FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

12 Months Ended

Dec. 31, 2018

Disclosure Of Trading And Other Financial Liabilities At Fair Value Through Profit Or Loss [Abstract]

Disclosure Of Trading And Other Financial Liabilities At Fair Value Through Profit Or Loss [Text Block]

NOTE 28: FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

	2018 £m		2017 £m
Liabilities designated at fair value through profit or loss:
Debt securities in issue		7,085		7,812
Other		11		3
		7,096		7,815
Trading liabilities:
Liabilities in respect of securities sold under repurchase agreements		21,595		41,378
Other deposits		242		381
Short positions in securities		1,614		1,303
		23,451		43,062
Financial liabilities at fair value through profit or loss		30,547		50,877

Liabilities designated at fair value through profit or loss primarily represent debt securities in issue which either contain substantive embedded derivatives which would otherwise need to be recognised and measured at fair value separately from the related debt securities, or which are accounted for at fair value to significantly reduce an accounting mismatch.

The amount contractually payable on maturity of the debt securities held at fair value through profit or loss at 31 December 2018 was £15,435 million, which was £8,350 million higher than the balance sheet carrying value (2017: £14,224 million, which was £6,412 million higher than the balance sheet carrying value). At 31 December 2018 there was a cumulative £386 million decrease in the fair value of these liabilities attributable to changes in credit spread risk; this is determined by reference to the quoted credit spreads of Lloyds Bank plc, the issuing entity within the Group. Of the cumulative amount a decrease of £533 million arose in 2018 and an increase of £52 million arose in 2017.

For the fair value of collateral pledged in respect of repurchase agreements see note 52.