DOCSLIB.ORG

The Royal Bank of Scotland International Pension Trust Annual Report for the Year Ended 31 March 2015

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Royal Bank of Scotland International Pension Trust Annual Report for the Year Ended 31 March 2015 The Royal Bank of Scotland International Pension Trust Annual Report for the year ended 31 March 2015 Table of contents CHAIRMAN'S REPORT .......................................................................................................................... 1 TRUSTEE, ADMINISTRATION AND ADVISERS .................................................................................. 2 REPORT OF THE TRUSTEE.................................................................................................................. 4 INVESTMENT REPORT ......................................................................................................................... 8 INDEPENDENT AUDITOR’S REPORT ................................................................................................ 10 FUND ACCOUNT .................................................................................................................................. 11 NET ASSETS STATEMENT ................................................................................................................. 12 NOTES TO THE FINANCIAL STATEMENTS ...................................................................................... 13 Chairman’s Report I am pleased to present the Annual Report for The Royal Bank of Scotland International Pension Trust (“the Trust”) for the year ended 31 March 2015. The Trust is one of the largest pension schemes in the Channel Islands with 3,214 members in Jersey, Guernsey, Isle of Man, Gibraltar, Bermuda, the Bahamas and the Cayman Islands and assets of £502 million. The Trustee Board met six times during the year to discuss issues affecting the governance and management of the Trust. This included the financial position of the Trust and the investment and administration arrangements. The value of the net assets increased to just over £502m at 31 March 2015 from £415m at 31 March 2014. In particular the Trust’s investments benefited from an increase in market value of £80m and RBS International Limited contributed over £19m to the Trust over the year. In the year to 31 March 2015, the Trust paid £8.6m in benefits to retired members and dependants. On behalf of the Trustee Board I would also like to thank the Trust’s advisers, both internal and external, for their assistance over the year. Jerry Whitsey Chairman of the Board RBS International Employees’ Pension Trustees Limited The Royal Bank of Scotland International Pension Trust Page 1 Trustee, Administration and Advisors Principal Emp loyer The Royal Bank of Scotland plc Participating Employers RBS International Limited RBS Group plc Coutts & Co Bank (Manx) Limited Corporate Trustee RBS International Employees’ Pension Trustees Limited PO Box 6, 23-25 Broad Street St Helier Jersey JE4 8ND Trustee Directors Jeremy Whitsey (Chairman) Employer Nominated Trustee Director Alan Cooper Member Nominated Trustee Director David Goodenough Member Nominated Trustee Director Julian Gouge Employer Nominated Trustee Director (Appointed 27 April 2015) Jurat Anthony Olsen Independent Trustee Director Martin Shaw Employer Nominated Trustee Director Secretary to the Laurent Thebault Trustees Coutts & Co Trustees (Jersey) Limited PO Box 6, 23-25 Broad Street St Helier Jersey JE4 8ND Scheme Actuary and Alan Singleton Actuarial Consultant Towers Watson 71 High Holborn London WC1V 6TP Independent Auditor Deloitte LLP Jersey Channel Islands Legal Adviser Linklaters LLP One Silk Street London EC2Y 8HQ Administrator The Royal Bank of Scotland plc Pension Services City Link House 4 Addiscombe Road Croydon CR9 5PB Banker The Royal Bank of Scotland International Limited PO Box 62, Royal Bank Place 1 Glategny Esplanade St Peter Port Guernsey GY1 4BQ Investment Custodian State Street Bank & Trust Company 20 Churchill Place London E14 5HJ RBS Investment RBS Investment Executive Limited is a team of investment specialists Executive Limited who provide investment support to the Trust and to a number of other pension schemes within the Royal Bank of Scotland Group plc. The Royal Bank of Scotland International Pension Trust Page 2 Trustee, Administration and Advisors Investment Adviser Mercer Limited 1 Tower Place West Tower Place London EC3R 5BU Investment Manager s Aviva Life & Pensions UK Limited 2 Rougier Street York YO90 1UU Equitable Life Assurance Society 20-22 Bedford Row London WC1R 4JS Gramercy Emerging Markets Investments (appointed 12 November 2014) 1 Knightsbridge Green London SW1X 7NE Henderson Global Investors Limited 201 Bishopsgate London EC2M 3A Lothbury Investment Management Limited (appointed 12 November 2014) 155 Bishopsgate London EC2M 3TQ Nephila Capital Limited (appointed 12 November 2014) Camomile Court 23 Camomile Street London EC3A 7LL State Street Global Advisors UK Limited 20 Churchill Place London E14 5HJ Zurich Assurance Limited The Grange Bishops Cleeve Cheltenham GL52 8XX The Royal Bank of Scotland International Pension Trust Page 3 Report of the Trustee Introduction The Directors of RBS International Employees’ Pension Trustees Limited have pleasure in submitting this non-statutory annual report which covers the year ended 31 March 2015. The purpose of the report is to describe how the Trust has been managed during the year and to advise members of any significant changes that have been introduced during the year. The Royal Bank of Scotland International Pension Trust is a defined benefits scheme. The Trust brings together, under one trust, previously existing pension plans in the offshore regions of Guernsey, Jersey, Isle of Man, Gibraltar, Bermuda, the Bahamas and the Cayman Islands. The Trustee Board formally met six times during the year. Trustee Directors The power to appoint and remove the Trustee of the Trust is vested in The Royal Bank of Scotland plc. The power of appointing and removing Trustee Directors is contained in the Articles of Association of RBS International Employees’ Pension Trustees Limited . Three directors are appointed by The Royal Bank of Scotland plc, two directors are selected by and from the membership of the Trust and one director is independent. Membership Statistics At 1 April Late At 31 March 2014 Notifications Joiners Leavers 2015 Active members 637 (3) - (81) 553 Deferred members 2,120 (2) 64 (60) 2,122 Pensioner members 489 - 54 (4) 539 3,246 (5) 118 (145) 3,214 Active members are employees accruing benefits. Deferred members are those who have left the Pension Trust with preserved pensions. Pensioner members are all those (including dependants) in receipt of a pension. Late notifications are in respect of leavers prior to the year end notified to Pension Services after membership statistics have been collated for inclusion in the Annual Report. The Trust has been closed to new members since 2006. The Royal Bank of Scotland International Pension Trust Page 4 Report of the Trustee Tax Status The Trust as a whole is approved by the Jersey tax authorities. Each Plan is approved in its “home” jurisdiction (e.g. Isle of Man for the Isle of Man Plan etc.) as a local pension Trust. The exceptions are: • the Caribbean Plan (as there is no system of tax approval in Cayman); and • the Global Plan (this has no home jurisdiction but obtains approval in any jurisdiction where it is required). Up to 6 April 2015 the Trust had been registered with HM Revenue & Customs in the UK as a Qualifying Registered Overseas Pension Scheme (QROPS) under the Finance Act 2004. Due to the new statutory instrument which dictates that an overseas pension scheme cannot be accessed before the UK retirement age, the Trust is no longer classified as a QROPS. The Trust is considered an exempt approved scheme under the Finance Act 2004 and is therefore not subject to Income or Capital Gains Tax. Financial review The financial statements for the year ended 31 March 2015 set out on pages 11 to 19, provide an overview of the income, expenditure and investments of the Trust. During the year under review the net assets of the Trust increased from £415,403,703 to £501,703,371 as at 31 March 2015. The Trust received contributions, as set out in note 3, of £19,066,141 (year ended 31 March 2014: £33,297,373) and paid benefits of £8,604,335 (year ended 31 March 2014: £6,786,929). There was a net gain on investments, resulting primarily from an increase in market value, of £79,977,366 (year ended 31 March 2014: £17,015,630). Actuarial valuation The latest actuarial valuation was conducted as at 31 March 2012. The results showed a deficit on a projected unit basis of £81.3m. Based on this valuation, the Actuary recommended that the Bank will pay additional contributions to the Trust at a rate of £13.5m a year for the period from 31 March 2012 to 31 January 2019 and that employer contributions increase from 28.4% of pensionable salaries to 28.9% of pensionable salaries. The assumptions used in the valuation were as follows: Discount rate - future benefit accrual UK gilt curve + 2.225% to 0.4%pa* Discount rate - accrued past service UK gilt curve + 2.225% to 0.4%pa* Pensionable earnings increases 1.8% pa Deferred pension revaluation UK gilt breakeven inflation curve pa Pension increases UK gilt breakeven inflation curve pa ∗ A margin of 2.225% over gilts or the first ten years following the 31 March 2012 valuation date, with the margin trending down to 0.4% over the subsequent twelve years. The next actuarial valuation is due as at 31 March 2015 and work on the valuation is in progress. The Royal Bank of Scotland International Pension Trust Page 5 Report of the Trustee Pension Increases Most pensions
Load more

Recommended publications
  • Rbs.Com Annual Review and Summary Financial Statement 2010
    Annual Review and Summary Financial Statement 2010 rbs.com What’s inside 01 Essential reading 20 Divisional review 02 Chairman’s statement 22 UK Retail 04 Group Chief Executive’s review 24 UK Corporate 06 Q&As on progress 26 Wealth 07 Our key targets 28 Global Transaction Services 30 Ulster Bank 08 Our business and our strategy 32 US Retail & Commercial 10 Our approach to business 34 Global Banking & Markets 12 Progress on our Strategic Plan 36 RBS Insurance 14 Our Core businesses 38 Business Services and Central Functions 16 The economic environment 40 Non-Core Division 17 Our approach to risk management 41 Asset Protection Scheme (APS) 42 Sustainability 44 Sustainability in practice 45 Our five key themes 45 Our community programmes 47 Highlights of how we focus action across our businesses 48 Directors’ report and summary financial statement 50 Board of directors and secretary 52 Executive Committee 54 Our approach to Governance M Why go online? 56 Letter from the Chair of the Remuneration Committee www.rbs.com/AnnualReport 58 Summary remuneration report If you haven’t already tried it, visit our easy-to-use online Annual Report. Many shareholders are now 62 Financial results benefiting from more accessible information and 69 Shareholder information helping the environment too. Essential reading We have met, and in some cases exceeded, the targets for the second year of our Strategic Plan. 2010 business achievements Our 2013 vision Good progress against Strategic Plan targets Enduring customer franchises Core bank becoming stronger
    [Show full text]
  • Royal Bank of Scotland International Rated 'BBB/A-2'; Outlook Positive
    Research Update: Royal Bank of Scotland International Rated 'BBB/A-2'; Outlook Positive Primary Credit Analyst: Sadat Preteni, London (44) 20-7176-7560; [email protected] Secondary Contact: Alexandre Birry, London (44) 20-7176-7108; [email protected] Table Of Contents Overview Rating Action Rationale Outlook Related Criteria Related Research Ratings List WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JANUARY 30, 2018 1 1986956 | 301308293 Research Update: Royal Bank of Scotland International Rated 'BBB/A-2'; Outlook Positive Overview • The Royal Bank of Scotland Group PLC (RBSG) plans to complete a formal separation of its banking operations under the U.K's ring-fencing regime by mid-2018. • Under the upcoming ring-fencing regulations, Jersey-based Royal Bank of Scotland International Ltd. (RBS International) will be one of the non-ring-fenced operating subsidiaries of RBSG. • We are assigning our 'BBB/A-2' ratings to RBS International as we regard this entity as a highly strategic operating subsidiary of RBSG. • The positive outlook reflects our view that we could revise upward RBS' group credit profile over the coming 18-24 months, which would result in an upgrade of RBS International. Rating Action On Jan. 30, 2018, S&P Global Ratings assigned its 'BBB/A-2' long- and short-term issuer credit ratings to RBS International. The outlook is positive. Rationale The U.K. financial regulator's ring-fencing requirements seek to remove the operational and financial dependencies and links between the systemically important activities of major U.K. banks and their less-systemically important, and often risker, activities. Each bank has therefore had to decide how to split those activities between different subsidiaries or whether to cease offering some of them.
    [Show full text]
  • National Westminster Bank Plc Annual Report and Accounts 2019
    National Westminster Bank Plc Annual Report and Accounts 2019 natwest.com Strategic report Franchises Page Commercial & Private Banking (CPB), combining the reportable Strategic report segments of Commercial Banking and Private Banking ceased to Presentation of information 1 operate as one business area and the franchise Personal & Ulster, Description of business 1 combining the reportable segments of UK Personal Banking and Ulster Principal activities and operating segments 1 Bank RoI was also disbanded. The reportable operating segments Performance overview 1 remain unchanged and no comparatives have been restated. Stakeholder engagement and s.172(1) statement 3 Principal activities and operating segments Board of directors and secretary 5 NWB Group serves customers across the UK and Ireland with a range Top and emerging risks 6 of retail and commercial banking products and services. A wide range Financial review 7 of personal products are offered including current accounts, credit Capital and risk management 10 cards, personal loans, mortgages and wealth management services. Report of the directors 65 NWB Plc is the main provider of shared service activities for RBS Statement of directors’ responsibilities 69 Group. This includes the provision of Treasury services on behalf of Financial Statements 70 the ring-fenced bank and RBS Group. Risk factors 150 The reportable operating segments are as follows: Forward-looking statements 163 UK Personal Banking serves individuals and mass affluent customers Presentation of information in the UK and includes Ulster Bank customers in Northern Ireland. National Westminster Bank Plc (‘NWB Plc’) is a wholly-owned subsidiary of NatWest Holdings Limited (‘NWH Ltd’ or ‘the intermediate Commercial Banking serves start-up, SME, commercial and corporate holding company’).
    [Show full text]
  • RBS Resolution Plan
    Logo RBS Public Section RBS Group pic Resolution Plan Pursuant to 12 C.F.R. Parts 217 & 381 and RBS Citizens, N.A. Resolution Plan Pursuant to 12 C.F.R. 360 July 1, 2013 Table of Contents III IntroductionRBS Group pageand RBS 1 Americas page 2 II.CII.BII.A MaterialGlobalPrincipal Operations Supervisory Officers of of RBS AuthoritiesRBS Group Group plcpage page page 4 2 5 IIIII.EII.D RBSCNA SummaryResolution IDI of PlanningPlan Financial and Corporate RBS Information, Citizens Governance, CapitalResolution and Structure PlanMajor page Funding and 10 Processes Sources pagepage 67 III.CIII.BIII.A CoreMaterialSummary Business Entities of Financial Lines page page 11Information, 12 Capital and Major Funding Sources page 13 III.FIII.EIII.D ForeignMembershipDerivative Operations and in HedgingMaterial page Payment,Activities 17 pageClearing 16 and Settlement Systems page 17 III.IIII.HIII.G RBS PrincipalMaterial Citizens' SupervisoryOfficers Resolution page Authorities 17 Planning page Corporate 17 Governance, Structure and III.KIII.JProcesses MaterialHigh-Level page Management Description 18 Information of RBS Citizens' Systems Resolution page 19 Strategy page 20 IV.BIV.AIV Markets CoreMaterial Business & EntitiesInternational Lines page page Banking22 23 Americas page 22 IV.EIV.DIV.C MembershipsDerivativeSummary ofand Financial in Hedging Material Information, Activities Payment, page CapitalClearing 24 and and Major Settlement Funding Systems Sources page page 24 24 IV.HIV.GIV.F ForeignPrincipalMaterial Operations SupervisoryOfficers page page Authorities 25 25 page 25 IV.JIV.I M&IBA'sMaterial ManagementResolution Planning Information Corporate Systems Governance, page 26 Structure and Processes page 25 StrategyIV.K High-Level page 26 Description of Markets & International Banking Americas' Resolution Chapter 1.
    [Show full text]
  • The Royal Bank of Scotland Group Plc
    Dated 2 April 2015 THE ROYAL BANK OF SCOTLAND GROUP PLC REGISTRATION DOCUMENT Table of Contents Page INTRODUCTION ............................................................................................................................... 1 RISK FACTORS ................................................................................................................................ 3 DESCRIPTION OF THE ROYAL BANK OF SCOTLAND GROUP PLC ......................................... 34 DIRECTORS AND CORPORATE GOVERNANCE......................................................................... 55 SUMMARY CONSOLIDATED FINANCIAL INFORMATION RELATING TO THE ROYAL BANK OF SCOTLAND GROUP PLC ............................................................................................................... 73 GENERAL INFORMATION ............................................................................................................. 77 FORWARD-LOOKING STATEMENTS ............................................................................................ 79 DOCUMENTS INCORPORATED BY REFERENCE ...................................................................... 81 INTRODUCTION This document constitutes a registration document (“Registration Document”) for the purposes of Article 5.3 of Directive 2003/71/EC, as amended (the “Prospectus Directive”) and has been prepared for the purpose of giving information with respect to The Royal Bank of Scotland Group plc (the “Issuer” or “RBSG”), whose registered office address appears on the last page of this Registration
    [Show full text]
  • Uk Financial Investments Limited (Ukfi) Ukfi Strategy: Market Investments and Annual Report and Accounts 2008/09
    xx UK Financial Investments Ltd UK FINANCIAL INVESTMENTS LIMITED (UKFI) UKFI STRATEGY: MARKET INVESTMENTS AND ANNUAL REPORT AND ACCOUNTS 2008/09 1 UKFI manages the Government’s investments in the Royal Bank of Scotland and Lloyds Banking Group. The Government currently holds 39,645 million ordinary shares in the Royal Bank of Scotland, equivalent to 70 percent of voting share capital. The value of this investment on 30 June was £15.3 billion. In connection with the Asset Protection Scheme, the Government shareholding is due to increase by up to an additional 51,000 million non-voting B shares. The Government currently holds 11,799 million ordinary shares in the Lloyds Banking Group, equivalent to 43 percent of voting share capital. The value of this investment on 30 June was £8.3 billion. In connection with the Asset Protection Scheme, the Government shareholding is due to increase by an additional 37,143 million non-voting B shares. RBS share price performance HM Treasury ordinary Number Share Price (p) shareholdings in Royal In price Value as at of ordinary In price 80 Bank of Scotland per share 30/06/2009 shares (excluding B shares)1 70 m £m p £m 60 Initial recapitalisation 22,854 14,969 65.5 8,831 50 Preference shares 16,791 5,058 31.75 6,488 40 conversion2 30 50.5 TOTAL 39,645 20,027 (avg) 15,319 20 10 Notes 1 UKFI will manage the B shares on completion of APS. See Box 2.5 for 0 further details on the B shares.
    [Show full text]
  • List of Banking Brands – June 2021
    LIST OF BANKING AND SAVINGS BRANDS PROTECTED BY THE SAME FSCS COVERAGE COMPILED BY THE BANK OF ENGLAND AS AT 11 JUNE 2021 Please note this list is not updated on a continuous basis. It is also possible that separate firms (with different Firm Reference Numbers) are part of a group of companies that use similar brand names (i.e, a simplified common version of the firms’ legal names). If you have multiple deposits across a group of firms using similar brand names, you should check with the firms whether the £85k deposit protection limit is shared. Banking and Savings Brand PRA-authorised institution FRN Other deposit brands covered by FSCS coverage 114724 The Royal Bank of Scotland Plc 114724 RBS 114724 Adam & Company Adam & Company The Royal Bank of Scotland Plc 114724 Drummonds 114724 Child & Co 114724 Holt's 114724 The One account/Virgin One account/Nat West One account 671140 Advanced Payment Solutions Limited Advanced Payment Solutions Limited Advanced Payment Solutions Limited 671140 Cashplus 671140 Cashplus Bank 122088 AIB (NI) 122088 Allied Irish Bank (GB) AIB Group (UK) Plc AIB Group (UK) Plc 122088 Allied Irish Bank (GB) Savings Direct 122088 First Trust Bank 143336 Arbuthnot Latham & Co Limited Arbuthnot Latham & Co Limited Arbuthnot Latham & Co Limited 143336 Arbuthnot Direct 121873 Clydesdale Bank Plc 121873 B B Clydesdale Bank Plc 121873 Virgin Money 121873 Yorkshire Bank 136261 Banco Santander S.A. Banco Santander S.A. Banco Santander S.A. 136261 Santander Corporate & Investment Banking 204459 Bank and Clients PLC Bank and
    [Show full text]
  • Download Pdf File of RBS International
    Company Registered Number: 65046 THE ROYAL BANK OF SCOTLAND INTERNATIONAL (HOLDINGS) LIMITED REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS 31 December 2019 Contents Page Board of directors and secretary 1 Report of the directors 2 Statement of directors’ responsibilities 6 Independent auditor’s report to the members of the Royal Bank of Scotland International (Holdings) Limited 7 Consolidated income statement for the year ended 31 December 2019 9 Consolidated statement of comprehensive income for the year ended 31 December 2019 10 Consolidated balance sheet as at 31 December 2019 11 Consolidated statement of changes in equity for the year ended 31 December 2019 12 Consolidated cash flow statement for the year ended 31 December 2019 13 Accounting policies 14 Notes to accounts 20 Board of directors and secretary Chairman John Philip Ward Brewster Executive directors Andrew Martin McLaughlin Chief Executive Officer Lynn Ann Cleary Chief Financial Officer Non-executive directors Louis Philip Chetwynd Taylor Joanna Elizabeth Dentskevich (resigned 31 July 2019) Stuart Porteous Bruce Mark Cannon (appointed 9 January 2020) Gregory John Branch (appointed 9 January 2020) Company Secretary Rachael Emma Pocklington Auditor Ernst & Young LLP Castle Street St Helier Jersey JE1 1EY Registered office and Head office Royal Bank House 71 Bath Street St Helier Jersey JE4 8PJ The Royal Bank of Scotland International (Holdings) Limited Registered in Jersey, Channel Islands No. 65046 1 The Royal Bank of Scotland International (Holdings) Limited Annual Report and Accounts 2019 Report of the directors The directors of The Royal Bank of Scotland International Copies of the annual report of RBS can be obtained from (Holdings) Limited (the “Company”/“RBS International Corporate Governance and Regulatory Affairs, RBS Holdings”) present their annual report, together with the Gogarburn, Edinburgh EH12 1HQ, the Registrar of Companies audited financial statements of the Company and its or through the RBS website, www.rbs.com.
    [Show full text]
  • Factbook 24 Th October 2019 Key Messages Capital Return
    Investor Factbook 24 th October 2019 Key messages Capital Return • Q3’19 operating loss before tax of £8m, FY 2018 Interim Final Special including £900m provision for PPI. 9M’19 dividend dividend dividend operating profit before tax of £2.7bn • Q3’19 7.0% RoTE excluding PPI charge £1.6bn 2p 3.5p 7.5p Total paid to • Net loans to customers increased by 3.2% shareholders on an annualised YTD basis (1), gross new mortgage lending was £8.6bn in Q3’19 H1 2019 Interim Special • On track to meet £300m cost reduction dividend dividend target(2) for 2019, £193m cost reduction achieved in 9M’19 £1.7bn Total paid to 2p 12p shareholders • CET1 ratio of 15.7%, generated ~90bps of YTD capital from profits (ex. Alawwal and PPI) for 9M’19 (2) We continue to maintain the capacity to do a directed • Targeting c.14% by end of 2021 buy-back from the Government We are focused on: Net loan growth Capital generation and return Continuing cost reduction Customer advocacy Q3 2019 results by business(3) Central Ulster Bank Commercial Private RBS NatWest (£bn) UK PB items & Total RBS RoI Banking Banking International Markets other(4) Income 1.2 0.1 1.1 0.2 0.2 0.2 (0.0) 2.9 Operating expenses (1.6) (0.1) (0.6) (0.1) (0.1) (0.3) 0.2 (2.7) Impairment (losses) / releases (0.1) 0.0 (0.1) 0.0 0.0 0.0 0.0 (0.2) Operating profit (0.5) 0.0 0.3 0.1 0.1 (0.2) 0.2 (0.0) Funded Assets 176.7 26.0 166.6 22.6 31.2 142.7 34.9 600.7 Net L&A to Customers 154.6 19.0 101.5 15.2 13.8 9.1 6.3 319.5 Customer Deposits 147.9 18.8 135.7 28.2 29.1 3.3 6.7 369.7 RWAs 37.5 13.3 77.0 10.0 6.5 43.8 1.4 189.5 LDR (%) 105 101 75 54 47 n.m.
    [Show full text]
  • The Royal Bank of Scotland Plc Annual Report and Accounts 2019 Strategic Report
    The Royal Bank of Scotland plc Annual Report and Accounts 2019 Strategic report Page Franchises Strategic Report In the fourth quarter of 2019, Commercial & Private Banking (CPB), Presentation of information 1 combining the reportable segments of Commercial Banking and Description of business 1 Private Banking ceased to operate as one business area and the Performance overview 1 franchise Personal & Ulster, combining the reportable segments of UK Stakeholder engagement and s.172(1) statement 2 Personal Banking and Ulster Bank RoI was also disbanded. The Board of directors and secretary 4 reportable operating segments remain unchanged and no comparatives have been restated. Financial review 5 Capital and risk management 7 Principal activities and operating segments Report of the directors 55 RBS plc serves customers across the UK with a range of retail and Statement of directors’ responsibilities 59 commercial banking products and services. A wide range of personal Financial statements 60 products are offered including current accounts, credit cards, personal loans, mortgages and wealth management services. The reportable Presentation of information operating segments are as follows: The Royal Bank of Scotland plc (‘RBS plc’) is a wholly-owned subsidiary of NatWest Holdings Limited (‘NWH Ltd’ or ‘the intermediate UK Personal Banking serves individuals and mass affluent holding company’). The term ‘NWH Group’ comprises NWH Ltd and its customers in the UK. subsidiary and associated undertakings. The Royal Bank of Scotland Group plc (‘RBSG plc’) is ‘the ultimate holding company’. The term Commercial Banking serves, start-up, SME, commercial and corporate ‘RBS Group’ comprises RBSG plc and its subsidiary and associated customers in the UK, together with small businesses.
    [Show full text]
  • Final Notice
    _______________________________________________________ FINAL NOTICE _______________________________________________________ To: Royal Bank of Scotland Plc (FRN 121882) National Westminster Bank Plc (FRN 121878) Ulster Bank Ltd (FRN 122315) Addresses: 36 St Andrew Square, Edinburgh, Midlothian EH2 2YB 135 Bishopsgate, London EC2M 3UR 11-16 Donegal Square East, Belfast BT1 5U Date: 19 November 2014 1. ACTION 1.1. For the reasons set out in this Notice, the PRA imposes on the Royal Bank of Scotland Plc, National Westminster Bank Plc and Ulster Bank Ltd (insofar as it applies to its operations in Northern Ireland) (together the “Banks”), a financial penalty of £14,000,000. 1.2. The Banks agreed to settle at an early stage of the PRA’s investigation and therefore qualified for a 30% (stage 1) discount under the PRA’s Settlement Policy. Were it not for this discount, the PRA would have imposed a financial penalty of £20,000,000 on the Banks. 2. DETAILS OF THE ACTION 2.1. The PRA adopts and relies upon the “Facts and Matters” section as set out in the FCA Final Notice in reaching its decision. (The FCA’s Notice is set out at Appendix 2 of this Notice). 2.2. Annex B sets out the full particulars of the PRA’s basis for action and why the PRA investigated this matter. In summary: (1) The PRA has decided to impose the financial penalty on the Banks as a result of certain failures which led to the IT Incident. The breaches are summarised below at paragraph 3 and are set out in detail in Annex A.
    [Show full text]
  • Rbs.Com Annual Report and Accounts 2009
    Annual Report and Accounts 2009 rbs.com GRA09_Cover&Contents_230mm(w).qxp:Cover&Contents_230mm(w) 16/3/10 14:41 Page 2 What’s inside Essential reading 20 Divisional review 01 What we have achieved 22 UK Retail 02 Chairman’s statement 24 UK Corporate 04 Group Chief Executive’s review 26 Wealth 06 Our markets 28 Global Banking & Markets 07 Q&As on progress 30 Global Transaction Services 08 Board of directors and secretary 32 Ulster Bank 10 Executive Committee 34 US Retail & Commercial 36 RBS Insurance 12 Our strategic plan and progress 38 Business Services & Central Functions 14 Roadmap to recovery 40 Non-Core Division & APS 16 How our businesses work together 18 Clearly defined financial targets 42 Corporate Sustainability 44 Fair banking 45 Supporting enterprise 45 Employee engagement 46 Safety and security 46 Global citizenship 47 Community Investment 48 Report and accounts 49 Business review M Why go online? 207 Governance www.rbs.com/annualreport2009 239 Financial statements if you haven’t already tried it, visit our easy-to-use, fully interactive online Annual Report. Many shareholders are 349 Additional information now benefiting from more accessible information and 371 Shareholder information helping the environment too. Essential reading What we have achieved We are one year into our five year turnaround plan and have taken significant steps along the path to recovery. What we have achieved 2009 business achievements Our 2013 vision The problems we faced have been assessed, Enduring customer franchises disclosed and mitigated. • A universal bank, anchored by retail and commercial activities with strong, The essential value of RBS is intact.
    [Show full text]