UK public sector loads up on interest rate swaps
Outstanding derivatives values double in last quarter of 2018
Outstanding derivatives between UK banks and the country’s public sector ballooned in the fourth quarter of 2018.
Gross derivatives outstanding, assets plus liabilities, with public entities were valued at £10.4 billion ($13.6 billion), a jump of 189% quarter-on-quarter.
The total fair value of net derivatives assets between the two sets of counterparties surged to £7.6 billion in the three months to end-December, the highest level on record.
The fair value of derivatives positions between
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