Financial review

	Deposits
		Average: year ended 31st December
		2000	1999	1998
		£m	£m	£m
	Deposits by banks
	Offices in the UK	21,465	14,210	17,911
	Offices outside the UK:
	Other European Union	3,996	5,025	4,913
	United States	4,618	3,816	3,500
	Rest of the World	5,122	2,665	3,313
		35,201	25,716	29,637
	Customer accounts
	Offices in the UK	101,354	89,533	82,122
	Offices outside the UK:
	Other European Union	5,050	4,991	5,392
	United States	5,201	2,515	2,720
	Rest of the World	10,416	8,368	7,540
		122,021	105,407	97,774

Average deposits (excluding trading balances) are analysed by type in the Average balance sheet and are based on the location of the office in which the deposits are recorded. ‘Demand deposits’ in offices in the UK are mainly current accounts with credit balances, obtained through the UK branch network. ‘Savings deposits’ in offices in the UK are also obtained through, and administered by, the UK branch network. Interest rates are varied from time to time in response to competitive conditions. These deposits are not drawn against by cheque or similar instrument. ‘Other time deposits – retail’ in offices in the UK are interest bearing and also are not drawn against by cheque or similar instrument. They are generally distinguished from savings deposits by having fixed maturity requirements and from wholesale deposits by being collected, in the main, through the UK branch network. ‘Other time deposits – wholesale’ in offices in the UK are obtained through the London money market and are booked mainly within the Group’s money market operations. These deposits are of fixed maturity and bear interest rates which relate to the London inter-bank money market rates. ‘Other time deposits’ includes commercial paper and inter-bank funds. Although the types of deposit products offered through offices located outside the UK are broadly similar to those described above, they are tailored to meet the specific requirements of local markets.