John Grady's British Banking, 1960–85 PDF

By John Grady

ISBN-10: 0312100418

ISBN-13: 9780312100414

ISBN-10: 1349075353

ISBN-13: 9781349075355

ISBN-10: 134907537X

ISBN-13: 9781349075379

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Both the second and the third can lead to insolvency and are discussed subsequently. There are in fact two aspects to maturity transformation. If loans are made at a fixed rate of interest for a long period on the basis of short-term deposits, a bank is susceptible to loss if interest rates rise. If it lends at a variable rate of interest it is protected against losses arising from interest rate movement. But variable rates of interest do not make long-term loans liquid. There is a difference between a mortgage and a bill of exchange even if the mortgage is, like most mortgages nowadays, at a variable rate of interest.

Since 1980 the recognition procedure has speeded up, and by March 1985 there were 290 recognised banks and 315 licensed deposit takers. Of these 250 are overseas banks with UK branches (Bank of England Annual Report, 1985). 3 REGULATION OF THE CREDIT BASE AND THE MONEY STOCK Central banks differ in the degree to which they act independently of the government in regulating credit conditions. There are two conflicting arguments. In favour of the greatest possible independence for the central bank is the argument that the political process in democratic societies tends to generate policies that are harmful to long-term welfare.

There is clearly a risk, under any circumstances, that some loans will not be repaid. An individual depositing with a bank is in a much safer position than if he lent to one or two other individuals. For although the expected loss may be the same, the variability about this figure is much reduced. If a bank makes a large number of loans the expected loss can be predicted with reasonable accuracy and the bank can set its profit margin accordingly. But in fact the possibility of default on one loan is not independent of that on another loan.

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British Banking, 1960–85 by John Grady

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