RBS 2011 Annual Report Download - page 412

410 RBS Group 2011
35 Interest received and paid
2011
£m
2010
£m
2009
£m
Interest received 21,777 23,571 36,396
Interest paid (8,629) (9,823) (21,224)
13,148 13,748 15,172
36 Analysis of changes in financing during the year
Share capital,
share premium, paid-in equity
and merger reserve Subordinated liabilities
2011
£m
2010
£m
2009
£m
2011
£m
2010
£m
2009
£m
At 1 January 52,750 64,240 49,323 27,053 37,652 49,154
Issue of ordinary shares 2 1— —— —
Redemption of preference shares — 117 (5,000) —— —
Placing and open offer — — 5,274 —— —
Issue of B shares — — 25,101 —— —
Redemption of paid-in equity — (132) (308) —— —
Cancellation of non-voting deferred shares — (27) — —— —
Issue of subordinated liabilities — —— —— 2,309
Repayment of subordinated liabilities — —— (627) (1,588) (5,145)
Net cash inflow/(outflow) from financing 2 (41) 25,067 (627) (1,588) (2,836)
Transfer to retained earnings (50) (12,252) (10,150) —— —
Other adjustments including foreign exchange (1) 270
803 — (107) (9,011) (8,666)
At 31 December 52,972 52,750 64,240 26,319 27,053 37,652
Note:
(1) The subordinated liabilities adjustment in 2010 includes £6.1 billion relating to the disposal of RFS Holdings minority interest.
37 Analysis of cash and cash equivalents
2011
£m
2010
£m
2009
£m
At 1 January
-cash 102,573 95,330 72,425
- cash equivalents 49,957 48,856 62,500
152,530 144,186 134,925
Disposal of subsidiaries —(4,112) —
Net cash inflow 125 12,456 9,261
At 31 December 152,655 152,530 144,186
Comprising:
Cash and balances at central banks 79,269 56,590 51,811
Treasury bills and debt securities 3,172 5,672 15,818
Loans and advances to banks 70,214 90,268 76,557
Cash and cash equivalents 152,655 152,530 144,186
Certain subsidiary undertakings are required to maintain balances with the Bank of England which, at 31 December 2011, amounted to £415 million
(2010 - £424 million; 2009 - £450 million). Certain subsidiary undertakings are required by law to maintain reserve balances with the Federal Reserve
Bank in the US. Such reserve balances were $1.2 billion at 31 December 2011 (2010 and 2009 - $1.0 billion). RBS NV had mandatory reserve deposits
of €1 billion at 31 December 2011 (2010 - €1 billion; 2009 - €6 billion).
Notes on the consolidated accounts continued