RBS 2012 Annual Report Download - page 440

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Notes on the consolidated accounts continued
24 Subordinated liabilities continued
Undated loan capital
2012 2011 2010
Capital
treatment £m £m £m
The Royal Bank of Scotland Group plc
US$106 million undated floating rate primary capital notes
(callable semi-annually from December 1990) (1,2) Upper Tier 2 66 69 69
US$762 million 7.648% perpetual regulatory (callable quarterly from September 2031) (1,3,4) Tier 1 477 497 494
The Royal Bank of Scotland plc
£31 million 7.375% undated subordinated notes Upper Tier 2 31 31 31
£51 million 6.25% undated subordinated notes (callable every five years from December 2012) (1) Upper Tier 2 51 53 55
£56 million 6% undated subordinated notes (callable every five years from September 2014) (1) Upper Tier 2 61 62 61
€176 million 5.125% undated subordinated notes (callable quarterly from July 2014) (1) Upper Tier 2 155 161 166
€170 million floating rate undated subordinated notes (callable quarterly from July 2014) (1) Upper Tier 2 138 141 145
£54 million 5.125% undated subordinated notes (callable every five years from March 2016) (1) Upper Tier 2 61 61 58
£35 million 5.5% undated subordinated notes (callable every five years from December 2019) (1) Upper Tier 2 39 37 35
£21 million 6.2% undated subordinated notes (callable every five years from March 2022) (1) Upper Tier 2 46 45 43
£103 million 9.5% undated subordinated bonds (callable every five years from August 2018) (1,4) Upper Tier 2 137 137 130
£16 million (2011 and 2010 - £22 million) 5.625% undated subordinated notes
(callable every five years from September 2026) (1) Upper Tier 2 24 23 21
£19 million 5.625% undated subordinated notes (callable every five years from June 2032) (1) Upper Tier 2 13 13 20
£1 million floating rate undated subordinated notes (callable semi-annually from March 2011) (1) Upper Tier 2 1 12
CAD474 million 5.37% fixed rate undated subordinated notes (callable quarterly from May 2016) (1) Upper Tier 2 328 347 340
National Westminster Bank Plc
US$193 million primary capital floating rate notes, Series A (callable semi-annually from July 1990) (1) Upper Tier 2 119 124 124
US$229 million primary capital floating rate notes, Series B (callable semi-annually from August 1990) (1) Upper Tier 2 142 148 148
US$285 million primary capital floating rate notes, Series C (callable quarterly from November 1990) (1) Upper Tier 2 177 184 184
€178 million 6.625% fixed/floating rate undated subordinated notes (callable quarterly from October 2009) Upper Tier 2 146 150 154
€10 million floating rate undated step-up notes (callable quarterly from October 2009) Upper Tier 2 9 99
£87 million floating undated subordinated step-up notes (callable every five years from January 2010) (1) Upper Tier 2 92 91 89
£53 million 7.125% undated subordinated step-up notes (callable every five years from October 2022) (1) Upper Tier 2 55 56 54
£35 million 11.5% undated subordinated notes (callable any time from December 2022) (1,2,5) Upper Tier 2 38 42 42
First Active plc
£20 million 11.75% perpetual Lower Tier 2 25 26 26
€38 million 11.375% perpetual Lower Tier 2 46 48 50
£1.3 million floating rate perpetual Lower Tier 2 2 2 2
2,479 2,558 2,552
Notes:
(1) Partially repurchased following completion of the exchange and tender offers in May 2010.
(2) On-lent to The Royal Bank of Scotland plc on a subordinated basis
(3) 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.
(4) Guaranteed by the company.
(5) Exchangeable at the option of the issuer into 8.392% (gross) non-cumulative preference shares of £1 each of National Westminster Bank Plc at any time.
(6) Except as stated above, claims in respect of the Group's undated loan capital are subordinated to the claims of other creditors. None of the Group's undated loan capital is secured.
(7) In the event of certain changes in tax laws, undated loan capital issues may be redeemed in whole, but not in part, at the option of the Group, at the principal amount thereof plus accrued interest,
subject to prior regulatory approval.
(8) Interest on all floating rate subordinated notes is calculated by reference to market rates.