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Subordinated liabilities

12 Months Ended

Dec. 31, 2023

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 refer to Accounting policies 3.8 and 3.10.

​

​	​	​	​	​
​		2023		2022
​	​	£m	​	£m
Dated loan capital		5,573		5,968
Undated loan capital		22		173
Preference shares		119		119
		5,714		6,260

​

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	​	2023	​	2022
Dated loan capital	​	date	date		treatment		£m		£m
NatWest Group plc	​	​	​
$2,250 million	5.125% notes	—	May-24	​	Tier 2	​	418	​	706
$2,000 million	6.000% notes	—	Dec-23	​	Tier 2	​	—	​	536
£1,000 million	3.622% notes	May-25	Aug-30	​	Tier 2	​	985	​	964
£1,000 million	2.105% notes	Aug-26	Nov-31	​	Tier 2	​	1,000	​	1,001
$1,000 million	6.100% notes	—	Jun-23	​	Tier 2	​	—	​	126
$850 million	3.032% notes	Aug-30	Nov-35	​	Tier 2	​	541	​	555
€750 million	1.043% notes	Jun-27	Sep-32	​	Tier 2	​	652	​	665
$750 million	3.754% notes	Nov-24	Nov-29	​	Tier 2	​	592	​	626
€700 million	5.763% notes	Nov-28	Feb-34	​	Tier 2	​	636	​	​
£650 million	7.416% notes	Mar-28	Jun-33		Tier 2		657		641
	​	​	​				5,481		5,820
​	​	​	​	​	​	​	​	​	​
Other subsidiaries	​	​	​	​	​	​	​	​	​
€170 million	Floating rate notes	—	Feb-41	​	Not applicable	​	237	​	223
$150 million	7.125% notes	—	Oct-93	​	Not applicable	​	17	​	18
€145.6 million	Floating rate notes	—	Apr-23	​	Tier 2	​	—	​	122
$136 million	7.750% notes	—	May-23	​	Not applicable	​	—	​	83
​	​	​	​	​	​		5,735		6,266
Fair value hedging	​	​	​	​	​	​	(162)	​	(298)
​	​	​	​	​	​	​	5,573	​	5,968
​	​	​	​	​	​	​	​	​	​
Undated loan capital	​	​	​
​	​	​	​	​	​	​	​	​	​
Other subsidiaries	​	​	​	​	​	​	​	​	​
£35 million	11.500% notes	Dec-22	—	​	Not applicable	​	—	​	72
£31 million	7.380% notes	—	—	​	Not applicable	​	1	​	2
€31 million	11.375% notes	—	—	​	Tier 2	​	—	​	48
£16 million	5.630% notes	Sep-26	—	​	Not applicable	​	18	​	18
£11 million	11.750% notes	—	—	​	Tier 2	​	—	​	25
£4.9 million	2.500% fixed notes	—	—	​	Not applicable	​	3	​	6
£1.1 million	SONIA + 2.827% notes	—	—	​	Tier 2	​	—	​	2
​	​	​	​	​	​	​	22	​	173
​	​	​	​	​	​	​	​	​	​
Preference shares	​	​	​	​	​	​	​	​	​
Other subsidiaries	​	​	​
£140 million	Non-cumulative preference shares of £1	—	—	​	Not applicable	​	119	​	119
​	​	​	​	​	​	​	119	​	119
​		​	​	​	​	​	​	​	​
Total	​	​	​	​	​	​	5,714	​	6,260

​

(1) Notes redeemed before call date as tax and regulatory benefits discontinued. .

X

- Definition

The disclosure of subordinated liabilities. [Refer: Subordinated liabilities]

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 10
-Subparagraph e
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard
-URIDate 2023-03-23

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- References

No definition available.

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