Download table as excel file Download table as excel file| Capital | Other | Available | Cash flow | Currency | ||||||||||
| redemption | capital | for sale | hedging | translation | ||||||||||
| reserve | reserve | reserve | reserve | reserve | Total | |||||||||
| £m | £m | £m | £m | £m | £m | |||||||||
| At 1st January 2007 | 309 | 617 | 132 | (230) | (438) | 390 | ||||||||
| Net gains from changes in fair value | – | – | 480 | 182 | – | 662 | ||||||||
| Net (gains)/losses transferred to net profit | – | – | (560) | 198 | – | (362) | ||||||||
| Currency translation differences | – | – | – | – | 29 | 29 | ||||||||
| Losses transferred to net profit due to impairment | – | – | 13 | – | – | 13 | ||||||||
| Changes in insurance liabilities | – | – | 22 | – | – | 22 | ||||||||
| Net losses transferred to net profit due to fair value hedging | – | – | 68 | – | – | 68 | ||||||||
| Tax | – | – | (1) | (124) | 102 | (23) | ||||||||
| Repurchase of shares | 75 | – | – | – | – | 75 | ||||||||
| At 31st December 2007 | 384 | 617 | 154 | 26 | (307) | 874 | ||||||||
Download table as excel file| Capital | Other | Available | Cash flow | Currency | ||||||||||
| redemption | capital | for sale | hedging | translation | ||||||||||
| reserve | reserve | reserve | reserve | reserve | Total | |||||||||
| £m | £m | £m | £m | £m | £m | |||||||||
| At 1st January 2006 | 309 | 617 | 225 | 70 | 156 | 1,377 | ||||||||
| Net gains/(losses) from changes in fair value | – | – | 71 | (421) | – | (350) | ||||||||
| Net gains transferred to net profit | – | – | (308) | (51) | – | (359) | ||||||||
| Currency translation differences | – | – | – | – | (464) | (464) | ||||||||
| Losses transferred to net profit due to impairment | – | – | 86 | – | – | 86 | ||||||||
| Changes in insurance liabilities | – | – | 23 | – | – | 23 | ||||||||
| Net losses transferred to net profit due to fair value hedging | – | – | 13 | – | – | 13 | ||||||||
| Tax | – | – | 22 | 172 | (130) | 64 | ||||||||
| At 31st December 2006 | 309 | 617 | 132 | (230) | (438) | 390 | ||||||||
The capital redemption reserve and other capital reserve represent transfers from retained earnings in accordance with relevant legislation. These reserves are not distributable.
The available for sale reserve represents the unrealised change in the fair value of available for sale investments since initial recognition.
The cash flow hedging reserve represents the cumulative gains and losses on effective cash flow hedging instruments that will be recycled to the income statement when the hedged transactions affect profit or loss.
The currency translation reserve represents the cumulative gains and losses on the retranslation of the Group’s net investment in foreign operations, net of the effects of hedging.
Gains and losses transferred from the cash flow hedging reserve were to: interest income: £93m loss (2006: £7m loss), interest expense: £11m gain (2006: £73m gain), net trading income: £100m loss (2006: £15m loss), and administration and general expenses: £16m loss (2006: £nil).