UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER DISTRIBUTION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from:
May 15, 2007 to June 15, 2007

Commission File Number of issuing entity: 333 -136826

TURQUOISE CARD BACKED SECURITIES PLC

(Exact name of issuing entity as specified in its charter)

Commission File Number of issuing entity: 333 — 136826 — 02

TURQUOISE FUNDING 1 LIMITED

(Exact name of depositor as specified in its charter)

HSBC BANK PLC

(Exact name of sponsor as specified in its charter)

England & Wales

(State or other jurisdiction of incorporation or organisation of the issuing entity)

N/A
(I.R.S. Employer Identification No.)

C/O Wilmington Trust SP Services (London) Ltd
Tower 42 (Level 11),
International Finance Centre,
25 Old Broad Street
London

(Address of principal executive offices of the issuing entity)

EC2N 1HQ
(Post code (UK equivalent of zip code))

44 20 7991 8888
(Telephone number, including area code)

N/A
(Former name, former address, if changed since last report)

Registered/reporting pursuant to (check one)

Title of class

Section 12(b)

Section 12(g)

Section 15(d)

Name of Exchange

(If Section 12(b)

Series 2006 — 02, Classes A, B and C

Indicate by check mark whether the registrant:

	(1)		has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and

	(2)		has been subject to such filing requirements for the past 90 days.

YES þ NO o

TABLE OF CONTENTS


PART I DISTRIBUTION INFORMATION
	Item 1 Distribution and Pool Performance Information
PART II OTHER INFORMATION
	Item 2 Legal Proceedings
	Item 3 Sales of Securities and Use of Proceeds
	Item 4 Defaults upon Senior Securities
	Item 5 Submission of Matters to a Vote of Security Holders
	Item 6 Significant Obligors (SO) of Pool Assets
	Item 7 Significant Enhancement Provider (SEP) Information
	Item 8 Other Information
	Item 9 Exhibits
SIGNATURES
	Section 1
	Section 2
	Section 3
	Section 4
	Section 5
	Section 6

PART I — DISTRIBUTION INFORMATION

Item 1 — Distribution and Pool Performance Information.

Response to Item 1 is set forth in Exhibit 99.1

PART II — OTHER INFORMATION

Item 2 — Legal Proceedings

None

Item 3 — Sales of Securities and Use of Proceeds

None

Item 4 — Defaults upon Senior Securities

None

Item 5 — Submission of Matters to a Vote of Security Holders

None

Item 6 — Significant Obligors (SO) of Pool Assets

None

Item 7 — Significant Enhancement Provider (SEP) Information

None

Item 8 — Other Information

None

Item 9 — Exhibits:


Exhibit No.		Description

99.1		TURQUOISE CARD BACKED SECURITIES plc — SERVICER REPORT, RECEIVABLES TRUST, Series 2006 — 02

SIGNATURES

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 authorised.

BY: HSBC Bank plc
(As Servicer)


		Signature:		/s/ Andrew J Huke

		Name:		Andrew J Huke

		Title:		Senior Manager, ALM, HSBC Bank plc

		Dated:		13^th June 2007

TURQUOISE CARD BACKED SECURITIES plc — SERVICER REPORT

RECEIVABLES TRUST
SERIES 2006 — 2
HSBC Bank plc AS SERVICER

Capitalised terms used in this Report have their respective meanings set forth in the Master Definitions Schedule set out as schedule 6 to a receivables trust deed and servicing agreement dated on or about 23 May 2006 (the “RTDSA”) and any supplement thereto for a Series provided, however, that the “preceding Monthly Period” shall mean the Monthly Period immediately preceding the calendar month in which this certificate is delivered. This Report is delivered pursuant to Clause 9.5(b) of the Receivables Trust Deed and Servicing Agreement.

HSBC is Servicer under the Receivables Trust Deed and Servicing Agreement

The date of this Report is a date on or before a Transfer Date under the Receivables Trust Deed and Servicing Agreement.


Monthly Period:	Starting	30/04/2007	Ending	31/05/2007
Interest Period Date:	Starting	15/05/2007	Ending	15/06/2007
Interest Determination Date:		11/05/2007


*		The Transfer Date, Distribution Date and Payment Date are the same as the Interest Period Ending Date.

Index


Section		Contents

1		Receivables Pool Summary Information
2		Series General Information
3		Undivided Interest
4		Segregated Trust
5		Series Account Information
6		Pay Out Events/Triggers

Note: All amounts are in (pound) sterling unless otherwise stated.

Turquoise Card Backed Securities plc — Servicer Report

Section 1

Receivables Pool Summary Information
SERIES 2006 - 2, For IPD Ending: 15 June 2007

Receivable Pool:


					Percentage
					Change
At Beginning Of Monthly Period			2,681,852,377
Principal Collections	(726,594,263	)				27.1	%
New Advances	713,874,851					26.6	%
Charge Offs	(12,160,472	)				0.5	%
Total Movement			(24,879,884	)		-0.9	%

At End Of Monthly Period			2,656,972,493

Delinquency Analysis:


					Percentage
	Aggregate				of Total
	Account		No.		Receivables
	Principal Balance		of		in Trust
	£'000’s		Accounts		(by balance)

Delinquent:
( a ) 30-59 days		21,869,099		8,738		0.82	%
( b ) 60-89 days		15,425,615		5,884		0.58	%
( c ) 90-119 days		12,339,456		4,650		0.46	%
( d ) 120-149 days		10,095,276		3,740		0.38	%
( e ) 150- or more days		13,751,192		5,187		0.52	%

Subtotal		73,480,638		28,199		2.77	%

Non-Delinquent:		2,583,491,855		2,693,916		97.23	%

Total Pool		2,656,972,493		2,722,115		100.00	%

Pool Collections in the Period:


			Yield (Actual)			Yield (Simple)
Finance Charge	35,871,020			15.7	%		16.1	%
Interchange	4,309,171			1.9	%		1.9	%
Other Fees	—

Total		40,180,190		17.6	%		18.0	%
Charge Offs	-12,160,472			-5.3	%		-5.4	%
Recoveries	3,169,966			1.4	%		1.4	%

Total		-8,990,506		-3.9	%		-4.0	%
Investor Indemnity Amount		—		0.0	%		0.0	%
Bank Account Interest
Trustee Collections Account	202,312			0.1	%		0.1	%
Trustee Investment Account	—			0.0	%		0.0	%
Other	—			0.0	%		0.0	%

		202,312		0.1	%		0.1	%

Total		31,391,996		13.8	%		14.0	%

Turquoise Card Backed Securities plc — Servicer Report

Section 2

Series General Information
SERIES 2006 - 2, For IPD Ending: 15 June 2007

Series Details


Series Name		SERIES 2006 - 2
Series Period Status/Type		Revolving


Series Schedule Maturity Date			15/10/2009
Scheduled Accumulation Date			01/10/2008
Accumulation Periods			12


Libor Rates:	GBP	5.65	%
	USD	5.32	%


	Original Nominal		Current Nominal
Class Details	GBP equiv.		GBP equiv.		Margin bps
Class A		349,391,212		349,391,212		3
Class B		21,836,951		21,836,951		15
Class C		25,807,306		25,807,306		35

Total		397,035,469		397,035,469

Investor Percentages This Period:


	Floating				Fixed
	Pre-addition date	Post-addition date			Pre-addition date	Post-addition date
Class A			88.0	%			88.0	%
Class B			5.5	%			5.5	%
Class C			6.5	%			6.5	%

Series			14.8	%			14.8	%

Other Series Totals			20.0	%			20.0	%
Total Investor			34.8	%			34.8	%
Total Transferor			65.2	%			65.2	%

			100	%			100	%



Available Spread Account Amount			0
Required Spread Amount			0
Available Reserve Account Amount			0

Spread Account Trigger:


	Required Spread
If Excess Spread Rate:	Account %
above 4.5%		0.0	%
above 4.0% but equal to or below 4.5%		1.5	%
above 3.0% but equal to or below 4.0%		3.5	%
above 2.0% but equal to or below 3.0%		4.0	%
equal to or below 2.0%		4.5	%

Accumulation Period Information


Controlled Accumulation Period (CAP)/Controlled Deposit Amount	Months		Amount
		12
Original CAP/Controlled Deposit Amount				0
Adjustment to CAP/Controlled Deposit Amount				0
Revised CAP/Controlled Deposit Amount				0

Turquoise Card Backed Securities plc — Servicer Report

Section 3

Undivided Interest
SERIES 2006 - 2, For IPD Ending: 15 June 2007

Principal


		Pool			Series
Principal Collections			(726,594,263	)
RRPC:	Collected					12,908,258
	Unutilised					12,908,258
	Utilised					0
Principal Collected						107,568,819
Shared Principal Collected						0

Available For Reinvestment						107,568,819

Total Reinvested						107,568,819

Finance Charge Collections


	Pool		Allocated Series
Finance Charge Collected		35,871,020		5,310,534
Interchange		4,309,171		637,952
Other Fee		0		0
Recoveries		3,169,966		469,298
Bank Account Interest:
Trustee Collections Account		202,312		48,702
Trustee Investment Account		0		0
Other		0		0
Total Available Funds				6,466,486
Investor Indemnity Amount				0

Turquoise Card Backed Securities plc — Servicer Report

Section 4

Segregated Trust
SERIES 2006 - 2, For IPD Ending: 15 June 2007

Finance Charge Collections


	Amount		Rate* (Actual)			Rate (Simple)
Finance Charge		5,310,534		15.7	%		16.1	%
Interchange		637,952		1.9	%		1.9	%
Other Fee		0		0.0	%		0.0	%
Recoveries		469,298		1.4	%		1.4	%
Bank Account Interest:
Trustee Collections Account		48,702		0.1	%		0.1	%
Trustee Investment Account		0		0.0	%		0.0	%
Other		0		0.0	%		0.0	%
Income on Principal Funding Account
Excess Interest From Other Series		0		0.0	%		0.0	%
Utilised Required Retained Principal Collected Class A		0		0.0	%		0.0	%
Utilised Required Retained Principal Collected Class B		0		0.0	%		0.0	%
Transfer From Spread Account		0		0.0	%		0.0	%
Transfer From Reserve Account		0		0.0	%		0.0	%

Total Available Funds		6,466,486		19.2	%		19.5	%

Total (Excluding Recoveries)		5,997,187		17.8	%		18.1	%


*	Simple yield is annualised over 12 months, Actual yield is annualised on an actual days basis.

Distribution Information


		Total Amount of Distribution to be transferred to Finance Funding Account (in revolving and controlled accumulation Period) or to Loan Note Issuer Distribution Account (in Regulated or Rapid Amortisation Period).	Amounts Brought Forward		Paid		Unpaid

(a	)	Trustee Payment Amount		0		—		0
(b	)(i)	Loan Note Issuer Cost Amount		0		—		0
(b	)(ii)	Issuer Costs Amount		0		12,750		0
(c	)(i)	Class A Monthly Finance Amount		0		1,698,152		0
(c	)(ii)	Class A Additional Finance Amount		0		—		0
(d	)	Expenses Loan Interest and Scheduled Amount		0		—		0
(e	)(i)	Class B Monthly Finance Amount		0		108,638		0
(e	)(ii)	Class B Additional Finance Amount		0		—		0
(f	)	Investor Servicing Fee Amount		0		264,690		0
(g	)	Class A Investor Default Amount		0		1,584,264		0
(h	)	Class A Investor Charge-off		0		—		0
(i	)	Class B Investor Default Amount		0		99,015		0
(j	)	Class B Investor Charge Off		0		—		0
(k	)(i)	Class C Monthly Finance Amount		0		133,651		0
(k	)(ii)	Class C Additional Finance Amount		0		—		0
(l	)	Class C Investor Default Amount		0		117,021		0
(m	)	Class C Investor Investor Charge Off		0		—		0
(n	)	Required Reserve Account Amount		0		—		0
(o	)	Spread Account Deposit		0		—		0
(p	)	Investor Indemnity Payment Amount		0		—		0
(q	)(i)	Loan Note Issuer Return		0		425		0
(q	)(i)	Issuer Profit Amount		0		2,248		0
(r	)	Expenses Loan Prepayment Amount		0		—		0
(s	)	Excess Finance Charges		0		2,445,632		0
		The total amount of distribution in respect of Trustee Payment Amount for the related Monthly Period including any amount remaining unpaid in respect of prior Monthly periods.

Rate Summary


	Amount		Rate* (Actual)			Rate (Simple)
Total Available Funds (before Recoveries)		5,997,187		17.8	%		18.1	%
Recoveries		469,298		1.4	%		1.4	%

Total Available Funds		6,466,486		19.2	%		19.5	%

Charge Offs		1,800,300		5.3	%		5.4	%

Net Charge Offs		1,331,002		3.9	%		4.0	%

Portfolio Yield		4,666,186		13.8	%		14.1	%

Coupon Amount (c, e, k)		1,940,441		5.8	%		5.9	%
Servicer Fee (f)		264,690		0.8	%		0.8	%
Other Payment Amounts (a, b, d)		12,750		0.0	%		0.0	%

Expenses Rate		2,217,881		6.6	%		6.7	%

Excess Spread		2,448,305		7.2	%		7.4	%

Turquoise Card Backed Securities plc — Servicer Report

Section 5

Series Account Information
SERIES 2006 - 2, For IPD Ending: 15 June 2007

Account Movements


									Closing Balance
Account	Opening Balance			Transfers Out			Transfers In		31/05/2007

TCA — Divided		6,007,438			(6,007,438	)		6,466,486		6,466,486

TCA — Undivided		11,871,087			11,871,087			12,908,258		36,650,431

Consideration A/c		(0	)		(4,202,726	)		4,202,726		(0	)

Funding		0			(1,741,120	)		1,741,120		0

Reserve Account		0			0			0		0

Spread Account		0			0			0		0

Loan Note Issuer		1,986			(8,199,889	)		8,200,286		2,383

Issuer GBP		10,516			(3,995,060	)		3,997,163		12,619

Issuer USD		0			(3,248,832	)		3,248,832		0

Turquoise Card Backed Securities plc — Servicer Report

Section 6

Pay Out Events / Triggers
SERIES 2006 - 2, For IPD Ending: 15 June 2007

Portfolio Yield and Expense Rate (Bloomberg Summary)



Deal Size	$750.00MM
Expected Maturity (MM/DD/YY)		10/15/09

Gross Yield		17.78	%
Less:
Expense Rate		6.59	%
Net Charge Off Rate		3.95	%

Excess Spread Rate		7.25	%
— 1 Month Previous		6.38	%
— 2 months Previous		6.13	%
— 3 Month Average (simple basis)		6.65	%

Delinq 30 to 59 days		0.82	%
60 to 89 days		0.58	%
90+ days		1.36	%

Principal Payment Rate		27.09	%

Quarterly Excess Spread


Regulated Amortisation Trigger		<0	%

Regulated Amortisation	No


C	Portfolio Minimum Balance Parameters	Threshold			Passed?

			6	%	Yes
	Minimum Transferor Interest above amount agreed with Rating Agencies Portfolio Minimum Balance for a period of 30 consecutive days
			2	%	Yes
	Minimum Aggregate Principal Receivables Above Zero		0		Yes

The undersigned is an Authorised Officer

To the knowledge of the undersigned, there are no Encumbrances or any Receivables in the Receivables Trust except as described below:

None

We confirm that no Trust Pay Out Event, Investor Pay Out Event or Series Pay Out Event has occurred as at the date hereof.

IN WITNESS WHEREOF, the undersigned has duly executed this certificate this 13th day of June, 2007.


Authorised signatory HSBC Bank plc as Servicer
By:
/s/ Andrew J Huke
Name: Andrew J Huke
Title: Senior Manager, Asset and Liability Management

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Turquoise Card Backed Securities plc 10-D