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Subordinated liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Subordinated liabilities

Schedule of subordinated liabilities

​

​	​	​	​	​
​		2021		2020
​	​	£m	​	£m
Dated loan capital		8,051		8,530
Undated loan capital		259		1,287
Preference shares		119		145
		8,429		9,962

Schedule of issuances and redemptions

​

​	​	​	​	​	​	​
​	​	Capital	​	2021	​	2020
New issue		treatment		£m		£m
NatWest Group plc
£1,000 million 3.622% dated notes 2030 (callable between May 2025 to August 2025)	​	Tier 2	​	—	​	996
US$850 million 3.032% dated notes 2035 (callable November 2030)	​	Tier 2	​	—	​	634
£1000 million 2.105% dated notes 2031 (callable between August 2026 to November 2026)	​	Tier 2	​	996	​	—
€750 million 1.043% dated notes 2032 (callable between June 2027 to September 2027)	​	Tier 2	​	638	​	—
				1,634		1,630
​	​	​	​	​	​	​
Redemptions	​	​	​	​	​	​
NatWest Group plc
US$2,250 million 6.13% dated notes 2022 (partial redemption)	​	Tier 2	​	226	​	499
US$1,000 million 6.10% dated notes 2023 (partial redemption)	​	Tier 2	​	57	​	358
US$2,000 million 7.5% dated notes 2020	​	Tier 2	​	—	​	1,528
US$762 million 7.648% undated notes (partial redemption)	​	Ineligible	​	45	​	497
US$106 million floating rate undated notes (callable on any interest payment date)	​	Ineligible	​	77	​	—
US$2,650 million 8.625% dated notes 2021 (callable August 2021) (1)	​	Tier 2	​	1,914	​	—
US$2,250 million 5.125% dated notes 2024 (partial redemption)	​	Tier 2	​	729	​	—
US$2,000 million 6% dated notes 2023 (partial redemption)		Tier 2		436		—
​	​	​		3,484		2,882
​	​	​	​	​	​	​
NatWest Markets Plc	​	​	​	​	​	​
US$125.6 million floating rate notes 2020	​	Tier 2	​	—	​	97
€145.6 million floating rate dated notes 2023 (partial redemption)	​	Tier 2	​	20	​	—
£31 million 7.38% notes (partial redemption)	​	Tier 2	​	29	​	—
£19 million 5.63% notes (partial redemption)	​	Tier 2	​	20	​	—
​	​	​	​	69	​	97
​	​	​	​	​	​	​
National Westminister Bank Plc	​	​	​	​	​	​
£300 million 6.5% subordinated notes 2021 (not callable)	​	Tier 2	​	300	​	—
€10 million floating rate notes (callable quarterly)	​	Upper Tier 2	​	9	​	—
€178 million floating rate notes (callable quarterly)	​	Upper Tier 2	​	152	​	—
US$193 million floating rate notes (callable semi-annually)	​	Upper Tier 2	​	138	​	—
US$229 million floating rate notes (callable semi-annually)	​	Upper Tier 2	​	167	​	—
US$285 million floating rate notes (callable semi-annually)	​	Upper Tier 2	​	201	​	—
£35 million 11.5% notes (callable December 2022) (partial redemption)	​	Upper Tier 2	​	3	​	—
£140 million 9% cumulative preference shares of £1 (not callable)	​	Tier 1	​	24	​	—
​	​	​	​	994	​	—
​	​	​	​	​	​	​
NWM N.V. and subsidiaries	​	​	​	​	​	​
US$650 million 6.425% dated notes 2043 (partial redemption)	​	Ineligible	​	73	​	187
€15 million 6.00% notes 2020	​	Tier 2	​	—	​	11
​	​	​	​	73	​	198

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