RBS 2012 Annual Report Download - page 486

10 Subordinated liabilities continued
2012 2011 2010
Undated loan capital £m £m £m
US$106 million undated floating rate primary capital notes (callable semi-annually from December 1990) (1) 66 69 69
US$762 million 7.648% perpetual regulatory tier one securities (callable quarterly from September 2031) (2) 477 497 494
£940 million floating rate perpetual subordinated loan 1,004 950 —
US$150 million 8.000% perpetual subordinated loan (issued April 2012) 98 — —
US$136 million 7.750% perpetual subordinated loan (issued April 2012) (callable on any date from May 2023) 88 — —
£200 million floating rate perpetual subordinated loan (issued June 2012) 209 — —
£885 million floating rate perpetual subordinated loan (issued September 2012) 904 — —
£100 million floating rate perpetual subordinated loan (issued December 2012) 100 — —
2,946 1,516 563
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.
2012 2011 2010
Preference shares (1) £m £m £m
Non-cumulative preference shares of US$0.01
Series F US$156 million 7.65% (callable anytime from March 2007) (2) 97 101 101
Series H US$242 million 7.25% (callable anytime from March 2004) (2) 150 157 156
Series L US$751 million 5.75% (callable anytime from October 2009) (2) 465
485 484
Non-cumulative convertible preference shares of US$0.01
Series 1 US$65 million 9.118% (callable anytime from March 2010) (3) 41 43 43
Non-cumulative convertible preference shares of £0.01
Series 1 £15 million 7.387% (callable anytime from December 2010) (3) 15 1515
Cumulative preference shares of £1
£0.5 million 11% and £0.4 million 5.5% (not callable) 1 11
769 802 800
Notes:
(1) Further details of the contractual terms of the preference shares are given in Note 26 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 26 on the consolidated accounts.
484
Parent company financial statements and notes continued