RBS has a number of preference shares outstanding. The board considers each preference dividend payment and, subject to a decision to pay, normally declares payments approximately one month ahead of payment. For details of the contractual terms of these preference shares, please see our Capital Securities Documentation page.
Following the expiration of the European Commission ban, RBS announced that it is in a position to resume discretionary coupons and dividend payments on hybrid capital instruments, which have previously been deferred for two years.
For securities issued by RBS Group plc, this was announced alongside its Q1 2012 Interim Management Statement on 4 May 2012. For securities issued by RBS Holdings N.V. (Including RBS Capital Funding Trusts V, VI and VII otherwise known as RBS-G, RBS-I and RBG-E) the Group announced on 3 May 2013 that it was in a position to resume these payments. These RBS Holdings N.V. securities have payments which are not classed as dividends and as such, payment declarations are not formally required (and have not historically been made).
As with all discretionary payments, Future coupons and dividends on RBS Group hybrid capital instruments will only be paid subject to, and in accordance with, the terms of the relevant instruments.