67 Sentences With "clearing banks" | Random Sentence Generator

The number of clearing banks to be chosen and the timing of the announcement is not yet known.

Other yuan clearing banks will be required to maintain the reserves onshore at accounts held by parent institutions.

Clear regulation that data must continue to flow from exchanges, clearing banks and others will equally speed resolution. 5.

Instead, they held deposits, in the form of so-called "nostro accounts", inthe privately held City of London clearing banks.

Foreign financial institutions had to set aside reserves for offshore yuan deposits held on the mainland with yuan clearing banks.

But the reserve requirements for onshore yuan deposits placed in yuan clearing banks by offshore institutions will not be affected.

China's central bank is preparing to raise the reserve requirement ratio for yuan deposits placed in yuan clearing banks from Jan.

BEIJING, Jan 17 (Reuters) - China's central bank is preparing to raise the reserve requirement ratio for yuan deposits placed in yuan clearing banks from Jan.

The system is expected to allow global firms to settle payments with Chinese businesses more efficiently, replacing a patchwork of networks such as clearing banks around the world.

In May, the participation of the NSD enabled the finance ministry to bypass the world's largest clearing banks, Euroclear and Clearstream, in conducting a landmark dollar Eurobond issue.

NAIROBI, Jan 27 (Reuters) - Kenya's Nairobi Securities Exchange has signed up six lenders as clearing banks for its yet-to-be launched derivatives market, it said on Wednesday.

The clearing banks are preparing to accept gold at vaults in Switzerland and elsewhere, the two sources said, adding that a final decision had not yet been taken.

Lebanese investors currently trade futures and options very actively in foreign markets, but without membership of international clearinghouses they rely on third-party correspondent clearing banks to gain access.

The S.E.C. also said on Thursday that Merrill Lynch improperly put as much as $58 billion of customer cash daily into accounts that were subject to liens from clearing banks.

Sources told Reuters on Sunday that the PBOC is preparing to raise the reserve requirement ratio next week for yuan deposits placed in yuan clearing banks to the normal level.

The system is expected to allow global firms to settle payments with Chinese businesses more quickly and efficiently, replacing a patchwork of networks such as clearing banks around the world.

The Russian finance ministry appointed the NSD as the clearing system for a $1.75 billion Eurobond it issued last week without involving the world's largest clearing banks, Euroclear and Clearstream.

The sources said China's central bank is preparing to raise the reserve requirement ratio for yuan deposits placed in yuan clearing banks in its latest bid to stem speculation in the currency.

Offshore clearing banks located in Hong Kong and Macao, which already maintain deposits with central bank branches in Zhuhai and Shenzhen, will be required to maintain reserves there, according to the sources.

SHANGHAI, Jan 18 (Reuters) - China's onshore yuan firmed at the open of trade on Monday, after Reuters reported the central bank is preparing to raise reserve requirements for yuan deposits in offshore clearing banks.

The London Bullion Market Association, which oversees the London trade hub, on Friday said that it was looking with clearing banks and other market participants at "the feasibility of global delivery outside of London".

INTERNATIONAL OPPORTUNITIES Ring-fencing regulation is giving international banks an ideal opportunity to gain a major foothold in the UK syndicated loan market at the expense of incumbent UK clearing banks, including Barclays, Lloyds, and NatWest.

The Japanese clearing service, which opens on May 18, will help power companies involved in wholesaling, generation and distribution with risk management while opening avenues for the EEX network of trading members, access providers, brokers and clearing banks.

"Clearing banks need to adopt these crytocurrencies as payment methods to pique widespread institutional interest," suggested Gargour, adding that its ease of transfer could indeed make it a preferable alternative for banks to the cumbersome process of wiring money.

Participants including onshore agent banks, offshore clearing banks and offshore participating banks who are involved in the business should stick with macro prudential policy and should roughly keep flat positions in yuan purchase and sale business, according to a statement posted on the website of the People's Bank of China (PBOC).

As an example of China's willingness to open up its markets, Li said China had decided to designate a Chinese investment bank as a clearing bank for renminbi business in New York and welcomed foreign banks in the city which met eligibility requirements to become clearing banks for the currency.

NatWest is considered one of the Big Four clearing banks in the UK,Kar-Gupta, Sudip. UK banks prepare for inevitable shake-up, Reuters, September 1, 2011. Accessed April 14, 2014.Kar- Gupta, Sudip.

In 1975, the bank became the first new member of the Committee of London Clearing Banks for 40 yearsCo-operative Financial Services – the Co-operative Bank . Retrieved 18 December 2008. and thus able to issue its own cheques.

I echo what was said about the banks. Perhaps we could give the clearing banks a bit of a shake-up. They are too cautious. It has been said that many of them are merely moneylenders rather than bankers.

The Agricultural Mortgage Corporation Plc (AMC) was formed in 1928 under the Agricultural Credits Act, to provide long term mortgages for land and redeveloping farming and rural-based businesses. Initially jointly owned by the Bank of England and the main clearing banks, it was purchased outright by Lloyds Bank in 1993 and is currently a wholly owned subsidiary of Lloyds Banking Group.

In the City of London there were not any banking houses operating in a manner recognized as so today until the 17th century,James Walvin 2011-02-17 Slavery and the Building of Britain British Broadcasting Corporation Retrieved 2012-04-19British Banking History Society A History of English Clearing Banks Retrieved 2012-04-19 although the London Royal Exchange was established in 1565.

However, they are rarely seen outside of Northern Ireland. In England and Wales, although they might be accepted by any shop, they are often not accepted without explanation. Like Scottish notes, clearing banks and building societies will accept them. Northern Irish pound sterling banknotes should not be confused with the Irish pound (or Punt), the former currency of the Republic of Ireland, which was replaced by the euro in 2002.

Having qualified as a chartered accountant in 1982, Anstee worked for a number of clearing banks before becoming a partner in Arthur Andersen. He then moved to Deloitte and Touche. Anstee is now a senior director of the international law firm SJ Berwin. Sheriff of the City of London 2003-04, he became Lord Mayor of London for 2009-10, when Alderman Anstee was also ex-officio Chancellor of City University London.

Madrid Stock Exchange Banks based in Madrid, both clearing banks and savings banks, carry out 72% of the banking activity in Spain. After many recent amalgamations the largest banking groups with an important presence in Madrid are BSCH (Banco de Santander y Central Hispano) and BBVA (Banco Bilbao Vizcaya Argentaria). The Spanish central bank, Bank of Spain, has existed in Madrid since 1782. Stocks & shares, bond markets, insurance, and pension funds are other important forms of financial institution operating in the city.

The Cheque was introduced in India by the Bank of Hindustan, the first joint stock bank established in 1770. In 1881, the Negotiable Instruments Act (NI Act) was enacted in India, formalising the usage and characteristics of instruments like the cheque, the bill of exchange, and promissory note. The NI Act provided a legal framework for non-cash paper payment instruments in India. In 1938, the Calcutta Clearing Banks' Association, which was the largest bankers' association at that time, adopted clearing house.

Competition and credit control (CCC) was a monetary policy operated by the Bank of England from September 1971 until the autumn of 1973. Under this policy the bank sought to control money supply indirectly through open market operations, instead of through the direct lending ceilings imposed on individual banks used formerly. Reserve Asset Ratios were imposed on all financial institutions where formerly cash and liquidity rations had applied to major clearing banks only. In practice, sterling money supply increased rapidly following introduction.

Prior to the launch of CHATS as a RTGS system, interbank settlements in Hong Kong relied on a multi-tier system which settled on a daily net basis. About 170 banks settled with ten clearing banks. These ten banks, in turn, settled with Hongkong Bank, which then settled with the HKMA on a one-to-one basis. Hongkong Bank acted as the clearing house under this system, settling payments across its books on a net basis on the day following the transactions.

The Clearing Bank Union (CBU) was responsible for mobilising workers in the financial sector to threaten and enact a number of successful overtime bans between 1985 and 1989. The union formed after the Banking, Insurance and Finance unions at big clearing banks including NatWest, Barclays, Lloyds and Midland joined forces. In 1985, the CBU voted in favour of an overtime ban to protest about their pay. The threat of the ban was sufficient to cause the banks to increase their pay offer which was accepted.

HSBC Bank plc is a British multinational banking and financial services organisation. HSBC's international network comprises around 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. HSBC Bank plc is one of the four major clearing banks in the United Kingdom and is a wholly owned subsidiary of HSBC Holdings. The business ranges from the traditional high street roles of personal finance and commercial banking, to private banking, consumer finance as well as corporate and investment banking.

Because of the stock market turbulence, the launch had been delayed and CIPS was '"watered down" offering, a "complementary network for settling trade-related deals in the Chinese currency to a current patchwork of Chinese clearing banks around the world". By December 2015, the RMB was still the "fifth most used global payments currency and the second most used currency for trade finance" with 27 per cent of China's goods invoiced in RMB compared to 19 per cent in 2014. In December China was the world's largest exporter.

Goschen joined the family merchant banking firm Frühling & Göschen, and became involved in insurance. He was director of the Ocean Marine Insurance Co., Sun Insurance Office and Sun Life Assurance Society. His personality and role during the First World War were later recalled in The Times: In 1920, he established the merchant banking firm Goschens and Cunliffe with Lord Cunliffe. During his career, he served as chairman of the London Clearing banks, the National Provincial Bank and the Accepting Houses Committee, and as a director of the Chartered Bank of India, Australia, and China.

By the inter-war years it had become clear that trustee savings banks could compete in the retail bank market. By 1919 the sum of cash and assets held on deposit for all the TSBs reached £100 million, which rose to £162 million in 1929 and £292 million in 1939. From the 1970s the Irish trustee savings banks followed a similar path of amalgamation to their UK counterparts, becoming, in 1992, a single entity; this was purchased by Irish Life and Permanent in 2002. Together, the TSBs were as big as any of the four main London clearing banks.

An Invaluable Treasure: A History of the TSB. London, Weidenfeld and Nicolson The Trustee Savings Banks Act in 1975 allowed TSBs to offer services equivalent to those of the clearing banks, but it also required that, in the space of one year, the number of independent TSBs was reduced from 73 to 19, under the central co-ordinating authority of the TSB Central Board. This organisational framework for savings banks was in place between 1976 and 1984, a period during which TSB management undertook a series of fundamental changes while pursuing the creation of independent and profitable financial services group.

The Act of 1826 permitted the establishment of joint stock banks but note issue was only allowed outside a radius of 65 miles of London.Nevin & Davis, The London Clearing Banks, (1970) The 1826 Act was followed by the creation of new provincial joint stock banks and conversions from existing private banks. Because of the prohibition on note issue in the London area, it was incorrectly assumed that the Act also prohibited joint stock banks themselves, an ambiguity that was removed by the Bank Charter Act 1833.T E Gregory, British Banking Statutes and Reports 1832-1928 Vol.

Once the payee's bank notifies the payer's bank by presenting the cheques, the "duplicate" funds will be removed from the payer's account, and the cheques will be considered to have "cleared" the bank. In cheque clearing, banks refer to 'bank float' and 'customer float'. 'Bank float' is the time it takes to clear the item from the time it was deposited to the time the funds were credited to the depositing bank. 'Customer float' is defined as the span from the time of the deposit to the time the funds are released for use by the depositor.

London, Charles Knight & Co. Accordingly, the TSB Trust Company was established in 1967 and a year later the first unit trust issue was offered. Regulatory innovations which allowed the TSBs to diversify their business threatened to erode the deposit base of the clearing banks. But this potential diversification was limited by the restrictive central control of the Exchequer, the National Debt Commissioners and the Trustee Savings Bank Inspection Committee. This type of central control had been designed both to guarantee depositors that the savings banks would remain a secure alternative for their deposits and, by standardising general interest rates and regulations, to make it possible for local trustees to work autonomously.

Numbers starting with a '7' (after the 1960s, '70') were reserved for the large number of London offices of banks which were not members of the London Clearing. Individual sort codes were allocated on a one-off basis to the many London offices of private and foreign banks. Cheques drawn on these banks were colloquially known within the banking industry as 'walks' because they were cleared by being hand-delivered ("walked") to the drawee banks by messengers from the Clearing House. By the 1990s, all these banks had been issued with sort codes within the ranges of the various clearing banks which, from then on, acted as clearing agents for them.

Images of the castle are used as a logo by organisations including Edinburgh Rugby, the Edinburgh Evening News, Hibernian F.C. and the Edinburgh Marathon. It also appears on the "Castle series" of Royal Mail postage stamps, and has been represented on various issues of banknotes issued by Scottish clearing banks. In the 1960s the castle was illustrated on £5 notes issued by the National Commercial Bank of Scotland, and since 1987 it has featured on the reverse of £1 notes issued by the Royal Bank of Scotland. Since 2009 the castle, as part of Edinburgh's World Heritage Site, has appeared on £10 notes issued by the Clydesdale Bank.

In March 2011 it was reported that Barclays had overtaken Santander UK to claim top spot as the UK's most complained against bank, with the country's official banking regulator, the Financial Services Authority having recorded 276,315 new customer complaints against Barclays Bank during the second half of 2010.Barclays tops FSA rankings for bank complaints. The Independent 31 March 2011 Barclays nevertheless ranks only third in the UK among the mainstream clearing banks in terms of the number of its branches. Inline with costs cut, Barclays cut 1,400 jobs during the first half of 2011 and cut another 1,600 jobs for the rest of 2011.

Its parish church, St. Laurence's, still exhibits evidence of a building present in the 12th century in its nave and is referenced in Domesday Book. A market is held each Thursday, and Frodsham's viability as a trading centre was emphasised by the presence of the "big five" clearing banks and several building societies, though the branches of HSBC and NatWest have recently closed. Development in the town's shops and premises with alcohol licences is evident through the recent (post-2002) opening or modernisation of contemporary-style bar/restaurants, take-away food shops and public houses, and in the continued presence of small, specialised, businesses operating from town-centre shops.

89 In 1905 a remark by Cole, as a director of the Bank of England, was widely reported: The then Governor of the bank, A. F. Wallace, made a strong reply to this in a speech at the Mansion House in June 1906. And in 1911, ironically, it fell upon Cole as Governor to announce a new scheme for closer co-operation between the Bank of England and the clearing banks. He retired from the Bank of England in 1913. When he died in 1920, he was described in an obituary as "a man of great ability, of strong convictions, with fearless courage in expressing them".

In Africa, the central banks of Ghana, Nigeria, and South Africa either hold RMB as a reserve currency or have taken steps to purchase bonds denominated in RMB.The "Report on the Internationalization of RMB in 2020", which was released by the People's Bank of China in August 2020, said that RMB’s function as international reserve currency has gradually emerged. In the first quarter 2020, the share of RMB in global foreign exchange reserves rose to 2.02%, a record high. As of the end of 2019, the People's Bank of China has set up RMB clearing banks in 25 countries and regions outside of Mainland China, which has made the use of RMB more secure and transaction costs have decreased.

Ulster Bank (Irish: Banc Uladh) is a large retail bank, and one of the traditional Big Four Irish clearing banks. The Ulster Bank Group is subdivided into two separate legal entities, Ulster Bank Limited (UBL – registered in Northern Ireland) and Ulster Bank Ireland DAC (UBIDAC – registered in the Republic of Ireland). The Group's headquarters (and UBIDAC's) is located on George’s Quay, Dublin, in the Republic of Ireland whilst the official headquarters of UBL is in Donegall Square East, Belfast, in Northern Ireland and it maintains a large sector of the financial services in both the UK and the Republic of Ireland. Established in 1836, Ulster Bank was acquired by the London County and Westminster Bank in 1917.

Similarly, parents and caregivers can also apply on behalf of a disabled child from the age of three. Once their application has been accepted, the customer uses all, or part, of their allowance to pay for their vehicle for the period of the contract hire agreement. Over 450 models of car are currently available to lease with no advance payment – larger or more expensive models may incur this additional cost. The largest fleet operator in Europe and the largest supplier of used cars in the trade, Motability Operations is owned by four major clearing banks – Barclays, Lloyds TSB, HSBC and the Royal Bank of Scotland. Motability Operations’ annual turnover is around £4.2bn.

Tom Bryans, general manager of the Northern Ireland Trustee Savings Bank, was the first chief executive of the newly amalgamated trustee savings banks. He was in his mid-50s, and had spent all his working life at the TSB movement, becoming a manager in 1956 and then becoming an expert in computerised banking. Bryans took the helm with a mandate to turn the savings banks from a quasi-government body into successful independent providers, but his salary of £17,000 per annum was well below those paid at similar posts at clearing banks. The amalgamation of individual TSBs into purposely created regional banks and the establishment of a central board in 1975 provided the resources to support the introduction of personal lending in 1977.

Institutions such as clearing banks, building societies and the Post Office will readily accept Scottish bank notes. Branches of the Scottish note-issuing banks situated in England dispense Bank of England notes and are not permitted to dispense their own notes from those branches. Modern Scottish banknotes are denominated in pounds sterling, and have exactly the same value as Bank of England notes; they should not be confused with the former Pound Scots, a separate currency which was abolished in 1707. ;Northern Irish banknotes: Banknotes issued by Northern Irish banks have the same legal status as Scottish banknotes in that they are promissory notes issued in pounds sterling and may be used for cash transactions anywhere in the United Kingdom.

It was not until 1866 that the bank opened for banking business in London by which time it had a nationwide network of 122 branches. The bank ceased its provincial note issue and was appointed to the London Clearing House. By 1886 the National Provincial Bank had 165 branches and its network was second only to the London and County Bank.Nevin and Davis, The London Clearing Banks (1970) There was now little in the way of acquisition but the branch network continued to increase - according to the NatWest Heritage Hub, there were 200 branches by 1900 and over 450 by the time of the 1918 merger (however, the scale of the post-1900 increase is surprisingly large and the latter figure may include sub-branches).

Sort codes are the domestic bank codes used to route money transfers between financial institutions in the United Kingdom, and historically in the Republic of Ireland. They are six-digit hierarchical numerical addresses that specify clearing banks, clearing systems, regions, large financial institutions, groups of financial institutions and ultimately resolve to individual branches. In the UK they continue to be used to route transactions domestically within clearance organisations and to identify accounts, while in the Republic of Ireland (a founder member of the Euro) they have been deprecated and replaced by the SEPA systems and infrastructure. Sort codes for Northern Ireland branches of banks (codes beginning with a '9') were registered with the Irish Payment Services Organisation (IPSO) for both Northern Ireland and the Republic.

They had also adopted new services such as credit cards, personal loans and revolving credit accounts which Girobank could not easily do until it had a significant base. Although the Giro did offer personal loans through a third party, it did not offer many of these main services on its own behalf until after the relaunch in 1978. It added savings accounts, overdrafts, revolving credit accounts, credit and debit cards, and was instrumental in the formation of the LINK ATM consortium of smaller banks and building societies which led the commercial clearing banks to begin linking their own networks which they had hitherto refused to do. It was also quick to establish Internet banking and mass market it to its customers.

Since 2009, China has signed currency swap agreements with numerous countries and regions such as Argentina, Belarus, Brazil, Canada, ECB, Hong Kong, Iceland, Indonesia, Malaysia, Singapore, South Korea, Thailand, the United Kingdom, Uzbekistan and Tajikistan. The renminbi deposits in HK gradually grew from ¥12 billion in 2004 to ¥59 billion in 2009. On 17 August 2010, PBoC issued a policy to allow Central Banks, RMB offshore Clearing Banks and offshore Participating Banks to invest excess RMB in debt securities or in the onshore Inter-bank Bond Market. In October, China further opened up both FDI and ODI in RMB (Pilot RMB Settlement of Outward Direct Investment) and nominated Xinjiang as the first pilot province (which, in early 2011, expanded to 20 pilot areas).

Through a series of mergers, including Cunliffe, Brooks in 1900, the Wilts. and Dorset Bank in 1914 and, by far the largest, the Capital and Counties Bank in 1918, Lloyds emerged to become one of the "Big Four" clearing banks in the United Kingdom. By 1923, Lloyds Bank had made some 50 takeovers, one of which was the last private firm to issue its own banknotes—Fox, Fowler and Company of Wellington, Somerset. Today, the Bank of England has a monopoly of banknote issue in England and Wales.A brief history of banknotes Bank of England (retrieved 11 October 2008) In 2011, the company founded SGH Martineau LLP. In 1968, a failed attempt at merger with Barclays and Martins Bank was deemed to be against the public interest by the Monopolies and Mergers Commission.

Nevin and Davis, The London Clearing Banks, (1970) pp.40-41 The first organization for clearing cheques was the "Bankers' Clearing House", established in London in the early 19th century. It was founded by Lubbock's Bank on Lombard Street in a single room where clerks for London banks met each day to exchange cheques and settle accounts. In 1832 Charles Babbage, who was a friend of a founder of the Clearing House, published a book on mass production, The Economy of Machinery and Manufactures, in which Babbage described how the Clearing House operated:Campbell-Kelly, page 20 Beginning at 5 pm, a clerk for each debtor bank was called to go to a rostrum to pay in cash to the Inspector of the Clearing House the amount their bank owed to other banks on that day.

When James VI became King James I of England in 1603, the coinage was reformed to closely match that of England, with 12 pounds Scots equal to the pound sterling. No gold coinage was issued from 1638 to 1700, but new silver coinage was issued from 1664 to 1707. In 1707, the pound Scots was replaced by the pound sterling at a rate of 12 to 1 (1 pound Scots equal to 1s 8d sterling), although the pound Scots continued to be used in Scotland as a unit of account for most of the 18th century. Today there is no distinct Pound Scots; but Scotland's three largest clearing banks (the Royal Bank of Scotland, the Bank of Scotland and the Clydesdale Bank) still print paper notes denominated in pounds sterling.

Of these, 2.5 billion were cleared through the inter-bank clearing managed by the C&CCC;, the remaining 1.5 billion being in- house cheques which were either paid into the branch on which they were drawn or processed intra-bank without going through the clearings. As volumes started to fall, the challenges faced by the clearing banks were then of a different nature: how to benefit from technology improvements in a declining business environment. Although the UK did not adopt the euro as its national currency when other European countries did in 1999, many banks began offering euro denominated accounts with chequebooks, principally to business customers. The cheques can be used to pay for certain goods and services in the UK. The same year, the C&CCC; set up the euro cheque clearing system to process euro denominated cheques separately from sterling cheques in Great Britain.

Each financial institution, to exchange banking transactions, must have a banking relationship by either being a bank or affiliating itself with one (or more) so as to enjoy those particular business features. However, it was reported in July 2015 that CIPS would be '"watered down" and used only for cross-border yuan trade deals rather than including capital-related transactions, which would delay billions of dollars' worth of transactions, including securities purchases and foreign direct investment, that would have gone through the system. It was reported to be a second setback to the plan to provide a unified network for settling deals in yuan after technical problems delayed its launch, and that other measures to open up China's financial infrastructure have been dented by the 2015 Chinese stock market crash. It was said to now offer, at best, a complementary network for settling trade-related deals in the Chinese currency to a current patchwork of Chinese clearing banks around the world.

British police believe that from 1996 Anton then ran an organised international operation based in Notting Hill, London that defrauded American, British and Spanish bank account holders, and "systematically defrauded clearing banks and other financial institutions in Britain and abroad" and ran undetected for ten years. The gang used compromised credit cards to first buy electrical goods, which they had delivered to a double layer of mailbox addresses \- to reduce the connection between the fraudsters and the goods - and then later sold them on eBay both inside and outside the UK. Other activities involved: using stolen card details to set up online gambling accounts and diverting the winnings; and directing stolen money to hundreds of bank accounts. In late 2004 police had raided the gang's presence in Barcelona, arresting Andreas Fuhrmann and issuing an Interpol international arrest warrant for Anthony Peyton (alias Gelonkin). In January 2005 police were called to a burglary associated with the gang's headquarters, and noted the name Gelonkin, and later discovered the Interpol warrant.