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Exhibit 33.1
 REPORT ON COMPLIANCE WITH APPLICABLE SERVICING CRITERIA
PURSUANT TO ITEM 1122 OF REGULATION AB UNDER THE
SECURITIES EXCHANGE ACT OF 1934
 Re: Turquoise Card Backed Securities plc Series 2006-2
 1.
    
    HSBC Bank plc is responsible for assessing compliance with the servicing criteria
applicable to it, either directly or through its wholly-owned subsidiary Metropolitan
Collection Services Limited (together, the Company), under paragraph (d) of Item 1122 of
Regulation AB, as of and for the 40 day period ending December 31, 2006 (the Reporting
Period), as set forth in Appendix A hereto. The transaction covered by this report is an
asset-backed securities transaction issued by Turquoise Card Backed Securities plc on November
22, 2006 for which the Company acted as master servicer involving credit card receivables (the
Platform);
 2.
    
    The Company has engaged a vendor (the Vendor) to perform specific, limited or scripted
activities, and the Company elects to take responsibility for assessing compliance with the
portion of the servicing criteria applicable to such Vendors activities as set forth in
Appendix A hereto;
 3.
    
    Except as set forth in paragraph 4 below, the Company used the criteria set forth in
paragraph (d) of Item 1122 of Regulation AB to assess the compliance with the applicable
servicing criteria;
 4.
    
    The criteria marked Not applicable on Appendix A hereto are inapplicable to the Company
based on the activities it performs, directly, through its Subsidiary or through its Vendor,
with respect to the Platform;
 5.
    
    The Company has complied, in all material respects, with the applicable servicing criteria as
of December 31, 2006 and for the Reporting Period with respect to the Platform taken as a
whole;
 6.
    
    The Company has not identified and is not aware of any material instance of noncompliance by
the Vendor with the applicable servicing criteria as of December 31, 2006 and for the
Reporting Period with respect to the Platform taken as a whole;
 7.
    
    The Company has not identified any material deficiency in its policies and procedures to
monitor the compliance by the Vendor with the applicable servicing criteria as of December 31,
2006 and for the Reporting Period with respect to the Platform taken as a whole; and
 8.
    
    KPMG Audit plc, a registered public accounting firm, has issued an attestation report on the
Companys assessment of compliance with the Applicable Servicing Criteria for the Reporting
Period.
 th
 By:
    
    
    
    /s/ Roger K McGregorName:
    
    Roger K.McGregorTitle:
    
    Chief Financial Officer, HSBC Bank plc
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Appendix A
 Servicing Criteria
    
    Servicing CriteriaPerformed bythe Vendor for
    
    Performedwhich the
    
    directly orCompany is the
    
    indirectly byReference
    
    Criteria
    
    Responsible Party
    
    the CompanyGeneral Servicing Considerations1122(d)(1)(i)
    
    Policies and procedures are
instituted to monitor any performance
or other triggers and events of
default in accordance with the
transaction agreements.
    
    Not applicable
    
    ü1122(d)(1)(ii)
    
    If any material servicing
activities are outsourced to third
parties, policies and procedures are
instituted to monitor the third
partys performance and compliance
with such servicing activities.
    
    Not applicable
    
    ü1122(d)(1)(iii)
    
    Any requirements in the
transaction agreements to maintain a
back-up servicer for the pool assets
are maintained.
    
    Not applicable
    
    ü1122(d)(1)(iv)
    
    A fidelity bond and errors and
omissions policy is in effect on the
party participating in the servicing
function throughout the reporting
period in the amount of coverage
required by and otherwise in
accordance with the terms of the
transaction agreements.
    
    Not applicable
    
    Not applicableCash Collection and Administration1122(d)(2)(i)
    
    Payments on pool assets are
deposited into the appropriate
custodial bank accounts and related
bank clearing accounts no more than
two business days of receipt, or such
other number of days specified in the
transaction agreements.
    
    ü
    
    ü1122(d)(2)(ii)
    
    Disbursements made via wire
transfer on behalf of an obligor or
to an investor are made only by
authorized personnel.
    
    Not applicable
    
    ü1122(d)(2)(iii)
    
    Advances of funds or guarantees
regarding collections, cash flows or
distributions, and any interest or
other fees charged for such advances,
are made, reviewed and approved as
specified in the transaction
agreements.
    
    Not applicable
    
    Not applicable1122(d)(2)(iv)
    
    The related accounts for the
transaction, such as cash reserve
accounts or accounts established as a
form of overcollateralization, are
separately maintained (e.g., with
respect to commingling of cash) as
set forth in the transaction
agreements.
    
    Not applicable
    
    ü1122(d)(2)(v)
    
    Each custodial account is
maintained at a federally insured
depository institution as set forth
in the transaction agreements. For
purposes of this criterion,
federally insured depository
institution with respect to a
foreign financial institution means a
foreign financial institution that
meets the requirements of Rule
13k-1(b)(1) under the Securities
Exchange Act of 1934, as amended.
    
    Not applicable
    
    ü1122(d)(2)(vi)
    
    Unissued checks are safeguarded
so as to prevent unauthorized access.
    
    Not applicable
    
    ü1122(d)(2)(vii)
    
    Reconciliations are prepared on a
monthly basis for all asset-backed
securities related bank accounts,
including custodial accounts and
related bank clearing accounts. These
reconciliations (A) are
mathematically accurate; (B) are
prepared within 30 calendar days
after the bank statement cutoff date,
or such other number of days
specified in the transaction
agreements; (C) are reviewed and
approved by someone other than the
person who prepared the
reconciliation; and (D) contain
explanations for reconciling items.
These reconciling items are resolved
within 90 calendar days of their
original identification, or such
other number of days specified in the
transaction agreements.
    
    Not applicable
    
    ü
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Servicing Criteria
    
    Servicing CriteriaPerformed bythe Vendor for
    
    Performedwhich the
    
    directly orCompany is the
    
    indirectly byReference
    
    Criteria
    
    Responsible Party
    
    the CompanyInvestor Remittances and Reporting1122(d)(3)(i)
    
    Reports to investors, including
those to be filed with the
Commission, are maintained in
accordance with the transaction
agreements and applicable Commission
requirements. Specifically, such
reports (A) are prepared in
accordance with timeframes and other
terms set forth in the transaction
agreements; (B) provide information
calculated in accordance with the
terms specified in the transaction
agreements; (C) are filed with the
Commission as required by its rules
and regulations; and (D) agree with
investors or the trustees records
as to the total unpaid principal
balance and number of pool assets
serviced by the servicer.
    
    Not applicable
    
    ü1122(d)(3)(ii)
    
    Amounts due to investors are
allocated and remitted in accordance
with timeframes, distribution
priority and other terms set forth in
the transaction agreements.
    
    Not applicable
    
    ü1122(d)(3)(iii)
    
    Disbursements made to an investor
are posted within two business days
to the servicers investor records,
or such other number of days
specified in the transaction
agreements.
    
    Not applicable
    
    ü1122(d)(3)(iv)
    
    Amounts remitted to investors per
the investor reports agree with
cancelled checks, or other form of
payment, or custodial bank
statements.
    
    Not applicable
    
    üPool Asset Administration1122(d)(4)(i)
    
    Collateral or security on pool
assets is maintained as required by
the transaction agreements or related
pool asset documents.
    
    Not applicable
    
    ü1122(d)(4)(ii)
    
    Pool assets and related documents
are safeguarded as required by the
transaction agreements.
    
    Not applicable
    
    ü1122(d)(4)(iii)
    
    Any additions, removals or
substitutions to the asset pool are
made, reviewed and approved in
accordance with any conditions or
requirements in the transaction
agreements.
    
    Not applicable
    
    ü1122(d)(4)(iv)
    
    Payments on pool assets,
including any payoffs, made in
accordance with the related pool
asset documents are posted to the
servicers obligor records maintained
no more than two business days after
receipt, or such other number of days
specified in the transaction
agreements, and allocated to
principal, interest or other items
(e.g., escrow) in accordance with the
related pool asset documents.
    
    ü
    
    ü1122(d)(4)(v)
    
    The servicers records regarding
the pool assets agree with the
servicers records with respect to an
obligors unpaid principal balance.
    
    Not applicable
    
    ü1122(d)(4)(vi)
    
    Changes with respect to the terms
or status of an obligors pool asset
(e.g., loan modifications or
re-agings) are made, reviewed and
approved by authorized personnel in
accordance with the transaction
agreements and related pool asset
documents.
    
    Not applicable
    
    ü1122(d)(4)(vii)
    
    Loss mitigation or recovery
actions (e.g., forbearance plans,
modifications and deeds in lieu of
foreclosure, foreclosures and
repossessions, as applicable) are
initiated, conducted and concluded in
accordance with the timeframes or
other requirements established by the
transaction agreements.
    
    Not applicable
    
    ü
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Servicing Criteria
    
    Servicing CriteriaPerformed bythe Vendor for
    
    Performedwhich the
    
    directly orCompany is the
    
    indirectly byReference
    
    Criteria
    
    Responsible Party
    
    the Company1122(d)(4)(viii)
    
    Records documenting collection
efforts are maintained during the
period a pool asset is delinquent in
accordance with the transaction
agreements. Such records are
maintained on at least a monthly
basis, or such other period specified
in the transaction agreements, and
describe the entitys activities in
monitoring delinquent home equity
loans including, for example, phone
calls, letters and payment
rescheduling plans in cases where
delinquency is deemed temporary
(e.g., illness or unemployment).
    
    Not applicable
    
    ü1122(d)(4)(ix)
    
    Adjustments to interest rates or
rates of return for pool assets with
variable rates are computed based on
the related pool asset documents.
    
    Not applicable
    
    ü1122(d)(4)(x)
    
    Regarding any funds held in trust
for an obligor (such as escrow
accounts): (A) such funds are
analyzed, in accordance with the
obligors pool asset documents, on at
least an annual basis, or such other
period specified in the transaction
agreements; (B) interest on such
funds is paid, or credited, to
obligors in accordance with
applicable pool asset documents and
state laws; and (C) such funds are
returned to the obligor within 30
calendar days of full repayment of
the related pool asset, or such other
number of days specified in the
transaction agreements.
    
    Not applicable
    
    Not applicable1122(d)(4)(xi)
    
    Payments made on behalf of an
obligor (such as tax or insurance
payments) are made on or before the
related penalty or expiration dates,
as indicated on the appropriate bills
or notices for such payments,
provided that such support has been
received by the servicer at least 30
calendar days prior to these dates,
or such other number of days
specified in the transaction
agreements.
    
    Not applicable
    
    Not applicable1122(d)(4)(xii)
    
    Any late payment penalties in
connection with any payment to be
made on behalf of an obligor are paid
from the servicers funds and not
charged to the obligor, unless the
late payment was due to the obligors
error or omission.
    
    Not applicable
    
    Not applicable1122(d)(4)(xiii)
    
    Disbursements made on behalf of
an obligor are posted within two
business days to the obligors
records maintained by the servicer,
or such other number of days
specified in the transaction
agreements.
    
    Not applicable
    
    Not applicable1122(d)(4)(xiv)
    
    Delinquencies, charge-offs and
uncollectible accounts are recognized
and recorded in accordance with the
transaction agreements.
    
    Not applicable
    
    ü1122(d)(4)(xv)
    
    Any external enhancement or other
support, identified in Item
1114(a)(1) through (3) or Item 1115
of Regulation AB, is maintained as
set forth in the transaction
agreements.
    
    Not applicable
    
    ü
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