British banking : continuity and change from 1694 to the present PDF
Preview British banking : continuity and change from 1694 to the present
BRITISH BANKING British Banking Continuity and Change from 1694 to the Present RANALD C. MICHIE 1 OUPCORRECTEDPROOF–FINAL,28/9/2016,SPi 3 GreatClarendonStreet,Oxford,OX26DP, UnitedKingdom OxfordUniversityPressisadepartmentoftheUniversityofOxford. ItfurtherstheUniversity’sobjectiveofexcellenceinresearch,scholarship, andeducationbypublishingworldwide.Oxfordisaregisteredtrademarkof OxfordUniversityPressintheUKandincertainothercountries ©RanaldC.Michie2016 Themoralrightsoftheauthorhavebeenasserted FirstEditionpublishedin2016 Impression:1 Allrightsreserved.Nopartofthispublicationmaybereproduced,storedin aretrievalsystem,ortransmitted,inanyformorbyanymeans,withoutthe priorpermissioninwritingofOxfordUniversityPress,orasexpresslypermitted bylaw,bylicenceorundertermsagreedwiththeappropriatereprographics rightsorganization.Enquiriesconcerningreproductionoutsidethescopeofthe aboveshouldbesenttotheRightsDepartment,OxfordUniversityPress,atthe addressabove Youmustnotcirculatethisworkinanyotherform andyoumustimposethissameconditiononanyacquirer PublishedintheUnitedStatesofAmericabyOxfordUniversityPress 198MadisonAvenue,NewYork,NY10016,UnitedStatesofAmerica BritishLibraryCataloguinginPublicationData Dataavailable LibraryofCongressControlNumber:2016935484 ISBN 978–0–19–872736–1 PrintedinGreatBritainby ClaysLtd,StIvesplc LinkstothirdpartywebsitesareprovidedbyOxfordingoodfaithand forinformationonly.Oxforddisclaimsanyresponsibilityforthematerials containedinanythirdpartywebsitereferencedinthiswork. OUPCORRECTEDPROOF–FINAL,28/9/2016,SPi I dedicate this book to my brother, Uisdean Macleod Michie Born on the Island of Lewis, 11th October 1945 Died in Nottingham, England, 20th June 2015 An inspirational geologist Preface ThisbookistheproductofmycontributiontotheLeverhulmeTrust-funded Tipping Points Project that ran from 2010 to 2015 and was located at the InstituteforHazard,Risk,andResilience(IHRR)atDurhamUniversity.Iam enormously grateful to the staff at IHRR for the support they have provided over those years and all those, with one exception, who participated in the Tipping Points Project. I benefited enormously from interaction with an interdisciplinary team as it forced me out of my comfort zone to think about problems in new ways and so reach different conclusions. After an academiclifetimeasapracticingfinancialhistoriantheprocesswas,attimes, painfulbutrewarding.Myonlyregretisthatithadnothappenedtomeearlier inmycareer. I also benefited greatly from the advice of a number of others who were connected to the Tipping Points Project either formally or informally. One wasProfessorPhillipCottrelltowhomIoweanumberofinsightsintoBritish banking history. Sadly he is no longer with us. He could have produced a betterbookthanthisone.AnotherinvolvedwasIanBondwhohadacareerat theBankofEnglandbeforeretiring:heprovidedmewithsomerareglimpses into the official mind of British banking but bears no responsibility for the outcome. I would also like to thank Chris Lendrum, who spent his career at Barclays before retiring. From him I gained some understanding of what it meanttobeabankerbuthe,also,bearsnoresponsibilityfortheoutcome. Iwouldalsoliketothankmywife,Dinah,andmychildren,Alexanderand Jonathan, for listening to me when I went through my voyage of discovery regarding the history of British banking. I am sure they do not want to hear anotherwordoverdinnerabouttheLendandHoldModelversustheOrigin- ate and Distribute Model. I would also like to thank my friend, Francis Pritchard, for reading the book and helping to make it fit for publication. Hiscontributionwas,asalways,invaluable.Finally,Iwouldalsoliketothank DavidMussonforstickingbymewhenIswitchedfromwritingabookabout the global securities market since 1975 to one onBritish banking since 1694. Istillhopetodeliverthatbook! Contents FiguresandTables xi Introduction 1 1. ContextandChronology,1694–2015 16 2. CrisesandCrescendo,1694–1825 46 3. ConsolidationandCompetence,1825–1914 70 4. ChoiceandConnections,1825–1914 90 5. ComplicationsandCo-operation,1914–1945 125 6. ControlandCompartmentalization,1945–1970 162 7. ConvergenceandConversions,1970–1997 184 8. CompetitionandComplacency,1997–2007 202 9. CatastropheandConvalescence,2007–2015 237 10. CommentsandConclusion 264 Appendices 271 Bibliography 291 Index 323
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