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Notes to the accounts
36 Dated loan capital – non-convertible
Dated loan capital, issued by the Bank and its finance subsidiaries for the development and expansion of the Group’s business and to strengthen its capital base and by The Woolwich for the general purposes of its business, comprised:
  2000 1999
  Notes £m £m
The Bank
Floating Rate Subordinated Notes 2000 (1999 $100m)   – 62
5.875% Subordinated Notes 2000 (1999 $225m)   – 140
5.95% Subordinated Notes 2001 ($225m) (g, h, i) 140 140
9.5% Subordinated Redeemable Bonds 2001 (FFr 350m) (h) 33 33
5.5% Subordinated Notes 2002 (€ 200m) (g, h, i) 119 –
Floating Rate Subordinated Notes 2002 (€115m) (a, i) 72 –
Floating Rate Unsecured Capital Loan Stock 2006 (a, k, l) 4 4
Floating Rate Subordinated Notes 2006 (DM 350m) (a, k) 112 111
Floating Rate Subordinated Notes 2006 (Yen 20,000m) (a, k) 117 121
16% Unsecured Capital Loan Stock 2002/07 (h, k) 100 100
4.875% Step-up Callable Subordinated Notes 2008 (FFr 1,000m) (b, k) 95 95
Floating Rate Subordinated Notes 2008 (ITL 250,000m) (a, k) 80 80
Subordinated Floating Rate Notes 2008 ($250m) (a, g, k) 171 155
Subordinated Floating Rate Notes 2009 ($60m) (a, k) 40 37
Floating Rate Subordinated Step-up Callable Notes 2009 ($550m) (a, k) 369 340
Floating Rate Subordinated Step-up Callable Notes 2009 ($115m) (a, k) 77 71
7.4% Subordinated Notes 2009 ($400m) (h) 268 248
Subordinated Fixed to CMS-Linked Notes 2009 (€31m) (a) 19 19
Floating Rate Subordinated Step-up Callable Notes 2009 (€150m) (a, k) 94 93
Variable Floating Rate Subordinated Notes 2009 (Yen 5,000m) (a, k) 29 30
12% Unsecured Capital Loan Stock 2010 (h) 25 25
Floating Rate Unsecured Capital Loan Stock 2010 (a, k, l) 1 1
Fixed/Floating Rate Subordinated Notes 2011 (Yen 5,000m) (c, k) 29 30
Floating Rate Subordinated Notes 2012 (a, k) 299 298
5.5% Subordinated Notes 2013 (DM 500m) (d, k) 160 159
Floating Rate Subordinated Notes 2019 ( s 50m) (a) 31 31
5.4% Reverse Dual Currency Subordinated Notes 2027 (Yen 15,000m) (e) 88 91
6.33% Subordinated Notes 2032 (h) 50 50
Barclays Overseas Investment Company B.V. (BOIC)      
Guaranteed Notes 2007 (Yen 15,000m) (f, k) 88 91
Barclays North American Capital Corporation (BNACC)      
9 3/4% Guaranteed Capital Notes 2021 ($311m) (h, k) 209 193
The Woolwich      
11.625% Subordinated Notes 2001 (h) 99 –
5.25% Subordinated Notes 2011 (€250m) (h) 142 –
Step-up Callable Floating Rate Subordinated Bonds 2012 (a, k) 145 –
10.125% Subordinated Notes 2017 ( j, k) 125 –
9.5% Subordinated Bonds 2021 (h) 268 –
    3,698 2,848
Repayable      
not more than one year   277 207
over one year but not more than two years   191 173
over five years   3,230 2,468
None of the Group’s dated loan capital is secured. The debt obligations of the Bank, BOIC, BNACC and The Woolwich rank ahead of the interests of holders of their equity. Dated loan capital of the Bank and The Woolwich has been issued on the basis that the claims thereunder are subordinated to the respective claims of their depositors and other unsecured unsubordinated creditors. Loan capital issued by BOIC and BNACC carries the guarantee of the Bank, which is subordinated on a similar basis. All loan capital issued by BOIC and BNACC has been on-lent to the Bank on a subordinated basis.

Interest

Notes
 (a) These Notes bear interest at rates fixed periodically in advance based on London or European interbank rates.

(b) These Notes bear a fixed rate of interest until 2003. After that date, in the event that the Notes are not redeemed, the Notes will bear interest at rates fixed periodically in advance based on European interbank rates.

(c) These Notes bear a fixed rate of interest until 2006. After that date, in the event that the Notes are not redeemed, the Notes will bear interest at rates fixed periodically in advance based on London interbank rates.

(d) These Notes bear a fixed rate of interest until 2008. After that date, in the event that the Notes are not redeemed, the Notes will bear interest at rates fixed periodically in advance based on London interbank rates.

(e) These Notes bear a fixed rate of interest based on a U.S. dollar principal amount, but the coupons have been swapped, resulting in a Yen interest rate payable which is fixed periodically in advance based on London interbank rates.

(f) The coupons on these Notes have been swapped until 2002, resulting in a Yen interest rate payable until then which is fixed periodically in advance based on London interbank rates. After that date, in the event that the Notes are not redeemed, the Notes will bear interest at rates fixed periodically in advance based on London interbank rates.

(g) The Bank has swapped the proceeds of these Notes for sterling under three swaps the durations of which will match the respective terms of the Notes. The payment obligations of the Bank under these three swaps are subordinated so that the claims against the Bank in respect of the swaps rank pari passu with claims against the Bank in respect of its dated loan capital. The sterling values of these Notes in the figures set out above take into account these subordinated swaps.

(h) The interest rates on these Notes are fixed for the life of those issues.

(i) The Bank may defer the payment of interest and principal on these Notes in the event that the Financial Services Authority has required or requested the Bank to make such a deferral.

(j) These Notes bear a fixed rate of interest until 2012. 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 5 years.

Interest payable on loan capital with a final maturity within five years amounted to £16m (1999 £23m, 1998 £16m).

The notes issued by BNACC, the 5.95% Subordinated Notes 2001 (the ‘5.95% Notes’) and the 7.4% Subordinated Notes 2009 (the ‘7.4% Notes’) issued by the Bank have been registered under the US Securities Act of 1933. All other issues of dated loan capital by the Bank, BOIC, and The Woolwich, which were made in non-US markets, have not been so registered. With respect to the 5.95% Notes and the 7.4% Notes, the Bank is not obliged to make (i) a payment of interest on any interest payment date unless a dividend is paid on any class of share capital and (ii) a payment of principal until six months after the respective maturity date with respect to such Notes.

Repayment terms
Unless otherwise indicated, the Group’s dated loan capital outstanding at 31st December 2000 is redeemable only on maturity subject, in particular cases, to provisions allowing an early redemption in the event of certain changes in tax law.

Notes
(k) Repayable at the option of the issuer, prior to maturity, on conditions governing the respective debt obligations, some in whole or in part, and some only in whole.

(l) Holders of these Notes have certain rights to call for the redemption of their holdings.

Any repayments prior to maturity require the prior approval of the Financial Services Authority.

There are no committed facilities in existence at the balance sheet date which permit the refinancing of debt beyond the date of maturity.