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Subordinated liabilities | 12 Months Ended
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Dec. 31, 2022
Subordinated liabilities |
Subordinated liabilities | 20 Subordinated liabilities Subordinated liabilities are debt securities that, in the event of winding up or bankruptcy, rank below other liabilities for interest payments and repayment. For accounting policy information see Accounting policies notes 3.8 and 3.11. ​
​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | £m | ​ | £m
Dated loan capital |  | 5,968 |  | 8,051
Undated loan capital |  | 173 |  | 259
Preference shares |  | 119 |  | 119
|  | 6,260 |  | 8,429
​ Certain preference shares issued by the company are classified as liabilities; these securities remain subject to the capital maintenance rules of the Companies Act 2006. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | First call | Maturity | ​ | Capital | ​ | 2022 | ​ | 2021
Dated loan capital | ​ | date | date |  | treatment |  | £m |  | £m
Natwest Group plc | ​ | ​ | ​ |  |  |  |  |  |
$2,250 million | 6.13% notes | — | Dec-22 | ​ | Tier 2 | ​ | — | ​ | 986
$2,250 million | 5.13% notes | — | May-24 | ​ | Tier 2 | ​ | 706 | ​ | 956
$2,000 million | 6.00% notes | — | Dec-23 | ​ | Tier 2 | ​ | 536 | ​ | 1,073
£1,000 million | 3.622% notes | Aug-25 | Aug-30 | ​ | Tier 2 | ​ | 964 | ​ | 995
£1,000 million | 2.105% notes | Aug-26 | Nov-31 | ​ | Tier 2 | ​ | 1,001 | ​ | 999
$1,000 million | 6.10% notes | — | Jun-23 | ​ | Tier 2 | ​ | 126 | ​ | 354
$850 million | 3.032% notes | Nov-30 | Nov-35 | ​ | Tier 2 | ​ | 555 | ​ | 584
€750 million | 1.043% notes | Jun-27 | Sep-32 | ​ | Tier 2 | ​ | 665 | ​ | 630
$750 million | 3.754% notes | Nov-24 | Nov-29 | ​ | Tier 2 | ​ | 626 | ​ | 558
£650 million | 7.416% notes | Mar-28 | Jun-33 | ​ | Tier 2 | ​ | 641 | ​ | —
$650 million | 6.425% notes | Jan-34 | Jan-43 |  | Not applicable |  | — |  | 554
| ​ | ​ | ​ |  |  |  | 5,820 |  | 7,689
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other subsidiaries | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
$650 million | 6.3% notes | Jan-34 | Dec-43 | ​ | Not applicable | ​ | — | ​ | 39
€300 million | Floating rate notes | — | Jun-22 | ​ | Tier 2 | ​ | — | ​ | 252
€170 million | Floating rate notes | — | Feb-41 | ​ | Not applicable | ​ | 223 | ​ | 331
$150 million | 7.125% notes | — | Oct-93 | ​ | Not applicable | ​ | 18 | ​ | 113
€145.6 million | Floating rate notes | — | Apr-23 | ​ | Tier 2 | ​ | 122 | ​ | 119
$136 million | 7.75% notes | — | May-23 | ​ | Not applicable | ​ | 83 | ​ | 104
​ | ​ | ​ | ​ | ​ | ​ |  | 6,266 |  | 8,647
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Undated loan capital | ​ | ​ | ​ |  |  |  |  |  |
Natwest Group plc | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
$762 million | 7.648% notes | Sep-31 | — | ​ | Not applicable | ​ | — | ​ | 51
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other subsidiaries | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
£16 million | 5.63% notes | Sep-26 | — | ​ | Not applicable | ​ | 18 | ​ | 20
£19 million | 5.63% notes | Jun-32 | — | ​ | Tier 2 | ​ | — | ​ | 1
£21 million | 6.2% notes | Mar-22 | — | ​ | Tier 2 | ​ | — | ​ | 22
£31 million | 7.38% notes | — | — | ​ | Not applicable | ​ | 2 | ​ | 1
£53 million | 7.125% notes | Oct-22 | — | ​ | Not applicable | ​ | — | ​ | 56
€31 million | 11.375% notes | — | — | ​ | Tier 2 | ​ | 48 | ​ | 45
£35 million | 11.5% notes | Dec-22 | — | ​ | Not applicable | ​ | 72 | ​ | 31
£11 million | 11.75% notes | — | — | ​ | Tier 2 | ​ | 25 | ​ | 24
£1.1 million | SONIA + 2.8266% notes | — | — | ​ | Tier 2 | ​ | 2 | ​ | 2
£4.9 million | 2.5% fixed notes | — | — | ​ | Not applicable | ​ | 6 | ​ | 6
​ | ​ | ​ | ​ | ​ | ​ | ​ | 173 | ​ | 259
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Preference shares | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other subsidiaries | ​ | ​ | ​ |  |  |  |  |  |
£140 million | Non-cumulative preference shares of £1 | — | — | ​ | Not applicable | ​ | 119 | ​ | 119
​ | ​ | ​ | ​ | ​ | ​ | ​ | 119 | ​ | 119
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair Value Hedging | ​ | ​ | ​ | ​ | ​ | (298) | ​ | (596)
​ | ​ | ​ | ​ | ​ | ​ | ​ | 6,260 | ​ | 8,429
​ ​
(1) | Notes redeemed before call date as tax and regulatory benefits discontinued.

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