RBS 2011 Annual Report Download - page 388

386 RBS Group 2011
25 Subordinated liabilities continued
2011 2010 2009
£m £m £m
First Active plc
£60 million 6.375% subordinated bonds 2018 (callable April 2013) 64 66 66
RBS NV and subsidiaries
€250 million 4.70% CMS linked subordinated notes 2019 136 181 189
€800 million 6.25% fixed rate subordinated notes 2010 — — 733
€100 million 5.13% flip flop Bermudan callable subordinated notes 2017 (callable December 2012) 78 69 84
€500 million floating rate Bermudan callable subordinated lower tier 2 notes 2018 (3) —
— 426
€1,000 million floating rate Bermudan callable subordinated lower tier 2 notes 2016 (3) —— 862
€13 million zero coupon subordinated notes 2029 14 94
€82 million floating rate subordinated notes 2017 (3) — —68
€103 million floating rate subordinated lower tier 2 notes 2020 (3) —— 83
€170 million floating rate sinkable subordinated notes 2041 81 240 190
€15 million CMS linked floating rate subordinated lower tier 2 notes 2020 7 10 10
€1,500 million floating rate Bermudan callable subordinated lower tier 2 notes 2015 (callable March 2012) 1,246 1,283 1,326
€5 million floating rate Bermudan callable subordinated lower tier 2 notes 2015 (callable January 2012) 4 44
€65 million floating rate Bermudan callable subordinated lower tier 2 notes 2015 (3) —
— 58
US$165 million 6.14% subordinated notes 2019 76 104 132
US$72 million 5.98% subordinated notes 2019 47 42 34
US$500 million 4.65% subordinated notes 2018 354 326 293
US$1,500 million floating rate Bermudan callable subordinated notes 2015 (callable March 2012) 930 927 887
US$100 million floating rate Bermudan callable subordinated lower tier 2 notes 2015 (3) —
— 62
US$36 million floating rate Bermudan callable subordinated lower tier 2 notes 2015 (3) —
— 22
US$1,000 million floating rate Bermudan callable subordinated lower tier 2 notes 2017 (3) —— 598
AUD575 million 6.50% Bermudan callable subordinated lower tier 2 notes 2018 (callable May 2013) 378 371 318
AUD175 million floating rate Bermudan callable subordinated lower tier 2 notes 2018 (callable May 2013) 111 111 93
€26 million 7.42% subordinated notes 2016 25 26 27
€7 million 7.38% subordinated notes 2016 777
£42 million amortising MTN subordinated lower tier 2 notes 2010 — —7
£25 million amortising MTN subordinated lower tier 2 notes 2011 (redeemed January 2011) — 38
£750 million 5% fixed rate Bermudan callable subordinated upper tier 2 notes 2016 (3) —
— 727
US$136 million (2010 and 2009 - US$250 million) 7.75% fixed rate subordinated notes 2023 90 163 155
US$150 million 7.13% fixed rate subordinated notes 2093 100 98 93
MYR200 million 4.15% subordinated notes 2017 42 42 36
Non-controlling interests subordinated issues 20 20 12
19,654 20,658 24,597
Notes:
(1) On-lent to The Royal Bank of Scotland plc on a subordinated basis.
(2) Unconditionally guaranteed by the company.
(3) Transferred to the Dutch State on legal separation of ABN AMRO Holding N.V. in 2010.
(4) In the event of certain changes in tax laws, dated loan capital issues may be redeemed in whole, but not in part, at the option of the issuer, at the principal amount thereof plus accrued interest,
subject to prior regulatory approval.
(5) Except as stated above, claims in respect of the Group's dated loan capital are subordinated to the claims of other creditors. None of the Group's dated loan capital is secured.
(6) Interest on all floating rate subordinated notes is calculated by reference to market rates.
Notes on the consolidated accounts continued