RBS 2008 Annual Report Download - page 220

219RBSGroup Annual Report and Accounts 2008
16 Investments in Group undertakings
Investments in Group undertakings are carried at cost less impairment. Movements during the year were as follows:
Company
2008 2007
£m£m
At1 January 43,542 21,784
Currency translation and other adjustments 2,839 535
Additional investments in Group undertakings 10,323 3,663
Impairment of investment in RFSHoldings B.V. (14,321) —
Disposals (213) (6)
Additions 26 17,566
At31 December 42,196 43,542
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%
RBSInsurance 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 WC2R0QS.
(3) Ulster Bank Limited and its subsidiaries also operate in the Republic of Ireland.
(4) RFSHoldings B.V. (RFS) owns 100% 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 the State of the
Netherlands,successor to Fortis N.V., Fortis SA/NV,and Banco Santander S.A. (the consortium members). 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’sArticles of Association,it controls the board of RFSand RFSis a subsidiary of the company.The capital and income rights
of shares issued by RFSare linked to the net assets and income of the ABN AMRO business units which the individual consortium members 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 and ABN AMRO.The Royal Bank of Scotland plc,RBS
Insurance Group Limited and RFSHoldings 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.