UK banks’ derivatives books shrunk at year-end
The gross fair value of portfolios declined 22%
The gross value of derivatives – assets plus liabilities – held by UK banks fell by more than one-fifth over the last three months of 2019, Bank of England data shows.
At end-December, outstanding values stood at £4.9 trillion ($6.1 trillion), 22% lower quarter-on-quarter, though up 8% on a year ago.
Outstanding swaps between UK banks and other financial corporations fell the most in percentage terms, decreasing 25% to £1.1 trillion over the first quarter. Interbank positions, and those
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