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Total assets and liabilities
The Group’s balance sheet grew £61bn, or 24%, to £316bn in
2000, and included £37bn of assets and £4.1bn of goodwill in
respect of The Woolwich. This compared to a 16% increase in
1999. Weighted risk assets rose 27% to £147bn, of which
£19bn (13%) relates to The Woolwich.
Retail Financial Services assets (excluding The Woolwich)
grew 6% to £44.1bn, compared with a 4% increase in 1999.
Weighted risk assets were 9% higher at £28.5bn. Consumer
lending balances in the UK increased by 5% to £6.5bn over
the year and mortgage outstandings grew by 6% to £17.7bn.
Wealth Management assets have grown strongly across most
business units, with particularly high growth in UK Premier
Banking and Iberia.
The assets of Barclays Capital increased 8%, to £157bn
(1999 £145bn). This was largely due to a £10bn increase in the
holdings of debt securities across both the Rates and Credit
businesses and a £2bn increase in reverse repos and stock
lending assets due to increased customer financing. Total
weighted risk assets increased 7% to £34bn (1999 £32bn)
in line with the increase in assets.
Corporate Banking assets grew 13% to £53bn, adjusted for
the sale of Dial (1999 £47bn). Weighted risk assets increased
by 13% to £55bn on the same basis. UK middle market lending
grew strongly, particularly to larger and higher quality
customers. Lending volumes in the international business
continued to grow strongly in Europe while volumes in Latin
America reduced. In 2000 the sale of Dial reduced total assets
by £800m.
Barclaycard assets grew £1.4bn, or 19%, to £8.7bn in 2000
reflecting strong growth in credit card outstandings in the
UK and Europe. Weighted risk assets increased by 18%.
Assets of other operations fell by £1bn mainly because of
lower holdings of government loan stock.
Retail life fund assets, excluding The Woolwich (£721m),
reduced by £50m.
Repo transactions
Under a repo (sale and repurchasing agreement), an asset is
sold to a counterparty with a commitment to repurchase it at
a future date at an agreed price. The Group engages in repos
and also in reverse repos, which are the same transaction in
the opposite direction, the Group buying an asset with a fixed
commitment to resell. The Group aims to earn spread and
trading income from these activities as well as funding its own
holdings of securities.
The following amounts were included in the balance sheet for
repos and reverse repos and are reported on a net basis where
permitted:
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