UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
November 14, 2006
Date of report (Date of earliest event reported)
Commission File Number of issuing entity: 333-136826
TURQUOISE CARD BACKED SECURITIES PLC
(Exact name of issuing entity as specific in its charter)
England and Wales
(State or other jurisdiction of incorporation or organization of the issuing entity)
c/o Wilmington Trust SP Services
(London) Limited
Tower 42 (Level 11),
25 Old Broad Street
London EC2N 1HQ
+44 207-614-1111
(Address and telephone number of principal executive offices of the issuing entity)
Commission File Number of depositor: 333-136826-02
TURQUOISE FUNDING 1 LIMITED
(Exact name of depositor as specified in its charter)
HSBC BANK PLC
(Exact name of sponsor as specified in its charter)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing of obligation of the registrant under any of the following provisions:
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| | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| | Pre-commencement communications pursuant to Rule 13e(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events
The depositor is filing this current report to incorporate by reference into Registration Statement Nos. 333-136826, 333-136826-01 and 333-136826-02 the information in the Free Writing Prospectus dated November 14, 2006, enclosed herewith as Exhibit 99.1, and to include the Consent of Independent Registered Public Accounting Firm, enclosed herewith as Exhibit 23.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits

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Exhibit No. |  |  | Description |
23.1 |  |  | Consent of Independent Registered Public Accounting Firm |
99.1 |  |  | Free Writing Prospectus, dated November 14, 2006 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: November 14, 2006

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|  |  | TURQUOISE FUNDING 1 LIMITED, |
|  |  | acting solely in its capacity as depositor of Turquoise Card Backed Securities plc |
|  |  | By: /s/ S.M. Hollywood |
|  |  | Name: S.M. Hollywood |
|  |  | Title: Director |
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EXHIBIT INDEX

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Exhibit No. |  |  | Description |
23.1 |  |  | Consent of Independent Registered Public Accounting Firm |
99.1 |  |  | Free Writing Prospectus, dated November 14, 2006 |
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