Notes 11-15

15 Equity shares

Group
2007 2006
Listed
£m		 Unlisted
£m		 Total
£m		 Listed
£m		 Unlisted
£m		 Total
£m
Held-for-trading 33,696 3,850 37,546 3,033 5 3,038
Designated as at fair value through profit or loss 1,856 6,010 7,866 2,051 559 2,610
Available-for-sale 5,622 1,992 7,614 6,367 1,489 7,856
41,174 11,852 53,026 11,451 2,053 13,504
Available-for-sale
Gross unrealised gains 3,467 130 3,597 4,377 177 4,554
Gross unrealised losses (3) (7) (10) – (6) (6)

Gross gains of £475 million (2006 – £357 million) and gross losses of £9 million (2006 – £3 million) were realised on the sale of available-for-sale equity shares.

Dividend income from available-for-sale equity shares was £137 million (2006 – £92 million; 2005 – £108 million).

The Group's private equity investments are generally unquoted. They are held for capital appreciation over the medium term. In December 2007, the Group disposed of a significant proportion of its private equity portfolio to private equity funds managed by the Group.

Unquoted equity investments whose fair value cannot be reliably measured are carried at cost and classified as available-for-sale financial assets. They include capital stock (redeemable at cost) in the Federal Home Loans Bank and the Federal Reserve Bank of £0.5 billion (2006 – £0.8 billion) that the Group's banking subsidiaries in the US are required to hold; and a number of individually small shareholdings in unlisted companies. Disposals in the year generated gains of £0.5 million (2006 – £56 million; 2005 – £85 million) based on cost of sales of £4 million (2006 – £14 million; 2005 – £17 million).

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