RBS 2013 Annual Report Download - page 460
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Notes on the consolidated accounts
458
24 Subordinated liabilities continued
Dated loan capital continued
Capital 2013 2012 2011
treatment £m £m £m
National Westminster Bank Plc
£300 million 7.875% subordinated notes 2015 Lower Tier 2 341 360 371
£300 million 6.5% subordinated notes 2021 Lower Tier 2 373 410 400
Charter One Financial, Inc.
US$400 million 6.375% subordinated notes — — 261
US$350 million 4.150% subordinated notes 2022 Ineligible 211 217 —
First Active plc
£60 million floating rate subordinated bonds 2018 Lower Tier 2 60 63 64
RBS NV and subsidiaries
€
250 million floating rate subordinated notes 2019 Lower Tier 2 221 199 136
€
100 million 5.13% flip flop Bermudan callable subordinated notes
(redeemed July 2013) Lower Tier 2 — 72 78
€
13 million zero coupon subordinated notes (redeemed July 2013) Lower Tier 2 — 11 14
€
170 million floating rate sinkable subordinated notes 2041 Lower Tier 2 167 166 81
€
15 million CMS linked floating rate subordinated notes 2020 Lower Tier 2 12 10 7
€
415 million (2012 and 2011 - €1,500 million) floating rate Bermudan subordinated notes 2015
(callable quarterly from June 2010, partially redeemed June 2013) Lower Tier 2 344 1,215 1,246
€
5 million floating rate Bermudan callable subordinated notes 2015
(callable quarterly from October 2010) Lower Tier 2 4 4 4
US$120 million (2011 - US$165 million) 6.14% subordinated notes 2019 Lower Tier 2 75 75 76
US$72 million 5.98% subordinated notes 2019 Lower Tier 2 36 57 47
US$500 million 4.65% subordinated notes 2018 Lower Tier 2 324 347 354
US$564 million ( 2012 and 2011 - US$1,500 million) floating rate Bermudan subordinated
notes 2015 (callable quarterly from March 2010, partially redeemed March 2013) Lower Tier 2 340 892 930
A
UD575 million floating rate Bermudan subordinated notes 2018
(callable quarterly from May 2013) Lower Tier 2 305 366 378
A
UD175 million floating rate Bermudan subordinated notes 2018
(callable quarterly from May 2013) Lower Tier 2 93 109 111
€
26 million 7.42% subordinated notes 2016 Lower Tier 2 25 25 25
€
7 million 7.38% subordinated notes 2016 Lower Tier 2 7 7 7
US$136 million (2011 - US$250 million) 7.75% fixed rate subordinated notes 2023 Lower Tier 2 83 85 90
US$150 million 7.13% fixed rate subordinated notes 2093 Lower Tier 2 91 94 100
The Royal Bank of Scotland Berhad
MYR200 million 4.15% subordinated notes 2017 (callable annually from June 2012) Ineligible 38 42 42
Non-controlling interests subordinated issues 9 9 20
17,597 20,210 19,654
Notes:
(1) On-lent to The Royal Bank of Scotland plc on a subordinated basis.
(2) Partially repurchased following completion of an exchange offer in March 2012
(3) In the event of certain changes in tax laws, dated loan capital issues may be redeemed in whole, but not in part, at the option of the issuer, at the principal amount thereof plus accrued interest,
subject to prior regulatory approval.
(4) Except as stated above, claims in respect of the Group's dated loan capital are subordinated to the claims of other creditors. None of the Group's dated loan capital is secured.
(5) Interest on all floating rate subordinated notes is calculated by reference to market rates.