RBS 2007 Annual Report Download - page 177

175
RBS Group • Annual Report and Accounts 2007
Financial statements
Preference shares
2007 2006
£m £m
The company
Non-cumulative preference shares of US$0.01 (1)
Series E US$200 million 8.1% (redeemed January 2007) — 102
Series F US$200 million 7.65% (redeemable at option of issuer) 100 102
Series G US$250 million 7.4% (redeemed January 2007) — 126
Series H US$300 million 7.25% (redeemable at option of issuer) 150 153
Series K US$400 million 7.875% (redeemed January 2007) — 203
Series L US$850 million 5.75% (redeemable September 2009) 421 429
Non-cumulative convertible preference shares of US$0.01 (1)
Series 1 US$1,000 million 9.118% (redeemable March 2010) 510 515
Non-cumulative convertible preference shares of £0.01 (1)
Series 1 £200 million 7.387% (redeemable December 2010) 201 200
Cumulative preference shares of £1
£0.5 million 11% (non-redeemable) 1 1
£0.4 million 5.5% (non-redeemable) — —
1,383 1,831
National Westminster Bank Plc
Non-cumulative preference shares of £1
Series A £140 million 9% (non-redeemable) 143 142
Non-cumulative preference shares of US$25
Series B US$250 million 7.8752% (redeemed January 2007) — 141
Series C US$300 million 7.7628% (2) 160 163
1,686 2,277
Notes:
(1) Further details of the contractual terms of the preference shares are given in Note 26 on page 179.
(2) 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 par.
Trust preferred securities
2007 2006
£m £m
1,250 million 6.467% (redeemable June 2012) (1) 979 918
US$750 million 6.8% (redeemable March 2008) (1) 374 382
US$850 million 4.709% (redeemable July 2013) (1) 421 409
US$650 million 6.425% (redeemable January 2034) (1) 344 341
ABN AMRO and subsidiaries
US$1,285 million 6.03% Trust Preferred V (redeemable July 2008) 438 —
US$200 million 6.25% Trust Preferred VI (redeemable September 2008) 79 —
US$1,800 million 6.08% Trust Preferred VII (redeemable February 2009) 727 —
3,362 2,050
Note:
(1) The trust preferred securities issued by subsidiaries 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. The company classifies its obligations to these subsidiaries as dated loan capital.