|
Under US GAAP, investments
in debt securities would be classified as either trading,
available-for-sale or held-to-maturity. Trading investments
would be stated at fair values and the unrealised gains
and losses would be included in income. Securities classified
as available-for-sale would be stated at fair values,
with unrealised gains and losses, net of deferred taxes,
reported in shareholders’ equity. Debt securities classified
as held-to-maturity would be stated at amortised cost.
The following analyses do not include securities with
original maturities of less than three months.
At 31 March 2003, the group held trading investments (as
defined by US GAAP) with fair values totalling £935 million
(2002 – £1,260 million). Held-to-maturity securities at
31 March 2002 and 2003 consisted of the following:
|
Amortised
cost |
Estimated
fair value |
|
|
£m |
£m |
|
|
| Commercial
paper, medium-term notes and other investments |
2,565 |
2,565 |
|
|
| Total
at 31 March 2003 |
2,565 |
2,565 |
|
|
| Commercial
paper, medium-term notes and other investments |
2,372 |
2,372 |
|
|
| Total
at 31 March 2002 |
2,372 |
2,372 |
|
|
|
|
|
|
| The
contractual maturities of the held-to-maturity debt
securities at 31 March 2003 were as follows: |
|
Cost |
Fair
value |
|
|
£m |
£m |
|
|
| Maturing
on or before 31 March 2004 |
1,663 |
1,663 |
|
| Maturing
after 31 March 2004 |
902 |
902 |
|
|
| Total
at 31 March 2003 |
2,565 |
2,565 |
|
|
|
