The Courier & Advertiser (Perth and Perthshire Edition)
RBS statement welcomed
FIRST MINISTER A lex Salmond has rejected concerns about the future of the Royal Bank of Scotland (RBS) after suggestions it would consider moving headquarters if independence brought “extra difficulties”.
Comments made by Sir Philip Hampton, the bank’s chief executive, were “very positive”, according to Mr Salmond.
Sir Philip appeared before a committee of the House of Lords on Tuesday, which is investigating the economic implications of Scottish independence.
A sked if the bank would look at where it is domiciled after a Yes vote in 2014, Sir Philip said: “The overriding requirement is to serve our customers and through that to produce the best value we can for shareholders.
“We have no intention or plan to relocate from Scotland.”
He added: “We are very happy and Scotland is a very effective place at the moment to do business.
“If, as a result of a vote for independence, we found extra difficulties or cost pressures or whatever arising from that, then we would have to think about alternatives.
“But we don’t expect at the moment, we don’t identify any clear rationale for making major domicile changes.”
Mr Salmond, speaking in Edinburgh, said: “I thought it was a very positive statement. I think when you’ve got a bunch of people on a committee who are pursuing a political agenda, they try to trap people into saying things.
“I thought Philip Hampton was very clear in his statement that the Royal Bank is headquartered in Scotland.”
Reacting to suggestions that the comment means the bank is concerned about independence, he said: “They shouldn’t be talking down Scotland, they really shouldn’t. Not at this time. “They should look at the positives and it was an extremely positive statement from RBS in front of the committee yesterday.”
Sir Philip also gave his views on the future currency in an independent Scotland and financial regulations.
A sked if it would be feasible for Scotland to use sterling without “permission” from the remainder of the UK, he said: “That is possible for Scotland, but I think Scotland is too big and too advanced an economy for that sort of arrangement, probably.”
On regulation of the banks, he said: “It would be unusual for a regulator in one country to regulate the activities of a bank in another country.”
There is already “enormous complexity” in regulations, he said.
Sir Philip added: “Independence adds an extra potential layer of complexity to some of the issues we address as a bank.”