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15. Investments in Group undertakings

Investments in Group undertakings are carried at cost less impairment. Movements during the year were as follows:

Company
2006
£m		 Company
2005
£m
At 1 January 20,851 21,900
Implementation of IAS 32 and IAS 39 on 1 January 2005 — (4,004)
Currency translation and other adjustments (164) (6)
Additions 1,097 2,961
At 31 December 21,784 20,851
Banks 17,785 16,833
Other 3,999 4,018

The principal subsidiary undertakings of the company are shown below. Their capital consists of ordinary and preference shares which are unlisted with the exception of certain preference shares issued by NatWest. The Royal Bank of Scotland plc and RBS Insurance Group Limited are directly owned by the company, and all of the other subsidiary undertakings are wholly owned directly, or indirectly through intermediate holding companies, by these companies. All of these subsidiaries are included in the Group’s consolidated financial statements and have an accounting reference date of 31 December.

Nature of
business		 Country of
incorporation
and principal
area of operation
The Royal Bank of Scotland plc Banking Great Britain
National Westminster Bank Plc(1) Banking Great Britain
Citizens Financial Group, Inc. Banking US
Coutts & Co(2) Private banking Great Britain
Greenwich Capital Markets, Inc. Broker dealer US
RBS Insurance Group Limited Insurance Great Britain
Ulster Bank Limited(3) Banking Northern Ireland

Notes:

(1) The company does not hold any of the NatWest preference shares in issue.

(2) Coutts & Co is incorporated with unlimited liability. Its registered office is 440 Strand, London WC2R 0QS.

(3) Ulster Bank Limited and its subsidiary undertakings also operate in the Republic of Ireland.

The above information is provided in relation to the principal related undertakings as permitted by Section 231(5) of the Companies Act 1985. Full information on all related undertakings will be included in the Annual Return delivered to the Registrar of Companies for Scotland.

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The Royal Bank of Scotland Group  © 2007