Securities

Securities

The following table analyses the book value of securities which are carried at fair value.

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2007  2006  2005 
Amortised  Amortised  Amortised 
Book value  cost  Book value  cost  Book value  cost 
£m  £m  £m  £m  £m  £m 
Investment securities – available for sale 
Debt securities: 
United Kingdom government  78  81  758  761  31  31 
Other government  7,383  7,434  12,587  12,735  14,860  14,827 
Other public bodies  634  632  280  277  216  216 
Mortgage and asset backed securities  1,367  1,429  1,706  1,706  3,062  3,062 
Corporate issuers  19,664  19,649  27,089  27,100  25,590  25,597 
Other issuers  9,547  9,599  5,492  5,450  6,265  6,257 
Equity securities  1,676  1,418  1,371  1,047  1,250  1,007 
Investment securities – available for sale  40,349  40,242  49,283  49,076  51,274  50,997 
Other securities – held for trading 
Debt securities: 
United Kingdom government  3,832  n/a  4,986  n/a  4,786  n/a 
Other government  51,104  n/a  46,845  n/a  46,426  n/a 
Mortgage and asset backed securities  37,038  n/a  29,606  n/a  17,644  n/a 
Bank and building society certificates of deposit  17,751  n/a  14,159  n/a  15,837  n/a 
Other issuers  43,053  n/a  44,980  n/a  43,674  n/a 
Equity securities  36,307  n/a  31,548  n/a  20,299  n/a 
Other securities – held for trading  189,085  n/a  172,124  n/a  148,666  n/a 

Investment debt securities include government securities held as part of the Group’s treasury management portfolio for asset and liability, liquidity and regulatory purposes and are for use on a continuing basis in the activities of the Group. In addition, the Group holds as investments listed and unlisted corporate securities.

Mortgage and asset backed securities and other issuers within held for trading debt securities have been restated in 2006 and 2005 to reflect changes in classification of assets.

Bank and building society certificates of deposit are freely negotiable and have original maturities of up to five years, but are typically held for shorter periods.

In addition to UK government securities shown above, at 31st December 2007, 2006 and 2005, the Group held the following government securities which exceeded 10% of shareholders’ equity.

Government securities
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2007  2006  2005 
Book value  Book value  Book value 
£m  £m  £m 
United States  15,156  18,343  16,093 
Japan  9,124  15,505  14,560 
Germany  5,136  4,741  6,376 
France  3,538  4,336  4,822 
Italy  5,090  3,419  4,300 
Spain  3,674  2,859  2,456 
Netherlands  1,270  395  2,791 

Maturities and yield of available for sale debt securities

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Maturing within Maturing after one but Maturing after five but Maturing after
one year: within five years: within ten years: ten years: Total:
Amount  Yield  Amount  Yield  Amount  Yield  Amount  Yield  Amount  Yield 
£m  %  £m  %  £m  %  £m  %  £m  % 
Government  1,354  5.8  3,997  4.0  788  1.6  1,322  1.1  7,461  3.5 
Other public bodies  546  8.6  78  1.3  –  –  10  5.2  634  7.7 
Other issuers  11,849  5.2  12,542  4.9  4,343  5.6  1,844  7.0  30,578  5.2 
Total book value  13,749  5.4  16,617  4.6  5,131  5.0  3,176  4.5  38,673  5.0 

The yield for each range of maturities is calculated by dividing the annualised interest income prevailing at 31st December 2007 by the fair value of securities held at that date.