RBS 2004 Annual Report Download - page 167

section
03
165
Annual Report and Accounts 2004
Notes on the accounts
Financial
statements
2004 2003
£m £m
Dated loan capital in issue, by remaining maturity is repayable as follows:
– in one year or less 371 709
– in two years or less but over one year 355 388
– in five years or less but over two years 3,035 1,337
– in more than five years 7,252 6,878
11,013 9,312
* In addition, the company issued 1.25 million subordinated loan notes of 1,000 each in June 2002, 750,000 subordinated loan notes of US$1,000 each
in December 2002, 850,000 subordinated loan notes of US$1,000 each in May 2003, 650,000 subordinated loan notes of US$1,000 each in December
2003, 1.5 million subordinated loan notes of US$1,000 each in August 2004 and 450,000 subordinated loan notes of US$1,000 each in September 2004
to subsidiaries of the Group. These loan notes are included in the company balance sheet within loan capital but are reclassified as non-equity minority
interests on consolidation (see Note 32).
Notes:
(1) On-lent to The Royal Bank of Scotland plc on a subordinated basis.
(2) Repayable in five equal annual instalments in May in each of the years 2001 to 2005.
(3) Net proceeds received US$672 million, £349 million.
(4) Repayable in whole, at the option of The Royal Bank of Scotland plc, prior to maturity, on conditions governing the respective debt obligation, including prior approval of the UK
Financial Services Authority.
(5) Redeemed in October 2004.
(6) Unconditionally guaranteed by the company.
(7) Net proceeds received US$1,250 million, £698 million.
(8) Net proceeds received A$589 million, £240 million.
(9) Net proceeds received A$409 million, £167 million.
(10) Net proceeds received US$500 million, £278 million.
(11) Net proceeds received 986 million, £673 million.
(12) Redeemed in March 2004.
(13) Redeemed in July 2004.
(14) Redeemed in October 2004.
(15) Arising from acquisition of Charter One.
(16) Arising from acquisition of First Active.
(17) In the event of certain changes in the tax laws of the UK, all of the dated loan capital issues are redeemable in whole, but not in part, at the option of the issuer, at the principal
amount thereof plus accrued interest, subject to prior approval of the UK Financial Services Authority.
(18) Except as stated above, claims in respect of the Group’s dated loan capital are subordinated to the claims of other creditors. None of the Group’s dated loan capital is secured.
(19) Interest payable on the Group’s floating rate dated issues is at a margin over London interbank rates. Interest on £1,450 million, US$4,425 million, 5,405 million and A$590
million of fixed rate dated issues is swapped into floating rates at a margin over London interbank rates.