NatWest Markets Plc Interim Results 2026

 

            NatWest Markets Group

           Interim Results 2026

 NatWest Markets Plc                                         ci.natwest.com

 

NatWest Markets Group (NWM Group)

 

Results for the half year ended 30 June 2026

The first half of 2026 was characterised by elevated geopolitical tensions and macroeconomic uncertainty with energy market disruption and heightened volatility prompting a reassessment of inflation, interest rate and growth prospects. Customer demand remained resilient across foreign exchange risk management and fund financing activity, and while Fixed Income was lower year-on-year, it showed improved momentum in the second quarter despite ongoing market uncertainty. Against this backdrop, we remained closely engaged with customers, leveraging our specialist capabilities and established relationships while maintaining discipline on risk, costs and balance sheet deployment.

Financial review

NWM Group maintained its robust capital and liquidity position in H1 2026 and reported a profit of £77 million, compared with a profit of £89 million in H1 2025. Total income of £792 million increased by £30 million compared with H1 2025, primarily driven by foreign exchange (FX) reserves recycling, an increase in the amount recognised under the profit share arrangement with fellow NatWest Group subsidiaries and higher Capital Markets revenues, partially offset by lower Fixed Income revenues. Operating expenses increased by £85 million to £752 million, reflecting higher other operating expenses partially offset by lower litigation and conduct costs.

Financial performance

Total income of £792 million increased by £30 million compared with £762 million in H1 2025, largely driven by FX reserves recycling, an increase in the amount recognised under the profit share arrangement with fellow NatWest Group subsidiaries and higher Capital Markets revenues. This was partially offset by lower Fixed Income revenues which were impacted by volatility from geopolitical tensions and lower customer volumes.

Operating expenses of £752 million in H1 2026 were £85 million higher than £667 million in H1 2025. Litigation and conduct costs decreased by £20 million to £45 million, driven by higher costs in H1 2025 from closing legacy matters including associated remediation activity. Other operating expenses increased by £105 million to £707 million in H1 2026 compared with H1 2025, largely driven by the recognition of a charge relating to historical VAT matters and higher technology-related and other centrally allocated support costs.

NWM Group’s total assets and liabilities increased by £18.3 billion and £18.4 billion to £186.7 billion and £179.8 billion respectively at 30 June 2026, compared with 31 December 2025. Funded assets increased in the period driven by higher settlement balances, loans - amortised cost and cash and balances at central banks. Derivative fair values increased in the period, largely driven by FX derivatives reflecting volatility across major currencies including the strengthening of USD in the period. This was partially offset by a decrease in interest rate derivatives.

Capital and leverage

Total NWM Plc Risk-Weighted Assets (RWAs) were £22.1 billion at 30 June 2026, compared with £21.5 billion at 31 December 2025. The increase in the period was primarily driven by increases in counterparty credit risk, market risk and credit risk.

NWM Plc’s Common Equity Tier 1 (CET1) ratio was 18.3% at 30 June 2026 compared with 18.4% at 31 December 2025, reflecting an increase in RWAs partially offset by higher CET1 capital.

Total minimum requirement for own funds and eligible liabilities (MREL) for NWM Plc at 30 June 2026 was £9.7 billion, down slightly from 31 December 2025. The maturity of an internal MREL instrument with NatWest Group plc of $1.0 billion was mostly offset by an increase in eligible capital and the issuance of two new internal MREL instruments with NatWest Group plc totalling $0.7 billion. The MREL ratio decreased to 44.0% of RWAs at 30 June 2026 compared with 45.6% at 31 December 2025, mainly reflecting the increase in RWAs in the period.

NWM Plc’s leverage ratio at 30 June 2026 was 4.8%, down compared with 5.0% at 31 December 2025, reflecting an increase in leverage exposure driven by increases in trading assets and other financial assets, partially offset by higher Tier 1 capital.

Liquidity and funding

NWM Plc’s liquidity portfolio decreased by £0.2 billion to £20.0 billion at 30 June 2026. The average Liquidity Coverage Ratio (LCR)(1) increased to 204% compared with 198% at 31 December 2025, driven by issuance over the period and lower net outflows.

NWM Plc issued public benchmark transactions amounting to £3.7 billion in the six months ended 30 June 2026. Transactions comprised €2.3 billion of notes under our Euro Medium Term Note programme and $2.3 billion of notes under our US Medium Term Note programme. NWM Plc also raised funding in other formats throughout the period including, but not limited to, structured note issuance.

1. Reported on an average basis in line with supervisory guidelines. The LCR is calculated as the average of the preceding 12 months.

ESG highlights

As at the end of June 2026, we had delivered £21.5 billion towards the NatWest Group climate and transition finance (CTF) target to provide £200 billion in climate and transition finance⁽¹⁾ between 1 July 2025 and the end of 2030.

1. The CTF framework has been developed to expand the support provided to customers to achieve their climate and/or transition ambitions and is used to determine the assets, activities, acquisition targets and companies that are eligible to be included towards the £200 billion CTF target. The climate and transition finance framework is available on natwestgroup.com. Climate and transition finance represents only a relatively small proportion of our overall financing and facilitation activities.

Capital guidance⁽¹⁾

We retain the Capital guidance provided in the NatWest Markets Plc 2025 Annual Report and Accounts.

1. The guidance, targets, expectations and trends discussed in this section represent management’s current expectations and are subject to change, including as a result of the factors described in the Risk Factors section in the NatWest Markets Plc 2025 Annual Report and Accounts and the Summary Risk Factors in this document. These statements constitute forward-looking statements. Refer to Forward-looking statements in this document.

 

Financial review

The table below presents an analysis of key lines of NWM Group’s income statement for the half year and quarter ended 30 June 2026. Commentary refers to the tables below as well as the condensed consolidated income statement shown on page 18.

  Half year ended   Quarter ended   30 June 30 June   30 June 31 March 30 June   2026 2025   2026 2026 2025 Income statement £m £m   £m £m £m Net interest income 250 244   119 131 120 Non-interest income 542 518   317 225 248 Total income 792 762   436 356 368 Litigation and conduct costs (45) (65)   (26) (19) (33) Other operating expenses (707) (602)   (373) (334) (311) Operating expenses (752) (667)   (399) (353) (344) Operating profit before impairment releases 40 95   37 3 24 Impairment releases 5 3   4 1 4 Operating profit before tax 45 98   41 4 28 Tax credit/(charge) 32 (9)   8 24 2 Profit for the period 77 89   49 28 30               Income (1)             Fixed Income 52 105   32 20 41 Currencies 318 327   157 161 169 Capital Markets 397 370   203 194 189 Capital Management Unit & other (2) 41 2   53 (12) (11) Income including shared revenue before OCA 808 804   445 363 388 Transfer pricing arrangements with fellow NatWest Group subsidiaries (3) (18) (45)   (8) (10) (17) Income excluding OCA 790 759   437 353 371 Own credit adjustments (OCA) 2 3   (1) 3 (3) Total income 792 762   436 356 368

1. Product performance includes gross income earned on a NatWest Group-wide basis, including amounts contributed to other NatWest Group subsidiaries. Income including shared revenue before OCA includes revenue share from other NatWest Group subsidiaries but before revenue share is paid to or contributed to those subsidiaries.
2. Capital Management Unit was set up in Q3 2020 to manage capital usage and optimisation across all parts of NatWest Markets, with the income materially relating to legacy positions. Other materially relates to FX reserves recycling in H1 2026 and Q2 2026.
3. Transfer pricing arrangements with fellow NatWest Group subsidiaries includes shared revenue paid to or contributed to those subsidiaries and a profit share arrangement with fellow NatWest Group subsidiaries. The profit share arrangement rewards NWM Group on an arm’s length basis for its contribution to the performance of the NatWest Group Commercial & Institutional business segment. The profit share is not allocated to individual NatWest Markets product areas.

Half year ended 30 June 2026 performance

• Net interest income largely represents interest income from lending activity and capital hedges, offset by interest expense from the funding costs of the business. The increase in net interest income compared with H1 2025 was partially offset by an interest charge relating to historical VAT matters.
• Non-interest income increased by £24 million compared with H1 2025, primarily driven by FX reserves recycling of £40 million in connection with a subsidiary capital repayment in Q2 2026, the amount recognised under the profit share arrangement with fellow NatWest Group subsidiaries of £103 million in the current period, compared with £79 million in H1 2025, and higher Capital Markets revenues. This was partially offset by lower Fixed Income revenues, which were impacted by volatility from geopolitical tensions and lower customer volumes.
• Operating expenses in H1 2026 increased by £85 million compared with H1 2025. Litigation and conduct costs in H1 2026 reflected ongoing progress on closing legacy matters including any associated remediation activity and were down by £20 million compared with H1 2025. Other operating expenses increased by £105 million compared with H1 2025, largely driven by the recognition of a charge relating to historical VAT matters and higher technology-related and other centrally allocated support costs.

Quarter ended 30 June 2026 performance

• Net interest income for the quarter decreased by £12 million compared with Q1 2026 largely due to the interest charge relating to historical VAT matters.
• Non-interest income increased by £92 million compared to Q1 2026, primarily driven by FX reserves recycling and fair value movements relating to funding positions in Capital Management Unit and other, higher revenues in Fixed Income and Capital Markets and an increase of £5 million in the amount recognised under the profit share arrangement with fellow NatWest Group subsidiaries, where £54 million was recognised in Q2 2026. Non-interest income increased by £69 million compared with Q2 2025, primarily driven by FX reserves recycling and fair value movements relating to funding positions in Capital Management Unit and other, higher Capital Markets revenues and an increase of £9 million in the amount recognised under the profit share arrangement. This was partially offset by a weaker performance in Currencies reflecting lower FX volatility levels, and lower Fixed Income revenues.
• Operating expenses increased by £46 million compared with Q1 2026 and by £55 million compared to Q2 2025. Litigation and conduct costs reflected ongoing progress on closing legacy matters including any associated remediation activity and increased by £7 million compared with Q1 2026 and decreased by £7 million compared with Q2 2025. Other operating expenses increased by £39 million compared with Q1 2026 and by £62 million compared with Q2 2025, largely due to the recognition of a charge relating to historical VAT matters.

Financial review

Balance sheet profile as at 30 June 2026

NWM Group’s balance sheet profile is summarised below. Commentary refers to the table below as well as the condensed consolidated balance sheet on page 19.

Assets				Liabilities
	30 June	31 December		30 June	31 December
	2026	2025		2026	2025
	£bn	£bn		£bn	£bn
Cash and balances at central banks	18.1	16.0
Securities	18.1	12.6		10.0	7.5		Short positions
Reverse repos (1)	22.7	27.7		27.6	28.6		Repos (2)
Cash collateral given (3)	6.0	5.6		11.8	11.8		Cash collateral received (4)
Other trading assets	0.4	0.3		1.1	0.9		Other trading liabilities
Total trading assets	47.2	46.2		50.5	48.8		Total trading liabilities
Loans - amortised cost	28.5	24.7		19.4	15.7		Deposits - amortised cost
Settlement balances	10.1	0.6		9.6	0.9		Settlement balances
Amounts due from holding							Amounts due to holding company
company and fellow subsidiaries	0.5	0.3		5.9	6.1		and fellow subsidiaries
Other financial assets	18.2	19.1		37.6	35.5		Other financial liabilities
Other assets	0.7	0.6		0.5	0.4		Other liabilities
Funded assets	123.3	107.5		123.5	107.4		Liabilities excluding derivatives
Derivative assets	63.4	60.9		56.3	54.0		Derivative liabilities
Total assets	186.7	168.4		179.8	161.4		Total liabilities
Net derivative assets (5)	2.0	2.3		2.5	2.5		Net derivative liabilities (5)

(1)	Comprises bank reverse repos of £4.5 billion (31 December 2025 – £4.6 billion) and customer reverse repos of £18.2 billion (31 December 2025 – £23.1 billion).
(2)	Comprises bank repos of £8.6 billion (31 December 2025 – £8.2 billion) and customer repos of £19.0 billion (31 December 2025 – £20.4 billion).
(3)	Comprises cash collateral given relating to banks of £3.8 billion (31 December 2025 – £2.6 billion) and customers of £2.2 billion (31 December 2025 – £3.0 billion).
(4)	Comprises cash collateral received relating to banks of £4.1 billion (31 December 2025 – £4.1 billion) and customers of £7.7 billion (31 December 2025 – £7.7 billion).
(5)	Refer to page 11 for further details.

• Total assets and liabilities increased by £18.3 billion and £18.4 billion respectively at 30 June 2026. Funded assets, which exclude derivatives, increased by £15.8 billion, largely driven by higher settlement balances, loans - amortised cost and cash and balances at central banks. The increases in derivative fair values were largely driven by FX derivatives, reflecting volatility across major currencies, including the strengthening of USD in the period. This was partially offset by a decrease in interest rate derivatives.
• Cash and balances at central banks increased by £2.1 billion mainly driven by increased customer deposits and new issuances, partially offset with planned banking book growth and maturities.
• Trading assets were up by £1.0 billion, driven by an increase in securities from client-led activity, and derivative cash collateral posted, partially offset by a decrease in reverse repos. Trading liabilities increased by £1.7 billion, driven by increases in short positions, partially offset by a decrease in repos.
• Loans – amortised cost increased by £3.8 billion, driven by higher loans to customers reflecting growth in Capital Markets.
• Deposits – amortised cost were up by £3.7 billion, largely driven by an increase in customer deposits in NWM N.V. and higher bank deposits reflecting increased repo funding.
• Settlement balance assets and liabilities were up by £9.5 billion and £8.7 billion respectively, largely due to increased trading compared with the seasonally lower levels of customer activity leading up to 31 December 2025.
• Derivative assets and derivative liabilities were up by £2.5 billion and £2.3 billion respectively at 30 June 2026. The increases in derivative fair values were largely driven by FX derivatives, reflecting volatility across major currencies including the strengthening of USD in the period. This was partially offset by a decrease in interest rate derivatives.
• Other financial liabilities increased by £2.1 billion, largely driven by new issuance in the period, partially offset by maturities. The balance at 30 June 2026 includes £27.3 billion of medium-term notes issued.

 

Non-IFRS measures

This document contains a number of non-IFRS measures. For details of the basis of preparation and reconciliations, where

applicable, refer to the non-IFRS measures section on page 41.

 

Risk and capital management

	Page
Market risk
One-day 99% traded internal VaR	4
Capital, liquidity and funding risk
Capital, RWAs and leverage	5
Capital resources	6
Leverage exposure	7
Liquidity portfolio	7
Funding sources	8
Senior notes and subordinated liabilities	9
Credit risk
Credit risk – Trading activities	10
Credit risk – Economics	12
Credit risk – Banking activities	16

Certain disclosures in the Risk and capital management section are within the scope of PricewaterhouseCoopers LLP (PwC’s) review report and are marked as ‘reviewed’ in the section header.

Market risk (reviewed)

One-day 99% traded internal VaR

The table below shows one-day 99% internal VaR for the trading portfolios of NWM Group, split by exposure type.

  Half year ended    30 June 2026   30 June 2025   31 December 2025         Period         Period         Period   Average  Maximum  Minimum  end   Average  Maximum  Minimum  end   Average  Maximum  Minimum  end   £m  £m  £m  £m    £m  £m  £m  £m    £m  £m  £m  £m  Interest rate  2.6  4.3  1.8  2.1    3.6  5.4  2.2  4.1    2.8  4.6  1.8  2.3 Credit spread   3.3  4.0  2.8  3.8    5.3  7.2  4.0  4.6    4.3  5.2  3.1  3.1 Currency  1.5  4.4  0.5  1.3    1.5  4.0 -  0.8    1.1  2.8  0.4  0.5 Equity  0.1  0.2 - -   -  0.1 -  0.1    0.1  0.1 -  0.1 Diversification (1) (3.2)     (3.3)   (3.9)     (4.0)   (3.4) - - (2.5) Total  4.3  6.1  3.2  3.9    6.5  9.7  4.3  5.6    4.9  6.8  3.4  3.5

1. NWM Group benefits from diversification across various financial instrument types, currencies and markets. The extent of the diversification benefit depends on the correlation between the assets and risk factors in the portfolio at a particular time. The diversification factor is the sum of the VaR on individual risk types less the total portfolio VaR.

• Total VaR remained within approved risk appetite despite market volatility linked to the Middle East conflict.
• Both interest rate VaR and credit spread VaR decreased on an average basis in H1 2026 compared to the previous year. This reflects an overall reduction in realised volatility in the VaR model’s rolling historical window.

 

Risk and capital management

Capital, liquidity and funding risk

Introduction

NWM Group takes a comprehensive approach to the management of capital, liquidity and funding, underpinned by frameworks, risk appetite and policies, to manage and mitigate capital, liquidity and funding risks. The framework ensures the tools and capability are in place to facilitate the management and mitigation of risk ensuring that NWM Group operates within its regulatory requirements and risk appetite.

Capital, RWAs and leverage

Capital resources, RWAs and leverage for NWM Plc are set out below and have been calculated in line with the PRA rulebook, subject to the requirements set out in the UK CRR. Regulatory capital is monitored and reported at legal entity level for large subsidiaries of NatWest Group.

 

	30 June	31 December
	2026	2025
Capital adequacy ratios (1,2)	%	%
CET1	18.3	18.4
Tier 1	22.8	23.0
Total	25.8	26.0
Total MREL	44.0	45.6
Capital (1,2)	£m	£m
CET1	4,056	3,952
Tier 1	5,032	4,926
Total	5,695	5,576
Total MREL (3)	9,738	9,787
Risk-weighted assets
Credit risk	10,596	10,447
Counterparty credit risk	6,164	5,868
Market risk	3,640	3,431
Operational risk	1,711	1,711
Total RWAs	22,111	21,457

1. NWM Plc’s total capital ratio requirement is 11.4%, comprising the Pillar 1 minimum capital requirement of 8%, supplemented with the capital conservation buffer of 2.5% and the institution specific countercyclical buffer (CCyB) of 0.9%. The minimum CET1 ratio is 7.9%, including the minimum capital requirement of 4.5%. The CCyB is based on the weighted average of NWM Plc’s geographical exposures.
2. In addition, NWM Plc is subject to Pillar 2A requirements for CET1, AT1 and T2. Refer to the NatWest Markets Plc Pillar 3 report for further details on these additional capital requirements.
3. Includes senior internal debt instruments issued to NatWest Group plc with a nominal value of £4.0 billion (31 December 2025 - £4.2 billion).

 

Leverage

The leverage ratio has been calculated in accordance with the Leverage Ratio (CRR) part of the PRA rulebook.

  30 June 31 December   2026 2025 Tier 1 capital (£m) 5,032 4,926 Leverage exposure (£m) (1)  102,541 97,880 Leverage ratio (%) 4.9 5.0

1. Leverage exposure is broadly aligned to the accounting value of on and off-balance sheet exposures albeit subject to specific adjustments for derivatives, securities financing positions and off-balance sheet exposures.

Risk and capital management

Capital, liquidity and funding risk continued

Capital resources (reviewed)

NWM Plc’s regulatory capital is assessed against minimum requirements that are set out under the UK CRR to determine the strength of its capital base. The table below shows a reconciliation of shareholders’ equity to regulatory capital. 

  30 June 31 December   2026 2025 Shareholders’ equity  £m £m    Shareholders’ equity  6,696 6,880    Other equity instruments  (1,192) (1,192)   5,504 5,688       Regulatory adjustments and deductions        Own credit 33 36    Defined benefit pension fund adjustment  (122) (119)    Cash flow hedging reserve 139 97    Prudential valuation adjustments (111) (114)    Expected losses less impairments (12) (11)    Instruments of financial sector entities where the institution has a significant investment (1,375) (1,625)   (1,448) (1,736)       CET1 capital 4,056 3,952       Additional Tier 1 (AT1) capital        Qualifying instruments and related share premium 1,192 1,192       Tier 1 deductions        Instruments of financial sector entities where the institution has a significant investment (216) (218)       Tier 1 capital 5,032 4,926       Qualifying Tier 2 capital        Qualifying instruments and related share premium 1,062 1,048       Tier 2 deductions        Instruments of financial sector entities where the institution has a significant investment (408) (407)    Other regulatory adjustments 9 9   (399) (398)       Tier 2 capital 663 650 Total regulatory capital 5,695 5,576  

Risk and capital management

Capital, liquidity and funding risk continued

Leverage exposure

The leverage exposure has been calculated in accordance with the Leverage Exposure (CRR) part of the PRA rulebook.

  30 June 31 December   2026 2025 Leverage £m £m Cash and balances at central banks 9,272 9,357 Trading assets 24,515 22,087 Derivatives 60,223 57,793 Financial assets 46,458 43,722 Other assets 8,989 3,329 Total assets 149,457 136,288 Derivatives        - netting and variation margin (57,087) (54,908)    - potential future exposures 17,135 16,778 Securities financing transactions gross up 959 2,759 Other off balance sheet items 9,991 9,267 Regulatory deductions and other adjustments (8,343) (2,643) Exclusion of core UK-group exposures (311) (317) Claims on central banks (9,260) (9,344) Leverage exposure 102,541 97,880

 

Liquidity portfolio

The liquidity portfolio comprises both high-quality liquid assets (HQLA) managed in the Treasury owned Liquid Asset Buffer (LAB) and other eligible unencumbered HQLA arising in the entity, all of which are under the control of the NatWest Markets Treasurer. The table below shows the composition of the liquidity portfolio with primary liquidity aligned to HQLA on a regulatory LCR basis. Secondary liquidity comprises assets which are eligible as collateral for local central bank liquidity facilities and do not form part of the LCR eligible HQLA. HQLA cover both Pillar 1 and Pillar 2 risks.

	Liquidity value
	30 June	31 December
	2026	2025
NatWest Markets Plc	£m	£m
Cash and balances at central banks	9,180	9,238
High-quality government/MDB/PSE and GSE bonds (1)	10,009	10,133
Extremely high-quality covered bonds	11	-
LCR Level 1 eligible assets	19,200	19,371
LCR Level 2 eligible assets (2)	762	783
Primary liquidity (HQLA)	19,962	20,154
Secondary liquidity (3)	-	-
Total liquidity value	19,962	20,154
Average LCR (%)	204	198

1. Multilateral development bank abbreviated to MDB, public sector entities abbreviated to PSE and government sponsored entities abbreviated to GSE.
2. Includes Level 2A and Level 2B.
3. Comprises assets eligible for discounting at the Bank of England and other central banks which do not form part of the LCR high-quality liquid assets.

The table below shows the liquidity value of the liquidity portfolio by currency.

  GBP  USD EUR Other Total  Total liquidity portfolio £m  £m  £m  £m  £m  30 June 2026 12,992 3,512 2,700 758 19,962 31 December 2025 11,747 3,981 3,642 784 20,154

Risk and capital management

Capital, liquidity and funding risk continued

Funding sources (reviewed)

The table below shows NWM Group’s carrying values of the principal funding sources based on contractual maturity.

  30 June 2026   31 December 2025   Short-term Long-term     Short-term Long-term     less than more than     less than more than     1 year 1 year Total   1 year 1 year Total £m £m £m   £m £m £m Bank deposits  2,570 7,084 9,654   2,140 6,361 8,501    of which: repos (amortised cost) 641 6,225 6,866   611 5,445 6,056 Customer deposits  8,969 765 9,734   6,100 1,061 7,161    of which: repos (amortised cost) 455 756 1,211   150 1,043 1,193       Trading liabilities (1)          Repos (2) 26,136 1,490 27,626   26,168 2,410 28,578    Cash collateral received 11,785 - 11,785   11,792 - 11,792    Other bank and customer deposits 600 284 884   454 285 739    Debt securities in issue 15 200 215   28 206 234   38,536 1,974 40,510   38,442 2,901 41,343 Other financial liabilities          Customer deposits (designated at fair value) 498 1,951 2,449   836 1,476 2,312    Debt securities in issue           Commercial paper and certificates of deposits (CDs) 6,644 894 7,538   4,955 683 5,638       Medium term notes (MTNs) 6,381 20,919 27,300   7,510 19,722 27,232    Subordinated liabilities 17 248 265   17 254 271   13,540 24,012 37,552   13,318 22,135 35,453 Amounts due to holding company and fellow subsidiaries (3)          Internal MREL 883 3,160 4,043   759 3,564 4,323    Other bank and customer deposits 649 - 649   589 - 589    Subordinated liabilities - 1,062 1,062   - 1,066 1,066   1,532 4,222 5,754   1,348 4,630 5,978         Total funding 65,147 38,057 103,204   61,348 37,088 98,436       Of which: available in resolution (4) (unreviewed)     5,105   4,885

1. Funding sources excludes short positions of £10,023 million (31 December 2025 - £7,504 million) reflected as trading liabilities on the balance sheet.
2. Comprises Central and other bank repos of £8,563 million (31 December 2025 - £8,152 million), other financial institution repos of £17,125 million (31 December 2025 - £18,042 million) and other corporate repos of £1,938 million (31 December 2025 - £2,384 million).
3. Amounts due to holding company and fellow subsidiaries relating to non-financial instruments of £139 million (31 December 2025 - £90 million) have been excluded from the table.
4. Eligible liabilities (as defined in the Banking Act 2009 as amended from time to