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Annual Financial Report - Part 5

21 Feb 2024 16:31

RNS Number : 9447D

HSBC Holdings PLC

21 February 2024

Wholesale analysis

IFRS 9 ECL sensitivity to future economic conditions1,2,3
	Reported Gross carrying amount4	Reported allowance for ECL	Consensus Central scenario allowance for ECL	Consensus Upside scenario allowance for ECL	Consensus Downside scenario allowance for ECL	Downside 2 scenario allowance for ECL
By geography at 31 Dec 2023	$m	$m	$m	$m	$m	$m
UK	426,427	820	754	599	1,041	2,487
US	191,104	215	199	189	268	441
Hong Kong	447,480	609	566	433	807	1,393
Mainland China	129,945	258	217	142	414	945
Canada5	84,092	89	75	56	107	487
Mexico	30,159	60	56	46	73	226
UAE	52,074	32	32	30	34	40
France	178,827	98	102	90	124	141
Other geographies6	450,271	325	298	245	410	882
Total	1,990,378	2,507	2,301	1,829	3,278	7,043
of which:
Stage 1	1,820,843	754	702	553	860	854
Stage 2	169,535	1,753	1,599	1,276	2,418	6,189

By geography at 31 Dec 2022
UK	421,685	769	624	484	833	2,240
US	190,858	277	241	227	337	801
Hong Kong	415,875	925	819	592	1,315	2,161
Mainland China	125,466	295	242	144	415	1,227
Canada5	83,274	126	80	60	148	579
Mexico	26,096	88	80	67	116	313
UAE	45,064	45	41	30	55	93
France	173,146	110	102	90	121	145
Other geographies6	445,758	447	384	304	527	1,054
Total	1,927,222	3,083	2,612	2,000	3,866	8,612

1 Allowance for ECL sensitivity includes off-balance sheet financial instruments. These are subject to significant measurement uncertainty.

2 Includes low credit-risk financial instruments such as debt instruments at FVOCI, which have high carrying amounts but low ECL under all the above scenarios.

3 Excludes defaulted obligors. For a detailed breakdown of performing and non-performing wholesale portfolio exposures, see page 176.

4 Staging refers only to probability-weighted/reported gross carrying amount. Stage allocation of gross exposures varies by scenario, with higher allocation to stage 2 under the Downside 2 scenario.

5 Classified as held for sale at 31 December 2023 and 31 December 2022.

6 Includes small portfolios that use less complex modelling approaches and are not sensitive to macroeconomic changes.

At 31 December 2023, the highest level of 100% scenario-weighted allowance for ECL was observed in the UK and Hong Kong. This higher ECL impact was largely driven by significant exposure in these regions.

Compared with 31 December 2022, the Downside 2 allowance for ECL was lower in Hong Kong and mainland China, mostly due to the crystallisation of defaults for certain high-risk exposures and a decrease of the associated downside uncertainty.

In the wholesale portfolio, off-balance sheet financial instruments have a lower likelihood to be fully converted to a funded exposure at the point of default, and consequently the sensitivity of the allowance for ECL is lower in relation to its nominal amount, when compared with an on-balance sheet exposure with a similar risk profile.

Retail analysis

IFRS 9 ECL sensitivity to future economic conditions1
	Reported gross carrying amount	Reported allowance for ECL	Consensus Central scenario allowance for ECL	Consensus Upside scenario allowance for ECL	Consensus Downside scenario allowance for ECL	Downside 2 scenario allowance for ECL
By geography at 31 December 2023	$m	$m	$m	$m	$m	$m
UK
Mortgages	161,127	189	180	172	201	334
Credit cards	7,582	344	340	302	353	486
Other	8,183	341	333	273	383	515
Mexico
Mortgages	8,666	188	180	150	235	363
Credit cards	2,445	295	286	206	376	489
Other	4,529	513	503	426	600	731
Hong Kong
Mortgages	106,136	2	2	1	3	5
Credit cards	9,128	287	239	214	395	887
Other	6,269	109	100	88	124	256
UAE
Mortgages	2,001	25	25	25	25	25
Credit cards	471	24	24	22	25	32
Other	721	20	20	19	21	28
France3
Mortgages	20,589	50	50	50	51	51
Other	1,328	44	44	43	45	48
US
Mortgages	14,385	8	4	3	4	10
Credit cards	204	15	15	10	15	16
Canada2
Mortgages	25,464	67	65	64	70	99
Credit cards	338	13	13	12	16	15
Other	1,368	13	13	12	14	33
Other geographies
Mortgages	55,368	152	149	144	158	198
Credit cards	3,655	173	166	151	202	291
Other	2,416	91	86	83	95	137
Total	442,373	2,962	2,835	2,471	3,411	5,049
of which: mortgages
Stage 1	347,874	101	92	77	145	303
Stage 2	43,451	264	249	225	280	429
Stage 3	2,412	316	314	307	322	352
of which: credit cards
Stage 1	18,557	249	232	180	329	604
Stage 2	4,953	707	657	546	859	1,415
Stage 3	312	193	193	192	194	197
of which: others
Stage 1	19,551	218	151	205	272	501
Stage 2	4,542	540	423	519	636	868
Stage 3	722	373	370	373	375	379

IFRS 9 ECL sensitivity to future economic conditions1 (continued)
	Reported gross carrying amount	Reported allowance for ECL	Consensus Central scenario allowance for ECL	Consensus Upside scenario allowance for ECL	Consensus Downside scenario allowance for ECL	Downside 2 scenario allowance for ECL
By geography at 31 December 2022	$m	$m	$m	$m	$m	$m
UK
Mortgages	147,306	204	188	183	189	399
Credit cards	6,518	455	434	396	442	719
Other	7,486	368	333	274	383	605
Mexico
Mortgages	6,319	152	127	102	183	270
Credit cards	1,616	198	162	97	233	289
Other	3,447	438	400	318	503	618
Hong Kong
Mortgages	100,107	1	1	-	1	1
Credit cards	8,003	261	227	180	417	648
Other	5,899	85	81	74	100	123
UAE
Mortgages	2,170	37	37	36	38	38
Credit cards	441	41	37	21	68	86
Other	718	17	17	15	19	22
France
Mortgages	21,440	51	50	50	51	52
Other	1,433	54	53	52	55	59
US
Mortgages	13,489	7	6	6	8	15
Credit cards	219	26	25	23	27	36
Canada
Mortgages	25,163	45	44	43	46	58
Credit cards	299	10	9	8	11	11
Other	1,399	16	14	13	17	36
Other geographies
Mortgages	56,383	199	190	183	205	253
Credit cards	3,871	192	176	150	219	324
Other	3,630	115	111	107	119	159
Total	417,356	2,972	2,722	2,331	3,334	4,821

1 Allowance for ECL sensitivities exclude portfolios utilising less complex modelling approaches.

2 Classified as 'assets held for sale' at 31 December 2023.

3 Includes balances and allowance for ECL, which have been reclassified from 'loans and advances to customers' to 'assets held for sale' in the balance sheet at 31 December 2023. This also includes any balances and allowance for ECL, which continue to be reported as personal lending in 'loans and advances to customers' that are in accordance with the basis of inclusion for retail sensitivity analysis.

At 31 December 2023, the most significant level of allowance for ECL sensitivity was observed in the UK, Mexico and Hong Kong. Mortgages reflected the lowest level of allowance for ECL sensitivity across most markets given the significant levels of collateral relative to the exposure values. Credit cards and other unsecured lending across stage 1 and 2 are more sensitive to economic forecasts and therefore reflected the highest level of allowance for ECL sensitivity during 2023.

There is limited sensitivity in credit cards and other unsecured lending in stage 3 as levels of loss on defaulted exposures remain consistent through various economic conditions. The alternative downside is from the tail of the economic distribution where allowance for ECL is more sensitive based on historical experience.

The reported gross carrying amount by stage is representative of the weighted scenario allowance for ECL. The allowance for ECL sensitivity to the other scenarios includes changes in allowance for ECL due to the levels of loss and the migration of additional lending balances in or out of stage 2. Group ECL sensitivity results

The allowance for ECL of the scenarios and management judgemental adjustments is highly sensitive to movements in economic forecasts. Based upon the sensitivity tables presented above, if the Group allowance for ECL balance was estimated solely on the basis of the Central scenario, Downside scenario or the Downside 2 scenario at 31 December 2023, it would increase/(decrease) as presented in the below table.

	Retail1	Wholesale1
Total Group ECL at 31 December 2023	$bn	$bn
Reported allowance for ECL	3.0	2.5
Scenarios
100% Consensus Central scenario	(0.1)	(0.2)
100% Consensus Upside scenario	(0.5)	(0.7)
100% Consensus Downside scenario	0.4	0.8
100% Downside 2 scenario	2.1	4.5

Total Group ECL at 31 December 2022
Reported allowance for ECL	3.0	3.1
Scenarios
100% Consensus Central scenario	(0.2)	(0.5)
100% Consensus Upside scenario	(0.6)	(1.1)
100% Consensus Downside scenario	0.4	0.8
100% Downside 2 scenario	1.8	5.5

1 On the same basis as retail and wholesale sensitivity analysis.

At 31 December 2023, the Group allowance for ECL remained unchanged in the retail portfolio and decreased by $0.6bn in the wholesale portfolio, compared with 31 December 2022.

The decrease in the Downside 2 scenario sensitivity within the wholesale portfolio since 31 December 2022 has been mostly driven by the crystallisation of defaults of higher risk exposures to the mainland China real estate sector and a reduction of related uncertainty. Within the retail portfolio, the increase in the Downside 2 scenario sensitivity was due to portfolio growth in Mexico and scenario forecast deterioration in Hong Kong.

At 31 December 2023, the sensitivity of the allowance for ECL to the consensus Central and consensus Upside scenarios decreased for both retail and wholesale portfolios due to lower macroeconomic forecast uncertainty, and the return to standardised weighting for the probability-weighted reported allowance.

Reconciliation from reported exposure and ECL to sensitised exposure and weighted ECL
	Wholesale		Retail		Total
	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/nominal amount	Allowance for ECL	Gross carrying/nominal amount	Allowance for ECL
	$m	$m	$m	$m	$m	$m
Included in sensitivity analysis	1,990,378	(2,507)	442,373	(2,962)	2,432,751	(5,469)
- Exclusions from sensitivity as described in the section above1	17,024	(6,237)	308,569	(93)	325,593	(6,330)
- Debt instruments measured at fair value through other comprehensive income2	(302,348)	97	-	-	(302,348)	97
- Performance guarantees2	(93,312)	35	-	-	(93,312)	35
- Other financial assets at amortised cost not presented as wholesale or personal lending, including held for sale2	(579,534)	93	(41,129)	174	(620,663)	267
- Other3	2,704	(84)	(4,175)	(11)	(1,471)	(95)
As reported in the Summary of credit risk (excluding debt instruments measured at FVOCI) by stage distribution and ECL coverage by industry sector at 31 December 2023	1,034,912	(8,603)	705,638	(2,892)	1,740,550	(11,495)
Other financial assets at amortised cost					960,271	(422)
Total reported in the Summary of credit risk (excluding debt instruments measured at FVOCI) by stage distribution and ECL coverage by industry sector at 31 December 2023					2,700,821	(11,917)

1 Comprises wholesale defaulted obligors, retail portfolios utilising less complex modelling approaches, private banking and insurance.

2 The sensitivity analysis includes certain items reported in Other assets at amortised cost, which are not allocated to an industry in the credit tables. It also includes FVOCI and performance guarantees, which are presented separately in the credit tables.

3 Includes FX and other operational variances.

Reconciliations of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including loan commitments and financial guarantees

The following disclosure provides a reconciliation by stage of the Group's gross carrying/nominal amount and allowances for loans and advances to banks and customers, including loan commitments and financial guarantees.

In addition, a reconciliation by stage of the Group's gross carrying amount and allowances for loans and advances to banks and customers and a reconciliation by stage of the Group's nominal amount and allowances for loan commitments and financial guarantees were included in this section following the adoption of the recommendations of the DECL Taskforce's third report.

Movements are calculated on a quarterly basis and therefore fully capture stage movements between quarters. If movements were calculated on a year-to-date basis they would only reflect the opening and closing position of the financial instrument.

The transfers of financial instruments represents the impact of stage transfers upon the gross carrying/nominal amount and associated allowance for ECL.

The net remeasurement of ECL arising from transfer of stage represents the increase or decrease due to these transfers, for example, moving from a 12-month (stage 1) to a lifetime (stage 2) ECL measurement basis. Net remeasurement excludes the underlying customer risk rating ('CRR')/probability of default ('PD') movements of the financial instruments transferring stage. This is captured, along with other credit quality movements in the 'changes to risk parameters - credit quality' line item.

Changes in 'Net new and further lending/repayments' represents the impact from volume movements within the Group's lending portfolio and includes 'New financial assets originated or purchased', 'assets derecognised (including final repayments)' and 'changes to risk parameters - further lending/repayment'.

Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including loan commitments and financial guarantees
(Audited)
	Non-credit impaired				Credit impaired
	Stage 1		Stage 2		Stage 3		POCI		Total
	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
At 1 Jan 2023	1,433,643	(1,257)	177,223	(3,710)	21,207	(6,949)	129	(38)	1,632,202	(11,954)
Transfers of financial instruments:	(18,948)	(1,048)	10,286	2,228	8,662	(1,180)	-	-	-	-
- transfers from stage 1 to stage 2	(150,728)	442	150,728	(442)	-	-	-	-	-	-
- transfers from stage 2 to stage 1	133,079	(1,467)	(133,079)	1,467	-	-	-	-	-	-
- transfers to stage 3	(1,986)	23	(8,600)	1,379	10,586	(1,402)	-	-	-	-
- transfers from stage 3	687	(46)	1,237	(176)	(1,924)	222	-	-	-	-
Net remeasurement of ECL arising from transfer of stage	-	917	-	(973)	-	(124)	-	-	-	(180)
Net new and further lending/repayments	77,693	(185)	(36,795)	661	(4,956)	1,117	(36)	3	35,906	1,596
Changes to risk parameters - credit quality	-	307	-	(1,262)	-	(3,896)	-	21	-	(4,830)
Changes to models used for ECL calculation	-	(22)	-	46	-	7	-	-	-	31
Assets written off	-	-	-	-	(3,922)	3,922	-	-	(3,922)	3,922
Credit-related modifications that resulted in derecognition	-	-	-	-	(119)	95	-	-	(119)	95
Foreign exchange and others1	4,417	(12)	2,370	(92)	(73)	(55)	(8)	(16)	6,706	(175)
At 31 Dec 2023	1,496,805	(1,300)	153,084	(3,102)	20,799	(7,063)	85	(30)	1,670,773	(11,495)
ECL income statement change for the period		1,017		(1,528)		(2,896)		24		(3,383)
Recoveries										268
Others										(195)
Total ECL income statement change for the period										(3,310)

1 Total includes $7.7bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale, and a corresponding allowance for ECL of $70m, reflecting business disposals as disclosed in Note 23 'Assets held for sale and liabilities of disposal groups held for sale' on page 401.

	At 31 Dec 2023		12 months ended 31 Dec 2023
	Gross carrying/nominal amount	Allowance for ECL	ECL charge
	$m	$m	$m
As above	1,670,773	(11,495)	(3,310)
Other financial assets measured at amortised cost	960,271	(422)	(35)
Non-trading reverse purchase agreement commitments	69,777	-	-
Performance and other guarantees not considered for IFRS 9	-	-	(44)
Summary of financial instruments to which the impairment requirements in IFRS 9 are applied/Summary consolidated income statement	2,700,821	(11,917)	(3,389)
Debt instruments measured at FVOCI	302,348	(97)	(58)
Total allowance for ECL/total income statement ECL change for the period	n/a	(12,014)	(3,447)

As shown in the previous table, the allowance for ECL for loans and advances to customers and banks and relevant loan commitments and financial guarantees decreased $459m during the period from $11,954m at 31 December 2022 to $11,495m at 31 December 2023.

This decrease was driven by:

- $3,922m of assets written off;

- $1,596m relating to volume movements, which included the allowance for ECL associated with new originations, assets derecognised and further lending/repayment;

- $95m relating to credit-related modifications, which resulted in derecognition; and

- $31m of changes to models used for ECL calculation.

These were partly offset by:

- $4,830m relating to underlying credit quality changes, including the credit quality impact of financial instruments transferring between stages;

- $180m relating to the net remeasurement impact of stage transfers; and

- foreign exchange and other movements of $175m.

The ECL charge for the period of $3,383m presented in the previous table consisted of $4,830m relating to underlying credit quality changes, including the credit quality impact of financial instruments transferring between stages and $180m relating to the net remeasurement impact of stage transfers.

This was partly offset by $1,596m relating to underlying net book volume movement and $31m in changes to models used for ECL calculation.

Summary views of the movement in wholesale and personal lending are presented on pages 179 and 192.

Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including loan commitments and financial guarantees
(Audited)
	Non-credit impaired				Credit impaired
	Stage 1		Stage 2		Stage 3		POCI		Total
	Gross exposure	Allowance/ provision for ECL	Gross exposure	Allowance/ provision for ECL	Gross exposure	Allowance/ provision for ECL	Gross exposure	Allowance/ provision for ECL	Gross exposure	Allowance/ provision for ECL
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
At 1 Jan 2022	1,575,808	(1,552)	155,654	(3,323)	19,796	(6,928)	275	(64)	1,751,533	(11,867)
Transfers of financial instruments:	(98,940)	(794)	88,974	1,616	9,966	(822)	-	-	-	-
- transfers from stage 1 to stage 2	(225,458)	469	225,458	(469)	-	-	-	-	-	-
- transfers from stage 2 to stage 1	128,170	(1,211)	(128,170)	1,211	-	-	-	-	-	-
- transfers to stage 3	(2,392)	9	(10,083)	1,132	12,475	(1,141)	-	-	-	-
- transfers from stage 3	740	(61)	1,769	(258)	(2,509)	319	-	-	-	-
Net remeasurement of ECL arising from transfer of stage	-	735	-	(948)	-	(148)	-	-	-	(361)
Net new and further lending/repayments	99,253	(175)	(44,877)	435	(3,399)	674	(133)	3	50,844	937
Changes to risk parameters - credit quality	-	400	-	(1,671)	-	(3,019)	-	32	-	(4,258)
Changes to models used for ECL calculation	-	4	-	(151)	-	13	-	-	-	(134)
Assets written off	-	-	-	-	(2,791)	2,791	(10)	10	(2,801)	2,801
Credit-related modifications that resulted in derecognition	-	-	-	-	(32)	9	-	-	(32)	9
Foreign exchange and others1	(142,478)	125	(22,528)	332	(2,333)	481	(3)	(19)	(167,342)	919
At 31 Dec 2022	1,433,643	(1,257)	177,223	(3,710)	21,207	(6,949)	129	(38)	1,632,202	(11,954)
ECL income statement change for the period	-	964	-	(2,335)	0	(2,480)	-	35	-	(3,816)
Recoveries	-	-	-	-	-	-	-	-	-	316
Others	-	-	-	-	-	-	-	-	-	(28)
Total ECL income statement change for the period	-	-	-	-	-	-	-	-	-	(3,528)

1 Total includes $82.7bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale, and a corresponding allowance for ECL of $426m, reflecting business disposals as disclosed in Note 23 'Assets held for sale and liabilities of disposal groups held for sale' on page 401.

	At 31 Dec 2022		12 months ended 31 Dec 2022
	Gross carrying/nominal amount	Allowance for ECL	ECL charge
	$m	$m	$m
As above	1,632,202	(11,954)	(3,528)
Other financial assets measured at amortised cost	954,934	(493)	(38)
Non-trading reverse purchase agreement commitments	44,921	-	-
Performance and other guarantees not considered for IFRS 9	-	-	39
Summary of financial instruments to which the impairment requirements in IFRS 9 are applied/Summary consolidated income statement	2,632,057	(12,447)	(3,527)
Debt instruments measured at FVOCI	265,147	(126)	(57)
Total allowance for ECL/total income statement ECL change for the period	n/a	(12,573)	(3,584)

Reconciliation of changes in gross carrying amount and allowances for loans and advances to banks and customers
	Non-credit impaired				Credit impaired
	Stage 1		Stage 2		Stage 3		POCI		Total
	Gross carrying amount	Allowance for ECL	Gross carrying amount	Allowance for ECL	Gross carrying amount	Allowance for ECL	Gross carrying amount	Allowance for ECL	Gross carrying amount	Allowance for ECL
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
At 1 Jan 2023	879,023	(1,109)	140,816	(3,518)	19,586	(6,851)	129	(38)	1,039,554	(11,516)
Transfers of financial instruments:	(19,276)	(980)	11,250	2,154	8,026	(1,174)	-	-	-	-
- transfers from stage 1 to stage 2	(108,758)	423	108,758	(423)	-	-	-	-	-	-
- transfers from stage 2 to stage 1	90,655	(1,382)	(90,655)	1,382	-	-	-	-	-	-
- transfers to stage 3	(1,692)	22	(7,975)	1,367	9,667	(1,389)	-	-	-	-
- transfers from stage 3	519	(43)	1,122	(172)	(1,641)	215	-	-	-	-
Net remeasurement of ECL arising from transfer of stage	-	859	-	(934)	-	(118)	-	-	-	(193)
Net new and further lending/repayments	55,024	(210)	(32,069)	685	(4,233)	1,026	(40)	3	18,682	1,504
Changes to risk parameters - credit quality	-	311	-	(1,292)	-	(3,804)	-	21	-	(4,764)
Changes to models used for ECL calculation	-	(17)	-	28	-	7	-	-	-	18
Assets written off	-	-	-	-	(3,922)	3,922	-	-	(3,922)	3,922
Credit-related modifications that resulted in derecognition	-	-	-	-	(119)	95	-	-	(119)	95
Foreign exchange and others1	6,092	6	2,310	(90)	(63)	(55)	(8)	(16)	8,331	(155)
At 31 Dec 2023	920,863	(1,140)	122,307	(2,967)	19,275	(6,952)	81	(30)	1,062,526	(11,089)
ECL income statement change for the period		943		(1,513)		(2,889)		24		(3,435)
Recoveries										268
Others										(203)
Total ECL income statement change for the period										(3,370)

Reconciliation of changes in nominal amount and allowances for loan commitments and financial guarantees
	Non-credit impaired				Credit impaired
	Stage 1		Stage 2		Stage 3		POCI		Total
	Nominal amount	Allowance for ECL	Nominal amount	Allowance for ECL	Nominal amount	Allowance for ECL	Nominal amount	Allowance for ECL	Nominal amount	Allowance for ECL
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
At 1 Jan 2023	554,620	(148)	36,407	(192)	1,621	(98)	-	-	592,648	(438)
Transfers of financial instruments:	328	(68)	(964)	74	636	(6)	-	-	-	-
- transfers from stage 1 to stage 2	(41,970)	19	41,970	(19)	-	-	-	-	-	-
- transfers from stage 2 to stage 1	42,424	(85)	(42,424)	85	-	-	-	-	-	-
- transfers to stage 3	(294)	1	(625)	12	919	(13)	-	-	-	-
- transfers from stage 3	168	(3)	115	(4)	(283)	7	-	-	-	-
Net remeasurement of ECL arising from transfer of stage	-	58	-	(39)	-	(6)	-	-	-	13
Net new and further lending/repayments	22,669	25	(4,726)	(24)	(723)	91	4	-	17,224	92
Changes to risk parameters - credit quality	-	(4)	-	30	-	(92)	-	-	-	(66)
Changes to models used for ECL calculation	-	(5)	-	18	-	-	-	-	-	13
Foreign exchange and others	(1,675)	(18)	60	(2)	(10)	-	-	-	(1,625)	(20)
At 31 Dec 2023	575,942	(160)	30,777	(135)	1,524	(111)	4	-	608,247	(406)
ECL income statement change for the period		74		(15)		(7)		-		52
Recoveries										-
Others										8
Total ECL income statement change for the period										60

Credit quality

Credit quality of financial instruments

(Audited)

We assess the credit quality of all financial instruments that are subject to credit risk. The credit quality of financial instruments is a point-in-time assessment of PD, whereas stages 1 and 2 are determined based on relative deterioration of credit quality since initial recognition for the majority of portfolios. Accordingly, for non-credit-impaired financial instruments, there is no direct relationship

between the credit quality assessment and stages 1 and 2, although

typically the lower credit quality bands exhibit a higher proportion in stage 2.

The five credit quality classifications provided below each encompass a range of granular internal credit rating grades assigned to wholesale and personal lending businesses and the external ratings attributed by external agencies to debt securities, as shown in the table on page 148.

Distribution of financial instruments by credit quality at 31 December 2023
(Audited)
	Gross carrying/notional amount						Allowance for ECL/other credit provisions	Net
	Strong	Good	Satisfactory	Sub-standard	Credit impaired	Total	Allowance for ECL/other credit provisions	Net
	$m	$m	$m	$m	$m	$m	$m	$m
In-scope for IFRS 9 ECL
Loans and advances to customers held at amortised cost	497,665	206,476	197,582	28,532	19,354	949,609	(11,074)	938,535
- personal	346,562	62,656	32,314	2,485	3,505	447,522	(2,867)	444,655
- corporate and commercial	118,123	123,713	145,249	25,531	15,039	427,655	(7,803)	419,852
- non-bank financial institutions	32,980	20,107	20,019	516	810	74,432	(404)	74,028
Loans and advances to banks held at amortised cost	101,057	4,640	6,363	855	2	112,917	(15)	112,902
Cash and balances at central banks	284,723	1,068	77	-	-	285,868	-	285,868
Items in the course of collection from other banks	6,327	15	-	-	-	6,342	-	6,342
Hong Kong Government certificates of indebtedness	42,024	-	-	-	-	42,024	-	42,024
Reverse repurchase agreements - non-trading	170,494	46,884	34,206	633	-	252,217	-	252,217
Financial investments	143,333	3,814	1,137	62	-	148,346	(20)	148,326
Assets held for sale	68,501	16,403	14,812	2,939	531	103,186	(324)	102,862
Other assets	99,857	11,967	9,965	366	133	122,288	(78)	122,210
- endorsements and acceptances	2,405	2,666	2,707	161	18	7,957	(18)	7,939
- accrued income and other	97,452	9,301	7,258	205	115	114,331	(60)	114,271
Debt instruments measured at fair value through other comprehensive income1	288,959	12,037	7,897	805	5	309,703	(97)	309,606
Out-of-scope for IFRS 9 ECL
Trading assets	122,695	20,595	20,746	1,326	135	165,497	-	165,497
Other financial assets designated and otherwise mandatorily measured at fair value through profit or loss	52,649	11,517	4,733	84	6	68,989	-	68,989
Derivatives	196,098	27,377	6,041	187	11	229,714	-	229,714
Assets held for sale	12,495	-	-	-	-	12,495	-	12,495
Total gross carrying amount on balance sheet	2,086,877	362,793	303,559	35,789	20,177	2,809,195	(11,608)	2,797,587
Percentage of total credit quality (%)	74.3	12.9	10.8	1.3	0.7	100
Loan and other credit-related commitments	436,359	142,500	73,230	7,782	1,144	661,015	(367)	660,648
Financial guarantees	7,700	4,146	4,080	699	384	17,009	(39)	16,970
In-scope: Irrevocable loan commitments and financial guarantees	444,059	146,646	77,310	8,481	1,528	678,024	(406)	677,618
Loan and other credit-related commitments	92,509	77,891	61,462	3,896	377	236,135	-	236,135
Performance and other guarantees	39,784	32,231	19,445	1,853	964	94,277	(145)	94,132
Out-of-scope: Revocable loan commitments and non-financial guarantees	132,293	110,122	80,907	5,749	1,341	330,412	(145)	330,267

1 For the purposes of this disclosure, gross carrying amount is defined as the amortised cost of a financial asset before adjusting for any loss allowance. As such, the gross carrying amount of debt instruments at FVOCI as presented above will not reconcile to the balance sheet as it excludes fair value gains and losses.

Distribution of financial instruments by credit quality at 31 December 2022 (continued)
(Audited)
	Gross carrying/notional amount						Allowance for ECL/other credit provisions	Net
	Strong	Good	Satisfactory	Sub- standard	Credit impaired	Total	Allowance for ECL/other credit provisions	Net
	$m	$m	$m	$m	$m	$m	$m	$m
In-scope for IFRS 9 ECL
Loans and advances to customers held at amortised cost	492,711	196,735	196,486	29,443	19,633	935,008	(11,447)	923,561
- personal	333,839	45,590	28,918	3,196	3,339	414,882	(2,870)	412,012
- corporate and commercial	126,521	132,128	153,841	24,887	15,825	453,202	(8,320)	444,882
- non-bank financial institutions	32,351	19,017	13,727	1,360	469	66,924	(257)	66,667
Loans and advances to banks held at amortised cost	92,675	4,833	5,643	1,311	82	104,544	(69)	104,475
Cash and balances at central banks	325,119	1,296	590	-	-	327,005	(3)	327,002
Items in the course of collection from other banks	7,280	12	5	-	-	7,297	-	7,297
Hong Kong Government certificates of indebtedness	43,787	-	-	-	-	43,787	-	43,787
Reverse repurchase agreements - non-trading	170,386	41,659	41,686	20	3	253,754	-	253,754
Financial investments	103,379	3,212	2,334	161	-	109,086	(20)	109,066
Assets held for sale	67,616	17,993	13,972	2,333	642	102,556	(415)	102,141
Other assets	91,006	11,126	8,875	290	152	111,449	(55)	111,394
- endorsements and acceptances	2,350	3,059	2,815	175	25	8,424	(17)	8,407
- accrued income and other	88,656	8,067	6,060	115	127	103,025	(38)	102,987
Debt instruments measured at fair value through other comprehensive income1	260,654	9,957	5,730	1,910	7	278,258	(126)	278,132
Out-of-scope for IFRS 9 ECL
Trading assets	91,330	14,371	23,414	820	133	130,068	-	130,068
Other financial assets designated and otherwise mandatorily measured at fair value through profit or loss	49,602	11,116	3,145	187	-	64,050	-	64,050
Derivatives	241,918	34,181	7,843	181	36	284,159	-	284,159
Assets held for sale	15,254	-	-	-	-	15,254	-	15,254
Total gross carrying amount on balance sheet	2,052,717	346,491	309,723	36,656	20,688	2,766,275	(12,135)	2,754,140
Percentage of total credit quality (%)	74.2	12.6	11.2	1.3	0.7	100	-	-
Loan and other credit-related commitments	402,972	132,402	74,410	7,632	1,372	618,788	(386)	618,402
Financial guarantees	8,281	4,669	4,571	1,013	249	18,783	(52)	18,731
In-scope: Irrevocable loan commitments and financial guarantees	411,253	137,071	78,981	8,645	1,621	637,571	(438)	637,133
Loan and other credit-related commitments	76,098	69,667	59,452	3,360	489	209,066	-	209,066
Performance and other guarantees	37,943	30,029	17,732	2,137	399	88,240	(110)	88,130
Out-of-scope: Revocable loan commitments and non-financial guarantees	114,041	99,696	77,184	5,497	888	297,306	(110)	297,196

Distribution of financial instruments to which the impairment requirements in IFRS 9 are applied, by credit quality and stage allocation
(Audited)
	Gross carrying/notional amount						Allowance for ECL	Net
	Strong	Good	Satisfactory	Sub-standard	Credit impaired	Total	Allowance for ECL	Net
	$m	$m	$m	$m	$m	$m	$m	$m
Loans and advances to customers at amortised cost	497,665	206,476	197,582	28,532	19,354	949,609	(11,074)	938,535
- stage 1	478,422	177,410	147,940	5,612	-	809,384	(1,130)	808,254
- stage 2	19,243	29,066	49,642	22,920	-	120,871	(2,964)	117,907
- stage 3	-	-	-	-	19,273	19,273	(6,950)	12,323
- POCI	-	-	-	-	81	81	(30)	51
Loans and advances to banks at amortised cost	101,057	4,640	6,363	855	2	112,917	(15)	112,902
- stage 1	101,011	4,631	5,550	287	-	111,479	(10)	111,469
- stage 2	46	9	813	568	-	1,436	(3)	1,433
- stage 3	-	-	-	-	2	2	(2)	-
- POCI	-	-	-	-	-	-	-	-
Other financial assets measured at amortised cost	815,259	80,151	60,197	4,000	664	960,271	(422)	959,849
- stage 1	814,776	78,486	53,095	516	-	946,873	(109)	946,764
- stage 2	483	1,665	7,102	3,484	-	12,734	(132)	12,602
- stage 3	-	-	-	-	664	664	(181)	483
- POCI	-	-	-	-	-	-	-	-
Loan and other credit-related commitments	436,359	142,500	73,230	7,782	1,144	661,015	(367)	660,648
- stage 1	432,017	135,192	61,213	2,527	-	630,949	(153)	630,796
- stage 2	4,342	7,308	12,017	5,255	-	28,922	(128)	28,794
- stage 3	-	-	-	-	1,140	1,140	(86)	1,054
- POCI	-	-	-	-	4	4	-	4
Financial guarantees	7,700	4,146	4,080	699	384	17,009	(39)	16,970
- stage 1	7,497	3,943	3,204	102	-	14,746	(7)	14,739
- stage 2	203	203	876	597	-	1,879	(7)	1,872
- stage 3	-	-	-	-	384	384	(25)	359
- POCI	-	-	-	-	-	-	-	-
At 31 Dec 2023	1,858,040	437,913	341,452	41,868	21,548	2,700,821	(11,917)	2,688,904
Debt instruments at FVOCI1
- stage 1	288,909	12,037	7,579	-	-	308,525	(37)	308,488
- stage 2	50	-	318	805	-	1,173	(59)	1,114
- stage 3	-	-	-	-	5	5	(1)	4
- POCI	-	-	-	-	-	-	-	-
At 31 Dec 2023	288,959	12,037	7,897	805	5	309,703	(97)	309,606

Loans and advances to customers at amortised cost	492,711	196,735	196,486	29,443	19,633	935,008	(11,447)	923,561
- stage 1	458,706	170,055	142,408	5,130	-	776,299	(1,092)	775,207
- stage 2	34,005	26,680	54,078	24,313	-	139,076	(3,488)	135,588
- stage 3	-	-	-	-	19,504	19,504	(6,829)	12,675
- POCI	-	-	-	-	129	129	(38)	91
Loans and advances to banks at amortised cost	92,675	4,833	5,643	1,311	82	104,544	(69)	104,475
- stage 1	92,377	4,465	5,466	415	-	102,723	(18)	102,705
- stage 2	298	368	177	896	-	1,739	(29)	1,710
- stage 3	-	-	-	-	82	82	(22)	60
- POCI	-	-	-	-	-	-	-	-
Other financial assets measured at amortised cost	808,573	75,298	67,462	2,804	797	954,934	(493)	954,441
- stage 1	807,893	70,794	59,887	224	-	938,798	(95)	938,703
- stage 2	680	4,504	7,575	2,580	-	15,339	(165)	15,174
- stage 3	-	-	-	-	797	797	(233)	564
- POCI	-	-	-	-	-	-	-	-
Loan and other credit-related commitments	402,972	132,402	74,410	7,632	1,372	618,788	(386)	618,402
- stage 1	398,120	121,581	60,990	2,692	-	583,383	(141)	583,242
- stage 2	4,852	10,821	13,420	4,940	-	34,033	(180)	33,853
- stage 3	-	-	-	-	1,372	1,372	(65)	1,307
- POCI	-	-	-	-	-	-	-	-
Financial guarantees	8,281	4,669	4,571	1,013	249	18,783	(52)	18,731
- stage 1	8,189	4,245	3,488	149	-	16,071	(6)	16,065
- stage 2	92	424	1,083	864	-	2,463	(13)	2,450
- stage 3	-	-	-	-	249	249	(33)	216
- POCI	-	-	-	-	-	-	-	-
At 31 Dec 2022	1,805,212	413,937	348,572	42,203	22,133	2,632,057	(12,447)	2,619,610
Debt instruments at FVOCI1
- stage 1	260,411	9,852	5,446	-	-	275,709	(67)	275,642
- stage 2	243	105	284	1,910	-	2,542	(58)	2,484
- stage 3	-	-	-	-	5	5	(1)	4
- POCI	-	-	-	-	2	2	-	2
At 31 Dec 2022	260,654	9,957	5,730	1,910	7	278,258	(126)	278,132

Credit-impaired loans

(Audited)

We determine that a financial instrument is credit impaired and in stage 3 by considering relevant objective evidence, primarily whether:

- contractual payments of either principal or interest are past due for more than 90 days;

- there are other indications that the borrower is unlikely to pay, such as when a concession has been granted to the borrower for economic or legal reasons relating to the borrower's financial condition; and

- the loan is otherwise considered to be in default. If such unlikeliness to pay is not identified at an earlier stage, it is deemed

to occur when an exposure is 90 days past due. Therefore, the definitions of credit impaired and default are aligned as far as possible so that stage 3 represents all loans that are considered defaulted or otherwise credit impaired.

Forbearance

The following table shows the gross carrying amounts and allowances for ECL of the Group's holdings of forborne loans and advances to customers by industry sector and by stages.

A summary of our current policies and practices for forbearance is set out in 'Credit risk management' on page 147.

Forborne loans and advances to customers at amortised cost by stage allocation
	Performing forborne	Non-performing forborne		Total forborne
	Stage 2	Stage 3	POCI	Total
	$m	$m	$m	$m
Gross carrying amount
Personal	816	1,282	-	2,098
- first lien residential mortgages	530	815	-	1,345
- second lien residential mortgages	1	8	-	9
- guaranteed loans in respect of residential property	24	20	-	44
- other personal lending which is secured	1	6	-	7
- credit cards	96	83	-	179
- other personal lending which is unsecured	155	349	-	504
- motor vehicle finance	9	1	-	10
Wholesale	5,848	5,505	68	11,421
- corporate and commercial	5,778	5,459	68	11,305
- non-bank financial institutions	70	46	-	116
At 31 Dec 2023	6,664	6,787	68	13,519
Allowance for ECL
Personal	(113)	(307)	-	(420)
- first lien residential mortgages	(50)	(113)	-	(163)
- second lien residential mortgages	-	(3)	-	(3)
- guaranteed loans in respect of residential property	-	(2)	-	(2)
- other personal lending which is secured	-	(1)	-	(1)
- credit cards	(17)	(46)	-	(63)
- other personal lending which is unsecured	(43)	(142)	-	(185)
- motor vehicle finance	(3)	-	-	(3)
Wholesale	(259)	(1,932)	(28)	(2,219)
- corporate and commercial	(257)	(1,920)	(28)	(2,205)
- non-bank financial institutions	(2)	(12)	-	(14)
At 31 Dec 2023	(372)	(2,239)	(28)	(2,639)

Gross carrying amount
Personal	651	1,171	-	1,822
- first lien residential mortgages	369	738	-	1,107
- second lien residential mortgages	-	7	-	7
- guaranteed loans in respect of residential property	-	4	-	4
- other personal lending which is secured	5	13	-	18
- credit cards	93	75	-	168
- other personal lending which is unsecured	179	334	-	513
- motor vehicle finance	5	-	-	5
Wholesale	4,873	4,576	107	9,556
- corporate and commercial	4,859	4,562	107	9,528
- non-bank financial institutions	14	14	-	28
At 31 Dec 2022	5,524	5,747	107	11,378
Allowance for ECL
Personal	(124)	(302)	-	(426)
- first lien residential mortgages	(49)	(118)	-	(167)
- second lien residential mortgages	-	(3)	-	(3)
- guaranteed loans in respect of residential property	-	(3)	-	(3)
- other personal lending which is secured	-	(2)	-	(2)
- credit cards	(19)	(44)	-	(63)
- other personal lending which is unsecured	(54)	(132)	-	(186)
- motor vehicle finance	(2)	-	-	(2)
Wholesale	(152)	(1,497)	(25)	(1,674)
- corporate and commercial	(151)	(1,490)	(25)	(1,666)
- non-bank financial institutions	(1)	(7)	-	(8)
At 31 Dec 2022	(276)	(1,799)	(25)	(2,100)

Forborne loans and advances to customers by legal entities
	HSBC UK Bank plc	HSBC Bank plc	The Hongkong and Shanghai Banking Corporation Limited	HSBC Bank Middle East Limited	HSBC North America Holdings Inc.	Grupo Financiero HSBC, S.A. de C.V.	Other trading entities	Total
	$m	$m	$m	$m	$m	$m	$m	$m
Gross carrying amount
Performing forborne	1,478	2,081	1,574	31	954	503	43	6,664
Non-performing forborne	1,936	1,199	2,250	471	430	233	336	6,855
At 31 Dec 2023	3,414	3,280	3,824	502	1,384	736	379	13,519
Allowance for ECL
Performing forborne	(75)	(25)	(142)	(1)	(43)	(84)	(2)	(372)
Non-performing forborne	(289)	(400)	(986)	(225)	(74)	(126)	(167)	(2,267)
At 31 Dec 2023	(364)	(425)	(1,128)	(226)	(117)	(210)	(169)	(2,639)

Gross carrying amount
Performing forborne	899	2,222	276	435	997	530	165	5,524
Non-performing forborne	1,723	913	1,562	554	209	195	698	5,854
At 31 Dec 2022	2,622	3,135	1,838	989	1,206	725	863	11,378
Allowance for ECL
Performing forborne	(63)	(31)	(21)	(7)	(50)	(79)	(25)	(276)
Non-performing forborne	(257)	(310)	(525)	(356)	(21)	(111)	(244)	(1,824)
At 31 Dec 2022	(320)	(341)	(546)	(363)	(71)	(190)	(269)	(2,100)

Wholesale lending

This section provides further details on the major legal entities, countries, territories and products comprising wholesale loans and advances to customers and banks. Product granularity is also provided by stage with legal entity data presented for loans and advances to customers, banks, other credit commitments, financial guarantees and similar contracts. Additionally, this section provides a reconciliation of the opening 1 January 2023 to 31 December 2023 closing gross carrying/nominal amounts and the associated allowance for ECL.

At 31 December 2023, wholesale lending for loans and advances to banks and customers of $615bn decreased by $9.6bn compared with 31 December 2022. This included favourable foreign exchange movements of $6.1bn. Excluding foreign exchange movements, the total loans and advances to customers decrease of $24.6bn was driven by a $31.5bn decrease in corporate and commercial balances, partly offset by a $6.9bn increase in balances from non-bank financial institutions. In addition, there was a $8.9bn increase in loans and advances to banks.

The underlying reduction in corporate and commercial lending was mainly driven by decreases in Hong Kong (down $18.6bn), in the UK (down $5.4bn), in mainland China (down $2.2bn), in France (down $1.6bn), in the US (down $1.3bn). These were partly offset by increased lending in India (up $1.8bn). There was a $2.1bn decrease from the merger of our business in Oman.

The underlying decrease in loans advances to corporate and commercial customers within stage 2 included repayments within our commercial real estate portfolio in Hong Kong, together with de-risking measures in our mainland China commercial real estate portfolio. In addition, there was a further decrease in the wholesale and retail trade portfolio in the UK largely from repayments and improvements in the economic outlook that led to upgrades to stage 1.

The underlying growth in loans and advances to non-bank financial institutions was mainly driven by the formation of HSBC Innovation Banking, following the acquisition of SVB UK, in the UK (up $6.4bn). In addition, increases in France (up $1.4bn) were partly offset by decreases in mainland China (down $0.9bn).

The underlying growth in loans and advances to banks was mainly driven by central bank balances and money market lending growth in Singapore (up $6.5bn), Hong Kong (up $5.1bn), the UK (up $2.8bn) and Egypt (up $1.5bn). These were partly offset by reductions in mainland China (down $2.6bn), Malaysia (down $1.6bn), Switzerland (down $1.4bn) and the UAE (down $1.2bn). There was also a $0.6bn decrease from the merger of our business in Oman.

Loan commitments and financial guarantees increased by $27.5bn since 31 December 2022 to $419.9bn at 31 December 2023. Excluding favourable foreign exchange movements of $8.7bn, loan commitments and financial guarantees grew by $18.8bn. This can be mainly attributed to a $23.2bn increase in unsettled reverse repurchase agreements, partly offset by a decrease of $6.3bn in loan commitments with corporate and commercial customers.

The allowance for ECL attributable to loans and advances to banks and customers of $8.2bn at 31 December 2023 decreased from $8.6bn at 31 December 2022. This included adverse foreign exchange movements of $0.1bn.

Excluding foreign exchange movements, the total decrease in the wholesale allowance for ECL attributable to loans and advances to customers and banks was mostly driven by a $0.6bn decrease in corporate and commercial balances, partly offset by a $0.1bn increase in loans to non-bank financial institutions and banks.

The allowance for ECL attributable to loan commitments and financial guarantees at 31 December 2023 remained stable at $0.4bn compared with 31 December 2022.

The table below provides a breakdown by industry sector and stage of the Group's gross carrying amount and allowances for ECL for wholesale loans and advances to banks and customers. Counterparties or exposures are classified when presenting comparable economic characteristics, or engaged in similar activities so that their collective ability to meet contractual obligations is uniformly affected by changes in economic, political or other conditions. Therefore, the industry classification does not adhere to Nomenclature des Activités Économiques dans la Communauté Européenne ('NACE'), which is applicable to other financial regulatory reporting.

Total wholesale lending for loans and advances to banks and customers by stage distribution
	Gross carrying amount					Allowance for ECL
	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
Corporate and commercial	342,878	69,738	14,958	81	427,655	(499)	(1,500)	(5,774)	(30)	(7,803)
- agriculture, forestry and fishing	5,207	1,662	312	-	7,181	(13)	(53)	(64)	-	(130)
- mining and quarrying	6,260	638	325	-	7,223	(7)	(11)	(83)	-	(101)
- manufacturing	69,690	13,744	1,877	22	85,333	(89)	(194)	(839)	(21)	(1,143)
- electricity, gas, steam and air-conditioning supply	12,817	1,283	255	-	14,355	(14)	(17)	(88)	-	(119)
- water supply, sewerage, waste management and remediation	2,753	407	102	-	3,262	(5)	(7)	(51)	-	(63)
- real estate and construction	73,701	21,871	5,835	48	101,455	(96)	(629)	(2,554)	(7)	(3,286)
- of which: commercial real estate	59,883	19,107	4,552	47	83,589	(73)	(603)	(2,091)	(7)	(2,774)
- wholesale and retail trade, repair of motor vehicles and motorcycles	66,083	10,676	2,358	4	79,121	(80)	(127)	(1,132)	(2)	(1,341)
- transportation and storage	17,117	3,894	445	-	21,456	(18)	(52)	(160)	-	(230)
- accommodation and food	9,681	5,135	1,058	-	15,874	(27)	(118)	(112)	-	(257)
- publishing, audiovisual and broadcasting	17,455	2,066	210	-	19,731	(42)	(81)	(50)	-	(173)
- professional, scientific and technical activities	22,686	3,327	733	7	26,753	(32)	(63)	(306)	-	(401)
- administrative and support services	19,055	2,551	597	-	22,203	(31)	(63)	(174)	-	(268)
- public administration and defence, compulsory social security	1,037	5	-	-	1,042	-	-	-	-	-
- education	1,137	277	46	-	1,460	(3)	(8)	(4)	-	(15)
- health and care	3,245	808	183	-	4,236	(9)	(21)	(26)	-	(56)
- arts, entertainment and recreation	1,666	196	99	-	1,961	(5)	(6)	(31)	-	(42)
- other services	7,065	972	318	-	8,355	(26)	(37)	(90)	-	(153)
- activities of households	684	10	-	-	694	-	-	-	-	-
- extra-territorial organisations and bodies activities	100	1	-	-	101	-	-	-	-	-
- government	5,420	202	205	-	5,827	(2)	-	(10)	-	(12)
- asset-backed securities	19	13	-	-	32	-	(13)	-	-	(13)
Non-bank financial institutions	69,972	3,650	810	-	74,432	(52)	(30)	(322)	-	(404)
Loans and advances to banks	111,479	1,436	2	-	112,917	(10)	(3)	(2)	-	(15)
At 31 Dec 2023	524,329	74,824	15,770	81	615,004	(561)	(1,533)	(6,098)	(30)	(8,222)
By legal entity
HSBC UK Bank plc	76,793	18,735	3,769	-	99,297	(213)	(474)	(593)	-	(1,280)
HSBC Bank plc	82,025	8,452	2,673	40	93,190	(69)	(138)	(1,035)	(7)	(1,249)
The Hongkong and Shanghai Banking Corporation Limited	287,876	37,402	7,077	38	332,393	(185)	(696)	(3,349)	(21)	(4,251)
HSBC Bank Middle East Limited	21,927	1,598	894	3	24,422	(17)	(11)	(571)	(2)	(601)
HSBC North America Holdings Inc.	30,797	5,712	583	-	37,092	(24)	(145)	(127)	-	(296)
Grupo Financiero HSBC, S.A. de C.V.	13,714	1,186	382	-	15,282	(39)	(56)	(231)	-	(326)
Other trading entities	11,164	1,739	392	-	13,295	(14)	(13)	(192)	-	(219)
Holding companies, shared service centres and intra-Group eliminations	33	-	-	-	33	-	-	-	-	-
At 31 Dec 2023	524,329	74,824	15,770	81	615,004	(561)	(1,533)	(6,098)	(30)	(8,222)

Total wholesale lending for loans and other credit-related commitments and financial guarantees to banks and customers by stage distribution1
	Nominal amount					Allowance for ECL
	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
Corporate and commercial	256,367	22,218	1,066	4	279,655	(126)	(125)	(107)	-	(358)
Financial	135,039	5,111	103	-	140,253	(11)	(10)	(2)	-	(23)
At 31 Dec 2023	391,406	27,329	1,169	4	419,908	(137)	(135)	(109)	-	(381)
By legal entity
HSBC UK Bank plc	31,982	5,760	350	-	38,092	(31)	(32)	(56)	-	(119)
HSBC Bank plc	148,980	9,466	310	4	158,760	(20)	(27)	(27)	-	(74)
The Hongkong and Shanghai Banking Corporation Limited	70,436	3,975	79	-	74,490	(59)	(39)	(16)	-	(114)
HSBC Bank Middle East Limited	6,944	323	56	-	7,323	(4)	(1)	(3)	-	(8)
HSBC North America Holdings Inc.	101,067	5,103	248	-	106,418	(14)	(27)	(1)	-	(42)
HSBC Bank Canada	28,156	2,461	66	-	30,683	(8)	(8)	(3)	-	(19)
Grupo Financiero HSBC, S.A. de C.V.	2,092	34	-	-	2,126	(1)	-	-	-	(1)
Other trading entities	1,749	207	60	-	2,016	-	(1)	(3)	-	(4)
At 31 Dec 2023	391,406	27,329	1,169	4	419,908	(137)	(135)	(109)	-	(381)

1 Included in loans and other credit-related commitments and financial guarantees is $70bn relating to unsettled reverse repurchase agreements, which once drawn are classified as 'Reverse repurchase agreements - non-trading'.

Total wholesale lending for loans and advances to banks and customers by stage distribution (continued)
	Gross carrying amount					Allowance for ECL
	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
Corporate and commercial	351,885	85,492	15,696	129	453,202	(488)	(1,907)	(5,887)	(38)	(8,320)
- agriculture, forestry and fishing	4,805	1,505	261	-	6,571	(10)	(44)	(68)	-	(122)
- mining and quarrying	6,424	1,463	232	1	8,120	(5)	(21)	(145)	(1)	(172)
- manufacturing	70,144	15,251	2,016	49	87,460	(93)	(164)	(867)	(29)	(1,153)
- electricity, gas, steam and air-conditioning supply	14,402	1,799	277	-	16,478	(10)	(31)	(67)	-	(108)
- water supply, sewerage, waste management and remediation	2,690	277	26	-	2,993	(3)	(5)	(13)	-	(21)
- real estate and construction	81,830	27,104	5,625	26	114,585	(107)	(954)	(2,229)	(3)	(3,293)
- of which: commercial real estate	68,120	23,608	4,648	19	96,395	(82)	(865)	(1,799)	-	(2,746)
- wholesale and retail trade, repair of motor vehicles and motorcycles	63,752	15,867	2,805	5	82,429	(97)	(225)	(1,341)	(3)	(1,666)
- transportation and storage	19,068	5,062	556	-	24,686	(30)	(65)	(153)	-	(248)
- accommodation and food	9,862	6,523	787	2	17,174	(23)	(139)	(81)	(1)	(244)
- publishing, audiovisual and broadcasting	16,574	1,537	249	28	18,388	(22)	(36)	(58)	(1)	(117)
- professional, scientific and technical activities	15,164	2,229	542	-	17,935	(21)	(51)	(200)	-	(272)
- administrative and support services	20,592	3,505	962	18	25,077	(25)	(90)	(293)	-	(408)
- public administration and defence, compulsory social security	1,166	14	-	-	1,180	-	(1)	-	-	(1)
- education	1,325	181	87	-	1,593	(4)	(5)	(22)	-	(31)
- health and care	2,993	643	266	-	3,902	(6)	(17)	(67)	-	(90)
- arts, entertainment and recreation	1,264	452	146	-	1,862	(4)	(16)	(57)	-	(77)
- other services	10,335	1,547	589	-	12,471	(25)	(30)	(219)	-	(274)
- activities of households	730	14	-	-	744	-	-	-	-	-
- extra-territorial organisations and bodies activities	47	-	-	-	47	-	-	-	-	-
- government	8,699	506	270	-	9,475	(3)	-	(7)	-	(10)
- asset-backed securities	19	13	-	-	32	-	(13)	-	-	(13)
Non-bank financial institutions	61,737	4,718	469	-	66,924	(43)	(77)	(137)	-	(257)
Loans and advances to banks	102,723	1,739	82	-	104,544	(18)	(29)	(22)	-	(69)
At 31 Dec 2022	516,345	91,949	16,247	129	624,670	(549)	(2,013)	(6,046)	(38)	(8,646)
By legal entity
HSBC UK Bank plc	64,930	18,856	4,439	28	88,253	(165)	(445)	(643)	(1)	(1,254)
HSBC Bank plc	83,174	9,175	2,631	3	94,983	(56)	(181)	(1,075)	-	(1,312)
The Hongkong and Shanghai Banking Corporation Limited	292,022	50,708	6,934	80	349,744	(216)	(1,074)	(3,125)	(24)	(4,439)
HSBC Bank Middle East Limited	21,922	1,777	946	4	24,649	(11)	(21)	(684)	(3)	(719)
HSBC North America Holdings Inc.	30,816	6,861	211	-	37,888	(24)	(194)	(22)	-	(240)
Grupo Financiero HSBC, S.A. de C.V.	9,969	1,979	399	-	12,347	(48)	(62)	(225)	-	(335)
Other trading entities	13,512	2,593	687	14	16,806	(29)	(36)	(272)	(10)	(347)
Holding companies, shared service centres and intra-Group eliminations	-	-	-	-	-	-	-	-	-	-
At 31 Dec 2022	516,345	91,949	16,247	129	624,670	(549)	(2,013)	(6,046)	(38)	(8,646)

Total wholesale lending for loans and other credit-related commitments and financial guarantees by stage distribution1 (continued)
	Nominal amount					Allowance for ECL
	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
Corporate and commercial	252,860	29,116	798	-	282,774	(116)	(178)	(96)	-	(390)
Financial	105,950	3,683	23	-	109,656	(5)	(14)	(2)	-	(21)
At 31 Dec 2022	358,810	32,799	821	-	392,430	(121)	(192)	(98)	-	(411)
By legal entity
HSBC UK Bank plc	26,036	5,527	208	-	31,771	(24)	(45)	(38)	-	(107)
HSBC Bank plc	142,100	11,710	291	-	154,101	(16)	(41)	(47)	-	(104)
The Hongkong and Shanghai Banking Corporation Limited	67,473	6,081	114	-	73,668	(54)	(53)	(9)	-	(116)
HSBC Bank Middle East Limited	6,683	231	14	-	6,928	(2)	(2)	-	-	(4)
HSBC North America Holdings Inc.	88,039	3,959	87	-	92,085	(13)	(32)	(2)	-	(47)
HSBC Bank Canada	24,395	4,671	84	-	29,150	(8)	(15)	-	-	(23)
Grupo Financiero HSBC, S.A. de C.V.	2,468	240	3	-	2,711	(1)	-	-	-	(1)
Other trading entities	1,616	380	20	-	2,016	(3)	(4)	(2)	-	(9)
At 31 Dec 2022	358,810	32,799	821	-	392,430	(121)	(192)	(98)	-	(411)

1 Included in loans and other credit-related commitments and financial guarantees is $45bn relating to unsettled reverse repurchase agreements, which once drawn are classified as 'Reverse repurchase agreements - non-trading'.

Wholesale lending - reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including loan commitments and financial guarantees
(Audited)
	Non-credit impaired				Credit impaired
	Stage 1		Stage 2		Stage 3		POCI		Total
	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
At 1 Jan 2023	830,322	(670)	124,660	(2,205)	17,068	(6,144)	129	(38)	972,179	(9,057)
Transfers of financial instruments:	(16,804)	(429)	10,247	1,141	6,557	(712)	-	-	-	-
- transfers from stage 1 to stage 2	(93,511)	172	93,511	(172)	-	-	-	-	-	-
- transfers from stage 2 to stage 1	77,772	(605)	(77,772)	605	-	-	-	-	-	-
- transfers to stage 3	(1,444)	20	(6,255)	765	7,699	(785)	-	-	-	-
- transfers from stage 3	379	(16)	763	(57)	(1,142)	73	-	-	-	-
Net remeasurement of ECL arising from transfer of stage	-	354	-	(294)	-	(45)	-	-	-	15
Net new and further lending/repayments	43,282	(138)	(32,082)	311	(3,787)	973	(36)	3	7,377	1,149
Change to risk parameters - credit quality	-	203	-	(621)	-	(2,941)	-	21	-	(3,338)
Changes to models used for ECL calculation	-	(9)	-	25	-	-	-	-	-	16
Assets written off	-	-	-	-	(2,596)	2,596	-	-	(2,596)	2,596
Credit-related modifications that resulted in derecognition	-	-	-	-	(119)	95	-	-	(119)	95
Foreign exchange and others1	(10,818)	(9)	(696)	(25)	(184)	(29)	(8)	(16)	(11,706)	(79)
At 31 Dec 2023	845,982	(698)	102,129	(1,668)	16,939	(6,207)	85	(30)	965,135	(8,603)
ECL income statement change for the period		410		(579)		(2,013)		24		(2,158)
Recoveries										42
Others										(203)
Total ECL income statement change for the period										(2,319)

1 Total includes $13.5bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale during the year, and a corresponding allowance for ECL of $61m, reflecting business disposals as disclosed in Note 23 'Assets held for sale and liabilities of disposal groups held for sale' on page 401.

As shown in the above table, the allowance for ECL for loans and advances to customers and banks and relevant loan commitments and financial guarantees decreased by $454m during the period from $9,057m at 31 December 2022 to $8,603m at 31 December 2023.

This decrease was driven by:

- $2,596m of assets written off;

- $1,149m relating to volume movements, which included the allowance for ECL associated with new originations, assets derecognised and further lending/repayments;

- $95m relating to credit-related modification, which resulted in derecognition;

- $16m relating to changes to models used for ECL calculation; and

- $15m relating to the net remeasurement impact of stage transfers.

These were partly offset by:

- $3,338m of changes to models used for ECL calculation; and

- foreign exchange and other movements of $79m.

The ECL charge for the period of $2,158m presented in the previous table consisted of $3,338m relating to underlying credit quality changes, including the credit quality impact of financial instruments transferring between stages. This was partly offset by $1,149m relating to underlying net book volume movement, $16m in changes to models used for ECL calculation and $15m relating to the net remeasurement impact of stage transfers.

During the period, there was a net transfer to stage 2 of $15,739m gross carrying/nominal amounts. It was primarily driven by $8,792m in Hong Kong, mainly due to deterioration in the real estate and construction sectors, and $6,273m in the UK, mainly driven by increased interest rates affecting the corporate and commercial portfolio.

Wholesale lending - reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including loan commitments and financial guarantees
(Audited)
	Non-credit impaired				Credit impaired
	Stage 1		Stage 2		Stage 3		POCI		Total
	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
At 1 Jan 2022	880,181	(860)	137,493	(2,103)	14,685	(5,702)	275	(64)	1,032,634	(8,729)
Transfers of financial instruments:	(58,104)	(298)	49,485	942	8,619	(644)	-	-	-	-
- transfers from stage 1 to stage 2	(157,443)	202	157,443	(202)	-	-	-	-	-	-
- transfers from stage 2 to stage 1	100,810	(484)	(100,810)	484	-	-	-	-	-	-
- transfers to stage 3	(1,829)	8	(8,101)	770	9,930	(778)	-	-	-	-
- transfers from stage 3	358	(24)	953	(110)	(1,311)	134	-	-	-	-
Net remeasurement of ECL arising from transfer of stage	-	240	-	(369)	-	(63)	-	-	-	(192)
Net new and further lending/repayments	68,616	(158)	(45,336)	201	(3,253)	583	(133)	3	19,894	629
Changes to risk parameters - credit quality	-	318	-	(995)	-	(2,196)	-	32	-	(2,841)
Changes to models used for ECL calculation	-	6	-	(56)	-	-	-	-	-	(50)
Assets written off	-	-	-	-	(1,579)	1,579	(10)	10	(1,589)	1,589
Credit-related modifications that resulted in derecognition	-	-	-	-	(32)	9	-	-	(32)	9
Foreign exchange and others1	(60,371)	82	(16,982)	175	(1,372)	290	(3)	(19)	(78,728)	528
At 31 Dec 2022	830,322	(670)	124,660	(2,205)	17,068	(6,144)	129	(38)	972,179	(9,057)
ECL income statement change for the period		406		(1,219)		(1,676)		35		(2,454)
Recoveries										33
Others	-	-	-	-	-	-	-	-	-	(25)
Total ECL income statement change for the period										(2,446)

1 Total includes $33.1bn of gross carrying loans and advances to customers and banks, which were classified to assets held for sale during the year, and a corresponding allowance for ECL of $204m, reflecting business disposals as disclosed in Note 23 'Assets held for sale and liabilities of disposal groups held for sale' on page 401.

Wholesale lending - distribution of financial instruments to which the impairment requirements of IFRS 9 are applied by credit quality
	Gross carrying amount						Allowance for ECL	Net
	Strong	Good	Satisfactory	Sub- standard	Credit impaired	Total	Allowance for ECL	Net
	$m	$m	$m	$m	$m	$m	$m	$m
By legal entity
HSBC UK Bank plc	20,777	30,245	36,206	8,300	3,769	99,297	(1,280)	98,017
HSBC Bank plc	41,149	20,962	24,164	4,202	2,713	93,190	(1,249)	91,941
The Hongkong and Shanghai Banking Corporation Limited	165,255	72,683	78,566	8,774	7,115	332,393	(4,251)	328,142
HSBC Bank Middle East Limited	13,660	3,082	6,270	513	897	24,422	(601)	23,821
HSBC North America Holdings Inc.	6,244	13,668	13,094	3,503	583	37,092	(296)	36,796
Grupo Financiero HSBC, S.A. de C.V.	1,853	6,543	5,882	622	382	15,282	(326)	14,956
Other trading entities	3,189	1,277	7,449	988	392	13,295	(219)	13,076
Holding companies, shared service centres and intra-Group eliminations	33	-	-	-	-	33	-	33
At 31 Dec 2023	252,160	148,460	171,631	26,902	15,851	615,004	(8,222)	606,782
Percentage of total credit quality (%)	41.0	24.1	27.9	4.4	2.6	100.0

By legal entity
HSBC UK Bank plc	17,533	28,685	32,388	5,180	4,467	88,253	(1,254)	86,999
HSBC Bank plc	41,687	21,058	24,560	5,044	2,634	94,983	(1,312)	93,671
The Hongkong and Shanghai Banking Corporation Limited	167,209	81,128	84,661	9,732	7,014	349,744	(4,439)	345,305
HSBC Bank Middle East Limited	13,023	4,119	5,879	678	950	24,649	(719)	23,930
HSBC North America Holdings Inc.	7,226	13,220	12,673	4,558	211	37,888	(240)	37,648
Grupo Financiero HSBC, S.A. de C.V.	1,024	5,540	4,612	772	399	12,347	(335)	12,012
Other trading entities	3,845	2,228	8,438	1,594	701	16,806	(347)	16,459
At 31 Dec 2022	251,547	155,978	173,211	27,558	16,376	624,670	(8,646)	616,024
Percentage of total credit quality (%)	40.3	25.0	27.7	4.4	2.6	100.0

Our risk rating system facilitates the internal ratings-based approach under the Basel framework adopted by the Group to support calculation of our minimum credit regulatory capital requirement. The credit quality classifications can be found on page 148.

Wholesale lending - credit risk profile by obligor grade for loans and advances at amortised cost
		Gross carrying amount					Allowance for ECL
	Basel one-year PD range	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total	ECL coverage	Mapped external rating
	%	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m	%
Corporate and commercial		342,878	69,738	14,958	81	427,655	(499)	(1,500)	(5,774)	(30)	(7,803)	1.8
- CRR 1	0.000 to 0.053	34,097	715	-	-	34,812	(4)	(3)	-	-	(7)	-	AA- and above
- CRR 2	0.054 to 0.169	81,131	2,180	-	-	83,311	(23)	(14)	-	-	(37)	-	A+ to A-
- CRR 3	0.170 to 0.740	112,322	11,391	-	-	123,713	(106)	(87)	-	-	(193)	0.2	BBB+ to BBB-
- CRR 4	0.741 to 1.927	72,654	16,904	-	-	89,558	(156)	(130)	-	-	(286)	0.3	BB+ to BB-
- CRR 5	1.928 to 4.914	37,631	18,060	-	-	55,691	(169)	(240)	-	-	(409)	0.7	BB- to B
- CRR 6	4.915 to 8.860	2,675	7,341	-	-	10,016	(24)	(176)	-	-	(200)	2.0	B-
- CRR 7	8.861 to 15.000	1,031	6,319	-	-	7,350	(10)	(246)	-	-	(256)	3.5	CCC+
- CRR 81	15.001 to 99.999	1,337	6,828	-	-	8,165	(7)	(604)	-	-	(611)	7.5	CCC to C
- CRR 9/10	100.000	-	-	14,958	81	15,039	-	-	(5,774)	(30)	(5,804)	38.6	D
Non-bank financial institutions		69,972	3,650	810	-	74,432	(52)	(30)	(322)	-	(404)	0.5
- CRR 1	0.000 to 0.053	15,475	211	-	-	15,686	(2)	-	-	-	(2)	-	AA- and above
- CRR 2	0.054 to 0.169	16,920	374	-	-	17,294	(6)	(2)	-	-	(8)	-	A+ to A-
- CRR 3	0.170 to 0.740	19,195	912	-	-	20,107	(10)	(4)	-	-	(14)	0.1	BBB+ to BBB-
- CRR 4	0.741 to 1.927	11,480	1,032	-	-	12,512	(19)	(5)	-	-	(24)	0.2	BB+ to BB-
- CRR 5	1.928 to 4.914	6,635	872	-	-	7,507	(9)	(15)	-	-	(24)	0.3	BB- to B
- CRR 6	4.915 to 8.860	232	116	-	-	348	(6)	(1)	-	-	(7)	2.0	B-
- CRR 7	8.861 to 15.000	25	93	-	-	118	-	(2)	-	-	(2)	1.7	CCC+
- CRR 8	15.001 to 99.999	10	40	-	-	50	-	(1)	-	-	(1)	2.0	CCC to C
- CRR 9/10	100.000	-	-	810	-	810	-	-	(322)	-	(322)	39.8	D
Banks		111,479	1,436	2	-	112,917	(10)	(3)	(2)	-	(15)	-
- CRR 1	0.000 to 0.053	89,112	10	-	-	89,122	(4)	-	-	-	(4)	-	AA- and above
- CRR 2	0.054 to 0.169	11,899	36	-	-	11,935	(2)	-	-	-	(2)	-	A+ to A-
- CRR 3	0.170 to 0.740	4,631	9	-	-	4,640	(1)	-	-	-	(1)	-	BBB+ to BBB-
- CRR 4	0.741 to 1.927	2,488	58	-	-	2,546	(1)	-	-	-	(1)	-	BB+ to BB-
- CRR 5	1.928 to 4.914	3,062	755	-	-	3,817	(2)	(1)	-	-	(3)	0.1	BB- to B
- CRR 6	4.915 to 8.860	22	20	-	-	42	-	-	-	-	-	-	B-
- CRR 7	8.861 to 15.000	1	-	-	-	1	-	-	-	-	-	-	CCC+
- CRR 8	15.001 to 99.999	264	548	-	-	812	-	(2)	-	-	(2)	0.2	CCC to C
- CRR 9/10	100.000	-	-	2	-	2	-	-	(2)	-	(2)	100.0	D
At 31 Dec 2023		524,329	74,824	15,770	81	615,004	(561)	(1,533)	(6,098)	(30)	(8,222)	1.3

1 Corporate and commercial lending reported in CRR 8 for stage 1 includes $782m related to the UK Bounce Back Loan Scheme with immaterial allowances for ECL.

Wholesale lending - credit risk profile by obligor grade for loans and advances at amortised cost (continued)
	Basel one-year PD range	Gross carrying amount					Allowance for ECL					ECL coverage	Mapped external rating
	Basel one-year PD range	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total	ECL coverage	Mapped external rating
	%	$m	$m	$m	$m	$m $m	$m	$m	$m	$m	$m	%
Corporate and commercial		351,885	85,492	15,696	129	453,202	(488)	(1,907)	(5,887)	(38)	(8,320)	1.8
- CRR 1	0.000 to 0.053	35,574	330	-	-	35,904	(6)	(1)	-	-	(7)	-	AA- and above
- CRR 2	0.054 to 0.169	87,383	3,234	-	-	90,617	(28)	(15)	-	-	(43)	0.1	A+ to A-
- CRR 3	0.170 to 0.740	114,403	17,725	-	-	132,128	(128)	(122)	-	-	(250)	0.2	BBB+ to BBB-
- CRR 4	0.741 to 1.927	74,100	21,550	-	-	95,650	(155)	(210)	-	-	(365)	0.4	BB+ to BB-
- CRR 5	1.928 to 4.914	36,563	21,628	-	-	58,191	(145)	(361)	-	-	(506)	0.9	BB- to B
- CRR 6	4.915 to 8.860	2,512	9,171	-	-	11,683	(16)	(236)	-	-	(252)	2.2	B-
- CRR 7	8.861 to 15.000	1,164	5,477	-	-	6,641	(8)	(336)	-	-	(344)	5.2	CCC+
- CRR 8	15.001 to 99.999	186	6,377	-	-	6,563	(2)	(626)	-	-	(628)	9.6	CCC to C
- CRR 9/10	100.000	-	-	15,696	129	15,825	-	-	(5,887)	(38)	(5,925)	37.4	D
Non-bank financial institutions		61,737	4,718	469	-	66,924	(43)	(77)	(137)	-	(257)	0.4
- CRR 1	0.000 to 0.053	15,082	421	-	-	15,503	(2)	(1)	-	-	(3)	-	AA- and above
- CRR 2	0.054 to 0.169	16,351	497	-	-	16,848	(3)	(1)	-	-	(4)	-	A+ to A-
- CRR 3	0.170 to 0.740	17,253	1,764	-	-	19,017	(9)	(13)	-	-	(22)	0.1	BBB+ to BBB-
- CRR 4	0.741 to 1.927	7,059	717	-	-	7,776	(19)	(4)	-	-	(23)	0.3	BB+ to BB-
- CRR 5	1.928 to 4.914	5,215	736	-	-	5,951	(10)	(10)	-	-	(20)	0.3	BB- to B
- CRR 6	4.915 to 8.860	716	90	-	-	806	-	(4)	-	-	(4)	0.5	B-
- CRR 7	8.861 to 15.000	46	32	-	-	78	-	(3)	-	-	(3)	3.9	CCC+
- CRR 8	15.001 to 99.999	15	461	-	-	476	-	(41)	-	-	(41)	8.6	CCC to C
- CRR 9/10	100.000	-	-	469	-	469	-	-	(137)	-	(137)	29.2	D
Banks		102,723	1,739	82	-	104,544	(18)	(29)	(22)	-	(69)	0.1
- CRR 1	0.000 to 0.053	79,217	120	-	-	79,337	(8)	-	-	-	(8)	-	AA- and above
- CRR 2	0.054 to 0.169	13,160	178	-	-	13,338	(2)	-	-	-	(2)	-	A+ to A-
- CRR 3	0.170 to 0.740	4,465	368	-	-	4,833	(3)	-	-	-	(3)	0.1	BBB+ to BBB-
- CRR 4	0.741 to 1.927	2,154	5	-	-	2,159	(1)	-	-	-	(1)	0.1	BB+ to BB-
- CRR 5	1.928 to 4.914	3,312	172	-	-	3,484	(4)	(1)	-	-	(5)	0.1	BB- to B
- CRR 6	4.915 to 8.860	-	5	-	-	5	-	-	-	-	-	-	B-
- CRR 7	8.861 to 15.000	1	861	-	-	862	-	(27)	-	-	(27)	3.1	CCC+
- CRR 8	15.001 to 99.999	414	30	-	-	444	-	(1)	-	-	(1)	0.2	CCC to C
- CRR 9/10	100.000	-	-	82	-	82	-	-	(22)	-	(22)	26.8	D
At 31 Dec 2022		516,345	91,949	16,247	129	624,670	(549)	(2,013)	(6,046)	(38)	(8,646)	1.4

Wholesale lending - credit risk profile by obligor grade for loan and other credit-related commitments and financial guarantees
		Nominal amount					Allowance for ECL
	Basel one-year PD range	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total	ECL coverage	Mapped external rating
	%	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m	%
Loan and other credit-related commitments		377,766	25,463	785	4	404,018	(130)	(128)	(84)	-	(342)	0.1
- CRR 1	0.000 to 0.053	65,730	1,676	-	-	67,406	(5)	(1)	-	-	(6)	-	AA- and above
- CRR 2	0.054 to 0.169	152,224	2,490	-	-	154,714	(13)	(6)	-	-	(19)	-	A+ to A-
- CRR 3	0.170 to 0.740	105,569	6,044	-	-	111,613	(46)	(24)	-	-	(70)	0.1	BBB+ to BBB-
- CRR 4	0.741 to 1.927	38,102	4,751	-	-	42,853	(33)	(20)	-	-	(53)	0.1	BB+ to BB-
- CRR 5	1.928 to 4.914	14,054	5,367	-	-	19,421	(28)	(31)	-	-	(59)	0.3	BB- to B
- CRR 6	4.915 to 8.860	1,170	2,453	-	-	3,623	(4)	(15)	-	-	(19)	0.5	B-
- CRR 7	8.861 to 15.000	780	848	-	-	1,628	(1)	(10)	-	-	(11)	0.7	CCC+
- CRR 8	15.001 to 99.999	137	1,834	-	-	1,971	-	(21)	-	-	(21)	1.1	CCC to C
- CRR 9/10	100.000	-	-	785	4	789	-	-	(84)	-	(84)	10.6	D
Financial guarantees		13,640	1,866	384	-	15,890	(7)	(7)	(25)	-	(39)	0.2
- CRR 1	0.000 to 0.053	2,553	1	-	-	2,554	-	-	-	-	-	-	AA- and above
- CRR 2	0.054 to 0.169	4,212	202	-	-	4,414	(1)	-	-	-	(1)	-	A+ to A-
- CRR 3	0.170 to 0.740	3,584	202	-	-	3,786	(2)	-	-	-	(2)	0.1	BBB+ to BBB-
- CRR 4	0.741 to 1.927	1,932	407	-	-	2,339	(2)	(1)	-	-	(3)	0.1	BB+ to BB-
- CRR 5	1.928 to 4.914	1,266	455	-	-	1,721	(2)	(2)	-	-	(4)	0.2	BB- to B
- CRR 6	4.915 to 8.860	91	387	-	-	478	-	(1)	-	-	(1)	0.2	B-
- CRR 7	8.861 to 15.000	1	76	-	-	77	-	-	-	-	-	-	CCC+
- CRR 8	15.001 to 99.999	1	136	-	-	137	-	(3)	-	-	(3)	2.2	CCC to C
- CRR 9/10	100.000	-	-	384	-	384	-	-	(25)	-	(25)	6.5	D
At 31 Dec 2023		391,406	27,329	1,169	4	419,908	(137)	(135)	(109)	-	(381)	0.1

Commercial real estate

Commercial real estate lending includes the financing of corporate, institutional and high net worth customers who are investing primarily in income-producing assets and, to a lesser extent, in their construction and development. The portfolio has larger concentrations in Hong Kong, the UK, mainland China and the US.

Our global exposure is centred largely on cities with economic, political or cultural significance. In more developed markets, our exposure mainly comprises the financing of investment assets, the redevelopment of existing stock and the augmentation of both commercial and residential markets to support economic and population growth. In less developed commercial real estate markets, our exposures comprise lending for development assets on relatively

short tenors with a particular focus on supporting larger, better capitalised developers involved in residential construction or assets supporting economic expansion.

Excluding favourable foreign exchange movements of $1.1bn, commercial real estate lending decreased by $13.8bn, mainly from $7.4bn in Hong Kong due to loan repayments. The decrease included loan sales of $0.5bn in the US as part of an initiative to reduce the portfolio exposure.

Despite the lower exposure, allowance for ECL remained at $2.8bn, reflecting the challenging conditions in the commercial property sector, including the impact of lower valuations in the office segment.

Commercial real estate lending to customers
									of which:
	HSBC UK Bank plc	HSBC Bank plc	The Hongkong and Shanghai Banking Corporation Limited	HSBC Bank Middle East Limited	HSBC North America Holdings Inc.1	Grupo Financiero HSBC, S.A. de C.V.	Other trading entities	Total	UK	Hong Kong
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
Gross loans and advances
Stage 1	10,304	4,218	41,307	1,126	1,803	685	440	59,883	10,790	28,846
Stage 2	3,262	400	13,229	189	1,956	70	1	19,107	3,294	10,375
Stage 3	444	184	3,570	145	166	25	18	4,552	470	3,226
POCI	-	32	15	-	-	-	-	47	32	15
At 31 Dec 2023	14,010	4,834	58,121	1,460	3,925	780	459	83,589	14,586	42,462
- of which: forborne loans	461	69	2,454	126	433	52	-	3,595	519	2,227
Allowance for ECL	(148)	(49)	(2,399)	(55)	(98)	(15)	(10)	(2,774)	(172)	(2,149)

Gross loans and advances
Stage 1	11,409	5,083	46,700	1,094	2,096	832	906	68,120	12,209	35,905
Stage 2	2,763	828	16,311	323	3,249	43	91	23,608	3,008	11,068
Stage 3	702	277	3,320	264	-	28	57	4,648	827	3,029
POCI	-	-	19	-	-	-	-	19	-	19
At 31 Dec 2022	14,874	6,188	66,350	1,681	5,345	903	1,054	96,395	16,044	50,021
- of which: forborne loans	215	143	763	449	428	47	23	2,068	336	654
Allowance for ECL	(216)	(153)	(2,094)	(153)	(93)	(24)	(13)	(2,746)	(323)	(1,878)

1 During 1Q23, we aligned the classification of commercial real estate across the Group and re-presented commercial real estate exposure in HSBC North America Holdings Inc. at 31 December 2022 as $5.3bn, which had a corresponding ECL charge of $0.1bn.

Commercial real estate lending to customers by global business
									of which:
	HSBC UK Bank plc	HSBC Bank plc	The Hongkong and Shanghai Banking Corporation Limited	HSBC Bank Middle East Limited	HSBC North America Holdings Inc.	Grupo Financiero HSBC, S.A. de C.V.	Other trading entities	Total	UK	Hong Kong
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
Wealth and Personal Banking	409	377	66	-	2	-	423	1,277	409	66
Commercial Banking	13,601	3,322	37,826	733	3,923	780	36	60,221	13,686	27,811
Global Banking and Markets	-	1,135	20,066	727	-	-	-	21,928	491	14,444
Corporate Centre	-	-	163	-	-	-	-	163	-	141
At 31 Dec 2023	14,010	4,834	58,121	1,460	3,925	780	459	83,589	14,586	42,462

									of which:
	HSBC UK Bank plc	HSBC Bank plc	The Hongkong and Shanghai Banking Corporation Limited	HSBC Bank Middle East Limited	HSBC North America Holdings Inc.	Grupo Financiero HSBC, S.A. de C.V.	Other trading entities	Total	UK	Hong Kong
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
Wealth and Personal Banking	532	2	70	-	4	-	826	1,434	534	70
Commercial Banking	14,342	4,390	42,803	951	5,341	903	205	68,935	14,638	33,123
Global Banking and Markets	-	1,796	23,333	730	-	-	23	25,882	872	16,684
Corporate Centre	-	-	144	-	-	-	-	144	-	144
At 31 Dec 2022	14,874	6,188	66,350	1,681	5,345	903	1,054	96,395	16,044	50,021

Commercial real estate lending to customers by credit quality
									of which:
	HSBC UK Bank plc	HSBC Bank plc	The Hongkong and Shanghai Banking Corporation Limited	HSBC Bank Middle East Limited	HSBC North America Holdings Inc.	Grupo Financiero HSBC, S.A. de C.V.	Other trading entities	Total	UK	Hong Kong
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
Strong	3,940	740	12,394	255	25	65	16	17,435	4,191	6,527
Good	2,555	2,054	17,777	246	781	130	18	23,561	2,592	12,004
Satisfactory	6,370	1,642	19,509	634	1,691	500	407	30,753	6,575	16,290
Sub-standard	701	182	4,856	180	1,262	60	-	7,241	726	4,400
Credit impaired	444	216	3,585	145	166	25	18	4,599	502	3,241
At 31 Dec 2023	14,010	4,834	58,121	1,460	3,925	780	459	83,589	14,586	42,462

Strong	3,951	1,444	16,063	303	352	29	72	22,214	4,681	10,061
Good	3,094	1,448	20,692	359	864	190	4	26,651	3,244	15,209
Satisfactory	6,819	2,647	20,930	539	2,397	616	881	34,829	6,959	16,775
Sub-standard	308	372	5,326	216	1,732	40	40	8,034	333	4,928
Credit impaired	702	277	3,339	264	-	28	57	4,667	827	3,048
At 31 Dec 2022	14,874	6,188	66,350	1,681	5,345	903	1,054	96,395	16,044	50,021

Refinance risk in commercial real estate

Commercial real estate lending tends to require the repayment of a significant proportion of the principal at maturity. Typically, a customer will arrange repayment through the acquisition of a new loan to settle the existing debt. Refinance risk is the risk that a customer, being

unable to repay the debt on maturity, fails to refinance it at commercial terms. We monitor our commercial real estate portfolio closely, assessing indicators for signs of potential issues with refinancing.

Commercial real estate gross loans and advances to customers maturity analysis
									of which:
	HSBC UK Bank plc	HSBC Bank plc	The Hongkong and Shanghai Banking Corporation Limited	HSBC Bank Middle East Limited	HSBC North America Holdings Inc.1	Grupo Financiero HSBC, S.A. de C.V.	Other trading entities	Total	UK	Hong Kong
	$m	$m	$m	$m	$m	$m	$m	$m	$m	$m
< 1 year	3,553	1,496	25,427	396	1,472	619	437	33,400	3,950	19,887
1-2 years	4,514	474	14,144	175	623	60	2	19,992	4,571	10,923
2-5 years	5,411	2,149	16,052	441	1,814	71	3	25,941	5,520	9,885
> 5 years	532	715	2,498	448	16	30	17	4,256	545	1,767
At 31 Dec 2023	14,010	4,834	58,121	1,460	3,925	780	459	83,589	14,586	42,462

< 1 year	8,315	2,059	23,468	423	1,883	241	703	37,092	9,211	18,675
1-2 years	3,518	1,503	18,007	218	810	115	228	24,399	3,678	13,873
2-5 years	2,385	1,644	21,804	664	2,624	449	60	29,630	2,472	14,963
> 5 years	656	982	3,071	376	28	98	63	5,274	683	2,510
At 31 Dec 2022	14,874	6,188	66,350	1,681	5,345	903	1,054	96,395	16,044	50,021

The following table presents the Group's exposure to borrowers classified in the commercial real estate sector where the ultimate parent is based in mainland China, as well as all commercial real estate exposures booked on mainland China balance sheets.

The exposures at 31 December 2023 are split by country/territory and credit quality including allowances for ECL by stage.

Mainland China commercial real estate
(Audited)
	Hong Kong	Mainland China	Rest of the Group	Total
	$m	$m	$m	$m
Loans and advances to customers1	6,033	4,917	839	11,789
Guarantees issued and others2	255	66	37	358
Total mainland China commercial real estate exposure at 31 Dec 2023	6,288	4,983	876	12,147

Distribution of mainland China commercial real estate exposure by credit quality
Strong	781	1,723	6	2,510
Good	604	953	421	1,978
Satisfactory	679	1,704	261	2,644
Sub-standard	1,298	327	188	1,813
Credit impaired	2,926	276	-	3,202
At 31 Dec 2023	6,288	4,983	876	12,147

Allowance for ECL by credit quality
Strong	-	(3)	-	(3)
Good	-	(5)	(1)	(6)
Satisfactory	(3)	(27)	-	(30)
Sub-standard	(66)	(87)	(16)	(169)
Credit impaired	(1,726)	(125)	-	(1,851)
At 31 Dec 2023	(1,795)	(247)	(17)	(2,059)

Allowance for ECL by stage distribution
Stage 1	-	(10)	-	(10)
Stage 2	(69)	(112)	(17)	(198)
Stage 3	(1,726)	(125)	-	(1,851)
At 31 Dec 2023	(1,795)	(247)	(17)	(2,059)

ECL coverage %	28.5	5.0	1.9	17.0

1 Amounts represent gross carrying amount.

2 Amounts represent nominal amount for guarantees and other contingent liabilities.

Mainland China commercial real estate (continued)
	Hong Kong	Mainland China	Rest of the Group	Total
	(audited)1	(audited)2	(unaudited)1	(unaudited)2
	$m	$m	$m	$m
Loans and advances to customers2	9,129	5,752	860	15,741
Guarantees issued and others3	249	755	18	1,022
Total mainland China commercial real estate exposure at 31 Dec 2022	9,378	6,507	878	16,763

Distribution of mainland China commercial real estate exposure by credit quality
Strong	1,425	2,118	220	3,763
Good	697	1,087	370	2,154
Satisfactory	1,269	2,248	77	3,594
Sub-standard	2,887	779	193	3,859
Credit impaired	3,100	275	18	3,393
At 31 Dec 2022	9,378	6,507	878	16,763

Allowance for ECL by credit quality
Strong	-	(5)	-	(5)
Good	-	(8)	(1)	(9)
Satisfactory	(20)	(81)	-	(101)
Sub-standard	(458)	(42)	(3)	(503)
Credit impaired	(1,268)	(105)	-	(1,373)
At 31 Dec 2022	(1,746)	(241)	(4)	(1,991)

Allowance for ECL by stage distribution
Stage 1	(1)	(9)	(1)	(11)
Stage 2	(477)	(127)	(3)	(607)
Stage 3	(1,268)	(105)	-	(1,373)
At 31 Dec 2022	(1,746)	(241)	(4)	(1,991)

ECL coverage %	18.6	3.7	0.5	11.9

1 Disclosures in respect of mainland China commercial real estate exposures in Hong Kong and mainland China form part of the scope of the audit of the Group's Annual Report and Accounts 2022. Amounts disclosed for mainland China commercial real estate exposures elsewhere in the Group have not been audited but are provided for completeness.

2 Amounts represent gross carrying amount.

3 Amounts represent nominal amount for guarantees and other contingent liabilities.

(Unaudited)

Commercial real estate financing refers to lending that focuses on commercial development and investment in real estate and covers commercial, residential and industrial assets. The exposures in the table are related to companies whose primary activities are focused on these activities. Lending is generally focused on tier 1 and 2 cities. The table also includes financing provided to a corporate or financial entity for the purchase or financing of a property that supports the overall operations of the business. Such exposures are outside of our normal definition of commercial real estate, as applied elsewhere in this report, but are provided here for a more comprehensive view of our mainland China property exposure.

The table above shows 59% ($7.1bn) of total exposure with a credit quality of 'satisfactory' or above, which was slightly higher in proportion compared with 31 December 2022 (57%, $9.5bn). Total 'credit impaired' exposures increased to 26% ($3.2bn) (31 December 2022: 20%, $3.4bn), reflecting sustained stress in the China commercial real estate market, including weakness in both property market fundamentals and financing conditions for borrowers operating in this sector.

Allowances for ECL are substantially against unsecured exposures. For secured exposures, allowances for ECL are minimal, reflecting the nature and value of the security held.

Facilities booked in Hong Kong continued to represent the largest proportion of mainland China commercial real estate exposures, although total exposures reduced to $6.3bn, down $3.1bn since 31 December 2022, as a result of de-risking measures, repayments

and write-offs. This portfolio remains relatively higher risk, with 33% (31 December 2022: 36%) of exposure booked with a credit quality of 'satisfactory' or above and 47% 'credit impaired' (31 December 2022: 33%).

At 31 December 2023, the Group had allowances for ECL of $1.8bn (31 December 2022: $1.7bn) held against mainland China commercial real estate exposures booked in Hong Kong. ECL coverage increased to 28.5% (31 December 2022: 18.6%), reflecting a further credit deterioration during the year.

Approximately half of the unimpaired exposure in the Hong Kong portfolio is lending to state-owned enterprises and relatively strong private-owned enterprises. This is reflected in the relatively low allowance for ECL in this part of the portfolio.

Market conditions are likely to remain subdued with a protracted recovery as sentiment and domestic residential demand remain weak, with ongoing refinancing and liquidity risk for corporates operating in this market. The divergence between privately-owned enterprises and state-owned enterprises is likely to continue, with state-owned enterprises achieving above-market sales performance, and benefiting from market share gains and better access to funding.

The Group has additional exposures to mainland China commercial real estate as a result of lending to multinational corporates booked outside of mainland China, which is not incorporated in the table above.

Collateral and other credit enhancements

(Audited)

Although collateral can be an important mitigant of credit risk, it is the Group's practice to lend on the basis of the customer's ability to meet their obligations out of cash flow resources rather than placing primary reliance on collateral and other credit risk enhancements. Depending on the customer's standing and the type of product, facilities may be provided without any collateral or other credit enhancements. For other lending, a charge over collateral is obtained and considered in determining the credit decision and pricing. In the event of default, the Group may utilise the collateral as a source of repayment.

Depending on its form, collateral can have a significant financial effect in mitigating our exposure to credit risk. Where there is sufficient collateral, an expected credit loss is not recognised. This is the case for reverse repurchase agreements and for certain loans and advances to customers where the loan to value ('LTV') is very low.

Mitigants may include a charge on borrowers' specific assets, such as real estate or financial instruments. Other credit risk mitigants include short positions in securities and financial assets held as part of linked insurance/investment contracts where the risk is predominantly borne by the policyholder. Additionally, risk may be managed by employing other types of collateral and credit risk enhancements, such as second charges, other liens and unsupported guarantees. Guarantees are normally taken from corporates and export credit agencies. Corporates would normally provide guarantees as part of a parent/subsidiary relationship and span a number of credit grades. The export credit agencies will normally be investment grade.

Certain credit mitigants are used strategically in portfolio management activities. While single name concentrations arise in portfolios managed by Global Banking and Corporate Banking, it is only in Global Banking that their size requires the use of portfolio level credit mitigants. Across Global Banking, risk limits and utilisations, maturity profiles and risk quality are monitored and managed proactively. This process is key to the setting of risk appetite for these larger, more complex, geographically distributed customer groups. While the principal form of risk management continues to be at the point of exposure origination, through the lending decision-making process, Global Banking also utilises loan sales and credit default swap ('CDS') hedges to manage concentrations and reduce risk.

These transactions are the responsibility of a dedicated Global Banking portfolio management team. Hedging activity is carried out within agreed credit parameters, and is subject to market risk limits and a robust governance structure. Where applicable, CDSs are entered into directly with a central clearing house counterparty. Otherwise, the Group's exposure to CDS protection providers is diversified among mainly banking counterparties with strong credit ratings.

CDS mitigants are held at portfolio level and are not included in the expected credit loss calculations. CDS mitigants are not reported in the following tables.

Collateral on loans and advances

Collateral held is analysed separately for commercial real estate and for other corporate, commercial and financial (non-bank) lending. The following tables include off-balance sheet loan commitments, primarily undrawn credit lines.

The collateral measured in the following tables consists of fixed first charges on real estate, and charges over cash and marketable financial instruments. The values in the tables represent the expected market value on an open market basis. No adjustment has been made to the collateral for any expected costs of recovery. Marketable securities are measured at their fair value.

Other types of collateral such as unsupported guarantees and floating charges over the assets of a customer's business are not measured in the following tables. While such mitigants have value, often providing rights in insolvency, their assignable value is not sufficiently certain and they are therefore assigned no value for disclosure purposes.

The LTV ratios presented are calculated by directly associating loans and advances with the collateral that individually and uniquely supports each facility. When collateral assets are shared by multiple loans and advances, whether specifically or, more generally, by way of an all monies charge, the collateral value is pro-rated across the loans and advances protected by the collateral.

For credit-impaired loans, the collateral values cannot be directly compared with impairment allowances recognised. The LTV figures use open market values with no adjustments. Impairment allowances are calculated on a different basis, by considering other cash flows and adjusting collateral values for costs of realising collateral as explained further on page 348.

Commercial real estate loans and advances

The value of commercial real estate collateral is determined by using a combination of external and internal valuations and physical inspections. For commercial real estate, where the facility exceeds regulatory threshold requirements, Group policy requires an independent review of the valuation at least every three years, or more frequently as the need arises.

In Hong Kong, market practice is typically for lending to major property companies to be either secured by guarantees or unsecured. In Europe, facilities of a working capital nature are generally not secured by a first fixed charge, and are therefore disclosed as not collateralised.

Wholesale lending - commercial real estate loans and advances to customers including loan commitments by level of collateral for key countries/territories (by stage)
(Audited)
	Gross carrying/nominal amount					ECL coverage
	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total
	$m	$m	$m	$m	$m	%	%	%	%	%
Not collateralised	36,754	5,128	2,543	-	44,425	0.1	3.9	72.4	-	4.7
Fully collateralised by LTV ratio	46,212	15,177	1,963	-	63,352	0.1	2.5	12.0	-	1.0
- less than 50%	24,391	7,413	574	-	32,378	0.1	1.9	13.1	-	0.7
- 51% to 75%	16,086	5,240	657	-	21,983	0.1	3.1	9.3	-	1.1
- 76% to 90%	3,140	1,437	454	-	5,031	0.1	3.5	11.8	-	2.1
- 91% to 100%	2,595	1,087	278	-	3,960	0.2	2.3	16.6	-	1.9
Partially collateralised (A): LTV > 100%	7,075	1,487	156	50	8,768	0.1	1.8	30.2	14.5	1.0
- collateral value on A	4,004	1,061	115	26	5,206
Total at 31 Dec 2023	90,041	21,792	4,662	50	116,545	0.1	2.8	45.6	14.5	2.4
of which: UK
Not collateralised	4,644	1,288	97	-	6,029	0.4	2.0	12.4	-	0.9
Fully collateralised by LTV ratio	9,762	2,512	295	-	12,569	0.1	1.3	13.9	-	0.7
- less than 50%	3,514	507	51	-	4,072	0.1	1.9	21.6	-	0.6
- 51% to 75%	4,826	1,418	103	-	6,347	0.1	1.1	16.4	-	0.6
- 76% to 90%	749	292	80	-	1,121	0.1	1.3	14.9	-	1.5
- 91% to 100%	673	295	61	-	1,029	0.1	1.6	1.9	-	0.6
Partially collateralised (B): LTV > 100%	1,580	239	82	35	1,936	0.1	1.1	34.2	20.7	2.0
- collateral value on B	524	171	62	17	774
Total UK at 31 Dec 2023	15,986	4,039	474	35	20,534	0.2	1.5	17.1	20.7	0.9
of which: Hong Kong
Not collateralised	16,889	2,323	2,215	-	21,427	-	6.5	78.7	-	8.8
Fully collateralised by LTV ratio	20,783	8,447	989	-	30,219	-	2.1	5.0	-	0.8
- less than 50%	15,425	5,604	294	-	21,323	-	1.5	1.4	-	0.5
- 51% to 75%	4,102	2,140	312	-	6,554	0.1	3.8	2.1	-	1.4
- 76% to 90%	657	619	315	-	1,591	0.1	1.8	8.0	-	2.3
- 91% to 100%	599	84	68	-	751	-	0.1	20.5	-	1.9
Partially collateralised (C): LTV > 100%	1,770	616	52	15	2,453	-	0.8	24.5	-	0.7
- collateral value on C	1,569	535	39	8	2,151
Total Hong Kong at 31 Dec 2023	39,442	11,386	3,256	15	54,099	-	2.9	55.5	-	4.0

Not collateralised	43,987	9,779	2,612	-	56,378	0.1	5.7	53.7	-	3.6
Fully collateralised by LTV ratio	54,003	17,619	1,617	-	73,239	0.1	1.8	10.9	-	0.7
- less than 50%	29,635	6,523	544	-	36,702	0.1	1.9	16.5	-	0.7
- 51% to 75%	18,664	8,312	594	-	27,570	0.1	1.3	4.4	-	0.5
- 76% to 90%	3,220	911	315	-	4,446	0.1	2.1	4.1	-	0.8
- 91% to 100%	2,484	1,873	164	-	4,521	0.2	3.5	28.7	-	2.6
Partially collateralised (A): LTV > 100%	4,965	1,924	513	19	7,421	0.1	2.2	54.2	-	4.4
- collateral value on A	2,804	1,192	293	8	4,297
Total at 31 Dec 20221	102,955	29,322	4,742	19	137,038	0.1	3.1	39.1	-	2.1
of which: UK
Not collateralised	5,960	2,511	295	-	8,766	0.3	1.5	35.3	-	1.8
Fully collateralised by LTV ratio	10,293	2,025	372	-	12,690	0.1	0.9	6.5	-	0.4
- less than 50%	2,900	664	53	-	3,617	0.2	0.9	3.8	-	0.4
- 51% to 75%	6,361	1,197	291	-	7,849	0.1	0.9	2.1	-	0.3
- 76% to 90%	556	140	11	-	707	0.2	1.4	18.2	-	0.7
- 91% to 100%	476	24	17	-	517	0.2	0.4	76.5	-	2.8
Partially collateralised (B): LTV > 100%	1,920	179	176	-	2,275	0.2	1.1	68.8	-	5.5
- collateral value on B	1,113	144	72	-	1,329
Total UK at 31 Dec 2022	18,173	4,715	843	-	23,731	0.2	1.3	29.5	-	1.5
of which: Hong Kong
Not collateralised	20,263	4,648	2,123	-	27,034	-	10.6	56.9	-	6.3
Fully collateralised by LTV ratio	27,892	7,457	864	-	36,213	-	1.1	5.2	-	0.4
- less than 50%	21,185	3,539	318	-	25,042	-	1.4	2.2	-	0.3
- 51% to 75%	5,365	3,536	205	-	9,106	0.1	1.0	3.4	-	0.5
- 76% to 90%	995	134	264	-	1,393	-	0.1	1.9	-	0.4
- 91% to 100%	347	248	77	-	672	-	0.2	32.5	-	3.9
Partially collateralised (C): LTV > 100%	804	390	73	19	1,286	-	2.8	61.6	-	4.4
- collateral value on C	584	249	39	8	880
Total Hong Kong at 31 Dec 2022	48,959	12,495	3,060	19	64,533	-	4.7	42.5	-	2.9

Other corporate, commercial and financial (non-bank) loans and advances

Other corporate, commercial and financial (non-bank) loans are analysed separately in the following table, which focuses on the countries/territories containing the majority of our loans and advances balances. For financing activities in other corporate and commercial lending, collateral value is not strongly correlated to principal repayment performance.

Collateral values are generally refreshed when an obligor's general credit performance deteriorates and we have to assess the likely performance of secondary sources of repayment should it prove necessary to rely on them.

Wholesale lending - other corporate, commercial and financial (non-bank) loans and advances including loan commitments by level of collateral for key countries/territories (by stage)
(Audited)
	Gross carrying/nominal amount					ECL coverage
	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total
	$m	$m	$m	$m	$m	%	%	%	%	%
Not collateralised	672,142	76,261	7,702	8	756,113	0.1	0.9	40.0	6.8	0.6
Fully collateralised by LTV ratio	113,339	19,747	2,629	23	135,738	0.1	1.4	10.7	89.8	0.5
- less than 50%	42,953	7,069	1,168	-	51,190	0.1	1.5	11.8	-	0.5
- 51% to 75%	24,011	8,222	887	-	33,120	0.1	1.3	6.4	-	0.6
- 76% to 90%	10,194	2,531	421	23	13,169	0.1	1.6	10.3	90.6	0.9
- 91% to 100%	36,181	1,925	153	-	38,259	-	1.1	27.6	-	0.2
Partially collateralised (A): LTV > 100%	53,686	9,019	2,233	3	64,941	0.1	0.7	32.2	38.4	1.3
- collateral value on A	24,505	4,266	993	1	29,765
Total at 31 Dec 2023	839,167	105,027	12,564	34	956,792	0.1	1.0	32.5	67.1	0.6
of which: UK
Not collateralised	117,824	20,401	3,423	-	141,648	0.2	1.9	23.2	-	1.0
Fully collateralised by LTV ratio	22,217	5,912	1,162	-	29,291	0.1	1.7	3.7	-	0.6
- less than 50%	7,385	2,340	601	-	10,326	0.1	1.2	1.3	-	0.5
- 51% to 75%	6,966	2,292	434	-	9,692	0.1	1.7	3.6	-	0.7
- 76% to 90%	2,256	809	106	-	3,171	0.2	2.5	15.8	-	1.3
- 91% to 100%	5,610	471	21	-	6,102	0.1	2.1	14.5	-	0.3
Partially collateralised (B): LTV > 100%	6,335	1,732	299	-	8,366	0.2	1.8	18.4	-	1.2
- collateral value on B	3,508	1,080	175	-	4,763
Total UK at 31 Dec 2023	146,376	28,045	4,884	-	179,305	0.2	1.8	18.3	-	0.9
of which: Hong Kong					-
Not collateralised	114,025	7,523	906	-	122,454	-	0.4	57.5	-	0.5
Fully collateralised by LTV ratio	32,857	8,918	877	22	42,674	0.1	1.3	6.6	94.7	0.5
- less than 50%	16,175	2,898	230	-	19,303	0.1	1.4	11.8	-	0.4
- 51% to 75%	9,461	4,515	336	-	14,312	0.1	1.2	3.1	-	0.5
- 76% to 90%	4,245	863	253	22	5,383	0.1	1.8	2.0	94.7	0.9
- 91% to 100%	2,976	642	58	-	3,676	-	0.4	27.0	-	0.5
Partially collateralised (C): LTV > 100%	16,152	2,887	704	-	19,743	-	0.6	30.2	-	1.2
- collateral value on C	6,619	1,306	318	-	8,243
Total Hong Kong at 31 Dec 2023	163,034	19,328	2,487	22	184,871	0.1	0.8	31.8	94.7	0.6

Not collateralised	632,889	79,009	8,278	64	720,240	0.1	1.1	38.4	18.8	0.6
Fully collateralised by LTV ratio	94,789	27,422	1,948	24	124,183	0.1	1.1	13.7	91.7	0.5
- less than 50%	36,747	10,643	678	-	48,068	0.1	1.1	18.6	-	0.6
- 51% to 75%	29,108	10,457	503	1	40,069	0.1	1.2	11.3	-	0.5
- 76% to 90%	9,643	2,987	402	23	13,055	0.1	1.0	4.7	95.7	0.6
- 91% to 100%	19,291	3,335	365	-	22,991	0.1	0.8	17.5	-	0.4
Partially collateralised (A): LTV > 100%	54,794	12,830	2,120	22	69,766	0.1	0.9	37.3	18.2	1.4
- collateral value on A	27,775	6,289	1,133	16	35,213	-	-	-	-	-
Total at 31 Dec 2022	782,472	119,261	12,346	110	914,189	0.1	1.0	34.3	34.6	0.7
of which: UK
Not collateralised	105,126	16,886	3,783	28	125,823	0.1	2.2	17.8	3.6	0.9
Fully collateralised by LTV ratio	21,192	6,511	699	-	28,402	0.1	1.3	4.6	-	0.5
- less than 50%	6,928	2,872	175	-	9,975	0.1	1.0	3.4	-	0.5
- 51% to 75%	7,611	2,656	336	-	10,603	0.1	1.5	6.5	-	0.6
- 76% to 90%	1,889	578	102	-	2,569	0.1	1.9	1.0	-	0.5
- 91% to 100%	4,764	405	86	-	5,255	-	1.2	3.5	-	0.2
Partially collateralised (B): LTV > 100%	6,480	2,288	308	-	9,076	0.1	1.2	25.6	-	1.2
- collateral value on B	3,470	1,197	158	-	4,825	-	-	-	-
Total UK at 31 Dec 2022	132,798	25,685	4,790	28	163,301	0.1	1.9	16.4	3.6	0.9
of which: Hong Kong
Not collateralised	109,919	9,901	939	-	120,759	-	0.7	56.0	-	0.5
Fully collateralised by LTV ratio	38,083	12,693	665	24	51,465	0.1	1.0	3.8	91.7	0.4
- less than 50%	15,695	4,577	175	-	20,447	0.1	0.9	1.7	-	0.3
- 51% to 75%	13,893	5,413	115	1	19,422	0.1	1.2	7.8	-	0.5
- 76% to 90%	4,964	1,479	268	23	6,734	0.1	0.7	0.4	95.7	0.6
- 91% to 100%	3,531	1,224	107	-	4,862	0.1	0.3	10.3	-	0.3
Partially collateralised (C): LTV > 100%	17,704	3,379	777	14	21,874	0.1	0.6	30.9	-	1.2
- collateral value on C	7,737	1,524	397	13	9,671	-	-	-	-
Total Hong Kong at 31 Dec 2022	165,706	25,973	2,381	38	194,098	0.1	0.8	33.2	57.9	0.6

Other credit risk exposures

In addition to collateralised lending, other credit enhancements are employed and methods used to mitigate credit risk arising from financial assets. These are summarised below:

- Some securities issued by governments, banks and other financial institutions benefit from additional credit enhancements provided by government guarantees that cover the assets.

- Debt securities issued by banks and financial institutions include asset-backed securities ('ABSs') and similar instruments, which are supported by underlying pools of financial assets. Credit risk associated with ABSs is reduced through the purchase of credit default swap ('CDS') protection.

- Trading loans and advances mainly pledged against cash collateral are posted to satisfy margin requirements. There is limited credit risk on cash collateral posted since in the event of default of the counterparty this would be set off against the related liability. Reverse repos and stock borrowing are by their nature collateralised.

Collateral accepted as security that the Group is permitted to sell or repledge under these arrangements is described on page 390 of the financial statements.

The Group's maximum exposure to credit risk includes financial guarantees and similar contracts granted, as well as loan and other credit-related commitments. Depending on the terms of the arrangement, we may use additional credit mitigation if a guarantee is called upon or a loan commitment is drawn and subsequently defaults.

For further information on these arrangements, see Note 33 on the financial statements.

Derivatives

We participate in transactions exposing us to counterparty credit risk. Counterparty credit risk is the risk of financial loss if the counterparty to a transaction defaults before satisfactorily settling it. It arises principally from over-the-counter ('OTC') derivatives and securities financing transactions and is calculated in both the trading and non-trading books. Transactions vary in value by reference to a market factor such as an interest rate, exchange rate or asset price.

The counterparty risk from derivative transactions is taken into account when reporting the fair value of derivative positions. The adjustment to the fair value is known as the credit valuation adjustment ('CVA').

For an analysis of CVAs, see Note 12 on the financial statements.

The following table reflects by risk type the fair values and gross notional contract amounts of derivatives cleared through an exchange, central counterparty or non-central counterparty.

Notional contract amounts and fair values of derivatives
	2023			20221
	Notional amount	Fair value		Notional amount	Fair value
	Notional amount	Assets	Liabilities	Notional amount	Assets	Liabilities
	$m	$m	$m	$m	$m	$m
Total OTC derivatives	24,551,539	337,066	343,098	23,649,591	421,324	423,909
- total OTC derivatives cleared by central counterparties	11,130,785	116,520	118,796	11,360,730	149,193	154,167
- total OTC derivatives not cleared by central counterparties	13,420,754	220,546	224,302	12,288,861	272,131	269,742
Total exchange traded derivatives	1,111,247	9,134	8,159	1,146,426	3,822	2,840
Gross	25,662,786	346,200	351,258	24,796,017	425,146	426,749
Offset		(116,486)	(116,486)		(140,987)	(140,987)
At 31 Dec		229,714	234,772		284,159	285,762

1 From 1 January 2023, we adopted IFRS 17 'Insurance Contracts', which replaced IFRS 4 'Insurance Contracts'. We have restated 2022 comparative data.

The purposes for which HSBC uses derivatives are described in Note 15 on the financial statements.

The International Swaps and Derivatives Association ('ISDA') master agreement is our preferred agreement for documenting derivatives activity. It is common, and our preferred practice, for the parties involved in a derivative transaction to execute a credit support annex ('CSA') in conjunction with the ISDA master agreement. Under a CSA, collateral is passed between the parties to mitigate the counterparty risk inherent in outstanding positions. The majority of our CSAs are with financial institutional clients.

We manage the counterparty exposure on our OTC derivative contracts by using collateral agreements with counterparties and netting agreements. Currently, we do not actively manage our general OTC derivative counterparty exposure in the credit markets, although we may manage individual exposures in certain circumstances.

We place strict policy restrictions on collateral types and as a consequence the types of collateral received and pledged are, by value, highly liquid and of a strong quality, being predominantly cash.

Where a collateral type is required to be approved outside the collateral policy, approval is required from a committee of senior representatives from Markets, Legal and Risk.

See Note 31 on the financial statements for details regarding legally enforceable right of offset in the event of counterparty default and collateral received in respect of derivatives.

Personal lending

This section presents further disclosures related to personal lending. It provides details of the major legal entities, countries and products that are driving the change observed in personal loans and advances to customers, with the impact of foreign exchange separately identified. Additionally, Hong Kong and UK mortgage book LTV data is provided.

This section also provides reconciliations of the opening 1 January 2023 to 31 December 2023 closing gross carrying/nominal amounts and associated allowance for ECL by product. Further product granularity is also provided by stage, with data for major legal entities presented for loans and advances to customers, loan and other credit-related commitments and financial guarantees.

At 31 December 2023, total personal lending for loans and advances to customers of $447.5bn increased by $32.6bn compared with 31 December 2022. This increase included favourable foreign exchange movements of $11.5bn. Excluding foreign exchange movements, the increase of $21.1bn was mainly driven by growth in the UK (up $6.6bn), in Hong Kong (up $5.8bn), in Mexico (up $2.3bn) and in Australia (up $1.4bn). Additionally, France increased by $7.8bn due to the retention of the home loan portfolio, which is no longer classified as assets held for sale.

The increase was partly offset by a $1.2bn decrease from the merger of our business in Oman and a $1.0bn decrease from the sale of our retail mortgage loan portfolio in New Zealand.

The allowance for ECL attributable to personal lending, excluding off-balance sheet loan commitments and guarantees, remained broadly stable at $2.9bn at 31 December 2023, as net releases were offset by adverse foreign exchange movements of $0.1bn.

Excluding foreign exchange movements and reclassifications to held for sale, mortgage lending balances increased by $15.5bn to $360.9bn at 31 December 2023, mainly in Hong Kong (up $5.9bn), in the UK (up $4.9bn), in Mexico (up $1.7bn), in the US (up $1.5bn) and in Australia (up $1.4bn). The allowance for ECL attributable to mortgages remained broadly stable at $0.6bn when compared with 31 December 2022.

Total personal lending gross carrying amounts in stage 2 decreased by $1.4bn compared with 31 December 2022. Excluding favourable foreign exchange movements of $2.3bn, the decrease of $3.7bn was driven by favourable economic conditions and the model updates for interest-only and offset mortgages at a portfolio level in the UK.

The quality of both our Hong Kong and UK mortgage books remained strong, with low levels of impairment allowances. The average LTV ratio on new mortgage lending in Hong Kong was 64%, compared with an estimated 60% for the overall mortgage portfolio. The average LTV ratio on new lending in the UK was 65%, compared with an estimated 53% for the overall mortgage portfolio.

Excluding foreign exchange movements and reclassifications to held for sale, other personal lending balances at 31 December 2023 increased by $7.8bn compared with 31 December 2022. This was mainly from the retained home loan portfolio in France (up $7.4bn), which is no longer classified as assets held for sale. In addition, our credit card portfolio in Mexico increased by $0.6bn.

The allowance for ECL, excluding foreign exchange movements, attributable to other personal lending of $2.3bn remained unchanged from 31 December 2022. The allowance for ECL attributable to credit cards decreased by $0.1bn, offset by adverse foreign exchange movements of $0.1bn in other personal lending.

Total personal lending for loans and advances to customers at amortised cost by stage distribution
	Gross carrying amount				Allowance for ECL
	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	$m	$m	$m	$m	$m	$m	$m	$m
By portfolio
First lien residential mortgages	320,410	38,287	2,212	360,909	(102)	(200)	(269)	(571)
- of which: interest-only (including offset)	21,895	2,923	139	24,957	(4)	(27)	(31)	(62)
- affordability (including US adjustable rate mortgages)	14,380	381	291	15,052	(3)	(1)	(10)	(14)
Other personal lending	76,124	9,196	1,293	86,613	(477)	(1,234)	(585)	(2,296)
- second lien residential mortgages	317	58	21	396	-	(3)	(5)	(8)
- guaranteed loans in respect of residential property	8,001	502	90	8,593	(1)	(5)	(14)	(20)
- other personal lending which is secured	28,900	424	157	29,481	(13)	(5)	(24)	(42)
- credit cards	19,909	4,419	352	24,680	(236)	(697)	(203)	(1,136)
- other personal lending which is unsecured	17,010	3,582	659	21,251	(212)	(505)	(331)	(1,048)
- motor vehicle finance	1,987	211	14	2,212	(15)	(19)	(8)	(42)
At 31 Dec 2023	396,534	47,483	3,505	447,522	(579)	(1,434)	(854)	(2,867)
By legal entity
HSBC UK Bank plc	146,354	35,190	1,218	182,762	(152)	(490)	(255)	(897)
HSBC Bank plc	14,598	1,747	273	16,618	(24)	(22)	(91)	(137)
The Hongkong and Shanghai Banking Corporation Limited	191,382	7,741	948	200,071	(165)	(402)	(162)	(729)
HSBC Bank Middle East Limited	3,335	397	47	3,779	(19)	(33)	(36)	(88)
HSBC North America Holdings Inc.	18,096	553	364	19,013	(5)	(14)	(16)	(35)
Grupo Financiero HSBC, S.A. de C.V.	12,717	1,740	536	14,993	(197)	(463)	(273)	(933)
Other trading entities	10,052	115	119	10,286	(17)	(10)	(21)	(48)
At 31 Dec 2023	396,534	47,483	3,505	447,522	(579)	(1,434)	(854)	(2,867)

Total personal lending for loans and other credit-related commitments and financial guarantees by stage distribution
	Nominal amount				Allowance for ECL
	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	$m	$m	$m	$m	$m	$m	$m	$m
HSBC UK Bank plc	52,093	734	88	52,915	(11)	-	(2)	(13)
HSBC Bank plc	1,630	36	4	1,670	-	-	-	-
The Hongkong and Shanghai Banking Corporation Limited	181,967	2,479	223	184,669	(3)	-	-	(3)
HSBC Bank Middle East Limited	1,978	7	1	1,986	-	-	-	-
HSBC North America Holdings Inc.	3,695	72	8	3,775	-	-	-	-
HSBC Bank Canada	6,610	113	30	6,753	-	-	-	-
Grupo Financiero HSBC, S.A. de C.V.	4,308	-	-	4,308	(8)	-	-	(8)
Other trading entities	2,008	31	1	2,040	(1)	-	-	(1)
At 31 Dec 2023	254,289	3,472	355	258,116	(23)	-	(2)	(25)

Total personal lending for loans and advances to customers at amortised cost by stage distribution (continued)
	Gross carrying amount				Allowance for ECL
	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	$m	$m	$m	$m	$m	$m	$m	$m
By portfolio
First lien residential mortgages	294,919	39,860	2,042	336,821	(74)	(231)	(270)	(575)
- of which: interest-only (including offset)	19,636	4,485	169	24,290	(3)	(46)	(41)	(90)
- affordability (including US adjustable rate mortgages)	14,773	369	240	15,382	(5)	(3)	(4)	(12)
Other personal lending	67,758	9,006	1,297	78,061	(487)	(1,273)	(535)	(2,295)
- second lien residential mortgages	353	20	6	379	(1)	(2)	(3)	(6)
- guaranteed loans in respect of residential property	1,121	121	125	1,367	(1)	(3)	(30)	(34)
- other personal lending which is secured	31,306	594	206	32,106	(15)	(10)	(30)	(55)
- credit cards	16,705	4,423	260	21,388	(225)	(776)	(160)	(1,161)
- other personal lending which is unsecured	16,512	3,681	687	20,880	(234)	(469)	(305)	(1,008)
- motor vehicle finance	1,761	167	13	1,941	(11)	(13)	(7)	(31)
At 31 Dec 2022	362,677	48,866	3,339	414,882	(561)	(1,504)	(805)	(2,870)
By legal entity
HSBC UK Bank plc	128,590	37,394	1,012	166,996	(135)	(688)	(227)	(1,050)
HSBC Bank plc	6,377	740	127	7,244	(10)	(18)	(38)	(66)
The Hongkong and Shanghai Banking Corporation Limited	185,723	8,698	1,117	195,538	(138)	(362)	(187)	(687)
HSBC Bank Middle East Limited	3,657	184	86	3,927	(26)	(37)	(52)	(115)
HSBC North America Holdings Inc.	16,906	375	270	17,551	(12)	(23)	(6)	(41)
Grupo Financiero HSBC, S.A. de C.V.	9,542	1,099	377	11,018	(213)	(331)	(194)	(738)
Other trading entities	11,882	376	350	12,608	(27)	(45)	(101)	(173)
At 31 Dec 2022	362,677	48,866	3,339	414,882	(561)	(1,504)	(805)	(2,870)

Total personal lending for loans and other credit-related commitments and financial guarantees by stage distribution (continued)
	Nominal amount				Allowance for ECL
	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	$m	$m	$m	$m	$m	$m	$m	$m
HSBC UK Bank plc	50,535	439	104	51,078	(11)	(1)	-	(12)
HSBC Bank plc	2,440	131	7	2,578	-	-	-	-
The Hongkong and Shanghai Banking Corporation Limited	170,104	2,916	634	173,654	(2)	-	-	(2)
HSBC Bank Middle East Limited	1,717	8	1	1,726	(1)	-	-	(1)
HSBC North America Holdings Inc.	3,914	24	17	3,955	(1)	-	-	(1)
HSBC Bank Canada	6,346	115	30	6,491	-	-	-	-
Grupo Financiero HSBC, S.A. de C.V.	3,198	-	-	3,198	(9)	-	-	(9)
Other trading entities	2,390	64	7	2,461	(2)	-	-	(2)
At 31 Dec 2022	240,644	3,697	800	245,141	(26)	(1)	-	(27)

Exposure to UK interest-only mortgage loans

The following information is presented for HSBC branded interest-only mortgage loans. This excludes offset mortgages in first direct and private banking mortgages.

At the end of 2023, the average LTV ratio of the interest-only mortgage loans was 44% (2022: 41%), and 97% (2022: 99%) had an LTV ratio of 75% or less.

Of the interest-only mortgage loans that expired in 2021, 82% were repaid within 12 months of expiry with a total of 96% being repaid within 24 months of expiry. For those expiring during 2022, 92% were repaid within 12 months of expiry.

At 31 December 2023, interest-only mortgage loan exposures were $15.2bn (2022: $14.4bn) and the maturity profile was as follows:

UK interest-only mortgage loans
	$m
Expired interest-only mortgage loans	141
Interest-only mortgage loans by maturity
- 2024	141
- 2025	242
- 2026	315
- 2027	436
- 2028-2032	2,919
- post-2032	11,010
At 31 Dec 2023	15,204

UK interest-only mortgage loans (continued)
	$m
Expired interest-only mortgage loans	134
Interest-only mortgage loans by maturity
- 2023	219
- 2024	215
- 2025	300
- 2026	383
- 2027-2031	2,951
- post-2031	10,248
At 31 Dec 2022	14,450

Exposure to offset mortgage in first direct

The offset mortgage in first direct is a flexible way for our customers to take control of their finances. It works by grouping together the customer's mortgage, savings and current accounts to offset their credit and debit balances against their mortgage exposure. At 31 December 2023, exposures were worth a total $5.0bn with an average LTV ratio of 29% (2022: $5.5bn exposure and 32% LTV ratio).

Reconciliations of changes in personal lending gross carrying/nominal amount and allowances for loans and advances to customers including loan commitments and financial guarantees

The following disclosure provides a reconciliation by stage of the Group's personal lending gross carrying/nominal amount and allowances for loans and advances to customers, including loan commitments and financial guarantees.

In addition, three reconciliations by stage of the Group's gross carrying/nominal amount and allowances for first lien mortgages, credit cards and other personal lending, including loan commitments and financial guarantees were added at 31 December 2023 following the adoption of the recommendations of the DECL Taskforce's third report.

Personal lending - reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to customers including loan commitments and financial guarantees
(Audited)
	Non-credit impaired				Credit impaired
	Stage 1		Stage 2		Stage 3		Total
	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL
	$m	$m	$m	$m	$m	$m	$m	$m
At 1 Jan 2023	603,321	(587)	52,563	(1,505)	4,139	(805)	660,023	(2,897)
Transfers of financial instruments:	(2,144)	(619)	39	1,087	2,105	(468)	-	-
- transfers from stage 1 to stage 2	(57,217)	270	57,217	(270)	-	-	-	-
- transfers from stage 2 to stage 1	55,307	(862)	(55,307)	862	-	-	-	-
- transfers to stage 3	(542)	3	(2,345)	614	2,887	(617)	-	-
- transfers from stage 3	308	(30)	474	(119)	(782)	149	-	-
Net remeasurement of ECL arising from transfer of stage	-	563	-	(679)	-	(79)	-	(195)
Net new and further lending/repayments	34,411	(47)	(4,713)	350	(1,169)	144	28,529	447
Change to risk parameters - credit quality	-	104	-	(641)	-	(955)	-	(1,492)
Changes to models used for ECL calculation	-	(13)	-	21	-	7	-	15
Assets written off	-	-	-	-	(1,326)	1,326	(1,326)	1,326
Foreign exchange and others1,2	15,235	(3)	3,066	(67)	111	(26)	18,412	(96)
At 31 Dec 2023	650,823	(602)	50,955	(1,434)	3,860	(856)	705,638	(2,892)
ECL income statement change for the period		607		(949)		(883)		(1,225)
Recoveries								226
Others								8
Total ECL income statement change for the period								(991)

1 Total includes $7.8bn of gross carrying loans and advances and a corresponding allowance for ECL of $11m, due to the retention of certain balances previously classified as assets held for sale of our retail banking operations in France. For further details, see Note 23 'Assets held for sale and liabilities of disposal groups held for sale' on page 401.

2 Total includes $2.0bn of gross carrying loans and advances to customers, which were classified to assets held for sale, and a corresponding allowance for ECL of $20m, reflecting business disposals, as disclosed in Note 23 'Assets held for sale and liabilities of disposal groups held for sale' on page 401.

As shown in the above table, the allowance for ECL for loans and advances to customers and relevant loan commitments and financial guarantees decreased by $5m during the period from $2,897m at 31 December 2022 to $2,892m at 31 December 2023.

This decrease was driven by:

- $1,326m of assets written off;

- $447m relating to volume movements, which included the allowance for ECL associated with new originations, assets derecognised and further lending/repayment; and

- $15m of changes to models used for ECL calculation.

These were partly offset by:

- $1,492m relating to underlying credit quality changes, including the credit quality impact of financial instruments transferring between stages;

- $195m relating to the net remeasurement impact of stage transfers; and

- foreign exchange and other movements of $96m.

The ECL charge for the period of $1,225m presented in the above table consisted of $1,492m relating to underlying credit quality changes, including the credit quality impact of financial instruments transferring between stages, and $195m relating to the net remeasurement impact of stage transfers. This was partly offset by $447m relating to underlying net book volume movements and $15m in changes to models used for the calculation of ECL.

During the period, there was a net transfer to stage 2 of $1,910m gross carrying/nominal amounts. This increase was mainly driven by $1,550m in Mexico, due to slight deterioration in the unsecured portfolio.

Personal lending - reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to customers including loan commitments and financial guarantees
(Audited)
	Non-credit impaired				Credit impaired
	Stage 1		Stage 2		Stage 3		Total
	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL
	$m	$m	$m	$m	$m	$m	$m	$m
At 1 Jan 2022	695,627	(692)	18,161	(1,220)	5,111	(1,226)	718,899	(3,138)
Transfers of financial instruments:	(40,836)	(496)	39,489	674	1,347	(178)	-	-
- transfers from stage 1 to stage 2	(68,016)	268	68,016	(268)	-	-	-	-
- transfers from stage 2 to stage 1	27,359	(730)	(27,359)	730	-	-	-	-
- transfers to stage 3	(561)	2	(1,983)	361	2,544	(363)	-	-
- transfers from stage 3	382	(36)	815	(149)	(1,197)	185	-	-
Net remeasurement of ECL arising from transfer of stage	-	495	-	(579)	-	(85)	-	(169)
Net new and further lending/repayments	30,637	(17)	459	234	(146)	91	30,950	308
Change to risk parameters - credit quality	-	82	-	(676)	-	(823)	-	(1,417)
Changes to models used for ECL calculation	-	(2)	-	(95)	-	13	-	(84)
Assets written off	-	-	-	-	(1,212)	1,212	(1,212)	1,212
Foreign exchange and others1	(82,107)	43	(5,546)	157	(961)	191	(88,614)	391
At 31 Dec 2022	603,321	(587)	52,563	(1,505)	4,139	(805)	660,023	(2,897)
ECL income statement change for the period		558		(1,116)		(804)		(1,362)
Recoveries								283
Others								(3)
Total ECL income statement change for the period								(1,082)

1 Total includes $49.6bn of gross carrying loans and advances to customers, which were classified to assets held for sale, and a corresponding allowance for ECL of $221m, reflecting business disposals, as disclosed in Note 23 'Assets held for sale and liabilities of disposal groups held for sale' on page 401.

First lien residential mortgages - reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to customers including loan commitments and financial guarantees
	Non-credit impaired				Credit impaired
	Stage 1		Stage 2		Stage 3		Total
	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL
	$m	$m	$m	$m	$m	$m	$m	$m
At 1 Jan 2023	317,666	(74)	40,048	(231)	2,230	(270)	359,944	(575)
Transfers of financial instruments:	(1,182)	(109)	421	138	761	(29)	-	-
- transfers from stage 1 to stage 2	(41,207)	28	41,207	(28)	-	-	-	-
- transfers from stage 2 to stage 1	40,164	(117)	(40,164)	117	-	-	-	-
- transfers to stage 3	(354)	1	(958)	100	1,312	(101)	-	-
- transfers from stage 3	215	(21)	336	(51)	(551)	72	-	-
Net remeasurement of ECL arising from transfer of stage	-	72	-	(79)	-	(67)	-	(74)
Net new and further lending/repayments	15,447	(3)	(3,939)	22	(751)	322	10,757	341
Change to risk parameters - credit quality	-	16	-	(67)	-	(269)	-	(320)
Changes to models used for ECL calculation	-	(2)	-	28	-	-	-	26
Assets written off	-	-	-	-	(53)	53	(53)	53
Foreign exchange and others	8,833	(9)	1,983	(13)	71	(4)	10,887	(26)
At 31 Dec 2023	340,764	(109)	38,513	(202)	2,258	(264)	381,535	(575)
ECL income statement change for the period		83		(96)		(14)		(27)
Recoveries								10
Others								13
Total ECL income statement change for the period								(4)

Credit cards - reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to customers including loan commitments and financial guarantees
	Non-credit impaired				Credit impaired
	Stage 1		Stage 2		Stage 3		Total
	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL
	$m	$m	$m	$m	$m	$m	$m	$m
At 1 Jan 2023	140,519	(244)	6,747	(777)	353	(160)	147,619	(1,181)
Transfers of financial instruments:	199	(292)	(848)	496	649	(204)	-	-
- transfers from stage 1 to stage 2	(7,855)	102	7,855	(102)	-	-	-	-
- transfers from stage 2 to stage 1	8,124	(391)	(8,124)	391	-	-	-	-
- transfers to stage 3	(82)	1	(621)	227	703	(228)	-	-
- transfers from stage 3	12	(4)	42	(20)	(54)	24	-	-
Net remeasurement of ECL arising from transfer of stage	-	185	-	(301)	-	(5)	-	(121)
Net new and further lending/repayments	13,206	27	621	169	12	(41)	13,839	155
Change to risk parameters - credit quality	-	82	-	(281)	-	(301)	-	(500)
Changes to models used for ECL calculation	-	(9)	-	15	-	1	-	7
Assets written off	-	-	-	-	(571)	571	(571)	571
Foreign exchange and others	(632)	(2)	27	(19)	7	(5)	(598)	(26)
At 31 Dec 2023	153,292	(253)	6,547	(698)	450	(144)	160,289	(1,095)
ECL income statement change for the period		285		(398)		(346)		(459)
Recoveries								108
Others								(200)
Total ECL income statement change for the period								(551)

Other personal lending - reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to customers including loan commitments and financial guarantees
	Non-credit impaired				Credit impaired
	Stage 1		Stage 2		Stage 3		Total
	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL
	$m	$m	$m	$m	$m	$m	$m	$m
At 1 Jan 2023	145,136	(269)	5,768	(497)	1,556	(375)	152,460	(1,141)
Transfers of financial instruments:	(1,161)	(218)	466	453	695	(235)	-	-
- transfers from stage 1 to stage 2	(8,155)	140	8,155	(140)	-	-	-	-
- transfers from stage 2 to stage 1	7,019	(354)	(7,019)	354	-	-	-	-
- transfers to stage 3	(106)	1	(766)	287	872	(288)	-	-
- transfers from stage 3	81	(5)	96	(48)	(177)	53	-	-
Net remeasurement of ECL arising from transfer of stage	-	306	-	(299)	-	(7)	-	-
Net new and further lending/repayments	5,758	(71)	(1,395)	159	(430)	(137)	3,933	(49)
Change to risk parameters - credit quality	-	6	-	(293)	-	(385)	-	(672)
Changes to models used for ECL calculation	-	(2)	-	(22)	-	6	-	(18)
Assets written off	-	-	-	-	(702)	702	(702)	702
Foreign exchange and others1	7,034	8	1,056	(35)	33	(17)	8,123	(44)
At 31 Dec 2023	156,767	(240)	5,895	(534)	1,152	(448)	163,814	(1,222)
ECL income statement change for the period		239		(455)		(523)		(739)
Recoveries								108
Others								195
Total ECL income statement change for the period								(436)

1 Total includes $7.2bn of gross carrying loans and advances and a corresponding allowance for ECL of $10m, due to the retention of certain balances previously classified as assets held for sale of our retail banking operations in France. For further details, see Note 23 'Assets held for sale and liabilities of disposal groups held for sale' on page 401.

Personal lending - credit risk profile by internal PD band for loans and advances to customers at amortised cost
		Gross carrying amount				Allowance for ECL
	PD range1	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total	ECL coverage
	%	$m	$m	$m	$m	$m	$m	$m	$m	%
First lien residential mortgages2		320,410	38,287	2,212	360,909	(102)	(200)	(269)	(571)	0.2
- Band 1	0.000 to 0.250	229,188	3,174	-	232,362	(16)	(14)	-	(30)	-
- Band 2	0.251 to 0.500	54,891	12,266	-	67,157	(11)	(17)	-	(28)	-
- Band 3	0.501 to 1.500	28,159	16,140	-	44,299	(22)	(49)	-	(71)	0.2
- Band 4	1.501 to 5.000	7,451	4,559	-	12,010	(52)	(30)	-	(82)	0.7
- Band 5	5.001 to 20.000	599	1,097	-	1,696	-	(11)	-	(11)	0.6
- Band 6	20.001 to 99.999	122	1,051	-	1,173	(1)	(79)	-	(80)	6.8
- Band 7	100.000	-	-	2,212	2,212	-	-	(269)	(269)	12.2
Credit cards		19,909	4,419	352	24,680	(236)	(697)	(203)	(1,136)	4.6
- Band 1	0.000 to 0.250	9,490	1	-	9,491	(32)	-	-	(32)	0.3
- Band 2	0.251 to 0.500	2,481	6	-	2,487	(21)	(1)	-	(22)	0.9
- Band 3	0.501 to 1.500	4,799	294	-	5,093	(56)	(17)	-	(73)	1.4
- Band 4	1.501 to 5.000	2,787	2,291	-	5,078	(93)	(158)	-	(251)	4.9
- Band 5	5.001 to 20.000	352	1,374	-	1,726	(34)	(258)	-	(292)	16.9
- Band 6	20.001 to 99.999	-	453	-	453	-	(263)	-	(263)	58.1
- Band 7	100.000	-	-	352	352	-	-	(203)	(203)	57.7
Other personal lending (excluding credit cards)		56,215	4,777	941	61,933	(241)	(537)	(382)	(1,160)	1.9
- Band 1	0.000 to 0.250	28,115	30	-	28,145	(34)	(1)	-	(35)	0.1
- Band 2	0.251 to 0.500	6,634	286	-	6,920	(11)	(1)	-	(12)	0.2
- Band 3	0.501 to 1.500	12,935	329	-	13,264	(61)	(9)	-	(70)	0.5
- Band 4	1.501 to 5.000	7,215	1,447	-	8,662	(79)	(46)	-	(125)	1.4
- Band 5	5.001 to 20.000	1,137	2,005	-	3,142	(55)	(199)	-	(254)	8.1
- Band 6	20.001 to 99.999	179	680	-	859	(1)	(281)	-	(282)	32.8
- Band 7	100.000	-	-	941	941	-	-	(382)	(382)	40.6
At 31 Dec 2023		396,534	47,483	3,505	447,522	(579)	(1,434)	(854)	(2,867)	0.6

First lien residential mortgages2		294,919	39,860	2,042	336,821	(74)	(231)	(270)	(575)	0.2
- Band 1	0.000 to 0.250	247,330	21,220	-	268,550	(13)	(4)	-	(17)	-
- Band 2	0.251 to 0.500	19,615	7,900	-	27,515	(4)	(3)	-	(7)	-
- Band 3	0.501 to 1.500	21,323	5,691	-	27,014	(18)	(7)	-	(25)	0.1
- Band 4	1.501 to 5.000	6,594	2,694	-	9,288	(39)	(24)	-	(63)	0.7
- Band 5	5.001 to 20.000	34	1,024	-	1,058	-	(40)	-	(40)	3.8
- Band 6	20.001 to 99.999	23	1,331	-	1,354	-	(153)	-	(153)	11.3
- Band 7	100.000	-	-	2,042	2,042	-	-	(270)	(270)	13.2
Other personal lending		67,758	9,006	1,297	78,061	(487)	(1,273)	(535)	(2,295)	2.9
- Band 1	0.000 to 0.250	30,150	153	-	30,303	(54)	(13)	-	(67)	0.2
- Band 2	0.251 to 0.500	7,219	251	-	7,470	(26)	(1)	-	(27)	0.4
- Band 3	0.501 to 1.500	17,077	1,499	-	18,576	(82)	(44)	-	(126)	0.7
- Band 4	1.501 to 5.000	10,344	2,036	-	12,380	(170)	(103)	-	(273)	2.2
- Band 5	5.001 to 20.000	2,501	3,692	-	6,193	(154)	(520)	-	(674)	10.9
- Band 6	20.001 to 99.999	467	1,375	-	1,842	(1)	(592)	-	(593)	32.2
- Band 7	100.000	-	-	1,297	1,297	-	-	(535)	(535)	41.2
At 31 Dec 2022		362,677	48,866	3,339	414,882	(561)	(1,504)	(805)	(2,870)	0.7

1 12-month point in time adjusted for multiple economic scenarios.

2 PD bands do not consider the impact of any management judgemental adjustments on stage or allowances for ECL including the impact of new models not yet formally implemented. For a list of management judgemental adjustments see page 163.

Personal lending - credit risk profile by internal PD band for loan and other credit-related commitments and financial guarantees
		Nominal amount				Allowance for ECL
	PD range1	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total	ECL coverage
	%	$m	$m	$m	$m	$m	$m	$m	$m	%
Loan and other credit-related commitments		253,183	3,459	355	256,997	(23)	-	(2)	(25)	-
- Band 1	0.000 to 0.250	196,201	114	-	196,315	(15)	-	-	(15)	-
- Band 2	0.251 to 0.500	17,861	63	-	17,924	(1)	-	-	(1)	-
- Band 3	0.501 to 1.500	29,623	1,262	-	30,885	(1)	-	-	(1)	-
- Band 4	1.501 to 5.000	8,550	1,334	-	9,884	(4)	-	-	(4)	-
- Band 5	5.001 to 20.000	508	564	-	1,072	(2)	-	-	(2)	0.2
- Band 6	20.001 to 99.999	440	122	-	562	-	-	-	-	-
- Band 7	100.000	-	-	355	355	-	-	(2)	(2)	0.6
Financial guarantees		1,106	13	-	1,119	-	-	-	-	-
- Band 1	0.000 to 0.250	348	-	-	348	-	-	-	-	-
- Band 2	0.251 to 0.500	386	-	-	386	-	-	-	-	-
- Band 3	0.501 to 1.500	359	1	-	360	-	-	-	-	-
- Band 4	1.501 to 5.000	3	-	-	3	-	-	-	-	-
- Band 5	5.001 to 20.000	2	12	-	14	-	-	-	-	-
- Band 6	20.001 to 99.999	8	-	-	8	-	-	-	-	-
- Band 7	100.000	-	-	-	-	-	-	-	-	-
At 31 Dec 2023		254,289	3,472	355	258,116	(23)	-	(2)	(25)	-

1 12-month point in time adjusted for multiple economic scenarios.

Collateral on loans and advances

(Audited)

The following table provides a quantification of the value of fixed charges we hold over specific assets where we have a history of enforcing, and are able to enforce, collateral in satisfying a debt in the event of the borrower failing to meet its contractual obligations, and where the collateral is cash or can be realised by sale in an

established market. The collateral valuation excludes any adjustments for obtaining and selling the collateral and, in particular, loans shown as not collateralised or partially collateralised may also benefit from other forms of credit mitigants.

Personal lending - residential mortgage loans including loan commitments by level of collateral for key countries/territories by stage
(Audited)
	Gross carrying/nominal amount				ECL coverage
	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
	$m	$m	$m	$m	%	%	%	%
Fully collateralised by LTV ratio	331,279	38,378	2,129	371,786	-	0.5	10.1	0.1
- less than 50%	140,992	19,715	1,165	161,872	-	0.3	7.1	0.1
- 51% to 70%	113,043	12,636	568	126,247	-	0.6	10.9	0.1
- 71% to 80%	37,866	4,111	229	42,206	-	0.9	15.2	0.2
- 81% to 90%	23,278	1,499	109	24,886	-	1.2	17.3	0.2
- 91% to 100%	16,100	417	58	16,575	-	1.6	28.9	0.2
Partially collateralised (A): LTV > 100%	9,529	136	129	9,794	-	3.4	42.0	0.6
- collateral value on A	8,968	123	104	9,195
Total at 31 Dec 2023	340,808	38,514	2,258	381,580	-	0.5	11.9	0.1
of which: UK
Fully collateralised by LTV ratio	146,739	33,597	759	181,095	-	0.3	9.7	0.1
- less than 50%	60,403	17,629	458	78,490	-	0.2	7.9	0.1
- 51% to 70%	49,945	11,248	207	61,400	-	0.4	9.4	0.1
- 71% to 80%	20,293	3,275	61	23,629	-	0.6	13.4	0.1
- 81% to 90%	12,946	1,161	18	14,125	-	0.8	17.5	0.1
- 91% to 100%	3,152	284	15	3,451	-	1.0	41.6	0.3
Partially collateralised (B): LTV > 100%	317	19	27	363	0.1	1.7	17.5	1.4
- collateral value on B	244	15	22	281
Total UK at 31 Dec 2023	147,056	33,616	786	181,458	-	0.3	9.9	0.1
of which: Hong Kong
Fully collateralised	97,414	1,354	93	98,861	-	-	0.3	-
- less than 50%	41,903	831	66	42,800	-	-	0.1	-
- 51% to 70%	29,762	330	15	30,107	-	-	0.5	-
- 71% to 80%	5,260	48	2	5,310	-	0.1	0.4	-
- 81% to 90%	8,161	61	4	8,226	-	0.1	1.9	-
- 91% to 100%	12,328	84	6	12,418	-	0.3	1.8	-
Partially collateralised (C): LTV > 100%	8,973	86	4	9,063	-	0.9	7.8	-
- collateral value on C	8,535	81	4	8,620
Total Hong Kong at 31 Dec 2023	106,387	1,440	97	107,924	-	0.1	0.7	-

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END

ACSEAEAFAAKLEFA

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