Barclays 2008 Annual Report Download - page 109
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1
Business review
Barclays PLC Annual Report 2008 107
There were gross losses of £8,053m (2007: £2,999m) in the year to 31st December 2008. These losses were partially offset by related income and
hedges of £1,433m (2007: £706m), and gains of £1,663m (2007: £658m) from the general widening of credit spreads on issued notes measured at fair
value through the profit and loss account.
The gross losses, which included £1,763m (2007: £782m) in impairment charges, comprised: £5,584m (2007: £2,811m) against US RMBS exposures;
£1,488m (2007: £14m) against commercial mortgage exposures; and £981m (2007: £174m) against other credit market exposures.
Fair Value Impairment Gross
Losses Charge Losses
£m £m £m
ABS CDO super senior (78) (1,383) (1,461)
Other US sub-prime (1,560) (168) (1,728)
Alt-A (1,858) (125) (1,983)
US RMBS wrapped by monoline insurers (412) - (412)
Total US residential mortgages (3,908) (1,676) (5,584)
US (671) – (671)
Europe (350) – (350)
Total commercial real estate (1,021) – (1,021)
Commercial mortgage-backed securities (127) – (127)
CMBS wrapped by monoline insurers (340) – (340)
Total commercial mortgages (1,488) – (1,488)
SIVs and SIV-Lites (143) (87) (230)
CDPCs (14) – (14)
CLO and other assets wrapped by monoline insurers (737) – (737)
Total other credit market (894) (87) (981)
Total (6,290) (1,763) (8,053)