RCB Bonds PLC CAF -- Provision of Additional Bank Capital (8487I)
August 09 2023 - 11:08AM
UK Regulatory
TIDMCAF1 TIDMCAF2
RNS Number : 8487I
RCB Bonds PLC
09 August 2023
CHARITIES AID FOUNDATION - PROVISION OF ADDITIONAL BANK
CAPITAL
To provide additional reassurance following some media coverage,
the Board of CAF has agreed to provide CAF Bank with GBP15m of
subordinated debt with a 6-year maturity.
CAF Bank's principal activity involves providing Charities with
Deposit Accounts. To ensure a high level of liquidity on these
deposits, CAF bank places monies with the Bank of England and
purchases a wide range of bonds issued by high quality
counterparties. These are disclosed in the Bank's recently
published financial statements. As at the Bank's year end on 30
April 2023, of this portfolio of bonds, the majority are held in
AAA rated bonds issued by multilateral agencies and the maturity
profile of these bonds is shown on page 43 of the Bank's Annual
Report. CAF Bank intends to hold these bonds to maturity as part of
its normal treasury management operations.
Rising interest rates have been supportive of the CAF Bank
business model as can be seen from the fact that CAF Bank made a
profit before tax of GBP10.4m in the last financial year, up from
GBP2.03m in the preceding year.
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