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ANNUAL REPORT AND ACCOUNTS 2008

Notes to the consolidated financial statements

7 Net trading income

 

2008
£m

 

2007
£m

Foreign exchange translation gains

66

 

34

Gains on foreign exchange trading transactions

75

 

159

Total foreign exchange

141

 

193

Investment property losses (note 22 )

(1,058)

 

(321)

Securities and other (losses) gains

(8,269)

 

3,251

Net trading income

(9,186)

 

3,123

Securities and other (losses) gains comprise net gains arising on assets and liabilities held at fair value through profit or loss and for trading as follows:

 

2008
£m

 

2007
£m

Net income (expense) arising on assets held at fair value through profit or loss:

     

Loans and advances to banks and customers

20

 

23

Debt securities

918

 

673

Equity shares

(7,759)

 

2,422

Total net (expense) income arising on assets held at fair value through profit or loss

(6,821)

 

3,118

Net expense arising on liabilities held at fair value through
profit or loss – debt securities in issue

(232)

 

(153)

Total net (losses) gains arising on assets and liabilities held at fair value through profit or loss

(7,053)

 

2,965

Net (losses) gains on financial instruments held for trading

(1,216)

 

286

Securities and other (losses) gains

(8,269)

 

3,251

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