RBS 2003 Annual Report Download - page 160

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17 Shares in Group undertakings
Movements in shares in Group undertakings during the year were as follows:
£m
At 1 January 2003 19,862
Currency translation adjustments (330)
Additions 2,330
Disposals (364)
Revaluation 10,856
At 31 December 2003 32,354
On the historical cost basis, shares in Group undertakings at 31 December 2003 would have been included at a cost of
£15,499 million (2002 – £13,863 million).
The principal subsidiary undertakings of the company are shown below. Their capital consists of ordinary and preference shares
which are unlisted with the exception of certain preference shares issued by NatWest. The Royal Bank, Churchill Insurance Group PLC
and RBS Life Holdings are directly owned by the company, and all of the other subsidiary undertakings are owned directly, or indirectly
through intermediate holding companies, by the Royal Bank and are all wholly-owned. All of these subsidiaries are included in the
Group’s consolidated financial statements and have an accounting reference date of 31 December.
Country of
incorporation
Nature of and principal
business area of operation
The Royal Bank of Scotland plc Banking Great Britain
National Westminster Bank Plc (1,4) Banking Great Britain
Churchill Insurance Group PLC Insurance Great Britain
Citizens Financial Group, Inc. Banking US
Coutts Bank (Switzerland) Limited Private banking Switzerland
Coutts & Co (2) Private banking Great Britain
Direct Line Insurance plc Insurance Great Britain
Greenwich Capital Markets, Inc. Broker dealer US
Lombard North Central PLC Banking, credit finance, leasing and hire purchase Great Britain
National Westminster Home Loans Limited Home mortgage finance Great Britain
The Royal Bank of Scotland International Limited Banking Jersey
RBS Life Holdings Limited Life assurance Great Britain
Ulster Bank Limited (3) Banking Northern Ireland
Notes:
(1) The company does not hold any of the NatWest preference shares in issue.
(2) Coutts & Co is incorporated with unlimited liability. Its registered office is 440 Strand, London WC2R 0Q5
(3) Ulster Bank Limited and its subsidiary undertakings also operate in the Republic of Ireland.
(4) On 31 January 2003, ownership of NatWest was transferred from the company to the Royal Bank.
The above information is provided in relation to the principal subsidiaries as permitted by Section 231(5) of the Companies Act 1985.
Full information on all subsidiaries will be included in the Annual Return filed with the UK Companies House.
Notes on the accounts continued
Notes on the accounts