Have a listen to the BofA analyst question at about 44-45 minutes into Hester's presentation. The question gets to when RBS will present "a definitive list of the securities that will be impacted by the EC's restrictions on coupon and dividend payments", and "liability management initiatives" (exchange offers). Hester says (essentially) "wait for the prospectus circular" for the answer on which securities will be deferred; and then goes on to rule out exchange offers any time soon, at least to my ears.

Then at around 55 minutes into the presentation Hester answers a UBS analyst about the availability of distributable profits / earnings at RBS and NatWest. Hester again refers the analyst to the upcoming circular for the definitive answer, but then refers to a "cashbox methodology" which "replenishes distributable reserves".

Hmmm.

http://webcasts.rbs.com/Group_Informatio...

Food for thought.

/s/

WB