The Group’s interests in structured entities are both consolidated and unconsolidated. Details of the Group’s interests in consolidated

structured entities are set out in note 26 for securitisations and covered bond vehicles, note 12 for structured entities associated with the

Group’s pension schemes, and below in part (A) and (B). Details of the Group’s interests in unconsolidated structured entities are included

In addition to the structured entities discussed in note 26, which are used for securitisation and covered bond programmes, the Group

sponsors an active asset-backed conduit, Cancara, which invests in client receivables and debt securities. The total consolidated exposure

of Cancara at 31 December 2025 was £2,043 million (2024: £2,272 million), comprising £1,387 million of loans and advances (2024:

£1,155 million), £588 million of debt securities (2024: £559 million) and £68 million of financial assets at fair value through profit or loss

All lending assets and debt securities held by the Group in Cancara are restricted in use, as they are held by the collateral agent for the

benefit of the commercial paper investors and the liquidity providers only. The Group provides liquidity facilities to Cancara under terms

that are usual and customary for standard lending activities in the normal course of the Group’s banking activities. During 2025 there have

continued to be planned drawdowns on certain liquidity facilities for balance sheet management purposes, supporting the programme to

The assets of the Insurance business held in consolidated collective investment vehicles, such as Open-Ended Investment Companies and

limited partnerships, are not directly available for use by the Group. However, the Group’s investment in the majority of these collective

investment vehicles is readily realisable. As at 31 December 2025, the total carrying value of these consolidated collective investment

The Group has no contractual arrangements (such as liquidity facilities) that would require it to provide financial or other support to the

consolidated collective investment vehicles; the Group has not previously provided such support and has no current intentions to provide

The Group considers itself the sponsor of a structured entity where it is primarily involved in the design and establishment of the structured

entity and further where the Group transfers assets to the structured entity, markets products associated with the structured entity in its

The Group sponsors a range of diverse investment funds and limited partnerships where it acts as the fund manager or equivalent decision-

maker and markets the funds under one of the Group’s brands. The following table describes the types of structured entities that the


			Total assets of structured entities
Type of entity	Nature and purpose of structured entities	Interest held by the Group	2025 £bn	2024 £bn
Collective investment vehicles and limited partnerships	These vehicles are primarily financed by investments from investors in the vehicles and are matched by policyholder liabilities in the Insurance division.	•Interests in units issued by the vehicles •Fees from management of vehicles	2,627	2,434
Securitisation vehicles	These vehicles issue asset-backed notes to investors and facilitate the management of the Group’s balance sheet.	•Interest in notes issued by the vehicles •Fees for loan servicing	4	5

The following table sets out an analysis of the carrying amount of interest held by the Group in the unconsolidated structured entities. The


Carrying amount	Recognised within;	2025 £m	2024 £m
Collective investment vehicles and limited partnerships	Financial assets at fair value through profit or loss	45,991	86,630
Notes held in securitisation vehicles	Financial assets at fair value through profit or loss; and Financial assets at amortised cost	1,186	2,403
Interest rate derivatives provided to securitisation vehicles	Derivative financial instruments assets; and Derivative financial instruments (liabilities)	5	22

During the year the Group has not provided any non-contractual financial or other support to these entities and has no current intention of

The fee income earned from unconsolidated structured entities that the Group sponsors but does not have an interest in was £130 million

(2024: £82 million) for collective investment vehicles and £1 million (2024: £1 million) for securitisation vehicles. The carrying amount of

assets transferred to securitisation vehicles at the time of transfer was £nil (2024: £2,004 million) and the Group recognised £nil gain or loss

The Group has derecognised financial assets in their entirety following transactions with securitisation vehicles, as noted above. The

continuing involvement largely arises from funding provided to the vehicles through the purchase of issued notes. The majority of these

derivatives transacted with the vehicles, are recognised at fair value through profit or loss. The carrying amount of these interests and the

maximum exposure to loss is included in the table above. At 31 December 2025 the fair value of the retained notes was £1,181 million (2024:

£2,401 million). The income from the Group’s interest in these structures for the year ended 31 December 2025 was £55 million (2024: £226