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
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