Slaughter and May, working closely with Treasury Legal Advisers, advised Her Majesty’s Treasury in connection with its review, announced by the Chancellor of the Exchequer in June, of the case for transferring certain poorly performing and high risk assets of the Royal Bank of Scotland group (RBS) to a 'bad bank'.

The results of the review were announced on 1 November 2013 and will involve RBS creating an internal 'bad bank' to wind down its poorly performing and high risk assets, which will be owned and funded by RBS.

RBS has also announced a renewed focus on its core British banking business.

Slaughter and May also worked closely with Rothschild and BlackRock Solutions in advising Her Majesty’s Treasury.

CONTACTS
Corporate and Commercial: Nilufer von Bismarck (partner); Financing: Matthew Tobin (partner), Guy O’Keefe (partner), Oliver Storey (associate); Financial Regulation: Ben Kingsley (partner), Ben Hammond (associate); Competition: Isabel Taylor (partner), Annalisa Tosdevin (associate), Ben Magahy (associate); Dispute Resolution: Elizabeth Barrett (partner), Richard Jeens (associate); Pensions and Employment: Sandeep Maudgil (partner), David Hopper (associate); Tax: Tony Beare (partner), Venetia Jennings (associate)