Building the Replacement Infrastructure for the World's Money

VPCs: stable long term but more volatile in the short term. VPC (£ thousand) Reduced number of larger transfers eg property purchases, investments 4.9 4.9 4.7 4.7 J 4.6 4.5 4.4 4.4 4.4 4.3 4.2, 4.1 4.1 3.9 Q1 FY19 Q4 FY19 Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Notes: Average central bank rate calculated as simple average of ECB, BOE, and FED rates only; given the significant proportion of customer balances held in the respective corresponding currencies. Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 VPC rose from exceptional USD strength 、4.6 4.4 VPCs very slightly lower as we enter FY24 Q3 FY23 Q4 FY23 Q1 FY24 36

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