Filed under Rule 424(b)(5), Registration Statement Nos. 333-162219, 333-162219-01
Preliminary Pricing Supplement No. 31 – dated March 28, 2011 (to: Prospectus dated May 18, 2010 and Prospectus Supplement dated September 20, 2010)
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CUSIP
Number
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Aggregate Principal Amount
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Price to
Public
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Selling Commission
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Net
Proceeds
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Coupon
Type
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Coupon
Rate
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Coupon Frequency
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Maturity
Date
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1st Coupon Date
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1st Coupon Amount
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Survivor’s Option
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Product Ranking
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78011RBE2
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$
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100%
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1.075%
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$
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FIXED
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2.50% (Per Annum)
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MONTHLY
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04/15/2014
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05/15/2011
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$2.64
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NO
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SENIOR
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Redemption Information: Non-Callable/Non-Puttable
Lead Manager and Lead Agent: RBS Securities Inc.
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 The Royal Bank of Scotland plc
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Offering Dates: 03/28/2011 through 04/04/2011
Trade Date: 04/04/2011 @ 12:00 PM ET
Settlement Date: 04/07/2011
Minimum Denomination/Increments: $1,000.00/$1,000.00
Guaranteed in full by The Royal Bank of Scotland Group plc
Initial trades settle flat and clear SDFS: DTC Book-Entry only
DTC Number 2230 via RBS Securities Inc.
If the maturity date or an interest payment date for any note is not a business day (as that term is defined in the prospectus supplement), principal, premium, if any, and interest for that note is paid on the next business day, and no interest will accrue from, and after, the maturity date or interest payment date.
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Royal Bank of Scotland plc
Retail Corporate Notes
Prospectus dated May 18, 2010
and Prospectus Supplement dated September 20, 2010
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