Subordinated liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Subordinated liabilities

Schedule of subordinated liabilities

	2017 £m	2016 £m
Dated loan capital	10,394	15,288
Undated loan capital	2,169	2,775
Preference shares	159	1,356
	12,722	19,419

Schedule of contractual maturity of subordinated liabilities

2017 - final redemption		2018 £m		2019 £m		2020-2022 £m		2023-2027 £m		Thereafter £m		Perpetual £m		Total £m
Sterling		16		—		354		—		—		504		874
US dollar		441		63		1,704		4,037		517		1,183		7,945
Euro		1,926		145		271		1,037		301		215		3,895
Other		—		—		—		—		—		8		8
		2,383		208		2,329		5,074		818		1,910		12,722
2017 - call date	Currently £m		2018 £m		2019 £m		2020-2022 £m		2023-2027 £m		Thereafter £m		Perpetual £m		Total £m
Sterling	—		123		37		466		23		21		204		874
US dollar	15		1,043		63		1,705		4,041		1,078		—		7,945
Euro	—		2,084		1,044		271		147		300		49		3,895
Other	—		—		8		—		—		—		—		8
	15		3,250		1,152		2,442		4,211		1,399		253		12,722
			2017		2018		2019-2021		2022-2026		Thereafter		Perpetual		Total
2016 - final redemption			£m		£m		£m		£m		£m		£m		£m
Sterling			17		—		369		—		—		576		962
US dollar			98		700		168		7,955		967		2,479		12,367
Euro			913		1,817		243		1,725		263		215		5,176
Other			34		—		—		872		—		8		914
			1,062		2,517		780		10,552		1,230		3,278		19,419
2016 - call date	Currently £m		2017 £m		2018 £m		2019-2021 £m		2022-2026 £m		Thereafter £m		Perpetual £m		Total £m
Sterling	15		68		113		407		140		22		197		962
US dollar	1,860		1,817		700		168		6,242		1,186		394		12,367
Euro	162		1,395		1,817		1,108		378		263		53		5,176
Other	8		906		—		—		—		—		—		914
	2,045		4,186		2,630		1,683		6,760		1,471		644		19,419

Schedule of issuances and redemptions

	Capital
	treatment	2017	2016
Redemptions	£m	£m	£m
The Royal Bank of Scotland Group plc
£200 million series 1 non cumulative convertible £0.01 preference shares 7.387%
(partial redemption)	Ineligible	15	—
US$ 1,000 million series 1 non cumulative convertible preference shares of US$ 0.01 9.118%
(partial redemption)	Ineligible	48	—
$156 million 7.65% Series F non-cumulative preference shares (callable)	Ineligible	120	—
$242 million 7.25% Series H non-cumulative preference shares (callable)	Ineligible	186	—
$751 million 5.75% Series L non-cumulative preference shares (callable)	Ineligible	577	—
US$ 750 million 6.8% (partial redemption)	Ineligible	360	—
US$ 1,285 million 5.90% Trust Preferred	Tier 1	—	902
US$ 200 million 6.25% Trust Preferred	Tier 1	—	140
US$ 1,800 million 6.08% Trust Preferred	Tier 1	—	1,263
€26 million 7.42% dated notes	Tier 2	—	21
€7 million 7.38% dated notes	Tier 2	—	6
US$ 25 million floating rate notes (partial redemption)	Tier 2	—	6
		1,306	2,338
The Royal Bank of Scotland plc
€750 million 4.35% subordinated notes 2017	Tier 2	645	—
CHF124 million 9.375% subordinates notes March 2022	Tier 2	101	—
CAD420 million 10.50% subordinated notes March 2022	Tier 2	255	—
£564 million 10.50% subordinated notes March 2022	Tier 2	489	—
AU$880 million 13.125% subordinated notes March 2022	Tier 2	548	—
US$ 2,132 million 9.50% subordinated notes March 2022	Tier 2	1,724	—
€100 million floating rate subordinated notes 2017	Tier 2	90	—
£51 million 2.35% + 5 year UK Gilts yield undated subordinated notes (callable December 2012)	Ineligible	51	—
£54 million 5.13% undated notes	Ineligible	—	55
CAD474 million 5.37% undated notes	Ineligible	—	283
€1 billion 4.625% dated notes	Ineligible	—	866
		3,903	1,204
NatWest Plc
US$ 300 million 8.6250% non-cumulative preference shares (callable)	Tier 1	178	—
		178	—
RBS NV and subsidiaries
€15 million floating rate notes 2022 (partial redemption)	Tier 2	2	—
€250 million 4.70% notes 2019 (partial redemption)	Tier 2	80	—
US$ 500 million 4.65% notes 2018 (partial redemption)	Tier 2	244	—
		326	—
NatWest Holdings Limited
£20 million 11.75% perpetual tier two capital (partial redemption)	Tier 2	9	—
€38 million 11.375% perpetual tier two capital (partial redemption)	Tier 2	6	—
		15	—

Note:

(1) There were no issuances in 2017 or 2016.