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Annual Report and Accounts 2016

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Annual Report and Accounts 2016 Annual Report and Accounts 2016 Financial review Page Board of directors and secretary 2 Strategic report Presentation of information 3 Top and emerging risks 4 Financial review 5 Capital and risk management 12 Report of the directors 89 Statement of directors’ responsibilities 94 Independent auditor’s report to the members of National Westminster Bank Plc 96 Consolidated income statement 97 Consolidated statement of comprehensive income 98 Balance sheet 99 Statement of changes in equity 100 Cash flow statement 101 Accounting policies 102 Notes on the accounts 117 Additional information 192 Forward-looking statements 236 Abbreviations and acronyms 238 Glossary of terms 239 Principal offices 246 1 NatWest Plc Annual Report and Accounts 2016 Board of directors and secretary Chairman Auditors Howard Davies Ernst & Young LLP Nominations (Chairman) Chartered Accountants and Statutory Auditor 25 Churchill Place Executive directors London E14 5EY Ross McEwan Executive (Chairman) Registered office 135 Bishopsgate Ewen Stevenson London EC2M 4RB Executive Telephone: +44 (0)20 7085 5000 Independent non-executive directors Head office 135 Bishopsgate Sandy Crombie London EC2M 4RB Senior Independent Director Telephone: +44 (0)20 7085 5000 Remuneration (Chairman), Audit, Nominations National Westminster Bank Plc Frank Dangeard Registered in England No. 929027 Risk Alison Davis Nominations, Remuneration, Sustainability Morten Friis Audit, Risk Robert Gillespie Nominations, Remuneration, Sustainability Penny Hughes Sustainability (Chairman), Risk Brendan Nelson Audit (Chairman), Nominations, Risk Baroness Noakes Risk (Chairman), Audit Mike Rogers Remuneration, Sustainability Chief Governance Officer and Board Counsel Aileen Taylor (Company Secretary) Audit member of the Group Audit Committee Executive member of the Executive Committee Nominations member of the Group Nominations and Governance Committee Remuneration member of the Group Performance and Remuneration Committee Risk member of the Board Risk Committee Sustainability member of the Sustainable Banking Committee 2 NatWest Plc Annual Report and Accounts 2016 Presentation of information In the Report and Accounts, and unless specified otherwise, the Ulster Bank (Ireland) Holdings Unlimited Company term ‘Bank’ or ‘NatWest’ means National Westminster Bank Plc, Ulster Bank (Ireland) Holdings Unlimited Company (UBIH) was the ‘Group’ or ‘NatWest Group’ means the Bank and its sold to NatWest Holdings Limited (NatWest Holdings) on 1 subsidiaries, ‘the Royal Bank’, ‘RBS plc’ or ‘the holding company’ January 2017 in preparation for ring-fencing. NatWest Holdings is means The Royal Bank of Scotland plc, ‘RBSG’ or ‘the ultimate a direct subsidiary of RBS plc. UBIH is classified as a disposal holding company’ means The Royal Bank of Scotland Group plc group at 31 December 2016 and its assets and liabilities and ‘RBS Group’ means the ultimate holding company and its presented in aggregate in accordance with IFRS 5. UBIH, which subsidiaries. was mainly reported in the Ulster Bank RoI operating segment, is no longer a reportable operating segment but presented as a Business structure discontinued operation and comparatives have been re- The RBS Group continues to deliver on its plan to build a strong, presented accordingly. UBIH wholly owns Ulster Bank Ireland simple and fair bank for both customers and shareholders. Designated Activity Company (UBI DAC) which is regulated by On 5 December 2016 the Corporate & Institutional Banking (CIB) the Central Bank of Ireland. business was re-branded as NatWest Markets (NWM) in readiness for our future ring-fenced structure: this included the RBS Group ring-fencing renaming of the reportable operating segment as NatWest The UK ring-fencing legislation requiring the separation of Markets. NatWest Markets will continue to offer financing, rates essential banking services from investment banking services will and currencies products to its customers. take effect from 1 January 2019. During 2016 the Group’s activities are organised on a franchise To comply with these requirements it is RBS Group’s intention to basis as follows: place the majority of the UK and Western European banking business in ring-fenced banking entities under a new UK Personal & Business Banking (UK PBB) serves individuals intermediate holding company (NatWest Holdings). NatWest and mass affluent customers in the UK together with small Markets (formerly Corporate and Institutional Banking) will be a businesses (generally up to £2 million turnover). UK PBB separate non ring-fenced bank, and The Royal Bank of Scotland includes Ulster Bank customers in Northern Ireland. International (Holdings) Limited (RBSI Holdings) will be outside the ring-fence, both as direct subsidiaries of RBSG. Commercial & Private Banking (CPB) comprises two reportable segments: Commercial Banking and Private Banking. The final ring-fenced legal structure and the actions to be taken Commercial Banking serves commercial and corporate to achieve it, remain subject to, amongst other factors, additional customers in the UK and Western Europe. Private Banking regulatory, Board and other approvals as well as employee serves UK connected high net worth individuals. information and consultation procedures. All such actions and their respective timings may be subject to change, or additional NatWest Markets (NWM), formerly Corporate and Institutional actions may be required, including as a result of external and Banking (CIB), consists primarily of the operations of RBS internal factors including further regulatory, corporate or other Securities Inc (RBSSI). RBSSI is a U.S. registered broker-dealer developments. principally engaged in the purchase, sale and financing of securities with institutional entities and government sponsored On 1 January 2017 RBS Group made a number of key changes entities. to the legal entity structure as detailed below to support the move towards a ring-fenced structure. There are also plans to make Capital Resolution was established to execute the sale or wind further changes prior to 1 January 2019. down of most of the global footprint. Non-strategic markets, NatWest Holdings portfolio and banking assets identified are being sold or wound down. An intermediate holding company, NatWest Holdings, was introduced as a direct subsidiary of RBS plc. This is an interim Central items & other includes corporate functions, such as RBS structure as NatWest Holdings is expected to become a direct treasury, finance, risk management, compliance, legal, subsidiary of RBSG in mid 2018. communications and human resources. Central functions manage the Group’s capital resources and Group-wide regulatory The Bank and Adam & Company Group PLC (Adam & Co) projects and provides services to the reportable segments. transferred from being direct subsidiaries of RBS plc, and UBIH transferred from being a direct subsidiary of Ulster Bank Limited, to become direct subsidiaries of NatWest Holdings. RBS International RBSI Holdings transferred from being an indirect subsidiary of RBS plc to become a direct subsidiary of RBSG. The intention is for RBS International’s operating companies to remain as subsidiaries of RBSI Holdings. The Bank bought Lombard North Central PLC and RBS Invoice Finance (Holdings) Limited from RBS plc and some smaller companies from other members of the RBS Group. 3 NatWest Plc Annual Report and Accounts 2016 Top and emerging risks Top and emerging risks Settlements may result in additional financial penalties, non- The RBS Group employs a continuous process for identifying and monetary penalties or other consequences, which may be managing its top and emerging risks. These are defined as material. More detail on these issues can be found in the scenarios that could have a significant negative impact on the Litigation, Investigations and Reviews and Risk Factors sections. RBS Groups’s ability to operate or meet its strategic objectives. A To prevent future conduct from resulting in similar impacts, the number of scenarios attracted particular attention in 2016. RBS Group continues to embed a strong and comprehensive risk and compliance culture. Macro-economic and political risks: The RBS Group remains vulnerable to changes and uncertainty Risks to income, costs and business models arising from in the external economic and political environment, which have regulatory requirements: intensified in the past year. To mitigate these risks, the RBS The RBS Group is exposed to the risk of further increases in Group has taken actions in 2016 with its capital, liquidity and regulatory capital requirements as well as risks related to new leverage positions. A number of higher-risk portfolios have been regulations that could affect its business models, such as Open exited or reduced. Stress testing and scenario planning is used Banking. The RBS Group considers and incorporates the extensively to inform strategic planning and risk mitigation implications of proposed or potential regulatory activities in its relating to a range of macro-economic and political risks. strategic and financial plans. Scenarios identified as having a potentially material negative impact on RBS include: the impact of the UK’s exit from the EU; a Operational and execution risks second Scottish independence referendum; a UK recession Increased losses arising from a failure to execute major including significant falls in house prices; global financial market projects successfully: volatility linked to advanced economy interest rate increases
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