RBS 2011 Annual Report Download - page 392

390 RBS Group 2011
Notes on the consolidated accounts continued
26 Non-controlling interests
ABN
AMRO
Other
interests Total
£m £m £m
At 1 January 2010 14,668 2,227 16,895
Currency translation and other adjustments (529) 63 (466)
(Loss)/profit attributable to non-controlling interests
- continuing operations (121) 61 (60)
- discontinued operations (605) — (605)
Dividends paid (4,028) (172) (4,200)
Losses on available-for-sale financial assets, net of tax (21) — (21)
Movements in cash flow hedging reserves, net of tax 955 — 955
Equity raised 501 58 559
Equity withdrawn and disposals (10,525) (773) (11,298)
Transfer to retained earnings — (40) (40)
At 1 January 2011 295 1,424 1,719
Currency translation and other adjustments (20) (34) (54)
Profit/(loss) attributable to non-controlling interests
- continuing operations (7) (7) (14)
- discontinued operations 42 — 42
Dividends paid — (40) (40)
Losses on available-for-sale financial assets, net of tax 2 — 2
Equity withdrawn and disposals (29) (392) (421)
At 31 December 2011 283 951 1,234
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 agreed to acquire. The
distribution to other Consortium Members of their respective interests occurred in 2010. Equity withdrawn in respect of ABN AMRO in 2010 relates to
distributions to Consortium Members.
Other non-controlling interests include the following trust preferred securities:
2011 2010 2009
£m £m £m
US$357 million 5.512% (redeemable September 2014) (1) 198 198 198
US$276 million (2010 - US$276 million; 2009 - US$470 million) 3 month US$ LIBOR plus 0.80%
(redeemable September 2014) (1,2) 153 153 261
€166 million 4.243% (redeemable January 2016) (1) 112
112 112
£93 million 5.6457% (redeemable June 2017) (1) 93 93 93
556 556 664
Notes:
(1) Partially repurchased following completion of the exchange and tender offers in April 2009.
(2) Partially repurchased following completion of the exchange and tender offers in May 2010.
(3) 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. Dividends are non-cumulative and discretionary. 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.
(4) The trust preferred securities are subject to restrictions on dividend payments agreed with the European Commission (see page 383).