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+Separate article was deleted, see [[Wikipedia:Articles for deletion/Kruge]]. - [[User:Fayenatic london|Fayenatic]] [[User_talk:Fayenatic_london|(talk)]] 18:55, 13 October 2008 (UTC)
-{{Infobox Company
-|company_name = National Westminster Bank Plc
-|company_logo = [[Image:NatWest logo.svg]]
-|company_type = [[Public Limited Company]]
-|company_slogan = Another way
-|foundation = 1968
-|location= 135 Bishopsgate,<br> London EC2M 3UR
-|key_people = [[Tom McKillop|Sir Thomas McKillop]], Chairman and [[Fred Goodwin|Sir Frederick Goodwin]], Chief Executive
-|industry = [[Financial Services]]
-|products = [[Banking]] and [[Insurance]]
-|revenue =
-|operating_income =
-|net_income =
-|num_employees = 33,300
-|parent = [[Royal Bank of Scotland Group]]
-|subsid = National Westminster Home Loans,
-National Westminster Life Assurance
-|homepage = http://www.natwest.com/
-}}
-'''National Westminster Bank Plc''', or NatWest as it is commonly known, is a [[commercial bank]] in the United Kingdom which has been part of [[The Royal Bank of Scotland Group]] Plc since 2000. It was established in 1968 by the merger of [[National Provincial Bank]] (established 1833 as National Provincial Bank of England) and [[Westminster Bank]] (established 1834 as London County and Westminster Bank). Traditionally considered one of the [[Big Four (banks)|Big Four]] [[clearing banks]], NatWest has a large network of 1,600 [[branch (banking)|branches]] and 3,400 [[Automated teller machine|cash machines]] across [[Great Britain]] and offers 24-hour ''Actionline'' telephone and online banking services. Today it has more than 7.5 million personal customers and 850,000 small business accounts.
-==History==
-{{details3|[[National Provincial Bank]], [[Westminster Bank]] and [[District Bank]]}}
-Although the bank can trace its roots back to 1650 with the foundation of Smiths of [[Nottingham]], its creation was announced in 1968 and National Westminster Bank Limited commenced trading on 01 January 1970, after the statutory process of integration had been completed in 1969.<ref>Registered in England and Wales No. 929027</ref> The famous three arrowheads symbol was adopted as the new bank's logo; said either to symbolise circulation of money in the financial system or the bank's three constituents,<ref>[http://www.rbs.com/global_options.asp?id=GLOBAL/FREQUENTLY_ASKED_QUESTIONS#heritage6 When did the Royal Bank and NatWest introduce their brand marks?] The Royal Bank of Scotland Group, Frequently Asked Questions (retrieved 8 January 2008)</ref> National Provincial, Westminster, and [[District Bank]] (established 1829), the latter being taken over by National Provincial Bank in 1962 and allowed to operate under its own name until the formation of National Westminster Bank. The District, National Provincial, and Westminster Bank were fully integrated in the new firm's structure, while [[Coutts & Co.]] private bankers (a 1920 National Provincial acquisition, established 1692), [[Ulster Bank]] in [[Northern Ireland]] (a 1917 Westminster acquisition, established 1836) and the [[Isle of Man Bank]] (a 1961 National Provincial acquisition, established 1865) continued as separate operations. Westminster Foreign Bank (established 1913) was restyled International Westminster Bank in 1973. Duncan Stirling, outgoing chairman of Westminster Bank, became first chairman of the fifth largest bank in the world. In 1969 David Robarts, former chairman of National Provincial, assumed Stirling's position.<ref>Hast, Adele (ed.) [http://www.fundinguniverse.com/company-histories/NATIONAL-WESTMINSTER-BANK-PLC-Company-History.html Company History: National Westminster Bank] ''International Directory of Company Histories'' (vol.2) St. James Press, Chicago, 1988</ref> In 1975 it was one of the first London banks to open a representative office in Scotland. It was a founder member of the Joint Credit Card Company (with [[Lloyds Bank]], [[Midland Bank]] and the [[Royal Bank of Scotland]]) which launched the [[Access (credit card)|Access]] [[credit card]] (now [[MasterCard]]) in 1972 and in 1976 it introduced the ''Servicetill'' cash machine. The same banks (although this time not including Lloyds) were later responsible for the introduction of the [[Switch (debit card)|Switch]] [[debit card]] (now branded [[Maestro]]) in 1988.<ref>[http://www.apacs.org.uk/payment_options/documents/Plastic%20Cards%20_%20History%20of%20Plastic%20Cards%20in%20the%20UK%20v1.pdf History of Plastic Cards] The Association for Payment Clearing Services, 9 January 2006</ref>
-===Expansion===
-[[Image:NatWestLB.JPG|thumb|The NatWest branch at [[Leighton Buzzard]], [[Bedfordshire]], an example of [[Neo-Renaissance]] architecture.]]
-Deregulation in the 1980s, culminating in the [[Big Bang (financial markets)|Big Bang]] in 1986, also encouraged the bank to enter the securities business. County Bank, its [[merchant bank]]ing subsidiary formed in 1965, acquired various [[Stock broker|stockbroking]] and jobbing firms to create the investment banking arm County NatWest. National Westminster Home Loans was established in 1980 and other initiatives included the launch of the Piggy Account for children in 1983, the Credit Zone, a flexible overdraft facility on which customers only pay interest (now commonplace, this so-called ''pink'' debt was innovative when launched) and the development of the [[Mondex]] [[electronic purse]] (later sold to MasterCard Worldwide) in 1990.<ref>Srivastava, Lara and Mansell, Robin [http://www.sussex.ac.uk/Units/spru/publications/imprint/sewps/sewp23/sewp23.pdf Electronic Cash and the Innovation Process: A User Paradigm] Electronic Working Papers Series, no.23 (p.5) University of Sussex, Science Policy Research Unit, March 1998</ref> ''The Action Bank'' advertising campaign spearheaded a new marketing-led approach to business development. The bank also expanded internationally, forming National Westminster Bancorp in the United States of America with a network of 340 branches across two states, and opening branches on the European continent and in the [[Far East]].<ref>[http://www.rbs.com/content/about_us/our_heritage/our_history/our_banking_family/present_day/downloads/NatWest.pdf A short history of National Westminster Bank] The Royal Bank of Scotland Group, 2005</ref> Completed in 1980, it built the iconic [[25 Old Broad Street|National Westminster Tower]] in London to serve as its headquarters. At a height of 600 feet (183 m) it was the tallest building in the UK until the topping-out of [[One Canada Square|Canary Wharf Tower]] 10 years later, its footprint in the shape of the bank's logo.<ref>[http://news.bbc.co.uk/1/hi/business/the_company_file/134783.stm Famous tower sold for top price] BBC News, 17 July 1998 19:59 [[BST]]</ref> Also worthy of note is [[National Westminster House]] in [[Birmingham]], no longer owned by the bank, the building was most recently sold to [[British Land]].<ref>Pain, Steve [http://icbirmingham.icnetwork.co.uk/birminghampost/business/tm_headline=british-land-snaps-up-natwest-building%26method=full%26objectid=18489734%26siteid=50002-name_page.html British Land snaps up NatWest building] The Birmingham Post, 17 January 2007</ref>
-===Controversy===
-The bank's expansion strategy hit trouble with the [[stock market]] crash of 1987 and involvement in the financial scandal surrounding the collapse of [[Blue Arrow]]. The [[Department of Trade and Industry]] report on the affair was critical of the bank's management and resulted in the resignation of several members of the board, including then chairman [[Lord Boardman]].<ref>Stanley, Christopher [http://books.google.com/books?id=wojJC3wjUQ4C&printsec=frontcover Cultural Contradictions in the Legitimation of Market Practice: Paradox in the Regulation of the City] in Budd, Leslie and Whimster, Sam (eds.) ''Global Finance and Urban Living: A Study of Metropolitan Change'' (pp.158-160) Routledge, London, 1992</ref> Later, the bank would divest its overseas subsidiaries.  In 1996 the US bank branches were sold to [[FleetBoston Financial|Fleet Bank]].  Thereafter the bank concentrated on its core domestic business as the restyled NatWest Group, reflecting its modern positioning as a portfolio of businesses.<ref>[http://www.bbc.co.uk/worldservice/business/story_ban250200.shtml National Westminster Bank loses fight for independence] BBC World Service, broadcast 25 February 2000</ref> In 1993 the NatWest Tower was devastated by a [[Provisional IRA]] bomb and the bank vacated the building, subsequently selling it.<ref>De Baróid, Ciarán ''Ballymurphy and the Irish War'' (p.325) Pluto Press, London, 2000</ref> Then in 1997 NatWest Markets, the corporate and [[investment banking]] arm formed in 1992, revealed a £50m loss had been discovered, escalating to £90.5m after further investigations. Investor and shareholder confidence was so badly shaken that the [[Bank of England]] had to instruct the [[board of directors]] to resist calls for the resignation of its most senior executives in an effort to draw a line under the affair.<ref>Wolfe, Eric [http://www.erisk.com/Learning/CaseStudies/NatWestCaseStudy.pdf Case Study: NatWest Markets] BancWare ERisk, October 2001</ref> The bank's internal controls and risk management were severely criticised in 2000 and its aggressive push into investment banking questioned, after a lengthy investigation by the Securities and Futures Authority.<ref>[http://www.fsa.gov.uk/pubs/additional/sfa008-00.pdf SFA Disciplines NatWest and Two Individuals] Financial Services Authority, 18 May 2000</ref> The bank's move into complicated derivative products that it did not fully understand seemed to indicate poor management. By the end of 1997 parts of NatWest Markets had been sold, others becoming Greenwich NatWest in 1998.<ref>[http://www.prnewswire.co.uk/cgi/news/release?id=23686 Natwest Group Announces £1,011m Profit for 1997] PR Newswire Europe, 1998</ref>
-===Takeover===
-In 1999 NatWest announced a merger with [[Legal & General]] in a friendly £10.7bn deal, the first between a bank and an insurance company in UK history.<ref>Buckingham, Lisa et al. [http://www.guardian.co.uk/business/1999/sep/03/20 NatWest pounces on L&G with £11bn takeover bid] The Guardian, 3 September 1999</ref> The move received a poor reception in the London financial markets, and NatWest's share price fell substantially.<ref>Treanor, Jill and Buckingham, Lisa [http://www.guardian.co.uk/business/1999/sep/07/7 NatWest forced to defend merger] The Guardian, 7 September 1999</ref> In response, the Governor and Company of the [[Bank of Scotland]] began a hostile takeover bid for the bank, an audacious move for the much smaller Scottish bank. The Bank of Scotland's aim was to break-up the NatWest Group and dispose of its non-retail assets. NatWest was forced to abandon its merger, but refused to agree to a takeover by a rival bank.<ref>[http://www.guardian.co.uk/business/1999/sep/24/4 NatWest rejects takeover bid] Guardian Unlimited, 24 September 1999</ref> The [[Royal Bank of Scotland]] tabled another hostile offer and trumped the Bank of Scotland with a £21bn bid.<ref>Farrelly, Paul [http://www.guardian.co.uk/business/1999/nov/28/observerbusiness.royalbankofscotlandgroup RBS issues ultimatum in £27bn bid for NatWest] The Observer, 28 November 1999</ref> The takeover of NatWest in early 2000 was the biggest in UK history. National Westminster Bank, once Britain's most profitable bank, was delisted from the [[London Stock Exchange]] and became, with its subsidiaries, component parts of The Royal Bank of Scotland Group.<ref>Treanor, Jill [http://www.guardian.co.uk/money/2000/feb/12/business.personalfinancenews NatWest runs up white flag] The Guardian, 12 February 2000</ref> The outcome of this bitter struggle set the tone for a round of consolidation in the financial sector as it prepares for a new age of fierce global competition.<ref>[http://news.bbc.co.uk/1/hi/business/621211.stm NatWest takeover battle] BBC News, 11 February 2000 09:53 [[GMT]]</ref> The Royal Bank of Scotland Group is now the second largest bank in the UK and Europe (after [[HSBC]]) and the fifth largest in the world by [[market capitalisation]]. According to [[Forbes Global 2000]], it is currently the 13th largest company in the world.<ref>DeCarlo, Scott (ed.) [http://www.forbes.com/2007/03/29/forbes-global-2000-biz-07forbes2000-cz_sd_0329global_land.html The World's 2,000 Largest Public Companies] Forbes Magazine, Special Report, 29 March 2007</ref>
-On 13 October 2008, it was announced that [[HM Government]] is set to take a 60% stake in the Royal Bank of Scotland in a move aimed at recapitalising the Group.<ref>[http://news.bbc.co.uk/1/hi/business/7666570.stm UK banks' £37bn bail-out unveiled] BBC News, 13 October 2008 12:09 [[BST]]</ref>
-==Structure==
-[[Image:The Old Court House Ruthin Wales.jpg|thumb|The old court house at [[Ruthin]], [[Denbighshire]], built in 1401, now a NatWest branch.]]
-The Royal Bank of Scotland Group Plc operates internationally through its two principal subsidiaries, the Royal Bank and NatWest.<ref>[http://www.rbs.com/microsites/annual-review/downloads/RBS_GRA_06_FULL.pdf Annual Report and Accounts 2006] ''Operating and financial review, Description of business'' (p.46) The Royal Bank of Scotland Group, 28 February 2007</ref> The NatWest group of companies comprises National Westminster Bank Plc and its subsidiary and associated undertakings.<ref>[http://www.investors.rbs.com/downloads/NatWest2006Report&Account.pdf Annual Report and Accounts 2006] ''Notes on the accounts (14) Investments in Group undertakings'' (p.32) National Westminster Bank, 28 March 2007</ref> The principal subsidiary undertakings of the bank today are:
-*[[Coutts & Co.]], part of RBS Group Wealth Management, incorporating RBS Coutts Bank (formerly Coutts Bank von Ernst) Ltd. trading as RBS Coutts International in Switzerland;<ref>Incorporated with unlimited liability. Registered in England and Wales No. 36695. Authorised and regulated by the FSA, Register No. 122287</ref>
-*Greenwich Capital Markets Inc., securities broker-dealer, trading as [[RBS Greenwich Capital]] in the US;<ref>Incorporated in the [[State of Delaware]], File No. 2075209. Registered in England and Wales No. FC015070</ref> and
-*[[Ulster Bank]] Limited, incorporating, from 2001, Ulster Bank Ireland Ltd. in the [[Republic of Ireland]].<ref>Registered in Northern Ireland No. R733. Authorised and regulated by the FSA, Register No. 122315</ref>
-Until 2003 National Westminster Bank was a wholly-owned subsidiary of The Royal Bank of Scotland Group, now the ultimate holding company. In January 2003 ownership of the bank's entire issued ordinary share capital was transferred from the ultimate holding company to The Royal Bank of Scotland Plc, as holding company. At that time the entire issued share capital of [[Lombard Direct|Lombard North Central]] Plc was transferred by the bank to the holding company.<ref>[http://www.investors.rbs.com/downloads/NatWest_2002_Report_and_Account.pdf Annual Report and Accounts 2002] ''Report of the directors, Activities and business review'' (p.2) National Westminster Bank, 26 February 2003</ref> Ownership of National Westminster Home Loans Limited was passed to the holding company in December 2005.<ref>[http://www.investors.rbs.com/downloads/NatWest2005_ReportAccount.pdf Annual Report and Accounts 2005] ''Report of the directors, Activities and business review'' (p.2) National Westminster Bank, 29 March 2006</ref> In December 2000 the bank transferred National Westminster Life Assurance Limited to RBS Life Investments Limited, effectively establishing the business as a joint venture between the Group and [[Norwich Union]].<ref>[http://www.investors.rbs.com/downloads/NatWest2000ReportAccount.pdf Annual Report and Accounts 2000] ''Report of the directors, Activities and business review'' (p.17) National Westminster Bank, 28 February 2001</ref>
-The Royal Bank of Scotland Group comprises the ultimate holding company and its subsidiary and associated undertakings. The Group is structured into the following main operating areas:
-*Retail Markets, providing a broad range of retail services across different brands and channels to personal and small business customers;
-*Corporate Markets, a leading banking partner to UK commercial customers and major corporations and governmental institutions around the world, providing an extensive range of debt, risk and investment services;
-*RBS Insurance, the second-largest general insurer in the UK, with brands including [[Direct Line]], [[Churchill Insurance|Churchill]] and [[Green Flag]];
-*Ulster Bank Group, incorporating [[First Active]] Plc in the Republic of Ireland; and
-*[[Citizens Financial Group]], which provides retail and corporate banking services across 13 states in the northeastern and midwestern US, with a retail and commercial presence in more than 30 other states.
-==Services==
-NatWest provide a full range of [[banking]] and [[insurance]] services to personal, business and commercial customers, including the first dedicated bank account in Britain to be delivered and supported entirely in the [[Polish language]].<ref>[http://www.natwest.com/global_options.asp?id=GLOBAL/MEDIA/140 NatWest Launches First Dedicated Polish Bank Account in Britain] National Westminster Bank, Press Room, 15 January 2007</ref> In 2005 it announced the reintroduction of a mobile banking service, providing banking facilities to remote communities in [[Cornwall]].<ref>[http://www.natwest.com/global_options.asp?id=GLOBAL/MEDIA/94 NatWest To Launch Mobile Banking Service] National Westminster Bank, Press Room, 11 July 2005</ref> The bank has won Your Mortgage Magazine's Best Bank for Mortgages award 13 times in the last 17 years, more than any other lender.<ref>[http://editions.pagesuite.co.uk//Openpagesuite.aspx?pubid=855&pubname=Your%20Mortgage%20Awards/ Your Mortgage Magazine Awards 2006&ndash;2007] Your Mortgage Magazine, 9 February 2007</ref> Many documents and publications bear the Crystal Mark.
-{{cquote|NatWest is committed to using clear language. Using plain English is not just a good intention. It is a business necessity. We are working more closely with [[Plain English Campaign]]. We do not see them as a supplier to be dealt with at arm's length. We see the Campaign as a partner, to be involved from the beginning to the end of a project}}
-:''[[Lord Alexander of Weedon]] <small>[[Queen's Counsel|QC]] [[Royal Society of Arts|FRSA]]</small>, Chairman 1989&ndash;1999''
-In 2006 The Royal Bank of Scotland Group undertook the first trial of ''PayPass'' contactless debit and credit cards in Europe.<ref>[http://www.maestrocard.com/uk/news/press_releases7.html Royal Bank of Scotland Group and Mastercard Join Forces for London Roll-out of Contactless Debit and Credit Cards] MasterCard Europe, Press Release 6, 4 May 2007</ref> These can be used to pay for purchases under £10 by tapping an enabled card on the retailer's terminal.<ref>Osborne, Hilary [http://www.guardian.co.uk/money/2007/sep/04/creditcards.debt Contactless payments point to cash-free future] Guardian Unlimited, 4 September 2007</ref> In an effort to enhance security, hand-held devices for use with a card to authorise online banking transactions were introduced in 2007. These card readers do not retain personal information but verify numbers during a transaction.<ref>[http://news.bbc.co.uk/1/hi/business/7023743.stm Bank issues net security device] BBC News, 2 October 2007 13:38 [[BST]]</ref> The bank participates fully in the [[Faster Payments Service]], an initiative to speed up certain payments, launched on 27 May 2008.<ref>[http://news.bbc.co.uk/1/hi/programmes/moneybox/7417826.stm Faster Payments - how long?] BBC News, 24 May 2008 11:40 [[BST]]</ref> Streamline, a NatWest service, is the leading provider of merchant accounts in Europe, giving businesses the ability to accept credit and debit card payments. It handles around half of all such transactions.
-The bank is authorised and regulated by the Financial Services Authority,<ref>Entered in the Register under No. 121878</ref> a member of the Financial Ombudsman Service, the [[Financial Services Compensation Scheme]], the [[APACS|Association for Payment Clearing Services]] and of the [[British Bankers' Association]]; it subscribes to the Banking Code and Business Banking Code. [[Mortgages]], available in England, Scotland and Wales only, are provided by National Westminster Home Loans Limited, a member of the [[Council of Mortgage Lenders]],<ref>Registered in England and Wales No. 1449354. Authorised and regulated by the FSA, Register No. 313223</ref> the [[The One account|NatWest One]] account is a secured personal account with the Royal Bank of Scotland Plc. The Spanish Mortgage is provided by [[Adam and Company]] Plc, a subsidiary of the Royal Bank of Scotland, trading as NatWest. NatWest Insurance Services is a trading name of RBS Business Insurance Services Limited, acting as intermediary and broker for general insurance. Life Protector and Guaranteed Bond products are provided by National Westminster Life Assurance Limited.<ref>Registered in England and Wales No. 2668470. Authorised and regulated by the FSA, Register No. 155329</ref> The [[Royal Bank of Scotland International]] Limited, trading as NatWest Offshore, operates branches in [[Jersey]], [[Guernsey]], the [[Isle of Man]] and [[Gibraltar]]. Share dealing services are provided by NatWest Stockbrokers Limited,<ref>Registered in England and Wales No. 1959479. Authorised and regulated by the FSA, Register No. 124395</ref> which is a member of the London Stock Exchange and PLUS. NatWest Stockbrokers is operated by a joint venture between The Royal Bank of Scotland Group and the [[Toronto-Dominion Bank]], TD Waterhouse Investor Services (Europe) Limited. The bank is a member of the [[Cheque and Credit Clearing Company]] Limited, [[BACS|Bankers Automated Clearing Services]] Limited, the [[CHAPS|Clearing House Automated Payment System]] Limited and the [[LINK (UK)|LINK]] Interchange Network Limited.
-==Litigation==
-[[Image:NatWest, Saint Hélyi, Jèrri.jpg|thumb|The NatWest branch at [[Saint Helier]], [[Jersey]] in the [[Channel Islands]].]]
-The [[NatWest Three]] &mdash; Giles Darby, David Bermingham and Gary Mulgrew &mdash; were extradited to the United States in 2006 on charges relating to a transaction with [[Enron Corporation]] in 2000 while they were working for Greenwich NatWest.<ref>[http://news.bbc.co.uk/1/hi/business/5174358.stm NatWest Three: the US indictment] BBC News, 12 July 2006 22:51 [[BST]]</ref> It has been argued that the alleged crime was committed by British citizens living in the UK against a British company based in London<ref>Randall, Jeff [http://www.telegraph.co.uk/money/main.jhtml?view=DETAILS&grid=M3&xml=/money/2006/03/01/ccjeff01.xml Natwest Three caught on extradition's one-way street] The Daily Telegraph, 1 March 2006</ref> and therefore, any resulting criminal case falls under the jurisdiction of the English courts.<ref>[http://news.bbc.co.uk/1/hi/uk_politics/5155596.stm Try Natwest three in UK - Tories] BBC News, 6 July 2006 17:23 [[BST]]</ref> However, the [[Serious Fraud Office]] decided not to prosecute due to lack of evidence.<ref>[http://news.bbc.co.uk/1/hi/business/4576281.stm Enron charge trio facing US trial] BBC News, 24 May 2005 16:04 [[BST]]</ref> There has been criticism that the Americans do not have to produce a prima facie case, or even a reasonable one, to extradite British citizens,<ref>King, Oliver [http://politics.guardian.co.uk/foreignaffairs/story/0,,1812471,00.html Lib Dem leader joins bankers' extradition battle] The Guardian, 4 July 2006</ref> whereas no such facility exists to extradite US citizens to the UK.<ref>Stevenson, Tom [http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/07/06/ccnat06.xml Senior executives attack 'invidious, one-sided treaty'] The Daily Telegraph, 6 July 2006</ref> On 28 November 2007 the three admitted one charge of [[wire fraud]] after a [[plea bargain]].<ref>Clark, Andrew [http://www.guardian.co.uk/business/2007/nov/28/2 NatWest Three plead guilty to wire fraud] Guardian Unlimited, 28 November 2007</ref> On 22 February 2008 they were each sentenced to 37 months in prison.<ref>[http://news.bbc.co.uk/1/hi/business/7118305.stm NatWest Three face jail sentence] BBC News, 29 November 2007 09:10 [[GMT]]</ref>
-Following discussions between the [[Office of Fair Trading]], the [[Financial Ombudsman Service]], the [[Financial Services Authority]] and the major banks, proceedings were issued on 27 July 2007 in a [[test case]] against the banks to determine the legality and enforceability of certain charges relating to unauthorised overdrafts. It is argued that these are contrary to The [[Unfair Terms in Consumer Contracts Regulations 1999]]; Schedule 2(e) of which gives a non-exhaustive list of terms which may be regarded as unfair, such as a term requiring a consumer who fails in his obligation to pay a disproportionately high sum in compensation.<ref>[http://www.opsi.gov.uk/si/si1999/19992083.htm The Unfair Terms in Consumer Contracts Regulations 1999] (SI 1999/2083), implements Directive 93/13/EC (L95 OJ 29)</ref> Penalty charges are irrecoverable at [[common law]]. The precedent for this was ''[[Dunlop Rubber|Dunlop Pneumatic Tyre Co. Ltd.]] v New Garage and Motor Co. Ltd.'' [1915] AC 79 along with ''Murray v Leisure Play'' [2005] EWCA Civ 963, where it was held that a contractual party can only recover damages for an actual loss or liquidated losses.<ref>Collinson, Patrick [http://money.guardian.co.uk/saving/banks/story/0,,2017356,00.html Have you been stung by exorbitant bank charges?] Guardian Unlimited</ref> The Royal Bank of Scotland Group maintains that its charges are fair and enforceable and stated it intended to defend its position vigorously.<ref>[http://www.investors.rbs.com/downloads/NW_CA_June_2007.pdf Results for the Half Year Ended 30 June 2007] ''Notes (6) Litigation'' (p.10) National Westminster Bank, 26 September 2007</ref> The High Court found that although these charges could not constitute penalties, they are challengeable under the [[Unfair Contract Terms Act 1977]] and the Unfair Terms in Consumer Contracts Regulations 1999.<ref>''[[Office of Fair Trading v Abbey National and Others (2008)|Office of Fair Trading v Abbey National and Others]]'' [2008] EWHC 875 (Comm); All ER (D) 349 (Apr)</ref>
-==Sponsorship==
-The name NatWest has been associated with two major [[cricket]] tournaments held in England.  From 1981 until 2000, the bank was the title sponsor of English domestic cricket's main [[Limited overs cricket|limited-overs]] knockout tournament, which was known as the [[Friends Provident Trophy|NatWest Trophy]] during that period.  Since 2000, the [[NatWest Series]] has been an annual [[One Day International|one-day international]] tournament involving [[England cricket team|England]] and two visiting international teams.  NatWest were also a main sponsor of the [[1999 Cricket World Cup]], held in England.
-NatWest is the largest sponsor of the Natwest Southern Paintball League, the leading competitive paintball series in the south of England.
-==References==
-{{reflist|2}}
-==See also==
-*[[National Westminster Bank plc v Spectrum Plus Limited]]
-*[[Tournier v National Provincial and Union Bank of England]]
-==External links==
-*[http://www.natwest.com/ National Westminster Bank]
-*[http://www.rbs.com/ The Royal Bank of Scotland Group]
-{{Royal Bank of Scotland Group}}
-{{UK banks}}
-{{Members of Euro Banking Association}}
-[[Category:Banks of the United Kingdom]]
-[[Category:Royal Bank of Scotland Group]]
-[[Category:Companies formerly listed on the London Stock Exchange]]
-[[Category:Companies based in London]]
-[[Category:Companies established in 1968]]
-[[nl:National Westminster Bank]]
-[[ja:ナショナル・ウエストミンスター銀行]]
-[[fi:National Westminster Bank]]