Company: HBCYF
Filing Date: 2025-02-25
Form Type: 424B5
Source: 0001193125-25-034819
Chunk: 73

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-25
Form: 424B5
Chunk 73
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 FSB TLAC requirements. Following this consultation, the UK government passed secondary legislation revoking Article 92b of UK CRR. This provision came into force on
January 1, 2024. The Bank of England is no longer subject to the European Union’s decision to apply a fixed internal TLAC requirement of 90% of (hypothetical) external TLAC and will be free to use its discretion to set internal TLAC within
the range of 75-90%, consistent with the FSB standards. In September 2024, HM Treasury published an update on the revocation of UK CRR, announcing the UK government’s intention to revoke the TLAC
provisions of UK CRR. The Bank of England subsequently issued a consultation paper which proposed

S-46

restating certain UK CRR TLAC provisions (with certain modifications) into its MREL statement of policy. According to the consultation paper, these proposals are expected to come into effect from
January 1, 2026 (as described further on pages 135 through 136 of the 2024 Form 20-F). Separately, in
January 2025 the PRA announced a delay to the implementation of the Basel 3.1 package until January 1, 2027, which may have an impact on the implementation of the abovementioned consultation papers. Any further regulatory developments in this
area may in turn impact our ability to make interest payments on the Securities.

For more information on the requirements concerning
MREL/TLAC applicable to us, see pages 135 through 140 in the 2024 Form 20-F. Furthermore, the terms of the
Indenture permit us (and our subsidiaries) to incur additional debt and the Securities will be effectively subordinated to any indebtedness or other liabilities of our subsidiaries (see “—Risks Relating to the Securities—Our holding company structure may mean that our rights to participate in assets of any of our subsidiaries upon its liquidation may be subject to prior claims of some of its creditors, including when we have loaned or otherwise advanced the proceeds received from the issuance of the Securities to such subsidiary”).

In the event of our
winding-up prior to a Capital Adequacy Trigger Event, the Securities will be subordinated in right of payment to the claims of Senior Creditors (including those creditors holding any securities we may issue
that rank senior to the Securities, such as any securities issued to meet TLAC requirements and any of our capital instruments