As part of 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. RBS believes that it would be the most effective way to provide clarity to all our stakeholders and mitigate the risks previously identified.
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.
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 this 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.