RBS 2009 Annual Report Download - page 326

RBS Group Annual Report and Accounts 2009324
Notes on the accounts continued
26 Minority interests Other
ABN AMRO interests Total
£m £m £m
At 1 January 2008 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 financial assets, 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Equity withdrawn (12,571) (1,008) (13,579)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
Currency translation and other adjustments (1,282) (152) (1,434)
(Loss)/profit attributable to minority interests (299) 648 349
Dividends paid — (313) (313)
Gains/(losses) on available-for-sale financial assets, net of tax 133 (336) (203)
Movements in cash flow hedging reserves, net of tax (150) — (150)
Actuarial gains recognised in retirement benefit schemes, net of tax 92 — 92
Equity raised —99
Equity withdrawn (9) (2,436) (2,445)
Transfer to retained earnings — (629) (629)
At 31 December 2009 14,668 2,227 16,895
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. The
distribution to other consortium members of their respective interests is expected in 2010. Other minority interests include trust preferred securities of
£664 million (2008 – £1,821 million; 2007 – £1,821 million) and in prior years RBS China Sarl (2008 – £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withdrawn in respect of ABN AMRO relates to distributions to consortium members.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):
2009 2008 2007
£m £m £m
US$357 million (2008 and 2007 – US$950 million) 5.512% (redeemable September 2014) 198 529 529
US$470 million (2008 and 2007 – US$1,000 million) 3 month US$ LIBOR plus 0.80%
(redeemable September 2014) 261 555 555
166 million (2008 and 2007 – 500 million) 4.243% (redeemable January 2016) 112 337 337
£93 million (2008 and 2007 – £400 million) 5.6457% (redeemable June 2017) 93 400 400
664 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.
The trust preferred securities above were also included in the series of exchange offers and tender offers concluded by the Group in April 2009
(see page 318).