DOCSLIB.ORG

Building a New Public Banking Ecosystem 4 1 Introduction and Summary of Recommendations

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Building a New Public Banking Ecosystem 4 1 Introduction and Summary of Recommendations A NEW PUBLIC BANKING ECOSYSTEM A report to the Labour Party commissioned by the Communication Workers Union and The Democracy Collaborative Christine Berry Laurie Macfarlane This report is the work of independent experts and constitutes a report to the Labour Party’s Shadow Chancellor of the Exchequer, John McDonnell MP, and Shadow Secretary of State for Business, Energy and Industrial Strategy, Rebecca Long-Bailey MP. It should not be taken to represent Labour Party policy. Contents List of fgures and tables 4 1 Introduction and summary of recommendations 5 2 The problems with the UK banking sector: what are we trying to achieve? 8 3 Design principles: how can new institutions help to overcome these problems? 14 4 The Post Bank: analysis and recommendations 26 5 RBS: analysis and recommendations 50 6 National Investment Bank: analysis and recommendations 62 7 Cross-cutting issues 71 Endnotes 74 LIST OF FIGURES Figure 1 Summary of public banking ecosystem 7 Figure 2 Total stock of outstanding loans, UK banks (£ trillion) 8 Figure 3 Gross fxed capital formation (% of GDP) 10 Figure 4 Public sector gross investment as a % of GDP, UK 10 Figure 5 Gross domestic spending on R&D, 1981 – 2015 (% of GDP) 12 Figure 6 KfW functional divisions 22 Figure 7 Map of Local Enterprise Partnerships (LEPs) across England 31 Figure 8 Structure of new Post Bank 32 Figure 9 Network subsidy payment (£ millions) 43 Figure 10 Post Ofce revenues (£ millions) 43 Figure 11 Major UK banks’ leverage ratios 44 Figure 12 Bank of Ireland UK plc – balance sheet in 2017 45 Figure 13 Return on equity by banking product 46 Figure 14 Projected proftability of the Post Bank (£ million) 47 Figure 15 Total state aid expenditure as a % of GDP in 2015 49 Figure 16 RBS Share price 51 Figure 17 RBS organisational structure 54 Figure 18 Structure of National Investment Bank 64 LIST OF TABLES Table 1 Assessment of diferent ownership models 36 Table 2 Proposed governance structure of the Post Bank 37 Table 3 Number of Post Ofce branches 41 Table 4 Financial projections of the Post Bank’s SME division 47 Table 5 Value of ordinary shares and govt stake at various prices 52 Table 6 Examples of products ofered by the NIB 66 Table 7 Proposed governance structure of the National Investment Bank 68 BUILDING A NEW PUBLIC BANKING ECOSYSTEM 4 1 INTRODUCTION AND SUMMARY OF RECOMMENDATIONS Ten years on from the global fnancial crisis, our up with a separate management team and banking system is still not working for the many. separate accounting, and endowed with its own Despite having one of the largest banking sectors capital. in the world, the UK has a longstanding problem • The Post Bank should be given a public service of underinvestment. While billions of pounds are mandate to provide fnancial services according lent into the economy each year, most of this to clear principles set out in primary legislation. fows into property and fnancial markets, infating This should include a requirement to provide asset prices and destabilising the economy. access to basic retail banking services to UK banks continue to have low levels of public all citizens regardless of income, wealth, or trust, and have struggled to deal with scandals social status, and to contribute positively to concerning their conduct. Branch closures have the fnancial sustainability of the Post Ofce left many households and businesses without network. access to fair and afordable banking services. • The Post Bank should be established as a In order to address these problems, it will not be separate legal entity that is required to pay an enough simply to regulate existing banks more annual ‘access payment’ to the Post Ofce to heavily, or to rely on competition policy as the cover use of its assets, providing the Post Ofce current government is doing. Instead we need with a steady and reliable source of income. structural change – building a new banking system • The Post Bank should be owned under a public that puts the public interest frst. Labour’s 2017 trust model whereby ownership is held in trust Manifesto proposed the creation of several new for the public beneft in order to ensure the institutions designed to start this process: bank is able to fulfl its public service mandate • a Post Bank to provide a full range of retail and safeguard against future privatisation. banking services through the Post Ofce • The Post Bank should be governed by a network; Board of Trustees, comprising elected public • a National Investment Bank, supported by a representatives and relevant national and network of Regional Development Banks; and regional stakeholders, who would be charged with ensuring that the bank fulfls its public • a review of alternatives to re-privatisation for service mandate. RBS. • A comprehensive and legally binding services This report makes a series of recommendations agreement should be established between the on how each of these policies could be most Post Bank and the Post Ofce, which would set efectively designed to ft together as part of out the relationship between the two entities a coherent public banking ecosystem. Our with regards to issues such as branch access. recommendations have been informed by an extensive literature review, an expert roundtable, • The Post Bank should be set up in a and interviews with key stakeholders from the decentralised structure, with lending and UK and abroad. Our recommendations are decision making devolved to a series of summarised below. regional ofces, and which are not legally separate entities but have a high degree of In relation to the Post Bank, we recommend that: independence. • The partnership with Bank of Ireland UK should • The Post Bank head ofce should be be ended, and a new Post Bank should be set responsible for providing central support services such as IT, marketing, regulatory BUILDING A NEW PUBLIC BANKING ECOSYSTEM 5 compliance, access to the payments system and also seek to change the management team a treasury function. and corporate governance, stop further branch closures and exert pressure to reform the • The range of fnancial products and services bank’s culture to stamp out abuses. currently ofered through Post Ofce Money should be transferred to the newly established In relation to the National Investment Bank (NIB), Post Bank, and the Post Bank should seek we recommend that: to acquire the existing Bank of Ireland UK portfolio. • The NIB should be given a broad mandate to support the government’s industrial strategy, • The Post Bank should be capitalised by HM through the use of repayable fnancial Treasury with £2.5 billion of capital – to enable instruments. the acquisition of the Bank of Ireland UK portfolio and meet network investment needs • The NIB should consist of a head ofce located – and will be funded mainly by retail deposits, outside London, and 12 Regional Development including from personal current accounts, Banks located in each of the nine regions of business current accounts, and savings England, plus Scotland, Wales, and Northern products, as well as debt issued to fnancial Ireland. markets of varying maturities. • The NIB and Regional Development Banks • The Post Bank should seek to grow and expand should be structured around three operational its market share in the current account, savings, ‘arms’ – an enterprise arm, an infrastructure travel, insurance, and personal loan markets, arm, and an innovation arm. and establish a new business division focused • The NIB’s investment activities should initially on SME customers, which should be made a focus on three core areas which support strategic priority. Labour’s industrial strategy: decarbonisation • The Post Bank should seek to develop a and greening the economy, regional business model of ‘relationship banking’, rebalancing, and industrial transformation and whereby loans are de-risked through building economic democracy. up strong relationships and understanding the • The NIB should create products that target businesses it lends to, rather than relying on particular issues that are aligned with the the availability of collateral. government’s industrial strategy, rather than • The Post Bank should make its products and ofer generic products, to support structural services available through Post Ofce branches, change. over the phone, online, and via mobile banking. • The enterprise arm of the NIB should on-lend Various options, including developing in-house via bank intermediaries for customers that are capacity and partnering with a responsible small businesses. On-lending should be used fntech frm, should be considered as part of as a tool for promoting wider structural change ensuring that the new Post Bank is able to in the fnancial sector by lending through position itself at the forefront of the fntech favoured institutions such as the Post Bank. For revolution. medium and large frms, infrastructure projects and venture capital investments, the NIB should In relation to the future of RBS we recommend lend directly via the Regional Development that: Banks. • If a Labour government still has a majority stake • The NIB should be capitalised by the in RBS when it comes to power, it should halt government with £10 billion of paid in capital, plans for privatisation and retain a controlling and £10 billion of callable capital. The NIB majority shareholding in the bank. should subsequently conduct annual bond • The government should use its remaining issues to expand the NIB balance sheet to majority stake in RBS to proactively turn its approximately £250 billion over a ten year business model towards one that is more period. aligned with public interest objectives. In relation to a series of cross cutting issues, we • The government should look to sell or wind- recommend that: down certain banking divisions of RBS that are held outside the ringfenced bank.
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]