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Royal Bk Scot.Grp. (RBS)

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Thursday 11 September, 2014

Royal Bk Scot.Grp.

Scottish Referendum

RNS Number : 3943R
Royal Bank of Scotland Group PLC
11 September 2014
 

 

The Royal Bank of Scotland Group plc

11 September 2014

 

SCOTTISH REFERENDUM

In response to press speculation in relation to re-domicile, The Royal Bank of Scotland Group plc ("RBS") confirms that, as set out in the risk disclosures in RBS's Annual Report, there are a number of material uncertainties arising from the Scottish referendum vote which could have a bearing on the Bank's credit ratings, and the fiscal, monetary, legal and regulatory landscape to which it is subject. For this reason, RBS has undertaken contingency planning for the possible business implications of a 'Yes' vote. RBS believes that this is the responsible and prudent thing to do and something that its customers, staff and shareholders would expect it to do.

As part of such contingency planning, RBS believes that it would be necessary to re-domicile the Bank's holding company and its primary rated operating entity (The Royal Bank of Scotland plc) to England. In the event of a 'Yes' vote, the decision to re-domicile should have no impact on everyday banking services used by our customers throughout the British Isles. However, RBS believes that it would be the most effective way to provide clarity to all our stakeholders and mitigate the risks previously identified in our Annual Report.

The vote on independence is a matter for the Scottish people. Scotland has been RBS's home since 1727. RBS intends to retain a significant level of its operations and employment in Scotland to support its customers there and the activities of the whole Bank.



For further information contact:-
Group Media Relations - +44(0)131 523 4205

Investor Relations - +44 (0) 20 7672 1758 

 


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