Conduits A financial vehicle that holds asset-backed securities which are financed with short-term deposits (generally commercial paper) that use the asset-backed securities as collateral. The conduit will often have a liquidity line provided by a bank that it can draw down on in the event that it is unable to issue funding to the market.
Contractual maturities Contractual maturity refers to the final payment date of a loan or other financial instrument, at which point all the remaining outstanding principal will be repaid and interest is due to be paid.
Net interest income The difference between interest received on assets and interest paid on liabilities.
Liquidity 18 Describe how the bank manages its potential liquidity needs. 154-155, 157
In compliance with Section 409 of the Companies Act 2006, the following comprises a list of all related undertakings of the Group, as at 31 December 2016. The list includes each undertaking’s registered office and the percentage of the class(es) of shares held by the immediate parent company. Where different, the ultimate percentage of the class of shares held by the Group is given in brackets. All shares held are ordinary shares unless indicated otherwise.
The Group holds a majority of the voting rights of the following undertakings.
Aceso Healthcare Group Holdings Ltd 27.5% Sherwood House, Cartwright Way, Forest Business Park, Brandon Hill, Coalville, LE67 1UB Addison Social Housing Holdings Ltd 20% 35 Great St Helen's, London, EC3A 6AP Adler & Allan Group Ltd 43.6% 80 Station Parade, Harrogate, HG1 1HQ A-Gas (Orb) Ltd 55.2% Baynard Road, Portbury, Bristol, BS20 7XH & Agora Shopping Centres Ltd (in receivership) 50% Hill House, 1 Little New Street, London, EC4A 3TR ii Airline Services And Components Group Ltd 46.2% Canberra House, Robeson Way, Sharston Green Business Park, Manchester, M22 4SX Angus International Safety Group Ltd 48.1% Station Road, High Bentham, Near Lancaster, LA2 7NA Antler Ltd 49.1% Northdown House, 11-21 Northdown Street, London, N1 9BN Applied Composites Group Ltd 49.5% Victoria Works, Thrumpton Lane, Retford, DN22 6HH Aqualisa Holdings (International) Ltd 72.5% Westerham Trade Centre, The Flyers Way, Westerham, TN16 1DE & Aspin Group Holdings Ltd 35.6% Nexus House Boundary Way, Hemel Hempstead Industrial Estate,
Scottish Widows Fund and Life Assurance Society n/a 54 * Scottish Widows Fund Management Ltd 100% 54 Scottish Widows Group Ltd 100% 3 i 100% iv
Waverley – Wilshire Rodeo LLC 100% 25 Waymark Asset Investments Ltd 100% 1 i
Lingfield 2014 I Holdings Ltd 44 Lingfield 2014 I plc 44 Lloyds Bank Covered Bonds (Holdings) Ltd 44 Lloyds Bank Covered Bonds (LM) Ltd 44 Molineux RMBS 2016-1 plc 44 Molineux RMBS Holdings Ltd 44 Penarth Asset Securitisation Holdings Ltd 44 Penarth Funding 1 Ltd 63 Penarth Funding 2 Ltd 63 Penarth Master Issuer plc 44 Penarth Receivables Trustee Ltd 63 Permanent Funding (No. 1) Ltd 44 Permanent Funding (No. 2) Ltd 44 Permanent Holdings Ltd 44 Permanent Master Issuer plc 44 Permanent Mortgages Trustee Ltd 44 Permanent PECOH Holdings Ltd 44 Permanent PECOH Ltd 44 Salisbury Securities 2015 Ltd 63 Salisbury II Securities 2016 Ltd 63 Sandown 2012-2 Holdings Ltd 44 Sandown 2012-2 plc 44 Sandown Gold 2011-1 Holdings Ltd 44 Sandown Gold 2011-1 plc 44 Sandown Gold 2012-1 Holdings Ltd 44 Sandown Gold 2012-1 plc 44
Collective investment vehicles The following comprises a list of the Group’s collective investment vehicles.
% of fund held by immediate parent (or by the Group where this varies) Notes
ABERDEEN INVESTMENTS ICVC II 8 Aberdeen Global Emerging Markets Quantitative 73.47% Equity Fund
Scottish Widows Pooled Property ACS Fund 99.88% (100%) Scottish Widows Pooled Property ACS Fund2 99.80% (100%)
BNY MELLON INVESTMENTs FUNDS ICVC 10 Insight Global Multi-Strategy Fund 44.12% Insight Global Absolute Return Fund 79.08% Newton Multi-Asset Growth Fund (formerly Newton Managed Fund) 29.86% Newton UK Opportunities Fund 38.66% Newton UK Equity Fund (formerly Newton Income Fund) 22.58%
HBOS ACTIVELY MANAGED PORTFOLIO FUNDS ICVC 1 Diversified Return Fund 94.86% Absolute Return Fund 94.08% Dynamic Return Fund 96.94%
HBOS SPECIALISED INVESTMENT FUNDS ICVC 1 Cautious Managed Fund 53.45% Ethical Fund 83.78% Fund of Investment Trusts 41.28% Smaller Companies Fund 66.75% Special Situations Fund 52.55%
Absolute Insight Fund 48.14% INVESCO PERPETUAL FAR EASTERN INVESTMENT SERIES 12
Invesco Perpetual Asian Equity Income Fund 25.95% JP MORGAN FUND II ICVC 13
SCOTTISH WIDOWS INVESTMENT SOLUTIONS FUNDS ICVC 2 Balanced Solution 48.46% Cautious Solution 40.82% Discovery Solution 48.05% Strategic Solution 56.95% Dynamic Solution 58.83% Defensive Solution 73.86% Adventurous Solution 77.50% European (ex UK) Equity Fund 95.90% Asia Pacific (ex Japan) Equity Fund 98.32% Japan Equities Fund 94.44% US Equities Fund 99.69% Fundamental Index UK Equity Fund 85.40% Fundamental Index Global Equity Fund 96.35% Fundamental Index Emerging Markets Equity Fund 95.52% Fundamental Low Volatility Index Global Equity 100.00% Fundamental Low Volatility Index Emerging Markets Equity 95.57% Fundamental Low Volatility Index UK Equity 91.08%
Cayman, Cayman Islands (83) Tower House, Charterhall Drive, Chester, CH88 3AN
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