The Unlikely Origins of Online Banking

Total Page:16

File Type:pdf, Size:1020Kb

The Unlikely Origins of Online Banking a special report from ComputerWeekly The unlikely origins of online banking The inside story of how the Belfast Savings Bank led the way to internet banking in Europe ANDREYPOPOV/ISTOCK/THINKSTOCK a special report from ComputerWeekly Internet banking beginnings Bryan Johnston, former CEO of TSB Northern Ireland, tells the story behind the bank’s development of the first online real-time banking system in Europe Banking in the 1960s had changed little since the time of Dickens. In Europe before 1970, the emergence of online banking was something that neither bank staff nor customers could have anticipated. In that era, to transact business the customer had to visit the branch where their account was opened. Every transaction would have taken minutes, as opposed to the seconds it takes today. Accounts were passbook-based, and account records, usually in loose-leaf ledgers, were held at the branch. Every customer transaction required manual reconciliation of the passbook balance with the account record, the manual updating of both at the time of the transaction and manual entries in the teller’s daily log. In most branches, systems were “pen and ink”, although machine posting was a help in some branches, but was still manually operated. The weaknesses of pen and ink banking In the mid-1960s, I was a member of the internal audit team of the Belfast Savings Bank, later restyled Trustee Savings Bank of Northern Ireland (TSB Northern Ireland). My task was to ensure that the bank’s systems were properly and accurately applied, and I took the opportunity to observe their effectiveness. The weaknesses were clear to see and were cruelly exposed at peak times, particularly lunchtime at the end of the month. At every branch, I observed customers who were seeking to withdraw funds hand their passbook and voucher across the counter, more in hope than expectation. A customer would retire to a quiet corner and open their packed lunch and a newspaper, knowing that their interest in both would be satisfied before their name would be called and their cash presented to them. Banking was no longer the privilege of the few. It had become the necessity of the many. And, since the time of Dickens, banking technology in most branches had only advanced from the quill pen to the ball point. Belfast Savings Bank moves online FUSE/THINKSTOCK In essence, this was the situation which confronted the Belfast Savings Bank in 1967. Its systems were labour intensive, time consuming, high cost and offered poor service to customers. As competitive pressures increased, the systems rendered market share retention difficult and growth in share impossible. A fundamental change was required, and the bank instructed one of its senior executives, Tom Bryans, to investigate. He reported back within a year with a radical vision, which the board accepted. The bank would move from “pen and ink” to “online real-time” banking in one step. Bryans, who was appointed administrative head of the project, later In the 1960s, banking transactions relied became CEO (then styled general manager) of the bank. entirely on pen and paper records -2- a special report from ComputerWeekly The hardware selected was a B500 mainframe system, together with branch terminals, supplied by Unisys (then Burroughs.) The mainframe was installed in the bank’s head office in Belfast. Only Burroughs could deliver an online system Although many computer manufacturers were invited to offer systems, only Burroughs could deliver on the vision. It was the only company to put forward a proposal for an online system that had already been demonstrated in an operational environment. At the time, academics and consultants were unfamiliar with online banking and their advice was, at best, equivocal and, at worst, absent. The board’s decision to go ahead was courageous. Having decided on hardware, we required a network. What surprised me when reflecting on that time over 40 years ago was that we approached the Post Office. Then, it still controlled the telephone system, and it was another 10 years before British Telecom separated from it. The Post Office and our network suppliers were as new to online banking as we were. Bankers trained to write code The bank engaged the National Computing Centre (NCC) to assist in the selection of the team that would implement the project. After testing and interviewing applicants, we selected a team from the bank’s own staff. NCC said: “Better to teach bankers computing, than to teach computer experts banking.” In retrospect, this was one of the most important pieces of advice we received during the project. As programmers, the bankers recognised flaws in analysis before they wrote the programs, and their experience was critical in examining the output of programs. Before 1970, customers had to visit the branch where their account was opened and use passbooks to access their funds KEVIN ALEXANDER GEORGE/ISTOCK/THINKSTOCK -3- a special report from ComputerWeekly I was appointed as head of technology to lead the team and selection. We completed team selection by the end of 1968. The board had accepted a vision without independent confirmation and appointed an inexperienced team to implement the project. An outsider might have predicted disaster. So what made it successful? Most IT failures caused by lack of business insight A Unisys business consultancy director who knew of our project made a significant comment to me recently. He said that most large IT project failures were led by IT professionals who lacked business input. His view was that ours was an outstanding example of a project that was business led and driven. In early 1969, Unisys gave us database management and data communications software. Within this framework the team and I had to produce all the banking software. We had to write it, test it, install it and run it live. For a team of bankers, who had never seen a computer before and didn’t know what a “By installing a computer program was, to be ready to go live in 18 months was astonishing. counter terminal Convincing banking staff to support the IT project linked directly to the It was essential to carry the staff with us. We had two basic tasks. The first was bank’s central to convince everyone that the proposed system would be of great benefit in improving working conditions, by removing manual drudgery and in improving computer and customer service and by speeding up transaction handling. Second, they had offering an online to be convinced that my team and I, and the chosen system, were capable of delivering on our promises. banking service, we To gain and retain credibility for the project I had to gain and retain credibility for had not just created the team. Monthly newsletters, regular seminars with Q&A sessions, staff visits daylight between to the computer centre and practice on terminals not only kept staff up to date, but kept them involved. ourselves and our The first online banking service competitors – it was light years” The first bank branch in Europe to have a counter terminal linked directly to the bank’s central computer, and to offer an online banking service, was the Bryan Johnston, Ardoyne Branch of the Belfast Savings bank on 24 August 1970. former CEO of Sadly, Ardoyne was an area badly affected by civil disturbance in Belfast, and TSB Northern Ireland the branch itself no longer survives. One week later, the bank’s largest branch in Arthur Street, Belfast, the next to be terminalised and offer the service, went online. I manned a terminal that day. Customers knew in advance that change was coming and this was a very busy day. I wanted to judge their reactions. Quality of service light years ahead of competition Their words and their looks conveyed surprise, astonishment and satisfaction. At a stroke, the quality and speed of service had been transformed for the better. We had not just created daylight between ourselves and our competitors – it was light years. This quality of service would differentiate us from the competition for a generation, and the computer platform became the basis of our future success. The “take-on” of branches to the computer system was completed in early February 1971. When the UK currency was decimalised on 15 February 1971, -4- a special report from ComputerWeekly we were able to do the work using the computer, rather than requiring staff to make the changes manually. First customer network By 1971, any customer could receive a full banking service at a terminal in any branch. Customers were no longer tied to their local branch. In this short period, quality of service soared. Seen previously as the Cinderella of the banking world, the service offered by Belfast Savings Bank now outshone its competitors. This confidence is reflected in an advertisement of the time: “We recently moved £28,000 the 100 miles from Newry to Ballycastle in 6 seconds. Naturally, we apologised for the delay.” Thus from its creation in early 1971, we had created an instantaneous money transmission network, a facility not available in UK banks until 30 years later. The first online cash dispensers The Belfast Savings Bank was restyled TSB Northern Ireland and, in 1975, became the first bank to install online cash dispensers. Important in itself, the greater significance was twofold – direct access by customers to their accounts without going through a member of staff, and the first steps in placing customer access devices away from branches. This may be normal practice now, but was revolutionary then. Cash dispensers may be commonplace now, but were revolutionary in 1975 PURESTOCK/THINKSTOCK -5- a special report from ComputerWeekly Financial accounts produced online within 12 hours The Trustee Savings Bank Act of 1976 and The Banking Act of 1979 were to change the TSB Northern Ireland from a public sector savings institution to a private sector full service bank with PLC status, necessitating new levels of financial reporting.
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]