Interim Management Statement - Part 9 of 10 | Company Announcement

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	Covered amount
	£bn

Covered assets at 30 September 2010	205.4
Disposals	(3.0)
Maturities, amortisation and early repayments	(8.3)
Effect of foreign currency movements and other adjustments	0.6

Covered assets at 31 December 2010	194.7
Disposals	(1.4)
Maturities, amortisation and early repayments	(10.6)
Effect of foreign currency movements and other adjustments	(0.9)

Covered assets at 31 March 2011	181.8

·	The reduction in covered assets was due to run-off of the portfolio, disposals, early repayments, maturing loans and the amortisation of consumer finance assets in line with the Scheme rules.

·	The Group took advantage of market conditions and executed sales from a number of its portfolios.

	31 March 2011	31 December 2010
	£m	£m

Loans and advances	18,799	18,033
Debt securities	11,085	11,747
Derivatives	1,826	2,043

	31,710	31,823

By division:
UK Retail	3,053	2,964
UK Corporate	1,703	1,382
Ulster Bank	1,040	804

Retail & Commercial	5,796	5,150
Global Banking & Markets	1,445	1,496

Core	7,241	6,646
Non-Core	24,469	25,177

	31,710	31,823

	31 March 2011			31 December 2010
	Triggered amount	Cash recoveries to date	Net triggered amount	Triggered amount	Cash recoveries to date	Net triggered amount
	£m	£m	£m	£m	£m	£m

UK Retail	3,789	514	3,275	3,675	455	3,220
UK Corporate	5,573	1,404	4,169	4,640	1,115	3,525
Ulster Bank	1,659	216	1,443	1,500	160	1,340

Retail & Commercial	11,021	2,134	8,887	9,815	1,730	8,085
Global Banking & Markets	2,692	808	1,884	2,547	749	1,798

Core	13,713	2,942	10,771	12,362	2,479	9,883
Non-Core	31,991	5,269	26,722	32,138	4,544	27,594

	45,704	8,211	37,493	44,500	7,023	37,477

Loss credits			1,468			1,241

			38,961			38,718

·	The Group received loss credits in relation to some of the withdrawals and disposals of £0.2 billion during Q1 2011. The Group and the Asset Protection Agency remain in discussion with regard to loss credits in relation to the withdrawal of £0.5 billion of derivative assets during Q2 2010 and the disposal of £0.6 billion of structured finance and leveraged finance assets.

·	The Group currently expects recoveries on triggered amounts to be approximately 45% over the life of the relevant assets. On this basis, the expected loss on triggered assets at 31 March 2011 is approximately £25 billion (42%) of the £60 billion first loss threshold under APS.

Interim Management Statement - Part 9 of 10

Companies

UK 100

Latest directors dealings

	31 March 2011	31 December 2010
	£bn	£bn

UK Retail	11.4	12.4
UK Corporate	21.5	22.9
Ulster Bank	7.4	7.9

Retail & Commercial	40.3	43.2
Global Banking & Markets	11.1	11.5

Core	51.4	54.7
Non-Core	47.0	50.9

APS RWAs	98.4	105.6