Barclays 2003 Annual Report Download - page 51

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Barclays PLC Annual Report 2003 49
Risk Management
Loans and Advances in Non-local Currencies and to Countries Receiving IMF Support
Loans and advances to borrowers in currencies other than the local currency of the borrower
The worldwide operations of the Group involve significant exposures in non-local currencies.
The US Securities and Exchange Commission requires that Barclays report those exposures denominated in currencies other than the borrower’s local
currency. These outstandings exclude finance provided within the Group, and are based on the country of domicile of the borrower or guarantor of
ultimate risk. They comprise loans and advances to customers and banks (including placings), finance lease receivables, interest bearing investments,
acceptances, other monetary assets and on-balance sheet amounts arising from off-balance sheet financial instruments.
At 31st December 2003, the countries where these outstandings exceeded 1% of total Group assets were the United States and Germany and
amounted to £17,237m. At 31st December 2002 and 31st December 2001, the countries where these outstandings exceeded 1% of total Group assets
were the US, Germany and France and amounted to £32,105m and £20,715m respectively. Further detail is provided in the table below.
Loans and advances to borrowers in currencies other than the local currency of the borrower for countries where this exceeds
1% of total Group assets Commercial
Banks industrial
and other Governments and other
As % of financial and official private
assets Total institutions institutions sectors
£m £m £m £m
At 31st December 2003
United States 2.7 12,110 4,679 – 7,431
Germany 1.2 5,127 4,662 7 458
At 31st December 2002
United States 4.2 17,140 9,672 1 7,467
Germany 2.5 10,094 9,841 7 246
France 1.2 4,871 4,484 24 363
At 31st December 2001
United States 2.3 8,294 4,878 –3,416
Germany 2.3 8,218 8,031 1 186
France 1.2 4,203 3,088 22 1,093
Loans and advances to borrowers in currencies other than the local currency of the borrower for countries where this is between
0.75% and 1% of total Group assets
At 31st December 2003, Barclays had cross-currency loans to borrowers in France of between 0.75% and 1% of total Group assets, amounting to
£3,570m. At 31st December 2002, there were cross-currency loans to borrowers in the Netherlands and Ireland of between 0.75% and 1% of total
Group assets, amounting to £7,552m. At 31st December 2001, cross-currency loans to borrowers in Japan and Netherlands fell in the range between
0.75% and 1% of total Group assets and totalled £5,774m.
Countries receiving IMF support
Barclays exposure to countries receiving substantial IMF support amounted to £0.5bn in total at 2003 year end (2002: £0.5bn, 2001: £1.3bn).
The largest exposure was to Turkey (£0.3bn).