Director Shareholding

Royal Bank of Scotland Group PLC
10 July 2001

                                 SCHEDULE 11

         NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS


        1) Name of company
        The Royal Bank of Scotland Group plc


        2) Name of director

        Norman Cardie McLuskie

        3) Please state whether notification indicates that it is in respect
        of
        holding of the shareholder named in 2 above or in respect of a non-
        beneficial interest or in the case of an individual holder if it is a

        holding of that person's spouse or children under the age of 18 or in

        respect of a non-beneficial interest

        Self


        4) Name of the registered holder(s) and, if more than one holder, the
        number of shares held by each of them (if notified)

        Self

        5) Please state whether notification relates to a person(s) connected
        with the Director named in 2 above and identify the connected

        person(s)

        Self

        6) Please state the nature of the transaction. For PEP transactions
        please indicate whether general/single co PEP and if discretionary/non
        discretionary

        Exercise of Sharesave Option Scheme Shares 1996 and 1998 Grants

        7) Number of shares/amount of stock acquired

        1996 Grant - 1,333

        1998 Grant - 225


        8) Percentage of issued class

        -

        9) Number of shares/amount of stock disposed

        -

        10) Percentage of issued class

        -

        11) Class of security

        Ordinary Shares of 25p each


        12) Price per share
        1996 Grant - £3.88

        1998 Grant - £7.41


        13) Date of transaction

        2 July 2001

        14) Date company informed

        9 July 2001


        15) Total holding following this notification

        144,396

        16) Total percentage holding of issued class following this
        notification

        -

        If a director has been granted options by the company please complete
        the following boxes

        17) Date of grant

        7 June 1996

        5 June 1998

        18) Period during which or date on which exercisable

        1996 Grant - 1 July 2001 - 31 December 2001

        1998 Grant - 1 July 2001 - 31 December 2001


        19) Total amount paid (if any) for grant of the option

        -

        20) Description of shares or debentures involved: class, number

        Ordinary Shares of 25p each

        21) Exercise price (if fixed at time of grant) or indication that
        price
        is to be fixed at time of exercise

        1996 Grant - £3.88

        1998 Grant - £7.41

        22) Total number of shares or debentures over which options held
        following this notification

        71,555

        23) Any additional information


        24) Name of contact and telephone number for queries

        Hew Campbell, Head of Group Secretariat

        0131 523 4711

        25) Name and signature of authorised company official responsible for
        making this notification

        Hew Campbell, Head of Group Secretariat

        Date of Notification

        10 July 2001