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Not in the slightest a surprise

NatWest will move its headquarters out of Scotland after 294 years if the country becomes independent, chief executive Alison Rose has said.

Ms Rose said the bailed-out bank would be forced to act because it is simply too big for the Scottish economy to support. The lender – which last year changed its name from Royal Bank of Scotland – holds around £770bn of assets, almost five times Scotland’s GDP.

Scotland in the euro would change that. But an independent Scotland with its own currency? Just too big an organisation, too big a balance sheet.

9 thoughts on “Not in the slightest a surprise”

  1. Gordon Brown “persuaded” his pal, Lord Blank to rescue one Scottish Bank with Lloyds’ shareholders money and rescued the other with UK taxpayers’ money. Now the CEO of Royal Bank of Scotland (renamed NatWest) wants an implicit guarantee that the UK will bail it out again when necessary.
    This is only necessary because the big banks wouldn’t lend to “NatWest” if it was dependent upon the Scottish government. Pretty much says financial credibility of SNP is B–

  2. The Meissen Bison

    Scotland in the euro would change that.

    The eurozone probably has enough zombie banks in its bailiwick without adding RBS to the list.

  3. Bloke in North Korea (Germany province)

    “your economy isn’t big enough to support my multi billion-pound bank”.

    So the economy supporting the banks rather than the other way around is now feature rather than bug.

  4. Please will the helplessly shit RBS or whatever it is called now stay in Scotland. It’s a ‘private gain public loss’ bomb waiting to go off on the taxpayers of whichever nation state is dumb enough to want it. I have precisely zero desire to fund them being bailed out once again.

  5. Heh.. What makes them think they gat a say in it?

    Given the direction Scotland is taking there’s even odds the first act of ScotGov is to Nationalise the Banks. For the Good of the People!!

  6. @ Grikath
    “NatWest” will emigrate the morning that it is reported that the Scots voted for “independence” (whether or not that they actually did so). As a result by the time Scotland has “independence” the only bit that Sturgeon can nationalise will be the loss-making RBS bit while the profitable NatWest bit stays privately-owned in England. Whether Scotland would have pay compensation to NatWest for nationalising RBS is a moot point as it probably has negative value.

  7. Devil’s Kitchen

    If you scrolled down the comments, you would have seen one Chris Mounsey deploying a Worstall-style comment…

    Honestly, this article mixes up millions and billions in a rather worrying way. How can NatWest’s “£770m of assets” be “almost five times Scotland’s GDP” of £205 billion? And in what world is £3.2m of loan losses “a mammoth hit” for a bank of NatWest’s size?
    For heaven’s sake, Telegraph — get a grip on your figures!


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