#AceFinanceNews – SCOTLAND – August 27 – BBC Scotland on August 01 2014 highlighted the concerns of Royal Bank of Scotland (RBS) over independence and the adverse affect it would have on customer numbers. In their report the BBC reported this: Royal Bank of Scotland has reiterated that Scottish independence could have a "material adverse effect" on its business.
The Edinburgh-based bank, 80% owned by the taxpayer, said a "Yes" vote in the 18 September referendum could cause uncertainty and hit credit ratings.
RBS said independence could also affect the fiscal and monetary backdrop under which the bank operates.
Scottish ministers said independence would boost the nation’s economy.
The bank’s comments came it announced its half year results, confirming figures published last week which showed a big jump in operating profits, to £2.6bn.
In a section of its results report on risk factors facing the group, RBS stated: "Although the outcome of the referendum is uncertain, subject to any mitigating factors, uncertainties resulting from an affirmative vote in favour of independence would be likely to significantly impact the group’s credit ratings and could also impact the fiscal, monetary, legal and regulatory landscape to which the group is subject.
"Were Scotland to become independent, it may also affect Scotland’s status in the EU.