RBS 2011 Annual Report Download - page 391

RBS Group 2011 389
Trust preferred securities
2011 2010 2009
£m £m £m
€391 million 6.467% (redeemable June 2012) (1,2) 340 339 362
US$486 million (2010 and 2009 - US$486 million) 6.8%
(perpetual callable September 2009) (1,2) 309 289 300
US$318 million (2010 - US$318 million; 2009 - US$322 million) 4.709%
(redeemable July 2013) (1,2,3) 210 190 196
US$394 million 6.425% (redeemable January 2034) (1,2) 382
291 280
RBS NV and subsidiaries (4)
US$1,285 million 5.90% Trust Preferred V 684 633 696
US$200 million 6.25% Trust Preferred VI 108 100 107
US$1,800 million 6.08% Trust Preferred VII 958 889 950
2,991 2,731 2,891
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 page 383).