RBS 2011 Annual Report Download - page 431

RBS Group 2011 429
10 Subordinated liabilities continued
2011 2010 2009
Undated loan capital £m £m £m
US$106 million (2010 - US$106 million; 2009 - US$163 million) undated floating rate primary
capital notes (callable on any interest payment date) (1) 69 69 101
US$762 million 7.648% perpetual regulatory tier one securities (callable September 2031) (2) 497 494 473
£940 million floating rate perpetual subordinated loan (issued October 2011) 950 ——
1,516 563 574
Notes:
(1) Partially repurchased following completion of the exchange and tender offers in May 2010.
(2) The company can satisfy interest payment obligations by issuing sufficient ordinary shares to appointed Trustees to enable them, on selling these shares, to settle the interest payment.
2011 2010 2009
Preference shares (1) £m £m £m
Non-cumulative preference shares of US$0.01
Series F US$156 million (2010 - US$156 million; 2009 - US$200 million) 7.65%
(redeemable at option of issuer) (2) 101 101 123
Series H US$242 million (2010 - US$242 million; 2009 - US$300 million) 7.25%
(redeemable at option of issuer) (2) 157 156 185
Series L US$751 million (2010 - US$751 million; 2009 - US$850 million) 5.75%
(redeemable at option of issuer) (2) 485 484 524
Non-cumulative convertible preference shares of US$0.01
Series 1 US$65 million (2010 - US$65 million; 2009 - US$1,000 million) 9.118%
(redeemable at option of issuer) (3) 43 43 630
Non-cumulative convertible preference shares of £0.01
Series 1 £15 million (2010 - £15 million; 2009 - £200 million) 7.387%
(redeemable at option of issuer) (3) 15 15 199
Cumulative preference shares of £1
£0.5 million 11% and £0.4 million 5.5% (non-redeemable) 1 11
802 800 1,662
Notes:
(1) Further details of the contractual terms of the preference shares are given in Note 27 on the consolidated accounts.
(2) Partially repurchased following completion of the exchange and tender offers in May 2010.
(3) Partially converted into ordinary shares in the company in 2010.
11 Share capital
Details of the company’s share capital are set out in Note 27 on the consolidated accounts.