The current and non-current balances of subsidiary borrowings are as follows: Subsidiary borrowings by currency include: Capital securities are preferred shares that are classified as liabilities and consist of the following: Corporate preferred shares consist of the company’s Class A preferred shares as follows: On March 6, 2014, the company notified holders that it will redeem all of its outstanding Class A Series 12 preferred  shares for cash on April 6, 2014. The redemption price for each preferred share will be C$26.00 plus accrued and unpaid  dividends. Subsidiary preferred shares are composed of Brookfield Office Properties Class AAA preferred shares and capital securities of  fund subsidiaries as follows: 2013 ANNUAL REPORT 131 b)  Subsidiary Preferred Shares a)  Corporate Preferred Shares 19.  CAPITAL SECURITIES (MILLIONS) Dec. 31, 2013 Dec. 31, 2012 Current  $ 1,854 $ 1,039 Non-current  5,538 6,546 Total  $ 7,392 $ 7,585 (MILLIONS) Dec. 31, 2013 Local Currency Dec. 31, 2012 Local Currency U.S. dollars  $ 4,346 US$ 4,346 $ 4,113 US$ 4,113 Canadian dollars  2,283 C$ 2,421 2,569 C$ 2,549 Australian dollars  696 A$ 780 882 A$ 849 Brazilian reais  59 R$ 139 21 R$ 43 British pounds  8 £ 5 — £ — Total  $ 7,392 $ 7,585 (MILLIONS) Note Dec. 31, 2013 Dec. 31, 2012 Corporate preferred shares  (a) $ 163 $ 325 Subsidiary preferred shares  (b) 628 866 Total  $ 791 $ 1,191 (MILLIONS, EXCEPT SHARE INFORMATION) Shares  Outstanding Cumulative  Dividend Rate Currency Dec. 31, 2013 Dec. 31, 2012 Class A preferred shares Series 12  7,000,000 5.40% C$ $  165 $ 176 Series 21  — 5.00% C$ — 151 Deferred financing costs  (2) (2) Total  $ 163 $ 325 (MILLIONS, EXCEPT SHARE INFORMATION) Shares  Outstanding Cumulative  Dividend Rate Currency Dec. 31, 2013 Dec. 31, 2012 Class AAA preferred shares Series F  — — C$ $ — $ 202 Series G  4,400,000 5.25% US$ 110 110 Series H  8,000,000 5.75% C$ 188 202 Series J  8,000,000 5.00% C$ 188 202 Series K  6,000,000 5.20% C$ 142 151 Deferred financing costs  — (1) Total  $ 628 $ 866