 |
 |
| Note 33 - Currency exposures |
|
| Currency rate risk emanates from the Group’s international
operations. The policy regarding currency risk is set out in the Operating
and financial review. Currency swaps are used as part
of applying that policy. |
| The Group’s structural currency exposures at 31 March 2004
were as follows: |
| Currency |
Variable
rate loan
investments
2004
£m |
Fixed
rate loan
investments
2004
£m |
Other
investment
assets
2004
£m |
Other net
assets before
borrowings
2004
£m |
Short-term
variable rate
borrowings
2004
£m |
Other
variable rate
borrowings
2004
£m |
Fixed rate
borrowings
2004
£m |
Net
assets
2004
£m |
| Sterling |
341 |
429 |
1,622 |
721 |
60 |
223 |
(1,132) |
2,264 |
| Euro |
102 |
256 |
862 |
28 |
72 |
60 |
(595) |
785 |
| US dollar |
32 |
47 |
268 |
7 |
(120) |
– |
– |
234 |
| Swiss franc |
– |
41 |
68 |
3 |
(21) |
– |
– |
91 |
| Swedish krona |
1 |
52 |
185 |
26 |
(133) |
(144) |
– |
(13) |
| Other |
– |
11 |
41 |
7 |
(12) |
– |
(13) |
34 |
| Subtotal |
135 |
407 |
1,424 |
71 |
(214) |
(84) |
(608) |
1,131 |
| Total |
476 |
836 |
3,046 |
792 |
(154) |
139 |
(1,740) |
3,395 |
| |
| Currency |
Variable
rate loan
investments
2003
£m |
Fixed
rate loan
investments
2003
£m |
Other
investment
assets
2003
£m |
Other net
assets before
borrowings
2003
£m |
Short-term
variable rate
borrowings
2003
£m |
Other
variable rate
borrowings
2003
£m |
Fixed rate
borrowings
2003
£m |
Net
assets
2003
£m |
| Sterling |
397 |
496 |
1,450 |
688 |
14 |
200 |
(1,244) |
2,001 |
| Euro |
91 |
181 |
656 |
69 |
(113) |
42 |
(259) |
667 |
| US dollar |
37 |
62 |
221 |
10 |
(32) |
– |
– |
298 |
| Swiss franc |
– |
38 |
26 |
2 |
(25) |
– |
– |
41 |
| Swedish krona |
1 |
20 |
217 |
20 |
– |
(354) |
– |
(96) |
| Other |
– |
13 |
61 |
4 |
(39) |
– |
(14) |
25 |
| Subtotal |
129 |
314 |
1,181 |
105 |
(209) |
(312) |
(273) |
935 |
| Total |
526 |
810 |
2,631 |
793 |
(195) |
(112) |
(1,517) |
2,936 |
|
|
|
|
