Exhibit
4.26

       

      The Commissioners
of Her Majesty’s Treasury (the “Treasury”)

      1
Horse Guards Road

      London

      SW1A
2HQ

       

      The Secretary of
State, Department for Business, Innovation and Skills (“BIS”)

      1
Victoria Street

      London

      SW1H
0ET

       

      The Secretary of
State, Department for Communities and Local Government (“DCLG”)

      Eland
House

      Bressenden
Place

      London

      SW1E
5DU

       

      23
March 2010

       

       

      Ladies and
Gentlemen,

       

      2010
LENDING COMMITMENTS

       

      1.           Introduction

       

      We refer to the
deed poll entitled “Lending Commitments” dated 26 February 2009 executed by The
Royal Bank of Scotland plc (the “Participating Institution”) in favour of the
Treasury, BIS (then known as the Department for Business, Enterprise and
Regulatory Reform) and DCLG (as further amended on 18 May 2009 and 26 November
2009) (the “LCDP”).

       

      The LCDP specified:
(i) the lending commitments given by the Participating Institution for itself
and on behalf of its Group, comprising Business Lending Commitments and a
Homeowner Lending Commitment; and (ii) certain associated undertakings being
given by the Participating Institution in connection with the implementation and
operation of the Lending Commitments.

       

      The LCDP specified
commitments for the 12 month period commencing 1 March 2009 (the “2009
commitment period”) and the 12 month period commencing 1 March 2010 (the “2010
commitment period”). Pursuant to paragraph 6 of the LCDP, and in consequence of
an ongoing dialogue between the Participating Institution and the Government
Departments, the Government Departments consider that it is appropriate to
change the Business Lending Commitments for the 2010 commitment period and to
adjust the undertakings given in connection with the implementation and
operation of the Homeowner Lending Commitment for that period.

       

      The Participating
Institution hereby amends the LCDP (pursuant to paragraph 12.6 of the LCDP) as
follows. Such amendments shall take effect with respect to the 2010 commitment
period upon confirmation of the consent of the Government Departments to these
amendments by their countersigning below. The remaining provisions of the LCDP
shall in all other respects remain unamended and in full force and
effect.

       

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       

      2.           Adjustment
of the LCDP in respect of the 2010 commitment period

       

      2.1
Introduction

       

      This paragraph
amends the LCDP in so far as it relates to the 2010 commitment
period.

       

      2.2
Business l ending Commitments: 2010 commitment

       

      (A) In the heading
to paragraph 4.2, at the end add “: 2009 commitment period”.

       

      (B) In paragraph
4.2(A), delete “and the 12 month period commencing 1 March 2010 (“the “2010
commitment period”)” and for “4.8” substitute “4.7”.

       

      (C) For paragraph
4.8, substitute:

       

      “4.8
Aggregate Business Lending Commitment: 2010 commitment

       

      In respect of the
12 month period commencing 1 March 2010 (the “2010 commitment period”), the
Participating Institution undertakes to provide gross new lending to Relevant
Businesses of, in aggregate, £50.0 billion. In satisfying this aggregate lending
commitment. the Participating Institution shall lend to each Relevant Business
Category (at a minimum) the amount specified in paragraphs 4.8A. 4.8B and
4.8C.

       

      Paragraph 8 imposes
obligations on the Participating Institution to provide monthly reports to the
Government Departments in relation to new lending to Relevant Businesses on both
a net and gross basis.

       

      In determining what
is “gross new lending” for the purposes of this Deed Poll, the Participating
Institution shall:

       

      (A) include the
full amount of a facility, even if not drawn in full (and to the extent that
this sub-paragraph conflicts with paragraph 4.9, that paragraph shall not
apply);

       

      (B) include the
refinancing of an existing facility where the facility is treated by the
Participating Institution as a new facility (as evidenced for example by being
accorded a new account or ID number);

       

      (C) include any
increase to an overdraft facility currently made available to a customer of the
Participating Institution where no material changes to the terms of the facility
are made; and

       

      (D) to the extent
not inconsistent with sub-paragraphs (A) to (C), apply an approach which is
consistent with the approach taken to calculating compliance with the Business
Lending Commitments in the 2009 commitment period.

       

      4.8A
SMEs: 2010 Commitment

       

      The Participating
Institution undertakes that, in respect of the 2010 commitment period, its gross
new lending to SMEs will be at least £30.0 billion.

       

      4.8B
Mid-Corporates: 2010 Commitment

       

      The Participating
Institution undertakes that, in respect of the 2010 commitment period, its gross
new lending to Mid-Corporates will be at least £9.5 billion.

       

       

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

       

       

      4.8C
Large Corporates: 2010 Commitment

       

      The Participating
Institution undertakes that, in respect of the 2010 commitment period, its gross
new lending to Large Corporates will be al least £10.5 billion.”.

       

      2.3
Homeowner lending Commitments

       

      (A) In paragraph
5.6, after “actively participate”, insert “and support eligible borrowers’
applications”.

       

      (B) In paragraph
5.7, at the end of sub-paragraph (C) insert:

       

      “and

       

      (D) help eligible
first time buyers by supporting their participation in Government-supported
equity loan schemes including by:

       

      (i) offering
interest rates to eligible first time buyers participating in such schemes which
are similar to interest rates offered to other first time buyers;

       

      (ii) for eligible
first time buyers participating in such schemes, seeking to maintain the minimum
deposit requirement at 5% of the share purchased;

       

      (iii) providing
prior notice to the Government Departments of any increase in the minimum
deposit requirement, combined with an explanation of the rationale behind the
intended increase; and

       

      (iv) keeping the
need for a minimum deposit requirement under review”.

       

      2.4
Business Lending Commitments: monitoring of net lending

       

      In paragraph 8.2,
for sub-paragraph (A) substitute:

       

      “(A) a segmental
analysis showing gross new lending divided by both size of business
(corresponding to the Relevant Business Categories) and industry
sector;

       

      (AB) a segmental
analysis showing new lending on a net basis divided by both size of business
(corresponding to the Relevant Business Categories) and industry
sector;”.

       

      3.           Incorporation
of terms of the LCDP

       

      Paragraph 12 of the
LCDP applies to this Deed Poll as if set out in it and for this purpose
references in that paragraph to “this Deed Poll” shall include this Deed
Poll.

       

       

      
        
           

        

        
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      IN WITNESS WHEREOF this Deed
Poll has been executed and deliver as a deed on March 2010.

       

      
        	
                Executed and
      delivered as a deed by

              	
                )

              	 
    	 	 
    	 
	
                THE
      ROYAL BANK OF SCOTLAND PLC

              	
                )

              	 
    	 	 
    	 
	
                acting by two
      directors / one director and its

              	
                )

              	
                By:

              	 	
                
                  /s/
      [ILLEGIBLE]

                

              	 
	 
    	
                )

              	 
    	 	
                Director

              	 
	 
    	
                )

              	 
    	 	 
    	 
	 
    	
                )

              	 
    	 	 
    	 
	 
    	
                )

              	
                By:

              	 	
                
                  /s/ M. R.
      McLean

                

              	 
	 
    	
                )

              	 
    	 	
                Director/Secretary

              	 


      

      


       

       

      
        
           

        

        
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      Consented to
by

       

      


       

      


      ____________________________________

      for and on behalf
of

      The Commissioners
of Her Majesty's Treasury

       

      
 

      


      
        ____________________________________

      

      for and on behalf
of

      The Secretary of
State, Department for Business, Innovation and Skills

       

      


       

       

      
        ____________________________________

      

      for and on behalf
of

      The Secretary of
State, Department for Communities and Local Government

       

       

    

     

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