The following table provides information about the most significant minority interests in the Fortis entities.
 Download XLS |
|
|
% of minority |
Amount at |
Amount at |
Amount at |
|
|
interest |
31 December 2007 |
31 December 2006 |
31 December 2005 |
|
Group company |
|
|
|
|
|
Fortis Bank AS (Turkey) |
6.0% |
59 |
43 |
46 |
|
Fortis Bank NV/SA |
0.1% |
37 |
25 |
22 |
|
Fortis Fixed Rate Quarterly Capital Funding Trust |
|
50 |
50 |
50 |
|
Interparking SA |
10.1% |
73 |
70 |
69 |
|
Millenniumbcp Fortis |
49.0% |
366 |
375 |
363 |
|
Moeara Enim |
30.3% |
136 |
140 |
147 |
|
Archimedes Investments Coöperatieve U.A. |
15.0% |
180 |
173 |
|
|
Fortis FBN Preferred Investment B.V. |
0.1% |
210 |
|
|
|
Other |
|
36 |
31 |
30 |
|
Total |
|
1,147 |
907 |
727 |
To strengthen the capital base of its insurance business, in April 1999 Fortis issued non-cumulative guaranteed Trust Capital Securities through Fortis Fixed Rate Quarterly Capital Funding Trust in the United States. This trust may only hold debt or other securities issued by Fortis entities. The Trust Capital Securities are guaranteed by parent companies and have a perpetual maturity. After ten years Fortis has the option to redeem this security for cash on the distribution date.
The issue consisted of three tranches:
- a tranche of EUR 400 million with a variable coupon of 3-month Euribor plus 1.30% for the first ten years and a coupon of 3-month Euribor + 2.30% in subsequent years
- a tranche of EUR 50 million with a fixed coupon of 6.25% per year for the entire maturity of the instrument
- a tranche of EUR 200 million, with a fixed coupon of 5.50% for the first ten years, and a coupon of 3-month Euribor + 2.30% in subsequent years.
The tranche of EUR 50 million is classified as minority interest while the tranches of EUR 400 million and EUR 200 million are classified as subordinated loans. This is because Fortis expects these tranches to be redeemed on the contractual date of interest rate change.
