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      "text": "Barclays UK: Outright sale in public RMBS transactions; Mortgages derecognised from balance sheet, with cash flows passed onto the investors; Barclays remains the lender of record and receives servicing fees",
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      "text": "Barclays UK: CLNs sold to investors; The CLNs reference junior risk of underlying pool of social housing loans; Loans remain on balance sheet and investors receive a coupon on the CLNs",
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      "text": "US Consumer Bank: Outright sale of c.$1bn of US credit card receivables to Blackstone; Receivables derecognised from the balance sheet, with cash flows passed onto Blackstone; Barclays remains the lender of record and receives servicing fees",
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      "text": "UK Corporate Bank and Investment Bank: Credit linked notes (CLNs) sold to investors; The CLNs reference junior risk of underlying pool of corporate loans and RCFs; Loans remain on balance sheet and investors receive a coupon on the CLNs",
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      "text": "Risk transfer volume: £57bn",
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      "text": "Purpose\n- The banking book has inherent credit risk, driving risk weight density and impairment\n- Risk transfer transactions are a tool used to manage this risk in a returns accretive manner\n- We transfer credit risk to investors through a variety of structures. This benefits Barclays by:\n  - Providing credit protection\n  - Reducing required provisions\n  - Reducing capital requirements\n- The Group is typically required to retain at least 5% of the risk in the securitised assets\n- This is RoTE accretive for the Group. The benefits of releasing capital is greater than the returns we forego",
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      "text": "¹ Total notional referenced. Includes the first loss position transferred. c.£57bn across major risk transfer portfolios",
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