Barclays 2003 Annual Report Download - page 104

Deposits Average: year ended 31st December
2003 2002 2001
£m £m £m
Deposits by banks
Offices in the United Kingdom 41,034 31,966 27,602
Offices outside the
United Kingdom:
Other European Union 2,696 1,894 3,342
United States 597 2,213 2,667
Rest of the World 6,815 4,909 4,638
51,142 40,982 38,249
Customer accounts
Offices in the United Kingdom 170,689 145,192 132,209
Offices outside the
United Kingdom:
Other European Union 6,935 5,418 5,202
United States 3,671 3,964 3,550
Rest of the World 6,827 9,188 9,182
188,122 163,762 150,143
Average deposits (excluding trading balances) are analysed by type in
the average balance sheet on page 97 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.
A further analysis of Deposits by banks and Customer accounts is given in
Note 26 and Note 27 to the accounts on pages 142 and 143.
Short-term Borrowings
Short-term borrowings include Deposits by banks as reported in
‘Deposits’, Commercial paper and negotiable certificates of Deposit.
Deposits by banks (excluding trading business)
Deposits by banks are taken from a wide range of counterparties and
generally have maturities of less than one year.
2003 2002 2001
£m £m £m
Year-end balance 57,641 48,751 45,837
Average balance 51,059 40,788 38,095
Maximum balance 77,195 56,414 53,621
Average interest rate during year 2.3% 2.9% 4.0%
Year-end interest rate 2.5% 2.6% 3.3%
Commercial paper
Commercial paper is issued by the Group, mainly in the United States,
generally in denominations of not less than $100,000, with maturities
of up to 270 days.
2003 2002 2001
£m £m £m
Year-end balance 4,426 5,192 3,268
Average balance 3,288 4,818 2,669
Maximum balance 6,284 5,234 4,419
Average interest rate during year 1.1% 2.0% 3.0%
Year-end interest rate 1.6% 1.6% 2.0%
Negotiable certificates of deposit
Negotiable certificates of deposits are issued mainly in the UK and US,
generally in denominations of not less than $100,000.
2003 2002 2001
£m £m £m
Year-end balance 28,536 30,045 28,258
Average balance 33,013 27,111 30,209
Maximum balance 40,274 36,780 37,686
Average interest rate during year 2.2% 3.3% 4.7%
Year-end interest rate 2.1% 2.8% 3.0%
Financial Review
Deposits and Short-term Borrowings
102