The ratings on U.K.-incorporated HSBC Bank PLC reflect its stand-alone credit profile, which benefits from its excellent liquidity, solid capitalization, and robust earnings. The bank's strong franchise is based upon its position as a U.K. clearing bank, albeit the smallest of the "big four", while its ownership of the HSBC Group's continental European businesses including CCF (AA-/Stable/A-1+) and HSBC Private Banking Holdings (Suisse) S.A. (AA-/Stable/A-1+) benefit geographic and product diversity. A key strength of the bank is its comfortable liquidity profile, evidenced by its 91% loan-to-deposit ratio at year-end 2004. Asset quality is good, supported by a favorable economic environment and the bank's modest historic asset growth. A more aggressive approach to personal and commercial lending was adopted throughout 2004,
