Scotland’s outsized banking system

As a proportion of GDP the assets of Scottish banks are much larger than Iceland’s before its banking crash. Scotland’s five* largest banks say
they will relocate to England if voters back independence

Bank sector assets
(% of GDP)
%
1,200
1,000
800
600
400
200
0

EU area (2012)
326%

2010: €85bn bailout
625%

2013: €10bn bailout
700%

2008: Iceland lets banks fail
876%

408%

1,254%

Lloyds Banking Group
£847.03bn

RoyalBank of Scotland
£1,027.9bn

Germany
(2012)

Ireland
(2010)

Cyprus
(2013)

Iceland
(2007)

UK (2012) exc. Scotland

Independent Scotland

*Royal Bank of Scotland, Lloyds Banking Group, Clydesdale, TSB, Tesco Bank

Sources: Scotland analysis: Financial services and banking, bank annual reports