HSBC 2009 Annual Report Download - page 445

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All the above subsidiaries are included in the HSBC consolidated financial statements.
Details of all HSBC subsidiaries will be annexed to the next Annual Return of HSBC Holdings filed with the UK
Registrar of Companies.
All the above make their financial statements up to 31 December except for HSBC Bank Argentina S.A., whose
financial statements are made up to 30 June annually.
The principal countries of operation are the same as the countries of incorporation except for HSBC Bank Middle
East Limited which operates mainly in the Middle East and HSBC Life (International) Limited which operates
mainly in Hong Kong.
Subsidiaries which experience significant restrictions on their ability to transfer funds to HSBC in the form of
cash dividends or to repay loans and advances
During 2009 and 2008, none of the Group’s subsidiaries experienced significant restrictions on paying dividends or
repaying loans and advances.
Subsidiaries excluding SPEs where HSBC owns less than 50 per cent of the voting rights
Subsidiary
HSBC’s
interest in
equity capital Description of relationship that gives HSBC control
%
2009
HSBC Private Equity Fund 3 .................................. 38.8 HSBC has control under IAS 27 because it is the investment
adviser/manager of the fund and has a significant equity interest.
2008
HSBC Private Equity Fund 3 .................................. 38.8 HSBC has control under IAS 27 because it is the investment
adviser/manager of the fund and has a significant equity interest.
SPEs consolidated by HSBC where HSBC owns less than 50 per cent of the voting rights
Carrying value of total
consolidated assets Nature of SPE
US$bn
2009
Barion Funding Limited ............................................................................................. 4.4 Structured investment conduit
Bryant Park Funding LLC .......................................................................................... 3.8 Conduit
HSBC Affinity Corporation I ..................................................................................... 4.9 Securitisation
HSBC Auto Receivables Corporation ........................................................................ 1.3 Securitisation
HSBC Corporate Money Fund (Euro) ....................................................................... 0.8 Money market fund
HSBC Funding Inc V ................................................................................................. 5.3 Securitisation
HSBC Home Equity Loan Corporation I ................................................................... 3.1 Securitisation
HSBC Home Equity Loan Corporation II .................................................................. 3.3 Securitisation
HSBC Investor Prime Money Market Fund ............................................................... 10.7 Money market fund
HSBC Receivables Funding, Inc I ............................................................................. 5.4 Securitisation
HSBC Receivables Inc Funding II ............................................................................. 1.8 Securitisation
HSBC Sterling Liquidity Fund ................................................................................... 7.5 Money market fund
HSBC US Dollar Liquidity Fund ............................................................................... 23.4 Money market fund
Malachite Funding Limited ........................................................................................ 4.3 Structured investment conduit
Mazarin Funding Limited ........................................................................................... 11.3 Structured investment conduit
Metrix Funding Ltd .................................................................................................... 3.7 Securitisation
Metrix Securities plc ................................................................................................... 4.2 Securitisation
Regency Assets Limited ............................................................................................. 6.8 Conduit
Solitaire Funding Ltd .................................................................................................. 12.8 Conduit
Turquoise Receivable Trustee Ltd ............................................................................. 0.5 Securitisation
In addition to the above, HSBC consolidates a number of individually insignificant SPEs with total assets of
US$12.1 billion. For further details, see ‘Special Purpose Entities’ on page 181.