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Fixed Income Investor Call
Impairment: Q221 net release of £0.8bn, due to improved macro outlook, lower unsecured balances and benign credit environment
Improved macroeconomic variables drove the impairment release
CET1 ratio increased to 15.1% driven by profits and lower RWAs
CET1 ratio target range continues to be 13 14%, but expect to remain above that in 2021
Continue to target appropriate headroom above the MDA hurdle
Group leverage position appropriately managed
MREL position well placed to meet 2022 requirements
Capital structure well established
High quality liquidity position
Conservative loan: deposit ratio
Strong legal entity capital and liquidity positions
Strategic priority to maintain strong ratings