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Investor relations

Wholesale funding strategy

The Society uses wholesale funding to provide diversification of funding, supporting growth and lowering risk as well as providing value to members through lowering the overall cost of funding. Our wholesale funding is raised through money markets deposits and a range of instruments, which are diversified across short and long-term maturities. We’ve raised wholesale funds by issuing notes under our Covered Bonds programme and by issuing Residential Mortgage Backed Securities through our Master Issuer Programme. Treasury can only accept funds from institutional investors. The minimum amount that can be placed with us is £1 million.


In line with the legal status of the Society, at least 50% of our funding requirements are raised in the form of member deposits which are supplemented by a number of wholesale funding options.

Credit ratings

The Society’s current credit ratings from Moody’s and Fitch are as follows:
Ratings Short Term  Long Term Unsecured SNP AT1 BCA/IDR Outlook
Moody’s P-1 A2 Baa1 Baa3 A3 Stable
Fitch F1 A A- BB+ A- Stable

ESG ratings

Ratings Score Date
MSCI A November 2023
Moody's ESG 55/100 February 2024
ISS ESG C, Prime  February 2024
Sustainalytics 17.3, Low Risk February 2023
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Contact the Treasury department

If you’d like more information on how to invest with us, or if you’re a current investor, contact one of the team using the contact details below, or email the Treasury department at


Head of Capital Markets:

Head of Markets:

Senior Manager - Investor Relations:


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