Press Release
Royal Bank of Scotland PLC - Subordinated Debt Instruments
04 September 2009
In the context of ongoing discussions between the UK Government and European Commission about the RBS restructuring plan and the Commission's recent communication on restructuring, which states that, where possible, banks subject to restructuring under State aid rules should not use this aid to remunerate their own equity and subordinated debt, the FSA has objected to RBS calling at this time the following four subordinated debt instruments with call-dates in October 2009:
National Westminster Bank plc securities: Upper Tier 2 securities, EUR 400m, callable 5 October
National Westminster Bank plc securities: Upper Tier 2 securities, EUR 100m, callable 5 October
Royal Bank of Scotland plc securities: Lower Tier 2 securities, AUD 590m, callable 28 October
Royal Bank of Scotland plc securities: Lower Tier 2 securities, AUD 410m, callable 28 October
RBS is therefore not calling these subordinated debt instruments, consistent with their terms and conditions. Further, future decisions on whether or not to call capital instruments will be subject to consultation with the same parties, as well as circumstances (economic or other) prevailing at the time, pending the European Commission's decision on RBS's restructuring plan.
For further information, please contact:
Emete Hassan
Head of Debt Investor Relations
TEL: +44 (0) 20 7672 1758
David O’Loan
Deputy Group Treasurer and Group Head of Capital Management
TEL: +44 (0) 20 3361 1410
Maurice Raichelson
Head of Capital and Funding Strategy
TEL: +44 (0) 20 7085 1575
Neil Moorhouse
Group Media Relations
TEL: +44 (0) 131 523 4414
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