Business secretary Vince Cable is probably correct to say that Royal Bank of Scotland would "inevitably" have to move its headquarters from Edinburgh to London if Scots vote for independence. Access to capital matters.
RBS is so big that investors cannot ignore the size of the state that stands behind the bank. That will still be true in 2016.
Independently-minded Scots should be more concerned with the future of the country's fund management industry. It includes FTSE 100 companies Aberdeen Asset Management, in punchy form after recovery from near-death a decade ago, and Standard Life.
A source close to Aberdeen's boardroom turns to Robbie Burns: "Aberdeen's head office will remain in Aberdeen 'till a' the seas gang dry'."
That's the spirit.
