Director/PDMR Shareholding

OneSavings Bank plc
(the Company)

Notification of Transactions of Persons Discharging Managerial Responsibilities (PDMRs) and persons closely associated with the PDMRs

(i)            Awards

The Company notifies the following changes in the interests in the ordinary shares of £0.01 each (Shares) of the Company of the Executive Directors and other PDMRs arising from awards granted under the Deferred Share Bonus Plan (DSBP) and Performance Share Plan (PSP) on 19 March 2020 at a price of £2.5836 per Share being the average closing price of the Shares for the five dealing days leading up to the date of grant.

The purpose of the DSBP is to facilitate the deferral of part of a participant’s annual bonus into Shares.  Awards to Executive Directors will normally vest three years after grant and awards to other PDMRs will normally vest one year after grant. DSBP awards will not be subject to performance conditions. 

The PSP awards are based on a mixture of internal financial performance targets, relative total shareholder return and a non-financial risk metric.  The performance targets will be measured over three financial years with vesting in five equal tranches between three and seven years following grant.  Clawback and malus provisions apply to these Awards.

The Group Remuneration Committee considered whether to reduce the grant level of the PSP awards in light of the recent share price falls, or to delay the grant.  However, acknowledging that Coronavirus (COVID-19) is impacting the stock market generally, it determined that the 2020 awards should be granted at the normal grant level under the policy. It also decided against delaying the grant, as it was not possible to forecast when the stock market was likely to stabilise. The Group Remuneration Committee however has discretion to adjust the vesting level to ensure that the reward level reflects underlying performance, risk and individual conduct and in doing so will consider whether there have been any windfall gains in the event of a swift recovery in the stock market and company share price.

Name	Number of Shares acquired
Executive Directors
	DSBP	PSP	TOTAL
Andrew Golding	114,558	312,935	427,493
April Talintyre	77,172	212,881	290,053
Other PDMRs
Jens Bech	33,909	121,002	154,911
Alan Cleary	32,145	153,983	186,128
Richard Davis	20,943	0	20,943
Peter Elcock	32,145	151,783	183,928
Jason Elphick	24,333	95,101	119,434
John Gaunt	0	77,992	77,992
Hasan Kazmi	33,051	101,778	134,829
Clive Kornitzer	38,186	129,774	167,960
Lisa Odendaal	23,636	83,136	106,772
Paul Whitlock	15,447	78,170	93,617
Richard Wilson	21,883	83,455	105,338

(ii)           Vestings – Sale to Satisfy Tax Liabilities

The Company also notifies the following changes in the interests in the ordinary shares of £0.01 each (Shares) of the Company of the Executive Directors and other PDMRs arising from awards vested under the following plans:

• 2017 Deferred Share Bonus Plan, which was granted on 16 March 2017 at a price of £4.0754 per Share being the average closing price of the Shares for the five dealing days leading up to the date of grant.
   
• 2017 Performance Share Plan, which  was granted on 16 March 2017 at a price of £4.0754 per Share, being the average closing price of the Shares for the five dealing days leading up to the date of grant; 75.1 per cent of the awards vested.
   
• 2019 Deferred Share Bonus Plan, which was granted on 14 March 2019 at a price of £3.9008 per Share being the average closing price of the Shares for the five dealing days leading up to the date of grant.

The number of shares sold represents the tax liability for each individual.

Name			Number of Shares disposed
Executive Directors
	DSBP	PSP		TOTAL
Andrew Golding	23,076	50,769		73,845
April Talintyre	15,629	26,904		42,533
Other PDMRs
Jens Bech	12,351	22,060		34,411
Richard Davis	7,540	9,417		16,957
Jason Elphick	8,819	6,127		14,946
Hasan Kazmi	10,263	12,454		22,717
Clive Kornitzer	13,279	18,876		32,155
Lisa Odendaal	7,414	6,992		14,406
Richard Wilson	8,059	10,328		18,387

(iii)          Shares purchased by Directors and other PDMRs in the market.

The following disclosures are made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person	Andrew Golding

2 - Reason for the notification

Position/status	Chief Executive Officer
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table  

Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		Outside a trading venue		GBP – British Pound
Nature of Transaction:   Acquisition			Price		Volume		Total
			£2.5836		427,493		£1,104,470.91
		Aggregated	£2.5836		427,493		£1,104,470.91

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:  Disposal			Price		Volume		Total
				£1.721785		73,845		£127,145.21
			Aggregated	£1.721785		73,845		£127,145.21

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person	April Talintyre

2 - Reason for the notification

Position/status	Chief Financial Officer
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table
  

Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		Outside a trading venue		GBP – British Pound
Nature of Transaction:   Acquisition			Price		Volume		Total
			£2.5836		290,053		£749,380.93
		Aggregated	£2.5836		290,053		£749,380.93

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:  Disposal			Price		Volume		Total
				£1.721785		42,533		£73,232.68
			Aggregated	£1.721785		42,533		£73,232.68

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person

Jens Bech

2 - Reason for the notification

Position/status	Group Commercial Director
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:   Acquisition			Price		Volume		Total
				£1.764186		11,274		£19,889.43
			Aggregated	£1.764186		11,274		£19,889.43

Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		Outside a trading venue		GBP – British Pound
Nature of Transaction:   Acquisition			Price		Volume		Total
			£2.5836		154,911		£400,228.06
		Aggregated	£2.5836		154,911		£400,228.06

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:  Disposal			Price		Volume		Total
				£1.721785		34,411		£59,248.34
			Aggregated	£1.721785		34,411		£59,248.34

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person	Alan Cleary

2 - Reason for the notification

Position/status	Group Managing Director, Mortgages
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		Outside a trading venue		GBP – British Pound
Nature of Transaction:   Acquisition			Price		Volume		Total
			£2.5836		186,128		£480,880.30
		Aggregated	£2.5836		186,128		£480,880.30

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person	Richard Davis

2 - Reason for the notification

Position/status	Chief Information Officer
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table  

Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		Outside a trading venue		GBP – British Pound
Nature of Transaction:   Acquisition			Price		Volume		Total
			£2.5836		20,943		£54,108.33
		Aggregated	£2.5836		20,943		£54,108.33

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:  Disposal			Price		Volume		Total
				£1.721785		16,957		£29,196.31
			Aggregated	£1.721785		16,957		£29,196.31

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person	Peter Elcock

2 - Reason for the notification

Position/status	Chief Risk Officer, CCFS
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table  

Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		Outside a trading venue		GBP – British Pound
Nature of Transaction:   Acquisition			Price		Volume		Total
			£2.5836		183,928		£475,196.38
		Aggregated	£2.5836		183,928		£475,196.38

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person

Jason Elphick

2 - Reason for the notification

Position/status	Group General Counsel and Company Secretary
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	20 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:   Acquisition			Price		Volume		Total
				£2.25223		8,214		£18,499.82
			Aggregated	£2.25223		8,214		£18,499.82

Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		Outside a trading venue		GBP – British Pound
Nature of Transaction:   Acquisition			Price		Volume		Total
			£2.5836		119,434		£308,569.68
		Aggregated	£2.5836		119,434		£308,569.68

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:  Disposal			Price		Volume		Total
				£1.721785		14,946		£25,733.80
			Aggregated	£1.721785		14,946		£25,733.80

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person

John Gaunt

2 - Reason for the notification

Position/status	Group Chief Information Officer
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table
  

Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		Outside a trading venue		GBP – British Pound
Nature of Transaction:   Acquisition			Price		Volume		Total
			£2.5836		77,992		£201,500.13
		Aggregated	£2.5836		77,992		£201,500.13

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person

Hasan Kazmi

2 - Reason for the notification

Position/status	Chief Risk Officer, OSB
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		Outside a trading venue		GBP – British Pound
Nature of Transaction:   Acquisition			Price		Volume		Total
			£2.5836		134,829		£348,344.20
		Aggregated	£2.5836		134,829		£348,344.20

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:  Disposal			Price		Volume		Total
				£1.721785		22,717		£39,113.79
			Aggregated	£1.721785		22,717		£39,113.79

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person

Clive Kornitzer

2 - Reason for the notification

Position/status	Group Chief Operating Officer
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		Outside a trading venue		GBP – British Pound
Nature of Transaction:   Acquisition			Price		Volume		Total
			£2.5836		167,960		£433,941.46
		Aggregated	£2.5836		167,960		£433,941.46

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:  Disposal			Price		Volume		Total
				£1.721785		32,155		£55,364
			Aggregated	£1.721785		32,155		£55,364

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person

Lisa Odendaal

2 - Reason for the notification

Position/status	Group Chief Internal Auditor
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		Outside a trading venue		GBP – British Pound
Nature of Transaction:   Acquisition			Price		Volume		Total
			£2.5836		106,772		£275,856.14
		Aggregated	£2.5836		106,772		£275,856.14

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:  Disposal			Price		Volume		Total
				£1.721785		14,406		£24,804.03
			Aggregated	£1.721785		14,406		£24,804.03

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person	Paul Whitlock

2 - Reason for the notification

Position/status	Group Managing Director, Savings
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		Outside a trading venue		GBP – British Pound
	Nature of Transaction:   Acquisition			Price		Volume		Total
				£2.5836		93,617		£241,868.88
			Aggregated	£2.5836		93,617		£241,868.88

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person

Richard Wilson

2 - Reason for the notification

Position/status	Group Chief Credit Officer
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		Outside a trading venue		GBP – British Pound
	Nature of Transaction:   Acquisition			Price		Volume		Total
				£2.5836		105,338		£272,151.26
			Aggregated	£2.5836		105,338		£272,151.26

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:  Disposal			Price		Volume		Total
				£1.721785		18,387		£31,658.46
			Aggregated	£1.721785		18,387		£31,658.46

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person	David Weymouth

2 - Reason for the notification

Position/status	Chairman
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or  auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:   Acquisition			Price		Volume		Total
				£1.731000		5,500		£9,520.50
			Aggregated	£1.731000		5,500		£9,520.50

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person	Valeryane Elphick

2 - Reason for the notification

Position/status	Spouse of Jason Elphick - Group General Counsel and Company Secretary
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	20 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:   Acquisition			Price		Volume		Total
				£2.26516		8,608		£19,498.50
			Aggregated	£2.26516		8,608		£19,498.50

   1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person	Mary McNamara

2 - Reason for the notification

Position/status	Non-Executive Director
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:   Acquisition			Price		Volume		Total
				£1.73		17,000		£29,410
			Aggregated	£1.73		17,000		£29,410

  1 - Details of the person discharging managerial responsibilities / person closely associated

Name of natural person	Paul Whittaker

2 - Reason for the notification

Position/status	Spouse of Mary McNamara - Non-Executive Director
Initial notification/amendment	Initial Notification

3 - Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Full name of the entity	OneSavings Bank plc
Legal Entity Identifier code	213800WTQKOQI8ELD692

4 - Details of the transaction(s)

  Transaction(s) summary table

	Date of Transaction	Financial Instrument	Identification Code		Place of Transaction		Currency
	19 March 2020	Ordinary shares of £0.01 each	GB00BM7S7K96		London Stock Exchange, Main Market (XLON)		GBP – British Pound
	Nature of Transaction:   Acquisition			Price		Volume		Total
				£1.73		27,500		£47,575
			Aggregated	£1.73		27,500		£47,575

Enquiries:

OneSavings Bank plc
Nickesha Graham-Burrell,                                               t: 01634 835 796
Head of Company Secretariat   

Brunswick                                                       
Robin Wrench / Simone Selzer                                        t:  020 7404 5959

Notes to Editors

About OneSavings Bank plc

OneSavings Bank plc (OSB) began trading as a bank on 1 February 2011 and was admitted to the main market of the London Stock Exchange in June 2014 (OSB.L). OSB joined the FTSE 250 index in June 2015. On 4 October 2019, OSB acquired Charter Court Financial Services Group plc (CCFS) and its subsidiary businesses. OSB is a specialist lending and retail savings Group authorised by the Prudential Regulation Authority, part of the Bank of England, and regulated by the Financial Conduct Authority and Prudential Regulation Authority.

OneSavings Bank

OSB primarily targets market sub-sectors that offer high growth potential and attractive risk-adjusted returns in which it can take a leading position and where it has established expertise, platforms and capabilities. These include private rented sector Buy-to-Let, commercial and semi-commercial mortgages, residential development finance, bespoke and specialist residential lending, secured funding lines and asset finance.

OSB originates mortgages organically via specialist brokers and independent financial advisers through its specialist brands including Kent Reliance for Intermediaries, InterBay Commercial and Prestige Finance. It is differentiated through its use of highly skilled, bespoke underwriting and efficient operating model.

OSB is predominantly funded by retail savings originated through the long-established Kent Reliance name, which includes online and postal channels as well as a network of branches in the South East of England. Diversification of funding is currently provided by securitisation programmes, the Term Funding Scheme and the Bank of England Indexed Long-Term Repo operation.

Charter Court Financial Services Group

CCFS focuses on providing Buy-to-Let and specialist residential mortgages, mortgage servicing, administration and credit consultancy and retail savings products. It operates through its three brands – Precise Mortgages, Exact Mortgage Experts and Charter Savings Bank.

It is differentiated through risk management expertise and best-of-breed automated technology and systems, ensuring efficient processing, strong credit and collateral risk control and speed of product development and innovation. These factors have enabled strong balance sheet growth whilst maintaining high credit quality mortgage assets.

CCFS is predominantly funded by retail savings originated through its Charter Savings Bank brand. Diversification of funding is currently provided by securitisation programmes, the Term Funding Scheme and the Bank of England Indexed Long-Term Repo operation.