UK PUBLIC CAPITAL MONITOR
← Back to Analysis
Visual explainer

What does financial backing mean?

The same institution can appear with several different financial figures. First establish whose finances a number describes and what it measures.

How a capital subscription can be structured
Subscribed capitalThe total subscription
Paid-in portionCapital contributed
Callable portionAvailable if called under the rules

Where a subscription has both components, they form part of the total. Adding them to subscribed capital again would double-count. Diagram shows the relationship, not relative amounts.

Six measures, six different questions

Examples use existing institution records reviewed 16 September 2026. Each figure retains its own reporting date, currency and source.

UK financial position

Carrying value

The value recorded for the UK’s investment in government accounts on a particular date. It may use fair value or historical cost, and need not equal the amount originally paid.

See the BII example
£9.880bn31 March 2026 · Fair valueUK shareholding carrying value

FCDO balance-sheet fair value; not cumulative cash invested. Note 6, printed p.191.

Source ↗
View BII profile →
UK financial position

Paid-in capital

The paid-in portion of a capital subscription reported by the institution. Check whether the source records cash received or another accepted form of payment.

See the AIIB example
US$610.9m30 Jun 2026UK paid-in capital

Paid-in component reported in AIIB note C15; separate from callable capital.

Source ↗
View AIIB profile →
UK financial position

Callable capital

Capital the UK may have to provide if the institution makes a call under its governing rules. It is a contingent obligation, rather than cash already invested.

See the AIIB example
US$2.4438bn30 Jun 2026UK callable capital

Contingent capital obligation; not cash invested.

Source ↗
View AIIB profile →
UK financial position

Funding commitment

An amount the UK has pledged or agreed to provide for a specified period or purpose. Announcement, approval, subscription and payment are separate stages.

See the IDA example
£1.98bn2025–2028 replenishmentUK IDA21 pledge

Commitment for this replenishment, not all-time contributions or equity value.

Source ↗
View IDA profile →
Institution or administered assets

Financing capacity

The envelope within which an institution can provide finance, potentially using loans, equity and guarantees. This does not show how much government has paid in or how much has been deployed.

See the NWF example
£27.8bnWebsite checked 16 September 2026Headline financial capacity

Capacity for investment; not cash deployed or the government’s shareholding value. Separately mandated business should not be assumed to fit within this envelope.

Source ↗
View NWF profile →
Institution or administered assets

Administered loan book

Loans managed for their owners. For SLC, the reported face value is separate from both the company’s equity and the accounting value of government-owned student loans.

See the SLC example
£324.8bn31 March 2026Loan book administered

Face value across all UK domiciles, including loans owned by government and private investors. These loans are administered by SLC and are not SLC’s company equity; government-owned books sit in the relevant departments’ accounts.

Source ↗
View SLC profile →