14. Equity shares
| Group | ||||||
| Listed £m |
Unlisted £m |
2006 Total £m |
Listed £m |
Unlisted £m |
2005 Total £m |
|
| Held-for-trading | 3,033 | 5 | 3,038 | 2,937 | 4 | 2,941 |
| Designated as at fair value through profit or loss | 2,051 | 559 | 2,610 | 2,113 | 428 | 2,541 |
| Available-for-sale | 6,367 | 1,489 | 7,856 | 704 | 3,115 | 3,819 |
| 11,451 | 2,053 | 13,504 | 5,754 | 3,547 | 9,301 | |
| Available-for-sale | ||||||
| Gross unrealised gains | 4,377 | 177 | 4,554 | 168 | 54 | 222 |
| Gross unrealised losses | — | (6) | (6) | (5) | (8) | (13) |
| 4,377 | 171 | 4,548 | 163 | 46 | 209 | |
Listed equity shares include the Group’s investment in Bank of China which, following its successful IPO in 2006, is carried at fair value and showed an uplift of £4 billion in the year.
Gross gains of £357 million (2005 – £618 million) and gross losses of £3 million (2005 – £4 million) were realised on the sale of available-for-sale equity shares. Gross gains of £96 million were realised on the sale of investment securities in 2004.
Dividend income from available-for-sale equity shares was £92 million (2005 – £108 million; 2004 – £79 million).
At 31 December 2006, gross unrealised losses of £6 million represented 22 equity issues with a fair value of £26 million. No securities were in an unrealised loss position for more than 12 months.
Unquoted equity investments whose fair value cannot be reliably measured are carried at cost and classified as available-for-sale financial assets. They include the Group’s investments in the Federal Home Loans Bank and Federal Reserve Bank that are redeemable at cost of £0.8 billion (2005 – £0.8 billion), and prior to listing in 2006, the Group’s investment in Bank of China, together with a number of individually small shareholdings including those received in trouble debt restructurings. Disposals in the year generated gains of £56 million (2005 – £85 million).
© 2007