46 Derivatives and other financial instruments
Derivative financial instruments held for the purpose of managing non-trading exposures
2001 2000
Contract or Year-end Year-end Year-end Year-end Contract or Year-end Year-end
underlying positive negative positive negative underlying Positive Negative
principal fair fair book book principal fair fair
amount value value value value amount value value
£m £m £m £m £m £m £m £m
Foreign exchange derivatives
Forward foreign exchange 3,727 245 – 112 – 5,420 128 68
Currency swaps 16,062 717 379 297 271 16,470 640 277
OTC options bought and sold 5,062 22 66 – – 2,589 43 1
OTC derivatives 24,851 984 445 409 271 24,479 811 346
Interest rate derivatives
Swaps 152,146 2,458 1,754 986 622 99,613 2,317 1,870
Forward rate agreements 17,853 19 11 1 9 8,161 8 10
OTC options bought and sold 4,622 19 6 – – 471 – –
Other interest rate contracts 150 17 – – – – – –
OTC derivatives 174,771 2,513 1,771 987 631 108,245 2,325 1,880
Exchange traded futures
– bought and sold – – – – – 2,013 – –
Exchange traded options
– bought and sold – – – – – 1,678 – –
Total 174,771 2,513 1,771 987 631 111,936 2,325 1,880
Credit derivatives
Swaps 5,555 2 15 77 – 7,205 2 –
Equity, stock index and
commodity derivatives 335 10 1 3 – 8 2 –