Barclays 2007 Annual Report Download - page 203

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Financial statements
Barclays PLC Annual Report 2007 201
27 Subordinated liabilities (continued)
j These Notes bear a fixed rate of interest until 2017. After that date, in the event that the Notes are not redeemed, the coupon will be reset to a fixed
margin over a reference gilt rate for a further period of five years.
k These Notes bear a fixed rate of interest until 2027. After that date, in the event that the Notes are not redeemed, the coupon will be reset to a fixed
margin over a reference gilt rate for a further period of five years.
l These Notes bear a fixed rate of interest until 2009. After that date, in the event that the Notes are not redeemed, the Notes will bear interest at rates
fixed periodically in advance based on European interbank rates.
m These Loans bear a fixed rate of interest until 2028 based on a US Dollar principal amount, but the interest payments have been swapped, resulting in
a Yen interest rate payable, which is fixed periodically in advance based on London interbank rates. After that date, in the event that the Loans are not
redeemed, the Loans will bear Yen interest rates fixed periodically in advance, based on London interbank rates.
n These RCIs bear a fixed rate of interest until 2019. After that date, in the event that the RCIs are not redeemed, the RCIs will bear interest at rates fixed
periodically in advance, based on London interbank rates.
o These RCIs bear a fixed rate of interest until 2017. After that date, in the event that the RCIs are not redeemed, the RCIs will bear interest at rates fixed
periodically in advance, based on London interbank rates.
The Bank is not obliged to make a payment of interest on its Undated Notes and Loans excluding the 9.25% Perpetual Subordinated Bonds if, in the
preceding six months, a dividend has not been declared or paid on any class of shares of Barclays PLC or, in certain cases, any class of preference shares of
the Bank. The Bank is not obliged to make a payment of interest on its 9.25% Perpetual Subordinated Bonds if, in the immediately preceding 12 months
interest period, a dividend has not been paid on any class of its share capital. Interest not so paid becomes payable in each case if such a dividend is
subsequently paid or in certain other circumstances. During the year, the Bank declared and paid dividends on its ordinary shares and on all classes of
preference shares.
No payment of principal or any interest may be made unless the Bank satisfies a specified solvency test.
The Bank may elect to defer any payment of interest on the RCIs (b, c, n and o above). Any such deferred payment of interest must be paid on the earlier of
(i) the date of redemption of the RCIs, and (ii) the coupon payment date falling on or nearest to the tenth anniversary of the date of deferral of such
payment. Whilst such deferral is continuing, neither the Bank nor Barclays PLC may declare or pay a dividend, subject to certain exceptions, on any of its
ordinary shares or Preference Shares.
The Bank may elect to defer any payment of interest on the TONs if it determines that it is, or such payment would result in it being, in non-compliance
with capital adequacy requirements and policies of the FSA. Any such deferred payment of interest will only be payable on a redemption of the TONs. Until
such time as the Bank next makes a payment of interest on the TONs, neither the Bank nor Barclays PLC may (i) declare or pay a dividend, subject to
certain exceptions, on any of their respective ordinary shares or Preference Shares, or make payments of interest in respect of the Bank’s Reserve Capital
Instruments and (ii) certain restrictions on the redemption, purchase or reduction of their respective share capital and certain other securities also apply.
Repayment
Notes
p These TONs are repayable, at the option of the Bank, in whole on any coupon payment date falling in or after June 2032.
q These RCIs are repayable, at the option of the Bank, in whole on any coupon payment date falling in or after December 2036.
r These RCIs are repayable, at the option of the Bank, in whole on any coupon payment date falling in or after December 2016.
s These Notes are repayable, at the option of the Bank, in whole or in part on any interest payment date.
t These Notes are repayable, at the option of the Bank, in whole on any interest payment date.
u These Notes are repayable, at the option of the Bank, in whole in 2008, or on any fifth anniversary thereafter.
v These Bonds are repayable, at the option of the Bank, in whole in 2021, or on any fifth anniversary thereafter.
w These Bonds are repayable, at the option of the Bank, in whole at any time.
x These Notes are repayable, at the option of the Bank, in whole in 2020, or on any fifth anniversary thereafter.
y These Notes are repayable, at the option of the Bank, in whole in 2015, or on any fifth anniversary thereafter.
z These Notes are repayable, at the option of the Bank, in whole in 2017, or on any fifth anniversary thereafter.
aa These Notes are repayable at the option of the Bank, in whole in 2027, or on any fifth anniversary thereafter.
ab These Notes are repayable, at the option of the Bank, in whole in 2009, or on any fifth anniversary thereafter.
ac These Loans are repayable, at the option of the Bank, in whole in 2028, or on any fifth anniversary thereafter.
ad These RCIs are repayable at the option of the Bank, in whole on any coupon payment date falling in or after December 2019.
ae These RCIs are repayable at the option of the Bank, in whole on any coupon payment date falling in or after December 2017.
In addition, each issue of undated loan capital is repayable, at the option of the Bank, in whole for certain tax reasons, either at any time, or on an interest
payment date. There are no events of default except non-payment of principal or mandatory interest.
Any repayments require the prior notification to the FSA.
All issues of undated loan capital have been made in the eurocurrency market and/or under Rule 144A, and no issues have been registered under the US
Securities Act of 1933.