July 27, 2011

Federal Reserve announces issuance of a joint consent cease and desist order by and among The Royal Bank of Scotland Group

For immediate release

The Federal Reserve Board on Wednesday announced the issuance of a joint consent cease and desist order by and among The Royal Bank of Scotland Group plc, Edinburgh, Scotland (RBS Group), a registered bank holding company, and The Royal Bank of Scotland plc, Edinburgh, Scotland (RBS plc), a foreign bank, and its branches in New York and Connecticut.

The order also applies to The Royal Bank of Scotland N.V. (RBS N.V.), Amsterdam, The Netherlands, a foreign bank, and its branches in New York and Illinois. In addition to the Federal Reserve Board, the order is being issued by the New York State Banking Department, the State of Connecticut Department of Banking, and the State of Illinois Department of Financial and Professional Regulation.

The order requires the RBS Group to improve its oversight of its U.S. operations. It also requires RBS plc and RBS N.V. to improve risk-management practices and compliance with Bank Secrecy Act and anti-money laundering requirements at their U.S. branches.

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Last Update: July 27, 2011