3rd Mar 2008 14:00
HSBC Holdings PLC03 March 2008 PART 7 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTORINDEPENDENCE.-------------------------------------------------------------------------------- TRANSACTIONS WITH RELATED PERSONS During our fiscal year ended December 31, 2007, HSBC Finance Corporation was nota participant in any transaction, and there is currently no proposedtransaction, in which the amount involved exceeded or will exceed $120,000, andin which a director or an executive officer, or a member of the immediate familyof a director or an executive officer, had or will have a direct or indirectmaterial interest, other than the agreements with Messrs. Mehta and Menezesdescribed in Item 11. Executive Compensation - Compensation Discussion andAnalysis - Compensation of Officers Reported in the Summary Compensation Table. HSBC Finance Corporation maintains a written Policy for the Review, Approval orRatification of Transactions with Related Persons which provides that any"Transaction with a Related Person" must be reviewed and approved or ratified inaccordance with specified procedures. The term "Transaction with a RelatedPerson" includes any transaction, arrangement or relationship, or series ofsimilar transactions, arrangements or relationships, in which (1) the aggregatedollar amount involved will or may be expected to exceed $120,000 in anycalendar year, (2) HSBC Finance Corporation or any of its subsidiaries is, or isproposed to be, a participant, and (3) a director or an executive officer, or amember of the immediate family of a director or an executive officer, has orwill have a direct or indirect material interest (other than solely as a resultof being a director or a less than 10 percent beneficial owner of anotherentity). The following are specifically excluded from the definition of"Transaction with a Related Person": - compensation paid to directors and executive officers reportable under rules and regulations promulgated by the Securities and Exchange Commission; - transactions with other companies if the only relationship of the director, executive officer or family member to the other company is as an employee (other than an executive officer), director or beneficial owner of less than 10 percent of such other company's equity securities; - charitable contributions, grants or endowments by HSBC Finance Corporation or any of its subsidiaries to charitable organizations, foundations or universities if the only relationship of the director, executive officer or family member to the organization, foundation or university is as an employee (other than an executive officer) or a director; - transactions where the interest of the director, executive officer or family member arises solely from the ownership of HSBC Finance Corporation's equity securities and all holders of such securities received or will receive the same benefit on a pro rata basis; - transactions where the rates or charges involved are determined by competitive bids; and - transactions involving services as a bank depositary of funds, transfer agent, registrar, trustee under a trust indenture or similar services. The policy requires each director and executive officer to notify the Office ofthe General Counsel in writing of any Transaction with a Related Person in whichthe director, executive officer or an immediate family member has or will havean interest and to provide specified details of the transaction. The Office ofthe General Counsel, through the Corporate Secretary, will deliver a copy of thenotice to the Chair of the Nominating and Governance Committee of the Board ofDirectors. The Nominating and Governance Committee will review the materialfacts of each proposed Transaction with a Related Person at each regularlyscheduled committee meeting and approve, ratify or disapprove the transaction. The vote of a majority of disinterested members of the Nominating and GovernanceCommittee is required for the approval or ratification of any Transaction with aRelated Person. The Nominating and Governance Committee may approve or ratify aTransaction with a Related Person if the committee determines, in its businessjudgment, based on the review of all available information, that the transactionis fair and reasonable to, and consistent with the best interests of, HSBCFinance Corporation and its subsidiaries. In making this determination, theNominating and Governance Committee will consider, among other things, (i) thebusiness purpose of the transaction, (ii) whether the transaction is enteredinto on an arms-length basis and on terms no less favorable than terms generallyavailable 233 to an unaffiliated third-party under the same or similar circumstances, (iii)whether the interest of the director, executive officer or family member in thetransaction is material and (iv) whether the transaction would violate anyprovision of the HSBC North America Holdings Inc. Statement of BusinessPrinciples and Code of Ethics, the HSBC Finance Corporation Code of Ethics forSenior Financial Officers or the HSBC Finance Corporation Corporate GovernanceStandards, as applicable. In any case where the Nominating and Governance Committee determines not toapprove or ratify a Transaction with a Related Person, the matter will bereferred to the Office of the General Counsel for review and consultationregarding the appropriate disposition of such transaction including, but notlimited to, termination of the transaction, rescission of the transaction ormodification of the transaction in a manner that would permit it to be ratifiedand approved. DIRECTOR INDEPENDENCE The HSBC Finance Corporation Corporate Governance Standards, together with thecharters of committees of the Board of Directors, provide the framework for ourcorporate governance. Director independence is defined in the HSBC FinanceCorporation Corporate Governance Standards which are based upon the rules of theNew York Stock Exchange. The HSBC Finance Corporation Corporate GovernanceStandards are available on our website at www.hsbcusa.com or upon writtenrequest made to HSBC Finance Corporation, 26525 N. Riverwoods Boulevard,Mettawa, IL 60045, Attention: Corporate Secretary. According to the HSBC Finance Corporation Corporate Governance Standards, amajority of the members of the Board of Directors must be independent. Thecomposition requirement for each committee of the Board of Directors is asfollows: COMMITTEE INDEPENDENCE/MEMBER REQUIREMENTS-----------------------------------------------------------------------------Audit Committee............... Chair and all voting membersCompensation Committee........ Chair and a majority of membersNominating and Governance Chair and a majority of members Committee...................Executive Committee........... 100% independent directors and the Chairman and Chief Executive Officer Messrs. Dalton, Freidheim, Herdman, Hernandez, Lorch and Ms. Renda areconsidered to be independent directors. Mr. McDonagh served as Chief ExecutiveOfficer until February 21, 2008 and currently serves as Chief Executive Officerof HSBC North America Holdings Inc. Mr. Booker served as Chief Operating Officerof HSBC Finance Corporation until February 21, 2008 and currently serves asChief Executive Officer of HSBC Finance Corporation. Mr. Fishburn serves aschairman of the board of HFC Bank Ltd. and is a member of the board of HSBC Bank(UK) Ltd. and Mr. Flint serves as Group Finance Director at HSBC. Because of thepositions held by Messrs. McDonagh, Booker, Fishburn and Flint, they are notconsidered to be independent directors. Mr. Michael R.P. Smith was a directoruntil June 2007. During his directorship Mr. Smith was the President and ChiefExecutive Officer of the Hongkong and Shanghai Banking Corporation and was notconsidered to be an independent director. Mr. Gary G. Dillon served as a memberof the Compensation, Executive and Audit Committees and was considered to be anindependent director until his retirement in April 2007. See Item 10. Directors, Executive Officers and Corporate Governance - CorporateGovernance - Board of Directors - Committees and Charters for more informationabout our Board of Directors and its committees. ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.-------------------------------------------------------------------------------- AUDIT FEES. The aggregate amount billed by our principal accountant, KPMG LLP,for audit services performed during the fiscal years ended December 31, 2007 and2006 was $7,134,000 and $7,278,000, respectively. Audit services include theauditing of financial statements, quarterly reviews, statutory audits, and thepreparation of comfort letters, consents and review of registration statements. AUDIT RELATED FEES. The aggregate amount billed by KPMG LLP in connection withaudit related services performed during the fiscal years ended December 31, 2007and 2006 was $2,139,000 and $1,453,000, respectively. 234 Audit related services include employee benefit plan audits, and audit orattestation services not required by statute or regulation. TAX FEES. Total fees billed by KPMG LLP for tax related services for the fiscalyears ended December 31, 2007 and 2006 were $7,800 and $127,000, respectively.These services include tax related research, general tax services in connectionwith transactions and legislation and tax services for review of Federal andstate tax accounts for possible overassessment of interest and/or penalties. ALL OTHER. Other than those fees described above, there were no other feesbilled for services performed by KPMG LLP during the fiscal years ended December31, 2007 and December 31, 2006. All of the fees described above were approved by HSBC Finance Corporation'saudit committee. PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.-------------------------------------------------------------------------------- (a)(1) Financial Statements. The consolidated financial statements listed below, together with an opinion ofKPMG LLP dated February 29, 2008 with respect thereto, are included in this Form10-K pursuant to Item 8. Financial Statements and Supplementary Data of thisForm 10-K. HSBC FINANCE CORPORATION AND SUBSIDIARIES: Report of Independent Registered Public Accounting Firm Consolidated Statement of Income (Loss) Consolidated Balance Sheet Consolidated Statement of Cash Flows Consolidated Statement of Changes in Shareholder's(s') Equity Notes to Consolidated Financial Statements Selected Quarterly Financial Data (Unaudited) (a)(2) Not applicable (a)(3) Exhibits. 3(i) Amended and Restated Certificate of Incorporation of HSBC Finance Corporation effective as of December 15, 2004, as amended (incorporated by reference to Exhibit 3.1 of HSBC Finance Corporation's Current Report on Form 8-K filed June 22, 2005 and Exhibit 3.1(b) of HSBC Finance Corporation's Current Report on Form 8-K filed December 19, 2005).3(ii) Bylaws of HSBC Finance Corporation, as amended February 21, 2008 (incorporated by reference to Exhibit 3.2 of HSBC Finance Corporation's Current Report on Form 8-K filed on February 22, 2008).4.1 Amended and Restated Standard Multiple-Series Indenture Provisions for Senior Debt Securities of HSBC Finance Corporation dated as of December 15, 2004 (incorporated by reference to Exhibit 4.1 of Amendment No. 1 to HSBC Finance Corporation's Registration Statements on Form S-3 Nos. 333- 120494, 333-120495 and 333-120496 filed December 16, 2004).4.2 Amended and Restated Indenture for Senior Debt Securities dated as of December 15, 2004 between HSBC Finance Corporation and The Bank of New York Trust Company, N.A. (successor to JPMorgan Chase Bank, N.A.), as Trustee (incorporated by reference to Exhibit 4.2 of Amendment No. 1 to HSBC Finance Corporation's Registration Statements on Form S-3 Nos. 333-120495 and 333-120496 filed December 16, 2004). 235 4.3 Amended and Restated Indenture for Senior Debt Securities dated as of December 15, 2004 between HSBC Finance (successor to Household Finance Corporation) and U.S. Bank National Association (formerly known as First Trust of Illinois, National Association, successor in interest to Bank of America Illinois, formerly known as Continental Bank, National Association), as Trustee, amending and restating the Indenture dated as of October 1, 1992 between Household Finance Corporation and the Trustee (incorporated by reference to Exhibit 4.3 to Amendment No. 1 to the Company's Registration Statement on Form S-3, Registration No. 333-120494).4.4 Amended and Restated Indenture for Senior Debt Securities dated as of December 15, 2004 between HSBC Finance (successor to Household Finance Corporation) and BNY Midwest Trust Company (formerly Harris Trust and Savings Bank), as Trustee, amending and restating the Indenture dated as of December 19, 2003 between Household Finance Corporation and the Trustee (incorporated by reference to Exhibit 4.4 to Amendment No. 1 to the Company's Registration Statement on Form S-3, Registration No. 333- 120494).4.5 Amended and Restated Indenture for Senior Debt Securities dated as of December 15, 2004 between HSBC Finance (successor to Household Finance Corporation) and J.P. Morgan Trust Company, National Association (as successor in interest to Bank One, National Association, formerly known as the First National Bank of Chicago), as Trustee, amending and restating the Indenture dated as of April 1, 1995 between Household Finance Corporation and the Trustee (incorporated by reference to Exhibit 4.5 to Amendment No. 1 to the Company's Registration Statement on Form S-3, Registration No. 333-120494).4.6 Indenture for Senior Debt Securities dated as of March 7, 2007 between HSBC Finance and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.12 to the Company's Registration Statement on Form S-3, Registration No. 333-130580).4.7 The principal amount of debt outstanding under each other instrument defining the rights of Holders of our long-term senior and senior subordinated debt does not exceed 10 percent of our total assets. HSBC Finance Corporation agrees to furnish to the Securities and Exchange Commission, upon request, a copy of each instrument defining the rights of holders of our long-term senior and senior subordinated debt.12 Statement of Computation of Ratio of Earnings to Fixed Charges and to Combined Fixed Charges and Preferred Stock Dividends.14 Code of Ethics for Senior Financial Officers (incorporated by reference to Exhibit 14 of HSBC Finance Corporation's Annual Report on Form 10-K for the year ended December 31, 2004 filed February 28, 2005).21 Subsidiaries of HSBC Finance Corporation.23 Consent of KPMG LLP, Independent Registered Public Accounting Firm.24 Power of Attorney (included on page 237 of this Form 10-K).31 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002.32 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.99.1 Ratings of HSBC Finance Corporation and its significant subsidiaries. Upon receiving a written request, we will furnish copies of the exhibitsreferred to above free of charge. Requests should be made to HSBC FinanceCorporation, 26525 North Riverwoods Boulevard, Mettawa, Illinois 60045,Attention: Corporate Secretary. 236 SIGNATURES-------------------------------------------------------------------------------- Pursuant to the requirements of Section 13 or 15(d) of the Securities ExchangeAct of 1934, HSBC Finance Corporation has duly caused this report to be signedon its behalf by the undersigned, thereunto duly authorized on this, the 3rd dayof March, 2008. HSBC FINANCE CORPORATION By: /s/ Niall S. K. Booker ------------------------------------ Niall S. K. Booker Chief Executive Officer Each person whose signature appears below constitutes and appoints P.D. Schwartzas his/her true and lawful attorney-in-fact and agent, with full power ofsubstitution and resubstitution, for him/her in his/her name, place and stead,in any and all capacities, to sign and file, with the Securities and ExchangeCommission, this Form 10-K and any and all amendments and exhibits thereto, andall documents in connection therewith, granting unto each such attorney-in-factand agent full power and authority to do and perform each and every act andthing requisite and necessary to be done, as fully to all intents and purposesas he/she might or could do in person, hereby ratifying and confirming all thatsuch attorney-in-fact and agent or their substitutes may lawfully do or cause tobe done by virtue hereof. Pursuant to the requirements of the Securities Exchange Act of 1934, this reporthas been signed below by the following persons on behalf of HSBC FinanceCorporation and in the capacities indicated on the 3rd day of March, 2008. SIGNATURE TITLE---------------------------------------------------------------------------------- /s/ (N. S. K. BOOKER) Chief Executive Officer and Director (as Principal Executive Officer)------------------------------- (N. S. K. Booker) /s/ (D. J. FLINT) Chairman and Director ------------------------------- (D. J. Flint) /s/ (W. R. P. DALTON) Director ------------------------------- (W. R. P. Dalton) /s/ (J. D. FISHBURN) Director ------------------------------- (J. D. Fishburn) /s/ (C. F. FREIDHEIM, Jr.) Director ------------------------------- (C. F. Freidheim, Jr.) /s/ (R. K. HERDMAN) Director ------------------------------- (R. K. Herdman) /s/ (L. HERNANDEZ, Jr.) Director ------------------------------- (L. Hernandez, Jr.) /s/ (G. A. LORCH) Director ------------------------------- (G. A. Lorch) 237 SIGNATURE TITLE---------------------------------------------------------------------------------- /s/ (B. P. McDONAGH) Director ------------------------------- (B. P. McDonagh) /s/ (L. M. RENDA) Director ------------------------------- (L. M. Renda) /s/ (B. A. SIBBLIES) Executive Vice President and Chief Financial Officer------------------------------- (B. A. Sibblies) /s/ (J. E. BINYON) Executive Vice President and Chief Accounting Officer------------------------------- (J. E. Binyon) 238 EXHIBIT INDEX-------------------------------------------------------------------------------- 3(i) Amended and Restated Certificate of Incorporation of HSBC Finance Corporation effective as of December 15, 2004, as amended (incorporated by reference to Exhibit 3.1 of HSBC Finance Corporation's Current Report on Form 8-K filed June 22, 2005 and Exhibit 3.1(b) of HSBC Finance Corporation's Current Report on Form 8-K filed December 19, 2005). 3(ii) Bylaws of HSBC Finance Corporation, as amended February 21, 2008 (incorporated by reference to Exhibit 3.2 of HSBC Finance Corporation's Current Report on Form 8-K filed on February 22, 2008). 4.1 Amended and Restated Standard Multiple-Series Indenture Provisions for Senior Debt Securities of HSBC Finance Corporation dated as of December 15, 2004 (incorporated by reference to Exhibit 4.1 of Amendment No. 1 to HSBC Finance Corporation's Registration Statements on Form S-3 Nos. 333- 120494, 333-120495 and 333-120496 filed December 16, 2004). 4.2 Amended and Restated Indenture for Senior Debt Securities dated as of December 15, 2004 between HSBC Finance Corporation and The Bank of New York Trust Company, N.A. (successor to JPMorgan Chase Bank, N.A.), as Trustee (incorporated by reference to Exhibit 4.2 of Amendment No. 1 to HSBC Finance Corporation's Registration Statements on Form S-3 Nos. 333-120495 and 333- 120496 filed December 16, 2004). 4.3 Amended and Restated Indenture for Senior Debt Securities dated as of December 15, 2004 between HSBC Finance (successor to Household Finance Corporation) and U.S. Bank National Association (formerly known as First Trust of Illinois, National Association, successor in interest to Bank of America Illinois, formerly known as Continental Bank, National Association), as Trustee, amending and restating the Indenture dated as of October 1, 1992 between Household Finance Corporation and the Trustee (incorporated by reference to Exhibit 4.3 to Amendment No. 1 to the Company's Registration Statement on Form S-3, Registration No. 333-120494). 4.4 Amended and Restated Indenture for Senior Debt Securities dated as of December 15, 2004 between HSBC Finance (successor to Household Finance Corporation) and BNY Midwest Trust Company (formerly Harris Trust and Savings Bank), as Trustee, amending and restating the Indenture dated as of December 19, 2003 between Household Finance Corporation and the Trustee (incorporated by reference to Exhibit 4.4 to Amendment No. 1 to the Company's Registration Statement on Form S-3, Registration No. 333-120494). 4.5 Amended and Restated Indenture for Senior Debt Securities dated as of December 15, 2004 between HSBC Finance (successor to Household Finance Corporation) and J.P. Morgan Trust Company, National Association (as successor in interest to Bank One, National Association, formerly known as the First National Bank of Chicago), as Trustee, amending and restating the Indenture dated as of April 1, 1995 between Household Finance Corporation and the Trustee (incorporated by reference to Exhibit 4.5 to Amendment No. 1 to the Company's Registration Statement on Form S-3, Registration No. 333-120494). 4.6 Indenture for Senior Debt Securities dated as of March 7, 2007 between HSBC Finance and Wells Fargo Bank, National Association (incorporated by reference to Exhibit 4.12 to the Company's Registration Statement on Form S-3, Registration No. 333- 130580). 4.7 The principal amount of debt outstanding under each other instrument defining the rights of Holders of our long-term senior and senior subordinated debt does not exceed 10 percent of our total assets. HSBC Finance Corporation agrees to furnish to the Securities and Exchange Commission, upon request, a copy of each instrument defining the rights of holders of our long- term senior and senior subordinated debt. 12 Statement of Computation of Ratio of Earnings to Fixed Charges and to Combined Fixed Charges and Preferred Stock Dividends. 14 Code of Ethics for Senior Financial Officers (incorporated by reference to Exhibit 14 of HSBC Finance Corporation's Annual Report on Form 10-K for the year ended December 31, 2004 filed February 28, 2005). 21 Subsidiaries of HSBC Finance Corporation. 23 Consent of KPMG LLP, Independent Registered Public Accounting Firm. 24 Power of Attorney (included on page 237 of this Form 10-K). 31 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 99.1 Ratings of HSBC Finance Corporation and its significant subsidiaries. 239 EXHIBIT 12 HSBC FINANCE CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS MARCH 29 JANUARY 1 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED THROUGH THROUGH DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, MARCH 28, 2007 2006 2005 2004 2003 2003--------------------------------------------------------------------------------------------------------------------------- (SUCCESSOR) (SUCCESSOR) (SUCCESSOR) (SUCCESSOR) (SUCCESSOR) (PREDECESSOR) (IN MILLIONS)Net income (loss)............... $(4,906) $1,443 $1,772 $1,940 $1,357 $ 246Income taxes.................... (945) 844 891 1,000 690 182 ------- ------ ------ ------ ------ ------Income before income taxes...... (5,851) 2,287 2,663 2,940 2,047 428 ------- ------ ------ ------ ------ ------Fixed charges: Interest expense.............. 8,132 7,374 4,832 3,143 2,031 898 Interest portion of rentals(1)................. 69 59 61 54 40 18 ------- ------ ------ ------ ------ ------Total fixed charges............. 8,201 7,433 4,893 3,197 2,071 916 ------- ------ ------ ------ ------ ------Total earnings as defined....... $ 2,350 $9,720 $7,556 $6,137 $4,118 $1,344Ratio of earnings to fixed charges....................... .29 1.31 1.54 1.92(3) 1.99 1.47(4) ======= ====== ====== ====== ====== ======Preferred stock dividends(2).... 58 58 125 108 86 32 ======= ====== ====== ====== ====== ======Ratio of earnings to combined fixed charges and preferred stock dividends............... .28 1.30 1.51 1.86(3) 1.91 1.42(4) ======= ====== ====== ====== ====== ====== -------- (1) Represents one-third of rentals, which approximates the portion representing interest. (2) Preferred stock dividends are grossed up to their pretax equivalents. (3) The 2004 ratios have been negatively impacted by $121 million (after-tax) from the adoption of FFIEC charge-off policies for our domestic private label (excluding retail sales contracts at our consumer lending business) and credit card portfolios in December 2004 and positively impacted by the $423 million (after-tax) gain on the bulk sale of our domestic private label receivables (excluding retail sales contracts at our consumer lending business) to HSBC Bank USA in December 2004. Excluding these items, our ratio of earnings to fixed charges would have been 1.83 percent and our ratio of earnings to combined fixed charges and preferred stock dividends would have been 1.77 percent. These non-U.S. GAAP financial ratios are provided for comparison of our operating trends only. (4) The 2003 ratios have been negatively impacted by the $167 million (after- tax) of HSBC acquisition related costs and other merger related items incurred by HSBC Finance Corporation. Excluding these charges, our ratio of earnings to fixed charges would have been 1.69 percent and our ratio of earnings to combined fixed charges and preferred stock dividends would have been 1.63 percent. These non-U.S. GAAP financial ratios are provided for comparison of our operating trends only. EXHIBIT 21 SUBSIDIARIES OF HSBC FINANCE CORPORATION US -- STATENAMES OF SUBSIDIARIES ORGANIZED--------------------- --------------22(nd) Investment Group Loan Servicing........................... DelawareAHLIC Investment Holdings Corporation............................ DelawareB.I.G. Insurance Agency, Inc. ................................... OhioBeaver Valley, Inc. ............................................. DelawareBencharge Credit Service Holding Company......................... DelawareBeneficial Alabama Inc. ......................................... AlabamaBeneficial Arizona Inc. ......................................... DelawareBeneficial California Inc. ...................................... DelawareBeneficial Colorado Inc. ........................................ DelawareBeneficial Commercial Corporation................................ DelawareBeneficial Commercial Holding Corporation........................ DelawareBeneficial Company LLC (f/k/a Beneficial Corporation)............ DelawareBeneficial Connecticut Inc. ..................................... DelawareBeneficial Consumer Discount Company............................. Pennsylvania dba BMC of PABeneficial Credit Services Inc. ................................. DelawareBeneficial Credit Services of Connecticut Inc. .................. DelawareBeneficial Credit Services of Mississippi Inc. .................. DelawareBeneficial Credit Services of South Carolina Inc. ............... DelawareBeneficial Delaware Inc. ........................................ DelawareBeneficial Direct, Inc. ......................................... New JerseyBeneficial Discount Co. of Virginia.............................. DelawareBeneficial Facilities Corporation................................ New JerseyBeneficial Finance Co. .......................................... DelawareBeneficial Finance Co. of West Virginia.......................... DelawareBeneficial Finance Services, Inc. ............................... KansasBeneficial Florida Inc. ......................................... DelawareBeneficial Franchise Company Inc. ............................... DelawareBeneficial Georgia Inc. ......................................... DelawareBeneficial Hawaii Inc. .......................................... DelawareBeneficial Homeowner Service Corporation......................... DelawareBeneficial Idaho Inc. ........................................... DelawareBeneficial Illinois Inc. ........................................ DelawareBeneficial Indiana Inc. ......................................... Delaware dba Beneficial Mortgage Co. of IndianaBeneficial Investment Co. ....................................... DelawareBeneficial Iowa Inc. ............................................ IowaBeneficial Kansas Inc. .......................................... KansasBeneficial Kentucky Inc. ........................................ DelawareBeneficial Leasing Group, Inc. .................................. DelawareBeneficial Loan & Thrift Co. .................................... MinnesotaBeneficial Loan Corporation of Kentucky.......................... Kentucky US -- STATENAMES OF SUBSIDIARIES ORGANIZED--------------------- --------------Beneficial Louisiana Inc. ....................................... DelawareBeneficial Maine Inc. ........................................... Delaware dba Beneficial Credit Services of MaineBeneficial Management Corporation................................ DelawareBeneficial Management Corporation of America..................... DelawareBeneficial Management Headquarters, Inc. ........................ New JerseyBeneficial Management Institute, Inc. ........................... New YorkBeneficial Maryland Inc. ........................................ DelawareBeneficial Massachusetts Inc. ................................... DelawareBeneficial Michigan Inc. ........................................ DelawareBeneficial Mississippi Inc. ..................................... DelawareBeneficial Missouri, Inc. ....................................... DelawareBeneficial Montana Inc. ......................................... DelawareBeneficial Mortgage Co. of Arizona............................... DelawareBeneficial Mortgage Co. of Connecticut........................... DelawareBeneficial Mortgage Co. of Georgia............................... DelawareBeneficial Mortgage Co. of Indiana............................... DelawareBeneficial Mortgage Co. of Massachusetts......................... DelawareBeneficial Mortgage Co. of Mississippi........................... DelawareBeneficial Mortgage Co. of Missouri, Inc. ....................... DelawareBeneficial Mortgage Co. of Nevada................................ DelawareBeneficial Mortgage Co. of North Carolina........................ DelawareBeneficial Mortgage Co. of Virginia.............................. DelawareBeneficial Mortgage Corporation.................................. DelawareBeneficial Nebraska Inc. ........................................ Nebraska dba BFC Mortgage of NebraskaBeneficial Nevada Inc. .......................................... DelawareBeneficial New Hampshire Inc. ................................... DelawareBeneficial New Jersey Inc. ...................................... Delaware dba Beneficial Mortgage Co.Beneficial New Mexico Inc. ...................................... DelawareBeneficial New York Inc. ........................................ New YorkBeneficial North Carolina Inc. .................................. DelawareBeneficial Ohio Inc. ............................................ DelawareBeneficial Oklahoma Inc. ........................................ DelawareBeneficial Oregon Inc. .......................................... DelawareBeneficial Real Estate Joint Venture, Inc. ...................... DelawareBeneficial Rhode Island Inc. .................................... DelawareBeneficial South Carolina Inc. .................................. DelawareBeneficial South Dakota Inc. .................................... DelawareBeneficial Tennessee Inc. ....................................... TennesseeBeneficial Texas Inc. ........................................... TexasBeneficial Utah Inc. ............................................ DelawareBeneficial Vermont Inc. ......................................... DelawareBeneficial Virginia Inc. ........................................ Delaware US -- STATENAMES OF SUBSIDIARIES ORGANIZED--------------------- --------------Beneficial Washington Inc. ...................................... DelawareBeneficial West Virginia, Inc. .................................. West VirginiaBeneficial Wisconsin Inc. ....................................... DelawareBeneficial Wyoming Inc. ......................................... WyomingBFC Agency, Inc. ................................................ DelawareBFC Insurance Agency of Nevada................................... NevadaBMC Holding Company.............................................. DelawareBon Secour Properties Inc. ...................................... AlabamaCal-Pacific Services, Inc. ...................................... CaliforniaCapital Financial Services Inc. ................................. Nevada dba Capital Financial Services I Inc. dba Capital Financial Services No. 1 Inc. dba CFSI, Inc. dba HB Financial ServicesCentral Insurance Administrators, Inc. .......................... DelawareChattanooga Valley Associates.................................... TennesseeCraig-Hallum Corporation......................................... DelawareDecision One Loan Company of Minnesota........................... MinnesotaDecision One Mortgage Company.................................... North CarolinaDecision One Mortgage Company, LLC............................... North CarolinaEighth HFC Leasing Corporation................................... DelawareEleventh Avenue Mortgage Lenders................................. DelawareFifth HFC Leasing Corporation.................................... DelawareFirst Central National Life Insurance Company of New York........ New YorkFNA Consumer Discount Company.................................... PennsylvaniaFourteenth HFC Leasing Corporation............................... DelawareFourth HFC Leasing Corporation................................... DelawareHamilton Investments, Inc. ...................................... DelawareHarbour Island Inc. ............................................. FloridaHFC Agency of Missouri, Inc. .................................... MissouriHFC Commercial Realty, Inc. ..................................... DelawareHFC Company LLC (f/k/a Household Group, Inc.).................... DelawareHFC Leasing, Inc. ............................................... DelawareHFS Investments, Inc. ........................................... NevadaHFTA Corporation................................................. DelawareHousehold Affinity Funding Corporation III....................... DelawareHousehold Aviation, LLC.......................................... DelawareHousehold Capital Markets LLC.................................... DelawareHousehold Commercial Financial Services, Inc. ................... DelawareHousehold Commercial of California, Inc. ........................ CaliforniaHousehold Consumer Loan Corporation.............................. NevadaHousehold Consumer Loan Corporation II........................... DelawareHousehold Credit Services Overseas, Inc. ........................ DelawareHousehold Finance Consumer Discount Company...................... PennsylvaniaHousehold Finance Corporation II................................. Delaware US -- STATENAMES OF SUBSIDIARIES ORGANIZED--------------------- -------------- dba Household Finance Corporation of VirginiaHousehold Finance Corporation III................................ Delaware dba HFC Mortgage of Nebraska dba Household Mortgage Services dba HSBC MortgageHousehold Finance Corporation of Alabama......................... AlabamaHousehold Finance Corporation of California...................... DelawareHousehold Finance Corporation of Nevada.......................... DelawareHousehold Finance Corporation of West Virginia................... West VirginiaHousehold Finance Industrial Loan Company........................ WashingtonHousehold Finance Industrial Loan Company of Iowa................ IowaHousehold Finance Realty Corporation of Nevada................... DelawareHousehold Finance Realty Corporation of New York................. DelawareHousehold Financial Center Inc. ................................. TennesseeHousehold Global Funding, Inc. .................................. DelawareHousehold Industrial Finance Company............................. MinnesotaHousehold Industrial Loan Co. of Kentucky........................ KentuckyHousehold Insurance Agency, Inc. ................................ MichiganHousehold Insurance Agency, Inc. Nevada.......................... NevadaHousehold Insurance Group Holding Company........................ DelawareHousehold Insurance Group, Inc. ................................. DelawareHousehold Investment Funding, Inc. .............................. DelawareHousehold Ireland Holdings Inc. ................................. DelawareHousehold Life Insurance Co. of Arizona.......................... ArizonaHousehold Life Insurance Company................................. MichiganHousehold Life Insurance Company of Delaware..................... DelawareHousehold OPEB I, Inc. .......................................... IllinoisHousehold Pooling Corporation.................................... NevadaHousehold Realty Corporation..................................... Delaware dba Household Realty Corporation of VirginiaHousehold Recovery Services Corporation.......................... DelawareHousehold REIT Corporation....................................... NevadaHousehold Servicing, Inc. ....................................... DelawareHousehold Tax Masters Acquisition Corporation.................... DelawareHousekey Financial Corporation................................... IllinoisHSBC - GR Corp. (f/k/a Household Financial Group, Ltd.).......... DelawareHSBC Affinity Corporation I (f/k/a HFC Card Funding Corporation)................................................... DelawareHSBC Auto Accounts Inc. (f/k/a OFL-A Receivables Corp.).......... DelawareHSBC Auto Credit Inc. (f/k/a Household Automotive Credit Corporation)................................................... DelawareHSBC Auto Finance Inc. (f/k/a Household Automotive Finance Corporation)................................................... DelawareHSBC Auto Receivables Corporation (f/k/a Household Auto Receivables Corporation)....................................... NevadaHSBC Bank Nevada, N. A. (f/k/a Household Bank (SB), N.A.)........ United StatesHSBC Card Services Inc. (f/k/a Household Credit Services, Inc.).. DelawareHSBC Card Services (II) Inc. (f/k/a Household Credit Services II, Inc.).......................................................... OregonHSBC Card Services (III) Inc. (f/k/a Household Card Services, Inc.).......................................................... Nevada US -- STATENAMES OF SUBSIDIARIES ORGANIZED--------------------- --------------HSBC Consumer Lending (USA) Inc. ................................ DelawareHSBC Credit Center, Inc. ........................................ DelawareHSBC Receivables Funding Inc. II................................. DelawareHSBC Home Equity Loan Correspondent Corporation I (f/k/a HSBC Mortgage Funding Corporation I )............................... DelawareHSBC Home Equity Loan Corporation I (f/k/a HFC Revolving Corporation)................................................... DelawareHSBC Home Equity Loan Corporation II (f/k/a Household Receivables Acquisition Company)........................................... DelawareHSBC Insurance Company of Delaware (f/k/a Service General Insurance Company)............................................. OhioHSBC Mortgage Services Inc. (f/k/a Household Financial Services Inc.).......................................................... DelawareHSBC Mortgage Services Warehouse Lending Inc. (f/k/a HFC Funding Corporation)................................................... DelawareHSBC Pay Services, Inc. (f/k/a Household Payroll Services, Inc.).......................................................... DelawareHSBC Private Label Corporation (f/k/a Household Corporation)..... DelawareHSBC Receivables Acquisition Company I (f/k/a Household Receivables Acquisition Company II............................. DelawareHSBC Receivables Funding Inc. I (f/k/a Household Receivables Funding, Inc. III)............................................. DelawareHSBC Retail Services Inc. (f/k/a Household Retail Services, Inc.).......................................................... DelawareHSBC Taxpayer Financial Services Inc. (f/k/a Household Tax Masters Inc.).................................................. DelawareHSBC TFS I 2005 LLC.............................................. DelawareHSBC TFS I LLC................................................... DelawareHSBC TFS II 2005 LLC............................................. DelawareHSBC TFS II LLC.................................................. DelawareHull 752 Corporation............................................. DelawareHull 753 Corporation............................................. DelawareJV Mortgage Capital Consumer Discount Company.................... PennsylvaniaMacray Corporation............................................... CaliforniaMES Insurance Agency, LLC........................................ DelawareMetris Receivables, Inc. ........................................ DelawareMoore's Home Mortgage Co. ....................................... DelawareMortgage One Corporation......................................... DelawareMortgage Two Corporation......................................... DelawareMTX LLC.......................................................... DelawareNeil Corporation................................................. DelawareNineteenth HFC Leasing Corporation............................... DelawareNorth Indemnity Insurance Company................................ DelawarePacific Agency, Inc. ............................................ NevadaPargen Corporation............................................... CaliforniaPersonal Mortgage Corporation.................................... DelawarePersonal Mortgage Holding Company................................ DelawarePPSG Corporation................................................. DelawareReal Estate Collateral Management Company........................ DelawareRenaissance Bankcard Services of Kentucky........................ KentuckyService Administrators, Inc. (USA)............................... ColoradoService Management Corporation................................... OhioSeven Acres Loan Servicing....................................... DelawareSeventh HFC Leasing Corporation.................................. Delaware US -- STATENAMES OF SUBSIDIARIES ORGANIZED--------------------- --------------Silliman Corporation............................................. DelawareSixth HFC Leasing Corporation.................................... DelawareSixty-First Mortgage Lenders..................................... DelawareSolstice Capital Group, Inc. .................................... DelawareSouthwest Texas General Agency, Inc. ............................ TexasSPE 1 2005 Manager Inc. ......................................... DelawareSPE 1 Manager Inc. .............................................. DelawareTenth Leasing Credit Corporation................................. DelawareThird HFC Leasing Corporation.................................... DelawareThirteenth HFC Leasing Corporation............................... DelawareTwenty-Sixth Place Finance Co. .................................. DelawareValley Properties Corporation.................................... TennesseeWasco Properties, Inc. .......................................... Delaware NON-US AFFILIATES NAMES OF SUBSIDIARIES COUNTRY ORGANIZED--------------------- -----------------B&Q Financial Services Limited................................. EnglandBeneficial Limited............................................. EnglandBeneficial Premium Services Limited............................ EnglandBFC Insurance (Life) Limited................................... IrelandBFC Insurance Limited.......................................... IrelandBFC Ireland (Holdings) Limited................................. IrelandBFC Pension Plan (Ireland) Limited............................. IrelandBFC Reinsurance Limited........................................ IrelandD.L.R.S. Limited............................................... EnglandEndeavour Personal Finance Limited............................. EnglandHamilton Financial Planning Services Ltd. ..................... EnglandHFC Bank Limited............................................... EnglandHFC Financial Services Holdings (Ireland) Limited.............. IrelandHFC Pension Plan (Ireland) Limited............................. IrelandHFC Pension Plan Limited....................................... EnglandHousehold Funding (Jersey) Limited............................. Channel IslandHousehold Commercial Canada, Inc. ............................. CanadaHousehold Computer Services Limited............................ EnglandHousehold Finance Limited...................................... EnglandHousehold Funding plc.......................................... EnglandHousehold Global Holdings, BV.................................. NetherlandsHousehold International Europe Limited......................... EnglandHousehold Investments Limited.................................. EnglandHousehold Leasing Limited...................................... EnglandHousehold Management Corporation Limited....................... England & WalesHousehold Overseas Limited..................................... EnglandHousehold Realty Corporation Limited........................... CanadaHousehold Trust Company........................................ CanadaHSBC Finance Corporation Canada (f/k/a Household Finance Corporation of Canada)....................................... CanadaHSBC Financial Corporation Limited (f/k/a Household Financial Corporation Limited)......................................... CanadaHSBC Retail Services Limited (f/k/a Household Financial Corporation Inc.)............................................ CanadaICOM Limited................................................... BermudaInvis Inc. .................................................... CanadaSterling Credit Limited........................................ England NAMES OF SUBSIDIARIES COUNTRY ORGANIZED--------------------- -----------------Sterling Credit Management Limited............................. EnglandSterling Mortgages Limited..................................... England EXHIBIT 23 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Board of Directors of HSBC Finance Corporation: We consent to the incorporation by reference in the Registration Statements No.2-86383, No. 33-21343, No. 33-45454, No. 33-45455, No. 33-52211, No. 33-58727,No. 333-00397, No. 333-03673, No. 333-36589, No. 333-39639, No. 333-47073, No.333-58291, No. 333-58289, No. 333-58287, No. 333-30600, No. 333-50000, No. 333-70794, No. 333-71198, No. 333-83474 and No. 333-99107 on Form S-8 andRegistration Statements No. 33-55043, No. 33-55561, No. 33-64175, No. 333-02161,No. 333-14459, No. 333-47945, No. 333-59453, No. 333-60543, No. 333-72453, No.333-82119, No. 333-33240, No. 333-45740, No. 333-56152, No. 333-61964, No. 333-73746, No. 333-75328, No. 333-85886, No. 333-111413, No. 33-44066, No. 33-57249,No. 333-01025, No. 333-27305, No. 333-33052, No. 333-53862, No. 333-60510, No.333-100737, No. 333-120494, No. 333-120495, No. 333-120496 , No. 333-130580 andNo. 333-128369 on Form S-3 of HSBC Finance Corporation (the Company) of ourreports dated February 29, 2008, with respect to the consolidated balance sheetsof the Company as of December 31, 2007 and 2006, and the related consolidatedstatements of income (loss), changes in shareholder's(s') equity, and cash flowsfor each of the years in the three-year period ended December 31, 2007, and theeffectiveness of internal control over financial reporting as of December 31,2007, which reports appear in the December 31, 2007 annual report on Form 10-Kof the Company. /s/ KPMG LLP Chicago, IllinoisFebruary 29, 2008 EXHIBIT 31 CERTIFICATION OF CHIEF EXECUTIVE OFFICER I, Niall S.K. Booker, Chief Executive Officer of HSBC Finance Corporation,certify that: 1. I have reviewed this annual report on Form 10-K of HSBC FinanceCorporation; 2. Based on my knowledge, this annual report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this annualreport; 3. Based on my knowledge, the financial statements, and other financialinformation included in this annual report, fairly present in all materialrespects the financial condition, results of operations and cash flows of theregistrant as of, and for, the periods presented in this annual report; 4. The registrant's other certifying officer and I are responsible forestablishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financialreporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for theregistrant and we have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) disclosed in this annual report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based onour most recent evaluation of internal control over financial reporting, to theregistrant's auditors and the audit committee of the registrant's board ofdirectors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: March 3, 2008 /s/ NIALL S.K. BOOKER ---------------------------------------- Niall S.K. Booker Chief Executive Officer EXHIBIT 31 CERTIFICATION OF CHIEF FINANCIAL OFFICER I, Beverley A. Sibblies, Senior Vice President and Chief Financial Officer ofHSBC Finance Corporation, certify that: 1. I have reviewed this annual report on Form 10-K of HSBC FinanceCorporation; 2. Based on my knowledge, this annual report does not contain any untruestatement of a material fact or omit to state a material fact necessary to makethe statements made, in light of the circumstances under which such statementswere made, not misleading with respect to the period covered by this annualreport; 3. Based on my knowledge, the financial statements, and other financialinformation included in this annual report, fairly present in all materialrespects the financial condition, results of operations and cash flows of theregistrant as of, and for, the periods presented in this annual report; 4. The registrant's other certifying officer and I are responsible forestablishing and maintaining disclosure controls and procedures (as defined inExchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financialreporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for theregistrant and we have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) disclosed in this annual report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based onour most recent evaluation of internal control over financial reporting, to theregistrant's auditors and the audit committee of the registrant's board ofdirectors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: March 3, 2008 /s/ BEVERLEY A. SIBBLIES ---------------------------------------- Beverley A. Sibblies Executive Vice President and Chief Financial Officer EXHIBIT 32 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The certification set forth below is being submitted in connection with the HSBCFinance Corporation (the "Company") Annual Report on Form 10-K for the fiscalyear ended December 31, 2007 as filed with the Securities and ExchangeCommission on the date hereof (the "Report") for the purpose of complying withRule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the"Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United StatesCode. I, Niall S.K. Booker, Chief Executive Officer of the Company, certify that: 1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and 2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of HSBC Finance Corporation. March 3, 2008 /s/ NIALL S.K. BOOKER ---------------------------------------- Niall S.K. Booker Chief Executive Officer This certification accompanies each Report pursuant to Section 906 of theSarbanes-Oxley Act of 2002 and shall not, except to the extent required by theSarbanes-Oxley Act of 2002, be deemed filed by HSBC Finance Corporation forpurposes of Section 18 of the Securities Exchange Act of 1934, as amended. Signed originals of these written statements required by Section 906 of theSarbanes-Oxley Act of 2002 have been provided to HSBC Finance Corporation andwill be retained by HSBC Finance Corporation and furnished to the Securities andExchange Commission or its staff upon request. EXHIBIT 32 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 The certification set forth below is being submitted in connection with the HSBCFinance Corporation (the "Company") Annual Report on Form 10-K for the fiscalyear ended December 31, 2007 as filed with the Securities and ExchangeCommission on the date hereof (the "Report") for the purpose of complying withRule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the"Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United StatesCode. I, Beverley A. Sibblies, Senior Vice President and Chief Financial Officer ofthe Company, certify that: 1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and 2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of HSBC Finance Corporation. March 3, 2008 /s/ BEVERLEY A. SIBBLIES ---------------------------------------- Beverley A. Sibblies Executive Vice President and Chief Financial Officer This certification accompanies each Report pursuant to Section 906 of theSarbanes-Oxley Act of 2002 and shall not, except to the extent required by theSarbanes-Oxley Act of 2002, be deemed filed by HSBC Finance Corporation forpurposes of Section 18 of the Securities Exchange Act of 1934, as amended. Signed originals of these written statements required by Section 906 of theSarbanes-Oxley Act of 2002 have been provided to HSBC Finance Corporation andwill be retained by HSBC Finance Corporation and furnished to the Securities andExchange Commission or its staff upon request. EXHIBIT 99.1 HSBC FINANCE CORPORATION AND SUBSIDIARIES DEBT AND PREFERRED STOCK SECURITIES RATINGS STANDARD & MOODY'S DOMINION POOR'S INVESTORS BOARD RATING CORPORATION SERVICE FITCH, INC. SERVICE--------------------------------------------------------------------------------------------------AS OF MARCH 3, 2008HSBC Finance Corporation Senior debt............................... AA- Aa3 AA- AA (low) Senior subordinated debt.................. A+ A2 A+ * Commercial paper.......................... A-1+ P-1 F-1+ R-1 (middle) Series B preferred stock.................. A-2 A2 A+ *HFC Bank Limited Senior debt............................... AA- Aa3 AA- * Commercial paper.......................... A-1+ P-1 F-1+ *HSBC Financial Corporation Limited Senior notes and term loans............... * * * AA (low) Commercial paper.......................... * * * R-1 (middle) -------- * Not rated by this agency. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
HSBC Holdings