RBS 2013 Annual Report Download - page 462
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Notes on the consolidated accounts
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24 Subordinated liabilities continued
Notes:
(1) On-lent to The Royal Bank of Scotland plc on a subordinated basis
(2) Subordinated notes issued to limited partnerships that have in turn issued partnership preferred securities to trusts that have issued trust preferred securities to investors. On maturity of the notes,
the partnerships are required to reinvest in eligible capital instruments issued by the group. Prior to the implementation of IFRS 10, the limited partnerships and the trusts were consolidated, and the
trust preferred securities included within subordinated liabilities.
(3) Preferred securities in issue are: €391 million RBS Capital Trust A, 6.467% non-cumulative trust preferred securities.
(4) Preferred securities in issue are: US$486 million RBS Capital Trust B, 6.8% non-cumulative trust preferred securities.
(5) Preferred securities in issue are: US$318 million RBS Capital Trust I, 4.709% non-cumulative trust preferred securities.
(6) Preferred securities in issue are: US$394 million RBS Capital Trust II, 6.425% non-cumulative trust preferred securities.
(7) Unconditionally guaranteed by the Royal Bank of Scotland Group plc
(8) Guaranteed by the company. 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.
(9) 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.
(10) Preferred securities in issue are: US$1,285 million Trust Preferred V, 5.9%
(11) Preferred securities in issue are: US$200 million Trust Preferred VI, 6.25%
(12) Preferred securities in issue are: US$1,800 million Trust Preferred VII, 6.08%
(13) 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.
(14) 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.
(15) Interest on all floating rate subordinated notes is calculated by reference to market rates.
Preference shares
Capital 2013 2012 2011
treatment £m £m £m
The Royal Bank of Scotland Group plc (1)
Non-cumulative preference shares of US$0.01
Series F US$156 million 7.65% (callable any time from March 2007) Tier 1 95 97 101
Series H US$242 million 7.25% (callable any time from March 2004) Tier 1 146 150 157
Series L US$751 million 5.75% (callable any time from October 2009) Tier 1 454 465 485
Non-cumulative convertible preference shares of US$0.01
Series 1 US$65 million 9.118% (callable any time from March 2010) Tier 1 40 41 43
Non-cumulative convertible preference shares of £0.01
Series 1 £15 million 7.387% (callable any time from December 2010) Tier 1 15 15 15
Cumulative preference shares of £1
£0.5 million 11% and £0.4 million 5.5% (not callable) Upper Tier 2 1 1 1
National Westminster Bank Plc
Non-cumulative preference shares of £1
Series A £140 million 9% (not callable) Tier 1 143 145 145
Non-cumulative preference shares of US$25
Series C US$246 million 7.7628% (callable quarterly from April 2002) (2) Tier 1 145 161 169
1,039 1,075 1,116
Notes:
(1) Further details of the contractual terms of the preference shares are given in Note 26.
(2) Series C preference shares each carry a gross dividend of 8.625% inclusive of associated tax credit. Redeemable at the option of the issuer at par.