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<p>The Asset Protection Agency (APA) was set up in 2009 to manage the Asset Protection
Scheme (APS), with the objective of maintaining financial stability and protecting
taxpayers’ interests by helping participating banks manage their exposure to high-risk
assets.</p><p> </p><p>The 2009-10 APA Annual Reports and Accounts state that the APS
initially provided protection on £282bn worth of assets on the consolidated balance
sheet of the Royal Bank of Scotland Group plc. The detail of these assets is commercially
sensitive. The Annual Report can be found here: <a href="https://webarchive.nationalarchives.gov.uk/20130129110533/http:/www.hm-treasury.gov.uk/apa.htm"
target="_blank">https://webarchive.nationalarchives.gov.uk/20130129110533/http://www.hm-treasury.gov.uk/apa.htm</a></p><p>
</p><p>To develop a more streamlined and better focused monitoring process for these
assets, in 2011 and 2012 the APA stopped reviewing certain low risk assets and instead
focused on a number of larger, high risk assets, known as the “Focus List”. Further
information on the make-up of the Focus List can be found at <a href="http://data.parliament.uk/DepositedPapers/Files/DEP2012-0368/DEP2012-0368.pdf"
target="_blank">http://data.parliament.uk/DepositedPapers/Files/DEP2012-0368/DEP2012-0368.pdf</a>
and at <a href="https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/229293/0120.pdf"
target="_blank">https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/229293/0120.pdf</a>.</p><p>
</p><p>Further detail on the assets underwritten by the APA, including the assets
that were transferred to West Register, an RBS subsidiary, between 2009 and 2012,
is commercially sensitive information in relation to RBS’ customers.</p>
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