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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

~~Form~~FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of ~~July~~September 2024

Commission File Number: 001-12364

HSBC Bank plc

8 Canada Square, London E14 5HQ, England

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F).

Form 20-F X x Form 40-F ~~......~~¨

~~This~~Neither ~~Report~~our onwebsite ~~Form~~referred ~~6-K~~to ~~with~~herein, ~~respect~~nor any toof ~~our~~the ~~interim~~information ~~results~~contained ~~for~~on ~~the~~our ~~six-month~~website, ~~period~~is ~~ended~~incorporated ~~June~~by ~~30,~~reference ~~2024~~in isthe ~~hereby~~Form 6-K.

~~incorporated~~27 bySeptember ~~reference in HSBC Bank plc’s registration statement on Form F-3 (File No.333-267182).~~2024

~~Neither~~HSBC ~~our~~HOLDINGS ~~website referred to herein, nor any of the information contained on our website, is incorporated by reference in the~~ PLC

~~Form~~US$900,000,000 610.176% Non-Kcumulative Step-up Perpetual Preferred Securities (Series 2) issued by HSBC Capital Funding (Dollar 1) L.P. having the benefit of a subordinated guarantee of HSBC Holdings plc (ISIN Codes: US40427LAB09 and USG4637HAB45) (the 'USD Jersey Preferred Securities')

~~Contents~~US$900,000,000 10.176% Subordinated Step-up Cumulative Notes due 2040 issued by HSBC Holdings plc (ISIN Code: XS0110631016) (the 'USD Subordinated Notes')

1	Presentation of information
1	Cautionary statement regarding forward-looking statements
	Overview
3	Key financial metrics
4	Purpose and strategy
6	Our global businesses
7	ESG Overview
8	Economic background and outlook
	Interim management report
9	Financial summary
13	Reconciliation of alternative performance measures
14	Risk
14	– Risk overview
15	– Managing risk
16	– Top and emerging risks
16	– Key developments in the first half of 2024
16	– Credit risk
30	– Treasury risk
36	Board Changes
	Interim condensed financial statements
37	Interim condensed financial statements
44	Notes on the interim condensed financial statements

HSBC BANK PLC

~~None~~£700,000,000 of5.844% Non-cumulative Step-up Perpetual Preferred Securities issued by HSBC Bank Capital Funding (Sterling 1) L.P. having the ~~websites~~benefit ~~referred~~of toa insubordinated ~~this~~guarantee ~~Interim~~of HSBC ~~Report~~Bank onplc ~~Form~~(ISIN ~~6-K~~Code: XS0179407910) (the 'GBP Jersey Preferred Securities')

~~for~~£700,000,000 ~~the~~Fixed/Floating ~~half-year~~Subordinated Note ~~ended~~due ~~June~~2048 ~~30,~~issued ~~2024~~by HSBC Bank plc (~~the~~ISIN ~~‘Form~~Code: ~~6-K’~~XS0179766059), ~~including~~(the 'GBP Subordinated Notes')

~~where~~Further to the publication today by HSBC Capital Funding (Dollar 1) L.P. acting by HSBC (General Partner) Limited of a ~~link~~redemption isnotice ~~provided~~in relation to its USD Jersey Preferred Securities and the related publication by HSBC Holdings plc of a redemption notice in relation to its USD Subordinated Notes (being the internal subordinated notes underlying the USD Jersey Preferred Securities), ~~nor~~no ~~any~~action is being taken at this time by HSBC Bank plc in respect of its outstanding GBP Subordinated Notes (being the ~~information~~internal ~~contained~~subordinated onnotes ~~such~~underlying the GBP Jersey Preferred Securities) or by HSBC Bank (General Partner) Limited in respect of its outstanding GBP Jersey Preferred Securities.

~~websites~~Over istime, ~~incorporated~~the byHSBC ~~reference~~group in(the 'Group') will continue to evaluate its options to further reduce its volume of legacy securities, including the ~~Form~~GBP ~~6-K~~Jersey Preferred Securities and the associated GBP Subordinated Notes, in line with its previously communicated approach. The Group expects to evaluate opportunities to reduce its legacy securities against a desire that decisions are taken where they present a reasonable economic cost and are appropriate and proportionate in the circumstances.

~~Presentation of information~~ends/more

~~This~~Investor ~~document~~enquiries ~~comprises the Form 6-K for HSBC Bank plc (‘the bank’~~ to:

orGreg ~~‘the~~Case ~~company’)~~+44 ~~and its subsidiaries~~ (~~together ‘the group’~~0). ~~’We’,~~20 ~~‘us’~~7992 3825 investorrelations@hsbc.com

~~and~~Media ~~‘our’~~enquiries ~~refer~~ to ~~HSBC Bank plc together with its subsidiaries.~~ :

~~References~~Press toOffice ~~‘HSBC’,~~+44 ~~‘HSBC~~(0) ~~Group’~~20 or7991 ~~‘the~~8096 ~~Group’ within this~~ pressoffice@hsbc.com

~~document~~Note ~~mean~~to ~~HSBC Holdings plc together with its subsidiaries.~~editors:

~~Within~~HSBC ~~the~~Holdings ~~Interim management report and Condensed financial~~ plc

~~statements~~HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and ~~related~~territories. ~~notes~~With assets of US$2,975bn at 30 June 2024, HSBC is one of the ~~group~~world’s ~~has~~largest ~~presented~~banking ~~income~~and financial services organisations.

~~statement~~The ~~figures~~securities referred to in this announcement have not been and will not be registered under the United States Securities Act of 1933, as amended (the ‘Securities Act’), or any state securities laws and, unless so registered, may not be offered or sold within the United States or to, or for the ~~six~~account ~~months~~or the benefit of, US persons, as defined in Regulation S under the Securities Act, except pursuant to 30an ~~June~~exemption ~~2024~~from ~~with~~or in a transaction not subject to the ~~same~~registration requirements of the Securities Act and in compliance with any applicable state securities laws.

~~period in the prior year to illustrate the current performance compared~~ ends/all

with the same period in prior year. Unless otherwise stated,

commentary on the income statement compares the six months to

30 June 2024 with the same period in the prior year. Balance sheet

commentary compares the position at 30 June 2024 to 31 December

2023.

In accordance with IAS 34 ‘Interim Financial Reporting’, the Form 6-K

is intended to provide an update on the Annual Report and Accounts

2023 and therefore focuses on events during the first six months of

2024, rather than duplicating information previously reported.

Our reporting currency is £ sterling. Unless otherwise specified, all $

symbols represent US dollars.

Cautionary statement regarding

forward-looking statements

This Form 6-K contains certain forward-looking statements with

respect to the company’s financial condition; results of operations and

business, including the strategic priorities; financial, investment and

capital targets; and the company’s ability to contribute to the HSBC

Group’s environmental, social and governance (‘ESG’) targets,

commitments and ambitions described herein.

Statements that are not historical facts, including statements about

the company’s beliefs and expectations, are forward-looking

statements. Words such as ‘may’, ‘will’, ‘should’, ‘expects’, ‘targets’,

‘anticipates’, ‘intends’, ‘plans’, ‘believes’, ‘seeks’, ‘estimates’,

‘potential’ and ‘reasonably possible’, or the negative thereof, other

variations thereon or similar expressions are intended to identify

forward-looking statements. These statements are based on current

plans, information, data, estimates and projections, and therefore

undue reliance should not be placed on them. Forward-looking

statements speak only as of the date they are made. The company

makes no commitment to revise or update any forward-looking

statements to reflect events or circumstances occurring or existing

after the date of any forward-looking statements. Written and/or oral

forward-looking statements may also be made in the periodic reports

to the US Securities and Exchange Commission, offering circulars and

prospectuses, press releases and other written materials, and in oral

statements made by the company’s Directors, officers or employees

to third parties, including financial analysts. Forward-looking

statements involve inherent risks and uncertainties.

Readers are cautioned that a number of factors could cause actual

results to differ, in some instances materially, from those anticipated

or implied in any forward-looking statement. These include, but are

not limited to:

–changes in general economic conditions in the markets in which

the company operates, such as new, continuing or deepening

recessions, prolonged inflationary pressures and fluctuations in

employment levels and the creditworthiness of customers beyond

those factored into consensus forecasts; the Russia-Ukraine war

and the Israel-Hamas war and their impact on global economies

and the markets where the company operates, which could have a

material adverse effect on (among other things) the company’s

financial condition, results of operations, prospects, liquidity,

capital position and credit ratings; deviations from the market and

economic assumptions that form the basis for the company’s ECL

measurements (including, without limitation, as a result of the

Russia-Ukraine war and the Israel-Hamas war and inflationary

pressures and commodity price changes); changes and volatility in

foreign exchange rates and interest rates levels; volatility in equity

markets; lack of liquidity in wholesale funding or capital markets,

which may affect the company’s ability to meet its obligations

under financing facilities or to fund new loans, investments and

businesses; geopolitical tensions or diplomatic developments,

both in Europe and in other regions such as Asia, producing social

instability or legal uncertainty, such as the Russia-Ukraine war or

Cautionary statement regarding forward-looking statements

1 HSBC Bank plc Interim Report 2024 on Form 6-K

the Israel-Hamas war (including the continuation and escalation

thereof) and the related imposition of sanctions and trade

restrictions, supply chain restrictions and disruptions, sustained

increases in energy prices and key commodity prices, claims of

human rights violations and diplomatic tensions between China

and the US, extending to the UK and the EU, alongside other

potential areas of tension, which may adversely affect the group

by creating regulatory, reputational and market risks; the efficacy

of government, customer, and the company’s and the HSBC

Group’s actions in managing and mitigating ESG risks, in particular

climate risk, nature-related risks and human rights risks, and in

supporting the global transition to net zero carbon emissions, each

of which can impact the company both directly and indirectly

through its customers and which may result in potential financial

and non-financial impacts; illiquidity and downward price pressure

in national real estate markets; adverse changes in central banks’

policies with respect to the provision of liquidity support to

financial markets; heightened market concerns over sovereign

creditworthiness in over-indebted countries; adverse changes in

the funding status of public or private defined benefit pensions;

societal shifts in customer financing and investment needs,

including consumer perception as to the continuing availability of

credit; exposure to counterparty risk, including third parties using

the company as a conduit for illegal activities without the

company’s knowledge; the discontinuation of certain key Ibors and

the transition of the remaining legacy Ibor contracts to near risk-

free benchmark rates, which continues to expose the company to

some financial and non-financial risks; and price competition in the

market segments that the company serves;

–changes in government policy and regulation, including the

monetary, interest rate and other policies of central banks and

other regulatory authorities in the principal markets in which the

company operates and the consequences thereof (including,

without limitation, actions taken as a result of changes in

government following national elections in the jurisdictions where

the group operates); initiatives to change the size, scope of

activities and interconnectedness of financial institutions in

connection with the implementation of stricter regulation of

financial institutions in key markets worldwide; revised capital and

liquidity benchmarks, which could serve to deleverage bank

balance sheets and lower returns available from the current

business model and portfolio mix; changes to tax laws and tax

rates applicable to the company, including the imposition of levies

or taxes designed to change business mix and risk appetite; the

practices, pricing or responsibilities of financial institutions serving

their consumer markets; expropriation, nationalisation, confiscation

of assets and changes in legislation relating to foreign ownership;

the UK’s relationship with the EU, which continues to be

characterised by uncertainty and political disagreement, despite

the signing of the Trade and Cooperation Agreement between the

UK and the EU, particularly with respect to the potential

divergence of UK and EU law on the regulation of financial

services; changes in government approach and regulatory

treatment in relation to ESG disclosures and reporting

requirements, and the current lack of a single standardised

regulatory approach to ESG across all sectors and markets;

changes in UK macroeconomic and fiscal policy, which may result

in fluctuations in the value of the pound sterling; general changes

in government policy (including, without limitation, actions taken

as a result of changes in government following national elections

in the jurisdictions where the group operates) that may

significantly influence investor decisions; the costs, effects and

outcomes of regulatory reviews, actions or litigation, including any

additional compliance requirements; and the effects of

competition in the markets where the company operates,

including increased competition from non-bank financial services

companies; and

–factors specific to the company and the HSBC Group, including the

company’s success in adequately identifying the risks it faces,

such as the incidence of loan losses or delinquency, and managing

those risks (through account management, hedging and other

techniques); the company’s ability to achieve its financial,

investment, capital targets and the HSBC Group’s ESG targets,

commitments and ambitions, which may result in the company’s

failure to achieve any of the expected benefits of its strategic

priorities; evolving regulatory requirements and the development

of new technologies, including artificial intelligence, affecting how

the company manages model risk; model limitations or failure,

including, without limitation, the impact that high inflationary

pressures and rising interest rates have had on the performance

and usage of financial models, which may require the company to

hold additional capital, incur losses and/or use compensating

controls, such as judgemental post-model adjustments, to address

model limitations; changes to the judgements, estimates and

assumptions the company bases its financial statements on;

changes in the company’s ability to meet the requirements of

regulatory stress tests; a reduction in the credit ratings assigned to

the company or any of its subsidiaries, which could increase the

cost or decrease the availability of the company’s funding and

affect its liquidity position and net interest margin; changes to the

reliability and security of the company’s data management, data

privacy, information and technology infrastructure, including

threats from cyber-attacks, which may impact its ability to service

clients and may result in financial loss, business disruption and/or

loss of customer services and data; the accuracy and effective use

of data, including internal management information that may not

have been independently verified; changes in insurance customer

behaviour and insurance claim rates; the company’s dependence

on loan payments and dividends from subsidiaries to meet its

obligations; changes in the HSBC Group’s reporting framework

and accounting standards, which have had and may continue to

have a material impact on the way the company prepares its

financial statements; the company’s ability to successfully execute

planned strategic acquisitions and disposals; the company’s

success in adequately integrating acquired businesses into its

business; changes in the company’s ability to manage third-party,

fraud, financial crime and reputational risks inherent in its

operations; employee misconduct, which may result in regulatory

sanctions and/or reputational or financial harm; changes in skill

requirements, ways of working and talent shortages, which may

affect the company’s ability to recruit and retain senior

management and diverse and skilled personnel; and changes in

the company’s ability to develop sustainable finance and ESG-

related products consistent with the evolving expectations of its

regulators, and the company’s capacity to measure the

environmental and social impacts from its financing activity

(including as a result of data limitations and changes in

methodologies), which may affect HSBC Group’s ability to achieve

its ESG targets, commitments and ambitions, and increase the risk

of greenwashing. Effective risk management depends on, among

other things, the company’s ability through stress testing and

other techniques to prepare for events that cannot be captured by

the statistical models it uses; the company’s success in

addressing operational, legal and regulatory, and litigation

challenges; and other risks and uncertainties that the company

identifies in ‘Risk – Risk Overview’, ‘Risk – Managing Risk’ and

‘Risk – Top and Emerging Risks’ on pages 14 to 16 of the

Form 6-K.

This Form 6-K contains a number of graphics, text boxes and

credentials which aim to give a high-level overview of certain

elements of our disclosures and to improve accessibility for readers.

These graphics, text boxes and credentials are designed to be read

within the context of the Form 6-K as a whole.

HSBC Bank plc Interim Report 2024 on Form 6-K 2

Key financial metrics

	Half-year to
	30 Jun	30 Jun
	2024	2023
For the period (£m)
Profit before tax	1,136	2,860
Net operating income before change in expected credit losses and other credit impairment charges1	3,552	5,460
Profit attributable to the parent company	715	2,193
At period end (£m)
Total equity attributable to the parent company	25,333	23,756
Total assets	714,376	723,237
Risk-weighted assets2,6	113,191	106,627
Loans and advances to customers (net of impairment allowances)	85,721	88,708
Customer accounts	240,957	229,274
Capital ratios (%)2,6
Common equity tier 1	18.0	18.5
Tier 1	21.4	22.2
Total capital	34.7	33.5
Leverage ratio (%)3	5.1	5.5
Performance, efficiency and other ratios (%)
Return on average ordinary shareholders’ equity (annualised)4	5.7	21.4
Return on average tangible equity (annualised)	5.7	21.2
Return on average tangible equity excluding strategic transactions (annualised)	5.8	8.6
Cost efficiency ratio5	70.0	45.9
Ratio of customer advances to customer accounts	35.6	38.7

1Net operating income before change in expected credit losses and other credit impairment charges is also referred to as revenue.

2Unless otherwise stated, regulatory capital ratios and requirements are based on the transitional arrangements of the Capital Requirements Regulation

in force at the time. These include the regulatory transitional arrangements for IFRS 9 ‘Financial Instruments’. References to EU regulations and

directives (including technical standards) should, as applicable, be read as a reference to the UK’s version of such regulation and/or directive, as

onshored into UK law under the European Union (Withdrawal) Act 2018, and as may be subsequently amended under UK law.

3Leverage metrics exclude central bank claims in accordance with the Prudential Regulation Authority's (‘PRA‘) UK leverage framework.

4The return on average ordinary shareholders’ equity is defined as profit attributable to the parent company divided by the average total shareholders’

equity.

5Reported cost efficiency ratio is defined as total operating expenses divided by net operating income before change in expected credit losses and

other credit impairment charges.

6 From November 2023, we reverted to the on-shored UK version of closely correlated currency list (CIR(EU) 2019/2091) from the previously applied

EBA list (CIR(EU) 2021/249). Comparative data have been re-presented.

Key financial metrics

3 HSBC Bank plc Interim Report 2024 on Form 6-K

Purpose and strategy

HSBC's purpose and ambition

The HSBC Group's purpose is ‘Opening up a world of opportunity’

and the HSBC Group's ambition is to be the preferred international

financial partner for the HSBC Group's clients.

HSBC values

HSBC values help define who we are as an organisation and are key

to our long-term success.

We value difference

Seeking out different perspectives.

We succeed together

Collaborating across boundaries.

We take responsibility

Holding ourselves accountable and taking the long view.

We get it done

Moving at pace and making things happen.

HSBC in Europe

Europe is an important part of the global economy, accounting for

roughly 40% of global trade and one-quarter of global Gross

Domestic Product (UNCTAD, IMF 2023). In addition, Europe is the

world’s top exporter of services and second largest exporter of

manufactured goods (UNCTAD, IMF 2023). HSBC Bank plc helps to

facilitate trade within Europe and between Europe and other

jurisdictions where the HSBC Group has a presence.

With assets of £714bn at 30 June 2024, HSBC Bank plc is one of

Europe’s largest banking and financial services organisations. We

employ around 11,100 people across our locations. HSBC Bank plc is

responsible for HSBC’s European business, apart from UK retail and

some UK commercial banking activity which, post ring-fencing, is

managed by HSBC UK Bank plc.

HSBC Bank plc operates as one integrated business with two main

hubs in London and Paris.

HSBC Bank plc is present in 19 markets1. We are organised around

the principal operating units detailed below, which represent the

region to customers, regulators, employees and other stakeholders.

The London hub consists of the UK non-ring fenced bank, which

provides overall governance and management for the Europe region

as a whole and is a global centre of excellence for wholesale banking

for the HSBC Group.

HSBC Continental Europe (‘HBCE’) comprises our Paris hub, its EU

branches (Belgium, Czech Republic, Germany, Ireland, Italy,

Luxembourg, Netherlands, Poland, Spain and Sweden) and its

subsidiaries in Malta and Luxembourg (‘PBLU’). We are creating an

integrated Continental European bank anchored in Paris to better

serve our clients and simplify our organisation.

1Full list of markets where HSBC Bank plc has a presence: Armenia,

Belgium, Bermuda, Channel Islands and Isle of Man, Czech Republic,

France, Germany, Ireland, Italy, Israel, Luxembourg, Malta,

Netherlands, Poland, South Africa, Spain, Sweden, Switzerland and the

UK.

HSBC Bank plc's strategy and

progress on our commitments

Our ambition is to be the leading international wholesale bank in

Europe complemented by a targeted Wealth and Personal Banking

business, an efficient operating model and a robust control

framework (see our global businesses on page 6).

HSBC Bank plc exists to open up a world of opportunity for our

customers by connecting them to international markets. Europe is

the largest trading region in the world and Asia is Europe’s biggest

and fastest growing external trading partner (UNCTAD, IMF 2023).

We are well positioned to capitalise on this opportunity and play a

pivotal role for the HSBC Group.

The transformation we announced in 2020 is essentially complete

(see 'Focus’ for more information). We continue to reposition for

growth and are well placed to deliver strong financial performance.

Focus

Through our transformation programme we have built a leaner,

simpler bank with a sharper strategic focus and have redesigned our

franchise around the needs of our international clients. We continue

to optimise our operating model and participation choices in support

of our ambition to be the leading international wholesale bank in

Europe.

On 1 January 2024, HBCE completed the sale of our French retail

banking operations.

In February 2024, HSBC Bank plc completed the acquisition of

HSBC’s private banking entity in Switzerland, HSBC Private Bank

(Suisse) SA ('PBRS').

On 6 February 2024, following a strategic review of our operations in

Armenia, HSBC Europe BV (a wholly-owned subsidiary of HSBC Bank

plc) reached an agreement for the sale of HSBC Bank Armenia to

Ardshinbank. The transaction is subject to regulatory approvals. The

transaction is expected to complete in the second half of 2024.

On 30 May 2024, we successfully completed the sale of our Russia

business with the sale of HSBC Europe BV’s wholly-owned

subsidiary HSBC Bank (RR) (Limited Liability Company) to Expobank

JSC.

For further details on the disposal of our retail banking operations in

France, the planned sale of our business in Armenia, and the sale of

our business in Russia please see Note 11: 'Assets held for sale and

liabilities of disposal groups held for sale' on page 57.

Digitise

We continue to invest in the digitisation of our global businesses,

which is central to our strategy. Within Europe, Wealth and Personal

Banking (‘WPB’) continues to drive a mobile first strategy. We are

building out core capabilities including secondary product opening

(including investments), changing personal details, innovating in

payments and onboarding, and improving fraud and money laundering

controls.

We continue to be committed to maintaining our core strength in

Global Payments Solutions ('GPS'). In the first half of 2024 we have

made self-serve improvements to HSBCnet such as SEPA ('Single

Euro Payments Area') payments in France and central bank account

validation (‘C-BAV’) across the region, allowing clients to more easily

identify the recipient of a payment. Incoming and outgoing SEPA real

time payments have been live in Germany since June 2024. We have

also deployed enhancements in several EU markets to aid staff in

processing and resolving client queries more efficiently.

Our strategy within Global Trade Solutions (‘GTS’) Europe, previously

known as GTRF, is to help make trade easier, faster and safer, while

seeking to deliver sustainable and profitable growth. During 2024, we

deployed enhancements to our digital channel HSBCnet and our

Application Programming Interface (‘API’) offering. We continue to

support our clients opting to use bank agnostic platforms that provide

trade finance solutions. Between January and June 2024, 90% of

trade transactions across all channels within HSBC Europe were

conducted digitally and we continue to see an increase in clients

adopting digital solutions.

Within Global Banking and Markets ('GBM'), we continue to invest in

building capabilities in digital assets and currencies via our digital

asset platform, HSBC Orion. Following the launch of the platform in

Luxembourg in 2023, Deloitte awarded HSBC Orion ‘Platform Enabler

of the Year’ in March 2024.

HSBC Bank plc Interim Report 2024 on Form 6-K 4

Within Markets & Securities Services ('MSS'), HSBC AI Markets

delivered an expanded range of market insights and continues to

facilitate informed execution. HSBC’s clients and staff are

increasingly using AI Markets to access Artificial Intelligence (‘AI’) or

Machine-Learning powered solutions, from finding optimal hedging

strategies to providing cross-asset market colour and liquidity. In the

first half of 2024, average daily usage of AI Markets has increased

125% compared to 2023.

In the second quarter of 2024 we implemented the Dynamic Risk

Assessment (‘DRA’) tool in Malta, France and Bermuda. The DRA

tool is a key part of our Financial Crime control framework, enabling

more precise detection of financial crime through the use of AI and

machine learning.

Energise

We have continued to offer colleagues the opportunity to develop

their skills while ensuring we build a pipeline of talent to support our

strategic priorities. The sustainability academy facilitates skill

development supporting our transition to net zero, focusing on

capability building across key employee groups who support

customers.

Senior leaders are encouraged to display role model behaviours that

support the HSBC Group's values. The annual 360 survey supports

senior leaders in seeking feedback from the people they work with to

understand how they are doing and where they can improve. We also

have a robust Managing Director (‘MD’) Leadership Programme,

which includes flagship programmes, masterclasses, and executive

education.

We are encouraged that of the 62% of HSBC Bank plc employees

who participated in the 2023 all colleagues survey, 60% said they

have good opportunities to learn and develop at HSBC.

We remain focused on creating a diverse and inclusive environment

with HSBC Bank plc Executive Committee sponsorship of our robust

Diversity and Inclusion (‘D&I’) agenda, which includes talent and

coaching programmes, inclusive leadership training and improving the

data we capture. We also continue to engage our colleagues through

several events to increase discussion around D&I. In May we held a

programme of "Inclusive Europe Live" events, which included

discussions on social mobility, the power of cross-cultural

collaboration and personal paths to the success of key role models.

We remain committed to improving our gender diversity across our

senior leadership cadre, which currently stands at 25.3% at the end

of June 2024. However, we have more to do, given that our full-year

goal for gender diversity across our senior leadership cadre for 2024

is 25.8%, and it remains a priority for the HSBC Bank plc Executive

Committee. We are also committed to helping the HSBC Group

increase Asian and Black Heritage senior leader representation from

the HSBC Group’s year-end 2023 position (37.8% for Asian Heritage

and 3.0% for Black Heritage).

Transition

In 2020, the HSBC Group set out its ambition to become a net zero

bank by 2050. Since then, it has taken a number of steps to execute

on this ambition and manage climate risks. The HSBC Group

published its first net zero transition plan in January 2024, and has

made progress in supporting customers through their transition

journey, embedding net zero into the way we operate and partnering

for systemic change.

As part of the HSBC Group’s ambition to align our financed emissions

to achieve net zero by 2050, it has set on-balance sheet or combined

financed emissions targets for a number of emissions-intensive

sectors.

To support customers through the transition to net zero and to a

sustainable future, in 2020, the HSBC Group set out an ambition to

provide and facilitate $750bn to $1tn of sustainable finance and

investments by 2030.

As part of this ambition, HSBC Bank plc provided and facilitated

$15.85bn of sustainable finance and investments in 1H24, bringing

our cumulative total since 1 January 2020 to $153.18bn.

Purpose and strategy

5 HSBC Bank plc Interim Report 2024 on Form 6-K

Our global businesses

The HSBC Group manages its products and services through its three

global businesses: Global Banking and Markets ('GBM'); Commercial

Banking ('CMB'); Wealth and Personal Banking ('WPB'); and the

Corporate Centre (comprising: certain legacy assets, central

stewardship costs, and interests in our associates and joint ventures).

The global business segmental results are presented in 'Analysis of

reported results by global business' on page 10.

Business segments

Our operating model has the following material segments: a GBM

business which is further split into three reportable segments: MSS,

GB and GBM Other (each as defined below), CMB, WPB and a

Corporate Centre. These segments are supported by Digital Business

Services and eleven global functions, including Risk, Finance,

Compliance, Legal, Marketing and Human Resources.

Markets & Securities Services (‘MSS’)

Profit/(loss) before tax £38m (1H23: £(12)m)

Markets & Securities Services is a products group that services

customers of all Global Businesses across the financial sector

globally. We offer our clients a range of services and capabilities

including trading, financing and securities services across asset

classes and geographies, supported by dedicated sales and research

teams.

Our European business continues to support the increasing European

needs of our global client base, providing access to the suite of

Markets & Securities Services products. We connect emerging and

developed markets, and collaborate with other global businesses to

provide clients across the HSBC Group with commoditised and

bespoke solutions that seek to support their growth ambitions.

Global Banking (‘GB’)

Profit before tax £618m (1H23: £462m)

Global Banking delivers tailored financial solutions to corporate and

institutional clients worldwide opening up opportunities through the

strength of our global network and capabilities. We provide a

comprehensive suite of services including capital markets, advisory,

lending, trade services and global payments solutions.

Our European teams take a client-centric approach bringing together

relationship and product expertise to deliver financial solutions

customised to suit our clients’ growth ambitions and financial

objectives. We work closely with our business partners including

MSS, WPB and CMB, to provide a range of tailored products and

services that seek to meet the needs of international clients across

HSBC.

Global Banking Europe operates as an integral part of the global

business and contributes significant revenues to other regions,

particularly Asia and the Middle East, through our European client

base.

GBM Other

Loss before tax £(6)m (1H23: £(26)m)

GBM Other primarily comprises Principal Investments and GBM’s

share of HSBC’s Markets Treasury function. The Principal

Investments portfolio selectively makes commitments to funds

which align with HSBC’s strategic priorities. The day-to-day

management of the portfolio is undertaken by HSBC Asset

Management on GBM’s behalf.

Commercial Banking (‘CMB’)

Profit before tax £479m (1H23: £587m)

We have a clear strategy to be the leading international corporate

bank in Europe. We connect our European customers to our

international network of relationship managers and product

specialists to support their growth ambitions globally, and we support

global multinationals with growing their European subsidiaries

through our specialist subsidiary relationship managers and product

specialists. Commercial Banking contributes significant revenues to

other regions, particularly Asia, through our European client base, and

draws benefit from the client network managed outside Europe.

Our products range from bespoke lending solutions to global treasury

and trade solutions tailored to clients’ requirements, supported by

expertise in markets and investment banking products through our

collaboration with Global Banking and Markets. Our Global Payments

Services and Global Trade teams also provide treasury and trade

finance solutions to Global Banking clients. In July 2024, HSBC has

been awarded Best Bank for Transaction Services in Western Europe

by Euromoney. We are expanding our services and products to

provide customers with sustainable finance solutions to help meet

their net zero ambitions.

Wealth and Personal Banking (‘WPB’)

Profit before tax £310m (1H23: £1,908m)

In Europe, Wealth and Personal Banking serves customers through

Global Private Banking, Retail Banking, Insurance and Asset

Management. Our core retail proposition offers personal banking,

mortgages, loans, credit cards, savings, investments and insurance.

Additional propositions are offered in certain markets such as

Premier, as well as wealth solutions, financial planning and

international services. In the Channel Islands and Isle of Man, we

serve local and international customers through our HSBC Expat

proposition.

HSBC Global Private Banking provides banking, investment and

wealth management solutions for high net worth and ultra-high net

worth individuals, families and entrepreneurs. With our international

network and breadth of services, we help our clients preserve,

manage and grow their wealth, now and across generations. We

provide wealth planning and family governance services, while our

experts in philanthropy support clients in their ambition to have a

positive impact on society.

HSBC Bank plc Interim Report 2024 on Form 6-K 6

ESG Overview

We are committed to embedding strong environmental, social and

governance principles in the way we do business.

Our approach

The HSBC Group’s approach to ESG is shaped by its purpose and

values, and a desire to create sustainable long-term value for our

stakeholders. As an international bank with significant breadth and

scale, we understand that we can have a significant impact in helping

to tackle ESG challenges and realise opportunities. The HSBC Group

also recognises the complexity of ESG issues. Our ESG efforts are

focused on the areas that align most closely to our strategy, purpose

and values, and where we can help make a significant difference: the

transition to net zero, building inclusion and resilience, and acting

responsibly.

Transition to net zero

The HSBC Group is progressing with the implementation of its net

zero transition plan, which was published in January this year. The

implementation plan sets out how we are embedding net zero: into

the way that we support our customers, into the way that we operate

as an organisation and into how we partner externally in support of

systemic change.

The HSBC Group continue to scale and innovate in our sustainable

finance and investment products and services to support our

customers' transitions.

The HSBC Group has established a new business, HSBC

Infrastructure Finance, to focus on infrastructure financing and project

finance advisory opportunities associated with the transition to a net

zero global economy. The business will support our clients with

project development and establish additional partnerships in both the

public and private sectors.

Embedding net zero across our business is an ongoing process. The

HSBC Group’s bank-wide three-year sustainability execution

programme is underway to enable the delivery of our sustainability

agenda, focused on our net zero ambition and regulatory

requirements.

The HSBC Group continues to work on scaling and evolving our net

zero capabilities across the bank, which includes embedding net zero

into our culture.

The HSBC Group continues to work with the public sector, industry,

civil society and peers to help shape effective policies, regulations

and standards, and to help develop insights and learning.

For example, within Europe, an HSBC case study, ‘Maximising

Energy Efficiency Through Building Renovation’, was launched in

March 2024 and was a collaboration between the Malta Chamber of

Commerce, Enterprise and Industry and the HSBC Malta Foundation.

The study lays the groundwork for a transformative shift in the

building and construction sector that is required to achieve Malta’s

climate targets. Through the HSBC Malta Foundation, we are paving

the way for more advanced research and policymaking which helps

us lead the transition towards more sustainable Maltese buildings.

This project sets a precedent locally, where data on utility usage and

building efficiency has been scarce compared to other European

countries. By featuring our new offices in Qormi, HSBC Hub, as a

pivotal case study, we are taking a leadership role in the transition to

high energy efficiency and low-carbon office buildings in Malta.

Building inclusion and resilience

Our Inclusion strategy enables HSBC to be an organisation that

values difference and encourages colleagues to contribute their

perspectives and ideas. HSBC Bank plc’s ethnicity disclosure rate is

59.9% in markets where this is legally permissible (UK, South Africa,

Bermuda, the Channel Islands, and the Isle of Man).

Developing the skills and learning opportunities for our colleagues

ensures we help them fulfil their potential and achieve their career

goals. We have continued to focus on programmes aligned with our

strategy, including sustainability, cultural awareness, personal and

communication skills, technology, and leadership development.

We are committed to rewarding colleagues responsibly, recognising

their success, and supporting our colleagues to grow. At a time when

cost of living pressures have continued to be felt worldwide,

rewarding responsibly is an important part of our colleague

proposition.

For customers, we seek to ensure inclusion as we endeavour to

simplify the banking experience so they can manage their finances

more easily. We engage with our communities through philanthropic

giving, disaster relief and volunteering.

Act responsibly

HSBC Bank plc follows the Group’s purpose-led conduct approach

which guides us to do the right thing and to focus on the impact we

have for our customers and the financial markets in which we

operate. It is incorporated into the way we design, approve, market

and manage products and services. It complements our purpose and

values and, together with more formal policies and the tools we have

to do our jobs, provides an enterprise-wide, outcome-focused

conduct method.

ESG Overview

7 HSBC Bank plc Interim Report 2024 on Form 6-K

Economic background and outlook

Modest growth, bumpy inflation

Following two years of stagnation, the UK economy experienced a

return to growth in early 2024. GDP grew by 0.7% in the first quarter

of the year, while the latest monthly data showed three-month on

three-month growth of 0.9% in May (Office for National Statistics,

‘ONS’). This return to growth has likely been underpinned by a pick-

up in world trade growth, alongside a boost to real household

incomes resulting from falls in inflation. However, with consumer

sentiment indicators still subdued, growth prospects might hinge on

the willingness of households to spend renewed inflation-adjusted

income gains. The prospect of lower interest rates might add an

additional tailwind to household spending, and also private

investment.

Having peaked at 11.1% in October 2022, the annual rate of

consumer price inflation declined to 2.0% in May 2024 and remained

there in June (ONS). However, that low inflation rate is being affected

by a temporary drag from past falls in energy prices. Excluding that

effect, inflation would be more than 1 percentage point higher.

Meanwhile, services inflation – an important gauge of domestic price

pressures – remained elevated at an annual rate of 5.7% in June.

Sustained strength in services inflation is likely being driven by

continued above-average wage growth, which stood at an annual rate

of 5.7% in the three months to May (ONS).

That said, pressures in the UK labour market are abating, with

vacancy levels in decline and jobs growth slowing. Over time, that

should lead to an easing in wage pressures and a more sustained

return of inflation to the Bank of England’s 2% target.

Against that disinflationary backdrop, financial markets are pricing in a

number of cuts to the Bank of England base rate – which was raised

to 5.25% in August 2023 – over the coming quarters. But the pace of

those rate cuts will depend on the speed of the prospective further

decline in underlying inflation.

Eurozone

Uneven growth, rate cuts have started

Having virtually flat-lined in 2023, the eurozone economy expanded

by 0.3% in the first quarter of 2024 (Eurostat). By and large, growth

has been supported by a real household income boost from lower

inflation, and also an improvement in the global trade cycle. However,

performance has varied across the bloc. Spain has been a standout

performer, posting 0.8% quarterly growth in the first quarter after an

already-solid 2023 (Eurostat), boosted by tourism and strong growth

in the workforce. On the other hand, having seen no growth in 2023,

Germany’s economy expanded by a more modest 0.2% in the first

quarter of 2024 (Eurostat), with the industrial sector still lacking

momentum. Notwithstanding these differences, household spending

could be a key common growth driver, as households experience

tailwinds from lower inflation and lower interest rates.

Regarding inflation, having peaked at an all-time high of 10.6% in

October 2022, the annual rate of eurozone consumer price inflation

stood at an annual rate of 2.5% in June 2024 (Eurostat). However,

services inflation – which is largely domestically driven – stood at a

still-elevated annual rate of 4.1%. This strength is perhaps being

driven by elevated wage growth – eurozone compensation per

employee stood at an annual rate of 5.0% in the first quarter of 2024

(European Central Bank).

For cost and price pressures to ease further from here, a further

cooling in labour market ‘tightness’ might be required, as might an

easing in pay increases in response to lower recent headline inflation

rates.

In its 6 June policy meeting, the European Central Bank (‘ECB’)

decided that (dis-)inflation developments were sufficient to warrant a

cut in interest rates and lowered the deposit rate from 4.00% to

3.75%, but key policy rates were unchanged in July. Financial

markets expect further rate cuts to come.

HSBC Bank plc Interim Report 2024 on Form 6-K 8

Financial summary

Use of alternative performance measures

Our reported results are prepared in accordance with International

Financial Reporting Standards (‘IFRS Accounting Standards’) as

detailed in the Financial Statements starting on page 37. In measuring

our performance we use financial measures which eliminate factors

that distort period-on-period comparisons. These are considered

alternative performance measures.

All alternative performance measures are described and reconciled to

the closest reported financial measure when used. For further details

refer to ‘Return on average ordinary shareholders’ equity and return

on average tangible equity’ note on page 13.

The global business segmental results are presented in accordance

with IFRS 8 ‘Operating Segments’, as detailed in ‘Basis of

preparation’ in Note 3: ‘Segmental analysis’ on page 45.

Summary consolidated income statement
	Half-year to
	30 Jun	30 Jun
	2024	2023
	£m	£m
Net interest income	658	1,140
Net fee income	654	674
Net income from financial instruments measured at fair value	2,764	2,421
Gains less losses from financial investments	5	—
(Losses)/gains recognised on Assets held for sale1	(62)	1,737
Insurance finance expense	(535)	(635)
Insurance service result	102	74
Other operating (loss)/income	(34)	49
Net operating income before change in expected credit losses and other credit impairment charges2	3,552	5,460
Change in expected credit losses and other credit impairment charges	53	(58)
Net operating income	3,605	5,402
Total operating expenses	(2,485)	(2,507)
Operating profit	1,120	2,895
Share of profit/(loss) in associates and joint ventures	16	(35)
Profit before tax	1,136	2,860
Tax expense	(405)	(657)
Profit for the period	731	2,203
Profit attributable to the parent company	715	2,193
Profit attributable to non-controlling interests	16	10

1 In the first quarter of 2023, the £1.7bn reversal of the held for sale classification was recognised relating to the sale of our retail banking operations in

France.

2 Net operating income before change in expected credit losses and other credit impairment charges is also referred to as revenue.

Reported performance

Profit before tax of £1,136m was £1,724m lower than the first half of

2023. This reduction was due to the reversal of an impairment loss of

£1,753m in the first quarter of 2023. This related to the sale of our

retail banking operations in France, as the sale became less certain

and the operations were no longer classified as held for sale. A

subsequent impairment loss of £1.5bn was recognised in the fourth

quarter of 2023 as the retail banking operations in France were

subsequently reclassified as held for sale and sold on 1st January

2024.

Excluding the impairment loss reversal, profit before tax in 2024

increased. This reflected a net favourable impact of £119m relating to

the restructuring of our legal entities. This comprised the transfer of

the Guernsey Private Banking business to PBRS, and the acquisitions

of PBRS, PBLU and the Group’s operations in Bermuda (HSBC Bank

Bermuda Limited, ‘HBBM’).

Reported revenue decreased by £1,908m or (35)% including £1,753m

from the prior year reversal of an impairment loss relating to the

planned sale of our retail banking operations in France. Revenue was

also lower in the first half of 2024 due to losses associated with the

sale of our subsidiary in Russia and the classification of our subsidiary

in Armenia as held for sale.

We have benefited from a net release £53m of Expected credit

losses and other credit impairment charges (‘ECL’) compared with a

charge of £58m in the first half of 2023. The favourable movement

mainly reflected a stage 3 provision release in Global Banking in the

first half of 2024.

Operating expenses of £2,485m decreased by £22m. This reflected

lower costs following the sale of our retail banking operations in

France (down £116m) and no contribution required in the first half of

2024 for the Single Resolution Fund (‘SRF’) levy (a decrease of £99m

from prior year). This was partly offset by higher costs following the

acquisitions of PBRS, PBLU and HBBM (£192m).

Net interest income (‘NII’) decreased by £482m or (42)% compared

with the first half of 2023 due to higher net interest expense in

Corporate Centre (up £502m compared with the first half of 2023),

associated with funding of our Markets business in MSS reflecting

higher interest rates and balance sheet growth. NII was also lower

due to the sale of our retail banking operations in France and higher

cost of funding the portfolio of retail retained loans in France,

included in Corporate Centre. This was partly offset by higher NII

from the restructuring of our legal entities (£184m) and in MSS (up

£152m) including in Securities Financing reflecting balance sheet

growth.

Net fee income decreased by £20m or 3%, primarily due to the sale

of our retail banking operations in France (down £51m), and in MSS

(down £46m) notably in Securities Financing (down £23m) due to an

increase in stock borrowing fees and Securities Services charges.

Also higher volumes in Equities in HBCE resulted in higher fees from

external distributors. This was partly offset by higher net fee income

from the restructuring of our legal entities (£96m).

Net income from financial instruments measured at fair value

increased by £343m, primarily related to trading activities in MSS for

which the associated funding costs are reported in net interest

income.

Financial summary

9 HSBC Bank plc Interim Report 2024 on Form 6-K

In WPB, revenue decreased by £71m primarily in insurance

manufacturing, driven by lower returns on financial assets supporting

insurance contracts where the policyholder is subject to part or all of

the investment risks. The adverse movement resulted in a

corresponding movement in liabilities to policyholders, reflecting the

extent to which policyholders participate in the investment

performance of the associated assets. The offsetting movements are

recorded in ‘Insurance finance income/(expense)’.

(Losses)/gains recognised on assets held for sale decreased by

£1,799m mainly driven by the reversal of an impairment in the first

quarter of 2023 of £1,753m relating to the planned sale of the retail

banking operations in France, which was no longer classified as held

for sale at that time. The retail business in France was subsequently

reclassified as held for sale in the fourth quarter of 2023 prior to its

sale on 1 January 2024. The first half of 2024 included losses of

£56m associated with the classification of our subsidiary in Armenia

as held for sale.

Insurance finance expenses decreased by £100m primarily in

insurance manufacturing in WPB, reflecting the impact of lower

investment returns on underlying assets on the value of liabilities to

policyholders. As such, Insurance finance expenses moves inversely

with ‘net income from financial instruments measured at fair value’.

Insurance service result increased by £28m or 38%.

Other operating income decreased by £83m mainly due to foreign

currency translation reserve losses recognised on completion of the

sale of our subsidiary in Russia.

Changes in expected credit losses and other impairment charges

(‘ECL’) were a net release of £53m in the first half of 2024 compared

with a net charge of £58m in the first half of 2023.

Total operating expenses decreased by £22m or 1%, reflecting

lower costs following the sale of our retail banking operations in

France (down £116m), no contribution required in the first half of

2024 for SRF levy (down £99m), lower litigation costs than incurred in

the first half of 2023 (down £28m) and lower restructuring costs

(down £17m). These reductions were partly offset by additional costs

from the restructuring of our legal entities (up £192m) comprising the

acquisitions of PBRS, PBLU and HBBM. Costs also increased due to

higher variable pay (up £27m) and a new cost, the Bank of England

levy, booked in 2024 (up £14m).

Share of profit in associates and joint ventures was £16m

compared with a loss of £35m in the first half of 2023, an increase of

£51m. This was mainly due to an impairment in an associate in the

first half of 2023.

Tax expense was £405m, giving an effective tax rate (‘ETR’) of

35.7% compared with an ETR of 23.0% for the same period in 2023.

The ETR of 35.7% for the first half of 2024 is increased by charges in

respect of uncertain tax positions and the non-deductible loss on

disposal of our business in Russia.

The effective tax rate for the first half of 2023 was reduced by the

release of provisions for uncertain tax positions and non-taxable

elements of the impairment reversal relating to the sale of our retail

banking operations in France.

Analysis of reported results by global

business

Markets and Securities Services

Profit before tax was £38m, compared with a loss of £12m in the first

half of 2023, an increase of £50m. This was driven by higher revenue

and lower operating expenses.

Revenue increased by £8m or 1%, mainly due to higher client flow

and volatility levels, notably in Equities (up £95m), and growth in

Securities Financing (up £109m). This has been offset by Global FX

(down £105m) and Global Debt Markets (down £49m) impacted by a

challenging market environment. Valuation adjustments were also

down by £33m and revenue was lower in Securities Services (down

£20m).

Operating expenses reduced by £43m or 4%, mainly driven by the

impact of the absence of the SRF levy charge for 2024.

Global Banking

Profit before tax was £618m, an increase of £156m compared with

the first half of 2023. This was driven by ECL releases in 2024 partly

offset by lower revenue.

Revenue decreased by £17m or 2%, including the positive impact of

the acquisition of the Group’s operations in Bermuda by the bank (up

£31m). Excluding this, revenue was down £49m primarily in C&L

(down £20m) largely driven by continued muted client demand.

Revenue also reduced in GPS (down £20m) driven by lower margins,

reflecting repricing and a change in product mix, partly offset by

continued growth in fee income from cross-border payments and

pricing actions. In Investment Banking, revenue was also lower

(down £6m) following a strong first half of 2023 and lower Issuer

Services balances in 2024.

ECL were a net release of £84m, compared with a net charge of

£87m in the first half of 2023. The net release in the first half of 2024

was primarily driven by a single stage 3 release in the non-bank

financial institution sector. There was also a net release of combined

stage 1 and 2 ECL in the first half of 2024.

Operating expenses of £510m were lower by £2m, mainly due to a

£32m legal and litigation provision booked in the first half of 2023.

This was largely offset by higher performance-related pay and the

Bank of England levy, incurred for the first time in 2024.

Global Banking and Markets Other

Loss before tax was £6m compared with a loss before tax of £26m in

the first half of 2023, a decrease of £20m. This reflected higher

revenue, partly offset by higher operating expenses.

Revenue increased by £31m, mainly in Principal Investments (up

£11m) in part due to higher valuation gains, and due to higher

revenue allocated from Corporate Centre, up £9m, notably Markets

Treasury revenue.

Operating expenses increased by £12m, mainly driven by a net

reversal of the impairment of non-financial assets of £17m in the prior

year.

Commercial Banking (‘CMB’)

Profit before tax was £479m, a decrease of £108m compared with

the first half of 2023. This was mainly driven by higher ECL and

operating expenses.

Revenue decreased by £10m or 1%. This was primarily in GPS

(down £56m) driven by lower margins, reflecting repricing and

changes in product mix, partly offset by continued growth in fee

income from cross-border payments and pricing actions. Revenue

also reduced in C&L (down £10m) in part due to our transformation

initiatives. Revenue was higher due to the impact of the acquisition of

the Group’s operations in Bermuda by the bank (£63m).

ECL were a net charge of £32m compared with a net release of

£18m in the first half of 2023. The net charge in the first half of 2024

was mainly driven by stage 3 charges in the retail, industrial and

metals and mining sectors. The net release in the first half of 2023

was mainly driven by stage 1 and stage 2 releases reflecting a

relatively more stable outlook.

Operating expenses increased by £48m or 16%, mainly driven by a

reversal of a historical value-in-use impairment (£28m) in France in

the first half of 2023, and the impact of strategic investments.

Wealth and Personal Banking (‘WPB’)

Profit before tax was £310m, a decrease of £1,598m compared with

the first half of 2023. The decrease reflects the impact of the sale of

our retail banking operations in France, including the reversal of an

impairment loss of £1,689m recognised in the first quarter of 2023

and lower profit before tax following the disposal of our operations in

Greece in July 2023. This was partly offset by the acquisitions of

PBRS, PBLU and HBBM as part of the Group’s restructuring of legal

entities.

Revenue decreased by £1,633m due to the impact of the impairment

loss reversal in 2023, and because the first half of 2023 included

revenue from our retail banking operations in France and Greece

HSBC Bank plc Interim Report 2024 on Form 6-K 10

which were subsequently sold. This was partly offset by the bank’s

acquisitions of PBRS, PBLU and HBBM. Revenue was also lower in

Asset Management due to the recognition of a loss of £11m from the

reclassification of HSBC Epargne Entreprise, an employee savings

administration business, as held for sale.

ECL were a net release of £6m compared with a net release of £12m

in the first half of 2023. ECLs in both periods reflect a relatively stable

outlook.

Operating expenses decreased by £41m or 9%. Excluding the

impact of the transactions noted above, costs were higher in Retail

(up £12m) due to higher Technology costs (£7m), partly offset by

lower costs in Insurance (£8m) due to an exceptional cost booked in

the first half of 2023.

Corporate Centre

Loss before tax of £303m compared with a loss before tax £59m in

the first half of 2023, a decrease of £244m. This was mainly driven by

lower revenue, partly offset by higher income from associates and

joint ventures.

Revenue decreased by £287m, as the first half of 2024 included

£94m of negative revenue associated with the portfolio of retail

retained loans which was transferred from WPB to Corporate

Centre following the completion of the sale of our retail banking

operations in France. The first half of 2024 also included the

recognition of a loss of £56m from the classification of our

subsidiary in Armenia as held for sale, and foreign currency

translation reserve losses of £80m recognised on completion of the

sale of our subsidiary in Russia in May 2024. Revenue in the first

half of 2023 included a benefit of £64m from the reversal of a

provision for project costs relating to the planned sale of our retail

banking operations in France.

Operating expenses of £84m were £4m higher than in the first half

of 2023. The increase reflects costs relating to the portfolio of retail

retained loans transferred from WPB following the sale of our retail

banking operations in France.

Share of profit in associates and joint ventures was a profit of

£16m, compared with a loss of £35m in the first half of 2023. This

was mainly due to an impairment of an investment in an associate in

2023.

Review of business position

Summary consolidated balance sheet
	At
	30 Jun	31 Dec
	2024	2023
	£m	£m
Total assets	714,376	702,970
– cash and balances at central banks	116,062	110,618
– trading assets	114,303	100,696
– financial assets designated and otherwise mandatorily measured at fair value through profit or loss	20,580	19,068
– derivatives	162,661	174,116
– loans and advances to banks	14,332	14,371
– loans and advances to customers	85,721	75,491
– reverse repurchase agreements – non-trading	63,892	73,494
– financial investments	56,489	46,368
– assets held for sale	598	20,368
– other assets	79,738	68,380
Total liabilities	688,889	678,465
– deposits by banks	30,233	22,943
– customer accounts	240,957	222,941
– repurchase agreements – non-trading	48,764	53,416
– trading liabilities	45,355	42,276
– financial liabilities designated at fair value	35,725	32,545
– derivatives	160,552	171,474
– debt securities in issue	16,760	13,443
– insurance contract liabilities	20,574	20,595
– liabilities of disposal groups held for sale	433	20,684
– other liabilities	89,536	78,148
Total equity	25,487	24,505
Total shareholders’ equity	25,333	24,359
Non-controlling interests	154	146

Total reported assets were 1.6% higher than at 31 December 2023.

The group maintained a strong and liquid balance sheet with the ratio

of customer advances to customer accounts remaining low at 35.6%

at 30 June 2024.

Assets

Cash and balances at central banks increased by £5.4bn or 4.9%.

Trading assets increased by £13.6bn or 13.5% due to growth in MSS

in Global Debt Markets (£8bn increase), and in Securities Financing

(£8bn increase) with repositioning of leverage consumption from

reverse repos into the Prime Finance business.

Derivative assets decreased by £11.5bn or 6.6% reflecting a

reduction in foreign exchange contracts as a result of lower volatility

in foreign exchange rate movements. The decrease in derivative

assets was broadly consistent with the fall in derivative liabilities, as

the underlying risk is broadly matched.

Loans and advances to customers increased by £10.2bn or 13.6%.

largely due to increased balances of £8.4bn following the acquisition

of PBRS.

Non-trading reverse repos decreased by £9.6bn or 13.1% primarily

reflecting a repositioning of leverage consumption in Prime Finance

to Trading Assets, and from reduced client demand.

Financial Investments increased by £10.1bn or 21.8% as we

increased our holding of treasury bills and debt securities.

Assets held for sale decreased by £19.8bn, reflecting the disposal of

our retail banking operations in France in January 2024. The

remaining held for sale balance mainly comprises assets associated

with our business in Armenia.

Other Assets increased by £11.4bn or 16.6% due to an increase in

settlement accounts from higher trading activity, compared with a

seasonal reduction in December 2023.

Financial summary

11 HSBC Bank plc Interim Report 2024 on Form 6-K

Liabilities

Customer accounts increased by £18.0bn or 8.1%. The acquisition of

PBRS increased balances by £13.9bn and customer accounts also

increased from a short term deposit by a single Global Banking

customer in HBCE. This was partly offset by a decrease in

investment funds accounts.

The total of trading liabilities and financial liabilities designated at fair

value balances increased by £6.3bn or 8.4% to support the growth in

the Prime Finance business and due to an increase in issuance of

structured bonds.

Debt securities in issue increased by £3.3bn or 24.7% in line with the

our funding strategy.

Non-trading repos decreased by £4.7bn or 8.7% due to a change in

the mix of funding of our trading activities, with growth in deposits

and structured bonds more than offsetting the decrease in repos.

Derivative liabilities decreased by £10.9bn or 6.4%. This is in line with

derivative assets as the underlying risk is broadly matched.

Equity

Total shareholders’ equity increased by £1.0bn or 4.0% from 2023,

including an increase in share capital and share premium as a result

of an equity injection from the group to support the acquisition of

PBRS.

The following table shows the share capital position of the company and its consolidated capitalisation and indebtedness:

Capitalisation and indebtedness
	At
	30 Jun	31 Dec
	2024	2023
	£m	£m
Share capital of HSBC Bank plc
Ordinary shares (of nominal value £1 each)	797	797
Preference shares ($0.01 non-cumulative third dollar preference shares)	0.172	0.172
Equity
Called up share capital	797	797
Share premium account	2,136	1,004
Other equity instruments1	3,930	3,930
Other reserves	(6,435)	(6,096)
Retained earnings	24,905	24,724
Total shareholders’ equity	25,333	24,359
Non-controlling interests	154	146
Total equity	25,487	24,505
Group indebtedness2
Debt securities in issue	16,760	13,443
Trading liabilities – Debt securities in issue	27	21
Debt securities in issue designated at fair value	29,134	25,194
Subordinated liabilities3	16,929	15,714
Total indebtedness	62,850	54,372
Total capitalisation and indebtedness	88,337	78,877

1 Comprises 9 undated subordinated resettable additional tier 1 instruments held by HSBC Holdings plc.

2 As of 30 June 2024, the group had other liabilities of £626,039m (2023: £624,093m) and contingent liabilities and contractual commitments of

£167,093m (2023: £154,046m) (including guarantees of £22,615m (2023: £21,949m). Contractual commitments includes £138,058m of

commitments (2023: £125,616m), to which the impairment requirements in IFRS 9 are applied where the group has become party to an irrevocable

commitment.

3 Includes subordinated liabilities designated at fair value of £795m (2023: £794m).

HSBC Bank plc Interim Report 2024 on Form 6-K 12

Reconciliation of alternative performance measures

Return on average ordinary shareholders’

equity and return on average tangible equity

Return on average ordinary shareholders’ equity (‘RoE’) is computed

by taking profit attributable to the ordinary shareholders of the parent

company (‘reported results’), divided by average ordinary

shareholders’ equity (‘reported equity’) for the period. The adjustment

to reported results and reported equity excludes amounts attributable

to non-controlling interests and holders of preference shares and

other equity instruments.

Return on average tangible equity (‘RoTE’) is computed by adjusting

reported results for impairment of goodwill and other intangible

assets (net of tax), divided by average reported equity adjusted for

goodwill and intangibles for the period.

We provide RoTE ratio in addition to RoE as a way of assessing our

performance, which is closely aligned to our capital position.

Return on average ordinary shareholders’ equity and return on average tangible equity
	Half-year ended
	30 Jun	30 Jun
	2024	2023
	£m	£m
Profit
Profit attributable to the ordinary shareholders of the parent company1	595	2,127
Profit attributable to the ordinary shareholders, excluding other intangible assets impairment	595	2,127
Impact of strategic transactions2	11	(1,296)
Profit attributable to the ordinary shareholders, excluding other intangible assets impairment and strategic transactions	606	831
Equity
Average total shareholders’ equity	24,944	23,853
Effect of average preference shares and other equity instruments	(3,930)	(3,930)
Average ordinary shareholders’ equity	21,014	19,923
Effect of goodwill and other intangibles (net of deferred tax)	(274)	192
Average tangible equity	20,740	20,115
Average impact of strategic transactions	4	(864)
Average tangible equity excluding strategic transactions	20,744	19,251
Ratio
Return on average ordinary shareholders’ equity (annualised)	5.7	21.4
Return on average tangible equity (annualised)	5.7	21.2
Return on average tangible equity excluding strategic transactions (annualised)	5.8	8.6

1 1H24 includes £25m tax charges arising from the Pillar 2 global minimum tax rules which have been reallocated for RoTE purposes from HSBC

Holdings plc (‘HGHQ’) to the entities whose activities generated the additional tax liability.

2 1H23 includes the reversal of a £1.3bn (net of tax) impairment loss relating to the planned sale of the retail banking operations in France.

Financial summary

13 HSBC Bank plc Interim Report 2024 on Form 6-K

Risk

Risk overview

The group continuously identifies, assesses, manages and monitors

risks. This process, which is informed by its risk factors and the

results of its stress testing programme, gives rise to the classification

of certain financial and non-financial risks. Changes in the assessment

of these risks may result in adjustments to the group’s business

strategy and, potentially, its risk appetite.

Our banking risks include credit risk, treasury risk, market risk,

climate risk, resilience risk (including cybersecurity risk), regulatory

compliance risk, financial crime and fraud risk and model risk. We

also incur insurance risk.

In addition to these banking risks, we have identified top and

emerging risks with the potential to have a material impact on our

financial results, our reputation and the sustainability of our long-term

business model.

The exposure to our risks and risk management of these are

explained in more detail on pages 22 to 86 of our 2023 Annual Report

and Accounts.

Risk		Description
Externally driven
Geopolitical and macroeconomic risk	}	Our operations and portfolios are exposed to risks associated with political instability, civil unrest and military conflict, which could lead to disruption of our operations, physical risk to our staff and/or physical damage to our assets. Conflicts and geopolitical tensions, including the ongoing Russia-Ukraine and Israel-Hamas wars, are creating a more complicated business environment. Despite expected reductions, interest rates in Europe and the UK are nevertheless likely to remain high by historical standards for some time, which could slow the growth of the economies in which the group operates and affect our credit portfolios. We are also monitoring economic policy implications from elections in France and the upcoming budget and spending review being undertaken by the new government in the UK.
Credit risk	}	We regularly undertake detailed reviews of our portfolios and proactively manage credit facilities to customers and sectors likely to come under stress as a result of current macroeconomic and geopolitical events, including relatively slow economic growth in the UK, and impacts from the Russia-Ukraine and Israel-Hamas wars. We remain focused on assessing and managing the impacts of uncertain economic conditions on our customers, including interest rates that remain at relatively high levels across our major markets. Particular emphasis has been maintained on the Commodity Traders, Leverage, Construction and Building Materials, Automotives, Retail, ‘Consumer Spend’ and Commercial Real Estate sectors. We have increased the frequency and depth of our monitoring activities with stress tests and other sectoral reviews performed to identify vulnerable portfolios or customers.
Cyber threat and unauthorised access to systems	~	There is a risk of service disruption or loss of data resulting from technology failures or malicious activities from internal or external threats. We seek to continue to monitor changes to the threat landscape, including those arising from ongoing geopolitical and macroeconomic events, and the impact this may have on third-party risk management. We operate a continuous improvement programme to help protect our technology operations and to counter a fast-evolving and heightened cyber threat environment.
Evolving regulatory environment risk	~	The regulatory and compliance risk environment remains complex and is set against continued geopolitical risk and regulatory focus on operational resilience, financial resilience, model risk and sound risk and financial crime management practices. Across the group, particular areas of focus include the implementation of Basel 3.1, CRD VI, the EU AI Act, operational resilience regulatory requirements including the EU’s Digital Operational Resilience Act as well as ongoing embedding of the UK’s Financial Conduct Authority’s Consumer Duty with requirements for closed products being effective from July 2024. There also continues to be an intense regional regulatory focus on ESG matters, including on ‘green’ products and sustainable financing. Regulatory scrutiny of financial institutions may result in new or additional regulatory or capital requirements impacting the group in the short to medium term.
Financial crime and fraud risk	~	We are exposed to financial crime risk from our customers, staff and third-parties engaging in criminal activity. The financial crime risk environment is heightened due to increasingly complex geopolitical challenges, the macroeconomic outlook, the complex and dynamic nature of sanctions compliance, evolving financial crime regulations, rapid technological developments, an increasing number of national data privacy requirements and the increasing sophistication of fraud. As a result, we will continue to face the possibility of regulatory enforcement and reputational risk.
Environmental, social and governance risk	~	We are subject to ESG risks, including in relation to climate change, nature and human rights. These risks have increased owing to the pace and volume of regulatory developments globally and within the region, increasing frequency of severe weather events, and due to stakeholders placing more emphasis on financial institutions’ actions and investment decisions in respect of ESG matters. Failure to meet these evolving expectations may result in financial and non-financial risks, including reputational, legal and regulatory compliance risks.
Digitalisation and technological advances	~	Developments in technology and changes in regulations continue to enable new entrants to the banking industry as well as new products and services offered by competitors. This challenges us to continue to innovate with new digital capabilities and evolve our products, to attract, retain and best serve our customers. Along with opportunities, new technology, including generative AI, can introduce risks and disruption. We seek to ensure these are understood and managed with appropriate controls and oversight.
Internally driven
People risk	}	The group has completed material transformation activities in the first half of 2024 and several structural changes were effectively achieved. Capacity and capability challenges resulting from elevated workloads while transitioning into the new operating models, combined with employment practices and relation risks continue to be managed and mitigated through ongoing engagement with employee representative bodies and regulators. Strong oversight is also maintained over people management including monitoring attrition levels that are currently on a downward trend. This oversight helps to ensure effective workforce planning and management, and helps enable business demands to be supported. Failure to manage the risks may lead to potential regulatory sanctions or legal claims, and potential impacts on the delivery of business plans.

HSBC Bank plc Interim Report 2024 on Form 6-K 14

Risk		Description
Internally driven (continued)
IT systems infrastructure and operational resilience	~	We continue to monitor and improve our IT systems and network resilience, both on our premises and on the Cloud to minimise service disruption and improve customer experience. To support the business strategy, we strengthened our end to end management, build and deployment controls and system monitoring capabilities. We are seeing increased demand on customer support centres and our business operations as a result of the current economic environment and there is additional focus on our operational resilience. We continue to seek to reduce the complexity of our technology estate and consolidate our core banking systems onto a single strategic platform.
Execution risk	}	Failure to effectively prioritise, manage and/or deliver transformation across the group impacts our ability to achieve our strategic objectives. Given the complexity and volume of change planned throughout the second half of 2024, we aim to continue to monitor, manage and oversee change execution risk to ensure our change portfolio and initiatives continue to deliver the right outcomes for our customers, people, regulators, investors and communities.
Model risk	~	Model risk arises whenever business decision making includes reliance on models. We use models in both financial and non-financial contexts, as well as in a range of business applications. Evolving regulatory requirements are driving material changes to the way model risk is managed across the banking industry, with a particular focus on capital models. We continue strengthening the dialogue with regulators within the region to ensure our model risk management meets their expectations. New technologies, including AI and generative AI, are driving a need for enhanced model risk controls.
Data risk	}	We use data to serve our customers and run our operations, often in real-time within digital experiences and processes. If our data is not accurate and timely, our ability to serve customers, operate with resilience or meet regulatory requirements could be impacted. We seek to ensure that non-public data is kept confidential, and that we comply with the growing number of regulations that govern data privacy and cross-border movement of data.
Third-party risk	}	We procure goods and services from a range of third parties. Due to the current macroeconomic and geopolitical climate, the risk of service disruption in our supply chain remains heightened. We continue to strengthen our controls, oversight and risk management policies and processes to select and manage third parties, including our third parties’ own supply chains, particularly for key activities that could affect our operational resilience.

~	Risk has heightened during the first half of 2024
}	Risk remains at the same level during the first half of 2024

Managing risk

We aim to use a comprehensive risk management approach across

the organisation and across all risk types, underpinned by our culture

and values. This is outlined in our risk management framework,

including the key principles and practices that we employ in

managing material risks, both financial and non-financial.

Key economic risks are monitored closely. Economic growth in both

the EU and the UK remains relatively muted and there continues to

be uncertainty and downside risks that could impact the pace and

sustainability of the economic recovery across our key markets. A fall

in energy prices and other commodity prices has facilitated a

decrease in inflation in both Europe and the UK. The ECB was the

first major central bank to cut interest rates, by 25bps in June 2024

and the Bank of England is expected to follow in the second half of

2024. However, this expectation remains subject to the further

diminution of service sector price pressures. Interest rates across the

region in the medium term are likely to remain materially higher than

in recent years.

There continue to be ongoing impacts from the Russia-Ukraine and

Israel-Hamas wars, as well as the potential for further escalation

within the Middle East. These tensions could have significant global

economic and political consequences with impacts across our

markets. The Israel-Hamas war continues but economic spillovers

have remained limited through the first half of 2024. Ceasefire

negotiations have yet to achieve a resolution and conflict escalation

remains a risk, illustrated by the strikes exchanged by Iran and Israel

during the second quarter of 2024 and the increasing hostilities

between Israel and Hezbollah.

The Russia-Ukraine war continues, but the economic effects have

reduced as supply chains and economies have adjusted. Changes to

the balance of the conflict remained limited during the first half of

2024, despite the approval of a new funding round for Ukrainian

armaments by the US Congress. Escalation of the conflict and

ongoing geopolitical instability could have implications for the group

and its customers. The group actively monitors and responds to

financial sanctions and trade restrictions that have been adopted in

response to the conflict. These sanctions and trade restrictions are

complex and evolving. In particular, the US, the UK and the EU, as

well as other countries, have imposed significant sanctions and trade

restrictions against Russia including further sanctions during 2024.

Such sanctions and restrictions target certain Russian government

officials, politically exposed persons, business people, Russian oil

exports, energy products, financial institutions and other major

Russian companies and sanctions evasion networks. These countries

have also enacted more generally applicable investment, export, and

import bans and restrictions.

The secondary sanctions regime introduced by the US in December

2023 gives the US broad discretion to impose severe sanctions on

non-US banks that are knowingly or even unknowingly engaged in

certain transactions or services involving Russia’s military-industrial

base. The US expanded the scope of these secondary sanctions in

June 2024 to apply to Russian and non-Russian persons designated

under the primary legal authority for Russian sanctions. The broad

scope of the discretionary powers embedded in the regime creates

challenges associated with the detection or prevention of third-party

activities beyond HSBC’s control. The imposition of such sanctions

against any non-US HSBC entity could result in significant adverse

commercial, operational and reputational consequences for HSBC,

including the restriction or termination of the non-US HSBC entity’s

ability to access the US financial system and the freezing of the

entity’s assets that are subject to US jurisdiction. In response to such

sanctions and trade restrictions, as well as asset flight, Russia has

implemented certain countermeasures, including the expropriation of

foreign assets.

Following a strategic review in 2022, HSBC Europe BV (a wholly-

owned subsidiary of HSBC Bank plc) entered into an agreement to

sell its wholly-owned subsidiary HSBC Bank Russia (RR) (Limited

Liability Company), which was completed in May 2024. The name of

the entity changed to Khvoya Bank in July 2024.

We continue to monitor, and seek to manage, the potential

implications of all the above developments on our customers and our

business and have maintained our focus on improving the quality and

timeliness of the data we use to inform management decisions and

for regulatory reporting. We have employed an active but prudent

approach in managing our risk appetite, and continue regular

communication with our Board and key stakeholders.

Climate risk

Climate risk relates to the financial and non-financial impacts that may

arise as a result of climate change and the move to a greener

economy. Climate risk can impact us either directly or through our

Risk

15 HSBC Bank plc Interim Report 2024 on Form 6-K

relationships with our clients. This includes potential risk arising as a

result of HSBC Group’s net zero ambition, which could lead to

reputational concerns, and potential legal and/or regulatory action if

we are perceived to mislead stakeholders on our business activities

or if we fail to achieve the HSBC Group’s stated net zero targets. Our

most material exposure to climate risk relates to corporate client

financing activity within our banking portfolio. We seek to manage

climate risk across all our businesses in line with our HSBC Group-

wide risk management framework, and are incorporating climate

considerations within our existing risk types.

We continue to monitor the impacts of climate risk and further

embed our approach across our key risk areas and business lines.

For further details of our approach to climate risk management, see

‘Climate risk‘ on page 78 of our Annual Report and Accounts 2023.

Our risk appetite

Our risk appetite defines our desired forward-looking risk profile, and

informs the strategic and financial planning process. It provides an

objective baseline to guide strategic decision making, helping to

ensure that planned business activities provide an appropriate

balance of return for the risk assumed, while remaining within

acceptable risk levels. Risk appetite supports senior management in

allocating capital, funding and liquidity optimally to finance growth,

while monitoring exposure to non-financial risks.

Capital and liquidity remain at the core of our risk appetite framework,

with forward-looking statements informed by stress testing. We

continue to develop our climate risk appetite as we engage with

businesses on including climate risk in decision making and starting

to embed climate risk appetite into business planning.

Top and emerging risks

Our top and emerging risks process identifies forward-looking risks

so that they can be considered in determining whether any

incremental action is needed to either prevent them from

materialising or to limit their effect.

Top risks are those that have the potential to have a material adverse

impact on our financial results, reputation or business model. We

actively manage and take actions to mitigate our top risks. Emerging

risks are those that, while they could have a material impact on our

risk profile were they to occur, are not considered immediate and are

not under active management.

Our suite of top and emerging risks is subject to regular review by

senior governance forums. We continue to monitor closely the

identified risks and ensure robust management actions are in place,

as required.

Our current top risks are summarised on the previous two pages and

discussed in more detail on pages 23 to 28 of our Annual Report and

Accounts 2023.

Key developments in the first half of

2024

We actively managed the risks related to macroeconomic and

geopolitical uncertainties, as well as other key risks described in this

section. In addition, we sought to enhance our risk management in

the following areas:

–We enhanced our model risk frameworks and controls as we seek

to manage the increasing numbers of climate risk, AI and machine

learning models being embedded in business processes. Focus is

also on generative AI due to the pace of technological changes

and regulatory and wider interest in adoption and usage.

–We enhanced our processes, framework and capabilities to seek

to improve the control and oversight of our material third parties to

manage our operational resilience and meet new and evolving

regulatory requirements.

–We made progress on our comprehensive regulatory reporting

programme, which seeks to to strengthen our processes,

enhance consistency and improve controls across regulatory

reports. This programme remains a top priority and continues to

enhance data, transform the reporting system and uplift the

control environment over the report production process.

–Through our climate risk programme, we continued to embed

climate considerations throughout the organisation, including

enhancing our approach to assessing the impact of climate on

capital, and continued development of risk metrics to manage our

exposure to climate risk.

–We deployed industry leading technology and advanced analytics

capabilities into new markets to improve our ability to identify

suspicious activities and prevent financial crime. We continue to

monitor regulatory changes.

–We continued to stabilise our net interest income, despite the

fluctuations in interest rate expectations, driven by central bank

rate increases and a reassessment of the trajectory of inflation in

major economies.

–We continued to focus on our technology and cybersecurity

controls to improve the resilience and security of our technology

services in response to the heightened external threat

environment.

Credit risk

17	Summary of credit risk
21	Measurement uncertainty and sensitivity analysis of ECL estimates
27	Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including loan commitments and financial guarantees

Overview

Credit risk is the risk of financial loss if a customer or counterparty

fails to meet an obligation under a contract. It arises principally from

direct lending, trade finance and leasing business, but also from other

products, such as guarantees and credit derivatives or from holding

assets in the form of debt securities.

Credit risk in the first half of 2024

There were no material changes to credit risk policy in the first half of

the year.

A summary of our current policies and practices for the management

of credit risk is set out in ‘Credit risk management’ on page 30 of the

Annual Report and Accounts 2023.

At 30 June 2024, gross loans and advances to customers and banks

of £101bn increased by £10bn on a reported basis, compared with

31 December 2023. This included adverse foreign exchange

movements of £1.4bn.

Excluding foreign exchange movements, the underlying increase of

£7bn was mainly driven in personal loans and advances to customers

by transfer of PBRS to HSBC Bank plc in first quarter of 2024. The

balance of wholesale loans and advances to customers has increased

by £4.4bn. Loans and advances to banks remain stable in comparison

to 2023.

At 30 June 2024, the allowance for ECL excluding foreign exchange

movements in relation to loans and advances to customers

decreased by £89m compared with 31 December 2023.

This was attributable to:

–a £100m decrease in wholesale loans and advances to customers,

of which £15m was driven by stages 1 and 2; and £91m by stage

3; offset by a £6m balance increase in purchased or originated

credit-impaired (‘POCI’) loans; and

–a £11m increase in personal loans and advances to customers

was mainly due an increase in stage 3 balances (by £11m) and

there was no material movement in stages 1 and 2 balances.

The ECL release for the first six months of 2024 was £53m, inclusive

of recoveries.

HSBC Bank plc Interim Report 2024 on Form 6-K 16

Summary of credit risk

The following disclosure presents the gross carrying/nominal amount of financial instruments to which the impairment requirements in IFRS 9

are applied and the associated allowance for ECL.

The following tables analyse loans by industry sector and represent the concentration of exposures on which credit risk is managed.

Summary of financial instruments to which the impairment requirements in IFRS 9 are applied
	At 30 Jun 2024		At 31 Dec 2023
	Gross carrying/nominal amount	Allowance for ECL1	Gross carrying/nominal amount	Allowance for ECL1
	£m	£m	£m	£m
Loans and advances to customers at amortised cost	86,703	(982)	76,579	(1,088)
Loans and advances to banks at amortised cost	14,334	(2)	14,372	(1)
Other financial assets measured at amortised cost	262,153	(10)	273,728	(70)
– cash and balances at central banks	116,062	—	110,618	—
– items in the course of collection from other banks	2,153	—	2,114	—
– reverse repurchase agreements – non-trading	63,892	—	73,494	—
– financial investments	13,039	—	8,861	—
– prepayments, accrued income and other assets2	66,422	(3)	56,845	(6)
– assets held for sale3	585	(7)	21,796	(64)
Total gross carrying amount on-balance sheet	363,190	(994)	364,679	(1,159)
Loans and other credit related commitments	138,058	(37)	125,616	(42)
Financial guarantees4	2,717	(10)	2,401	(16)
Total nominal amount off-balance sheet5	140,775	(47)	128,017	(58)
	503,965	(1,041)	492,696	(1,217)
	Fair value	Memorandumallowance forECL6	Fair value	Memorandum allowance forECL6
	£m	£m	£m	£m
Debt instruments measured at fair value through other comprehensive income (‘FVOCI’)	43,331	(23)	37,427	(23)

1The total ECL is recognised in the loss allowance for the financial asset unless the total ECL exceeds the gross carrying amount of the financial asset,

in which case the ECL is recognised as a provision.

2Includes only those financial instruments which are subject to the impairment requirements of IFRS 9. ‘Prepayments, accrued income and other

assets’ as presented within the consolidated balance sheet on page 39 includes both financial and non-financial assets.

3For further details on gross carrying amount and allowances for ECL related to assets held for sale, see ‘Assets held for sale’ on page 57. The

significant reduction is due to the completion of the sale of our retail banking operations in France in January 2024.

4Excludes performance guarantee contracts to which the impairment requirements in IFRS 9 are not applied.

5Represents the maximum amount at risk should the contracts be fully drawn upon and clients default.

6Debt instruments measured at FVOCI continue to be measured at fair value with the allowance for ECL as a memorandum item. Change in ECL is

recognised in ‘Change for expected credit losses and other credit impairment charges’ in the income statement.

Risk

17 HSBC Bank plc Interim Report 2024 on Form 6-K

The following table provides an overview of the group’s credit risk by

stage and industry, and the associated ECL coverage. The financial

assets recorded in each stage have the following characteristics:

–Stage 1: These financial assets are unimpaired and without a

significant increase in credit risk for which a 12-month allowance

for ECL is recognised.

–Stage 2: A significant increase in credit risk has been experienced

on these financial assets since initial recognition for which a

lifetime ECL is recognised.

–Stage 3: There is objective evidence of impairment and the

financial assets are therefore considered to be in default or

otherwise credit impaired for which a lifetime ECL is recognised.

–POCI: Financial assets that are purchased or originated at a deep

discount are seen to reflect the incurred credit losses on which a

lifetime ECL is recognised.

Summary of credit risk (excluding debt instruments measured at FVOCI) by stage distribution and ECL coverage by industry sector at 30 June 2024
	Gross carrying/nominal amount1					Allowance for ECL					ECL coverage %
	Stage 1	Stage 2	Stage 3	POCI2	Total	Stage 1	Stage 2	Stage 3	POCI2	Total	Stage 1	Stage 2	Stage 3	POCI2	Total
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	%	%	%	%	%
Loans and advances to customers at amortised cost	77,183	7,204	2,281	35	86,703	(72)	(108)	(790)	(12)	(982)	0.1	1.5	34.6	34.3	1.1
– personal	18,268	1,162	274	—	19,704	(18)	(18)	(82)	—	(118)	0.1	1.5	29.9	—	0.6
– corporate and commercial	43,003	5,683	1,920	35	50,641	(45)	(86)	(688)	(12)	(831)	0.1	1.5	35.8	34.3	1.6
– non-bank financial institutions	15,912	359	87	—	16,358	(9)	(4)	(20)	—	(33)	0.1	1.1	23.0	—	0.2
Loans and advances to banks at amortised cost	14,151	183	—	—	14,334	(1)	(1)	—	—	(2)	—	0.5	—	—	—
Other financial assets measured at amortised cost	261,758	152	243	—	262,153	(6)	—	(4)	—	(10)	—	—	1.6	—	—
Loans and other credit-related commitments	131,100	6,814	141	3	138,058	(15)	(17)	(5)	—	(37)	—	0.2	3.5	—	—
– personal	946	3	2	—	951	—	—	—	—	—	—	—	—	—	—
– corporate and commercial	59,195	4,425	134	3	63,757	(11)	(14)	(5)	—	(30)	—	0.3	3.7	—	—
– financial	70,959	2,386	5	—	73,350	(4)	(3)	—	—	(7)	—	0.1	—	—	—
Financial guarantees3	2,457	191	69	—	2,717	(1)	(1)	(8)	—	(10)	—	0.5	11.6	—	0.4
– personal	146	2	—	—	148	—	—	—	—	—	—	—	—	—	—
– corporate and commercial	1,286	36	68	—	1,390	(1)	(1)	(7)	—	(9)	0.1	2.8	10.3	—	0.6
– financial	1,025	153	1	—	1,179	—	—	(1)	—	(1)	—	—	100.0	—	0.1
At 30 Jun 2024	486,649	14,544	2,734	38	503,965	(95)	(127)	(807)	(12)	(1,041)	—	0.9	29.5	31.6	0.2

1Represents the maximum amount at risk should the contracts be fully drawn upon and clients default.

2Purchased or originated credit impaired (‘POCI‘).

3Excludes performance guarantee contracts to which the impairment requirements in IFRS 9 are not applied.

Unless identified at an earlier stage, all financial assets are deemed to

have suffered a significant increase in credit risk when they are 30

days past due (‘DPD’) and are transferred from stage 1 to stage 2.

The following disclosure presents the ageing of stage 2 financial

assets by those less than 30 and greater than 30 DPD and therefore

presents those financial assets classified as stage 2 due to ageing (30

DPD) and those identified at an earlier stage (less than 30 DPD).

Stage 2 - days past due analysis at 30 June 2024
	Gross carrying amount			Allowance for ECL			ECL coverage %
		of which:	of which:		of which:	of which:		of which:	of which:
	Stage 2	1 to 29 DPD1,2	30 and > DPD1,2	Stage 2	1 to 29 DPD1,2	30 and > DPD1,2	Stage 2	1 to 29 DPD1,2	30 and > DPD1,2
	£m	£m	£m	£m	£m	£m	%	%	%
Loans and advances to customers at amortised cost	7,204	358	302	(108)	(5)	(1)	1.5	1.4	0.3
– personal	1,162	198	51	(18)	(3)	(1)	1.5	1.5	2.0
– corporate and commercial	5,683	160	251	(86)	(2)	—	1.5	1.3	—
– non-bank financial institutions	359	—	—	(4)	—	—	1.1	—	—
Loans and advances to banks at amortised cost	183	—	—	(1)	—	—	0.5	—	—
Other financial assets measured at amortised cost	152	1	—	—	—	—	—	—	—

1Up-to-date accounts in stage 2 are not shown in amounts presented above.

2The days past due amounts presented above are on a contractual basis.

HSBC Bank plc Interim Report 2024 on Form 6-K 18

Summary of credit risk (excluding debt instruments measured at FVOCI) by stage distribution and ECL coverage by industry sector at31 December 2023 (continued)
	Gross carrying/nominal amount2					Allowance for ECL					ECL coverage %
	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total	Stage 1	Stage 2	Stage 3	POCI	Total
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	%	%	%	%	%
Loans and advances to customers at amortised cost	66,356	7,881	2,310	32	76,579	(75)	(125)	(882)	(6)	(1,088)	0.1	1.6	38.2	18.8	1.4
– personal	11,447	1,370	214	—	13,031	(20)	(17)	(71)	—	(108)	0.2	1.2	33.2	—	0.8
– corporate and commercial	42,982	5,981	1,773	32	50,768	(48)	(98)	(673)	(6)	(825)	0.1	1.6	38.0	18.8	1.6
– non-bank financial institutions	11,927	530	323	—	12,780	(7)	(10)	(138)	—	(155)	0.1	1.9	42.7	—	1.2
Loans and advances to banks at amortised cost	14,256	116	—	—	14,372	(1)	—	—	—	(1)	—	—	—	—	—
Other financial assets measured at amortised cost	272,557	989	182	—	273,728	(5)	(8)	(57)	—	(70)	—	0.8	31.3	—	—
Loans and other credit related commitments	118,242	7,197	174	3	125,616	(13)	(21)	(8)	—	(42)	—	0.3	4.6	—	—
– personal	1,246	27	3	—	1,276	—	—	—	—	—	—	—	—	—	—
– corporate and commercial	58,225	4,815	155	3	63,198	(11)	(17)	(7)	—	(35)	—	0.4	4.5	—	0.1
– financial	58,771	2,355	16	—	61,142	(2)	(4)	(1)	—	(7)	—	0.2	6.3	—	—
Financial guarantees1	2,078	251	72	—	2,401	(2)	(1)	(13)	—	(16)	0.1	0.4	18.1	—	0.7
– personal	32	2	—	—	34	—	—	—	—	—	—	—	—	—	—
– corporate and commercial	1,057	68	71	—	1,196	(1)	(1)	(13)	—	(15)	0.1	1.5	18.3	—	1.3
– financial	989	181	1	—	1,171	(1)	—	—	—	(1)	0.1	—	—	—	0.1
At 31 Dec 2023	473,489	16,434	2,738	35	492,696	(96)	(155)	(960)	(6)	(1,217)	—	0.9	35.1	17.1	0.2

1Excludes performance guarantee contracts to which the impairment requirements in IFRS 9 are not applied.

2Represents the maximum amount at risk should the contracts be fully drawn upon and clients default.

Stage 2 - days past due analysis at 31 December 2023 (continued)
	Gross carrying amount			Allowance for ECL			ECL coverage %
		of which:	of which:		of which:	of which:		of which:	of which:
	Stage 2	1 to 29 DPD1,2	30 and > DPD1,2	Stage 2	1 to 29 DPD1,2	30 and > DPD1,2	Stage 2	1 to 29 DPD1,2	30 and > DPD1,2
	£m	£m	£m	£m	£m	£m	%	%	%
Loans and advances to customers at amortised cost	7,881	234	298	(125)	(4)	(1)	1.6	1.7	0.3
– personal	1,370	183	87	(17)	(3)	(1)	1.2	1.6	1.1
– corporate and commercial	5,981	51	207	(98)	(1)	—	1.6	2.0	—
– non-bank financial institutions	530	—	4	(10)	—	—	1.9	—	—
Loans and advances to banks at amortised cost	116	—	10	—	—	—	—	—	—
Other financial assets measured at amortised cost	989	14	9	(8)	—	—	0.8	—	—

1Up-to-date accounts in stage 2 are not shown in amounts presented above.

2The days past due amounts presented above are on a contractual basis.

Risk

19 HSBC Bank plc Interim Report 2024 on Form 6-K

Stage 2 decomposition

The following table presents the stage 2 decomposition of gross

carrying amount and allowances for ECL for loans and advances to

customers and banks. It also sets out the reasons why an exposure is

classified as stage 2 and therefore presented as a significant increase

in credit risk at 30 June 2024.

The quantitative classification shows gross carrying values and

allowances for ECL for which the applicable reporting date probability

of default (‘PD’) measure exceeds defined quantitative thresholds for

retail and wholesale exposures, as set out in Note 1.2 ‘Summary of

material accounting policies’, on page 120 of the Annual Report and

Accounts 2023.

The qualitative classification primarily accounts for customer risk

rating (‘CRR’) deterioration, watch-and-worry and retail management

judgemental adjustments.

A summary of our current policies and practices for the significant

increase in credit risk is set out in ‘Summary of material accounting

policies’ on page 120 of the Annual Report and Accounts 2023.

Loans and advances to customers and banks at 30 June 20241
	Gross carrying amount					Allowance for ECL
	Loans and advances to customers					Loans and advances to customers
	Personal	Corporate and commercial	Non-bank financial institutions	Loans and advances to banks at amortised cost	Total Stage 2	Personal	Corporate and commercial	Non-bank financial institutions	Loans and advances to banks at amortised cost	Total Stage 2
The group	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Quantitative	753	2,868	302	113	4,036	(15)	(46)	(3)	—	(64)
Qualitative	408	2,579	57	70	3,114	(3)	(40)	(1)	(1)	(45)
of which: forbearance	1	525	1	—	527	—	(3)	—	—	(3)
30 DPD backstop	1	236	—	—	237	—	—	—	—	—
Total stage 2	1,162	5,683	359	183	7,387	(18)	(86)	(4)	(1)	(109)
ECL Coverage %	1.5	1.5	1.1	0.5	1.5

Loans and advances to customers and banks at 31 December 20231
	Gross carrying amount					Allowance for ECL
	Loans and advances to customers					Loans and advances to customers
	Personal	Corporate and commercial	Non-bank financial institutions	Loans and advances to banks at amortised cost	Total Stage 2	Personal	Corporate and commercial	Non-bank financial institutions	Loans and advances to banks at amortised cost	Total Stage 2
The group	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Quantitative	820	3,589	423	91	4,923	(12)	(56)	(8)	—	(76)
Qualitative	547	2,186	103	15	2,851	(5)	(42)	(2)	—	(49)
of which: forbearance	3	260	1	—	264	—	(2)	—	—	(2)
30 DPD backstop	3	206	4	10	223	—	—	—	—	—
Total stage 2	1,370	5,981	530	116	7,997	(17)	(98)	(10)	—	(125)
ECL Coverage %	1.2	1.6	1.9	—	1.6

1Where balances satisfy more than one of the above three criteria for determining a significant increase in credit risk, the corresponding gross

exposure and ECL have been assigned in order of categories presented.

Assets held for sale

At 30 June 2024, the most material balance held for sale came from

our business in Armenia. During the first half of 2024 the sales of our

retail banking operations in France and our business in Russia were

completed.

‘Loans and other credit-related commitments’ and ‘financial

guarantees’, as reported in credit disclosures, also include exposures

and allowances relating to financial assets classified as ‘assets held

for sale’.

Loans and advances to customers and banks measured at amortised cost
	At 30 Jun 2024		At 31 Dec 2023
	Total grossloans andadvances	Impairmentallowanceson loans andadvances	Total grossloans andadvances	Impairmentallowanceson loans andadvances
	£m	£m	£m	£m
As reported	101,037	(984)	90,951	(1,089)
Reported in ‘Assets held for sale’	468	(7)	21,512	(64)
Total	101,505	(991)	112,463	(1,153)

HSBC Bank plc Interim Report 2024 on Form 6-K 20

At 30 June 2024, gross loans and advances were £468m and the

related impairment allowances for ECL were £7m.

Lending balances held for sale continue to be measured at amortised

cost less allowances for impairment and, therefore, such carrying

amounts may differ from fair value.

These lending balances are part of associated disposal groups that

are measured in their entirety at the lower of carrying amount and fair

value less costs to sell. Any difference between the carrying amount

of these assets and their sales price is part of the overall gain or loss

on the associated disposal group as a whole.

For further details of the carrying amount and the fair value at

30 June 2024 of loans and advances to banks and customers

classified as held for sale, see Note 11 on the interim financial

statements.

Gross loans and allowance for ECL on loans and advances to customers and banks reported in ‘Assets held for sale’
	Armenia	Retail banking operations in France	Other1	Total
Gross Loans	£m	£m	£m	£m
Loans and advances to customers at amortised cost:	385	—	71	456
Personal	140	—	—	140
Corporate and Commercial	245	—	—	245
Non-bank financial institutions	—	—	71	71
Loans and advances to banks at amortised cost	12	—	—	12
At 30 Jun 2024	397	—	71	468
Impairment allowance
Loans and advances to customers at amortised cost:	(7)	—	—	(7)
Personal	(1)	—	—	(1)
Corporate and Commercial	(6)	—	—	(6)
Non-bank financial institutions	—	—	—	—
Loans and advances to banks at amortised cost	—	—	—	—
At 30 Jun 2024	(7)	—	—	(7)

Gross Loans
Loans and advances to customers at amortised cost:	—	13,319	90	13,409
Personal	—	10,916	—	10,916
Corporate and Commercial	—	2,362	—	2,362
Non-bank financial institutions	—	41	90	131
Loans and advances to banks at amortised cost	—	8,103	—	8,103
At 31 Dec 2023	—	21,422	90	21,512
Impairment allowance	—
Loans and advances to customers at amortised cost:	—	(64)	—	(64)
Personal	—	(61)	—	(61)
Corporate and Commercial	—	(3)	—	(3)
Non-bank financial institutions	—	—	—	—
Loans and advances to banks at amortised cost	—	—	—	—
At 31 Dec 2023	—	(64)	—	(64)

1Balances comprising assets held for sale relating to the planned sale of hedge fund administration services.

Measurement uncertainty and sensitivity analysis of ECL estimates

The recognition and measurement of ECL involves the use of

significant judgement and estimation. We form multiple economic

scenarios based on economic forecasts, apply these assumptions to

credit risk models to estimate future credit losses, and probability-

weight the results to determine an unbiased ECL estimate.

Management assessed the current economic environment, reviewed

the latest economic forecasts and discussed key risks before

selecting the economic scenarios and their weightings.

The Central scenario is constructed to reflect the latest

macroeconomic expectations. Outer scenarios incorporate the

crystallisation of economic and geopolitical risks, including those

relating to the outcome of recent and future elections, the Israel-

Hamas war and disruptions in the Red Sea.

Management judgemental adjustments are used where modelled

ECL does not fully reflect the identified risks and related uncertainty,

or to capture significant late-breaking events.

Methodology

At 30 June 2024, four economic scenarios were used to capture the

latest economic expectations and to articulate management’s view of

the range of risks and potential outcomes. Each scenario is updated

with the latest economic forecasts and distributional estimates each

quarter.

Three scenarios, the Upside, Central and Downside scenarios are

drawn from external consensus forecasts, market data and

distributional estimates of the entire range of economic outcomes.

The fourth scenario, the Downside 2, represents management’s view

of severe downside risks.

The Central scenario is deemed the ‘most likely’ scenario, and usually

attracts the largest probability weighting. It is created using

consensus forecasts, which is the average of a panel of external

forecasts.

The outer scenarios represent the tails of the distribution and are less

likely to occur. The consensus Upside and Downside scenarios are

created with reference to forecast probability distributions for select

markets that capture economists’ views of the entire range of

economic outcomes. In the later years of those scenarios, projections

revert to long-term consensus trend expectations. Reversion to trend

is done with reference to historically observed quarterly changes in

the values of macroeconomic variables.

The fourth scenario, the Downside 2, represents management’s view

of severe downside risks. It is a globally consistent, narrative-driven

scenario that explores a more extreme economic outcome than those

captured by the consensus scenarios. In this scenario, variables do

not, by design, revert to long-term trend expectations and may

instead explore alternative states of equilibrium, where economic

variables moves permanently away from past trends.

Risk

21 HSBC Bank plc Interim Report 2024 on Form 6-K

The consensus Downside and the consensus Upside scenarios are

each calibrated to be consistent with a 10% probability. The

Downside 2 is calibrated to a 5% probability. The Central scenario is

assigned the remaining 75%. This weighting scheme is deemed

appropriate for the unbiased estimation of ECL in most

circumstances. However, management may choose to depart from

this probability-based scenario weighting approach when the

economic outlook and forecasts are determined to be particularly

uncertain and risks are elevated.

In the second quarter of 2024, the assigned scenario weights were

consistent with their calibrated probabilities, the same as in the fourth

quarter of 2023. Economic forecasts for the Central scenario

improved modestly, and the dispersion within consensus forecast

panels remained low. Risks, including the increased policy risks

relating to the outcome of elections across key markets and elevated

geopolitical tensions, were deemed to be reflected in the Downside

scenarios.

Scenarios produced to calculate ECL are aligned to HSBC’s top and

emerging risks.

Description of economic scenarios

The economic assumptions presented in this section have been

formed by HSBC with reference to external forecasts and estimates

for the purpose of calculating ECL.

Forecasts may change and remain subject to uncertainty. Outer

scenarios are constructed so that they capture risks that could alter

the trajectory of the economy and are designed to encompass the

potential crystallisation of key economic and financial risks.

In our key markets, GDP forecasts in the Central scenario have

improved in the second quarter of 2024 compared with the fourth

quarter of 2023. At the same time, expectations for interest rate cuts

have been scaled back. In the second quarter of 2024, risks to the

economic outlook included a number of significant geopolitical issues

and uncertainty relating to election outcomes.

Within our Downside scenarios, the economic consequences from

the crystallisation of those risks were captured by higher commodity

and goods prices, the re-acceleration of inflation, a further rise in

interest rates and global recession.

The scenarios used to calculate ECL are described below.

The consensus Central scenario

GDP growth is expected to slow in 2024 relative to the previous year

in Europe, as elevated interest rates continue to squeeze household

finances and corporate margins. Inflation is expected to continue to

decline, as wage growth and services inflation moderate.

Lower inflation and looser labour market conditions are expected to

enable major central banks to embark on a gradual reduction in policy

rates.

Growth only recovers to its long-term expected trend in later years,

once central banks have lowered interest rates from current levels.

Global GDP is expected to grow by 2.5% in 2024 in the Central

scenario. The average rate of global GDP growth is forecast to be

2.6% over the forecast period. This is below the average growth rate

reported over the five-year period prior to onset of the pandemic of

2.9%.

The key features of our Central scenario are:

–GDP growth rates in our main markets are expected to slow in

2024 relative to 2023, followed by a moderate recovery in 2025.

Across most of our key markets weaker growth is caused by high

interest rates, which act to deter consumption and investment.

–In most markets, unemployment is expected to remain flat or rise

moderately from current levels. The exception is France, where

structural reforms are expected to enable unemployment to fall

from current levels.

–Inflation is expected to fall as services inflation and wage growth

moderates. It is anticipated that inflation converges towards

central banks’ target rates in 2025.

–Weak conditions in housing markets are expected to persist

through 2024 and 2025 in many of our main markets, including the

UK, as higher interest rates and, in many cases, declining prices,

depress activity.

–Challenging conditions are also forecast to continue in the

commercial property sector in a number of our key markets.

Structural changes to demand in the office segment in particular

are driving lower valuations.

–Policy interest rates in key markets are forecast to have peaked

and are projected to decline in 2024. In the longer term, they are

expected to remain at a higher level than in the pre-pandemic

period.

–The Brent crude oil price is forecast to average around $81 per

barrel over the forecast period.

The Central scenario was created from consensus forecasts available

in May, and reviewed continually until the end of June 2024. In

accordance with HSBC’s scenario framework, a probability weight of

75% has been assigned to the Central scenario across all major

markets.

The following table describes key macroeconomic variables assigned

in the consensus Central scenario.

Consensus Central scenario 3Q24-2Q29 (as at 2Q24)
	UK	France
GDP (annual average growth rate, %)
2024	0.5	0.8
2025	1.2	1.3
2026	1.6	1.5
2027	1.7	1.4
2028	1.6	1.3
5-year average1	1.4	1.3
Unemployment rate (%)
2024	4.5	7.6
2025	4.7	7.5
2026	4.5	7.0
2027	4.5	6.9
2028	4.5	6.6
5-year average1	4.6	7.0
House prices (annual average growth rate, %)
2024	0.0	(3.7)
2025	1.2	2.7
2026	3.2	4.1
2027	3.4	4.3
2028	2.4	3.8
5-year average1	2.3	3.1
Inflation (annual average growth rate, %)
2024	2.6	2.5
2025	2.2	1.9
2026	2.1	1.8
2027	2.2	1.9
2028	2.1	1.9
5-year average1	2.2	1.9
Central bank policy rate (annual average, %)
2024	5.2	3.8
2025	4.6	3.1
2026	4.0	2.7
2027	3.8	2.5
2028	3.6	2.5
5-year average1	4.0	2.8

1 The five-year average is calculated over a projected period of 20

quarters, from 3Q24 to 2Q29.

HSBC Bank plc Interim Report 2024 on Form 6-K 22

Consensus Central scenario 2024–2028 (as at 4Q23)
	UK	France
GDP (annual average growth rate, %)
2024	0.3	0.8
2025	1.2	1.5
2026	1.7	1.6
2027	1.6	1.5
2028	1.6	1.5
5-year average1	1.3	1.4
Unemployment rate (%)
2024	4.7	7.5
2025	4.6	7.3
2026	4.3	7.0
2027	4.2	6.8
2028	4.2	6.8
5-year average1	4.4	7.1
House prices (annual average growth rate, %)
2024	(5.5)	(1.0)
2025	0.1	2.4
2026	3.5	4.0
2027	3.0	4.4
2028	3.0	4.0
5-year average1	0.8	2.8
Inflation (annual average growth rate, %)
2024	3.2	2.7
2025	2.2	1.8
2026	2.2	1.7
2027	2.3	1.9
2028	2.3	2.1
5-year average	2.4	2.0
Central bank policy rate (annual average, %)
2024	5.0	3.6
2025	4.3	2.8
2026	3.9	2.6
2027	3.8	2.6
2028	3.7	2.7
5-year average1	4.1	2.9

1 The five-year average is calculated over a projected period of 20

quarters from 1Q24 to 4Q28.

The graphs compare the respective Central scenario with current

economic expectations beginning in the second quarter of 2024.

GDP growth: Comparison of Central scenarios

4Q23 Central 5Y Average: 1.3%

2Q24 Central 5Y Average: 1.4%

Note: Real GDP shown as year-on-year percentage change.

France

4Q23 Central 5Y Average: 1.4%

2Q24 Central 5Y Average: 1.2%

Note: Real GDP shown as year-on-year percentage change.

The consensus Upside scenario

Compared with the Central scenario, the consensus Upside scenario

features stronger economic activity in the near term, before

converging to the long-run trend expectations. It also incorporates a

faster fall in the rate of inflation than incorporated in the Central

scenario.

The scenario is consistent with a number of key upside risk themes.

These include a faster reduction in central banks policy interest rates,

a de-escalation in geopolitical tensions as the Israel-Hamas and

Russia-Ukraine wars move towards conclusions, and an improvement

in the US-China relationship.

The following table describes key macroeconomic variables in the

consensus Upside scenario.

Consensus Upside scenario (3Q24-2Q29)
	UK		France
GDP level (%, start-to-peak)1	11.5	(2Q29)	9.2	(2Q29)
Unemployment rate (%, min)2	2.9	(2Q26)	6.1	(2Q26)
House price index (%, start-to-peak)1	19.1	(2Q29)	22.4	(2Q29)
Inflation rate (YoY % change, min)3	0.8	(2Q25)	1.1	(2Q25)
Central bank policy rate (%, min)2	3.6	(4Q28)	2.5	(3Q28)

1 Cumulative change to the highest level of the series during the 20-

quarter projection.

2 Lowest projected unemployment or policy rate in the scenario.

3 Lowest projected year-on-year percentage change in inflation in the

scenario.

Consensus Upside scenario 2024–2028 (as at 4Q23)
	UK		France
GDP level (%, start-to-peak)1	10.8	(4Q28)	10.4	(4Q28)
Unemployment rate (%, min)2	3.1	(4Q24)	6.2	(4Q25)
House price index (%, start-to-peak)1	13.0	(4Q28)	19.6	(4Q28)
Inflation rate (YoY % change, min)3	1.3	(2Q25)	1.5	(3Q24)
Central bank policy rate (%, min)2	3.7	(3Q28)	2.6	(2Q26)

1 Cumulative change to the highest level of the series during the 20-

quarter projection.

2 Lowest projected unemployment or policy interest rate in the scenario.

3 Lowest projected year-on-year percentage change in inflation in the

scenario.

Risk

23 HSBC Bank plc Interim Report 2024 on Form 6-K

Downside scenarios

Downside scenarios explore the intensification and crystallisation of a

number of key economic and financial risks. These include an

escalation of geopolitical tensions, which disrupt key commodity and

goods markets, causing inflation and interest rates to rise, and

creating a global recession.

As the geopolitical environment remains volatile and complex, risks

include:

–a broader and more prolonged conflict in the Middle East that

undermines confidence, drives an increase in global energy costs

and reduces trade and investment;

–continued differences between the US and China, which lead to

increased trade frictions and higher inflation, due to an escalation

in tariff actions and rising costs;

–a potential escalation in the Russia-Ukraine war, which expands

beyond Ukraine’s borders, and further disrupts energy, fertiliser

and food supplies; and

–election outcomes that deliver adverse policies that work to

undermine global trade growth and undermine international supply

chains.

High inflation and higher interest rates also remain key risks. Should

geopolitical tensions escalate, a rise in energy and food prices would

increase pressure on household budgets and firms’ costs.

A wage-price spiral, triggered by higher inflation and labour supply

shortages, could put sustained upward pressure on wages and

services prices, aggravating cost pressures and increasing the

squeeze on household real incomes and corporate margins. In turn, it

raises the risk of a more forceful policy response from central banks,

a steeper trajectory for interest rates, significantly higher defaults

and, ultimately, a deep economic recession.

The consensus Downside scenarios

In the consensus Downside scenario, economic activity is weaker

compared with the Central scenario. In this scenario, GDP declines,

unemployment rates rise, and asset prices fall. The scenario features

an escalation of geopolitical tensions, which causes a rise in inflation,

as supply chain constraints intensify and energy prices rise. The

scenario also features a temporary increase in interest rates above

the Central scenario, before the effects of weaker consumption

demand begin to dominate, and commodity prices and inflation fall

again.

The following table describes key macroeconomic variables in the

consensus Downside scenario.

Consensus Downside scenario (3Q24-2Q29)
	UK		France
GDP level (%, start-to-trough)1	(0.7)	(3Q26)	(0.3)	(1Q25)
Unemployment rate (%, max)2	6.3	(3Q25)	8.5	(1Q25)
House price index (%, start-to-trough)1	(5.9)	(4Q25)	(0.5)	(4Q24)
Inflation rate (YoY % change, max)3	3.4	(2Q25)	3.5	(1Q25)
Central bank policy rate (%,max)2	5.6	(3Q24)	4.1	(1Q25)

1 Cumulative change to the lowest level of the series during the 20-

quarter projection.

2 The highest projected unemployment or policy rate in the scenario.

3 The highest projected year-on-year percentage change in inflation in

the scenario.

Consensus Downside scenario 2024–2028 (as at 4Q23)
	UK		France
GDP level (%, start-to-trough)1	(1.0)	(2Q25)	(0.3)	(2Q24)
Unemployment rate (%, max)2	6.4	(1Q25)	8.5	(4Q24)
House price index (%, start-to-trough)1	(12.0)	(2Q25)	(1.2)	(3Q24)
Inflation rate (YoY % change, max)3	4.1	(1Q24)	3.8	(2Q24)
Central bank policy rate (%,max)2	5.7	(1Q24)	4.2	(1Q24)

1Cumulative change to the lowest level of the series during the 20-

quarter projection.

2 The highest projected unemployment or policy interest rate in the

scenario.

3 The highest projected year-on-year percentage change in inflation in

the scenario.

Downside 2 scenario

The Downside 2 scenario features a deep global recession and

reflects management’s view of the tail of the economic distribution. It

incorporates the crystallisation of a number of risks simultaneously,

including a further escalation of geopolitical crises globally, which

creates severe supply disruptions to goods and energy markets.

In the scenario, as inflation surges and central banks tighten

monetary policy further, confidence evaporates. However, this

impulse is assumed to prove short-lived, as recession takes hold,

causing a sharp fall in demand, leading commodity prices to correct

sharply and global price inflation to fall.

The following table describes key macroeconomic variables in the

Downside 2 scenario.

Downside 2 scenario (3Q24-2Q29)
	UK		France
GDP level (%, start-to-trough)1	(8.8)	(4Q25)	(7.4)	(3Q25)
Unemployment rate (%, max)2	8.4	(4Q25)	10.2	(2Q26)
House price index (%, start-to-trough)1	(29.7)	(2Q26)	(15.0)	(4Q26)
Inflation rate (YoY % change, max)3	10.2	(4Q24)	8.6	(4Q24)
Central bank policy rate (%,max)2	5.9	(3Q24)	5.0	(3Q24)

1Cumulative change to the lowest level of the series during the 20-

quarter projection.

2The highest projected unemployment or policy rate in the scenario.

3The highest projected year-on-year percentage change in inflation in

the scenario.

Downside 2 scenario 2024–2028 (as at 4Q23)
	UK		France
GDP level (%, start-to-trough)1	(8.8)	(2Q25)	(6.6)	(1Q25)
Unemployment rate (%, max)2	8.4	(2Q25)	10.2	(4Q25)
House price index (%, start-to-trough)1	(30.2)	(4Q25)	(14.5)	(2Q26)
Inflation rate (YoY % change, max)3	10.1	(2Q24)	8.6	(2Q24)
Central bank policy rate (%,max)2	6.0	(1Q24)	5.2	(1Q24)

1Cumulative change to the lowest level of the series during the 20-

quarter projection.

2The highest projected unemployment or policy interest rate in the

scenario.

3The highest projected year-on-year percentage change in inflation in

the scenario.

HSBC Bank plc Interim Report 2024 on Form 6-K 24

Scenario weightings

In reviewing the economic environment, the level of risk and

uncertainty, management has considered both global and country

specific factors. In the second quarter of 2024, key considerations

around uncertainty attached to the Central scenario projections

focused on:

–the announcements of elections in the UK and France, as well as

the forthcoming election in the US. Potential policy uncertainty

arising from these elections was a significant discussion point;

–the lagged impact of elevated interest rates on household

finances and businesses, and the implications of volatility in

monetary policy expectations on growth and employment;

–estimation and forecast uncertainty for UK unemployment given

ongoing methodology updates at the UK Office for National

Statistics;

–the outlook for real estate in our key markets, particularly in the

UK; and

–geopolitical risks, including the Middle East and the Russia-

Ukraine wars.

Although these risk factors remain significant, management assessed

that they were adequately reflected in the scenarios at their

calibrated probability.

It was noted that economic forecasts had improved modestly and

dispersion of forecasts around the consensus have either remained

stable, or have moved lower. Similarly, financial market measures of

volatility also remained very low through the second quarter of 2024.

This has led management to assign scenario probabilities that are

aligned to the standard scenario probability calibration framework.

This entailed assigning a 75% probability weighting to the Central

scenario in our major markets. The consensus Upside scenario was

assigned a 10% weighting, and the consensus Downside scenario

was given 10%. The Downside 2 was assigned a 5% weighting.

In respect of the discussion around elections, management

concluded that the UK Central scenario already incorporated

information around the likely future government and its policies. The

subsequent election outcome result has not changed any scenario

assumptions. By contrast, election outcomes in France and the US

were considered less certain and forecasts assume policy continuity

in the respective Central scenarios as a result. Outer scenarios were

assessed to adequately reflect the current downside risks.

The following table describes the probabilities assigned in each

scenario.

Scenario weightings, %
	Standard Weights	UK	France
2Q24
Upside	10	10	10
Central	75	75	75
Downside	10	10	10
Downside 2	5	5	5
4Q23
Upside	10	10	10
Central	75	75	75
Downside	10	10	10
Downside 2	5	5	5

The following graphs show the historical and forecasted GDP growth

rate for the various economic scenarios in the UK and France.

France

Note: Real GDP shown as year-on-year percentage change.

Critical estimates and judgements

The calculation of ECL under IFRS 9 involves significant judgements,

assumptions and estimates at 30 June 2024. These included:

–the selection of economic scenarios, given the constant change in

economic conditions and distribution of economic risks; and

–estimating the economic effects of those scenarios on ECL,

where similar observable historical conditions cannot be captured

by the credit risk models.

How economic scenarios are reflected in ECL calculations

The methodologies for the application of forward economic guidance

into the calculation of ECL for wholesale and retail portfolios are set

out on page 45 of the Annual Report and Accounts 2023. Models are

used to reflect economic scenarios on ECL estimates. These models

are based largely on historical observations and correlations with

default.

Economic forecasts and ECL model responses to these forecasts are

subject to a degree of uncertainty. The models continue to be

supplemented by management judgemental adjustments where

required.

Risk

25 HSBC Bank plc Interim Report 2024 on Form 6-K

Management judgemental adjustments

In the context of IFRS 9, management judgemental adjustments are

typically short-term increases or decreases to the modelled allowance

for ECL at either a customer, segment or portfolio level where

management believes allowances do not sufficiently reflect the credit

risk/expected credit losses at the reporting date. These can relate to

risks or uncertainties that are not reflected in the models and/or to

any late-breaking events with significant uncertainty, subject to

management review and challenge.

This includes refining model inputs and outputs, and using

adjustments to ECL based on management judgement and

quantitative analysis for impacts that are difficult to model.

The effects of management judgemental adjustments are considered

for both balances and allowance for ECL when determining whether

or not a significant increase in credit risk has occurred and is allocated

to a stage where appropriate. This is in accordance with the internal

adjustments framework.

Management judgemental adjustments are reviewed under the

governance process for IFRS 9 (as detailed in the section ‘Credit risk

management’ on page 30 of the Annual Report and Accounts 2023).

Review and challenge focuses on the rationale and quantum of the

adjustments with a further review carried out by the second line of

defence where significant. For some management judgemental

adjustments, internal frameworks establish the conditions under

which these adjustments should no longer be required and as such

are considered as part of the governance process. This internal

governance process allows management judgemental adjustments to

be reviewed regularly and, where possible, to reduce the reliance on

these through model recalibration or redevelopment, as appropriate.

The drivers of the management judgemental adjustments continue to

evolve with the economic environment as new risks emerge.

Management judgemental adjustments made in estimating the

reported allowance for ECL at 30 June 2024 are set out in the

following table.

Management judgemental adjustments to ECL at 30 Jun 20241
	Retail	Wholesale2	Total
	£m	£m	£m
Banks, sovereigns, government entities and low risk counterparties	(14)	(5)	(19)
Corporate lending adjustments	—	24	24
Retail lending inflation-related adjustments	3	—	3
Other macroeconomic-related adjustments	—	—	—
Other retail lending adjustments	(5)	—	(5)
Total	(16)	19	3

Management judgemental adjustments to ECL at 31 Dec 20231
	Retail	Wholesale2	Total
	£m	£m	£m
Banks, sovereigns, government entities and low risk counterparties	(14)	(13)	(27)
Corporate lending adjustments	—	(36)	(36)
Retail lending inflation-related adjustments	8	—	8
Other macroeconomic-related adjustments	7	—	7
Other retail lending adjustments	2	—	2
Total	3	(49)	(46)

1Management judgemental adjustments presented in the table reflect

increases or (decreases) to ECL, respectively.

2The wholesale portfolio corresponds to adjustments to the performing

portfolio (stage 1 and stage 2).

In the wholesale portfolio, management judgemental adjustments

were an increase to allowances for ECL of £19m (31 December 2023:

£49m decrease).

–Adjustments relating to banks, sovereigns, government entities

and low risk counterparties decreased allowance for ECL by £5m

(31 December 2023: £13m decrease). The adjustments mainly

relate to standard, monthly adjustments for bank and sovereign

exposures secured by Export Credit Agency guarantees; the

benefit from which is not recognised in the inbound data.

–Adjustments to corporate credit risk exposures increased

allowance for ECL by £24m (31 December 2023: £36m decrease).

The increase in adjustment is mainly related to management

overlays to reflect increased risk on exposures in France and

separately that full ECL value for Collateralized Loans Obligation

was reflected in impairment credit engine. These were partially

offset by standard, monthly adjustments for corporate exposures

secured by Export Credit Agency which is not recognised in the

inbound data.

In the retail portfolio, management judgemental adjustments were an

ECL decrease of £16m at 30 June 2024 (31 December 2023: £3m

increase).

–Inflation-related adjustments increased ECL by £3m (31 December

2023: £8m increase). These adjustments addressed where

country-specific inflation risks were not fully captured by the

modelled output.

–Other retail lending adjustments decreased ECL by £5m

(31 December 2023: £2m increase) reflecting all other data, model

and management judgemental adjustments.

–Banks, sovereigns, government entities and low risk

counterparties adjustments decreased ECL by £14m

(31 December 2023: £14m decrease). These adjustments related

to the realignment of PD between reporting and origination date

for certain parts of the portfolio.

Economic scenarios sensitivity analysis of ECL estimates

Management considered the sensitivity of the ECL outcome against

the economic forecasts as part of the ECL governance process by

recalculating the allowance for ECL under each scenario described

above for selected portfolios, applying a 100% weighting to each

scenario in turn. The weighting is reflected in both the determination

of a significant increase in credit risk and the measurement of the

resulting allowances.

The allowance for ECL calculated for the Upside and Downside

scenarios should not be taken to represent the upper and lower limits

of possible ECL outcomes. The impact of defaults that might occur in

the future under different economic scenarios is captured by

recalculating allowances for loans at the balance sheet date.

There is a particularly high degree of estimation uncertainty in

numbers representing tail risk scenarios when assigned a 100%

weighting.

For wholesale credit risk exposures, the sensitivity analysis excludes

allowance for ECL and financial instruments related to defaulted

(stage 3) obligors. The measurement of stage 3 ECL is relatively more

sensitive to credit factors specific to the obligor than future economic

scenarios, and therefore the effects of macroeconomic factors are

not necessarily the key consideration when performing individual

assessments of allowances for obligors in default. Loans to defaulted

obligors are a small portion of the overall wholesale lending exposure,

even if representing the majority of the allowance for ECL. Due to the

range and specificity of the credit factors to which the ECL is

sensitive, it is not possible to provide a meaningful alternative

sensitivity analysis for a consistent set of risks across all defaulted

obligors.

For retail credit risk exposures, the sensitivity analysis includes

allowance for ECL for defaulted obligors of loans and advances. This

is because the retail ECL for secured mortgage portfolios, including

loans in all stages, is sensitive to macroeconomic variables.

HSBC Bank plc Interim Report 2024 on Form 6-K 26

Wholesale and retail sensitivity

The wholesale and retail sensitivity tables present the 100%

weighted results. These exclude portfolios held by the insurance

business and small portfolios, and as such cannot be directly

compared with personal and wholesale lending presented in other

credit risk tables. In both the wholesale and retail analysis, the

comparative period results for Downside 2 scenarios are also not

directly comparable with the current period, because they reflect

different risks relative to the consensus scenarios for the period end.

The wholesale and retail sensitivity analysis is stated inclusive of

management judgemental adjustments, as appropriate to each

scenario.

For both retail and wholesale portfolios, the gross carrying amount of

financial instruments are the same under each scenario. For

exposures with similar risk profile and product characteristics, the

sensitivity impact is therefore largely the result of changes in

macroeconomic assumptions.

Wholesale analysis

IFRS 9 ECL sensitivity to future economic conditions1,2
	UK	France
	£m	£m
At 30 June 2024
Reported allowance for ECL	53	80
Consensus Central scenario allowance for ECL	44	78
Consensus Upside scenario allowance for ECL	30	69
Consensus Downside scenario allowance for ECL	71	90
Downside 2 scenario allowance for ECL	306	117
Reported gross carrying amount2	140,730	132,577

At 31 December 2023
Reported allowance for ECL	67	78
Consensus Central scenario allowance for ECL	55	81
Consensus Upside scenario allowance for ECL	38	72
Consensus Downside scenario allowance for ECL	87	99
Downside 2 scenario allowance for ECL	276	112
Reported gross carrying amount2	144,215	142,389

1Allowance for ECL sensitivity includes off-balance sheet financial

instruments. These are subject to significant measurement

uncertainty.

2Includes low credit-risk financial instruments such as debt instruments

at FVOCI, which have high carrying amounts but low ECL under all the

above scenarios.

At 30 June 2024, the highest level of 100% weighted ECL was

observed in the UK. This higher ECL impact was largely driven by

significant exposure in this region. In the wholesale portfolio, off-

balance sheet financial instruments have a lower likelihood to be fully

converted to a funded exposure at the point of default, and

consequently the ECL sensitivity impact is lower in relation to its

nominal amount when compared with an on-balance sheet exposure

with similar risk profile.

Retail analysis

IFRS 9 ECL sensitivity to future economic conditions1
	UK	France
	£m	£m
At 30 June 2024
Reported allowance for ECL	2	11
Consensus Central scenario allowance for ECL	2	11
Consensus Upside scenario allowance for ECL	2	11
Consensus Downside scenario allowance for ECL	2	11
Downside 2 scenario allowance for ECL	4	11
Reported gross carrying amount	1,934	18

At 31 December 2023
Reported allowance for ECL	2	74
Consensus Central scenario allowance for ECL	2	74
Consensus Upside scenario allowance for ECL	2	72
Consensus Downside scenario allowance for ECL	3	75
Downside 2 scenario allowance for ECL	4	78
Reported gross carrying amount	1,925	17,187

1ECL sensitivities exclude portfolios utilising less complex modelling

approaches.

Reconciliation of changes in gross carrying/

nominal amount and allowances for loans

and advances to banks and customers

including loan commitments and financial

guarantees

The following disclosure provides a reconciliation by stage of the

group’s gross carrying/nominal amount and allowances for loans and

advances to banks and customers, including loan commitments and

financial guarantees. Movements are calculated on a quarterly basis

and therefore fully capture stage movements between quarters. If

movements were calculated on a year-to-date basis they would only

reflect the opening and closing position of the financial instrument.

The transfers of financial instruments represent the impact of stage

transfers upon the gross carrying/nominal amount and associated

allowance for ECL.

The net remeasurement of ECL arising from stage transfers

represents the increase or decrease due to these transfers, for

example, moving from a 12-month (stage 1) to a lifetime (stage 2)

ECL measurement basis. Net remeasurement excludes the

underlying customer risk rating (‘CRR’)/probability of default (‘PD’)

movements of the financial instruments transferring stage. This is

captured, along with other credit quality movements in the ‘changes

in risk parameters – credit quality’ line item.

Changes in ‘Net new and further lending/repayments’ represents the

impact from volume movements within the Group’s lending portfolio

and includes ‘New financial assets originated or purchased’, ‘assets

derecognised (including final repayments)’ and ‘changes to risk

parameters – further lending/repayment’.

Risk

27 HSBC Bank plc Interim Report 2024 on Form 6-K

Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers includingloan commitments and financial guarantees1
(Reviewed)
	Non-credit impaired				Credit impaired
	Stage 1		Stage 2		Stage 3		POCI		Total
	Gross carrying/nominal amount	Allowancefor ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowancefor ECL	Gross carrying/nominal amount	Allowancefor ECL
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
At 1 Jan 2024	162,228	(91)	15,445	(147)	2,556	(903)	35	(6)	180,264	(1,147)
Transfers of financial instruments:	61	(18)	(509)	26	448	(8)	—	—	—	—
– transfers from stage 1 to stage 2	(4,796)	5	4,796	(5)	—	—	—	—	—	—
– transfers from stage 2 to stage 1	4,995	(23)	(4,995)	23	—	—	—	—	—	—
– transfers to stage 3	(204)	1	(348)	10	552	(11)	—	—	—	—
– transfers from stage 3	66	(1)	38	(2)	(104)	3	—	—	—	—
Net remeasurement of ECL arising from transfer of stage	—	11	—	(11)	—	—	—	—	—	—
Net new and further lending/repayments	7,983	(1)	(417)	10	(489)	202	3	(3)	7,080	208
Changes to risk parameters – credit quality	—	11	—	(14)	—	(145)	—	(3)	—	(151)
Changes to model used for ECL calculation	—	(3)	—	10	—	—	—	—	—	7
Assets written off	—	—	—	—	(46)	45	—	—	(46)	45
Credit-related modifications that resulted in derecognition	—	—	—	—	—	—	—	—	—	—
Foreign exchange	(2,647)	2	(191)	1	(50)	14	—	—	(2,888)	17
Others2,3,4	7,410	—	64	(2)	72	(8)	—	—	7,546	(10)
At 30 Jun 2024	175,035	(89)	14,392	(127)	2,491	(803)	38	(12)	191,956	(1,031)
ECL income statement change for the period		18		(5)		57		(6)		64
Recoveries										1
Others										(12)
Total ECL income statement change for the period										53

Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers includingloan commitments and financial guarantees1
	At 30 Jun 2024		Half-year ended 30 Jun 2024
	Gross carrying/nominal amount	Allowancefor ECL	ECL release/(charge)
	£m	£m	£m
As above	191,956	(1,031)	53
Other financial assets measured at amortised cost	262,153	(10)	2
Non-trading reverse purchase agreement commitments	49,856	—	—
Performance and other guarantee not considered for IFRS 9	—	—	(1)
Summary of financial instruments to which the impairment requirements in IFRS 9 are applied/Summary consolidated income statement	503,965	(1,041)	54
Debt instruments measured at FVOCI	43,331	(23)	(1)
Total allowance for ECL/total income statement ECL change for the period	N/A	(1,064)	53

1Excludes performance guarantee contracts to which the impairment requirements in IFRS 9 are not applied.

2Includes the period on period movement in exposures relating to other HSBC Group companies. At 30 June 2024, this amount decreased by

£(0.81)bn and was classified as stage 1 with no ECL.

3Total includes £468m of gross carrying loans and advances to customers and banks, which were classified to assets held for sale and a

corresponding allowance for ECL of £7m reflecting business disposals as disclosed in Note 11: ‘Assets held for sale and liabilities of disposal groups

held for sale’ on page 57

4Total includes PBRS portfolio transferred to HSBC Bank Plc in first quarter of 2024.

HSBC Bank plc Interim Report 2024 on Form 6-K 28

Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers includingloan commitments and financial guarantees1 (continued)
(Reviewed)
	Non-credit impaired				Credit Impaired
	Stage 1		Stage 2		Stage 3		POCI		Total
	Gross carrying/nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/ nominal amount	Allowance for ECL	Gross carrying/nominal amount	Allowance for ECL
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
At 1 Jan 2023	168,371	(71)	18,059	(200)	2,536	(962)	3	—	188,969	(1,233)
Transfers of financial instruments:	690	(56)	(1,336)	89	646	(33)	—	—	—	—
– transfers from stage 1 to stage 2	(14,106)	11	14,106	(11)	—	—	—	—	—	—
– transfers from stage 2 to stage 1	15,023	(66)	(15,023)	66	—	—	—	—	—	—
– transfers to stage 3	(247)	—	(551)	39	798	(39)	—	—	—	—
– transfers from stage 3	20	(1)	132	(5)	(152)	6	—	—	—	—
Net remeasurement of ECL arising from transfer of stage	—	48	—	(26)	—	—	—	—	—	22
Net new and further lending/repayments	4,626	(1)	(1,916)	22	(442)	125	33	—	2,301	146
Changes to risk parameters – credit quality	—	(1)	—	(28)	—	(305)	—	(6)	—	(340)
Changes to model used for ECLcalculation	—	(3)	—	18	—	—	—	—	—	15
Assets written off	—	—	—	—	(248)	246	—	—	(248)	246
Credit related modifications that resulted in derecognition	—	—	—	—	(94)	75	—	—	(94)	75
Foreign exchange	(2,398)	2	(231)	2	(49)	17	—	—	(2,678)	21
Others2	(9,061)	(9)	869	(24)	207	(66)	(1)	—	(7,986)	(99)
At 31 Dec 2023	162,228	(91)	15,445	(147)	2,556	(903)	35	(6)	180,264	(1,147)
ECL income statement change for the period		43		(14)		(180)		(6)		(157)
Recoveries										5
Others										(12)
Total ECL income statement change for the period										(164)

Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers includingloan commitments and financial guarantees1 (continued)
	At 31 Dec 2023		12 months ended 31 Dec 2023
	Gross carrying/nominal amount	Allowance for ECL	ECL release/(charge)
	£m	£m	£m
As above	180,264	(1,147)	(164)
Other financial assets measured at amortised cost	273,728	(70)	—
Non-trading reverse purchase agreement commitments	38,704	—	—
Performance and other guarantees not considered for IFRS 9	—	—	(7)
Summary of financial instruments to which the impairment requirements in IFRS 9 are applied/Summary consolidated income statement	492,696	(1,217)	(171)
Debt instruments measured at FVOCI	37,427	(23)	2
Total allowance for ECL/total income statement ECL change for the period	N/A	(1,240)	(169)

1Excludes performance guarantee contracts to which the impairment requirements in IFRS 9 are not applied.

2Includes the period on period movement in exposures relating to other HSBC Group companies. At 31 December 2023, these amounted to £(1.64)bn

and were classified as stage 1 with no ECL.

Risk

29 HSBC Bank plc Interim Report 2024 on Form 6-K

Treasury risk

Overview

Treasury risk is the risk of having insufficient capital, liquidity or

funding resources to meet financial obligations and satisfy regulatory

requirements, including the risk of adverse impact on earnings or

capital due to structural and transactional foreign exchange

exposures, as well as changes in market interest rates, together with

pension and insurance risk.

Treasury risk arises from changes to the respective resources and

risk profiles driven by customer behaviour, management decisions or

the external environment.

Approach and policy

Our objective in the management of treasury risk is to maintain

appropriate levels of capital, liquidity, funding, foreign exchange and

market risk to support our business strategy, and meet our regulatory

and stress testing-related requirements.

Our approach to treasury management is driven by our strategic and

organisational requirements, considering the regulatory, economic

and commercial environment. We aim to maintain a strong capital

and liquidity base to support the risks inherent in our business and

invest in accordance with our strategy, meeting both consolidated

and local regulatory requirements at all times.

Our policy is underpinned by our risk management framework. The

risk management framework incorporates several measures aligned

to our assessment of risks for both internal and regulatory purposes.

These risks include credit, market, operational, pensions, non-trading

book foreign exchange risk, and interest rate risk in the banking book.

A summary of our current policies and practices regarding the

management of treasury risk is set out on pages 68 to 76 of the

Annual Report and Accounts 2023.

Treasury risk management

Key developments in the first half of 2024

–On 1 January 2024, we completed the sale of our retail banking

operations in France. As part of the transaction we retained a

portfolio of retail mortgages.

–On 1 February 2024, we purchased HSBC Private Bank Suisse SA

in order to better align our legal entity structure with how we

manage the business. The acquisition was funded by issuing

equity to HSBC Holdings plc.

For quantitative disclosures on capital ratios, own funds and RWAs,

see pages 32 to 33. For quantitative disclosures on interest rate in

the banking book, see page 31.

Capital, liquidity and funding risk management processes

Assessment and risk appetite

Our capital management policy is supported by a global capital

management framework. The framework sets out our approach to

determining key capital risk appetites including CET1, total capital,

minimum requirements for own funds and eligible liabilities (‘MREL’),

and leverage ratio. Our internal capital adequacy assessment process

(‘ICAAP’) is an assessment of the group’s capital position, outlining

both regulatory and internal capital resources and requirements

resulting from our business model, strategy, risk profile and

management, performance and planning, risks to capital, and the

implications of stress testing. Our assessment of capital adequacy is

driven by an assessment of risks. These risks include credit, market,

operational, pensions, insurance, structural foreign exchange and

interest rate risk in the banking book. Climate risk is also considered

as part of the ICAAP, and we are continuing to develop our approach.

The group’s ICAAP supports the determination of the consolidated

capital risk appetite and target ratios and enables the assessment and

determination of capital requirements by the PRA. Certain

subsidiaries prepare ICAAPs in line with global guidance, while

considering their local regulatory regimes to determine their own risk

appetites and ratios.

HSBC Holdings provides MREL to HSBC Bank plc and its other

subsidiaries, including equity and non-equity capital. These

investments are funded by HSBC Holdings’ own equity capital and

MREL-eligible debt. MREL includes own funds and liabilities that can

be written down or converted into capital resources in order to

absorb losses or recapitalise a bank in the event of its failure. In line

with our existing structure and business model, HSBC has three

resolution groups – the European resolution group, the Asian

resolution group and the US resolution group. There are some smaller

entities that fall outside these resolution groups. HSBC Bank plc and

its subsidiaries are part of the European resolution group.

We aim to ensure that management has oversight of our liquidity and

funding risks through robust governance, in line with our risk

management framework. We manage liquidity and funding risk at an

operating entity level, in accordance with globally consistent policies,

procedures and reporting standards. This ensures that obligations can

be met in a timely manner, in the jurisdiction where they fall due.

The Group requires operating entities to meet internal minimum

requirements and any applicable regulatory requirements at all times.

These requirements are assessed through our internal liquidity

adequacy assessment process (‘ILAAP’), which ensures that

operating entities have robust strategies, policies, processes and

systems for the identification, measurement, management and

monitoring of liquidity risk over an appropriate set of time horizons,

including intra-day. The ILAAP informs the validation of risk tolerance

and the setting of risk appetite. It also assesses the capability to

manage liquidity and funding effectively. These metrics are set and

managed locally but are subject to robust global review and challenge

to ensure consistency of approach and application of the HSBC

Group’s policies and controls.

Planning and performance

Capital and RWA plans form part of the annual financial resource plan

that is approved by the Board. Capital and RWA forecasts are

submitted to the ALCO on a monthly basis, and capital and RWAs are

monitored and managed against the plan.

Through our internal governance processes, we seek to strengthen

discipline over our investment and capital allocation decisions, and to

ensure that returns on investment meet management’s objectives.

The Group’s strategy is to allocate capital to businesses to support

growth objectives where returns above internal hurdle levels have

been identified, and to meet their regulatory and economic capital

needs. We evaluate and manage business returns by using a return

on average tangible equity measure and a related economic profit

measure.

Funding and liquidity plans also form part of the financial resource

plan that is approved by the Board. The Board-level appetite

measures are the liquidity coverage ratio (‘LCR’) and net stable

funding ratio (‘NSFR’), together with an internal liquidity metric. In

addition, we use a wider set of measures to manage an appropriate

funding and liquidity profile, including depositor concentration limits,

intra-day liquidity, forward-looking funding assessments and other key

measures.

Risks to capital and liquidity

Outside the stress testing framework, other risks may be identified

that have the potential to affect our RWAs, capital and/or liquidity

position. We closely monitor future regulatory changes, and continue

to evaluate the impact of these upon our capital and liquidity

requirements, particularly those related to the UK’s and the EU’s

implementation of the outstanding measures to be implemented

from the Basel III reforms (‘Basel 3.1’).

Regulatory developments

Future changes to our ratios will occur with the implementation of

Basel 3.1. The PRA has published its consultation paper on the UK’s

implementation, with a proposed implementation date of 1 January

2025.

For further details, see the ‘Regulatory developments’ in the Capital

risk section on page 32.

HSBC Bank plc Interim Report 2024 on Form 6-K 30

Regulatory reporting processes and controls

We are advancing a comprehensive initiative aimed at strengthening

our global processes, enhancing consistency, and improving controls

across our regulatory reporting. This remains a top priority for both

HSBC management and regulatory authorities. This multifaceted

programme includes data enhancement, transformation of the

reporting systems, and an uplift to the control environment over the

report production process.

While this programme continues, there may be further impacts on

some of our regulatory ratios, such as the CET1, LCR and NSFR, as

we implement recommended changes and continue to enhance our

controls across the process.

Stress testing and recovery and resolution planning

The group uses stress testing to inform management of the capital

and liquidity needed to withstand internal and external shocks,

including a global economic downturn or a systems failure. Stress

testing results are also used to inform risk mitigation actions, input

into global business performance through tangible equity allocation,

and recovery and resolution planning, as well as to re-evaluate

business plans where analysis shows capital, liquidity and/or returns

do not meet their target.

In addition to a range of internal stress tests, we are subject to

supervisory stress testing in many jurisdictions. These include the

programmes of the Bank of England (‘BoE’), the European Banking

Authority and the European Central Bank. The results of regulatory

stress testing and our internal stress tests are used when assessing

our internal capital and liquidity requirements through the ICAAP and

ILAAP. The outcomes of stress testing exercises carried out by

regulators may inform the setting of regulatory minimum ratios and

buffers.

We maintain recovery plans for material entities in the group, which

set out potential options management could take in a range of stress

scenarios that may result in a breach of risk appetite and regulatory

minimum levels. Our recovery plans set out the framework and

governance arrangements to support our restoration to a stable and

viable position, and so lowering the probability of failure from either

idiosyncratic company-specific stress or systemic market-wide

issues. This helps to ensure that we can stabilise our financial

position and recover from financial losses in a stress environment.

The Group also has capabilities, resources and arrangements in place

to address the unlikely event that HSBC might not be recoverable and

would therefore need to be resolved by regulators. The Group and

the BoE publicly disclosed the status of the HSBC Group’s progress

against the BoE’s Resolvability Assessment Framework (‘RAF’) in

June 2022, following the submission of HSBC’s inaugural resolvability

self-assessment in October 2021. The Group has continued to

enhance its resolvability capabilities since this time and submitted its

second self-assessment in October 2023. A subsequent update was

provided to the BoE in January 2024. Further public disclosure by the

Group and the BoE as to HSBC’s progress against the RAF is

expected to be made in August 2024.

Overall, our recovery and resolution planning helps to safeguard the

group’s financial and operational stability. We are committed to

continuing to enhance our recovery and resolution capabilities, in line

with Group’s preferred resolution strategy and regulatory

expectations, including the BoE’s RAF.

Measurement of interest rate risk in the banking book

processes

Assessment and risk appetite

Interest rate risk in the banking book is the risk of an adverse impact

to earnings or capital due to changes in market interest rates. It is

generated by our non-traded assets and liabilities, specifically loans,

deposits and financial instruments that are not held for trading intent

or held in order to hedge positions held with trading intent. Interest

rate risk that can be economically hedged may be transferred to the

Markets Treasury business.

Hedging is generally executed through interest rate derivatives or

fixed-rate government bonds. Any interest rate risk that Markets

Treasury cannot economically hedge is not transferred and will

remain within the global business where the risks originate.

Treasury uses a number of measures to monitor and control interest

rate risk in the banking book, including:

–banking net interest income sensitivity; and

–economic value of equity sensitivity.

Banking net interest income sensitivity

A principal part of our management of non-traded interest rate risk is

to monitor the sensitivity of expected banking net interest income

under varying interest rate scenarios (i.e. simulation modelling),

where all other economic variables are held constant. This monitoring

is undertaken at an entity level, where a range of interest rate

scenarios are monitored on a one-year basis.

Banking NII sensitivity figures represent the effect of pro forma

movements in projected yield curves based on a static balance sheet

size and structure, except for certain mortgage products where

balances are impacted by interest rate sensitive prepayments. These

sensitivity calculations do not incorporate actions that would be taken

by Markets Treasury or in the business that originates the risk to

mitigate the effect of interest rate movements.

The Banking NII sensitivity calculations assume that interest rates of

all maturities move by the same amount in the ‘up-shock’ scenario.

The sensitivity calculations in the ‘down-shock’ scenarios reflect no

floors to the shocked market rates. However, customer product-

specific interest rate floors are recognised where applicable.

Economic value of equity sensitivity

Economic Value of Equity (‘EVE’) measures the present value of the

Banking Book Assets and Liabilities excluding equity, based on a run-

off balance sheet. Economic Value of Equity Sensitivity measures the

impact to EVE from a movement in interest rates, including the

assumed term profile of non-maturing deposits having adjusted for

stability and price sensitivity. It is measured and reported as part of

internal risk metrics, regulatory rules (including the Supervisory

Outlier Test).

Banking net interest income sensitivity disclosure

An immediate interest rate rise of 100bps would increase projected

banking NII by £48m. An immediate interest rate fall of 100bps would

decrease projected banking NII by £49m.

The sensitivity of banking NII for 12 months as at 30 June 2024

decreased by £47m in the plus 100bps parallel shock, and by £47m in

the minus 100bps parallel shock, when compared with 31 December

2023. The drivers of the reduction in banking NII sensitivity include

the increase in stabilisation activities in line with Group strategy.

Banking NII sensitivity to an instantaneous change in yield curves (12 months)
	+100bps parallel	-100bps parallel	-100bps parallel
	£m	£m	£m	£m
	Year 1 (Jul 2024 to Jun 2025)		Year 2 (Jul 2025 to Jun 2026)	Year 3 (Jul 2026 to Jun 2027)
Based on balance sheet at 30 Jun 2024	48	(49)	(100)	(145)
	Year 1 (Jan 2024 to Dec 2024)		Year 2 (Jan 2025 to Dec 2025)	Year 3 (Jan 2026 to Dec 2026)
Based on balance sheet at 31 Dec 2023	95	(96)	(142)	(214)

Risk

31 HSBC Bank plc Interim Report 2024 on Form 6-K

Capital risk in the first half of 2024

Capital overview

Capital adequacy metrics
	At
	30 Jun	31 Dec
	2024	2023
Risk-weighted assets ('RWAs') (£m)
Credit risk	64,204	61,983
Counterparty credit risk	17,879	17,066
Market risk	17,894	15,525
Operational risk	13,214	12,875
Total RWAs	113,191	107,449
Capital on a transitional basis (£m)
Common equity tier 1 ('CET1') capital	20,326	19,230
Tier 1 capital	24,268	23,124
Total capital	39,294	37,131
Capital ratios on a transitional basis (%)
Common equity tier 1	18.0	17.9
Total tier 1	21.4	21.5
Total capital ratio	34.7	34.6
Leverage ratio (fully phased-in)
Tier 1 capital (£m)	24,268	23,124
Total leverage ratio exposure measure (£m)	471,459	455,852
Leverage ratio (%)	5.1	5.1

References to EU regulations and directives (including technical

standards) should, as applicable, be read as references to the UK's

version of such regulations and directives, as onshored into UK law

under the European Union (Withdrawal) Act 2018, and as may be

subsequently amended under UK law.

Capital figures and ratios in the previous table are calculated in

accordance with the regulatory requirements of the Capital

Requirements Regulation and Directive, the CRR II regulation and the

Prudential Regulation Authority (‘PRA’) Rulebook (‘CRR II’).

Leverage ratios are calculated using the end point definition of capital

and the IFRS 9 regulatory transitional arrangements.

Regulatory developments

Basel III Reforms

In the UK, near-final rules in relation to the market risk, credit

valuation adjustments, counterparty risk and operational risk

elements of the Basel 3.1 package were published by the PRA in

December 2023, together with information on the planned review of

the Pillar 2 framework. Near final rules for the credit risk, the output

floor and reporting and disclosure elements have yet to be published.

The implementation date remains 1 July 2025, with an output floor

transitional period of four-and-a-half years.

Counterparty Credit Risk Management

In April 2024, Basel published a consultation paper on proposed

guidelines for counterparty credit risk management. These require

firms to conduct comprehensive counterparty due diligence; have

credit risk mitigation strategies to effectively manage the risk; and to

measure, control and limit the risk using a range of complementary

metrics.

Securitisation General Requirements

In April 2024, the PRA published new rules on securitisation. While

these are largely a transposition into the PRA’s rulebook of the rules

onshored into UK law following the UK’s departure from the EU,

there have been some adjustments to the retention rules and the due

diligence and transparency requirements. The rules are scheduled to

go live on 1 November 2024.

Environmental, social and governance risk

Globally, regulators and standard setters continue to publish multiple

proposals and discussion papers on Environment, Social and

Governance (‘ESG’) topics. In recent years, this included multiple

consultations on sustainability-related disclosure across jurisdictions

including the UK, the EU, the US, Hong Kong and globally through

Basel and the International Sustainability Standards Board.

The work by Basel on climate-related financial risks across all three

pillars of regulation, supervision and disclosure is ongoing. The initial

work concluded that climate risk drivers, including physical and

transition risks, can be captured in traditional financial risk categories

such as credit, market, operational and liquidity risks. As part of its

wider efforts to improve ESG risk coverage, Basel consulted in

November 2023 on a Pillar 3 disclosure framework for climate-related

financial risks with a proposed effective date of 1 January 2026.

HSBC Bank plc Interim Report 2024 on Form 6-K 32

Own funds

Own funds disclosure
		At
		30 Jun	31 Dec
		2024	2023
Ref*		£m	£m
	Common equity tier 1 (‘CET1’) capital: instruments and reserves^
1	Capital instruments and the related share premium accounts	2,933	1,801
	– ordinary shares	2,933	1,801
2	Retained earnings1	24,362	23,969
3	Accumulated other comprehensive income (and other reserves)1	(6,426)	(6,083)
5	Minority interests (amount allowed in consolidated CET1)	76	77
5a	Independently reviewed interim net profits net of any foreseeable charge or dividend	428	742
6	Common equity tier 1 capital before regulatory adjustments	21,373	20,506
28	Total regulatory adjustments to common equity tier 1	(1,047)	(1,276)
29	Common equity tier 1 capital	20,326	19,230
36	Additional tier 1 capital before regulatory adjustments	3,942	3,941
43	Total regulatory adjustments to additional tier 1 capital	—	(47)
44	Additional tier 1 capital	3,942	3,894
45	Tier 1 capital	24,268	23,124
51	Tier 2 capital before regulatory adjustments	15,392	14,403
57	Total regulatory adjustments to tier 2 capital	(366)	(396)
58	Tier 2 capital	15,026	14,007
59	Total capital	39,294	37,131

*The references identify the lines prescribed in the template that are applicable and where there is a value.

^Figures have been prepared on an IFRS 9 transitional basis. At 30 June 2024, the add-back to CET1 capital and the related tax have not been applied

as they were immaterial.

1We have updated the classification between components of shareholders’ equity to present ‘Retained Earnings’ separately in Row 2 and

‘Accumulated other comprehensive income (and other reserves)’ in Row 3. The comparatives have been realigned accordingly.

At 30 June 2024, our common equity tier 1 ('CET1') capital ratio

increased to 18.0% from 17.9% at 31 December 2023. The key

drivers of the rise in our CET1 ratio were:

–a 1.2 percentage point increase from capital generation through

issuance of share capital and profits net of dividend payment; and

–a (1.0) percentage point decrease driven by higher RWAs mainly

from increase in balance sheet exposures in corporate lending and

sovereign. Further supplemented by the increase in RWAs from

strategic transactions including acquisition of HSBC Private Bank

(Suisse) SA offset by RWA reductions from our disposals in

France.

FX movement, deferred tax and other movements led to a (0.1)

percentage points decline in the CET1 ratio.

Throughout 2024, we complied with the PRA's regulatory capital

adequacy requirements, including those relating to stress testing.

Risk-weighted assets

RWA movement by key driver
	Total RWAs
	£m
RWAs at 1 Jan 2024	107,449
Asset size	3,563
Asset quality	110
Model updates	926
Methodology and policy	571
Acquisitions and disposals	1,101
Foreign exchange movement	(529)
Total RWA movement	5,742
RWAs at 30 Jun 2024	113,191

RWAs increased by £5.7bn during the year, including a decrease of

£(0.5)bn due to favourable foreign currency translation differences.

Asset size

Asset size increased by £3.6bn mainly due to £1.8bn increase in

Market Risk RWAs, driven by higher foreign exchange exposures,

rise in value at risk and the incremental risk charge from higher

positions. This was further supplemented by £1.5bn rise in Credit

Risk driven by an increase in corporate lending and sovereign

exposures and the £0.2bn rise in Counterparty Credit Risk driven by

the increase in cash exposures.

Asset quality

The asset quality increase of £0.1bn was primarily driven by the

portfolio mix changes in Credit Risk.

Model updates

The increase of £0.9bn mainly follows a revision to our definition of

default in our probability of default (‘PD’) models for exposures to

financial institutions.

Methodology and policy

The £0.6bn increase was primarily driven by credit risk parameter

refinements mainly in Credit Risk.

Acquisitions and disposals

The £1.1bn increase was driven by acquisition of HSBC Private Bank

(Suisse) SA, partly offset by sale of our retail operations in France.

Risk

33 HSBC Bank plc Interim Report 2024 on Form 6-K

Leverage ratio

Leverage ratio was 5.1% at 30 June 2024, unchanged from 5.1% at

31 December 2023. This was due to the rise in tier 1 capital being

offset by an increase in leverage exposure, mainly due to balance

sheet growth.

At 30 June 2024, our UK minimum leverage ratio requirement of

3.25% was supplemented by a countercyclical leverage ratio buffer

of 0.30%. The leverage ratio is expressed in terms of Tier1 capital but

these buffers translated to CET1 capital values of £1.4bn. We

exceeded these leverage requirements throughout 1H24.

Leverage ratio
	At
	30 Jun	31 Dec
	2024	2023
	£m	£m
Tier 1 capital	24,268	23,124
Total leverage ratio exposure	471,459	455,852
	%	%
Leverage ratio	5.1	5.1

Pillar 3 disclosure requirements

Pillar 3 of the Basel regulatory framework is related to market

discipline and aims to make financial services firms more transparent

by requiring publication of wide-ranging information on their risks,

capital and management. Our Pillar 3 Disclosures at 30 June 2024 is

expected to be published on 7 August 2024, on our website

www.hsbc.com/investors.

Market risk in the first half of 2024

Inflation expectations have been in focus during the first half of 2024,

against the backdrop of resilient economic growth and elections in

multiple countries. Central bank policies have diverged, with the

Federal Reserve holding interest rates unchanged and the Bank of

Japan concluding its period of negative interest rates by raising the

overnight interest rate to a range of about zero to 0.1%, while the

ECB and some other European central banks cut rates in June. After

trending upwards until April, government bond yields have generally

fallen in 2Q24, largely driven by lower inflation and expectations of

central banks’ easing. Japanese government bond yields have instead

risen to the highest in the last decade following the central bank’s

historic policy shift. In Europe, the France-Germany yield spread has

widened amid uncertainty from the French legislative elections.

Equities have risen to multiple record highs in the US and in Europe,

amid strong corporate earnings and positive sentiment in the

technology sector. Some emerging markets equities have tended to

outperform developed markets during 2Q24, particularly in Asia. In

foreign exchange markets, the US dollar strengthening has

continued, mostly in line with interest rate differentials. The yen has

weakened to multi-decade lows against the US dollar. Whilst

sentiment has remained resilient in credit markets, credit spreads

have widened marginally during June, with a more pronounced

increase for high-yield credit compared with investment-grade.

Trading portfolios

Value at risk of the trading portfolios

The Trading VaR predominantly resides within Market Securities

Services where it stood at £26.2m as at 30 June 2024, compared

with £25.4m at 31 December 2023. The Trading VaR was driven by

the market making activity in developed market currencies (USD,

GBP, EUR, JPY) on rates and FX products. The Total Trading VaR

peaked at £37.2m in February 2024 following an increase of the

sensitivity to USD rates movements and JPY foreign exchange

movements. The Trading VaR subsequently decreased from the peak

level and remained fairly stable.

The group’s trading VaR for the year is shown in the table below.

Trading VaR, 99% 1 day
	Foreign exchange (‘FX’) and commodity	Interest rate (‘IR’)	Equity (‘EQ’)	Credit spread (‘CS’)	Portfolio diversification1	Total2
	£m	£m	£m	£m	£m	£m
Half-year to 30 Jun 2024	10.0	15.0	10.7	7.0	(16.5)	26.2
Average	8.1	21.4	9.5	7.4	(18.4)	27.9
Maximum	14.8	27.8	11.5	9.3		37.2
Minimum	4.2	12.6	8.1	4.5		18.7
Half-year to 30 Jun 2023	15.9	23.7	10.3	11.9	(28.9)	32.8
Average	12.0	26.1	10.0	8.6	(24.5)	32.3
Maximum	17.0	42.0	14.7	11.9	—	44.0
Minimum	7.0	18.9	7.8	6.2	—	25.6
Half-year to 31 Dec 2023	6.2	20.1	11.0	5.2	(17.0)	25.4
Average	10.9	25.5	9.9	9.8	(23.8)	32.2
Maximum	17.2	50.2	11.8	12.7		55.4
Minimum	5.6	13.8	8.6	5.2		19.0

1Portfolio diversification is the market risk dispersion effect of holding a portfolio containing different risk types. It represents the reduction in

unsystematic market risk that occurs when combining a number of different risk types, for example, interest rate, equity and foreign exchange,

together in one portfolio. It is measured as the difference between the sum of the VaR by individual risk type and the combined total VaR. A negative

number represents the benefit of portfolio diversification. As the maximum occurs on different days for different risk types, it is not meaningful to

calculate a portfolio diversification benefit for this measure.

2The total VaR is non-additive across risk types due to diversification effect and it includes VaR RNIV.

HSBC Bank plc Interim Report 2024 on Form 6-K 34

Back-testing

In the first half of 2024, there were no back-testing exceptions

against actual as well as hypothetical profit and losses.

Non-trading portfolios

Value at risk of the non-trading portfolios

Non-trading portfolios comprise of positions that primarily arise from

the interest rate management of our retail and wholesale banking

assets and liabilities, financial investments measured at fair value

through other comprehensive income (‘FVOCI’) or at amortised cost.

From February 2024, we adopted a methodology change to measure

non-trading value at risk (‘VaR’) over a 10 day holding period as

opposed to 1 day. Comparative data at 31 December 2023 and

30 June 2023 has been restated on a 10 day basis accordingly.

The non-trading 10d VaR in 2024 was driven by interest rate risk in

the banking book arising from Markets Treasury positions. The non-

trading VaR averaged £142m this year, with the low of £70m coming

in Q1, and the high of £216m in Q2.

There has been continued uncertainty surrounding the future path of

interest rates during 2024 as rate cut expectations were slashed at

the beginning of the year amid persistent inflation and labour market

data. Central bank messaging reduced the size and pace of rate cuts

for 2024 leading to higher yields. During the first half of the year, the

non-trading VaR trended upwards into the month of May as the

environment provided opportunities for Market Treasury to increase

duration risk at higher yields ahead of anticipated cuts later in the

year, resulting in the peak 10d VaR of £216m. During Q2, the VaR

trended downwards as Markets Treasury reduced risk positions in

the changing market environment to end the half year at £125m.

Non-trading VaR includes non-trading financial instruments held in

portfolios primarily managed by Markets Treasury. The management

of interest rate risk in the banking book is described further in

‘Banking net interest income sensitivity’ on page 31.

The group’s non-trading VaR for the year is shown in the table below.

Non-trading VaR, 99% 10day
	Interest rate ('IR')	Credit spread ('CS')	Portfolio diversification1	Total2
	£m	£m	£m	£m
Half-year to 30 Jun 2024	128.4	36.9	(40.1)	125.3
Average	143.6	36.3	(37.6)	142.4
Maximum	202.3	42.0		216.3
Minimum	66.2	29.6		70.0
Half-year to 30 Jun 2023	96.8	35.1	(22.8)	109.1
Average	73.8	27.4	(21.7)	79.6
Maximum	120.0	42.0	—	118.3
Minimum	45.8	19.3	—	53.4
Half-year to 31 Dec 2023	101.1	23.9	(21.5)	103.5
Average	107.8	24.9	(29.2)	103.4
Maximum	126.5	38.5	—	113.5
Minimum	92.8	19.9	—	93.7

1Portfolio diversification is the market risk dispersion effect of holding a portfolio containing different risk types. It represents the reduction in

unsystematic market risk that occurs when combining a number of different risk types, for example, interest rate, equity and foreign exchange,

together in one portfolio. It is measured as the difference between the sum of the VaR by individual risk type and the combined total VaR. A negative

number represents the benefit of portfolio diversification. As the maximum occurs on different days for different risk types, it is not meaningful to

calculate a portfolio diversification benefit for this measure.

2The total VaR is non-additive across risk types due to diversification effect.

Insurance manufacturing operations risk

Overview

The key risks for our insurance manufacturing operations are market

risks, in particular interest rate, growth asset, and credit risks, as well

as insurance underwriting and operational risks. Liquidity risk, while

significant for other parts of the HSBC group, is relatively minor for

our insurance operations.

A summary of our policies and practices regarding the risk

management of insurance operations, our insurance model and the

main contracts we manufacture is provided on page 82 of the Annual

Report and Accounts 2023.

Insurance manufacturing operations risk profile in the

first half of 2024

The risk profile of our insurance manufacturing operations is

assessed in the HSBC group’s ICAAP based on their financial

capacity to support the risks to which they are exposed.

Capital adequacy is assessed on both the HSBC group’s economic

capital basis, and the relevant local insurance regulatory basis. The

group’s economic capital basis is largely aligned to European

Solvency II regulations. Risk appetite buffers are set to ensure that

the operations are able to remain solvent on both bases allowing for

business-as-usual volatility and extreme but plausible stress events.

In addition, the insurance manufacturing operations manage their

market, liquidity, credit, underwriting and non-financial risk exposures

to Board-approved risk appetite limits. Overall, at 30 June 2024, the

majority of the capital risk positions of our insurance operations were

within risk appetite. We continue to monitor these risks closely in the

current volatile economic climate.

Risk

35 HSBC Bank plc Interim Report 2024 on Form 6-K

The following table shows the composition of assets and liabilities by contract type.

Balance sheet of insurance manufacturing subsidiaries by type of contract
	Life Direct Participating and investment DPF contracts1	Life other2	Other contracts3	Shareholder assets and liabilities	Total
	£m	£m	£m	£m	£m
Financial assets	21,248	81	998	1,427	23,754
– trading assets	—	—	—	—	—
– financial assets designated and otherwise mandatorily measured at fair value through profit or loss	13,983	68	992	885	15,928
– derivatives	50	—	—	3	53
– financial investments – at amortised cost	50	—	—	2	52
– financial investments at fair value through other comprehensive income	6,332	—	—	443	6,775
– other financial assets4	833	13	6	94	946
Insurance contract assets	—	39	—	—	39
Reinsurance contract assets	—	130	—	—	130
Other assets and investment properties	726	76	—	69	871
Total assets at 30 Jun 2024	21,974	326	998	1,496	24,794
Liabilities under investment contracts designated at fair value	—	—	1,056	—	1,056
Insurance contract liabilities	20,287	287	—	—	20,574
Reinsurance contract liabilities	—	29	—	—	29
Deferred tax	—	9	—	—	9
Other liabilities	—	—	—	2,003	2,003
Total liabilities	20,287	325	1,056	2,003	23,671
Total equity	—	—	—	1,123	1,123
Total liabilities and equity at 30 Jun 2024	20,287	325	1,056	3,126	24,794

Financial assets	21,284	101	942	1,331	23,658
– trading assets	—	—	—	—	—
– financial assets designated and otherwise mandatorily measured at fair value through profit or loss	13,101	78	935	776	14,890
– derivatives	92	—	—	5	97
– financial investments – at amortised cost	218	—	—	14	232
– financial investments at fair value through other comprehensive income	6,947	—	—	452	7,399
– other financial assets4	926	23	7	84	1,040
Insurance contract assets	—	41	—	—	41
Reinsurance contract assets	—	145	—	—	145
Other assets and investment properties	748	75	—	82	905
Total assets at 31 Dec 2023	22,032	362	942	1,413	24,749
Liabilities under investment contracts designated at fair value	—	—	1,002	—	1,002
Insurance contract liabilities	20,289	306	—	—	20,595
Reinsurance contract liabilities	—	33	—	—	33
Deferred tax	—	—	—	2	2
Other liabilities	—	—	—	1,966	1,966
Total liabilities	20,289	339	1,002	1,968	23,598
Total equity	—	—	—	1,151	1,151
Total liabilities and equity at 31 Dec 2023	20,289	339	1,002	3,119	24,749

1 ‘Life direct participating and investment DPF’ contracts are substantially measured under the variable fee approach measurement model.

2 ‘Life other’ mainly includes protection type contracts as well as reinsurance contracts. The reinsurance contracts primarily provide diversification

benefits over the life participating and investment discretionary participation feature ('DPF') contracts.

3 ‘Other contracts’ includes investment contracts for which HSBC does not bear significant insurance risk.

4 Comprise mainly loans and advances to banks, cash and inter-company balances with other non-insurance legal entities.

Board Changes

Annabel Spring joined the Board as a non-executive Director with effect from 8 April 2024.

HSBC Bank plc Interim Report 2024 on Form 6-K 36

Interim condensed financial statements

Contents

37	Consolidated income statement
38	Consolidated statement of comprehensive income
39	Consolidated balance sheet
40	Consolidated statement of changes in equity
43	Consolidated statement of cash flows

Consolidated income statement

	Half-year to
	30 Jun	30 Jun
	2024	2023
	£m	£m
Net interest income	658	1,140
– interest income	10,007	7,973
– interest expense	(9,349)	(6,833)
Net fee income	654	674
– fee income	1,375	1,358
– fee expense	(721)	(684)
Net income from financial instruments held for trading or managed on a fair value basis	2,334	1,784
Net income from assets and liabilities of insurance businesses, including related derivatives, measured at fair value through profit or loss	430	637
Gains less losses from financial investments	5	—
(Losses)/gains recognised on Assets held for sale1	(62)	1,737
Insurance finance expense	(535)	(635)
Insurance service result	102	74
– Insurance revenue	212	188
– Insurance service expense	(110)	(114)
Other operating (expense)/income	(34)	49
Net operating income before change in expected credit losses and other credit impairment charges2	3,552	5,460
Change in expected credit losses and other credit impairment charges	53	(58)
Net operating income	3,605	5,402
Total operating expenses	(2,485)	(2,507)
– employee compensation and benefits	(837)	(842)
– general and administrative expenses	(1,590)	(1,662)
– depreciation and impairment of property, plant and equipment and right of use assets	(25)	(11)
– amortisation and impairment of intangible assets	(33)	8
Operating profit	1,120	2,895
Share of profit/(loss) in associates and joint ventures	16	(35)
Profit before tax	1,136	2,860
Tax expense	(405)	(657)
Profit for the period	731	2,203
Profit attributable to the parent company	715	2,193
Profit attributable to non-controlling interests	16	10

1 In the first quarter of 2023, the £1.7bn reversal of the held for sale classification was recognised relating to the sale of our retail banking operations in

France.

2Net operating income before change in expected credit losses and other credit impairment charges is also referred to as revenue.

The accompanying notes on pages 44 to 58, the ‘Summary of financial instruments to which the impairment requirements in IFRS 9 are

applied’, ‘Summary of credit risk (excluding debt instruments measured at FVOCI) by stage distribution and ECL coverage by industry sector’,

and ‘Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including loan

commitments and financial guarantees’ tables in the ‘Credit risk’ section form an integral part of these condensed financial statements.

Interim condensed financial statements

37 HSBC Bank plc Interim Report 2024 on Form 6-K

Consolidated statement of comprehensive income

	Half-year to
	30 Jun	30 Jun
	2024	2023
	£m	£m
Profit for the period	731	2,203
Other comprehensive income/(expense)
Items that will be reclassified subsequently to profit or loss when specific conditions are met:
Debt instruments at fair value though other comprehensive income	26	125
– fair value gains	43	174
– fair value (gains) transferred to the income statement on disposal	(7)	(4)
– expected credit losses recognised in income statement	1	—
– income taxes	(11)	(45)
Cash flow hedges	(201)	(257)
– fair value (losses)/gains	(418)	(458)
– fair value losses/(gains) reclassified to the income statement	143	102
– income taxes	74	99
Finance income/(expenses) from insurance contracts	13	(84)
– before income taxes	18	(113)
– income taxes	(5)	29
Exchange differences and other	(193)	(419)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit asset/liability	25	(1)
– before income taxes	31	(21)
– income taxes	(6)	20
Equity instruments designated at fair value through other comprehensive income	13	—
– fair value gains	15	—
– income taxes	(2)	—
Changes in fair value of financial liabilities designated at fair value upon initial recognition arising from changes in own credit risk	(30)	(90)
– before income taxes	(41)	(123)
– income taxes	11	33
Other comprehensive expense for the period, net of tax	(347)	(726)
Total comprehensive income for the period	384	1,477
Attributable to:
– the parent company	371	1,471
– non-controlling interests	13	6

HSBC Bank plc Interim Report 2024 on Form 6-K 38

Consolidated balance sheet

	At
	30 Jun	31 Dec
	2024	2023
	£m	£m
Assets
Cash and balances at central banks	116,062	110,618
Items in the course of collection from other banks	2,153	2,114
Trading assets	114,303	100,696
Financial assets designated and otherwise mandatorily measured at fair value through profit or loss	20,580	19,068
Derivatives	162,661	174,116
Loans and advances to banks	14,332	14,371
Loans and advances to customers	85,721	75,491
Reverse repurchase agreements – non-trading	63,892	73,494
Financial investments	56,489	46,368
Assets held for sale1	598	20,368
Prepayments, accrued income and other assets	74,410	63,635
Current tax assets	929	485
Interests in associates and joint ventures	695	665
Goodwill and intangible assets2	260	203
Deferred tax assets	1,291	1,278
Total assets	714,376	702,970
Liabilities and equity
Liabilities
Deposits by banks	30,233	22,943
Customer accounts	240,957	222,941
Repurchase agreements – non-trading	48,764	53,416
Items in the course of transmission to other banks	2,024	2,116
Trading liabilities	45,355	42,276
Financial liabilities designated at fair value	35,725	32,545
Derivatives	160,552	171,474
Debt securities in issue	16,760	13,443
Liabilities of disposal groups held for sale1	433	20,684
Accruals, deferred income and other liabilities	70,814	60,444
Current tax liabilities	274	272
Insurance contract liabilities	20,574	20,595
Provisions3	285	390
Deferred tax liabilities	5	6
Subordinated liabilities	16,134	14,920
Total liabilities	688,889	678,465
Equity
Total shareholders’ equity	25,333	24,359
– called up share capital	797	797
– share premium account	2,136	1,004
– other equity instruments	3,930	3,930
– other reserves	(6,435)	(6,096)
– retained earnings	24,905	24,724
Non-controlling interests	154	146
Total equity	25,487	24,505
Total liabilities and equity	714,376	702,970

1Includes businesses classified as held-for-sale as part of a broader restructuring of our European business. Refer to Note 11 'Assets held for sale and

liabilities of disposal groups held for sale' on page 57.

2 Refer to Note 7 ‘Goodwill and intangible assets’ on page 53.

3 Refer to Note 8 ‘Provisions’ on page 53.

Interim condensed financial statements

39 HSBC Bank plc Interim Report 2024 on Form 6-K

Consolidated statement of changes in equity

				Other reserves
	Called up share capital & share premium	Otherequityinstruments	Retainedearnings	Financial assets at FVOCI reserve	Cash flowhedgingreserve	Foreignexchangereserve	Group reorganisation reserve (‘GRR’)3	Insurance finance reserve5	Totalshare-holders’equity	Non-controlling interests	Totalequity
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
At 1 Jan 2024	1,801	3,930	24,724	(868)	(330)	2,178	(7,692)	616	24,359	146	24,505
Profit for the period	—	—	715	—	—	—	—	—	715	16	731
Other comprehensive (expense)/income (net of tax)	—	—	(5)	62	(199)	(200)	—	(2)	(344)	(3)	(347)
– debt instruments at fair value through other comprehensive income	—	—	—	25	—	—	—	—	25	1	26
– equity instruments designated at fair value through other comprehensive income	—	—	—	13	—	—	—	—	13	—	13
– cash flow hedges	—	—	—	—	(201)	—	—	—	(201)	—	(201)
– remeasurement of defined benefit asset/liability	—	—	25	—	—	—	—	—	25	—	25
– changes in fair value of financial liabilities designated at fair value due to movement in own credit risk1	—	—	(30)	—	—	—	—	—	(30)	—	(30)
– foreign exchange reclassified to income statement on disposal of a foreign operation	—	—	—	—	—	85	—	—	85	—	85
– insurance finance income/ (expense) recongnised in other comprehensive income	—	—	—	—	—	—	—	13	13	—	13
– exchange differences	—	—	—	24	2	(285)	—	(15)	(274)	(4)	(278)
Total comprehensive income for the period	—	—	710	62	(199)	(200)	—	(2)	371	13	384
Capital securities issued during the period4	1,132	—	—	—	—	—	—	—	1,132	—	1,132
Dividends paid2	—	—	(182)	—	—	—	—	—	(182)	(5)	(187)
Net impact of equity-settled share-based payments	—	—	5	—	—	—	—	—	5	—	5
Change in business combinations and other movements	—	—	(352)	—	—	—	—	—	(352)	—	(352)
At 30 Jun 2024	2,933	3,930	24,905	(806)	(529)	1,978	(7,692)	614	25,333	154	25,487

HSBC Bank plc Interim Report 2024 on Form 6-K 40

Consolidated statement of changes in equity (continued)

				Other reserves
	Called up share capital & share premium	Otherequityinstruments	Retainedearnings	Financial assets at FVOCI reserve	Cash flowhedgingreserve	Foreignexchangereserve	Group reorganisation reserve (‘GRR’)3	Insurance finance reserve5	Totalshare-holders’equity	Non-controlling interests	Totalequity
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
At 1 Jan 2023	1,217	3,930	24,368	(278)	(950)	1,613	(7,692)	894	23,102	131	23,233
Profit for the period	—	—	2,193	—	—	—	—	—	2,193	10	2,203
Other comprehensive income/(expense) (net of tax)	—	—	(91)	125	(257)	(415)	—	(84)	(722)	(4)	(726)
– debt instruments at fair value through other comprehensive income	—	—	—	125	—	—	—	—	125	—	125
– equity instruments designated at fair value through other comprehensive income	—	—	—	—	—	—	—	—	—	—	—
– cash flow hedges	—	—	—	—	(257)	—	—	—	(257)	—	(257)
– remeasurement of defined benefit asset/liability	—	—	(1)	—	—	—	—	—	(1)	—	(1)
– changes in fair value of financial liabilities designated at fair value due to movement in own credit risk1	—	—	(90)	—	—	—	—	—	(90)	—	(90)
– foreign exchange reclassified to income statement on disposal of a foreign operation	—	—	—	—	—	—	—	—	—	—	—
– insurance finance income/(expense) recognised in other comprehensive income	—	—	—	—	—	—	—	(84)	(84)	—	(84)
– exchange differences	—	—	—	—	—	(415)	—	—	(415)	(4)	(419)
Total comprehensive income/(expense) for the period	—	—	2,102	125	(257)	(415)	—	(84)	1,471	6	1,477
Capital securities issued during the period	—	—	—	—	—	—	—	—	—	—	—
Dividends paid2	—	—	(816)	—	—	—	—	—	(816)	(3)	(819)
Net impact of equity-settled share-based payments	—	—	(7)	—	—	—	—	—	(7)	—	(7)
Change in business combinations and other movements	—	—	6	—	—	—	—	—	6	—	6
At 30 Jun 2023	1,217	3,930	25,653	(153)	(1,207)	1,198	(7,692)	810	23,756	134	23,890

Interim condensed financial statements

41 HSBC Bank plc Interim Report 2024 on Form 6-K

Consolidated statement of changes in equity (continued)

				Other reserves
	Called up share capital & share premium	Otherequityinstruments	Retainedearnings	Financial assets at FVOCI reserve	Cash flowhedgingreserve	Foreignexchangereserve	Group reorganisation reserve (‘GRR’)3	Insurance finance reserve5	Totalshare-holders’equity	Non-controlling interests	Totalequity
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
At 1 Jul 2023	1,217	3,930	25,653	(153)	(1,207)	1,198	(7,692)	810	23,756	134	23,890
(Loss)/Profit for the period	—	—	(490)	—	—	—	—	—	(490)	12	(478)
Other comprehensive income (net of tax)	—	—	(43)	297	918	121	—	(204)	1,089	4	1,093
– debt instruments at fair value through other comprehensive income	—	—	—	312	—	—	—	—	312	2	314
– equity instruments designated at fair value through other comprehensive income	—	—	—	(1)	—	—	—	—	(1)	—	(1)
– cash flow hedges	—	—	—	—	920	—	—	—	920	—	920
– remeasurement of defined benefit asset/liability	—	—	(1)	—	—	—	—	—	(1)	—	(1)
– changes in fair value of financial liabilities designated at fair value due to movement in own credit risk1	—	—	(42)	—	—	—	—	—	(42)	—	(42)
– foreign exchange reclassified to income statement on disposal of a foreign operation	—	—	—	—	—	—	—	—	—	—	—
– insurance finance income/(expense) recognised in other comprehensive income	—	—	—	—	—	—	—	(214)	(214)	—	(214)
– exchange differences	—	—	—	(14)	(2)	121	—	10	115	2	117
Total comprehensive income/(expense) for the period	—	—	(533)	297	918	121	—	(204)	599	16	615
Capital securities issued during the period	584	—	—	—	—	—	—	—	584	—	584
Dividends paid2	—	—	(145)	—	—	—	—	—	(145)	(4)	(149)
Net impact of equity-settled share-based payments	—	—	(11)	—	—	—	—	—	(11)	—	(11)
Change in business combinations and other movements	—	—	(240)	(1,012)	(41)	859	—	10	(424)	—	(424)
At 31 Dec 2023	1,801	3,930	24,724	(868)	(330)	2,178	(7,692)	616	24,359	146	24,505

1 The cumulative amount of change in fair value attributable to changes in own credit risk of financial liabilities designated at fair value was a gain of

£88m (1H23: was a gain of £166m and 2H23: loss of £15m).

2 The dividends to the parent company includes dividend on ordinary share capital £99m (1H23: £750m and 2H23: nil), coupon payment on additional tier

1 instrument £83m (1H23: £66m and 2H23: £145m).

3 The Group reorganisation reserve ('GRR') is an accounting reserve resulting from the ring-fencing implementation.

4 CET1 issuance of shares to HSBC Holdings plc equal to £1,132m in respect of funding the acquisition of PBRS in February 2024.

5 The insurance finance reserve reflects the impact of the adoption of the other comprehensive income option for our insurance business in France.

Underlying assets supporting these contracts are measured at fair value through other comprehensive income. Under this option, only the amount

that matches income or expenses recognised in profit or loss on underlying items is included in finance income or expenses, resulting in the

elimination of income statement accounting mismatches. The remaining amount of finance income or expenses for these insurance contracts is

recognised in other comprehensive income (‘OCI’).

HSBC Bank plc Interim Report 2024 on Form 6-K 42

Consolidated statement of cash flows

	Half-year to
	30 Jun	30 Jun
	2024	2023
	£m	£m
Profit before tax	1,136	2,860
Adjustments for non-cash items:
Depreciation, amortisation and impairment	58	3
Net losses/(gain) from investing activities	140	(1,739)
Share of (gain)/loss in associates and joint ventures	(16)	35
Change in expected credit losses gross of recoveries and other credit impairment charges	(64)	56
Provisions including pensions	8	46
Share-based payment expense	31	29
Other non-cash items included in profit before tax	(112)	(65)
Elimination of exchange differences1	2,697	5,932
Change in operating assets	(18,754)	(20,459)
Change in operating liabilities	19,534	16,934
Contributions paid to defined benefit plans	(9)	(4)
Tax paid	(796)	(645)
Net cash from operating activities	3,853	2,983
Purchase of financial investments	(16,806)	(14,534)
Proceeds from the sale and maturity of financial investments	9,958	7,574
Net cash flows from the purchase and sale of property, plant and equipment and RoU	(5)	(9)
Net investment in intangible assets	(59)	(38)
Net cash outflow from investment in associates and from acquisition of businesses and subsidiaries2	(953)	(1)
Net cash flow on disposal of subsidiaries, businesses, associates and joint ventures3	(8,616)	—
Net cash from investing activities	(16,481)	(7,008)
Issue of ordinary share capital and other equity instruments	1,132	—
Subordinated loan capital issued	2,226	932
Subordinated loan capital repaid	(786)	(834)
Dividends to the parent company	(182)	(816)
Dividend paid to non-controlling interests	(5)	(3)
Net cash from financing activities	2,385	(721)
Net (decrease) in cash and cash equivalents	(10,243)	(4,746)
Cash and cash equivalents at the beginning of the period	177,037	189,907
Exchange differences in respect of cash and cash equivalents	(2,784)	(5,409)
Cash and cash equivalents at the end of the period4	164,010	179,752

1Adjustment to bring changes between opening and closing balance sheet amounts to average rates. This is not done on a line-by-line basis, as details

cannot be determined without unreasonable expense.

2Includes £941m of net cash outflow on acquisition of PBRS in February 2024.

3Includes £8.6bn of net cash outflow on sale of our retail banking operations in France in January 2024.

4Includes £83m (1H23: £1.1bn) of cash and cash equivalents classified as held for sale.

Interim condensed financial statements

43 HSBC Bank plc Interim Report 2024 on Form 6-K

Notes on the interim condensed financial statements

Contents
44	1	Basis of preparation and material accounting policies	53	8	Provisions
45	2	Dividends	54	9	Contingent liabilities, contractual commitments and guarantees
45	3	Segmental analysis	54	10	Legal proceedings and regulatory matters
47	4	Net fee income	57	11	Assets held for sale and liabilities of disposal groups held for sale
47	5	Fair values of financial instruments carried at fair value	58	12	Transactions with related parties
52	6	Fair values of financial instruments not carried at fair value	58	13	Events after the balance sheet date
53	7	Goodwill and Intangible assets	58	14	Interim Report 2024 and statutory accounts

1 Basis of preparation and material accounting policies

(a)Compliance with International Financial Reporting Standards

The interim condensed consolidated financial statements of HSBC Bank plc (‘the bank’) and its subsidiaries (together ‘the group’) have been

prepared on the basis of the policies set out in the 2023 annual financial statements. They have also been prepared in accordance with IAS 34

‘Interim Financial Reporting’ as adopted by the UK, IAS 34 ‘Interim Financial Reporting’ as issued by the International Accounting Standards

Board (‘IASB’), IAS 34 ‘Interim Financial Reporting’ as adopted by the EU and the Disclosure Guidance and Transparency Rules sourcebook of

the UK’s Financial Conduct Authority. Therefore, they include an explanation of events and transactions that are significant to an understanding

of the changes in the group’s financial position and performance since the end of 2023.

These interim condensed consolidated financial statements should be read in conjunction with the Annual Report and Accounts 2023 which

was prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act

2006 and international financial reporting standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union.

These financial statements were also prepared in accordance with International Financial Reporting Standards (‘IFRS Accounting Standards’) as

issued by the IASB, including interpretations issued by the IFRS Interpretations Committee.

At 30 June 2024, there were no IFRS Accounting Standards effective for the half-year to 30 June 2024 affecting these financial statements that

were not approved for adoption in the UK by the UK Endorsement Board. There was no difference between IFRS Accounting Standards

adopted by the UK, IFRS Accounting Standards as adopted by the EU and IFRS Accounting Standards issued by the IASB in terms of their

application to the group.

Standards applied during the half-year to 30 June 2024

There were no new standards or amendments to standards that had an effect on these interim condensed consolidated financial statements.

(b)Use of estimates and judgements

Management believes that the critical estimates and judgements applicable to the group are those that relate to impairment of amortised cost

and FVOCI financial assets, the valuation of financial instruments, deferred tax assets, provisions for liabilities and non-current assets held for

sale. There were no material changes in the current period to any of the critical estimates and judgements disclosed in 2023, which are stated

on pages 118 to 130 of the Annual Report and Accounts 2023.

(c)Composition of the group

In the first half of 2024 the sales of the retail banking operations in France and the business in Russia completed.

There were no other material changes in the composition of the group in the half-year to 30 June 2024.

For further details of future business disposals see Note 11: ‘Assets held for sale and liabilities of disposal groups held for sale’.

(d)Future accounting developments

Amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’

In May 2024, the IASB issued amendments to IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’, effective for

annual reporting periods beginning on or after 1 January 2026. In addition to guidance as to when certain financial liabilities can be deemed

settled when using an electronic payment system, the amendments also provide further clarification regarding the classification of financial

assets that contain contractual terms that change the timing or amount of contractual cash flows, including those arising from ESG related

contingencies, and financial assets with certain non-recourse features. The Group is undertaking an assessment of the potential impact.

IFRS 18 ‘Presentation and Disclosure in Financial Statements’

In April 2024, the IASB issued IFRS 18 ‘Presentation and Disclosure in Financial Statements’, effective for annual reporting periods beginning

on or after 1 January 2027. The new accounting standard aims to give users of financial statements more transparent and comparable

information about an entity’s financial performance. It will replace IAS 1 ‘Presentation of Financial Statements’ but carries over many

requirements from that IFRS Accounting Standard unchanged. In addition, there are three sets of new requirements relating to the structure of

the income statement, management-defined performance measures and the aggregation and disaggregation of financial information.

While IFRS 18 will not change recognition criteria or measurement bases, it might have a significant impact on presenting information in the

financial statements, in particular the income statement. The group is currently assessing any impacts as well as data readiness before

developing a more detailed implementation plan.

HSBC Bank plc Interim Report 2024 on Form 6-K 44

(e)Going concern

The financial statements are prepared on a going concern basis, as the Directors are satisfied that the group and parent company have the

resources to continue in business for the foreseeable future. In making this assessment, the Directors have considered a wide range of

information relating to present and future conditions, including future projections of profitability, cash flows, capital requirements and capital

resources.

These considerations include stressed scenarios, as well as considering potential impacts from other top and emerging risks, and the related

impact on profitability, capital and liquidity.

(f)Accounting policies

The accounting policies applied by the group for these interim condensed consolidated financial statements are consistent with those

described on pages 118 to 130 of the Annual Report and Accounts 2023, as are the methods of computation.

(g)Presentation of information

Below disclosure is marked as ‘(Reviewed)’ and is presented in the ‘Credit Risk’ section on pages 28 to 29, rather than in the notes to the

financial statements:

‘Reconciliation of changes in gross carrying/nominal amount and allowances for loans and advances to banks and customers including loan

commitments and financial guarantees’.

2 Dividends

Dividends to the parent company
	Half-year to
	30 Jun 2024		30 Jun 2023
	£ per share	£m	£ per share	£m
Dividends paid on ordinary shares
In respect of current year:
– first interim dividend	0.124	99	—	—
– first special dividend1	—	—	0.941	750
Total	0.124	99	0.941	750
Total coupons on capital securities classified as equity		83		66
Dividends to parent		182		816

1 Special dividend declared and paid on CET1 capital in 2023.

3 Segmental analysis

The Chief Executive, supported by the rest of the Executive Committee, is considered the Chief Operating Decision Maker (‘CODM’) for the

purposes of identifying the group’s reportable segments.

Our operations are closely integrated and, accordingly, the presentation of data includes internal allocations of certain items of income and

expense. These allocations include the costs of certain support services and global functions to the extent that they can be meaningfully

attributed to global businesses. While such allocations have been made on a systematic and consistent basis, they necessarily involve a degree

of subjectivity. Costs that are not allocated to businesses are included in Corporate Centre.

Where relevant, income and expense amounts presented include the results of inter-segment funding along with inter-company and inter-

business line transactions. All such transactions are undertaken on arm’s length terms. Measurement of segmental assets, liabilities, income

and expenses is in accordance with the group’s accounting policies. Shared costs are included in segments on the basis of actual recharges.

The intra-group elimination items for the businesses are presented in Corporate Centre.

The types of products and services from which each reportable segment derives its revenue are discussed in the ‘Strategic Report – Our global

businesses’ on page 6.

Notes on the interim condensed financial statements

45 HSBC Bank plc Interim Report 2024 on Form 6-K

By operating segment:

Profit/(loss) before tax
	Half-year to 30 Jun 2024
	MSS	GB	GBM Other	CMB	WPB	CorporateCentre	Total
	£m	£m	£m	£m	£m	£m	£m
Net operating income/(expense) before change in expected credit losses and other credit impairment charges1	1,090	1,044	70	864	714	(230)	3,552
– of which: net interest income/(expense)	241	680	(10)	616	477	(1,346)	658
Change in ECL and other credit impairment charges	(1)	84	1	(32)	6	(5)	53
Net operating income/(expense)	1,089	1,128	71	832	720	(235)	3,605
Total operating expenses	(1,051)	(510)	(77)	(353)	(410)	(84)	(2,485)
Operating profit/(loss)	38	618	(6)	479	310	(319)	1,120
Share of profit in associates and joint ventures	—	—	—	—	—	16	16
Profit/(loss) before tax	38	618	(6)	479	310	(303)	1,136
Cost efficiency ratio %	96.4	48.9	110.0	40.9	57.4		70.0

	Half-year to 30 Jun 2023
Net operating income before change in expected credit losses and other credit impairment charges1	1,082	1,061	39	874	2,347	57	5,460
– of which: net interest income/(expense)	89	696	(21)	648	491	(763)	1,140
Change in expected credit losses and other credit impairment charges	—	(87)	—	18	12	(1)	(58)
Net operating income/(expense)	1,082	974	39	892	2,359	56	5,402
Total operating expenses	(1,094)	(512)	(65)	(305)	(451)	(80)	(2,507)
Operating profit/(loss)	(12)	462	(26)	587	1,908	(24)	2,895
Share of loss in associates and joint ventures	—	—	—	—	—	(35)	(35)
Profit/(loss) before tax	(12)	462	(26)	587	1,908	(59)	2,860
Cost efficiency ratio %	101.1	48.3	166.7	34.9	19.2		45.9

1 Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.

External net operating income is attributed to countries on the basis of the location of the branch responsible for reporting the results or

advancing the funds:

	Half-year to
	30 Jun	30 Jun
	2024	2023
	£m	£m
External net operating income by country1	3,552	5,460
– United Kingdom	1,758	1,853
– France	554	2,618
– Germany	438	427
– Other countries	802	562

1 Net operating income before change in expected credit losses and other credit impairment charges, also referred to as revenue.

Balance sheet by business
	MSS	GB	GBM Other	CMB	WPB	Corporate Centre	Total
	£m	£m	£m	£m	£m	£m	£m
30 Jun 2024
Loans and advances to customers	4,719	33,391	150	25,859	15,669	5,933	85,721
Customer accounts	42,329	86,061	9,486	60,529	42,499	53	240,957
31 Dec 2023
Loans and advances to customers	2,718	34,723	67	24,226	13,666	91	75,491
Customer accounts	41,102	85,303	9,434	58,620	28,337	145	222,941

HSBC Bank plc Interim Report 2024 on Form 6-K 46

4 Net fee income

	Half-year to
	30 Jun	30 Jun
	2024	2023
	£m	£m
Net fee income by product
Account services	166	169
Funds under management	234	208
Cards	25	29
Credit facilities	148	137
Broking income	208	167
Underwriting	147	138
Imports/exports	14	19
Remittances	52	55
Global custody	85	98
Corporate finance	33	35
Securities others – (including stock lending)	52	52
Trust income	26	27
Other	185	224
Fee income	1,375	1,358
Less: fee expense	(721)	(684)
Net fee income	654	674

Net fee income by global business
	MSS	GB	GBM Other	CMB	WPB	Corporate Centre	Total
	£m	£m	£m	£m	£m	£m	£m
Half-year to 30 Jun 2024
Fee income	662	472	54	228	279	(320)	1,375
Less: fee expense	(789)	(109)	(50)	(12)	(75)	314	(721)
Net fee (expense)/income	(127)	363	4	216	204	(6)	654
Half-year to 30 Jun 2023
Fee income	670	446	70	216	279	(323)	1,358
Less: fee expense	(751)	(93)	(45)	(8)	(103)	316	(684)
Net fee (expense)/income	(81)	353	25	208	176	(7)	674

5 Fair values of financial instruments carried at fair value

The accounting policies, control framework, and the hierarchy used to determine fair values are consistent with those applied for the Annual

Report and Accounts 2023.

Financial instruments carried at fair value and bases of valuation
	At 30 Jun 2024				At 31 Dec 2023
	Quoted market price Level 1	Using observable inputsLevel 2	With significant unobservable inputsLevel 3	Total	Quoted market price Level 1	Using observable inputsLevel 2	With significant unobservable inputsLevel 3	Total
	£m	£m	£m	£m	£m	£m	£m	£m
Recurring fair value measurements
Assets
Trading assets	87,770	24,431	2,102	114,303	72,164	26,482	2,050	100,696
Financial assets designated and otherwise mandatorily measured at fair value through profit or loss	7,479	9,887	3,214	20,580	7,008	9,178	2,882	19,068
Derivatives	772	159,393	2,496	162,661	428	171,865	1,823	174,116
Financial investments	31,972	10,690	788	43,450	25,857	10,743	907	37,507
Liabilities
Trading liabilities	32,170	13,083	102	45,355	29,791	12,233	252	42,276
Financial liabilities designated at fair value	1,047	30,832	3,846	35,725	992	27,595	3,958	32,545
Derivatives	965	156,631	2,956	160,552	994	168,145	2,335	171,474

Notes on the interim condensed financial statements

47 HSBC Bank plc Interim Report 2024 on Form 6-K

Fair value adjustments
	At 30 Jun 2024		At 31 Dec 2023
	MSS	Corporate Centre	MSS	Corporate Centre
	£m	£m	£m	£m
Type of adjustment
Risk-related	321	35	327	32
– bid-offer	148	—	155	—
– uncertainty	44	3	42	2
– credit valuation adjustment	50	29	61	27
– debit valuation adjustment	(9)	—	(20)	—
– funding fair value adjustment	88	3	89	3
– other	—	—	—	—
Model-related	32	—	41	—
– model limitation	32	—	41	—
– other	—	—	—	—
Inception profit (Day 1 P&L reserves)	59	—	54	—
	412	35	422	32

Transfers between Level 1 and Level 2 fair values
	Assets				Liabilities
	Financial investments	Trading assets	Designated and otherwise mandatorily measured at fair value through profit or loss	Derivatives	Trading liabilities	Designated at fair value	Derivatives
	£m	£m	£m	£m	£m	£m	£m
At 30 Jun 2024
Transfers from Level 1 to Level 2	—	159	—	—	24	—	—
Transfers from Level 2 to Level 1	—	420	—	—	35	—	—
Full year to 31 Dec 2023
Transfers from Level 1 to Level 2	26	252	—	—	4	—	—
Transfers from Level 2 to Level 1	121	408	—	—	41	—	—

Transfers between levels of the fair value hierarchy are deemed to occur at the end of each quarterly reporting period. Transfers into and out of

levels of the fair value hierarchy are normally attributable to observability of valuation inputs and price transparency.

Fair value valuation bases

Financial instruments measured at fair value using a valuation technique with significant unobservable inputs – Level 3
	Assets					Liabilities
	Financial investments	Held for trading	Designated and otherwise mandatorily measured at fair value through profit or loss	Derivatives	Total	Held for trading	Designated at fair value	Derivatives	Total
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Private equity including strategic investments	107	1	2,724	—	2,832	—	1	—	1
Asset-backed securities	164	160	7	—	331	—	—	—	—
Structured notes	—	—	—	—	—	—	3,832	—	3,832
Derivatives	—	—	—	2,496	2,496	—	—	2,956	2,956
Other portfolios	517	1,941	483	—	2,941	102	13	—	115
At 30 Jun 2024	788	2,102	3,214	2,496	8,600	102	3,846	2,956	6,904
Private equity including strategic investments	66	1	2,656	—	2,723	8	1	—	9
Asset-backed securities	160	97	6	—	263	—	—	—	—
Structured notes	—	—	—	—	—	—	3,490	—	3,490
Derivatives	—	—	—	1,823	1,823	—	—	2,335	2,335
Other portfolios	681	1,952	220	—	2,853	244	467	—	711
At 31 Dec 2023	907	2,050	2,882	1,823	7,662	252	3,958	2,335	6,545

HSBC Bank plc Interim Report 2024 on Form 6-K 48

Reconciliation of fair value measurements in Level 3 of the fair value hierarchy

Movement in Level 3 financial instruments
	Assets				Liabilities
	Financial investments	Trading assets	Designated and otherwise mandatorily measured at fair value through profit or loss	Derivatives	Trading liabilities	Designated at fair value	Derivatives
	£m	£m	£m	£m	£m	£m	£m
At 1 Jan 2024	907	2,050	2,882	1,823	252	3,958	2,335
Total gains/(losses) on assets and total (gains)/losses on liabilities recognised in profit or loss	1	213	(20)	357	210	(1,819)	570
– net income from financial instruments held for trading or managed on a fair value basis	—	213	—	357	210	—	570
– net income from assets and liabilities of insurance businesses, including related derivatives, measured at fair value through profit or loss	—	—	(44)	—	—	—	—
– changes in fair value of other financial instruments mandatorily measured at fair value through profit or loss	—	—	24	—	—	(1,819)	—
– gains from financial investments at fair value through other comprehensive income	1	—	—	—	—	—	—
Total losses recognised in other comprehensive income	(17)	(5)	(46)	(2)	—	(35)	(3)
– financial investments: fair value gains	—	—	—	—	—	—	—
– exchange differences	(17)	(5)	(46)	(2)	—	(35)	(3)
Purchases	114	554	229	—	107	—	—
New issuances	—	—	—	—	—	1,686	—
Sales	(20)	(470)	(108)	—	(232)	—	—
Settlements	(185)	(286)	279	85	(298)	352	(88)
Transfers out	(46)	(196)	(6)	(162)	(28)	(585)	(265)
Transfers in	34	242	4	395	91	289	407
At 30 Jun 2024	788	2,102	3,214	2,496	102	3,846	2,956
Unrealised (losses)/gains recognised in profit or loss relating to assets and liabilities held at 30 Jun 2024	—	(6)	(27)	(2,088)	4	(140)	(204)
– trading (expense)/income excluding net interest income	—	(6)	—	(2,088)	4	—	(204)
– net income/(expense) from other financial instruments designated at fair value	—	—	—	—	—	—	—
– changes in fair value of other financial instruments mandatorily measured at fair value through profit or loss	—	—	(27)	—	—	(140)	—
At 1 Jan 2023	1,447	2,738	3,318	1,737	415	2,461	2,478
Total gains/(losses) on assets and total (gains)/losses on liabilities recognised in profit or loss	(2)	37	64	238	(180)	65	408
– net income from financial instruments held for trading or managed on a fair value basis	—	37	—	238	(180)	—	408
– changes in fair value of other financial instruments mandatorily measured at fair value through profit or loss	—	—	64	—	—	65	—
– gains from financial investments at fair value through other comprehensive income	(2)	—	—	—	—	—	—
Total losses recognised in other comprehensive income	(9)	(33)	(113)	(2)	—	(21)	(7)
– financial investments: fair value gains	34	—	—	—	—	—	—
– exchange differences	(43)	(33)	(113)	(2)	—	(21)	(7)
Purchases	48	428	105	—	92	—	—
New issuances	—	—	—	—	2	1,227	—
Sales	(100)	(884)	(231)	—	(142)	(2)	—
Settlements	(16)	(10)	35	(492)	244	(807)	(961)
Transfers out	(87)	(186)	(108)	(95)	(25)	(243)	(141)
Transfers in	113	323	1	80	38	140	83
At 30 Jun 2023	1,394	2,413	3,071	1,466	444	2,820	1,860

Notes on the interim condensed financial statements

49 HSBC Bank plc Interim Report 2024 on Form 6-K

Movement in Level 3 financial instruments (continued)
	Assets				Liabilities
	Financial investments	Trading assets	Designated and otherwise mandatorily measured at fair value through profit or loss	Derivatives	Trading liabilities	Designated at fair value	Derivatives
	£m	£m	£m	£m	£m	£m	£m
Unrealised gains/(losses) recognised in profit or loss relating to assets and liabilities held at 30 Jun 2023	—	(6)	(55)	424	(3)	(88)	(473)
– trading (expense)/income excluding net interest income	—	—	—	—	—	—	—
– net income/(losses) from financial instruments held for trading or managed on a fair value basis	—	(6)	—	424	(3)	—	(473)
– changes in fair value of other financial instruments mandatorily measured at fair value through profit or loss	—	—	(55)	—	—	(88)	—

At 1 Jul 2023	1,394	2,413	3,071	1,466	444	2,820	1,860
Total gains/(losses) on assets and total (gains)/losses on liabilities recognised in profit or loss	1	152	(56)	613	(88)	(5)	600
– net income from financial instruments held for trading or managed on a fair value basis	—	152	—	613	(88)	—	600
– changes in fair value of other financial instruments mandatorily measured at fair value through profit or loss	—	—	(56)	—	—	(5)	—
– gains from financial investments at fair value through other comprehensive income	1	—	—	—	—	—	—
Total losses recognised in other comprehensive income	8	5	21	—	—	13	2
– financial investments: fair value gains	(5)	—	—	—	—	—	—
– exchange differences	13	5	21	—	—	13	2
Purchases	3	576	200	—	141	—	—
New issuances	—	1	—	—	—	1,778	—
Sales	(113)	(791)	(253)	—	(111)	—	—
Settlements	(22)	(69)	(107)	(517)	(106)	(362)	(334)
Transfers out	(364)	(375)	(12)	(138)	(5)	(417)	(198)
Transfers in	—	138	18	399	(23)	131	405
At 31 Dec 2023	907	2,050	2,882	1,823	252	3,958	2,335
Unrealised gains/(losses) recognised in profit or loss relating to assets and liabilities held 31 Dec 2023	—	6	(20)	96	3	(129)	(350)
– trading (expense)/income excluding net interest income	—	—	—	—	—	—	—
– net income/(losses) from financial instruments held for trading or managed on a fair value basis	—	6	—	96	3	—	(350)
– changes in fair value of other financial instruments mandatorily measured at fair value through profit or loss	—	—	(20)	—	—	(129)	—

Transfers between levels of the fair value hierarchy are deemed to occur at the end of each quarterly reporting period. Transfers into and out of

levels of the fair value hierarchy are normally attributable to observability of valuation inputs and price transparency.

HSBC Bank plc Interim Report 2024 on Form 6-K 50

Effect of changes in significant unobservable assumptions to reasonably possible

alternatives

Sensitivity of Level 3 fair values to reasonably possible alternative assumptions
	At
	30 Jun 2024				31 Dec 2023
	Reflected inprofit or loss		Reflected in OCI		Reflected inprofit or loss		Reflected in OCI
	Favourablechanges	Unfavourablechanges	Favourablechanges	Unfavourablechanges	Favourablechanges	Unfavourablechanges	Favourablechanges	Unfavourablechanges
	£m	£m	£m	£m	£m	£m	£m	£m
Derivatives, trading assets and trading liabilities1	440	(225)	—	—	478	(225)	—	—
Designated and otherwise mandatorily measured at fair value through profit or loss	461	(211)	—	—	193	(194)	—	—
Financial investments	15	(14)	14	(17)	10	(9)	23	(25)
Total	916	(450)	14	(17)	681	(428)	23	(25)

1Derivatives, trading assets and trading liabilities are presented as one category to reflect the manner in which these instruments are risk managed.

Sensitivity of Level 3 fair values to reasonably possible alternative assumptions by instrument type
	At
	30 Jun 2024				31 Dec 2023
	Reflected inprofit or loss		Reflected in OCI		Reflected inprofit or loss		Reflected in OCI
	Favourable changes	Unfavourable changes	Favourable changes	Unfavourable changes	Favourablechanges	Unfavourable changes	Favourablechanges	Unfavourable changes
	£m	£m	£m	£m	£m	£m	£m	£m
Private equity including strategic investments	454	(205)	10	(11)	182	(184)	6	(6)
Asset-backed securities	36	(25)	3	(3)	28	(16)	2	(2)
Structured notes	6	(6)	—	—	5	(5)	—	—
Derivatives	173	(110)	—	—	237	(182)	—	—
Other portfolios	247	(104)	1	(3)	229	(41)	15	(17)
Total	916	(450)	14	(17)	681	(428)	23	(25)

The sensitivity analysis aims to measure a range of fair values consistent with the application of a 95% confidence interval. Methodologies take

account of the nature of the valuation technique employed, as well as the availability and reliability of observable proxy and historical data. When

the fair value of a financial instrument is affected by more than one unobservable assumption, the above table reflects the most favourable or

the most unfavourable change from varying the assumptions individually.

The sensitivity analysis for certain private equity positions has been enhanced in order to reduce dependency on historical observations and

focus on current valuation uncertainty, resulting in some increases in favourable sensitivities.

Notes on the interim condensed financial statements

51 HSBC Bank plc Interim Report 2024 on Form 6-K

Key unobservable inputs to Level 3 financial instruments

Quantitative information about significant unobservable inputs in Level 3 valuations
	At
	30 Jun 2024						31 Dec 2023
	Fair value		Valuationtechniques	Key unobservableinputs	Full range of inputs		Full range of inputs
	Assets	Liabilities
	£m	£m			Lower	Higher	Lower	Higher
Private equity including strategic investments1	2,832	1	Price - Net asset value	Current Value/Cost	—	5	See footnote 1
Asset-backed securities	331	—
– CLO/CDO2	63	—	Market proxy	Bid quotes	—	96	—	94
– other ABSs	268	—	Market proxy	Bid quotes	—	246		220
Structured notes	—	3,832
– equity-linked notes	—	3,389	Model-Option model	Equity volatility	6%	177%	6%	154%
			Model-Option model	Equity correlation	0%	0%	35%	100%
– FX-linked notes	—	29	Model-Option model	FX volatility	1%	38%	1%	18%
– other	—	414
Derivatives	2,496	2,956
Interest rate derivatives:	868	843
– securitisation swaps	120	94	Model-Discounted cash flow	Constant Prepayment rate	5%	10%	5%	10%
– long-dated swaptions	52	56	Model-Option model	IR volatility	7%	23%	11%	34%
– other	696	693
FX derivatives:	309	336
– FX options	278	309	Model-Option model	FX volatility	1%	32%	3%	31%
– FX other	31	27
Equity derivatives:	1,030	1,228
– long-dated single stock options	369	523	Model-Option model	Equity volatility	7%	133%	7%	87%
– other	661	705
Credit derivatives	289	549
Other portfolios:	2,941	115
– bonds	1,153	1	Market proxy	Mid quotes	0	0
– repurchase agreements	629	92	Model-Discounted cash flow	IR Curve	5%	8%	3%	8%
– other	1,159	22
At 30 Jun	8,600	6,904

1Private equity including strategic investments’ includes private equity, private credit, private equity funds and infrastructure debt, primarily held as part

of our Insurance business and for strategic investments. The analysis for private equity positions has been enhanced with key unobservable input now

quoted.

2Collateralised loan obligation/collateralised debt obligation.

6 Fair values of financial instruments not carried at fair value

The bases for measuring the fair values of loans and advances to banks and customers, financial investments, deposits by banks, customer

accounts, debt securities in issue, subordinated liabilities, non-trading repurchase and reverse repurchase agreements are explained on pages

156 and 157 of the Annual Report and Accounts 2023.

Fair values of financial instruments not carried at fair value on the balance sheet
	At 30 Jun 2024		At 31 Dec 2023
	Carrying amount	Fair value	Carrying amount	Fair value
	£m	£m	£m	£m
Assets
Loans and advances to banks	14,332	14,332	14,371	14,371
Loans and advances to customers	85,721	85,278	75,491	74,904
Reverse repurchase agreements – non-trading	63,892	63,892	73,494	73,494
Financial investments – at amortised cost	13,039	12,940	8,861	8,837
Liabilities
Deposits by banks	30,233	30,237	22,943	22,950
Customer accounts	240,957	240,978	222,941	223,067
Repurchase agreements – non-trading	48,764	48,764	53,416	53,416
Debt securities in issue	16,760	16,749	13,443	13,458
Subordinated liabilities	16,134	16,547	14,920	15,219

Other financial instruments not carried at fair value are typically short term in nature and reprice to current market rates frequently. Accordingly,

their carrying amount is a reasonable approximation of fair value.

HSBC Bank plc Interim Report 2024 on Form 6-K 52

7 Goodwill and intangible assets

	At
	30 Jun	31 Dec
	2024	2023
	£m	£m
Other intangible assets1	260	203
Intangible assets	260	203

1Included within the group's other intangible assets is internally generated software with a net carrying value of £256m (2023: £198m). During the year,

capitalisation of internally generated software was £60m (2023: £120m), amortisation and impairment of other intangible assets totalled £(33)m for the

group (2023: £(13)m).

8 Provisions

	Restructuring costs	Legal proceedings and regulatory matters	Customer remediation	Otherprovisions	Total
	£m	£m	£m	£m	£m
Provisions (excluding contractual commitments)
At 1 Jan 2024	76	104	9	118	307
Additions	4	5	1	10	20
Amounts utilised	(30)	(57)	—	(33)	(120)
Unused amounts reversed	(10)	(5)	(2)	(11)	(28)
Exchange and other movements	2	2	—	29	33
At 30 Jun 2024	42	49	8	113	212
Contractual commitments1
At 1 Jan 2024					83
Net change in expected credit loss provisions					(10)
At 30 Jun 2024					73
Total provisions
At 31 Dec 2023					390
At 30 Jun 2024					285

1The contractual commitments provision includes off-balance sheet loan commitments and guarantees, for which expected credit losses are provided

under IFRS 9. Further analysis of the movement in the expected credit loss is disclosed within the 'Reconciliation of changes in gross carrying/nominal

amount and allowances for loans and advances to banks and customers including loan commitments and financial guarantees' table on page 28.

Legal proceedings and regulatory matters

Further details of legal proceedings and regulatory matters are set out in Note 10: ‘Legal proceedings and regulatory matters’. Legal proceedings

include civil court, arbitration or tribunal proceedings brought against HSBC companies (whether by way of claim or counterclaim), or civil

disputes that may, if not settled, result in court, arbitration or tribunal proceedings. Regulatory matters refer to investigations, reviews and other

actions carried out by, or in response to the actions of, regulatory or law enforcement agencies in connection with alleged wrongdoing by HSBC.

Customer remediation refers to HSBC’s activities to compensate customers for losses or damages associated with a failure to comply with

regulations or to treat customers fairly. Customer remediation is often initiated by HSBC in response to customer complaints and/or industry

developments in sales practices, and is not necessarily initiated by regulatory action.

Notes on the interim condensed financial statements

53 HSBC Bank plc Interim Report 2024 on Form 6-K

9 Contingent liabilities, contractual commitments and guarantees

	At
	30 Jun	31 Dec
	2024	2023
	£m	£m
Guarantees and other contingent liabilities:
– financial guarantees	2,717	2,401
– performance and other guarantees	19,898	19,548
– other contingent liabilities1	281	268
At the end of the period	22,896	22,217
Commitments:2
– documentary credits and short-term trade-related transactions	1,691	1,919
– forward asset purchases and forward deposits placed	49,857	38,704
– standby facilities, credit lines and other commitments to lend	92,649	91,206
At the end of the period	144,197	131,829

1Other contingent liabilities includes £262m related to UK VAT in the periods ended 30 June 2023 and 30 June 2024. See ‘UK branches of HSBC

overseas entities’ below.

2Includes £138,058m of commitments (2023: £125,616m), to which the impairment requirements in IFRS 9 are applied where the group has become

party to an irrevocable commitment.

The above table discloses the nominal principal amounts, which represent the maximum amounts at risk should the contracts be fully drawn

upon and clients default. As a significant portion of guarantees and commitments is expected to expire without being drawn upon, the total of

the nominal principal amounts is not indicative of future liquidity requirements.

UK branches of HSBC overseas entities

In December 2017, HM Revenue & Customs (‘HMRC’) challenged the VAT status of certain UK branches of HSBC overseas entities. HMRC

also issued notices of assessment covering the period from 1 October 2013 to 31 December 2017 totalling £262m, with interest to be

determined. In Q1 2019, HMRC reaffirmed its assessment that the UK branches are ineligible to be members of the UK VAT group and,

consequently, HSBC paid HMRC the sum of £262m and filed appeals. Since January 2018, HSBC’s returns have been prepared on the basis

that the UK branches are not in the UK VAT group. As at July 2024, an in principle resolution to these appeals has been agreed with HMRC,

which is not expected to have a material financial impact on HSBC Bank plc.

Financial Services Compensation Scheme

The FSCS provides compensation, up to certain limits, to eligible customers of financial services firms that are unable, or likely to be unable, to

pay claims against them. The FSCS may impose a further levy on HSBC Bank plc to the extent the industry levies imposed to date are not

sufficient to cover the compensation due to customers in any future possible collapse. The ultimate FSCS levy to the industry as a result of

collapse cannot be estimated reliably. It is dependent on various uncertain factors including the potential recovery of assets by the FSCS,

changes in the level of protected products (including deposits and investments) and the population of FSCS members at the time.

Contingent liabilities arising from legal proceedings, regulatory and other matters against group companies are disclosed in Note 10: ‘Legal

proceedings and regulatory matters’. The expected credit loss provisions relating to guarantees and commitments under IFRS 9 are disclosed in

Note 8: ‘Provisions’. Further analysis of the movement in the ECL provision is disclosed within the ‘Reconciliation of changes in gross carrying/

nominal amount and allowances for loans and advances to banks and customers including loan commitments and financial guarantees‘ table on

page 28.

10 Legal proceedings and regulatory matters

The group is party to legal proceedings and regulatory matters in a number of jurisdictions arising out of its normal business operations. Apart

from the matters described below, the group considers that none of these matters are material. The recognition of provisions is determined in

accordance with the accounting policies set out in Note 1 of the Annual Report and Accounts 2023. While the outcomes of legal proceedings

and regulatory matters are inherently uncertain, management believes that, based on the information available to it, appropriate provisions have

been made in respect of these matters as at 30 June 2024 (see Note 8: ‘Provisions’). Where an individual provision is material, the fact that a

provision has been made is stated and quantified, except to the extent that doing so would be seriously prejudicial. Any provision recognised

does not constitute an admission of wrongdoing or legal liability. It is not practicable to provide an aggregate estimate of potential liability for our

legal proceedings and regulatory matters as a class of contingent liabilities.

Bernard L. Madoff Investment Securities LLC

Various non-US HSBC companies provided custodial, administration and similar services to a number of funds incorporated outside the US

whose assets were invested with Bernard L. Madoff Investment Securities LLC ('Madoff Securities'). Based on information provided by Madoff

Securities as at 30 November 2008, the purported aggregate value of these funds was $8.4bn, including fictitious profits reported by Madoff.

Based on information available to HSBC, the funds’ actual transfers to Madoff Securities minus their actual withdrawals from Madoff Securities

during the time HSBC serviced the funds are estimated to have totalled approximately $4bn. Various HSBC companies have been named as

defendants in lawsuits arising out of Madoff Securities’ fraud.

US litigation: The Madoff Securities Trustee has brought lawsuits against various HSBC companies and others, seeking recovery of alleged

transfers from Madoff Securities to HSBC in the amount of $543m (plus interest), and these lawsuits remain pending in the US Bankruptcy

Court for the Southern District of New York (the 'US Bankruptcy Court').

Certain Fairfield entities (together, ‘Fairfield’) (in liquidation) have brought a lawsuit in the US against fund shareholders, including HSBC

companies that acted as nominees for clients, seeking restitution of redemption payments in the amount of $382m (plus interest). Fairfield's

claims against most of the HSBC companies have been dismissed by the US Bankruptcy Court and the US District Court for the Southern

HSBC Bank plc Interim Report 2024 on Form 6-K 54

District of New York, but remain pending on appeal before the US Court of Appeals for the Second Circuit. Fairfield's claims against PBRS and

HSBC Securities Services Luxembourg ('HSSL') have not been dismissed and their appeals are also pending before the US Court of Appeals for

the Second Circuit. Meanwhile, proceedings before the US Bankruptcy Court with respect to the claims against PBRS and HSSL are ongoing.

UK litigation: The Madoff Securities Trustee has filed a claim against various HSBC companies in the High Court of England and Wales,

seeking recovery of transfers from Madoff Securities to HSBC. The claim has not yet been served and the amount claimed has not been

specified.

Luxembourg litigation: In 2009, Herald Fund SPC (‘Herald’) (in liquidation) brought an action against HSSL before the Luxembourg District

Court, seeking restitution of cash and securities in the amount of $2.5bn (plus interest), or damages in the amount of $2bn (plus interest). In

2018, HSBC Bank plc was added to the claim and Herald increased the amount of the alleged damages claim to $5.6bn (plus interest). The

Luxembourg District Court has dismissed Herald’s securities restitution claim, but reserved Herald’s cash restitution and damages claims.

Herald has appealed this dismissal to the Luxembourg Court of Appeal, where the matter is pending.

Beginning in 2009, various HSBC companies have been named as defendants in a number of actions brought by Alpha Prime Fund Limited in

the Luxembourg District Court seeking damages for alleged breach of contract and negligence in the amount of $1.16bn (plus interest). These

matters are currently pending before the Luxembourg District Court.

Beginning in 2014, HSSL and the Luxembourg branch of HSBC Bank plc have been named as defendants in a number of actions brought by

Senator Fund SPC before the Luxembourg District Court seeking restitution of securities in the amount of $625m (plus interest), or damages in

the amount of $188m (plus interest). These matters are currently pending before the Luxembourg District Court.

Based on the facts currently known, it is not practicable at this time for HSBC Bank plc to predict the resolution of the pending matters,

including the timing or any possible impact on HSBC Bank plc, which could be significant.

US Anti-Terrorism Act litigation

Since November 2014, a number of lawsuits have been filed in federal courts in the US against various HSBC companies and others on behalf

of plaintiffs who are, or are related to, alleged victims of terrorist attacks in the Middle East. In each case, it is alleged that the defendants aided

and abetted the unlawful conduct of various sanctioned parties in violation of the US Anti-Terrorism Act, or provided banking services to

customers alleged to have connections to terrorism financing. Seven actions, which seek damages for unspecified amounts, remain pending

and HSBC Bank plc's motions to dismiss have been granted in three of these cases. These dismissals are subject to appeals and/or the plaintiffs

re-pleading their claims. The four other actions are at an early stage.

Based on the facts currently known, it is not practicable at this time for HSBC Bank plc to predict the resolution of these matters, including the

timing or any possible impact on HSBC Bank plc, which could be significant.

Interbank offered rates investigation and litigation

Euro interest rate derivatives: In December 2016, the European Commission (‘EC’) issued a decision finding that HSBC, among other banks,

engaged in anti-competitive practices in connection with the pricing of euro interest rate derivatives, and the EC imposed a fine on HSBC based

on a one-month infringement in 2007. The fine was annulled in 2019 and a lower fine was imposed in 2021. In January 2023, the European

Court of Justice dismissed an appeal by HSBC and upheld the EC's findings on HSBC's liability. A separate appeal by HSBC concerning the

amount of the fine remains pending before the General Court of the European Union.

US dollar Libor: Beginning in 2011, HSBC and other panel banks have been named as defendants in a number of individual and putative class

action lawsuits filed in federal and state courts in the US with respect to the setting of US dollar Libor. The complaints assert claims under

various US federal and state laws, including antitrust and racketeering laws and the Commodity Exchange Act (‘US CEA’). HSBC has concluded

class settlements with five groups of plaintiffs, and several class action lawsuits brought by other groups of plaintiffs have been voluntarily

dismissed. A number of individual US dollar Libor-related actions seeking damages for unspecified amounts remain pending.

Based on the facts currently known, it is not practicable at this time for HSBC Bank plc to predict the resolution of the pending matters,

including the timing or any possible impact on HSBC Bank plc, which could be significant.

Foreign exchange-related investigations and litigation

Since 2017, HSBC Bank plc, among other financial institutions, has been defending a complaint filed by the Competition Commission of South

Africa before the South African Competition Tribunal for alleged anti-competitive behaviour in the South African foreign exchange market. In

2020, a revised complaint was filed which also named HSBC Bank USA N.A. (‘HSBC Bank USA’) as a defendant. In January 2024, the South

African Competition Appeal Court dismissed HSBC Bank USA from the revised complaint but denied HSBC Bank plc's application to dismiss.

The Competition Commission and HSBC Bank plc have appealed to the Constitutional Court of South Africa.

HSBC Bank plc and HSBC Holdings plc have reached a settlement with plaintiffs in Israel to resolve a class action filed in the local courts

alleging foreign exchange-related misconduct. The settlement remains subject to court approval. Lawsuits alleging foreign exchange-related

misconduct remain pending against HSBC Bank plc and other banks in courts in Brazil.

In February 2024, HSBC Bank plc and HSBC Holdings plc were joined to an existing claim brought in the UK Competition Appeals Tribunal

against various other banks alleging historical anti-competitive behaviour in the foreign exchange market and seeking approximately £3bn in

damages from all the defendants. This matter is at an early stage. It is possible that additional civil actions will be initiated against HSBC Bank

plc in relation to its historical foreign exchange activities.

There are many factors that may affect the range of outcomes, and the resulting financial impact, of the pending matters, which could be

significant.

Precious metals fix-related litigation

US litigation: HSBC and other members of The London Silver Market Fixing Limited are defending a class action pending in the US District

Court for the Southern District of New York alleging that, from January 2007 to December 2013, the defendants conspired to manipulate the

price of silver and silver derivatives for their collective benefit in violation of US antitrust laws, the US CEA and New York state law. In May

2023, this action, which seeks damages for unspecified amounts, was dismissed but remains pending on appeal.

HSBC and other members of The London Platinum and Palladium Fixing Company Limited are defending a class action pending in the US

District Court for the Southern District of New York alleging that, from January 2008 to November 2014, the defendants conspired to manipulate

the price of platinum group metals and related financial products for their collective benefit in violation of US antitrust laws and the US CEA. The

Notes on the interim condensed financial statements

55 HSBC Bank plc Interim Report 2024 on Form 6-K

defendants have reached a settlement-in-principle with the plaintiffs to resolve this action. The settlement-in-principle remains subject to

documentation and court approval.

Canada litigation: HSBC and other financial institutions are defending putative class actions filed in the Ontario and Quebec Superior Courts of

Justice alleging that the defendants conspired to manipulate the price of silver, gold and related derivatives in violation of the Canadian

Competition Act and common law. These actions each seek CA$1bn in damages plus CA$250m in punitive damages. Two of the actions are

proceeding and the others have been stayed.

There are many factors that may affect the range of outcomes, and the resulting financial impact, of the pending matters, which could be

significant.

Tax-related investigations

In March 2023, the French National Financial Prosecutor announced an investigation into a number of banks, including HBCE and the Paris

branch of HSBC Bank plc, in connection with alleged tax fraud related to the dividend withholding tax treatment of certain trading activities.

HSBC Bank plc and the German branch of HBCE also continue to cooperate with investigations by the German public prosecutor into numerous

financial institutions and their employees, in connection with the dividend withholding tax treatment of certain trading activities.

Based on the facts currently known, it is not practicable at this time for HSBC Bank plc to predict the resolution of these matters, including the

timing or any possible impact on HSBC Bank plc, which could be significant.

Gilts trading investigation and litigation

Since 2018, the UK Competition and Markets Authority ('CMA') has been investigating HSBC and four other banks for suspected anti-

competitive conduct in relation to the historical trading of gilts and related derivatives. In May 2023, the CMA announced its case against HSBC

Bank plc and HSBC Holdings plc; both HSBC companies are contesting the CMA's allegations.

In June 2023, HSBC Bank plc and HSBC Securities (USA) Inc., among other banks, were named as defendants in a putative class action filed in

the US District Court for the Southern District of New York by plaintiffs alleging anti-competitive conduct in the gilts market and seeking

damages for unspecified amounts. In September 2023, the defendants filed a motion to dismiss which remains pending. It is possible that

additional civil actions will be initiated against HSBC in relation to its historical gilts trading activities.

Based on the facts currently known, it is not practicable at this time for HSBC Bank plc to predict the resolution of these matters, including the

timing or any possible impact on HSBC Bank plc, which could be significant.

UK collections and recoveries investigation

In 2019, the FCA began investigating HSBC Bank plc's, HSBC UK Bank plc's and Marks and Spencer Financial Services plc's compliance with

regulatory standards relating to collections and recoveries operations in the UK between 2017 and 2018. In May 2024, the FCA concluded its

investigation and imposed a £6m fine on HSBC Bank plc, HSBC UK Bank plc and Marks and Spencer Financial Services plc, which has been

paid, and this matter is now closed.

Stanford litigation

Since 2009, HSBC Bank plc has been named as a defendant in numerous claims filed in courts in the UK and the US arising from the collapse of

Stanford International Bank Ltd, for which it was a correspondent bank from 2003 to 2009. In February 2023, HSBC Bank plc reached

settlements with the plaintiffs to resolve the claims and these settlements have concluded.

Other regulatory investigations, reviews and litigation

HSBC Bank plc and/or certain of its affiliates are also subject to a number of other enquiries and examinations, requests for information,

investigations and reviews by various tax authorities, regulators, competition and law enforcement authorities, as well as legal proceedings

including litigation, arbitration and other contentious proceedings, in connection with various matters arising out of their businesses and

operations.

At the present time, HSBC Bank plc does not expect the ultimate resolution of any of these matters to be material to its financial position;

however, given the uncertainties involved in legal proceedings and regulatory matters, there can be no assurance regarding the eventual

outcome of a particular matter or matters.

HSBC Bank plc Interim Report 2024 on Form 6-K 56

11 Assets held for sale and liabilities of disposal groups held for sale

Held for sale
	At
	30 Jun	31 Dec
	2024	2023
	£m	£m
Disposal groups	619	21,792
Unallocated impairment losses1	(48)	(1,548)
Non-current assets held for sale	27	124
Assets held for sale	598	20,368
Liabilities of disposal groups	433	20,684

1This represents impairment losses in excess of the carrying value on the non-current assets, excluded from the measurement scope of IFRS 5.

Disposal groups

France retail banking operations

On 1 January 2024, HSBC Continental Europe completed the sale of its retail banking operations in France to CCF, a subsidiary of Promontoria

MMB SAS (‘My Money Group’). The sale also included HSBC Continental Europe’s 100% ownership interest in HSBC SFH (France) and its 3%

ownership interest in Crédit Logement.

Upon completion and in accordance with the terms of the sale, HSBC Continental Europe received a €0.1bn (£0.1bn) profit participation interest

in the ultimate holding company of My Money Group. The associated impacts on initial recognition of this stake at fair value were recognised as

part of the pre-tax loss on disposal in 2023, upon the reclassification of the disposal group as held for sale. In accordance with the terms of the

sale, HSBC Continental Europe retained a portfolio of €7.1bn (£6bn) at the time of sale, consisting of home and certain other loans, in respect of

which it may consider on-sale opportunities at a suitable time, and the CCF brand, which it licensed to the buyer under a long-term licence

agreement. Additionally, HSBC Continental Europe’s subsidiaries, HSBC Assurances Vie (France) and HSBC Global Asset Management (France),

have entered into distribution agreements with the buyer.

The customer lending balances and associated income statement impacts of the portfolio of retained loans, together with the profit participation

interest and the licence agreement of the CCF brand, were reclassified from WPB to Corporate Centre, with effect from 1 January 2024.

Russia

On 30 May 2024, HSBC Europe BV, a wholly-owned subsidiary of HSBC Bank plc, completed the sale of HSBC Bank (RR) (Limited Liability

Company) to Expobank. Foreign currency translation reserve losses of £0.1bn were recognised in the income statement upon completion.

Armenia

On 6 February 2024, following a strategic review of our operations in Armenia, HSBC Europe BV reached an agreement for the sale of HSBC

Bank Armenia to Ardshinbank. This resulted in a loss on classification to held for sale of £0.1bn. The transaction is subject to regulatory

approvals. As part of this transaction, all staff members of HSBC Armenia will transfer to Ardshinbank at completion, and the transfer will

include all customer relationships held by HSBC Armenia at that time. The transaction is expected to complete in the second half of 2024.

Major classes of assets and associated liabilities of disposal groups held for sale, including allocated impairment losses, were as follows:

	At 30 Jun 2024
	Armenia	Others	Total
	£m	£m	£m
Operating segment	CMB, GBM	CMB, GBM
Assets of disposal groups held for sale
Cash and balances at central banks	51	—	51
Loans and advances to banks	12	—	12
Loans and advances to customers	378	71	449
Reverse repurchase agreements	26	—	26
Financial investments	56	—	56
Goodwill and intangible assets	1	—	1
Prepayments, accrued income and other assets	21	3	24
Total assets	545	74	619
Liabilities of disposal groups held for sale
Customer accounts	362	41	403
Accruals, deferred income and other liabilities	13	17	30
Total liabilities	375	58	433
Expected date of completion	Second Half of 2024	Second Half of 2024

Notes on the interim condensed financial statements

57 HSBC Bank plc Interim Report 2024 on Form 6-K

	At 31 Dec 2023
	France retail banking operations	Other	Total
	£m	£m	£m
Operating segment	WPB	CMB, GBM
Assets of disposal groups held for sale
Cash and balances at central banks	177	—	177
Financial assets designated and otherwise mandatorily measured at fair value through profit and loss	38	—	38
Loans and advances to banks	8,103	—	8,103
Loans and advances to customers	13,255	90	13,345
Financial investments	25	—	25
Goodwill and intangible assets	—	—	—
Prepayments, accrued income and other assets	103	1	104
Total assets	21,701	91	21,792
Liabilities of disposal groups held for sale
Customer accounts	17,492	95	17,587
Financial liabilities designated at fair value	1,858	—	1,858
Debt securities in issue	1,080	—	1,080
Accruals, deferred income and other liabilities	159	—	159
Total liabilities	20,589	95	20,684

12 Transactions with related parties

There were no other changes to the related party transactions described in Note 34 of the Annual Report and Accounts 2023 that have had a

material effect on the financial position or performance of the group in the half-year to 30 June 2024.

All related party transactions that took place in the half-year to 30 June 2024 were similar in nature to those disclosed in the Annual Report and

Accounts 2023.

13 Events after the balance sheet date

In its assessment of events after the balance sheet date, the group has considered and concluded that no material events have occurred

resulting in adjustments to the financial statements.

14 Interim Report 2024 and statutory accounts

The information in the Form 6-K is unaudited and does not constitute statutory accounts within the meaning of section 434 of the Companies

Act 2006. This Form 6-K was approved by the Board of Directors on 30 July 2024. The statutory accounts of HSBC Bank plc for the year ended

31 December 2023 have been delivered to the Registrar of Companies in England and Wales in accordance with section 447 of the Companies

Act 2006.

HSBC Bank plc Interim Report 2024 on Form 6-K 58

HSBC Bank plc

Incorporated in England with limited liability. Registered in England: number 00014259

REGISTERED OFFICE

8 Canada Square, London E14 5HQ, United Kingdom

Web: www.hsbc.co.uk

No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical,

photocopying, recording, or otherwise, without the prior written permission of HSBC Bank plc.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

the undersigned, thereunto duly authorized.

	HSBC Bank plc

Date: September 27, 2024
	By:	/s/ Kavita Mahtani
	Name:	Kavita Mahtani
	Title:	Chief Financial Officer

~~HSBC~~[Signature ~~Bank~~page ~~plc~~to ~~By:~~Form ~~/s/ Kavita Mahtani Name: Kavita Mahtani Title: Chief Financial Officer~~6-K]

Dated: July 31, 2024

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