Fri 13 March 2009, The Guardian

Deep waters: RBS's offshore adventures

Company Eurus, Caymans Sum involved £500m Partner Swiss Re Features Swiss Re of Zurich sets up two Cayman entities in 2008. One, Zephyrus, is tax resident in Jersey. Three days later, RBS buys both entities from Swiss Re. Swiss Re lends £500m back and pays RBS an "insurance premium" against the highly unlikely event of an earthquake in California before 2010. Swiss Re says: "We fully explained the transaction to HMRC last autumn. HMRC did not express any concerns."
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It was published by The Guardian, which adheres to the Guardian Editorial Code

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