HSBC Finance Corp 2007 10K-P7
HSBC Holdings PLC
03 March 2008
PART 7
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE.
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TRANSACTIONS WITH RELATED PERSONS
During our fiscal year ended December 31, 2007, HSBC Finance Corporation was not
a participant in any transaction, and there is currently no proposed
transaction, in which the amount involved exceeded or will exceed $120,000, and
in which a director or an executive officer, or a member of the immediate family
of a director or an executive officer, had or will have a direct or indirect
material interest, other than the agreements with Messrs. Mehta and Menezes
described in Item 11. Executive Compensation - Compensation Discussion and
Analysis - Compensation of Officers Reported in the Summary Compensation Table.
HSBC Finance Corporation maintains a written Policy for the Review, Approval or
Ratification of Transactions with Related Persons which provides that any
"Transaction with a Related Person" must be reviewed and approved or ratified in
accordance with specified procedures. The term "Transaction with a Related
Person" includes any transaction, arrangement or relationship, or series of
similar transactions, arrangements or relationships, in which (1) the aggregate
dollar amount involved will or may be expected to exceed $120,000 in any
calendar year, (2) HSBC Finance Corporation or any of its subsidiaries is, or is
proposed to be, a participant, and (3) a director or an executive officer, or a
member of the immediate family of a director or an executive officer, has or
will have a direct or indirect material interest (other than solely as a result
of being a director or a less than 10 percent beneficial owner of another
entity). 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 of
the General Counsel in writing of any Transaction with a Related Person in which
the director, executive officer or an immediate family member has or will have
an interest and to provide specified details of the transaction. The Office of
the General Counsel, through the Corporate Secretary, will deliver a copy of the
notice to the Chair of the Nominating and Governance Committee of the Board of
Directors. The Nominating and Governance Committee will review the material
facts of each proposed Transaction with a Related Person at each regularly
scheduled committee meeting and approve, ratify or disapprove the transaction.
The vote of a majority of disinterested members of the Nominating and Governance
Committee is required for the approval or ratification of any Transaction with a
Related Person. The Nominating and Governance Committee may approve or ratify a
Transaction with a Related Person if the committee determines, in its business
judgment, based on the review of all available information, that the transaction
is fair and reasonable to, and consistent with the best interests of, HSBC
Finance Corporation and its subsidiaries. In making this determination, the
Nominating and Governance Committee will consider, among other things, (i) the
business purpose of the transaction, (ii) whether the transaction is entered
into on an arms-length basis and on terms no less favorable than terms generally
available
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 the
transaction is material and (iv) whether the transaction would violate any
provision of the HSBC North America Holdings Inc. Statement of Business
Principles and Code of Ethics, the HSBC Finance Corporation Code of Ethics for
Senior Financial Officers or the HSBC Finance Corporation Corporate Governance
Standards, as applicable.
In any case where the Nominating and Governance Committee determines not to
approve or ratify a Transaction with a Related Person, the matter will be
referred to the Office of the General Counsel for review and consultation
regarding the appropriate disposition of such transaction including, but not
limited to, termination of the transaction, rescission of the transaction or
modification of the transaction in a manner that would permit it to be ratified
and approved.
DIRECTOR INDEPENDENCE
The HSBC Finance Corporation Corporate Governance Standards, together with the
charters of committees of the Board of Directors, provide the framework for our
corporate governance. Director independence is defined in the HSBC Finance
Corporation Corporate Governance Standards which are based upon the rules of the
New York Stock Exchange. The HSBC Finance Corporation Corporate Governance
Standards are available on our website at www.hsbcusa.com or upon written
request made to HSBC Finance Corporation, 26525 N. Riverwoods Boulevard,
Mettawa, IL 60045, Attention: Corporate Secretary.
According to the HSBC Finance Corporation Corporate Governance Standards, a
majority of the members of the Board of Directors must be independent. The
composition requirement for each committee of the Board of Directors is as
follows:
COMMITTEE INDEPENDENCE/MEMBER REQUIREMENTS
-----------------------------------------------------------------------------
Audit Committee............... Chair and all voting members
Compensation Committee........ Chair and a majority of members
Nominating 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 are
considered to be independent directors. Mr. McDonagh served as Chief Executive
Officer until February 21, 2008 and currently serves as Chief Executive Officer
of HSBC North America Holdings Inc. Mr. Booker served as Chief Operating Officer
of HSBC Finance Corporation until February 21, 2008 and currently serves as
Chief Executive Officer of HSBC Finance Corporation. Mr. Fishburn serves as
chairman 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 the
positions held by Messrs. McDonagh, Booker, Fishburn and Flint, they are not
considered to be independent directors. Mr. Michael R.P. Smith was a director
until June 2007. During his directorship Mr. Smith was the President and Chief
Executive Officer of the Hongkong and Shanghai Banking Corporation and was not
considered to be an independent director. Mr. Gary G. Dillon served as a member
of the Compensation, Executive and Audit Committees and was considered to be an
independent director until his retirement in April 2007.
See Item 10. Directors, Executive Officers and Corporate Governance - Corporate
Governance - Board of Directors - Committees and Charters for more information
about our Board of Directors and its committees.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
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AUDIT FEES. The aggregate amount billed by our principal accountant, KPMG LLP,
for audit services performed during the fiscal years ended December 31, 2007 and
2006 was $7,134,000 and $7,278,000, respectively. Audit services include the
auditing of financial statements, quarterly reviews, statutory audits, and the
preparation of comfort letters, consents and review of registration statements.
AUDIT RELATED FEES. The aggregate amount billed by KPMG LLP in connection with
audit related services performed during the fiscal years ended December 31, 2007
and 2006 was $2,139,000 and $1,453,000, respectively.
234
Audit related services include employee benefit plan audits, and audit or
attestation services not required by statute or regulation.
TAX FEES. Total fees billed by KPMG LLP for tax related services for the fiscal
years ended December 31, 2007 and 2006 were $7,800 and $127,000, respectively.
These services include tax related research, general tax services in connection
with transactions and legislation and tax services for review of Federal and
state tax accounts for possible overassessment of interest and/or penalties.
ALL OTHER. Other than those fees described above, there were no other fees
billed for services performed by KPMG LLP during the fiscal years ended December
31, 2007 and December 31, 2006.
All of the fees described above were approved by HSBC Finance Corporation's
audit committee.
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
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(a)(1) Financial Statements.
The consolidated financial statements listed below, together with an opinion of
KPMG LLP dated February 29, 2008 with respect thereto, are included in this Form
10-K pursuant to Item 8. Financial Statements and Supplementary Data of this
Form 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 exhibits
referred to above free of charge. Requests should be made to HSBC Finance
Corporation, 26525 North Riverwoods Boulevard, Mettawa, Illinois 60045,
Attention: Corporate Secretary.
236
SIGNATURES
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Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, HSBC Finance Corporation has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized on this, the 3rd day
of 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. Schwartz
as his/her true and lawful attorney-in-fact and agent, with full power of
substitution 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 Exchange
Commission, this Form 10-K and any and all amendments and exhibits thereto, and
all documents in connection therewith, granting unto each such attorney-in-fact
and agent full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he/she might or could do in person, hereby ratifying and confirming all that
such attorney-in-fact and agent or their substitutes may lawfully do or cause to
be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of HSBC Finance
Corporation 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
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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 $ 246
Income 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 $1,344
Ratio 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 -- STATE
NAMES OF SUBSIDIARIES ORGANIZED
--------------------- --------------
22(nd) Investment Group Loan Servicing........................... Delaware
AHLIC Investment Holdings Corporation............................ Delaware
B.I.G. Insurance Agency, Inc. ................................... Ohio
Beaver Valley, Inc. ............................................. Delaware
Bencharge Credit Service Holding Company......................... Delaware
Beneficial Alabama Inc. ......................................... Alabama
Beneficial Arizona Inc. ......................................... Delaware
Beneficial California Inc. ...................................... Delaware
Beneficial Colorado Inc. ........................................ Delaware
Beneficial Commercial Corporation................................ Delaware
Beneficial Commercial Holding Corporation........................ Delaware
Beneficial Company LLC (f/k/a Beneficial Corporation)............ Delaware
Beneficial Connecticut Inc. ..................................... Delaware
Beneficial Consumer Discount Company............................. Pennsylvania
dba BMC of PA
Beneficial Credit Services Inc. ................................. Delaware
Beneficial Credit Services of Connecticut Inc. .................. Delaware
Beneficial Credit Services of Mississippi Inc. .................. Delaware
Beneficial Credit Services of South Carolina Inc. ............... Delaware
Beneficial Delaware Inc. ........................................ Delaware
Beneficial Direct, Inc. ......................................... New Jersey
Beneficial Discount Co. of Virginia.............................. Delaware
Beneficial Facilities Corporation................................ New Jersey
Beneficial Finance Co. .......................................... Delaware
Beneficial Finance Co. of West Virginia.......................... Delaware
Beneficial Finance Services, Inc. ............................... Kansas
Beneficial Florida Inc. ......................................... Delaware
Beneficial Franchise Company Inc. ............................... Delaware
Beneficial Georgia Inc. ......................................... Delaware
Beneficial Hawaii Inc. .......................................... Delaware
Beneficial Homeowner Service Corporation......................... Delaware
Beneficial Idaho Inc. ........................................... Delaware
Beneficial Illinois Inc. ........................................ Delaware
Beneficial Indiana Inc. ......................................... Delaware
dba Beneficial Mortgage Co. of Indiana
Beneficial Investment Co. ....................................... Delaware
Beneficial Iowa Inc. ............................................ Iowa
Beneficial Kansas Inc. .......................................... Kansas
Beneficial Kentucky Inc. ........................................ Delaware
Beneficial Leasing Group, Inc. .................................. Delaware
Beneficial Loan & Thrift Co. .................................... Minnesota
Beneficial Loan Corporation of Kentucky.......................... Kentucky
US -- STATE
NAMES OF SUBSIDIARIES ORGANIZED
--------------------- --------------
Beneficial Louisiana Inc. ....................................... Delaware
Beneficial Maine Inc. ........................................... Delaware
dba Beneficial Credit Services of Maine
Beneficial Management Corporation................................ Delaware
Beneficial Management Corporation of America..................... Delaware
Beneficial Management Headquarters, Inc. ........................ New Jersey
Beneficial Management Institute, Inc. ........................... New York
Beneficial Maryland Inc. ........................................ Delaware
Beneficial Massachusetts Inc. ................................... Delaware
Beneficial Michigan Inc. ........................................ Delaware
Beneficial Mississippi Inc. ..................................... Delaware
Beneficial Missouri, Inc. ....................................... Delaware
Beneficial Montana Inc. ......................................... Delaware
Beneficial Mortgage Co. of Arizona............................... Delaware
Beneficial Mortgage Co. of Connecticut........................... Delaware
Beneficial Mortgage Co. of Georgia............................... Delaware
Beneficial Mortgage Co. of Indiana............................... Delaware
Beneficial Mortgage Co. of Massachusetts......................... Delaware
Beneficial Mortgage Co. of Mississippi........................... Delaware
Beneficial Mortgage Co. of Missouri, Inc. ....................... Delaware
Beneficial Mortgage Co. of Nevada................................ Delaware
Beneficial Mortgage Co. of North Carolina........................ Delaware
Beneficial Mortgage Co. of Virginia.............................. Delaware
Beneficial Mortgage Corporation.................................. Delaware
Beneficial Nebraska Inc. ........................................ Nebraska
dba BFC Mortgage of Nebraska
Beneficial Nevada Inc. .......................................... Delaware
Beneficial New Hampshire Inc. ................................... Delaware
Beneficial New Jersey Inc. ...................................... Delaware
dba Beneficial Mortgage Co.
Beneficial New Mexico Inc. ...................................... Delaware
Beneficial New York Inc. ........................................ New York
Beneficial North Carolina Inc. .................................. Delaware
Beneficial Ohio Inc. ............................................ Delaware
Beneficial Oklahoma Inc. ........................................ Delaware
Beneficial Oregon Inc. .......................................... Delaware
Beneficial Real Estate Joint Venture, Inc. ...................... Delaware
Beneficial Rhode Island Inc. .................................... Delaware
Beneficial South Carolina Inc. .................................. Delaware
Beneficial South Dakota Inc. .................................... Delaware
Beneficial Tennessee Inc. ....................................... Tennessee
Beneficial Texas Inc. ........................................... Texas
Beneficial Utah Inc. ............................................ Delaware
Beneficial Vermont Inc. ......................................... Delaware
Beneficial Virginia Inc. ........................................ Delaware
US -- STATE
NAMES OF SUBSIDIARIES ORGANIZED
--------------------- --------------
Beneficial Washington Inc. ...................................... Delaware
Beneficial West Virginia, Inc. .................................. West Virginia
Beneficial Wisconsin Inc. ....................................... Delaware
Beneficial Wyoming Inc. ......................................... Wyoming
BFC Agency, Inc. ................................................ Delaware
BFC Insurance Agency of Nevada................................... Nevada
BMC Holding Company.............................................. Delaware
Bon Secour Properties Inc. ...................................... Alabama
Cal-Pacific Services, Inc. ...................................... California
Capital Financial Services Inc. ................................. Nevada
dba Capital Financial Services I Inc.
dba Capital Financial Services No. 1 Inc.
dba CFSI, Inc.
dba HB Financial Services
Central Insurance Administrators, Inc. .......................... Delaware
Chattanooga Valley Associates.................................... Tennessee
Craig-Hallum Corporation......................................... Delaware
Decision One Loan Company of Minnesota........................... Minnesota
Decision One Mortgage Company.................................... North Carolina
Decision One Mortgage Company, LLC............................... North Carolina
Eighth HFC Leasing Corporation................................... Delaware
Eleventh Avenue Mortgage Lenders................................. Delaware
Fifth HFC Leasing Corporation.................................... Delaware
First Central National Life Insurance Company of New York........ New York
FNA Consumer Discount Company.................................... Pennsylvania
Fourteenth HFC Leasing Corporation............................... Delaware
Fourth HFC Leasing Corporation................................... Delaware
Hamilton Investments, Inc. ...................................... Delaware
Harbour Island Inc. ............................................. Florida
HFC Agency of Missouri, Inc. .................................... Missouri
HFC Commercial Realty, Inc. ..................................... Delaware
HFC Company LLC (f/k/a Household Group, Inc.).................... Delaware
HFC Leasing, Inc. ............................................... Delaware
HFS Investments, Inc. ........................................... Nevada
HFTA Corporation................................................. Delaware
Household Affinity Funding Corporation III....................... Delaware
Household Aviation, LLC.......................................... Delaware
Household Capital Markets LLC.................................... Delaware
Household Commercial Financial Services, Inc. ................... Delaware
Household Commercial of California, Inc. ........................ California
Household Consumer Loan Corporation.............................. Nevada
Household Consumer Loan Corporation II........................... Delaware
Household Credit Services Overseas, Inc. ........................ Delaware
Household Finance Consumer Discount Company...................... Pennsylvania
Household Finance Corporation II................................. Delaware
US -- STATE
NAMES OF SUBSIDIARIES ORGANIZED
--------------------- --------------
dba Household Finance Corporation of Virginia
Household Finance Corporation III................................ Delaware
dba HFC Mortgage of Nebraska
dba Household Mortgage Services
dba HSBC Mortgage
Household Finance Corporation of Alabama......................... Alabama
Household Finance Corporation of California...................... Delaware
Household Finance Corporation of Nevada.......................... Delaware
Household Finance Corporation of West Virginia................... West Virginia
Household Finance Industrial Loan Company........................ Washington
Household Finance Industrial Loan Company of Iowa................ Iowa
Household Finance Realty Corporation of Nevada................... Delaware
Household Finance Realty Corporation of New York................. Delaware
Household Financial Center Inc. ................................. Tennessee
Household Global Funding, Inc. .................................. Delaware
Household Industrial Finance Company............................. Minnesota
Household Industrial Loan Co. of Kentucky........................ Kentucky
Household Insurance Agency, Inc. ................................ Michigan
Household Insurance Agency, Inc. Nevada.......................... Nevada
Household Insurance Group Holding Company........................ Delaware
Household Insurance Group, Inc. ................................. Delaware
Household Investment Funding, Inc. .............................. Delaware
Household Ireland Holdings Inc. ................................. Delaware
Household Life Insurance Co. of Arizona.......................... Arizona
Household Life Insurance Company................................. Michigan
Household Life Insurance Company of Delaware..................... Delaware
Household OPEB I, Inc. .......................................... Illinois
Household Pooling Corporation.................................... Nevada
Household Realty Corporation..................................... Delaware
dba Household Realty Corporation of Virginia
Household Recovery Services Corporation.......................... Delaware
Household REIT Corporation....................................... Nevada
Household Servicing, Inc. ....................................... Delaware
Household Tax Masters Acquisition Corporation.................... Delaware
Housekey Financial Corporation................................... Illinois
HSBC - GR Corp. (f/k/a Household Financial Group, Ltd.).......... Delaware
HSBC Affinity Corporation I (f/k/a HFC Card Funding
Corporation)................................................... Delaware
HSBC Auto Accounts Inc. (f/k/a OFL-A Receivables Corp.).......... Delaware
HSBC Auto Credit Inc. (f/k/a Household Automotive Credit
Corporation)................................................... Delaware
HSBC Auto Finance Inc. (f/k/a Household Automotive Finance
Corporation)................................................... Delaware
HSBC Auto Receivables Corporation (f/k/a Household Auto
Receivables Corporation)....................................... Nevada
HSBC Bank Nevada, N. A. (f/k/a Household Bank (SB), N.A.)........ United States
HSBC Card Services Inc. (f/k/a Household Credit Services, Inc.).. Delaware
HSBC Card Services (II) Inc. (f/k/a Household Credit Services II,
Inc.).......................................................... Oregon
HSBC Card Services (III) Inc. (f/k/a Household Card Services,
Inc.).......................................................... Nevada
US -- STATE
NAMES OF SUBSIDIARIES ORGANIZED
--------------------- --------------
HSBC Consumer Lending (USA) Inc. ................................ Delaware
HSBC Credit Center, Inc. ........................................ Delaware
HSBC Receivables Funding Inc. II................................. Delaware
HSBC Home Equity Loan Correspondent Corporation I (f/k/a HSBC
Mortgage Funding Corporation I )............................... Delaware
HSBC Home Equity Loan Corporation I (f/k/a HFC Revolving
Corporation)................................................... Delaware
HSBC Home Equity Loan Corporation II (f/k/a Household Receivables
Acquisition Company)........................................... Delaware
HSBC Insurance Company of Delaware (f/k/a Service General
Insurance Company)............................................. Ohio
HSBC Mortgage Services Inc. (f/k/a Household Financial Services
Inc.).......................................................... Delaware
HSBC Mortgage Services Warehouse Lending Inc. (f/k/a HFC Funding
Corporation)................................................... Delaware
HSBC Pay Services, Inc. (f/k/a Household Payroll Services,
Inc.).......................................................... Delaware
HSBC Private Label Corporation (f/k/a Household Corporation)..... Delaware
HSBC Receivables Acquisition Company I (f/k/a Household
Receivables Acquisition Company II............................. Delaware
HSBC Receivables Funding Inc. I (f/k/a Household Receivables
Funding, Inc. III)............................................. Delaware
HSBC Retail Services Inc. (f/k/a Household Retail Services,
Inc.).......................................................... Delaware
HSBC Taxpayer Financial Services Inc. (f/k/a Household Tax
Masters Inc.).................................................. Delaware
HSBC TFS I 2005 LLC.............................................. Delaware
HSBC TFS I LLC................................................... Delaware
HSBC TFS II 2005 LLC............................................. Delaware
HSBC TFS II LLC.................................................. Delaware
Hull 752 Corporation............................................. Delaware
Hull 753 Corporation............................................. Delaware
JV Mortgage Capital Consumer Discount Company.................... Pennsylvania
Macray Corporation............................................... California
MES Insurance Agency, LLC........................................ Delaware
Metris Receivables, Inc. ........................................ Delaware
Moore's Home Mortgage Co. ....................................... Delaware
Mortgage One Corporation......................................... Delaware
Mortgage Two Corporation......................................... Delaware
MTX LLC.......................................................... Delaware
Neil Corporation................................................. Delaware
Nineteenth HFC Leasing Corporation............................... Delaware
North Indemnity Insurance Company................................ Delaware
Pacific Agency, Inc. ............................................ Nevada
Pargen Corporation............................................... California
Personal Mortgage Corporation.................................... Delaware
Personal Mortgage Holding Company................................ Delaware
PPSG Corporation................................................. Delaware
Real Estate Collateral Management Company........................ Delaware
Renaissance Bankcard Services of Kentucky........................ Kentucky
Service Administrators, Inc. (USA)............................... Colorado
Service Management Corporation................................... Ohio
Seven Acres Loan Servicing....................................... Delaware
Seventh HFC Leasing Corporation.................................. Delaware
US -- STATE
NAMES OF SUBSIDIARIES ORGANIZED
--------------------- --------------
Silliman Corporation............................................. Delaware
Sixth HFC Leasing Corporation.................................... Delaware
Sixty-First Mortgage Lenders..................................... Delaware
Solstice Capital Group, Inc. .................................... Delaware
Southwest Texas General Agency, Inc. ............................ Texas
SPE 1 2005 Manager Inc. ......................................... Delaware
SPE 1 Manager Inc. .............................................. Delaware
Tenth Leasing Credit Corporation................................. Delaware
Third HFC Leasing Corporation.................................... Delaware
Thirteenth HFC Leasing Corporation............................... Delaware
Twenty-Sixth Place Finance Co. .................................. Delaware
Valley Properties Corporation.................................... Tennessee
Wasco Properties, Inc. .......................................... Delaware
NON-US AFFILIATES
NAMES OF SUBSIDIARIES COUNTRY ORGANIZED
--------------------- -----------------
B&Q Financial Services Limited................................. England
Beneficial Limited............................................. England
Beneficial Premium Services Limited............................ England
BFC Insurance (Life) Limited................................... Ireland
BFC Insurance Limited.......................................... Ireland
BFC Ireland (Holdings) Limited................................. Ireland
BFC Pension Plan (Ireland) Limited............................. Ireland
BFC Reinsurance Limited........................................ Ireland
D.L.R.S. Limited............................................... England
Endeavour Personal Finance Limited............................. England
Hamilton Financial Planning Services Ltd. ..................... England
HFC Bank Limited............................................... England
HFC Financial Services Holdings (Ireland) Limited.............. Ireland
HFC Pension Plan (Ireland) Limited............................. Ireland
HFC Pension Plan Limited....................................... England
Household Funding (Jersey) Limited............................. Channel Island
Household Commercial Canada, Inc. ............................. Canada
Household Computer Services Limited............................ England
Household Finance Limited...................................... England
Household Funding plc.......................................... England
Household Global Holdings, BV.................................. Netherlands
Household International Europe Limited......................... England
Household Investments Limited.................................. England
Household Leasing Limited...................................... England
Household Management Corporation Limited....................... England & Wales
Household Overseas Limited..................................... England
Household Realty Corporation Limited........................... Canada
Household Trust Company........................................ Canada
HSBC Finance Corporation Canada (f/k/a Household Finance
Corporation of Canada)....................................... Canada
HSBC Financial Corporation Limited (f/k/a Household Financial
Corporation Limited)......................................... Canada
HSBC Retail Services Limited (f/k/a Household Financial
Corporation Inc.)............................................ Canada
ICOM Limited................................................... Bermuda
Invis Inc. .................................................... Canada
Sterling Credit Limited........................................ England
NAMES OF SUBSIDIARIES COUNTRY ORGANIZED
--------------------- -----------------
Sterling Credit Management Limited............................. England
Sterling 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 and
Registration 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 and
No. 333-128369 on Form S-3 of HSBC Finance Corporation (the Company) of our
reports dated February 29, 2008, with respect to the consolidated balance sheets
of the Company as of December 31, 2007 and 2006, and the related consolidated
statements of income (loss), changes in shareholder's(s') equity, and cash flows
for each of the years in the three-year period ended December 31, 2007, and the
effectiveness of internal control over financial reporting as of December 31,
2007, which reports appear in the December 31, 2007 annual report on Form 10-K
of the Company.
/s/ KPMG LLP
Chicago, Illinois
February 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 Finance
Corporation;
2. Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant 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 on
our most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of the registrant's board of
directors (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 of
HSBC Finance Corporation, certify that:
1. I have reviewed this annual report on Form 10-K of HSBC Finance
Corporation;
2. Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this annual
report;
3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;
4. The registrant's other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant 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 on
our most recent evaluation of internal control over financial reporting, to the
registrant's auditors and the audit committee of the registrant's board of
directors (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 HSBC
Finance Corporation (the "Company") Annual Report on Form 10-K for the fiscal
year ended December 31, 2007 as filed with the Securities and Exchange
Commission on the date hereof (the "Report") for the purpose of complying with
Rule 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 States
Code.
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 the
Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the
Sarbanes-Oxley Act of 2002, be deemed filed by HSBC Finance Corporation for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
Signed originals of these written statements required by Section 906 of the
Sarbanes-Oxley Act of 2002 have been provided to HSBC Finance Corporation and
will be retained by HSBC Finance Corporation and furnished to the Securities and
Exchange 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 HSBC
Finance Corporation (the "Company") Annual Report on Form 10-K for the fiscal
year ended December 31, 2007 as filed with the Securities and Exchange
Commission on the date hereof (the "Report") for the purpose of complying with
Rule 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 States
Code.
I, Beverley A. Sibblies, Senior Vice President and Chief Financial 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/ BEVERLEY A. SIBBLIES
----------------------------------------
Beverley A. Sibblies
Executive Vice President
and Chief Financial Officer
This certification accompanies each Report pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the
Sarbanes-Oxley Act of 2002, be deemed filed by HSBC Finance Corporation for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
Signed originals of these written statements required by Section 906 of the
Sarbanes-Oxley Act of 2002 have been provided to HSBC Finance Corporation and
will be retained by HSBC Finance Corporation and furnished to the Securities and
Exchange 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, 2008
HSBC 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
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Monday, 20th May 2024
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