Our issuance needs in 2017 are evolving to reflect our strategic progress Issuance focussed on MREL(1) build:  Target £3-5bn equivalent Senior HoldCo  No active need for AT1  No active need for Tier 2 Returning to modest funding activity:  Reintroduce regular secured funding  Participant in the Term Funding Scheme  Tactical unsecured funding Manage stack for value, balancing factors including: current & future regulatory value; relative funding cost; and Rating Agency considerations 60 (1) Minimum requirement for own funds and eligible liabilities