Page 77 - Suncorp_Review

Suncorp Group Limited Annual Report 2010/11 75

7.8 Banking – Debt issues

CONSOLIDATED

2011 2010 $m $m

Unsecured

Banking

Borrowings at amortised cost

Offshore borrowings 5,333 12,011 Domestic borrowings 4,818 5,033 10,151 17,044 Consolidated

General Insurance and Life investments in Banking’s debt securities

recognised as domestic borrowings at amortised cost (120) (285) Total debt issues 10,031 16,759

Current 2,522 7,284 Non-current 7,509 9,475 Total debt issues 10,031 16,759

7.9 Banking – Subordinated notes

BANKING

2011 2010 Due date First call $m $m

Unsecured

Financial liabilities at amortised cost

Fixed rate notes (USD) June 2013 Not applicable 99 124 Fixed rate notes October 2017 October 2012 400 486 June 2016 June 2011 – 203 Floating rate notes October 2016 October 2011 177 188 September 2015 September 2010 – 220 June 2016 June 2011 – 100 Perpetual foating rate notes 170 171 Total subordinated notes 846 1,492

Current 177 220 Non-current 669 1,272 Total subordinated notes 846 1,492

Banking subordinated notes are issued by Suncorp-Metway Ltd (SML). Payments of principal and interest on the notes have priority over SML dividend payments only. In the event of the winding-up of SML, the rights of the note holders will rank in preference only to the rights of the preference and ordinary shareholders.