Bond NatWest Markets Ltd 0% ( XS0514498780 ) in RUB

Issuer NatWest Markets Ltd
Market price 100 %  ▼ 
Country  United Kingdom
ISIN code  XS0514498780 ( in RUB )
Interest rate 0%
Maturity 29/06/2012 - Bond has expired



Prospectus brochure of the bond NATWEST MARKETS PLC XS0514498780 in RUB 0%, expired


Minimal amount /
Total amount /
Detailed description NatWest Markets plc is the investment banking arm of NatWest Group, offering a range of services including fixed income, currencies, and commodities (FICC) trading, advisory, and financing solutions to corporate and institutional clients globally.

NatWest Markets PLC's RUB-denominated bond (ISIN: XS0514498780), issued in the United Kingdom, matured on June 29, 2012, with a 0% coupon rate, and was redeemed at 100%.









LAUNCHPAD PROGRAMME
BASE PROSPECTUS RELATING TO NOTES
DATED: 25 MAY 2012




The Royal Bank of Scotland plc
(incorporated in Scotland with limited liability under the Companies Acts 1948 to 1980
registered number SC090312)

BASE PROSPECTUS RELATING TO
NOTES
THE ROYAL BANK OF SCOTLAND PLC
LAUNCHPAD PROGRAMME


PROSPECTIVE PURCHASERS OF THE SECURITIES DESCRIBED IN THIS BASE PROSPECTUS (THE "SECURITIES") SHOULD
ENSURE THAT THEY UNDERSTAND FULLY THE NATURE OF THE SECURITIES AND THE EXTENT OF THEIR EXPOSURE TO THE
RISKS ASSOCIATED WITH THE SECURITIES. THE MARKET PRICE AND / OR VALUE OF THE SECURITIES MAY BE VOLATILE AND
HOLDERS OF THE SECURITIES MAY SUSTAIN A TOTAL LOSS IN THE VALUE OF THEIR INVESTMENT (UNLESS THE SECURITIES
ARE OF A TYPE IN WHICH CAPITAL IS PROTECTED). PROSPECTIVE PURCHASERS NEED TO CONSIDER THE SUITABILITY OF AN
INVESTMENT IN THE SECURITIES IN LIGHT OF THEIR OWN FINANCIAL, FISCAL, REGULATORY AND OTHER CIRCUMSTANCES.
PLEASE REFER, IN PARTICULAR, TO THE SECTIONS "RISK FACTORS" IN THIS BASE PROSPECTUS AND IN THE REGISTRATION
DOCUMENT FOR A MORE COMPLETE EXPLANATION OF THE RISKS ASSOCIATED WITH AN INVESTMENT IN THE SECURITIES.
SERIES OF SECURITIES TO BE ISSUED UNDER THE PROGRAMME DESCRIBED BY THIS BASE PROSPECTUS (THE
"PROGRAMME") MAY BE RATED OR UNRATED. WHERE A SERIES OF SECURITIES IS TO BE RATED, SUCH RATING WILL NOT
NECESSARILY BE THE SAME AS ANY RATING ASSIGNED TO ANY SECURITIES ALREADY ISSUED. WHETHER OR NOT A RATING IN
RELATION TO ANY SERIES OF SECURITIES WILL BE TREATED AS HAVING BEEN ISSUED BY A CREDIT RATING AGENCY
ESTABLISHED IN THE EUROPEAN UNION AND REGISTERED UNDER REGULATION (EC) NO 1060/2009 ON CREDIT RATING
AGENCIES (THE "CRA REGULATION") WILL BE DISCLOSED IN THE RELEVANT FINAL TERMS. A SECURITY RATING IS NOT A
RECOMMENDATION TO BUY, SELL OR HOLD SECURITIES AND MAY BE SUBJECT TO SUSPENSION, REDUCTION OR WITHDRAWAL
AT ANY TIME BY THE ASSIGNING RATING AGENCY.
THE CREDIT RATINGS INCLUDED AND REFERRED TO IN THIS BASE PROSPECTUS (INCLUDING DOCUMENTS INCORPORATED BY
REFERENCE HEREIN) HAVE BEEN ISSUED BY STANDARD & POOR'S CREDIT MARKET SERVICES EUROPE LIMITED, FITCH
RATINGS LIMITED AND MOODY'S INVESTORS SERVICE LIMITED, EACH OF WHICH IS ESTABLISHED IN THE EUROPEAN UNION
AND IS REGISTERED UNDER THE CRA REGULATION.
THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE OR POLITICAL SUBDIVISION OF THE UNITED STATES, AND MAY
NOT BE OFFERED, SOLD, TRANSFERRED OR DELIVERED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO, OR FOR
THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO THE REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE U.S. STATE SECURITIES LAWS. THE
SECURITIES ARE BEING OFFERED AND SOLD ONLY OUTSIDE THE UNITED STATES TO PERSONS OTHER THAN U.S. PERSONS (AS
DEFINED IN REGULATION S UNDER THE SECURITIES ACT) IN OFFSHORE TRANSACTIONS THAT MEET THE REQUIREMENTS OF
REGULATION S UNDER THE SECURITIES ACT. FURTHERMORE, TRADING IN THE SECURITIES HAS NOT BEEN APPROVED BY
THE UNITED STATES COMMODITY FUTURES TRADING COMMISSION UNDER THE UNITED STATES COMMODITY EXCHANGE
ACT, AS AMENDED.




THE SECURITIES DO NOT CONSTITUTE UNITS OF COLLECTIVE INVESTMENT SCHEMES WITHIN THE MEANING OF THE SWISS
FEDERAL ACT ON COLLECTIVE INVESTMENT SCHEMES ("CISA") AND ARE NOT SUBJECT TO THE APPROVAL OF, OR
SUPERVISION BY THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY ("FINMA"). HOLDERS OF THE SECURITIES
ARE EXPOSED TO THE CREDIT RISK OF THE ISSUER.
Dealer
The Royal Bank of Scotland plc

2374





THIS BASE PROSPECTUS CONSTITUTES A BASE PROSPECTUS FOR THE PURPOSES OF ARTICLE 5.4 OF DIRECTIVE
2003/71/EC (THE "PROSPECTUS DIRECTIVE").
THE ROYAL BANK OF SCOTLAND PLC (THE "ISSUER") ACCEPTS RESPONSIBILITY FOR THE INFORMATION
CONTAINED IN THIS BASE PROSPECTUS, AS COMPLETED AND/OR AMENDED BY THE FINAL TERMS. TO THE BEST OF
THE KNOWLEDGE AND BELIEF OF THE ISSUER (WHICH HAS TAKEN ALL REASONABLE CARE TO ENSURE THAT SUCH
IS THE CASE) THE INFORMATION CONTAINED IN THIS DOCUMENT IS IN ACCORDANCE WITH THE FACTS AND DOES
NOT OMIT ANYTHING LIKELY TO AFFECT THE IMPORT OF SUCH INFORMATION.
THE SECURITIES MAY BE ISSUED ON A CONTINUING BASIS TO THE ROYAL BANK OF SCOTLAND PLC AND/OR ANY
ADDITIONAL DEALER APPOINTED UNDER THE PROGRAMME FROM TIME TO TIME, WHICH APPOINTMENT MAY BE FOR
A SPECIFIC ISSUE OR ON AN ONGOING BASIS (EACH A "DEALER" AND TOGETHER THE "DEALERS").
APPLICATION WILL BE MADE TO NYSE EURONEXT FOR SECURITIES TO BE ADMITTED TO TRADING AND LISTED ON
EURONEXT AMSTERDAM N.V. ("EURONEXT AMSTERDAM") BY NYSE EURONEXT UP TO THE EXPIRY OF 12
MONTHS FROM THE DATE OF THIS BASE PROSPECTUS. IN ADDITION, SECURITIES MAY BE LISTED OR ADMITTED TO
TRADING, AS THE CASE MAY BE, ON ANY OTHER STOCK EXCHANGE OR MARKET SPECIFIED IN THE APPLICABLE
FINAL TERMS. THE ISSUER MAY ALSO ISSUE UNLISTED SECURITIES.
REFERENCES IN THIS PROGRAMME TO SECURITIES BEING "LISTED" (AND ALL RELATED REFERENCES) SHALL,
UNLESS THE CONTEXT OTHERWISE REQUIRES, MEAN THAT SUCH SECURITIES WILL BE ADMITTED TO TRADING AND
WILL BE LISTED ON EURONEXT AMSTERDAM OR ANY OTHER REGULATED MARKET FOR THE PURPOSES OF
DIRECTIVE 2004/39/EC (THE MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE).
NEITHER THE ISSUER NOR ANY DEALER HAS AUTHORISED THE MAKING OR PROVISION OF ANY REPRESENTATION
OR INFORMATION REGARDING THE ISSUER OR ANY SECURITIES OTHER THAN THOSE CONTAINED IN THIS BASE
PROSPECTUS. NEITHER THE DELIVERY OF THIS DOCUMENT NOR THE DELIVERY OF ANY OTHER DOCUMENTS OF
THE LAUNCHPAD PROGRAMME NOR ANY INFORMATION PROVIDED IN THE COURSE OF A TRANSACTION IN
SECURITIES SHALL, IN ANY CIRCUMSTANCES, BE CONSTRUED AS A RECOMMENDATION BY THE ISSUER OR ANY
DEALER TO ENTER INTO ANY TRANSACTION WITH RESPECT TO ANY SECURITIES. EACH PROSPECTIVE INVESTOR
CONTEMPLATING A PURCHASE OF SECURITIES SHOULD MAKE ITS OWN INDEPENDENT INVESTIGATION OF THE
RISKS ASSOCIATED WITH A TRANSACTION INVOLVING ANY SECURITIES.
THE DELIVERY OF THIS DOCUMENT DOES NOT AT ANY TIME IMPLY THAT THERE HAS BEEN NO CHANGE IN THE
AFFAIRS OF THE ISSUER SINCE THE DATE OF THIS BASE PROSPECTUS OR THE DATE UPON WHICH THIS BASE
PROSPECTUS HAS BEEN MOST RECENTLY AMENDED OR SUPPLEMENTED. THE ISSUER DOES NOT INTEND TO
PROVIDE ANY POST-ISSUANCE INFORMATION.
THE DISTRIBUTION OF THIS DOCUMENT AND THE OFFERING, SALE AND DELIVERY OF THE SECURITIES IN CERTAIN
JURISDICTIONS MAY BE RESTRICTED BY LAW. PERSONS INTO WHOSE POSSESSION THIS DOCUMENT COMES ARE
REQUIRED BY THE ISSUER TO INFORM THEMSELVES ABOUT, AND TO OBSERVE, ANY SUCH RESTRICTIONS. FOR A
DESCRIPTION OF CERTAIN RESTRICTIONS ON OFFERS, SALES AND DELIVERIES OF SECURITIES AND THE
DISTRIBUTION OF THIS DOCUMENT AND OTHER OFFERING MATERIAL RELATING TO THE SECURITIES PLEASE
REFER TO "SELLING RESTRICTIONS" IN THIS BASE PROSPECTUS.
NO PERSON HAS BEEN AUTHORISED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS OTHER THAN
THOSE CONTAINED IN THIS BASE PROSPECTUS AND, IF GIVEN OR MADE, SUCH INFORMATION OR
REPRESENTATIONS MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORISED BY THE ISSUER OR ANY DEALER.
WHERE INFORMATION HAS BEEN SOURCED FROM A THIRD PARTY, THE ISSUER CONFIRMS THAT THIS
INFORMATION HAS BEEN ACCURATELY REPRODUCED AND THAT AS FAR AS THE ISSUER IS AWARE AND IS ABLE TO
ASCERTAIN FROM INFORMATION PUBLISHED BY THAT THIRD PARTY, NO FACTS HAVE BEEN OMITTED WHICH
WOULD RENDER THE REPRODUCED INFORMATION INACCURATE OR MISLEADING.
THIS BASE PROSPECTUS IS TO BE READ IN CONJUNCTION WITH ALL DOCUMENTS THAT ARE DEEMED TO BE
INCORPORATED HEREIN BY REFERENCE AND SHALL BE READ AND CONSTRUED ON THE BASIS THAT SUCH
DOCUMENTS ARE INCORPORATED IN AND FORM PART OF THE BASE PROSPECTUS.
THE ISSUER DOES NOT REPRESENT THAT THIS DOCUMENT MAY BE LAWFULLY DISTRIBUTED, OR THAT SECURITIES


3






MAY BE LAWFULLY OFFERED, IN COMPLIANCE WITH ANY APPLICABLE REGISTRATION OR OTHER REQUIREMENTS IN
ANY JURISDICTION, OR PURSUANT TO AN EXEMPTION AVAILABLE THEREUNDER, OR ASSUME ANY RESPONSIBILITY
FOR FACILITATING ANY SUCH DISTRIBUTION OR OFFERING. IN PARTICULAR, NO REPRESENTATION IS MADE BY THE
ISSUER, WHICH WOULD PERMIT A PUBLIC OFFERING OF THE SECURITIES OR POSSESSION OR DISTRIBUTION OF
THIS PROSPECTUS OR ANY OFFERING MATERIAL IN RELATION TO THE SECURITIES IN ANY JURISDICTION WHERE
ACTION FOR THAT PURPOSE IS REQUIRED. NO OFFERS, SALES OR DELIVERIES OF ANY SECURITIES, OR
DISTRIBUTION OF ANY OFFERING MATERIAL RELATING TO THE SECURITIES, MAY BE MADE IN OR FROM ANY
JURISDICTION EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND
REGULATIONS AND WILL NOT IMPOSE ANY OBLIGATION ON THE ISSUER. FOR A DESCRIPTION OF CERTAIN
RESTRICTIONS ON OFFERS, SALES AND DELIVERIES OF SECURITIES AND THE DISTRIBUTION OF THIS DOCUMENT
AND OTHER OFFERING MATERIAL RELATING TO THE SECURITIES PLEASE REFER TO "SELLING RESTRICTIONS" IN
THIS BASE PROSPECTUS.
IN CONNECTION WITH THE ISSUE OF ANY SERIES OF SECURITIES, THE DEALER OR DEALERS (IF ANY) NAMED AS
THE STABILISING MANAGER(S) (OR ANY PERSON ACTING ON BEHALF OF ANY STABILISING MANAGER(S)) IN THE
APPLICABLE FINAL TERMS MAY OVER-ALLOT SECURITIES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING
THE MARKET PRICE OF THE SECURITIES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAIL.
HOWEVER, THERE IS NO ASSURANCE THAT THE STABILISING MANAGER(S) (OR ANY PERSON ACTING ON BEHALF OF
ANY STABILISING MANAGER) WILL UNDERTAKE STABILISATION ACTION. ANY STABILISATION ACTION MAY BEGIN ON
OR AFTER THE DATE ON WHICH ADEQUATE PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE RELEVANT
SERIES OF SECURITIES IS MADE AND, IF BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN
THE EARLIER OF 30 DAYS AFTER THE ISSUE DATE OF THE RELEVANT SERIES OF SECURITIES AND 60 DAYS AFTER
THE DATE OF THE ALLOTMENT OF THE RELEVANT SERIES OF SECURITIES. ANY STABILISATION ACTION OR OVER-
ALLOTMENT MUST BE CONDUCTED BY THE RELEVANT STABILISING MANAGER(S) (OR PERSONS ACTING ON BEHALF
OF ANY STABILISATION MANAGER(S)) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND RULES.
FOR UNITED KINGDOM TAX PURPOSES, THE TERM "SECURITY" OR "SECURITIES" REFERS TO INSTRUMENTS OF
THE TYPE DESCRIBED IN THIS BASE PROSPECTUS AND IS NOT INTENDED TO BE DETERMINATIVE (OR INDICATIVE)
OF THE NATURE OF THE INSTRUMENT FOR THE PURPOSES OF UNITED KINGDOM TAXATION.
THIS BASE PROSPECTUS WILL BE FILED WITH THE SIS SWISS EXCHANGE LTD AND APPLICATION MAY BE MADE TO
LIST THE SECURITIES UNDER THE PROGRAMME ON THE SIX SWISS EXCHANGE LTD. IN RESPECT OF SECURITIES
TO BE LISTED ON THE SIX SWISS EXCHANGE LTD, THE PROGRAMME, TOGETHER WITH THE FINAL TERMS, WILL
CONSTITUTE THE LISTING PROSPECTUS PURSUANT TO THE LISTING RULES OF THE SIX SWISS EXCHANGE LTD.


4







Securities which are sold to a non-U.S. person (within the meaning of Regulation S ("Regulation S") under
the U.S. Securities Act of 1933, as amended (the "Securities Act")) in an "offshore transaction" within the
meaning of Regulation S may be issued in global bearer form or dematerialised form.


5








CONTENTS PAGE


Page
SUMMARY ............................................................................................................................................... 8
RISK FACTORS ...................................................................................................................................... 28
RESPONSIBILITY STATEMENT ............................................................................................................. 47
DOCUMENTS INCORPORATED BY REFERENCE ................................................................................... 48
TAXATION ............................................................................................................................................. 53
SELLING RESTRICTIONS ...................................................................................................................... 62
FORM OF THE SECURITIES ................................................................................................................... 75
CLEARING AND SETTLEMENT ............................................................................................................. 80
GENERAL INFORMATION ..................................................................................................................... 82
PROPRIETARY INDEX DESCRIPTIONS ..................................................................................... 91
GENERAL CONDITIONS ...................................................................................................................... 249
PRODUCT CONDITIONS RELATING TO: ............................................................................................. 263
Range Accrual Notes .............................................................................................................. 263
Ladder Notes .......................................................................................................................... 274
Target Coupon Notes .............................................................................................................. 285
Rate Notes .............................................................................................................................. 303
Zero Coupon Notes................................................................................................................. 314
Currency Exchange Notes ...................................................................................................... 320
Yield Discovery Notes ........................................................................................................... 332
Certificate Notes ..................................................................................................................... 347
Index Notes ............................................................................................................................. 360
Inflation Index Notes .............................................................................................................. 376
Inflation Index Notes II ......................................................................................................... 386
Callable Index Notes .............................................................................................................. 395
Autocallable Index Notes ....................................................................................................... 410
Autocallable Share Basket Notes ........................................................................................... 413
Autocallable Reference Rate Notes ........................................................................................ 447
Share Notes ............................................................................................................................. 458
Single Stock Exchangeable Notes .......................................................................................... 474
Index Exchangeable Notes ..................................................................................................... 495


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Multi-Asset Basket Linked Notes .......................................................................................... 514
Multi-Asset Basket Linked Notes II ....................................................................................... 546
Multi-Asset Basket Linked Notes III...................................................................................... 584
Fund Linked Notes ................................................................................................................. 625
Basket Related Capital Protected Notes ................................................................................. 650
Commodity Notes ................................................................................................................... 670
Index and Inflation Index Notes ............................................................................................. 683
ADDITIONAL CONDITIONS ................................................................................................................. 700
FORM OF FINAL TERMS ..................................................................................................................... 706


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SUMMARY

This summary must be read as an introduction to this Base Prospectus and any decision to invest in any
Securities should be based on a consideration of this Base Prospectus as a whole, including the
documents incorporated by reference. No civil liability attaches to the Issuer in respect of this Summary,
including any translation thereof, unless it is misleading, inaccurate or inconsistent when read together
with the other parts of this Base Prospectus. Where a claim relating to information contained in this Base
Prospectus is brought before a court in a Member State of the European Economic Area (an "EEA
State"), the claimant may, under the national legislation of the EEA State where the claim is brought, be
required to bear the costs of translating the Base Prospectus before the legal proceedings are initiated.
Words and expressions defined elsewhere in this Base Prospectus shall have the same meanings in this
summary.
Issuer:
The Royal Bank of Scotland plc (the "Issuer" or "RBS")

The Issuer is a public limited company incorporated in
Scotland with registration number SCO90312 and was
incorporated under Scots law on 31 October 1984. The Issuer
(together with its subsidiaries, the "Issuer Group") is a wholly
owned subsidiary of The Royal Bank of Scotland Group plc
("RBSG" (RBSG together with its subsidiaries consolidated in
accordance with International Financial Reporting Standards,
the "Group")). RBSG is the holding company of a large global
banking and financial services group. Headquartered in
Edinburgh, the Group operates in the United Kingdom, the
United States and internationally through its principal
subsidiaries, the Issuer and National Westminster Bank Plc
("NatWest"). Both the Issuer and NatWest are major United
Kingdom clearing banks. In the United States, the Group's
subsidiary, Citizens Financial Group, Inc. is a large
commercial banking organisation. Globally, the Group has a
diversified customer base and provides a wide range of
products and services to personal, commercial and large
corporate and institutional customers.
The Group had total assets of £1,507 billion and owners'


8






equity of £75 billion as at 31 December 2011. The Group's
capital ratios as at 31 December 2011 were a total capital ratio
of 13.8 per cent., a Core Tier 1 capital ratio of 10.6 per cent.
and a Tier 1 capital ratio of 13.0 per cent.
The Issuer Group had total assets of £1,432.8 billion and
owners' equity of £61.7 billion as at 31 December 2011. As at
31 December 2011, the Issuer Group's capital ratios were a
total capital ratio of 14.6 per cent., a Core Tier 1 capital ratio
of 9.2 per cent. and a Tier 1 capital ratio of 11.0 per cent.
In 2007, RFS Holdings B.V. ("RFS Holdings"), which was
jointly owned by the Group, the Dutch State (successor to
Fortis Bank Nederland (Holding) N.V.) and Banco Santander,
S.A. (together, the "Consortium Members"), completed the
acquisition of ABN AMRO Holding N.V.
On 6 February 2010, the businesses of ABN AMRO Holding
N.V. acquired by the Dutch State were legally demerged to a
newly established company, ABN AMRO Bank N.V. which on
1 April 2010 was transferred to ABN AMRO Group N.V., itself
owned by the Dutch State.
Following legal separation, RBS Holdings (formerly ABN
AMRO Holding N.V.) has one operating subsidiary, The Royal
Bank of Scotland N.V. ("RBS N.V."), a fully operational bank
within the Group. RBS N.V. is independently rated and
regulated by the Dutch Central Bank. Certain assets within
RBS N.V. continue to be shared by the Consortium Members.
Risks Relating to the Issuer
Risk Factors:
Certain factors may affect the Issuer's ability to fulfil its
obligations under the Securities, including:
· The Group's businesses and performance can be
negatively affected by actual or perceived global economic
and financial market conditions and by other geopolitical
risks.
· The Group's ability to meet its obligations including its
funding commitments depends on the Group's ability to


9






access sources of liquidity and funding.
· The Independent Commission on Banking has published
its final report on competition and possible structural
reforms in the UK banking industry. The UK Government
has indicated that it supports and intends to implement the
recommendations substantially as proposed, which could
have a material adverse effect on the Group.
· The Group's ability to implement its strategic plan
depends on the success of the Group's refocus on its core
strengths and its balance sheet reduction programme.
· The occurrence of a delay in the implementation of (or any
failure to implement) the approved proposed transfers of a
substantial part of the business activities of The RBS N.V.
to RBS may have a material adverse effect on the Group.
· The Group is subject to a variety of risks as a result of
implementing the state aid restructuring plan and is
prohibited from making discretionary dividend or coupon
payments on existing hybrid capital instruments (including
preference shares and B shares) which may impair the
Group's ability to raise new Tier 1 capital.
· RBSG and its United Kingdom bank subsidiaries may face
the risk of full nationalisation or other resolution
procedures under the Banking Act 2009 which may result
in various actions being taken in relation to any Securities.
· The financial performance of the Group has been, and
continues to be, materially affected by deteriorations in
borrower and counterparty credit quality and further
deteriorations could arise due to prevailing economic and
market conditions, and legal and regulatory developments.
· The Group's earnings and financial condition have been,
and its future earnings and financial condition may
continue to be, materially affected by depressed asset
valuations resulting from poor market conditions.


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Document Outline