27 Subordinated liabilities

Subordinated liabilities comprise dated and undated loan capital as follows:

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2007  2006 
£m  £m 
Undated loan capital  (a)   6,631  5,422 
Dated loan capital  (b)   11,519  8,364 
18,150  13,786 

(a) Undated loan capital

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2007  2006 
Notes  £m  £m 
Non-convertible 
The Bank 
6% Callable Perpetual Core Tier One Notes  a , p   392  404 
6.86% Callable Perpetual Core Tier One Notes (US$1,000m) a , p   624  571 
5.3304% Step-up Callable Perpetual Reserve Capital Instruments  b , q   520  501 
5.926% Step-up Callable Perpetual Reserve Capital Instruments (US$1,350m) c , r   708  690 
6.3688% Step-up Callable Perpetual Reserve Capital Instruments  n , ad   526  – 
7.434% Step-up Callable Perpetual Reserve Capital Instruments (US$1,250m) o , ae   660  – 
Junior Undated Floating Rate Notes (US$121m) d , s   61  62 
Undated Floating Rate Primary Capital Notes Series 3  d , t   147  146 
9.875% Undated Subordinated Notes  e , u   319  319 
9.25% Perpetual Subordinated Bonds (ex-Woolwich plc) f , v   171  178 
9% Permanent Interest Bearing Capital Bonds  g , w   102  102 
7.125% Undated Subordinated Notes  h , x   535  550 
6.875% Undated Subordinated Notes  i , y   657  656 
6.375% Undated Subordinated Notes  j , z   482  481 
6.125% Undated Subordinated Notes  k , aa   560  571 
6.5% Undated Subordinated Notes (FFr 1,000m) l , ab   115  105 
5.03% Reverse Dual Currency Undated Subordinated Loan (Yen 8,000m) m , ac   21  34 
5% Reverse Dual Currency Undated Subordinated Loan (Yen 12,000m) m , ac   31  52 
Undated loan capital – non-convertible  6,631  5,422 

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% and 7.434% 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 Notes bear a fixed rate of interest until 2008. 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.
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.