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Interest rate risk
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Interest rate risk
Note 17: Fair value measurements

The following table presents the financial assets and liabilities that are measured at fair value on a recurring basis. Management classifies these items based on the type of inputs used in their respective fair value determination as described in "Note 2: Significant accounting policies".

Management reviews the price of each security monthly, comparing market values to expectations and to the prior month’s price. Management's expectations are based upon knowledge of prevailing market conditions and developments relating to specific issuers and/or asset classes held in the investment portfolio. Where there are unusual or significant price movements, or where a certain asset class has performed out-of-line with expectations, the matter is reviewed by management.

Financial instruments in Level 1 include US and UK Government Treasury notes.

Financial instruments in Level 2 include government debt securities, mortgage-backed securities and other asset-backed securities, forward foreign exchange contracts and mutual funds not actively traded.

Financial instruments in Level 3 include asset-backed securities for which the market is relatively illiquid and for which information about actual trading prices is not readily available.

During the year ended December 31, 2023, there were no transfers between Level 1 and Level 2 or Level 2 and Level 3. During the year ended December 31, 2022, there were no transfers between Level 1 and Level 2. There was a transfer out of Level 3 into Level 2 due to increased price observability during the year ended December 31, 2022.
December 31, 2023December 31, 2022
Fair valueTotal carrying
amount /
fair value		Fair valueTotal carrying
amount /
fair value
Level 1Level 2Level 3Level 1Level 2Level 3
Items that are recognized at fair value on a recurring basis:
Financial assets
Equity securities
Mutual funds— — — — — 236 — 236 
Total equity securities— — — — — 236 — 236 
Available-for-sale investments
US government and federal agencies715,965 847,820 — 1,563,785 838,938 873,838 — 1,712,776 
Non-US governments debt securities250,177 — — 250,177 229,071 22,392 — 251,463 
Asset-backed securities - Student loans— 40 — 40 — 5,626 — 5,626 
Residential mortgage-backed securities— 17,127 — 17,127 — 19,000 — 19,000 
Total available-for-sale966,142 864,987 — 1,831,129 1,068,009 920,856 — 1,988,865 
Other assets - Derivatives— 2,342 — 2,342 — 6,509 — 6,509 
Financial liabilities
Other liabilities - Derivatives— 13,971 — 13,971 — 6,254 — 6,254 
Level 3 Reconciliation
The Level 3 financial instrument was a federal family education loan program guaranteed student loan security and was valued using a non-binding quote from an external security pricing service. During the year ended December 31, 2022, this instrument was transferred to Level 2 due to increased price observability.

The table below summarizes realized and unrealized gains and losses for Level 3 assets still held at the reporting date.
December 31, 2023December 31, 2022December 31, 2021
Available-
 for-sale investments		Available-
 for-sale investments		Available-
 for-sale investments
Carrying amount at beginning of year— 13,174 12,945 
Proceeds from sales, paydowns and maturities— (7,631)— 
Change in unrealized gains (losses) recognized in other comprehensive income— 102 229 
Realized and unrealized gains recognized in net income— (19)— 
Transfers in (out of) Level 3 out of (into) Level 2 - AFS— (5,626)— 
Carrying amount at end of year— — 13,174 
Cumulative gain (loss) recognized in other comprehensive income— (14)(116)
Items Other Than Those Recognized at Fair Value on a Recurring Basis:
December 31, 2023December 31, 2022
LevelCarrying
amount		Fair
 value		Appreciation /
(depreciation)		Carrying
amount		Fair
 value		Appreciation /
(depreciation)
Financial assets
Cash and cash equivalentsLevel 11,646,648 1,646,648 — 2,100,787 2,100,787 — 
Securities purchased under agreements to resellLevel 2187,274 187,274 — 59,871 59,871 — 
Short-term investmentsLevel 11,038,037 1,038,037 — 884,478 884,478 — 
Investments held-to-maturityLevel 23,461,097 2,976,709 (484,388)3,738,080 3,197,508 (540,572)
Loans, net of allowance for credit lossesLevel 24,745,849 4,700,532 (45,317)5,096,430 5,049,570 (46,860)
Other real estate owned¹Level 2450 450 — 800 800 — 
Financial liabilities
Term depositsLevel 23,727,794 3,732,610 (4,816)3,107,248 3,108,511 (1,263)
Long-term debtLevel 298,490 96,145 2,345 172,289 177,919 (5,630)
¹ The current carrying value of OREO is adjusted to fair value only when there is devaluation below carrying value.
Note 18: Interest rate risk

The following tables set out the assets, liabilities and shareholders' equity on the date of the earlier of contractual maturity, expected maturity or repricing date. Use of these tables to derive information about the Bank’s interest rate risk position is limited by the fact that customers may choose to terminate their financial instruments at a date earlier than the contractual maturity or repricing date. Examples of this include fixed-rate mortgages, which are shown at contractual maturity but which may be subject to early prepayment, and certain term deposits, which are shown at contractual maturity but which may be withdrawn before their contractual maturity subject to prepayment penalties. Investments are shown based on remaining contractual maturities. The remaining contractual principal maturities for mortgage-backed securities (primarily US government agencies) do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.
December 31, 2023Earlier of contractual maturity or repricing date
(in $ millions)Within 3
 months		3 to 6
 months 		6 to 12
 months		1 to 5
 years 		After
 5 years		Non-interest
 bearing funds 		Total
Assets
Cash and cash equivalents1,555 — — — — 92 1,647 
Securities purchased under agreement to resell187 — — — — — 187 
Short-term investments665 322 51 — — — 1,038 
Investments 174 52 156 765 4,145 — 5,292 
Loans 2,378 114 330 1,548 338 38 4,746 
Other assets— — — — — 464 464 
Total assets 4,959 488 537 2,313 4,483 594 13,374 
Liabilities and shareholders' equity
Shareholders’ equity— — — — — 1,004 1,004 
Demand deposits5,602 — — — — 2,657 8,259 
Term deposits2,676 489 479 84 — — 3,728 
Other liabilities— — — — — 285 285 
Long-term debt— — — 98 — — 98 
Total liabilities and shareholders' equity8,278 489 479 182 — 3,946 13,374 
Interest rate sensitivity gap(3,319)(1)58 2,131 4,483 (3,352)— 
Cumulative interest rate sensitivity gap(3,319)(3,320)(3,262)(1,131)3,352 — — 
December 31, 2022Earlier of contractual maturity or repricing date
(in $ millions)Within 3
 months		3 to 6
 months 		6 to 12
 months		1 to 5
 years 		After
 5 years		Non-interest
 bearing funds 		Total
Assets
Cash and cash equivalents2,008 — — — — 93 2,101 
Securities purchased under agreement to resell60 — — — — — 60 
Short-term investments406 422 56 — — — 884 
Investments 6 8 179 943 4,592 — 5,728 
Loans2,927 35 166 1,533 406 29 5,096 
Other assets— — — — — 437 437 
Total assets5,407 465 401 2,476 4,998 559 14,306 
Liabilities and shareholders' equity
Shareholders’ equity— — — — — 865 865 
Demand deposits6,819 25 — — — 3,040 9,884 
Term deposits2,126 457 437 87 — — 3,107 
Other liabilities— — — — — 278 278 
Long-term debt— 75 — 97 — — 172 
Total liabilities and shareholders' equity8,945 557 437 184 — 4,183 14,306 
Interest rate sensitivity gap(3,538)(92)(36)2,292 4,998 (3,624)— 
Cumulative interest rate sensitivity gap(3,538)(3,630)(3,666)(1,374)3,624 — —