Derivative financial instruments (Tables)

12 Months Ended

Dec. 31, 2017

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Summary of Outstanding Derivative Financial Instruments

The Group’s approach to the management of financial risks is set out in note 19. The Group’s outstanding derivative financial instruments are as follows:

	2017							2016
All figures in £ millions	Gross notional amounts		Assets		Liabilities			Gross notional amounts		Assets		Liabilities
Interest rate derivatives – in a fair value hedge relationship		799		23		—			2,157		68		(4	)
Interest rate derivatives – not in a hedge relationship		429		3		—			1,187		3		(7	)
Cross-currency rate derivatives – in a hedge relationship		1,522		114		(140	)		1,622		100		(253	)
Total		2,750		140		(140	)		4,966		171		(264	)
Analysed as expiring:
In less than one year		—		—		—			162		—		—
Later than one year and not later than five years		1,638		65		(95	)		2,776		86		(157	)
Later than five years		1,112		75		(45	)		2,028		85		(107	)
Total		2,750		140		(140	)		4,966		171		(264	)

Disclosure of Derivative Financial Assets and Liabilities Subject to Offsetting Arrangements

Derivative financial assets and liabilities subject to offsetting arrangements are as follows:

	2017								2016
All figures in £ millions	Gross derivative assets		Gross derivative liabilities			Net derivative assets/ liabilities			Gross derivative assets		Gross derivative liabilities			Net derivative assets/ liabilities
Counterparties in an asset position		103		(78	)		25			30		(11	)		19
Counterparties in a liability position		37		(62	)		(25	)		141		(253	)		(112	)
Total as presented in the balance sheet		140		(140	)		—			171		(264	)		(93	)