Barclays 2011 Annual Report Download - page 253

Capital instruments, equity and reserves
This section details information about the Group’s loan capital and shareholders equity
including issued share capital, retained earnings, other equity balances and interests of minority
shareholders in our subsidiary entities (non-controlling interests). For more information on capital
and the management of capital and how the Group maintains sufficient capital to meet our
regulatory requirements see pages 130 to 138.
33 Subordinated liabilities
Accounting for subordinated debt
Subordinated debt is measured at amortised cost using the effective interest method under IAS 39. See Net interest income (Note 3).
Subordinated liabilities include accrued interest and comprise dated and undated loan capital as follows:
2011
£m
2010
£m
Undated loan capital 6,741 9,094
Dated loan capital 18,129 19,405
Total subordinated liabilities 24,870 28,499
None of the Group’s loan capital is secured. Regulatory capital differs from the amounts recorded in the balance sheet due to FSA requirements relating
to: capital eligibility criteria; amortisation of principal in the final five years to maturity; and the exclusion of the impact of fair value hedging.
Undated loan capital Subordinated liability
per balance sheet Regulatory capital
Initial call date
2011
£m
2010
£m
2011
£m
2010
£m
Barclays Bank PLC
Tier One Notes (TONs)
6% Callable Perpetual Core Tier One Notes 2032 103 453 90 400
6.86% Callable Perpetual Core Tier One Notes (US$1,000m) 2032 753 866 440 646
Reserve Capital Instruments (RCIs)
5.926% Step-up Callable Perpetual Reserve Capital Instruments
(US$1,350m) 2016 414 1,010 343 866
6.3688% Step-up Callable Perpetual Reserve Capital Instruments 2019 122 608 217 803
7.434% Step-up Callable Perpetual Reserve Capital Instruments
(US$1,250m) 2017 273 950 95 500
14% Step-up Callable Perpetual Reserve Capital Instruments 2019 3,210 2,887 2,155 2,144
5.3304% Step-up Callable Perpetual Reserve Capital Instruments 2036 120 599 85 500
Total Tier 1 capital instruments included in subordinated liabilities 4,995 7,373 3,425 5,859
Undated Notes
6.875% Undated Subordinated Notes 2015 158 156 135 135
6.375% Undated Subordinated Notes 2017 157 150 133 133
7.7% Undated Subordinated Notes (US$99m) 2018 75 69 64 64
8.25% Undated Subordinated Notes 2018 166 156 140 140
7.125% Undated Subordinated Notes 2020 214 190 158 158
6.125% Undated Subordinated Notes 2027 233 234 196 196
Junior Undated Floating Rate Notes (US$121m)
Any interest payment date 78 78 139 139
Undated Floating Rate Primary Capital Notes Series 3 Any interest payment date 146 145 145 145
Bonds
9.25% Perpetual Subordinated Bonds (ex-Woolwich PLC) 2021 99 96 75 75
9% Permanent Interest Bearing Capital Bonds At any time 46 41 40 40
Loans
5.03% Reverse Dual Currency Undated Subordinated Loan
(Yen 8,000m) 2028 53 70 66 63
5% Reverse Dual Currency Undated Subordinated Loan (Yen 12,000m) 2028 82 104 100 95
Barclays SLCSM Funding B.V. guaranteed by the Bank
6.140% Fixed Rate Guaranteed Perpetual Subordinated Notes 2015 239 232 264 264
Total undated loan capital 6,741 9,094 5,080 7,506
Barclays PLC Annual Report 2011 www.barclays.com/annualreport 251
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