HSBC 2007 Annual Report Download - page 179

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Scheme. Options over 420,667 ordinary shares
lapsed.
9. 8,351,649 ordinary shares were issued at prices
ranging from £6.91 to £8.712 per share in
connection with the exercise of options under
the HSBC Holdings Group Share Option Plan.
Options over 8,221,968 ordinary shares lapsed.
HSBC Finance
10. 685,005 ordinary shares were issued at prices
ranging from US$16.66 to US$19.19 per share
in connection with the vesting of Restricted
Stock Rights under HSBC Finance share plans
that have been converted into rights over HSBC
Holdings ordinary shares.
Authority to repurchase ordinary shares
11. At the Annual General Meeting in 2007,
shareholders renewed the authority for the
Company to make market repurchases of
ordinary shares. The authority is to make market
repurchases of up to 1,158,660,000 ordinary
shares. The Directors have not exercised this
authority. In accordance with the terms of a
waiver granted by the Hong Kong Stock
Exchange on 19 December 2005, HSBC
Holdings will comply with the applicable law
and regulation in the UK in relation to the
holding of any shares in treasury and with the
conditions of the waiver, in connection with any
shares it may hold in treasury.
Authority to allot shares
12. At the Annual General Meeting in 2007
shareholders renewed the general authority for
the Directors to allot new shares. The general
authority is to allot up to 2,317,320,000 ordinary
shares, 10,000,000 non-cumulative preference
shares of £0.01 each, 8,550,000 non-cumulative
preference shares of US$0.01 each and
10,000,000 non-cumulative preference shares
of €0.01 each. Within this, the Directors
have authority to allot up to a maximum of
579,330,000 ordinary shares wholly for cash
to persons other than existing shareholders.
Other than as described in paragraphs 1 to 6 and
8 to 10 above, the Directors did not allot any
shares during 2007.
Short-term borrowings
HSBC includes short-term borrowings within
customer accounts, deposits by banks and debt
securities in issue and does not show short-term
borrowings separately on the balance sheet. Short-
term borrowings are defined by the US Securities
and Exchange Commission (‘SEC’) as Federal funds
purchased and securities sold under agreements to
repurchase, commercial paper and other short-term
borrowings. HSBC’s only significant short-term
borrowings are securities sold under agreements to
repurchase and certain debt securities in issue.
Additional information on these is provided in the
tables below.
Year ended 31 December
2007 2006 2005
US$m US$m US$m
Securities sold under agreements to repurchase
Outstanding at 31 December ........................................................................... 140,001 97,139 75,745
Average amount outstanding during the year ................................................. 129,779 102,715 74,143
Maximum quarter-end balance outstanding during the year .......................... 148,601 109,689 78,590
Weighted average interest rate during the year ............................................... 5.4% 4.3% 3.6%
Weighted average interest rate at the year-end ............................................... 4.8% 4.6% 4.0%
Short-term bonds
Outstanding at 31 December ........................................................................... 51,792 37,906 40,642
Average amount outstanding during the year ................................................. 39,153 37,729 31,908
Maximum quarter-end balance outstanding during the year .......................... 51,792 38,907 40,642
Weighted average interest rate during the year ............................................... 7.0% 5.1% 4.6%
Weighted average interest rate at the year-end ............................................... 6.5% 4.8% 3.7%