RBS 2015 Annual Report Download - page 52

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Estimated LAC position
£’bn LAC value Regulatory
Value Par Value
Common Equity Tier 1 Capital 37.6 37.6 37.6
Tier 1 Capital: End point CRR compliant AT1 2.0 2.0 2.0
o/w RBS Group Plc (HoldCo) 2.0 2.0 2.0
o/w RBS Operating Subsidiaries (OpCo's) - - -
Tier 1 Capital: End point CRR non-compliant 4.9 8.4 8.5
o/w HoldCo 4.6 5.9 6.0
o/w OpCos 0.3 2.5 2.5
Tier 2 Capital: End point CRR compliant 9.9 9.5 10.9
o/w HoldCo 4.4 5.7 5.8
o/w OpCos 5.5 3.8 5.1
Tier 2 Capital: End point CRR non-compliant 3.0 3.2 3.6
o/w HoldCo 0.1 0.2 0.3
o/w OpCos 2.9 3.0 3.3
Senior unsecured debt securities 2.9 - 22.6
o/w HoldCo 2.9 - 4.9
o/w OpCos - - 17.7
Total LAC 60.3 60.7 85.2
LAC as a ratio of RWAs 24.9%
FY 2015 Estimated Loss Absorbing Capital (“LAC”) position
(1) ‘LAC value’ reflects RBS’s interpretation of the 9 November 2015 FSB Term Sheet on TLAC and the BoE’s consultation on their approach to setting MREL, published on 11 December 2015. MREL policy and requirements
remain subject to further consultation, as such RBS estimated position remain subject to change. Liabilities excluded from LAC include instruments with less than one year remaining to maturity, structured debt, operating company
senior debt, and other instruments that do not meet the TLAC/MREL criteria. (2) Regulatory capital instruments issued from operating companies are included in the transitional LAC calculation, to the extent they meet the
TLAC/MREL criteria.(3) Regulatory amounts reported for Additional Tier 1, Tier 1 and Tier 2 instruments are before grandfathering restrictions imposed by CRR.(4) Par value reflects the nominal value of securities issued.
(5) Corresponding shareholders’ equity was £53.4bn.
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