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{{Infobox Company
{{NatOrganicBox
|company_name = National Westminster Bank Plc
| image= [[Image:L-tryptophan.svg|160px|Skeletal formula of tryptophan]][[Image:L-tryptophan-3D-sticks.png|160px|3D stick model of tryptophan molecule]]
|company_logo = [[Image:NatWest logo.svg]]
| name=(''S'')-2-Amino-3-(1H-indol-3-yl)-propionic acid
|company_type = [[Public Limited Company]]
| PubChem = 6305
|company_slogan = Another way
| CAS = 73-22-3
|foundation = 1968
| SMILES = N[C@@H](Cc1c2ccccc2n([H])c1)C(O)=O
|location= 135 Bishopsgate,<br> London EC2M 3UR
| C=11 | H=12 | N=2 | O=2
|key_people = [[Tom McKillop|Sir Thomas McKillop]], Chairman and [[Fred Goodwin|Sir Frederick Goodwin]], Chief Executive
| mass=204.225 g/mol
|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.
'''Tryptophan''' (abbreviated as '''Trp''' or '''W''')<ref>{{cite web | author=IUPAC-IUBMB Joint Commission on Biochemical Nomenclature | title=Nomenclature and Symbolism for Amino Acids and Peptides | work=Recommendations on Organic & Biochemical Nomenclature, Symbols & Terminology etc | url=http://www.chem.qmul.ac.uk/iupac/AminoAcid/ | accessdate=2007-05-17}}</ref> is one of the 20 [[List of standard amino acids|standard amino acids]], as well as an [[essential amino acid]] in the [[human]] diet. It is encoded in genetic code as the [[codon]] ''UGG''. Only the L-[[stereoisomer]] of tryptophan is used in [[Fibrous protein|structural]] or [[enzyme]] proteins, but the D-[[stereoisomer]] is occasionally found in naturally produced [[peptide]]s (for example, the marine venom [[peptide]] [[contryphan]]).<ref name="Pallaghy_1999">{{cite journal |author=Pallaghy PK, Melnikova AP, Jimenez EC, Olivera BM, Norton RS|title=Solution structure of contryphan-R, a naturally-occurring disulfide-bridged octapeptide containing D-tryptophan: comparison with protein loops|journal= Biochemistry |volume= 38 |issue= 35 |pages= 11553–9 |year= 1999 |pmid= 10471307 | doi = 10.1021/bi990685j}}</ref> The distinguishing structural characteristic of tryptophan is that it contains an [[indole]] functional group.


==Isolation==
==History==
{{details3|[[National Provincial Bank]], [[Westminster Bank]] and [[District Bank]]}}
The isolation of tryptophan was first reported by [[Frederick Hopkins| Sir Frederick Hopkins]] in 1901 <ref name="pmid16992614">{{cite journal | author = Hopkins FG, Cole SW | title = A contribution to the chemistry of proteids: Part I. A preliminary study of a hitherto undescribed product of tryptic digestion | journal = J. Physiol. (Lond.) | volume = 27 | issue = 4-5 | pages = 418–28 | year = 1901 | pmid = 16992614 | doi = | issn = | url = http://www.pubmedcentral.nih.gov/articlerender.fcgi?artid=1540554}}</ref> through hydrolysis of [[casein]]. From 600 [[gram]]s of crude casein one obtains 4-8 grams of tryptophan.<ref name="Cox_1943">{{cite journal | author = Cox GJ, King H | title = L-Tryptophane | journal = Organic Syntheses | volume = Collected Volume 2 | issue = | pages = 612–616 | year = 1943| doi = | issn = | url = http://www.orgsyn.org/orgsyn/pdfs/CV2P0612.pdf}}</ref>
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===
== Biosynthesis and industrial production ==
[[Image:NatWestLB.JPG|thumb|The NatWest branch at [[Leighton Buzzard]], [[Bedfordshire]], an example of [[Neo-Renaissance]] architecture.]]
Plants and [[microorganism]]s commonly synthesize tryptophan from [[shikimic acid]] or [[anthranilic acid|anthranilate]].<ref name="pmid7640526">{{cite journal | author = Radwanski ER, Last RL | title = Tryptophan biosynthesis and metabolism: biochemical and molecular genetics | journal = Plant Cell | volume = 7 | issue = 7 | pages = 921–34 | year = 1995 | pmid = 7640526 | doi = 10.1105/tpc.7.7.921 }}</ref> The latter condenses with [[phosphoribosylpyrophosphate]] (PRPP), generating [[pyrophosphate]] as a by-product. After ring opening of the ribose moiety and following reductive decarboxylation, indole-3-glycerinephosphate is produced, which in turn is transformed into [[indole]]. In the last step, tryptophan synthase catalyzes the formation of tryptophan from indole and the amino acid, [[serine]].
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> In 1982, the [[Frankfurt]] office of International Westminster Bank was merged with Global Bank AG to form Deutsche Westminster Bank and in 1988, National Westminster Bank SA was incorporated and took over the bank's six branches in [[France]] and [[Monaco]]. In 1989, International Westminster Bank was merged into National Westminster Bank by Act of Parliament as there was no longer any advantage in operating separately.<ref>[http://www.rbs.com/about03.asp?id=ABOUT_US/OUR_HERITAGE/OUR_ARCHIVES/ONLINE_ARCHIVE_GUIDE/THE_ARCHIVE_GUIDE/INTERNATIONAL_WESTMINSTER_BANK International Westminster Bank] The Royal Bank of Scotland Group, Archive Guide (retrieved 19 November 2007)</ref> Completed in 1980, the bank 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>
[[Image:Tryptophan biosynthesis.png|center|800px|test]]
The industrial production of tryptophan is also biosynthetic and is based on the fermentation of [[serine]] and [[indole]] using either wild-type or genetically modified ''[[E. coli]]''. The conversion is catalyzed by the enzyme [[tryptophan synthase]].<ref name="pmid12523387">{{cite journal | author = Ikeda M | title = Amino acid production processes | journal = Adv. Biochem. Eng. Biotechnol. | volume = 79 | issue = | pages = 1–35 | year = 2002 | pmid = 12523387 | doi = | issn = | url = http://www.springerlink.com/content/226q8plt36351kck}}</ref>


==Function==
===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>
[[Image:Tryptophan metabolism.png|thumb|365px|Metabolism of L-tryptophan into serotonin and melatonin (left) and niacin (right). Transformed functional groups after each chemical reaction are highlighted in red.]]
For many organisms (including humans), tryptophan is an [[essential amino acid]]. This means that it cannot be synthesized by the organism and therefore must be part of its diet. Amino acids, including tryptophan, act as building blocks in [[protein biosynthesis]]. In addition, tryptophan functions as a biochemical [[Precursor (chemistry)|precursor]] for the following compounds (see also figure to the right):
* [[Serotonin]] (a [[neurotransmitter]]), synthesized via [[tryptophan hydroxylase]].<ref name="pmid6132421">{{cite journal | author = Fernstrom JD | title = Role of precursor availability in control of monoamine biosynthesis in brain | journal = Physiol. Rev. | volume = 63 | issue = 2 | pages = 484–546 | year = 1983 | pmid = 6132421 | doi = | issn = | url = http://physrev.physiology.org/cgi/reprint/63/2/484}}</ref><ref name="pmid1704290">{{cite journal | author = Schaechter JD, Wurtman RJ | title = Serotonin release varies with brain tryptophan levels | journal = Brain Res. | volume = 532 | issue = 1-2 | pages = 203–10 | year = 1990 | pmid = 1704290 | doi = 10.1016/0006-8993(90)91761-5| url = http://wurtmanlab.mit.edu/publications/pdf/790.pdf}}</ref> Serotonin, in turn, can be converted to [[melatonin]] (a [[neurohormone]]), via [[N-Acetyltransferase|N-acetyltransferase]] and [[5-hydroxyindole-O-methyltransferase]] activities.<ref name="pmid4391290">{{cite journal | author = Wurtman RJ, Anton-Tay F | title = The mammalian pineal as a neuroendocrine transducer | journal = Recent Prog. Horm. Res. | volume = 25 | issue = | pages = 493–522 | year = 1969 | pmid = 4391290 | doi = | issn = | url = http://wurtmanlab.mit.edu/publications/pdf/104.pdf}}</ref>
* [[Niacin]] is synthesized from tryptophan via [[kynurenine]] and quinolinic acids as key biosynthetic intermediates.<ref name="pmid14284754">{{cite journal | author = Ikeda M, Tsuji H, Nakamura S, Ichiyama A, Nishizuka Y, Hayaishi O | title = Studies on the biosynthesis of nicotinamide adenine dinucleotide. II. A role of picolinic carboxylase in the biosynthesis of nicotinamide adenine dinucleotide from tryptophan in mammals | journal = J. Biol. Chem. | volume = 240 | issue = | pages = 1395–401 | year = 1965 | pmid = 14284754 | doi = | issn = | url = http://www.jbc.org/cgi/reprint/240/3/1395 }}</ref>


===Takeover===
The disorder [[Fructose malabsorption|Fructose Malabsorption]] causes improper absorption of tryptophan in the intestine, reduced levels of tryptophan in the blood<ref>{{cite journal |author=Ledochowski M, Widner B, Murr C, Sperner-Unterweger B, Fuchs D |title=Fructose malabsorption is associated with decreased plasma tryptophan |journal=Scand. J. Gastroenterol. |volume=36 |issue=4 |pages=367–71 |year=2001 |pmid=11336160 |doi=}}</ref> and depression.<ref>{{cite journal |author=Ledochowski M, Sperner-Unterweger B, Widner B, Fuchs D |title=Fructose malabsorption is associated with early signs of mental depression |journal=Eur. J. Med. Res. |volume=3 |issue=6 |pages=295–8 |year=1998 |pmid=9620891 |doi=}}</ref>
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>
In bacteria that synthesize tryptophan, high cellular levels of this amino acid activate a [[repressor]] protein, which binds to the [[trp operon]]. {{Fact|date=October 2007}} Binding of this repressor to the tryptophan operon prevents transcription of downstream DNA that codes for the enzymes involved in the biosynthesis of tryptophan. So high levels of tryptophan prevent tryptophan synthesis through a negative feedback loop and, when the cell's tryptophan levels are reduced, transcription from the trp operon resumes. The genetic organisation of the trp operon thus permits tightly regulated and rapid responses to changes in the cell's internal and external tryptophan levels.


==Dietary sources==
==Structure==
[[Image:The Old Court House Ruthin Wales.jpg|thumb|The old court house at [[Ruthin]], [[Denbighshire]], built in 1401, now a NatWest branch.]]
Tryptophan is a routine constituent of most protein-based foods or dietary proteins. It is particularly plentiful in [[chocolate]], [[oat]]s, [[banana]]s, [[mango]]es, dried [[Date Palm|date]]s, [[milk]], [[yogurt]], [[cottage cheese]], [[red meat]], [[egg (food)|eggs]], [[fish]], [[poultry]], [[sesame]], [[chickpea]]s, [[sunflower seeds]], [[pumpkin seeds]], [[spirulina]], and [[peanut]]s.<ref name= Tryptophan_background >[http://www.vitamins-supplements.org/amino-acids/tryptophan.php Tryptophan background]</ref> It is also found in [[turkey (bird)|turkey]] at a level typical of poultry in general.<ref name = "USDA">{{cite web|title= USDA National Nutrient Database for Standard Reference, Release 20 | |publisher= United States Department of Agriculture | author = Joanne Holden, Nutrient Data Laboratory, Agricultural Research Service | url=http://www.ars.usda.gov/nutrientdata | accessdate = 2007-10-02}}</ref>
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>
{| class="wikitable sortable" style="background:white"
*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
|+ Tryptophan (Trp) Content of Various Foods<ref name = "USDA" /><ref name="Rambali">{{cite journal | author=Rambali B, Andel I van, Schenk E, Wolterink G, Werken G van de, Stevenson H, Vleeming W | title=[The contribution of cocoa additive to cigarette smoking addiction] | journal=RIVM | year=2002 | url=http://rivm.nl/bibliotheek/rapporten/650270002.pdf | format=PDF | issue=report 650270002/2002}}- The National Institute for Public Health and the Environment (Netherlands)</ref></center>
*[[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>
|-
!width="140 pt"|Food
!width="240 pt"|Protein <br>[g/100 g of food]
!width="200 pt"|Tryptophan <br>[g/100 g of food]
!width="180 pt"|Tryptophan/Protein [%]
|-
| egg, white, dried || <center>81.10</center> || <center>1.00</center> || <center>1.23</center>
|-
| spirulina, dried || <center>57.47</center> || <center>0.93</center> || <center>1.62</center>
|-
| cod, atlantic, dried || <center>62.82</center> || <center>0.70</center> || <center>1.11</center>
|-
| soybeans, raw || <center>36.49</center> || <center>0.59</center> || <center>1.62</center>
|-
| cheese, Parmesan || <center>37.90</center> || <center>0.56</center> || <center>1.47</center>
|-
| caribou || <center>29.77</center> || <center>0.46</center> || <center>1.55</center>
|-
| sesame seed || <center>17.00</center> || <center>0.37</center> || <center>2.17</center>
|-
| cheese, cheddar || <center>24.90</center> || <center>0.32</center> || <center>1.29</center>
|-
| sunflower seed || <center>17.20</center> || <center>0.30</center> || <center>1.74</center>
|-
| pork, chop || <center>19.27</center> || <center>0.25</center> || <center>1.27</center>
|-
| turkey || <center>21.89</center> || <center>0.24</center> || <center>1.11</center>
|-
| chicken || <center>20.85</center> || <center>0.24</center> || <center>1.14</center>
|-
| beef || <center>20.13</center> || <center>0.23</center> || <center>1.12</center>
|-
| salmon || <center>19.84</center> || <center>0.22</center> || <center>1.12</center>
|-
| lamb, chop || <center>18.33</center> || <center>0.21</center> || <center>1.17</center>
|-
| perch, Atlantic || <center>18.62</center> || <center>0.21</center> || <center>1.12</center>
|-
| egg || <center>12.58</center> || <center>0.17</center> || <center>1.33</center>
|-
| wheat flour, white || <center>10.33</center> || <center>0.13</center> || <center>1.23</center>
|-
| milk || <center>3.22</center> || <center>0.08</center> || <center>2.34</center>
|-
| rice, white || <center>7.13</center> || <center>0.08</center> || <center>1.16</center>
|-
| potatoes, russet || <center>2.14</center> || <center>0.02</center> || <center>0.84</center>
|-
| banana || <center>1.03</center> || <center>0.01</center> || <center>0.87</center>
|}


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>
===Use as a dietary supplement===
For some time, tryptophan has been available in health food stores as a [[dietary supplement]], although it is common in dietary protein. Many people found tryptophan to be a safe and reasonably effective sleep aid, probably due to its ability to increase [[brain]] levels of [[serotonin]] (a calming [[neurotransmitter]] when present in moderate levels)<ref name="pmid6115400">{{cite journal | author = Wurtman RJ, Hefti F, Melamed E | title = Precursor control of neurotransmitter synthesis | journal = Pharmacol. Rev. | volume = 32 | issue = 4 | pages = 315–35 | year = 1980 | pmid = 6115400 | doi = | issn = | url = http://wurtmanlab.mit.edu/publications/pdf/466.pdf }}</ref> and/or [[melatonin]] (a sleep-inducing [[hormone]] secreted by the [[pineal gland]] in response to darkness or low light levels).<ref name="pmid5300432">{{cite journal | author = Wurtman RJ, Larin F, Axelrod J, Shein HM, Rosasco K | title = Formation of melatonin and 5-hydroxyindole acetic acid from 14C-tryptophan by rat pineal glands in organ culture | journal = Nature | volume = 217 | issue = 5132 | pages = 953–4 | year = 1968 | pmid = 5300432 | doi = 10.1038/217953a0 }}</ref><ref name="pmid16942634">{{cite journal | author = Ruddick JP, Evans AK, Nutt DJ, Lightman SL, Rook GA, Lowry CA | title = Tryptophan metabolism in the central nervous system: medical implications | journal = Expert reviews in molecular medicine | volume = 8 | issue = 20 | pages = 1–27 | year = 2006 | pmid = 16942634 | doi = 10.1017/S1462399406000068 }}</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:
Clinical research has shown mixed results with respect to tryptophan's effectiveness as a sleep aid, especially in normal patients<ref name="pmid6764927">{{cite journal | author = Hartmann E | title = Effects of L-tryptophan on sleepiness and on sleep | journal = Journal of psychiatric research | volume = 17 | issue = 2 | pages = 107–13 | year = 1982 | pmid = 6764927 | doi = 10.1016/0022-3956(82)90012-7 }}</ref><ref name="pmid3090582">{{cite journal | author = Schneider-Helmert D, Spinweber CL | title = Evaluation of L-tryptophan for treatment of insomnia: a review | journal = Psychopharmacology (Berl.) | volume = 89 | issue = 1 | pages = 1–7 | year = 1986 | pmid = 3090582 | doi = 10.1007/BF00175180 }}</ref><ref name="pmid4097755">{{cite journal | author = Wyatt RJ, Engelman K, Kupfer DJ, Fram DH, Sjoerdsma A, Snyder F. | title = Effects of L-tryptophan (a natural sedative) on human sleep | journal = Lancet | volume = 1970 Oct 24,2 | issue = 7678 | pages = 842–6 | year = 1970 Oct 24| pmid = 4097755 | doi = | issn = 0140-6736}}</ref> and for a growing variety of other conditions typically associated with low serotonin levels or activity in the brain<ref>{{cite web|title=research summary of Dr. Richard Wurtman, MIT|url=http://web.mit.edu/bcs/people/wurtman.shtml|accessdate = 2007-08-12}}</ref> such as [[premenstrual dysphoric disorder]]
<ref name="pmid10023508">{{cite journal | author = Steinberg S, Annable L, Young SN, Liyanage N | title = A placebo-controlled clinical trial of L-tryptophan in premenstrual dysphoria | journal = Biol. Psychiatry | volume = 45 | issue = 3 | pages = 313–20 | year = 1999 | pmid = 10023508 | doi = 10.1016/S0006-3223(98)00005-5 | issn = }}</ref> and [[seasonal affective disorder]].<ref name="pmid9114947">{{cite journal | author = Lam RW, Levitan RD, Tam EM, Yatham LN, Lamoureux S, Zis AP | title = L-tryptophan augmentation of light therapy in patients with seasonal affective disorder | journal = Canadian journal of psychiatry. Revue canadienne de psychiatrie | volume = 42 | issue = 3 | pages = 303–6 | year = 1997 | pmid = 9114947 | doi = | issn = | url = http://ww1.cpa-apc.org:8080/Publications/Archives/CJP/1997/April/apr97_bc1.htm }}</ref><ref name="Jepson_1999">{{cite journal |author=Jepson TL, Ernst ME, Kelly MW|title=Current perspectives on the management of seasonal affective disorder|journal= J Am Pharm Assoc (Wash) |volume= 39 |issue= 6 |pages= 822–9 |year= 1999 |pmid= 10609448|doi=10.1126/science.2237411.<br>|doi_brokendate=2008-06-25}}</ref> In particular, tryptophan has been showing considerable promise as an [[antidepressant]] alone,<ref name="pmid7156248">{{cite journal | author = Thomson J, Rankin H, Ashcroft GW, Yates CM, McQueen JK, Cummings SW | title = The treatment of depression in general practice: a comparison of L-tryptophan, amitriptyline, and a combination of L-tryptophan and amitriptyline with placebo | journal = Psychological medicine | volume = 12 | issue = 4 | pages = 741–51 | year = 1982 | pmid = 7156248 | doi = | issn = }}</ref> and as an "augmenter" of [[antidepressant]] drugs.<ref name="pmid7156248" /><ref name="pmid11022398">{{cite journal | author = Levitan RD, Shen JH, Jindal R, Driver HS, Kennedy SH, Shapiro CM | title = Preliminary randomized double-blind [[placebo]]-controlled trial of tryptophan combined with fluoxetine to treat major depressive disorder: antidepressant and hypnotic effects | journal = Journal of psychiatry & neuroscience : JPN | volume = 25 | issue = 4 | pages = 337–46 | year = 2000 | pmid = 11022398 | doi = | issn = | url = http://www.cma.ca/index.cfm/ci_id/12652/la_id/1.htm}}</ref> However, the reliability of these clinical trials has been questioned.<ref name="pmid10696120">{{cite journal | author = Meyers S | title = Use of neurotransmitter precursors for treatment of depression | journal = Alternative medicine review : a journal of clinical therapeutic | volume = 5 | issue = 1 | pages = 64–71 | year = 2000 | pmid = 10696120 | doi = | issn = | url = http://www.thorne.com/altmedrev/.fulltext/5/1/64.pdf }}</ref><ref name="pmid11869656">{{cite journal | author = Shaw K, Turner J, Del Mar C | title = Tryptophan and 5-hydroxytryptophan for depression | journal = Cochrane database of systematic reviews (Online) | volume = | issue = 1 | pages = CD003198 | year = 2002 | pmid = 11869656 | doi = 10.1002/14651858.CD003198 | issn = }}</ref>


*Retail Markets, providing a broad range of retail services across different brands and channels to personal and small business customers;
===Metabolites===
*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==
[[5-Hydroxytryptophan]] (5-HTP), a metabolite of tryptophan, has been suggested as a treatment for [[epilepsy]]<ref name="Kostowski_1978">{{cite journal |author=Kostowski W, Bidzinski A, Hauptmann M, Malinowski JE, Jerlicz M, Dymecki J|title=Brain serotonin and epileptic seizures in mice: a pharmacological and biochemical study|journal= Pol J Pharmacol Pharm |volume= 30 |issue= 1 |pages= 41–7 |year= 1978 |pmid= 148040|doi=10.1126/science.2237411.<br>|doi_brokendate=2008-06-25}}</ref> and [[Clinical depression|depression]], although clinical trials are regarded inconclusive and lacking.<ref name="Turner_2006">{{cite journal |author=Turner EH, Loftis JM, Blackwell AD|title=Serotonin a la carte: supplementation with the serotonin precursor 5-hydroxytryptophan|journal= Pharmacol Ther |volume= 109 |issue= 3 |pages= 325–38 |year= 2006 |pmid= 16023217 | doi = 10.1016/j.pharmthera.2005.06.004}}</ref>
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}}
5-HTP readily crosses the [[blood-brain barrier]] and in addition is rapidly [[Decarboxylation|decarboxylated]] to [[serotonin]] (5-hydroxytryptamine or 5-HT)<ref name="Hardebo_1980">{{cite journal |author=Hardebo JE, Owman C|title=Barrier mechanisms for neurotransmitter monoamines and their precursors at the blood-brain interface|journal= Ann NeurolAnn Neurol |volume= 8 |issue= 1 |pages= 1–31 |year= 1980 |pmid= 6105837|doi=10.1002/ana.410080102}}</ref> and therefore may be useful for the treatment of depression. However serotonin has a relatively short half-life since it is rapidly metabolized by [[monoamine oxidase]], and therefore is likely to have limited efficacy. It is marketed in Europe for depression and other indications under the brand names Cincofarm and Tript-OH.
:''[[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.
In the United States, 5-HTP does not require a prescription, as it is covered under the [[Dietary Supplement Health and Education Act|Dietary Supplement Act]]. However, since the quality of dietary supplements is not regulated by the [[FDA]], the quality of dietary and nutritional supplements tends to vary, and there is no guarantee that the label accurately depicts what the bottle contains.


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.
=== Tryptophan supplements and EMS ===
Although currently available for purchase, in 1989 a large outbreak (1,500 cases of permanent disability including at least thirty-seven deaths) of a disabling [[autoimmune]] illness called [[eosinophilia-myalgia syndrome]] (EMS) was traced by some epidemiological studies<ref name="pmid2355442">{{cite journal | author = Slutsker L, Hoesly FC, Miller L, Williams LP, Watson JC, Fleming DW | title = Eosinophilia-myalgia syndrome associated with exposure to tryptophan from a single manufacturer | journal = JAMA | volume = 264 | issue = 2 | pages = 213–7 | year = 1990 | pmid = 2355442| doi = 10.1001/jama.264.2.213| issn = }}</ref><ref name="pmid8496862">{{cite journal | author = Back EE, Henning KJ, Kallenbach LR, Brix KA, Gunn RA, Melius JM | title = Risk factors for developing eosinophilia myalgia syndrome among L-tryptophan users in New York | journal = J. Rheumatol. | volume = 20 | issue = 4 | pages = 666–72 | year = 1993 | pmid = 8496862 | doi = | issn = }}</ref><ref name="pmid8895184">{{cite journal | author = Kilbourne EM, Philen RM, Kamb ML, Falk H | title = Tryptophan produced by Showa Denko and epidemic eosinophilia-myalgia syndrome | journal = The Journal of rheumatology. Supplement | volume = 46 | issue = | pages = 81–8; discussion 89–91 | year = 1996 | pmid = 8895184 | doi = | issn = }}</ref> to L-tryptophan supplied by a Japanese manufacturer, [[Showa Denko]] KK.<ref name= FDA_Tryptophan_Info >[http://vm.cfsan.fda.gov/~dms/ds-tryp1.html FDA Information Paper on L-tryptophan and 5-hydroxy-L-tryptophan]</ref> It was further hypothesized that one or more trace impurities produced during the manufacture of tryptophan may have been responsible for the EMS outbreak.<ref name="pmid2270484">{{cite journal | author = Mayeno AN, Lin F, Foote CS, Loegering DA, Ames MM, Hedberg CW, Gleich GJ | title = Characterization of "peak E," a novel amino acid associated with eosinophilia-myalgia syndrome | journal = Science | volume = 250 | issue = 4988 | pages = 1707–8 | year = 1990 | pmid = 2270484 | doi = 10.1126/science.2270484 | issn = }}</ref><ref name="pmid1544609">{{cite journal | author = Ito J, Hosaki Y, Torigoe Y, Sakimoto K | title = Identification of substances formed by decomposition of peak E substance in tryptophan | journal = Food Chem. Toxicol. | volume = 30 | issue = 1 | pages = 71–81 | year = 1992 | pmid = 1544609 | doi = 10.1016/0278-6915(92)90139-C | issn = }}</ref> It is important to note that the Showa Denko facility was the only one manufacturing L-Tryptohan starting in 1984 who started to [[genetically engineered]] bacteria to produce L-Tryptohan. As they started to increase the number of genes into their bacteria the corresponding increase in contamination levels followed.<ref>Smith, Jeffrey M. Genetic Roulette: The Documented Health Risks of Genetically Engineered Foods, Yes! Books, Fairfield, IA, 2007</ref> The most illness associated with the genetically engineered L-Tryptophan was a strain that produced five separate transgenes.<ref>A.N. Mayeno and G.J. Gleich, eds, "Eosinophilia-Myalgia Syndrome and Tryptophan Production: A Cautionary Tale." Trends Biotechnol 12 (1994): 346-352</ref> Furthermore the methodology used in the initial epidemiological studies has been criticized.<ref name="pmid8895181">{{cite journal | author = Shapiro S | title = Epidemiologic studies of the association of L-tryptophan with the eosinophilia-myalgia syndrome: a critique | journal = The Journal of rheumatology. Supplement | volume = 46 | issue = | pages = 44–58; discussion 58–9 | year = 1996 | pmid = 8895181 | doi = | issn = }}</ref><ref name="pmid8895182">{{cite journal | author = Horwitz RI, Daniels SR | title = Bias or biology: evaluating the epidemiologic studies of L-tryptophan and the eosinophilia-myalgia syndrome | journal = The Journal of rheumatology. Supplement | volume = 46 | issue = | pages = 60–72 | year = 1996 | pmid = 8895182 | doi = | issn = }}</ref> An alternative explanation for the 1989 EMS outbreak is that large doses of tryptophan produce [[metabolites]] which inhibit the normal degradation of [[histamine]] and excess histamine in turn has been proposed to cause EMS.<ref name="pmid16307217">{{cite journal | author = Smith MJ, Garrett RH | title = A heretofore undisclosed crux of eosinophilia-myalgia syndrome: compromised histamine degradation | journal = Inflamm. Res. | volume = 54 | issue = 11 | pages = 435–50 | year = 2005 | pmid = 16307217 | doi = 10.1007/s00011-005-1380-7 | issn = }}</ref>


==Litigation==
Most tryptophan was banned from sale in the US in 1991, and other countries followed suit. Tryptophan from one manufacturer, of six, continued to be sold for manufacture of baby formulas. A Rutgers Law Journal article observed, "Political pressures have played a role in the FDA's decision to ban L-tryptophan as well as its desire to increase its regulatory power over dietary supplements."<ref name="Beisler_2000">{{cite journal |author= Beisler JH|title=Dietary Supplements and Their Discontents: FDA Regulation and the Dietary Supplement Health and Education Act of 1994 (L-tryptophan Section)|journal= Rutgers Law Journal |volume= |issue= |pages= |year= 2000 |url = http://www.seedsofdeception.com/utility/showArticle/?objectID=263/|doi=10.1126/science.2237411.<br>|doi_brokendate=2008-06-25}}</ref>
[[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>
At the time of the ban, the FDA did not know, or did not indicate, that EMS was caused by a contaminated batch,<ref name= FDA_Tryptophan_Recall >[http://www.fda.gov/bbs/topics/NEWS/NEW00064.html FDA Tryptophan Recall]</ref><ref>{{cite journal |author= Raphals P|title=Does medical mystery threaten biotech?|journal= Science |volume= 250 |issue= |pages= 4981 |year= 2000 |pmid = 2237411 | doi = 10.1126/science.2237411}}</ref> and yet, even when the contamination was discovered and the purification process fixed, the FDA maintained that L-tryptophan was unsafe. In February 2001, the FDA loosened the restrictions on marketing (though not on importation), but still expressed the following concern:
: ''"Based on the scientific evidence that is available at the present time, we cannot determine with certainty that the occurrence of EMS in susceptible persons consuming L-tryptophan supplements derives from the content of L-tryptophan, an impurity contained in the L-tryptophan, or a combination of the two in association with other, as yet unknown, external factors."''<ref name= FDA_Tryptophan_Info />


==Sponsorship==
Since 2002, L-tryptophan has been sold in the U.S. in its original form. Several high-quality sources of L-tryptophan do exist, and are sold in many of the largest health food stores nationwide. Indeed, tryptophan has continued to be used in clinical and experimental studies employing human patients and subjects.
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.
In recent years in the U.S., compounding [[pharmacy|pharmacies]] and some mail-order supplement retailers have begun selling tryptophan to the general public. Tryptophan has also remained on the market as a prescription drug (Tryptan), which some [[psychiatrist]]s continue to prescribe, particularly as an augmenting agent for people who are unresponsive to antidepressant drugs.{{Fact|date=February 2007}}


==References==
===Turkey meat and drowsiness===
{{reflist|2}}
One widely-held belief is that heavy consumption of [[turkey (bird)|turkey]] meat (as for example in a [[Thanksgiving]] or [[Christmas]] feast) results in drowsiness, which has been attributed to high levels of tryptophan contained in turkey.<ref name = "Helmenstine">{{cite web|title=About.com: Does Eating Turkey Make You Sleepy? | url=http://chemistry.about.com/od/holidaysseasons/a/tiredturkey.htm | accessdate = 2007-08-17}}</ref><ref name = "howstuffworks">{{cite web|title=Howstuffworks.com: Is there something in turkey that makes you sleepy? | url=http://home.howstuffworks.com/question519.htm | accessdate = 2007-08-17}}</ref><ref name = "McCue">{{cite web|title=Chemistry.org: Thanksgiving, Turkey, and Tryptophan | url=http://www.chemistry.org/portal/a/c/s/1/feature_ent.html?DOC=enthusiasts%5Cent_tryptophan.html | accessdate = 2007-08-17}}</ref> While turkey does contain high levels of tryptophan, the amount is comparable to that contained in most other meats.<ref name = "USDA" /> Furthermore, [[postprandial]] Thanksgiving [[sedation]] may have more to do with what is consumed along with the turkey, in particular [[carbohydrate]]s and [[alcohol]], rather than the turkey itself.


==See also==
It has been demonstrated in both animal models<ref name="pmid5120086">{{cite journal | author = Fernstrom JD, Wurtman RJ | title = Brain serotonin content: increase following ingestion of carbohydrate diet | journal = Science | volume = 174 | issue = 13 | pages = 1023–5 | year = 1971 | pmid = 5120086 | doi = 10.1126/science.174.4013.1023 | issn = }}</ref> and in humans<ref name="pmid3279747">{{cite journal | author = Lyons PM, Truswell AS | title = Serotonin precursor influenced by type of carbohydrate meal in healthy adults | journal = Am. J. Clin. Nutr. | volume = 47 | issue = 3 | pages = 433–9 | year = 1988 | pmid = 3279747 | doi = | issn = | url = http://www.ajcn.org/cgi/reprint/47/3/433.pdf}}</ref><ref name="pmid12499331">{{cite journal | author = Wurtman RJ, Wurtman JJ, Regan MM, McDermott JM, Tsay RH, Breu JJ | title = Effects of normal meals rich in carbohydrates or proteins on plasma tryptophan and tyrosine ratios | journal = Am. J. Clin. Nutr. | volume = 77 | issue = 1 | pages = 128–32 | year = 2003 | pmid = 12499331 | doi = | issn = | url = http://www.ajcn.org/cgi/content/abstract/77/1/128}}</ref><ref name="pmid17284739">{{cite journal | author = Afaghi A, O'Connor H, Chow CM | title = High-glycemic-index carbohydrate meals shorten sleep onset | journal = Am. J. Clin. Nutr. | volume = 85 | issue = 2 | pages = 426–30 | year = 2007 | pmid = 17284739 | doi = | issn = |url = http://www.ajcn.org/cgi/content/full/85/2/426}}</ref> that ingestion of a meal rich in carbohydrates triggers release of insulin. Insulin in turn stimulates the uptake of large neutral branched-chain amino acids (LNAA) but not tryptophan (trp) into muscle, increasing the ratio of trp to LNAA in the blood stream. The resulting increased ratio of tryptophan to large neutral amino acids in the blood reduces competition with other amino acids for the [[large neutral amino acid transporter]] protein for uptake of tryptophan across the [[blood-brain barrier]] into the [[central nervous system]] (CNS).<ref name="pmid1148286">{{cite journal | author = Pardridge WM, Oldendorf WH | title = Kinetic analysis of blood-brain barrier transport of amino acids | journal = Biochim. Biophys. Acta | volume = 401 | issue = 1 | pages = 128–36 | year = 1975 | pmid = 1148286 | doi = 10.1016/0005-2736(75)90347-8 | issn = }}</ref><ref name="pmid6538743">{{cite journal | author = Maher TJ, Glaeser BS, Wurtman RJ | title = Diurnal variations in plasma concentrations of basic and neutral amino acids and in red cell concentrations of aspartate and glutamate: effects of dietary protein intake | journal = Am. J. Clin. Nutr. | volume = 39 | issue = 5 | pages = 722–9 | year = 1984 | pmid = 6538743 | doi = | issn = }}</ref> Once inside the CNS, tryptophan is converted into [[serotonin]] in the [[raphe nuclei]] by the normal enzymatic pathway.<ref name="pmid5120086" /><ref name="pmid12499331" /> The resultant serotonin is further metabolised into [[melatonin]] by the [[pineal gland]].<ref name="pmid4391290" /> Hence, these data suggest that "feast-induced drowsiness," and in particular, the common post-Christmas and Canadian post-Thanksgiving dinner drowsiness, may be the result of a heavy meal rich in carbohydrates which, via an indirect mechanism, increases the production of sleep-promoting melatonin in the brain.<ref name="pmid5120086" /><ref name="pmid3279747" /><ref name="pmid12499331" /><ref name="pmid17284739" />
*[[National Westminster Bank plc v Spectrum Plus Limited]]

*[[Tournier v National Provincial and Union Bank of England]]
== Fluorescence ==
The [[fluorescence]] of a folded protein is a mixture of the fluorescence from individual aromatic residues. Most of the intrinsic fluorescence emissions of a folded protein are due to excitation of tryptophan residues, with some emissions due to tyrosine and phenylalanine; but be aware that di-sulfide bonds also have appreciable absorption in this wavelength range. Typically, tryptophan has a wavelength of maximum absorption of 280 nm and an emission peak that is [[solvatochromic]], ranging from ca. 300 to 350 nm depending in the polarity of the local environment <ref>[http://dwb.unl.edu/Teacher/NSF/C08/C08Links/pps99.cryst.bbk.ac.uk/projects/gmocz/fluor.htm Intrinsic Fluorescence of Proteins and Peptides]</ref> Hence, protein fluorescence may be used as a diagnostic of the conformational state of a protein.<ref name="pmid11325713">{{cite journal | author = Vivian JT, Callis PR | title = Mechanisms of tryptophan fluorescence shifts in proteins | journal = Biophys. J. | volume = 80 | issue = 5 | pages = 2093–109 | year = 2001 | pmid = 11325713 | doi = | issn = | url = http://www.biophysj.org/cgi/content/abstract/80/5/2093 }}</ref> Furthermore, tryptophan fluorescence is strongly influenced by the proximity of other residues (''i.e.'', nearby ''protonated'' groups such as Asp or Glu can cause [[Quenching (fluorescence)|quenching]] of Trp fluorescence). Also, energy transfer between tryptophan and the other fluorescent amino acids is possible, which would affect the analysis, especially in cases where the Förster acidic approach is taken. In addition, tryptophan is a relatively rare amino acid; many proteins contain only one or a few tryptophan residues. Therefore, tryptophan fluorescence can be a very sensitive measurement of the conformational state of individual tryptophan residues. The advantage compared to extrinsic probes is that the protein itself is not changed. The use of intrinsic fluorescence for the study of protein conformation is in practice limited to cases with few (or perhaps only one) tryptophan residues, since each experiences a different local environment, which gives rise to different emission spectra.

== See also ==
* [[Serotonin]]
* [[5-HTP]]
* [[Tryptamine]]

==References==
{{reflist|2}}


== External links ==
==External links==
*[http://www.natwest.com/ National Westminster Bank]
* {{cite web | url = http://www.genome.jp/dbget-bin/www_bget?path:hsa00380 | title = KEGG PATHWAY: Tryptophan metabolism - Homo sapiens | author = | authorlink = | coauthors = | date = 2006-08-23 | format = | work = | publisher = KEGG: Kyoto Encyclopedia of Genes and Genomes | pages = | language = | archiveurl = | archivedate = | quote = | accessdate = 2008-04-20}}
*[http://www.rbs.com/ The Royal Bank of Scotland Group]
* {{cite web | url = http://www.chem.qmul.ac.uk/iubmb/enzyme/reaction/AminoAcid/TrpCat1.html | title = Tryptophan Catabolism (early stages) | author = G.P. Moss | authorlink = | coauthors = | date = | format = | work = | publisher = Nomenclature Committee of the International Union of Biochemistry and Molecular Biology (NC-IUBMB) | pages = | language = | archiveurl = | archivedate = | quote = | accessdate = 2008-04-20}}
* {{cite web | url = http://www.chem.qmul.ac.uk/iubmb/enzyme/reaction/AminoAcid/TrpCat2.html | title = Tryptophan Catabolism (later stages) | author = G.P. Moss | authorlink = | coauthors = | date = | format = | work = | publisher = Nomenclature Committee of the International Union of Biochemistry and Molecular Biology (NC-IUBMB) | pages = | language = | archiveurl = | archivedate = | quote = | accessdate = 2008-04-20}}
* {{cite web | url = http://www.snopes.com/food/ingredient/turkey.asp | title = Turkey Causes Sleepiness | author = B Mikkelson, DP Mikkelson | authorlink = | coauthors = | date = 2007-11-22 | format = | work = Urban Legends Reference Pages | publisher = Snopes.com | pages = | language = | archiveurl = | archivedate = | quote = | accessdate = 2008-04-20}}
* {{cite journal | author = Wood RM, Rilling JK, Sanfey AG, Bhagwagar Z, Rogers RD | title = Effects of tryptophan depletion on the performance of an iterated Prisoner's Dilemma game in healthy adults | journal = Neuropsychopharmacology | volume = 31 | issue = 5 | pages = 1075–84 | year = 2006 | pmid = 16407905 | doi = 10.1038/sj.npp.1300932 | url = | issn = }}


{{Royal Bank of Scotland Group}}
{{AminoAcids}}
{{Tryptamines}}
{{UK banks}}
{{Members of Euro Banking Association}}


[[Category:Proteinogenic amino acids]]
[[Category:Banks of the United Kingdom]]
[[Category:Glucogenic amino acids]]
[[Category:Royal Bank of Scotland Group]]
[[Category:Ketogenic amino acids]]
[[Category:Companies formerly listed on the London Stock Exchange]]
[[Category:Aromatic amino acids]]
[[Category:Companies based in London]]
[[Category:Essential amino acids]]
[[Category:Companies established in 1968]]
[[Category:Tryptamines]]
[[Category:Natural tryptamine alkaloids]]
[[Category:Dietary supplements]]


[[nl:National Westminster Bank]]
[[bn:ট্রিপ্টোফ্যান]]
[[ja:ナショナル・ウエストミンスター銀行]]
[[ca:Triptòfan]]
[[fi:National Westminster Bank]]
[[cs:Tryptofan]]
[[da:Tryptofan]]
[[de:Tryptophan]]
[[es:Triptófano]]
[[eo:Triptofano]]
[[fr:Tryptophane]]
[[ko:트립토판]]
[[hr:Triptofan]]
[[id:Triptofan]]
[[it:Triptofano]]
[[he:טריפטופן]]
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[[lb:Tryptophan]]
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[[zh:色氨酸]]

Revision as of 18:56, 13 October 2008

National Westminster Bank Plc
Company typePublic Limited Company
IndustryFinancial Services
Founded1968
Headquarters135 Bishopsgate,
London EC2M 3UR
Key people
Sir Thomas McKillop, Chairman and Sir Frederick Goodwin, Chief Executive
ProductsBanking and Insurance
Number of employees
33,300
ParentRoyal Bank of Scotland Group
SubsidiariesNational Westminster Home Loans, National Westminster Life Assurance
Websitehttp://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 clearing banks, NatWest has a large network of 1,600 branches and 3,400 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

Template:Details3 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.[1] 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,[2] 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.[3] 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 (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 (now branded Maestro) in 1988.[4]

Expansion

The NatWest branch at Leighton Buzzard, Bedfordshire, an example of Neo-Renaissance architecture.

Deregulation in the 1980s, culminating in the Big Bang in 1986, also encouraged the bank to enter the securities business. County Bank, its merchant banking subsidiary formed in 1965, acquired various 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.[5] 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.[6] In 1982, the Frankfurt office of International Westminster Bank was merged with Global Bank AG to form Deutsche Westminster Bank and in 1988, National Westminster Bank SA was incorporated and took over the bank's six branches in France and Monaco. In 1989, International Westminster Bank was merged into National Westminster Bank by Act of Parliament as there was no longer any advantage in operating separately.[7] Completed in 1980, the bank built the iconic 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 Canary Wharf Tower 10 years later, its footprint in the shape of the bank's logo.[8] 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.[9]

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.[10] Later, the bank would divest its overseas subsidiaries. In 1996 the US bank branches were sold to 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.[11] In 1993 the NatWest Tower was devastated by a Provisional IRA bomb and the bank vacated the building, subsequently selling it.[12] 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.[13] 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.[14] 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.[15]

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.[16] The move received a poor reception in the London financial markets, and NatWest's share price fell substantially.[17] 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.[18] The Royal Bank of Scotland tabled another hostile offer and trumped the Bank of Scotland with a £21bn bid.[19] 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.[20] 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.[21] 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.[22]

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.[23]

Structure

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.[24] The NatWest group of companies comprises National Westminster Bank Plc and its subsidiary and associated undertakings.[25] 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;[26]
  • Greenwich Capital Markets Inc., securities broker-dealer, trading as RBS Greenwich Capital in the US;[27] and
  • Ulster Bank Limited, incorporating, from 2001, Ulster Bank Ireland Ltd. in the Republic of Ireland.[28]

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 North Central Plc was transferred by the bank to the holding company.[29] Ownership of National Westminster Home Loans Limited was passed to the holding company in December 2005.[30] 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.[31]

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 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.[32] In 2005 it announced the reintroduction of a mobile banking service, providing banking facilities to remote communities in Cornwall.[33] 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.[34] Many documents and publications bear the Crystal Mark.

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 QC FRSA, Chairman 1989–1999

In 2006 The Royal Bank of Scotland Group undertook the first trial of PayPass contactless debit and credit cards in Europe.[35] These can be used to pay for purchases under £10 by tapping an enabled card on the retailer's terminal.[36] 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.[37] The bank participates fully in the Faster Payments Service, an initiative to speed up certain payments, launched on 27 May 2008.[38] 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,[39] a member of the Financial Ombudsman Service, the Financial Services Compensation Scheme, the 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,[40] the 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.[41] 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,[42] 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, Bankers Automated Clearing Services Limited, the Clearing House Automated Payment System Limited and the LINK Interchange Network Limited.

Litigation

The NatWest branch at Saint Helier, Jersey in the Channel Islands.

The NatWest Three — Giles Darby, David Bermingham and Gary Mulgrew — 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.[43] It has been argued that the alleged crime was committed by British citizens living in the UK against a British company based in London[44] and therefore, any resulting criminal case falls under the jurisdiction of the English courts.[45] However, the Serious Fraud Office decided not to prosecute due to lack of evidence.[46] 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,[47] whereas no such facility exists to extradite US citizens to the UK.[48] On 28 November 2007 the three admitted one charge of wire fraud after a plea bargain.[49] On 22 February 2008 they were each sentenced to 37 months in prison.[50]

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.[51] Penalty charges are irrecoverable at common law. The precedent for this was 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.[52] The Royal Bank of Scotland Group maintains that its charges are fair and enforceable and stated it intended to defend its position vigorously.[53] 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.[54]

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 knockout tournament, which was known as the NatWest Trophy during that period. Since 2000, the NatWest Series has been an annual one-day international tournament involving 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

  1. ^ Registered in England and Wales No. 929027
  2. ^ When did the Royal Bank and NatWest introduce their brand marks? The Royal Bank of Scotland Group, Frequently Asked Questions (retrieved 8 January 2008)
  3. ^ Hast, Adele (ed.) Company History: National Westminster Bank International Directory of Company Histories (vol.2) St. James Press, Chicago, 1988
  4. ^ History of Plastic Cards The Association for Payment Clearing Services, 9 January 2006
  5. ^ Srivastava, Lara and Mansell, Robin 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
  6. ^ A short history of National Westminster Bank The Royal Bank of Scotland Group, 2005
  7. ^ International Westminster Bank The Royal Bank of Scotland Group, Archive Guide (retrieved 19 November 2007)
  8. ^ Famous tower sold for top price BBC News, 17 July 1998 19:59 BST
  9. ^ Pain, Steve British Land snaps up NatWest building The Birmingham Post, 17 January 2007
  10. ^ Stanley, Christopher 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
  11. ^ National Westminster Bank loses fight for independence BBC World Service, broadcast 25 February 2000
  12. ^ De Baróid, Ciarán Ballymurphy and the Irish War (p.325) Pluto Press, London, 2000
  13. ^ Wolfe, Eric Case Study: NatWest Markets BancWare ERisk, October 2001
  14. ^ SFA Disciplines NatWest and Two Individuals Financial Services Authority, 18 May 2000
  15. ^ Natwest Group Announces £1,011m Profit for 1997 PR Newswire Europe, 1998
  16. ^ Buckingham, Lisa et al. NatWest pounces on L&G with £11bn takeover bid The Guardian, 3 September 1999
  17. ^ Treanor, Jill and Buckingham, Lisa NatWest forced to defend merger The Guardian, 7 September 1999
  18. ^ NatWest rejects takeover bid Guardian Unlimited, 24 September 1999
  19. ^ Farrelly, Paul RBS issues ultimatum in £27bn bid for NatWest The Observer, 28 November 1999
  20. ^ Treanor, Jill NatWest runs up white flag The Guardian, 12 February 2000
  21. ^ NatWest takeover battle BBC News, 11 February 2000 09:53 GMT
  22. ^ DeCarlo, Scott (ed.) The World's 2,000 Largest Public Companies Forbes Magazine, Special Report, 29 March 2007
  23. ^ UK banks' £37bn bail-out unveiled BBC News, 13 October 2008 12:09 BST
  24. ^ Annual Report and Accounts 2006 Operating and financial review, Description of business (p.46) The Royal Bank of Scotland Group, 28 February 2007
  25. ^ Annual Report and Accounts 2006 Notes on the accounts (14) Investments in Group undertakings (p.32) National Westminster Bank, 28 March 2007
  26. ^ Incorporated with unlimited liability. Registered in England and Wales No. 36695. Authorised and regulated by the FSA, Register No. 122287
  27. ^ Incorporated in the State of Delaware, File No. 2075209. Registered in England and Wales No. FC015070
  28. ^ Registered in Northern Ireland No. R733. Authorised and regulated by the FSA, Register No. 122315
  29. ^ Annual Report and Accounts 2002 Report of the directors, Activities and business review (p.2) National Westminster Bank, 26 February 2003
  30. ^ Annual Report and Accounts 2005 Report of the directors, Activities and business review (p.2) National Westminster Bank, 29 March 2006
  31. ^ Annual Report and Accounts 2000 Report of the directors, Activities and business review (p.17) National Westminster Bank, 28 February 2001
  32. ^ NatWest Launches First Dedicated Polish Bank Account in Britain National Westminster Bank, Press Room, 15 January 2007
  33. ^ NatWest To Launch Mobile Banking Service National Westminster Bank, Press Room, 11 July 2005
  34. ^ Your Mortgage Magazine Awards 2006–2007 Your Mortgage Magazine, 9 February 2007
  35. ^ 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
  36. ^ Osborne, Hilary Contactless payments point to cash-free future Guardian Unlimited, 4 September 2007
  37. ^ Bank issues net security device BBC News, 2 October 2007 13:38 BST
  38. ^ Faster Payments - how long? BBC News, 24 May 2008 11:40 BST
  39. ^ Entered in the Register under No. 121878
  40. ^ Registered in England and Wales No. 1449354. Authorised and regulated by the FSA, Register No. 313223
  41. ^ Registered in England and Wales No. 2668470. Authorised and regulated by the FSA, Register No. 155329
  42. ^ Registered in England and Wales No. 1959479. Authorised and regulated by the FSA, Register No. 124395
  43. ^ NatWest Three: the US indictment BBC News, 12 July 2006 22:51 BST
  44. ^ Randall, Jeff Natwest Three caught on extradition's one-way street The Daily Telegraph, 1 March 2006
  45. ^ Try Natwest three in UK - Tories BBC News, 6 July 2006 17:23 BST
  46. ^ Enron charge trio facing US trial BBC News, 24 May 2005 16:04 BST
  47. ^ King, Oliver Lib Dem leader joins bankers' extradition battle The Guardian, 4 July 2006
  48. ^ Stevenson, Tom Senior executives attack 'invidious, one-sided treaty' The Daily Telegraph, 6 July 2006
  49. ^ Clark, Andrew NatWest Three plead guilty to wire fraud Guardian Unlimited, 28 November 2007
  50. ^ NatWest Three face jail sentence BBC News, 29 November 2007 09:10 GMT
  51. ^ The Unfair Terms in Consumer Contracts Regulations 1999 (SI 1999/2083), implements Directive 93/13/EC (L95 OJ 29)
  52. ^ Collinson, Patrick Have you been stung by exorbitant bank charges? Guardian Unlimited
  53. ^ Results for the Half Year Ended 30 June 2007 Notes (6) Litigation (p.10) National Westminster Bank, 26 September 2007
  54. ^ Office of Fair Trading v Abbey National and Others [2008] EWHC 875 (Comm); All ER (D) 349 (Apr)

See also

External links

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