v3.25.4
Subordinated liabilities (Tables)
 12 Months Ended
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 year1:
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 year1:
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 year1:
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 year1:
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
1Issuances 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).
2Other 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