RBS 2005 Annual Report Download - page 163
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section
03
Financial
statements
161
Notes on the accounts
Annual Report and Accounts 2005
15 Investments in Group undertakings
Investments in Group undertakings are carried at cost less impairment. Movements during the year were as follows:
Company
2005 2004
£m £m
At 1 January 21,900 15,497
Implementation of IAS 32 and IAS 39 on 1 January 2005 (4,004) —
Currency translation and other adjustments (6) (399)
Additions 2,961 6,802
At 31 December 20,851 21,900
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 wholly owned directly, or indirectly through
intermediate holding companies, by these companies. 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.