Barclays 2004 Annual Report Download - page 154

Notes to the accounts
For the year ended 31st December 2004
16 Debt securities (continued)
The Group has a portfolio of investment debt securities, a large portion of which are subject to limited recourse financing. Linked presentation
under FRS 5 is not available and therefore the portfolio with a sterling equivalent book value of £4,782m (2003: £3,750m) is included in the total
above, with the financing reported in Deposits by banks and Debt securities in issue. At 31st December 2004, the Group’s net exposure to these
investment debt securities, after taking into account the limited recourse financing, was £1,149m (2003: £1,203m).
Barclays PLC holds, as an investment, British government stock with a book value of £0.1m (2003: £0.1m).
Gross gains of £34m (2003: £4m, 2002: £5m) and gross losses of £13m (2003: £6m, 2002: £37m) were realised on the sale of investment
securities using an average weighted cost approach.
Other debt securities are held at valuation. The cost of Other debt securities is not available and would be unreasonably expensive to obtain.
Of the total debt securities disclosed above, £81,146m (2003: £63,629m) were listed on a recognised exchange. These debt securities had
a market value of £81,342m (2003: £64,230m).
Maturing Maturing
Maturing after one after five Maturing
within but within but within after
one year five years ten years ten years
Maturities of investment debt securities £m £m £m £m £m
Government 2,271 5,660 3,609 337 11,877
Other public bodies 9 12 – – 21
Other issuers 9,080 13,883 670 4,226 27,859
Total book value 11,360 19,555 4,279 4,563 39,757
Total valuation 11,379 19,660 4,346 4,586 39,971
17 Equity shares
2004 2003
Balance Balance
sheet Valuation sheet Valuation
£m £m £m £m
Investment securities 1,293 1,513 954 1,134
Other securities 10,873 10,873 6,905 6,905
12,166 12,386 7,859 8,039
2004
Balance
Cost Provisions sheet
Movements in Investment securities £m £m £m
At beginning of year 973 (19) 954
Acquisitions and transfers 423 (2) 421
Sale of Investment securities (73) – (73)
Exchange/other (9) – (9)
At end of year 1,314 (21) 1,293
In the above table the valuation of equity securities is based on market value.
Gross unrealised gains on equity shares amounted to £220m (2003: £180m). Gross unrealised losses amounted to £nil (2003: £nil).
Gross gains of £200m (2003: £82m, 2002: £91m) and gross losses of £nil (2003: £nil, 2002: £12m) were realised on the sale of Investment
securities. Other securities are stated at valuation. The cost of Other securities is not available and would be unreasonably expensive to obtain.
Of the total equity shares disclosed above, £9,675m (2003: £6,471m) were listed on a recognised exchange. These listed equity securities had
a market value of £9,753m (2003: £6,486m).
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