||||||||||||
Total | 100.0 | % | 94.4 | % | 100.0 | % | 94.5 | % | ||||||||||||||||||
Final 2021 annual bonus outcome following Committee discretion | 94.4 | % | 94.5 | % |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 68 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 69 |
Measure | Criteria | Performance | Commentary | Outcome | |||||||||||||||||||
Diversity | 28% females at Managing Director and Director level by 2021 | 28% in 2021, increasing from 26.5%a in 2020 | –Achieved our target by the end of 2021 –For the UK, the equivalent was 30% at the end of 2021 | On track | |||||||||||||||||||
Inclusion | Improve inclusion indicators | Inclusion Index from Your View survey 79% (2020: 76%) | –88% of colleagues told us that they feel included in their team (2020: 89%) –82% of colleagues told us they believe that senior leaders are truly committed to building a diverse workforce (2020: 82%) | Slightly ahead of track | |||||||||||||||||||
Engagement | Maintain engagement at healthy levels | Employee Engagement score from Your View survey 82% (2020: 83%) 83% of colleagues believe they have been able to balance their personal and work-life demands, up 5 percentage points on last year (2020: 78%) | –Overall Wellbeing Index score of 84% (new for 2021), while 88% of colleagues said that their line managers are supporting their efforts to maintain their wellbeing (2020: 88%) –83% of employees would recommend Barclays as a good place to work (2020: 87%) | On track | |||||||||||||||||||
Conduct and Culture | Maintain culture and conduct indicators | 92% of employees in Your View survey believe that they and their team role model the Values (2020: 94%) 89% of employees in Your View survey believe that they and their team role model the Mindset (new for 2021) | –Slight improvement in percentage of employees who said they feel it is “safe to speak up at Barclays”, up one percentage point on 2020 –Vast majority of colleagues believe that they and their teams role-model the Values and Mindset every day | On track | |||||||||||||||||||
Supporting Colleagues during COVID-19 | Put financial resilience to use in supporting colleagues | Supported colleagues with full pay for COVID-related absence and enhanced medical support | –Provided salary advances and supplemented medical cover to support colleagues in India through the impact of COVID-19 –In the US, ensured that any treatments related to COVID-19 were 100% covered under medical insurance –Enhanced medical benefits in the US, and offered medical insurance at a lower cost for junior colleagues in the US | Ahead of track | |||||||||||||||||||
Total Colleagues: 4.5% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 70 |
Measure | Criteria | Performance | Commentary | Outcome | |||||||||||||||||||
Green financing | Progress towards our commitment to facilitate £100bn of green financing by 2030 | £29.8bn (£17.6bn in 2020) | –Significant increase in green financing, up 69% from 2020, with a total of £62.2bn of green financing facilitated since 2018 against our 2030 target of £100bn –Social, Environment and Sustainability linked financing commitment of £150bn for 2018-2025 delivered four years early in 2021. On a cumulative basis, £193.3bn facilitated from 2018 to the end of 2021 –Invested £30m in sustainability-focused start-ups through our Sustainable Impact Capital programme | Ahead of track | |||||||||||||||||||
Emissions financing | Deliver against our near-term financing emissions targets (2025) 30% reduction in power portfolio emissions intensity 15% reduction in energy portfolio absolute emissions | Power portfolio emissions intensity (in KgCO2/MWh): 8% down versus 2020 Energy portfolio absolute emissions (in MtCO2): 22% down versus 2020 | –First year of measuring the reduction in client emissions that we finance using our BlueTrack™ methodology (launched in late 2020) –Currently ahead of target for Energy and on-track for Power, though progress is likely to be non-linear and will be reflective of the specific pathways that companies take | On track | |||||||||||||||||||
Global greenhouse gas (GHG) emissions reduction in our operations | GHG scope 1 and 2 emissions (market-based) reduced against 2018 baseline by 80% by 2021 | 86% reduction against 2018 baseline | –Exceeded our target of 80% reduction in our GHG scope 1 and 2 emissions (market-based) –Carbon neutral since 2020, compensating any remaining emissions by purchasing carbon credits | Ahead of track | |||||||||||||||||||
Renewable electricity | 90% renewable electricity by 2021; 100% by 2030 at the latest | 94% (2020: 79%) | –Surpassed our target of procuring 90% of our electricity from renewable sources by 2021 | Slightly ahead of track | |||||||||||||||||||
LifeSkills – people upskilled | 10 million people upskilled (2018-2022) | 2.9 million people upskilled in 2021 (2020: 2.3million) | –Strong progress in 2021. 9.8m people upskilled since 2018 against a 10m target by the end of 2022 | Ahead of track | |||||||||||||||||||
LifeSkills – people placed into work | 250,000 people placed into work (2019-2022) | 77,100 people placed into work in 2021 (2020: 49,700) | –Strong progress in 2021. 193,400 people placed into work since 2019 against a 250,000 target by the end of 2022 | Slightly ahead of track | |||||||||||||||||||
Unreasonable Impact (partnership with the Unreasonable Group) | 250 businesses solving social and environmental challenges to be supported (2016-2022) | 216 growth-stage ventures had joined the programme by end of 2021 | –Good progress in 2021 –Barclays and Unreasonable Group celebrated five years of partnership, with Unreasonable Impact now supporting 216 growth-stage ventures solving social and environmental challenges and collectively supporting thousands of jobs across the world | On track | |||||||||||||||||||
Total Society: 6.0% | |||||||||||||||||||||||
Overall strategic non-financial outcome for C.S. Venkatakrishnan (scaled up to be out of a maximum possible 25%) | 19.4% | ||||||||||||||||||||||
Overall strategic non-financial outcome for Tushar Morzaria (out of a maximum possible 20%) | 15.5% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 71 |
Shared objectives for Tushar Morzaria and Jes Staley | Outcomesa | ||||
Deliver improving shareholder returns, with a focus on RoTE | –Benefits of Barclays’ diversified business model continue to be demonstrated and all operating divisions delivered double-digit returns –Delivered a record Group profit before tax of £8.4bn (2020: £3.1bn) and achieved a Group RoTE of 13.4% (2020: 3.2%) aligned with our medium-term target of greater than 10% –Substantially increased returns to shareholders, equivalent to 15.0p per share, consisting of a total dividend of 6.0p per share and £1.5bn announced share buybacks in respect of 2021 | ||||
Maintain robust capital ratios across the Group and within the main operating entities | –Strong capital position has been maintained, with the Group’s CET1 ratio 15.1% at year end (2020: 15.1%) –Similarly strong capital ratios prevail in all main operating entities: at 31 December 2021, Barclays Bank PLC’s CET1 ratio was 13.0% and Barclays Bank UK PLC’s CET1 ratio was 15.2%, in each case exceeding regulatory minimums | ||||
Seek opportunities for further cost efficiencies, enabling reinvestment into strategic priorities and growth initiatives | –Strong control of costs; total operating expenses were flat at £12.0bn excluding structural cost actions and performance costs. This has enabled investment spend on: strategic investments; technology and digital; cyber, fraud and regulatory controls; and amortisation of capitalised costs –Efficiency savings were achieved in 2021 from: technology productivity; process optimisation; smart procurement; and the real estate strategy –Structural cost actions in 2021 totalled £648m, with cost savings expected to be realised from 2023 onwards | ||||
Optimise partnerships within the Group to deliver the whole of Barclays to our clients | –The Power of One Barclays is about colleagues uniting across businesses to put our clients' needs, opportunities and experience first. For example, the Green Structured Notes programme, launched as a partnership between Equities and Treasury, embodies the Power of the One Barclays philosophy to expand our green product offering for clients –The Group Chief Executive was involved in a number of key Power of One Barclays client meetings and client pitches, which assisted in securing new client business including one of the largest IPOs within the Financial Institutions Group in 2021 | ||||
Continue to drive our technology agenda across the Group to support improving customer and client experience | –The continuing shift towards digital adoption and demand for digital financial services has helped accelerate our digital agenda, and our focus on creating new business models built around digital customer engagement –We continued to enhance the Barclays App, reaching 10m registrations and over 3 billion logins. Customers cannot only transact and pay in the App but can complete hundreds of journeys end-to-end digitally, e.g. card management ‘on-the-go’ and ‘in-app support’ for those requiring assistance making credit card repayments –During 2021, we launched a first-of-its-kind payment option, known as Instalments for Amazon, allowing UK consumers to access a line of credit for their basket of purchases following a simple and quick, one-time application process | ||||
Drive growth in fee-based, technology-led annuity businesses with lower capital intensity | –Good progress had been made in leveraging the investment we have made in our payments capabilities, and our aim is to deliver an additional £900m of income from payments activity by 2023 –Successfully established new partnerships, including a long-term partnership agreement with Gap Inc., significant new client relationships, with Center Parcs and the UK Ministry of Defence, and expanded our relationship with Amazon |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 72 |
Tushar Morzaria’s objectives | Outcomesa | ||||
Continue to optimise financial management and reporting (particularly through technology) to drive benefits across the Group | –Significant efficiency gains achieved by leveraging data science and advanced analytics, resulting in more resilient, scalable processes, strengthened controls and accelerated financial reporting –Migration of key reporting to a leading cloud-based reporting platform, for production of external reports, system-based document editing and enhanced version control, driving efficiency and control –Empowered and upskilled colleagues using streamlined reporting and innovative technology, e.g. digital dashboards | ||||
Further improve capital productivity through enhancing capital allocation and the measurement of capital returns | –Barclays’ diversified business model delivered a record profit before tax of £8.4bn (2020: £3.1bn), attributable profit of £6.4bn (2020: £1.5bn), a RoTE of 13.4% (2020: 3.2%) and EPS of 37.5p (2020: 8.8p) –The Group Capital Returns Forum was integrated into the Treasury Committee during the year, creating greater alignment and enabling further progress on our capital productivity, measurement and allocation goals | ||||
Oversee the effective management of the risk and controls agenda across Group Finance, Strategy, Tax and Treasury | –Control Environment and Management Control Approach overall rated satisfactory for 2021 –Liquidity transformation programme on track and full BCBS compliance is planned for the end of 2022 | ||||
Retain focus on colleague agenda across Group Finance, Strategy, Tax and Treasury | –High levels of colleague engagement were maintained across Finance, at 82% (2020: 82%) –Strong progress again this year against three key areas of people focus: Skills for the Future; Wellbeing; and Diversity & Inclusion | ||||
Effectively manage relationships with key external stakeholders including regulators and investors | –Continued to maintain effective and open relationships with regulators and the investment community –High level of credibility with regulators, investors, analysts and rating agencies |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 73 |
Performance measure | Weighting | Threshold | Maximum vesting | Actuald | % of award vesting | ||||||||||||
Average return on tangible equity (RoTE) (excluding litigation and conduct and other material items)a, b | 50% | 10% of award vests for RoTE of 8.5% A CET1 underpin also applied | 50% of award vests for RoTE of 10.5% | 9.6% | 32.0% | ||||||||||||
2021 Cost: income ratio (excluding litigation and conduct and other material items)c | 20% | 4% of award vests for average cost: income ratio of 60% | 20% of award vests for Cost: income ratio of 58.5% | 62.1% | 0.0% | ||||||||||||
Risk scorecard (detailed below) | 15% | The Risk scorecard captures a range of risks and is aligned with the annual incentive risk alignment framework reviewed with the regulators. The current framework measures performance against three broad categories – Capital and liquidity, Control environment and Conduct – using a combination of quantitative and qualitative metrics | 11.5% | ||||||||||||||
Strategic non-financial (detailed on pages 69 and 70) | 15% | Performance is measured against the Strategic non-financial measures. The Committee determined the percentage of the award that may vest between 0% and 15%. The measures are organised around three equally weighted categories: Customers and clients, Colleagues and Society | 11.5% | ||||||||||||||
Total | 55.0% | ||||||||||||||||
Final 2019-2021 LTIP vesting outcome approved by the Committee | 55.0% |
Category | Performancea | Outcome | ||||||
Capital and liquidity | –Group CET1 ratio grew from 13.2% to 15.1% over the period, and remained comfortably above the regulatory minimum throughout –Stress tests show that the bank is positioned to withstand a period of deteriorating economic imbalances due to post COVID-19 heightened demand and climate transition pressures –Our Liquidity Coverage Ratio was significantly above the 100% regulatory requirement throughout the period | 4.5% | ||||||
Control environment | –The internal control environment continued to be strengthened, with most of the Group's operations achieving a ‘Satisfactory’ ratingb –Fraud, Transaction Operations, Information Security and Technology continue to be highlighted as key operational risk exposures | 3.0% | ||||||
Conduct | –Barclays overall operated within Conduct Risk tolerance throughout the period –Trading Entity conduct risk dashboards continued to evolve, to allow effective oversight and decision-making –The Group remains focused on the continuous improvements being made to manage risk effectively with an emphasis on enhancing governance and management information to identify risk at earlier stages | 4.0% | ||||||
Overall Risk scorecard outcome for the 2019-2021 LTIP | 11.5% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 74 |
Category | Measure | Criteria | Performance | Outcome | |||||||||||||||||||
Customers and clients | Investment Banking ranking Investment Banking fee share | Maintain client ranking and increase market share | –There was an increase in our Global Banking Fee Rank from 7th in 2018 to 6th in 2021, although fee share was down over the period (Source: Dealogic for the period covering 1 January 2018 to 31 December 2021) | 3.5% | |||||||||||||||||||
Global Markets ranking Global Markets revenue share | –Global Markets ranking has improved from 7th in 2018 to 6th in 2021 –Fee share has increased across the performance period (Source: Coalition Greenwich, Preliminary FY21 Competitor Analysis. Market share represents Barclays share of the Global Industry Revenue Pool. Analysis is based on Barclays internal business structure and internal revenues. Rank result is against the Coalition Index Banks. FY20 market share has been restated from last year’s published value based on latest analysis) | ||||||||||||||||||||||
Barclays UK NPS® Barclaycard UK NPS® US Consumer Bank NPS® | Improve (consider both absolute and relative performance) | –Barclays UK and Barclaycard UK NPS rankings have remained relatively consistent over the period, between 5th and 7th for Barclays UK (ending at 7th) and between 3rd and 4th for Barclaycard UK (ending at 3rd) –Although the absolute NPS score of BUK improved initially, it subsequently reduced in line with what has been observed for UK peers over the COVID-19 pandemic. Likewise, Barclaycard UK absolute NPS scores remained positive but reduced over 2020 and 2021 in line with peers –US consumer NPS reduced at the beginning of the period, improving over 2020 and 2021 | |||||||||||||||||||||
Barclays UK complaints reduction (ex PPI) | Reduce complaints | –Solid progress in complaints reduction in Barclays UK since 2018 –In 2021, reduction in customer complaints despite increase in customer transactions and interactions | |||||||||||||||||||||
Active App users (Barclays & Barclaycard) Digitally active customers CCP US Customer Digital Engagement | Increase digital engagement | –Significant increase in number of Barclays App users over the period from 6.2m in 2018 to 9.7m in 2021, with new features introduced throughout this period –Steady increase in BUK digitally active customers over the period –CCP US Customer Digital Engagement increased to 71.8% | |||||||||||||||||||||
Colleagues | Diversity % of females at Managing Director and Director level | 2021 target of 28% | –Achieved our women in senior leadership (Managing Directors and Directors) target of 28% for 2021, with steady increases each year, from 24% in 2018 –Equivalent figure for the UK is 30% | 3.5% | |||||||||||||||||||
Inclusion "I would recommend Barclays as a good place to work" | Maintain at healthy levels | –The percentage of colleagues who would recommend Barclays as a good place to work has remained at healthy levels throughout the period, 80% or above in each year –The Inclusion Index is at 79% for 2021 up from 76% in 2020, the first year it was introduced –By 2021, 92% of colleagues believed that they and their teams do a good job of role-modelling the Barclays Values every day – above 90% scored throughout the period | |||||||||||||||||||||
Employee engagement | Maintain at healthy levels | –Engagement levels across Barclays are now at 82%, up 3% percentage points on 2018 –87% of colleagues believe strongly in the goals and objectives of Barclays | |||||||||||||||||||||
"My team actively seeks feedback to understand customer and client expectations" | Maintain at healthy levels | –The percentage of colleagues who believe that their team actively seeks feedback to understand customer and client expectations has been maintained at a strong level (above 80%) throughout the period |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 75 |
% of Fixed Pay | Number of shares | Face value at grant | Performance period | |||||||||||
Tushar Morzaria | 134% | 1,536,078 | £2,211,000 | 2021-2023 | ||||||||||
Jes Staley | 140% | 2,285,706 | £3,290,000 | 2021-2023 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 76 |
Performance measure | Weighting | Threshold | Maximum vesting | ||||||||
2023 return on tangible equity (RoTE) (excluding material items)a | 25% | 0% of award vests for RoTE of 6.0%, rising on a straight-line basis | 25% of award vests for RoTE of 12.0% | ||||||||
Average cost: income ratio (excluding material items) | 10% | 0% of award vests for average cost: income ratio of 65.0%, rising on a straight-line basis | 10% of award vests for average cost: income ratio of 62.0% | ||||||||
Maintain CET 1 ratio within the target range | 10% | If CET1 is below MDA hurdleb +180bps during the period, the Committee will consider what portion of this element should vest, based on the causes of the CET1 reduction. If CET1 is above MDA hurdle +280bps but does not make progress towards the range over the period, the Committee will consider what portion of this element should vest, based on the reasons for the elevated levels of CET1 versus target range and the associated impacts. | CET1 ratio between 180bps and 280bps above MDA hurdle throughout the period, or CET1 ratio more than 280bps above MDA hurdle but making progress towards the target range during the period. | ||||||||
Relative Total Shareholder Return (TSR) | 25% | 6.25% of award vests for performancec at median of the peer groupd rising on a straight-line basis | 25% of award vests for performance at or above the upper quartile | ||||||||
Risk scorecard | 10% | The Risk scorecard captures a range of risks and is aligned with the annual incentive risk alignment framework shared with regulators. The current framework measures performance against three broad categories – Capital and liquidity, Control environment and Conduct – using a combination of quantitative and qualitative metrics. The framework may be updated from time to time in line with the Group’s risk strategy. Specific targets within each of the categories are deemed to be commercially sensitive. Retrospective disclosure will be made in the 2023 Remuneration Report, subject to commercial sensitivity no longer remaining. | |||||||||
Climate | 10% | The evaluation will focus on progress towards our ambition to be a net zero bank by 2050 including: | |||||||||
–our commitment to align our financing with the goals of the Paris Climate Agreement –our commitment to facilitate £100bn of green financing by 2030. | |||||||||||
There will be detailed retrospective narrative on progress over the period, including consideration of progress towards other relevant targets. Performance will be assessed by the Committee to determine the percentage of the award that may vest, between 0% and 10%. | |||||||||||
Strategic non-financial | 10% | The evaluation will focus on key performance measures from the Performance Measurement Framework, with a detailed retrospective narrative on progress throughout the period against each category. Performance against the strategic non-financial measures will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 10%. The measures are organised around three main categories: Customers and clients, Colleagues and Society (Citizenship). Each of the three main categories has equal weighting. Measures will likely include, but not be limited to, the following: | |||||||||
Customers and clients | |||||||||||
Drive world-class outcomes for customers and clients and continue to support them through the pandemic: improve Net Promoter Scores, reduce BUK customer complaints and improve resolution time, maintain client ranking and market share within CIB, increase digital engagement. | |||||||||||
Colleagues | |||||||||||
Protect and strengthen our culture through our Purpose, Values and Mindset: continue to improve diversity in leadership roles, improve inclusion indicators, maintain engagement at healthy levels and maintain culture and conduct indicators. | |||||||||||
Society (Citizenship) | |||||||||||
Drive a focus on the sustainable impact of our business: continue investing in our communities, including LifeSkills – upskilled in the UK, LifeSkills – placed into work globally and Unreasonable Impact. |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 77 |
2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | Implementation in 2022 | |||||||||||||||||||||||||
Fixed pay | Cash | C.S. Venkatakrishnan £2,780,000 Tushar Morzaria £1,775,000 | |||||||||||||||||||||||||||||||||
Shares | Restrictions lifting over 5 years | ||||||||||||||||||||||||||||||||||
Pension | Cash in lieu of pension | C.S. Venkatakrishnan £139,000 Tushar Morzaria £88,750 | |||||||||||||||||||||||||||||||||
Annual bonus | Performance period | Cash | C.S. Venkatakrishnan up to 93% of Fixed Pay Tushar Morzaria up to 90% of Fixed Pay | ||||||||||||||||||||||||||||||||
Shares | Holding period | ||||||||||||||||||||||||||||||||||
Shares | Holding period | ||||||||||||||||||||||||||||||||||
Shares | Holding period | ||||||||||||||||||||||||||||||||||
LTIP | Preliminary performance period | Performance period | Shares | Holding period | C.S. Venkatakrishnan up to 140% of Fixed Pay Tushar Morzaria up to 134% of Fixed Pay | ||||||||||||||||||||||||||||||
Shares | Holding period | ||||||||||||||||||||||||||||||||||
Shares | Holding period | ||||||||||||||||||||||||||||||||||
Shares | Holding period | ||||||||||||||||||||||||||||||||||
Shares | Holding period |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 78 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 79 |
Performance measure | Weighting | Metrics | ||||||
Profit before tax (excluding material items) | 50% | A performance target range has been set for this financial measure, which will be disclosed in the next Remuneration report. Pay-out of this element will also depend on the CET1 ratio at the end of the performance year. In line with regulatory requirements, if the CET1 ratio is below the MDR hurdle at the end of the performance year, the Committee will consider what part if any of this element should pay out. | ||||||
Cost: income ratio (excluding material items) | 10% | A performance target range has been set for this financial measure, which will be disclosed in the next Remuneration report. | ||||||
Strategic non-financial The evaluation will focus on a range of key metrics across stakeholder groups, with a detailed retrospective narrative on progress against each category throughout the period. Performance against the measures will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 25%. Each of the three main categories is weighted as shown. | 25% | The measures are organised around three main categories and measures will likely include, but not be limited to, the following: Customers and clients (weighted 7.5%) – drive world class outcomes for customers and clients: –Improve Net Promoter Scores –Reduce BUK customer complaints and improve resolution time –Maintain client ranking and market share within CIB –Increase digital engagement Colleagues (weighted 7.5%) – protect and strengthen our culture through our Purpose, Values and Mindset: –Continue to improve diversity in leadership positions –Improve inclusion indicators –Maintain engagement at healthy levels –Maintain culture and conduct indicators Climate and sustainability (weighted 10%) – progress to be measured against four key objectives: –Progress towards our green financing commitments –Reduce operational and supply chain carbon footprint and increase use of renewable energy –Deliver the strategy to achieve our ambition to be a net zero bank by 2050 and to align our financing with the Paris Agreement –Continue to invest in our communities | ||||||
Personal | 15% | Joint personal objectives: –Deliver improving shareholder returns, with a focus on RoTE –Maintain robust capital ratios across the Group and within the main operating entities –Actively deploy the range of Barclays' businesses and capabilities to support customers and clients as we collectively transition to a low carbon economy –Continue to deliver sustainable growth in the Corporate and Investment Bank –Continue to drive our technology agenda across the Group to support improving customer and client services and experience C.S. Venkatakrishnan: –Ensure a continued focus on customer and client outcomes –Continue to embed the Mindset across the organisation in support of our Purpose –Continue to develop a high-performing culture in line with our Values, with a focus on employee engagement, succession planning, talent and diversity –Empower the effective management of the risk and controls agenda –Effectively manage relationships with key external stakeholders and society more broadly Tushar Morzaria: –Continue to optimise financial management and reporting (particularly through technology) to drive benefits across the Group –Continue to progress the transformation of the Treasury function, including strategic treasury and liquidity platforms –Oversee the effective management of the risk and controls agenda across Group Finance, Strategy, Tax and Treasury –Retain focus on the colleague agenda across Group Finance, Strategy, Tax and Treasury, driving employee engagement, continuing to improve diversity, developing senior talent and succession planning –Effectively manage relationships with key external stakeholders including regulators and investors |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 80 |
Performance measure | Weighting | Threshold | Maximum vesting | ||||||||
Average return on tangible equity (RoTE) (excluding material items)a | 25% | 0% of award vests for RoTE of 7.0%, rising on a straight-line basis | 25% of award vests for RoTE of 11.0% or higher | ||||||||
Average cost: income ratio (excluding material items) | 10% | 0% of award vests for average cost: income ratio of 65.0%, rising on a straight-line basis | 10% of award vests for average cost: income ratio of 59.0% or lower | ||||||||
Maintain CET1 ratio within the target range | 10% | If CET1 is below the MDA hurdleb + 190 bps during the period, the Committee will consider what portion of this element should vest, based on the reasons for the CET1 shortfall If CET1 is above MDA hurdle + 290bps but does not make progress towards the range over the period, the Committee will consider what portion of the element should vest, based on the reasons for the elevated levels of CET1 versus target range and the associated impacts | If CET1 is between 190bps and 290bps above the MDA hurdle throughout the period or If CET1 is above the MDA hurdle +290bps but making progress towards the target range | ||||||||
Relative Total Shareholder Return (TSR)c | 25% | 6.25% vests for performance at the median of the peer groupd, rising on a straight-line basis | 25% of award vests for performance at or above the peer group upper quartile | ||||||||
Strategic non-financials | 20% | The evaluation will focus on key performance measures from the Performance Measurement Framework, with a detailed retrospective narrative on progress against each category throughout the period. Performance against the strategic non-financial measures will be assessed by the Committee to determine the percentage of the award that may vest between 0% and 20%. The measures are organised around three main categories and measures will likely include, but not be limited to, the following: Customers and clients (weighted 5%) – drive world class outcomes for customers and clients: Improve Net Promoter Scores; reduce BUK customer complaints and improve resolution time; maintain client rankings and market share within CIB; and increase digital engagement. Colleagues (weighted 5%) – protect and strengthen our culture through our Purpose, Values and Mindset: Continue to improve diversity in leadership roles; improve inclusion indicators; maintain engagement at healthy levels; and maintain culture and conduct indicators. Climate and sustainability (weighted 10%) – progress to be measured against four key objectives: Progress towards our green financing commitments; reduce operational and supply chain carbon footprint and increase use of renewable energy; progress towards achieving our ambition to be a net zero bank by 2050; and aligning our financing with the Paris Agreement, and continue to invest in our communities. | |||||||||
Risk scorecard | 10% | The Risk scorecard captures a range of risks and is aligned with the annual incentive risk alignment framework shared with the regulators. The current framework measures performance against three broad categories – Capital and liquidity, Control environment and Conduct – using a combination of quantitative and qualitative metrics. The framework may be updated from time to time in line with the Group’s risk strategy. Specific targets within each of the categories are deemed to be commercially sensitive. Retrospective narrative on performance will be disclosed in the 2024 Remuneration report, subject to commercial sensitivity no longer remaining. |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 81 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 82 |
Year | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Group Chief Executive | Robert Diamond | Antony Jenkins | Antony Jenkins | Antony Jenkins | Antony Jenkins | John McFarlane | Jes Staley | Jes Staley | Jes Staley | Jes Staley | Jes Staley | Jes Staley | Jes Staley | C.S. Venkata- krishnan | |||||||||||||||||||||||||||||||||||||||||||||
Single total remuneration figure Group Chief Executive | 1,892 | 529 | 1,602 | 5,467a | 3,399 | 305 | 277 | 4,233 | 3,873 | 3,362 | 5,929 | 4,220b | 2,121c | 874d | |||||||||||||||||||||||||||||||||||||||||||||
Annual bonus award as a % of maximum | 0.0 | % | 0.0 | % | 0.0 | % | 57.0 | % | 48.0 | % | n/a | n/a | 60.0 | % | 48.5 | % | 48.3 | % | 75.0 | % | 38.6 | % | n/ac | 94.4 | % | ||||||||||||||||||||||||||||||||||
Long-term incentive plan vesting as a % of maximum | 0.0 | % | n/ae | n/ae | 30.0 | % | 39.0 | % | n/ae | n/ae | n/ae | n/ae | n/ae | 48.5 | % | 23 | % | n/ac | n/ae |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 83 |
Option | 25th percentile | Median | 75th percentile | |||||||||||
2021a | A | 95 x | 62 x | 35 x | ||||||||||
2020b | A | 144 x | 95 x | 53 x | ||||||||||
2019 | A | 213 x | 140 x | 77 x | ||||||||||
2018 | A | 126 x | 85 x | 45 x |
25th percentile | Median | 75th percentile | ||||||||||||||||||||||||
Total pay | Fixed Pay | Total pay | Fixed Pay | Total pay | Fixed Pay | |||||||||||||||||||||
2021 | £31,404 | £26,035 | £48,253 | £39,461 | £85,407 | £67,408 | ||||||||||||||||||||
2020 | £29,380 | £24,706 | £44,631 | £37,460 | £79,324 | £64,272 | ||||||||||||||||||||
2019 | £27,875 | £23,348 | £42,362 | £35,158 | £77,488 | £62,263 | ||||||||||||||||||||
2018 | £26,587 | £21,899 | £39,390 | £32,202 | £74,685 | £60,000 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 84 |
Fixed pay | Benefits | Annual bonus | ||||||||||||
2020/2021 | C.S. Venkatakrishnana | n/a | n/a | n/a | ||||||||||
Tushar Morzaria | 2 | % | -10% | 156 | % | |||||||||
Jes Staleyb | 1 | % | -12% | n/a | ||||||||||
Median UK employee | 5 | % | 6 | % | 42 | % | ||||||||
Median employee of BPLCc | 11 | % | – | 38 | % | |||||||||
2019/2020 | Tushar Morzaria | – | 9 | % | -49 | % | ||||||||
Jes Staley | – | 10 | % | -49 | % | |||||||||
Median UK employee | 7 | % | 20 | % | -16 | % | ||||||||
Median employee of BPLCc | 7 | % | 26 | % | -16 | % |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 85 |
2020 / 2021 Fees | 2019 / 2020 Fees | |||||||
Nigel Higgins | 0 | % | 0%a | |||||
Mike Ashley | 0 | % | 19 | % | ||||
Tim Breedon | 64%b | 24 | % | |||||
Mohamed A. El-Erian | 11 | % | n/a | |||||
Dawn Fitzpatrick | 14 | % | 36%a | |||||
Mary Francis | 8 | % | -3 | % | ||||
Crawford Gillies | 108%c | 4 | % | |||||
Brian Gilvary | 95%a,d | n/a | ||||||
Diane Schueneman | -4 | % | 3 | % | ||||
Sir Ian Cheshire | ‑82%a,e | 2 | % |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 86 |
Feesa | Benefits | Total | ||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||
£000 | £000 | £000 | £000 | £000 | £000 | |||||||||||||||||||||
Chairman | ||||||||||||||||||||||||||
Nigel Higginsb | 800 | 800 | 8 | 6 | 808 | 806 | ||||||||||||||||||||
Non-Executive Directors | ||||||||||||||||||||||||||
Mike Ashley | 265 | 265 | – | – | 265 | 265 | ||||||||||||||||||||
Tim Breedonc | 483 | 295 | – | – | 483 | 295 | ||||||||||||||||||||
Mohamed A. El-Erian | 150 | 135 | – | – | 150 | 135 | ||||||||||||||||||||
Dawn Fitzpatrick | 170 | 150 | – | – | 170 | 150 | ||||||||||||||||||||
Mary Francis | 162 | 150 | – | – | 162 | 150 | ||||||||||||||||||||
Crawford Gilliesd | 502 | 241 | – | – | 502 | 241 | ||||||||||||||||||||
Brian Gilvarye | 234 | 108 | – | – | 234 | 108 | ||||||||||||||||||||
Diane Schueneman | 374 | 390 | – | – | 374 | 390 | ||||||||||||||||||||
Julia Wilsonf | 90 | – | – | – | 90 | – | ||||||||||||||||||||
Former Directors | ||||||||||||||||||||||||||
Sir Ian Cheshireg | 31 | 490 | – | – | 31 | 490 | ||||||||||||||||||||
Total | 3,261 | 3,024 | 8 | 6 | 3,269 | 3,030 |
1 January 2022 | 1 January 2021 | |||||||
£000 | £000 | |||||||
Chairmana | 800 | 800 | ||||||
Board member | 90 | 90 | ||||||
Additional responsibilities | ||||||||
Senior Independent Director | 36 | 36 | ||||||
Chairman of Board Audit or Risk Committee | 80 | 80 | ||||||
Chairman of the Board Remuneration Committee | 70 | 70 | ||||||
Membership of Board Audit, Remuneration or Risk Committee | 30 | 30 | ||||||
Membership of Board Nominations Committee | 15 | 15 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 87 |
Owned outright as at 31 December 2021 (or date of retirement from the Board, if earlier) | Unvested | Total as at 31 December 2021 (or date of retirement from the Board, if earlier) | ||||||||||||
Subject to performance measures | Not subject to performance measures | |||||||||||||
Executive Directors | ||||||||||||||
C.S. Venkatakrishnana | 1,324,255 | – | 2,515,405 | 3,839,660 | ||||||||||
Tushar Morzaria | 4,709,125 | 6,116,662 | 1,261,545 | 12,087,332 | ||||||||||
Chairman | ||||||||||||||
Nigel Higgins | 1,580,995 | – | – | 1,580,995 | ||||||||||
Non-Executive Directors | ||||||||||||||
Mike Ashley | 369,863 | – | – | 369,863 | ||||||||||
Tim Breedon | 189,664 | – | – | 189,664 | ||||||||||
Mohamed A. El-Erian | 129,881 | – | – | 129,881 | ||||||||||
Dawn Fitzpatrick | 933,596 | – | – | 933,596 | ||||||||||
Mary Francis | 55,696 | – | – | 55,696 | ||||||||||
Crawford Gillies | 209,282 | – | – | 209,282 | ||||||||||
Brian Gilvary | 173,080 | – | – | 173,080 | ||||||||||
Diane Schueneman | 89,430 | – | – | 89,430 | ||||||||||
Julia Wilsonb | 12,094 | – | – | 12,094 | ||||||||||
Former Directors | ||||||||||||||
Jes Staleyc | 6,778,026 | 9,084,779 | 2,139,674 | 18,002,479 | ||||||||||
Sir Ian Cheshired | 122,449 | – | – | 122,449 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 88 |
Effective date of appointment | |||||
Chairman | |||||
Nigel Higgins | 1 March 2019 (as a Non-Executive Director) 2 May 2019 (as Chairman) | ||||
Executive Directors | |||||
C.S. Venkatakrishnan | 1 November 2021 | ||||
Tushar Morzaria | 15 October 2013 | ||||
Non-Executive Directors | |||||
Mike Ashley | 18 September 2013 | ||||
Robert Berry | 8 February 2022 | ||||
Tim Breedon | 1 November 2012 | ||||
Mohamed A. El-Erian | 1 January 2020 | ||||
Dawn Fitzpatrick | 25 September 2019 | ||||
Mary Francis | 1 October 2016 | ||||
Crawford Gillies | 1 May 2014 | ||||
Brian Gilvary | 1 February 2020 | ||||
Diane Schueneman | 25 June 2015 | ||||
Julia Wilson | 1 April 2021 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 89 |
For % of votes cast Number | Against % of votes cast Number | Withheld Number | |||||||||
Vote on the 2020 Remuneration Report at the 2021 AGM | 99.25 | % | 0.75 | % | |||||||
11,981,557,904 | 90,709,782 | 222,296,011 | |||||||||
Vote on the Directors’ remuneration policy at the 2020 AGM | 96.29 | % | 3.71 | % | |||||||
11,308,670,932 | 436,091,600 | 201,020,969 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 90 |
January 2021 | February 2021 | June 2021 | November 2021 | December 2021 | January 2022 | February 2022 | ||||||||||||||||||||
Overall remuneration | Finance and Risk updates | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ||||||||||||||||||
Incentive funding proposals including risk adjustments | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ||||||||||||||||||||
2020 Remuneration Report | ▪ | |||||||||||||||||||||||||
Group Fixed Pay budgets | ▪ | ▪ | ▪ | ▪ | ▪ | |||||||||||||||||||||
Wider workforce considerations | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | |||||||||||||||||||
Incentive funding approach | ▪ | |||||||||||||||||||||||||
Barclays’ Fair Pay agenda and Report | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ||||||||||||||||||||
2021 Remuneration Report | ▪ | ▪ | ▪ | |||||||||||||||||||||||
Executive Directors’ and senior executives’ remuneration | Executive Directors’ and senior executives’ bonus outcomes | ▪ | ▪ | ▪ | ▪ | ▪ | ||||||||||||||||||||
Annual bonus and LTIP performance measures and target calibration | ▪ | ▪ | ▪ | ▪ | ||||||||||||||||||||||
Governance | Regulatory and stakeholder matters | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ||||||||||||||||||
Discussion with independent adviser | ▪ | ▪ | ▪ | ▪ | ▪ | ▪ | ||||||||||||||||||||
Remuneration Review Panel update | ▪ | ▪ | ▪ | ▪ | ▪ | |||||||||||||||||||||
Review of Committee effectiveness | ▪ | ▪ |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 91 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 92 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 93 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 94 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 95 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 96 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 97 |
Annual Report | Pillar 3 Report | ||||||||||
Risk management strategy | ■Enterprise Risk Management Framework (ERMF) | 100 | 150 | ||||||||
Overview of Barclays’ approach to risk management. A detailed overview together with more specific information on policies that the Group determines to be of particular significance in the current operating environment can be found in the Barclays PLC Pillar 3 Report 2021 or at barclays.com | ■Segregation of duties – the ‘Three Lines of Defence’ model | 100 | 150 | ||||||||
■Principal risks | 101 | 151 | |||||||||
■Risk appetite for the principal risks | 101 | 151 | |||||||||
■Risk committees | 101 | 152 | |||||||||
■Frameworks, policies and standards | n/a | 153 | |||||||||
■Assurance | n/a | 153 | |||||||||
■Effectiveness of risk management arrangements | n/a | 153 | |||||||||
■Learning from our mistakes | n/a | 154 | |||||||||
■Barclays’ risk culture | 101 | 154 | |||||||||
■Group-wide risk management tools | n/a | 154 | |||||||||
■Risk management in the setting of strategy | n/a | 158 | |||||||||
Material existing and emerging risks | ■Material existing and emerging risks potentially impacting more than one principal risk | 102 | n/a | ||||||||
Insight into the level of risk across our business and portfolios, the material existing and emerging risks and uncertainties we face and the key areas of management focus. | ■Climate risk | 106 | n/a | ||||||||
■Credit risk | 107 | n/a | |||||||||
■Market risk | 108 | n/a | |||||||||
■Treasury and capital risk | 108 | n/a | |||||||||
■Operational risk | 109 | n/a | |||||||||
■Model risk | 111 | n/a | |||||||||
■Conduct risk | 112 | n/a | |||||||||
■Reputation risk | 112 | n/a | |||||||||
■Legal risk and legal, competition and regulatory matters | 112 | n/a | |||||||||
Principal risk management | ■Climate risk management | 114 | n/a | ||||||||
Barclays’ approach to risk management for each principal risk with focus on organisation and structure and roles and responsibilities. | ■Credit risk management | 116 | 159 | ||||||||
■Management of credit risk mitigation techniques and counterparty credit risk | n/a | 177 | |||||||||
■Market risk management | 117 | 180 | |||||||||
■Management of securitisation exposures | n/a | 189 | |||||||||
■Treasury and capital risk management | 118 | 193 | |||||||||
■Operational risk management | 119 | 201 | |||||||||
■Model risk management | 120 | 205 | |||||||||
■Conduct risk management | 121 | 208 | |||||||||
■Reputation risk management | 121 | 210 | |||||||||
■Legal risk management | 121 | 212 | |||||||||
Risk performance | ■Credit risk overview and summary of performance | 123 | n/a | ||||||||
Credit risk: The risk of loss to the Group from the failure of clients, customers or counterparties, including sovereigns, to fully honour their obligations to the Group, including the whole and timely payment of principal, interest, collateral and other receivables. | ■Maximum exposure and effects of netting, collateral and risk transfer | 123 | n/a | ||||||||
■Expected Credit Losses | 126 | n/a | |||||||||
■Movements in gross exposure and impairment allowance including provisions for loan commitments and financial guarantees | 130 | n/a | |||||||||
■Management adjustments to models for impairment | 135 | n/a | |||||||||
■Measurement uncertainty and sensitivity analysis | 137 | n/a | |||||||||
■Analysis of the concentration of credit risk | 146 | n/a | |||||||||
■The Group’s approach to management and representation of credit quality | 148 | n/a | |||||||||
■Analysis of specific portfolios and asset types | 152 | n/a | |||||||||
■Forbearance | 155 | n/a | |||||||||
■Analysis of debt securities | 157 | n/a | |||||||||
■Analysis of derivatives | 158 | n/a |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 98 |
Annual Report | Pillar 3 Report | ||||||||||
Market risk: The risk of loss arising from potential adverse changes in the value of the Group’s assets and liabilities from fluctuation in market variables including, but not limited to, interest rates, foreign exchange, equity prices, commodity prices, credit spreads, implied volatilities and asset correlations. | ■Market risk overview and summary of performance | 159 | 125 | ||||||||
■Balance sheet view of trading and banking books | n/a | 126 | |||||||||
■Review of management measures | 159 | 127 | |||||||||
■Review of regulatory measures | n/a | 128 | |||||||||
Treasury and capital risk – Liquidity: The risk that the Group is unable to meet its contractual or contingent obligations or that it does not have the appropriate amount, tenor and composition of funding and liquidity to support its assets. | ■Liquidity risk overview and summary of performance | 161 | n/a | ||||||||
■Liquidity risk stress testing | 163 | n/a | |||||||||
■Liquidity pool | 165 | n/a | |||||||||
■Funding structure and funding relationships | 166 | n/a | |||||||||
■Contractual maturity of financial assets and liabilities | 169 | n/a | |||||||||
■Asset encumbrance | n/a | 221 | |||||||||
Treasury and capital risk – Capital: The risk that the Group has an insufficient level or composition of capital to support its normal business activities and to meet its regulatory capital requirements under normal operating environments and stressed conditions (both actual and as defined for internal planning or regulatory testing purposes). This also includes the risk from the Group’s pension plans. | ■Capital risk overview and summary of performance | 173 | n/a | ||||||||
■Regulatory minimum capital and leverage requirements | 173 | 8 | |||||||||
■Analysis of capital resources | 174 | n/a | |||||||||
■Analysis of risk-weighted assets | 176 | 25 | |||||||||
■Analysis of leverage ratio and exposures | 177 | n/a | |||||||||
■Minimum requirement for own funds and eligible liabilities | 178 | n/a | |||||||||
■Foreign exchange risk | 179 | 41 | |||||||||
■Pension risk review | 180 | 42 | |||||||||
Treasury and capital risk – Interest rate risk in the banking book: The risk that the Group is exposed to capital or income volatility because of a mismatch between the interest rate exposures of its (non-traded) assets and liabilities. | ■Interest rate risk in the banking book overview and summary of performance | 182 | 43 | ||||||||
■Net interest income sensitivity | 182 | 43 | |||||||||
■Analysis of equity sensitivity | 183 | n/a | |||||||||
■Volatility of the fair value through other comprehensive income (FVOCI) portfolio in the liquidity pool | 183 | 44 | |||||||||
Operational risk: The risk of loss to the Group from inadequate or failed processes or systems, human factors or due to external events (for example, fraud) where the root cause is not due to credit or market risks. | ■Operational risk overview and summary of performance | 184 | 145 | ||||||||
■Operational risk profile | 184 | 147 | |||||||||
Model risk: The potential for adverse consequences from decisions based on incorrect or misused model outputs and reports. | ■Model risk overview and summary of performance | 186 | n/a | ||||||||
Conduct risk: The risk of poor outcomes for, or harm to, customers, clients and markets, arising from the delivery of the Group’s products and services. | ■Conduct risk overview and summary of performance | 186 | n/a | ||||||||
Reputation risk: The risk that an action, transaction, investment, event, decision, or business relationship will reduce trust in the Group’s integrity and/or competence. | ■Reputation risk overview and summary of performance | 186 | n/a | ||||||||
Legal risk: The risk of loss or imposition of penalties, damages or fines from the failure of the Group to meet its legal obligations, including regulatory or contractual requirements. | ■Legal risk overview and summary of performance | 186 | n/a | ||||||||
Supervision and regulation | ■Supervision of the Group | 187 | n/a | ||||||||
The Group’s operations, including its overseas offices, subsidiaries and associates, are subject to a significant body of rules and regulations. | ■Global regulatory developments | 187 | n/a | ||||||||
■Financial regulatory framework | 188 | n/a | |||||||||
Pillar 3 Report | ■Notes on basis of preparation | n/a | 5 | ||||||||
Contains extensive information on risk as well as capital management. | ■Scope of application of Basel rules | n/a | 6 | ||||||||
Risk and capital position review: Provides a detailed breakdown of Barclays’ regulatory capital adequacy and how this relates to Barclays’ risk management. | ■Analysis of credit risk | n/a | 46 | ||||||||
■Analysis of counterparty credit risk | n/a | 109 | |||||||||
■Analysis of market risk | n/a | 125 | |||||||||
■Analysis of securitisation exposures | n/a | 132 | |||||||||
■Analysis of operational risk | n/a | 145 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 99 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 100 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 101 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 102 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 103 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 104 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 105 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 106 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 107 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 108 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 109 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 110 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 111 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 112 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 113 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 114 |
Risk Type | Risk Identification | Risk Measurement | ||||||
Credit risk | Identified as part of sovereign, portfolio and obligor credit annual reviews. | Measured using a Credit Risk Materiality Matrix completed for obligor/obligee groups with elevated exposure to climate change risk. Retail portfolios are monitored through regular reporting of climate metrics and are assessed against mandate triggers where appropriate. | ||||||
Market risk | Identified using stress tests, aggregate market risk exposures from climate-related risks. | Measured by using adverse multi-asset stress scenarios applied to individual risk factors reflecting climate change risks across sectors, countries and regions. | ||||||
Treasury and capital risk | Identified using stress tests and analysis to assess the exposures which may be impacted by climate-related risks. | Measured as part of stress testing and key risk indicator monitoring. | ||||||
Operational risk | Confirmed operational risks associated with climate change are included in the Bank’s Operational Risk Taxonomy. Climate risk included within the Strategic Risk Assessment process. | Established reporting on internal and external climate related risk events to the Operational Risk Committee. Risk tolerances for premises and resilience risks are reviewed so these adequately capture climate-related risk drivers. |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 115 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 116 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 117 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 118 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 119 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 120 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 121 |
Page | ||||||||
Credit risk represents a significant risk and mainly arises from exposure to wholesale and retail loans and advances together with the counterparty credit risk arising from derivative contracts entered into with clients. | ■Credit risk overview and summary of performance | 123 | ||||||
■Maximum exposure and effects of netting, collateral and risk transfer | 123 | |||||||
This section outlines the expected credit loss allowances, the movements in allowances during the period, material management adjustments to model output and measurement uncertainty and sensitivity analysis. | ■Expected Credit Losses | 126 | ||||||
–Loans and advances at amortised cost by stage | 126 | |||||||
–Loans and advances at amortised cost by product | 128 | |||||||
–Movement in gross exposure and impairment allowance for loans and advances at amortised cost | 130 | |||||||
–Stage 2 decomposition | 134 | |||||||
–Stage 3 decomposition | 134 | |||||||
■Management adjustments to models for impairment | 135 | |||||||
■Measurement uncertainty and sensitivity analysis | 137 | |||||||
The Group reviews and monitors risk concentrations in a variety of ways. This section outlines performance against key concentration risks. | ■Analysis of the concentration of credit risk | 146 | ||||||
–Geographic concentrations | 146 | |||||||
–Industry concentrations | 146 | |||||||
■Approach to management and representation of credit quality | 148 | |||||||
–Asset credit quality | 148 | |||||||
–Debt securities | 148 | |||||||
–Balance sheet credit quality | 148 | |||||||
–Credit exposures by internal PD grade | 150 | |||||||
Credit risk monitors exposure performance across a range of significant portfolios. | ■Analysis of specific portfolios and asset types | 152 | ||||||
–Secured home loans | 152 | |||||||
–Credit cards, unsecured loans and other retail lending | 153 | |||||||
–Government supported loans | 154 | |||||||
The Group monitors exposures to assets where there is a heightened likelihood of default and assets where an actual default has occurred. From time to time, suspension of certain aspects of client credit agreements are agreed, generally during temporary periods of financial difficulties where the Group is confident that the client will be able to remedy the suspension. This section outlines the current exposure to assets with this treatment. | ■Forbearance | 155 | ||||||
–Retail forbearance programmes | 156 | |||||||
–Wholesale forbearance programmes | 157 | |||||||
This section provides an analysis of credit risk on debt securities and derivatives. | ■Analysis of debt securities | 157 | ||||||
■Analysis of derivatives | 158 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 122 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 123 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 124 |
Maximum exposure and effects of netting, collateral and risk transfer (audited) | ||||||||||||||||||||
Maximum exposure | Netting and set-off | Cash collateral | Non-cash collateral | Risk transfer | Net exposure | |||||||||||||||
As at 31 December 2020 | £m | £m | £m | £m | £m | £m | ||||||||||||||
On-balance sheet: | ||||||||||||||||||||
Cash and balances at central banks | 191,127 | — | — | — | — | 191,127 | ||||||||||||||
Cash collateral and settlement balances | 101,367 | — | — | — | — | 101,367 | ||||||||||||||
Loans and advances at amortised cost: | ||||||||||||||||||||
Home loans | 159,647 | — | (284) | (159,203) | (85) | 75 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 40,813 | — | (967) | (3,825) | (195) | 35,826 | ||||||||||||||
Wholesale loans | 142,172 | (6,988) | (62) | (37,103) | (23,963) | 74,056 | ||||||||||||||
Total loans and advances at amortised cost | 342,632 | (6,988) | (1,313) | (200,131) | (24,243) | 109,957 | ||||||||||||||
Of which credit-impaired (Stage 3): | ||||||||||||||||||||
Home loans | 1,813 | — | (14) | (1,796) | — | 3 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 921 | — | (14) | (237) | (2) | 668 | ||||||||||||||
Wholesale loans | 2,525 | — | (4) | (872) | (232) | 1,417 | ||||||||||||||
Total credit-impaired loans and advances at amortised cost | 5,259 | — | (32) | (2,905) | (234) | 2,088 | ||||||||||||||
Reverse repurchase agreements and other similar secured lending | 9,031 | — | — | (9,031) | — | — | ||||||||||||||
Trading portfolio assets: | ||||||||||||||||||||
Debt securities | 56,482 | — | — | (391) | — | 56,091 | ||||||||||||||
Traded loans | 8,348 | — | — | (374) | — | 7,974 | ||||||||||||||
Total trading portfolio assets | 64,830 | — | — | (765) | — | 64,065 | ||||||||||||||
Financial assets at fair value through the income statement: | ||||||||||||||||||||
Loans and advances | 30,879 | — | (9) | (23,677) | — | 7,193 | ||||||||||||||
Debt securities | 1,693 | — | — | (292) | — | 1,401 | ||||||||||||||
Reverse repurchase agreements | 137,616 | — | (672) | (136,537) | — | 407 | ||||||||||||||
Other financial assets | 343 | — | — | — | — | 343 | ||||||||||||||
Total financial assets at fair value through the income statement | 170,531 | — | (681) | (160,506) | — | 9,344 | ||||||||||||||
Derivative financial instruments | 302,446 | (233,080) | (43,291) | (4,773) | (6,409) | 14,893 | ||||||||||||||
Financial assets at fair value through other comprehensive income | 77,927 | — | — | (106) | (1,385) | 76,436 | ||||||||||||||
Other assets | 850 | — | — | — | — | 850 | ||||||||||||||
Total on-balance sheet | 1,260,741 | (240,068) | (45,285) | (375,312) | (32,037) | 568,039 | ||||||||||||||
Off-balance sheet: | ||||||||||||||||||||
Contingent liabilities | 21,609 | — | (1,095) | (2,135) | (282) | 18,097 | ||||||||||||||
Loan commitments | 333,049 | — | (128) | (40,714) | (1,520) | 290,687 | ||||||||||||||
Total off-balance sheet | 354,658 | — | (1,223) | (42,849) | (1,802) | 308,784 | ||||||||||||||
Total | 1,615,399 | (240,068) | (46,508) | (418,161) | (33,839) | 876,823 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 125 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 126 |
Loans and advances at amortised cost by stage (audited) | ||||||||||||||||||||||||||||||||
Gross exposure | Impairment allowance | Net exposure | ||||||||||||||||||||||||||||||
Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
As at 31 December 2020 | £m | £m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||||||
Barclays UK | 153,250 | 23,896 | 2,732 | 179,878 | 332 | 1,509 | 1,147 | 2,988 | 176,890 | |||||||||||||||||||||||
Barclays Internationala | 21,048 | 5,500 | 1,992 | 28,540 | 396 | 1,329 | 1,205 | 2,930 | 25,610 | |||||||||||||||||||||||
Head Office | 4,267 | 720 | 844 | 5,831 | 4 | 51 | 380 | 435 | 5,396 | |||||||||||||||||||||||
Total Barclays Group retail | 178,565 | 30,116 | 5,568 | 214,249 | 732 | 2,889 | 2,732 | 6,353 | 207,896 | |||||||||||||||||||||||
Barclays UK | 31,918 | 4,325 | 1,126 | 37,369 | 13 | 129 | 116 | 258 | 37,111 | |||||||||||||||||||||||
Barclays Internationala | 79,911 | 16,565 | 2,270 | 98,746 | 288 | 546 | 859 | 1,693 | 97,053 | |||||||||||||||||||||||
Head Office | 570 | — | 33 | 603 | — | — | 31 | 31 | 572 | |||||||||||||||||||||||
Total Barclays Group wholesaleb | 112,399 | 20,890 | 3,429 | 136,718 | 301 | 675 | 1,006 | 1,982 | 134,736 | |||||||||||||||||||||||
Total loans and advances at amortised cost | 290,964 | 51,006 | 8,997 | 350,967 | 1,033 | 3,564 | 3,738 | 8,335 | 342,632 | |||||||||||||||||||||||
Off-balance sheet loan commitments and financial guarantee contractsc | 289,939 | 52,891 | 2,330 | 345,160 | 256 | 758 | 50 | 1,064 | 344,096 | |||||||||||||||||||||||
Totald | 580,903 | 103,897 | 11,327 | 696,127 | 1,289 | 4,322 | 3,788 | 9,399 | 686,728 | |||||||||||||||||||||||
Loan impairment charge and loan loss rate | ||||||||||||||||||||||||||||||||
Coverage ratio | Loan impairment charge | Loan loss rate | ||||||||||||||||||||||||||||||
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||||||
As at 31 December 2020 | % | % | % | % | £m | bps | ||||||||||||||||||||||||||
Barclays UK | 0.2 | 6.3 | 42.0 | 1.7 | 1,070 | 59 | ||||||||||||||||||||||||||
Barclays Internationala | 1.9 | 24.2 | 60.5 | 10.3 | 1,680 | 589 | ||||||||||||||||||||||||||
Head Office | 0.1 | 7.1 | 45.0 | 7.5 | 91 | 156 | ||||||||||||||||||||||||||
Total Barclays Group retail | 0.4 | 9.6 | 49.1 | 3.0 | 2,841 | 133 | ||||||||||||||||||||||||||
Barclays UK | — | 3.0 | 10.3 | 0.7 | 154 | 41 | ||||||||||||||||||||||||||
Barclays Internationala | 0.4 | 3.3 | 37.8 | 1.7 | 914 | 93 | ||||||||||||||||||||||||||
Head Office | — | — | 93.9 | 5.1 | — | — | ||||||||||||||||||||||||||
Total Barclays Group wholesaleb | 0.3 | 3.2 | 29.3 | 1.4 | 1,068 | 78 | ||||||||||||||||||||||||||
Total loans and advances at amortised cost | 0.4 | 7.0 | 41.5 | 2.4 | 3,909 | 111 | ||||||||||||||||||||||||||
Off-balance sheet loan commitments and financial guarantee contractsc | 0.1 | 1.4 | 2.1 | 0.3 | 776 | |||||||||||||||||||||||||||
Other financial assets subject to impairmentd | 153 | |||||||||||||||||||||||||||||||
Totale | 0.2 | 4.2 | 33.4 | 1.4 | 4,838 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 127 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 128 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 129 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 130 |
Reconciliation of ECL movement to credit impairment (release)/charge for the period | £m | ||||
Home loans | (42) | ||||
Credit cards, unsecured loans and other retail lending | (16) | ||||
Wholesale loans | (426) | ||||
ECL movement excluding assets derecognised due to disposals and write-offs | (484) | ||||
Recoveries and reimbursementsa | 240 | ||||
Exchange and other adjustmentsb | 123 | ||||
Credit impairment release on loan commitments and financial guarantees | (514) | ||||
Credit impairment release on other financial assetsc | (18) | ||||
Credit impairment release for the year | (653) |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 131 |
Loans and advances at amortised cost (audited) | ||||||||||||||||||||||||||
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||
Gross exposure | ECL | Gross exposure | ECL | Gross exposure | ECL | Gross exposure | ECL | |||||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||
Home loans | ||||||||||||||||||||||||||
As at 1 January 2020 | 135,713 | 22 | 17,043 | 64 | 2,155 | 346 | 154,911 | 432 | ||||||||||||||||||
Transfers from Stage 1 to Stage 2 | (8,724) | (1) | 8,724 | 1 | — | — | — | — | ||||||||||||||||||
Transfers from Stage 2 to Stage 1 | 4,618 | 14 | (4,618) | (14) | — | — | — | — | ||||||||||||||||||
Transfers to Stage 3 | (308) | — | (420) | (10) | 728 | 10 | — | — | ||||||||||||||||||
Transfers from Stage 3 | 47 | 1 | 219 | 2 | (266) | (3) | — | — | ||||||||||||||||||
Business activity in the yeara | 22,548 | 7 | 714 | 2 | 4 | — | 23,266 | 9 | ||||||||||||||||||
Refinements to models used for calculationb | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes | (6,195) | (9) | (841) | 42 | (57) | 105 | (7,093) | 138 | ||||||||||||||||||
Final repayments | (9,060) | (1) | (1,509) | (3) | (308) | (15) | (10,877) | (19) | ||||||||||||||||||
Disposalsc | — | — | — | — | — | — | — | — | ||||||||||||||||||
Write-offsd | — | — | — | — | (22) | (22) | (22) | (22) | ||||||||||||||||||
As at 31 December 2020e | 138,639 | 33 | 19,312 | 84 | 2,234 | 421 | 160,185 | 538 | ||||||||||||||||||
Credit cards, unsecured loans and other retail lending | ||||||||||||||||||||||||||
As at 1 January 2020 | 46,012 | 542 | 10,759 | 2,007 | 3,409 | 2,335 | 60,180 | 4,884 | ||||||||||||||||||
Transfers from Stage 1 to Stage 2 | (6,571) | (134) | 6,571 | 134 | — | — | — | — | ||||||||||||||||||
Transfers from Stage 2 to Stage 1 | 3,080 | 482 | (3,080) | (482) | — | — | — | — | ||||||||||||||||||
Transfers to Stage 3 | (712) | (25) | (1,162) | (398) | 1,874 | 423 | — | — | ||||||||||||||||||
Transfers from Stage 3 | 76 | 39 | 67 | 12 | (143) | (51) | — | — | ||||||||||||||||||
Business activity in the yeara | 5,598 | 67 | 324 | 83 | 59 | 28 | 5,981 | 178 | ||||||||||||||||||
Refinements to models used for calculationb | — | 13 | — | 296 | — | — | — | 309 | ||||||||||||||||||
Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changesf | (9,678) | (229) | (2,706) | 1,174 | (10) | 1,353 | (12,394) | 2,298 | ||||||||||||||||||
Final repayments | (3,291) | (67) | (270) | (37) | (204) | (84) | (3,765) | (188) | ||||||||||||||||||
Disposalsc | (1,493) | (8) | (183) | (20) | (204) | (144) | (1,880) | (172) | ||||||||||||||||||
Write-offsd | — | — | — | — | (1,609) | (1,609) | (1,609) | (1,609) | ||||||||||||||||||
As at 31 December 2020e | 33,021 | 680 | 10,320 | 2,769 | 3,172 | 2,251 | 46,513 | 5,700 | ||||||||||||||||||
Wholesale loans | ||||||||||||||||||||||||||
As at 1 January 2020 | 117,541 | 143 | 10,432 | 302 | 2,359 | 547 | 130,332 | 992 | ||||||||||||||||||
Transfers from Stage 1 to Stage 2 | (12,531) | (35) | 12,531 | 35 | — | — | — | — | ||||||||||||||||||
Transfers from Stage 2 to Stage 1 | 4,121 | 40 | (4,121) | (40) | — | — | — | — | ||||||||||||||||||
Transfers to Stage 3 | (1,137) | (4) | (875) | (58) | 2,012 | 62 | — | — | ||||||||||||||||||
Transfers from Stage 3 | 471 | 22 | 247 | 13 | (718) | (35) | — | — | ||||||||||||||||||
Business activity in the yeara | 27,863 | 46 | 2,336 | 149 | 634 | 85 | 30,833 | 280 | ||||||||||||||||||
Refinements to models used for calculationb | — | — | — | — | — | — | — | — | ||||||||||||||||||
Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes | 13,828 | 130 | 3,811 | 339 | (64) | 799 | 17,575 | 1,268 | ||||||||||||||||||
Final repayments | (28,458) | (22) | (2,977) | (29) | (299) | (59) | (31,734) | (110) | ||||||||||||||||||
Disposalsc | (2,394) | — | (10) | — | — | — | (2,404) | — | ||||||||||||||||||
Write-offsd | — | — | — | — | (333) | (333) | (333) | (333) | ||||||||||||||||||
As at 31 December 2020e | 119,304 | 320 | 21,374 | 711 | 3,591 | 1,066 | 144,269 | 2,097 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 132 |
Reconciliation of ECL movement to credit impairment charge/(release) for the period | £m | ||||
Home loans | 128 | ||||
Credit cards, unsecured loans and other retail lending | 2,597 | ||||
Wholesale loans | 1,438 | ||||
ECL movement excluding assets derecognised due to disposals and write-offs | 4,163 | ||||
Recoveries and reimbursementsa | (399) | ||||
Exchange and other adjustmentsb | 145 | ||||
Credit impairment charge on loan commitments and financial guarantees | 776 | ||||
Credit impairment charge on other financial assetsc | 153 | ||||
Credit impairment charge for the year | 4,838 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 133 |
Loans and advances at amortised costa | ||||||||||||||
2021 | 2020 | |||||||||||||
Gross exposure | Impairment allowance | Gross exposure | Impairment allowance | |||||||||||
As at 31 December | £m | £m | £m | £m | ||||||||||
Quantitative test | 29,096 | 1,612 | 36,754 | 3,252 | ||||||||||
Qualitative test | 10,891 | 372 | 11,865 | 273 | ||||||||||
30 days past due backstop | 1,106 | 31 | 2,387 | 39 | ||||||||||
Total Stage 2 | 41,093 | 2,015 | 51,006 | 3,564 |
Loans and advances at amortised cost | ||||||||||||||
2021 | 2020 | |||||||||||||
Gross exposure | Impairment allowance | Gross exposure | Impairment allowance | |||||||||||
As at 31 December | £m | £m | £m | £m | ||||||||||
Exposures not charged-off including within cure perioda | 3,894 | 657 | 3,773 | 831 | ||||||||||
Exposures individually assessed or in recovery bookb | 3,341 | 1,864 | 5,224 | 2,907 | ||||||||||
Total Stage 3 | 7,235 | 2,521 | 8,997 | 3,738 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 134 |
As at 31 December 2020 | £m | £m | £m | £m | £m | ||||||||||||
Home loans | 407 | 21 | 110 | 131 | 538 | ||||||||||||
Credit cards, unsecured loans and other retail lending | 4,849 | 1,625 | (391) | 1,234 | 6,083 | ||||||||||||
Wholesale loansd | 2,755 | 421 | (398) | 23 | 2,778 | ||||||||||||
Total | 8,011 | 2,067 | (679) | 1,388 | 9,399 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 135 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 136 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 137 |
Baseline average macroeconomic variables used in the calculation of ECL | |||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||
As at 31 December 2021 | % | % | % | % | % | ||||||||||||
UK GDPa | 6.2 | 4.9 | 2.3 | 1.9 | 1.7 | ||||||||||||
UK unemploymentb | 4.8 | 4.7 | 4.5 | 4.3 | 4.2 | ||||||||||||
UK HPIc | 4.7 | 1.0 | 1.9 | 1.9 | 2.3 | ||||||||||||
UK bank rate | 0.1 | 0.8 | 1.0 | 1.0 | 0.8 | ||||||||||||
US GDPa | 5.5 | 3.9 | 2.6 | 2.4 | 2.4 | ||||||||||||
US unemploymentd | 5.5 | 4.2 | 3.6 | 3.6 | 3.6 | ||||||||||||
US HPIe | 11.8 | 4.5 | 5.2 | 4.9 | 5.0 | ||||||||||||
US federal funds rate | 0.2 | 0.3 | 0.9 | 1.2 | 1.3 | ||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||
As at 31 December 2020 | % | % | % | % | % | ||||||||||||
UK GDPa | (10.1) | 6.3 | 3.3 | 2.6 | 2.0 | ||||||||||||
UK unemploymentb | 4.5 | 6.7 | 6.4 | 5.8 | 5.1 | ||||||||||||
UK HPIc | 6.1 | 2.4 | 2.3 | 5.0 | 2.4 | ||||||||||||
UK bank rate | 0.2 | 0.0 | (0.1) | 0.0 | 0.1 | ||||||||||||
US GDPa | (4.4) | 3.9 | 3.1 | 2.9 | 2.9 | ||||||||||||
US unemploymentd | 8.4 | 6.9 | 5.7 | 5.6 | 5.6 | ||||||||||||
US HPIe | 2.3 | 2.8 | 4.7 | 4.7 | 4.7 | ||||||||||||
US federal funds rate | 0.5 | 0.3 | 0.3 | 0.3 | 0.4 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 138 |
Downside 1 average macroeconomic variables used in the calculation of ECL | |||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||
As at 31 December 2021 | % | % | % | % | % | ||||||||||||
UK GDPa | 6.2 | 2.8 | (0.7) | 2.3 | 2.9 | ||||||||||||
UK unemploymentb | 4.8 | 6.2 | 6.8 | 6.0 | 5.3 | ||||||||||||
UK HPIc | 4.7 | (6.8) | (10.5) | 6.9 | 8.6 | ||||||||||||
UK bank rate | 0.1 | 1.6 | 2.7 | 2.3 | 1.6 | ||||||||||||
US GDPa | 5.5 | 1.6 | (0.4) | 2.4 | 2.7 | ||||||||||||
US unemploymentd | 5.5 | 5.4 | 6.6 | 6.1 | 5.2 | ||||||||||||
US HPIe | 11.8 | (1.2) | (2.1) | 4.8 | 5.2 | ||||||||||||
US federal funds rate | 0.2 | 1.3 | 2.3 | 2.1 | 1.8 | ||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||
As at 31 December 2020 | % | % | % | % | % | ||||||||||||
UK GDPa | (10.1) | 0.1 | 6.6 | 3.2 | 1.8 | ||||||||||||
UK unemploymentb | 4.5 | 7.3 | 8.0 | 6.9 | 5.8 | ||||||||||||
UK HPIc | 6.1 | (6.7) | (3.5) | 1.7 | 2.0 | ||||||||||||
UK bank rate | 0.2 | (0.1) | (0.1) | 0.0 | 0.0 | ||||||||||||
US GDPa | (4.4) | 0.4 | 3.6 | 2.3 | 2.2 | ||||||||||||
US unemploymentd | 8.4 | 11.0 | 8.9 | 6.9 | 6.1 | ||||||||||||
US HPIe | 2.3 | (5.9) | 1.8 | 2.6 | 3.6 | ||||||||||||
US federal funds rate | 0.5 | 0.3 | 0.3 | 0.3 | 0.3 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 139 |
Upside 1 average macroeconomic variables used in the calculation of ECL | |||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||
As at 31 December 2021 | % | % | % | % | % | ||||||||||||
UK GDPa | 6.2 | 6.0 | 3.1 | 2.3 | 1.9 | ||||||||||||
UK unemploymentb | 4.8 | 4.6 | 4.3 | 4.2 | 4.1 | ||||||||||||
UK HPIc | 4.7 | 5.0 | 5.0 | 3.9 | 3.3 | ||||||||||||
UK bank rate | 0.1 | 0.6 | 0.8 | 0.8 | 0.5 | ||||||||||||
US GDPa | 5.5 | 4.6 | 3.4 | 2.9 | 2.9 | ||||||||||||
US unemploymentd | 5.5 | 4.0 | 3.5 | 3.5 | 3.5 | ||||||||||||
US HPIe | 11.8 | 8.3 | 7.0 | 6.0 | 5.7 | ||||||||||||
US federal funds rate | 0.2 | 0.3 | 0.6 | 1.0 | 1.1 | ||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||
As at 31 December 2020 | % | % | % | % | % | ||||||||||||
UK GDPa | (10.1) | 9.3 | 3.9 | 3.4 | 2.5 | ||||||||||||
UK unemploymentb | 4.5 | 6.4 | 6.0 | 5.2 | 4.7 | ||||||||||||
UK HPIc | 6.1 | 4.6 | 6.1 | 6.1 | 4.7 | ||||||||||||
UK bank rate | 0.2 | 0.1 | 0.1 | 0.3 | 0.3 | ||||||||||||
US GDPa | (4.4) | 5.5 | 4.0 | 3.7 | 3.3 | ||||||||||||
US unemploymentd | 8.4 | 6.0 | 4.8 | 4.6 | 4.6 | ||||||||||||
US HPIe | 2.3 | 6.8 | 6.7 | 6.3 | 5.6 | ||||||||||||
US federal funds rate | 0.5 | 0.3 | 0.3 | 0.5 | 0.8 |
Scenario probability weighting (audited) | |||||||||||||||||
Upside 2 | Upside 1 | Baseline | Downside 1 | Downside 2 | |||||||||||||
% | % | % | % | % | |||||||||||||
As at 31 December 2021 | |||||||||||||||||
Scenario probability weighting | 20.9 | 27.2 | 30.1 | 14.8 | 7.0 | ||||||||||||
As at 31 December 2020 | |||||||||||||||||
Scenario probability weighting | 20.2 | 24.2 | 24.7 | 15.5 | 15.4 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 140 |
Macroeconomic variables (specific bases)a | |||||||||||||||||
Upside 2 | Upside 1 | Baseline | Downside 1 | Downside 2 | |||||||||||||
As at 31 December 2021 | % | % | % | % | % | ||||||||||||
UK GDPb | 21.4 | 18.3 | 3.4 | (1.6) | (1.6) | ||||||||||||
UK unemploymentc | 4.0 | 4.1 | 4.5 | 7.0 | 9.2 | ||||||||||||
UK HPId | 35.7 | 23.8 | 2.4 | (12.7) | (29.9) | ||||||||||||
UK bank rate | 0.1 | 0.1 | 0.7 | 2.8 | 4.0 | ||||||||||||
US GDPb | 22.8 | 19.6 | 3.4 | 1.5 | (1.3) | ||||||||||||
US unemploymentc | 3.3 | 3.5 | 4.1 | 6.8 | 9.5 | ||||||||||||
US HPId | 53.3 | 45.2 | 6.2 | 2.2 | (5.0) | ||||||||||||
US federal funds rate | 0.1 | 0.1 | 0.8 | 2.3 | 3.5 | ||||||||||||
As at 31 December 2020 | |||||||||||||||||
UK GDPb | 14.2 | 8.8 | 0.7 | (22.1) | (22.1) | ||||||||||||
UK unemploymentc | 4.0 | 4.0 | 5.7 | 8.4 | 10.1 | ||||||||||||
UK HPId | 48.2 | 30.8 | 3.6 | (4.5) | (18.3) | ||||||||||||
UK bank rate | 0.1 | 0.1 | 0.0 | 0.6 | 0.6 | ||||||||||||
US GDPb | 15.7 | 12.8 | 1.6 | (10.6) | (10.6) | ||||||||||||
US unemploymentc | 3.8 | 3.8 | 6.4 | 13.0 | 13.7 | ||||||||||||
US HPId | 42.2 | 30.9 | 3.8 | (3.7) | (15.9) | ||||||||||||
US federal funds rate | 0.1 | 0.1 | 0.3 | 1.3 | 1.3 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 141 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 142 |
Scenarios | ||||||||||||||||||||
As at 31 December 2021 | Weighted | Upside 2 | Upside 1 | Baseline | Downside 1 | Downside 2 | ||||||||||||||
Stage 1 Model exposure (£m) | ||||||||||||||||||||
Home loans | 137,279 | 139,117 | 138,424 | 137,563 | 135,544 | 133,042 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 45,503 | 46,170 | 45,963 | 45,751 | 43,131 | 38,820 | ||||||||||||||
Wholesale loans | 174,249 | 177,453 | 176,774 | 175,451 | 169,814 | 161,998 | ||||||||||||||
Stage 1 Model ECL (£m) | ||||||||||||||||||||
Home loans | 4 | 2 | 2 | 3 | 6 | 14 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 324 | 266 | 272 | 279 | 350 | 418 | ||||||||||||||
Wholesale loans | 290 | 240 | 262 | 286 | 327 | 350 | ||||||||||||||
Stage 1 Coverage (%) | ||||||||||||||||||||
Home loans | — | — | — | — | — | — | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 0.7 | 0.6 | 0.6 | 0.6 | 0.8 | 1.1 | ||||||||||||||
Wholesale loans | 0.2 | 0.1 | 0.1 | 0.2 | 0.2 | 0.2 | ||||||||||||||
Stage 2 Model exposure (£m) | ||||||||||||||||||||
Home loans | 22,915 | 21,076 | 21,769 | 22,631 | 24,649 | 27,151 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 7,200 | 6,260 | 6,521 | 6,795 | 9,708 | 14,290 | ||||||||||||||
Wholesale loans | 32,256 | 29,052 | 29,732 | 31,054 | 36,692 | 44,507 | ||||||||||||||
Stage 2 Model ECL (£m) | ||||||||||||||||||||
Home loans | 15 | 10 | 11 | 12 | 22 | 47 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 1,114 | 925 | 988 | 1,058 | 1,497 | 3,295 | ||||||||||||||
Wholesale loans | 572 | 431 | 467 | 528 | 851 | 1,510 | ||||||||||||||
Stage 2 Coverage (%) | ||||||||||||||||||||
Home loans | 0.1 | — | 0.1 | 0.1 | 0.1 | 0.2 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 15.5 | 14.8 | 15.2 | 15.6 | 15.4 | 23.1 | ||||||||||||||
Wholesale loans | 1.8 | 1.5 | 1.6 | 1.7 | 2.3 | 3.4 | ||||||||||||||
Stage 3 Model exposure (£m) | ||||||||||||||||||||
Home loans | 1,724 | 1,724 | 1,724 | 1,724 | 1,724 | 1,724 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 1,922 | 1,922 | 1,922 | 1,922 | 1,922 | 1,922 | ||||||||||||||
Wholesale loansa | 1,811 | 1,811 | 1,811 | 1,811 | 1,811 | 1,811 | ||||||||||||||
Stage 3 Model ECL (£m) | ||||||||||||||||||||
Home loans | 303 | 292 | 295 | 299 | 320 | 346 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 1,255 | 1,236 | 1,245 | 1,255 | 1,277 | 1,297 | ||||||||||||||
Wholesale loansa | 323 | 321 | 322 | 323 | 326 | 332 | ||||||||||||||
Stage 3 Coverage (%) | ||||||||||||||||||||
Home loans | 17.6 | 16.9 | 17.1 | 17.3 | 18.6 | 20.1 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 65.3 | 64.3 | 64.8 | 65.3 | 66.4 | 67.5 | ||||||||||||||
Wholesale loansa | 17.8 | 17.7 | 17.8 | 17.8 | 18 | 18.3 | ||||||||||||||
Total Model ECL (£m) | ||||||||||||||||||||
Home loans | 322 | 304 | 308 | 314 | 348 | 407 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 2,693 | 2,427 | 2,505 | 2,592 | 3,124 | 5,010 | ||||||||||||||
Wholesale loansa | 1,185 | 992 | 1,051 | 1,137 | 1,504 | 2,192 | ||||||||||||||
Total ECL | 4,200 | 3,723 | 3,864 | 4,043 | 4,976 | 7,609 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 143 |
Reconciliation to total ECL | £m | ||||
Total model ECL | 4,200 | ||||
ECL from individually assessed impairments | 524 | ||||
ECL from non-modelled and other management adjustmentsa | 1,560 | ||||
Total ECL | 6,284 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 144 |
Scenarios | ||||||||||||||||||||
As at 31 December 2020 | Weighted | Upside 2 | Upside 1 | Baseline | Downside 1 | Downside 2 | ||||||||||||||
Stage 1 Model exposure (£m) | ||||||||||||||||||||
Home loans | 131,422 | 134,100 | 133,246 | 132,414 | 130,547 | 128,369 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 51,952 | 53,271 | 52,932 | 51,995 | 50,168 | 48,717 | ||||||||||||||
Wholesale loans | 149,099 | 155,812 | 154,578 | 152,141 | 144,646 | 131,415 | ||||||||||||||
Stage 1 Model ECL (£m) | ||||||||||||||||||||
Home loans | 6 | 4 | 5 | 6 | 14 | 42 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 392 | 316 | 340 | 372 | 415 | 415 | ||||||||||||||
Wholesale loans | 262 | 242 | 258 | 249 | 278 | 290 | ||||||||||||||
Stage 1 Coverage (%) | ||||||||||||||||||||
Home loans | — | — | — | — | — | — | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 0.8 | 0.6 | 0.6 | 0.7 | 0.8 | 0.9 | ||||||||||||||
Wholesale loans | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||||
Stage 2 Model exposure (£m) | ||||||||||||||||||||
Home loans | 19,180 | 16,502 | 17,356 | 18,188 | 20,055 | 22,233 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 13,399 | 10,572 | 11,579 | 13,176 | 16,477 | 19,322 | ||||||||||||||
Wholesale loans | 32,677 | 25,963 | 27,198 | 29,635 | 37,130 | 50,361 | ||||||||||||||
Stage 2 Model ECL (£m) | ||||||||||||||||||||
Home loans | 37 | 31 | 32 | 33 | 42 | 63 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 2,207 | 1,618 | 1,837 | 2,138 | 2,865 | 3,564 | ||||||||||||||
Wholesale loans | 1,410 | 952 | 1,047 | 1,223 | 1,771 | 2,911 | ||||||||||||||
Stage 2 Coverage (%) | ||||||||||||||||||||
Home loans | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 16.5 | 15.3 | 15.9 | 16.2 | 17.4 | 18.4 | ||||||||||||||
Wholesale loans | 4.3 | 3.7 | 3.8 | 4.1 | 4.8 | 5.8 | ||||||||||||||
Stage 3 Model exposure (£m) | ||||||||||||||||||||
Home loans | 1,778 | 1,778 | 1,778 | 1,778 | 1,778 | 1,778 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 2,585 | 2,585 | 2,585 | 2,585 | 2,585 | 2,585 | ||||||||||||||
Wholesale loansa | 2,211 | 2,211 | 2,211 | 2,211 | 2,211 | 2,211 | ||||||||||||||
Stage 3 Model ECL (£m) | ||||||||||||||||||||
Home loans | 307 | 282 | 286 | 290 | 318 | 386 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 2,003 | 1,947 | 1,972 | 2,001 | 2,055 | 2,078 | ||||||||||||||
Wholesale loansa | 146 | 128 | 134 | 141 | 157 | 184 | ||||||||||||||
Stage 3 Coverage (%) | ||||||||||||||||||||
Home loans | 17.3 | 15.9 | 16.1 | 16.3 | 17.9 | 21.7 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 77.5 | 75.3 | 76.3 | 77.4 | 79.5 | 80.4 | ||||||||||||||
Wholesale loansa | 6.6 | 5.8 | 6.1 | 6.4 | 7.1 | 8.3 | ||||||||||||||
Total Model ECL (£m) | ||||||||||||||||||||
Home loans | 350 | 317 | 323 | 329 | 374 | 491 | ||||||||||||||
Credit cards, unsecured loans and other retail lending | 4,602 | 3,881 | 4,149 | 4,511 | 5,335 | 6,057 | ||||||||||||||
Wholesale loansa | 1,818 | 1,322 | 1,439 | 1,613 | 2,206 | 3,385 | ||||||||||||||
Total ECL | 6,770 | 5,520 | 5,911 | 6,453 | 7,915 | 9,933 |
Reconciliation to total ECLa | £m | ||||
Total model ECL | 6,770 | ||||
ECL from individually assessed impairments | 902 | ||||
ECL from non-modelled and other management adjustments | 1,727 | ||||
Total ECL | 9,399 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 145 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 146 |
Credit risk concentrations by industry (audited) | ||||||||||||||||||||||||||||||||||||||
Banks | Other financial insti- tutions | Manu- facturing | Const- ruction and property | Govern- ment and central bank | Energy and water | Whole- sale and retail distri- bution and leisure | Business and other services | Home loans | Cards, unsecured loans and other personal lending | Other | Total | |||||||||||||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||||||||||
As at 31 December 2021 | ||||||||||||||||||||||||||||||||||||||
On-balance sheet: | ||||||||||||||||||||||||||||||||||||||
Cash and balances at central banks | 52 | 74 | — | — | 238,448 | — | — | — | — | — | — | 238,574 | ||||||||||||||||||||||||||
Cash collateral and settlement balances | 14,811 | 61,581 | 320 | 79 | 14,526 | 390 | 60 | 366 | — | 68 | 341 | 92,542 | ||||||||||||||||||||||||||
Loans and advances at amortised cost | 8,519 | 32,332 | 6,701 | 25,722 | 30,827 | 4,345 | 11,455 | 19,113 | 169,205 | 42,198 | 11,034 | 361,451 | ||||||||||||||||||||||||||
Reverse repurchase agreements and other similar secured lending | 645 | 2,049 | — | — | 533 | — | — | — | — | — | — | 3,227 | ||||||||||||||||||||||||||
Trading portfolio assets | 2,586 | 8,817 | 4,881 | 1,097 | 32,574 | 4,043 | 1,734 | 4,716 | — | — | 2,941 | 63,389 | ||||||||||||||||||||||||||
Financial assets at fair value through the income statement | 26,074 | 131,264 | 771 | 7,999 | 13,945 | 87 | 181 | 3,753 | 1,595 | — | 428 | 186,097 | ||||||||||||||||||||||||||
Derivative financial instruments | 120,666 | 117,400 | 4,169 | 1,898 | 7,233 | 3,544 | 1,172 | 2,696 | — | — | 3,794 | 262,572 | ||||||||||||||||||||||||||
Financial assets at fair value through other comprehensive income | 14,441 | 4,274 | — | 662 | 40,872 | — | — | 455 | — | — | 147 | 60,851 | ||||||||||||||||||||||||||
Other assets | 618 | 450 | 1 | 3 | 8 | — | 2 | 104 | — | 21 | 5 | 1,212 | ||||||||||||||||||||||||||
Total on-balance sheet | 188,412 | 358,241 | 16,843 | 37,460 | 378,966 | 12,409 | 14,604 | 31,203 | 170,800 | 42,287 | 18,690 | 1,269,915 | ||||||||||||||||||||||||||
Off-balance sheet: | ||||||||||||||||||||||||||||||||||||||
Contingent liabilities | 1,006 | 5,356 | 3,080 | 1,341 | 1,682 | 3,284 | 1,209 | 2,518 | — | 73 | 1,797 | 21,346 | ||||||||||||||||||||||||||
Loan commitments | 1,395 | 55,071 | 42,587 | 16,673 | 1,362 | 26,461 | 16,299 | 25,682 | 11,656 | 121,680 | 26,845 | 345,711 | ||||||||||||||||||||||||||
Total off-balance sheet | 2,401 | 60,427 | 45,667 | 18,014 | 3,044 | 29,745 | 17,508 | 28,200 | 11,656 | 121,753 | 28,642 | 367,057 | ||||||||||||||||||||||||||
Total | 190,813 | 418,668 | 62,510 | 55,474 | 382,010 | 42,154 | 32,112 | 59,403 | 182,456 | 164,040 | 47,332 | 1,636,972 | ||||||||||||||||||||||||||
As at 31 December 2020 | ||||||||||||||||||||||||||||||||||||||
On-balance sheet: | ||||||||||||||||||||||||||||||||||||||
Cash and balances at central banks | 56 | 84 | — | — | 190,981 | — | — | 6 | — | — | — | 191,127 | ||||||||||||||||||||||||||
Cash collateral and settlement balances | 17,986 | 67,305 | 375 | 35 | 13,946 | 871 | 30 | 575 | — | — | 244 | 101,367 | ||||||||||||||||||||||||||
Loans and advances at amortised cost | 8,133 | 22,062 | 8,142 | 26,125 | 28,445 | 4,722 | 12,569 | 19,538 | 159,647 | 41,312 | 11,937 | 342,632 | ||||||||||||||||||||||||||
Reverse repurchase agreements and other similar secured lending | 706 | 7,964 | — | — | 361 | — | — | — | — | — | — | 9,031 | ||||||||||||||||||||||||||
Trading portfolio assets | 2,743 | 11,464 | 4,104 | 516 | 35,902 | 3,052 | 1,883 | 2,625 | — | — | 2,541 | 64,830 | ||||||||||||||||||||||||||
Financial assets at fair value through the income statement | 21,824 | 131,943 | 608 | 5,668 | 5,530 | 13 | 64 | 3,712 | 971 | — | 198 | 170,531 | ||||||||||||||||||||||||||
Derivative financial instruments | 155,767 | 116,526 | 4,126 | 2,725 | 11,649 | 3,288 | 1,235 | 2,361 | — | 0 | 4,769 | 302,446 | ||||||||||||||||||||||||||
Financial assets at fair value through other comprehensive income | 18,829 | 5,843 | 1 | 425 | 51,955 | — | — | 733 | — | — | 141 | 77,927 | ||||||||||||||||||||||||||
Other assets | 439 | 224 | 6 | 12 | 1 | 10 | 18 | 98 | — | 34 | 8 | 850 | ||||||||||||||||||||||||||
Total on-balance sheet | 226,483 | 363,415 | 17,362 | 35,506 | 338,770 | 11,956 | 15,799 | 29,648 | 160,618 | 41,346 | 19,838 | 1,260,741 | ||||||||||||||||||||||||||
Off-balance sheet: | ||||||||||||||||||||||||||||||||||||||
Contingent liabilities | 1,150 | 5,501 | 3,187 | 1,260 | 1,678 | 3,223 | 1,005 | 2,283 | — | 155 | 2,167 | 21,609 | ||||||||||||||||||||||||||
Loan commitments | 1,813 | 53,936 | 39,638 | 14,002 | 1,398 | 25,780 | 17,165 | 24,554 | 12,385 | 119,807 | 22,571 | 333,049 | ||||||||||||||||||||||||||
Total off-balance sheet | 2,963 | 59,437 | 42,825 | 15,262 | 3,076 | 29,003 | 18,170 | 26,837 | 12,385 | 119,962 | 24,738 | 354,658 | ||||||||||||||||||||||||||
Total | 229,446 | 422,852 | 60,187 | 50,768 | 341,846 | 40,959 | 33,969 | 56,485 | 173,003 | 161,308 | 44,576 | 1,615,399 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 147 |
Default Grade | Retail and Wholesale lending Probability of default | Credit Quality Description | ||||||
1-3 | 0.0 to <0.05% | Strong | ||||||
4-5 | 0.05 to <0.15% | |||||||
6-8 | 0.15 to <0.30% | |||||||
9-11 | 0.30 to <0.60% | |||||||
12-14 | 0.60 to <2.15% | Satisfactory | ||||||
15-19 | 2.15 to <10% | |||||||
19 | 10 to <11.35% | |||||||
20-21 | 11.35 to <100% | Higher Risk | ||||||
22 | 100% | Credit Impaired |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 148 |
Balance sheet credit quality (audited) | ||||||||||||||||||||||||||
PD range | Total | PD range | Total | |||||||||||||||||||||||
0.0 to <0.60% | 0.60 to <11.35% | 11.35 to 100% | 0.0 to <0.60% | 0.60 to <11.35% | 11.35 to 100% | |||||||||||||||||||||
£m | £m | £m | £m | % | % | % | % | |||||||||||||||||||
As at 31 December 2021 | ||||||||||||||||||||||||||
Cash and balances at central banks | 238,574 | — | — | 238,574 | 100 | — | — | 100 | ||||||||||||||||||
Cash collateral and settlement balances | 83,257 | 9,275 | 10 | 92,542 | 90 | 10 | — | 100 | ||||||||||||||||||
Loans and advances at amortised cost: | ||||||||||||||||||||||||||
Home loans | 161,314 | 5,547 | 2,344 | 169,205 | 96 | 3 | 1 | 100 | ||||||||||||||||||
Credit cards, unsecured loans and other retail lending | 25,664 | 14,293 | 1,836 | 41,793 | 62 | 34 | 4 | 100 | ||||||||||||||||||
Wholesale loans | 104,823 | 40,437 | 5,193 | 150,453 | 70 | 27 | 3 | 100 | ||||||||||||||||||
Total loans and advances at amortised cost | 291,801 | 60,277 | 9,373 | 361,451 | 80 | 17 | 3 | 100 | ||||||||||||||||||
Reverse repurchase agreements and other similar secured lending | 3,141 | 86 | — | 3,227 | 97 | 3 | — | 100 | ||||||||||||||||||
Trading portfolio assets: | ||||||||||||||||||||||||||
Debt securities | 44,652 | 5,735 | 477 | 50,864 | 88 | 11 | 1 | 100 | ||||||||||||||||||
Traded loans | 2,172 | 10,144 | 209 | 12,525 | 17 | 81 | 2 | 100 | ||||||||||||||||||
Total trading portfolio assets | 46,824 | 15,879 | 686 | 63,389 | 74 | 25 | 1 | 100 | ||||||||||||||||||
Financial assets at fair value through the income statement: | ||||||||||||||||||||||||||
Loans and advances | 19,642 | 18,979 | 46 | 38,667 | 51 | 49 | — | 100 | ||||||||||||||||||
Debt securities | 1,389 | 864 | 52 | 2,305 | 61 | 37 | 2 | 100 | ||||||||||||||||||
Reverse repurchase agreements | 108,437 | 36,047 | 530 | 145,014 | 75 | 25 | — | 100 | ||||||||||||||||||
Other financial assets | 93 | 18 | — | 111 | 84 | 16 | — | 100 | ||||||||||||||||||
Total financial assets at fair value through the income statement | 129,561 | 55,908 | 628 | 186,097 | 70 | 30 | — | 100 | ||||||||||||||||||
Derivative financial instruments | 246,628 | 15,678 | 266 | 262,572 | 94 | 6 | — | 100 | ||||||||||||||||||
Financial assets at fair value through other comprehensive income | 60,845 | 6 | — | 60,851 | 100 | — | — | 100 | ||||||||||||||||||
Other assets | 1,155 | 55 | 2 | 1,212 | 95 | 5 | — | 100 | ||||||||||||||||||
Total on-balance sheet | 1,101,786 | 157,164 | 10,965 | 1,269,915 | 87 | 12 | 1 | 100 | ||||||||||||||||||
As at 31 December 2020 | ||||||||||||||||||||||||||
Cash and balances at central banks | 191,127 | — | — | 191,127 | 100 | — | — | 100 | ||||||||||||||||||
Cash collateral and settlement balances | 90,633 | 10,725 | 9 | 101,367 | 89 | 11 | — | 100 | ||||||||||||||||||
Loans and advances at amortised cost: | — | — | — | — | ||||||||||||||||||||||
Home loans | 150,748 | 6,310 | 2,589 | 159,647 | 94 | 4 | 2 | 100 | ||||||||||||||||||
Credit cards, unsecured loans and other retail lending | 15,870 | 22,427 | 2,516 | 40,813 | 39 | 55 | 6 | 100 | ||||||||||||||||||
Wholesale loans | 105,968 | 31,538 | 4,666 | 142,172 | 75 | 22 | 3 | 100 | ||||||||||||||||||
Total loans and advances at amortised cost | 272,586 | 60,275 | 9,771 | 342,632 | 79 | 18 | 3 | 100 | ||||||||||||||||||
Reverse repurchase agreements and other similar secured lending | 9,019 | 12 | — | 9,031 | 100 | — | — | 100 | ||||||||||||||||||
Trading portfolio assets: | ||||||||||||||||||||||||||
Debt securities | 51,395 | 4,871 | 216 | 56,482 | 91 | 9 | — | 100 | ||||||||||||||||||
Traded loans | 704 | 5,107 | 2,537 | 8,348 | 9 | 61 | 30 | 100 | ||||||||||||||||||
Total trading portfolio assets | 52,099 | 9,978 | 2,753 | 64,830 | 81 | 15 | 4 | 100 | ||||||||||||||||||
Financial assets at fair value through the income statement: | ||||||||||||||||||||||||||
Loans and advances | 16,467 | 14,369 | 43 | 30,879 | 53 | 47 | — | 100 | ||||||||||||||||||
Debt securities | 1,126 | 521 | 46 | 1,693 | 66 | 31 | 3 | 100 | ||||||||||||||||||
Reverse repurchase agreements | 95,376 | 41,566 | 674 | 137,616 | 70 | 30 | — | 100 | ||||||||||||||||||
Other financial assets | 330 | 13 | — | 343 | 96 | 4 | — | 100 | ||||||||||||||||||
Total financial assets at fair value through the income statement | 113,299 | 56,469 | 763 | 170,531 | 67 | 33 | — | 100 | ||||||||||||||||||
Derivative financial instruments | 282,617 | 19,352 | 477 | 302,446 | 94 | 6 | — | 100 | ||||||||||||||||||
Financial assets at fair value through other comprehensive income | 77,919 | 8 | — | 77,927 | 100 | — | — | 100 | ||||||||||||||||||
Other assets | 778 | 68 | 4 | 850 | 92 | 8 | — | 100 | ||||||||||||||||||
Total on-balance sheet | 1,090,077 | 156,887 | 13,777 | 1,260,741 | 87 | 12 | 1 | 100 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 149 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 150 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 151 |
Home loans principal portfolios | ||||||||
Barclays UK | ||||||||
As at 31 December | 2021 | 2020 | ||||||
Gross loans and advances (£m) | 158,192 | 148,343 | ||||||
>90 day arrears, excluding recovery book (%) | 0.1 | 0.2 | ||||||
Annualised gross charge-off rates – 180 days past due (%) | 0.5 | 0.6 | ||||||
Recovery book proportion of outstanding balances (%) | 0.6 | 0.6 | ||||||
Recovery book impairment coverage ratio (%) | 4.2 | 3.2 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 152 |
Home loans principal portfolios – average LTV | ||||||||
Barclays UK | ||||||||
As at 31 December | 2021 | 2020 | ||||||
Overall portfolio LTV (%): | ||||||||
Balance weighted % | 50.7 | 50.7 | ||||||
Valuation weighted % | 37.5 | 37.6 | ||||||
For >100% LTVs: | ||||||||
Balances £m | 58 | 129 | ||||||
Marked to market collateral £m | 47 | 112 | ||||||
Average LTV: Balance weighted % | 160.9 | 138.2 | ||||||
Average LTV: Valuation weighted % | 129.1 | 120.6 | ||||||
% of balances in recoveries | 14.5 | 10.8 |
Home loans principal portfolios - new lending | ||||||||
Barclays UK | ||||||||
As at 31 December 2021 | 2021 | 2020 | ||||||
New home loan bookings (£m) | 33,945 | 22,776 | ||||||
New home loan proportion above 90% LTV (%) | 1.9 | 2.6 | ||||||
Average LTV on new home loan: balance weighted (%) | 69.5 | 67.5 | ||||||
Average LTV on new home loan: valuation weighted (%) | 61.9 | 59.6 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 153 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 154 |
Analysis of forbearance programmes | ||||||||||||||||||||||||||
Balances | Impairment allowance | |||||||||||||||||||||||||
Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||
As at 31 December 2021 | ||||||||||||||||||||||||||
Barclays UK | 140 | 140 | 737 | 1,017 | 2 | 46 | 284 | 332 | ||||||||||||||||||
Barclays International | 1 | 3 | 244 | 248 | — | 1 | 152 | 153 | ||||||||||||||||||
Head Office | — | — | 116 | 116 | — | — | 15 | 15 | ||||||||||||||||||
Total retail | 141 | 143 | 1,097 | 1,381 | 2 | 47 | 451 | 500 | ||||||||||||||||||
Barclays UK | 59 | 76 | 494 | 629 | — | 2 | 48 | 50 | ||||||||||||||||||
Barclays International | — | 1,051 | 961 | 2,012 | — | 38 | 321 | 359 | ||||||||||||||||||
Head Office | — | — | ||||||||||||||||||||||||
Total wholesale | 59 | 1,127 | 1,455 | 2,641 | — | 40 | 369 | 409 | ||||||||||||||||||
Group total | 200 | 1,270 | 2,552 | 4,022 | 2 | 87 | 820 | 909 | ||||||||||||||||||
As at 31 December 2020 | ||||||||||||||||||||||||||
Barclays UK | 59 | 144 | 374 | 577 | 3 | 77 | 106 | 186 | ||||||||||||||||||
Barclays International | 1 | 2 | 350 | 353 | — | 1 | 198 | 199 | ||||||||||||||||||
Head Office | — | — | 126 | 126 | — | — | 18 | 18 | ||||||||||||||||||
Total retail | 60 | 146 | 850 | 1,056 | 3 | 78 | 322 | 403 | ||||||||||||||||||
Barclays UK | — | 48 | 534 | 582 | — | 3 | 54 | 57 | ||||||||||||||||||
Barclays International | — | 1,373 | 1,460 | 2,833 | — | 86 | 564 | 650 | ||||||||||||||||||
Head Office | — | — | ||||||||||||||||||||||||
Total wholesale | — | 1,421 | 1,994 | 3,415 | — | 89 | 618 | 707 | ||||||||||||||||||
Group total | 60 | 1,567 | 2,844 | 4,471 | 3 | 167 | 940 | 1,110 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 155 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 156 |
Debt securities | ||||||||||||||
2021 | 2020 | |||||||||||||
As at 31 December | £m | % | £m | % | ||||||||||
Of which issued by: | ||||||||||||||
Governments and other public bodies | 94,730 | 65.0 | 105,496 | 66.0 | ||||||||||
Corporate and other issuers | 36,916 | 25.3 | 39,733 | 24.9 | ||||||||||
US agency | 4,364 | 3.0 | 8,742 | 5.5 | ||||||||||
Mortgage and asset backed securities | 9,788 | 6.7 | 5,745 | 3.6 | ||||||||||
Total | 145,798 | 100.0 | 159,716 | 100.0 |
Government securities | ||||||||
Fair value | ||||||||
2021 | 2020 | |||||||
As at 31 December | £m | £m | ||||||
United States | 30,023 | 30,363 | ||||||
United Kingdom | 27,409 | 23,873 | ||||||
Japan | 8,555 | 16,258 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 157 |
Derivatives by collateral arrangement | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Notional contract amount | Fair value | Notional contract amount | Fair value | |||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||
Unilateral in favour of Barclays | ||||||||||||||||||||
Foreign exchange | 26,905 | 437 | (635) | 28,431 | 618 | (532) | ||||||||||||||
Interest rate | 6,790 | 816 | (6) | 6,580 | 982 | (10) | ||||||||||||||
Credit derivatives | 1,200 | 24 | (202) | 227 | 2 | — | ||||||||||||||
Equity and stock index | 245 | 33 | (4) | 860 | 17 | (77) | ||||||||||||||
Total unilateral in favour of Barclays | 35,140 | 1,310 | (847) | 36,098 | 1,619 | (619) | ||||||||||||||
Unilateral in favour of counterparty | ||||||||||||||||||||
Foreign exchange | 22,987 | 385 | (883) | 16,420 | 545 | (1,003) | ||||||||||||||
Interest rate | 36,230 | 3,162 | (3,684) | 36,973 | 3,524 | (4,543) | ||||||||||||||
Credit derivatives | 152 | 1 | — | 287 | — | — | ||||||||||||||
Equity and stock index | 507 | 159 | (21) | 451 | 146 | (22) | ||||||||||||||
Total unilateral in favour of counterparty | 59,876 | 3,707 | (4,588) | 54,131 | 4,215 | (5,568) | ||||||||||||||
Bilateral arrangement | ||||||||||||||||||||
Foreign exchange | 5,261,708 | 71,624 | (68,186) | 5,154,176 | 79,337 | (77,919) | ||||||||||||||
Interest rate | 13,956,001 | 116,656 | (108,723) | 13,267,129 | 161,909 | (155,453) | ||||||||||||||
Credit derivatives | 570,968 | 3,635 | (4,190) | 365,757 | 3,348 | (3,490) | ||||||||||||||
Equity and stock index | 259,066 | 12,749 | (15,965) | 453,990 | 15,376 | (18,399) | ||||||||||||||
Commodity derivatives | 4,485 | 54 | (102) | 4,235 | 89 | (100) | ||||||||||||||
Total bilateral arrangement | 20,052,228 | 204,718 | (197,166) | 19,245,287 | 260,059 | (255,361) | ||||||||||||||
Uncollateralised derivatives | ||||||||||||||||||||
Foreign exchange | 403,523 | 4,348 | (4,526) | 269,417 | 4,277 | (4,589) | ||||||||||||||
Interest rate | 227,093 | 3,244 | (1,759) | 250,857 | 4,583 | (2,131) | ||||||||||||||
Credit derivatives | 34,184 | 347 | (360) | 18,629 | 324 | (419) | ||||||||||||||
Equity and stock index | 18,865 | 5,881 | (8,478) | 10,850 | 3,268 | (7,596) | ||||||||||||||
Commodity derivatives | 185 | 2 | (5) | 9 | — | (10) | ||||||||||||||
Total uncollateralised derivatives | 683,850 | 13,822 | (15,128) | 549,762 | 12,452 | (14,745) | ||||||||||||||
Total OTC derivative assets/(liabilities) | 20,831,094 | 223,557 | (217,729) | 19,885,278 | 278,345 | (276,293) |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 158 |
Page | ||||||||
Outlines key measures used to summarise the market risk profile of the bank such as value at risk (VaR). | ■Market risk overview and summary of performance | 159 | ||||||
The Group discloses details on management measures of market risk. Total management VaR includes all trading positions and is presented on a diversified basis by risk factor. This section also outlines the macroeconomic conditions modelled as part of the Group’s risk management framework. | ■Traded market risk | 159 | ||||||
■Review of management measures | 160 | |||||||
–The daily average, maximum and minimum values of management | 160 | |||||||
–Business scenario stresses VaR | 160 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 159 |
Management VaR (95%, one day) (audited) | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Average | Higha | Lowa | Average | Higha | Lowa | |||||||||||||||
For the year ended 31 December | £m | £m | £m | £m | £m | £m | ||||||||||||||
Credit risk | 14 | 30 | 7 | 20 | 38 | 10 | ||||||||||||||
Interest rate risk | 7 | 15 | 4 | 10 | 17 | 6 | ||||||||||||||
Equity risk | 9 | 29 | 4 | 13 | 35 | 6 | ||||||||||||||
Basis risk | 6 | 10 | 3 | 10 | 16 | 7 | ||||||||||||||
Spread risk | 4 | 6 | 3 | 5 | 9 | 3 | ||||||||||||||
Foreign exchange risk | 4 | 16 | 1 | 5 | 7 | 2 | ||||||||||||||
Commodity risk | — | 1 | — | 1 | 1 | — | ||||||||||||||
Inflation risk | 3 | 5 | 2 | 2 | 3 | 1 | ||||||||||||||
Diversification effecta | (28) | n/a | n/a | (34) | n/a | n/a | ||||||||||||||
Total management VaR | 19 | 36 | 6 | 32 | 57 | 18 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 160 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 161 |
Interest rate risk in the banking book performance | ||||||||
A description of the non-traded market risk framework is provided. The Group discloses a sensitivity analysis on pre-tax net interest income for non-trading financial assets and liabilities. The analysis is carried out by business unit and currency. The Group measures some non-traded market risks, in particular prepayment, recruitment, and residual risk using an economic capital methodology. The Group discloses the overall impact of a parallel shift in interest rates on other comprehensive income and cash flow hedges. The Group measures the volatility of the value of the FVOCI instruments in the liquidity pool through non-traded market risk VaR. | ■Net interest income sensitivity | 182 | ||||||
–by business unit | 182 | |||||||
–by currency | 183 | |||||||
■Analysis of equity sensitivity | 183 | |||||||
■Volatility of the FVOCI portfolio in the liquidity pool | 183 | |||||||
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 162 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 163 |
Drivers of Liquidity Risk | LRA Combined stress – key assumptions | ||||
Wholesale Secured and Unsecured Funding Risk | ■Zero rollover of maturing wholesale unsecured funding | ||||
■Loss of repo capacity on non-extremely liquid repos at contractual maturity date | |||||
■ Roll of repo for extremely liquid repo at wider haircut at contractual maturity date | |||||
■Withdrawal of contractual buyback obligations, excess client futures margin, Prime Brokerage (PB) client cash and overlifts | |||||
■Haircuts applied to the market value of marketable assets held in the liquidity buffer | |||||
Retail and Corporate Funding Risk | ■Retail and Corporate deposit outflows as counterparties seek to diversify their deposit balances | ||||
Intraday Liquidity Risk | ■Liquidity held to meet increased intraday liquidity usage due to payment and receipts volatility, loss of unsecured credit lines and haircuts applied to collateral values used to back secured creditlines, in a stress | ||||
Intra-Group Liquidity Risk | ■Liquidity support for material subsidiaries. Surplus liquidity held within certain subsidiaries is not taken as a benefit to the wider Group | ||||
Cross-Currency Liquidity Risk | ■Deterioration in FX market capacity that may result in restriction in net currency positions | ||||
Off-Balance Sheet Liquidity Risk | ■Drawdown on committed facilities based on facility and counterparty type | ||||
■Collateral outflows due to a two-notch credit rating downgrade | |||||
■Increase in the Group's initial margin requirement across all major exchanges | |||||
■Variation margin outflows from collateralised risk positions | |||||
■Outflow of collateral owing but not called | |||||
■Loss of internal sources of funding within the PB synthetics business | |||||
Franchise-Viability Risk | ■Liquidity held to enable the firm to meet select non-contractual obligations to ensure market confidence in the firm is maintained, including debt buy-backs, swap tear-ups and increased prime brokerage margin debits | ||||
Funding Concentration Risk | ■Liquidity held against largest wholesale funding counterparty refusing to roll |
2021 | 2020 | |||||||
As at 31 December | £bn | £bn | ||||||
Eligible liquidity buffer | 285 | 258 | ||||||
Net stress outflows | (169) | (159) | ||||||
Surplus | 116 | 99 | ||||||
Liquidity coverage ratioa | 168 | % | 162 | % |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 164 |
Liquidity pool by currency | |||||||||||||||||
USD | EUR | GBP | Other | Total | |||||||||||||
£bn | £bn | £bn | £bn | £bn | |||||||||||||
Liquidity pool as at 31 December 2021 | 59 | 52 | 132 | 48 | 291 | ||||||||||||
Liquidity pool as at 31 December 2020 | 60 | 50 | 80 | 76 | 266 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 165 |
2021 | 2020 | Restatedc | 2021 | 2020 | ||||||||||||||||
Assets | £bn | £bn | Liabilities | £bn | £bn | |||||||||||||||
Loans and advances at amortised costa | 358 | 335 | Deposits at amortised cost | 519 | 481 | |||||||||||||||
Group liquidity pool | 291 | 266 | <1 Year wholesale fundingc | 67 | 43 | |||||||||||||||
>1 Year wholesale fundingc | 101 | 102 | ||||||||||||||||||
Reverse repurchase agreements, trading portfolio assets, cash collateral and settlement balances | 388 | 376 | Repurchase agreements, trading portfolio liabilities, cash collateral and settlement balances | 330 | 324 | |||||||||||||||
Derivative financial instruments | 263 | 302 | Derivative financial instruments | 257 | 301 | |||||||||||||||
Other assetsb | 84 | 71 | Other liabilities | 40 | 32 | |||||||||||||||
Equity | 70 | 67 | ||||||||||||||||||
Total assets | 1,384 | 1,350 | Total liabilities | 1,384 | 1,350 |
Deposit funding (audited) | ||||||||||||||
2021 | 2020 | |||||||||||||
Funding of loans and advances | Loans and advances at amortised cost | Deposits at amortised cost | Loan: deposit ratioa | Loan: deposit ratio | ||||||||||
As at 31 December 2021 | £bn | £bn | % | % | ||||||||||
Barclays UK | 222 | 260 | 85 | % | 89 | % | ||||||||
Barclays International | 134 | 259 | 52 | % | 51 | % | ||||||||
Head Office | 5 | — | ||||||||||||
Barclays Group | 361 | 519 | 70 | % | 71 | % |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 166 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 167 |
Currency composition of wholesale funding | ||||||||||||||
USD | EUR | GBP | Other | |||||||||||
% | % | % | % | |||||||||||
Certificates of deposit and commercial paper | 50 | 43 | 6 | 1 | ||||||||||
Asset backed commercial paper | 82 | 13 | 5 | — | ||||||||||
Senior unsecured (Public benchmark) | 57 | 21 | 14 | 8 | ||||||||||
Senior unsecured (Privately placed) | 65 | 15 | 9 | 11 | ||||||||||
Covered bonds / Asset backed securities | 48 | 22 | 30 | — | ||||||||||
Subordinated liabilities | 66 | 24 | 7 | 3 | ||||||||||
Total as December 31, 2021 | 59 | 24 | 11 | 6 | ||||||||||
Total as December 31, 2020 | 61 | 20 | 13 | 6 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 168 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 169 |
Contractual maturity of financial assets and liabilities (audited) | |||||||||||||||||||||||||||||||||||
As at 31 December 2020 | On demand | Not more than three months | Over three months but not more than six months | Over six months but not more than nine months | Over nine months but not more than one year | Over one year but not more than two years | Over two years but not more than three years | Over three years but not more than five years | Over five years but not more than ten years | Over ten years | Total | ||||||||||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Cash and balances at central banks | 190,347 | 182 | 598 | — | — | — | — | — | — | — | 191,127 | ||||||||||||||||||||||||
Cash collateral and settlement balances | 1,177 | 100,190 | — | — | — | — | — | — | — | — | 101,367 | ||||||||||||||||||||||||
Loans and advances at amortised cost | 14,098 | 11,970 | 8,388 | 4,956 | 5,234 | 25,392 | 22,133 | 36,286 | 47,944 | 166,231 | 342,632 | ||||||||||||||||||||||||
Reverse repurchase agreements and other similar secured lending | 150 | 8,698 | — | — | — | — | 183 | — | — | — | 9,031 | ||||||||||||||||||||||||
Trading portfolio assets | 127,950 | — | — | — | — | — | — | — | — | — | 127,950 | ||||||||||||||||||||||||
Financial assets at fair value through the income statement | 17,377 | 123,044 | 7,548 | 6,960 | 4,151 | 4,911 | 1,346 | 2,431 | 2,345 | 5,038 | 175,151 | ||||||||||||||||||||||||
Derivative financial instruments | 301,880 | 23 | — | — | — | 70 | 55 | 310 | 87 | 21 | 302,446 | ||||||||||||||||||||||||
Financial assets at fair value through other comprehensive income | — | 9,655 | 3,517 | 1,393 | 948 | 6,469 | 5,566 | 17,552 | 24,450 | 9,138 | 78,688 | ||||||||||||||||||||||||
Other financial assets | 357 | 451 | 19 | 22 | — | 1 | — | — | — | — | 850 | ||||||||||||||||||||||||
Total financial assets | 653,336 | 254,213 | 20,070 | 13,331 | 10,333 | 36,843 | 29,283 | 56,579 | 74,826 | 180,428 | 1,329,242 | ||||||||||||||||||||||||
Other assets | 20,272 | ||||||||||||||||||||||||||||||||||
Total assets | 1,349,514 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Deposits at amortised cost | 410,894 | 41,468 | 15,886 | 5,073 | 3,082 | 2,264 | 625 | 601 | 764 | 379 | 481,036 | ||||||||||||||||||||||||
Cash collateral and settlement balances | 1,900 | 83,523 | — | — | — | — | — | — | — | — | 85,423 | ||||||||||||||||||||||||
Repurchase agreements and other similar secured borrowing | 4 | 3,276 | — | — | — | 1,400 | 2,329 | 7,073 | — | 92 | 14,174 | ||||||||||||||||||||||||
Debt securities in issue | — | 16,344 | 4,048 | 5,100 | 1,937 | 5,780 | 10,402 | 13,608 | 12,721 | 5,856 | 75,796 | ||||||||||||||||||||||||
Subordinated liabilities | — | 1,589 | 3,209 | 294 | — | 2,192 | 14 | 989 | 6,915 | 1,139 | 16,341 | ||||||||||||||||||||||||
Trading portfolio liabilities | 47,405 | — | — | — | — | — | — | — | — | — | 47,405 | ||||||||||||||||||||||||
Financial liabilities designated at fair value | 15,555 | 172,153 | 8,677 | 5,067 | 2,938 | 8,594 | 6,939 | 8,580 | 8,344 | 12,918 | 249,765 | ||||||||||||||||||||||||
Derivative financial instruments | 299,795 | 1 | 49 | — | — | 79 | 67 | 185 | 196 | 403 | 300,775 | ||||||||||||||||||||||||
Other financial liabilities | 101 | 2,915 | 49 | 46 | 45 | 738 | 156 | 273 | 436 | 210 | 4,969 | ||||||||||||||||||||||||
Total financial liabilities | 775,654 | 321,269 | 31,918 | 15,580 | 8,002 | 21,047 | 20,532 | 31,309 | 29,376 | 20,997 | 1,275,684 | ||||||||||||||||||||||||
Other liabilities | 6,948 | ||||||||||||||||||||||||||||||||||
Total liabilities | 1,282,632 | ||||||||||||||||||||||||||||||||||
Cumulative liquidity gap | (122,318) | (189,374) | (201,222) | (203,471) | (201,140) | (185,344) | (176,593) | (151,323) | (105,873) | 53,558 | 66,882 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 170 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 171 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 172 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 173 |
Capital ratiosa,b,c | Restatedd | |||||||
As at 31 December | 2021 | 2020 | ||||||
CET1 | 15.1 | % | 15.1 | % | ||||
Tier 1 (T1) | 19.1 | % | 19.0 | % | ||||
Total regulatory capital | 22.2 | % | 22.1 | % | ||||
Capital resources (audited) | Restatedd | |||||||
2021 | 2020 | |||||||
As at 31 December | £m | £m | ||||||
Total equity excluding non-controlling interests per the balance sheet | 69,052 | 65,797 | ||||||
Less: other equity instruments (recognised as AT1 capital) | (12,259) | (11,172) | ||||||
Adjustment to retained earnings for foreseeable ordinary share dividends | (666) | (174) | ||||||
Adjustment to retained earnings for foreseeable repurchase of shares | — | — | ||||||
Adjustment to retained earnings for foreseeable other equity coupons | (32) | (30) | ||||||
Other regulatory adjustments and deductions | ||||||||
Additional value adjustments (PVA) | (1,585) | (1,146) | ||||||
Goodwill and intangible assets | (6,804) | (6,914) | ||||||
Deferred tax assets that rely on future profitability excluding temporary differences | (1,028) | (595) | ||||||
Fair value reserves related to gains or losses on cash flow hedges | 852 | (1,575) | ||||||
Gains or losses on liabilities at fair value resulting from own credit | 892 | 870 | ||||||
Defined benefit pension fund assets | (2,619) | (1,326) | ||||||
Direct and indirect holdings by an institution of own CET1 instruments | (50) | (50) | ||||||
Adjustment under IFRS 9 transitional arrangements | 1,229 | 2,556 | ||||||
Other regulatory adjustments | 345 | 55 | ||||||
CET1 capital | 47,327 | 46,296 | ||||||
AT1 capital | ||||||||
Capital instruments and related share premium accounts | 12,259 | 11,172 | ||||||
Qualifying AT1 capital (including minority interests) issued by subsidiaries | 637 | 646 | ||||||
Other regulatory adjustments and deductions | (80) | (80) | ||||||
AT1 capital | 12,816 | 11,738 | ||||||
T1 capital | 60,143 | 58,034 | ||||||
T2 capital | ||||||||
Capital instruments and related share premium accounts | 8,713 | 7,836 | ||||||
Qualifying T2 capital (including minority interests) issued by subsidiaries | 1,113 | 1,893 | ||||||
Credit risk adjustments (excess of impairment over expected losses) | 73 | 57 | ||||||
Other regulatory adjustments and deductions | (160) | (160) | ||||||
Total regulatory capital | 69,882 | 67,660 | ||||||
Total RWAs | 314,136 | 306,203 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 174 |
Movement in CET1 capital | Restateda | ||||
2021 | |||||
£m | |||||
Opening balance as at 1 January 2021 | 46,296 | ||||
Profit for the period attributable to equity holders | 7,009 | ||||
Own credit relating to derivative liabilities | 16 | ||||
Ordinary share dividends paid and foreseen | (1,004) | ||||
Purchased and foreseeable share repurchase | (1,200) | ||||
Other equity coupons paid and foreseen | (806) | ||||
Increase in retained regulatory capital generated from earnings | 4,015 | ||||
Net impact of share schemes | 187 | ||||
Fair value through other comprehensive income reserve | (288) | ||||
Currency translation reserve | (131) | ||||
Other reserves | (2) | ||||
Decrease in other qualifying reserves | (234) | ||||
Pension remeasurements within reserves | 643 | ||||
Defined benefit pension fund asset deduction | (1,293) | ||||
Net impact of pensions | (650) | ||||
Additional value adjustments (PVA) | (439) | ||||
Goodwill and intangible assets | 110 | ||||
Deferred tax assets that rely on future profitability excluding those arising from temporary differences | (433) | ||||
Adjustment under IFRS 9 transitional arrangements | (1,327) | ||||
Other regulatory adjustments | (11) | ||||
Decrease in regulatory capital due to adjustments and deductions | (2,100) | ||||
Closing balance as at 31 December 2021 | 47,327 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 175 |
Risk weighted assets (RWAs) by risk type and business | |||||||||||||||||||||||||||||||||||||||||
Credit risk | Counterparty credit risk | Market risk | Operational risk | Total RWAs | |||||||||||||||||||||||||||||||||||||
Std | IRB | Std | IRB | Settlement risk | CVA | Std | IMA | ||||||||||||||||||||||||||||||||||
As at 31 December 2021 | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||||||||||||||
Barclays UK | 7,195 | 53,408 | 426 | — | — | 138 | 100 | — | 11,022 | 72,289 | |||||||||||||||||||||||||||||||
Corporate and Investment Bank | 29,420 | 64,416 | 15,223 | 19,238 | 105 | 2,289 | 17,306 | 27,308 | 25,359 | 200,664 | |||||||||||||||||||||||||||||||
Consumer, Cards and Payments | 20,770 | 2,749 | 215 | 18 | — | 21 | — | 57 | 6,391 | 30,221 | |||||||||||||||||||||||||||||||
Barclays International | 50,190 | 67,165 | 15,438 | 19,256 | 105 | 2,310 | 17,306 | 27,365 | 31,750 | 230,885 | |||||||||||||||||||||||||||||||
Head Office | 4,733 | 7,254 | — | — | — | — | — | — | (1,025) | 10,962 | |||||||||||||||||||||||||||||||
Barclays Group | 62,118 | 127,827 | 15,864 | 19,256 | 105 | 2,448 | 17,406 | 27,365 | 41,747 | 314,136 | |||||||||||||||||||||||||||||||
As at 31 December 2020 | |||||||||||||||||||||||||||||||||||||||||
Barclays UK | 7,360 | 54,340 | 394 | — | — | 136 | 72 | — | 11,359 | 73,661 | |||||||||||||||||||||||||||||||
Corporate and Investment Bank | 24,660 | 73,792 | 12,047 | 20,280 | 246 | 2,351 | 13,123 | 22,363 | 23,343 | 192,205 | |||||||||||||||||||||||||||||||
Consumer, Cards and Payments | 19,754 | 3,041 | 177 | 45 | — | 31 | — | 71 | 6,996 | 30,115 | |||||||||||||||||||||||||||||||
Barclays International | 44,414 | 76,833 | 12,224 | 20,325 | 246 | 2,382 | 13,123 | 22,434 | 30,339 | 222,320 | |||||||||||||||||||||||||||||||
Head Office | 4,153 | 6,869 | — | — | — | — | — | — | (800) | 10,222 | |||||||||||||||||||||||||||||||
Barclays Group | 55,927 | 138,042 | 12,618 | 20,325 | 246 | 2,518 | 13,195 | 22,434 | 40,898 | 306,203 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 176 |
Leverage ratiosa,b | Restatedd | |||||||
2021 | 2020 | |||||||
As at 31 December | £m | £m | ||||||
Average UK leverage ratio | 4.9 | % | 5.0 | % | ||||
Average T1 capitalc | 59,739 | 57,069 | ||||||
Average UK leverage exposure | 1,229,041 | 1,146,919 | ||||||
UK leverage ratio | 5.2 | % | 5.3 | % | ||||
CET1 capital | 47,327 | 46,296 | ||||||
AT1 capital | 12,179 | 11,092 | ||||||
T1 capitalc | 59,506 | 57,388 | ||||||
UK leverage exposure | 1,137,904 | 1,090,907 | ||||||
UK leverage exposure | Restatedd | |||||||
2021 | 2020 | |||||||
As at 31 December | £m | £m | ||||||
Accounting assets | ||||||||
Derivative financial instruments | 262,572 | 302,446 | ||||||
Derivative cash collateral | 58,177 | 64,798 | ||||||
Securities financing transactions | 170,853 | 164,034 | ||||||
Loans and advances and other assets | 892,683 | 818,236 | ||||||
Total IFRS assets | 1,384,285 | 1,349,514 | ||||||
Regulatory consolidation adjustments | (3,665) | (1,144) | ||||||
Derivatives adjustments | ||||||||
Derivatives netting | (236,881) | (272,275) | ||||||
Adjustments to collateral | (50,929) | (57,414) | ||||||
Net written credit protection | 15,509 | 14,986 | ||||||
Potential future exposure on derivatives | 137,291 | 117,010 | ||||||
Total derivatives adjustments | (135,010) | (197,693) | ||||||
SFTs adjustments | 24,544 | 21,114 | ||||||
Regulatory deductions and other adjustments | (20,219) | (17,469) | ||||||
Weighted off-balance sheet commitments | 115,047 | 113,704 | ||||||
Qualifying central bank claims | (210,134) | (155,890) | ||||||
Settlement netting | (16,944) | (21,229) | ||||||
UK leverage exposure | 1,137,904 | 1,090,907 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 177 |
MREL requirements including buffersa,b | Requirement (£m): | Requirement (%): | |||||||||||||||||||||
Restatedc | |||||||||||||||||||||||
As at 31.12.2021 | As at 30.09.2021 | As at 31.12.2020 | As at 31.12.2021 | As at 30.09.2021 | As at 31.12.2020 | ||||||||||||||||||
Requirement based on RWAs | 77,302 | 76,174 | 75,918 | 24.6 | % | 24.8 | % | 24.8 | % | ||||||||||||||
Requirement based on CRR leverage exposure (minimum requirement) | 93,975 | 94,438 | 87,529 | 6.9 | % | 6.9 | % | 7.0 | % | ||||||||||||||
Restatedc | |||||||||||||||||||||||
Own funds and eligible liabilitiesa,b | £m | £m | £m | ||||||||||||||||||||
CET1 capital | 47,327 | 47,302 | 46,296 | ||||||||||||||||||||
AT1 capital instruments and related share premium accountsd | 12,179 | 12,172 | 11,092 | ||||||||||||||||||||
T2 capital instruments and related share premium accountsd | 8,626 | 8,865 | 7,733 | ||||||||||||||||||||
Eligible liabilities | 39,889 | 38,787 | 35,086 | ||||||||||||||||||||
Total Barclays PLC (the Parent company) own funds and eligible liabilities | 108,021 | 107,126 | 100,207 | ||||||||||||||||||||
Restatedc | |||||||||||||||||||||||
Total RWAs | 314,136 | 307,464 | 306,203 | ||||||||||||||||||||
Total CRR leverage exposure | 1,356,191 | 1,368,259 | 1,254,157 | ||||||||||||||||||||
Own funds and eligible liabilities ratios as a percentage of: | As at 31.12.2021 | As at 30.09.2021 | As at 31.12.2020 | ||||||||||||||||||||
Total RWAs | 34.4 | % | 34.8 | % | 32.7 | % | |||||||||||||||||
Total CRR leverage exposure | 8.0 | % | 7.8 | % | 8.0 | % |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 178 |
Impacts due to implementation of regulatory changes - indicative as at 01.01.22 | Restateda | Restateda | ||||||||||||||||||
As at 31.12.21 | Rebased as at 01.01.22 | |||||||||||||||||||
£bn | £bn | |||||||||||||||||||
CET1 ratio | 15.1 | % | 14.2 | % | ||||||||||||||||
CET1 capital | 47.3 | 45.6 | ||||||||||||||||||
Total RWAsb,c | 314.1 | 320.5 | ||||||||||||||||||
UK leverage ratio | 5.2 | % | 5.2 | % | ||||||||||||||||
T1 capital | 59.5 | 57.8 | ||||||||||||||||||
UK leverage exposure | 1,137.9 | 1,104.0 | ||||||||||||||||||
MREL requirement based on UK leverage exposuresd | 87.4 | |||||||||||||||||||
MREL requirement based on RWAs (minimum requirement)c | 93.6 | |||||||||||||||||||
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 179 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 180 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 181 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 182 |
Net interest income sensitivity (AEaR) by currency (audited) | ||||||||||||||
As at 31 December | ||||||||||||||
2021 | 2020 | |||||||||||||
+25 basis points | -25 basis points | +25 basis points | -25 basis points | |||||||||||
£m | £m | £m | £m | |||||||||||
GBP | 14 | (85) | 48 | (313) | ||||||||||
USD | 58 | (62) | 48 | (63) | ||||||||||
EUR | 5 | (15) | 10 | (34) | ||||||||||
Other currencies | (6) | 4 | (6) | 2 | ||||||||||
Total | 71 | (158) | 100 | (408) |
Analysis of equity sensitivity (audited) | ||||||||||||||
As at 31 December | 2021 | 2020 | ||||||||||||
Restateda | ||||||||||||||
+25 basis points | -25 basis points | +25 basis points | -25 basis points | |||||||||||
£m | £m | £m | £m | |||||||||||
Net interest income | 71 | (158) | 100 | (408) | ||||||||||
Taxation effects on the above | (15) | 33 | (27) | 110 | ||||||||||
Effect on profit for the year | 56 | (125) | 73 | (298) | ||||||||||
As percentage of net profit after tax | 0.8 | % | (1.8 | %) | 3.0 | % | (12.1 | %) | ||||||
Effect on profit for the year (per above) | 56 | (125) | 73 | (298) | ||||||||||
Fair value through other comprehensive income reserve | (479) | 408 | (437) | 453 | ||||||||||
Cash flow hedge reserve | (859) | 859 | (570) | 570 | ||||||||||
Taxation effects on the above | 361 | (342) | 272 | (276) | ||||||||||
Effect on equity | (921) | 800 | (662) | 449 | ||||||||||
As percentage of equity | (1.3 | %) | 1.2 | % | (1.0 | %) | 0.7 | % |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 183 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 184 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 185 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 186 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 187 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 188 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 189 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 190 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 191 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 192 |
Financial review | •Key performance indicators | 194 | ||||||
•Consolidated summary income statement | 196 | |||||||
•Income statement commentary | 197 | |||||||
•Consolidated summary balance sheet | 198 | |||||||
•Balance sheet commentary | 199 | |||||||
•Analysis of results by business | 200 | |||||||
•Non-IFRS performance measures | 207 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 193 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 194 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 195 |
Restateda 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||
For the year ended 31 December | £m | £m | £m | £m | £m | ||||||||||||
Continuing operations | |||||||||||||||||
Interest income | 11,240 | 11,892 | 15,456 | 14,541 | 13,631 | ||||||||||||
Interest expense | (3,167) | (3,770) | (6,049) | (5,479) | (3,786) | ||||||||||||
Net interest income | 8,073 | 8,122 | 9,407 | 9,062 | 9,845 | ||||||||||||
Fee and commission income | 9,880 | 8,641 | 9,122 | 8,893 | 8,751 | ||||||||||||
Fee and commission expense | (2,206) | (2,070) | (2,362) | (2,084) | (1,937) | ||||||||||||
Net fee and commission income | 7,674 | 6,571 | 6,760 | 6,809 | 6,814 | ||||||||||||
Other income | 6,193 | 7,073 | 5,465 | 5,265 | 4,417 | ||||||||||||
Total income | 21,940 | 21,766 | 21,632 | 21,136 | 21,076 | ||||||||||||
Credit impairment releases/(charges) | 653 | (4,838) | (1,912) | (1,468) | (2,336) | ||||||||||||
Operating costs | (14,092) | (13,434) | (13,359) | (13,627) | (13,884) | ||||||||||||
UK bank levy | (170) | (299) | (226) | (269) | (365) | ||||||||||||
GMP charge | — | — | — | (140) | — | ||||||||||||
Litigation and conduct | (397) | (153) | (1,849) | (2,207) | (1,207) | ||||||||||||
Total operating expenses | (14,659) | (13,886) | (15,434) | (16,243) | (15,456) | ||||||||||||
Other net income | 260 | 23 | 71 | 69 | 257 | ||||||||||||
Profit before tax | 8,194 | 3,065 | 4,357 | 3,494 | 3,541 | ||||||||||||
Tax charge | (1,138) | (604) | (1,003) | (911) | (2,066) | ||||||||||||
Profit after tax in respect of continuing operations | 7,056 | 2,461 | 3,354 | 2,583 | 1,475 | ||||||||||||
Loss after tax in respect of discontinued operation | — | — | — | — | (2,195) | ||||||||||||
Non-controlling interests in respect of continuing operations | (47) | (78) | (80) | (234) | (249) | ||||||||||||
Non-controlling interests in respect of discontinued operation | — | — | — | — | (140) | ||||||||||||
Other equity instrument holders | (804) | (857) | (813) | (752) | (639) | ||||||||||||
Attributable profit/(loss) | 6,205 | 1,526 | 2,461 | 1,597 | (1,748) | ||||||||||||
Selected financial statistics | |||||||||||||||||
Basic earnings/(loss) per share | 36.5p | 8.8p | 14.3p | 9.4p | (10.3p) | ||||||||||||
Diluted earnings/(loss) per share | 35.6p | 8.6p | 14.1p | 9.2p | (10.1p) | ||||||||||||
Return on average shareholders’ equity | 11.2 | % | 2.7 | % | 4.5 | % | 3.1 | % | (3.1 | %) | |||||||
Return on average tangible shareholders’ equity | 13.1% | 3.2% | 5.3% | 3.6% | (3.6%) | ||||||||||||
Cost: income ratio | 67% | 64% | 71% | 77% | 73% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 196 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 197 |
Restated a | |||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||
As at 31 December | £m | £m | £m | £m | £m | ||||||||||||
Assets | |||||||||||||||||
Cash and balances at central banks | 238,574 | 191,127 | 150,258 | 177,069 | 171,082 | ||||||||||||
Cash collateral and settlement balances | 92,542 | 101,367 | 83,256 | 77,222 | 77,168 | ||||||||||||
Loans and advances at amortised cost | 361,451 | 342,632 | 339,115 | 326,406 | 324,048 | ||||||||||||
Reverse repurchase agreements and other similar secured lending | 3,227 | 9,031 | 3,379 | 2,308 | 12,546 | ||||||||||||
Trading portfolio assets | 147,035 | 127,950 | 114,195 | 104,187 | 113,760 | ||||||||||||
Financial assets at fair value through the income statement | 191,972 | 175,151 | 133,086 | 149,648 | 116,281 | ||||||||||||
Derivative financial instruments | 262,572 | 302,446 | 229,236 | 222,538 | 237,669 | ||||||||||||
Financial investments | — | — | — | — | 58,915 | ||||||||||||
Financial assets at fair value through other comprehensive income | 61,753 | 78,688 | 65,750 | 52,816 | — | ||||||||||||
Assets included in disposal groups classified as held for sale | — | — | — | — | 1,193 | ||||||||||||
Other assets | 25,159 | 21,122 | 21,954 | 21,089 | 20,586 | ||||||||||||
Total assets | 1,384,285 | 1,349,514 | 1,140,229 | 1,133,283 | 1,133,248 | ||||||||||||
Liabilities | |||||||||||||||||
Deposits at amortised cost | 519,433 | 481,036 | 415,787 | 394,838 | 398,701 | ||||||||||||
Cash collateral and settlement balances | 79,371 | 85,423 | 67,341 | 67,522 | 68,143 | ||||||||||||
Repurchase agreements and other similar secured borrowings | 28,352 | 14,174 | 14,517 | 18,578 | 40,338 | ||||||||||||
Debt securities in issueb | 98,867 | 75,796 | 76,369 | 82,286 | 73,314 | ||||||||||||
Subordinated liabilities | 12,759 | 16,341 | 18,156 | 20,559 | 23,826 | ||||||||||||
Trading portfolio liabilities | 54,169 | 47,405 | 36,916 | 37,882 | 37,351 | ||||||||||||
Financial liabilities designated at fair value | 250,960 | 249,765 | 204,326 | 216,834 | 173,718 | ||||||||||||
Derivative financial instruments | 256,883 | 300,775 | 229,204 | 219,643 | 238,345 | ||||||||||||
Other liabilities | 13,450 | 11,917 | 11,953 | 11,362 | 13,496 | ||||||||||||
Total liabilities | 1,314,244 | 1,282,632 | 1,074,569 | 1,069,504 | 1,067,232 | ||||||||||||
Equity | |||||||||||||||||
Called up share capital and share premium | 4,536 | 4,637 | 4,594 | 4,311 | 22,045 | ||||||||||||
Other equity instruments | 12,259 | 11,172 | 10,871 | 9,632 | 8,941 | ||||||||||||
Other reserves | 1,770 | 4,461 | 4,760 | 5,153 | 5,383 | ||||||||||||
Retained earnings | 50,487 | 45,527 | 44,204 | 43,460 | 27,536 | ||||||||||||
Total equity excluding non-controlling interests | 69,052 | 65,797 | 64,429 | 62,556 | 63,905 | ||||||||||||
Non-controlling interests | 989 | 1,085 | 1,231 | 1,223 | 2,111 | ||||||||||||
Total equity | 70,041 | 66,882 | 65,660 | 63,779 | 66,016 | ||||||||||||
Total liabilities and equity | 1,384,285 | 1,349,514 | 1,140,229 | 1,133,283 | 1,133,248 | ||||||||||||
Net asset value per ordinary share | 339p | 315p | 309p | 309p | 322p | ||||||||||||
Tangible net asset value per share | 291p | 269p | 262p | 262p | 276p | ||||||||||||
Number of ordinary shares of Barclays PLC (in millions) | 16,752 | 17,359 | 17,322 | 17,133 | 17,060 | ||||||||||||
Year-end USD exchange rate | 1.35 | 1.37 | 1.32 | 1.28 | 1.35 | ||||||||||||
Year-end EUR exchange rate | 1.19 | 1.11 | 1.18 | 1.12 | 1.13 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 198 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 199 |
2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Income statement information | |||||||||||
Net interest income | 5,202 | 5,234 | 5,888 | ||||||||
Net fee, commission and other income | 1,334 | 1,113 | 1,465 | ||||||||
Total income | 6,536 | 6,347 | 7,353 | ||||||||
Credit impairment releases/(charges) | 365 | (1,467) | (712) | ||||||||
Net operating income | 6,901 | 4,880 | 6,641 | ||||||||
Operating costs | (4,357) | (4,270) | (3,996) | ||||||||
UK bank levy | (36) | (50) | (41) | ||||||||
Litigation and conduct | (37) | (32) | (1,582) | ||||||||
Total operating expenses | (4,430) | (4,352) | (5,619) | ||||||||
Other net income | — | 18 | — | ||||||||
Profit before tax | 2,471 | 546 | 1,022 | ||||||||
Attributable profit | 1,756 | 325 | 281 | ||||||||
Balance sheet information | |||||||||||
Loans and advances to customers at amortised cost | £208.8bn | £205.4bn | £193.7bn | ||||||||
Total assets | £321.2bn | £289.1bn | £257.8bn | ||||||||
Customer deposits at amortised cost | £260.6bn | £240.5bn | £205.5bn | ||||||||
Loan: deposit ratio | 85% | 89% | 96% | ||||||||
Risk weighted assets | £72.3bn | £73.7bn | £74.9bn | ||||||||
Key facts | |||||||||||
Average LTV of mortgage portfolioa | 51% | 51% | 51% | ||||||||
Average LTV of new mortgage lendinga | 70% | 68% | 68% | ||||||||
Number of branches | 666 | 859 | 963 | ||||||||
Mobile banking active customers | 9.7m | 9.2m | 8.4m | ||||||||
30 day arrears rate - Barclaycard Consumer UK | 1.0% | 1.7% | 1.7% | ||||||||
Number of employees (full time equivalent)b | 7,100 | 21,300 | 21,400 | ||||||||
Performance measures | |||||||||||
Return on average allocated equity | 13.0% | 2.4% | 2.0% | ||||||||
Return on average allocated tangible equity | 17.6% | 3.2% | 2.7% | ||||||||
Average allocated equity | £13.6 | bn | £13.7 | bn | £13.9 | bn | |||||
Average allocated tangible equity | £10.0bn | £10.1bn | £10.3bn | ||||||||
Cost: income ratio | 68% | 69 | % | 76 | % | ||||||
Loan loss rate (bps) | — | 68 | 36 | ||||||||
Net interest margin | 2.52% | 2.61% | 3.09% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 200 |
2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Analysis of total income | |||||||||||
Personal Banking | 3,883 | 3,522 | 4,009 | ||||||||
Barclaycard Consumer UK | 1,250 | 1,519 | 1,992 | ||||||||
Business Banking | 1,403 | 1,306 | 1,352 | ||||||||
Total income | 6,536 | 6,347 | 7,353 | ||||||||
Analysis of credit impairment releases/(charges) | |||||||||||
Personal Banking | 28 | (380) | (195) | ||||||||
Barclaycard Consumer UK | 404 | (881) | (472) | ||||||||
Business Banking | (67) | (206) | (45) | ||||||||
Total credit impairment releases/(charges) | 365 | (1,467) | (712) | ||||||||
Analysis of loans and advances to customers at amortised cost | |||||||||||
Personal Banking | £165.4bn | £157.3bn | £151.9bn | ||||||||
Barclaycard Consumer UK | £8.7bn | £9.9bn | £14.7bn | ||||||||
Business Banking | £34.7bn | £38.2bn | £27.1bn | ||||||||
Total loans and advances to customers at amortised cost | £208.8bn | £205.4bn | £193.7bn | ||||||||
Analysis of customer deposits at amortised cost | |||||||||||
Personal Banking | £196.4bn | £179.7bn | £159.2bn | ||||||||
Barclaycard Consumer UK | — | £0.1bn | — | ||||||||
Business Banking | £64.2bn | £60.7bn | £46.3bn | ||||||||
Total customer deposits at amortised cost | £260.6bn | £240.5bn | £205.5bn |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 201 |
Restateda 2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Income statement information | |||||||||||
Net interest income | 3,263 | 3,282 | 3,941 | ||||||||
Net trading income | 5,693 | 6,920 | 4,199 | ||||||||
Net fee, commission and other income | 6,709 | 5,719 | 6,535 | ||||||||
Total income | 15,665 | 15,921 | 14,675 | ||||||||
Credit impairment releases/(charges) | 288 | (3,280) | (1,173) | ||||||||
Net operating income | 15,953 | 12,641 | 13,502 | ||||||||
Operating costs | (9,076) | (8,765) | (9,163) | ||||||||
UK bank levy | (134) | (240) | (174) | ||||||||
Litigation and conduct | (345) | (48) | (116) | ||||||||
Total operating expenses | (9,555) | (9,053) | (9,453) | ||||||||
Other net income | 40 | 28 | 69 | ||||||||
Profit before tax | 6,438 | 3,616 | 4,118 | ||||||||
Attributable profit | 4,647 | 2,220 | 2,816 | ||||||||
Balance sheet information | |||||||||||
Loans and advances at amortised cost | £133.8bn | £122.7bn | £132.8bn | ||||||||
Trading portfolio assets | £146.9bn | £127.7bn | £113.3bn | ||||||||
Derivative financial instrument assets | £261.5bn | £301.8bn | £228.9bn | ||||||||
Financial assets at fair value through the income statement | £188.2bn | £170.7bn | £128.4bn | ||||||||
Cash collateral and settlement balances | £88.1bn | £97.5bn | £79.4bn | ||||||||
Other assets | £225.6bn | £221.4bn | £178.6bn | ||||||||
Total assets | £1,044.1bn | £1,041.8bn | £861.4bn | ||||||||
Deposits at amortised cost | £258.8bn | £240.5bn | £210.0bn | ||||||||
Derivative financial instrument liabilities | £256.4bn | £300.4bn | £228.9bn | ||||||||
Loan: deposit ratio | 52% | 51% | 63% | ||||||||
Risk weighted assets | £230.9bn | £222.3bn | £209.2bn | ||||||||
Key facts | |||||||||||
Number of employees (full time equivalent) | 10,400 | 10,800 | 11,200 | ||||||||
Performance measures | |||||||||||
Return on average allocated equity | 14.0% | 6.9% | 8.7% | ||||||||
Return on average allocated tangible equity | 14.4% | 7.1% | 9.0% | ||||||||
Average allocated equity | £33.1bn | £32.1 | bn | £32.2 | bn | ||||||
Average allocated tangible equity | £32.4bn | £31.5bn | £31.2bn | ||||||||
Cost: income ratio | 61 | % | 57% | 64% | |||||||
Loan loss rate (bps) | — | 257 | 86 | ||||||||
Net interest margin | 4.01% | 3.64% | 4.07% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 202 |
Restateda 2021 | 2020 | 2019 | |||||||||
Corporate and Investment Bank | £m | £m | £m | ||||||||
Income statement information | |||||||||||
Net interest income | 1,351 | 1,084 | 1,119 | ||||||||
Net trading income | 5,652 | 6,975 | 4,413 | ||||||||
Net fee, commission and other income | 5,331 | 4,417 | 4,699 | ||||||||
Total income | 12,334 | 12,476 | 10,231 | ||||||||
Credit impairment releases / (charges) | 473 | (1,559) | (157) | ||||||||
Net operating income | 12,807 | 10,917 | 10,074 | ||||||||
Operating costs | (6,818) | (6,689) | (6,882) | ||||||||
UK bank levy | (128) | (226) | (156) | ||||||||
Litigation and conduct | (237) | (4) | (109) | ||||||||
Total operating expenses | (7,183) | (6,919) | (7,147) | ||||||||
Other net income | 2 | 6 | 28 | ||||||||
Profit before tax | 5,626 | 4,004 | 2,955 | ||||||||
Attributable profit | 4,032 | 2,554 | 1,980 | ||||||||
Balance sheet information | |||||||||||
Loans and advances at amortised cost | £100.0bn | £92.4bn | £92.0bn | ||||||||
Trading portfolio assets | £146.7bn | £127.5bn | £113.3bn | ||||||||
Derivative financial instrument assets | £261.5bn | £301.7bn | £228.8bn | ||||||||
Financial assets at fair value through the income statement | £188.1bn | £170.4bn | £127.7bn | ||||||||
Cash collateral and settlement balances | £87.2bn | £96.7bn | £78.5bn | ||||||||
Other assets | £195.8bn | £194.9bn | £155.3bn | ||||||||
Total assets | £979.3bn | £983.6bn | £795.6bn | ||||||||
Deposits at amortised cost | £189.4bn | £175.2bn | £146.2bn | ||||||||
Derivative financial instrument liabilities | £256.4bn | £300.3bn | £228.9bn | ||||||||
Risk weighted assets | £200.7bn | £192.2bn | £171.5bn | ||||||||
Performance measures | |||||||||||
Return on average allocated equity | 14.2% | 9.4% | 7.6% | ||||||||
Return on average allocated tangible equity | 14.3% | 9.5% | 7.6% | ||||||||
Average allocated equity | £28.3 | bn | £27.0 | bn | £25.9 | bn | |||||
Average allocated tangible equity | £28.3bn | £27.0bn | £25.9bn | ||||||||
Cost: income ratio | 58% | 55% | 70% | ||||||||
Analysis of total income | |||||||||||
FICC | 3,448 | 5,138 | 3,364 | ||||||||
Equities | 2,967 | 2,471 | 1,887 | ||||||||
Global Markets | 6,415 | 7,609 | 5,251 | ||||||||
Advisory | 921 | 561 | 776 | ||||||||
Equity capital markets | 813 | 473 | 329 | ||||||||
Debt capital markets | 1,925 | 1,697 | 1,430 | ||||||||
Investment Banking fees | 3,659 | 2,731 | 2,535 | ||||||||
Corporate lending | 588 | 590 | 765 | ||||||||
Transaction banking | 1,672 | 1,546 | 1,680 | ||||||||
Corporate | 2,260 | 2,136 | 2,445 | ||||||||
Total income | 12,334 | 12,476 | 10,231 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 203 |
2021 | 2020 | 2019 | |||||||||
Consumer, Cards and Payments | £m | £m | £m | ||||||||
Income statement information | |||||||||||
Net interest income | 1,912 | 2,198 | 2,822 | ||||||||
Net fee, commission, trading and other income | 1,419 | 1,247 | 1,622 | ||||||||
Total income | 3,331 | 3,445 | 4,444 | ||||||||
Credit impairment charges | (185) | (1,721) | (1,016) | ||||||||
Net operating income | 3,146 | 1,724 | 3,428 | ||||||||
Operating costs | (2,258) | (2,076) | (2,281) | ||||||||
UK bank levy | (6) | (14) | (18) | ||||||||
Litigation and conduct | (108) | (44) | (7) | ||||||||
Total operating expenses | (2,372) | (2,134) | (2,306) | ||||||||
Other net income | 38 | 22 | 41 | ||||||||
Profit/(loss) before tax | 812 | (388) | 1,163 | ||||||||
Attributable profit/(loss) | 615 | (334) | 836 | ||||||||
Balance sheet information | |||||||||||
Loans and advances at amortised cost | £33.8bn | £30.3bn | £40.8bn | ||||||||
Total assets | £64.8bn | £58.2bn | £65.8bn | ||||||||
Deposits at amortised cost | £69.4bn | £65.3bn | £63.8bn | ||||||||
Risk weighted assets | £30.2bn | £30.1bn | £37.7bn | ||||||||
Key facts | |||||||||||
30 day arrears rates - Barclaycard US | 1.6% | 2.5% | 2.7% | ||||||||
US cards customer FICO score distribution | |||||||||||
<660 | 10% | 13% | 14% | ||||||||
>660 | 90% | 87% | 86% | ||||||||
Total number of Barclaycard payments clients | c.380,000 | c.365,000 | c.376,000 | ||||||||
Value of payments processeda | £277bn | £274bn | £354bn | ||||||||
Performance measures | |||||||||||
Return on average allocated equity | 12.8% | (6.6)% | 13.3% | ||||||||
Return on average allocated tangible equity | 15.0% | (7.5%) | 15.8% | ||||||||
Average allocated equity | £4.8 | bn | £5.1 | bn | £6.3 | bn | |||||
Average allocated tangible equity | £4.1bn | £4.5bn | £5.3bn | ||||||||
Cost: income ratio | 71% | 62% | 52% | ||||||||
Loan loss rate (bps) | 51 | 517 | 234 | ||||||||
Analysis of total income | |||||||||||
International Cards and Consumer Bank | 2,092 | 2,433 | |||||||||
Private Bank | 781 | 707 | |||||||||
Unified Payments | 458 | 305 | |||||||||
Total income | 3,331 | 3,445 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 204 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 205 |
2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Income statement information | |||||||||||
Net interest income | (392) | (393) | (422) | ||||||||
Net fee, commission and other income | 131 | (109) | 26 | ||||||||
Total income | (261) | (502) | (396) | ||||||||
Credit impairment charges | — | (91) | (27) | ||||||||
Net operating expenses | (261) | (593) | (423) | ||||||||
Operating costs | (659) | (399) | (200) | ||||||||
UK bank levy | — | (9) | (11) | ||||||||
Litigation and conduct | (15) | (73) | (151) | ||||||||
Total operating expenses | (674) | (481) | (362) | ||||||||
Other net income / (expenses) | 220 | (23) | 2 | ||||||||
Loss before tax | (715) | (1,097) | (783) | ||||||||
Attributable loss | (198) | (1,019) | (636) | ||||||||
Balance sheet information | |||||||||||
Total assets | £19.0bn | £18.6bn | £21.0bn | ||||||||
Risk weighted assets | £11.0bn | £10.2bn | £11.0bn | ||||||||
Key facts | |||||||||||
Number of employees (full time equivalent)a | 64,100 | 50,900 | 48,200 | ||||||||
Performance measures | |||||||||||
Average allocated equity | £8.7bn | £10.6bn | £8.5bn | ||||||||
Average allocated tangible equity | £5.0bn | £6.7bn | £5.1bn |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 206 |
Measure | Definition | ||||
Loan: deposit ratio | Loans and advances at amortised cost divided by deposits at amortised cost. The components of the calculation have been included on page 166. | ||||
Period end allocated tangible equity | Allocated tangible equity is calculated as 13.5% (2020 and 2019: 13.0%) of RWAs for each business, adjusted for capital deductions, excluding goodwill and intangible assets, reflecting the assumptions the Group uses for capital planning purposes. Head Office allocated tangible equity represents the difference between the Group’s tangible shareholders’ equity and the amounts allocated to businesses. | ||||
Average tangible shareholders’ equity | Calculated as the average of the previous month’s period end tangible equity and the current month’s period end tangible equity. The average tangible shareholders’ equity for the period is the average of the monthly averages within that period. | ||||
Average allocated tangible equity | Calculated as the average of the previous month’s period end allocated tangible equity and the current month’s period end allocated tangible equity. The average allocated tangible equity for the period is the average of the monthly averages within that period. | ||||
Return on average tangible shareholders’ equity | Statutory profit after tax attributable to ordinary equity holders of the parent, as a proportion of average shareholders’ equity excluding non-controlling interests and other equity instruments adjusted for the deduction of intangible assets and goodwill. The components of the calculation have been included on pages 208. | ||||
Return on average allocated tangible equity | Statutory profit after tax attributable to ordinary equity holders of the parent, as a proportion of average allocated tangible equity. The components of the calculation have been included on page 208. | ||||
Cost: income ratio | Total operating expenses divided by total income. | ||||
Loan loss rate | Quoted in basis points and represents total impairment charges divided by gross loans and advances held at amortised cost at the balance sheet date. The components of the calculation have been included on page 126. Quoted as zero when credit impairment is a net release. | ||||
Net interest margin | Net interest income divided by the sum of average customer assets. The components of the calculation have been included on page 208. | ||||
Tangible net asset value per share | Calculated by dividing shareholders’ equity, excluding non-controlling interests and other equity instruments, less goodwill and intangible assets, by the number of issued ordinary shares. The components of the calculation have been included on page 210. |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 207 |
For the year ended 31 December | 2021 | 2020 | ||||||||||||||||||
Net interest income | Average customer assets | Net interest margin | Net interest income | Average customer assets | Net interest margin | |||||||||||||||
£m | £m | % | £m | £m | % | |||||||||||||||
Barclays UK | 5,202 | 206,628 | 2.52 | 5,234 | 200,317 | 2.61 | ||||||||||||||
Barclays Internationala | 3,149 | 78,530 | 4.01 | 3,382 | 92,909 | 3.64 | ||||||||||||||
Total Barclays UK and Barclays International | 8,351 | 285,158 | 2.93 | 8,616 | 293,226 | 2.94 | ||||||||||||||
Otherb | (278) | (494) | ||||||||||||||||||
Total Barclays Group | 8,073 | 8,122 |
Profit/(loss) attributable to ordinary equity holders of the parent | Average tangible equity | Return on average tangible equity | |||||||||
£m | £bn | % | |||||||||
Restated for the year ended 31 December 2021a | |||||||||||
Barclays UK | 1,756 | 10.0 | 17.6 | ||||||||
Corporate and Investment Bank | 4,032 | 28.3 | 14.3 | ||||||||
Consumer, Cards and Payments | 615 | 4.1 | 15.0 | ||||||||
Barclays International | 4,647 | 32.4 | 14.4 | ||||||||
Head Office | (198) | 5.0 | n/m | ||||||||
Barclays Group | 6,205 | 47.3 | 13.1 | ||||||||
For the year ended 31 December 2020 | |||||||||||
Barclays UK | 325 | 10.1 | 3.2 | ||||||||
Corporate and Investment Bank | 2,554 | 27.0 | 9.5 | ||||||||
Consumer, Cards and Payments | (334) | 4.5 | (7.5) | ||||||||
Barclays International | 2,220 | 31.5 | 7.1 | ||||||||
Head Office | (1,019) | 6.7 | n/m | ||||||||
Barclays Group | 1,526 | 48.3 | 3.2 | ||||||||
For the year ended 31 December 2019 | |||||||||||
Barclays UK | 281 | 10.3 | 2.7 | ||||||||
Corporate and Investment Bank | 1,980 | 25.9 | 7.6 | ||||||||
Consumer, Cards and Payments | 836 | 5.3 | 15.8 | ||||||||
Barclays International | 2,816 | 31.2 | 9.0 | ||||||||
Head Office | (636) | 5.1 | n/m | ||||||||
Barclays Group | 2,461 | 46.6 | 5.3 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 208 |
Restated for the year ended 31 December 2021a | ||||||||||||||||||||
Return on average tangible shareholders' equity | Barclays UK | Corporate and Investment Bank | Consumer, Cards and Payments | Barclays International | Head Office | Barclays Group | ||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||
Attributable profit/(loss) | 1,756 | 4,032 | 615 | 4,647 | (198) | 6,205 | ||||||||||||||
Average shareholders' equity | £13.6bn | £28.3bn | £4.8bn | £33.1bn | £8.7bn | £55.4bn | ||||||||||||||
Average goodwill and intangibles | (£3.6bn) | — | (£0.7bn) | (£0.7bn) | (£3.7bn) | (£8.1bn) | ||||||||||||||
Average tangible shareholders' equity | £10.0bn | £28.3bn | £4.1bn | £32.4bn | £5.0bn | £47.3bn | ||||||||||||||
Return on average tangible shareholders' equity | 17.6% | 14.3% | 15.0% | 14.4% | n/m | 13.1% |
For the year ended 31 December 2020 | ||||||||||||||||||||
Return on average tangible shareholders' equity | Barclays UK | Corporate and Investment Bank | Consumer, Cards and Payments | Barclays International | Head Office | Barclays Group | ||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||
Attributable profit/(loss) | 325 | 2,554 | (334) | 2,220 | (1,019) | 1,526 | ||||||||||||||
Average shareholders' equity | £13.7bn | £27.0bn | £5.1bn | £32.1bn | £10.6bn | £56.4bn | ||||||||||||||
Average goodwill and intangibles | (£3.6bn) | — | (£0.6bn) | (£0.6bn) | (£3.9bn) | (£8.1bn) | ||||||||||||||
Average tangible shareholders' equity | £10.1bn | £27.0bn | £4.5bn | £31.5bn | £6.7bn | £48.3bn | ||||||||||||||
Return on average tangible shareholders' equity | 3.2% | 9.5% | (7.5%) | 7.1% | n/m | 3.2% |
For the year ended 31 December 2019 | ||||||||||||||||||||
Return on average tangible shareholders' equity | Barclays UK | Corporate and Investment Bank | Consumer, Cards and Payments | Barclays International | Head Office | Barclays Group | ||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||
Attributable profit/(loss) | 281 | 1,980 | 836 | 2,816 | (636) | 2,461 | ||||||||||||||
Average shareholders' equity | £13.9bn | £25.9bn | £6.3bn | £32.2bn | £8.5bn | £54.6bn | ||||||||||||||
Average goodwill and intangibles | (£3.6bn) | — | (£1.0bn) | (£1.0bn) | (£3.4bn) | (£8.0bn) | ||||||||||||||
Average tangible shareholders' equity | £10.3bn | £25.9bn | £5.3bn | £31.2bn | £5.1bn | £46.6bn | ||||||||||||||
Return on average tangible shareholders' equity | 2.7% | 7.6% | 15.8% | 9.0% | n/m | 5.3% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 209 |
Return on average tangible shareholders’ equity, excluding litigation and conduct, structural cost actions and the re-measurement of UK DTAs | |||||
Restateda 2021 | |||||
Profit attributable to ordinary equity holders of the parent | £m | ||||
Attributable profit | 6,205 | ||||
Post-tax impact of litigation and conduct | 306 | ||||
Post-tax impact of structural cost actions | 489 | ||||
Re-measurement of UK DTAs | (462) | ||||
Profit attributable to ordinary equity holders of the parent, excluding litigation and conduct, structural cost actions and the re-measurement of UK DTAs | 6,538 | ||||
Barclays Group return on average tangible shareholders’ equity | |||||
Barclays Group average tangible shareholders’ equity | £47.3bn | ||||
Barclays Group average tangible shareholders’ equity based on a CET1 ratio of 13.5% | £42.7bn | ||||
Barclays Group return on average tangible shareholders’ equity based on a CET1 ratio of 13.5% | 14.5% | ||||
Barclays Group return on average tangible shareholders’ equity, excluding litigation and conduct, structural cost actions and the re-measurement of UK DTAs, based on a CET1 ratio of 13.5% | 15.3% |
Return on average tangible shareholders’ equity, excluding litigation and conduct, structural cost actions and COVID-19 community aid package | |||||
2020 | |||||
Profit attributable to ordinary equity holders of the parent | £m | ||||
Attributable profit | 1,526 | ||||
Post-tax impact of litigation and conduct | 112 | ||||
Post-tax impact of structural cost actions | 268 | ||||
Post-tax impact of COVID-19 community aid package | 66 | ||||
Profit attributable to ordinary equity holders of the parent, excluding litigation and conduct, structural cost actions and COVID-19 community aid package | 1,972 | ||||
Barclays Group return on average tangible shareholders’ equity | |||||
Barclays Group average tangible shareholders’ equity | £48.3bn | ||||
Barclays Group average tangible shareholders’ equity based on a CET1 ratio of 13.0% | £45.1bn | ||||
Barclays Group return on average tangible shareholders’ equity based on a CET1 ratio of 13.0% | 3.4% | ||||
Barclays Group return on average tangible shareholders’ equity, excluding litigation and conduct, structural cost actions and COVID-19 community aid package, based on a CET1 ratio of 13.0% | 4.4% |
Restateda 2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Total equity excluding non-controlling interests | 69,052 | 65,797 | 64,429 | ||||||||
Other equity instruments | (12,259) | (11,172) | (10,871) | ||||||||
Shareholders' equity attributable to ordinary shareholders of the parent | 56,793 | 54,625 | 53,558 | ||||||||
Goodwill and intangibles | (8,061) | (7,948) | (8,119) | ||||||||
Tangible shareholders’ equity attributable to ordinary shareholders of the parent | 48,732 | 46,677 | 45,439 | ||||||||
Shares in issue | 16,752m | 17,359m | 17,322m | ||||||||
Net asset value per share | 339p | 315p | 309p | ||||||||
Tangible net asset value per share | 291p | 269p | 262p |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 210 |
Profit/(loss) attributable to ordinary equity holders of the parent | Average equity | Return on average equity | |||||||||
£m | bn | % | |||||||||
Restated for the year ended 31 December 2021a | |||||||||||
Barclays UK | 1,756 | 13.6 | 13.0 | ||||||||
Corporate and Investment Bank | 4,032 | 28.3 | 14.2 | ||||||||
Consumer, Cards and Payments | 615 | 4.8 | 12.8 | ||||||||
Barclays International | 4,647 | 33.1 | 14.0 | ||||||||
Head Office | (198) | 8.7 | n/m | ||||||||
Barclays Group | 6,205 | 55.4 | 11.2 | ||||||||
For the year ended 31 December 2020 | |||||||||||
Barclays UK | 325 | 13.7 | 2.4 | ||||||||
Corporate and Investment Bank | 2,554 | 27.0 | 9.4 | ||||||||
Consumer, Cards and Payments | (334) | 5.1 | (6.6) | ||||||||
Barclays International | 2,220 | 32.1 | 6.9 | ||||||||
Head Office | (1,019) | 10.6 | n/m | ||||||||
Barclays Group | 1,526 | 56.4 | 2.7 | ||||||||
For the year ended 31 December 2019 | |||||||||||
Barclays UK | 281 | 13.9 | 2.0 | ||||||||
Corporate and Investment Bank | 1,980 | 25.9 | 7.6 | ||||||||
Consumer, Cards and Payments | 836 | 6.3 | 13.3 | ||||||||
Barclays International | 2,816 | 32.2 | 8.7 | ||||||||
Head Office | (636) | 8.5 | n/m | ||||||||
Barclays Group | 2,461 | 54.6 | 4.5 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 211 |
Page | Note | ||||||||||
Consolidated financial statements | Independent Auditor’s Report (Auditor number 1118) | 213 | n/a | ||||||||
Consolidated income statement | 216 | n/a | |||||||||
Consolidated statement of comprehensive income | 217 | n/a | |||||||||
Consolidated balance sheet | 218 | n/a | |||||||||
Consolidated statement of changes in equity | 219 | n/a | |||||||||
Consolidated cash flow statement | 221 | n/a | |||||||||
Parent company accounts | 222 | n/a |
Notes to the financial statements | |||||||||||
Significant accounting policies | 225 | 1 | |||||||||
Financial performance and returns | Segmental reporting | 230 | 2 | ||||||||
Net interest income | 232 | 3 | |||||||||
Net fee and commission income | 233 | 4 | |||||||||
Net trading income | 235 | 5 | |||||||||
Net investment income | 235 | 6 | |||||||||
Credit impairment charges | 236 | 7 | |||||||||
Operating expenses | 240 | 8 | |||||||||
Tax | 240 | 9 | |||||||||
Earnings per share | 244 | 10 | |||||||||
Dividends on ordinary shares | 244 | 11 | |||||||||
Assets and liabilities held at fair value | Trading portfolio | 245 | 12 | ||||||||
Financial assets at fair value through the income statement | 245 | 13 | |||||||||
Derivative financial instruments | 246 | 14 | |||||||||
Financial assets at fair value through other comprehensive income | 254 | 15 | |||||||||
Financial liabilities designated at fair value | 254 | 16 | |||||||||
Fair value of financial instruments | 255 | 17 | |||||||||
Offsetting financial assets and financial liabilities | 265 | 18 | |||||||||
Assets at amortised cost and other investments | Loans and advances and deposits at amortised cost | 266 | 19 | ||||||||
Property, plant and equipment | 266 | 20 | |||||||||
Leases | 268 | 21 | |||||||||
Goodwill and intangible assets | 270 | 22 | |||||||||
Accruals, provisions, contingent liabilities and legal proceedings | Other liabilities | 274 | 23 | ||||||||
Provisions | 274 | 24 | |||||||||
Contingent liabilities and commitments | 275 | 25 | |||||||||
Legal, competition and regulatory matters | 276 | 26 | |||||||||
Capital instruments, equity and reserves | Subordinated liabilities | 281 | 27 | ||||||||
Ordinary shares, share premium and other equity | 284 | 28 | |||||||||
Reserves | 285 | 29 | |||||||||
Non-controlling interests | 286 | 30 | |||||||||
Employee benefits | Staff costs | 287 | 31 | ||||||||
Share-based payments | 288 | 32 | |||||||||
Pensions and post-retirement benefits | 290 | 33 | |||||||||
Scope of consolidation | Principal subsidiaries | 295 | 34 | ||||||||
Structured entities | 296 | 35 | |||||||||
Investments in associates and joint ventures | 299 | 36 | |||||||||
Securitisations | 300 | 37 | |||||||||
Assets pledged, collateral received and assets transferred | 301 | 38 | |||||||||
Other disclosure matters | Related party transactions and Directors’ remuneration | 303 | 39 | ||||||||
Auditor’s remuneration | 305 | 40 | |||||||||
Interest rate benchmark reform | 305 | 41 | |||||||||
Barclays PLC (the Parent company) | 310 | 42 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 212 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 213 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 214 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 215 |
Restateda | ||||||||||||||
2021 | 2020 | 2019 | ||||||||||||
For the year ended 31 December | Notes | £m | £m | £m | ||||||||||
Interest and similar income | 3 | 11,240 | 11,892 | 15,456 | ||||||||||
Interest and similar expense | 3 | (3,167) | (3,770) | (6,049) | ||||||||||
Net interest income | 8,073 | 8,122 | 9,407 | |||||||||||
Fee and commission income | 4 | 9,880 | 8,641 | 9,122 | ||||||||||
Fee and commission expense | 4 | (2,206) | (2,070) | (2,362) | ||||||||||
Net fee and commission income | 7,674 | 6,571 | 6,760 | |||||||||||
Net trading income | 5 | 5,794 | 7,029 | 4,235 | ||||||||||
Net investment income | 6 | 311 | 13 | 1,131 | ||||||||||
Other income | 88 | 31 | 99 | |||||||||||
Total income | 21,940 | 21,766 | 21,632 | |||||||||||
Credit impairment releases/(charges) | 7 | 653 | (4,838) | (1,912) | ||||||||||
Net operating income | 22,593 | 16,928 | 19,720 | |||||||||||
Staff costs | 31 | (8,511) | (8,097) | (8,315) | ||||||||||
Infrastructure costs | 8 | (3,614) | (3,323) | (2,970) | ||||||||||
Administration and general expenses | 8 | (2,137) | (2,313) | (2,300) | ||||||||||
Litigation and conduct | 8 | (397) | (153) | (1,849) | ||||||||||
Operating expenses | 8 | (14,659) | (13,886) | (15,434) | ||||||||||
Share of post-tax results of associates and joint ventures | 260 | 6 | 61 | |||||||||||
Profit on disposal of subsidiaries, associates and joint ventures | — | 17 | 10 | |||||||||||
Profit before tax | 8,194 | 3,065 | 4,357 | |||||||||||
Taxation | 9 | (1,138) | (604) | (1,003) | ||||||||||
Profit after tax | 7,056 | 2,461 | 3,354 | |||||||||||
Attributable to: | ||||||||||||||
Equity holders of the parent | 6,205 | 1,526 | 2,461 | |||||||||||
Other equity instrument holders | 804 | 857 | 813 | |||||||||||
Total equity holders of the parent | 7,009 | 2,383 | 3,274 | |||||||||||
Non-controlling interests | 30 | 47 | 78 | 80 | ||||||||||
Profit after tax | 7,056 | 2,461 | 3,354 | |||||||||||
Earnings per share | p | p | p | |||||||||||
Basic earnings per ordinary share | 10 | 36.5 | 8.8 | 14.3 | ||||||||||
Diluted earnings per share | 10 | 35.6 | 8.6 | 14.1 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 216 |
Restated a | |||||||||||
2021 | 2020 | 2019 | |||||||||
For the year ended December 31 | £m | £m | £m | ||||||||
Profit after tax | 7,056 | 2,461 | 3,354 | ||||||||
Other comprehensive income/(loss) that may be recycled to profit or loss: | |||||||||||
Currency translation reserve | |||||||||||
Currency translation differencesb | (131) | (473) | (544) | ||||||||
Fair value through other comprehensive income reserve movements relating to debt securities | |||||||||||
Net (losses)/gains from changes in fair value | (1,668) | 2,902 | 2,901 | ||||||||
Net gains transferred to net profit on disposal | (305) | (295) | (502) | ||||||||
Net (gains)/losses relating to (releases of) impairment | (8) | 2 | 1 | ||||||||
Net gains/(losses) due to fair value hedging | 1,354 | (2,000) | (2,172) | ||||||||
Other movements | — | — | (5) | ||||||||
Tax | 198 | (155) | (57) | ||||||||
Cash flow hedging reserve | |||||||||||
Net gains/(losses) from changes in fair value | (2,280) | 1,299 | 724 | ||||||||
Net gains transferred to net profit | (1,173) | (510) | (277) | ||||||||
Tax | 1,025 | (216) | (105) | ||||||||
Other | — | 5 | 16 | ||||||||
Other comprehensive (loss)/income that may be recycled to profit or loss | (2,988) | 559 | (20) | ||||||||
Other comprehensive income/(loss) not recycled to profit or loss: | |||||||||||
Retirement benefit remeasurements | 1,298 | (80) | (280) | ||||||||
Fair value through other comprehensive income reserve movements relating to equity instruments | 141 | (262) | (95) | ||||||||
Own credit | (106) | (810) | (316) | ||||||||
Tax | (563) | 198 | 150 | ||||||||
Other comprehensive income/(loss) not recycled to profit or loss | 770 | (954) | (541) | ||||||||
Other comprehensive loss for the year | (2,218) | (395) | (561) | ||||||||
Total comprehensive income for the year | 4,838 | 2,066 | 2,793 | ||||||||
Attributable to: | |||||||||||
Equity holders of the parent | 4,791 | 1,988 | 2,713 | ||||||||
Non-controlling interests | 47 | 78 | 80 | ||||||||
Total comprehensive income for the year | 4,838 | 2,066 | 2,793 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 217 |
Restated a | |||||||||||
2021 | 2020 | ||||||||||
As at December 31 | Notes | £m | £m | ||||||||
Assets | |||||||||||
Cash and balances at central banks | 238,574 | 191,127 | |||||||||
Cash collateral and settlement balances | 92,542 | 101,367 | |||||||||
Loans and advances at amortised cost | 19 | 361,451 | 342,632 | ||||||||
Reverse repurchase agreements and other similar secured lending | 3,227 | 9,031 | |||||||||
Trading portfolio assets | 12 | 147,035 | 127,950 | ||||||||
Financial assets at fair value through the income statement | 13 | 191,972 | 175,151 | ||||||||
Derivative financial instruments | 14 | 262,572 | 302,446 | ||||||||
Financial assets at fair value through other comprehensive income | 15 | 61,753 | 78,688 | ||||||||
Investments in associates and joint ventures | 36 | 999 | 781 | ||||||||
Goodwill and intangible assets | 22 | 8,061 | 7,948 | ||||||||
Property, plant and equipment | 20 | 3,555 | 4,036 | ||||||||
Current tax assets | 261 | 477 | |||||||||
Deferred tax assets | 9 | 4,619 | 3,444 | ||||||||
Retirement benefit assets | 33 | 3,879 | 1,814 | ||||||||
Other assets | 3,785 | 2,622 | |||||||||
Total assets | 1,384,285 | 1,349,514 | |||||||||
Liabilities | |||||||||||
Deposits at amortised cost | 19 | 519,433 | 481,036 | ||||||||
Cash collateral and settlement balances | 79,371 | 85,423 | |||||||||
Repurchase agreements and other similar secured borrowing | 28,352 | 14,174 | |||||||||
Debt securities in issue | 98,867 | 75,796 | |||||||||
Subordinated liabilities | 27 | 12,759 | 16,341 | ||||||||
Trading portfolio liabilities | 12 | 54,169 | 47,405 | ||||||||
Financial liabilities designated at fair value | 16 | 250,960 | 249,765 | ||||||||
Derivative financial instruments | 14 | 256,883 | 300,775 | ||||||||
Current tax liabilities | 689 | 645 | |||||||||
Deferred tax liabilities | 9 | 37 | 15 | ||||||||
Retirement benefit liabilities | 33 | 311 | 291 | ||||||||
Other liabilities | 23 | 10,505 | 8,662 | ||||||||
Provisions | 24 | 1,908 | 2,304 | ||||||||
Total liabilities | 1,314,244 | 1,282,632 | |||||||||
Equity | |||||||||||
Called up share capital and share premium | 28 | 4,536 | 4,637 | ||||||||
Other equity instruments | 28 | 12,259 | 11,172 | ||||||||
Other reserves | 29 | 1,770 | 4,461 | ||||||||
Retained earnings | 50,487 | 45,527 | |||||||||
Total equity excluding non-controlling interests | 69,052 | 65,797 | |||||||||
Non-controlling interests | 30 | 989 | 1,085 | ||||||||
Total equity | 70,041 | 66,882 | |||||||||
Total liabilities and equity | 1,384,285 | 1,349,514 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 218 |
Restated c | Restated c | Restated c | |||||||||||||||||||||
Called up share capital and share premiuma | Other equity instrumentsa | Other reservesb | Retained earnings | Total equity excluding non-controlling interests | Non-controlling interests | Total equity | |||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | |||||||||||||||||
Balance as at 1 January 2021 | 4,637 | 11,172 | 4,461 | 45,527 | 65,797 | 1,085 | 66,882 | ||||||||||||||||
Profit after tax | — | 804 | — | 6,205 | 7,009 | 47 | 7,056 | ||||||||||||||||
Currency translation movements | — | — | (131) | — | (131) | — | (131) | ||||||||||||||||
Fair value through other comprehensive income reserve | — | — | (288) | — | (288) | — | (288) | ||||||||||||||||
Cash flow hedges | — | — | (2,428) | — | (2,428) | — | (2,428) | ||||||||||||||||
Retirement benefit remeasurements | — | — | — | 643 | 643 | — | 643 | ||||||||||||||||
Own credit reserve | — | — | (14) | — | (14) | — | (14) | ||||||||||||||||
Total comprehensive income for the year | — | 804 | (2,861) | 6,848 | 4,791 | 47 | 4,838 | ||||||||||||||||
Employee share schemes and hedging thereof | 60 | — | — | 235 | 295 | — | 295 | ||||||||||||||||
Issue and redemption of other equity instruments | — | 1,078 | — | 6 | 1,084 | (75) | 1,009 | ||||||||||||||||
Other equity instruments coupons paid | — | (804) | — | — | (804) | — | (804) | ||||||||||||||||
Increase in treasury shares | — | — | (240) | — | (240) | — | (240) | ||||||||||||||||
Vesting of shares under employee share schemes | — | — | 241 | (410) | (169) | — | (169) | ||||||||||||||||
Dividends paid | — | — | — | (512) | (512) | (44) | (556) | ||||||||||||||||
Repurchase of shares | (161) | — | 161 | (1,200) | (1,200) | — | (1,200) | ||||||||||||||||
Other reserve movements | — | 9 | 8 | (7) | 10 | (24) | (14) | ||||||||||||||||
Balance as at 31 December 2021 | 4,536 | 12,259 | 1,770 | 50,487 | 69,052 | 989 | 70,041 | ||||||||||||||||
Balance as at 1 January 2020 | 4,594 | 10,871 | 4,760 | 44,204 | 64,429 | 1,231 | 65,660 | ||||||||||||||||
Profit after tax | — | 857 | — | 1,526 | 2,383 | 78 | 2,461 | ||||||||||||||||
Currency translation movements | — | — | (473) | — | (473) | — | (473) | ||||||||||||||||
Fair value through other comprehensive income reserve | — | — | 192 | — | 192 | — | 192 | ||||||||||||||||
Cash flow hedges | — | — | 573 | — | 573 | — | 573 | ||||||||||||||||
Retirement benefit remeasurements | — | — | — | (111) | (111) | — | (111) | ||||||||||||||||
Own credit reserve | — | — | (581) | — | (581) | — | (581) | ||||||||||||||||
Other | — | — | — | 5 | 5 | — | 5 | ||||||||||||||||
Total comprehensive income for the year | — | 857 | (289) | 1,420 | 1,988 | 78 | 2,066 | ||||||||||||||||
Employee share schemes and hedging thereof | 43 | — | — | 303 | 346 | — | 346 | ||||||||||||||||
Issue and exchange of other equity instruments | — | 311 | — | (55) | 256 | (158) | 98 | ||||||||||||||||
Other equity instruments coupons paid | — | (857) | — | — | (857) | — | (857) | ||||||||||||||||
Increase in treasury shares | — | — | (207) | — | (207) | — | (207) | ||||||||||||||||
Vesting of shares under employee share schemes | — | — | 197 | (347) | (150) | — | (150) | ||||||||||||||||
Dividends paid | — | — | — | — | — | (79) | (79) | ||||||||||||||||
Other reserve movements | — | (10) | — | 2 | (8) | 13 | 5 | ||||||||||||||||
Balance as at 31 December 2020 | 4,637 | 11,172 | 4,461 | 45,527 | 65,797 | 1,085 | 66,882 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 219 |
Called up share capital and share premiuma | Other equity instrumentsa | Other reservesb | Retained earnings | Total equity excluding non-controlling interests | Non-controlling interests | Total equity | |||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | |||||||||||||||||
Balance as at 1 January 2019 | 4,311 | 9,632 | 5,153 | 43,460 | 62,556 | 1,223 | 63,779 | ||||||||||||||||
Profit after tax | — | 813 | — | 2,461 | 3,274 | 80 | 3,354 | ||||||||||||||||
Currency translation movements | — | — | (544) | — | (544) | — | (544) | ||||||||||||||||
Fair value through other comprehensive income reserve | — | — | 71 | — | 71 | — | 71 | ||||||||||||||||
Cash flow hedges | — | — | 342 | — | 342 | — | 342 | ||||||||||||||||
Retirement benefit remeasurements | — | — | — | (194) | (194) | — | (194) | ||||||||||||||||
Own credit reserve | — | — | (252) | — | (252) | — | (252) | ||||||||||||||||
Other | — | — | — | 16 | 16 | — | 16 | ||||||||||||||||
Total comprehensive income for the year | — | 813 | (383) | 2,283 | 2,713 | 80 | 2,793 | ||||||||||||||||
Issue of new ordinary shares | 182 | 0 | — | 0 | 182 | — | 182 | ||||||||||||||||
Employee share schemes and hedges thereof | 101 | 0 | — | 478 | 579 | — | 579 | ||||||||||||||||
Issue and exchange of other equity instruments | — | 1,238 | — | (406) | 832 | — | 832 | ||||||||||||||||
Other equity instruments coupons paid | — | (813) | — | — | (813) | — | (813) | ||||||||||||||||
Increase in treasury shares | — | — | (224) | — | (224) | — | (224) | ||||||||||||||||
Vesting of shares under employee share schemes | — | — | 214 | (404) | (190) | — | (190) | ||||||||||||||||
Dividends paid | — | — | — | (1,201) | (1,201) | (80) | (1,281) | ||||||||||||||||
Other reserve movements | — | 1 | — | (6) | (5) | 8 | 3 | ||||||||||||||||
Balance as at 31 December 2019 | 4,594 | 10,871 | 4,760 | 44,204 | 64,429 | 1,231 | 65,660 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 220 |
Restated a | ||||||||||||||
2021 | 2020 | 2019 | ||||||||||||
For the year ended 31 December | Notes | £m | £m | £m | ||||||||||
Reconciliation of profit before tax to net cash flows from operating activities: | ||||||||||||||
Profit before tax | 8,194 | 3,065 | 4,357 | |||||||||||
Adjustment for non-cash items: | ||||||||||||||
Credit impairment (releases)/charges | (653) | 4,838 | 1,912 | |||||||||||
Depreciation, amortisation and impairment of property, plant, equipment and intangibles | 2,076 | 1,734 | 1,520 | |||||||||||
Other provisions, including pensions | 468 | 1,365 | 2,336 | |||||||||||
Net loss on disposal of investments and property, plant and equipment | 39 | 47 | 7 | |||||||||||
Other non-cash movements including exchange rate movements | 3,093 | (2,977) | (280) | |||||||||||
Changes in operating assets and liabilities | ||||||||||||||
Net decrease/(increase) in cash collateral and settlement balances | 4,101 | 4,321 | (6,436) | |||||||||||
Net increase in loans and advances at amortised cost | (10,728) | (4,365) | (2,255) | |||||||||||
Net decrease/(increase) in reverse repurchase agreements and other similar secured lending | 5,804 | (5,652) | (1,071) | |||||||||||
Net increase in deposits at amortised cost | 38,397 | 65,249 | 20,949 | |||||||||||
Net increase/(decrease) in debt securities in issue | 18,131 | (6,309) | (9,911) | |||||||||||
Net increase/(decrease) in repurchase agreements and other similar secured borrowing | 14,178 | (343) | (4,061) | |||||||||||
Net (increase)/decrease in derivative financial instruments | (4,018) | (1,845) | 2,863 | |||||||||||
Net increase in trading portfolio assets | (19,085) | (13,755) | (10,008) | |||||||||||
Net increase/(decrease) in trading portfolio liabilities | 6,764 | 10,489 | (966) | |||||||||||
Net (increase)/decrease in financial assets and liabilities at fair value through the income statement | (15,626) | 3,374 | 4,054 | |||||||||||
Net (increase)/decrease in other assets | (2,133) | 452 | (412) | |||||||||||
Net increase/(decrease) in other liabilities | 1,252 | (1,500) | (2,872) | |||||||||||
Corporate income tax paid | (1,335) | (683) | (228) | |||||||||||
Net cash from operating activities | 48,919 | 57,505 | (502) | |||||||||||
Purchase of debt securities at amortised cost | (12,500) | (14,671) | (14,729) | |||||||||||
Proceeds from sale or redemption of debt securities at amortised cost | 3,757 | 8,480 | 3,590 | |||||||||||
Purchase of financial assets at fair value through other comprehensive income | (75,673) | (91,744) | (92,365) | |||||||||||
Proceeds from sale or redemption of financial assets at fair value through other comprehensive income | 89,342 | 80,895 | 81,202 | |||||||||||
Purchase of property, plant and equipment and intangibles | (1,720) | (1,324) | (1,793) | |||||||||||
Proceeds from sale of property, plant and equipment and intangibles | — | — | 46 | |||||||||||
Disposal of subsidiaries and associates, net of cash disposed | 1,057 | — | — | |||||||||||
Other cash flows associated with investing activities | 7 | (12) | 84 | |||||||||||
Net cash from investing activities | 4,270 | (18,376) | (23,965) | |||||||||||
Dividends paid and other coupon payments on equity instruments | (1,360) | (936) | (1,912) | |||||||||||
Issuance of subordinated liabilities | 27 | 1,890 | 1,438 | 1,352 | ||||||||||
Redemption of subordinated liabilities | 27 | (4,807) | (3,258) | (3,248) | ||||||||||
Issue of shares and other equity instruments | 1,118 | 1,165 | 3,582 | |||||||||||
Repurchase of shares and other equity instruments | (1,275) | (1,056) | (2,668) | |||||||||||
Issuance of debt securitiesb | 8,415 | 5,736 | 3,994 | |||||||||||
Redemption of debt securitiesb | (3,475) | — | — | |||||||||||
Net purchase of treasury shares | (399) | (357) | (410) | |||||||||||
Net cash from financing activities | 107 | 2,732 | 690 | |||||||||||
Effect of exchange rates on cash and cash equivalents | (4,232) | 1,668 | (3,347) | |||||||||||
Net increase/(decrease) in cash and cash equivalents | 49,064 | 43,529 | (27,124) | |||||||||||
Cash and cash equivalents at beginning of year | 210,142 | 166,613 | 193,737 | |||||||||||
Cash and cash equivalents at end of year | 259,206 | 210,142 | 166,613 | |||||||||||
Cash and cash equivalents comprise: | ||||||||||||||
Cash and balances at central banks | 238,574 | 191,127 | 150,258 | |||||||||||
Loans and advances to banks with original maturity less than three months | 6,488 | 5,955 | 8,021 | |||||||||||
Cash collateral balances with central banks with original maturity less than three months | 13,532 | 12,204 | 7,854 | |||||||||||
Treasury and other eligible bills with original maturity less than three months | 612 | 856 | 480 | |||||||||||
Cash and cash equivalents at end of year | 259,206 | 210,142 | 166,613 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 221 |
Statement of comprehensive income | ||||||||||||||
2021 | 2020 | 2019 | ||||||||||||
For the year ended 31 December | Notes | £m | £m | £m | ||||||||||
Dividends received from subsidiary | 42 | 1,356 | 763 | 1,560 | ||||||||||
Net interest (expense)/income | (161) | (175) | 214 | |||||||||||
Other income | 42 | 659 | 1,192 | 1,760 | ||||||||||
Impairment reversal/(charge) of investment in subsidiary | 42 | 2,573 | (2,573) | — | ||||||||||
Operating expenses | (160) | (241) | (267) | |||||||||||
Profit/(loss) before tax | 4,267 | (1,034) | 3,267 | |||||||||||
Taxation | 76 | 16 | (86) | |||||||||||
Profit/(loss) after tax | 4,343 | (1,018) | 3,181 | |||||||||||
Other comprehensive income | — | — | — | |||||||||||
Total comprehensive income/(loss) | 4,343 | (1,018) | 3,181 | |||||||||||
Profit/(loss) after tax attributable to: | ||||||||||||||
Ordinary equity holders | 3,539 | (1,875) | 2,368 | |||||||||||
Other equity instrument holders | 804 | 857 | 813 | |||||||||||
Profit/(loss) after tax | 4,343 | (1,018) | 3,181 | |||||||||||
Total comprehensive income/(loss) attributable to: | ||||||||||||||
Ordinary equity holders | 3,539 | (1,875) | 2,368 | |||||||||||
Other equity instrument holders | 804 | 857 | 813 | |||||||||||
Total comprehensive income/(loss) | 4,343 | (1,018) | 3,181 |
Balance sheet | |||||||||||
2021 | 2020 | ||||||||||
As at 31 December | Notes | £m | £m | ||||||||
Assets | |||||||||||
Investment in subsidiaries | 42 | 62,528 | 58,886 | ||||||||
Loans and advances to subsidiaries | 42 | 22,072 | 24,710 | ||||||||
Financial assets at fair value through the income statement | 42 | 25,091 | 17,521 | ||||||||
Derivative financial instruments | 4 | 7 | |||||||||
Other assets | 68 | 65 | |||||||||
Total assets | 109,763 | 101,189 | |||||||||
Liabilities | |||||||||||
Deposits at amortised cost | 488 | 482 | |||||||||
Debt securities in issue | 42 | 25,658 | 28,428 | ||||||||
Subordinated liabilities | 42 | 9,301 | 7,724 | ||||||||
Financial liabilities designated at fair value | 42 | 16,319 | 9,507 | ||||||||
Derivative financial instruments | 43 | — | |||||||||
Other liabilities | 117 | 176 | |||||||||
Total liabilities | 51,926 | 46,317 | |||||||||
Equity | |||||||||||
Called up share capital | 28 | 4,188 | 4,340 | ||||||||
Share premium account | 28 | 348 | 297 | ||||||||
Other equity instruments | 28 | 12,241 | 11,169 | ||||||||
Other reserves | 555 | 394 | |||||||||
Retained earnings | 40,505 | 38,672 | |||||||||
Total equity | 57,837 | 54,872 | |||||||||
Total liabilities and equity | 109,763 | 101,189 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 222 |
Statement of changes in equity | ||||||||||||||||||||
Called up share capital and share premium | Other equity instruments | Other reserves | Retained earnings | Total equity | ||||||||||||||||
Notes | £m | £m | £m | £m | £m | |||||||||||||||
Balance as at 1 January 2021 | 4,637 | 11,169 | 394 | 38,672 | 54,872 | |||||||||||||||
Profit after tax and other comprehensive income | — | 804 | — | 3,539 | 4,343 | |||||||||||||||
Issue of shares under employee share schemes | 60 | — | — | 29 | 89 | |||||||||||||||
Issue and exchange of other equity instruments | — | 1,072 | — | — | 1,072 | |||||||||||||||
Vesting of shares under employee share schemes | — | — | — | (18) | (18) | |||||||||||||||
Dividends paid | 11 | — | — | — | (512) | (512) | ||||||||||||||
Other equity instruments coupons paid | — | (804) | — | — | (804) | |||||||||||||||
Repurchase of shares | (161) | — | 161 | (1,200) | (1,200) | |||||||||||||||
Other reserve movements | — | — | — | (5) | (5) | |||||||||||||||
Balance as at 31 December 2021 | 4,536 | 12,241 | 555 | 40,505 | 57,837 | |||||||||||||||
Balance as at 1 January 2020 | 4,594 | 10,865 | 394 | 40,614 | 56,467 | |||||||||||||||
Profit/(loss) after tax and other comprehensive income | — | 857 | — | (1,875) | (1,018) | |||||||||||||||
Issue of new ordinary shares | — | — | — | — | — | |||||||||||||||
Issue of shares under employee share schemes | 43 | — | — | 20 | 63 | |||||||||||||||
Issue and exchange of other equity instruments | — | 304 | — | (73) | 231 | |||||||||||||||
Vesting of shares under employee share schemes | — | — | — | (14) | (14) | |||||||||||||||
Dividends paid | 11 | — | — | — | — | — | ||||||||||||||
Other equity instruments coupons paid | — | (857) | — | — | (857) | |||||||||||||||
Balance as at 31 December 2020 | 4,637 | 11,169 | 394 | 38,672 | 54,872 |
Statement of changes in equity | ||||||||||||||||||||
Called up share capital and share premium | Other equity instruments | Other reserves | Retained earnings | Total equity | ||||||||||||||||
Notes | £m | £m | £m | £m | £m | |||||||||||||||
Balance as at 1 January 2019 | 4,311 | 9,633 | 394 | 39,842 | 54,180 | |||||||||||||||
Profit after tax and other comprehensive income | — | 813 | — | 2,368 | 3,181 | |||||||||||||||
Issue of new ordinary shares | 182 | — | — | — | 182 | |||||||||||||||
Issue of shares under employee share schemes | 101 | — | — | 20 | 121 | |||||||||||||||
Issue and exchange of other equity instruments | — | 1,232 | — | (396) | 836 | |||||||||||||||
Vesting of shares under employee share schemes | — | — | — | (19) | (19) | |||||||||||||||
Dividends paid | 11 | — | — | — | (1,201) | (1,201) | ||||||||||||||
Other equity instruments coupons paid | — | (813) | — | — | (813) | |||||||||||||||
Balance as at 31 December 2019 | 4,594 | 10,865 | 394 | 40,614 | 56,467 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 223 |
Cash flow statement | |||||||||||
2021 | 2020b | 2019b | |||||||||
For the year ended 31 December | £m | £m | £m | ||||||||
Reconciliation of profit before tax to net cash flows from operating activities: | |||||||||||
Profit/(loss) before tax | 4,267 | (1,034) | 3,267 | ||||||||
Adjustment for non-cash items: | |||||||||||
Impairment (reversal)/charge of investment in subsidiary | (2,573) | 2,573 | |||||||||
Other non-cash items | 383 | 528 | (582) | ||||||||
Changes in operating assets and liabilities | 17 | — | 87 | ||||||||
Net cash generated from operating activities | 2,094 | 2,067 | 2,772 | ||||||||
Net increase in loans and advances to subsidiaries of the Parenta, b | (6,118) | (4,732) | (4,464) | ||||||||
Capital contribution to and investment in subsidiary | (1,083) | (393) | (1,187) | ||||||||
Net cash used in investing activities | (7,201) | (5,125) | (5,651) | ||||||||
Issue of shares and other equity instruments | 1,114 | 1,175 | 3,597 | ||||||||
Redemption of other equity instruments | — | (898) | (2,668) | ||||||||
Net increase in debt securities in issuec | 4,939 | 3,720 | 2,588 | ||||||||
Proceeds of borrowings and issuance of subordinated debt | 1,579 | 158 | 1,194 | ||||||||
Repurchase of shares | (1,200) | — | — | ||||||||
Dividends paid | (512) | — | (1,019) | ||||||||
Coupons paid on other equity instruments | (804) | (857) | (813) | ||||||||
Net cash generated from financing activities | 5,116 | 3,298 | 2,879 | ||||||||
Net increase in cash and cash equivalents | 9 | 240 | — | ||||||||
Cash and cash equivalents at beginning of year | 240 | — | — | ||||||||
Cash and cash equivalents at end of year | 249 | 240 | — | ||||||||
Net cash generated from operating activities includes: | |||||||||||
Dividends received | 1,356 | 763 | 1,560 | ||||||||
Net interest (paid)/received | (161) | (175) | 214 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 224 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 225 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 226 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 227 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 228 |
For the year ended 31 December 2021 | As reported | Restatement | As restated | ||||||||
Impact on the consolidated income statement | £m | £m | £m | ||||||||
Litigation and conduct | (177) | (220) | (397) | ||||||||
Operating expenses | (14,439) | (220) | (14,659) | ||||||||
Profit before tax | 8,414 | (220) | 8,194 | ||||||||
Taxation | (1,188) | 50 | (1,138) | ||||||||
Profit after tax | 7,226 | (170) | 7,056 | ||||||||
Impact on the consolidated statement of comprehensive income | |||||||||||
Profit after tax | 7,226 | (170) | 7,056 | ||||||||
Total comprehensive income for the year | 5,008 | (170) | 4,838 | ||||||||
Impact on the consolidated balance sheet | |||||||||||
Liabilities | |||||||||||
Current tax liabilities | (739) | 50 | (689) | ||||||||
Provisions | (1,688) | (220) | (1,908) | ||||||||
Total liabilities | (1,314,074) | (170) | (1,314,244) | ||||||||
Equity | |||||||||||
Retained earnings | 50,657 | (170) | 50,487 | ||||||||
Total equity | 70,211 | (170) | 70,041 | ||||||||
Impact on the consolidated cash flow statement | |||||||||||
Profit before tax | 8,414 | (220) | 8,194 | ||||||||
Adjustments for non-cash items: | |||||||||||
Other provisions, including provisions | 248 | 220 | 468 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 229 |
Analysis of results by business | ||||||||||||||
Barclays UK | Restateda Barclays International | Head Office | Restateda Group Results | |||||||||||
£m | £m | £m | £m | |||||||||||
For the year ended 31 December 2021 | ||||||||||||||
Total income | 6,536 | 15,665 | (261) | 21,940 | ||||||||||
Credit impairment releases | 365 | 288 | — | 653 | ||||||||||
Net operating income/(expenses) | 6,901 | 15,953 | (261) | 22,593 | ||||||||||
Operating costs | (4,357) | (9,076) | (659) | (14,092) | ||||||||||
UK bank levy | (36) | (134) | — | (170) | ||||||||||
Litigation and conduct | (37) | (345) | (15) | (397) | ||||||||||
Total operating expenses | (4,430) | (9,555) | (674) | (14,659) | ||||||||||
Other net incomeb | — | 40 | 220 | 260 | ||||||||||
Profit/(loss) before tax | 2,471 | 6,438 | (715) | 8,194 | ||||||||||
Total assets (£bn) | 321.2 | 1,044.1 | 19.0 | 1,384.3 | ||||||||||
Number of employees (full time equivalent)c | 7,100 | 10,400 | 64,100 | 81,600 | ||||||||||
Average number of employees (full time equivalent) | 82,900 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 230 |
Barclays UKb | Barclays Internationalb | Head Office | Group results | |||||||||||
£m | £m | £m | £m | |||||||||||
For the year ended 31 December 2020 | ||||||||||||||
Total income | 6,347 | 15,921 | (502) | 21,766 | ||||||||||
Credit impairment charges | (1,467) | (3,280) | (91) | (4,838) | ||||||||||
Net operating income/(expenses) | 4,880 | 12,641 | (593) | 16,928 | ||||||||||
Operating costs | (4,270) | (8,765) | (399) | (13,434) | ||||||||||
UK bank levy | (50) | (240) | (9) | (299) | ||||||||||
Litigation and conduct | (32) | (48) | (73) | (153) | ||||||||||
Total operating expenses | (4,352) | (9,053) | (481) | (13,886) | ||||||||||
Other net income/(expenses)a | 18 | 28 | (23) | 23 | ||||||||||
Profit/(loss) before tax | 546 | 3,616 | (1,097) | 3,065 | ||||||||||
Total assets (£bn) | 289.1 | 1,041.8 | 18.6 | 1,349.5 | ||||||||||
Number of employees (full time equivalent) | 21,300 | 10,800 | 50,900 | 83,000 | ||||||||||
Average number of employees (full time equivalent) | 81,800 |
Barclays UK | Barclays International | Head Office | Group results | |||||||||||
£m | £m | £m | £m | |||||||||||
For the year ended 31 December 2019 | ||||||||||||||
Total income | 7,353 | 14,675 | (396) | 21,632 | ||||||||||
Credit impairment charges | (712) | (1,173) | (27) | (1,912) | ||||||||||
Net operating income/(expenses) | 6,641 | 13,502 | (423) | 19,720 | ||||||||||
Operating costs | (3,996) | (9,163) | (200) | (13,359) | ||||||||||
UK bank levy | (41) | (174) | (11) | (226) | ||||||||||
Litigation and conduct | (1,582) | (116) | (151) | (1,849) | ||||||||||
Total operating expenses | (5,619) | (9,453) | (362) | (15,434) | ||||||||||
Other net incomea | — | 69 | 2 | 71 | ||||||||||
Profit/(loss) before tax | 1,022 | 4,118 | (783) | 4,357 | ||||||||||
Total assets (£bn) | 257.8 | 861.4 | 21.0 | 1,140.2 | ||||||||||
Number of employees (full time equivalent) | 21,400 | 11,200 | 48,200 | 80,800 | ||||||||||
Average number of employees (full time equivalent) | 82,700 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 231 |
2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Cash and balances at central banks | 184 | 275 | 1,091 | ||||||||
Loans and advances at amortised cost | 9,540 | 10,180 | 12,450 | ||||||||
Fair value through other comprehensive income | 550 | 776 | 1,032 | ||||||||
Negative interest on liabilities | 248 | 68 | 13 | ||||||||
Other | 718 | 593 | 870 | ||||||||
Interest and similar income | 11,240 | 11,892 | 15,456 | ||||||||
Deposits at amortised cost | (561) | (1,030) | (2,449) | ||||||||
Debt securities in issuea | (1,340) | (1,360) | (1,906) | ||||||||
Subordinated liabilities | (507) | (670) | (1,068) | ||||||||
Negative interest on assets | (374) | (344) | (278) | ||||||||
Other | (385) | (366) | (348) | ||||||||
Interest and similar expense | (3,167) | (3,770) | (6,049) | ||||||||
Net interest income | 8,073 | 8,122 | 9,407 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 232 |
2021 | ||||||||||||||
Barclays UK | Barclays International | Head Office | Total | |||||||||||
£m | £m | £m | £m | |||||||||||
Fee type | ||||||||||||||
Transactional | 871 | 2,572 | — | 3,443 | ||||||||||
Advisory | 172 | 1,096 | 1 | 1,269 | ||||||||||
Brokerage and execution | 228 | 1,135 | — | 1,363 | ||||||||||
Underwriting and syndication | — | 3,425 | — | 3,425 | ||||||||||
Other | 74 | 182 | 3 | 259 | ||||||||||
Total revenue from contracts with customers | 1,345 | 8,410 | 4 | 9,759 | ||||||||||
Other non-contract fee income | — | 121 | — | 121 | ||||||||||
Fee and commission income | 1,345 | 8,531 | 4 | 9,880 | ||||||||||
Fee and commission expense | (218) | (1,983) | (5) | (2,206) | ||||||||||
Net fee and commission income | 1,127 | 6,548 | (1) | 7,674 |
2020 | ||||||||||||||
Barclays UK | Barclays International | Head Office | Total | |||||||||||
£m | £m | £m | £m | |||||||||||
Fee type | ||||||||||||||
Transactional | 810 | 2,353 | — | 3,163 | ||||||||||
Advisory | 159 | 693 | 2 | 854 | ||||||||||
Brokerage and execution | 212 | 1,173 | — | 1,385 | ||||||||||
Underwriting and syndication | — | 2,867 | — | 2,867 | ||||||||||
Other | 71 | 173 | 9 | 253 | ||||||||||
Total revenue from contracts with customers | 1,252 | 7,259 | 11 | 8,522 | ||||||||||
Other non-contract fee income | — | 119 | — | 119 | ||||||||||
Fee and commission income | 1,252 | 7,378 | 11 | 8,641 | ||||||||||
Fee and commission expense | (308) | (1,754) | (8) | (2,070) | ||||||||||
Net fee and commission income | 944 | 5,624 | 3 | 6,571 |
2019 | ||||||||||||||
Barclays UK | Barclays International | Head Office | Total | |||||||||||
£m | £m | £m | £m | |||||||||||
Fee type | ||||||||||||||
Transactional | 1,074 | 2,809 | — | 3,883 | ||||||||||
Advisory | 177 | 903 | — | 1,080 | ||||||||||
Brokerage and execution | 208 | 1,131 | — | 1,339 | ||||||||||
Underwriting and syndication | — | 2,358 | — | 2,358 | ||||||||||
Other | 92 | 242 | 12 | 346 | ||||||||||
Total revenue from contracts with customers | 1,551 | 7,443 | 12 | 9,006 | ||||||||||
Other non-contract fee income | — | 116 | — | 116 | ||||||||||
Fee and commission income | 1,551 | 7,559 | 12 | 9,122 | ||||||||||
Fee and commission expense | (365) | (1,990) | (7) | (2,362) | ||||||||||
Net fee and commission income | 1,186 | 5,569 | 5 | 6,760 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 233 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 234 |
2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Net gains on financial instruments held for trading | 3,992 | 5,342 | 2,941 | ||||||||
Net gains on financial instruments designated at fair value | 692 | 700 | 256 | ||||||||
Net gains on financial instruments mandatorily at fair value | 1,110 | 987 | 1,038 | ||||||||
Net trading income | 5,794 | 7,029 | 4,235 |
2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Net gains/(losses) from financial instruments mandatorily at fair value | 73 | (50) | 510 | ||||||||
Net gains from disposal of debt instruments at fair value through other comprehensive income | 305 | 295 | 502 | ||||||||
Net gains/(losses) from disposal of financial assets and liabilities measured at amortised costa | 114 | (61) | 257 | ||||||||
Dividend income | 20 | 37 | 76 | ||||||||
Net (losses)/gains on other investmentsb | (201) | (208) | (214) | ||||||||
Net investment income | 311 | 13 | 1,131 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 235 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 236 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 237 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 238 |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||
Impairment charges | Recoveries and reimburse-mentsa | Total | Impairment charges | Recoveries and reimburse-mentsa | Total | Impairment charges | Recoveries and reimburse-mentsa | Total | |||||||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||||
Loans and advances | (361) | 240 | (121) | 4,308 | (399) | 3,909 | 1,957 | (124) | 1,833 | ||||||||||||||||||||
Provision for undrawn contractually committed facilities and guarantees provided | (514) | — | (514) | 776 | — | 776 | 71 | — | 71 | ||||||||||||||||||||
Loans impairment | (875) | 240 | (635) | 5,084 | (399) | 4,685 | 2,028 | (124) | 1,904 | ||||||||||||||||||||
Cash collateral and settlement balances | (4) | — | (4) | 2 | — | 2 | 1 | — | 1 | ||||||||||||||||||||
Financial assets at fair value through other comprehensive income | (8) | — | (8) | 2 | — | 2 | 1 | — | 1 | ||||||||||||||||||||
Other financial assets measured at cost | (6) | — | (6) | 149 | — | 149 | 6 | — | 6 | ||||||||||||||||||||
Credit impairment (releases)/charges | (893) | 240 | (653) | 5,237 | (399) | 4,838 | 2,036 | (124) | 1,912 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 239 |
Restateda | |||||||||||
2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Infrastructure costs | |||||||||||
Property and equipment | 1,506 | 1,556 | 1,409 | ||||||||
Depreciation and amortisation | 1,673 | 1,539 | 1,487 | ||||||||
Lease payments | 32 | 34 | 41 | ||||||||
Impairment of property, equipment and intangible assets | 403 | 194 | 33 | ||||||||
Total infrastructure costs | 3,614 | 3,323 | 2,970 | ||||||||
Administration and general expenses | |||||||||||
Consultancy, legal and professional fees | 610 | 567 | 590 | ||||||||
Marketing and advertising | 399 | 330 | 425 | ||||||||
UK bank levy | 170 | 299 | 226 | ||||||||
Other administration and general expenses | 958 | 1,117 | 1,059 | ||||||||
Total administration and general expenses | 2,137 | 2,313 | 2,300 | ||||||||
Staff costs | 8,511 | 8,097 | 8,315 | ||||||||
Provisions for litigation and conduct | 397 | 153 | 1,849 | ||||||||
Operating expensesb | 14,659 | 13,886 | 15,434 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 240 |
Restateda 2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Current tax charge/(credit) | |||||||||||
Current year | 1,417 | 1,255 | 1,037 | ||||||||
Adjustments in respect of prior years | 317 | 31 | (45) | ||||||||
1,734 | 1,286 | 992 | |||||||||
Deferred tax (credit)/charge | |||||||||||
Current year | (352) | (830) | 86 | ||||||||
Adjustments in respect of prior years | (244) | 148 | (75) | ||||||||
(596) | (682) | 11 | |||||||||
Tax charge | 1,138 | 604 | 1,003 |
Restateda 2021 | Restateda 2021 | 2020 | 2020 | 2019 | 2019 | |||||||||||||||
£m | % | £m | % | £m | % | |||||||||||||||
Profit before tax | 8,194 | 3,065 | 4,357 | |||||||||||||||||
Tax charge based on the standard UK corporation tax rate of 19% (2020: 19%; 2019: 19% ) | 1,557 | 19.0 | % | 582 | 19.0 | % | 828 | 19.0 | % | |||||||||||
Impact of profits/losses earned in territories with different statutory rates to the UK (weighted average tax rate is 22.4% (2020: 25.1%; 2019: 24.2% )) | 277 | 3.4 | % | 188 | 6.1 | % | 227 | 5.2 | % | |||||||||||
Recurring items: | ||||||||||||||||||||
Non-creditable taxes including withholding taxes | 134 | 1.6 | % | 109 | 3.5 | % | 150 | 3.4 | % | |||||||||||
Banking surcharge and other items | 83 | 1.0 | % | 6 | 0.2 | % | 57 | 1.3 | % | |||||||||||
Non-deductible expenses | 80 | 1.0 | % | 48 | 1.6 | % | 45 | 1.0 | % | |||||||||||
Adjustments in respect of prior years | 73 | 0.9 | % | 179 | 5.8 | % | (120) | (2.7 | %) | |||||||||||
Impact of UK bank levy being non-deductible | 32 | 0.4 | % | 57 | 1.9 | % | 43 | 1.0 | % | |||||||||||
Impact of Barclays Bank PLC's overseas branches being taxed both locally and in the UK | 25 | 0.3 | % | 25 | 0.8 | % | 15 | 0.3 | % | |||||||||||
Tax adjustments in respect of share-based payments | (5) | (0.1 | %) | 26 | 0.8 | % | (6) | (0.1 | %) | |||||||||||
Changes in recognition of deferred tax and effect of unrecognised tax losses | (140) | (1.7 | %) | (123) | (4.0 | %) | (82) | (1.9 | %) | |||||||||||
Tax relief on payments made under AT1 instruments | (149) | (1.8 | %) | (165) | (5.4 | %) | (157) | (3.6 | %) | |||||||||||
Non-taxable gains and income | (367) | (4.5 | %) | (208) | (6.8 | %) | (260) | (6.0 | %) | |||||||||||
Non-recurring items: | ||||||||||||||||||||
Remeasurement of UK deferred tax assets due to tax rate changes | (462) | (5.6 | %) | (118) | (3.8 | %) | — | — | ||||||||||||
Non-deductible provisions for UK customer redress | — | — | (7) | (0.2 | %) | 263 | 6.1 | % | ||||||||||||
Non-deductible provisions for investigations and litigation | — | — | 5 | 0.2 | % | — | — | |||||||||||||
Total tax charge | 1,138 | 13.9 | % | 604 | 19.7 | % | 1,003 | 23.0 | % |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 241 |
2021 | 2020 | |||||||
£m | £m | |||||||
UK Tax Group | 2,183 | 886 | ||||||
US Intermediate Holding Company Tax Group ('IHC Tax Group') | 1,004 | 1,001 | ||||||
US Branch Tax Group | 1,002 | 1,048 | ||||||
Other (outside the UK and US tax groups) | 430 | 509 | ||||||
Deferred tax asset | 4,619 | 3,444 | ||||||
Deferred tax liability | (37) | (15) | ||||||
Net deferred tax | 4,582 | 3,429 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 242 |
Fixed asset timing differences | Fair value through other comprehensive income | Cash flow hedges | Retirement benefit obligations | Loan impairment allowance | Other provisions | Share-based payments and deferred compensation | Other temporary differences | Tax losses carried forward | Total | |||||||||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||||||
Assets | 1,465 | — | — | 43 | 666 | 143 | 363 | 1,564 | 735 | 4,979 | ||||||||||||||||||||||
Liabilities | (41) | (38) | (566) | (826) | — | — | — | (79) | — | (1,550) | ||||||||||||||||||||||
As at 1 January 2021 | 1,424 | (38) | (566) | (783) | 666 | 143 | 363 | 1,485 | 735 | 3,429 | ||||||||||||||||||||||
Income statement | 184 | (6) | — | 5 | 39 | 7 | 12 | (130) | 485 | 596 | ||||||||||||||||||||||
Other comprehensive income and reserves | — | 198 | 1,088 | (855) | — | — | 36 | 97 | — | 564 | ||||||||||||||||||||||
Other movements | (3) | 1 | (1) | (1) | (12) | — | 3 | 6 | — | (7) | ||||||||||||||||||||||
1,605 | 155 | 521 | (1,634) | 693 | 150 | 414 | 1,458 | 1,220 | 4,582 | |||||||||||||||||||||||
Assets | 1,647 | 155 | 521 | 40 | 693 | 150 | 414 | 1,524 | 1,220 | 6,364 | ||||||||||||||||||||||
Liabilities | (42) | — | — | (1,674) | — | — | — | (66) | — | (1,782) | ||||||||||||||||||||||
As at 31 December 2021 | 1,605 | 155 | 521 | (1,634) | 693 | 150 | 414 | 1,458 | 1,220 | 4,582 | ||||||||||||||||||||||
Assets | 1,338 | 119 | — | 38 | 501 | 128 | 344 | 1,458 | 523 | 4,449 | ||||||||||||||||||||||
Liabilities | (31) | (18) | (181) | (640) | — | — | — | (312) | — | (1,182) | ||||||||||||||||||||||
As at 1 January 2020 | 1,307 | 101 | (181) | (602) | 501 | 128 | 344 | 1,146 | 523 | 3,267 | ||||||||||||||||||||||
Income statement | 129 | — | — | 6 | 156 | 22 | 20 | 134 | 215 | 682 | ||||||||||||||||||||||
Other comprehensive income and reserves | — | (137) | (377) | (191) | — | — | 5 | 238 | — | (462) | ||||||||||||||||||||||
Other movements | (12) | (2) | (8) | 4 | 9 | (7) | (6) | (33) | (3) | (58) | ||||||||||||||||||||||
1,424 | (38) | (566) | (783) | 666 | 143 | 363 | 1,485 | 735 | 3,429 | |||||||||||||||||||||||
Assets | 1,465 | — | — | 43 | 666 | 143 | 363 | 1,564 | 735 | 4,979 | ||||||||||||||||||||||
Liabilities | (41) | (38) | (566) | (826) | — | — | — | (79) | — | (1,550) | ||||||||||||||||||||||
As at 31 December 2020 | 1,424 | (38) | (566) | (783) | 666 | 143 | 363 | 1,485 | 735 | 3,429 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 243 |
Restateda | |||||||||||
2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Profit attributable to ordinary equity holders of the parent | 6,205 | 1,526 | 2,461 |
2021 | 2020 | 2019 | |||||||||
million | million | million | |||||||||
Basic weighted average number of shares in issue | 16,985 | 17,300 | 17,200 | ||||||||
Number of potential ordinary shares | 435 | 368 | 282 | ||||||||
Diluted weighted average number of shares | 17,420 | 17,668 | 17,482 |
Basic earnings per share | Diluted earnings per share | |||||||||||||||||||
Restateda | Restateda | |||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||||||||||
p | p | p | p | p | p | |||||||||||||||
Earnings per ordinary share | 36.5 | 8.8 | 14.3 | 35.6 | 8.6 | 14.1 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 244 |
Trading portfolio assets | Trading portfolio liabilities | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
£m | £m | £m | £m | |||||||||||
Debt securities and other eligible bills | 50,864 | 56,482 | (34,957) | (30,102) | ||||||||||
Equity securities | 83,113 | 62,192 | (19,212) | (17,303) | ||||||||||
Traded loans | 12,525 | 8,348 | — | — | ||||||||||
Commodities | 533 | 928 | — | — | ||||||||||
Trading portfolio assets/(liabilities) | 147,035 | 127,950 | (54,169) | (47,405) |
Designated at fair value | Mandatorily at fair value | Total | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||
Loans and advances | 5,579 | 5,600 | 33,088 | 25,279 | 38,667 | 30,879 | ||||||||||||||
Debt securities | 319 | 292 | 1,986 | 1,401 | 2,305 | 1,693 | ||||||||||||||
Equity securities | — | — | 5,875 | 4,620 | 5,875 | 4,620 | ||||||||||||||
Reverse repurchase agreements and other similar secured lending | — | 19 | 145,014 | 137,597 | 145,014 | 137,616 | ||||||||||||||
Other financial assets | — | — | 111 | 343 | 111 | 343 | ||||||||||||||
Financial assets at fair value through the income statement | 5,898 | 5,911 | 186,074 | 169,240 | 191,972 | 175,151 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 245 |
Maximum exposure as at 31 December | Changes in fair value during the year ended | Cumulative changes in fair value from inception | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||
Loans and advances designated at fair value, attributable to credit risk | 5,579 | 5,600 | 5 | (47) | (19) | (73) | ||||||||||||||
Value mitigated by related credit derivatives | 1,617 | 795 | (3) | 3 | (3) | 3 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 246 |
Total derivatives | ||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||
Notional contract amount | Fair value | Notional contract amount | Fair value | |||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||
Total derivative assets/(liabilities) held for trading | 47,812,774 | 261,678 | (255,747) | 43,169,971 | 301,880 | (299,795) | ||||||||||||||
Total derivative assets/(liabilities) held for risk management | 219,551 | 894 | (1,136) | 189,784 | 566 | (980) | ||||||||||||||
Derivative assets/(liabilities) | 48,032,325 | 262,572 | (256,883) | 43,359,755 | 302,446 | (300,775) |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 247 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 248 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 249 |
Current benchmark rate | Expected convergence to RFR | Nominal amount of hedged items directly impacted by IBOR reform | Nominal amount of hedging instruments directly impacted by IBOR reform | ||||||||
£m | £m | ||||||||||
GBP London Interbank Offered rate (LIBOR) | Reformed Sterling Overnight Index Average (SONIA) | 10,032 | 200 | ||||||||
USD LIBOR | Secured Overnight Financing Rate (SOFR) | 25,744 | 25,288 | ||||||||
Singapore Swap Offered Rate (SOR) | Singapore Overnight Rate Average (SORA) | 110 | 110 | ||||||||
Total | 35,886 | 25,598 |
Hedged items in fair value hedges | |||||||||||||||||
Accumulated fair value adjustment included in carrying amount | |||||||||||||||||
Hedged item statement of financial position classification and risk category | Carrying amount | Total | Of which: Accumulated fair value adjustment on items no longer in a hedge relationship | Change in fair value used as a basis to determine ineffectiveness | Hedge ineffectiveness recognised in the income statementsa | ||||||||||||
£m | £m | £m | £m | £m | |||||||||||||
2021 | |||||||||||||||||
Assets | |||||||||||||||||
Loans and advances at amortised cost | |||||||||||||||||
- Interest rate risk | 8,512 | 671 | (642) | (1,643) | 33 | ||||||||||||
- Inflation risk | 556 | 354 | — | 9 | — | ||||||||||||
Debt securities classified at amortised cost | |||||||||||||||||
- Interest rate risk | 1,378 | (39) | — | (75) | (18) | ||||||||||||
- Inflation risk | 4,087 | 400 | — | (16) | (1) | ||||||||||||
Financial assets at fair value through other comprehensive income | |||||||||||||||||
- Interest rate risk | 31,485 | (258) | 32 | (1,436) | 39 | ||||||||||||
- Inflation risk | 9,066 | 470 | (32) | 161 | 13 | ||||||||||||
Total assets | 55,084 | 1,598 | (642) | (3,000) | 66 | ||||||||||||
Liabilities | |||||||||||||||||
Debt securities in issue | |||||||||||||||||
- Interest rate risk | (48,251) | (1,084) | 86 | 1,606 | (48) | ||||||||||||
Total liabilities | (48,251) | (1,084) | 86 | 1,606 | (48) | ||||||||||||
Total hedged items | 6,833 | 514 | (556) | (1,394) | 18 | ||||||||||||
2020 | |||||||||||||||||
Assets | |||||||||||||||||
Loans and advances at amortised cost | |||||||||||||||||
- Interest rate risk | 9,858 | 2,289 | (638) | 1,583 | 111 | ||||||||||||
- Inflation risk | 545 | 345 | — | 25 | 3 | ||||||||||||
Debt securities classified at amortised cost | |||||||||||||||||
- Interest rate risk | 1,440 | 23 | — | 18 | (7) | ||||||||||||
- Inflation risk | 4,071 | (43) | — | 453 | 3 | ||||||||||||
Financial assets at fair value through other comprehensive income | |||||||||||||||||
- Interest rate risk | 41,544 | 1,284 | 351 | 825 | (13) | ||||||||||||
- Inflation risk | 10,821 | 367 | (9) | 307 | 1 | ||||||||||||
Total assets | 68,279 | 4,265 | (296) | 3,211 | 98 | ||||||||||||
Liabilities | |||||||||||||||||
Debt securities in issue | |||||||||||||||||
- Interest rate risk | (50,438) | (2,859) | (24) | (1,466) | (56) | ||||||||||||
Total liabilities | (50,438) | (2,859) | (24) | (1,466) | (56) | ||||||||||||
Total hedged items | 17,841 | 1,406 | (320) | 1,745 | 42 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 250 |
Carrying value | Nominal amount | Change in fair value used as a basis to determine ineffectiveness | Nominal amount directly impacted by IBOR reform | ||||||||||||||||||||
Derivative assets | Derivative liabilities | Loan liabilities | |||||||||||||||||||||
Hedge type | Risk category | £m | £m | £m | £m | £m | £m | ||||||||||||||||
As at 31 December 2021 | |||||||||||||||||||||||
Fair value | Interest rate risk | 54 | (11) | — | 92,447 | 1,554 | 15,577 | ||||||||||||||||
Inflation risk | 5 | (1,118) | — | 10,368 | (142) | 1,624 | |||||||||||||||||
Total | 59 | (1,129) | — | 102,815 | 1,412 | 17,201 | |||||||||||||||||
As at 31 December 2020 | |||||||||||||||||||||||
Fair value | Interest rate risk | 120 | (166) | — | 103,623 | (925) | 30,072 | ||||||||||||||||
Inflation risk | 35 | (815) | — | 10,933 | (778) | 1,487 | |||||||||||||||||
Total | 155 | (980) | — | 114,556 | (1,703) | 31,559 |
2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 and later | |||||||||||||||||
As at 31 December | £m | £m | £m | £m | £m | £m | £m | ||||||||||||||||
Fair value hedges of: | |||||||||||||||||||||||
Interest rate risk (outstanding notional amount) | 92,447 | 87,025 | 79,475 | 67,206 | 55,080 | 44,801 | 37,652 | ||||||||||||||||
Inflation risk (outstanding notional amount) | 10,368 | 9,874 | 8,999 | 6,503 | 5,445 | 3,472 | 1,159 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 251 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 252 |
Carrying value | Nominal amount | Change in fair value used as a basis to determine ineffectiveness | Nominal amount directly impacted by IBOR reform | ||||||||||||||||||||
Derivative assets | Derivative liabilities | Loan liabilities | |||||||||||||||||||||
Hedge type | Risk category | £m | £m | £m | £m | £m | £m | ||||||||||||||||
As at 31 December 2021 | |||||||||||||||||||||||
Cash flow | Interest rate risk | — | — | — | 102,629 | (2,812) | 8,397 | ||||||||||||||||
Foreign exchange risk | 798 | — | — | 7,592 | 446 | — | |||||||||||||||||
Inflation risk | — | (3) | — | 4,092 | (274) | — | |||||||||||||||||
Total | 798 | (3) | — | 114,313 | (2,640) | 8,397 | |||||||||||||||||
Net investment | Foreign exchange risk | 37 | (4) | (11,212) | 13,635 | (239) | — | ||||||||||||||||
As at 31 December 2020 | |||||||||||||||||||||||
Cash flow | Interest rate risk | 33 | — | — | 65,042 | 1,151 | 18,195 | ||||||||||||||||
Foreign exchange risk | 351 | — | — | 6,596 | 348 | — | |||||||||||||||||
Inflation risk | 2 | — | — | 2,799 | 42 | — | |||||||||||||||||
Total | 386 | — | — | 74,437 | 1,541 | 18,195 | |||||||||||||||||
Net investment | Foreign exchange risk | 25 | — | (8,660) | 9,451 | 265 | — |
2021 | 2020 | |||||||||||||
Amount recycled from other comprehensive income due to hedged item affecting income statement | Amount recycled from other comprehensive income due to sale of investment, or cash flows no longer expected to occur | Amount recycled from other comprehensive income due to hedged item affecting income statement | Amount recycled from other comprehensive income due to sale of investment, or cash flows no longer expected to occur | |||||||||||
Description of hedge relationship and hedged risk | £m | £m | £m | £m | ||||||||||
Cash flow hedge of interest rate risk | ||||||||||||||
Recycled to net interest income | 541 | 2 | 489 | 17 | ||||||||||
Cash flow hedge of foreign exchange risk | ||||||||||||||
Recycled to other income | 630 | — | 268 | — | ||||||||||
Hedge of net investment in foreign operations | ||||||||||||||
Recycled to other income | — | (26) | — | (4) |
2021 | 2020 | |||||||||||||
Cash flow hedging reserve | Currency translation reserve | Cash flow hedging reserve | Currency translation reserve | |||||||||||
£m | £m | £m | £m | |||||||||||
Balance on 1 January | 1,575 | 2,871 | 1,002 | 3,344 | ||||||||||
Currency translation movements | (7) | (139) | 50 | (743) | ||||||||||
Hedging gains/(losses) for the year | (2,273) | (18) | 1,249 | 266 | ||||||||||
Amounts reclassified in relation to cash flows affecting profit or loss | (1,173) | 26 | (510) | 4 | ||||||||||
Tax | 1,025 | — | (216) | — | ||||||||||
Balance on 31 December | (853) | 2,740 | 1,575 | 2,871 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 253 |
2021 | 2020 | |||||||
£m | £m | |||||||
Debt securities and other eligible bills | 60,798 | 77,736 | ||||||
Equity securities | 902 | 761 | ||||||
Loans and advances | 53 | 191 | ||||||
Financial assets at fair value through other comprehensive income | 61,753 | 78,688 |
2021 | 2020 | |||||||||||||
Fair value | Contractual amount due on maturity | Fair value | Contractual amount due on maturity | |||||||||||
£m | £m | £m | £m | |||||||||||
Debt securities | 53,647 | 61,946 | 50,437 | 57,650 | ||||||||||
Deposits | 29,246 | 29,673 | 21,706 | 22,107 | ||||||||||
Repurchase agreements and other similar secured borrowing | 168,060 | 168,129 | 177,371 | 177,389 | ||||||||||
Other financial liabilities | 7 | 7 | 251 | 251 | ||||||||||
Financial liabilities designated at fair value | 250,960 | 259,755 | 249,765 | 257,397 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 254 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 255 |
Assets and liabilities held at fair value | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Valuation technique using | Valuation technique using | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
As at 31 December | £m | £m | £m | £m | £m | £m | £m | £m | ||||||||||||||||||
Trading portfolio assets | 80,926 | 63,828 | 2,281 | 147,035 | 60,671 | 65,416 | 1,863 | 127,950 | ||||||||||||||||||
Financial assets at fair value through the income statement | 5,093 | 177,167 | 9,712 | 191,972 | 4,503 | 162,142 | 8,506 | 175,151 | ||||||||||||||||||
Derivative financial assets | 6,150 | 252,412 | 4,010 | 262,572 | 9,155 | 288,822 | 4,469 | 302,446 | ||||||||||||||||||
Financial assets at fair value through other comprehensive income | 22,009 | 39,706 | 38 | 61,753 | 19,792 | 58,743 | 153 | 78,688 | ||||||||||||||||||
Investment property | — | — | 7 | 7 | — | — | 10 | 10 | ||||||||||||||||||
Total assets | 114,178 | 533,113 | 16,048 | 663,339 | 94,121 | 575,123 | 15,001 | 684,245 | ||||||||||||||||||
Trading portfolio liabilities | (27,529) | (26,613) | (27) | (54,169) | (24,391) | (22,986) | (28) | (47,405) | ||||||||||||||||||
Financial liabilities designated at fair value | (174) | (250,376) | (410) | (250,960) | (159) | (249,251) | (355) | (249,765) | ||||||||||||||||||
Derivative financial liabilities | (6,571) | (244,253) | (6,059) | (256,883) | (8,762) | (285,774) | (6,239) | (300,775) | ||||||||||||||||||
Total liabilities | (34,274) | (521,242) | (6,496) | (562,012) | (33,312) | (558,011) | (6,622) | (597,945) |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 256 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 257 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 258 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 259 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 260 |
Valuation technique(s)a | Significant unobservable inputs | 2021 Range | 2020 Range | ||||||||||||||||||||
Min | Max | Min | Max | Unitsb | |||||||||||||||||||
Derivative financial instrumentsc | |||||||||||||||||||||||
Interest rate derivatives | Discounted cash flows | Inflation forwards | — | 3 | 1 | 3 | % | ||||||||||||||||
Credit spread | 9 | 1,848 | 17 | 1,831 | bps | ||||||||||||||||||
Correlation Model | Inflation forwards | (20) | (13) | (20) | (13) | % | |||||||||||||||||
Comparable pricing | Price | — | 38 | — | 84 | points | |||||||||||||||||
Option model | Inflation volatility | 31 | 130 | 31 | 227 | bps vol | |||||||||||||||||
Interest rate volatility | 5 | 600 | 6 | 489 | bps vol | ||||||||||||||||||
FX - IR correlation | (20) | 78 | (30) | 78 | % | ||||||||||||||||||
IR - IR correlation | (100) | 99 | (20) | 99 | % | ||||||||||||||||||
Credit derivatives | Discounted cash flows | Credit spread | 2 | 2,925 | 5 | 480 | bps | ||||||||||||||||
Comparable pricing | Price | — | — | — | 100 | points | |||||||||||||||||
Equity derivatives | Option model | Equity volatility | 2 | 108 | 1 | 110 | % | ||||||||||||||||
Equity - equity correlation | 10 | 100 | (45) | 100 | % | ||||||||||||||||||
Discounted cash flow | Discounted margin | (129) | 93 | (225) | 3,000 | bps | |||||||||||||||||
Foreign exchange derivatives | Option Model | Option Volatility | — | 100 | — | 30 | points | ||||||||||||||||
Non-derivative financial instruments | |||||||||||||||||||||||
Non-asset backed loans | Discounted cash flows | Loan spread | 31 | 1,552 | 31 | 1,518 | bps | ||||||||||||||||
Credit spread | 200 | 300 | 200 | 300 | bps | ||||||||||||||||||
Price | — | 112 | — | 104 | points | ||||||||||||||||||
Yield | 3 | 10 | 5 | 8 | % | ||||||||||||||||||
Comparable pricing | Price | — | 145 | — | 137 | points | |||||||||||||||||
Asset backed securities | Comparable pricing | Price | — | 120 | — | 112 | points | ||||||||||||||||
Private equity investments | EBITDA multiple | EBITDA multiple | 16 | 20 | 14 | 16 | Multiple | ||||||||||||||||
Earnings multiple | Earnings multiple | 5 | 28 | 3 | 28 | Multiple | |||||||||||||||||
Discounted cash flow | Credit Spread | 725 | 1,916 | 1,387 | 1,916 | bps | |||||||||||||||||
Discount margin | 8 | 10 | 1 | 10 | % | ||||||||||||||||||
Corporate debt | Comparable pricing | Price | — | 284 | — | 127 | points | ||||||||||||||||
Discounted Cash Flows | Loan Spread | 229 | 854 | — | — | bps | |||||||||||||||||
Price | — | 100 | — | 104 | points | ||||||||||||||||||
Commercial Real Estate loans | Discounted cash flows | Credit spread | 68 | 543 | 146 | 483 | bps | ||||||||||||||||
Equity cash products | Discounted cash flows | Discount Margin | 26 | 34 | 49 | 49 | bps |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 261 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 262 |
2021 | 2020 | |||||||
£m | £m | |||||||
Exit price adjustments derived from market bid-offer spreads | (506) | (493) | ||||||
Uncollateralised derivative funding | (127) | (115) | ||||||
Derivative credit valuation adjustments | (212) | (268) | ||||||
Derivative debit valuation adjustments | 91 | 113 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 263 |
2021 | 2020 | |||||||||||||||||||||||||||||||
Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
As at 31 December | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | ||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||
Loans and advances at amortised cost | 361,451 | 362,424 | 17,381 | 83,191 | 261,852 | 342,632 | 340,516 | 8,824 | 81,322 | 250,370 | ||||||||||||||||||||||
Reverse repurchase agreements and other similar secured lending | 3,227 | 3,227 | — | 3,227 | — | 9,031 | 9,031 | — | 9,031 | — | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||
Deposits at amortised cost | (519,433) | (519,436) | (434,431) | (83,501) | (1,504) | (481,036) | (481,106) | (396,124) | (82,874) | (2,108) | ||||||||||||||||||||||
Repurchase agreements and other similar secured borrowing | (28,352) | (28,358) | — | (28,358) | — | (14,174) | (14,174) | — | (14,174) | — | ||||||||||||||||||||||
Debt securities in issue | (98,867) | (100,657) | — | (98,364) | (2,293) | (75,796) | (77,813) | — | (75,957) | (1,856) | ||||||||||||||||||||||
Subordinated liabilities | (12,759) | (13,334) | — | (13,267) | (67) | (16,341) | (16,918) | — | (16,918) | — |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 264 |
Amounts subject to enforceable netting arrangements | Amounts not subject to enforceable netting arrangementsc | Balance sheet totald | ||||||||||||||||||||||||
Effects of offsetting on-balance sheet | Related amounts not offset | |||||||||||||||||||||||||
Gross amounts | Amounts offseta | Net amounts reported on the balance sheet | Financial instruments | Financial collateralb | Net amount | |||||||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||
As at 31 December 2021 | ||||||||||||||||||||||||||
Derivative financial assets | 279,568 | (24,137) | 255,431 | (202,519) | (40,485) | 12,427 | 7,141 | 262,572 | ||||||||||||||||||
Reverse repurchase agreements and other similar secured lendinge | 514,360 | (370,003) | 144,357 | — | (143,854) | 503 | 3,884 | 148,241 | ||||||||||||||||||
Total assets | 793,928 | (394,140) | 399,788 | (202,519) | (184,339) | 12,930 | 11,025 | 410,813 | ||||||||||||||||||
Derivative financial liabilities | (274,356) | 23,606 | (250,750) | 202,519 | 34,321 | (13,910) | (6,133) | (256,883) | ||||||||||||||||||
Repurchase agreements and other similar secured borrowinge | (535,653) | 370,003 | (165,650) | — | 165,650 | — | (30,762) | (196,412) | ||||||||||||||||||
Total liabilities | (810,009) | 393,609 | (416,400) | 202,519 | 199,971 | (13,910) | (36,895) | (453,295) | ||||||||||||||||||
As at 31 December 2020 | ||||||||||||||||||||||||||
Derivative financial assets | 342,649 | (44,305) | 298,344 | (233,080) | (48,064) | 17,200 | 4,102 | 302,446 | ||||||||||||||||||
Reverse repurchase agreements and other similar secured lendinge | 448,134 | (306,398) | 141,736 | — | (141,352) | 384 | 4,911 | 146,647 | ||||||||||||||||||
Total assets | 790,783 | (350,703) | 440,080 | (233,080) | (189,416) | 17,584 | 9,013 | 449,093 | ||||||||||||||||||
Derivative financial liabilities | (333,943) | 41,982 | (291,961) | 233,080 | 46,804 | (12,077) | (8,814) | (300,775) | ||||||||||||||||||
Repurchase agreements and other similar secured borrowinge | (476,912) | 306,398 | (170,514) | — | 170,514 | — | (21,031) | (191,545) | ||||||||||||||||||
Total liabilities | (810,855) | 348,380 | (462,475) | 233,080 | 217,318 | (12,077) | (29,845) | (492,320) |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 265 |
Loans and advances and deposits at amortised cost | ||||||||
2021 | 2020 | |||||||
As at 31 December | £m | £m | ||||||
Loans and advances at amortised cost to banks | 9,698 | 8,900 | ||||||
Loans and advances at amortised cost to customers | 319,922 | 309,927 | ||||||
Debt securities at amortised cost | 31,831 | 23,805 | ||||||
Total loans and advances at amortised cost | 361,451 | 342,632 | ||||||
Deposits at amortised cost from banks | 17,819 | 17,343 | ||||||
Deposits at amortised cost from customers | 501,614 | 463,693 | ||||||
Total deposits at amortised cost | 519,433 | 481,036 |
Annual rates in calculating depreciation | Depreciation rate | ||||
Freehold land | Not depreciated | ||||
Freehold buildings and long-leasehold property (more than 50 years to run) | 2-3.3% | ||||
Leasehold property over the remaining life of the lease (less than 50 years to run) | Over the remaining life of the lease | ||||
Costs of adaptation of freehold and leasehold property | 6-10% | ||||
Equipment installed in freehold and leasehold property | 6-10% | ||||
Computers and similar equipment | 17-33% | ||||
Fixtures and fittings and other equipment | 9-20% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 266 |
Investment property | Property | Equipment | Right of use assetsa | Total | |||||||||||||
£m | £m | £m | £m | £m | |||||||||||||
Cost | |||||||||||||||||
As at 1 January 2021 | 10 | 4,002 | 3,091 | 1,934 | 9,037 | ||||||||||||
Additions | — | 274 | 189 | 32 | 495 | ||||||||||||
Disposals | (2) | (160) | (74) | (114) | (350) | ||||||||||||
Exchange and other movements | (1) | 15 | 4 | 68 | 86 | ||||||||||||
As at 31 December 2021 | 7 | 4,131 | 3,210 | 1,920 | 9,268 | ||||||||||||
Accumulated depreciation and impairment | |||||||||||||||||
As at 1 January 2021 | — | (2,013) | (2,421) | (567) | (5,001) | ||||||||||||
Depreciation charge | — | (249) | (222) | (204) | (675) | ||||||||||||
Impairmentb | — | (106) | — | (170) | (276) | ||||||||||||
Disposals | — | 136 | 66 | 60 | 262 | ||||||||||||
Exchange and other movements | — | (23) | (9) | 9 | (23) | ||||||||||||
As at 31 December 2021 | — | (2,255) | (2,586) | (872) | (5,713) | ||||||||||||
Net book value | 7 | 1,876 | 624 | 1,048 | 3,555 | ||||||||||||
Cost | |||||||||||||||||
As at 1 January 2020 | 13 | 3,938 | 2,986 | 1,826 | 8,763 | ||||||||||||
Additions | — | 193 | 246 | 85 | 524 | ||||||||||||
Disposals | (1) | (96) | (100) | (14) | (211) | ||||||||||||
Exchange and other movements | (2) | (33) | (41) | 37 | (39) | ||||||||||||
As at 31 December 2020 | 10 | 4,002 | 3,091 | 1,934 | 9,037 | ||||||||||||
Accumulated depreciation and impairment | |||||||||||||||||
As at 1 January 2020 | — | (1,901) | (2,315) | (332) | (4,548) | ||||||||||||
Depreciation charge | — | (187) | (223) | (231) | (641) | ||||||||||||
Impairment | — | (25) | (2) | (15) | (42) | ||||||||||||
Disposals | — | 82 | 92 | 2 | 176 | ||||||||||||
Exchange and other movements | — | 18 | 27 | 9 | 54 | ||||||||||||
As at 31 December 2020 | — | (2,013) | (2,421) | (567) | (5,001) | ||||||||||||
Net book value | 10 | 1,989 | 670 | 1,367 | 4,036 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 267 |
2021 | 2020 | |||||||||||||||||||||||||
Gross investment in finance lease receivables | Future finance income | Present value of minimum lease payments receivable | Unguaranteed residual values | Gross investment in finance lease receivables | Future finance income | Present value of minimum lease payments receivable | Unguaranteed residual values | |||||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||
Not more than one year | 29 | (3) | 26 | — | 535 | (26) | 509 | 70 | ||||||||||||||||||
One to two year | 19 | (2) | 17 | — | 312 | (15) | 297 | 45 | ||||||||||||||||||
Two to three year | 6 | — | 6 | — | 215 | (12) | 203 | 52 | ||||||||||||||||||
Three to four year | 2 | — | 2 | — | 107 | (6) | 101 | 27 | ||||||||||||||||||
Four to five year | 1 | — | 1 | — | 52 | (3) | 49 | 18 | ||||||||||||||||||
Over five years | 1 | — | 1 | — | 24 | (1) | 23 | 13 | ||||||||||||||||||
Total | 58 | (5) | 53 | — | 1,245 | (63) | 1,182 | 225 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 268 |
2021 | 2020 | |||||||
£m | £m | |||||||
Finance income from net investment in lease | 21 | 55 | ||||||
Profit/(loss) on sales | 1 | (25) |
Lease liabilities | ||||||||
2021 | 2020 | |||||||
£m | £m | |||||||
As at 1 January | 1,444 | 1,563 | ||||||
Interest expense | 64 | 70 | ||||||
New leases | 43 | 85 | ||||||
Disposals | (54) | (15) | ||||||
Cash payments | (258) | (306) | ||||||
Exchange and other movements | 78 | 47 | ||||||
As at 31 December (see Note 23) | 1,317 | 1,444 |
Undiscounted lease liabilities maturity analysis | ||||||||
2021 | 2020 | |||||||
£m | £m | |||||||
Not more than one year | 230 | 255 | ||||||
One to two years | 215 | 221 | ||||||
Two to three years | 197 | 198 | ||||||
Three to four years | 182 | 176 | ||||||
Four to five years | 149 | 162 | ||||||
Five to ten years | 503 | 557 | ||||||
Greater than ten years | 163 | 248 | ||||||
Total undiscounted lease liabilities as at 31 December | 1,639 | 1,817 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 269 |
Annual rates in calculating amortisation | Amortisation period | ||||
Goodwill | Not amortised | ||||
Internally generated softwarea | 12 months to 6 years | ||||
Other software | 12 months to 6 years | ||||
Customer lists | 12 months to 25 years | ||||
Licences and other | 12 months to 25 years |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 270 |
Intangible assets | ||||||||||||||||||||
Goodwill | Internally generated software | Other software | Customer lists | Licences and other | Total | |||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||
2021 | ||||||||||||||||||||
Cost | ||||||||||||||||||||
As at 1 January 2021 | 4,716 | 7,247 | 639 | 1,419 | 490 | 14,511 | ||||||||||||||
Additions and disposals | — | (52) | (9) | (5) | 404 | 338 | ||||||||||||||
Exchange and other movements | 2 | (15) | (4) | 17 | 14 | 14 | ||||||||||||||
As at 31 December 2021 | 4,718 | 7,180 | 626 | 1,431 | 908 | 14,863 | ||||||||||||||
Accumulated amortisation and impairment | ||||||||||||||||||||
As at 1 January 2021 | (825) | (3,779) | (328) | (1,252) | (379) | (6,563) | ||||||||||||||
Disposals | — | 894 | 15 | 5 | 3 | 917 | ||||||||||||||
Amortisation charge | — | (867) | (51) | (36) | (44) | (998) | ||||||||||||||
Impairment charge | — | (127) | — | — | — | (127) | ||||||||||||||
Exchange and other movements | — | (5) | — | (17) | (9) | (31) | ||||||||||||||
As at 31 December 2021 | (825) | (3,884) | (364) | (1,300) | (429) | (6,802) | ||||||||||||||
Net book value | 3,893 | 3,296 | 262 | 131 | 479 | 8,061 | ||||||||||||||
2020 | ||||||||||||||||||||
Cost | ||||||||||||||||||||
As at 1 January 2020 | 4,760 | 6,643 | 505 | 1,465 | 489 | 13,862 | ||||||||||||||
Additions and disposals | (37) | 646 | 131 | — | 22 | 762 | ||||||||||||||
Exchange and other movements | (7) | (42) | 3 | (46) | (21) | (113) | ||||||||||||||
As at 31 December 2020 | 4,716 | 7,247 | 639 | 1,419 | 490 | 14,511 | ||||||||||||||
Accumulated amortisation and impairment | ||||||||||||||||||||
As at 1 January 2020 | (861) | (2,989) | (279) | (1,250) | (364) | (5,743) | ||||||||||||||
Disposals | 37 | 97 | 10 | — | 3 | 147 | ||||||||||||||
Amortisation charge | — | (771) | (51) | (43) | (33) | (898) | ||||||||||||||
Impairment charge | — | (147) | (6) | — | — | (153) | ||||||||||||||
Exchange and other movements | (1) | 31 | (2) | 41 | 15 | 84 | ||||||||||||||
As at 31 December 2020 | (825) | (3,779) | (328) | (1,252) | (379) | (6,563) | ||||||||||||||
Net book value | 3,891 | 3,468 | 311 | 167 | 111 | 7,948 |
2021 | 2020 | ||||||||||||||||||||||
Goodwill | Intangibles | Total | Goodwill | Intangibles | Total | ||||||||||||||||||
£m | £m | £m | £m | £m | £m | ||||||||||||||||||
Barclays UK | 3,560 | 1,233 | 4,793 | 3,560 | 1,618 | 5,178 | |||||||||||||||||
Barclays International | 291 | 2,930 | 3,221 | 289 | 2,435 | 2,724 | |||||||||||||||||
Head Office | 42 | 5 | 47 | 42 | 4 | 46 | |||||||||||||||||
Total | 3,893 | 4,168 | 8,061 | 3,891 | 4,057 | 7,948 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 271 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 272 |
Cash generating unit | Tangible equity | Goodwill | Intangibles | Carrying value | Value in use | Value in use exceeding carrying value | Value in use exceeding carrying value 2020 | ||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | |||||||||||||||||
Personal Banking | 5,194 | 2,752 | 997 | 8,943 | 10,432 | 1,489 | 123 | ||||||||||||||||
Business Banking | 1,459 | 629 | 169 | 2,257 | 5,880 | 3,623 | 740 | ||||||||||||||||
Cards and Payments | 2,946 | 195 | 1,351 | 4,492 | 5,517 | 1,025 | 1,360 | ||||||||||||||||
Total | 9,599 | 3,576 | 2,517 | 15,692 | 21,829 | 6,137 | 2,223 |
Cash generating unit | Carrying value | Value in use | Value in use exceeding carrying value | Discount rate | Terminal growth rate | Reduction in headroom | Change required to reduce headroom to zero | ||||||||||||||||||||||||||||||||||
100 bps increase in the discount rate | 100 bps decrease in terminal growth rate | 50 bps increase to allocated capital rate | 10% reduction in forecasted cash flows | Discount rate | Terminal growth rate | Allocated capital rate | Cashflows | ||||||||||||||||||||||||||||||||||
£m | £m | £m | % | % | £m | £m | £m | £m | % | % | % | % | |||||||||||||||||||||||||||||
Personal Banking | 8,943 | 10,432 | 1,489 | 14.2 | 2.0 | (946) | (655) | (291) | (1,219) | 1.7 | (2.6) | 2.6 | (12.2) | ||||||||||||||||||||||||||||
Cards and Payments | 4,492 | 5,517 | 1,025 | 14.7 | 2.0 | (597) | (433) | (227) | (774) | 1.8 | (2.7) | 2.3 | (13.3) | ||||||||||||||||||||||||||||
Total | 13,435 | 15,949 | 2,514 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 273 |
2021 | 2020 | |||||||
£m | £m | |||||||
Accruals and deferred income | 4,173 | 3,683 | ||||||
Other creditors | 4,793 | 3,447 | ||||||
Items in the course of collection due to other banks | 202 | 88 | ||||||
Lease liabilities (refer to Note 21) | 1,317 | 1,444 | ||||||
Liabilities included in disposal groups classified as held for sale | 20 | — | ||||||
Other liabilities | 10,505 | 8,662 |
Restated | Undrawn contractually committed facilities and guaranteesa | Legal, competition and regulatory matters | Sundry provisions | Totalb | |||||||||||||||||||
Onerous contracts | Redundancy and restructuring | Customer redressb | |||||||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | |||||||||||||||||
As at 1 January 2021 | 28 | 158 | 1,064 | 497 | 268 | 289 | 2,304 | ||||||||||||||||
Additions | 6 | 316 | 124 | 408 | 72 | 198 | 1,124 | ||||||||||||||||
Amounts utilised | (11) | (82) | — | (318) | (62) | (140) | (613) | ||||||||||||||||
Unused amounts reversed | (18) | (25) | (638) | (54) | (44) | (101) | (880) | ||||||||||||||||
Exchange and other movements | — | (41) | (8) | (3) | (8) | 33 | (27) | ||||||||||||||||
As at 31 December 2021b | 5 | 326 | 542 | 530 | 226 | 279 | 1,908 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 274 |
2021 | 2020 | |||||||
£m | £m | |||||||
Guarantees and letters of credit pledged as collateral security | 15,549 | 15,665 | ||||||
Performance guarantees, acceptances and endorsements | 5,797 | 5,944 | ||||||
Total contingent liabilities and financial guarantees | 21,346 | 21,609 | ||||||
Of which: Financial guarantees carried at fair value | 231 | 229 | ||||||
Documentary credits and other short-term trade related transactions | 1,584 | 1,086 | ||||||
Standby facilities, credit lines and other commitments | 344,127 | 331,963 | ||||||
Total commitments | 345,711 | 333,049 | ||||||
Of which: Loan commitments carried at fair value | 18,571 | 9,269 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 275 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 276 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 277 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 278 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 279 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 280 |
2021 | 2020 | |||||||
£m | £m | |||||||
As at 1 January | 16,341 | 18,156 | ||||||
Issuances | 1,890 | 1,438 | ||||||
Redemptions | (4,807) | (3,464) | ||||||
Other | (665) | 211 | ||||||
As at 31 December | 12,759 | 16,341 |
2021 | 2020 | |||||||
£m | £m | |||||||
Undated subordinated liabilities | 355 | 308 | ||||||
Dated subordinated liabilities | 12,404 | 16,033 | ||||||
Total subordinated liabilities | 12,759 | 16,341 |
Undated subordinated liabilitiesa | |||||||||||
2021 | 2020 | ||||||||||
Initial call date | £m | £m | |||||||||
Barclays Bank PLC issued | |||||||||||
Tier One Notes (TONs) | |||||||||||
6% Callable Perpetual Core Tier One Notes | 2032 | 15 | 17 | ||||||||
6.86% Callable Perpetual Core Tier One Notes (USD 179m) | 2032 | 194 | 205 | ||||||||
Reserve Capital Instruments (RCIs) | |||||||||||
5.3304% Step-up Callable Perpetual Reserve Capital Instruments | 2036 | 51 | 56 | ||||||||
Undated Notes | |||||||||||
Junior Undated Floating Rate Notes (USD 38m) | Any interest payment date | 28 | 28 | ||||||||
Barclays securitisation SPV issued | |||||||||||
Undated Subordinated Loan Notes (secured) | |||||||||||
Undated Subordinated Loan Notes (secured) (GBP 67m) | At any time | 67 | — | ||||||||
Total undated subordinated liabilities | 355 | 308 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 281 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 282 |
Dated subordinated liabilitiesa | ||||||||||||||
2021 | 2020 | |||||||||||||
Initial call date | Maturity date | £m | £m | |||||||||||
Barclays PLC issued | ||||||||||||||
2% Fixed Rate Subordinated Callable Notes (EUR 1,500m) | 2023 | 2028 | 1,283 | 1,384 | ||||||||||
4.375% Fixed Rate Subordinated Notes (USD 1,250m) | 2024 | 974 | 990 | |||||||||||
3.75% Fixed Rate Resetting Subordinated Callable Notes (GBP 500m) | 2025 | 2030 | 483 | 504 | ||||||||||
3.75% Fixed Rate Resetting Subordinated Callable Notes (SGD 200m) | 2025 | 2030 | 113 | 119 | ||||||||||
5.20% Fixed Rate Subordinated Notes (USD 2,050m) | 2026 | 1,564 | 1,610 | |||||||||||
1.125% Fixed Rate Resetting Subordinated Callable Notes (EUR 1,000m) | 2026 | 2031 | 833 | — | ||||||||||
4.836% Fixed Rate Subordinated Callable Notes (USD 2,000m) | 2027 | 2028 | 1,564 | 1,627 | ||||||||||
5.088% Fixed-to-Floating Rate Subordinated Callable Notes (USD 1,500m) | 2029 | 2030 | 1,162 | 1,213 | ||||||||||
3.564% Fixed Rate Resetting Subordinated Callable Notes (USD 1,000m) | 2030 | 2035 | 696 | 703 | ||||||||||
3.811% Fixed Rate Resetting Subordinated Callable Notes (USD 1,000m) | 2041 | 2042 | 782 | — | ||||||||||
Barclays Bank PLC issued | ||||||||||||||
6% Fixed Rate Subordinated Notes (EUR 1,500m) | 2021 | — | 1,427 | |||||||||||
9.5% Subordinated Bonds (ex-Woolwich Plc) | 2021 | — | 221 | |||||||||||
Subordinated Floating Rate Notes (EUR 100m) | 2021 | — | 90 | |||||||||||
10% Fixed Rate Subordinated Notes | 2021 | — | 2,108 | |||||||||||
10.179% Fixed Rate Subordinated Notes (USD 1,521m) | 2021 | — | 1,101 | |||||||||||
Subordinated Floating Rate Notes (EUR 50m) | 2022 | 42 | 45 | |||||||||||
6.625% Fixed Rate Subordinated Notes (EUR 1,000m) | 2022 | 889 | 982 | |||||||||||
7.625% Contingent Capital Notes (USD 3,000m) | 2022 | 1,133 | 1,132 | |||||||||||
Subordinated Floating Rate Notes (EUR 50m) | 2023 | 42 | 45 | |||||||||||
5.75% Fixed Rate Subordinated Notes | 2026 | 322 | 351 | |||||||||||
5.4% Reverse Dual Currency Subordinated Loan (JPY 15,000m) | 2027 | 97 | 108 | |||||||||||
6.33% Subordinated Notes | 2032 | 59 | 64 | |||||||||||
Subordinated Floating Rate Notes (EUR 68m) | 2040 | 57 | 61 | |||||||||||
External issuances by other subsidiaries | 2026 | 311 | 146 | |||||||||||
Total dated subordinated liabilities | 12,404 | 16,033 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 283 |
Called up share capital, allotted and fully paid | |||||||||||||||||
Number of shares | Ordinary share capital | Ordinary share premium | Total share capital and share premium | Other equity instruments | |||||||||||||
m | £m | £m | £m | £m | |||||||||||||
As at 1 January 2021 | 17,359 | 4,340 | 297 | 4,637 | 11,172 | ||||||||||||
Issued to staff under share incentive plans | 37 | 9 | 51 | 60 | — | ||||||||||||
AT1 securities issuance | — | — | — | — | 1,078 | ||||||||||||
Repurchase of shares | (644) | (161) | — | (161) | — | ||||||||||||
Other movements | — | — | — | — | 9 | ||||||||||||
As at 31 December 2021 | 16,752 | 4,188 | 348 | 4,536 | 12,259 | ||||||||||||
As at 1 January 2020 | 17,322 | 4,331 | 263 | 4,594 | 10,871 | ||||||||||||
Issued to staff under share incentive plans | 37 | 9 | 34 | 43 | — | ||||||||||||
AT1 securities issuance | — | — | — | — | 1,142 | ||||||||||||
AT1 securities redemption | — | — | — | — | (831) | ||||||||||||
Other movements | — | — | — | — | (10) | ||||||||||||
As at 31 December 2020 | 17,359 | 4,340 | 297 | 4,637 | 11,172 |
AT1 equity instruments | |||||||||||
2021 | 2020 | ||||||||||
Initial call date | £m | £m | |||||||||
AT1 equity instruments - Barclays PLC | |||||||||||
7.875% Perpetual Subordinated Contingent Convertible Securitiesa | 2022 | 995 | 986 | ||||||||
7.875% Perpetual Subordinated Contingent Convertible Securities (USD 1,500m) | 2022 | 1,131 | 1,131 | ||||||||
7.25% Perpetual Subordinated Contingent Convertible Securities | 2023 | 1,245 | 1,245 | ||||||||
7.75% Perpetual Subordinated Contingent Convertible Securities (USD 2,500m)a | 2023 | 1,924 | 1,925 | ||||||||
5.875% Perpetual Subordinated Contingent Convertible Securities | 2024 | 1,244 | 1,244 | ||||||||
8% Perpetual Subordinated Contingent Convertible Securities (USD 2,000m) | 2024 | 1,509 | 1,509 | ||||||||
7.125% Perpetual Subordinated Contingent Convertible Securitiesa | 2025 | 996 | 994 | ||||||||
6.375% Perpetual Subordinated Contingent Convertible Securities | 2025 | 996 | 996 | ||||||||
6.125% Perpetual Subordinated Contingent Convertible Securities (USD 1,500m)a | 2025 | 1,141 | 1,142 | ||||||||
4.375% Perpetual Subordinated Contingent Convertible Securities (USD 1,500m) | 2028 | 1,078 | — | ||||||||
Total AT1 equity instruments | 12,259 | 11,172 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 284 |
2021 | 2020 | |||||||
£m | £m | |||||||
Currency translation reserve | 2,740 | 2,871 | ||||||
Fair value through other comprehensive income reserve | (283) | 5 | ||||||
Cash flow hedging reserve | (853) | 1,575 | ||||||
Own credit reserve | (960) | (954) | ||||||
Other reserves and treasury shares | 1,126 | 964 | ||||||
Total | 1,770 | 4,461 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 285 |
Profit attributable to non-controlling interest | Equity attributable to non-controlling interest | Dividends paid to non-controlling interest | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||
Barclays Bank PLC issued: | ||||||||||||||||||||
– Preference shares | 27 | 42 | 529 | 529 | 27 | 42 | ||||||||||||||
– Upper Tier 2 instruments | 17 | 37 | 458 | 533 | 17 | 37 | ||||||||||||||
Other non-controlling interests | 3 | (1) | 2 | 23 | — | — | ||||||||||||||
Total | 47 | 78 | 989 | 1,085 | 44 | 79 |
2021 | 2020 | |||||||
Instrument | £m | £m | ||||||
Preference Shares: | ||||||||
US Dollar Preference Shares | 318 | 318 | ||||||
Euro Preference Shares | 211 | 211 | ||||||
Total Barclays Bank PLC Preference Shares | 529 | 529 | ||||||
Upper Tier 2 Instruments: | ||||||||
Undated Floating Rate Primary Capital Notes Series 1 | 93 | 93 | ||||||
Undated Floating Rate Primary Capital Notes Series 2 | 179 | 179 | ||||||
5.03% Undated Reverse Dual Currency Subordinated Loan (JPY8bn) | 39 | 39 | ||||||
5.0% Reverse Dual Currency Undated Subordinated Loan (JPY12bn) | 53 | 53 | ||||||
Undated Floating Rate Primary Capital Notes Series 3 (£145m) | 20 | 20 | ||||||
9% Permanent Interest Bearing Capital Bonds (£100m) | 40 | 40 | ||||||
6.125% Undated Subordinated Notes (£550m) | 34 | 34 | ||||||
9.25% Perpetual Subordinated Bonds (ex Woolwich) (£150m) | — | 75 | ||||||
Total Upper Tier 2 Instruments | 458 | 533 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 286 |
2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Incentive awards granted: | |||||||||||
Current year bonus | 1,278 | 1,090 | 1,058 | ||||||||
Deferred bonus | 667 | 490 | 432 | ||||||||
Total incentive awards granted | 1,945 | 1,580 | 1,490 | ||||||||
Reconciliation of incentive awards granted to income statement charge: | |||||||||||
Less: deferred bonuses granted but not charged in current year | (457) | (335) | (293) | ||||||||
Add: current year charges for deferred bonuses from previous years | 280 | 293 | 308 | ||||||||
Other differences between incentive awards granted and income statement charge | (23) | (34) | (48) | ||||||||
Income statement charge for performance costs | 1,745 | 1,504 | 1,457 | ||||||||
Other income statement charges: | |||||||||||
Salaries | 4,290 | 4,322 | 4,332 | ||||||||
Social security costs | 619 | 613 | 573 | ||||||||
Post-retirement benefitsa | 539 | 519 | 501 | ||||||||
Other compensation costs | 431 | 479 | 480 | ||||||||
Total compensation costsb | 7,624 | 7,437 | 7,343 | ||||||||
Other resourcing costs: | |||||||||||
Outsourcing | 357 | 342 | 433 | ||||||||
Redundancy and restructuring | 296 | 102 | 132 | ||||||||
Temporary staff costs | 109 | 102 | 256 | ||||||||
Other | 125 | 114 | 151 | ||||||||
Total other resourcing costs | 887 | 660 | 972 | ||||||||
Total staff costs | 8,511 | 8,097 | 8,315 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 287 |
Charge for the year | |||||||||||
2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Deferred Share Value Plan and Share Value Plan | 256 | 245 | 272 | ||||||||
Others | 216 | 184 | 206 | ||||||||
Total equity settled | 472 | 429 | 478 | ||||||||
Cash settled | 5 | 2 | 3 | ||||||||
Total share-based payments | 477 | 431 | 481 |
2021 | 2020 | |||||||||||||||||||||||||
Weighted average fair value per award granted in year | Weighted average share price at exercise/release during year | Weighted average remaining contractual life | Number of options/ awards outstanding | Weighted average fair value per award granted in year | Weighted average share price at exercise/release during year | Weighted average remaining contractual life | Number of options/ awards outstanding | |||||||||||||||||||
£ | £ | in years | (000s) | £ | £ | in years | (000s) | |||||||||||||||||||
DSVP and SVPa,b | 1.62 | 1.76 | 1 | 413,859 | 1.06 | 1.24 | 1 | 416,941 | ||||||||||||||||||
Othersa | 0.64-1.80 | 1.75-1.92 | 0-3 | 335,976 | 0.23-1.24 | 1.04-1.68 | 0-3 | 356,033 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 288 |
DSVP and SVPa,b | Othersa,c | |||||||||||||||||||
Number (000s) | Number (000s) | Weighted average ex. price (£) | ||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||
Outstanding at beginning of year/acquisition date | 416,941 | 331,491 | 356,033 | 232,259 | 0.96 | 1.29 | ||||||||||||||
Granted in the year | 187,667 | 232,379 | 120,385 | 365,166 | 1.43 | 0.84 | ||||||||||||||
Exercised/released in the year | (160,460) | (132,376) | (107,688) | (123,042) | 1.38 | 1.22 | ||||||||||||||
Less: forfeited in the year | (30,289) | (14,553) | (24,489) | (105,068) | 0.95 | 1.24 | ||||||||||||||
Less: expired in the year | — | — | (8,265) | (13,282) | 1.67 | 1.35 | ||||||||||||||
Outstanding at end of year | 413,859 | 416,941 | 335,976 | 356,033 | 0.95 | 0.96 | ||||||||||||||
Of which exercisable: | — | — | 28,609 | 30,833 | 1.23 | 1.66 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 289 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 290 |
Income statement charge | |||||||||||
2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Current service cost | 247 | 243 | 231 | ||||||||
Net finance cost | (26) | (40) | (48) | ||||||||
Past service cost | — | (4) | — | ||||||||
Other movements | 3 | 1 | — | ||||||||
Total | 224 | 200 | 183 |
Balance sheet reconciliation | ||||||||||||||
2021 | 2020 | |||||||||||||
Total | Of which relates to UKRF | Total | Of which relates to UKRF | |||||||||||
£m | £m | £m | £m | |||||||||||
Benefit obligation at beginning of the year | (33,190) | (32,108) | (30,333) | (29,304) | ||||||||||
Current service cost | (247) | (225) | (243) | (217) | ||||||||||
Interest costs on scheme liabilities | (422) | (405) | (573) | (549) | ||||||||||
Past service cost | — | — | 4 | — | ||||||||||
Remeasurement (loss)/gain – financial | 848 | 820 | (3,439) | (3,358) | ||||||||||
Remeasurement (loss)/gain – demographic | 53 | 50 | (281) | (286) | ||||||||||
Remeasurement (loss)/gain – experience | (249) | (259) | 244 | 237 | ||||||||||
Employee contributions | (4) | — | (5) | (1) | ||||||||||
Benefits paid | 1,309 | 1,268 | 1,406 | 1,370 | ||||||||||
Exchange and other movements | 3 | — | 30 | — | ||||||||||
Benefit obligation at end of the year | (31,899) | (30,859) | (33,190) | (32,108) | ||||||||||
Fair value of scheme assets at beginning of the year | 34,713 | 33,915 | 32,093 | 31,362 | ||||||||||
Interest income on scheme assets | 448 | 434 | 613 | 595 | ||||||||||
Employer contribution | 971 | 955 | 265 | 248 | ||||||||||
Remeasurement – return on scheme assets greater than discount rate | 653 | 642 | 3,411 | 3,328 | ||||||||||
Employee contributions | 4 | — | 5 | 1 | ||||||||||
Benefits paid | (1,309) | (1,268) | (1,406) | (1,370) | ||||||||||
Exchange and other movements | (13) | — | (268) | (249) | ||||||||||
Fair value of scheme assets at end of the year | 35,467 | 34,678 | 34,713 | 33,915 | ||||||||||
Net surplus | 3,568 | 3,819 | 1,523 | 1,807 | ||||||||||
Retirement benefit assets | 3,879 | 3,819 | 1,814 | 1,807 | ||||||||||
Retirement benefit liabilities | (311) | — | (291) | — | ||||||||||
Net retirement benefit assets | 3,568 | 3,819 | 1,523 | 1,807 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 291 |
2021 | 2020 | |||||||
Key UKRF financial assumptions | % p.a. | % p.a. | ||||||
Discount rate | 1.84 | 1.29 | ||||||
Inflation rate (RPI) | 3.56 | 2.99 |
Assumed life expectancy | 2021 | 2020 | 2019 | ||||||||
Life expectancy at 60 for current pensioners (years) | |||||||||||
– Males | 27.3 | 27.2 | 27.1 | ||||||||
– Females | 29.6 | 29.4 | 29.3 | ||||||||
Life expectancy at 60 for future pensioners currently aged 40 (years) | |||||||||||
– Males | 29.1 | 29.0 | 28.9 | ||||||||
– Females | 31.4 | 31.2 | 31.1 |
Change in key assumptions | ||||||||
2021 | 2020 | |||||||
(Decrease)/ Increase in UKRF defined benefit obligation | (Decrease)/ Increase in UKRF defined benefit obligation | |||||||
£bn | £bn | |||||||
Discount rate | ||||||||
0.5% p.a. increase | (2.3) | (2.5) | ||||||
0.25% p.a. increase | (1.2) | (1.3) | ||||||
0.25% p.a. decrease | 1.3 | 1.4 | ||||||
0.5% p.a. decrease | 2.6 | 2.9 | ||||||
Assumed RPI | ||||||||
0.5% p.a. increase | 1.6 | 1.8 | ||||||
0.25% p.a. increase | 0.8 | 0.9 | ||||||
0.25% p.a. decrease | (0.8) | (0.9) | ||||||
0.5% p.a. decrease | (1.6) | (1.8) | ||||||
Life expectancy at 60 | ||||||||
One year increase | 1.2 | 1.2 | ||||||
One year decrease | (1.2) | (1.2) |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 292 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 293 |
Deficit reduction contributions under the 30 September 2019 valuation | |||||
Year | £m | ||||
Cash paid: | |||||
2021 | 700 | ||||
Future commitments: | |||||
2022 | 294 | ||||
2023 | 286 | ||||
2024 and beyond | — |
Contributions paid | |||||
£m | |||||
2021 | 955 | ||||
2020 | 748 | ||||
2019 | 1,231 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 294 |
Principal place of business or incorporation | Percentage of voting rights held | Non-controlling interests - proportion of ownership interests | Non-controlling interests - proportion of voting interests | ||||||||||||||
Company name | Nature of business | % | % | % | |||||||||||||
Barclays Bank PLC | United Kingdom | Banking, holding company | 100 | 2 | — | ||||||||||||
Barclays Bank UK PLC | United Kingdom | Banking, holding company | 100 | — | — | ||||||||||||
Barclays Bank Ireland PLC | Ireland | Banking | 100 | — | — | ||||||||||||
Barclays Execution Services Limited | United Kingdom | Service company | 100 | — | — | ||||||||||||
Barclays Capital Inc. | United States | Securities dealing | 100 | — | — | ||||||||||||
Barclays Capital Securities Limited | United Kingdom | Securities dealing | 100 | — | — | ||||||||||||
Barclays Securities Japan Limited | Japan | Securities dealing | 100 | — | — | ||||||||||||
Barclays US LLC | United States | Holding company | 100 | — | — | ||||||||||||
Barclays Bank Delaware | United States | Credit card issuer | 100 | — | — |
Percentage of voting rights held | Equity shareholders' funds | Retained profit for the year | ||||||||||||
Company name | Country of registration or incorporation | % | £m | £m | ||||||||||
Palomino Limited | Cayman Islands | 100 | — | — |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 295 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 296 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 297 |
Nature of interest | |||||||||||||||||
Multi-seller conduit programme | Lending | Other | Total | Of which: Barclays owned, not consolidated entitiesa | |||||||||||||
£m | £m | £m | £m | £m | |||||||||||||
As at 31 December 2021 | |||||||||||||||||
Financial assets at fair value through the income statement | — | 70 | 3,420 | 3,490 | 3,335 | ||||||||||||
Financial assets at fair value through other comprehensive income | — | 53 | 38 | 91 | — | ||||||||||||
Loans and advances at amortised cost | 5,184 | 14,538 | 8,505 | 28,227 | — | ||||||||||||
Other assets | 8 | 4 | 5 | 17 | — | ||||||||||||
Total on-balance sheet exposures | 5,192 | 14,665 | 11,968 | 31,825 | 3,335 | ||||||||||||
Total off-balance sheet notional amounts | 11,015 | 9,426 | — | 20,441 | — | ||||||||||||
Maximum exposure to loss | 16,207 | 24,091 | 11,968 | 52,266 | 3,335 | ||||||||||||
Total assets of the entity | 65,441 | 166,238 | 52,873 | 284,552 | 11,513 | ||||||||||||
As at 31 December 2020 | |||||||||||||||||
Financial assets at fair value through the income statement | — | 98 | 2,766 | 2,864 | 2,698 | ||||||||||||
Financial assets at fair value through other comprehensive income | — | 106 | 47 | 153 | — | ||||||||||||
Loans and advances at amortised cost | 5,146 | 12,721 | 3,079 | 20,946 | — | ||||||||||||
Other assets | 8 | 3 | 5 | 16 | — | ||||||||||||
Total on-balance sheet exposures | 5,154 | 12,928 | 5,897 | 23,979 | 2,698 | ||||||||||||
Total off-balance sheet notional amounts | 11,750 | 7,555 | — | 19,305 | — | ||||||||||||
Maximum exposure to loss | 16,904 | 20,483 | 5,897 | 43,284 | 2,698 | ||||||||||||
Total assets of the entity | 87,004 | 159,804 | 44,362 | 291,170 | 11,008 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 298 |
2021 | 2020 | |||||||||||||||||||
Associates | Joint ventures | Total | Associates | Joint ventures | Total | |||||||||||||||
£m | £m | £m | £m | £m | £m | |||||||||||||||
Equity accounted | 722 | 277 | 999 | 464 | 317 | 781 | ||||||||||||||
Held at fair value through profit or loss | — | 444 | 444 | — | 437 | 437 | ||||||||||||||
Total | 722 | 721 | 1,443 | 464 | 754 | 1,218 |
Associates | Joint ventures | |||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||
£m | £m | £m | £m | |||||||||||
Profit/(loss) from continuing operations | 219 | (24) | 35 | 24 | ||||||||||
Other comprehensive income/(loss) | 1 | (3) | 5 | (6) | ||||||||||
Total comprehensive income/(loss) from continuing operations | 220 | (27) | 40 | 18 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 299 |
2021 | 2020 | |||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||
Carrying amount | Fair value | Carrying amount | Fair value | Carrying amount | Fair value | Carrying amount | Fair value | |||||||||||||||||||
£m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||
Loans and advances at amortised cost | ||||||||||||||||||||||||||
Credit cards, unsecured and other retail lending | 1,303 | 1,423 | (1,225) | (1,219) | 1,033 | 1,121 | (1,019) | (1,033) |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 300 |
Continuing involvementa | Gain/(loss) from continuing involvement | |||||||||||||||||||
Carrying amount | Fair value | Maximum exposure to loss | For the year ended | Cumulative to Cumulative to 31 December | ||||||||||||||||
Type of transfer | £m | £m | £m | £m | £m | |||||||||||||||
2021 | ||||||||||||||||||||
Asset backed securities | 25 | 25 | 25 | 1 | 2 | |||||||||||||||
Residential mortgage backed securities | 574 | 574 | 574 | 3 | 4 | |||||||||||||||
Commercial mortgage backed securities | 311 | 307 | 311 | 5 | 11 | |||||||||||||||
Total | 910 | 906 | 910 | 9 | 17 | |||||||||||||||
2020 | ||||||||||||||||||||
Asset backed securities | 56 | 56 | 56 | 1 | 1 | |||||||||||||||
Residential mortgage backed securities | 49 | 49 | 49 | 1 | 1 | |||||||||||||||
Commercial mortgage backed securities | 243 | 237 | 243 | 2 | 6 | |||||||||||||||
Total | 348 | 342 | 348 | 4 | 8 |
2021 | 2020 | |||||||
£m | £m | |||||||
Cash collateral and settlements | 66,138 | 72,042 | ||||||
Loans and advances at amortised cost | 65,216 | 37,257 | ||||||
Trading portfolio assets | 71,518 | 77,198 | ||||||
Financial assets at fair value through the income statement | 5,595 | 5,584 | ||||||
Financial assets at fair value through other comprehensive income | 13,748 | 22,185 | ||||||
Assets pledged | 222,215 | 214,266 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 301 |
Transferred assets | Associated liabilities | |||||||
£m | £m | |||||||
At 31 December 2021 | ||||||||
Derivatives | 66,744 | (66,744) | ||||||
Repurchase agreements | 71,820 | (49,543) | ||||||
Securities lending arrangements | 69,316 | — | ||||||
Other | 14,335 | (12,121) | ||||||
222,215 | (128,408) | |||||||
At 31 December 2020 | ||||||||
Derivatives | 77,574 | (77,574) | ||||||
Repurchase agreements | 65,673 | (44,076) | ||||||
Securities lending arrangements | 61,183 | — | ||||||
Other | 9,836 | (7,408) | ||||||
214,266 | (129,058) |
Carrying value | Fair value | ||||||||||||||||
Transferred assets | Associated liabilities | Transferred assets | Associated liabilities | Net position | |||||||||||||
£m | £m | £m | £m | £m | |||||||||||||
2021 | |||||||||||||||||
Recourse to transferred assets only | 1,303 | (1,225) | 1,423 | (1,219) | 204 | ||||||||||||
2020 | |||||||||||||||||
Recourse to transferred assets only | 1,033 | (1,019) | 1,121 | (1,033) | 88 |
2021 | 2020 | |||||||
£m | £m | |||||||
Fair value of securities accepted as collateral | 928,999 | 793,573 | ||||||
Of which fair value of securities re-pledged/transferred to others | 814,448 | 685,300 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 302 |
Associates | Joint ventures | Pension funds | |||||||||
£m | £m | £m | |||||||||
For the year ended and as at 31 December 2021 | |||||||||||
Total income | — | 50 | 5 | ||||||||
Credit impairment charges | — | — | — | ||||||||
Operating expenses | (20) | — | (1) | ||||||||
Total assets | — | 1,278 | 3 | ||||||||
Total liabilities | 177 | — | 81 | ||||||||
For the year ended and as at 31 December 2020 | |||||||||||
Total income | — | 10 | 5 | ||||||||
Credit impairment charges | — | — | — | ||||||||
Operating expenses | (26) | — | (1) | ||||||||
Total assets | — | 1,388 | 4 | ||||||||
Total liabilities | 66 | — | 69 |
Loans outstanding | ||||||||
2021 | 2020 | |||||||
£m | £m | |||||||
As at 1 January | 9.2 | 7.2 | ||||||
Loans issued during the yeara | 0.4 | 2.3 | ||||||
Loan repayments during the yearb | (1.8) | (0.3) | ||||||
As at 31 December | 7.8 | 9.2 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 303 |
Deposits outstanding | ||||||||
2021 | 2020 | |||||||
£m | £m | |||||||
As at 1 January | 10.4 | 12.1 | ||||||
Deposits received during the yeara | 37.6 | 41.6 | ||||||
Deposits repaid during the yearb | (38.9) | (43.3) | ||||||
As at 31 December | 9.1 | 10.4 |
2021 | 2020 | |||||||
£m | £m | |||||||
Salaries and other short-term benefits | 37.8 | 41.6 | ||||||
Pension costs | — | — | ||||||
Other long-term benefits | 8.5 | 8.2 | ||||||
Share-based payments | 12.2 | 13.2 | ||||||
Employer social security charges on emoluments | 7.2 | 7.2 | ||||||
Costs recognised for accounting purposes | 65.7 | 70.2 | ||||||
Employer social security charges on emoluments | (7.2) | (7.2) | ||||||
Other long-term benefits – difference between awards granted and costs recognised | 3.1 | — | ||||||
Share-based payments – difference between awards granted and costs recognised | 6.9 | 1.1 | ||||||
Total remuneration awarded | 68.5 | 64.1 |
2021 | 2020 | |||||||
£m | £m | |||||||
Aggregate emolumentsa | 8.2 | 8.4 | ||||||
Amounts paid under LTIPsb | 1.2 | — | ||||||
9.4 | 8.4 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 304 |
2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
Audit of the Barclays Group's annual accounts | 9 | 9 | 10 | ||||||||
Other services: | |||||||||||
Audit of the Company's subsidiariesa | 41 | 38 | 35 | ||||||||
Other audit related feesb | 10 | 10 | 9 | ||||||||
Other services | 2 | 2 | 2 | ||||||||
Total Auditor's remuneration | 62 | 59 | 56 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 305 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 306 |
GBP LIBOR | USD LIBOR | JPY LIBOR | CHF LIBOR | Othersb | Total | |||||||||||||||
As at 31 December 2021 | £m | £m | £m | £m | £m | £m | ||||||||||||||
Non-derivative financial assets | ||||||||||||||||||||
Loans and advances at amortised cost | 14,166 | 15,812 | 25 | 229 | 431 | 30,663 | ||||||||||||||
Reverse repurchase agreements and other similar secured lending | — | 186 | — | — | — | 186 | ||||||||||||||
Financial assets at fair value through the income statement | 185 | 8,538 | 5 | 327 | 194 | 9,249 | ||||||||||||||
Financial assets at fair value through other comprehensive income | — | — | — | — | — | — | ||||||||||||||
Non-derivative financial assets | 14,351 | 24,536 | 30 | 556 | 625 | 40,098 | ||||||||||||||
Non-derivative financial liabilities | ||||||||||||||||||||
Debt securities in issue | — | (6,137) | (1,083) | — | — | (7,220) | ||||||||||||||
Subordinated liabilities | — | (1,088) | — | — | (113) | (1,201) | ||||||||||||||
Financial liabilities designated at fair value | (708) | (212) | (920) | |||||||||||||||||
Non-derivative financial liabilities | (708) | (7,437) | (1,083) | — | (113) | (9,341) | ||||||||||||||
Equity | ||||||||||||||||||||
Other equity instruments | — | (3,374) | (92) | — | — | (3,466) | ||||||||||||||
Standby facilities, credit lines and other commitmentsa | 60,490 | 42,767 | 1,284 | 371 | 12,724 | 117,636 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 307 |
GBP LIBOR | USD LIBOR | JPY LIBOR | CHF LIBOR | Othersb | Total | |||||||||||||||
As at 31 December 2020 | £m | £m | £m | £m | £m | £m | ||||||||||||||
Non-derivative financial assets | ||||||||||||||||||||
Loans and advances at amortised cost | 30,179 | 18,109 | 173 | 18 | 1,725 | 50,204 | ||||||||||||||
Reverse repurchase agreements and other similar secured lending | — | 334 | — | — | — | 334 | ||||||||||||||
Financial assets at fair value through the income statement | 3,496 | 6,373 | — | 283 | 209 | 10,361 | ||||||||||||||
Financial assets at fair value through other comprehensive income | 186 | 114 | — | — | 8 | 308 | ||||||||||||||
Non-derivative financial assets | 33,861 | 24,930 | 173 | 301 | 1,942 | 61,207 | ||||||||||||||
Non-derivative financial liabilities | ||||||||||||||||||||
Debt securities in issue | (1,023) | (10,718) | (1,201) | — | — | (12,942) | ||||||||||||||
Subordinated liabilities | (71) | (1,592) | — | — | — | (1,663) | ||||||||||||||
Financial liabilities designated at fair value | (149) | (1,273) | (759) | — | (139) | (2,320) | ||||||||||||||
Non-derivative financial liabilities | (1,243) | (13,583) | (1,960) | — | (139) | (16,925) | ||||||||||||||
Equity | ||||||||||||||||||||
Other equity instruments | (3,500) | (3,131) | — | — | — | (6,631) | ||||||||||||||
Standby facilities, credit lines and other commitmentsa | 18,944 | 74,011 | — | 74 | 15,951 | 108,980 |
GBP LIBOR | USD LIBOR | EONIA | JPY LIBOR | CHF LIBOR | Othersa | Total | |||||||||||||||||
As at 31 December 2021 | £m | £m | £m | £m | £m | £m | £m | ||||||||||||||||
Derivative notional contract amount | |||||||||||||||||||||||
OTC interest rate derivatives | 240,183 | 2,283,236 | 7,811 | 140,357 | 4,396 | 61,937 | 2,737,920 | ||||||||||||||||
OTC interest rate derivatives - cleared by central counterparty | — | 2,228,399 | — | — | — | 168,649 | 2,397,048 | ||||||||||||||||
Exchange traded interest rate derivatives | — | 466,339 | — | — | — | — | 466,339 | ||||||||||||||||
OTC foreign exchange derivatives | 183,477 | 461,680 | — | 122,823 | 32,900 | 1,419 | 802,299 | ||||||||||||||||
OTC equity and stock index derivatives | — | 9,949 | — | — | — | — | 9,949 | ||||||||||||||||
Derivative notional contract amount | 423,660 | 5,449,603 | 7,811 | 263,180 | 37,296 | 232,005 | 6,413,555 |
GBP LIBOR | USD LIBOR | EONIA | JPY LIBOR | CHF LIBOR | Othersa | Total | |||||||||||||||||
As at 31 December 2020 | £m | £m | £m | £m | £m | £m | £m | ||||||||||||||||
Derivative notional contract amount | |||||||||||||||||||||||
OTC interest rate derivatives | 592,827 | 2,832,802 | 457,844 | 754,206 | 25,681 | 41,782 | 4,705,142 | ||||||||||||||||
OTC interest rate derivatives - cleared by central counterparty | 1,684,553 | 2,891,029 | 638,202 | 1,091,479 | 119,382 | 198,113 | 6,622,758 | ||||||||||||||||
Exchange traded interest rate derivatives | 300,182 | 333,705 | — | — | 2,494 | — | 636,381 | ||||||||||||||||
OTC foreign exchange derivatives | 155,285 | 589,334 | — | 93,108 | 31,257 | 1,921 | 870,905 | ||||||||||||||||
OTC equity and stock index derivatives | 1,845 | 7,946 | 544 | 1,929 | 491 | 2,141 | 14,896 | ||||||||||||||||
Derivative notional contract amount | 2,734,692 | 6,654,816 | 1,096,590 | 1,940,722 | 179,305 | 243,957 | 12,850,082 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 308 |
With appropriate fallback clause | Without appropriate fallback clause | ||||||||||||||||||||||||||||||||||
GBP LIBOR | JPY LIBOR | CHF LIBOR | EUR LIBOR | Total | GBP LIBOR | JPY LIBOR | CHF LIBOR | EUR LIBOR | Total | ||||||||||||||||||||||||||
As at 31 December 2021 | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||||||||
Non-derivative financial assets | |||||||||||||||||||||||||||||||||||
Loans and advances at amortised cost | 9,434 | 5 | 215 | 412 | 10,066 | 4,732 | 20 | 14 | 19 | 4,785 | |||||||||||||||||||||||||
Financial assets at fair value through the income statement | 125 | 5 | 327 | 8 | 465 | 60 | — | — | 186 | 246 | |||||||||||||||||||||||||
Non-derivative financial assets | 9,559 | 10 | 542 | 420 | 10,531 | 4,792 | 20 | 14 | 205 | 5,031 | |||||||||||||||||||||||||
Non-derivative financial liabilities | |||||||||||||||||||||||||||||||||||
Debt securities in issue | — | (1,083) | — | — | (1,083) | — | — | — | — | — | |||||||||||||||||||||||||
Subordinated liabilities | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Financial liabilities designated at fair value | (708) | — | — | — | (708) | — | — | — | — | — | |||||||||||||||||||||||||
Non-derivative financial liabilities | (708) | (1,083) | — | — | (1,791) | — | — | — | — | — | |||||||||||||||||||||||||
Equity | |||||||||||||||||||||||||||||||||||
Other equity instruments | — | (92) | — | — | (92) | — | — | — | — | — | |||||||||||||||||||||||||
Standby facilities, credit lines and other commitments | 36,573 | 653 | 371 | 9,362 | 46,959 | 23,917 | 631 | — | 3,362 | 27,910 |
With appropriate fallback clause | Without appropriate fallback clause | ||||||||||||||||||||||||||||||||||||||||
GBP LIBOR | EONIA | JPY LIBOR | CHF LIBOR | EUR LIBOR | Total | GBP LIBOR | EONIA | JPY LIBOR | CHF LIBOR | EUR LIBOR | Total | ||||||||||||||||||||||||||||||
As at 31 December 2021 | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |||||||||||||||||||||||||||||
Derivative notional contract amount | |||||||||||||||||||||||||||||||||||||||||
OTC interest rate derivatives | 230,967 | 7,568 | 135,719 | 4,361 | 3,626 | 382,241 | 9,216 | 243 | 4,638 | 35 | 403 | 14,535 | |||||||||||||||||||||||||||||
OTC foreign exchange derivatives | 183,203 | — | 122,822 | 32,900 | — | 338,925 | 274 | — | 1 | — | — | 275 | |||||||||||||||||||||||||||||
Derivative notional contract amount | 414,170 | 7,568 | 258,541 | 37,261 | 3,626 | 721,166 | 9,490 | 243 | 4,639 | 35 | 403 | 14,810 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 309 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 310 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 311 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 312 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 313 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 314 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 315 |
US Dollars per American Depositary Share | |||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||
Half year | 0.11 | — | 0.15 | 0.13 | 0.05 | ||||||||||||
Full year | 0.22 | 0.06 | — | 0.21 | 0.10 | ||||||||||||
Total | 0.33 | 0.06 | 0.15 | 0.34 | 0.15 |
Shareholdings at 31 December 2021a | ||||||||||||||
Number of shareholders | Percentage of holders | Shares held | Percentage of capital | |||||||||||
% | % | |||||||||||||
Classification of shareholders | ||||||||||||||
Personal Holders | 226,123 | 97.70 | 384,793,471 | 2.30 | ||||||||||
Banks and Nominees | 1,855 | 0.80 | 13,917,495,420 | 83.09 | ||||||||||
Other Companies | 3,348 | 1.50 | 2,448,162,587 | 14.61 | ||||||||||
Insurance Companies | 1 | — | 208 | — | ||||||||||
Pension Funds | 1 | — | 5,442 | — | ||||||||||
Total | 231,331 | 100 | 16,752,457,128 | 100 | ||||||||||
Shareholding range | ||||||||||||||
1 - 100 | 16,923 | 7.32 | 620,911 | — | ||||||||||
101 - 250 | 49,356 | 21.34 | 10,045,978 | 0.06 | ||||||||||
251 - 500 | 62,664 | 27.09 | 21,946,087 | 0.13 | ||||||||||
501 - 1,000 | 36,806 | 15.91 | 26,004,671 | 0.16 | ||||||||||
1,001 - 5,000 | 46,095 | 19.93 | 102,207,117 | 0.61 | ||||||||||
5,001 - 10,000 | 10,110 | 4.37 | 71,061,669 | 0.42 | ||||||||||
10,001 - 25,000 | 6,023 | 2.60 | 91,233,618 | 0.54 | ||||||||||
25,001 - 50,000 | 1,454 | 0.63 | 49,600,770 | 0.30 | ||||||||||
50,001 and over | 1,900 | 0.82 | 16,379,736,307 | 97.78 | ||||||||||
Total | 231,331 | 100.00 | 16,752,457,128 | 100 | ||||||||||
United States Holdings | 1,626 | 0.70 | 4,193,907 | 0.03 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 316 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 317 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 318 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 319 |
Type of service | ADR depositary actions | Fee | ||||||
ADR depositary or substituting the underlying shares | Issuance of ADSs against the deposit of ordinary shares, including deposits and issuances in respect of: –Share distributions, stock splits, rights issues, mergers –Exchange of securities or other transactions or event or other distribution affecting the ADSs or deposited securities | $5.00 or less per 100 ADSs (or portion thereof) evidenced by the new ADSs delivered | ||||||
Receiving or distributing cash dividends | Distribution of cash dividends | $0.02 or less per ADSa | ||||||
Selling or exercising rights | Distribution or sale of securities, the fee being in an amount equal to the fee for the execution and delivery of ADSs which would have been charged as a result of the deposit of such securities | $5.00 or less per each 100 ADSs (or portion thereof) | ||||||
Withdrawing an underlying ordinary share | Acceptance of ADSs surrendered for withdrawal of deposited ordinary shares | $5.00 or less for each 100 ADSs (or portion thereof) | ||||||
General depositary services, particularly those charged on an annual basis | Other services performed by the ADR depositary in administering the ADS program | No fee currently payable | ||||||
Expenses of the ADR depositary | Expenses incurred on behalf of Holders in connection with: –Expenses of the ADR depositary in connection with the conversion of foreign currency into US dollars (which are paid out of such foreign currency) –Taxes and other governmental charges –Cable, telex and facsimile transmission/delivery –Transfer or registration fees, if applicable, for the registration of transfers or underlying ordinary shares –Any other charge payable by ADR depositary or its agents | Expenses payable at the sole discretion of the ADR depositary by billing Holders or by deducting charges from one or more cash dividends or other cash distributions |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 320 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 321 |
2020 | ||||||||
Holder | Number of Barclays shares | % of total voting rights attached to issued share capitala | ||||||
BlackRock Incb | 944,022,209 | 5.78 | ||||||
Qatar Holding LLCc | 1,017,455,690 | 5.86 | ||||||
Sherborne Investorsd | 943,949,089 | 5.48 | ||||||
The Capital Group Companies Ince | 843,819,487 | 4.87 | ||||||
Norges Bank | 521,031,852 | 3.00 |
2019 | ||||||||
Holder | Number of Barclays shares | % of total voting rights attached to issued share capitala | ||||||
BlackRock Incb | 1,039,595,156 | 6.02 | ||||||
Qatar Holding LLCc | 1,017,455,690 | 5.87 | ||||||
Sherborne Investorsd | 943,949,089 | 5.48 | ||||||
The Capital Group Companies Ince | 855,511,385 | 4.96 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 322 |
Group Executive Committee | ||||||||
Officers of the Group | Date of Appointment as Officer | |||||||
C S Venkatakrishnan | Group Chief Executive | 2021 | ||||||
Paul Compton | Global Head of the Corporate & Investment Bank and President of Barclays Bank PLC (BBPLC) | 2016 | ||||||
Alistair Currie | Global Head of Consumer Banking and Payments | 2019 | ||||||
Matt Hammerstein | CEO, Barclays UK | 2019 | ||||||
Tushar Morzariaa | Group Finance Director | 2013 | ||||||
Laura Padovani | Group Chief Compliance Officer | 2017 | ||||||
Mark Ashton Rigby | Group Chief Operating Officer, Chief Executive Officer, BX | 2019 | ||||||
Tristram Roberts | Group HR Director | 2015 | ||||||
Taalib Shaah | Group Chief Risk Officer | 2020 | ||||||
Stephen Shapiro | Group General Counsel and Company Secretary | 2017 | ||||||
Sasha Wiggins | Group Head of Public Policy and Corporate Responsibility | 2020 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 323 |
Month | Period | Total Shares Purchased | Average Price Paid Per Share (pence) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate GBP Value) of Shares that May Yet be Purchased Under the Plans or Programs | ||||||||||||
Jan-21 | Month 1 | ||||||||||||||||
Feb-21 | Month 2 | £ | 700,000,000 | ||||||||||||||
Mar-21 | Month 3 | 142,567,773 | 183.32p | 142,567,773 | £ | 438,642,389 | |||||||||||
Apr-21 | Month 4 | 234,788,978 | 186.82p | 377,356,751 | £ | — | |||||||||||
May-21 | Month 5 | ||||||||||||||||
Jun-21 | Month 6 | ||||||||||||||||
Jul-21 | Month 7 | £ | 500,000,000 | ||||||||||||||
Aug-21 | Month 8 | 80,240,000 | 181.78p | 457,596,751 | £ | 354,138,380 | |||||||||||
Sep-21 | Month 9 | 73,323,060 | 181.94p | 530,919,811 | £ | 220,737,358 | |||||||||||
Oct-21 | Month 10 | 39,152,859 | 197.36p | 570,072,670 | £ | 143,465,034 | |||||||||||
Nov-21 | Month 11 | 74,271,728 | 193.16p | 644,344,398 | £ | — | |||||||||||
Dec-21 | Month 12 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 324 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 325 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 326 |
Barclays Long Term Incentive Plan (LTIP) | Selected employees (including executive Directors) | Yes | Awards over Shares subject to risk-adjusted performance conditions and malus provisions | –Awarded on a discretionary basis with participation reviewed by the Committee. –Awards only vest if the risk-adjusted performance conditions are satisfied over a three year period. –LTIP awards vest over seven years dependent on future service. –Vesting is subject to malus, suspension provisions and the other provisions of the rules of the LTIP. –Any Shares released under the LTIP award (after payment of tax) will be subject to an additional holding period of no less than the minimum regulatory requirements (currently 12 months). –On cessation of employment, eligible leavers normally remain eligible for release (on the scheduled release dates) pro-rated for time and performance. For other leavers, awards will normally lapse. –On change of control, awards may vest at the Committee’s discretion. | ||||||||||
Sharesave | All employees in the UK and Ireland | Yes | Options over Shares at a discount of 20%, with Shares delivered or cash value of savings returned after three to five years | –HMRC tax advantaged plan in the UK and approved by the Revenue Commissioners in Ireland. –Opportunity to purchase Shares at a discount price (currently a 20% discount) set on award date with savings made over three or five year term. –Maximum individual savings of £300 per month or the Euro equivalent in Ireland. –On cessation of employment, eligible leavers may exercise options and acquire Shares to the extent of their savings for six months. –On change of control, participants may exercise options and acquire Shares to the extent of their savings for six months. | ||||||||||
Sharepurchase | All employees in the UK | Yes | Shares purchased from gross salary deductions and Dividend/Matching Shares are held in trust for three to five years | –HMRC tax advantaged plan in the UK. –Participants may purchase up to £1,800 of Shares each tax year (“Partnership Shares”). –Barclays matches the first £600 of Partnership Shares on a one for one basis for each tax year (“Matching Shares”). –Dividends received are awarded as Dividend Shares. –Partnership Shares may be withdrawn at any time (though if removed prior to three years from award, the corresponding Matching Shares are forfeited). –Depending on reason for and timing of leaving, Matching Shares may be forfeited. –On change of control, participants are able to instruct the Sharepurchase trustee how to act or vote on their behalf in relation to their Shares. | ||||||||||
Global Sharepurchase | Employees in certain non-UK jurisdictions | Yes | Shares purchased from net salary deductions and Dividend/Matching Shares are held in trust for three to five years | –Global Sharepurchase is an extension of the Sharepurchase plan (above). –Operates in substantially the same way as Sharepurchase but without the tax advantages. |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 327 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 328 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 329 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 330 |
Notes | |||||
A | Directly held by Barclays PLC | ||||
B | Partnership Interest | ||||
C | Membership Interest | ||||
D | Trust Interest | ||||
E | Guarantor | ||||
F | Preference Shares | ||||
G | A Preference Shares | ||||
H | B Preference Shares | ||||
I | Ordinary/Common Shares in addition to other shares | ||||
J | A Ordinary Shares | ||||
K | B Ordinary Shares | ||||
L | C Ordinary Shares | ||||
M | F Ordinary Shares | ||||
N | W Ordinary Shares | ||||
O | First Preference Shares, Second Preference shares | ||||
P | Registered Address not in country of incorporation | ||||
Q | Core Shares, Insurance (Classified) Shares | ||||
R | B, C, D, E, F, G, H, I and K Class Shares | ||||
S | A Unit Shares, B Unit Shares | ||||
T | Non-Redeemable Ordinary Shares | ||||
U | A Shares – Tranche I, Premium – Tranche I, C Shares - Tranche II, Premium - Tranche II | ||||
V | Class A, B, C, D, E, F, H, H2012 and J Ordinary Shares | ||||
W | Class A and Class B Shares | ||||
X | PEF Carry Shares | ||||
Z | Not Consolidated (see Note 36 Structured entities) | ||||
AA | USD Linked Ordinary Shares | ||||
BB | Redeemable Class B Shares | ||||
CC | Capital Contribution Shares | ||||
DD | Nominal Shares | ||||
EE | Class A Redeemable Preference Shares | ||||
FF | Class B Redeemable Preference Shares | ||||
GG | First Class Common Shares, Second Class Common Shares | ||||
HH | Euro Preference Shares | ||||
II | Tracker 1 Euro, GBP, USD Shares, UDS Tracker 2 Shares, USD Tracker 3 Shares |
Wholly owned subsidiaries | Note | ||||
United Kingdom | |||||
– 1Churchill Place, London, E145HP | |||||
Aequor Investments Limited | |||||
Ardencroft Investments Limited | |||||
B D & B Investments Limited | |||||
B.P.B. (Holdings) Limited | |||||
Barclay Leasing Limited | |||||
Barclays Aldersgate Investments Limited | |||||
Barclays Asset Management Limited | |||||
Barclays Bank PLC | A, HH | ||||
Barclays Bank UK PLC | A | ||||
Barclays Capital Asia Holdings Limited | |||||
Barclays Capital Finance Limited | |||||
Barclays Capital Japan Securities Holdings Limited | |||||
Barclays Capital Nominees (No.2) Limited | |||||
Barclays Capital Nominees (No.3) Limited | |||||
Barclays Capital Nominees Limited | |||||
Barclays Capital Securities Client Nominee Limited | |||||
Barclays Capital Securities Limited | F | ||||
Barclays CCP Funding LLP | B | ||||
Barclays Converted Investments (No.2) Limited |
Wholly owned subsidiaries | Note | ||||
Barclays Direct Investing Nominees Limited | |||||
Barclays Directors Limited | |||||
Barclays Equity Holdings Limited | |||||
Barclays Execution Investment Services Limited | |||||
Barclays Execution Services Limited | A | ||||
Barclays Executive Schemes Trustees Limited | |||||
Barclays Financial Planning Nominee Company Limited | |||||
Barclays Funds Investments Limited | |||||
Barclays Global Shareplans Nominee Limited | |||||
Barclays Group Holdings Limited | |||||
Barclays Group Operations Limited (In Liquidation) | |||||
Barclays Industrial Development Limited | |||||
Barclays Industrial Investments Limited | |||||
Barclays Insurance Services Company Limited | |||||
Barclays International Holdings Limited | |||||
Barclays Investment Management Limited | |||||
Barclays Investment Solutions Limited | |||||
Barclays Leasing (No.9) Limited | |||||
Barclays Long Island Limited | |||||
Barclays Marlist Limited |
Wholly owned subsidiaries | Note | ||||
Barclays Nominees (George Yard) Limited | Z | ||||
Barclays Pension Funds Trustees Limited | Z | ||||
Barclays Principal Investments Limited | A, J, K | ||||
Barclays Private Bank | |||||
Barclays SAMS Limited | |||||
Barclays Security Trustee Limited | A | ||||
Barclays Services (Japan) Limited | |||||
Barclays Shea Limited | |||||
Barclays Singapore Global Shareplans Nominee Limited | |||||
Barclays Term Funding Limited Liability Partnership | B | ||||
Barclays UK Investments Limited | |||||
Barclays Unquoted Investments Limited | |||||
Barclays Unquoted Property Investments Limited | |||||
Barclays Wealth Nominees Limited | |||||
Barclayshare Nominees Limited | |||||
Barcosec Limited | |||||
Barsec Nominees Limited | |||||
BB Client Nominees Limited | |||||
BMI (No.9) Limited | |||||
BNRI ENG 2014 Limited Partnership | B | ||||
BNRI ENG GP LLP | B |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 331 |
Wholly owned subsidiaries | Note | ||||
BNRI England 2010 Limited Partnership | B | ||||
BNRI England 2011 Limited Partnership | B | ||||
BNRI England 2012 Limited Partnership | B | ||||
Carnegie Holdings Limited | I, J, K | ||||
Chapelcrest Investments Limited | |||||
Clydesdale Financial Services Limited | |||||
Cobalt Investments Limited | |||||
Cornwall Home Loans Limited | |||||
CPIA England 2009 Limited Partnership | B | ||||
CPIA England No.2 Limited Partnership | B | ||||
DMW Realty Limited | |||||
Dorset Home Loans Limited | |||||
Durlacher Nominees Limited | |||||
Eagle Financial and Leasing Services (UK) Limited | |||||
Finpart Nominees Limited | |||||
FIRSTPLUS Financial Group Limited | |||||
Foltus Investments Limited | |||||
Global Dynasty Natural Resource Private | B | ||||
Equity Limited Partnership | |||||
Globe Nominees Limited | |||||
Hawkins Funding Limited | |||||
Heraldglen Limited | |||||
Isle of Wight Home Loans Limited | |||||
J.V. Estates Limited | |||||
Kirsche Investments Limited | |||||
Long Island Assets Limited | |||||
Maloney Investments Limited | |||||
Menlo Investments Limited | |||||
Mercantile Credit Company Limited | |||||
Mercantile Leasing Company (No.132) Limited | |||||
MK Opportunities LP | B | ||||
Murray House Investment Management Limited | |||||
(In Liquidation) | |||||
Naxos Investments Limited | |||||
North Colonnade Investments Limited | |||||
Northwharf Investments Limited | X | ||||
Northwharf Nominees Limited | |||||
Radbroke Mortgages UK Limited | |||||
Real Estate Participation Management Limited | |||||
Real Estate Participation Services Limited | |||||
Relative Value Investments UK Limited Liability Partnership | B | ||||
Relative Value Trading Limited | |||||
Roder Investments No. 1 Limited | II | ||||
Roder Investments No. 2 Limited | II | ||||
RVT CLO Investments LLP | B | ||||
Solution Personal Finance Limited | |||||
Surety Trust Limited | |||||
Sustainable Impact Capital Limited | |||||
Swan Lane Investments Limited | |||||
US Real Estate Holdings No.1 Limited | |||||
US Real Estate Holdings No.2 Limited | |||||
US Real Estate Holdings No.3 Limited | |||||
US Real Estate Holdings No.4 Limited | |||||
US Real Estate Holdings No.5 Limited | |||||
US Real Estate Holdings No.6 Limited | |||||
Wedd Jefferson (Nominees) Limited | |||||
Westferry Investments Limited | |||||
Woolwich Homes Limited | |||||
Woolwich Qualifying Employee Share | |||||
Ownership Trustee Limited | |||||
Zeban Nominees Limited |
Wholly owned subsidiaries | Note | ||||
Hill House, 1 Little New Street, London, EC4A 3TR | |||||
Barclays Nominees (Branches) Limited (In | |||||
Liquidation) | |||||
Gerrard Management Services Limited (In Liquidation) | |||||
Lombard Street Nominees Limited (In Liquidation) | |||||
Barclays (Barley) Limited (In Liquidation) | J | ||||
- 5 The North Colonnade, London, E14 4BB | |||||
Leonis Investments LLP | B | ||||
- Aurora Building, 120 Bothwell Street, Glasgow, G2 7JS | |||||
R.C. Grieg Nominees Limited | |||||
- 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ | |||||
BNRI PIA Scot GP Limited | |||||
BNRI Scots GP, LLP | B | ||||
Pecan Aggregator LP | B, Z | ||||
-Logic House, Waterfront Business Park, Park, FleetRoad,Fleet, GU513SB | |||||
The Logic Group Enterprises Limited | |||||
The Logic Group Holdings Limited | J | ||||
- 9, allée Scheffer, L-2520, Luxembourg | |||||
Barclays Claudas Investments Partnership | B, P | ||||
Barclays Pelleas Investments Limited Partnership | B, P | ||||
Barclays Blossom Finance General Partnership | B, P | ||||
- 745 Seventh Avenue, New York NY 10019 | |||||
Alynore Investments Limited Partnership | B, P | ||||
Argentina | |||||
- 855 Leandro N.Alem Avenue, 8th Floor, | |||||
Buenos Aires | |||||
Compañía Sudamerica S.A. | |||||
- Marval, O’Farrell & Mairal, Av. Leandro N. | |||||
Alem 882, Buenos Aires, C1001AAQ | |||||
Compañia Regional del Sur S.A. | |||||
Brazil | |||||
- Av. Brigadeiro Faria Lima, No. 4.440, 12th | |||||
Floor, Bairro Itaim Bibi, Sao Paulo, CEP, | |||||
04538-132 | |||||
Barclays Brasil Assessoria Financeira Ltda | |||||
BNC Brazil Consultoria Empresarial Ltda | |||||
Canada | |||||
- 333 Bay Street, Suite 4910, Toronto ON M5H 2R2 | |||||
Barclays Capital Canada Inc. | |||||
- Stikeman Elliot LLP, 199 Bay Street, 5300 | |||||
Commerce Court West, Toronto ON M5L 1B9 | |||||
Barclays Corporation Limited | |||||
- 5 The North Colonnade London, E14 4BB | |||||
CPIA Canada Holdings | B, P | ||||
Wholly owned subsidiaries | Note | ||||
Cayman Islands | |||||
Maples Corporate Services Limited, PO Box 309, Ugland House, George Town, Grand Cayman, KY1-1104 | |||||
Alymere Investments Limited | |||||
Analytical Trade UK Limited | |||||
Barclays Capital (Cayman) Limited | |||||
Barclays Securities Financing Limited | G,H, I | ||||
Barclays US Holdings Limited | J, F | ||||
Braven Investments No.1 Limited | |||||
Calthorpe Investments Limited | |||||
Capton Investments Limited | |||||
Claudas Investments Limited | I,EE,FF | ||||
Claudas Investments Two Limited | |||||
CPIA Investments No.1 Limited (In Liquidation) | V | ||||
CPIA Investments No.2 Limited | |||||
Gallen Investments Limited | |||||
Hurley Investments No.1 Limited | |||||
JV Assets Limited | L | ||||
Mintaka Investments No. 4 Limited | |||||
OGP Leasing Limited | |||||
Palomino Limited | Z | ||||
Pelleas Investments Limited | |||||
Pippin Island Investments Limited | |||||
Razzoli Investments Limited | F, I | ||||
RVH Limited | F, I | ||||
Wessex Investments Limited | |||||
- Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, KY1-9008 | |||||
Long Island Holding B Limited | |||||
Germany | |||||
- TaunusTurm, Taunustor 1, 60310, Frankfurt | |||||
Barclays Capital Effekten GmbH (In Liquidation) | |||||
- Stuttgarter Straße 55-57, 73033 Göppingen | |||||
Holding Stuttgarter Straße GmbH (In Liquidation) | |||||
Guernsey | |||||
-P.O. Box 33, Dorey Court, Admiral Park, St. Peter Port, GY1 4AT | |||||
Barclays Insurance Guernsey PCC Limited | Q | ||||
-PO BOX 41, Floor 2, Le Marchant House, Le Truchot, St Peter Port, GY1 3BE | |||||
Barclays Nominees (Guernsey) Limited | |||||
(In Liquidation) | |||||
Hong Kong | |||||
-42nd floor Citibank Tower, Citibank Plaza, 3 Garden Road | |||||
Barclays Bank (Hong Kong Nominees) Limited | |||||
(in Liquidation) | |||||
Barclays Capital Asia Nominees Limited (In | |||||
Liquidation) | |||||
- Level 41, Cheung Kong Center, 2 Queen's Road, Central | |||||
Barclays Capital Asia Limited | |||||
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 332 |
Wholly owned subsidiaries | Note | ||||
India | |||||
- 208 Ceejay House, Shivsagar Estate, Dr A Beasant Road, Worli, Mumbai, 400 018 | |||||
Barclays Securities (India) Private Limited | |||||
Barclays Wealth Trustees (India) Private Limited | |||||
- 5th to 12th Floor (Part), Building G2, Gera Commerzone SEZ, Survey No.65, Kharadi, Pune, 411014 | |||||
Barclays Global Service Centre Private Limited | |||||
- Level 10, Block B6, Nirlon Knowledge Park, Off Western Express Highway, Goregaon, (East) Mumbai, 400063 | |||||
Barclays Investments & Loans (India) Private Limited | F. I | ||||
Ireland | |||||
- One Molesworth Street, Dublin 2, D02RF29 | |||||
Barclaycard International Payments Limited | |||||
Barclays Bank Ireland Public Limited Company | |||||
Barclays Europe Client Nominees Designated Activity Company | Z | ||||
Barclays Europe Firm Nominees Designated | Z | ||||
Activity Company | |||||
Barclays Europe Nominees Designated | Z | ||||
Activity Company | |||||
- 25-28 North Wall Quay, Dublin 1, D01H104 | |||||
Erimon Home Loans Ireland Limited | |||||
-70 Sir John Rogerson’s Quay, Dublin 2 | |||||
Barclays Finance Ireland Limited | |||||
Isle of Man | |||||
- P O Box 9, Victoria Street, Douglas, IM99 1AJ | |||||
Barclays Nominees (Manx) Limited | |||||
Barclays Private Clients International Limited | J, K | ||||
-2nd Floor, St Georges Court, Upper Church Street, Douglas, IM1 1EE | |||||
Barclays Holdings (Isle of Man) Limited (In Liquidation) | |||||
Japan | |||||
- 10-1, Roppongi 6-chome, Minato-ku, Tokyo | |||||
Barclays Funds and Advisory Japan Limited | |||||
Barclays Securities Japan Limited | I, G | ||||
Barclays Wealth Services Limited | |||||
Jersey | |||||
- 2nd Floor, Gaspé House, 66-72 Esplanade, St. Helier, JE1 1GH | |||||
Barclays Services Jersey Limited | |||||
- 5 Espalanade, St Helier, JE2 3QA | |||||
Barclays Wealth Management Jersey Limited | |||||
BIFML PTC Limited | |||||
- 13 Library Place, St Helier, JE4 8NE | |||||
Barclays Nominees (Jersey) Limited | Z | ||||
Barclaytrust Channel Islands Limited | Z | ||||
- Estera Trust (Jersey) Limited, 13-14 Esplanade, St Helier, JE1 1EE | |||||
MK Opportunities GP Ltd | |||||
Korea, Republic of | |||||
- A-1705 Yeouido Park Center, 28-3 Yeouido-dong, Yeongdeungpo-gu, Seoul | |||||
Barclays Korea GP Limited | |||||
Wholly owned subsidiaries | Note | ||||
Luxembourg | |||||
- 9, allée Scheffer, L-2520 | |||||
Barclays Alzin Investments S.à r.l. | W | ||||
Barclays Bayard Investments S.à r.l. | J, K | ||||
Barclays Bedivere Investments S.à r.l. | |||||
Barclays Bordang Investments S.à r.l. | W | ||||
Barclays BR Investments S.à r.l. | |||||
Barclays Cantal Investments S.à r.l. | |||||
Barclays Capital Luxembourg S.à r.l. | |||||
Barclays Capital Trading Luxembourg S.à r.l. | W | ||||
Barclays Claudas Investments S.à r.l. | |||||
Barclays Equity Index Investments S.à r.l. | |||||
Barclays International Luxembourg Dollar | |||||
Holdings S.à r.l. | |||||
Barclays Lamorak Investments S.à r.l. | T | ||||
Barclays Leto Investments S.à r.l. | |||||
Barclays Luxembourg EUR Holdings S.à r.l | T | ||||
Barclays Luxembourg Finance S.à r.l. | |||||
Barclays Luxembourg GBP Holdings S.à r.l. | T | ||||
Barclays Luxembourg Global Funding S.à r.l. | |||||
Barclays Luxembourg Holdings S.à r.l. | I, AA | ||||
Barclays Luxembourg Holdings SSC | B | ||||
Barclays Pelleas Investments S.à r.l. | |||||
- 68-70 Boulevard de la Petrusse, L-2320 | |||||
Adler Toy Holding Sarl | |||||
-10 rue du Cha'teau d'Eau, Leudelange, L-3364 | |||||
BPM Management GP SARL | |||||
Mauritius | |||||
C/O Rogers Capital Corporate Services Limited, 3rd Floor, Rogers House, No.5 President John Kennedy Street, Port Louis | |||||
Barclays Capital Mauritius Limited (In Liquidation) | |||||
Barclays Capital Securities Mauritius Limited | |||||
- Fifth Floor, Ebene Esplanade, 24 Cybercity, Ebene | |||||
Barclays Mauritius Overseas Holdings Limited | |||||
Mexico | |||||
- Paseo de la Reforma 505, 41 Floor, Torre Mayor, Col. Cuauhtemoc, CP 06500 | |||||
Barclays Bank Mexico, S.A. | K, M | ||||
Barclays Capital Casa de Bolsa, S.A. de C.V. | K, M | ||||
Grupo Financiero Barclays Mexico, S.A. de C.V. | K, M | ||||
Servicios Barclays, S.A. de C.V. | |||||
Monaco | |||||
- 31 Avenue de la Costa, Monte Carlo BP 339 | |||||
Barclays Private Asset Management (Monaco) S.A.M | |||||
Saudi Arabia | |||||
- 3rd Floor Al Dahna Center, 114 Al-Ahsa Street, PO Box 1454, Riyadh 11431 | |||||
Barclays Saudi Arabia (In Liquidation) | |||||
Singapore | |||||
- 10 Marina Boulevard, #25-01 Marina Bay Financial Centre, Tower 2, 018983 | |||||
Barclays Capital Futures (Singapore) Private | |||||
Limited (In Liquidation) | |||||
Barclays Capital Holdings (Singapore) Private | |||||
Limited (In Liquidation) | |||||
Barclays Merchant Bank (Singapore) Ltd. | |||||
Wholly owned subsidiaries | Note | ||||
Spain | |||||
- Calle Jose, Abascal 51, 28003, Madrid | |||||
Barclays Tenedora De Inmuebles SL. | |||||
BVP Galvani Global, S.A.U. | |||||
Switzerland | |||||
- Chemin de Grange Canal 18-20, PO Box 3941, 1211, Geneva | |||||
Barclays Bank (Suisse) SA | |||||
Barclays Switzerland Services SA | |||||
BPB Holdings SA | |||||
United States | |||||
- Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808 | |||||
Analytical Trade Holdings LLC | |||||
Analytical Trade Investments LLC | BB | ||||
Barclays Bank Delaware | |||||
Barclays Capital Derivatives Funding LLC | C | ||||
Barclays Capital Energy Inc. | |||||
Barclays Capital Equities Trading GP | B | ||||
Barclays Capital Holdings Inc. | H, I | ||||
Barclays Capital Real Estate Finance Inc. | |||||
Barclays Capital Real Estate Holdings Inc. | |||||
Barclays Capital Real Estate Inc. | |||||
Barclays Commercial Mortgage Securities LLC | C | ||||
Barclays Dryrock Funding LLC | C | ||||
Barclays Electronic Commerce Holdings Inc. | |||||
Barclays Financial LLC | C | ||||
Barclays Group US Inc. | |||||
Barclays Oversight Management Inc. | |||||
Barclays Receivables LLC | C | ||||
Barclays Services Corporation | |||||
Barclays Services LLC | C | ||||
Barclays US CCP Funding LLC | C | ||||
Barclays US Investments Inc. | J, K | ||||
Barclays US LLC | |||||
BCAP LLC | C | ||||
Crescent Real Estate Member LLC | C | ||||
Curve Investments GP | B | ||||
Gracechurch Services Corporation | |||||
Lagalla Investments LLC | |||||
Long Island Holding A LLC | C | ||||
LTDL Holdings LLC | C | ||||
Marbury Holdings LLC | |||||
Preferred Liquidity, LLC | J | ||||
Procella Investments No.2 LLC | C | ||||
Procella Investments No.3 LLC | C | ||||
Relative Value Holdings, LLC | |||||
Surrey Funding Corporation | |||||
Sussex Purchasing Corporation | |||||
Sutton Funding LLC | C | ||||
TPProperty LLC | C | ||||
US Funding (VISA B Acquisition) LLC | C | ||||
US Secured Investments LLC | CC | ||||
Verain Investments LLC | |||||
Wilmington Riverfront Receivables LLC | J, K |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 333 |
Wholly owned subsidiaries | Note | ||||
- Aon Insurance Managers, 76 Paul Street Suite, 500, Burlington VT 05401 | |||||
Barclays Insurance U.S. Inc. | |||||
-Corporation Service Company, 80 State Street, Albany, NY, 12207-2543 | |||||
Barclays Equity Holdings Inc. | |||||
- Corporation Service Company, 100 Pearl Street, 17th Floor, MC-CSC1, Hartford, CT 06103 | |||||
Barclays Capital Inc. | |||||
Glenwood Ave, Suite 550, Raleigh, NC, 27608 | |||||
Barclays US GPF Inc. | |||||
Equifirst Corporation (In Liquidation) | |||||
Zimbabwe | |||||
-2 Premium Close, Mount Pleasant Business Park Park, Mount Pleasant, Harare | |||||
Branchcall Computers (Pvt) Limited |
Other Related Undertakings | % | Note | ||||||
United Kingdom | ||||||||
– 1 Churchill Place, London, E14 5HP | ||||||||
Barclaycard Funding PLC | 75.00 | J | ||||||
PSA Credit Company Limited (In Liquidation) | 50.00 | J, L | ||||||
Barclays Covered Bond Funding LLP (In Liquidation) | 50.00 | B | ||||||
Barclays Covered Bonds Limited | ||||||||
Liability Partnership | 50.00 | B | ||||||
– St Helen’s, 1 Undershaft, London, EC3P 3DQ | ||||||||
Igloo Regeneration (General Partner) Limited | 25.00 | L, Z | ||||||
– 3-5 London Road, Rainham, Kent, ME8 7RG | ||||||||
Trade Ideas Limited | 20.00 | Z | ||||||
– 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ | ||||||||
Equistone Founder Partner II L.P. | 20.00 | B, Z | ||||||
Equistone Founder Partner III L.P. | 35.00 | B, Z | ||||||
– Enigma, Wavendon Business Park Milton Keynes, MK178LX | 19.50 | Z | ||||||
Intelligent Processing Solutions Limited | ||||||||
– 65A Basinghall Street, London, EC2V 5DZ | ||||||||
Cyber Defence Alliance Limited | 25.00 | E, Z | ||||||
–C/o BDP LLP, Two Snow Hill, Queensway, Birmingham, B4 6GA | ||||||||
GW City Ventures Limited (In Liquidation) | 50.00 | K, Z | ||||||
GN Tower Limited (In Liquidation) | 50.00 | Z | ||||||
– 55 Baker Street, London, W1U 7EU | ||||||||
Formerly H Limited (In Liquidation) | 70.32 | J,Z | ||||||
– Haberfield Old Moor Road, Wennington, Lancaster, LA2 8PD | ||||||||
Full House Holdings Limited | 67.42 | J,Z | ||||||
– 13-15 York Buildings, London, WC2N 6JU |
Other Related Undertakings | % | Note | ||||||
BGF Group PLC | 24.62 | Z | ||||||
– Aurora House, 120 Bothwell Street, Glasgow, G2 7JT | ||||||||
Buchanan Wharf (Glasgow) Management Limited | 78.00 | E | ||||||
- Aldwych House, 71-91 Aldwych | ||||||||
London, WC2B 4HN | ||||||||
Huntress Group Limited | 19.4 | J, Z | ||||||
Korea, Republic of | ||||||||
– 18th Floor, Daishin Finance Centre, 343, Samil-daero, Jung-go, Seoul | ||||||||
Woori BC Pegasus Securitization Specialty Co., Limited | 70.00 | CC | ||||||
Luxembourg | ||||||||
– 9, allee Scheffer, L-2520 | ||||||||
BNRI Limehouse No.1 Sarl | 96.30 | R | ||||||
Preferred Funding S.a r.l. | 33.33 | FF | ||||||
Preferred Investments S.a r.l. | 33.33 | FF, I | ||||||
Malta | ||||||||
– RS2 Buildings, Fort Road, Mosta MST 1859 | ||||||||
RS2 Software PLC | 18.25 | Z | ||||||
South Africa | ||||||||
- 9 Elektron Road, Techno Park, Stellenbosch 7600 | ||||||||
Imalivest Mineral Resources LP | 66.63 | J, Z | ||||||
United States of America | ||||||||
- Corporation Services Company, 251 Little Falls, Drive Wilmington, DE 19808 | ||||||||
DG Solar Lessee, LLC | 75.00 | C, Z | ||||||
-Corporation Trust Company, Corporation Trust Centre, 1209 Orange Street, Wilmington DE 19801 | ||||||||
DG Solar Lessee II, LLC | 75.00 | C, Z | ||||||
VS BC Solar Lessee I LLC | 50 | C, Z |
Subsidiaries by virtue of control | % | Note | ||||||
United Kingdom | ||||||||
– 1 Churchill Place, London, E14 5HP | ||||||||
Oak Pension Asset Management Limited | 0.00 | Z | ||||||
Water Street Investments Limited | 0.00 | Z | ||||||
Cayman Islands | ||||||||
– PO Box 309GT, Ugland House, South Church Street, Grand Cayman, KY1-1104 | ||||||||
Hornbeam Limited | 0.00 | Z | ||||||
Guernsey | ||||||||
- P.O. Box 33, Dorey Court, Admiral Park, St. Peter Port, GY1 4AT | ||||||||
Barclays UKRF No.1 IC Limited | 0.00 | Z | ||||||
Barclays UKRF ICC Limited | 0.00 | Z |
Joint Ventures | % | Note | ||||||
United Kingdom | ||||||||
– All Saints Triangle, Caledonian Road, London, N1 9UT | ||||||||
Vaultex UK Limited | 50.00 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 334 |
2021 | 2020 | 2019 | |||||||||
Average for the year ended 31 December | £m | £m | £m | ||||||||
Deposits at amortised cost | |||||||||||
UK | 412,631 | 364,736 | 329,811 | ||||||||
Europe | 42,417 | 47,365 | 39,191 | ||||||||
Americas | 36,031 | 37,032 | 31,531 | ||||||||
Asia | 10,094 | 12,509 | 8,809 | ||||||||
Africa | 8,815 | 8,865 | 7,589 | ||||||||
Total deposits at amortised cost | 509,988 | 470,507 | 416,930 |
2021 | 2020 | 2019 | |||||||||
For the year ended 31 Decembera | £m | £m | £m | ||||||||
Deposits at amortised cost | 519,433 | 481,036 | 415,788 | ||||||||
In offices in the United Kingdom: | |||||||||||
Current and demand accounts | |||||||||||
- interest free | 147,203 | 132,484 | 98,207 | ||||||||
- interest bearing | 46,997 | 40,543 | 34,362 | ||||||||
Savings accounts | 156,543 | 145,376 | 128,290 | ||||||||
Other time deposits - retail | 74,056 | 70,125 | 64,774 | ||||||||
Other time deposits - wholesale | 8,956 | 11,549 | 14,585 | ||||||||
Total repayable in offices in the United Kingdom | 433,755 | 400,077 | 340,218 | ||||||||
In offices outside the United Kingdom: | |||||||||||
Current and demand accounts | |||||||||||
- interest free | 17,186 | 15,309 | 10,613 | ||||||||
- interest bearing | 15,762 | 13,772 | 12,932 | ||||||||
Savings accounts | 15,055 | 14,940 | 14,110 | ||||||||
Other time deposits | 37,675 | 36,938 | 37,915 | ||||||||
Total repayable in offices outside the United Kingdom | 85,678 | 80,959 | 75,569 |
2021 | 2020 | 2019 | |||||||||
£m | £m | £m | |||||||||
3 months or less | 97,105 | 89,227 | 91,970 | ||||||||
3 to 6 months | 11,973 | 13,655 | 7,519 | ||||||||
6 to 12 months | 5,066 | 6,284 | 5,126 | ||||||||
12 months and over | 2,015 | 2,329 | 3,140 | ||||||||
Total | 116,160 | 111,495 | 107,756 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 335 |
Average deposits at amortised cost | Interest expense | Average interest rate | |||||||||
For the year ended 31 December 2021 | £m | £m | % | ||||||||
Current and demand accounts | |||||||||||
- interest free | 154,338 | — | — | ||||||||
- interest bearing | 61,987 | 59 | 0.1 | ||||||||
Savings accounts | 170,312 | 249 | 0.1 | ||||||||
Other time deposits - retail | 20,166 | 40 | 0.2 | ||||||||
Other time deposits - wholesale | 103,185 | 213 | 0.2 | ||||||||
Total | 509,988 | 561 | 0.1 |
Average deposits at amortised cost | Interest expense | Average interest rate | |||||||||
For the year ended 31 December 2020 | £m | £m | % | ||||||||
Current and demand accounts | |||||||||||
- interest free | 128,094 | — | — | ||||||||
- interest bearing | 52,374 | 89 | 0.2 | ||||||||
Savings accounts | 154,453 | 415 | 0.3 | ||||||||
Other time deposits - retail | 25,400 | 101 | 0.4 | ||||||||
Other time deposits - wholesale | 110,186 | 425 | 0.4 | ||||||||
Total | 470,507 | 1,030 | 0.2 |
Average deposits at amortised cost | Interest expense | Average interest rate | |||||||||
For the year ended 31 December 2019 | £m | £m | % | ||||||||
Current and demand accounts | |||||||||||
- interest free | 105,108 | — | — | ||||||||
- interest bearing | 47,492 | 203 | 0.4 | ||||||||
Savings accounts | 141,985 | 645 | 0.5 | ||||||||
Other time deposits - retail | 26,437 | 275 | 1.0 | ||||||||
Other time deposits - wholesale | 95,908 | 1,326 | 1.4 | ||||||||
Total | 416,930 | 2,449 | 0.6 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 336 |
Commercial commitments | |||||||||||||||||
Amount of commitment expiration per period | |||||||||||||||||
Less than one year | Between one to three years | Between three to five years | After five years | Total amounts committed | |||||||||||||
£m | £m | £m | £m | £m | |||||||||||||
As at 31 December 2021 | |||||||||||||||||
Guarantees and letters of credit pledged as collateral security | 15,549 | — | — | — | 15,549 | ||||||||||||
Performance guarantees, acceptances and endorsements | 5,797 | — | — | — | 5,797 | ||||||||||||
Documentary credits and other short-term trade related transactions | 1,584 | — | — | — | 1,584 | ||||||||||||
Standby facilities, credit lines and other commitments | 344,055 | 72 | — | — | 344,127 | ||||||||||||
As at 31 December 2020 | |||||||||||||||||
Guarantees and letters of credit pledged as collateral security | 15,642 | 23 | — | — | 15,665 | ||||||||||||
Performance guarantees, acceptances and endorsements | 5,942 | 2 | — | — | 5,944 | ||||||||||||
Documentary credits and other short-term trade related transactions | 1,086 | — | — | — | 1,086 | ||||||||||||
Standby facilities, credit lines and other commitments | 331,374 | 359 | 202 | 28 | 331,963 |
Contractual obligations | |||||||||||||||||
Payments due by period | |||||||||||||||||
Less than one year | Between one to three years | Between three to five years | After five years | Total | |||||||||||||
£m | £m | £m | £m | £m | |||||||||||||
As at 31 December 2021 | |||||||||||||||||
Long-term debta | 48,592 | 20,438 | 16,376 | 37,331 | 122,737 | ||||||||||||
Purchase obligations | 943 | 1,010 | 383 | 24 | 2,360 | ||||||||||||
Total | 49,535 | 21,448 | 16,759 | 37,355 | 125,097 | ||||||||||||
As at 31 December 2020 | |||||||||||||||||
Long-term debta | 32,723 | 19,182 | 15,867 | 34,899 | 102,671 | ||||||||||||
Purchase obligations | 981 | 1,387 | 342 | 125 | 2,835 | ||||||||||||
Total | 33,704 | 20,569 | 16,209 | 35,024 | 105,506 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 337 |
Assets | 2021 | |||||||||||||||||||
Average balance | Interest income | Interest expenseᵃ | Total net interest | Rate | ||||||||||||||||
£m | £m | £m | £m | % | ||||||||||||||||
Cash and balances at central banks | UK | 100,193 | 112 | — | 112 | 0.1 | ||||||||||||||
Cash and balances at central banks | Non-UK | 130,496 | 72 | (304) | (232) | (0.2) | ||||||||||||||
Cash and balances at central banks | Total | 230,689 | 184 | (304) | (120) | (0.1) | ||||||||||||||
Loans and advances at amortised cost | UK | 294,367 | 7,183 | — | 7,183 | 2.4 | ||||||||||||||
Loans and advances at amortised cost | Non-UK | 61,695 | 2,357 | (1) | 2,356 | 3.8 | ||||||||||||||
Loans and advances at amortised costb | Total | 356,062 | 9,540 | (1) | 9,539 | 2.7 | ||||||||||||||
Cash collateral | UK | 50,363 | 112 | (28) | 84 | 0.2 | ||||||||||||||
Cash collateral | Non-UK | 20,358 | 24 | (37) | (13) | (0.1) | ||||||||||||||
Cash collateral | Total | 70,721 | 136 | (65) | 71 | 0.1 | ||||||||||||||
Reverse repurchase agreements | UK | 1,417 | 14 | — | 14 | 1.0 | ||||||||||||||
Reverse repurchase agreements | Non-UK | 4,078 | 7 | (4) | 3 | 0.1 | ||||||||||||||
Reverse repurchase agreements | Total | 5,495 | 21 | (4) | 17 | 0.3 | ||||||||||||||
Interest earning assets at fair value through other comprehensive income | UK | 67,279 | 512 | — | 512 | 0.8 | ||||||||||||||
Interest earning assets at fair value through other comprehensive income | Non-UK | 3,058 | 38 | — | 38 | 1.2 | ||||||||||||||
Interest earning assets at fair value through other comprehensive income | Total | 70,337 | 550 | — | 550 | 0.8 | ||||||||||||||
Other interest and similar incomec | 809 | (248) | 561 | — | ||||||||||||||||
Total interest earning assets not at fair value through income statement | 733,304 | 11,240 | (622) | 10,618 | 1.4 | |||||||||||||||
Less: interest and similar expense | (3,167) | 622 | (2,545) | |||||||||||||||||
Net interest | 733,304 | 8,073 | — | 8,073 | ||||||||||||||||
Financial assets at fair value through income statement | UK | 192,829 | ||||||||||||||||||
Financial assets at fair value through income statement | Non-UK | 103,188 | ||||||||||||||||||
Financial assets at fair value through income statement | Total | 296,017 | ||||||||||||||||||
Total interest earning assets | 1,029,321 | |||||||||||||||||||
Impairments | (6,949) | |||||||||||||||||||
Non-interest earning assets | 416,393 | |||||||||||||||||||
Total | 1,438,765 | |||||||||||||||||||
Percentage of total average interest earning assets in offices outside the UK | 31% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 338 |
Assets | 2020 | |||||||||||||||||||
Average balance | Interest income | Interest expenseᵃ | Total net interest | Rate | ||||||||||||||||
£m | £m | £m | £m | % | ||||||||||||||||
Cash and balances at central banks | UK | 79,242 | 133 | (19) | 114 | 0.1 | ||||||||||||||
Cash and balances at central banks | Non-UK | 123,183 | 142 | (281) | (139) | (0.1) | ||||||||||||||
Cash and balances at central banks | Total | 202,425 | 275 | (300) | (25) | — | ||||||||||||||
Loans and advances at amortised cost | UK | 286,214 | 7,194 | — | 7,194 | 2.5 | ||||||||||||||
Loans and advances at amortised cost | Non-UK | 72,177 | 2,986 | (4) | 2,982 | 4.1 | ||||||||||||||
Loans and advances at amortised costb | Total | 358,391 | 10,180 | (4) | 10,176 | 2.8 | ||||||||||||||
Cash collateral | UK | 65,225 | 214 | (31) | 183 | 0.3 | ||||||||||||||
Cash collateral | Non-UK | 18,110 | 36 | — | 36 | 0.2 | ||||||||||||||
Cash collateral | Total | 83,335 | 250 | (31) | 219 | 0.3 | ||||||||||||||
Reverse repurchase agreements | UK | 1,893 | 16 | — | 16 | 0.8 | ||||||||||||||
Reverse repurchase agreements | Non-UK | 8,917 | 4 | (9) | (5) | (0.1) | ||||||||||||||
Reverse repurchase agreements | Total | 10,810 | 20 | (9) | 11 | 0.1 | ||||||||||||||
Interest earning assets at fair value through other comprehensive income | UK | 71,931 | 721 | — | 721 | 1.0 | ||||||||||||||
Interest earning assets at fair value through other comprehensive income | Non-UK | 2,927 | 55 | — | 55 | 1.9 | ||||||||||||||
Interest earning assets at fair value through other comprehensive income | Total | 74,858 | 776 | — | 776 | 1.0 | ||||||||||||||
Other interest and similar incomec | 391 | — | 391 | — | ||||||||||||||||
Total interest earning assets not at fair value through income statement | 729,819 | 11,892 | (344) | 11,548 | 1.6 | |||||||||||||||
Less: interest and similar expense | (3,770) | 344 | (3,426) | |||||||||||||||||
Net interest | 729,819 | 8,122 | — | 8,122 | ||||||||||||||||
Financial assets at fair value through income statement | UK | 187,927 | ||||||||||||||||||
Financial assets at fair value through income statement | Non-UK | 76,369 | ||||||||||||||||||
Financial assets at fair value through income statement | Total | 264,296 | ||||||||||||||||||
Total interest earning assets | 994,115 | |||||||||||||||||||
Impairments | (7,969) | |||||||||||||||||||
Non-interest earning assets | 425,438 | |||||||||||||||||||
Total | 1,411,584 | |||||||||||||||||||
Percentage of total average interest earning assets in offices outside the UK | 30% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 339 |
Assets | 2019 | |||||||||||||||||||
Average balance | Interest income | Interest expenseᵃ | Total net interest | Rate | ||||||||||||||||
£m | £m | £m | £m | % | ||||||||||||||||
Cash and balances at central banks | UK | 70,371 | 465 | (28) | 437 | 0.6 | ||||||||||||||
Cash and balances at central banks | Non-UK | 101,423 | 626 | (233) | 393 | 0.4 | ||||||||||||||
Cash and balances at central banks | Total | 171,794 | 1,091 | (261) | 830 | 0.5 | ||||||||||||||
Loans and advances at amortised cost | UK | 271,607 | 8,682 | — | 8,682 | 3.2 | ||||||||||||||
Loans and advances at amortised cost | Non-UK | 71,976 | 3,768 | (3) | 3,765 | 5.2 | ||||||||||||||
Loans and advances at amortised costb | Total | 343,583 | 12,450 | (3) | 12,447 | 3.6 | ||||||||||||||
Cash collateral | UK | 59,446 | 394 | (14) | 380 | 0.6 | ||||||||||||||
Cash collateral | Non-UK | 7,400 | 49 | — | 49 | 0.7 | ||||||||||||||
Cash collateral | Total | 66,846 | 443 | (14) | 429 | 0.6 | ||||||||||||||
Reverse repurchase agreements | UK | 2,990 | 57 | — | 57 | 1.9 | ||||||||||||||
Reverse repurchase agreements | Non-UK | 2,041 | 11 | — | 11 | 0.5 | ||||||||||||||
Reverse repurchase agreements | Total | 5,031 | 68 | — | 68 | 1.4 | ||||||||||||||
Interest earning assets at fair value through other comprehensive income | UK | 63,366 | 957 | — | 957 | 1.5 | ||||||||||||||
Interest earning assets at fair value through other comprehensive income | Non-UK | 2,961 | 75 | — | 75 | 2.5 | ||||||||||||||
Interest earning assets at fair value through other comprehensive income | Total | 66,327 | 1,032 | — | 1,032 | 1.6 | ||||||||||||||
Other interest and similar incomec | 372 | — | 372 | — | ||||||||||||||||
Total interest earning assets not at fair value through income statement | 653,581 | 15,456 | (278) | 15,178 | 2.3 | |||||||||||||||
Less: interest and similar expense | (6,049) | 278 | (5,771) | |||||||||||||||||
Net interest | 653,581 | 9,407 | — | 9,407 | ||||||||||||||||
Financial assets at fair value through income statement | UK | 192,300 | ||||||||||||||||||
Financial assets at fair value through income statement | Non-UK | 68,031 | ||||||||||||||||||
Financial assets at fair value through income statement | Total | 260,331 | ||||||||||||||||||
Total interest earning assets | 913,912 | |||||||||||||||||||
Impairments | (6,574) | |||||||||||||||||||
Non-interest earning assets | 356,756 | |||||||||||||||||||
Total | 1,264,094 | |||||||||||||||||||
Percentage of total average interest earning assets in offices outside the UK | 28% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 340 |
Liabilities | 2021 | |||||||||||||||||||
Restatedd | ||||||||||||||||||||
Average balance | Interest expense | Interest incomeᵃ | Total net interest | Rate | ||||||||||||||||
£m | £m | £m | £m | % | ||||||||||||||||
Deposits at amortised cost | UK | 285,772 | 343 | (55) | 288 | 0.1 | ||||||||||||||
Deposits at amortised cost | Non-UK | 69,090 | 217 | (76) | 141 | 0.2 | ||||||||||||||
Deposits at amortised cost | Total | 354,862 | 560 | (131) | 429 | 0.1 | ||||||||||||||
Federal funds purchased | UK | — | — | — | — | — | ||||||||||||||
Federal funds purchased | Non-UK | 788 | 1 | — | 1 | 0.1 | ||||||||||||||
Federal funds purchasedb | Total | 788 | 1 | — | 1 | 0.1 | ||||||||||||||
Cash collateral | UK | 44,903 | 41 | (40) | 1 | — | ||||||||||||||
Cash collateral | Non-UK | 16,036 | 22 | — | 22 | 0.1 | ||||||||||||||
Cash collateral | Total | 60,939 | 63 | (40) | 23 | — | ||||||||||||||
Debt securities in issue | UK | 54,023 | 1,218 | — | 1,218 | 2.3 | ||||||||||||||
Debt securities in issue | Non-UK | 12,790 | 95 | — | 95 | 0.7 | ||||||||||||||
Debt securities in issue | Total | 66,813 | 1,313 | — | 1,313 | 2.0 | ||||||||||||||
Commercial paper | UK | 13,034 | 3 | (26) | (23) | (0.2) | ||||||||||||||
Commercial paper | Non-UK | 11,337 | 24 | (6) | 18 | 0.2 | ||||||||||||||
Commercial paperc | Total | 24,371 | 27 | (32) | (5) | — | ||||||||||||||
Subordinated liabilities | UK | 13,738 | 500 | — | 500 | 3.6 | ||||||||||||||
Subordinated liabilities | Non-UK | 227 | 7 | — | 7 | 3.1 | ||||||||||||||
Subordinated liabilities | Total | 13,965 | 507 | — | 507 | 3.6 | ||||||||||||||
Repurchase agreements | UK | 19,247 | 31 | — | 31 | 0.2 | ||||||||||||||
Repurchase agreements | Non-UK | 2,542 | 1 | (45) | (44) | (1.7) | ||||||||||||||
Repurchase agreements | Total | 21,789 | 32 | (45) | (13) | (0.1) | ||||||||||||||
Other interest and similar expensec | — | 664 | (374) | 290 | — | |||||||||||||||
Total interest bearing liabilities not at fair value through P&L | 543,527 | 3,167 | (622) | 2,545 | 0.5 | |||||||||||||||
Interest bearing liabilities at fair value through P&L | UK | 269,183 | ||||||||||||||||||
Interest bearing liabilities at fair value through P&L | Non-UK | 55,757 | ||||||||||||||||||
Interest bearing liabilities at fair value through P&L | Total | 324,940 | ||||||||||||||||||
Total interest bearing liabilities | 868,467 | |||||||||||||||||||
Interest free customer deposits | UK | 139,159 | ||||||||||||||||||
Interest free customer deposits | Non-UK | 15,179 | ||||||||||||||||||
Interest free customer deposits | Total | 154,338 | ||||||||||||||||||
Other non-interest bearing liabilitiesd | 348,142 | |||||||||||||||||||
Shareholders' equityd | 67,818 | |||||||||||||||||||
Total | 1,438,765 | |||||||||||||||||||
Percentage of total average interest bearing liabilities in offices outside the UK | 19% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 341 |
Liabilities | 2020 | |||||||||||||||||||
Average balance | Interest expense | Interest incomeᵃ | Total net interest | Rate | ||||||||||||||||
£m | £m | £m | £m | % | ||||||||||||||||
Deposits at amortised cost | UK | 272,031 | 586 | (15) | 571 | 0.2 | ||||||||||||||
Deposits at amortised cost | Non-UK | 70,227 | 443 | (15) | 428 | 0.6 | ||||||||||||||
Deposits at amortised cost | Total | 342,258 | 1,029 | (30) | 999 | 0.3 | ||||||||||||||
Federal funds purchased | UK | — | — | — | — | — | ||||||||||||||
Federal funds purchased | Non-UK | 155 | 1 | — | 1 | 0.6 | ||||||||||||||
Federal funds purchasedb | Total | 155 | 1 | — | 1 | 0.6 | ||||||||||||||
Cash collateral | UK | 52,869 | 96 | (31) | 65 | 0.1 | ||||||||||||||
Cash collateral | Non-UK | 13,921 | 38 | — | 38 | 0.3 | ||||||||||||||
Cash collateral | Total | 66,790 | 134 | (31) | 103 | 0.2 | ||||||||||||||
Debt securities in issue | UK | 56,775 | 980 | — | 980 | 1.7 | ||||||||||||||
Debt securities in issue | Non-UK | 13,358 | 274 | (2) | 272 | 2.0 | ||||||||||||||
Debt securities in issue | Total | 70,133 | 1,254 | (2) | 1,252 | 1.8 | ||||||||||||||
Commercial paper | UK | 10,754 | 26 | — | 26 | 0.2 | ||||||||||||||
Commercial paper | Non-UK | 10,185 | 80 | — | 80 | 0.8 | ||||||||||||||
Commercial paperb | Total | 20,939 | 106 | — | 106 | 0.5 | ||||||||||||||
Subordinated liabilities | UK | 18,845 | 662 | — | 662 | 3.5 | ||||||||||||||
Subordinated liabilities | Non-UK | 220 | 8 | — | 8 | 3.6 | ||||||||||||||
Subordinated liabilities | Total | 19,065 | 670 | — | 670 | 3.5 | ||||||||||||||
Repurchase agreements | UK | 19,694 | 68 | — | 68 | 0.3 | ||||||||||||||
Repurchase agreements | Non-UK | 1,321 | 7 | (5) | 2 | 0.2 | ||||||||||||||
Repurchase agreements | Total | 21,015 | 75 | (5) | 70 | 0.3 | ||||||||||||||
Other interest and similar expensec | — | 501 | — | 501 | — | |||||||||||||||
Total interest bearing liabilities not at fair value through income statement | 540,355 | 3,770 | (68) | 3,702 | 0.7 | |||||||||||||||
Interest bearing liabilities at fair value through income statement | UK | 240,792 | ||||||||||||||||||
Interest bearing liabilities at fair value through income statement | Non-UK | 51,890 | ||||||||||||||||||
Interest bearing liabilities at fair value through income statement | Total | 292,682 | ||||||||||||||||||
Total interest bearing liabilities | 833,037 | |||||||||||||||||||
Interest free customer deposits | UK | 115,234 | ||||||||||||||||||
Interest free customer deposits | Non-UK | 12,860 | ||||||||||||||||||
Interest free customer deposits | Total | 128,094 | ||||||||||||||||||
Other non-interest bearing liabilities | 381,243 | |||||||||||||||||||
Shareholders' equity | 69,210 | |||||||||||||||||||
Total | 1,411,584 | |||||||||||||||||||
Percentage of total average interest earning liabilities in offices outside the UK | 19% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 342 |
Liabilities | 2019 | |||||||||||||||||||
Average balance | Interest expense | Interest incomeᵃ | Total net interest | Rate | ||||||||||||||||
£m | £m | £m | £m | % | ||||||||||||||||
Deposits at amortised cost | UK | 244,387 | 1,306 | — | 1,306 | 0.5 | ||||||||||||||
Deposits at amortised cost | Non-UK | 67,257 | 1,137 | (1) | 1,136 | 1.7 | ||||||||||||||
Deposits at amortised cost | Total | 311,644 | 2,443 | (1) | 2,442 | 0.8 | ||||||||||||||
Federal funds purchased | UK | — | — | — | — | — | ||||||||||||||
Federal funds purchased | Non-UK | 299 | 6 | — | 6 | 2.0 | ||||||||||||||
Federal funds purchasedb | Total | 299 | 6 | — | 6 | 2.0 | ||||||||||||||
Cash collateral | UK | 50,638 | 214 | (10) | 204 | 0.4 | ||||||||||||||
Cash collateral | Non-UK | 8,332 | 82 | — | 82 | 1.0 | ||||||||||||||
Cash collateral | Total | 58,970 | 296 | (10) | 286 | 0.5 | ||||||||||||||
Debt securities in issue | UK | 52,655 | 1,109 | — | 1,109 | 2.1 | ||||||||||||||
Debt securities in issue | Non-UK | 15,839 | 536 | (2) | 534 | 3.4 | ||||||||||||||
Debt securities in issue | Total | 68,494 | 1,645 | (2) | 1,643 | 2.4 | ||||||||||||||
Commercial paper | UK | 8,398 | 25 | — | 25 | 0.3 | ||||||||||||||
Commercial paper | Non-UK | 9,891 | 236 | — | 236 | 2.4 | ||||||||||||||
Commercial paperb | Total | 18,289 | 261 | — | 261 | 1.4 | ||||||||||||||
Subordinated liabilities | UK | 19,499 | 1,046 | — | 1,046 | 5.4 | ||||||||||||||
Subordinated liabilities | Non-UK | 374 | 22 | — | 22 | 5.9 | ||||||||||||||
Subordinated liabilities | Total | 19,873 | 1,068 | — | 1,068 | 5.4 | ||||||||||||||
Repurchase agreements | UK | 14,655 | 127 | — | 127 | 0.9 | ||||||||||||||
Repurchase agreements | Non-UK | 2,381 | 20 | — | 20 | 0.8 | ||||||||||||||
Repurchase agreements | Total | 17,036 | 147 | — | 147 | 0.9 | ||||||||||||||
Other interest and similar expensec | — | 183 | — | 183 | — | |||||||||||||||
Total interest bearing liabilities not at fair value through income statement | 494,605 | 6,049 | (13) | 6,036 | 1.2 | |||||||||||||||
Interest bearing liabilities at fair value through income statement | UK | 232,242 | ||||||||||||||||||
Interest bearing liabilities at fair value through income statement | Non-UK | 62,304 | ||||||||||||||||||
Interest bearing liabilities at fair value through income statement | Total | 294,546 | ||||||||||||||||||
Total interest bearing liabilities | 789,151 | |||||||||||||||||||
Interest free customer deposits | UK | 94,733 | ||||||||||||||||||
Interest free customer deposits | Non-UK | 10,375 | ||||||||||||||||||
Interest free customer deposits | Total | 105,108 | ||||||||||||||||||
Other non-interest bearing liabilities | 307,952 | |||||||||||||||||||
Shareholders' equity | 61,883 | |||||||||||||||||||
Total | 1,264,094 | |||||||||||||||||||
Percentage of total average interest earning liabilities in offices outside the UK | 21% |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 343 |
Interest income | |||||||||||||||||||||||
2021/2020 Change due to increase/(decrease) in: | 2020/2019 Change due to increase/(decrease) in: | ||||||||||||||||||||||
Total change | Volume | Rate | Total change | Volume | Rate | ||||||||||||||||||
£m | £m | £m | £m | £m | £m | ||||||||||||||||||
Cash and balances at central banks | UK | (2) | 26 | (28) | (323) | 47 | (370) | ||||||||||||||||
Cash and balances at central banks | Non-UK | (93) | (8) | (85) | (532) | 71 | (603) | ||||||||||||||||
Cash and balances at central banks | Total | (95) | 18 | (113) | (855) | 118 | (973) | ||||||||||||||||
Loans and advances at amortised cost | UK | (11) | 202 | (213) | (1,488) | 447 | (1,935) | ||||||||||||||||
Loans and advances at amortised cost | Non-UK | (626) | (411) | (215) | (783) | 10 | (793) | ||||||||||||||||
Loans and advances at amortised cost | Total | (637) | (209) | (428) | (2,271) | 457 | (2,728) | ||||||||||||||||
Cash collateral | UK | (99) | (36) | (63) | (197) | 32 | (229) | ||||||||||||||||
Cash collateral | Non-UK | (49) | 4 | (53) | (13) | 39 | (52) | ||||||||||||||||
Cash collateral | Total | (148) | (32) | (116) | (210) | 71 | (281) | ||||||||||||||||
Reverse repurchase agreements | UK | (2) | (5) | 3 | (41) | (16) | (25) | ||||||||||||||||
Reverse repurchase agreements | Non-UK | 8 | 2 | 6 | (16) | 5 | (21) | ||||||||||||||||
Reverse repurchase agreements | Total | 6 | (3) | 9 | (57) | (11) | (46) | ||||||||||||||||
Interest earning assets at fair value through other comprehensive income | UK | (209) | (45) | (164) | (236) | 116 | (352) | ||||||||||||||||
Interest earning assets at fair value through other comprehensive income | Non-UK | (17) | 2 | (19) | (20) | (1) | (19) | ||||||||||||||||
Interest earning assets at fair value through other comprehensive income | Total | (226) | (43) | (183) | (256) | 115 | (371) | ||||||||||||||||
Other interest and similar income | 170 | — | 170 | 19 | — | 19 | |||||||||||||||||
Total interest receivable | (930) | (269) | (661) | (3,630) | 750 | (4,380) |
Interest expense | |||||||||||||||||||||||
2021/2020 Change due to increase/(decrease) in: | 2020/2019 Change due to increase/(decrease) in: | ||||||||||||||||||||||
Total change | Volume | Rate | Total change | Volume | Rate | ||||||||||||||||||
£m | £m | £m | £m | £m | £m | ||||||||||||||||||
Deposits at amortised cost | UK | (283) | 28 | (311) | (735) | 125 | (860) | ||||||||||||||||
Deposits at amortised cost | Non-UK | (287) | (7) | (280) | (708) | 48 | (756) | ||||||||||||||||
Deposits at amortised cost | Total | (570) | 21 | (591) | (1,443) | 173 | (1,616) | ||||||||||||||||
Federal funds purchased | UK | — | — | — | — | — | — | ||||||||||||||||
Federal funds purchased | Non-UK | — | 2 | (2) | (5) | (2) | (3) | ||||||||||||||||
Federal funds purchaseda | Total | — | 2 | (2) | (5) | (2) | (3) | ||||||||||||||||
Cash collateral | UK | (64) | (9) | (55) | (139) | 9 | (148) | ||||||||||||||||
Cash collateral | Non-UK | (16) | 5 | (21) | (44) | 36 | (80) | ||||||||||||||||
Cash collateral | Total | (80) | (4) | (76) | (183) | 45 | (228) | ||||||||||||||||
Debt securities in issue | UK | 238 | (50) | 288 | (129) | 82 | (211) | ||||||||||||||||
Debt securities in issue | Non-UK | (177) | (12) | (165) | (262) | (68) | (194) | ||||||||||||||||
Debt securities in issue | Total | 61 | (62) | 123 | (391) | 14 | (405) | ||||||||||||||||
Commercial paper | UK | (49) | 5 | (54) | 1 | 6 | (5) | ||||||||||||||||
Commercial paper | Non-UK | (62) | 8 | (70) | (156) | 7 | (163) | ||||||||||||||||
Commercial papera | Total | (111) | 13 | (124) | (155) | 13 | (168) | ||||||||||||||||
Subordinated liabilities | UK | (162) | (184) | 22 | (384) | (34) | (350) | ||||||||||||||||
Subordinated liabilities | Non-UK | (1) | — | (1) | (14) | (7) | (7) | ||||||||||||||||
Subordinated liabilities | Total | (163) | (184) | 21 | (398) | (41) | (357) | ||||||||||||||||
Repurchase agreements | UK | (37) | (2) | (35) | (59) | 35 | (94) | ||||||||||||||||
Repurchase agreements | Non-UK | (46) | — | (46) | (18) | (6) | (12) | ||||||||||||||||
Repurchase agreements | Total | (83) | (2) | (81) | (77) | 29 | (106) | ||||||||||||||||
Other interest and similar expense | (211) | — | (211) | 318 | — | 318 | |||||||||||||||||
Total interest payable | (1,157) | (216) | (941) | (2,334) | 231 | (2,565) |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 344 |
Risk elements in loans and advances at amortised cost | |||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017a | |||||||||||||
As at 31 December | £m | £m | £m | £m | £m | ||||||||||||
Gross stage 3 credit impaired loans (2017: Individually impaired loans) | |||||||||||||||||
United Kingdom | 4,432 | 4,828 | 4,552 | 5,150 | 2,648 | ||||||||||||
Rest of the world | 2,803 | 4,169 | 3,371 | 3,353 | 1,756 | ||||||||||||
Total | 7,235 | 8,997 | 7,923 | 8,503 | 4,404 | ||||||||||||
Total risk elements in loans and advances at amortised cost | |||||||||||||||||
United Kingdom | 4,432 | 4,828 | 4,552 | 5,150 | 2,648 | ||||||||||||
Rest of the world | 2,803 | 4,169 | 3,371 | 3,353 | 1,756 | ||||||||||||
Total | 7,235 | 8,997 | 7,923 | 8,503 | 4,404 |
Interest forgone on risk elements in loans and advances at amortised cost | |||||||||||
2021 | 2020 | 2019a | |||||||||
£m | £m | £m | |||||||||
Interest income that would have been recognised under the original contractual terms | |||||||||||
United Kingdom | 74 | 117 | 108 | ||||||||
Rest of the World | 39 | 69 | 83 | ||||||||
Total | 113 | 186 | 191 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 345 |
Allocation of the allowance for credit losses | ||||||||||||||||||||||||||||||||
Balance at end of period applicable to: | Amounts | % of loans in each category to total loans | ||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2021a | 2020a | 2019 | 2018 | 2017 | |||||||||||||||||||||||
As at 31 December | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | ||||||||||||||||||||||
Loans and advances at amortised cost to banks | 2 | 4 | 3 | 1 | 2 | 2.9 | % | 2.7 | % | 2.9 | % | 3.2 | % | 2.9 | % | |||||||||||||||||
Loans and advances at amortised cost to customers | 5,727 | 8,320 | 6,296 | 6,765 | 4,650 | 97.1 | % | 97.2 | % | 96.9 | % | 96.6 | % | 97.1 | % | |||||||||||||||||
Financial assets at fair value through other comprehensive income | — | — | — | 1 | — | — | % | 0.1 | % | 0.2 | % | 0.2 | % | — | % | |||||||||||||||||
Loans and advances | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Consolidated basis | |||||||||||||||||
Allowance for credit losses to total loans outstanding during | Amounts | ||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||
As at 31st December | £m | £m | £m | £m | £m | ||||||||||||
Allowance for credit losses | 5,729 | 8,325 | 6,299 | 6,767 | 4,652 | ||||||||||||
Total loans outstanding | 335,402 | 327,342 | 328,286 | 328,104 | 328,700 | ||||||||||||
Ratio % | 1.7 | % | 2.5 | % | 1.9 | % | 2.1 | % | 1.4 | % |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 346 |
20 F-Maturity analysis of gross loans and advances | |||||||||||||||||
Less than 1 year | One to five years | Five to fifteen years | Over fifteen years | Total | |||||||||||||
As at 31st December 2021 | £m | £m | £m | £m | £m | ||||||||||||
Loans and advances at amortised cost to banks | 9,700 | — | — | — | 9,700 | ||||||||||||
Loans and advances at amortised cost to customers | 41,792 | 81,081 | 75,736 | 127,040 | 325,649 | ||||||||||||
FVOCI | 53 | — | — | — | 53 | ||||||||||||
Loans and advances at fair value through profit and loss | 30,401 | 2,829 | 2,805 | 2,633 | 38,668 | ||||||||||||
Traded loans | 12,525 | — | — | — | 12,525 | ||||||||||||
Total gross loans and advances | 94,471 | 83,910 | 78,541 | 129,673 | 386,595 | ||||||||||||
Less than 1 year | One to five years | Five to fifteen years | Over fifteen years | Total | |||||||||||||
As at 31 December 2020 | £m | £m | £m | £m | £m | ||||||||||||
Loans and advances at amortised cost to banks | 8,904 | — | — | — | 8,904 | ||||||||||||
Loans and advances at amortised cost to customers | 37,194 | 72,050 | 87,999 | 121,004 | 318,247 | ||||||||||||
FVOCI | 85 | 106 | — | — | 191 | ||||||||||||
Loans and advances at fair value through profit and loss | 23,799 | 1,369 | 2,699 | 3,012 | 30,879 | ||||||||||||
Traded loans | 8,348 | — | — | — | 8,348 | ||||||||||||
Total gross loans and advances | 78,330 | 73,525 | 90,698 | 124,016 | 366,569 |
Notional principal amounts of credit derivatives | |||||||||||
2021 | 2020 | 2019 | |||||||||
As at 31 December | £m | £m | £m | ||||||||
Credit derivatives held or issued for trading purposes | 1,272,104 | 847,845 | 825,516 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 347 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 348 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 349 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 350 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 351 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 352 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 353 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 354 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 355 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 356 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 357 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 358 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 359 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 360 |
Barclays PLC 2021 Annual Report on Form 20-F, as amended | Barclays PLC home.barclays/annualreport | 361 |
Exhibit | Description | ||||
1.1* | |||||
2.1* | Long Term Debt Instruments: Barclays PLC is not party to any single instrument relating to long-term debt pursuant to which a total amount of securities exceeding 10% of its total assets (on a consolidated basis) is authorised to be issued. Barclays PLC hereby agrees to furnish to the Securities and Exchange Commission (the “Commission”), upon its request, a copy of any instrument defining the rights of holders of its long-term debt or the rights of holders of the long-term debt of any of its subsidiaries for which consolidated or unconsolidated financial statements are required to be filed with the Commission. | ||||
2.2* | |||||
4.1* | |||||
4.2* | |||||
4.3* | |||||
4.4* | |||||
4.5* | |||||
4.6* | |||||
4.7* | |||||
4.8* | |||||
4.9* | |||||
4.10* | |||||
4.11* | |||||
4.12* | |||||
4.13* | |||||
4.14* | |||||
4.15* | |||||
4.16* | |||||
4.17* | |||||
4.18* | |||||
4.19 | |||||
8.1* | |||||
12.1 | |||||
13.1 | |||||
15.1 | |||||
99.1 | |||||
101.INS | XBRL Instance Document | ||||
101.SCH | XBRL Taxonomy Extension Schema | ||||
101.CAL | XBRL Taxonomy Extension Schema Calculation Linkbase | ||||
101.DEF | XBRL Taxonomy Extension Schema Definition Linkbase | ||||
101.LAB | XBRL Taxonomy Extension Schema Label Linkbase | ||||
101.PRE | XBRL Taxonomy Extension Schema Presentation Linkbase |
Date May 23, 2022 | Barclays PLC (Registrant) | |||||||
By | /s/ Anna Cross | |||||||
Anna Cross, Group Finance Director |
Name | Anna Cross | ||||
Employing Company | Barclays PLC (“the Company”). | ||||
Position | Your role will be Group Finance Director. You will be a member of the Group Executive Committee. You will be an Executive Director of Barclays PLC and Barclays Bank PLC reporting to the Barclays Group Chief Executive, subject to the Articles of Association as amended from time to time. You acknowledge that by virtue of your role you will be a PRA Senior Manager. | ||||
Start Date | 23 April 2022 (your “Start Date”). Your start date for the purposes of continuous employment with Barclays is 2 September 2013. | ||||
Initial Place of Work | 1 Churchill Place, London, E14 5HP and such other locations and offices as reasonably required in the performance of your duties. | ||||
Working Hours | Business hours from Monday to Friday, plus such additional hours as are required for the proper performance of your duties. | ||||
Fixed Pay | £1,725,000 per annum (or such other amount as may be set out in any Barclays Directors’ Remuneration Policy approved by shareholders and as applicable from time to time), to be delivered 50% in cash, subject to tax and other statutory deductions and payable on the 23rd of each month. The remaining 50% will be delivered in Barclays PLC shares (“Shares”) delivered quarterly in equal amounts subject to a holding period (which for the avoidance of doubt is not a vesting or forfeiture condition) and to you completing a section 431 tax election before the first delivery of Shares. The number of Shares to be delivered for any quarter will be calculated by reference to the 10 a.m. market price on the London Stock Exchange on the date of delivery. The Shares will be deposited with Barclays Nominee Limited (the “Nominee”), after sufficient Shares have been withheld to satisfy tax and other statutory deductions, and will be subject to a holding period during which the Shares may not be sold, transferred, charged, pledged, mortgaged or otherwise encumbered. These restrictions will lift as to 20% of the Shares on each of the first, second, third, fourth and fifth anniversaries of the date on which the Shares are deposited with the Nominee. If your employment terminates, the Shares to be delivered on the next quarterly delivery date shall be pro-rated for the number of days from the start of the relevant quarter to your termination date. If Barclays elects to terminate your employment with pay in lieu of notice, you will not receive any Shares that would otherwise have accrued during your notice period. | ||||
Discretionary Incentive Award | You may be eligible to be considered for an award under the discretionary incentive arrangements the Barclays Group has in place from time to time, at the absolute discretion of the Barclays Group and subject to you being eligible at the relevant time up to a maximum value of 90% of Fixed Pay, or such other maximum as may be set out in any Barclays Directors’ Remuneration Policy approved by shareholders and as applicable from time to time. |
Pension and other benefits | You will be entitled to an annual pension allowance of 5% of Fixed Pay, or such other percentage as may be set out in any Barclays Directors’ Remuneration Policy approved by shareholders and as applicable from time to time, subject to tax and other statutory deductions. You are eligible to participate in the “My Rewards” programme. | ||||
Barclays Long Term Incentive Plan | You will be eligible to be considered on an annual basis for participation in Barclays Long Term Incentive Plan or an alternative long term incentive plan at the Company’s discretion (the “Barclays LTIP”) in any year in which such a plan is operated by the Company, subject to the rules of the Barclays LTIP in force from time to time, up to a maximum value at grant of 134% of Fixed Pay, or such other maximum as may be set out in any Barclays Directors’ Remuneration Policy approved by shareholders and as applicable from time to time. | ||||
Annual Leave | Your annual leave entitlement is 30 days per year plus the usual English public holidays. Further details are included in the Detailed Terms and Conditions. | ||||
Notice Period | Either you or the Company may terminate your employment by giving six months’ written notice. Further information on Notice is included in the Detailed Terms and Conditions. | ||||
Overtime | You will not receive any additional remuneration or time off in lieu for work performed in addition to your normal hours of work. | ||||
Confidentiality | During your employment with the Company you will have access to, and be entrusted with, confidential information and trade secrets relating to the Company, the Barclays Group and any of our clients and customers. During and after your employment you must comply with all policies and procedures relating to confidentiality, confidential information and trade secrets and any stricter policy which applies to your role. | ||||
Post-Termination Restrictions | Full details of the restrictions you will be bound by are included in the Detailed Terms and Conditions. |
/s/ C.S. Venkatakrishnan | ||
C.S. Venkatakrishnan | ||
Title: Group Chief Executive | ||
Barclays PLC |
/s/ Anna Cross | ||
Anna Cross | ||
Title: Group Finance Director | ||
Barclays PLC |
The following table sets out the Group’s capitalisation, indebtedness and contingent liabilities on a consolidated basis, in accordance with IFRS, as at 31 December 2021. |
2021 | |||||
As at 31 December | m | ||||
Share Capital of Barclays PLC | |||||
Ordinary shares - issued and fully paid shares of £0.25 each | 16,752 | ||||
£m | |||||
Group equity | |||||
Called up share capital and share premium | 4,536 | ||||
Other equity instruments | 12,259 | ||||
Other reserves | 1,770 | ||||
Retained earnings | 50,487 | ||||
Total equity excluding non-controlling interests | 69,052 | ||||
Non-controlling interests | 989 | ||||
Total equity | 70,041 | ||||
Group indebtedness | |||||
Subordinated liabilities | 12,759 | ||||
Debt securities in issue | 98,867 | ||||
Total indebtedness | 111,626 | ||||
Total capitalisation and indebtedness | 181,667 | ||||
Group contingent liabilities and commitments | |||||
Guarantees and letters of credit pledged as collateral security | 15,549 | ||||
Performance guarantees, acceptances and endorsements | 5,797 | ||||
Total contingent liabilities | 21,346 | ||||
Documentary credits and other short-term trade related transactions | 1,584 | ||||
Standby facilities, credit lines and other commitments | 344,127 | ||||
Total commitments | 345,711 |