HSBC 2008 Annual Report Download - page 433

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These transactions are conducted under terms that are usual and customary to collateralised transactions, including,
where relevant, standard securities lending and repurchase agreements.
Collateral accepted as security for assets
The fair value of assets accepted as collateral that HSBC is permitted to sell or repledge in the absence of default is
US$225,748 million (2007: US$329,893 million). The fair value of any such collateral that has been sold or
repledged was US$159,256 million (2007: US$212,956 million). HSBC is obliged to return equivalent securities.
These transactions are conducted under terms that are usual and customary to standard securities borrowing and
reverse repurchase agreements.
36 Minority interests
2008 2007
US$m US$m
Minority interests attributable to holders of ordinary shares in subsidiaries .................................... 4,227 4,775
Preference shares issued by subsidiaries ........................................................................................... 2,411 2,481
6,638 7,256
Preference shares issued by subsidiaries
2008 2007
US$m US$m
US$575m 6.36% non-cumulative preferred stock, Series B1 .................................................. 559 559
US$518m Floating rate non-cumulative preferred stock, Series F2 ........................................ 518 518
US$374m Floating rate non-cumulative preferred stock, Series G3......................................... 374 374
US$374m 6.50% non-cumulative preferred stock, Series H3 .................................................. 374 374
CAD175m Non-cumulative redeemable class 1 preferred shares, Series C4............................. 143 178
CAD175m Non-cumulative class 1 preferred shares, Series D4 ............................................... 143 178
US$150m Depositary shares each representing 25% interest in a share of
adjustable-rate cumulative preferred stock, Series D5 ........................................ 150 150
US$150m Cumulative preferred stock6 .................................................................................... 150 150
2,411 2,481
1 The Series B preferred stock is redeemable at the option of HSBC Finance Corporation, in whole or in part, from 24 June 2010 at par.
2 The Series F preferred stock is redeemable at par at the option of HSBC USA Inc., in whole or in part, on any dividend payment date on
or after 7 April 2010.
3 The Series G and Series H preferred stock are redeemable at par at the option of HSBC USA Inc., in whole or in part, at any time from
1 January 2011 and 1 July 2011, respectively.
4 The Series C and Series D preferred stock are redeemable at a declining premium above par at the option of HSBC Bank Canada, in
whole or in part, from 30 June 2010 and 31 December 2010, respectively.
5 The preferred stock has been redeemable at the option of HSBC USA Inc., in whole or in part, from 1 July 1999 at par.
6 The preferred stock has been redeemable at the option of HSBC USA Inc., in whole or in part, from 1 October 2007 at par.
All redemptions are subject to prior notification to the Financial Services Authority and, where relevant, the local
banking regulator.
37 Called up share capital and other equity instruments
Authorised
At 31 December 2008 and 2007, the authorised ordinary share capital of HSBC Holdings was US$7,500 million
divided into 15,000 million ordinary shares of US$0.50 each.
At 31 December 2008 and 2007, the authorised preference share capital of HSBC Holdings was 10 million non-
cumulative preference shares of £0.01 each, 10 million non-cumulative preference shares of US$0.01 each, and
10 million non-cumulative preference shares of €0.01 each.
At 31 December 2008 and 2007, the authorised non-voting deferred share capital of HSBC Holdings was £301,500
divided into 301,500 non-voting deferred shares of £1 each.