The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
Ring-fencing of day-to-day banking services (eg current accounts, savings and payments) and separation of retail business from investment banking was one of the reforms brought in by the government to strengthen the financial system following the financial crisis of 2007/2008. The Prudential Regulation Authority (PRA)’s stated aim was to isolate retail banking services from the risks of global wholesale and investment banking, to ensure the continuity of deposit taking services, to ensure greater resilience against financial crises and to remove risks from banks to the public finances. For further background to these structural reforms, see Practice Notes: Ring-fencing—one minute guide, Ring-fencing—timeline and UK structural banking reform—ring-fencing. For general guidance on the practical effects for R&I lawyers, see Practice Note: Bank ring-fencing transfer schemes—impacts for R&I lawyers.
Royal Bank of Scotland Group plc (RBS Group) complued with the ring-fencing requirements in two steps:
the first Royal Bank of Scotland plc (RBS) RFTS: sanctioned by the Court of Session in Edinburgh, Scotland on 22 March 2018 transferring certain assets and liabilities from RBS to Adam and Company Plc and National Westminster Bank Plc with an effective date of 30 April 2018 (RBS RFTS 1), and
the second RFTS: sanctioned by the Court of Session in Edinburgh, Scotland on
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