Banking: An introductory text by Philip Molyneux

By Philip Molyneux

This introductory textual content on banking goals to be accomplished in scope. Following a common description of the united kingdom banking process, the writer discusses more than a few issues, together with eu monetary associations, the financial institution of britain, banking laws, funds markets and the influence of 1992.

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The criteria which the Bank of England adopted to determine a recognised bank was determined by Schedule 2 of the Act. The following factors were taken into account: 1. a good reputation must exist for the deposit-taking institu- tion, 2. a wide range of banking services, specialist or otherwise must be provided such as: (a) current and deposit account facilities or accepting funds in the wholesale market, (b) provision of loans and overdrafts, or lending in the wholesale money markets, (c) foreign exchange facilities, (d) the handling of bills of exchange and promissory notes including financing foreign trade, The classification of financial institutions 47 (e) financial advice and the provision of facilities for the purchase and sale of investments, 3.

31 Banking 32 Financial claims are generated whenever an act of borrowing takes place. ) total expenditure exceeds its total receipts. ) Examples of financial claims, taken from Revell (1975) would include: 1. Money - financial claims that act solely as a medium of exchange (a) notes and coins, (b) bank current accounts. 2. Wholesale near-money - large denomination financial claims. Individual wholesale deposits are usually greater than £50000: (a) secondary bank time deposits, (b) certificates of deposit, (c) local authority deposits, (d) finance house deposits.

Intermediary between borrowers and lenders. 1 shows a situation where deficit units borrow directly from lenders. No financial intermediary enters the relationship. An example of this kind might be where a saver decides to buy a new issue of shares in a company. 2 the lender does not provide funds directly to the borrower but places funds with a financial intermediary and in return has a deposit or claim on the financial intermediary (in this case £25000 worth of deposits). The financial intermediary can then on-lend these funds to borrowers who in return provide some form of security (in this case £25000 worth of company shares) to ensure that the loan will (hopefully) be repaid.

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