Accordingly, we are pleased to report that, in
particular, those branches where the items form
an essential part of the funding achieved a sub
stantially higher volume expressed in local
currency.
It will be clear from the above that the
importance of these funds is not the same for all
branches.
For a number, including those in France,
Switzerland, Hong Kong and Brazil, attracting
savings, deposits and other funds is indissociable
from the remaining activities. The majority of
such branches show a substantial volume of
retail business on both the assets and liabilities
sides of their balance sheet. We also have
branches, like those in Germany and Italy,
where money market loans make up the bulk of
the entrusted funds, the magnitude of which is
fully matched to the funding requirements. The
branches in this category are almost entirely
geared to meeting the needs of major business
customers. Finally there are a number of
branches abroad whose operations in the
national and international capital markets can
be viewed independently of their other activities.
The majority of these branches - which, of
course, are also active in the commercial credit
field - are situated in London, New York,
Tokyo, Bahrain, Singapore and other important
financial centres.
