RBS 2006 Annual Report Download - page 172
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171
RBS Group • Annual Report and Accounts 2006
Financial statements
Preference shares
2006 2005
£m £m
The company
Non-cumulative preference shares of US$0.01 (1)
Series D US$175 million 8.2125% (redeemed March 2006) — 103
Series E US$200 million 8.1% (2) 102 116
Series F US$200 million 7.65% (redeemable March 2007) 102 116
Series G US$250 million 7.4% (2) 126 146
Series H US$300 million 7.25% (redeemable at option of issuer) 153 175
Series I US$300 million 8% (redeemed March 2006) — 175
Series K US$400 million 7.875% (2) 203 235
Series L US$850 million 5.75% (redeemable September 2009) 429 492
Non-cumulative convertible preference shares of US$0.01 (1)
Series 1 US$1,000 million 9.118% (redeemable March 2010) 515 607
Non-cumulative convertible preference shares of £0.01 (1)
Series 1 £200 million 7.387% (redeemable December 2010) 200 197
Cumulative preference shares of £1
£0.5 million 11% (non-redeemable) 1 1
£0.4 million 5.5% (non-redeemable) — —
1,831 2,363
National Westminster Bank Plc
Non-cumulative preference shares of £1
Series A £140 million 9% (non-redeemable) 142 140
Non-cumulative preference shares of US$25
Series B US$250 million 7.8752% (3) 141 156
Series C US$300 million 7.7628% (4) 163 181
2,277 2,840
Notes:
(1) Further details of the contractual terms of the preference shares are given in Note 30 on page 175.
(2) Redeemed in January 2007.
(3) Series B preference shares each carry a gross dividend of 8.75% inclusive of associated tax credit. These preference shares were redeemed in January 2007.
(4) Series C preference shares each carry a gross dividend of 8.625% inclusive of associated tax credit. Redeemable at the option of the issuer at a premium of US$0.30 reducing
to nil if the date of redemption falls after 8 April 2007.
Trust preferred securities (1)
2006 2005
£m £m
1,250 million 6.467% (redeemable June 2012) 918 993
US$750 million 6.8% (redeemable March 2008) 382 436
US$850 million 4.709% (redeemable July 2013) 409 494
US$650 million 6.425% (redeemable January 2034) 341 378
2,050 2,301
Note:
(1) The trust preferred securities have no maturity date and are not redeemable at the option of the holders at any time. These securities may with the consent of the UK Financial
Services Authority be redeemed, by the issuer on the dates specified above or on any interest payment date thereafter. They may also be redeemed in whole, but not in part,
upon the occurrence of certain tax and regulatory events. These securities are included in the company balance sheet as dated loan capital.