Barclays 2003 Annual Report Download - page 161

45 Derivatives and other financial instruments (continued)
Derivative financial instruments held for the purpose of managing non-trading exposures
The following table, which includes only the derivative components of the Group’s hedging programme, summarises the nominal values, fair
values and book values of derivatives held for the purpose of managing non-trading exposures. Included in the amounts below were £10,685m
(2002: £10,984m) contract amount of foreign exchange derivatives and £200,126m (2002: £192,463m) of interest rate derivatives which were made
for asset and liability management purposes with independently managed dealing units of the Group.
2003 2002
Contract or Year-end Year-end Year-end Year-end Contract or Year-end Year-end
underlying positive negative positive negative underlying positive negative
principal fair fair book book principal fair fair
amount value value value value amount value value
£m £m £m £m £m £m £m £m
Foreign exchange derivatives
Forward foreign exchange 1,648 18 23 6 10 1,814 21 11
Currency swaps 10,914 64 786 29 450 10,651 176 273
OTC derivatives 12,562 82 809 35 460 12,465 197 284
Exchange traded futures – bought and sold 40–––––––
Total 12,602 82 809 35 460 12,465 197 284
Interest rate derivatives
Swaps 294,021 3,656 3,165 1,809 1,716 225,410 4,272 3,263
Forward rate agreements 28,742 2754411,651 17 22
OTC options bought and sold 15,062 5 66 3 4 10,865 62 38
OTC derivatives 337,825 3,688 3,236 1,816 1,724 247,926 4,351 3,323
Exchange traded futures – bought and sold 83–––––––
Total 337,908 3,688 3,236 1,816 1,724 247,926 4,351 3,323
Credit derivatives 4,194 3 77 2 1 7,7363023
Equity, stock index, commodity
and precious metals derivatives 1,662 78 34 3 13 372 – 1
At 31st December 2002, the total positive book value of derivatives held for the purposes of managing non-trading exposures was £1,834m. The total
negative book value of such contracts at 31st December 2002 was £1,824m.
The nominal amounts of OTC foreign exchange derivatives held to manage the non-trading exposure of the Group analysed by currency and final
maturity are as follows:
2003 2002
Over one Over one
year but year but
not more not more
One year than five Over five One year than five Over five
or less years years Total or less years years Total
£m £m £m £m £m £m £m £m
.
£/euro 406 1,890 – 2,296 337 2,587 6 2,930
£/Yen 1,147 4,097 – 5,244 710 5,186 29 5,925
£/United States Dollar 625 2,797 561 3,983 242 696 391 1,329
United States Dollar/euro 127 196 – 323 131 – 21 152
United States Dollar/Yen 13 21 159 193 127 121 176 424
United States Dollar/South African Rand 233 – – 233 526 – – 526
Yen/euro 22 29 – 51 –875 –875
Other 181 58 – 239 224 57 23 304
Total 2,754 9,088 720 12,562 2,297 9,522 646 12,465
Barclays PLC Annual Report 2003 159