Barclays 2008 Annual Report Download - page 230

228 Barclays PLC Annual Report 2008 |Find out more at www.barclays.com/annualreport08
27Subordinated liabilities
Subordinated liabilities comprise dated and undated loan capital as follows:
2008 2007
£m £m
Undated loan capital (a) 13,673 6,631
Dated loan capital (b) 16,169 11,519
29,842 18,150
(a) Undated loan capital
2008 2007
Notes £m £m
Non-convertible
The Bank
6% Callable Perpetual Core Tier One Notes a,q 487 392
6.86% Callable Perpetual Core Tier One Notes (US$1,000m) a,q 1,118 624
5.3304% Step-up Callable Perpetual Reserve Capital Instruments b,r 652 520
5.926% Step-up Callable Perpetual Reserve Capital Instruments (US$1,350m) c,s 1,109 708
6.3688% Step-up Callable Perpetual Reserve Capital Instruments n,ae 600 526
7.434% Step-up Callable Perpetual Reserve Capital Instruments (US$1,250m) o,af 1,055 660
14% Step-up Callable Perpetual Reserve Capital Instruments e,t 2,514 –
Junior Undated Floating Rate Notes (US$121m) d,u 83 61
7.7% Undated Subordinated Notes (US$2,000m) p,ah 1,644 –
Undated Floating Rate Primary Capital Notes Series 3 d,v 147 147
9.875% Undated Subordinated Notes –319
9.25% Perpetual Subordinated Bonds (ex-Woolwich plc) f,w 232 171
9% Permanent Interest Bearing Capital Bonds g,x 120 102
8.25% Undated Subordinated Notes p,ag 1,092 –
7.125% Undated Subordinated Notes h,y 620 535
6.875% Undated Subordinated Notes i,z 729 657
6.375% Undated Subordinated Notes j,aa 526 482
6.125% Undated Subordinated Notes k,ab 666 560
6.5% Undated Subordinated Notes (FFr 1,000m) l,ac 151 115
5.03% Reverse Dual Currency Undated Subordinated Loan (Yen 8,000m) m,ad 51 21
5% Reverse Dual Currency Undated Subordinated Loan (Yen 12,000m) m,ad 77 31
Undated loan capital – non-convertible 13,673 6,631
Security and subordination
None of the undated loan capital of the Bank is secured.
The Junior Undated Floating Rate Notes (the ‘Junior Notes’) rank behind the claims against the Bank of depositors and other unsecured unsubordinated
creditors and holders of dated loan capital.
All other issues of the Bank’s undated loan capital rank pari passu with each other and behind the claims of the holders of the Junior Notes, except for the
6% and 6.86% Callable Perpetual Core Tier One Notes (the ‘TONs’) and the 5.3304%, 5.926%, 6.3688%, 7.434% and 14% Step-up Callable Perpetual
Reserve Capital Instruments (the ‘RCIs’) (such issues, excluding the TONs and the RCIs, being the ‘Undated Notes and Loans’).
The TONs and the RCIs rank pari passu with each other and behind the claims of the holders of the Undated Notes and Loans.
Interest
Notes
a These TONs bear a fixed rate of interest until 2032. After that date, in the event that the TONs are not redeemed, the TONs will bear interest at rates
fixed periodically in advance, based on London interbank rates.
b These RCIs bear a fixed rate of interest until 2036. 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.
c These RCIs bear a fixed rate of interest until 2016. 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.
d These Notes bear interest at rates fixed periodically in advance, based on London interbank rates.
e 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.
f These Bonds bear a fixed rate of interest until 2021. After that date, in the event that the Bonds are not redeemed, the coupon will be reset to a fixed
margin over a reference gilt rate for a further period of five years.
g The interest rate on these Bonds is fixed for the life of this issue.
h These Notes bear a fixed rate of interest until 2020. 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.
i These Notes bear a fixed rate of interest until 2015. 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.
Notes to the accounts
For the year ended 31st December 2008