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  "notes": "Includes detailed breakdown of VaR across Equity, Interest rates, Credit spreads, Foreign exchange, and Commodities.",
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      "text": "We continued to maintain management VaR at low levels, with average VaR decreasing to USD 11 million from USD 13 million in 2020.",
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      "text": "Management VaR: 11 million",
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      "text": "Management VaR for the period. The tables below show minimum, maximum, average and period-end management VaR by business division and Group Functions, and by general market risk type.",
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      "text": "We also use stressed VaR (SVaR) for the calculation of market risk RWA. SVaR uses broadly the same methodology as regulatory VaR and is calculated using the same population, holding period (10-day) and confidence level (99%).",
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      "text": "1 Statistics at individual levels may not be summed to deduce the corresponding aggregate figures. 2 Difference between the sum of the standalone VaR for the business divisions and Group Functions and the VaR for the Group as a whole.",
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      "text": "Management value-at-risk (1-day, 95% confidence, 5 years of historical data) of our business divisions and Group Functions by general market risk type",
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