Banking Acts


Banking Acts
= 1979; 1987
UK Acts of Parliament defining a bank as a taker of deposits and investing supervision of deposit-taking institutions in the Bank of England The Acts created safeguards to ensure that only fit and proper persons should be allowed to be managers, directors, or controllers of banks. The Acts also stipulate that the paid-up capital reserves of such an institution should be not less than £1 million. The only exceptions to this limit are authorized building society, municipal and school banks, and some central or international development banks. The UK legislation was made necessary by the First Banking Directive of the European Community (now the European Union). See also licensed deposit taker

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