Most of the changes we have had to make, to help facilitate the separation of essential banking services from investment banking services, are now complete. They included the use of a legal scheme called a Ring-Fencing Transfer Scheme (RFTS) on two occasions during the course of 2018.
The first RFTS (RFTS1) was completed on 30 April 2018 and transferred most of the personal, private, business and commercial business from The Royal Bank of Scotland plc to Adam & Company plc or National Westminster Bank Plc. On the same day as this transfer took place, Adam & Company plc was renamed “The Royal Bank of Scotland plc” and the ‘then current’ The Royal Bank of Scotland plc was renamed “NatWest Markets Plc”.
For copies of the RFTS1 documents, including the Skilled Person's report go to the RFTS1 documents page.
The second RFTS (RFTS2) was completed on 13 August 2018 and transferred the interest rate and foreign exchange derivatives over-the-counter business (with respect to derivative transactions maturing after 31 August 2018) of National Westminster Bank Plc (the “Transferring Business”) to NatWest Markets Plc.
For copies of the RFTS2 documents, including the Skilled Person's report go to the RFTS2 documents page.
For details of the potential impacts of the schemes on customers / stakeholders, please refer to the Skilled Person’s reports using the links above.