UK public sector offloads swaps

Outstanding derivatives between UK banks and the country’s public sector almost halved in the first three months of the year, reversing the previous quarter’s spike.

Gross derivatives – assets plus liabilities – outstanding with public entities stood at £5.9 billion ($7.4 billion), 43% lower quarter-on-quarter. Yet this amount is still 62% greater than it was a year ago.

In contrast, UK banks’ swaps books with other UK entities expanded 18% to £66 billion on a gross basis and with other

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