v3.25.4
Subordinated liabilities (Tables)
12 Months Ended
Dec. 31, 2025
Financial Instruments [Abstract]  
Disclosure of financial liabilities
2025
2024
$m
$m
Deposits by banks1
9,353
7,671
Customer accounts1
10,089
10,709
Other debt securities in issue (Note 26)
40
73
Other liabilities – net short positions in securities
52,640
47,529
At 31 Dec
72,122
65,982
1‘Deposits by banks’ and ‘Customer accounts’ include repos, stock lending and other amounts.
HSBC
2025
2024
$m
$m
Deposits by banks and customer accounts1
27,491
23,773
Liabilities to customers under investment contracts
5,288
5,931
Debt securities in issue (Note 26)
116,502
99,706
Subordinated liabilities (Note 29)
9,175
9,317
At 31 Dec
158,456
138,727
1Structured deposits placed at HSBC Bank USA are insured by the Federal Deposit Insurance Corporation, a US government agency, up to $250,000 per
depositor.
HSBC Holdings 
2025
2024
$m
$m
Debt securities in issue (Note 26)
44,687
33,268
Subordinated liabilities (Note  29)
8,220
8,314
At 31 Dec
52,907
41,582
HSBC’s subordinated liabilities
2025
2024
$m
$m
At amortised cost
28,406
25,958
–  subordinated liabilities
27,467
25,080
–  preferred securities
939
878
Designated at fair value (Note 25)
9,175
9,317
–  subordinated liabilities
9,175
9,317
At 31 Dec
37,581
35,275
Issued by HSBC subsidiaries
2,978
3,144
Issued by HSBC Holdings
34,603
32,131
HSBC’s subordinated liabilities: subsidiaries
2025
2024
$m
$m
Additional tier 1 capital securities issued by HSBC subsidiaries
819
732
Tier 2 securities issued by HSBC subsidiaries
–  Tier 2 securities issued by HSBC Bank plc
497
715
–  Tier 2 securities issued by HSBC Bank USA Inc
224
223
–  Tier 2 securities issued by HSBC Bank USA N.A.
1,438
1,431
Securities issued by other HSBC subsidiaries
—
43
Subordinated liabilities issued by HSBC subsidiaries at 31 Dec
2,978
3,144
HSBC Holdings’ subordinated liabilities
2025
2024
$m
$m
At amortised cost
26,114
23,548
Designated at fair value (Note 25)
8,220
8,314
At 31 Dec1
34,334
31,862
1This includes Tier 2 securities.