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Investor Relations

Debt market strategy

Our funding strategy is consistently evolving, and like many financial institutions, we rely on other forms of funding, such as money market deposits and repo facilities. As a mutual, the Group is legally required to obtain at least 50% of its funding through retail member deposits. As at 31 December 2023 this percentage was 83.2% which is significantly in excess of the minimum requirement. It is the Society's aim to maintain a position which is significantly above the legal limit.

The Treasury Department is responsible for managing a number of areas, including liquidity and wholesale market activities. Access to the wholesale markets allows the Society to smooth out variations in savings flows and moderates reliance upon traditional sources of funding. The Society has raised wholesale funds by issuing floating and fixed rate notes under its medium term note programme and Covered Bond programme, and by issuing residential mortgage backed securities through Darrowby No. 5 plc. The Society has also raised capital via the issuance of subordinated debt and Permanent Interest Bearing Shares (PIBS).

Credit ratings

The Society believes its credit status to be strong, and in line with all major financial institutions, is rated by two of the three main worldwide agencies, Moody's and Fitch. We keep both updated with our results and other significant events on a regular basis and our current grades are as follows:
Senior Preferred Baseline Credit Assessment (BCA) Issuer Default Rating (IDR) Short Term Senior Non Preferred Outlook Latest Update
Moody's A2 A3N/A P-1 Baa1 Stable July 2021
Fitch Ratings AN/A A- F1 A- Stable August 2021

Treasury contacts

Contact the Treasury Department

  • Anthony Chapman, Group Treasurer
  • Jeremy Helme, Head of Capital Markets & Investor Relations
  • Robert Howarth, Senior Treasury Dealer - Derivatives
  • Edward Cowan, Senior Treasury Dealer - Liquidity

If you would like to contact the Treasury Department by email please click here:
We aim to reply to all questions within 2 working days and would welcome contact from current investors.

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