How would a UK sovereign credit downgrade affect the Group?
We carry out contingency exercises on a range of possible outcomes. It is true that the RBS Group’s credit rating is, to a degree, supported by the UK sovereign rating, so a downgrade may have repercussions for the rating of RBS. We diligently employ liquidity oversight and contingency planning designed to mitigate the impact on the Group from a number of liquidity stresses, including credit rating downgrades, irrespective of the sovereign rating of the UK.
