How RBS is implementing ring-fencing
Implementing ring-fencing required changes to the structure of the RBS Group. We offer a broad range of products and services from within the ring-fence.
To facilitate the separation of essential banking services from investment banking services, we used a legal scheme called a Ring-Fencing Transfer Scheme (RFTS) on two occasions.
We are pleased to confirm that the first RFTS was implemented on 30 April 2018. The first RFTS (RFTS 1) transferred some of our customers from The Royal Bank of Scotland plc (RBS plc) to Adam & Company plc. In addition, certain advisory products and a covered bond programme were transferred from RBS plc to National Westminster Bank Plc (NatWest Bank Plc). When this transfer occurred, we also renamed the legal entity Adam & Company plc to The Royal Bank of Scotland plc.
In parallel, the current RBS plc was renamed NatWest Markets Plc which is one of the entities through which we will deliver markets products that must sit outside the ring-fence.
We completed a further RFTS (RFTS 2), in August 2018 which transferred certain markets products from NatWest Bank Plc to NatWest Markets Plc.