RBS 2006 Annual Report Download - page 170
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RBS Group • Annual Report and Accounts 2006
Financial statements
Dated loan capital
2006 2005
£m £m
The company
US$400 million 6.4% subordinated notes 2009 (1) 206 236
US$300 million 6.375% subordinated notes 2011 (1) 163 190
US$750 million 5% subordinated notes 2013 (1) 375 433
US$750 million 5% subordinated notes 2014 (1) 373 432
US$250 million 5% subordinated notes 2014 (1) 125 145
US$675 million 5.05% subordinated notes 2015 (1) 351 406
US$350 million 4.7% subordinated notes 2018 (1) 169 197
1,762* 2,039*
The Royal Bank of Scotland plc
£150 million 8.375% subordinated notes 2007 162 165
255 million 5.25% subordinated notes 2008 177 187
300 million 4.875% subordinated notes 2009 212 224
US$350 million floating rate subordinated notes 2012 (callable July 2007) 184 205
US$500 million floating rate subordinated notes 2012 (callable July 2007) 254 293
130 million floating rate subordinated notes 2012 (callable July 2007) 88 90
1,000 million floating rate subordinated notes 2013 (callable October 2008) 677 690
US$50 million floating rate subordinated notes 2013 25 29
1,000 million 6% subordinated notes 2013 745 792
500 million 6% subordinated notes 2013 342 363
£150 million 10.5% subordinated bonds 2013 (2) 168 176
US$1,250 million floating rate subordinated notes 2014 (callable July 2009) 643 732
AUD590 million 6% subordinated notes 2014 (callable October 2009) 235 254
AUD410 million floating rate subordinated notes 2014 (callable October 2009) 167 176
CAD700 million 4.25% subordinated notes 2015 (callable March 2010) 307 348
£250 million 9.625% subordinated bonds 2015 287 299
US$750 million floating rate subordinated notes 2015 (callable September 2010) 381 435
750 million floating rate subordinated notes 2015 531 574
CHF400 million 2.375% subordinated notes 2015 160 174
CHF100 million 2.375% subordinated notes 2015 43 44
CHF200 million 2.375% subordinated notes 2015 (issued April 2006) 81 —
US$500 million floating rate subordinated notes 2016 (callable October 2011) 257 293
US$1,500 million floating rate subordinated notes 2016 (issued April 2006; callable April 2011) 773 —
500 million 4.5% subordinated 2016 (callable January 2011) 350 372
CHF200 million 2.75% subordinated notes 2017 (issued December 2006; callable December 2012) 84 —
100 million floating rate subordinated notes 2017 67 69
500 million floating rate subordinated notes 2017 (issued June 2006; callable June 2012) 337 —
750 million 4.35% subordinated notes 2017 (issued October 2006; callable October 2017) 502 —
AUD450 million 6.5% subordinated notes 2017 (issued November 2006; callable February 2012) 184 —
AUD450 million floating rate subordinated notes 2017 (issued November 2006; callable February 2012) 182 —
US$125.6 million floating rate subordinated notes 2020 65 74
1,000 million 4.625% subordinated notes 2021 (callable September 2016) 687 747
National Westminster Bank Plc
US$1,000 million 7.375% rate subordinated notes 2009 516 589
600 million 6% subordinated notes 2010 440 469
£300 million 8.125% step-up subordinated notes 2011 (redeemed December 2006) — 309
500 million 5.125% subordinated notes 2011 343 349
£300 million 7.875% subordinated notes 2015 350 373
£300 million 6.5% subordinated notes 2021 332 353
Charter One Financial, Inc
US$400 million 6.375% subordinated notes 2012 218 252
Greenwich Capital Holdings, Inc
US$105 million subordinated loan capital 2006 floating rate notes (redeemed October 2006) — 61
US$500 million subordinated loan capital 2010 floating rate notes (callable December 2007) 256 291
US$170 million subordinated loan capital floating rate notes 2008 (issued October 2006) 87 —
First Active Plc
US$35 million 7.24% subordinated bonds 2012 (callable December 2007) 22 22
£60 million 6.375% subordinated bonds 2018 (callable April 2013) 65 65
Other minority interest subordinated issues 24 24
13,772 13,001
* In addition the company has issued 0.5 million subordinated loan notes of 1,000 each, 1.95 million subordinated loan notes of US$1,000 each and 0.4 million subordinated
loan notes of £1,000 each. These loan notes are included in the company balance sheet as loan capital but are reclassified as minority interest Trust Preferred Securities on
consolidation (see Note 29).
Notes:
(1) On-lent to The Royal Bank of Scotland plc on a subordinated basis.
(2) Unconditionally guaranteed by the company.
(3) In the event of certain changes in tax laws, dated loan capital issues may be redeemed in whole, but not in part, at the option of the issuer, at the principal amount thereof plus
accrued interest, subject to prior regulatory approval.
(4) 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.
(5) Interest on all floating rate subordinated notes is calculated by reference to market rates.