La banca d'Inghilterra

Materie:	Riassunto
Categoria:	Inglese
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Data:	19.05.2009
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The bank of England is the central bank of the UK. It was founded in 1694 and has many functions:
1) It is banker to the British government and to other banks.
2) It exercises general authority and supervision over the banking and financial system in the UK.
3) It fixed interest rates.
4) It protects the national gold and silver reserves.
5) It handles the UK’s debts.
SAVINGS BANK
As its name suggest, this type of bank encourages small savers to invest their money. It offers the small investors two forms of account:
1) Ordinary accounts with a low interest rate, which are virtually tax free;
2) Investment accounts with a much higher, taxable rate of interest.
MERCHANT BANK
Merchant banks, such as Morgan Grenfell, are commercial organisations which not only carry out the main functions of a commercial bank, but they also specialise in providing services to companies. They are particulary active in investiments for foreign trade.
COMMERCIAL BANKS
Commercial banks, such as Lloyds, Barclays, National Westminster, and Midland, are also called joint-stock banks, and are owned by shareholders. They specialise in providing banking services to individuals. Commercial banks are clearing banks which means they are authorised to exchange cheques and other means of payment.
BUILDING SOCIETIES
Originally, these istitutions specialised in loans to people who wished buy houses, but they are increasingly competing directly with banks and many have become real banks. Generally, they provide loans to people who want to buy or improve their property. The people take out a mortgage from the building society so that their property acts as the security. If the mortgage payments are not met, the building society can sell the property to recover the debt.
BANKING SERVICES TO PERSONAL CUSTOMERS

1) They receive money from the general public and either hold it in deposit, making it available to the person who has deposited it, or lend it at interest to people who wish to borrow.
2) They regulary send a statement of account to a current account holder.
3) They exchange money from one currecy to another.
4) They advise customers on the best way of investing their money.
5) They allow the bank account holders to pay by standing orders and direct debits.
A standing order is used when a person authorises the bank to make regular payments of a fixed amount from his current account, e.g. payments for insurance, mortgage, ect.
6) They provide cash card or switch card and cheque books.
7) They lend money through loans, mortgages and overdrafts. An overdraft is a loan made by a bank to a current account holder so he can take out more money than he has in his account up to an agreed maximum. Also, he must pay an interest on the sum received.

BAKING SERVICES TO INTENATIONAL TRADESRS
In addition to the services provided to the general public, banks also offer the following services to companies:

1) Payment: they arrange for payments for all national and international trade transactions.
2) Export finance: they can provide exporters with the necessary finance to carry out a large order they may have received from a foreign investor.
3) Credit finance: banks can intervene to give an exporter credit in advance if, for example, the importer is following a long-term payment scheme, and the exporter cannot wait for the money.
4) Factoring: with this service the exporter sells all his trade debts to a bank. This arranges for the debt to be collected and for the exporter to be paid.
5) Leasing: instead of buying expensive equipment, property or vehicles, a company can lease (or hire) them through a bank. The bank pays for what the company needs and leases it out to it. The company will arrange for monthly payments over an agreed period. The most evident advantages of leasing are that lease rent is tax deductible, and that a company can easily have new equipment.
6) Advice: they provide advice in investment prospects in international finance markets as well as advice on the Stock Exchange.