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LONDON - Lanark Funding Limited, a special purpose vehicle in Clydesdale Bank’s residential mortgage-backed securities programme, reported a profit of £10,000 for the 18-month period ended March 31, 2025, according to a financial report released Wednesday.
The company, which holds an interest in a pool of residential mortgages, saw its total assets decrease slightly to £3.03 billion from £3.10 billion in the previous period. The company’s principal asset is a deemed loan, which stood at £2.89 billion at the end of March, down from £2.94 billion as of September 30, 2023.
During the reporting period, Lanark Funding raised additional funds of £1.05 billion through the issuance of residential mortgage-backed loan notes, including the 2024-1 1A series in January 2024 and the 2025-1 1A series in March 2025. This was partially offset by a £229 million decrease in class Z Variable Funding Notes.
The company also reported scheduled repayments of £835 million, which included the full redemption of Note 2020-1 2A in November 2023 along with the associated intercompany loans.
Interest income for the 18-month period totaled £269.8 million, while interest expense was £269.6 million. The company’s operating expenses were £181,000.
The report noted that Nationwide Building Society (LON:NBS) became the ultimate controlling entity of Lanark Funding following its acquisition of Virgin Money (LON:VM) UK PLC on October 1, 2024.
Based on a press release statement, the company’s directors believe Lanark Funding is well positioned to manage its business risks in line with the programme documentation and have prepared the financial statements on a going concern basis.
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