Stewart's Bank of Scotland role

Stewart, meanwhile, is a non-executive director of Jaguar Racing and was involved in brokering the team's current sponsorship deal with rival bank HSBC. That deal, however, is expected to conclude at the end of the current season. Jaguar team principal Tony Purnell said that any suggested act of betrayal by the former three-time world champion "would be inconceivable."

Stewart himself said: "It is true that I have created a relationship with the Royal Bank of Scotland. I cleared it with HSBC before I even went to meet the RBS chief executive, Sir Fred Goodwin. I don't actually have a contract with HSBC and never have had. I've been very loyal and conscientious to HSBC since they became sponsors of Stewart Grand Prix and it was me who renewed their contract for Jaguar Racing. But I had no personal relationship as such. I serviced them."

Stewart continued: "The question of whether they (HSBC) are going to continue in Formula 1, I know the answer to, and I knew it in October of last year. I was making plans for my future when you consider that I was 65 on June 11. They (RBS) wanted me for a five-year contract. It is a significant deal, one of the largest I have done in the history of my commercial business relationships. I'm very happy about it because I'm thrilled to be with a Scottish bank, I've had a wonderful time with HSBC, and I will service the relationship until the end of 2004.

"From my point of view I have no conflicts. My contract with the Ford Motor Company is due to expire at the end of this year, and that includes my relationship with Jaguar Racing. Whether that goes on or not is another matter."

Although Stewart conceded that in recruiting him it is highly likely that RBS will use his expertise to forge a commercial venture into motor racing, he also said that it was by no means certain what form their involvement would take and whether it would definitely be in Formula 1.