NatWest Group PLC (NWG) 2024 Q2 法說會逐字稿

Good afternoon, everyone. Thank you for joining our Q2 fixed income results presentation. I'm joined today by Donal Quaid, our Treasurer; and Paul Pybus, our Head of Debt IR. I will take you through the headline to the first half before moving to the financials for the second quarter. And Donal will take you through the balance sheet, capital, and liquidity, and then we'll open up for questions.

大家下午好。感謝您參加我們第二季固定收益業績示範。今天我們的財務主管唐納爾奎德也加入了我的行列。以及我們的債務 IR 主管 Paul Pybus。我將帶您瀏覽上半年的標題，然後再介紹第二季的財務狀況。多納爾將帶您了解資產負債表、資本和流動性，然後我們將開放提問。

We have had a strong first half with significant growth quarter on quarter. Income was GBP7 billion and costs were GBP4 billion, resulting in operating profit before tax of GBP3 billion with attributable profit of GBP2.1 billion. Our return on tangible equity was 16.4%.

我們上半年表現強勁，季度環比成長顯著。收入為 70 億英鎊，成本為 40 億英鎊，稅前營業利潤為 30 億英鎊，歸屬利潤為 21 億英鎊。我們的有形股本回報率為 16.4%。

And given the strength of our performance, we are upgrading our 2024 guidance, which I'll talk more about later. We remain focused on generating capital in order to reinvest in the business and make shareholder distributions.

鑑於我們的強勁表現，我們正在升級 2024 年指導，我將在稍後詳細討論。我們仍然專注於產生資本，以便對業務進行再投資並進行股東分配。

Our CET1 ratio is within our target range at 13.6% and we increased capital through earnings as well as active management of risk-weighted assets, which added 140 basis points during the first half.

我們的 CET1 比率處於 13.6% 的目標範圍內，我們透過盈利以及風險加權資產的主動管理增加了資本，上半年增加了 140 個基點。

As a result, this morning, we announced an interim dividend of 6p, up 9% on last year. This is in addition to the GBP300 million on-market buyback announced in February, which completed this week and a directed buyback of GBP1.24 billion that we did in May.

因此，今天早上，我們宣布派發中期股息 6 便士，比去年上漲 9%。除此之外，我們也於 2 月宣布了本週完成的 3 億英鎊場內回購，以及我們在 5 月進行的 12.4 億英鎊定向回購。

Turning now to our three strategic priorities: disciplined growth; bank-wide simplification; and active balance sheet and risk management. We have continued to build on our strong positions through both organic and inorganic activity.

現在轉向我們的三個策略重點：有紀律的成長；全銀行範圍內的簡化；以及積極的資產負債表和風險管理。我們透過有機和無機活動繼續鞏固我們的強勢地位。

The growth in new customers of over 200,000 has contributed to growth across the bank. Lending and commercial banking to mid-market customers grew by GBP1.8 billion and AUM are up 11% to over GBP45 billion.

新客戶成長超過20萬戶，帶動了全行的成長。中端市場客戶的貸款和商業銀行業務成長了 18 億英鎊，資產管理規模成長了 11%，超過 450 億英鎊。

We are accelerating this organic growth by making selective acquisitions where we have opportunities to add scale in our target areas at attractive returns. We announced today that we are acquiring a GBP2.5 billion portfolio of prime UK residential mortgages from Metro Bank and we expect the deal to close in the second half of this year.

我們正在透過選擇性收購來加速這種有機成長，我們有機會在目標領域擴大規模，並獲得有吸引力的回報。我們今天宣布，我們將從 Metro Bank 收購 25 億英鎊的英國優質住宅抵押貸款組合，預計交易將於今年下半年完成。

Our Sainsbury's transaction is expected to complete in the first half of 2025, adding around 1 million new customer accounts with about GBP2.5 billion of unsecured loans and GBP2.6 billion of savings. We continue to simplify the bank to increase efficiency and improve customer experience. For example, we have three strategic hubs in the UK, India and Poland, which we are reducing to two by closing our operations in Poland.

我們的 Sainsbury 交易預計將於 2025 年上半年完成，新增約 100 萬個客戶帳戶，其中無擔保貸款約 25 億英鎊，儲蓄約 26 億英鎊。我們不斷簡化銀行流程，以提高效率並改善客戶體驗。例如，我們在英國、印度和波蘭擁有三個戰略中心，透過關閉波蘭的業務，我們將其減少到兩個。

Our third key priority is to deploy capital dynamically and maintain strong risk management. In addition to disciplined origination, we are actively managing our risk-weighted assets and have delivered a GBP4.3 billion reduction in the first half using a range of means, including significant risk transfers and credit risk insurance.

我們的第三個關鍵優先事項是動態部署資本並維持強大的風險管理。除了嚴格的資產配置外，我們還積極管理風險加權資產，並透過重大風險轉移和信用風險保險等一系列手段，在上半年減少了 43 億英鎊的資產。

By focusing on disciplined growth, improving efficiency, and managing our capital dynamically, we are driving capital generation in order to optimize shareholder returns.

透過專注於有序成長、提高效率和動態管理資本，我們正在推動資本生成，以優化股東回報。

I'd like to talk now about our updated macro assumptions. Overall, the UK economy has performed better than we expected at the start of the year, and we are pleased to see consumer and business confidence returning. This means the Bank of England has not yet started to reduce interest rates.

我現在想談談我們更新的宏觀假設。整體而言，英國經濟的表現優於我們年初的預期，我們很高興看到消費者和企業信心恢復。這意味著英國央行尚未開始降息。

We initially assumed rates would start falling in May, reaching 4% by the end of 2024 and 3% by the end of 2025. We now assume that rates will start to come down in the third quarter reaching 4.75% by the end of the year with a further 5 cuts in 2025 to 3.5%.

我們最初假設利率將從 5 月開始下降，到 2024 年底達到 4%，到 2025 年底達到 3%。我們現在假設利率將從第三季開始下降，到年底達到 4.75%，並在 2025 年進一步下調 5 次，達到 3.5%。

Of course, the actual outcome may be different. The headline rate of inflation is now 2%, in line with the Bank of England's target, and we assume that it will stay around this level. We continue to assume moderate real GDP growth and some increase in unemployment.

當然，實際結果可能會有所不同。目前整體通膨率為 2%，與英國央行的目標一致，我們假設通膨率將維持在這一水準附近。我們繼續假設實質 GDP 溫和成長，失業率增加。

I'd now like to talk about our financial performance in more detail. All of my comments use the first quarter as a comparator. Income, excluding all multiple items, increased 5.2% to GBP3.6 billion. Operating expenses were 2.3% lower at GBP2 billion. We made an impairment release of GBP45 million or 5 basis points of loans which included post model adjustment releases of GBP117 million.

我現在想更詳細地談談我們的財務表現。我的所有評論都使用第一季作為比較器。不計所有多項項目的收入成長 5.2%，達到 36 億英鎊。營運費用下降 2.3%，為 20 億英鎊。我們釋放了 4500 萬英鎊的減值，即貸款 5 個基點，其中包括模型調整後釋放的 1.17 億英鎊。

Together, this delivered operating profit before tax of GBP1.7 billion. Profit attributable to ordinary shareholders was GBP1.2 billion and return on tangible equity was 18.5%.

總共帶來了 17 億英鎊的稅前營業利潤。普通股股東應占利潤為12億英鎊，有形股本回報率為18.5%。

Turning now to income performance in more detail. Income, excluding notable items of GBP3.6 billion, was up 5.2% in the first quarter, with growth in both net interest income and noninterest income. Across the three businesses, income grew by GBP147 million, driven by higher deposit income and fees.

現在更詳細地討論收入表現。剔除 36 億英鎊重要項目的收入，第一季成長 5.2%，淨利息收入和非利息收入均有所成長。在存款收入和費用增加的推動下，三項業務的收入增加了 1.47 億英鎊。

Group net interest margin was 210 basis points, up 5 basis points from the first quarter. Given this positive performance and our updated economic assumptions, we are raising our guidance for 2024 total income, excluding notable items to around GBP14 billion.

集團淨利差為210個基點，較一季上升5個基點。鑑於這一積極的表​​現和我們更新的經濟假設，我們將 2024 年總收入（不包括值得注意的項目）的指導上調至約 140 億英鎊。

Turning to our deposit income drivers. For the first time in two years, the average rate of interest we pay on our customer deposit funding has stabilized. It remained at 2.1%, in line with the first quarter. This stabilization reflects modest changes in mix and limited adjustments to deposit product rates.

轉向我們的存款收入驅動因素。我們為客戶存款資金支付的平均利率兩年來首次趨於穩定。維持在 2.1%，與第一季持平。這種穩定性反映了結構的適度變化以及存款產品利率的有限調整。

As UK base rates came down, we expect to pass through reductions on our customer deposit rates. But clearly, the quantum and timing of this is subject to competition as well as contractual terms and conditions. We have updated our illustrative interest rate sensitivity on the right of the slide.

隨著英國基本利率下降，我們預期客戶存款利率也會下修。但顯然，其數量和時間安排取決於競爭以及合約條款和條件。我們更新了投影片右側的說明利率敏感度。

The managed margin is more relevant in sensitivity for changes in the base rates and deposit pass-through. Based on our first half of balance sheet, a 25 basis point downward parallel shift in the yield curve would reduce annual income by GBP125 million. This is mainly driven by our unhedged deposit balances and assumes a pass-through of around 60%.

管理保證金與基本利率和存款傳導變化的敏感度更為相關。根據我們上半部的資產負債表，殖利率曲線向下平行移動 25 個基點將導致年收入減少 1.25 億英鎊。這主要是由我們的未對沖存款餘額推動的，並假設傳遞率為 60% 左右。

Turning now to the structural hedge. It is an important driver of income, so I will recap a few key points. GBP175 billion or 41% of our deposit base is part of the product structural hedge, where yields are depressed relative to current rates. The yield in the first half was 1.58%.

現在轉向結構性對沖。它是收入的重要驅動因素，因此我將回顧幾個要點。1,750 億英鎊（占我們存款基礎的 41%）是產品結構性避險的一部分，其收益率相對於當前利率而言較低。上半年收益率為1.58%。

Our product structural hedge has an average duration of 2.5 years, which means it takes a full five years to reprice, and we reinvest maturing balances at the prevailing five-year swap rate. As we show in the chart, before further reinvestment is taken into account, more than 90% of income is already written for 2024. And product hedges already written will deliver income of GBP2.9 billion in both 2025 and 2026.

我們的產品結構性對沖的平均期限為 2.5 年，這意味著需要整整五年的時間才能重新定價，並且我們以現行的五年期掉期利率對到期餘額進行再投資。正如我們在圖表中所示，在考慮進一步的再投資之前，超過 90% 的收入已經寫入 2024 年。已簽訂的產品對沖將在 2025 年和 2026 年帶來 29 億英鎊的收入。

The actual income from the structural hedge in coming years will reflect any changes in notional balances as well as the difference between the redemption and reinvestment yield. The product notional reduced by GBP10 billion during the first half, which reflects our 12-month lookback at average eligible deposits. We continue to expect around GBP170 billion by the end of this year based on a static balance sheet.

未來幾年結構性對沖的實際收入將反映名目餘額的任何變化以及贖回收益率和再投資收益率之間的差異。上半年該產品名義減少了 100 億英鎊，這反映了我們對平均合格存款的 12 個月回顧。根據靜態資產負債表，我們繼續預計到今年年底將達到約 1700 億英鎊。

Overall, we expect the product structural hedge to deliver higher income in 2024 than 2023. And for this to deliver a more significant income benefit in 2025 and 2026.

總體而言，我們預計結構性對沖產品在 2024 年將帶來比 2023 年更高的收入。並為此在 2025 年和 2026 年帶來更顯著的收入效益。

Turning now to costs. We remain on track for other operating expenses to be broadly stable compared to 2023 excluding the increase in bank levies of around GBP100 million and costs associated with the potential retail share offering of GBP24 million.

現在轉向成本。與 2023 年相比，我們預計其他營運支出將大致穩定，不包括增加約 1 億英鎊的銀行稅以及與潛在零售股票發行相關的 2,400 萬英鎊的成本。

Other operating expenses of GBP1.9 billion for the second quarter were slightly lower than the first as a result of the Bank of England levy. Severance, branch, and property exit costs increased in the first half as we accelerated our work on simplification. The second quarter includes costs relating to our announced exit from Poland.

由於英格蘭銀行徵稅，第二季其他營運支出為 19 億英鎊，略低於第一季。隨著我們加快簡化工作，上半年遣散費、分公司和財產退出成本增加。第二季包括與我們宣布退出波蘭相關的成本。

Turning now to impairments. Our diversified prime loan book continues to perform well. We're reporting a net impairment release of GBP45 million for the second quarter, taking the first half charge to GBP48 million, equivalent to 3 basis points of loans.

現在轉向減損。我們的多元化優質貸款持續表現良好。我們報告第二季的淨減損釋放量為 4500 萬英鎊，上半年費用為 4800 萬英鎊，相當於貸款的 3 個基點。

In retail banking, a charge of 12 basis points reflects broadly stable Stage 3 inflows, partially offset by further post-model adjustment releases. Commercial and institutional reported a release of 28 basis points, driven by post model adjustment releases as well as a reduction in Stage 3 impairments.

在零售銀行業務中，12 個基點的費用反映出第三階段資金流入大致穩定，部分被模型調整後的進一步釋放所抵銷。商業和機構報告稱，在模型調整後釋放以及第三階段減損減少的推動下，釋放了 28 個基點。

Our balance sheet provision for expected credit loss still includes GBP302 million of PMA for economic uncertainty. We have also reviewed and updated our economic scenarios, which drove a GBP17 million release.

我們的資產負債表預期信用損失準備金仍包括 3.02 億英鎊的 PMA，以應對經濟不確定性。我們還審查並更新了我們的經濟情景，這推動了 1700 萬英鎊的釋放。

We have included economic forecasts and weightings in our appendix. State 3 charges have remained low in the first half and as our economic scenarios are relatively stable, with little sign of deterioration, we now expect a loan impairment rate below 15 basis points for the full year.

我們在附錄中包含了經濟預測和權重。上半年，國三費用維持在較低水平，而且由於我們的經濟狀況相對穩定，幾乎沒有惡化的跡象，我們現在預計全年貸款減損率將低於 15 個基點。

And finally, turning to guidance. For the full year 2024, we now expect income, excluding notable items, to be around GBP14 billion. Other operating costs to be broadly stable with 2023, excluding additional bank levies of around GBP100 million and retail offer costs of GBP24 million and our loan impairment rate to be below 15 basis points. Together, this delivers an expected return on tangible equity of greater than 14%.

最後，轉向指導。我們現在預計 2024 年全年營收（不包括重要項目）約為 140 億英鎊。到 2023 年，其他營運成本將大致穩定，不包括約 1 億英鎊的額外銀行稅和 2,400 萬英鎊的零售報價成本，並且我們的貸款減損率將低於 15 個基點。總之，這將帶來超過 14% 的有形資產預期回報率。

Looking beyond 2024, we believe the business is well positioned to achieve our 2026 target for return on tangible equity of greater than 13% with a CET1 ratio in the range of 13% to 14%.

展望 2024 年以後，我們相信該業務完全有能力實現 2026 年有形股本回報率超過 13% 的目標，CET1 比率在 13% 至 14% 之間。

And with that, I'll hand over to Donal.

接下來，我將把工作交給多納爾。

Thanks, Katie. Good afternoon and thank you for joining today's call. I will start by sharing some highlights for the first half before moving into more detail on the balance sheet, covering deposits, liquidity, lending, and capital. I will then give an update on progress with our funding plans for the year.

謝謝，凱蒂。下午好，感謝您參加今天的電話會議。我將首先分享上半年的一些亮點，然後詳細介紹資產負債表，包括存款、流動性、貸款和資本。然後我將介紹今年融資計畫的最新進展。

Starting with the highlights on slide 14. We ended the first half with a strong capital MREL and leverage position comfortably above the regulatory minimum with a CET1 ratio of 13.6%, a total capital ratio of 19.5%, a leverage ratio of 5.2%, and a total MREL ratio of 31.7%.

從幻燈片 14 上的亮點開始。上半年，我們的資本 MREL 強勁，槓桿部位遠高於監管最低水平，CET1 比率為 13.6%，總資本比率為 19.5%，槓桿率為 5.2%，總 MREL 比率為 31.7%。

Our liquidity coverage ratio was 151% giving us comfortable headroom over minimum requirements. Our loan-to-deposit ratio was 83%, and our net stable funding ratio was 139%.

我們的流動性覆蓋率為 151%，為我們提供了超出最低要求的充足空間。我們的貸存比率為83%，淨穩定資金比率為139%。

We ended the first half with GBP425 billion of customer deposits across our retail, private, and corporate deposit franchises. We have made solid progress with our funding plans year-to-date with GBP3.8 billion equivalent of issuance from the holding company across senior MREL, Tier 2, and AT1 and GBP4.3 billion equivalent from our operating company, NatWest Markets.

上半年，我們的零售、私人和企業存款業務的客戶存款達到 4,250 億英鎊。今年迄今為止，我們的融資計劃取得了紮實的進展，控股公司在高級MREL、Tier 2 和AT1 領域發行了38 億英鎊等值的債券，我們的營運公司NatWest Markets 發行了43 億英鎊等值的債券。

And we have returned to the covered bond market for the first time since 2019, issuing GBP750 million from NatWest Bank. Thank you for your continued support for these transactions.

我們自 2019 年以來首次重返擔保債券市場，從 NatWest 銀行發行了 7.5 億英鎊。感謝您對這些交易的持續支持。

Turning to liquidity on slide 15. Our liquidity position remains very strong. At the end of the first half, the LCR ratio was 151% or 147% on a 12-month rolling average reflecting around GBP54.5 billion of surplus primary liquidity above minimum requirements.

轉向投影片 15 上的流動性。我們的流動性狀況仍然非常強勁。上半年末，LCR 比率為 151%，以 12 個月滾動平均值計算為 147%，反映了高於最低要求的約 545 億英鎊的剩餘主要流動性。

Our high-quality liquid asset pool totals GBP227 billion, comprising primary liquidity of GBP160 billion and secondary liquidity of GBP67 million. Primary liquidity increased in H1 due to an increase in the customer funding surplus together with HoldCo and OpCo issuance.

我們的優質流動性資產池總計2,270億英鎊，其中一級流動性1,600億英鎊，二級流動性6,700億英鎊。由於客戶資金盈餘增加以及 HoldCo 和 OpCo 發行，上半年主要流動性增加。

Secondary liquidity reduced due to the normal amortization of collateral prepositioned at the Bank of England. Cash balances with central banks represent around 70% of total primary liquidity at GBP112 billion.

由於英國銀行預置抵押品的正常攤銷，二級流動性減少。中央銀行的現金餘額約為 1,120 億英鎊，佔主要流動性總額的 70% 左右。

The remaining 30% of primary liquidity mostly comprises highly rated Level 1 LCR securities with a smaller percentage of Level 2 LCR securities. We have GBP12 billion currently drawn under the Bank of England's TFSME scheme with GBP3.8 billion repayable in March '25 and the remainder repayable from March 2027.

其餘 30% 的主要流動性主要包括評級較高的 1 級 LCR 證券，以及較小比例的 2 級 LCR 證券。目前，我們根據英格蘭銀行的 TFSME 計劃提取了 120 億英鎊，其中 38 億英鎊將於 25 年 3 月償還，其餘部分將於 2027 年 3 月起償還。

Looking at our customer deposits on slide 16. Across our three businesses, deposits were up GBP5.2 billion to GBP425 billion. Migration from noninterest-bearing to interest-bearing deposits continued at a slow pace as expected. Noninterest-bearing balances were 32% of the total compared to 33% at the end of the first quarter and term accounts remained at 17%.

查看投影片 16 上的客戶存款。我們三項業務的存款增加了 52 億英鎊，達到 4,250 億英鎊。正如預期的那樣，從無息存款向有息存款的遷移繼續以緩慢的速度進行。無息餘額佔總數的 32%，而第一季末為 33%，定期帳戶仍維持在 17%。

In retail banking, there was strong growth in savings driven by record ISA inflows. In private banking, there was good demand for instant access savings, including some short-term transitory inflows. In commercial and institutional, both noninterest-bearing balances and savings grew driven by our commercial mid-market customers. Our loan-to-deposit ratio at the end of the second quarter was 83%, down from 84% at Q1.

在零售銀行業務中，創紀錄的儲蓄帳戶流入推動儲蓄強勁成長。在私人銀行業務中，對即時儲蓄的需求很大，包括一些短期的暫時性資金流入。在商業和機構領域，無息餘額和儲蓄均由我們的商業中端市場客戶推動成長。第二季末我們的貸存比率為 83%，低於第一季的 84%。

Turning to lending on slide 17. Gross loans to customers across our three businesses decreased by GBP1.9 billion to GBP358.6 billion. Taking retail banking together with private banking, mortgage balances fell by GBP0.8 billion as customer redemptions more than offset new lending. The pace of reduction slowed in the second quarter with gross new lending increasing over 20%, reflecting stronger market volumes and stable retention levels.

轉向幻燈片 17 上的貸款。我們三項業務的客戶貸款總額減少 19 億英鎊，至 3,586 億英鎊。將零售銀行業務和私人銀行業務合併起來，抵押貸款餘額減少了 8 億英鎊，因為客戶贖回的金額超過了新增貸款的金額。第二季縮減步伐放緩，新增貸款總額成長超過 20%，反映出市場容量增強和留任水準穩定。

We expect the book to return to net growth in the third quarter, given both stronger market volumes and an increase in our share of new applications during the second quarter. Unsecured balances increased by GBP0.3 billion to GBP16.1 billion, with continued growth in credit cards, partially offset by lower personal lending.

鑑於第二季市場容量強勁以及新應用份額的增加，我們預計該書將在第三季恢復淨成長。由於信用卡數量持續增長，無擔保餘額增加了 3 億英鎊，達到 161 億英鎊，但部分被個人貸款減少所抵消。

We continue to grow our share of unsecured lending and the Sainsbury's Bank transaction will support this. Within commercial and institutional, lending to mid-market customers grew by GBP1 billion driven by demand in social housing, asset financing, and invoice financing.

我們繼續增加無擔保貸款的份額，塞恩斯伯里銀行的交易將支持這一點。在商業和機構領域，受社會住宅、資產融資和發票融資需求的推動，向中端市場客戶的貸款增加了 10 億英鎊。

Balances in corporate and institutions decreased by GBP1.9 billion, partially due to customers taking advantage of stronger capital markets which is reflective in the performance of NatWest Markets.

企業和機構餘額減少 19 億英鎊，部分原因是客戶利用更強勁的資本市場，這反映在 NatWest Markets 的表現上。

Turning to our capital and leverage position on slide 18. Our CET1 ratio at the end of the quarter was 13.6% within our target range of 13% to 14%.

轉向投影片 18 上我們的資本和槓桿狀況。截至本季末，我們的 CET1 比率為 13.6%，介於我們 13% 至 14% 的目標範圍內。

We are operating with 310 basis points of headroom above the maximum distributable amount of 10.5%. Our UK leverage ratio decreased by 10 basis points in the quarter to 5.2%, leaving around 135 basis points of headroom above the Bank of England minimum requirements.

我們的營運空間比最大可分配金額 10.5% 高出 310 個基點。我們的英國槓桿率在本季下降了 10 個基點至 5.2%，比英格蘭銀行的最低要求還有約 135 個基點的空間。

The slide also shows the impact of the other systemically important institution buffer for NatWest Holdings that results in a group risk add-on for NatWest Group of 1.2%. Although not part of minimum regulatory requirements or combined buffer requirements for NatWest Group, it is included in our minimum supervisory requirements.

該幻燈片還顯示了 NatWest Holdings 的其他具有系統重要性的機構緩衝的影響，導致 NatWest Group 的集團風險附加為 1.2%。雖然不屬於 NatWest 集團最低監管要求或綜合緩衝要求的一部分，但它包含在我們的最低監管要求中。

Looking at the drivers of CET1 on slide 19. Capital generation was especially strong given our impairment release and active RWA management. We generated 63 basis points of capital from earnings and 41 basis points from lower risk-weighted assets. RWAs decreased by GBP5.5 billion to GBP180.8 billion. Active capital management accounted for GBP3.9 billion of this reduction.

請參閱投影片 19 上的 CET1 驅動程式。鑑於我們的減損釋放和積極的 RWA 管理，資本生成尤其強勁。我們從收益中產生了 63 個基點的資本，從較低風險加權資產產生了 41 個基點。RWA 減少 55 億英鎊，至 1,808 億英鎊。其中主動資本管理減少了 39 億英鎊。

This activity is in line with plan with a number of actions successfully completed in the second quarter. And whilst it is an important capital management tool, it should not be considered the run rate going forward. We currently expect around GBP200 billion of risk-weighted assets by the end of 2025.

這項活動符合計劃，第二季成功完成了多項行動。雖然它是一種重要的資本管理工具，但不應將其視為未來的運作率。目前，我們預計到 2025 年底風險加權資產將達到約 2,000 億英鎊。

Growth will not be linear, and we will include the impacts of the Metro and Sainsbury's transactions, further RWA management, and ongoing regulatory headwinds. We are still awaiting publication of the final Basel 3.1 rules, and we are also liaising with the regulator on CRD IV model changes where we expect some further inflation in the second half of this year and through 2025, although timing and quantum remains uncertain.

成長不會是線性的，我們將考慮 Metro 和 Sainsbury 交易、進一步的 RWA 管理以及持續的監管阻力的影響。我們仍在等待巴塞爾 3.1 規則的最終發布，並且我們還在就 CRD IV 模型變更與監管機構進行聯絡，我們預計今年下半年到 2025 年將出現進一步的通貨膨脹，儘管時間和數量仍不確定。

We will continue to operate with a CET1 ratio in the range of 13% to 14%.

我們將繼續以 13% 至 14% 的 CET1 比率運作。

Turning to our total capital and MREL positions on slide 20. Our total capital ratio for the half year was 19.5%. We currently have an AT1 ratio of 2.6% with GBP4.7 billion of securities outstanding. Two of these securities with a total nominal of $2.65 billion have their first call in 2025. Our Tier 2 ratio was 3.3% with GBP5.9 billion of securities outstanding.

轉向投影片 20 上我們的總資本和 MREL 部位。半年我們的總資本比率為19.5%。我們目前的 AT1 比率為 2.6%，流通證券為 47 億英鎊。其中兩種證券的面額總額為 26.5 億美元，將於 2025 年首次贖回。我們的二級資本比率為 3.3%，未償還證券為 59 億英鎊。

We are currently running excess headroom in AT1 and Tier 2 given recent issuance. However, over time, we expect to continue operating with optimal levels of AT1 and Tier 2 capital relative to our minimum requirements. Our total MREL continues to look healthy at 31.7%, significantly higher than our risk-weighted asset requirements.

鑑於最近的發行，我們目前在 AT1 和 Tier 2 上擁有過剩的空間。然而，隨著時間的推移，我們預計將繼續以相對於我們最低要求的最佳 AT1 和二級資本水準運作。我們的 MREL 總額仍保持在 31.7% 的健康水平，明顯高於我們的風險加權資產要求。

And finally, turning to our issuance during the first half on slide 21. From NatWest Group, we have issued $2.8 billion in senior MREL against our guidance of GBP4 billion to GBP5 billion equivalent for the year. In addition to issuing MREL, we have also issued $1 billion in each of Tier 2 and AT1 in H1.

最後，轉向我們在投影片 21 上半部的發布。NatWest 集團已發行 28 億美元的高級 MREL，而我們今年的指導金額為 40 億至 50 億英鎊等值。除了發行 MREL 之外，我們還在上半年發行了 Tier 2 和 AT1 各 10 億美元的債券。

While for NatWest Markets Plc, we have issued around GBP4.3 billion equivalent in euros and dollars which leaves us well placed against our GBP3 billion to GBP5 billion guidance for 2024. From NatWest Bank, we issued GBP750 million covered bond within our guidance of up to GBP1 billion for the year.

而對於 NatWest Markets Plc 來說，我們已經發行了約 43 億英鎊等值的歐元和美元，這使我們在 2024 年 30 億至 50 億英鎊的指導方針中處於有利地位。我們從 NatWest 銀行發行了 7.5 億英鎊擔保債券，全年最高發行額為 10 億英鎊。

Looking ahead to H2, we expect to be active from both the holding company and NatWest Markets to complete our annual funding requirements and will also give consideration to the potential of prefunding our 2025 requirements if the right market conditions prevail later in the year.

展望下半年，我們預計控股公司和 NatWest Markets 都將積極完成我們的年度融資需求，並且如果今年稍後市場條件合適，我們還將考慮為 2025 年需求預先融資的可能性。

With that, we'll open up the line for questions.

這樣，我們將開放提問熱線。

(Operator Instructions) Our first two questions come from Lee from Citigroup. What is the sum total measured in RWA terms of SRT that are currently in existence? What is your capacity to do further SRTs? And when do you an SRT -- when you do, sorry, an SRT, does that mean that the risk is permanently removed from the balance sheet? And the second question is what part of your loan book is of the greatest focus presently sector or loan -- type of loan?

（操作員說明）我們的前兩個問題來自花旗集團的Lee。目前存在的以 RWA 形式衡量的 SRT 的總和是多少？您進行進一步 SRT 的能力有多大？何時進行 SRT——抱歉，當您進行 SRT 時，這是否意味著風險已從資產負債表中永久消除？第二個問題是，您的貸款簿中的哪一部分是目前最受關注的部門或貸款類型？

Thanks very much, Lee. I'll just deal with the first one. The reality is, Lee, there's no one bit of the loan book that I would call out. I mean, overall, as you can see by the charge and the write-backs we've had in the quarter that, in reality, the book is performing incredibly well. Clearly, we're very focused on all different parts of the group, but there's not one area that I would call out particularly ahead of any of the others.

非常感謝，李。我只處理第一個。事實是，李，貸款簿上沒有任何一處是我可以調的。我的意思是，總的來說，正如您從本季度的費用和回寫中看到的那樣，實際上，這本書的表現非常好。顯然，我們非常關注團隊的所有不同部分，但沒有一個領域是我會在其他領域之前特別強調的。

Donal, do you want to deal with the SRT question?

Donal，您想解決 SRT 問題嗎？

Yeah. So on the SRT, Lee, we don't disclose the total sum, but just I suppose to help you in some degree in the Pillar 3, you'll see in terms of the SRT transactions we executed in Q2, they deliver about GBP1.2 billion benefit to risk weights.

是的。所以，在SRT 上，Lee，我們不會透露總金額，但我想在第3 支柱方面能在某種程度上幫助您，您會看到我們在第二季度執行的SRT 交易，它們提供了大約1 英鎊風險權重受益 2 億。

You'll also see there that the nominal value of the SRTs has increased from GBP2.3 billion to GBP5.8 billion. So I think you can use that to assume that the existing transactions that are already on the book before Q2 weren't going to be material in terms of that order benefits.

您還會看到 SRT 的名義價值已從 23 億英鎊增加到 58 億英鎊。因此，我認為您可以用它來假設第二季度之前已經記錄在案的現有交易在訂單效益方面不會產生重大影響。

On capacity, I think plenty of capacity, we do have aspirations to build up the program from a low base. And then the final part of that does it permanently remove the risk weight from the book. The answer is no, just for the lifetime of the transaction, but we do want to get into a more consistent rolling program so that we can roll these transactions going forward as well. So hopefully that answers your questions.

在能力方面，我認為能力充足，我們確實希望從低基礎開始建立該計劃。最後一部分是從書中永久刪除風險權重。答案是否定的，只是在交易的生命週期內，但我們確實希望進入一個更一致的滾動計劃，以便我們也可以向前滾動這些交易。希望這能回答您的問題。

Thanks, Lee.

謝謝，李。

Our next question is pre-submitted. Could you elaborate a bit on the funding for H2? It looks like you have more work to do on MREL potentially, Tier 2. Any thoughts on currency?

我們的下一個問題是預先提交的。能詳細說明一下 H2 的資金狀況嗎？看來您在 MREL（第 2 層）方面還有更多工作要做。關於貨幣有什麼想法嗎？

Donal?

多納爾？

Yes. I'd say very well advanced on our funding plans for 2024. In MREL, in particular, we did guide in February of GBP4 billion to GBP5 billion equivalent for the year. We've done GBP2.2 billion, yes. So we're just above 50% of that requirement.

是的。我想說，我們 2024 年的融資計畫已經取得了很大進展。特別是在 MREL 方面，我們在 2 月確實指導了全年 40 億至 50 億英鎊等值的資金。是的，我們已經完成了 22 億英鎊。所以我們剛剛超過了該要求的 50%。

So do expect us to be active in H2 with, I would guess, at least a couple of transactions. As always, we're open on currency depending on where the investor demand is and also from a pricing perspective as well. So we consider that on an ongoing basis. Maybe just touch on other elements on AT1 and Tier 2. We're looking, I think, pretty much complete.

因此，我猜我們在下半年會積極參與至少幾筆交易。一如既往，我們對貨幣持開放態度，這取決於投資者的需求以及定價的角度。因此，我們會持續考慮這一點。也許只是觸及 AT1 和 Tier 2 上的其他元素。我認為我們正在尋找幾乎完整的結果。

I think AT1, we set up to GBP1 billion. We did a $1 billion transaction. And on Tier 2, we guided to GBP1 billion to GBP2 billion, and we're just shy of the GBP1 billion at GBP800 million equivalent saying that, we will keep an open mind just depending on market dynamics in H2 and if there is good opportunities, then we will look at that.

我認為AT1，我們設立了10億英鎊。我們做了一筆 10 億美元的交易。在第二級，我們的指導價為 10 億英鎊至 20 億英鎊，距離 8 億英鎊等值的 10 億英鎊僅差一點，我們將根據下半年的市場動態以及是否有好的機會保持開放的態度，然後我們來看看。

From an OpCo perspective, NatWest Markets Plc, we guided to GBP3 billion to GBP5 billion for the year and we're very well placed there. We've done about GBP4.3 billion equivalent across euros and dollars. And the same that I probably do expect to be active from the OpCo as well in H2.

從 OpCo 和 NatWest Markets Plc 的角度來看，我們今年的目標為 30 億至 50 億英鎊，我們處於非常有利的位置。我們已經透過歐元和美元完成了約 43 億英鎊等值的交易。我可能確實希望 OpCo 在下半年也能發揮積極作用。

(Operator Instructions) Our next question is the impairment charge of 3 basis points for the half year is very low. What would it take to move impairments higher? And when do you think the rate will normalize?

（操作員說明）我們的下一個問題是半年3個基點的減損費用非常低。怎樣才能提高減損？您認為利率何時會正常化？

Yeah. No. Thanks very much. It's a great question. As I look at the charge for the moment, it's -- we've changed our guidance today to be less than 15 basis points. When we look at our through-the-cycle guidance, we've traditionally talked about 20 to 30 basis points.

是的。不。非常感謝。這是一個很好的問題。當我查看目前的費用時，我們今天已將指導值更改為低於 15 個基點。當我們查看整個週期指導時，我們傳統上談論的是 20 到 30 個基點。

But I mean what I would say is for the last number of years, certainly since COVID we really struggled to hit that level. I think the real reality with the strength of the kind of deposits that our customers are holding and now the improving economy.

但我想說的是，在過去的幾年裡，當然自從新冠疫情以來，我們確實很難達到這個水平。我認為真正的現實是我們的客戶持有的存款的實力以及現在經濟的改善。

It's very hard to call when you might actually see us getting back to that through the cycle guidance. It's clearly not something we're anticipating this year with less than 15 basis points. We continue to obviously to be very vigilant on the book and spend a lot of time looking at different kind of sectors.

當您實際上可能看到我們透過週期指南迴到這一點時，很難打電話。顯然，我們今年預計不會出現低於 15 個基點的情況。顯然，我們仍然對這本書保持高度警惕，並花費大量時間研究不同類型的行業。

But as I said in one of the earlier comments, there's nothing particularly that I'm looking at that's causing us overly -- over concern, but we do continue to watch for developments. Thanks very much.

但正如我在先前的評論中所說，我所看到的沒有什麼特別的事情會引起我們過度的擔憂，但我們確實會繼續關注事態的發展。非常感謝。

Paul Fenner. (Operator Instructions)

保羅·芬納.（操作員說明）

Hi, Paul.

嗨，保羅。

(Operator Instructions)

（操作員說明）

Hi.

你好。

Hi, Paul.

嗨，保羅。

Sorry about that technical issues. Sorry about that. I just wanted -- I've got two questions. One on the supply front. Just to clarify. So you mentioned Tier 2 that there seems to be a gap there between your plan and what you've done so far? Or is there not a gap are you saying that you're more likely not to have any more need than you were to doing another transaction just to clarify your Tier 2 needs going forward.

對於技術問題深表歉意。對此感到抱歉。我只是想——我有兩個問題。一是供應方面。只是為了澄清。所以你提到第二層，你的計劃和你迄今為止所做的事情之間似乎存在差距？或者，您是否表示，與進行另一筆交易相比，您更有可能不需要更多的需求，只是為了澄清您未來的第 2 級需求。

And then the other question I had was you've got the management provision buffer of GBP300 million-odd. Just to get an understanding of how you might go about releasing that. if rates stock coming down, presumably the risks assuming there isn't -- it isn't for a slowdown in economic reasons.

我的另一個問題是你有 3 億多英鎊的管理準備金緩衝。只是為了了解您如何發布它。如果利率股票下跌，大概是假設沒有下跌的風險——這並不是因為經濟放緩。

All other things being equal, rates come down, unemployment, assuming it doesn't go up, the cycle seems to be softer. Does that mean there's like a more or less linear glide path to zero?

在其他條件相同的情況下，利率下降，失業率下降，假設它不上升，週期似乎會更軟。這是否意味著存在或多或少的線性下滑路徑到零？

Or does it -- is it never going to go to zero? What's the -- what's the bottom of that -- what's the minimum amount that you are likely to hold in your management provision buffer? I know that's not what you call it, but whatever.

或者它永遠不會歸零嗎？你的管理準備金緩衝中可能持有的最低金額是多少？我知道這不是你所說的，但無論如何。

Don't worry. So I'll take that one, then Donal, you can come in on the Tier 2. So I guess as I look at it, what I've always said about this provision. So the post-model adjustments is that there'll be a multi-quarter event in terms of release this. And this period, we actually released about [110], particularly from this bucket a little bit more.

不用擔心。所以我會選擇那個，然後唐納爾，你可以進入第二層。所以我想，當我看到它時，我一直在說這個條款。所以模型後的調整是，在發布方面將會有一個多季度的事件。而這個時期，我們實際上發布了大約[110]，特別是來自這個桶的多一點。

A couple of things were driving that. There were some model enhancements in retail, but also the update in economics would have had a little bit of an impact as well. I don't think it will ever be completely linear. It would certainly not be linear as it gets released. It's interesting, whether it goes to zero.

有幾件事推動了這一點。零售業有一些模型的增強，但經濟學的更新也會產生一些影響。我認為它永遠不會是完全線性的。當它發佈時，它肯定不會是線性的。有趣的是，它是否會歸零。

We did have zero, I think, for one year. And then the following year, we added on something like [95] because of Brexit. Then obviously, COVID, you saw us add on many -- several billions of provision in that bucket as well. So I think it's unwound very, very significantly since then. I mean I never say never, but it feels that it should be a number that toggles up and down a little bit.

我想，一年來我們確實是零。第二年，由於英國脫歐，我們加入了類似 [95] 的內容。顯然，新冠病毒，你看到我們也在該桶中添加了許多——數十億美元的供應。所以我認為從那時起它就得到了非常非常顯著的緩解。我的意思是我從來沒有說過永遠，但感覺它應該是一個可以上下切換的數字。

But at the moment, if we -- you're right, if we continuing to see improvements in rates falling down as long as the other economics stayed more or less in line, you would start to get some comfort that it would come down, but I do think it will be a multi-quarter event.

但目前，如果我們——你是對的，如果我們繼續看到利率有所改善，只要其他經濟體或多或少保持一致，利率就會下降，你就會開始感到安慰，利率會下降，但我確實認為這將是一個多季度的活動。

Donal, do you want to take the Tier 2?

唐納爾，你想考二級嗎？

Yeah. On Tier 2, maybe I wasn't clear. Yes, you're right, we're slightly shy of the lower end of our GBP10 million to GBP2 billion guidance, but we will keep an open option on Tier 2 for the remainder of the year. You can see we are currently running a bit of a surplus at 3.3% versus the 2.8% requirement, but I also have a maturity of $750 million maturity in the second half of the year. So -- and I wouldn't rule out Tier 2 issuance in H2.

是的。關於第二層，可能我沒說清楚。是的，你是對的，我們略低於 1000 萬英鎊至 20 億英鎊指導的下限，但我們將在今年剩餘時間內保留第 2 級的開放選項。您可以看到，我們目前的利率為 3.3%，相對於 2.8% 的要求，略有盈餘，但今年下半年我還有 7.5 億美元的到期期限。因此，我不排除在下半年進行二級發行。

Okay. Very good. Thank you, both.

好的。非常好。謝謝你們，兩位。

Thanks very much.

非常感謝。

Daniel David, Autonomous.

丹尼爾大衛，自治。

Hi, Daniel.

嗨，丹尼爾。

Good afternoon. Hopefully, I've navigated the IT. Congratulations and thanks for taking my questions. I've got three. First one is just a quick one on AT1. So if I understand your comments correct, should we assume that the AT1 bucket could reduce. So i.e., could you call out right the next AT1 you've got coming up, given you've built headroom quite early before the next AT1 comes?

午安.希望我已經熟悉 IT了。恭喜並感謝您回答我的問題。我有三個。第一個只是 AT1 上的快速一個。因此，如果我正確理解您的評論，我們是否應該假設 AT1 桶可能會減少。也就是說，考慮到您在下一個 AT1 到來之前就已經建立了足夠的空間，您能否立即呼喚下一個即將到來的 AT1？

The second one, I hear your comments on Basel IV, but I guess we're pretty close to one down '25. I'm just looking for any guide -- any indication of what we can expect coming from headwinds from regulation. Anything you can say would be helpful and whether there's any mitigation potentially via SRTs or any other items that we should be aware of?

第二個問題，我聽到了您對巴塞爾 IV 的評論，但我想我們已經非常接近 25 年的評論了。我只是在尋找任何指南——任何關於我們可以從監管逆風中得到什麼的跡象。您所說的任何內容都會有所幫助，是否可以透過 SRT 或我們應該了解的任何其他項目來緩解？

And then thirdly, just more of a broad question. So given what we've seen from the building societies in the UK, do you think there's been any change in competitive dynamics in the market?

第三，這是一個更廣泛的問題。那麼，鑑於我們從英國建屋互助協會看到的情況，您認為市場競爭動態有什麼變化嗎？

And I guess, when I look at what you've done recently with Metro and Sainsbury's, I guess, those two transaction stand out? I'm just interested whether you consider anything larger or further down the line? Thanks.

我想，當我看看你最近在麥德龍和塞恩斯伯里所做的事情時，我想這兩筆交易很突出？我只是感興趣你是否考慮過更大或更進一步的事情？謝謝。

Yeah, sure. So let me kick off and I'll come back to Donal on AT1. So I guess in terms of that competitive dynamic piece, I think there's obviously been quite a lot of change with some of the transactions that have gone on.

是的，當然。那麼讓我開始吧，我將在 AT1 上回到多納爾。所以我想就競爭動態而言，我認為已經進行的一些交易顯然發生了很大的變化。

I think one of the things that has helped is I think some people's level of funding requirements, where we had seen a lot of TFSME coming up where it's a relatively quick repayment actually, I think, with some of the movements that have gone on, that's going to take away some of the pressure from some of these smaller players, which as a result, I actually think on the deposit side, it's been relatively benign in terms of competition.

我認為有幫助的事情之一是我認為一些人的資金需求水平，我們看到很多 TFSME 出現，實際上這是一個相對較快的還款，我認為，隨著一些已經發生的運動，這將減輕一些較小參與者的壓力，因此，我實際上認為在存款方面，競爭相對良性。

Rates haven't moved a lot. You saw that in our own charts around the cost of funding that we didn't have rates going up. But similarly they haven't yet started to come down. So I think that has certainly had a bit of an impact just in the short term. I think we'll see how it continues to roll through.

價格沒有太大變動。您在我們自己的有關融資成本的圖表中看到，我們的利率沒有上升。但同樣地，它們還沒有開始下降。所以我認為這在短期內確實產生了一些影響。我想我們會看到它如何繼續發展。

We're very pleased with both the Sainsbury's and the Metro transaction. They've made -- both of them made good strategic sense for us. It's something we have a team that we are always looking at very constantly reviewing.

我們對 Sainsbury's 和 Metro 的交易都非常滿意。他們都對我們產生了良好的戰略意義。我們的團隊一直在關注並不斷審查這一點。

And it's one of the areas that we do think if we can see something that is really adding capability or the right kind of level of volume, we're very interested to participate within it. But at the moment, very happy to have done those two literally within the last few weeks.

這是我們確實認為的領域之一，如果我們能看到真正增加能力或達到正確數量水平的東西，我們非常有興趣參與其中。但目前，我很高興在過去幾週內完成了這兩件事。

In terms of the Basel 3.1 question, I guess our guidance for RWAs is around GBP200 billion for the end of 2025. That includes the Basel 3.1 movements. We've talked as well about the CRD IV movements coming in. And they've been more difficult to estimate in terms of quantum and timing, but they're definitely a feature of that.

就巴塞爾 3.1 問題而言，我認為到 2025 年底我們對 RWA 的指導約為 2000 億英鎊。其中包括巴塞爾 3.1 運動。我們也討論了 CRD IV 機芯的推出。而且它們在量子和時間方面更難以估計，但它們絕對是其中的一個特徵。

Within that around GBP200 billion, we've also got obviously two recent acquisitions that we've done as well as just some loan growth that we're expecting to see strengthen a little bit as well. So I can't give you exact pinpoint numbers.

在這大約 2000 億英鎊的資金中，我們顯然也完成了最近完成的兩項收購，以及一些貸款成長，我們預計這些成長也會加強。所以我無法給你確切的數字。

We are expecting the regulation to come out hopefully in the next quarter. And then if we have anything more to say we can update in October in terms of where that's sitting. But it's definitely something that our RWA management that we've done this quarter using SRTs and other levers is something I think you should seek to see as a more continuous narrative in our results as we move on from here.

我們預計該法規預計將在下個季度推出。如果我們還有什麼要說的，我們可以在 10 月更新目前的情況。但這絕對是我們本季使用 SRT 和其他槓桿進行的 RWA 管理，我認為您應該在我們繼續前進時將其視為我們結果中更連續的敘述。

Donal, do you want to talk about AT1. So if you have anything to add anywhere else.

Donal，你想談談 AT1 嗎？所以如果你還有什麼要補充的地方。

Yeah, no, it's nice. I think it leads nicely into AT1 just in terms of the order rate trajectory as well because you see we're running both for again at AT1 at present, 3.3 -- or 2.6% versus the 2.1% requirement. So two things to consider. One, as Katie said, it's the order rate trajectory, it's GBP200 billion by end '25.

是的，不，這很好。我認為就訂單率軌跡而言，它也很好地領先 AT1，因為您看到我們目前在 AT1 上再次運行，3.3 - 或 2.6%，而要求為 2.1%。所以需要考慮兩件事。第一，正如凱蒂所說，這是訂單率軌跡，到 25 年底將達到 2,000 億英鎊。

And then we do have 2 points -- we have $2.65 billion of calls over two instruments, August '25 and December '25 next year to take into consideration, I suppose when we think around our issuance, we always say that we start thinking around AT1 pre-financing about a year ahead of plan.

然後我們確實有兩點——我們對兩種工具（明年8 月25 日和12 月25 日）有26.5 億美元的看漲期權需要考慮，我想當我們考慮我們的發行時，我們總是說我們開始考慮AT1 預融資比原計劃提前了大約一年。

So that will start coming into our consideration into the second half of this year and into next year. Given the buffer we're currently running, it's probably next year when we start thinking about further AT1 issuance given we've done the $1 billion transaction earlier on this year.

因此，我們將在今年下半年和明年開始考慮這一點。考慮到我們目前正在運行的緩衝，考慮到我們已經在今年稍早完成了 10 億美元的交易，我們可能會在明年開始考慮進一步發行 AT1。

Super thanks very much, Daniel.

超級非常感謝，丹尼爾。

Our next question is, I'm interested in your view on the usage of Bank of England's short-term repo facility. Do you see it as an option as you look to refinance your TFSME drawings next year?

我們的下一個問題是，我對您對英格蘭銀行短期回購工具的使用的看法感興趣。當您希望明年為 TFSME 圖紙再融資時，您是否認為這是一種選擇？

Donal?

多納爾？

I shall take that one. So maybe starting off on TFSME. So from a NatWest Group perspective, we have GBP12 billion outstanding, of which about GBP3.8 billion is due to mature in Q4 2025. So in terms of refinancing, given our very strong liquidity position, we would just look to repay that from our excess liquidity we currently hold given it's an LCR of above 150% at present. The remaining GBP8.2 billion matures from March '27.

我要拿那個。所以也許可以從 TFSME 開始。因此，從 NatWest 集團的角度來看，我們有 120 億英鎊的未償還資金，其中約 38 億英鎊將於 2025 年第四季到期。因此，在再融資方面，鑑於我們非常強勁的流動性狀況，鑑於目前的 LCR 高於 150%，我們只想從目前持有的過剩流動性中償還。剩餘的 82 億英鎊將於 27 年 3 月到期。

So we'll start thinking about that closer to the time. There is an interesting question in terms of the STR and the short-term repo facility because it is a topic we've been having a number of discussions with investors over the last few weeks.

所以我們會在接近時間時開始考慮這個問題。關於 STR 和短期回購工具有一個有趣的問題，因為這是我們在過去幾週與投資者進行多次討論的話題。

So let me just, I think, touch on what that is, but probably more importantly, what it's not. The aim of the facility, as you're wires to ensure the short-term interest rates remain close to bank rate as Central Bank reserves reduced through repayment of TFSME and QT. That allows banks -- it allows banks to borrow Central Bank reserves a cash against Level 8 collateral gilts.

因此，我想，讓我談談這是什麼，但可能更重要的是，它不是什麼。該工具的目的是，當您透過償還 TFSME 和 QT 來減少中央銀行準備金時，您需要確保短期利率保持接近銀行利率。這使得銀行能夠借入央行儲備的現金，以 8 級抵押金邊債券為抵押。

So an effective repo rate increase banks can access the reserves of the Bank of England as opposed to normal market repo activity. And this is exactly what we've seen in terms of the used stuff facility over the last few weeks. So I'd say it's operating exactly as the Bank of England would expect.

因此，與正常的市場回購活動不同，銀行可以透過有效提高回購利率來獲取英格蘭銀行的準備金。這正是我們過去幾週在二手設施方面所看到的情況。所以我想說它的運作完全符合英格蘭銀行的預期。

In effect, it's only swapping on HQLA Level 1 asset gilt for another reserves. So in effect, it does not create liquidity. So hence, there's no real link to the refinancing of TFSME through the STR facility.

實際上，它只是將 HQLA 1 級資產金邊換成其他儲備。因此實際上，它並沒有創造流動性。因此，透過 STR 設施與 TFSME 的再融資沒有真正的關聯。

What is probably more interesting is there was a reason, as you will have seen, speech by Vicki support early on this week around ILTR and expectations there of potential to grow in use of ILTR and maybe some changes to the facility itself with TFSME refinancing and QT over the next couple of years.

可能更有趣的是，正如您所看到的，Vicki 支援人員本週早些時候圍繞ILTR 發表了演講，並期望ILTR 的使用有增長的潛力，並且可能透過TFSME 再融資對該設施本身進行一些改變，這可能是有原因的。

That is very different to STR because it does have the ability to create liquidity through drawing of an effect swapping non-HQLA Level C assets, which UK mortgages that are prepositioned at the Bank of England for Level 1 reserves in a similar way to TFSME at work. So just to clarify, I think the difference there as there seem to be some confusion.

這與 STR 非常不同，因為它確實有能力透過交換非 HQLA C 級資產的效果來創造流動性，這些資產是英國抵押貸款，以與 TFSME 類似的方式在英格蘭銀行預先配置為 1 級儲備。所以為了澄清一下，我認為其中存在差異，因為似乎存在一些混亂。

There are no more questions at this time. I would now like to hand over to Katie for closing remarks.

目前沒有更多問題。現在請凱蒂致閉幕詞。

Lovely. Thanks very much, Oliver. So just once again, as ever, thank you very much for the support on this call and also the support you give us as we do our issuance, it really is tremendously appreciated. If there's anything else you should like to follow up with after call, I mean, Donal is obviously available as is Paul Pybus from our Debt IR. And please do feel free to reach out.

迷人的。非常感謝，奧利佛。因此，一如既往，非常感謝您對本次電話會議的支持，以及您在我們發行時給予我們的支持，真的非常感謝。如果您在通話後還有其他事情需要跟進，我的意思是，Donal 顯然可以，我們債務 IR 的 Paul Pybus 也可以。請隨時與我們聯繫。

So apologies. Have a good weekend when you get to it and thanks, again. Bye-bye.

所以抱歉。祝您週末愉快，再次感謝。再見。

Thank you.

謝謝。