La banque d'un monde qui change 2004 - BNP Paribas

NOTE 20SUBORDINATED DEBTIn millions of euros, at 31 December 2004 2003 2002Subordinated medium- and long-term debt 10,298 11,112 11,776Undated subordinated debt:Undated participating subordinated notes 308 312 343Other undated floating-rate subordinated notes:In foreign currencies 654 707 849In euros 290 290 305Total undated floating rate subordinated notes 944 997 1,154Undated notes 398 412 629Total undated subordinated debt 1,650 1,721 2,126Total subordinated debt issued by BNP Paribas Group 11,948 12,833 13,902Accrued interest 294 393 381Total 12,242 13,226 14,283Subordinated Medium- and Long-term DebtSubordinated debt included under this heading consistsof medium and long-term debentures originally issued inFrench francs, euros and foreign currencies that are equivalentto debt ranking last before participating debt and securitiesfor repayment purposes in the case of liquidation of the Bank.Subordinated medium- and long-term debt issued bythe Group generally contains a call provision authorisingBNP Paribas to buy back its securities directly in the marketor through tender offers or, in the case of private placements,over the counter.Borrowings in international markets by BNP Paribas SAor foreign subsidiaries of the BNP Paribas Group may besubject to early repayment of principal and the early paymentof interest due at maturity in the event that changesin applicable tax laws oblige the BNP Paribas Groupissuer to compensate debtholders for the consequencesof such changes. The debt securities may be called on15 to 60 days’ notice subject to approval by the bankingsupervisory authorities.At 31 December 2004, subordinated medium- and long-termdebt broke down as follows by maturity and by currency:Issuing currencyMaturityTotal 2005 2006 2007 2008 2009 2010 to Beyond2014 2014Subordinated medium- and long-term debt:- In euros 6,359 331 290 486 932 65 3,756 499- In US dollars 3,137 55 166 441 - 220 1,420 835- In other currencies 802 118 - 77 52 - 45 510Total subordinated mediumandlong-term debt 10,298 504 456 1,004 984 286 5,221 1,843240BNP PARIBAS - ANNUAL REPORT 2004