
	At 30 June 2026			At 31 December 2025
	At fair value through profit or loss £m	At amortised cost £m	Total £m	At fair value through profit or loss £m	At amortised cost £m	Total £m

Senior unsecured notes issued	4,221	21,294	25,515	4,226	20,356	24,582
Covered bonds	–	12,706	12,706	–	11,264	11,264
Certificates of deposit issued	–	4,475	4,475	–	2,484	2,484
Securitisation notes	17	7,036	7,053	17	6,325	6,342
Commercial paper	–	17,295	17,295	–	11,703	11,703
	4,238	62,806	67,044	4,243	52,132	56,375

At 30 June 2026, the covered bonds held by external parties and those held internally, were secured on certain

loans and advances to customers amounting to £33,936 million (31 December 2025: £22,072 million) which have

been assigned to bankruptcy remote limited liability partnerships to provide security for issues of covered bonds by

the Group. The Group retains all of the risks and rewards associated with these loans and the partnerships are

The Group’s securitisation vehicles issue notes that are held both externally and internally, and are secured on

loans and advances to customers amounting to £29,372 million at 30 June 2026 (31 December 2025: £27,418

million), the majority of which have been sold to bankruptcy remote structured entities. As the structured entities

are funded by the issue of debt on terms whereby the majority of the risks and rewards of the portfolio are

retained by the subsidiary, the structured entities are consolidated fully and all of these loans are retained on the

Cash deposits of £3,695 million (31 December 2025: £3,326 million) which support the debt securities issued by the

structured entities, the term advances related to covered bonds and other legal obligations, are held by the Group.