Bond NatWest Markets NV 5% ( US78009KNA69 ) in USD

NatWest Markets NV

100 % ▼

Netherlands

US78009KNA69 ( in USD )

5% per year ( payment 2 times a year)

29/10/2030

Prospectus brochure of the bond NatWest Markets NV US78009KNA69 en USD 5%, maturity 29/10/2030

1 000 USD

11 500 000 USD

78009KNA6

N/A

29/04/2025 ( In 175 days )

The Bond issued by NatWest Markets NV ( Netherlands ) , in USD, with the ISIN code US78009KNA69, pays a coupon of 5% per year.
The coupons are paid 2 times per year and the Bond maturity is 29/10/2030

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424B2 1 fps110.htm FINAL PRICING SUPPLEMENT 110
CALCULATION OF REGISTRATION FEE

Amount of
Title of Each Class of Securities Offered
Maximum Aggregate Offering Price
Registration Fee(1)
Callable Fixed Rate Step-Up Securities
$11,500,000

$819.95

(1) Calculated in accordance with Rule 457(r) of the Securities Act of 1933

Pricing Supplement No. 110 Dated October 26, 2010
to Registration Statement Nos. 333-162193 and 333-162193-01
(To Prospectus Supplement Dated April 2, 2010
and Prospectus Dated April 2, 2010)
Rule 424(b)(2)

THE ROYAL BANK OF SCOTLAND N.V.
Callable Fixed Rate Step-Up Notes
Due October 2030
The Royal Bank of
Issuer:
Scotland N.V.
Pricing Date:
October 26, 2010
Lead Agent:
RBS Securities Inc.
Settlement Date:
October 29, 2010
Issue Price:
100%
Maturity Date:
October 29, 2030
CUSIP:
78009KNA6
ISIN:
US78009KNA69
Unsecured, unsubordinated obligations of the Issuer, fully and
Status and Guarantee:
unconditionally guaranteed by the Issuer's parent company, RBS
Holdings N.V.
100% of the principal amount, plus accrued and unpaid interest to but
excluding the Maturity Date. Any payment at maturity is subject to the
Payment at Maturity:
creditworthiness of The Royal Bank of Scotland N.V., as the issuer, and
RBS Holdings N.V., as guarantor.
Interest will be payable semi-annually in arrears on each Interest
Payment Date. Interest will accrue at the rate of (i) 5.00% per annum,
from and including the Settlement Date to but excluding October 29,
2020, (ii) 5.50% per annum, from and including October 29, 2020 to but
Interest Payments:
excluding October 29, 2025, (iii) 6.00% per annum, from and including
October 29, 2025 to but excluding October 29, 2028, and (iv) 7.00% per
annum, from and including October 29, 2028 to but excluding the
Maturity Date.
The 29th day of each April and October, beginning April 29, 2011, or if
any such day is not a Business Day, on the following Business Day, and
Interest Payment Dates
no additional interest will accrue in respect of the delay in the interest
payment. The last Interest Payment Date will be the Maturity Date or
Early Redemption Date (as defined below), as applicable.
We may redeem all of your Notes at the Redemption Price set forth
below on any Interest Payment Date commencing on October 29, 2020,
Optional Early
provided we provide at least ten (10) calendar days' prior written notice to
Redemption:
the trustee. If we exercise our redemption option, the Interest Payment
Date on which we redeem the Notes will be referred to as the "Early
Redemption Date."
100% of the principal amount together with any accrued and unpaid
Redemption Price:
interest to but excluding the Early Redemption Date.

Price to Public
Agent's
Commission1
Proceeds to Issuer
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Per Security
$1,000
$25.30
$974.70
Total
$11,500,000
$290,950
$11,209,050
1For additional information see "Plan of Distribution (Conflicts of Interest)" in this Pricing Supplement.
The Notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance
Corporation, the Deposit Insurance Fund or any other governmental agency, nor are they obligations
of, or guaranteed, by a bank.
Investing in the Notes involves a number of risks. See "Risk Factors" beginning on page 6 of this
Pricing Supplement.
The Securities and Exchange Commission and state securities regulators have not approved or
disapproved these Notes, or determined if this Pricing Supplement or the accompanying Prospectus
Supplement or Prospectus are truthful or complete. Any representation to the contrary is a criminal
offense.
This Pricing Supplement and the accompanying Prospectus Supplement and Prospectus may be used
by our affiliates in connection with offers and sales of the Notes in market-making transactions.

RBS Securities Inc.

PRICE: $1,000 PER NOTE

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THE ROYAL BANK OF SCOTLAND N.V.
Callable Fixed Rate Step-Up Notes
Due October 2030

WHERE YOU CAN FIND MORE INFORMATION

The Royal Bank of Scotland N.V. ("RBS N.V.") and RBS Holdings N.V have filed a registration
statement (including a Prospectus and Prospectus Supplement) with the Securities and Exchange
Commission, or SEC, for the offering to which this Pricing Supplement relates. Before you invest, you
should read the Prospectus and Prospectus Supplement in that registration statement and other
documents that RBS N.V. and RBS Holdings N.V. have filed with the SEC for more complete
information about RBS N.V., RBS Holdings N.V. and the offering of the Notes. You may get these
documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, RBS N.V.,
any underwriter or any dealer participating in the offering will arrange to send you the Prospectus and
Prospectus Supplement if you request it by calling toll free (866) 747-4332.

You should read this Pricing Supplement together with the Prospectus dated April 2, 2010, as
supplemented by the Prospectus Supplement dated April 2, 2010 relating to our RBS NotesSM of
which these Notes are a part. This Pricing Supplement, together with the documents listed
below, contains the terms of the Notes and supersedes all other prior or contemporaneous oral
statements as well as any other written materials including preliminary or indicative pricing
terms, correspondence, trade ideas, structures for implementation, sample structures, fact
sheets, brochures or other educational materials of ours. You should carefully consider, among
other things, the matters set forth in "Risk Factors" in this Pricing Supplement, as the Notes involve
risks not associated with conventional debt securities. We urge you to consult your investment, legal,
tax, accounting and other advisors before you invest in the Notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such
address has changed, by reviewing our filings for the relevant date on the SEC website):

· Prospectus Supplement dated April 2, 2010:
http://www.sec.gov/Archives/edgar/data/897878/000095010310001004/crt_dp17140-
424b2.pdf

· Prospectus dated April 2, 2010:
http://www.sec.gov/Archives/edgar/data/897878/000095010310000965/crt_424b2.pdf

Our Central Index Key, or CIK, on the SEC website is 897878. As used in this Pricing
Supplement, "RBS N.V.," "the Company," "we," "us" or "our" refers to The Royal Bank of Scotland
N.V.; "Holdings" refers to RBS Holdings N.V.

These Notes may not be offered or sold (i) to any person/entity listed on sanctions lists
of the European Union, United States or any other applicable local competent authority; (ii)
within the territory of Cuba, Sudan, Iran and Myanmar; (iii) to residents of Cuba, Sudan, Iran or
Myanmar; or (iv) to Cuban Nationals, wherever located.

We reserve the right to withdraw, cancel or modify any offering of the Notes and to reject
orders in whole or in part prior to their issuance.

RBS NotesSM is a Service Mark of The Royal Bank of Scotland N.V.

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THE ROYAL BANK OF SCOTLAND N.V.
Callable Fixed Rate Step-Up Notes
Due October 2030

SUMMARY

The following summary does not contain all the information that may be important to you. You
should read this summary together with the more detailed information that is contained in this Pricing
Supplement, the accompanying Prospectus and Prospectus Supplement. You should carefully
consider, among other things, the matters set forth in "Risk Factors" beginning on page 6 of this
Pricing Supplement. In addition, we urge you to consult with your investment, legal, accounting, tax
and other advisors with respect to any investment in the Notes.

What are the Notes?

The Notes are issued by us, The Royal Bank of Scotland N.V., and are fully and
unconditionally guaranteed by our parent company, RBS Holdings N.V. The Notes are senior notes of
The Royal Bank of Scotland N.V. that have a maturity of 20 years, but we may redeem them at our
option on any Interest Payment Date commencing on October 29, 2020.

The Notes are not bank deposits and are not insured or guaranteed by the Federal Deposit
Insurance Corporation, the Deposit Insurance Fund or any other governmental agency, nor are they
obligations of, or guaranteed, by a bank.

All payments on the Notes, including payment of principal at maturity, are subject to
the creditworthiness of The Royal Bank of Scotland N.V., as the issuer, and RBS Holdings N.V.,
as guarantor. In other words, payments on the Notes will depend on the ability of The Royal
Bank of Scotland N.V. and RBS Holdings N.V. to meet their payment obligations when due.

What will I receive at maturity of the Notes?

Unless the Notes have been earlier redeemed, for each $1,000 principal amount of Notes, you
will receive a cash payment equal to $1,000, and any accrued and unpaid interest on the Notes, at
maturity.

Will I receive interest payments?

Yes. Interest will be payable semi-annually in arrears on the 29th day of each April and
October, commencing on April 29, 2011 (each an "Interest Payment Date"); provided, that, if such day
is not a Business Day, interest will be paid on the immediately succeeding Business Day and no
additional interest will accrue in respect of such delay. Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.

"Business Day" means any day, other than a Saturday or Sunday, that is neither a legal
holiday nor a day on which banking institutions are authorized or required by law or regulation to close
in The City of New York.

What interest payments can I expect on the Notes?

One of our affiliates, RBS Securities Inc., will serve as calculation agent for the Notes, and will
determine the interest payable on the Notes as follows:

· From and including the Settlement Date and through but excluding October 29, 2020,
interest on the Notes will accrue at the rate of 5.00% per annum;

· From and including October 29, 2020 to but excluding October 29, 2025, interest on the
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Notes will accrue at the rate of 5.50% per annum;

· From and including October 29, 2025 to but excluding October 29, 2028, interest on the
Notes will accrue at the rate of 6.00% per annum; and

· From and including October 29, 2028 to but excluding the Maturity Date, interest on the
Notes will accrue at the rate of 7.00% per annum.

When may you redeem the Notes and what will I receive upon redemption?

We may, at our option, redeem all of the Notes on any Interest Payment Date, commencing
on October 29, 2020. We refer to the Interest Payment Date on which we redeem the Notes as the
"Early Redemption Date." If we elect to

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THE ROYAL BANK OF SCOTLAND N.V.
Callable Fixed Rate Step-Up Notes
Due October 2030

redeem the Notes, we will provide written notice of such redemption to the trustee not less than ten
(10) calendar days prior to the Early Redemption Date. For each $1,000 principal amount of Notes
redeemed, you will receive a cash payment equal to $1,000, plus any accrued and unpaid interest to,
but excluding, the Early Redemption Date.

We are generally more likely to redeem the Notes during periods when then prevailing interest
rates are lower than the rate of interest payable on the Notes.

What is the minimum required purchase?

You may purchase Notes in minimum denominations of $1,000 or in integral multiples thereof.

Is there a secondary market for the Notes?

The Notes will not be listed on any securities exchange. Accordingly, there may be little or no
secondary market for the Notes and, as such, information regarding independent market pricing for
the Notes may be extremely limited. You should be willing to hold your Notes until the Maturity Date.

We anticipate that one or more of our affiliates will make a market in the Notes. Our affiliates
may make purchases and sales of the Notes from time to time in off-exchange transactions or pay
post indicative prices for the Notes in the secondary market. However, none of our affiliates is
required to do so, and any of them may discontinue any market-making activities and may stop
posting indicative prices at any time.

If you sell your Notes before the Maturity Date, the price that you receive may be less than the
original issue price of the Notes or the price that you paid for them.

What else should I consider before investing the Notes?

The Notes are not suitable for all investors. You may wish to consider the Notes if:

· you are willing to accept the risk that an increase in market interest rates may result in you
receiving a fixed interest rate which is below the market interest rate for fixed rate
securities with a comparable maturity; and

· you are willing and able to hold the Notes to maturity, but are willing to have the Notes
redeemed at our option as early as October 29, 2020.

You should carefully consider whether the Notes are suited to your particular circumstances
before you decide to purchase them. In addition, we urge you to consult with your investment, legal,
accounting, tax and other advisors with respect to any investment in the Notes.

What is the tax treatment of the Notes?

We intend to treat the Notes as fixed rate debt instruments that do not bear original issue
discount ("OID") for U.S. federal income tax purposes. Please review the section below entitled
"United States Federal Income Taxation."

You should review the section in this Pricing Supplement entitled "United States
Federal Income Taxation." Additionally, you are urged to consult your tax adviser regarding
the tax treatment of the Notes and whether a purchase of the Notes is advisable in light of the
tax treatment and your particular situation.

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Tell me more about The Royal Bank of Scotland N.V. and RBS Holdings N.V.

The Royal Bank of Scotland N.V. is the new name of ABN AMRO Bank N.V.

RBS Holdings N.V. is the new name of ABN AMRO Holdings N.V.

On February 6, 2010, ABN AMRO Bank N.V. changed its name to The Royal Bank of
Scotland N.V. and on April 1, 2010 ABN AMRO Holdings N.V. changed its name to RBS Holdings
N.V.

The name changes are not changes of the legal entities that will issue and guarantee,
respectively, the Notes referred to herein, and the name changes do not affect any of the terms of the
Notes. The Notes will continue to be

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THE ROYAL BANK OF SCOTLAND N.V.
Callable Fixed Rate Step-Up Notes
Due October 2030

issued by The Royal Bank of Scotland N.V. and to be fully and unconditionally guaranteed by The
Royal Bank of Scotland N.V.'s parent company, RBS Holdings N.V.

While the name "ABN AMRO Bank N.V." is used by a separate legal entity, which is owned by
the State of the Netherlands (the "Dutch State"), neither the separate legal entity named ABN AMRO
Bank N.V. nor the Dutch State will, in any way, guarantee or otherwise support the obligations under
the Notes.

The Royal Bank of Scotland N.V. and RBS Holdings N.V. are both affiliates of The Royal
Bank of Scotland plc and The Royal Bank of Scotland Group plc; however, none of The Royal
Bank of Scotland plc, The Royal Bank of Scotland Group plc or the UK government, in any way,
guarantees or otherwise supports the obligations under the Notes.

For additional information, see "The Royal Bank of Scotland N.V. and RBS Holdings N.V." in
the accompanying prospectus dated April 2, 2010.

What are some of the risks in owning the Notes?

Investing in the Notes involves a number of risks. We have described the most significant
risks relating to the Notes under the heading "Risk Factors" in this Pricing Supplement, beginning on
the next page, which you should read before making an investment in the Notes.

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THE ROYAL BANK OF SCOTLAND N.V.
Callable Fixed Rate Step-Up Notes
Due October 2030

RISK FACTORS

An investment in the Notes entails significant risks. You should carefully consider the risks
related to the Notes and whether these Notes are suited to your particular circumstances before
deciding to purchase them. The Notes are not an appropriate investment for you if you are not
knowledgeable about significant elements of the Notes or financial matters in general. In addition, we
urge you to consult with your investment, legal, accounting, tax and other advisors with respect to any
investment in the Notes.

Credit Risk

The Notes are issued by RBS N.V. and guaranteed by RBS Holdings N.V., RBS N.V.'s parent
company. As a result, investors in the Notes assume the credit risk of RBS N.V. and that of RBS
Holdings N.V. in the event that RBS N.V. defaults on its obligations under the Notes. This means that
if RBS N.V. and RBS Holdings N.V. fail, become insolvent, or are otherwise unable to pay their
obligations under the Notes, you could lose some or all of your initial principal investment.

Although We Are a Bank, the Notes Are Not Bank Deposits and Are Not Insured or Guaranteed
by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any Other
Government Agency

The Notes are our obligations but are not bank deposits. In the event of our insolvency the
Notes will rank equally with our other unsecured, unsubordinated obligations and will not have the
benefit of any insurance or guarantee of the Federal Deposit Insurance Corporation, the Deposit
Insurance Fund or any other governmental agency.

Market Interest Rates May Rise So That the Interest Rate On the Notes Is Lower Than Market
Interest Rates

The Notes will bear fixed interest rates throughout their term. As a result you are assuming
the risk that market interest rates may rise above the applicable interest rate at any time during the
term of the Notes. We are not likely to redeem the Notes when market interest rates are higher than
the applicable interest rate on the Notes. We have no control over a number of matters that may
affect interest rates, including economic, financial and political events that are important in determining
the existence, magnitude and longevity of these risks and their results.

We May Redeem the Notes Before Maturity

We have the right to redeem all the Notes on any Interest Payment Date commencing on
October 29, 2020. You should be prepared to have your Notes redeemed as early as that date. It is
more likely that we will redeem the Notes prior to the Maturity Date if market interest rates decrease,
resulting in an interest rate on the Notes being greater than the interest rate on instruments with a
comparable maturity and credit rating that are trading in the market. Therefore, it is more likely that we
will redeem the Notes at a time when the interest rate payable on the Notes is higher than prevailing
market interest rates.

If we redeem the Notes prior to the Maturity Date, you may be unable to invest your proceeds
from the redemption in an investment with a return that is as high as the return on the Notes would
have been if they had not been redeemed. Your ability to realize a higher than market yield on the
Notes is limited by our right to redeem the Notes prior to their scheduled maturity, which may
adversely affect the value of the Notes in the secondary market, if any.

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Liquidity Risk

The Notes will not be listed on any securities exchange. Accordingly, there may be little or no
secondary market for the Notes and information regarding independent market pricing of the Notes
may be very limited or non-existent. The value of the Notes in the secondary market, if any, will be
subject to many unpredictable factors, including then prevailing market conditions. We cannot predict
how the Notes will trade in any secondary market or whether that market will be liquid or illiquid. We
cannot assure you that a trading market for your Notes will ever develop or be maintained. There may
be a limited number of buyers when you decide to sell your Notes, which may affect the price you
receive for your Notes or your ability to sell your Notes at all.

We anticipate that one or more of our affiliates will make a market in the Notes. Our affiliates
may make purchases and sales of the Notes from time to time in off-exchange transactions or pay
post indicative prices for the Notes in the secondary market on a designated website or via
Bloomberg. However, none of our affiliates is required to

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