EX-5.1 5 dp76129_ex0501.htm EXHIBIT 5.1

Exhibit 5.1

 

 

 

CMS Cameron McKenna LLP

 

Saltire Court 

20 Castle Terrace 

Edinburgh 

EH1 2EN

 

DX ED 194 EDINBURGH

 

T +44 131 200 8000 

F +44 131 200 8888

 

www.cms-cmck.com

 

 
   

The Royal Bank of Scotland Group plc 

36 St Andrew Square 

Edinburgh 

EH2 2YB

 

 
   
    15 May 2017  
Your ref      
Our ref DOCS/EDN/RBG001.00232    

 

 

Dear Sirs

 

We have acted as solicitors in Scotland for The Royal Bank of Scotland Group plc (the Company) in connection with (i) the Underwriting Agreement dated as of 9 May 2017 (the Base Underwriting Agreement) between you and the representatives of certain underwriters (the Underwriters) under which the Underwriters have severally agreed to purchase from the Company US$1,500,000,000 aggregate principal amount of the Company’s 3.498% Fixed Rate/Floating Rate Notes due 2023 and US$1,500,000,000 aggregate principal amount of the Company’s Floating Rate Notes due 2023 (together the Notes), and (ii) the Pricing Agreement dated as of 10 May 2017 (the Pricing Agreement and, together with the Base Underwriting Agreement, the Underwriting Agreement).

 

The Notes are to be issued pursuant to an amended and restated indenture dated as of 13 September 2011 (the Base Indenture), as supplemented and amended by a first supplemental indenture dated as of 1 April 2014, a Second Supplemental Indenture dated as of 5 April 2016, and a fourth supplemental indenture dated as of 15 May 2017, in each case between the Company and The Bank of New York Mellon, London Branch, as trustee. The Base Indenture, as so supplemented and amended, is herein referred to as the Indenture.

 

We, as your solicitors, have examined originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary for the purposes of rendering this opinion.

 

On the basis of the foregoing, we advise you that, in our opinion, the Notes have been duly authorized in accordance with the Indenture, and, when executed and authenticated in accordance with the provisions of the Indenture and delivered to, and paid for, by the Underwriters in accordance with the terms of the Underwriting Agreement, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally (including the Banking Act 2009 and any secondary legislation, instruments or orders made, or which may be made, under it) and equitable principles of general applicability.

 

 

 

UK – 600225378v1

 

CMS Cameron McKenna LLP is a limited liability partnership registered in England and Wales with registration number OC310335. It is a body corporate which uses the word “partner” to refer to a member, or an employee or consultant with equivalent standing and qualifications. It is authorised and regulated by the Solicitors Regulation Authority of England and Wales with SRA number 423370. A list of members and their professional qualifications is open to inspection at the registered office, Cannon Place, 78 Cannon Street, London, EC4N 6AF. Members are either solicitors or registered foreign lawyers. VAT registration number: 974 899 925. Further information about the firm can be found at www.cms-cmck.com

 

CMS Cameron McKenna LLP is a member of CMS Legal Services EEIG (CMS EEIG), a European Economic Interest Grouping that coordinates an organisation of independent law firms. CMS EEIG provides no client services. Such services are solely provided by CMS EEIG’s member firms in their respective jurisdictions. CMS EEIG and each of its member firms are separate and legally distinct entities, and no such entity has any authority to bind any other. CMS EEIG and each member firm are liable only for their own acts or omissions and not those of each other. The brand name “CMS” and the term “firm” are used to refer to some or all of the member firms or their offices. Further information can be found at www.cmslegal.com

 

Notice: the firm does not accept service by e-mail of court proceedings, other processes or formal notices of any kind without specific prior written agreement.

 

 

 

 

The foregoing opinion is limited to the present laws of Scotland. We have made no investigation of the laws of any jurisdiction other than Scotland and neither express nor imply any opinion as to any other laws and in particular the laws of the State of New York and the laws of the United States of America, and our opinion is subject to such laws including the matters stated in the opinion of Davis Polk & Wardwell London LLP dated 15 May 2017, to be filed on Form 6-K concurrently with this opinion. The laws of the State of New York are the chosen governing law of the Notes, and we have assumed that the Notes constitute valid, binding and enforceable obligations of the Company, enforceable against the Company in accordance with their terms, under such laws.

 

We hereby consent to the filing of this opinion as an exhibit to a report on Form 6-K to be filed by the Company on the date hereof. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the US Securities Act of 1933, as amended.

 

Yours faithfully

 

/s/ Donald I. Cumming

 

Partner, for and on behalf of CMS Cameron McKenna LLP