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Finance series
Financial market
Participants
Corporate finance
Personal finance
Public finance
Banks and Banking
Financial regulation
v • d • e
Contents [hide]
1 History
1.1 Origin of the word
2 Traditional banking activities
3 Definition
4 Accounting for bank accounts
5 Wider commercial role
6 Economic functions
7 Law of banking
8 Entry regulation
9 Banking channels
10 Types of banks
10.1 Types of retail banks
10.2 Types of investment banks
10.3 Both combined
10.4 Other types of banks
11 Banks in the economy
11.1 Size of global banking industry
11.2 Bank crisis
12 Challenges within the banking industry
13 Brokered deposits
14 Profitability
15 See also
15.1 Country specific information
15.2 Types of institution
15.3 Terms and concepts
15.4 Related lists
16 References
17 Further reading
[edit] History
Main article: History of banking
The first state deposit bank, Banco di San Giorgio (Bank of St. George), was founded in 1407 at Genoa, Italy.[1]
[edit] Origin of the word
Silver drachm coin from Trapezus, 4th century BCThe name bank derives from the Italian word banco "desk/bench", used during the Renaissance by Florentine bankers, who used to make their transactions above a desk covered by a green tablecloth.[2] However, there are traces of banking activity even in ancient times.
In fact, the word traces its origins back to the Ancient Roman Empire, where moneylenders would set up their stalls in the middle of enclosed courtyards called macella on a long bench called a bancu, from which the words banco and bank are derived. As a moneychanger, the merchant at the bancu did not so much invest money as merely convert the foreign currency into the only legal tender in Rome—that of the Imperial Mint.[3]
The earliest evidence of money-changing activity is depicted on a silver drachm coin from ancient Hellenic colony Trapezus on the Black Sea, modern Trabzon, c. 350–325 BC, presented in the British Museum in London. The coin shows a banker's table (trapeza) laden with coins, a pun on the name of the city.
In fact, even today in Modern Greek the word Trapeza (Τράπεζα) means both a table and a bank.
[edit] Traditional banking activities
Large door to an old bank vault.Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers on the bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as telegraphic transfer, EFTPOS, and ATM.
Banks borrow money by accepting funds deposited on current accounts, by accepting term deposits, and by issuing debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current accounts, by making installment loans, and by investing in marketable debt securities and other forms of money lending.
Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and governments. Non-banks that provide payment services such as remittance companies are not normally considered an adequate substitute for having a bank account.
Banks borrow most funds from households and non-financial businesses, and lend most funds to households and non-financial businesses, but non-bank lenders provide a significant and in many cases adequate substitute for bank loans, and money market funds, cash management trusts and other non-bank financial institutions in many cases provide an adequate substitute to banks for lending savings to.[clarification needed]
[edit] Definition
Cathay Bank in Boston's ChinatownThe definition of a bank varies from country to country.
Under English common law, a banker is defined as a person who carries on the business of banking, which is specified as:[4]
conducting current accounts for his customers
paying cheques drawn on him, and
collecting cheques for his customers.
In most English common law jurisdictions there is a Bills of Exchange Act that codifies the law in relation to negotiable instruments, including cheques, and this Act contains a statutory definition of the term banker: banker includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that the legal basis for bank transactions such as cheques do not depend on how the bank is organised or regulated.
The business of banking is in many English common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business. When looking at these definitions it is important to keep in mind that they are defining the business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purposes of entry regulating and supervising banks rather than regulating the actual business of banking. However, in many cases the statutory definition closely mirrors the common law one. Examples of statutory definitions:
"banking business" means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act; (Banking Act (Singapore), Section 2, Interpretation).
"banking business" means the business of either or both of the following:
receiving from the general public money on current, deposit, savings or other similar account repayable on demand or within less than [3 months] ... or with a period of call or notice of less than that period;
paying or collecting cheques drawn by or paid in by customers[5]
Since the advent of EFTPOS (Electronic Funds Transfer at Point Of Sale), direct credit, direct debit and internet banking, the cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect cheques.[6]
[edit] Accounting for bank accounts
Suburban branch bankBank statements are accounting records produced by banks under the various accounting standards of the world. Under GAAP and IFRS there are two kinds of accounts: debit and credit. Credit accounts are Revenue, Equity and Liabilities. Debit Accounts are Assets and Expenses. This means you credit a credit account to increase its balance, and you debit a debit account to increase its balance.[7]
This also means you debit your savings account every time you deposit money into it (and the account is normally in deficit), while you credit your credit card account every time you spend money from it (and the account is normally in credit).
However, if you read your bank statement, it will say the opposite—that you credit your account when you deposit money, and you debit it when you withdraw funds. If you have cash in your account, you have a positive (or credit) balance; if you are overdrawn, you have a negative (or deficit) balance.
The reason for this is that the bank, and not you, has produced the bank statement. Your savings might be your assets, but the bank's liability, so they are credit accounts (which should have a positive balance). Conversely, your loans are your liabilities but the bank's assets, so they are debit accounts (which should have a also have a positive balance).
Where bank transactions, balances, credits and debits are discussed below, they are done so from the viewpoint of the account holder—which is traditionally what most people are used to seeing.
[edit] Wider commercial role
The commercial role of banks is not limited to banking, and includes:
issue of banknotes (promissory notes issued by a banker and payable to bearer on demand)
processing of payments by way of telegraphic transfer, EFTPOS, internet banking or other means
issuing bank drafts and bank cheques
accepting money on term deposit
lending money by way of overdraft, installment loan or otherwise
providing documentary and standby letters of credit (trade finance), guarantees, performance bonds, securities underwriting commitments and other forms of off-balance sheet exposures
safekeeping of documents and other items in safe deposit boxes
currency exchange
acting as a 'financial supermarket' for the sale, distribution or brokerage, with or without advice, of insurance, unit trusts and similar financial products
[edit] Economic functions
The economic functions of banks include:
issue of money, in the form of banknotes and current accounts subject to cheque or payment at the customer's order. These claims on banks can act as money because they are negotiable and/or repayable on demand, and hence valued at par. They are effectively transferable by mere delivery, in the case of banknotes, or by drawing a cheque that the payee may bank or cash.
netting and settlement of payments – banks act as both collection and paying agents for customers, participating in interbank clearing and settlement systems to collect, present, be presented with, and pay payment instruments. This enables banks to economise on reserves held for settlement of payments, since inward and outward payments offset each other. It also enables the offsetting of payment flows between geographical areas, reducing the cost of settlement between them.
credit intermediation – banks borrow and lend back-to-back on their own account as middle men
credit quality improvement – banks lend money to ordinary commercial and personal borrowers (ordinary credit quality), but are high quality borrowers. The improvement comes from diversification of the bank's assets and capital which provides a buffer to absorb losses without defaulting on its obligations. However, banknotes and deposits are generally unsecured; if the bank gets into difficulty and pledges assets as security, to raise the funding it needs to continue to operate, this puts the note holders and depositors in an economically subordinated position.
maturity transformation – banks borrow more on demand debt and short term debt, but provide more long term loans. In other words, they borrow short and lend long. With a stronger credit quality than most other borrowers, banks can do this by aggregating issues (e.g. accepting deposits and issuing banknotes) and redemptions (e.g. withdrawals and redemptions of banknotes), maintaining reserves of cash, investing in marketable securities that can be readily converted to cash if needed, and raising replacement funding as needed from various sources (e.g. wholesale cash markets and securities markets).
[edit] Law of banking
Banking law is based on a contractual analysis of the relationship between the bank (defined above) and the customer—defined as any entity for which the bank agrees to conduct an account. the lions cant win
The law implies rights and obligations into this relationship as follows:
The bank account balance is the financial position between the bank and the customer: when the account is in credit, the bank owes the balance to the customer; when the account is overdrawn, the customer owes the balance to the bank.
The bank agrees to pay the customer's cheques up to the amount standing to the credit of the customer's account, plus any agreed overdraft limit.
The bank may not pay from the customer's account without a mandate from the customer, e.g. a cheque drawn by the customer.
The bank agrees to promptly collect the cheques deposited to the customer's account as the customer's agent, and to credit the proceeds to the customer's account.
The bank has a right to combine the customer's accounts, since each account is just an aspect of the same credit relationship.
The bank has a lien on cheques deposited to the customer's account, to the extent that the customer is indebted to the bank.
The bank must not disclose details of transactions through the customer's account—unless the customer consents, there is a public duty to disclose, the bank's interests require it, or the law demands it.
The bank must not close a customer's account without reasonable notice, since cheques are outstanding in the ordinary course of business for several days.
These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms and/or create new rights, obligations or limitations relevant to the bank-customer relationship.
[edit] Entry regulation
Main article: Banking regulation
Currently in most jurisdictions commercial banks are regulated by government entities and require a special bank licence to operate.
Usually the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to the customer's order—although money lending, by itself, is generally not included in the definition.
Unlike most other regulated industries, the regulator is typically also a participant in the market, i.e. a government-owned (central) bank. Central banks also typically have a monopoly on the business of issuing banknotes. However, in some countries this is not the case. In the UK, for example, the Financial Services Authority licences banks, and some commercial banks (such as the Bank of Scotland) issue their own banknotes in addition to those issued by the Bank of England, the UK government's central bank.
Some types of financial institution, such as building societies and credit unions, may be partly or wholly exempt from bank licence requirements, and therefore regulated under separate rules.
The requirements for the issue of a bank licence vary between jurisdictions but typically include:
Minimum capital
Minimum capital ratio
'Fit and Proper' requirements for the bank's controllers, owners, directors, and/or senior officers
Approval of the bank's business plan as being sufficiently prudent and plausible.
[edit] Banking channels
Banks offer many different channels to access their banking and other services:
A branch, banking centre or financial centre is a retail location where a bank or financial institution offers a wide array of face-to-face service to its customers.
ATM is a computerised telecommunications device that provides a financial institution's customers a method of financial transactions in a public space without the need for a human clerk or bank teller. Most banks now have more ATMs than branches, and ATMs are providing a wider range of services to a wider range of users. For example in Hong Kong, most ATMs enable anyone to deposit cash to any customer of the bank's account by feeding in the notes and entering the account number to be credited. Also, most ATMs enable card holders from other banks to get their account balance and withdraw cash, even if the card is issued by a foreign bank.
Mail is part of the postal system which itself is a system wherein written documents typically enclosed in envelopes, and also small packages containing other matter, are delivered to destinations around the world. This can be used to deposit cheques and to send orders to the bank to pay money to third parties. Banks also normally use mail to deliver periodic account statements to customers.
Telephone banking is a service provided by a financial institution which allows its customers to perform transactions over the telephone. This normally includes bill payments for bills from major billers (e.g. for electricity).
Online banking is a term used for performing transactions, payments etc. over the Internet through a bank, credit union or building society's secure website.
Mobile banking is a method of using one's mobile phone to conduct simple banking transactions by remotely linking into a banking network.
Video banking is a term used for performing banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a videoconference enabled bank branch.
[edit] Types of banks
Banks' activities can be divided into retail banking, dealing directly with individuals and small businesses; business banking, providing services to mid-market business; corporate banking, directed at large business entities; private banking, providing wealth management services to high net worth individuals and families; and investment banking, relating to activities on the financial markets. Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profit organizations.
Central banks are normally government-owned and charged with quasi-regulatory responsibilities, such as supervising commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as the lender of last resort in event of a crisis.
[edit] Types of retail banks
National Bank of the Republic, Salt Lake City 1908
ATM AL RAJHI BANK
National Copper Bank, Salt Lake City 1911Commercial bank: the term used for a normal bank to distinguish it from an investment bank. After the Great Depression, the U.S. Congress required that banks only engage in banking activities, whereas investment banks were limited to capital market activities. Since the two no longer have to be under separate ownership, some use the term "commercial bank" to refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses.
Community Banks: locally operated financial institutions that empower employees to make local decisions to serve their customers and the partners.
Community development banks: regulated banks that provide financial services and credit to under-served markets or populations.
Postal savings banks: savings banks associated with national postal systems.
Private banks: banks that manage the assets of high net worth individuals.
Offshore banks: banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks.
Savings bank: in Europe, savings banks take their roots in the 19th or sometimes even 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative; in others, socially committed individuals created foundations to put in place the necessary infrastructure. Nowadays, European savings banks have kept their focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized enterprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralised distribution network, providing local and regional outreach—and by their socially responsible approach to business and society.
Building societies and Landesbanks: institutions that conduct retail banking.
Ethical banks: banks that prioritize the transparency of all operations and make only what they consider to be socially-responsible investments.
Islamic banks: Banks that transact according to Islamic principles.
[edit] Types of investment banks
Investment banks "underwrite" (guarantee the sale of) stock and bond issues, trade for their own accounts, make markets, and advise corporations on capital market activities such as mergers and acquisitions.
Merchant banks were traditionally banks which engaged in trade finance. The modern definition, however, refers to banks which provide capital to firms in the form of shares rather than loans. Unlike venture capital firms, they tend not to invest in new companies.
[edit] Both combined
Universal banks, more commonly known as financial services companies, engage in several of these activities. These big banks are very diversified groups that, among other services, also distribute insurance— hence the term bancassurance, a portmanteau word combining "banque or bank" and "assurance", signifying that both banking and insurance are provided by the same corporate entity.
[edit] Other types of banks
Islamic banks adhere to the concepts of Islamic law. This form of banking revolves around several well-established principles based on Islamic canons. All banking activities must avoid interest, a concept that is forbidden in Islam. Instead, the bank earns profit (markup) and fees on the financing facilities that it extends to customers.
[edit] Banks in the economy
[edit] Size of global banking industry
Worldwide assets of the largest 1,000 banks grew 16.3% in 2006/2007 to reach a record $74.2 trillion. This follows a 5.4% increase in the previous year. EU banks held the largest share, 53%, up from 43% a decade earlier. The growth in Europe’s share was mostly at the expense of Japanese banks, whose share more than halved during this period from 21% to 10%. The share of US banks remained relatively stable at around 14%. Most of the remainder was from other Asian and European countries.[8]
The United States has by far the most banks in the world, both in terms of institutions (7,540 at the end of 2005) and branches (75,000). This is an indicator of the geography and regulatory structure of the USA, resulting in a large number of small to medium-sized institutions in its banking system. Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches—more than double the 15,000 branches in the UK.[8]
[edit] Bank crisis
Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include liquidity risk (where many depositors may request withdrawals beyond available funds), credit risk (the chance that those who owe money to the bank will not repay it), and interest rate risk (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans).
Banking crises have developed many times throughout history, when one or more risks have materialized for a banking sector as a whole. Prominent examples include the bank run that occurred during the Great Depression, the U.S. Savings and Loan crisis in the 1980s and early 1990s, the Japanese banking crisis during the 1990s, and the subprime mortgage crisis in the 2000s. Usually, the governments bail out the bank through rescue plan or individual public intervention.[9]
[edit] Challenges within the banking industry
The examples and perspective in this section may not represent a worldwide view of the subject. Please improve this article and discuss the issue on the talk page. (September 2009)
This section does not cite any references or sources. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (September 2008)
The banking industry is a highly regulated industry with detailed and focused regulators. All banks with FDIC-insured deposits have the FDIC as a regulator; however, for examinations,[clarification needed] the Federal Reserve is the primary federal regulator for Fed-member state banks; the Office of the Comptroller of the Currency (“OCC”) is the primary federal regulator for national banks; and the Office of Thrift Supervision, or OTS, is the primary federal regulator for thrifts. State non-member banks are examined by the state agencies as well as the FDIC. National banks have one primary regulator—the OCC.
Each regulatory agency has their own set of rules and regulations to which banks and thrifts must adhere.
The Federal Financial Institutions Examination Council (FFIEC) was established in 1979 as a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. Although the FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing.
In addition to changing regulations, changes in the industry have led to consolidations within the Federal Reserve, FDIC, OTS and OCC. Offices have been closed, supervisory regions have been merged, staff levels have been reduced and budgets have been cut. The remaining regulators face an increased burden with increased workload and more banks per regulator. While banks struggle to keep up with the changes in the regulatory environment, regulators struggle to manage their workload and effectively regulate their banks. The impact of these changes is that banks are receiving less hands-on assessment by the regulators, less time spent with each institution, and the potential for more problems slipping through the cracks, potentially resulting in an overall increase in bank failures across the United States.
The changing economic environment has a significant impact on banks and thrifts as they struggle to effectively manage their interest rate spread in the face of low rates on loans, rate competition for deposits and the general market changes, industry trends and economic fluctuations. It has been a challenge for banks to effectively set their growth strategies with the recent economic market. A rising interest rate environment may seem to help financial institutions, but the effect of the changes on consumers and businesses is not predictable and the challenge remains for banks to grow and effectively manage the spread to generate a return to their shareholders.
The management of the banks’ asset portfolios also remains a challenge in today’s economic environment. Loans are a bank’s primary asset category and when loan quality becomes suspect, the foundation of a bank is shaken to the core. While always an issue for banks, declining asset quality has become a big problem for financial institutions. There are several reasons for this, one of which is the lax attitude some banks have adopted because of the years of “good times.” The potential for this is exacerbated by the reduction in the regulatory oversight of banks and in some cases depth of management. Problems are more likely to go undetected, resulting in a significant impact on the bank when they are recognized. In addition, banks, like any business, struggle to cut costs and have consequently eliminated certain expenses, such as adequate employee training programs.
Banks also face a host of other challenges such as aging ownership groups. Across the country, many banks’ management teams and board of directors are aging. Banks also face ongoing pressure by shareholders, both public and private, to achieve earnings and growth projections. Regulators place added pressure on banks to manage the various categories of risk. Banking is also an extremely competitive industry. Competing in the financial services industry has become tougher with the entrance of such players as insurance agencies, credit unions, check cashing services, credit card companies, etc.
As a reaction, banks have developed their activities in financial instruments, through financial market operations such as brokerage and trading and become big players in such activities.
[edit] Brokered deposits
One source of deposits for banks is brokers who deposit large sums of money on the behalf of investors. This money will generally go to the banks which offer the most favorable terms, often better than those offered local depositors. It is possible for a bank to be engaged in business with no local deposits at all, all funds being brokered deposits. Accepting a significant quantity of such deposits, or "hot money" as it is sometimes called, puts a bank in a difficult and sometimes risky position, as the funds must be lend or invested in a way that yields a return sufficient to pay the high interest being paid on the brokered deposits. This may result in risky decisions and even in eventual failure of the bank. Banks which failed during 2008 and 2009 in the United States during the global financial crisis had, on average, four times more brokered deposits as a percent of their deposits than the average bank. Such deposits, combined with risky real estate investments, factored into the Savings and loan crisis of the 1980s. Regulation of brokered deposits is opposed by banks on the grounds that the practice can a source of external funding to growing communities with insufficient local deposits.[10]
[edit] Profitability
A bank generates a profit from the differential between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities. This difference is referred to as the spread between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers. In recent history, investors have demanded a more stable revenue stream and banks have therefore placed more emphasis on transaction fees, primarily loan fees but also including service charges on an array of deposit activities and ancillary services (international banking, foreign exchange, insurance, investments, wire transfers, etc.). Lending activities, however, still provide the bulk of a commercial bank's income.
In the past 20 years American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions. First, this includes the Gramm-Leach-Bliley Act, which allows banks again to merge with investment and insurance houses. Merging banking, investment, and insurance functions allows traditional banks to respond to increasing consumer demands for "one-stop shopping" by enabling cross-selling of products (which, the banks hope, will also increase profitability). Second, they have expanded the use of risk-based pricing from business lending to consumer lending, which means charging higher interest rates to those customers that are considered to be a higher credit risk and thus increased chance of default on loans. This helps to offset the losses from bad loans, lowers the price of loans to those who have better credit histories, and offers credit products to high risk customers who would otherwise been denied credit. Third, they have sought to increase the methods of payment processing available to the general public and business clients. These products include debit cards, prepaid cards, smart cards, and credit cards. They make it easier for consumers to conveniently make transactions and smooth their consumption over time (in some countries with underdeveloped financial systems, it is still common to deal strictly in cash, including carrying suitcases filled with cash to purchase a home). However, with convenience of easy credit, there is also increased risk that consumers will mismanage their financial resources and accumulate excessive debt. Banks make money from card products through interest payments and fees charged to consumers and transaction fees to companies that accept the cards. Helps in making profit and economic development as a whole.
[edit] See also
Wikimedia Commons has media related to: Banks
Look up bank or banking in Wiktionary, the free dictionary.
Wikisource has the text of the 1911 Encyclopædia Britannica article Banks and Banking.
[edit] Country specific information
Banking in Australia
Banking in Canada
Banking in China
Banking in Germany
Banking in India
Banking in Israel
Banking in Italy
Banking in Russia
Banking in Switzerland
Banks of the United Kingdom
Banking in the United States
List of bank mergers in United States
[edit] Types of institution
Bankers' bank
California Bankers Association
Cooperative bank
Credit union
Ethical bank
Industrial loan company
Islamic banking
Mortgage bank
Mutual savings bank
Person-to-person lending
Savings and loan association
Savings bank
Sparebank
[edit] Terms and concepts
Bank regulation
Bank robbery
Call Report
Factoring (finance)
Finance
Fractional-reserve banking
Narrow banking
IBAN
Internet banking
Mobile banking
Money
Overdraft
Overdraft protection
Piggy bank
Pigmy Deposit Scheme
Substitute check
SWIFT
Venture capital
Wire transfer
[edit] Related lists
Guide to E-payments
List of accounting topics
List of banks
List of largest U.S. bank failures
List of economics topics
List of finance topics
List of stock exchanges
[edit] References
^ Macesich, George (30 June 2000). "Central Banking: The Early Years: Other Early Banks". Issues in Money and Banking. Westport, Connecticut: Praeger Publishers (Greenwood Publishing Group). p. 42. doi:10.1336/0275967778. ISBN 978-0-275-96777-2. http://books.google.com/books?id=k1OYMZ8OzMUC&pg=PA42. Retrieved 2009-03-12. "The first state deposit bank was the Bank of St. George in Genoa, which was established in 1407."
^ de Albuquerque, Martim (1855). Notes and Queries. London: George Bell. pp. 431. http://books.google.com/books?id=uIrWLegNZxUC&pg=PA431&lpg=PA431&dq=bank+italian+bench&source=web&ots=gp-um7BxxP&sig=r8eVJxS5-aLx3dmb_BmFxYuvW-U.
^ Matyszak, Philip (2007). Ancient Rome on Five Denarii a Day. New York: Thames & Hudson. pp. 144. ISBN 050005147X.
^ United Dominions Trust Ltd v Kirkwood, 1966, English Court of Appeal, 2 QB 431
^ (Banking Ordinance, Section 2, Interpretation, Hong Kong) Note that in this case the definition is extended to include accepting any deposits repayable in less than 3 months, companies that accept deposits of greater than HK$100 000 for periods of greater than 3 months are regulated as deposit taking companies rather than as banks in Hong Kong).
^ e.g. Tyree's Banking Law in New Zealand, A L Tyree, LexisNexis 2003, page 70.
^ Statistics Department (2001). "Source Data for Monetary and Financial Statistics". Monetary and Financial Statistics: Compilation Guide. Washington D.C.: International Monetary Fund. p. 24. ISBN 9781589065840. http://books.google.com/books?id=a03zkw-5fcEC&pg=PT36. Retrieved 2009-03-14.
^ a b Banking 2008PDF (638 KB) charts 7–8, pages 3–4. International Financial Services, London (IFSL).
^ Fratianni, Michele; Francesco Marchionne (2009). "Rescuing Banks from the Effects of the Financial Crisis". SSRN Working Paper. http://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1476786_code942286.pdf?abstractid=1476786&mirid=1.
^ "For Banks, Wads of Cash and Loads of Trouble" article by Eric Lipton and Andrew Martin in The New York Times July 3, 2009
[edit] Further reading
Banking, Banks, and Credit Unions from UCB Libraries GovPubs
A Guide to the National Banking System (PDF). Office of the Comptroller of the Currency (OCC), Washington, D.C. Provides an overview of the national banking system of the USA, its regulation, and the OCC.
Rothbard, Murray Newton (1983). The Mystery of Banking. Richardson & Snyder. ISBN 9780943940045. 2008 edition (PDF) at Ludwig von Mises Institute. ISBN 9781933550282. Explains the modern fractional-reserve banking system, its origins, and—as Douglas E. French writes in his preface to the second edition—"its devastating effects on the lives of every man, woman, and child."
Retrieved from "http://en.wikipedia.org/wiki/Bank"
Categories: Financial institutions | Banking | Bank buildings | Legal entities | Banking institutes
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Sympathy for me, hell I can't even think
Send for the iceman, my temperature is startin' to rise
I've heard it before 'n I know the truth from the lies
Is it any wonder heaven's racked with thunder
And all of my dreams go under like the fallin' rain
Execution day, execution day (execution day, execution day) - execution dayExecution day
Voices like locusts keep smothering me
Twisting and turning my senses like a cyclone at sea
Don't touch me now, won't let you crucify me
You ain't no damn jury, you can't pass no sentence on me
Is it any wonder heaven's racked with thunder'N all of my dreams go under like the pourin' rain
Execution day,
execution day,
execution day
Whose blood on whose hands, where's the promises they preached for this land
Standin' there with bibles clutched in their hand
Whose blood on whose hands,
whose blood on whose hands
(Whose blood, whose hands)
(Solo)
Execution day,
execution day
Father my hands are shakin',
I see the light, it's breakin'
Show me the way to set my soul free,
I hope it rains on me
Let it rain on me
Execution day,
execution day
I'll go blind before I stop
Chorus:
And I'll go blind before I stop, they're gonna have to come in and lock me up
And I'll go blind before I stop, 'cause this boy mama just wanna rock
There's a two ton fireball burnin' through the headphones
Cuttin' up my heart, makin' ashes of my soul
A lightning bolt petition, tonight I'm gonna sign
Trouble out my window and I'm gonna find it
And I'm feelin' the fever, takin' in the heat
Bouncin' to the boogie, hittin' with the beatWrapped in rhythm, dancin' till we drop
(chorus
)Moonlite madness masquerade, I got my invitation, baby, time to play
Rip off the headphones, shove my arm into the socket
Sound comes rushing thru me like an intravenous rocke
tAnd I'm feelin' the fever, takin' in the heat
Bouncin' to the boogie, hittin' with the beat
Wrapped in rhythm, dancin' till we drop
(chorus)
(Solo)
Doin' it in the market, doin' it in the mall
Doin' it in the bushes and the high school hall
Doin' it in the alley, doin' it for free
Now they're doin' it baby on MTV
Doin' it in the backseat, doin' it on the beach
Doin' it in the grandstand, just dancin' on the seats
Doin' it in the movies, doin' it on the train
Doin' it mile high in a big jet plane
And I'm feelin' the fever, takin' in the heat
Bouncin' to the boogie, hittin' with the beat
Wrapped in rhythm, dancin' till we drop
And I'll go blind before I stop, they're gonna have to come in and lock me up
(chorus)
They say you never come home, boy you been drivin' too fast
When you gonna shape up, how long is this gonna last
You may be laughin' today, but listen to some good advice
An' take a look at tomorrow in a workin' man's weary eyes
You gotta pick a carreer, go for the gold
Smile for the camera, do what you're told
Well you can take away the ladder 'cos I ain't gonna climb it
If there's a stairway to heaven I swear I'm gonna find it
Chorus:Well there are winners and outlaws and leaders and lovers
Behind every man in the news
And one thing I know is behind everyone there's a boy who had nothin' to lose
Behind every man who has somethin' to say
There's a boy who had nothin' to prove
An' every hero was once, every villain was once just a boy with a bad attitude
Every hero was once, every villain was once just a boy with a bad attitude
She says you never call, how come you're actin' so tough
You either hold me too tight, or you don't hold me enough
Don't be afraid of me angel, I ain't about to clip your wings
Just put your feet on the ground and your arms around the real thing
You gotta love me for keeps, feather the nest
Plan for the future, an' gimme your best
Boy we're never gonna have a normal family life
Steamin' up and down the speedway on the back a' your bike
Bad attitude, you got us tearin' our hair
Such a bad attitude, boy you just don't seem to care
We try to lay down the rules, but you were born to refuse
What's the world gonna do with a boy like you
You got it bad, you got a bad attitude
You try to lay down the rules, well I was born to refuse
What's the world gonna do with a man like you
You got a bad - no, you got a bad, you got a bad - ooh, you got a bad
You got a bad - no, you got a bad, you got a bad attitude
(Solo) -----this solo is so awesome Claire. I know you'll love it!
Every hero was once, every villain was once just a boy with a bad attitude
Every hero was once, every villain was once just a boy
Oh, you got a bad, ooh, you got a bad, oh, you got a bad attitude
No, you got a bad, you got a bad, you got a bad attitude
(Instrumental)
(I know much you love instrumentals Claire)
Love's an hourglass
It goes out wide the comes in closer
Time ticks away
Drifts away leaving empty sanded shoulders
Who said that love could last forever
Oh, I'm growing tired of feeling like I do
As we drift apart
Little secrets come between us
As we sail away
Feelin' comfort in the distance
You said that love would last forever
Oh but neither one of us will ever surrender
There's a time
There's a place
A change of heart
About face
This is about love
It's about forgiveness
Tell me now, tell me like it is
You don't have to give
Amnesty is granted
What's done is done, for everyone
Come on baby let's start again right now
Amnesty is granted
You said that love would last forever
But neither one of us will ever surrender
There's a time
There's a place
A change of heart
About face
This is about love
It's about forgiveness
Tell me now, tell me like it is
You don't have to give
Amnesty is granted
What's done is done, for everyone
Come on baby let's start again right now
Amnesty, amnesty, amnesty is granted
We search for an answer,
And when it appears
We can challenge the world with our sweat and our tears.
Through winning and losing,
The brave never bend,
The hero keeps fighting, standing tall in the end.
Time can change anything...and mend any fall.
The moment of truth is facing us all,
It's time for the hero to stand tall.
It's a time for heroes,
Time to answer the call,
It's a time for the hero in us all.
We carry the flame
For all to see
The fire and the passion, of what we can be.
Sometimes we must fight,
But we never bend
The hero keeps fighting,
standing tall in the end.
Love can change anything...it's inside of us all
To reach out a hand whenever we fall.
It's time for the hero to stand tall.
It's a time for heroes,
Time to answer the call,
It's a time for the hero to stand tall.
It's a time for heroes,
When our back's to the wal
lIt's a time for the hero...in us all.
A Man And A Woman lyrics
And as the band began to play
Without a song they lose their wayA song of love and custom dreamsA song of yesterday
When they danced
When they danced
Her skirts were lifted high
She felt the music in his arms
The danger in his eyes
And a woman said no
And a man said but I love you so
And a woman moved closer
And a man said take my love into your heartI must have you here by my side
It happened all too fast
They came to love and they came to last
No-one remembers now who lied
True love is made glass
And a woman said change
And a man said as soon as I can
And a woman said open up
And a man said your way's right
You're my love
I want to be holdin' you down
In the evening of their lives
No regrets and clear blue skies
They meet again in old New York
He tells her one sweet lie
And they dancedAnd they danced
And a man said I love you
And a woman said take my love into your heart
I must have you here by my side
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