RBS 2009 Annual Report Download - page 324

RBS Group Annual Report and Accounts 2009322
Notes on the accounts continued
25 Subordinated liabilities continued
Undated loan capital 2009 2008 2007
£m £m £m
The company
US$163 million (2008 and 2007 – US$350 million) undated floating rate primary capital notes
(callable on any interest payment date) (3) 101 240 175
US$762 million (2008 and 2007 – US$1,200 million) 7.648% perpetual regulatory tier one securities
(callable September 2031) (1, 2, 3) 473 831 606
574 1,071 781
The Royal Bank of Scotland plc
£150 million 5.625% undated subordinated notes (callable June 2032) 144 144 144
£96 million (2008 and 2007 – £175 million) 7.375% undated subordinated notes (callable August 2010) (3) 101 190 183
152 million 5.875% undated subordinated notes —— 114
£117 million (2008 and 2007 – £350 million) 6.25% undated subordinated notes (callable December 2012) (3) 126 380 354
£138 million (2008 and 2007 – £500 million) 6% undated subordinated notes (callable September 2014) (3) 143 565 517
197 million (2008 and 2007 – 500 million) 5.125% undated subordinated notes (callable July 2014) (3) 194 516 371
243 million (2008 and 2007 – 1,000 million) floating rate undated subordinated notes (callable July 2014) (3) 214 966 742
£178 million (2008 and 2007 – £500 million) 5.125% undated subordinated notes (callable March 2016) (3) 189 556 499
£200 million 5.125% subordinated upper tier 2 notes (callable September 2026) 210 210 210
£260 million (2008 and 2007 – £600 million) 5.5% undated subordinated notes (callable December 2019) (3) 272 677 595
£174 million (2008 and 2007 – £500 million) 6.2% undated subordinated notes (callable March 2022) (3) 206 614 543
£145 million (2008 and 2007 – £200 million) 9.5% undated subordinated bonds (callable August 2018) (3, 4) 176 253 228
£400 million 5.625% subordinated upper tier 2 notes (redeemed April 2009) — 397 397
£83 million (2008 and 2007 – £300 million) 5.625% undated subordinated notes (callable September 2026) (3) 90 431 318
£51 million (2008 and 2007 – £350 million) 5.625% undated subordinated notes (callable June 2032) (3) 55 364 363
£190 million (2008 and 2007 – £400 million) 5% undated subordinated notes (callable March 2011) (3) 197 424 402
JPY25 billion 2.605% undated subordinates notes (callable November 2034) 173 217 103
CAD700 million 5.37% fixed rate undated subordinated notes (callable May 2016) 452 464 363
National Westminster Bank Plc
US$293 million (2008 and 2007 – US$500 million) primary capital floating rate notes, Series A
(callable on any interest payment date) (3) 205 343 251
US$312 million (2008 and 2007 – US$500 million) primary capital floating rate notes, Series B
(callable on any interest payment date) (3) 182 347 256
US$332 million (2008 and 2007 – US$500 million) primary capital floating rate notes, Series C
(callable on any interest payment date) (3) 192 346 255
400 million 6.625% fixed/floating rate undated subordinated notes (callable April 2010) 358 388 303
100 million floating rate undated step-up notes (callable April 2010) 90 97 74
£162 million (2008 and 2007 – £325 million) 7.625% undated subordinated step-up notes (callable January 2010) (3) 174 363 357
£127 million (2008 and 2007 – £200 million) 7.125% undated subordinated step-up notes (callable October 2022) (3) 127 201 205
£68 million (2008 and 2007 – £200 million) 11.5% undated subordinated notes (callable December 2022) (3, 5) 79 269 269
First Active plc
£20 million 11.75% perpetual tier two capital 26 26 23
38 million 11.375% perpetual tier two capital 51 52 39
£1.3 million floating rate perpetual tier two capital 222
ABN AMRO and subsidiaries
9 million 4.650% perpetual convertible financing preference shares — —7
1,000 million 4.310% perpetual Bermudan callable subordinated tier 1 notes (callable March 2016) 834 824 598
800 million 10.00% fixed perpetual mandatory convertible tier 1 notes 2099 (issued July 2009) 716 ——
967 million 10.00% fixed perpetual mandatory convertible tier 1 notes 2072 (issued December 2009) 866 ——
833 million 10.00% fixed perpetual mandatory convertible tier 1 notes 2073 (issued December 2009) 746 ——
8,164 11,697 9,866
Notes:
(1) On-lent to The Royal Bank of Scotland plc on a subordinated basis.
(2) The company can satisfy interest payment obligations by issuing sufficient ordinary shares to appointed Trustees to enable them, on selling these shares, to settle the interest payment.
(3) Partially redeemed following the completion of the exchange and tender offers in April 2009.
(4) Guaranteed by the company.
(5) Exchangeable at the option of the issuer into 200 million 8.392% (gross) non-cumulative preference shares of £1 each of National Westminster Bank Plc at any time.
(6) Except as stated above, claims in respect of the Group’s undated loan capital are subordinated to the claims of other creditors. None of the Group’s undated loan capital is secured.
(7) In the event of certain changes in tax laws, undated loan capital issues may be redeemed in whole, but not in part, at the option of the Group, at the principal amount thereof plus accrued
interest, subject to prior regulatory approval.
(8) Interest on all floating rate subordinated notes is calculated by reference to market rates.