Difference between revisions of "Royal Bank of Scotland"

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'''RBS - Royal Bank of Scotland''' - is one of the largest financial services groups in the world.
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'''The Royal Bank of Scotland Group''' (''RBS'') is an international banking and financial services company headquartered in Edinburgh. One of the largest financial services groups in the world, the RBS Group operates in the United Kingdom, Europe, the Middle East, the Americas and Asia, with over 30 million customers worldwide.
  
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==Financial crisis 2009==
 
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In February 2009 it was announced that RBS had suffered the biggest loss in British corporate history - more than £24bn. On 26 February the bank agreed terms with the government to take part in its asset protection scheme, which lets it pass most of the potential losses on its riskier assets on to the taxpayer. It has also raised up to £25.5bn in fresh funding from the UK taxpayer. UK taxpayers could end up owning 95 per cent of the bank if its losses continue to mount.<ref>[http://www.guardian.co.uk/business/2009/feb/26/rbs-record-loss RBS record losses raise prospect of 95% state ownership], Guardian, 26 Feb 2009</ref>
 
  
 
==History==
 
==History==
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Founded in 1727, RBS is not only the biggest company in Scotland,{{ref|5}} but the second largest bank in the UK and Europe after HSBC, ranking sixth in the world. 70% of the top 100 companies in Europe bank with RBS.{{ref|6}} It is in the top five of all companies listed on the UK stock exchange.
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Founded in 1727, RBS was not only the biggest company in Scotland,<ref>''Insider'', [http://www.insider.co.uk/guides/index.cfm Top 500 Companies], accessed 10 March 2005.</ref> but the second largest bank in the UK and Europe after HSBC, ranking sixth in the world. Seventy per cent of the top 100 companies in Europe bank with RBS.<ref>Deloitte, [http://web.archive.org/web/20050418013132/http://clients.ctn.co.uk/deloitte/annualreport_2004/casestudies/rbs.asp The Royal Bank of Scotland Group plc], 18 April 2005 Web Archive, accessed 03 February 2011.</ref> It is in the top five of all companies listed on the UK stock exchange.
  
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In March 2000, The Royal Bank of Scotland Group completed the largest takeover in British banking history with its hostile acquisition of NatWest in a £21 billion deal, which also cost 18,000 jobs. Its assets at 30 June 2004 totalled £519 billion, its profits over the previous half year up by 17% before tax.{{ref|7}}
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In 2008 RBS bought Dutch bank [[ABN Amro]]. In Feb 2009, RBS was forced to admit that the acquisition of ABN Amro helped towards the bank’s near demise, although it could not put a figure on how much RBS will have to write down to cover losses made.
  
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The company's chief executive is [[Fred Goodwin]] (also known as 'Fred the Shred' for his ruthless cost-cutting exercises),{{ref|8}} considered by Scotland on Sunday as the most influential man in Scotland.{{ref|9}} [[Peter Sutherland]], a non-executive director of RBS Group, is also chairman of BP (see RBS funding of BP project, the Baku-Ceyhan pipeline), and was formerly a director general of [[GATT]] and the [[WTO]].
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In March 2000, The Royal Bank of Scotland Group completed the largest takeover in British banking history with its hostile acquisition of NatWest in a £21 billion deal, which also cost 18,000 jobs. Its assets at 30 June 2004 totalled £519 billion, its profits over the previous half year up by 17% before tax.<ref>RBS, [http://files.shareholder.com/downloads/RBS/0x0x231091/15cf5c60-8fea-46fd-9e3e-d0f9b21ba388/Prospectus%20Supplement%20-%20Series%20M%20Preferred.pdf The Royal Bank of Scotland Group plc Representing 37,000,000 Non-cumulative Dollar Preference Shares, Series M], prospectus supplement to prospectus dated 17 August 2004, accessed 03 February 2011.</ref>
  
 
The Group also includes [[Ulster Bank]] in Northern Ireland, which also has a strong presence in the Republic of Ireland; Ireland's [[First Active Plc]]; [[Coutts Group]], which provides banking to 70,000 wealthy customers in 38 countries; [[Direct Line]], providing insurance and financial services by telephone; [[Citizens Financial Group]], based in Rhode Island (USA), the second largest bank in New England; [[Churchill]], one of the UK's largest providers of insurance products; the asset finance company [[Lombard]]; and [[Style Financial Services Limited]], providing retail credit and store cards. In addition to the UK, the Group has offices in Europe, the US, and Asia. It is developing its financial service activities across Europe with Santander Central Hispano of Spain. Tesco Personal Finance, a joint venture between RBS and [[Tesco]], is one of the main supermarket banking brands in the UK.
 
The Group also includes [[Ulster Bank]] in Northern Ireland, which also has a strong presence in the Republic of Ireland; Ireland's [[First Active Plc]]; [[Coutts Group]], which provides banking to 70,000 wealthy customers in 38 countries; [[Direct Line]], providing insurance and financial services by telephone; [[Citizens Financial Group]], based in Rhode Island (USA), the second largest bank in New England; [[Churchill]], one of the UK's largest providers of insurance products; the asset finance company [[Lombard]]; and [[Style Financial Services Limited]], providing retail credit and store cards. In addition to the UK, the Group has offices in Europe, the US, and Asia. It is developing its financial service activities across Europe with Santander Central Hispano of Spain. Tesco Personal Finance, a joint venture between RBS and [[Tesco]], is one of the main supermarket banking brands in the UK.
  
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===RBS investments===  
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===RBS investments<ref>All unreferenced information is from the investors' own websites or from Trustnet, http://www.trustnet.com/.</ref>===  
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{{ref|10}}
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Friends of the Earth ranks the Royal Bank of Scotland among the least ethical pension scheme providers in Britain, with a score of only 1 out of 15, based on the degree to which ethical, environmental and social considerations were even taken into account, and the mechanisms for customer control and the monitoring of policies in place.<ref>FoE, [http://www.foe.co.uk/resource/briefings/top_100_uk_pension_funds.pdf Top 100 UK pension funds - how ethical are they?], Briefing, undated, accessed 03 February 2011.</ref>
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RBS signed up to the [[Equator Principles]], which set certain environmental and social guidelines which any project must meet before they will lend money. However, it is funding the [[Baku-Ceyhan]] oil pipeline, which has been shown by Friends of the Earth to break these principles on over 150 counts.<ref>FoE, "[http://web.archive.org/web/20041220052959/http://www.foe.co.uk/campaigns/corporates/press_for_change/email_btc_banks/ Tell Royal Bank of Scotland - Put your money where your mouth is]," 20 December 2004 Web Archive, accessed 03 February 2011.</ref> The Royal Bank of Scotland financed the pipeline by about $100 million. Another bank, [[Intesa]] of Italy, has already pulled out of the project due to safety concerns. The Royal Bank of Scotland has ignored all concerns, and seems likely to fund similar projects in future.
  
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Friends of the Earth ranks the Royal Bank of Scotland among the least ethical pension scheme providers in Britain, with a score of only 1 out of 15, based on the degree to which ethical, environmental and social considerations were even taken into account, and the mechanisms for customer control and the monitoring of policies in place.{{ref|11}}
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The bank's 2003 (most recent) annual report flag-shipped RBS as a major financier of oil services company Petrofac's acquisition plans.<ref>RBS, [http://www.rbs.co.uk/Group_Information/Investor_Relations/Financial_Results/2003/report_accounts.pdf Annual Reports and Accounts 2003], accessed 03 February 2011.</ref> Also celebrated were its services to [[Element Six]], an Irish-based company mining diamonds in South Africa, formerly known as [[De Beers Industrial Diamonds]].<ref>Ibid.</ref> It is also a major funder of [[Peel Holdings]], which owns Liverpool airport.<ref>RBS, [http://web.archive.org/web/20050514201218/http://www.rbs.co.uk/CBFM/Brochures_&_Publications/downloads/publications/archived_done_deals/done_deals_-_england_&_wales_%28winter_2003%29.pdf Done Deals - Banking on success throughout England & Wales], Winter 2003, Vol.3, 14 May 2005 Web Archive, accessed 03 February 2011.</ref> The bank is heavily involved in funding the civil aviation industry through its subsidiary RBS Aviation Capital, based in Dublin, which finances at least 98 civilian airlines in 36 countries.
  
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RBS signed up to the [[Equator Principles]], which set certain environmental and social guidelines which any project must meet before they will lend money. However, it is funding the Baku-Ceyhan oil pipeline, which has been shown by Friends of the Earth to break these principles on over 150 counts.{{ref|12}} The Royal Bank of Scotland financed the pipeline by about $100m. Another bank, Intesa of Italy, has already pulled out of the project due to safety concerns. The Royal Bank of Scotland has ignored all concerns, and seems likely to fund similar projects in future.
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In 2004, RBS initiated the refinancing, together with [[HBoS]], of [[Abbot Group]] Plc, an offshore drilling, inspection and drilling support company to the tune of £80.2 million.<ref>''Insider'', [http://www.insider.co.uk/guides/index.cfm Top 500 Companies], accessed 10 March 2005.</ref>
  
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The bank's 2003 (most recent) annual report flag-shipped RBS as a major financier of oil services company Petrofac's acquisition plans.{{ref|13}} Also celebrated were its services to Element Six, an Irish-based company mining diamonds in South Africa, formerly known as De Beers Industrial Diamonds.{{ref|14}} It is also a major funder of [[Peel Holdings]], which owns Liverpool airport.{{ref|15}} The Bank is heavily involved in funding the civil aviation industry through its subsidiary RBS Aviation Capital, based in Dublin, which finances at least 98 civilian airlines in 36 countries.
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Natwest, part of the Royal Bank of Scotland Group, financed the [[Asia Pulp and Paper Company]] (APP), which was responsible for the destruction of 280,000 hectares of Indonesian rainforest over the space of 10 years. They are also in dispute with indigenous peoples over land rights.<ref>FoE, [http://www.foe.co.uk/resource/briefings/finance_initiatives_sus_dev.pdf Finance Initiatives for Sustainable Development], Briefing, undated, accessed 03 February 2011.</ref>
  
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In 2004, RBS initiated the refinancing, together with [[HBoS]], of Abbot Group Plc, an offshore drilling, inspection and drilling support company to the tune of £80.2million.{{ref|16}}
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==Conflicts and criticisms==
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===RBS and racial discrimination===
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In June 2004 RBS US subsidiary, Citizens, was accused by Fair Finance Watch of racial discrimination in its lending practices. The group alleges that Citizens 'continues to disproportionately exclude and deny African-Americans' and Latinos' applications for mortgage loans'. It cites statistics from a number of US cities, such as Philadelphia, where it claims Citizens rejected 14 out of 15 mortgage applications from African-Americans in 2002. Only 6 out of 15 white applicants in Philadelphia were rejected, it is alleged.<ref>Walsh, Conal, "[http://www.guardian.co.uk/business/2004/jun/06/observerbusiness.royalbankofscotlandgroup RBS 'excludes and denies' black Americans]," ''Guardian'', 06 June 2004, accessed 03 February 2011.</ref>
  
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Natwest, part of the Royal Bank of Scotland Group, financed the Asia Pulp and Paper Company (APP), which was responsible for the destruction of 280,000 hectares of Indonesian rainforest over the space of 10 years. They are also in dispute with indigenous peoples over land rights.{{ref|17}}
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The group [[Friends of Al-Aqsa]] (FoAA), a British-Palestinian solidarity organisation had its bank accounts abruptly closed by the Royal Bank of Scotland in January 2005. The group is not under sanction by the government, although an organisation with a similar name is on a Home Office 'watchlist'. The bank has refused to discuss the issue, and merely informed Ismail Patel, chair of the Leicester-based FoAA, that a review had been conducted and the bank was no longer willing to provide him with facilities. He was given 30 days to transfer his personal and business accounts and the FoAA account.<ref>Al Yafai, Faisal, "[http://www.guardian.co.uk/money/2005/jan/03/accounts.israel Palestinian aid groups' accounts closed]," ''Guardian'', 03 January 2005.</ref> Threats of legal action and a mass consumer boycott persuaded the bank to reopen the accounts a few days later.
  
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==Corporate issues==
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===RBS accounting mismanagement===
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===RBS and racism===
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A report by the US Bankruptcy Court investigating the Enron affair found that 'RBS aided and abetted certain Enron officers in breaching their fiduciary duties', and was aware of Enron's accountancy juggling concerning a power plant in Teesside. The report names four RBS executives, claiming they were among those involved in the deal.<ref>Stanton, Jim, "[http://news.scotsman.com/topics.cfm?tid=163&id=1479692004 RBS chiefs named in Enron court papers]," ''Scotsman'', 31 December 2004, accessed 31 March 2005.</ref>
  
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In June 2004 RBS US subsidiary, Citizens, was accused by Fair Finance Watch of racism in its lending practices. The group alleges that Citizens 'continues to disproportionately exclude and deny African-Americans' and Latinos' applications for mortgage loans'. It cites statistics from a number of US cities, such as Philadelphia, where it claims Citizens rejected 14 out of 15 mortgage applications from African-Americans in 2002. Only 6 out of 15 white applicants in Philadelphia were rejected, it is alleged.{{ref|18}}
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RBS was fined £750,000 in 2002 for breaches of money laundering regulations after it failed to show adequate documentation of customers’ identities for some accounts.<ref>FSA, "[http://www.fsa.gov.uk/pages/Library/Communication/PR/2002/123.shtml FSA fines Royal Bank of Scotland Plc 750,000 for money laundering control failings]," 17 December 2002, accessed 03 February 2011.</ref>
  
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The group [[Friends of Al-Aqsa]] (FoAA), a British-Palestinian solidarity organisation had its bank accounts abruptly closed by the Royal Bank of Scotland in January 2005. The group is not under sanction by the government, although an organisation with a similar name is on a Home Office 'watchlist'. The bank has refused to discuss the issue, and merely informed Ismail Patel, chair of the Leicester-based FoAA, that a review had been conducted and the bank was no longer willing to provide him with facilities. He was given 30 days to transfer his personal and business accounts and the FoAA account.{{ref|19}} Threats of legal action and a mass consumer boycott persuaded the bank to reopen the accounts a few days later.{{ref|20}}
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===RBS and animal rights===
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The Royal Bank of Scotland was one of the major financiers of the [[Huntingdon Life Sciences]] animal testing centre,<ref>Treanor, Jill, Steven Morris and Andrew Clark, "[http://www.guardian.co.uk/business/2001/jan/18/uknews1 Huntingdon Life: facing collapse in 36 hours]," ''Guardian'', 18 January 2001, accessed 03 February 2011.</ref> but gave up their support when they were informed that their staff and customers could become targeted by the animal rights movement.<ref>White, Michael, "[http://www.guardian.co.uk/uk/2001/mar/13/highereducation.greenpolitics Straw attacks banks that dumped protest firm]," ''Guardian'', 13 March 2001, accessed 03 February 2011.</ref>
  
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===RBS accounting mismanagement===
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===Tax havens===
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According to ActionAid report, along with [[HSBC]], [[Barclays]] and [[Lloyds Group]], the Royal Bank of Scotland is among the four big FTSE 100 banks to use tax havens, with over 400 companies located in jurisdictions classed as such.<ref>ActionAid, [http://www.actionaid.org.uk/doc_lib/addicted_to_tax_havens.pdf Addicted to tax havens: The secret life of the FTSE 100], October 2011, accessed 10 October 2012.</ref> The 'big four' banks account for 1,649 companies located in tax havens.<ref>Provost, Claire, "[http://www.guardian.co.uk/news/datablog/2011/oct/11/ftse100-subsidiaries-tax-data Tax havens and the FTSE 100: the full list]," ''Guardian'' 11 October 2011.</ref>
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===Manipulating prices===
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In May 2015 RBS, [[JPMorgan]], [[Citigroup]], [[Barclays]] and [[RBS]] were found guilty of manipulating the price of US dollar and euros and fined nearly $6 billion between them. US authorities discovered that between December 2007 and January 2013 traders at the banks had referred to themselves at 'The Cartel' in chatrooms 'where they used coded language to set benchmark rates'. During a trial period, one Barclays trader was even told 'mess this up and sleep with one eye open at night' with another Barclay's trader, in November 2010, saying 'if you ain't cheating, you ain't trying'. RBS will pay $395 million in criminal fines as part of their guilty fines.<ref> Hazel Sheffield [http://www.independent.co.uk/news/business/news/if-you-aint-cheatin-you-aint-trying-four-global-banks-plead-guilty-to-felony-charges-of-fixing-the-price-of-dollar-and-euros-10264395.html 'If you ain't cheatin, you ain't trying': four global banks plead guilty to felony charges of fixing the price of dollar and euros] ''Independent'', 20 May 2015, accessed 21 May 2015.</ref>
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===PR and lobbying===
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====Internal====
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In July 2008, The Telegraph wrote:
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:"Royal Bank of Scotland may be Scotland's national bank, but is it taking its patriotic duties too far? Its communications department is beginning to resemble an outpost of the [[Scottish National Party]]. Staff members in the press office include [[Andrew Wilson]], a former Scottish National Party MSP, and [[Colin Pyle]], who used to work for SNP leader and Scottish First Minister [[Alex Salmond]]. And in the government relations team is Andrew Henderson, one of Salmond's drivers during the recent election."<ref>Russel, Jonathan, "[http://www.telegraph.co.uk/finance/comment/citydiary/2792714/It%27s-an-SNP-reunion-party-at-RBS.html It's an SNP reunion party at RBS]," ''The Telegraph'', 04 July 2008, accessed 03 February 2011.</ref>
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*[[Roger Lowry]], Head of public / government affairs, appointed January 2008. Ex public affairs chief at [[Ofcom]].<ref>Mattinson, Alec, "[http://www.prweek.com/uk/sectors/publicsector/article/880507/bankers-apologies-pathetic Bankers' apologies are 'pathetic']," ''PR Week'', 11 February 2009, accessed 03 February 2011.</ref>
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*[[Andrew McLaughlin]], Director, Group Economics and Corporate Affairs.<ref>''PR Week'', "[http://www.prweek.com/uk/news/850714/ Banking industry Insider's Guide: UK banks' reputation managers]," 03 October 2008, accessed 03 February 2011.</ref> After several years working in academia, McLaughlin was a corporate finance advisor with [[Ernst and Young]] before joining the RBS Group. He is a member of the University of Nottingham Globalisation and Economic Policy Advisory Board and a visiting professor at the [[University of Glasgow]]. He also sits on the [[CBI]] Economic and Tax Affairs Committee.
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*[[Andrew Wilson]], Head of Group Corporate Affairs. Former Scottish National Party MSP.<ref>''PR Week'', "[http://www.prweek.com/uk/news/850714/ Banking industry Insider's Guide: UK banks' reputation managers]," 03 October 2008, accessed 03 February 2011.</ref><ref>Russel, Jonathan, "[http://www.telegraph.co.uk/finance/comment/citydiary/2792714/It%27s-an-SNP-reunion-party-at-RBS.html It's an SNP reunion party at RBS]," ''The Telegraph'', 04 July 2008, accessed 03 February 2011.</ref>
  
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A report by the US Bankruptcy Court investigating the Enron affair found that 'RBS aided and abetted certain Enron officers in breaching their fiduciary duties', and was aware of Enron's accountancy juggling concerning a power plant in Teesside. The report names four RBS executives, claiming they were among those involved in the deal.{{ref|21}}
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====Lobbying firms====
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==Lobbying firms==
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*[[Finsbury]]<ref> [http://www.prca.org.uk/assets/files/Consultancy%20Register%20Sept-Nov%202014%20pdf(1).pdf Agency Register September to November 2014] ''PRCA'', accessed 29 January 2015 </ref>
  
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RBS was fined £750,000 in 2002 for breaches of money laundering regulations after it failed to show adequate documentation of customers’ identities for some accounts.{{ref|22}}
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====Previous contracts====
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*[[Jefferson Communications]], lobbying firm (RBS listed as a client in 2009)<ref>Jefferson Communications [http://www.jeffersoncommunications.co.uk/Clients Clients]</ref>
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*[[PHA Media]] was hired in January 2009 by Sir [[Fred Goodwin]], widely dubbed ‘the world’s worst banker’, to help him cope with the media storm over the losses incurred by RBS in 2008/09.<ref>O'Reilly, Gemma, "[http://www.prweek.com/uk/sectors/City/article/876896/goodwin-rbs-call-advice/ Goodwin/RBS call for advice], ''PR Week'', 28 Jan 2009, accessed 03 February 2011.</ref>
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*[[Media House International]] has been called in by RBS in early 2009 to handle its Scottish PR as it seeks to deal with the media fallout over RBS losses in Scotland, where it employs 22,000 people. RBS will ask Media House to liaise with Scottish media as it seeks to reassure customers, employees and stakeholders north of the border.<ref>O'Reilly, Gemma, "[http://www.prweek.com/uk/sectors/City/article/876896/goodwin-rbs-call-advice/ Goodwin/RBS call for advice], ''PR Week'', 28 Jan 2009, accessed 03 February 2011.</ref>
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*[[Written Words]], client
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*[[Pinnacle PR]], client
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*[[Freshwater UK]]<ref>''Financial Times'', [http://markets.ft.com/ft/tearsheets/businessProfile.asp?s=UK:FWUK Freshwater UK Business Profile], accessed 04 April 2008.</ref>
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*The [[European Sponsorship Association]]
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*[[APCO]]
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*[[Bell Pottinger Public Affairs]]
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*[[Cicero]]
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*[[Open Road]]
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*[[Lansons Communications]] (RBS Insurance)
  
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===RBS and animal rights===
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====Revolving Door====
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:*[[Quentin Davies]], MP for Grantham and Stamford and currently a Minister at the Ministry of Defence was an Adviser to Royal Bank of Scotland Capital Markets from 1999 to 2003.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U13054 DAVIES, (John) Quentin], online edition, Oxford University Press, accessed 24 March 2009.</ref>
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:*Sir [[Philip Hampton]], former CEO of UK Financial Investments Ltd, was appointed Deputy Chairman and Chairman-designate in 2009.<ref>Finch, Julia, "[http://www.guardian.co.uk/business/2009/jan/17/chairman-royal-bank-scotland-hampton RBS fills chair]," ''Guardian'', 17 January 2009, accessed 03 February 2011.</ref>
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:*U.K. Life Peer [[Denise Kingsmill]], Baroness Kingsmill, has been a Senior Adviser to the Royal Bank of Scotland since 2005.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U23181 KINGSMILL], online edition, Oxford University Press, accessed 24 March 2009.</ref>
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:*Sir [[Steve Robson]] - former Managing Director of Finance, Regulation and Industry Directorate at HM Treasury was a Non-executive director of Royal Bank of Scotland from 2001 to 2009.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U32938 ROBSON, Sir Stephen Arthur, (Sir Steve)], online edition, Oxford University Press, accessed 24 March 2009.</ref><ref>Treanor, Jill, "[http://www.guardian.co.uk/business/2009/feb/06/rbs-boardroom-shakeup New RBS chairman clears board of old regime]," ''Guardian'', 06 February 2009, accessed 03 February 2011.</ref>
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:*U.K. Life Peer [[David Vallance]], Lord Vallance of Tummel, was Non-executive Vice Chairman of Royal Bank of Scotland Group from 1994 to 2005.<ref>''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U40932 VALLANCE OF TUMMEL], online edition, Oxford University Press, accessed 24 March 2009.</ref>
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:*[[Gerald Wilson CB]], former Head of Enterprise and Lifelong Learning Department at the Scottish Executive was appointed a Special Adviser Public Affairs to Royal Bank of Scotland plc in February 2000.<ref>ACOBA, [http://acoba.independent.gov.uk/media/acoba/assets/acobathirdreport1999_2000.pdf The Advisory Committee on Business Appointments Third Report 1999–2000], Cabinet Office, accessed 03 February 2011.</ref>
  
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The Royal Bank of Scotland was one of the major financiers of the [[Huntingdon Life Sciences]] animal testing centre,{{ref|23}} but gave up their support when they were informed that their staff and customers could become targeted by the animal rights movement.{{ref|24}}
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==Financial crisis 2009==
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In February 2009 it was announced that RBS had suffered the biggest loss in British corporate history - more than £24 billion. On 26 February the bank agreed terms with the government to take part in its asset protection scheme, which lets it pass most of the potential losses on its riskier assets on to the taxpayer. It has also raised up to £25.5billion in fresh funding from the UK taxpayer. Concerns that UK taxpayers could end up owning 95 per cent of the bank if its losses continued to mount<ref>Treanor, Jill, "[http://www.guardian.co.uk/business/2009/feb/26/rbs-record-loss RBS record losses raise prospect of 95% state ownership]," ''Guardian'', 26 February 2009, accessed 03 February 2011.</ref> were assuaged by August 2010 when RBS reported an operating profit of £1.6billion, with UK taxpayer ownership at 84 per cent. <ref> BBC News, [http://www.bbc.co.uk/news/business-10889684 RBS half-year profits hit £1.1bn], 6 August 2010 </ref>
  
 
==People==
 
==People==
 
===Board members===
 
===Board members===
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*Sir [[Philip Hampton]], chairman from Jan 2009. Replaced Sir [[Tom McKiIIop|Tom McKillop]] who was held responsible for the downfall of RBS in 2008/09.
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*Sir [[Philip Hampton]], chairman from January 2009. Replaced Sir [[Tom McKillop]] who was held responsible for the downfall of RBS in 2008/09.
  
 
===Executive Directors===
 
===Executive Directors===
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*[[Stephen Hester]], CEO. Took over from Sir [[Fred Goodwin]] in Jan 2009. Hester is former chief executive of The [[British Land Company]] PLC. He was previously chief operating officer of [[Abbey National]] plc and before that he also held positions with [[Credit Suisse First Boston]]. In February 2008, he was appointed non-executive deputy chairman of [[Northern Rock]] PLC, a position he relinquished on 1 October 2008.
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*[[Stephen Hester]], Group Chief Executive, appointed to the Board on 1 October 2008 and to the position of Group Chief Executive on 21 November 2008. Took over from Sir [[Fred Goodwin]] in January 2009. Hester is former chief executive of [[British Land]]. He was previously chief operating officer of [[Abbey National]] plc and before that he also held positions with [[Credit Suisse First Boston]]. In February 2008, he was appointed non-executive deputy chairman of [[Northern Rock]] PLC, a position he relinquished on 1 October 2008.
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*[[Gordon Pell]]
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*[[Bruce Van Saun]], Group Finance Director (1 October 2009- )
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*[[Guy Whittaker]]
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*[[John Hourican]], Chief Executive, Markets & International Banking (joined RBS Group in 1997)
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*[[Mark Fisher]], due to leave 2009
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*[[Chris Sullivan]], Chief Executive, UK Corporate (08.2009- )
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*[[Paul Geddes]], Chief Executive, Direct Line Group (08.2009- )
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*[[Ellen Alemany]], Chief Executive, Citizens and Head of Americas (06.2007- )
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*[[Ron Teerlink]], Chief Administration Officer (04.2008- )
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*[[Nathan Bostock]], Head of Restructuring and Risk (01.06.2009- )
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*[[Ross McEwan]], Chief Executive, UK Retail (08.2012- )
  
 
===Non-Executive Directors===
 
===Non-Executive Directors===
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*[[Colin Buchan]]
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*[[Sandy Crombie|Sir Sandy Crombie]] (01.06.2009- )
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*[[Archie Hunter]] (age 62)Appointed to the Board in September 2004, Archie Hunter is a Chartered Accountant. He was Scottish senior partner of KPMG between 1992 and 1999 and president of The Institute of Chartered Accountants of Scotland in 1997/8. He has extensive professional experience in the UK and North and South America. He is currently chairman of [[Macfarlane Group]] plc, a director of Edinburgh US Tracker Trust plc, Convenor of Court at the [[University of Strathclyde]] and a governor of the [[Beatson Cancer Research Institute]].
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*[[Alison Davis]] (01.08.2011- )
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*[[Joe MacHale]] (age 54) Appointed to the Board in September 2004, Joe MacHale is currently a non-executive director and chairman of the audit committee of [[Morgan Crucible]] plc and a trustee of [[MacMillan Cancer Relief]]. He held a number of senior executive positions with J P Morgan between 1979 and 2001 and was latterly chief executive of J P Morgan Europe, Middle East and Africa Region.
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*[[Tony Di lorio]] (01.09.2011- )
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*[[John McFarlane]], appointed Oct 2008.
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*[[Penny Hughes]] (01.01.2010- )
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*[[Arthur Ryan]], appointed Oct 2008.
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*[[Joe MacHale]] (01.09.2004- ) He held a number of senior executive positions with J P Morgan between 1979 and 2001 and was latterly chief executive of J P Morgan Europe, Middle East and Africa Region.
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*[[Miller McLean]] (age 56) Miller McLean was appointed Group Secretary in August 1994. He is a trustee of the [[Industry and Parliament Trust]], a non-executive chairman of The [[Whitehall and Industry Group]] and a director of The [[Scottish Parliament Business Exchange]].
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*[[Brendan Nelson]] (01.04.2010- )
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*[[Sheila Noakes|Baroness Noakes]] (01.08.2011- )
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*[[Arthur Ryan]] (01.10.2008- )
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*[[Philip Scott]] (01.11.2009- )
  
 
===Former Directors===
 
===Former Directors===
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*Sir [[Fred Goodwin]] (age 47) Appointed to the Board in August 1998, Sir Fred Goodwin is a Chartered Accountant. He was formerly chief executive and director, Clydesdale Bank PLC and Yorkshire Bank PLC. He is chairman of The [[Prince's Trust]] and a former president of the [[Chartered Institute of Bankers in Scotland]]
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====Executive Directors====
−
*Sir [[Tom McKiIIop|Tom McKillop]] (age 63) Former Chairman. Sir Tom is currently a non-executive director of [[BP]] plc and Pro-Chancellor of the [[University of Leicester]]. He was formerly chief executive of [[AstraZeneca]] PLC, president of the [[European Federation of Pharmaceutical Industries and Associations]], and chairman of the [[British Pharma Group]].
+
*[[Gordon Pell]], former deputy chief executive, retired in March 2010 £13.5m pension pot.<ref>Treanor, Jill, "[http://www.guardian.co.uk/business/2010/mar/18/rbs-pension-gordon-pell Last of Goodwin's RBS directors retires – with £13.5m pension pot]," ''Guardian'' 18 March 2010, accessed 10 October 2012.</ref>
−
*[[Lawrence Fish]], stood down as director in 2009
+
*[[Guy Whittaker]], former group finance director (01.02.2006-30.09.2009).
−
*[[Johnny Cameron]], director to early 2009
+
*[[Mark Fisher]], former CEO (2006-2008).
 +
*Sir [[Fred Goodwin]], also known as 'Fred the Shred' for his ruthless cost-cutting exercises.<ref>Wachman, Richard, "[http://www.guardian.co.uk/business/2003/jul/27/observerbusiness.royalbankofscotlandgroup Fred the Shred: the irresistible rise and rise of a ruthless charmer]," ''Guardian'', 27 July 2003, accessed 03 February 2011.</ref> Appointed to the Board in August 1998, Sir Fred Goodwin is a Chartered Accountant. He was formerly chief executive and director, Clydesdale Bank PLC and Yorkshire Bank PLC. He is chairman of The [[Prince's Trust]] and a former president of the [[Chartered Institute of Bankers in Scotland]]. At one stage considered the most influential man in Scotland.<ref>''Scotsman'', "[http://news.scotsman.com/archive.cfm?id=470422003 Scotland's most powerful]," 27 April 2003, accessed 10 March 2005.</ref>
 +
*Sir [[Tom McKiIIop|Tom McKillop]] (age 63), Former Chairman. Sir Tom is currently a non-executive director of [[BP]] plc and Pro-Chancellor of the [[University of Leicester]]. He was formerly chief executive of [[AstraZeneca]] PLC, president of the [[European Federation of Pharmaceutical Industries and Associations]], and chairman of the [[British Pharma Group]].
 +
*[[Lawrence Fish]], stood down as director in 2009.
 +
*[[Johnny Cameron]], director to early 2009.
 +
*[[Stephen Lamport]], former director and former diplomat.<ref>''Scotsman'', "[http://business.scotsman.com/scottishbusinessbriefing/Scottish-Business-Briefing--March.3357513.jp Scottish Business Briefing]," 26 March 2007, accessed 03 February 2011.</ref> Lamport left RBS in 2007 to return to the employ of the [[Prince of Wales]]. Lamport is one of Charles's close advisers.<ref>''The Telegraph'', "Charles recalls Lamport to oversee his coronation," 25 March 2007.</ref>
 
*[[Jim Currie]]  
 
*[[Jim Currie]]  
−
*[[Bill Friedrich]] (age 56) Appointed to the Board in March 2006, Bill Friedrich is currently deputy chief executive of BG Group plc and prior to this he was corporate legal counsel to several of the world's leading financial institutions.
+
*[[Bill Friedrich]] (age 56), appointed to the Board in March 2006, Bill Friedrich is currently deputy chief executive of BG Group plc and prior to this he was corporate legal counsel to several of the world's leading financial institutions.
−
*[[Charles 'Bud' Koch]] (age 59) Appointed to the Board in September 2004, [[Bud Koch]] is an American national. He has extensive professional experience in the USA and is currently chairman of the board of the Federal Home Loan Bank of Cincinnati, chairman of the board of John Carroll University and a trustee of Case Western Reserve University. He was the chairman, president and chief executive officer of Charter One Financial, Inc. and its wholly owned subsidiary, Charter One Bank, N.A between 1973 and 2004. He is also a director of Assurant, Inc.
+
*[[Charles 'Bud' Koch]] (age 59), appointed to the Board in September 2004, [[Bud Koch]] is an American national. He has extensive professional experience in the USA and is currently chairman of the board of the Federal Home Loan Bank of Cincinnati, chairman of the board of John Carroll University and a trustee of Case Western Reserve University. He was the chairman, president and chief executive officer of Charter One Financial, Inc. and its wholly owned subsidiary, Charter One Bank, N.A between 1973 and 2004. He is also a director of Assurant, Inc.
−
*[[Janis Kong]] (age 55) Appointed to the Board in January 2006, Janis Kong is currently a non-executive director of [[Portmeirion Group]] plc and a member of the board of [[Visit Britain]]. She was previously executive chairman of Heathrow Airport and director of [[BAA]] plc.
+
*[[Janis Kong]] (age 55), appointed to the Board in January 2006, Janis Kong is currently a non-executive director of [[Portmeirion Group]] plc and a member of the board of [[Visit Britain]]. She was previously executive chairman of Heathrow Airport and director of [[BAA]] plc.
−
*Sir [[Steve Robson]]* (age 62) Appointed to the Board in July 2001, Sir Steve Robson is a former senior UK civil servant, who had responsibility for a wide variety of Treasury matters. His early career included the post of private secretary to the Chancellor of the Exchequer and secondment to ICFC, (now 3i). He was also a second permanent secretary of HM Treasury, where he was managing director of the Finance and Regulation Directorate. He is a non-executive director of JP Morgan Cazenove Holdings, Xstrata Plc and [[Partnerships UK]] plc, and a member of the Chairman's Advisory Committee of KPMG.
+
*Sir [[Steve Robson]] (age 62), appointed to the Board in July 2001. Sir Steve Robson is a former senior UK civil servant, who had responsibility for a wide variety of Treasury matters. His early career included the post of private secretary to the Chancellor of the Exchequer and secondment to ICFC, (now 3i). He was also a second permanent secretary of HM Treasury, where he was managing director of the Finance and Regulation Directorate. He is a non-executive director of JP Morgan Cazenove Holdings, Xstrata Plc and [[Partnerships UK]] plc, and a member of the Chairman's Advisory Committee of KPMG.
−
*[[Bob Scott]]* (age 64) Appointed to the Board in January 2001, Bob Scott is an Australian national. He is the senior independent director. Bob Scott has many years experience in the international insurance business and played a leading role in the consolidation of the UK insurance industry. He is a former group chief executive of CGNU plc and chairman of the board of the Association of British Insurers. He is chairman of Yell Group plc, a non-executive director of Swiss Reinsurance Company (Zurich), [[Jardine Lloyd Thompson]] Group plc and Focus DIY Group Limited. He is also a trustee of the [[Crimestoppers Trust]] and an adviser to [[Duke Street Capital]].
+
*[[Bob Scott]] (age 64), appointed to the Board in January 2001, Bob Scott is an Australian national. He is the senior independent director. Bob Scott has many years experience in the international insurance business and played a leading role in the consolidation of the UK insurance industry. He is a former group chief executive of CGNU plc and chairman of the board of the Association of British Insurers. He is chairman of Yell Group plc, a non-executive director of Swiss Reinsurance Company (Zurich), [[Jardine Lloyd Thompson]] Group plc and Focus DIY Group Limited. He is also a trustee of the [[Crimestoppers Trust]] and an adviser to [[Duke Street Capital]].
−
*[[Peter Sutherland]]* (age 59)Appointed to the Board in January 2001, Peter Sutherland is an Irish national. He is a former attorney general of Ireland and from 1985 to 1989 was the European commissioner responsible for competition policy. He is chairman of BP plc and Goldman Sachs International. He was formerly chairman of Allied Irish Bank and a director general of GATT and the World Trade Organisation.
+
*[[Peter Sutherland]] (age 59), appointed to the Board in January 2001, Peter Sutherland is an Irish national. He is a former attorney general of Ireland and from 1985 to 1989 was the European commissioner responsible for competition policy. He is chairman of [[BP]] plc and [[Goldman Sachs]] International. He was formerly chairman of [[Allied Irish Bank]] and a director general of [[GATT]] and the [[World Trade Organisation]].
 
*[[Eileen Mackay]]
 
*[[Eileen Mackay]]
 
*[[Angus Grossart]] stepped down as Vice Chair of the Board in April 2005. [[Noble Grossart]], [[Alexander & Alexander]], American Trust, National Galleries of Scotland, Scottish Investment Trust, Scottish Television, [[Edinburgh Fund Managers]], Hewden Steuart, [[Murray International Holdings]].
 
*[[Angus Grossart]] stepped down as Vice Chair of the Board in April 2005. [[Noble Grossart]], [[Alexander & Alexander]], American Trust, National Galleries of Scotland, Scottish Investment Trust, Scottish Television, [[Edinburgh Fund Managers]], Hewden Steuart, [[Murray International Holdings]].
−
*The Rt. Hon [[Lord Younger of Prestwick]]: Ayrshire Community Airport Project LTD, [[Banco de Santander]], BCH Property LTD, [[Murray Income Trust]] PLC / International Trust / Johnstone Holdings / Smaller markets / Ventures PLC, [[Scottish Equitable Life Assurance Society]], Scottish Partnership in Electronics for Effective Distribution, [[Siemens Plessey]] Electronics Systems LTD.
+
*The Rt. Hon [[Lord Younger of Prestwick]], affiliated with Ayrshire Community Airport Project LTD, [[Banco de Santander]], BCH Property LTD, [[Murray Income Trust]] PLC / International Trust / Johnstone Holdings / Smaller markets / Ventures PLC, [[Scottish Equitable Life Assurance Society]], Scottish Partnership in Electronics for Effective Distribution, [[Siemens Plessey]] Electronics Systems LTD.
−
*[[Alexander  Hamilton]]: [[McGrigor Donald]].
+
*[[Alexander  Hamilton]], affiliated with [[McGrigor Donald]].
−
*[[Charles M. Winter]]: Banco de Comercio e Industria SA, BCH Property LTD, Citizens Financial Group, Citizens UK, Edinburgh's Capital LTD, Scottish Financial Enterprise LTD, [[Williams & Glyn's]] Bank.
+
*[[Charles M. Winter]], affiliated with Banco de Comercio e Industria SA, BCH Property LTD, Citizens Financial Group, Citizens UK, Edinburgh's Capital LTD, Scottish Financial Enterprise LTD, [[Williams & Glyn's]] Bank.
−
*Dr. [[George Mathewson]]: Citizens Financial Group USA, [[Direct Line Insurance]] PLC, Eft Pos UK LTD, Interbank On-Line System LTD, RBSG (Europe) LTD, Royal Bank Group Services LTD, [[Royal Scottish Assurance]] PLC, [[Scottish Investment Trust]] PLC,
+
*Dr. [[George Mathewson]], affiliated with Citizens Financial Group USA, [[Direct Line Insurance]] PLC, Eft Pos UK LTD, Interbank On-Line System LTD, RBSG (Europe) LTD, Royal Bank Group Services LTD, [[Royal Scottish Assurance]] PLC, [[Scottish Investment Trust]] PLC,
−
*The RT. Hon The [[Earl of Airlie]]: [[General Accident]] , Baring Stratton Investment Trust PLC.
+
*The RT. Hon The [[Earl of Airlie]], affiliated with [[General Accident]] , Baring Stratton Investment Trust PLC.
−
*Sir [[Michael Herries]]: [[Banco de Santander]], [[Daniel Thwaites PLC]], [[Dumfries & Galloway Enterprise Co.]] LTD, [[Edinburgh Old Town Charitable Trust]], [[Jardine Strategic Holdings (Bermuda)]], [[London Chamber of Commerce]], The [[Scottish Mortgage & Trust]] PLC, [[Scottish Widows]] Fund & Life Assurance Society, The [[Whithorn Trust]] LTD.
+
*Sir [[Michael Herries]], affiliated with [[Banco de Santander]], [[Daniel Thwaites PLC]], [[Dumfries & Galloway Enterprise Co.]] LTD, [[Edinburgh Old Town Charitable Trust]], [[Jardine Strategic Holdings (Bermuda)]], [[London Chamber of Commerce]], The [[Scottish Mortgage & Trust]] PLC, [[Scottish Widows]] Fund & Life Assurance Society, The [[Whithorn Trust]] LTD.
−
*Sir [[Robin Duthie]]: [[BP: Scottish Advisory Board|Scottish Advisory Board to BP]], [[British Assets Trust]], [[British Polythene Industries]], [[Capital House Investment Management]], Carclo Engineering Group PLC, [[Charterhouse Group]], Insight International Tours, Investors Capital Trust PLC, Seacatch PLC, [[Tay Residential Homes]].
+
*Sir [[Robin Duthie]], affiliated with [[BP: Scottish Advisory Board|Scottish Advisory Board to BP]], [[British Assets Trust]], [[British Polythene Industries]], [[Capital House Investment Management]], Carclo Engineering Group PLC, [[Charterhouse Group]], Insight International Tours, Investors Capital Trust PLC, Seacatch PLC, [[Tay Residential Homes]].
−
*[[Maurice Blank]] : Charterhouse PLC, Birthright, [[Business in the Community]], [[Coats Viyella]], Kingsley Estates, Pentos, Porter Chadburn PLC, [[Total Group]] PLC.
+
*[[Maurice Blank]], affiliated with Charterhouse PLC, Birthright, [[Business in the Community]], [[Coats Viyella]], Kingsley Estates, Pentos, Porter Chadburn PLC, [[Total Group]] PLC.
−
*[[Ian Grant]]: Glenmoriston Estates LTD, Holland Pacific Fund, Pacific Assets Trust PLC, Worldwide Value Fund Inc.
+
*[[Ian Grant]], affiliated with Glenmoriston Estates LTD, Holland Pacific Fund, Pacific Assets Trust PLC, Worldwide Value Fund Inc.
−
*[[Henry Greig]]: Horace Clarkson PLC, Charterhouse, James Purdey & Sons.
+
*[[Henry Greig]], affiliated with Horace Clarkson PLC, Charterhouse, James Purdey & Sons.
−
*[[John James]]: Sun Alliance & London Insurance PLC, [[Grosvener Developments]] / Estate Holdings, Realty & General Insurances LTD.
+
*[[John James]], affiliated with Sun Alliance & London Insurance PLC, [[Grosvener Developments]] / Estate Holdings, Realty & General Insurances LTD.
−
*Dr [[Elizabeth Nelson]]: [[Taylor Nelson]] /AGB PLC, Risc UK LTD.
+
*Dr [[Elizabeth Nelson]], affiliated with [[Taylor Nelson]] /AGB PLC, Risc UK LTD.
−
*[[Kenneth Thompson]]: Charterhouse Pensions, Leonard Matchan Fund LTD, [[Unitary Tax Campaign]].
+
*[[Kenneth Thompson]], affiliated with Charterhouse Pensions, Leonard Matchan Fund LTD, [[Unitary Tax Campaign]].
−
*[[Emilio Botin]]: Banco de Santander / Argentina, Banco Espanol Chile, Banco Intercontinental Espanol, CC Bank Belgique, CC Bank Germany.
+
*[[Emilio Botin]], affiliated with Banco de Santander / Argentina, Banco Espanol Chile, Banco Intercontinental Espanol, CC Bank Belgique, CC Bank Germany.
−
*George Graboys: Citizens Financial Group.
+
*George Graboys, affiliated with Citizens Financial Group.
−
*Jaime Botin: Bankinter, Tharsis.
+
*Jaime Botin, affiliated with Bankinter, Tharsis.
−
*David Robinson: Banco de Comercio e Industria Portugal, Scottish Chamber Orchestra.
+
*David Robinson, affiliated with Banco de Comercio e Industria Portugal, Scottish Chamber Orchestra.
−
*Prof. Derek Channon: The Management School, Imperial College, Bray Technologies, Stratpac LTD.
+
*Prof. Derek Channon, affiliated with The Management School, Imperial College, Bray Technologies, Stratpac LTD.
−
*The Hon Frederick Noel-Paton: [[John Menzies]] PLC, [[General Accident]] PLC, [[Macallan-Glenlivet]] PLC, Pacific Assetts.
+
*The Hon Frederick Noel-Paton, affiliated with [[John Menzies]] PLC, [[General Accident]] PLC, [[Macallan-Glenlivet]] PLC, Pacific Assetts.
 +
*[[Derek Weir]], Managing Director, Corporate & Commercial Banking (to 2007).
  
−
===People===
+
====Non-Executive Directors====
−
*[[Derek Weir]] Managing Director, Corporate & Commercial Banking, (in 2003)
+
*[[Colin Buchan]]
−
*[[Andrew Wilson]] former spin doctor and now Deputy Chief Economist
+
*[[Archie Hunter]]: Appointed to the Board in September 2004, Hunter is a Chartered Accountant. He was Scottish senior partner of KPMG between 1992 and 1999 and president of The Institute of Chartered Accountants of Scotland in 1997/8. He has extensive professional experience in the UK and North and South America. He is currently chairman of [[Macfarlane Group]] plc, a director of Edinburgh US Tracker Trust plc, Convenor of Court at the [[University of Strathclyde]] and a governor of the [[Beatson Cancer Research Institute]].
−
*[[Stephen Lamport]] Group Director for Public Policy and Government Affairs and former diplomat.<ref>http://www.gcal.ac.uk/ceppcg/advisory.html</ref>
+
*[[John McFarlane]], appointed Oct 2008.
 +
*[[Miller McLean]] (age 56), Miller McLean was appointed Group Secretary in August 1994. He is a trustee of the [[Industry and Parliament Trust]], a non-executive chairman of The [[Whitehall and Industry Group]] and a director of The [[Scottish Parliament Business Exchange]].
  
 
==Affiliations==
 
==Affiliations==
Line 106: Line 157:
 
*[[Federal Trust]], [[Jonathan Hoffman]] Chief European Economist, is on the Advisory council.
 
*[[Federal Trust]], [[Jonathan Hoffman]] Chief European Economist, is on the Advisory council.
  
−
===PR and lobbying agencies===
+
==Contact==
−
*[[Lansons Communications]]
+
:Address:
−
*[[Written Words]], client
+
:London HQ: 250 Bishopsgate, London EC2M 3AA
−
*[[Pinnacle PR]], client
+
:Edinburgh HQ: 36 St Andrew Square, Edinburgh, EH2 2YB
−
* [[Freshwater UK]]{{ref|21}}
+
 
−
*The [[European Sponsorship Association]]
+
:Website:
 +
: http://www.rbs.co.uk/
 +
 
 +
{{Template: Finance Lobbying Portal badge}}
 +
{{Template: Revolving Door badge}}
 +
 
 +
==Resources==
 +
*ACOBA, [http://acoba.independent.gov.uk/media/acoba/assets/acobathirdreport1999_2000.pdf The Advisory Committee on Business Appointments Third Report 1999–2000], Cabinet Office, accessed 03 February 2011.
 +
*ActionAid, [http://www.actionaid.org.uk/doc_lib/addicted_to_tax_havens.pdf Addicted to tax havens: The secret life of the FTSE 100], October 2011, accessed 10 October 2012.
 +
*Al Yafai, Faisal, "[http://www.guardian.co.uk/money/2005/jan/03/accounts.israel Palestinian aid groups' accounts closed]," ''Guardian'', 03 January 2005.
 +
*Deloitte, [http://web.archive.org/web/20050418013132/http://clients.ctn.co.uk/deloitte/annualreport_2004/casestudies/rbs.asp The Royal Bank of Scotland Group plc], 18 April 2005 Web Archive, accessed 03 February 2011.
 +
*Finch, Julia, "[http://www.guardian.co.uk/business/2009/jan/17/chairman-royal-bank-scotland-hampton RBS fills chair]," ''Guardian'', 17 January 2009, accessed 03 February 2011.
 +
*FoE, [http://www.foe.co.uk/resource/briefings/finance_initiatives_sus_dev.pdf Finance Initiatives for Sustainable Development], Briefing, undated, accessed 03 February 2011.
 +
*FoE, "[http://web.archive.org/web/20041220052959/http://www.foe.co.uk/campaigns/corporates/press_for_change/email_btc_banks/ Tell Royal Bank of Scotland - Put your money where your mouth is]," 20 December 2004 Web Archive, accessed 03 February 2011.
 +
*FoE, [http://www.foe.co.uk/resource/briefings/top_100_uk_pension_funds.pdf Top 100 UK pension funds - how ethical are they?], Briefing, undated, accessed 03 February 2011.
 +
*FSA, "[http://www.fsa.gov.uk/pages/Library/Communication/PR/2002/123.shtml FSA fines Royal Bank of Scotland Plc 750,000 for money laundering control failings]," 17 December 2002, accessed 03 February 2011.
 +
*''Insider'', [http://www.insider.co.uk/guides/index.cfm Top 500 Companies], accessed 10 March 2005.
 +
*Mattinson, Alec, "[http://www.prweek.com/uk/sectors/publicsector/article/880507/bankers-apologies-pathetic Bankers' apologies are 'pathetic']," ''PR Week'', 11 February 2009, accessed 03 February 2011.
 +
*''PR Week'', "[http://www.prweek.com/uk/news/850714/ Banking industry Insider's Guide: UK banks' reputation managers]," 03 October 2008, accessed 03 February 2011.
 +
*Provost, Claire, "[http://www.guardian.co.uk/news/datablog/2011/oct/11/ftse100-subsidiaries-tax-data Tax havens and the FTSE 100: the full list]," ''Guardian'' 11 October 2011.
 +
*RBS, [http://web.archive.org/web/20050514201218/http://www.rbs.co.uk/CBFM/Brochures_&_Publications/downloads/publications/archived_done_deals/done_deals_-_england_&_wales_%28winter_2003%29.pdf Done Deals - Banking on success throughout England & Wales], Winter 2003, Vol.3, 14 May 2005 Web Archive, accessed 03 February 2011.
 +
*RBS, [http://files.shareholder.com/downloads/RBS/0x0x231091/15cf5c60-8fea-46fd-9e3e-d0f9b21ba388/Prospectus%20Supplement%20-%20Series%20M%20Preferred.pdf The Royal Bank of Scotland Group plc Representing 37,000,000 Non-cumulative Dollar Preference Shares, Series M], prospectus supplement to prospectus dated 17 August 2004, accessed 03 February 2011.
 +
*Russel, Jonathan, "[http://www.telegraph.co.uk/finance/comment/citydiary/2792714/It%27s-an-SNP-reunion-party-at-RBS.html It's an SNP reunion party at RBS]," ''The Telegraph'', 04 July 2008, accessed 03 February 2011.
 +
*O'Reilly, Gemma, "[http://www.prweek.com/uk/sectors/City/article/876896/goodwin-rbs-call-advice/ Goodwin/RBS call for advice], ''PR Week'', 28 Jan 2009, accessed 03 February 2011.
 +
*''Scotsman'', "[http://news.scotsman.com/archive.cfm?id=470422003 Scotland's most powerful]," 27 April 2003, accessed 10 March 2005.
 +
*''Scotsman'', "[http://business.scotsman.com/scottishbusinessbriefing/Scottish-Business-Briefing--March.3357513.jp Scottish Business Briefing]," 26 March 2007, accessed 03 February 2011.
 +
*Stanton, Jim, "[http://news.scotsman.com/topics.cfm?tid=163&id=1479692004 RBS chiefs named in Enron court papers]," ''Scotsman'', 31 December 2004, accessed 31 March 2005.
 +
*''The Telegraph'', "Charles recalls Lamport to oversee his coronation," 25 March 2007.
 +
*Treanor, Jill, Steven Morris and Andrew Clark, "[http://www.guardian.co.uk/business/2001/jan/18/uknews1 Huntingdon Life: facing collapse in 36 hours]," ''Guardian'', 18 January 2001, accessed 03 February 2011.
 +
*Treanor, Jill, "[http://www.guardian.co.uk/business/2010/mar/18/rbs-pension-gordon-pell Last of Goodwin's RBS directors retires – with £13.5m pension pot]," ''Guardian'' 18 March 2010, accessed 10 October 2012.
 +
*Treanor, Jill, "[http://www.guardian.co.uk/business/2009/feb/06/rbs-boardroom-shakeup New RBS chairman clears board of old regime]," ''Guardian'', 06 February 2009, accessed 03 February 2011.
 +
*Treanor, Jill, "[http://www.guardian.co.uk/business/2009/feb/26/rbs-record-loss RBS record losses raise prospect of 95% state ownership]," ''Guardian'', 26 February 2009, accessed 03 February 2011.
 +
*Wachman, Richard, "[http://www.guardian.co.uk/business/2003/jul/27/observerbusiness.royalbankofscotlandgroup Fred the Shred: the irresistible rise and rise of a ruthless charmer]," ''Guardian'', 27 July 2003, accessed 03 February 2011.
 +
*Walsh, Conal, "[http://www.guardian.co.uk/business/2004/jun/06/observerbusiness.royalbankofscotlandgroup RBS 'excludes and denies' black Americans]," ''Guardian'', 06 June 2004, accessed 03 February 2011.
 +
*White, Michael, "[http://www.guardian.co.uk/uk/2001/mar/13/highereducation.greenpolitics Straw attacks banks that dumped protest firm]," ''Guardian'', 13 March 2001, accessed 03 February 2011.
 +
*''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U13054 DAVIES, (John) Quentin], online edition, Oxford University Press, accessed 24 March 2009.
 +
*''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U23181 KINGSMILL], online edition, Oxford University Press, accessed 24 March 2009.
 +
*''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U32938 ROBSON, Sir Stephen Arthur, (Sir Steve)], online edition, Oxford University Press, accessed 24 March 2009.
 +
*''Who's Who 2009'', [http://www.ukwhoswho.com/view/article/oupww/whoswho/U40932 VALLANCE OF TUMMEL], online edition, Oxford University Press, accessed 24 March 2009.
  
−
==References==
+
==Notes==
 
<references/>
 
<references/>
−
#  Number 1 by rank in the Scottish Business Insider, 'Top 500 Companies', http://www.insider.co.uk/guides/index.cfm, last viewed 10.03.05
+
 
−
# Deloitte Annual Report 2004, 'Case study: Royal Bank of Scotland Group', http://clients.ctn.co.uk/deloitte/annualreport_2004/casestudies/rbs.asp, last viewed 10.03.05
 
−
# Scottish Business Insider, see note 233
 
−
# Richard Wachman, 'Fred the Shred: the irresistible rise and rise of a ruthless charmer', The Guardian, 27.07.03, http://observer.guardian.co.uk/business/story/0,,1006443,00.html, last viewed 10.03.05
 
−
# 'Scotland's most powerful', Scotland on Sunday, 27.04.03, http://news.scotsman.com/archive.cfm?id=470422003, last viewed 10.03.05
 
−
# All unreferenced information is from the investors' own websites or from Trustnet, http://www.trustnet.com/
 
−
# Friends of the Earth Briefing, 'Top 100 UK Pension Funds. How ethical are they?', http://www.foe.co.uk/resource/briefings/top_100_uk_pension_funds.pdf, last viewed 10.03.05
 
−
# Friends of the Earth Website, Corporates, 'Tell Royal Bank of Scotland - Put your money where your mouth is', www.foe.co.uk/campaigns/corporates/press_for_change/email_btc_banks/, last viewed 10.03.05
 
−
# Royal Bank of Scotland Group Annual Report 2003, http://www.rbs.co.uk/Group_Information/Investor_Relations/Financial_Results/2003/report_accounts.pdf, last viewed 10.03.05
 
−
# Ibid.
 
−
# Royal Bank of Scotland Group, Done Deals: England and Wales,Winter 2003, http://www.rbs.co.uk/CBFM/Brochures_&_Publications/downloads/publications/archived_done_deals/done_deals_-_england_&_wales_(winter_2003).pdf, last viewed 10.03.05
 
−
# Scottish Business Insider, see note 233
 
−
# Friends of the Earth Briefing, 'Finance Initiatives for Sustainable Development', http://www.foe.co.uk/pubsinfo/briefings/html/20020819133903.html, last viewed 10.03.05
 
−
# Conal Walsh, 'RBS 'excludes and denies' black Americans', The Observer, 06.06.04, http://observer.guardian.co.uk/business/story/0,6903,1232131,00.html, last viewed 10.03.05
 
−
# Faisal al Yafai, 'Palestinian aid groups' accounts closed', The Guardian, 03.01.05, http://money.guardian.co.uk/saving/banks/story/0,12410,1383161,00.html, last viewed 10.03.05
 
−
# Red Pepper February 2005
 
−
# Jim Stanton, 'RBS chiefs named in Enron court papers' The Scotsman 31.12.04 http://news.scotsman.com/topics.cfm?tid=163&id=1479692004 viewed 31.3.05
 
−
# FSA website, 'FSA fines Royal Bank of Scotland Plc 750,000 for money laundering control failings' 17/12/2002 http://www.fsa.gov.uk/pages/Library/Communication/PR/2002/123.shtml viewed 31.3.05
 
−
# Jill Treanor, Steven Morris and Andrew Clark, 'Huntingdon Life: facing collapse in 36 hours' 3/1/01 The Guardian http://www.guardian.co.uk/uk_news/story/0,,423756,00.html
 
−
# Michael White, 'Straw attacks banks that dumped protest firm' 13/3/01 The Guardian http://www.guardian.co.uk/uk_news/story/0,,451053,00.html viewed 31.3.05
 
−
# Financial Times [http://markets.ft.com/ft/tearsheets/businessProfile.asp?s=UK:FWUK Freshwater UK Business Profile] Accessed 4th April 2008
 
  
 
[[Category:Banking and Finance Industry]]
 
[[Category:Banking and Finance Industry]]
 +
[[Category: Financial sector lobbying]]
 +
[[Category: Tax avoidance]]

Latest revision as of 06:50, 11 September 2015

The Royal Bank of Scotland Group (RBS) is an international banking and financial services company headquartered in Edinburgh. One of the largest financial services groups in the world, the RBS Group operates in the United Kingdom, Europe, the Middle East, the Americas and Asia, with over 30 million customers worldwide.


History

Founded in 1727, RBS was not only the biggest company in Scotland,[1] but the second largest bank in the UK and Europe after HSBC, ranking sixth in the world. Seventy per cent of the top 100 companies in Europe bank with RBS.[2] It is in the top five of all companies listed on the UK stock exchange.

In 2008 RBS bought Dutch bank ABN Amro. In Feb 2009, RBS was forced to admit that the acquisition of ABN Amro helped towards the bank’s near demise, although it could not put a figure on how much RBS will have to write down to cover losses made.

In March 2000, The Royal Bank of Scotland Group completed the largest takeover in British banking history with its hostile acquisition of NatWest in a £21 billion deal, which also cost 18,000 jobs. Its assets at 30 June 2004 totalled £519 billion, its profits over the previous half year up by 17% before tax.[3]

The Group also includes Ulster Bank in Northern Ireland, which also has a strong presence in the Republic of Ireland; Ireland's First Active Plc; Coutts Group, which provides banking to 70,000 wealthy customers in 38 countries; Direct Line, providing insurance and financial services by telephone; Citizens Financial Group, based in Rhode Island (USA), the second largest bank in New England; Churchill, one of the UK's largest providers of insurance products; the asset finance company Lombard; and Style Financial Services Limited, providing retail credit and store cards. In addition to the UK, the Group has offices in Europe, the US, and Asia. It is developing its financial service activities across Europe with Santander Central Hispano of Spain. Tesco Personal Finance, a joint venture between RBS and Tesco, is one of the main supermarket banking brands in the UK.

RBS investments[4]

Friends of the Earth ranks the Royal Bank of Scotland among the least ethical pension scheme providers in Britain, with a score of only 1 out of 15, based on the degree to which ethical, environmental and social considerations were even taken into account, and the mechanisms for customer control and the monitoring of policies in place.[5]

RBS signed up to the Equator Principles, which set certain environmental and social guidelines which any project must meet before they will lend money. However, it is funding the Baku-Ceyhan oil pipeline, which has been shown by Friends of the Earth to break these principles on over 150 counts.[6] The Royal Bank of Scotland financed the pipeline by about $100 million. Another bank, Intesa of Italy, has already pulled out of the project due to safety concerns. The Royal Bank of Scotland has ignored all concerns, and seems likely to fund similar projects in future.

The bank's 2003 (most recent) annual report flag-shipped RBS as a major financier of oil services company Petrofac's acquisition plans.[7] Also celebrated were its services to Element Six, an Irish-based company mining diamonds in South Africa, formerly known as De Beers Industrial Diamonds.[8] It is also a major funder of Peel Holdings, which owns Liverpool airport.[9] The bank is heavily involved in funding the civil aviation industry through its subsidiary RBS Aviation Capital, based in Dublin, which finances at least 98 civilian airlines in 36 countries.

In 2004, RBS initiated the refinancing, together with HBoS, of Abbot Group Plc, an offshore drilling, inspection and drilling support company to the tune of £80.2 million.[10]

Natwest, part of the Royal Bank of Scotland Group, financed the Asia Pulp and Paper Company (APP), which was responsible for the destruction of 280,000 hectares of Indonesian rainforest over the space of 10 years. They are also in dispute with indigenous peoples over land rights.[11]

Conflicts and criticisms

RBS and racial discrimination

In June 2004 RBS US subsidiary, Citizens, was accused by Fair Finance Watch of racial discrimination in its lending practices. The group alleges that Citizens 'continues to disproportionately exclude and deny African-Americans' and Latinos' applications for mortgage loans'. It cites statistics from a number of US cities, such as Philadelphia, where it claims Citizens rejected 14 out of 15 mortgage applications from African-Americans in 2002. Only 6 out of 15 white applicants in Philadelphia were rejected, it is alleged.[12]

The group Friends of Al-Aqsa (FoAA), a British-Palestinian solidarity organisation had its bank accounts abruptly closed by the Royal Bank of Scotland in January 2005. The group is not under sanction by the government, although an organisation with a similar name is on a Home Office 'watchlist'. The bank has refused to discuss the issue, and merely informed Ismail Patel, chair of the Leicester-based FoAA, that a review had been conducted and the bank was no longer willing to provide him with facilities. He was given 30 days to transfer his personal and business accounts and the FoAA account.[13] Threats of legal action and a mass consumer boycott persuaded the bank to reopen the accounts a few days later.

RBS accounting mismanagement

A report by the US Bankruptcy Court investigating the Enron affair found that 'RBS aided and abetted certain Enron officers in breaching their fiduciary duties', and was aware of Enron's accountancy juggling concerning a power plant in Teesside. The report names four RBS executives, claiming they were among those involved in the deal.[14]

RBS was fined £750,000 in 2002 for breaches of money laundering regulations after it failed to show adequate documentation of customers’ identities for some accounts.[15]

RBS and animal rights

The Royal Bank of Scotland was one of the major financiers of the Huntingdon Life Sciences animal testing centre,[16] but gave up their support when they were informed that their staff and customers could become targeted by the animal rights movement.[17]

Tax havens

According to ActionAid report, along with HSBC, Barclays and Lloyds Group, the Royal Bank of Scotland is among the four big FTSE 100 banks to use tax havens, with over 400 companies located in jurisdictions classed as such.[18] The 'big four' banks account for 1,649 companies located in tax havens.[19]

Manipulating prices

In May 2015 RBS, JPMorgan, Citigroup, Barclays and RBS were found guilty of manipulating the price of US dollar and euros and fined nearly $6 billion between them. US authorities discovered that between December 2007 and January 2013 traders at the banks had referred to themselves at 'The Cartel' in chatrooms 'where they used coded language to set benchmark rates'. During a trial period, one Barclays trader was even told 'mess this up and sleep with one eye open at night' with another Barclay's trader, in November 2010, saying 'if you ain't cheating, you ain't trying'. RBS will pay $395 million in criminal fines as part of their guilty fines.[20]

PR and lobbying

Internal

In July 2008, The Telegraph wrote:

"Royal Bank of Scotland may be Scotland's national bank, but is it taking its patriotic duties too far? Its communications department is beginning to resemble an outpost of the Scottish National Party. Staff members in the press office include Andrew Wilson, a former Scottish National Party MSP, and Colin Pyle, who used to work for SNP leader and Scottish First Minister Alex Salmond. And in the government relations team is Andrew Henderson, one of Salmond's drivers during the recent election."[21]
  • Roger Lowry, Head of public / government affairs, appointed January 2008. Ex public affairs chief at Ofcom.[22]
  • Andrew McLaughlin, Director, Group Economics and Corporate Affairs.[23] After several years working in academia, McLaughlin was a corporate finance advisor with Ernst and Young before joining the RBS Group. He is a member of the University of Nottingham Globalisation and Economic Policy Advisory Board and a visiting professor at the University of Glasgow. He also sits on the CBI Economic and Tax Affairs Committee.
  • Andrew Wilson, Head of Group Corporate Affairs. Former Scottish National Party MSP.[24][25]

Lobbying firms

Lobbying firms

Previous contracts

Revolving Door

  • Quentin Davies, MP for Grantham and Stamford and currently a Minister at the Ministry of Defence was an Adviser to Royal Bank of Scotland Capital Markets from 1999 to 2003.[31]
  • Sir Philip Hampton, former CEO of UK Financial Investments Ltd, was appointed Deputy Chairman and Chairman-designate in 2009.[32]
  • U.K. Life Peer Denise Kingsmill, Baroness Kingsmill, has been a Senior Adviser to the Royal Bank of Scotland since 2005.[33]
  • Sir Steve Robson - former Managing Director of Finance, Regulation and Industry Directorate at HM Treasury was a Non-executive director of Royal Bank of Scotland from 2001 to 2009.[34][35]
  • U.K. Life Peer David Vallance, Lord Vallance of Tummel, was Non-executive Vice Chairman of Royal Bank of Scotland Group from 1994 to 2005.[36]
  • Gerald Wilson CB, former Head of Enterprise and Lifelong Learning Department at the Scottish Executive was appointed a Special Adviser Public Affairs to Royal Bank of Scotland plc in February 2000.[37]

Financial crisis 2009

In February 2009 it was announced that RBS had suffered the biggest loss in British corporate history - more than £24 billion. On 26 February the bank agreed terms with the government to take part in its asset protection scheme, which lets it pass most of the potential losses on its riskier assets on to the taxpayer. It has also raised up to £25.5billion in fresh funding from the UK taxpayer. Concerns that UK taxpayers could end up owning 95 per cent of the bank if its losses continued to mount[38] were assuaged by August 2010 when RBS reported an operating profit of £1.6billion, with UK taxpayer ownership at 84 per cent. [39]

People

Board members

  • Sir Philip Hampton, chairman from January 2009. Replaced Sir Tom McKillop who was held responsible for the downfall of RBS in 2008/09.

Executive Directors

  • Stephen Hester, Group Chief Executive, appointed to the Board on 1 October 2008 and to the position of Group Chief Executive on 21 November 2008. Took over from Sir Fred Goodwin in January 2009. Hester is former chief executive of British Land. He was previously chief operating officer of Abbey National plc and before that he also held positions with Credit Suisse First Boston. In February 2008, he was appointed non-executive deputy chairman of Northern Rock PLC, a position he relinquished on 1 October 2008.
  • Bruce Van Saun, Group Finance Director (1 October 2009- )
  • John Hourican, Chief Executive, Markets & International Banking (joined RBS Group in 1997)
  • Chris Sullivan, Chief Executive, UK Corporate (08.2009- )
  • Paul Geddes, Chief Executive, Direct Line Group (08.2009- )
  • Ellen Alemany, Chief Executive, Citizens and Head of Americas (06.2007- )
  • Ron Teerlink, Chief Administration Officer (04.2008- )
  • Nathan Bostock, Head of Restructuring and Risk (01.06.2009- )
  • Ross McEwan, Chief Executive, UK Retail (08.2012- )

Non-Executive Directors

Former Directors

Executive Directors

Non-Executive Directors

Affiliations

Think tanks and Institutes

Contact

Address:
London HQ: 250 Bishopsgate, London EC2M 3AA
Edinburgh HQ: 36 St Andrew Square, Edinburgh, EH2 2YB
Website:
http://www.rbs.co.uk/
This article is part of the Finance Lobbying project of Spinwatch
Revolving Door.jpg This article is part of the Revolving Door project of Spinwatch.



Resources

Notes

  1. ↑ Insider, Top 500 Companies, accessed 10 March 2005.
  2. ↑ Deloitte, The Royal Bank of Scotland Group plc, 18 April 2005 Web Archive, accessed 03 February 2011.
  3. ↑ RBS, The Royal Bank of Scotland Group plc Representing 37,000,000 Non-cumulative Dollar Preference Shares, Series M, prospectus supplement to prospectus dated 17 August 2004, accessed 03 February 2011.
  4. ↑ All unreferenced information is from the investors' own websites or from Trustnet, http://www.trustnet.com/.
  5. ↑ FoE, Top 100 UK pension funds - how ethical are they?, Briefing, undated, accessed 03 February 2011.
  6. ↑ FoE, "Tell Royal Bank of Scotland - Put your money where your mouth is," 20 December 2004 Web Archive, accessed 03 February 2011.
  7. ↑ RBS, Annual Reports and Accounts 2003, accessed 03 February 2011.
  8. ↑ Ibid.
  9. ↑ RBS, Done Deals - Banking on success throughout England & Wales, Winter 2003, Vol.3, 14 May 2005 Web Archive, accessed 03 February 2011.
  10. ↑ Insider, Top 500 Companies, accessed 10 March 2005.
  11. ↑ FoE, Finance Initiatives for Sustainable Development, Briefing, undated, accessed 03 February 2011.
  12. ↑ Walsh, Conal, "RBS 'excludes and denies' black Americans," Guardian, 06 June 2004, accessed 03 February 2011.
  13. ↑ Al Yafai, Faisal, "Palestinian aid groups' accounts closed," Guardian, 03 January 2005.
  14. ↑ Stanton, Jim, "RBS chiefs named in Enron court papers," Scotsman, 31 December 2004, accessed 31 March 2005.
  15. ↑ FSA, "FSA fines Royal Bank of Scotland Plc 750,000 for money laundering control failings," 17 December 2002, accessed 03 February 2011.
  16. ↑ Treanor, Jill, Steven Morris and Andrew Clark, "Huntingdon Life: facing collapse in 36 hours," Guardian, 18 January 2001, accessed 03 February 2011.
  17. ↑ White, Michael, "Straw attacks banks that dumped protest firm," Guardian, 13 March 2001, accessed 03 February 2011.
  18. ↑ ActionAid, Addicted to tax havens: The secret life of the FTSE 100, October 2011, accessed 10 October 2012.
  19. ↑ Provost, Claire, "Tax havens and the FTSE 100: the full list," Guardian 11 October 2011.
  20. ↑ Hazel Sheffield 'If you ain't cheatin, you ain't trying': four global banks plead guilty to felony charges of fixing the price of dollar and euros Independent, 20 May 2015, accessed 21 May 2015.
  21. ↑ Russel, Jonathan, "It's an SNP reunion party at RBS," The Telegraph, 04 July 2008, accessed 03 February 2011.
  22. ↑ Mattinson, Alec, "Bankers' apologies are 'pathetic'," PR Week, 11 February 2009, accessed 03 February 2011.
  23. ↑ PR Week, "Banking industry Insider's Guide: UK banks' reputation managers," 03 October 2008, accessed 03 February 2011.
  24. ↑ PR Week, "Banking industry Insider's Guide: UK banks' reputation managers," 03 October 2008, accessed 03 February 2011.
  25. ↑ Russel, Jonathan, "It's an SNP reunion party at RBS," The Telegraph, 04 July 2008, accessed 03 February 2011.
  26. ↑ Agency Register September to November 2014 PRCA, accessed 29 January 2015
  27. ↑ Jefferson Communications Clients
  28. ↑ O'Reilly, Gemma, "Goodwin/RBS call for advice, PR Week, 28 Jan 2009, accessed 03 February 2011.
  29. ↑ O'Reilly, Gemma, "Goodwin/RBS call for advice, PR Week, 28 Jan 2009, accessed 03 February 2011.
  30. ↑ Financial Times, Freshwater UK Business Profile, accessed 04 April 2008.
  31. ↑ Who's Who 2009, DAVIES, (John) Quentin, online edition, Oxford University Press, accessed 24 March 2009.
  32. ↑ Finch, Julia, "RBS fills chair," Guardian, 17 January 2009, accessed 03 February 2011.
  33. ↑ Who's Who 2009, KINGSMILL, online edition, Oxford University Press, accessed 24 March 2009.
  34. ↑ Who's Who 2009, ROBSON, Sir Stephen Arthur, (Sir Steve), online edition, Oxford University Press, accessed 24 March 2009.
  35. ↑ Treanor, Jill, "New RBS chairman clears board of old regime," Guardian, 06 February 2009, accessed 03 February 2011.
  36. ↑ Who's Who 2009, VALLANCE OF TUMMEL, online edition, Oxford University Press, accessed 24 March 2009.
  37. ↑ ACOBA, The Advisory Committee on Business Appointments Third Report 1999–2000, Cabinet Office, accessed 03 February 2011.
  38. ↑ Treanor, Jill, "RBS record losses raise prospect of 95% state ownership," Guardian, 26 February 2009, accessed 03 February 2011.
  39. ↑ BBC News, RBS half-year profits hit £1.1bn, 6 August 2010
  40. ↑ Treanor, Jill, "Last of Goodwin's RBS directors retires – with £13.5m pension pot," Guardian 18 March 2010, accessed 10 October 2012.
  41. ↑ Wachman, Richard, "Fred the Shred: the irresistible rise and rise of a ruthless charmer," Guardian, 27 July 2003, accessed 03 February 2011.
  42. ↑ Scotsman, "Scotland's most powerful," 27 April 2003, accessed 10 March 2005.
  43. ↑ Scotsman, "Scottish Business Briefing," 26 March 2007, accessed 03 February 2011.
  44. ↑ The Telegraph, "Charles recalls Lamport to oversee his coronation," 25 March 2007.
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