Bank of England 10s note
The Bank of England 10s note was a banknote of the pound sterling. Ten shillings in pre-decimal money was equivalent to half of one pound; the ten-shilling note was the smallest denomination note issued by the Bank of England. The note was issued by the Bank of England for the first time in 1928 and continued to be printed until 1969; the note was removed in favour of the fifty pence coin. In the 18th and 19th centuries, banknotes were handwritten or part-printed and could be exchanged, in whole or in part, for an equivalent amount of gold when presented at the bank. During the First World War the British Government wanted to maintain its stocks of bullion and so banks were ordered to stop exchanging banknotes for gold. One pound and 10 shilling notes were introduced by the Treasury in lieu of gold sovereigns; these notes were nicknamed "Bradburys" because of the prominent signature of Sir John Bradbury, Permanent Secretary to the Treasury displayed on the notes. Britain returned to the gold standard in 1925, but the Bank of England was only obliged to exchange notes for gold in multiples of 400 ounces or more.
The responsibility for the printing of ten-shilling notes was transferred to the Bank of England in 1928, the right to redeem banknotes for gold ceased in 1931 when Britain stopped using the gold standard. The first Bank of England ten-shilling notes were two-sided, printed banknotes featuring the declaration "I promise to pay the bearer on demand the sum of ten shillings" on the front; this declaration remains on Bank of England banknotes to this day. In 1940, during the Second World War, ten-shilling notes were issued in a new mauve and grey colour scheme in order to deter counterfeiters, although the design remained the same. At the same time, a metallic thread running through the paper was introduced as a security feature. After the war ten-shilling notes were issued in their original red colour; the earliest post-World War II notes did not have the metallic thread security feature, but those issued from October 1948 onward did. A new design for ten-shilling notes was introduced in 1961, with the old notes ceasing to be legal tender in 1962.
These new series C notes were longer and narrower, were the first ten-shilling notes to feature a portrait of Queen Elizabeth II on the front. The reverse design incorporated the logo of the Bank of England. In the late 1960s it was decided that future banknotes should feature a British historical figure on the reverse; the first such note was the series D £ 20 note, featuring William Shakespeare. A design for a ten-shilling note featuring Walter Raleigh on the reverse was approved in 1964 but was never issued. Instead, in 1969, as part of the process of decimalisation, a new fifty pence coin was introduced as a replacement for the ten-shilling note; the principal reason for the change was economy: the notes had an average lifetime of about five months whereas coins could last at least fifty years. The series C ten shilling notes ceased to be legal tender on 22 November 1970. In the Isle of Man, both the English and Manx Ten Shilling Notes continued to be legal tender for fifty new pence until 2013.
Information taken from Bank of England website. Bank of England note issues Bank of England website
Otters are carnivorous mammals in the subfamily Lutrinae. The 13 extant otter species are all semiaquatic, aquatic or marine, with diets based on fish and invertebrates. Lutrinae is a branch of the weasel family Mustelidae, which includes badgers, honey badgers, minks and wolverines; the word otter derives from the Old English word oter. This, cognate words in other Indo-European languages stem from the Proto-Indo-European language root *wódr̥, which gave rise to the English word "water". An otter's den is called a couch. Male otters are called dogs or boars, females are called bitches or sows, their offspring are called pups; the collective nouns for otters are bevy, lodge, romp or, when in water, raft. The feces of otters are identified by their distinctive aroma, the smell of, described as ranging from freshly mown hay to putrefied fish; the gestation period in otters is about 60 to 86 days. The newborn pup is cared for by the bitch and older offspring. Bitch otters reach sexual maturity at two years of age and males at three years.
The holt is built under a rocky cairn, more common in Scotland. It is lined with moss and grass. After one month, the pup can leave the holt and after two months, it is able to swim; the pup lives with its family for one year. Otters live up to 16 years, its usual source of food is fish, further downriver, but it may sample frogs and birds. Otters have long, slim bodies and short limbs, their most striking anatomical features are the powerful webbed feet used to swim, their seal-like abilities holding breath underwater. Most have sharp claws on their feet and all except the sea otter have long, muscular tails; the 13 species range in adult size from 0.6 to 1 to 45 kg in weight. The Asian small-clawed otter is the smallest otter species and the giant otter and sea otter are the largest, they have soft, insulated underfur, protected by an outer layer of long guard hairs. This traps a layer of air which keeps them dry and somewhat buoyant under water. Several otter species have high metabolic rates to help keep them warm.
European otters must eat 15% of their body weight each day, sea otters 20 to 25%, depending on the temperature. In water as warm as 10 °C, an otter needs to catch 100 g of fish per hour to survive. Most species hunt for three to nursing mothers up to eight hours each day. For most otters, fish is the staple of their diet; this is supplemented by frogs and crabs. Some otters are experts at opening shellfish, others will feed on available small mammals or birds. Prey-dependence leaves otters vulnerable to prey depletion. Sea otters are hunters of sea urchins and other shelled creatures, they are notable for their ability to use stones to break open shellfish on their stomachs. This skill must be learned by the young. Otters are active hunters, chasing prey in the water or searching the beds of rivers, lakes or the seas. Most species live beside water, but river otters enter it only to hunt or travel, otherwise spending much of their time on land to prevent their fur becoming waterlogged. Sea otters are more aquatic and live in the ocean for most of their lives.
Otters are playful animals and appear to engage in various behaviors for sheer enjoyment, such as making waterslides and sliding on them into the water. They may find and play with small stones. Different species vary in their social structure, with some being solitary, while others live in groups – in a few species these groups may be large. Genus Lutra Eurasian otter Hairy-nosed otter Japanese otter† Lutra euxena† Lutra castiglionis† Lutra simplicidens† Lutra trinacriae†Genus Hydrictis Spotted-necked otter Genus Lutrogale Smooth-coated otter Lutrogale robusta†Genus Lontra North American river otter Southern river otter Neotropical river otter Marine otter Genus Pteronura Giant otter Genus Amblonyx Asian small-clawed otter Genus Aonyx African clawless otter Genus Enhydra Sea otter Enhydra reevei†Genus †Megalenhydris Genus †Sardolutra Genus †Algarolutra Genus †Cyrnaonyx Genus †Teruelictis Genus †Enhydriodon Genus †Enhydritherium Genus †Teruelictis Genus †Limnonyx Genus †Lutravus Genus †Sivaonyx Genus †Torolutra Genus †Tyrrhenolutra Genus †Vishnuonyx Genus †Siamogale The European otter called the Eurasian otter, inhabits Europe, most of Asia and parts of North Africa.
In the British Isles, they were common as as the 1950s, but became rare in many areas due to the use of chlorinated hydrocarbon pesticides, habitat loss and water pollution. Population levels are now recovering strongly; the UK Biodiversity Action Plan envisages the re-establishment of otters by 2010 in all the UK rivers and coastal areas they inhabited in 1960. Roadkill deaths have become one of the significant threats to the success of their re-establishment; the North American river otter became one of the major animals hunted and trapped for fur in North America after European contact. River otters eat a variety of fish and shellfish, as well as birds. They
Dundas House is a Neoclassical building in Edinburgh, Scotland. It is located in the city's first New Town; the building was completed in 1774 as a private town house for Sir Lawrence Dundas by the architect Sir William Chambers. Much altered internally and extended over the years, today it is the registered office of the Royal Bank of Scotland, it is protected as a category A listed building; when the town council made plans for a New Town drawn up by James Craig in 1767, the site of Dundas House was shown as a proposed church, St. Andrew's, acting as a counterpart to St. George's Church on what became Charlotte Square; the two were separated by the New Town itself laid out on a formal grid centred on George Street along which the two churches were to face each other. Sir Lawrence Dundas saw the layout and decided the church site would make a good location for a prestigious town mansion, in 1768 he acquired the land, he invited designs from the architects John Carr and James Byres, but their proposals were not adopted.
Dundas turned to Sir William Chambers who drew up plans for the mansion in early 1771. The designs were agreed, soon afterwards construction began on the house; the building was completed by January 1774. In 1780 Hugo Arnot described the building as "incomparably the handsomest townhouse we saw"; the proposed St Andrew's Church was subsequently built at a less prominent site at 13 George Street. Lord Dundas died in 1781 and his son inherited the house. Having no great desire to live here he sold the house to the government and it became a Customs House. At this stage it gained the royal coat of arms in its pediment. Dundas House was acquired by the Royal Bank of Scotland in 1825; the interior was altered in 1825 and 1828 in 1836 by William Burn. Much of these alterations were removed by John Dick Peddie in 1857 when a banking hall with a distinctive pierced dome was added to the rear of the existing house. In 1834, a statue of John Hope, 4th Earl of Hopetoun, who had served as Governor of the Bank 1820–23, was placed in the garden in front of Dundas House.
The statue was commissioned in 1824 by the City of Edinburgh from the sculptor Thomas Campbell as a centrepiece for Charlotte Square at the west end of the New Town, but was removed to its current location. In 1972 the 19th century banking screens and counters were removed and replaced by white marble counters. Dundas House is a free-standing house designed in the Palladian style, it was modelled on Roger Morris's 1729 Palladian villa Marble Hill House in Twickenham, London but is much grander. The house is built of cream sandstone ashlar, weathered to light grey, from Ravelston Quarry some three miles to the west, it is fronted with a set of Corinthian pilasters supporting a large central pediment. The house is faced with ashlar with a rusticated ground floor; the large, opulent banking hall, added by Peddie in 1857, is covered by a large circular blue dome, pierced by 5 tiers of star-shaped gold-rimmed coffered skylights radiating out from the central oculus which diminish in size towards the centre, representing the firmament.
An illustration of this star pattern featured on Royal Bank of Scotland's "Islay" series of banknotes which were in circulation 1987–2016. In plans unveiled by the International Music and Performing Arts Charitable Trust Scotland in 2017, a new concert hall called the Impact Centre will be built behind Dundas House, replacing a block of banking offices, built in the 1960s. Dundas House will be retained as a bank branch, accessible to the public. Banknotes of Scotland Edinburgh Bank — BBC Nationwide
Banknotes of Scotland
Banknotes of Scotland are the banknotes of the Pound Sterling that are issued by the Scottish banks and in circulation in Scotland. The issuing of banknotes by retail banks in Scotland is subject to the Bank Charter Act 1844, the Banknotes Act 1845, the Currency and Bank Notes Act 1928, the Coinage Act 1971. Three retail banks are allowed to print notes for circulation in Scotland: Bank of Scotland, Royal Bank of Scotland, Clydesdale Bank. Scottish banknotes are unusual, first because they are issued by retail banks, not central banks, second, because they are technically not legal tender anywhere in the United Kingdom – not in Scotland; as such, they are classified as promissory notes, the law requires that the issuing banks hold a sum of Bank of England banknotes or gold equivalent to the total value of notes issued. The fact that the notes are not defined as legal tender means that they are not withdrawn from circulation in the same way as the Bank of England notes, which cease to be legal tender on a given date.
Instead the Scottish banks withdraw old notes from circulation as they are banked. Any notes still in circulation continue to be honoured by banks, but retailers may refuse to accept older notes. All Bank of Scotland notes bear a portrait of Sir Walter Scott on the front in commemoration of his 1826 Malachi Malagrowther campaign for Scottish banks to retain the right to issue their own notes; the Bank of Scotland's 2007 series of banknotes is known as the Bridges of Scotland series. These notes were introduced on 17 September 2007, show Scotland's most famous bridges on the reverse side. From 2016, the Bridges of Scotland series is being renewed with the issue of new polymer notes with designs that follow the same basic theme of "bridges"; the Tercentenary and 2007 series of notes are being withdrawn from circulation and replaced with the polymer series as these are issued, but older notes continue to be accepted at banks. In line with this, the Committee of Scottish Bankers encouraged the public to spend or exchange non-polymer five and ten pound notes before 1 March 2018.
Following the announcement that HBOS would be taken over by Lloyds TSB in September 2008, it was confirmed that the new banking company would continue to print bank notes under the Bank of Scotland name. According to the Bank Notes Act 1845, the bank could have lost its note-issuing rights, but by retaining headquarters within Scotland, banknote issue continued; as of August 2017, the Royal Bank of Scotland is in the process of adopting a new series of banknotes. These will be made of polymer. Two have been released, whilst a new £20 note is being designed; the £5 note shows Nan Shepherd on the obverse accompanied by a quote from her book'The Living Mountain', the Cairngorms in the background. The reverse displays two mackerel, with an excerpt from the poem ‘The Choice’ by Sorley MacLean; the obverse of the £10 note shows Mary Somerville, with a quote from her work'The Connection of the Physical Sciences', Burntisland beach in the background. The reverse displays an excerpt from the poem ` Moorings' by Norman MacCaig.
The obverse of the £20 note, to be introduced in 2020, will show Catherine Cranston. The design process of the notes was touted as a "collaboration with the people of Scotland", with a total of 1,178 Scots being included. Nile HQ, a Strategic Design Company led De La Rue printed the notes; each note contributes to an overall theme ‘Fabric of Nature’. Given the national significance of the notes, Nile HQ invited some Scottish designers and calligraphers to develop the creative concept for the new notes; the previous series of Royal Bank of Scotland notes issued in 1987, remains in circulation, although it is now in the process of being replaced by polymer notes: the Committee of Scottish Bankers encouraged the public to spend or exchange non-polymer five and ten pound notes before 1 March 2018.. On the front of each note is a picture of Lord Ilay, the first governor of the bank, based on a portrait painted in 1744 by the Edinburgh artist Allan Ramsay; the front of the notes features an engraving of the bank's former headquarters in St Andrew Square, Edinburgh.
The background graphic on both sides of the notes is a radial star design, based on the ornate ceiling of the banking hall in the old headquarters building. On the back of the notes are images of Scottish castles, with a different castle for each denomination; the Royal Bank of Scotland issues commemorative banknotes. Examples are the £1 note issued to mark the 150th anniversary of the birth of Alexander Graham Bell in 1997, the £20 note for the 100th birthday of Queen Elizabeth The Queen Mother in 2000, the £5 note honouring veteran golfer Jack Nicklaus in his last competitive Open Championship at St Andrews in 2005, the £10 note commemorating HM Queen Elizabeth II's Diamond Jubilee in 2012; these notes are much sought after by collectors, they remain long in circulation. Clydesdale Bank has three series of banknotes in circulation at present; the most recent set of notes, the Polymer series, came into circulation in March 2015, when the Clydesdale Bank became the first bank in Great Britain to issue polymer banknotes.
The £5 commemorative notes, issued to mark the 125th anniversary of the construction of the Forth Bridge, contain several new security features including a reflective graphic printed over a transparent "window" in the banknote. Further notes in the polymer series will be introduced over time, replacing the previous paper notes: the public are being encouraged to spend or exchange non-polymer five and ten
The pound sterling known as the pound and less referred to as sterling, is the official currency of the United Kingdom, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, Tristan da Cunha. It is subdivided into 100 pence. A number of nations that do not use sterling have currencies called the pound. Sterling is the third most-traded currency in the foreign exchange market, after the United States dollar, the euro. Together with those two currencies and the Chinese yuan, it forms the basket of currencies which calculate the value of IMF special drawing rights. Sterling is the third most-held reserve currency in global reserves; the British Crown dependencies of Guernsey and the Isle of Man produce their own local issues of sterling which are considered equivalent to UK sterling in their respective regions. The pound sterling is used in Gibraltar, the Falkland Islands, Saint Helena and Ascension Island in Saint Helena and Tristan da Cunha; the Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, regulating issuance of banknotes by private banks in Scotland and Northern Ireland.
Banknotes issued by other jurisdictions are not regulated by the Bank of England. The full official name pound sterling, is used in formal contexts and when it is necessary to distinguish the United Kingdom currency from other currencies with the same name. Otherwise the term pound is used; the currency name is sometimes abbreviated to just sterling in the wholesale financial markets, but not when referring to specific amounts. The abbreviations "ster." and "stg." are sometimes used. The term "British pound" is sometimes incorrectly used in less formal contexts, it is not an official name of the currency; the exchange rate of the pound sterling against the US dollar is referred to as "cable" in the wholesale foreign exchange markets. The origins of this term are attributed to the fact that in the 1800s, the GBP/USD exchange rate was transmitted via transatlantic cable. Forex traders of GBP/USD are sometimes referred to as "cable dealers". GBP/USD is now the only currency pair with its own name in the foreign exchange markets, after IEP/USD, known as "wire" in the forward FX markets, no longer exists after the Irish Pound was replaced by the euro in 1999.
There is apparent convergence of opinion regarding the origin of the term "pound sterling", toward its derivation from the name of a small Norman silver coin, away from its association with Easterlings or other etymologies. Hence, the Oxford English Dictionary state that the "most plausible" etymology is derivation from the Old English steorra for "star" with the added diminutive suffix "-ling", to mean "little star" and to refer to a silver penny of the English Normans; as another established source notes, the compound expression was derived: However, the perceived narrow window of the issuance of this coin, the fact that coin designs changed in the period in question, led Philip Grierson to reject this in favour of a more complex theory. Another argument that the Hanseatic League was the origin for both the origin of its definition and manufacture, in its name is that the German name for the Baltic is "Ost See", or "East Sea", from this the Baltic merchants were called "Osterlings", or "Easterlings".
In 1260, Henry III granted them a charter of protection and land for their Kontor, the Steelyard of London, which by the 1340s was called "Easterlings Hall", or Esterlingeshalle. Because the League's money was not debased like that of England, English traders stipulated to be paid in pounds of the "Easterlings", contracted to "'sterling". For further discussion of the etymology of "sterling", see sterling silver; the currency sign for the pound is £, written with a single cross-bar, though a version with a double cross-bar is sometimes seen. This symbol derives from medieval Latin documents; the ISO 4217 currency code is GBP, formed from "GB", the ISO 3166-1 alpha-2 code for the United Kingdom, the first letter of "pound". It does not stand for "Great Britain Pound" or "Great British Pound"; the abbreviation "UKP" is used but this is non-standard because the ISO 3166 country code for the United Kingdom is GB. The Crown dependencies use their own codes: GGP, JEP and IMP. Stocks are traded in pence, so traders may refer to pence sterling, GBX, when listing stock prices.
A common slang term for the pound sterling or pound is quid, singular and plural, except in the common phrase "quids in!". The term may have come via Italian immigrants from "scudo", the name for a number of coins used in Italy until the 19th century.
The Royal Bank of Scotland £1 note
The Royal Bank of Scotland £1 note is a banknote of the pound sterling. It is the smallest denomination of banknote issued by The Royal Bank of Scotland; the current cotton note, first issued in 1987 bears an image of Lord Ilay, one of the founders of the bank, on the obverse and a vignette of Edinburgh Castle on the reverse. The £1 note is the smallest denomination of banknote issued by The Royal Bank of Scotland; the bank ceased regular production of £1 notes in 2001. In common with a number of other banks in Scotland, the Royal Bank of Scotland has retained the right to issue its own banknotes, it first issued notes in the same year the bank was founded. The issuing of banknotes by Scottish banks was regulated by the Banknote Act 1845 until it was superseded by the Banking Act 2009. Scottish banknotes are legal tender and as currency are accepted throughout the United Kingdom. Scottish banknotes are backed such that holders have the same level of protection as those holding genuine Bank of England notes.
In 1727, the Royal Bank of Scotland began issuing twenty-shilling notes. Early banknotes were monochrome, printed on one side only; the first twenty-shilling notes were dated 8 December 1727 and were hand-signed by a bank cashier and given a unique number. The cashier added by hand the equivalent value in old Scots pounds — a currency, abolished 20 years earlier in the Acts of Union 1707 which united the Kingdoms of England and Scotland into the Kingdom of Great Britain. Twenty shillings was equivalent to £12 Scots; the bank continued the custom of including the value in old Scots pounds until 1792 to encourage acceptance of its banknotes. This series of banknotes was the first British banknote to have a royal portrait, as they featured a vignette of King George II, who had ascended to the British throne earlier that year. At the time, printing portraits was a difficult and expensive process, including a likeness of the King served as an effective anti-counterfeiting device; the banknotes were held at the bank in bound bundles, similar to modern cheque books.
When issued, the cashier would cut the note out with a wavy line. The Royal Bank's 1826 issue of the £1 note displayed much more intricate detail as printing processes were improved by the introduction of steel plates, it the first British banknote to be printed on both sides; this issue featured a portrait of King George IV, this was the last standard-issue Royal Bank of Scotland banknote to depict a reigning monarch. It was issued after the controversy of the Bankers Act 1826, in which the British government attempted unsuccessfully to prohibit the issue of low-value banknotes; the Royal Bank of Scotland's 1832 issue of £1 notes established the design for all the bank's £1 note issues for 136 years. It featured the bank's name surmounted by the Royal Arms of Scotland, in which the heraldic supporters of The Lion and the Unicorn flanked a portrait of King George I, commemorating his royal assent for the formation of the bank in 1727; the note featured illustrations of the allegorical figures of Britannia, looking out over the seas, Plenty, holding a cornucopia.
This design remained unchanged with only minor alterations. In 1968, the Royal Bank's £1 note design underwent its first major change to match the 1966 £5 note issue. For the first time, Royal Bank notes no longer bore a royal portrait, it was the Royal Bank's first full-colour note, bore the bank's coat of arms and included a steel security strip. The Dale Series was short-lived; these notes were the first Royal Bank notes to conform to the banknote colour conventions across the UK, so that all £1 notes were coloured green. The front of the note featured the coat of arms of the Royal Bank of Scotland, on the reverse was an illustration of the Forth Road Bridge. In 1987, the Royal Bank issued its Ilay series of banknotes, named after Lord Ilay, first governor of the bank, whose portrait appears on the front of all the notes; the illustration is based on a 1744 portrait painting of Lord Ilay by Allan Ramsay. Other common design elements include the bank's coat of arms and logo, the facade of Dundas House, the bank's headquarters in Edinburgh, a pattern representing the ceiling of the headquarters' banking hall, an image of Lord Ilay as watermark.
All of the Ilay series notes feature a castle on the back. On the reverse of the £1 note is an image of Edinburgh Castle and the National Gallery of Scotland.£1 notes are now used. The Royal Bank was the last bank in Scotland to issue £1 notes, stopped production in 2001. In 2015, a new series of polymer banknote was introduced by the Royal Bank, replacing its Ilay series £5 and £10 notes. Information taken from The Committee of Scottish Bankers website. Design elements on the Ilay Series £1 note In 1992, The Royal Bank of Scotland issued the first special commemorative banknote in Britain and in Europe; the first commemorative £1 note was issued to mark the European Council Summit, held in Edinburgh on 8 December 1992. Since the Royal Bank has issued a number of c
Bank of Scotland
The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the fifth-oldest surviving bank in the United Kingdom, is the only commercial institution created by the Parliament of Scotland to remain in existence, it was one of the first banks in Europe to print its own banknotes, it continues to print its own sterling banknotes under legal arrangements that allow Scottish banks to issue currency. In June 2006, the HBOS Group Reorganisation Act 2006 was passed by the Parliament of the United Kingdom, allowing the bank's structure to be simplified; as a result, The Governor and Company of the Bank of Scotland became Bank of Scotland plc on 17 September 2007. Bank of Scotland has been a subsidiary of Lloyds Banking Group since 19 January 2009, when HBOS was acquired by Lloyds TSB; the Governor and Company of the Bank of Scotland was established by an Act of the Parliament of Scotland on 17 July 1695, the Act for erecting a Bank in Scotland, opening for business in February 1696.
Although established soon after the Bank of England, the Bank of Scotland was a different institution. Where the Bank of England was established to finance defence spending by the English government, the Bank of Scotland was established by the Scottish government to support Scottish business, was prohibited from lending to the government without parliamentary approval; the founding Act granted the bank a monopoly on public banking in Scotland for 21 years, permitted the bank's directors to raise a nominal capital of £1,200,000 pound Scots, gave the proprietors limited liability, in the final clause made all foreign-born proprietors naturalised Scotsmen "to all Intents and Purposes whatsoever". John Holland, an Englishman, was one of the bank's founders, its first chief accountant was George Watson. The Bank of Scotland was suspected of Jacobite sympathies, its first rival, The Royal Bank of Scotland was formed by royal charter in 1727. This led to a period of great competition between the two banks as they tried to drive each other out of business.
Although the "Bank Wars" ended in around 1751, competition soon arose from other sources, as other Scottish banks were founded throughout the country. In response, the Bank of Scotland itself began to open branches throughout Scotland; the first branch in London opened in 1865. The bank took the lead in establishing the security and stability of the entire Scottish banking system, which became more important after the collapse of the Ayr Bank in 1772, in the crisis following the collapse of the London house of Neal, James and Down; the Western Bank collapsed in 1857, the Bank of Scotland stepped in with the other Scottish banks to ensure that all the Western Bank's notes were paid. See Credit crisis of 1772. In the 1950s, the Bank of Scotland was involved in several mergers and acquisitions with different banks. In 1955, the Bank merged with the Union Bank of Scotland; the Bank expanded into consumer credit with the purchase of Chester based, North West Securities. In 1971, the Bank agreed to merge with the British Linen Bank, owned by Barclays Bank.
The merger saw Barclays Bank acquire a 35% stake in the Bank of Scotland, a stake it retained until the 1990s. The merchant banking division of the Bank of Scotland was relaunched as British Linen Bank. In 1959 Bank of Scotland became the first bank in the UK to install a computer to process accounts centrally. At 11 am on 25 January 1985 the Bank introduced HOBS, an early application of remote access technology being made available to banking customers; this followed a small-scale service operated jointly with the Nottingham Building Society for two years but developed by Bank of Scotland. The new HOBS service enabled customers to access their accounts directly on a television screen, using the Prestel telephone network; the arrival of North Sea oil to Scotland in the 1970s allowed the Bank of Scotland to expand into the energy sector. The Bank used this expertise in energy finance to expand internationally; the first international office opened in Houston, followed by more in the United States and Singapore.
In 1987, the Bank acquired Countrywide Bank of New Zealand. The Bank expanded into the Australian market by acquiring the Perth-based Bank of Western Australia. A controversial period in the Bank's history was the attempt in 1999 to enter the United States retail banking market via a joint venture with evangelist Pat Robertson; the move was met with criticism from civil rights groups in the UK, owing to Robertson's controversial views on homosexuality. The Bank was forced to cancel the deal when Robertson described Scotland as a "dark land overrun by homosexuals". In the late 1990s, the UK financial sector market underwent a period of consolidation on a large scale. Many of the large building societies were demutualising and becoming banks in their own right or merging with existing banks. For instance Lloyds Bank and TSB Bank merged in 1995 to create Lloyds TSB. In 1999, the Bank of Scotland made a takeover bid for National Westminster Bank. Since the Bank of Scotland was smaller than the English-based NatWest, the move was seen as an audacious and risky move.
However, The Royal Bank of Scotland tabled a rival offer, a bitter takeover battle ensued, with the Royal Bank the victor. The Bank of Scotland was now the centre of other merger opportunities. A proposal to merge with the Abbey National was explored, but rejected. In 2