Contingency planning for Scottish Independence Referendum

***Update Available (19th September 2014)***

Statement

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.

FAQs

Does this affect me as a customer? 

No. There is no impact or change and our everyday banking services continue as usual. In the event of a Yes vote, Scotland would remain part of the UK while a long period of negotiations take place (at least 18 months), and we will have all the same guarantees that exist for customers of other UK banks. 

Do I need to do anything? 

No. Nothing has changed as a result of today's announcement. In the event of a Yes vote, Scotland would remain part of the UK while a long period of negotiations take place (at least 18 months), and we will have all the same guarantees that exist for customers of other UK banks. 

Does the UK deposit guarantee scheme still apply? 

Yes. If there is a Yes vote in the independence referendum there will be a long period of time (at least 18 months) while negotiations take place where Scotland will remain part of the UK. During this transition customers would continue to be protected in the same way as other UK banks, including the UK's Financial Services Compensation Scheme, which covers deposits up to the value of £85,000 for eligible customers. 

Can I still use Scottish bank notes? 

Yes. The status of Scottish banknotes has not changed. In the event of a Yes vote Scotland will remain part of the UK while there is a long period of negotiation and Sterling will remain the currency of the UK for this time.
 

For customer queries about your own accounts, please use the following numbers:

NatWest

Telephone Banking:

For your accounts in England / Wales: 03457 888 444 (Overseas +44 8705 888 444)
Minicom: 0800 404 6161

For your accounts in Scotland: 03459 000 200 (Overseas +44 1183 732 069)
Minicom: 0800 092 9098

Open 24 hours a day.
Calls may be recorded.

RBS

Personal Customers - Telephone Banking

For your accounts in Scotland: 0345 724 2424 (Overseas +44 131 549 8888)
Customers with hearing and speech impairments can contact us by Minicom number
0800 404 6160.

For your accounts in England: 0345 900 0400 (Overseas +44 131 242 0017)
Customers with hearing and speech impairments can contact us by Minicom number
0800 0681289.

For your accounts in Wales: 0345 900 0300 (Overseas +44 118 373 2181)
Customers with hearing and speech impairments can contact us by Minicom number
0800 092 3201.