DOCSLIB.ORG

INTRODUCTION to BANKING Introduction to Banking Is a Comprehensive and Up-To-Date Introduction to the Business of Banking, Written by Expert Authors

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
INTRODUCTION to BANKING Introduction to Banking Is a Comprehensive and Up-To-Date Introduction to the Business of Banking, Written by Expert Authors 0273693026_COVER.qxd 7/3/06 11:13 Page 1 INTRODUCTION TO BANKING TO INTRODUCTION Introduction to Banking is a comprehensive and up-to-date introduction to the business of banking, written by expert authors. The book covers both theoretical and applied issues relating to the global banking industry, highlighted by examples from across Europe and the wider international arena. It is organised into four main sections: introduction to banking; central banking and bank regulation; issues in bank management; comparative banking markets. • Familiarises students with the reasons banks exist, the different services they offer, and the recent trends impacting on the banking business. • Covers contemporary central banking and bank regulation issues, comparing the UK, Eurozone and the US, INTRODUCTION TO BANKING providing students with the most up-to-date information on banking practice. • Strong focus on bank management issues, including insight into risk management techniques used by banks, prepares students to understand the different financial features of commercial and investment banks. Barbara Casu Claudia Girardone Philip Molyneux • Recent developments in developed, emerging and transition banking and financial systems are covered in detail, familiarising students with different types of banking systems and how global trends impact on different types of banking markets. Audience Suitable for all undergraduate students taking a course in banking, as well as professionals entering the banking industry. It also provides solid background reading for postgraduate students of banking. About the authors Casu Girardone Molyneux Casu Girardone Dr Barbara Casu is Senior Lecturer in Financial Studies at the University of Wales, Bangor. Her research interests are in Banking and Finance and Performance Measurement. She has published widely in these areas, including recent publications in: the Journal of Banking and Finance, the Journal of Business, Finance and Accounting, and Applied Financial Economics. Dr Claudia Girardone is Lecturer in Finance at the University of Essex. Her main research interests are in the areas of Bank Performance and Efficiency Analysis and her recent publications appear in: Applied Economics, Applied Financial Economics, and the Journal of Banking and Finance. Philip Molyneux is Professor in Banking and Finance and Director of the Institute of European Finance at the University of Wales, Bangor, and has a chair at Erasmus University, Rotterdam, Netherlands. Professor Molyneux has published widely in banking and acted as a consultant to: the World Bank, the European Commission, the UK Treasury, and various other international banks and consulting firms. He has recently been appointed as one of eight expert financial sector advisers to the European Union's Economic and Monetary Affairs Committee which implements financial services regulations for the European Community. ISBN 0-273-69302-6 9 780273 693024 www.pearson-books.com An imprint of Cover image © Alamy Images ITBG_A01.QXD 8/3/06 9:09 am Page i INTRODUCTION TO BANKING Barbara Casu University of Wales, Bangor Claudia Girardone University of Essex Philip Molyneux The University of Wales, Bangor ITBG_A01.QXD 8/3/06 9:09 am Page ii Pearson Education Limited Edinburgh Gate Harlow Essex CM20 2JE England and Associated Companies throughout the world Visit us on the World Wide Web at: www.pearsoned.co.uk First published 2006 © Pearson Education Limited 2006 The rights of Barbara Casu, Claudia Girardone and Philip Molyneux to be identified as authors of this work has been asserted by them in accordance with the Copyright, Designs and Patents Act 1988. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without either the prior written permission of the publisher or a licence permitting restricted copying in the United Kingdom issued by the Copyright Licensing Agency Ltd, 90 Tottenham Court Road, London W1T 4LP. ISBN-10 0-273-69302-6 ISBN-13 978-0-273-69302-4 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library Library of Congress Cataloging-in-Publication Data A catalog record of this book is available from the Library of Congress 10987654321 10 09 08 07 06 Typeset in 9/12pt Stone Serif by 30 Printed and bound by Ashford Colour Press Ltd., Gosport The publisher’s policy is to use paper manufactured from sustainable forests. ITBG_A01.QXD 8/3/06 9:09 am Page iii To my husband Martin. To my parents Claudia and Antonio and to my sister Alessandra. To S.J., S.G. and A.M. (BC) To my husband Marc and to our new life with Matteo. To my parents Nieves and Sandro, for a lifetime of encouragement and support. (CG) To my wife Del and cheeky kids – Alun, Catrin, Gareth, Gethin, Lois and Rhiannon. Also to my parents who celebrated their 50th wedding anniversary in 2005. (PM) ITBG_A01.QXD 8/3/06 9:09 am Page iv ITBG_A01.QXD 8/3/06 9:09 am Page v Contents List of figures xxii List of tables xiv List of boxes xvii Preface xix Acknowledgements xxiii List of abbreviations and acronyms xxvii Part 1 INTRODUCTION TO BANKING Chapter 1 What is special about banks? 3 1.1 Introduction 4 1.2 The nature of financial intermediation 4 1.3 The role of banks 7 1.4 Information economies 8 1.5 Why do banks exist? Theories of financial intermediation 14 1.6 The benefits of financial intermediation 17 1.7 Conclusions 18 Key terms 19 Key reading 19 Revision questions and problems 19 Chapter 2 Banking activities and current issues in banking 20 2.1 Introduction 21 2.2 What do banks do? 21 2.3 Banks and other financial institutions 22 2.4 Banking services 25 2.5 Current issues in banking 37 2.6 Responses to the forces of change 41 2.7 Conclusions 47 Key terms 48 Key reading 48 Revision questions and problems 48 ITBG_A01.QXD 8/3/06 9:09 am Page vi vi Contents Chapter 3 Types of banking 49 3.1 Introduction 50 3.2 Traditional versus modern banking 50 3.3 Retail or personal banking 54 3.4 Private banking 57 3.5 Corporate banking 59 3.6 Investment banking 68 3.7 Universal versus specialist banking 70 3.8 Islamic banking 71 3.9 Conclusions 73 Key terms 74 Key reading 74 Revision questions and problems 74 Chapter 4 International banking 74 4.1 Introduction 76 4.2 What is international banking? 76 4.3 A brief history of international banking 77 4.4 Why do banks go overseas? 78 4.5 Types of bank entry into foreign markets 85 4.6 International banking services 88 4.7 Increasing role of foreign banks in domestic banking systems 102 4.8 Conclusions 104 Key terms 105 Key reading 105 Revision questions and problems 105 Part 2 CENTRAL BANKING AND BANK REGULATION Chapter 5 Theory of central banking 109 5.1 Introduction 110 5.2 What are the main functions of a central bank? 110 5.3 How does monetary policy work? 111 5.4 Monetary policy functions of a central bank 115 5.5 Why do banks need a central bank? 124 5.6 Should central banks be independent? 127 5.7 Conclusions 129 Key terms 129 Key reading 130 Revision questions and problems 130 ITBG_A01.QXD 8/3/06 9:09 am Page vii Contents vii Chapter 6 Central banks in practice 131 6.1 Introduction 132 6.2 The Bank of England 132 6.3 The European Central Bank (ECB) 140 6.4 Federal Reserve Bank 148 6.5 Performance of central banks: a comparison 155 6.6 Conclusions 157 Key terms 158 Key reading 158 Revision questions and problems 158 Appendix 6.1 The NCBs of the EU (the European System of Central Banks – ESCB) 159 Chapter 7 Bank regulation and supervision 160 7.1 Introduction 161 7.2 The rationale for regulation 161 7.3 Types of regulation 162 7.4 Limitations of regulation 164 7.5 Causes of regulatory reform 167 7.6 Financial regulation in the United Kingdom 169 7.7 EU financial sector legislation 176 7.8 Bank capital regulation 179 7.9 Conclusions 191 Key terms 191 Key reading 192 Revision questions and problems 192 Part 3 ISSUES IN BANK MANAGEMENT Chapter 8 Banks’ balance sheet and income structure 195 8.1 Introduction 196 8.2 Retail banks’ balance sheet structure 196 8.3 Investment banks’ financial statements 208 8.4 Bank performance and financial ratio analysis 212 8.5 Conclusions 221 Key terms 222 Key reading 222 Revision questions and problems 222 ITBG_A01.QXD 8/3/06 9:09 am Page viii viii Contents Chapter 9 Managing banks 224 9.1 Introduction 225 9.2 Asset–liability management (ALM) 226 9.3 Liquidity management and the importance of reserves 228 9.4 Capital adequacy management 228 9.5 Off-balance sheet (OBS) business in banking 229 9.6 Loan sales and the process of securitisation 248 9.7 Conclusions 254 Key terms 254 Key reading 254 Revision questions and problems 254 Appendix 9.1 Securitisation glossary: a brief jargon buster 255 Chapter 10 Banking risks 258 10.1 Introduction 259 10.2 Credit risk 259 10.3 Interest rate risk 261 10.4 Liquidity (or funding) risk 264 10.5 Foreign exchange risk 266 10.6 Market (or trading) risk 269 10.7 Country and sovereign risk 270 10.8 Operational risk 272 10.9 Off-balance sheet risk 273 10.10 Other risks 273 10.11 Capital risk and solvency 275 10.12 Interrelation of risks 276 10.13 Conclusions 276 Key terms 277 Key reading 277 Revision questions and problems 277 Chapter 11 Banking risks management 278 11.1 Introduction 279 11.2 General risk management 279 11.3 Credit risk management 282 11.4 Managing the lending function 284 11.5 Managing interest rate risk 291 11.6 Managing liquidity risk 296 11.7 Managing market risk 298
Load more

Recommended publications
  • The U.S. Banking System Laws, Regulations, and Risk Management the U.S
    Felix I. Lessambo The U.S. Banking System Laws, Regulations, and Risk Management The U.S. Banking System Felix I. Lessambo The U.S. Banking System Laws, Regulations, and Risk Management Felix I. Lessambo School of Business Central Connecticut State University New Britain, CT, USA ISBN 978-3-030-34791-8 ISBN 978-3-030-34792-5 (eBook) https://doi.org/10.1007/978-3-030-34792-5 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2020 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifcally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microflms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specifc statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made.
    [Show full text]
  • Nonprofit and Mutual Firms in the Development of the U.S. Personal Finance Industry
    Organizational Form and Industry Emergence: Nonprofit and Mutual Firms in the Development of the U.S. Personal Finance Industry R. Daniel Wadhwani Eberhardt School of Business University of the Pacific [email protected] This article examines historical variations in the ownership and governance of firms in the U.S. personal finance industry between the early nineteenth century and the Great Depression. It focuses, in particular, on mutual savings banks and their role in the development of the intermediated market for savings accounts. Economic theories of commercial nonprofits and mutuals usually emphasise the advantages of such ownership and governance structures in reducing agency and monitoring costs in markets that suffer from information asymmetries in exchanges between firms and their customers. While I find some evidence to support these theories, I also find that mutual savings banks predominated in the early years of the industry because the form offered entrepreneurial advantages over investor-owned corporations and because in some states they benefitted from regulatory and political advantages that joint-stock savings banks lacked. Their relative decline by the early twentieth century was the result of increasing competition in the market for savings deposits, the loosening of regulatory barriers to entry, and changes in public policy that reduced the transaction, innovation and regulatory advantages that the mutual savings bank form had once held. The article draws out the theoretical implications for our understanding of the historical role of nonprofit and mutual firms. Keywords: nonprofit; trusteeship; mutual; cooperative; savings banks; governance; ownership; organizational form; entrepreneurship; innovation. 1 Introduction In recent years, business historians have devoted increasing attention to understanding variation in the organizational forms of modern enterprise.
    [Show full text]
  • Managing Technological Change by Committee: Adoption of Computers in Spanish and British Savings Banks (Circa 1960-1988)
    MPRA Munich Personal RePEc Archive Managing technological change by committee: Adoption of computers in Spanish and British savings banks (circa 1960-1988) Batiz-Lazo, Bernardo and Maixe-Altes, J. Carles Bangor Business School, Universidad A Coru~na (Spain) June 2009 Online at http://mpra.ub.uni-muenchen.de/27086/ MPRA Paper No. 27086, posted 29. November 2010 / 09:02 MANAGING TECHNOLOGICAL CHANGE BY COMMITTEE: ADOPTION OF COMPUTERS IN SPANISH AND BRITISH SAVINGS BANKS (circa 1960-1988) Bernardo Bátiz-Lazo is Professor of Business History and Bank Management at Bangor Business School, Bangor University, College Road, Bangor Gwynedd LL57 2DG, United Kingdom (tel +44 (0)1248 382277; e-mail: [email protected]. J. Carles Maixé-Altés is Profesor Titular de Universidad, Economic History at the Department of Applied Economics I - University of A Coruña, Campus de Elviña s/n, 15071 A Coruña, Spain (ph. +34 981 167000 ext. 2569; fax +34 981 167070); e-mail: [email protected] 1 MANAGING TECHNOLOGICAL CHANGE BY COMMITTEE: ADOPTION OF COMPUTERS IN SPANISH AND BRITISH SAVINGS BANKS (circa 1960-1988) Abstract - This article explores how savings banks managed the process of computerization through ad hoc management committees articulated under the aegis of national associations (with an emphasis on developments in Spain). The combination of cash payments (and low penetration of cheques) in the Spanish retail sector together with increasing administrative costs, acted as incentives for Spanish savings banks embracing applications of computer technology (and specifically data processing infrastructure) to articulate viable solutions for cost reductions, offer alternative payment systems to cash and facilitate greater diversification of their business portfolio within retail banking.
    [Show full text]
  • Ross, D.M. (2002) 'Penny Banks' in Glasgow, 1850-1914
    Ross, D.M. (2002) 'Penny banks' in Glasgow, 1850-1914. Financial History Review, 9 (1). pp. 21-39. ISSN 0968-5650 http://eprints.gla.ac.uk/6739/ Deposited on: 27 August 2009 Enlighten – Research publications by members of the University of Glasgow http://eprints.gla.ac.uk Financial History Review 9 (2002), pp. 21–39 Printed in the United Kingdom © 2002 Cambridge University Press. ‘Penny banks’ in Glasgow, 1850–19141 DUNCAN M. ROSS University of Glasgow When William Callender of Royal Bank of Scotland’s Glasgow office died in May 1868, there was found, folded in the pocket of his greatcoat, a handwritten list of those ‘penny banks’ that he had played a significant role helping to create.2 It begins with Barony Penny Bank, opened on 15 May 1852, and concludes with Working Men’s Provident Bank in Partick, that commenced on 18 March 1865. Over the intervening period, Callender had been involved in the promotion of 23 others, including some located far from Glasgow, such as at Broughty Ferry, Dundee; Padiham, Yorkshire; and Greenwich, Kent. That Callender contributed so much to the ‘penny bank’ movement and appeared to value these institutions so highly that he carried this note about with him at all times supports the Glasgow Herald’s 1860 description of his relationship to ‘penny banks’ as one of ‘the first who made the principle a living fact’.3 It also reveals something of the commitment of bank officers working in other institutions to the ‘penny bank’ cause. This was very much part of the middle-class and philanthropic attitude that sustained ‘penny banks’ and saw them develop as one of the most remarkable social phenomena of the nineteenth century.
    [Show full text]
  • Lloyds TSB Group Archives: Catalogue
    Lloyds TSB Group Archives: Catalogue TD/495/d/2 Brass name plate (TSB of Eastern England 1975 record) [nd] Level: Item TD/495/d/3 Book-type home safes (2 blue, 2 green, 1 red) 1940 (East Anglian TSB records) [nd] Level: Item TD/495/d/4 Book-type home safe (black) (Norfolk and 1930 Norwich Savings Bank record) [nd] Level: Item TD/498 Records of Guildford branch Level: Fonds TD/498/a Operation 1816-1825 Level: Series TD/498/a/1 Depositors' ledger (indexed). Gives name; place 1816-1825 of residence; occupation; date; amount deposited; amount withdrawn; interest; and balance. (Guildford Savings Bank record) Level: Item TD/503 Records of Halford Street branch, Leicester Level: Fonds TD/503/b Publicity Level: Series TD/503/b/1 Press cutting from 'Leicester Evening Mail' 1958 concerning opening of branch by Alderman Sidney Brown, lord mayor of Leicester. Includes photograph of exterior of branch (Leicester Savings Bank record) Level: Item TD/513 Records of Hanley branch, Stoke-on-Trent Lloyds TSB Group Archives: Catalogue Level: Fonds TD/513/b Publicity Level: Series TD/513/b/1 Black and white photographs of exterior of 1965 branch (North Staffordshire Trustee Savings Bank record) Level: Item TD/513/b/2 Black and white photographs of interior showing 1965 views of banking hall and counter (North Staffordshire Trustee Savings Bank record) Level: Item TD/513/b/3 Photograph Level: Item TD/515 Records of Hardshaw Street branch, Saint Helens Level: Fonds TD/515/a Operation Level: Series TD/515/a/1 Depositors' ledger, numbered '0 and 1'.
    [Show full text]
  • We're Here to Help the Smaller, Independent Businesses of Britain Start, Run and Grow
    Superbrands UK Annual Vol.20 TSB Brand History 1810 The Trustee Savings Bank is established by Reverend Henry Duncan of Ruthwell. 1986 TSB Group plc is founded. 1995 TSB is bought by Lloyds Bank. TSB disappears as a separate brand, living only as part of the name LloydsTSB. In 1810 the Reverend Henry Duncan did something revolutionary. 2013 TSB separates from Lloyds Banking He built the Trustees Savings Bank, whose sole purpose was to help hard-working Group and becomes an independent entity, tasked by the EU with increasing local people thrive. Six years ago, TSB, Britain’s challenger bank, was re-born based competition in the British banking sector after the banking crisis. on his values, to make banking better for all UK consumers 2014 TSB Bank plc goes public with successful IPO. 2015 TSB is bought by Sabadell, Market DID YOU KNOW? But celebrating isn’t enough. Through the Spain’s fi fth largest banking group. In 2013 the big fi ve banks controlled more than TSB Local Charity Partnership programme, 85% of all UK bank accounts. Following the every branch and site supports a local, The Classic Plus 2016 TSB is recognised as Britain’s banking crisis, TSB was created to bring more independently registered community group most recommended high competition to UK banking and actively make current account appeared with fundraising and volunteering. TSB Partners street bank. banking better for all consumers. and customers raise more than £500,000 for in independently produced 450 causes every year. Furthermore, on Local TSB delivers a different kind of retail banking that Best Buy Charities Day 2018 TSB celebrated the great It’s notoriously diffi cult to get customers it calls ‘Local Banking’.
    [Show full text]
  • Financial Services Integration Worldwide: Promises and Pitfalls
    FINANCIAL SERVICES INTEGRATION WORLDWIDE: PROMISES AND PITFALLS Harold D. Skipper, Jr. Thomas P. Bowles Chair of Actuarial Science C.V. Starr Chair of International Insurance Georgia State University Atlanta, GA/USA 1 Table of Contents INTRODUCTION.........................................................................................................................................3 THE MULTIPLE MEANINGS AND FORMS OF FINANCIAL SERVICES INTEGRATION................3 The Meaning of Financial Services Integration.........................................................................................3 Structures for Delivering Integrated Financial Services............................................................................5 THE ECONOMICS OF FINANCIAL SERVICES INTEGRATION..........................................................8 Cost Effects ...............................................................................................................................................8 Revenue Effects.......................................................................................................................................10 Relationship between Effects and Operational Structure ........................................................................11 MANAGEMENT ISSUES IN INTEGRATION ........................................................................................11 Group Structure .......................................................................................................................................11
    [Show full text]
  • Ireland's Public Sector Balance Sheet April 2021
    Ireland’s Public Sector Balance Sheet April 2021 Department of Finance | Ireland’s Public Sector Balance Sheet Page | i Contents Page 1 Introduction 2 2 Ireland’s Static Public Sector Balance Sheet 2000-2019 3 2.1 Overview of Ireland’s static public sector balance sheet 3 2.2 Structure of Ireland’s public sector balance sheet 4 2.3 Non-financial assets 6 2.4 Public sector investment 7 2.5 Financial net worth 8 2.6 Evolution of public sector net worth 2000 12 2.7 Other economic flows 14 2.8 Ireland’s public sector metrics in an international context 16 2.9 Summary 17 3 Public corporations 18 3.1 Overview of Ireland’s public corporations 18 3.2 Financial performance 19 3.21 Non-financial corporations 20 3.22 Financial corporations 21 3.3 Potential fiscal risk 22 3.4 Summary 24 4 Intertemporal Public Sector Balance Sheet 25 4.1 Overview 25 4.2 Medium-term fiscal path 26 4.3 Long-term fiscal path 27 4.4 Summary 29 5 Conclusion 30 Tables, Figures, Boxes and Annexes Tables XX Table 1 Ireland’s public sector balance sheet, end-2019 4 Table A1 The coverage of Ireland’s public corporations 31 Table A2 Non-financial corporations high-level financial assessment metrics 32 Table A3 Financial corporations high-level financial assessment metrics 32 Table A4 Key variables under baseline assumptions 34 Figures Figure 1 Public sector balance sheet 3 Figure 2 Public sector total assets and liabilities by sector, end-2019 5 Figure 3 Composition of non-financial assets for the public sector, end-2019 6 Figure 4 Public sector investment 8 Figure 5 Public
    [Show full text]
  • A Dozen Reasons to a Dozen Reasons to Sbarclays Is the Only
    A Dozen Reasons To A Dozen Reasons To SBarclays is the only British highstreetbankwith a ajorinvestment in South Africa. Barclays own 40% of Barclays National, South Africa's biggest bank, which controls 30% of the country's banking business. * arclays in London has constantly participated in massive international loans to South Africa state agencies, including the electricity corporation EScOM which built the Koeberg nuclear power plant, a crucial element in the development of South Africa's nuclear weapons capability. fl Barclays National operates in Namibia, although the South African military occupation of Namibia is illegal according.to the United Nations and international law. SBarclays National backs the South African armed forces. The bank services the troops occupying Namibia and advertises in South African military publications. ~ Barclays National operates in the bantustans, thereby giving recognition to these barren territories arbitrarily allocated to the black community which have been recognised by no government other than South Africa. B arclays National has undermined the international oil embargo against South Africa through funding the strategically vital Sasol plants which make oil from coal. ~ arclays National is one of the largest taxpayers to the South African government. f Several directors of Barclays National serve as trustees to the South African Foundation which distributes South African propaganda internationally. MM Barclays has financed arms sales to South Africa. * Barclays is one of the most active members of the UK-South Africa Trade Association and is the largest financer of trade between the two countries. SBarclays is the largest distributor of Krugerrands in theUK. These gold coins are a vital source of foreign exchange for the South African authorities.
    [Show full text]
  • Recent Developments in UK Payment Clearing Systems
    Recent developments in UK payment clearing systems The past three years have seen a major reorganisation of the administration of the London-based payment clearing systems. The most significant and far-reaching development has been a change from a system run by a smaff number of large 'clearing' banks to one owned and controffed by a wider membership and open to any appropriately regulated financial institution which meets explicit and objective criteria for entry. This article describes this new structure, and touches upon some other payment system developments in the United Kingdom. The need for change money transmission services have not been able to enter the market on equitable terms, the government should A payment clearing system has existed in London for then consider whether the joint ownership of the clearing some two hundred years and for much of that time it has systems for cheques and electronic payments by the been based in premises known as the Bankers' Clearing members of the CLCB ...is stit! appropriate'. House. For many years this institution was owned and controlled by the major retail banks through the The outcome of this growing pressure was agreement, in Committee of London Clearing Bankers (CLCB). March 1984, by all ten participating banks(4)in the Bankers' Participation in the clearings was also granted to other Clearing House to set up a working party of senior bankers banks, including the Bank ofEngland in 1864, the under the chairmanship of Denis Child, Director and Co-operative Bank and the Central Trustee Savings Bank Deputy Group ChiefExecutive of National Westminster in 1975 and the National Girobank in 1983, but these Bank, to review the organisation, membership and control banks did not share in the ownership of the Clearing of the payment clearing systems in the United Kingdom.
    [Show full text]
  • Printmgr File
    Price range prospectus 9 June 2014 This prospectus (the “Prospectus”) comprises a prospectus relating to TSB Banking Group plc (the “Company”) prepared in accordance with the Prospectus Rules of the Financial Conduct Authority (the “FCA”) made under section 73A of the Financial Services and Markets Act 2000 (as amended) (the “FSMA”). The Prospectus has been filed with the FCA and has been made available to the public in accordance with section 3.2 of the Prospectus Rules. Application will be made to the FCA acting in its capacity as competent authority for the purpose of Part VI of the FSMA (the “UK Listing Authority”) for all of the Ordinary Shares of the Company to be admitted to the premium segment of the Official List of the FCA (the “Official List”) and to trading on the London Stock Exchange plc’s (the “London Stock Exchange”) main market for listed securities (together, “Admission”). Admission to trading on the London Stock Exchange’s main market for listed securities constitutes admission to trading on a regulated market. Conditional dealings in the Ordinary Shares are expected to commence on the London Stock Exchange on 20 June 2014. It is expected that Admission will become effective, and that unconditional dealings in the Ordinary Shares will commence, on 25 June 2014. All dealings in Ordinary Shares before the commencement of unconditional dealings will be of no effect if Admission does not take place and such dealings will be on a “when issued” basis and at the sole risk of the parties concerned. No application has been, or is currently intended to be, made for the Ordinary Shares to be admitted to listing or trading on any other exchange.
    [Show full text]
  • Thesis Submitted for the Degree of Doctor of Philosophy University of Bath School of Management July 2007
    University of Bath PHD A comparison of British and German banking strategies in the context of European financial integration between 1993 and 2003 Janssen, Sven Award date: 2007 Awarding institution: University of Bath Link to publication Alternative formats If you require this document in an alternative format, please contact: [email protected] General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal ? Take down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim. Download date: 09. Oct. 2021 A comparison of British and German banking strategies in the context of European financial integration between 1993 and 2003 Sven Janssen A thesis submitted for the degree of Doctor of Philosophy University of Bath School of Management July 2007 COPYRIGHT Attention is drawn to the fact that copyright of this thesis rests with its author. This copy of the thesis has been supplied on condition that anyone who consults it is understood to recognise that its copyright rests with its author and that no quotation from the thesis and no information derived from it may be published without the prior written consent of the author.
    [Show full text]