We are analysing the Sterling Certificates of Deposit market up to the 30th of June, 2026. More specifically we compare the 30th of September, 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:
-
Large Reporting Gap: CMDportal estimates Q2 2026 Sterling CD outstandings at GBP 36.7bn, compared with GBP 13.2bn from the ONS, revealing an underreporting gap of GBP 23.5bn, or 64.0% of CMDportal-estimated outstanding.
-
ONS Recovery, but Opaque Coverage: ONS data show a GBP 0.9bn (+7.1%) QoQ and GBP 1.6bn (+13.4%) YoY rise to GBP 13.2bn, but the "user-requested" dataset suffers from partial bank coverage, ambiguous CP/CD classification, and no issuer-residency breakdown.
-
'XS' ISINs Drive the Gap: CMDportal data show 77.9% (GBP 28.6bn) of Sterling CDs carry an 'XS' prefix issued through the Euro CD market, while only 22.1% (GBP 8.1bn) carry a domestic 'GB' prefix. 'XS' outstandings explain 90.1% of the CMD–ONS gap.
-
Data Agreement Needed: Measuring the true size of the Sterling CD market requires ISIN-level reconciliation across ONS, BoE, and market datasets to resolve offshore Euro CD coverage gaps and instrument classification ambiguities.
To view the full research, click here for a free trial.