v3.25.2
Credit Risk (Tables)
6 Months Ended
Jun. 30, 2025
Disclosure of credit risk exposure [abstract]  
Disclosure of loans and advances at amortised cost by geography and by product
Total loans and advances at amortised cost in the credit risk section includes loans and advances at amortised cost to banks and loans and advances at amortised cost to customers.
The table below presents a product and geographical breakdown of loans and advances at amortised cost and the impairment allowance by stage; and includes purchased or originated credit-impaired (POCI) balances. POCI balances represent a fixed pool of assets purchased at a deep discount to face value reflecting credit losses incurred from the point of origination to date of acquisition. The table also presents stage allocation of debt securities and off-balance sheet loan commitments and financial guarantee contracts.
The impairment allowance under IFRS 9 considers both the drawn and the undrawn counterparty exposure. For retail portfolios, the total impairment allowance is allocated to gross loans and advances to the extent allowance does not exceed the drawn exposure and any excess is reported on the liabilities side of the balance sheet as a provision. For wholesale portfolios, impairment allowance on undrawn exposure is reported on the liability side of the balance sheet as a provision. .
Gross exposureImpairment allowance
Stage 1Stage 2 Stage 3 excluding POCIStage 3 POCITotalStage 1Stage 2 Stage 3 excluding POCIStage 3 POCITotal
As at 30.06.25£m£m£m£m£m£m£m£m£m£m
Retail mortgages151,15317,1511,721170,025355964158
Retail credit cards13,7932,4012332816,455160441136737
Retail other10,0011,4332721411,72099151182432
Corporate loans1
53,5657,2471,72362,535135215418768
Total UK228,51228,2323,94942260,7354298668002,095
Retail mortgages1,708741631,94522022
Retail credit cards15,9752,6631,61520,2532977511,3232,371
Retail other2,2441671302,541421723
Corporate loans62,3343,7041,26267,30081141213435
Total Rest of the World82,2616,6083,17092,0393848941,5732,851
Total loans and advances at amortised cost310,77334,8407,11942352,7748131,7602,3734,946
Debt securities at amortised cost69,25270869,960121224
Total loans and advances at amortised cost including debt securities380,02535,5487,11942422,7348251,7722,3734,970
Off-balance sheet loan commitments and financial guarantee contracts2
398,67517,0549435416,67716423922425
Total3,4
778,70052,6028,06247839,4119892,0112,3955,395
Net exposureCoverage ratio
Stage 1Stage 2 Stage 3 excluding POCIStage 3 POCITotalStage 1Stage 2Stage 3 excluding POCIStage 3 POCITotal
As at 30.06.25£m£m£m£m£m%%%%%
Retail mortgages151,11817,0921,657169,867— 0.3 3.7 — 0.1 
Retail credit cards13,6331,960972815,7181.2 18.4 58.4 — 4.5 
Retail other9,9021,282901411,2881.0 10.5 66.9 — 3.7 
Corporate loans1
53,4307,0321,30561,7670.3 3.0 24.3 — 1.2 
Total UK228,08327,3663,14942258,6400.2 3.1 20.3  0.8 
Retail mortgages1,706741431,9230.1 — 12.3 — 1.1 
Retail credit cards15,6781,91229217,8821.9 28.2 81.9 — 11.7 
Retail other2,2401651132,5180.2 1.2 13.1 — 0.9 
Corporate loans62,2533,5631,04966,8650.1 3.8 16.9 — 0.6 
Total Rest of the World81,8775,7141,59789,1880.5 13.5 49.6  3.1 
Total loans and advances at amortised cost309,96033,0804,74642347,8280.3 5.1 33.3 — 1.4 
Debt securities at amortised cost69,24069669,936— 1.7 — — — 
Total loans and advances at amortised cost including debt securities379,20033,7764,74642417,7640.2 5.0 33.3  1.2 
Off-balance sheet loan commitments and financial guarantee contracts2
398,51116,8159215416,252— 1.4 2.3 — 0.1 
Total3,4
777,71150,5915,66747834,0160.1 3.8 29.7  0.6 
1Includes Business Banking, which has a gross exposure of £12.7bn and an impairment allowance of £346m. This comprises £61m impairment allowance on £8.8bn Stage 1 exposure, £62m on £2.8bn Stage 2 exposure and £223m on £1.1bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is 0.8%.
2Excludes loan commitments and financial guarantees of £18.8bn carried at fair value.
3Other financial assets subject to impairment excluded in the table above include cash collateral and settlement balances, reverse repurchase agreements and other similar secured lending, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of £239.2bn and an impairment allowance of £150m. This comprises £23m impairment allowance on £238.2bn Stage 1 exposure, £4m on £0.9bn Stage 2 exposure and £123m on £128m Stage 3 exposure.
4The annualised loan loss rate is 52bps after applying the total impairment charge of £1,112m.
Gross exposureImpairment allowance
Stage 1Stage 2 Stage 3 excluding POCIStage 3 POCITotalStage 1Stage 2 Stage 3 excluding POCIStage 3 POCITotal
As at 31.12.24£m£m£m£m£m£m£m£m£m£m
Retail mortgages145,03919,5071,793166,339366161158
Retail credit cards13,4972,0641794015,78021944091750
Retail other10,6061,2182571712,098135110138383
Corporate loans1
52,2847,2662,17161,721133196420749
Total UK221,42630,0554,40057255,9385238077102,040
Retail mortgages1,651891691,909212629
Retail credit cards17,6292,9531,72422,3063348071,4162,557
Retail other1,8441551212,120312327
Corporate loans64,2243,90194569,07076135206417
Total Rest of the World85,3487,0982,95995,4054159441,6713,030
Total loans and advances at amortised cost306,77437,1537,35957351,3439381,7512,3815,070
Debt securities at amortised cost64,9883,24568,233121123
Total loans and advances at amortised cost including debt securities371,76240,3987,35957419,5769501,7622,3815,093
Off-balance sheet loan commitments and financial guarantee contracts2
412,25518,7281,1686432,15716425025439
Total3,4
784,01759,1268,52763851,7331,1142,0122,4065,532
Net exposureCoverage ratio
Stage 1Stage 2 Stage 3 excluding POCIStage 3 POCITotalStage 1Stage 2Stage 3 excluding POCIStage 3 POCITotal
As at 31.12.24£m£m£m£m£m%%%%%
Retail mortgages145,00319,4461,732166,181— 0.3 3.4 — 0.1 
Retail credit cards13,2781,624884015,0301.6 21.3 50.8 — 4.8 
Retail other10,4711,1081191711,7151.3 9.0 53.7 — 3.2 
Corporate loans1
52,1517,0701,75160,9720.3 2.7 19.3 — 1.2 
Total UK220,90329,2483,69057253,8980.2 2.7 16.1  0.8 
Retail mortgages1,649881431,8800.1 1.1 15.4 — 1.5 
Retail credit cards17,2952,14630819,7491.9 27.3 82.1 — 11.5 
Retail other1,841154982,0930.2 0.6 19.0 — 1.3 
Corporate loans64,1483,76673968,6530.1 3.5 21.8 — 0.6 
Total Rest of the World84,9336,1541,28892,3750.5 13.3 56.5  3.2 
Total loans and advances at amortised cost305,83635,4024,97857346,2730.3 4.7 32.4 — 1.4 
Debt securities at amortised cost64,9763,23468,210— 0.3 — — — 
Total loans and advances at amortised cost including debt securities370,81238,6364,97857414,4830.3 4.4 32.4  1.2 
Off-balance sheet loan commitments and financial guarantee contracts2
412,09118,4781,1436431,718— 1.3 2.1 — 0.1 
Total3,4
782,90357,1146,12163846,2010.1 3.4 28.2  0.6 
1Includes Business Banking, which has a gross exposure of £13.1bn and an impairment allowance of £356m. This comprises £60m impairment allowance on £8.9bn Stage 1 exposure, £60m on £2.8bn Stage 2 exposure and £236m on £1.5bn Stage 3 exposure. Excluding this, total coverage for corporate loans in UK is 0.8%.
2Excludes loan commitments and financial guarantees of £16.3bn carried at fair value and includes exposures relating to financial assets classified as assets held for sale.
3Other financial assets subject to impairment excluded in the table above include cash collateral and settlement balances, reverse repurchase agreements and other similar secured lending, financial assets at fair value through other comprehensive income and other assets. These have a total gross exposure of £204.2bn and an impairment allowance of £156m. This comprises £19m impairment allowance on £202.7bn Stage 1 exposure, £7m on £1.3bn Stage 2 exposure and £130m on £139m Stage 3 exposure.
4The annualised loan loss rate is 46bps after applying the total impairment charge of £1,982m.
Loans and advances at amortised cost by product
The table below presents a product breakdown by stages of loans and advances at amortised cost. Also included is a breakdown of Stage 2 past due balances.
Stage 2
As at 30.06.25Stage 1Not past due<=30 days past due>30 days past dueTotalStage 3 excluding POCIStage 3 POCITotal
Gross exposure£m£m£m£m£m£m£m£m
Retail mortgages152,861 14,293 2,149 783 17,225 1,884 — 171,970 
Retail credit cards29,768 4,518 292 254 5,064 1,848 28 36,708 
Retail other12,245 1,337 187 76 1,600 402 14 14,261 
Corporate loans115,899 10,778 79 94 10,951 2,985 — 129,835 
Total310,773 30,926 2,707 1,207 34,840 7,119 42 352,774 
Impairment allowance
Retail mortgages37 29 17 13 59 84 — 180 
Retail credit cards457 940 111 141 1,192 1,459 — 3,108 
Retail other103 104 24 25 153 199 — 455 
Corporate loans216 343 356 631 — 1,203 
Total813 1,416 157 187 1,760 2,373 4,946 
Net exposure
Retail mortgages152,824 14,264 2,132 770 17,166 1,800 — 171,790 
Retail credit cards29,311 3,578 181 113 3,872 389 28 33,600 
Retail other12,142 1,233 163 51 1,447 203 14 13,806 
Corporate loans115,683 10,435 74 86 10,595 2,354 — 128,632 
Total309,960 29,510 2,550 1,020 33,080 4,746 42 347,828 
Coverage ratio%%%%%%%%
Retail mortgages— 0.2 0.8 1.7 0.3 4.5 — 0.1 
Retail credit cards1.5 20.8 38.0 55.5 23.5 79.0 — 8.5 
Retail other0.8 7.8 12.8 32.9 9.6 49.5 — 3.2 
Corporate loans0.2 3.2 6.3 8.5 3.3 21.1 — 0.9 
Total0.3 4.6 5.8 15.5 5.1 33.3  1.4 
As at 31.12.24
Gross exposure£m£m£m£m£m£m£m£m
Retail mortgages146,690 16,790 2,034 772 19,596 1,962 — 168,248 
Retail credit cards31,126 4,435 303 279 5,017 1,903 40 38,086 
Retail other12,450 1,056 211 106 1,373 378 17 14,218 
Corporate loans116,508 10,849 144 174 11,167 3,116 — 130,791 
Total306,774 33,130 2,692 1,331 37,153 7,359 57 351,343 
Impairment allowance
Retail mortgages38 42 13 62 87 — 187 
Retail credit cards553 959 122 166 1,247 1,507 — 3,307 
Retail other138 76 17 18 111 161 — 410 
Corporate loans209 316 331 626 — 1,166 
Total938 1,393 159 199 1,751 2,381  5,070 
Net exposure
Retail mortgages146,652 16,748 2,021 765 19,534 1,875 — 168,061 
Retail credit cards30,573 3,476 181 113 3,770 396 40 34,779 
Retail other12,312 980 194 88 1,262 217 17 13,808 
Corporate loans116,299 10,533 137 166 10,836 2,490 — 129,625 
Total305,836 31,737 2,533 1,132 35,402 4,978 57 346,273 
Coverage ratio%%%%%%%%
Retail mortgages— 0.3 0.6 0.9 0.3 4.4 — 0.1 
Retail credit cards1.8 21.6 40.3 59.5 24.9 79.2 — 8.7 
Retail other1.1 7.2 8.1 17.0 8.1 42.6 — 2.9 
Corporate loans0.2 2.9 4.9 4.6 3.0 20.1 — 0.9 
Total0.3 4.2 5.9 15.0 4.7 32.4  1.4 
Disclosure of movement in gross exposures and impairment allowance including provisions for loan commitments and financial guarantees
The following tables present a reconciliation of the opening to the closing balance of the gross exposure and impairment allowance.
Transfers between stages in the tables have been reflected as if they had taken place at the beginning of the period. 'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' includes additional drawdowns and partial repayments from existing facilities. Additionally, the below tables do not include other financial assets subject to impairment such as debt securities at amortised cost, reverse repurchase agreements and other similar secured lending, cash collateral and settlement balances, financial assets at fair value through other comprehensive income and other assets.

The movements are measured over a six-month period.
Loans and advances at amortised cost
Stage 1Stage 2Stage 3 excluding POCIStage 3 POCITotal
Gross exposureECLGross exposureECLGross exposureECLGross exposureECLGross exposureECL
Retail mortgages£m£m£m£m£m£m£m£m£m£m
As at 1 January 2025146,690 38 19,596 62 1,962 87 — — 168,248 187 
Transfers from Stage 1 to Stage 2(5,409)(2)5,409 — — — — — — 
Transfers from Stage 2 to Stage 16,592 21 (6,592)(21)— — — — — — 
Transfers to Stage 3(153)— (255)(4)408 — — — — 
Transfers from Stage 379 155 (234)(3)— — — — 
Business activity in the period15,180 385 26 — — — 15,591 
Refinements to models used for calculation— — — — — — — — — — 
Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes(3,839)(26)(563)21 (63)23 — — (4,465)18 
Final repayments(6,279)(2)(909)(3)(193)(9)— — (7,381)(14)
Disposals1
— — (1)(1)(9)(5)— — (10)(6)
Write-offs— — — — (13)(13)— — (13)(13)
As at 30 June 2025152,861 37 17,225 59 1,884 84   171,970 180 
Retail credit cards
As at 1 January 202531,126 553 5,017 1,247 1,903 1,507 40 — 38,086 3,307 
Transfers from Stage 1 to Stage 2(2,065)(59)2,065 59 — — — — — — 
Transfers from Stage 2 to Stage 11,488 306 (1,488)(306)— — — — — — 
Transfers to Stage 3(298)(12)(636)(272)934 284 — — — — 
Transfers from Stage 312 15 (27)(12)— — — — 
Business activity in the period1,951 31 171 38 — — 2,123 70 
Refinements to models used for calculation2
— 14 — (47)— — — — (32)
Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes(2,310)(377)(69)469 (200)385 (12)— (2,591)477 
Final repayments(136)(5)(11)(2)(2)(1)— — (149)(8)
Disposals1
— — — — (245)(190)— — (245)(190)
Write-offs— — — — (516)(516)— — (516)(516)
As at 30 June 202529,768 457 5,064 1,192 1,848 1,459 28  36,708 3,108 



1The £10m of gross disposals reported within Retail mortgages relate to sale of the Italian mortgage loans. The £245m of gross disposals reported within Retail credit cards relate to debt sales undertaken during the period.
2Refinements to models used for calculation reported within Retail credit cards include a £(32)m movement in the calculated ECL for the US Cards portfolio. These reflect model enhancements made during the period. Barclays continually reviews the output of models to determine accuracy of the ECL calculation including review of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that the models used continue to reflect the risks inherent across the businesses.
Loans and advances at amortised cost
Stage 1Stage 2Stage 3 excluding POCIStage 3 POCITotal
Gross exposureECLGross exposureECLGross exposureECLGross exposureECLGross exposureECL
Retail other£m£m£m£m£m£m£m£m£m£m
As at 1 January 202512,4501381,3731113781611714,218410
Transfers from Stage 1 to Stage 2(757)(12)75712
Transfers from Stage 2 to Stage 130920(309)(20)
Transfers to Stage 3(85)(1)(84)(22)16923
Transfers from Stage 323132(26)(3)
Business activity in the period2,96923180191143,16046
Refinements to models used for calculation
Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes(615)(54)(30)546798(3)(581)98
Final repayments(2,049)(12)(290)(3)(119)(12)(2,458)(27)
Disposals1
(21)(15)(21)(15)
Write-offs(57)(57)(57)(57)
As at 30 June 202512,2451031,6001534021991414,261455
Corporate loans
As at 1 January 2025116,50820911,1673313,116626130,7911,166
Transfers from Stage 1 to Stage 2(3,210)(17)3,21017
Transfers from Stage 2 to Stage 12,15646(2,156)(46)
Transfers to Stage 3(374)(2)(461)(25)83527
Transfers from Stage 32071022010(427)(20)
Business activity in the period16,320261,290273732517,98378
Refinements to models used for calculation2
(8)(6)(14)
Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes3
181(33)(732)86(370)199(921)252
Final repayments(15,888)(14)(1,585)(36)(260)(44)(17,733)(94)
Disposals1
(1)(1)(2)(2)(121)(21)(124)(24)
Write-offs(161)(161)(161)(161)
As at 30 June 2025115,89921610,9513562,985631129,8351,203














1The £21m of gross disposals reported within Retail other and £124m of gross disposals reported within Corporate loans relate to debt sales undertaken during the period.
2Refinements to models used for calculation reported within Corporate loans include a £(14)m movement in the calculated ECL for the IB portfolio. These reflect model enhancements made during the period. Barclays continually reviews the output of models to determine accuracy of the ECL calculation including review of model monitoring, external benchmarking and experience of model operation over an extended period of time. This helps to ensure that the models used continue to reflect the risks inherent across the businesses.
3'Net drawdowns, repayments, net re-measurement and movements due to exposure and risk parameter changes' reported within Corporate loans includes assets of £0.2bn de-recognised due to payment received on defaulted loans from government guarantees issued under the Government’s Bounce Back Loan Scheme.
Reconciliation of ECL movement to impairment charge/(release) for the period
Stage 1Stage 2Stage 3 excluding POCIStage 3 POCITotal
£m£m£m£m£m
Retail mortgages(1)(2)15 — 12
Retail credit cards(96)(55)658 — 507 
Retail other(35)42 110 — 117 
Corporate loans27 187 — 222 
ECL movements excluding disposals and write-offs1
(124)12 970 — 858 
ECL movement on loan commitments and other financial guarantees
— (11)(3)— (14)
ECL movement on other financial assets
(3)(7)— (6)
ECL movement on debt securities at amortised cost— — — 
Recoveries and reimbursements2
(4)(20)(77)— (101)
ECL charge on assets held for sale3
105 
Total exchange and other adjustments
269 
Total income statement charge for the period1,112 






























1In H125, gross write-offs amounted to £747m (H124: £760m) and post write-off recoveries amounted to £43m (H124: £38m). Net write-offs represent gross write-offs less post write-off recoveries and amounted to £704m (H124: £722m).
2Recoveries and reimbursements include £58m (H124: £18m) for reimbursements expected to be received under the arrangement where Group has entered into financial guarantee contracts which provide credit protection over certain assets with third parties and cash recoveries of previously written off amounts of £43m(H124: £38m).
3ECL charge on assets held for sale relate to the charges on a co-branded card portfolio in USCB and the German consumer finance business.
Loan commitments and financial guarantees1
Stage 1Stage 2Stage 3 excluding POCIStage 3 POCITotal
Gross
exposure
ECLGross
exposure
ECLGross
exposure
ECLGross
exposure
ECLGross
exposure
ECL
Retail mortgages
£m£m£m£m£m£m£m£m£m£m
As at 1 January 202511,093340211,435
Net transfers between stages(22)202
Business activity in the period10,082610,088
Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes(8,050)(27)(2)(8,079)
Limit management and final repayments(171)(19)(1)(191)
As at 30 June 202512,932314713,253
Retail credit cards
As at 1 January 2025162,471532,515131226165,11466
Net transfers between stages(2,001)101,977(10)24
Business activity in the period9,1621113629,29813
Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes(7,840)(16)(1,284)14(26)(1)(9,151)(2)
Limit management and final repayments(6,172)(5)(122)(5)(11)(6,305)(10)
Disposals2
(5,203)(217)(10)(5,430)
As at 30 June 2025150,417533,00514995153,52667
Retail other
As at 1 January 20258,4166440258,8816
Net transfers between stages(10)10
Business activity in the period3646370
Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes(126)(3)(14)(7)(147)(3)
Limit management and final repayments(573)(25)(3)(601)
Disposals2
(743)(30)(1)(774)
As at 30 June 20257,3283381207,7293
Corporate loans
As at 1 January 2025230,27510515,4332371,01925246,727367
Net transfers between stages(77)23(77)(22)154(1)
Business activity in the period52,278231,166316853,51254
Net drawdowns, repayments, net re-measurement and movement due to exposure and risk parameter changes(4,520)(29)(1,182)17(261)(5,963)(12)
Limit management and final repayments(49,958)(14)(1,986)(38)(163)(2)(52,107)(54)
As at 30 June 2025227,99810813,35422581722242,169355











1 Loan commitments reported also include financial assets classified as held for sale.
2The gross disposals reported within Retail credit card and Retail other relate to the German consumer finance business; sale of which was completed in Q125.
Disclosure of management adjustment to models for impairment
Management adjustments to models for impairment allowance presented by product and geography1
Impairment allowance pre management adjustments2
Economic uncertainty adjustmentsOther adjustments
Management adjustments3
Total impairment allowance4
Proportion of Management adjustments to Total impairment allowance
(a)(b)(a+b)
As at 30.06.25£m£m£m£m£m%
Retail mortgages50367210815868.4 
Retail credit cards883(127)(127)756(16.8)
Retail other350848443419.4 
Corporate loans7674340838509.8 
Total UK2,05079691482,1986.7 
Retail mortgages2222— 
Retail credit cards5
2,38930302,4191.2 
Retail other2424— 
Corporate loans5
71944(55)(11)708(1.6)
Total Rest of the World3,15474(55)193,1730.6 
Total5,204153141675,3713.1 
Debt securities at amortised cost2311244.2 
Total including debt securities at amortised cost5,227154141685,3953.1 
As at 31.12.24£m£m£m£m£m%
Retail mortgages51367110715867.7 
Retail credit cards787(22)(22)765(2.9)
Retail other298909038823.2 
Corporate loans7594239818409.6 
Total UK1,895781782562,15111.9 
Retail mortgages2929— 
Retail credit cards2,631(23)(23)2,608(0.9)
Retail other24442814.3 
Corporate loans695(2)(2)693(0.3)
Total Rest of the World3,379(21)(21)3,358(0.6)
Total 5,274781572355,5094.3 
Debt securities at amortised cost30(7)(7)23(30.4)
Total including debt securities at amortised cost5,304781502285,5324.1 
Economic uncertainty adjustments presented by stage
Stage 1Stage 2Stage 3Total
As at 30.06.25£m£m£m£m
Retail mortgages7181136
Retail credit cards
Retail other
Corporate loans2512643
Total UK32301779
Retail mortgages
Retail credit cards3030
Retail other
Corporate loans133144
Total Rest of the World136174
Total459117153
Debt securities at amortised cost11
Total including debt securities at amortised cost469117154
As at 31.12.24£m£m£m£m
Retail mortgages7181136
Retail credit cards
Retail other
Corporate loans2610642
Total UK33281778
Retail mortgages
Retail credit cards
Retail other
Corporate loans
Total Rest of the World
Total33281778
Debt securities at amortised cost
Total including debt securities at amortised cost33281778
1Positive values reflect an increase in impairment allowance and negative values reflect a reduction in the impairment allowance.
2Includes £4.5bn (December 2024: £4.7bn) of modelled ECL, £0.5bn (December 2024: £0.5bn) of individually assessed impairments, £(0.2)bn (December 2024: £(0.3)bn) of ECL from assets held for sale (co-branded card portfolio) and £0.4bn (December 2024: £0.4bn) of ECL from non-modelled exposures and debt securities.
3Management adjustments related to other financial assets subject to impairment not included in the table above include cash collateral and settlement balances £nil (December 2024: £(1)m), reverse repurchase agreements £1m (December 2024: £(2)m) and financial assets at fair value through other comprehensive income £nil (December 2024: £(2)m) within the IB portfolio.
4Total impairment allowance consists of ECL stock on drawn and undrawn exposure.
5Economic uncertainty adjustment of £87m is split £36m in USCB (including £6m in HFS) and £51m in IB, primarily reported within Corporate loans (ROW).
Disclosure of macroeconomic variables
Macroeconomic variables used in the calculation of ECL
As at 30.06.2520252026202720282029
Baseline%%%%%
UK GDP1
0.7 1.2 1.5 1.6 1.7 
UK unemployment2
4.6 4.7 4.7 4.6 4.6 
UK HPI3
2.1 2.3 2.3 3.5 3.9 
UK bank rate6
4.1 3.8 3.8 3.8 3.9 
US GDP1
1.9 1.4 2.0 2.0 2.0 
US unemployment4
4.4 4.6 4.6 4.6 4.6 
US HPI5
2.8 2.0 2.0 2.0 2.0 
US federal funds rate6
4.3 3.6 3.6 3.8 3.8 
Downside 2
UK GDP1
(0.2)(3.4)1.7 2.6 1.8 
UK unemployment2
4.9 7.6 7.5 5.9 5.3 
UK HPI3
(9.4)(20.6)1.2 18.1 10.0 
UK bank rate6
4.0 1.4 0.2 0.8 1.5 
US GDP1
0.9 (4.7)(0.2)2.3 2.3 
US unemployment4
4.6 7.3 7.8 6.4 5.8 
US HPI5
(1.6)(6.6)3.6 9.1 4.7 
US federal funds rate6
4.5 4.1 2.4 1.4 1.2 
Downside 1
UK GDP1
0.2 (1.1)1.6 2.1 1.8 
UK unemployment2
4.8 6.2 6.1 5.2 4.9 
UK HPI3
(3.7)(9.6)1.7 10.7 7.0 
UK bank rate6
4.1 3.1 2.2 2.3 2.7 
US GDP1
1.4 (1.6)0.9 2.1 2.1 
US unemployment4
4.5 5.9 6.2 5.5 5.2 
US HPI5
0.5 (2.4)2.8 5.5 3.4 
US federal funds rate6
4.3 3.9 2.9 2.6 2.6 
Upside 2
UK GDP1
1.1 3.9 3.2 2.6 2.3 
UK unemployment2
4.4 4.0 3.8 3.7 3.7 
UK HPI3
4.4 14.2 6.8 2.7 3.8 
UK bank rate6
4.1 3.1 2.5 2.6 2.9 
US GDP1
2.3 3.1 2.9 2.8 2.8 
US unemployment4
4.2 3.9 3.9 3.9 3.9 
US HPI5
5.2 4.3 5.3 4.9 4.9 
US federal funds rate6
4.1 2.9 2.8 2.8 2.8 
Upside 1
UK GDP1
0.9 2.5 2.4 2.1 2.0 
UK unemployment2
4.5 4.3 4.3 4.2 4.2 
UK HPI3
3.2 8.1 4.5 3.1 3.9 
UK bank rate6
4.1 3.4 3.3 3.3 3.4 
US GDP1
2.1 2.3 2.4 2.4 2.4 
US unemployment4
4.3 4.2 4.2 4.2 4.2 
US HPI5
4.0 3.1 3.7 3.4 3.4 
US federal funds rate6
4.3 3.3 3.3 3.5 3.5 
        
1Average Real GDP seasonally adjusted change in year.
2Average UK unemployment rate 16-year+.
3Change in year end UK HPI = Halifax HPI Meth2 All Houses, All Buyers index.
4Average US civilian unemployment rate 16-year+.
5Change in year end US HPI = FHFA House Price Index, relative to prior year end.
6Average rate.
As at 31.12.2420242025202620272028
Baseline%%%%%
UK GDP1
1.0 1.4 1.5 1.6 1.5 
UK unemployment2
4.3 4.4 4.5 4.4 4.4 
UK HPI3
2.8 3.3 1.6 4.5 3.0 
UK bank rate6
5.1 4.3 4.0 4.0 3.8 
US GDP1
2.7 2.0 2.0 2.0 2.0 
US unemployment4
4.1 4.3 4.2 4.2 4.2 
US HPI5
6.5 2.6 2.7 3.0 3.0 
US federal funds rate6
5.1 4.1 4.0 3.8 3.8 
Downside 2
UK GDP1
1.0 (2.3)(1.3)2.6 2.3 
UK unemployment2
4.3 6.2 8.1 6.6 5.5 
UK HPI3
2.8 (24.8)(5.2)10.0 14.6 
UK bank rate6
5.1 3.5 1.7 0.6 1.1 
US GDP1
2.7 (1.3)(1.3)3.3 2.9 
US unemployment4
4.1 5.8 7.2 6.2 5.5 
US HPI5
6.5 (8.0)(0.7)5.2 4.0 
US federal funds rate6
5.1 2.5 0.6 0.8 1.5 
Downside 1
UK GDP1
1.0 (0.5)0.1 2.1 1.9 
UK unemployment2
4.3 5.3 6.3 5.5 5.0 
UK HPI3
2.8 (11.6)(1.8)7.2 8.7 
UK bank rate6
5.1 3.9 2.9 2.3 2.4 
US GDP1
2.7 0.3 0.4 2.7 2.4 
US unemployment4
4.1 5.1 5.7 5.2 4.9 
US HPI5
6.5 (2.7)1.0 4.1 3.5 
US federal funds rate6
5.1 3.4 2.3 2.3 2.7 
Upside 2
UK GDP1
1.0 3.0 3.7 2.9 2.4 
UK unemployment2
4.3 3.8 3.4 3.5 3.5 
UK HPI3
2.8 11.9 8.4 5.1 4.1 
UK bank rate6
5.1 3.9 2.9 2.8 2.8 
US GDP1
2.7 2.8 3.1 2.8 2.8 
US unemployment4
4.1 3.8 3.5 3.5 3.5 
US HPI5
6.5 6.2 4.7 4.8 4.9 
US federal funds rate6
5.1 3.7 3.3 3.1 2.8 
Upside 1
UK GDP1
1.0 2.2 2.6 2.2 2.0 
UK unemployment2
4.3 4.1 4.0 4.0 4.0 
UK HPI3
2.8 7.6 4.9 4.8 3.5 
UK bank rate6
5.1 4.1 3.5 3.4 3.3 
US GDP1
2.7 2.4 2.6 2.4 2.4 
US unemployment4
4.1 4.0 3.9 3.9 3.9 
US HPI5
6.5 4.4 3.7 3.9 3.9 
US federal funds rate6
5.1 4.0 3.8 3.6 3.3 
1Average Real GDP seasonally adjusted change in year.
2Average UK unemployment rate 16-year+.
3Change in year end UK HPI = Halifax All Houses, All Buyers index, relative to prior year end.
4Average US civilian unemployment rate 16-year+.
5Change in year end US HPI = FHFA House Price Index, relative to prior year end.
6Average rate.
Scenario weightingUpside 2Upside 1BaselineDownside 1Downside 2
%%%%%
As at 30.06.25
Scenario weighting15.5 26.4 34.4 15.2 8.5 
As at 31.12.24
Scenario weighting17.4 26.8 32.5 14.7 8.6 
Specific bases show the most extreme position of each variable in the context of the downside/upside scenarios, for example, the highest unemployment for downside scenarios, average unemployment for baseline scenarios and lowest unemployment for upside scenarios. GDP and HPI downside and upside scenario data represent the lowest and highest cumulative position relative to the start point in the 20 quarter period.
Macroeconomic variables (specific bases)1
Upside 2Upside 1BaselineDownside 1Downside 2
As at 30.06.25%%%%%
UK GDP2
14.5 10.9 1.3 (1.3)(4.0)
UK unemployment3
3.7 4.2 4.6 6.5 8.4 
UK HPI4
35.8 25.0 2.8 (13.2)(28.1)
UK bank rate3
2.5 3.3 3.9 4.6 4.6 
US GDP2
14.8 12.0 1.8 (1.4)(5.3)
US unemployment3
3.9 4.1 4.5 6.5 8.4 
US HPI4
27.1 19.0 2.2 (2.2)(8.4)
US federal funds rate3
2.8 3.3 3.8 4.5 4.5 
As at 31.12.24%%%%%
UK GDP2
15.0 11.6 1.4 0.2 (2.9)
UK unemployment3
3.4 3.9 4.4 6.5 8.4 
UK HPI4
36.3 25.9 3.0 (11.3)(26.8)
UK bank rate3
2.8 3.3 4.2 5.3 5.3 
US GDP2
14.9 12.8 2.2 0.4 (2.1)
US unemployment3
3.5 3.8 4.2 5.9 7.5 
US HPI4
30.1 24.4 3.5 1.1 (4.0)
US federal funds rate3
2.8 3.3 4.2 5.3 5.3 
1UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK unemployment rate 16-year+; UK HPI (31.12.24) = Halifax All Houses, All Buyers Index; UK HPI (30.06.25) = Halifax HPI Meth2 All Houses, All Buyers index; US GDP = Real GDP growth seasonally adjusted; US unemployment = US civilian unemployment rate 16-year+; US HPI = FHFA House Price Index. 20 quarter period starts from Q125 (2024: Q124).
2Maximum growth relative to Q424 (2024: Q423), based on 20 quarter period in Upside scenarios; 5-year yearly average Compound Annual Growth Rate(CAGR) in Baseline; minimum growth relative to Q424 (2024: Q423), based on 20 quarter period in Downside scenarios.
3Lowest quarter in 20 quarter period in Upside scenarios; 5-year average in Baseline; highest quarter 20 quarter period in Downside scenarios.
4Maximum growth relative to Q424 (2024: Q423), based on 20 quarter period in Upside scenarios; 5-year quarter end CAGR in Baseline; minimum growth relative to Q424 (2024: Q423), based on 20 quarter period in Downside scenarios.
Average basis represents the average quarterly value of variables in the 20 quarter period with GDP and HPI based on yearly average and quarterly CAGRs respectively.
Macroeconomic variables (5-year averages)1
Upside 2Upside 1BaselineDownside 1Downside 2
As at 30.06.25%%%%%
UK GDP2
2.6 2.0 1.3 0.9 0.5 
UK unemployment3
3.9 4.3 4.6 5.4 6.2 
UK HPI4
6.3 4.6 2.8 0.9 (1.1)
UK bank rate3
3.0 3.5 3.9 2.9 1.6 
US GDP2
2.8 2.3 1.8 1.0 0.1 
US unemployment3
3.9 4.2 4.5 5.4 6.4 
US HPI4
4.9 3.5 2.2 1.9 1.7 
US federal funds rate3
3.1 3.6 3.8 3.3 2.7 
As at 31.12.24%%%%%
UK GDP2
2.6 2.0 1.4 0.9 0.5 
UK unemployment3
3.7 4.0 4.4 5.3 6.1 
UK HPI4
6.4 4.7 3.0 0.8 (1.6)
UK bank rate3
3.5 3.9 4.2 3.3 2.4 
US GDP2
2.9 2.5 2.2 1.7 1.2 
US unemployment3
3.7 3.9 4.2 5.0 5.8 
US HPI4
5.4 4.5 3.5 2.4 1.2 
US federal funds rate3
3.6 4.0 4.2 3.2 2.1 
1UK GDP = Real GDP growth seasonally adjusted; UK unemployment = UK unemployment rate 16-year+; UK HPI (31.12.24) = Halifax All Houses, All Buyers Index; UK HPI (30.06.25) = Halifax HPI Meth2 All Houses, All Buyers index; US GDP = Real GDP growth seasonally adjusted; US unemployment = US civilian unemployment rate 16-year+; US HPI = FHFA House Price Index. 20 quarter period starts from Q125 (2024: Q124).
25-year yearly average CAGR, starting 2024 (2024: 2023).
35-year average. Period based on 20 quarters from Q125 (2024: Q124).
45-year quarter end CAGR, starting Q424 (2024: Q423).
Disclosure of ECL under 100% weighted scenarios for key principal portfolios
The table below shows the modelled ECL assuming each of the five modelled scenarios are 100% weighted with the dispersion of results around the Baseline, highlighting the impact on exposure and ECL across the scenarios.
Model exposure uses exposure at default (EAD) values and is not directly comparable to gross exposure used in prior disclosures.
Scenarios
As at 30.06.25
Weighted1
Upside 2Upside 1BaselineDownside 1Downside 2
Stage 1 Model Exposure (£m)
Retail mortgages143,893 144,499 144,220 143,894 142,404 140,285 
Retail credit cards2
61,346 61,301 61,334 61,364 61,389 61,315 
Retail other6,361 6,488 6,436 6,375 6,217 6,047 
Corporate loans2
206,132 208,928 208,025 206,540 204,086 197,488 
Stage 1 Model ECL (£m)
Retail mortgages
Retail credit cards2
514 493 503 513 533 551 
Retail other31 28 29 30 33 35 
Corporate loans2
288 251 264 274 332 385 
Stage 1 Coverage (%)
Retail mortgages— — — — — — 
Retail credit cards0.8 0.8 0.8 0.8 0.9 0.9 
Retail other0.5 0.4 0.5 0.5 0.5 0.6 
Corporate loans0.1 0.1 0.1 0.1 0.2 0.2 
Stage 2 Model Exposure (£m)
Retail mortgages17,837 16,768 17,185 17,673 19,831 23,057 
Retail credit cards2
6,381 6,216 6,288 6,363 6,525 6,794 
Retail other1,181 1,054 1,106 1,167 1,325 1,495 
Corporate loans2
20,327 17,378 18,338 19,936 22,509 29,237 
Stage 2 Model ECL (£m)
Retail mortgages
Retail credit cards2
1,353 1,268 1,302 1,337 1,440 1,584 
Retail other79 66 70 75 98 127 
Corporate loans2
550 418 462 517 693 1,045 
Stage 2 Coverage (%)
Retail mortgages— — — — — — 
Retail credit cards21.2 20.4 20.7 21.0 22.1 23.3 
Retail other6.7 6.3 6.3 6.4 7.4 8.5 
Corporate loans2.7 2.4 2.5 2.6 3.1 3.6 
Stage 3 Model Exposure (£m)3
Retail mortgages1,128 1,128 1,128 1,128 1,128 1,128 
Retail credit cards2
2,050 2,050 2,050 2,050 2,050 2,050 
Retail other133 133 133 133 133 133 
Corporate loans2
3,858 3,858 3,858 3,858 3,858 3,858 
Stage 3 Model ECL (£m)
Retail mortgages18 11 14 16 27 35 
Retail credit cards2
1,525 1,486 1,507 1,527 1,558 1,586 
Retail other75 73 73 74 78 82 
Corporate loans2,4
61 58 58 60 66 72 
Stage 3 Coverage (%)
Retail mortgages1.6 1.0 1.2 1.4 2.4 3.1 
Retail credit cards74.4 72.5 73.5 74.5 76.0 77.4 
Retail other56.4 54.9 54.9 55.6 58.6 61.7 
Corporate loans4
1.6 1.5 1.5 1.6 1.7 1.9 
Total Model ECL (£m)
Retail mortgages23 13 17 19 35 49 
Retail credit cards2
3,392 3,247 3,312 3,377 3,531 3,721 
Retail other185 167 172 179 209 244 
Corporate loans2,4
899 727 784 851 1,091 1,502 
Total Model ECL4,499 4,154 4,285 4,426 4,866 5,516 
Reconciliation to total ECL£m
Total weighted model ECL4,499 
ECL from individually assessed exposures4
485 
ECL from non-modelled exposures and others5
459 
ECL from debt securities at amortised cost24 
ECL from held for sale assets (co-branded card portfolio)(239)
ECL from post model management adjustments167 
Of which: ECL from economic uncertainty adjustments153 
Total ECL5,395 

1Model exposures are allocated to a stage based on an individual scenario rather than a probability-weighted approach as required for Barclays reported impairment allowances. As a result, it is not possible to back solve the final reported weighted ECL from individual scenarios given balances may be assigned to a different stage dependent on the scenario.
2Model exposure and ECL reported within Retail credit cards and Corporate loans continues to include a co-branded card portfolio, as its sale is expected to close in 2026.
3Model exposures allocated to Stage 3 does not change in any of the scenarios as the transition criteria relies only on an observable evidence of default as at 30 June 2025 and not on macroeconomic scenario.
4Material corporate loan defaults are individually assessed across different recovery strategies. As a result, ECL of £485m is reported as an individually assessed impairment in the reconciliation table.
5ECL from non-modelled exposures and others includes ECL on Tesco Bank's retail banking business of £295m calculated using a benchmarked approach based on UK cards and UK retail loans. The sensitivity of the non-modelled exposures would materially reflect the sensitivity of the benchmarked model.
Scenarios1
As at 31.12.24
Weighted2
Upside 2Upside 1BaselineDownside 1Downside 2
Stage 1 Model Exposure (£m)
Retail mortgages139,086 140,828 140,079 139,188 136,671 134,861 
Retail credit cards63,937 63,821 63,859 63,894 63,980 63,975 
Retail other7,952 8,074 8,025 7,968 7,804 7,614 
Corporate loans213,905 216,064 215,215 214,293 212,007 207,062 
Stage 1 Model ECL (£m)
Retail mortgages— 
Retail credit cards535 512 523 534 560 586 
Retail other34 32 32 33 36 40 
Corporate loans270 235 247 258 311 363 
Stage 1 Coverage (%)
Retail mortgages— — — — — — 
Retail credit cards0.8 0.8 0.8 0.8 0.9 0.9 
Retail other0.4 0.4 0.4 0.4 0.5 0.5 
Corporate loans0.1 0.1 0.1 0.1 0.1 0.2 
Stage 2 Model Exposure (£m)
Retail mortgages20,401 18,178 19,072 20,134 23,359 26,339 
Retail credit cards6,904 6,747 6,817 6,889 7,052 7,310 
Retail other1,232 1,110 1,159 1,215 1,380 1,570 
Corporate loans21,197 18,889 19,793 20,827 23,238 28,340 
Stage 2 Model ECL (£m)
Retail mortgages16 
Retail credit cards1,473 1,387 1,422 1,459 1,567 1,714 
Retail other81 68 72 77 101 134 
Corporate loans532 424 461 505 655 932 
Stage 2 Coverage (%)
Retail mortgages0.1
Retail credit cards21.320.620.921.222.223.4
Retail other6.66.16.26.37.38.5
Corporate loans2.52.22.32.42.83.3
Stage 3 Model Exposure (£m)3
Retail mortgages1,062 1,062 1,062 1,062 1,062 1,062 
Retail credit cards2,197 2,197 2,197 2,197 2,197 2,197 
Retail other158 158 158 158 158 158 
Corporate loans4,051 4,051 4,051 4,051 4,051 4,051 
Stage 3 Model ECL (£m)
Retail mortgages19 12 14 17 29 41 
Retail credit cards1,625 1,585 1,606 1,627 1,663 1,695 
Retail other92 90 91 92 95 97 
Corporate loans4
71 66 67 69 79 89 
Stage 3 Coverage (%)
Retail mortgages1.8 1.1 1.3 1.6 2.7 3.9 
Retail credit cards74.0 72.1 73.1 74.1 75.7 77.2 
Retail other58.2 57.0 57.6 58.2 60.1 61.4 
Corporate loans4
1.8 1.6 1.7 1.7 2.0 2.2 
Total Model ECL (£m)
Retail mortgages24 13 17 21 40 63 
Retail credit cards3,633 3,484 3,551 3,620 3,790 3,995 
Retail other207 190 195 202 232 271 
Corporate loans4
873 725 775 832 1,045 1,384 
Total Model ECL4,737 4,412 4,538 4,675 5,107 5,713 
Reconciliation to total ECL£m
Total weighted model ECL4,737
ECL from individually assessed exposures4
461
ECL from non-modelled exposures and others5
358
ECL from debt securities at amortised cost23
ECL from held for sale assets (co-branded card portfolio)(282)
ECL from post model management adjustments235
Of which: ECL from economic uncertainty adjustments78
Total ECL5,532






















1Model exposure and ECL reported within Retail credit cards and Retail Other excludes the German consumer finance business, sale of which completed after the balance sheet date. Model exposure and ECL reported within Retail credit cards and Corporate loans continues to include a co-branded card portfolio, as its sale is expected to close in 2026.
2Model exposures are allocated to a stage based on an individual scenario rather than a probability-weighted approach as required for Barclays reported impairment allowances. As a result, it is not possible to back solve the final reported weighted ECL from individual scenarios given balances may be assigned to a different stage dependent on the scenario.
3Model exposures allocated to Stage 3 does not change in any of the scenarios as the transition criteria relies only on an observable evidence of default as at 31 December 2024 and not on macroeconomic scenario.
4Material corporate loan defaults are individually assessed across different recovery strategies. As a result, ECL of £461m is reported as an individually assessed impairment in the reconciliation table.
5ECL from non-modelled exposures and others includes ECL on Tesco Bank's retail banking business of £209m calculated using a benchmarked approach based on UK cards and UK retail loans. The sensitivity of the non-modelled exposures would materially reflect the sensitivity of the benchmarked model.
Disclosure of management value at risk
Management VaR (95%) by asset class

Half year ended 30.06.25Half year ended 31.12.24Half year ended 30.06.24
AverageHighLowAverageHighLowAverageHighLow
£m£m£m£m£m£m£m£m£m
Credit risk 162013202417222719
Interest rate risk 152551422716259
Equity risk 81455122694
Basis risk 574564684
Spread risk 574473574
Foreign exchange risk 473473492
Commodity risk 111
Inflation risk 583452452
Diversification effect1
(39) n/a  n/a (32) n/a  n/a (34) n/a  n/a
Total management VaR193010243215293620
1Diversification effects recognise that forecast losses from different assets or businesses are unlikely to occur concurrently, hence the expected aggregate loss is lower than the sum of the expected losses from each area. Historical correlations between losses are taken into account in making these assessments. The high and low VaR figures reported for each category did not necessarily occur on the same day as the high and low total management VaR. Consequently, a diversification effect balance for the high and low VaR figures would not be meaningful and is therefore omitted from the above table.
Disclosure of own funds and eligible liabilities
Capital ratios1,2
As at 30.06.25As at 31.03.25As at 31.12.24
CET114.0%13.9%13.6%
T117.8%17.7%16.9%
Total regulatory capital20.5%20.6%19.6%
MREL ratio as a percentage of total RWAs35.4%36.2%34.4%
Own funds and eligible liabilities£m£m£m
Total equity excluding non-controlling interests per the balance sheet75,90674,88071,821
Less: other equity instruments (recognised as AT1 capital)(13,266)(13,263)(12,075)
Adjustment to retained earnings for foreseeable ordinary share dividends(600)(1,086)(786)
Adjustment to retained earnings for foreseeable repurchase of shares(171)(664)
Adjustment to retained earnings for foreseeable other equity coupons(37)(49)(35)
Other regulatory adjustments and deductions
Additional value adjustments (PVA)(1,887)(1,795)(2,051)
Goodwill and intangible assets(8,158)(8,247)(8,272)
Deferred tax assets that rely on future profitability excluding temporary differences(1,303)(1,408)(1,451)
Fair value reserves related to gains or losses on cash flow hedges1,2102,3782,930
Excess of expected losses over impairment(331)(306)(403)
Gains or losses on liabilities at fair value resulting from own credit456799981
Defined benefit pension fund assets(2,177)(2,326)(2,367)
Direct and indirect holdings by an institution of own CET1 instruments(5)(4)(1)
Adjustment under IFRS 9 transitional arrangements138
Other regulatory adjustments(92)(115)129
CET1 capital49,54548,79448,558
AT1 capital
Capital instruments and related share premium accounts13,28913,28912,108
Other regulatory adjustments and deductions(23)(26)(32)
AT1 capital13,26613,26312,076
T1 capital62,81162,05760,634
T2 capital
Capital instruments and related share premium accounts9,4989,9889,150
Qualifying T2 capital (including minority interests) issued by subsidiaries76337367
Other regulatory adjustments and deductions(81)(43)(33)
Total regulatory capital72,30472,33970,118
Less : Ineligible T2 capital (including minority interests) issued by subsidiaries(76)(337)(367)
Eligible liabilities52,73355,15953,547
Total own funds and eligible liabilities3
124,961127,161123,298
Total RWAs353,043351,314358,127
12024 comparatives for Capital and RWAs have been calculated applying the IFRS 9 transitional arrangements in accordance with the CRR. Effective from 1 January 2025, the IFRS 9 transitional arrangements no longer applied.
22024 and Q1 2025 comparatives for total capital were calculated applying the grandfathering of certain capital instruments within Tier 2 capital. Effective from 29 June 2025, the grandfathered instruments no longer qualified as Tier 2 capital.
3As at 30 June 2025, the Group's MREL requirement, excluding the institution-specific confidential PRA buffer, was to hold £108.3bn of own funds and eligible liabilities equating to 30.7% of RWAs. The Group remains above its MREL regulatory requirement including the institution-specific confidential PRA buffer.