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Company Registered Number: 2304 the ROYAL BANK of SCOTLAND

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Company Registered Number: 2304 the ROYAL BANK of SCOTLAND Company Registered Number: 2304 THE ROYAL BANK OF SCOTLAND INTERNATIONAL LIMITED ANNUAL REPORT AND ACCOUNTS 31 December 2020 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 Limited 7 Income statement for the year ended 31 December 2020 10 Statement of comprehensive income for the year ended 31 December 2020 11 Balance sheet as at 31 December 2020 12 Statement of changes in equity for the year ended 31 December 2020 13 Cash flow statement for the year ended 31 December 2020 14 Accounting policies 15 Notes to the accounts 21 The Royal Bank of Scotland International Limited Annual Report and Accounts 2020 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 (resigned 31 October 2020) Stuart Porteous Bruce Mark Cannon Gregory John Branch Christine Hilary Ashton (appointed 14 September 2020) Company Secretary Rachael Emma Pocklington (resigned 1 September 2020) Andrew Nicholson (appointed 1 September 2020) 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 Limited Registered in Jersey, Channel Islands No. 2304 1 The Royal Bank of Scotland International Limited Annual Report and Accounts 2020 Report of the directors Presentation of information Business review The directors of The Royal Bank of Scotland International The Bank’s purpose, which is aligned with NatWest Group, is Limited (the “Company”/“RBS International”/”RBSI”/the “Bank”) to champion potential, helping people, families and businesses present their annual report, together with the audited financial to thrive. The Bank has identified three focus areas where it statements of the Company for the year ended 31 December can make a meaningful contribution to its clients, colleagues 2020. The financial statements are prepared in accordance and communities; climate, enterprise and learning. with International Financial Reporting Standards as issued by the International Accounting Standards Board (IASB). The With 2020 being dominated by the Coronavirus Disease 2019 Bank publishes its financial statements in the functional (COVID-19) crisis, the Bank has demonstrated our purpose-led currency, pounds sterling (‘£’ or ‘sterling’) and all values are approach with its ongoing support of clients and the launch of rounded to the nearest million pound, except when otherwise key sustainability initiatives. We continue to focus on improving indicated. The abbreviations ‘£m’ and ‘£bn’ client satisfaction through fully understanding their needs represent millions and thousands of millions of pounds sterling, across the financial lifecycle. respectively. The Bank worked closely with local governments to implement ACTIVITIES AND BUSINESS REVIEW emergency policies to support local communities and Principal activities businesses in light of COVID-19. It led the offshore banking sector in the creation of the loan Disruption Guarantee The Bank is one of the largest banks operating in the Channel Scheme (DGS), providing £858 million of loan facilities to Islands, Isle of Man and Gibraltar with wholesale branches in financially support customers through forbearance, the DGS Luxembourg and the UK. It provides a comprehensive range of and payment holidays in 2020.The Bank’s priority during the financial services through its International Retail & Commercial coronavirus pandemic has been to look after the safety and Banking and Institutional Banking customer segments. wellbeing of its clients and colleagues. The Bank has created a International Retail & Commercial Banking provides loan and safe working environment for its colleagues through rigorous deposit products and services to personal, private, business health and safety procedures in its buildings and providing the and commercial customers. Institutional Banking provides right support for colleagues to work at home. With the majority services to European fund asset Managers, fund of colleagues now working from home the Bank has provided administrators and corporate service providers. them with the technology they require to work effectively to continue to service its clients in addition to wellbeing support to The directors do not anticipate any material change in the type help them in adapting to home working. or activities of the Company. We build long-term partnerships, working collaboratively to The Bank is a wholly-owned subsidiary of The Royal Bank of understand our customers’ needs and create tailored solutions Scotland International (Holdings) Limited (‘RBSIH’). The to help them grow and prosper. Our relationship teams provide ultimate holding company is NatWest Group plc (‘NWG’) insight and expertise in the sectors and locations where we (renamed from The Royal Bank of Scotland Group plc on 22 operate. Leading a digital transformation across the June 2020) which provides support and access to all central communities we operate in and becoming a bank that is easy resources. The Bank will leverage this relationship to NWG to deal with is the best way to fulfil our purpose to champion and other subsidiaries to continue to improve on the quality potential. and efficiency of the services and products provided. International Retail & Commercial Banking Copies of the annual report of NWG can be obtained from There have been 26 releases of new features across Bank’s Corporate Governance and Regulatory Affairs, NatWest personal digital channels; driven by customer feedback, Gogarburn, Edinburgh EH12 1HQ, the Registrar of Companies supporting a 17% increase in users. Overall 68% Local or through the NWG website, www.natwestgroup.com. Banking customers are now registered with digital banking which is an 8% increase on 2019. The Bank has improved its service propositions for our Coutts Crown Dependencies clients with the introduction of payment functionality and new deposit products. Performance Key metrics and ratios 2020 2019 Total Income £461m £563m Operating profit before tax £82m £335m Loans and advances to customers £13.3bn £14.1bn Customer deposits £31.3bn £30.0bn Loan to Deposit ratio 42% 47% Liquidity portfolio £18.9bn £15.7bn Risk Weighted Assets £7.3bn £6.6bn CET1 capital ratio 18.6% 19.2% T1 capital ratio 22.7% 23.7% Leverage ratio(1) 4.4% 4.3% Liquidity Coverage Ratio (LCR) 137% 137% Assets held in a fiduciary capacity £3.1bn £2.8bn Note: (1) Leverage ratio is Tier 1 capital as a percentage of on and off balance sheet exposures in line with Jersey Financial Services Commission (JFSC) guidance. The primary driver of the ratio is short term deposit balances, which RBSI typically holds in high quality liquid assets. Excluding unencumbered central bank balances would result in a ratio of 6.75%. 2 The Royal Bank of Scotland International Limited Annual Report and Accounts 2020 Report of the directors The Bank has accelerated its digital transformation strategy in The Bank’s loan to deposit ratio stands at 42% at 31 light of COVID-19 and is now meeting the increasing customer December 2020 (2019: 47%). To support diversification of demand for digital solutions. This change in customer funding sources the Bank has issued Euro Commercial Paper behaviour has also led the Bank to consolidate the branch of £0.5bn and broadened its notice deposit product offering. In network in local markets reducing the branch network to 8 in addition, as part of its management of the structural hedging early January 2021. programme the Bank introduced interest rate swaps during the year. Institutional Banking Through increased investment in the multi-currency banking The Bank’s securities holdings of £5.4bn are highly liquid and platform, eQ, the Company has improved the digital comprised primarily of UK Gilts, German Bund and US experience for institutional customers. With 11 releases of new Treasuries. features in 2020, there have been multiple improvements and Assets held in a fiduciary capacity all users have moved to the new version of eQ, making sure The Bank holds assets under management which are not everyone has the same great functionality and experience. In included in its financial statements. September 2020 the Bank has released its multi-currency platform for Corporate and Institutional banking clients on Credit ratings mobile. The Bank, has the following Credit Ratings at 31 December 2020: Financial performance in a challenging environment The Bank’s operating profit before tax was £82m compared S&P A- / A-2 (Negative) with an operating profit before tax of £335m in 2019, reflecting lower income and significantly higher impairment charges Moody’s Baa1 / P-2 (Positive) primarily due to the current COVID-19 crisis and resulting Fitch A / F1 (Negative) uncertain economic conditions. ACCOUNTING POLICIES The Bank’s financial performance is presented in the Income Statement on page 10. These results demonstrate the The reported results of the Company are sensitive to the resilience of our underlying business and the strength of our accounting policies, assumptions and estimates that underline balance sheet in the face of significant continued uncertainty. the preparation of its financial statements. Details of the Company’s accounting policies and key sources of estimation
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