The information in this Note relates to securitisations and covered bonds for consolidated structured entities, used to obtain funding or collateral. It excludes

In H1-26, there were no significant changes to the securitisations and covered bond programmes as set out in the Consolidated Financial Statements in the 2025

Annual Report except that, as a result of the acquisition of TSB, as set out in Note 29, the Duncan mortgage-backed securitisation structure and £10bn Global

Loans and advances to customers include loans securitised under securitisation programmes 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 Santander UK, the

structured entities are consolidated fully and all of these loans are retained on the balance sheet, with the related notes in issue included within debt securities in

The programmes feature revolving structures where principal receipts received from the mortgages are used to replenish the portfolio of mortgages held by the

structured entities, subject to certain eligibility criteria. The programmes include certain triggers that could result in the notes being repayable on demand,

including a default by the issuer in the payment of any amounts due in respect of the issued notes.

Loans and advances to customers have been assigned to a limited liability partnership to provide security for the issuance of covered bonds. TSB Bank plc, and

hence the Santander UK group, retains the risks and rewards associated with these loans and the loans continue to be recognised on the balance sheet. The

related covered bonds in issue are included within debt securities in issue. Deposits are available for the repayment of the term advances related to covered

The gross assets securitised, or for the covered bond programme assigned, at 30 June 2026 and 31 December 2025 were:


	30 June 2026	31 December 2025
	£m	£m
Mortgage-backed master trust structures:
– Holmes	8,826	7,090
– Fosse	2,163	1,845
Other mortgage-backed securitisation structures:
– Duncan	1,701	–
Other asset-backed securitisation structures:
– Repton	764	760
Total securitisation programmes	13,454	9,695
Covered bond programme:
–€35bn Global Covered Bond Programme	28,335	27,428
–£10bn Global Covered Bond Programme	6,026	–
Total securitisation and covered bond programmes	47,815	37,123

The following table sets out the internal and external issuances and redemptions in H1-26 and H1-25 for each securitisation and covered bond programme.


	Internal issuances		External issuances		Internal redemptions		External redemptions
	H1-26	H1-25	H1-26	H1-25	H1-26	H1-25	H1-26	H1-25
	£m	£m	£m	£m	£m	£m	£m	£m
Mortgage-backed master trust structures:
–Holmes	144	86	1,250	750	10	–	86	–
Covered bond programme:
–€35bn Global Covered Bond Programme	–	–	4,212	2,687	–	–	3,546	894
	144	86	5,462	3,437	10	–	3,632	894

Prior to its acquisition, TSB held bonds issued as part of the Santander UK €35bn Global Covered Bond Programme. As a result of the acquisition, this holding