RBS 2007 Annual Report Download - page 31

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RBS Group • Annual Report and Accounts 2007
Business review
Forward-looking statements
Certain sections in this document contain ‘forward-looking
statements’ as that term is defined in the United States Private
Securities Litigation Reform Act of 1995, such as statements
that include the words ‘expect’, ‘estimate’, ‘project’, ‘anticipate’,
‘believes’, ‘should’, ‘intend’, ‘plan’, ‘probability’, ‘risk’, ‘Value-at-
Risk (“VaR”)’, ‘target’, ‘goal’, ‘objective’, ‘will’, ‘endeavour’, ‘outlook’,
‘optimistic’, ‘prospects’ and similar expressions or variations on
such expressions including, but not limited to, sections such as
‘Chairman’s statement’ and ‘Group Chief Executive’s review’.
In particular, this document includes forward-looking
statements relating, but not limited, to the Group’s potential
exposures to various types of market risks, such as interest
rate risk, foreign exchange rate risk and commodity and equity
price risk. Such statements are subject to risks and
uncertainties. For example, certain of the market risk disclosures
are dependent on choices about key model characteristics and
assumptions and are subject to various limitations. By their
nature, certain of the market risk disclosures are only estimates
and, as a result, actual future gains and losses could differ
materially from those that have been estimated.
Other factors that could cause actual results to differ materially
from those estimated by the forward-looking statements
contained in this document include, but are not limited to:
general economic conditions in the UK and in other countries
in which the Group has significant business activities or
investments, including the United States; the monetary and
interest rate policies of the Bank of England, the Board of
Governors of the Federal Reserve System and other G-7
central banks; inflation; deflation; unanticipated turbulence in
interest rates, foreign currency exchange rates, commodity
prices and equity prices; changes in UK and foreign laws,
regulations and taxes; changes in competition and pricing
environments; natural and other disasters; the inability to
hedge certain risks economically; the adequacy of loss reserves;
acquisitions or restructurings; technological changes; changes
in consumer spending and saving habits; and the success of
the Group in managing the risks involved in the foregoing.
The forward-looking statements contained in this document
speak only as of the date of this report, and the Group does
not undertake to update any forward-looking statement to
reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
For a further discussion of certain risks faced by the Group,
see Risk factors on pages 32 and 33.