v3.25.4

Subordinated liabilities (Tables) | 12 Months Ended
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Dec. 31, 2025
Disclosure of subordinated liabilities [Abstract] |
Schedule of Movement in Subordinated Liabilities and Dated Subordinated Liabilities | The movement in subordinated liabilities during the year was as follows:
| Preference shares £m |  | Undated £m |  | Dated £m |  | Total £m
At 1 January 2024 | 466 |  | 144 |  | 9,643 |  | 10,253
Issued during the year 1: |  |  |  |  |  |  |
4.375% Fixed Rate Reset Dated Subordinated Notes 2034 (€500 million) | – |  | – |  | 427 |  | 427
5.788% Fixed-to-Floating Rate Dated Subordinated Notes 2034 (A$250 million) | – |  | – |  | 128 |  | 128
Floating Rate Dated Subordinated Notes 2034 (A$500 million) | – |  | – |  | 257 |  | 257
| – |  | – |  | 812 |  | 812
Repurchases and redemptions during the year 1: |  |  |  |  |  |  |
6.475% Non-cumulative Preference Shares callable 2024 (£186 million) | (47) |  | – |  | – |  | (47)
4.5% Dated Subordinated Notes 2024 ($1,000 million) | – |  | – |  | (772) |  | (772)
| (47) |  | – |  | (772) |  | (819)
Foreign exchange movements | (1) |  | – |  | (24) |  | (25)
Other movements (cash and non-cash)2 | (5) |  | 1 |  | (128) |  | (132)
At 31 December 2024 | 413 |  | 145 |  | 9,531 |  | 10,089
Issued during the year 1: |  |  |  |  |  |  |
4.00% Fixed Rate Reset Dated Subordinated Notes 2035 (€1,000 million) | – |  | – |  | 842 |  | 842
6.068% Fixed-to-Floating Rate Dated Subordinated Notes 2036 ($1,250 million) | – |  | – |  | 918 |  | 918
| – |  | – |  | 1,760 |  | 1,760
Repurchases and redemptions during the year 1: |  |  |  |  |  |  |
4.50% Fixed Rate Step-up Subordinated Notes 2030 (€441 million) | – |  | – |  | (371) |  | (371)
4.50% Fixed Rate Step-up Subordinated Notes 2030 (€309 million) | – |  | – |  | (260) |  | (260)
7.625% Dated Subordinated Notes 2025 (£273 million) | – |  | – |  | (273) |  | (273)
4.582% Fixed Rate Dated Subordinated Notes 2025 ($1,328 million) | – |  | – |  | (996) |  | (996)
4.582% Fixed Rate Dated Subordinated Notes 2025 ($25.6 million) | – |  | – |  | (19) |  | (19)
5.75% Undated Step-up Subordinated Notes callable 2025 (£9 million) | – |  | (9) |  | – |  | (9)
| – |  | (9) |  | (1,919) |  | (1,928)
Foreign exchange movements | (3) |  | – |  | (277) |  | (280)
Other movements (cash and non-cash)2 | (3) |  | – |  | 256 |  | 253
At 31 December 2025 | 407 |  | 136 |  | 9,351 |  | 9,894
1 Issuances in the year generated cash inflows of £1,757 million (2024: £812 million); the repurchases and redemptions resulted in cash outflows of £1,928 million (2024: £819 million). 2 Other movements include hedge accounting movements and cash payments in respect of interest on subordinated liabilities in the year amounting to £618 million (2024: £622 million) offset by the interest expense in respect of subordinated liabilities of £707 million (2024: £738 million).
Schedule of Preference Shares |
| Number of shares
| 2025 | 2024 | 2023
6% Non-cumulative Redeemable Preference shares of GBP0.25 | 400 | 400 | 400
6.475% Non-cumulative Preference shares of GBP0.25 | – | – | 47,273,816
9.25% Non-cumulative Irredeemable Preference shares of GBP0.25 | 252,510,147 | 252,510,147 | 252,510,147
9.75% Non-cumulative Irredeemable Preference shares of GBP0.25 | 43,630,285 | 43,630,285 | 43,630,285
6.413% Non-cumulative Fixed/Floating Rate Callable Preference shares of USD0.25 | 48,990 | 48,990 | 48,990
6.657% Non-cumulative Fixed/Floating Rate Callable Preference shares of USD0.25 | 37,627 | 37,627 | 37,627
Total | 296,227,449 | 296,227,449 | 343,501,265
| 2025 |  | 2024 |  | 2023
| £m |  | % of share capital |  | £m |  | % of share capital |  | £m |  | % of share capital
6% Non-cumulative Redeemable Preference shares of GBP0.25 | – |  | – |  | – |  | – |  | – |  | –
6.475% Non-cumulative Preference shares of GBP0.25 | – |  | – |  | – |  | – |  | 12 |  | 0.07
9.25% Non-cumulative Irredeemable Preference shares of GBP0.25 | 63 |  | 0.43 |  | 63 |  | 0.42 |  | 63 |  | 0.40
9.75% Non-cumulative Irredeemable Preference shares of GBP0.25 | 11 |  | 0.07 |  | 11 |  | 0.07 |  | 11 |  | 0.07
6.413% Non-cumulative Fixed/Floating Rate Callable Preference shares of USD0.25 | – |  | – |  | – |  | – |  | – |  | –
6.657% Non-cumulative Fixed/Floating Rate Callable Preference shares of USD0.25 | – |  | – |  | – |  | – |  | – |  | –
Total | 74 |  | 0.50 |  | 74 |  | 0.49 |  | 86 |  | 0.54

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