[2025] UKUT 00185 (TCC)

In the first quarter of 2016, the Bank raised £400m of capital. Its trading update for that quarter showed that deposits had increased by 75% over the previous year and lending by 125%.

On 26 October 2016, the Bank announced its first quarterly underlying profit before tax of £0.6m. On 22 February 2017, it issued its 2016 full year results, reporting that deposits had increased by 56%; lending by 66%, and that it had raised further capital of £400m.

In June 2017, the Bank completed a further capital raise, this time for £278m. Its 2017 Annual Report included the statement that “as our balance sheet growth continues, we will need to raise additional qualifying regulatory capital”.

At some point before March 2018, the Bank purchased a book of mortgages which were internally called “London” and in that month purchased another book, internally called “Canberra” for £530m.