Barclays 2004 Annual Report Download - page 118

Deposits
Average: year ended 31st December
2004 2003 2002
£m £m £m
Deposits by banks
Offices in the United Kingdom 46,835 41,034 31,966
Offices outside the
United Kingdom:
Other European Union 3,511 2,696 1,894
United States 946 597 2,213
Rest of the World 12,170 6,815 4,909
63,462 51,142 40,982
Customer accounts
Offices in the United Kingdom 176,137 170,689 145,192
Offices outside the
United Kingdom:
Other European Union 8,485 6,935 5,418
United States 6,447 3,671 3,964
Rest of the World 8,568 6,827 9,188
199,637 188,122 163,762
Average deposits (excluding trading balances) are analysed by type
in the average balance sheet on page 99 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 23 and Note 24 to the accounts on page 157.
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.
2004 2003 2002
£m £m £m
Year-end balance 74,211 57,641 48,751
Average balance 63,279 51,059 40,788
Maximum balance 93,809 77,195 56,414
Average interest rate
during year 2.4% 2.3% 2.9%
Year-end interest rate 2.9% 2.5% 2.6%
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.
2004 2003 2002
£m £m £m
Year-end balance 8,688 4,426 5,192
Average balance 6,828 3,288 4,818
Maximum balance 9,381 6,284 5,234
Average interest rate
during year 1.8% 1.1% 2.0%
Year-end interest rate 2.2% 1.6% 1.6%
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.
2004 2003 2002
£m £m £m
Year-end balance 37,213 28,536 30,045
Average balance 35,409 33,013 27,111
Maximum balance 44,934 40,274 36,780
Average interest rate
during year 2.2% 2.2% 3.3%
Year-end interest rate 2.8% 2.1% 2.8%
Financial review
Deposits and short-term borrowings
116