RBS 2007 Annual Report Download - page 176

RBS Group • Annual Report and Accounts 2007
174
Notes on the accounts continued
Financial statements
24 Subordinated liabilities (continued)
Undated loan capital
2007 2006
£m £m
The company
US$350 million undated floating rate primary capital notes (callable on any interest payment date) (1) 175 178
US$75 million floating rate perpetual capital securities (redeemed October 2007) — 38
US$1,200 million 7.648% perpetual regulatory tier one securities (callable September 2031) (1, 2) 606 618
781 834
The Royal Bank of Scotland plc
£150 million 5.625% undated subordinated notes (callable June 2032) 144 144
£175 million 7.375% undated subordinated notes (callable August 2010) 183 183
152 million 5.875% undated subordinated notes (callable October 2008) 114 105
£350 million 6.25% undated subordinated notes (callable December 2012) 354 350
£500 million 6% undated subordinated notes (callable September 2014) 517 512
500 million 5.125% undated subordinated notes (callable July 2014) 371 350
1,000 million floating rate undated subordinated notes (callable July 2014) 742 675
£500 million 5.125% undated subordinated notes (callable March 2016) 499 493
£200 million 5.625% subordinated upper tier 2 notes (callable September 2026) 210 210
£600 million 5.5% undated subordinated notes (callable December 2019) 595 594
£500 million 6.2% undated subordinated notes (callable March 2022) 543 546
£200 million 9.5% undated subordinated bonds (callable August 2018) (3) 228 229
£400 million 5.625% subordinated upper tier 2 notes (callable September 2026) 397 397
£300 million 5.625% undated subordinated notes (callable September 2026) 318 326
£350 million 5.625% undated subordinated notes (callable June 2032) 363 362
£150 million undated subordinated floating rate step-up notes (redeemed March 2007) — 150
£400 million 5% undated subordinated notes (callable March 2011) 402 395
JPY25 billion 2.605% undated subordinates notes (callable November 2034) 103 99
CAD700 million 5.37% fixed rate undated subordinated notes (callable May 2016) 363 317
National Westminster Bank Plc
US$500 million primary capital floating rate notes, Series A (callable on any interest payment date) 251 256
US$500 million primary capital floating rate notes, Series B (callable on any interest payment date) 256 267
US$500 million primary capital floating rate notes, Series C (callable on any interest payment date) 255 254
US$500 million 7.75% reset subordinated notes (redeemed October 2007) — 262
400 million 6.625% fixed/floating rate undated subordinated notes (callable October 2009) 303 280
100 million floating rate undated step-up notes (callable October 2009) 74 68
£325 million 7.625% undated subordinated step-up notes (callable January 2010) 357 359
£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) 269 272
First Active plc
£20 million 11.75% perpetual tier two capital 23 23
38 million 11.375% perpetual tier two capital 39 36
£1.3 million floating rate perpetual tier two capital 2 2
ABN AMRO and subsidiaries
9 million 4.65% perpetual convertible financing preference shares (callable January 2011) 7 —
1,000 million 4.310% perpetual Bermudan callable subordinated tier 1 notes (callable March 2016) 598 —
9,866 9,555
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.