The Trustee Savings Banks Association was established in

Manchester Manchester () is a city in Greater Manchester, England. It had a population of 552,000 in 2021. It is bordered by the Cheshire Plain to the south, the Pennines to the north and east, and the neighbouring city of Salford to the west. The t ...

in 1887. However, throughout its history the Trustee Savings Banks Association failed to act as central provider of administrative functions to small independent savings banks. Initially only 26 of the 389

trustee savings bank 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 ...

s (TSBs) became members. The work of the association was to be directed by a Council of Management comprising representatives from not fewer than fourteen of the larger TSBs. The day-to-day affairs were to be guided by a trio of honorary secretaries made up of the actuaries of the

Glasgow Glasgow ( ; sco, Glesca or ; gd, Glaschu ) is the most populous city in Scotland and the fourth-most populous city in the United Kingdom, as well as being the 27th largest city by population in Europe. In 2020, it had an estimated popul ...

and

Liverpool Liverpool is a city and metropolitan borough in Merseyside, England. With a population of in 2019, it is the 10th largest English district by population and its metropolitan area is the fifth largest in the United Kingdom, with a popul ...

savings banks. But for a long time it remained ineffective in persuading hundreds of small savings banks to speak and act as a single body. Spencer (later Sir Spencer) Portal was credited with introducing the idea of appointing a permanent secretary and a large council in 1914 with the aim of deciding a common policy as well as a single voice to conduct negotiations with the government and promote legislation. Spencer Portal became deputy chairman of the Association in 1919, chairman in 1923 and president when relinquishing his chair in 1935. By the 1930s the association under Spencer Portal was already successful in putting forward a common view to parliamentary committees and the Treasury to support the progress of the savings banks. This was important given the detailed regulatory framework surrounding the operation of the savings banks. Notable achievements included lifting limits on deposits introduced in 1915 as well as major reforms such as those of around the

Act of Parliament Acts of Parliament, sometimes referred to as primary legislation, are texts of law passed by the Legislature, legislative body of a jurisdiction (often a parliament or council). In most countries with a parliamentary system of government, acts of ...

of 1929, 1965 and 1975. As of 1970, 75 TSBs had joined the association.A History of TSB
The Scotsman. 19/07/12. Retrieved: 04/05/18 In 1975, Freddie Miller, the then president secretary-general, became deputy chief executive of the newly created TSB Central Board, working under Tom Bryans.

References

{{reflist Defunct financial services companies of the United Kingdom Defunct companies based in Manchester Banks established in 1887