RBS 2004 Annual Report Download - page 160
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158
Notes on the accounts
Notes on the accounts continued
17 Shares in Group undertakings
Movements in shares in Group undertakings during the year were as follows:
£m
At 1 January 2004 32,354
Currency translation adjustments (399)
Additions 6,802
Revaluation (1,887)
At 31 December 2004 36,870
On the historical cost basis, shares in Group undertakings at 31 December 2004 would have been included at a cost of
£22,301 million (2003 – £15,499 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 and RBS Insurance Group
Limited are directly owned by the company, and all of the other subsidiary undertakings are owned directly, or indirectly through
intermediate holding companies, by these companies 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) Banking Great Britain
Citizens Financial Group, Inc. Banking US
Coutts & Co (2) Private banking Great Britain
Greenwich Capital Markets, Inc. Broker dealer US
RBS Insurance Group Limited Insurance 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.
The above information is provided in relation to the principal related undertakings as permitted by Section 231(5) of the Companies Act
1985. Full information on all related undertakings will be included in the Annual Return filed with the UK Companies House.