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Bank Charter Act 1844
The Bank Charter Act 1844 (7 & 8 Vict. c. 32), sometimes referred to as the Peel Banking Act of 1844, was an Act of Parliament, Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England. It is one of the Bank of England Acts 1694 to 1892. Purpose Until the mid-nineteenth century, commercial banks in Britain and Ireland were able to issue their own banknotes, and notes issued by provincial banking companies were commonly in circulation. Under the 1844 Act, bullionism was institutionalized in Britain, creating a ratio between the gold reserves held by the Bank of England and the notes that the Bank could issue, and limited the issuance by English and Welsh banks of non-gold-backed Bank of England notes to up to £14 million. The Act also placed strict curbs on the issuance of notes by the country banks, barring any new "banks of issue" ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Short Titles Act 1896
The Short Titles Act 1896 (59 & 60 Vict c 14) is an Acts of Parliament in the United Kingdom, Act of the Parliament of the United Kingdom. It replaces the Short Titles Act 1892. This Act was retained for the Republic of Ireland by section 2(2)(a) of, and Part 4 of Schedule 1 to, the Statute Law Revision Act 2007. In that country, this Act is one of the Short Titles Acts 1896 to 2007. Section 1 and Schedule 1 authorised the citation of 2,095 earlier Acts by short titles. The Acts given short titles were passed between 1351 and 1893. This Act gave short titles to all public general Acts passed since the Union of England and Scotland and then in force, which had not already been given short titles, except for those omitted from the Revised edition of the statutes, Revised Edition of the Statutes by reason of their local or personal character. In 1995, the Law Commission (England and Wales), Law Commission and the Scottish Law Commission recommended that section 1 and Schedule 1 be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Government Debt
A country's gross government debt (also called public debt, or sovereign debt) is the financial liabilities of the government sector. Changes in government debt over time reflect primarily borrowing due to past government deficits. A deficit occurs when a government's expenditures exceed revenues. Government debt may be owed to domestic residents, as well as to foreign residents. If owed to foreign residents, that quantity is included in the country's external debt. In 2020, the value of government debt worldwide was $87.4 US trillion, or 99% measured as a share of gross domestic product (GDP). Government debt accounted for almost 40% of all debt (which includes corporate and household debt), the highest share since the 1960s. The rise in government debt since 2007 is largely attributable to the global financial crisis of 2007–2008, and the COVID-19 pandemic. The ability of government to issue debt has been central to state formation and to state building. Public debt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banking Legislation In The United Kingdom
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because banks play an important role in financial stability and the economy of a country, most jurisdictions exercise a high degree of regulation over banks. Most countries have institutionalized a system known as fractional reserve banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to minimum capital requirements based on an international set of capital standards, the Basel Accords. Banking in its modern sense evolved in the fourteenth century in the prosperous cities of Renaissance Italy but in many ways functioned as a continuation of ideas and concepts of credit and lending that had their roots in the anc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Acts Of Parliament 1844
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe Television * ''United'' (TV series), a 1990 BBC Two documentary series * ''United!'', a soap opera that aired on BBC One from 1965-19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Activities of central banks Functions of a central bank usually include: * Monetary policy: by setting the official interest rate and controlling the money supply; *Financial stability: acting as a government's banker and as the bankers' bank ("lender of last resort"); * Reserve management: managing a country's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fractional Reserve Banking
Fractional-reserve banking is the system of banking operating in almost all countries worldwide, under which banks that take deposits from the public are required to hold a proportion of their deposit liabilities in liquid assets as a reserve, and are at liberty to lend the remainder to borrowers. Bank reserves are held as cash in the bank or as balances in the bank's account at the central bank. The country's central bank determines the minimum amount that banks must hold in liquid assets, called the "reserve requirement" or "reserve ratio". Most commercial banks hold more than this minimum amount as excess reserves. Bank deposits are usually of a relatively short-term duration, and may be "at call", while loans made by banks tend to be longer-term, resulting in a risk that customers may at any time collectively wish to withdraw cash out of their accounts in excess of the bank reserves. The reserves only provide liquidity to cover withdrawals within the normal pattern. Banks a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banknotes Of Northern Ireland
Banknotes have been issued for use specifically in Northern Ireland since 1929, and are denominated in Pound sterling, pounds sterling. They are legal currency, but technically not legal tender anywhere (including Northern Ireland itself). This is not uncommon as most bank notes are not recognised as tender. However, the banknotes are still widely accepted as currency by larger merchants and institutions elsewhere in the United Kingdom. Issuing banks have been granted legal rights to issue currency, and back the notes with deposits at the Bank of England. The issuing of banknotes in Northern Ireland is regulated by the Currency and Bank Notes Act 1928, the Coinage Act 1971, Banknotes (Ireland) Act 1864 (c. 78), Banknotes (Ireland) Act 1920 (c. 24), Bankers (Ireland) Act 1845, Bankers (Northern Ireland) Act 1928 (c. 15), among others. Pursuant to some of these statutes, His Majesty's Revenue and Customs (HMRC) publishes in the ''Belfast Gazette'' an account of "the Amount of Notes ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banknotes Of Scotland
Banknotes of Scotland are the banknotes of the pound sterling that are issued by three Scottish retail banks and in circulation in Scotland. The issuing of banknotes by retail banks in Scotland is subject to the Banking Act 2009, which repealed all earlier legislation under which banknote issuance was regulated, and the Scottish and Northern Ireland Banknote Regulations 2009. Currently, three retail banks are allowed to print notes for circulation in Scotland: Bank of Scotland, Royal Bank of Scotland, and Clydesdale Bank. Scottish banknotes are unusual, first because they are issued by retail banks, not government central banks, and second, because they are technically not legal tender anywhere in the United Kingdom – not even in Scotland, where in law no banknotes even those issued by the Bank of England are defined as legal tender. Formally, they are classified as promissory notes, and the law requires that the issuing banks hold a sum of Bank of England banknotes or gold ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sterling Area
The sterling area (or sterling bloc, legally scheduled territories) was a group of countries that either pegged their currencies to sterling, or actually used sterling as their own currency. The area began to appear informally during the early 1930s, after sterling had left the gold standard in 1931, with the result that a number of currencies of countries that historically had performed a large amount of their trade in sterling were pegged to sterling instead of to gold. A large number of these countries were part of the British Empire; however, a significant minority were not. Early in the Second World War, emergency legislation united the sterling bloc countries and territories (except Hong Kong) of the British Empire in a single exchange control area to protect the external value of sterling, among other aims. Canada and Newfoundland were already linked to the US dollar and did not join the sterling bloc. The Bank of England in London guided co-ordination of monetar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Henry Meulen
Henry Meulen (1882–1978) was a British individualist anarchist, economist, and proponent of free banking. See also *Friedrich Hayek, also supported free banking References * Meulen, Henry. ''Banking and the Social Problem''. 1909 * Meulen, Henry. ''Free banking''. 1934. * Meulen, Henry. ''Free Banking. An outline of a policy of individualism''. 1934 * Meulen, Henry. ''Individualist Anarchism'' (Reprinted from "The Word," November 1949. With a portrait.) 1949 * Meulen, Henry. ''Industrial Justice through Banking Reform. An outline of a policy of individualism''. 1917 * Dowd, Kevin. ''The monetary economics of Henry Meulen''. 1988. * ''The price of gold''. By T. Goeritz and H. Meulen. 3rd ed. 1972 External links Part I of ''Instead of a Magazine'' Correspondence between Beckerath and Muelen [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Banknotes Of The Pound Sterling
Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pound sterling, pounds sterling (symbol: Pound sign, £; ISO 4217 currency code: GBP; traditional abbreviation: Stg.). Sterling banknotes are official currency in the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha. One pound is equivalent to 100 penny, pence. Three British Overseas Territories also have currencies called pounds which are at par with the pound sterling. The Bank of England has a legal monopoly of banknote issuance in England and Wales but, for Bank Charter Act 1844, historical reasons six banks, Banknotes of Scotland, three in Scotland and Banknotes of Northern Ireland, three in Northern Ireland also issue their own banknotes that circulate in the system and may be used for cash transactions anywhere in the United Kingdombut the law requires that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Notes (Scotland) Act 1845
A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued by commercial banks, which were legally required to redeem the notes for legal tender (usually gold or silver coin) when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks or monetary authorities. National banknotes are often – but not always – legal tender, meaning that courts of law are required to recognize them as satisfactory payment of money debts. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment. This practice of "backing" notes with something of substance is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
