Britain’s largest banks have completed what the industry describes as the first transactions between rival lenders using tokenised deposits, marking a significant step in efforts to bring blockchain technology into the conventional banking system.

Lloyds, NatWest and Barclays carried out two remortgage transactions using tokenised deposits, while a separate group of three banks, including HSBC, completed a customer-to-customer payment designed to replicate a purchase through an online marketplace, industry body UK Finance said on Thursday.

Tokenised deposits are ordinary bank deposits recorded on a blockchain instead of a bank’s internal ledger. They retain the legal status and protections associated with conventional deposits, while allowing payments to be settled almost instantly and programmed to move when specified conditions are met.

The trials demonstrated how the technology could be used in real-world banking transactions. In the remortgage tests, funds were automatically released between banks after confirmation that a property transfer had been completed.

In the online marketplace trial, the buyer’s money was held until delivery was verified before being transferred to the seller. No actual goods changed hands during the test.

The ability to conduct transactions between different banks is central to the significance of the project. Banks have experimented with blockchain technology for more than a decade, but many initiatives operated on separate systems that could not communicate with each other.

The pilot, known as the Great British Tokenised Deposit project, was launched last year to test how tokenised deposits could operate across the banking sector.

Barclays, HSBC, Lloyds, Monzo, NatWest, Nationwide and Santander are participating in the project, which also has official backing.

The Bank of England has previously indicated that it would prefer banks to develop tokenised deposits rather than relying heavily on privately issued stablecoins. Stablecoins are digital tokens generally designed to maintain a fixed value against currencies such as the US dollar and are often issued outside the traditional banking system.

The participating banks now plan to establish a company and develop a common rulebook for the system. They also aim to issue three digital bonds during the first quarter of 2027, with the securities expected to be traded and settled using tokenised deposits.

The UK development comes as European authorities increase their focus on tokenised finance.

On Monday, the Eurosystem launched Pontes, a system allowing banks to settle transactions involving tokenised assets using central bank money. Thirteen institutions were ready to use the system immediately, while the European Central Bank said it would also invest some of its own funds in tokenised securities through the platform.

European central banks have also called for changes to the EU’s crypto framework, including tighter rules on stablecoins and greater powers to address tokens linked to foreign currencies.

The developments point to growing interest in using blockchain technology while keeping payments tied to regulated bank and central bank money.

Europe is expected to have enough jet fuel to meet demand through the final quarter of the year as shipments from Asia increase and seasonal aviation demand begins to decline, although smaller airports could remain vulnerable to local shortages.

Nearly 900,000 tonnes of jet fuel from Asia are scheduled to arrive in Europe in the coming months, according to trade intelligence company Kpler. The additional supplies should reduce the risk of widespread shortages, but prices are expected to remain elevated, said George Shaw, Kpler’s senior insight analyst for distillate markets.

“Jet fuel will likely be subject to higher prices, especially as it is deeply linked to the diesel market, which is becoming even tighter and experiencing record prices recently,” Shaw told Euronews.

The average European jet fuel price reached $207.56 (€176) a barrel last week, according to the International Air Transport Association’s fuel price monitor. The figure was the highest among the regions tracked and 27.8% above the previous month’s European average.

The assessment reflects regional refinery prices and does not necessarily represent what individual airlines pay. Jet fuel prices have risen alongside crude oil costs and wider refinery margins, which measure the difference between the price of crude and refined products.

Europe has been particularly exposed to supply disruption because it previously relied heavily on jet fuel from the Middle East. Since disruptions affected production and shipping routes, suppliers have increasingly turned to South Korea, Nigeria and the United States.

Kpler estimated European jet fuel imports at about 672,000 barrels per day in September, including movements between European markets. South Korea, Nigeria and the US accounted for around 60% of the total.

Between July and September, about 1.31 million tonnes of jet fuel moved from Asia-Pacific to Europe, with South Korea supplying almost 87%. Another 900,000 tonnes from South Korea and elsewhere in Asia are scheduled to arrive in the coming months.

Shaw said European aviation demand normally falls significantly from November, meaning the fourth quarter should be less constrained than earlier periods.

However, supply risks remain at smaller airports. Kpler identified the UK and France as particularly vulnerable because of their high consumption and reliance on imports. The UK received about 177,000 barrels per day in September, while France received around 73,000 barrels per day.

Cirium said smaller airports could face shortages first if deliveries are disrupted because they often have fewer suppliers, less storage capacity and fewer alternative transport routes.

Brindisi airport in Italy experienced such difficulties on April 6, when normal aircraft refuelling was restricted after a local supplier failed to meet agreed deliveries. Six other Italian airports also rationed fuel that week.

Europe has so far avoided a widespread shortage by increasing refinery output, securing additional cargoes from the US and Nigeria and drawing on stored supplies.

Mike Malik, chief industry officer at Cirium, warned that these measures cannot be repeated indefinitely because refineries have limits and lower inventories leave less protection against another disruption.

The International Energy Agency expects Middle Eastern oil supply disruptions to continue affecting markets, with a full recovery in regional supplies potentially delayed until 2027.

For European airlines, the immediate concern is likely to be higher operating costs rather than widespread fuel shortages. How much of those costs reach passengers will depend partly on fuel prices and the extent to which airlines secured supplies in advance.

A lack of transparency over property ownership is making it difficult to determine how much housing is controlled by large landlords in Spain, even as major investors continue to make significant purchases across the country.

Public data does not provide a complete picture of residential properties owned by companies or individuals with more than 10 homes or 1,500 square metres of residential space. Although the national cadastre holds ownership records, the information is anonymised, limiting efforts to identify the largest landlords and track changes in their portfolios.

Rental-market data can sometimes be obtained through transparency requests to Spain’s autonomous communities, which oversee tenant deposit records. However, such information excludes owner-occupied and vacant properties as well as other categories of housing, making it difficult to establish the full scale of corporate ownership in real time.

Property transactions announced by companies during 2026 nevertheless show continued activity among major investors. The biggest deal so far involved Fidere, a group of listed real estate investment trusts focused on public and rental housing. Canadian investment group Brookfield bought Fidere from Blackstone in March for €1.05 billion, acquiring 47 buildings containing more than 5,000 rental homes.

In May, Azora agreed to acquire 1,200 rental homes in the Barcelona metropolitan area from Patrizia for more than €350 million. Patrizia had purchased the properties from BeCorp in 2022 for about €600 million.

Other deals involve homes that have yet to be completed. Barings is due to acquire 305 affordable homes from Aurora Homes in Madrid’s Los Cerros development for more than €70 million, with completion expected in 2029. It is also buying 188 homes in Valdebebas for more than €56 million from Grupo Ferrocarril.

Public authorities are also granting concessions on public land to private housing companies, sometimes for periods of 45 to 75 years. This is taking place while Spain’s social rental housing stock remains at just 1.72%, compared with an estimated European average of 8% to 9%.

Culmia, controlled by US investment firm Oaktree, has been involved in several such transactions. In 2025, it transferred a Madrid Plan Vive social housing portfolio to German asset manager DWS through a €255 million transaction. MEAG has also acquired a 50% stake from Culmia in a portfolio containing more than 1,700 homes across Madrid and Valencia.

At the same time, Spain’s wider housing market is showing signs of slower sales growth. Cushman & Wakefield reported a 3.51% annual decline in transactions through May 2026, to about 286,000. BBVA Research expects transactions to fall 7.3% this year before rising 0.6% in 2027.

Despite weaker sales, investment in rental housing has surged. Cushman & Wakefield recorded €2.934 billion in transactions involving large landlords and investment funds during the first half of 2026, a 376% increase from a year earlier.

The figures reflect different parts of the market, as a small number of large portfolio purchases can sharply increase investment volumes without indicating an equivalent rise in the number of individual home sales.

Housing has also become Spain’s leading public concern. According to the September CIS barometer, 37.5% of respondents identified housing as the country’s main problem, ahead of economic issues at 21.6% and immigration at 19.7%.