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| Version 1 | Version 2 |
|---|---|
| RBS 'contingency for London move' | RBS 'contingency for London move' |
| (35 minutes later) | |
| Royal Bank of Scotland has confirmed it has made contingency plans to move its headquarters from Scotland to London if there is a Yes vote in the referendum. | Royal Bank of Scotland has confirmed it has made contingency plans to move its headquarters from Scotland to London if there is a Yes vote in the referendum. |
| A Treasury source told the BBC that it had discussed the plans with RBS. | A Treasury source told the BBC that it had discussed the plans with RBS. |
| Lloyds Banking Group also said it could shift some business from Scotland, after customers contacted it for clarification on their finances. | Lloyds Banking Group also said it could shift some business from Scotland, after customers contacted it for clarification on their finances. |
| However, the banking group said it was just a legal procedure and "there would be no immediate changes or issues". | However, the banking group said it was just a legal procedure and "there would be no immediate changes or issues". |
| Angus Grossart, chairman of merchant bank Noble Grossart, said that people should "not panic" following the decisions made by the two banks. He told the Financial Times that the impact of a Yes vote was "severely overstated". | |
| The statement from Lloyds said: "Lloyds Banking Group has seen an increased level of enquiries from our customers, colleagues and other stakeholders about our plans post the Scottish referendum. | |
| "While the scale of potential change is currently unclear, we have contingency plans in place which include the establishment of new legal entities in England. This is a legal procedure and there would be no immediate changes or issues which could affect our business or our customers. | |
| "There will be a period between the referendum and the implementation of separation, should a Yes vote be successful, that we believe is sufficient to take any necessary action." | |
| The move of what Lloyds describes as "legal entities" indicates that the banking group is not suggesting there will be a mass relocation of its 16,000 Scottish-based staff. The move would simply mean that the bank would remain protected and regulated by the Bank of England. | |
| RBS, which employs 11,500 people in Scotland, has not yet issued a statement - although there are widespread reports that the bank will clarify the details later in the day. |