It seems I have been wildly optimistic about SepScotland's ability to bail out RBS, even if it had full control of its own currency. The RBS balance sheet turns out to be 10 times larger than Scotland's GDP. No amount of money printing or international loans could cover that.
Not that I make a habit of quoting Vince Cable as gospel, but according to Jeremiah, Scotland would have to accept the need of its own currency, the cost of postage would go up and RBS would decline to take the risk of operating under Scottish control and shift its HQ to London, which would in turn blow a massive hole in a certain J. Swinney's tax assumptions.
http://www.telegraph.co.uk/news/ukne...nce-Cable.html