RBS 2006 Annual Report Download - page 155
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RBS Group • Annual Report and Accounts 2006
154
Notes on the accounts continued
Financial statements
15 Investments in Group undertakings
Investments in Group undertakings are carried at cost less impairment. Movements during the year were as follows:
Company
2006 2005
£m £m
At 1 January 20,851 21,900
Implementation of IAS 32 and IAS 39 on 1 January 2005 — (4,004)
Currency translation and other adjustments (164) (6)
Additions 1,097 2,961
At 31 December 21,784 20,851
Banks 17,785 16,833
Other 3,999 4,018
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 0QS.
(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 delivered to the Registrar of Companies
for Scotland.
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 of
Scotland plc 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.