Barclays Plc · LSE:BARC
Barclays — Debt Investor Presentation (April 2019)
58 slides from Barclays's debt investor presentation, Apr 25, 2019
Slide 1: Barclays PLC Fixed Income Investor Presentation
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Barclays PLC Fixed Income Investor Presentation Q1 2019 Results Announcement 25 April 2019
Slide 2: Strategy, Targets and Guidance
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Strategy, Targets and Guidance
Slide 3: Focused on profitability and returning capital to shareholders
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Focused on profitability and returning capital to shareholders Q119 highlights Group targets Group RoTE RoTE2 Cost 9.6%1 £13.6-13
Slide 4: Increased flexibility in the Group cost base to reflect the operating environment
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Increased flexibility in the Group cost base to reflect the operating environment Absolute cost reduction 2018 to 2019 (£bn)1 201
Slide 5: Evolving Group capital allocation
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Evolving Group capital allocation c.60% of Group RWAs are allocated to lending activities to consumers and businesses Corporate l
Slide 6: Capacity to invest and increase cash returns to shareholders over time
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Capacity to invest and increase cash returns to shareholders over time Highly capital generative business with material headwinds
Slide 7: Think digital, think Barclays UK
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Think digital, think Barclays UK Building meaningful relationships with our 24 million customers Changing the shape of our busine
Slide 8: Barclays International: Improving share in the CIB
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Barclays International: Improving share in the CIB Gaining share in Markets and maintaining strong Banking franchise Markets1 Ban
Slide 9: Barclays International: Consumer, Cards & Payments opportunities
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Barclays International: Consumer, Cards & Payments opportunities Portfolio of leading franchises with high returns and growth pot
Slide 10: Performance
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Performance
Slide 11: Q119 Group highlights
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Q119 Group highlights Another clean quarter of resilient statutory performance Financial performance1 Income • Income decreased b
Slide 12: Q119 Barclays UK
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Q119 Barclays UK Strong RoTE of 16.4% with broadly stable income despite margin pressure • Strong RoTE of 16.4% Q118 Q218 Q318 Q4
Slide 13: Q119 Barclays International
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Q119 Barclays International Diversified business delivered double digit returns despite a challenging income environment for CIB
Slide 14: Q119 Barclays International: Corporate & Investment Bank
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Q119 Barclays International: Corporate & Investment Bank Resilient performance reflecting franchise strength despite the challeng
Slide 15: Q119 Barclays International: Consumer, Cards & Payments
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Q119 Barclays International: Consumer, Cards & Payments RoTE of 15.4% with continued growth in US Cards and investments across CC
Slide 16: Head Office
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Head Office Q118 Q418 Q119 • Q119 negative income included: (11) (95) – c.£90m impact from legacy capital Income (238) instrument
Slide 17: Capital & Leverage
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Capital & Leverage
Slide 18: Strong Group CET1 and leverage ratios
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Strong Group CET1 and leverage ratios Fully loaded and transitional CET1 ratio Fully loaded CET1 ratio IFRS 9 transitional benefi
Slide 19: CET1 ratio at target level
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS CET1 ratio at target level 13.0% with strong capital generation, offset by seasonal RWA movements CET1 ratio1 39bps 14bps 8bps 10
Slide 20: Strongly capital generative and at target CET1 ratio
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Strongly capital generative and at target CET1 ratio Managing the Group CET1 ratio above the regulatory minimum level, to pass st
Slide 21: Prudently managing the Group's capital position
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Prudently managing the Group’s capital position Managing the Group CET1 ratio above the distribution restrictions minimum Pillar
Slide 22: Managing evolving future Group minimum leverage requirements
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Managing evolving future Group minimum leverage requirements Minimum leverage requirements and buffers under the UK regime Q119 U
Slide 23: Transition to CRD IV capital structure well established
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Transition to CRD IV capital structure well established Expect to hold prudent headroom above AT1 and Tier 2 minimums Illustrativ
Slide 24: Managing the call and maturity profiles of BPLC and BBPLC capital instruments
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Managing the call and maturity profiles of BPLC and BBPLC capital instruments BPLC capital call and maturity profile (£bn) BPLC A
Slide 25: ADI position supports strong distribution capacity
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS ADI position supports strong distribution capacity Distribution capacity as at 31-Dec-18 (£m) Distributable items ADI Barclays PL
Slide 26: MREL, Funding and Liquidity
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS MREL, Funding and Liquidity
Slide 27: Successfully transitioning to HoldCo funding model
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Successfully transitioning to HoldCo funding model Continue to expect c.£8bn of MREL issuance in 2019 of which £2.2bn equivalent
Slide 28: Continued progress in HoldCo issuance
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Continued progress in HoldCo issuance 14% of issuance in 2018 was in non-G3 currencies HoldCo issuance by year1 (£bn) HoldCo issu
Slide 29: Balanced HoldCo funding profile by debt class and tenor
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Balanced HoldCo funding profile by debt class and tenor Barclays PLC AT1 Tier 2 Senior 13% 23% By product £49bn 64% BPLC AT1 capi
Slide 30: High quality liquidity position
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS High quality liquidity position Conservatively positioned liquidity pool, LDR and reduced reliance on short-term wholesale fundin
Slide 31: Illustrative UK approach to resolution
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Illustrative UK approach to resolution1 OpCo waterfall Intercompany investments HoldCo waterfall • Total OpCo losses which exceed
Slide 32: Divisions and Legal Entities
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Divisions and Legal Entities
Slide 33: Legal entity restructuring of the Group completed post ring-fencing in April 2018
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Legal entity restructuring of the Group completed post ring-fencing in April 2018 Barclays PLC Barclays International Barclays UK
Slide 34: Strong legal entity capital positions
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Strong legal entity capital positions Group expects to accommodate all legal entity capital requirements within Group CET1 ratio
Slide 35: Diversified Funding Sources across all legal entities
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Diversified Funding Sources across all legal entities1 Majority of funding within legal entities through deposits Barclays PLC 53
Slide 36: Deposit and wholesale funding sources of Barclays Bank UK PLC and Barclays Bank PLC
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Deposit and wholesale funding sources of Barclays Bank UK PLC and Barclays Bank PLC Barclays PLC Barclays Bank UK PLC Barclays Ba
Slide 37: Wholesale funding composition as at 31 December 2018
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Wholesale funding composition as at 31 December 20181 <1 1-3 3-6 6-12 Total 1-2 2-3 3-4 4-5 As at 31 December 2018 (£bn) >5 years
Slide 38: Credit Ratings
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Credit Ratings
Slide 39: Ratings remain a key priority
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Ratings remain a key priority Focus on strategy execution and achieving performance targets to improve ratings Current Senior Lon
Slide 40: Barclays rating composition for senior debt
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Barclays rating composition for senior debt Standard & Poor’s Fitch Moody’s BPLC BBPLC BBUKPLC BPLC BBPLC BBUKPLC BPLC BBPLC BBUK
Slide 41: Barclays rating composition for subordinated debt
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Barclays rating composition for subordinated debt Standard & Poor’s Fitch Moody’s Baseline Stand-alone Stand-Alone Viability bbb+
Slide 42: Brexit Preparations
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Brexit Preparations
Slide 43: Diversified and prudently positioned
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Diversified and prudently positioned Well prepared for Brexit and macroeconomic uncertainties Diversified income mix by geography
Slide 44: Preparation for continuity of business in the event of Brexit
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Preparation for continuity of business in the event of Brexit Plans in place to support activity with European clients through ex
Slide 45: Asset Quality
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Asset Quality
Slide 46: Prudently managing credit risk in both the UK and US
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Prudently managing credit risk in both the UK and US Conservatively positioned in the UK in the face of Brexit and the consumer c
Slide 47: Q418 impairment charge to reflect UK macroeconomic uncertainty
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Q418 impairment charge to reflect UK macroeconomic uncertainty Macroeconomic Upside Upside Downside Downside • Management took a
Slide 48: Appendix
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Appendix
Slide 49: Other items of interest – Q119 vs. prior year
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Other items of interest – Q119 vs. prior year Material items (£m) Q119 Q118 Litigation and conduct RMBS (1,420) Head Office Charg
Slide 50: Q119 Group
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Q119 Group Three months ended (£m) Mar-19 Mar-18 % change Excluding L&C – Three months ended (£m) Mar-19 Mar-18 % change Income 5
Slide 51: Q119 Barclays UK
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Q119 Barclays UK Business performance Excluding L&C – Three months ended (£m) Mar-19 Mar-18 % change Three months ended (£m) Mar-
Slide 52: Q119 Barclays International
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Q119 Barclays International Business performance Excluding L&C – Three months ended (£m) Mar-19 Mar-18 % change Three months ende
Slide 53: Q119 Barclays International: Corporate & Investment Bank and Consumer, Cards & Payments
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Q119 Barclays International: Corporate & Investment Bank and Consumer, Cards & Payments CIB business performance CC&P business pe
Slide 54: Q119 Head Office
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Q119 Head Office Head Office business performance Three months ended (£m) Mar-19 Mar-18 Income (95) (238) Impairment (charges) /r
Slide 55: Interest rate sensitivity as at FY18
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Interest rate sensitivity as at FY18 Illustrative sensitivity of Group NII to a 100bps parallel upward shift in interest rates1 C
Slide 56: Abbreviations
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Abbreviations ABS Asset-backed Securities ECB European Central Bank P1 Pillar 1 ADI Available Distributable Items ECM Equity Capi
Slide 57: Contact – Debt Investor Relations Team
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Contact – Debt Investor Relations Team Version 1 James Cranstoun Dan Colvin Robert Georgiou +44 (0)20 7773 1630 +44 (0)20 7116 65
Slide 58: Disclaimer
STRATEGY, TARGETS CAPITAL MREL, FUNDING DIVISIONS BREXIT PERFORMANCE CREDIT RATINGS ASSET QUALITY APPENDIX & GUIDANCE & LEVERAGE & LIQUIDITY & LEGAL ENTITIES PREPARATIONS Disclaimer Important Notice The information, statements and opinions contained in this presentation do not constitute a public of