Through asset securitisations, the Group has transferred financial assets which were derecognised in their entirety, with some continuing

Details of transferred financial assets that continue to be recognised in full are as follows.

The Group enters into repurchase and securities lending transactions in the normal course of business that do not result in derecognition of

the financial assets as substantially all of the risks and rewards, including credit, interest rate, prepayment and other price risks are retained

by the Group. In all cases, the transferee has the right to sell or repledge the assets concerned.

As set out in note 26, included within financial assets measured at amortised cost are loans transferred under the Group’s securitisation and

covered bond programmes. As the Group retains all or a majority of the risks and rewards associated with these loans, including credit,

interest rate, prepayment and liquidity risk, they remain on the Group’s balance sheet. Assets transferred into the Group’s securitisation

and covered bond programmes are not available to be used by the Group while the assets are within the programmes. However, the Group

retains the right to remove loans from the covered bond programmes where they are in excess of the programme’s requirements. In

addition, where the Group has retained some of the notes issued by securitisation and covered bond programmes, the Group has the

In 2024, the Group securitised a portfolio of £1.25 billion of finance lease receivables. This transaction resulted in a partial derecognition of

the leases, as the Group neither retained nor transferred substantially all risks and rewards. As of 31 December 2025, the Group continues

to recognise £344 million (2024: £798 million) of these lease receivables with a gross up of the same amount in finance lease receivables

and other liabilities for the continuing involvement asset and liability required to be recognised under IFRS 9.

The table below sets out the carrying values of the transferred assets and the associated liabilities. For repurchase and securities lending

transactions, the associated liabilities represent the Group’s obligation to repurchase the transferred assets. For securitisation programmes,

the associated liabilities represent the external notes in issue (note 26). The liabilities shown in the table below have recourse to the


	2025		2024
	Assets £m	Liabilities £m	Assets £m	Liabilities £m
Repurchase and securities lending transactions
Financial assets at fair value through profit or loss	5,255	4,151	2,340	1,089
Debt securities held at amortised cost	697	–	1,210	–
Financial assets at fair value through other comprehensive income	15,768	10,674	12,483	4,465
Securitisation programmes
Financial assets at amortised cost:
Loans and advances to customers1	27,766	6,342	27,657	5,207

1The carrying value of associated liabilities excludes securitisation notes held by the Group of £16,264 million (31 December 2024: £17,079 million).