Page 12 - Pillar 3 Disclosure
P. 12















4. Capital Resources



The capital resources of the Society as at 30 November 2013 amount to £33.4m calculated under Pillar 1 of the Capital Requirements Directive. 

This is made up of:

Tier 1 capital: general reserves (the accumulated profits of the Society).
 

 Tier 2 capital in the form of mortgage related general provisions and allowable subordinated debt. The Society has £0.4m of general

provisions and £9.5m of subordinated debt, of which £9.1m is allowable for capital. Subordinated debt held at the year end is detailed 

below in Table 1;





Table 1
Sub-ordinated debt





Maturity Date
Type
Amount 


£000



27/11/2017
Variable
1,595

27/11/2018
Variable
1,497

6/11/2019
Variable
500


1/12/2019
Variable
50

16/3/2020
Variable
500

20/12/2020
Fixed
3,500


30/11/2021
Variable
1,500

Total
9,142




When sub-ordinated debt comes within five years of maturity its eligibility as capital amortises at a rate of 20% per annum. The debt instrument 

on the table above with a maturity date of 27/11/2017 has a value of £2,000k and the instrument with maturity date 27/11/2018 has a value of 

£1,500k, but these have now started to be amortised for capital inclusion purposes. The rights of repayment of the holders of subordinated loans 

are subordinated to the claims of depositors, all creditors and investing members of the Society.














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