Bank of England £5 note
The Bank of England £5 note known as a fiver, is a banknote of the pound sterling. It is the smallest denomination of banknote issued by the Bank of England. In September 2016, a new polymer note was introduced, featuring the image of Queen Elizabeth II on the obverse and a portrait of Winston Churchill on the reverse; the old paper note, first issued in 2002 and bearing the image of prison reformer Elizabeth Fry on the reverse, was phased out and ceased to be legal tender after 5 May 2017. Five pound notes were introduced by the Bank of England in 1793, following the ten pound note, introduced in 1759 as a consequence of gold shortages caused by the Seven Years' War; the 5 pound note was introduced again, due to gold shortages caused by the French Revolutionary Wars and the Napoleonic Wars and was the lowest denomination of note issued until 1797. The earliest notes were issued to individuals as needed; these notes were written on one side only and bore the name of the payee, the date and the signature of the issuing cashier.
In 1797, due to the extra money need to fund the war and the uncertainty caused as Britain declared war on France, a series of bank runs drained the Bank of England of its gold supply. The Bank was forced to issue notes of £ 1 and £ 2 denominations; this was known as the'restriction period', as the exchange of notes for their value in gold was restricted. The Restriction Period ended in 1821 as the Government had to anchor the value of the currency to gold in order to control rising inflation and national debt. After a brief period to offset any sudden deflation, the UK returned to the gold standard on 1 May 1821; these notes could again be exchanged in full, or in part, for an equivalent amount of gold when presented at the bank. If redeemed in part, the banknote would be marked to indicate the amount, redeemed. From 1853 printed notes replaced handwritten notes, with the declaration "I promise to pay the bearer on demand the sum of five pounds" replacing the name of the payee; this declaration remains on Bank of England banknotes to this day.
A printed signature of one of three cashiers appeared on the printed notes, though this was replaced by the signature of the Chief Cashier from 1870 onward. The right to redeem banknotes for gold ceased in 1931, when Britain stopped using the gold standard. Metal thread was introduced on the £5 note in 1945 as a security feature; the printed black and white notes were replaced from 1957 onward by two-sided notes. The first two-sided £5 notes were blue and featured a bust of Britannia on the front and a lion on the back. Series C notes, first introduced in 1963, were the first notes to feature an image of the monarch on the front, with Britannia being relegated to the back. From 1971 onward, with the introduction of series D, a British historical figure was portrayed on the reverse: the soldier and statesman the Duke of Wellington in this case. Series E notes, first issued in 1990, are multicoloured, although they are predominantly turquoise-blue; these notes feature a portrait of railway pioneer George Stephenson, as well as for the first time'windowed' metal thread.
In 2002, a problem was identified in. The problem was highlighted after six members of the public complained to The Bank of England; the Bank said the move was a "precautionary measure while we carry out further tests and investigative work into what might have caused the fault and how widespread the problem is". The bank did rigorous testing and found the problem to be that the serial numbers were printed over the varnish rather than under it allowing the ink to be removed if enough force was applied; the Bank started to varnish the notes in an attempt to make them last longer than previous notes which only had an estimated lifespan of nine months. A spokesman for the Bank of England said: "The notes are still legal tender and the public shouldn't have a problem spending them in the shops; as long as shopkeepers check the anti-counterfeit measures the lack of serial numbers is not a problem. "If members of the public are concerned they should take the notes back to the bank where they will be exchanged."
In April 2013, the Governor of the Bank of England Sir Mervyn King announced on behalf of the bank that Elizabeth Fry would be replaced by Winston Churchill on the next £5 note which would enter circulation in 2016. It was announced that the images featured on the reverse would include a 1941 portrait of Churchill by Yusuf Karsh, a view of the Houses of Parliament, a quote by Churchill and a background image of Churchill's Nobel Prize in Literature, while the obverse would feature an image of Queen Elizabeth II. In December 2013 the Bank of England announced that the next £5 note would be printed on a polymer, rather than cotton paper; the bank cited that they would be "cleaner, more secure and more durable". It was said that the new polymer notes would be more environmentally friendly, lasting 2.5 times as long as cotton paper notes, according to the Bank's own environmental testing. The note was introduced on 13 September 2016, with an initial print run of 440 million notes, over the period of co-circulation.
It was announced that there would be a co-circulatory period with the old series E notes, on 5 May 2017, the series E would cease to be legal tender. However, as with all Bank of England notes, they can be exchanged at f
Mercury is a major god in Roman religion and mythology, being one of the 12 Dii Consentes within the ancient Roman pantheon. He is the god of financial gain, eloquence, communication, boundaries, luck and thieves, he was considered the son of Maia, a daughter of the Titan Atlas, Jupiter in Roman mythology. His name is related to the Latin word merx and merces. In his earliest forms, he appears to have been related to the Etruscan deity Turms, he is depicted holding the caduceus in his left hand. Similar to his Greek equivalent Hermes, he was awarded the caduceus by Apollo who handed him a magic wand, which turned into the caduceus. Mercury did not appear among the numinous di indigetes of early Roman religion. Rather, he subsumed the earlier Dei Lucrii as Roman religion was syncretized with Greek religion during the time of the Roman Republic, starting around the 4th century BC. From the beginning, Mercury had the same aspects as Hermes, wearing winged shoes and a winged hat, carrying the caduceus, a herald's staff with two entwined snakes, Apollo's gift to Hermes.
He was accompanied by a cockerel, herald of the new day, a ram or goat, symbolizing fertility, a tortoise, referring to Mercury's legendary invention of the lyre from a tortoise shell. Like Hermes, he was a god of messages, eloquence and of trade of the grain trade. Mercury was considered a god of abundance and commercial success in Gaul, where he was said to have been revered, he was like Hermes, the Romans' psychopomp, leading newly deceased souls to the afterlife. Additionally, Ovid wrote that Mercury carried Morpheus' dreams from the valley of Somnus to sleeping humans. Archeological evidence from Pompeii suggests; the god of commerce was depicted on two early bronze coins of the Roman Republic, the Sextans and the Semuncia. When they described the gods of Celtic and Germanic tribes, rather than considering them separate deities, the Romans interpreted them as local manifestations or aspects of their own gods, a cultural trait called the interpretatio Romana. Mercury, in particular, was reported as becoming popular among the nations the Roman Empire conquered.
This is because, in the Roman syncretism, Mercury was equated with the Celtic god Lugus, in this aspect was accompanied by the Celtic goddess Rosmerta. Although Lugus may have been a deity of light or the sun, similar to the Roman Apollo, his importance as a god of trade made him more comparable to Mercury, Apollo was instead equated with the Celtic deity Belenus. Romans associated Mercury with the Germanic god Wotan, by interpretatio Romana. Mercury is known to the Romans as Mercurius and in earlier writings as Merqurius, Mirqurios or Mircurios, had a number of epithets representing different aspects or roles, or representing syncretisms with non-Roman deities; the most common and significant of these epithets included the following: Mercurius Artaios, a syncretism of Mercury with the Celtic god Artaios, a deity of bears and hunting, worshiped at Beaucroissant, France. Mercurius Arvernus, a syncretism of the Celtic Arvernus with Mercury. Arvernus was worshiped in the Rhineland as a particular deity of the Arverni tribe, though no dedications to Mercurius Arvernus occur in their territory in the Auvergne region of central France.
Mercurius Cimbrianus, a syncretism of Mercury with a god of the Cimbri sometimes thought to represent Odin. Mercurius Cissonius, a combination of Mercury with the Celtic god Cissonius, written of in the area spanning from Cologne, Germany to Saintes, France. Mercurius Esibraeus, a syncretism of the Iberian deity Esibraeus with the Roman deity Mercury. Esibraeus is mentioned only in an inscription found at Medelim, is the same deity as Banda Isibraiegus, invoked in an inscription from the nearby village of Bemposta. Mercurius Gebrinius, a syncretism of Mercury with the Celtic or Germanic Gebrinius, known from an inscription on an altar in Bonn, Germany. Mercurius Moccus, from a Celtic god, equated with Mercury, known from evidence at Langres, France; the name Moccus implies. Mercurius Sobrius, a syncretism of Mercury with a Carthaginian god of commerce. Mercurius Visucius, a syncretism of the Celtic god Visucius with the Roman god Mercury, attested in an inscription from Stuttgart, Germany. Visucius was worshiped in the frontier area of the empire in Gaul and Germany.
Although he was associated with Mercury, Visucius was sometimes linked to the Roman god Mars, as a dedicatory inscription to "Mars Visucius" and Visucia, Visicius' female counterpart, was found in Gaul. In Virgil's Aeneid, Mercury reminds Aeneas of his mission to found the city of Rome. In Ovid's Fasti, Mercury is assigned to escort the
Old Bushmills Distillery
The Old Bushmills Distillery is a distillery in Bushmills, County Antrim, Northern Ireland. As of December 2014, it was in the process of transitioning from ownership by Diageo plc to Jose Cuervo. All of the whiskey bottled under the Bushmills whiskey brand is produced at the Bushmills Distillery and uses water drawn from Saint Columb's Rill, a tributary of the River Bush; the distillery is a popular tourist attraction, with around 120,000 visitors per year. The company that built the distillery was formed in 1784, although the date 1608 is printed on the label of the brand – referring to an earlier date when a royal licence was granted to a local landowner to distil whiskey in the area. After various periods of closure in its subsequent history, the distillery has been in continuous operation since it was rebuilt after a fire in 1885; the area has a long tradition with distillation. According to one story, as far back as 1276, an early settler called Sir Robert Savage of Ards, before defeating the Irish in battle, fortified his troops with "a mighty drop of acqua vitae".
In 1608, a licence was granted to Sir Thomas Phillips by King James I to distil whiskey. For the next seven years, within the countie of Colrane, otherwise called O Cahanes countrey, or within the territorie called Rowte, in Co. Antrim, by himselfe or his servauntes, to make and distil such and soe great quantities of aquavite and aqua composita, as he or his assignes shall thinke fitt; the Bushmills Old Distillery Company itself was not established until 1784 by Hugh Anderson. Bushmills suffered many lean years with numerous periods of closure with no record of the distillery being in operation in the official records both in 1802 and in 1822. In 1860 a Belfast spirit merchant named Jame Patrick Corrigan bought the distillery. In 1885, the original Bushmills buildings were destroyed by fire but the distillery was swiftly rebuilt. In 1890, a steamship owned and operated by the distillery, SS Bushmills, made its maiden voyage across the Atlantic to deliver Bushmills whiskey to America, it called at Philadelphia and New York City before heading on to Singapore, Hong Kong and Yokohama.
In the early 20th century, the U. S. was a important market for Bushmills. American Prohibition in 1920 came as a large blow to the Irish Whiskey industry, but Bushmills managed to survive. Wilson Boyd, Bushmills' director at the time, predicted the end of prohibition and had large stores of whiskey ready to export. After the Second World War, the distillery was bought by Isaac Wolfson, and, in 1972, it was taken over by Irish Distillers, meaning that Irish Distillers controlled the production of all Irish whiskey at the time. In June 1988, Irish Distillers was bought by French liquor group Pernod Ricard. In June 2005, the distillery was bought by Diageo for £200 million. Diageo have announced a large advertising campaign in order to regain a market share for Bushmills. In May 2008, the Bank of Ireland issued a new series of sterling banknotes in Northern Ireland which all feature an illustration of the Old Bushmills Distillery on the obverse side, replacing the previous notes series which depicted Queen's University of Belfast.
In November 2014 it was announced that Diageo had traded the Bushmills brand with Jose Cuervo in exchange for the 50% of the Don Julio brand of tequila that Diageo did not own. Bushmills Original – Irish whiskey blend sometimes called White Bush or Bushmills White Label; the grain whiskey is matured in American oak casks. Black Bush – A blend with a greater proportion of malt whiskey than the white label, it features malt whiskey aged in casks used for Spanish Oloroso sherry. Red Bush – Like the Black Bush, this is a blend with a higher proportion of malt whiskey than the standard bottling, but in contrast the malt whiskey has been matured in ex-bourbon casks. Bushmills 10 year single malt – Combines malt whiskeys aged at least 10 years in American bourbon or Oloroso sherry casks. Bushmills 16 year single malt – Malt whiskeys aged at least 16 years in American bourbon barrels or Spanish Oloroso sherry butts are mixed together before finishing in Port pipes for a few months. Bushmills 21 year single malt – A limited number of 21 year bottles are made each year.
After 19 years, bourbon-barrel-aged and sherry-cask-aged malt whiskeys are combined, followed by two years of finishing in Madeira drums. Bushmills 1608: Originally released as a special 400th Anniversary whiskey; some Bushmills offerings have performed well at international Spirit ratings competitions. In particular, its Black Bush Finest Blended Whiskey received double gold medals at the 2007 and 2010 San Francisco World Spirits Competitions, it received a well-above-average score of 93 from the Beverage Testing Institute in 2008 and 2011. The band NOFX mentions Bushmills in the song "Theme From A NOFX Album" on the 2000 release Pump Up The Valuum Tom Waits mentions'Old Bushmills' in the song "Tom Traubert's Blues" In the third-season episode of The Wire, Back Burners, Jimmy McNulty refers to Bushmills as "Protestant whiskey" when he is offered it after being told Jameson is unavailable Burt Reynolds plays a Police Lieutenant in the 1975 movie Hustle whose favorite alcohol is Bushmills Todd Rundgren cites "a half a pint of Bushmills" as a poor substitute for love in his song Hungry For Love from the 1973 album A Wizard, A True Star In the 1982 film The Verdict, the Paul Newman character Frank Gavin orders Bushm
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
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank, it was owned by stockholders from its foundation in 1694 until it was nationalised in 1946. The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, but with independence in setting monetary policy; the Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. The Bank's Monetary Policy Committee has a devolved responsibility for managing monetary policy; the Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances", but such orders must be endorsed by Parliament within 28 days.
The Bank's Financial Policy Committee held its first meeting in June 2011 as a macroprudential regulator to oversee regulation of the UK's financial sector. The Bank's headquarters have been in London's main financial district, the City of London, on Threadneedle Street, since 1734, it is sometimes known as The Old Lady of Threadneedle Street, a name taken from a satirical cartoon by James Gillray in 1797. The road junction outside is known as Bank junction; as a regulator and central bank, the Bank of England has not offered consumer banking services for many years, but it still does manage some public-facing services such as exchanging superseded bank notes. Until 2016, the bank provided personal banking services as a privilege for employees. England's crushing defeat by France, the dominant naval power, in naval engagements culminating in the 1690 Battle of Beachy Head, became the catalyst for England rebuilding itself as a global power. England had no choice. No public funds were available, the credit of William III's government was so low in London that it was impossible for it to borrow the £1,200,000 that the government wanted.
To induce subscription to the loan, the subscribers were to be incorporated by the name of the Governor and Company of the Bank of England. The Bank was given exclusive possession of the government's balances, was the only limited-liability corporation allowed to issue bank notes; the lenders would give the government cash and issue notes against the government bonds, which can be lent again. The £1.2m was raised in 12 days. As a side effect, the huge industrial effort needed, including establishing ironworks to make more nails and advances in agriculture feeding the quadrupled strength of the navy, started to transform the economy; this helped the new Kingdom of Great Britain – England and Scotland were formally united in 1707 – to become powerful. The power of the navy made Britain the dominant world power in the late 18th and early 19th centuries; the establishment of the bank was devised by Charles Montagu, 1st Earl of Halifax, in 1694. The plan of 1691, proposed by William Paterson three years before, had not been acted upon.
58 years earlier, in 1636, Financier to the king, Philip Burlamachi, had proposed the same idea in a letter addressed to Sir Francis Windebank. He proposed a loan of £1.2m to the government. The royal charter was granted on 27 July through the passage of the Tonnage Act 1694. Public finances were in such dire condition at the time that the terms of the loan were that it was to be serviced at a rate of 8% per annum, there was a service charge of £4,000 per annum for the management of the loan; the first governor was Sir John Houblon, depicted in the £50 note issued in 1994. The charter was renewed in 1742, 1764, 1781; the Bank's original home was in Walbrook, a street in the City of London, where during reconstruction in 1954 archaeologists found the remains of a Roman temple of Mithras. The Bank moved to its current location in Threadneedle Street in 1734, thereafter acquired neighbouring land to create the site necessary for erecting the Bank's original home at this location, under the direction of its chief architect Sir John Soane, between 1790 and 1827.
When the idea and reality of the national debt came about during the 18th century, this was managed by the Bank. During the American war of independence, business for the Bank was so good that George Washington remained a shareholder throughout the period. By the charter renewal in 1781 it was the bankers' bank – keeping enough gold to pay its notes on demand until 26 February 1797 when war had so diminished gold reserves that – following an invasion scare caused by the Battle of Fishguard days earlier – the government prohibited the Bank from paying out in gold by the passing of the Bank Restriction Act 1797; this prohibition lasted until 1821. The 1844 Bank Charter Act tied the issue of notes to the gold reserves and gave the Bank sol
Clydesdale Bank plc is a commercial bank in Scotland. Formed in Glasgow in 1838, it is the smallest of the three Scottish banks. Independent until it was purchased by Midland Bank in 1920, it formed part of the National Australia Bank Group between 1987 and 2016. Clydesdale Bank was divested from National Australia Bank in early 2016 and its holding company CYBG plc, trades on the London and Sydney stock exchanges. CYBG plc's other banking business, Yorkshire Bank operates as a trading division of Clydesdale Bank plc under its banking licence. In June 2018, it was announced that Clydesdale Bank's holding company CYBG would acquire Virgin Money for £1.7 billion in an all-stock deal, that the Clydesdale and Yorkshire Bank brands would be phased out in favour of retaining Virgin's brand. As with two other Scottish banks, the Bank of Scotland and the Royal Bank of Scotland, Clydesdale Bank retains the right to issue its own banknotes. In March 1838, an advertisement appeared for a new joint stock banking company in Glasgow, the Clydesdale Banking Company.
It was to be "chiefly a local bank – having few branches – but correspondents everywhere" though it was conceded that a branch in Edinburgh would be necessary. The Bank duly opened for business in both cities in May 1838. Checkland described the Bank as the creation of "a group of Glasgow businessmen of middling order, liberal radicals…who were active in the government and charities of the city."The driving figure behind the formation of the Bank was James Lumsden, a stationer by business, a councillor, police commissioner and Lord Provost of Glasgow. Another member of the founding committee, Henry Brock, became the Bank's first manager. Brock came of a merchant family, was an accountant and one of the founders of the Glasgow Savings Bank. Despite the declaration in the advertisement, in the year after formation the Bank opened three Glasgow branches as well as its first country branches in Campbeltown and Falkirk; these were supplemented by the acquisition of the Greenock Union Bank. Following the purchase of the Greenock Union, there was little change in the structure of the Bank and there were still only 13 branches in 1857.
In that year, Clydesdale became the first Scottish bank to produce a printed balance sheet, it showed assets of £2.7 million and net profits of £70,000. The public disclosure of its strength stood it in good stead, for only months the Western Bank of Scotland closed its doors, followed the next day by the first closure of the City of Glasgow Bank. Clydesdale gained not only customers but 13 branches from the Western. A few months came the acquisition of the Edinburgh and Glasgow Bank, weakened by the same economic disturbances; the Edinburgh & Leith Bank, as it was had been formed in 1838 "for the benefit of the'industrious middle classes'" and it had bought the Dumfries-based Southern Bank of Scotland in 1842 and the Glasgow Joint Stock Bank in 1844, the latter leading to the change of name to Edinburgh & Glasgow Bank. Poor lending in the 1845–47 period to Australia, dogged the Bank for the next ten years and it was taken over by the Clydesdale for a nil consideration. Five years in 1863, Clydesdale acquired the more successful Eastern Bank of Scotland, like Clydesdale founded in 1838.
Based in Dundee it was to have one in Dundee, the other Edinburgh. Before opening for business it acquired the Dundee Commercial Bank to serve as its Dundee office. Difficulties with the two boards working together led to the Edinburgh bank being wound up and the Eastern became an Dundee bank. Much of the growth in the Bank's network had come from acquisitions and the management remained cautious regarding direct branch expansion. However, in 1865, a committee was formed to look at prospects and 16 branches were opened in two years. In 1874 the Clydesdale went south of the border and opened three branches in Cumberland but this was seen as following existing trade rather than making a specific attempt to enter the English market. Indeed, Clydesdale was one of the last Scottish banks to acquire a London office. In 1878, the City of Glasgow Bank failed for the second time, leading again to an increase in Clydesdale's deposits and the acquisition of nine of the Glasgow branches; the scale of the collapse led to further debate on desirability of limited liability and, following legislation in 1879, Clydesdale Bank registered as a limited liability company in 1882.
Reid described the period 1890–1914 as "the tranquil years", but that did not preclude steady expansion of the branch network – from 92 to 153. That was to mark the end of Clydesdale's independent existence. In 1917 the Bank was approached by London City and Midland and, although resisted, Clydesdale Bank was sold in 1920. However, it continued to operate independently and was always referred to as an affiliate, not a subsidiary; the Glasgow banks suffered more than others in the depressed economy of the inter-war period and from being the largest lender in Scotland in 1920, it fell to fifth place by 1939. Despite this, the Bank continued to open branches in areas enjoying export growth, the network increased from 158 in 1919 to 205 in 1939. Midland had acquired the North of Scotland Bank in 1923 but the Aberdeen management had fiercely resisted any attempt to merge with Clydesdale. However, the changed competitive market after the Second World War meant that the two banks co
The Crown dependencies are three island territories off the coast of Great Britain that are self-governing possessions of the Crown: the Bailiwick of Guernsey, the Bailiwick of Jersey and the Isle of Man. They do not form part of either the British Overseas Territories. Internationally, the dependencies are considered "territories for which the United Kingdom is responsible", rather than sovereign states; as a result, they are not member states of the Commonwealth of Nations. However, they do have relationships with the Commonwealth, the European Union, other international organisations, are members of the British–Irish Council, they have their own teams in the Commonwealth Games. They are not part of the European Union; the Isle of Man is within the EU's VAT area. As the Crown dependencies are not sovereign states, the power to pass legislation affecting the islands rests with the government of the United Kingdom; however they each have their own legislative assembly, with the power to legislate on many local matters with the assent of the Crown.
In each case, the head of government is referred to as the Chief Minister. "The Crown" is defined differently in each Crown Dependency. In Jersey, statements in the 21st century of the constitutional position by the Law Officers of the Crown define it as the "Crown in right of Jersey", with all Crown land in the Bailiwick of Jersey belonging to the Crown in right of Jersey and not to the Crown Estate of the United Kingdom. Legislation of the Isle of Man defines the "Crown in right of the Isle of Man" as being separate from the "Crown in right of the United Kingdom". In Guernsey, legislation refers to the "Crown in right of the Bailiwick", the Law Officers of the Crown of Guernsey submitted that "The Crown in this context ordinarily means the Crown in right of the république of the Bailiwick of Guernsey" and that this comprises "the collective governmental and civic institutions, established by and under the authority of the Monarch, for the governance of these Islands, including the States of Guernsey and legislatures in the other Islands, the Royal Court and other courts, the Lieutenant Governor, Parish authorities, the Crown acting in and through the Privy Council."
This constitutional concept is worded as the "Crown in right of the Bailiwick of Guernsey". Since 1290, the Channel Islands have been governed as the Bailiwick of Jersey, comprising the island of Jersey and uninhabited islets such as the Minquiers and Écréhous the Bailiwick of Guernsey, comprising the islands of Guernsey, Alderney, Herm and Lihou; each Bailiwick is a Crown dependency and each is headed by a Bailiff, with a Lieutenant Governor representing the Crown in each Bailiwick. Each Bailiwick has its own legal and healthcare systems, its own separate immigration policies, with "local status" in one Bailiwick having no jurisdiction in the other; the two Bailiwicks exercise bilateral double taxation treaties. Since 1961, the Bailiwicks have had separate courts of appeal, but the Bailiff of each Bailiwick has been appointed to serve on the panel of appellate judges for the other Bailiwick; the Bailiwick of Guernsey comprises three separate jurisdictions: Guernsey, which includes the nearby islands of Herm and Jethou, other smaller uninhabited islands.
Sark, which includes the nearby island of Brecqhou, other smaller uninhabited islands. Alderney, including smaller surrounding uninhabited islands; the parliament of Guernsey is the States of Deliberation, the parliament of Sark is called the Chief Pleas, the parliament of Alderney is called the States of Alderney. The three parliaments together can approve joint Bailiwick-wide legislation that applies in those parts of the Bailiwick whose parliaments approve it. Guernsey issues its own coins and banknotes: Guernsey banknotes Coins of the Guernsey poundThese circulate in both Bailiwicks alongside UK coinage and English and Scottish banknotes, they are not legal tender within the UK. There are no political parties in any of the parliaments. Guernsey has its own separate international vehicle registrations, internet domain, ISO 3166-2 codes, first reserved on behalf of the Universal Postal Union and added by the International Organization for Standardization on 29 March 2006. In any case the GBG on a numberplate is only put on the number plate of a car or motorbike at the request of the vehicle owner and is not compulsory, however a motorbike/scooter can have an identical number to a car, e.g. 5432 on 2 wheels and on 4 wheels.
The Bailiwick of Jersey consists of the island of Jersey and a number of surrounding uninhabited islands. The parliament is the States of Jersey, the first known mention of, in a document of 1497; the States of Jersey Law 2005 introduced the post of Chief Minister of Jersey, abolished the Bailiff's power of dissent to a resolution of the States and the Lieutenant Governor's power of veto over a resolution of the States, established that any Order in Council or Act of the United Kingdom proposed to apply to Jersey must be referred to the States so that the States can express their views on it. Jersey issues its own coins and banknotes: Jersey banknotes Coins of the Jersey poundThese circulate in both Bailiwicks alongside UK coinage and English and Scottish banknotes, they are not legal tender within