RBS 2006 Annual Report Download - page 171
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Please find page 171 of the 2006 RBS annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.RBS Group • Annual Report and Accounts 2006
170
Notes on the accounts continued
Financial statements
Undated loan capital
2006 2005
£m £m
The company
US$200 million 8.5% exchangeable capital securities, Series A (redeemed January 2006) (1) —117
US$50 million undated 7.993% capital securities (redeemed January 2006) (1) —30
US$35 million undated 7.755% capital securities (redeemed January 2006) (1) —20
US$350 million undated floating rate primary capital notes (callable on any interest payment date) (1) 178 203
US$200 million undated 7.375% reset capital securities (redeemed April 2006) (1) —119
US$75 million floating rate perpetual capital securities (callable September 2007) (1) 38 44
US$1,200 million 7.648% perpetual regulatory tier one securities (callable September 2031) (1,2) 618 711
834 1,244
The Royal Bank of Scotland plc
£150 million 5.625% undated subordinated notes (callable June 2032) 144 149
£175 million 7.375% undated subordinated notes (callable August 2010) 183 191
152 million 5.875% undated subordinated notes (callable October 2008) 105 111
£350 million 6.25% undated subordinated notes (callable December 2012) 350 366
£500 million 6% undated subordinated notes (callable September 2014) 512 540
500 million 5.125% undated subordinated notes (callable July 2014) 350 378
1,000 million floating rate undated subordinated notes (callable July 2014) 675 688
£500 million 5.125% undated subordinated notes (callable March 2016) 493 516
£200 million 5.625% subordinated upper tier 2 notes (callable September 2026) 210 213
£125 million 9.25% undated subordinated step-up notes (redeemed April 2006) — 136
£600 million 5.5% undated subordinated notes (callable December 2019) 594 628
£500 million 6.2% undated subordinated notes (callable March 2022) 546 570
£200 million 9.5% undated subordinated bonds (callable August 2018) (3) 229 243
£400 million 5.625% subordinated upper tier 2 notes (callable September 2026) 397 404
£300 million 5.625% undated subordinated notes (callable September 2026) 326 359
£350 million 5.625% undated subordinated notes (callable June 2032) 362 358
£150 million undated subordinated floating rate step-up notes (callable March 2007) 150 150
£400 million 5% undated subordinated notes (issued March 2006; callable March 2011) 395 —
JPY25 billion 2.605% undated subordinates notes (callable November 2034) 99 123
CAD700 million 5.37% fixed rate undated subordinated notes (issued May 2006; callable May 2016) 317 —
National Westminster Bank Plc
US$500 million primary capital floating rate notes, Series A (callable on any interest payment date) 256 291
US$500 million primary capital floating rate notes, Series B (callable on any interest payment date) 267 295
US$500 million primary capital floating rate notes, Series C (callable on any interest payment date) 254 294
US$500 million 7.875% exchangeable capital securities (redeemed January 2006) — 295
US$500 million 7.75% reset subordinated notes (callable October 2007) 262 305
400 million 6.625% fixed/floating rate undated subordinated notes (callable October 2009) 280 299
100 million floating rate undated step-up notes (callable October 2009) 68 70
£325 million 7.625% undated subordinated step-up notes (callable January 2010) 359 372
£200 million 7.125% undated subordinated step-up notes (callable October 2022) 205 205
£200 million 11.5% undated subordinated notes (callable December 2022) (4) 272 277
First Active plc
£20 million 11.75% perpetual tier two capital 23 23
38 million 11.375% perpetual tier two capital 36 37
£1.3 million floating rate perpetual tier two capital 2 2
9,555 10,132
Notes:
(1) On-lent to The Royal Bank of Scotland plc on a subordinated basis.
(2) The company can satisfy interest payment obligations by issuing ordinary shares to appointed Trustees sufficient to enable them, on selling these shares, to settle the interest
payment.
(3) Guaranteed by the company.
(4) Exchangeable at the option of the issuer into 200 million 8.392% (gross) non-cumulative preference shares of £1 each of National Westminster Bank Plc at any time.
(5) Except as stated above, claims in respect of the Group’s undated loan capital are subordinated to the claims of other creditors. None of the Group’s undated loan capital is secured.
(6) In the event of certain changes in tax laws, undated loan capital issues may be redeemed in whole, but not in part, at the option of the Group, at the principal amount thereof
plus accrued interest, subject to prior regulatory approval.
(7) Interest on all floating rate subordinated notes is calculated by reference to market rates.
28 Subordinated liabilities (continued)