RBS Warns Over Impact Of Scottish Independence

RBS has said Scottish independence could have a "material adverse impact" and "significantly impact its credit ratings".

Sources say the bank is restating the position it set out in its full-year results and annual report.

The referendum on Scottish independence takes place on September 18.

The bank - 80% owned by the taxpayer - said earlier this year in its annual report that "uncertainties" of a Yes vote "could also impact the fiscal, monetary, legal and regulatory landscape to which the Group is subject".

The report continued: "Were Scotland to become independent, it may also affect Scotland's status in the EU.

"The occurrence of any of the impacts above could significantly impact the Group's costs and would have a material adverse effect on the Group's business, financial condition, results of operations and prospects."

Sky News understands that at least two UK banks are also said to be discussing the prospect of warning over the implications for payments systems and infrastructure if Scotland votes to break away.

Britain's two state-backed banking giants are also stepping up talks with the Bank of England about contingency planning ahead of September's referendum.

As reported last week, some executives at Lloyds Banking Group and Royal Bank of Scotland (RBS) are advocating a scenario under which the central bank would make a public statement ahead of September's vote guaranteeing deposits and liquidity.

Insiders said that Lloyds and RBS, which are 25% and 80%-owned by British taxpayers respectively, have told Bank of England officials at recent meetings that they are keen for it to do so.

Both banks are headquartered in Scotland.

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