We respond to the RBS statement, pointing out (again) that the Lloyds example is not relevant here and that most mergers have not delivered as expected. It doesn't help RBS that Deloittes are their advisers and also the publishers of the report into US bank mergers that is giving us so much good ammunition. In terms of their three critical factors, we can grow income ourselves, we have a very efficient IT platform and we "continue to reduce job numbers while retaining key employees and attracting highly able professionals such as Gordon Pell."
Again, my personal view is that we have won the argument about the risks inherent in mergers in general, and hostile ones in particular. But I'm not exactly the key audience for this debate.