Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHSBC Holdings Regulatory News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 694.10
Bid: 694.00
Ask: 694.20
Change: -2.30 (-0.33%)
Spread: 0.20 (0.029%)
Open: 699.20
High: 701.10
Low: 692.70
Prev. Close: 696.40
HSBA Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Annual Financial Report - 49 of 54

20 Mar 2015 17:03

RNS Number : 0592I
HSBC Holdings PLC
20 March 2015
 



Principal subsidiaries of HSBC Holdings

 

At 31 December 2014

 

Country of

incorporation

or registration

HSBC's

interest in

equity capital

%

Issuedequitycapital

Share class

Europe

HSBC Asset Finance (UK) Limited

England

100

£265m

Ordinary £1

HSBC Bank A.S.

Turkey

100

TRL652m

A-Common TRL1

B-Common TRL1

HSBC Bank plc

England

100

£797m

Ordinary £1

Preferred Ordinary £1

Series 2 Third Dollar Preference US$0.01

Third Dollar Preference US$0.01

HSBC France

France

99.99

€337m

Shares €5.00

HSBC Private Banking Holdings (Suisse) SA

Switzerland

100

CHF1,363m

Ordinary CHF1,000

HSBC Trinkaus & Burkhardt AG

Germany

80.65

€75.4m

Shares of no par value

 

Asia

Hang Seng Bank Limited1

Hong Kong

62.14

HK$9, 658m

Ordinary no par value

HSBC Bank Australia Limited

Australia

100

A$811m

Ordinary no par value

HSBC Bank (China) Company Limited

PRC5

100

RMB15,400m

Ordinary CNY1.00

HSBC Bank Malaysia Berhad

Malaysia

100

RM115m

Ordinary RM0.50

HSBC Bank (Taiwan) Limited

Taiwan

100

TWD34,800m

Ordinary TWD10.00

HSBC Life (International) Limited

Bermuda

100

HK$4,178m

Ordinary HK$1.00

The Hongkong and Shanghai Banking Corporation Limited

Hong Kong

100

HK$96,052m

Ordinary no par value

CIP2 US$1.00

CRP3 US$1.00

NIP4 US$1.00

 

Middle East and North Africa

HSBC Bank Middle East Limited

Jersey

100

US$931m

Ordinary US$1.00

CRP3 US$1.00

HSBC Bank Egypt S.A.E.

Egypt

94.53

EGP2,796m

Ordinary EGP84.00

 

North America

HSBC Bank Canada

Canada

100

C$1,225m

Common shares of no

par value

HSBC Bank USA, N.A.

USA

100

US$2m

Common US$100

HSBC Finance Corporation

USA

100

-6

Common US$0.01

HSBC Securities (USA) Inc.

USA

100

-6

Common US$0.05

 

Latin America

HSBC Bank Argentina S.A.

Argentina

99.99

ARS1,244m

Ordinary-A ARS1.00

Ordinary-B ARS1.00

HSBC Bank Brasil S.A. - Banco Múltiplo

Brazil

100

BRL6,402m

Shares of no par value

HSBC Mexico, S.A., Institución de Banca Múltiple,Grupo Financiero HSBC

Mexico

99.99

MXN5,681m

Ordinary MXN2.00

1 Listed in Hong Kong.

4 Non-cumulative Irredeemable Preference shares.

2 Cumulative Irredeemable Preference shares.

5 People's Republic of China.

3 Cumulative Redeemable Preference shares.

6 Issued equity capital is less than US$1m.

Details of the debt, subordinated debt and preference shares issued by the principal subsidiaries to parties external to the Group are included in the Notes 26 'Debt securities in issue', 30 'Subordinated liabilities' and 34 'Non-controlling interests', respectively.

All the above subsidiaries are included in the HSBC consolidated financial statements.

 

Details of all HSBC subsidiaries, as required under Section 409 of the Companies Act 2006, will be annexed to the next Annual Return of HSBC Holdings filed with the UK Registrar of Companies.

The principal countries of operation are the same as the countries of incorporation except for HSBC Bank Middle East Limited, which operates mainly in the Middle East and North Africa, and HSBC Life (International) Limited, which operates mainly in Hong Kong.

HSBC is structured as a network of regional banks and locally incorporated regulated banking entities. Each bank is separately capitalised in accordance with applicable prudential requirements and maintains a capital buffer consistent with the Group's risk appetite for the relevant country or region. Our capital management process culminates in the annual Group capital plan, which is approved by the Board. HSBC Holdings is the primary provider of equity capital to its subsidiaries and also provides them with non-equity capital where necessary. These investments are substantially funded by HSBC Holdings' issuance of equity and non-equity capital and by profit retention. As part of its capital management process, HSBC Holdings seeks to maintain a balance between the composition of its capital and its investment in subsidiaries. Subject to the above, there is no current or foreseen impediment to HSBC Holdings' ability to provide such investments. The ability of subsidiaries to pay dividends or advance monies to HSBC Holdings depends on, among other things, their respective local regulatory capital and banking requirements, statutory reserves, and financial and operating performance. During 2014 and 2013, none of the Group's subsidiaries experienced significant restrictions on paying dividends or repaying loans and advances. Also, there are no foreseen restrictions envisaged by our subsidiaries on paying dividends or repaying loans and advances.

The amount of guarantees by HSBC Holdings in favour of other HSBC Group entities is set out in Note 37.

Structured entities consolidated by HSBC where HSBC owns less than 50% of the voting rights

 

Carrying value of totalconsolidated assets

Nature of SPE

 

2014

2013

 

US$bn

US$bn

 

Solitaire Funding Ltd

9.0

10.2

Securities investment conduit

Mazarin Funding Limited

3.9

7.4

Securities investment conduit

Barion Funding Limited

2.0

3.8

Securities investment conduit

Malachite Funding Limited

1.4

3.0

Securities investment conduit

HSBC Home Equity Loan Corporation I

1.9

2.1

Securitisation

HSBC Home Equity Loan Corporation II

0.9

1.6

Securitisation

Regency Assets Limited

11.0

13.5

Conduit

Bryant Park Funding LLC

-

0.4

Conduit

In addition to the above, HSBC consolidates a number of individually insignificant structured entities with total assets of US$22.9bn (2013: US$26.1bn). For further details, see Note 39.

In each of the above cases, HSBC controls and consolidates an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

Subsidiaries with significant non-controlling interests

2014

2013

Hang Seng Bank Limited

Proportion of ownership interests and voting rights held by non-controlling interests

37.86%

37.86%

Place of business

Hong Kong

Hong Kong

US$m

US$m

Profit attributable to non-controlling interests

760

1,332

Accumulated non-controlling interests of the subsidiary

5,765

4,591

Dividends paid to non-controlling interests

513

495

Summarised financial information:

- total assets

160,769

145,380

- total liabilities

144,642

133,253

- net operating income before loan impairment

3,687

4,876

- profit for the year

2,007

3,517

- total comprehensive income for the year

4,460

3,145

 

 

23 Prepayments, accrued income and other assets

Accounting policy

Assets held for sale

Assets and liabilities of disposal groups and non-current assets are classified as held for sale when their carrying amounts will be recovered principally through sale rather than through continuing use. Held-for-sale assets are generally measured at the lower of their carrying amount and fair value less cost to sell, except for those assets and liabilities that are not within the scope of the measurement requirements of IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations'.

Immediately before the initial classification as held for sale, the carrying amounts of the relevant assets and liabilities are measured in accordance with applicable IFRSs. On subsequent remeasurement of a disposal group, the carrying amounts of any assets and liabilities that are not within the scope of the measurement requirements of IFRS 5, but are included in a disposal group classified as held for sale, are remeasured under applicable IFRSs before the fair value less costs to sell of the disposal group is determined.

Property, plant and equipment

Land and buildings are stated at historical cost, or fair value at the date of transition to IFRSs ('deemed cost'), less impairment losses and depreciation over their estimated useful lives, as follows:

· freehold land is not depreciated;

· freehold buildings are depreciated at the greater of 2% per annum on a straight-line basis or over their remaining useful lives; and

· leasehold land and buildings are depreciated over the shorter of their unexpired terms of the leases or their remaining useful lives.

Equipment, fixtures and fittings (including equipment on operating leases where HSBC is the lessor) are stated at cost less impairment losses and depreciation over their useful lives, which are generally between 5 years and 20 years.

Property, plant and equipment is subject to an impairment review if their carrying amount may not be recoverable.

HSBC holds certain properties as investments to earn rentals or for capital appreciation, or both, and those investment properties are included on balance sheet at fair value.

Prepayments, accrued income and other assets

2014

2013

US$m

US$m

 

 

Prepayments and accrued income

10,554

11,006

Assets held for sale

7,647

4,050

Bullion

15,726

22,929

Endorsements and acceptances

10,775

11,624

Reinsurers' share of liabilities under insurance contracts (Note 28)

1,032

1,408

Employee benefit assets (Note 6)

5,028

2,140

Other accounts

13,882

12,838

Property, plant and equipment

10,532

10,847

 

 

At 31 December

75,176

76,842

Prepayments, accrued income and other assets include US$40,622m (2013: US$37,635m) of financial assets, the majority of which are measured at amortised cost.

Property, plant and equipment - selected information

2014

2013

US$m

US$m

Cost or fair value

21,831

21,927

Accumulated depreciation and impairment

11,299

11,080

Net carrying amount at 31 December

10,532

10,847

Additions at cost

1,477

1,980

Disposals at net book value

69

267

Property, plant and equipment1:

Land and buildings

5,234

5,661

- freehold

1,769

2,062

- long leasehold

1,252

1,266

- medium and short leasehold

2,213

2,333

Investment properties2

2,236

1,945

1 Includes nil freehold (2013: nil), US$1,306m long leasehold (2013: US$1,309m), US$2,638m medium leasehold (2013: US$2,472m) and nil short leasehold (2013: US$2m) in Hong Kong.

2 Investment properties are valued on a market value basis as at 31 December each year by independent professional valuers who have recent experience in the location and type of properties. Investment properties in Hong Kong, the Macau Special Administrative Region and mainland China, which represent more than 74% by value of HSBC's investment properties subject to revaluation, were valued by DTZ Debenham Tie Leung Limited whose valuers are members of the Hong Kong Institute of Surveyors. Properties in other countries, which represent 26% by value of HSBC's investment properties, were valued by different independent professionally qualified valuers.

 

24 Trading liabilities

Accounting policy

Trading liabilities are classified as held for trading if they have been acquired or incurred principally for the purpose of selling or repurchasing in the near term, or form part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent pattern of short-term profit-taking. They are recognised on trade date, when HSBC enters into contractual arrangements with counterparties, and are normally derecognised when extinguished. They are initially measured at fair value, with subsequent changes in fair value and interest paid recognised in the income statement in 'Net trading income'.

The sale of borrowed securities is classified as trading liabilities.

Trading liabilities

2014

US$m

2013

US$m

 

 

Deposits by banks1  

41,453

43,130

Customer accounts1

50,600

57,688

Other debt securities in issue (Note 26)

33,602

32,155

Other liabilities - net short positions in securities

64,917

74,052

 

 

At 31 December

190,572

207,025

1 Deposits by banks and customer accounts include repos, settlement accounts, stock lending and other amounts.

At 31 December 2014, the cumulative amount of change in fair value attributable to changes in HSBC's credit risk was a loss of US$79m (2013: loss of US$95m).

25 Financial liabilities designated at fair value

Accounting policy

The criteria for designating instruments at fair value and their measurement are described in Note 15. The fair value designation, once made, is irrevocable. Designated financial liabilities are recognised when HSBC enters into contracts with counterparties and are normally derecognised when extinguished. This section provides examples of such designations:

· Long-term debt issues. The interest payable on certain fixed rate long-term debt securities issued has been matched with the interest on certain interest rate swaps as part of a documented interest rate risk management strategy. An accounting mismatch would arise if the debt securities issued were accounted for at amortised cost, and this mismatch is eliminated through the fair value designation.

· Financial liabilities under unit-linked and non-linked investment contracts.

HSBC issues contracts to customers that contain insurance risk, financial risk or a combination thereof. A contract under which HSBC accepts insignificant insurance risk from another party is not classified as an insurance contract, but is accounted for as a financial liability. See Note 28 for contracts where HSBC accepts significant insurance risk.

Customer liabilities under linked and certain non-linked investment contracts issued by insurance subsidiaries and the corresponding financial assets are designated at fair value. Liabilities are at least equivalent to the surrender or transfer value which is calculated by reference to the value of the relevant underlying funds or indices. Premiums receivable and amounts withdrawn are accounted for as increases or decreases in the liability recorded in respect of investment contracts. The incremental costs directly related to the acquisition of new investment contracts or renewing existing investment contracts are deferred and amortised over the period during which the investment management services are provided.

Financial liabilities designated at fair value - HSBC

2014

2013

US$m

US$m

 

 

Deposits by banks and customer accounts

160

315

Liabilities to customers under investment contracts

6,312

13,491

Debt securities in issue (Note 26)

46,364

53,363

Subordinated liabilities (Note 30)

21,822

18,230

Preferred securities (Note 30)

1,495

3,685

 

 

At 31 December

76,153

89,084

The carrying amount at 31 December 2014 of financial liabilities designated at fair value was US$5,813m more than the contractual amount at maturity (2013: US$4,375m more). The cumulative amount of the change in fair value attributable to changes in credit risk was a loss of US$870m (2013: loss of US$1,334m).

 

Financial liabilities designated at fair value - HSBC Holdings

2014

2013

US$m

US$m

 

 

Debt securities in issue (Note 26):

 

 

- owed to third parties

8,185

8,106

Subordinated liabilities (Note 30):

 

 

- owed to third parties

9,513

9,760

- owed to HSBC undertakings

981

3,161

 

 

At 31 December

18,679

21,027

The carrying amount at 31 December 2014 of financial liabilities designated at fair value was US$2,694m more than the contractual amount at maturity (2013: US$2,309m more). The cumulative amount of the change in fair value attributable to changes in credit risk was a loss of US$520m (2013: loss of US$859m).

26 Debt securities in issue

Accounting policy

Financial liabilities for debt securities issued are recognised when HSBC enters into contractual arrangements with counterparties and initially measured at fair value, which is normally the consideration received, net of directly attributable transaction costs incurred. Subsequent measurement of financial liabilities, other than those measured at fair value through profit or loss and financial guarantees, is at amortised cost, using the effective interest method to amortise the difference between proceeds received, net of directly attributable transaction costs incurred, and the redemption amount over the expected life of the instrument.

Debt securities in issue - HSBC

2014

2013

US$m

US$m

 

Bonds and medium-term notes

132,539

146,116

Other debt securities in issue

43,374

43,482

 

 

 

 

175,913

189,598

Of which debt securities in issue reported as:

 

 

- trading liabilities (Note 24)

(33,602)

(32,155)

- financial liabilities designated at fair value (Note 25)

(46,364)

(53,363)

 

 

At 31 December

95,947

104,080

Debt securities in issue - HSBC Holdings

2014

2013

US$m

US$m

 

 

Debt securities

9,194

10,897

Of which debt securities in issue reported as:

 

 

- financial liabilities designated at fair value (Note 25)

(8,185)

(8,106)

 

 

At 31 December

1,009

2,791

27 Accruals, deferred income and other liabilities

2014

2013

US$m

US$m

 

 

Liabilities of disposal groups held for sale

6,934

2,804

Accruals and deferred income

15,075

16,185

Amounts due to investors in funds consolidated by HSBC

782

1,008

Obligations under finance leases

67

252

Endorsements and acceptances

10,760

11,614

Employee benefit liabilities (Note 6)

3,208

2,931

Other liabilities

16,570

17,547

 

 

At 31 December

53,396

52,341

Accruals, deferred income and other liabilities include US$43,840m (2013: US$46,258m) of financial liabilities, the majority of which are measured at amortised cost.

 

28 Liabilities under insurance contracts

Accounting policy

HSBC issues contracts to customers that contain insurance risk, financial risk or a combination thereof. A contract under which HSBC accepts significant insurance risk from another party by agreeing to compensate that party on the occurrence of a specified uncertain future event, is classified as an insurance contract. An insurance contract may also transfer financial risk, but is accounted for as an insurance contract if the insurance risk is significant.

Liabilities under insurance contracts

Liabilities under non-linked life insurance contracts are calculated by each life insurance operation based on local actuarial principles. Liabilities under unit-linked life insurance contracts are at least equivalent to the surrender or transfer value which is calculated by reference to the value of the relevant underlying funds or indices.

A liability adequacy test is carried out on insurance liabilities to ensure that the carrying amount of the liabilities is sufficient in the light of current estimates of future cash flows. When performing the liability adequacy test, all contractual cash flows are discounted and compared with the carrying value of the liability. When a shortfall is identified it is charged immediately to the income statement.

Future profit participation on insurance contracts with DPF

Where contracts provide discretionary profit participation benefits to policyholders, liabilities for these contracts include provisions for the future discretionary benefits to policyholders. These provisions reflect actual performance of the investment portfolio to date and management expectation of the future performance of the assets backing the contracts, as well as other experience factors such as mortality, lapses and operational efficiency, where appropriate. This benefit may arise from the contractual terms, regulation, or past distribution policy.

Investment contracts with DPF

While investment contracts with DPF are financial instruments, they continue to be treated as insurance contracts as permitted by IFRS 4. The Group therefore recognises the premiums for those contracts as revenue and recognises as an expense the resulting increase in the carrying amount of the liability.

In the case of net unrealised investment gains on these contracts, whose discretionary benefits principally reflect the actual performance of the investment portfolio, the corresponding increase in the liabilities is recognised in either the income statement or other comprehensive income, following the treatment of the unrealised gains on the relevant assets. In the case of net unrealised losses, a deferred participating asset is recognised only to the extent that its recoverability is highly probable. Movements in the liabilities arising from realised gains and losses on relevant assets are recognised in the income statement.

Liabilities under insurance contracts

Gross

 

Reinsurers'

share

 

Net

US$m

 

US$m

 

US$m

 

 

 

 

 

Non-linked insurance contracts1

 

 

 

 

 

At 1 January 2014

33,950

 

(1,118)

 

32,832

Claims and benefits paid

(3,575)

 

175

 

(3,400)

Increase in liabilities to policyholders

7,764

 

(409)

 

7,355

Disposals/transfers to held-for-sale

(589)

 

527

 

(62)

Exchange differences and other movements

(577)

 

53

 

(524)

 

 

 

 

 

At 31 December 2014

36,973

 

(772)

 

36,201

 

 

 

 

 

Investment contracts with discretionary participation features

 

 

 

 

 

At 1 January 2014

26,427

 

-

 

26,427

Claims and benefits paid

(2,175)

 

-

 

(2,175)

Increase in liabilities to policyholders

3,188

 

-

 

3,188

Exchange differences and other movements2

(2,372)

 

-

 

(2,372)

 

 

 

 

 

At 31 December 2014

25,068

 

-

 

25,068

 

 

 

 

 

Linked life insurance contracts

 

 

 

 

 

At 1 January 2014

13,804

 

(290)

 

13,514

Claims and benefits paid

(1,499)

 

88

 

(1,411)

Increase in liabilities to policyholders

2,762

 

33

 

2,795

Disposals/transfers to held-for-sale

(2,547)

 

74

 

(2,473)

Exchange differences and other movements3

(700)

 

(165)

 

(865)

 

 

 

 

 

At 31 December 2014

11,820

 

(260)

 

11,560

 

 

 

 

 

Total liabilities to policyholders at 31 December 2014

73,861

 

(1,032)

 

72,829

 

Gross

Reinsurers'

share

Net

US$m

US$m

US$m

Non-linked insurance contracts1

At 1 January 2013

30,765

(952)

29,813

Claims and benefits paid

(3,014)

164

(2,850)

Increase in liabilities to policyholders

6,892

(367)

6,525

Disposals/transfers to held-for-sale

(52)

13

(39)

Exchange differences and other movements

(641)

24

(617)

At 31 December 2013

33,950

(1,118)

32,832

Investment contracts with discretionary participation features

At 1 January 2013

24,374

-

24,374

Claims and benefits paid

(2,308)

-

(2,308)

Increase in liabilities to policyholders

3,677

-

3,677

Exchange differences and other movements2

684

-

684

At 31 December 2013

26,427

-

26,427

Linked life insurance contracts

At 1 January 2013

13,056

(455)

12,601

Claims and benefits paid

(1,976)

426

(1,550)

Increase in liabilities to policyholders

3,379

111

3,490

Exchange differences and other movements3

(655)

(372)

(1,027)

At 31 December 2013

13,804

(290)

13,514

Total liabilities to policyholders at 31 December 2013

74,181

(1,408)

72,773

1 Includes liabilities under non-life insurance contracts.

2 Includes movement in liabilities relating to discretionary profit participation benefits due to policyholders arising from net unrealised investment gains recognised in other comprehensive income.

3 Includes amounts arising under reinsurance agreements.

The increase in liabilities to policyholders represents the aggregate of all events giving rise to additional liabilities to policyholders in the year. The key factors contributing to the movement in liabilities to policyholders include death claims, surrenders, lapses, liabilities to policyholders created at the initial inception of the policies, the declaration of bonuses and other amounts attributable to policyholders.

29 Provisions

Accounting policy

Provisions are recognised when it is probable that an outflow of economic benefits will be required to settle a present legal or constructive obligation, which has arisen as a result of past events and for which a reliable estimate can be made.

Critical accounting estimates and judgements

Provisions

Judgement is involved in determining whether a present obligation exists and in estimating the probability, timing and amount of any outflows. Professional expert advice is taken on the assessment of litigation, property (including onerous contracts) and similar obligations.

Provisions for legal proceedings and regulatory matters typically require a higher degree of judgement than other types of provisions. When matters are at an early stage, accounting judgements can be difficult because of the high degree of uncertainty associated with determining whether a present obligation exists, and estimating the probability and amount of any outflows that may arise. As matters progress, management and legal advisers evaluate on an ongoing basis whether provisions should be recognised, revising previous judgements and estimates as appropriate. At more advanced stages, it is typically easier to make judgements and estimates around a better defined set of possible outcomes. However, the amount provisioned can remain very sensitive to the assumptions used. There could be a wide range of possible outcomes for any pending legal proceedings, investigations or inquiries. As a result, it is often not practicable to quantify a range of possible outcomes for individual matters. It is also not practicable to meaningfully quantify ranges of potential outcomes in aggregate for these types of provisions because of the diverse nature and circumstances of such matters and the wide range of uncertainties involved.

Provisions for customer remediation also require significant levels of estimation and judgement. The amounts of provisions recognised depend on a number of different assumptions, for example, the volume of inbound complaints, the projected period of inbound complaint volumes, the decay rate of complaint volumes, the population identified as systemically mis-sold and the number of policies per customer complaint.

 

 

Provisions

Restructuring

costs

Contractualcommitments

Legal

proceedings

and regulatory

matters

Customer

remediation

Other

provisions

Total

US$m

US$m

US$m

US$m

US$m

US$m

At 1 January 2014

271

177

1,832

2,382

555

5,217

Additional provisions/increase in provisions

147

136

1,752

1,440

154

3,629

Provisions utilised

(143)

(2)

(1,109)

(1,769)

(112)

(3,135)

Amounts reversed

(43)

(46)

(281)

(184)

(66)

(620)

Unwinding of discounts

-

1

43

10

11

65

Exchange differences and other movements

(35)

(32)

(53)

(48)

10

(158)

At 31 December 2014

197

234

2,184

1,831

552

4,998

At 1 January 2013

251

301

1,667

2,387

646

5,252

Additional provisions/increase in provisions

179

57

1,209

1,536

230

3,211

Provisions utilised

(111)

(5)

(709)

(1,487)

(167)

(2,479)

Amounts reversed

(65)

(66)

(340)

(94)

(126)

(691)

Unwinding of discounts

-

-

38

7

13

58

Exchange differences and other movements

17

(110)

(33)

33

(41)

(134)

At 31 December 2013

271

177

1,832

2,382

555

5,217

Further details of legal proceedings and regulatory matters are set out in Note 40, including the provisions made on foreign exchange rate investigations and litigation. Legal proceedings include civil court, arbitration or tribunal proceedings brought against HSBC companies (whether by way of claim or counterclaim) or civil disputes that may, if not settled, result in court, arbitration or tribunal proceedings. Regulatory matters refer to investigations, reviews and other actions carried out by, or in response to the actions of, regulators or law enforcement agencies in connection with alleged wrongdoing by HSBC.

Customer remediation refers to activities carried out by HSBC to compensate customers for losses or damages associated with a failure to comply with regulations or to treat customers fairly. Customer remediation is initiated by HSBC in response to customer complaints and/or industry developments in sales practices, and is not necessarily initiated by regulatory action.

Payment protection insurance

At 31 December 2014, a provision of US$1,079m (31 December 2013: US$946m) was held relating to the estimated liability for redress in respect of the possible mis-selling of payment protection insurance ('PPI') policies in previous years. An increase in provisions of US$960m was recognised during the year, primarily reflecting an increase in inbound complaints by claims management companies compared to previous forecasts. The current projected trend of inbound complaint volumes implies that the redress programme will be complete by the first quarter of 2018. However, this timing is subject to uncertainty as the trend may change over time based on actual experience.

Cumulative provisions made since the Judicial Review ruling in the first half of 2011 amounted to US$4.2bn of which US$3.2bn had been paid as at 31 December 2014.

The estimated liability for redress is calculated on the basis of total premiums paid by the customer plus simple interest of 8% per annum (or the rate inherent in the related loan product where higher). The basis for calculating the redress liability is the same for single premium and regular premium policies. Future estimated redress levels are based on historically observed redress per policy.

A total of approximately 5.4m PPI policies have been sold by HSBC since 2000, generating estimated revenues of US$4.3bn at 2014 average exchange rates. The gross written premiums on these polices was approximately US$5.6bn at 2014 average exchange rates. At 31 December 2014, the estimated total complaints expected to be received was 1.9m, representing 36% of total policies sold. It is estimated that contact will be made with regard to 2.3m policies, representing 42% of total policies sold. This estimate includes inbound complaints as well as HSBC's proactive contact exercise on certain policies ('outbound contact').

The following table details the cumulative number of complaints received at 31 December 2014 and the number of claims expected in the future:

 

Cumulative to 31 December 2014

Future expected

Inbound complaints1 (000s of policies)

1,215

344

Outbound contact (000s of policies)

448

291

Response rate to outbound contact

51%

51%

Average uphold rate per claim2

77%

71%

Average redress per claim (US$)

2,611

3,115

1 Excludes invalid claims where the complainant has not held a PPI policy.

2 Claims include inbound and responses to outbound contact.

The main assumptions involved in calculating the redress liability are the volume of inbound complaints, the projected period of inbound complaints, the decay rate of complaint volumes, the population identified as systemically mis-sold and the number of policies per customer complaint. The main assumptions are likely to evolve over time as root cause analysis continues, more experience is available regarding customer initiated complaint volumes received, and we handle responses to our ongoing outbound contact.

A 100,000 increase/decrease in the total inbound complaints would increase/decrease the redress provision by approximately US$222m at 2014 average exchange rates. Each 1% increase/decrease in the response rate to our outbound contact exercise would increase/decrease the redress provision by approximately US$13m.

In addition to these factors and assumptions, the extent of the required redress will also depend on the facts and circumstances of each individual customer's case. For these reasons, there is currently a high degree of uncertainty as to the eventual costs of redress.

Interest rate derivatives

At 31 December 2014, a provision of US$312m (31 December 2013: US$776m) was held relating to the estimated liability for redress in respect of the possible mis-selling of interest rate derivatives in the UK. The provision relates to the estimated redress payable to customers in respect of historical payments under derivative contracts, the expected write-off by the bank of open derivative contract balances, and estimated project costs. An increase in the provision of US$288m was recorded during the year, reflecting updated claims experience and the announcement by the FCA on 28 January 2015 of the extension of the scheme to 31 March 2015, and expectation of an additional population who will opt into the scheme following communications to affected customers.

The extent to which HSBC is ultimately required to pay redress depends on the responses of contacted and other customers during the review period and analysis of the facts and circumstances of each individual case, including consequential loss claims received. For these reasons, there is currently a high degree of uncertainty as to the eventual costs of redress related to this programme.

UK Consumer Credit Act

HSBC has undertaken a review of compliance with the fixed-sum unsecured loan agreement requirements of the UK Consumer Credit Act ('CCA'). US$379m has been recognised at 31 December 2014 within 'Accruals, deferred income and other liabilities' for the repayment of interest to customers, primarily where annual statements did not remind them of their right to partially prepay the loan, notwithstanding that the customer loan documentation did refer to this right. The cumulative liability to date is US$591m, of which payments of US$212m have been made to customers. There is uncertainty as to whether other technical requirements of the CCA have been met, for which we have assessed the contingent liability as up to US$0.9bn.

Brazilian labour, civil and fiscal claims

Within 'Legal proceedings and regulatory matters' above are labour, civil and fiscal litigation provisions of US$501m (2013: US$500m). Of these provisions, US$246m (2013: US$232m) was in respect of labour and overtime litigation claims brought by past employees against HSBC operations in Brazil following their departure from the bank. The main assumptions involved in estimating the liability are the expected number of departing employees, individual salary levels and the facts and circumstances of each individual case.

 

30 Subordinated liabilities

HSBC

2014

2013

US$m

US$m

Subordinated liabilities

At amortised cost

26,664

28,976

- subordinated liabilities

22,355

24,573

- preferred securities

4,309

4,403

Designated at fair value (Note 25)

23,317

21,915

- subordinated liabilities

21,822

18,230

- preferred securities

1,495

3,685

At 31 December

49,981

50,891

Subordinated liabilities

HSBC Holdings

25,277

22,308

Other HSBC

24,704

28,583

At 31 December

49,981

50,891

HSBC's subordinated liabilities

Subordinated liabilities rank behind senior obligations and generally count towards the capital base of HSBC. Where applicable, capital securities may be called and redeemed by HSBC subject to prior notification to the PRA and, where relevant, the consent of the local banking regulator. If not redeemed at the first call date, coupons payable may step-up or become floating rate based on interbank rates.

Interest rates on the floating rate capital securities are generally related to interbank offered rates. On the remaining capital securities, interest is payable at fixed rates of up to 10.176%.

The balance sheet amounts disclosed below are presented on an IFRSs basis and do not reflect the amount that the instruments contribute to regulatory capital due to the inclusion of issuance costs, regulatory amortisation and regulatory eligibility limits prescribed in the grandfathering provisions under CRD IV.

HSBC's subordinated liabilities in issue

First call

date

Maturity

date

2014

US$m

2013

US$m

Additional tier 1 capital securities guaranteed by HSBC Holdings plc1

 

 

€1,400m

5.3687% non-cumulative step-up perpetual preferred securities2

Mar 2014

-

2,022

£500m

8.208% non-cumulative step-up perpetual preferred securities

Jun 2015

779

825

€750m

5.13% non-cumulative step-up perpetual preferred securities

Mar 2016

979

1,129

US$900m

10.176% non-cumulative step-up perpetual preferred securities, series 2

Jun 2030

891

891

 

 

2,649

4,867

 

 

 

Additional tier 1 capital securities guaranteed by HSBC Bank plc1

 

 

 

£300m

5.862% non-cumulative step-up perpetual preferred securities

Apr 2020

515

534

£700m

5.844% non-cumulative step-up perpetual preferred securities

Nov 2031

1,091

1,157

 

 

 

 

1,606

1,691

 

 

 

Tier 2 securities issued by HSBC Bank plc

 

 

 

£500m

4.75% callable subordinated notes3

Sep 2015

Sep 2020

802

866

£350m

5.00% callable subordinated notes4

Mar 2018

Mar 2023

605

635

£300m

6.50% subordinated notes

-

Jul 2023

466

494

£350m

5.375% callable subordinated step-up notes5

Nov 2025

Nov 2030

620

602

£500m

5.375% subordinated notes

-

Aug 2033

905

884

£225m

6.25% subordinated notes

-

Jan 2041

349

370

£600m

4.75% subordinated notes

-

Mar 2046

924

980

€500m

Callable subordinated floating rate notes6

Sep 2015

Sep 2020

588

655

US$300m

7.65% subordinated notes

-

May 2025

400

380

US$750m

Undated floating rate primary capital notes

Jun 1990

750

751

US$500m

Undated floating rate primary capital notes

Sep 1990

500

499

US$300m

Undated floating rate primary capital notes, series 3

Jun 1992

300

299

 

 

7,209

7,415

First call

date

Maturity

date

2014

US$m

2013

US$m

 

 

Tier 2 securities issued by The Hongkong and Shanghai Banking Corporation Ltd

 

 

US$400m

Primary capital undated floating rate notes

Aug 1990

403

404

US$400m

Primary capital undated floating rate notes (second series)

Dec 1990

401

402

US$400m

Primary capital undated floating rate notes (third series)

Jul 1991

400

400

 

 

1,204

1,206

 

 

Tier 2 securities issued by HSBC Bank Australia Limited

 

 

AUD200m

Callable subordinated floating rate notes

Nov 2015

Nov 2020

164

179

 

 

164

179

 

 

Tier 2 securities issued by HSBC Bank Malaysia Berhad

 

 

MYR500m

4.35% subordinated bonds

Jun 2017

Jun 2022

143

152

MYR500m

5.05% subordinated bonds

Nov 2022

Nov 2027

144

154

 

 

287

306

 

 

Tier 2 securities issued by HSBC USA Inc.

 

 

US$200m

7.808% capital securities

Dec 2006

Dec 2026

200

200

US$200m

8.38% capital securities

May 2007

May 2027

200

200

US$150m

9.50% subordinated debt7

-

Apr 2014

-

151

US$150m

7.75% Capital Trust pass through securities

Nov 2006

Nov 2026

150

150

US$750m

5.00% subordinated notes

-

Sep 2020

738

746

US$250m

7.20% subordinated debentures

-

Jul 2097

216

215

Other subordinated liabilities each less than US$150m

297

299

 

 

1,801

1,961

Tier 2 securities issued by HSBC Bank USA, N.A.

US$1,000m

4.625% subordinated notes7

-

Apr 2014

-

1,000

US$500m

6.00% subordinated notes

-

Aug 2017

508

513

US$1,250m

4.875% subordinated notes

-

Aug 2020

1,210

1,262

US$1,000m

5.875% subordinated notes

-

Nov 2034

1,245

1,081

US$750m

5.625% subordinated notes

-

Aug 2035

934

811

US$700m

7.00% subordinated notes

-

Jan 2039

676

696

 

 

4,573

5,363

 

 

Tier 2 securities issued by HSBC Finance Corporation

 

 

US$1,000m

5.911% trust preferred securities8

Nov 2015

Nov 2035

998

996

US$2,939m

6.676% senior subordinated notes9

-

Jan 2021

2,185

2,182

 

 

3,183

3,178

Tier 2 securities issued by HSBC Bank Brazil S.A.

BRL383m

Subordinated certificates of deposit

-

Feb 2015

144

162

BRL500m

Subordinated floating rate certificates of deposit

-

Dec 2016

188

212

Other subordinated liabilities each less than US$150m10

81

224

 

 

413

598

 

 

Tier 2 securities issued by HSBC Bank Canada

 

 

CAD400m

4.80% subordinated debentures

Apr 2017

Apr 2022

367

403

CAD200m

4.94% subordinated debentures

Mar 2016

Mar 2021

172

188

CAD39m

Floating rate debentures

Oct 1996

Nov 2083

34

37

 

 

573

628

 

 

Securities issued by HSBC Mexico, S.A.

 

 

MXN1,818m

Non-convertible subordinated obligations11

Sep 2013

Sep 2018

124

138

MXN2,273m

Non-convertible subordinated obligations11

Dec 2013

Dec 2018

154

173

US$300m

Non-convertible subordinated obligations11,12

Jun 2014

Jun 2019

240

240

 

 

518

551

 

 

 

Securities issued by other HSBC subsidiaries

 

 

Other subordinated liabilities each less than US$200m11

524

640

 

 

 

Total of subordinated liabilities issued by HSBC subsidiaries

24,704

28,583

1 See paragraph below, 'Guaranteed by HSBC Holdings or HSBC Bank'.

2 In March 2014, HSBC called and redeemed the €1,400m 5.3687% non-cumulative step-up perpetual preferred securities at par.

3 The interest rate payable after September 2015 is the sum of the three-month sterling Libor plus 0.82%.

4 The interest rate payable after March 2018 is the sum of the gross redemption yield of the then prevailing five-year UK gilt plus 1.80%.

5 The interest rate payable after November 2025 is the sum of the three-month sterling Libor plus 1.50%.

6 The interest margin increases by 0.5% from September 2015.

7 In April 2014, HSBC redeemed the $1,000m 4.625% subordinated notes and the 9.5% subordinated debt security at par.

8 The distributions change in November 2015 to three-month dollar Libor plus 1.926%.

9 Approximately 25% of the senior subordinated notes are held by HSBC Holdings.

10 Some securities included here are ineligible for inclusion in the capital base of HSBC in accordance with guidance in PRA's GENPRU as applied in 2013 and CRD IV rules as applied in 2014.

11 These securities are ineligible for inclusion in the capital base of HSBC in accordance with guidance in PRA's GENPRU as applied in 2013 and CRD IV rules as applied in 2014.

12 Approximately US$60m of the subordinated obligations are held by HSBC Holdings.

HSBC Holdings

2014

2013

US$m

US$m

Subordinated liabilities:

 

 

- at amortised cost

17,255

14,167

- designated at fair value (Note 25)

10,494

12,921

 

 

At 31 December

27,749

27,088

HSBC Holdings' subordinated liabilities

First call date

Maturity

date

2014

US$m

2013

US$m

Tier 2 securities issued by HSBC Holdings plc

 

 

 

 

Amounts owed to third parties

 

 

US$488m

7.625% subordinated notes1

-

May 2032

538

554

US$222m

7.35% subordinated notes1

-

Nov 2032

278

278

US$2,000m

6.5% subordinated notes1

-

May 2036

2,029

2,029

US$2,500m

6.5% subordinated notes1

-

Sep 2037

3,278

3,039

US$1,500m

6.8% subordinated notes1

-

Jun 2038

1,487

1,487

US$2,000m

4.25% subordinated notes2,5

-

Mar 2024

2,069

-

US$1,500m

5.25% subordinated notes2,5

-

Mar 2044

1,735

-

£900m

6.375% callable subordinated notes1,3

Oct 2017

Oct 2022

1,558

1,672

£650m

5.75% subordinated notes2

-

Dec 2027

1,176

1,158

£650m

6.75% subordinated notes2

-

Sep 2028

1,005

1,066

£750m

7.0% subordinated notes2

-

Apr 2038

1,217

1,288

£900m

6.0% subordinated notes2

-

Mar 2040

1,379

1,464

€1,600m

6.25% subordinated notes2

-

Mar 2018

1,950

2,210

€1,750m

6.0% subordinated notes2

-

Jun 2019

2,623

2,884

€700m

3.625% callable subordinated notes1,4

Jun 2015

Jun 2020

878

1,007

€1,500m

3.375% callable subordinated notes1,2,5

Jan 2019

Jan 2024

1,898

2,075

 

 

25,098

22,211

 

 

Amounts owed to HSBC undertakings

 

 

€1,400m

5.3687% fixed/floating subordinated notes6

Mar 2014

Dec 2043

-

2,024

£500m

8.208% subordinated step-up cumulative notes

Jun 2015

Jun 2040

779

825

€750m

5.13% fixed/floating subordinated notes

Mar 2016

Dec 2044

981

1,137

US$900m

10.176% subordinated step-up cumulative notes

Jun 2030

Jun 2040

891

891

 

 

2,651

4,877

 

 

At 31 December

27,749

27,088

1 Amounts owed to third parties represent securities included in the capital base of HSBC as tier 2 securities in accordance with the grandfathering provisions under CRD IV rules.

2 These securities are included in the capital base of HSBC as fully CRD IV compliant tier 2 securities on an end point basis.

3 The interest rate payable after October 2017 is the sum of the three-month sterling Libor plus 1.3%.

4 The interest rate payable after June 2015 is the sum of the three-month Euribor plus 0.93%.

5 These subordinated notes are measured at amortised cost in HSBC Holdings, where the interest rate risk is hedged using a fair value hedge, while they are measured at fair value in the Group.

6 In March 2014, HSBC Holdings called and redeemed the €1,400m 5.3687% fixed/floating subordinated notes at par.

Additional tier 1 capital securities

Additional tier 1 capital securities are included in HSBC's capital base as tier 1 capital and are perpetual subordinated securities on which investors are entitled, subject to certain conditions, to receive distributions which are non-cumulative. Such securities do not generally carry voting rights but rank above ordinary shares for coupon payments and in the event of a winding-up. The eligibility criteria for tier 1 securities changed on the introduction of CRD IV rules on 1 January 2014. For further guidance on the criteria for additional tier 1 securities, see note 35. Instruments issued before CRD IV comes into effect which do not meet the identifying criteria in full are eligible as regulatory capital subject to grandfathering limits and progressive phase-out. Capital securities that have been issued during 2014 are recognised as fully CRD IV compliant additional tier 1 capital securities on an end point basis and are accounted for as equity and detailed in Note 35.

Guaranteed by HSBC Holdings or HSBC Bank

The six capital securities guaranteed on a subordinated basis by HSBC Holdings or HSBC Bank are non-cumulative step-up perpetual preferred securities issued by Jersey limited partnerships. The proceeds of the issues were on-lent to the respective guarantors by the limited partnerships in the form of subordinated notes. These preferred securities qualify as additional tier 1 capital for HSBC under CRD IV by virtue of application of grandfathering provisions and the two capital securities guaranteed by HSBC Bank also qualify as additional tier 1 capital for HSBC Bank (on a solo and a consolidated basis) under CRD IV by virtue of application of grandfathering provisions.

 

These preferred securities, together with the guarantee, are intended to provide investors with economic rights equivalent to the rights that they would have had if they had purchased non-cumulative perpetual preference shares of the relevant issuer. There are limitations on the payment of distributions if such payments are prohibited under UK banking regulations or other requirements, if a payment would cause a breach of HSBC's capital adequacy requirements or if HSBC Holdings or HSBC Bank have insufficient distributable reserves (as defined).

HSBC Holdings and HSBC Bank have individually covenanted that if prevented under certain circumstances from paying distributions on the preferred securities in full, they will not pay dividends or other distributions in respect of their ordinary shares, or effect repurchases or redemptions of their ordinary shares, until the distribution on the preferred securities has been paid in full.

With respect to preferred securities guaranteed by HSBC Holdings - if (i) HSBC's total capital ratio falls below the regulatory minimum ratio required, or (ii) the Directors expect, in view of the deteriorating financial condition of HSBC Holdings, that (i) will occur in the near term, then the preferred securities will be substituted by preference shares of HSBC Holdings which have economic terms which are in all material respects equivalent to those of the preferred securities and the guarantee taken together.

With respect to preferred securities guaranteed by HSBC Bank - if (i) any of the two issues of preferred securities are outstanding in April 2049 or November 2048, respectively, or (ii) the total capital ratio of HSBC Bank on a solo and consolidated basis falls below the regulatory minimum ratio required, or (iii) in view of the deteriorating financial condition of HSBC Bank, the Directors expect (ii) to occur in the near term, then the preferred securities will be substituted by preference shares of HSBC Bank having economic terms which are in all material respects equivalent to those of the preferred securities and the guarantee taken together.

Tier 2 capital securities

These capital securities are included within HSBC's capital base as tier 2 capital under CRD IV by virtue of application of grandfathering provisions (with the exception of identified HSBC Holding securities which are compliant with CRD IV end point rules). Tier 2 capital securities are either perpetual subordinated securities or dated securities on which there is an obligation to pay coupons. In accordance with CRD IV, the capital contribution of all tier 2 securities is amortised for regulatory purposes in their final five years before maturity.

31 Maturity analysis of assets, liabilities and off-balance sheet commitments

The table on page 427 provides an analysis of consolidated total assets, liabilities and off-balance sheet commitments by residual contractual maturity at the balance sheet date. Asset and liability balances are included in the maturity analysis as follows:

· except for reverse repos, repos and debt securities in issue, trading assets and liabilities (including trading derivatives) are included in the 'Due not more than 1 month' time bucket, and not by contractual maturity because trading balances are typically held for short periods of time;

· financial assets and liabilities with no contractual maturity (such as equity securities) are included in the 'Due over 5 years' time bucket. Undated or perpetual instruments are classified based on the contractual notice period which the counterparty of the instrument is entitled to give. Where there is no contractual notice period, undated or perpetual contracts are included in the 'Due over 5 years' time bucket;

· non-financial assets and liabilities with no contractual maturity (such as property, plant and equipment, goodwill and intangible assets, current and deferred tax assets and liabilities and retirement benefit liabilities) are included in the 'Due over 5 years' time bucket;

· financial instruments included within assets and liabilities of disposal groups held for sale are classified on the basis of the contractual maturity of the underlying instruments and not on the basis of the disposal transaction; and

· liabilities under insurance contracts are included in the 'Due over 5 years' time bucket. Liabilities under investment contracts are classified in accordance with their contractual maturity. Undated investment contracts are classified based on the contractual notice period investors are entitled to give. Where there is no contractual notice period, undated contracts are included in the 'Due over 5 years' time bucket.

Loan and other credit-related commitments are classified on the basis of the earliest date they can be drawn down.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACSURSURVUAOUAR
Date   Source Headline
31st May 20245:23 pmRNSTransaction in Own Shares
31st May 20244:30 pmRNSTotal Voting Rights
30th May 20245:28 pmRNSTransaction in Own Shares
29th May 20245:28 pmRNSTransaction in Own Shares
29th May 20244:30 pmRNSDirector/PDMR Shareholding
28th May 20245:27 pmRNSTransaction in Own Shares
28th May 20247:00 amRNSTransaction in Own Shares
24th May 20245:38 pmRNSTransaction in Own Shares
23rd May 20245:30 pmRNSTransaction in Own Shares
22nd May 20245:23 pmRNSTransaction in Own Shares
21st May 20245:25 pmRNSTransaction in Own Shares
20th May 20245:34 pmRNSTransaction in Own Shares
20th May 20243:06 pmRNSIssuance of senior unsecured notes
17th May 20245:32 pmRNSTransaction in Own Shares
17th May 20242:30 pmRNSIssuance of senior unsecured notes
16th May 20245:23 pmRNSTransaction in Own Shares
15th May 20245:40 pmRNSTransaction in Own Shares
15th May 202411:00 amRNSResults of tender offers for four series of notes
14th May 20245:55 pmRNSPricing terms for tender offers for notes
14th May 20245:54 pmRNSTransaction in Own Shares
14th May 20248:52 amRNSHolding(s) in Company
13th May 20245:30 pmRNSTransaction in Own Shares
13th May 20249:23 amRNSHolding(s) in Company
13th May 20249:16 amRNSPre Stabilisation Notice
10th May 20245:28 pmRNSTransaction in Own Shares
10th May 202410:01 amRNSDirector/PDMR Shareholding
10th May 202410:00 amRNSOverseas Regulatory Announcement - Grant of Awards
10th May 20249:03 amRNSHolding(s) in Company
9th May 20245:36 pmRNSTransaction in Own Shares
8th May 20245:40 pmRNSTransaction in Own Shares
8th May 20247:00 amRNSHSBC tender offers for four series of notes
7th May 202410:30 amRNSHSBC Holdings plc – Share buy-back
3rd May 20243:20 pmRNSAGM poll results + changes Board+Ctte composition
3rd May 202411:06 amRNSHSBC Holdings plc - AGM Statements
1st May 20244:30 pmRNSDirector Declaration
1st May 20244:00 pmRNSPublication of base prospectus supplement
30th Apr 20244:15 pmRNSDirector/PDMR Shareholding
30th Apr 20247:00 amRNSHSBC Holdings 1Q 2024 webcast presentation
30th Apr 20247:00 amRNSRetirement of Group Chief Executive
30th Apr 20247:00 amRNSHSBC Holdings 1Q24 earnings release
29th Apr 20244:30 pmRNSTotal Voting Rights
29th Apr 20244:15 pmRNSDirector/PDMR Shareholding
23rd Apr 20246:04 pmRNSTransaction in Own Shares & Conclusion of Buy-Back
22nd Apr 20245:59 pmRNSTransaction in Own Shares
19th Apr 20245:57 pmRNSTransaction in Own Shares
19th Apr 20248:40 amRNSPost Stabilisation Notice
18th Apr 20245:58 pmRNSTransaction in Own Shares
18th Apr 202410:00 amRNSOverseas Regulatory Announcement - Board Meeting
17th Apr 20246:15 pmRNSTransaction in Own Shares
16th Apr 20246:00 pmRNSTransaction in Own Shares

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.