Thanks for your reply. I didn't think about that so I checked - "As noted, the £322 million perpetual subordinated notes (Additional Tier 1 instruments) and the £33 million subordinated debt notes due 2032 (Tier 2 instruments), each issued by SVBUK, are reduced to zero; liabilities under those instruments (including accrued interest) are cancelled." So I assume HSBC doesn't have to pay or have responsibilities for any svb's previous liabilities.