Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 592

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 592
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| –  total comprehensive income for the year                                                           |     2,482 |     2,723 |

1 This includes the Group’s shareholding held under trading books 0.06% (2023: 0.09% ).

20 Structured entities HSBC is mainly involved with both consolidated and unconsolidated structured entities through the securitisation of financial assets, conduits and investment funds, established either by HSBC or a third party. Consolidated structured entities

| Total assets of HSBC’s consolidated structured entities, split by entity type |          |                 |                    |       |       |
|                                                                               | Conduits | Securitisations | HSBC managed funds | Other | Total |
|                                                                               |      $bn |             $bn |                $bn |   $bn |   $bn |
| At 31 Dec 2024                                                                |      2.4 |             7.0 |                7.2 |   1.8 |  18.4 |
| At 31 Dec 2023                                                                |      3.6 |             7.8 |                5.5 |   8.2 |  25.1 |

Conduits HSBC has established and manages two types of conduits: securities investment conduits (‘SICs’) and multi-seller conduits. Securities investment conduits The SICs purchase highly rated ABSs to facilitate tailored investment opportunities. – At 31 December 2024 , Solitaire, HSBC’s principal SIC, held $ 0.7 bn of ABSs ( 2023 : $ 1.0b n). It is currently funded entirely by commercial paper (‘CP’) issued to HSBC. At 31 December 2024 , HSBC held $ 1.0 bn of CP ( 2023 : $ 1.3b n). Multi-seller conduit HSBC’s multi-seller conduit was established to provide access to flexible market-based sources of finance for its clients. Currently, HSBC bears risk equal to the transaction-specific facility offered to the multi-seller conduit, amounting to $ 5.2bn at 31 December 2024 ( 2023 : $ 6.1b n). First loss protection is provided by the originator of the assets, and not by HSBC, through transaction-specific credit enhancements. A layer of loss protection is provided by HSBC in the form of a programme-wide enhancement facility