our initial observation is that the Scottish financial sector is - TopicsExpress

our initial observation is that the Scottish financial sector is unusually large, with total assets estimated at 12.5x GDP. We would therefore likely view the financial sector as a significant contingent risk to the state. At the same time, a large part of this activity could be re-domiciled to the U.K. -- so Standard and Poors suggests that the redomiciling of financial organisations actually reduces risk, and suggests wed have a similar rating to the UK, Germany, Ireland and New Zealand.

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