Lanark Master Issuer reports £10,000 profit for 18-month period

LONDON - Lanark Master Issuer PLC, a special purpose vehicle established as part of Clydesdale Bank’s Residential Mortgage Backed Securities Programme, reported a profit of £10,000 for the 18-month period ended March 31, 2025.

The company, which issues limited recourse mortgage-backed loan notes for onward lending to Lanark Funding Limited, raised additional funds of £1.05 billion during the period by issuing new series of notes in January 2024 and March 2025. This was partially offset by a £229 million decrease in class Z Variable Funding Notes.

The company’s financial statements show total assets of £3.04 billion as of March 31, 2025, with intercompany loans representing the majority at £2.98 billion. Notes in issue stood at £2.98 billion at the period end.

During the period, Lanark Master Issuer recorded interest income of £265 million and interest expense of £263.3 million. The company’s operating expenses were £1.74 million for the 18-month period.

The company’s accounting reference date was changed from September 30 to March 31 during the period, resulting in the extended reporting timeframe.

Following the acquisition of Virgin Money (LON:VM) UK PLC by Nationwide Building Society (LON:NBS) on October 1, 2024, Nationwide is now the ultimate controlling entity of the company, replacing Virgin Money UK PLC.

The financial statements were prepared on a going concern basis, with directors noting that the company is well positioned to manage business risks successfully in line with the Programme documentation.

Based on a press release statement, the company’s directors do not recommend payment of a dividend for the period under review.

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