1.
The Royal Bank of Scotland
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Royal Bank of Scotland, commonly abbreviated as RBS, is one of the retail banking subsidiaries of The Royal Bank of Scotland Group plc, together with NatWest and Ulster Bank. The Royal Bank of Scotland has around 700 branches, mainly in Scotland though there are branches in many towns and cities throughout England. The Equivalent Society became the Equivalent Company in 1724, and the new company wished to move into banking, the British government received the request favourably as the Old Bank, the Bank of Scotland, was suspected of having Jacobite sympathies. Accordingly, the New Bank was chartered in 1727 as the Royal Bank of Scotland, with Archibald Campbell, Lord Ilay, on 31 May 1728, the Royal Bank of Scotland invented the overdraft, which was later considered an innovation in modern banking. It allowed William Hogg, a merchant in the High Street of Edinburgh, competition between the Old and New Banks was fierce and centred on the issue of banknotes. The policy of the Royal Bank was to drive the Bank of Scotland out of business. The Royal Bank built up large holdings of the Bank of Scotlands notes, to pay these notes, the Bank of Scotland was forced to call in its loans and, in March 1728, to suspend payments. Despite talk of a merger with the Bank of Scotland, the Royal Bank did not possess the wherewithal to complete the deal. By September 1728, the Bank of Scotland was able to start redeeming its notes again, with interest, the bank opened its first branch office outside Edinburgh in 1783 when it opened one in Glasgow, in part of a drapers shop in the High Street. Further branches were opened in Dundee, Rothesay, Dalkeith, Greenock, Port Glasgow, in 1821, the bank moved from its original head office in Edinburghs Old Town to Dundas House, on St. Andrew Square in the New Town. The building as seen along George Street forms the end of the central vista in New Town. It was designed for Sir Lawrence Dundas by Sir William Chambers as a Palladian mansion, an axial banking hall behind the building, designed by John Dick Peddie, was added in 1857, it features a domed roof, painted blue internally, with gold star-shaped coffers. The banking hall continues in use as a branch of the bank, the rest of the nineteenth century saw the bank pursue mergers with other Scottish banks, chiefly as a response to failing institutions. The assets and liabilities of the Western Bank were acquired following its collapse in 1857, by 1910, the Royal Bank of Scotland had 158 branches and around 900 staff. In 1969, the merged with the National Commercial Bank of Scotland to become the largest clearing bank in Scotland. The first London branch of the Royal Bank of Scotland opened in 1874, an agreement was reached, under which English banks would not open branches in Scotland and Scottish banks would not open branches in England outside London. This agreement remained in place until the 1960s, although various cross-border acquisitions were permitted, the latter two were merged in 1970 to form Williams and Glyns Bank, but not rebranded as the Royal Bank of Scotland until 1985. Also in 2011, Royal Bank of Scotland prevented Basic Account holders from using the ATMs of most rival banks, in June 2012, computer problems prevented customers accessing accounts
2.
Bank of England
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The Bank of England, formally the Governor and Company of 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, it is the second oldest central bank in the world, after the Sveriges Riksbank, and it was established to act as the English Governments banker and is still one of the bankers for the Government of the United Kingdom. The Bank was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946, in 1998, it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with independence in setting monetary policy. The Banks Monetary Policy Committee has a responsibility for managing monetary policy. The Banks Financial Policy Committee held its first meeting in June 2011 as a macro prudential regulator to oversee regulation of the UKs financial sector, the Banks headquarters have been in Londons main financial district, the City of London, on Threadneedle Street, since 1734. It is sometimes known by the metonym The Old Lady of Threadneedle Street or The Old Lady, the busy road junction outside is known as Bank junction. Until 2016, the bank provided banking services as a popular privilege for employees. Englands crushing defeat by France, the dominant naval power, in naval engagements culminating in the 1690 Battle of Beachy Head, England had no choice but to build a powerful navy. No public funds were available, and the credit of William IIIs 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, the Bank was given exclusive possession of the governments balances, and 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, the £1. 2m was raised in 12 days, half of this was used to rebuild the navy. 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, the plan of 1691, which had been proposed by William Paterson three years before, had not then been acted upon. The Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the first governor was Sir John Houblon, who is depicted in the £50 note issued in 1994. The charter was renewed in 1742,1764, and 1781, the Bank moved to its current location in Threadneedle Street in 1734, and thereafter slowly acquired neighbouring land to create the edifice seen today. When the idea and reality of the National Debt came about during the 18th century, the 1844 Bank Charter Act tied the issue of notes to the gold reserves and gave the Bank sole rights with regard to the issue of banknotes. Private banks that had previously had that right retained it, provided that their headquarters were outside London, a few English banks continued to issue their own notes until the last of them was taken over in the 1930s. Scottish and Northern Irish private banks still have that right, the bank acted as lender of last resort for the first time in the panic of 1866
3.
Public limited company
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A public limited company is a type of public company under the United Kingdom company law, some Commonwealth jurisdictions, and the Republic of Ireland. It is a liability company whose shares may be freely sold and traded to the public, with a minimum share capital of £50,000. Similar companies in the United States are called publicly traded companies, public limited companies will also have a separate legal identity. A PLC can be either an unlisted or listed company on the stock exchanges, in the United Kingdom, a public limited company usually must include the words public limited company or the abbreviation PLC or plc at the end and as part of the legal company name. Welsh companies may choose to end their names with ccc. However, some public limited companies incorporated under special legislation are exempted from bearing any of the identifying suffixes. The term public limited company and the PLC/plc suffix were introduced in 1981, prior to this, all limited companies bore the suffix Limited, which is still used by private limited companies. When a new company incorporates in England and Wales or in Scotland, it must register with Companies House, Formation of a public limited company requires a minimum of one director and one secretary. In England and Wales and in Scotland, the male/female is under 16 years old, some people who are not British citizens are restricted as to what work they may do while in the UK, which may exclude them from being a director. The members must agree to some, or all, of the shares when the company is registered. The memorandum of association must show the names of the people who have agreed to take shares and these people are called the subscribers. There is a share capital for public limited companies, Before it can start business. A quarter of them, £12,500, must be paid up, each allotted share must be paid up to at least one quarter of its nominal value together with the whole of any premium. A company can increase its share capital by passing an ordinary resolution. A copy of the resolution – and notice of the increase on Form 123 – must reach Companies House within 15 days of being passed, no fee is payable to Companies House. A company can decrease its authorised share capital by passing a resolution to cancel shares which have not been taken or agreed to be taken by any person. Notice of the cancellation, on Form 122, must reach Companies House within one month, no fee is payable to Companies House. A company may have as different types of shares as it wishes
4.
Insurance
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Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, an entity which provides insurance is known as an insurer, insurance company, or insurance carrier. A person or entity who buys insurance is known as an insured or policyholder, the insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insured will be financially compensated. The amount of money charged by the insurer to the insured for the coverage set forth in the policy is called the premium. If the insured experiences a loss which is covered by the insurance policy. Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessels capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c.1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the guarantee to cancel the loan should the shipment be stolen. At some point in the 1st millennium BC, the inhabitants of Rhodes created the general average and this allowed groups of merchants to pay to insure their goods being shipped together. The collected premiums would be used to any merchant whose goods were jettisoned during transport. Separate insurance contracts were invented in Genoa in the 14th century, the first known insurance contract dates from Genoa in 1347, and in the next century maritime insurance developed widely and premiums were intuitively varied with risks. These new insurance contracts allowed insurance to be separated from investment, Insurance became far more sophisticated in Enlightenment era Europe, and specialized varieties developed. Property insurance as we know it today can be traced to the Great Fire of London, initially,5,000 homes were insured by his Insurance Office. At the same time, the first insurance schemes for the underwriting of business ventures became available, by the end of the seventeenth century, Londons growing importance as a center for trade was increasing demand for marine insurance. These informal beginnings led to the establishment of the insurance market Lloyds of London and several related shipping, the first life insurance policies were taken out in the early 18th century. The first company to offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in London in 1706 by William Talbot, edward Rowe Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762. In the late 19th century, accident insurance began to become available and this operated much like modern disability insurance. The first company to offer accident insurance was the Railway Passengers Assurance Company, by the late 19th century, governments began to initiate national insurance programs against sickness and old age
5.
The Mound
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The Mound is an artificial hill in central Edinburgh, Scotland, which connects Edinburghs New Town and Old Town. It was formed by dumping around 1,501,000 cartloads of earth excavated from the foundations of the New Town into Nor Loch which was drained in 1765 and forms todays Princes Street Gardens. When the Edinburgh and Glasgow Railway was extended to Waverley in 1846, today The Mound is a busy, if fairly steep, thoroughfare taking traffic to and from Princes Street and the Royal Mile in the Old Town. The lower end, or Foot of the Mound is a few metres walk from the Princes Street tram stop, due to its raised elevation, the Mound commands expansive views over Princes Street and the New Town of Edinburgh and towards Calton Hill. An Electric Blanket was installed under the surface of the roadway of the mound to keep clear of ice and snow in 1959
6.
Edinburgh
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Edinburgh is the capital city of Scotland and one of its 32 local government council areas. Located in Lothian on the Firth of Forths southern shore, it is Scotlands second most populous city and the seventh most populous in the United Kingdom. The 2014 official population estimates are 464,990 for the city of Edinburgh,492,680 for the authority area. Recognised as the capital of Scotland since at least the 15th century, Edinburgh is home to the Scottish Parliament and it is the largest financial centre in the UK after London. Historically part of Midlothian, the city has long been a centre of education, particularly in the fields of medicine, Scots law, literature, the sciences and engineering. The University of Edinburgh, founded in 1582 and now one of four in the city, was placed 17th in the QS World University Rankings in 2013 and 2014. The city is famous for the Edinburgh International Festival and the Fringe. The citys historical and cultural attractions have made it the United Kingdoms second most popular tourist destination after London, attracting over one million overseas visitors each year. Historic sites in Edinburgh include Edinburgh Castle, Holyrood Palace, the churches of St. Giles, Greyfriars and the Canongate, Edinburghs Old Town and New Town together are listed as a UNESCO World Heritage Site, which has been managed by Edinburgh World Heritage since 1999. It appears to derive from the place name Eidyn mentioned in the Old Welsh epic poem Y Gododdin, the poem names Din Eidyn as a hill fort in the territory of the Gododdin. The Celtic element din was dropped and replaced by the Old English burh, the first documentary evidence of the medieval burgh is a royal charter, c. 1124–1127, by King David I granting a toft in burgo meo de Edenesburg to the Priory of Dunfermline. In modern Gaelic, the city is called Dùn Èideann, the earliest known human habitation in the Edinburgh area was at Cramond, where evidence was found of a Mesolithic camp site dated to c.8500 BC. Traces of later Bronze Age and Iron Age settlements have found on Castle Rock, Arthurs Seat, Craiglockhart Hill. When the Romans arrived in Lothian at the end of the 1st century AD, at some point before the 7th century AD, the Gododdin, who were presumably descendants of the Votadini, built the hill fort of Din Eidyn or Etin. Although its location has not been identified, it likely they would have chosen a commanding position like the Castle Rock, Arthurs Seat. In 638, the Gododdin stronghold was besieged by forces loyal to King Oswald of Northumbria and it thenceforth remained under their jurisdiction. The royal burgh was founded by King David I in the early 12th century on land belonging to the Crown, in 1638, King Charles Is attempt to introduce Anglican church forms in Scotland encountered stiff Presbyterian opposition culminating in the conflicts of the Wars of the Three Kingdoms. In the 17th century, Edinburghs boundaries were defined by the citys defensive town walls
7.
Scotland
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Scotland is a country that is part of the United Kingdom and covers the northern third of the island of Great Britain. It shares a border with England to the south, and is surrounded by the Atlantic Ocean, with the North Sea to the east. In addition to the mainland, the country is made up of more than 790 islands, including the Northern Isles, the Kingdom of Scotland emerged as an independent sovereign state in the Early Middle Ages and continued to exist until 1707. By inheritance in 1603, James VI, King of Scots, became King of England and King of Ireland, Scotland subsequently entered into a political union with the Kingdom of England on 1 May 1707 to create the new Kingdom of Great Britain. The union also created a new Parliament of Great Britain, which succeeded both the Parliament of Scotland and the Parliament of England. Within Scotland, the monarchy of the United Kingdom has continued to use a variety of styles, titles, the legal system within Scotland has also remained separate from those of England and Wales and Northern Ireland, Scotland constitutes a distinct jurisdiction in both public and private law. Glasgow, Scotlands largest city, was one of the worlds leading industrial cities. Other major urban areas are Aberdeen and Dundee, Scottish waters consist of a large sector of the North Atlantic and the North Sea, containing the largest oil reserves in the European Union. This has given Aberdeen, the third-largest city in Scotland, the title of Europes oil capital, following a referendum in 1997, a Scottish Parliament was re-established, in the form of a devolved unicameral legislature comprising 129 members, having authority over many areas of domestic policy. Scotland is represented in the UK Parliament by 59 MPs and in the European Parliament by 6 MEPs, Scotland is also a member nation of the British–Irish Council, and the British–Irish Parliamentary Assembly. Scotland comes from Scoti, the Latin name for the Gaels, the Late Latin word Scotia was initially used to refer to Ireland. By the 11th century at the latest, Scotia was being used to refer to Scotland north of the River Forth, alongside Albania or Albany, the use of the words Scots and Scotland to encompass all of what is now Scotland became common in the Late Middle Ages. Repeated glaciations, which covered the land mass of modern Scotland. It is believed the first post-glacial groups of hunter-gatherers arrived in Scotland around 12,800 years ago, the groups of settlers began building the first known permanent houses on Scottish soil around 9,500 years ago, and the first villages around 6,000 years ago. The well-preserved village of Skara Brae on the mainland of Orkney dates from this period and it contains the remains of an early Bronze Age ruler laid out on white quartz pebbles and birch bark. It was also discovered for the first time that early Bronze Age people placed flowers in their graves, in the winter of 1850, a severe storm hit Scotland, causing widespread damage and over 200 deaths. In the Bay of Skaill, the storm stripped the earth from a large irregular knoll, when the storm cleared, local villagers found the outline of a village, consisting of a number of small houses without roofs. William Watt of Skaill, the laird, began an amateur excavation of the site, but after uncovering four houses
8.
United Kingdom
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The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country in western Europe. Lying off the north-western coast of the European mainland, the United Kingdom includes the island of Great Britain, Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state—the Republic of Ireland. The Irish Sea lies between Great Britain and Ireland, with an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world and the 11th-largest in Europe. It is also the 21st-most populous country, with an estimated 65.1 million inhabitants, together, this makes it the fourth-most densely populated country in the European Union. The United Kingdom is a monarchy with a parliamentary system of governance. The monarch is Queen Elizabeth II, who has reigned since 6 February 1952, other major urban areas in the United Kingdom include the regions of Birmingham, Leeds, Glasgow, Liverpool and Manchester. The United Kingdom consists of four countries—England, Scotland, Wales, the last three have devolved administrations, each with varying powers, based in their capitals, Edinburgh, Cardiff and Belfast, respectively. The relationships among the countries of the UK have changed over time, Wales was annexed by the Kingdom of England under the Laws in Wales Acts 1535 and 1542. A treaty between England and Scotland resulted in 1707 in a unified Kingdom of Great Britain, which merged in 1801 with the Kingdom of Ireland to form the United Kingdom of Great Britain and Ireland. Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain, there are fourteen British Overseas Territories. These are the remnants of the British Empire which, at its height in the 1920s, British influence can be observed in the language, culture and legal systems of many of its former colonies. The United Kingdom is a country and has the worlds fifth-largest economy by nominal GDP. The UK is considered to have an economy and is categorised as very high in the Human Development Index. It was the worlds first industrialised country and the worlds foremost power during the 19th, the UK remains a great power with considerable economic, cultural, military, scientific and political influence internationally. It is a nuclear weapons state and its military expenditure ranks fourth or fifth in the world. The UK has been a permanent member of the United Nations Security Council since its first session in 1946 and it has been a leading member state of the EU and its predecessor, the European Economic Community, since 1973. However, on 23 June 2016, a referendum on the UKs membership of the EU resulted in a decision to leave. The Acts of Union 1800 united the Kingdom of Great Britain, Scotland, Wales and Northern Ireland have devolved self-government
9.
Lloyds Banking Group
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Lloyds Banking Group plc is a major British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. The Groups history stems from the founding of the Bank of Scotland in 1695 by the Parliament of Scotland before the Act of Union, the Groups headquarters is located at 25 Gresham Street in the City of London and its registered office is on The Mound in Edinburgh. Lloyds Banking Groups activities are organised into, Retail Banking, Commercial, Life, Pensions & Insurance, Lloyds has extensive overseas operations in the US, Europe, the Middle East and Asia. Following the takeover, the Group stopped using the name HBOS publicly, the Halifax brand, products and pricing were discontinued in Scotland until reestablished in 2013. The Halifax and Lloyds Bank brands are used in England and Wales, Lloyds Banking Groups CEO António Horta-Osório told The Banker, We will keep the different brands because the customers are very different in terms of attitude. Lloyds Banking Group is listed on the London Stock Exchange and is a constituent of the FTSE100 Index and it had a market capitalisation of approximately GB£57. 7billion as of 4 March 2014—the 7th-largest of any LSE company. It has a listing on the New York Stock Exchange. Through a series of mergers, Lloyds became one of the Big Four banks in the UK, Bank of Scotland, which originated in the 17th century, is the second-oldest surviving UK bank after the Bank of England. In 2001, a wave of consolidations in the UK banking market led the former Halifax Building Society—which originated in 1853—to agree to a £10.8 billion merger with Bank of Scotland. Trustee Savings Bank can trace its roots back to the first savings bank founded by Henry Duncan in Ruthwell, Dumfriesshire in 1810. TSB itself was created in 1985 by an Act of Parliament that merged all the savings banks in England & Wales as TSB Bank plc. In 1995, Lloyds Bank merged with TSB, forming Lloyds TSB Group plc, in 2000, the group acquired Scottish Widows, a mutual life-assurance company based in Edinburgh, in a deal worth £7 billion. This made the group the second-largest UK provider of life assurance, Lloyds TSB continued to take part in the consolidation, making a takeover bid for Abbey National in 2001, which was later rejected by the Competition Commission. In July 2004, Lloyds TSB Group announced the sale of its business in Argentina to Banco Patagonia Sudameris S. A. and its business in Colombia to Primer Banco del Istmo, S. A. On 20 December 2005, Lloyds TSB announced that it had reached an agreement to sell its credit card business Goldfish to Morgan Stanley Bank International Limited for £175 million. In 2007, Lloyds TSB announced that it had sold its Abbey Life insurance division to Deutsche Bank for £977 million, on 17 September 2008, the BBC reported that HBOS was in takeover talks with Lloyds TSB, in response to a precipitous drop in HBOSs share price. The talks concluded successfully that evening with a proposal to create a giant which would hold a third of UK mortgages. An announcement was made on 18 September 2008, on 19 November 2008, the new acquisition and government preference share purchase was agreed by Lloyds TSB shareholders
10.
Halifax (United Kingdom bank)
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Halifax is a British bank operating as a trading division of Bank of Scotland, itself a wholly owned subsidiary of Lloyds Banking Group. It is the UKs largest provider of residential mortgages and savings accounts and it is named after the town of Halifax, West Yorkshire where it was founded as a building society in 1853. By 1913 It had developed into the UKs largest building society and continued to grow and prosper, in 1997 it became Halifax plc, a public limited company which was a constituent of the FTSE100 Index. In 2001 Halifax plc merged with The Governor and Company of the Bank of Scotland, forming HBOS. A takeover of HBOS by Lloyds TSB was approved by the Court of Session on 12 January 2009, the Halifax was formed in 1853 as the Halifax Permanent Benefit Building and Investment Society. The idea was thought up in a room situated above the Old Cock Inn close to the original Building Society building. Like all early building societies, the purpose of the society was for the benefit of local working people. Investors with surplus cash would invest in the society to receive interest, unlike many British building societies which grew large by acquisitions and mergers, the Society chose an organic form of growth, and proceeded to open branches throughout the UK. By 1913, it was the largest building society in the UK, the first office in London opened in 1924, and the first offices in Scotland in 1928. In 1928, it merged with Halifax Equitable Building Society, then the second largest building society and was renamed Halifax Building Society, the society was now five times larger than its nearest rival, with assets of £47 million. A new head office was built at Trinity Road, Halifax in 1973, the distinctive diamond-shaped building was used on marketing material during the 1980s and 90s. Underneath the building is a specially constructed deedstore which is used to store property deeds for a one off charge of £10 and its importance has diminished in recent years because property data is now kept on a central database kept by HM Land Registry. The society continued to grow in size throughout the 20th century, accordingly, the Halifax acquired an estate agent to complement its mortgage business. It also expanded by offering current accounts and credit cards, traditionally offered by commercial banks. In 1993, it established a Spanish subsidiary, Banco Halifax Hispania, although the Abbey National demutualised in 1989, the process was not repeated until the late 1990s, when most of the large societies announced demutalisation plans. In 1995, the Halifax announced it was to merge with the Leeds Permanent Building Society, the Halifax floated on the London Stock Exchange on 2 June 1997. Over 7.5 million customers of the Society became shareholders of the new bank, as Halifax plc, the new bank was the fifth largest in the UK in terms of market capitalisation. Further expansion took place with the 1996 acquisition of Clerical Medical Fund Managers, in 1999, the Halifax acquired the Birmingham Midshires Building Society and ComparetheLoan
11.
Birmingham Midshires
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Birmingham Midshires is a trading name of Bank of Scotland plc. It is headquartered at Pendeford Business Park, Wolverhampton and has 67 offices throughout England, previously, Birmingham Midshires was a building society, known as the Birmingham Midshires Building Society. The Birmingham Midshires was formed in 1986 by the merger of the Birmingham and Bridgwater, in 1999, the Birmingham Midshires Building Society agreed to a takeover bid from the Royal Bank of Scotland. However the deal collapsed when Halifax plc tabled a more lucrative offer, Halifax itself became a part of HBOS plc when it merged with the Bank of Scotland in 2001. In 2007, it became a division of Bank of Scotland plc following a reorganisation in the HBOS Group, in 2008 HBOS plc was taken over by Lloyds TSB and is now part of the newly formed Lloyds Banking Group. Its main headquarters were rebranded as Lloyds following different sectors and work being moved to, Birmingham Midshires offers a range of specialist mortgage and savings products. When Birmingham Midshires became part of the Halifax in April 1999, it had savings balances of £5.9 billion, BM savings balances have doubled since then to £12 billion, mortgage assets have more than trebled to over £32 billion. Official website Birmingham Midshires merger history chart
12.
Intelligent Finance
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Intelligent Finance is a Scottish offset bank, a division of Bank of Scotland plc which is part of Lloyds Banking Group. It was established as a division of Halifax plc in 1999 by Jim Spowart, following a reorganisation of the HBOS group, it is now a division of Bank of Scotland plc. IFs registered headquarters are in Edinburgh, with customer service based in Scotland (Livingston, West Lothian. It operates throughout the United Kingdom, IF was set up at a time when many banks were exploring opportunities to utilise new technology to reduce the costs of providing financial services. The credit balance in a current account and saving accounts would offset any debit balances in the persons mortgage. The customer would then pay interest on the net balance, potentially allowing savings to be made on borrowings, however, in June 2005 IF withdrew its offset credit card, citing high running costs. From 2006 to 2008 it sponsored the if. comedies award, successor to the Perrier Comedy Award, in July 2009, Intelligent Finance withdrew its mortgage and current account products to new customers, although existing customers were unaffected. In March 2013, Intelligent Finance withdrew all its products to new customers. As with mortgages, existing customers continued to be able to operate their accounts, in Summer 2014, Intelligent Finance asked its savings customers to consider moving their accounts to TSB Bank. Lloyds Banking Group was asked to close Intelligent Finance to new business by the European Commission in order to reduce their market share
13.
Clerical Medical
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Clerical Medical is a British life insurance, pensions and investments company founded in 1824, and a subsidiary of Lloyds Banking Group. On 18 June 1824, the Medical, Clerical and General Life Assurance Society was formed, Pinckard was appointed as Chairman, the Marquis of Huntly as President, and Pinckards brother Joseph as Resident Secretary and Actuary. A board of directors, which included eight eminent physicians was also appointed, the companys first policy was issued to Richard Pinckard, a nephew of Dr George Pinckard. In 1855, the company moved its headquarters to Lichfield House in St Jamess Square, Clerical Medical acquired the General Reversionary and Investment Company in 1913, and in 1920 a merger with The Employers’ Liability Assurance Corporation took place. In 1961 by Act of Parliament, Clerical Medical became a mutual office, in 1975, the company moved its head office from St Jamess Square, London to Bristol. Following the decision to demutualise the company in 1995, Clerical Medical merged with the Halifax in 1996, HBOS was bought by Lloyds TSB Group in January 2009. The resulting company, Lloyds Banking Group, announced in April 2009 that the Clerical Medical brand would eventually be phased out in favour of its Scottish Widows subsidiary, in 2015, Lloyds Banking Group sold Clerical Medical International to offshore life assurance company RL360°
14.
Scottish Gaelic language
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Scottish Gaelic or Scots Gaelic, sometimes also referred to as Gaelic, is a Celtic language native to Scotland. A member of the Goidelic branch of the Celtic languages, Scottish Gaelic, like Modern Irish and Manx, developed out of Middle Irish. The 2011 census of Scotland showed that a total of 57,375 people in Scotland could speak Gaelic at that time, the census results indicate a decline of 1,275 Gaelic speakers from 2001. A total of 87,056 people in 2011 reported having some facility with Gaelic compared to 93,282 people in 2001, only about half of speakers were fully literate in the language. Nevertheless, revival efforts exist and the number of speakers of the language under age 20 has increased, Scottish Gaelic is neither an official language of the European Union nor the United Kingdom. Outside Scotland, a group of dialects collectively known as Canadian Gaelic are spoken in parts of Atlantic Canada, mainly Nova Scotia and Prince Edward Island. In the 2011 census, there were 7,195 total speakers of Gaelic languages in Canada, with 1,365 in Nova Scotia and Prince Edward Island where the responses mainly refer to Scottish Gaelic. About 2,320 Canadians in 2011 also claimed Gaelic languages as their mother tongue, with over 300 in Nova Scotia, aside from Scottish Gaelic, the language may also be referred to simply as Gaelic. In Scotland, the word Gaelic in reference to Scottish Gaelic specifically is pronounced, outside Ireland and Great Britain, Gaelic may refer to the Irish language. Scottish Gaelic should not be confused with Scots, the Middle English-derived language varieties which had come to be spoken in most of the Lowlands of Scotland by the modern era. Prior to the 15th century, these dialects were known as Inglis by its own speakers, from the late 15th century, however, it became increasingly common for such speakers to refer to Scottish Gaelic as Erse and the Lowland vernacular as Scottis. Today, Scottish Gaelic is recognised as a language from Irish. Gaelic in Scotland was mostly confined to Dál Riata until the 8th century, when it began expanding into Pictish areas north of the Firth of Forth, by 900, Pictish appears to have become extinct, completely replaced by Gaelic. An exception might be made for the Northern Isles, however, however, though the Pictish language did not disappear suddenly, a process of Gaelicisation was clearly underway during the reigns of Caustantín and his successors. By a certain point, probably during the 11th century, all the inhabitants of Alba had become fully Gaelicised Scots, by the 10th century, Gaelic had become the dominant language throughout northern and western Scotland, the Gaelo-Pictic Kingdom of Alba. Its spread to southern Scotland, was even and totalizing. Place name analysis suggests dense usage of Gaelic in Galloway and adjoining areas to the north and west as well as in West Lothian, less dense usage is suggested for north Ayrshire, Renfrewshire, the Clyde Valley and eastern Dumfriesshire. In south-eastern Scotland, there is no evidence that Gaelic was ever widely spoken, the area shifted from Cumbric to Old English during its long incorporation into the Anglo-Saxon Kingdom of Northumbria
15.
Parliament of Scotland
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The Parliament of Scotland, or Estates of Parliament, was the legislature of the Kingdom of Scotland. The parliament, like other such institutions, evolved during the Middle Ages from the council of bishops. It is first identifiable as a parliament in 1235, during the reign of Alexander II, by the early fourteenth century, the attendance of knights and freeholders had become important, and from 1326 commissioners from the burghs attended. Parliamentary business was carried out by sister institutions, such as General Councils or Convention of Estates. These could carry out much business also dealt with by parliament – taxation, legislation and policy-making –, the Parliament of Scotland met for more than four centuries, until it was prorogued sine die at the time of the Acts of Union in 1707. Thereafter the Parliament of Great Britain operated for both England and Scotland, thus creating the United Kingdom of Great Britain, when the Parliament of Ireland was abolished in 1801, its former members were merged into what was now called the Parliament of the United Kingdom. Later, the bishops themselves were removed from the Church of Scotland during the Glorious Revolution, the Second Estate was then split into two to retain the division into three. From the 16th century, the estate was reorganised by the selection of Shire Commissioners. During the 17th century, after the Union of the Crowns and these latter identifications remain highly controversial among parliamentary historians. Regardless, the used for the assembled members continued to be the Three Estates. A Shire Commissioner was the closest equivalent of the English office of Member of Parliament, because the parliament of Scotland was unicameral, all members sat in the same chamber, as opposed to the separate English House of Lords and House of Commons. The Scottish parliament evolved during the Middle Ages from the Kings Council and it is perhaps first identifiable as a parliament in 1235, described as a colloquium and already with a political and judicial role. In 1296 we have the first mention of burgh representatives taking part in decision making, by the early 14th century, the attendance of knights and freeholders had become important, and Robert the Bruce began regularly calling burgh commissioners to his Parliament. Consisting of The Three Estates – of clerics, lay Tenants-in-chief and burgh commissioners – sitting in a single chamber, parliamentary business was also carried out by sister institutions, before c.1500 by General Council and thereafter by the Convention of Estates. These could carry out much business also dealt with by Parliament – taxation, legislation and policy-making –, the Scottish parliament met in a number of different locations throughout its history. In addition to Edinburgh, meetings were held in Perth, Stirling, St Andrews, Dundee, Linlithgow, Dunfermline, Glasgow, Aberdeen, Inverness and Berwick-upon-Tweed. From the early 1450s until 1690, a deal of the legislative business of the Scottish Parliament was usually carried out by a parliamentary committee known as the Lords of the Articles. This was a chosen by the three estates to draft legislation which was then presented to the full assembly to be confirmed
16.
Banknote
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A banknote is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by banks, who were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks, national banknotes are generally legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment and this practice of backing notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat, with the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. The idea of using a durable light-weight substance as evidence of a promise to pay a bearer on demand originated in China during the Han Dynasty in 118 BC, the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, during the Yuan Dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by such as Marco Polo. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency and it is countered by anticounterfeiting measures in the printing of banknotes. Fighting the counterfeiting of banknotes and cheques has been a driver of security printing methods development in recent centuries. Paper currency first developed in the Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, the usage of paper currency later spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century, napoleon issued paper banknotes in the early 1800s. Paper money originated in two forms, drafts, which are receipts for value held on account, and bills, the perception of banknotes as money has evolved over time. Originally, money was based on precious metals, Banknotes were seen as essentially an I. O. U. or promissory note, a promise to pay someone in precious metal on presentation. With the gradual removal of precious metals from the system, banknotes evolved to represent credit money. Notes or bills were referred to in 18th century novels and were often a key part of the plot such as a note drawn by Lord X for £100 which becomes due in 3 months time. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle
17.
Banknotes of the pound sterling
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Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pounds sterling. One pound is equivalent to 100 pence, three British Overseas Territories also have currencies called pounds which are at par with the pound sterling. The Bank of England does act as a bank in that it has a monopoly on issuing banknotes in England and Wales. Pounds issued by Crown Dependencies and other areas are regulated only by local governments, until the middle of the 19th century, privately owned banks in Great Britain and Ireland were free to issue their own banknotes. Paper currency issued by a range of provincial and town banking companies in England, Wales. Under the Act, no new banks could start issuing notes, the last private English banknotes were issued in 1921 by Fox, Fowler and Company, a Somerset bank. However, some of the provisions of the Bank Charter Act only applied to England. The Bank Notes Act was passed the year, and to this day. Notes issued in excess of the value of outstanding in 1844 must be backed up by an equivalent value of Bank of England notes. Following the partition of Ireland, the Irish Free State created an Irish pound in 1928, in 1928 a Westminster Act of Parliament reduced the fiduciary limit for Irish banknotes circulating in Northern Ireland to take account of the reduced size of the territory concerned. Elizabeth II was not the first British monarch to have her face on UK banknotes. George II, George III and George IV appeared on early Royal Bank of Scotland notes, however, prior to the issue of its Series C banknotes in 1960, Bank of England banknotes generally did not depict the monarch. Today, notes issued by Scottish and Northern Irish banks do not depict the monarch, the monarch is depicted on banknotes issued by the Crown dependencies and on some of those issued by overseas territories. Their acceptance may depend on the experience and understanding of individual retailers, and it is important to understand the idea of legal tender, which is often misunderstood. The assumption that all sterling notes are legitimate and of equal value, in summary, the various banknotes are used as follows, Bank of England banknotes Most sterling notes are issued by the Bank of England. These are legal tender in England and Wales, and are accepted by traders throughout the UK. Bank of England notes are accepted in the Overseas Territories which are at parity with sterling. In Gibraltar, there are examples of pairs of automatic cash dispensers placed together, one stocked with BoE notes, Scottish banknotes These are the recognised currency in Scotland, although they are not legal tender
18.
HBOS Group Reorganisation Act 2006
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The HBOS Group Reorganisation Act 2006 is a private Act of Parliament, passed by the Parliament of the United Kingdom in June 2006. The aim of the act was to provide HBOS plc, a banking and insurance group in the UK and it came into effect on 17 September 2007. HBOS plc is a banking and insurance holding company and was created on 10 September 2001 from the merger of the Governor and Company of the Bank of Scotland and these two banks are the main UK subsidiaries of HBOS, although they themselves operate various other subsidiary companies. The Bank of Scotland was incorporated by an Act of the Parliament of Scotland in 1695, Halifax is a public limited company and was created in 1997 from the demutualisation of the Halifax Building Society to plc status. The bulk of the Societys assets were acquired by Halifax plc in 1997, the most important was the Bank of Scotland Act 1920, which set out the banks business objectives and its regulations. By doing it could save the costs of maintaining four banking licences, the transfer of assets and liabilities from one bank to another also requires the consent of the account holders. For institutions such as the Halifax, this would involve seeking the consent of millions of people, thus an Act of Parliament gives HBOS the statutory authority to transfer accounts without seeking individual account holder approval. The Act also allowed the company to retain the right to print banknotes, lloyds TSB Act 1998 Select Committee on HBOS Group Reorganisation Bill Minutes of Evidence
19.
Parliament of the United Kingdom
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It alone possesses legislative supremacy and thereby ultimate power over all other political bodies in the UK and its territories. Its head is the Sovereign of the United Kingdom and its seat is the Palace of Westminster in the City of Westminster, one of the boroughs of the British capital, the parliament is bicameral, consisting of an upper house and a lower house. The Sovereign forms the third component of the legislature, prior to the opening of the Supreme Court in October 2009, the House of Lords also performed a judicial role through the Law Lords. The House of Commons is an elected chamber with elections held at least every five years. The two Houses meet in separate chambers in the Palace of Westminster in London, most cabinet ministers are from the Commons, whilst junior ministers can be from either House. The Parliament of Great Britain was formed in 1707 following the ratification of the Treaty of Union by Acts of Union passed by the Parliament of England and the Parliament of Scotland. The UK parliament and its institutions have set the pattern for many throughout the world. However, John Bright – who coined the epithet – used it with reference to a rather than a parliament. In theory, the UKs supreme legislative power is vested in the Crown-in-Parliament. However, the Crown normally acts on the advice of the Prime Minister, the United Kingdom of Great Britain and Ireland was created in 1801, by the merger of the Kingdoms of Great Britain and Ireland under the Acts of Union. The principle of responsibility to the lower House did not develop until the 19th century—the House of Lords was superior to the House of Commons both in theory and in practice. Members of the House of Commons were elected in an electoral system. Thus, the borough of Old Sarum, with seven voters, many small constituencies, known as pocket or rotten boroughs, were controlled by members of the House of Lords, who could ensure the election of their relatives or supporters. During the reforms of the 19th century, beginning with the Reform Act 1832, No longer dependent on the Lords for their seats, MPs grew more assertive. The supremacy of the British House of Commons was established in the early 20th century, in 1909, the Commons passed the so-called Peoples Budget, which made numerous changes to the taxation system which were detrimental to wealthy landowners. The House of Lords, which consisted mostly of powerful landowners, on the basis of the Budgets popularity and the Lords consequent unpopularity, the Liberal Party narrowly won two general elections in 1910. Using the result as a mandate, the Liberal Prime Minister, Herbert Henry Asquith, introduced the Parliament Bill, in the face of such a threat, the House of Lords narrowly passed the bill. However, regardless of the Parliament Acts of 1911 and 1949, the Government of Ireland Act 1920 created the parliaments of Northern Ireland and Southern Ireland and reduced the representation of both parts at Westminster
20.
HBOS
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HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group, having been taken over in January 2009. HBOS was formed by the 2001 merger of Halifax plc and the Bank of Scotland, the formation of HBOS was heralded as creating a fifth force in British banking as it created a company of comparable size and stature to the established Big Four UK retail banks. It was also the UKs largest mortgage lender, the HBOS Group Reorganisation Act 2006 saw the transfer of Halifax plc to the Bank of Scotland, which was now a registered public limited company, Bank of Scotland plc. Although officially HBOS is not an abbreviation of any specific words, the corporate headquarters of the group were located on The Mound in Edinburgh, Scotland, the former head office of the Bank of Scotland. Operational headquarters were based in Halifax, West Yorkshire, England, the group became part of Lloyds Banking Group through a takeover by Lloyds TSB on Monday 19 January 2009 after both sets of shareholders approved the deal. HBOS continues to operate as an organisation within the new group. Lloyds Banking Group has stated that the new group will continue to use The Mound as the headquarters for its Scottish operations, HBOS was formed by a merger of Halifax and Bank of Scotland in 2001, Halifax having demutualised and floated four years prior. In 2006, HBOS secured the passing of the HBOS Group Reorganisation Act 2006, the act allowed HBOS to make the Governor and Company of the Bank of Scotland a public limited company, Bank of Scotland plc, which became the principal banking subsidiary of HBOS. Halifax plc transferred its undertakings to Bank of Scotland plc, and although the name was retained. The provisions in the Act were implemented on 17 September 2007, the share price peaked at over 1150p in February 2007. In 2004 Paul Moore, HBOS head of Group Regulatory Risk and he was dismissed, and his concerns not acted on. In March 2008, HBOS shares fell 17 percent amid false rumours that it had asked the Bank of England for emergency funding, the Financial Services Authority conducted an investigation as to whether short selling had any links with the rumours. It concluded that there was no attempt to drive the share price down. However, later day, the BBC reported that HBOS was in advanced takeover talks with Lloyds TSB to create a superbank with 38 million customers. This was later confirmed by HBOS, the BBC suggested that shareholders would be offered up to £3.00 per share, causing the share price to rise, but later retracted that comment. Later that day, the price was set at 0.83 Lloyds shares for each HBOS share, equivalent to 232p per share, to avoid another Northern Rock-style collapse, the UK government announced that should the takeover go ahead, they would allow it to bypass competition law. Vince Cable, the Liberal Democrats economic spokesman mocked so-called masters of the universe, whose hedge funds profited from short-selling, on 18 September 2008 the terms of the recommended offer for HBOS by Lloyds TSB were announced. The deal was concluded on 19 January 2009, a group of Scottish businessmen challenged the right of the UK government to approve the deal by over-ruling UK competition law, but this was rejected
21.
Economy of Scotland
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The economy of Scotland is the 43rd largest in the world with an estimated nominal gross domestic product of up to £152 billion in 2015. As of 2016, Scotland, if it were a separate country, since the Acts of Union 1707, Scotlands economy has been closely aligned with the economy of the rest of the UK. England has historically been the main trading partner of Scotland, however, since the United Kingdom became part of the European Union, Scotland has developed closer links with other European Union economies. However, Scotland still conducts the vast majority of its trade within the UK, Scotland was one of the industrial powerhouses of Europe from the time of the Industrial Revolution onwards, being a world leader in manufacturing. In common with most other advanced industrialised economies, Scotland has seen a decline in the importance of manufacturing industries and primary-based extractive industries. This has, however, been combined with a rise in the sector of the economy. Since 1979, management of the UK economy has followed a broadly laissez-faire approach, the Bank of England is Scotlands central bank and its Monetary Policy Committee is responsible for setting interest rates. The Bank of Scotland, Royal Bank of Scotland and Clydesdale Bank can print their own notes to be issued around Scotland, they are not legal tender, but are generally accepted. After the Industrial Revolution in Scotland, the Scottish economy concentrated on industry, dominated by the shipbuilding, coal mining. Scottish participation in the British Empire also allowed Scotland to export its output throughout much of the world, however heavy industry declined in the late 20th century, leading to a shift in the economy of Scotland towards technology and the service sector. The 1980s saw a boom in the Silicon Glen corridor between Glasgow and Edinburgh, with many large technology firms relocating to Scotland. In 2007 the industry employed over 41,000 people, scottish-based companies have strengths in information systems, defence, electronics, instrumentation and semiconductors. There is also a dynamic and fast growing electronics design and development industry, there is also a significant presence of global players like National Semiconductor and Motorola. Other major industries include banking and financial services, construction, education, entertainment, biotechnology, transport equipment, oil and gas, whisky, the Gross Domestic Product of Scotland in 2013 was $248.5 billion including revenue generated from North Sea oil and gas. Edinburgh is the financial centre of Scotland, with many large financial firms based there. Glasgow is the fourth largest manufacturing centre in the UK, accounting for well over 60% of Scotlands manufactured exports, shipbuilding, although significantly diminished from its heights in the early 20th century, is still a large part of the Glasgow economy. Aberdeen is the centre of North Sea offshore oil and gas production, with such as Shell. Other important industries include textile production, chemicals, distilling, agriculture, when Scotland ratified the 1707 Act of Union, despite Scotlands national debt, taxes were low due to war avoidance and trade thrived from the Baltic to the Caribbean
22.
Bank
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BANK was an artists group active in London during the 1990s. In 1993, Russell and Bedwell were joined by Milly Thompson, David Burrows, Burrows left BANK in 1995, Williamson in 1998, Russell in 2000. BANKs contribution to UK contemporary art was a series of curated group shows, often with comical, as a group they adopted an aggressive stance towards the mainstream contemporary art scene of the time. The approximately twenty shows curated by BANK included the work of the BANK artists alongside the work of several future Turner Prize nominees, although the BANK exhibitions were mostly held in warehouse spaces on Curtain Road, then Underwood Street the name of the gallery changed. Initially it was BANKSPACE, then DOG, and finally Gallerie Poo-Poo, BANK also published a satirical magazine delivering tabloid-style critiques of the art world. Headlines included, AD MAN YOU’RE A BAD MAN, and and they had, according to Matthew Collings, a surly, self-destructive, self-conscious, introspective attitude - combined. with critical intelligence and a flair for spotting weaknesses in the art system. BANK SHOWS1991 -20032003 SIMON BEDWELL & MILLY THOMPSON Store, London ART IS HELL The Suburban, Chicago 2002 BANK Anthony Wilkinson Gallery, DOG, London GOD DOG, London 1996 DOG-U-MENTAL VIII. DOG, London Viper/BANK TV DOG, London/Dukes Bar, Manchester F**K OFF, HE WENT TO A BED AND DREAMED THAT HE WAS ONE. WOKE UP AND FOUND THAT HE HAD BECOME ONE, stephen Friedman gallery got BANK’d, ADP magazine,4 November 2009
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Pound Scots
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The pound Scots was the unit of currency in the Kingdom of Scotland before the kingdom unified with the Kingdom of England in 1707. It was introduced by David I, in the 12th century, on the model of English and French money, divided into 20 shillings, each of 12 pence. The Scottish currency was later debased relative to sterling and, by the time of James III, in addition to the pound Scots, silver coins were issued denominated in merk, worth 13 shillings 4 pence. When James VI became King James I of England in 1603, no gold coinage was issued from 1638 to 1700, but new silver coinage was issued from 1664 to 1707. In 1707, the pound Scots was replaced by the pound sterling at a rate of 12 to 1, today there is no distinct Pound Scots, but Scotlands three largest clearing banks still print paper notes denominated in pounds sterling. Was produced in France with the new process of mill and screw, being the first milled coinage of Scotland. Bawbee – Billon, six pence from 1537 Shilling Groat – Silver, equivalent to four pence, from 1357 Half-groat – Silver, equivalent to two pence, from 1357 Turner – Billon, two pence, later copper. Bodle – Copper, two pence Hardhead – also called Lion, billon coin circulated in the reigns of Mary and James VI Penny – Billon, one of the earliest coins, later made of copper, giving rise to the term pennyland. Halfpennies – Initially literally half of a penny, these became minted coins in their own right in c.1280, farthing or quarter-penny – These were originally quarters of pennies, but as with Halfpennies, became coins in their own right in c.1280. Plack value of four Scots pennies or by 1707 one third of an English penny, Scottish coinage Penny Scots Merk Scots Banknotes of the pound sterling
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Pound sterling
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It is subdivided into 100 pence. A number of nations that do not use sterling also have called the pound. At various times, the sterling was commodity money or bank notes backed by silver or gold. The pound sterling is the worlds oldest currency still in use, the British Crown dependencies of Guernsey and Jersey produce their own local issues of sterling, the Guernsey pound and the Jersey pound. The pound sterling is also used in the Isle of Man, Gibraltar, the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling is the fourth most-traded currency in the exchange market, after the United States dollar, the euro. Together with those three currencies it forms the basket of currencies which calculate the value of IMF special drawing rights, Sterling is also the third most-held reserve currency in global reserves. The full, official name, pound sterling, is used mainly in formal contexts, otherwise the term pound is normally used. The abbreviations ster. or stg. are sometimes used, the term British pound is commonly used in less formal contexts, although it is not an official name of the currency. The pound sterling is also referred to as cable amongst forex traders, the origins of this term are attributed to the fact that in the 1800s, the dollar/pound sterling exchange rate was transmitted via transatlantic cable. Forex brokers are sometimes referred to as cable dealers, as another established source notes, the compound expression was then derived, silver coins known as sterlings were issued in the Saxon kingdoms,240 of them being minted from a pound of silver. Hence, large payments came to be reckoned in pounds of sterlings, in 1260, Henry III granted them a charter of protection. And because the Leagues money was not frequently debased like that of England, English traders stipulated to be paid in pounds of the Easterlings, and land for their Kontor, the Steelyard of London, which by the 1340s was also called Easterlings Hall, or Esterlingeshalle. For further discussion of the etymology of sterling, see sterling silver, the currency sign for the pound sign is £, which is usually written with a single cross-bar, though a version with a double cross-bar is also sometimes seen. The ISO4217 currency code is GBP, occasionally, the abbreviation UKP is used but this is non-standard because the ISO3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes, GGP, JEP, stocks are often 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, since decimalisation in 1971, the pound has been divided into 100 pence. The symbol for the penny is p, hence an amount such as 50p properly pronounced fifty pence is more colloquially, quite often, pronounced fifty pee /fɪfti, pi and this also helped to distinguish between new and old pence amounts during the changeover to the decimal system
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Limited liability
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Limited liability is where a persons financial liability is limited to a fixed sum, most commonly the value of a persons investment in a company or partnership. If a company limited liability is sued, then the claimants are suing the company. The same is true for the members of a limited liability partnership, by contrast, sole proprietors and partners in general partnerships are each liable for all the debts of the business. If shares are issued part-paid, then the shareholders are liable, although a shareholders liability for the companys actions is limited, the shareholders may still be liable for their own acts. For example, the directors of companies are often required to give personal guarantees of the companys debts to those lending to the company. They will then be liable for debts in the event that the company cannot pay. By the 15th century, English law had awarded limited liability to monastic communities, in the 17th century, joint stock charters were awarded by the crown to monopolies such as the East India Company. The worlds first modern limited liability law was enacted by the state of New York in 1811, there was a degree of public and legislative distaste for a limitation of liability, with fears that it would cause a drop in standards of probity. The 1855 Act allowed limited liability to companies of more than 25 members, insurance companies were excluded from the act, though it was standard practice for insurance contracts to exclude action against individual members. Limited liability for insurance companies was allowed by the Companies Act 1862, the minimum number of members necessary for registration as a limited company was reduced to seven by the Companies Act 1856. Limited companies in England and Wales now require only one member, similar statutory regimes were in place in France and in the majority of the U. S. states by 1860. By the final quarter of the century, most European countries had adopted the principle of limited liability. Large sums of personal financial capital became available, and the transferability of shares permitted a degree of business continuity not possible in forms of enterprise. During the Overend Gurney crisis and the Long Depression many companies fell into insolvency, further, the extent to which small and medium investors were excluded from the market was admitted and, from the 1880s onwards, shares were more commonly fully paid. Such liability for directors of English companies was abolished in 2006, further, it became increasingly common from the end of the nineteenth century for shareholders to be directors, protecting themselves from liability. In 1989, the European Union enacted its Twelfth Council Company Law Directive and this was implemented in England and Wales by Statutory Instrument SI 1992/1699 which allowed single-member limited-liability companies. Others argue that some limited liability is beneficial, the privilege ought not to extend to liability in tort for environmental disasters or personal injury. Some advocates of the market were persuaded to accept this view by Walter Lippmanns The Good Society
26.
John Holland (banker)
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John Holland was an English banker. He is best known as the founder of the Bank of Scotland in 1695, John Holland was the son of a mariner, Philip Holland, a friend of Samuel Pepys who served as captain of the HMS Assurance during the Baltic Expedition of 1659. Holland was a merchant of the Staple, and probably a member of the Mercers Company, the new bank opened its first branches in 1696. Holland was elected the first governor, and ultimately possessed seventy-four shares, one of the directors was James Foulis, with whom Holland had been associated in a scheme for introducing the manufacture of Colchester baizes into Scotland in June 1693. The bank made at first slow progress, with opposition from the African Company, which started a business in defiance of the banks charter. Holland managed the bank successfully through the early difficulties, in recognition of his services, the company presented him with a silver cistern, which in his will he directed to be reserved as a family heirloom. With his son Richard he drew up a scheme for the establishment of a bank in Ireland and he died at Brewood Hall, Staffordshire, in 1722, and was buried in the church there. Holland married Jane, only daughter, by his wife, of Walter Fowke, M. D. of Brewood and Little Wyrley, Staffordshire. Attribution This article incorporates text from a now in the public domain, Lee, Sidney, ed. Holland
27.
England
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England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west, the Irish Sea lies northwest of England and the Celtic Sea lies to the southwest. England is separated from continental Europe by the North Sea to the east, the country covers five-eighths of the island of Great Britain in its centre and south, and includes over 100 smaller islands such as the Isles of Scilly, and the Isle of Wight. England became a state in the 10th century, and since the Age of Discovery. The Industrial Revolution began in 18th-century England, transforming its society into the worlds first industrialised nation, Englands terrain mostly comprises low hills and plains, especially in central and southern England. However, there are uplands in the north and in the southwest, the capital is London, which is the largest metropolitan area in both the United Kingdom and the European Union. In 1801, Great Britain was united with the Kingdom of Ireland through another Act of Union to become the United Kingdom of Great Britain and Ireland. In 1922 the Irish Free State seceded from the United Kingdom, leading to the latter being renamed the United Kingdom of Great Britain, the name England is derived from the Old English name Englaland, which means land of the Angles. The Angles were one of the Germanic tribes that settled in Great Britain during the Early Middle Ages, the Angles came from the Angeln peninsula in the Bay of Kiel area of the Baltic Sea. The earliest recorded use of the term, as Engla londe, is in the ninth century translation into Old English of Bedes Ecclesiastical History of the English People. According to the Oxford English Dictionary, its spelling was first used in 1538. The earliest attested reference to the Angles occurs in the 1st-century work by Tacitus, Germania, the etymology of the tribal name itself is disputed by scholars, it has been suggested that it derives from the shape of the Angeln peninsula, an angular shape. An alternative name for England is Albion, the name Albion originally referred to the entire island of Great Britain. The nominally earliest record of the name appears in the Aristotelian Corpus, specifically the 4th century BC De Mundo, in it are two very large islands called Britannia, these are Albion and Ierne. But modern scholarly consensus ascribes De Mundo not to Aristotle but to Pseudo-Aristotle, the word Albion or insula Albionum has two possible origins. Albion is now applied to England in a poetic capacity. Another romantic name for England is Loegria, related to the Welsh word for England, Lloegr, the earliest known evidence of human presence in the area now known as England was that of Homo antecessor, dating to approximately 780,000 years ago. The oldest proto-human bones discovered in England date from 500,000 years ago, Modern humans are known to have inhabited the area during the Upper Paleolithic period, though permanent settlements were only established within the last 6,000 years
28.
George Watson (accountant)
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George Watson was born in Scotland to parents John Watson, a merchant, and Marion Ewing. He was orphaned at an age, but thanks to his aunt, Elizabeth Davidson. He returned to Edinburgh to become, in 1676, private secretary to Sir James Dick, based partly on this experience he became one of Scotlands most famed accountants of his time, and was appointed chief accountant to the Bank of Scotland when it was founded in 1695. George Watson is buried in Edinburghs Greyfriars Kirkyard, and although the location of his remains is unknown. He stipulated that all his beneficiaries were to bear the name Watson or Davidson, a further £144,000 Pound Scots was left for the foundation of a new charitable school for entertaining and educating the male children and grandchildren of decayed merchants in Edinburgh. This was to become George Watsons College and that school remains in service to this day, and Watsons as it is known continues to celebrate an annual Founder’s Day
29.
John Rhind (sculptor)
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For others with the same name see Rhind John Rhind ARSA was a Scottish sculptor, based in Edinburgh. He was born in Banff the son of a master mason and he was trained under Alexander Handyside Ritchie. He was master of the lodge on Hill Street in Edinburgh from 1864 to 1868. He died on 5 April 1892 a few days after being elected an Associate of the RSA and he was the father of the sculptors William Birnie Rhind and J. Massey Rhind, and of the architect Sir Thomas Duncan Rhind. Portrait heads, National Museum of Scotland, Chambers Street, Edinburgh Carving on West Bow Well, Grassmarket, sculpture of a head over Paisley Close on the Royal Mile, Edinburgh. The inscription Heave Awa Chaps Im No Dead Yet bears reference to the words which the 14-year-old boy depicted cried out from the rubble from a tenement on the site. The Catherine Sinclair Monument to the north-east of Charlotte Square, Edinburgh and this is of the Eleanor Cross style. Celtic cross and bronze portrait to Alexander Smith, Warriston Cemetery, the unicorn figure on the head of the Mercat Cross on the Royal Mile, east of St. Edinburgh. Biggar Memorial Fountain, Banff Huge monument to James Nasmyth and his family, Dean Cemetery, Edinburgh Font in Priestfield Church, Dalkeith Road, several of the statue figures decorating the Scott Monument, Edinburgh. Monument to Louisa Bingham, Countess of Wemyss in Aberlady Parish Church, the recumbent effigy is described in The Buildings of Lothian as chilling but pathetic nobility. Statue of Sir William Dick founder of the Dick Vet College in Edinburgh, within the college at Summerhall, statue of Sir William Chambers, Chambers Street, Edinburgh, assisted by William Shirreffs Bronze medallion tablet memorial to William Hay, St
30.
Jacobite risings
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The series of conflicts takes its name Jacobitism, from Jacobus, the Latin form of James. The major Jacobite risings were called the Jacobite rebellions by the ruling governments, the first Jacobite rebellion and second Jacobite rebellion were also known respectively as the Fifteen and the Forty-five, after the years in which they occurred. Although each Jacobite rising had unique features, they were part of a series of military campaigns by Jacobites attempting to restore the Stuart kings to the thrones of Scotland and England. James II was deposed in 1688 and the thrones were claimed by his daughter Mary II jointly with her husband, after the House of Hanover succeeded to the British throne in 1714, the risings continued and intensified. They continued until the last Jacobite rebellion, led by Charles Edward Stuart, was defeated at the Battle of Culloden in 1746. This ended any hope of a Stuart restoration. During the 17th century, the kingdoms of England, Scotland and Ireland suffered political, the Commonwealth ended with the Restoration of Charles II, re-establishment of the Church of England and the imposition of an Episcopalian church government. In 1685, Charles II was succeeded by his Roman Catholic brother, James saw Covenanters as troublemakers and initially tried to end their influence in Scotland. Jamess half-hearted attempts to woo the Presbyterians seemingly did not win him popularity among that section of society either. They remembered his earlier suppression of them and did not believe him to be sincere in his recognition of Presbyterianism. Although these actions were unpopular, at first the majority of his subjects tolerated these acts because James was in his 50s. It seemed that Jamess reign would be short and the throne would soon return to Protestant hands, in 1688, however, Jamess young second wife, Mary of Modena, gave birth to a boy, Prince James, who was promptly baptized a Roman Catholic. Due to English and Scottish succession laws, Prince James immediately supplanted his older sisters as heir to the throne. Now the prospect of a Catholic dynasty on the English, Scottish and Irish thrones seemed all, the Immortal Seven invited Jamess daughter Mary and her husband William of Orange to depose James and jointly rule in his place. On 4 November 1688, William arrived at Torbay, England, after he landed, James fled London, returned and finally left for France on 23 December. In February 1689, the Glorious Revolution formally changed Englands monarch, Scotland was slow to accept William, who summoned a Convention of the Estates which met on 14 March 1689 in Edinburgh. It reviewed a conciliatory letter from William and a haughty one from James, on Jamess side, a modest force of 50 horsemen gathered by John Graham of Claverhouse, Viscount Dundee was in town. Graham attended the convention at the start but withdrew four days later when its support for William became evident, the convention set out its terms and William and Mary were proclaimed monarchs at Edinburgh on 11 April 1689
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Royal charter
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A royal charter is a formal document issued by a monarch as letters patent, granting a right or power to an individual or a body corporate. They were, and are still, used to establish significant organisations such as cities or universities, Charters should be distinguished from warrants and letters of appointment, as they have perpetual effect. Typically, a Royal Charter is produced as a high-quality work of calligraphy on vellum, the British monarchy has issued over 980 royal charters. Of these about 750 remain in existence, the earliest was to the town of Tain in 1066, making it the oldest Royal Burgh in Scotland, followed by the University of Cambridge in 1231. Charters continue to be issued by the British Crown, a recent example being that awarded to the Chartered Institute for the Management of Sport and Physical Activity, Charters have been used in Europe since medieval times to create cities. The date that such a charter is granted is considered to be when a city is founded, at one time, a royal charter was the sole means by which an incorporated body could be formed, but other means are generally used nowadays instead. In the period before 1958,32 higher education institutes had been created by royal charter and these were typically engineering or technical institutions rather than universities. Royal decrees can therefore no longer grant higher education status or university status. A Royal Charter is granted by Order in Council, either creating an incorporated body and this is an exercise of the Royal Prerogative, and, in Canada, there are hundreds of organisations under Royal Charters. Such organisations include charities, businesses, colleges, universities, today, it is mostly charities and professional institutions who receive Royal Charters. Application for a charter is a petition to the Queen-in-Council, however, meeting these benchmarks does not guarantee the issuance of a Royal Charter. Companies, corporations, and societies in Canada founded under or augmented by a Royal Charter include, Royal Charter was issued in August 1826 to purchase and develop lands. Purchased the Crown Reserve of 1,384,413 acres, cities under Royal Charter are not subject to municipal Acts of Parliament applied generally to other municipalities, and instead are governed by legislation applicable to each city individually. The Royal Charter codifies the laws applied to the particular city, the Universitys Pontifical Charter was granted by Pope Leo XIII in 1889. Several Canadian private schools were founded or reconstituted under Royal Charter, the Royal Gibraltar Post Office was granted Royal Charter in 2005. The Royal Hong Kong Jockey Club obtained Royal Charter in 1959 and it is one of the three banknote-issuing banks in Hong Kong. The Royal Asiatic Society Hong Kong Branch Chartered originally in 1847, disbanded 1859, the Institution of Engineers was incorporated by royal charter in 1935. A number of Irish institutions retain the Royal prefix, even though Republic of Ireland severed all remaining connections between the state and the British monarch in 1949, the University of South Africa received a Royal Charter in 1877
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Chester
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Chester is a walled city in Cheshire, England, on the River Dee, close to the border with Wales. With a population of 81,340 in 2014, it is the most populous settlement of Cheshire West and Chester, Chester was granted city status in 1541. Chester was founded as a castrum or Roman fort with the name Deva Victrix in the reign of the Emperor Vespasian in 79 AD, one of the main army camps in Roman Britain, Deva later became a major civilian settlement. Chester was one of the last cities in England to fall to the Normans, william the Conqueror ordered the construction of a castle, to dominate the town and the nearby Welsh border. Chester is one of the best preserved walled cities in Britain and it has a number of medieval buildings, but some of the black-and-white buildings within the city centre are Victorian restorations. Apart from a 100-metre section, the listed Grade I walls are almost complete, the Roman Legio II Adiutrix during the reign of the Emperor Vespasian founded Chester in AD79, as a castrum or Roman fort with the name Deva Victrix. The victrix part of the name was taken from the title of the Legio XX Valeria Victrix which was based at Deva, Central Chesters four main roads, Eastgate, Northgate, Watergate and Bridgegate, follow routes laid out at this time. A civilian settlement grew around the base, probably originating from trade with the fortress. The civilian amphitheatre, which was built in the 1st century and it is the largest known military amphitheatre in Britain, and is also a Scheduled Monument. The Minerva Shrine in the Roman quarry is the rock cut Roman shrine still in situ in Britain. The fortress was garrisoned by the legion until at least the late 4th century, after the Roman troops withdrew, the Romano-British established a number of petty kingdoms. Chester is thought to have part of Powys. Deverdoeu was a Welsh name for Chester as late as the 12th century, another, attested in the 9th century History of the Britons traditionally attributed to Nennius, is Cair Legion, this later developed into Caerlleon and then the modern Welsh Caer. King Arthur is said to have fought his ninth battle at the city of the legions and later St Augustine came to the city to try to unite the church, and held his synod with the Welsh Bishops. In 616, Æthelfrith of Northumbria defeated a Welsh army at the brutal and decisive Battle of Chester and her name is still remembered in St Werburghs Street which passes alongside the cathedral, and near the city walls. It was Alfreds daughter Æthelflæd, Lady of the Mercians, that built the new Saxon burh, a new Church dedicated to St Peter alone was founded in AD907 by the Lady Æthelfleda at what was to become the Cross. Taking the helm of a barge, he was rowed the short distance up the River Dee from Edgars Field to the great Minster Church of St John the Baptist by six tributary kings called reguli. In 1071 he made Hugh dAvranches, who built Chester Castle, from the 14th century to the 18th century the citys prominent position in North West England meant that it was commonly also known as Westchester
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British Linen Bank
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The British Linen Bank was a commercial bank based in Britain. It was acquired by the Bank of Scotland in 1969 and served as the merchant bank arm from 1977 until 1999. The Edinburgh-based British Linen was the only British bank to be formed on the basis of a charter and. The original driving force behind the formation of the British Linen Company was Andrew Fletcher, Lord Milton. He was a landowner, had been active in the promotion of The Royal Bank of Scotland and, according to Checkland. He had helped establish the Board of Trustees for Fisheries and Manufactures in Scotland and was the chairman of the boards Linen Committee. In 1727 he had been instrumental in the formation of the Edinburgh Linen Co-Partnery and in the early 1740s Milton wanted to expand it, make it national and capable of marketing in England. The men who were to see this concept to fruition were two young and enterprising Edinburgh linen manufacturers, Ebenezer McCulloch and William Tod and they became the managers of the new enterprise, Milton himself later becoming deputy manager. It handled every stage in the manufacture of cloth and employed thousands of spinners and weavers. In 1745 a prospectus was issued for The Company for Improving the Linen Manufactury in Scotland. However, the lack of limited liability proved an obstacle to fundraising, and the alternative route of a Royal Charter was sought. Progress of the petition was slow due to the Jacobite rebellion and it made no mention of Scotland, however, three years later the Company issued true bank notes, payable on demand, and non-interest bearing. Despite the increasing provision of banking services, the Company remained primarily an industrial concern through the 1750s, there were arguments between the founders over withdrawing from manufacture to just financing and marketing other producers, Tod succeeded in this but left in 1759. Nevertheless, in the 1760s British Linen began to make the transition from manufacturing to finance, McCulloch resigned in 1763 and agreed to take over all the Companys manufacturing leaving British Linen to confine itself to financing. The transition from linen to banking was not complete until the mid 1770s and it was not just the difficulty in withdrawing from the linen industry that made the transition drawn out – there remained uncertainty over the legality of their banking. In 1759 the Company refused a loan to a manufacturer because it was not consistent with the rules. In 1762 the Company actually took counsels opinion on the legality of banking, for years there remained a fear that legitimacy of the Companys banking activities could be challenged by other banks and there were repeated attempts to obtain a new charter. Despite objections from the Royal and Bank of Scotland, the Company succeeded in 1813, as British Linen began to develop its banking business, it found it had a ready-made structure in the form of the old linen agencies and these were used to varying degrees
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Barclays
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Barclays /ˈbɑːrkliz/ is a British multinational banking and financial services company headquartered in London. It is a bank with operations in retail, wholesale and investment banking, as well as wealth management, mortgage lending. It has operations in over 50 countries and territories and has around 48 million customers, Barclays is organised into four core businesses, Personal & Corporate, Barclaycard, Investment Banking and Africa. Barclays traces its origins to a banking business established in the City of London in 1690. James Barclay became a partner in the business in 1736, in 1896 several banks in London and the English provinces, including Backhouses Bank and Gurneys Bank, united as a joint-stock bank under the name Barclays and Co. Over the following decades Barclays expanded to become a nationwide bank, in 1967, Barclays deployed the worlds first cash dispenser. Barclays has a listing on the London Stock Exchange and is a constituent of the FTSE100 Index. It has a listing on the New York Stock Exchange. According to a 2011 paper by Vitali et al, Barclays traces its origins back to 1690 when John Freame, a Quaker, and Thomas Gould started trading as goldsmith bankers in Lombard Street, London. The name Barclays became associated with the business in 1736, when James Barclay, in 1728 the bank moved to 54 Lombard Street, identified by the Sign of the Black Spread Eagle, which in subsequent years would become a core part of the banks visual identity. In 1896 several banks in London and the English provinces, notably Backhouses Bank of Darlington and Gurneys Bank of Norwich, united under the banner of Barclays, between 1905 and 1916 Barclays extended its branch network by making acquisitions of small English banks. In 1925 the Colonial Bank, National Bank of South Africa, in 1938 Barclays acquired the first Indian exchange bank, the Central Exchange Bank of India, which had opened in London in 1936 with the sponsorship of Central Bank of India. In May 1958, Barclays was the first UK bank to appoint a female bank manager, hilda Harding managed Barclays Hanover Square branch in London until her retirement in 1970. In 1965, Barclays established a US affiliate, Barclays Bank of California in San Francisco, Barclays launched the first credit card in the UK, Barclaycard, in 1966. On 27 June 1967, Barclays deployed the worlds first cash machine, the British actor Reg Varney was the first person to use the machine. In 1969, a merger with Martins Bank and Lloyds Bank was blocked by the Monopolies and Mergers Commission. Also that year, the British Linen Bank subsidiary was sold to the Bank of Scotland in exchange for a 25% stake, Barclays DCO changed its name to Barclays Bank International in 1971. In August 1975, following the secondary banking crash, Barclays acquired Mercantile Credit Company, in 1980, Barclays Bank International expanded its business to include commercial credit and took over American Credit Corporation, renaming it Barclays American Corporation
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Merchant bank
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A merchant bank is a financial institution providing capital to companies in the form of share ownership instead of loans. A merchant bank also provides advisory on corporate matters to the firms in which they invest, in the United Kingdom, the historical term merchant bank refers to an investment bank. Both commercial banks and investment banks may engage in merchant banking activities, historically, merchant banks original purpose was to facilitate and/or finance production and trade of commodities, hence the name merchant. Few banks today restrict their activities to such a narrow scope, Merchant banks were in fact the first modern banks. As the Lombardy merchants and bankers grew in stature based on the strength of the Lombard plains cereal crops, the Florentine merchant banking community was exceptionally active and propagated new finance practices all over Europe. Both Jews and Florentine merchants perfected ancient practices used in the Middle East trade routes, originally intended for the finance of long trading journeys, these methods were applied to finance the medieval commercial revolution. In France during the 17th and 18th century, a merchant banker or marchand-banquier was not just considered a trader, Merchant banks in the United Kingdom came into existence in the early 19th century, the oldest being Barings Bank. The Jews could not hold land in Italy, so entered the great trading piazzas and halls of Lombardy, alongside the local traders. They had one advantage over the locals. Christians were strictly forbidden from any kind of lending at interest, in this way they could secure the grain-sale rights against the eventual harvest. They then began to advance payment against the delivery of grain shipped to distant ports. In both cases they made their profit from the present discount against the future price and this two-handed trade was time-consuming and soon there arose a class of merchants who were trading grain debt instead of grain. The buying of future crop and the trading of debt is analogous to the future contract market in modern finance. The Court Jew performed both financing and underwriting functions, financing took the form of a crop loan at the beginning of the growing season, which allowed a farmer to develop and manufacture his annual crop. Underwriting in the form of a crop, or commodity, insurance guaranteed the delivery of the crop to its buyer, typically a merchant wholesaler. He could also keep the farmer in business during a drought or other crop failure, and so the merchants benches in the great grain markets became centers for holding money against a bill. These deposited funds were intended to be held for the settlement of grain trades, the term bankrupt is a corruption of the Italian banca rotta, or broken bench, which is what happened when someone lost his traders deposits. Being broke has the same connotation, once again this merely developed what was an ancient method of financing long-distance transport of goods
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Nottingham Building Society
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Nottingham Building Society is a building society founded in 1849 by a group led by Samuel Fox, a Quaker and prominent local grocer. In 1970 the Nottingham Building Society acquired the Grantham Building Society, the Nottingham Building Society was one of the first financial institutions to introduce online banking in 1983, with its Homelink service on Prestel. It is a member of the Building Societies Association, the company has several branches across Nottingham including in the city centre on Parliament Street, Beeston, Bulwell, Mapperley, Sherwood on Mansfield Road, and Wollaton. It has many of its branches in the county of Nottinghamshire, Hertfordshire and others in Lincolnshire, Derbyshire, Nottingham Building Society KPMG Building Societies Database 2008
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Prestel
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Prestel, the brand name for the UK Post Offices Viewdata technology, was an interactive videotex system developed during the late 1970s and commercially launched in 1979. It achieved a maximum of 90,000 subscribers in the UK and was sold by BT in 1994. The technology was a forerunner of on-line services today, instead of a computer, a television set hooked to a dedicated terminal was used to receive information from a remote database via a telephone line. The service offered thousands of pages ranging from information to financial data. Prestel was created based on the work of Samuel Fedida at the then Post Office Research Station in Martlesham, in 1978, under the management of David Wood the software was developed by a team of programmers recruited from within the Post Office Data Processing Executive. As part of the privatisation of British Telecom, the team were moved into a Prestel Division of BT, Prestel databases is commonly referred to as the ‘tree structure’. The structure is shown pictorially as a tree with the data considered as ‘leaves’ of the tree. There exists quite a lot of jargon regarding such structures but in order to appreciate the concept it is necessary to mention just the node, page and frame. Nodes are the pages in the tree at which a number of choices can be made leading to other nodes or to the information itself. Pages are the levels in the tree and contain the actual data-these may be divided into frames which are really screenfuls of information. Of these, the top line was reserved for the name of the Information Provider, the price and the number. Thus there remained 22 lines in which the IP could present information to the end user, a page should be considered as a logical unit of data within the database and the frame a physical unit. Unfortunately the terms node, page and frame are used synonymously which may lead to some confusion. To the user of course a node is the same as a page, to access a particular item of information, a simple progression down through the nodes to the page is all that is required, and then the frames of that page can be stepped through. This is facilitated by each node displaying up to ten choices, a choice of 9 at node 17 moves the user to page 179. Thus creating page 7471 required pages 747,74 and 7 to exist, pages starting with a 9 were for system management functions, and were limited to three digits in length. E. g. page 92 showed details of the users Prestel bill, available characters consisted of upper and lower case alphanumeric characters as well as punctuation and simple arithmetic symbols, using a variant of ISO646 and CCITT standard. This layout was later formalised in the 1981 CEPT videotex standard as the CEPT3 profile, by embedding cursor-control characters within the page data, it was also possible to encode simple animations by re-writing parts of the screen already displayed
