RBS 2007 Annual Report Download - page 163

161
RBS Group • Annual Report and Accounts 2007
Financial statements
16 Investments in Group undertakings
Investments in Group undertakings are carried at cost less impairment. Movements during the year were as follows:
Company
2007 2006
£m £m
At 1 January 21,784 20,851
Currency translation and other adjustments 535 (164)
Additions 17,566 —
Disposals (6) —
Additional investments in Group undertakings 3,663 1,097
At 31 December 43,542 21,784
Country of
incorporation
Nature of and principal Group
business area of operation interest
The Royal Bank of Scotland plc Banking Great Britain 100%
National Westminster Bank Plc (1) Banking Great Britain 100%
Citizens Financial Group, Inc. Banking US 100%
Coutts & Co (2) Private banking Great Britain 100%
Greenwich Capital Markets, Inc. Broker dealer US 100%
RBS Insurance Group Limited Insurance Great Britain 100%
Ulster Bank Limited (3) Banking Northern Ireland 100%
ABN AMRO Bank N.V. (4) Banking The Netherlands 38%
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 subsidiaries also operate in the Republic of Ireland.
(4) RFS Holdings B.V. (RFS) owns 99% of the outstanding shares of ABN AMRO Holding N.V. (ABN AMRO). The company owns 38% of RFS; the balance of shares is held by Fortis
N.V., Fortis SA/NV, and Banco Santander S.A. (the consortium banks). Although the company does not control a majority of the voting rights in RFS, through the terms of the
Consortium and Shareholders’ Agreement and RFS’s Articles of Association, it controls the board of RFS and RFS is a subsidiary of the company. The capital and income rights
of shares issued by RFS are linked to the net assets and income of the ABN AMRO business units which the individual consortium banks have agreed to acquire.
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, RBS Insurance Group Limited and RFS Holdings
B.V. are directly owned by the company, and all of the other
subsidiary undertakings are 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.