Barclays 2003 Annual Report Download - page 42
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40
Risk Management
Risk Management and Control – Overview
Average economic capital by business
Average economic capital
2003 2002
£m £m
Personal Financial Services 2,400 2,100
Barclays Private Clients
– ongoing 700 550
– closed life assurance activities 200 300
Barclaycard 1,800 1,500
Business Banking 2,850 2,750
Barclays Africa 200 200
Barclays Capital 2,100 2,050
Barclays Global Investors 150 200
Other operations(a) 500 550
Average economic capital 10,900 10,200
Average historical goodwill 5,100 4,700
Capital held at Group centre(b) 1,100 900
Total average shareholders’ funds 17,100 15,800
Notes
(a) Includes Transition Businesses (see page 80).
(b) The capital held at Group centre represents the variance between average
economic capital by business and average shareholders’ funds.
Personal Financial Services economic capital allocation has increased
by £300m to £2,400m largely due to continued improvements in
methodologies for quantification of credit risk for long maturity assets,
previously carried at the Group centre.
Barclays Private Clients economic capital allocation has increased by
£150m to £700m due to the acquisitions of Banco Zaragozano and
Charles Schwab Europe. The closed life assurance activities economic
capital allocation has reduced by £100m to £200m due to the continued
run-off of the portfolio and a series of hedges implemented to reduce
exposure to equity markets.
Barclaycard economic capital allocation has increased by £300m to
£1,800m due to continued growth in the loan book, including the
acquisition of Clydesdale Financial Services.
Goodwill has increased with the acquisition of Charles Schwab Europe,
Clydesdale Financial Services, Banco Zaragozano and Gerrard.
The Group regularly reviews and updates its economic capital allocation
methodologies. A number of enhancements developed during 2003 will
be incorporated in 2004.