macquarie.com.au  2014 Annual Financial Report  Macquarie Group Limited and its subsidiaries  Notes to the financial statements  for the financial year ended 31 March 2014  continued  Non-controlling interests  Note 29  Reserves, retained earnings and non-controlling interests  continued  Macquarie Income Securities  Macquarie Income Preferred Securities The Macquarie Income Securities issued by MBL were listed for trading on the Australian Stock Exchange (now Australian Securities  Exchange) on 19 October 1999 and became redeemable (in whole or in part) at MBL's discretion on 19 November 2004. Interest is  paid quarterly at a floating rate of BBSW plus 1.7 per cent per annum (2013: 1.7 per cent per annum). Payment of interest to  holders is subject to certain conditions, including the profitability of MBL. They are a perpetual instrument with no conversion rights.  On 22 September 2004, Macquarie Capital Funding LP, a subsidiary of the Company, issued £350 million of MIPS. MIPS,  guaranteed non-cumulative step-up perpetual preferred securities, currently pay a 6.177 per cent (2013: 6.177 per cent) per annum  semi-annual non-cumulative fixed rate distribution. They are perpetual securities and may be redeemed on 15 April 2020, at MGL’s  discretion. If redemption is not elected on this date, the distribution rate will be reset to 2.35 per cent per annum above the then  five-year benchmark sterling gilt rate. MIPS may be redeemed on each fifth anniversary thereafter at MGL’s discretion. Following the  cancellation of £307.5 million MIPS in September 2009, £42.5 million MIPS remain on issue.  These instruments are classified as equity in accordance with AASB 132 Financial Instruments: Presentation and reflected in the  Consolidated Entity’s financial statements as a NCI, with distribution entitlements being included with NCI share of profit after tax.  Distribution policies for these instruments are included in note 5 – Dividends and distributions paid or provided for.  146  Consolidated 2014  $m  Consolidated 2013  $m  Company  2014  $m  Company  2013  $m  Macquarie Income Securities  4,000,000 Macquarie Income Securities of $100 each  400  400  –  –  Less transaction costs for original placement  (9)  (9)  –  –  Total Macquarie Income Securities  391  391  –  –  Macquarie Income Preferred Securities  Proceeds on issue of Macquarie Income Preferred Securities  109  107  –  –  Less issue costs  (1)  (1)  –  Foreign currency translation reserve  108  106  –  –  (32)  (46)  –  Total Macquarie Income Preferred Securities  76  60  –  –  Other non-controlling interests  Ordinary share capital  28  63  –  –  Preference share capital  2  2  –  –  Foreign currency translation reserve  –  (16)  –  Retained earnings  (1)  52  –  Total other non-controlling interests  29  101  –  –  Total non-controlling interests  496  552  –  – 