We are analysing the Sterling Certificates of Deposit market up to the 30th of June, 2026. More specifically we compare the 4th of June, 2026 ONS Certificate of Deposits for Bank of England release with ISIN by ISIN outstandings data available on CMDportal. There are however substantial differences in aggregate numbers potentially impacting the analysis outcome. See the 'Where is this Data Coming from?' below to understand the data and the filters used.
Quick Takes:
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Large Reporting Gap: CMDportal estimates Q1 2026 Sterling CD outstandings at GBP 35.9bn, versus GBP 12.5bn from ONS, implying underreporting of GBP 23.4bn, or 65.2% of CMDportal-estimated outstanding.
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ONS Recovery, but Opaque Coverage: ONS data show a GBP 1.2bn (+10.6%) QoQ and GBP 1.9bn (+17.7%) YoY rise, but the “user-requested” dataset has limited methodology, partial bank coverage and no issuer-residency breakdown.
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‘XS’ ISINs Drive the Gap: CMDportal data show 82.2% of Sterling CDs are issued with an XS prefix through the Euro CD market, while only 17.8% carry a GB prefix. XS outstandings explain 90.4% of the CMD–ONS gap.
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Data Agreement Needed: Accurate Sterling CD measurement requires ISIN-level reconciliation across ONS, BoE and market datasets to resolve coverage gaps, CP/CD classification ambiguity and offshore issuance treatment.
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