Issue of Debt

Royal Bank of Scotland Group PLC
13 August 2001

THE ROYAL BANK OF SCOTLAND GROUP PLC COMPLETES US$1.2 BN ISSUE OF DOLLAR
PERPETUAL REGULATORY TIER ONE SECURITIES ('PROs')

The Royal Bank of Scotland Group plc ('the Company') has completed the issue
of US$1.2 billion Perpetual Regulatory tier One securities, Series 1 ('the
Series 1 PROs'), priced with a semi-annual coupon of 7.648%. Proceeds from the
issue of the Series 1 PROs, after deducting underwriting commission, amount to
US$1.188 billion. Application has been made for the Series 1 PROs to be listed
on the New York Stock Exchange.

No application has been made to list the Series 1 PROs in the UK and the
Series 1 PROs are not being offered or sold to the public in the UK.





For further information, please contact:

The Royal Bank of Scotland Group plc

Fred Watt
Group Finance Director
42 St Andrew Square
Edinburgh
EH2 2YE
Tel:     [phone]


Ron Huggett
Capital Raising Director
Waterhouse Square
138-142 Holborn
London
EC1N 2TH
Tel:     [phone]



Lehman Brothers
Eamonn Price
Managing Director
One Broadgate
London EC2M 7HA
Tel:     [phone]



Schroder Salomon Smith Barney
Alan Patterson
Managing Director
Citigroup Centre
33 Canada Square
Canary Wharf
London
E14 5LB
Tel:     [phone]