Bank of Ireland
Bank of Ireland Group plc is a commercial bank operation in Ireland and one of the traditional'Big Four' Irish banks. The premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history. At the core of the modern-day group is the old Bank of Ireland, the ancient institution established by Royal Charter in 1783. Bank of Ireland is the oldest bank in continuous operation in Ireland; the history is. 1783 – 25 June 1783, the Bank of Ireland opened for business at Mary's Abbey in a private house owned by one Charles Blakeney. 1808 – 6 June 1808, Bank of Ireland moved to 2 College Green. 1864 – Bank of Ireland first pays interest on deposits. 1926 – The Bank of Ireland took control of the National Land Bank – a friendly society. 1948 – The Bank of Ireland 1783–1946 by F. G. Hall was published jointly by Hodges Figgis and Blackwell's. 1958 – The Bank took over the Hibernian Bank Limited. 1965 – The National Bank Ltd, a bank founded by Daniel O'Connell in 1835, had branches in Ireland and Britain.
The Irish branches were acquired by Bank of Ireland and rebranded temporarily as National Bank of Ireland, before being incorporated into Bank of Ireland. The British branches were acquired by Glyn's Bank. 1980 - The first Pass card and machine were open known as ATM. 1983 – Bank of Ireland Bi-Centenary. A commemorative stamp was issued; the Bank commissioned the publication of "An Irish Florilegium". 1995 – Bank of Ireland merge First New Hampshire Bank with Royal Bank of Scotland's Citizens Financial Group 1996 – Bank of Ireland buys the Bristol and West building society for €882m, which keeps its own brand. 1999 – Merger talks with Alliance & Leicester were held and called off. 2000 – It is announced that Bank of Ireland is to acquire Chase de Vere. 2002 – Bank of Ireland acquires Iridian, the US investment manager, which doubles the size of its asset management business. 2005 – Bank of Ireland completes the sale of the Bristol and West branch and Direct Savings to Britannia Building Society.
2008 – Moody's Investors Service changed its outlook on Bank of Ireland from stable to negative. Moody's pinpointed concerns over weakening asset quality and the impact of a more challenging economic environment on profitability at Bank of Ireland. A share price collapse followed. 2009 – The Irish government announces a €7 billion rescue package for the bank and Allied Irish Banks plc in February. The biggest bank robbery in the history of the state took place at Bank of Ireland at College Green. Consultants Oliver Wyman validated Bank of Ireland's bad debt levels at €6 billion over three years to March 2011, a bad debt level, exceeded by €1 billion within a matter of months. 2010 – The European Commission orders the disposal of Bank of Ireland Asset Management, New Ireland Assurance, ICS Building Society, its US Foreign Exchange business and the stakes held in the Irish Credit Bureau and in an American Asset Manager followed the receipt of Irish Government State aid. 2011 – The Securities Services Division is sold to Northern Trust Corporation.
2013 – Bank of Ireland more than doubles interest rates on mortgages tracking the Bank of England rates, citing the need to hold more reserves and the'increased cost of funding mortgages'. Described by Ray Boulger of broker John Charcol as'having shot the reputation of its mortgages to smithereens' the bank continues to offer competitive mortgages through the Post Office. 2014 – Regulation of the bank will transfer to the European Central Bank. 2014 – Enters marketing alliance with EVO Payments International and re-enters the card acquiring market. BOI Payment Acceptance launches in December 2014; the Bank of Ireland is not, was never, the Irish central bank. However, as well as being a commercial bank – a deposit-taker and a credit institution – it performed many central bank functions, much like the earlier-established Bank of Scotland and Bank of England; the Bank of Ireland operated the Exchequer Account and during the nineteenth century acted as something of a banker of last resort. The titles of the chairman of the board of directors and the title of the board itself suggest a central bank status.
From the foundation of the Irish Free State in 1922 until 31 December 1971, the Bank of Ireland was the banker of the Irish Government. The headquarters of the bank until the 1970s was the impressive Parliament House on College Green, Dublin; this building was designed by Sir Edward Lovett Pearce in 1729 to host the Irish Parliament, it was the world's first purpose-built bicameral parliament building. The bank had planned to commission a building designed by Sir John Soane to be constructed on the site bounded by Westmoreland Street, Fleet Street, College Street and D'Olier Street. However, the project was cancelled following the Act of Union in 1800, when the newly defunct Parliament House was bought by the Bank of Ireland in 1803; the former Parliament House continues today as a working branch. Today, visitors can still view the impressive Irish House of Lords chamber within the old headquarters building; the Oireachtas, the modern parliament of the Republic of Ireland, is now housed in Leinster House in Dublin.
In 2011, the Irish Government set out proposals to acquire the building as a venue for the state to use as a cultural venue. In the 1970s the bank moved its headquarters to a modern building on Lower Baggot Street, Dublin 2; as Frank McDonald notes in his book Destructi
Elizabeth II is Queen of the United Kingdom and the other Commonwealth realms. Elizabeth was born in London as the first child of the Duke and Duchess of York King George VI and Queen Elizabeth, she was educated at home, her father acceded to the throne on the abdication of his brother King Edward VIII in 1936, from which time she was the heir presumptive. She began to undertake public duties during the Second World War, serving in the Auxiliary Territorial Service. In 1947, she married Prince Philip, Duke of Edinburgh, a former prince of Greece and Denmark, with whom she has four children: Charles, Prince of Wales; when her father died in February 1952, she became head of the Commonwealth and queen regnant of seven independent Commonwealth countries: the United Kingdom, Australia, New Zealand, South Africa and Ceylon. She has reigned as a constitutional monarch through major political changes, such as devolution in the United Kingdom, Canadian patriation, the decolonisation of Africa. Between 1956 and 1992, the number of her realms varied as territories gained independence and realms, including South Africa and Ceylon, became republics.
Her many historic visits and meetings include a state visit to the Republic of Ireland and visits to or from five popes. Significant events have included her coronation in 1953 and the celebrations of her Silver and Diamond Jubilees in 1977, 2002, 2012 respectively. In 2017, she became the first British monarch to reach a Sapphire Jubilee, she is the longest-lived and longest-reigning British monarch as well as the world's longest-reigning queen regnant and female head of state, the oldest and longest-reigning current monarch and the longest-serving current head of state. Elizabeth has faced republican sentiments and press criticism of the royal family, in particular after the breakdown of her children's marriages, her annus horribilis in 1992 and the death in 1997 of her former daughter-in-law Diana, Princess of Wales. However, support for the monarchy has been and remains high, as does her personal popularity. Elizabeth was born at 02:40 on 21 April 1926, during the reign of her paternal grandfather, King George V.
Her father, the Duke of York, was the second son of the King. Her mother, the Duchess of York, was the youngest daughter of Scottish aristocrat the Earl of Strathmore and Kinghorne, she was delivered by Caesarean section at her maternal grandfather's London house: 17 Bruton Street, Mayfair. She was baptised by the Anglican Archbishop of York, Cosmo Gordon Lang, in the private chapel of Buckingham Palace on 29 May, named Elizabeth after her mother, Alexandra after George V's mother, who had died six months earlier, Mary after her paternal grandmother. Called "Lilibet" by her close family, based on what she called herself at first, she was cherished by her grandfather George V, during his serious illness in 1929 her regular visits were credited in the popular press and by biographers with raising his spirits and aiding his recovery. Elizabeth's only sibling, Princess Margaret, was born in 1930; the two princesses were educated at home under the supervision of their mother and their governess, Marion Crawford.
Lessons concentrated on history, language and music. Crawford published a biography of Elizabeth and Margaret's childhood years entitled The Little Princesses in 1950, much to the dismay of the royal family; the book describes Elizabeth's love of horses and dogs, her orderliness, her attitude of responsibility. Others echoed such observations: Winston Churchill described Elizabeth when she was two as "a character, she has an air of authority and reflectiveness astonishing in an infant." Her cousin Margaret Rhodes described her as "a jolly little girl, but fundamentally sensible and well-behaved". During her grandfather's reign, Elizabeth was third in the line of succession to the throne, behind her uncle Edward and her father. Although her birth generated public interest, she was not expected to become queen, as Edward was still young. Many people believed he would have children of his own; when her grandfather died in 1936 and her uncle succeeded as Edward VIII, she became second-in-line to the throne, after her father.
That year, Edward abdicated, after his proposed marriage to divorced socialite Wallis Simpson provoked a constitutional crisis. Elizabeth's father became king, she became heir presumptive. If her parents had had a son, she would have lost her position as first-in-line, as her brother would have been heir apparent and above her in the line of succession. Elizabeth received private tuition in constitutional history from Henry Marten, Vice-Provost of Eton College, learned French from a succession of native-speaking governesses. A Girl Guides company, the 1st Buckingham Palace Company, was formed so she could socialise with girls her own age, she was enrolled as a Sea Ranger. In 1939, Elizabeth's parents toured the United States; as in 1927, when her parents had toured Australia and New Zealand, Elizabeth remained in Britain, since her father thought her too young to undertake public tours. Elizabeth "looked tearful", they corresponded and she and her parents made the first royal transatlantic telephone call on 18 May.
In September 1939, Britain entered the Second World War. Lord Hailsham suggested that the two princesses should be evacuated to Canada to avoid the frequent aerial bombing; this was rejected by Elizabeth's mother. I won't leave wit
The Royal Bank of Scotland £1 note
The Royal Bank of Scotland £1 note is a banknote of the pound sterling. It is the smallest denomination of banknote issued by The Royal Bank of Scotland; the current cotton note, first issued in 1987 bears an image of Lord Ilay, one of the founders of the bank, on the obverse and a vignette of Edinburgh Castle on the reverse. The £1 note is the smallest denomination of banknote issued by The Royal Bank of Scotland; the bank ceased regular production of £1 notes in 2001. In common with a number of other banks in Scotland, the Royal Bank of Scotland has retained the right to issue its own banknotes, it first issued notes in the same year the bank was founded. The issuing of banknotes by Scottish banks was regulated by the Banknote Act 1845 until it was superseded by the Banking Act 2009. Scottish banknotes are legal tender and as currency are accepted throughout the United Kingdom. Scottish banknotes are backed such that holders have the same level of protection as those holding genuine Bank of England notes.
In 1727, the Royal Bank of Scotland began issuing twenty-shilling notes. Early banknotes were monochrome, printed on one side only; the first twenty-shilling notes were dated 8 December 1727 and were hand-signed by a bank cashier and given a unique number. The cashier added by hand the equivalent value in old Scots pounds — a currency, abolished 20 years earlier in the Acts of Union 1707 which united the Kingdoms of England and Scotland into the Kingdom of Great Britain. Twenty shillings was equivalent to £12 Scots; the bank continued the custom of including the value in old Scots pounds until 1792 to encourage acceptance of its banknotes. This series of banknotes was the first British banknote to have a royal portrait, as they featured a vignette of King George II, who had ascended to the British throne earlier that year. At the time, printing portraits was a difficult and expensive process, including a likeness of the King served as an effective anti-counterfeiting device; the banknotes were held at the bank in bound bundles, similar to modern cheque books.
When issued, the cashier would cut the note out with a wavy line. The Royal Bank's 1826 issue of the £1 note displayed much more intricate detail as printing processes were improved by the introduction of steel plates, it the first British banknote to be printed on both sides; this issue featured a portrait of King George IV, this was the last standard-issue Royal Bank of Scotland banknote to depict a reigning monarch. It was issued after the controversy of the Bankers Act 1826, in which the British government attempted unsuccessfully to prohibit the issue of low-value banknotes; the Royal Bank of Scotland's 1832 issue of £1 notes established the design for all the bank's £1 note issues for 136 years. It featured the bank's name surmounted by the Royal Arms of Scotland, in which the heraldic supporters of The Lion and the Unicorn flanked a portrait of King George I, commemorating his royal assent for the formation of the bank in 1727; the note featured illustrations of the allegorical figures of Britannia, looking out over the seas, Plenty, holding a cornucopia.
This design remained unchanged with only minor alterations. In 1968, the Royal Bank's £1 note design underwent its first major change to match the 1966 £5 note issue. For the first time, Royal Bank notes no longer bore a royal portrait, it was the Royal Bank's first full-colour note, bore the bank's coat of arms and included a steel security strip. The Dale Series was short-lived; these notes were the first Royal Bank notes to conform to the banknote colour conventions across the UK, so that all £1 notes were coloured green. The front of the note featured the coat of arms of the Royal Bank of Scotland, on the reverse was an illustration of the Forth Road Bridge. In 1987, the Royal Bank issued its Ilay series of banknotes, named after Lord Ilay, first governor of the bank, whose portrait appears on the front of all the notes; the illustration is based on a 1744 portrait painting of Lord Ilay by Allan Ramsay. Other common design elements include the bank's coat of arms and logo, the facade of Dundas House, the bank's headquarters in Edinburgh, a pattern representing the ceiling of the headquarters' banking hall, an image of Lord Ilay as watermark.
All of the Ilay series notes feature a castle on the back. On the reverse of the £1 note is an image of Edinburgh Castle and the National Gallery of Scotland.£1 notes are now used. The Royal Bank was the last bank in Scotland to issue £1 notes, stopped production in 2001. In 2015, a new series of polymer banknote was introduced by the Royal Bank, replacing its Ilay series £5 and £10 notes. Information taken from The Committee of Scottish Bankers website. Design elements on the Ilay Series £1 note In 1992, The Royal Bank of Scotland issued the first special commemorative banknote in Britain and in Europe; the first commemorative £1 note was issued to mark the European Council Summit, held in Edinburgh on 8 December 1992. Since the Royal Bank has issued a number of c
Banknotes of Scotland
Banknotes of Scotland are the banknotes of the Pound Sterling that are issued by the Scottish banks and in circulation in Scotland. The issuing of banknotes by retail banks in Scotland is subject to the Bank Charter Act 1844, the Banknotes Act 1845, the Currency and Bank Notes Act 1928, the Coinage Act 1971. Three retail banks are allowed to print notes for circulation in Scotland: Bank of Scotland, Royal Bank of Scotland, Clydesdale Bank. Scottish banknotes are unusual, first because they are issued by retail banks, not central banks, second, because they are technically not legal tender anywhere in the United Kingdom – not in Scotland; as such, they are classified as promissory notes, the law requires that the issuing banks hold a sum of Bank of England banknotes or gold equivalent to the total value of notes issued. The fact that the notes are not defined as legal tender means that they are not withdrawn from circulation in the same way as the Bank of England notes, which cease to be legal tender on a given date.
Instead the Scottish banks withdraw old notes from circulation as they are banked. Any notes still in circulation continue to be honoured by banks, but retailers may refuse to accept older notes. All Bank of Scotland notes bear a portrait of Sir Walter Scott on the front in commemoration of his 1826 Malachi Malagrowther campaign for Scottish banks to retain the right to issue their own notes; the Bank of Scotland's 2007 series of banknotes is known as the Bridges of Scotland series. These notes were introduced on 17 September 2007, show Scotland's most famous bridges on the reverse side. From 2016, the Bridges of Scotland series is being renewed with the issue of new polymer notes with designs that follow the same basic theme of "bridges"; the Tercentenary and 2007 series of notes are being withdrawn from circulation and replaced with the polymer series as these are issued, but older notes continue to be accepted at banks. In line with this, the Committee of Scottish Bankers encouraged the public to spend or exchange non-polymer five and ten pound notes before 1 March 2018.
Following the announcement that HBOS would be taken over by Lloyds TSB in September 2008, it was confirmed that the new banking company would continue to print bank notes under the Bank of Scotland name. According to the Bank Notes Act 1845, the bank could have lost its note-issuing rights, but by retaining headquarters within Scotland, banknote issue continued; as of August 2017, the Royal Bank of Scotland is in the process of adopting a new series of banknotes. These will be made of polymer. Two have been released, whilst a new £20 note is being designed; the £5 note shows Nan Shepherd on the obverse accompanied by a quote from her book'The Living Mountain', the Cairngorms in the background. The reverse displays two mackerel, with an excerpt from the poem ‘The Choice’ by Sorley MacLean; the obverse of the £10 note shows Mary Somerville, with a quote from her work'The Connection of the Physical Sciences', Burntisland beach in the background. The reverse displays an excerpt from the poem ` Moorings' by Norman MacCaig.
The obverse of the £20 note, to be introduced in 2020, will show Catherine Cranston. The design process of the notes was touted as a "collaboration with the people of Scotland", with a total of 1,178 Scots being included. Nile HQ, a Strategic Design Company led De La Rue printed the notes; each note contributes to an overall theme ‘Fabric of Nature’. Given the national significance of the notes, Nile HQ invited some Scottish designers and calligraphers to develop the creative concept for the new notes; the previous series of Royal Bank of Scotland notes issued in 1987, remains in circulation, although it is now in the process of being replaced by polymer notes: the Committee of Scottish Bankers encouraged the public to spend or exchange non-polymer five and ten pound notes before 1 March 2018.. On the front of each note is a picture of Lord Ilay, the first governor of the bank, based on a portrait painted in 1744 by the Edinburgh artist Allan Ramsay; the front of the notes features an engraving of the bank's former headquarters in St Andrew Square, Edinburgh.
The background graphic on both sides of the notes is a radial star design, based on the ornate ceiling of the banking hall in the old headquarters building. On the back of the notes are images of Scottish castles, with a different castle for each denomination; the Royal Bank of Scotland issues commemorative banknotes. Examples are the £1 note issued to mark the 150th anniversary of the birth of Alexander Graham Bell in 1997, the £20 note for the 100th birthday of Queen Elizabeth The Queen Mother in 2000, the £5 note honouring veteran golfer Jack Nicklaus in his last competitive Open Championship at St Andrews in 2005, the £10 note commemorating HM Queen Elizabeth II's Diamond Jubilee in 2012; these notes are much sought after by collectors, they remain long in circulation. Clydesdale Bank has three series of banknotes in circulation at present; the most recent set of notes, the Polymer series, came into circulation in March 2015, when the Clydesdale Bank became the first bank in Great Britain to issue polymer banknotes.
The £5 commemorative notes, issued to mark the 125th anniversary of the construction of the Forth Bridge, contain several new security features including a reflective graphic printed over a transparent "window" in the banknote. Further notes in the polymer series will be introduced over time, replacing the previous paper notes: the public are being encouraged to spend or exchange non-polymer five and ten
The pound sterling known as the pound and less referred to as sterling, is the official currency of the United Kingdom, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, Tristan da Cunha. It is subdivided into 100 pence. A number of nations that do not use sterling have currencies called the pound. Sterling is the third most-traded currency in the foreign exchange market, after the United States dollar, the euro. Together with those two currencies and the Chinese yuan, it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is the third most-held reserve currency in global reserves; the British Crown dependencies of Guernsey and the Isle of Man produce their own local issues of sterling which are considered equivalent to UK sterling in their respective regions. The pound sterling is used in Gibraltar, the Falkland Islands, Saint Helena and Ascension Island in Saint Helena and Tristan da Cunha; the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, regulating issuance of banknotes by private banks in Scotland and Northern Ireland.
Banknotes issued by other jurisdictions are not regulated by the Bank of England. The full official name pound sterling, is used in formal contexts and when it is necessary to distinguish the United Kingdom currency from other currencies with the same name. Otherwise the term pound is used; the currency name is sometimes abbreviated to just sterling in the wholesale financial markets, but not when referring to specific amounts. The abbreviations "ster." and "stg." are sometimes used. The term "British pound" is sometimes incorrectly used in less formal contexts, it is not an official name of the currency; the exchange rate of the pound sterling against the US dollar is referred to as "cable" in the wholesale foreign exchange markets. The origins of this term are attributed to the fact that in the 1800s, the GBP/USD exchange rate was transmitted via transatlantic cable. Forex traders of GBP/USD are sometimes referred to as "cable dealers". GBP/USD is now the only currency pair with its own name in the foreign exchange markets, after IEP/USD, known as "wire" in the forward FX markets, no longer exists after the Irish Pound was replaced by the euro in 1999.
There is apparent convergence of opinion regarding the origin of the term "pound sterling", toward its derivation from the name of a small Norman silver coin, away from its association with Easterlings or other etymologies. Hence, the Oxford English Dictionary state that the "most plausible" etymology is derivation from the Old English steorra for "star" with the added diminutive suffix "-ling", to mean "little star" and to refer to a silver penny of the English Normans; as another established source notes, the compound expression was derived: However, the perceived narrow window of the issuance of this coin, the fact that coin designs changed in the period in question, led Philip Grierson to reject this in favour of a more complex theory. Another argument that the Hanseatic League was the origin for both the origin of its definition and manufacture, in its name is that the German name for the Baltic is "Ost See", or "East Sea", from this the Baltic merchants were called "Osterlings", or "Easterlings".
In 1260, Henry III granted them a charter of protection and land for their Kontor, the Steelyard of London, which by the 1340s was called "Easterlings Hall", or Esterlingeshalle. Because the League's money was not debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", contracted to "'sterling". For further discussion of the etymology of "sterling", see sterling silver; the currency sign for the pound is £, written with a single cross-bar, though a version with a double cross-bar is sometimes seen. This symbol derives from medieval Latin documents; the ISO 4217 currency code is GBP, formed from "GB", the ISO 3166-1 alpha-2 code for the United Kingdom, the first letter of "pound". It does not stand for "Great Britain Pound" or "Great British Pound"; the abbreviation "UKP" is used but this is non-standard because the ISO 3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes: GGP, JEP and IMP. Stocks are traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices.
A common slang term for the pound sterling or pound is quid, singular and plural, except in the common phrase "quids in!". The term may have come via Italian immigrants from "scudo", the name for a number of coins used in Italy until the 19th century.
Sir Isaac Newton was an English mathematician, astronomer and author, recognised as one of the most influential scientists of all time, a key figure in the scientific revolution. His book Philosophiæ Naturalis Principia Mathematica, first published in 1687, laid the foundations of classical mechanics. Newton made seminal contributions to optics, shares credit with Gottfried Wilhelm Leibniz for developing the infinitesimal calculus. In Principia, Newton formulated the laws of motion and universal gravitation that formed the dominant scientific viewpoint until it was superseded by the theory of relativity. Newton used his mathematical description of gravity to prove Kepler's laws of planetary motion, account for tides, the trajectories of comets, the precession of the equinoxes and other phenomena, eradicating doubt about the Solar System's heliocentricity, he demonstrated that the motion of objects on Earth and celestial bodies could be accounted for by the same principles. Newton's inference that the Earth is an oblate spheroid was confirmed by the geodetic measurements of Maupertuis, La Condamine, others, convincing most European scientists of the superiority of Newtonian mechanics over earlier systems.
Newton built the first practical reflecting telescope and developed a sophisticated theory of colour based on the observation that a prism separates white light into the colours of the visible spectrum. His work on light was collected in his influential book Opticks, published in 1704, he formulated an empirical law of cooling, made the first theoretical calculation of the speed of sound, introduced the notion of a Newtonian fluid. In addition to his work on calculus, as a mathematician Newton contributed to the study of power series, generalised the binomial theorem to non-integer exponents, developed a method for approximating the roots of a function, classified most of the cubic plane curves. Newton was a fellow of Trinity College and the second Lucasian Professor of Mathematics at the University of Cambridge, he was a devout but unorthodox Christian who rejected the doctrine of the Trinity. Unusually for a member of the Cambridge faculty of the day, he refused to take holy orders in the Church of England.
Beyond his work on the mathematical sciences, Newton dedicated much of his time to the study of alchemy and biblical chronology, but most of his work in those areas remained unpublished until long after his death. Politically and tied to the Whig party, Newton served two brief terms as Member of Parliament for the University of Cambridge, in 1689–90 and 1701–02, he was knighted by Queen Anne in 1705 and spent the last three decades of his life in London, serving as Warden and Master of the Royal Mint, as well as president of the Royal Society. Isaac Newton was born on Christmas Day, 25 December 1642 "an hour or two after midnight", at Woolsthorpe Manor in Woolsthorpe-by-Colsterworth, a hamlet in the county of Lincolnshire, his father named Isaac Newton, had died three months before. Born prematurely, Newton was a small child; when Newton was three, his mother remarried and went to live with her new husband, the Reverend Barnabas Smith, leaving her son in the care of his maternal grandmother, Margery Ayscough.
Newton disliked his stepfather and maintained some enmity towards his mother for marrying him, as revealed by this entry in a list of sins committed up to the age of 19: "Threatening my father and mother Smith to burn them and the house over them." Newton's mother had three children from her second marriage. From the age of about twelve until he was seventeen, Newton was educated at The King's School, which taught Latin and Greek and imparted a significant foundation of mathematics, he was removed from school, returned to Woolsthorpe-by-Colsterworth by October 1659. His mother, widowed for the second time, attempted to make him an occupation he hated. Henry Stokes, master at The King's School, persuaded his mother to send him back to school. Motivated by a desire for revenge against a schoolyard bully, he became the top-ranked student, distinguishing himself by building sundials and models of windmills. In June 1661, he was admitted to Trinity College, Cambridge, on the recommendation of his uncle Rev William Ayscough, who had studied there.
He started as a subsizar—paying his way by performing valet's duties—until he was awarded a scholarship in 1664, guaranteeing him four more years until he could get his MA. At that time, the college's teachings were based on those of Aristotle, whom Newton supplemented with modern philosophers such as Descartes, astronomers such as Galileo and Thomas Street, through whom he learned of Kepler's work, he set down in his notebook a series of "Quaestiones" about mechanical philosophy. In 1665, he discovered the generalised binomial theorem and began to develop a mathematical theory that became calculus. Soon after Newton had obtained his BA degree in August 1665, the university temporarily closed as a precaution against the Great Plague. Although he had been undistinguished as a Cambridge student, Newton's private studies at his home in Woolsthorpe over the subsequent two years saw the development of his theories on calculus and the law of gravitation. In April 1667, he returned in October was elected as a fellow of Trinity.
Fellows were required to become ordained priests, although this was no