Author Description

Please note: This is a companion version & not the original book. Sample Book Insights: #1 A bank is an institution that accepts deposits from savers, extends loans to borrowers, and provides a range of other financial services to its customers. Banks are a central part of the modern financial system. #2 The global financial crisis of 2007–9 was a rude awakening for many commentators who had believed that modern, technologically sophisticated banks would always be able to provide ample finance for borrowers seeking to invest. #3 The first banknotes were issued by the Bank of England in 1694. The population of small private banks increased in the 18th century, but many lacked the resources to withstand financial shocks. Legislation passed in 1826 granted banknote-issuing powers to private banks with more than six partners headquartered outside a 65-mile radius of London. #4 The year 1844 saw the establishment of a banking code, which detailed the governance, management, and financial reporting of banks. This led to the case for shareholder banks to be granted limited liability status and brought under the wings of general joint stock company law.