RBS 2008 Annual Report Download - page 239

RBS Group Annual Report and Accounts 2008238
Notes on the accounts continued
25 Subordinated liabilities (continued)
Dated loan capital (continued)
2008 2007
£m £m
Other minority interest subordinated issues 16 16
ABN AMRO and subsidiaries
113 million 7.50% subordinated notes 2008 (redeemed January 2008) — 83
182 million 6.00% subordinated notes 2009 169 132
182 million 6.13% subordinated notes 2009 165 127
1,150 million 4.63% subordinated notes 2009 1,104 848
250 million 4.70% CMS linked subordinated notes 2019 195 131
800 million 6.25% subordinated notes 2010 795 598
100 million 5.13% flip flop Bermudan callable subordinated notes 2017 (callable December 2012) 89 75
500 million floating rate Bermudan callable subordinated lower tier 2 notes 2018 (callable May 2013) 455 350
1,000 million floating rate Bermudan callable subordinated lower tier 2 notes 2016 (callable September 2011) 923 710
13 million zero coupon subordinated notes 2029 (callable June 2009) 8 2
82 million floating rate subordinated notes 2017 72 55
103 million floating rate subordinated lower tier 2 notes 2020 89 68
170 million floating rate sinkable subordinated notes 2041 205 184
15 million CMS linked floating rate subordinated lower tier 2 notes 2020 10 11
1,500 million floating rate Bermudan callable subordinated lower tier 2 notes 2015 (callable June 2010) 1,419 1,087
5 million floating rate Bermudan callable subordinated lower tier 2 notes 2015 (callable October 2010) 5 4
65 million floating rate Bermudan callable subordinated lower tier 2 notes 2015 (callable October 2010) 62 48
US$12 million floating rate subordinated notes 2008 (redeemed June 2008) — 6
US$12 million floating rate subordinated notes 2008 (redeemed June 2008) — 6
US$165 million 6.14% subordinated notes 2019 152 94
US$72 million 5.98% subordinated notes 2019 49 7
US$500 million 4.65% subordinated notes 2018 359 214
US$500 million floating rate Bermudan callable subordinated notes 2013 (redeemed September 2008) — 232
US$1,500 million floating rate Bermudan callable subordinated notes 2015 (callable March 2010) 982 717
US$100 million floating rate Bermudan callable subordinated lower tier 2 notes 2015 (callable October 2010) 68 50
US$36 million floating rate Bermudan callable subordinated lower tier 2 notes 2015 (callable October 2010) 25 18
US$1,000 million floating rate Bermudan callable subordinated lower tier 2 notes 2017 (callable January 2012) 661 479
AUD575 million 6.50% Bermudan callable subordinated lower tier 2 notes 2018 (callable May 2013) 286 231
AUD175 million 7.46% Bermudan callable subordinated lower tier 2 notes 2018 (callable May 2013) 79 73
26 million 7.42% subordinated notes 2016 28 20
7 million 7.38% subordinated notes 2016 8 6
256 million 5.25% subordinated notes 2008 (redeemed July 2008) — 190
13 million floating rate subordinated notes 2008 (redeemed June 2008) — 9
£42 million 8.18% subordinated notes 2010 15 19
£25 million 9.18% amortising MTN subordinated lower tier 2 notes 2011 9 15
£750 million 5% Bermudan callable subordinated upper tier 2 notes 2016 728 642
US$250 million 7.75% subordinated notes 2023 173 127
US$150 million 7.13% subordinated notes 2093 104 76
US$250 million 7.00% subordinated notes 2008 (redeemed April 2008) — 127
US$68 million floating rate subordinated notes 2009 (6) —34
US$12 million floating rate subordinated notes 2009 (6) —6
BRL50 million floating rate subordinated notes 2013 (6) —14
BRL250 million floating rate subordinated notes 2013 (6) —71
BRL250 million floating rate subordinated notes 2014 (6) —71
BRL885 million floating rate subordinated notes 2014 (6) —251
BRL300 million floating rate subordinated notes 2014 (6) —85
PKR0.80 million floating rate subordinated notes 2012 7 6
MYR200 million subordinated notes 2017 40 30
TRY60 million subordinated notes 34 25
30,162 23,065
* In addition the company has issued 0.5 million subordinated loan notes of 1,000 each, 1.95 million subordinated loan notes of US$1,000 each and 0.4 million subordinated loan notes of £1,000
each. These loan notes are included in the company balance sheet as loan capital but are reclassified as minority interest Trust Preferred Securities on consolidation (see Note 26).
Notes:
(1) On-lent to The Royal Bank of Scotland plc on a subordinated basis.
(2) Unconditionally guaranteed by the company.
(3) In the event of certain changes in tax laws, dated loan capital issues may be redeemed in whole, but not in part, at the option of the issuer, at the principal amount thereof plus accrued interest,
subject to prior regulatory approval.
(4) Except as stated above, claims in respect of the Group’s dated loan capital are subordinated to the claims of other creditors. None of the Group’s dated loan capital is secured.
(5) Interest on all floating rate subordinated notes is calculated by reference to market rates.
(6) Transferred to Banco Santander S.A in July 2008.