Barclays PLC (BCS) 2025 Q4 法說會逐字稿

Welcome to Barclays full year 2025 fixed income conference call. I will now hand over to Anna Cross, Group Finance Director; and Dan Fairclough, Group Treasurer.

歡迎參加巴克萊銀行2025年全年固定收益電話會議。現在我將把發言權交給集團財務總監安娜·克羅斯和集團財務主管丹·費爾克勞夫。

Good afternoon and welcome to the full year 2025 fixed income investor call. I'm joined by Dan Fairclough, our Group Treasurer. Let me begin with a brief overview of our financial performance in 2025 and key areas of the progress and targets update announced this morning.

下午好，歡迎參加2025年全年固定收益投資者電話會議。和我一起的是我們的集團財務主管丹·費爾克勞夫。首先，讓我簡要概述我們 2025 年的財務表現以及今天早上宣布的進展和目標更新的關鍵領域。

Barclays achieved all financial targets and guidance in 2025. We generated a return on tangible equity of 11.3%. Top-line income grew by 9% year on year to GBP29.1 billion, and we achieved our NII guidance for the group and for Barclays UK.

巴克萊銀行實現了2025年的所有財務目標和預期。我們的有形權益報酬率為 11.3%。營收年增 9% 至 291 億英鎊，我們實現了集團和巴克萊英國的淨利息收入預期。

Our cost/income ratio once again improved year on year to 61%. And the group loss rate of 52 basis points was comfortably within the 50 to 60 basis points through the cycle guidance. Finally, we remained well capitalized, ending the year at the top of our 13% to 14% target range after accounting for today's buyback. This positions us well to deliver against our '26 targets and provides us solid foundation for future progress.

我們的成本收入比再次較去年同期改善至 61%。集團虧損率為 52 個基點，完全符合週期指引中 50 至 60 個基點的範圍。最後，我們資本充足，在計入今天的股票回購後，年底收益率達到了我們 13% 至 14% 的目標區間的上限。這使我們能夠更好地實現 2026 年的目標，並為未來的發展奠定堅實的基礎。

Taking a step back, since 2021, Barclays has been on a journey to sustainably higher returns. So far, this has been through stabilizing the bank's financial profile and exercising capital discipline, keeping RWAs stable in the investment bank and building on its strongest areas whilst prioritizing growth in our highest return in UK businesses.

回顧過去，自 2021 年以來，巴克萊銀行一直在追求可持續的更高回報。到目前為止，我們一直致力於穩定銀行的財務狀況，實行資本紀律，保持投資銀行的風險加權資產穩定，並鞏固其最強的領域，同時優先發展我們在英國回報最高的業務。

Alongside this, we have simplified our processes to drive efficiency and exited nonstrategic businesses. Year by year, we are improving the profit signature of the group. And by delivering stronger financial results, we create capacity to invest to secure sustainably higher returns, which extend beyond 2028. We believe that our plan continues to be constructive for fixed income investors, and slide 5 provides the highlights.

同時，我們簡化了流程以提高效率，並退出了非策略性業務。我們集團的獲利能力逐年提升。透過取得更強勁的財務業績，我們能夠創造投資能力，從而獲得可持續的更高回報，並將這種回報延續到 2028 年以後。我們相信，我們的計劃對固定收益投資者仍然是建設性的，第 5 張投影片提供了重點內容。

Looking forward, we are confident in delivering Group RoTE greater than 12% in '26, building to more than 14% in '28. Stable income streams in the retail and corporate businesses will materially drive income over the next three years. This is supported by the structural hedge, which will drive circa 50% of total income growth. We expect modest cost growth supported by planned efficiency savings and normalization of the elevated cost base in '25.

展望未來，我們有信心在 2026 年實現集團 RoTE 超過 12%，並在 2028 年達到 14% 以上。零售和企業業務的穩定收入來源將在未來三年內顯著推動營收成長。結構性對沖為此提供了支持，這將推動總收入成長約 50%。我們預計，在計畫提高效率和2025年實現高成本基礎正常化的支持下，成本將溫和成長。

This combination will deliver positive jaws in every year of the plan, as we have done in the last three, yielding a low 50s group cost/income ratio in '28. Meanwhile, the group has operated around the through-the-cycle loan loss range of 50 to 60 basis points for the past decade, and this range remains appropriate going forward.

這種組合將在計劃的每一年都帶來積極的成果，就像我們在過去三年所做的那樣，在 2028 年實現 50% 左右的集團成本/收入比率。同時，過去十年來，該集團的貸款週期損失率一直維持在 50 至 60 個基點的範圍內，未來這個範圍仍然合適。

Our strong risk management position is supported by our risk transfer capabilities, where we executed our first UK consumer loan securitization in Q4. We will continue to grow in our home market. So far, we have deployed GBP20 billion of the GBP30 billion planned business growth RWAs over the three years to '26. We expect this momentum to continue, enabling more than 5% loan growth annually to '28. And we will continue to maintain broadly stable investment bank RWAs at around GBP200 billion.

我們強大的風險管理地位得益於我們的風險轉移能力，我們在第四季度完成了英國首筆消費貸款證券化交易。我們將繼續在本土市場發展壯大。到目前為止，我們已經部署了計劃在到 2026 年的三年內投入 300 億英鎊業務成長風險加權資產中的 200 億英鎊。我們預計這一勢頭將持續下去，到 2028 年，每年貸款成長率將超過 5%。我們將繼續保持投資銀行風險加權資產大致穩定在 2,000 億英鎊左右。

As a result, we expect Investment Bank RWAs as a percentage of the group to fall to circa 50% by 2028. This is later than the initial target of 2026 as it reflects the postponement of previously anticipated regulatory changes.

因此，我們預計到 2028 年，投資銀行風險加權資產佔集團總風險加權資產的比例將下降到 50% 左右。這比最初設定的 2026 年目標要晚，因為先前預期的監管改革被推遲了。

And finally, a word on our capital priorities. Stronger returns will drive capital generation of more than 230 basis points in 2028, an improvement of more than 30% over the next three years. And we continue to exercise disciplined capital allocation. First, by holding a prudent level of regulatory capital, which remains our top priority. As you have seen, we have been operating around the top of the 13% to 14% target range ahead of the expected regulatory developments, which Dan will cover shortly. Second, by distributing capital to shareholders. Third, we will maintain capacity for selective investments to support structurally higher returns beyond 2028.

最後，我想談談我們的資本優先事項。更強勁的回報將推動資本產生在 2028 年成長超過 230 個基點，比未來三年成長超過 30%。我們將繼續實行嚴格的資本配置。首先，我們將保持審慎的監理資本水平，這仍然是我們的首要任務。正如您所看到的，在預期監管發展到來之前，我們一直在 13% 到 14% 的目標區間的頂部附近運作，丹稍後將對此進行介紹。其次，透過向股東分配資本。第三，我們將維持選擇性投資的能力，以支持 2028 年以後結構性地提高回報。

Given the strength of capital generation, this capacity does exceed the level of investments set out in the plan today. I'll now hand over to Dan for detail on the full-year performance.

鑑於目前的資本籌集能力，這項能力確實超過了今天計畫中設定的投資水準。接下來我將把發言權交給丹，讓他詳細介紹全年的表現。

Thanks, Anna. Let me begin first with capital on slide 8. We ended the year with a CET1 ratio of 14.3%, generating 173 basis points of capital from profits. Given this strong capital position, we've announced a GBP1 billion share buyback and an GBP800 million final dividend equivalent to 5.6p per share. Adjusted for the buyback announcement, the CET1 ratio is 14%.

謝謝你，安娜。首先，讓我們從第 8 頁的資本問題開始。我們年底的 CET1 比率為 14.3%，從利潤產生了 173 個基點的資本。鑑於我們雄厚的資本實力，我們宣布了一項10億英鎊的股票回購計劃和8億英鎊的末期股息，相當於每股5.6便士。回購公告調整後，CET1 比率為 14%。

Looking ahead, we continue to expect between GBP19 billion and GBP26 billion of regulatory RWA inflation. Within this, the circa GBP16 billion effect of IRB migration in the US Consumer Bank remains our best estimate. Around GBP5 billion of this will now happen with the implementation of Basel 3.1 on January 1, 2027, with the remainder anticipated later that year.

展望未來，我們仍預期監管風險加權資產通膨將達到 190 億至 260 億英鎊。其中，IRB 遷移對美國消費者銀行的影響約為 160 億英鎊，這是我們目前最好的估計。其中約 50 億英鎊將隨著 2027 年 1 月 1 日巴塞爾協議 3.1 的實施而實現，其餘部分預計將在當年稍後實現。

In addition, we continue to expect a Basel 3.1 day one impact of GBP3 billion to GBP10 billion of RWAs. We expect to provide further guidance later in the year as we work through the final rules. We are likely to use the option available to implement some elements of FRTB later on January 1, 2028, which may defer a small amount of this impact. We expect a reduction in the group Pillar 2A requirement following each of these changes.

此外，我們仍預期巴塞爾協議 3.1 生效第一天將對風險加權資產產生 30 億至 100 億英鎊的影響。我們預計將在今年晚些時候，隨著最終規則的製定，提供進一步的指導。我們可能會選擇在 2028 年 1 月 1 日之後實施 FRTB 的某些要素，這可能會推遲部分影響。我們預計，隨著這些變化的發生，集團第二支柱A的要求將會降低。

We have been operating around the top of our 13% to 14% CET1 range with the returns and distributions in the plan announced today based on this level. Post implementation, we will consider where we operate across the range.

我們一直按照 13% 至 14% 的 CET1 區間上限進行運營，今天宣布的計劃中的回報和分配也是基於這一水平。實施完成後，我們將考慮我們在各個領域的營運情況。

On the broader regulatory landscape in the UK, we welcome the constructive tone in the recent FTC review around bank capital requirements and the considerations of other major jurisdictions. However, it's important to emphasize that the FPCs reduce system-wide benchmark for Tier 1 capital does not affect the industry's current capital requirements or operating levels in itself.

就英國更廣泛的監管環境而言，我們歡迎聯邦貿易委員會最近對銀行資本要求和其他主要司法管轄區考慮因素的審查中體現出的建設性態度。然而，需要強調的是，FPC 降低一級資本的系統性基準並不會直接影響產業目前的資本需求或營運水準。

Instead, the review represents the start of a process of engagement. We will continue to work closely with the Bank of England with a view to promoting international alignment and the competitiveness of our business and of the UK financial services sector.

相反，此次評估標誌著參與過程的開始。我們將繼續與英格蘭銀行密切合作，以促進國際協調，並提高我們業務和英國金融服務業的競爭力。

Moving up the capital stack. On slide 10, we show our Tier 1 and total capital requirements as a proportion of RWAs. We continue to target a prudent buffer against each of these requirements, which helps us manage any RWA and FX movements as well as our issuance and redemption profiles.

向上層融資。在第 10 張投影片中，我們展示了我們的一級資本和總資本需求佔 RWA 的比例。我們繼續針對每項要求設定審慎的緩衝，這有助於我們管理任何風險加權資產和外匯波動，以及我們的發行和贖回情況。

Our Tier 1 ratio is 17.9%, maintaining a healthy headroom above a 14.6% regulatory requirement. Within this ratio, we had an AT1 component of 3.6%. Looking ahead, we expect to maintain robust ratios across all tiers and have a light capital redemption profile this year, including no AT1 calls.

我們的第一級資本適足率為 17.9%，遠高於 14.6% 的監理要求。在這個比例中，AT1 成分為 3.6%。展望未來，我們預計今年將維持各級穩健的比率，並維持較低的資本贖回水平，包括不進行 AT1 贖回。

Turning now to slide 11. We issued GBP16 billion of MREL in 2025 with an MREL ratio of 35.8%. In 2026, we expect to issue GBP10 billion with a skew towards senior, reflecting more limited requirements for AT1 and Tier 2. This target is lower than last year given prefunding in 2025 and the maturity profile throughout 2026. We have continued to see currency diversification where it makes sense.

現在請看第11張投影片。我們在 2025 年發行了 160 億英鎊的 MREL，MREL 比率為 35.8%。預計到 2026 年，我們將發行 100 億英鎊債券，其中高級債券佔比較高，反映出對 AT1 和二級資本的要求較為有限。鑑於 2025 年的預融資以及 2026 年的到期情況，該目標低於去年。我們持續看到在合理的情況下進行貨幣多元化配置。

We've also extended our weighted average life at historically tight spreads. This included a non-core EUR10 AT1 and a non-core $20 senior with both seen strong investor demand. This can be helpful in reducing sensitivity to credit spreads and our go-forward annual issuance requirements.

我們也以歷史最低的價差延長了加權平均壽命。其中包括一隻非核心的 10 歐元 AT1 債券和一隻非核心的 20 美元高級債券，這兩隻債券都受到了投資者的強烈追捧。這有助於降低對信用利差的敏感度，並滿足我們未來的年度發行要求。

On to the next slide on liquidity. Our average LCR of 170% represents GBP131 billion in excess of our regulatory requirements. Our average net stable funding ratio was 135% and the loan-to-deposit ratio was 73%, both demonstrating a continued robust liquidity position.

接下來是關於流動性的幻燈片。我們的平均流動性覆蓋率 (LCR) 為 170%，比監管要求高出 1,310 億英鎊。我們的平均淨穩定資金比率為 135%，存貸比為 73%，這兩個指標都顯示我們擁有持續穩健的流動性狀況。

On slide 13, you can see that our deposit base increased by GBP25 billion across custom segments. We saw strong corporate growth driven by the development of our US dollar offering in the International Corporate Bank and an improved market share in the UK Corporate Bank. Retail deposits also grew both across our UK businesses as well as in the US Consumer Bank, reflecting the ambition to build core deposits as a percentage of total funding.

從第 13 張投影片可以看出，我們在各個客製化細分市場中的存款基礎增加了 250 億英鎊。我們看到，國際企業銀行美元業務的拓展以及英國企業銀行市佔率的提升，推動了企業業務的強勁成長。在英國的業務以及美國消費者銀行，零售存款均有所增長，這反映了提高核心存款佔總資金比例的雄心。

Our deposit base continues to demonstrate a high level of diversification between customer segments, geographies, and currencies. A significant proportion also benefits from long-standing operational relationships and deposit insurance reflecting its stability as a source of funding. Stable deposits across the group led to the full reinvestment of maturing structural hedges throughout 2025 compared to our prior planning assumption of 90%.

我們的存款基礎持續展現出客戶群、地理和貨幣之間的高度多元化。相當一部分公司也受益於長期的營運關係和存款保險，這反映了其作為資金來源的穩定性。集團穩定的存款使得到期結構性對沖在 2025 年得以完全再投資，而我們先前的計畫假設為 90%。

We also reinvested these hedges at interest rates of circa 3.8% higher than the 3.5% assumption. As a result, gross structural hedge income increased GBP1.2 billion to GBP5.9 billion, contributing 46% of 2025 group NII, excluding the investment bank and head office.

我們也以比 3.5% 的假設利率高出約 3.8% 的利率對這些對沖頭寸進行了再投資。因此，總結構性對沖收入增加 12 億英鎊至 59 億英鎊，佔 2025 年集團淨利息收入的 46%（不包括投資銀行和總部）。

Looking forward, we've already locked in GBP6.4 billion of gross structural hedge income in 2026 and GBP17 billion over the next three years. This income will build materially and predictably as we fully reinvest maturing hedges at higher yields.

展望未來，我們已經鎖定了 2026 年 64 億英鎊的結構性對沖總收入，以及未來三年 170 億英鎊的收入。隨著我們將到期對沖資產進行充分再投資，並獲得更高的收益率，這筆收入將穩定成長。

The increase in the average hedge duration to 3.5 years reduced the quantum of maturing hedges to circa GBP35 billion per year from around GBP50 billion in recent years. This slows the pace of structural hedge income growth, but therefore, prolongs the expected positive effect until at least 2029.

平均對沖期限增加到 3.5 年，使得到期對沖的金額從近年來的每年約 500 億英鎊減少到每年約 350 億英鎊。這減緩了結構性對沖收益成長的速度，因此，預期正面影響至少會持續到 2029 年。

Turning to slide 15. Another area of focus in recent months has been digital assets, which are gaining significant traction within traditional financial services and present an exciting opportunity for Barclays. Venkat talked this morning about our ambition to leverage digital technology to better serve our clients. We are playing a leading role in the UK industry innovation and are well placed to bridge developments in the technology space between the US and the UK.

翻到第15張投影片。近幾個月來，巴克萊銀行關注的另一個領域是數位資產，數位資產在傳統金融服務領域獲得了顯著的關注，並為巴克萊銀行帶來了令人興奮的機會。Venkat今天早上談到了我們利用數位技術來更好地服務客戶的雄心壯志。我們在英國工業創新中發揮領導作用，並且有能力促進美國和英國在技術領域的發展。

We are developing the tokenization of our own deposits, which will lead to quicker and more straightforward transactions for our clients. Over time, we expect this to enable the tokenization of other assets, in particular, across our capital markets businesses.

我們正在開發自身存款的代幣化技術，這將為我們的客戶帶來更快、更直接的交易體驗。隨著時間的推移，我們預計這將實現其他資產的代幣化，尤其是在我們的資本市場業務中。

In this space, we are participating in the Sterling tokenized deposits or GBTD pilot phase. This is focused on connecting traditional and tokenized deposits in the UK, an overlaying new functionality such as programmability. The GBTD will allow us to test both retail use cases, such as remortgages and wholesale use cases such as corporate bond issuance and investment.

在這個領域，我們正在參與英鎊代幣化存款（GBTD）試點階段。其重點在於連接英國的傳統存款和代幣化存款，並疊加可編程性等新功能。GBTD 將使我們能夠測試零售用例（例如再抵押貸款）和批發用例（例如公司債發行和投資）。

We are also exploring our role in the stable coin value chain and use cases for clients. Here, Barclays is working with other leading G-SIBs to investigate potential benefits and implications of jointly issuing a one-to-one reserve-backed form of digital money. We are actively engaged with authorities in core jurisdictions to foster innovation while ensuring key risks are mitigated. Digital assets present the opportunities to significantly transform key activities within the financial services industry for our clients, and we are excited to drive this transformation.

我們也在探索我們在穩定幣價值鏈中的角色以及為客戶提出的應用案例。在此，巴克萊銀行正與其他領先的全球系統重要性銀行合作，研究聯合發行一對一儲備支持的數位貨幣的潛在好處和影響。我們積極與核心司法管轄區的相關部門合作，以促進創新，同時確保降低關鍵風險。數位資產為我們的客戶提供了在金融服務業中顯著改變關鍵活動的機會，我們很高興能夠推動這項變革。

Finally, a quick word on credit ratings. Our target remains for Barclays PLC senior to qualify a single A composite across all indices. This would require an upgrade from either Moody's or S&P. We believe the outcomes of our strategic plan and the targets announced this morning support this objective in terms of increased profitability, greater capital generation, and a continued rebalancing of the group. We will continue to engage with all credit rating agency on this topic.

最後，簡單談談信用評級。我們的目標仍然是讓巴克萊銀行高階主管在所有指數中獲得單一的 A 級綜合評級。這需要穆迪或標普上調其評級。我們相信，我們今天上午宣布的戰略計劃和目標的成果，將有助於實現這一目標，即提高盈利能力、增加資本產生，並繼續調整集團結構。我們將繼續就此議題與所有信用評等機構溝通。

With that, I'll hand back to Anna.

好了，現在我把麥克風交還給安娜。

Thank you, Dan. To summarize, these targets represent a realistic ambition of what we expect to achieve in the next three years and is underpinned by a robust capital and liquidity positions.

謝謝你，丹。總而言之，這些目標代表了我們預期在未來三年內實現的現實目標，並以穩健的資本和流動性狀況為支撐。

We will now open the call for questions. Operator, please go ahead.

現在開始接受提問。操作員，請開始。

(Operator Instructions) Lee Street, Citigroup.

（操作員指示）李街，花旗集團。

I have three questions, please. Firstly, obviously, Barclays has been linked in the press with various inorganic growth opportunities that have been acquired also by the banks. And you've just highlighted the selective investments to support high returns and you're operating at the higher end of your CET1. So I guess the question is, what is your appetite for inorganic growth? It kind of sounds like you're hinting at something that's quite likely to happen. So that would be my first question, please.

請問我有三個問題。首先，很顯然，媒體已經將巴克萊銀行與各種非內生成長機會連結起來，這些機會也被其他銀行收購。您剛才重點介紹了為獲得高回報而進行的精選投資，並且您的 CET1 處於較高水平。所以我想問的是，你們對無機成長的接受程度如何？聽起來你好像在暗示某件事很有可能會發生。那麼，這就是我的第一個問題。

Secondly, you've highlighted the large contribution of the structural hedge. So my question is how easily can you add to structural hedge balances given the higher reinvestment rates and the fact you're going that long along the curve?

其次，您強調了結構性對沖的巨大貢獻。所以我的問題是，考慮到更高的再投資率以及你沿著殖利率曲線長期投資的事實，你有多容易增加結構性對沖餘額？

And my third question is what's the constraint on the amount of SRT that you'd actually be willing to write at your own risk appetite? Is it the regulator? Is it leverage?

我的第三個問題是，在您自身風險承受能力範圍內，您實際願意撰寫的 SRT 數量的限制是什麼？是調節器的問題嗎？這是槓桿作用嗎？

And we get some idea of the benefits of CET1, but is there a way better understanding the benefit of asset quality and how that shapes and impacts -- be it Stage 2 or Stage 3 loans -- just to understand the real sort of benefit there. That would be my three questions. Thank you.

我們對 CET1 的好處有了一些了解，但是有沒有辦法更好地理解資產品質的好處，以及它如何塑造和影響——無論是第二階段貸款還是第三階段貸款——以便了解真正的好處？這就是我的三個問題。謝謝。

I'll take the first of those three questions, then I'm going to hand it to Dan. So in terms of inorganic, we've done sort of three recent transactions. And they all have a number of things in common, and I'm really talking here about Kensington, about Tesco, and Best Egg.

我先回答這三個問題中的第一個，然後把問題交給丹。所以就非內生性成長而言，我們最近完成了三筆交易。它們都有許多共同點，我這裡指的是肯辛頓、樂購和 Best Egg。

So the first is that we want them to be clearly sitting within the strategy, furthering that strategy. So with Kensington, it gave us a risk capability we didn't have. With Tesco, it gave us some significant bulk, if you like, an unsecured, which is one of the areas where we really wanted to expand as part of this plan.

所以首先，我們希望他們能夠明確地融入戰略之中，並推動該戰略的實施。因此，肯辛頓為我們提供了原本不具備的風險應對能力。有了 Tesco，我們獲得了相當可觀的散貨，或者說，是無擔保的散貨，這正是我們計劃中想要拓展的領域之一。

And then thirdly, in Best Egg, it really is helping us tilt the USCB towards more capital-light revenue, but also broadening out the product set that we can give -- that we can sort of supply to our partners, if you like, making it more of a consumer bank than has been a cards business, which has been in the past. So they are either going to fit within our strategy and deliver volume or capability.

第三，在 Best Egg 方面，它確實幫助我們將 USCB 向更輕資本的收入模式轉變，同時也拓寬了我們可以提供的產品組合——我們可以為我們的合作夥伴提供的產品，使其更像是一家消費銀行，而不是像過去那樣是一家信用卡公司。所以它們要么符合我們的策略並帶來產量，要么帶來能力。

The second really important thing for us is price. And we're clearly looking at absolute [RoTE] or absolute ROIC depending on what kind of investment we're looking at. We're also thinking about whether or not this can drive the EPS of the firm. That's very important to us. But also, we are looking at the relative return versus a buyback. That's extremely important to us because of the [stretched] capital hierarchy that we have that you might remember as: first, regulatory; second, shareholders; third, investment in the business.

對我們來說，第二重要的因素是價格。顯然，我們關注的是絕對的[RoTE]或絕對的ROIC，這取決於我們所關注的投資類型。我們也在考慮這是否能提升公司的每股盈餘。這對我們來說非常重要。但同時，我們也要考慮相對於股票回購的相對報酬。這對我們來說極為重要，因為我們的資本層級結構（你可能還記得）是：第一層是監管；第二層是股東；第三層是對企業的投資。

And the third one that's really essential here as well is that we don't want to embed ourselves with a very, very complicated integration that might distract the business from executing the plan. So that's a critical part.

第三點也至關重要，那就是我們不希望陷入非常非常複雜的整合中，以免分散業務部門執行計畫的注意力。所以這是關鍵部分。

So as we look at things, we're looking at those three lenses. If we've done things, it's because they've -- we've been able to take each one of those boxes. If we haven't, then it's because one of those boxes remains [unfixed].

所以，當我們觀察事物時，我們會從這三個角度來看問題。如果我們已經取得了一些成就，那是因為他們——我們已經能夠拿走每一個箱子。如果我們還沒有，那是因為其中一個箱子還留著。[未修復]。

In terms of your point around operating towards the top end of the capital range, that's really because of the Pillar 2 comments that I made sort of earlier in the year. With IRB not yet implemented, we are carrying higher levels of Pillar 2 than we otherwise would. We're also expecting some changes in Pillar 2 that might come off the back of Basel. We do expect that to be the case. But we don't know what they are yet.

至於你提到的在資本範圍上限附近運營的問題，這實際上是因為我在今年早些時候對第二支柱發表的評論。由於 IRB 尚未實施，我們目前承擔的第二支柱成本高於正常水準。我們也預計第二支柱也會出現一些變化，這些變化可能會受到巴塞爾協議的影響。我們預計情況確實如此。但我們還不知道它們是什麼。

And what we don't want to do is that either our capital levels or indeed our distributions on top of a regulatory quantum and timing that is not clear to us. We don't want to be sort of moved around by those things if they weren't to change. So we do think that the capital -- that the right capital level for Barclays in the longer run is between 13% and 14%. But until we have that regulatory clarity and the NDA drops again, then you should expect to see us towards the top end. So that's why we're operating at that end rather than any expectation that you should link that to an inorganic move.

我們不希望看到的是，在監管力度和時間安排尚不明確的情況下，我們的資本水準或分配受到影響。如果這些事情不改變，我們不想被它們牽著鼻子走。因此，我們認為，巴克萊銀行長期適當的資本水準在 13% 到 14% 之間。但是，在監管政策明朗化、NDA價格再次下調之前，我們應該會看到我們的股價處於較高水平。所以這就是為什麼我們採取這種策略，而不是期望你將其與非有機成長聯繫起來。

So that beyond that, what we did say today though was given the capital generation of the group, we are holding back some investment capability here. Now if we're unable to use that sensibly with all of the criteria that I set out before, then we want to return that to shareholders. We're not going to sit on excess levels of capital.

所以除此之外，我們今天確實說過，鑑於集團的資本累積情況，我們在這裡保留了一些投資能力。如果按照我之前列出的所有標準，我們無法合理地利用這筆資金，那麼我們就希望將其返還給股東。我們不會讓過剩的資金閒置。

So on structural hedge, we're really pleased that we're now rolling 100% of those balances. So we're already doing quite a lot to protect the hedgeable balances. Obviously, a lot of those balances, deposits come from really core markets for us, and we put a lot of effort into protecting that through the client proposition through technology.

因此，在結構性避險方面，我們非常高興現在可以100%展期這些餘額。所以我們已經做了很多工作來保護可對沖的餘額。顯然，這些餘額和存款大多來自我們的核心市場，我們投入了大量精力，透過技術手段為客戶提供保障，從而保護這些資金。

The MRD book, obviously, is a component of the hedgeable balance. Every time we make a pricing decision there, we're really balancing commercial outcomes versus protecting the balance. So quite a lot goes into that. Although most of the hedgeable balances are from mature markets, I'd probably call out the international corporate bank. That's clearly an area where we have ambition to grow, and we've been quite successful in growing balances.

顯然，MRD帳簿是可對沖餘額的一部分。每次我們做出定價決定時，我們實際上都是在商業成果和維護平衡之間尋求平衡。所以這其中涉及很多方面。雖然大部分可對沖餘額來自成熟市場，但我可能會特別提到國際企業銀行。這顯然是我們希望發展的一個領域，而且我們在擴大業務規模方面已經取得了相當大的成功。

We tend to start with those client propositions with nonoperating balances. But look, over time, we've definitely got the ambition to transition that to operating balances. And obviously, they would be hedgeable. So it's a real focus for us.

我們通常會先處理那些沒有經營性餘額的客戶提案。但是，隨著時間的推移，我們絕對有雄心壯志將這些資金轉化為營運餘額。顯然，它們都是可以對沖的。所以這是我們真正關注的重點。

You asked questions about SRT as well. But we really do think about SRT as a risk management tool. So the hedge ratios that we want to run across the portfolio is a key factor that goes into how much we do. As we've said before, our biggest program here is Colonnade, which you should view as sort of being broadly at scale. It's very mature.

您也問了一些關於SRT的問題。但我們確實將 SRT 視為一種風險管理工具。因此，我們希望在整個投資組合中運行的對沖比率是決定我們操作規模的關鍵因素。正如我們之前所說，我們這裡最大的項目是 Colonnade，你可以把它看作是一個規模很大的項目。它非常成熟。

The thing that we focus on there, in particular, is the RWA amortization per quarter. So this is the amount the protection decreases per quarter. And obviously, to the extent we want to refinance those clients, then that could create an RWA drag for us. So that's why we think it's sort of broadly at scale. And elsewhere, it's probably much more of a targeted risk management tool.

我們特別關注的是每季的 RWA 攤銷。所以，這就是每季保護金額的減少量。顯然，如果我們想要為這些客戶進行再融資，那麼這可能會為我們帶來風險加權資產的拖累。所以這就是為什麼我們認為它在某種程度上具有廣泛的規模。而在其他地方，它可能更像是一種有針對性的風險管理工具。

So in the UK business, for example, we've done a number of mortgage transactions, and we did a consumer loan transaction as well. But it's more about areas where we're growing, where we think the risk is higher, and we want to manage that.

例如，在英國的業務中，我們已經完成了一些抵押貸款交易，也完成了一筆消費貸款交易。但更重要的是，在我們正在發展的領域，我們認為風險更高，而我們希望控制這些風險。

And then I'd probably put Best Egg in a slightly separate category. Obviously, that's more of the business model point where we've got an originate to distribute model. But in the grand scheme of things, activity there will be relatively modest. Hope that's helpful.

然後我可能會把「最佳雞蛋」放在一個稍微不同的類別裡。顯然，這更體現了我們的商業模式，即從源頭開始分銷。但從整體來看，那裡的活動相對來說比較溫和。希望對您有幫助。

Yeah. And just a quick one. In terms of understanding the impact or benefit to Stage 2 or Stage 3 or is that just not a lens you look through '26 purely RWA?

是的。就簡單問一個。就理解第二階段或第三階段的影響或益處而言，或者這根本不是你從「26 純粹 RWA」的角度來看待的問題？

Yeah. We don't disclose that, but it is a real benefit for us on the corporate loan book. Lower down our watch list grades, there will be good coverage of SRTs as well. So we clearly do benefit from that as we migrate. And sometimes, we will look at that very directly in terms of the more surgical transaction. So in mortgages, we've done a transaction that is specifically targeted to Stage 2, Stage 3, for example. But we have disclosed the benefit, but it's clearly a factor here in the SRT trends.

是的。我們不予公開，但這確實為我們的企業貸款組合帶來了實質的好處。在我們的觀察名單中，SRT 的評級也會比較低，但也會得到很好的報導。因此，我們在遷移過程中顯然會從中受益。有時，我們會非常直接地從更精準的手術角度來看這個問題。因此，在抵押貸款方面，我們已經進行了一項專門針對第二階段、第三階段等的交易。但我們已經揭露了這項益處，而且這顯然是 SRT 趨勢中的一個因素。

I'm sorry. The only other thing I would add. It's not just sort of in the day-to-day, but we also get benefit and stress from the Colonnade program. So that is also important to us. But thank you, Lee. Could we have the next question, please?

對不起。我唯一要補充的是…這不僅體現在日常生活中，我們也從 Colonnade 計畫中受益，同時也承受著壓力。所以這對我們來說也很重要。不過，謝謝你，李。請問下一個問題可以嗎？

Paul Fenner-Leitao, Societe Generale.

保羅‧芬納-雷托，法國興業銀行。

Congratulations on the results. I've got -- well, Lee stole my third question. Sorry, I got just a little bit of an add-on, but the other two, so live first on supply. Thank you for clarifying that you intend to do less overall.

恭喜取得好成績。我本來想問——好吧，李搶了我的第三個問題。抱歉，我只加了一點點東西，但另外兩個，所以先供應生活用品。感謝您澄清您打算減少整體工作量。

You do make the comment that you're very well positioned in AT1 and Tier 2. Would it be wrong to think that given spreads are tight and you've got Tier 2 call coming up that you're still quite likely to do a Tier 2. Is that fair, notwithstanding the comments on, I think, it's slide 10, so just some clarity around that? Or is there no intention to do capital, that would also be quite helpful. That's question number one.

你確實提到過，你在 AT1 和 Tier 2 中都處於非常有利的地位。如果考慮到價差收窄，而且即將進行二級選擇權交易，那麼認為你仍然很有可能進行二級選擇權交易的想法是否錯誤？撇開評論不談，我認為是第 10 張投影片上的評論，這樣說公平嗎？所以想就此澄清一下。或者根本沒有進行資本運作的打算，那也很有幫助。這是第一個問題。

Question number two, in terms of ratings, thank you for the slide discussing your ambition to be single A at senior level. I guess my question -- I mean, that's very helpful, and it suggests that you care about ratings. But given spreads are so tight, what real benefits does it bring you all why am I being too myopic about thinking that it might just bring you a couple of basis points in senior or is that enough to make you want to get upgraded?

第二個問題，關於評級方面，感謝您用投影片闡述了您力爭在高階組達到 A 級的目標。我想問的是──我的意思是，這很有幫助，也顯示你很在意評分。但鑑於價差如此之小，這對你們來說究竟有什麼實際好處呢？為什麼我過於短視地認為它可能只會為你們帶來幾個基點的高級會員資格收益，或者這足以讓你們想要升級會員資格呢？

And together with that is what's your sense around how close you might be? It's been three years since you were upgraded, I think, by S&P or Moody's, who do you think is the co-system you -- officially the outlooks are stable. It would be great -- great to get a sense of timing.

除此之外，你覺得你們之間的距離有多近？距離上次你被標普或穆迪（你認為哪個評級機構是評級體系的權威機構）上調評級已經三年了——官方評級展望為穩定。那太好了——能掌握一下時間節點就太好了。

And then just an add-on to these SRTs, I think did you say that you don't disclose how much sort of benefit you've got from the SRTs you've done to date? So in terms of basis points of RWAs, can you give us that number? And what you think -- and if you can, then what you think the maximum benefits, capital benefit from SRTs is fair to expect of a group the size of Barclays? Is it 150 basis points? Is it 75 basis points? Yeah, that would -- it would be great to get a sense. Thank you.

另外，關於這些SRT，我想您之前說過，您不會透露您迄今為止從所做的SRT中獲得了多少益處？那麼，就RWA的基點而言，您能給我們一個數字嗎？那麼，您認為——如果可以的話——對於像巴克萊銀行這樣規模的集團來說，從單一置信點（SRT）中獲得的最大收益和資本收益是合理的預期嗎？是150個基點嗎？是75個基點嗎？是的，那會——如果能了解一下情況就太好了。謝謝。

Okay. I'll start with those, and I'm sure we'll add in. Yeah, look, in terms of the issuance, so we got GBP2.4 billion of Tier 2. GBP900 million of that is a call, GBP1.5 billion is a bullet. That bullet will have largely amortized down in terms of capital treatment. So it will be just over GBP1 billion in terms of Tier 2 that's coming off. So we should expect us to do something but not lots. You wouldn't expect it to rule out issuing AT1, but hopefully, you've got to steer there that we're going to be limited or small in our activity given the no call in 2026.

好的。我先從這些開始，我相信我們還會加入其他的。是的，你看，就發行而言，我們獲得了 24 億英鎊的二級資本。其中9億英鎊是一次機會，15億英鎊是致命打擊。從資本處理的角度來看，這筆費用將基本攤銷完畢。因此，第二層級的削減金額將略高於 10 億英鎊。所以我們應該預料到我們會做些什麼，但不會做很多。你不會指望它排除發行 AT1，但希望如此，你必須引導我們意識到，鑑於 2026 年沒有發出通知，我們的活動將會受到限製或規模較小。

Next question, I think it was on ratings, right? Look, yes, I think I'm an optimist. So I'd love to think that if we got a ratings upgrade, our credit spreads would continue to tighten and would compress with others. We view that it's overdue, and we view that the credit profile has materially improved, and it would be good to get the ratings to go along with that. But obviously, the market will determine where our spreads trade.

下一個問題，我想是關於收視率的，對吧？是的，我認為我是一個樂觀主義者。所以我很希望，如果我們獲得評級提升，我們的信用利差會繼續收窄，並與其他公司一起壓縮。我們認為此事已逾期，而且我們認為信用狀況已得到實質改善，如果評級能夠與之相符，那就太好了。但很顯然，市場將決定我們的價差交易價格。

We're in a very active dialogue with the rating agencies, as you would expect, including talking to them about the targets to 2028. And if you read the reports and you read the things that they're focused on, including profitability, sustainability and the rebalance, we think everything that we're doing is absolutely on the right track. But clearly, the rating agencies will make their own decisions. I think it's two years since we got upgrade rather than three, just to nitpick. We would agree with you, it would be good to get an upgrade.

正如你所預料的那樣，我們正與評級機構進行非常積極的對話，包括與他們討論 2028 年的目標。如果你閱讀這些報告，了解他們關注的重點，包括獲利能力、永續性和再平衡，我們認為我們所做的一切都絕對走在正確的道路上。但很顯然，評級機構會做出自己的決定。我覺得應該是兩年前而不是三年前才升級的，只是吹毛求疵一下。我們同意你的看法，升級確實是個好主意。

In terms of SRT, we don't disclose the RWA amount, but we have put out that was GBP54 billion of total notional. You could probably talk through and get a reasonably good estimate of the RWA benefit. As I said, the Colonnade program is on that scale. You shouldn't expect it to grow, but you should expect us to do things sort of ad hoc in the UK, but we're not looking to kind of take that up to a big, big size and Best Egg will be reasonably small. So not -- you shouldn't expect major, major changes in the SRT volume that we're going to do in the near term.

就 SRT 而言，我們不透露 RWA 金額，但我們已經公佈其名義總額為 540 億英鎊。你或許可以和他們討論一下，從而對RWA收益做出相當準確的估算。正如我所說，柱廊計畫的規模就是如此。你不應該指望它發展壯大，但你應該預料到我們在英國會以某種臨時的方式做事，但我們並不打算把它發展成一個非常大的規模，“Best Egg”的規模會比較小。所以，你不應該期待我們在近期內對 SRT 的產量進行重大、重大的調整。

Daniel David, Autonomous.

丹尼爾大衛，自主。

Congrats on the results. I've got a couple of questions. First one, kind of related to leverage and the second one on capital. I think in the call this morning, you talked about how you deploy leverage balance sheet where you could into some parts of your business, one being IB financing. I guess one way of improving or increasing that ability is by issuing more AT1. So I guess my question is, do you have like a ceiling on the amount of AT1 you want outstanding that you could use to deploy in lucrative businesses around the group?

恭喜取得好成績。我有幾個問題。第一個問題與槓桿有關，第二個問題與資本有關。我認為在今天早上的電話會議中，您談到瞭如何利用資產負債表的槓桿作用來拓展業務的某些方面，其中之一就是投資銀行融資。我認為提高或增強這種能力的一種方法是發放更多的 AT1。所以我想問的是，你們對可用於集團內獲利業務的未償付 AT1 資金數量是否有上限？

And then linked to that, I guess, the FSR that came out before Christmas was a bit disappointing in terms of the regulatory easing that we saw. But there was mention that as potentially a review of the leverage framework. So do you think it's warranted that the leverage framework is revisited? And do you think there might be some relaxation there?

我想，與此相關的是，聖誕節前發布的《金融穩定報告》（FSR）在監管放鬆方面有點令人失望。但有人提到，這或許可以作為對槓桿框架的檢討。那麼，你認為有必要重新檢視槓桿框架嗎？你認為那裡可能會有一些放鬆的跡象嗎？

And then the final one was kind of picking up on some of your comments earlier. I think that operating at the higher end of the CET1 range is a very powerful message at the moment. I guess what makes us nervous is that you could become more aggressive like some of your peers. So I just wanted to understand, are there certain things that could happen which would make you become more aggressive?

最後一條其實是回應了你之前的一些評論。我認為，目前在 CET1 等級的高端運行是一個非常強大的信號。我想讓我們擔心的是，你可能會像你的一些同齡人一樣變得更具攻擊性。所以我想知道，是否存在某些事情會導致你變得更具攻擊性？

So I guess you mentioned the reduction and a few other bits. But is it right to assume that it will be at 14% out to '28? Or are there certain things that could happen they can see you maybe pushed to the lower end of that boundary in the interim? Thanks.

所以我想你提到了縮減以及其他一些內容。但是，假設到 2028 年這一比例將保持在 14% 是否正確？或者，在此期間，是否會發生某些事情，導致你被推到該界限的較低端？謝謝。

Okay. Daniel. I'll let Dan take the leverage part of that and then I'll follow up with your capital question.

好的。丹尼爾。我會讓丹來處理槓桿部分，然後我會跟進你的資金問題。

Look, from our perspective, we think that the AT1 quantum is at about the right level. So you shouldn't expect us to change that materially. Obviously, there is a cap on AT1 in the leverage ratio. And obviously, we focus on that through stress. So it's broadly in the right spot.

從我們的角度來看，我們認為 AT1 量子點的水平大致合適。所以你們不應該指望我們會做出實質的改變。顯然，槓桿比率中的 AT1 是有上限的。顯然，壓力會讓我們更加關注這一點。所以它的位置大致正確。

In terms of the FPC, I mean, you're absolutely right. Leverage is one of the things that they have focused on, and they're interested in that as a dialogue topic. We would agree with the comments that they have made that leverage across the UK banking sector has moved more towards being a front stop measure. And that's as a result of the reduced levels of risk in the UK banks. And although for us, CET1 is still constraining, we would support that as well. So we'll have to see where we go. But I think it's encouraging that they've made that a focus of the review.

就FPC而言，我的意思是，你的說法完全正確。槓桿作用是他們關注的重點之一，他們也對這個主題很感興趣，並希望就此展開對話。我們同意他們的觀點，即英國銀行業槓桿作用已經更多地成為一種緊急應對措施。這是由於英國銀行業的風險水準降低所致。雖然對我們來說，CET1 仍然具有約束力，但我們也支持它。所以，我們得看看接下來會走到哪一步。但我認為令人鼓舞的是，他們把這一點當作審查的重點。

Do you want to take the third one?

你想選第三個嗎？

Yeah, thank you. Thanks, Dan. So just reflecting on the 14%, look, we are comfortable operating at that level, as you say, perhaps reflective of the environment, but for us, very much this sort of anticipation of reg change. It's not impinging on our ability to either deliver returns or indeed distribution. So given the momentum we have in the business, we're really waiting for 2027.

是啊，謝謝。謝謝你，丹。所以，就14%這個數字而言，我們覺得在這個層面上運作是可以接受的，正如你所說，這或許反映了環境，但對我們來說，這很大程度上是對監管變化的一種預期。這既不影響我們交付收益的能力，也不影響我們的分銷能力。鑑於我們目前在業務上的發展勢頭，我們真的在期待 2027 年的到來。

So what will happen on the implementation of Basel 3.1 at the beginning of 2027? And then we do expect the IRB implementation during 2027. So that's the cards advanced model. So we'd expect a further Pillar 2 update at that point in time. And the only really when we have those that we will be able to make a decision about where we want to run within the range.

那麼，2027年初巴塞爾協議3.1的實施將會發生什麼事呢？然後我們預計 IRB 將在 2027 年實施。這就是卡片的高級模型。因此，我們預計屆時會發布第二支柱的進一步更新。只有當我們掌握了這些數據，我們才能決定我們想在範圍內運行到什麼位置。

I wouldn't conflate that with any sort of movement to a change in discipline at that point in time. We are very, very clear that we are capital generative. But at the same time, that capital hierarchy remains in place, we hold it very, very carefully. So firstly, reg. Number two, shareholders. Number three, investment in the business.

我不會將此與當時學科的任何變革混為一談。我們非常清楚，我們是資本創造者。但同時，這種資本等級制度依然存在，我們非常非常謹慎地維護它。首先，註冊。第二，股東。第三，對企業的投資。

And we do feel like we put considerable investment into the business in this plan. We're doubling the organic, if you like, run rate of investment. And we do think that there's only a certain amount of change that the organization can take on at any one point in time. So we're going to remain disciplined. All we're calling out here is that we're waiting for reg change. It's nothing more than that.

我們確實覺得在這個計劃中，我們對公司投入了相當大的資金。我們將把自然成長的投資成長率提高一倍。我們認為，在任何特定時期，組織所能承受的變革程度都是有限的。所以我們會繼續保持自律。我們在此呼籲的只是，我們正在等待法規變更。僅此而已。

Robert Smalley, MacKay Shields.

羅伯特·斯莫利，麥凱·希爾茲。

Really a follow-up on one or two. I think, Anna, you talked earlier -- in the earlier call about RWA rationalization, equity derivatives or RWA-intensive. TB can be. Now we're in the cycle -- M&A cycle that's in full swing that will need more financing.

實際上只是對其中一兩個問題的後續跟進。安娜，我想你之前在電話會議中談到過 RWA 合理化、股票衍生品或 RWA 密集型資產。結核病可能是。現在我們正處於併購週期中——併購週期全面展開，這將需要更多的融資。

So when we look at your IB balance sheet, what's the best use of balance sheet as a competitive advantage here? And what's the optimal mix for your balance sheet in this environment? Can you give us an idea of where you see that breakdown and where it stands today? And if you could quantify a little bit of that, that would be great.

那麼，當我們查看您的投資銀行資產負債表時，如何才能最好地利用資產負債表作為競爭優勢呢？在這種環境下，最適合您資產負債表的組合是什麼？您能否簡要說明一下您認為這種分化體現在哪些方面，以及它目前的狀況如何？如果你能對其中的一些方面進行量化，那就太好了。

And then secondly, just -- and this is an ongoing topic, just exposure with respect to private credit sponsor business and exposure to BDCs. Thank you.

其次，這是一個持續存在的議題，那就是私人信貸發起業務和 BDC 業務的風險敞口。謝謝。

Okay. I will take that. So just on the first one, I think it might be useful just to have a look at slide 64 of the presentation we did this morning. Because what that does is it gives you the split, and this is the only level at which we do give a split of RWAs. And what you'll see is that over the last three years, we've reduced the level of IV RWAs deployed into banking.

好的。我接受。所以，就第一個問題而言，我認為看一下我們今天早上簡報的第 64 張投影片可能會有所幫助。因為這樣做可以讓你得到拆分結果，而這是我們唯一會給出 RWA 拆分結果的等級。你會看到，在過去的三年裡，我們降低了銀行業投資的 IV RWA 水準。

And the reason that we've done that is what we set out at the very beginning of the plan which was we felt like the loan book had a very heavy level of capital within banking that wasn't necessarily generating the kind of returns that we thought they should. So what -- over the last two years, what you've seen is us get through about two-thirds of that loan book, and we're making tough decisions with those clients around whether or not we extend those loans again fundamentally looking for better returns from those clients.

我們這樣做的原因，正是我們在計畫之初就設定的目標，那就是我們認為銀行業貸款組合中存在大量資本，但這些資本並沒有產生我們認為應該產生的回報。所以，在過去的兩年裡，你們看到的是我們已經償還了大約三分之二的貸款，我們正在與這些客戶做出艱難的決定，決定是否再次發放這些貸款，從根本上來說，我們是在尋求從這些客戶那裡獲得更好的回報。

And that's what's leading to that reduction in RWAs in banking. And you can see that much of that has been deployed into the markets business, which certainly over the last couple of years, has had the opportunity to deploy it very, very effectively.

這就是導致銀行業風險加權資產減少的原因。你可以看到，其中許多資金都已投入市場業務中，尤其是在過去幾年裡，市場業務更是有機會非常有效地運用這些資金。

But here, we've obviously got another year's worth of that loan book review. So I'm expecting more efficiency to come from there. And that's really important for their story because fundamentally, we will then have the opportunity to deploy that -- those RWAs that come free, if you like, into the IB as a whole.

但顯然，我們這裡還有一年的貸款帳簿審查數據。所以我希望效率能因此提升。這對他們的故事來說非常重要，因為從根本上講，我們將有機會把這些——如果你願意的話，可以稱之為免費的RWA——部署到整個IB。

Now what the optimal mix is, changes our time. And that's really how we think about the IB. We think about it as a single business. So what you're going to see over time in different quarters or different years as we will be deploying more into some businesses depending on what we think the market opportunity is.

如今，最佳匹配是什麼，將隨著時代而改變。這就是我們對IB的真實看法。我們把它看作一個整體業務。因此，隨著時間的推移，在不同的季度或不同的年份，你會看到我們根據對市場機會的判斷，向一些業務領域投入更多資源。

And certainly, given this trajectory so far, it's not holding us back in DCM, which is probably the most capital-intensive part of investment banking. In that particular part of the business, we have been growing share over the last year. We've just been much, much more disciplined with capital, and that's really what's happening. So we don't feel like it's holding us back.

當然，就目前的發展軌跡來看，這並沒有阻礙我們在債務資本市場（DCM）領域的發展，而債務資本市場可能是投資銀行業務中資本最密集的部分。在過去一年裡，我們在該業務領域的市佔率一直在成長。我們在資金使用上更加自律，這才是事情的真正原因。所以我們不覺得它阻礙了我們。

In terms of the second part of your question, which was really sort of about private credit sponsors. But let me say from the outset, sponsors are an important part of our business. We do feel like the debt part of our sponsors business is pretty mature. I'm just remembering back to our original presentation, and I'm sure Jordan and the guys can find that for you, where we showed that our share responses in DCM was actually very similar to that of our US peers.

至於你問題的第二部分，實際上是關於私人信貸贊助商的。但首先我要說明，贊助商是我們業務的重要組成部分。我們覺得贊助商業務的債務部分已經相當成熟了。我只是回想起我們最初的演示文稿，我相信 Jordan 和他的同事可以幫你找到它，我們在演示文稿中展示了我們在 DCM 的份額反應實際上與我們的美國同行非常相似。

What was different was we weren't getting as much M&A and ECM business from them, which is inherently capital-light. So if I were to look at our sponsor strategy, it's leaning more into those sort of capital-light fee areas of ECM and M&A. And we have made some progress there.

不同之處在於，我們沒有從他們那裡獲得那麼多併購和股權資本市場業務，而這些業務本質上都是輕資本業務。所以，如果我看一下我們的贊助商策略，就會發現它更傾向於資本投入較少的股權資本管理（ECM）和併購（M&A）領域。我們在這方面取得了一些進展。

In terms of your private credit question, I'd encourage you to look at slide 100. Sorry, there are so many slides, but I think it's nearly the last one in the pack. And that sets out our private credit exposure. It is what's committed, so it includes drawn and undrawn. And we really set out on that slide how we feel about it, the fact that we are really focused on the top managers, that we really are focused on ensuring that we have valuation rights.

關於你的私人信用問題，我建議你看第 100 頁投影片。抱歉，幻燈片太多了，但我認為這應該是最後一張了。這就列出了我們的私人信貸風險敞口。它指的是已承諾的事情，因此包括已繪製的和未繪製的。我們在投影片上詳細闡述了我們對此事的感受，即我們真正關注的是高層管理人員，我們真正關注的是確保我們擁有估值權。

We are focused on businesses that are generally relatively larger in this market, and we're very focused on the [SCB]. So we manage that with real discipline. Obviously, we have risk concentration limits. So across any particular part of the industry or any particular counterparty, you would expect us to deploy those with real discipline.

我們專注於市場上規模相對較大的企業，並且我們非常關注…[SCB]。所以我們用嚴格的紀律來管理這件事。顯然，我們有一定的風險集中度限制。因此，對於行業的任何特定領域或任何特定交易對手，您都會期望我們以真正的紀律部署這些措施。

So we've got no immediate concerns. And really, the climate credit story is as much as it has been over the last sort of three to six months. Hopefully, that's helpful. We'll get you that other slide.

所以目前我們沒有什麼迫在眉睫的擔憂。事實上，氣候信用的故事與過去三到六個月以來的情況基本上相同。希望這能有所幫助。我們會把另一張幻燈片給你。

Thank you for all of the detail on that. I'm now looking at slide 100. So I appreciate that. And I appreciate all the work that's gone into these decks. Thank you.

非常感謝您提供的所有細節。我現在正在看第100張投影片。我很感激。我非常感謝大家為製作這些卡組所付出的努力。謝謝。

Okay. Thank you, Rob. I think we've got one more question in the queue. Perhaps we can go to that, please?

好的。謝謝你，羅布。我想我們還有一個問題可以問。或許我們可以去那裡？

Gil Dasari, Crédit Agricole.

吉爾‧達薩裡 (Gil Dasari)，法國農業信貸銀行。

I just wanted to follow up on Richard's question about private credit. Back in 2024, around April, there was a partnership maybe or an announcement made with private credit or alternative credit platform, AGL Credit Management. And I just wanted to know if you have partnerships in place where you would share maybe some economics on the pipeline or on the financing. So if you look back two years from this announcement, whether you see those partnerships as successes now and achieving what they -- where do you expect them to achieve. So that's my first question.

我只是想就理查德關於私人信貸的問題做個後續說明。早在 2024 年 4 月左右，就可能與私人信貸或另類信貸平台 AGL Credit Management 建立了合作關係或發布了相關公告。我只是想知道你們是否與其他公司建立了合作關係，例如在管道建設或融資方面分享一些經濟效益。所以，回顧兩年前這項聲明發布之後，你是否認為這些合作關係現在已經取得了成功，實現了它們所取得的成就——你期望它們在未來取得怎樣的成就？這是我的第一個問題。

My second question as well is a follow-up on SRTs. It's difficult to triangulate between the national amount that you hedged through Colonnade and the Pillar 3 disclosure in the [seg] 1 table. So we have to make the assumptions. And would it be fair, maybe to assume a range of RWA density, about 60% to 70%, maybe for your response activity? That's my second question.

我的第二個問題也是關於SRT的後續問題。很難將您透過 Colonnade 對沖的全國金額與 [seg] 1 表中的 Pillar 3 披露進行三角驗證。所以我們必須做一些假設。那麼，假設 RWA 密度在 60% 到 70% 之間，對於您的回應活動來說，是否公平？這是我的第二個問題。

And my last question is on liquidity. Your liquidity coverage ratio back in December, the threshold for the FSCS guarantee has been increased to GBP120,000. And I would expect the change of category between the stable deposits and the less stable deposits to the denominator of the LCR ratio industrial -- the weighting for the outflow rates from 5% to [15%].

我的最後一個問題是關於流動性的。去年 12 月，您的流動性覆蓋率，FSCS 擔保的門檻已提高至 120,000 英鎊。我預計，在流動性覆蓋率（LCR）工業指標的分母中，穩定存款和不太穩定的存款類別會發生變化——流出率的權重從5%提高到[15%]。

And so can you just guide us whether this increase of the deposit limits has actually led to a change of categories for the retail deposits between stable and less stable deposits? Thank you.

那麼，您能否指導我們一下，提高存款限額是否真的導致了零售存款類別從穩定存款轉變為不太穩定存款？謝謝。

Okay. Thank you for that. You're a little bit faint at times, but I think we got your three questions. The first was on our private credit joint venture. So I'll answer that, and then I'm going to pass to Dan in terms of the last two.

好的。謝謝。你有時有點暈倒，但我認為我們已經回答了你的三個問題。第一個例子是我們私募信貸合資企業。我會回答這個問題，然後剩下的兩個問題就交給丹來回答。

So you're right. Back in '24, we announced joint venture. I mean, it's successful, but I would say not particularly material in the context of our business. So nothing that we would separately call out or give metrics on.

你說得對。早在 2024 年，我們就宣布成立合資企業。我的意思是，它的確很成功，但就我們公司的業務而言，我認為它並不特別重要。所以沒有特別需要我們單獨指出或給予具體的指標。

I'd just again guide you back to page 100, which tells you more broadly how we feel about private credit. It's no different to any other credit decision that we make. So we're very focused on choosing the right counterparties, getting the right visibility, and then managing the credit when it's on our balance sheet.

我建議您再次翻到第 100 頁，那裡更全面地闡述了我們對私人信貸的看法。這與我們所做的其他任何信貸決定並無不同。因此，我們非常注重選擇合適的交易對手，獲得正確的資訊透明度，然後在信貸出現在我們的資產負債表上時對其進行管理。

So that's probably the message I would leave you with on that one. Dan, SRT?

所以，這大概就是我想留給你們的訊息了。丹，SRT？

Yeah. Look, the Pillar 3 disclosures on securitization will include a broad range of securitization, so not just SRT. We can probably have the Investor Relations team follow up with you. But I think probably a more accurate way to kind of approach this question is kind of look at the RWA density in the books, and we can help you kind of walk through those RWA densities. And that's probably an easy way of getting at it rather than the three because there'll be other things in there as well.

是的。你看，第三支柱證券化揭露將涵蓋廣泛的證券化，而不僅僅是證券化交易。我們或許可以安排投資者關係團隊與您聯繫。但我認為，解決這個問題的更準確方法可能是查看書中的 RWA 密度，我們可以幫助您了解這些 RWA 密度。而且，這或許是比用三種方法更容易理解的方式，因為其中還會包含其他內容。

In terms of the point on the guarantees, this was a relatively minor change for us. It's about GBP1 billion of liquidity value. So it was not a material moving impact in the LCR. Obviously, as we said in the prepared remarks, the LCR is very strong. So yeah, no material impact and comfortable with the liquidity.

就擔保方面而言，這對我們來說只是一個相對較小的變化。流動資金價值約10億英鎊。所以它對LCR沒有產生實質的影響。正如我們在準備好的演講稿中所說，顯然，LCR 非常強勁。所以，是的，沒有實質影響，流動性也令人滿意。

Okay. I think that brings us to the end of our fixed income conference call today. I can see no more questions in the queue. So I'd just like to thank you all for your continued interest in Barclays and for joining us this afternoon. And no doubt, we will see many of you on the road over the coming few weeks. So thank you so much. Have a great rest of the day.

好的。我想，我們今天的固定收益電話會議就到此結束了。我看到隊列裡已經沒有問題了。所以，我只想感謝各位一直以來對巴克萊銀行的關注，並感謝大家今天下午蒞臨我們的會議。毫無疑問，在接下來的幾周里，我們會在路上看到你們中的許多人。非常感謝。祝您今天餘下的時間過得愉快。

Thank you.

謝謝。

Thank you for joining everyone. That concludes today's conference call. You may now disconnect your lines.

謝謝大家的參與。今天的電話會議到此結束。現在您可以斷開線路了。