Blueprint
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For
March 22, 2018
Commission
File Number: 001-10306
The
Royal Bank of Scotland Group plc
RBS,
Gogarburn, PO Box 1000
Edinburgh
EH12 1HQ
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F X Form 40-F
___
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1):_________
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7):_________
Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes ___
No X
If
"Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
________
The following information was issued as Company announcements
in London, England and is furnished pursuant to General Instruction
B to the General Instructions to Form
6-K:
Royal Bank of Scotland Group
22
March 2018
The Royal Bank of Scotland Group plc - update on ring-fencing
plans
The
Royal Bank of Scotland Group plc (together with its subsidiaries,
"RBS") announces that,
following the approval of the Prudential Regulation Authority to
its application to the Court of Session in Scotland (the
"Court") for sanction of its
proposed Ring-Fencing Transfer Scheme (the "Scheme") under Part VII of the Financial
Services and Markets Act 2000 ("FSMA"), the Scheme has today been
sanctioned by the Court.
The Scheme
As RBS
previously announced on 21 November 2017, the Scheme will transfer
certain personal and business banking businesses and commercial
banking businesses of The Royal Bank of Scotland plc ("RBS plc") to Adam & Company PLC
("Adam") and National
Westminster Bank Plc ("NatWest") and transfer to NatWest the
role of issuer under the covered bond programme originally
established by RBS plc (the "Covered Bond Programme").
Implementation date
RBS
expects to confirm the date of the intended implementation of the
Scheme (currently intended to be 30 April 2018) by way of a further
announcement in early April 2018.
Copies of the Court's Order and the Scheme terms
Copies
of the Court's Order, the Scheme and the Withdrawal Undertaking
(which forms part of the Scheme's terms and, in outline, permits
certain accountholders to withdraw all, or any part, of their
deposits at any time until the date falling three months after the
date of the Scheme's implementation) are available free of charge
on application to CMS Cameron McKenna Nabarro Olswang LLP at
Saltire Court, 20 Castle Terrace, Edinburgh EH1 2EN.
The
Scheme and the Withdrawal Undertaking can also be viewed on the
following website: https://www.rbs.com/rbs/ringfencing/rfts-documents.html
Debt investors
The
Royal Bank of Scotland Group plc will continue to be responsible
for issuing external regulatory capital and MREL (minimum
requirements for own funds and eligible liabilities) compliant
instruments. Save as detailed in the 21 November 2017 announcement
with respect to the Covered Bonds and the Covered Bond Programme,
the Scheme will not effect any change of issuer under any other
outstanding, externally-issued debt instruments.
Other events
Name changes
As the
Scheme is implemented, Adam will be renamed "The Royal Bank of
Scotland plc" and RBS plc will be renamed "NatWest Markets
Plc".
Scottish Banknote issuance
RBS plc
is currently authorised to issue banknotes in Scotland, in the name
of The Royal Bank of Scotland plc. It is intended that on the date
of the Scheme's implementation, RBS plc's authority as issuer of
banknotes in Scotland will be transferred to Adam. From that date,
Adam will supersede RBS plc in respect of banknotes in circulation
and issue banknotes in Scotland under its new name.
Additional restructuring steps
On 2
March 2018 NatWest Group Holdings Corporation and its subsidiaries,
which include The Royal Bank of Scotland Securities Inc., were
transferred from NatWest, a future ring-fenced entity, to RBS plc
(to be re-named NatWest Markets Plc), which will be outside the
future ring-fenced sub-group.
For
more details of the additional restructuring steps and end-state
ring fencing business model for RBS please refer to the 2017 RBS
Annual Report and Accounts, including pages 109-110.
For Further Information Contact:
RBS Investor Relations:
Matt
Waymark
Head of
Investor Relations
+44 (0)
20 7672 1758
Paul
Pybus
Head of
Debt Investor Relations
+44 (0)
20 7678 1153
RBS Media Relations:
+44 (0)
13 1523 4205
Forward Looking Statements
This
announcement contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including
those related to RBS and its subsidiaries' regulatory capital
position, and requirements, financial position, future pension
funding requirements, on-going litigation and regulatory
investigations, profitability, risk-weighted assets, impairment
losses and credit exposures under certain specified scenarios. In
addition, forward-looking statements may include, without
limitation, statements typically containing words such as
"intends", "expects", "anticipates", "targets", "plans",
"believes", "risk", "estimates" and words of similar import. These
statements concern or may affect future matters, such as RBS's
future economic results, business and capital plans and current
strategies. Forward-looking statements are subject to a number of
risks and uncertainties that might cause actual results and
performance to differ materially from any expected future results
or performance expressed or implied by the forward-looking
statements. Factors that could cause or contribute to differences
in current expectations include, but are not limited to,
legislative, fiscal and regulatory developments, accounting
standards, competitive conditions, technological developments,
exchange rate fluctuations and general economic conditions. These
and other factors, risks and uncertainties that may impact any
forward-looking statement or RBS's actual results are discussed in
RBS's UK annual report and accounts and interim reports and
materials filed with, or furnished to, the US Securities and
Exchange Commission, including, but not limited to, RBS's Reports
on Form 6-K and most recent Annual Report on Form 20-F. The
forward-looking statements contained in this announcement speak
only as of the date of this announcement and RBS does not assume or
undertake any obligation or responsibility to update any of the
forward-looking statements contained in this announcement, whether
as a result of new information, future events or otherwise, except
to the extent legally required.
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Legal
Entity Identifier
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The
Royal Bank of Scotland Group plc
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2138005O9XJIJN4JPN90
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The
Royal Bank of Scotland plc
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RR3QWICWWIPCS8A4S074
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National
Westminster Bank Plc
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213800IBT39XQ9C4CP71
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Adam
& Company PLC
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213800GC5AG3WC3FEM84
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Date: 22
March 2018
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THE
ROYAL BANK OF SCOTLAND GROUP plc (Registrant)
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By: /s/
Jan Cargill
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Name:
Jan Cargill
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Title:
Deputy Secretary
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