New PDF release: A Guide to the Financial Institutions

By Charles R. Geisst

ISBN-10: 0333586743

ISBN-13: 9780333586747

An introductory survey of monetary associations in Britain and the us. Discusses the constitution and features of industrial banks, development institutions, funding banks, lifestyles insurance firms and pension money, and American federal corporations. additionally incorporates a bankruptcy at the monetary deregulation and occasions of the Nineteen Eighties that helped create the present monetary weather. comprises examples and tables during the textual content.

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Extra resources for A Guide to the Financial Institutions

Sample text

It is much easier to contemplate in Britain because of the unitary nature of the banking system. American banks differ from each other by the nature of their charter; they may be either federally or state chartered. In the former case, if a bank obtains its charter from the federal government (specifically from the Comptroller of the Currency) then it automatically falls under the aegis of the superintendent of the federal banking system, the Federal Reserve. Operating through a board of governors and twelve reserve districts, the Fed is an independent body that oversees monetary policy.

Banks manage portfolios of securities, including common stock, for a wide range of both retail and institutional clients. This function includes the actual investment decision, its execution, securities safekeeping, and disbursal of funds. It is important to remember that these functions are provided for active clients as well as estates since many times banks will take over the estate for someone deceased and manage it for the heirs. Although banks may purchase securities for clients, in the United States they are prohibited from either owning or underwriting the same sorts of corporate securities.

In Britain, the largest of the commercial banks are generally referred to as clearing banks, or simply 'clearers'. The functional connotation of the name is due to the fact that the clearing system for banks in the United Kingdom is owned by the six largest commercial banks. The Bankers Clearing House thus gives its owners their name, clearers. This group does not include the Scottish banks. In both countries, the traditional deposit sources of funds o'ffered by commercial banks has begun to expand in recent years.

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A Guide to the Financial Institutions by Charles R. Geisst


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