HSBC 2014 Annual Report Download - page 160
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HSBC BANK PLC
Notes on the Financial Statements (continued)
158
a fixed price at a future date is recognised on the balance sheet. As a result of these transactions, the Group is unable to
use, sell or pledge the transferred assets for the duration of the transaction. The Group remains exposed to interest rate
risk and credit risk on these pledged instruments. The counterparty’s recourse is not limited to the transferred assets.
Collateral accepted as security for assets
The fair value of financial assets accepted as collateral that the group is permitted to sell or repledge in the absence of
default is £107,775 million (2013: £108,471 million) (the bank: 2014 £76,602 million; 2013 £63,862 million). The fair value
of any such collateral that has been sold or repledged is £66,080 million (2013: £79,844 million) (the bank: 2014 £40,468
million; 2013 £36,445 million). The group is obliged to return equivalent securities.
These transactions are conducted under terms that are usual and customary to standard securities borrowing and reverse
repurchase agreements.