RBS 2008 Annual Report Download - page 241

RBS Group Annual Report and Accounts 2008240
Notes on the accounts continued
25 Subordinated liabilities (continued)
Preference shares
2008 2007
£m £m
The company
Non-cumulative preference shares of US$0.01 (1)
Series F US$200 million 7.65% (redeemable at option of issuer) 137 100
Series H US$300 million 7.25% (redeemable at option of issuer) 205 150
Series L US$850 million 5.75% (redeemable September 2009) 582 421
Non-cumulative convertible preference shares of US$0.01 (1)
Series 1 US$1,000 million 9.118% (redeemable March 2010) 698 510
Non-cumulative convertible preference shares of £0.01 (1)
Series 1 £200 million 7.387% (redeemable December 2010) 211 201
Cumulative preference shares of £1
£0.5 million 11% and £0.4 million 5.5% (non-redeemable) 1 1
1,834 1,383
National Westminster Bank Plc
Non-cumulative preference shares of £1
Series A £140 million 9% (non-redeemable) 145 143
Non-cumulative preference shares of US$25
Series C US$300 million 7.7628% (2) 215 160
2,194 1,686
Notes:
(1) Further details of the contractual terms of the preference shares are given in Note 27 on page 244.
(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
2008 2007
£m £m
1,250 million 6.467% (redeemable June 2012) (1) 1,325 979
US$750 million 6.8% (redeemable March 2008) (1) 514 374
US$850 million 4.709% (redeemable July 2013) (1) 640 421
US$650 million 6.425% (redeemable January 2034) (1) 677 344
ABN AMRO and subsidiaries
US$1,285 million 6.03% Trust Preferred V 760 464
US$200 million 6.25% Trust Preferred VI 121 82
US$1,800 million 6.08% Trust Preferred VII 1,064 762
5,101 3,426
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.