RBS 2008 Annual Report Download - page 242

241RBS Group Annual Report and Accounts 2008
26 Minority interests
Other
ABN AMRO interests Total
£m £m £m
At 1 January 2007 — 5,263 5,263
Currency translation and other adjustments 1,694 140 1,834
Acquisition of ABN AMRO 31,317 928 32,245
Profit attributable to minority interests 10 153 163
Dividends paid — (121) (121)
Losses on available-for-sale securities, net of tax (59) (505) (564)
Movements in cash flow hedging reserves, net of tax 26 — 26
Actuarial gains recognised in retirement benefit schemes, net of tax 19 — 19
Equity raised 10 66 76
Equity withdrawn (20) (533) (553)
At 31 December 2007 32,997 5,391 38,388
Currency translation and other adjustments 8,098 1,158 9,256
Acquisition of outstanding ABN AMRO ordinary shares 356 — 356
(Loss)/profit attributable to minority interests (11,244) 412 (10,832)
Dividends paid — (285) (285)
Losses on available-for-sale securities, net of tax (144) (1,303) (1,447)
Movements in cash flow hedging reserves, net of tax (831) — (831)
Actuarial losses recognised in retirement benefit schemes, net of tax (478) — (478)
Equity raised — 1,071 1,071
Equity withdrawn (12,571) (1,008) (13,579)
At 31 December 2008 16,183 5,436 21,619
ABN AMRO represents the other consortium members’ interests in RFS Holdings B.V. The capital and income rights of shares issued by RFS Holdings
B.V. are linked to the net assets and income of the ABN AMRO business units which the individual consortium members have agreed to acquire.
Other minority interests include trust preferred securities of £1,821 million (2007 – £1,821 million) and RBS China Sarl of £1,898 million (2007 – £2,438
million). Equity withdrawn in respect of ABN AMRO relates to distributions to consortium members.
Included in minority interests are the following trust preferred securities (1):
2008 2007
£m £m
US$950 million 5.512% (redeemable September 2014) 529 529
US$1,000 million 3 month US$ LIBOR plus 0.80% (redeemable September 2014) 555 555
500 million 4.243% (redeemable January 2016) 337 337
£400 million 5.6457% (redeemable June 2017) 400 400
1,821 1,821
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, in whole or in part, 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.