Barclays 2007 Annual Report Download - page 206

Notes to the accounts
For the year ended 31st December 2007
204 Barclays PLC Annual Report 2007
27 Subordinated liabilities (continued)
The 7.4% Subordinated Notes 2009 (the ‘7.4% Notes’) issued by the Bank have been registered under the US Securities Act of 1933. All other issues of
dated loan capital by the Bank, Barclays Spain, BBG, BBB, Barclays Zambia, Barclays Kenya and Absa, which were made in non-US markets, have not been
so registered. With respect to the 7.4% Notes, the Bank is not obliged to make (i) a payment of interest on any interest payment date unless a dividend is
paid on any class of share capital and (ii) a payment of principal until six months after the respective maturity date with respect to such Notes.
Repayment terms
Unless otherwise indicated, the Group’s dated loan capital outstanding at 31st December 2007 is redeemable only on maturity, subject in particular
cases, to provisions allowing an early redemption in the event of certain changes in tax law or, in the case of BBB and Barclays Zambia to certain changes
in legislation or regulations.
Any repayments prior to maturity require in the case of the Bank, the prior notification to the FSA, in the case of BBB, the prior approval of the Bank of
Botswana, in the case of Barclays Zambia, the prior approval of the Bank of Zambia, and in the case of Absa, the prior approval of the South African
Registrar of Banks.
There are no committed facilities in existence at the balance sheet date which permit the refinancing of debt beyond the date of maturity.
28 Provisions
Undrawn
contractually
committed
facilities
Redundancy and
Onerous and re- guarantees Sundry
contracts structuring provided provisions Total
£m £m £m £m £m
At 1st January 2007 71 102 46 243 462
Acquisitions and disposals of subsidiaries 1 (2) –7473
Exchange ––8513
Additions 18 117 560 121 816
Amounts used (25) (117) (113) (60) (315)
Unused amounts reversed (5) (18) (26) (174) (223)
Amortisation of discount 4–––4
At 31st December 2007 64 82 475 209 830
At 1st January 2006 79 74 55 309 517
Exchange (2) 2 – (16) (16)
Additions 45 180 35 159 419
Amounts used (53) (133) (9) (94) (289)
Unused amounts reversed (2) (21) (35) (115) (173)
Amortisation of discount 4 – – – 4
At 31st December 2006 71 102 46 243 462
Provisions expected to be recovered or settled within no more than 12 months after 31st December 2007 were £645m (2006: £388m).
Sundry provisions are made with respect to commission clawbacks, warranties and litigation claims.
Undrawn contractually committed facilities and guarantees provided includes £360m (2006: £nil) provision against undrawn facilities on ABS CDO
Super Senior positions.