RBS 2010 Annual Report Download - page 358

27 Subordinated liabilities continued
Trust preferred securities
2010 2009 2008
£m £m £m
€391 million (2009 - €391 million; 2008 - €1,250 million) 6.467% (redeemable June 2012) (1,2) 339 362 1,325
US$486 million (2009 - US$486 million; 2008 - US$750 million) 6.8% (perpetual callable September 2009) (1,2) 289 300 514
US$318 million (2009 - US$322 million; 2008 - US$850 million) 4.709% (redeemable July 2013) (1,2,3) 190 196 640
US$394 million (2009 - US$394 million; 2008 - US$650 million) 6.425% (redeemable January 2034) (1,2) 291 280 677
RBS NV and subsidiaries
US$1,285 million 5.90% Trust Preferred V 633 696 760
US$200 million 6.25% Trust Preferred VI 100 107 121
US$1,800 million 6.08% Trust Preferred VII 889 950 1,064
2,731 2,891 5,101
Notes:
(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. Dividends are non-cumulative and may, subject to the restrictions described in (5) below, be paid provided distributable profits are sufficient unless payment would
breach the capital adequacy requirements of the UK Financial Services Authority. Distributions are not made if dividends are not paid on any series of the company’s non-cumulative preference
shares. The company classifies its obligations to these subsidiaries as dated loan capital.
(2) Partially repurchased following completion of the exchange and tender offers in April 2009.
(3) Partially repurchased following completion of the exchange and tender offers in May 2010.
(4) Dividends are non-cumulative. They cannot be declared if RBS Holdings N.V. has not paid dividends on any parity securities. Distributions must be made, subject to the restrictions described in (5)
below, if RBS Holdings N.V. pays a dividend on its ordinary shares or on its parity securities or redeems or repurchases such securities.
(5) The trust preferred securities are subject to restrictions on dividend payments agreed with the European Commission (see Note 29).
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Notes on the accounts continued